F.N.B. Corp. in Pittsburgh reported lower quarterly earnings as merger-related expenses weighed down its bottom line.
The $30 billion-asset company said in a press release Tuesday that its first-quarter profit fell 13% from a year earlier, to $21 million. The results including $35 million in after-tax charges tied to its March acquisition of Yadkin Financial in Raleigh, N.C.
The Yadkin deal added $5 billion in loans and $5.2 billion in deposits.
"The addition of Yadkin is a great opportunity for F.N.B. to expand in attractive Southeast markets and grow revenue,” Vincent Delie Jr., the company’s president and CEO, said in the release. “We are also pleased with the outstanding execution of our conversion teams.”
Revenue rose 22% to $228 million.
Including the acquisition, total loans increased 42%, to $20 billion. Average loans, excluding Yadkin, rose 6% from a year earlier. Total deposits increased by 37% to $21.3 billion.
Nonaccrual loans jumped 29% to $81.4 million, but Yadkin accounted for most of the increase. Still, nonperforming assets were only 0.51% of total assets.