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


News provided by

F.N.B. Corporation

Jul 26, 2010, 04:01 ET

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HERMITAGE, Pa., July 26 /PRNewswire-FirstCall/ -- F.N.B. Corporation (NYSE: FNB) today reported financial results for the second quarter of 2010.  Net income for the second quarter of 2010 was $17.9 million, or $0.16 per diluted share, compared to first quarter of 2010 net income of $16.0 million, or $0.14 per diluted share, and net income available to common shareholders in the second quarter of 2009 of $9.1 million, or $0.10 per diluted common share.

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“We are very pleased to deliver another solid quarter for our shareholders,” said Stephen J. Gurgovits, President and Chief Executive Officer of F.N.B. Corporation.  “Our results for the second quarter again reflect solid loan and deposit growth, stable credit quality and our consistent focus on creating value for our shareholders.”

F.N.B. Corporation’s performance ratios this quarter were as follows: return on average tangible common equity (non-GAAP measure) was 15.65%; return on average equity was 6.83%; return on average tangible assets (non-GAAP measure) was 0.92% and return on average assets was 0.81%.  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 taxable equivalent basis (non-GAAP measure) for the second quarter of 2010 totaled $73.1 million, increasing $3.1 million from the first quarter of 2010.  This linked quarter growth reflects a 7.2% annualized increase in average earning assets and a 7 basis point expansion of the net interest margin.  The increase in average earning assets includes growth in both loans and investment securities.  Average investment securities increased over the first quarter by $117 million due to the deployment of funds previously held at the Federal Reserve.  The net interest margin equaled 3.81% for the second quarter and includes a 4 basis point net benefit related to certain non-accrual loans that were paid-off or returned to accrual status.

“We are very pleased with the outstanding results of our commercial and retail bankers in winning new customer relationships and continuing to gain market share throughout this challenging economic cycle,” said Mr. Gurgovits.  “Our loan and deposit growth reflects our ongoing success in attracting new customers to the F.N.B. approach to banking.”

Total average loans for the second quarter of 2010 increased on a linked quarter basis by $48.4 million or 3.3% annualized to $5.9 billion, representing the fourth consecutive quarter of growth for total average loans.  Average commercial loans led the second quarter growth increasing $29.5 million, or 3.6% annualized. Our Pennsylvania commercial loan portfolio grew $35.9 million, or 4.7% annualized, as we continue to gain market share across our footprint.

Average consumer loans for the second quarter of 2010 totaled $2.5 billion and grew $11.3 million or 1.8% annualized on a linked quarter basis.  The increase was primarily due to $8.7 million or 2.5% annualized growth of average home equity lending balances (comprised of consumer lines of credit and direct installment loans) reflecting promotional initiatives and customer preferences for these products in a low interest rate environment.

Average deposits and treasury management balances grew $161.3 million or 9.2% annualized to $7.2 billion on a linked quarter basis reflecting successes in new account acquisition combined with higher average balances.  During the second quarter of 2010, average transaction deposits increased $139.2 million or 13.3% annualized and average treasury management balances grew $21.9 million or 14.7% annualized.

Non-Interest Income

Non-interest income of $28.4 million for the second quarter of 2010 decreased $1.8 million on a linked quarter basis as the prior quarter included $2.3 million in gains on security sales, $3.3 million in recoveries on acquired impaired loans and $1.7 million in OTTI charges.  The current quarter reflected higher levels of fee income, lower other-than-temporary impairment charges and a $1.6 million gain related to the successful harvesting of a mezzanine financing relationship by F.N.B. Capital Corporation.  The impairment losses recognized for the second quarter of 2010 of $0.6 million related to one pooled trust preferred security that experienced additional collateral deterioration.

Growth in fee income reflected seasonally higher service charges and securities commissions as well as higher mortgage-related gains due to increased sales volume in the second quarter.  In addition, insurance commissions and fees decreased on a linked quarter basis due to seasonally higher contingent fee revenue in the first quarter of 2010.  Non-interest income, excluding other-than-temporary impairment charges, securities gains and recoveries on acquired impaired loans, represented 28% of revenue for the second quarter of 2010 compared to 27% for the first quarter of 2010.  

Non-Interest Expense

Non-interest expense totaled $63.1 million in the second quarter of 2010 and was flat with the first quarter of 2010 after considering the $2.3 million in pre-payment charges recorded in the first quarter associated with the repayment of FHLB debt.  In addition, on a linked quarter basis, the second quarter of 2010 occupancy costs decreased $0.6 million due to seasonal weather-related factors.  The efficiency ratio for the second quarter of 2010 improved to 60.5% compared to 63.6% in the first quarter of 2010 demonstrating continued effective expense control.

Credit Quality

“Our Pennsylvania and Regency loan portfolios continue to perform very well with improvements reflecting the early stages of the economic recovery.  The Florida portfolio, representing only 3.9% of total loans at quarter-end, showed signs of stabilization and slight improvement in the non-land related segments, while the land-related segment of this portfolio remains subject to a challenging environment.  We continue to reduce our exposure in the Florida portfolio,” remarked Mr. Gurgovits.

Credit quality metrics for the second quarter of 2010 improved with lower levels of problem credits and delinquencies at quarter-end as non-performing loans and OREO as a percentage of total loans and OREO improved 16 basis points to 2.88% and total delinquency improved 22 basis points to 2.97%.  Annualized net charge-offs increased slightly by 5 basis points to 0.53% of average loans for the second quarter of 2010 reflecting a modest increase in Florida-related charge-offs in the second quarter.  

During the second quarter of 2010, the ratio of the allowance for loan losses to total loans increased 5 basis points to 1.91%.  The provision for loan losses totaled $12.2 million for the second quarter of 2010, consistent with $12.0 million in the first quarter of 2010, and exceeded net charge-offs as we supported loan growth and provided additional reserves for the Florida land-related portfolio.

The Pennsylvania loan portfolio totaled $5.6 billion at June 30, 2010 (93.4% of the total loan portfolio) and delivered good credit quality metrics characterized by the reduction of total past due loans, non-performing loans and charge-offs on a linked quarter basis.  Net loan charge-offs totaled $4.4 million or 0.32% annualized of average loans for the second quarter of 2010 representing a slight improvement on a linked quarter basis.  Total past dues and non-accrual loans improved 14 basis points to 1.91% of total loans at June 30, 2010 and non-performing loans and OREO decreased slightly to $87.3 million or 1.56% of total loans and OREO.

The Florida loan portfolio totaled $231.2 million at June 30, 2010 (3.9% of the total loan portfolio), reflecting a decrease of $9.2 million or 3.8% compared to March 31, 2010.  The land-related portion of the portfolio totaled $93.2 million at quarter-end or 1.6% of the total loan portfolio.  Florida non-performing loans and OREO decreased slightly to $76.3 million or 31.3% of total loans and OREO at June 30, 2010.  Net loan charge-offs for the second quarter of 2010 totaled $1.9 million, compared to $0.9 million in net loan charge-offs for the first quarter of 2010.  Activity for the quarter in the Florida portfolio included the disposition of $3.0 million in OREO, the sale of $3.5 million in performing credits to a Florida-based community bank, continued payments on performing credits and continued movement of problem loans into OREO.  At June 30, 2010, the ratio of the allowance for loan losses to total loans for this portfolio equaled 11.65%, a 222 basis point increase compared to 9.43% at March 31, 2010.  The increased reserve position reflects reappraisal risk associated with the Florida land-related portfolio.  

The Regency loan portfolio totaled $159.6 million at June 30, 2010 (2.7% of the total loan portfolio) and continues to deliver solid credit quality metrics for a consumer finance company.  Total past dues and non-accrual loans improved by 4 basis points during the second quarter to 3.96% of total loans at June 30, 2010.

Capital Position

The Corporation’s capital ratios continue to exceed federal bank regulatory agency “well capitalized” thresholds.  As of June 30, 2010, the Corporation’s regulatory capital ratios remained consistent with the first quarter as the equity increase in retained earnings supported the asset growth this quarter.  The tangible common equity to tangible assets ratio (non-GAAP measure) increased 13 basis points to 5.97% at June 30, 2010.  The tangible book value per share (non-GAAP measure) increased 10 cents during the quarter to $4.31 and the dividend payout ratio for the quarter was 77%.  The improvement in tangible common equity during the second quarter is primarily attributable to earnings retention and improvement in accumulated other comprehensive income related to securities appreciation.  

Year-to-Date Results

For the six months ended June 30, 2010, F.N.B. Corporation’s net income available to common shareholders totaled $33.9 million, or $0.30 per diluted share, compared to $23.4 million, or $0.26 per diluted common share for the six months ended June 30, 2009.  For the 2010 year-to-date period, return on average tangible common equity (non-GAAP measure) totaled 15.05%, return on average equity was 6.51%, return on average tangible assets (non-GAAP measure) was 0.88% and return on average assets was 0.78%.

Net interest income on a fully taxable equivalent basis totaled $143.2 million for the first six months of 2010, an increase of $10.6 million or 8.0% over the same period of 2009, reflecting growth in average earning assets and an expanded net interest margin.  On a year-over-year basis, average earning assets increased 3.8% reflecting an 11.7% increase in investments as increased liquidity was invested and growth in average loans of $97.2 million or 1.7%.  The loan growth was driven by average commercial loan growth of $111.2 million or 3.5%.  For the first six months of 2010, average deposits and treasury management balances increased $463.7 million or 7.0%, with average transaction balances growing $384.0 million or 9.9% and average treasury management balances growing $163.6 million or 36.8%, compared to same period in 2009.  The strong loan and deposit growth reflects our success in expanding market share.  The net interest margin for the first half of 2010 equaled 3.77%, an expansion of 15 basis points from the same period of 2009.  This margin expansion reflects lower deposit and borrowing costs driven by an improved funding mix and the low interest rate environment partially offset by lower yields on earning assets.

Non-interest income totaled $58.7 million for the first half of 2010, an increase of 4.0% compared to $56.5 million for the same period of 2009.  The first half of 2010 included higher gains on the sale of securities, higher recoveries on impaired loans acquired through acquisitions and the gain related to the successful harvesting of a mezzanine financing relationship by F.N.B. Capital Corporation, partially offset by higher other-than-temporary impairment charges.  Fee income on a year-over-year basis reflects a 7% increase in trust-related revenue reflecting improved market conditions and a slight increase in total service charges on deposit accounts as reduced overdraft charges were offset by other deposit-related fee income.  Partially offsetting these increases, insurance commissions and fees declined 8.4% because of lower contingent revenues and lower commission revenues, and securities commissions and fees declined 12.3% reflecting lower sales of annuities in a low interest rate environment.

Non-interest expense totaled $128.5 million for the first half of 2010, a slight increase of 1.0% compared to $127.2 million for the same period of 2009, primarily a result of pre-payment charges associated with the repayment of FHLB debt in 2010 partially offset by lower FDIC insurance premiums due to the special assessment in 2009. On a year-to-date basis, F.N.B. Corporation’s efficiency ratio improved to 62.0% for 2010, compared to 65.4% for the six-month period ended 2009 reflecting our continued focus on expense control.

The provision for loan losses for the first half of 2010 totaled $24.2 million compared to $24.4 million for the same period of 2009.  At June 30, 2010, the ratio of the allowance for loan losses to total loans equaled 1.91%, a 19 basis point increase compared to 1.72% at June 30, 2009, reflecting an increased reserve position in the Florida land-related portfolio at June 30, 2010.  Net loan charge-offs were 0.51% annualized of total loans for the first half of 2010 representing an improvement from the 1.03% annualized of total loans for the first half of 2009 as higher charge-offs in the Florida portfolio were incurred during the first half of 2009.

Conference Call

F.N.B. Corporation will host its quarterly conference call to discuss its financial results for the second quarter of 2010 on Tuesday, July 27, 2010, at 8:00 AM EDT.  Participating callers may access the call by dialing (888) 677-8749 or (913) 312-1462 for international callers; the confirmation number is 4126662.  The listen-only audio Webcast may be accessed through the “Shareholders 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 on the day of the call until midnight EDT on Tuesday, August 3, 2010.  The replay can be accessed by dialing (888) 203-1112 or (719) 457-0820 for international callers; the confirmation number is 4126662.  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 June 30, 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 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)







2nd Qtr 2010 -


2nd Qtr 2010 -



2010


2009


1st Qtr 2010


2nd Qtr 2009



Second


First


Second


Percent


Percent

Statement of earnings

Quarter


Quarter


Quarter


Variance


Variance

Interest income

$94,361


$92,546


$97,153


2.0


-2.9

Interest expense

22,880


24,141


31,702


-5.2


-27.8


Net interest income

71,481


68,405


65,451


4.5


9.2

Taxable equivalent adjustment

1,665


1,638


1,490


1.6


11.7


Net interest income (FTE) (1)

73,146


70,043


66,941


4.4


9.3

Provision for loan losses

12,239


11,964


13,909


2.3


-12.0


Net interest income after provision (FTE)

60,907


58,079


53,032


4.9


14.9












Impairment losses on securities

(1,313)


(8,226)


(1,429)


n/m


n/m

Non-credit related losses on securities not expected










  to be sold (recognized in other comprehensive income)

711


6,540


689


n/m


n/m

Net impairment losses on securities

(602)


(1,686)


(740)


n/m


n/m












Service charges

14,662


13,722


14,596


6.9


0.5

Insurance commissions and fees

3,849


4,324


3,837


-11.0


0.3

Securities commissions and fees

1,771


1,557


2,008


13.8


-11.8

Trust income

3,188


3,158


3,013


0.9


5.8

Gain on sale of securities

47


2,390


66


-98.1


-29.1

Gain on sale of loans

808


567


1,139


42.5


-29.0

Other


4,720


6,243


4,412


-24.4


7.0


Total non-interest income

28,443


30,275


28,331


-6.1


0.4












Salaries and employee benefits

33,392


33,125


31,617


0.8


5.6

Occupancy and equipment

9,446


10,071


9,457


-6.2


-0.1

Amortization of intangibles

1,679


1,687


1,813


-0.5


-7.4

Other


18,567


20,560


23,378


-9.7


-20.6


Total non-interest expense

63,084


65,443


66,265


-3.6


-4.8












Income before income taxes

26,266


22,911


15,098


14.6


74.0

Taxable equivalent adjustment

1,665


1,638


1,490


1.6


11.7

Income taxes

6,679


5,293


3,010


26.2


121.9


Net income

17,922


15,980


10,598


12.2


69.1


Preferred stock dividends and discount amortization

0


0


1,469


n/m


n/m


Net income available to common shareholders

$17,922


$15,980


$9,129


12.2


96.3












Earnings per common share











Basic

$0.16


$0.14


$0.10


14.3


60.0


Diluted

$0.16


$0.14


$0.10


14.3


60.0












Performance ratios










Return on average equity

6.83%


6.19%


4.05%





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

15.65%


14.43%


10.84%





Return on average assets

0.81%


0.74%


0.49%





Return on average tangible assets (3) (6)

0.92%


0.85%


0.59%





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

3.81%


3.74%


3.60%





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

5.00%


5.03%


5.30%





Cost of funds

1.37%


1.47%


1.95%





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

60.45%


63.55%


67.65%





Effective tax rate

27.15%


24.88%


22.12%
















Common stock data










Average basic shares outstanding

113,878,018


113,750,330


93,387,226


0.1


21.9

Average diluted shares outstanding

114,315,174


114,064,564


93,596,520


0.2


22.1

Ending shares outstanding

114,532,890


114,404,945


113,965,669


0.1


0.5

Common book value per share

$9.24


$9.16


$9.26


0.9


-0.3

Tangible common book value per share (6)

$4.31


$4.21


$4.25


2.4


1.5

Tangible common book value per share










  excluding AOCI (5) (6)

$4.53


$4.47


$4.55


1.4


-0.5

Dividend payout ratio (common)

77.09%


86.16%


118.53%





F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)



For the Six Months





Ended June 30,


Percent

Statement of earnings

2010


2009


Variance

Interest income

$186,907


$195,308


-4.3

Interest expense

47,021


65,722


-28.5


Net interest income

139,886


129,586


7.9

Taxable equivalent adjustment

3,303


3,045


8.5


Net interest income (FTE) (1)

143,189


132,631


8.0

Provision for loan losses

24,203


24,423


-0.9


Net interest income after provision (FTE)

118,986


108,208


10.0








Impairment losses on securities

(9,539)


(1,632)


n/m

Non-credit related losses on securities not expected






  to be sold (recognized in other comprehensive income)

7,251


689


n/m

Net impairment losses on securities

(2,288)


(943)


n/m








Service charges

28,384


28,195


0.7

Insurance commissions and fees

8,173


8,918


-8.4

Securities commissions and fees

3,328


3,796


-12.3

Trust income

6,346


5,930


7.0

Gain on sale of securities

2,437


344


608.2

Gain on sale of loans

1,375


1,675


-18.0

Other

10,963


8,542


28.3


Total non-interest income

58,718


56,457


4.0








Salaries and employee benefits

66,517


63,719


4.4

Occupancy and equipment

19,517


19,548


-0.2

Amortization of intangibles

3,366


3,628


-7.2

Other

39,127


40,342


-3.0


Total non-interest expense

128,527


127,237


1.0








Income before income taxes

49,177


37,428


31.4

Taxable equivalent adjustment

3,303


3,045


8.5

Income taxes

11,972


8,134


47.2


Net income

33,902


26,249


29.2


Preferred stock dividends and discount amortization

0


2,812


n/m


Net income available to common shareholders

$33,902


$23,437


44.6








Earnings per common share







Basic

$0.30


$0.26


15.4


Diluted

$0.30


$0.26


15.4








Performance ratios






Return on average equity

6.51%


5.11%



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

15.05%


14.04%



Return on average assets

0.78%


0.62%



Return on average tangible assets (3) (6)

0.88%


0.73%



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

3.77%


3.62%



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

5.01%


5.42%



Cost of funds

1.42%


2.05%



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

61.99%


65.37%



Effective tax rate

26.10%


23.66%










Common stock data






Average basic shares outstanding

113,814,527


91,396,295


24.5

Average diluted shares outstanding

114,189,278


91,599,650


24.7

Ending shares outstanding

114,532,890


113,965,669


0.5

Common book value per share

$9.24


$9.26


-0.3

Tangible common book value per share (6)

$4.31


$4.25


1.5

Tangible common book value per share






  excluding AOCI (5) (6)

$4.53


$4.55


-0.5

Dividend payout ratio (common)

81.37%


92.14%



F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)







2nd Qtr 2010 -


2nd Qtr 2010 -



2010


2009


1st Qtr 2010


2nd Qtr 2009



Second


First


Second


Percent


Percent

Average balances

Quarter


Quarter


Quarter


Variance


Variance

Total assets

$8,874,430


$8,745,138


$8,604,059


1.5


3.1

Earning assets (9)

7,697,232


7,561,506


7,447,996


1.8


3.3

Securities

1,599,216


1,482,338


1,321,842


7.9


21.0

Short-term investments (9)

159,874


189,474


317,287


-15.6


-49.6

Loans, net of unearned income

5,938,142


5,889,694


5,808,867


0.8


2.2

Allowance for loan losses

113,531


108,256


106,881


4.9


6.2

Goodwill and intangibles

565,294


566,983


572,701


-0.3


-1.3












Deposits and treasury management accounts (7)

7,163,916


7,002,594


6,708,316


2.3


6.8

Short-term borrowings

126,972


132,737


101,249


-4.3


25.4

Long-term debt

228,959


262,920


445,450


-12.9


-48.6

Trust preferred securities

204,455


204,625


205,131


-0.1


-0.3

Shareholders' equity - common

1,052,569


1,047,094


954,075


0.5


10.3

Shareholders' equity - preferred

0


0


95,389


n/m


n/m












Asset quality data










Non-accrual loans

$132,412


$141,913


$117,013


-6.7


13.2

Restructured loans

17,270


15,556


5,743


11.0


200.7

Non-performing loans

149,682


157,469


122,756


-4.9


21.9

Other real estate owned

22,952


22,094


18,145


3.9


26.5

Total non-performing loans and OREO

172,634


179,563


140,901


-3.9


22.5

Non-performing investments (8)

4,661


4,346


7,768


7.2


-40.0

Non-performing assets

$177,295


$183,909


$148,669


-3.6


19.3












Net loan charge-offs

$7,791


$7,027


$17,621


10.9


-55.8

Allowance for loan losses

114,040


109,592


99,415


4.1


14.7












Non-performing loans / total loans

2.51%


2.67%


2.13%





Non-performing loans + OREO / total loans + OREO

2.88%


3.04%


2.44%





Non-performing assets / total assets

2.01%


2.09%


1.71%





Allowance for loan losses / total loans

1.91%


1.86%


1.72%





Allowance for loan losses /










   non-performing loans

76.19%


69.60%


80.99%





Net loan charge-offs (annualized) /










   average loans

0.53%


0.48%


1.22%
















Balances at period end










Total assets

$8,833,060


$8,799,534


$8,710,320


0.4


1.4

Earning assets (9)

7,647,064


7,609,205


7,549,365


0.5


1.3

Loans, net of unearned income

5,967,570


5,890,105


5,767,109


1.3


3.5

Deposits and treasury management accounts (7)

7,141,210


7,073,906


6,725,629


1.0


6.2

Total equity

1,058,004


1,047,395


1,151,147


1.0


-8.1












Capital ratios










Equity/assets (period end)

11.98%


11.90%


13.22%





Leverage ratio

8.63%


8.67%


10.11%





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

5.97%


5.84%


7.12%





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

5.97%


5.84%


5.95%





Tangible common equity, excluding AOCI/










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

6.28%


6.21%


6.37%





F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)



For the Six Months





Ended June 30,


Percent

Average balances

2010


2009


Variance

Total assets

$8,810,141


$8,519,266


3.4

Earning assets (9)

7,633,180


7,355,674


3.8

Securities

1,541,100


1,319,695


16.8

Short-term investments (9)

178,029


219,122


-18.8

Loans, net of unearned income

5,914,051


5,816,857


1.7

Allowance for loan losses

110,908


106,917


3.7

Goodwill and intangibles

566,134


573,328


-1.3








Deposits and treasury management accounts (7)

7,083,701


6,620,043


7.0

Short-term borrowings

129,839


104,165


24.6

Long-term debt

245,846


460,187


-46.6

Trust preferred securities

204,540


205,214


-0.3

Shareholders' equity - common

1,049,846


943,768


11.2

Shareholders' equity - preferred

0


91,292


n/m








Asset quality data






Non-accrual loans

$132,412


$117,013


13.2

Restructured loans

17,270


5,743


200.7

Non-performing loans

149,682


122,756


21.9

Other real estate owned

22,952


18,145


26.5

Total non-performing loans and OREO

172,634


140,901


22.5

Non-performing investments (8)

4,661


7,768


-40.0

Non-performing assets

$177,295


$148,669


19.3








Net loan charge-offs

$14,818


$29,753


-50.2

Allowance for loan losses

114,040


99,415


14.7








Non-performing loans / total loans

2.51%


2.13%



Non-performing loans + OREO / total loans + OREO

2.88%


2.44%



Non-performing assets / total assets

2.01%


1.71%



Allowance for loan losses / total loans

1.91%


1.72%



Allowance for loan losses /






   non-performing loans

76.19%


80.99%



Net loan charge-offs (annualized) /






   average loans

0.51%


1.03%










Balances at period end






Total assets

$8,833,060


$8,710,320


1.4

Earning assets (9)

7,647,064


7,549,365


1.3

Loans, net of unearned income

5,967,570


5,767,109


3.5

Deposits and treasury management accounts (7)

7,141,210


6,725,629


6.2

Total equity

1,058,004


1,151,147


-8.1








Capital ratios






Equity/assets (period end)

11.98%


13.22%



Leverage ratio

8.63%


10.11%



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

5.97%


7.12%



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

5.97%


5.95%



Tangible common equity, excluding AOCI/






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

6.28%


6.37%



F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)







2nd Qtr 2010 -


2nd Qtr 2010 -



2010


2009


1st Qtr 2010


2nd Qtr 2009



Second


First


Second


Percent


Percent

Average balances

Quarter


Quarter


Quarter


Variance


Variance

Loans:











Commercial

$3,311,030


$3,281,512


$3,193,128


0.9


3.7


Direct installment

969,007


975,119


1,015,464


-0.6


-4.6


Residential mortgages

616,267


612,819


623,973


0.6


-1.2


Indirect installment

517,452


518,311


537,886


-0.2


-3.8


Consumer LOC

426,471


411,666


364,069


3.6


17.1


Other

97,915


90,267


74,347


8.5


31.7


  Total loans

$5,938,142


$5,889,694


$5,808,867


0.8


2.2












Deposits:











Non-interest bearing deposits

$1,028,631


$969,926


$934,366


6.1


10.1


Savings and NOW

3,297,537


3,217,055


3,049,155


2.5


8.1


Certificates of deposit and other time deposits

2,219,194


2,218,933


2,290,536


0.0


-3.1


  Total deposits

6,545,362


6,405,914


6,274,057


2.2


4.3


Treasury management accounts (7)

618,554


596,680


434,259


3.7


42.4


  Total deposits and treasury management accounts (7)

$7,163,916


$7,002,594


$6,708,316


2.3


6.8























Balances at period end










Loans:











Commercial

$3,304,493


$3,296,728


$3,182,045


0.2


3.8


Direct installment

983,857


967,005


1,005,736


1.7


-2.2


Residential mortgages

615,232


600,006


590,111


2.5


4.3


Indirect installment

521,679


514,020


541,168


1.5


-3.6


Consumer LOC

438,039


417,910


373,161


4.8


17.4


Other

104,270


94,436


74,888


10.4


39.2


  Total loans

$5,967,570


$5,890,105


$5,767,109


1.3


3.5












Deposits:











Non-interest bearing deposits

$1,039,631


$1,015,521


$948,925


2.4


9.6


Savings and NOW

3,280,076


3,246,529


3,077,091


1.0


6.6


Certificates of deposit and other time deposits

2,214,951


2,232,056


2,262,677


-0.8


-2.1


  Total deposits

6,534,658


6,494,106


6,288,693


0.6


3.9


Treasury management accounts (7)

606,552


579,800


436,936


4.6


38.8


  Total deposits and treasury management accounts (7)

$7,141,210


$7,073,906


$6,725,629


1.0


6.2

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)



Second Quarter 2010



Bank - PA


Bank - FL


Regency


Total

Asset quality data, by core portfolio








Non-accrual loans

$66,391


$64,063


$1,958


$132,412

Restructured loans

11,233


0


6,037


17,270

Non-performing loans

77,624


64,063


7,995


149,682

Other real estate owned

9,626


12,245


1,081


22,952

Total non-performing loans and OREO

87,250


76,308


9,076


172,634

Non-performing investments (8)

4,661


0


0


4,661

Non-performing assets

$91,911


$76,308


$9,076


$177,295










Net loan charge-offs

$4,442


$1,900


$1,449


$7,791

Provision for loan losses

4,494


6,168


1,577


12,239

Allowance for loan losses

80,396


26,940


6,704


114,040

Loans, net of unearned income

5,576,734


231,237


159,599


5,967,570










Non-performing loans / total loans

1.39%


27.70%


5.01%


2.51%

Non-performing loans + OREO / total loans + OREO

1.56%


31.34%


5.65%


2.88%

Non-performing assets / total assets

1.09%


35.24%


5.45%


2.01%

Allowance for loan losses / total loans

1.44%


11.65%


4.20%


1.91%

Allowance for loan losses /








   non-performing loans

103.57%


42.05%


83.85%


76.19%

Net loan charge-offs (annualized) /








   average loans

0.32%


3.23%


3.73%


0.53%










Loans 30 - 89 days past due

$35,005


$0


$2,070


$37,075

Loans 90+ days past due

5,285


0


2,288


7,573

Non-accrual loans

66,391


64,063


1,958


132,412

  Total past due and non-accrual loans

$106,681


$64,063


$6,316


$177,060










Total past due and non-accrual loans/total loans

1.91%


27.70%


3.96%


2.97%

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%

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










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)



Second Quarter 2009



Bank - PA


Bank - FL


Regency


Total

Asset quality data, by core portfolio








Non-accrual loans

$49,629


$65,597


$1,787


$117,013

Restructured loans

1,484


0


4,259


5,743

Non-performing loans

51,113


65,597


6,046


122,756

Other real estate owned

9,105


7,967


1,073


18,145

Total non-performing loans and OREO

60,218


73,564


7,119


140,901

Non-performing investments (8)

7,630


0


0


7,630

Non-performing assets

$67,848


$73,564


$7,119


$148,531










Net loan charge-offs

$4,880


$11,206


$1,535


$17,621

Provision for loan losses

4,970


7,238


1,701


13,909

Allowance for loan losses

69,678


23,307


6,430


99,415

Loans, net of unearned income

5,335,823


274,453


156,833


5,767,109










Non-performing loans / total loans

0.96%


23.90%


3.86%


2.13%

Non-performing loans + OREO / total loans + OREO

1.13%


26.05%


4.51%


2.44%

Non-performing assets / total assets

0.82%


28.39%


4.36%


1.71%

Allowance for loan losses / total loans

1.31%


8.49%


4.10%


1.72%

Allowance for loan losses /








   non-performing loans

136.32%


35.53%


106.35%


80.99%

Net loan charge-offs (annualized) /








   average loans

0.36%


15.60%


3.99%


1.22%










Loans 30 - 89 days past due

$45,822


$0


$2,910


$48,732

Loans 90+ days past due

9,775


0


2,257


12,032

Non-accrual loans

49,629


65,597


1,787


117,013

  Total past due and non-accrual loans

$105,226


$65,597


$6,954


$177,777










Total past due and non-accrual loans/total loans

1.97%


23.90%


4.43%


3.08%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)







2nd Qtr 2010 -


2nd Qtr 2010 -



2010


2009


1st Qtr 2010


2nd Qtr 2009



Second


First


Second


Percent


Percent

Balance Sheet

Quarter


Quarter


Quarter


Variance


Variance

Assets










Cash and due from banks

$140,629


$139,762


$141,656


0.6


-0.7

Interest bearing deposits with banks

60,238


189,566


352,823


-68.2


-82.9

  Cash and cash equivalents

200,867


329,328


494,479


-39.0


-59.4

Securities available for sale

758,325


673,596


636,182


12.6


19.2

Securities held to maturity

853,698


844,472


766,543


1.1


11.4

Residential mortgage loans held for sale

7,232


11,466


26,707


-36.9


-72.9

Loans, net of unearned income

5,967,570


5,890,105


5,767,109


1.3


3.5

Allowance for loan losses

(114,040)


(109,592)


(99,415)


4.1


14.7

  Net loans

5,853,530


5,780,513


5,667,694


1.3


3.3

Premises and equipment, net

115,323


116,258


120,246


-0.8


-4.1

Goodwill

528,720


528,720


529,065


0.0


-0.1

Core deposit and other intangible assets, net

35,775


37,455


42,601


-4.5


-16.0

Bank owned life insurance

207,093


206,515


204,497


0.3


1.3

Other assets

272,495


271,211


222,306


0.5


22.6

Total Assets

$8,833,060


$8,799,534


$8,710,320


0.4


1.4












Liabilities










Deposits:










  Non-interest bearing demand

$1,039,630


$1,015,521


$948,925


2.4


9.6

  Savings and NOW

3,280,076


3,246,529


3,077,091


1.0


6.6

  Certificates and other time deposits

2,214,952


2,232,056


2,262,677


-0.8


-2.1

     Total Deposits

6,534,658


6,494,106


6,288,693


0.6


3.9

Other liabilities

94,748


92,369


88,263


2.6


7.3

Short-term borrowings

735,442


710,731


540,573


3.5


36.0

Long-term debt

205,834


250,391


436,595


-17.8


-52.9

Junior subordinated debt

204,373


204,542


205,049


-0.1


-0.3

  Total Liabilities

7,775,056


7,752,139


7,559,173


0.3


2.9












Stockholders' Equity










Preferred stock

0


0


95,462


n/m


n/m

Common stock

1,141


1,140


1,137


0.1


0.4

Additional paid-in capital

1,091,253


1,089,326


1,085,647


0.2


0.5

Retained earnings

(6,515)


(10,621)


5,262


-38.7


-223.8

Accumulated other comprehensive income

(25,358)


(29,961)


(34,748)


-15.4


-27.0

Treasury stock

(2,517)


(2,489)


(1,613)


1.1


56.1

  Total Stockholders' Equity

1,058,004


1,047,395


1,151,147


1.0


-8.1

Total Liabilities and Stockholders' Equity

$8,833,060


$8,799,534


$8,710,320


0.4


1.4

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


Second


First


Second


Quarter


Quarter


Quarter

Return on average tangible common equity (2):






Net income available to common shareholders (annualized)

$71,886


$64,810


$36,616

Amortization of intangibles, net of tax (annualized)

4,376


4,447


4,727


76,262


69,257


41,343







Average total shareholders' equity

1,052,569


1,047,094


1,049,464

Less:  Average preferred shareholders' equity

0


0


(95,389)

Less:  Average intangibles

(565,294)


(566,983)


(572,701)


487,275


480,111


381,374







Return on average tangible common equity (2)

15.65%


14.43%


10.84%







Return on average tangible assets (3):






Net income (annualized)

$71,886


$64,810


$42,508

Amortization of intangibles, net of tax (annualized)

4,376


4,447


4,727


76,262


69,257


47,235







Average total assets

8,874,430


8,745,138


8,604,059

Less:  Average intangibles

(565,294)


(566,983)


(572,701)


8,309,136


8,178,155


8,031,358







Return on average tangible assets (3)

0.92%


0.85%


0.59%







Tangible common book value per share:






Total shareholders' equity

$1,058,004


$1,047,395


$1,151,147

Less:  preferred shareholders' equity

0


0


(95,462)

Less:  intangibles

(564,495)


(566,176)


(571,665)


493,509


481,219


484,020







Ending shares outstanding

114,532,890


114,404,945


113,965,669







Tangible common book value per share

$4.31


$4.21


$4.25







Tangible common book value per share






  excluding AOCI (5):






Total shareholders' equity

$1,058,004


$1,047,395


$1,151,147

Less:  preferred shareholders' equity

0


0


(95,462)

Less:  intangibles

(564,495)


(566,176)


(571,665)

Less:  AOCI

25,358


29,961


34,748


518,867


511,180


518,768







Ending shares outstanding

114,532,890


114,404,945


113,965,669







Tangible common book value per share






  excluding AOCI (5)

$4.53


$4.47


$4.55

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)








For the Six Months



Ended June 30,



2010


2009

Return on average tangible common equity (2):




Net income available to common shareholders (annualized)

$68,366


$47,263

Amortization of intangibles, net of tax (annualized)

4,412


4,755



72,778


52,018






Average total shareholders' equity

1,049,846


1,035,060

Less:  Average preferred shareholders' equity

0


(91,292)

Less:  Average intangibles

(566,134)


(573,328)



483,712


370,440






Return on average tangible common equity (2)

15.05%


14.04%






Return on average tangible assets (3):




Net income (annualized)

$68,366


$52,934

Amortization of intangibles, net of tax (annualized)

4,412


4,755



72,778


57,689






Average total assets

8,810,141


8,519,266

Less:  Average intangibles

(566,134)


(573,328)



8,244,007


7,945,938






Return on average tangible assets (3)

0.88%


0.73%






Tangible common book value per share:




Total shareholders' equity

$1,058,004


$1,151,147

Less:  preferred shareholders' equity

0


(95,462)

Less:  intangibles

(564,495)


(571,665)



493,509


484,020






Ending shares outstanding

114,532,890


113,965,669






Tangible common book value per share

$4.31


$4.25






Tangible common book value per share




  excluding AOCI (5):




Total shareholders' equity

$1,058,004


$1,151,147

Less:  preferred shareholders' equity

0


(95,462)

Less:  intangibles

(564,495)


(571,665)

Less:  AOCI

25,358


34,748



518,867


518,768






Ending shares outstanding

114,532,890


113,965,669






Tangible common book value per share




  excluding AOCI (5)

$4.53


$4.55

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)



2010


2009



Second


First


Second



Quarter


Quarter


Quarter

Tangible equity/tangible assets (period end):






Total shareholders' equity

$1,058,004


$1,047,395


$1,151,147

Less:  intangibles

(564,495)


(566,176)


(571,665)



493,509


481,219


579,482








Total assets

8,833,060


8,799,534


8,710,320

Less:  intangibles

(564,495)


(566,176)


(571,665)


8,268,565


8,233,358


8,138,655







Tangible equity/tangible assets (period end)

5.97%


5.84%


7.12%







Tangible common equity/tangible assets (period end):






Total shareholders' equity

$1,058,004


$1,047,395


$1,151,147

Less:  preferred shareholders' equity

0


0


(95,462)

Less:  intangibles

(564,495)


(566,176)


(571,665)


493,509


481,219


484,020







Total assets

8,833,060


8,799,534


8,710,320

Less:  intangibles

(564,495)


(566,176)


(571,665)


8,268,565


8,233,358


8,138,655







Tangible common equity/tangible assets (period end)

5.97%


5.84%


5.95%







Tangible common equity, excluding AOCI/






  tangible assets (period end) (5):






Total shareholders' equity

$1,058,004


$1,047,395


$1,151,147

Less:  preferred shareholders' equity

0


0


(95,462)

Less:  intangibles

(564,495)


(566,176)


(571,665)

Less:  AOCI

25,358


29,961


34,748


518,867


511,180


518,768







Total assets

8,833,060


8,799,534


8,710,320

Less:  intangibles

(564,495)


(566,176)


(571,665)


8,268,565


8,233,358


8,138,655







Tangible common equity, excluding AOCI/






  tangible assets (period end) (5)

6.28%


6.21%


6.37%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)



For the Six Months



Ended June 30,



2010


2009

Tangible equity/tangible assets (period end):




Total shareholders' equity

$1,058,004


$1,151,147

Less:  intangibles

(564,495)


(571,665)



493,509


579,482






Total assets

8,833,060


8,710,320

Less:  intangibles

(564,495)


(571,665)



8,268,565


8,138,655






Tangible equity/tangible assets (period end)

5.97%


7.12%






Tangible common equity/tangible assets (period end):




Total shareholders' equity

$1,058,004


$1,151,147

Less:  preferred shareholders' equity

0


(95,462)

Less:  intangibles

(564,495)


(571,665)



493,509


484,020






Total assets

8,833,060


8,710,320

Less:  intangibles

(564,495)


(571,665)



8,268,565


8,138,655






Tangible common equity/tangible assets (period end)

5.97%


5.95%






Tangible common equity, excluding AOCI/




  tangible assets (period end) (5):




Total shareholders' equity

$1,058,004


$1,151,147

Less:  preferred shareholders' equity

0


(95,462)

Less:  intangibles

(564,495)


(571,665)

Less:  AOCI

25,358


34,748



518,867


518,768






Total assets

8,833,060


8,710,320

Less:  intangibles

(564,495)


(571,665)



8,268,565


8,138,655






Tangible common equity, excluding AOCI/




  tangible assets (period end) (5)

6.28%


6.37%











(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 June 30, 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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