F.N.B. Corp’s first-quarter earnings down

HERMITAGE, Pa. — First-quarter earnings fell for F.N.B. Corp., which said the results were in line with expectations.

The parent of First National Bank of Pennsylvania earned $16.5 million, or 27 cents a share, in the first quarter, compared with $17.4 million, or 29 cents a share, in the same quarter last year.

Robert New, who recently took over as president and chief executive, said 2007 was off to a good start despite the earnings drop. He noted that F.N.B. has avoided credit quality problems that have hurt other companies.

Strong commercial loan growth, increased fee revenue and good asset quality were positive factors for the quarter, he added.

In his first quarterly conference call with analysts, New said he will retain the operational strategies that F.N.B. used under Stephen Gurgovits, the former CEO who is now chairman of the board. Those include continuing to expand with new branches and small acquisitions in its current territory and expanding that territory with other acquisitions.

The company’s stock lost 86 cents, or 5.1 percent, to close at $16 Friday. It has traded between $12.52 and $18.24 in the past year.