F.N.B. Rides Acquisitions to Higher Quarterly Earnings

F.N.B. Corp., in Hermitage, Pa., reported higher quarterly earnings that reflected several recent acquisitions.

The $15.8 billion-asset company said in a press release Wednesday that its net income rose 12% from a year earlier, to $35.4 million. Earnings per share of 20 cents beat the average estimate of analysts polled by Bloomberg by 1 cent.

The higher profit included loan and deposit growth from the September acquisition of OBA Financial Services in Germantown, Md., and February's purchase of BCSB Bancorp in Baltimore.

Net interest income rose 21%, to $122 million. Total loans increased 24%, to $11 billion, and total deposits rose 18%, to $11.5 million. The net interest margin expanded by 1 basis point, to 3.63%.

Noninterest income increased 14%, to $37.5 million, because of higher security fees and elevated mortgage banking income.

Noninterest expenses rose 15%, to $95.8 million, as the acquisitions contributed to increased salary and occupancy costs.

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