“We are very pleased with the outstanding results of our commercial and retail bankers in winning new customer relationships and continuing to gain market share throughout this challenging economic cycle,” said Mr. Gurgovits. “Our loan and deposit growth reflects our ongoing success in attracting new customers to the F.N.B. approach to banking.”
Total average loans for the second quarter of 2010 increased on a linked quarter basis by $48.4 million or 3.3% annualized to $5.9 billion, representing the fourth consecutive quarter of growth for total average loans. Average commercial loans led the second quarter growth increasing $29.5 million, or 3.6% annualized. Our Pennsylvania commercial loan portfolio grew $35.9 million, or 4.7% annualized, as we continue to gain market share across our footprint.
Average consumer loans for the second quarter of 2010 totaled $2.5 billion and grew $11.3 million or 1.8% annualized on a linked quarter basis. The increase was primarily due to $8.7 million or 2.5% annualized growth of average home equity lending balances (comprised of consumer lines of credit and direct installment loans) reflecting promotional initiatives and customer preferences for these products in a low interest rate environment.
Average deposits and treasury management balances grew $161.3 million or 9.2% annualized to $7.2 billion on a linked quarter basis reflecting successes in new account acquisition combined with higher average balances. During the second quarter of 2010, average transaction deposits increased $139.2 million or 13.3% annualized and average treasury management balances grew $21.9 million or 14.7% annualized.