EX-99.1 2 l38628exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
F.N.B. Corporation Reports Fourth Quarter and Full Year 2009 Results
Hermitage, PA — January 25, 2010 — F.N.B. Corporation (NYSE: FNB) today reported financial results for the fourth quarter and full year ended December 31, 2009. Net income was $4.6 million, or $0.04 per diluted share, for the fourth quarter of 2009, compared to third quarter of 2009 net income available to common shareholders of $4.8 million, or $0.04 per diluted common share, and a net loss for the fourth quarter of 2008 of $18.9 million, or $0.21 per diluted share. Full year 2009 net income available to common shareholders totaled $32.8 million, or $0.32 per diluted common share, compared to $35.6 million, or $0.44 per diluted share, for the full year ended December 31, 2008.
Results for the fourth quarter of 2009 included $2.4 million (after-tax) in non-cash other-than-temporary impairment charges primarily related to pooled trust preferred securities and $0.6 million (after-tax) in litigation settlement costs. Results for the fourth quarter of 2009 also included a $6.2 million (after-tax) increase in the provision for loan losses, compared to the third quarter of 2009, primarily related to the Florida portfolio. In total, these charges reduced net income for the fourth quarter of 2009 by $9.2 million or $0.08 per diluted share.
“FNB continues to focus on its organic growth strategy and capitalizing on the opportunities created by the competitive disruption in our Pennsylvania markets,” said Stephen J. Gurgovits, President and Chief Executive Officer of F.N.B. Corporation. “We are pleased with the operating success we are achieving growing loans and deposits, generating revenue growth and maintaining expense control in a challenging credit environment.”
F.N.B. Corporation’s performance ratios this quarter were as follows: return on average tangible common equity (non-GAAP measure) was 4.66%; return on average equity was 1.72%; return on average tangible assets (non-GAAP measure) was 0.28% and return on average assets was 0.21%. A reconciliation of GAAP measures to non-GAAP measures is included in the tables that accompany this press release.
Net Interest Income
Net interest income on a fully taxable equivalent basis for the fourth quarter of 2009 totaled $71.2 million, representing an increase of $2.1 million, or 11.8% annualized, over the third quarter of 2009. The improvement of net interest income in the fourth quarter reflects a combination of a 7 basis point expansion of the net interest margin and a 4.8% annualized increase in average earning assets. The fourth quarter net interest margin of 3.85% marked the third consecutive quarter in which the margin has expanded.
Total average loans for the fourth quarter of 2009 were $5.9 billion, representing an increase of $62.5 million, or 4.3% on an annualized basis, compared to the third quarter of 2009. Average commercial loans in the fourth quarter increased $54.6 million, or 6.8% annualized,

 

 

F.N.B. Corporation Reports Fourth Quarter 2009 Results — Page 2 of 7
compared to the third quarter of 2009, with the average Pennsylvania commercial loan portfolio growing $69.9 million, or 9.5% annualized, and the average Florida portfolio decreasing $15.3 million or 22.2% annualized.
Average consumer loans in the fourth quarter of 2009 were essentially unchanged, with growth of $1.8 million compared to the third quarter of 2009. This total includes $11.2 million or 3.2% annualized growth in home equity lending (comprised of consumer lines of credit and direct installment loans) through a combination of customer preferences for these products and modest increases in line utilization. This growth was partially offset by an $8.1 million, or 5.9% annualized, decrease in the average indirect loan portfolio primarily related to seasonally lower auto sales in the fourth quarter of 2009 and the discontinuation of the federal government’s “Cash for Clunkers” program at the end of the third quarter of 2009.
“The growth in the Pennsylvania commercial loan portfolio demonstrates the strength of our commercial lending business as we capitalize on the significant opportunities created by competitor disruption in the marketplace,” noted Mr. Gurgovits. “We are pleased that our commercial team generated 115 significant new commercial relationships with over $400 million in new commitments during 2009.”
“The momentum to generate strong growth in transaction deposits and treasury management balances also continued in the fourth quarter,” said Mr. Gurgovits. “We are pleased with these results as we are winning new customer relationships and gaining market share.”
Average transaction deposits in the fourth quarter increased $48.7 million, or 4.8% annualized, compared to the third quarter of 2009. Average treasury management balances grew $70.9 million, or 60.5% annualized in the fourth quarter of 2009, compared to the third quarter of 2009, due to a combination of new account acquisition and seasonality factors. Average time deposits decreased $16.6 million, or 3.0% annualized, in the fourth quarter of 2009, compared to the third quarter, as FNB continues to focus its strategy on building transaction accounts.
Non-Interest Income
Non-interest income increased to $25.4 million in the fourth quarter of 2009, compared to $24.0 million in the third quarter of 2009, due to increases in securities commissions and fees and other non-interest income, which were partially offset by other-than-temporary impairment charges.
In looking at the major components of the fourth quarter non-interest income, securities commissions and fees increased $0.8 million, or 52.5%, due to a successful fall sales campaign. Additionally, other non-interest income increased $1.1 million to $4.5 million for the fourth quarter of 2009, reflecting a $0.7 million increase in swap fees earned from commercial customers. Non-interest income, excluding other-than-temporary impairment charges, represented 29% of revenue for the fourth quarter of 2009, compared to 28% for the third quarter of 2009.

 

 

F.N.B. Corporation Reports Fourth Quarter 2009 Results — Page 3 of 7
The impairment losses recognized for the fourth quarter of 2009 totaled $3.7 million, compared to $3.3 million for the third quarter of 2009. The current quarter impairment charges were primarily related to three pooled trust preferred securities that experienced deterioration in collateral performance and higher levels of future projected defaults. The pooled trust preferred securities portfolio is comprised of 13 securities with an original cost of $41.3 million. To date, credit-related impairment charges of $16.1 million have been recognized on this portfolio, which have reduced the carrying value to $25.2 million as of December 31, 2009, with a remaining after-tax unrealized loss of $11.4 million included in accumulated other comprehensive income.
Non-Interest Expense
Non-interest expense totaled $65.8 million in the fourth quarter of 2009, compared to $62.3 million in the third quarter of 2009. The increased expense is a result of a $2.6 million increase in other real estate owned (OREO) expense (Florida related) and net litigation settlement costs of $1.0 million. The $1.0 million in litigation costs is comprised of a $1.7 million settlement liability (previously reported in a Form 8-K dated December 29, 2009), net of $0.7 million covered under an insurance policy.
Credit Quality
“We continue to be pleased with the performance of our Pennsylvania and Regency loan portfolios at this point in the economic cycle,” remarked Mr. Gurgovits. “The duration of the slow economic environment, including high unemployment rates, remains a challenge for businesses and consumers throughout the country. Regarding our Florida portfolio, we continue to make progress reducing our exposure in the more challenging Florida market.”
Changes in overall credit quality for the fourth quarter of 2009 were primarily due to the performance of the Florida portfolio. Non-performing loans and OREO as a percentage of total loans and OREO at December 31, 2009 increased 22 basis points to 2.84% compared to 2.62% at September 30, 2009. Annualized net charge-offs equaled 1.83% of average loans for the fourth quarter of 2009, primarily driven by increased net charge-offs related to Florida, compared to 0.68% of average loans for the third quarter of 2009.
At December 31, 2009, the ratio of the allowance for loan losses to total loans equaled 1.79%, compared to 1.81% at September 30, 2009. As a percentage of non-performing loans, the allowance for loan losses equaled 71.9% at December 31, 2009, compared to 79.1% at September 30, 2009. The provision for loan losses totaled $25.9 million for the fourth quarter of 2009, which was $9.5 million higher than the third quarter of 2009.
The Pennsylvania loan portfolio totaled $5.4 billion at December 31, 2009 (93.0% of the total loan portfolio) and delivered credit quality metrics reflecting a slow economic environment characterized by a slightly increasing level of non-performing loans and net charge-offs. Pennsylvania non-performing loans and OREO totaled $76.0 million or 1.39% of total loans and OREO at December 31, 2009, compared to $69.5 million or 1.28% at September 30,

 

 

F.N.B. Corporation Reports Fourth Quarter 2009 Results — Page 4 of 7
2009. Net loan charge-offs totaled $5.1 million or 0.37% annualized of average loans for the fourth quarter of 2009, up slightly compared to $4.5 million or 0.33% annualized of average loans for the third quarter of 2009. Total past dues and non-accrual loans were 2.07% of total loans at December 31, 2009, a slight increase compared to 2.02% at September 30, 2009.
The Florida loan portfolio totaled $243.9 million at December 31, 2009 (4.2% of the total loan portfolio) and delivered credit quality metrics reflecting the continued challenging economic environment and weakness in the Florida real estate market. Florida non-performing loans and OREO totaled $82.1 million or 32.28% of total loans and OREO at December 31, 2009, compared to $76.1 million or 27.22% at September 30, 2009. Net loan charge-offs totaled $20.3 million for the fourth quarter of 2009, compared to $4.1 million for the third quarter of 2009. The increased charge-offs were largely a result of declining property values in the Florida market.
The Regency loan portfolio totaled $162.0 million at December 31, 2009 (2.8% of the total loan portfolio) and continued to deliver good credit quality metrics for a consumer finance company. Regency non-performing loans and OREO totaled $8.8 million or 5.40% of total loans and OREO at December 31, 2009, compared to $8.0 million or 5.02% at September 30, 2009. Net loan charge-offs totaled $1.7 million or 4.30% annualized of average loans for the fourth quarter of 2009, compared to $1.5 million or 3.64% annualized of average loans for the third quarter of 2009. This increase reflects expected fourth quarter seasonality and the low level of charge-offs experienced in this portfolio during the third quarter of 2009. Total past dues and non-accrual loans were 4.57% of total loans at December 31, 2009, slightly lower than 4.58% at September 30, 2009.
Capital Position
The Corporation’s capital ratios continue to exceed federal bank regulatory agency “well capitalized” thresholds. As of December 31, 2009, the Corporation’s estimated total risk-based capital ratio was 12.7%, the estimated tier 1 risk-based capital ratio was 11.3% and the leverage capital ratio was 8.7%. These compare to the same ratios as of September 30, 2009 of 13.0%, 11.5% and 8.7% and as of December 31, 2008 of 11.1%, 9.7% and 7.3%, respectively.
At December 31, 2009, the tangible common equity to tangible assets ratio (non-GAAP measure) equaled 5.84%, compared to 6.02% at September 30, 2009 and 4.51% at December 31, 2008. The tangible book value per share (non-GAAP measure) equaled $4.17, compared to $4.24 at September 30, 2009 and $3.92 at December 31, 2008.
Full Year 2009 Results
For the year ended December 31, 2009, F.N.B. Corporation’s net income available to common shareholders totaled $32.8 million, or $0.32 per diluted common share, compared to $35.6 million, or $0.44 per diluted share, for the year ended December 31, 2008. For 2009, F.N.B.’s return on average tangible common equity (non-GAAP measure) was 8.74%,

 

 

F.N.B. Corporation Reports Fourth Quarter 2009 Results — Page 5 of 7
return on average equity was 3.87%, return on average tangible assets (non-GAAP measure) was 0.57%, and return on average assets was 0.48%.
Net interest income on a fully taxable equivalent basis totaled $272.9 million for 2009, representing an increase of $15.1 million or 5.8% over 2008. The 2009 increased net interest income reflects growth in average earning assets partially offset by a lower net interest margin given the lower interest rate environment compared to 2008. Average earning assets increased 9.0% in 2009, with average loans increasing 7.8% compared to 2008. Loan growth occurred in all categories other than direct installments (3.9% decrease), led by 9.6% growth in commercial lending. Average deposits and treasury management balances increased 13.1%, with average treasury management balances increasing 26.6% and average transaction deposits growing 16.2% compared to 2008. These increases reflect organic growth and the benefit from acquisitions completed in 2008.
Non-interest income totaled $106.0 million for 2009, an increase of 23.1% compared to 2008. Service charges increased 5.6%, insurance commissions increased 7.1%, gain on sale of residential mortgage loans increased 67.8% and other non-interest income increased $6.4 million or 63.4%. The increase in other non-interest income was largely a result of higher impairment losses in 2008, a gain on the sale of a building in 2009 and higher recoveries on impaired loans acquired through acquisitions. Results for 2009, compared to 2008, included lower non-cash other-than-temporary impairment charges on securities of $9.3 million, lower securities commissions and fees of 8.2% and lower trust income of 2.3%. The lower securities commissions and fees and lower trust income are primarily due to the negative effect of the market conditions experienced during late 2008 and 2009. The higher non-interest income also reflects the benefit from acquisitions completed in 2008.
Non-interest expense totaled $255.3 million for 2009, an increase of 14.7% compared to 2008. Other non-interest expense increases for 2009 include higher FDIC insurance premiums of $13.0 million, higher OREO-related expenses of $4.0 million, and higher litigation costs of $1.0 million as compared to 2008, which were partially offset by $4.7 million in merger costs incurred in 2008. Higher non-interest expense also reflects the effect of the acquisitions in 2008. As a result of these increases, the efficiency ratio was 65.5% for 2009, compared to 62.9% for 2008.
The provision for loan losses for 2009 totaled $66.8 million compared to $72.4 million for 2008, a 7.7% decrease. The provision in each of 2009 and 2008 was substantially higher than historical levels primarily due to the performance of the Florida loan portfolio.
Conference Call
F.N.B. Corporation will host its quarterly conference call to discuss its financial results for the fourth quarter of 2009 on Tuesday, January 26, 2010, at 8:00 AM Eastern Time. The call can be accessed by dialing (877) 591-4951 or (719) 325-4821 for international callers; the confirmation number is 5204528.

 

 

F.N.B. Corporation Reports Fourth Quarter 2009 Results — Page 6 of 7
A replay of the call will be available from 11:00 AM Eastern Time on the day of the call until midnight Eastern Time on Tuesday, February 2, 2010. The replay can be accessed by dialing (888) 203-1112 or (719) 457-0820 for international callers; the confirmation number is 5204528. A transcript of the call will be posted to 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, headquartered in Hermitage, PA, is a diversified financial services company with total assets of $8.7 billion as of December 31, 2009. F.N.B. Corporation is a leading provider of commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency Finance Company and Bank Capital Services. It also operates consumer finance offices in Tennessee and loan production offices in Pennsylvania and Florida.
Forward-looking Statements
This press release of F.N.B. Corporation and the reports F.N.B. Corporation files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of F.N.B. Corporation. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause F.N.B. Corporation’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce net interest margins; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which F.N.B. Corporation is engaged; (6) technological issues which may adversely affect F.N.B. Corporation’s financial operations or customers; (7) changes in the securities markets (8) risk factors mentioned in the reports and registration statements F.N.B. Corporation files with the Securities and Exchange Commission; (9) housing prices; (10) job market; (11) consumer confidence and spending habits; (12) estimates of fair value of certain F.N.B. Corporation assets and liabilities or (13) various monetary and fiscal policies and regulations of the U.S. Government. F.N.B. Corporation undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
# # #
Analyst/Institutional Investor Contact:
Cynthia Christopher 724-983-3429
InvestorRelations@fnb-corp.com

 

 

F.N.B. Corporation Reports Fourth Quarter 2009 Results — Page 7 of 7
Media Contact:
Jennifer Reel 724-983-4856
724-699-6389 (cell)
DATA SHEETS FOLLOW

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                         
                            4th Qtr 2009 -     4th Qtr 2009 -  
    2009     2008     3rd Qtr 2009     4th Qtr 2008  
    Fourth     Third     Fourth     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Statement of earnings
                                        
Interest income
   $ 96,053     $ 96,533     $ 107,158       -0.5       -10.4  
Interest expense
     26,468       28,989       38,793       -8.7       -31.8  
 
                                  
Net interest income
     69,585       67,544       68,365       3.0       1.8  
Taxable equivalent adjustment
     1,661       1,644       1,597       1.0       4.0  
 
                                  
Net interest income (FTE) (1)
     71,246       69,188       69,962       3.0       1.8  
Provision for loan losses
     25,924       16,455       51,298       57.5       -49.5  
 
                                  
Net interest income after provision (FTE)
     45,322       52,733       18,664       -14.1       142.8  
 
                                        
Impairment losses on securities (2)
     (9,366 )     (14,234 )     (16,698 )     n/m       n/m  
Non-credit related losses on securities not expected to be sold (recognized in other comprehensive income)
     5,707       10,943       0       n/m       n/m  
 
                                  
Net impairment losses on securities
     (3,659 )     (3,291 )     (16,698 )     n/m       n/m  
 
                                        
Service charges
     14,781       14,760       14,643       0.1       0.9  
Insurance commissions and fees
     3,794       3,960       3,508       -4.2       8.2  
Securities commissions and fees
     2,213       1,451       2,500       52.5       -11.5  
Trust income
     3,025       2,856       3,081       5.9       -1.8  
Gain on sale of securities
     30       154       5       -80.5       554.5  
Gain on sale of loans
     720       666       366       8.1       96.4  
Other
     4,483       3,406       853       31.7       425.8  
 
                                  
Total non-interest income
     25,387       23,962       8,258       5.9       207.4  
 
                                        
Salaries and employee benefits
     31,769       31,377       29,536       1.2       7.6  
Occupancy and equipment
     9,443       9,258       9,414       2.0       0.3  
Amortization of intangibles
     1,728       1,732       1,988       -0.2       -13.0  
Other
     22,841       19,954       17,478       14.5       30.7  
 
                                  
Total non-interest expense
     65,781       62,321       58,416       5.6       12.6  
 
                                        
Income (loss) before income taxes
     4,928       14,374       (31,494 )     -65.7       -115.6  
Taxable equivalent adjustment
     1,661       1,644       1,597       1.0       4.0  
Income taxes (benefit)
     (1,289 )     2,424       (14,185 )     -153.2       -90.9  
 
                                  
Net income
     4,556       10,306       (18,906 )     -55.8       -124.1  
Preferred stock dividends and discount amortization
     0       5,496       0       n/m       n/m  
 
                                  
Net income available to common shareholders
   $ 4,556     $ 4,810       ($18,906 )     -5.3       -124.1  
 
                                  
 
                                        
Earnings (loss) per common share
                                        
Basic
   $ 0.04     $ 0.04       ($0.21 )     0.0       -119.0  
Diluted
   $ 0.04     $ 0.04       ($0.21 )     0.0       -119.0  
 
                                        
Performance ratios
                                        
Return on average equity
     1.72 %     3.62 %     -7.74 %                
Return on average tangible equity (3) (7)
     4.66 %     8.13 %     -17.67 %                
Return on average tangible common equity (3) (7)
     4.66 %     4.85 %     -17.67 %                
Return on average assets
     0.21 %     0.47 %     -0.89 %                
Return on average tangible assets (4) (7)
     0.28 %     0.56 %     -0.89 %                
Net interest margin (FTE) (1)
     3.85 %     3.78 %     3.88 %                
Yield on earning assets (FTE) (1)
     5.27 %     5.36 %     6.02 %                
Cost of funds
     1.60 %     1.76 %     2.39 %                
Efficiency ratio (FTE) (1) (5)
     66.28 %     65.04 %     72.14 %                
 
                                        
Common stock data
                                        
Average basic shares outstanding
     113,592,665       113,571,703       89,304,839       0.0       27.2  
Average diluted shares outstanding
     113,966,034       113,869,785       89,588,706       0.1       27.2  
Ending shares outstanding
     114,111,695       113,990,095       89,700,152       0.1       27.2  
Common book value per share
   $ 9.14     $ 9.23     $ 10.32       -1.0       -11.4  
Tangible common book value per share (7)
   $ 4.17     $ 4.24     $ 3.92       -1.7       6.3  
Tangible common book value per share excluding AOCI (6) (7)
   $ 4.43     $ 4.50     $ 4.21       -1.4       5.2  
Dividend payout ratio (common)
     301.32 %     285.14 %     -114.06 %                

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                         
    For the Year        
    Ended December 31,     Percent  
    2009     2008     Variance  
Statement of earnings
                        
Interest income
   $ 387,722     $ 409,781       -5.4  
Interest expense
     121,179       157,989       -23.3  
 
                    
Net interest income
     266,543       251,792       5.9  
Taxable equivalent adjustment
     6,350       6,037       5.2  
 
                    
Net interest income (FTE) (1)
     272,893       257,829       5.8  
Provision for loan losses
     66,802       72,371       -7.7  
 
                    
Net interest income after provision (FTE)
     206,091       185,458       11.1  
 
                        
Impairment losses on securities (2)
     (25,232 )     (17,189 )     n/m  
Non-credit related losses on securities not expected to be sold (recognized in other comprehensive income)
     17,339       0       n/m  
 
                    
Net impairment losses on securities
     (7,893 )     (17,189 )     n/m  
 
                        
Service charges
     57,736       54,691       5.6  
Insurance commissions and fees
     16,672       15,572       7.1  
Securities commissions and fees
     7,460       8,128       -8.2  
Trust income
     11,811       12,095       -2.3  
Gain on sale of securities
     528       834       -36.7  
Gain on sale of loans
     3,061       1,824       67.8  
Other
     16,603       10,160       63.4  
 
                    
Total non-interest income
     105,978       86,115       23.1  
 
                        
Salaries and employee benefits
     126,865       116,819       8.6  
Occupancy and equipment
     38,249       34,245       11.7  
Amortization of intangibles
     7,088       6,442       10.0  
Other
     83,137       65,198       27.5  
 
                    
Total non-interest expense
     255,339       222,704       14.7  
 
                        
Income (loss) before income taxes
     56,730       48,869       16.1  
Taxable equivalent adjustment
     6,350       6,037       5.2  
Income taxes (benefit)
     9,269       7,237       28.1  
 
                    
Net income
     41,111       35,595       15.5  
Preferred stock dividends and discount amortization
     8,308       0       n/m  
 
                    
Net income available to common shareholders
   $ 32,803     $ 35,595       -7.8  
 
                    
 
                        
Earnings (loss) per common share
                        
Basic
   $ 0.32     $ 0.44       -27.3  
Diluted
   $ 0.32     $ 0.44       -27.3  
 
                        
Performance ratios
                        
Return on average equity
     3.87 %     4.20 %        
Return on average tangible equity (3) (7)
     9.30 %     10.63 %        
Return on average tangible common equity (3) (7)
     8.74 %     10.63 %        
Return on average assets
     0.48 %     0.46 %        
Return on average tangible assets (4) (7)
     0.57 %     0.55 %        
Net interest margin (FTE) (1)
     3.75 %     3.88 %        
Yield on earning assets (FTE) (1)
     5.42 %     6.25 %        
Cost of funds
     1.86 %     2.66 %        
Efficiency ratio (FTE) (1) (5)
     65.52 %     62.88 %        
 
                        
Common stock data
                        
Average basic shares outstanding
     102,580,415       80,654,153       27.2  
Average diluted shares outstanding
     102,849,334       80,997,987       27.0  
Ending shares outstanding
     114,111,695       89,700,152       27.2  
Common book value per share
   $ 9.14     $ 10.32       -11.4  
Tangible common book value per share (7)
   $ 4.17     $ 3.92       6.3  
Tangible common book value per share excluding AOCI (6) (7)
   $ 4.43     $ 4.21       5.2  
Dividend payout ratio (common)
     149.50 %     219.92 %        

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                         
                            4th Qtr 2009 -     4th Qtr 2009 -  
    2009   2008     3rd Qtr 2009     4th Qtr 2008  
    Fourth     Third     Fourth     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Average balances
                                        
Total assets
   $ 8,681,532     $ 8,701,853     $ 8,414,609       -0.2       3.2  
Earning assets
     7,369,320       7,281,709       7,197,213       1.2       2.4  
Securities
     1,489,608       1,466,176       1,330,686       1.6       11.9  
Short-term investments
     3,202       1,520       4,907       110.7       -34.8  
Loans, net of unearned income
     5,876,510       5,814,013       5,861,620       1.1       0.3  
Allowance for loan losses
     110,974       103,249       76,400       7.5       45.3  
Goodwill and intangibles
     568,666       570,705       575,668       -0.4       -1.2  
 
                                        
Deposits and treasury management accounts (8)
     6,843,748       6,740,656       6,529,246       1.5       4.8  
Short-term borrowings
     130,430       118,274       128,081       10.3       1.8  
Long-term debt
     346,819       412,411       494,065       -15.9       -29.8  
Trust preferred securities
     204,793       204,962       205,468       -0.1       -0.3  
Shareholders’ equity — common
     1,052,483       1,056,171       972,138       -0.3       8.3  
Shareholders’ equity — preferred
     0       72,727       0       -100.0       0.0  
 
                                        
Asset quality data
                                        
Non-accrual loans
   $ 133,891     $ 125,630     $ 139,607       6.6       -4.1  
Restructured loans
     11,624       8,282       3,872       40.4       200.2  
 
                                  
Non-performing loans
     145,515       133,912       143,479       8.7       1.4  
Other real estate owned
     21,367       19,741       9,177       8.2       132.8  
 
                                  
Total non-performing loans and OREO
     166,882       153,653       152,656       8.6       9.3  
Non-performing investments
     4,825       5,758       10,456       -16.2       -53.9  
 
                                  
Non-performing assets
   $ 171,707     $ 159,411     $ 163,112       7.7       5.3  
 
                                  
 
                                        
Net loan charge-offs
   $ 27,161     $ 9,978     $ 21,148       172.2       28.4  
Allowance for loan losses
     104,655       105,892       104,730       -1.2       -0.1  
 
                                        
Non-performing loans / total loans
     2.49 %     2.29 %     2.47 %                
Non-performing loans + OREO / total loans + OREO
     2.84 %     2.62 %     2.62 %                
Allowance for loan losses / total loans
     1.79 %     1.81 %     1.80 %                
Allowance for loan losses / non-performing loans
     71.92 %     79.08 %     72.99 %                
Net loan charge-offs (annualized) / average loans
     1.83 %     0.68 %     1.44 %                
 
                                        
Balances at period end
                                        
Total assets
   $ 8,709,077     $ 8,595,872     $ 8,364,811       1.3       4.1  
Earning assets
     7,358,132       7,357,135       7,160,200       0.0       2.8  
Securities
     1,490,630       1,497,378       1,326,133       -0.5       12.4  
Short-term investments
     5,386       3,293       2,978       63.5       80.9  
Loans, net of unearned income
     5,849,361       5,837,402       5,820,380       0.2       0.5  
Goodwill and intangibles
     567,851       569,579       574,507       -0.3       -1.2  
 
                                        
Deposits and treasury management accounts (8)
     6,917,007       6,737,098       6,469,328       2.7       6.9  
Short-term borrowings
     132,383       128,092       181,558       3.4       -27.1  
Long-term debt
     324,877       379,257       490,250       -14.3       -33.7  
Trust preferred securities
     204,711       204,880       205,386       -0.1       -0.3  
Shareholders’ equity — common
     1,043,302       1,052,589       925,984       -0.9       12.7  
Shareholders’ equity — preferred
     0       0       0       0.0       0.0  
 
                                        
Capital ratios
                                        
Equity/assets (period end)
     11.98 %     12.25 %     11.07 %                
Leverage ratio
     8.68 %     8.73 %     7.34 %                
Tangible equity/tangible assets (period end) (7)
     5.84 %     6.02 %     4.51 %                
Tangible common equity/tangible assets (period end) (6)
     5.84 %     6.02 %     4.51 %                
Tangible common equity, excluding AOCI/ tangible assets (period end) (6) (7)
     6.22 %     6.39 %     4.85 %                

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                         
    For the Year        
    Ended December 31,     Percent  
    2009     2008     Variance  
Average balances
                        
Total assets
   $ 8,606,188     $ 7,696,895       11.8  
Earning assets
     7,247,283       6,649,735       9.0  
Securities
     1,399,444       1,220,772       14.6  
Short-term investments
     16,663       18,941       -12.0  
Loans, net of unearned income
     5,831,176       5,410,022       7.8  
Allowance for loan losses
     107,015       67,962       57.5  
Goodwill and intangibles
     571,492       473,228       20.8  
 
                        
Deposits and treasury management accounts (8)
     6,706,830       5,932,217       13.1  
Short-term borrowings
     114,341       143,154       -20.1  
Long-term debt
     419,570       498,262       -15.8  
Trust preferred securities
     205,045       192,060       6.8  
Shareholders’ equity — common
     999,502       847,417       17.9  
Shareholders’ equity — preferred
     63,602       0       0.0  
 
                        
Asset quality data
                        
Non-accrual loans
   $ 133,891     $ 139,607       -4.1  
Restructured loans
     11,624       3,872       200.2  
 
                    
Non-performing loans
     145,515       143,479       1.4  
Other real estate owned
     21,367       9,177       132.8  
 
                    
Total non-performing loans and OREO
     166,882       152,656       9.3  
Non-performing investments
    4,825       10,456       0.0  
 
                    
Non-performing assets
   $ 171,707     $ 163,112       5.3  
 
                    
 
                        
Net loan charge-offs
   $ 66,892     $ 32,596       105.2  
Allowance for loan losses
     104,655       104,730       -0.1  
 
                        
Non-performing loans / total loans
     2.49 %     2.47 %        
Non-performing loans + OREO / total loans + OREO
     2.84 %     2.62 %        
Allowance for loan losses / total loans
     1.79 %     1.80 %        
Allowance for loan losses / non-performing loans
     71.92 %     72.99 %        
Net loan charge-offs (annualized) / average loans
     1.15 %     0.60 %        
 
                        
Balances at period end
                        
Total assets
   $ 8,709,077     $ 8,364,811       4.1  
Earning assets
     7,358,132       7,160,200       2.8  
Securities
     1,490,630       1,326,133       12.4  
Short-term investments
     5,386       2,978       80.9  
Loans, net of unearned income
     5,849,361       5,820,380       0.5  
Goodwill and intangibles
     567,851       574,507       -1.2  
 
                        
Deposits and treasury management accounts (8)
     6,917,007       6,469,328       6.9  
Short-term borrowings
     132,383       181,558       -27.1  
Long-term debt
     324,877       490,250       -33.7  
Trust preferred securities
     204,711       205,386       -0.3  
Shareholders’ equity — common
     1,043,302       925,984       12.7  
Shareholders’ equity — preferred
     0       0       0.0  
 
                        
Capital ratios
                        
Equity/assets (period end)
     11.98 %     11.07 %        
Leverage ratio
     8.68 %     7.34 %        
Tangible equity/tangible assets (period end) (7)
     5.84 %     4.51 %        
Tangible common equity/tangible assets (period end) (6)
     5.84 %     4.51 %        
Tangible common equity, excluding AOCI/ tangible assets (period end) (6) (7)
     6.22 %     4.85 %        

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                         
                            4th Qtr 2009 -     4th Qtr 2009 -  
    2009   2008     3rd Qtr 2009     4th Qtr 2008  
    Fourth     Third     Fourth     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Average balances
                                        
Loans:
                                        
Commercial
   $ 3,250,530     $ 3,195,950     $ 3,203,713       1.7       1.5  
Direct installment
     990,573       997,319       1,083,072       -0.7       -8.5  
Residential mortgages
     612,146       613,375       651,141       -0.2       -6.0  
Indirect installment
     535,856       544,002       522,633       -1.5       2.5  
Consumer LOC
     401,127       383,207       332,983       4.7       20.5  
Other
     86,278       80,160       68,078       7.6       26.7  
 
                                  
Total loans
   $ 5,876,510     $ 5,814,013     $ 5,861,620       1.1       0.3  
 
                                  
 
                                        
Deposits:
                                        
Non-interest bearing deposits
   $ 978,110     $ 951,112     $ 918,143       2.8       6.5  
Savings and NOW
     3,122,911       3,101,168       2,847,628       0.7       9.7  
Certificates of deposit and other time deposits
     2,206,537       2,223,126       2,331,236       -0.7       -5.3  
 
                                  
Total deposits
     6,307,558       6,275,406       6,097,007       0.5       3.5  
Treasury management accounts (8)
     536,190       465,250       432,239       15.2       24.0  
 
                                  
Total deposits and treasury management accounts (8)
   $ 6,843,748     $ 6,740,656     $ 6,529,246       1.5       4.8  
 
                                  
 
                                        
Balances at period end
                                        
Loans:
                                        
Commercial
   $ 3,234,738     $ 3,226,720     $ 3,173,941       0.2       1.9  
Direct installment
     985,746       993,863       1,070,791       -0.8       -7.9  
Residential mortgages
     605,219       594,586       638,356       1.8       -5.2  
Indirect installment
     527,818       544,579       531,430       -3.1       -0.7  
Consumer LOC
     408,469       395,366       340,750       3.3       19.9  
Other
     87,371       82,288       65,112       6.2       34.2  
 
                                  
Total loans
   $ 5,849,361     $ 5,837,402     $ 5,820,380       0.2       0.5  
 
                                  
 
                                        
Deposits:
                                        
Non-interest bearing deposits
   $ 992,298     $ 972,859     $ 919,539       2.0       7.9  
Savings and NOW
     3,182,909       3,072,601       2,816,628       3.6       13.0  
Certificates of deposit and other time deposits
     2,205,016       2,213,323       2,318,456       -0.4       -4.9  
 
                                  
Total deposits
     6,380,223       6,258,783       6,054,623       1.9       5.4  
Treasury management accounts (8)
     536,784       478,315       414,705       12.2       29.4  
 
                                  
Total deposits and treasury management accounts (8)
   $ 6,917,007     $ 6,737,098     $ 6,469,328       2.7       6.9  
 
                                  

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                         
    For the Year        
    Ended December 31,     Percent  
    2009     2008     Variance  
Average balances
                        
Loans:
                        
Commercial
   $ 3,204,334     $ 2,922,869       9.6  
Direct installment
     1,013,099       1,054,167       -3.9  
Residential mortgages
     623,736       607,443       2.7  
Indirect installment
     538,031       472,894       13.8  
Consumer LOC
     374,164       300,014       24.7  
Other
     77,812       52,635       47.8  
 
                    
Total loans
   $ 5,831,176     $ 5,410,022       7.8  
 
                    
 
                        
Deposits:
                        
Non-interest bearing deposits
   $ 940,808     $ 825,083       14.0  
Savings and NOW
     3,034,843       2,596,378       16.9  
Certificates of deposit and other time deposits
     2,258,551       2,137,555       5.7  
 
                    
Total deposits
     6,234,202       5,559,016       12.1  
Treasury management accounts (8)
     472,628       373,201       26.6  
 
                    
Total deposits and treasury management accounts (8)
   $ 6,706,830     $ 5,932,217       13.1  
 
                    
 
                        
Balances at period end
                        
Loans:
                        
Commercial
   $ 3,234,738     $ 3,173,941       1.9  
Direct installment
     985,746       1,070,791       -7.9  
Residential mortgages
     605,219       638,356       -5.2  
Indirect installment
     527,818       531,430       -0.7  
Consumer LOC
     408,469       340,750       19.9  
Other
     87,371       65,112       34.2  
 
                    
Total loans
   $ 5,849,361     $ 5,820,380       0.5  
 
                    
 
                        
Deposits:
                        
Non-interest bearing deposits
   $ 992,298     $ 919,539       7.9  
Savings and NOW
     3,182,909       2,816,628       13.0  
Certificates of deposit and other time deposits
     2,205,016       2,318,456       -4.9  
 
                    
Total deposits
     6,380,223       6,054,623       5.4  
Treasury management accounts (8)
     536,784       414,705       29.4  
 
                    
Total deposits and treasury management accounts (8)
   $ 6,917,007     $ 6,469,328       6.9  
 
                    

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                 
    Fourth Quarter 2009  
    Bank — PA     Bank — FL     Regency     Total  
Asset quality data, by geographic region
                                
Non-accrual loans
   $ 60,166     $ 71,737     $ 1,988     $ 133,891  
Restructured loans
     5,994       0       5,630       11,624  
 
                        
Non-performing loans
     66,160       71,737       7,618       145,515  
Other real estate owned
     9,836       10,341       1,190       21,367  
 
                        
Total non-performing loans and OREO
     75,996       82,078       8,808       166,882  
Non-performing investments
     4,825       0       0       4,825  
 
                        
Non-performing assets
   $ 80,821     $ 82,078     $ 8,808     $ 171,707  
 
                        
 
                                
Net loan charge-offs
   $ 5,122     $ 20,301     $ 1,738     $ 27,161  
Provision for loan losses
     10,420       13,463       2,041       25,924  
Allowance for loan losses
     78,061       19,789       6,805       104,655  
Loans, net of unearned income
     5,443,443       243,912       162,006       5,849,361  
 
                                
Non-performing loans / total loans
     1.22 %     29.41 %     4.70 %     2.49 %
Non-performing loans + OREO / total loans + OREO
     1.39 %     32.28 %     5.40 %     2.84 %
Allowance for loan losses / total loans
     1.43 %     8.11 %     4.20 %     1.79 %
Allowance for loan losses / non-performing loans
     117.99 %     27.59 %     89.33 %     71.92 %
Net loan charge-offs (annualized) / average loans
     0.37 %     31.25 %     4.30 %     1.83 %
 
                                
Loans 30 - 89 days past due
   $ 42,642     $ 0     $ 2,796     $ 45,438  
Loans 90+ days past due
     9,851       0       2,620       12,471  
Non-accrual loans
     60,166       71,737       1,988       133,891  
 
                        
Total past due and non-accrual loans
   $ 112,659     $ 71,737     $ 7,404     $ 191,800  
 
                        
 
                                
Total past due and non-accrual loans/total loans
     2.07 %     29.41 %     4.57 %     3.28 %

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                 
    Third Quarter 2009  
    Bank — PA     Bank — FL     Regency     Total  
Asset quality data, by geographic region
                                
Non-accrual loans
   $ 55,454     $ 68,073     $ 2,103     $ 125,630  
Restructured loans
     3,650       0       4,632       8,282  
 
                        
Non-performing loans
     59,104       68,073       6,735       133,912  
Other real estate owned
     10,380       8,067       1,294       19,741  
 
                        
Total non-performing loans and OREO
     69,484       76,140       8,029       153,653  
Non-performing investments
    5,758       0       0       5,758  
 
                        
Non-performing assets
   $ 75,242     $ 76,140     $ 8,029     $ 159,411  
 
                        
 
                                
Net loan charge-offs
   $ 4,469     $ 4,059     $ 1,450     $ 9,978  
Provision for loan losses
     7,555       7,379       1,521       16,455  
Allowance for loan losses
     72,764       26,627       6,501       105,892  
Loans, net of unearned income
     5,407,215       271,634       158,553       5,837,402  
 
                                
Non-performing loans / total loans
     1.09 %     25.06 %     4.25 %     2.29 %
Non-performing loans + OREO / total loans + OREO
     1.28 %     27.22 %     5.02 %     2.62 %
Allowance for loan losses / total loans
     1.35 %     9.80 %     4.10 %     1.81 %
Allowance for loan losses / non-performing loans
     123.11 %     39.12 %     96.53 %     79.08 %
Net loan charge-offs (annualized) / average loans
     0.33 %     5.90 %     3.64 %     0.68 %
 
                                
Loans 30 - 89 days past due
   $ 43,140     $ 2,700     $ 2,853     $ 48,693  
Loans 90+ days past due
     10,827       0       2,298       13,125  
Non-accrual loans
     55,454       68,073       2,103       125,630  
 
                        
Total past due and non-accrual loans
   $ 109,421     $ 70,773     $ 7,254     $ 187,448  
 
                        
 
                                
Total past due and non-accrual loans/total loans
     2.02 %     26.05 %     4.58 %     3.21 %

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                 
    Fourth Quarter 2008  
    Bank — PA     Bank — FL     Regency     Total  
Asset quality data, by geographic region
                                
Non-accrual loans
   $ 45,006     $ 93,116     $ 1,485     $ 139,607  
Restructured loans
     452       0       3,420       3,872  
 
                        
Non-performing loans
     45,458       93,116       4,905       143,479  
Other real estate owned
     7,054       1,138       985       9,177  
 
                        
Total non-performing loans and OREO
     52,512       94,254       5,890       152,656  
Non-performing investments
    10,456       0       0       10,456  
 
                              
 
                        
Non-performing assets
   $ 62,968     $ 94,254     $ 5,890     $ 163,112  
 
                        
 
                                
Net loan charge-offs
   $ 5,759     $ 13,745     $ 1,644     $ 21,148  
Provision for loan losses
     17,532       32,035       1,731       51,298  
Allowance for loan losses
     69,745       28,506       6,479       104,730  
Loans, net of unearned income
     5,368,157       294,202       158,021       5,820,380  
 
                                
Non-performing loans / total loans
     0.85 %     31.65 %     3.10 %     2.47 %
Non-performing loans + OREO / total loans + OREO
     0.98 %     31.91 %     3.70 %     2.62 %
Allowance for loan losses / total loans
     1.30 %     9.69 %     4.10 %     1.80 %
Allowance for loan losses / non-performing loans
     153.43 %     30.61 %     132.09 %     72.99 %
Net loan charge-offs (annualized) / average loans
     0.42 %     18.59 %     4.15 %     1.44 %
 
                                
Loans 30 - 89 days past due
   $ 40,414     $ 0     $ 2,980     $ 43,394  
Loans 90+ days past due
     11,044       0       2,633       13,677  
Non-accrual loans
     45,006       93,116       1,485       139,607  
 
                        
Total past due and non-accrual loans
   $ 96,464     $ 93,116     $ 7,098     $ 196,678  
 
                        
 
                                
Total past due and non-accrual loans/total loans
     1.80 %     31.65 %     4.49 %     3.38 %

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
     NON-GAAP FINANCIAL MEASURES
The following non-GAAP financial measures used by the Corporation provide information useful to investors in understanding the Corporation’s operating performance and trends, and facilitate comparisons with the performance of the Corporation’s peers. The non-GAAP financial measures used by the Corporation may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. The following tables summarize the non-GAAP financial measures derived from amounts reported in the Corporation’s financial statements.
                         
    2009     2008  
    Fourth     Third     Fourth  
    Quarter     Quarter     Quarter  
Return on average tangible equity (3):
                        
Net income (annualized)
   $ 18,077     $ 40,887       ($75,214 )
Amortization of intangibles, net of tax (annualized)
     4,457       4,467       5,140  
 
                  
 
     22,534       45,354       (70,074 )
 
                        
Average total shareholders’ equity
     1,052,483       1,128,898       972,138  
Less: Average intangibles
     (568,666 )     (570,705 )     (575,668 )
 
                  
 
     483,817       558,193       396,470  
 
                        
Return on average tangible equity (3)
     4.66 %     8.13 %     -17.67 %
 
                  
 
                        
Return on average tangible common equity (3):
                        
Net income available to common shareholders (annualized)
   $ 18,077     $ 19,085       ($75,214 )
Amortization of intangibles, net of tax (annualized)
     4,457       4,467       5,140  
 
                  
 
     22,534       23,552       (70,074 )
 
                        
Average total shareholders’ equity
     1,052,483       1,128,898       972,138  
Less: Average preferred shareholders’ equity
     0       (72,727 )     0  
Less: Average intangibles
     (568,666 )     (570,705 )     (575,668 )
 
                  
 
     483,817       485,466       396,470  
 
                        
Return on average tangible common equity (3)
     4.66 %     4.85 %     -17.67 %
 
                  
 
                        
Return on average tangible assets (4):
                        
Net income (annualized)
   $ 18,077     $ 40,887       ($75,214 )
Amortization of intangibles, net of tax (annualized)
     4,457       4,467       5,140  
 
                  
 
     22,534       45,354       (70,074 )
 
                        
Average total assets
     8,681,532       8,701,853       8,414,609  
Less: Average intangibles
     (568,666 )     (570,705 )     (575,668 )
 
                  
 
     8,112,866       8,131,148       7,838,941  
 
                        
Return on average tangible assets (4)
     0.28 %     0.56 %     -0.89 %
 
                  
 
                        
Tangible common book value per share:
                        
Total shareholders’ equity
   $ 1,043,302     $ 1,052,589     $ 925,984  
Less: preferred shareholders’ equity
     0       0       0  
Less: intangibles
     (567,851 )     (569,579 )     (574,507 )
 
                  
 
     475,451       483,010       351,477  
 
                        
Ending shares outstanding
     114,111,695       113,990,095       89,700,152  
 
                        
Tangible common book value per share
   $ 4.17     $ 4.24     $ 3.92  
 
                  

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                 
    For the Year  
    Ended December 31,  
    2009     2008  
Return on average tangible equity (3):
                
Net income (annualized)
   $ 41,111     $ 35,595  
Amortization of intangibles, net of tax (annualized)
     4,607       4,187  
 
            
 
     45,718       39,782  
 
                
Average total shareholders’ equity
     1,063,104       847,417  
Less: Average intangibles
     (571,492 )     (473,228 )
 
            
 
     491,612       374,189  
 
                
Return on average tangible equity (3)
     9.30 %     10.63 %
 
            
 
                
Return on average tangible common equity (3):
                
Net income available to common shareholders (annualized)
   $ 32,803     $ 35,595  
Amortization of intangibles, net of tax (annualized)
     4,607       4,187  
 
            
 
     37,410       39,782  
 
                
Average total shareholders’ equity
     1,063,104       847,417  
Less: Average preferred shareholders’ equity
     (63,602 )     0  
Less: Average intangibles
     (571,492 )     (473,228 )
 
            
 
     428,010       374,189  
 
                
Return on average tangible common equity (3)
     8.74 %     10.63 %
 
            
 
                
Return on average tangible assets (4):
                
Net income (annualized)
   $ 41,111     $ 35,595  
Amortization of intangibles, net of tax (annualized)
     4,607       4,187  
 
            
 
     45,718       39,782  
 
                
Average total assets
     8,606,188       7,696,895  
Less: Average intangibles
     (571,492 )     (473,228 )
 
            
 
     8,034,696       7,223,667  
 
                
Return on average tangible assets (4)
     0.57 %     0.55 %
 
            
 
                
Tangible common book value per share:
                
Total shareholders’ equity
   $ 1,043,302     $ 925,984  
Less: preferred shareholders’ equity
     0       0  
Less: intangibles
     (567,851 )     (574,507 )
 
            
 
     475,451       351,477  
 
                
Ending shares outstanding
     114,111,695       89,700,152  
 
                
Tangible common book value per share
   $ 4.17     $ 3.92  
 
            

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                         
    2009     2008  
    Fourth     Third     Fourth  
    Quarter     Quarter     Quarter  
Tangible common book value per share excluding AOCI (6):
                        
Total shareholders’ equity
   $ 1,043,302     $ 1,052,589     $ 925,984  
Less: preferred shareholders’ equity
     0       0       0  
Less: intangibles
     (567,851 )     (569,579 )     (574,507 )
Less: AOCI
     30,633       29,529       26,505  
 
                  
 
     506,084       512,539       377,982  
 
                        
Ending shares outstanding
     114,111,695       113,990,095       89,700,152  
 
                        
Tangible common book value per share excluding AOCI (6)
   $ 4.43     $ 4.50     $ 4.21  
 
                  
 
                        
Tangible equity/tangible assets (period end):
                        
Total shareholders’ equity
   $ 1,043,302     $ 1,052,589     $ 925,984  
Less: intangibles
     (567,851 )     (569,579 )     (574,507 )
 
                  
 
     475,451       483,010       351,477  
 
                        
Total assets
     8,709,077       8,595,872       8,364,811  
Less: intangibles
     (567,851 )     (569,579 )     (574,507 )
 
                  
 
     8,141,226       8,026,293       7,790,304  
 
                        
Tangible equity/tangible assets (period end)
     5.84 %     6.02 %     4.51 %
 
                  
 
                        
Tangible common equity/tangible assets (period end):
                        
Total shareholders’ equity
   $ 1,043,302     $ 1,052,589     $ 925,984  
Less: preferred shareholders’ equity
     0       0       0  
Less: intangibles
     (567,851 )     (569,579 )     (574,507 )
 
                  
 
     475,451       483,010       351,477  
 
                        
Total assets
     8,709,077       8,595,872       8,364,811  
Less: intangibles
     (567,851 )     (569,579 )     (574,507 )
 
                  
 
     8,141,226       8,026,293       7,790,304  
 
                        
Tangible common equity/tangible assets (period end)
     5.84 %     6.02 %     4.51 %
 
                  
 
                        
Tangible common equity, excluding AOCI/ tangible assets (period end) (6):
                        
Total shareholders’ equity
   $ 1,043,302     $ 1,052,589     $ 925,984  
Less: preferred shareholders’ equity
     0       0       0  
Less: intangibles
     (567,851 )     (569,579 )     (574,507 )
Less: AOCI
     30,633       29,529       26,505  
 
                  
 
     506,084       512,539       377,982  
 
                        
Total assets
     8,709,077       8,595,872       8,364,811  
Less: intangibles
     (567,851 )     (569,579 )     (574,507 )
 
                  
 
     8,141,226       8,026,293       7,790,304  
 
                        
Tangible common equity, excluding AOCI/ tangible assets (period end) (6)
     6.22 %     6.39 %     4.85 %
 
                  

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                 
    For the Year  
    Ended December 31,  
    2009     2008  
Tangible common book value per share excluding AOCI (6):
                
Total shareholders’ equity
   $ 1,043,302     $ 925,984  
Less: preferred shareholders’ equity
     0       0  
Less: intangibles
     (567,851 )     (574,507 )
Less: AOCI
     30,633       26,505  
 
            
 
     506,083       377,982  
 
                
Ending shares outstanding
     114,111,695       89,700,152  
 
                
Tangible common book value per share excluding AOCI (6)
   $ 4.43     $ 4.21  
 
            
 
                
Tangible equity/tangible assets (period end):
                
Total shareholders’ equity
   $ 1,043,302     $ 925,984  
Less: intangibles
     (567,851 )     (574,507 )
 
            
 
     475,451       351,477  
 
                
Total assets
     8,709,077       8,364,811  
Less: intangibles
     (567,851 )     (574,507 )
 
            
 
     8,141,226       7,790,304  
 
                
Tangible equity/tangible assets (period end)
     5.84 %     4.51 %
 
            
 
                
Tangible common equity/tangible assets (period end):
                
Total shareholders’ equity
   $ 1,043,302     $ 925,984  
Less: preferred shareholders’ equity
     0       0  
Less: intangibles
     (567,851 )     (574,507 )
 
            
 
     475,451       351,477  
 
                
Total assets
     8,709,077       8,364,811  
Less: intangibles
     (567,851 )     (574,507 )
 
            
 
     8,141,226       7,790,304  
 
                
Tangible common equity/tangible assets (period end)
     5.84 %     4.51 %
 
            
 
                
Tangible common equity, excluding AOCI/ tangible assets (period end) (6):
                
Total shareholders’ equity
   $ 1,043,302     $ 925,984  
Less: preferred shareholders’ equity
     0       0  
Less: intangibles
     (567,851 )     (574,507 )
Less: AOCI
     30,633       26,505  
 
            
 
     506,084       377,982  
 
                
Total assets
     8,709,077       8,364,811  
Less: intangibles
     (567,851 )     (574,507 )
 
            
 
     8,141,226       7,790,304  
 
                
Tangible common equity, excluding AOCI/ tangible assets (period end) (6)
     6.22 %     4.85 %
 
            
 
(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)   The impairment losses on securities for 2008 (prior to the adoption of FSP 115-2 during the second quarter of 2009) includes both credit and non-credit related losses on securities.
 
(3)   Return on average tangible equity (common equity) is calculated by dividing net income less amortization of intangibles by average equity (common equity) less average intangibles.
 
(4)   Return on average tangible assets is calculated by dividing net income less amortization of intangibles by average assets less average intangibles.
 
(5)   The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus non-interest income.
 
(6)   Accumulated other comprehensive income (AOCI) is comprised of unrealized losses on securities, non-credit impairment losses on other-than- temporarily impaired securities and unrecognized pension and postretirement obligations.
 
(7)   See non-GAAP financial measures for additional information relating to the calculation of this item.
 
(8)   Treasury management accounts are included in short-term borrowings on the balance sheet.
 
(9)   Certain prior period amounts have been reclassified to conform to the current period presentation.