FNB reports earnings gain for first quarter

FNB Corp. reported this morning its earnings were up 14 percent in the first quarter of this year.

The Hermitage holding company reported earning $10.1 million, or 47 cents a share, compared to $8.8 million, or 41 cents a share, in the same year-ago period. Excluding merger-related costs, core operating earnings were up 5 percent from $9.660 million in 1999 to $10.109 million in the most recent quarter. On a diluted earnings per-share basis, earnings were up 7 percent from 44 cents to 47 cents.

First quarter earnings were helped by a 9 percent increase in net interest income and a 13 percent increase in non-interest income.

“The first quarter was a strong one,’’ said Peter Mortensen, chairman and chief executive officer of FNB. “The diversified growth strategy is paying off with quality, sustainable revenue growth. Income from securities, insurance and trust is playing an increasingly significant role in earnings generation.’’

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