`FNB earnings’ report shows slide but core profits rose 11 percent`

FNB Corp. reported this morning its earnings slid 18 percent in the second quarter but, after excluding non-recurring merger related costs in the quarter and a one time $5 million gain in the year-ago period, the Hermitage holding company’s core operation earnings rose 11 percent.

FNB earned $7.098 million in the second quarter, or 40 cents in diluted earnings per share, compared to $8.610 million, or 50 cents in diluted earnings per share a year earlier. When looking at FNB’s recurring operations the company earned $8.512 million, or 47 cents a share in diluted earnings, in the second quarter compared to $7.645 million, or 44 cents a share in diluted earnings, in the year-ago period.

The merger costs reflect FNB’s Seminole Bank in Florida, which affiliated with the company on May 29. A price tag on the costs were not immediately available this morning. Results for the second quarter of 1997 were impacted by a $5 million gain on the sale of a subsidiary.

During the second quarter FNB announced that its lead bank, First National Bank of Pennsylvania, agreed to buy three Mellon Bank offices and $61 million in deposits in the New Castle area. In April the company announced an affiliation with Citizens Bank & Trust in Clearwater, Fla. Both Citizens and Seminole banks will merge into First National Bank of Florida.

"The company continues to do a good job of generating earnings growth,’’ said Peter Mortensen, FNB’s chairman and chief executive officer. "The bank in Clearwater will augment the affiliates already operating successfully in Naples, Cape Coral, Fort Myers and Sarasota. In the North the added offices and deposits will help boost the customer base of First National Bank of Pennsylvania.’’

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Updated July 14, 1998
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