July 23--FNB -- Corp. reported higher profits in the second quarter.
The North Shore-based parent of First National Bank of Pennsylvania said net income was $32.8 million, or 20 cents per share, compared with $29.2 million, or 20 cents per share, from a year ago. Revenue was $154.3 million.
Operating expenses totaled $92.6 million, an increase of 10 percent from the previous year related to additional costs from acquiring BCSB Bancorp in Maryland, which added to higher employee salary and benefit costs, as well as equipment expenses. The expansion efforts, however, also led to higher loan volume and income from wealth management services, offsetting some of the higher costs with a boost in revenue.
"We are realizing meaningful benefits from our expansion strategy as the Baltimore, Maryland, and Cleveland, Ohio, markets are fully staffed and completely integrated," CEO Vince Delie said. "Loan production in these markets has exceeded our initial expectations."
FNB expects to close on another Maryland-based community bank, OBA Financial, in September.
Chris Fleisher is a Trib Total Media staff writer. Reach him at 412-320-7854 or email@example.com.
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