Tuesday, July 26, 2011
Staff report
HERMITAGE, Pa.
F.N.B. Corp. released its second quarter financial report Monday that showed an increase in net income and a higher risk-based capital ratio.
Net income in the second quarter rose to $22.4 million, compared with $17.2 million during 2010’s second quarter.
Compared with the first quarter, the total risk-based capital ratio was 13.3 percent, up from 12.5 percent.
“Revenue growth was achieved for the seventh-consecutive quarter, and loan growth was achieved for the eighth-consecutive quarter,” said Stephen Gurgovits, F.N.B. CEO, in a release. “Our success growing transaction accounts continued, and credit quality results were very good and improving from already solid levels.”
In June, F.N.B. announced it will acquire Pennsylvania-based Parkvale Financial Corp., a holding company and parent of Parkvale Savings Bank in a $130 million all-stock merger. The transaction’s completion is expected by January, pending regulatory approval.