-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M8+DL9S8R0FBN4jRJFkyRYDUfoRF2w5bx74pR92KSpu2tz/sokEg0wpUJ8bzwO5/ 78LzXtprteywqrb8MxSrXw== 0001157523-03-001361.txt : 20030425 0001157523-03-001361.hdr.sgml : 20030425 20030425095743 ACCESSION NUMBER: 0001157523-03-001361 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030417 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FNB CORP/NC CENTRAL INDEX KEY: 0000764811 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 561456589 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13823 FILM NUMBER: 03663516 BUSINESS ADDRESS: STREET 1: 101 SUNSET AVE STREET 2: P O BOX 1328 CITY: ASHEBORO STATE: NC ZIP: 27203 BUSINESS PHONE: 3366268300 MAIL ADDRESS: STREET 1: P.O. BOX 1328 CITY: ASHEBORO STATE: NC ZIP: 27203 8-K 1 a4383423.txt FNB 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported) April 17, 2003 -------------- FNB Corp. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) North Carolina 0-13823 56-1456589 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission File (IRS Employer of Incorporation) Number) Identification No.) 101 Sunset Avenue, Asheboro, North Carolina 27203 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (336) 626-8300 ----------------------------- N/A - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. 99.1 - Press release issued by FNB Corp. on April 17, 2003. ITEM 9. Regulation FD Disclosure In accordance with SEC Release No. 33-8216, the following information, intended to be furnished under "Item 12. Results of Operations and Financial Condition," is instead furnished under this "Item 9. Regulation FD Disclosure." ITEM 12. Results of Operations and Financial Condition Reference is made to Item 9 above and to Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FNB CORP. Date: April 24, 2003 By /s/ Jerry A. Little ---------------------------------- Jerry A. Little Treasurer and Secretary (Principal Financial and and Accounting Officer) EX-99 3 a4383423_ex991.txt FNB EXHIBIT 99.1 Exhibit 99.1 FNB Corp. Announces First Quarter Earnings Up 25.3% ASHEBORO, N.C.--(BUSINESS WIRE)--April 17, 2003--FNB Corp. (Nasdaq: FNBN), the holding company for First National Bank and Trust Company and Rowan Bank, today announced its earnings for the first quarter of 2003. Net income for the first quarter increased to $2.262 Million, or $.40 per diluted share, from $1.805 Million, or $.37 per diluted share, in the same period of 2002, the gains in net income and earnings per share being 25.3% and 8.1%, respectively. At March 31, 2003, consolidated total assets were $769,666,000, loans were $509,458,000 and deposits were $604,396,000. Return on average equity on an annualized basis for the first quarter of 2003 was 12.23%, and return on average assets was 1.20%. Return on tangible equity and assets (calculated by deducting average goodwill from average equity and from average assets) amounted to 14.74% and 1.22%, respectively. FNB Chairman and President, Michael C. Miller, reported to shareholders, "Earnings and asset growth for the first quarter of 2003 reflects the addition of Rowan Bank to the FNB Corp. organization. We are pleased with the strength and growth of our earnings, in spite of the economic conditions in our local market areas. Against the backdrop of a sluggish economy and the lowest interest rate environment in over 40 years, the sales efforts of our teams of bankers resulted in growth in both net interest income and noninterest income. Noninterest income improved to $2,763,000 in 2003 compared to $1,688,000 in 2002, a gain of 63.7%, on the strength of mortgage banking operations, a higher level of fee and service charge income, and increased fiduciary and wealth management revenues. Noninterest expense increased from $4,425,000 to $6,013,000 in the 2003 first quarter, due primarily to the addition of Rowan and increased fringe benefit costs. Also included for the first quarter were $140,000 in data processing conversion expenses that will permit Rowan to broaden significantly the technology-based deposit products and services it offers to its customer base. The integration of Rowan into FNB Corp. continues to progress on schedule." Commenting on further expansion of the FNB Corp. organization, Miller added, "We are pleased to report the completion of the acquisition of Dover Mortgage Company, headquartered in Charlotte and with offices in Lake Norman, Greenville, Goldsboro, Raleigh and Wilmington, effective as of April 1, 2003. We look forward to the contributions that this fine company and its talented staff will make to the on-going success of FNB Corp." Net interest income increased $984,000 or 17.1% in the first quarter of 2003 compared to the same period in 2002, partially as a result of the growth in earning assets from the addition of Rowan Bank. The net interest margin, negatively affected by the continuing decline in interest rates, amounted to 4.16% in 2003 compared to 4.43% in 2002. At March 31, 2003, the allowance for loan losses was $6,169,000, amounting to 1.22% of loans held for investment compared to 1.22% at December 31, 2002 and 1.21% at March 31, 2002. The provision for loan losses recorded in the first quarter of 2003, positively impacted by improved charge-off experience as a result of progress in the resolution of commercial leasing portfolios, was $250,000 compared to the $510,000 provision recorded in the same period of 2002. As of March 31, 2003, nonperforming loans were $7,098,000 in total compared to $6,612,000 and $4,423,000 as of December 31, 2002 and March 31, 2002, respectively. Nonaccrual loans and accruing loans past due 90 days or more amounted to $4,525,000 and $2,573,000, respectively at March 31, 2003, $4,944,000 and $1,268,000 at December 31, 2002, and $4,121,000 and $302,000 at March 31, 2002. Loans considered impaired as of March 31, 2003 totaled $3,242,000 ($3,180,000 of which was also on nonaccrual status) compared to $3,211,000 and $852,000 as of December 31, 2002 and March 31, 2002, respectively. FNB Corp. is the central North Carolina-based bank holding company for First National Bank and Trust Company, which operates seventeen community offices in Archdale, Asheboro, Biscoe, Ellerbe, Laurinburg, Pinehurst, Ramseur, Randleman, Rockingham, Seagrove, Siler City, Southern Pines and Trinity, and Rowan Bank, which operates three community offices in China Grove, Kannapolis and Salisbury. Through its subsidiaries, FNB offers a complete line of consumer, mortgage and business banking services, including loan, deposit, cash management, investment management and trust services. Internet banking is available at www.fnbnc.com. Deposits are insured by the Federal Deposit Insurance Corporation. FNB Corp. stock is traded on the NASDAQ National Market System under the symbol "FNBN". Market makers for FNB Corp. stock are Scott & Stringfellow, ASG Securities, Keefe, Bruyette & Woods, Goldman Sachs, Ferris Baker Watts, Knight Securities, Ryan Beck & Company, Trident Securities, Sandler O'Neill & Partners and Stern Agee and Leach. This news release contains forward-looking statements. Such statements are subject to certain factors which may cause the company's results to vary from those expected, including the risks set forth from time to time in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date hereof. FNB Corp. and Subsidiary CONSOLIDATED FINANCIAL INFORMATION (In thousands except per share data) Three Months Ended March 31, --------------------- 2003 2002 SUMMARY OF OPERATIONS ------ ------ Interest income: Loans $8,161 $6,756 Investment securities: Taxable income 1,583 2,220 Non-taxable income 330 297 Other 99 29 ------ ------ Total interest income 10,173 9,302 Interest expense 3,421 3,534 ------ ------ Net interest income 6,752 5,768 Provision for loan losses 250 510 Net interest income after ------ ------ provision for loan losses 6,502 5,258 Noninterest income 2,763 1,688 Noninterest expense 6,013 4,425 ------ ------ Income before income taxes 3,252 2,521 Income taxes 990 716 ------ ------ Net income $2,262 $1,805 ====== ====== Per share data: Net income: Basic $.42 $.38 Diluted .40 .37 Cash dividends declared .14 .14 March 31, December 31, --------------- --------------- 2003 2002 2002 BALANCE SHEET INFORMATION ------ ------ --------------- Total assets $769,666 $598,001 $754,370 Cash and due from banks 22,727 9,393 15,944 Investment securities 149,606 168,035 153,857 Loans 509,458 380,606 502,342 Other earning assets 46,318 12,383 41,638 Goodwill 12,601 - 12,601 Deposits 604,396 493,229 592,354 Other interest-bearing liabilities 83,694 43,697 81,815 Shareholders' equity 74,599 54,383 73,090 Per share data: Book value $13.60 $11.45 $13.49 Closing market price 25.44 15.30 19.39 FNB Corp. is the holding company for First National Bank and Trust Company and Rowan Bank, which was acquired effective August 1, 2002 under a merger with Rowan Bancorp, Inc. accounted for as a purchase business combination. Prior period financial information has not been restated. FNB Corp. stock is traded on the NASDAQ National Market System under the symbol "FNBN". Market makers for FNB Corp. stock are Scott & Stringfellow, ASG Securities, Keefe, Bruyette & Woods, Goldman Sachs, Ferris Baker Watts, Knight Securities, Ryan Beck & Company, Trident Securities, Sandler O'Neill & Partners and Stern Agee and Leach. CONTACT: FNB Corp., Asheboro Jerry A. Little, 336/626-8300 -----END PRIVACY-ENHANCED MESSAGE-----