F.N.B. Corp.’s 3rd-Quarter Net Income Is $35.4M
PITTSBURGH -- F.N.B. Corp., holding company of First National Bank of Pennsylvania, Wednesday reported $35.39 million in net income for the third quarter, $33.38 million of which is available to common shareholders, or 20 cents per common share.
This compares to $34.83 million net income the second quarter, $32.82 million available to common shareholders, or 20 cents per common share, and $31.63 million net income a year ago, before it issued preferred stock, or 22 cents per share.
Preferred stock expense was $2.01 million in both the second and third quarters.
In its earnings release, F.N.B. cited six highlights, including:
- “Organic growth in total average loans was $400 million, or 15.7% annualized, led by organic average commercial loan growth of $221 million, or 15.3% annualized. Average consumer loans grew organically $153 million, or 18.9% annualized.
- “The efficiency ratio [how much a company spends to earn a dollar in revenues] improved to 56.7% from 57.3% the second quarter and 59.7% in the year-ago quarter, reflecting continued revenue growth and expense control.
- “Credit quality results reflect improved nonperforming loan and delinquency levels.”
Key performance ratios for the quarters ended Sept. 30 and June 30, and Sept. 30, 2013:
- Return on average equity, 7.28%, 7.35%, 8.50%.
- Return on average assets, 0.92%, 0.95%, 0.99%.
- Net interest margin, 3.63%, 3.60%, 3.64%.
- Efficiency ratio, 56.72%, 57.27%, 59.71%.
Third-quarter net interest income was $131.57 million compared to $124.44 million the quarter before and $109.79 million the third quarter of 2013.
Total noninterest income (which includes service charges, insurance commissions and fees, and mortgage servicing fees) was $37.55 million compared to $39.19 million the second quarter and $32.81 million the third quarter of 2013.
Noninterest expense (includes salaries and employee benefits, rent, merger and severance-related, Federal Deposit Insurance Corp. premiums) was $95.85 million compared to $92.58 million the second quarter and $83.17 million the third quarter a year ago.
The ratio of nonperforming loans (those 90 days past due) to total loans was 0.70%m down from 0.77% the second quarter and 0.94% a year ago.
Net loan charge-offs were $865,000 compared to $1.04 million the second quarter and $489,000 the third quarter of 2013.
Nonperforming assets, which include nonperforming loans, were 0.74% of total assets. The second- quarter ratio was 0.80% and a year ago stood at 0.93%.
Because F.N.B. completed acquisitions this year, its total assets have grown to $15.757 billion at Sept. 30, up from $12.790 billion the same date a year ago. At June 30, they stood at $15.019 billion.
Through its subsidiaries in Pennsylvania, Ohio, West Virginia, Maryland, Tennessee and Kentucky, F.N.B. engages in commercial, consumer and mortgage banking and offers trust, wealth management, consumer finance and insurance services.
SOURCE: F.N.B. Corp.
Published by The Business Journal, Youngstown, Ohio.
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