F.N.B. Corporation Reports Continued Revenue Growth and Record Net Income Oct 22, 2014 08:25AM

PITTSBURGH, Oct. 22, 2014 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) today reported third quarter of 2014 results.  Net income available to common shareholders for the third quarter of 2014 totaled $33.4 million or $0.20 per diluted common share.  Comparatively, second quarter of 2014 net income totaled $32.8 million, or $0.20 per diluted common share, and third quarter of 2013 net income totaled $31.6 million or $0.22 per diluted common share.  Operating[1] results are presented in the table below, "Quarterly Results Summary".

Vincent J. Delie, Jr., President and Chief Executive Officer, commented, "This was another very good quarter with record net income.  We remain focused on building long-term value for our shareholders as we continue to successfully manage through the current regulatory and economic environment.  Operating highlights include expanded revenue, loan and deposit growth, positive asset quality trends and increased capital levels.  We are also pleased to have completed the OBA Financial Services acquisition, another milestone in building our presence in the Maryland market.  Our expansion into the metropolitan markets of Baltimore, Maryland and Cleveland, Ohio continues to gain momentum and contribute to FNB's results."

Quarterly Results Summary

3Q14

2Q14

3Q13

Reported Results

Net income ($ in millions)

$35.4

$34.8

$31.6

Preferred stock dividend expense ($ in millions)

$2.0

$2.0

-

Net income available to common shareholders ($ in millions)

$33.4

$32.8

$31.6

Net income per diluted common share

$0.20

$0.20

$0.22

Operating Results (Non-GAAP)1

Operating net income ($ in millions)

$37.0

$35.4

$32.2

Preferred stock dividend expense ($ in millions)

$2.0

$2.0

-

Operating net income available to common shareholders ($ in millions)

$35.0

$33.4

$32.2

Operating net income per diluted common share

$0.21

$0.20

$0.22

Average Diluted Shares Outstanding (in 000's)

168,884

167,868

146,466

[1] Non-GAAP measures, refer to Non-GAAP Disclosures and detail in the accompanying data tables.

Third Quarter 2014 Highlights(All comparisons to the prior quarter, except as noted; Organic growth in loans and deposits refers to growth excluding the benefit of initial balances acquired via an acquisition.)

  • Organic growth in total average loans was $400 million, or 15.7% annualized, led by organic average commercial loan growth of $221 million or 15.3% annualized.  Average consumer loans grew organically $153 million or 18.9% annualized.
  • On an organic basis, average total deposits and customer repurchase agreements grew $102 million or 3.4% annualized.  Average transaction deposits and customer repurchase agreements grew organically $195 million, or 8.6% annualized, primarily due to organic growth in average non-interest bearing deposits of $144 million or 24% annualized.
  • The net interest margin expanded to 3.63%, compared to 3.60% in the prior quarter, reflecting higher accretable yield adjustments.
  • The efficiency ratio improved to 56.7%, from 57.3% in the prior quarter and 59.7% in the year-ago quarter, reflecting continued revenue growth and expense control.
  • Credit quality results reflect improved non-performing loan and delinquency levels.  For the originated portfolio, non-performing loans and OREO to total loans and OREO improved 11 basis points to 1.25% and total originated delinquency improved 7 basis points to 1.06% at September 30, 2014.  Net charge-offs were 0.29% annualized of total average originated loans.
  • The tangible common equity to tangible assets ratio was 6.89% at September 30, 2014, an increase of 16 basis points from 6.73% at June 30, 2014 and 80 bps from 6.09% at September 30, 2013.  The tangible book value per share increased $0.18 to $5.91 at September 30, 2014.  The linked-quarter increases reflect the benefit of the completion of the OBA Financial Services Inc. (OBAF) acquisition on September 19, 2014.

Third Quarter 2014 Results – Comparison to Prior Quarter(All comparisons refer to the second quarter of 2014, except as noted)

Net Interest Income/Loans/DepositsNet interest income on a fully taxable equivalent basis totaled $122.4 million, increasing $6.5 million, or 5.6%, as a result of average earning asset growth of $489 million, or 3.8%, and the benefit of higher accretable yield adjustments of $4.1 million.  The net interest margin was 3.63% compared to 3.60% in the prior quarter, with the increase due to the higher accretable yield adjustments, partially offset by narrowed spreads on new loan volume reflective of the current competitive and interest rate environment.

Average loans totaled $10.5 billion and increased $436 million, or 17.1% annualized, and included average organic loan growth of $400 million or 15.7% annualized.  Organic growth in average commercial loans totaled $221 million, or 15.3% annualized, and organic growth in average consumer loans (consisting of direct, consumer lines of credit and indirect loans) was $153 million or 18.9% annualized.  The quarter's loan growth is footprint wide with significant contributions from the metropolitan markets of Pittsburgh, PA, Baltimore, MD and Cleveland, OH.

Average deposits and customer repurchase agreements totaled $11.9 billion and increased $139 million, or 4.7% annualized, and included average organic growth of $102 million or 3.4% annualized.  Consistent with prior quarters, growth in transaction deposits and customer repurchase agreements was partially offset by a decline in time deposits.  On an organic basis, average total transaction deposits and customer repurchase agreements increased $195 million or 8.6% annualized.  Organic growth in average non-interest bearing deposits was $144 million or 24% annualized, primarily reflecting growth in non-interest bearing business accounts and the benefit of seasonally higher balances.  Total loans as a percentage of deposits and customer repurchase agreements was 89% at September 30, 2014.

Non-Interest Income Non-interest income totaled $37.6 million, decreasing $1.6 million or 4.2%.  Results for the quarter reflect consistent results from service charges and the fee-based business units of wealth management and insurance, offset by lower other non-interest income primarily due to the higher swap fee revenues in the prior quarter.

Non-Interest ExpenseNon-interest expense totaled $95.8 million, increasing $3.3 million, or 3.5%, and included $1.7 million higher merger and severance costs.  Excluding merger and severance costs, non-interest expense increased $1.6 million, or 1.7%, as a result of increased accruals for performance-based compensation and seasonally higher marketing expense.  The efficiency ratio improved to 56.7%, compared to 57.3% in the second quarter of 2014.

Credit QualityCredit quality metrics reflect an improvement in the ratio of non-performing loans and OREO to total loans and OREO of 11 basis points to 1.05% at September 30, 2014 and 11 basis points for the originated portfolio to 1.25%.  Delinquency, defined as total originated past due and non-accrual loans as a percentage of total originated loans, improved 7 basis points to 1.06% at September 30, 2014.

Net charge-offs for the third quarter totaled $7.3 million, or 0.28% annualized of total average loans, compared to $5.9 million or 0.23% annualized in the prior quarter.  For the originated portfolio, net charge-offs as a percentage of average originated loans were 0.29% annualized, compared to 0.23% annualized in the prior quarter.  The ratio of the allowance for loan losses to total loans was 1.10%, compared to 1.13%, with the slight decrease primarily reflecting the addition of OBAF.  For the originated portfolio, the allowance for loan losses to total originated loans was 1.24%, compared to 1.26% at June 30, 2014, with the slight decline directionally consistent with the quarter's credit quality performance.  The provision for loan losses increased $0.8 million to $11.2 million primarily due to the organic loan growth during the third quarter of 2014.  The ratio of the allowance for loan losses to total non-performing loans increased to 149.0%, compared to 138.9%.

Year-to-Date 2014 Results – Comparison to Prior Year-to-Date(All comparisons refer to the third quarter 2013 year-to-date, except as noted)

Results include the impact from the completion of the OBAF acquisition completed on September 19, 2014, BCSB Bancorp, Inc. (BCSB) acquisition completed on February 15, 2014, PVF Capital Corp. (PVFC) on October 12, 2013 and Annapolis Bancorp, Inc. (ANNB) on April 6, 2013.

Net Interest Income/Loans/DepositsNet interest income on a fully taxable equivalent basis totaled $347.8 million, increasing $53.5 million or 18.2%. The net interest margin was 3.62% compared to 3.64% in the prior year-to-date period. Average earning assets grew $2.1 billion, or 19.0%, through consistent organic loan growth and the benefit of acquisition-related growth.

Average loans totaled $10.1 billion and increased $1.6 billion, or 19.4%, reflecting strong organic average loan growth of $850 million, or 10.2%, and loans added in the acquisitions.  Growth in the commercial portfolio continued during the first nine months of 2014, with average balances growing organically $495 million or 10.9%.  Average organic consumer loan growth (consisting of direct, consumer lines of credit and indirect loans) was $393 million or 14.7%.  Organic growth results reflect the benefit of the expanded banking footprint and successful sales management.

Total average deposits and customer repurchase agreements totaled $11.7 billion and increased $1.5 billion or 14.3%, including average organic growth of $348 million or 3.5%. Organic growth in lower-cost transaction deposit accounts and customer repurchase agreements was $576 million, or 7.6%, and was primarily driven by organic growth in average non-interest bearing deposits of $333 million or 18.0%.

Non-Interest IncomeNon-interest income totaled $118.8 million, increasing $15.7 million, or 15.2%, with the first nine months of 2014 including a $9.5 million (pre-tax) net gain from the sale of certain securities, including the entire pooled trust preferred securities portfolio.  Organic and acquisition-related growth in service charges was offset by $5.1 million in lower customer-related interchange service charges due to the Durbin Amendment.  Additionally, the first nine months of 2014 included positive results in the fee-based units, with wealth management revenue (trust income and securities commissions) increasing $2.2 million, or 10.7%, while mortgage banking revenue declined consistent with industry trends.  Included in other non-interest income was increased swap fee revenue of $2.8 million.

Non-Interest ExpenseNon-interest expense totaled $282.6 million, increasing $36.5 million or 14.8%.  The first nine months of 2014 included merger and severance costs of $10.6 million, compared to $4.2 million in the prior year-to-date period.  Absent these items, non-interest expense increased $30.1 million or 12.4%, and primarily reflects the additional operating costs related to the expanded operations from acquisitions.  The efficiency ratio improved to 57.6% from 59.4%.

Credit QualityCredit quality results reflect improvement over the prior-year period.  The ratio of non-performing loans and OREO to total loans and OREO improved 28 basis points to 1.05%, and for the originated portfolio, the ratio of non-performing loans and OREO to total loans and OREO improved 24 basis points to 1.25%.  Total originated delinquency, defined as total past due and non-accrual originated loans as a percentage of total originated loans, improved 38 basis points to 1.06% at September 30, 2014, reflecting a $15.6 million, or 13.7%, reduction in total delinquency.

Net charge-offs totaled $18.8 million, or 0.25% annualized of total average loans, compared to $17.0 million or 0.27% annualized.  For the originated portfolio, net charge-offs were $16.9 million or 0.27% annualized of total average originated loans, compared to $15.4 million or 0.27% annualized.  The ratio of the allowance for loan losses to total originated loans was 1.24% at September 30, 2014, compared to 1.34% at September 30, 2013, with the change directionally consistent with the performance of the portfolio.  The provision for loan losses totaled $28.6 million, compared to $22.7 million in the prior-year period primarily due to the strong organic loan growth.

Capital PositionSeptember 30, 2014 capital ratios reflect the benefit from the completion of the OBAF acquisition.  The tangible common equity to tangible assets ratio (non-GAAP measure) was 6.89%, compared to 6.73% and 6.09% at June 30, 2014 and September 30, 2013, respectively.  The tangible common book value per share (non-GAAP measure) increased to $5.91 from $5.73 and $5.04 at June 30, 2014 and September 30, 2013, respectively.  The common dividend payout ratio for the third quarter of 2014 was 60.25%.

The Corporation's capital levels at September 30, 2014 continue to exceed federal bank regulatory agency "well capitalized" thresholds as the estimated total risk-based capital ratio was 12.4%, the estimated tier 1 risk-based capital ratio was 11.0% and the estimated leverage ratio was 8.7%. 

Conference CallF.N.B. Corporation will host a conference call to discuss third quarter 2014 financial results on Wednesday, October 22, 2014 at 10:00 a.m. Eastern Time. Participating callers may access the call by dialing (877) 407-0613 or (201) 689-8051 for international callers.  The Webcast and presentation materials may be accessed through the "Shareholder and Investor Relations" section of the Corporation's Web site at www.fnbcorporation.com.

A replay of the call will be available until Thursday, October 30, 2014 and may be accessed by dialing (877) 660-6853 or (201) 612-7415 for international callers; the conference identification number is 13592444. The call transcript and Webcast will be available on the "Shareholder and Investor Relations" section of F.N.B. Corporation's Web site at www.fnbcorporation.com.

About F.N.B. Corporation F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in six states and three major metropolitan areas. It holds a top retail deposit market share in Pittsburgh, PA, Baltimore, MD, and Cleveland, OH. The Company has total assets of $15.8 billion and more than 280 banking offices throughout Pennsylvania, Maryland, Ohio and West Virginia. F.N.B. provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, 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. F.N.B.'s wealth management services include asset management, private banking and insurance. The Company also operates Regency Finance Company, which has more than 70 consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's SmallCap 600 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation web site at www.fnbcorporation.com.

Cautionary Statement Regarding Forward-looking InformationWe make statements in this press release and related conference call, and may from time to time make other statements, regarding our outlook for earnings, revenues, expenses, capital levels, liquidity levels, asset levels, asset quality and other matters regarding or affecting F.N.B. Corporation and its future business and operations that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act.  Forward-looking statements are typically identified by words such as "believe," "plan," "expect," "anticipate," "see," "look," "intend," "outlook," "project," "forecast," "estimate," "goal," "will," "should" and other similar words and expressions.  Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. 

Forward-looking statements speak only as of the date made.  We do not assume any duty and do not undertake to update forward-looking statements.  Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance.

Our forward-looking statements are subject to the following principal risks and uncertainties:

  • Our businesses, financial results and balance sheet values are affected by business and economic conditions, including the following:
    • Changes in interest rates and valuations in debt, equity and other financial markets.
    • Disruptions in the liquidity and other functioning of U.S. and global financial markets.
    • The impact of federal regulated agencies that have oversight or review of F.N.B. Corporation's business and securities activities.
    • Actions by the Federal Reserve, U.S. Treasury and other government agencies, including those that impact money supply and market interest rates.
    • Changes in customers', suppliers' and other counterparties' performance and creditworthiness which adversely affect loan utilization rates, delinquencies, defaults and counterparty ability to meet credit and other obligations.
    • Slowing or reversal of the current moderate economic recovery.
    • Changes in customer preferences and behavior, whether due to changing business and economic conditions, legislative and regulatory initiatives, or other factors.
  • Legal and regulatory developments could affect our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain management. These developments could include:
    • Changes resulting from legislative and regulatory reforms, including broad-based restructuring of financial industry regulation; changes to laws and regulations involving tax, pension, bankruptcy, consumer protection, and other industry aspects; and changes in accounting policies and principles. We will continue to be impacted by extensive reforms provided for in the Dodd-Frank Wall Street Reform and Consumer Protection Act and otherwise growing out of the recent financial crisis, the precise nature, extent and timing of which, and their impact on us, remains uncertain.
    • Changes to regulations governing bank capital and liquidity standards, including due to the Dodd-Frank Act, Volcker rule and Basel III initiatives.
    • Impact on business and operating results of any costs associated with obtaining rights in intellectual property, the adequacy of our intellectual property protection in general and rapid technological developments and changes.
  • Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of third-party insurance, derivatives, swaps, and capital management techniques, and to meet evolving regulatory capital standards.
  • As demonstrated by our acquisitions, we grow our business in part by acquiring, from time to time, other financial services companies, financial services assets and related deposits. These acquisitions often present risks and uncertainties, including, the possibility that the transaction cannot be consummated; regulatory issues; cost or difficulties involved in integration and conversion of the acquired businesses after closing; inability to realize expected cost savings, efficiencies and strategic advantages; the extent of credit losses in acquired loan portfolios and extent of deposit attrition; and the potential dilutive effect to our current shareholders.
  • Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Industry restructuring in the current environment could also impact our business and financial performance through changes in counterparty creditworthiness and performance and the competitive and regulatory landscape. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
  • Business and operating results can also be affected by widespread disasters, dislocations, terrorist activities, cyber-attacks or international hostilities through their impacts on the economy and financial markets.

We provide greater detail regarding some of these factors in our 2013 Form 10-K and 2014 Form 10-Q's, including the Risk Factors section of those reports, and our subsequent SEC filings.  Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release or in SEC filings, accessible on the SEC's website at www.sec.gov and on our corporate website at www.fnbcorporation.com.  We have included these web addresses as inactive textual references only.  Information on these websites is not part of this document.

DATA SHEETS FOLLOW

 

 

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

3Q14 -

3Q14 -

2014

2013

2Q14

3Q13

Third

Second

Third

Percent

Percent

Statement of earnings

Quarter

Quarter

Quarter

Variance

Variance

Interest income

$131,566

$124,440

$109,790

5.7

19.8

Interest expense

10,947

10,248

10,536

6.8

3.9

     Net interest income

120,619

114,192

99,254

5.6

21.5

Taxable equivalent adjustment

1,790

1,691

1,781

5.8

0.5

     Net interest income (FTE) (1)

122,409

115,883

101,035

5.6

21.2

Provision for loan losses

11,197

10,405

7,280

7.6

53.8

     Net interest income after provision (FTE)

111,212

105,478

93,755

5.4

18.6

Service charges

17,742

17,441

16,427

1.7

8.0

Trust income

4,868

4,862

4,176

0.1

16.6

Insurance commissions and fees

4,169

3,691

4,088

13.0

2.0

Securities commissions and fees

3,132

3,002

2,575

4.3

21.6

Mortgage banking

1,078

928

885

16.2

21.8

Gain on sale of securities

1,178

776

5

n/m 

n/m 

Other

5,385

8,490

4,654

-36.6

15.7

     Total non-interest income

37,552

39,190

32,810

-4.2

14.5

Salaries and employee benefits

48,981

48,465

45,155

1.1

8.5

Occupancy and equipment

15,359

15,245

12,547

0.8

22.4

FDIC insurance

3,206

3,399

3,161

-5.7

1.4

Amortization of intangibles

2,455

2,461

2,067

-0.2

18.8

Other real estate owned

816

922

277

-11.6

195.0

Merger and severance-related

2,513

832

913

n/m 

n/m 

Other

22,517

21,260

19,053

5.9

18.2

     Total non-interest expense

95,847

92,584

83,173

3.5

15.2

Income before income taxes

52,917

52,084

43,392

1.6

22.0

Taxable equivalent adjustment

1,790

1,691

1,781

5.8

0.5

Income taxes

15,736

15,562

9,977

1.1

57.7

     Net income

35,391

34,831

31,634

1.6

11.9

     Preferred stock dividends

2,010

2,010

0

     Net income available to common stockholders

$33,381

$32,821

$31,634

1.7

5.5

Earnings per common share:

     Basic

$0.20

$0.20

$0.22

0.0

-9.1

     Diluted

$0.20

$0.20

$0.22

0.0

-9.1

Non-GAAP Operating Results:

Operating net income available to common stockholders:

     Net income available to common stockholders

$33,381

$32,821

$31,634

     Net gain on sale of pooled TPS and other securities, net of tax

0

0

0

     (Gain) loss on extinguishment of debt, net of tax

0

0

0

     Merger and severance costs, net of tax

1,633

541

594

     Operating net income available to common stockholders

$35,014

$33,362

$32,228

5.0

8.6

Operating diluted earnings per common share:

     Diluted earnings per common share

$0.20

$0.20

$0.22

     Effect of net gain on sale of pooled TPS and other securities, net of tax

0.00

0.00

0.00

     Effect of (gain) loss on extinguishment of debt, net of tax

0.00

0.00

0.00

     Effect of merger and severance costs, net of tax

0.01

0.00

0.00

     Operating diluted earnings per common share

$0.21

$0.20

$0.22

5.0

0.0

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

For the Nine Months Ended

September 30,

Percent

Statement of earnings

2014

2013

Variance

Interest income

$373,886

$322,749

15.8

Interest expense

31,250

33,653

-7.1

     Net interest income

342,636

289,096

18.5

Taxable equivalent adjustment

5,203

5,265

-1.2

     Net interest income (FTE) (1)

347,839

294,361

18.2

Provision for loan losses

28,608

22,724

25.9

     Net interest income after provision (FTE)

319,231

271,637

17.5

Service charges

50,452

51,416

-1.9

Trust income

14,494

12,428

16.6

Insurance commissions and fees

12,805

12,619

1.5

Securities commissions and fees

8,525

8,365

1.9

Mortgage banking

2,220

3,083

-28.0

Gain on sale of securities

11,415

757

n/m

Other

18,901

14,451

30.8

     Total non-interest income

118,812

103,119

15.2

Salaries and employee benefits

144,469

132,261

9.2

Occupancy and equipment

45,985

37,682

22.0

FDIC insurance

9,599

8,197

17.1

Amortization of intangibles

7,199

6,063

18.7

Other real estate owned

2,517

1,289

95.3

Merger and severance-related

10,593

4,211

151.6

Other

62,235

56,399

10.3

     Total non-interest expense

282,597

246,102

14.8

Income before income taxes

155,446

128,654

20.8

Taxable equivalent adjustment

5,203

5,265

-1.2

Income taxes

45,497

34,024

33.7

     Net income

104,746

89,365

17.2

     Preferred stock dividends

6,342

0

     Net income available to common stockholders

$98,404

$89,365

10.1

Earnings per common share:

     Basic

$0.60

$0.63

-4.8

     Diluted

$0.59

$0.62

-4.8

Non-GAAP Operating Results:

Operating net income available to common stockholders:

     Net income available to common stockholders

$98,404

$89,365

     Net gain on sale of pooled TPS and other securities, net of tax

(6,150)

0

     (Gain) loss on extinguishment of debt, net of tax

0

(1,013)

     Merger and severance costs, net of tax

6,885

2,738

     Operating net income available to common stockholders

$99,139

$91,089

8.8

Operating diluted earnings per common share:

     Diluted earnings per common share

$0.59

$0.62

     Effect of net gain on sale of pooled TPS and other securities, net of tax

(0.04)

0.00

     Effect of (gain) loss on extinguishment of debt, net of tax

0.00

(0.01)

     Effect of merger and severance costs, net of tax

0.04

0.02

     Operating diluted earnings per common share

$0.59

$0.63

-6.3

 

 

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

3Q14 -

3Q14 -

2014

2013

2Q14

3Q13

Third

Second

Third

Percent

Percent

Balance Sheet (at period end)

Quarter

Quarter

Quarter

Variance

Variance

Assets

Cash and due from banks

$205,062

$250,954

$234,746

-18.3

-12.6

Interest bearing deposits with banks

32,906

19,766

48,763

66.5

-32.5

     Cash and cash equivalents

237,968

270,720

283,509

-12.1

-16.1

Securities available for sale

1,439,735

1,384,273

1,115,558

4.0

29.1

Securities held to maturity

1,475,552

1,427,852

1,180,992

3.3

24.9

Residential mortgage loans held for sale

4,431

2,705

8,105

63.8

-45.3

Loans, net of unearned income

10,967,860

10,333,873

8,836,905

6.1

24.1

Allowance for loan losses

(120,601)

(116,748)

(110,052)

3.3

9.6

     Net loans

10,847,259

10,217,125

8,726,853

6.2

24.3

Premises and equipment, net

166,661

162,383

147,406

2.6

13.1

Goodwill

829,271

805,514

713,509

2.9

16.2

Core deposit and other intangible assets, net

50,017

48,292

35,400

3.6

41.3

Bank owned life insurance

299,828

309,750

263,781

-3.2

13.7

Other assets

406,323

390,633

315,166

4.0

28.9

Total Assets

$15,757,045

$15,019,247

$12,790,279

4.9

23.2

Liabilities

Deposits:

     Non-interest bearing demand

$2,647,081

$2,429,120

$2,115,813

9.0

25.1

     Interest bearing demand

4,551,241

4,354,333

3,869,971

4.5

17.6

     Savings

1,574,187

1,576,480

1,377,951

-0.1

14.2

     Certificates and other time deposits

2,679,584

2,697,837

2,359,636

-0.7

13.6

          Total Deposits

11,452,093

11,057,770

9,723,371

3.6

17.8

Other liabilities

157,230

154,816

133,061

1.6

18.2

Short-term borrowings

1,601,167

1,504,510

1,166,180

6.4

37.3

Long-term debt

483,189

335,854

91,807

43.9

426.3

Junior subordinated debt

58,233

58,220

194,213

0.0

-70.0

     Total Liabilities

13,751,912

13,111,170

11,308,632

4.9

21.6

Stockholders' Equity

Preferred Stock

106,882

106,882

0

n/m   

n/m     

Common stock

1,747

1,673

1,455

4.4

20.1

Additional paid-in capital

1,791,674

1,700,220

1,440,779

5.4

24.4

Retained earnings

159,812

146,542

112,649

9.1

41.9

Accumulated other comprehensive income

(40,451)

(36,559)

(66,171)

10.6

-38.9

Treasury stock

(14,531)

(10,681)

(7,065)

36.0

105.7

     Total Stockholders' Equity

2,005,133

1,908,077

1,481,647

5.1

35.3

Total Liabilities and Stockholders' Equity

$15,757,045

$15,019,247

$12,790,279

4.9

23.2

Selected average balances

Total assets

$15,217,695

$14,710,831

$12,615,338

3.4

20.6

Earning assets

13,398,703

12,909,262

11,047,767

3.8

21.3

Interest bearing deposits with banks

54,223

45,725

30,224

18.6

79.4

Securities

2,796,369

2,751,703

2,275,473

1.6

22.9

Residential mortgage loans held for sale

3,330

2,751

12,060

21.0

-72.4

Loans, net of unearned income

10,544,781

10,109,083

8,730,010

4.3

20.8

Allowance for loan losses

120,226

113,009

110,463

6.4

8.8

Goodwill and intangibles

856,795

854,760

748,592

0.2

14.5

Deposits and customer repurchase agreements (6)

11,925,256

11,786,281

10,402,935

1.2

14.6

Short-term borrowings

723,048

551,633

318,023

31.1

127.4

Long-term debt

422,698

266,925

91,659

58.4

361.2

Trust preferred securities

58,226

58,893

194,206

-1.1

-70.0

Total stockholders' equity

1,927,727

1,900,751

1,475,751

1.4

30.6

Preferred stockholders' equity

106,882

106,882

0

0.0

n/m     

Common stock data

Average diluted shares outstanding

168,884,127

167,867,608

146,446,442

0.6

15.3

Period end shares outstanding

173,495,767

166,559,258

145,263,435

4.2

19.4

Book value per common share

$10.94

$10.81

$10.20

1.2

7.3

Tangible book value per common share (4)

$5.91

$5.73

$5.04

3.2

17.2

Dividend payout ratio (common)

60.25%

61.26%

55.51%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

For the Nine Months Ended

September 30,

Percent

Balance Sheet (at period end)

2014

2013

Variance

Assets

Cash and due from banks

$205,062

$234,746

-12.6

Interest bearing deposits with banks

32,906

48,763

-32.5

     Cash and cash equivalents

237,968

283,509

-16.1

Securities available for sale

1,439,735

1,115,558

29.1

Securities held to maturity

1,475,552

1,180,992

24.9

Residential mortgage loans held for sale

4,431

8,105

-45.3

Loans, net of unearned income

10,967,860

8,836,905

24.1

Allowance for loan losses

(120,601)

(110,052)

9.6

     Net loans

10,847,259

8,726,853

24.3

Premises and equipment, net

166,661

147,406

13.1

Goodwill

829,271

713,509

16.2

Core deposit and other intangible assets, net

50,017

35,400

41.3

Bank owned life insurance

299,828

263,781

13.7

Other assets

406,323

315,166

28.9

Total Assets

$15,757,045

$12,790,279

23.2

Liabilities

Deposits:

     Non-interest bearing demand

$2,647,081

$2,115,813

25.1

     Interest bearing demand

4,551,241

3,869,971

17.6

     Savings

1,574,187

1,377,951

14.2

     Certificates and other time deposits

2,679,584

2,359,636

13.6

          Total Deposits

11,452,093

9,723,371

17.8

Other liabilities

157,230

133,061

18.2

Short-term borrowings

1,601,167

1,166,180

37.3

Long-term debt

483,189

91,807

426.3

Junior subordinated debt

58,233

194,213

-70.0

     Total Liabilities

13,751,912

11,308,632

21.6

Stockholders' Equity

Preferred Stock

106,882

0

n/m

Common stock

1,747

1,455

20.1

Additional paid-in capital

1,791,674

1,440,779

24.4

Retained earnings

159,812

112,649

41.9

Accumulated other comprehensive income

(40,451)

(66,171)

-38.9

Treasury stock

(14,531)

(7,065)

105.7

     Total Stockholders' Equity

2,005,133

1,481,647

35.3

Total Liabilities and Stockholders' Equity

$15,757,045

$12,790,279

23.2

Selected average balances

Total assets

$14,643,776

$12,365,612

18.4

Earning assets

12,854,620

10,804,457

19.0

Interest bearing deposits with banks

48,743

33,199

46.8

Securities

2,682,596

2,275,427

17.9

Residential mortgage loans held for sale

3,636

21,696

-83.2

Loans, net of unearned income

10,119,645

8,474,134

19.4

Allowance for loan losses

114,576

108,173

5.9

Goodwill and intangibles

848,942

735,638

15.4

Deposits and customer repurchase agreements (6)

11,685,675

10,226,771

14.3

Short-term borrowings

556,347

250,845

121.8

Long-term debt

303,256

92,024

229.5

Trust preferred securities

64,324

201,575

-68.1

Total stockholders' equity

1,886,386

1,453,746

29.8

Preferred stockholders' equity

106,882

0

n/m

Common stock data

Average diluted shares outstanding

166,924,843

144,469,817

15.5

Period end shares outstanding

173,495,767

145,263,435

19.4

Book value per common share

$10.94

$10.20

7.3

Tangible book value per common share (4)

$5.91

$5.04

17.2

Dividend payout ratio (common)

61.21%

58.22%

 

 

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

3Q14 -

3Q14 -

2014

2013

2Q14

3Q13

Third

Second

Third

Percent

Percent

Quarter

Quarter

Quarter

Variance

Variance

Performance ratios

Return on average equity

7.28%

7.35%

8.50%

Return on average tangible equity (2) (4)

13.61%

13.88%

17.99%

Return on average tangible common equity (2) (4)

14.29%

14.59%

17.99%

Return on average assets

0.92%

0.95%

0.99%

Return on average tangible assets (3) (4)

1.02%

1.05%

1.10%

Net interest margin (FTE) (1)

3.63%

3.60%

3.64%

Yield on earning assets (FTE) (1)

3.96%

3.92%

4.01%

Cost of funds

0.41%

0.40%

0.47%

Efficiency ratio (FTE) (1) (5)

56.72%

57.27%

59.71%

Effective tax rate

30.78%

30.88%

23.98%

Capital ratios

Equity / assets (period end)

12.73%

12.70%

11.58%

Leverage ratio

8.69%

8.44%

8.42%

Tangible equity / tangible assets (period end) (4)

7.61%

7.49%

6.09%

Tangible common equity / tangible assets (period end) (4)

6.89%

6.73%

6.09%

Tangible equity, excluding AOCI / tangible assets (period end) (4) (7)

7.16%

6.99%

6.63%

Balances at period end

Loans:

Commercial real estate

$3,790,164

$3,577,933

$2,920,808

5.9

29.8

Commercial and industrial

2,247,605

2,103,896

1,755,235

6.8

28.1

Commercial leases

171,615

164,676

141,714

4.2

21.1

     Commercial loans and leases

6,209,384

5,846,505

4,817,757

6.2

28.9

Direct installment

1,579,312

1,512,149

1,408,539

4.4

12.1

Residential mortgages

1,231,796

1,145,286

1,031,805

7.6

19.4

Indirect installment

805,836

729,513

638,312

10.5

26.2

Consumer LOC

1,087,271

1,037,519

887,981

4.8

22.4

Other

54,261

62,901

52,511

-13.7

3.3

     Total loans

$10,967,860

$10,333,873

$8,836,905

6.1

24.1

Deposits:

Non-interest bearing deposits

$2,647,081

$2,429,120

$2,115,813

9.0

25.1

Interest bearing demand

4,551,241

4,354,333

3,869,971

4.5

17.6

Savings

1,574,187

1,576,480

1,377,951

-0.1

14.2

Certificates of deposit and other time deposits

2,679,584

2,697,837

2,359,636

-0.7

13.6

     Total deposits

11,452,093

11,057,770

9,723,371

3.6

17.8

Customer repurchase agreements (6)

857,217

751,066

834,610

14.1

2.7

     Total deposits and customer repurchase agreements (6)

$12,309,310

$11,808,836

$10,557,981

4.2

16.6

Average balances

Loans:

Commercial real estate

$3,614,717

$3,515,115

$2,891,354

2.8

25.0

Commercial and industrial

2,175,751

2,034,481

1,753,053

6.9

24.1

Commercial leases

168,865

163,720

138,441

3.1

22.0

     Commercial loans and leases

5,959,333

5,713,316

4,782,848

4.3

24.6

Direct installment

1,548,224

1,484,698

1,362,881

4.3

13.6

Residential mortgages

1,160,826

1,134,820

1,043,349

2.3

11.3

Indirect installment

764,585

702,257

621,705

8.9

23.0

Consumer LOC

1,053,739

1,023,963

875,239

2.9

20.4

Other

58,074

50,028

43,988

16.1

32.0

     Total loans

$10,544,781

$10,109,082

$8,730,010

4.3

20.8

Deposits:

Non-interest bearing deposits

$2,524,568

$2,374,516

$2,033,370

6.3

24.2

Interest bearing demand

4,398,565

4,301,667

3,841,619

2.3

14.5

Savings

1,575,775

1,575,453

1,387,869

0.0

13.5

Certificates of deposit and other time deposits

2,653,535

2,736,294

2,391,828

-3.0

10.9

     Total deposits

11,152,443

10,987,930

9,654,686

1.5

15.5

Customer repurchase agreements (6)

772,813

798,351

748,249

-3.2

3.3

     Total deposits and customer repurchase agreements (6)

$11,925,256

$11,786,281

$10,402,935

1.2

14.6

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

For the Nine Months Ended

September 30,

Percent

2014

2013

Variance

Performance ratios

Return on average equity

7.42%

8.22%

Return on average tangible equity (2) (4)

14.01%

17.37%

Return on average tangible common equity (2) (4)

14.70%

17.37%

Return on average assets

0.96%

0.97%

Return on average tangible assets (3) (4)

1.06%

1.07%

Net interest margin (FTE) (1)

3.62%

3.64%

Yield on earning assets (FTE) (1)

3.94%

4.06%

Cost of funds

0.41%

0.51%

Efficiency ratio (FTE) (1) (5)

57.62%

59.35%

Effective tax rate

30.28%

27.57%

Capital ratios

Equity / assets (period end)

12.73%

11.58%

Leverage ratio

8.69%

8.42%

Tangible equity / tangible assets (period end) (4)

7.61%

6.09%

Tangible common equity / tangible assets (period end) (4)

6.89%

6.09%

Tangible equity, excluding AOCI / tangible assets (period end) (4) (7)

7.16%

6.63%

Balances at period end

Loans:

Commercial real estate

$3,790,164

$2,920,808

29.8

Commercial and industrial

2,247,605

1,755,235

28.1

Commercial leases

171,615

141,714

21.1

     Commercial loans and leases

6,209,384

4,817,757

28.9

Direct installment

1,579,312

1,408,539

12.1

Residential mortgages

1,231,796

1,031,805

19.4

Indirect installment

805,836

638,312

26.2

Consumer LOC

1,087,271

887,981

22.4

Other

54,261

52,511

3.3

     Total loans

$10,967,859

$8,836,905

24.1

Deposits:

Non-interest bearing deposits

$2,647,081

$2,115,813

25.1

Interest bearing demand

4,551,241

3,869,971

17.6

Savings

1,574,187

1,377,951

14.2

Certificates of deposit and other time deposits

2,679,584

2,359,636

13.6

     Total deposits

11,452,093

9,723,371

17.8

Customer repurchase agreements (6)

857,217

834,610

2.7

     Total deposits and customer repurchase agreements (6)

$12,309,310

$10,557,981

16.6

Average balances

Loans:

Commercial real estate

$3,487,313

$2,823,940

23.5

Commercial and industrial

2,049,510

1,704,804

20.2

Commercial leases

164,349

134,138

22.5

     Commercial loans and leases

5,701,172

4,662,882

22.3

Direct installment

1,500,070

1,263,872

18.7

Residential mortgages

1,134,528

1,062,288

6.8

Indirect installment

711,313

595,474

19.5

Consumer LOC

1,021,912

847,978

20.5

Other

50,650

41,640

21.6

     Total loans

$10,119,645

$8,474,134

19.4

Deposits:

Non-interest bearing deposits

$2,375,062

$1,894,206

25.4

Interest bearing demand

4,267,539

3,774,211

13.1

Savings

1,548,791

1,339,723

15.6

Certificates of deposit and other time deposits

2,694,813

2,448,634

10.1

     Total deposits

10,886,205

9,456,774

15.1

Customer repurchase agreements (6)

799,470

769,997

3.8

     Total deposits and customer repurchase agreements (6)

$11,685,675

$10,226,771

14.3

 

 

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

3Q14 -

3Q14 -

2014

2013

2Q14

3Q13

Third

Second

Third

Percent

Percent

Asset Quality Data

Quarter

Quarter

Quarter

Variance

Variance

Non-Performing Assets

Non-performing loans (8)

     Non-accrual loans

$55,095

$59,549

$65,451

-7.5

-15.8

     Restructured loans

21,797

20,485

17,252

6.4

26.3

          Non-performing loans

76,892

80,034

82,703

-3.9

-7.0

Other real estate owned (9)

39,040

40,268

35,144

-3.0

11.1

     Non-performing loans and OREO

115,932

120,302

117,847

-3.6

-1.6

Non-performing investments

0

0

733

n/m

n/m

     Total non-performing assets

$115,932

$120,302

$118,580

-3.6

-2.2

Non-performing loans / total loans

0.70%

0.77%

0.94%

Non-performing loans / total originated loans (10)

0.83%

0.91%

1.05%

Non-performing loans + OREO / total loans + OREO

1.05%

1.16%

1.33%

Non-performing loans + OREO / total originated loans + OREO (10)

1.25%

1.36%

1.49%

Non-performing assets / total assets

0.74%

0.80%

0.93%

Allowance Rollforward

Allowance for loan losses (originated portfolio) (10)

     Balance at beginning of period

$111,188

$107,123

$102,849

3.8

8.1

     Provision for loan losses

9,860

8,900

7,505

10.8

31.4

     Net loan charge-offs

(6,479)

(4,835)

(5,018)

34.0

29.1

     Allowance for loan losses (originated portfolio) (10)

114,569

111,188

105,336

3.0

8.8

Allowance for loan losses (acquired portfolio) (11)

     Balance at beginning of period

5,560

5,096

5,431

     Provision for loan losses

1,337

1,505

(226)

     Net loan charge-offs

(865)

(1,041)

(489)

     Allowance for loan losses (acquired portfolio) (11)

6,032

5,560

4,716

8.5

27.9

          Total allowance for loan losses

$120,601

$116,748

$110,052

3.3

9.6

Allowance for loan losses / total loans

1.10%

1.13%

1.25%

Allowance for loan losses (originated loans) / total originated loans (10)

1.24%

1.26%

1.34%

Allowance for loan losses (originated loans) / total non-performing loans (8)

149.00%

138.93%

127.37%

Net loan charge-offs (annualized) / total average loans

0.28%

0.23%

0.25%

Net loan charge-offs on originated loans (annualized) / total average originated loans (10)

0.29%

0.23%

0.26%

Delinquency - Originated Portfolio (10)

Loans 30-89 days past due

$35,899

$33,821

$41,212

6.1

-12.9

Loans 90+ days past due

7,085

6,282

7,018

12.8

1.0

Non-accrual loans

55,095

59,549

65,451

-7.5

-15.8

     Total past due and non-accrual loans

$98,079

$99,652

$113,681

-1.6

-13.7

Total past due and non-accrual loans / total originated loans

1.06%

1.13%

1.44%

Memo item:

Delinquency - Acquired Portfolio (11) (12)

Loans 30-89 days past due

$29,191

$30,657

$16,968

-4.8

72.0

Loans 90+ days past due

39,236

58,636

41,458

-33.1

-5.4

Non-accrual loans

0

0

0

0.0

0.0

     Total past due and non-accrual loans

$68,427

$89,293

$58,426

-23.4

17.1

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

For the Nine Months Ended

September 30,

Percent

Asset Quality Data

2014

2013

Variance

Non-Performing Assets

Non-performing loans (8)

     Non-accrual loans

$55,095

$65,451

-15.8

     Restructured loans

21,797

17,252

26.3

          Non-performing loans

76,892

82,703

-7.0

Other real estate owned (9)

39,040

35,144

11.1

     Non-performing loans and OREO

115,932

117,847

-1.6

Non-performing investments

0

733

n/m

     Total non-performing assets

$115,932

$118,580

-2.2

Non-performing loans / total loans

0.70%

0.94%

Non-performing loans / total originated loans (10)

0.83%

1.05%

Non-performing loans + OREO / total loans + OREO

1.05%

1.33%

Non-performing loans + OREO / total originated loans + OREO (10)

1.25%

1.49%

Non-performing assets / total assets

0.74%

0.93%

Allowance Rollforward

Allowance for loan losses (originated portfolio) (10)

     Balance at beginning of period

$104,884

$100,194

4.7

     Provision for loan losses

26,616

20,513

29.8

     Net loan charge-offs

(16,931)

(15,370)

10.2

     Allowance for loan losses (originated portfolio) (10)

114,569

105,337

8.8

Allowance for loan losses (acquired portfolio) (11)

     Balance at beginning of period

5,900

4,180

     Provision for loan losses

1,992

2,211

     Net loan charge-offs

(1,860)

(1,675)

     Allowance for loan losses (acquired portfolio) (11)

6,032

4,716

27.9

          Total allowance for loan losses

$120,601

$110,053

9.6

Allowance for loan losses / total loans

1.10%

1.25%

Allowance for loan losses (originated loans) / total originated loans (10)

1.24%

1.34%

Allowance for loan losses (originated loans) / total non-performing loans (8)

149.00%

127.37%

Net loan charge-offs (annualized) / total average loans

0.25%

0.27%

Net loan charge-offs on originated loans (annualized) / total average originated loans (10)

0.27%

0.27%

Delinquency - Originated Portfolio (10)

Loans 30-89 days past due

$35,899

$41,212

-12.9

Loans 90+ days past due

7,085

7,018

1.0

Non-accrual loans

55,095

65,451

-15.8

     Total past due and non-accrual loans

$98,079

$113,681

-13.7

Total past due and non-accrual loans / total originated loans

1.06%

1.44%

Memo item:

Delinquency - Acquired Portfolio (11) (12)

Loans 30-89 days past due

$29,191

$16,968

72.0

Loans 90+ days past due

39,236

41,458

-5.4

Non-accrual loans

0

0

0.0

     Total past due and non-accrual loans

$68,427

$58,426

17.1

 

 

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

2014

Third Quarter

Second Quarter

Interest

Average

Interest

Average

Average

Earned

Yield

Average

Earned

Yield

Outstanding

or Paid

or Rate

Outstanding

or Paid

or Rate

Assets

Interest bearing deposits with banks

$54,223

$23

0.17%

$45,725

$21

0.18%

Taxable investment securities (13)

2,636,572

13,711

2.08%

2,600,855

13,578

2.04%

Non-taxable investment securities (14)

159,797

2,086

5.22%

150,848

1,987

5.27%

Residential mortgage loans held for sale

3,330

62

7.44%

2,751

90

13.08%

Loans (14) (15)

10,544,781

117,474

4.43%

10,109,083

110,455

4.38%

     Total Interest Earning Assets (14)

13,398,703

133,356

3.96%

12,909,262

126,131

3.92%

Cash and due from banks

199,157

193,670

Allowance for loan losses

(120,226)

(113,009)

Premises and equipment

163,368

164,063

Other assets

1,576,693

1,556,845

Total Assets

$15,217,695

$14,710,831

Liabilities

Deposits:

     Interest-bearing demand

$4,398,565

1,752

0.16%

$4,301,667

1,665

0.16%

     Savings

1,575,775

172

0.04%

1,575,453

182

0.05%

     Certificates and other time

2,653,535

5,533

0.83%

2,736,294

5,614

0.82%

Customer repurchase agreements

772,812

413

0.21%

798,351

439

0.22%

Other short-term borrowings

723,049

1,046

0.57%

551,633

870

0.62%

Long-term debt

422,698

1,692

1.59%

266,925

1,136

1.71%

Junior subordinated debt

58,226

339

2.31%

58,893

342

2.33%

     Total Interest Bearing Liabilities (14)

10,604,660

10,947

0.41%

10,289,216

10,248

0.40%

Non-interest bearing demand deposits

2,524,568

2,374,516

Other liabilities

160,740

146,348

Total Liabilities

13,289,968

12,810,080

Stockholders' equity

1,927,727

1,900,751

Total Liabilities and Stockholders' Equity

$15,217,695

$14,710,831

Net Interest Earning Assets

$2,794,043

$2,620,046

Net Interest Income (FTE)

122,409

115,883

Tax Equivalent Adjustment

(1,790)

(1,691)

Net Interest Income

$120,619

$114,192

Net Interest Spread

3.55%

3.52%

Net Interest Margin (14)

3.63%

3.60%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

2013

Third Quarter

Interest

Average

Average

Earned

Yield

Outstanding

or Paid

or Rate

Assets

Interest bearing deposits with banks

$30,224

$13

0.17%

Taxable investment securities (13)

2,117,849

10,889

2.06%

Non-taxable investment securities (14)

157,624

2,122

5.38%

Residential mortgage loans held for sale

12,060

134

4.45%

Loans (14) (15)

8,730,010

98,413

4.48%

     Total Interest Earning Assets (14)

11,047,767

111,571

4.01%

Cash and due from banks

185,419

Allowance for loan losses

(110,463)

Premises and equipment

147,804

Other assets

1,344,811

Total Assets

$12,615,338

Liabilities

Deposits:

     Interest-bearing demand

$3,841,619

1,391

0.14%

     Savings

1,387,869

162

0.05%

     Certificates and other time

2,391,828

5,342

0.89%

Customer repurchase agreements

748,249

419

0.22%

Other short-term borrowings

318,024

703

0.87%

Long-term debt

91,659

719

3.11%

Junior subordinated debt

194,206

1,800

3.68%

     Total Interest Bearing Liabilities (14)

8,973,454

10,536

0.47%

Non-interest bearing demand deposits

2,033,370

Other liabilities

132,763

Total Liabilities

11,139,587

Stockholders' equity

1,475,751

Total Liabilities and Stockholders' Equity

$12,615,338

Net Interest Earning Assets

$2,074,313

Net Interest Income (FTE)

101,035

Tax Equivalent Adjustment

(1,781)

Net Interest Income

$99,254

Net Interest Spread

3.55%

Net Interest Margin (14)

3.64%

 

 

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

For the Nine Months Ended September 30,

2014

2013

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

$48,743

$70

0.19%

$33,199

$45

0.18%

Taxable investment securities (13)

2,529,140

39,739

2.10%

2,112,382

32,170

2.03%

Non-taxable investment securities (14)

153,456

6,072

5.28%

163,045

6,682

5.46%

Residential mortgage loans held for sale

3,636

287

10.53%

21,696

617

3.79%

Loans (14) (15)

10,119,645

332,921

4.40%

8,474,135

288,500

4.55%

     Total Interest Earning Assets (14)

12,854,620

379,089

3.94%

10,804,457

328,014

4.06%

Cash and due from banks

184,184

178,154

Allowance for loan losses

(114,576)

(108,173)

Premises and equipment

162,526

144,212

Other assets

1,547,022

1,346,962

Total Assets

$14,633,776

$12,365,612

Liabilities

Deposits:

     Interest-bearing demand

$4,267,539

4,932

0.15%

$3,774,211

4,326

0.15%

     Savings

1,548,791

526

0.05%

1,339,723

491

0.05%

     Certificates and other time

2,694,813

16,609

0.82%

2,448,634

17,686

0.97%

Customer repurchase agreements

799,470

1,315

0.22%

769,997

1,340

0.23%

Other short-term borrowings

556,347

2,696

0.65%

250,846

1,964

1.04%

Long-term debt

303,255

3,850

1.70%

92,024

2,268

3.30%

Junior subordinated debt

64,324

1,322

2.75%

201,575

5,578

3.70%

     Total Interest Bearing Liabilities (14)

10,234,539

31,250

0.41%

8,877,010

33,653

0.51%

Non-interest bearing demand deposits

2,375,062

1,894,206

Other liabilities

147,789

140,650

Total Liabilities

12,757,390

10,911,866

Stockholders' equity

1,886,386

1,453,746

Total Liabilities and Stockholders' Equity

$14,643,776

$12,365,612

Net Interest Earning Assets

$2,620,081

$1,927,447

Net Interest Income (FTE)

347,839

294,361

Tax Equivalent Adjustment

(5,203)

(5,265)

Net Interest Income

$342,636

$289,096

Net Interest Spread

3.53%

3.55%

Net Interest Margin (14)

3.62%

3.64%

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

We believe the following non-GAAP financial measures used by F.N.B. Corporation provide information useful to investors in understanding F.N.B. Corporation's operating performance and trends, and facilitate comparisons with the performance of F.N.B. Corporation's peers. The non-GAAP financial measures used by F.N.B. Corporation may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, F.N.B. Corporation's reported results prepared in accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in F.N.B. Corporation's financial statements.

2014

2013

Third

Second

Third

Quarter

Quarter

Quarter

Return on average tangible equity (2):

Net income (annualized)

$140,408

$139,709

$125,505

Amortization of intangibles, net of tax (annualized)

6,332

6,417

5,331

146,740

146,126

130,836

Average total shareholders' equity

1,927,727

1,900,751

1,475,751

Less: Average intangibles

(849,902)

(847,815)

(748,592)

1,077,825

1,052,936

727,159

Return on average tangible equity (2)

13.61%

13.88%

17.99%

Return on average tangible common equity (2):

Net income available to common stockholders (annualized)

$132,437

$131,646

$125,505

Amortization of intangibles, net of tax (annualized)

6,332

6,417

5,331

138,769

138,063

130,836

Average total stockholders' equity

1,927,727

1,900,751

1,475,751

Less: Average preferred stockholders' equity

(106,882)

(106,882)

0

Less: Average intangibles

(849,902)

(847,815)

(748,592)

970,943

946,054

727,159

Return on average tangible common equity (2)

14.29%

14.59%

17.99%

Return on average tangible assets (3):

Net income (annualized)

$140,408

$139,709

$125,505

Amortization of intangibles, net of tax (annualized)

6,332

6,417

5,331

146,740

146,126

130,836

Average total assets

15,217,695

14,710,831

12,615,338

Less: Average intangibles

(849,902)

(847,815)

(748,592)

14,367,793

13,863,016

11,866,746

Return on average tangible assets (3)

1.02%

1.05%

1.10%

Tangible book value per share:

Total shareholders' equity

$2,005,133

$1,908,077

$1,481,647

Less: preferred shareholders' equity

(106,882)

(106,882)

0

Less: intangibles

(872,479)

(846,830)

(748,909)

1,025,772

954,365

732,738

Ending shares outstanding

173,495,767

166,559,258

145,263,435

Tangible book value per share

$5.91

$5.73

$5.04

 

 

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

For the Nine Months Ended

September 30,

2014

2013

Return on average tangible equity (2):

Net income (annualized)

$140,045

$119,480

Amortization of intangibles, net of tax (annualized)

6,257

5,269

146,302

124,749

Average total shareholders' equity

1,886,386

1,453,746

Less: Average intangibles

(841,770)

(735,638)

1,044,616

718,108

Return on average tangible equity (2)

14.01%

17.37%

Return on average tangible common equity (2):

Net income available to common stockholders (annualized)

$131,565

$119,480

Amortization of intangibles, net of tax (annualized)

6,257

5,269

137,822

124,749

Average total stockholders' equity

1,886,386

1,453,746

Less: Average preferred stockholders' equity

(106,882)

0

Less: Average intangibles

(841,770)

(735,638)

937,734

718,108

Return on average tangible common equity (2)

14.70%

17.37%

Return on average tangible assets (3):

Net income (annualized)

$140,045

$119,480

Amortization of intangibles, net of tax (annualized)

6,257

5,269

146,302

124,749

Average total assets

14,643,776

12,365,612

Less: Average intangibles

(841,770)

(735,638)

13,802,006

11,629,974

Return on average tangible assets (3)

1.06%

1.07%

Tangible book value per share:

Total shareholders' equity

$2,005,133

$1,481,647

Less: preferred shareholders' equity

(106,882)

0

Less: intangibles

(872,479)

(748,909)

1,025,772

732,737

Ending shares outstanding

173,495,767

145,263,435

Tangible book value per share

$5.91

$5.04

 

 

F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

2014

2013

Third

Second

Third

Quarter

Quarter

Quarter

Tangible equity / tangible assets (period end):

Total shareholders' equity

$2,005,133

$1,908,077

$1,481,647

Less: intangibles

(872,479)

(846,830)

(748,909)

1,132,654

1,061,247

732,738

Total assets

15,757,045

15,019,247

12,790,279

Less: intangibles

(872,479)

(846,830)

(748,909)

14,884,566

14,172,417

12,041,370

Tangible equity / tangible assets (period end)

7.61%

7.49%

6.09%

Tangible common equity / tangible assets (period end):

Total stockholders' equity

$2,005,133

$1,908,077

$1,481,647

Less: preferred stockholders' equity

(106,882)

(106,882)

0

Less: intangibles

(872,479)

(846,830)

(748,909)

1,025,772

954,365

732,738

Total assets

15,757,045

15,019,247

12,790,279

Less: intangibles

(872,479)

(846,830)

(748,909)

14,884,566

14,172,417

12,041,370

Tangible equity / tangible assets (period end)

6.89%

6.73%

6.09%

Tangible equity, excluding AOCI / tangible

     assets (period end) (7):

Total shareholders' equity

$2,005,133

$1,908,077

$1,481,647

Less: preferred shareholders' equity

(106,882)

(106,882)

0

Less: intangibles

(872,479)

(846,830)

(748,909)

Less: AOCI

40,451

36,559

66,171

1,066,223

990,924

798,909

Total assets

15,757,045

15,019,247

12,790,279

Less: intangibles

(872,479)

(846,830)

(748,909)

14,884,566

14,172,417

12,041,370

Tangible equity, excluding AOCI / tangible

     assets (period end) (7)

7.16%

6.99%

6.63%

(1)

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

(2)

Return on average tangible equity is calculated by dividing net income excluding amortization of intangibles by average equity less average intangibles.

(3)

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

(4)

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

(5)

The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles, other real estate owned expense and merger and severance costs by the sum of net interest income on a fully taxable equivalent basis plus non-interest income less securities gains.

(6)

Customer repos are included in short-term borrowings on the balance sheet.

(7)

Accumulated other comprehensive income (AOCI) is comprised of unrealized losses on securities, unrealized losses on derivative instruments and unrecognized unrecognized pension and postretirement obligations.

(8)

Does not include loans acquired at fair value ("acquired portfolio").

(9)

Includes all other real estate owned, including those balances acquired through business combinations that have been in acquired loans prior to foreclosure.

(10)

"Originated Portfolio" or "Originated Loans" equals loans and leases not included by definition in the Acquired Portfolio.

(11)

"Acquired Portfolio" or "Acquired Loans" equals loans acquired at fair value, accounted for in accordance with ASC 805 which was effective January 1, 2009. The risk of credit loss on these loans has been considered by virtue of the Corporation's estimate of acquisition-date fair value and these loans are considered accruing as the Corporation primarily recognizes interest income through accretion of the difference between the carrying value of these loans and their expected cash flows. Because acquired loans are initially recorded at an amount estimated to be collectible, losses on such loans, when incurred, are first applied against the non-accretable difference established in purchase accounting and then to any allowance for loan losses recognized subsequent to acquisition.

(12)

Represents contractual balances.

(13)

The average balances and yields earned on taxable investment securities are based on historical cost.

(14)

The interest income amounts are reflected on a FTE basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 35% for each period presented. The yields on earning assets and the net interest margin are presented on an FTE and annualized basis. The rates paid on interest-bearing liabilities are also presented on an annualized basis.

(15)

Average balances for loans include non-accrual loans. Loans consist of average total loans less average unearned income. The amount of loan fees included in interest income is immaterial.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnb-corporation-reports-continued-revenue-growth-and-record-net-income-590943725.html

SOURCE F.N.B. Corporation


Spireon Introduces GoldStar CMS, Sets New Standard for Vehicle Finance Tracking Oct 22, 2014 08:20AM

IRVINE, CA -- (Marketwired) -- 10/22/14 -- Spireon, the leading innovator of Mobile Resource Management (MRM) and Business Intelligence Solutions that connect companies to their mobile assets and workforces, today introduced GoldStar CMS, a revolutionary new collateral management platform that helps vehicle finance companies dramatically reduce the time and costs related to funding and servicing automobile loans.

GoldStar CMS, the next generation of Spireon's award-winning GoldStar GPS, goes beyond simple vehicle tracking to provide the new industry standard for collateral management. The powerful and intuitive software solution features an intuitive user interface and tools designed to help simplify the loan process for dealers and lenders, allowing them to process more loans more quickly.

"Spireon has been a leader and innovator in vehicle finance for the past decade, enabling more than 3 million buyers to secure vehicle loans," says Marc Brungger, Spireon's CEO. "With GoldStar CMS, we have reached new heights. GoldStar CMS is a business enabler for our dealer customers, allowing them to put more buyers into more vehicles."

GoldStar CMS features a visual data-rich dashboard, which allows dealers to see at a glance the status of devices, renewals, usage, recent alerts and top device usage, then drill down to take action on alerts before a problem escalates. Additional features include:

  • Mobile VIN Scanner: A smartphone app that allows dealers to scan a vehicle identification number (VIN) and automatically populates a vehicle's year, make and model into their GoldStar system. This new app removes the manual-entry process that takes significant time and introduces errors.
  • Reference Genie": An innovative, less-invasive new way for dealers to check a customer's references (work, home address, etc.) based on the locations they frequent instead of manual phone calls. Reference Genie's patent-pending automated process speeds up reference checks by removing the human element, improving privacy and accuracy.
  • Location Genie": A solution that helps dealers forecast reliable collection locations at any given time and day for repossession purposes. Dealers can select data over 30, 60 or 90 days to determine the most likely location based on historical data, helping reduce time and cost associated with vehicle recovery.
  • Group commands: Allows dealers to create groups of vehicles and assign common policies and rules for GeoFences, heartbeats, delinquency alerts and more. Group commands allow dealers to get set up more quickly, speeding the loan process for them and their customers.
  • Device health tools: Checks factors that impact the overall health of the location device, including car battery strength, and strength of cellular signal and GPS signal. This tool is designed to help dealers know if action is needed, such as tracking a vehicle with a dead battery.
  • Variable heartbeats: Pings a device in intervals based on the dealer's preference, providing around the clock locations over time for a vehicle. This helps speed reference checks and allows dealers to process loans more efficiently.
  • Custom reports: The dealer can select reports and alerts that make the most sense to their business, including the establishment of bulk GeoFences, quick fences and more.

GoldStar CMS is based on Spireon's award-winning NSpire M2M Business Intelligence Platform and backed by industry's first Pure Gold Performance guarantee that ensures 99.9 percent uptime. Built from the ground up, NSpire is a cloud-based environment comprised of best-in-class servers, databases, networks and data centers. Today, Spireon has more than 1.9 million active subscribers on the platform and collects more than 5 billion data events each year from multi-vertical markets.

"GoldStar CMS was designed to be brilliantly simple," says Jim Brady, chief product officer at Spireon. "By using the NSpire platform as the starting point, we are able to deliver to dealers a collateral management solution that is powerful, responsive and easy to use, allowing them to better serve their buyers. No other solution can match the capabilities that Spireon is bringing to market with GoldStar CMS."

Learn more about GoldStar CMS by visiting http://www.goldstarcms.com.

About Spireon

Spireon, Inc., is at the summit of business intelligence and committed to going higher. Headquartered in Irvine, CA, the company emerged in 2011 as the industry leading Mobile Resource Management (MRM) company as a result of the merger of ProconGPS, Inc. with Enfotrace GPS, Inc. and Procon Fleet Services, LLC., the top three providers in the MRM space. Spireon connects companies to their mobile assets and workforce through game changing information platforms, giving them the power to manage actionable business intelligence. Inspiring companies to reach new heights with powerful Software-as-a-Service (SaaS) based tools, Spireon provides a sturdy foundation on which to optimize performance.

Learn more at www.spireon.com

For more information, contact:
Corinna Tutor
949-422-7103
Email Contact

Source: Spireon


Are Your PA State Legislators Child Protectors? Oct 22, 2014 08:20AM

MEDIA, Pa., Oct. 22, 2014 /PRNewswire/ -- Protect PA Kids, a newly formed political action committee (PAC), has released a voter's guide for the general election on Nov. 4. The guide designates state representatives and state senators as "protectors" if they were the primary sponsor of a recent bill helpful to child protection. Those who blocked important bills that would abolish or reform the statute of limitations (SOL) for child sex abuse are also noted.

The PAC is nonpartisan and not connected to any organization, candidate or ballot measure. "Common sense measures to protect children are not always championed and can even face opposition," says founder Susan Matthews. "Lobbyists for financially-driven issues drown out the voices of grandparents, parents, law enforcement officials and advocates. As a PAC, we want to leverage our collective resources on their behalf. We want to support candidates who are working hard to protect our children and hold those who aren't accountable."

Working with advocacy groups and public records, the PAC chose 19 "protectors." Four received honorable mentions. Rep. Mark Rozzi (D-Berks - part) and Sen. Anthony Williams (D-Delaware - part and Philadelphia - part) were both honored with the PA Kid Protector Award. Two representatives were designated as SOL reform "bill blockers": Rep. Thomas R. Caltagirone (D-Berks - part) and Rep. Ron Marsico (R-Dauphin - part).

While the PAC focuses on issues ranging from teen driving laws to educator background checks, they've prioritized SOL reform. "Child predators could be living in your community because some victims can't seek justice due to the current SOL," says Matthews. "The 'bill blockers' may say the current ages of 30 for civil and 50 for criminal are adequate. But what they don't mention is that recourse doesn't apply to all victims whose abuse happened prior to 2002 and 2007 respectively, when those statute extensions were enacted. Our state representatives and senators shouldn't be concerned about whether a particular bill will lead to the financial duress of institutions, will cause insurers liability, give victims false hope or allow lawyers to profit. They should act on behalf of voters and children."

Delaware, Minnesota, Illinois, Massachusetts and other states have already enacted SOL reforms. "With institutional cover-ups making headlines, including those involving Penn State and The Archdiocese of Philadelphia, isn't it time for Pennsylvania to do the same?" asks Matthews. "By identifying predators, reform would help protect children from becoming future victims."

The PAC was unable to include the candidates for governor because both missed the deadline to answer questions from the Center for Children's Justice. To see the full Voter's Guide, please visit www.ProtectPAKids.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/are-your-pa-state-legislators-child-protectors-495216720.html

SOURCE Protect PA Kids


Widow Learns Old Football Jerseys in Garage Now Worth $500,000+ Oct 22, 2014 08:17AM

HUNTINGTON BEACH, Calif., Oct. 22, 2014 /PRNewswire/ -- A widow in Huntington Beach, California recently learned that the old football jerseys stored untouched in plastic bins since her husband died 20 years ago now are worth at least a half-million dollars.  Sports memorabilia experts at Heritage Auctions (www.HA.com) in Dallas, Texas describe it as one of the most significant collections of college and professional Hall of Fame players' jerseys ever reported.

Photo - http://photos.prnewswire.com/prnh/20141022/153653 Photo - http://photos.prnewswire.com/prnh/20141022/153652

"The collection includes collegiate game-worn jerseys from Heisman winners Barry Sanders, Billy Simms, Bo Jackson and Herschel Walker, and NFL game-worn jerseys from Joe Namath, Roger Staubach, Bob Griese, Joe Montana, Jerry Rice and Walter Payton," said Chris Ivy, Director of Sports Collectibles at Heritage.  

The jerseys are being offered in two major sports collectibles auctions conducted by Heritage, and online bidding already is underway for the first auction.

When John Kindler of Huntington Beach began collecting jerseys worn in games by Heisman Trophy winners and professional football players in the 1960s they didn't have much financial value. 

After he died in 1994, his widow, Carol, and their son, Ian, who now lives in Dallas, left the jerseys sealed in Tupperware® bins in their Huntington Beach home for 18 years and for the past two years unsuspectingly stored in the garage.  They did not know their value had dramatically soared the past two decades. 

A recent evaluation by sports collectibles experts at Heritage Auctions estimated that the 250 historic jerseys of collegiate and professional Hall of Fame players are expected to sell for a combined total of $500,000 or more.

Online bidding now is underway for the first group of jerseys being sold and ends with a major sports collectibles auction conducted by Heritage in Dallas and online, November 6 - 8, 2014.

"It's safe to say this is the most significant collection of its kind we've ever seen," said Ivy. "It's been 20 years since John Kindler left his family one of the most significant personal collections of game-worn football jerseys ever assembled, and it took that long for the Kindlers to come to terms with the notion of parting with it."

"John Kindler was a pioneer in collecting game-used sports jerseys.  Team equipment managers were often confused at his requests to obtain what they thought were merely dirty, old shirts," explained Ivy.

Kindler's widow, Carol, said: "The collection was John's passion. He never anticipated selling it.  He just wanted to collect memorabilia of what he considered the finest athletes in the sports he loved, mainly football and UCLA basketball."

Heritage Auctions is the largest auction house founded in the United States and the world's third largest, with annual sales of more than $900 million, and 850,000+ online bidder members.  For more information about Heritage Auctions, and to receive access to a complete record of prices realized, with full-color, enlargeable photos of each lot, visit www.HA.com.

News media contact:Noah Fleisher,  (214) 409-1143

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/widow-learns-old-football-jerseys-in-garage-now-worth-500000-259915299.html

SOURCE Heritage Auctions


Jaguar Growth Partners And New York Life Insurance Company Announce Strategic Investment Oct 22, 2014 08:17AM

NEW YORK, Oct. 22, 2014 /PRNewswire/ -- Jaguar Growth Partners (Jaguar), a privately-held investment management and advisory firm, today announced a strategic investment by New York Life Insurance Company (New York Life). As part of the agreement, New York Life acquired an interest in Jaguar Growth Partners and will join the Firm's Advisory Board.  In addition, New York Life expects to commit up to $100 million as a Limited Partner in the Firm's inaugural fund.

The investment is a strong endorsement of Jaguar and its leadership position in growth markets from one of the world's largest and most respected insurance and investment companies.

"We are privileged to partner with the largest mutual life insurance company in the US and one of the world's largest asset managers, and we look forward to benefitting from New York Life's strong heritage of investment expertise and innovation," said Gary Garrabrant, Jaguar Founder and Managing Partner.

"The combination of our history, experience and relationships with New York Life's institutional depth and breadth is a very powerful one," added Thomas McDonald, Jaguar Founder and Managing Partner.

John Kim, Vice Chairman and Chief Investment Officer of New York Life, added: "This affiliation with Jaguar Growth Partners will provide New York Life with a differentiated set of alternative investment opportunities, which we believe will add value for our policyholders and contribute to the financial strength of the company. In today's challenging investment environment, we are pleased to have a partner with the knowledge and insight to help us benefit from investment in real estate growth markets."

About Jaguar Growth Partners 

Jaguar Growth Partners is a privately-held investment management and advisory firm specializing in real estate private equity in growth markets globally.  Founded in 2013 by Gary Garrabrant and Thomas McDonald, Jaguar invests in and develops scalable real estate-related operating platforms and companies poised to grow in markets characterized by an expanding middle class, aspirational youth, urbanization and other secular trends found in emerging global economies. 

Commencing their investment activities in the 1990's, Jaguar's founders are regarded as pioneers in real estate investing and company-building in emerging markets through growth capital investments, working in active collaboration with local operating partners. The Firm capitalizes on a broad array of equity and debt investment opportunities and is at the vanguard of institutionalizing the most compelling growth markets.  Jaguar is distinguished by its global insights, partner orientation and proven approach to optimizing value and liquidity.  Please see www.jaguargrowth.com for additional information.

About New York Life

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world.  New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+).**  Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance.  New York Life Investments*** provides institutional asset management and retirement plan services.  Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds.  Please visit New York Life's website at www.newyorklife.com for more information. 

*Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 6/16/14.  For methodology, please see http://fortune.com/fortune500/. **Individual independent rating agency commentary as of 8/13/14.***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jaguar-growth-partners-and-new-york-life-insurance-company-announce-strategic-investment-705206171.html

SOURCE Jaguar Growth Partners


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