Tuesday, January 24, 2012
Staff report
HERMITAGE, PA.
F.N.B. Corp.’s net income rose 16.5 percent in 2011, according to financial results released Monday.
Net income for the full year of 2011 totaled $87 million, or 70 cents per diluted share, compared with $74.7 million, or 65 cents per diluted share in 2010.
Full-year 2011 net income included merger costs of $3.2 million, or 2 cents per share, and full-year 2010 net income that included the benefit of a one-time credit to pension expense for $6.9 million and merger costs of $400,000 million, which increased full-year net income by 6 cents per share.
Net income for the fourth quarter of 2011 was $23.7 million, or 19 cents per share, compared with the third quarter of 2011 net income of $23.8 million, or $19 cents per share.
Fourth-quarter 2010 net income was $23.5 million, or 21 cents per share.
The fourth-quarter 2010 results included the benefit of a one-time $6.9 million credit to pension expenses, which increased net income by 6 cents per diluted share.
“The fourth quarter of 2011 proved to be a strong finish to a successful year for FNB, with financial results demonstrating our consistent positive momentum,” said Vincent J. Delie, Jr., president and CEO of F.N.B. Corp.
“We enter 2012 well-positioned to build on our positive momentum, with 10 consecutive quarters of total loan growth, an excellent team of bankers in place and an enhanced presence in the Pittsburgh market with the recently completed Parkvale Financial acquisition,” Delie said.