Record revenue and a brief respite from merger-related costs helped boost quarterly results at F.N.B. Corp. in Pittsburgh.
The $22 billion-asset company said in a press release Wednesday that its third-quarter earnings rose 32% from a year earlier to $50.4 million.
Quarterly revenue topped $228 million, while expenses fell 6.6% from the second quarter to $121 million. Much of the decline in costs reflected a steep drop in M&A expenses.
M&A costs, however, will almost certainly climb again as the perennially acquisitive F.N.B. gears up to complete its $1.4 billion purchase of Yadkin Financial in Raleigh, N.C. In the meantime, ongoing cost-cutting helped the company lower its efficiency ratio to 54.4% on Sept. 30. The efficiency ratio was 55.6% a year earlier.
F.N.B. originated $957 million in loans during the first nine months of this year. Total loans rose 24% from a year earlier, to $14.8 billion. Deposits increased 25% from a year earlier, to $16 million.
Nonperforming assets increased slightly from a year earlier, to $136 million, or 0.63% of total assets. Net chargeoffs more than doubled from a year earlier, to $12.3 million.