F.N.B. sees profits increase slightly in second quarter

Staff report

hermitage, pa.

First National Bank of Pennsylvania reported a second-quarter profit of $29.2 million, or 20 cents per share, this week.

Earnings were mostly unchanged from the same time a year earlier when the bank reported a profit of $29.1 million, or 21 cents per share.

Lending at the bank increased by 5.8 percent, with commercial and industrial loans leading the way. Consumer lending also increased.

Residential mortgage loans declined by 11.2 percent, though.

Net interest income, or what the bank earned on assets such as loans, increased by 2.4 percent to $189.8 million.

Revenue at the bank rose 1.8 percent to $144.6 million.

Some gains were offset by higher operating expenses. F.N.B. recently has been expanding in new markets by acquiring smaller banks.

In January, it completed a merger with Parkvale Financial Corp. near Pittsburgh, and it recently entered markets in Maryland and Washington, D.C., with the acquisition of Annapolis Bancorp and BCSB Bancorp.