F.N.B. Corporation Reports First Quarter 2010 Results
April 26, 2010
F.N.B. Corporation Reports First Quarter 2010 Results
Hermitage, PA – April 26, 2010 – F.N.B. Corporation (NYSE: FNB) today reported financial results for the first quarter of 2010. Net income for the first quarter of 2010 was $16.0 million or $0.14 per diluted share, compared to fourth quarter of 2009 net income of $4.6 million, or $0.04 per diluted share, and net income available to common shareholders in the first quarter of 2009 of $14.3 million, or $0.16 per diluted common share.
“We are very pleased with our first quarter results that reflect solid loan and deposit growth and stable credit quality,” said Stephen J. Gurgovits, President and Chief Executive Officer of F.N.B. Corporation. “F.N.B. successfully continued to execute its organic growth strategy during the quarter and capitalize on the momentum established during 2009.”
F.N.B. Corporation’s performance ratios this quarter were as follows: return on average tangible common equity (non-GAAP measure) was 14.43%; return on average equity was 6.19%; return on average tangible assets (non-GAAP measure) was 0.85% and return on average assets was 0.74%. A reconciliation of GAAP measures to non-GAAP measures is included in the tables that accompany this press release.
Net Interest Income
Net interest income on a fully taxable equivalent basis (non-GAAP measure) for the first quarter of 2010 totaled $70.0 million, representing a decrease of $1.3 million from the fourth quarter of 2009. The decline was mainly a result of two fewer days in the first quarter combined with a three basis point narrowing of the net interest margin. The net interest margin was 3.74% for the first quarter of 2010 compared to 3.77% in the fourth quarter of 2009, reflecting increased cash balances temporarily invested on an overnight basis due to strong growth in deposits and treasury management balances. Given the continued increase, overnight interest bearing balances held at the Federal Reserve have been reclassified from cash into short-term investments for all periods presented.
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