F.N.B. Corp. swung to a fourth-quarter profit as the financial-services company rebounded from prior-year investment write-downs and loan losses.
The regional provider of banking, insurance and other services hasn't been immune from the economic disruptions over the last 18 months, but it has viewed those seismic shifts as an opportunity to capture market share from shakier competitors.
F.N.B. reported a profit of $4.6 million, or 4 cents a share, compared with a year-earlier loss of $18.9 million, or 21 cents a share. The latest quarter included 8 cents in write-downs and increases of loan-loss provisions, primarily for its Florida portfolio. Analysts polled by Thomson Reuters projected adjusted earnings of 11 cents a share.
Interest income fell 10% to $96.1 million, while noninterest income tripled on prior-year investment write-downs to $25.4 million.
The provision for loan losses was $25.9 million, up 58% from the third quarter but down 49% from a year earlier.
Nonperforming loans increased to 2.49% of total loans, from 2.29% in the third quarter and 2.47% a year earlier. Annualized net charge-offs jumped to 1.83% on the Florida woes, from 1.44% and 0.68%, respectively.
F.N.B.'s stock closed at $7.21 and was inactive postmarket. Shares are down 8.7% in the past year.
