F.N.B. Corp. in Pittsburgh had a noisy fourth quarter that included expenses tied to its purchase of Yadkin Financial and a reduction in the value of its deferred tax assets.
The $31 billion-asset company said in a press release Tuesday that its profit fell 55% from a year earlier to $22.1 million. The company reduced the value of its deferred tax assets by $54 million to reflect recent tax reform. It also recorded $1.1 million in pretax merger-related expenses during the quarter.
Excluding those expenses, the company's earnings were relatively flat from a year earlier.
F.N.B. entered North Carolina in March when it
"During 2017, F.N.B. continued to grow loans and deposits while adhering to our risk profile, expanded our fee-based businesses and demonstrated disciplined expense management,” Vincent Delie Jr., the company's chairman, president and CEO, said in the release.
“The commitment and dedication of our employees led to the successful integration of our largest acquisition, where we entered several very attractive markets," Delie added. "As we look to 2018 and beyond, we believe F.N.B. is well-positioned for success in serving our customers, communities and employees, and delivering increased value for our shareholders."
Year-over-year comparisons were skewed by the Yadkin acquisition.
Net interest income increased by roughly 2% from the third quarter, to $230 million, while the net interest margin expanded by 5 basis points, to 3.49%. Average loans totaled $20.8 billion.
Noninterest income fell by almost 2% to $65.1 million, largely because of lower securities gains.
Noninterest expense increased by almost 2% to $166.5 million, primarily because of a more than 4% increase in personnel costs.
