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

Oct 25, 2010, 16:46 ET from F.N.B. Corporation

HERMITAGE, Pa., Oct. 25 /PRNewswire-FirstCall/ -- F.N.B. Corporation (NYSE: FNB) today reported financial results for the third quarter of 2010.  Net income for the third quarter of 2010 was $17.2 million, or $0.15 per diluted share, compared to second quarter of 2010 net income of $17.9 million, or $0.16 per diluted share, and net income available to common shareholders in the third quarter of 2009 of $4.8 million, or $0.04 per diluted common share.

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"We are very pleased with our third quarter results," said Stephen J. Gurgovits, President and Chief Executive Officer of F.N.B. Corporation.  "The third quarter includes continued loan and deposit growth, a stable net interest margin and solid credit quality results in our Pennsylvania and Regency portfolios.  Additionally, we were extremely pleased to announce the pending acquisition of Comm Bancorp, Inc. during the quarter and look forward to expanding our existing presence in northeastern Pennsylvania."

F.N.B. Corporation's performance ratios this quarter were as follows: return on average tangible equity (non-GAAP measure) was 14.56%; return on average equity was 6.43%; return on average tangible assets (non-GAAP measure) was 0.87% and return on average assets was 0.76%.  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 third quarter of 2010 totaled $73.9 million, increasing 4.2% annualized from the second quarter of 2010.  This linked-quarter growth reflects a 4.0% annualized increase in average earning assets.  The increase in average earning assets is a result of loan growth of 4.1% annualized in the third quarter compared to the second quarter.  The third quarter net interest margin equaled 3.78%, compared to 3.81% in the second quarter which included a 4 basis point net benefit related to certain non-accrual loans that were paid off or returned to accrual status.  After adjusting for these benefits, the margin for the third quarter was stable compared to the second quarter.

"Our commercial and retail bankers continue to win new customer relationships and deepen existing relationships as this quarter marks the fifth consecutive quarter of loan growth," said Mr. Gurgovits.

Total average loans for the third quarter of 2010 increased on a linked-quarter basis by $60.8 million, or 4.1% annualized to $6.0 billion.  Growth of the consumer loan portfolio was the primary driver of the increase, with average consumer loans increasing $64.2 million, or 10.1% annualized, in the third quarter.  Within the consumer portfolio, average home equity lending balances (comprised of lines of credit and direct installment loans) increased $50.9 million, or 14.5% annualized, during the third quarter due to the success of promotional initiatives and customer preferences for these products in a low interest rate environment.

Average commercial loans for the third quarter totaled $3.3 billion and were essentially unchanged compared to the prior quarter, reflecting growth in the Pennsylvania portfolio offset by reductions in the Florida portfolio.  The average Pennsylvania commercial loan portfolio (excluding Florida) grew 0.6% annualized with growth in this portfolio tempered by accelerated pay-offs during the quarter.

Average deposits and treasury management balances grew $83.4 million, or 4.6% annualized, on a linked-quarter basis reflecting new customer accounts combined with higher average balances.  During the third quarter of 2010, we continued to improve our funding mix with average transaction deposits increasing $58.9 million, or 5.4% annualized, and average treasury management balances growing $42.2 million or 27.1% annualized.  Higher cost average time deposits declined $17.7 million, or 3.2% annualized, compared to the second quarter.

Non-Interest Income

Non-interest income totaled $27.8 million for the third quarter of 2010, decreasing from $28.4 million in the second quarter of 2010 due primarily to the $1.6 million gain in the second quarter related to the successful harvesting of a mezzanine financing relationship by F.N.B. Capital Corporation.  In addition, as a result of improvement in the underlying collateral of pooled trust preferred securities, the third quarter does not include other-than-temporary impairment charges compared to $0.6 million in the second quarter.

Fee income for the third quarter of 2010 reflected increased swap fee revenue as well as higher mortgage-related gains and title insurance commissions reflecting increased residential mortgage volume compared to the second quarter of 2010.  Alternatively, service charges declined on a linked-quarter basis reflecting a decrease in overdraft fee revenue resulting from the implementation of Regulation E.  Non-interest income, excluding other-than-temporary impairment charges and securities gains, represented 27% of revenue for the third quarter of 2010 compared to 28% for the second quarter of 2010.

Non-Interest Expense

Non-interest expense totaled $64.2 million in the third quarter of 2010, compared to $63.1 million in the second quarter of 2010.  The linked-quarter increase reflects higher costs related to increased consumer loan volume and a $0.6 million increase in Florida-related other real estate owned (OREO) costs.  The higher personnel costs in the third quarter are primarily due to higher commissions tied to increased insurance and mortgage-related revenue.

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 represents only 1.3% of total loans at quarter-end.  While this segment of the Florida portfolio remains subject to a challenging environment, it has been performing within our expectations.  The Florida non-land related segment continues to be stable and perform as expected," remarked Mr. Gurgovits.

The Pennsylvania loan portfolio's credit quality metrics for the third quarter of 2010 reflect continued solid performance with results improving upon good second quarter results.  The Pennsylvania loan portfolio totaled $5.6 billion at September 30, 2010 (93.7% of the total loan portfolio) and delivered credit quality metrics characterized by the reduction of total past due loans and non-performing assets, and stable net loan charge-offs on a linked-quarter basis.  Net loan charge-offs totaled $4.5 million or 0.32% annualized of average loans for the third quarter of 2010 consistent with the prior quarter and representative of historically good results.  Total past dues and non-accrual loans improved 9 basis points to 1.82% of total loans at September 30, 2010 and non-performing loans and OREO improved to $84.8 million or 1.50% of total loans and OREO.  These improvements reflect the continued stability of the Pennsylvania portfolio.

The Florida loan portfolio totaled $213.4 million at September 30, 2010 (3.6% of the total loan portfolio) with the land-related portion of the portfolio decreasing $13.8 million to $79.4 million or only 1.3% of total loans at September 30, 2010.  Activity for the third quarter in the Florida portfolio involved actions taken to reduce exposure and included the sale of three performing credits to a Florida-based community bank, payments on performing credits, charge-offs and continued movement of problem loans into OREO.  Florida non-performing loans and OREO increased $16.5 million to $92.8 million or 39.5% of total Florida loans and OREO at September 30, 2010.  The increase is the result of an adequately collateralized $20.0 million land-related credit moving to non-accrual status due to the uncertainty of the borrower's ability to remain contractually current.  Net loan charge-offs for the Florida portfolio for the third quarter of 2010 totaled $3.7 million and included a $3.5 million charge-off on a $13.5 million credit with $10.0 million moved to OREO.  At September 30, 2010, the ratio of the allowance for loan losses to total loans for the Florida portfolio equaled 13.64%, a 199 basis point increase compared to June 30, 2010.  The increased reserve position reflects continued additions to the reserve to provide for reappraisal risk associated with the Florida land-related segment due to limited activity and uncertainty regarding land values in Florida.  The majority of reappraisals for the Florida land-related segment are scheduled to occur in the fourth quarter of 2010.

In total, during the third quarter of 2010, the ratio of the allowance for loan losses to total loans increased 3 basis points to 1.94%.  The provision for loan losses totaled $12.3 million for the third quarter of 2010, consistent with $12.2 million in the second quarter of 2010, and exceeded net charge-offs as we supported loan growth and provided additional reserves for the Florida land-related portfolio.

Capital Position

The Corporation's capital ratios continue to exceed federal bank regulatory agency "well capitalized" thresholds.  As of September 30, 2010, the Corporation's regulatory capital ratios remained consistent with the second quarter as the increase in stockholders equity supported asset growth this quarter.  The tangible common equity to tangible assets ratio (non-GAAP measure) of 5.96% at September 30, 2010 was consistent with 5.97% at June 30, 2010.  The tangible book value per share (non-GAAP measure) increased 7 cents during the quarter to $4.38 and the dividend payout ratio for the quarter was 80%.

Year-to-Date Results

For the nine months ended September 30, 2010, F.N.B. Corporation's net income totaled $51.1 million, or $0.45 per diluted share, compared to net income available to common shareholders of $28.2 million, or $0.29 per diluted common share for the nine months ended September 30, 2009.  For the 2010 year-to-date period, return on average tangible common equity (non-GAAP measure) totaled 14.88%, return on average equity was 6.48%, return on average tangible assets (non-GAAP measure) was 0.88% and return on average assets was 0.77%.

Net interest income on a fully taxable equivalent basis totaled $217.1 million for the first nine months of 2010, an increase of $15.1 million or 7.5% over the same period of 2009, reflecting growth in average earning assets of 3.5% and a 15 basis point expansion of the net interest margin.  On a year-over-year basis, average earning assets increased through growth in average loans of $126.8 million or 2.2%, and growth in average investments of $132.8 million, or 8.3%, reflecting the investment of increased balanced sheet liquidity.  Year-over-year loan growth was driven by average commercial loan growth of $109.5 million or 3.4%.  During the first nine months of 2010, average deposits and treasury management balances increased $478.1 million or 7.2%, with low-cost average transaction balances growing $366.7 million or 9.3% and average treasury management balances growing $174.4 million or 38.6%, compared to same period in 2009.  The strong loan and deposit growth reflects our success in expanding market share through new client acquisition.  The net interest margin for the first nine months of 2010 was 3.78%, a 15 basis point expansion from 2009.  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.

Non-interest income totaled $86.5 million for the first nine months of 2010, an increase of $6.3 million or 7.8%, compared to $80.2 million for the same period of 2009.  Fee income on a year-over-year basis includes a 7.3% increase in trust-related revenue reflecting improved market conditions.  Additionally, the first nine months of 2010 included higher gains on the sale of securities, higher recoveries on impaired loans acquired through acquisitions, the gain related to the successful harvesting of a mezzanine financing relationship by F.N.B. Capital Corporation and lower other-than-temporary impairment charges.  Partially offsetting these increases, insurance commissions and fees declined 6.1% and securities commissions and fees declined 2.4% reflecting lower sales of annuities in the lower interest rate environment.  For the first nine months of 2010, service charges declined 0.7% due to decreased overdraft fee revenue resulting from changes in customer behavior and Regulation E implementation on August 15, 2010.  

Non-interest expense totaled $192.8 million for the first nine months 2010, a 1.7% increase compared to $189.6 million for the same period of 2009.  The increase was primarily a result of increased personnel costs and 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.  The 5.5% increase in personnel costs primarily reflects higher employee benefits expense and salary costs associated with various revenue-generating initiatives such as the addition of an asset-based lending group and an expanded private banking group.  On a year-to-date basis, F.N.B. Corporation's efficiency ratio improved to 61.8% for 2010, compared to 65.3% in the same nine-month period in 2009 reflecting our continued focus on growing revenue and controlling expenses.

Net loan charge-offs were 0.55% annualized of total loans for the first nine months of 2010, representing an improvement from 0.91% annualized of total loans for the first nine months of 2009.  The improvement reflects lower charge-offs in the Florida portfolio incurred during the first nine months of 2010.  The provision for loan losses for the first nine months of 2010 totaled $36.5 million, a decrease of $4.4 million compared to $40.9 million for the same period of 2009.  At September 30, 2010, the ratio of the allowance for loan losses to total loans equaled 1.94%, a 13 basis point increase compared to 1.81% at September 30, 2009.  This primarily reflects the increase in the Florida portfolio ratio of the allowance for loan losses to total loans to 13.64% at September 30, 2010 compared to 9.80% at September 30, 2009.  The increased Florida portfolio reserve position reflects additions to the reserve during the first nine months of 2010 to provide for reappraisal risk associated with the Florida land-related segment due to limited activity and uncertainty regarding land values in Florida.  The majority of reappraisals for the Florida land-related segment are scheduled to occur during the fourth quarter of 2010.  

The first nine months 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.

Other Highlights

On August 9, 2010, F.N.B. Corporation and Comm Bancorp, Inc. (Nasdaq: CCBP) jointly announced the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire Comm Bancorp, Inc., a Clarks Summit, Pennsylvania based provider of diversified financial services, in a merger transaction valued at approximately $70 million.  As previously announced, the transaction is expected to be completed during the fourth quarter of 2010, pending regulatory approval, the approval of Comm Bancorp, Inc. shareholders and the satisfaction of various closing conditions.

Conference Call

F.N.B. Corporation will host its quarterly conference call to discuss its financial results for the third quarter of 2010 on Tuesday, October 26, 2010, at 8:00 AM EDT.  Participating callers may access the call by dialing (800) 289-0517 or (913) 312-0658 for international callers; the confirmation number is 7793246.  The listen-only audio Webcast may be accessed through the "Shareholder and Investor Relations" section of the Corporation's Web site at www.fnbcorporation.com.

A replay of the call will be available from 11:00 AM EDT the day of the call until midnight EDT on Tuesday, November 2, 2010.  The replay is accessible by dialing (877) 870-5176 or (858) 384-5517 for international callers; the confirmation number is 7793246.  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 $9.0 billion as of September 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" 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; (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.

Additional Information about the Merger with Comm Bancorp, Inc.

SHAREHOLDERS OF F.N.B. AND COMM BANCORP ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

The proxy statement/prospectus and other relevant materials and any other documents filed by F.N.B. with the SEC may be obtained free of charge at the SEC's Web site at www.sec.gov.  In addition, investors and security holders may obtain free copies of the documents filed with the SEC by F.N.B. Corporation by contacting James Orie, F.N.B. Corporation, One F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317 and by Comm Bancorp, Inc. by contacting Scott A. Seasock, EVP, Comm Bancorp, Inc., Clarks Summit, PA, 18411, telephone: (570) 587-3421, extension 323.

Comm Bancorp, Inc. and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its shareholders in connection with the proposed merger.  Information concerning such participants' ownership of Comm Bancorp, Inc. common stock is set forth in Comm Bancorp's proxy statements and Annual Reports on Form 10-K, previously filed with the SEC.  Additional information about the interests of those participants may be obtained from reading the proxy statement/prospectus relating to the merger when it becomes available.  

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

2010

2009

3rd Qtr 2010 - 2nd Qtr 2010

3rd Qtr 2010 - 3rd Qtr 2009

Third

Second

Third

Percent

Percent

Statement of earnings

Quarter

Quarter

Quarter

Variance

Variance

Interest income

$93,947

$94,361

$96,750

-0.4

-2.9

Interest expense

21,688

22,880

28,989

-5.2

-25.2

Net interest income

72,259

71,481

67,761

1.1

6.6

Taxable equivalent adjustment

1,666

1,665

1,644

0.1

1.3

Net interest income (FTE) (1)

73,925

73,146

69,405

1.1

6.5

Provision for loan losses

12,313

12,239

16,455

0.6

-25.2

Net interest income after provision (FTE)

61,612

60,907

52,950

1.2

16.4

Impairment losses on securities

0

(1,313)

(14,234)

n/m

n/m

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

0

711

10,943

n/m

n/m

Net impairment losses on securities

0

(602)

(3,291)

n/m

n/m

Service charges

14,250

14,662

14,760

-2.8

-3.5

Insurance commissions and fees

3,921

3,849

3,960

1.9

-1.0

Securities commissions and fees

1,794

1,771

1,451

1.3

23.6

Trust income

3,084

3,188

2,856

-3.3

8.0

Gain on sale of securities

80

47

154

71.3

-48.3

Gain on sale of loans

964

808

666

19.3

44.9

Other 

3,661

4,720

3,189

-22.4

14.8

Total non-interest income

27,754

28,443

23,745

-2.4

16.9

Salaries and employee benefits

33,831

33,392

31,377

1.3

7.8

Occupancy and equipment

9,267

9,446

9,258

-1.9

0.1

Amortization of intangibles

1,675

1,679

1,732

-0.2

-3.3

Other 

19,474

18,567

19,954

4.9

-2.4

Total non-interest expense

64,247

63,084

62,321

1.8

3.1

Income before income taxes

25,119

26,266

14,374

-4.4

74.7

Taxable equivalent adjustment

1,666

1,665

1,644

0.1

1.3

Income taxes (benefit)

6,236

6,679

2,424

-6.6

157.3

Net income

17,217

17,922

10,306

-3.9

67.1

Preferred stock dividends and discount amortization

0

0

5,496

n/m

n/m

Net income available to common shareholders

$17,217

$17,922

$4,810

-3.9

257.9

Earnings per common share

Basic

$0.15

$0.16

$0.04

-6.3

275.0

Diluted

$0.15

$0.16

$0.04

-6.3

275.0

Performance ratios

Return on average equity

6.43%

6.83%

3.62%

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

14.56%

15.65%

4.85%

Return on average assets

0.76%

0.81%

0.47%

Return on average tangible assets (3) (6)

0.87%

0.92%

0.56%

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

3.78%

3.81%

3.66%

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

4.89%

5.00%

5.18%

Cost of funds

1.28%

1.37%

1.76%

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

61.54%

60.45%

65.04%

Effective tax rate

26.59%

27.15%

19.04%

Common stock data

Average basic shares outstanding

113,983,990

113,878,018

113,571,703

0.1

0.4

Average diluted shares outstanding

114,486,251

114,315,177

113,869,785

0.1

0.5

Ending shares outstanding

114,632,850

114,532,890

113,990,095

0.1

0.6

Common book value per share

$9.29

$9.24

$9.23

0.6

0.6

Tangible common book value per share (6)

$4.38

$4.31

$4.24

1.6

3.4

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

$4.58

$4.53

$4.50

1.2

2.0

Dividend payout ratio (common)

80.31%

77.09%

285.14%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

For the Nine Months

Ended September 30,

Percent

Statement of earnings

2010

2009

Variance

Interest income

$280,854

$292,058

-3.8

Interest expense

68,709

94,711

-27.5

Net interest income

212,145

197,347

7.5

Taxable equivalent adjustment

4,969

4,689

6.0

Net interest income (FTE) (1)

217,114

202,036

7.5

Provision for loan losses

36,516

40,878

-10.7

Net interest income after provision (FTE)

180,598

161,158

12.1

Impairment losses on securities

(9,539)

(15,866)

n/m

Non-credit related losses on securities not expected

  to be sold (recognized in other comprehensive income)

7,251

11,632

n/m

Net impairment losses on securities

(2,288)

(4,234)

n/m

Service charges

42,634

42,955

-0.7

Insurance commissions and fees

12,094

12,878

-6.1

Securities commissions and fees

5,122

5,247

-2.4

Trust income

9,430

8,786

7.3

Gain on sale of securities

2,517

498

404.9

Gain on sale of loans

2,339

2,341

-0.1

Other

14,624

11,731

24.7

Total non-interest income

86,472

80,202

7.8

Salaries and employee benefits

100,348

95,096

5.5

Occupancy and equipment

28,784

28,806

-0.1

Amortization of intangibles

5,041

5,360

-6.0

Other

58,601

60,296

-2.8

Total non-interest expense

192,774

189,558

1.7

Income before income taxes

74,296

51,802

43.4

Taxable equivalent adjustment

4,969

4,689

6.0

Income taxes (benefit)

18,208

10,558

72.5

Net income

51,119

36,555

39.8

Preferred stock dividends and discount amortization

0

8,308

n/m

Net income available to common shareholders

$51,119

$28,247

81.0

Earnings per common share

Basic

$0.45

$0.29

55.2

Diluted

$0.45

$0.29

55.2

Performance ratios

Return on average equity

6.48%

4.58%

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

14.88%

10.37%

Return on average assets

0.77%

0.57%

Return on average tangible assets (3) (6)

0.88%

0.67%

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

3.78%

3.63%

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

4.97%

5.34%

Cost of funds

1.37%

1.95%

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

61.84%

65.26%

Effective tax rate

26.26%

22.41%

Common stock data

Average basic shares outstanding

113,871,635

98,869,326

15.2

Average diluted shares outstanding

114,288,600

99,104,112

15.3

Ending shares outstanding

114,632,850

113,990,095

0.6

Common book value per share

$9.29

$9.23

0.6

Tangible common book value per share (6)

$4.38

$4.24

3.4

Tangible common book value per share

  excluding AOCI (5) (6)

$4.58

$4.50

2.0

Dividend payout ratio (common)

81.01%

125.01%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

2010

2009

3rd Qtr 2010 - 2nd Qtr 2010

3rd Qtr 2010 - 3rd Qtr 2009

Third

Second

Third

Percent

Percent

Average balances

Quarter

Quarter

Quarter

Variance

Variance

Total assets

$8,958,692

$8,874,430

$8,701,853

0.9

3.0

Earning assets (9)

7,773,915

7,697,232

7,549,614

1.0

3.0

Securities

1,612,612

1,599,216

1,466,176

0.8

10.0

Short-term investments (9)

162,377

159,874

269,425

1.6

-39.7

Loans, net of unearned income

5,998,926

5,938,142

5,814,013

1.0

3.2

Allowance for loan losses

117,982

113,531

103,249

3.9

14.3

Goodwill and intangibles

563,631

565,294

570,705

-0.3

-1.2

Deposits and treasury management accounts (7)

7,247,270

7,163,916

6,740,656

1.2

7.5

Short-term borrowings

129,752

126,972

118,274

2.2

9.7

Long-term debt

208,433

228,959

412,411

-9.0

-49.5

Trust preferred securities

204,287

204,455

204,962

-0.1

-0.3

Shareholders' equity - common

1,062,512

1,052,569

1,056,171

0.9

0.6

Shareholders' equity - preferred

0

0

72,727

n/m

n/m

Asset quality data

Non-accrual loans

$135,661

$132,412

$125,630

2.5

8.0

Restructured loans

18,735

17,270

8,282

8.5

126.2

Non-performing loans

154,396

149,682

133,912

3.1

15.3

Other real estate owned

32,345

22,952

19,741

40.9

63.8

Total non-performing loans and OREO

186,741

172,634

153,653

8.2

21.5

Non-performing investments (8)

5,163

4,661

5,758

10.8

-10.3

Non-performing assets

$191,904

$177,295

$159,411

8.2

20.4

Net loan charge-offs

$9,726

$7,791

$9,978

24.8

-2.5

Allowance for loan losses

116,627

114,040

105,892

2.3

10.1

Non-performing loans / total loans

2.57%

2.51%

2.29%

Non-performing loans + OREO / total loans + OREO

3.09%

2.88%

2.62%

Non-performing assets / total assets

2.13%

2.01%

1.85%

Allowance for loan losses / total loans

1.94%

1.91%

1.81%

Allowance for loan losses /

   non-performing loans

75.54%

76.19%

79.08%

Net loan charge-offs (annualized) /

   average loans

0.64%

0.53%

0.68%

Balances at period end

Total assets

$8,993,043

$8,833,060

$8,595,872

1.8

4.6

Earning assets (9)

7,794,305

7,647,064

7,442,619

1.9

4.7

Loans, net of unearned income

6,004,577

5,967,570

5,837,402

0.6

2.9

Deposits and treasury management accounts (7)

7,284,967

7,141,210

6,737,098

2.0

8.1

Total equity

1,064,846

1,058,004

1,052,589

0.6

1.2

Capital ratios

Equity/assets (period end)

11.84%

11.98%

12.25%

Leverage ratio

8.63%

8.63%

8.73%

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

5.96%

5.97%

6.02%

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

5.96%

5.97%

6.02%

Tangible common equity, excluding AOCI/

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

6.23%

6.28%

6.39%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

For the Nine Months

Ended September 30,

Percent

Average balances

2010

2009

Variance

Total assets

$8,860,202

$8,580,797

3.3

Earning assets (9)

7,680,608

7,421,031

3.5

Securities

1,565,199

1,369,059

14.3

Short-term investments (9)

172,755

236,074

-26.8

Loans, net of unearned income

5,942,654

5,815,899

2.2

Allowance for loan losses

113,292

105,681

7.2

Goodwill and intangibles

565,290

572,444

-1.2

Deposits and treasury management accounts (7)

7,138,823

6,660,689

7.2

Short-term borrowings

129,809

108,919

19.2

Long-term debt

233,238

444,087

-47.5

Trust preferred securities

204,454

205,130

-0.3

Shareholders' equity - common

1,054,115

981,647

7.4

Shareholders' equity - preferred

0

85,035

n/m

Asset quality data

Non-accrual loans

$135,661

$125,630

8.0

Restructured loans

18,735

8,282

126.2

Non-performing loans

154,396

133,912

15.3

Other real estate owned

32,345

19,741

63.8

Total non-performing loans and OREO

186,741

153,653

21.5

Non-performing investments (8)

5,163

5,758

-10.3

Non-performing assets

$191,904

$159,411

20.4

Net loan charge-offs

$24,544

$39,731

-38.2

Allowance for loan losses

116,627

105,892

10.1

Non-performing loans / total loans

2.57%

2.29%

Non-performing loans + OREO / total loans + OREO

3.09%

2.62%

Non-performing assets / total assets

2.13%

1.85%

Allowance for loan losses / total loans

1.94%

1.81%

Allowance for loan losses /

   non-performing loans

75.54%

79.08%

Net loan charge-offs (annualized) /

   average loans

0.55%

0.91%

Balances at period end

Total assets

$8,993,043

$8,595,872

4.6

Earning assets (9)

7,794,305

7,442,619

4.7

Loans, net of unearned income

6,004,577

5,837,402

2.9

Deposits and treasury management accounts (7)

7,284,967

6,737,098

8.1

Total equity

1,064,846

1,052,589

1.2

Capital ratios

Equity/assets (period end)

11.84%

12.25%

Leverage ratio

8.63%

8.73%

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

5.96%

6.02%

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

5.96%

6.02%

Tangible common equity, excluding AOCI/

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

6.23%

6.39%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

2010

2009

3rd Qtr 2010 - 2nd Qtr 2010

3rd Qtr 2010 - 3rd Qtr 2009

Third

Second

Third

Percent

Percent

Average balances

Quarter

Quarter

Quarter

Variance

Variance

Loans:

Commercial

$3,301,993

$3,311,030

$3,195,950

-0.3

3.3

Direct installment

990,453

969,007

997,319

2.2

-0.7

Residential mortgages

625,167

616,267

613,375

1.4

1.9

Indirect installment

521,815

517,452

544,002

0.8

-4.1

Consumer LOC

455,971

426,471

383,207

6.9

19.0

Other

103,527

97,915

80,160

5.7

29.2

  Total loans

$5,998,926

$5,938,142

$5,814,013

1.0

3.2

Deposits:

Non-interest bearing deposits

$1,077,797

$1,028,631

$951,112

4.8

13.3

Savings and NOW

3,307,256

3,297,537

3,101,168

0.3

6.6

Certificates of deposit and other time deposits

2,201,454

2,219,194

2,223,126

-0.8

-1.0

  Total deposits

6,586,507

6,545,362

6,275,406

0.6

5.0

Treasury management accounts (7)

660,763

618,554

465,250

6.8

42.0

  Total deposits and treasury management accounts (7)

$7,247,270

$7,163,916

$6,740,656

1.2

7.5

Balances at period end

Loans:

Commercial

$3,299,230

$3,304,493

$3,226,720

-0.2

2.2

Direct installment

994,614

983,857

993,863

1.1

0.1

Residential mortgages

612,484

615,232

594,586

-0.4

3.0

Indirect installment

519,366

521,679

544,579

-0.4

-4.6

Consumer LOC

473,606

438,039

395,366

8.1

19.8

Other

105,277

104,270

82,288

1.0

27.9

  Total loans

$6,004,577

$5,967,570

$5,837,402

0.6

2.9

Deposits:

Non-interest bearing deposits

$1,103,393

$1,039,631

$972,859

6.1

13.4

Savings and NOW

3,307,698

3,280,076

3,072,601

0.8

7.7

Certificates of deposit and other time deposits

2,186,737

2,214,951

2,213,323

-1.3

-1.2

  Total deposits

6,597,828

6,534,658

6,258,783

1.0

5.4

Treasury management accounts (7)

687,139

606,552

478,315

13.3

43.7

  Total deposits and treasury management accounts (7)

$7,284,967

$7,141,210

$6,737,098

2.0

8.1

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

For the Nine Months

Ended September 30,

Percent

Average balances

2010

2009

Variance

Loans:

Commercial

$3,298,253

$3,188,766

3.4

Direct installment

978,249

1,020,690

-4.2

Residential mortgages

618,130

627,642

-1.5

Indirect installment

519,205

538,764

-3.6

Consumer LOC

431,532

365,078

18.2

Other

97,285

74,959

29.8

  Total loans

$5,942,654

$5,815,899

2.2

Deposits:

Non-interest bearing deposits

$1,025,847

$928,238

10.5

Savings and NOW

3,274,280

3,005,164

9.0

Certificates of deposit and other time deposits

2,213,129

2,276,079

-2.8

  Total deposits

6,513,256

6,209,481

4.9

Treasury management accounts (7)

625,567

451,208

38.6

  Total deposits and treasury management accounts (7)

$7,138,823

$6,660,689

7.2

Balances at period end

Loans:

Commercial

$3,299,230

$3,226,720

2.2

Direct installment

994,614

993,863

0.1

Residential mortgages

612,484

594,586

3.0

Indirect installment

519,366

544,579

-4.6

Consumer LOC

473,606

395,366

19.8

Other

105,277

82,288

27.9

  Total loans

$6,004,577

$5,837,402

2.9

Deposits:

Non-interest bearing deposits

$1,103,393

$972,859

13.4

Savings and NOW

3,307,698

3,072,601

7.7

Certificates of deposit and other time deposits

2,186,737

2,213,323

-1.2

  Total deposits

6,597,828

6,258,783

5.4

Treasury management accounts (7)

687,139

478,315

43.7

  Total deposits and treasury management accounts (7)

$7,284,967

$6,737,098

8.1

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

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 (8)

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%

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)

Third Quarter 2009

Bank - PA

Bank - FL

Regency

Total

Asset quality data, by core portfolio

Non-accrual loans

$55,454

$68,073

$2,103

$125,630

Restructured loans

3,650

0

4,632

8,282

Non-performing loans

59,104

68,073

6,735

133,912

Other real estate owned

10,380

8,067

1,294

19,741

Total non-performing loans and OREO

69,484

76,140

8,029

153,653

Non-performing investments (8)

5,758

0

0

5,758

Non-performing assets

$75,242

$76,140

$8,029

$159,411

Net loan charge-offs

$4,469

$4,059

$1,450

$9,978

Provision for loan losses

7,555

7,379

1,521

16,455

Allowance for loan losses

72,764

26,627

6,501

105,892

Loans, net of unearned income

5,407,215

271,634

158,553

5,837,402

Non-performing loans / total loans

1.09%

25.06%

4.25%

2.29%

Non-performing loans + OREO / total loans + OREO

1.28%

27.22%

5.02%

2.62%

Non-performing assets / total assets

0.92%

30.09%

4.79%

1.85%

Allowance for loan losses / total loans

1.35%

9.80%

4.10%

1.81%

Allowance for loan losses /

   non-performing loans

123.11%

39.12%

96.53%

79.08%

Net loan charge-offs (annualized) /

   average loans

0.33%

5.90%

3.64%

0.68%

Loans 30 - 89 days past due

$43,140

$2,700

$2,853

$48,693

Loans 90+ days past due

10,827

0

2,298

13,125

Non-accrual loans

55,454

68,073

2,103

125,630

  Total past due and non-accrual loans

$109,421

$70,773

$7,254

$187,448

Total past due and non-accrual loans/total loans

2.02%

26.05%

4.58%

3.21%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

2010

2009

3rd Qtr 2010 - 2nd Qtr 2010

3rd Qtr 2010 - 3rd Qtr 2009

Third

Second

Third

Percent

Percent

Balance Sheet at Period End

Quarter

Quarter

Quarter

Variance

Variance

Assets

Cash and due from banks

$142,615

$140,629

$140,037

1.4

1.8

Interest bearing deposits with banks

164,406

60,238

88,777

172.9

85.2

  Cash and cash equivalents

307,021

200,867

228,814

52.8

34.2

Securities available for sale

738,828

758,325

693,617

-2.6

6.5

Securities held to maturity

869,765

853,698

803,761

1.9

8.2

Residential mortgage loans held for sale

16,729

7,232

19,063

131.3

-12.2

Loans, net of unearned income

6,004,577

5,967,570

5,837,402

0.6

2.9

Allowance for loan losses

(116,627)

(114,040)

(105,892)

2.3

10.1

  Net loans

5,887,950

5,853,530

5,731,510

0.6

2.7

Premises and equipment, net

114,320

115,323

118,650

-0.9

-3.6

Goodwill

528,720

528,720

528,710

0.0

0.0

Core deposit and other intangible assets, net

34,100

35,775

40,868

-4.7

-16.6

Bank owned life insurance

207,402

207,093

204,098

0.1

1.6

Other assets

288,209

272,495

226,781

5.8

27.1

Total Assets

$8,993,043

$8,833,060

$8,595,872

1.8

4.6

Liabilities

Deposits:

  Non-interest bearing demand

$1,103,393

$1,039,630

$972,859

6.1

13.4

  Savings and NOW

3,307,698

3,280,076

3,072,601

0.8

7.7

  Certificates and other time deposits

2,186,737

2,214,952

2,213,323

-1.3

-1.2

     Total Deposits

6,597,828

6,534,658

6,258,783

1.0

5.4

Other liabilities

105,326

94,748

93,957

11.2

12.1

Short-term borrowings

817,582

735,442

606,406

11.2

34.8

Long-term debt

203,257

205,834

379,257

-1.3

-46.4

Junior subordinated debt

204,204

204,373

204,880

-0.1

-0.3

  Total Liabilities

7,928,197

7,775,056

7,543,283

2.0

5.1

Stockholders' Equity

Preferred stock

0

0

0

n/m

n/m

Common stock

1,142

1,141

1,137

0.1

0.5

Additional paid-in capital

1,092,828

1,091,253

1,086,378

0.1

0.6

Retained earnings

(3,126)

(6,515)

(3,645)

-52.0

-14.2

Accumulated other comprehensive income

(23,481)

(25,358)

(29,529)

-7.4

-20.5

Treasury stock

(2,517)

(2,517)

(1,752)

0.0

43.7

  Total Stockholders' Equity

1,064,846

1,058,004

1,052,589

0.6

1.2

Total Liabilities and Stockholders' Equity

$8,993,043

$8,833,060

$8,595,872

1.8

4.6

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

Third

Second

Third

Quarter

Quarter

Quarter

Return on average tangible common equity (2):

Net income available to common shareholders (annualized)

$68,308

$71,886

$19,085

Amortization of intangibles, net of tax (annualized)

4,319

4,376

4,467

72,627

76,262

23,552

Average total shareholders' equity

1,062,512

1,052,569

1,128,898

Less:  Average preferred shareholders' equity

0

0

(72,727)

Less:  Average intangibles

(563,631)

(565,294)

(570,705)

498,881

487,275

485,466

Return on average tangible common equity (2)

14.56%

15.65%

4.85%

Return on average tangible assets (3):

Net income (annualized)

$68,308

$71,886

$40,887

Amortization of intangibles, net of tax (annualized)

4,319

4,376

4,467

72,627

76,262

45,354

Average total assets

8,958,692

8,874,430

8,701,853

Less:  Average intangibles

(563,631)

(565,294)

(570,705)

8,395,061

8,309,136

8,131,148

Return on average tangible assets (3)

0.87%

0.92%

0.56%

Tangible common book value per share:

Total shareholders' equity

$1,064,846

$1,058,004

$1,052,589

Less:  preferred shareholders' equity

0

0

0

Less:  intangibles

(562,820)

(564,495)

(569,579)

502,026

493,509

483,010

Ending shares outstanding

114,632,850

114,532,890

113,990,095

Tangible common book value per share

$4.38

$4.31

$4.24

Tangible common book value per share

  excluding AOCI (5):

Total shareholders' equity

$1,064,846

$1,058,004

$1,052,589

Less:  preferred shareholders' equity

0

0

0

Less:  intangibles

(562,820)

(564,495)

(569,579)

Less:  AOCI

23,481

25,358

29,529

525,507

518,867

512,539

Ending shares outstanding

114,632,850

114,532,890

113,990,095

Tangible common book value per share

  excluding AOCI (5)

$4.58

$4.53

$4.50

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

For the Nine Months

Ended September 30,

2010

2009

Return on average tangible common equity (2):

Net income available to common shareholders (annualized)

$68,346

$37,766

Amortization of intangibles, net of tax (annualized)

4,381

4,658

72,727

42,424

Average total shareholders' equity

1,054,115

1,066,683

Less:  Average preferred shareholders' equity

0

(85,035)

Less:  Average intangibles

(565,290)

(572,444)

488,825

409,203

Return on average tangible common equity (2)

14.88%

10.37%

Return on average tangible assets (3):

Net income (annualized)

$68,346

$48,874

Amortization of intangibles, net of tax (annualized)

4,381

4,658

72,727

53,532

Average total assets

8,860,202

8,580,797

Less:  Average intangibles

(565,290)

(572,444)

8,294,912

8,008,353

Return on average tangible assets (3)

0.88%

0.67%

Tangible common book value per share:

Total shareholders' equity

$1,064,846

$1,052,589

Less:  preferred shareholders' equity

0

0

Less:  intangibles

(562,820)

(569,579)

502,026

483,010

Ending shares outstanding

114,632,850

113,990,095

Tangible common book value per share

$4.38

$4.24

Tangible common book value per share

  excluding AOCI (5):

Total shareholders' equity

$1,064,846

$1,052,589

Less:  preferred shareholders' equity

0

0

Less:  intangibles

(562,820)

(569,579)

Less:  AOCI

23,481

29,529

525,507

512,539

Ending shares outstanding

114,632,850

113,990,095

Tangible common book value per share

  excluding AOCI (5)

$4.58

$4.50

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

2010

2009

Third

Second

Third

Quarter

Quarter

Quarter

Tangible equity/tangible assets (period end):

Total shareholders' equity

$1,064,846

$1,058,004

$1,052,589

Less:  intangibles

(562,820)

(564,495)

(569,579)

502,026

493,509

483,010

Total assets

8,993,043

8,833,060

8,595,872

Less:  intangibles

(562,820)

(564,495)

(569,579)

8,430,223

8,268,565

8,026,293

Tangible equity/tangible assets (period end)

5.96%

5.97%

6.02%

Tangible common equity/tangible assets (period end):

Total shareholders' equity

$1,064,846

$1,058,004

$1,052,589

Less:  preferred shareholders' equity

0

0

0

Less:  intangibles

(562,820)

(564,495)

(569,579)

502,026

493,509

483,010

Total assets

8,993,043

8,833,060

8,595,872

Less:  intangibles

(562,820)

(564,495)

(569,579)

8,430,223

8,268,565

8,026,293

Tangible common equity/tangible assets (period end)

5.96%

5.97%

6.02%

Tangible common equity, excluding AOCI/

  tangible assets (period end) (5):

Total shareholders' equity

$1,064,846

$1,058,004

$1,052,589

Less:  preferred shareholders' equity

0

0

0

Less:  intangibles

(562,820)

(564,495)

(569,579)

Less:  AOCI

23,481

25,358

29,529

525,507

518,867

512,539

Total assets

8,993,043

8,833,060

8,595,872

Less:  intangibles

(562,820)

(564,495)

(569,579)

8,430,223

8,268,565

8,026,293

Tangible common equity, excluding AOCI/

  tangible assets (period end) (5)

6.23%

6.28%

6.39%

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

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

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

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

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

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

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

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

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

SOURCE F.N.B. Corporation



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