Pittsburgh-based FNB Corporation reported earnings for the third quarter of $75.7 million, or $0.23 per diluted common share. Comparatively, second quarter net income totaled $72.4 million, or $0.22 per diluted common share. Year-ago net income totaled $50.2 million, or $0.24 per diluted common share.
Continued growth in indirect auto loans and residential mortgage loans led average consumer loan growth to $178 million, or 9.4 percent annualized. Organic growth in total average loans equaled $907 million, or 6.3 percent.
“FNB delivered solid performance in the third quarter resulting in record revenue and record net income,” said Vincent J. Delie Jr., president and chief executive officer. “We are pleased with the growth in loans and deposits, as well as our ability to effectively manage expenses. We are also pleased with the results of several of our fee-based businesses and remain focused on our revenue growth initiatives to deliver increased value for our shareholders.”
Ritchie Bros. Financial Services (RBFS) is expanding its reach, now serving as a preferred provider for IronPlanet, a leading online marketplace for used equipment and other durable assets.
IronPlanet’s growing customer base will now have access to RBFS’ LeaseFlex and PurchaseFlex financing solutions, which offer more flexibility and convenience compared to traditional bank financing when purchasing trucks and equipment.
“Ritchie Bros. Financial Services has a fast and easy application process, helping equipment buyers get quicker access to the cash they need to bid and purchase with confidence,” said Sharon Driscoll, CFO of Ritchie Bros. and board chair at RBFS.
“When RBFS was introduced six years ago, the company focused solely on providing financing solutions for customers of our live auctions. As the focus on the overall customer experience has evolved, RBFS has diversified, providing financing to customers buying equipment from other sources, including dealerships. Becoming an official preferred provider with IronPlanet is a logical next step for RBFS and an excellent opportunity for growth.”
Both IronPlanet and RBFS are part of Ritchie Bros., a publicly traded, global asset management and disposition company, offering solutions for buying and selling used heavy equipment, trucks, and other assets.