F.N.B. Corporation Meets Analysts' Consensus Estimates

Apr 17, 2001, 01:00 ET from F.N.B. Corporation

    NAPLES, Fla., April 17 /PRNewswire/ -- F.N.B. Corporation (Nasdaq: FBAN)
 today reported first quarter 2001 core operating earnings of approximately
 $10.7 million, or $0.46 per diluted share. This represents an increase of 3
 percent over the $10.4 million, or $0.45 per diluted share, in core operating
 earnings reported for the same period a year earlier.
     F.N.B.'s first quarter 2001 results, excluding merger-related and other
 nonrecurring charges, represent a return on average assets (ROA) of 1.11% and
 a return on average shareholders' equity (ROE) of 13.31%. The company's first
 quarter operating revenue was $57.7 million (FTE), an increase of 7.2 percent
 over the first quarter of 2000.
     These core results were in line with analysts' consensus estimates and
 company targets.
     "F.N.B. achieved very solid revenue and income growth during the first
 quarter while maintaining superior asset quality," said Gary L. Tice,
 President and Chief Executive Officer.  "Fee income, in particular, increased
 27 percent compared with last year, benefiting from acquisitions and gains in
 investment services."
     During the quarter, F.N.B. initiated a charter consolidation plan as part
 of an ongoing effort to improve long-term shareholder value.  Under the
 program, each of F.N.B.'s community bank affiliates will be combined under a
 single operating charter for each state.  This plan will result in significant
 savings by eliminating operational redundancies.
     The charter consolidation plan resulted in a one-time after-tax charge of
 approximately $2.1 million in the first quarter. Once completed, this
 integration project is expected to boost after-tax earnings on an annualized
 basis by approximately $2.9 million, or $0.12 per share, by the year 2002.
 This will boost core operating earnings by $0.08 per share for the year 2001.
 These amounts are consistent with those discussed in prior releases.
     Based upon those numbers, the company is comfortable with the previously
 disclosed core operating earnings estimates of $0.51 per share in the second
 quarter of 2001, $0.54 per share in the third quarter of 2001 and $0.58 per
 share in the fourth quarter of 2001. It is further projected that core
 earnings will be $0.53 per share in the first quarter of 2002.
     During the first quarter of 2001, F.N.B. also recorded a one-time pre-tax
 charge of approximately $4.0 million to establish a legal reserve for
 estimated losses related to a previous bank acquisition involving a
 defalcation caused by a third party IRA administrator. On an after-tax basis
 this equates to $0.11 per share. The company has chosen to take the most
 expeditious and effective course of resolving this issue and is confident that
 it is an isolated event affecting only a small group of customers. F.N.B. will
 vigorously pursue all avenues to recover these losses.
     Including these nonrecurring charges, net income for the first quarter of
 2001 was approximately $5.9 million, or $0.25 per diluted share.
     During the first three months of this year, the company continued on its
 growth strategy with the acquisition of three independent insurance agencies
 in Florida, including Don Ostrowsky & Associates Inc., OneSource Group Inc.
 and James T. Blalock. These strategic affiliations are part of an aggressive
 effort by F.N.B. Corporation to boost fee-based revenues and reduce its
 traditional dependence on income from interest spreads.
     On March 6, F.N.B. announced that its Board of Directors had approved of
 the relocation of its principal executive offices from Hermitage,
 Pennsylvania, to Naples, Florida. The company also announced that it plans to
 change the place of its legal incorporation from Pennsylvania to Florida. The
 reincorporation proposal will be considered by shareholders during the
 company's annual meeting on Monday, April 23, 2001, in Naples, Florida.
     Also in March, the company received federal regulatory and shareholder
 approval for the affiliation of Citizens Community Bancorp Inc., the parent of
 Citizens Community Bank of Florida in Marco Island. This transaction is
 scheduled for completion by the end of April pending final approval from the
 Florida Department of Banking and Finance.
     For the first quarter of 2001, non-interest income, which includes
 earnings from trust, investment management services and other sources of fee
 income, was more than $18.2 million. This represented a 26 percent increase
 over the same period a year ago. Non-interest expense, excluding merger-
 related and other nonrecurring charges, was $39.2 million, an increase of 11
 percent compared to $35.1 million in the first quarter of 2000.
     Credit quality remains strong, with net charge-offs of 0.32% of average
 loans, compared to 0.22% for the same period last year. As of March 31, 2001,
 the allowance for loan losses as a percentage of total loans was 1.31%,
 compared to 1.30% a year earlier. Non-performing loans represented 0.44% of
 total loans, compared with 0.47% a year earlier.
     Book value per common share increased nearly 11 percent, from $12.95 per
 share at the end of the first quarter of 2000 to $14.35 per share at the end
 of the first quarter of 2001.
     F.N.B. Corporation is a $4.0 billion diversified financial services
 company headquartered in Naples, Florida. The company currently owns and
 operates traditional community banks, insurance agencies, a consumer finance
 company and First National Trust Company with a total of 153 offices in
 Florida, Pennsylvania, Ohio and Tennessee.
     F.N.B. has increased cash dividends for 28 consecutive years and has been
 recognized as a Dividend Achiever by Mergent FIS, formerly known as Moody's
 Investors Service.
 
     F.N.B. Corporation will host a conference call at 10 a.m. Eastern Daylight
 Time on April 18, 2001. The live call will be available at 800-360-9865. For
 those who are unavailable to listen to the live conference call, a replay will
 be available from 12 p.m. noon on April 18, 2001, until 7 p.m. on April 25,
 2001, by dialing 800-428-6051, access code 172962.
     This release contains certain "forward-looking statements" 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. Actual results could differ materially from those projected.
 F.N.B. undertakes no obligation to release revisions to these forward-looking
 statements or to reflect events or circumstances after the date of this
 release.
     Copies of this news release are available over the Internet at
 www.fnbcorporation.com or by calling F.N.B. at 1-800-262-7600, extension 1676.
 Shares of the corporation's common stock are traded on the Nasdaq Stock Market
 under the symbol FBAN.
 
                               F.N.B. CORPORATION
                      COMPARATIVE SELECTED FINANCIAL DATA
                              AS OF MARCH 31, 2001
                                  (UNAUDITED)
                             (Dollars in Thousands)
 
     BALANCE SHEET                  3/31/01         3/31/00       12/31/00
 
     Assets                       $4,006,000      $3,765,000    $3,890,000
     Loans, Net of Unearned        2,947,000       2,907,000     2,962,000
     Deposits                      3,206,000       3,044,000     3,103,000
     Equity                          328,000         294,000       322,000
 
     Book Value Per Share              14.35           12.95         14.13
 
     3 MONTHS ENDED
     INCOME STATEMENT                3/31/01         3/31/00         % CHG
 
     Net Income                       $5,872         $10,391           -43
     Core Operating Earnings          10,670          10,391             3
 
     Net Interest Income              38,915          38,870             0
     Non Interest Income              18,219          14,405            26
     Non Interest Expense             46,710          35,153            33
     Non-Recurring Items               7,531
 
     DILUTED EARNINGS PER SHARE
     Net Income                        $0.25           $0.45           -44
     Core Operating Earnings           $0.46           $0.45             2
 
                                                   3 MONTHS ENDED
     RATIOS (Core Operating Earnings)        3/31/01          3/31/00
 
     Return on Average Assets                  1.11 %           1.13  %
     Return on Average Equity                 13.31            14.32
 
     Net Interest Margin (FTE)                 4.51             4.73
 
     Nonperforming Loans to Total Loans        0.44             0.47
     Allowance for Loan Losses to Total Loans  1.31             1.30
     Net Charge-offs to Average Loans          0.32             0.22
 
 
                               F.N.B. CORPORATION
                 (Dollars in thousands, except per share data)
 
                                                                  1st Qtr
                                                                 2001-2000
     Statement     First    Fourth   Third    Second     First    Percent
      of Earnings Quarter   Quarter Quarter   Quarter   Quarter   Variance
 
     Interest
      income -
      taxable
      equivalent
      basis       $74,365  $76,063  $75,257   $72,091   $69,705      6.7
 
     Interest
      income      $73,815  $75,541  $74,726   $71,577   $69,166      6.7
     Interest
      expense      34,900   36,885   35,931    32,251    30,296     15.2
 
     Net interest
      income       38,915   38,656   38,795    39,326    38,870      0.1
     Provision for
      loan losses   2,101    2,564    2,439     2,901     2,973    -29.3
 
     Net interest
      income after
      provision    36,814   36,092   36,356    36,425    35,897      2.6
 
     Service
      charges       5,743    5,744    5,568     5,506     5,187     10.7
     Insurance
      commissions
      and fees      8,575    6,751    6,639     5,596     5,996     43.0
     Trust income   1,197    1,154    1,162     1,077     1,070     11.9
     Gain on sale
      of securities    32       34       64        38        40    -20.0
     Other          2,672    3,459    2,806     1,952     2,112     26.5
 
     Total non-
      interest
      income       18,219   17,142   16,239    14,169    14,405     26.5
 
     Salaries and
      employee
      benefits     23,032   20,320   20,286    19,972    20,265     13.7
     Occupancy and
      equipment     6,041    5,717    5,731     5,535     5,520      9.4
     Amortization of
      intangibles     620      593      573       488       467     32.8
     Merger related
      expenses        283
     Other         16,734    9,782    9,817     9,250     8,901     88.0
 
     Total non-interest
      expense      46,710   36,412   36,407    35,245    35,153     32.9
 
     Income before
      income taxes  8,323   16,822   16,188    15,349    15,149    -45.1
     Income taxes   2,451    5,442    5,067     4,852     4,758    -48.5
 
     Net income    $5,872  $11,380  $11,121   $10,497   $10,391    -43.5
 
     Core operating
      earnings    $10,670  $11,380  $11,121   $10,497   $10,391      2.7
 
     Earnings per
      Common Share
     Basic earnings
      per share      0.26     0.50     0.49      0.47      0.46    -43.5
     Diluted earnings
      per share      0.25     0.49     0.48      0.45      0.45    -44.4
 
     Core Operating
      Earnings per
      Common Share
     Basic earnings
      per share      0.47     0.50     0.49      0.47      0.46      2.2
     Diluted earnings
      per share      0.46     0.49     0.48      0.45      0.45      2.2
 
     Cash dividend per
      common share   0.18     0.18     0.18      0.18      0.17      5.9
     Book value per
      common share
     Tangible book value
      per common share
 
     Performance Ratios
      (Core Operating
      Earnings)
     Return on average
      shareholders'
      equity       13.31%   14.35%   14.30%    14.20%    14.28%
     Return on
      average
      assets        1.11%    1.17%    1.15%     1.11%     1.13%
     Net interest
      margin (FTE)  4.51%    4.44%    4.47%     4.66%     4.71%
     Yield on earning
      assets (FTE)  8.50%    8.62%    8.55%     8.43%     8.34%
     Efficiency
      ratio (FTE)  66.85%   63.60%   64.49%    64.35%    64.46%
 
 
                               F.N.B. CORPORATION
                 (Dollars in thousands, except per share data)
                              For the Three Months
                                Ended March 31,
 
                                                          Percent
     Statement of Earnings     2001          2000        Variance
 
     Interest
      income -
      taxable
      equivalent
      basis                  $74,365        $69,705          6.7
 
     Interest
      income                 $73,815        $69,166          6.7
     Interest
      expense                 34,900         30,296         15.2
 
     Net interest
      income                  38,915         38,870          0.1
     Provision for
      loan losses              2,101          2,973        -29.3
 
     Net interest
      income after
      provision               36,814         35,897          2.6
 
     Service
      charges                  5,743          5,187         10.7
     Insurance
      commissions
      and fees                 8,575          5,996         43.0
     Trust income              1,197          1,070         11.9
     Gain on sale
      of securities               32             40        -20.0
     Other                     2,672          2,112         26.5
 
     Total non-
      interest
      income                  18,219         14,405         26.5
 
     Salaries and
      employee
      benefits                23,032         20,265         13.7
     Occupancy and
      equipment                6,041          5,520          9.4
     Amortization of
      intangibles                620            467         32.8
     Merger related
      expenses                   283              0
     Other                    16,734          8,901         88.0
 
     Total non-interest
      expense                 46,710         35,153         32.9
 
     Income before
      income taxes             8,323         15,149        -45.1
     Income taxes              2,451          4,758        -48.5
 
     Net income               $5,872        $10,391        -43.5
 
     Core operating
      earnings               $10,670        $10,391          2.7
 
     Earnings per
      Common Share
     Basic earnings
      per share                 0.26           0.46        -43.5
     Diluted earnings
      per share                 0.25           0.45        -44.4
 
     Core Operating
      Earnings per Common Share
     Basic earnings
      per share                 0.47           0.46          2.2
     Diluted earnings
      per share                 0.46           0.45          2.2
 
     Cash dividend per
      common share              0.18           0.17          5.9
     Book value per
      common share             14.35          12.95         10.8
     Tangible book value
      per common share         12.96          12.02          7.8
 
     Performance Ratios
      (Core Operating
      Earnings)
     Return on average
      shareholders'
      equity                  13.31%         14.32%
     Return on
      average assets           1.11%          1.13%
     Net interest
      margin (FTE)             4.51%          4.73%
     Yield on earning
      assets (FTE)             8.50%          8.36%
     Efficiency
      ratio (FTE)             66.85%         64.46%
 
 
                               F.N.B. CORPORATION
 
                                                                      1st Qtr
                                                                     2001-2000
     Average      First    Fourth      Third     Second     First     Percent
      Balances   Quarter  Quarter     Quarter    Quarter   Quarter   Variance
 
     Total
      assets  $3,915,777  $3,859,498 $3,847,724 $3,781,176 $3,703,730    5.7
     Earning
      assets   3,549,924   3,498,976  3,492,948  3,431,488  3,354,295    5.8
     Securities  493,981     489,561    476,369    468,489    475,836    3.8
     Loans, net
      of
      unearned 2,946,414   2,968,840  2,989,821  2,954,508  2,866,645    2.8
     Allowance for
      loan losses 39,118      39,489     39,522     38,575     37,102    5.4
     Intangibles  31,739      29,882     28,136     21,891     20,621   53.9
 
     Non-interest
      bearing
      deposits   449,368     442,514    440,202    447,924    425,562    5.6
     Interest
      bearing
      deposits 2,681,298   2,615,147  2,599,243  2,569,502  2,530,651    6.0
     Total
      deposits 3,130,666   3,057,661  3,039,445  3,017,426  2,956,213    5.9
     Short-term
      borrowings 276,794     294,583    290,714    286,276    284,368   -2.7
     Long-term
      debt       116,002     121,518    142,126    116,207    111,424    4.1
     Shareholders'
      equity     325,116     314,581    308,629    296,545    291,786   11.4
 
     Average basic
      shares
      outstand-
      ing     22,519,209  22,473,549 22,608,243 22,336,133 22,311,817    0.9
     Average diluted
      shares
      outstand-
      ing     23,248,213  23,191,088 23,364,276 23,101,473 23,172,552    0.3
 
     Asset Quality Data
     Non-accrual
      loans      $10,172      $9,946     $8,296     $7,898    $10,086    0.9
     Restructured
      loans        2,842       2,810      2,805      2,993      3,435  -17.3
 
     Non-performing
      loans       13,014      12,756     11,101     10,891     13,521   -3.7
     Other real
      estate owned 4,016       4,786      4,553      5,871      4,540  -11.5
 
     Non-performing
      assets     $17,030     $17,542    $15,654    $16,762    $18,061   -5.7
 
     Net loan
      charge-offs $2,294      $3,087     $2,564     $2,032     $1,535   49.4
     Allowance for
      loan losses 38,544      38,737     39,259     38,618     37,749    2.1
 
     Non-performing
      loans/total
      loans        0.44%       0.43%      0.37%      0.37%      0.47%
     Non-performing
      assets/total
      assets       0.43%       0.45%      0.41%      0.44%      0.48%
     Allowance for
      loan losses/
      total loans  1.31%       1.31%      1.33%      1.29%      1.30%
     Allowance for
      loan losses /
      non-performing
      loans      296.17%     303.68%    353.65%    354.59%    279.19%
     Net loan
      charge-offs
      (annualized) /
      average
      loans        0.32%       0.41%      0.34%      0.28%      0.21%
 
     Balances at
      Period End
     Total assets
     Earning assets
     Securities
     Mortgage loans
      held for sale
     Loans, net
      of unearned
 
     Non-interest
      bearing deposits
     Interest
      bearing
      deposits
     Total deposits
     Short-term
      borrowings
     Long-term debt
     Shareholders' equity
 
 
                               F.N.B. CORPORATION
                              For the Three Months
                                Ended March 31,
 
                                                                    Percent
     Average Balances                2001            2000          Variance
 
     Total assets                 $3,915,777       3,703,730           5.7
     Earning assets                3,549,924       3,354,295           5.8
     Securities                      493,981         475,836           3.8
     Loans, net of unearned        2,946,414       2,866,645           2.8
     Allowance for loan losses        39,118          37,102           5.4
     Intangibles                      31,739          20,621          53.9
 
     Non-interest
      bearing
      deposits                       449,368         425,562           5.6
     Interest bearing
      deposits                     2,681,298       2,530,651           6.0
     Total deposits                3,130,666       2,956,213           5.9
     Short-term
      borrowings                     276,794         284,368          -2.7
     Long-term debt                  116,002         111,424           4.1
     Shareholders'
      equity                         325,116         291,786          11.4
 
     Average basic
      shares
      outstanding                 22,519,209      22,311,817           0.9
     Average diluted
      shares
      outstanding                 23,248,213      23,172,552           0.3
 
     Asset Quality Data
     Non-accrual loans               $10,172         $10,086           0.9
     Restructured loans                2,842           3,435         -17.3
 
     Non-performing
      loans                           13,014          13,521          -3.7
     Other real
      estate owned                     4,016           4,540         -11.5
 
     Non-performing
      assets                         $17,030         $18,061          -5.7
 
     Net loan
      charge-offs                     $2,294          $1,535          49.4
     Allowance
      for loan
      losses                          38,544          37,749           2.1
 
     Non-performing
      loans /
      total
      loans                            0.44%           0.47%
     Non-performing
      assets /
      total assets                     0.43%           0.48%
     Allowance for
      loan losses /
      total loans                      1.31%           1.30%
     Allowance for
      loan losses /
      non-performing
      loans                          296.17%         279.19%
     Net loan
      charge-offs
      (annualized) /
      average loans                    0.32%           0.22%
 
     Balances at
      Period End
     Total assets                  4,005,876       3,765,327           6.4
     Earning assets                3,613,356       3,400,104           6.3
     Securities                      481,342         467,651           2.9
     Mortgage loans
      held for sale                    7,106           5,579          27.4
     Loans, net
      of unearned                  2,947,434       2,907,382           1.4
 
     Non-interest
      bearing deposits               463,481         465,484          -0.4
     Interest
      bearing
      deposits                     2,742,168       2,578,808           6.3
     Total deposits                3,205,649       3,044,292           5.3
     Short-term
      borrowings                     286,379         274,812           4.2
     Long-term debt                  113,052          92,880          21.7
     Shareholders' equity            327,817         293,671          11.6
 
 

SOURCE F.N.B. Corporation
    NAPLES, Fla., April 17 /PRNewswire/ -- F.N.B. Corporation (Nasdaq: FBAN)
 today reported first quarter 2001 core operating earnings of approximately
 $10.7 million, or $0.46 per diluted share. This represents an increase of 3
 percent over the $10.4 million, or $0.45 per diluted share, in core operating
 earnings reported for the same period a year earlier.
     F.N.B.'s first quarter 2001 results, excluding merger-related and other
 nonrecurring charges, represent a return on average assets (ROA) of 1.11% and
 a return on average shareholders' equity (ROE) of 13.31%. The company's first
 quarter operating revenue was $57.7 million (FTE), an increase of 7.2 percent
 over the first quarter of 2000.
     These core results were in line with analysts' consensus estimates and
 company targets.
     "F.N.B. achieved very solid revenue and income growth during the first
 quarter while maintaining superior asset quality," said Gary L. Tice,
 President and Chief Executive Officer.  "Fee income, in particular, increased
 27 percent compared with last year, benefiting from acquisitions and gains in
 investment services."
     During the quarter, F.N.B. initiated a charter consolidation plan as part
 of an ongoing effort to improve long-term shareholder value.  Under the
 program, each of F.N.B.'s community bank affiliates will be combined under a
 single operating charter for each state.  This plan will result in significant
 savings by eliminating operational redundancies.
     The charter consolidation plan resulted in a one-time after-tax charge of
 approximately $2.1 million in the first quarter. Once completed, this
 integration project is expected to boost after-tax earnings on an annualized
 basis by approximately $2.9 million, or $0.12 per share, by the year 2002.
 This will boost core operating earnings by $0.08 per share for the year 2001.
 These amounts are consistent with those discussed in prior releases.
     Based upon those numbers, the company is comfortable with the previously
 disclosed core operating earnings estimates of $0.51 per share in the second
 quarter of 2001, $0.54 per share in the third quarter of 2001 and $0.58 per
 share in the fourth quarter of 2001. It is further projected that core
 earnings will be $0.53 per share in the first quarter of 2002.
     During the first quarter of 2001, F.N.B. also recorded a one-time pre-tax
 charge of approximately $4.0 million to establish a legal reserve for
 estimated losses related to a previous bank acquisition involving a
 defalcation caused by a third party IRA administrator. On an after-tax basis
 this equates to $0.11 per share. The company has chosen to take the most
 expeditious and effective course of resolving this issue and is confident that
 it is an isolated event affecting only a small group of customers. F.N.B. will
 vigorously pursue all avenues to recover these losses.
     Including these nonrecurring charges, net income for the first quarter of
 2001 was approximately $5.9 million, or $0.25 per diluted share.
     During the first three months of this year, the company continued on its
 growth strategy with the acquisition of three independent insurance agencies
 in Florida, including Don Ostrowsky & Associates Inc., OneSource Group Inc.
 and James T. Blalock. These strategic affiliations are part of an aggressive
 effort by F.N.B. Corporation to boost fee-based revenues and reduce its
 traditional dependence on income from interest spreads.
     On March 6, F.N.B. announced that its Board of Directors had approved of
 the relocation of its principal executive offices from Hermitage,
 Pennsylvania, to Naples, Florida. The company also announced that it plans to
 change the place of its legal incorporation from Pennsylvania to Florida. The
 reincorporation proposal will be considered by shareholders during the
 company's annual meeting on Monday, April 23, 2001, in Naples, Florida.
     Also in March, the company received federal regulatory and shareholder
 approval for the affiliation of Citizens Community Bancorp Inc., the parent of
 Citizens Community Bank of Florida in Marco Island. This transaction is
 scheduled for completion by the end of April pending final approval from the
 Florida Department of Banking and Finance.
     For the first quarter of 2001, non-interest income, which includes
 earnings from trust, investment management services and other sources of fee
 income, was more than $18.2 million. This represented a 26 percent increase
 over the same period a year ago. Non-interest expense, excluding merger-
 related and other nonrecurring charges, was $39.2 million, an increase of 11
 percent compared to $35.1 million in the first quarter of 2000.
     Credit quality remains strong, with net charge-offs of 0.32% of average
 loans, compared to 0.22% for the same period last year. As of March 31, 2001,
 the allowance for loan losses as a percentage of total loans was 1.31%,
 compared to 1.30% a year earlier. Non-performing loans represented 0.44% of
 total loans, compared with 0.47% a year earlier.
     Book value per common share increased nearly 11 percent, from $12.95 per
 share at the end of the first quarter of 2000 to $14.35 per share at the end
 of the first quarter of 2001.
     F.N.B. Corporation is a $4.0 billion diversified financial services
 company headquartered in Naples, Florida. The company currently owns and
 operates traditional community banks, insurance agencies, a consumer finance
 company and First National Trust Company with a total of 153 offices in
 Florida, Pennsylvania, Ohio and Tennessee.
     F.N.B. has increased cash dividends for 28 consecutive years and has been
 recognized as a Dividend Achiever by Mergent FIS, formerly known as Moody's
 Investors Service.
 
     F.N.B. Corporation will host a conference call at 10 a.m. Eastern Daylight
 Time on April 18, 2001. The live call will be available at 800-360-9865. For
 those who are unavailable to listen to the live conference call, a replay will
 be available from 12 p.m. noon on April 18, 2001, until 7 p.m. on April 25,
 2001, by dialing 800-428-6051, access code 172962.
     This release contains certain "forward-looking statements" 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. Actual results could differ materially from those projected.
 F.N.B. undertakes no obligation to release revisions to these forward-looking
 statements or to reflect events or circumstances after the date of this
 release.
     Copies of this news release are available over the Internet at
 www.fnbcorporation.com or by calling F.N.B. at 1-800-262-7600, extension 1676.
 Shares of the corporation's common stock are traded on the Nasdaq Stock Market
 under the symbol FBAN.
 
                               F.N.B. CORPORATION
                      COMPARATIVE SELECTED FINANCIAL DATA
                              AS OF MARCH 31, 2001
                                  (UNAUDITED)
                             (Dollars in Thousands)
 
     BALANCE SHEET                  3/31/01         3/31/00       12/31/00
 
     Assets                       $4,006,000      $3,765,000    $3,890,000
     Loans, Net of Unearned        2,947,000       2,907,000     2,962,000
     Deposits                      3,206,000       3,044,000     3,103,000
     Equity                          328,000         294,000       322,000
 
     Book Value Per Share              14.35           12.95         14.13
 
     3 MONTHS ENDED
     INCOME STATEMENT                3/31/01         3/31/00         % CHG
 
     Net Income                       $5,872         $10,391           -43
     Core Operating Earnings          10,670          10,391             3
 
     Net Interest Income              38,915          38,870             0
     Non Interest Income              18,219          14,405            26
     Non Interest Expense             46,710          35,153            33
     Non-Recurring Items               7,531
 
     DILUTED EARNINGS PER SHARE
     Net Income                        $0.25           $0.45           -44
     Core Operating Earnings           $0.46           $0.45             2
 
                                                   3 MONTHS ENDED
     RATIOS (Core Operating Earnings)        3/31/01          3/31/00
 
     Return on Average Assets                  1.11 %           1.13  %
     Return on Average Equity                 13.31            14.32
 
     Net Interest Margin (FTE)                 4.51             4.73
 
     Nonperforming Loans to Total Loans        0.44             0.47
     Allowance for Loan Losses to Total Loans  1.31             1.30
     Net Charge-offs to Average Loans          0.32             0.22
 
 
                               F.N.B. CORPORATION
                 (Dollars in thousands, except per share data)
 
                                                                  1st Qtr
                                                                 2001-2000
     Statement     First    Fourth   Third    Second     First    Percent
      of Earnings Quarter   Quarter Quarter   Quarter   Quarter   Variance
 
     Interest
      income -
      taxable
      equivalent
      basis       $74,365  $76,063  $75,257   $72,091   $69,705      6.7
 
     Interest
      income      $73,815  $75,541  $74,726   $71,577   $69,166      6.7
     Interest
      expense      34,900   36,885   35,931    32,251    30,296     15.2
 
     Net interest
      income       38,915   38,656   38,795    39,326    38,870      0.1
     Provision for
      loan losses   2,101    2,564    2,439     2,901     2,973    -29.3
 
     Net interest
      income after
      provision    36,814   36,092   36,356    36,425    35,897      2.6
 
     Service
      charges       5,743    5,744    5,568     5,506     5,187     10.7
     Insurance
      commissions
      and fees      8,575    6,751    6,639     5,596     5,996     43.0
     Trust income   1,197    1,154    1,162     1,077     1,070     11.9
     Gain on sale
      of securities    32       34       64        38        40    -20.0
     Other          2,672    3,459    2,806     1,952     2,112     26.5
 
     Total non-
      interest
      income       18,219   17,142   16,239    14,169    14,405     26.5
 
     Salaries and
      employee
      benefits     23,032   20,320   20,286    19,972    20,265     13.7
     Occupancy and
      equipment     6,041    5,717    5,731     5,535     5,520      9.4
     Amortization of
      intangibles     620      593      573       488       467     32.8
     Merger related
      expenses        283
     Other         16,734    9,782    9,817     9,250     8,901     88.0
 
     Total non-interest
      expense      46,710   36,412   36,407    35,245    35,153     32.9
 
     Income before
      income taxes  8,323   16,822   16,188    15,349    15,149    -45.1
     Income taxes   2,451    5,442    5,067     4,852     4,758    -48.5
 
     Net income    $5,872  $11,380  $11,121   $10,497   $10,391    -43.5
 
     Core operating
      earnings    $10,670  $11,380  $11,121   $10,497   $10,391      2.7
 
     Earnings per
      Common Share
     Basic earnings
      per share      0.26     0.50     0.49      0.47      0.46    -43.5
     Diluted earnings
      per share      0.25     0.49     0.48      0.45      0.45    -44.4
 
     Core Operating
      Earnings per
      Common Share
     Basic earnings
      per share      0.47     0.50     0.49      0.47      0.46      2.2
     Diluted earnings
      per share      0.46     0.49     0.48      0.45      0.45      2.2
 
     Cash dividend per
      common share   0.18     0.18     0.18      0.18      0.17      5.9
     Book value per
      common share
     Tangible book value
      per common share
 
     Performance Ratios
      (Core Operating
      Earnings)
     Return on average
      shareholders'
      equity       13.31%   14.35%   14.30%    14.20%    14.28%
     Return on
      average
      assets        1.11%    1.17%    1.15%     1.11%     1.13%
     Net interest
      margin (FTE)  4.51%    4.44%    4.47%     4.66%     4.71%
     Yield on earning
      assets (FTE)  8.50%    8.62%    8.55%     8.43%     8.34%
     Efficiency
      ratio (FTE)  66.85%   63.60%   64.49%    64.35%    64.46%
 
 
                               F.N.B. CORPORATION
                 (Dollars in thousands, except per share data)
                              For the Three Months
                                Ended March 31,
 
                                                          Percent
     Statement of Earnings     2001          2000        Variance
 
     Interest
      income -
      taxable
      equivalent
      basis                  $74,365        $69,705          6.7
 
     Interest
      income                 $73,815        $69,166          6.7
     Interest
      expense                 34,900         30,296         15.2
 
     Net interest
      income                  38,915         38,870          0.1
     Provision for
      loan losses              2,101          2,973        -29.3
 
     Net interest
      income after
      provision               36,814         35,897          2.6
 
     Service
      charges                  5,743          5,187         10.7
     Insurance
      commissions
      and fees                 8,575          5,996         43.0
     Trust income              1,197          1,070         11.9
     Gain on sale
      of securities               32             40        -20.0
     Other                     2,672          2,112         26.5
 
     Total non-
      interest
      income                  18,219         14,405         26.5
 
     Salaries and
      employee
      benefits                23,032         20,265         13.7
     Occupancy and
      equipment                6,041          5,520          9.4
     Amortization of
      intangibles                620            467         32.8
     Merger related
      expenses                   283              0
     Other                    16,734          8,901         88.0
 
     Total non-interest
      expense                 46,710         35,153         32.9
 
     Income before
      income taxes             8,323         15,149        -45.1
     Income taxes              2,451          4,758        -48.5
 
     Net income               $5,872        $10,391        -43.5
 
     Core operating
      earnings               $10,670        $10,391          2.7
 
     Earnings per
      Common Share
     Basic earnings
      per share                 0.26           0.46        -43.5
     Diluted earnings
      per share                 0.25           0.45        -44.4
 
     Core Operating
      Earnings per Common Share
     Basic earnings
      per share                 0.47           0.46          2.2
     Diluted earnings
      per share                 0.46           0.45          2.2
 
     Cash dividend per
      common share              0.18           0.17          5.9
     Book value per
      common share             14.35          12.95         10.8
     Tangible book value
      per common share         12.96          12.02          7.8
 
     Performance Ratios
      (Core Operating
      Earnings)
     Return on average
      shareholders'
      equity                  13.31%         14.32%
     Return on
      average assets           1.11%          1.13%
     Net interest
      margin (FTE)             4.51%          4.73%
     Yield on earning
      assets (FTE)             8.50%          8.36%
     Efficiency
      ratio (FTE)             66.85%         64.46%
 
 
                               F.N.B. CORPORATION
 
                                                                      1st Qtr
                                                                     2001-2000
     Average      First    Fourth      Third     Second     First     Percent
      Balances   Quarter  Quarter     Quarter    Quarter   Quarter   Variance
 
     Total
      assets  $3,915,777  $3,859,498 $3,847,724 $3,781,176 $3,703,730    5.7
     Earning
      assets   3,549,924   3,498,976  3,492,948  3,431,488  3,354,295    5.8
     Securities  493,981     489,561    476,369    468,489    475,836    3.8
     Loans, net
      of
      unearned 2,946,414   2,968,840  2,989,821  2,954,508  2,866,645    2.8
     Allowance for
      loan losses 39,118      39,489     39,522     38,575     37,102    5.4
     Intangibles  31,739      29,882     28,136     21,891     20,621   53.9
 
     Non-interest
      bearing
      deposits   449,368     442,514    440,202    447,924    425,562    5.6
     Interest
      bearing
      deposits 2,681,298   2,615,147  2,599,243  2,569,502  2,530,651    6.0
     Total
      deposits 3,130,666   3,057,661  3,039,445  3,017,426  2,956,213    5.9
     Short-term
      borrowings 276,794     294,583    290,714    286,276    284,368   -2.7
     Long-term
      debt       116,002     121,518    142,126    116,207    111,424    4.1
     Shareholders'
      equity     325,116     314,581    308,629    296,545    291,786   11.4
 
     Average basic
      shares
      outstand-
      ing     22,519,209  22,473,549 22,608,243 22,336,133 22,311,817    0.9
     Average diluted
      shares
      outstand-
      ing     23,248,213  23,191,088 23,364,276 23,101,473 23,172,552    0.3
 
     Asset Quality Data
     Non-accrual
      loans      $10,172      $9,946     $8,296     $7,898    $10,086    0.9
     Restructured
      loans        2,842       2,810      2,805      2,993      3,435  -17.3
 
     Non-performing
      loans       13,014      12,756     11,101     10,891     13,521   -3.7
     Other real
      estate owned 4,016       4,786      4,553      5,871      4,540  -11.5
 
     Non-performing
      assets     $17,030     $17,542    $15,654    $16,762    $18,061   -5.7
 
     Net loan
      charge-offs $2,294      $3,087     $2,564     $2,032     $1,535   49.4
     Allowance for
      loan losses 38,544      38,737     39,259     38,618     37,749    2.1
 
     Non-performing
      loans/total
      loans        0.44%       0.43%      0.37%      0.37%      0.47%
     Non-performing
      assets/total
      assets       0.43%       0.45%      0.41%      0.44%      0.48%
     Allowance for
      loan losses/
      total loans  1.31%       1.31%      1.33%      1.29%      1.30%
     Allowance for
      loan losses /
      non-performing
      loans      296.17%     303.68%    353.65%    354.59%    279.19%
     Net loan
      charge-offs
      (annualized) /
      average
      loans        0.32%       0.41%      0.34%      0.28%      0.21%
 
     Balances at
      Period End
     Total assets
     Earning assets
     Securities
     Mortgage loans
      held for sale
     Loans, net
      of unearned
 
     Non-interest
      bearing deposits
     Interest
      bearing
      deposits
     Total deposits
     Short-term
      borrowings
     Long-term debt
     Shareholders' equity
 
 
                               F.N.B. CORPORATION
                              For the Three Months
                                Ended March 31,
 
                                                                    Percent
     Average Balances                2001            2000          Variance
 
     Total assets                 $3,915,777       3,703,730           5.7
     Earning assets                3,549,924       3,354,295           5.8
     Securities                      493,981         475,836           3.8
     Loans, net of unearned        2,946,414       2,866,645           2.8
     Allowance for loan losses        39,118          37,102           5.4
     Intangibles                      31,739          20,621          53.9
 
     Non-interest
      bearing
      deposits                       449,368         425,562           5.6
     Interest bearing
      deposits                     2,681,298       2,530,651           6.0
     Total deposits                3,130,666       2,956,213           5.9
     Short-term
      borrowings                     276,794         284,368          -2.7
     Long-term debt                  116,002         111,424           4.1
     Shareholders'
      equity                         325,116         291,786          11.4
 
     Average basic
      shares
      outstanding                 22,519,209      22,311,817           0.9
     Average diluted
      shares
      outstanding                 23,248,213      23,172,552           0.3
 
     Asset Quality Data
     Non-accrual loans               $10,172         $10,086           0.9
     Restructured loans                2,842           3,435         -17.3
 
     Non-performing
      loans                           13,014          13,521          -3.7
     Other real
      estate owned                     4,016           4,540         -11.5
 
     Non-performing
      assets                         $17,030         $18,061          -5.7
 
     Net loan
      charge-offs                     $2,294          $1,535          49.4
     Allowance
      for loan
      losses                          38,544          37,749           2.1
 
     Non-performing
      loans /
      total
      loans                            0.44%           0.47%
     Non-performing
      assets /
      total assets                     0.43%           0.48%
     Allowance for
      loan losses /
      total loans                      1.31%           1.30%
     Allowance for
      loan losses /
      non-performing
      loans                          296.17%         279.19%
     Net loan
      charge-offs
      (annualized) /
      average loans                    0.32%           0.22%
 
     Balances at
      Period End
     Total assets                  4,005,876       3,765,327           6.4
     Earning assets                3,613,356       3,400,104           6.3
     Securities                      481,342         467,651           2.9
     Mortgage loans
      held for sale                    7,106           5,579          27.4
     Loans, net
      of unearned                  2,947,434       2,907,382           1.4
 
     Non-interest
      bearing deposits               463,481         465,484          -0.4
     Interest
      bearing
      deposits                     2,742,168       2,578,808           6.3
     Total deposits                3,205,649       3,044,292           5.3
     Short-term
      borrowings                     286,379         274,812           4.2
     Long-term debt                  113,052          92,880          21.7
     Shareholders' equity            327,817         293,671          11.6
 
 SOURCE  F.N.B. Corporation