Mergers and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2016

Business Acquisition Pro Forma Information

The following pro forma financial information for the nine months ended September 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)	FNB		METR		Pro Forma Adjustments			Pro Forma Combined
Revenue (net interest income and non-interest income)	$	490,182	$	101,029	$	(3,183	)	$	588,028
Net income		120,527		14,714		(6,011	)		129,230
Net income available to common stockholders		114,497		14,654		(5,951	)		123,200
Earnings per common share – basic		0.65		1.04		—			0.59
Earnings per common share – diluted		0.65		1.02		—			0.58

Amounts Recorded on Consolidated Balance Sheets in Conjunction with Acquisitions

The following table summarizes the amounts recorded on the consolidated balance sheets 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

97,740

1,868,873

842

Core deposit intangibles

5,952

36,801

3,000

Other assets

14,069

123,055

1,133

Total identifiable assets acquired

316,633

2,798,599

153,134

Fair value of liabilities assumed:

Deposits

302,529

2,328,238

154,619

Borrowings

—

227,539

—

Other liabilities

26,427

15,545

—

Total liabilities assumed

328,956

2,571,322

154,619

Fair value of net identifiable assets acquired

(12,323

)

227,277

(1,485

)

Goodwill recognized (1)

12,323

176,754

1,485

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