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F.N.B. in Pittsburgh is reaping the benefits of its recent expansions into other major cities. The $15 billion-asset bank reported a second-quarter profit of $34.8 million, an increase of 19% from the year-earlier period.
July 22 -
F.N.B. Corp. (FNB) has moved its corporate headquarters to Pittsburgh.
July 9 -
The Pennsylvania company is raising $150 million. Two-thirds of it will go toward redeeming trust-preferred securities, but the remaining funds could be used to do bigger deals.
October 31 -
F.N.B. in Pennsylvania announced Tuesday it would acquire PVF Capital, a rehabbed thrift, as a platform for C&I growth in Cleveland.
February 19
F.N.B. Corp., in Hermitage, Pa., reported higher quarterly earnings that reflected several recent acquisitions.
The $15.8 billion-asset company said in a press release Wednesday that its net income rose 12% from a year earlier, to $35.4 million. Earnings per share of 20 cents beat the average estimate of analysts polled by Bloomberg by 1 cent.
The higher profit included loan and deposit growth from the September
Net interest income rose 21%, to $122 million. Total loans increased 24%, to $11 billion, and total deposits rose 18%, to $11.5 million. The net interest margin expanded by 1 basis point, to 3.63%.
Noninterest income increased 14%, to $37.5 million, because of higher security fees and elevated mortgage banking income.
Noninterest expenses rose 15%, to $95.8 million, as the acquisitions contributed to increased salary and occupancy costs.
