24. Parent Company Financial Statements

The following is condensed financial information of F.N.B. Corporation (parent company only). In this information, the parent company’s investments in subsidiaries are stated at cost plus equity in undistributed earnings of subsidiaries since acquisition. This information should be read in conjunction with the consolidated financial statements.


Balance Sheets December 31	2015		2014
Assets
Cash and cash equivalents	$	227,554	$	129,320
Securities available for sale		1,168		1,228
Other assets		17,206		16,615
Investment in bank subsidiary		2,073,352		2,006,808
Investments in and advances to non-bank subsidiaries		260,341		254,653

Total Assets	$	2,579,621	$	2,408,624

Liabilities
Other liabilities	$	26,831	$	25,772
Advances from affiliates		289,540		292,337
Long-term borrowings		157,777		59,279
Subordinated notes:
Short-term		8,216		8,351
Long-term		1,075		1,429

Total Liabilities		483,439		387,168
Stockholders’ Equity		2,096,182		2,021,456

Total Liabilities and Stockholders’ Equity	$	2,579,621	$	2,408,624


Statements of Income Year Ended December 31	2015		2014			2013
Income
Dividend income from subsidiaries:
Bank	$	87,580	$	85,000		$	77,153
Non-bank		7,863		9,900			5,950

		95,443		94,900			83,103
Interest income		4,845		4,856			5,277
Other income		1,053		1,920			1,874

Total Income		101,341		101,676			90,254

Expenses
Interest expense		9,526		8,503			14,325
Other expenses		8,993		9,252			8,196

Total Expenses		18,519		17,755			22,521

Income Before Taxes and Equity in Undistributed Income of Subsidiaries		82,822		83,921			67,733
Income tax benefit		5,088		4,498			6,267

		87,910		88,419			74,000
Equity in undistributed income (loss) of subsidiaries:
Bank		71,581		55,742			42,094
Non-bank		158		(111	)		1,710

Net Income	$	159,649	$	144,050		$	117,804


Statements of Cash Flows Year Ended December 31	2015			2014			2013
Operating Activities
Net income	$	159,649		$	144,050		$	117,804
Adjustments to reconcile net income to net cash flows from operating activities:
Undistributed earnings from subsidiaries		(71,739	)		(55,631	)		(43,804	)
Other, net		680			(637	)		(6,218	)

Net cash flows provided by operating activities		88,590			87,782			67,782

Investing Activities
Proceeds from sale of securities available for sale		—			934			128
Net decrease in advances to subsidiaries		3,285			2,018			1,080
Net (increase) decrease in investment in subsidiaries		(9,060	)		(2,877	)		1,845
Net cash received (paid) in business combinations		—			5,594			(3,533	)

Net cash flows (used in) provided by investing activities		(5,775	)		5,669			(480	)

Financing Activities
Net decrease in advance from affiliate		(2,797	)		(1,908	)		(854	)
Net (decrease) increase in short-term borrowings		(135	)		(88	)		84
Decrease in long-term debt		(650	)		(34,865	)		(134,829	)
Increase in long-term debt		98,794			821			499
Net proceeds from issuance of preferred stock		—			—			106,882
Net proceeds from issuance of common stock		12,731			12,857			62,092
Tax benefit of stock-based compensation		28			2,714			1,326
Cash dividends paid:
Preferred stock		(8,041	)		(8,352	)		—
Common stock		(84,511	)		(81,220	)		(71,246	)

Net cash flows provided by (used in) financing activities		15,419			(110,041	)		(36,046	)

Net Increase (Decrease) in Cash and Cash Equivalents		98,234			(16,590	)		31,256
Cash and cash equivalents at beginning of year		129,320			145,910			114,654

Cash and Cash Equivalents at End of Year	$	227,554		$	129,320		$	145,910

Cash paid during the year for:
Interest	$	8,309		$	9,112		$	14,351