F.N.B. Corporation (NASDAQ:FNB) reported net income above Wall Street’s expectations for the second 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.
F.N.B Earnings Cheat Sheet for the Second Quarter
Results: Net income for F.N.B. Corporation rose to $22.4 million (18 cents per share) vs. $17.9 million (16 cents per share) in the same quarter a year earlier. This marks a rise of 24.8% from the year earlier quarter.
Revenue: Noninterest income was $29.3 million last quarter.
Actual vs. Wall St. Expectations: FNB beat the mean analyst estimate of 17 cents per share.
Quoting Management: “We are very pleased to deliver these results for our shareholders. Second quarter earnings of $0.18 per diluted share represent an increase from the prior quarter and the second quarter of 2010, with performance reflecting the continuation of several positive trends,” said Stephen J. Gurgovits, Chief Executive Officer of F.N.B. Corporation. “Revenue growth was achieved for the seventh consecutive quarter and loan growth was achieved for the eighth consecutive quarter. Additionally, our success growing transaction accounts continued and credit quality results were very good and improving from already solid levels.”
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 7.5% and in the fourth quarter of the last fiscal year, the figure rose more than fivefold.
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 14 cents versus a mean estimate of net income of 15 cents per share.
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).
(Source: Xignite Financials)