F.N.B. Corp. in Pittsburgh produced solid loan and fee-income growth in the fourth quarter.
The $21.8 billion-asset company said Wednesday that it earned $49.3 million, up almost 33% from a year earlier.
Vincent Delie Jr., the company's president and CEO, in a press release praised F.N.B.'s "high-single-digit organic loan and deposit growth, solid asset quality and continued growth in our fee-based businesses."
Results were also aided by the acquisition of the $2.9 billion-asset Metro Bancorp, which was completed in February. F.N.B. is poised to enter the Carolinas with a deal to buy the $7.5 billion-asset Yadkin Financial in Raleigh, N.C.
Net interest income surged roughly 25% to $159.3 million from a year earlier. Total loans and leases rose 22% to $14.9 billion as commercial real estate increased 32% to $5.4 billion. The commercial and industrial loan portfolio expanded 17% to $3 billion.
Noninterest income totaled $51.1 million, up more than 18%, as service charges jumped almost 37% to $25.6 million and insurance commissions and fees climbed 13% to $4.4 million.
Noninterest expenses increased more than 22% to $123.8 million, partly from higher salaries and employee benefits, which increased 21% to $61.1 million. Federal Deposit Insurance Corp. premiums rose roughly 49% from a year earlier to $4.9 million.