HERMITAGE, Pa., April 23, 2014 /PRNewswire/ -- F.N.B.
Corporation (NYSE: FNB) today reported first quarter of 2014
results. Net income available to common shareholders for the
first quarter of 2014 totaled $32.2
million, or $0.20 per diluted
common share. Comparatively, fourth quarter of 2013 net
income totaled $28.4 million, or
$0.18 per diluted common share, and
first quarter of 2013 net income totaled $28.5 million or $0.20 per diluted common share.
Operating[1] results are presented in the table below, "Quarterly
Results Summary".
Vincent J. Delie, Jr., President
and Chief Executive Officer, commented, "Our ability to deliver
consistent operating performance and high-quality earnings
highlights the strength of FNB's growing franchise. During
the first quarter, we continued to grow revenue, loans and
deposits, maintain a stable core net interest margin, post
consistent asset quality results and control expenses.
Additionally, we absorbed the earnings impact from the capital
actions taken in the fourth quarter of 2013 that strengthened our
capital structure under Basel III provisions."
Mr. Delie added, "At the end of the quarter, FNB's tangible
common equity to tangible assets ratio is the strongest level in
the past ten years and our expansion strategy positions us
favorably for the future. In February, we completed the
integration of BCSB Bancorp, Inc. in Baltimore, Maryland, a market where we have
attained a top ten deposit market share position in less than one
year. On April 8, 2014, we
announced the pending acquisition of OBA Financial, Inc., a
transaction that will further strengthen our Maryland presence and enhance capital levels
and future earnings. Our strategy to partner with quality
institutions and expand our banking footprint in attractive markets
will continue to benefit FNB and its shareholders."
Quarterly
Results Summary
|
1Q14
|
4Q13
|
1Q13
|
Reported
Results
|
|
|
|
Net income
($ in millions)
|
$34.5
|
$28.4
|
$28.5
|
Preferred
stock dividend expense ($ in millions)
|
$2.3
|
--
|
--
|
Net income
available to common shareholders ($ in millions)
|
$32.2
|
$28.4
|
$28.5
|
Net income per
diluted common share
|
$0.20
|
$0.18
|
$0.20
|
|
|
|
|
Operating Results
(Non-GAAP)1
|
|
|
|
Operating net
income ($ in millions)
|
$33.1
|
$32.5
|
$28.8
|
Preferred
stock dividend expense ($ in millions)
|
$2.3
|
--
|
--
|
Operating net
income available to common shareholders ($ in
millions)
|
$30.8
|
$32.5
|
$28.8
|
Operating net
income per diluted common share
|
$0.19
|
$0.21
|
$0.20
|
|
|
|
|
Average Diluted
Shares Outstanding (in 000's)
|
163,967
|
157,858
|
141,065
|
[1] Non-GAAP measures, refer to Non-GAAP Disclosures and detail
in the accompanying data tables.
First Quarter 2014 Highlights – Comparison to Prior
Quarter
- Loan growth momentum continued, with average organic loan
growth on a linked-quarter basis of $144
million or 6.2% annualized, led by average organic
commercial loan growth of $125
million or 9.8% annualized.
- On an organic basis, average transaction deposits and customer
repurchase agreements declined slightly, primarily due to the
timing of normal seasonality in business balances. Average
non-interest bearing deposits grew organically $29 million or 5.3% annualized. Period-end
organic growth was solid for total transaction deposits and
customer repurchase agreements with growth of $230 million or 10.8% annualized.
Transaction deposits and customer repurchase agreements represent
76% of total deposits and customer repurchase agreements at
March 31, 2014.
- The net interest margin was 3.62%, compared to 3.67%, with four
basis points of the five basis point narrowing attributable to
higher than normal accretable yield benefit in the fourth quarter
of 2013.
- Credit quality metrics reflect continued solid
performance. For the originated portfolio, non-performing
loans and OREO to total loans and OREO was 1.46%, compared to
1.44%, and net charge-offs were 0.28% annualized of total average
originated loans, compared to 0.30% annualized in the prior
quarter.
- On February 15, 2014, FNB
completed the merger with BCSB Bancorp, Inc. (BCSB).
- On April 8, 2014, FNB announced
the signing of a definitive merger agreement to acquire OBA
Financial Services Inc. (OBAF), a capital accretive transaction
that will enhance FNB's Maryland
presence.
First Quarter 2014 Results – Comparison to Prior
Quarter
(All comparisons refer to the fourth quarter of 2013, except
as noted)
Net Interest Income/Loans/Deposits
Net interest income on a fully taxable equivalent basis totaled
$109.5 million, increasing
$0.9 million, or 0.8%, primarily as a
result of continued organic growth and the benefit related to the
addition of BCSB, partially offset by $1.1
million in lower accretable yield benefit and two fewer days
in the quarter. The net interest margin of 3.62% compares to
3.67% in the prior quarter, with 4 basis points of the 5 basis
point narrowing attributable to the lower accretable yield, which
totaled $0.6 million, compared to
$1.7 million in the prior
quarter.
Average loans totaled $9.7 billion
and increased $373 million, or 4.0%,
reflecting loans acquired from the BCSB acquisition and annualized
average organic loan growth of $144
million or 6.2%. The first quarter represents the nineteenth
consecutive linked-quarter of organic growth in total loans.
Organic growth in average commercial loans was strong, totaling
$125 million, or 9.8% annualized, and
organic growth in average consumer loans (consisting of direct,
consumer lines of credit and indirect loans) was $43 million or 5.7% annualized.
Average deposits and customer repurchase agreements totaled
$11.3 billion and increased
$226 million, or 2.0%, with the
increase on a quarterly average basis primarily reflecting deposits
acquired from the BCSB acquisition. On an organic basis,
average total transaction deposits and customer repurchase
agreements declined slightly by $30
million, or 1.4% annualized, primarily due to the timing of
normal seasonality in business deposit accounts. On a
period-end basis, organic growth in transaction deposits and
customer repurchase agreements was strong at $230 million, or 10.8% annualized, with
non-interest bearing deposits growing organically 19.8% annualized
and representing 20% of total deposits and repurchase agreements at
quarter-end. Loans as a percentage of total deposits and
customer repurchase agreements were 85% at March 31, 2014, compared to 86% at December 31, 2013.
Non-Interest Income
Non-interest income totaled $42.1
million, increasing $9.4
million, or 28.8%, and included a $9.5 million (pre-tax) net gain on the
opportunistic sale of certain securities, including the pooled
trust preferred securities portfolio. Excluding this gain,
total non-interest income was consistent with the prior quarter and
included insurance commissions increasing $1.0 million, or 24.3% (due to seasonal
contingent fee revenue) and trust income growing $0.4 million or 10.2% (solid organic
growth). Service charges decreased $1.5 million, or 9.0%, as a result of lower
transaction volumes given normal seasonality as well as the impact
of inclement weather on activity levels. Mortgage banking
results similarly reflect the weaker industry-wide application
volumes.
Non-Interest Expense
Non-interest expense totaled $94.2
million, increasing $2.1
million, or 2.3%, and included $3.2
million in higher merger and severance costs. The
prior quarter included expense of $2.2
million related to the early extinguishment of trust
preferred securities. Excluding these items, non-interest
expense increased $1.0 million, or
1.2%, and includes additional operating costs related to the BCSB
acquisition, increased weather-related occupancy costs and higher
FDIC insurance, partially offset by lower other real estate owned
(OREO) expense. The efficiency ratio was 59.0%, compared to
57.8% in the fourth quarter of 2013.
Credit Quality
Credit quality metrics reflect continued solid performance.
The ratio of non-performing loans and OREO to total loans and
OREO remained consistent, improving 1 basis point to 1.23%, and for
the originated portfolio, increasing 2 basis points to 1.46%.
Delinquency (total past due and non-accrual loans as a percentage
of total originated loans) was 1.17%, an 11 basis point improvement
as a result of the $6.1 million, or
5.8%, reduction in total delinquency levels.
Net charge-offs for the first quarter totaled $5.6 million, or 0.23% annualized, compared to
$7.6 million or 0.32%
annualized. For the originated portfolio, net charge-offs
were 0.28% annualized, compared to 0.30% annualized of average
originated loans. The ratio of the allowance for loan losses
to total loans was 1.13%, compared to 1.17%, with the slight
decrease primarily reflecting the addition of the BCSB loan
portfolio. The allowance for loan losses to total originated
loans was 1.28%, compared to 1.29% at December 31, 2013. The provision for loan
losses totaled $7.0 million, compared
to $8.4 million in the prior
quarter. The ratio of the allowance for loan losses to total
non-performing loans was 134.9%, compared to 135.4%.
First Quarter 2014 Results – Comparison to Prior-Year
Quarter
(All comparisons refer to the first quarter of 2013, except
as noted)
First quarter of 2014 results include the impact from the
Annapolis Bancorp, Inc. (ANNB), PVF Capital Corp. (PVFC) and BCSB
Bancorp Inc. (BCSB) acquisitions completed on April 6, 2013, October 12,
2013 and February 15, 2014,
respectively.
Net Interest Income/Loans/Deposits
Net interest income on a fully taxable equivalent basis totaled
$109.5 million, increasing
$14.7 million or 15.5%. The net
interest margin was 3.62%, compared to 3.66%, with 3 basis points
of the 4 basis point narrowing attributable to lower accretable
yield benefit on acquired loans. Average earning assets grew
$1.8 billion, or 16.9%, through
consistent organic loan growth and the addition of ANNB, PVFC and
BCSB.
Average loans totaled $9.7 billion
and increased $1.5 billion, or 18.9%,
reflecting strong organic average loan growth of $589 million, or 7.2%, and loans added in the
acquisitions. Growth in the commercial portfolio was
consistent, with average balances growing organically $292 million or 6.5%. Average organic
consumer loan growth (consisting of direct, consumer lines of
credit and indirect loans) was also strong at $390 million or 15.2%, reflecting successful
sales management and the benefit of the expanded banking
footprint.
Total average deposits and customer repurchase agreements
totaled $11.3 billion and increased
$1.4 billion or 14.1%. Organic
growth in lower-cost transaction deposit accounts and customer
repurchase agreements was strong, growing $383 million, or 5.1%, with growth in average
non-interest bearing deposits of $286
million or 16.4%.
Non-Interest Income
Non-interest income totaled $42.1
million, increasing $8.5
million, or 25.2%, with the first quarter of 2014 including
a $9.5 million (pre-tax) net gain
related to the sale of certain securities, including the pooled
trust preferred securities portfolio. Solid growth in the
fee-based units was offset by $2.5
million lower customer-related interchange service charges
due to the Durbin Amendment and $0.9
million lower net mortgage banking revenue. Trust
revenue increased by $0.7 million, or
16.6%, and insurance commissions increased $0.5 million, or 11.6%, primarily through organic
growth given an expanded footprint and enhanced sales management
and cross-sell efforts.
Non-Interest Expense
Non-interest expense totaled $94.2
million, increasing $15.4
million or 19.5%. The first quarter of 2014 included
merger and severance costs of $7.2
million, compared to $0.4
million in the prior-year quarter. Absent these items,
non-interest expense increased $8.5
million or 10.8%, and primarily reflects the additional
operating costs related to the expanded operations from
acquisitions. The efficiency ratio was 59% compared to
60%.
Credit Quality
Credit quality results reflect improvement over the prior-year
quarter. The ratio of non-performing loans and OREO to total
loans and OREO improved 20 basis points to 1.23%. For the
originated portfolio, the ratio of non-performing loans and OREO to
total loans and OREO improved 13 basis points to 1.46%. Total
delinquency (total past due and non-accrual loans as a percentage
of total originated loans) was 1.17%, a 28 basis point improvement
reflecting an $8.5 million, or 8.0%,
reduction in total delinquency.
Net charge-offs totaled $5.6
million, or 0.23% annualized of total average loans,
compared to $4.2 million or 0.21%
annualized in the first quarter of 2013. For the originated
portfolio, net charge-offs were $5.6
million or 0.28% annualized of total average originated
loans, compared to 0.22% annualized. The ratio of the
allowance for loan losses to total originated loans was 1.28% at
March 31, 2014, compared to 1.39% at
March 31, 2013, with the change
directionally consistent with the performance of the
portfolio. The provision for loan losses totaled $7.0 million, compared to $7.5 million in the prior-year quarter, and
exceeded net-charge offs in both periods.
Capital Position
During the fourth quarter of 2013, the Corporation raised
$161.3 million in capital, through
the issuance of 4.7 million shares of common stock ($54.4 million in net proceeds) and 4.4 million
depositary shares of non-cumulative perpetual preferred stock
($106.9 million in net
proceeds). At March 31, 2014,
$138.0 million of the net proceeds
were deployed to redeem trust preferred securities with an
additional $8.0 million used to repay
subordinated debt. The initial preferred stock dividend paid
in February 2014 was larger than a
normal quarterly payment by $312,000
as the payment period was from November 1,
2013 through February 14,
2014.
At March 31, 2014, the tangible
common equity to tangible assets ratio (non-GAAP measure) increased
to 6.81%, compared to 6.71% at December 31,
2013, and the tangible common book value per share (non-GAAP
measure) increased to $5.58 from
$5.38 at December 31, 2013. The common dividend
payout ratios for the first quarter of 2014 and fourth quarter of
2013 were 62% and 68%, respectively.
The Corporation's capital levels at March
31, 2014 continue to exceed federal bank regulatory agency
"well capitalized" thresholds. At March 31,
2014, the estimated total risk-based capital ratio was
12.6%, the estimated tier 1 risk-based capital ratio was 11.3% and
the estimated leverage ratio was 8.8%.
Other Notable Items
On April 8, 2014, FNB announced
the signing of a definitive merger agreement pursuant to which
F.N.B. Corporation will acquire OBA Financial Services Inc.
The transaction will provide FNB with an additional $390 million in total assets, $290 million in total deposits, $300 million in loans and 6 banking locations.
Inclusive of OBA Financial Services, Inc., F.N.B. Corporation will
have $1.2 billion in deposits and 31
branch locations in Maryland. On a pro-forma basis, the
transaction is expected to be accretive to capital, neutral to
operating earnings in the first full year and accretive to
operating earnings thereafter.
On February 15, 2014, FNB
completed its merger with BCSB Bancorp, Inc. The acquisition
of BCSB Bancorp, Inc. provided FNB with an additional $600 million in total assets, $310 million in loans, $530 million in deposits and 16 banking offices
in the greater Baltimore
area.
Conference Call
F.N.B. Corporation will host its quarterly conference call to
discuss first quarter 2014 financial results on Thursday, April 24, 2014 at 10:00 a.m. Eastern Time. Participating callers
may access the call by dialing (877) 407-4018 or (201) 689-8471 for
international callers; the confirmation number is 13579860.
The Webcast and presentation materials 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 1:00 p.m. Eastern Time the day of the call until
midnight Eastern Time on Thursday, May 1, 2014. The replay is
accessible by dialing (877) 870-5176 or (858) 384-5517 for
international callers; the confirmation number is 13579860. 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 (NYSE: FNB), headquartered in Hermitage, Pennsylvania, is a regional
diversified financial services company operating in six states and
three major metropolitan areas including Pittsburgh, PA, where it holds the number
three retail deposit market share, Baltimore, MD, where it holds the number ten
deposit market share, and Cleveland,
OH. The Company has total assets of $14.5 billion and more than 280 banking offices
throughout Pennsylvania,
Ohio, Maryland and West
Virginia. F.N.B. provides a full range of commercial
banking, consumer banking and wealth management solutions through
its subsidiary network which is led by its largest affiliate, First
National Bank of Pennsylvania.
Commercial banking solutions include corporate banking, small
business banking, investment real estate financing, business
credit, capital markets and lease financing. The consumer banking
segment provides a full line of consumer banking products and
services including deposit products, mortgage lending, consumer
lending and a complete suite of mobile and online banking services.
F.N.B.'s wealth management services include asset management,
private banking and insurance. The Company also operates Regency
Finance Company, which has more than 70 consumer finance offices in
Pennsylvania, Ohio, Kentucky and Tennessee.
The common stock of F.N.B. Corporation trades on the New York
Stock Exchange under the symbol "FNB" and is included in Standard
& Poor's SmallCap 600 Index with the Global Industry
Classification Standard (GICS) Regional Banks Sub-Industry Index.
Customers, shareholders and investors can learn more about this
regional financial institution by visiting the F.N.B. Corporation
web site at www.fnbcorporation.com.
Cautionary Statement Regarding Forward-looking
Information
We make statements in this press release and related conference
call, and may from time to time make other statements, regarding
our outlook for earnings, revenues, expenses, capital levels,
liquidity levels, asset levels, asset quality and other matters
regarding or affecting F.N.B. Corporation and its future business
and operations that are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act.
Forward-looking statements are typically identified by words such
as "believe," "plan," "expect," "anticipate," "see," "look,"
"intend," "outlook," "project," "forecast," "estimate," "goal,"
"will," "should" and other similar words and expressions.
Forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time.
Forward-looking statements speak only as of the date made.
We do not assume any duty and do not undertake to update
forward-looking statements. Actual results or future events
could differ, possibly materially, from those anticipated in
forward-looking statements, as well as from historical
performance.
Our forward-looking statements are subject to the following
principal risks and uncertainties:
- Our businesses, financial results and balance sheet values are
affected by business and economic conditions, including the
following:
- Changes in interest rates and valuations in debt, equity and
other financial markets.
- Disruptions in the liquidity and other functioning of U.S. and
global financial markets.
- The impact on federal regulated agencies that have oversight or
review of F.N.B. Corporation's business and securities
activities.
- Actions by the Federal Reserve, U.S. Treasury and other
government agencies, including those that impact money supply and
market interest rates.
- Changes in customers', suppliers' and other counterparties'
performance and creditworthiness which adversely affect loan
utilization rates, delinquencies, defaults and counterparty ability
to meet credit and other obligations.
- Slowing or reversal of the current moderate economic recovery
and persistence or worsening levels of unemployment.
- Changes in customer preferences and behavior, whether due to
changing business and economic conditions, legislative and
regulatory initiatives, or other factors.
- Legal and regulatory developments could affect our ability to
operate our businesses, financial condition, results of operations,
competitive position, reputation, or pursuit of attractive
acquisition opportunities. Reputational impacts could affect
matters such as business generation and retention, liquidity,
funding, and ability to attract and retain management. These
developments could include:
- Changes resulting from legislative and regulatory reforms,
including broad-based restructuring of financial industry
regulation; changes to laws and regulations involving tax, pension,
bankruptcy, consumer protection, and other industry aspects; and
changes in accounting policies and principles. We will
continue to be impacted by extensive reforms provided for in the
Dodd-Frank Wall Street Reform and Consumer Protection Act and
otherwise growing out of the recent financial crisis, the precise
nature, extent and timing of which, and their impact on us, remains
uncertain.
- The impact on fee income opportunities resulting from the limit
imposed under the Durbin Amendment of the Dodd-Frank Act on the
maximum permissible interchange fee that banks may collect from
merchants for debit card transactions and a federal court
determination that may impose further restrictions on interchange
fee opportunities.
- Changes to regulations governing bank capital and liquidity
standards, including due to the Dodd-Frank Act, Volcker rule and
Basel III initiatives.
- Impact on business and operating results of any costs
associated with obtaining rights in intellectual property, the
adequacy of our intellectual property protection in general and
rapid technological developments and changes. Our ability to
anticipate and respond to technological changes can also impact our
ability to respond to customer needs and meet competitive
demands.
- Business and operating results are affected by our ability to
identify and effectively manage risks inherent in our businesses,
including, where appropriate, through effective use of third-party
insurance, derivatives, swaps, and capital management techniques,
and to meet evolving regulatory capital standards.
- Increased competition, whether due to consolidation among
financial institutions; realignments or consolidation of branch
offices, legal and regulatory developments, industry restructuring
or other causes, can have an impact on customer acquisition, growth
and retention and on credit spreads and product pricing, which can
affect market share, deposits and revenues.
- As demonstrated by our Annapolis Bancorp, Inc., PVF Capital
Corp. and BCSB Bancorp, Inc acquisitions and the pending
acquisition of OBA Financial Services Inc., we grow our business in
part by acquiring from time to time other financial services
companies, financial services assets and related deposits.
These acquisitions often present risks and uncertainties,
including, the possibility that the transaction cannot be
consummated; regulatory issues; cost, or difficulties, involved in
integration and conversion of the acquired businesses after
closing; inability to realize expected cost savings, efficiencies
and strategic advantages; the extent of credit losses in acquired
loan portfolios and extent of deposit attrition; and the potential
dilutive effect to our current shareholders. In addition,
with respect to the acquisition of Annapolis Bancorp, Inc., PVF
Capital Corp., BCSB Bancorp, Inc. and the pending acquisition of
OBA Financial Services Inc. F.N.B. Corporation may experience
difficulties in expanding into a new market area, including
retention of customers and key personnel of Annapolis Bancorp,
Inc., PVF Capital Corp., Inc., BCSB Bancorp, Inc. and OBA Financial
Services Inc.
- Competition can have an impact on customer acquisition, growth
and retention and on credit spreads and product pricing, which can
affect market share, deposits and revenues. Industry
restructuring in the current environment could also impact our
business and financial performance through changes in counterparty
creditworthiness and performance and the competitive and regulatory
landscape. Our ability to anticipate and respond to
technological changes can also impact our ability to respond to
customer needs and meet competitive demands.
- Business and operating results can also be affected by
widespread disasters, dislocations, terrorist activities,
cyber-attacks or international hostilities through their impacts on
the economy and financial markets.
We provide greater detail regarding some of these factors in our
2013 Form 10-K and 2013 Form 10-Qs, including the Risk Factors
section of those reports, and our subsequent SEC filings. Our
forward-looking statements may also be subject to other risks and
uncertainties, including those we may discuss elsewhere in this
news release or in SEC filings, accessible on the SEC's website at
www.sec.gov and on our corporate website at
www.fnbcorporation.com. We have included these web addresses
as inactive textual references only. Information on these
websites is not part of this document.
DATA SHEETS FOLLOW
F.N.B.
CORPORATION
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q14 -
|
|
1Q14 -
|
|
|
|
|
|
2014
|
|
2013
|
|
4Q13
|
|
1Q13
|
|
|
|
|
|
First
|
|
Fourth
|
|
First
|
|
Percent
|
|
Percent
|
Statement of
earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
Variance
|
Interest
income
|
$117,880
|
|
$117,637
|
|
$105,118
|
|
0.2
|
|
12.1
|
Interest
expense
|
10,055
|
|
10,691
|
|
12,022
|
|
-6.0
|
|
-16.4
|
Net
interest income
|
107,825
|
|
106,946
|
|
93,096
|
|
0.8
|
|
15.8
|
Taxable equivalent
adjustment
|
1,722
|
|
1,704
|
|
1,741
|
|
1.0
|
|
-1.1
|
Net
interest income (FTE) (1)
|
109,547
|
|
108,650
|
|
94,837
|
|
0.8
|
|
15.5
|
Provision for loan
losses
|
7,006
|
|
8,366
|
|
7,541
|
|
-16.3
|
|
-7.1
|
Net
interest income after provision (FTE)
|
102,541
|
|
100,284
|
|
87,296
|
|
2.3
|
|
17.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment losses on
securities
|
0
|
|
(27)
|
|
0
|
|
n/m
|
|
n/m
|
Non-credit related
losses on securities not expected to be sold (recognized in other
comprehensive income)
|
0
|
|
0
|
|
0
|
|
n/m
|
|
n/m
|
Net impairment losses
on securities
|
0
|
|
(27)
|
|
0
|
|
n/m
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges
|
15,288
|
|
16,805
|
|
16,425
|
|
-9.0
|
|
-6.9
|
Trust
income
|
4,764
|
|
4,323
|
|
4,085
|
|
10.2
|
|
16.6
|
Insurance commissions
and fees
|
4,945
|
|
3,979
|
|
4,430
|
|
24.3
|
|
11.6
|
Securities
commissions and fees
|
2,372
|
|
2,921
|
|
2,923
|
|
-18.8
|
|
-18.8
|
Mortgage
banking
|
214
|
|
370
|
|
1,084
|
|
-42.1
|
|
-80.2
|
Gain (loss) on sale
of securities
|
9,461
|
|
51
|
|
684
|
|
n/m
|
|
n/m
|
Other
|
5,026
|
|
4,237
|
|
3,982
|
|
18.6
|
|
26.2
|
Total
non-interest income
|
42,070
|
|
32,659
|
|
33,612
|
|
28.8
|
|
25.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
47,023
|
|
47,710
|
|
43,905
|
|
-1.4
|
|
7.1
|
Occupancy and
equipment
|
15,381
|
|
14,006
|
|
12,190
|
|
9.8
|
|
26.2
|
FDIC
insurance
|
2,994
|
|
1,995
|
|
2,364
|
|
50.1
|
|
26.7
|
Amortization of
intangibles
|
2,283
|
|
2,344
|
|
1,925
|
|
-2.6
|
|
18.6
|
Other real estate
owned
|
779
|
|
1,927
|
|
192
|
|
-59.5
|
|
306.3
|
Merger and
severance-related
|
7,248
|
|
3,999
|
|
352
|
|
n/m
|
|
n/m
|
Other
|
18,458
|
|
20,087
|
|
17,874
|
|
-8.1
|
|
3.3
|
Total
non-interest expense
|
94,166
|
|
92,068
|
|
78,802
|
|
2.3
|
|
19.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
50,445
|
|
40,875
|
|
42,106
|
|
23.4
|
|
19.8
|
Taxable equivalent
adjustment
|
1,722
|
|
1,704
|
|
1,741
|
|
1.0
|
|
-1.1
|
Income
taxes
|
14,199
|
|
10,732
|
|
11,827
|
|
32.3
|
|
20.1
|
Net
income
|
34,524
|
|
28,439
|
|
28,538
|
|
21.4
|
|
21.0
|
Preferred stock dividends
|
2,322
|
|
0
|
|
0
|
|
|
|
|
Net
income available to common stockholders
|
$32,203
|
|
$28,439
|
|
$28,538
|
|
13.2
|
|
12.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$0.20
|
|
$0.18
|
|
$0.20
|
|
11.1
|
|
0.0
|
Diluted
|
$0.20
|
|
$0.18
|
|
$0.20
|
|
11.1
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Results
|
|
|
|
|
|
|
|
|
|
Operating net income
available to common stockholders:
|
|
|
|
|
|
|
|
|
|
Net income
available to common stockholders
|
$32,203
|
|
$28,439
|
|
$28,538
|
|
|
|
|
Net gain on
sale of pooled TPS and other securities, net of tax
|
(6,150)
|
|
0
|
|
0
|
|
|
|
|
(Gain) loss on
extinguishment of debt, net of tax
|
0
|
|
1,412
|
|
0
|
|
|
|
|
Merger and
severance costs, net of tax
|
4,711
|
|
2,599
|
|
229
|
|
|
|
|
Operating net
income available to common stockholders
|
$30,764
|
|
$32,450
|
|
$28,767
|
|
-5.2
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating diluted
earnings per common share:
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per common share
|
$0.20
|
|
$0.18
|
|
$0.20
|
|
|
|
|
Effect of net
gain on sale of pooled TPS and other securities, net of
tax
|
(0.04)
|
|
0.00
|
|
0.00
|
|
|
|
|
Effect of
(gain) loss on extinguishment of debt, net of tax
|
0.00
|
|
0.01
|
|
0.00
|
|
|
|
|
Effect of
merger and severance costs, net of tax
|
0.03
|
|
0.02
|
|
0.00
|
|
|
|
|
Operating
diluted earnings per common share
|
$0.19
|
|
$0.21
|
|
$0.20
|
|
-9.5
|
|
-5.0
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q14 -
|
|
1Q14 -
|
|
|
|
|
|
2014
|
|
2013
|
|
4Q13
|
|
1Q13
|
|
|
|
|
|
First
|
|
Fourth
|
|
First
|
|
Percent
|
|
Percent
|
Balance Sheet (at
period end)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
Variance
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$221,615
|
|
$197,534
|
|
$146,810
|
|
12.2
|
|
51.0
|
Interest bearing
deposits with banks
|
24,638
|
|
16,447
|
|
14,786
|
|
49.8
|
|
66.6
|
Cash and
cash equivalents
|
246,253
|
|
213,981
|
|
161,596
|
|
15.1
|
|
52.4
|
Securities available
for sale
|
1,274,070
|
|
1,141,650
|
|
1,164,327
|
|
11.6
|
|
9.4
|
Securities held to
maturity
|
1,420,446
|
|
1,199,169
|
|
1,110,556
|
|
18.5
|
|
27.9
|
Residential mortgage
loans held for sale
|
3,940
|
|
7,138
|
|
25,871
|
|
-44.8
|
|
-84.8
|
Loans, net of
unearned income
|
9,943,136
|
|
9,506,094
|
|
8,209,286
|
|
4.6
|
|
21.1
|
Allowance for loan
losses
|
(112,219)
|
|
(110,784)
|
|
(107,702)
|
|
1.3
|
|
4.2
|
Net
loans
|
9,830,917
|
|
9,395,310
|
|
8,101,584
|
|
4.6
|
|
21.3
|
Premises and
equipment, net
|
165,603
|
|
154,032
|
|
134,889
|
|
7.5
|
|
22.8
|
Goodwill
|
805,788
|
|
764,248
|
|
675,555
|
|
5.4
|
|
19.3
|
Core deposit and
other intangible assets, net
|
51,024
|
|
47,608
|
|
35,865
|
|
7.2
|
|
42.3
|
Bank owned life
insurance
|
307,872
|
|
289,402
|
|
252,763
|
|
6.4
|
|
21.8
|
Other
assets
|
370,597
|
|
350,867
|
|
334,984
|
|
5.6
|
|
10.6
|
Total
Assets
|
$14,476,510
|
|
$13,563,405
|
|
$11,997,990
|
|
6.7
|
|
20.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand
|
$2,353,444
|
|
$2,200,081
|
|
$1,792,603
|
|
7.0
|
|
31.3
|
Savings
and NOW
|
5,807,805
|
|
5,392,078
|
|
4,974,539
|
|
7.7
|
|
16.8
|
Certificates and other time deposits
|
2,777,487
|
|
2,606,073
|
|
2,443,496
|
|
6.6
|
|
13.7
|
Total
Deposits
|
10,938,736
|
|
10,198,232
|
|
9,210,638
|
|
7.3
|
|
18.8
|
Other
liabilities
|
131,894
|
|
130,418
|
|
133,324
|
|
1.1
|
|
-1.1
|
Short-term borrowings
(6)
|
1,216,624
|
|
1,241,239
|
|
945,001
|
|
-2.0
|
|
28.7
|
Long-term
debt
|
235,752
|
|
143,928
|
|
91,738
|
|
63.8
|
|
157.0
|
Junior subordinated
debt
|
68,517
|
|
75,205
|
|
204,032
|
|
-8.9
|
|
-66.4
|
Total
Liabilities
|
12,591,523
|
|
11,789,022
|
|
10,584,733
|
|
6.8
|
|
19.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
106,882
|
|
106,882
|
|
0
|
|
0.0
|
|
n/m
|
Common
stock
|
1,671
|
|
1,592
|
|
1,406
|
|
5.0
|
|
18.9
|
Additional paid-in
capital
|
1,697,177
|
|
1,608,117
|
|
1,379,086
|
|
5.5
|
|
23.1
|
Retained
earnings
|
133,828
|
|
121,870
|
|
86,923
|
|
9.8
|
|
54.0
|
Accumulated other
comprehensive income
|
(44,041)
|
|
(56,924)
|
|
(47,198)
|
|
-22.6
|
|
-6.7
|
Treasury
stock
|
(10,530)
|
|
(7,154)
|
|
(6,960)
|
|
47.2
|
|
51.3
|
Total
Stockholders' Equity
|
1,884,987
|
|
1,774,383
|
|
1,413,257
|
|
6.2
|
|
33.4
|
Total Liabilities and
Stockholders' Equity
|
$14,476,510
|
|
$13,563,405
|
|
$11,997,990
|
|
6.7
|
|
20.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$13,989,304
|
|
$13,456,936
|
|
$12,004,759
|
|
4.0
|
|
16.5
|
Earning
assets
|
12,243,198
|
|
11,774,690
|
|
10,473,093
|
|
4.0
|
|
16.9
|
Interest bearing
deposits with banks
|
46,193
|
|
130,027
|
|
30,071
|
|
-64.5
|
|
53.6
|
Securities
|
2,496,419
|
|
2,315,793
|
|
2,254,387
|
|
7.8
|
|
10.7
|
Residential mortgage
loans held for sale
|
4,844
|
|
6,128
|
|
32,357
|
|
-21.0
|
|
-85.0
|
Loans, net of
unearned income
|
9,695,742
|
|
9,322,742
|
|
8,156,278
|
|
4.0
|
|
18.9
|
Allowance for loan
losses
|
110,385
|
|
111,654
|
|
104,838
|
|
-1.1
|
|
5.3
|
Goodwill and
intangibles
|
835,031
|
|
804,098
|
|
712,467
|
|
3.8
|
|
17.2
|
Deposits and customer
repurchase agreements (6)
|
11,339,046
|
|
11,113,386
|
|
9,938,273
|
|
2.0
|
|
14.1
|
Other short-term
borrowings
|
390,706
|
|
173,405
|
|
208,541
|
|
125.3
|
|
87.4
|
Long-term
debt
|
217,894
|
|
138,631
|
|
91,134
|
|
57.2
|
|
139.1
|
Trust preferred
securities
|
76,048
|
|
192,533
|
|
204,025
|
|
-60.5
|
|
-62.7
|
Total stockholders'
equity
|
1,829,601
|
|
1,694,669
|
|
1,410,827
|
|
8.0
|
|
29.7
|
Preferred
stockholders' equity
|
106,882
|
|
71,126
|
|
0
|
|
50.3
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
data
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
163,967,246
|
|
157,858,351
|
|
141,064,990
|
|
3.9
|
|
16.2
|
Period end shares
outstanding
|
166,377,327
|
|
158,967,211
|
|
140,377,174
|
|
4.7
|
|
18.5
|
Book value per common
share
|
$10.69
|
|
$10.49
|
|
$10.07
|
|
1.9
|
|
6.2
|
Tangible book value
per common share (4)
|
$5.58
|
|
$5.38
|
|
$5.00
|
|
3.7
|
|
11.6
|
Dividend payout ratio
(common)
|
62.16%
|
|
67.58%
|
|
59.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q14 -
|
|
1Q14 -
|
|
|
|
|
|
2014
|
|
2013
|
|
4Q13
|
|
1Q13
|
|
|
|
|
|
First
|
|
Fourth
|
|
First
|
|
Percent
|
|
Percent
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
Variance
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
7.65%
|
|
6.66%
|
|
8.20%
|
|
|
|
|
Return on average
tangible equity (2) (4)
|
14.57%
|
|
13.35%
|
|
17.30%
|
|
|
|
|
Return on average
tangible common equity (2) (4)
|
15.26%
|
|
14.51%
|
|
17.30%
|
|
|
|
|
Return on average
assets
|
1.00%
|
|
0.84%
|
|
0.96%
|
|
|
|
|
Return on average
tangible assets (3) (4)
|
1.11%
|
|
0.94%
|
|
1.07%
|
|
|
|
|
Net interest margin
(FTE) (1)
|
3.62%
|
|
3.67%
|
|
3.66%
|
|
|
|
|
Yield on earning
assets (FTE) (1)
|
3.95%
|
|
4.03%
|
|
4.12%
|
|
|
|
|
Cost of
funds
|
0.42%
|
|
0.45%
|
|
0.56%
|
|
|
|
|
Efficiency ratio
(FTE) (1) (5)
|
58.99%
|
|
57.77%
|
|
59.74%
|
|
|
|
|
Effective tax
rate
|
29.14%
|
|
27.40%
|
|
29.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
ratios
|
|
|
|
|
|
|
|
|
|
Equity / assets
(period end)
|
13.02%
|
|
13.08%
|
|
11.78%
|
|
|
|
|
Leverage
ratio
|
8.84%
|
|
8.81%
|
|
8.40%
|
|
|
|
|
Tangible equity /
tangible assets (period end) (4)
|
7.60%
|
|
7.55%
|
|
6.22%
|
|
|
|
|
Tangible common
equity / tangible assets (period end) (4)
|
6.81%
|
|
6.71%
|
|
6.22%
|
|
|
|
|
Tangible common
equity, excluding AOCI / tangible assets (period end) (4) (7)
|
7.14%
|
|
7.16%
|
|
6.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$3,464,598
|
|
$3,245,209
|
|
$2,678,523
|
|
6.8
|
|
29.3
|
Commercial and
industrial
|
1,965,065
|
|
1,881,474
|
|
1,710,798
|
|
4.4
|
|
14.9
|
Commercial
leases
|
161,494
|
|
158,895
|
|
131,500
|
|
1.6
|
|
22.8
|
Commercial loans and leases
|
5,591,157
|
|
5,285,578
|
|
4,520,821
|
|
5.8
|
|
23.7
|
Direct
installment
|
1,467,558
|
|
1,467,236
|
|
1,192,426
|
|
0.0
|
|
23.1
|
Residential
mortgages
|
1,135,790
|
|
1,086,739
|
|
1,072,898
|
|
4.5
|
|
5.9
|
Indirect
installment
|
678,918
|
|
655,587
|
|
574,121
|
|
3.6
|
|
18.3
|
Consumer
LOC
|
1,010,501
|
|
965,771
|
|
817,412
|
|
4.6
|
|
23.6
|
Other
|
59,212
|
|
45,183
|
|
31,608
|
|
31.0
|
|
87.3
|
Total
loans
|
$9,943,136
|
|
$9,506,094
|
|
$8,209,286
|
|
4.6
|
|
21.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$2,353,444
|
|
$2,200,081
|
|
$1,792,603
|
|
7.0
|
|
31.3
|
Savings and
NOW
|
5,807,805
|
|
5,392,078
|
|
4,974,539
|
|
7.7
|
|
16.8
|
Certificates of
deposit and other time deposits
|
2,777,487
|
|
2,606,073
|
|
2,443,496
|
|
6.6
|
|
13.7
|
Total
deposits
|
10,938,736
|
|
10,198,232
|
|
9,210,638
|
|
7.3
|
|
18.8
|
Customer repurchase
agreements (6)
|
787,712
|
|
841,741
|
|
741,124
|
|
-6.4
|
|
6.3
|
Total
deposits and customer repurchase agreements (6)
|
$11,726,448
|
|
$11,039,973
|
|
$9,951,762
|
|
6.2
|
|
17.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
balances
|
|
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$3,341,359
|
|
$3,184,720
|
|
$2,682,103
|
|
4.9
|
|
24.6
|
Commercial and
industrial
|
1,923,270
|
|
1,818,355
|
|
1,656,556
|
|
5.8
|
|
16.1
|
Commercial
leases
|
160,367
|
|
150,308
|
|
130,439
|
|
6.7
|
|
22.9
|
Commercial loans and leases
|
5,424,996
|
|
5,153,383
|
|
4,469,098
|
|
5.3
|
|
21.4
|
Direct
installment
|
1,466,392
|
|
1,452,597
|
|
1,181,715
|
|
0.9
|
|
24.1
|
Residential
mortgages
|
1,107,349
|
|
1,085,465
|
|
1,078,323
|
|
2.0
|
|
2.7
|
Indirect
installment
|
666,012
|
|
646,876
|
|
576,684
|
|
3.0
|
|
15.5
|
Consumer
LOC
|
987,304
|
|
939,646
|
|
812,263
|
|
5.1
|
|
21.5
|
Other
|
43,689
|
|
44,775
|
|
38,196
|
|
-2.4
|
|
14.4
|
Total
loans
|
$9,695,742
|
|
$9,322,742
|
|
$8,156,278
|
|
4.0
|
|
18.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$2,222,786
|
|
$2,168,847
|
|
$1,744,465
|
|
2.5
|
|
27.4
|
Savings and
NOW
|
5,593,342
|
|
5,468,290
|
|
4,893,299
|
|
2.3
|
|
14.3
|
Certificates of
deposit and other time deposits
|
2,695,067
|
|
2,609,294
|
|
2,493,703
|
|
3.3
|
|
8.1
|
Total
deposits
|
10,511,195
|
|
10,246,431
|
|
9,131,467
|
|
2.6
|
|
15.1
|
Customer repurchase
agreements (6)
|
827,851
|
|
866,955
|
|
806,806
|
|
-4.5
|
|
2.6
|
Total
deposits and customer repurchase agreements (6)
|
$11,339,046
|
|
$11,113,386
|
|
$9,938,273
|
|
2.0
|
|
14.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q14 -
|
|
1Q14 -
|
|
|
|
|
|
2014
|
|
2013
|
|
4Q13
|
|
1Q13
|
|
|
|
|
|
First
|
|
Fourth
|
|
First
|
|
Percent
|
|
Percent
|
Asset Quality
Data
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
Variance
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
Non-performing loans
(8)
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
|
$60,039
|
|
$58,755
|
|
$65,578
|
|
2.2
|
|
-8.4
|
Restructured loans
|
19,384
|
|
18,698
|
|
16,555
|
|
3.7
|
|
17.1
|
Non-performing
loans
|
79,423
|
|
77,453
|
|
82,133
|
|
2.5
|
|
-3.3
|
Other real estate
owned (9)
|
43,216
|
|
40,681
|
|
35,869
|
|
6.2
|
|
20.5
|
Non-performing loans and OREO
|
122,639
|
|
118,134
|
|
118,002
|
|
3.8
|
|
3.9
|
Non-performing
investments
|
0
|
|
797
|
|
413
|
|
-100.0
|
|
-100.0
|
Total
non-performing assets
|
$122,639
|
|
$118,931
|
|
$118,415
|
|
3.1
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
/ total loans
|
0.80%
|
|
0.81%
|
|
1.00%
|
|
|
|
|
Non-performing loans
/ total originated loans (10)
|
0.95%
|
|
0.95%
|
|
1.11%
|
|
|
|
|
Non-performing loans
+ OREO / total loans + OREO
|
1.23%
|
|
1.24%
|
|
1.43%
|
|
|
|
|
Non-performing loans
+ OREO / total originated loans + OREO (10)
|
1.46%
|
|
1.44%
|
|
1.59%
|
|
|
|
|
Non-performing assets
/ total assets
|
0.85%
|
|
0.88%
|
|
0.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
Rollforward
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (originated portfolio) (10)
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of period
|
$104,884
|
|
$105,336
|
|
$100,194
|
|
-0.4
|
|
4.7
|
Provision for loan losses
|
7,856
|
|
5,653
|
|
6,358
|
|
39.0
|
|
23.6
|
Net loan
charge-offs
|
(5,617)
|
|
(6,105)
|
|
(4,048)
|
|
-8.0
|
|
38.8
|
Allowance for loan losses (originated portfolio) (10)
|
107,123
|
|
104,884
|
|
102,504
|
|
2.1
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (acquired portfolio) (11)
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of period
|
5,900
|
|
4,716
|
|
4,180
|
|
|
|
|
Provision for loan losses
|
(850)
|
|
2,713
|
|
1,183
|
|
|
|
|
Net loan
charge-offs
|
46
|
|
(1,529)
|
|
(165)
|
|
|
|
|
Allowance for loan losses (acquired portfolio) (11)
|
5,096
|
|
5,900
|
|
5,198
|
|
-13.6
|
|
-2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for
loan losses
|
$112,219
|
|
$110,784
|
|
$107,702
|
|
1.3
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses / total loans
|
1.13%
|
|
1.17%
|
|
1.31%
|
|
|
|
|
Allowance for loan
losses (originated loans) / total
|
|
|
|
|
|
|
|
|
|
originated loans (10)
|
1.28%
|
|
1.29%
|
|
1.39%
|
|
|
|
|
Allowance for loan
losses (originated loans) / total non-performing loans (8)
|
134.88%
|
|
135.42%
|
|
124.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(annualized) / total average loans
|
0.23%
|
|
0.32%
|
|
0.21%
|
|
|
|
|
Net loan charge-offs
on originated loans (annualized) / total average originated loans (10)
|
0.28%
|
|
0.30%
|
|
0.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency -
Originated Portfolio (10)
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$32,490
|
|
$37,342
|
|
$34,909
|
|
-13.0
|
|
-6.9
|
Loans 90+ days past
due
|
5,467
|
|
7,971
|
|
5,974
|
|
-31.4
|
|
-8.5
|
Non-accrual
loans
|
60,039
|
|
58,755
|
|
65,578
|
|
2.2
|
|
-8.4
|
Total
past due and non-accrual loans
|
$97,996
|
|
$104,068
|
|
$106,461
|
|
-5.8
|
|
-8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total past due and
non-accrual loans / total originated loans
|
1.17%
|
|
1.28%
|
|
1.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo item:
|
|
|
|
|
|
|
|
|
|
Delinquency -
Acquired Portfolio (11) (12)
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$34,668
|
|
$30,205
|
|
$13,872
|
|
14.8
|
|
149.9
|
Loans 90+ days past
due
|
61,629
|
|
45,823
|
|
41,234
|
|
34.5
|
|
49.5
|
Non-accrual
loans
|
0
|
|
0
|
|
0
|
|
0.0
|
|
0.0
|
Total
past due and non-accrual loans
|
$96,297
|
|
$76,028
|
|
$55,106
|
|
26.7
|
|
74.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
First
Quarter
|
|
Fourth
Quarter
|
|
|
|
|
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
|
|
|
|
|
Average
|
|
Earned
|
|
Yield
|
|
Average
|
|
Earned
|
|
Yield
|
|
|
|
|
|
Outstanding
|
|
or Paid
|
|
or Rate
|
|
Outstanding
|
|
or Paid
|
|
or Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits with banks
|
$46,193
|
|
$26
|
|
0.23%
|
|
$130,027
|
|
$84
|
|
0.25%
|
Taxable investment
securities (13)
|
2,346,808
|
|
12,450
|
|
2.07%
|
|
2,162,444
|
|
11,381
|
|
2.06%
|
Non-taxable
investment securities (14)
|
149,611
|
|
1,997
|
|
5.34%
|
|
153,349
|
|
2,054
|
|
5.36%
|
Residential mortgage
loans held for sale
|
4,844
|
|
135
|
|
11.16%
|
|
6,128
|
|
103
|
|
6.73%
|
Loans (14)
(15)
|
9,695,741
|
|
104,994
|
|
4.39%
|
|
9,322,742
|
|
105,719
|
|
4.51%
|
Total
Interest Earning Assets (14)
|
12,243,197
|
|
119,602
|
|
3.95%
|
|
11,774,690
|
|
119,341
|
|
4.03%
|
Cash and due from
banks
|
189,619
|
|
|
|
|
|
199,986
|
|
|
|
|
Allowance for loan
losses
|
(110,385)
|
|
|
|
|
|
(111,654)
|
|
|
|
|
Premises and
equipment
|
160,111
|
|
|
|
|
|
155,310
|
|
|
|
|
Other
assets
|
1,506,762
|
|
|
|
|
|
1,438,604
|
|
|
|
|
Total
Assets
|
$13,989,304
|
|
|
|
|
|
$13,456,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
$4,099,093
|
|
1,515
|
|
0.15%
|
|
$4,054,525
|
|
1,500
|
|
0.15%
|
Savings
|
1,494,248
|
|
172
|
|
0.05%
|
|
1,413,765
|
|
164
|
|
0.05%
|
Certificates and other time
|
2,695,067
|
|
5,463
|
|
0.82%
|
|
2,609,294
|
|
5,274
|
|
0.80%
|
Customer repurchase
agreements
|
827,851
|
|
462
|
|
0.22%
|
|
866,955
|
|
510
|
|
0.23%
|
Other short-term
borrowings
|
390,706
|
|
731
|
|
0.75%
|
|
173,405
|
|
609
|
|
1.37%
|
Long-term
debt
|
217,894
|
|
1,071
|
|
1.99%
|
|
138,631
|
|
847
|
|
2.42%
|
Junior subordinated
debt
|
76,048
|
|
641
|
|
3.42%
|
|
192,533
|
|
1,787
|
|
3.68%
|
Total Interest Bearing
Liabilities (14)
|
9,800,907
|
|
10,055
|
|
0.42%
|
|
9,449,108
|
|
10,691
|
|
0.45%
|
Non-interest bearing
demand deposits
|
2,222,786
|
|
|
|
|
|
2,168,847
|
|
|
|
|
Other
liabilities
|
136,010
|
|
|
|
|
|
144,312
|
|
|
|
|
Total
Liabilities
|
12,159,703
|
|
|
|
|
|
11,762,267
|
|
|
|
|
Stockholders'
equity
|
1,829,601
|
|
|
|
|
|
1,694,669
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
$13,989,304
|
|
|
|
|
|
$13,456,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Earning
Assets
|
$2,442,290
|
|
|
|
|
|
$2,325,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(FTE)
|
|
|
109,547
|
|
|
|
|
|
108,650
|
|
|
Tax Equivalent
Adjustment
|
|
|
(1,722)
|
|
|
|
|
|
(1,704)
|
|
|
Net Interest
Income
|
|
|
$107,825
|
|
|
|
|
|
$106,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
|
|
|
|
3.53%
|
|
|
|
|
|
3.58%
|
Net Interest
Margin (14)
|
|
|
|
|
3.62%
|
|
|
|
|
|
3.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
(Unaudited)
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
First
Quarter
|
|
|
|
|
|
|
|
Interest
|
|
Average
|
|
|
|
|
|
Average
|
|
Earned
|
|
Yield
|
|
|
|
|
|
Outstanding
|
|
or Paid
|
|
or Rate
|
Assets
|
|
|
|
|
|
|
Interest bearing
deposits with banks
|
|
$30,071
|
|
$14
|
|
0.19%
|
Taxable investment
securities (13)
|
|
2,084,966
|
|
10,597
|
|
1.98%
|
Non-taxable
investment securities (14)
|
|
169,421
|
|
2,337
|
|
5.52%
|
Residential mortgage
loans held for sale
|
|
32,357
|
|
280
|
|
3.46%
|
Loans (14)
(15)
|
|
8,156,278
|
|
93,631
|
|
4.64%
|
Total
Interest Earning Assets (14)
|
|
10,473,093
|
|
106,859
|
|
4.12%
|
Cash and due from
banks
|
|
172,969
|
|
|
|
|
Allowance for loan
losses
|
|
(104,838)
|
|
|
|
|
Premises and
equipment
|
|
138,694
|
|
|
|
|
Other
assets
|
|
1,324,841
|
|
|
|
|
Total
Assets
|
|
$12,004,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Interest-bearing demand
|
|
$3,649,049
|
|
1,502
|
|
0.17%
|
Savings
|
|
1,244,250
|
|
168
|
|
0.05%
|
Certificates and other time
|
|
2,493,703
|
|
6,595
|
|
1.07%
|
Customer repurchase
agreements
|
|
806,806
|
|
485
|
|
0.24%
|
Other short-term
borrowings
|
|
208,541
|
|
622
|
|
1.19%
|
Long-term
debt
|
|
91,134
|
|
774
|
|
3.44%
|
Junior subordinated
debt
|
|
204,025
|
|
1,876
|
|
3.73%
|
Total Interest Bearing
Liabilities (14)
|
|
8,697,508
|
|
12,022
|
|
0.56%
|
Non-interest bearing
demand deposits
|
|
1,744,465
|
|
|
|
|
Other
liabilities
|
|
151,959
|
|
|
|
|
Total
Liabilities
|
|
10,593,932
|
|
|
|
|
Stockholders'
equity
|
|
1,410,827
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$12,004,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Earning
Assets
|
|
$1,775,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(FTE)
|
|
|
|
94,837
|
|
|
Tax Equivalent
Adjustment
|
|
|
|
(1,741)
|
|
|
Net Interest
Income
|
|
|
|
$93,096
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
|
|
|
|
|
3.56%
|
Net Interest
Margin (14)
|
|
|
|
|
|
3.66%
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES
|
We believe the
following non-GAAP financial measures used by F.N.B. Corporation
provide information useful to investors in understanding F.N.B.
Corporation's operating
performance and trends, and facilitate comparisons with the
performance of F.N.B. Corporation's peers. The non-GAAP
financial measures used by F.N.B.
Corporation may differ from the non-GAAP financial measures other
financial institutions use to measure their results of
operations. Non-GAAP financial measures should be viewed in addition to, and not as
an alternative for, F.N.B. Corporation's reported results prepared
in accordance with U.S. GAAP. The following tables summarize the non-GAAP financial
measures included in this press release and derived from amounts
reported in F.N.B. Corporation's financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
First
|
|
Fourth
|
|
First
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
Return on average
tangible equity (2):
|
|
|
|
|
|
|
|
|
|
Net income
(annualized)
|
$140,016
|
|
$112,828
|
|
$115,739
|
|
|
|
|
Amortization of
intangibles, net of tax (annualized)
|
6,018
|
|
6,045
|
|
5,076
|
|
|
|
|
|
|
|
|
|
146,033
|
|
118,873
|
|
120,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity
|
1,829,601
|
|
1,694,669
|
|
1,410,827
|
|
|
|
|
Less: Average
intangibles
|
(827,344)
|
|
(804,098)
|
|
(712,467)
|
|
|
|
|
|
|
|
|
|
1,002,257
|
|
890,571
|
|
698,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (2)
|
14.57%
|
|
13.35%
|
|
17.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (2):
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders (annualized)
|
$130,600
|
|
$112,828
|
|
$115,739
|
|
|
|
|
Amortization of
intangibles, net of tax (annualized)
|
6,018
|
|
6,045
|
|
5,076
|
|
|
|
|
|
|
|
|
|
136,617
|
|
118,873
|
|
120,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity
|
1,829,601
|
|
1,694,669
|
|
1,410,827
|
|
|
|
|
Less: Average
preferred stockholders' equity
|
(106,882)
|
|
(71,126)
|
|
0
|
|
|
|
|
Less: Average
intangibles
|
(827,344)
|
|
(804,098)
|
|
(712,467)
|
|
|
|
|
|
|
|
|
|
895,375
|
|
819,445
|
|
698,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (2)
|
15.26%
|
|
14.51%
|
|
17.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets (3):
|
|
|
|
|
|
|
|
|
|
Net income
(annualized)
|
$140,016
|
|
$112,828
|
|
$115,739
|
|
|
|
|
Amortization of
intangibles, net of tax (annualized)
|
6,018
|
|
6,045
|
|
5,076
|
|
|
|
|
|
|
|
|
|
146,033
|
|
118,873
|
|
120,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
13,989,304
|
|
13,456,936
|
|
12,004,759
|
|
|
|
|
Less: Average
intangibles
|
(827,344)
|
|
(804,098)
|
|
(712,467)
|
|
|
|
|
|
|
|
|
|
13,161,960
|
|
12,652,838
|
|
11,292,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets (3)
|
1.11%
|
|
0.94%
|
|
1.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value per common share:
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$1,884,987
|
|
$1,774,383
|
|
$1,413,257
|
|
|
|
|
Less: preferred
stockholders' equity
|
(106,882)
|
|
(106,882)
|
|
0
|
|
|
|
|
Less:
intangibles
|
(849,563)
|
|
(811,856)
|
|
(711,420)
|
|
|
|
|
|
|
|
|
|
928,541
|
|
855,645
|
|
701,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares
outstanding
|
166,377,327
|
|
158,967,211
|
|
140,377,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share
|
$5.58
|
|
$5.38
|
|
$5.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
First
|
|
Fourth
|
|
First
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
Tangible equity /
tangible assets (period end):
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$1,884,987
|
|
$1,774,383
|
|
$1,413,257
|
|
|
|
|
Less:
intangibles
|
(849,563)
|
|
(811,856)
|
|
(711,420)
|
|
|
|
|
|
|
|
|
|
1,035,423
|
|
962,527
|
|
701,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
14,476,510
|
|
13,563,405
|
|
11,997,990
|
|
|
|
|
Less:
intangibles
|
(849,563)
|
|
(811,856)
|
|
(711,420)
|
|
|
|
|
|
|
|
|
|
13,626,947
|
|
12,751,549
|
|
11,286,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity /
tangible assets (period end)
|
7.60%
|
|
7.55%
|
|
6.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity / tangible assets (period end):
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$1,884,987
|
|
$1,774,383
|
|
$1,413,257
|
|
|
|
|
Less: preferred
stockholders' equity
|
(106,882)
|
|
(106,882)
|
|
0
|
|
|
|
|
Less:
intangibles
|
(849,563)
|
|
(811,856)
|
|
(711,420)
|
|
|
|
|
|
|
|
|
|
928,541
|
|
855,645
|
|
701,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
14,476,510
|
|
13,563,405
|
|
11,997,990
|
|
|
|
|
Less:
intangibles
|
(849,563)
|
|
(811,856)
|
|
(711,420)
|
|
|
|
|
|
|
|
|
|
13,626,947
|
|
12,751,549
|
|
11,286,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity /
tangible assets (period end)
|
6.81%
|
|
6.71%
|
|
6.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity, excluding AOCI / tangible assets (period end) (7):
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$1,884,987
|
|
$1,774,383
|
|
$1,413,257
|
|
|
|
|
Less: preferred
stockholders' equity
|
(106,882)
|
|
(106,882)
|
|
0
|
|
|
|
|
Less:
intangibles
|
(849,563)
|
|
(811,856)
|
|
(711,420)
|
|
|
|
|
Less:
AOCI
|
44,041
|
|
56,924
|
|
47,198
|
|
|
|
|
|
|
|
|
|
972,582
|
|
912,569
|
|
749,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
14,476,510
|
|
13,563,405
|
|
11,997,990
|
|
|
|
|
Less:
intangibles
|
(849,563)
|
|
(811,856)
|
|
(711,420)
|
|
|
|
|
|
|
|
|
|
13,626,947
|
|
12,751,549
|
|
11,286,570
|
|
|
|
|
Tangible equity,
excluding AOCI / tangible assets (period end) (7)
|
7.14%
|
|
7.16%
|
|
6.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Net interest income
is also presented on a fully taxable equivalent (FTE) basis, as the
Corporation believes this non-GAAP measure is the preferred
industry measurement for this
item.
|
(2)
|
Return on average
tangible equity is calculated by dividing net income excluding
amortization of intangibles by average equity less average
intangibles.
|
(3)
|
Return on average
tangible assets is calculated by dividing net income excluding
amortization of intangibles by average assets less average
intangibles.
|
(4)
|
See non-GAAP
financial measures for additional information relating to the
calculation of this item.
|
(5)
|
The efficiency ratio
is calculated by dividing non-interest expense less amortization of
intangibles, other real estate owned expense and merger and
severance costs by the sum of net
interest income on a fully taxable equivalent basis plus
non-interest income less securities gains.
|
(6)
|
Customer repos are
included in short-term borrowings on the balance sheet.
|
(7)
|
Accumulated other
comprehensive income (AOCI) is comprised of unrealized losses on
securities, unrealized losses on derivative instruments and
unrecognized pension and
postretirement obligations.
|
(8)
|
Does not include
loans acquired at fair value ("acquired portfolio").
|
(9)
|
Includes all other
real estate owned, including those balances acquired through
business combinations that have been in acquired loans prior to
foreclosure.
|
(10)
|
"Originated
Portfolio" or "Originated Loans" equals loans and leases not
included by definition in the Acquired Portfolio.
|
(11)
|
"Acquired Portfolio"
or "Acquired Loans" equals loans acquired at fair value, accounted
for in accordance with ASC 805 which was effective January 1,
2009. The risk of credit
loss on these loans has been considered by virtue of the
Corporation's estimate of acquisition-date fair value and these
loans are considered accruing as
the Corporation primarily recognizes interest income through
accretion of the difference between the carrying value of these
loans and their expected cash
flows. Because acquired loans are initially recorded at an
amount estimated to be collectible, losses on such loans, when
incurred, are first applied
against the non-accretable difference established in purchase
accounting and then to any allowance for loan losses recognized
subsequent to acquisition.
|
(12)
|
Represents
contractual balances.
|
(13)
|
The average balances
and yields earned on taxable investment securities are based on
historical cost.
|
(14)
|
The interest income
amounts are reflected on a FTE basis, which adjusts for the tax
benefit of income on certain tax-exempt loans and investments using
the federal statutory tax rate of
35% for each period presented. The yields on earning assets
and the net interest margin are presented on an FTE and
annualized basis. The rates
paid on interest-bearing liabilities are also presented on an
annualized basis.
|
(15)
|
Average balances for
loans include non-accrual loans. Loans consist of average
total loans less average unearned income. The amount of loan
fees included in interest income
is immaterial.
|
SOURCE F.N.B. Corporation