Thursday, diversified financial services firm F.N.B. Corp. (FNB) reported a lower net earnings for the second quarter, compared to the previous year, hurt by lower net interest income due to lower interest rate environment of 2009. However, earnings per share for the quarter came in line with Street's estimate.
The Hermitage, Pennsylvania-based company reported net income available to common shareholders for the second quarter of $9.1 million or $0.10 per share, compared to $14.5 million or $0.17 per share in the year-ago quarter.
Results for the most recent quarter included a pre-tax FDIC special assessment of $4.0 million, which reduced net income available to common shareholders by $2.6 million or $0.03 per share.
On average, nine analysts polled by Thomson Reuters expected the company to earn $0.10 per share for the quarter. Analysts' estimates typically excludes special items.
Net interest income on a fully taxable equivalent basis for the quarter decreased to $66.82 million from $67.17 million in the prior-year quarter. The lower net interest income was due to the interest rate environment of 2009 which narrowed the net interest margin.
Total non-interest income for the quarter grew to $28.45 million from $27.46 million in the same quarter last year.
Five analysts had a revenue consensus of $93.85 million for the second quarter.
Results for the second quarter of 2009 included impairment losses on securities of $1.4 million, with $1.0 million related to pooled trust preferred securities and $0.4 million related to bank stock investments. The $0.7 million non-credit portion of the impairment on pooled trust preferred securities was recorded directly to other comprehensive income and the $0.3 million credit portion was recorded in non-interest income.
Provision for loan losses rose to $13.91 million for the latest quarter from $10.98 million in the year-ago quarter.
Net interest margin for the second quarter of 2009 was 3.73%, up from 3.92% in the second quarter of 2008.
Average loans totaled $5.8 billion for the second quarter of 2009, representing a decrease of $16.1 million, or 1.1% annualized, compared to the first quarter of 2009. Average deposits and treasury management balances increased 38.4% in the second quarter of 2008.
For the six-month period, FNB reported net income available to common shareholders of $23.4 million or $0.26 per share, down from $31.0 million or $0.42 per share in the previous year.
Net interest income, on a fully taxable equivalent basis, increased 12.8% to $132.5 million from $117.39 million, while non-interest income rose 14.1% to $56.63 million from $49.62 million in the preceding year.
FNB closed Thursday's regular trading session at $6.59, up 40 cents or 6.46% on a volume of 1.1 million shares. The stock has been moving in a range of $5.14 - $20.70 for the past 52 weeks, with an average daily volume of about 995 thousand shares for the past three months.
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