F.N.B. Corporation (FNB) has reported 31.11 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $51.29 million, or $0.23 a share in the quarter, compared with $39.12 million, or $0.21 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $50.59 million, or $0.24 a share compared with $38.10 million or $0.22 a share, a year ago.
Revenue during the quarter grew 25.26 percent to $197.64 million from $157.79 million in the previous year period. Net interest income for the quarter rose 25.09 percent over the prior year period to $159.28 million. Non-interest income for the quarter rose 18.44 percent over the last year period to $51.07 million.
F.N.B. Corporation has made provision of $12.70 million for loan losses during the quarter, up 0.32 percent from $12.66 million in the same period last year.
Net interest margin contracted 3 basis points to 3.35 percent in the quarter from 3.38 percent in the last year period. Efficiency ratio for the quarter improved to 55.38 percent from 56.32 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Vincent J. Delie, Jr., president and chief executive officer, commented, "We are pleased with the quarter's results and another outstanding year at FNB. Fourth quarter operating net income per diluted common share was $0.24 per share and increased 10% from the year-ago quarter. Full-year operating net income per diluted common share increased to $0.90 and we successfully integrated Metro Bancorp, Inc. and 17 Fifth Third branches during 2016. Our financial performance was highlighted by high-single digit organic loan and deposit growth, solid asset quality and continued growth in our fee-based businesses. These ongoing trends led to an outstanding year, as the full-year efficiency ratio improved 76 basis points to 55.4% compared to 2015."
Liabilities outpace assets growth
Total assets stood at $21,844.82 million as on Dec. 31, 2016, up 24.42 percent compared with $17,557.66 million on Dec. 31, 2015. On the other hand, total liabilities stood at $19,273.20 million as on Dec. 31, 2016, up 24.65 percent from $15,461.48 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $14,738.88 million as on Dec. 31, 2016, up 22.33 percent compared with $12,048.43 million on Dec. 31, 2015. Deposits stood at $16,065.65 million as on Dec. 31, 2016, up 27.27 percent compared with $12,623.46 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $4,205.34 million or 26.18 percent of total deposits on Dec. 31, 2016, compared with $3,059.95 million or 24.24 percent of total deposits on Dec. 31, 2015.
Investments stood at $4,569.33 million as on Dec. 31, 2016, up 39.84 percent or $1,301.70 million from year-ago. Shareholders equity stood at $2,571.62 million as on Dec. 31, 2016, up 22.68 percent or $475.44 million from year-ago.
Return on average assets moved up 3 basis points to 0.94 percent in the quarter from 0.91 percent in the last year period. At the same time, return on average equity increased 54 basis points to 7.93 percent in the quarter from 7.39 percent in the last year period.
Nonperforming assets moved up 6.82 percent or $7.55 million to $118.40 million on Dec. 31, 2016 from $110.84 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.54 percent in the quarter, down from 0.63 percent in the last year period.
