Metro, FNB beat analyst projections; Susquehanna misses by 1 cent
Three banks with heavy presence in the midstate recently announced their first-quarter earnings.
Swatara Township-based Metro Bancorp Inc. beat analyst projections by 4 cents and reported its highest net income figure in the company's history for the second consecutive quarter.
Metro reported 2014 first-quarter net income of $4.94 million, or 34 cents per diluted share, against $4.89 million, or 34 cents per diluted share, from the fourth quarter of 2013.
While earnings were mostly flat in narrowly besting its own record quarter, initial 2014 earnings still were a big increase compared to the first quarter of 2013. That's when the company reported $3.6 million in net income, or 26 cents per diluted share.
The company grew its assets as well to $2.85 billion at the end of 2014's first quarter from $2.78 billion at the end of 2013.
Metro Chairman and CEO Gary L. Nalbandian said the company's 15 percent year-to-year growth in net loans helped fuel the company's rise. Analysts had predicted earnings of 30 cents, according to Yahoo Finance.
Metro Bancorp is the parent company of Metro Bank, which trades on the Nasdaq exchange under the ticker symbol METR.
Metro has 33 locations in Berks, Cumberland, Dauphin, Lancaster, Lebanon and York counties. It also has four branches it plans on opening, according to its website.
Susquehanna Bancshares Inc. blamed a downturn in business on the harsh winter weather and a competitive lending environment.
The Lititz-based bank holding company for Susquehanna Bank reported 2014 first-quarter net income of $37.2 million, or 20 cents per diluted share, down from both the first quarter of 2013 ($42.4 million net income, 23 cents per diluted share) and the fourth quarter of 2013 ($41.3 million, 22 cents per diluted share).
Analysts had predicted earnings of 21 cents per diluted share, according to Yahoo Finance.
Total deposits increased 1.6 percent to $13.1 billion from the end of the year to the the end of this year's first quarter, and climbed 3.1 percent from the first quarter of 2013.
Total assets have dropped for a second straight quarter, however. They reached a peak of $18.48 billion after the third quarter of 2013, dropped to $18.47 billion at the end of the year and fell to $18.44 billion at the end of the first quarter of 2014.
Susquehanna Bancshares trades on the Nasdaq under the ticker symbol SUSQ. Susquehanna Bank has 245 branch locations throughout the Mid-Atlantic.
F.N.B. Corp. reported more than 13 percent net income growth compared with the fourth quarter of 2013 in an earnings report Thursday.
The Hermitage-based bank, bank holding company of First National Bank, reported net income available to common shareholders of $32.2 million, or 20 cents per diluted share.
That's up from $28.4 million, or 18 cents per diluted share, in the fourth quarter of 2013 and $28.5 million in the first quarter of 2013. Earnings in the first quarter of 2013 per diluted share compared to 2014 were flat at 20 cents, however.
Analysts had predicted earnings of 19 cents, according to Yahoo Finance.
The company has assets of $14.5 billion and has more than 280 offices in Pennsylvania, Ohio, Maryland and West Virginia. That includes four locations in Cumberland, Dauphin and York counties.
It trades on the New York Stock Exchange under the ticker symbol FNB.