PITTSBURGH, Jan. 23, 2018 /PRNewswire/ -- F.N.B.
Corporation (NYSE: FNB) reported earnings for the fourth quarter of
2017 with net income available to common stockholders of
$22.1 million, or $0.07 per diluted common share. Comparatively,
third quarter of 2017 net income available to common stockholders
totaled $75.7 million, or
$0.23 per diluted common share, and
fourth quarter of 2016 net income available to common stockholders
totaled $49.3 million, or
$0.23 per diluted common share.
For the full year of 2017 net income available to common
stockholders was $191.2 million or
$0.63 per diluted common share
compared to full year of 2016 of $162.9
million or $0.78 per diluted
common share.
Fourth quarter operating net income per diluted common share
(non-GAAP) was $0.24, which excludes
the after-tax impact of merger-related expenses of $0.7 million and the impact of a reduction in the
valuation of net deferred tax assets of $54.0 million due to the enactment of the Tax
Cuts and Jobs Act during the quarter. Comparatively, third quarter
operating net income per diluted common share (non-GAAP) was
$0.24, excluding the after-tax impact
of $0.9 million of merger-related
expenses, and fourth quarter of 2016 operating net income per
diluted common share (non-GAAP) was $0.24, excluding the after-tax impact of
$1.3 million of merger-related
expenses. For the full year of 2017, operating net income per
diluted common share (non-GAAP) was $0.93, which excludes the after-tax impact of
merger-related expenses of $37.7
million, the after-tax impact of merger-related net
securities gains of $1.7 million and
the previously mentioned reduction in the valuation of net deferred
tax assets of $54.0 million. In
comparison, full-year 2016 operating net income per diluted common
share (non-GAAP) was $0.90, excluding
the after-tax impact of $24.9 million
of merger-related expenses.
"During 2017, FNB continued to grow loans and deposits while
adhering to our risk profile, expanded our fee-based businesses and
demonstrated disciplined expense management. The commitment
and dedication of our employees led to the successful integration
of our largest acquisition, where we entered several very
attractive markets," said Vincent J. Delie
Jr., Chairman, President and Chief Executive Officer. "As we
look to 2018 and beyond, we believe FNB is well-positioned for
success in serving our customers, communities and employees, and
delivering increased value for our shareholders."
Fourth Quarter 2017 Highlights
(All comparisons
refer to the third quarter of 2017, except as noted)
- Growth in total average loans was $158
million, or 3.0% annualized, with average commercial loan
growth of $44 million, or 1.3%
annualized, and average consumer loan growth of $114 million, or 5.9% annualized.
- Average total deposits increased $1.0
billion, or 19.0% annualized, which included an increase in
average non-interest bearing deposits of $106 million, or 7.6% annualized, and an increase
in time deposits of $748
million.
- The loan to deposit ratio ended December
31, 2017 at 93.7%, compared to 94.9% at September 30, 2017.
- The net interest margin (FTE) (non-GAAP) expanded 5 basis
points to 3.49% from 3.44%, reflecting $2.5
million of increased incremental purchase accounting
accretion and $1.0 million of
increased cash recoveries.
- Total revenue increased 1.3% to $295
million, reflecting a 2.1% increase in net interest income
and a 1.6% decrease in non-interest income.
- Non-interest income declined $1.0
million or 1.6%, attributable to $2.8
million of lower net securities gains.
- The efficiency ratio on an operating basis (non-GAAP) was
stable at 53.1%, compared to 53.1%.
- Annualized net charge-offs were 0.22% of total average loans,
compared to 0.24% in the third quarter of 2017 and 0.31% in the
year-ago quarter.
The tangible common equity to tangible assets ratio (non-GAAP)
decreased 13 basis points to 6.74% at December 31, 2017,
compared to 6.87% at September 30, 2017. The tangible book
value per common share (non-GAAP) was $6.06 at December 31, 2017, a decrease of
$0.06 from September 30,
2017. Both measures of capital were impacted by a
reduction in the valuation of net deferred tax assets related to
the new tax law.
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 non-GAAP operating
measures to the most directly comparable GAAP financial measures
are included in the tables at the end of this release.
"Incremental purchase accounting accretion" refers to the
difference between total accretion and the estimated coupon
interest income on acquired loans. "Organic growth" refers to
growth excluding the benefit of initial balances from
acquisitions.
Quarterly
Results Summary
|
|
4Q17
|
|
3Q17
|
|
4Q16
|
Reported
results
|
|
|
|
|
|
|
Net income available
to common stockholders (millions)
|
|
$
|
22.1
|
|
|
$
|
75.7
|
|
|
$
|
49.3
|
|
Net income per
diluted common share
|
|
$
|
0.07
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
Book value per common
share (period-end)
|
|
$
|
13.30
|
|
|
$
|
13.39
|
|
|
$
|
11.68
|
|
Operating results
(non-GAAP)
|
|
|
|
|
|
|
Operating net income
available to common stockholders (millions)
|
|
$
|
76.8
|
|
|
$
|
76.6
|
|
|
$
|
50.6
|
|
Operating net income
per diluted common share
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
Tangible common
equity to tangible assets (period-end)
|
|
6.74
|
%
|
|
6.87
|
%
|
|
6.64
|
%
|
Tangible book value
per common share (period-end)
|
|
$
|
6.06
|
|
|
$
|
6.12
|
|
|
$
|
6.53
|
|
Average Diluted Common Shares Outstanding
(thousands)
|
|
325,229
|
|
|
324,905
|
|
|
212,748
|
|
Significant items
influencing earnings1 (millions)
|
|
|
|
|
|
|
Pre-tax
merger-related expenses
|
|
$
|
(1.1)
|
|
|
$
|
(1.4)
|
|
|
$
|
(1.6)
|
|
After-tax impact of
merger-related expenses
|
|
$
|
(0.7)
|
|
|
$
|
(0.9)
|
|
|
$
|
(1.3)
|
|
Reduction in
valuation of deferred tax assets2
|
|
$
|
(54.0)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Full Year
Results Summary
|
|
2017
|
|
2016
|
|
|
Reported
results
|
|
|
|
|
|
|
Net income available
to common stockholders (millions)
|
|
$
|
191.2
|
|
|
$
|
162.9
|
|
|
|
Net income per
diluted common share
|
|
$
|
0.63
|
|
|
$
|
0.78
|
|
|
|
Operating results
(non-GAAP)
|
|
|
|
|
|
|
Operating net income
available to common stockholders (millions)
|
|
$
|
281.2
|
|
|
$
|
187.7
|
|
|
|
Operating net income
per diluted common share
|
|
$
|
0.93
|
|
|
$
|
0.90
|
|
|
|
Average Diluted Common Shares Outstanding
(thousands)
|
|
303,858
|
|
|
207,769
|
|
|
|
Significant items
influencing earnings1 (millions)
|
|
|
|
|
|
|
Pre-tax
merger-related expenses
|
|
$
|
(56.5)
|
|
|
$
|
(37.4)
|
|
|
|
After-tax impact of
merger-related expenses
|
|
$
|
(37.7)
|
|
|
$
|
(24.9)
|
|
|
|
Pre-tax
merger-related net securities gains
|
|
$
|
2.6
|
|
|
$
|
—
|
|
|
|
After-tax impact of
net merger-related securities gains
|
|
$
|
1.7
|
|
|
$
|
—
|
|
|
|
Reduction in
valuation of deferred tax assets2
|
|
$
|
(54.0)
|
|
|
$
|
—
|
|
|
|
(1)
Favorable (unfavorable) impact on earnings; (2) Changes
in the valuation of deferred tax assets are considered reasonable
estimates as of December 31, 2017. As a result, the amounts
could be adjusted during the measurement period, which will end in
December 2018.
|
Fourth Quarter 2017 Results – Comparison to Prior
Quarter
Net interest income totaled $230.0
million, increasing $4.8
million or 2.1%. The net interest margin (FTE) (non-GAAP)
expanded 5 basis points to 3.49% and included $4.7 million of incremental purchase accounting
accretion and $5.3 million of cash
recoveries, compared to $2.2 million
and $4.3 million, respectively, in
the prior quarter. Total average earning assets increased
$227 million, or 3.4% annualized, due
to average loan growth of $158
million and a $130 million
increase in average securities.
Average loans totaled $20.8
billion and increased $158
million, or 3.0% annualized, reflecting continuing loan
growth in the commercial and consumer portfolios. Average
commercial loan growth totaled $44
million, or 1.3% annualized, as strong commercial
origination volume was partially offset by reduction in acquired
commercial loan balances. Average consumer loan growth was
$114 million, or 5.9% annualized, led
by continued growth in residential mortgage and indirect auto
loans.
Average deposits totaled $22.2
billion and increased $1.0
billion, or 19.0% annualized, due to growth in non-interest
bearing deposits, interest bearing transaction deposits and time
deposits. The loan to deposit ratio ended December 31,
2017 at 93.7%, compared to 94.9% at September 30,
2017.
Non-interest income totaled $65.1
million, decreasing 1.6% from the prior quarter. The
decrease was driven by $2.8 million
of lower net securities gains. Capital markets increased
$2.1 million from the prior quarter,
reflecting increased commercial swap activity during the fourth
quarter. Mortgage banking income of $5.6 million reflects continued strong purchase
origination volume and includes increased contributions from our
Carolina markets.
Non-interest expense totaled $166.5
million, an increase of 1.7% compared to the prior
quarter. The fourth quarter included $1.1 million of merger-related expenses, compared
to $1.4 million of merger-related
expenses in the third quarter. The primary driver of the
linked-quarter increase in non-interest expense was a 4.4% increase
in personnel expense primarily related to variable compensation
across business lines. The efficiency ratio (non-GAAP) was stable
at 53.1%.
The ratio of non-performing loans and OREO to total loans and
OREO improved 4 basis points to 0.66%. For the originated
portfolio, the ratio of non-performing loans and OREO to total
loans and OREO improved 10 basis points to 0.81%. Total delinquency
remains at satisfactory levels, and total originated delinquency,
defined as total past due and non-accrual originated loans as a
percentage of total originated loans, improved 3 basis points to
0.88%, compared to 0.91% at September 30, 2017.
The provision for loan losses totaled $16.7 million, compared to $16.8 million in the prior quarter. Net
charge-offs totaled $11.3 million, or
0.22% annualized of total average loans, compared to $12.5 million, or 0.24% annualized in the prior
quarter. For the originated portfolio, net charge-offs were
$13.1 million, or 0.35% annualized of
total average originated loans, compared to $13.0 million or 0.37% annualized. The ratio of
the allowance for loan losses to total loans and leases increased
to 0.84% at December 31, 2017, from 0.82% at
September 30, 2017. For the originated portfolio, the
allowance for loan losses to total originated loans was 1.10%,
compared to 1.12% at September 30, 2017.
Full Year 2017 Results - Comparison to Prior Year
Net interest income totaled $846.4
million, increasing $234.9
million, or 38.4%, reflecting average earning asset growth
of $6.8 billion, or 36.9%, due to
organic growth and the benefit of acquisitions. The net interest
margin (FTE) (non-GAAP) expanded 5 basis points to 3.43% and
included $4.0 million of higher
incremental purchase accounting accretion and $4.4 million of higher cash recoveries compared
to the full year of 2016.
Average loans totaled $19.5
billion, an increase of $5.3
billion, or 36.8%, due to the benefit from continued organic
loan growth and acquired balances. Organic growth in total average
loans equaled $918 million, or 6.3%.
Total average organic consumer loan growth of $609 million, or 10.4%, was led by strong growth
in residential mortgage and indirect auto loans. Organic growth in
average commercial loans totaled $309
million, or 3.6%. Average deposits totaled
$20.4 billion and increased
$5.1 billion, or 32.9%, due to the
benefit of acquired balances and average organic growth of
$506 million or 3.2%. On an organic
basis, average total transaction deposits increased $479 million or 3.7%.
Non-interest income totaled $252.4
million, increasing $50.7
million or 25.1%. Non-interest income primarily reflects the
benefit of acquisitions and continued expansion of our fee-based
businesses of capital markets, mortgage banking, wealth management
and insurance.
Non-interest expense totaled $681.5
million, increasing $170.4
million, or 33.3%. Full year 2017 included merger-related
expenses of $56.5 million, compared
to $37.4 million in 2016. Excluding
merger-related expenses, total non-interest expense increased
$151.3 million, or 31.9%, with the
increase primarily attributable to the expanded operations from
acquisitions. The efficiency ratio (non-GAAP) was 54.2%, compared
to 55.4% in 2016.
Credit quality results remained at satisfactory levels. For the
originated portfolio, the ratio of non-performing loans and OREO to
total loans and OREO was 0.81%, compared to 0.91%. Total originated
delinquency was 0.88% at December 31, 2017, a decrease of 16
basis points from 1.04% at December 31, 2016.
The provision for loan losses was $61.1
million for the full year of 2017, compared to $55.8 million for the full year of 2016. Net
charge-offs totaled $43.8 million, or
0.22% of total average loans, compared to 0.28%. Net originated
charge-offs were 0.33% of total average originated loans, compared
to 0.34%. For the originated portfolio, the allowance for loan
losses to total originated loans was 1.10%, compared to 1.20% at
December 31, 2016. The ratio of the allowance for loan losses
to total loans decreased 22 basis points to 0.84%, with the decline
due to acquired loan balances which were initially recorded at fair
value without a corresponding allowance for loan losses in
accordance with accounting for business combinations.
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 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 (FTE) 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 disclosure or release of
non-GAAP financial measures, 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 (included in the tables at the
end of this release).
Management believes merger expenses are not organic costs to run
our operations and facilities. These charges principally represent
expenses to satisfy contractual obligations of the acquired entity
without any useful benefit to us and 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% for each period presented. We use these
measures to provide an economic view believed to be the preferred
industry measurement for these items and provide 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, post-Yadkin merger
integration and conversion activities, 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 the Yadkin merger, 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, the Consumer Financial
Protection Bureau, the Federal Deposit Insurance Company and
legislative and regulatory actions and reforms.
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 on Form 10-K for the year ended
December 31, 2016, our subsequent quarterly 2017 Form 10-Q's
(including the risk factors and risk management discussions) and
F.N.B.'s other subsequent filings with the SEC, which are available
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.
Conference Call
FNB's Chairman, 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 Tuesday, January 23, 2018, at
10:30 AM ET.
Participants are encouraged to pre-register for the conference
call at http://dpregister.com/10115668. 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 "Investor
Relations and Shareholder Services" 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 prior to the start of the call on
the "Investor Relations and Shareholder Services" section of the
Corporation's website at www.fnbcorporation.com.
A replay of the call will be available shortly after the
completion of the call until midnight ET on Tuesday, January 30, 2018. The replay can be
accessed by dialing (877) 344-7529 or (412) 317-0088 for
international callers; the conference replay access code is
10115668. Following the call, the related presentation materials
will be posted to the "Investor Relations and Shareholder Services"
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
4Q17
|
|
4Q17
|
|
For the Twelve
Months
Ended
December 31,
|
|
%
|
Statement of
earnings
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
3Q17
|
|
4Q16
|
|
2017
|
|
2016
|
|
Var.
|
Interest
income
|
$
|
271,085
|
|
|
$
|
263,514
|
|
|
$
|
177,168
|
|
|
2.9
|
|
|
53.0
|
|
|
$
|
980,326
|
|
|
$
|
678,963
|
|
|
44.4
|
|
Interest
expense
|
41,049
|
|
|
38,283
|
|
|
17,885
|
|
|
7.2
|
|
|
129.5
|
|
|
133,892
|
|
|
67,451
|
|
|
98.5
|
|
Net interest
income
|
230,036
|
|
|
225,231
|
|
|
159,283
|
|
|
2.1
|
|
|
44.4
|
|
|
846,434
|
|
|
611,512
|
|
|
38.4
|
|
Provision for credit
losses
|
16,699
|
|
|
16,768
|
|
|
12,705
|
|
|
(0.4)
|
|
|
31.4
|
|
|
61,073
|
|
|
55,752
|
|
|
9.5
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges
|
32,504
|
|
|
33,610
|
|
|
25,175
|
|
|
(3.3)
|
|
|
29.1
|
|
|
124,310
|
|
|
97,524
|
|
|
27.5
|
|
Trust
services
|
5,911
|
|
|
5,748
|
|
|
5,218
|
|
|
2.8
|
|
|
13.3
|
|
|
23,121
|
|
|
21,173
|
|
|
9.2
|
|
Insurance commissions
and fees
|
4,546
|
|
|
5,029
|
|
|
4,436
|
|
|
(9.6)
|
|
|
2.5
|
|
|
19,063
|
|
|
18,328
|
|
|
4.0
|
|
Securities
commissions and fees
|
3,738
|
|
|
4,038
|
|
|
3,068
|
|
|
(7.4)
|
|
|
21.8
|
|
|
15,286
|
|
|
13,468
|
|
|
13.5
|
|
Capital markets
income
|
4,930
|
|
|
2,822
|
|
|
3,978
|
|
|
74.7
|
|
|
23.9
|
|
|
16,603
|
|
|
15,471
|
|
|
7.3
|
|
Mortgage banking
operations
|
5,577
|
|
|
5,437
|
|
|
4,194
|
|
|
2.6
|
|
|
33.0
|
|
|
19,977
|
|
|
12,106
|
|
|
65.0
|
|
Net securities
gains
|
21
|
|
|
2,777
|
|
|
116
|
|
|
n/m
|
|
|
n/m
|
|
|
5,916
|
|
|
712
|
|
|
n/m
|
|
Other
|
7,877
|
|
|
6,690
|
|
|
4,881
|
|
|
17.7
|
|
|
61.4
|
|
|
28,173
|
|
|
22,979
|
|
|
22.6
|
|
Total non-interest
income
|
65,104
|
|
|
66,151
|
|
|
51,066
|
|
|
(1.6)
|
|
|
27.5
|
|
|
252,449
|
|
|
201,761
|
|
|
25.1
|
|
Total
revenue
|
295,140
|
|
|
291,382
|
|
|
210,349
|
|
|
1.3
|
|
|
40.3
|
|
|
1,098,883
|
|
|
813,273
|
|
|
35.1
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
86,033
|
|
|
82,383
|
|
|
61,117
|
|
|
4.4
|
|
|
40.8
|
|
|
326,893
|
|
|
239,798
|
|
|
36.3
|
|
Occupancy and
equipment
|
28,255
|
|
|
27,434
|
|
|
19,736
|
|
|
3.0
|
|
|
43.2
|
|
|
103,148
|
|
|
78,132
|
|
|
32.0
|
|
FDIC
insurance
|
8,956
|
|
|
9,183
|
|
|
4,858
|
|
|
(2.5)
|
|
|
84.4
|
|
|
32,902
|
|
|
19,203
|
|
|
71.3
|
|
Amortization of
intangibles
|
4,801
|
|
|
4,805
|
|
|
1,602
|
|
|
(0.1)
|
|
|
199.7
|
|
|
17,517
|
|
|
11,210
|
|
|
56.3
|
|
Other real estate
owned
|
1,026
|
|
|
1,421
|
|
|
2,400
|
|
|
(27.8)
|
|
|
(57.3)
|
|
|
4,438
|
|
|
5,153
|
|
|
(13.9)
|
|
Merger-related
|
1,054
|
|
|
1,381
|
|
|
1,649
|
|
|
n/m
|
|
|
n/m
|
|
|
56,513
|
|
|
37,439
|
|
|
n/m
|
|
Other
|
36,404
|
|
|
37,136
|
|
|
32,444
|
|
|
(2.0)
|
|
|
12.2
|
|
|
140,130
|
|
|
120,198
|
|
|
16.6
|
|
Total non-interest
expense
|
166,529
|
|
|
163,743
|
|
|
123,806
|
|
|
1.7
|
|
|
34.5
|
|
|
681,541
|
|
|
511,133
|
|
|
33.3
|
|
Income before income
taxes
|
111,912
|
|
|
110,871
|
|
|
73,838
|
|
|
0.9
|
|
|
51.6
|
|
|
356,269
|
|
|
246,388
|
|
|
44.6
|
|
Income
taxes
|
87,786
|
|
|
33,178
|
|
|
22,547
|
|
|
164.6
|
|
|
289.3
|
|
|
157,065
|
|
|
75,497
|
|
|
108.0
|
|
Net
income
|
24,126
|
|
|
77,693
|
|
|
51,291
|
|
|
(68.9)
|
|
|
(53.0)
|
|
|
199,204
|
|
|
170,891
|
|
|
16.6
|
|
Preferred stock
dividends
|
2,011
|
|
|
2,010
|
|
|
2,011
|
|
|
—
|
|
|
—
|
|
|
8,041
|
|
|
8,041
|
|
|
—
|
|
Net income
available to
common stockholders
|
$
|
22,115
|
|
|
$
|
75,683
|
|
|
$
|
49,280
|
|
|
(70.8)
|
|
|
(55.1)
|
|
|
$
|
191,163
|
|
|
$
|
162,850
|
|
|
17.4
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.07
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
(69.6)
|
|
|
(69.6)
|
|
|
$
|
0.63
|
|
|
$
|
0.79
|
|
|
(20.3)
|
|
Diluted
|
$
|
0.07
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
(69.6)
|
|
|
(69.6)
|
|
|
$
|
0.63
|
|
|
$
|
0.78
|
|
|
(19.2)
|
|
n/m - not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Variance
|
|
|
|
|
|
|
|
4Q17
|
|
4Q17
|
Balance Sheet (at
period end)
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
3Q17
|
|
4Q16
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
408,718
|
|
|
$
|
433,442
|
|
|
$
|
303,526
|
|
|
(5.7)
|
|
|
34.7
|
|
Interest bearing
deposits with banks
|
70,725
|
|
|
81,898
|
|
|
67,881
|
|
|
(13.6)
|
|
|
4.2
|
|
Cash and cash
equivalents
|
479,443
|
|
|
515,340
|
|
|
371,407
|
|
|
(7.0)
|
|
|
29.1
|
|
Securities available
for sale
|
2,764,562
|
|
|
2,855,350
|
|
|
2,231,987
|
|
|
(3.2)
|
|
|
23.9
|
|
Securities held to
maturity
|
3,242,268
|
|
|
2,985,921
|
|
|
2,337,342
|
|
|
8.6
|
|
|
38.7
|
|
Loans held for
sale
|
92,891
|
|
|
113,778
|
|
|
11,908
|
|
|
(18.4)
|
|
|
680.1
|
|
Loans and leases, net
of unearned income
|
20,998,766
|
|
|
20,817,436
|
|
|
14,896,943
|
|
|
0.9
|
|
|
41.0
|
|
Allowance for credit
losses
|
(175,380)
|
|
|
(170,016)
|
|
|
(158,059)
|
|
|
3.2
|
|
|
11.0
|
|
Net loans and
leases
|
20,823,386
|
|
|
20,647,420
|
|
|
14,738,884
|
|
|
0.9
|
|
|
41.3
|
|
Premises and
equipment, net
|
336,540
|
|
|
336,294
|
|
|
243,956
|
|
|
0.1
|
|
|
38.0
|
|
Goodwill
|
2,249,188
|
|
|
2,254,831
|
|
|
1,032,129
|
|
|
(0.3)
|
|
|
117.9
|
|
Core deposit and
other intangible assets, net
|
92,075
|
|
|
96,876
|
|
|
53,806
|
|
|
(5.0)
|
|
|
71.1
|
|
Bank owned life
insurance
|
526,818
|
|
|
498,698
|
|
|
330,152
|
|
|
5.6
|
|
|
59.6
|
|
Other
assets
|
810,464
|
|
|
818,787
|
|
|
493,246
|
|
|
(1.0)
|
|
|
64.3
|
|
Total
Assets
|
$
|
31,417,635
|
|
|
$
|
31,123,295
|
|
|
$
|
21,844,817
|
|
|
0.9
|
|
|
43.8
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
$
|
5,720,030
|
|
|
$
|
5,569,239
|
|
|
$
|
4,205,337
|
|
|
2.7
|
|
|
36.0
|
|
Interest bearing
demand
|
9,571,038
|
|
|
9,675,170
|
|
|
6,931,381
|
|
|
(1.1)
|
|
|
38.1
|
|
Savings
|
2,488,178
|
|
|
2,513,163
|
|
|
2,352,434
|
|
|
(1.0)
|
|
|
5.8
|
|
Certificates and
other time deposits
|
4,620,479
|
|
|
4,171,599
|
|
|
2,576,495
|
|
|
10.8
|
|
|
79.3
|
|
Total
Deposits
|
22,399,725
|
|
|
21,929,171
|
|
|
16,065,647
|
|
|
2.1
|
|
|
39.4
|
|
Short-term
borrowings
|
3,678,337
|
|
|
3,872,301
|
|
|
2,503,010
|
|
|
(5.0)
|
|
|
47.0
|
|
Long-term
borrowings
|
668,173
|
|
|
658,783
|
|
|
539,494
|
|
|
1.4
|
|
|
23.9
|
|
Other
liabilities
|
262,206
|
|
|
227,119
|
|
|
165,049
|
|
|
15.4
|
|
|
58.9
|
|
Total
Liabilities
|
27,008,441
|
|
|
26,687,374
|
|
|
19,273,200
|
|
|
1.2
|
|
|
40.1
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
Stock
|
106,882
|
|
|
106,882
|
|
|
106,882
|
|
|
—
|
|
|
—
|
|
Common
stock
|
3,253
|
|
|
3,251
|
|
|
2,125
|
|
|
0.1
|
|
|
53.1
|
|
Additional paid-in
capital
|
4,033,567
|
|
|
4,029,334
|
|
|
2,234,366
|
|
|
0.1
|
|
|
80.5
|
|
Retained
earnings
|
352,942
|
|
|
369,861
|
|
|
304,397
|
|
|
(4.6)
|
|
|
15.9
|
|
Accumulated other
comprehensive loss
|
(68,336)
|
|
|
(54,310)
|
|
|
(61,369)
|
|
|
25.8
|
|
|
11.4
|
|
Treasury
stock
|
(19,114)
|
|
|
(19,097)
|
|
|
(14,784)
|
|
|
0.1
|
|
|
29.3
|
|
Total Stockholders'
Equity
|
4,409,194
|
|
|
4,435,921
|
|
|
2,571,617
|
|
|
(0.6)
|
|
|
71.5
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
31,417,635
|
|
|
$
|
31,123,295
|
|
|
$
|
21,844,817
|
|
|
0.9
|
|
|
43.8
|
|
F.N.B.
Corporation
|
|
4Q17
|
|
3Q17
|
|
4Q16
|
(Unaudited)
|
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
(Dollars in
thousands)
|
|
Average
|
|
Earned
|
|
Yield
|
|
Average
|
|
Earned
|
|
Yield
|
|
Average
|
|
Earned
|
|
Yield
|
|
|
Outstanding
|
|
or
Paid
|
|
or
Rate
|
|
Outstanding
|
|
or Paid
|
|
or Rate
|
|
Outstanding
|
|
or Paid
|
|
or Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits with banks
|
|
$
|
85,772
|
|
|
$
|
233
|
|
|
1.08
|
%
|
|
$
|
117,602
|
|
|
$
|
320
|
|
|
1.08
|
%
|
|
$
|
93,481
|
|
|
$
|
87
|
|
|
0.37
|
%
|
Federal funds
sold
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
Taxable investment
securities (2)
|
|
4,976,270
|
|
|
25,470
|
|
|
2.05
|
%
|
|
4,913,122
|
|
|
24,763
|
|
|
2.02
|
%
|
|
3,975,670
|
|
|
18,952
|
|
|
1.91
|
%
|
Non-taxable
investment securities (1)
|
|
879,002
|
|
|
9,222
|
|
|
4.20
|
%
|
|
812,305
|
|
|
8,515
|
|
|
4.19
|
%
|
|
388,265
|
|
|
4,000
|
|
|
4.12
|
%
|
Loans held for
sale
|
|
111,230
|
|
|
1,712
|
|
|
6.14
|
%
|
|
139,693
|
|
|
2,091
|
|
|
5.97
|
%
|
|
21,639
|
|
|
222
|
|
|
4.10
|
%
|
Loans and
leases (1) (3)
|
|
20,811,856
|
|
|
240,045
|
|
|
4.58
|
%
|
|
20,654,316
|
|
|
232,998
|
|
|
4.48
|
%
|
|
14,820,237
|
|
|
157,006
|
|
|
4.22
|
%
|
Total Interest
Earning Assets (1)
|
|
26,864,130
|
|
|
276,682
|
|
|
4.09
|
%
|
|
26,637,038
|
|
|
268,687
|
|
|
4.01
|
%
|
|
19,299,292
|
|
|
180,267
|
|
|
3.72
|
%
|
Cash and due from
banks
|
|
369,977
|
|
|
|
|
|
|
374,542
|
|
|
|
|
|
|
281,314
|
|
|
|
|
|
Allowance for loan
losses
|
|
(172,766)
|
|
|
|
|
|
|
(169,283)
|
|
|
|
|
|
|
(158,542)
|
|
|
|
|
|
Premises and
equipment
|
|
336,527
|
|
|
|
|
|
|
334,870
|
|
|
|
|
|
|
234,783
|
|
|
|
|
|
Other
assets
|
|
3,699,854
|
|
|
|
|
|
|
3,733,497
|
|
|
|
|
|
|
1,952,788
|
|
|
|
|
|
Total
Assets
|
|
$
|
31,097,722
|
|
|
|
|
|
|
$
|
30,910,664
|
|
|
|
|
|
|
$
|
21,609,635
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
$
|
9,591,888
|
|
|
10,397
|
|
|
0.43
|
%
|
|
$
|
9,376,003
|
|
|
9,338
|
|
|
0.40
|
%
|
|
$
|
6,972,890
|
|
|
4,429
|
|
|
0.25
|
%
|
Savings
|
|
2,424,267
|
|
|
841
|
|
|
0.14
|
%
|
|
2,480,626
|
|
|
792
|
|
|
0.13
|
%
|
|
2,310,901
|
|
|
434
|
|
|
0.07
|
%
|
Certificates and
other time
|
|
4,561,088
|
|
|
12,864
|
|
|
1.12
|
%
|
|
3,812,916
|
|
|
8,857
|
|
|
0.92
|
%
|
|
2,560,660
|
|
|
5,989
|
|
|
0.93
|
%
|
Short-term
borrowings
|
|
3,551,840
|
|
|
11,949
|
|
|
1.33
|
%
|
|
4,394,106
|
|
|
14,387
|
|
|
1.29
|
%
|
|
2,316,169
|
|
|
3,656
|
|
|
0.63
|
%
|
Long-term
borrowings
|
|
661,100
|
|
|
4,998
|
|
|
3.00
|
%
|
|
658,495
|
|
|
4,909
|
|
|
2.96
|
%
|
|
544,236
|
|
|
3,377
|
|
|
2.47
|
%
|
Total Interest
Bearing Liabilities
|
|
20,790,183
|
|
|
41,049
|
|
|
0.78
|
%
|
|
20,722,146
|
|
|
38,283
|
|
|
0.73
|
%
|
|
14,704,856
|
|
|
17,885
|
|
|
0.48
|
%
|
Non-interest bearing
demand deposits
|
|
5,632,924
|
|
|
|
|
|
|
5,527,180
|
|
|
|
|
|
|
4,123,539
|
|
|
|
|
|
Other
liabilities
|
|
220,855
|
|
|
|
|
|
|
234,358
|
|
|
|
|
|
|
207,472
|
|
|
|
|
|
Total
Liabilities
|
|
26,643,962
|
|
|
|
|
|
|
26,483,684
|
|
|
|
|
|
|
19,035,867
|
|
|
|
|
|
Stockholders'
equity
|
|
4,453,760
|
|
|
|
|
|
|
4,426,980
|
|
|
|
|
|
|
2,573,768
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
31,097,722
|
|
|
|
|
|
|
$
|
30,910,664
|
|
|
|
|
|
|
$
|
21,609,635
|
|
|
|
|
|
Net Interest Earning
Assets
|
|
$
|
6,073,947
|
|
|
|
|
|
|
$
|
5,914,892
|
|
|
|
|
|
|
$
|
4,594,436
|
|
|
|
|
|
Net Interest Income
(FTE) (1)
|
|
|
|
235,633
|
|
|
|
|
|
|
230,404
|
|
|
|
|
|
|
162,382
|
|
|
|
Tax Equivalent
Adjustment
|
|
|
|
(5,597)
|
|
|
|
|
|
|
(5,173)
|
|
|
|
|
|
|
(3,099)
|
|
|
|
Net Interest
Income
|
|
|
|
$
|
230,036
|
|
|
|
|
|
|
$
|
225,231
|
|
|
|
|
|
|
$
|
159,283
|
|
|
|
Net Interest
Spread
|
|
|
|
|
|
3.31
|
%
|
|
|
|
|
|
3.28
|
%
|
|
|
|
|
|
3.24
|
%
|
Net Interest
Margin (1)
|
|
|
|
|
|
3.49
|
%
|
|
|
|
|
|
3.44
|
%
|
|
|
|
|
|
3.35
|
%
|
|
|
|
|
(1)
|
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.
|
|
(2)
|
The average balances
and yields earned on taxable investment securities are based on
historical cost.
|
|
(3)
|
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.
|
F.N.B.
Corporation
|
|
Twelve Months
Ended December 31,
|
(Unaudited)
|
|
2017
|
|
2016
|
(Dollars in
thousands)
|
|
|
|
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
|
|
$
|
94,261
|
|
|
$
|
894
|
|
|
0.95
|
%
|
|
$
|
116,769
|
|
|
$
|
444
|
|
|
0.38
|
%
|
Federal funds
sold
|
|
1,129
|
|
|
8
|
|
|
0.72
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
Taxable investment
securities (2)
|
|
4,824,688
|
|
|
97,843
|
|
|
2.03
|
%
|
|
3,720,800
|
|
|
71,853
|
|
|
1.93
|
%
|
Non-taxable
investment securities (1)
|
|
720,039
|
|
|
30,056
|
|
|
4.17
|
%
|
|
319,836
|
|
|
13,815
|
|
|
4.32
|
%
|
Loans held for
sale
|
|
89,558
|
|
|
5,672
|
|
|
6.33
|
%
|
|
16,525
|
|
|
726
|
|
|
4.39
|
%
|
Loans and
leases (1) (3)
|
|
19,520,234
|
|
|
864,619
|
|
|
4.43
|
%
|
|
14,265,032
|
|
|
603,373
|
|
|
4.23
|
%
|
Total Interest
Earning Assets (1)
|
|
25,249,909
|
|
|
999,092
|
|
|
3.96
|
%
|
|
18,438,962
|
|
|
690,211
|
|
|
3.74
|
%
|
Cash and due from
banks
|
|
344,791
|
|
|
|
|
|
|
275,432
|
|
|
|
|
|
Allowance for loan
losses
|
|
(167,364)
|
|
|
|
|
|
|
(152,751)
|
|
|
|
|
|
Premises and
equipment
|
|
324,092
|
|
|
|
|
|
|
219,192
|
|
|
|
|
|
Other
assets
|
|
3,379,681
|
|
|
|
|
|
|
1,896,882
|
|
|
|
|
|
Total
Assets
|
|
$
|
29,131,109
|
|
|
|
|
|
|
$
|
20,677,717
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
$
|
8,927,700
|
|
|
32,822
|
|
|
0.37
|
%
|
|
$
|
6,652,953
|
|
|
16,029
|
|
|
0.24
|
%
|
Savings
|
|
2,477,644
|
|
|
2,796
|
|
|
0.11
|
%
|
|
2,237,020
|
|
|
1,712
|
|
|
0.08
|
%
|
Certificates and
other time
|
|
3,770,172
|
|
|
35,964
|
|
|
0.95
|
%
|
|
2,600,340
|
|
|
23,498
|
|
|
0.90
|
%
|
Short-term
borrowings
|
|
3,761,297
|
|
|
43,969
|
|
|
1.16
|
%
|
|
1,975,742
|
|
|
12,183
|
|
|
0.61
|
%
|
Long-term
borrowings
|
|
634,107
|
|
|
18,341
|
|
|
2.89
|
%
|
|
616,283
|
|
|
14,029
|
|
|
2.28
|
%
|
Total Interest
Bearing Liabilities
|
|
19,570,920
|
|
|
133,892
|
|
|
0.68
|
%
|
|
14,082,338
|
|
|
67,451
|
|
|
0.48
|
%
|
Non-interest bearing
demand deposits
|
|
5,264,256
|
|
|
|
|
|
|
3,884,941
|
|
|
|
|
|
Other
liabilities
|
|
222,233
|
|
|
|
|
|
|
210,462
|
|
|
|
|
|
Total
Liabilities
|
|
25,057,409
|
|
|
|
|
|
|
18,177,741
|
|
|
|
|
|
Stockholders'
equity
|
|
4,073,700
|
|
|
|
|
|
|
2,499,976
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
29,131,109
|
|
|
|
|
|
|
$
|
20,677,717
|
|
|
|
|
|
Net Interest Earning
Assets
|
|
$
|
5,678,989
|
|
|
|
|
|
|
$
|
4,356,624
|
|
|
|
|
|
Net Interest Income
(FTE) (1)
|
|
|
|
865,200
|
|
|
|
|
|
|
622,760
|
|
|
|
Tax Equivalent
Adjustment
|
|
|
|
(18,766)
|
|
|
|
|
|
|
(11,248)
|
|
|
|
Net Interest
Income
|
|
|
|
$
|
846,434
|
|
|
|
|
|
|
$
|
611,512
|
|
|
|
Net Interest
Spread
|
|
|
|
|
|
3.28
|
%
|
|
|
|
|
|
3.26
|
%
|
Net Interest
Margin (1)
|
|
|
|
|
|
3.43
|
%
|
|
|
|
|
|
3.38
|
%
|
|
|
|
|
(1)
|
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.
|
|
(2)
|
The average balances
and yields earned on taxable investment securities are based on
historical cost.
|
|
(3)
|
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.
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months
Ended
December 31,
|
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
2017
|
|
2016
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
2.15
|
%
|
|
6.96
|
%
|
|
7.93
|
%
|
|
4.89
|
%
|
|
6.84
|
%
|
Return on average
tangible equity (1)
|
5.13
|
%
|
|
15.39
|
%
|
|
14.02
|
%
|
|
10.71
|
%
|
|
12.37
|
%
|
Return on average
tangible common equity (1)
|
5.00
|
%
|
|
15.82
|
%
|
|
14.53
|
%
|
|
10.90
|
%
|
|
12.76
|
%
|
Return on average
assets
|
0.31
|
%
|
|
1.00
|
%
|
|
0.94
|
%
|
|
0.68
|
%
|
|
0.83
|
%
|
Return on average
tangible assets (1)
|
0.38
|
%
|
|
1.12
|
%
|
|
1.01
|
%
|
|
0.78
|
%
|
|
0.91
|
%
|
Net interest margin
(FTE) (2)
|
3.49
|
%
|
|
3.44
|
%
|
|
3.35
|
%
|
|
3.43
|
%
|
|
3.38
|
%
|
Yield on earning
assets (FTE) (2)
|
4.09
|
%
|
|
4.01
|
%
|
|
3.72
|
%
|
|
3.96
|
%
|
|
3.74
|
%
|
Cost of
interest-bearing liabilities
|
0.78
|
%
|
|
0.73
|
%
|
|
0.48
|
%
|
|
0.68
|
%
|
|
0.48
|
%
|
Cost of
funds
|
0.62
|
%
|
|
0.58
|
%
|
|
0.38
|
%
|
|
0.54
|
%
|
|
0.37
|
%
|
Efficiency ratio
(1)
|
53.09
|
%
|
|
53.15
|
%
|
|
55.39
|
%
|
|
54.25
|
%
|
|
55.36
|
%
|
Effective tax
rate
|
78.44
|
%
|
|
29.92
|
%
|
|
30.54
|
%
|
|
44.09
|
%
|
|
30.64
|
%
|
Capital
ratios
|
|
|
|
|
|
|
|
|
|
Equity / assets
(period end)
|
14.03
|
%
|
|
14.25
|
%
|
|
11.77
|
%
|
|
|
|
|
Common equity /
assets (period end)
|
13.69
|
%
|
|
13.91
|
%
|
|
11.28
|
%
|
|
|
|
|
Leverage
ratio
|
7.53
|
%
|
|
7.64
|
%
|
|
7.70
|
%
|
|
|
|
|
Tangible equity /
tangible assets (period end) (1)
|
7.11
|
%
|
|
7.24
|
%
|
|
7.16
|
%
|
|
|
|
|
Tangible common
equity / tangible assets (period end) (1)
|
6.74
|
%
|
|
6.87
|
%
|
|
6.64
|
%
|
|
|
|
|
Common stock
data
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
325,229,043
|
|
|
324,904,768
|
|
|
212,748,337
|
|
|
303,857,976
|
|
|
207,768,609
|
|
Period end shares
outstanding
|
323,465,140
|
|
|
323,301,548
|
|
|
211,059,547
|
|
|
|
|
|
Book value per common
share
|
$
|
13.30
|
|
|
$
|
13.39
|
|
|
$
|
11.68
|
|
|
|
|
|
Tangible book value
per common share (1)
|
$
|
6.06
|
|
|
$
|
6.12
|
|
|
$
|
6.53
|
|
|
|
|
|
Dividend payout ratio
(common)
|
176.51
|
%
|
|
51.56
|
%
|
|
51.82
|
%
|
|
74.61
|
%
|
|
62.43
|
%
|
|
|
|
|
(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.
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q17
|
|
4Q17
|
|
|
|
|
|
|
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
3Q17
|
|
4Q16
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$
|
8,741,864
|
|
|
$
|
8,822,023
|
|
|
$
|
5,435,162
|
|
|
(0.9)
|
|
60.8
|
|
|
|
|
|
|
Commercial and
industrial
|
4,170,667
|
|
|
3,980,584
|
|
|
3,042,781
|
|
|
4.8
|
|
37.1
|
|
|
|
|
|
|
Commercial
leases
|
266,720
|
|
|
238,724
|
|
|
196,636
|
|
|
11.7
|
|
35.6
|
|
|
|
|
|
|
Other
|
17,063
|
|
|
39,798
|
|
|
35,878
|
|
|
(57.1)
|
|
(52.4)
|
|
|
|
|
|
|
Commercial loans and
leases
|
13,196,314
|
|
|
13,081,129
|
|
|
8,710,457
|
|
|
0.9
|
|
51.5
|
|
|
|
|
|
|
Direct
installment
|
1,905,535
|
|
|
1,925,995
|
|
|
1,844,399
|
|
|
(1.1)
|
|
3.3
|
|
|
|
|
|
|
Residential
mortgages
|
2,702,691
|
|
|
2,609,663
|
|
|
1,844,574
|
|
|
3.6
|
|
46.5
|
|
|
|
|
|
|
Indirect
installment
|
1,448,433
|
|
|
1,431,273
|
|
|
1,196,313
|
|
|
1.2
|
|
21.1
|
|
|
|
|
|
|
Consumer
LOC
|
1,745,793
|
|
|
1,769,376
|
|
|
1,301,200
|
|
|
(1.3)
|
|
34.2
|
|
|
|
|
|
|
Consumer
loans
|
7,802,452
|
|
|
7,736,307
|
|
|
6,186,486
|
|
|
0.9
|
|
26.1
|
|
|
|
|
|
|
Total loans and
leases
|
$
|
20,998,766
|
|
|
$
|
20,817,436
|
|
|
$
|
14,896,943
|
|
|
0.9
|
|
41.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
|
|
Average
balances
|
|
|
|
|
|
|
4Q17
|
|
4Q17
|
|
For the Twelve Months
Ended
December 31,
|
|
%
|
Loans and
Leases:
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
3Q17
|
|
4Q16
|
|
2017
|
|
2016
|
|
Var.
|
Commercial real
estate
|
$
|
8,680,101
|
|
|
$
|
8,779,426
|
|
|
$
|
5,390,877
|
|
|
(1.1)
|
|
61.0
|
|
$
|
8,105,883
|
|
|
$
|
5,229,327
|
|
|
55.0
|
Commercial and
industrial
|
4,075,626
|
|
|
3,945,756
|
|
|
3,065,593
|
|
|
3.3
|
|
32.9
|
|
3,800,509
|
|
|
2,971,756
|
|
|
27.9
|
Commercial
leases
|
242,365
|
|
|
231,030
|
|
|
194,111
|
|
|
4.9
|
|
24.9
|
|
217,465
|
|
|
199,083
|
|
|
9.2
|
Other
|
45,254
|
|
|
43,354
|
|
|
55,674
|
|
|
4.4
|
|
(18.7)
|
|
46,646
|
|
|
53,071
|
|
|
(12.1)
|
Commercial loans and
leases
|
13,043,346
|
|
|
12,999,566
|
|
|
8,706,255
|
|
|
0.3
|
|
49.8
|
|
12,170,503
|
|
|
8,453,237
|
|
|
44.0
|
Direct
installment
|
1,915,970
|
|
|
1,937,394
|
|
|
1,837,505
|
|
|
(1.1)
|
|
4.3
|
|
1,919,829
|
|
|
1,807,024
|
|
|
6.2
|
Residential
mortgages
|
2,653,148
|
|
|
2,535,398
|
|
|
1,807,086
|
|
|
4.6
|
|
46.8
|
|
2,394,965
|
|
|
1,651,143
|
|
|
45.0
|
Indirect
installment
|
1,440,572
|
|
|
1,406,318
|
|
|
1,169,559
|
|
|
2.4
|
|
23.2
|
|
1,346,778
|
|
|
1,082,915
|
|
|
24.4
|
Consumer
LOC
|
1,758,820
|
|
|
1,775,640
|
|
|
1,299,832
|
|
|
(0.9)
|
|
35.3
|
|
1,688,159
|
|
|
1,270,713
|
|
|
32.9
|
Consumer
loans
|
7,768,510
|
|
|
7,654,750
|
|
|
6,113,982
|
|
|
1.5
|
|
27.1
|
|
7,349,731
|
|
|
5,811,795
|
|
|
26.5
|
Total loans and
leases
|
$
|
20,811,856
|
|
|
$
|
20,654,316
|
|
|
$
|
14,820,237
|
|
|
0.8
|
|
40.4
|
|
$
|
19,520,234
|
|
|
$
|
14,265,032
|
|
|
36.8
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Percent
Variance
|
(Dollars in
thousands)
|
|
|
|
|
|
|
4Q17
|
|
4Q17
|
Asset Quality
Data
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
3Q17
|
|
4Q16
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
Non-performing loans
(1)
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
|
74,635
|
|
|
$
|
88,391
|
|
|
$
|
65,479
|
|
|
(15.6)
|
|
|
14.0
|
|
Restructured
loans
|
23,481
|
|
|
23,147
|
|
|
20,428
|
|
|
1.4
|
|
|
14.9
|
|
Non-performing
loans
|
98,116
|
|
|
111,538
|
|
|
85,907
|
|
|
(12.0)
|
|
|
14.2
|
|
Other real estate
owned (OREO) (2)
|
40,606
|
|
|
35,416
|
|
|
32,490
|
|
|
14.7
|
|
|
25.0
|
|
Total non-performing
assets
|
$
|
138,722
|
|
|
$
|
146,954
|
|
|
$
|
118,397
|
|
|
(5.6)
|
|
|
17.2
|
|
Non-performing loans
/ total loans and leases
|
0.47
|
%
|
|
0.54
|
%
|
|
0.58
|
%
|
|
|
|
|
Non-performing loans
/ total originated loans and leases (3)
|
0.57
|
%
|
|
0.69
|
%
|
|
0.66
|
%
|
|
|
|
|
Non-performing loans
+ OREO / total loans and leases + OREO
|
0.66
|
%
|
|
0.70
|
%
|
|
0.79
|
%
|
|
|
|
|
Non-performing loans
+ OREO / total originated loans and leases + OREO
(3)
|
0.81
|
%
|
|
0.91
|
%
|
|
0.91
|
%
|
|
|
|
|
Non-performing assets
/ total assets
|
0.44
|
%
|
|
0.47
|
%
|
|
0.54
|
%
|
|
|
|
|
Delinquency -
Originated Portfolio (3)
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
62,146
|
|
|
$
|
44,454
|
|
|
$
|
59,850
|
|
|
39.8
|
|
|
3.8
|
|
Loans 90+ days past
due
|
9,121
|
|
|
10,278
|
|
|
9,113
|
|
|
(11.3)
|
|
|
0.1
|
|
Non-accrual
loans
|
63,644
|
|
|
77,784
|
|
|
62,083
|
|
|
(18.2)
|
|
|
2.5
|
|
Total past due and
non-accrual loans
|
$
|
134,911
|
|
|
$
|
132,516
|
|
|
$
|
131,046
|
|
|
1.8
|
|
|
2.9
|
|
Total past due and
non-accrual loans / total originated loans
|
0.88
|
%
|
|
0.91
|
%
|
|
1.04
|
%
|
|
|
|
|
Delinquency -
Acquired Portfolio (4) (5)
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
66,926
|
|
|
$
|
75,839
|
|
|
$
|
24,210
|
|
|
(11.8)
|
|
|
176.4
|
|
Loans 90+ days past
due
|
89,950
|
|
|
88,195
|
|
|
40,524
|
|
|
2.0
|
|
|
122.0
|
|
Non-accrual
loans
|
10,991
|
|
|
10,607
|
|
|
3,396
|
|
|
3.6
|
|
|
223.6
|
|
Total past due and
non-accrual loans
|
$
|
167,867
|
|
|
$
|
174,641
|
|
|
$
|
68,130
|
|
|
(3.9)
|
|
|
146.4
|
|
Delinquency -
Total Portfolio
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
129,072
|
|
|
$
|
120,293
|
|
|
$
|
84,060
|
|
|
7.3
|
|
|
53.5
|
|
Loans 90+ days past
due
|
99,071
|
|
|
98,473
|
|
|
49,637
|
|
|
0.6
|
|
|
99.6
|
|
Non-accrual
loans
|
74,635
|
|
|
88,391
|
|
|
65,479
|
|
|
(15.6)
|
|
|
14.0
|
|
Total past due and
non-accrual loans
|
$
|
302,778
|
|
|
$
|
307,157
|
|
|
$
|
199,176
|
|
|
(1.4)
|
|
|
52.0
|
|
|
|
|
(1)
|
Does not include
loans acquired at fair value ("acquired portfolio").
|
|
(2)
|
Includes all other
real estate owned, including those balances acquired through
business combinations that have been in acquired loans prior to
foreclosure.
|
|
(3)
|
"Originated
Portfolio" or "Originated Loans and Leases" equals loans and leases
not included by definition in the Acquired Portfolio.
|
|
(4)
|
"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.
|
|
(5)
|
Represents
contractual balances.
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
4Q17
|
|
4Q17
|
|
For the Twelve
Months
Ended
December 31,
|
|
%
|
Allowance
Rollforward
|
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
3Q17
|
|
4Q16
|
|
2017
|
|
2016
|
|
Var.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
Credit Losses - Originated Portfolio (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
|
$
|
163,234
|
|
|
$
|
159,092
|
|
|
$
|
150,513
|
|
|
2.6
|
|
8.5
|
|
$
|
150,791
|
|
|
$
|
135,285
|
|
|
11.5
|
Provision for credit
losses
|
|
18,509
|
|
|
17,175
|
|
|
12,126
|
|
|
7.8
|
|
52.6
|
|
64,559
|
|
|
55,422
|
|
|
16.5
|
Net loan
charge-offs
|
|
(13,061)
|
|
|
(13,033)
|
|
|
(11,848)
|
|
|
0.2
|
|
10.2
|
|
(46,668)
|
|
|
(39,916)
|
|
|
16.9
|
Allowance for credit
losses - originated portfolio (2)
|
|
$
|
168,682
|
|
|
$
|
163,234
|
|
|
$
|
150,791
|
|
|
3.3
|
|
11.9
|
|
$
|
168,682
|
|
|
$
|
150,791
|
|
|
11.9
|
Allowance for credit
losses (originated loans and leases) /
total
originated loans and leases (2)
|
|
1.10
|
%
|
|
1.12
|
%
|
|
1.20
|
%
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses (originated loans and leases) /
total
non-performing loans (1)
|
|
193.61
|
%
|
|
161.73
|
%
|
|
182.75
|
%
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
on originated loans and leases (annualized) /
total
average originated loans and leases (2)
|
|
0.35
|
%
|
|
0.37
|
%
|
|
0.38
|
%
|
|
|
|
|
|
0.33
|
%
|
|
0.34
|
%
|
|
|
Allowance for
Credit Losses - Acquired Portfolio (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
|
$
|
6,782
|
|
|
$
|
6,607
|
|
|
$
|
6,381
|
|
|
2.6
|
|
6.3
|
|
$
|
7,268
|
|
|
$
|
6,727
|
|
|
8.0
|
Provision for credit
losses
|
|
(1,810)
|
|
|
(407)
|
|
|
579
|
|
|
344.7
|
|
(412.6)
|
|
(3,486)
|
|
|
330
|
|
|
(1,156.4)
|
Net loan
(charge-offs)/recoveries
|
|
1,726
|
|
|
582
|
|
|
308
|
|
|
196.6
|
|
460.4
|
|
2,916
|
|
|
211
|
|
|
1,282.0
|
Allowance for credit
losses - acquired portfolio (3)
|
|
$
|
6,698
|
|
|
$
|
6,782
|
|
|
$
|
7,268
|
|
|
(1.2)
|
|
(7.8)
|
|
$
|
6,698
|
|
|
$
|
7,268
|
|
|
(7.8)
|
Allowance for
Credit Losses - Total Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
|
$
|
170,016
|
|
|
$
|
165,699
|
|
|
$
|
156,894
|
|
|
2.6
|
|
8.4
|
|
$
|
158,059
|
|
|
$
|
142,012
|
|
|
11.3
|
Provision for credit
losses
|
|
16,699
|
|
|
16,768
|
|
|
12,705
|
|
|
(0.4)
|
|
31.4
|
|
61,073
|
|
|
55,752
|
|
|
9.5
|
Net loan
(charge-offs)/recoveries
|
|
(11,335)
|
|
|
(12,451)
|
|
|
(11,540)
|
|
|
(9.0)
|
|
(1.8)
|
|
(43,752)
|
|
|
(39,705)
|
|
|
10.2
|
Total
allowance for credit losses
|
|
$
|
175,380
|
|
|
$
|
170,016
|
|
|
$
|
158,059
|
|
|
3.2
|
|
11.0
|
|
$
|
175,380
|
|
|
$
|
158,059
|
|
|
11.0
|
Allowance for credit
losses / total loans and leases
|
|
0.84
|
%
|
|
0.82
|
%
|
|
1.06
|
%
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(annualized) / total average loans and leases
|
|
0.22
|
%
|
|
0.24
|
%
|
|
0.31
|
%
|
|
|
|
|
|
0.22
|
%
|
|
0.28
|
%
|
|
|
|
|
|
|
(1)
|
Does not include
loans acquired at fair value ("acquired portfolio").
|
|
(2)
|
"Originated
Portfolio" or "Originated Loans and Leases" equals loans and leases
not included by definition in the Acquired Portfolio.
|
|
(3)
|
"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.
|
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.
|
|
|
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
4Q17
|
|
4Q17
|
|
For the Twelve
Months Ended
December 31,
|
|
%
|
Operating net income
available to common
stockholders:
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
3Q17
|
|
4Q16
|
|
2017
|
|
2016
|
|
Var.
|
Net income available
to common stockholders
|
$
|
22,115
|
|
|
$
|
75,683
|
|
|
$
|
49,280
|
|
|
|
|
|
|
$
|
191,163
|
|
|
$
|
162,850
|
|
|
|
Merger-related
expense
|
1,054
|
|
|
1,381
|
|
|
1,649
|
|
|
|
|
|
|
56,513
|
|
|
37,439
|
|
|
|
Tax benefit of
merger-related expense
|
(365)
|
|
|
(483)
|
|
|
(341)
|
|
|
|
|
|
|
(18,846)
|
|
|
(12,550)
|
|
|
|
Merger-related net
securities gains
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
(2,609)
|
|
|
—
|
|
|
|
Tax expense of
merger-related net securities gains
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
913
|
|
|
—
|
|
|
|
Reduction in
valuation of deferred tax assets
|
54,042
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
54,042
|
|
|
—
|
|
|
|
Operating net income
available to common
stockholders (non-GAAP)
|
$
|
76,846
|
|
|
$
|
76,581
|
|
|
$
|
50,588
|
|
|
0.3
|
|
51.9
|
|
$
|
281,176
|
|
|
$
|
187,739
|
|
|
49.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings
per diluted common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
common share
|
$
|
0.07
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
|
|
|
|
$
|
0.63
|
|
|
$
|
0.78
|
|
|
|
Merger-related
expense
|
—
|
|
|
0.01
|
|
|
0.01
|
|
|
|
|
|
|
0.19
|
|
|
0.18
|
|
|
|
Tax benefit of
merger-related expense
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
(0.06)
|
|
|
(0.06)
|
|
|
|
Merger-related net
securities gains
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
(0.01)
|
|
|
—
|
|
|
|
Tax expense of
merger-related net securities gains
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
Reduction in
valuation of deferred tax assets
|
0.17
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
0.18
|
|
|
—
|
|
|
|
Operating earnings
per diluted common share (non-GAAP)
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
—
|
|
—
|
|
$
|
0.93
|
|
|
$
|
0.90
|
|
|
3.3
|
|
F.N.B.
CORPORATION
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
For the Twelve Months
Ended
December 31,
|
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
2017
|
|
2016
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
Net income
(annualized)
|
$
|
95,719
|
|
|
$
|
308,237
|
|
|
$
|
204,050
|
|
|
$
|
199,204
|
|
|
$
|
170,891
|
|
Amortization of
intangibles, net of tax (annualized)
|
12,381
|
|
|
12,392
|
|
|
4,143
|
|
|
11,386
|
|
|
7,287
|
|
Tangible net income
(annualized) (non-GAAP)
|
$
|
108,100
|
|
|
$
|
320,629
|
|
|
$
|
208,193
|
|
|
$
|
210,590
|
|
|
$
|
178,178
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity
|
$
|
4,453,760
|
|
|
$
|
4,426,980
|
|
|
$
|
2,573,768
|
|
|
$
|
4,073,700
|
|
|
$
|
2,499,976
|
|
Less: Average
intangibles(1)
|
(2,344,675)
|
|
|
(2,344,077)
|
|
|
(1,089,216)
|
|
|
(2,108,102)
|
|
|
(1,059,856)
|
|
Average tangible
stockholders' equity (non-GAAP)
|
$
|
2,109,085
|
|
|
$
|
2,082,903
|
|
|
$
|
1,484,552
|
|
|
$
|
1,965,598
|
|
|
$
|
1,440,120
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (non-GAAP)
|
5.13
|
%
|
|
15.39
|
%
|
|
14.02
|
%
|
|
10.71
|
%
|
|
12.37
|
%
|
Return on average
tangible common equity:
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders (annualized)
|
$
|
87,740
|
|
|
$
|
300,266
|
|
|
$
|
196,049
|
|
|
$
|
191,163
|
|
|
$
|
162,850
|
|
Amortization of
intangibles, net of tax (annualized)
|
12,381
|
|
|
12,392
|
|
|
4,143
|
|
|
11,386
|
|
|
7,287
|
|
Tangible net income
available to common stockholders
(annualized) (non-GAAP)
|
$
|
100,121
|
|
|
$
|
312,658
|
|
|
$
|
200,192
|
|
|
$
|
202,549
|
|
|
$
|
170,137
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity
|
$
|
4,453,760
|
|
|
$
|
4,426,980
|
|
|
$
|
2,573,768
|
|
|
$
|
4,073,700
|
|
|
$
|
2,499,976
|
|
Less: Average
preferred stockholders' equity
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
Less: Average
intangibles(1)
|
(2,344,675)
|
|
|
(2,344,077)
|
|
|
(1,089,216)
|
|
|
(2,108,102)
|
|
|
(1,059,856)
|
|
Average tangible
common equity (non-GAAP)
|
$
|
2,002,203
|
|
|
$
|
1,976,021
|
|
|
$
|
1,377,670
|
|
|
$
|
1,858,716
|
|
|
$
|
1,333,238
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (non-GAAP)
|
5.00
|
%
|
|
15.82
|
%
|
|
14.53
|
%
|
|
10.90
|
%
|
|
12.76
|
%
|
Return on average
tangible assets:
|
|
|
|
|
|
|
|
|
|
Net income
(annualized)
|
$
|
95,719
|
|
|
$
|
308,237
|
|
|
$
|
204,050
|
|
|
$
|
199,204
|
|
|
$
|
170,891
|
|
Amortization of
intangibles, net of tax (annualized)
|
12,381
|
|
|
12,392
|
|
|
4,143
|
|
|
11,386
|
|
|
7,287
|
|
Tangible net income
(annualized) (non-GAAP)
|
$
|
108,100
|
|
|
$
|
320,629
|
|
|
$
|
208,193
|
|
|
$
|
210,590
|
|
|
$
|
178,178
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
$
|
31,097,722
|
|
|
$
|
30,910,664
|
|
|
$
|
21,609,635
|
|
|
$
|
29,131,109
|
|
|
$
|
20,677,717
|
|
Less: Average
intangibles(1)
|
(2,344,675)
|
|
|
(2,344,077)
|
|
|
(1,089,216)
|
|
|
(2,108,102)
|
|
|
(1,059,856)
|
|
Average tangible
assets (non-GAAP)
|
$
|
28,753,047
|
|
|
$
|
28,566,587
|
|
|
$
|
20,520,419
|
|
|
$
|
27,023,007
|
|
|
$
|
19,617,861
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets (non-GAAP)
|
0.38
|
%
|
|
1.12
|
%
|
|
1.01
|
%
|
|
0.78
|
%
|
|
0.91
|
%
|
Tangible book value
per common share:
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$
|
4,409,194
|
|
|
$
|
4,435,921
|
|
|
$
|
2,571,617
|
|
|
|
|
|
Less: preferred
stockholders' equity
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
|
|
|
|
Less:
intangibles(1)
|
(2,341,263)
|
|
|
(2,351,707)
|
|
|
(1,085,935)
|
|
|
|
|
|
Tangible common
equity (non-GAAP)
|
$
|
1,961,049
|
|
|
$
|
1,977,332
|
|
|
$
|
1,378,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
323,465,140
|
|
|
323,301,548
|
|
|
211,059,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per common share (non-GAAP)
|
$
|
6.06
|
|
|
$
|
6.12
|
|
|
$
|
6.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Excludes loan servicing rights
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
For the Twelve Months
Ended
December 31,
|
|
4Q17
|
|
3Q17
|
|
4Q16
|
|
2017
|
|
2016
|
Tangible equity /
tangible assets (period end):
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$
|
4,409,194
|
|
|
$
|
4,435,921
|
|
|
$
|
2,571,617
|
|
|
|
|
|
Less:
intangibles(1)
|
(2,341,263)
|
|
|
(2,351,707)
|
|
|
(1,085,935)
|
|
|
|
|
|
Tangible equity
(non-GAAP)
|
$
|
2,067,931
|
|
|
$
|
2,084,214
|
|
|
$
|
1,485,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
31,417,635
|
|
|
$
|
31,123,295
|
|
|
$
|
21,844,817
|
|
|
|
|
|
Less:
intangibles(1)
|
(2,341,263)
|
|
|
(2,351,707)
|
|
|
(1,085,935)
|
|
|
|
|
|
Tangible assets
(non-GAAP)
|
$
|
29,076,372
|
|
|
$
|
28,771,588
|
|
|
$
|
20,758,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity /
tangible assets (period end) (non-GAAP)
|
7.11
|
%
|
|
7.24
|
%
|
|
7.16
|
%
|
|
|
|
|
Tangible common
equity / tangible assets (period end):
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$
|
4,409,194
|
|
|
$
|
4,435,921
|
|
|
$
|
2,571,617
|
|
|
|
|
|
Less: preferred
stockholders' equity
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
|
|
|
|
Less:
intangibles (1)
|
(2,341,263)
|
|
|
(2,351,707)
|
|
|
(1,085,935)
|
|
|
|
|
|
Tangible common
equity (non-GAAP)
|
$
|
1,961,049
|
|
|
$
|
1,977,332
|
|
|
$
|
1,378,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
31,417,635
|
|
|
$
|
31,123,295
|
|
|
$
|
21,844,817
|
|
|
|
|
|
Less:
intangibles(1)
|
(2,341,263)
|
|
|
(2,351,707)
|
|
|
(1,085,935)
|
|
|
|
|
|
Tangible assets
(non-GAAP)
|
$
|
29,076,372
|
|
|
$
|
28,771,588
|
|
|
$
|
20,758,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity / tangible assets (period end)
(non-GAAP)
|
6.74
|
%
|
|
6.87
|
%
|
|
6.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY PERFORMANCE
INDICATORS
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(FTE):
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense
|
$
|
166,529
|
|
|
$
|
163,743
|
|
|
$
|
123,806
|
|
|
$
|
681,541
|
|
|
$
|
511,133
|
|
Less:
amortization of intangibles
|
(4,801)
|
|
|
(4,805)
|
|
|
(1,602)
|
|
|
(17,517)
|
|
|
(11,210)
|
|
Less: OREO
expense
|
(1,026)
|
|
|
(1,421)
|
|
|
(2,400)
|
|
|
(4,438)
|
|
|
(5,153)
|
|
Less:
merger-related expense
|
(1,054)
|
|
|
(1,381)
|
|
|
(1,649)
|
|
|
(56,513)
|
|
|
(37,439)
|
|
Less:
impairment charge on other assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,585)
|
|
Adjusted non-interest
expense
|
$
|
159,648
|
|
|
$
|
156,136
|
|
|
$
|
118,155
|
|
|
$
|
603,073
|
|
|
$
|
454,746
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
230,036
|
|
|
$
|
225,231
|
|
|
$
|
159,283
|
|
|
$
|
846,434
|
|
|
$
|
611,512
|
|
Taxable equivalent
adjustment
|
5,597
|
|
|
5,173
|
|
|
3,099
|
|
|
18,766
|
|
|
11,248
|
|
Non-interest
income
|
65,104
|
|
|
66,151
|
|
|
51,066
|
|
|
252,449
|
|
|
201,761
|
|
Less: net
securities gains
|
(21)
|
|
|
(2,777)
|
|
|
(116)
|
|
|
(5,916)
|
|
|
(712)
|
|
Less: gain on
redemption of trust preferred securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,422)
|
|
Adjusted net interest
income (FTE) + non-interest income
|
$
|
300,716
|
|
|
$
|
293,778
|
|
|
$
|
213,332
|
|
|
$
|
1,111,733
|
|
|
$
|
821,387
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(FTE) (non-GAAP)
|
53.09
|
%
|
|
53.15
|
%
|
|
55.39
|
%
|
|
54.25
|
%
|
|
55.36
|
%
|
(1) Excludes loan
servicing rights
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/fnb-corporation-reports-fourth-quarter-and-full-year-2017-earnings-300586370.html
SOURCE F.N.B. Corporation