PITTSBURGH, July 20, 2017
/PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported
earnings for the second quarter of 2017 with net income available
to common stockholders of $72.4
million, or $0.22 per diluted
common share. Comparatively, first quarter of 2017 reported net
income available to common stockholders totaled $21.0 million, or $0.09 per diluted common share, and second
quarter of 2016 reported net income available to common
stockholders totaled $39.3 million,
or $0.19 per diluted common
share.
Excluding the after-tax impact of merger-related expenses of
approximately $0.9 million, second
quarter operating net income per diluted common share was
$0.23. Comparatively, excluding
the after-tax impact of $35.1 million
of merger-related expenses and $1.7
million of merger-related net securities gains, first
quarter operating net income per diluted common share was
$0.23, and excluding the after-tax
impact of $6.9 million of
merger-related expenses, second quarter of 2016 operating net
income per diluted common share was $0.22.
"FNB delivered solid performance, achieving record revenue and
record net income, as well as an improved efficiency ratio," said
Vincent J. Delie, Jr., President,
and Chief Executive Officer. "We are particularly pleased with the
early successes in our new markets and continue to be excited about
the potential growth opportunities from the expanded
footprint. Across the company, our results reflect success in
executing on our key strategic objectives designed to deliver
long-term sustainable value for our shareholders."
Second Quarter 2017 Highlights (All comparisons refer
to the first quarter of 2017, except as noted)
- Organic growth in total average loans was $305 million, or 6.1% annualized, with average
commercial loan growth of $129
million or 4.1% annualized, and average consumer loan growth
of $173 million or 9.5% annualized
(including residential mortgage, direct and indirect installment,
and home-equity related products).
- On an organic basis, average total deposits increased
$60 million or 1.1% annualized,
including an increase in non-interest bearing deposits of
$106 million, somewhat offset by a
decrease in time deposits, led by a planned decline in higher-cost
brokered time deposits.
- The net interest margin (FTE) (non-GAAP) increased 7 bps to
3.42% from 3.35%, and included 3 basis points of purchase
accounting accretion and cash recoveries, compared to 7 basis
points in the first quarter.
- Non-interest income increased $11.0
million or 19.9%, reflecting broad-based improvements in
fee-related services and expanded opportunities from the
Yadkin acquisition.
- The efficiency ratio on an operating basis (non-GAAP) was
54.3%, compared to 57.2% in the prior quarter and 55.4% in the
year-ago quarter.
- Annualized originated net charge-offs were 0.38% of total
average originated loans, compared to 0.25% annualized in the first
quarter of 2017 and 0.35% annualized in the year-ago quarter.
The tangible common equity to tangible assets ratio (non-GAAP)
was 6.83% at June 30, 2017, compared to 6.80% at
March 31, 2017. The tangible book value per common share
(non-GAAP) was $6.00 at June 30,
2017, an increase of $0.14 from
March 31, 2017.
Non-GAAP measures referenced in this release are used by
management to measure performance in operating the business that
management believes enhances investors' ability to better
understand the underlying business performance and trends related
to core business activities. Reconciliations of GAAP to non-GAAP
operating measures to the most directly comparable GAAP financial
measures are included in the tables at the end of this
release. Organic growth refers to growth excluding the
benefit of initial balances from acquisitions.
Quarterly
Results Summary
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
Reported
results
|
|
|
|
|
|
|
Net income available
to common stockholders (millions)
|
|
$
|
72.4
|
|
|
$
|
21.0
|
|
|
$
|
39.3
|
|
Net income per
diluted common share
|
|
$
|
0.22
|
|
|
$
|
0.09
|
|
|
$
|
0.19
|
|
Book value per common
share (period-end)
|
|
$
|
13.26
|
|
|
$
|
13.16
|
|
|
$
|
11.61
|
|
Operating results
(non-GAAP)
|
|
|
|
|
|
|
Operating net income
available to common stockholders (millions)
|
|
$
|
73.3
|
|
|
$
|
54.4
|
|
|
$
|
46.1
|
|
Operating net income
per diluted common share
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.22
|
|
Tangible common
equity to tangible assets (period-end)
|
|
6.83
|
%
|
|
6.80
|
%
|
|
6.68
|
%
|
Tangible book value
per common share (period-end)
|
|
$
|
6.00
|
|
|
$
|
5.86
|
|
|
$
|
6.40
|
|
Average Diluted
Common Shares Outstanding (in 000's)
|
|
324,868
|
|
|
239,262
|
|
|
211,675
|
|
Significant items
influencing earnings1 (millions)
|
|
|
|
|
|
|
Pre-tax
merger-related expenses
|
|
$
|
(1.4)
|
|
|
$
|
(52.7)
|
|
|
$
|
(10.6)
|
|
After-tax impact of
merger-related expenses
|
|
$
|
(0.9)
|
|
|
$
|
(35.1)
|
|
|
$
|
(6.9)
|
|
Pre-tax
merger-related net securities gains
|
|
$
|
—
|
|
|
$
|
2.6
|
|
|
$
|
—
|
|
After-tax impact of
net merger-related securities gains
|
|
$
|
—
|
|
|
$
|
1.7
|
|
|
$
|
—
|
|
(1)
Favorable (unfavorable) impact on earnings
|
Second Quarter 2017 Results – Comparison to Prior
Quarter
Net interest income totaled $218.4
million, increasing $45.7
million or 26.4%. The net interest margin (FTE) (non-GAAP)
increased 7 basis points to 3.42% and included $0.5 million of purchase accounting accretion and
$1.1 million of cash recoveries,
compared to $3.0 million of purchase
accounting accretion and $0.3 million
of cash recoveries in the first quarter. Total average
earning assets increased $4.9 billion
or 22.9%, mostly due to the acquired Yadkin balances, as well as organic loan
growth of $305 million and a
$627 million increase in the
securities portfolio, with the increase in average securities
commensurate with the larger combined balance sheet.
Average loans totaled $20.4
billion and increased $4.2
billion, or 25.8%, reflecting the acquired Yadkin balances and organic loan growth in the
commercial and consumer portfolios. Average organic commercial loan
growth totaled $129 million or 4.1%
annualized, led by strong origination volume toward the end of the
quarter in the Maryland and
Cleveland regions. Average organic
consumer loan growth was $173
million, or 9.5% annualized, reflecting our expanded
footprint, new dealer relationships for indirect auto loans and
continued growth in the residential mortgage portfolio.
Average deposits totaled $21.2
billion and increased $4.0
billion, or 23.5%, primarily reflecting the acquired
Yadkin deposits. Organic
growth in average noninterest bearing deposits and money market
balances was mostly offset by planned declines in higher-cost
brokered time deposits.
Non-interest income totaled $66.1
million, increasing $11.0
million, or 19.9%. The increase in non-interest income was
due primarily to strong performance in capital markets and higher
mortgage banking revenues, as well as growth in service charges
reflecting increased transaction volume from the expanded customer
base. Interest rate swap activity drove growth in capital
markets and benefited from a favorable rate environment in the
quarter. Increased mortgage banking revenues from higher loan
production volume were somewhat offset by seasonal declines in
insurance commissions compared to the first quarter.
Non-interest expense totaled $163.7
million, decreasing $23.8
million and including $1.4
million of merger-related expenses. Excluding merger-related
expenses, non-interest expense would have increased $27.5 million primarily related to the expanded
operations from Yadkin. The
efficiency ratio (non-GAAP) was 54.3%, compared to 57.2%.
Credit quality results remained at satisfactory levels. The
ratio of non-performing loans and OREO to total loans and OREO
increased 1 basis point to 0.78%. For the originated portfolio, the
ratio of non-performing loans and OREO to total loans and OREO
decreased 4 basis points to 1.08%. Total originated delinquency,
defined as total past due and non-accrual originated loans as a
percentage of total originated loans, increased 5 basis points to
0.99%, compared to 0.94% at March 31, 2017.
Net charge-offs totaled $11.8
million, or 0.23% annualized of total average loans,
compared to $8.1 million, or 0.20%
annualized in the first quarter of 2017, and $10.1 million, or 0.28% annualized in the second
quarter of 2016. For the originated portfolio, net charge-offs were
$12.7 million, or 0.38% annualized of
total average originated loans, compared to $7.9 million or 0.25% annualized in the first
quarter of 2017, and $9.9 million, or
0.35% annualized in the second quarter of 2016. The ratio of the
allowance for loan losses to total loans and leases increased 1
basis point from March 31, 2017, to 0.81% at June 30,
2017. For the originated portfolio, the allowance for loan losses
to total originated loans was 1.15%, compared to 1.19% at
March 31, 2017, which reflects strong organic loan growth and
favorable credit performance in certain portfolios. The total
provision for loan losses was $16.8
million, compared to $10.9
million in the prior quarter, and $16.6 million in the year-ago quarter.
June 30, 2017 Year-To-Date Results – Comparison to Prior
Year-To-Date Period
Net interest income totaled $391.2
million, increasing $96.4
million, or 32.7%, reflecting average earning asset growth
of $6.0 billion, or 34.1%, and
including $3.6 million of purchase
accounting accretion and $1.5 million
of cash recoveries, compared to $2.6
million of purchase accounting accretion and $3.3 million of cash recoveries in the first six
months of 2016. The net interest margin (FTE) (non-GAAP) declined 2
basis points to 3.39% and included 4 basis points of purchase
accounting accretion and cash recoveries in the first six months of
2017, compared to 7 basis points in the first six months of
2016.
Average loans totaled $18.3
billion, an increase of $4.5
billion, or 32.6%, due to the benefit from continued organic
loan growth and acquired balances. Organic growth in total average
loans equaled $874 million, or 6.1%.
Total average organic consumer loan growth of $616 million, or 10.8%, was led by strong growth
in residential mortgage and indirect auto loans. Organic growth in
average commercial loans totaled $263
million, or 3.1%. Organic commercial loan growth compared to
the year-ago period was somewhat offset by prepayment activity in
the total commercial loan portfolio experienced in the second half
of 2016. Average deposits totaled $19.2 billion and increased $4.2 billion, or 28.3%, due to the benefit of
acquired balances and average organic growth of $294 million or 1.9%. On an organic basis,
average total transaction deposits increased $479 million or 3.7%. Total loans as a percentage
of total deposits were 97.5% at June 30, 2017
Non-interest income totaled $121.2
million, increasing $23.7
million or 24.4%. Non-interest income reflects the benefit
of the Yadkin acquisition and
continued expansion of our fee-based businesses of capital markets,
wealth management, mortgage banking and insurance for our existing
and acquired customer base.
Non-interest expense totaled $351.3
million, increasing $85.0
million, or 31.9%. The first six months of 2017 included
merger-related expenses of $54.1
million, compared to $35.5
million. Excluding merger-related expenses, total adjusted
non-interest expense increased $66.4
million, or 28.8%, with the increase primarily attributable
to the expanded operations from recent acquisitions. The efficiency
ratio (non-GAAP) was 55.5%, compared to 55.9%.
Credit quality results remained at satisfactory levels. For the
originated portfolio, non-performing loans and OREO to total loans
and OREO decreased 7 basis points to 1.08%, compared to 1.15%.
Total originated delinquency was 0.99% at June 30, 2017, a 3
basis point decrease from June 30, 2016.
Net charge-offs for the first six months of 2017 totaled
$20.0 million, or 0.22% annualized of
total average loans, compared to 0.23% annualized. Net originated
charge-offs were 0.31% annualized of total average originated
loans, compared to 0.28% annualized. For the originated portfolio,
the allowance for loan losses to total originated loans decreased
11 basis points to 1.15%, compared to 1.26% at June 30, 2016,
reflecting strong organic loan growth and favorable credit
performance in certain portfolios. The ratio of the allowance for
loan losses to total loans decreased 25 basis points to 0.81%,
primarily attributable to additional loan balances from
acquisitions that were initially recorded at fair value without a
corresponding allowance for loan losses in accordance with
accounting for business combinations. The total provision for loan
losses was $27.6 million, compared to
$28.4 million in the prior
period.
Non-GAAP Financial Measures and Key Performance
Indicators
We use non-GAAP financial measures, such as operating net income
available to common stockholders, operating net income, operating
earnings per diluted common share, return on average tangible
common equity, return on average tangible assets, tangible book
value per common share, the ratio of tangible common equity to
tangible assets, efficiency ratio, and net interest margin to
provide information useful to investors in understanding our
operating performance and trends, and to facilitate comparisons
with the performance of our peers. Management uses these measures
internally to assess and better understand our underlying business
performance and trends related to core business activities. The
non-GAAP financial measures and key performance indicators we use
may differ from the non-GAAP financial measures and key performance
indicators other financial institutions use to measure their
performance and trends.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, our reported results prepared in
accordance with GAAP. In the event of such a disclosure or release,
the Securities and Exchange Commission's (SEC) Regulation G
requires: (i) the presentation of the most directly comparable
financial measure calculated and presented in accordance with GAAP
and (ii) a reconciliation of the differences between the non-GAAP
financial measure presented and the most directly comparable
financial measure calculated and presented in accordance with GAAP.
Reconciliations of GAAP to non-GAAP operating measures to the most
directly comparable GAAP financial measures are included in the
tables at the end of this release.
Management believes merger-related expenses are not organic
costs attendant to operations and facilities. These charges
principally represent expenses to satisfy contractual obligations
of the acquired entity without any useful benefit to us, to convert
and consolidate the entity's records, systems, and data onto our
platforms and professional fees related to the transaction. These
costs are specific to each individual transaction and may vary
significantly based on the size and complexity of the
transaction.
For the calculation of net interest margin and the efficiency
ratio, net interest income amounts are reflected on a fully taxable
equivalent (FTE) basis which adjusts for the tax benefit of income
on certain tax-exempt loans and investments using the federal
statutory tax rate of 35.0% for each period presented. We use these
measures to provide an economic view believed to be the preferred
industry measurement for these items and provides relevant
comparison between taxable and non-taxable amounts.
Cautionary Statement Regarding Forward-Looking
Information
A number of statements (i) in this earnings release, (ii) in our
presentations, and (iii) in our responses to questions on our
conference call discussing our quarterly results and transactions,
strategies and plans may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including our expectations relative to business and financial
metrics, the execution of the Yadkin transaction, our outlook regarding
revenues, expenses, earnings, liquidity, asset quality and
statements regarding the impact of technology enhancements and
customer and business process improvements.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time.
F.N.B. assumes no obligation to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements were made or to reflect the occurrence
of unanticipated events except as required by federal securities
laws. As forward-looking statements involve significant risks and
uncertainties, caution should be exercised against placing undue
reliance on such statements.
Such forward-looking statements may be expressed in a variety of
ways, including the use of future and present tense language
expressing expectations or predictions of future financial or
business performance or conditions based on current performance and
trends. 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.
In addition to factors previously disclosed in F.N.B.'s reports
filed with the SEC, the following factors among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: changes in asset quality and credit
risk; the inability to sustain revenue and earnings growth; changes
in interest rates and capital markets; inflation; potential
difficulties encountered in expanding into a new and remote
geographic market; customer borrowing, repayment, investment and
deposit practices; customer disintermediation; the introduction,
withdrawal, success and timing of business and technology
initiatives; competitive conditions; the inability to realize cost
savings or revenues or to implement integration plans and other
consequences associated with mergers, acquisitions and
divestitures; economic conditions; and the impact, extent and
timing of technological changes, capital management activities, and
other actions of the Office of the Comptroller of the Currency, the
Board of Governors of the Federal Reserve System and legislative
and regulatory actions and reforms.
The forward-looking statements contained in (i) in this earning
release, (ii) in our presentations, and (iii) in our responses to
questions on our conference call and other "forward-looking
statements" contained in other public statements of F.N.B. which
make reference to the cautionary factors described in this earnings
release are based upon reasonable current beliefs and expectations
and are subject to significant risks and uncertainties (some of
which are beyond F.N.B.'s control or influence). Actual results may
differ materially from those expressed or implied as a result of
these risks and uncertainties, including but not limited to, the
risk factors and other uncertainties described in F.N.B.'s Annual
Report Form 10-K for the year ended December
31, 2016, our first quarter 2017 Form 10-Q (including the
risk factors and risk management discussions) and F.N.B.'s other
subsequent filings with the SEC. Our forward-looking
statements may also be subject to other risks and uncertainties,
including those we discuss elsewhere in this earnings release or
other SEC filings or on our corporate website at
https://www.fnb-online.com/about-us/investor-relations-shareholder-services.
We have included our web address as an inactive textual reference
only. Information on our website is not part of this earnings
release. All forward-looking statements in this earnings release or
in the presentation made in connection herewith (including
responses to questions) speak only to July
20, 2017, and F.N.B. undertakes no obligation to update any
such forward-looking statements to reflect events, occurrences or
circumstances after that date or to reflect the occurrence of
unanticipated events.
Conference Call
The Company's President and Chief Executive Officer,
Vincent J. Delie, Jr., Chief
Financial Officer, Vincent J. Calabrese,
Jr., and Chief Credit Officer, Gary
L. Guerrieri, will host a conference call to discuss the
Company's financial results on Thursday, July 20, 2017, at
10:30 AM ET.
Participants are encouraged to pre-register for the conference
call at http://dpregister.com/10108931. Callers who
pre-register will be provided a conference passcode and unique PIN
to gain immediate access to the call and bypass the live operator.
Participants may pre-register at any time, including up to and
after the call start time.
Dial-in Access: The conference call may be accessed by dialing
(844) 802-2440 or (412) 317-5133 for international callers.
Participants should ask to be joined into the F.N.B. Corporation
call.
Webcast Access: The audio-only call and related presentation
materials may be accessed via webcast through the "Shareholder and
Investor Relations" section of the Corporation's website at
www.fnbcorporation.com. Access to the live webcast will begin
approximately 30 minutes prior to the start of the call.
Presentation Materials: Presentation slides and the earnings
release will also be available on the Corporation's website on the
"About Us" section of our corporate website at
www.fnbcorporation.com.
A replay of the call will be available shortly after the
completion of the call until midnight
ET on Thursday, July 27, 2017.
The replay can be accessed by dialing (877) 344-7529 or (412)
317-0088 for international callers; the conference replay access
code is 10108931. Following the call, the related presentation
materials will be posted to the "Shareholder and Investor
Relations" section of F.N.B. Corporation's website at
www.fnbcorporation.com.
About F.N.B. Corporation
F.N.B. Corporation (NYSE:FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified
financial services company operating in eight states. FNB holds a
significant retail deposit market share in attractive markets
including: Pittsburgh,
Pennsylvania; Baltimore,
Maryland; Cleveland, Ohio;
and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High
Point) in North Carolina.
The Company has total assets of $31
billion, and more than 400 banking offices throughout
Pennsylvania, Ohio, Maryland, West
Virginia, North Carolina
and South Carolina. The Company
also operates Regency Finance Company, which has more than 75
consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.
FNB 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, founded in 1864.
Commercial banking solutions include corporate banking, small
business banking, investment real estate financing, international
banking, 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. FNB's wealth management services include asset
management, private banking and insurance.
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 MidCap 400 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
website at www.fnbcorporation.com.
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
|
|
|
|
|
|
|
2Q17 -
|
|
2Q17 -
|
Statement of
earnings
|
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
|
1Q17
|
|
2Q16
|
Interest
income
|
|
|
|
$251,034
|
|
$194,693
|
|
$170,931
|
|
28.9
|
|
46.9
|
Interest
expense
|
|
|
|
32,619
|
|
21,941
|
|
16,562
|
|
48.7
|
|
96.9
|
Net
interest income
|
|
|
218,415
|
|
172,752
|
|
154,369
|
|
26.4
|
|
41.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges
|
|
|
|
33,389
|
|
24,807
|
|
25,805
|
|
34.6
|
|
29.4
|
Trust
income
|
|
|
|
5,715
|
|
5,747
|
|
5,405
|
|
-0.6
|
|
5.7
|
Insurance commissions
and fees
|
|
4,347
|
|
5,141
|
|
4,105
|
|
-15.4
|
|
5.9
|
Securities
commissions and fees
|
|
3,887
|
|
3,623
|
|
3,622
|
|
7.3
|
|
7.3
|
Capital markets
income
|
|
|
5,004
|
|
3,847
|
|
4,147
|
|
30.1
|
|
20.7
|
Mortgage banking
operations
|
|
|
5,173
|
|
3,790
|
|
2,753
|
|
36.5
|
|
87.9
|
Net securities gains
(losses)
|
|
|
493
|
|
2,625
|
|
226
|
|
n/m
|
|
n/m
|
Other
|
|
|
|
8,070
|
|
5,536
|
|
5,348
|
|
45.8
|
|
50.9
|
Total
non-interest income
|
|
|
66,078
|
|
55,116
|
|
51,411
|
|
19.9
|
|
28.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
|
284,493
|
|
227,868
|
|
205,780
|
|
24.8
|
|
38.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
|
16,756
|
|
10,850
|
|
16,640
|
|
54.4
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
84,899
|
|
73,578
|
|
61,329
|
|
15.4
|
|
38.4
|
Occupancy and
equipment
|
|
|
26,480
|
|
20,979
|
|
20,207
|
|
26.2
|
|
31.0
|
FDIC
insurance
|
|
|
|
9,376
|
|
5,387
|
|
5,103
|
|
74.0
|
|
83.7
|
Amortization of
intangibles
|
|
|
4,813
|
|
3,098
|
|
3,388
|
|
55.4
|
|
42.1
|
Other real estate
owned
|
|
|
1,008
|
|
983
|
|
172
|
|
2.6
|
|
486.9
|
Merger-related
|
|
|
|
1,354
|
|
52,724
|
|
10,551
|
|
n/m
|
|
n/m
|
Other
|
|
|
|
35,784
|
|
30,806
|
|
28,879
|
|
16.2
|
|
23.9
|
Total
non-interest expense
|
|
|
163,714
|
|
187,555
|
|
129,629
|
|
-12.7
|
|
26.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
104,023
|
|
29,463
|
|
59,511
|
|
253.1
|
|
74.8
|
Income
taxes
|
|
|
|
29,617
|
|
6,484
|
|
18,211
|
|
356.8
|
|
62.6
|
Net
income
|
|
|
|
74,406
|
|
22,979
|
|
41,300
|
|
223.8
|
|
80.2
|
Preferred stock dividends
|
|
|
2,010
|
|
2,010
|
|
2,010
|
|
|
|
|
Net
income available to common stockholders
|
|
$72,396
|
|
$20,969
|
|
$39,290
|
|
245.2
|
|
84.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$0.22
|
|
$0.09
|
|
$0.19
|
|
144.4
|
|
15.8
|
Diluted
|
|
|
|
$0.22
|
|
$0.09
|
|
$0.19
|
|
144.4
|
|
15.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Net Income (non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
|
$72,396
|
|
$20,969
|
|
$39,290
|
|
|
|
|
Pre-tax
merger-related expense
|
|
|
1,354
|
|
52,724
|
|
10,551
|
|
|
|
|
Tax impact of
merger-related expense
|
|
(419)
|
|
(17,579)
|
|
(3,693)
|
|
|
|
|
Pre-tax
merger-related net securities gains
|
|
0
|
|
(2,609)
|
|
0
|
|
|
|
|
Tax impact of
merger-related net securities gains
|
|
0
|
|
913
|
|
0
|
|
|
|
|
Operating net income
available to common stockholders (non-GAAP)
|
$73,331
|
|
$54,418
|
|
$46,148
|
|
34.8
|
|
58.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
common share
|
|
$0.22
|
|
$0.09
|
|
$0.19
|
|
|
|
|
Effect of pre-tax
merger-related expense
|
|
0.01
|
|
0.22
|
|
0.05
|
|
|
|
|
Effect of tax impact
of merger-related expense
|
|
(0.00)
|
|
(0.07)
|
|
(0.02)
|
|
|
|
|
Effect of pre-tax
merger-related net securities gains
|
|
0.00
|
|
(0.01)
|
|
0.00
|
|
|
|
|
Effect of tax impact
of merger-related net securities gains
|
|
0.00
|
|
0.00
|
|
0.00
|
|
|
|
|
Operating earnings
per diluted common share (non-GAAP)
|
|
$0.23
|
|
$0.23
|
|
$0.22
|
|
0.0
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
data
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
324,867,759
|
|
239,261,683
|
|
211,675,449
|
|
35.8
|
|
53.5
|
Period end shares
outstanding
|
|
|
323,226,474
|
|
322,906,763
|
|
210,120,601
|
|
0.1
|
|
53.8
|
Book value per common
share
|
|
|
$13.26
|
|
$13.16
|
|
$11.61
|
|
0.8
|
|
14.2
|
Tangible book value
per common share (1)
|
|
$6.00
|
|
$5.86
|
|
$6.40
|
|
2.4
|
|
-6.2
|
Dividend payout ratio
(common)
|
|
|
53.89%
|
|
121.83%
|
|
64.68%
|
|
|
|
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months
|
|
|
|
|
|
|
|
Ended June
30,
|
|
Percent
|
Statement of
earnings
|
|
|
2017
|
|
2016
|
|
Variance
|
Interest
income
|
|
|
|
$445,727
|
|
$326,685
|
|
36.4
|
Interest
expense
|
|
|
|
54,560
|
|
31,962
|
|
70.7
|
Net
interest income
|
|
|
391,167
|
|
294,723
|
|
32.7
|
|
|
|
|
|
|
|
|
|
|
Service
charges
|
|
|
|
58,196
|
|
46,939
|
|
24.0
|
Trust
income
|
|
|
|
11,462
|
|
10,687
|
|
7.3
|
Insurance commissions
and fees
|
|
9,488
|
|
9,026
|
|
5.1
|
Securities
commissions and fees
|
|
7,510
|
|
6,996
|
|
7.3
|
Capital markets
income
|
|
|
8,851
|
|
6,996
|
|
26.5
|
Mortgage banking
operations
|
|
|
8,963
|
|
4,348
|
|
106.1
|
Net securities gains
(losses)
|
|
|
3,118
|
|
297
|
|
n/m
|
Other
|
|
|
|
13,606
|
|
12,166
|
|
11.8
|
Total
non-interest income
|
|
|
121,194
|
|
97,455
|
|
24.4
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
|
512,361
|
|
392,178
|
|
30.6
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
|
27,606
|
|
28,408
|
|
-2.8
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
158,477
|
|
117,754
|
|
34.6
|
Occupancy and
equipment
|
|
|
47,459
|
|
38,029
|
|
24.8
|
FDIC
insurance
|
|
|
|
14,763
|
|
9,071
|
|
62.8
|
Amortization of
intangibles
|
|
|
7,911
|
|
6,037
|
|
31.0
|
Other real estate
owned
|
|
|
1,991
|
|
1,581
|
|
25.9
|
Merger-related
|
|
|
|
54,078
|
|
35,491
|
|
n/m
|
Other
|
|
|
|
66,590
|
|
58,314
|
|
14.2
|
Total
non-interest expense
|
|
|
351,269
|
|
266,277
|
|
31.9
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
133,486
|
|
97,493
|
|
36.9
|
Income
taxes
|
|
|
|
36,101
|
|
30,061
|
|
20.1
|
Net
income
|
|
|
|
97,385
|
|
67,432
|
|
44.4
|
Preferred stock dividends
|
|
|
4,020
|
|
4,020
|
|
|
Net
income available to common stockholders
|
|
$93,365
|
|
$63,412
|
|
47.2
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$0.33
|
|
$0.31
|
|
6.5
|
Diluted
|
|
|
|
$0.33
|
|
$0.31
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Net Income (non-GAAP):
|
|
|
|
|
|
|
Net income available
to common stockholders
|
|
$93,365
|
|
$63,412
|
|
|
Pre-tax
merger-related expense
|
|
|
54,078
|
|
35,491
|
|
|
Tax impact of
merger-related expense
|
|
(17,998)
|
|
(12,104)
|
|
|
Pre-tax
merger-related net securities gains
|
|
(2,609)
|
|
0
|
|
|
Tax impact of
merger-related net securities gains
|
|
913
|
|
0
|
|
|
Operating net income
available to common stockholders (non-GAAP)
|
$127,749
|
|
$86,799
|
|
47.2
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
common share
|
|
$0.33
|
|
$0.31
|
|
|
Effect of pre-tax
merger-related expense
|
|
0.19
|
|
0.17
|
|
|
Effect of tax impact
of merger-related expense
|
|
(0.06)
|
|
(0.06)
|
|
|
Effect of pre-tax
merger-related net securities gains
|
|
(0.01)
|
|
0.00
|
|
|
Effect of tax impact
of merger-related net securities gains
|
|
0.00
|
|
0.00
|
|
|
Operating earnings
per diluted common share (non-GAAP)
|
|
$0.45
|
|
$0.43
|
|
4.7
|
|
|
|
|
|
|
|
|
|
|
Common stock
data
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
|
282,285,482
|
|
203,271,405
|
|
38.9
|
Period end shares
outstanding
|
|
|
323,226,474
|
|
210,120,601
|
|
53.8
|
Book value per common
share
|
|
|
$13.26
|
|
$11.61
|
|
14.2
|
Tangible book value
per common share (1)
|
|
$6.00
|
|
$6.40
|
|
-6.2
|
Dividend payout ratio
(common)
|
|
|
69.15%
|
|
79.97%
|
|
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
|
|
|
|
|
|
|
2Q17 -
|
|
2Q17 -
|
Balance Sheet (at
period end)
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
|
1Q17
|
|
2Q16
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
|
$397,482
|
|
$381,416
|
|
$285,783
|
|
4.2
|
|
39.1
|
Interest bearing
deposits with banks
|
|
125,136
|
|
68,967
|
|
113,244
|
|
81.4
|
|
10.5
|
Cash and
cash equivalents
|
|
|
522,618
|
|
450,383
|
|
399,027
|
|
16.0
|
|
31.0
|
Securities available
for sale
|
|
|
2,593,455
|
|
2,638,815
|
|
2,133,662
|
|
-1.7
|
|
21.5
|
Securities held to
maturity
|
|
|
3,075,634
|
|
2,922,152
|
|
2,064,305
|
|
5.3
|
|
49.0
|
Loans held for
sale
|
|
|
168,727
|
|
75,270
|
|
12,062
|
|
124.2
|
|
1298.8
|
Loans and leases, net
of unearned income
|
|
20,533,298
|
|
20,177,650
|
|
14,563,128
|
|
1.8
|
|
41.0
|
Allowance for credit
losses
|
|
|
(165,699)
|
|
(160,782)
|
|
(154,369)
|
|
3.1
|
|
7.3
|
Net
loans and leases
|
|
|
20,367,599
|
|
20,016,868
|
|
14,408,759
|
|
1.8
|
|
41.4
|
Premises and
equipment, net
|
|
|
335,297
|
|
355,435
|
|
224,805
|
|
-5.7
|
|
49.2
|
Goodwill
|
|
|
|
2,244,972
|
|
2,250,305
|
|
1,021,247
|
|
-0.2
|
|
119.8
|
Core deposit and
other intangible assets, net
|
|
131,410
|
|
134,699
|
|
83,744
|
|
-2.4
|
|
56.9
|
Bank owned life
insurance
|
|
|
476,363
|
|
467,457
|
|
328,127
|
|
1.9
|
|
45.2
|
Other
assets
|
|
|
|
837,651
|
|
879,310
|
|
539,229
|
|
-4.7
|
|
55.3
|
Total
Assets
|
|
|
|
$30,753,726
|
|
$30,190,695
|
|
$21,214,967
|
|
1.9
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand
|
|
|
$5,544,753
|
|
$5,537,679
|
|
$3,969,115
|
|
0.1
|
|
39.7
|
Interest
bearing demand
|
|
|
9,221,408
|
|
9,285,393
|
|
6,657,651
|
|
-0.7
|
|
38.5
|
Savings
|
|
|
|
2,562,259
|
|
2,623,531
|
|
2,284,159
|
|
-2.3
|
|
12.2
|
Certificates and other time deposits
|
|
3,723,287
|
|
3,879,669
|
|
2,617,637
|
|
-4.0
|
|
42.2
|
Total
Deposits
|
|
|
21,051,707
|
|
21,326,272
|
|
15,528,562
|
|
-1.3
|
|
35.6
|
Short-term
borrowings
|
|
|
4,425,967
|
|
3,585,963
|
|
2,260,411
|
|
23.4
|
|
95.8
|
Long-term
borrowings
|
|
|
656,883
|
|
696,206
|
|
656,844
|
|
-5.6
|
|
0.0
|
Other
liabilities
|
|
|
|
226,731
|
|
226,459
|
|
223,813
|
|
0.1
|
|
1.3
|
Total
Liabilities
|
|
|
|
26,361,288
|
|
25,834,900
|
|
18,669,630
|
|
2.0
|
|
41.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
Stock
|
|
|
|
106,882
|
|
106,882
|
|
106,882
|
|
0.0
|
|
0.0
|
Common
stock
|
|
|
|
3,250
|
|
3,246
|
|
2,116
|
|
0.1
|
|
53.6
|
Additional paid-in
capital
|
|
|
4,024,576
|
|
4,020,527
|
|
2,220,243
|
|
0.1
|
|
81.3
|
Retained
earnings
|
|
|
333,201
|
|
299,818
|
|
255,921
|
|
11.1
|
|
30.2
|
Accumulated other
comprehensive loss
|
|
(56,383)
|
|
(56,969)
|
|
(25,459)
|
|
-1.0
|
|
121.5
|
Treasury
stock
|
|
|
|
(19,088)
|
|
(17,709)
|
|
(14,366)
|
|
7.8
|
|
32.9
|
Total
Stockholders' Equity
|
|
|
4,392,438
|
|
4,355,795
|
|
2,545,337
|
|
0.8
|
|
72.6
|
Total Liabilities and
Stockholders' Equity
|
|
$30,753,726
|
|
$30,190,695
|
|
$21,214,967
|
|
1.9
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
$30,364,645
|
|
$24,062,099
|
|
$20,780,413
|
|
26.2
|
|
46.1
|
Earning
assets
|
|
|
|
26,149,066
|
|
21,272,715
|
|
18,496,395
|
|
22.9
|
|
41.4
|
Interest bearing
deposits with banks
|
|
87,750
|
|
90,242
|
|
109,432
|
|
-2.8
|
|
-19.8
|
Securities
|
|
|
|
5,606,957
|
|
4,979,645
|
|
4,026,101
|
|
12.6
|
|
39.3
|
Loans held for
sale
|
|
|
93,312
|
|
12,358
|
|
15,734
|
|
655.1
|
|
493.1
|
Loans and leases, net
of unearned income
|
|
20,361,047
|
|
16,190,470
|
|
14,345,128
|
|
25.8
|
|
41.9
|
Allowance for credit
losses
|
|
|
165,888
|
|
161,371
|
|
150,487
|
|
2.8
|
|
10.2
|
Goodwill and
intangibles
|
|
|
2,377,711
|
|
1,398,635
|
|
1,100,129
|
|
70.0
|
|
116.1
|
Deposits
|
|
|
|
21,155,452
|
|
17,132,627
|
|
15,655,637
|
|
23.5
|
|
35.1
|
Short-term
borrowings
|
|
|
3,886,410
|
|
3,202,033
|
|
1,716,565
|
|
21.4
|
|
126.4
|
Long-term
borrowings
|
|
|
680,414
|
|
534,762
|
|
657,059
|
|
27.2
|
|
3.6
|
Total stockholders'
equity
|
|
|
4,386,438
|
|
3,007,853
|
|
2,532,226
|
|
45.8
|
|
73.2
|
Preferred
stockholders' equity
|
|
|
106,882
|
|
106,882
|
|
106,882
|
|
0.0
|
|
0.0
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months
|
|
|
|
|
|
|
|
Ended June
30,
|
|
Percent
|
Balance Sheet (at
period end)
|
|
2017
|
|
2016
|
|
Variance
|
Assets
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
|
$397,482
|
|
$285,783
|
|
39.1
|
Interest bearing
deposits with banks
|
|
125,136
|
|
113,244
|
|
10.5
|
Cash and
cash equivalents
|
|
|
522,618
|
|
399,027
|
|
31.0
|
Securities available
for sale
|
|
|
2,593,455
|
|
2,133,662
|
|
21.5
|
Securities held to
maturity
|
|
|
3,075,634
|
|
2,064,305
|
|
49.0
|
Loans held for
sale
|
|
|
168,727
|
|
12,062
|
|
1298.8
|
Loans and leases, net
of unearned income
|
|
20,533,298
|
|
14,563,128
|
|
41.0
|
Allowance for credit
losses
|
|
|
(165,699)
|
|
(154,369)
|
|
7.3
|
Net
loans and leases
|
|
|
20,367,599
|
|
14,408,759
|
|
41.4
|
Premises and
equipment, net
|
|
|
335,297
|
|
224,805
|
|
49.2
|
Goodwill
|
|
|
|
2,244,972
|
|
1,021,247
|
|
119.8
|
Core deposit and
other intangible assets, net
|
|
131,410
|
|
83,744
|
|
56.9
|
Bank owned life
insurance
|
|
|
476,363
|
|
328,127
|
|
45.2
|
Other
assets
|
|
|
|
837,651
|
|
539,229
|
|
55.3
|
Total
Assets
|
|
|
|
$30,753,726
|
|
$21,214,967
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Non-interest bearing demand
|
|
|
$5,544,753
|
|
$3,969,115
|
|
39.7
|
Interest
bearing demand
|
|
|
9,221,408
|
|
6,657,651
|
|
38.5
|
Savings
|
|
|
|
2,562,259
|
|
2,284,159
|
|
12.2
|
Certificates and other time deposits
|
|
3,723,287
|
|
2,617,637
|
|
42.2
|
Total
Deposits
|
|
|
21,051,707
|
|
15,528,562
|
|
35.6
|
Short-term
borrowings
|
|
|
4,425,967
|
|
2,260,411
|
|
95.8
|
Long-term
borrowings
|
|
|
656,883
|
|
656,844
|
|
0.0
|
Other
liabilities
|
|
|
|
226,731
|
|
223,813
|
|
1.3
|
Total
Liabilities
|
|
|
|
26,361,288
|
|
18,669,630
|
|
41.2
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Preferred
Stock
|
|
|
|
106,882
|
|
106,882
|
|
0.0
|
Common
stock
|
|
|
|
3,250
|
|
2,116
|
|
53.6
|
Additional paid-in
capital
|
|
|
4,024,576
|
|
2,220,243
|
|
81.3
|
Retained
earnings
|
|
|
333,201
|
|
255,921
|
|
30.2
|
Accumulated other
comprehensive loss
|
|
(56,383)
|
|
(25,459)
|
|
121.5
|
Treasury
stock
|
|
|
|
(19,088)
|
|
(14,366)
|
|
32.9
|
Total
Stockholders' Equity
|
|
|
4,392,438
|
|
2,545,337
|
|
72.6
|
Total Liabilities and
Stockholders' Equity
|
|
$30,753,726
|
|
$21,214,967
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
Selected average
balances
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
$27,230,782
|
|
$19,848,526
|
|
37.2
|
Earning
assets
|
|
|
|
23,724,362
|
|
17,697,479
|
|
34.1
|
Interest bearing
deposits with banks
|
|
88,989
|
|
116,439
|
|
-23.6
|
Securities
|
|
|
|
5,295,034
|
|
3,776,149
|
|
40.2
|
Loans held for
sale
|
|
|
53,059
|
|
10,931
|
|
385.4
|
Loans and leases, net
of unearned income
|
|
18,287,280
|
|
13,793,960
|
|
32.6
|
Allowance for credit
losses
|
|
|
163,642
|
|
146,715
|
|
11.5
|
Goodwill and
intangibles
|
|
|
1,890,878
|
|
1,037,401
|
|
82.3
|
Deposits
|
|
|
|
19,155,152
|
|
14,925,699
|
|
28.3
|
Short-term
borrowings
|
|
|
3,546,112
|
|
1,638,035
|
|
116.5
|
Long-term
borrowings
|
|
|
607,991
|
|
652,775
|
|
-6.9
|
Total stockholders'
equity
|
|
|
3,700,953
|
|
2,430,970
|
|
52.2
|
Preferred
stockholders' equity
|
|
|
106,882
|
|
106,882
|
|
0.0
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
|
|
|
|
|
|
|
2Q17 -
|
|
2Q17 -
|
|
|
|
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
|
1Q17
|
|
2Q16
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
|
6.80%
|
|
3.10%
|
|
6.56%
|
|
|
|
|
Return on average
tangible equity (1)
|
|
15.26%
|
|
6.23%
|
|
12.14%
|
|
|
|
|
Return on average
tangible common equity (1)
|
|
15.69%
|
|
6.14%
|
|
12.50%
|
|
|
|
|
Return on average
assets
|
|
|
0.98%
|
|
0.39%
|
|
0.80%
|
|
|
|
|
Return on average
tangible assets (1)
|
|
1.11%
|
|
0.45%
|
|
0.89%
|
|
|
|
|
Net interest margin
(FTE) (1) (2)
|
|
|
3.42%
|
|
3.35%
|
|
3.41%
|
|
|
|
|
Yield on earning
assets (FTE) (1) (2)
|
|
3.92%
|
|
3.77%
|
|
3.77%
|
|
|
|
|
Cost of
interest-bearing liabilities
|
|
0.65%
|
|
0.54%
|
|
0.47%
|
|
|
|
|
Cost of
funds
|
|
|
|
0.51%
|
|
0.43%
|
|
0.37%
|
|
|
|
|
Efficiency ratio
(1)
|
|
|
54.26%
|
|
57.15%
|
|
55.45%
|
|
|
|
|
Effective tax
rate
|
|
|
|
28.47%
|
|
22.01%
|
|
30.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity / assets
(period end)
|
|
|
14.28%
|
|
14.43%
|
|
12.00%
|
|
|
|
|
Common equity /
assets (period end)
|
|
13.94%
|
|
14.07%
|
|
11.49%
|
|
|
|
|
Leverage
ratio
|
|
|
|
7.63%
|
|
9.64%
|
|
7.73%
|
|
|
|
|
Tangible equity /
tangible assets (period end) (1)
|
|
7.20%
|
|
7.18%
|
|
7.21%
|
|
|
|
|
Tangible common
equity / tangible assets (period end) (1)
|
|
6.83%
|
|
6.80%
|
|
6.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
|
$8,822,929
|
|
$8,768,357
|
|
$5,355,625
|
|
0.6
|
|
64.7
|
Commercial and
industrial
|
|
|
3,910,927
|
|
3,792,679
|
|
3,079,605
|
|
3.1
|
|
27.0
|
Commercial
leases
|
|
|
226,483
|
|
197,071
|
|
200,350
|
|
14.9
|
|
13.0
|
Commercial loans and leases
|
|
|
12,960,339
|
|
12,758,107
|
|
8,635,580
|
|
1.6
|
|
50.1
|
Direct
installment
|
|
|
|
1,949,980
|
|
1,965,118
|
|
1,830,206
|
|
-0.8
|
|
6.5
|
Residential
mortgages
|
|
|
2,429,843
|
|
2,342,167
|
|
1,678,646
|
|
3.7
|
|
44.8
|
Indirect
installment
|
|
|
1,374,524
|
|
1,259,947
|
|
1,076,817
|
|
9.1
|
|
27.6
|
Consumer
LOC
|
|
|
|
1,788,534
|
|
1,805,996
|
|
1,290,053
|
|
-1.0
|
|
38.6
|
Other
|
|
|
|
30,079
|
|
46,315
|
|
51,826
|
|
-35.1
|
|
-42.0
|
Total
loans and leases
|
|
|
$20,533,299
|
|
$20,177,650
|
|
$14,563,128
|
|
1.8
|
|
41.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
|
$5,544,753
|
|
$5,537,679
|
|
$3,969,115
|
|
0.1
|
|
39.7
|
Interest bearing
demand
|
|
|
9,221,408
|
|
9,285,393
|
|
6,657,651
|
|
-0.7
|
|
38.5
|
Savings
|
|
|
|
2,562,259
|
|
2,623,531
|
|
2,284,159
|
|
-2.3
|
|
12.2
|
Certificates of
deposit and other time deposits
|
|
3,723,287
|
|
3,879,669
|
|
2,617,637
|
|
-4.0
|
|
42.2
|
Total
deposits
|
|
|
|
$21,051,707
|
|
$21,326,272
|
|
$15,528,562
|
|
-1.3
|
|
35.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
balances
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
|
$8,779,618
|
|
$6,222,381
|
|
$5,276,960
|
|
41.1
|
|
66.4
|
Commercial and
industrial
|
|
|
3,851,803
|
|
3,245,732
|
|
3,062,936
|
|
18.7
|
|
25.8
|
Commercial
leases
|
|
|
199,648
|
|
196,159
|
|
201,481
|
|
1.8
|
|
-0.9
|
Commercial loans and leases
|
|
|
12,831,069
|
|
9,664,272
|
|
8,541,377
|
|
32.8
|
|
50.2
|
Direct
installment
|
|
|
|
1,956,027
|
|
1,869,218
|
|
1,807,048
|
|
4.6
|
|
8.2
|
Residential
mortgages
|
|
|
2,412,881
|
|
1,969,374
|
|
1,615,438
|
|
22.5
|
|
49.4
|
Indirect
installment
|
|
|
1,310,729
|
|
1,226,488
|
|
1,044,870
|
|
6.9
|
|
25.4
|
Consumer
LOC
|
|
|
|
1,797,266
|
|
1,416,184
|
|
1,281,636
|
|
26.9
|
|
40.2
|
Other
|
|
|
|
53,075
|
|
44,934
|
|
54,759
|
|
18.1
|
|
-3.1
|
Total
loans and leases
|
|
|
$20,361,047
|
|
$16,190,470
|
|
$14,345,128
|
|
25.8
|
|
41.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
|
$5,466,286
|
|
$4,414,354
|
|
$3,941,857
|
|
23.8
|
|
38.7
|
Interest bearing
demand
|
|
|
9,297,726
|
|
7,416,346
|
|
6,744,744
|
|
25.4
|
|
37.9
|
Savings
|
|
|
|
2,592,726
|
|
2,412,798
|
|
2,292,185
|
|
7.5
|
|
13.1
|
Certificates of
deposit and other time deposits
|
|
3,798,714
|
|
2,889,129
|
|
2,676,851
|
|
31.5
|
|
41.9
|
Total
deposits
|
|
|
|
$21,155,452
|
|
$17,132,627
|
|
$15,655,637
|
|
23.5
|
|
35.1
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months
|
|
|
|
|
|
|
|
Ended June
30,
|
|
Percent
|
|
|
|
|
|
2017
|
|
2016
|
|
Variance
|
Performance
ratios
|
|
|
|
|
|
|
|
Return on average
equity
|
|
|
5.31%
|
|
5.58%
|
|
|
Return on average
tangible equity (1)
|
|
11.28%
|
|
10.23%
|
|
|
Return on average
tangible common equity (1)
|
|
11.51%
|
|
10.45%
|
|
|
Return on average
assets
|
|
|
0.72%
|
|
0.68%
|
|
|
Return on average
tangible assets (1)
|
|
0.82%
|
|
0.76%
|
|
|
Net interest margin
(FTE) (1) (2)
|
|
|
3.39%
|
|
3.41%
|
|
|
Yield on earning
assets (FTE) (1) (2)
|
|
3.85%
|
|
3.77%
|
|
|
Cost of
interest-bearing liabilities
|
|
0.60%
|
|
0.47%
|
|
|
Cost of
funds
|
|
|
|
0.47%
|
|
0.37%
|
|
|
Efficiency ratio
(1)
|
|
|
55.54%
|
|
55.88%
|
|
|
Effective tax
rate
|
|
|
|
27.04%
|
|
30.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
ratios
|
|
|
|
|
|
|
|
|
Equity / assets
(period end)
|
|
|
14.28%
|
|
12.00%
|
|
|
Common equity /
assets (period end)
|
|
13.94%
|
|
11.49%
|
|
|
Leverage
ratio
|
|
|
|
7.63%
|
|
7.73%
|
|
|
Tangible equity /
tangible assets (period end) (1)
|
|
7.20%
|
|
7.21%
|
|
|
Tangible common
equity / tangible assets (period end) (1)
|
|
6.83%
|
|
6.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
Loans and
Leases:
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
|
$8,822,929
|
|
$5,355,625
|
|
64.7
|
Commercial and
industrial
|
|
|
3,910,927
|
|
3,079,605
|
|
27.0
|
Commercial
leases
|
|
|
226,483
|
|
200,350
|
|
13.0
|
Commercial loans and leases
|
|
|
12,960,339
|
|
8,635,580
|
|
50.1
|
Direct
installment
|
|
|
|
1,949,980
|
|
1,830,206
|
|
6.5
|
Residential
mortgages
|
|
|
2,429,843
|
|
1,678,646
|
|
44.8
|
Indirect
installment
|
|
|
1,374,524
|
|
1,076,817
|
|
27.6
|
Consumer
LOC
|
|
|
|
1,788,534
|
|
1,290,053
|
|
38.6
|
Other
|
|
|
|
30,079
|
|
51,826
|
|
-42.0
|
Total
loans and leases
|
|
|
$20,533,299
|
|
$14,563,128
|
|
41.0
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
|
$5,544,753
|
|
$3,969,115
|
|
39.7
|
Interest bearing
demand
|
|
|
9,221,408
|
|
6,657,651
|
|
38.5
|
Savings
|
|
|
|
2,562,259
|
|
2,284,159
|
|
12.2
|
Certificates of
deposit and other time deposits
|
|
3,723,287
|
|
2,617,637
|
|
42.2
|
Total
deposits
|
|
|
|
$21,051,707
|
|
$15,528,562
|
|
35.6
|
|
|
|
|
|
|
|
|
|
|
Average
balances
|
|
|
|
|
|
|
|
Loans and
Leases:
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
|
$7,441,408
|
|
$5,048,341
|
|
47.4
|
Commercial and
industrial
|
|
|
3,617,098
|
|
2,909,198
|
|
24.3
|
Commercial
leases
|
|
|
197,913
|
|
202,851
|
|
-2.4
|
Commercial loans and leases
|
|
|
11,256,419
|
|
8,160,390
|
|
37.9
|
Direct
installment
|
|
|
|
1,912,862
|
|
1,777,699
|
|
7.6
|
Residential
mortgages
|
|
|
2,192,353
|
|
1,536,920
|
|
42.6
|
Indirect
installment
|
|
|
1,268,841
|
|
1,025,906
|
|
23.7
|
Consumer
LOC
|
|
|
|
1,607,778
|
|
1,243,699
|
|
29.3
|
Other
|
|
|
|
49,027
|
|
49,346
|
|
-0.6
|
Total
loans and leases
|
|
|
$18,287,280
|
|
$13,793,960
|
|
32.6
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
|
$4,943,226
|
|
$3,695,543
|
|
33.8
|
Interest bearing
demand
|
|
|
8,362,233
|
|
6,430,562
|
|
30.0
|
Savings
|
|
|
|
2,503,259
|
|
2,172,974
|
|
15.2
|
Certificates of
deposit and other time deposits
|
|
3,346,434
|
|
2,626,619
|
|
27.4
|
Total
deposits
|
|
|
|
$19,155,152
|
|
$14,925,699
|
|
28.3
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
|
|
|
|
|
|
|
2Q17 -
|
|
2Q17 -
|
Asset Quality
Data
|
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
|
1Q17
|
|
2Q16
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
|
|
|
$95,303
|
|
$81,390
|
|
$67,475
|
|
17.1
|
|
41.2
|
Restructured loans
|
|
|
19,487
|
|
23,988
|
|
22,542
|
|
-18.8
|
|
-13.6
|
Non-performing
loans
|
|
|
114,790
|
|
105,378
|
|
90,017
|
|
8.9
|
|
27.5
|
Other real estate
owned (OREO) (4)
|
|
45,712
|
|
50,088
|
|
48,344
|
|
-8.7
|
|
-5.4
|
Total
non-performing assets
|
|
|
$160,502
|
|
$155,466
|
|
$138,361
|
|
3.2
|
|
16.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
/ total loans and leases
|
|
0.56%
|
|
0.52%
|
|
0.62%
|
|
|
|
|
Non-performing loans
/ total originated loans
|
|
|
|
|
|
|
|
|
|
|
and
leases (5)
|
|
|
|
0.75%
|
|
0.77%
|
|
0.74%
|
|
|
|
|
Non-performing loans
+ OREO / total loans and
|
|
|
|
|
|
|
|
|
|
|
leases +
OREO
|
|
|
|
0.78%
|
|
0.77%
|
|
0.95%
|
|
|
|
|
Non-performing loans
+ OREO / total originated
|
|
|
|
|
|
|
|
|
|
|
loans
and leases + OREO (5)
|
|
|
1.08%
|
|
1.12%
|
|
1.15%
|
|
|
|
|
Non-performing assets
/ total assets
|
|
0.52%
|
|
0.51%
|
|
0.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
Rollforward
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses (originated portfolio) (5)
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of period
|
|
$154,214
|
|
$150,792
|
|
$142,220
|
|
2.3
|
|
8.4
|
Provision for credit losses
|
|
|
17,538
|
|
11,336
|
|
16,384
|
|
54.7
|
|
7.0
|
Net loan
charge-offs
|
|
|
(12,660)
|
|
(7,914)
|
|
(9,885)
|
|
60.0
|
|
28.1
|
Allowance for credit losses (originated portfolio) (5)
|
|
159,092
|
|
154,214
|
|
148,719
|
|
3.2
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses (acquired portfolio) (6)
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of period
|
|
6,568
|
|
7,267
|
|
5,580
|
|
-9.6
|
|
17.7
|
Provision for credit losses
|
|
|
(782)
|
|
(486)
|
|
256
|
|
60.9
|
|
-405.5
|
Net loan
(charge-offs)/recoveries
|
|
821
|
|
(213)
|
|
(186)
|
|
-485.4
|
|
-541.4
|
Allowance for credit losses (acquired portfolio) (6)
|
|
6,607
|
|
6,568
|
|
5,650
|
|
0.6
|
|
16.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for
credit losses
|
|
$165,699
|
|
$160,782
|
|
$154,369
|
|
3.1
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses / total loans and leases
|
|
0.81%
|
|
0.80%
|
|
1.06%
|
|
|
|
|
Allowance for credit
losses (originated loans and leases) /
|
|
|
|
|
|
|
|
|
|
|
total
originated loans and leases (5)
|
|
1.15%
|
|
1.19%
|
|
1.26%
|
|
|
|
|
Allowance for credit
losses (originated loans and leases) /
|
|
|
|
|
|
|
|
|
|
|
total
non-performing loans (3)
|
|
|
152.77%
|
|
153.78%
|
|
169.89%
|
|
|
|
|
Net loan charge-offs
(annualized) / total average loans
|
|
|
|
|
|
|
|
|
|
|
and
leases
|
|
|
|
0.23%
|
|
0.20%
|
|
0.28%
|
|
|
|
|
Net loan charge-offs
on originated loans and leases
|
|
|
|
|
|
|
|
|
|
|
(annualized) / total average originated loans and
|
|
|
|
|
|
|
|
|
|
|
leases
(5)
|
|
|
|
0.38%
|
|
0.25%
|
|
0.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency -
Originated Portfolio (5)
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
|
|
$43,684
|
|
$38,398
|
|
$48,706
|
|
13.8
|
|
-10.3
|
Loans 90+ days past
due
|
|
|
8,448
|
|
6,932
|
|
6,186
|
|
21.9
|
|
36.6
|
Non-accrual
loans
|
|
|
|
84,651
|
|
76,294
|
|
64,998
|
|
11.0
|
|
30.2
|
Total
past due and non-accrual loans
|
|
$136,783
|
|
$121,624
|
|
$119,890
|
|
12.5
|
|
14.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total past due and
non-accrual loans / total originated loans
|
|
0.99%
|
|
0.94%
|
|
1.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo item:
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency -
Acquired Portfolio (6) (7)
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
|
|
$86,943
|
|
$85,170
|
|
$42,939
|
|
2.1
|
|
102.5
|
Loans 90+ days past
due
|
|
|
61,422
|
|
69,213
|
|
47,085
|
|
-11.3
|
|
30.4
|
Non-accrual
loans
|
|
|
|
10,652
|
|
5,096
|
|
2,477
|
|
n/m
|
|
n/m
|
Total
past due and non-accrual loans
|
|
$159,017
|
|
$159,479
|
|
$92,501
|
|
-0.3
|
|
71.9
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months
|
|
|
|
|
|
|
|
Ended June
30,
|
|
Percent
|
Asset Quality
Data
|
|
|
2017
|
|
2016
|
|
Variance
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
Non-performing loans
(3)
|
|
|
|
|
|
|
|
Non-accrual loans
|
|
|
$95,303
|
|
$67,475
|
|
41.2
|
Restructured loans
|
|
|
19,487
|
|
22,542
|
|
-13.6
|
Non-performing
loans
|
|
|
114,790
|
|
90,017
|
|
27.5
|
Other real estate
owned (OREO) (4)
|
|
45,712
|
|
48,344
|
|
-5.4
|
Non-performing loans and OREO
|
|
160,502
|
|
138,361
|
|
16.0
|
Non-performing
investments
|
|
|
0
|
|
0
|
|
n/m
|
Total
non-performing assets
|
|
|
$160,502
|
|
$138,361
|
|
16.0
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans
/ total loans and leases
|
|
0.56%
|
|
0.62%
|
|
|
Non-performing loans
/ total originated loans
|
|
|
|
|
|
|
and
leases (5)
|
|
|
|
0.75%
|
|
0.74%
|
|
|
Non-performing loans
+ OREO / total loans and
|
|
|
|
|
|
|
leases +
OREO
|
|
|
|
0.78%
|
|
0.95%
|
|
|
Non-performing loans
+ OREO / total originated
|
|
|
|
|
|
|
loans
and leases + OREO (5)
|
|
|
1.08%
|
|
1.15%
|
|
|
Non-performing assets
/ total assets
|
|
0.52%
|
|
0.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
Rollforward
|
|
|
|
|
|
|
|
Allowance for credit
losses (originated portfolio) (5)
|
|
|
|
|
|
|
Balance
at beginning of period
|
|
$150,792
|
|
$135,285
|
|
11.5
|
Provision for credit losses
|
|
|
28,874
|
|
29,224
|
|
-1.2
|
Net loan
charge-offs
|
|
|
(20,574)
|
|
(15,790)
|
|
30.3
|
Allowance for credit losses (originated portfolio) (5)
|
|
159,092
|
|
148,719
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses (acquired portfolio) (6)
|
|
|
|
|
|
|
Balance
at beginning of period
|
|
7,267
|
|
6,727
|
|
8.0
|
Provision for credit losses
|
|
|
(1,268)
|
|
(816)
|
|
55.4
|
Net loan
(charge-offs)/recoveries
|
|
608
|
|
(261)
|
|
-333.0
|
Allowance for credit losses (acquired portfolio) (6)
|
|
6,607
|
|
5,650
|
|
16.9
|
|
|
|
|
|
|
|
|
|
|
Total allowance for
credit losses
|
|
$165,699
|
|
$154,369
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses / total loans and leases
|
|
0.81%
|
|
1.06%
|
|
|
Allowance for credit
losses (originated loans and leases) /
|
|
|
|
|
|
|
total
originated loans and leases (5)
|
|
1.15%
|
|
1.26%
|
|
|
Allowance for credit
losses (originated loans and leases) /
|
|
|
|
|
|
|
total
non-performing loans (3)
|
|
|
152.77%
|
|
169.89%
|
|
|
Net loan charge-offs
(annualized) / total average loans
|
|
|
|
|
|
|
and
leases
|
|
|
|
0.22%
|
|
0.23%
|
|
|
Net loan charge-offs
on originated loans and leases
|
|
|
|
|
|
|
(annualized) / total average originated loans and
|
|
|
|
|
|
|
leases
(5)
|
|
|
|
0.31%
|
|
0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency -
Originated Portfolio (5)
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
|
|
$43,684
|
|
$48,706
|
|
-10.3
|
Loans 90+ days past
due
|
|
|
8,448
|
|
6,186
|
|
36.6
|
Non-accrual
loans
|
|
|
|
84,651
|
|
64,998
|
|
30.2
|
Total
past due and non-accrual loans
|
|
$136,783
|
|
$119,890
|
|
14.1
|
|
|
|
|
|
|
|
|
|
|
Total past due and
non-accrual loans / total originated loans
|
|
0.99%
|
|
1.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo item:
|
|
|
|
|
|
|
|
|
Delinquency -
Acquired Portfolio (6) (7)
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
|
|
$86,943
|
|
$42,939
|
|
102.5
|
Loans 90+ days past
due
|
|
|
61,422
|
|
47,085
|
|
30.4
|
Non-accrual
loans
|
|
|
|
10,652
|
|
2,477
|
|
n/m
|
Total
past due and non-accrual loans
|
|
$159,017
|
|
$92,501
|
|
71.9
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q17
|
|
1Q17
|
|
|
|
|
|
|
|
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
|
|
$87,750
|
|
$161
|
|
0.74%
|
|
$85,663
|
|
$180
|
|
0.85%
|
Federal funds
sold
|
|
|
0
|
|
0
|
|
0.00%
|
|
4,579
|
|
8
|
|
0.72%
|
Taxable investment
securities (8)
|
|
4,923,492
|
|
25,130
|
|
2.04%
|
|
4,479,439
|
|
22,479
|
|
2.01%
|
Non-taxable
investment securities (2)
|
|
683,465
|
|
7,128
|
|
4.17%
|
|
500,206
|
|
5,190
|
|
4.15%
|
Loans held for
sale
|
|
|
93,312
|
|
1,702
|
|
8.70%
|
|
12,358
|
|
163
|
|
5.61%
|
Loans and
leases (2) (9)
|
|
|
20,361,047
|
|
221,387
|
|
4.37%
|
|
16,190,470
|
|
170,195
|
|
4.26%
|
Total
Interest Earning Assets (2)
|
|
26,149,066
|
|
255,508
|
|
3.92%
|
|
21,272,715
|
|
198,215
|
|
3.77%
|
Cash and due from
banks
|
|
|
338,752
|
|
|
|
|
|
294,739
|
|
|
|
|
Allowance for loan
losses
|
|
|
(165,888)
|
|
|
|
|
|
(161,371)
|
|
|
|
|
Premises and
equipment
|
|
|
350,255
|
|
|
|
|
|
273,908
|
|
|
|
|
Other
assets
|
|
|
|
3,692,460
|
|
|
|
|
|
2,382,108
|
|
|
|
|
Total
Assets
|
|
|
|
$30,364,645
|
|
|
|
|
|
$24,062,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
|
|
$9,297,726
|
|
8,256
|
|
0.36%
|
|
$7,416,346
|
|
4,831
|
|
0.26%
|
Savings
|
|
|
|
2,592,726
|
|
641
|
|
0.10%
|
|
2,412,798
|
|
521
|
|
0.09%
|
Certificates and other time
|
|
|
3,798,714
|
|
7,856
|
|
0.83%
|
|
2,889,129
|
|
6,388
|
|
0.90%
|
Short-term
borrowings
|
|
|
3,886,410
|
|
10,959
|
|
1.13%
|
|
3,202,033
|
|
6,674
|
|
0.84%
|
Long-term
borrowings
|
|
|
680,414
|
|
4,907
|
|
2.89%
|
|
534,762
|
|
3,527
|
|
2.68%
|
Total Interest Bearing
Liabilities
|
|
20,255,990
|
|
32,619
|
|
0.65%
|
|
16,455,068
|
|
21,941
|
|
0.54%
|
Non-interest bearing
demand deposits
|
|
5,466,286
|
|
|
|
|
|
4,414,354
|
|
|
|
|
Other
liabilities
|
|
|
|
255,931
|
|
|
|
|
|
184,824
|
|
|
|
|
Total
Liabilities
|
|
|
|
25,978,207
|
|
|
|
|
|
21,054,246
|
|
|
|
|
Stockholders'
equity
|
|
|
4,386,438
|
|
|
|
|
|
3,007,853
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$30,364,645
|
|
|
|
|
|
$24,062,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Earning
Assets
|
|
|
$5,893,076
|
|
|
|
|
|
$4,817,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(FTE) (2)
|
|
|
|
|
222,889
|
|
|
|
|
|
176,274
|
|
|
Tax Equivalent
Adjustment
|
|
|
|
|
(4,474)
|
|
|
|
|
|
(3,522)
|
|
|
Net Interest
Income
|
|
|
|
|
$218,415
|
|
|
|
|
|
$172,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
|
|
|
|
|
|
3.27%
|
|
|
|
|
|
3.23%
|
Net Interest
Margin (2)
|
|
|
|
|
|
|
3.42%
|
|
|
|
|
|
3.35%
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q16
|
|
|
|
|
|
|
|
Interest
|
|
Average
|
|
|
|
|
|
Average
|
|
Earned
|
|
Yield
|
|
|
|
|
|
Outstanding
|
|
or Paid
|
|
or Rate
|
Assets
|
|
|
|
|
|
|
|
|
Interest bearing
deposits with banks
|
|
$109,432
|
|
$97
|
|
0.36%
|
Federal funds
sold
|
|
|
0
|
|
0
|
|
0.00%
|
Taxable investment
securities (8)
|
|
3,728,873
|
|
17,977
|
|
1.93%
|
Non-taxable
investment securities (2)
|
|
297,228
|
|
3,266
|
|
4.40%
|
Loans held for
sale
|
|
|
15,734
|
|
191
|
|
4.86%
|
Loans and
leases (2) (9)
|
|
|
14,345,128
|
|
152,191
|
|
4.27%
|
Total
Interest Earning Assets (2)
|
|
18,496,395
|
|
173,722
|
|
3.77%
|
Cash and due from
banks
|
|
|
284,061
|
|
|
|
|
Allowance for loan
losses
|
|
|
(150,487)
|
|
|
|
|
Premises and
equipment
|
|
|
221,030
|
|
|
|
|
Other
assets
|
|
|
|
1,929,414
|
|
|
|
|
Total
Assets
|
|
|
|
$20,780,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
|
|
$6,744,744
|
|
4,051
|
|
0.24%
|
Savings
|
|
|
|
2,292,185
|
|
465
|
|
0.08%
|
Certificates and other time
|
|
|
2,676,851
|
|
5,908
|
|
0.89%
|
Short-term
borrowings
|
|
|
1,716,565
|
|
2,559
|
|
0.59%
|
Long-term
borrowings
|
|
|
657,059
|
|
3,579
|
|
2.19%
|
Total Interest Bearing
Liabilities
|
|
14,087,404
|
|
16,562
|
|
0.47%
|
Non-interest bearing
demand deposits
|
|
3,941,857
|
|
|
|
|
Other
liabilities
|
|
|
|
218,926
|
|
|
|
|
Total
Liabilities
|
|
|
|
18,248,187
|
|
|
|
|
Stockholders'
equity
|
|
|
2,532,226
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$20,780,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Earning
Assets
|
|
|
$4,408,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(FTE) (2)
|
|
|
|
|
157,160
|
|
|
Tax Equivalent
Adjustment
|
|
|
|
|
(2,791)
|
|
|
Net Interest
Income
|
|
|
|
|
$154,369
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
|
|
|
|
|
|
3.30%
|
Net Interest
Margin (2)
|
|
|
|
|
|
|
3.41%
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended June 30,
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
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
|
|
$86,712
|
|
$341
|
|
0.79%
|
|
$116,439
|
|
$214
|
|
0.37%
|
Federal funds
sold
|
|
|
2,277
|
|
8
|
|
0.72%
|
|
0
|
|
0
|
|
0.00%
|
Taxable investment
securities (8)
|
|
4,702,692
|
|
47,609
|
|
2.02%
|
|
3,491,673
|
|
34,469
|
|
1.98%
|
Non-taxable
investment securities (2)
|
|
592,342
|
|
12,318
|
|
4.16%
|
|
284,476
|
|
6,358
|
|
4.47%
|
Loans held for
sale
|
|
|
53,059
|
|
1,868
|
|
7.96%
|
|
10,931
|
|
269
|
|
4.92%
|
Loans and leases (2)
(9)
|
|
|
18,287,280
|
|
391,579
|
|
4.32%
|
|
13,793,960
|
|
290,628
|
|
4.24%
|
Total
Interest Earning Assets (2)
|
|
23,724,362
|
|
453,723
|
|
3.85%
|
|
17,697,479
|
|
331,938
|
|
3.77%
|
Cash and due from
banks
|
|
|
316,867
|
|
|
|
|
|
266,505
|
|
|
|
|
Allowance for loan
losses
|
|
|
(163,642)
|
|
|
|
|
|
(146,715)
|
|
|
|
|
Premises and
equipment
|
|
|
312,292
|
|
|
|
|
|
206,286
|
|
|
|
|
Other
assets
|
|
|
|
3,040,903
|
|
|
|
|
|
1,824,971
|
|
|
|
|
Total
Assets
|
|
|
|
$27,230,782
|
|
|
|
|
|
$19,848,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
|
|
$8,362,233
|
|
13,087
|
|
0.32%
|
|
$6,430,562
|
|
7,507
|
|
0.23%
|
Savings
|
|
|
|
2,503,259
|
|
1,162
|
|
0.09%
|
|
2,172,975
|
|
829
|
|
0.08%
|
Certificates and other time
|
|
|
3,346,434
|
|
14,244
|
|
0.86%
|
|
2,626,619
|
|
11,574
|
|
0.89%
|
Short-term
borrowings
|
|
|
3,546,112
|
|
17,633
|
|
1.00%
|
|
1,638,035
|
|
4,920
|
|
0.60%
|
Long-term
borrowings
|
|
|
607,991
|
|
8,434
|
|
2.80%
|
|
652,775
|
|
7,132
|
|
2.20%
|
Total Interest Bearing
Liabilities
|
|
18,366,029
|
|
54,560
|
|
0.60%
|
|
13,520,966
|
|
31,962
|
|
0.48%
|
Non-interest bearing
demand deposits
|
|
4,943,226
|
|
|
|
|
|
3,695,543
|
|
|
|
|
Other
liabilities
|
|
|
|
220,574
|
|
|
|
|
|
201,047
|
|
|
|
|
Total
Liabilities
|
|
|
|
23,529,829
|
|
|
|
|
|
17,417,556
|
|
|
|
|
Stockholders'
equity
|
|
|
3,700,953
|
|
|
|
|
|
2,430,970
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$27,230,782
|
|
|
|
|
|
$19,848,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Earning
Assets
|
|
|
$5,358,333
|
|
|
|
|
|
$4,176,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
(FTE) (2)
|
|
|
|
|
399,163
|
|
|
|
|
|
299,976
|
|
|
Tax Equivalent
Adjustment
|
|
|
|
|
(7,996)
|
|
|
|
|
|
(5,253)
|
|
|
Net Interest
Income
|
|
|
|
|
$391,167
|
|
|
|
|
|
$294,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
|
|
|
|
|
|
3.25%
|
|
|
|
|
|
3.29%
|
Net Interest
Margin (2)
|
|
|
|
|
|
|
3.39%
|
|
|
|
|
|
3.41%
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
MEASURES AND KEY PERFORMANCE INDICATORS
|
We believe the
following non-GAAP financial measures provide information useful to
investors in understanding our operating performance and trends,
and facilitate comparisons with the performance of our peers.
The non-GAAP financial measures we use 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, our
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 our
financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months
|
|
|
|
|
|
|
|
|
|
|
|
Ended June
30,
|
|
|
|
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
|
2017
|
|
2016
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
|
Net income
(annualized)
|
|
|
$298,443
|
|
$93,191
|
|
$166,106
|
|
$196,384
|
|
$135,605
|
Amortization of
intangibles, net of tax (annualized)
|
|
12,547
|
|
8,166
|
|
8,856
|
|
10,369
|
|
7,891
|
Tangible net income
(annualized)
|
|
310,990
|
|
101,357
|
|
174,962
|
|
206,753
|
|
143,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity
|
|
4,386,438
|
|
3,007,853
|
|
2,532,226
|
|
3,700,953
|
|
2,430,970
|
Less: Average
intangibles
|
|
|
(2,348,767)
|
|
(1,381,712)
|
|
(1,090,542)
|
|
(1,867,911)
|
|
(1,028,069)
|
Average tangible
stockholders' equity
|
|
2,037,671
|
|
1,626,141
|
|
1,441,684
|
|
1,833,042
|
|
1,402,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (non-GAAP)
|
|
15.26%
|
|
6.23%
|
|
12.14%
|
|
11.28%
|
|
10.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity:
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders (annualized)
|
|
$290,381
|
|
$85,042
|
|
$158,025
|
|
$188,277
|
|
$127,520
|
Amortization of
intangibles, net of tax (annualized)
|
|
12,547
|
|
8,166
|
|
8,856
|
|
10,369
|
|
7,891
|
Tangible net income
available to common stockholders (annualized)
|
302,928
|
|
93,209
|
|
166,881
|
|
198,646
|
|
135,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity
|
|
4,386,438
|
|
3,007,853
|
|
2,532,226
|
|
3,700,953
|
|
2,430,970
|
Less: Average
preferred stockholders' equity
|
|
(106,882)
|
|
(106,882)
|
|
(106,882)
|
|
(106,882)
|
|
(106,882)
|
Less: Average
intangibles
|
|
|
(2,348,767)
|
|
(1,381,712)
|
|
(1,090,542)
|
|
(1,867,911)
|
|
(1,028,069)
|
Average tangible
common equity
|
|
1,930,789
|
|
1,519,259
|
|
1,334,802
|
|
1,726,160
|
|
1,296,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (non-GAAP)
|
|
15.69%
|
|
6.14%
|
|
12.50%
|
|
11.51%
|
|
10.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets:
|
|
|
|
|
|
|
|
|
|
|
Net income
(annualized)
|
|
|
$298,443
|
|
$93,191
|
|
$166,106
|
|
$196,384
|
|
$135,605
|
Amortization of
intangibles, net of tax (annualized)
|
|
12,547
|
|
8,166
|
|
8,856
|
|
10,369
|
|
7,891
|
Tangible net income
(annualized)
|
|
310,990
|
|
101,357
|
|
174,962
|
|
206,753
|
|
143,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
30,364,645
|
|
24,062,099
|
|
20,780,413
|
|
27,230,782
|
|
19,848,526
|
Less: Average
intangibles
|
|
|
(2,348,767)
|
|
(1,381,712)
|
|
(1,090,542)
|
|
(1,867,911)
|
|
(1,028,069)
|
Average tangible
assets
|
|
|
28,015,878
|
|
22,680,387
|
|
19,689,871
|
|
25,362,871
|
|
18,820,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets (non-GAAP)
|
|
1.11%
|
|
0.45%
|
|
0.89%
|
|
0.82%
|
|
0.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value per common share:
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
$4,392,438
|
|
$4,355,795
|
|
$2,545,337
|
|
|
|
|
Less: preferred
stockholders' equity
|
|
(106,882)
|
|
(106,882)
|
|
(106,882)
|
|
|
|
|
Less:
intangibles
|
|
|
|
(2,346,653)
|
|
(2,356,800)
|
|
(1,094,687)
|
|
|
|
|
Tangible common
equity
|
|
|
1,938,903
|
|
1,892,113
|
|
1,343,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
|
323,226,474
|
|
322,906,763
|
|
210,120,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per common share (non-GAAP)
|
|
$6.00
|
|
$5.86
|
|
$6.40
|
|
|
|
|
F.N.B.
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months
|
|
|
|
|
|
|
|
|
|
|
|
Ended June
30,
|
|
|
|
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
|
2017
|
|
2016
|
Tangible equity /
tangible assets (period end):
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
|
$4,392,438
|
|
$4,355,795
|
|
$2,545,337
|
|
|
|
|
Less:
intangibles
|
|
|
|
(2,346,653)
|
|
(2,356,800)
|
|
(1,094,687)
|
|
|
|
|
Tangible
equity
|
|
|
|
2,045,785
|
|
1,998,995
|
|
1,450,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
30,753,726
|
|
30,190,695
|
|
21,214,967
|
|
|
|
|
Less:
intangibles
|
|
|
|
(2,346,653)
|
|
(2,356,800)
|
|
(1,094,687)
|
|
|
|
|
Tangible
assets
|
|
|
|
28,407,073
|
|
27,833,895
|
|
20,120,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity /
tangible assets (period end) (non-GAAP)
|
|
7.20%
|
|
7.18%
|
|
7.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity / tangible assets (period end):
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
$4,392,438
|
|
$4,355,795
|
|
$2,545,337
|
|
|
|
|
Less: preferred
stockholders' equity
|
|
(106,882)
|
|
(106,882)
|
|
(106,882)
|
|
|
|
|
Less:
intangibles
|
|
|
|
(2,346,653)
|
|
(2,356,800)
|
|
(1,094,687)
|
|
|
|
|
Tangible common
equity
|
|
|
1,938,903
|
|
1,892,113
|
|
1,343,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
30,753,726
|
|
30,190,695
|
|
21,214,967
|
|
|
|
|
Less:
intangibles
|
|
|
|
(2,346,653)
|
|
(2,356,800)
|
|
(1,094,687)
|
|
|
|
|
Tangible
assets
|
|
|
|
28,407,073
|
|
27,833,895
|
|
20,120,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity / tangible assets (period end) (non-GAAP)
|
6.83%
|
|
6.80%
|
|
6.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY PERFORMANCE
INDICATORS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
(FTE):
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense
|
|
|
$163,714
|
|
$187,555
|
|
$129,629
|
|
$351,269
|
|
$266,277
|
Less:
amortization of intangibles
|
|
(4,813)
|
|
(3,098)
|
|
(3,388)
|
|
(7,911)
|
|
(6,037)
|
Less: OREO
expense
|
|
|
(1,008)
|
|
(983)
|
|
(172)
|
|
(1,991)
|
|
(1,581)
|
Less:
merger-related expense
|
|
|
(1,354)
|
|
(52,724)
|
|
(10,551)
|
|
(54,078)
|
|
(35,491)
|
Less:
impairment charge on other assets
|
|
0
|
|
0
|
|
0
|
|
0
|
|
(2,585)
|
Adjusted
non-interest expense
|
|
|
156,539
|
|
130,750
|
|
115,520
|
|
287,289
|
|
220,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
218,415
|
|
172,752
|
|
154,369
|
|
391,167
|
|
294,723
|
Taxable equivalent
adjustment
|
|
|
4,474
|
|
3,522
|
|
2,791
|
|
7,996
|
|
5,253
|
Non-interest
income
|
|
|
66,078
|
|
55,116
|
|
51,411
|
|
121,194
|
|
97,455
|
Less: net
securities gains
|
|
|
(493)
|
|
(2,625)
|
|
(226)
|
|
(3,118)
|
|
(297)
|
Less: gain on
redemption of trust preferred securities
|
|
0
|
|
0
|
|
0
|
|
0
|
|
(2,422)
|
Adjusted net
interest income (FTE) + non-interest income
|
|
288,474
|
|
228,765
|
|
208,344
|
|
517,239
|
|
394,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(FTE) (non-GAAP)
|
|
54.26%
|
|
57.15%
|
|
55.45%
|
|
55.54%
|
|
55.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See non-GAAP
financial measures section of this Press Release for additional
information relating to the calculation of this item.
|
|
(2)
|
The net interest
margin and yield on earning assets (all non-GAAP measures) are
presented on a fully taxable equivalent (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.
|
|
(3)
|
Does not include
loans acquired at fair value ("acquired portfolio").
|
|
(4)
|
Includes all other
real estate owned, including those balances acquired through
business combinations that have been in acquired loans prior to
foreclosure.
|
|
(5)
|
"Originated
Portfolio" or "Originated Loans and Leases" equals loans and leases
not included by definition in the Acquired Portfolio.
|
|
(6)
|
"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 our estimate of acquisition-date fair value and these
loans are considered accruing as we primarily recognize 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.
|
|
(7)
|
Represents
contractual balances.
|
|
(8)
|
The average balances
and yields earned on taxable investment securities are based on
historical cost.
|
|
(9)
|
Average balances for
loans include non-accrual loans. Loans and leases consist of
average total loans and leases less average unearned income.
The amount of loan fees included in interest income is
immaterial.
|
View original
content:http://www.prnewswire.com/news-releases/fnb-corporation-reports-second-quarter-2017-earnings-300491341.html
SOURCE F.N.B. Corporation