F.N.B. Corp. reports 10 percent increase in earnings per share

Staff report

PITTSBURGH

F.N.B. Corp. on Wednesday reported third-quarter 2015 net income of $38 million, or $0.22 per diluted common share.

To compare, third-quarter 2014 net income totaled $33.4 million, or $0.20 per diluted common share, and second-quarter 2015 net income totaled $38.1 million, or $0.22 per diluted common share.

“The high-quality results reflect record total revenue, 10 percent growth in operating earnings per share and the continued execution of our corporate strategy,” said Vincent J. Delie Jr., president and chief executive officer of F.N.B., in a statement.

F.N.B. Corp., based in Pittsburgh, is a diversified financial services company operating in six states, including three major metropolitan areas. It has a top retail deposit market share in Pittsburgh, Baltimore and Cleveland.

The bank’s total operating revenue increased by $2.9 million from the prior quarter to $168.2 million. Loans and leases totaled $11.8 billion, and organic growth in total average loans and leases was $231 million from the previous quarter.

Average total deposits and customer repurchase agreements increased $57 million, led by $104 million of organic growth in average noninterest-bearing demand deposits, partially offset by a decline in time deposits.

Net interest income totaled $41.4 million, increasing $1.6 million, or 4 percent.

During the quarter, the bank announced acquisitions of Metro Bancorp Inc., the Fifth Third Pittsburgh branches, and finalized its acquisition of five branch offices from Bank of America in central Pennsylvania.

“We are excited about these strategic accomplishments as they will better position FNB for long-term sustainable growth and will add significant scale to our existing franchise,” Delie said.