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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 21, 2000
FNB CORPORATION
(Exact Name of Registrant as Specified in Its Chapter)
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<S> <C> <C>
Virginia 000-24141 54-1791618
(State of other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
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_________________________
105 Arbor Drive
Christiansburg, Virginia 24068
(Address of principal executive offices)
(Registrant's telephone number,
including area code): (540-382-4951)
_________________________
(Former name or former address, if changed since last report)
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Item 5. Other Events
(a) As explained in the attached press release, FNB Corporation (the "Company")
announced its first quarter financial results, its quarterly dividend and
that the board of directors of the Company, the one bank holding company
for First National Bank, has authorized management to buy up to 5% of the
Company's common stock. The stock will be purchased in the open market
and/or by privately negotiated transactions as management and the board of
directors determine prudent.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FNB CORPORATION,
REGISTRANT
Date: April 24, 2000 By: /s/ J. Daniel Hardy, Jr.
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J. Daniel Hardy, Jr.
President and Chief Executive Officer
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For Immediate Release
Friday, April 21, 2000
Press Release
FNB CORPORATION POSTS RECORD FIRST QUARTER EARNINGS,
AND ANNOUNCES QUARTERLY CASH DIVIDEND AND SHARE REPURCHASE
FNB Corporation, (NASDAQ: FNBP), parent company of First National Bank,
Christiansburg, Virginia, announced record earnings for the first three months
of 2000. A comparison of the company's year-to-date earnings performance
follows:
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For Quarter Ended Year To Date
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<S> <C> <C> <C> <C>
03/31/00 03/31/99 03/31/00 03/31/99
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Earnings Per Share $ 0.41 $ 0.40 $ 0.41 $ 0.40
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Net Income $1,646,000 $1,591,000 $ 1,646,000 $ 1,591,000
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Avg Shrs Outstanding 3,998,556 3,975,805 3,998,556 3,975,805
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Assets $514,941,000 $465,403,000
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Loans $393,150,000 $345,475,000
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Deposits $409,095,000 $388,963,000
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Book Value $ 12.19 $ 11.41
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Net Interest Margin (%) 4.78 4.80
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Allowance for Loan Losses (%) 1.39 1.43
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Non-Performing Asset Ratio (%) 1.29 0.46
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"We are pleased with our continuing trend of record quarterly earnings, and have
implemented many strategies to further strengthen our organization," announced
J. Daniel Hardy, President and CEO of FNB Corporation and First National Bank,
its banking subsidiary. "In January, we introduced the `Stakeholders' incentive
plan to our employees to reward balanced growth in assets, profits, quality, and
productivity. Unlike other incentive programs, Stakeholders coaches our
employees to better manage the bank's bottom line."
FNB Corporation experienced an increase in non-accrual loans during the second
half of 1999, attributable to a small number of credits. "We have worked
closely with these loan customers," reported Hardy, "and expect the majority of
them to be paid off or return to an earning status by yearend 2000."
The corporation also announced the payment of a $0.17 per share dividend on June
16, 2000, to shareholders of record on May 22, 2000. This represents a 10
percent increase over the dividend paid during the first quarter of 1999. The
board also authorized the repurchase of up to 400,000 shares, or about 5 percent
of its outstanding common stock. The repurchases will begin on or after May 1
in open-market or negotiated transactions, depending on market conditions. The
repurchased
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shares will revert to authorized but unissued status and will be used for
general corporate purposes.
FNB Corporation's primary subsidiary, First National Bank, is a locally-owned
independent bank with 12 offices and 24 ATM facilities situated throughout the
New River Valley and Mountain Empire regions of Southwest Virginia.
For more information contact:
J. Daniel Hardy, Jr. Peter A. Seitz
President and CEO Executive Vice President/General Counsel
FNB Corporation First National Bank
(540) 382-6041 (540) 381-6700
