F.N.B. reports record 3Q profit

Staff report

HERMITAGE, PA.

The First National Bank of Pennsylvania reported a third-quarter profit of $31.6 million, or 22 cents per share.

It was a record for the bank, and above the $30.7 million, or 22 cents per share, it reported for the same period last year.

Loans have grown by 9 percent this year, and deposits have grown 7 percent.

The bank recently completed the acquisition of Park View Federal Savings Bank and greatly increased its market share in the Cleveland area.

It also acquired Annapolis Bancorp in Maryland last year, where it is growing its market share.

Average commercial loans grew by $49.6 million, while consumer-loan growth was driven mainly by refinancing, or home-equity loans, which increased by $137.3 million in the third quarter.

The bank’s earning assets increased by $161.6 lifting gains made on interest, but its noninterest income declined by $3.9 million, mainly from new regulations restricting the bank from collecting certain fees from customers.

Credit quality improved at the bank, with net charge-offs, or impaired loans, totaling $5.5 million in the third quarter, versus $7.3 million at the same time last year.

F.N.B. is Youngstown’s third-largest bank by deposits and market share, according to the Federal Deposit Insurance Corp.