FNB Corp. of Christiansburg, Va., said its second quarter earnings rose 8.1% from the same period last year, to $4.73 million.
Earnings per share rose 7.1%, to 60 cents, or 4 cents short of the average estimate of analysts, according to Thomson Financial.
During the quarter FNB combined its three banks into one, and William P. Heath Jr. became the president and chief executive officer of the $1.5 billion-asset company and its bank.
Mr. Heath said Thursday that the May merger of FNB Salem Bank and Trust and Bedford Federal Savings Bank into First National Bank, the company's third and largest bank, is enhancing efficiency.
The three former bank presidents are now as market presidents - Greg W. Feldmann in the Roanoke Valley, D.W. Shilling in central Virginia, and David W. DeHart in the New River Valley.
Mr. Feldmann also will be the company's chief operating officer, Mr. Heath said Thursday.
