F.N.B. Corp. (FNB) in Hermitage, Pa., posted higher second-quarter profit as loan balances surged.
The $11.8 billion-asset company said after the market closed Monday that its earnings rose almost 30% from a year earlier, to $29.1 million. Earnings per share of 21 cents matched analysts' expectations, according to Thomson Reuters.
For the first six months of the year, F.N.B.'s income increased 28% from year earlier, to $50.7 million.
Loan balances at June 30 climbed 17% from a year earlier, to $7.9 billion. Commercial loans totaled $4.2 billion, up 9% from a year earlier, and residential mortgages rose 71%, to $1.2 billion.
F.N.B. said that credit quality improved as it worked to reduce its Florida loan book. The company's commercial real estate portfolio in Florida shrank 53% from a year earlier, to $84.6 million.
The loan-loss provision increased about 7% from the first quarter but fell about 18% from a year earlier, to $7 million. Nonperforming assets fell almost 21% from a year earlier, to $134.6 million.
Noninterest income rose 12% from a year earlier, to $32.8 million, largely because of a increase in service charges.
