FNB Reports 3Q Net Income of $98.75M
PITTSBURGH – F.N.B. Corp., parent of First National Bank of Pennsylvania, today reported net income of $98.75 million available to common shareholders, or 30 cents per common share.
This compares to second quarter net income of $83.19 million, or 26 cents a share and third-quarter 2017 net income of $75.68 million, or 23 cents a share.
In a prepared statement, the president and CEO, Vincent J. Delie, said, “The quarter’s performance represents record total revenue and record net income, solid loan growth, double-digit annualized deposit growth and a 6.7% reduction in total expenses compared to the prior quarter. We are very pleased with the results that included positive operating leverage and an improved efficiency ratio of 53.7%. Return on tangible common equity of 19% reflects our commitment to driving further value creation and increasing returns for our shareholders.”
Performance ratios for the quarters ended Sept. 30, June 30 and Sept. 30, 2017:
- Return on average equity, 8.85%, 7.66%, 6.96%.
- Return on average assets, 1.23%, 1.07%, 1.00%.
- Net interest margin, 4.24%, 4.30%, 4.01%.
- Efficiency ratio, 53.73%, 55.64%, 53.15%.
Net interest income was $234.78 million, down from $239.35 million the second quarter and up from $225.23 million the year-ago quarter.
Noninterest income (such as service charges, trust income, insurance commissions and fees) was $74.83 million, an increase from $64.88 million reported for the previous quarter and $66.15 million the quarter ended Sept. 30, 2017.
Noninterest expense (salaries and employee benefits, rents, marketing, data processing, merger-related and Federal Deposit Insurance Corp. premiums) was $170.72 million, less than $183.01 million in the second quarter. The year-ago quarter expense was $163.74 million.
Total deposits grew to $23.499 billion from $22.539 billion the quarter ended June 30 and from $21.929 billion the quarter ended Sept. 30, 2017.
Total loans and leases was at $21.839 billion, slightly up from $21.659 billion the second quarter and $20.817 billion the year-ago quarter.
Total assets were $32.617 billion, compared to $32.257 billion the second quarter and $31.123 billion the year-ago quarter.
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