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F.N.B. Corp., in Hermitage, Pa., reported higher quarterly earnings that reflected several recent acquisitions.
October 22 -
F.N.B. Corp. (FNB) has moved its corporate headquarters to Pittsburgh.
July 9 -
Metro Bancorp, once an aspiring acquirer, is fielding complaints from a trio of investment firms that believe management is incapable of meaningfully improving the company's performance.
June 26 -
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. Corp. in Pittsburgh reported higher quarterly earnings due to loan growth and improved asset quality.
The $16 billion-asset company reported that its net income rose 38% from a year earlier, to $39.3 million. Earnings of 21 cents a share were in line with the average estimate of analysts polled by Bloomberg.
Net interest income rose 21%, to $39.5 million. Total loans grew 19%, to $11.1 billion, including a 31% increase in indirect installment loans. The margin compressed by 13 basis points, to 3.54%.
Noninterest income increased 21%, to $39.5 million, as mortgage banking income soared 302%, to $1.5 million. Noninterest expenses rose 5%, to $96.7 million, largely because of an 83% increase in Federal Deposit Insurance Corp. insurance and rising occupancy and equipment expenses.
Asset quality improved, with nonperforming loans decreasing by 12%, to $68.5 million. The loan-loss provision was relatively stable, at $2.6 million.
