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Report: 2nd quarter net income up at FNB Corp.

Tuesday, July 26, 2011

Staff report


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.