FNB Reports 2Q Net Income of $83.19M
PITTSBURGH – F.N.B. Corp., holding company of First National Bank of Pennsylvania, today reported second-quarter net income available to common stockholders of $83.19 million, or 26 cents per diluted common share.
This compares to the first-quarter net income of $84.75 million, or 26 cents per share, and the second-quarter net income of 2017 of $72.39 million, or 22 cents per share.
In a prepared statement, the president and CEO of the corporation, Vincent J. Delie Jr. said: “During the second quarter of 2018, F.N.B. produced record results with operating earnings per share of 27 cents, increasing 17% compared to prior year, and total revenue surpassed $300 million for the first time in our history. Operating net income increased 22% compared to the prior year, led by solid loan and deposit growth and excellent results in nearly all of our fee-based businesses.”
Highlights F.N.B. cited, comparing the second quarter to the year-ago quarter ,include:
- Growth in total loans was $1.1 billion, or 5.3%, with average commercial loan growth of $570 million, or 4.4%, and average consumer loan growth of $514 million, or 6.9%.
- Total deposits increased $1.3 billion, or 6.3%, which included an increase in average non-interest bearing deposits of $298 million, or 5.4%, and an increase in average time deposits of $1 billion, or 26.7%.
- The loan to deposit ratio was 96.1% at June 30, compared to 97.5%.
Key performance ratios for the quarters ended June 30, March 31, and June 30, 2017:
- Return on average tangible equity, 16.66%, 17.48%, 15.26%.
- Return on average tangible common equity. 17.14%, 18.01%, 15.69%.
- Return on average tangible assets, 1.19%, 1.25%, 1.11%.
- Net interest margin, 3.51%, 3.39%, 3.42%.
Net interest income was $239.35 million compared to $226.10 million the preceding quarter and $218.41 million the year-ago quarter.
Noninterest income (such as from trust administration, insurance commissions and fees, mortgage banking servings rights and net securities gains) was $64.88 million, up from $67.50 million the first quarter and $66.07 million the second quarter of 2017.
Second-quarter noninterest expense (includes salaries and benefits, rents, acquisition and severance-related, data processing, marketing, Federal Deposit Insurance Corp. premiums) was $183.01 million, more than the $171.08 million reported for the first quarter and $163.71 million the year-ago quarter.
Total assets were $32.257 billion, compared to $31.652 billion the previous quarter and $30.753 billion the year-ago quarter.
Copyright 2019 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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