F.N.B. Corp. Earnings Cheat Sheet: Profit Increases Again

F.N.B. Corporation (NYSE:FNB) reported net income above Wall Street’s expectations for the third quarter. F.N.B. Corporation through its subsidiaries, provides a range of financial services to consumers and small- to medium-sized businesses in its market areas.

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F.N.B Earnings Cheat Sheet for the Third Quarter

Results: Net income for the Southeast regional bank rose to $23.8 million (19 cents per share) vs. $17.2 million (15 cents per share) in the same quarter a year earlier. This marks a rise of 38.1% from the year earlier quarter.

Actual vs. Wall St. Expectations: FNB beat the mean analyst estimate of 18 cents per share.

Quoting Management: “Results for the third quarter of 2011 demonstrate FNB’s ability to consistently grow revenue, loans and deposits. Revenue growth was achieved for the eighth consecutive quarter and total loan growth was achieved for the ninth consecutive quarter,” said Stephen J. Gurgovits, Chief Executive Officer of F.N.B. Corporation. “The net interest margin was stable and credit quality results continued to be good. The third quarter was another positive quarter for FNB and we are very pleased to deliver increased earnings for our shareholders.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the second quarter, net income rose 24.8% and in the first quarter, the figure rose 7.5%.

The company has now beaten estimates the last two quarters. In the second quarter, it topped expectations with net income of 18 cents versus a mean estimate of net income of 17 cents per share.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from 18 cents a share to 19 cents over the last ninety days. The average estimate for the fiscal year is 70 cents per share, a rise from 69 cents ninety days ago.

Competitors to Watch: Univest Corp. of PA (NASDAQ:UVSP), Susquehanna Bancshares, Inc. (NASDAQ:SUSQ), National Penn Bancshares, Inc. (NASDAQ:NPBC), ACNB Corporation (NASDAQ:ACNB), Regions Financial Corp. (NYSE:RF), Wells Fargo & Company (NYSE:WFC), Pinnacle Financial Partners (NASDAQ:PNFP), M&T Bank Corporation (NYSE:MTB), VIST Financial Corp. (NASDAQ:VIST), and Old National Bancorp (NYSE:ONB).

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(Source: Xignite Financials)