F.N.B. gets boost from Baltimore expansion as 3Q profit rises

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F.N.B. Corp. President and CEO Vincent Delie

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Patty Tascarella

Senior Reporter- Pittsburgh Business Times

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F.N.B. Corp., Wednesday reported third-quarter net income of $33.4 million, or 20 cents per share, compared to $31.6 million, or 22 cents, a year ago. Pittsburgh-based F.N.B. (NYSE:FNB) was a penny short of Wall Street's average EPS estimate.

"This was another very good quarter with record net income," President and CEO Vincent Delie Jr. said in a prepared statement. "We remain focused on building long-term value for our shareholders as we continue to successfully manage through the current regulatory and economic environment."

During the three-month period, F.N.B. completed its acquisition of OBA Financial Services, its third deal in Maryland and fourth acquisition in 18 months. Delie said expansion into the metropolitan markets of Baltimore and Cleveland "continues to gain momentum and contribute to F.N.B.'s results."

Average loans totaled $10.5 billion and increased $436 million, or 17.1 percent annualized.

F.N.B. shares closed at $12.20 Tuesday, up 1.75 percent.

Patty Tascarella covers accounting, banking, finance, legal, marketing and advertising and foundations. Contact her at ptascarella@bizjournals.com or 412-208-3832. .