In its second-to-last quarter as an independent company, Parkvale Financial Corp. in Monroeville, Pa., reported a a profit of $1.7 for the quarter that ended June 30, compared to a loss of $21.2 million in the same period last year.
Parkvale's profits last year were adversely affected by a $34.8 million impairment charge it took to reflect declines in the values of its trust-preferred and private-label mortgage-backed securities portfolio.
For its fiscal year that ended June 30, the $1.8 billion-asset company said in a news release Friday that it earned $8.1 million, compared to a loss of $16.8 million in the previous fiscal year.
Parkvale announced in June that it is selling itself to the $9.7 billion-asset F.N.B. Corp. in Hermitage, Pa., for $130 million in stock, or 1.95 times its tangible book value. That sale is expected to close in the fourth quarter.
