Although profit increased, F.N.B. Corporation’s (NASDAQ:FNB) net income missed estimates in the first 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 First Quarter
Results: Net income for F.N.B. Corporation rose to $17.2 million (14 cents/share) vs. $16 million (14 cents/share) in the same quarter a year earlier. A rise of 7.5% from the year earlier quarter.
Revenue: Noninterest income was $28.4 million.
Actual vs. Wall St. Expectations: FNB fell short of the mean analyst estimate of 15 cents/share. Estimates ranged from 13 cents per share to 16 cents per share.
Quoting Management: “We are very pleased with the first quarter’s results. The quarter included increased revenue, good levels of organic growth in loans, deposits and customer repurchase agreements, an expanded net interest margin and continued good credit quality results,” said Stephen J. Gurgovits, Chief Executive Officer of F.N.B. Corporation. “Results of $0.16 per diluted share, before the merger-related costs, show nice growth and are an excellent start to 2011.”
The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose more than fivefold and in the third quarter of the last fiscal year, the figure rose 67.1%.
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), Old National Bancorp (NYSE:ONB), and VIST Financial Corp. (NASDAQ:VIST).
Today’s Performance: Shares of FNB are unchanged in after hours trading.