Friday, January 23, 2015PITTSBURGH -- F.N.B. Corp., holding company of First National Bank of Pennsylvania, reported fourth-quarter net income of $37.29 million, or 21 cents a common share, available to holders of its common share, and full-year net income of $135.70 million, or 80 cents per diluted share, a record.
This compares to third-quarter net income $33.38 million, or 20 cents a common share, and fourth-quarter net income of $28.44 million, or 18 cents a share.
Full-year net income in 2013 was $117.80 million, or 80 cents per share. 2014 net income exceeded 2013 results by 15.2%.
Including preferred shares, fourth-quarter net income was $39.30 million and for the full year, $144.05 million.
Said the president and CEO of the bank and holding company, Vincent J. Delie Jr., in a prepared statement, “We are pleased to report another great quarter and year, achieving significant revenue growth of 15% and record net income of $136 million for 2014. Through the efforts of our excellent bankers, we continue to deliver high-quality earnings and consistent growth in loans and low-cost deposits, excellent asset quality and operating efficiency. As we enter 2015, we are well-positioned to realize the benefits of our organic and acquisition-related growth strategy, and I am confident in our ability to deliver long-term success for our employees, clients and shareholders.”
Fourth-quarter highlights the holding company cited:
Key performance ratios for the quarters ended Dec. 31, Sept. 30 and Dec. 31, 2013:
Interest income was $135.10 million compared to $131.57 million the previous quarter and $117.64 million the year-ago quarter while noninterest income (fees from managing trusts and mortgage banking, insurance commissions and gains on sales of securities) was $39.47 million, $37.55 million and $32.66 million respectively.
Noninterest expense (includes wages and benefits, rents, data processing, advertising, managing repossessed real estate, Federal Deposit Insurance Corp. premiums) was slightly more than $96.66 million the fourth quarter compared to $95.84 million in the third and $92.07 million the final quarter of 2013.
Credit quality remains strong as total nonperforming assets continued to drop to $110.02 million at Dec. 31 from $115.93 million at Sept. 30 and $118.93 million at year-end 2013. Nonperforming loans (those 90 and more days past due) stood at $68.55 million at Dec. 31, down from $76.89 million Sept. 30 and $77.45 million Dec. 31, 2013. Repossessed real estate rose slightly to $41.47 million from $39.04 million at the end of the third quarter and $40.68 million at yearend 2013.
Regardless, the ratio of nonperforming assets to total assets improved to 0.68% from 0.74% at Sept. 30 and 0.88% at Dec. 31, 2013.
Total assets rose to $16.127 billion at Dec. 31, up 18.9% from $13.563 billion a year earlier.
Pictured: F.N.B. Corp. headquarters on Pittsburgh's North Shore.
Published by The Business Journal, Youngstown, Ohio.
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