EX-99.1 2 j1653301exv99w1.htm EX-99.1 EX-99.1
 

Exhibit 99.1
F.N.B. CORPORATION REPORTS
THIRD QUARTER 2005 RESULTS
Hermitage, PA – October 20, 2005 – F.N.B. Corporation (NYSE: FNB), a diversified financial services company headquartered in western Pennsylvania, today reported third quarter 2005 net income of $18.1 million, or $.32 per diluted share. These results compare to $17.5 million, or $.31 per diluted share, for the second quarter of 2005 and $14.7 million, or $.31 per diluted share, for the third quarter of 2004. The Corporation’s return on equity for the third quarter of 2005 was 15.5%, its return on tangible equity was 29.8% and its return on assets was 1.26%.
“These third quarter results are particularly gratifying considering the difficulties created by a flattening yield curve, and reflect positively on the abilities of our staff and management,” said Stephen Gurgovits, President and Chief Executive Officer of F.N.B. Corporation. “We attribute these results primarily to continued loan growth, increases in fee income, and reduced non-interest expenses over last quarter”.
Year-to-date through September 30, 2005 the Corporation recorded net income of $50.5 million, or $.90 per diluted share, compared to $46.0 million, or $.98 per diluted share, for the same period in 2004. In the first nine months of 2005, the Corporation recorded merger related costs totaling $656 thousand after-tax, or $.01 per diluted share, associated with the acquisition of NSD Bancorp Inc. (NSD) in Pittsburgh. In the same period 2004, the Corporation’s net income included a $2.7 million after-tax gain on the sale of branches and $1.8 million of after-tax non-interest income from Sun Bancorp Inc. (Sun), which a third party acquired in late 2004. These items accounted for after-tax income totaling $.10 per diluted share through the end of the third quarter of 2004.
Interest income, on a fully tax equivalent basis, was up 2.3% in the third quarter 2005 compared to the previous quarter and 19.0% over the same period last year. Average loans increased 4.0%, annualized, on a linked quarter basis and 16.0% over the third quarter of 2004. The yield on earning assets also increased four basis points over the second quarter of 2005.
“While the third quarter’s loan growth rate, absent acquisitions, is typical in our corner of the world,” noted Gurgovits, “we are looking forward to capitalizing on future growth opportunities in our new Pittsburgh markets under the leadership of Vince Delie, who recently joined F.N.B. as President and CEO of the Pittsburgh Region. Delie has spent nearly 20 years of his career in Pittsburgh, and brings a wealth of local market knowledge and business contacts to the bank. As we have indicated before, Pittsburgh is our primary focus for market expansion.”
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F.N.B. Corporation Page 2 of 4
“We expect to achieve additional loan growth from the recently announced commercial loan production and consumer mortgage origination offices in Florida,” continued Gurgovits. “The Corporation’s previous experience in the Florida market has led to an alliance with several seasoned senior lenders, formerly affiliated with F.N.B., who will manage the Florida offices for the Company. This strategy will complement our strong desire for quality commercial loans, as well as provide valuable fee income from the mortgage origination business.”
Offsetting the increase in interest income was a 15 basis-point increase in the cost of funds compared to the previous quarter. This increase is attributable to competitive pricing pressures and disintermediation in the deposit base related to rising short term interest rates. Average deposits declined slightly in the quarter in response to customers’ preference for higher rates in the marketplace. The net interest margin for the third quarter was 3.77%, a decrease of 10 basis points from the second quarter of 2005.
Year-to-date, net-interest income on a fully tax equivalent basis increased 12.7% over the same period last year primarily due to increased earning assets and interest bearing liabilities as a result of the acquisitions completed in late 2004 and early 2005. The Corporation’s net interest margin in the first nine months of 2005 was 3.87%, a decrease of 10 basis points from same period last year.
Non-interest income for the third quarter of 2005 was $18.8 million, up 2.5% from last quarter and equal to the same period last year. The linked quarter increase is primarily attributable to a 5.7% rise in service charges. The remaining fee income items were relatively flat quarter-over-quarter. Other income was down 53% versus the same period last year due to the reduced income associated with Sun.
On a year-to-date basis, non-interest income was up 10.9% over the same period last year, excluding the branch sale gain and Sun-related income recorded in 2004. This increase is primarily due to the acquisitions of Slippery Rock Financial Corporation, NSD and the Morrell, Butz and Junker Insurance Agency. Non-interest income has remained level at 28% of total revenue for the first nine months of 2005.
Non-interest expense for the third quarter of 2005 totaled $38.0 million, compared to $38.2 million in the previous quarter and $35.9 million for the same period last year. Expense reductions from last quarter were realized as a result of reduced personnel expense. The efficiency ratio was 55.3% in the third quarter of 2005, consistent with the previous quarter and a notable improvement from the 57.5% realized in the same period last year.
On a year-to-date basis, non-interest expense, excluding merger-related costs, was $115.5 million compared to $104.0 million for the same period last year. This increase is

 

 

F.N.B. Corporation Page 3 of 4
principally attributable to the acquisitions completed in the fourth quarter of 2004 and the first quarter of 2005.
Income tax expense was reduced $1.1 million on a linked quarter basis primarily due to the successful resolution of an uncertain tax position in the current period.
The provision for loan losses was $3.4 million in the third quarter of 2005, compared to $2.7 million in the prior quarter. At September 30, 2005 the allowance for loan losses was 1.34% of total loans and 1.7 times non-performing loans, equaling last quarter’s measures.
Annualized net charge-offs for the third quarter of 2005 were 36 basis points of average loans, better than the 56 basis points for the second quarter of 2005 and 43 basis points for the third quarter of 2004. Non-performing loans to total loans were 78 basis points for the third quarter of 2005, improving from the 81 basis points in both the third quarter last year and on a sequential quarter basis. Non-performing assets as a percent of total assets showed similar improvement.
Shareholders’ equity at September 30, 2005 was $467 million. The Corporation’s leverage capital ratio was 7.0% and the tangible capital ratio was 4.7% at the end of the quarter. The Corporation continues to maintain “well capitalized” ratios for federal bank regulatory purposes.
On October 7, 2005 F.N.B. completed the acquisition of North East Bancshares, Inc., a $68 million financial services company that operates four banking and lending offices in Erie County, PA.
On October 19, 2005 the Board of Directors voted to increase the normal quarterly cash dividend on its common stock to 23.5 cents per share. This increase represents a dividend of 94 cents per share on an annualized basis and equates to a dividend yield of 5.44% based on yesterday’s closing price of $17.28 per share. This dividend yield places F.N.B. at the top of its peer group of similarly sized bank holding companies across the U.S. Further, this is the 33rd consecutive year that F.N.B. Corporation has increased its dividend. The dividend is payable on December 15, 2005 to shareholders of record on December 1, 2005.
The Corporation will host a conference call on Friday, October 21, 2005 at 11:00 a.m. (EDT) to discuss third quarter 2005 results. Interested parties may access the conference call by dialing 1-800-346-7359 with the entry code 3044. Replays of the call will be available until October 29, 2005 by calling 1-800-332-6854 and using the above entry code, 3044. A transcript of the conference call will also be available on the Corporation’s web site, http://www.fnbcorporation.com.

 

 

F.N.B. Corporation Page 4 of 4
About F.N.B. Corporation:
F.N.B. Corporation, headquartered in Hermitage, PA, has total assets of $5.7 billion. F.N.B. is a leading provider of banking, wealth management, insurance and consumer finance services in western Pennsylvania and eastern 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, and Regency Finance Company. It also operates consumer finance offices in Tennessee, as well as commercial and mortgage loan production offices in Florida.
Mergent Inc., a leading provider of business and financial information on publicly traded companies, has recognized F.N.B. as a Dividend Achiever. This annual recognition is based on the Corporation’s outstanding record of increased dividend performance. The Corporation has consistently increased dividend payments for 33 consecutive years.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol FNB. Investor information is available on F.N.B.’s website at http://www.fnbcorporation.com.
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 depository institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which F.N.B. Corporation is engaged; (6) changes in the securities markets; or (7) risk factors mentioned in the reports and registration statements F.N.B. Corporation files with the Securities and Exchange Commission. F.N.B. Corporation undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this release.
# # #
Media Contact:
Kathryn Lima 724-981-4318
724-301-6984 (cell)
Analysts/Institutional Investor Contact:
John Waters 239-514-2643
239-272-6495 (cell)

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                         
                            3rd Qtr 2005 -     3rd Qtr 2005 -  
    2005     2004     2nd Qtr 2005     3rd Qtr 2004  
    Third     Second     Third     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Statement of earnings
                                        
Interest income – taxable equivalent basis
   $ 76,816     $ 75,084     $ 64,536       2.3       19.0  
 
                                        
Interest income
   $ 75,918     $ 74,213     $ 63,950       2.3       18.7  
Interest expense
     28,555       26,335       21,883       8.4       30.5  
 
                                  
Net interest income
     47,363       47,878       42,067       -1.1       12.6  
Provision for loan losses
     3,448       2,686       3,570       28.4       -3.4  
 
                                  
Net interest income after provision
     43,915       45,192       38,497       -2.8       14.1  
 
                                        
Service charges
     10,528       9,960       8,676       5.7       21.3  
Insurance commissions and fees
     3,090       3,127       3,257       -1.2       -5.1  
Securities commissions and fees
     1,020       1,095       1,069       -6.8       -4.6  
Trust income
     1,752       1,756       1,693       -0.2       3.4  
Gain (loss) on sale of securities
     431       564       470       -23.5       -8.3  
Gain on sale of loans
     442       295       365       49.5       21.0  
Gain on sale of branches
     0       0       0       n/m       n/m  
Other
     1,528       1,533       3,261       -0.3       -53.1  
 
                                  
Total non-interest income
     18,791       18,330       18,791       2.5       0.0  
 
                                        
Salaries and employee benefits
     19,335       19,735       18,117       -2.0       6.7  
Occupancy and equipment
     6,353       6,376       6,124       -0.4       3.7  
Amortization of intangibles
     918       951       576       -3.4       59.5  
Other
     11,392       11,157       11,085       2.1       2.8  
 
                                  
Total non-interest expense
     37,998       38,219       35,902       -0.6       5.8  
 
                                        
Income before income taxes
     24,708       25,303       21,386       -2.3       15.5  
Income taxes
     6,622       7,762       6,690       -14.7       -1.0  
 
                                  
Net income
   $ 18,086     $ 17,541     $ 14,696       3.1       23.1  
 
                                  
 
                                        
Earnings per share
                                        
Basic
   $ 0.32     $ 0.31     $ 0.32       3.2       0.0  
Diluted
   $ 0.32     $ 0.31     $ 0.31       3.2       3.2  
 
                                        
Performance ratios
                                        
Return on average equity
     15.54 %     15.39 %     23.68 %                
Return on tangible equity (1)
     29.80 %     30.22 %     29.56 %                
Return on average assets
     1.26 %     1.25 %     1.23 %                
Net interest margin (FTE)
     3.77 %     3.87 %     3.88 %                
Yield on earning assets (FTE)
     6.00 %     5.96 %     5.88 %                
Cost of funds
     2.53 %     2.38 %     2.27 %                
Efficiency ratio (FTE) (2)
     55.30 %     55.56 %     57.49 %                
 
                                        
Common stock data
                                        
Average basic shares outstanding
     56,426,087       56,275,414       46,537,841       0.3       21.2  
Average diluted shares outstanding
     57,100,376       57,002,404       47,353,352       0.2       20.6  
Ending shares outstanding
     56,520,245       56,293,407       46,696,666       0.4       21.0  
Book value per common share
   $ 8.26     $ 8.17     $ 5.56       1.2       48.7  
Tangible book value per common share
   $ 4.55     $ 4.36     $ 4.55       4.4       -0.2  
Dividend payout ratio
     71.79 %     73.76 %     73.14 %                
 
(1)   Return on tangible equity is calculated by dividing net income less amortization of intangibles by average equity less average intangibles.
 
(2)   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.

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                         
    For the Nine Months        
    Ended September 30,     Percent  
    2005     2004     Variance  
Statement of earnings
                        
Interest income – taxable equivalent basis
   $ 222,080     $ 189,222       17.4  
 
                        
Interest income
   $ 219,531     $ 187,442       17.1  
Interest expense
     78,380       61,702       27.0  
 
                    
Net interest income
     141,151       125,740       12.3  
Provision for loan losses
     8,465       11,812       -28.3  
 
                    
Net interest income after provision
     132,686       113,928       16.5  
 
                        
Service charges
     29,542       25,239       17.1  
Insurance commissions and fees
     9,986       8,161       22.4  
Securities commissions and fees
     3,519       3,601       -2.3  
Trust income
     5,413       5,242       3.3  
Gain (loss) on sale of securities
     1,602       1,437       11.5  
Gain on sale of loans
     1,051       1,447       -27.4  
Gain on sale of branches
     0       4,135       n/m  
Other
     4,422       7,678       -42.4  
 
                    
Total non-interest income
     55,537       56,940       -2.5  
 
                        
Salaries and employee benefits
     60,253       53,411       12.8  
Occupancy and equipment
     19,246       17,816       8.0  
Amortization of intangibles
     2,729       1,614       69.1  
Other
     34,327       31,129       10.3  
 
                    
Total non-interest expense
     116,555       103,970       12.1  
 
                        
Income before income taxes
     71,668       66,898       7.1  
Income taxes
     21,131       20,915       1.0  
 
                    
Net income
   $ 50,537     $ 45,983       9.9  
 
                    
 
                        
Earnings per share
                        
Basic
   $ 0.91     $ 0.99       -8.1  
Diluted
   $ 0.90     $ 0.98       -8.2  
 
                        
Performance ratios
                        
Return on average equity
     15.55 %     25.24 %        
Return on tangible equity (1)
     29.01 %     30.91 %        
Return on average assets
     1.22 %     1.31 %        
Net interest margin (FTE)
     3.87 %     3.97 %        
Yield on earning assets (FTE)
     5.98 %     5.89 %        
Cost of funds
     2.40 %     2.18 %        
Efficiency ratio (FTE) (2)
     57.13 %     55.49 %        
 
                        
Common stock data
                        
Average basic shares outstanding
     55,260,092       46,326,420       19.3  
Average diluted shares outstanding
     55,981,612       47,155,413       18.7  
Ending shares outstanding
     56,520,245       46,696,666       21.0  
Book value per common share
   $ 8.26     $ 5.56       48.7  
Tangible book value per common share
   $ 4.55     $ 4.55       -0.2  
Dividend payout ratio
     76.91 %     69.60 %        
 
(1)   Return on tangible equity is calculated by dividing net income less amortization of intangibles by average equity less average intangibles.
 
(2)   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.

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                         
                            3rd Qtr 2005 -     3rd Qtr 2005 -  
    2005     2004     2nd Qtr 2005     3rd Qtr 2004  
    Third     Second     Third     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Average balances
                                        
Total assets
   $ 5,684,747     $ 5,649,748     $ 4,753,309       0.6       19.6  
Earning assets
     5,082,328       5,050,784       4,369,650       0.6       16.3  
Securities
     1,333,758       1,340,898       1,138,835       -0.5       17.1  
Loans, net of unearned income
     3,746,130       3,708,608       3,229,363       1.0       16.0  
Allowance for loan losses
     50,921       52,953       46,960       -3.8       8.4  
Goodwill and intangibles
     213,102       216,288       44,069       -1.5       383.6  
 
                                        
Deposits and repurchase agreements
     4,113,936       4,136,397       3,530,894       -0.5       16.5  
Short-term borrowings
     311,896       288,477       219,532       8.1       42.1  
Long-term debt
     598,188       566,481       562,940       5.6       6.3  
Trust preferred securities
     128,866       128,866       128,866       0.0       0.0  
Shareholders’ equity
     461,802       457,280       246,860       1.0       87.1  
 
                                        
Asset quality data
                                        
Non-accrual loans
   $ 24,017     $ 24,760     $ 20,496       -3.0       17.2  
Restructured loans
     5,109       5,547       5,741       -7.9       -11.0  
 
                                  
Non-performing loans
     29,126       30,307       26,237       -3.9       11.0  
Other real estate owned
     5,907       6,510       4,507       -9.3       31.1  
 
                                  
Non-performing assets
   $ 35,033     $ 36,817     $ 30,744       -4.8       14.0  
 
                                  
 
                                        
Net loan charge-offs
   $ 3,387     $ 5,187     $ 3,518       -34.7       -3.7  
Allowance for loan losses
     50,258       50,197       46,151       0.1       8.9  
 
                                        
Non-performing loans / total loans
     0.78 %     0.81 %     0.81 %                
Non-performing assets / total assets
     0.61 %     0.65 %     0.65 %                
Allowance for loan losses / total loans
     1.34 %     1.34 %     1.43 %                
Allowance for loan losses / non-performing loans
     172.55 %     165.63 %     175.90 %                
Net loan charge-offs (annualized) / average loans
     0.36 %     0.56 %     0.43 %                
 
                                        
Balances at period end
                                        
Total assets
   $ 5,703,659     $ 5,701,883     $ 4,733,542       0.0       20.5  
Earning assets
     5,094,183       5,091,150       4,365,397       0.1       16.7  
Securities
     1,333,477       1,337,373       1,140,431       -0.3       16.9  
Loans, net of unearned income
     3,754,861       3,746,569       3,219,735       0.2       16.6  
Goodwill and intangibles
     209,983       214,615       46,839       -2.2       348.3  
 
                                        
Deposits and repurchase agreements
     4,099,796       4,131,747       3,558,619       -0.8       15.2  
Short-term borrowings
     346,350       318,413       211,737       8.8       63.6  
Long-term debt
     597,979       598,590       510,247       -0.1       17.2  
Trust preferred securities
     128,866       128,866       128,866       0.0       0.0  
Shareholders’ equity
     467,028       459,819       259,529       1.6       80.0  
 
                                        
Capital ratios
                                        
Equity/assets (period end)
     8.19 %     8.06 %     5.48 %                
Leverage ratio
     7.01 %     6.81 %     6.13 %                
Tangible equity/tangible assets (period end)
     4.68 %     4.47 %     4.54 %                

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                         
    For the Nine Months        
    Ended September 30,     Percent  
    2005     2004     Variance  
Average balances
                        
Total assets
   $ 5,532,847     $ 4,674,151       18.4  
Earning assets
     4,961,961       4,290,953       15.6  
Securities
     1,306,343       1,048,151       24.6  
Loans, net of unearned income
     3,653,881       3,241,571       12.7  
Allowance for loan losses
     52,170       47,161       10.6  
Goodwill and intangibles
     193,444       40,097       382.4  
 
                        
Deposits and repurchase agreements
     4,046,917       3,495,547       15.8  
Short-term borrowings
     282,619       239,977       17.8  
Long-term debt
     566,242       499,115       13.4  
Trust preferred securities
     128,866       128,866       0.0  
Shareholders’ equity
     434,539       243,349       78.6  
 
                        
Asset quality data
                        
Non-accrual loans
   $ 24,017     $ 20,496       17.2  
Restructured loans
     5,109       5,741       -11.0  
 
                    
Non-performing loans
     29,126       26,237       11.0  
Other real estate owned
     5,907       4,507       31.1  
 
                    
Non-performing assets
   $ 35,033     $ 30,744       14.0  
 
                    
 
                        
Net loan charge-offs
   $ 12,296     $ 11,746       4.7  
Allowance for loan losses
     50,258       46,151       8.9  
 
                        
Non-performing loans / total loans
     0.78 %     0.81 %        
Non-performing assets / total assets
     0.61 %     0.65 %        
Allowance for loan losses / total loans
     1.34 %     1.43 %        
Allowance for loan losses / non-performing loans
     172.55 %     175.90 %        
Net loan charge-offs (annualized) / average loans
     0.45 %     0.48 %        
 
                        
Balances at period end
                        
Total assets
   $ 5,703,659     $ 4,733,542       20.5  
Earning assets
     5,094,183       4,365,397       16.7  
Securities
     1,333,477       1,140,431       16.9  
Loans, net of unearned income
     3,754,861       3,219,735       16.6  
Goodwill and intangibles
     209,983       46,839       348.3  
 
                        
Deposits and repurchase agreements
     4,099,796       3,558,619       15.2  
Short-term borrowings
     346,350       211,737       63.6  
Long-term debt
     597,979       510,247       17.2  
Trust preferred securities
     128,866       128,866       0.0  
Shareholders’ equity
     467,028       259,529       80.0  
 
                        
Capital ratios
                        
Equity/assets (period end)
     8.19 %     5.48 %        
Leverage ratio
     7.01 %     6.13 %        
Tangible equity/tangible assets (period end)
     4.68 %     4.54 %        

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                         
                            3rd Qtr 2005 -     3rd Qtr 2005 -  
    2005     2004     2nd Qtr 2005     3rd Qtr 2004  
    Third     Second     Third     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Average balances
                                        
Loans:
                                        
Commercial
   $ 1,573,478     $ 1,561,741     $ 1,323,215       0.8       18.9  
Direct installment
     890,003       887,185       797,095       0.3       11.7  
Consumer LOC
     262,229       257,836       238,357       1.7       10.0  
Residential mortgages
     507,548       503,209       439,543       0.9       15.5  
Indirect installment
     505,425       490,073       416,411       3.1       21.4  
Lease financing
     2,679       3,546       7,570       -24.5       -64.6  
Other
     4,769       5,018       7,173       -5.0       -33.5  
 
                                  
Total loans
   $ 3,746,130     $ 3,708,608     $ 3,229,363       1.0       16.0  
 
                                  
 
                                        
Deposits:
                                        
Non-interest bearing deposits
   $ 671,712     $ 675,449     $ 607,352       -0.6       10.6  
Savings and NOW
     1,661,443       1,695,124       1,468,351       -2.0       13.2  
Certificates of deposit and other time deposits
     1,601,013       1,591,696       1,325,421       0.6       20.8  
 
                                  
Total deposits
     3,934,168       3,962,269       3,401,124       -0.7       15.7  
Customer repurchase agreements
     179,769       174,128       129,770       3.2       38.5  
 
                                  
Total deposits and repurchase agreements
   $ 4,113,936     $ 4,136,397     $ 3,530,894       -0.5       16.5  
 
                                  
 
                                        
Balances at period end
                                        
Loans:
                                        
Commercial
   $ 1,586,839     $ 1,579,076     $ 1,336,979       0.5       18.7  
Direct installment
     889,539       893,677       795,394       -0.5       11.8  
Consumer LOC
     263,070       259,993       241,122       1.2       9.1  
Residential mortgages
     498,192       508,606       429,846       -2.0       15.9  
Indirect installment
     511,914       496,174       407,809       3.2       25.5  
Lease financing
     2,144       2,994       5,865       -28.4       -63.5  
Other
     3,163       6,049       2,719       -47.7       16.3  
 
                                  
Total loans
   $ 3,754,861     $ 3,746,569     $ 3,219,735       0.2       16.6  
 
                                  
 
                                        
Deposits:
                                        
Non-interest bearing deposits
   $ 662,844     $ 672,549     $ 612,347       -1.4       8.2  
Savings and NOW
     1,646,733       1,683,657       1,495,621       -2.2       10.1  
Certificates of deposit and other time deposits
     1,612,643       1,603,114       1,316,509       0.6       22.5  
 
                                  
Total deposits
     3,922,220       3,959,320       3,424,477       -0.9       14.5  
Customer repurchase agreements
     177,576       172,427       134,143       3.0       32.4  
 
                                  
Total deposits and repurchase agreements
   $ 4,099,796     $ 4,131,747     $ 3,558,619       -0.8       15.2  
 
                                  

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                         
    For the Nine Months        
    Ended September 30,     Percent  
    2005     2004     Variance  
Average balances
                        
Loans:
                        
Commercial
   $ 1,543,580     $ 1,320,642       16.9  
Direct installment
     869,020       782,347       11.1  
Consumer LOC
     257,404       233,140       10.4  
Residential mortgages
     500,340       458,472       9.1  
Indirect installment
     476,307       423,682       12.4  
Lease financing
     3,128       10,935       -71.4  
Other
     4,102       12,353       -66.8  
 
                    
Total loans
   $ 3,653,881     $ 3,241,571       12.7  
 
                    
 
                        
Deposits:
                        
Non-interest bearing deposits
   $ 658,625     $ 590,137       11.6  
Savings and NOW
     1,663,577       1,464,587       13.6  
Certificates of deposit and other time deposits
     1,548,604       1,315,743       17.7  
 
                    
Total deposits
     3,870,806       3,370,467       14.8  
Customer repurchase agreements
     176,112       125,080       40.8  
 
                    
Total deposits and repurchase agreements
   $ 4,046,917     $ 3,495,547       15.8  
 
                    
 
                        
Balances at period end
                        
Loans:
                        
Commercial
   $ 1,586,839     $ 1,336,979       18.7  
Direct installment
     889,539       795,394       11.8  
Consumer LOC
     263,070       241,122       9.1  
Residential mortgages
     498,192       429,846       15.9  
Indirect installment
     511,914       407,809       25.5  
Lease financing
     2,144       5,865       -63.5  
Other
     3,163       2,719       16.3  
 
                    
Total loans
   $ 3,754,861     $ 3,219,735       16.6  
 
                    
 
                        
Deposits:
                        
Non-interest bearing deposits
   $ 662,844     $ 612,347       8.2  
Savings and NOW
     1,646,733       1,495,621       10.1  
Certificates of deposit and other time deposits
     1,612,643       1,316,509       22.5  
 
                    
Total deposits
     3,922,220       3,424,477       14.5  
Customer repurchase agreements
     177,576       134,143       32.4  
 
                    
Total deposits and repurchase agreements
   $ 4,099,796     $ 3,558,619       15.2