Punctuality of Customer Loan Repayments Boosts FNB’s Second Quarter Profit | Local



Loan income was essentially unchanged from a year ago at $ 227.9 million.

Fee revenue was $ 79.8 million, up 2.8% from a year ago, but down 3.6% from a quarterly record of 82.8 million dollars in the first quarter.

“Second quarter results were supported by continued spending discipline, reflecting a $ 5 million decrease in operating expenses, as well as diversified revenue streams with strong contributions from record wealth management revenues, strong contributions from mortgage banking, capital markets, insurance and small business. Administrative loans, ”said Delie.

The company reported no expenses related to COVID-19 in the second quarter, down from $ 4 million a year ago and none in the first quarter.

ETF did not repurchase any shares in the second quarter after spending $ 36.2 million to repurchase 3 million shares in the first quarter.

The bank still has $ 75.4 million to spend on share buybacks under the current board clearance plan.

On June 13, FNB announced plans to expand into the Baltimore metropolitan area by paying $ 418 million in shares to buy Howard Bancorp Inc. of Baltimore.

Howard has total assets of $ 2.6 billion with 13 full-service branches in Maryland, including five in Baltimore, as well as Washington, DC and northern Virginia.



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