EX-99.1 2 v422532_ex99-1.htm EXHIBIT 99.1

F.N.B. Corporation Reports Record Revenue and Ten Percent Increase in Earnings Per Common Share

PITTSBURGH, Oct. 22, 2015 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) today reported third quarter 2015 results. Net income available to common shareholders for the third quarter of 2015 totaled $38.0 million, or $0.22 per diluted common share. Comparatively, third quarter of 2014 net income totaled $33.4 million, or $0.20 per diluted common share, and second quarter of 2015 net income totaled $38.1 million, or $0.22 per diluted common share. Operating results (non-GAAP measure) are presented in the table below.

Vincent J. Delie, Jr., President and Chief Executive Officer, commented, "The high-quality results reflect record total revenue, 10% growth in operating earnings per share and the continued execution of our corporate strategy. Our team accomplished a number of strategic initiatives during the quarter, most notably the announced acquisitions of Metro Bancorp, Inc. and the Fifth Third Pittsburgh branches, the successful conversion of the Bank of America branches, and the completion of a $100 million subordinated debt issuance. We are excited about these strategic accomplishments as they will better position FNB for long-term sustainable growth and will add significant scale to our existing franchise."

Quarterly Results Summary

3Q15

2Q15

3Q14

Reported Results




Net income available to common shareholders ($ in millions)

$38.0

$38.1

$33.4

Net income per diluted common share

$0.22

$0.22

$0.20





Operating Results (Non-GAAP)




Operating net income available to common shareholders

($ in millions)

$38.9

$38.4

$35.0

Operating net income per diluted common share

$0.22

$0.22

$0.21





Average Diluted Shares Outstanding (in 000's)

176,513

176,362

168,884

Third Quarter 2015 Highlights
(All comparisons are to the prior quarter, except as noted; Organic growth in loans and leases and deposits refers to growth excluding the benefit of initial balances obtained via acquisitions.)

  • Total operating revenue was $168.2 million, an increase of $2.9 million, or 1.7%.
  • Organic growth in total average loans and leases was $231 million, or 8.0% annualized, with average commercial loan and lease growth of $112 million, or 6.9% annualized, and average consumer loan growth of $117 million, or 9.3% annualized.
  • Organic growth in total average deposits and customer repurchase agreements was $57 million, or 1.8% annualized, with average non-interest demand deposit growth of $104 million, or 14.9% annualized.
  • The net interest margin was 3.39%, compared to 3.43%.  The core net interest margin was 3.38%, compared to 3.39%.
  • The efficiency ratio was 55.6%, improved from 56.0% in the prior quarter and 56.7% in the third quarter of 2014.
  • Credit quality results reflect favorable non-performing loan and delinquency levels.  For the originated portfolio, non-performing loans and other real estate owned (OREO) to total loans and leases and OREO was 0.99% at September 30, 2015, compared to 1.05% at June 30, 2015, and total originated delinquency to total loans and leases was 0.89% at September 30, 2015, compared to 0.86% at June 30, 2015.  Net originated charge-offs were 0.22% annualized of total average originated loans and leases, compared to 0.23% annualized in the second quarter of 2015 and 0.29% annualized in the third quarter of 2014.
  • The tangible common equity to tangible assets ratio was 6.98% at September 30, 2015, an increase of 5 basis points from 6.93% at June 30, 3015.  The tangible book value per share increased $0.14 to $6.36 at September 30, 2015.

Third Quarter 2015 Results – Comparison to Prior Quarter
(All comparisons refer to the second quarter of 2015, except as noted)

Results include the impact from the acquisition of five Bank of America branches (BofA) on September 18, 2015.

Net Interest Income/Loans/Deposits
Net interest income on a fully taxable equivalent basis totaled $127.2 million, increasing $1.6 million, or 1.3%, reflecting solid organic loan growth and one more day in the third quarter. The net interest margin was 3.39%, compared to 3.43% in the prior quarter. Excluding accretable yield adjustments, the third quarter core net interest margin narrowed by one basis point to 3.38%. The net interest margin narrowing continues to reflect origination yields lower than the portfolio yield due to the extended low interest rate and competitive environment.

Average loans and leases totaled $11.8 billion, and total average organic loan and lease growth totaled $231 million, or 8.0% annualized. Organic growth in average commercial loans and leases totaled $112 million, or 6.9% annualized, and organic growth in average consumer loans was $117 million, or 9.3% annualized. Commercial and consumer loan growth reflects market share gains in both metro and community markets through successful sales management and the increased number of prospects in an expanded footprint.

Average deposits and customer repurchase agreements totaled $12.7 billion. On an organic basis, average total deposits and customer repurchase agreements increased $57 million, or 1.8% annualized, led by $104 million of organic growth in average non-interest bearing demand deposits, partially offset by a decline in time deposits. On an organic basis, average total transaction deposits and customer repurchase agreements increased $84 million, or 3.3% annualized, reflecting seasonally higher average balances for business deposits. Total loans as a percentage of deposits and customer repurchase agreements were 91% at September 30, 2015.

Non-Interest Income
Non-interest income totaled $41.4 million, increasing $1.6 million, or 4.0%. The third quarter included positive results from mortgage banking, commercial swap fee revenues, service charges and insurance revenues, which were somewhat offset by slightly lower wealth management revenues. Mortgage banking results primarily reflect increased production volume in FNB's metro markets of Pittsburgh, Maryland and Cleveland and successful sales efforts from originators footprint wide. Wealth management revenues (trust income and securities commissions) decreased $0.5 million, reflecting seasonally lower securities commissions activity. Non-interest income represents 24% of total operating revenue.

Non-Interest Expense
Non-interest expense totaled $98.1 million, increasing $1.7 million, or 1.7%, reflecting a $1.4 million increase in salaries and benefits due to higher accruals for performance-based incentives and FDIC insurance expense. These items were mostly offset by lower outside professional services from successful vendor management initiatives, including a continued focus on negotiating contractual arrangements. The efficiency ratio continued to improve to 55.6%, compared to 56.0%.

Credit Quality
Credit quality metrics reflect a slight improvement in the ratio of non-performing loans and OREO to total loans and leases and OREO of 3 basis points to 0.90% at September 30, 2015, and 6 basis points for the originated portfolio to 0.99%. Originated delinquency was 0.89% at September 30, 2015, compared to 0.86% at June 30, 2015.

Net charge-offs for the third quarter totaled $5.7 million, or 0.19% annualized of total average loans and leases, compared to $6.2 million, or 0.22% annualized. For the originated portfolio, net charge-offs as a percentage of average originated loans and leases were 0.22% annualized, compared to 0.23% annualized. The ratio of the allowance for credit losses to total loans and leases increased slightly by 2 basis points to 1.15%. The provision for credit losses increased $1.9 million to $10.8 million, reflecting higher levels of originated loan growth in the quarter. For the originated portfolio, the allowance for credit losses to total originated loans and leases was 1.22%, compared to 1.21%. The ratio of the allowance for credit losses to originated total non-performing loans for the originated portfolio increased to 194.5%, compared to 181.8%.

Year-to-Date 2015 Results – Comparison to Prior Year-to-Date Period
(All comparisons refer to the first nine months of 2014, except as noted)

Results include the impact from the acquisition of five Bank of America branches (BofA) on September 18, 2015, the OBA Financial Services, Inc. (OBAF) acquisition on September 19, 2014, and the BCSB Bancorp, Inc. (BCSB) acquisition on February 15, 2014.

Net Interest Income/Loans/Deposits
Net interest income on a fully taxable equivalent basis totaled $376.4 million, increasing $28.6 million, or 8.2%, primarily due to solid organic growth and the benefit from a full period of acquired balances. The net interest margin was 3.43%, compared to 3.62%. Excluding accretable yield adjustments, the core net interest margin was 3.40%, compared to 3.57%. The net interest margin narrowing reflects origination yields lower than the portfolio yield due to the extended low interest rate and competitive environment. Average earning assets grew $1.8 billion, or 14.0%, through consistent organic loan growth and the addition of OBAF and BCSB.

Average loans and leases totaled $11.5 billion, representing an increase of $1.4 billion, or 13.9%, reflecting strong organic average loan and lease growth of $1.1 billion, or 10.2%, and the full benefit of loans added with OBAF and BCSB. Average organic commercial loans and leases increased $519 million, or 8.7%, and average organic consumer loans increased $554 million, or 12.4%.

Average deposits and customer repurchase agreements totaled $12.5 billion, an increase of $0.8 billion, or 7.3%, including average organic growth of $463 million, or 3.8%. Organic growth in low-cost transaction deposit accounts and customer repurchase agreements was $694 million, or 7.5%, led by strong organic growth in average non-interest bearing demand deposits of $332 million, or 13.6%.

Non-Interest Income
Non-interest income totaled $119.3 million, increasing $0.5 million, or 0.4%, with the first nine months of 2014 including higher gains on the sale of securities of $11.1 million. Excluding net securities gains, non-interest income increased $11.6 million, or 10.8%, due to organic growth across several fee-based businesses. Mortgage banking revenues increased $4.5 million due to higher origination volume in 2015, commensurate with previous investments made to enhance the mortgage banking business. Wealth management revenues (trust income and securities commissions) increased $2.7 million, or 11.9%, driven by market share gains from an expanded footprint. Customer swap fee revenue reflected higher volume from commercial clients and the increased number of opportunities in Cleveland and Maryland.

Non-Interest Expense
Non-interest expense totaled $289.3 million, increasing $6.7 million, or 2.4%. Excluding merger and acquisition costs, non-interest expense increased $15.6 million, or 5.7%, due to the addition of the full operating costs of BCSB and OBAF. The efficiency ratio improved to 56.1% from 57.6%.

Credit Quality
Credit quality results reflect overall improvement from the prior-year period. The ratio of non-performing loans and OREO to total loans and leases and OREO improved 15 basis points to 0.90%, and for the originated portfolio, improved 26 basis points to 0.99%. Total originated delinquency, defined as total past due and non-accrual originated loans as a percentage of total originated loans and leases, improved 17 basis points to 0.89% at September 30, 2015, reflecting a $3.3 million, or 3.4%, reduction in total originated delinquency.

Net charge-offs totaled $17.5 million, or 0.20% annualized of total average loans and leases, compared to $18.8 million, or 0.25% annualized. For the originated portfolio, net charge-offs were $17.4 million, or 0.23% annualized of total average originated loans and leases, compared to $16.9 million, or 0.26% annualized. The ratio of the allowance for credit losses to total originated loans and leases was 1.22% at September 30, 2015, compared to 1.24%, with the change directionally consistent with the performance of the portfolio. The provision for credit losses for the originated portfolio totaled $29.1 million, compared to $ 26.6 million in the prior-year period, with the increase reflecting additional loan growth during the period.

Capital Position
The tangible common equity to tangible assets ratio was 6.98%, compared to 6.93% and 6.89% at June 30, 2015 and September 30, 2014, respectively. The tangible book value per common share increased to $6.36, from $6.22 and $5.91 at June 30, 2015 and September 30, 2014, respectively. The common dividend payout ratio for the third quarter of 2015 was 55.7%.

Conference Call
F.N.B. Corporation will host a conference call to discuss third quarter 2015 financial results on Thursday, October 22, 2015, at 11:30 a.m. Eastern Time. Participating callers may access the call by dialing (866) 652-5200 or (412) 317-6060 for international callers. Participants should ask to be joined into the F.N.B. Corporation call. The Webcast and presentation materials may be accessed through the "Shareholder and Investor Relations" section of the Corporation's Web site at www.fnbcorporation.com.

A replay of the call will be available shortly after the completion of the call on the day of the call until midnight ET on Thursday, October 29, 2015. The replay can be accessed by dialing (877) 344-7529 or (412) 317-0088 for international callers; the conference call replay access code is 10073213. Following the call, a transcript of the call and the related presentation materials 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 (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in six states, including three major metropolitan areas. It holds a top retail deposit market share in Pittsburgh, PA, Baltimore, MD, and Cleveland, OH. F.N.B. has total pro-forma assets (with the proposed merger of Metro Bancorp, Inc.) of $19.8 billion and more than 300 banking offices throughout Pennsylvania, Maryland, Ohio and West Virginia. F.N.B. provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, international banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. F.N.B.'s wealth management services include asset management, private banking and insurance. F.N.B. also operates Regency Finance Company, which has more than 70 consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee. The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's SmallCap 600 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation web site at www.fnbcorporation.com.

Non-GAAP Financial Measures
F.N.B. Corporation uses certain non-GAAP financial measures, such as operating net income available to common shareholders, operating net income per diluted common share, net interest income on a fully taxable equivalent basis (FTE), core net interest margin, tangible book value per common share and ratio of tangible common equity to tangible assets, to provide information useful to investors in understanding F.N.B. Corporation's operating performance and trends, and to facilitate comparisons with the performance of F.N.B. Corporation's peers. The non-GAAP financial measures used by F.N.B. Corporation may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, F.N.B. Corporation's reported results prepared in accordance with U.S. GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures are included in the tables at the end of this release under the caption "Non-GAAP Financial Measures."

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

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

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

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

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

DATA SHEETS FOLLOW

F.N.B. CORPORATION












(Unaudited)













(Dollars in thousands, except per share data)





















3Q15 -


3Q15 -






2015


2014


2Q15


3Q14






Third


Second


Third


Percent


Percent

Statement of earnings



Quarter


Quarter


Quarter


Variance


Variance

Interest income 




$137,197


$135,448


$131,566


1.3


4.3

Interest expense




11,996


11,681


10,947


2.7


9.6

   Net interest income



125,201


123,767


120,619


1.2


3.8

Taxable equivalent adjustment



1,950


1,805


1,790


8.0


9.0

   Net interest income (FTE) (1)



127,151


125,572


122,409


1.3


3.9

Provision for credit losses



10,777


8,864


11,197


21.6


-3.7

   Net interest income after provision (FTE)


116,374


116,708


111,212


-0.3


4.6















Service charges




18,628


17,514


17,742


6.4


5.0

Trust income




5,210


5,432


4,868


-4.1


7.0

Insurance commissions and fees


4,423


3,559


4,169


24.3


6.1

Securities commissions and fees


3,304


3,597


3,132


-8.1


5.5

Mortgage banking operations



2,424


2,516


1,078


-3.7


124.8

Net securities gains



314


14


1,178


n/m


n/m

Other




7,056


7,120


5,385


-0.9


31.0

   Total non-interest income



41,359


39,752


37,552


4.0


10.1















Salaries and employee benefits



51,759


50,431


48,981


2.6


5.7

Occupancy and equipment



16,194


16,170


15,359


0.1


5.4

FDIC insurance




3,158


2,783


3,206


13.5


-1.5

Amortization of intangibles



2,034


1,999


2,455


1.8


-17.1

Other real estate owned



1,299


1,580


816


-17.8


59.3

Merger, acquisition and severance-related


1,312


371


2,513


n/m


n/m

Other




22,393


23,165


22,517


-3.3


-0.6

   Total non-interest expense



98,149


96,499


95,847


1.7


2.4















Income before income taxes



59,584


59,961


52,917


-0.6


12.6

Taxable equivalent adjustment



1,950


1,805


1,790


8.0


9.0

Income taxes




17,581


18,025


15,736


-2.5


11.7

   Net income




40,053


40,131


35,391


-0.2


13.2

   Preferred stock dividends



2,010


2,010


2,010





   Net income available to common stockholders

$38,043


$38,121


$33,381


-0.2


14.0















Earnings per common share:












   Basic




$0.22


$0.22


$0.20


0.0


10.0

   Diluted




$0.22


$0.22


$0.20


0.0


10.0















Non-GAAP Operating Results:











Operating net income available to common stockholders:










  Net income available to common stockholders

$38,043


$38,121


$33,381





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

0


0


0





  Merger, acquisition and severance costs, net of tax

853


241


1,633





  Other net non-recurring items



0


0


0





  Operating net income available to common stockholders

$38,896


$38,362


$35,014


1.4


11.1















Operating diluted earnings per common share:










  Diluted earnings per common share


$0.22


$0.22


$0.20





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

0.00


0.00


0.00





  Effect of merger, acquisition and severance costs, net of tax

0.00


0.00


0.01





  Effect of other net non-recurring items


0.00


0.00


0.00





  Operating diluted earnings per common share

$0.22


$0.22


$0.21


0.0


4.8

F.N.B. CORPORATION








(Unaudited)









(Dollars in thousands, except per share data)





















For the Nine Months








Ended September 30,


Percent

Statement of earnings



2015


2014


Variance

Interest income 




$406,014


$373,886


8.6

Interest expense




35,125


31,250


12.4

   Net interest income



370,889


342,636


8.2

Taxable equivalent adjustment



5,538


5,203


6.4

   Net interest income (FTE) (1)



376,427


347,839


8.2

Provision for credit losses



27,777


28,608


-2.9

   Net interest income after provision (FTE)


348,650


319,231


9.2











Service charges




51,959


50,452


3.0

Trust income




15,803


14,494


9.0

Insurance commissions and fees


12,351


12,805


-3.5

Securities commissions and fees


9,958


8,525


16.8

Mortgage banking operations



6,739


2,220


203.6

Net securities gains



319


11,415


n/m

Other




22,164


18,902


17.3

   Total non-interest income



119,293


118,812


0.4











Salaries and employee benefits



151,459


144,469


4.8

Occupancy and equipment



48,988


45,985


6.5

FDIC insurance




9,630


9,599


0.3

Amortization of intangibles



6,148


7,199


-14.6

Other real estate owned



3,788


2,517


50.5

Merger, acquisition and severance-related


1,683


10,593


n/m

Other




67,607


62,235


8.6

   Total non-interest expense



289,303


282,597


2.4











Income before income taxes



178,640


155,446


14.9

Taxable equivalent adjustment



5,538


5,203


6.4

Income taxes




52,575


45,497


15.6

   Net income




120,527


104,746


15.1

   Preferred stock dividends



6,030


6,342



   Net income available to common stockholders

$114,497


$98,404


16.4











Earnings per common share:








   Basic




$0.65


$0.60


10.0

   Diluted




$0.65


$0.59


10.2











Non-GAAP Operating Results:







Operating net income available to common stockholders:






  Net income available to common stockholders

$114,497


$98,404



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

0


(6,150)



  Merger, acquisition and severance costs, net of tax

1,094


6,885



  Other net non-recurring items



0


0



  Operating net income available to common stockholders

$115,591


$99,139


16.6











Operating diluted earnings per common share:






  Diluted earnings per common share


$0.65


$0.59



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

0.00


(0.04)



  Effect of merger, acquisition and severance costs, net of tax

0.01


0.04



  Effect of other net non-recurring items


0.00


0.00



  Operating diluted earnings per common share

$0.66


$0.59


10.0

F.N.B. CORPORATION












(Unaudited)













(Dollars in thousands, except per share data)





















3Q15 -


3Q15 -






2015


2014


2Q15


3Q14






Third


Second


Third


Percent


Percent

Balance Sheet (at period end)


Quarter


Quarter


Quarter


Variance


Variance

Assets













Cash and due from banks



$208,560


$196,189


$205,062


6.3


1.7

Interest bearing deposits with banks


50,206


41,290


32,906


21.6


52.6

   Cash and cash equivalents



258,766


237,479


237,968


9.0


8.7

Securities available for sale



1,578,526


1,618,620


1,439,735


-2.5


9.6

Securities held to maturity



1,526,290


1,518,060


1,475,552


0.5


3.4

Residential mortgage loans held for sale


3,575


6,711


4,431


-46.7


-19.3

Loans and leases, net of unearned income


11,873,645


11,626,787


10,967,860


2.1


8.3

Allowance for credit losses



(136,183)


(131,141)


(120,601)


3.8


12.9

   Net loans and leases



11,737,462


11,495,646


10,847,259


2.1


8.2

Premises and equipment, net



161,689


167,010


166,661


-3.2


-3.0

Goodwill




834,141


831,333


829,271


0.3


0.6

Core deposit and other intangible assets, net


46,417


45,057


50,017


3.0


-7.2

Bank owned life insurance



306,061


304,318


299,828


0.6


2.1

Other assets




383,146


374,367


406,323


2.3


-5.7

Total Assets




$16,836,073


$16,598,601


$15,757,045


1.4


6.8















Liabilities













Deposits:













   Non-interest bearing demand



$2,911,435


$2,813,488


$2,647,081


3.5


10.0

   Interest bearing demand



5,558,322


5,226,703


4,551,241


6.3


22.1

   Savings




1,736,350


1,730,359


1,574,187


0.3


10.3

   Certificates and other time deposits


2,553,629


2,587,577


2,679,584


-1.3


-4.7

      Total Deposits



12,759,736


12,358,127


11,452,093


3.2


11.4

Short-term borrowings



1,287,302


1,507,582


1,601,167


-14.6


-19.6

Long-term borrowings



542,653


542,578


541,422


0.0


0.2

Other liabilities




151,633


124,543


157,230


21.8


-3.6

   Total Liabilities




14,741,324


14,532,830


13,751,912


1.4


7.2















Stockholders' Equity












Preferred Stock




106,882


106,882


106,882


0.0


0.0

Common stock




1,766


1,765


1,747


0.0


1.0

Additional paid-in capital



1,805,926


1,803,347


1,791,674


0.1


0.8

Retained earnings



227,287


210,422


159,812


8.0


42.2

Accumulated other comprehensive loss


(34,397)


(43,953)


(40,451)


-21.7


-15.0

Treasury stock




(12,715)


(12,692)


(14,531)


0.2


-12.5

   Total Stockholders' Equity



2,094,749


2,065,771


2,005,133


1.4


4.5

Total Liabilities and Stockholders' Equity


$16,836,073


$16,598,601


$15,757,045


1.4


6.8















Selected average balances












Total assets




$16,732,310


$16,457,166


$15,217,695


1.7


10.0

Earning assets 




14,936,867


14,661,142


13,398,703


1.9


11.5

Interest bearing deposits with banks 


75,208


75,955


54,223


-1.0


38.7

Securities




3,088,987


3,045,009


2,796,369


1.4


10.5

Residential mortgage loans held for sale 


8,967


8,049


3,330


11.4


169.3

Loans and leases, net of unearned income


11,763,705


11,532,129


10,544,781


2.0


11.6

Allowance for credit losses



134,206


131,431


120,226


2.1


11.6

Goodwill and intangibles



876,513


875,314


856,795


0.1


2.3

Deposits and customer repurchase agreements (6)

12,658,134


12,579,811


11,925,256


0.6


6.1

Short-term borrowings



1,309,639


1,127,376


723,048


16.2


81.1

Long-term borrowings



542,720


541,992


480,924


0.1


12.8

Total stockholders' equity



2,082,043


2,066,024


1,927,727


0.8


8.0

Preferred stockholders' equity



106,882


106,882


106,882


0.0


0.0















Common stock data












Average diluted shares outstanding


176,512,832


176,361,840


168,884,127


0.1


4.5

Period end shares outstanding



175,363,439


175,286,980


173,495,767


0.0


1.1

Book value per common share



$11.34


$11.18


$10.94


1.4


3.6

Tangible book value per common share (4)


$6.36


$6.22


$5.91


2.2


7.5

Dividend payout ratio (common)



55.67%


55.51%


60.25%





F.N.B. CORPORATION








(Unaudited)









(Dollars in thousands, except per share data)





















For the Nine Months








Ended September 30,


Percent

Balance Sheet (at period end)


2015


2014


Variance

Assets









Cash and due from banks



$208,560


$205,062


1.7

Interest bearing deposits with banks


50,206


32,906


52.6

   Cash and cash equivalents



258,766


237,968


8.7

Securities available for sale



1,578,526


1,439,735


9.6

Securities held to maturity



1,526,290


1,475,552


3.4

Residential mortgage loans held for sale


3,575


4,431


-19.3

Loans and leases, net of unearned income


11,873,645


10,967,860


8.3

Allowance for credit losses



(136,183)


(120,601)


12.9

   Net loans and leases



11,737,462


10,847,259


8.2

Premises and equipment, net



161,689


166,661


-3.0

Goodwill




834,141


829,271


0.6

Core deposit and other intangible assets, net


46,417


50,017


-7.2

Bank owned life insurance



306,061


299,828


2.1

Other assets




383,146


406,323


-5.7

Total Assets




$16,836,073


$15,757,046


6.8











Liabilities









Deposits:









   Non-interest bearing demand



$2,911,435


$2,647,081


10.0

   Interest bearing demand



5,558,322


4,551,241


22.1

   Savings




1,736,350


1,574,187


10.3

   Certificates and other time deposits


2,553,629


2,679,584


-4.7

      Total Deposits



12,759,736


11,452,092


11.4

Short-term borrowings



1,287,302


1,601,167


-19.6

Long-term borrowings



542,653


541,422


0.2

Other liabilities




151,633


157,230


-3.6

   Total Liabilities




14,741,324


13,751,911


7.2











Stockholders' Equity








Preferred Stock




106,882


106,882


0.0

Common stock




1,766


1,747


1.0

Additional paid-in capital



1,805,926


1,791,674


0.8

Retained earnings



227,287


159,812


42.2

Accumulated other comprehensive loss


(34,397)


(40,451)


-15.0

Treasury stock




(12,715)


(14,531)


-12.5

   Total Stockholders' Equity



2,094,749


2,005,132


4.5

Total Liabilities and Stockholders' Equity


$16,836,073


$15,757,044


6.8











Selected average balances








Total assets




$16,447,713


$14,643,776


12.3

Earning assets 




14,650,785


12,854,620


14.0

Interest bearing deposits with banks 


75,622


48,743


55.1

Securities




3,039,635


2,682,596


13.3

Residential mortgage loans held for sale 


7,298


3,636


100.7

Loans and leases, net of unearned income


11,528,230


10,119,645


13.9

Allowance for credit losses



131,465


114,576


14.7

Goodwill and intangibles



876,009


848,942


3.2

Deposits and customer repurchase agreements (6)

12,534,584


11,685,675


7.3

Short-term borrowings



1,164,588


556,347


109.3

Long-term borrowings



542,091


367,579


47.5

Total stockholders' equity



2,062,930


1,886,386


9.4

Preferred stockholders' equity



106,882


106,882


0.0











Common stock data








Average diluted shares outstanding


176,200,142


166,924,843


5.6

Period end shares outstanding



175,363,439


173,495,767


1.1

Book value per common share



$11.34


$10.94


3.6

Tangible book value per common share (4)


$6.36


$5.91


7.5

Dividend payout ratio (common)



55.31%


61.21%



F.N.B. CORPORATION












(Unaudited)













(Dollars in thousands)























3Q15 -


3Q15 -






2015


2014


2Q15


3Q14






Third


Second


Third


Percent


Percent






Quarter


Quarter


Quarter


Variance


Variance

Performance ratios












Return on average equity



7.63%


7.79%


7.28%





Return on average tangible equity (2) (4)


13.53%


13.87%


13.61%





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

14.12%


14.49%


14.29%





Return on average assets



0.95%


0.98%


0.92%





Return on average tangible assets (3) (4)


1.03%


1.07%


1.02%





Net interest margin (FTE) (1) 



3.39%


3.43%


3.63%





Yield on earning assets (FTE) (1)


3.70%


3.75%


3.96%





Cost of interest-bearing liabilities


0.41%


0.41%


0.41%





Cost of funds




0.33%


0.33%


0.33%





Efficiency ratio (FTE) (1) (5)



55.59%


55.99%


56.72%





Effective tax rate




30.50%


30.99%


30.78%



















Capital ratios













Equity / assets (period end)



12.44%


12.45%


12.73%





Leverage ratio




8.19%


8.24%


8.69%





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

7.65%


7.61%


7.61%





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

6.98%


6.93%


6.89%



















Balances at period end












Loans and Leases:












Commercial real estate 



$3,949,246


$3,852,607


$3,790,164


2.5


4.2

Commercial and industrial



2,491,355


2,453,868


2,247,605


1.5


10.8

Commercial leases



199,130


190,881


171,615


4.3


16.0

   Commercial loans and leases



6,639,731


6,497,356


6,209,384


2.2


6.9

Direct installment




1,692,638


1,676,349


1,579,312


1.0


7.2

Residential mortgages



1,386,386


1,350,502


1,231,796


2.7


12.6

Indirect installment



974,028


942,801


805,836


3.3


20.9

Consumer LOC




1,127,002


1,118,970


1,087,271


0.7


3.7

Other




53,860


40,809


54,261


32.0


-0.7

   Total loans and leases



$11,873,645


$11,626,787


$10,967,860


2.1


8.3















Deposits:













Non-interest bearing deposits



$2,911,435


$2,813,488


$2,647,081


3.5


10.0

Interest bearing demand



5,558,322


5,226,703


4,551,241


6.3


22.1

Savings




1,736,350


1,730,359


1,574,187


0.3


10.3

Certificates of deposit and other time deposits

2,553,629


2,587,577


2,679,584


-1.3


-4.7

   Total deposits




12,759,736


12,358,127


11,452,093


3.2


11.4

Customer repurchase agreements (6)


256,320


212,380


857,217


20.7


-70.1

   Total deposits and customer repurchase agreements (6)

$13,016,056


$12,570,507


$12,309,310


3.5


5.7















Average balances












Loans and Leases:












Commercial real estate 



$3,910,226


$3,855,761


$3,614,717


1.4


8.2

Commercial and industrial



2,472,612


2,425,800


2,175,751


1.9


13.6

Commercial leases



197,907


186,918


168,865


5.9


17.2

   Commercial loans and leases



6,580,745


6,468,479


5,959,333


1.7


10.4

Direct installment




1,687,477


1,665,245


1,548,224


1.3


9.0

Residential mortgages



1,365,253


1,313,181


1,160,826


4.0


17.6

Indirect installment



959,954


924,463


764,585


3.8


25.6

Consumer LOC




1,121,294


1,113,621


1,053,739


0.7


6.4

Other




48,982


47,140


58,074


3.9


-15.7

   Total loans and leases



$11,763,705


$11,532,129


$10,544,781


2.0


11.6















Deposits:













Non-interest bearing deposits



$2,886,933


$2,776,955


$2,524,568


4.0


14.4

Interest bearing demand



5,238,598


4,746,091


4,398,565


10.4


19.1

Savings




1,730,818


1,744,837


1,575,775


-0.8


9.8

Certificates of deposit and other time deposits

2,565,215


2,588,778


2,653,535


-0.9


-3.3

   Total deposits




12,421,564


11,856,661


11,152,443


4.8


11.4

Customer repurchase agreements (6)


236,570


723,150


772,813


-67.3


-69.4

   Total deposits and customer repurchase agreements (6)

$12,658,134


$12,579,811


$11,925,256


0.6


6.1

F.N.B. CORPORATION








(Unaudited)









(Dollars in thousands)























For the Nine Months








Ended September 30,


Percent






2015


2014


Variance

Performance ratios








Return on average equity



7.81%


7.42%



Return on average tangible equity (2) (4)


13.94%


14.01%



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

14.57%


14.70%



Return on average assets



0.98%


0.96%



Return on average tangible assets (3) (4)


1.07%


1.06%



Net interest margin (FTE) (1) 



3.43%


3.62%



Yield on earning assets (FTE) (1)


3.75%


3.94%



Cost of interest-bearing liabilities


0.41%


0.41%



Cost of funds




0.33%


0.33%



Efficiency ratio (FTE) (1) (5)



56.05%


57.62%



Effective tax rate




30.37%


30.28%













Capital ratios









Equity / assets (period end)



12.44%


12.73%



Leverage ratio




8.19%


8.69%



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

7.65%


7.61%



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

6.98%


6.89%













Balances at period end








Loans and Leases:








Commercial real estate 



$3,949,246


$3,790,164


4.2

Commercial and industrial



2,491,355


2,247,605


10.8

Commercial leases



199,130


171,615


16.0

   Commercial loans and leases



6,639,731


6,209,384


6.9

Direct installment




1,692,638


1,579,312


7.2

Residential mortgages



1,386,386


1,231,796


12.6

Indirect installment



974,028


805,836


20.9

Consumer LOC




1,127,002


1,087,271


3.7

Other




53,860


54,261


-0.7

   Total loans and leases



$11,873,645


$10,967,859


8.3











Deposits:









Non-interest bearing deposits



$2,911,435


$2,647,081


10.0

Interest bearing demand



5,558,322


4,551,241


22.1

Savings




1,736,350


1,574,187


10.3

Certificates of deposit and other time deposits

2,553,629


2,679,584


-4.7

   Total deposits




12,759,736


11,452,092


11.4

Customer repurchase agreements (6)


256,320


857,217


-70.1

   Total deposits and customer repurchase agreements (6)

$13,016,056


$12,309,309


5.7











Average balances








Loans and Leases:








Commercial real estate 



$3,853,653


$3,487,313


10.5

Commercial and industrial



2,415,242


2,049,510


17.8

Commercial leases



187,656


164,349


14.2

   Commercial loans and leases



6,456,551


5,701,172


13.2

Direct installment




1,666,837


1,500,071


11.1

Residential mortgages



1,316,934


1,134,528


16.1

Indirect installment



926,614


711,313


30.3

Consumer LOC




1,114,905


1,021,912


9.1

Other




46,389


50,650


-8.4

   Total loans and leases



$11,528,230


$10,119,645


13.9











Deposits:









Non-interest bearing deposits



$2,768,012


$2,375,062


16.5

Interest bearing demand



4,889,508


4,267,539


14.6

Savings




1,697,732


1,548,791


9.6

Certificates of deposit and other time deposits

2,584,719


2,694,813


-4.1

   Total deposits




11,939,971


10,886,205


9.7

Customer repurchase agreements (6)


594,613


799,470


-25.6

   Total deposits and customer repurchase agreements (6)

$12,534,584


$11,685,675


7.3

F.N.B. CORPORATION












(Unaudited)













(Dollars in thousands)























3Q15 -


3Q15 -






2015


2014


2Q15


3Q14






Third


Second


Third


Percent


Percent

Asset Quality Data



Quarter


Quarter


Quarter


Variance


Variance

Non-Performing Assets












Non-performing loans (7)












   Non-accrual loans



$47,298


$45,396


$55,095


4.2


-14.2

   Restructured loans



21,221


22,916


21,797


-7.4


-2.6

      Non-performing loans



68,519


68,312


76,892


0.3


-10.9

Other real estate owned (8)



38,931


40,190


39,040


-3.1


-0.3

   Total non-performing assets



$107,450


$108,502


$115,932


-1.0


-7.3















Non-performing loans / total loans and leases


0.58%


0.59%


0.70%





Non-performing loans / total originated loans and 










   and leases (9)




0.63%


0.67%


0.83%





Non-performing loans + OREO / total loans and 










   leases + OREO




0.90%


0.93%


1.05%





Non-performing loans + OREO / total originated 










   loans and leases + OREO (9)



0.99%


1.05%


1.25%





Non-performing assets / total assets


0.64%


0.65%


0.74%



















Allowance Rollforward












Allowance for credit losses (originated portfolio) (9)










   Balance at beginning of period


$124,196


$121,247


$111,188


2.4


11.7

   Provision for credit losses



11,287


8,744


9,860


29.1


14.5

   Net loan charge-offs



(5,864)


(5,795)


(6,479)


1.2


-9.5

   Allowance for credit losses (originated portfolio) (9)

129,619


124,196


114,569


4.4


13.1















Allowance for credit losses (acquired portfolio) (10)










   Balance at beginning of period


6,945


7,252


5,560





   Provision for credit losses 



(510)


120


1,337





   Net loan recoveries/(charge-offs)


129


(427)


(865)





   Allowance for credit losses (acquired portfolio) (10)

6,564


6,945


6,032


-5.5


8.8















      Total allowance for credit losses


$136,183


$131,141


$120,601


3.8


12.9















Allowance for credit losses / total loans and leases

1.15%


1.13%


1.10%





Allowance for credit losses (originated loans and leases) / 










   total originated loans and leases (9)


1.22%


1.21%


1.24%





Allowance for credit losses (originated loans and leases) / 










   total non-performing loans (7)



194.46%


181.81%


149.00%





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










   and leases




0.19%


0.22%


0.28%





Net loan charge-offs on originated loans and leases 










   (annualized) / total average originated loans and 










   leases (9)




0.22%


0.23%


0.29%



















Delinquency - Originated Portfolio (9)











Loans 30-89 days past due



$43,330


$36,581


$35,899


18.4


20.7

Loans 90+ days past due



6,000


5,917


7,085


1.4


-15.3

Non-accrual loans




45,436


45,396


55,095


0.1


-17.5

   Total past due and non-accrual loans


$94,766


$87,894


$98,079


7.8


-3.4















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

0.89%


0.86%


1.06%



















Memo item:













Delinquency - Acquired Portfolio (10) (11)











Loans 30-89 days past due



$21,604


$20,838


$29,191


3.7


-26.0

Loans 90+ days past due



28,551


30,154


39,236


-5.3


-27.2

Non-accrual loans




1,862


0


0


n/m


n/m

   Total past due and non-accrual loans


$52,017


$50,992


$68,427


2.0


-24.0

F.N.B. CORPORATION








(Unaudited)









(Dollars in thousands)























For the Nine Months








Ended September 30,


Percent

Asset Quality Data



2015


2014


Variance

Non-Performing Assets








Non-performing loans (7)








   Non-accrual loans



$47,298


$55,095


-14.2

   Restructured loans



21,221


21,797


-2.6

      Non-performing loans



68,519


76,892


-10.9

Other real estate owned (8)



38,931


39,040


-0.3

   Total non-performing assets



$107,450


$115,932


-7.3











Non-performing loans / total loans and leases


0.58%


0.70%



Non-performing loans / total originated loans and 






   and leases (9)




0.63%


0.83%



Non-performing loans + OREO / total loans and 






   leases + OREO




0.90%


1.05%



Non-performing loans + OREO / total originated 






   loans and leases + OREO (9)



0.99%


1.25%



Non-performing assets / total assets


0.64%


0.74%













Allowance Rollforward








Allowance for credit losses (originated portfolio) (9)






   Balance at beginning of period


$117,952


$104,884


12.5

   Provision for credit losses



29,097


26,616


9.3

   Net loan charge-offs



(17,430)


(16,931)


2.9

   Allowance for credit losses (originated portfolio) (9)

129,619


114,569


13.1











Allowance for credit losses (acquired portfolio) (10)






   Balance at beginning of period


7,974


5,900



   Provision for credit losses 



(1,320)


1,992



   Net loan charge-offs



(90)


(1,860)



   Allowance for credit losses (acquired portfolio) (10)

6,564


6,032


8.8











      Total allowance for credit losses


$136,183


$120,601


12.9











Allowance for credit losses / total loans and leases

1.15%


1.10%



Allowance for credit losses (originated loans and leases) / 






   total originated loans and leases (9)


1.22%


1.24%



Allowance for credit losses (originated loans and leases) / 






   total non-performing loans (7)



194.46%


149.00%



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






   and leases




0.20%


0.25%



Net loan charge-offs on originated loans and leases 






   (annualized) / total average originated loans and 






   leases (9)




0.23%


0.26%













Delinquency - Originated Portfolio (9)







Loans 30-89 days past due



$43,330


$35,899


20.7

Loans 90+ days past due



6,000


7,085


-15.3

Non-accrual loans




45,436


55,095


-17.5

   Total past due and non-accrual loans


$94,766


$98,079


-3.4











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

0.89%


1.06%













Memo item:









Delinquency - Acquired Portfolio (10) (11)







Loans 30-89 days past due



$21,604


$29,191


-26.0

Loans 90+ days past due



28,551


39,236


-27.2

Non-accrual loans




1,862


0


n/m

   Total past due and non-accrual loans


$52,017


$68,427


-24.0

F.N.B. CORPORATION














(Unaudited)















(Dollars in thousands, except per share data)

































2015






Third Quarter


Second Quarter








Interest


Average




Interest


Average






Average


Earned


Yield


Average


Earned


Yield






Outstanding


or Paid


or Rate


Outstanding


or Paid


or Rate

Assets















Interest bearing deposits with banks


$75,208


$30


0.16%


$75,955


$28


0.15%

Taxable investment securities  (12)


2,870,378


14,577


2.03%


2,855,637


14,467


2.03%

Non-taxable investment securities  (13)


218,609


2,624


4.80%


189,372


2,283


4.82%

Residential mortgage loans held for sale


8,967


74


3.30%


8,049


119


5.93%

Loans and leases  (13) (14)



11,763,705


121,842


4.11%


11,532,129


120,356


4.19%

   Total Interest Earning Assets  (13)


14,936,867


139,147


3.70%


14,661,142


137,253


3.75%

Cash and due from banks



199,115






192,987





Allowance for loan losses



(134,206)






(131,431)





Premises and equipment



162,103






169,098





Other assets




1,568,431






1,565,370





Total Assets




$16,732,310






$16,457,166





















Liabilities















Deposits:















   Interest-bearing demand



$5,238,598


2,241


0.17%


$4,746,091


1,946


0.16%

   Savings




1,730,818


198


0.05%


1,744,837


193


0.04%

   Certificates and other time



2,565,215


5,509


0.85%


2,588,778


5,497


0.85%

Customer repurchase agreements


236,570


113


0.19%


723,150


391


0.21%

Other short-term borrowings



1,309,639


1,673


0.50%


1,127,376


1,403


0.50%

Long-term borrowings



542,720


2,262


1.65%


541,992


2,251


1.67%

      Total Interest Bearing Liabilities  (13)


11,623,560


11,996


0.41%


11,472,224


11,681


0.41%

Non-interest bearing demand deposits


2,886,933






2,776,955





Other liabilities




139,774






141,963





Total Liabilities




14,650,267






14,391,142





Stockholders' equity



2,082,043






2,066,024





Total Liabilities and Stockholders' Equity


$16,732,310






$16,457,166





















Net Interest Earning Assets



$3,313,307






$3,188,918





















Net Interest Income (FTE)





127,151






125,572



Tax Equivalent Adjustment





(1,950)






(1,783)



Net Interest Income





$125,201






$123,789



















Net Interest Spread







3.30%






3.34%

Net Interest Margin  (13)







3.39%






3.43%

F.N.B. CORPORATION








(Unaudited)









(Dollars in thousands, except per share data)





















2014






Third Quarter








Interest


Average






Average


Earned


Yield






Outstanding


or Paid


or Rate

Assets









Interest bearing deposits with banks


$54,223


$23


0.17%

Taxable investment securities  (12)


2,636,572


13,711


2.08%

Non-taxable investment securities  (13)


159,797


2,086


5.22%

Residential mortgage loans held for sale


3,330


62


7.44%

Loans and leases  (13) (14)



10,544,781


117,474


4.43%

   Total Interest Earning Assets  (13)


13,398,703


133,356


3.96%

Cash and due from banks



199,157





Allowance for loan losses



(120,226)





Premises and equipment



163,368





Other assets




1,576,693





Total Assets




$15,217,695















Liabilities









Deposits:









   Interest-bearing demand



$4,398,565


1,752


0.16%

   Savings




1,575,775


172


0.04%

   Certificates and other time



2,653,535


5,533


0.83%

Customer repurchase agreements


772,812


413


0.21%

Other short-term borrowings



723,049


1,046


0.57%

Long-term borrowings



480,924


2,031


1.68%

      Total Interest Bearing Liabilities  (13)


10,604,660


10,947


0.41%

Non-interest bearing demand deposits


2,524,568





Other liabilities




160,740





Total Liabilities




13,289,968





Stockholders' equity



1,927,727





Total Liabilities and Stockholders' Equity


$15,217,695















Net Interest Earning Assets



$2,794,043















Net Interest Income (FTE)





122,409



Tax Equivalent Adjustment





(1,790)



Net Interest Income





$120,619













Net Interest Spread







3.55%

Net Interest Margin  (13)







3.63%

F.N.B. CORPORATION














(Unaudited)















(Dollars in thousands, except per share data)

































For the Nine Months Ended September 30, 






2015

2014








Interest


Average




Interest


Average






Average


Earned


Yield


Average


Earned


Yield






Outstanding


or Paid


or Rate


Outstanding


or Paid


or Rate

Assets















Interest bearing deposits with banks


$75,622


$90


0.16%


$48,743


$70


0.19%

Taxable investment securities  (12)


2,847,290


43,257


2.03%


2,529,140


39,739


2.10%

Non-taxable investment securities  (13)


192,345


7,024


4.87%


153,456


6,072


5.28%

Residential mortgage loans held for sale


7,298


256


4.68%


3,636


287


10.53%

Loans and leases (13) (14)



11,528,230


360,925


4.19%


10,119,645


332,921


4.40%

   Total Interest Earning Assets  (13)


14,650,785


411,552


3.75%


12,854,620


379,089


3.94%

Cash and due from banks



195,583






184,184





Allowance for loan losses



(131,465)






(114,576)





Premises and equipment



166,572






162,526





Other assets




1,566,238






1,547,022





Total Assets




$16,447,713






$14,633,776





















Liabilities















Deposits:















   Interest-bearing demand 



$4,889,508


6,082


0.17%


$4,267,539


4,932


0.15%

   Savings




1,697,732


563


0.04%


1,548,791


526


0.05%

   Certificates and other time



2,584,719


16,388


0.85%


2,694,813


16,609


0.82%

Customer repurchase agreements


594,613


961


0.21%


799,470


1,315


0.22%

Other short-term borrowings



1,164,587


4,387


0.50%


556,347


2,696


0.65%

Long-term borrowings



542,091


6,744


1.66%


367,579


5,172


1.88%

      Total Interest Bearing Liabilities  (13)


11,473,250


35,125


0.41%


10,234,539


31,250


0.41%

Non-interest bearing demand deposits


2,768,012






2,375,062





Other liabilities




143,521






147,789





Total Liabilities




14,384,783






12,757,390





Stockholders' equity



2,062,930






1,886,386





Total Liabilities and Stockholders' Equity


$16,447,713






$14,643,776





















Net Interest Earning Assets



$3,177,535






$2,620,081





















Net Interest Income (FTE)





376,427






347,839



Tax Equivalent Adjustment





(5,538)






(5,203)



Net Interest Income





$370,889






$342,636



















Net Interest Spread







3.34%






3.53%

Net Interest Margin  (13)







3.43%






3.62%

F.N.B. CORPORATION












(Unaudited)













(Dollars in thousands, except per share data)
























NON-GAAP FINANCIAL MEASURES











We believe the following non-GAAP financial measures used by F.N.B. Corporation provide information useful to investors in understanding 

F.N.B. Corporation's operating performance and trends, and facilitate comparisons with the performance of F.N.B. Corporation's peers.  The 

non-GAAP financial measures used by F.N.B. Corporation may differ from the non-GAAP financial measures other financial institutions use 

to measure their results of operations.  Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, F.N.B.

Corporation's reported results prepared in accordance with U.S. GAAP.  The following tables summarize the non-GAAP financial measures 

included in this press release and derived from amounts reported in F.N.B. Corporation's financial statements.






































2015


2014










Third


Second


Third










Quarter


Quarter


Quarter





Return on average tangible equity (2):











Net income (annualized)



$158,907


$160,966


$140,408





Amortization of intangibles, net of tax (annualized)

5,246


5,212


6,332










164,153


166,178


146,740



















Average total shareholders' equity


2,082,043


2,066,024


1,927,727





Less:  Average intangibles



(869,110)


(868,133)


(849,902)










1,212,933


1,197,891


1,077,825



















Return on average tangible equity (2)


13.53%


13.87%


13.61%



















Return on average tangible common equity (2):










Net income available to common stockholders (annualized)

$150,932


$152,903


$132,437





Amortization of intangibles, net of tax (annualized)

5,246


5,212


6,332










156,178


158,115


138,769



















Average total stockholders' equity


2,082,043


2,066,024


1,927,727





Less:  Average preferred stockholders' equity


(106,882)


(106,882)


(106,882)





Less:  Average intangibles



(869,110)


(868,133)


(849,902)










1,106,051


1,091,009


970,943



















Return on average tangible common equity (2)


14.12%


14.49%


14.29%



















Return on average tangible assets (3):











Net income (annualized)



$158,907


$160,966


$140,408





Amortization of intangibles, net of tax (annualized)

5,246


5,212


6,332










164,153


166,178


146,740



















Average total assets



16,732,310


16,457,166


15,217,695





Less:  Average intangibles



(869,110)


(868,133)


(849,902)










15,863,200


15,589,033


14,367,793



















Return on average tangible assets (3)


1.03%


1.07%


1.02%



















Tangible book value per share:











Total shareholders' equity



$2,094,749


$2,065,771


$2,005,133





Less:  preferred shareholders' equity


(106,882)


(106,882)


(106,882)





Less:  intangibles




(873,102)


(869,052)


(872,479)










1,114,765


1,089,837


1,025,772



















Ending shares outstanding



175,363,439


175,286,980


173,495,767



















Tangible book value per share



$6.36


$6.22


$5.91





F.N.B. CORPORATION






(Unaudited)







(Dollars in thousands, except per share data)

















For the Nine Months






Ended September 30,






2015


2014

Return on average tangible equity (2):





Net income (annualized)



$161,144


$140,045

Amortization of intangibles, net of tax (annualized)

5,343


6,256






166,487


146,301









Average total shareholders' equity


2,062,930


1,886,386

Less:  Average intangibles



(868,843)


(841,770)






1,194,087


1,044,616









Return on average tangible equity (2)


13.94%


14.01%









Return on average tangible common equity (2):




Net income available to common stockholders (annualized)

$153,082


$131,565

Amortization of intangibles, net of tax (annualized)

5,343


6,256






158,425


137,821









Average total stockholders' equity


2,062,930


1,886,386

Less:  Average preferred stockholders' equity


(106,882)


(106,882)

Less:  Average intangibles



(868,843)


(841,770)






1,087,205


937,734









Return on average tangible common equity (2)


14.57%


14.70%









Return on average tangible assets (3):





Net income (annualized)



$161,144


$140,045

Amortization of intangibles, net of tax (annualized)

5,343


6,256






166,487


146,301









Average total assets



16,447,713


14,643,776

Less:  Average intangibles



(868,843)


(841,770)






15,578,870


13,802,007









Return on average tangible assets (3)


1.07%


1.06%

F.N.B. CORPORATION















(Unaudited)
















(Dollars in thousands)





































2015


2014













Third


Second


Third













Quarter


Quarter


Quarter








Tangible equity / tangible assets (period end):













Total shareholders' equity



$2,094,749


$2,065,771


$2,005,133








Less:  intangibles




(873,102)


(869,052)


(872,479)













1,221,647


1,196,719


1,132,654

























Total assets




16,836,073


16,598,601


15,757,045








Less:  intangibles




(873,102)


(869,052)


(872,479)













15,962,971


15,729,549


14,884,566

























Tangible equity / tangible assets (period end)


7.65%


7.61%


7.61%

























Tangible common equity / tangible assets (period end):













Total stockholders' equity



$2,094,749


$2,065,771


$2,005,133








Less:  preferred stockholders' equity


(106,882)


(106,882)


(106,882)








Less:  intangibles




(873,102)


(869,052)


(872,479)













1,114,765


1,089,837


1,025,772

























Total assets




16,836,073


16,598,601


15,757,045








Less:  intangibles




(873,102)


(869,052)


(872,479)













15,962,971


15,729,549


14,884,566

























Tangible equity / tangible assets (period end)


6.98%


6.93%


6.89%










































(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

Represents contractual balances.

(12)

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

(13)

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

(14)

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



CONTACT: Analyst/Institutional Investor Contact: Matthew Lazzaro, 724-983-4254, 412-216-2510 (cell), Lazzaro@fnb-corp.com, Media Contact: Jennifer Reel, 724-983-4856, 724-699-6389 (cell), Reel@fnb-corp.com