F.N.B. Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter of 2013; Provides Financial Guidance for the Year 2014
January 21, 2014 at 04:15 pm
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F.N.B. Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported interest income was $117,637,000 compared to $107,578,000 a year ago. Net interest income was $106,946,000 compared to $93,918,000 a year ago. Income before income taxes was $40,875,000 compared to $41,977,000 a year ago. Net income available to common stockholders was $28,439,000 or $0.18 per basic and diluted share against net income was $28,955,000 or $0.21 per basic and diluted share a year ago. Return on average equity was 6.66% compared to 8.23% a year ago. Return on average tangible equity was 13.35% compared to 17.65% a year ago. Return on average assets was 0.84% compared to 0.96% a year ago. Return on average tangible assets was 0.94% compared to 1.07% a year ago. Book value per share as at December 31, 2013 was $10.49. Adjusted operating net income available to common stockholders was $32,450,000 or $0.21 per diluted share compared to $32,116,000 or $0.23 per diluted share a year ago.
For the full year, the company reported interest income was $440,386,000 compared to $431,906,000 a year ago. Net interest income was $396,042,000 compared to $372,851,000 a year ago. Income before income taxes was $169,529,000 compared to $161,565,000 a year ago. Net income available to common stockholders was $117,804,000 or $0.80 per basic and diluted share against net income available to common stockholders was $110,410,000 or $0.79 per basic and diluted share a year ago. Return on average equity was 7.78% compared to 8.02% a year ago. Return on average tangible equity was 16.19% compared to 17.62% a year ago. Return on average assets was 0.93% compared to 0.94% a year ago. Return on average tangible assets was 1.04% compared to 1.05% a year ago. Book value per share as at December 31, 2013 was $10.49.
Net charge-offs for the fourth quarter totaled $7.6 million, or 0.32% annualized, compared to $5.5 million or 0.25% annualized. For the originated portfolio, net charge-offs were 0.30% annualized compared to 0.26% annualized of average originated loans.
For the full year 2013, net interest margin is expected to narrow several basis points from 2013 due to the expectations for a continued historically low interest rate environment. Net interest income is expected to see solid growth due to the benefit of the strong organic loan and transaction deposit growth and the completed acquisitions.
F.N.B. Corporation is a bank holding company and financial holding company. The Company operates through three segments: Community Banking, Wealth Management, and Insurance. The Community Banking segment consists of First National Bank of Pennsylvania (FNBPA), which offers commercial and consumer banking services. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. The Wealth Management segment delivers wealth management services to individuals, corporations and retirement funds, as well as existing customers of the Community Banking segment, located primarily within its geographic markets. Its Wealth Management operations are conducted through three subsidiaries of FNBPA. The Insurance segment operates principally through First National Insurance Agency, LLC (FNIA), which is a subsidiary of the Company. FNIA is a full-service insurance brokerage agency.
F.N.B. Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter of 2013; Provides Financial Guidance for the Year 2014