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F.N.B. Corporation Reports First Quarter 2010 Results


News provided by

F.N.B. Corporation

Apr 26, 2010, 04:01 ET

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HERMITAGE, Pa., April 26 /PRNewswire-FirstCall/ -- F.N.B. Corporation (NYSE: FNB) today reported financial results for the first quarter of 2010.  Net income for the first quarter of 2010 was $16.0 million or $0.14 per diluted share, compared to fourth quarter of 2009 net income of $4.6 million, or $0.04 per diluted share, and net income available to common shareholders in the first quarter of 2009 of $14.3 million, or $0.16 per diluted common share.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020329/FBANLOGO )

“We are very pleased with our first quarter results that reflect solid loan and deposit growth and stable credit quality,” said Stephen J. Gurgovits, President and Chief Executive Officer of F.N.B. Corporation.  “FNB successfully continued to execute its organic growth strategy during the quarter and capitalize on the momentum established during 2009.”

F.N.B. Corporation’s performance ratios this quarter were as follows: return on average tangible common equity (non-GAAP measure) was 14.43%; return on average equity was 6.19%; return on average tangible assets (non-GAAP measure) was 0.85% and return on average assets was 0.74%.  A reconciliation of GAAP measures to non-GAAP measures is included in the tables that accompany this press release.  

Net Interest Income

Net interest income on a fully taxable equivalent basis (non-GAAP measure) for the first quarter of 2010 totaled $70.0 million, representing a decrease of $1.3 million from the fourth quarter of 2009.  The decline was mainly a result of two fewer days in the first quarter combined with a three basis point narrowing of the net interest margin.  The net interest margin was 3.74% for the first quarter of 2010 compared to 3.77% in the fourth quarter of 2009, reflecting increased cash balances temporarily invested on an overnight basis due to strong growth in deposits and treasury management balances.  Given the continued increase, overnight interest bearing balances held at the Federal Reserve have been reclassified from cash into short-term investments for all periods presented.

Total average loans for the first quarter of 2010 were $5.9 billion, an increase of $13.2 million or 0.9% on an annualized basis compared to the fourth quarter of 2009.  Solid commercial loan growth was partially offset by a decrease in total average consumer loans during the first quarter.  Average commercial loans in the first quarter increased $31.0 million, or 3.9% annualized, compared to the fourth quarter of 2009, with the average Pennsylvania commercial loan portfolio growing $46.6 million, or 6.3% annualized, and the average Florida portfolio decreasing $15.6 million.  

Total average consumer loans for the first quarter of 2010 were $2.5 billion, a decline of $21.8 million compared to the fourth quarter of 2009.  The decline in the consumer loan portfolio was primarily due to the effects of seasonally weaker consumer loan demand and severe weather conditions during the quarter.  As a result of these factors, the indirect lending portfolio average balances decreased $17.5 million, or 13.3% annualized, and home equity lending average balances (comprised of consumer lines of credit and direct installment loans) declined by $4.9 million or 1.4% annualized during the first quarter.  

Average deposits and treasury management balances totaled $7.0 billion for the first quarter of 2010, increasing $158.8 million or 9.4% annualized, compared to the fourth quarter of 2009, primarily reflecting successes in new account acquisition and higher average balances.  Average transaction deposits increased $86.0 million in the first quarter, or 8.5% annualized, compared to the fourth quarter of 2009.  Average treasury management balances grew $60.5 million, or 45.8% annualized, in the first quarter of 2010 compared to the fourth quarter of 2009.

“We are very pleased with the positive results of our commercial and retail teams in attracting new customer relationships and gaining market share,” said Mr. Gurgovits.  “FNB continues to capitalize on opportunities in the Pennsylvania markets.”

Non-Interest Income

Non-interest income increased $5.0 million to $30.3 million in the first quarter of 2010, compared to $25.3 million in the fourth quarter of 2009.  During the first quarter, higher gains on the sale of securities, lower other-than-temporary impairment charges and increases in other non-interest income were partially offset by seasonally lower service charges and lower swap fee revenue.

To better position the balance sheet for the remainder of 2010, investment securities of $56 million, with a book yield of 3.96%, were sold during the quarter at a gain of $2.3 million.  Offsetting these gains were $2.3 million in charges associated with the pre-payment of $59 million in borrowings with an effective rate of 3.93% (a component of other non-interest expense).

The impairment losses recognized for the first quarter of 2010 were $1.7 million compared to $3.7 million for the fourth quarter of 2009.  The current quarter impairment charges were primarily related to two pooled trust preferred securities experiencing additional collateral deterioration that accelerated faster than previously projected.  The pooled trust preferred securities portfolio is comprised of 13 securities with an original cost of $41.3 million.  To date, credit-related impairment charges of $17.8 million have been recognized on this portfolio, which have reduced the carrying value to $23.5 million as of March 31, 2010.  The fair value of these pooled trust preferred securities was $7.1 million at quarter-end with a remaining after-tax unrealized loss of $10.1 million included in accumulated other comprehensive income.

Other non-interest income increased $1.9 million to $6.2 million for the first quarter of 2010, reflecting a $3.3 million increase in recoveries on impaired loans previously acquired through an acquisition that primarily related to one credit relationship.  Additionally in the first quarter of 2010, insurance commissions and fees increased due to seasonal contingent fee revenue, while securities commissions and fees declined given the impact of low interest rates on annuity sales combined with the benefit of the fall sales campaign in the fourth quarter of 2009.  Non-interest income excluding other-than-temporary impairment charges, securities gains and recoveries on impaired loans, represented 27% of revenue for the first quarter of 2010 compared to 29% for the fourth quarter of 2009.  

Non-Interest Expense

Non-interest expense totaled $65.4 million in the first quarter of 2010, a 0.5% decrease compared to $65.8 million in the fourth quarter of 2009.  Included in other non-interest expense for the first quarter is $2.3 million in debt pre-payment fees associated with the repayment of certain debt (described above under Non-Interest Income).  These pre-payment fees were offset by $2.4 million lower other real estate owned (OREO) expense and $1.0 million lower litigation settlement costs compared to the fourth quarter of 2009.

Additionally, compared to the fourth quarter of 2009, the first quarter of 2010 total personnel costs increased $1.4 million driven by normal seasonal increases in employee benefits and occupancy costs increased $0.6 million due primarily to the severe weather conditions during the first quarter.

Credit Quality

“We continue to be very pleased with the performance of our Pennsylvania and Regency loan portfolios, with Florida showing signs of stability,” remarked Mr. Gurgovits.  “While there have been signs of economic recovery, continued high unemployment remains a challenge for businesses and consumers throughout the country.”

Annualized net charge-offs decreased 135 basis points to 0.48% of average loans for the first quarter of 2010, the lowest level of the past six quarters, compared to 1.83% of average loans for the fourth quarter of 2009 which reflected the higher Florida related charge-offs in the fourth quarter.  Non-performing loans and OREO as a percentage of total loans and OREO at March 31, 2010 increased 20 basis points to 3.04%, compared to 2.84% at December 31, 2009, mainly driven by an increase in non-accrual and restructured loans in the Pennsylvania portfolio.

At March 31, 2010, the ratio of the allowance for loan losses to total loans equaled 1.86%, compared to 1.79% at December 31, 2009, reflecting increased reserve positions in the Pennsylvania and Florida portfolios.  As a percentage of non-performing loans, the allowance for loan losses decreased slightly to 69.6% at March 31, 2010, compared to 71.9% at December 31, 2009.  The provision for loan losses totaled $12.0 million for the first quarter of 2010, which was $14.0 million lower than the fourth quarter of 2009, reflecting lower charge-offs in the first quarter.  The current quarter net charge-offs were $7.0 million compared to $27.2 million for the fourth quarter of 2009.

The Pennsylvania loan portfolio totaled $5.5 billion at March 31, 2010 (93.2% of the total loan portfolio) and reflects good overall credit quality metrics characterized by improved net charge-offs, lower total past due loans and higher non-performing loans.  Net loan charge-offs totaled $4.5 million or 0.34% annualized of average loans for the first quarter of 2010, improving slightly compared to $5.1 million or 0.37% annualized of average loans for the fourth quarter of 2009.  Total past dues and non-accrual loans improved slightly to 2.05% of total loans at March 31, 2010, compared to 2.07% at December 31, 2009.  Pennsylvania non-performing loans and OREO increased to $90.8 million or 1.65% of total loans and OREO at March 31, 2010, from $76.0 million or 1.39% at December 31, 2009, primarily driven by two commercial relationships migrating to non-accrual status and a $3.7 million increase in restructured commercial and residential loans during the first quarter.

The Florida loan portfolio totaled $240.4 million at March 31, 2010 (4.1% of the total loan portfolio) and delivered stable credit quality metrics compared to the fourth quarter of 2009 that continue to reflect a challenging and uncertain economic environment in Florida.  Florida non-performing loans and OREO decreased slightly to $79.9 million or 31.79% of total loans and OREO at March 31, 2010, compared to December 31, 2009.  Net loan charge-offs for the first quarter of 2010 totaled $0.9 million and were related to one credit, compared to $20.3 million in net loan charge-offs for the fourth quarter of 2009.  The decrease in charge-offs for the first quarter of 2010 is the result of the actions taken in the fourth quarter of 2009 to reflect the decline of property values in Florida.

The Regency loan portfolio totaled $156.6 million at March 31, 2010 (2.7% of the total loan portfolio) and continues to deliver very good credit quality metrics for a consumer finance company.  Regency non-performing loans and OREO totaled $8.9 million or 5.64% of total loans and OREO at March 31, 2010, compared to $8.8 million or 5.40% at December 31, 2009.  Net loan charge-offs totaled $1.5 million or 3.96% annualized of average loans for the first quarter of 2010, a decrease from $1.7 million or 4.30% annualized of average loans for the fourth quarter of 2009.  Total past dues and non-accrual loans improved to 4.00% of total loans at March 31, 2010, a decrease of 57 basis points compared to December 31, 2009.

Capital Position

The Corporation’s capital ratios continue to exceed federal bank regulatory agency “well capitalized” thresholds.  As of March 31, 2010, the Corporation’s capital ratios remained consistent with the fourth quarter.  The total risk-based capital ratio was 12.8%, the tier 1 risk-based capital ratio was 11.4% and the leverage capital ratio was 8.7%.  The tangible common equity to tangible assets ratio (non-GAAP measure) equaled 5.84% at March 31, 2010 and December 31, 2009.  The tangible book value per share (non-GAAP measure) increased 4 cents during the quarter to $4.21 and the dividend payout ratio for the quarter was 86%.  

Conference Call

F.N.B. Corporation will host its quarterly conference call to discuss its financial results for the first quarter of 2010 on Tuesday, April 27, 2010, at 8:00 AM EDT.  The call can be accessed by dialing (888) 403-8872 or (719) 785-1754 for international callers; the confirmation number is 6710049.

A replay of the call will be available from 11:00 AM EDT on the day of the call until midnight EDT on Tuesday, May 4, 2010.  The replay can be accessed by dialing (888) 203-1112 or (719) 457-0820 for international callers; the confirmation number is 6710049.  A transcript of the call will be posted to 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 $8.8 billion as of March 31, 2010.  F.N.B. Corporation is a leading provider of commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency Finance Company and F.N.B. Commercial Leasing.  It also operates consumer finance offices in Tennessee and loan production offices in Pennsylvania and Florida.

Forward-looking Statements

This press release of F.N.B. Corporation and the reports F.N.B. Corporation files with the Securities and Exchange Commission often contain “forward-looking statements” 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.  These forward-looking statements involve certain risks and uncertainties.  There are a number of important factors that could cause F.N.B. Corporation’s future results to differ materially from historical performance or projected performance.  These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce net interest margins; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions; (5) various monetary and fiscal policies and regulations of the U.S. Government that may adversely affect the businesses in which F.N.B. Corporation is engaged; (6) technological issues which may adversely affect F.N.B. Corporation’s financial operations or customers; (7) changes in the securities markets  (8) risk factors mentioned in the reports and registration statements F.N.B. Corporation files with the Securities and Exchange Commission; (9) housing prices; (10) job market; (11) consumer confidence and spending habits or (12) estimates of fair value of certain F.N.B. Corporation assets and liabilities.  F.N.B. Corporation undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

DATA SHEETS FOLLOW

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

2010


2009


1st Qtr 2010 - 4th Qtr 2009


1st Qtr 2010 - 1st Qtr 2009


First


Fourth


First


Percent


Percent

Statement of earnings

Quarter


Quarter


Quarter


Variance


Variance

Interest income

$92,546


$96,160


$98,155


-3.8


-5.7

Interest expense

24,141


26,468


34,020


-8.8


-29.0


Net interest income

68,405


69,692


64,135


-1.8


6.7

Taxable equivalent adjustment

1,638


1,661


1,555


-1.4


5.4


Net interest income (FTE) (1)

70,043


71,353


65,690


-1.8


6.6

Provision for loan losses

11,964


25,924


10,514


-53.9


13.8


Net interest income after provision (FTE)

58,079


45,429


55,176


27.8


5.3












Impairment losses on securities

(8,226)


(9,366)


(203)


n/m


n/m

Non-credit related losses on securities not expected to be sold (recognized in other comprehensive income)

6,540


5,707


0


n/m


n/m

Net impairment losses on securities

(1,686)


(3,659)


(203)


n/m


n/m












Service charges

13,722


14,781


13,599


-7.2


0.9

Insurance commissions and fees

4,324


3,794


5,081


14.0


-14.9

Securities commissions and fees

1,557


2,213


1,788


-29.6


-13.0

Trust income

3,158


3,025


2,917


4.4


8.3

Gain on sale of securities

2,390


30


278


7856.2


761.4

Gain on sale of loans

567


720


536


-21.2


5.8

Other

6,243


4,376


4,130


42.7


51.1


Total non-interest income

30,275


25,280


28,126


19.8


7.6












Salaries and employee benefits

33,125


31,769


32,102


4.3


3.2

Occupancy and equipment

10,071


9,443


10,091


6.7


-0.2

Amortization of intangibles

1,687


1,728


1,815


-2.4


-7.1

Other

20,560


22,841


16,964


-10.0


21.2


Total non-interest expense

65,443


65,781


60,972


-0.5


7.3












Income before income taxes

22,911


4,928


22,330


364.9


2.6

Taxable equivalent adjustment

1,638


1,661


1,555


-1.4


5.4

Income taxes (benefit)

5,293


(1,289)


5,124


-510.7


3.3


Net income

15,980


4,556


15,651


250.7


2.1


Preferred stock dividends and discount amortization

0


0


1,343


n/m


n/m


Net income available to common shareholders

$15,980


$4,556


$14,308


250.7


11.7












Earnings per common share











Basic

$0.14


$0.04


$0.16


250.0


-12.5


Diluted

$0.14


$0.04


$0.16


250.0


-12.5












Performance ratios










Return on average equity

6.19%


1.72%


6.22%





Return on average tangible common equity (2) (6)

14.43%


4.66%


17.48%





Return on average assets

0.74%


0.21%


0.75%





Return on average tangible assets (3) (6)

0.85%


0.28%


0.87%





Net interest margin (FTE) (1) (9)

3.74%


3.77%


3.65%





Yield on earning assets (FTE) (1) (9)

5.03%


5.17%


5.55%





Cost of funds

1.47%


1.60%


2.15%





Efficiency ratio (FTE) (1) (4) (9)

63.55%


66.28%


63.06%





Effective tax rate

24.88%


-39.45%


24.66%
















Common stock data










Average basic shares outstanding

113,750,330


113,592,665


89,383,243


0.1


27.3

Average diluted shares outstanding

114,064,564


113,966,034


89,570,313


0.1


27.3

Ending shares outstanding

114,404,945


114,111,695


89,774,045


0.3


27.4

Common book value per share

$9.16


$9.14


$10.37


0.1


-11.8

Tangible common book value per share (6)

$4.21


$4.17


$3.99


1.0


5.5

Tangible common book value per share excluding AOCI (5) (6)

$4.47


$4.43


$4.31


0.7


3.6

Dividend payout ratio (common)

86.16%


301.32%


75.30%
















F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

2010


2009


1st Qtr 2010 - 4th Qtr 2009


1st Qtr 2010 - 1st Qtr 2009


First


Fourth


First


Percent


Percent

Average balances

Quarter


Quarter


Quarter


Variance


Variance

Total assets

$8,745,138


$8,681,532


$8,433,532


0.7


3.7

Earning assets (9)

7,561,506


7,524,129


7,262,329


0.5


4.1

Securities

1,482,338


1,489,608


1,317,524


-0.5


12.5

Short-term investments (9)

189,474


158,011


119,868


19.9


58.1

Loans, net of unearned income

5,889,694


5,876,510


5,824,937


0.2


1.1

Allowance for loan losses

108,256


110,974


106,954


-2.4


1.2

Goodwill and intangibles

566,983


568,666


573,963


-0.3


-1.2












Deposits and treasury management accounts (7)

7,002,594


6,843,748


6,530,790


2.3


7.2

Short-term borrowings

132,737


130,430


107,112


1.8


23.9

Long-term debt

262,920


346,819


475,088


-24.2


-44.7

Trust preferred securities

204,625


204,793


205,300


-0.1


-0.3

Shareholders' equity - common

1,047,094


1,052,483


933,346


-0.5


12.2

Shareholders' equity - preferred

0


0


87,149


n/m


n/m












Asset quality data










Non-accrual loans

$141,913


$133,891


$147,210


6.0


-3.6

Restructured loans

15,556


11,624


3,776


33.8


312.0

Non-performing loans

157,469


145,515


150,986


8.2


4.3

Other real estate owned

22,094


21,367


12,232


3.4


80.6

Total non-performing loans and OREO

179,563


166,882


163,218


7.6


10.0

Non-performing investments (8)

4,346


4,825


7,288


-9.9


-40.4

Non-performing assets

$183,909


$171,707


$170,506


7.1


7.9












Net loan charge-offs

$7,027


$27,161


$12,132


-74.1


-42.1

Allowance for loan losses

109,592


104,655


103,127


4.7


6.3












Non-performing loans / total loans

2.67%


2.49%


2.60%





Non-performing loans + OREO / total loans + OREO

3.04%


2.84%


2.81%





Allowance for loan losses / total loans

1.86%


1.79%


1.78%





Allowance for loan losses / non-performing loans

69.60%


71.92%


68.30%





Net loan charge-offs (annualized) / average loans

0.48%


1.83%


0.84%
















Balances at period end










Total assets

$8,799,534


$8,709,077


$8,454,797


1.0


4.1

Earning assets (9)

7,609,205


7,502,450


7,281,714


1.4


4.5

Securities

1,518,068


1,490,630


1,322,939


1.8


14.7

Short-term investments (9)

189,566


149,704


135,865


26.6


39.5

Loans, net of unearned income

5,890,105


5,849,361


5,799,934


0.7


1.6

Goodwill and intangibles

566,175


567,851


573,526


-0.3


-1.3












Deposits and treasury management accounts (7)

7,073,906


6,917,007


6,583,930


2.3


7.4

Short-term borrowings

130,931


132,383


101,598


-1.1


28.9

Long-term debt

250,391


324,877


445,242


-22.9


-43.8

Trust preferred securities

204,542


204,711


205,217


-0.1


-0.3

Shareholders' equity - common

1,047,395


1,043,302


931,338


0.4


12.5

Shareholders' equity - preferred

0


0


95,243


n/m


n/m












Capital ratios










Equity/assets (period end)

11.90%


11.98%


12.14%





Leverage ratio

8.67%


8.68%


8.67%





Tangible equity/tangible assets (period end) (6)

5.84%


5.84%


5.75%





Tangible common equity/tangible assets (period end) (5)

5.84%


5.84%


4.54%















Tangible common equity, excluding AOCI/ tangible assets (period end) (5) (6)

6.21%


6.22%


4.91%
















F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

2010


2009


1st Qtr 2010 - 4th Qtr 2009


1st Qtr 2010 - 1st Qtr 2009



First


Fourth


First


Percent


Percent

Average balances

Quarter


Quarter


Quarter


Variance


Variance

Loans:











Commercial

$3,281,512


$3,250,530


$3,177,011


1.0


3.3


Direct installment

975,119


990,573


1,049,864


-1.6


-7.1


Residential mortgages

612,819


612,146


645,935


0.1


-5.1


Indirect installment

518,311


535,856


534,298


-3.3


-3.0


Consumer LOC

411,666


401,127


347,566


2.6


18.4


Other

90,267


86,278


70,263


4.6


28.5


  Total loans

$5,889,694


$5,876,510


$5,824,937


0.2


1.1












Deposits:











Non-interest bearing deposits

$969,926


$978,110


$898,659


-0.8


7.9


Savings and NOW

3,217,055


3,122,911


2,862,549


3.0


12.4


Certificates of deposit and other time deposits

2,218,933


2,206,537


2,315,591


0.6


-4.2


  Total deposits

6,405,914


6,307,558


6,076,799


1.6


5.4


Treasury management accounts (7)

596,680


536,190


453,991


11.3


31.4


  Total deposits and treasury management accounts (7)

$7,002,594


$6,843,748


$6,530,790


2.3


7.2























Balances at period end










Loans:











Commercial

$3,296,728


$3,234,738


$3,194,986


1.9


3.2


Direct installment

967,005


985,746


1,029,844


-1.9


-6.1


Residential mortgages

600,006


605,219


612,350


-0.9


-2.0


Indirect installment

514,020


527,818


535,417


-2.6


-4.0


Consumer LOC

417,910


408,469


355,345


2.3


17.6


Other

94,436


87,371


71,992


8.1


31.2


  Total loans

$5,890,105


$5,849,361


$5,799,934


0.7


1.6












Deposits:











Non-interest bearing deposits

$1,015,521


$992,298


$922,476


2.3


10.1


Savings and NOW

3,246,529


3,182,909


2,926,734


2.0


10.9


Certificates of deposit and other time deposits

2,232,056


2,205,016


2,313,995


1.2


-3.5


  Total deposits

6,494,106


6,380,223


6,163,205


1.8


5.4


Treasury management accounts (7)

579,800


536,784


420,725


8.0


37.8


  Total deposits and treasury management accounts (7)

$7,073,906


$6,917,007


$6,583,930


2.3


7.4

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)


First Quarter 2010


Bank - PA


Bank - FL


Regency


Total

Asset quality data, by core portfolio








Non-accrual loans

$71,027


$68,993


$1,893


$141,913

Restructured loans

9,656


0


5,900


15,556

Non-performing loans

80,683


68,993


7,793


157,469

Other real estate owned

10,077


10,914


1,103


22,094

Total non-performing loans and OREO

90,760


79,907


8,896


179,563

Non-performing investments (8)

4,346


0


0


4,346

Non-performing assets

$95,106


$79,907


$8,896


$183,909









Net loan charge-offs

$4,540


$938


$1,549


$7,027

Provision for loan losses

6,824


3,820


1,320


11,964

Allowance for loan losses

80,345


22,671


6,576


109,592

Loans, net of unearned income

5,493,117


240,426


156,562


5,890,105









Non-performing loans / total loans

1.47%


28.70%


4.98%


2.67%

Non-performing loans + OREO / total loans + OREO

1.65%


31.79%


5.64%


3.04%

Allowance for loan losses / total loans

1.46%


9.43%


4.20%


1.86%

Allowance for loan losses /








   non-performing loans

99.58%


32.86%


84.38%


69.60%

Net loan charge-offs (annualized) /








   average loans

0.34%


1.57%


3.96%


0.48%









Loans 30 - 89 days past due

$35,226


$0


$1,965


$37,191

Loans 90+ days past due

6,280


0


2,401


8,681

Non-accrual loans

71,027


68,993


1,893


141,913

  Total past due and non-accrual loans

$112,533


$68,993


$6,259


$187,785









Total past due and non-accrual loans/total loans

2.05%


28.70%


4.00%


3.19%









F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)


Fourth Quarter 2009


Bank - PA


Bank - FL


Regency


Total

Asset quality data, by core portfolio








Non-accrual loans

$60,166


$71,737


$1,988


$133,891

Restructured loans

5,994


0


5,630


11,624

Non-performing loans

66,160


71,737


7,618


145,515

Other real estate owned

9,836


10,341


1,190


21,367

Total non-performing loans and OREO

75,996


82,078


8,808


166,882

Non-performing investments (8)

4,825


0


0


4,825

Non-performing assets

$80,821


$82,078


$8,808


$171,707









Net loan charge-offs

$5,122


$20,301


$1,738


$27,161

Provision for loan losses

10,420


13,463


2,041


25,924

Allowance for loan losses

78,061


19,789


6,805


104,655

Loans, net of unearned income

5,443,443


243,912


162,006


5,849,361









Non-performing loans / total loans

1.22%


29.41%


4.70%


2.49%

Non-performing loans + OREO / total loans + OREO

1.39%


32.28%


5.40%


2.84%

Allowance for loan losses / total loans

1.43%


8.11%


4.20%


1.79%

Allowance for loan losses /








   non-performing loans

117.99%


27.59%


89.33%


71.92%

Net loan charge-offs (annualized) /








   average loans

0.37%


31.25%


4.30%


1.83%









Loans 30 - 89 days past due

$42,642


$0


$2,796


$45,438

Loans 90+ days past due

9,851


0


2,620


12,471

Non-accrual loans

60,166


71,737


1,988


133,891

  Total past due and non-accrual loans

$112,659


$71,737


$7,404


$191,800









Total past due and non-accrual loans/total loans

2.07%


29.41%


4.57%


3.28%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)


First Quarter 2009


Bank - PA


Bank - FL


Regency


Total

Asset quality data, by core portfolio








Non-accrual loans

$51,854


$93,974


$1,382


$147,210

Restructured loans

450


0


3,326


3,776

Non-performing loans

52,304


93,974


4,708


150,986

Other real estate owned

9,011


2,277


944


12,232

Total non-performing loans and OREO

61,315


96,251


5,652


163,218

Non-performing investments (8)

7,209


0


0


7,209

Non-performing assets

$68,524


$96,251


$5,652


$170,427









Net loan charge-offs

$2,273


$8,241


$1,618


$12,132

Provision for loan losses

2,100


7,010


1,404


10,514

Allowance for loan losses

69,588


27,275


6,264


103,127

Loans, net of unearned income

5,345,365


301,787


152,782


5,799,934









Non-performing loans / total loans

0.98%


31.14%


3.08%


2.60%

Non-performing loans + OREO / total loans + OREO

1.15%


31.65%


3.68%


2.81%

Allowance for loan losses / total loans

1.30%


9.04%


4.10%


1.78%

Allowance for loan losses /








   non-performing loans

133.04%


29.02%


133.05%


68.30%

Net loan charge-offs (annualized) /








   average loans

0.17%


11.22%


4.24%


0.84%









Loans 30 - 89 days past due

$38,562


$734


$2,890


$42,186

Loans 90+ days past due

8,909


0


2,382


11,291

Non-accrual loans

51,854


93,974


1,382


147,210

  Total past due and non-accrual loans

$99,325


$94,708


$6,654


$200,687









Total past due and non-accrual loans/total loans

1.86%


31.38%


4.36%


3.46%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

The following non-GAAP financial measures used by the Corporation provide information useful to investors in understanding the Corporation's operating performance and trends, and facilitate comparisons with the performance of the Corporation's peers.  The non-GAAP financial measures used by the Corporation may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations.  The following tables summarize the non-GAAP financial measures derived from amounts reported in the Corporation's financial statements.








2010


2009


First


Fourth


First


Quarter


Quarter


Quarter

Return on average tangible common equity (2):






Net income available to common shareholders (annualized)

$64,810


$18,077


$58,028

Amortization of intangibles, net of tax (annualized)

4,447


4,457


4,785


69,257


22,534


62,813







Average total shareholders' equity

1,047,094


1,052,483


1,020,495

Less:  Average preferred shareholders' equity

0


0


(87,149)

Less:  Average intangibles

(566,983)


(568,666)


(573,963)


480,111


483,817


359,383







Return on average tangible common equity (2)

14.43%


4.66%


17.48%







Return on average tangible assets (3):






Net income (annualized)

$64,810


$18,077


$63,475

Amortization of intangibles, net of tax (annualized)

4,447


4,457


4,785


69,257


22,534


68,260







Average total assets

8,745,138


8,681,532


8,433,532

Less:  Average intangibles

(566,983)


(568,666)


(573,963)


8,178,155


8,112,866


7,859,569







Return on average tangible assets (3)

0.85%


0.28%


0.87%







Tangible common book value per share:






Total shareholders' equity

$1,047,395


$1,043,302


$1,026,581

Less:  preferred shareholders' equity

0


0


(95,243)

Less:  intangibles

(566,175)


(567,851)


(573,526)


481,220


475,451


357,812







Ending shares outstanding

114,404,945


114,111,695


89,774,045







Tangible common book value per share

$4.21


$4.17


$3.99













Tangible common book value per share excluding AOCI (5):






Total shareholders' equity

$1,047,395


$1,043,302


$1,026,581

Less:  preferred shareholders' equity

0


0


(95,243)

Less:  intangibles

(566,175)


(567,851)


(573,526)

Less:  AOCI

29,961


30,633


29,494


511,181


506,084


387,306







Ending shares outstanding

114,404,945


114,111,695


89,774,045













Tangible common book value per share excluding AOCI (5)

$4.47


$4.43


$4.31







F.N.B. CORPORATION






(Unaudited)






(Dollars in thousands)







2010


2009


First


Fourth


First


Quarter


Quarter


Quarter

Tangible equity/tangible assets (period end):






Total shareholders' equity

$1,047,395


$1,043,302


$1,026,581

Less:  intangibles

(566,175)


(567,851)


(573,526)


481,220


475,451


453,055







Total assets

8,799,534


8,709,077


8,454,797

Less:  intangibles

(566,175)


(567,851)


(573,526)


8,233,359


8,141,226


7,881,271







Tangible equity/tangible assets (period end)

5.84%


5.84%


5.75%







Tangible common equity/tangible assets (period end):






Total shareholders' equity

$1,047,395


$1,043,302


$1,026,581

Less:  preferred shareholders' equity

0


0


(95,243)

Less:  intangibles

(566,175)


(567,851)


(573,526)


481,220


475,451


357,812







Total assets

8,799,534


8,709,077


8,454,797

Less:  intangibles

(566,175)


(567,851)


(573,526)


8,233,359


8,141,226


7,881,271







Tangible common equity/tangible assets (period end)

5.84%


5.84%


4.54%













Tangible common equity, excluding AOCI/tangible assets (period end) (5):






Total shareholders' equity

$1,047,395


$1,043,302


$1,026,581

Less:  preferred shareholders' equity

0


0


(95,243)

Less:  intangibles

(566,175)


(567,851)


(573,526)

Less:  AOCI

29,961


30,633


29,494


511,181


506,084


387,306







Total assets

8,799,534


8,709,077


8,454,797

Less:  intangibles

(566,175)


(567,851)


(573,526)


8,233,359


8,141,226


7,881,271













Tangible common equity, excluding AOCI/tangible assets (period end) (5)

6.21%


6.22%


4.91%













(1)  Net interest income is also presented on a fully taxable equivalent (FTE) basis, as the Corporation believes this non-GAAP measure is the preferred industry measurement for this item.  

(2)  Return on average tangible common equity is calculated by dividing net income less amortization of intangibles by average common equity less average intangibles.  

(3)  Return on average tangible assets is calculated by dividing net income less amortization of intangibles by average assets less average intangibles.  

(4)  The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus non-interest income.  

(5)  Accumulated other comprehensive income (AOCI) is comprised of unrealized losses on securities, non-credit impairment losses on other-than-temporarily impaired securities and unrecognized pension and postretirement obligations.  

(6)  See non-GAAP financial measures for additional information relating to the calculation of this item.  

(7)  Treasury management accounts represent repurchase agreements and are included in short-term borrowings on the balance sheet.  

(8)  The non-performing investments at both June 30, 2009 and March 31, 2009 include $0.1 million at a non-banking affiliate of the Corporation.  

(9)  Certain prior period amounts have been reclassified to conform to the current period presentation.  

SOURCE F.N.B. Corporation

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