(RTTNews) - Thursday, F.N.B. Corporation (FNB: News ) reported a fall in its profit for the third quarter, hurt by one-time charges, with a modest 2% decline in net interest income.

The company's net income available to common shareholders dropped to $4.8 million or $0.04 per share from last year's $9.1 million or $0.10 per share.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share. Analysts' estimates typically exclude one-time items.

The company said its recent quarter included $5.5 million in costs associated with F.N.B.'s redemption of the preferred stock it sold to the U.S. Treasury pursuant to the Capital Purchase Program and $3.3 million in non-cash other-than-temporary impairment charges primarily related to pooled trust preferred securities. These expenses lowered the company's net income available to common shareholders by $7.6 million or $0.07 per share.

Net interest income for the quarter decreased to $67.54 million from $68.90 million in the prior year quarter.

Interest income for the quarter decreased to $96.53 million from $108.80 million and interest expense decreased to $28.98 million from $39.89 million last year.

Total non-interest income for the quarter decreased to $23.96 million from $28.23 million in year-ago quarter, primarily due to $2.6 million increase in non-cash other-than-temporary impairment charges.
Non-interest expense declined to $62.32 million from $57.91 million in the same quarter last year.

Net interest margin, including a 3 basis point net benefit related to certain non-accrual loans, was 3.78% compared with 3.73% in the year-ago period.

Provision for loan and leases losses increased to $16.4 million from $6.51 million in the year-ago period.

The company's total loans increased $70.3 million or 4.8% annualized, led by commercial loan growth of $44.7 million or 5.6% annualized.

For the nine months ended September 30, net income available to common shareholders declined to $28.24 million from $54.50 million last year. On a per share basis, income decreased to $0.29 from $0.70 last year.Net interest income for nine months increased $196.95 from $183.42 in the prior year

FNB ended Thursday's session up 6.75% or $0.43 at $6.80 on the NYSE.

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by RTT Staff Writer

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