SEC Comment Letter for FNB CORP \VA\ (CIK 0001010961) — Jul 1, 2005
FNB CORP \VA\ (CIK 0001010961)
Date: July 1, 2005 · CIK: 0001010961 · Accession: 0000000000-05-033855
AI Filing Summary & Sentiment
File numbers found in text: 000-24141
Referenced dates: June 27, 2005
Letter
Mail Stop 4561 July 1, 2005 By U.S. Mail and facsimile to (540) 381-6768 William P. Heath, Jr. President and Chief Executive Officer FNB Corporation 105 Arbor Drive Christiansburg, VA 24073
Re: FNB Corporation Form 10-K Filed March 15, 2005 File No. 000-24141
Dear Mr. Heath:
We have reviewed your response letter dated June 27, 2005, and have the following comment. Please respond to this comment within business days or tell us when you will provide us with a response.
* * * * * * *
Form 10-K filed March 15, 2005 2004 Annual Report Management`s Discussion and Analysis of Financial Condition and Results of Operations Noninterest income, page 6
1. We note your response to our prior comment 1 that you amortize deferred fees and direct loan origination costs over the contractual life of the related loans as an adjustment of the yield using the straight-line method. Paragraphs 5 and 18-20 of SFAS 91 specify that these costs should generally be recognized into income by the interest method. For each period presented, please quantify the differences between the straight-line method and the interest method and tell us how you determined that such differences were not material to your financial statements for all periods presented.
* * * * * * *
Please furnish a response letter that keys your responses to our comment. Detailed letters greatly facilitate our review. Please file your response letter on EDGAR. Please understand that we may have additional comments after reviewing your responses to our comment.
You may contact Lisa Haynes, Staff Accountant at (202) 551- or me at (202) 551-3492 if you have questions.
Sincerely,
John P.
Nolan
Accounting
Branch Chief
??
Show Raw Text
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.txt
<TEXT>
Mail Stop 4561
July 1, 2005
By U.S. Mail and facsimile to (540) 381-6768
William P. Heath, Jr.
President and Chief Executive Officer
FNB Corporation
105 Arbor Drive
Christiansburg, VA 24073
Re: FNB Corporation
Form 10-K
Filed March 15, 2005
File No. 000-24141
Dear Mr. Heath:
We have reviewed your response letter dated June 27, 2005,
and
have the following comment. Please respond to this comment within
10
business days or tell us when you will provide us with a response.
* * * * * * *
Form 10-K filed March 15, 2005
2004 Annual Report
Management`s Discussion and Analysis of Financial Condition and
Results of Operations
Noninterest income, page 6
1. We note your response to our prior comment 1 that you amortize
deferred fees and direct loan origination costs over the
contractual
life of the related loans as an adjustment of the yield using the
straight-line method. Paragraphs 5 and 18-20 of SFAS 91 specify
that
these costs should generally be recognized into income by the
interest method. For each period presented, please quantify the
differences between the straight-line method and the interest
method
and tell us how you determined that such differences were not
material to your financial statements for all periods presented.
* * * * * * *
Please furnish a response letter that keys your responses to
our comment. Detailed letters greatly facilitate our review.
Please
file your response letter on EDGAR. Please understand that we may
have additional comments after reviewing your responses to our
comment.
You may contact Lisa Haynes, Staff Accountant at (202) 551-
3424
or me at (202) 551-3492 if you have questions.
Sincerely,
John P.
Nolan
Accounting
Branch Chief
??
??
??
??
William P. Heath, Jr.
FNB Corporation
July 1, 2005
Page 2
</TEXT>
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