Parkvale Financial (PVSA) 8-K Parkvale announces increased earnings for the fourth quarter and fiscal year 2007

Exhibit 99.1

FOR IMMEDIATE RELEASE July 19, 2007

Parkvale announces increased earnings for the fourth quarter and fiscal year 2007

          Parkvale Financial Corporation, Monroeville, PA (NASDAQ: PVSA) reported net income for the quarter ended June 30, 2007 of $3.6 million or $0.63 per diluted share, up 4.3%, compared to net income of $3.5 million or $0.60 per diluted share for the quarter ended June 30, 2006.The $148,000 increase in net income for the June 2007 quarter reflects increases of $12,000 in net interest income, $94,000 in non-interest income and a decrease of $27,000 in non-interest expense. Return on average equity was 11.18% for the three months ended June 30, 2007.

          Parkvale Financial Corporation reported net income for the fiscal year ended June 30, 2007 of $13.4 million or $2.34 per diluted share, compared to net income of $13.3 million or $2.33 per diluted share for the fiscal year ended June 30, 2006. The $113,000 increase in fiscal year 2007 net income reflects an increase of $943,000 in non-interest income, offset by an increase of $399,000 in non-interest expense and a decrease of $209,000 in net interest income. Non-interest expense includes a previously reported charge of $625,000 on the early extinguishment of debt. Non-interest income reflects increased gains from the sale of assets and securities of $312,000. Return on average equity was 10.54% for the fiscal year ended June 30, 2007.

          Parkvale Financial Corporation is the parent of Parkvale Bank, which has 47 offices in the Greater Pittsburgh metropolitan area, eastern Ohio and northern West Virginia. The Bank had assets of $1.8 billion at June 30, 2007. Parkvale Financial Corporation is traded on the NASDAQ Global Select Market.

(Condensed Consolidated Statements of Operations and selected financial data are attached.)

Contact:	Robert J. McCarthy, Jr.	Timothy G. Rubritz
	President and CEO	Chief Financial Officer
	(412) 373-4815	(412) 373-4817
		e-mail: timothy.rubritz@parkvale.com

PARKVALE FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar amounts in thousands except per share data)
(Unaudited)

	Three months ended				Year ended
	June 30,				June 30,
	2007		2006		2007		2006
Net interest income	$	9,841	$	9,829	$	38,389	$	38,598
Provision for loan losses		216		274		828		736
Net gain on sale of assets and securities		60		21		440		128
Other non-interest income		2,550		2,495		9,918		9,287
Other non-interest expense		6,896		6,923		28,039		27,640
Income before income taxes		5,339		5,148		19,880		19,637
Income tax expense		1,723		1,680		6,455		6,325
Net income	$	3,616	$	3,468	$	13,425	$	13,312
Net income per diluted share	$	0.63	$	0.60	$	2.34	$	2.33
Dividend per share	$	0.22	$	0.20	$	0.82	$	0.80

SELECTED FINANCIAL DATA
(Dollar amounts in thousands except per share data)

	June 30,
	2007			2006
Total assets	$	1,844,231		$	1,858,715
Savings deposits		1,469,084			1,451,764
Loans, net of allowance		1,234,397			1,217,328
Loan loss allowance		14,189			14,907
Nonperforming loans and foreclosed real estate		6,196			4,564
Ratio of nonperforming assets to total assets		0.34	%		0.25	%
Allowance for loan losses as a % of gross loans		1.14			1.21
Total shareholders’ equity	$	129,670		$	122,704
Book value per share	$	23.10		$	21.64

OTHER SELECTED DATA

	Three Months Ended						Twelve Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Average yield earned on all interest-earning assets		5.64	%		5.31	%		5.55	%		5.11	%
Average rate paid on interest-bearing liabilities		3.45			3.12			3.44			2.96
Average interest rate spread		2.19			2.19			2.11			2.15
Return on average assets		0.79			0.75			0.73			0.72
Return on average equity		11.18			11.35			10.54			11.26
Other non-interest expenses to average assets		1.51			1.49			1.51			1.49

Parkvale Financial Corporation
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollar amounts in thousands except share data)

	June 30,
Assets	2007		2006
Cash and noninterest-earning deposits	$	31,248	$	25,676
Federal funds sold		114,000		104,000
Cash and cash equivalents		145,248		129,676
Interest-earning deposits in other banks		4,803		8,307
Investment securities available for sale (cost of $30,303 in 2007 and $27,755 in 2006)		30,580		27,917
Investment securities held to maturity (fair value of $347,022 in 2007 and $389,964 in 2006)		349,363		397,266
Loans, net of allowance of $14,189 in 2007 and $14,907 in 2006		1,234,397		1,217,328
Foreclosed real estate, net		1,857		975
Office properties and equipment, net		17,387		17,592
Goodwill		25,634		25,634
Intangible assets and deferred charges		5,604		6,532
Prepaid expenses and other assets		29,358		27,488
Total assets	$	1,844,231	$	1,858,715

Liabilities and Shareholders’ Equity
Liabilities
Deposits	$	1,469,084	$	1,451,764
Advances from Federal Home Loan Bank		211,658		221,885
Other debt		13,106		17,528
Trust preferred securities		7,200		32,200
Advance payments from borrowers for taxes and insurance		7,665		7,292
Other liabilities		5,848		5,342
Total liabilities		1,714,561		1,736,011

Shareholders’ Equity
Preferred stock ($1.00 par value; 5,000,000 shares authorized; 0 shares issued)		—			—
Common stock ($1.00 par value; 10,000,000 shares authorized; 6,734,894 shares issued)		6,735			6,735
Additional paid-in capital		3,717			3,517
Treasury stock at cost — 1,122,546 shares in 2007 and 1,065,830 shares in 2006		(22,695	)		(20,620	)
Accumulated other comprehensive income		176			116
Retained earnings		141,737			132,956
Total shareholders’ equity		129,670			122,704
Total liabilities and shareholders’ equity	$	1,844,231		$	1,858,715
Book value per share	$	23.10		$	21.64

Parkvale Financial Corporation
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar amounts in thousands except per share data)

	Years ended June 30,
	2007		2006		2005
Interest Income:
Loans	$	71,935	$	67,989	$	58,259
Investments		19,006		18,089		17,486
Federal funds sold		6,319		3,497		1,777
Total interest income		97,260		89,575		77,522
Interest Expense:
Deposits		45,052		36,597		30,837
Borrowings		11,463		11,786		10,159
Trust preferred securities		2,356		2,594		1,769
Total interest expense		58,871		50,977		42,765
Net interest income		38,389		38,598		34,757
Provision for loan losses		828		736		229
Net interest income after provision for loan losses		37,561		37,862		34,528
Noninterest Income:
Service charges on deposit accounts		7,004		6,380		5,702
Other service charges and fees		1,209		1,319		1,178
Net gain on sale of assets and securities		440		128		27
Other		1,705		1,588		1,269
Total noninterest income		10,358		9,415		8,176
Noninterest Expense:
Compensation and employee benefits		15,317		14,972		13,872
Office occupancy		4,786		4,999		4,611
Marketing		505		559		378
FDIC insurance		178		191		194
Office supplies, telephone and postage		1,876		1,868		1,791
Early extinguishment of debt		625		—		—
Other		4,752		5,051		4,751
Total noninterest expense		28,039		27,640		25,597
Income before income tax expense		19,880		19,637		17,107
Income tax expense		6,455		6,325		5,440
Net income	$	13,425	$	13,312	$	11,667
Net income per share:
Basic	$	2.37	$	2.36	$	2.08
Diluted	$	2.34	$	2.33	$	2.06