HERMITAGE, Pa., Oct. 25 /PRNewswire-FirstCall/ -- F.N.B.
Corporation (NYSE: FNB) today reported financial results for the
third quarter of 2010. Net income for the third quarter of
2010 was $17.2 million, or
$0.15 per diluted share, compared to
second quarter of 2010 net income of $17.9
million, or $0.16 per diluted
share, and net income available to common shareholders in the third
quarter of 2009 of $4.8 million, or
$0.04 per diluted common share.
(Logo: http://photos.prnewswire.com/prnh/20020329/FBANLOGO
)
(Logo:
http://www.newscom.com/cgi-bin/prnh/20020329/FBANLOGO )
"We are very pleased with our third quarter results," said
Stephen J. Gurgovits, President and
Chief Executive Officer of F.N.B. Corporation. "The third
quarter includes continued loan and deposit growth, a stable net
interest margin and solid credit quality results in our
Pennsylvania and Regency
portfolios. Additionally, we were extremely pleased to
announce the pending acquisition of Comm Bancorp, Inc. during the
quarter and look forward to expanding our existing presence in
northeastern Pennsylvania."
F.N.B. Corporation's performance ratios this quarter were as
follows: return on average tangible equity (non-GAAP measure) was
14.56%; return on average equity was 6.43%; return on average
tangible assets (non-GAAP measure) was 0.87% and return on average
assets was 0.76%. A reconciliation of GAAP measures to
non-GAAP measures is included in the tables that accompany this
press release.
Net Interest Income
Net interest income on a fully taxable equivalent basis for the
third quarter of 2010 totaled $73.9
million, increasing 4.2% annualized from the second quarter
of 2010. This linked-quarter growth reflects a 4.0%
annualized increase in average earning assets. The increase
in average earning assets is a result of loan growth of 4.1%
annualized in the third quarter compared to the second quarter.
The third quarter net interest margin equaled 3.78%, compared
to 3.81% in the second quarter which included a 4 basis point net
benefit related to certain non-accrual loans that were paid off or
returned to accrual status. After adjusting for these
benefits, the margin for the third quarter was stable compared to
the second quarter.
"Our commercial and retail bankers continue to win new customer
relationships and deepen existing relationships as this quarter
marks the fifth consecutive quarter of loan growth," said Mr.
Gurgovits.
Total average loans for the third quarter of 2010 increased on a
linked-quarter basis by $60.8
million, or 4.1% annualized to $6.0
billion. Growth of the consumer loan portfolio was the
primary driver of the increase, with average consumer loans
increasing $64.2 million, or 10.1%
annualized, in the third quarter. Within the consumer
portfolio, average home equity lending balances (comprised of lines
of credit and direct installment loans) increased $50.9 million, or 14.5% annualized, during the
third quarter due to the success of promotional initiatives and
customer preferences for these products in a low interest rate
environment.
Average commercial loans for the third quarter totaled
$3.3 billion and were essentially
unchanged compared to the prior quarter, reflecting growth in the
Pennsylvania portfolio offset by
reductions in the Florida
portfolio. The average Pennsylvania commercial loan portfolio
(excluding Florida) grew 0.6%
annualized with growth in this portfolio tempered by accelerated
pay-offs during the quarter.
Average deposits and treasury management balances grew
$83.4 million, or 4.6% annualized, on
a linked-quarter basis reflecting new customer accounts combined
with higher average balances. During the third quarter of
2010, we continued to improve our funding mix with average
transaction deposits increasing $58.9
million, or 5.4% annualized, and average treasury management
balances growing $42.2 million or
27.1% annualized. Higher cost average time deposits declined
$17.7 million, or 3.2% annualized,
compared to the second quarter.
Non-Interest Income
Non-interest income totaled $27.8
million for the third quarter of 2010, decreasing from
$28.4 million in the second quarter
of 2010 due primarily to the $1.6
million gain in the second quarter related to the successful
harvesting of a mezzanine financing relationship by F.N.B. Capital
Corporation. In addition, as a result of improvement in the
underlying collateral of pooled trust preferred securities, the
third quarter does not include other-than-temporary impairment
charges compared to $0.6 million in
the second quarter.
Fee income for the third quarter of 2010 reflected increased
swap fee revenue as well as higher mortgage-related gains and title
insurance commissions reflecting increased residential mortgage
volume compared to the second quarter of 2010. Alternatively,
service charges declined on a linked-quarter basis reflecting a
decrease in overdraft fee revenue resulting from the implementation
of Regulation E. Non-interest income, excluding
other-than-temporary impairment charges and securities gains,
represented 27% of revenue for the third quarter of 2010 compared
to 28% for the second quarter of 2010.
Non-Interest Expense
Non-interest expense totaled $64.2
million in the third quarter of 2010, compared to
$63.1 million in the second quarter
of 2010. The linked-quarter increase reflects higher costs
related to increased consumer loan volume and a $0.6 million increase in Florida-related other real estate owned (OREO)
costs. The higher personnel costs in the third quarter are
primarily due to higher commissions tied to increased insurance and
mortgage-related revenue.
Credit Quality
"We remain very pleased with the performance of our Pennsylvania and Regency loan portfolios with
both portfolios continuing to perform well. Our focus in the
Florida portfolio remains the
land-related segment, which represents only 1.3% of total loans at
quarter-end. While this segment of the Florida portfolio remains subject to a
challenging environment, it has been performing within our
expectations. The Florida non-land related segment continues
to be stable and perform as expected," remarked Mr. Gurgovits.
The Pennsylvania loan
portfolio's credit quality metrics for the third quarter of 2010
reflect continued solid performance with results improving upon
good second quarter results. The Pennsylvania loan portfolio
totaled $5.6 billion at September 30, 2010 (93.7% of the total loan
portfolio) and delivered credit quality metrics characterized by
the reduction of total past due loans and non-performing assets,
and stable net loan charge-offs on a linked-quarter basis.
Net loan charge-offs totaled $4.5
million or 0.32% annualized of average loans for the third
quarter of 2010 consistent with the prior quarter and
representative of historically good results. Total past dues
and non-accrual loans improved 9 basis points to 1.82% of total
loans at September 30, 2010 and
non-performing loans and OREO improved to $84.8 million or 1.50% of total loans and OREO.
These improvements reflect the continued stability of the
Pennsylvania portfolio.
The Florida loan portfolio
totaled $213.4 million at
September 30, 2010 (3.6% of the total
loan portfolio) with the land-related portion of the portfolio
decreasing $13.8 million to $79.4
million or only 1.3% of total loans at September 30, 2010. Activity for the third
quarter in the Florida portfolio
involved actions taken to reduce exposure and included the sale of
three performing credits to a Florida-based community bank, payments on
performing credits, charge-offs and continued movement of problem
loans into OREO. Florida non-performing loans and OREO
increased $16.5 million to $92.8
million or 39.5% of total Florida loans and OREO at September 30, 2010. The increase is the
result of an adequately collateralized $20.0
million land-related credit moving to non-accrual status due
to the uncertainty of the borrower's ability to remain
contractually current. Net loan charge-offs for the
Florida portfolio for the third
quarter of 2010 totaled $3.7 million
and included a $3.5 million
charge-off on a $13.5 million credit
with $10.0 million moved to OREO.
At September 30, 2010, the
ratio of the allowance for loan losses to total loans for the
Florida portfolio equaled 13.64%,
a 199 basis point increase compared to June
30, 2010. The increased reserve position reflects
continued additions to the reserve to provide for reappraisal risk
associated with the Florida
land-related segment due to limited activity and uncertainty
regarding land values in Florida.
The majority of reappraisals for the Florida land-related segment are scheduled to
occur in the fourth quarter of 2010.
In total, during the third quarter of 2010, the ratio of the
allowance for loan losses to total loans increased 3 basis points
to 1.94%. The provision for loan losses totaled $12.3 million for the third quarter of 2010,
consistent with $12.2 million in the
second quarter of 2010, and exceeded net charge-offs as we
supported loan growth and provided additional reserves for the
Florida land-related
portfolio.
Capital Position
The Corporation's capital ratios continue to exceed federal bank
regulatory agency "well capitalized" thresholds. As of
September 30, 2010, the Corporation's
regulatory capital ratios remained consistent with the second
quarter as the increase in stockholders equity supported asset
growth this quarter. The tangible common equity to tangible
assets ratio (non-GAAP measure) of 5.96% at September 30, 2010 was consistent with 5.97% at
June 30, 2010. The tangible
book value per share (non-GAAP measure) increased 7 cents during the quarter to $4.38 and the dividend payout ratio for the
quarter was 80%.
Year-to-Date Results
For the nine months ended September 30,
2010, F.N.B. Corporation's net income totaled $51.1 million, or $0.45 per diluted share, compared to net income
available to common shareholders of $28.2
million, or $0.29 per diluted
common share for the nine months ended September 30, 2009. For the 2010
year-to-date period, return on average tangible common equity
(non-GAAP measure) totaled 14.88%, return on average equity was
6.48%, return on average tangible assets (non-GAAP measure) was
0.88% and return on average assets was 0.77%.
Net interest income on a fully taxable equivalent basis totaled
$217.1 million for the first nine
months of 2010, an increase of $15.1
million or 7.5% over the same period of 2009, reflecting
growth in average earning assets of 3.5% and a 15 basis point
expansion of the net interest margin. On a year-over-year
basis, average earning assets increased through growth in average
loans of $126.8 million or 2.2%, and
growth in average investments of $132.8
million, or 8.3%, reflecting the investment of increased
balanced sheet liquidity. Year-over-year loan growth was
driven by average commercial loan growth of $109.5 million or 3.4%. During the first
nine months of 2010, average deposits and treasury management
balances increased $478.1 million or
7.2%, with low-cost average transaction balances growing
$366.7 million or 9.3% and average
treasury management balances growing $174.4
million or 38.6%, compared to same period in 2009. The
strong loan and deposit growth reflects our success in expanding
market share through new client acquisition. The net interest
margin for the first nine months of 2010 was 3.78%, a 15 basis
point expansion from 2009. The margin expansion reflects
lower deposit and borrowing costs driven by an improved funding mix
in a low interest rate environment partially offset by lower yields
on earning assets.
Non-interest income totaled $86.5
million for the first nine months of 2010, an increase of
$6.3 million or 7.8%, compared to
$80.2 million for the same period of
2009. Fee income on a year-over-year basis includes a 7.3%
increase in trust-related revenue reflecting improved market
conditions. Additionally, the first nine months of 2010
included higher gains on the sale of securities, higher recoveries
on impaired loans acquired through acquisitions, the gain related
to the successful harvesting of a mezzanine financing relationship
by F.N.B. Capital Corporation and lower other-than-temporary
impairment charges. Partially offsetting these increases,
insurance commissions and fees declined 6.1% and securities
commissions and fees declined 2.4% reflecting lower sales of
annuities in the lower interest rate environment. For the
first nine months of 2010, service charges declined 0.7% due to
decreased overdraft fee revenue resulting from changes in customer
behavior and Regulation E implementation on August 15, 2010.
Non-interest expense totaled $192.8
million for the first nine months 2010, a 1.7% increase
compared to $189.6 million for the
same period of 2009. The increase was primarily a result of
increased personnel costs and pre-payment charges associated with
the repayment of FHLB debt in 2010, partially offset by lower FDIC
insurance premiums due to the special assessment in 2009. The
5.5% increase in personnel costs primarily reflects higher employee
benefits expense and salary costs associated with various
revenue-generating initiatives such as the addition of an
asset-based lending group and an expanded private banking group.
On a year-to-date basis, F.N.B. Corporation's efficiency
ratio improved to 61.8% for 2010, compared to 65.3% in the same
nine-month period in 2009 reflecting our continued focus on growing
revenue and controlling expenses.
Net loan charge-offs were 0.55% annualized of total loans for
the first nine months of 2010, representing an improvement from
0.91% annualized of total loans for the first nine months of 2009.
The improvement reflects lower charge-offs in the
Florida portfolio incurred during
the first nine months of 2010. The provision for loan losses
for the first nine months of 2010 totaled $36.5 million, a decrease of $4.4 million compared to $40.9 million for the same period of 2009.
At September 30, 2010, the
ratio of the allowance for loan losses to total loans equaled
1.94%, a 13 basis point increase compared to 1.81% at September 30, 2009. This primarily reflects
the increase in the Florida
portfolio ratio of the allowance for loan losses to total loans to
13.64% at September 30, 2010 compared
to 9.80% at September 30, 2009.
The increased Florida
portfolio reserve position reflects additions to the reserve during
the first nine months of 2010 to provide for reappraisal risk
associated with the Florida
land-related segment due to limited activity and uncertainty
regarding land values in Florida.
The majority of reappraisals for the Florida land-related segment are scheduled to
occur during the fourth quarter of 2010.
The first nine months of 2009 included $8.3 million in costs associated with the
preferred stock sold to the U.S. Treasury pursuant to the Capital
Purchase Plan (CPP) in January 2009
and subsequently redeemed in September
2009.
Other Highlights
On August 9, 2010, F.N.B.
Corporation and Comm Bancorp, Inc. (Nasdaq: CCBP) jointly announced
the signing of a definitive merger agreement pursuant to which
F.N.B. Corporation will acquire Comm Bancorp, Inc., a Clarks Summit, Pennsylvania based provider of
diversified financial services, in a merger transaction valued at
approximately $70 million. As
previously announced, the transaction is expected to be completed
during the fourth quarter of 2010, pending regulatory approval, the
approval of Comm Bancorp, Inc. shareholders and the satisfaction of
various closing conditions.
Conference Call
F.N.B. Corporation will host its quarterly conference call to
discuss its financial results for the third quarter of 2010 on
Tuesday, October 26, 2010, at
8:00 AM EDT. Participating
callers may access the call by dialing (800) 289-0517 or (913)
312-0658 for international callers; the confirmation number is
7793246. The listen-only audio Webcast may be accessed
through the "Shareholder and Investor Relations" section of the
Corporation's Web site at www.fnbcorporation.com.
A replay of the call will be available from 11:00 AM EDT the day of the call until
midnight EDT on Tuesday, November 2, 2010. The replay is
accessible by dialing (877) 870-5176 or (858) 384-5517 for
international callers; the confirmation number is 7793246.
The call transcript and Webcast will be available on the
"Shareholder and Investor Relations" section of F.N.B.
Corporation's Web site at www.fnbcorporation.com.
About F.N.B. Corporation
F.N.B. Corporation, headquartered in Hermitage, PA, is a diversified financial
services company with total assets of $9.0
billion as of September 30,
2010. F.N.B. Corporation is a leading provider of
commercial and retail banking, leasing, wealth management,
insurance, merchant banking and consumer finance services in
Pennsylvania and Ohio, where it owns and operates First
National Bank of Pennsylvania,
First National Trust Company, First National Investment Services
Company, LLC, F.N.B. Investment Advisors, Inc., First National
Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency
Finance Company and F.N.B. Commercial Leasing. It also
operates consumer finance offices in Tennessee and loan production offices in
Florida.
Forward-looking Statements
This press release of F.N.B. Corporation and the reports F.N.B.
Corporation files with the Securities and Exchange Commission often
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act, relating to present or
future trends or factors affecting the banking industry and,
specifically, the financial operations, markets and products of
F.N.B. Corporation. Forward-looking statements are typically
identified by words such as "believe", "plan", "expect",
"anticipate", "intend", "outlook", "estimate", "forecast", "will",
"should", "project", "goal", and other similar words and
expressions. These forward-looking statements involve certain
risks and uncertainties. There are a number of important
factors that could cause F.N.B. Corporation's future results to
differ materially from historical performance or projected
performance. These factors include, but are not limited to:
(1) a significant increase in competitive pressures among financial
institutions; (2) changes in the interest rate environment that may
reduce net interest margins; (3) changes in prepayment speeds, loan
sale volumes, charge-offs and loan loss provisions; (4) general
economic conditions; (5) various monetary and fiscal policies and
regulations of the U.S. Government that may adversely affect the
businesses in which F.N.B. Corporation is engaged; (6)
technological issues which may adversely affect F.N.B.
Corporation's financial operations or customers; (7) changes in the
securities markets; (8) risk factors mentioned in the reports and
registration statements F.N.B. Corporation files with the
Securities and Exchange Commission; (9) housing prices; (10) job
market; (11) consumer confidence and spending habits or (12)
estimates of fair value of certain F.N.B. Corporation assets and
liabilities. F.N.B. Corporation undertakes no obligation to
revise these forward-looking statements or to reflect events or
circumstances after the date of this press release.
Additional Information about the Merger with Comm Bancorp,
Inc.
SHAREHOLDERS OF F.N.B. AND COMM BANCORP ARE ADVISED TO READ THE
PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION.
The proxy statement/prospectus and other relevant materials and
any other documents filed by F.N.B. with the SEC may be obtained
free of charge at the SEC's Web site at www.sec.gov. In
addition, investors and security holders may obtain free copies of
the documents filed with the SEC by F.N.B. Corporation by
contacting James Orie, F.N.B.
Corporation, One F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317
and by Comm Bancorp, Inc. by contacting Scott A. Seasock, EVP, Comm Bancorp, Inc.,
Clarks Summit, PA, 18411,
telephone: (570) 587-3421, extension 323.
Comm Bancorp, Inc. and its directors, executive officers and
other members of its management and employees may be deemed to be
participants in the solicitation of proxies from its shareholders
in connection with the proposed merger. Information
concerning such participants' ownership of Comm Bancorp, Inc.
common stock is set forth in Comm Bancorp's proxy statements and
Annual Reports on Form 10-K, previously filed with the SEC.
Additional information about the interests of those
participants may be obtained from reading the proxy
statement/prospectus relating to the merger when it becomes
available.
F.N.B.
CORPORATION
(Unaudited)
(Dollars in thousands, except
per share data)
|
|
|
|
2010
|
|
2009
|
|
3rd Qtr 2010
- 2nd Qtr 2010
|
|
3rd Qtr 2010
- 3rd Qtr 2009
|
|
|
|
Third
|
|
Second
|
|
Third
|
|
Percent
|
|
Percent
|
|
Statement of
earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
Variance
|
|
Interest income
|
$93,947
|
|
$94,361
|
|
$96,750
|
|
-0.4
|
|
-2.9
|
|
Interest expense
|
21,688
|
|
22,880
|
|
28,989
|
|
-5.2
|
|
-25.2
|
|
|
Net interest income
|
72,259
|
|
71,481
|
|
67,761
|
|
1.1
|
|
6.6
|
|
Taxable equivalent
adjustment
|
1,666
|
|
1,665
|
|
1,644
|
|
0.1
|
|
1.3
|
|
|
Net interest income (FTE)
(1)
|
73,925
|
|
73,146
|
|
69,405
|
|
1.1
|
|
6.5
|
|
Provision for loan
losses
|
12,313
|
|
12,239
|
|
16,455
|
|
0.6
|
|
-25.2
|
|
|
Net interest income after
provision (FTE)
|
61,612
|
|
60,907
|
|
52,950
|
|
1.2
|
|
16.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment losses on
securities
|
0
|
|
(1,313)
|
|
(14,234)
|
|
n/m
|
|
n/m
|
|
Non-credit related losses on
securities not expected to be sold (recognized in other
comprehensive income)
|
|
|
|
|
|
|
|
|
|
|
0
|
|
711
|
|
10,943
|
|
n/m
|
|
n/m
|
|
Net impairment losses on
securities
|
0
|
|
(602)
|
|
(3,291)
|
|
n/m
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges
|
14,250
|
|
14,662
|
|
14,760
|
|
-2.8
|
|
-3.5
|
|
Insurance commissions and
fees
|
3,921
|
|
3,849
|
|
3,960
|
|
1.9
|
|
-1.0
|
|
Securities commissions and
fees
|
1,794
|
|
1,771
|
|
1,451
|
|
1.3
|
|
23.6
|
|
Trust income
|
3,084
|
|
3,188
|
|
2,856
|
|
-3.3
|
|
8.0
|
|
Gain on sale of
securities
|
80
|
|
47
|
|
154
|
|
71.3
|
|
-48.3
|
|
Gain on sale of loans
|
964
|
|
808
|
|
666
|
|
19.3
|
|
44.9
|
|
Other
|
3,661
|
|
4,720
|
|
3,189
|
|
-22.4
|
|
14.8
|
|
|
Total non-interest
income
|
27,754
|
|
28,443
|
|
23,745
|
|
-2.4
|
|
16.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
33,831
|
|
33,392
|
|
31,377
|
|
1.3
|
|
7.8
|
|
Occupancy and
equipment
|
9,267
|
|
9,446
|
|
9,258
|
|
-1.9
|
|
0.1
|
|
Amortization of
intangibles
|
1,675
|
|
1,679
|
|
1,732
|
|
-0.2
|
|
-3.3
|
|
Other
|
19,474
|
|
18,567
|
|
19,954
|
|
4.9
|
|
-2.4
|
|
|
Total non-interest
expense
|
64,247
|
|
63,084
|
|
62,321
|
|
1.8
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
25,119
|
|
26,266
|
|
14,374
|
|
-4.4
|
|
74.7
|
|
Taxable equivalent
adjustment
|
1,666
|
|
1,665
|
|
1,644
|
|
0.1
|
|
1.3
|
|
Income taxes
(benefit)
|
6,236
|
|
6,679
|
|
2,424
|
|
-6.6
|
|
157.3
|
|
|
Net income
|
17,217
|
|
17,922
|
|
10,306
|
|
-3.9
|
|
67.1
|
|
|
Preferred stock dividends and
discount amortization
|
0
|
|
0
|
|
5,496
|
|
n/m
|
|
n/m
|
|
|
Net income available to common
shareholders
|
$17,217
|
|
$17,922
|
|
$4,810
|
|
-3.9
|
|
257.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$0.15
|
|
$0.16
|
|
$0.04
|
|
-6.3
|
|
275.0
|
|
|
Diluted
|
$0.15
|
|
$0.16
|
|
$0.04
|
|
-6.3
|
|
275.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
6.43%
|
|
6.83%
|
|
3.62%
|
|
|
|
|
|
Return on average tangible
common equity (2) (6)
|
14.56%
|
|
15.65%
|
|
4.85%
|
|
|
|
|
|
Return on average
assets
|
0.76%
|
|
0.81%
|
|
0.47%
|
|
|
|
|
|
Return on average tangible
assets (3) (6)
|
0.87%
|
|
0.92%
|
|
0.56%
|
|
|
|
|
|
Net interest margin (FTE) (1)
(9)
|
3.78%
|
|
3.81%
|
|
3.66%
|
|
|
|
|
|
Yield on earning assets (FTE)
(1) (9)
|
4.89%
|
|
5.00%
|
|
5.18%
|
|
|
|
|
|
Cost of funds
|
1.28%
|
|
1.37%
|
|
1.76%
|
|
|
|
|
|
Efficiency ratio (FTE) (1) (4)
(9)
|
61.54%
|
|
60.45%
|
|
65.04%
|
|
|
|
|
|
Effective tax rate
|
26.59%
|
|
27.15%
|
|
19.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock data
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
113,983,990
|
|
113,878,018
|
|
113,571,703
|
|
0.1
|
|
0.4
|
|
Average diluted shares
outstanding
|
114,486,251
|
|
114,315,177
|
|
113,869,785
|
|
0.1
|
|
0.5
|
|
Ending shares
outstanding
|
114,632,850
|
|
114,532,890
|
|
113,990,095
|
|
0.1
|
|
0.6
|
|
Common book value per
share
|
$9.29
|
|
$9.24
|
|
$9.23
|
|
0.6
|
|
0.6
|
|
Tangible common book value per
share (6)
|
$4.38
|
|
$4.31
|
|
$4.24
|
|
1.6
|
|
3.4
|
|
Tangible common book value per
share excluding AOCI (5)
(6)
|
|
|
|
|
|
|
|
|
|
|
$4.58
|
|
$4.53
|
|
$4.50
|
|
1.2
|
|
2.0
|
|
Dividend payout ratio
(common)
|
80.31%
|
|
77.09%
|
|
285.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in thousands, except
per share data)
|
|
|
|
For the Nine
Months
|
|
|
|
|
|
Ended
September 30,
|
|
Percent
|
|
Statement of
earnings
|
2010
|
|
2009
|
|
Variance
|
|
Interest income
|
$280,854
|
|
$292,058
|
|
-3.8
|
|
Interest expense
|
68,709
|
|
94,711
|
|
-27.5
|
|
|
Net interest income
|
212,145
|
|
197,347
|
|
7.5
|
|
Taxable equivalent
adjustment
|
4,969
|
|
4,689
|
|
6.0
|
|
|
Net interest income (FTE)
(1)
|
217,114
|
|
202,036
|
|
7.5
|
|
Provision for loan
losses
|
36,516
|
|
40,878
|
|
-10.7
|
|
|
Net interest income after
provision (FTE)
|
180,598
|
|
161,158
|
|
12.1
|
|
|
|
|
|
|
|
|
|
Impairment losses on
securities
|
(9,539)
|
|
(15,866)
|
|
n/m
|
|
Non-credit related losses on
securities not expected
|
|
|
|
|
|
|
to be sold (recognized in
other comprehensive income)
|
7,251
|
|
11,632
|
|
n/m
|
|
Net impairment losses on
securities
|
(2,288)
|
|
(4,234)
|
|
n/m
|
|
|
|
|
|
|
|
|
|
Service charges
|
42,634
|
|
42,955
|
|
-0.7
|
|
Insurance commissions and
fees
|
12,094
|
|
12,878
|
|
-6.1
|
|
Securities commissions and
fees
|
5,122
|
|
5,247
|
|
-2.4
|
|
Trust income
|
9,430
|
|
8,786
|
|
7.3
|
|
Gain on sale of
securities
|
2,517
|
|
498
|
|
404.9
|
|
Gain on sale of loans
|
2,339
|
|
2,341
|
|
-0.1
|
|
Other
|
14,624
|
|
11,731
|
|
24.7
|
|
|
Total non-interest
income
|
86,472
|
|
80,202
|
|
7.8
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
100,348
|
|
95,096
|
|
5.5
|
|
Occupancy and
equipment
|
28,784
|
|
28,806
|
|
-0.1
|
|
Amortization of
intangibles
|
5,041
|
|
5,360
|
|
-6.0
|
|
Other
|
58,601
|
|
60,296
|
|
-2.8
|
|
|
Total non-interest
expense
|
192,774
|
|
189,558
|
|
1.7
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
74,296
|
|
51,802
|
|
43.4
|
|
Taxable equivalent
adjustment
|
4,969
|
|
4,689
|
|
6.0
|
|
Income taxes
(benefit)
|
18,208
|
|
10,558
|
|
72.5
|
|
|
Net income
|
51,119
|
|
36,555
|
|
39.8
|
|
|
Preferred stock dividends and
discount amortization
|
0
|
|
8,308
|
|
n/m
|
|
|
Net income available to common
shareholders
|
$51,119
|
|
$28,247
|
|
81.0
|
|
|
|
|
|
|
|
|
|
Earnings per common
share
|
|
|
|
|
|
|
|
Basic
|
$0.45
|
|
$0.29
|
|
55.2
|
|
|
Diluted
|
$0.45
|
|
$0.29
|
|
55.2
|
|
|
|
|
|
|
|
|
|
Performance
ratios
|
|
|
|
|
|
|
Return on average
equity
|
6.48%
|
|
4.58%
|
|
|
|
Return on average tangible
common equity (2) (6)
|
14.88%
|
|
10.37%
|
|
|
|
Return on average
assets
|
0.77%
|
|
0.57%
|
|
|
|
Return on average tangible
assets (3) (6)
|
0.88%
|
|
0.67%
|
|
|
|
Net interest margin (FTE) (1)
(9)
|
3.78%
|
|
3.63%
|
|
|
|
Yield on earning assets (FTE)
(1) (9)
|
4.97%
|
|
5.34%
|
|
|
|
Cost of funds
|
1.37%
|
|
1.95%
|
|
|
|
Efficiency ratio (FTE) (1) (4)
(9)
|
61.84%
|
|
65.26%
|
|
|
|
Effective tax rate
|
26.26%
|
|
22.41%
|
|
|
|
|
|
|
|
|
|
|
|
Common stock data
|
|
|
|
|
|
|
Average basic shares
outstanding
|
113,871,635
|
|
98,869,326
|
|
15.2
|
|
Average diluted shares
outstanding
|
114,288,600
|
|
99,104,112
|
|
15.3
|
|
Ending shares
outstanding
|
114,632,850
|
|
113,990,095
|
|
0.6
|
|
Common book value per
share
|
$9.29
|
|
$9.23
|
|
0.6
|
|
Tangible common book value per
share (6)
|
$4.38
|
|
$4.24
|
|
3.4
|
|
Tangible common book value per
share
|
|
|
|
|
|
|
excluding AOCI (5)
(6)
|
$4.58
|
|
$4.50
|
|
2.0
|
|
Dividend payout ratio
(common)
|
81.01%
|
|
125.01%
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in
thousands)
|
|
|
|
2010
|
|
2009
|
|
3rd Qtr 2010
- 2nd Qtr 2010
|
|
3rd Qtr 2010
- 3rd Qtr 2009
|
|
|
|
Third
|
|
Second
|
|
Third
|
|
Percent
|
|
Percent
|
|
Average balances
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
Variance
|
|
Total assets
|
$8,958,692
|
|
$8,874,430
|
|
$8,701,853
|
|
0.9
|
|
3.0
|
|
Earning assets (9)
|
7,773,915
|
|
7,697,232
|
|
7,549,614
|
|
1.0
|
|
3.0
|
|
Securities
|
1,612,612
|
|
1,599,216
|
|
1,466,176
|
|
0.8
|
|
10.0
|
|
Short-term investments
(9)
|
162,377
|
|
159,874
|
|
269,425
|
|
1.6
|
|
-39.7
|
|
Loans, net of unearned
income
|
5,998,926
|
|
5,938,142
|
|
5,814,013
|
|
1.0
|
|
3.2
|
|
Allowance for loan
losses
|
117,982
|
|
113,531
|
|
103,249
|
|
3.9
|
|
14.3
|
|
Goodwill and
intangibles
|
563,631
|
|
565,294
|
|
570,705
|
|
-0.3
|
|
-1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits and treasury management
accounts (7)
|
7,247,270
|
|
7,163,916
|
|
6,740,656
|
|
1.2
|
|
7.5
|
|
Short-term borrowings
|
129,752
|
|
126,972
|
|
118,274
|
|
2.2
|
|
9.7
|
|
Long-term debt
|
208,433
|
|
228,959
|
|
412,411
|
|
-9.0
|
|
-49.5
|
|
Trust preferred
securities
|
204,287
|
|
204,455
|
|
204,962
|
|
-0.1
|
|
-0.3
|
|
Shareholders' equity -
common
|
1,062,512
|
|
1,052,569
|
|
1,056,171
|
|
0.9
|
|
0.6
|
|
Shareholders' equity -
preferred
|
0
|
|
0
|
|
72,727
|
|
n/m
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
|
$135,661
|
|
$132,412
|
|
$125,630
|
|
2.5
|
|
8.0
|
|
Restructured loans
|
18,735
|
|
17,270
|
|
8,282
|
|
8.5
|
|
126.2
|
|
Non-performing loans
|
154,396
|
|
149,682
|
|
133,912
|
|
3.1
|
|
15.3
|
|
Other real estate
owned
|
32,345
|
|
22,952
|
|
19,741
|
|
40.9
|
|
63.8
|
|
Total non-performing loans and
OREO
|
186,741
|
|
172,634
|
|
153,653
|
|
8.2
|
|
21.5
|
|
Non-performing investments
(8)
|
5,163
|
|
4,661
|
|
5,758
|
|
10.8
|
|
-10.3
|
|
Non-performing assets
|
$191,904
|
|
$177,295
|
|
$159,411
|
|
8.2
|
|
20.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
|
$9,726
|
|
$7,791
|
|
$9,978
|
|
24.8
|
|
-2.5
|
|
Allowance for loan
losses
|
116,627
|
|
114,040
|
|
105,892
|
|
2.3
|
|
10.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans
|
2.57%
|
|
2.51%
|
|
2.29%
|
|
|
|
|
|
Non-performing loans + OREO /
total loans + OREO
|
3.09%
|
|
2.88%
|
|
2.62%
|
|
|
|
|
|
Non-performing assets / total
assets
|
2.13%
|
|
2.01%
|
|
1.85%
|
|
|
|
|
|
Allowance for loan losses /
total loans
|
1.94%
|
|
1.91%
|
|
1.81%
|
|
|
|
|
|
Allowance for loan losses
/
|
|
|
|
|
|
|
|
|
|
|
non-performing
loans
|
75.54%
|
|
76.19%
|
|
79.08%
|
|
|
|
|
|
Net loan charge-offs
(annualized) /
|
|
|
|
|
|
|
|
|
|
|
average
loans
|
0.64%
|
|
0.53%
|
|
0.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$8,993,043
|
|
$8,833,060
|
|
$8,595,872
|
|
1.8
|
|
4.6
|
|
Earning assets (9)
|
7,794,305
|
|
7,647,064
|
|
7,442,619
|
|
1.9
|
|
4.7
|
|
Loans, net of unearned
income
|
6,004,577
|
|
5,967,570
|
|
5,837,402
|
|
0.6
|
|
2.9
|
|
Deposits and treasury management
accounts (7)
|
7,284,967
|
|
7,141,210
|
|
6,737,098
|
|
2.0
|
|
8.1
|
|
Total equity
|
1,064,846
|
|
1,058,004
|
|
1,052,589
|
|
0.6
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital ratios
|
|
|
|
|
|
|
|
|
|
|
Equity/assets (period
end)
|
11.84%
|
|
11.98%
|
|
12.25%
|
|
|
|
|
|
Leverage ratio
|
8.63%
|
|
8.63%
|
|
8.73%
|
|
|
|
|
|
Tangible equity/tangible assets
(period end) (6)
|
5.96%
|
|
5.97%
|
|
6.02%
|
|
|
|
|
|
Tangible common equity/tangible
assets (period end) (5)
|
5.96%
|
|
5.97%
|
|
6.02%
|
|
|
|
|
|
Tangible common equity,
excluding AOCI/
|
|
|
|
|
|
|
|
|
|
|
tangible assets (period
end) (5) (6)
|
6.23%
|
|
6.28%
|
|
6.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in
thousands)
|
|
|
|
For the Nine
Months
|
|
|
|
|
|
Ended
September 30,
|
|
Percent
|
|
Average balances
|
2010
|
|
2009
|
|
Variance
|
|
Total assets
|
$8,860,202
|
|
$8,580,797
|
|
3.3
|
|
Earning assets (9)
|
7,680,608
|
|
7,421,031
|
|
3.5
|
|
Securities
|
1,565,199
|
|
1,369,059
|
|
14.3
|
|
Short-term investments
(9)
|
172,755
|
|
236,074
|
|
-26.8
|
|
Loans, net of unearned
income
|
5,942,654
|
|
5,815,899
|
|
2.2
|
|
Allowance for loan
losses
|
113,292
|
|
105,681
|
|
7.2
|
|
Goodwill and
intangibles
|
565,290
|
|
572,444
|
|
-1.2
|
|
|
|
|
|
|
|
|
|
Deposits and treasury management
accounts (7)
|
7,138,823
|
|
6,660,689
|
|
7.2
|
|
Short-term borrowings
|
129,809
|
|
108,919
|
|
19.2
|
|
Long-term debt
|
233,238
|
|
444,087
|
|
-47.5
|
|
Trust preferred
securities
|
204,454
|
|
205,130
|
|
-0.3
|
|
Shareholders' equity -
common
|
1,054,115
|
|
981,647
|
|
7.4
|
|
Shareholders' equity -
preferred
|
0
|
|
85,035
|
|
n/m
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
Non-accrual loans
|
$135,661
|
|
$125,630
|
|
8.0
|
|
Restructured loans
|
18,735
|
|
8,282
|
|
126.2
|
|
Non-performing loans
|
154,396
|
|
133,912
|
|
15.3
|
|
Other real estate
owned
|
32,345
|
|
19,741
|
|
63.8
|
|
Total non-performing loans and
OREO
|
186,741
|
|
153,653
|
|
21.5
|
|
Non-performing investments
(8)
|
5,163
|
|
5,758
|
|
-10.3
|
|
Non-performing assets
|
$191,904
|
|
$159,411
|
|
20.4
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
|
$24,544
|
|
$39,731
|
|
-38.2
|
|
Allowance for loan
losses
|
116,627
|
|
105,892
|
|
10.1
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans
|
2.57%
|
|
2.29%
|
|
|
|
Non-performing loans + OREO /
total loans + OREO
|
3.09%
|
|
2.62%
|
|
|
|
Non-performing assets / total
assets
|
2.13%
|
|
1.85%
|
|
|
|
Allowance for loan losses /
total loans
|
1.94%
|
|
1.81%
|
|
|
|
Allowance for loan losses
/
|
|
|
|
|
|
|
non-performing
loans
|
75.54%
|
|
79.08%
|
|
|
|
Net loan charge-offs
(annualized) /
|
|
|
|
|
|
|
average
loans
|
0.55%
|
|
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
Total assets
|
$8,993,043
|
|
$8,595,872
|
|
4.6
|
|
Earning assets (9)
|
7,794,305
|
|
7,442,619
|
|
4.7
|
|
Loans, net of unearned
income
|
6,004,577
|
|
5,837,402
|
|
2.9
|
|
Deposits and treasury management
accounts (7)
|
7,284,967
|
|
6,737,098
|
|
8.1
|
|
Total equity
|
1,064,846
|
|
1,052,589
|
|
1.2
|
|
|
|
|
|
|
|
|
|
Capital ratios
|
|
|
|
|
|
|
Equity/assets (period
end)
|
11.84%
|
|
12.25%
|
|
|
|
Leverage ratio
|
8.63%
|
|
8.73%
|
|
|
|
Tangible equity/tangible assets
(period end) (6)
|
5.96%
|
|
6.02%
|
|
|
|
Tangible common equity/tangible
assets (period end) (5)
|
5.96%
|
|
6.02%
|
|
|
|
Tangible common equity,
excluding AOCI/
|
|
|
|
|
|
|
tangible assets (period
end) (5) (6)
|
6.23%
|
|
6.39%
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in
thousands)
|
|
|
|
2010
|
|
2009
|
|
3rd Qtr 2010
- 2nd Qtr 2010
|
|
3rd Qtr 2010
- 3rd Qtr 2009
|
|
|
|
Third
|
|
Second
|
|
Third
|
|
Percent
|
|
Percent
|
|
Average balances
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
Variance
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$3,301,993
|
|
$3,311,030
|
|
$3,195,950
|
|
-0.3
|
|
3.3
|
|
|
Direct installment
|
990,453
|
|
969,007
|
|
997,319
|
|
2.2
|
|
-0.7
|
|
|
Residential mortgages
|
625,167
|
|
616,267
|
|
613,375
|
|
1.4
|
|
1.9
|
|
|
Indirect installment
|
521,815
|
|
517,452
|
|
544,002
|
|
0.8
|
|
-4.1
|
|
|
Consumer LOC
|
455,971
|
|
426,471
|
|
383,207
|
|
6.9
|
|
19.0
|
|
|
Other
|
103,527
|
|
97,915
|
|
80,160
|
|
5.7
|
|
29.2
|
|
|
Total loans
|
$5,998,926
|
|
$5,938,142
|
|
$5,814,013
|
|
1.0
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$1,077,797
|
|
$1,028,631
|
|
$951,112
|
|
4.8
|
|
13.3
|
|
|
Savings and NOW
|
3,307,256
|
|
3,297,537
|
|
3,101,168
|
|
0.3
|
|
6.6
|
|
|
Certificates of deposit and
other time deposits
|
2,201,454
|
|
2,219,194
|
|
2,223,126
|
|
-0.8
|
|
-1.0
|
|
|
Total deposits
|
6,586,507
|
|
6,545,362
|
|
6,275,406
|
|
0.6
|
|
5.0
|
|
|
Treasury management accounts
(7)
|
660,763
|
|
618,554
|
|
465,250
|
|
6.8
|
|
42.0
|
|
|
Total deposits and
treasury management accounts (7)
|
$7,247,270
|
|
$7,163,916
|
|
$6,740,656
|
|
1.2
|
|
7.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$3,299,230
|
|
$3,304,493
|
|
$3,226,720
|
|
-0.2
|
|
2.2
|
|
|
Direct installment
|
994,614
|
|
983,857
|
|
993,863
|
|
1.1
|
|
0.1
|
|
|
Residential mortgages
|
612,484
|
|
615,232
|
|
594,586
|
|
-0.4
|
|
3.0
|
|
|
Indirect installment
|
519,366
|
|
521,679
|
|
544,579
|
|
-0.4
|
|
-4.6
|
|
|
Consumer LOC
|
473,606
|
|
438,039
|
|
395,366
|
|
8.1
|
|
19.8
|
|
|
Other
|
105,277
|
|
104,270
|
|
82,288
|
|
1.0
|
|
27.9
|
|
|
Total loans
|
$6,004,577
|
|
$5,967,570
|
|
$5,837,402
|
|
0.6
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$1,103,393
|
|
$1,039,631
|
|
$972,859
|
|
6.1
|
|
13.4
|
|
|
Savings and NOW
|
3,307,698
|
|
3,280,076
|
|
3,072,601
|
|
0.8
|
|
7.7
|
|
|
Certificates of deposit and
other time deposits
|
2,186,737
|
|
2,214,951
|
|
2,213,323
|
|
-1.3
|
|
-1.2
|
|
|
Total deposits
|
6,597,828
|
|
6,534,658
|
|
6,258,783
|
|
1.0
|
|
5.4
|
|
|
Treasury management accounts
(7)
|
687,139
|
|
606,552
|
|
478,315
|
|
13.3
|
|
43.7
|
|
|
Total deposits and
treasury management accounts (7)
|
$7,284,967
|
|
$7,141,210
|
|
$6,737,098
|
|
2.0
|
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in
thousands)
|
|
|
|
For the Nine
Months
|
|
|
|
|
|
Ended
September 30,
|
|
Percent
|
|
Average balances
|
2010
|
|
2009
|
|
Variance
|
|
Loans:
|
|
|
|
|
|
|
|
Commercial
|
$3,298,253
|
|
$3,188,766
|
|
3.4
|
|
|
Direct installment
|
978,249
|
|
1,020,690
|
|
-4.2
|
|
|
Residential mortgages
|
618,130
|
|
627,642
|
|
-1.5
|
|
|
Indirect installment
|
519,205
|
|
538,764
|
|
-3.6
|
|
|
Consumer LOC
|
431,532
|
|
365,078
|
|
18.2
|
|
|
Other
|
97,285
|
|
74,959
|
|
29.8
|
|
|
Total loans
|
$5,942,654
|
|
$5,815,899
|
|
2.2
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$1,025,847
|
|
$928,238
|
|
10.5
|
|
|
Savings and NOW
|
3,274,280
|
|
3,005,164
|
|
9.0
|
|
|
Certificates of deposit and
other time deposits
|
2,213,129
|
|
2,276,079
|
|
-2.8
|
|
|
Total deposits
|
6,513,256
|
|
6,209,481
|
|
4.9
|
|
|
Treasury management accounts
(7)
|
625,567
|
|
451,208
|
|
38.6
|
|
|
Total deposits and
treasury management accounts (7)
|
$7,138,823
|
|
$6,660,689
|
|
7.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
Commercial
|
$3,299,230
|
|
$3,226,720
|
|
2.2
|
|
|
Direct installment
|
994,614
|
|
993,863
|
|
0.1
|
|
|
Residential mortgages
|
612,484
|
|
594,586
|
|
3.0
|
|
|
Indirect installment
|
519,366
|
|
544,579
|
|
-4.6
|
|
|
Consumer LOC
|
473,606
|
|
395,366
|
|
19.8
|
|
|
Other
|
105,277
|
|
82,288
|
|
27.9
|
|
|
Total loans
|
$6,004,577
|
|
$5,837,402
|
|
2.9
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$1,103,393
|
|
$972,859
|
|
13.4
|
|
|
Savings and NOW
|
3,307,698
|
|
3,072,601
|
|
7.7
|
|
|
Certificates of deposit and
other time deposits
|
2,186,737
|
|
2,213,323
|
|
-1.2
|
|
|
Total deposits
|
6,597,828
|
|
6,258,783
|
|
5.4
|
|
|
Treasury management accounts
(7)
|
687,139
|
|
478,315
|
|
43.7
|
|
|
Total deposits and
treasury management accounts (7)
|
$7,284,967
|
|
$6,737,098
|
|
8.1
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in
thousands)
|
|
|
|
Third
Quarter 2010
|
|
|
|
Bank -
PA
|
|
Bank -
FL
|
|
Regency
|
|
Total
|
|
Asset quality data, by core
portfolio
|
|
|
|
|
|
|
|
|
Non-accrual loans
|
$62,634
|
|
$71,210
|
|
$1,817
|
|
$135,661
|
|
Restructured loans
|
12,670
|
|
0
|
|
6,065
|
|
18,735
|
|
Non-performing loans
|
75,304
|
|
71,210
|
|
7,882
|
|
154,396
|
|
Other real estate
owned
|
9,458
|
|
21,548
|
|
1,339
|
|
32,345
|
|
Total non-performing loans and
OREO
|
84,762
|
|
92,758
|
|
9,221
|
|
186,741
|
|
Non-performing investments
(8)
|
5,163
|
|
0
|
|
0
|
|
5,163
|
|
Non-performing assets
|
$89,925
|
|
$92,758
|
|
$9,221
|
|
$191,904
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
|
$4,462
|
|
$3,694
|
|
$1,570
|
|
$9,726
|
|
Provision for loan
losses
|
4,796
|
|
5,867
|
|
1,650
|
|
12,313
|
|
Allowance for loan
losses
|
80,729
|
|
29,114
|
|
6,784
|
|
116,627
|
|
Loans, net of unearned
income
|
5,629,633
|
|
213,436
|
|
161,508
|
|
6,004,577
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans
|
1.34%
|
|
33.36%
|
|
4.88%
|
|
2.57%
|
|
Non-performing loans + OREO /
total loans + OREO
|
1.50%
|
|
39.47%
|
|
5.66%
|
|
3.09%
|
|
Non-performing assets / total
assets
|
1.05%
|
|
45.06%
|
|
5.48%
|
|
2.13%
|
|
Allowance for loan losses /
total loans
|
1.43%
|
|
13.64%
|
|
4.20%
|
|
1.94%
|
|
Allowance for loan losses
/
|
|
|
|
|
|
|
|
|
non-performing
loans
|
107.20%
|
|
40.88%
|
|
86.07%
|
|
75.54%
|
|
Net loan charge-offs
(annualized) /
|
|
|
|
|
|
|
|
|
average
loans
|
0.32%
|
|
6.59%
|
|
3.84%
|
|
0.64%
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30 - 89 days past
due
|
$32,846
|
|
$1,000
|
|
$2,402
|
|
$36,248
|
|
Loans 90+ days past
due
|
7,007
|
|
0
|
|
2,187
|
|
9,194
|
|
Non-accrual loans
|
62,634
|
|
71,210
|
|
1,817
|
|
135,661
|
|
Total past due and
non-accrual loans
|
$102,487
|
|
$72,210
|
|
$6,406
|
|
$181,103
|
|
|
|
|
|
|
|
|
|
|
|
Total past due and non-accrual
loans/total loans
|
1.82%
|
|
33.83%
|
|
3.97%
|
|
3.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter 2010
|
|
|
|
Bank -
PA
|
|
Bank -
FL
|
|
Regency
|
|
Total
|
|
Asset quality data, by core
portfolio
|
|
|
|
|
|
|
|
|
Non-accrual loans
|
$66,391
|
|
$64,063
|
|
$1,958
|
|
$132,412
|
|
Restructured loans
|
11,233
|
|
0
|
|
6,037
|
|
17,270
|
|
Non-performing loans
|
77,624
|
|
64,063
|
|
7,995
|
|
149,682
|
|
Other real estate
owned
|
9,626
|
|
12,245
|
|
1,081
|
|
22,952
|
|
Total non-performing loans and
OREO
|
87,250
|
|
76,308
|
|
9,076
|
|
172,634
|
|
Non-performing investments
(8)
|
4,661
|
|
0
|
|
0
|
|
4,661
|
|
Non-performing assets
|
$91,911
|
|
$76,308
|
|
$9,076
|
|
$177,295
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
|
$4,442
|
|
$1,900
|
|
$1,449
|
|
$7,791
|
|
Provision for loan
losses
|
4,494
|
|
6,168
|
|
1,577
|
|
12,239
|
|
Allowance for loan
losses
|
80,396
|
|
26,940
|
|
6,704
|
|
114,040
|
|
Loans, net of unearned
income
|
5,576,734
|
|
231,237
|
|
159,599
|
|
5,967,570
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans
|
1.39%
|
|
27.70%
|
|
5.01%
|
|
2.51%
|
|
Non-performing loans + OREO /
total loans + OREO
|
1.56%
|
|
31.34%
|
|
5.65%
|
|
2.88%
|
|
Non-performing assets / total
assets
|
1.09%
|
|
35.24%
|
|
5.45%
|
|
2.01%
|
|
Allowance for loan losses /
total loans
|
1.44%
|
|
11.65%
|
|
4.20%
|
|
1.91%
|
|
Allowance for loan losses
/
|
|
|
|
|
|
|
|
|
non-performing
loans
|
103.57%
|
|
42.05%
|
|
83.85%
|
|
76.19%
|
|
Net loan charge-offs
(annualized) /
|
|
|
|
|
|
|
|
|
average
loans
|
0.32%
|
|
3.23%
|
|
3.73%
|
|
0.53%
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30 - 89 days past
due
|
$35,005
|
|
$0
|
|
$2,070
|
|
$37,075
|
|
Loans 90+ days past
due
|
5,285
|
|
0
|
|
2,288
|
|
7,573
|
|
Non-accrual loans
|
66,391
|
|
64,063
|
|
1,958
|
|
132,412
|
|
Total past due and
non-accrual loans
|
$106,681
|
|
$64,063
|
|
$6,316
|
|
$177,060
|
|
|
|
|
|
|
|
|
|
|
|
Total past due and non-accrual
loans/total loans
|
1.91%
|
|
27.70%
|
|
3.96%
|
|
2.97%
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in
thousands)
|
|
|
|
Third
Quarter 2009
|
|
|
|
Bank -
PA
|
|
Bank -
FL
|
|
Regency
|
|
Total
|
|
Asset quality data, by core
portfolio
|
|
|
|
|
|
|
|
|
Non-accrual loans
|
$55,454
|
|
$68,073
|
|
$2,103
|
|
$125,630
|
|
Restructured loans
|
3,650
|
|
0
|
|
4,632
|
|
8,282
|
|
Non-performing loans
|
59,104
|
|
68,073
|
|
6,735
|
|
133,912
|
|
Other real estate
owned
|
10,380
|
|
8,067
|
|
1,294
|
|
19,741
|
|
Total non-performing loans and
OREO
|
69,484
|
|
76,140
|
|
8,029
|
|
153,653
|
|
Non-performing investments
(8)
|
5,758
|
|
0
|
|
0
|
|
5,758
|
|
Non-performing assets
|
$75,242
|
|
$76,140
|
|
$8,029
|
|
$159,411
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
|
$4,469
|
|
$4,059
|
|
$1,450
|
|
$9,978
|
|
Provision for loan
losses
|
7,555
|
|
7,379
|
|
1,521
|
|
16,455
|
|
Allowance for loan
losses
|
72,764
|
|
26,627
|
|
6,501
|
|
105,892
|
|
Loans, net of unearned
income
|
5,407,215
|
|
271,634
|
|
158,553
|
|
5,837,402
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans
|
1.09%
|
|
25.06%
|
|
4.25%
|
|
2.29%
|
|
Non-performing loans + OREO /
total loans + OREO
|
1.28%
|
|
27.22%
|
|
5.02%
|
|
2.62%
|
|
Non-performing assets / total
assets
|
0.92%
|
|
30.09%
|
|
4.79%
|
|
1.85%
|
|
Allowance for loan losses /
total loans
|
1.35%
|
|
9.80%
|
|
4.10%
|
|
1.81%
|
|
Allowance for loan losses
/
|
|
|
|
|
|
|
|
|
non-performing
loans
|
123.11%
|
|
39.12%
|
|
96.53%
|
|
79.08%
|
|
Net loan charge-offs
(annualized) /
|
|
|
|
|
|
|
|
|
average
loans
|
0.33%
|
|
5.90%
|
|
3.64%
|
|
0.68%
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30 - 89 days past
due
|
$43,140
|
|
$2,700
|
|
$2,853
|
|
$48,693
|
|
Loans 90+ days past
due
|
10,827
|
|
0
|
|
2,298
|
|
13,125
|
|
Non-accrual loans
|
55,454
|
|
68,073
|
|
2,103
|
|
125,630
|
|
Total past due and
non-accrual loans
|
$109,421
|
|
$70,773
|
|
$7,254
|
|
$187,448
|
|
|
|
|
|
|
|
|
|
|
|
Total past due and non-accrual
loans/total loans
|
2.02%
|
|
26.05%
|
|
4.58%
|
|
3.21%
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in
thousands)
|
|
|
|
2010
|
|
2009
|
|
3rd Qtr 2010
- 2nd Qtr 2010
|
|
3rd Qtr 2010
- 3rd Qtr 2009
|
|
|
|
Third
|
|
Second
|
|
Third
|
|
Percent
|
|
Percent
|
|
Balance Sheet
at Period End
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
Variance
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$142,615
|
|
$140,629
|
|
$140,037
|
|
1.4
|
|
1.8
|
|
Interest bearing deposits with
banks
|
164,406
|
|
60,238
|
|
88,777
|
|
172.9
|
|
85.2
|
|
Cash and cash
equivalents
|
307,021
|
|
200,867
|
|
228,814
|
|
52.8
|
|
34.2
|
|
Securities available for
sale
|
738,828
|
|
758,325
|
|
693,617
|
|
-2.6
|
|
6.5
|
|
Securities held to
maturity
|
869,765
|
|
853,698
|
|
803,761
|
|
1.9
|
|
8.2
|
|
Residential mortgage loans held
for sale
|
16,729
|
|
7,232
|
|
19,063
|
|
131.3
|
|
-12.2
|
|
Loans, net of unearned
income
|
6,004,577
|
|
5,967,570
|
|
5,837,402
|
|
0.6
|
|
2.9
|
|
Allowance for loan
losses
|
(116,627)
|
|
(114,040)
|
|
(105,892)
|
|
2.3
|
|
10.1
|
|
Net loans
|
5,887,950
|
|
5,853,530
|
|
5,731,510
|
|
0.6
|
|
2.7
|
|
Premises and equipment,
net
|
114,320
|
|
115,323
|
|
118,650
|
|
-0.9
|
|
-3.6
|
|
Goodwill
|
528,720
|
|
528,720
|
|
528,710
|
|
0.0
|
|
0.0
|
|
Core deposit and other
intangible assets, net
|
34,100
|
|
35,775
|
|
40,868
|
|
-4.7
|
|
-16.6
|
|
Bank owned life
insurance
|
207,402
|
|
207,093
|
|
204,098
|
|
0.1
|
|
1.6
|
|
Other assets
|
288,209
|
|
272,495
|
|
226,781
|
|
5.8
|
|
27.1
|
|
Total Assets
|
$8,993,043
|
|
$8,833,060
|
|
$8,595,872
|
|
1.8
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
$1,103,393
|
|
$1,039,630
|
|
$972,859
|
|
6.1
|
|
13.4
|
|
Savings and
NOW
|
3,307,698
|
|
3,280,076
|
|
3,072,601
|
|
0.8
|
|
7.7
|
|
Certificates and other
time deposits
|
2,186,737
|
|
2,214,952
|
|
2,213,323
|
|
-1.3
|
|
-1.2
|
|
Total
Deposits
|
6,597,828
|
|
6,534,658
|
|
6,258,783
|
|
1.0
|
|
5.4
|
|
Other liabilities
|
105,326
|
|
94,748
|
|
93,957
|
|
11.2
|
|
12.1
|
|
Short-term borrowings
|
817,582
|
|
735,442
|
|
606,406
|
|
11.2
|
|
34.8
|
|
Long-term debt
|
203,257
|
|
205,834
|
|
379,257
|
|
-1.3
|
|
-46.4
|
|
Junior subordinated
debt
|
204,204
|
|
204,373
|
|
204,880
|
|
-0.1
|
|
-0.3
|
|
Total
Liabilities
|
7,928,197
|
|
7,775,056
|
|
7,543,283
|
|
2.0
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
0
|
|
0
|
|
0
|
|
n/m
|
|
n/m
|
|
Common stock
|
1,142
|
|
1,141
|
|
1,137
|
|
0.1
|
|
0.5
|
|
Additional paid-in
capital
|
1,092,828
|
|
1,091,253
|
|
1,086,378
|
|
0.1
|
|
0.6
|
|
Retained earnings
|
(3,126)
|
|
(6,515)
|
|
(3,645)
|
|
-52.0
|
|
-14.2
|
|
Accumulated other comprehensive
income
|
(23,481)
|
|
(25,358)
|
|
(29,529)
|
|
-7.4
|
|
-20.5
|
|
Treasury stock
|
(2,517)
|
|
(2,517)
|
|
(1,752)
|
|
0.0
|
|
43.7
|
|
Total Stockholders'
Equity
|
1,064,846
|
|
1,058,004
|
|
1,052,589
|
|
0.6
|
|
1.2
|
|
Total Liabilities and
Stockholders' Equity
|
$8,993,043
|
|
$8,833,060
|
|
$8,595,872
|
|
1.8
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
NON-GAAP FINANCIAL MEASURES
The following non-GAAP financial measures used by the
Corporation provide information useful to investors in
understanding the Corporation's operating performance and trends,
and facilitate comparisons with the performance of the
Corporation's peers. The non-GAAP financial measures used by
the Corporation may differ from the non-GAAP financial measures
other financial institutions use to measure their results of
operations. The following tables summarize the non-GAAP financial
measures derived from amounts reported in the Corporation's
financial statements.
|
2010
|
|
2009
|
|
|
Third
|
|
Second
|
|
Third
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Return on average tangible
common equity (2):
|
|
|
|
|
|
|
Net income available to common
shareholders (annualized)
|
$68,308
|
|
$71,886
|
|
$19,085
|
|
Amortization of intangibles, net
of tax (annualized)
|
4,319
|
|
4,376
|
|
4,467
|
|
|
72,627
|
|
76,262
|
|
23,552
|
|
|
|
|
|
|
|
|
Average total shareholders'
equity
|
1,062,512
|
|
1,052,569
|
|
1,128,898
|
|
Less: Average preferred
shareholders' equity
|
0
|
|
0
|
|
(72,727)
|
|
Less: Average
intangibles
|
(563,631)
|
|
(565,294)
|
|
(570,705)
|
|
|
498,881
|
|
487,275
|
|
485,466
|
|
|
|
|
|
|
|
|
Return on average tangible
common equity (2)
|
14.56%
|
|
15.65%
|
|
4.85%
|
|
|
|
|
|
|
|
|
Return on average tangible
assets (3):
|
|
|
|
|
|
|
Net income
(annualized)
|
$68,308
|
|
$71,886
|
|
$40,887
|
|
Amortization of intangibles, net
of tax (annualized)
|
4,319
|
|
4,376
|
|
4,467
|
|
|
72,627
|
|
76,262
|
|
45,354
|
|
|
|
|
|
|
|
|
Average total assets
|
8,958,692
|
|
8,874,430
|
|
8,701,853
|
|
Less: Average
intangibles
|
(563,631)
|
|
(565,294)
|
|
(570,705)
|
|
|
8,395,061
|
|
8,309,136
|
|
8,131,148
|
|
|
|
|
|
|
|
|
Return on average tangible
assets (3)
|
0.87%
|
|
0.92%
|
|
0.56%
|
|
|
|
|
|
|
|
|
Tangible common book value per
share:
|
|
|
|
|
|
|
Total shareholders'
equity
|
$1,064,846
|
|
$1,058,004
|
|
$1,052,589
|
|
Less: preferred
shareholders' equity
|
0
|
|
0
|
|
0
|
|
Less:
intangibles
|
(562,820)
|
|
(564,495)
|
|
(569,579)
|
|
|
502,026
|
|
493,509
|
|
483,010
|
|
|
|
|
|
|
|
|
Ending shares
outstanding
|
114,632,850
|
|
114,532,890
|
|
113,990,095
|
|
|
|
|
|
|
|
|
Tangible common book value per
share
|
$4.38
|
|
$4.31
|
|
$4.24
|
|
|
|
|
|
|
|
|
Tangible common book value per
share
|
|
|
|
|
|
|
excluding AOCI
(5):
|
|
|
|
|
|
|
Total shareholders'
equity
|
$1,064,846
|
|
$1,058,004
|
|
$1,052,589
|
|
Less: preferred
shareholders' equity
|
0
|
|
0
|
|
0
|
|
Less:
intangibles
|
(562,820)
|
|
(564,495)
|
|
(569,579)
|
|
Less: AOCI
|
23,481
|
|
25,358
|
|
29,529
|
|
|
525,507
|
|
518,867
|
|
512,539
|
|
|
|
|
|
|
|
|
Ending shares
outstanding
|
114,632,850
|
|
114,532,890
|
|
113,990,095
|
|
|
|
|
|
|
|
|
Tangible common book value per
share
|
|
|
|
|
|
|
excluding AOCI
(5)
|
$4.58
|
|
$4.53
|
|
$4.50
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
For the Nine
Months
|
|
|
|
Ended
September 30,
|
|
|
|
2010
|
|
2009
|
|
Return on average tangible
common equity (2):
|
|
|
|
|
Net income available to common
shareholders (annualized)
|
$68,346
|
|
$37,766
|
|
Amortization of intangibles, net
of tax (annualized)
|
4,381
|
|
4,658
|
|
|
|
72,727
|
|
42,424
|
|
|
|
|
|
|
|
Average total shareholders'
equity
|
1,054,115
|
|
1,066,683
|
|
Less: Average preferred
shareholders' equity
|
0
|
|
(85,035)
|
|
Less: Average
intangibles
|
(565,290)
|
|
(572,444)
|
|
|
|
488,825
|
|
409,203
|
|
|
|
|
|
|
|
Return on average tangible
common equity (2)
|
14.88%
|
|
10.37%
|
|
|
|
|
|
|
|
Return on average tangible
assets (3):
|
|
|
|
|
Net income
(annualized)
|
$68,346
|
|
$48,874
|
|
Amortization of intangibles, net
of tax (annualized)
|
4,381
|
|
4,658
|
|
|
|
72,727
|
|
53,532
|
|
|
|
|
|
|
|
Average total assets
|
8,860,202
|
|
8,580,797
|
|
Less: Average
intangibles
|
(565,290)
|
|
(572,444)
|
|
|
|
8,294,912
|
|
8,008,353
|
|
|
|
|
|
|
|
Return on average tangible
assets (3)
|
0.88%
|
|
0.67%
|
|
|
|
|
|
|
|
Tangible common book value per
share:
|
|
|
|
|
Total shareholders'
equity
|
$1,064,846
|
|
$1,052,589
|
|
Less: preferred
shareholders' equity
|
0
|
|
0
|
|
Less:
intangibles
|
(562,820)
|
|
(569,579)
|
|
|
|
502,026
|
|
483,010
|
|
|
|
|
|
|
|
Ending shares
outstanding
|
114,632,850
|
|
113,990,095
|
|
|
|
|
|
|
|
Tangible common book value per
share
|
$4.38
|
|
$4.24
|
|
|
|
|
|
|
|
Tangible common book value per
share
|
|
|
|
|
excluding AOCI
(5):
|
|
|
|
|
Total shareholders'
equity
|
$1,064,846
|
|
$1,052,589
|
|
Less: preferred
shareholders' equity
|
0
|
|
0
|
|
Less:
intangibles
|
(562,820)
|
|
(569,579)
|
|
Less: AOCI
|
23,481
|
|
29,529
|
|
|
|
525,507
|
|
512,539
|
|
|
|
|
|
|
|
Ending shares
outstanding
|
114,632,850
|
|
113,990,095
|
|
|
|
|
|
|
|
Tangible common book value per
share
|
|
|
|
|
excluding AOCI
(5)
|
$4.58
|
|
$4.50
|
|
|
|
|
|
|
F.N.B.
CORPORATION
(Unaudited)
(Dollars in
thousands)
|
|
|
|
2010
|
|
2009
|
|
|
|
Third
|
|
Second
|
|
Third
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Tangible equity/tangible assets
(period end):
|
|
|
|
|
|
|
Total shareholders'
equity
|
$1,064,846
|
|
$1,058,004
|
|
$1,052,589
|
|
Less:
intangibles
|
(562,820)
|
|
(564,495)
|
|
(569,579)
|
|
|
|
502,026
|
|
493,509
|
|
483,010
|
|
|
|
|
|
|
|
|
|
Total assets
|
8,993,043
|
|
8,833,060
|
|
8,595,872
|
|
Less:
intangibles
|
(562,820)
|
|
(564,495)
|
|
(569,579)
|
|
|
|
8,430,223
|
|
8,268,565
|
|
8,026,293
|
|
|
|
|
|
|
|
|
|
Tangible equity/tangible assets
(period end)
|
5.96%
|
|
5.97%
|
|
6.02%
|
|
|
|
|
|
|
|
|
|
Tangible common equity/tangible
assets (period end):
|
|
|
|
|
|
|
Total shareholders'
equity
|
$1,064,846
|
|
$1,058,004
|
|
$1,052,589
|
|
Less: preferred
shareholders' equity
|
0
|
|
0
|
|
0
|
|
Less:
intangibles
|
(562,820)
|
|
(564,495)
|
|
(569,579)
|
|
|
|
502,026
|
|
493,509
|
|
483,010
|
|
|
|
|
|
|
|
|
|
Total assets
|
8,993,043
|
|
8,833,060
|
|
8,595,872
|
|
Less:
intangibles
|
(562,820)
|
|
(564,495)
|
|
(569,579)
|
|
|
|
8,430,223
|
|
8,268,565
|
|
8,026,293
|
|
|
|
|
|
|
|
|
|
Tangible common equity/tangible
assets (period end)
|
5.96%
|
|
5.97%
|
|
6.02%
|
|
|
|
|
|
|
|
|
|
Tangible common equity,
excluding AOCI/
|
|
|
|
|
|
|
tangible assets (period
end) (5):
|
|
|
|
|
|
|
Total shareholders'
equity
|
$1,064,846
|
|
$1,058,004
|
|
$1,052,589
|
|
Less: preferred
shareholders' equity
|
0
|
|
0
|
|
0
|
|
Less:
intangibles
|
(562,820)
|
|
(564,495)
|
|
(569,579)
|
|
Less: AOCI
|
23,481
|
|
25,358
|
|
29,529
|
|
|
|
525,507
|
|
518,867
|
|
512,539
|
|
|
|
|
|
|
|
|
|
Total assets
|
8,993,043
|
|
8,833,060
|
|
8,595,872
|
|
Less:
intangibles
|
(562,820)
|
|
(564,495)
|
|
(569,579)
|
|
|
|
8,430,223
|
|
8,268,565
|
|
8,026,293
|
|
|
|
|
|
|
|
|
|
Tangible common equity,
excluding AOCI/
|
|
|
|
|
|
|
tangible assets (period
end) (5)
|
6.23%
|
|
6.28%
|
|
6.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net interest income is
also presented on a fully taxable equivalent (FTE) basis, as the
Corporation believes this non-GAAP measure is the
preferred industry measurement
for this item.
|
|
(2) Return on average
tangible common equity is calculated by dividing net income less
amortization of intangibles by average common equity less
average intangibles.
|
|
(3) Return on average
tangible assets is calculated by dividing net income less
amortization of intangibles by average assets less average
intangibles.
|
|
(4) The efficiency ratio
is calculated by dividing non-interest expense less amortization of
intangibles by the sum of net interest income on a fully
taxable equivalent basis plus
non-interest income.
|
|
(5) Accumulated other
comprehensive income (AOCI) is comprised of unrealized losses on
securities, non-credit impairment losses on other-than-temporarily impaired
securities and unrecognized pension and postretirement obligations.
|
|
(6) See non-GAAP financial
measures for additional information relating to the calculation of
this item.
|
|
(7) Treasury management
accounts represent repurchase agreements and are included in
short-term borrowings on the balance sheet.
|
|
(8) The non-performing
investments at both June 30, 2009 and March 31, 2009 include $0.1
million at a non-banking affiliate of the Corporation.
|
|
(9) Certain prior period
amounts have been reclassified to conform to the current period
presentation.
|
|
|
|
|
|
|
|
|
SOURCE F.N.B. Corporation
Copyright . 25 PR Newswire