F.N.B. Reports Net Income of $30.74 Million
HERMITAGE, Pa. -- F.N.B. Corp. parent of First National Bank of Pennsylvania, Monday reported third-quarter net income of $30.7 million, or 22 cents per share.
This compares to second-quarter net income of $29.13 million, or 21 cents per share, and third-quarter 2011 net income of $23.77 million, or 19 cents per share.
Highlights in its earnings statement that F.N.B. pointed to:
- Net interest margin of 3.70%.
- Revenue growth was 4.8% annualized.
- Average Pennsylvania commercial loan portfolio loans grew $91.5 million or 8.9% annualized. The growth marks the 14th consecutive linked quarter of organic growth in this portfolio.
- Average consumer loans grew $72.2 million or 12% annualized.
- Average transaction deposits and customer repurchase agreements grew $153.8 million, or 8.7% annualized.
- The efficiency ratio was 56.76%, down from 57.74% the previous quarter and 59.01% the third quarter of 2011.
- Net charge-offs were $7.4 million, or 0.42% of average originated loans.
- Nonperforming loans (those 90 and more days past due) and other real estate owned (repossessed mortgages) declined $13.3 million, or 10.1%, and as a percentage of total originated loans and OREO was 1.69%.
Key performance measures for the quarters ended Sept.30, June 30, and Sept.30, 2011:
- Return on average tangible equity (nonGAAP), 19.10%, 19.01%, 16.23%.
- Return on average equity, 8.83, 6.57%, 7.79%
- Return on average tangible assets (nonGAAP), 1.15%, 1.13%, 1.06%.
- Return on average assets, 1.03%, 1.00%, 0.95%.
Through its subsidiaries in Pennsylvania, Ohio, West Virginia, Kentucky, Tennessee and Florida, F.N.B. engages in commercial, retail, mortgage and merchant banking and offers leasing, wealth management, investment banking, consumer finance and insurance services.
MORE: F.N.B. Corp. Enters Maryland, Merges with Annapolis Bank.
Published by The Business Journal, Youngstown, Ohio.