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Investor Umberto Fedeli began pushing for changes at PVF Capital as early as 2007. After joining the board, helping the company turn itself around and eventually sell itself, he reflects on what it took to survive.
March 21 -
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
F.N.B. Corp. (FNB) in Hermitage, Pa., beat earnings estimates on strong net interest income.
The $12.8 billion-asset company's third-quarter earnings rose 3% from a year earlier, to $31.6 million. Earnings per share of 22 cents were 1 cent higher than estimates from analysts polled by Bloomberg.
Net interest income rose 6% from a year earlier, to $99.3 million, as funding costs fell 26%, to $33.7 million. The net interest margin still narrowed by 6 basis points from a year earlier, to 3.64%. The loan-loss provision rose by 21% from a year earlier, to $7.5 million, though net chargeoffs fell 32%, to $5 million.
Noninterest income slipped by 6% from a year earlier, to $32.9 million, as service charges, insurance commissions and gains on loan sales all declined. Noninterest expense rose 8% from the third quarter of 2012, as compensation, occupancy and Federal Deposit Insurance Corp. insurance costs all increased.
F.N.B. completed its
