EX-99.1 2 l34188aexv99w1.htm EX-99.1 EX-99.1
Exhibit 99.1
F.N.B. CORPORATION REPORTS THIRD QUARTER 2008 EARNINGS
Hermitage, PA — October 23, 2008 — F.N.B. Corporation (NYSE: FNB), a diversified financial services company, today reported financial results for the third quarter of 2008. Net income increased to $23.5 million, or $0.27 per diluted share, compared to $14.5 million, or $0.17 per diluted share, in the second quarter of 2008. Net income for the third quarter of 2007 totaled $17.6 million, or $0.29 per diluted share. For the third quarter of 2008, the Corporation’s return on average tangible equity was a strong 25.7%, its return on average equity was 10.0%, its return on average tangible assets was 1.28% and its return on average assets was 1.13%.
“We are pleased to deliver a solid quarter in this period of economic stress. Our results reflect the successful balancing of our growth initiatives with our strong risk management practices,” said Bob New, President and Chief Executive Officer of F.N.B. Corporation. “The strong organic growth we experienced in loans, deposits and treasury management balances demonstrates that we continue to win in the marketplace. We have benefited from a flight to quality given the disruption in the banking industry and amongst some of our key competitors in our markets.”
Bob New added, “We are particularly proud to have achieved record levels of assets at $8.5 billion and shareholders’ equity at $1.0 billion. These levels further demonstrate the strength of our company and businesses.”
Third Quarter 2008 Results
During the third quarter, F.N.B. Corporation completed the acquisition of Iron and Glass Bancorp, Inc., which bolstered the Corporation’s existing presence in Pittsburgh. The transaction added a $167 million loan portfolio, $254 million in deposits and total assets of $310 million as of August 16, 2008.
Average loans increased 3.1%, or 12.2% on an annualized basis, compared to the second quarter of 2008. Excluding the effects of the Iron and Glass acquisition, average loan balances would have increased 1.6%, or 6.6% on an annualized basis, compared to the second quarter. Organic loan growth was primarily driven by increases in commercial, indirect auto and home equity lending. Commercial and consumer lending growth reflect the continued execution of our strategies. The increase in the indirect loan portfolio reflects the benefit from a weakening of competitors in the automobile finance market that provided the Corporation with an opportunity to increase balances with improved pricing, while maintaining strong underwriting standards.
Page 1 of 5

 

 

F.N.B. Corporation Page 2 of 5
Average deposits and treasury management balances increased 4.2%, or 16.9% on an annualized basis, compared to the second quarter of 2008. Excluding the effects of the Iron and Glass acquisition, the growth rate would have been 2.1%, or 8.6% on an annualized basis, compared to the second quarter. Organic growth occurred across all categories with business accounts and treasury management leading the way.
Net interest income totaled $70.5 million for the third quarter of 2008 and increased 4.9%, or 19.6% annualized, from the prior quarter. In addition to the growth in loans and deposits, the net interest margin improved to 3.97%, compared to 3.92% in the second quarter of 2008 and 3.73% in the third quarter of 2007. The wider margin reflects slightly better pricing during the quarter and a 3 basis point benefit from returning certain previously non-accruing loans to accrual status based on sustained payment performance.
Non-interest income totaled $28.2 million for the third quarter of 2008 and increased 2.8%, or 11.3% annualized, compared to the prior quarter. In addition to Omega merger impacts in the second quarter, the largest difference between the two quarters was $1.1 million related to investments in bank stocks. The second quarter of 2008 included a net loss of $0.4 million on securities and the quarter comparison benefited from a $0.7 million mark-to-market improvement in a limited partnership that invests in bank stocks. Non-interest income represented 29% of net revenue for the third quarter of 2008.
Non-interest expense totaled $57.9 million for the third quarter of 2008 and decreased 6.6%, or 26.3% on an annualized basis, compared to the prior quarter. Continued strong expense control and efficiencies from the Omega acquisition benefited the quarter comparison. The third quarter expenses included approximately $1.6 million in merger and Iron and Glass related operating expenses, while the second quarter included $3.6 million in Omega merger costs. The efficiency ratio improved to 56.5% in the third quarter of 2008, compared to 64.3% in the second quarter of 2008 and 57.4% in the third quarter of 2007.
The Corporation recorded a provision for loan losses of $6.5 million in the third quarter of 2008, representing an improvement of $4.5 million, or 40.7%, from the prior quarter. The current quarter’s provision for loan losses covered annualized net charge-offs of 30 basis points, good loan growth and changes in credit quality. The annualized net charge-off ratio was stable with the second quarter and the ending allowance for loan losses to total loans was 1.27%, representing a 1 basis point decrease compared to the second quarter.
During the quarter the Corporation placed two larger credits on non-accrual and transferred one non-accruing loan to OREO. These actions resulted in a $21.1 million net increase in non-performing assets to $92.2 million at quarter’s end. Non-performing assets to loans and OREO was 1.57% at the end of the third quarter, representing an increase from 1.27% at the end of the second quarter. Overall asset quality conditions in the Corporation’s Pennsylvania and Ohio markets continue to be good with non-performing assets less than 1% of those loans and OREO. The economic environment in Florida continues to be weak. While the

 

 

F.N.B. Corporation Page 3 of 5
Florida loan portfolio represents only 5% of total loans, Florida’s non-performing assets represent 38%, or $35.0 million, of the Corporation’s total non-performing assets.
The Corporation’s capital ratios continue to exceed federal bank regulatory agency “well capitalized” thresholds. The merger with Iron and Glass, completed in the third quarter, included cash in the consideration and resulted in a planned 20 basis point decrease to a 7.97% leverage ratio and 21 basis point decrease to a 5.00% tangible equity ratio. Both of these ratios have improved over the December 31, 2007 levels of 7.47% for the leverage ratio and 4.85% for the tangible equity ratio. Shareholders’ equity totaled $971.1 million at September 30, 2008, or $10.83 per common share, compared to $919.5 million, or $10.69 per common share, at June 30, 2008. Tangible book value was $4.39 per common share as of September 30, 2008, compared to $4.58 per common share at June 30, 2008.
Year-to-Date Results
For the nine months ended September 30, 2008, F.N.B. Corporation’s net income totaled $54.5 million, or $0.70 per diluted share, compared to $52.6 million, or $0.87 per diluted share for the same period of 2007. On a year-to-date basis, the Corporation’s return on tangible equity totaled 20.9%, its return on equity was 9.0%, its return on tangible assets was 1.09% and its return on assets was 0.98%.
Net interest income, on a fully taxable equivalent basis, increased 26.2% over the same period of 2007, reflecting 22.7% growth in average loans resulting from organic growth and the acquisitions of Omega and Iron and Glass. Average deposits and treasury management balances grew 22.8% over the same period of 2007. Net interest margin for the nine months ended September 30, 2008 increased to 3.88%, up 15 basis points compared to the same period a year ago.
Non-interest income increased 27.7% for the first nine months of 2008, compared to the same period last year. Non-interest income was 29% of net revenue for the nine months ended September 30, 2008. Non-interest expense increased 31.4% compared to the first nine months of 2007.
The efficiency ratio totaled 60.2% for the nine months ended September 30, 2008, compared to 58.0% for the same period of 2007. The increase reflects the negative impact of $4.5 million in merger-related costs incurred this year. Excluding these costs, the efficiency ratio would have been 58.4% for the first nine months of 2008, up slightly from 58.0% for the same period last year.
The provision for loan losses increased $13.6 million compared to the year-ago period, largely reflecting additional provisions for the Florida loan portfolio and the effect of organic growth in the Corporation’s total loan portfolio.

 

 

F.N.B. Corporation Page 4 of 5
Conference Call
F.N.B. Corporation will host its regularly scheduled quarterly conference call to discuss results for the third quarter of 2008 on Friday, October 24, at 8:00 A.M. Eastern Daylight Time. Hosting the call will be Bob New, President and Chief Executive Officer, and Brian Lilly, Chief Financial Officer.
The call can be accessed via the telephone by dialing (866) 575-6537 or (913) 312-0865 for international callers; the confirmation number is 5054046.
A replay of the call will be available from 11:00 A.M. Eastern Daylight Time on the day of the call until midnight Eastern Daylight Time on Friday, October 31, 2008. The replay can be accessed by dialing (888) 203-1112 or (719) 457-0820 for international callers; the confirmation number is 5054046. 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 $8.5 billion as of September 30, 2008. 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, Ohio, Tennessee and Florida.
Mergent Inc., a leading provider of business and financial information about publicly traded companies, has recognized F.N.B. Corporation as a Dividend Achiever. This annual recognition is based on F.N.B. Corporation’s outstanding record of increased dividend performance. F.N.B. Corporation has consistently increased dividend payments for 35 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. Corporation’s Web site at www.fnbcorporation.com.

 

 

F.N.B. Corporation Page 5 of 5
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 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) technological issues which may adversely affect F.N.B. Corporation’s financial operations or customers; (7) changes in the securities markets or (8) 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 press release.
# # #
Analyst/Institutional Investor Contact:
Frank Milano 203-682-8343
frank.milano@icrinc.com
Media Contact:
Jennifer Reel 724-983-4856
724-699-6389 (cell)
DATA SHEETS TO FOLLOW

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                         
                            3rd Qtr 2008 -     3rd Qtr 2008 -  
    2008     2007     2nd Qtr 2008     3rd Qtr 2007  
    Third     Second     Third     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Statement of earnings
                                        
Interest income
   $ 108,801     $ 105,297     $ 93,949       3.3       15.8  
Interest expense
     39,896       39,740       44,791       0.4       -10.9  
 
                                  
Net interest income
     68,905       65,557       49,158       5.1       40.2  
Taxable equivalent adjustment
     1,569       1,608       1,169       -2.4       34.2  
 
                                  
Net interest income (FTE)
     70,474       67,165       50,327       4.9       40.0  
Provision for loan losses
     6,514       10,976       3,776       -40.7       72.5  
 
                                  
Net interest income after provision (FTE)
     63,960       56,189       46,551       13.8       37.4  
 
                                        
Service charges
     15,002       14,860       10,286       1.0       45.8  
Insurance commissions and fees
     3,959       4,183       3,301       -5.4       19.9  
Securities commissions and fees
     2,010       2,098       1,595       -4.2       26.1  
Trust income
     3,215       3,575       2,109       -10.1       52.4  
Gain (loss) on sale of securities
     9       (415 )     (7 )     -102.2       -224.6  
Gain on sale of loans
     477       530       455       -10.0       4.9  
Other
     3,561       2,625       1,943       35.7       83.3  
 
                                  
Total non-interest income
     28,233       27,456       19,682       2.8       43.4  
 
                                        
Salaries and employee benefits
     29,707       32,320       22,030       -8.1       34.8  
Occupancy and equipment
     8,772       9,128       6,867       -3.9       27.7  
Amortization of intangibles
     2,162       1,219       1,099       77.3       96.7  
Other
     17,270       19,347       11,282       -10.7       53.1  
 
                                  
Total non-interest expense
     57,911       62,014       41,278       -6.6       40.3  
 
                                        
Income before income taxes
     34,282       21,631       24,955       58.5       37.4  
Taxable equivalent adjustment
     1,569       1,608       1,169       -2.4       34.2  
Income taxes
     9,208       5,518       6,162       66.9       49.4  
Net income
   $ 23,505     $ 14,505     $ 17,624       62.0       33.4  
 
                                  
 
                                        
Earnings per share
                                        
Basic
   $ 0.27     $ 0.17     $ 0.29       58.8       -6.9  
Diluted
   $ 0.27     $ 0.17     $ 0.29       58.8       -6.9  
 
                                        
Performance ratios
                                        
Return on average equity
     9.99 %     6.26 %     12.96 %                
Return on tangible equity (1)
     25.69 %     14.34 %     26.31 %                
Return on average assets
     1.13 %     0.73 %     1.15 %                
Return on tangible assets (2)
     1.28 %     0.82 %     1.25 %                
Net interest margin (FTE)
     3.97 %     3.92 %     3.73 %                
Yield on earning assets (FTE)
     6.20 %     6.24 %     7.03 %                
Cost of funds
     2.50 %     2.61 %     3.68 %                
Efficiency ratio (FTE) (3)
     56.48 %     64.25 %     57.39 %                
 
                                        
Common stock data
                                        
Average basic shares outstanding
     87,291,008       85,632,970       60,154,574       1.9       45.1  
Average diluted shares outstanding
     87,575,154       86,053,694       60,640,486       1.8       44.4  
Ending shares outstanding
     89,634,163       86,025,842       60,555,834       4.2       48.0  
Book value per common share
   $ 10.83     $ 10.69     $ 8.94       1.4       21.1  
Tangible book value per common share
   $ 4.39     $ 4.58     $ 4.61       -4.1       -4.6  
Dividend payout ratio
     91.24 %     142.62 %     82.47 %                
(1)   Return on tangible equity is calculated by dividing net income less amortization of intangibles by average equity less average intangibles.
 
(2)   Return on tangible assets is calculated by dividing net income less amortization of intangibles by average assets less average intangibles.
 
(3)   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.
 
(4)   Treasury management accounts are included in short-term borrowings on the balance sheet.
 
(5)   Certain prior period amounts have been reclassified to conform to the current period presentation.

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                         
    For the Nine Months        
    Ended September 30,        
                    Percent  
    2008     2007     Variance  
Statement of earnings
                        
Interest income
   $ 302,623     $ 276,056       9.6  
Interest expense
     119,196       130,629       -8.8  
 
                    
Net interest income
     183,427       145,427       26.1  
Taxable equivalent adjustment
     4,440       3,456       28.5  
 
                    
Net interest income (FTE)
     187,867       148,883       26.2  
Provision for loan losses
     21,073       7,461       182.4  
 
                    
Net interest income after provision (FTE)
     166,794       141,422       17.9  
 
                        
Service charges
     40,048       30,116       33.0  
Insurance commissions and fees
     12,064       10,950       10.2  
Securities commissions and fees
     5,628       4,521       24.5  
Trust income
     9,014       6,389       41.1  
Gain (loss) on sale of securities
     338       1,037       -67.4  
Gain on sale of loans
     1,458       1,181       23.5  
Other
     9,307       6,779       37.3  
 
                    
Total non-interest income
     77,857       60,973       27.7  
 
                        
Salaries and employee benefits
     87,283       65,771       32.7  
Occupancy and equipment
     24,831       20,996       18.3  
Amortization of intangibles
     4,454       3,305       34.7  
Other
     47,720       34,924       36.6  
 
                    
Total non-interest expense
     164,288       124,996       31.4  
 
                        
Income before income taxes
     80,363       77,399       3.8  
Taxable equivalent adjustment
     4,440       3,456       28.5  
Income taxes
     21,422       21,327       0.4  
 
                    
Net income
   $ 54,501     $ 52,616       3.6  
 
                    
 
                        
Earnings per share
                        
Basic
   $ 0.70     $ 0.88       -20.5  
Diluted
   $ 0.70     $ 0.87       -19.5  
 
                        
Performance ratios
                        
Return on average equity
     9.04 %     13.04 %        
Return on tangible equity (1)
     20.91 %     26.63 %        
Return on average assets
     0.98 %     1.17 %        
Return on tangible assets (2)
     1.09 %     1.27 %        
Net interest margin (FTE)
     3.88 %     3.73 %        
Yield on earning assets (FTE)
     6.34 %     7.00 %        
Cost of funds
     2.75 %     3.64 %        
Efficiency ratio (FTE) (3)
     60.15 %     57.99 %        
 
                        
Common stock data
                        
Average basic shares outstanding
     77,749,543       60,129,145       29.3  
Average diluted shares outstanding
     78,112,070       60,631,788       28.8  
Ending shares outstanding
     89,634,163       60,555,834       48.0  
Book value per common share
   $ 10.83     $ 8.94       21.1  
Tangible book value per common share
   $ 4.39     $ 4.61       -4.6  
Dividend payout ratio
     104.07 %     81.57 %        
(1)   Return on tangible equity is calculated by dividing net income less amortization of intangibles by average equity less average intangibles.
 
(2)   Return on tangible assets is calculated by dividing net income less amortization of intangibles by average assets less average intangibles.
 
(3)   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.
 
(4)   Treasury management accounts are included in short-term borrowings on the balance sheet.
 
(5)   Certain prior period amounts have been reclassified to conform to the current period presentation.

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                         
                            3rd Qtr 2008 -     3rd Qtr 2008 -  
    2008     2007     2nd Qtr 2008     3rd Qtr 2007  
    Third     Second     Third     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Average balances
                                        
Total assets
   $ 8,265,506     $ 7,989,171     $ 6,078,664       3.5       36.0  
Earning assets
     7,089,681       6,884,173       5,377,543       3.0       31.8  
Securities
     1,304,035       1,238,662       1,030,999       5.3       26.5  
Loans, net of unearned income
     5,766,959       5,594,922       4,341,123       3.1       32.8  
Allowance for loan losses
     73,656       68,308       51,670       7.8       42.6  
Goodwill and intangibles
     550,673       503,598       263,184       9.3       109.2  
 
                                        
Deposits and treasury management accounts (4)
     6,381,969       6,121,908       4,717,121       4.2       35.3  
Short-term borrowings
     145,960       127,630       160,162       14.4       -8.9  
Long-term debt
     501,500       520,579       437,463       -3.7       14.6  
Trust preferred securities
     205,637       205,806       151,031       -0.1       36.2  
Shareholders’ equity
     936,452       932,530       539,698       0.4       73.5  
 
                                        
Asset quality data
                                        
Non-accrual loans
   $ 74,161     $ 58,215     $ 21,346       27.4       247.4  
Restructured loans
     3,733       3,631       3,470       2.8       7.6  
 
                                  
Non-performing loans
     77,894       61,846       24,816       25.9       213.9  
Other real estate owned
     14,338       9,291       5,358       54.3       167.6  
 
                                  
Non-performing assets
   $ 92,232     $ 71,137     $ 30,174       29.7       205.7  
 
                                  
 
                                        
Net loan charge-offs
   $ 4,323     $ 4,132     $ 2,905       4.6       48.8  
Allowance for loan losses
     74,755       71,483       52,122       4.6       43.4  
 
                                        
Non-performing loans / total loans
     1.33 %     1.10 %     0.57 %                
Non-performing assets / total loans + OREO
     1.57 %     1.27 %     0.69 %                
Allowance for loan losses / total loans
     1.27 %     1.28 %     1.20 %                
Allowance for loan losses / non-performing loans
     95.97 %     115.58 %     210.03 %                
Net loan charge-offs (annualized) / average loans
     0.30 %     0.30 %     0.27 %                
 
                                        
Balances at period end
                                        
Total assets
   $ 8,457,351     $ 8,095,880     $ 6,124,174       4.5       38.1  
Earning assets
     7,222,178       6,916,434       5,404,247       4.4       33.6  
Securities
     1,335,781       1,274,424       1,035,959       4.8       28.9  
Loans, net of unearned income
     5,876,041       5,606,409       4,358,604       4.8       34.8  
Goodwill and intangibles
     577,318       525,397       262,663       9.9       119.8  
 
                                        
Deposits and treasury management accounts (4)
     6,525,952       6,251,439       4,738,340       4.4       37.7  
Short-term borrowings
     179,287       137,970       197,032       29.9       -9.0  
Long-term debt
     496,650       505,244       433,691       -1.7       14.5  
Trust preferred securities
     205,555       205,724       151,031       -0.1       36.1  
Shareholders’ equity
     971,074       919,458       541,593       5.6       79.3  
 
                                        
Capital ratios
                                        
Equity/assets (period end)
     11.48 %     11.36 %     8.84 %                
Leverage ratio
     7.97 %     8.17 %     7.43 %                
Tangible equity/tangible assets (period end)
     5.00 %     5.21 %     4.76 %                

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                         
    For the Nine Months        
    Ended September 30,        
                    Percent  
    2008     2007     Variance  
Average balances
                        
Total assets
   $ 7,455,911     $ 6,037,115       23.5  
Earning assets
     6,465,910       5,335,797       21.2  
Securities
     1,183,867       1,034,972       14.4  
Loans, net of unearned income
     5,258,391       4,285,334       22.7  
Allowance for loan losses
     65,129       52,217       24.7  
Goodwill and intangibles
     438,832       264,462       65.9  
 
                        
Deposits and treasury management accounts (4)
     5,731,754       4,666,439       22.8  
Short-term borrowings
     148,215       139,538       6.2  
Long-term debt
     499,671       468,483       6.7  
Trust preferred securities
     187,558       151,031       24.2  
Shareholders’ equity
     805,540       539,366       49.3  
 
                        
Asset quality data
                        
Non-accrual loans
   $ 74,161     $ 21,346       247.4  
Restructured loans
     3,733       3,470       7.6  
 
                    
Non-performing loans
     77,894       24,816       213.9  
Other real estate owned
     14,338       5,358       167.6  
 
                    
Non-performing assets
   $ 92,232     $ 30,174       205.7  
 
                    
 
                        
Net loan charge-offs
   $ 11,448     $ 7,935       44.3  
Allowance for loan losses
     74,755       52,122       43.4  
 
                        
Non-performing loans / total loans
     1.33 %     0.57 %        
Non-performing assets / total loans + OREO
     1.57 %     0.69 %        
Allowance for loan losses / total loans
     1.27 %     1.20 %        
Allowance for loan losses / non-performing loans
     95.97 %     210.03 %        
Net loan charge-offs (annualized) / average loans
     0.29 %     0.25 %        
 
                        
Balances at period end
                        
Total assets
   $ 8,457,351     $ 6,124,174       38.1  
Earning assets
     7,222,178       5,404,247       33.6  
Securities
     1,335,781       1,035,959       28.9  
Loans, net of unearned income
     5,876,041       4,358,604       34.8  
Goodwill and intangibles
     577,318       262,663       119.8  
 
                        
Deposits and treasury management accounts (4)
     6,525,952       4,738,340       37.7  
Short-term borrowings
     179,287       197,032       -9.0  
Long-term debt
     496,650       433,691       14.5  
Trust preferred securities
     205,555       151,031       36.1  
Shareholders’ equity
     971,074       541,593       79.3  
 
                        
Capital ratios
                        
Equity/assets (period end)
     11.48 %     8.84 %        
Leverage ratio
     7.97 %     7.43 %        
Tangible equity/tangible assets (period end)
     5.00 %     4.76 %        

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                         
                            3rd Qtr 2008 -     3rd Qtr 2008 -  
    2008     2007     2nd Qtr 2008     3rd Qtr 2007  
    Third     Second     Third     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Average balances
                                        
Loans:
                                        
Commercial
   $ 3,142,018     $ 3,040,881     $ 2,208,612       3.3       42.3  
Direct installment
     1,099,102       1,100,593       947,158       -0.1       16.0  
Consumer LOC
     314,992       299,710       244,975       5.1       28.6  
Residential mortgages
     655,719       651,728       480,702       0.6       36.4  
Indirect installment
     493,648       447,012       440,686       10.4       12.0  
Other
     61,480       54,998       18,990       11.8       223.8  
 
                                  
Total loans
   $ 5,766,959     $ 5,594,922     $ 4,341,123       3.1       32.8  
 
                                  
 
                                        
Deposits:
                                        
Non-interest bearing deposits
   $ 907,146     $ 870,592     $ 642,197       4.2       41.3  
Savings and NOW
     2,826,205       2,660,157       2,065,469       6.2       36.8  
Certificates of deposit and other time deposits
     2,250,043       2,223,657       1,739,083       1.2       29.4  
 
                                  
Total deposits
     5,983,394       5,754,406       4,446,749       4.0       34.6  
Treasury management accounts (4)
     398,575       367,502       270,372       8.5       47.4  
 
                                  
Total deposits and treasury management accounts (4)
   $ 6,381,969     $ 6,121,908     $ 4,717,121       4.2       35.3  
 
                                  
 
                                        
Balances at period end
                                        
Loans:
                                        
Commercial
   $ 3,228,768     $ 3,034,558     $ 2,234,236       6.4       44.5  
Direct installment
     1,095,115       1,102,654       948,986       -0.7       15.4  
Consumer LOC
     325,284       307,881       245,627       5.7       32.4  
Residential mortgages
     647,259       638,972       469,587       1.3       37.8  
Indirect installment
     514,007       464,825       440,812       10.6       16.6  
Other
     65,608       57,519       19,356       14.1       238.9  
 
                                  
Total loans
   $ 5,876,041     $ 5,606,409     $ 4,358,604       4.8       34.8  
 
                                  
 
                                        
Deposits:
                                        
Non-interest bearing deposits
   $ 939,561     $ 901,120     $ 659,352       4.3       42.5  
Savings and NOW
     2,888,899       2,780,685       2,090,065       3.9       38.2  
Certificates of deposit and other time deposits
     2,313,397       2,196,859       1,734,767       5.3       33.4  
 
                                  
Total deposits
     6,141,857       5,878,664       4,484,184       4.5       37.0  
Treasury management accounts (4)
     384,096       372,775       254,156       3.0       51.1  
 
                                  
Total deposits and treasury management accounts (4)
   $ 6,525,953     $ 6,251,439     $ 4,738,340       4.4       37.7  
 
                                  

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                         
    For the Nine Months        
    Ended September 30,        
                    Percent  
    2008     2007     Variance  
Average balances
                        
Loans:
                        
Commercial
   $ 2,828,570     $ 2,162,342       30.8  
Direct installment
     1,044,462       927,897       12.6  
Consumer LOC
     288,945       249,083       16.0  
Residential mortgages
     592,771       485,446       22.1  
Indirect installment
     444,399       441,459       0.7  
Other
     59,244       19,107       210.1  
 
                    
Total loans
   $ 5,258,391     $ 4,285,334       22.7  
 
                    
Deposits:
                        
Non-interest bearing deposits
   $ 793,836     $ 636,482       24.7  
Savings and NOW
     2,512,017       2,018,557       24.4  
Certificates of deposit and other time deposits
     2,072,524       1,751,110       18.4  
 
                    
Total deposits
     5,378,377       4,406,149       22.1  
Treasury management accounts (4)
     353,377       260,290       35.8  
 
                    
Total deposits and treasury management accounts (4)
   $ 5,731,754     $ 4,666,439       22.8  
 
                    
 
                        
Balances at period end
                        
Loans:
                        
Commercial
   $ 3,228,768     $ 2,234,236       44.5  
Direct installment
     1,095,115       948,986       15.4  
Consumer LOC
     325,284       245,627       32.4  
Residential mortgages
     647,259       469,587       37.8  
Indirect installment
     514,007       440,812       16.6  
Other
     65,608       19,356       238.9  
 
                    
Total loans
   $ 5,876,041     $ 4,358,604       34.8  
 
                    
 
                        
Deposits:
                        
Non-interest bearing deposits
   $ 939,561     $ 659,352       42.5  
Savings and NOW
     2,888,899       2,090,065       38.2  
Certificates of deposit and other time deposits
     2,313,397       1,734,767       33.4  
 
                    
Total deposits
     6,141,857       4,484,184       37.0  
Treasury management accounts (4)
     384,096       254,156       51.1  
 
                    
Total deposits and treasury management accounts (4)
   $ 6,525,953     $ 4,738,340       37.7