F.N.B. Corporation Earnings: Profit Increases Again
F.N.B. Corporation (NYSE:FNB) reported net income above Wall Street’s expectations for the third quarter. F.N.B. Corporation through its subsidiaries, provides a range of financial services to consumers and small- to medium-sized businesses in its market areas.
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F.N.B. Corporation Earnings Cheat Sheet
Results: Net income for F.N.B. Corporation rose to $30.7 million (22 cents per share) vs. $23.8 million (19 cents per share) in the same quarter a year earlier. This marks a rise of 29.3% from the year-earlier quarter.
Actual vs. Wall St. Expectations: F.N.B. Corporation beat the mean analyst estimate of 20 cents per share.
Quoting Management: Vincent J. Delie, President and Chief Executive Officer, commented, “The third quarter was another very positive quarter highlighted by our ability to deliver consistent, strong operating results. Our sustained momentum is apparent in the third quarter results, with top line revenue growth, loan and deposit growth, good credit quality and continued expense control.” Mr. Delie continued, “We are also extremely pleased to have announced the agreement to acquire Annapolis Bancorp, Inc. This acquisition provides FNB the opportunity to partner with a well-respected banking institution and expand our franchise to a market with attractive demographics and long-term growth potential. We expect to leverage our successful regional banking model to produce positive results in this expanded footprint.”
F.N.B. Corp (NYSE:FNB) has now seen net income rise in three straight quarters. In the second quarter, net income rose 30.3% and in the first quarter, the figure rose 25.7%.
The company beat estimates last quarter after being in line with expectations in the second quarter with net income of 19 cents per share.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 21 cents per share, down from 22 cents ninety days ago. The average estimate for the fiscal year is 81 cents per share, down from 84 cents ninety days ago.
Competitors to Watch: Univest Corp. of PA, Susquehanna Bancshares, Inc., National Penn Bancshares, Inc., ACNB Corporation, Regions Financial Corp., Wells Fargo & Company, Pinnacle Financial Partners, M&T Bank Corporation, VIST Financial Corp., and Old National Bancorp.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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