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F.N.B. Corp. in Hermitage, Pa., has agreed to buy BCSB Bancorp in Baltimore in a stock transaction valued at $79 million, or $23.77 a share. The acquisition is the company's third in less than eight months.
June 14 -
Vincent Delie recently mentioned Maryland, Pittsburgh and Cleveland as target markets, though he expressed lukewarm interest in Philadelphia.
May 6 -
F.N.B. Corp. (FNB) will cut 57 jobs at PVF Capital (PVFC) in October after it buys the Solon, Ohio, thrift company.
August 19 -
F.N.B. Corp. (FNB) in Hermitage, Pa., said late Monday it had agreed to buy Annapolis Bancorp (ANNB), which owns the Bank of Annapolis, for $51 million in stock.
October 22 -
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
FNB Corp. (FNB) in Hermitage, Pa., posted slightly lower earnings in the fourth quarter as its acquisitions of
The company earned $28.4 million in the fourth quarter, 2% less than in the same period in 2012. Earnings per share of 18 cents were 3 cents lower than the average estimate of analysts polled by Bloomberg.
FNB's net interest income rose 13.5%, to $108.7 million, as loans and deposits expanded significantly after the purchases of ANNB and PVFC. Average loans grew by 16.1%, to $9.3 billion, thanks to $572 million in organic loan growth along with loans added through the acquisitions.
FNB's net interest margin grew by 1 basis point, to 3.67%. The company attributed the gain to growth in loans and lower-cost transaction deposits.
Noninterest income ticked up 1.8%, to $32.7 million. The increase was largely driven by the acquisitions as well as organic growth in fee-based business divisions. FNB also noted that it took a $2.7 million charge in the fourth quarter related to the Durbin Amendment restrictions.
Merger-related expenses pushed FNB's noninterest expenses up by 20.3%, to $92.1 million. The increase also reflects the $2.2 million cost of redeeming trust-preferred securities.
Improved credit quality led FNB to cut its loan-loss provision by 9.7%, to $8.4 million. Net chargeoffs stayed level year-to-year, totaling $7.6 million.
FNB has $13.6 billion of assets and more than 265 offices in Pennsylvania, Ohio, West Virginia and Maryland.
