Lower earnings reported for F.N.B. Corp.

HERMITAGE, Pa. — F.N.B. Corp. reported lower second-quarter earnings as it set aside more money to cover construction loans that may not be repaid in Florida.

The parent of First National Bank of Pennsylvania earned $14.5 million, or 17 cents a share, last quarter, compared with $17.6 million, or 29 cents a share, in the same quarter of last year.

Bob New, F.N.B. president and chief executive, said in a conference call with analysts today that he was disappointed with money being set aside to cover Florida loans and hoped that it didn’t overshadow the progress the Hermitage-based company is making.

The second-quarter figures included $11.9 million in accounting charges to cover the additional provision for loan losses, costs for a recently completed merger, costs associated with the retirement of Gary Roberts and the lower value of bank stock.

Of that amount, $6.4 million was related to money set aside for loan losses. Banks record accounting charges so they can set aside money when it looks like loans may not be repaid.

F.N.B. stock was trading at $11.20 this morning, down 21 cents. It has traded between $9.30 and $18.24 in the past year.

For more information, see Wednesday’s Vindicator or www.vindy.com.