FNB Reports Record Income of $376.2M in 2019

PITTSBURGH – F.N.B. Corp., the holding company for First National Bank of Pennsylvania, reported record income of $379.2 million in 2019, or $1.16 per diluted common share, up from 2018’s $379.2 million. 

The bank also recorded fourth-quarter income of $93.2 million, or 29 cents per common share, down from $98.1 million in the same period of 2018, as well as $100.7 million in the third quarter.

“The company generated positive operating leverage while setting new records for total revenue, noninterest income and net income. Our teams had great success driving loan and deposit growth while maintaining our disciplined approach to risk management,” said President and CEO Vincent J. Delie Jr. in a statement “We ended a successful 2019 in a more favorable capital position, where tangible book value increased 13% and we generated record operating earnings of $386 million while returning nearly $160 million in dividends to our shareholders. 2019 total shareholder return of 35% exceeded the S&P 500 and significantly exceeded peers. 

“Moving forward,” he continued, “we are well-positioned to benefit from our geographic expansion, as well as investments in technology and infrastructure, as these initiatives will help us continue to grow revenue by adding new clients and deepening our customer relationships.”

Key performance ratios for the quarters ended Dec. 31, Sept. 30 and Dec. 31, 2018:

• Return on average equity: 7.78%, 8.49%, 8.72%.
• Return on average assets: 1.1%, 1.2%, 1.22%.
• Net interest margin: 3.07%, 3.17%, 3.29%.
• Efficiency: 55.9%, 54.1%, 54.13%.

Noninterest income in the fourth quarter was $74.04 million, down from $80 million in the third quarter and up from $68.43 million in the fourth quarter of 2018.

Net interest income was $226.44 million, down from both the previous quarter’s $229.8 million and the year-ago quarter’s $232.24 million.

Noninterest expenses, which includes items such as salaries and employee benefits, Federal Deposit Insurance Corp. premiums and administering repossessed real estate, was $177.36 million, down slightly from $177.78 million in the third quarter and up from $169.71 million in the fourth quarter of 2018.

Total deposits were $24.79 billion, up from the third quarter’s $24.59 billion and the year-ago quarter’s $23.45 billion.

Total loans and leases in the fourth quarter were $23.29 billion, up from $23.07 billion and $22.15 billion in the third quarter and fourth quarter of 2018, respectively.

Total assets for F.N.B. Corp. were $34.61 billion at the end of the fourth quarter, up from $34.33 billion in the previous quarter and $33.1 billion a year prior.

Published by The Business Journal, Youngstown, Ohio.