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F.N.B. Corporation Reports Net Income of $23.5 Million in Fourth Quarter 2010

Full Year 2010 Net Income More Than Double Full Year 2009


News provided by

F.N.B. Corporation

Jan 24, 2011, 05:56 ET

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HERMITAGE, Pa., Jan. 24, 2011 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) today reported financial results for the fourth quarter and full year ended December 31, 2010.  Net income for the fourth quarter of 2010 was $23.5 million, or $0.21 per diluted share, compared to third quarter of 2010 net income of $17.2 million, or $0.15 per diluted share, and fourth quarter of 2009 net income of $4.6 million, or $0.04 per diluted share.  Net income available to common shareholders for the full year of 2010 totaled $74.7 million, or $0.65 per diluted share, compared to $32.8 million, or $0.32 per diluted common share, for the full year ended December 31, 2009.

The fourth quarter of 2010 includes a $6.9 million (after-tax) one-time credit to pension expense for previously unrecognized gains due to amending the F.N.B. Corporation pension plan.  As a result of the amendment, resources have been shifted to enhance the 401(k) plan available to all employees and the volatility of future pension costs has been reduced.  Additionally, the fourth quarter of 2010 includes $0.4 million (after-tax) in Comm Bancorp, Inc. merger-related costs.  These items on a net basis increased net income for the fourth quarter of 2010 by $6.5 million or $0.06 per diluted share.  

“We are very pleased to deliver solid fourth quarter results to end a successful year,” said Stephen J. Gurgovits, Chief Executive Officer of F.N.B. Corporation.  “The fourth quarter reflects our continued accomplishments in growing loans, deposits and treasury management balances, maintaining a stable net interest margin and continuing good credit quality results in our Pennsylvania and Regency portfolios.  Additionally, we begin 2011 with good momentum and an expanded footprint in northeastern Pennsylvania with the recently completed acquisition of Comm Bancorp, Inc.”

F.N.B. Corporation’s performance ratios this quarter were as follows: return on average tangible equity (non-GAAP measure) was 19.28%; return on average equity was 8.74%; return on average tangible assets (non-GAAP measure) was 1.15% and return on average assets was 1.03%.  A reconciliation of GAAP measures to non-GAAP measures is included in the tables that accompany this press release.  

Net Interest Income

Net interest income on a fully taxable equivalent basis for the fourth quarter of 2010 totaled $74.5 million, increasing 3.2% annualized from the third quarter of 2010.  This linked-quarter growth reflects a 4.2% annualized increase in average earning assets with growth in both loans and investments.  Average investments increased $36.0 million over the third quarter as increased liquidity was invested in short-duration, high-quality securities.  The fourth quarter net interest margin of 3.77% remained stable compared to the third quarter.

“Our commercial and retail bankers continue to be successful in winning new customer relationships and deepening existing relationships as this quarter marks the seventh consecutive quarter of growth in our Pennsylvania commercial portfolio and the sixth consecutive quarter of total loan growth,” said Mr. Gurgovits.

Total average loans for the fourth quarter of 2010 totaled $6.0 billion and increased on a linked-quarter basis by $46.5 million, or 3.1% annualized.  Growth in the average home equity lending portfolio (comprised of lines of credit and direct installment loans) of $39.2 million, or 10.8% annualized, was the primary driver of the increase reflecting successful promotional initiatives and customer preferences for home equity lines of credit in the low interest rate environment.  All loan portfolios increased in the fourth quarter of 2010 compared to the prior quarter, except for our indirect lending portfolio which experienced a normal seasonal decline.

Average commercial loans for the fourth quarter totaled $3.3 billion with growth in the Pennsylvania commercial loan portfolio of $19.2 million, or 2.5% annualized, primarily reflecting market share gains.  This growth was partially offset by continued reductions in the Florida portfolio.  On a period-end basis, Pennsylvania commercial loans grew $56.9 million, or 7.3% annualized, at December 31, 2010 compared to September 30, 2010, reflecting strong production levels to close out the year.

Average deposits and treasury management balances for the fourth quarter totaled $7.3 billion and grew $81.6 million, or 4.5% annualized, on a linked-quarter basis reflecting growth in transaction deposits due to new customer acquisition and higher average balances partially offset by a decline in time deposits.  During the fourth quarter of 2010, our funding mix continued to improve with average transaction deposits increasing $100.2 million, or 9.1% annualized, and average treasury management balances growing $23.0 million or 13.8% annualized.  Given our overall liquidity position and contributing to the lower cost of funds in the fourth quarter of 2010, higher cost average time deposits declined as intended by $41.7 million, or 7.5% annualized, compared to the third quarter.

Non-Interest Income

Non-interest income totaled $29.5 million for the fourth quarter of 2010, increasing $1.7 million or 6.3% from $27.8 million in the third quarter of 2010, reflecting increased fee income in several categories.

The higher level of fee income reflects higher mortgage-related gains due to strong residential mortgage volume, and higher trust income driven by organic growth and improved market conditions.  The fourth quarter of 2010 also includes a $0.7 million gain related to the successful harvesting by F.N.B. Capital Corporation of a mezzanine finance relationship, representing the second successful harvesting in 2010.  Partially offsetting these gains in fee income, the decline in service charges on a linked-quarter basis includes a decrease in overdraft fee revenue reflecting the first full quarter of Regulation E.  In total, non-interest income represented 28% of revenue for the fourth quarter of 2010, compared to 27% for the third quarter of 2010.

Non-Interest Expense

Non-interest expense totaled $58.3 million in the fourth quarter of 2010, compared to $64.2 million in the third quarter of 2010.  As a result of a pension plan amendment, the fourth quarter of 2010 includes a $10.5 million one-time credit to pension expense for previously unrecognized gains.  The amendment is expected to reduce the volatility of future pension costs while shifting resources to an enhanced 401(k) plan.  These actions provide employees increased flexibility consistent with industry practices.  Also included in non-interest expense for the fourth quarter of 2010 are $0.5 million in Comm Bancorp, Inc. merger-related costs.  When excluding these items, non-interest expense totaled $68.3 million in the fourth quarter of 2010.

Non-interest expense for the fourth quarter of 2010, compared to the third quarter of 2010, also includes a $1.5 million increase in Florida land-related other real estate owned (OREO) costs primarily resulting from property valuation adjustments.  Additionally, personnel costs include revisions to quarterly and annual profitability and performance-based accruals for incentive compensation and accruals for discretionary employer 401(k) contributions due to exceeding annual goals due to business performance.

Credit Quality

“We remain very pleased with the performance of our Pennsylvania and Regency loan portfolios with both portfolios continuing to perform well.  Our focus in the Florida portfolio remains the land-related segment, which performed slightly better than our expectations and represents only 1.0% of total loans at quarter end,” remarked Mr. Gurgovits.

In total, the provision for loan losses equaled $10.8 million for the fourth quarter of 2010, while net charge-offs totaled $21.3 million.  Based on our analysis of the trends in credit quality, reserves for the Pennsylvania and Regency portfolios were maintained at the same percentage of loans as reported at September 30, 2010, as provision covered net charge-offs and supported loan growth for both portfolios in the fourth quarter.  For the Florida portfolio, net loan charge-offs of $12.9 million for the fourth quarter of 2010 exceeded provision for loan losses of $1.3 million, reflecting the completion of the annual reappraisal process during the fourth quarter for the Florida land-related segment and the corresponding utilization of previously provided reserves.

The Pennsylvania loan portfolio‘s credit quality metrics for the fourth quarter of 2010 reflect continued solid performance.  The Pennsylvania loan portfolio totaled $5.7 billion at December 31, 2010 (94.1% of the total loan portfolio) and delivered credit quality metrics characterized by continued improvements in total past due and non-accrual loans to total loans and non-performing assets to total assets.  The slight increase in net loan charge-offs for the fourth quarter of 2010, compared to the prior quarter, reflects $1.8 million in charge-offs from two credits obtained through prior acquisitions, utilizing previously provided reserves.  Net charge-offs for the fourth quarter totaled $6.9 million or 0.48% annualized of average loans, bringing net charge-offs for the full year 2010 to 0.36% of average loans, representative of historically good results.  At December 31, 2010, the ratio of the allowance for loan losses to total loans remained unchanged from September 30, 2010 at 1.43%.

The Florida loan portfolio totaled $195.3 million at December 31, 2010 (3.2% of the total loan portfolio) with the land-related portion of the portfolio decreasing $16.6 million to $62.8 million or only 1.0% of total loans at December 31, 2010.  Activity for the fourth quarter of 2010 included $12.9 million in charge-offs mainly related to reappraisals of Florida land-related credits and continued loan repayments.  The reappraisal results during the fourth quarter were slightly better than our expectations.  Reflecting fourth quarter of 2010 charge-offs and payments received, Florida non-performing loans and OREO decreased $16.7 million to $76.1 million or 35.2% of total Florida loans and OREO at December 31, 2010.  At December 31, 2010, the ratio of the allowance for loan losses to total loans for the Florida portfolio equaled 8.95%, reflecting utilization of previously provided reserves.

Capital Position

The Corporation’s capital ratios continue to exceed federal bank regulatory agency “well capitalized” thresholds.  As of December 31, 2010, the Corporation’s regulatory capital ratios improved from September 30, 2010 reflecting higher retained net income.  At December 31, 2010, the total risk-based capital ratio was 13.1%, the tier 1 risk-based capital ratio was 11.6% and the leverage ratio was 8.7%.  The tangible common equity to tangible assets ratio (non-GAAP measure) improved to 6.01% at December 31, 2010 from 5.96% at September 30, 2010.  The tangible book value per share (non-GAAP measure) increased 2 cents during the quarter to $4.40 and the dividend payout ratio for the quarter was 59%.

Full Year 2010 Results

F.N.B. Corporation’s full year of 2010 net income increased to $74.7 million, or $0.65 per diluted share, compared to full year of 2009 net income available to common shareholders of $32.8 million, or $0.32 per diluted common share.  For 2010, return on average tangible common equity (non-GAAP measure) was 16.02%, return on average equity was 7.06%, return on average tangible assets (non-GAAP measure) was 0.95% and return on average assets was 0.84%.

Net interest income on a fully taxable equivalent basis totaled $291.6 million for 2010, an increase of $18.3 million or 6.7% over 2009, reflecting growth in average earning assets of 3.7% and a 12 basis point expansion of the net interest margin to 3.77%.  The margin expansion reflects lower deposit and borrowing costs driven by an improved funding mix in a low interest rate environment, partially offset by lower yields on earning assets.

For the full year of 2010, compared to 2009, average earning assets increased through growth in average loans of $137.4 million or 2.4%, and growth in average investments of $140.5 million, or 8.7%, reflecting the investment of increased balance sheet liquidity in short-duration, high-quality securities.  Full year 2010 average loan growth was driven by average commercial loan growth of $95.2 million, or 3.0%, accomplished primarily by market share expansion through new client acquisition.  Additionally, during 2010 average consumer loans grew $19.6 million, or 0.8%, reflecting growth in the average home equity lending portfolio driven by successful promotional initiatives in 2010.  Average other loans grew $22.6 million, or 29.1%, due to growth in the commercial equipment-leasing portfolio of $19.3 million, or 41.4%.

For the full year of 2010, average deposits and treasury management balances increased $479.9 million or 7.2%, with low-cost average transaction balances growing $371.2 million or 9.3%, and average treasury management balances growing $167.6 million or 35.5%.  The strong deposits and treasury management growth reflects our success in expanding market share through new client acquisition and higher depositor average balances.

Non-interest income totaled $116.0 million for 2010, an increase of 9.9% compared to 2009.  Fee income on a year-over-year basis includes a 7.7% increase in trust-related revenue, primarily reflecting improved market conditions, and 22.9% higher mortgage-related gains.    In addition, 2010 included higher gains on the sale of securities, higher recoveries on impaired loans acquired through acquisitions, gains related to the successful harvesting of two mezzanine financing relationships by F.N.B. Capital Corporation and lower other-than-temporary impairment charges.  Partially offsetting these gains in fee income, service charges declined 1.7% due to decreased overdraft fee revenue resulting from changes in customer behavior and Regulation E implementation on August 15, 2010.  The 2010 Regulation E-related negative impact to fee revenue was partially mitigated by increases in other service charges.  In addition, 2010 reflected lower insurance commissions and fees of 5.4%, primarily a result of decreased contingent fee revenue, and lower securities commissions and fees of 8.3%, as annuity sales were negatively impacted by the low interest rate environment.  

Non-interest expense totaled $251.1 million for 2010, a decrease of 1.7% compared to 2009.  During 2010, personnel costs declined 0.5% due to the previously mentioned one-time $10.5 million credit to pension expense.  Absent this reduction, personnel costs for 2010 increased reflecting higher salaries and employee benefits associated with various revenue-generating initiatives such as the addition of an asset-based lending group and an expanded private banking group, as well as higher incentive compensation resulting from business performance.  Additionally, 2010 results include pre-payment charges associated with the repayment of FHLB debt partially offset by lower FDIC insurance premiums due to the special assessment in 2009.  F.N.B. Corporation’s efficiency ratio improved to 60.0% for 2010, compared to 65.5% for 2009, reflecting our continued focus on growing revenue and controlling expenses and the benefit of the 2010 reduction in pension expense due to the plan amendment.

While credit quality results for 2010 significantly improved compared to 2009, credit-related costs remained elevated compared to historical levels primarily due to the performance of the Florida land-related loan portfolio. Net loan charge-offs for 2010 improved 38 basis points, to 0.77% of total loans, compared to 1.15% of total loans for 2009.  The improvement reflects lower charge-offs in the Florida portfolio in 2010 and continued good performance for the Pennsylvania and Regency portfolios. The provision for loan losses for 2010 totaled $47.3 million, an improvement of $19.5 million compared to $66.8 million for 2009 and primarily reflects lower Florida-related provision for loan losses of $18.0 million for 2010 compared to 2009.

The full year of 2009 included $8.3 million in costs associated with the preferred stock sold to the U.S. Treasury pursuant to the Capital Purchase Plan (CPP) in January 2009 and subsequently redeemed in September 2009.

Conference Call

F.N.B. Corporation will host its quarterly conference call to discuss fourth quarter and full year 2010 financial results on Tuesday, January 25, 2011, at 8:00 AM EST.  Participating callers may access the call by dialing (888) 208-1332 or (913) 981-5551 for international callers; the confirmation number is 4628644.  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 EST the day of the call until midnight EST on Tuesday, February 1, 2011.  The replay is accessible by dialing (877) 870-5176 or (858) 384-5517 for international callers; the confirmation number is 4628644.  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 $9.6 billion as of January 1, 2011 (including the completed acquisition of Comm Bancorp, Inc.).  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)








4th Qtr 2010 -


4th Qtr 2010 -



2010


2009


3rd Qtr 2010


4th Qtr 2009



Fourth


Third


Fourth


Percent


Percent

Statement of earnings

Quarter


Quarter


Quarter


Variance


Variance

Interest income

$92,867


$93,947


$96,160


-1.2


-3.4

Interest expense

20,022


21,688


26,468


-7.7


-24.4


Net interest income

72,845


72,259


69,692


0.8


4.5

Taxable equivalent adjustment

1,683


1,666


1,661


1.0


1.3


Net interest income (FTE) (1)

74,528


73,925


71,353


0.8


4.5

Provision for loan losses

10,807


12,313


25,924


-12.2


-58.3


Net interest income after provision (FTE)

63,721


61,612


45,429


3.4


40.3












Impairment losses on securities

(51)


0


(9,366)


n/m


n/m

Non-credit related losses on securities not expected










  to be sold (recognized in other comprehensive income)

0


0


5,707


n/m


n/m

Net impairment losses on securities

(51)


0


(3,659)


n/m


n/m












Service charges

14,146


14,250


14,781


-0.7


-4.3

Insurance commissions and fees

3,678


3,921


3,794


-6.2


-3.0

Securities commissions and fees

1,717


1,794


2,213


-4.3


-22.4

Trust income

3,289


3,084


3,025


6.6


8.7

Gain on sale of securities

443


80


30


455.2


1373.7

Gain on sale of loans

1,423


964


720


47.5


97.7

Other


4,855


3,661


4,376


32.6


10.9


Total non-interest income

29,500


27,754


25,280


6.3


16.7












Salaries and employee benefits

25,911


33,831


31,769


-23.4


-18.4

Occupancy and equipment

9,477


9,267


9,443


2.3


0.4

Amortization of intangibles

1,673


1,675


1,728


-0.1


-3.2

Other


21,268


19,474


22,841


9.2


-6.9


Total non-interest expense

58,329


64,247


65,781


-9.2


-11.3












Income before income taxes

34,892


25,119


4,928


38.9


608.1

Taxable equivalent adjustment

1,683


1,666


1,661


1.0


1.3

Income taxes (benefit)

9,676


6,236


(1,289)


55.2


-850.9


Net income

$23,533


$17,217


$4,556


36.7


416.5












Earnings per common share











Basic

$0.21


$0.15


$0.04


40.0


425.0


Diluted

$0.21


$0.15


$0.04


40.0


425.0












Performance ratios










Return on average equity

8.74%


6.43%


1.72%





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

19.28%


14.56%


4.66%





Return on average assets

1.03%


0.76%


0.21%





Return on average tangible assets (3) (6)

1.15%


0.87%


0.28%





Net interest margin (FTE) (1) (8)

3.77%


3.78%


3.77%





Yield on earning assets (FTE) (1) (8)

4.78%


4.89%


5.17%





Cost of funds

1.17%


1.28%


1.60%





Efficiency ratio (FTE) (1) (4) (8)

54.46%


61.54%


66.28%





Effective tax rate

29.14%


26.59%


-39.45%
















Common stock data










Average basic shares outstanding

114,077,849


113,983,990


113,592,665


0.1


0.4

Average diluted shares outstanding

114,596,166


114,486,251


113,966,034


0.1


0.6

Ending shares outstanding

114,747,085


114,632,850


114,111,695


0.1


0.6

Common book value per share

$9.29


$9.29


$9.14


0.0


1.6

Tangible common book value per share (6)

$4.40


$4.38


$4.17


0.5


5.6

Tangible common book value per share










  excluding AOCI (5) (6)

$4.69


$4.58


$4.43


2.4


5.9

Dividend payout ratio (common)

58.82%


80.31%


301.32%








F.N.B. CORPORATION

(Unaudited)






(Dollars in thousands, except per share data)








For the Year





Ended December 31,


Percent

Statement of earnings

2010


2009


Variance

Interest income

$373,721


$388,218


-3.7

Interest expense

88,731


121,179


-26.8


Net interest income

284,990


267,039


6.7

Taxable equivalent adjustment

6,652


6,350


4.7


Net interest income (FTE) (1)

291,642


273,389


6.7

Provision for loan losses

47,323


66,802


-29.2


Net interest income after provision (FTE)

244,319


206,587


18.3








Impairment losses on securities

(9,590)


(25,232)


n/m

Non-credit related losses on securities not expected






  to be sold (recognized in other comprehensive income)

7,251


17,339


n/m

Net impairment losses on securities

(2,339)


(7,893)


n/m








Service charges

56,780


57,736


-1.7

Insurance commissions and fees

15,772


16,672


-5.4

Securities commissions and fees

6,839


7,460


-8.3

Trust income

12,719


11,811


7.7

Gain on sale of securities

2,960


528


460.0

Gain on sale of loans

3,762


3,061


22.9

Other


19,479


16,107


20.9


Total non-interest income

115,972


105,482


9.9








Salaries and employee benefits

126,259


126,865


-0.5

Occupancy and equipment

38,261


38,249


0.0

Amortization of intangibles

6,714


7,088


-5.3

Other


79,869


83,137


-3.9


Total non-interest expense

251,103


255,339


-1.7








Income before income taxes

109,188


56,730


92.5

Taxable equivalent adjustment

6,652


6,350


4.7

Income taxes (benefit)

27,884


9,269


200.8


Net income

74,652


41,111


81.6


Preferred stock dividends and discount amortization

0


8,308


n/m


Net income available to common shareholders

$74,652


$32,803


127.6








Earnings per common share







Basic

$0.66


$0.32


106.3


Diluted

$0.65


$0.32


103.1








Performance ratios






Return on average equity

7.06%


3.87%



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

16.02%


8.74%



Return on average assets

0.84%


0.48%



Return on average tangible assets (3) (6)

0.95%


0.57%



Net interest margin (FTE) (1) (8)

3.77%


3.65%



Yield on earning assets (FTE) (1) (8)

4.92%


5.28%



Cost of funds

1.32%


1.86%



Efficiency ratio (FTE) (1) (4) (8)

59.96%


65.52%



Effective tax rate

27.19%


18.40%










Common stock data






Average basic shares outstanding

113,923,612


102,580,415


11.1

Average diluted shares outstanding

114,281,733


102,849,334


11.1

Ending shares outstanding

114,747,085


114,111,695


0.6

Common book value per share

$9.29


$9.14


1.6

Tangible common book value per share (6)

$4.40


$4.17


5.6

Tangible common book value per share






  excluding AOCI (5) (6)

$4.69


$4.43


5.9

Dividend payout ratio (common)

74.02%


149.50%






F.N.B. CORPORATION

(Unaudited)










(Dollars in thousands)







4th Qtr 2010 -


4th Qtr 2010 -



2010


2009


3rd Qtr 2010


4th Qtr 2009



Fourth


Third


Fourth


Percent


Percent

Average balances

Quarter


Quarter


Quarter


Variance


Variance

Total assets

$9,044,812


$8,958,692


$8,681,532


1.0


4.2

Earning assets (8)

7,856,410


7,773,915


7,524,129


1.1


4.4

Securities

1,642,219


1,612,612


1,489,608


1.8


10.2

Short-term investments (8)

168,729


162,377


158,011


3.9


6.8

Loans, net of unearned income

6,045,462


5,998,926


5,876,510


0.8


2.9

Allowance for loan losses

118,187


117,982


110,974


0.2


6.5

Goodwill and intangibles

561,946


563,631


568,666


-0.3


-1.2












Deposits and treasury management accounts (7)

7,328,829


7,247,270


6,843,748


1.1


7.1

Short-term borrowings

134,456


129,752


130,430


3.6


3.1

Long-term debt

199,007


208,433


346,819


-4.5


-42.6

Trust preferred securities

204,118


204,287


204,793


-0.1


-0.3

Shareholders' equity

1,068,468


1,062,512


1,052,483


0.6


1.5












Asset quality data










Non-accrual loans

$115,589


$135,661


$133,891


-14.8


-13.7

Restructured loans

19,705


18,735


11,624


5.2


69.5

Non-performing loans

135,294


154,396


145,515


-12.4


-7.0

Other real estate owned

32,702


32,345


21,367


1.1


53.0

Total non-performing loans and OREO

167,996


186,741


166,882


-10.0


0.7

Non-performing investments

5,974


5,163


4,825


15.7


23.8

Non-performing assets

$173,970


$191,904


$171,707


-9.3


1.3












Net loan charge-offs

$21,314


$9,726


$27,161


119.1


-21.5

Allowance for loan losses

106,120


116,627


104,655


-9.0


1.4












Non-performing loans / total loans

2.22%


2.57%


2.49%





Non-performing loans + OREO / total loans + OREO

2.74%


3.09%


2.84%





Non-performing assets / total assets

1.94%


2.13%


1.97%





Allowance for loan losses / total loans

1.74%


1.94%


1.79%





Allowance for loan losses / non-performing loans

78.44%


75.54%


71.92%





Net loan charge-offs (annualized) / average loans

1.40%


0.64%


1.83%
















Balances at period end










Total assets

$8,959,915


$8,993,043


$8,709,077


-0.4


2.9

Earning assets (8)

7,795,476


7,794,305


7,502,450


0.0


3.9

Loans, net of unearned income

6,088,155


6,004,577


5,849,361


1.4


4.1

Deposits and treasury management accounts (7)

7,258,045


7,284,967


6,917,007


-0.4


4.9

Total equity

1,066,124


1,064,846


1,043,302


0.1


2.2












Capital ratios










Equity / assets (period end)

11.90%


11.84%


11.98%





Leverage ratio

8.69%


8.63%


8.68%





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

6.01%


5.96%


5.84%





Tangible equity, excluding AOCI / tangible










  assets (period end) (5) (6)

6.41%


6.23%


6.22%








F.N.B. CORPORATION

(Unaudited)






(Dollars in thousands)








For the Year





Ended December 31,


Percent

Average balances

2010


2009


Variance

Total assets

$8,906,734


$8,606,188


3.5

Earning assets (8)

7,724,919


7,447,018


3.7

Securities

1,584,612


1,399,444


13.2

Short-term investments (8)

171,740


216,398


-20.6

Loans, net of unearned income

5,968,567


5,831,176


2.4

Allowance for loan losses

114,526


107,015


7.0

Goodwill and intangibles

564,448


571,492


-1.2








Deposits and treasury management accounts (7)

7,186,716


6,706,830


7.2

Short-term borrowings

130,980


114,341


14.6

Long-term debt

224,610


419,570


-46.5

Trust preferred securities

204,370


205,045


-0.3

Shareholders' equity - common

1,057,732


999,502


5.8

Shareholders' equity - preferred

0


63,602


n/m








Asset quality data






Non-accrual loans

$115,589


$133,891


-13.7

Restructured loans

19,705


11,624


69.5

Non-performing loans

135,294


145,515


-7.0

Other real estate owned

32,702


21,367


53.0

Total non-performing loans and OREO

167,996


166,882


0.7

Non-performing investments

5,974


4,825


23.8

Non-performing assets

$173,970


$171,707


1.3








Net loan charge-offs

$45,858


$66,892


-31.4

Allowance for loan losses

106,120


104,655


1.4








Non-performing loans / total loans

2.22%


2.49%



Non-performing loans + OREO / total loans + OREO

2.74%


2.84%



Non-performing assets / total assets

1.94%


1.97%



Allowance for loan losses / total loans

1.74%


1.79%



Allowance for loan losses / non-performing loans

78.44%


71.92%



Net loan charge-offs (annualized) / average loans

0.77%


1.15%










Balances at period end






Total assets

$8,959,915


$8,709,077


2.9

Earning assets (8)

7,795,476


7,502,450


3.9

Loans, net of unearned income

6,088,155


5,849,361


4.1

Deposits and treasury management accounts (7)

7,258,045


6,917,007


4.9

Total equity

1,066,124


1,043,302


2.2








Capital ratios






Equity / assets (period end)

11.90%


11.98%



Leverage ratio

8.69%


8.68%



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

6.01%


5.84%



Tangible common equity, excluding AOCI /






  tangible assets (period end) (5) (6)

6.41%


6.22%






F.N.B. CORPORATION

(Unaudited)










(Dollars in thousands)







4th Qtr 2010 -


4th Qtr 2010 -



2010


2009


3rd Qtr 2010


4th Qtr 2009



Fourth


Third


Fourth


Percent


Percent

Average balances

Quarter


Quarter


Quarter


Variance


Variance

Loans:











Commercial

$3,303,222


$3,301,993


$3,250,530


0.0


1.6


Direct installment

1,001,104


990,453


990,573


1.1


1.1


Residential mortgages

631,423


625,167


612,146


1.0


3.1


Indirect installment

515,341


521,815


535,856


-1.2


-3.8


Consumer LOC

484,560


455,971


401,127


6.3


20.8


Other

109,812


103,527


86,278


6.1


27.3


  Total loans

$6,045,462


$5,998,926


$5,876,510


0.8


2.9












Deposits:











Non-interest bearing deposits

$1,105,157


$1,077,797


$978,110


2.5


13.0


Savings and NOW

3,380,143


3,307,256


3,122,911


2.2


8.2


Certificates of deposit and other time deposits

2,159,718


2,201,454


2,206,537


-1.9


-2.1


  Total deposits

6,645,018


6,586,507


6,307,558


0.9


5.4


Treasury management accounts (7)

683,811


660,763


536,190


3.5


27.5


  Total deposits and treasury management accounts (7)

$7,328,829


$7,247,270


$6,843,748


1.1


7.1























Balances at period end










Loans:











Commercial

$3,337,992


$3,299,230


$3,234,738


1.2


3.2


Direct installment

1,002,725


994,614


985,746


0.8


1.7


Residential mortgages

622,242


612,484


605,219


1.6


2.8


Indirect installment

514,369


519,366


527,818


-1.0


-2.5


Consumer LOC

493,881


473,606


408,469


4.3


20.9


Other

116,946


105,277


87,371


11.1


33.9


  Total loans

$6,088,155


$6,004,577


$5,849,361


1.4


4.1












Deposits:











Non-interest bearing deposits

$1,093,230


$1,103,393


$992,298


-0.9


10.2


Savings and NOW

3,423,844


3,307,698


3,182,909


3.5


7.6


Certificates of deposit and other time deposits

2,129,069


2,186,737


2,205,016


-2.6


-3.4


  Total deposits

6,646,143


6,597,828


6,380,223


0.7


4.2


Treasury management accounts (7)

611,902


687,139


536,784


-10.9


14.0


  Total deposits and treasury management accounts (7)

$7,258,045


$7,284,967


$6,917,007


-0.4


4.9




F.N.B. CORPORATION

(Unaudited)






(Dollars in thousands)








For the Year





Ended December 31,


Percent

Average balances

2010


2009


Variance

Loans:







Commercial

$3,299,506


$3,204,334


3.0


Direct installment

984,010


1,013,099


-2.9


Residential mortgages

621,480


623,736


-0.4


Indirect installment

518,231


538,031


-3.7


Consumer LOC

444,898


374,164


18.9


Other

100,442


77,812


29.1


  Total loans

$5,968,567


$5,831,176


2.4








Deposits:







Non-interest bearing deposits

$1,045,837


$940,808


11.2


Savings and NOW

3,300,964


3,034,843


8.8


Certificates of deposit and other time deposits

2,199,667


2,258,551


-2.6


  Total deposits

6,546,468


6,234,202


5.0


Treasury management accounts (7)

640,248


472,628


35.5


  Total deposits and treasury management accounts (7)

$7,186,716


$6,706,830


7.2















Balances at period end






Loans:







Commercial

$3,337,992


$3,234,738


3.2


Direct installment

1,002,725


985,746


1.7


Residential mortgages

622,242


605,219


2.8


Indirect installment

514,369


527,818


-2.5


Consumer LOC

493,881


408,469


20.9


Other

116,946


87,371


33.9


  Total loans

$6,088,155


$5,849,360


4.1








Deposits:







Non-interest bearing deposits

$1,093,230


$992,298


10.2


Savings and NOW

3,423,844


3,182,909


7.6


Certificates of deposit and other time deposits

2,129,069


2,205,016


-3.4


  Total deposits

6,646,143


6,380,224


4.2


Treasury management accounts (7)

611,902


536,784


14.0


  Total deposits and treasury management accounts (7)

$7,258,046


$6,917,008


4.9




F.N.B. CORPORATION

(Unaudited)








(Dollars in thousands)










Fourth Quarter 2010



Bank - PA


Bank - FL


Regency


Total

Asset quality data, by core portfolio








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










Total past due and non-accrual loans / total loans

1.80%


29.56%


4.22%


2.76%












Third Quarter 2010



Bank - PA


Bank - FL


Regency


Total

Asset quality data, by core portfolio








Non-accrual loans

$62,634


$71,210


$1,817


$135,661

Restructured loans

12,670


0


6,065


18,735

Non-performing loans

75,304


71,210


7,882


154,396

Other real estate owned

9,458


21,548


1,339


32,345

Total non-performing loans and OREO

84,762


92,758


9,221


186,741

Non-performing investments

5,163


0


0


5,163

Non-performing assets

$89,925


$92,758


$9,221


$191,904










Net loan charge-offs

$4,462


$3,694


$1,570


$9,726

Provision for loan losses

4,796


5,867


1,650


12,313

Allowance for loan losses

80,729


29,114


6,784


116,627

Loans, net of unearned income

5,629,633


213,436


161,508


6,004,577










Non-performing loans / total loans

1.34%


33.36%


4.88%


2.57%

Non-performing loans + OREO / total loans + OREO

1.50%


39.47%


5.66%


3.09%

Non-performing assets / total assets

1.05%


45.06%


5.48%


2.13%

Allowance for loan losses / total loans

1.43%


13.64%


4.20%


1.94%

Allowance for loan losses / non-performing loans

107.20%


40.88%


86.07%


75.54%

Net loan charge-offs (annualized) / average loans

0.32%


6.59%


3.84%


0.64%










Loans 30 - 89 days past due

$32,846


$1,000


$2,402


$36,248

Loans 90+ days past due

7,007


0


2,187


9,194

Non-accrual loans

62,634


71,210


1,817


135,661

  Total past due and non-accrual loans

$102,487


$72,210


$6,406


$181,103










Total past due and non-accrual loans / total loans

1.82%


33.83%


3.97%


3.02%




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

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%

Non-performing assets / total assets

0.98%


35.01%


5.23%


1.97%

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)







4th Qtr 2010 -


4th Qtr 2010 -



2010


2009


3rd Qtr 2010


4th Qtr 2009



Fourth


Third


Fourth


Percent


Percent

Balance Sheet (at period end)

Quarter


Quarter


Quarter


Variance


Variance

Assets










Cash and due from banks

$115,556


$142,615


$160,845


-19.0


-28.2

Interest bearing deposits with banks

16,015


164,406


149,705


-90.3


-89.3

  Cash and cash equivalents

131,571


307,021


310,550


-57.1


-57.6

Securities available for sale

738,125


738,828


715,349


-0.1


3.2

Securities held to maturity

940,481


869,765


775,281


8.1


21.3

Residential mortgage loans held for sale

12,700


16,729


12,754


-24.1


-0.4

Loans, net of unearned income

6,088,155


6,004,577


5,849,361


1.4


4.1

Allowance for loan losses

(106,120)


(116,627)


(104,655)


-9.0


1.4

  Net loans

5,982,035


5,887,950


5,744,706


1.6


4.1

Premises and equipment, net

115,956


114,320


117,921


1.4


-1.7

Goodwill

528,720


528,720


528,710


0.0


0.0

Core deposit and other intangible assets, net

32,428


34,100


39,141


-4.9


-17.1

Bank owned life insurance

208,051


207,402


205,447


0.3


1.3

Other assets

269,848


288,209


259,218


-6.4


4.1

Total Assets

$8,959,915


$8,993,043


$8,709,077


-0.4


2.9












Liabilities










Deposits:










  Non-interest bearing demand

$1,093,230


$1,103,393


$992,298


-0.9


10.2

  Savings and NOW

3,423,844


3,307,698


3,182,909


3.5


7.6

  Certificates and other time deposits

2,129,069


2,186,737


2,205,016


-2.6


-3.4

     Total Deposits

6,646,143


6,597,828


6,380,223


0.7


4.2

Other liabilities

97,951


105,326


86,797


-7.0


12.9

Short-term borrowings

753,603


817,582


669,167


-7.8


12.6

Long-term debt

192,058


203,257


324,877


-5.5


-40.9

Junior subordinated debt

204,036


204,204


204,711


-0.1


-0.3

  Total Liabilities

7,893,791


7,928,197


7,665,775


-0.4


3.0












Stockholders' Equity










Common stock

1,143


1,142


1,138


0.1


0.5

Additional paid-in capital

1,094,713


1,092,828


1,087,369


0.2


0.7

Retained earnings

6,564


(3,126)


(12,833)


-310.0


-151.1

Accumulated other comprehensive income

(33,732)


(23,481)


(30,633)


43.7


10.1

Treasury stock

(2,564)


(2,517)


(1,739)


1.9


47.5

  Total Stockholders' Equity

1,066,124


1,064,846


1,043,302


0.1


2.2

Total Liabilities and Stockholders' Equity

$8,959,915


$8,993,043


$8,709,077


-0.4


2.9




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.



2010


2009



Fourth


Third


Fourth



Quarter


Quarter


Quarter

Return on average tangible equity (2):






Net income (annualized)

$93,364


$68,308


$18,077

Amortization of intangibles, net of tax (annualized)

4,315


4,319


4,457



97,679


72,627


22,534








Average total shareholders' equity

1,068,468


1,062,512


1,052,483

Less:  Average intangibles

(561,946)


(563,631)


(568,666)



506,522


498,881


483,817








Return on average tangible equity (2)

19.28%


14.56%


4.66%








Return on average tangible assets (3):






Net income (annualized)

$93,364


$68,308


$18,077

Amortization of intangibles, net of tax (annualized)

4,315


4,319


4,457



97,679


72,627


22,534








Average total assets

9,044,812


8,958,692


8,681,532

Less:  Average intangibles

(561,946)


(563,631)


(568,666)



8,482,866


8,395,061


8,112,866








Return on average tangible assets (3)

1.15%


0.87%


0.28%








Tangible book value per share:






Total shareholders' equity

$1,066,124


$1,064,846


$1,043,302

Less:  intangibles

(561,149)


(562,820)


(567,851)



504,975


502,026


475,451








Ending shares outstanding

114,747,085


114,632,850


114,111,695








Tangible book value per share

$4.40


$4.38


$4.17








Tangible book value per share excluding AOCI (5):






Total shareholders' equity

$1,066,124


$1,064,846


$1,043,302

Less:  intangibles

(561,149)


(562,820)


(567,851)

Less:  AOCI

33,732


23,481


30,633



538,707


525,507


506,084








Ending shares outstanding

114,747,085


114,632,850


114,111,695








Tangible book value per share excluding AOCI (5)

$4.69


$4.58


$4.43




F.N.B. CORPORATION

(Unaudited)




(Dollars in thousands)









For the Year



Ended December 31,



2010


2009

Return on average tangible common equity (2):




Net income available to common shareholders (annualized)

$74,652


$32,803

Amortization of intangibles, net of tax (annualized)

4,364


4,607



79,016


37,410






Average total shareholders' equity

1,057,732


1,063,104

Less:  Average preferred shareholders' equity

0


(63,602)

Less:  Average intangibles

(564,448)


(571,492)



493,284


428,010






Return on average tangible common equity (2)

16.02%


8.74%






Return on average tangible assets (3):




Net income (annualized)

$74,652


$41,111

Amortization of intangibles, net of tax (annualized)

4,364


4,607



79,016


45,718






Average total assets

8,906,734


8,606,188

Less:  Average intangibles

(564,448)


(571,492)



8,342,286


8,034,696






Return on average tangible assets (3)

0.95%


0.57%






Tangible book value per share:




Total shareholders' equity

$1,066,124


$1,043,302

Less:  intangibles

(561,149)


(567,851)



504,975


475,451






Ending shares outstanding

114,747,085


114,111,695






Tangible book value per share

$4.40


$4.17






Tangible book value per share excluding AOCI (5):




Total shareholders' equity

$1,066,124


$1,043,302

Less:  intangibles

(561,149)


(567,851)

Less:  AOCI

33,732


30,633



538,707


506,084






Ending shares outstanding

114,747,085


114,111,695






Tangible book value per share excluding AOCI (5)

$4.69


$4.43




F.N.B. CORPORATION

(Unaudited)






(Dollars in thousands)








2010


2009



Fourth


Third


Fourth



Quarter


Quarter


Quarter

Tangible equity / tangible assets (period end):






Total shareholders' equity

$1,066,124


$1,064,846


$1,043,302

Less:  intangibles

(561,149)


(562,820)


(567,851)



504,975


502,026


475,451








Total assets

8,959,915


8,993,043


8,709,077

Less:  intangibles

(561,149)


(562,820)


(567,851)



8,398,766


8,430,223


8,141,226








Tangible equity / tangible assets (period end)

6.01%


5.96%


5.84%








Tangible equity, excluding AOCI / tangible






  assets (period end) (5):






Total shareholders' equity

$1,066,124


$1,064,846


$1,043,302

Less:  intangibles

(561,149)


(562,820)


(567,851)

Less:  AOCI

33,732


23,481


30,633



538,707


525,507


506,084








Total assets

8,959,915


8,993,043


8,709,077

Less:  intangibles

(561,149)


(562,820)


(567,851)



8,398,766


8,430,223


8,141,226








Tangible equity, excluding AOCI / tangible






  assets (period end) (5)

6.41%


6.23%


6.22%








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

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


SOURCE F.N.B. Corporation

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