Mergers and Acquisitions (Tables)

6 Months Ended

Jun. 30, 2016

Business Acquisition Pro Forma Information

The following pro forma financial information for the six months ended June 30, 2015 reflects the Corporation’s estimated consolidated pro forma results of operations as if the METR acquisition occurred on January 1, 2015, unadjusted for potential cost savings and other business synergies the Corporation expects to receive as a result of the acquisition:


(dollars in thousands, except per share data)	F.N.B. Corporation		METR		Pro Forma Adjustments			Pro Forma Combined
Revenue (net interest income and non-interest income)	$	323,622	$	67,629	$	(2,122	)	$	389,129
Net income		80,474		9,899		(4,007	)		86,366
Net income available to common stockholders		76,454		9,859		(3,967	)		82,346
Earnings per common share – basic		0.44		0.70		—			0.39
Earnings per common share – diluted		0.43		0.68		—			0.39

Amounts Recorded on Consolidated Balance Sheet in Conjunction with Acquisitions

The following table summarizes the amounts recorded on the consolidated balance sheet as of each of the acquisition dates in conjunction with the acquisitions discussed above:

(in thousands)

Fifth Third
Branches

METR

BofA
Branches

Fair value of consideration paid

—

404,031

—

Fair value of identifiable assets acquired:

Cash and cash equivalents

198,872

46,890

148,159

Securities

—

722,980

—

Loans

97,734

1,868,873

842

Core deposit intangibles

5,952

36,801

3,000

Other assets

15,038

122,704

1,133

Total identifiable assets acquired

317,596

2,798,248

153,134

Fair value of liabilities assumed:

Deposits

302,529

2,328,238

154,619

Borrowings

—

227,539

—

Other liabilities

26,427

15,397

—

Total liabilities assumed

328,956

2,571,174

154,619

Fair value of net identifiable assets acquired

(11,360

)

227,074

(1,485

)

Goodwill recognized (1)

11,360

176,957

1,485

(1)	All of the goodwill for these transactions has been recorded by FNBPA.