F.N.B. Corporation Reports Second Quarter 2010 Results
July 26, 2010
F.N.B. Corporation Reports Second Quarter 2010 Results
Hermitage, PA – July 26, 2010 – F.N.B. Corporation (NYSE: FNB) today reported financial results for the second quarter of 2010. Net income for the second quarter of 2010 was $17.9 million, or $0.16 per diluted share, compared to first quarter of 2010 net income of $16.0 million, or $0.14 per diluted share, and net income available to common shareholders in the second quarter of 2009 of $9.1 million, or $0.10 per diluted common share.
“We are very pleased to deliver another solid quarter for our shareholders,” said Stephen J. Gurgovits, President and Chief Executive Officer of F.N.B. Corporation. “Our results for the second quarter again reflect solid loan and deposit growth, stable credit quality and our consistent focus on creating value for our shareholders.”
F.N.B. Corporation’s performance ratios this quarter were as follows: return on average tangible common equity (non-GAAP measure) was 15.65%; return on average equity was 6.83%; return on average tangible assets (non-GAAP measure) was 0.92% and return on average assets was 0.81%. 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 taxable equivalent basis (non-GAAP measure) for the second quarter of 2010 totaled $73.1 million, increasing $3.1 million from the first quarter of 2010. This linked quarter growth reflects a 7.2% annualized increase in average earning assets and a 7 basis point expansion of the net interest margin. The increase in average earning assets includes growth in both loans and investment securities. Average investment securities increased over the first quarter by $117 million due to the deployment of funds previously held at the Federal Reserve. The net interest margin equaled 3.81% for the second quarter and includes a 4 basis point net benefit related to certain non-accrual loans that were paid-off or returned to accrual status.
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