F.N.B. Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 21, 2016 at 08:28 am EST
Share
F.N.B. Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company's interest income was $140,781,000 compared to $135,097,000 a year ago. Net interest income was $127,333,000 compared to $123,661,000 a year ago. Net interest income after provision (FTE) was $116,766,000 compared to $115,317,000 a year ago. Income before income taxes was $58,637,000 compared to $58,123,000 a year ago. Net income available to common stockholders was $37,111,000 compared to $37,294,000 a year ago. Diluted earnings per common share was $0.21 compared to $0.21 a year ago. Operating net income available to common stockholders was $38,102,000 compared to $36,417,000 a year ago. Operating diluted earnings per common share was $0.22 compared to $0.21 a year ago. Book value per common share was $11.34 compared to $11.00 a year ago. Tangible book value per common share was $6.38 compared to $5.99 a year ago. Return on average equity was 7.39% compared to 7.71% a year ago. Return on average tangible equity was 13.08% compared to 14.16% a year ago. Return on average tangible common equity was 13.62% compared to 14.85% a year ago. Return on average assets was 0.91% compared to 0.98% a year ago. Return on average tangible assets was 0.99% compared to 1.08% a year ago. Net interest income (FTE) was $129,430,000 against $125,357,000 a year ago. Net interest income on a fully taxable equivalent basis (FTE) increased $2.3 million, or 1.8%, reflecting average earning asset growth of $296 million, or 7.9% annualized, and a higher benefit from accretable yield adjustments.
For the year, the company's interest income was $546,795,000 compared to $508,983,000 a year ago. Net interest income was $498,222,000 compared to $466,297,000 a year ago. Net interest income after provision (FTE) was $465,416,000 compared to $434,547,000 a year ago. Income before income taxes was $237,277,000 compared to $213,568,000 a year ago. Net income available to common stockholders was $151,608,000 against 135,698,000 a year ago. Diluted earnings per common share was $0.86 compared to $0.80 a year ago. Operating net income available to common stockholders was $153,692,000 compared to $135,557,000 a year ago. Operating diluted earnings per common share was $0.87 compared to $0.80 a year ago. Return on average equity was 7.70% compared to 7.50% a year ago. Return on average tangible equity was 13.72% compared to 14.05% a year ago. Return on average tangible common equity was 14.33% compared to 14.74% a year ago. Return on average assets was 0.96% compared to 0.96% a year ago. Return on average tangible assets was 1.05% compared to 1.07% a year ago. Net interest income (FTE) was $505,857,000 against $473,195,000 a year ago.
The company also announced net loan charge-offs (originated portfolio) of $6,722,000 for the fourth quarter ended December 31, 2015 compared to $4,095,000 a year ago. Net loan charge-offs (acquired portfolio) was $114,000 compared to $620,000 a year ago.
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, 2015; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015