EX-99 4 data0331.txt DATA 2 PAGER F.N.B. CORPORATION
(Unaudited) (Dollars in thousands, except per share data) 2003 2002 First Fourth Third Second First STATEMENT OF EARNINGS Quarter Quarter Quarter Quarter Quarter Interest income - taxable equivalent basis $105,796 $108,278 $109,036 $107,688 $107,507 Interest income $104,510 $106,884 $107,596 $106,261 $106,043 Interest expense 31,373 34,476 35,592 37,065 38,538 -------- -------- -------- -------- -------- Net interest income 73,137 72,408 72,004 69,196 67,505 Provision for loan losses 5,859 5,566 4,835 4,502 4,191 -------- -------- -------- -------- -------- Net interest income after provision 67,278 66,842 67,169 64,694 63,314 Service charges 12,424 12,478 12,178 11,663 10,622 Insurance commissions and fees 8,463 8,289 7,949 8,448 9,472 Securities commissions and fees 1,904 1,195 1,736 2,303 1,383 Trust income 2,392 2,272 2,323 2,342 2,397 Gain on sale of securities 693 275 1,001 465 175 Other 6,160 8,270 4,900 4,842 3,895 -------- ------- ------- ------- -------- Total non-interest income 32,036 32,779 30,087 30,063 27,944 Salaries and employee benefits 36,767 34,881 34,181 33,011 33,142 Occupancy and equipment 10,507 10,565 10,132 9,410 9,405 Amortization of intangibles 821 396 953 932 837 Merger expenses 1,014 510 0 0 41,855 Other 16,429 18,642 16,973 16,628 16,991 -------- ------- ------- -------- -------- Total non-interest expense 65,538 64,994 62,239 59,981 102,230 Income before income taxes 33,776 34,627 35,017 34,776 (10,972) Income taxes 10,448 10,489 10,886 10,827 (2,089) -------- -------- -------- -------- -------- Net income (loss) $23,328 $24,138 $24,131 $23,949 ($8,883) ________ ________ ________ ________ ________ Net income excluding merger expenses $23,987 $24,469 $24,131 $23,949 $21,329 ________ ________ ________ ________ ________ Average basic shares outstanding 43,848,398 43,742,911 43,804,464 43,957,743 43,771,337 Average diluted shares outstanding 44,668,335 44,595,242 44,758,758 45,100,672 44,808,130 Earnings per common share Basic earnings per share 0.53 0.55 0.55 0.54 (0.20) Diluted earnings per share 0.52 0.54 0.54 0.53 (0.20) Earnings excluding merger expenses per common share Basic earnings per share 0.55 0.56 0.55 0.54 0.49 Diluted earnings per share 0.54 0.55 0.54 0.53 0.48 Cash dividend per common share 0.22 0.22 0.22 0.22 0.19 PERFORMANCE RATIOS (net income excluding merger expenses) Return on average shareholders' equity 16.02% 16.40% 16.55% 17.13% 14.94% Return on average assets 1.37% 1.39% 1.40% 1.43% 1.31% Net interest margin (FTE) 4.70% 4.67% 4.76% 4.70% 4.68% Yield on earning assets (FTE) 6.68% 6.85% 7.06% 7.16% 7.29% Efficiency ratio (FTE) 60.61% 60.50% 60.12% 59.57% 62.30%
For the Three Months Ended March 31, Percent STATEMENT OF EARNINGS 2003 2002 Variance Interest income - taxable equivalent basis $105,796 $107,507 -1.6 Interest income $104,510 $106,043 -1.4 Interest expense 31,373 38,538 -18.6 -------- -------- Net interest income 73,137 67,505 8.3 Provision for loan losses 5,859 4,191 39.8 -------- ------- Net interest income after provision 67,278 63,314 6.3 Service charges 12,424 10,622 17.0 Insurance commissions and fees 8,463 9,472 -10.7 Securities commissions and fees 1,904 1,383 37.7 Trust income 2,392 2,397 -0.2 Gain on sale of securities 693 175 296.0 Other 6,160 3,895 58.2 -------- ------- Total non-interest income 32,036 27,944 14.6 Salaries and employee benefits 36,767 33,142 10.9 Occupancy and equipment 10,507 9,405 11.7 Amortization of intangibles 821 837 -1.9 Merger expenses 1,014 41,855 -97.6 Other 16,429 16,991 -3.3 -------- -------- Total non-interest expense 65,538 102,230 -35.9 Income before income taxes 33,776 (10,972) * Income taxes 10,448 (2,089) * ------- ------- Net income (loss) $23,328 ($8,883) * _______ _______ Net income excluding merger expenses $23,987 $21,329 12.5 _______ _______ Average basic shares outstanding 43,848,398 43,771,337 0.2 Average diluted shares outstanding 44,668,335 44,808,130 -0.3 Earnings per common share Basic earnings per share 0.53 (0.20) * Diluted earnings per share 0.52 (0.20) * Earnings excluding merger expenses per common share Basic earnings per share 0.55 0.49 12.2 Diluted earnings per share 0.54 0.48 12.5 Cash dividend per common share 0.22 0.19 15.8 Book value per common share 13.82 12.45 11.0 Tangible book value per common 8.98 10.01 -10.3 PERFORMANCE RATIOS (net income excluding merger expenses) Return on average shareholders' equity 16.02% 14.94% Return on average assets 1.37% 1.31% Net interest margin (FTE) 4.70% 4.68% Yield on earning assets (FTE) 6.68% 7.29% Efficiency ratio (FTE) 60.61% 62.30%
*Percent variance not meaningful
F.N.B. CORPORATION (Unaudited) (Dollars in thousands) 2003 2002 First Fourth Third Second First AVERAGE BALANCES Quarter Quarter Quarter Quarter Quarter Total assets 7,125,930 6,983,409 6,814,530 6,725,939 6,622,785 Earning assets 6,424,201 6,271,320 6,123,991 6,031,545 5,980,336 Securities 1,140,562 994,783 945,839 926,718 934,283 Loans, net of unearned 5,269,672 5,221,184 5,143,131 4,982,294 4,889,134 Allowance for loan losses 69,408 69,614 69,562 68,030 66,804 Intangibles 110,012 107,478 104,352 106,607 89,097 Non-interest bearing deposits 924,765 910,269 878,131 883,338 839,563 Interest bearing deposits 4,531,765 4,481,532 4,441,940 4,438,455 4,368,108 Total deposits 5,456,530 5,391,801 5,320,071 5,321,793 5,207,671 Short-term borrowings 493,898 421,096 408,184 397,176 403,050 Long-term debt 467,936 466,917 393,832 337,371 342,220 Shareholders' equity 607,358 591,775 578,300 560,815 578,987 ASSET QUALITY DATA Non-accrual loans $26,301 $22,294 $23,119 $20,982 $22,357 Restructured loans 5,975 5,915 5,188 6,168 6,248 ------- ------- ------- ------- ------- Non-performing loans 32,276 28,209 28,307 27,150 28,605 Other real estate owned 3,995 4,729 5,236 5,192 4,803 ------- ------- ------- ------- ------- Non-performing assets $36,271 $32,938 $33,543 $32,342 $33,408 _______ _______ _______ _______ _______ Net loan charge-offs $5,571 $5,524 $4,270 $2,984 $4,358 Allowance for loan losses 71,200 68,406 68,365 67,799 66,281 Non-performing loans/total loans 0.60% 0.54% 0.54% 0.53% 0.58% Non-performing assets/total assets 0.45% 0.46% 0.48% 0.48% 0.50% Allowance for loan losses/total loans 1.31% 1.31% 1.31% 1.33% 1.35% Allowance for loan losses/ non-performing loans 220.60% 242.50% 241.51% 249.72% 231.71% Net loan charge-offs (annualized) /average loans 0.43% 0.42% 0.33% 0.24% 0.36% BALANCES AT PERIOD END Total assets 8,078,010 7,090,232 6,981,396 6,749,232 6,731,501 Earning assets 7,163,641 6,332,623 6,224,091 6,031,096 6,045,782 Securities 1,721,512 1,075,183 1,004,839 910,745 926,572 Mortgage loans held for sale 18,761 24,177 8,009 2,860 2,873 Loans, net of unearned 5,419,135 5,220,504 5,201,140 5,093,416 4,915,438 Non-interest bearing deposits 1,027,742 924,090 $ 899,962 906,065 901,175 Interest bearing deposits 5,039,351 4,502,067 4,449,347 4,424,259 4,416,589 Total deposits 6,067,093 5,426,157 5,349,309 5,330,324 5,317,764 Short-term borrowings 552,895 515,780 476,526 407,157 421,925 Long-term debt 628,419 450,647 466,108 332,675 342,581 Trust preferred securities 125,009 0 0 0 0 Shareholders' equity 608,641 598,596 583,650 570,934 548,639
F.N.B. CORPORATION (Unaudited) For the Three Months (Dollars in thousands) Ended March 31, Percent AVERAGE BALANCES 2003 2002 Variance Total assets 7,125,930 6,622,785 7.6 Earning assets 6,424,201 5,980,336 7.4 Securities 1,140,562 934,283 22.1 Loans, net of unearned 5,269,672 4,889,134 7.8 Allowance for loan losses 69,408 66,804 3.9 Intangibles 110,012 89,097 23.5 Non-interest bearing deposits 924,765 839,563 10.1 Interest bearing deposits 4,531,765 4,368,108 3.7 Total deposits 5,456,530 5,207,671 4.8 Short-term borrowings 493,898 403,050 22.5 Long-term debt 467,936 342,220 36.7 Shareholders' equity 607,358 578,987 4.9 ASSET QUALITY DATA Non-accrual loans $26,301 $22,357 17.6 Restructured loans 5,975 6,248 -4.4 ------- ------- Non-performing loans 32,276 28,605 12.8 Other real estate owned 3,995 4,803 -16.8 ------- ------- Non-performing assets $36,271 $33,408 8.6 _______ _______ Net loan charge-offs $5,571 $4,358 27.8 Allowance for loan losses 71,200 66,281 7.4 Non-performing loans/total loans 0.60% 0.58% Non-performing assets/total assets 0.45% 0.50% Allowance for loan losses/total loans 1.31% 1.35% Allowance for loan losses/ non-performing loans 220.60% 231.71% Net loan charge-offs (annualized /average loans 0.43% 0.36% BALANCES AT PERIOD END Total assets 8,078,010 6,731,501 20.0 Earning assets 7,163,641 6,045,782 18.5 Securities 1,721,512 926,572 85.8 Mortgage loans held for sale 18,761 2,873 553.0 Loans, net of unearned 5,419,135 4,915,438 10.2 Non-interest bearing deposits 1,027,742 901,175 14.0 Interest bearing deposits 5,039,351 4,416,589 14.1 Total deposits 6,067,093 5,317,764 14.1 Short-term borrowings 552,895 421,925 31.0 Long-term debt 628,419 342,581 83.4 Trust preferred securities 125,009 0 * Shareholders' equity 608,641 548,639 10.9
*Percent variance not meaningful