F.N.B. CORPORATION REPORTS SECOND QUARTER 2008 EARNINGS AND DECLARES THIRD QUARTER DIVIDEND
July 21, 2008
F.N.B. CORPORATION REPORTS SECOND QUARTER 2008 EARNINGS AND DECLARES THIRD QUARTER DIVIDEND
Hermitage, PA – July 21, 2008 – F.N.B. Corporation (NYSE: FNB), a diversified financial services company, today reported financial results for the second quarter of 2008. Second quarter 2008 net income was $14.5 million, or $0.17 per diluted share, compared to $16.5 million, or $0.27 per diluted share for the first quarter of 2008 and $17.6 million, or $0.29 per diluted share for the second quarter of 2007. In addition to the acquisition of Omega Financial Corporation on April 1, 2008, results for the second quarter of 2008 include $11.9 million, pre-tax, or $0.09 per diluted share, after-tax, for an additional provision for loan losses, merger-related costs, costs associated with the retirement of one of the Corporation’s executives and charges related to lower bank stock values. The Corporation’s return on average tangible equity for the second quarter of 2008 was 14.3%, its return on average equity was 6.3%, its return on average tangible assets was 0.82% and its return on average assets was 0.73%.
“We are very pleased to welcome the customers and employees from Omega Financial Corporation to the F.N.B. family,” stated Bob New, President and Chief Executive Officer of
F.N.B. Corporation. “This strategic combination benefited our second quarter results by growing our loan portfolio and funding base, enhancing our capital base, expanding our net interest margin, creating more scale in our fee income businesses, and, most importantly, giving our combined customers a larger product set and footprint with which to service their financial needs. With our larger franchise and stronger capital position, organized around our new management committee, we believe we are well-positioned to continue to deliver on our investment thesis. As evidence of this confidence, the Board has reaffirmed our commitment to our strong dividend.”
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