F.N.B. CORPORATION 
By HERMITAGE, Pa., Jan. 23, 2012 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) today reported financial results for the fourth quarter and full year ended December 31, 2011. Net income for the fourth quarter of 2011 was $23.7 million, or $0.19 per diluted share, compared with third quarter of 2011 net income of $23.8 million, or $0.19 per diluted share, and fourth quarter of 2010 net income of $23.5 million, or $0.21 per diluted share. The fourth quarter of 2010 results included the benefit of a one-time credit to pension expense for $6.9 million (after-tax), which increased net income by $0.06 per diluted share.
Net income for the full year of 2011 totaled $87.0 million, or $0.70 per diluted share, compared to $74.7 million, or $0.65 per diluted share, for the full year ended December 31, 2010. Full year 2011 net income included merger costs of $3.2 million (after-tax), or $0.02 per diluted share, and full year 2010 net income included the benefit of a one-time credit to pension expense for $6.9 million (after-tax) and merger costs of $0.4 million (after-tax), which increased full year net income by $0.06 per diluted share.
Vincent J. Delie, Jr., President and Chief Executive Officer of F.N.B. Corporation commented, "The fourth quarter of 2011 proved to be a strong finish to a successful year for FNB, with financial results demonstrating our consistent positive momentum. The fourth quarter includes continued strong loan growth, solid deposit growth, a stable net interest margin and credit quality reflecting further improvement from previous good levels. We are very pleased to deliver these results for our shareholders."
Mr. Delie continued, "We enter 2012 well positioned to build on our positive momentum, with ten consecutive quarters of total loan growth, an excellent team of bankers in place and an enhanced presence in the Pittsburgh market with the recently completed Parkvale Financial acquisition."
F.N.B. Corporation's performance ratios for the fourth quarter of 2011 were as follows: return on average tangible equity (non-GAAP measure) was 15.94%; return on average equity was 7.72%; return on average tangible assets (non-GAAP measure) was 1.06% and return on average assets was 0.95%. A reconciliation of GAAP measures to non-GAAP measures is included in the tables that accompany this press release.
Fourth Quarter 2011 Results
(All comparisons refer to the third quarter of 2011, except as noted)
Net Interest Income
Net interest income on a fully taxable equivalent basis totaled $82.1 million in the fourth quarter of 2011, a slight 0.4% decline from $82.4 million in the prior quarter. The fourth quarter net interest margin of 3.79% remained stable given the continued strong loan growth and actions taken to better position the balance sheet such as the pre-payment of FHLB borrowings.
"Through the execution of our relationship-based strategy, we have successfully achieved loan growth for eleven consecutive quarters in the Pennsylvania commercial portfolio, a testament to the quality, effectiveness and diligent efforts of the FNB team," said Mr. Delie. "Winning and building these relationships is an important strategy for FNB with the benefits also apparent in the growth generated in transaction deposits and customer repurchase agreements."
Average loans for the fourth quarter totaled $6.8 billion, increasing $86.5 million or 5.1% annualized, with strong growth results in the Pennsylvania commercial and consumer loan portfolios. The Pennsylvania commercial portfolio grew $63.9 million or 6.8% annualized, with positive results seen across nearly all regions, particularly the Pittsburgh region. Average consumer loan growth totaled $35.4 million, or 5.0% annualized, driven by strong growth of $28.6 million, or 7.1% annualized, in average home equity lending balances (comprised of lines of credit and direct installment loans) through a focus in our branch network to increase our market share for these products.
Average deposits and customer repurchase agreements totaled $8.0 billion, decreasing $13.4 million or 0.7% annualized, with growth in relationship-based transaction accounts and customer repurchase agreements offset by a continued planned decline in time deposits. Transaction deposits and customer repurchase agreements increased $40.7 million, or 2.8% annualized, as a result of new client acquisition and customers holding higher average balances. As of December 31, 2011, FNB's total customer-based funding was 97% of total deposits and borrowings.
Non-Interest Income
Non-interest income totaled $32.6 million in the fourth quarter of 2011, increasing $3.0 million, or 10.0%. Excluding the $3.5 million in gains on the sale of securities, non-interest income declined slightly by $0.5 million or 1.7%. During the fourth quarter, higher gains on the sale of securities were partially offset by seasonally lower fee revenue from service charges, seasonally lower insurance commissions and fees, and lower securities commissions and fees and trust income reflecting the volatile market conditions in the fourth quarter. Non-interest income excluding gains on the sale of securities and other-than-temporary impairment charges represented 26% of revenue in the fourth quarter of 2011, consistent with the prior quarter.
To better position the balance sheet, investment securities of $88.0 million with a book yield of 2.10% were sold during the quarter at a gain of $3.4 million. Offsetting these gains were $3.3 million in charges associated with the pre-payment of $136.0 million of Federal Home Loan Bank (FHLB) borrowings with an effective rate of 2.36%.
Non-Interest Expense
Non-interest expense totaled $71.6 million in the fourth quarter of 2011, increasing $2.4 million or 3.4%, reflecting the $3.3 million in FHLB pre-payment charges. Excluding the FHLB prepayment charges, non-interest expense declined $1.0 million, or 1.4%. This decline was primarily the result of other real estate owned (OREO) costs decreasing $0.8 million, reflecting fewer valuation adjustments and lower than planned tax assessments. Additionally, lower other non-interest expense partially offset higher personnel costs reflecting increased incentive compensation resulting from higher profitability and performance-based awards. Merger-related costs were $0.4 million, compared to $0.3 million in the prior quarter. The efficiency ratio for the fourth quarter was 59%, consistent with the prior quarter.
Income Tax Expense
The effective tax rate for the fourth quarter was 27.7%, compared to 26.3%. The rate difference reflects net adjustments in the third quarter of 2011 totaling $0.5 million primarily related to the reversal of liabilities for uncertain tax positions under ASC 740 based on an Internal Revenue Service directive that provides a safe harbor deduction for certain merger-related expenses, partially offset by other adjustments.
Credit Quality
"We are very pleased with the overall credit quality results. Credit quality metrics continued to trend positively, with the Pennsylvania portfolio seeing improvements from already very good levels and Regency performing consistently well. The Florida portfolio, which was reduced nearly 13% during the fourth quarter, performed within our expectations," remarked Mr. Delie.
At December 31, 2011, levels of non-performing loans and OREO to total loans and OREO and past due and non-accrual loans to total loans were at their lowest points since September 30, 2008. The ratio of non-performing loans and OREO to total loans and OREO declined 30 basis points to 2.05% at December 31, 2011, reflecting improvements from already good levels for the Pennsylvania and Regency portfolios combined with improvements in the Florida portfolio. Past due and non-accrual loans to total loans equaled 2.31%, improving 26 basis points from September 30, 2011. The allowance for loan losses to total loans equaled 1.47% and with the credit mark for the acquired portfolio equaled 1.83% at December 31, 2011 (non-GAAP measure).
In total, the provision for loan losses equaled $8.3 million for the fourth quarter of 2011, while net charge-offs totaled $16.4 million, reflecting the utilization of previously-provided reserves in the Florida portfolio. Based on our analysis of the loan growth and improved trends in credit quality in the fourth quarter, reserves as a percentage of loans for the Pennsylvania portfolio decreased slightly by 2 basis points to 1.24% compared to 1.26% at September 30, 2011. For the Florida portfolio, net loan charge-offs of $9.8 million exceeded provision for loan losses of $2.3 million, reflecting the completion of the annual appraisal process during the fourth quarter for the Florida land-related segment and the corresponding utilization of previously-provided reserves.
The Pennsylvania loan portfolio's credit quality metrics for the fourth quarter of 2011 continue to reflect consistent solid performance. The Pennsylvania loan portfolio totaled $6.5 billion at December 31, 2011 and comprised 95% of the total loan portfolio. Non-performing loans and OREO were $73.9 million or 1.13% of total loans and OREO at December 31, 2011, improving from $78.3 million or 1.21%. Past due and non-accrual loans to total loans were 1.73% at December 31, 2011, improving from 1.78% primarily the result of lower non-accrual loans. Charge-off performance continues to be very good, with net charge-offs for the fourth quarter totaling 0.30% annualized of average loans and full year 2011 net charge-offs totaling 0.29% of average loans, the lowest full year level since 2008. The allowance for loan losses to total loans equaled 1.24% and with the credit mark for the acquired portfolio equaled 1.62% at December 31, 2011 (non-GAAP measure).
The Florida loan portfolio totaled $154.1 million and represented 2.2% of the total loan portfolio, decreasing $22.5 million, or 12.7%, following principal payoffs and a note sale during the fourth quarter of 2011, which reduced balances by $17.4 million. Total land-related exposure totaled $64.2 million and consisted of $44.8 million in loans and $19.4 million in OREO, representing a reduction of $5.8 million or 8.2%.
Capital Position
The Corporation's capital levels at December 31, 2011 were essentially the same as September 30, 2011 levels and continue to exceed federal bank regulatory agency "well capitalized" thresholds.
At December 31, 2011, the estimated total risk-based capital ratio was 13.3%, the estimated tier 1 risk-based capital ratio was 11.7% and the leverage ratio was 9.15%. At December 31, 2011, the tangible equity to tangible assets ratio (non-GAAP measure) was 6.65% compared to 6.57% and the tangible book value per share (non-GAAP measure) was $4.80.
The dividend payout ratio for the fourth quarter of 2011 was 66%.
Full Year 2011 Results
(All comparisons refer to the full year 2010 results, except as noted)
Full year 2011 results include the impact from the Comm Bancorp, Inc. (CBI) acquisition completed on January 1, 2011.
F.N.B. Corporation's full year 2011 net income increased to $87.0 million, or $0.70 per diluted share, improved from $74.7 million, or $0.65 per diluted share. Full year 2011 net income included merger costs of $3.2 million (after-tax), or $0.02 per diluted share. Full year 2010 net income included the benefit of a one-time credit to pension expense for $6.9 million (after-tax) and merger costs of $0.4 million (after-tax) which increased full year net income by $0.06 per diluted share.
For the full year of 2011, return on average tangible equity (non-GAAP measure) totaled 15.76% compared to 16.02%, return on average equity was 7.36% compared to 7.06%, return on average tangible assets (non-GAAP measure) was 0.99% compared to 0.95%, and return on average assets was 0.88% compared to 0.84%.
Net interest income on a fully taxable equivalent basis totaled $324.4 million for 2011, an increase of $32.8 million or 11.2%, reflecting 10.8% growth in average earning assets and a 2 basis point expansion of the net interest margin. The growth in earning assets reflects a combination of organic growth and the CBI acquisition. For 2011, average loans increased $719.8 million, or 12.1%, with organic growth of 5.1% primarily driven by continued strong market share gains in the Pennsylvania commercial portfolio. Average deposits and customer repurchase agreements grew $830.6 million, or 11.6%, with organic growth of 3.6% due to continued new customer acquisition and higher average balances partially offset by a planned decline in time deposits.
Non-interest income totaled $119.9 million for 2011, an increase of $3.9 million or 3.4%. Fee income on a year-over-year basis reflects a $2.8 million, or 14.2%, increase in wealth management-related revenue as a result of revenue-generating initiatives, more favorable market conditions and organic growth. Service charges increased $5.1 million, or 9.0%, reflecting higher volume, organic growth and the expanded customer base due to the CBI acquisition. Additionally, swap fee revenue included in other income increased 64.6% to $4.3 million for 2011, historically high results given the successful commercial loan growth and continued low interest rate environment. Gain on the sale of loans declined $1.0 million, or 26.4%, reflecting lower volume in 2011. Additionally, 2011 benefited from $2.3 million lower other-than-temporary impairment charges and $0.7 million higher gains on the sale of securities, while 2010 benefited from $3.7 million higher recoveries on impaired loans acquired through acquisitions and $2.5 million in gains related to the successful harvesting of mezzanine financing relationships by F.N.B. Capital Corporation.
Non-interest expense totaled $283.7 million for 2011, an increase of $32.6 million, or 13.0%, due to the addition of CBI-related operating costs and $4.4 million in higher merger-related costs in 2011 and the benefit of the one-time $10.5 million credit to pension expense in 2010. Expected cost savings related to the CBI acquisition were fully phased in at the beginning of the second quarter of 2011. Additionally, FDIC insurance expense declined by $2.5 million, or 23.8%, reflecting the benefit of a revised assessment methodology, while 2011 included $1.1 million in higher debt pre-payment charges. F.N.B. Corporation's efficiency ratio for 2011 was 60% compared to 58% in 2010.
Credit quality results showed consistent improvement in 2011. Provision for loan losses was $33.6 million, improving $13.7 million, or 28.9%, due to a $7.1 million lower provision for the Florida portfolio and a $6.6 million lower provision for the Pennsylvania portfolio. Net charge-off results improved 19 basis points to 0.58% of total loans and reflect improved performance for all portfolios. The ratio of the allowance for loan losses to total loans equaled 1.47% at December 31, 2011, compared to 1.74% at December 31, 2010, with the decline principally reflecting the impact of the accounting treatment required for loans acquired in connection with the CBI acquisition. The ratio of the allowance for loan losses plus the credit mark for the acquired portfolio to total loans plus the credit mark equaled 1.83% at December 31, 2011.
Other Highlights
F.N.B. Corporation has received recognition for distinctive quality in Small Business and Middle Market Banking in the 2011 Greenwich Excellence Awards. F.N.B. Corporation is pleased to be the recipient of six 2011 Excellence Awards from Greenwich Associates including recognition as a national winner of the 2011 Greenwich Small Business Banking Excellence Awards for overall satisfaction, relationship manager performance, branch satisfaction and as a Northeast regional winner of overall satisfaction and Treasury Management overall satisfaction. In addition, FNB received the 2011 Greenwich Excellence Award for Middle Market Banking overall satisfaction in the Northeast region.
Conference Call
F.N.B. Corporation will host its quarterly conference call to discuss fourth quarter and full year 2011 financial results on Tuesday, January 24, 2012 at 8:00 AM EST. Participating callers may access the call by dialing (877) 723-9523 or (719) 325-4768 for international callers; the confirmation number is 8184850. The audio-only 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 EST the day of the call until midnight EST on Tuesday, January 31, 2012. The replay is accessible by dialing (877) 870-5176 or (858) 384-5517 for international callers; the confirmation number is 8184850. 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 $9.8 billion at December 31, 2011. 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 Kentucky and Tennessee.
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 (SEC) which are available on our shareholder and investor relations website at www.fnbcorporation.com and on the SEC website at www.sec.gov; (9) housing prices; (10) job market; (11) consumer confidence and spending habits and (12) estimates of fair value of certain F.N.B. Corporation assets and liabilities. All information provided in this release and in the attachments is based on information only as of the date provided and presently available and 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.
DATA SHEETS FOLLOW
F.N.B.
CORPORATION
------------
(Unaudited)
(Dollars in thousands, except per share data)
4th Qtr 2011
4th Qtr 2011 - -
2011 2010 3rd Qtr 2011 4th Qtr 2010
---- ----
Fourth Third Fourth Percent Percent
Statement of
earnings Quarter Quarter Quarter Variance Variance
------------ ------- -------
Interest
income $96,897 $98,702 $92,867 -1.8 4.3
Interest
expense 16,768 18,300 20,022 -8.4 -16.2
Net interest
income 80,129 80,402 72,845 -0.3 10.0
Taxable
equivalent
adjustment 1,922 2,009 1,683 -4.3 14.2
Net interest
income (FTE)
(1) 82,051 82,411 74,528 -0.4 10.1
Provision for
loan losses 8,289 8,573 10,807 -3.3 -23.3
Net interest
income after
provision
(FTE) 73,762 73,838 63,721 -0.1 15.8
Impairment
losses on
securities (422) (473) (51) n/m n/m
Non-credit
related
losses on
securities
not
expected to
be sold
(recognized
in other
comprehensive
income) 393 436 0 n/m n/m
--- --- ---
Net
impairment
losses on
securities (29) (37) (51) n/m n/m
Service
charges 15,833 16,057 14,146 -1.4 11.9
Insurance
commissions
and fees 3,373 4,002 3,678 -15.7 -8.3
Securities
commissions
and fees 1,602 1,858 1,717 -13.8 -6.7
Trust income 3,560 3,565 3,289 -0.1 8.3
Gain on sale
of
securities 3,511 49 443 6994.9 692.9
Gain on sale
of loans 968 657 1,423 47.3 -32.0
Other 3,780 3,479 4,855 8.7 -22.1
Total non-
interest
income 32,598 29,630 29,500 10.0 10.5
Salaries and
employee
benefits 37,758 37,149 25,911 1.6 45.7
Occupancy and
equipment 10,205 10,263 9,477 -0.6 7.7
Amortization
of
intangibles 1,819 1,808 1,673 0.6 8.7
Other real
estate owned 231 1,065 2,440 -78.3 -90.5
FHLB
prepayment
penalty 3,328 0 0 n/m n/m
Other 18,250 18,932 18,828 -3.6 -3.1
Total non-
interest
expense 71,591 69,217 58,329 3.4 22.7
Income before
income taxes 34,769 34,251 34,892 1.5 -0.4
Taxable
equivalent
adjustment 1,922 2,009 1,683 -4.3 14.2
Income taxes 9,110 8,469 9,676 7.6 -5.8
Net income $23,737 $23,773 $23,533 -0.1 0.9
Earnings per
share:
Basic $0.19 $0.19 $0.21 0.0 -9.5
Diluted $0.19 $0.19 $0.21 0.0 -9.5
Performance
ratios
-----------
Return on
average
equity 7.72% 7.79% 8.74%
Return on
average
tangible
equity (2)
(6) 15.94% 16.23% 19.28%
Return on
average
assets 0.95% 0.95% 1.03%
Return on
average
tangible
assets (3)
(6) 1.06% 1.06% 1.15%
Net interest
margin (FTE)
(1) 3.79% 3.79% 3.77%
Yield on
earning
assets (FTE)
(1) 4.56% 4.63% 4.78%
Cost of funds 0.92% 0.99% 1.17%
Efficiency
ratio (FTE)
(1) (4) 59.27% 59.01% 51.73%
Effective tax
rate 27.73% 26.27% 29.14%
Common stock
data
------------
Average basic
shares
outstanding 126,566,483 126,473,473 114,077,849 0.1 10.9
Average
diluted
shares
outstanding 127,615,744 127,364,526 114,596,166 0.2 11.4
Ending shares
outstanding 127,220,759 127,127,599 114,747,085 0.1 10.9
Book value
per share $9.51 $9.55 $9.29 -0.4 2.4
Tangible book
value per
share (6) $4.80 $4.83 $4.40 -0.6 9.1
Dividend
payout ratio 65.60% 64.62% 58.82%
F.N.B.
CORPORATION
------------
(Unaudited)
(Dollars in thousands, except
per share data)
For the Year Ended
December 31, Percent
------------
Statement of
earnings 2011 2010 Variance
------------ ----
Interest
income $391,125 $373,721 4.7
Interest
expense 74,617 88,731 -15.9
Net interest
income 316,508 284,990 11.1
Taxable
equivalent
adjustment 7,895 6,652 18.7
Net interest
income
(FTE) (1) 324,403 291,642 11.2
Provision
for loan
losses 33,641 47,323 -28.9
Net interest
income
after
provision
(FTE) 290,762 244,319 19.0
Impairment
losses on
securities (895) (9,590) n/m
Non-credit
related
losses on
securities
not
expected to
be sold
(recognized
in other
comprehensive
income) 829 7,251 n/m
--- -----
Net
impairment
losses on
securities (66) (2,339) n/m
Service
charges 61,891 56,780 9.0
Insurance
commissions
and fees 15,185 15,772 -3.7
Securities
commissions
and fees 7,562 6,839 10.6
Trust income 14,782 12,719 16.2
Gain on sale
of
securities 3,652 2,960 23.4
Gain on sale
of loans 2,768 3,762 -26.4
Other 14,144 19,479 -27.4
------
Total non-
interest
income 119,918 115,972 3.4
Salaries and
employee
benefits 149,817 126,259 18.7
Occupancy
and
equipment 40,838 38,261 6.7
Amortization
of
intangibles 7,228 6,714 7.7
Other real
estate
owned 5,217 4,886 6.8
FHLB
prepayment
penalty 3,328 2,269 46.7
Other 77,306 72,714 6.3
------
Total non-
interest
expense 283,734 251,103 13.0
Income
before
income
taxes 126,946 109,188 16.3
Taxable
equivalent
adjustment 7,895 6,652 18.7
Income taxes 32,004 27,884 14.8
------
Net income $87,047 $74,652 16.6
Earnings per
share:
Basic $0.70 $0.66 6.1
Diluted $0.70 $0.65 7.7
Performance
ratios
-----------
Return on
average
equity 7.36% 7.06%
Return on
average
tangible
equity (2)
(6) 15.76% 16.02%
Return on
average
assets 0.88% 0.84%
Return on
average
tangible
assets (3)
(6) 0.99% 0.95%
Net interest
margin
(FTE) (1) 3.79% 3.77%
Yield on
earning
assets
(FTE) (1) 4.66% 4.92%
Cost of
funds 1.02% 1.32%
Efficiency
ratio (FTE)
(1) (4) 59.71% 58.15%
Effective
tax rate 26.88% 27.19%
Common stock
data
------------
Average
basic
shares
outstanding 124,145,924 113,923,612 9.0
Average
diluted
shares
outstanding 125,012,078 114,281,733 9.4
Ending
shares
outstanding 127,220,759 114,747,085 10.9
Book value
per share $9.51 $9.29 2.4
Tangible
book value
per share
(6) $4.80 $4.40 9.1
Dividend
payout
ratio 69.72% 74.02%
F.N.B.
CORPORATION
------------
(Unaudited)
(Dollars
in
thousands)
4th Qtr 2011 4th Qtr 2011
- -
2011 2010 3rd Qtr 2011 4th Qtr 2010
---- ----
Fourth Third Fourth Percent Percent
Average
balances Quarter Quarter Quarter Variance Variance
-------- ------- ------- -------- --------
Total
assets $9,947,884 $9,971,847 $9,044,812 -0.2 10.0
Earning
assets 8,619,185 8,655,608 7,856,410 -0.4 9.7
Securities 1,713,209 1,804,937 1,642,219 -5.1 4.3
Interest
bearing
deposits
with
banks 69,713 100,944 168,729 -30.9 -58.7
Loans,
net of
unearned
income 6,836,263 6,749,727 6,045,462 1.3 13.1
Allowance
for
loan
losses 109,588 111,647 118,187 -1.8 -7.3
Goodwill
and
intangibles 599,352 601,010 561,946 -0.3 6.7
Deposits
and
customer
repos
(7) 8,048,276 8,061,672 7,328,829 -0.2 9.8
Short-
term
borrowings 171,555 157,188 134,456 9.1 27.6
Long-
term
debt 174,220 221,206 199,007 -21.2 -12.5
Trust
preferred
securities 203,960 203,947 204,118 0.0 -0.1
Shareholders'
equity 1,219,575 1,210,953 1,068,468 0.7 14.1
Asset
quality
data
--------
Non-
accrual
loans $94,335 $113,416 $115,589 -16.8 -18.4
Restructured
loans 11,893 12,017 19,705 -1.0 -39.6
Non-
performing
loans 106,228 125,433 135,294 -15.3 -21.5
Other
real
estate
owned 34,719 34,640 32,702 0.2 6.2
Total
non-
performing
loans
and
OREO 140,947 160,073 167,996 -11.9 -16.1
Non-
performing
investments 8,972 5,685 5,974 57.8 50.2
Non-
performing
assets $149,919 $165,758 $173,970 -9.6 -13.8
Net
loan
charge-
offs $16,440 $8,984 $21,314 83.0 -22.9
Allowance
for
loan
losses 100,662 108,813 106,120 -7.5 -5.1
Non-
performing
loans
/
total
loans 1.55% 1.85% 2.22%
Non-
performing
loans
+
OREO
/
total
loans
+
OREO 2.05% 2.35% 2.74%
Non-
performing
assets
/
total
assets 1.53% 1.67% 1.94%
Allowance
for
loan
losses
/
total
loans 1.47% 1.60% 1.74%
Allowance
for
loan
losses
+
credit
marks
/
total
loans
+
credit
marks
(6) 1.83% 1.98% n/a
Allowance
for
loan
losses
/
non-
performing
loans 94.76% 86.75% 78.44%
Net
loan
charge-
offs
(annualized)
/
average
loans 0.95% 0.53% 1.40%
Balances
at
period
end
--------
Total
assets $9,786,483 $9,951,344 $8,959,915 -1.7 9.2
Earning
assets 8,440,329 8,620,484 7,795,476 -2.1 8.3
Loans,
net of
unearned
income 6,856,667 6,788,540 6,088,155 1.0 12.6
Deposits
and
customer
repos
(7) 7,936,428 8,041,155 7,258,045 -1.3 9.3
Total
equity 1,210,199 1,214,491 1,066,124 -0.4 13.5
Capital
ratios
-------
Equity
/
assets
(period
end) 12.37% 12.20% 11.90%
Leverage
ratio 9.15% 9.01% 8.69%
Tangible
equity
/
tangible
assets
(period
end)
(6) 6.65% 6.57% 6.01%
Tangible
equity,
excluding
AOCI
/
tangible
assets
(period
end)
(5)
(6) 7.14% 6.89% 6.41%
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands)
For the Year Ended
December 31, Percent
------------
Average balances 2011 2010 Variance
---------------- ----
Total assets $9,871,164 $8,906,734 10.8
Earning assets 8,561,235 7,724,919 10.8
Securities 1,754,136 1,584,612 10.7
Interest bearing deposits
with banks 118,731 171,740 -30.9
Loans, net of unearned
income 6,688,368 5,968,567 12.1
Allowance for loan losses 109,754 114,526 -4.2
Goodwill and intangibles 599,851 564,448 6.3
Deposits and customer repos
(7) 8,017,269 7,186,715 11.6
Short-term borrowings 154,228 130,981 17.7
Long-term debt 200,158 224,610 -10.9
Trust preferred securities 203,950 204,370 -0.2
Shareholders' equity 1,181,941 1,057,732 11.7
Asset quality data
------------------
Non-accrual loans $94,335 $115,589 -18.4
Restructured loans 11,893 19,705 -39.6
Non-performing loans 106,228 135,294 -21.5
Other real estate owned 34,719 32,702 6.2
Total non-performing loans
and OREO 140,947 167,996 -16.1
Non-performing investments 8,972 5,974 50.2
Non-performing assets $149,919 $173,970 -13.8
Net loan charge-offs $39,099 $45,858 -14.7
Allowance for loan losses 100,662 106,120 -5.1
Non-performing loans /
total loans 1.55% 2.22%
Non-performing loans +
OREO /total loans + OREO 2.05% 2.74%
Non-performing assets /
total assets 1.53% 1.94%
Allowance for loan losses /
total loans 1.47% 1.74%
Allowance for loan losses +
credit marks /total
loans + credit marks (6) 1.83% n/a
Allowance for loan losses /
non-performing loans 94.76% 78.44%
Net loan charge-offs
(annualized) /average
loans 0.58% 0.77%
Balances at period end
----------------------
Total assets $9,786,483 $8,959,915 9.2
Earning assets 8,440,329 7,795,476 8.3
Loans, net of unearned
income 6,856,667 6,088,155 12.6
Deposits and customer repos
(7) 7,936,428 7,258,045 9.3
Total equity 1,210,199 1,066,124 13.5
Capital ratios
--------------
Equity /assets (period
end) 12.37% 11.90%
Leverage ratio 9.15% 8.69%
Tangible equity /tangible
assets (period end) (6) 6.65% 6.01%
Tangible equity, excluding
AOCI /tangible
assets (period end) (5) (6) 7.14% 6.41%
F.N.B.
CORPORATION
-----------
(Unaudited)
(Dollars
in
thousands)
4th Qtr 2011 4th Qtr 2011
- -
2011 2010 3rd Qtr 2011 4th Qtr 2010
---- ----
Fourth Third Fourth Percent Percent
Average
balances Quarter Quarter Quarter Variance Variance
------- -------
Loans:
Commercial $3,832,640 $3,788,735 $3,303,222 1.2 16.0
Commercial
leases 106,160 99,274 75,131 6.9 41.3
------- ------ ------
Commercial
loans
and
leases 3,938,800 3,888,009 3,378,353 1.3 16.6
Direct
installment 1,032,022 1,037,714 1,001,104 -0.5 3.1
Residential
mortgages 691,839 686,097 631,423 0.8 9.6
Indirect
installment 538,283 537,234 515,341 0.2 4.5
Consumer
LOC 594,070 559,791 484,560 6.1 22.6
Other 41,249 40,882 34,681 0.9 18.9
Total
loans $6,836,263 $6,749,727 $6,045,462 1.3 13.1
Deposits:
Non-
interest
bearing
deposits $1,339,484 $1,299,859 $1,105,157 3.0 21.2
Savings
and
NOW 3,809,265 3,888,462 3,380,143 -2.0 12.7
Certificates
of
deposit
and
other
time
deposits 2,202,129 2,256,182 2,159,718 -2.4 2.0
Total
deposits 7,350,878 7,444,503 6,645,018 -1.3 10.6
Customer
repos
(7) 697,398 617,169 683,811 13.0 2.0
Total
deposits
and
customer
repos
(7) $8,048,276 $8,061,672 $7,328,829 -0.2 9.8
Balances
at
period
end
--------
Loans:
Commercial $3,859,419 $3,819,806 $3,337,992 1.0 15.6
Commercial
leases 110,795 103,764 79,429 6.8 39.5
------- ------- ------
Commercial
loans
and
leases 3,970,214 3,923,570 3,417,421 1.2 16.2
Direct
installment 1,029,187 1,033,688 1,002,725 -0.4 2.6
Residential
mortgages 670,936 673,598 622,242 -0.4 7.8
Indirect
installment 540,789 538,366 514,369 0.4 5.1
Consumer
LOC 607,280 580,968 493,881 4.5 23.0
Other 38,261 38,350 37,517 -0.2 2.0
Total
loans $6,856,667 $6,788,540 $6,088,155 1.0 12.6
Deposits:
Non-
interest
bearing
deposits $1,340,465 $1,335,417 $1,093,230 0.4 22.6
Savings
and
NOW 3,790,863 3,794,127 3,423,844 -0.1 10.7
Certificates
of
deposit
and
other
time
deposits 2,158,440 2,238,745 2,129,069 -3.6 1.4
Total
deposits 7,289,768 7,368,289 6,646,143 -1.1 9.7
Customer
repos
(7) 646,660 672,866 611,902 -3.9 5.7
Total
deposits
and
customer
repos
(7) $7,936,428 $8,041,155 $7,258,045 -1.3 9.3
========== ========== ==========
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in
thousands)
For the Year Ended
December 31, Percent
------------
Average balances 2011 2010 Variance
---------------- ----
Loans:
Commercial $3,750,048 $3,299,506 13.7
Commercial leases 95,187 65,855 44.5
------ ------
Commercial loans
and leases 3,845,235 3,365,361 14.3
Direct installment 1,028,388 984,010 4.5
Residential
mortgages 695,573 621,480 11.9
Indirect
installment 530,692 518,231 2.4
Consumer LOC 547,624 444,898 23.1
Other 40,856 34,587 18.1
Total loans $6,688,368 $5,968,567 12.1
Deposits:
Non-interest
bearing deposits $1,266,392 $1,045,837 21.1
Savings and NOW 3,835,393 3,300,963 16.2
Certificates of
deposit and other
time deposits 2,278,133 2,199,667 3.6
Total deposits 7,379,918 6,546,467 12.7
Customer repos (7) 637,351 640,248 -0.5
Total deposits and
customer repos (7) $8,017,269 $7,186,715 11.6
Balances at period
end
------------------
Loans:
Commercial $3,859,419 $3,337,992 15.6
Commercial leases 110,795 79,429 39.5
------- ------
Commercial loans
and leases 3,970,214 3,417,421 16.2
Direct installment 1,029,187 1,002,725 2.6
Residential
mortgages 670,936 622,242 7.8
Indirect
installment 540,789 514,369 5.1
Consumer LOC 607,280 493,881 23.0
Other 38,261 37,517 2.0
Total loans $6,856,667 $6,088,155 12.6
Deposits:
Non-interest
bearing deposits $1,340,465 $1,093,230 22.6
Savings and NOW 3,790,863 3,423,844 10.7
Certificates of
deposit and other
time deposits 2,158,440 2,129,069 1.4
Total deposits 7,289,768 6,646,143 9.7
Customer repos (7) 646,660 611,902 5.7
Total deposits and
customer repos (7) $7,936,428 $7,258,045 9.3
========== ==========
F.N.B.
CORPORATION
------------
(Unaudited)
(Dollars in
thousands)
Fourth Quarter 2011
-------------------
Asset
quality
data, by
core
portfolio Bank - PA Bank - FL Regency Total
---------- --------- --------- ------- -----
Non-accrual
loans $53,871 $39,122 $1,342 $94,335
Restructured
loans 6,849 0 5,044 11,893
----- --- ----- ------
Non-
performing
loans 60,720 39,122 6,386 106,228
Other real
estate
owned 13,216 19,921 1,582 34,719
------ ------ ----- ------
Total non-
performing
loans and
OREO 73,936 59,043 7,968 140,947
Non-
performing
investments 8,972 0 0 8,972
Non-
performing
assets $82,908 $59,043 $7,968 $149,919
======= ======= ====== ========
Net loan
charge-
offs $4,898 $9,812 $1,730 $16,440
Provision
for loan
losses 4,195 2,280 1,815 8,289
Allowance
for loan
losses 80,834 12,946 6,882 100,662
Loans, net
of unearned
income 6,538,730 154,081 163,856 6,856,667
Non-
performing
loans /
total loans 0.93% 25.39% 3.90% 1.55%
Non-
performing
loans +
OREO /
total loans
+ OREO 1.13% 33.93% 4.82% 2.05%
Non-
performing
assets /
total
assets 0.88% 36.66% 4.65% 1.53%
Allowance
for loan
losses /
total loans 1.24% 8.40% 4.20% 1.47%
Allowance
for loan
losses +
credit
marks /
total
loans +
credit
marks (6) 1.62% 8.40% 4.20% 1.83%
Allowance
for loan
losses /
non-
performing
loans 133.13% 33.09% 107.77% 94.76%
Net loan
charge-
offs
(annualized)
/average
loans 0.30% 23.55% 4.21% 0.95%
Loans 30 -
89 days
past due $43,857 $0 $2,317 $46,174
Loans 90+
days past
due 15,639 0 2,492 18,131
Non-accrual
loans 53,871 39,122 1,342 94,335
------ ------ ----- ------
Total past
due and
non-
accrual
loans $113,367 $39,122 $6,151 $158,640
======== ======= ====== ========
Loans 90+
days past
due and
non-
accrual
loans /
total loans 1.06% 25.39% 2.34% 1.64%
Total past
due and
non-
accrual
loans /
total loans 1.73% 25.39% 3.75% 2.31%
Third Quarter 2011
------------------
Asset
quality
data, by
core
portfolio Bank - PA Bank - FL Regency Total
---------- --------- --------- ------- -----
Non-accrual
loans $58,782 $53,254 $1,380 $113,416
Restructured
loans 6,938 0 5,079 12,017
----- --- ----- ------
Non-
performing
loans 65,720 53,254 6,459 125,433
Other real
estate
owned 12,616 20,477 1,547 34,640
------ ------ ----- ------
Total non-
performing
loans and
OREO 78,336 73,731 8,006 160,073
Non-
performing
investments 5,685 0 0 5,685
Non-
performing
assets $84,021 $73,731 $8,006 $165,758
======= ======= ====== ========
Net loan
charge-
offs $4,094 $3,481 $1,409 $8,984
Provision
for loan
losses 3,278 3,941 1,353 8,573
Allowance
for loan
losses 81,538 20,478 6,797 108,813
Loans, net
of unearned
income 6,450,130 176,578 161,832 6,788,540
Non-
performing
loans /
total loans 1.02% 30.16% 3.99% 1.85%
Non-
performing
loans +
OREO /
total loans
+ OREO 1.21% 37.42% 4.90% 2.35%
Non-
performing
assets /
total
assets 0.88% 41.76% 4.67% 1.67%
Allowance
for loan
losses /
total loans 1.26% 11.60% 4.20% 1.60%
Allowance
for loan
losses +
credit
marks /
total
loans +
credit
marks (6) 1.66% 11.60% 4.20% 1.98%
Allowance
for loan
losses /
non-
performing
loans 124.07% 38.45% 105.24% 86.75%
Net loan
charge-
offs
(annualized)
/average
loans 0.25% 7.74% 3.42% 0.53%
Loans 30 -
89 days
past due $41,877 $0 $2,540 $44,417
Loans 90+
days past
due 14,393 0 2,217 16,610
Non-accrual
loans 58,782 53,254 1,380 113,416
------ ------ ----- -------
Total past
due and
non-
accrual
loans $115,052 $53,254 $6,137 $174,443
======== ======= ====== ========
Loans 90+
days past
due and
non-
accrual
loans /
total loans 1.13% 30.16% 2.22% 1.92%
Total past
due and
non-
accrual
loans /
total loans 1.78% 30.16% 3.79% 2.57%
F.N.B.
CORPORATION
------------
(Unaudited)
(Dollars in
thousands)
Fourth Quarter 2010
-------------------
Asset quality
data, by
core
portfolio Bank - PA Bank - FL Regency Total
------------- --------- --------- ------- -----
Non-accrual
loans $58,528 $55,222 $1,839 $115,589
Restructured
loans 13,433 0 6,272 19,705
------ --- ----- ------
Non-
performing
loans 71,961 55,222 8,111 135,294
Other real
estate owned 10,520 20,860 1,322 32,702
------ ------ ----- ------
Total non-
performing
loans and
OREO 82,481 76,082 9,433 167,996
Non-
performing
investments 5,974 0 0 5,974
Non-
performing
assets $88,455 $76,082 $9,433 $173,970
======= ======= ====== ========
Net loan
charge-offs $6,870 $12,901 $1,543 $21,314
Provision for
loan losses 7,939 1,271 1,597 10,807
Allowance for
loan losses 81,797 17,485 6,838 106,120
Loans, net of
unearned
income 5,730,069 195,281 162,805 6,088,155
Non-
performing
loans /
total loans 1.26% 28.28% 4.98% 2.22%
Non-
performing
loans + OREO
/total
loans + OREO 1.44% 35.20% 5.75% 2.74%
Non-
performing
assets /
total assets 1.03% 38.30% 5.50% 1.94%
Allowance for
loan losses
/total
loans 1.43% 8.95% 4.20% 1.74%
Allowance for
loan losses
+ credit
marks /
total
loans +
credit marks
(6) n/a n/a n/a n/a
Allowance for
loan losses
/non-
performing
loans 113.67% 31.66% 84.30% 78.44%
Net loan
charge-offs
(annualized)
/average
loans 0.48% 25.05% 3.78% 1.40%
Loans 30 -89
days past
due $38,600 $2,499 $2,523 $43,622
Loans 90+
days past
due 6,127 0 2,507 8,634
Non-accrual
loans 58,528 55,222 1,839 115,589
------ ------ ----- -------
Total past
due and non-
accrual
loans $103,255 $57,721 $6,869 $167,845
======== ======= ====== ========
Loans 90+
days past
due and non-
accrual
loans /total
loans 1.13% 28.28% 2.67% 2.04%
Total past
due and non-
accrual
loans /
total loans 1.80% 29.56% 4.22% 2.76%
F.N.B.
CORPORATION
-----------
(Unaudited)
(Dollars
in
thousands)
4th Qtr 2011 4th Qtr 2011
- -
2011 2010 3rd Qtr 2011 4th Qtr 2010
---- ----
Fourth Third Fourth Percent Percent
Balance
Sheet
(at
period
end) Quarter Quarter Quarter Variance Variance
------- ------- -------
Assets
Cash
and
due
from
banks $197,349 $197,753 $115,556 -0.2 70.8
Interest
bearing
deposits
with
banks 11,604 34,982 16,015 -66.8 -27.5
------ ------ ------
Cash
and
cash
equivalents 208,953 232,735 131,571 -10.2 58.8
Securities
available
for
sale 640,571 802,455 738,125 -20.2 -13.2
Securities
held
to
maturity 917,212 984,201 940,481 -6.8 -2.5
Residential
mortgage
loans
held
for
sale 14,275 10,307 12,700 38.5 12.4
Loans,
net
of
unearned
income 6,856,667 6,788,540 6,088,155 1.0 12.6
Allowance
for
loan
losses (100,662) (108,813) (106,120) -7.5 -5.1
-------- -------- --------
Net
loans 6,756,005 6,679,727 5,982,035 1.1 12.9
Premises
and
equipment,
net 130,043 125,748 115,956 3.4 12.1
Goodwill 568,462 567,511 528,720 0.2 7.5
Core
deposit
and
other
intangible
assets,
net 30,953 32,772 32,428 -5.6 -4.6
Bank
owned
life
insurance 208,927 207,600 208,051 0.6 0.4
Other
assets 311,082 308,288 269,848 0.9 15.3
------- ------- -------
Total
Assets $9,786,483 $9,951,344 $8,959,915 -1.7 9.2
========== ========== ==========
Liabilities
Deposits:
Non-
interest
bearing
demand $1,340,465 $1,335,417 $1,093,230 0.4 22.6
Savings
and
NOW 3,790,863 3,794,127 3,423,844 -0.1 10.7
Certificates
and
other
time
deposits 2,158,440 2,238,746 2,129,069 -3.6 1.4
--------- --------- ---------
Total
Deposits 7,289,768 7,368,289 6,646,143 -1.1 9.7
Other
liabilities 143,239 124,479 97,951 15.1 46.2
Short-
term
borrowings 851,294 817,343 753,603 4.2 13.0
Long-
term
debt 88,016 222,788 192,058 -60.5 -54.2
Junior
subordinated
debt 203,967 203,954 204,036 0.0 0.0
------- ------- -------
Total
Liabilities 8,576,284 8,736,853 7,893,791 -1.8 8.6
Stockholders'
Equity
Common
stock 1,268 1,268 1,143 0.1 11.0
Additional
paid-
in
capital 1,224,572 1,222,123 1,094,713 0.2 11.9
Retained
earnings 32,925 24,760 6,564 33.0 401.6
Accumulated
other
comprehensive
income (45,148) (30,248) (33,732) 49.3 33.8
Treasury
stock (3,418) (3,412) (2,564) 0.2 33.3
------ ------ ------
Total
Stockholders'
Equity 1,210,199 1,214,491 1,066,124 -0.4 13.5
--------- --------- ---------
Total
Liabilities
and
Stockholders'
Equity $9,786,483 $9,951,344 $8,959,915 -1.7 9.2
========== ========== ==========
F.N.B.
CORPORATION
------------
(Unaudited)
(Dollars
in
thousands)
NON-GAAP FINANCIAL MEASURES
---------------------------
We believe the following non-GAAP financial measures used by
F.N.B. Corporation provide information useful to investors
in understanding
F.N.B. Corporation's operating performance and trends, and
facilitate comparisons with the performance of F.N.B.
Corporation's peers. The
non-GAAP financial measures used by F.N.B. Corporation may
differ from the non-GAAP financial measures other financial
institutions use
to measure their results of operations. Non-GAAP financial
measures should be viewed in addition to, and not as an
alternative for, F.N.B.
Corporation's reported results prepared in accordance with
U.S. GAAP. The following tables summarize the non-GAAP
financial measures
included in this press release and derived from amounts
reported in F.N.B. Corporation's financial statements.
2011 2010
---- ----
Fourth Third Fourth
Quarter Quarter Quarter
------- -------
Return on
average
tangible
equity
(2):
---------
Net
income
(annualized) $94,175 $94,315 $93,364
Amortization
of
intangibles,
net of
tax
(annualized) 4,692 4,663 4,315
----- ----- -----
98,867 98,978 97,679
Average
total
shareholders'
equity 1,219,575 1,210,953 1,068,468
Less:
Average
intangibles (599,352) (601,010) (561,946)
-------- -------- --------
620,223 609,943 506,522
Return on
average
tangible
equity
(2) 15.94% 16.23% 19.28%
===== ===== =====
Return on
average
tangible
assets
(3):
---------
Net
income
(annualized) $94,175 $94,315 $93,364
Amortization
of
intangibles,
net of
tax
(annualized) 4,692 4,663 4,315
----- ----- -----
98,867 98,978 97,679
Average
total
assets 9,947,884 9,971,847 9,044,812
Less:
Average
intangibles (599,352) (601,010) (561,946)
-------- -------- --------
9,348,532 9,370,837 8,482,866
Return on
average
tangible
assets
(3) 1.06% 1.06% 1.15%
==== ==== ====
Tangible
book
value
per
share:
--------
Total
shareholders'
equity $1,210,199 $1,214,491 $1,066,124
Less:
intangibles (599,414) (600,283) (561,148)
-------- -------- --------
610,785 614,208 504,976
Ending
shares
outstanding 127,220,759 127,127,599 114,747,085
Tangible
book
value
per
share $4.80 $4.83 $4.40
===== ===== =====
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands)
For the Year Ended
December 31,
------------
2011 2010
----
Return on average tangible equity (2):
--------------------------------------
Net income $87,047 $74,652
Amortization of intangibles, net of tax 4,698 4,364
----- -----
91,745 79,016
Average total shareholders' equity 1,181,941 1,057,732
Less: Average intangibles (599,851) (564,448)
-------- --------
582,090 493,285
Return on average tangible equity (2) 15.76% 16.02%
===== =====
Return on average tangible assets (3):
--------------------------------------
Net income $87,047 $74,652
Amortization of intangibles, net of tax 4,698 4,364
----- -----
91,745 79,016
Average total assets 9,871,164 8,906,734
Less: Average intangibles (599,851) (564,448)
-------- --------
9,271,313 8,342,286
Return on average tangible assets (3) 0.99% 0.95%
==== ====
Tangible book value per share:
------------------------------
Total shareholders' equity $1,210,199 $1,066,124
Less: intangibles (599,414) (561,149)
-------- --------
610,785 504,975
Ending shares outstanding 127,220,759 114,747,085
Tangible book value per share $4.80 $4.40
===== =====
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands)
2011 2010
---- ----
Fourth Third Fourth
Quarter Quarter Quarter
------- -------
Tangible equity /tangible assets
(period end):
--------------------------------
Total shareholders' equity $1,210,199 $1,214,491 $1,066,124
Less: intangibles (599,414) (600,283) (561,148)
-------- -------- --------
610,785 614,208 504,976
Total assets 9,786,483 9,951,344 8,959,915
Less: intangibles (599,414) (600,283) (561,148)
-------- -------- --------
9,187,069 9,351,061 8,398,767
Tangible equity /tangible assets
(period end) 6.65% 6.57% 6.01%
==== ==== ====
Tangible equity, excluding AOCI /
tangible
---------------------------------
assets (period end) (5):
------------------------
Total shareholders' equity $1,210,199 $1,214,491 $1,066,124
Less: intangibles (599,414) (600,283) (561,148)
Less: AOCI 45,148 30,248 33,732
------ ------ ------
655,933 644,456 538,708
Total assets 9,786,483 9,951,344 8,959,915
Less: intangibles (599,414) (600,283) (561,148)
-------- -------- --------
9,187,069 9,351,061 8,398,767
Tangible equity, excluding AOCI /
tangible
assets (period end) (5) 7.14% 6.89% 6.41%
==== ==== ====
Allowance for loan losses + credit
marks /total
----------------------------------
loans + credit marks:
---------------------
Allowance for loan losses $100,662 $108,813
Credit marks 25,350 25,932
------ ------
126,012 134,745
Total loans 6,856,667 6,788,540
Credit marks 25,350 25,932
------ ------
6,882,017 6,814,472
Allowance for loan losses + credit
marks /total
loans + credit marks 1.83% 1.98%
==== ====
(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 equity is calculated by dividing net income less amortization
of intangibles by average 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, other real estate owned expense, FHLB prepayment penalties and merger costs
by the sum of net interest income on a fully taxable equivalent basis plus non-interest
income less securities gains and net impairment losses on securities.
(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) Customer repos are included in short-term borrowings on the balance sheet.
SOURCE F.N.B. Corporation
