F.N.B. (FNB) 8-K F.N.B. Corporation Reports Third Consecutive Quarter of Improved Financial Performance

Exhibit 99.1

F.N.B. CORPORATION REPORTS
THIRD CONSECUTIVE QUARTER OF IMPROVED FINANCIAL PERFORMANCE

Hermitage, PA — October 19, 2006 — F.N.B. Corporation (NYSE: FNB), a diversified financial services company, today reported third quarter 2006 net income of $17.6 million, or $.29 per diluted share. These results compare to $16.6 million, or $.28 per diluted share, for the second quarter of 2006 and $18.1 million, or $.32 per diluted share, for the third quarter of 2005. The 2005 third quarter results were benefited from the resolution of a previously uncertain tax position totaling $1.0 million or $.02 per diluted share. The Corporation’s return on equity for the third quarter of 2006 was 13.0%, its return on tangible equity was 27.0% and its return on assets was 1.2%.

“The successful execution of our strategic plan has allowed us to continue to deliver improved financial performance quarter-over-quarter in 2006, as planned,” noted Stephen Gurgovits, President and Chief Executive Officer of F.N.B. Corporation. “Our success has been driven by continued strong loan growth, increases in sources of recurring fee income, and diligent control of non-interest expenses.”

For the nine months ended September 30, 2006, the Corporation recorded net income of $50.1 million, or $.85 per diluted share, compared to $50.5 million, or $.90 per diluted share, for the same period in 2005. The Corporation’s return on equity for the nine months ended September 30, 2006 was 13.3%, its return on tangible equity was 26.4% and its return on assets was 1.2%.

Net interest income, on a fully tax equivalent basis, was up 3.6% for the third quarter of 2006 compared to the previous quarter and 3.2% over the same period last year. Period end loans increased 3.2%, annualized, on a linked quarter basis and increased 13.0% over the third quarter of 2005.

“The third quarter’s strong loan growth is led by the continued success of our presence in the growing Florida and Pittsburgh markets. Commercial loans increased 8.8%, annualized, on a linked quarter period-end basis,” Gurgovits added.

The loan growth was funded through an increase in deposits and customer repurchase agreements of 4.4%, annualized, on a linked quarter period-end basis.

In spite of the inverted yield curve, the yield on earning assets for the third quarter of 2006 increased 15 basis points compared to the previous quarter. Offsetting the increase in interest income was a 25 basis point increase in the cost of funds due to continued competitive pricing pressures related to rising short-term interest rates and a change in the mix of deposits due to customer preference. The net interest margin for the third quarter was 3.65%, a decrease of 8 basis points from the second quarter.

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F.N.B. Corporation Page 2 of 4

Year-to-date, net interest income on a fully tax equivalent basis increased approximately 1.0% over the same period last year reflecting the loan growth mitigated by a higher cost of funds. The Corporation’s net interest margin for the first nine months of 2006 was 3.73%, a decrease of 14 basis points from the same period last year.

Non-interest income for the third quarter of 2006 was $20.5 million, down 1.6% from the prior quarter but 6.3% higher than the same period last year. The linked quarter decrease is attributable to the recognition of a gain on the settlement of an impaired loan acquired in a previous merger in the prior quarter. Excluding this item, non-interest income was up 11.3% on an annualized basis as each category of fee income improved. In particular, trust income increased 33% benefiting from the Legacy acquisition and insurance commissions increased 21% primarily due to an increased book of business, both on an annualized basis.

On a year-to-date basis, non-interest income totaled $61.3 million compared to $56.8 million in the same period last year. This 8.1% increase was primarily attributable to the acquisitions completed in 2005 and the first half of 2006. Non-interest income was 30% of net revenue for the first nine months of 2006.

Non-interest expense for the third quarter of 2006 totaled $41.1 million, compared to $41.2 million in the previous quarter and $38.0 million for the same period last year. In spite of the increases realized due to the addition of The Legacy Bank, expenses were flat on a linked quarter basis due to reduced pension and post-retirement plan costs. The Corporation modernized its overall pension benefit by expanding the use of its 401(k) plan and decreasing its future obligations under its defined benefit plan. The efficiency ratio was 57.1% in the third quarter of 2006, an improvement from the 58.7% reported last quarter.

On a year-to-date basis, non-interest expense was $122.5 million compared to $116.6 million for the same period last year. This increase is principally due to the acquisitions completed since the third quarter of last year.

Asset quality continued at strong levels in the third quarter of 2006. Annualized net charge-offs for the third quarter of 2006 were 23 basis points of average loans, better than the 27 basis points for the second quarter of 2006 and the 36 basis points for the third quarter of 2005. Non-performing loans to total loans were 69 basis points for the third quarter of 2006, improving from the 74 and 78 basis points in both the second quarter of 2006 and the third quarter last year, respectively.

The Corporation’s stable, strong credit quality resulted in a provision for loan losses of $2.4 million in the third quarter of 2006, compared to $2.5 million in the prior quarter. At

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September 30, 2006 the allowance for loan losses was 1.25% of total loans and 1.8 times non-performing loans, essentially equaling last quarter’s measures.

Shareholders’ equity at September 30, 2006 was $539 million. The Corporation’s leverage capital ratio was 7.2% and the tangible capital ratio was 4.7% at the end of the quarter. The Corporation continues to surpass “well capitalized” ratios for federal bank regulatory purposes.

In September, Jonathan W. Roberts joined First National Bank of Pennsylvania as Executive Vice President of Retail Banking, responsible for all retail banking operations in Pennsylvania and Ohio. Roberts has successfully developed and managed the retail banking operations for several larger regional financial institutions.

The Corporation will host a conference call on Friday, October 20, 2006 at 11:00 a.m. (EDT) to discuss third quarter 2006 results. Interested parties may access the conference call by dialing 1-800-346-7359 with the entry code 3044. Replays of the call will be available until October 27, 2006 by calling 1-800-332-6854 and using the above entry code, 3044. A transcript of the conference call will also be available on the Corporation’s web site,http://www.fnbcorporation.com.

About F.N.B. Corporation:
F.N.B. Corporation, headquartered in Hermitage, PA has total assets of $6.1 billion. F.N.B. is a leading provider of banking, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, including its Legacy Bank and Legacy Trust Company Divisions, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, and Regency Finance Company. It also operates consumer finance offices in Tennessee and loan production offices in Florida.

Mergent Inc., a leading provider of business and financial information about publicly traded companies, has recognized F.N.B. Corporation as a Dividend Achiever. This annual recognition is based on the Corporation’s outstanding record of increased dividend performance. The Corporation has consistently increased dividend payments for 33 consecutive years.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol FNB. Investor information is available on F.N.B.’s website athttp://www.fnbcorporation.com.

This press release of F.N.B. Corporation and the reports F.N.B. Corporation files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of F.N.B. Corporation. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause F.N.B. Corporation’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among depository institutions; (2) changes in the interest rate environment

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that may reduce interest margins; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which F.N.B. Corporation is engaged; (6) changes in the securities markets; or (7) risk factors mentioned in the reports and registration statements F.N.B. Corporation files with the Securities and Exchange Commission. F.N.B. Corporation undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this release.

# # #

Media Contact:
Kathryn Lima 724-981-4318
724-301-6984 (cell)

Analysts/Institutional Investor Contact:
John Waters 239-272-6495 (cell)

DATA SHEETS FOLLOW

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)

	2006						2005			3rd Qtr 2006 -		3rd Qtr 2006 -
										2nd Qtr 2006		3rd Qtr 2005
	Third			Second			Third			Percent		Percent
Statement of earnings	Quarter			Quarter			Quarter			Variance		Variance
Interest income	$	90,576		$	83,465		$	75,475			8.5		20.0
Interest expense		42,209			36,772			28,555			14.8		47.8
Net interest income		48,367			46,693			46,920			3.6		3.1
Taxable equivalent adjustment		981			955			898			2.7		9.2
Net interest income (FTE)		49,348			47,648			47,818			3.6		3.2
Provision for loan losses		2,428			2,497			3,448			-2.8		-29.6
Net interest income after provision (FTE)		46,920			45,151			44,370			3.9		5.7
Service charges		10,677			10,634			10,528			0.4		1.4
Insurance commissions and fees		3,412			3,239			3,090			5.3		10.4
Securities commissions and fees		1,329			1,308			1,020			1.6		30.3
Trust income		2,013			1,859			1,752			8.3		14.9
Gain (loss) on sale of securities		510			340			431			50.0		18.3
Gain on sale of loans		465			400			442			16.3		5.2
Other		2,048			3,004			1,971			-31.8		3.9
Total non-interest income		20,454			20,784			19,234			-1.6		6.3
Salaries and employee benefits		20,991			21,141			19,335			-0.7		8.6
Occupancy and equipment		6,886			6,755			6,353			1.9		8.4
Amortization of intangibles		1,180			1,029			918			14.7		28.5
Other		12,010			12,244			11,392			-1.9		5.4
Total non-interest expense		41,067			41,169			37,998			-0.2		8.1
Income before income taxes		26,307			24,766			25,606			6.2		2.7
Taxable equivalent adjustment		981			955			898			2.7		9.2
Income taxes		7,707			7,176			6,622			7.4		16.4
Net income	$	17,619		$	16,635		$	18,086			5.9		-2.6
Earnings per share
Basic	$	0.29		$	0.29		$	0.32			0.0		-9.4
Diluted	$	0.29		$	0.28		$	0.32			3.6		-9.4
Performance ratios
Return on average equity		13.01	%		13.43	%		15.54	%
Return on tangible equity (1)		26.99	%		26.62	%		29.80	%
Return on average assets		1.15	%		1.15	%		1.26	%
Return on tangible assets (2)		1.25	%		1.25	%		1.35	%
Net interest margin (FTE)		3.65	%		3.73	%		3.77	%
Yield on earning assets (FTE)		6.75	%		6.60	%		6.02	%
Cost of funds		3.46	%		3.21	%		2.53	%
Efficiency ratio (FTE) (3)		57.14	%		58.66	%		55.30	%
Common stock data
Average basic shares outstanding		59,923,906			58,237,880			56,426,087			2.9		6.2
Average diluted shares outstanding		60,527,788			58,709,375			57,100,376			3.1		6.0
Ending shares outstanding		60,297,836			60,190,718			56,520,245			0.2		6.7
Book value per common share	$	8.94		$	8.88		$	8.26			0.6		8.2
Tangible book value per common share	$	4.54		$	4.44		$	4.55			2.4		-0.1
Dividend payout ratio		80.32	%		81.27	%		71.79	%

(1)	Return on tangible equity is calculated by dividing net income less amortization of intangibles by average equity less average intangibles.
(2)	Return on tangible assets is calculated by dividing net income less amortization of intangibles by average assets less average intangibles.
(3)	The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus non-interest income.
(4)	The leverage ratio for the quarter ended June 30, 2006 is calculated using period end assets instead of quarterly average assets to adjust for the Legacy acquisition.

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)

	For the Nine Months
	Ended September 30,
							Percent
Statement of earnings	2006			2005			Variance
Interest income	$	251,662		$	218,297			15.3
Interest expense		110,783			78,380			41.3
Net interest income		140,879			139,917			0.7
Taxable equivalent adjustment		2,898			2,550			13.7
Net interest income (FTE)		143,777			142,467			0.9
Provision for loan losses		7,883			8,465			-6.9
Net interest income after provision (FTE)		135,894			134,002			1.4
Service charges		31,481			29,542			6.6
Insurance commissions and fees		10,751			9,986			7.7
Securities commissions and fees		3,584			3,519			1.9
Trust income		5,716			5,413			5.6
Gain (loss) on sale of securities		1,397			1,602			-12.7
Gain on sale of loans		1,163			1,051			10.7
Other		7,255			5,658			28.2
Total non-interest income		61,347			56,771			8.1
Salaries and employee benefits		63,450			60,253			5.3
Occupancy and equipment		20,319			19,246			5.6
Amortization of intangibles		3,140			2,729			15.1
Other		35,578			34,327			3.6
Total non-interest expense		122,487			116,555			5.1
Income before income taxes		74,754			74,218			0.7
Taxable equivalent adjustment		2,898			2,550			13.7
Income taxes		21,800			21,131			3.2
Net income	$	50,056		$	50,537			-1.0
Earnings per share
Basic	$	0.86		$	0.91			-5.5
Diluted	$	0.85		$	0.90			-5.6
Performance ratios
Return on average equity		13.25	%		15.55	%
Return on tangible equity (1)		26.37	%		29.01	%
Return on average assets		1.15	%		1.22	%
Return on tangible assets (2)		1.24	%		1.31	%
Net interest margin (FTE)		3.73	%		3.87	%
Yield on earning assets (FTE)		6.60	%		6.01	%
Cost of funds		3.21	%		2.40	%
Efficiency ratio (FTE) (3)		58.18	%		57.13	%
Common stock data
Average basic shares outstanding		58,456,628			55,260,092			5.8
Average diluted shares outstanding		58,952,803			55,981,612			5.3
Ending shares outstanding		60,297,836			56,520,245			6.7
Book value per common share	$	8.94		$	8.26			8.2
Tangible book value per common share	$	4.54		$	4.55			-0.1
Dividend payout ratio		82.26	%		76.91	%

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)

	2006						2005			3rd Qtr 2006 -		3rd Qtr 2006 -
										2nd Qtr 2006		3rd Qtr 2005
	Third			Second			Third			Percent		Percent
Average balances	Quarter			Quarter			Quarter			Variance		Variance
Total assets	$	6,104,452		$	5,807,974		$	5,684,747			5.1		7.4
Earning assets		5,382,689			5,126,673			5,033,060			5.0		6.9
Securities		1,101,558			1,124,129			1,284,490			-2.0		-14.2
Loans, net of unearned income		4,229,049			3,976,154			3,746,130			6.4		12.9
Allowance for loan losses		53,882			52,155			50,921			3.3		5.8
Goodwill and intangibles		267,024			236,099			213,102			13.1		25.3
Deposits and repurchase agreements		4,656,840			4,403,600			4,113,937			5.8		13.2
Short-term borrowings		130,067			148,512			311,895			-12.4		-58.3
Long-term debt		557,932			548,843			598,188			1.7		-6.7
Trust preferred securities		151,031			137,878			128,866			9.5		17.2
Shareholders’ equity		537,254			496,820			461,803			8.1		16.3
Asset quality data
Non-accrual loans	$	24,672		$	26,331		$	24,016			-6.3		2.7
Restructured loans		4,789			4,861			5,109			-1.5		-6.3
Non-performing loans		29,461			31,192			29,125			-5.5		1.2
Other real estate owned		5,995			6,335			5,907			-5.4		1.5
Non-performing assets	$	35,456		$	37,527		$	35,032			-5.5		1.2
Net loan charge-offs	$	2,405		$	2,679		$	3,384			-10.2		-28.9
Allowance for loan losses		53,065			53,041			50,258			0.0		5.6
Non-performing loans / total loans		0.69	%		0.74	%		0.78	%
Non-performing assets / total assets		0.59	%		0.62	%		0.61	%
Allowance for loan losses / total loans		1.25	%		1.26	%		1.34	%
Allowance for loan losses / non-performing loans		180.12	%		170.05	%		172.56	%
Net loan charge-offs (annualized) / average loans		0.23	%		0.27	%		0.36	%
Balances at period end
Total assets	$	6,060,285		$	6,072,739		$	5,703,659			-0.2		6.3
Earning assets		5,334,157			5,331,851			5,045,098			0.0		5.7
Securities		1,084,735			1,115,535			1,284,393			-2.8		-15.5
Loans, net of unearned income		4,244,584			4,210,525			3,754,861			0.8		13.0
Goodwill and intangibles		265,016			267,446			209,983			-0.9		26.2
Deposits and repurchase agreements		4,617,537			4,567,333			4,099,796			1.1		12.6
Short-term borrowings		155,148			195,952			346,350			-20.8		-55.2
Long-term debt		537,401			562,460			597,979			-4.5		-10.1
Trust preferred securities		151,031			151,031			128,866			0.0		17.2
Shareholders’ equity		538,968			534,580			467,028			0.8		15.4
Capital ratios
Equity/assets (period end)		8.89	%		8.80	%		8.19	%
Leverage ratio (4)		7.17	%		7.08	%		7.01	%
Tangible equity/tangible assets (period end)		4.73	%		4.60	%		4.68	%

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)

	For the Nine Months
	Ended September 30,
							Percent
Average balances	2006			2005			Variance
Total assets	$	5,839,050		$	5,532,847			5.5
Earning assets		5,152,603			4,916,930			4.8
Securities		1,124,377			1,261,311			-10.9
Loans, net of unearned income		3,999,801			3,653,881			9.5
Allowance for loan losses		52,509			52,170			0.6
Goodwill and intangibles		240,967			193,444			24.6
Deposits and repurchase agreements		4,427,384			4,046,918			9.4
Short-term borrowings		151,103			282,619			-46.5
Long-term debt		547,033			566,242			-3.4
Trust preferred securities		139,340			128,866			8.1
Shareholders’ equity		505,122			434,539			16.2
Asset quality data
Non-accrual loans	$	24,672		$	24,016			2.7
Restructured loans		4,789			5,109			-6.3
Non-performing loans		29,461			29,125			1.2
Other real estate owned		5,995			5,907			1.5
Non-performing assets	$	35,456		$	35,032			1.2
Net loan charge-offs	$	8,571		$	12,293			-30.3
Allowance for loan losses		53,065			50,258			5.6
Non-performing loans / total loans		0.69	%		0.78	%
Non-performing assets / total assets		0.59	%		0.61	%
Allowance for loan losses / total loans		1.25	%		1.34	%
Allowance for loan losses / non-performing loans		180.12	%		172.56	%
Net loan charge-offs (annualized) / average loans		0.29	%		0.45	%
Balances at period end
Total assets	$	6,060,285		$	5,703,659			6.3
Earning assets		5,334,157			5,045,098			5.7
Securities		1,084,735			1,284,393			-15.5
Loans, net of unearned income		4,244,584			3,754,861			13.0
Goodwill and intangibles		265,016			209,983			26.2
Deposits and repurchase agreements		4,617,537			4,099,796			12.6
Short-term borrowings		155,148			346,350			-55.2
Long-term debt		537,401			597,979			-10.1
Trust preferred securities		151,031			128,866			17.2
Shareholders’ equity		538,968			467,028			15.4
Capital ratios
Equity/assets (period end)		8.89	%		8.19	%
Leverage ratio (4)		7.17	%		7.01	%
Tangible equity/tangible assets (period end)		4.73	%		4.68	%

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)

	2006				2005		3rd Qtr 2006 -		3rd Qtr 2006 -
							2nd Qtr 2006		3rd Qtr 2005
	Third		Second		Third		Percent		Percent
Average balances	Quarter		Quarter		Quarter		Variance		Variance
Loans:
Commercial	$	2,037,175	$	1,826,489	$	1,573,478		11.5		29.5
Direct installment		933,059		918,337		890,003		1.6		4.8
Consumer LOC		261,622		258,849		262,229		1.1		-0.2
Residential mortgages		507,690		492,807		507,548		3.0		0.0
Indirect installment		476,111		474,159		505,425		0.4		-5.8
Other		13,392		5,513		7,448		142.9		79.8
Total loans	$	4,229,049	$	3,976,154	$	3,746,130		6.4		12.9
Deposits:
Non-interest bearing deposits	$	663,828	$	647,605	$	671,712		2.5		-1.2
Savings and NOW		1,978,788		1,871,039		1,661,443		5.8		19.1
Certificates of deposit and other time deposits		1,794,657		1,694,561		1,601,013		5.9		12.1
Total deposits		4,437,273		4,213,205		3,934,168		5.3		12.8
Customer repurchase agreements		219,567		190,395		179,769		15.3		22.1
Total deposits and repurchase agreements	$	4,656,840	$	4,403,600	$	4,113,936		5.8		13.2
Balances at period end
Loans:
Commercial	$	2,064,725	$	2,019,563	$	1,586,839		2.2		30.1
Direct installment		934,072		931,453		889,539		0.3		5.0
Consumer LOC		258,369		267,683		263,070		-3.5		-1.8
Residential mortgages		498,532		507,817		498,192		-1.8		0.1
Indirect installment		475,014		476,261		511,914		-0.3		-7.2
Other		13,872		7,748		5,307		79.0		161.4
Total loans	$	4,244,584	$	4,210,525	$	3,754,861		0.8		13.0
Deposits:
Non-interest bearing deposits	$	665,606	$	669,838	$	662,844		-0.6		0.4
Savings and NOW		1,953,408		1,939,823		1,646,733		0.7		18.6
Certificates of deposit and other time deposits		1,780,910		1,768,887		1,612,643		0.7		10.4
Total deposits		4,399,924		4,378,548		3,922,220		0.5		12.2
Customer repurchase agreements		217,613		188,785		177,576		15.3		22.5
Total deposits and repurchase agreements	$	4,617,537	$	4,567,333	$	4,099,796		1.1		12.6

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)

	For the Nine Months
	Ended September 30,
					Percent
Average balances	2006		2005		Variance
Loans:
Commercial	$	1,847,367	$	1,543,580		19.7
Direct installment		912,197		869,020		5.0
Consumer LOC		259,313		257,404		0.7
Residential mortgages		495,254		500,340		-1.0
Indirect installment		478,313		476,307		0.4
Other		7,357		7,229		1.8
Total loans	$	3,999,801	$	3,653,881		9.5
Deposits:
Non-interest bearing deposits	$	649,982	$	658,625		-1.3
Savings and NOW		1,863,562		1,663,577		12.0
Certificates of deposit and other time deposits		1,712,195		1,548,604		10.6
Total deposits		4,225,739		3,870,806		9.2
Customer repurchase agreements		201,645		176,112		14.5
Total deposits and repurchase agreements	$	4,427,384	$	4,046,917		9.4
Balances at period end
Loans:
Commercial	$	2,064,725	$	1,586,839		30.1
Direct installment		934,072		889,539		5.0
Consumer LOC		258,369		263,070		-1.8
Residential mortgages		498,532		498,192		0.1
Indirect installment		475,014		511,914		-7.2
Other		13,872		5,307		161.4
Total loans	$	4,244,584	$	3,754,861		13.0
Deposits:
Non-interest bearing deposits	$	665,606	$	662,844		0.4
Savings and NOW		1,953,408		1,646,733		18.6
Certificates of deposit and other time deposits		1,780,910		1,612,643		10.4
Total deposits		4,399,924		3,922,220		12.2
Customer repurchase agreements		217,613		177,576		22.5
Total deposits and repurchase agreements	$	4,617,537	$	4,099,796		12.6