F.N.B. Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2016; Provides Earnings Guidance for the Full Year of 2017
January 19, 2017 at 03:40 am IST
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F.N.B. Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's interest income was $177,168,000 compared to $140,781,000 a year ago. Net interest income was $159,283,000 compared to $127,333,000 a year ago. Net interest income after provision was $146,578,000 compared to $114,669,000 a year ago. Income before income taxes was $73,838,000 compared to $56,540,000 a year ago. Net income available to common stockholders was $49,280,000 compared to $37,111,000 a year ago. Diluted earnings per common share were $0.23 compared to $0.21 a year ago. Operating net income available to common stockholders was $50,588,000 compared to $38,102,000 a year ago. Operating diluted earnings per common share was $0.24 compared to $0.22 a year ago. Book value per common share was $11.68 compared to $11.34 a year ago. Tangible book value per common share was $6.53 compared to $6.38 a year ago. Return on average equity was 7.93% compared to 7.39% a year ago. Return on average tangible equity was 14.14% compared to 13.20% a year ago. Return on average tangible common equity was 14.66% compared to 13.75% a year ago. Return on average assets was 0.94% compared to 0.91% a year ago. Return on average tangible assets was 1.02% compared to 1.00% a year ago.
For the year, the company's interest income was $678,963,000 compared to $546,795,000 a year ago. Net interest income was $611,512,000 compared to $498,222,000 a year ago. Net interest income after provision was $555,760,000 compared to $457,781,000 a year ago. Income before income taxes was $246,388,000 compared to $229,642,000 a year ago. Net income available to common stockholders was $162,850,000 against 151,608,000 a year ago. Diluted earnings per common share were $0.78 compared to $0.86 a year ago. Operating net income available to common stockholders was $187,739,000 compared to $153,692,000 a year ago. Operating diluted earnings per common share was $0.90 compared to $0.87 a year ago. Return on average equity was 6.84% compared to 7.70% a year ago. Return on average tangible equity was 12.49% compared to 13.84% a year ago. Return on average tangible common equity was 12.89% compared to 14.46% a year ago. Return on average assets was 0.83% compared to 0.96% a year ago. Return on average tangible assets was 0.92% compared to 1.06% a year ago.
The company also announced net loan charge-offs (originated portfolio) of $11,848,000 for the fourth quarter ended December 31, 2016 compared to $6,721,000 a year ago. Net loan charge-offs (acquired portfolio) was $308,000 compared to $114,000 a year ago.
The company provided earnings guidance for the full year of 2017. For the year, the company expects full year reported net interest income to increase $270 million to $290 million year-over-year. The overall effective tax rate for 2017 is expected to be in the 31% to 32% range.
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, 2016; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2016; Provides Earnings Guidance for the Full Year of 2017