-----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, OCfDx8ejDEdDEYcs6BT3/C3dQlhGNBrvaDcTpqjBGnejhwI95mE6qLINx9UYRaew HyyzMl7RO2tHmLOzb03MJA== 0001157523-04-003335.txt : 20040419 0001157523-04-003335.hdr.sgml : 20040419 20040416192543 ACCESSION NUMBER: 0001157523-04-003335 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040416 ITEM INFORMATION: FILED AS OF DATE: 20040419 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: 04739335 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 a4617737.txt FNB CORP. 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 16, 2004 -------------- 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 12. Results of Operations and Financial Condition On April 16, 2004, FNB Corp. issued an earnings release announcing the results of operations for the quarter ended March 31, 2004. A copy of FNB's earnings release is attached hereto as Exhibit 99.1. The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing made by FNB under the Securities Act of 1933, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing. 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 16, 2004 By /s/ Jerry A. Little ------------------------ Jerry A. Little Treasurer and Secretary (Principal Financial and Accounting Officer) EX-99 3 a4617737ex991.txt FNB CORP. EXHIBIT 99.1 Exhibit 99.1 FNB Corp. Announces First Quarter Results ASHEBORO, N.C.--(BUSINESS WIRE)--April 16, 2004--FNB Corp. (NASDAQ: FNBN), the holding company for First National Bank and Trust Company, Rowan Bank and Dover Mortgage Company, today announced its financial results for the first quarter of 2004. Net income for the first quarter decreased to $1.952 Million, or $.33 per diluted share, from $2.262 Million, or $.40 per diluted share, in the same period of 2003. At March 31, 2004, total assets were $814,321,000, loans were $580,159,000 and deposits were $616,906,000. Return on average equity on an annualized basis for the first quarter of 2004 was 9.41%, and return on average assets was .99%. Return on tangible equity and assets (calculated by deducting average goodwill from average equity and from average assets) amounted to 11.72% and 1.01%, respectively. The merger of Dover Mortgage Company with FNB Corp., effective April 1, 2003, was accounted for as a purchase business combination and, accordingly, there was no restatement of prior period financial information. Net interest income declined $225,000 or 3.3% in the first quarter of 2004 compared to the same period in 2003, reflecting the continuing negative effect of the prolonged low-rate environment on the net interest margin. However, while there was a decline in the net interest margin from 4.11% in the 2003 first quarter to 3.84% in the 2004 first quarter, the margin rate was unchanged from the 2003 fourth quarter. Noninterest income increased $837,000 or 30.3% in the first quarter of 2004 compared to the same period of 2003, due primarily to the addition of Dover Mortgage Company to the FNB Corp. mortgage banking operations and due to growth in wealth management services revenues. Noninterest expense increased $1,084,000 or 18.0% due largely to the Dover acquisition and increases in personnel, pension and benefit expense in other operations. In commenting on first quarter results, FNB Chairman Michael C. Miller noted that First National Bank & Trust had opened its Greensboro loan production office in February. "Greensboro is a natural extension of our existing markets, and our team already has made a positive impact on our loan growth," commented Miller. "Rowan Bank has opened a loan office in Concord in March, and is showing positive impact from that move deeper into the greater Charlotte MSA. We're excited to add these growth markets to our growing franchise." Miller continued: "With our growth in assets, we are also looking to improve our profitability, which has not been up to our standards. Declines in net interest margins due to the current rate environment and in mortgage revenue due to the slowing of refinancings provide challenges in the short term. We are actively acquiring new customers through checking and other promotions and expansions which should add to our earnings, strength and stability over the long run." At March 31, 2004, the allowance for loan losses was $6,330,000, amounting to 1.12% of loans held for investment compared to 1.14% at December 31, 2003 and 1.22% at March 31, 2003. The provision for loan losses recorded in the first quarter of 2004 was $270,000 compared to the $250,000 provision recorded in the same period of 2003. As of March 31, 2004, nonperforming loans were $5,725,000 in total compared to $5,993,000 and $7,098,000 as of December 31, 2003 and March 31, 2003, respectively. Nonaccrual loans and accruing loans past due 90 days or more amounted to $4,668,000 and $1,057,000, respectively at March 31, 2004, $5,235,000 and $758,000 at December 31, 2003, and $4,525,000 and $2,573,000 at March 31, 2003. Loans considered impaired as of March 31, 2004 totaled $1,905,000 (all of which was also on nonaccrual status) compared to $1,963,000 and $3,242,000 as of December 31, 2003 and March 31, 2003, respectively. FNB Corp. is the central North Carolina-based bank holding company for First National Bank and Trust Company, Rowan Bank and Dover Mortgage Company. First National Bank and Trust (www.fnbnc.com) operates seventeen community offices in Archdale, Asheboro, Biscoe, Ellerbe, Laurinburg, Pinehurst, Ramseur, Randleman, Rockingham, Seagrove, Siler City, Southern Pines and Trinity and a loan production office in Greensboro. Rowan Bank (www.rowanbank.com) operates three community offices in China Grove, Kannapolis and Salisbury and a loan production office in Concord. Dover Mortgage Company (www.dovermortgage.com) operates six mortgage production offices in Charlotte, Goldsboro, Greenville, Lake Norman, Raleigh and Wilmington. Through its subsidiaries, FNB offers a complete line of consumer, mortgage and business banking services, including loan, deposit, cash management, trust and wealth management and internet banking services. 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, Keefe, Bruyette & Woods, Goldman Sachs, FIG Partners LLC, 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 Subsidiaries CONSOLIDATED FINANCIAL INFORMATION (In thousands except per share data) Three Months Ended March 31, ------------------ 2004 2003 ------ ------ SUMMARY OF OPERATIONS Interest income: Loans $ 7,973 $ 8,161 Investment securities: Taxable income 936 1,583 Non-taxable income 439 330 Other 29 99 ----- ----- Total interest income 9,377 10,173 Interest expense 2,850 3,421 ----- ----- Net interest income 6,527 6,752 Provision for loan losses 270 250 ----- ----- Net interest income after provision for loan losses 6,257 6,502 Noninterest income 3,600 2,763 Noninterest expense 7,097 6,013 ----- ----- Income before income taxes 2,760 3,252 Income taxes 808 990 ----- ----- Net income $ 1,952 $ 2,262 ===== ===== Per share data: Net income: Basic $ .34 $ .42 Diluted .33 .40 Cash dividends declared .15 .14 March 31, December 31, ------------------------------------------ 2004 2003 2003 ------------------------------------------ BALANCE SHEET INFORMATION Total assets $814,321 $769,666 $773,245 Cash and due from banks 18,912 22,727 17,164 Investment securities 135,329 149,606 144,259 Loans 580,159 509,458 551,913 Other earning assets 29,236 46,318 9,960 Goodwill 16,335 12,601 16,325 Deposits 616,906 604,396 597,925 Other interest-bearing liabilities 107,416 83,694 86,721 Shareholders' equity 83,110 74,599 81,458 Per share data: Book value $ 14.53 $ 13.60 $ 14.32 Closing market price 21.31 25.44 21.18 FNB Corp. is the holding company for First National Bank and Trust Company, Rowan Bank and Dover Mortgage Company. Dover was acquired effective April 1, 2003 under a merger transaction 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, Keefe, Bruyette & Woods, Goldman Sachs, FIG Partners LLC, Ferris Baker Watts, Knight Securities, Ryan, Beck & Company, Trident Securities, Sandler O'Neill & Partners and Stern Agee and Leach. CONTACT: FNB Corp. Jerry A. Little, 336-626-8300 -----END PRIVACY-ENHANCED MESSAGE-----