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F.N.B. dodges bad loan snags



Published: Fri, July 20, 2007 @ 11:44 p.m.

HERMITAGE, Pa. — F.N.B. Corp. said it has avoided problems with bad loans that have hit other banking companies.

“We are especially proud of our asset quality,” Steve Gurgovits, F.N.B. president, told analysts in a conference call earlier today.

The company, which is the parent of First National Bank of Pennsylvania, recorded a provision for loan losses of $1.8 million in the second quarter of this year, which was the same amount it recorded in the first quarter.

Gurgovits said company officials have no reason to think the quality of loans will worsen.

Other financial companies have reported this week that they are recording higher provisions for loan losses.

This is an accounting expense that’s recorded for loans in default or being renegotiated.

For the complete story, see Saturday's Vindicator and Vindy.com.  


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