MONROEVILLE, Pa., Nov. 8, 2011 /PRNewswire/ -- Parkvale
Financial Corporation (NASDAQ: PVSA) reported net income for
the quarter ended September 30, 2011
of $1.4 million compared to net
income of $2.2 million for the
quarter ended September 30, 2010.
Income available to common shareholders, after the
payment of dividends on preferred stock, was $963,000 or $0.17
per diluted common share for the quarter ended September 30, 2011 compared to $1.8 million or $0.33 per diluted common share for the quarter
ended September 30, 2010. The
decrease in net income for the September 30,
2011 quarter primarily reflects a $1.2 million reduction in gain on sale of assets
and a $624,000 decrease in net
interest income. These factors were partially offset by a
$996,000 decrease in non-cash debt
security impairment charges and a $219,000 decrease in non-interest expense.
The decrease in net interest income was attributed to the
reinvestment of funds into short-term lower yielding government and
agency securities and an increase in cash balances at the Federal
Reserve. The lower non-interest expense was due primarily to a
$365,000 decrease in compensation
expense and a $309,000 decrease in
FDIC insurance premium expense as a result of the FDIC's revised
deposit insurance rates effective April 1,
2011, offset by $325,000 of
costs related to the pending merger with F.N.B. Corporation.
Parkvale Financial Corporation is the parent of Parkvale Bank,
which has 47 offices in the Tri-State area and assets of
$1.8 billion at September 30, 2011.
(Condensed Consolidated Statements of Operations and selected
financial data is attached.)
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PARKVALE
FINANCIAL CORPORATION
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
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(Dollar
amounts in thousands except per share data)
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(Unaudited)
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Three months
ended
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September
30,
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2011
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2010
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Total interest income
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$14,842
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$16,839
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Total interest
expense
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6,607
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7,980
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Net interest income
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8,235
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8,859
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Provision for loan
losses
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1,122
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1,034
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Net interest
income after provision for losses
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7,113
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7,825
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Net impairment (losses)
recognized in earnings
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-
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(996)
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Other noninterest
income
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2,603
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4,082
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Total noninterest
expense
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7,831
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8,050
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Income before income
taxes
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1,885
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2,861
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Income tax expense
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525
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638
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Net income
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1,360
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2,223
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Preferred stock
dividend
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397
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397
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Income to common
shareholders
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$963
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$1,826
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Net income per basic common
share
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$0.17
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$0.33
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Net income per diluted common
share
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$0.17
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$0.33
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Cash dividends declared per
common share
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$0.02
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$0.02
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SELECTED
FINANCIAL DATA
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(Dollar
amounts in thousands except per share data)
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Sept.
30,
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June
30,
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Sept.
30,
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2011
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2011
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2010
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Total assets
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$1,797,958
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$1,806,556
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$1,819,632
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Total deposits
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1,488,127
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1,484,924
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1,480,482
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Total loans, net of
allowance
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965,032
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983,996
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1,014,608
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Loan loss allowance
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18,663
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18,626
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19,624
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Nonperforming loans and
foreclosed real estate
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36,348
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31,246
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36,476
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Ratio to
total assets
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2.02%
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1.73%
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2.00%
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Allowance for loan losses as a %
of gross loans
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1.90%
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1.86%
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1.90%
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Total shareholders'
equity
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$125,002
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$124,214
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$118,397
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OTHER
SELECTED DATA
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Three months
ended
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September
30,
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2011
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2010
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Average yield earned on all
interest-earning assets
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3.55%
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3.95%
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Average rate paid on all
interest-bearing liabilities
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1.58%
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1.86%
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Average interest rate
spread
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1.97%
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2.09%
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Net yield on average
interest-earning assets
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1.97%
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2.08%
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Return on average
assets
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0.30%
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0.48%
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Return on average
equity
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3.94%
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6.68%
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Other expenses to average
assets
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1.69%
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1.74%
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SOURCE Parkvale Financial Corporation