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F.N.B. Corporation Reports Net Income of $17.2 Million for First Quarter 2011


News provided by

F.N.B. Corporation

Apr 25, 2011, 04:01 ET

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HERMITAGE, Pa., April 25, 2011 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) today reported first quarter 2011 financial results.  Net income for the first quarter of 2011 was $17.2 million, or $0.14 per diluted share, compared to $23.5 million, or $0.21 per diluted share, in the fourth quarter of 2010 and $16.0 million, or $0.14 per diluted share, in the first quarter of 2010.

The first quarter of 2011 included merger-related costs of $2.7 million (after-tax), or $0.02 per diluted share, and the fourth quarter of 2010 included a one-time credit to pension expense of $6.9 million (after-tax), or $0.06 per diluted share, related to amending the pension plan.  These items reduced net income for the first quarter from $19.9 million, or $0.16 per diluted share, and increased net income for the fourth quarter from $16.7 million, or $0.15 per diluted share, respectively.

“We are very pleased with the first quarter’s results.  The quarter included increased revenue, good levels of organic growth in loans, deposits and customer repurchase agreements, an expanded net interest margin and continued good credit quality results,” said Stephen J. Gurgovits, Chief Executive Officer of F.N.B. Corporation.  “Results of $0.16 per diluted share, before the merger-related costs, show nice growth and are an excellent start to 2011.”

F.N.B. Corporation’s performance ratios this quarter were as follows: return on average tangible equity (non-GAAP measure) was 13.93%; return on average equity was 6.17%; return on average tangible assets (non-GAAP measure) was 0.82% and return on average assets was 0.72%.  A reconciliation of GAAP measures to non-GAAP measures is included in the tables that accompany this press release.  

Mr. Gurgovits continued, “We sincerely welcome the customers, employees and shareholders of Comm Bancorp, Inc. to the F.N.B. family and are pleased to have expanded our presence in northeast Pennsylvania this year.”

First Quarter Results (all comparisons refer to the prior quarter, except as noted)

Net Interest Income

Net interest income on a fully taxable equivalent basis totaled $79.2 million in the first quarter of 2011, increasing 6.3%, reflecting the benefits of 7.0% growth in average earning assets and a 4 basis point expansion of the net interest margin.  The growth in average earning assets reflects the addition of Comm Bancorp, Inc. and continued organic loan growth.  The net interest margin expanded to 3.81% from 3.77%, due to a combination of a lower cost of deposits driven by continued enhancements of the funding mix and pricing actions.

Average loans for the first quarter totaled $6.5 billion and increased 8.2% due to a combination of loans added in the Comm Bancorp, Inc. transaction ($413.2 million) and solid organic growth of $81.6 million or 5.5% annualized.  The Pennsylvania commercial portfolio was the primary contributor to organic growth, with average loans for this portfolio growing $82.1 million, or 10.7% annualized, primarily due to continued market share gains throughout our footprint.  Total consumer loans remained essentially flat on an organic basis reflecting normal seasonally lower growth in the first quarter of the year.

“The quarter’s organic loan growth demonstrates our commitment to building on our strong 2010 momentum as this quarter marks the eighth consecutive quarter of organic growth for our Pennsylvania commercial loan portfolio and the seventh consecutive quarter of organic growth for total loans,” said Mr. Gurgovits.

Average deposits and customer repurchase agreements totaled $7.9 billion and increased 8.0% in the first quarter due to a combination of deposits added in the Comm Bancorp, Inc. acquisition ($568.6 million) and organic growth of $55.1 million or 4.3% annualized in relationship-based transaction deposits and customer repurchase agreements.  Partially offsetting this growth was a continued managed decline in higher-cost time deposits given FNB's overall liquidity position.  As of March 31, 2011, FNB’s total customer based-funding was 96.1% of total deposits and borrowings.

Non-Interest Income

Non-interest income totaled $28.4 million in the first quarter of 2011, compared to $29.5 million, as growth in several fee revenue categories was offset by the normal seasonal effects on service charge revenue volume and lower realized gains.  

The first quarter of 2011 included growth of 14.8% in securities commissions due to increased financial consultant and platform activity and a 12.8% increase in trust income reflecting initiatives to grow revenue and improved market conditions.  Additionally, insurance commissions and fees increased 12.7% due to seasonally higher contingent fee revenue.  Offsetting these increases were reduced mortgage-related gains as first quarter originations were lower and reduced other non-interest income as a result of $0.9 million in gains recorded at F.N.B. Capital Corporation in the fourth quarter of 2010.

Non-Interest Expense

Non-interest expense totaled $74.6 million in the first quarter of 2011 compared to $58.3 million.  The first quarter of 2011 included $4.1 million in merger-related costs and the fourth quarter of 2010 included a $10.5 million one-time credit to pension expense due to a plan amendment.  Adjusting for these items, non-interest expense would have increased in the first quarter by $1.5 million, or 9.1% annualized, primarily driven by Comm Bancorp, Inc.-related operating costs and seasonally higher personnel and occupancy costs.

Credit Quality

“We are pleased with the credit quality results for the first quarter, with the Pennsylvania and Regency loan portfolios both continuing to perform very well.  The Florida portfolio, the focus of which remains the land-related portfolio, performed within our expectations as we continued to reduce our exposure,” remarked Mr. Gurgovits.

Credit metrics for the first quarter have been influenced by the closing of the Comm Bancorp, Inc. acquisition on January 1, 2011.  The impact to overall credit quality results is consistent with management’s initial estimates derived in the due diligence process.

The provision for loan losses equaled $8.2 million for the first quarter of 2011, a $2.6 million reduction with improvements seen in all portfolios.  Net loan charge-offs for the first quarter improved to 0.42% annualized of average loans, the lowest level since the third quarter of 2008.  At March 31, 2011, the ratio of the allowance for loan losses to total loans was 1.64% and the entire 10 basis point decrease was due to the accounting treatment required for loans acquired in connection with the Comm Bancorp, Inc. acquisition.  Absent the acquisition, the ratio of the allowance for loan losses to total loans would have remained unchanged at 1.74%.  The ratio of non-performing loans and other real estate owned (OREO) to total non-performing loans and OREO improved 20 basis points to 2.54% at March 31, 2011.

The Pennsylvania loan portfolio‘s credit quality metrics for the first quarter of 2011 reflect continued solid performance.  The Pennsylvania loan portfolio totaled $6.2 billion at March 31, 2011, representing 95% of the total loan portfolio.  Charge-off performance continues to be very good, with net charge-offs for the first quarter totaling $4.1 million or 0.27% annualized of average loans, compared to 0.36% for the full year of 2010.  The portfolio continues to be well reserved, with a 1.34% ratio of the allowance for loan losses to total loans.  With the acquisition of Comm Bancorp, Inc. the ratio of the allowance for loan losses plus the recorded credit mark for the acquired portfolio to total loans plus the credit mark equaled 1.76% at March 31, 2011 (non-GAAP measure).

The Florida loan portfolio totaled $185.1 million at March 31, 2011 (2.8% of the total loan portfolio) and performed within our expectations.  During the first quarter, a $3.4 condominium project held in OREO was sold for a slight recovery, and was the primary contributor of the $4.9 million decrease in Florida non-performing loans and OREO (charge-offs of $1.1 million and payments received contributed to the remainder of the decrease).

Capital Position

The Corporation’s capital ratios continue to exceed federal bank regulatory agency “well capitalized” thresholds.  The slightly lower levels compared to the prior quarter are a result of the acquisition completed on January 1, 2011 and are consistent with management’s initial estimates.  The acquisition resulted in total consideration of $75.5 million and a preliminary addition to goodwill of $36.4 million to record Comm Bancorp, Inc. during the first quarter of 2011.  At March 31, 2011, the estimated total risk-based capital ratio was 12.39%, the estimated tier 1 risk-based capital ratio was 10.87% and the leverage ratio was 8.36%.  The tangible common equity to tangible assets ratio (non-GAAP measure) was 5.76% and the tangible book value per share (non-GAAP measure) was $4.36 at March 31, 2011.  The dividend payout ratio for the quarter was 84% including the impact of the merger-related costs.

Conference Call

F.N.B. Corporation will host its quarterly conference call to discuss first quarter of 2011 financial results on Tuesday, April 26, 2011, at 8:00 AM EDT.  Participating callers may access the call by dialing (800) 967-7185 or (719) 325-2392 for international callers; the confirmation number is 2152369.  The listen-only audio Webcast may be accessed through the “Shareholder and Investor Relations” section of the Corporation’s Web site at www.fnbcorporation.com.

A replay of the call will be available from 11:00 AM EDT the day of the call until midnight EDT on Tuesday, May 3, 2011.  The replay is accessible by dialing (800) 870-5176 or (858) 384-5517 for international callers; the confirmation number is 2152369.  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.  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 which are on file with the SEC, and 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 or (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 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)










1st Qtr 2011 -


1st Qtr 2011 -




2011


2010


4th Qtr 2010


1st Qtr 2010




First


Fourth


First


Percent


Percent

Statement of earnings


Quarter


Quarter


Quarter


Variance


Variance

Interest income


$97,371


$92,867


$92,546


4.9


5.2

Interest expense


20,088


20,022


24,141


0.3


-16.8


Net interest income


77,283


72,845


68,405


6.1


13.0

Taxable equivalent adjustment


1,965


1,683


1,638


16.8


20.0


Net interest income (FTE) (1)


79,248


74,528


70,043


6.3


13.1

Provision for loan losses


8,228


10,807


11,964


-23.9


-31.2


Net interest income after provision (FTE)


71,020


63,721


58,079


11.5


22.3













Impairment losses on securities


0


(51)


(8,226)


n/m


n/m

Non-credit related losses on securities not expected to











  be sold (recognized in other comprehensive income)


0


0


6,540


n/m


n/m

Net impairment losses on securities


0


(51)


(1,686)


n/m


n/m













Service charges


14,334


14,146


13,722


1.3


4.5

Insurance commissions and fees


4,146


3,678


4,324


12.7


-4.1

Securities commissions and fees


1,972


1,717


1,557


14.8


26.7

Trust income


3,710


3,289


3,158


12.8


17.5

Gain on sale of securities


54


443


2,390


-87.8


-97.7

Gain on sale of loans


767


1,423


567


-46.1


35.3

Other



3,449


4,855


6,244


-29.0


-44.8


Total non-interest income


28,432


29,500


30,275


-3.6


-6.1













Salaries and employee benefits


38,382


25,911


33,125


48.1


15.9

Occupancy and equipment


10,385


9,477


10,071


9.6


3.1

Amortization of intangibles


1,796


1,673


1,687


7.3


6.5

Other real estate owned


1,579


2,440


1,164


-35.3


35.7

Other



22,415


18,828


19,396


19.0


15.6


Total non-interest expense


74,557


58,329


65,443


27.8


13.9













Income before income taxes


24,895


34,892


22,911


-28.7


8.7

Taxable equivalent adjustment


1,965


1,683


1,638


16.8


20.0

Income taxes


5,755


9,676


5,293


-40.5


8.7


Net income


$17,175


$23,533


$15,980


-27.0


7.5













Earnings per share:












Basic


$0.14


$0.21


$0.14


-33.3


0.0


Diluted


$0.14


$0.21


$0.14


-33.3


0.0













Performance ratios











Return on average equity


6.17%


8.74%


6.19%





Return on average tangible equity (2) (6)


13.93%


19.28%


14.43%





Return on average assets


0.72%


1.03%


0.74%





Return on average tangible assets (3) (6)


0.82%


1.15%


0.85%





Net interest margin (FTE) (1)


3.81%


3.77%


3.74%





Yield on earning assets (FTE) (1)


4.77%


4.78%


5.03%





Cost of funds


1.12%


1.17%


1.47%





Efficiency ratio (FTE) (1) (4)


67.57%


54.46%


63.55%





Effective tax rate


25.10%


29.14%


24.88%

















Common stock data











Average basic shares outstanding


120,193,233


114,077,849


113,750,330


5.4


5.7

Average diluted shares outstanding


120,952,973


114,596,166


114,064,564


5.5


6.0

Ending shares outstanding


120,871,383


114,747,085


114,404,945


5.3


5.7

Book value per share


$9.34


$9.29


$9.16


0.5


2.0

Tangible book value per share (6)


$4.36


$4.40


$4.21


-0.9


3.6

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


$4.64


$4.69


$4.47


-1.2


3.8

Dividend payout ratio


83.86%


58.82%


86.16%





F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)







1st Qtr 2011 -


1st Qtr 2011 -



2011


2010


4th Qtr 2010


1st Qtr 2010



First


Fourth


First


Percent


Percent

Average balances


Quarter


Quarter


Quarter


Variance


Variance

Total assets


$9,695,015


$9,044,812


$8,745,138


7.2


10.9

Earning assets


8,409,212


7,856,410


7,561,506


7.0


11.2

Securities


1,731,714


1,642,219


1,482,338


5.4


16.8

Interest bearing deposits with banks


137,281


168,729


189,474


-18.6


-27.5

Loans, net of unearned income


6,540,217


6,045,462


5,889,694


8.2


11.0

Allowance for loan losses


108,259


118,187


108,256


-8.4


0.0

Goodwill and intangibles


595,436


561,946


566,983


6.0


5.0












Deposits and customer repos (7)


7,916,046


7,328,829


7,002,594


8.0


13.0

Short-term borrowings


143,531


134,456


132,737


6.7


8.1

Long-term debt


199,047


199,007


262,920


0.0


-24.3

Trust preferred securities


203,961


204,118


204,625


-0.1


-0.3

Shareholders' equity


1,129,622


1,068,468


1,047,094


5.7


7.9












Asset quality data











Non-accrual loans


$108,080


$115,589


$141,913


-6.5


-23.8

Restructured loans


21,577


19,705


15,556


9.5


38.7

Non-performing loans


129,657


135,294


157,469


-4.2


-17.7

Other real estate owned


38,101


32,702


22,094


16.5


72.5

Total non-performing loans and OREO


167,758


167,996


179,563


-0.1


-6.6

Non-performing investments


6,204


5,974


4,346


3.9


42.8

Non-performing assets


$173,962


$173,970


$183,909


0.0


-5.4












Net loan charge-offs


$6,736


$21,314


$7,027


-68.4


-4.1

Allowance for loan losses


107,612


106,120


109,592


1.4


-1.8












Non-performing loans / total loans


1.98%


2.22%


2.67%





Non-performing loans + OREO / total loans + OREO


2.54%


2.74%


3.04%





Non-performing assets / total assets


1.78%


1.94%


2.09%





Allowance for loan losses / total loans


1.64%


1.74%


1.86%





Allowance for loan losses + credit marks / total











  loans + credit marks (6)


2.04%


n/a


n/a





Allowance for loan losses / non-performing loans


83.00%


78.44%


69.60%





Net loan charge-offs (annualized) / average loans


0.42%


1.40%


0.48%
















Balances at period end











Total assets


$9,755,281


$8,959,915


$8,799,534


8.9


10.9

Earning assets


8,459,481


7,795,476


7,609,205


8.5


11.2

Loans, net of unearned income


6,559,952


6,088,155


5,890,105


7.7


11.4

Deposits and customer repos (7)


7,982,954


7,258,045


7,073,906


10.0


12.9

Total equity


1,128,414


1,066,124


1,047,395


5.8


7.7












Capital ratios











Equity / assets (period end)


11.57%


11.90%


11.90%





Leverage ratio


8.36%


8.69%


8.67%





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


5.76%


6.01%


5.84%





Tangible equity, excluding AOCI / tangible











  assets (period end) (5) (6)


6.12%


6.41%


6.21%





F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)










1st Qtr 2011 -


1st Qtr 2011 -




2011


2010


4th Qtr 2010


1st Qtr 2010




First


Fourth


First


Percent


Percent

Average balances


Quarter


Quarter


Quarter


Variance


Variance

Loans:












Commercial


$3,654,563


$3,303,222


$3,281,512


10.6


11.4


Direct installment


1,046,249


1,001,104


975,119


4.5


7.3


Residential mortgages


689,679


631,423


612,819


9.2


12.5


Indirect installment


518,168


515,341


518,311


0.5


0.0


Consumer LOC


507,405


484,560


411,666


4.7


23.3


Commercial leases


84,196


75,131


58,123


12.1


44.9


Other


39,957


34,681


32,144


15.2


24.3


  Total loans


$6,540,217


$6,045,462


$5,889,694


8.2


11.0













Deposits:












Non-interest bearing deposits


$1,176,031


$1,105,157


$969,926


6.4


21.2


Savings and NOW


3,753,938


3,380,143


3,217,055


11.1


16.7


Certificates of deposit and other time deposits


2,340,149


2,159,718


2,218,933


8.4


5.5


  Total deposits


7,270,118


6,645,018


6,405,914


9.4


13.5


Customer repos (7)


645,928


683,811


596,680


-5.5


8.3


  Total deposits and customer repos (7)


$7,916,046


$7,328,829


$7,002,594


8.0


13.0

























Balances at period end











Loans:












Commercial


$3,689,667


$3,337,992


$3,296,728


10.5


11.9


Direct installment


1,036,213


1,002,725


967,005


3.3


7.2


Residential mortgages


673,152


622,242


600,006


8.2


12.2


Indirect installment


522,634


514,369


514,020


1.6


1.7


Consumer LOC


511,329


493,881


417,910


3.5


22.4


Commercial leases


87,916


79,429


61,408


10.7


43.2


Other


39,041


37,517


33,028


4.1


18.2


  Total loans


$6,559,952


$6,088,155


$5,890,105


7.7


11.4













Deposits:












Non-interest bearing deposits


$1,223,720


$1,093,230


$1,015,521


11.9


20.5


Savings and NOW


3,831,735


3,423,844


3,246,529


11.9


18.0


Certificates of deposit and other time deposits


2,334,856


2,129,069


2,232,056


9.7


4.6


  Total deposits


7,390,311


6,646,143


6,494,106


11.2


13.8


Customer repos (7)


592,643


611,902


579,800


-3.1


2.2


  Total deposits and customer repos (7)


$7,982,954


$7,258,045


$7,073,906


10.0


12.9

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)



First Quarter 2011

Asset quality data, by core portfolio


Bank - PA


Bank - FL


Regency


Total

Non-accrual loans


$59,343


$46,701


$2,036


$108,080

Restructured loans


14,949


0


6,628


21,577

Non-performing loans


74,292


46,701


8,664


129,657

Other real estate owned


12,044


24,502


1,555


38,101

Total non-performing loans and OREO


86,336


71,203


10,219


167,758

Non-performing investments


6,204


0


0


6,204

Non-performing assets


$92,540


$71,203


$10,219


$173,962










Net loan charge-offs


$4,053


$1,147


$1,536


$6,736

Provision for loan losses


5,300


1,600


1,328


8,228

Allowance for loan losses


83,044


17,938


6,630


107,612

Loans, net of unearned income


6,216,969


185,148


157,835


6,559,952










Non-performing loans / total loans


1.19%


25.22%


5.49%


1.98%

Non-performing loans + OREO / total loans + OREO


1.39%


33.96%


6.41%


2.54%

Non-performing assets / total assets


0.99%


37.14%


6.06%


1.78%

Allowance for loan losses / total loans


1.34%


9.69%


4.20%


1.64%

Allowance for loan losses + credit marks / total









  loans + credit marks (6)


1.76%


9.69%


4.20%


2.04%

Allowance for loan losses / non-performing loans


111.78%


38.41%


76.52%


83.00%

Net loan charge-offs (annualized) / average loans


0.27%


2.45%


3.90%


0.42%










Loans 30 - 89 days past due


$44,657


$8,503


$2,037


$55,197

Loans 90+ days past due


13,952


0


2,127


16,079

Non-accrual loans


59,343


46,701


2,036


108,080

  Total past due and non-accrual loans


$117,952


$55,204


$6,200


$179,356










Loans 90+ days past due and non-accrual









   loans / total loans


1.18%


25.22%


2.64%


1.89%

Total past due and non-accrual loans / total loans


1.90%


29.82%


3.93%


2.73%












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 / 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)



First Quarter 2010

Asset quality data, by core portfolio


Bank - PA


Bank - FL


Regency


Total

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


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%

Non-performing assets / total assets


1.14%


34.94%


5.44%


2.09%

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










Loans 90+ days past due and non-accrual









   loans / total loans


1.41%


28.70%


2.74%


2.56%

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)







1st Qtr 2011 -


1st Qtr 2011 -



2011


2010


4th Qtr 2010


1st Qtr 2010



First


Fourth


First


Percent


Percent

Balance Sheet (at period end)


Quarter


Quarter


Quarter


Variance


Variance

Assets











Cash and due from banks


$157,568


$115,556


$139,762


36.4


12.7

Interest bearing deposits with banks


132,340


16,015


189,566


726.3


-30.2

  Cash and cash equivalents


289,908


131,571


329,328


120.3


-12.0

Securities available for sale


804,242


738,125


673,596


9.0


19.4

Securities held to maturity


956,693


940,481


844,472


1.7


13.3

Residential mortgage loans held for sale


6,254


12,700


11,466


-50.8


-45.5

Loans, net of unearned income


6,559,952


6,088,155


5,890,105


7.7


11.4

Allowance for loan losses


(107,612)


(106,120)


(109,592)


1.4


-1.8

  Net loans


6,452,340


5,982,035


5,780,513


7.9


11.6

Premises and equipment, net


125,067


115,956


116,258


7.9


7.6

Goodwill


565,090


528,720


528,720


6.9


6.9

Core deposit and other intangible assets, net


36,385


32,428


37,455


12.2


-2.9

Bank owned life insurance


208,720


208,051


206,515


0.3


1.1

Other assets


310,582


269,848


271,211


15.1


14.5

Total Assets


$9,755,281


$8,959,915


$8,799,534


8.9


10.9












Liabilities











Deposits:











  Non-interest bearing demand


$1,223,720


$1,093,230


$1,015,521


11.9


20.5

  Savings and NOW


3,831,735


3,423,844


3,246,529


11.9


18.0

  Certificates and other time deposits


2,334,856


2,129,069


2,232,056


9.7


4.6

     Total Deposits


7,390,311


6,646,143


6,494,106


11.2


13.8

Other liabilities


94,975


97,951


92,369


-3.0


2.8

Short-term borrowings


738,520


753,603


710,731


-2.0


3.9

Long-term debt


199,134


192,058


250,391


3.7


-20.5

Junior subordinated debt


203,927


204,036


204,542


-0.1


-0.3

  Total Liabilities


8,626,867


7,893,791


7,752,139


9.3


11.3












Stockholders' Equity











Common stock


1,205


1,143


1,140


5.4


5.7

Additional paid-in capital


1,154,953


1,094,713


1,089,326


5.5


6.0

Retained earnings


9,336


6,564


(10,621)


42.2


-187.9

Accumulated other comprehensive income


(33,679)


(33,732)


(29,961)


-0.2


12.4

Treasury stock


(3,401)


(2,564)


(2,489)


32.7


36.6

  Total Stockholders' Equity


1,128,414


1,066,124


1,047,395


5.8


7.7

Total Liabilities and Stockholders' Equity


$9,755,281


$8,959,915


$8,799,534


8.9


10.9

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.






2011


2010


First


Fourth


First


Quarter


Quarter


Quarter

Adjusted net income:






Net income

$17,175


$23,533


$15,980

Merger-related costs, net of tax

2,695


356


0

Less:  Pension credit, net of tax

0


(6,853)


0

Adjusted net income

$19,870


$17,035


$15,980













Adjusted diluted earnings per share:






Diluted earnings per share

$0.14


$0.21


$0.14

Effect of merger-related costs, net of tax

0.02


0.00


0.00

Less:  Effect of pension credit, net of tax

0.00


(0.06)


0.00

Adjusted diluted earnings per share

$0.16


$0.15


$0.14













Return on average tangible equity (2):






Net income (annualized)

$69,653


$93,364


$64,810

Amortization of intangibles, net of tax (annualized)

4,734


4,315


4,447


74,387


97,679


69,257







Average total shareholders' equity

1,129,622


1,068,468


1,047,094

Less:  Average intangibles

(595,436)


(561,946)


(566,983)


534,186


506,522


480,111







Return on average tangible equity (2)

13.93%


19.28%


14.43%













Return on average tangible assets (3):






Net income (annualized)

$69,653


$93,364


$64,810

Amortization of intangibles, net of tax (annualized)

4,734


4,315


4,447


74,387


97,679


69,257







Average total assets

9,695,015


9,044,812


8,745,138

Less:  Average intangibles

(595,436)


(561,946)


(566,983)


9,099,579


8,482,866


8,178,155







Return on average tangible assets (3)

0.82%


1.15%


0.85%













Tangible book value per share:






Total shareholders' equity

$1,128,414


$1,066,124


$1,047,395

Less:  intangibles

(601,475)


(561,148)


(566,175)


526,939


504,976


481,220







Ending shares outstanding

120,871,383


114,747,085


114,404,945







Tangible book value per share

$4.36


$4.40


$4.21

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)






2011


2010


First


Fourth


First


Quarter


Quarter


Quarter

Tangible book value per share excluding AOCI (5):






Total shareholders' equity

$1,128,414


$1,066,124


$1,047,395

Less:  intangibles

(601,475)


(561,148)


(566,175)

Less:  AOCI

33,679


33,732


29,961


560,618


538,708


511,181







Ending shares outstanding

120,871,383


114,747,085


114,404,945







Tangible book value per share excluding AOCI (5)

$4.64


$4.69


$4.47













Tangible equity / tangible assets (period end):






Total shareholders' equity

$1,128,414


$1,066,124


$1,047,395

Less:  intangibles

(601,475)


(561,148)


(566,175)


526,939


504,976


481,220







Total assets

9,755,281


8,959,915


8,799,534

Less:  intangibles

(601,475)


(561,148)


(566,175)


9,153,806


8,398,767


8,233,359







Tangible equity / tangible assets (period end)

5.76%


6.01%


5.84%













Tangible equity, excluding AOCI / tangible






  assets (period end) (5):






Total shareholders' equity

$1,128,414


$1,066,124


$1,047,395

Less:  intangibles

(601,475)


(561,148)


(566,175)

Less:  AOCI

33,679


33,732


29,961


560,618


538,708


511,181







Total assets

9,755,281


8,959,915


8,799,534

Less:  intangibles

(601,475)


(561,148)


(566,175)


9,153,806


8,398,767


8,233,359

Tangible equity, excluding AOCI / tangible






  assets (period end) (5)

6.12%


6.41%


6.21%













Allowance for loan losses + credit marks / total






  loans + credit marks:






Allowance for loan losses

$107,612





Credit marks

26,919






134,531











Total loans

6,559,952





Credit marks

26,919






6,586,871





Allowance for loan losses + credit marks / total






  loans + credit marks

2.04%





(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 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)  Customer repos are included in short-term borrowings on the balance sheet.  

SOURCE F.N.B. Corporation

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