F.N.B. CORPORATION REPORTS THIRD QUARTER 2007 EARNINGS

October 18, 2007

F.N.B. CORPORATION REPORTS THIRD QUARTER 2007 EARNINGS

Hermitage, PA – October 18, 2007 – F.N.B. Corporation (NYSE: FNB), a diversified financial services company, today reported financial results for the third quarter and first nine months of 2007. Third quarter 2007 net income was $17.6 million, or $0.29 per diluted share, the same as the second quarter of 2007 and the third quarter of 2006. The Corporation’s return on tangible equity for the third quarter of 2007 was a strong 26.3%, its return on equity was 13.0%, its return on tangible assets was 1.25% and its return on assets was 1.15%.
Stephen J. Gurgovits, President and Chief Executive Officer of F.N.B. Corporation, commented, “We are pleased to once again report very solid returns and profitability metrics with strong commercial loan production, a stable margin and increases in key fee income business lines contributing to our results.”

Average commercial loans were up 11.0% annualized compared to the second quarter of 2007, reflecting organic growth in key Pennsylvania and Florida markets. In total, average loans increased 7.7% annualized compared to the second quarter of 2007.  The increase in average loans coupled with stable balances of investment securities drove a 3.9% annualized increase in average earning assets compared to the prior quarter.  

The growth in earning assets was the primary factor behind a 6.4% annualized increase in fully taxable equivalent (FTE) net interest income compared to the second quarter of 2007. The Corporation’s net interest margin for the third quarter of 2007 was 3.73%, which is unchanged from the second quarter of 2007 and represents the fourth consecutive quarter of a stable or expanding net interest margin. 
The acceptance of the Corporation’s innovative banking products continues to help drive increased deposits, with new business development officers in each of the five regions also contributing to these results.  Average deposits and treasury management balances increased 3.7% annualized from the second quarter of 2007 and 1.3% compared to the same period of 2006.

Open a PDF version