F.N.B. Corp., in Hermitage, Pa., reported higher quarterly earnings that reflected several recent acquisitions.
The $15.8 billion-asset company said in a press release Wednesday that its net income rose 12% from a year earlier, to $35.4 million. Earnings per share of 20 cents beat the average estimate of analysts polled by Bloomberg by 1 cent.
Net interest income rose 21%, to $122 million. Total loans increased 24%, to $11 billion, and total deposits rose 18%, to $11.5 million. The net interest margin expanded by 1 basis point, to 3.63%.
Noninterest income increased 14%, to $37.5 million, because of higher security fees and elevated mortgage banking income.
Noninterest expenses rose 15%, to $95.8 million, as the acquisitions contributed to increased salary and occupancy costs.