F.N.B.’s earnings rise in 3rd quarter

Staff report

hermitage, pa.

F.N.B. Corp., the parent company of First National Bank, announced increased third-quarter earnings Monday, citing consumer banking gains as a primary reason for the improvements.

F.N.B. reported a net income of $17.2 million, or 15 cents per share, for the third quarter of 2010. The results were a significant increase from the same quarter in 2009, when the company reported a net income of $4.8 million, or .04 cents per share.

Earnings were down slightly from the second quarter of 2010, which saw a net income of $17.9 million, or 16 cents per share.

“We are very pleased with our third-quarter results,” said Stephen J. Gurgovits, the company’s chief executive. “The third quarter includes continued loan and deposit growth, a stable net-interest margin and solid credit quality results.”

Total average loans for the third quarter of this year increased by $60.8 million from the second quarter of 2010. Growth of the consumer-loan portfolio was the primary driver of the increase, the company said, with average consumer loans increasing $64.2 million in the third quarter.

Average deposits and treasury management balances grew $83.4 million from the second quarter of 2010, reflecting new customer accounts combined with higher average balances, the company said.

Gurgovits also formally announced F.N.B.’s plans to acquire Comm Bancorp, Inc., a Clarks Summit, Pa.-based financial-services provider. The companies signed a definitive merger agreement Aug. 9.

The transaction, valued at about $70 million, is expected to be completed in the fourth quarter of 2010, pending approval from regulatory agencies and Comm Bancorp’s shareholders.