F.N.B. Corp. Reports Record Quarterly Net Income
PITTSBURGH -- F.N.B. Corp., parent of First National Bank of Pennsylvania, Tuesday reported second-quarter net income of $34.83 million, $32.82 million of which is available to holders of its common stock.
That translates to 20 cents per common share.
“F.N.B. reported another quarter of record net income and quality earnings highlighted by revenue growth, strong loan and deposit growth, a stable core net interest margin, consistent asset quality and diligent expense control," said the president and CEO of the holding company and the bank, Vincent J. Delie Jr., in a prepared statement. Total revenue was 8.5% higher than the figure reported for the first quarter, he noted, and the efficiency ratio fell to 57%.
First-quarter net income was $34.52 million, of which $32.20 million was available to common shareholders, or 20 cents a share, and second-quarter 2013 net income was $29.19 million (all available to holders of common shares), or 20 cents per share.
Total assets exceeded $15 billion for the first time in the history of the company.
Key performance ratios for the quarters ended June 30, March 31, and June 30, 2013:
- Return on average equity, 7.35%, 7.65%, 7.94%.
- Return on average assets, 0.95%, 1.00%, 0.94%.
- Net interest margin, 3.60%, 3.62%, 3.63%.
- Efficiency ratio, 57.27%, 58.99%, 58.62%.
Total loans stood at $10.334 billion at June 30, up from $9.943 billion at March 31, and $$8.637 billion at June 30, 2013.
Total deposits were $11.056 billion at June 30, up from $11.726 billion at March 31, and $10.361 billion at June 30, 2013.
The ratio of nonperforming assets to total assets was 0.80%, down from 0.85% at March 31, and from 0.97% June 30, 2013. Total nonperforming assets were $120.3 million at June 30.
Net interest income was $105.48 million for the quarter, up from $102.54 million the first quarter and $90.59 million the second quarter of last year.
Total noninterest income (includes trust income, insurance commissions and fees, mortgage banking services) was $39.19 million, less than the $42.07 million recorded for the first quarter but surpassing the $36.70 million recorded the second quarter of last year.
Total noninterest expense -- wages and benefits, rents, marketing, merger and severance-related, Federal Deposit Insurance Corp. premiums -- was $92.54 million for the quarter, less than the $94.17 million recorded the first quarter but more than the $84.13 million at June 30, 2013.
SOURCE: F.N.B. Corp.
Published by The Business Journal, Youngstown, Ohio.
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