Home Page
06:12:03 EDT Sat 30 Aug 2014
Enter Symbol
or Name
USA
CA



FNB CORP PA
Symbol U : FNB
Recent Sedar Documents

F.N.B. Corporation Reports Fourth Quarter and Full Year 2012 Results

2013-01-23 16:33 ET - News Release

HERMITAGE, Pa., Jan. 23, 2013 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) today reported fourth quarter and full year 2012 financial results. Net income for the fourth quarter of 2012 was $29.0 million, or $0.21 per diluted share, compared with fourth quarter of 2011 net income of $23.7 million, or $0.19 per diluted share, and third quarter of 2012 net income of $30.7 million, or $0.22 per diluted share. Fourth quarter 2012 net income included litigation settlement costs of $2.0 million (after-tax) and branch consolidation costs of $1.2 million (after-tax), which on a combined basis reduced earnings by $0.02 per diluted share. Third quarter 2012 net income included a gain on the sale of a building of $0.9 million (after-tax) or $0.01 per diluted share.

Net income for the full year of 2012 totaled $110.4 million, or $0.79 per diluted share, compared to $87.0 million, or $0.70 per diluted share, for 2011. Full year 2012 net income included merger and severance costs of $5.2 million (after-tax),  litigation settlement costs of $2.0 million (after-tax),  branch consolidation costs of $1.2 million (after-tax),  and a gain on the sale of a building of $0.9 million (after-tax), which on a combined basis reduced earnings by $0.05 per diluted share. Full year 2011 net income included merger costs of $3.2 million (after-tax), or $0.02 per diluted share. Adjusting for these items, adjusted net income for the full year of 2012 totaled $117.8 million, or $0.84 per diluted share, compared to adjusted net income of $90.3 million, or $0.72 per diluted share, for 2011.

Vincent J. Delie, President and Chief Executive Officer, commented, "The fourth quarter was a great finish to a very successful year. The highlight of our solid operating performance is the consistent growth of our loan portfolios. Through the efforts of our experienced team of bankers, we have accomplished fourteen consecutive quarters of organic total loan growth. Both the commercial and consumer portfolios achieved record fourth quarter loan production levels. We remained focused on gaining market share and attracting customers, while maintaining our high-quality underwriting standards as demonstrated by our solid asset quality results."

Mr. Delie continued, "We are also very pleased to report record net income for the full year of 2012. Revenue growth, profitability and asset quality trends were favorable. This positive momentum and the completion of a number of important strategic accomplishments has FNB well positioned for 2013."

Fourth Quarter 2012 Highlights

  • Adjusted fourth quarter net income was $0.23 per diluted share[1]
  • The net interest margin was 3.66%
  • Average total loans grew $119.6 million, or 6.0% annualized, representing the fourteenth consecutive quarter of organic total loan growth
  • Average core commercial loans (excluding Florida loans) grew $88.7 million or 8.4% annualized, representing the fifteenth consecutive linked quarter of organic growth for this portfolio
  • Average consumer loans grew $72.6 million or 11.7% annualized
  • Average transaction deposits and customer repurchase agreements grew $215.0 million or 11.9% annualized
  • The efficiency ratio was 55.5%
  • Net charge-offs totaled $7.6 million or 0.45% annualized of average originated loans
  • Non-performing loans and other real estate owned (OREO) as a percentage of total originated loans and OREO improved 9 basis points to 1.60%

F.N.B. Corporation's performance ratios for the fourth quarter of 2012 were as follows: return on average tangible equity (non-GAAP measure) was 17.68%; return on average equity was 8.23%; return on average tangible assets (non-GAAP measure) was 1.07% and return on average assets was 0.96%. Reconciliations of non-GAAP measures used in this press release to their most directly comparable GAAP measures are included in the tables that accompany this press release.

Fourth Quarter 2012 Results
(All comparisons refer to the third quarter of 2012, except as noted)

Net Interest Income
Net interest income on a fully taxable equivalent basis totaled $95.7 million in the fourth quarter of 2012 compared to $95.4 million in the prior quarter. Both quarters included a benefit from accretable yield resulting from better than expected cash flows on acquired loans totaling $2.6 million in the fourth quarter of 2012 and $1.4 million in the third quarter of 2012. The fourth quarter net interest margin of 3.66% narrowed 4 basis points from 3.70%, reflecting the current interest rate environment and the resulting lower earning asset yields, partially offset by the lower cost of funds and higher accretable yield.

Average loans totaled $8.0 billion and grew $119.6 million or 6.0% annualized. Growth in the core commercial portfolio[2] continued, with average balances increasing $88.7 million, or 8.4% annualized, reflecting FNB's consistent ability to build market share as commercial line utilization rates remained consistent with the prior quarter at historically low levels. This represents the fifteenth consecutive quarter of organic growth for this portfolio with an average quarterly organic growth rate of 6.7% over the 15-quarter period. Average consumer loan growth (consisting of direct, consumer lines of credit and indirect loans) was also strong with balances increasing $72.6 million, or 11.7% annualized, driven by growth in home equity-related loans (direct loans and consumer lines of credit) through a continued focus across our branch network to capitalize on consumer preferences for these products.

Total average deposits and customer repurchase agreements totaled $10.0 billion and grew $140.5 million, or 5.7% annualized. Growth in lower cost transaction deposit accounts and customer repurchase agreements remained strong, increasing $215.0 million, or 11.9% annualized, as a result of successful new account acquisition and higher average balances. Growth in transaction accounts and customer repurchase agreements was partially offset by a continued planned decline in time deposits due to the lower offered rate environment. As of December 31, 2012, FNB's total customer-based funding was 97% of total deposits and borrowings, consistent with 98% as of September 30, 2012. Loans as a percentage of total deposits and customer repurchase agreements were 82%, compared to 80% at September 30, 2012. Transaction-based deposits and customer repurchase agreements represent 74% of total deposits and customer repurchase agreements at December 31, 2012.

Non-Interest Income
Non-interest income totaled $32.1 million in the fourth quarter of 2012, decreasing $2.7 million or 7.7%. The decline compared to the prior quarter primarily reflects $1.7 million accrued for expected losses on asset disposals related to the consolidation of twenty branch locations during the fourth quarter and a benefit in the third quarter resulting from a $1.4 million gain on the sale of a building. The previously announced branch consolidation was undertaken as part of an overall branch optimization strategy and going forward is expected to result in annual pre-tax cost savings of approximately $4.0 million. Securities commissions and fees and trust income increased 7.2% and 2.6%, respectively, primarily as a result of increased sales activity. Gains on the sale of loans increased modestly by 1.3% due to increased volume. The decline in insurance commissions and fees reflects normal seasonal trends.

Non-Interest Expense
Non-interest expense totaled $76.6 million in the fourth quarter of 2012, declining $0.5 million, or 0.6%. The fourth quarter included the previously disclosed $3.0 million in litigation costs to establish a settlement fund. Offsetting this item were lower OREO costs due to a $1.5 million recovery on a Florida property sale and lower personnel costs due to favorable medical insurance claims. The efficiency ratio improved to 55.5% from 57.4%.

Credit Quality
Credit quality results for the fourth quarter of 2012 reflect continued solid performance. The provision for loan losses equaled $9.3 million for the fourth quarter of 2012, compared to $8.4 million in the prior quarter, with the increase primarily reflecting reserves to support the strong, high-quality loan growth during the quarter.

The ratio of the allowance for loan losses to total originated loans was 1.39%, compared to 1.43% at September 30, 2012. The ratio of the allowance for loan losses to total non-performing loans increased to 124% compared to 120% at September 30, 2012.

Charge-off performance continued to be good with net charge-offs for the fourth quarter totaling $7.6 million or 0.38% annualized. The ratio of non-performing loans and OREO to total loans and OREO improved 6 basis points over the prior quarter to 1.42% at December 31, 2012. For the originated portfolio, the ratio of non-performing loans and OREO to total originated loans and OREO improved 9 basis points to 1.60% at December 31, 2012. Total delinquency (total past due and non-accrual loans) to total originated loans improved 2 basis points to 1.64% at December 31, 2012.

Capital Position
The Corporation's capital levels at December 31, 2012 continue to exceed federal bank regulatory agency "well capitalized" thresholds. Regulatory capital ratios at December 31, 2012 (estimated) are consistent with September 30, 2012 ratios. At December 31, 2012, the estimated total risk-based capital ratio was unchanged at 12.2%, the estimated tier 1 risk-based capital ratio was 10.7% compared to 10.6%, and the leverage ratio was 8.29% compared to 8.24%.

At December 31, 2012, the tangible equity to tangible assets ratio (non-GAAP measure) increased to 6.09% from 6.01% and the tangible book value per share (non-GAAP measure) increased to $4.92 from $4.85.

The dividend payout ratio for the fourth quarter of 2012 was 59% and 61% for the full year of 2012.

Full Year 2012 Results
(All comparisons refer to the prior full year, except as noted)

Full year 2012 results include the impact from the Parkvale acquisition completed on January 1, 2012.

F.N.B. Corporation's full year net income totaled $110.4 million, or $0.79 per diluted share, improved from $87.0 million, or $0.70 per diluted share. Return on average tangible equity (non-GAAP measure) equaled 17.64% compared to 15.76%, return on average equity was 8.02% compared to 7.36%, return on average tangible assets (non-GAAP measure) was 1.05% compared to 0.99%, and return on average assets was 0.94% compared to 0.88%.

Net interest income on a fully taxable equivalent basis totaled $380.2 million, an increase of $55.8 million or 17.2%, reflecting 19.2% growth in average earning assets and the benefit of $5.9 million in accretable yield, partially offset by a 6 basis point narrowing of the net interest margin.  The growth in earning assets reflects a combination of organic growth and the Parkvale acquisition. Average total loans grew 18.1%, with organic total loan growth of 4.3%, reflecting strong organic growth of 8.0% in the core commercial portfolio, as well as organic consumer loan growth of 7.4%. Average deposits and customer repurchase agreements grew 22.1%, with organic growth of 3.1%. Transaction deposits and customer repurchase agreements grew 23.7%, with organic growth of 9.6% representing successful new customer acquisition and higher average balances. 

Non-interest income totaled $131.5 million, increasing $11.5 million, or 9.6%. Included in the full year of 2012 was $1.7 million accrued for expected losses on asset disposals related to the consolidation of twenty branch locations during the fourth quarter of 2012 and a $1.4 million gain on the sale of a building. The increase in non-interest income excluding these items primarily reflects the benefit of the Parkvale acquisition and organic revenue growth. Service charges increased $8.2 million, or 13.2%, reflecting higher volume, organic growth and the expanded customer base due to the Parkvale acquisition. Insurance commissions and fees increased $1.2 million, or 8.2%.  Wealth management revenue (comprised of securities commissions and fees and trust income) grew $1.3 million or 5.8% as a result of an increased number of sales professionals and higher sales activity, more favorable market conditions and the benefit of the Parkvale acquisition.  Gain on the sale of loans increased $1.1 million or 40.4% as a result of increased volume.

Non-interest expense totaled $318.8 million, an increase of $35.1 million, or 12.4%, primarily due to adding Parkvale-related operating costs, a net increase of $3.0 million in merger and severance costs and $3.0 million in litigation costs to establish a settlement fund in accordance with the previously disclosed lawsuit.

Total revenue growth of $67.4 million, or 15.2%, exceeded non-interest expense growth of $35.1 million or 12.4%. F.N.B. Corporation's 2012 efficiency ratio improved to 57.7% compared to 59.7%.

Credit quality results continued to trend positively throughout 2012 and compare favorably to full year 2011, reflecting continued solid performance for all portfolios. Provision for loan losses was $31.3 million, improving $2.3 million primarily due to lower provision in the Florida portfolio partially offset by $4.2 million in provision for the acquired portfolio. Net charge-off results improved 23 basis points to 0.35% of total average loans. The ratio of the allowance for loan losses to total originated loans equaled 1.39% at December 31, 2012, compared to 1.54% at December 31, 2011, with the decline directionally consistent with the overall favorable credit quality performance as well as reserves to support the solid loan growth experienced in 2012.

Conference Call
F.N.B. Corporation will host its quarterly conference call to discuss fourth quarter and full year 2012 financial results on Thursday, January 24, 2013 at 10:00 a.m. Eastern Time. Participating callers may access the call by dialing (888) 427-9376 or (719) 325-2435 for international callers; the confirmation number is 4816875. The Webcast and presentation materials may be accessed through the "Shareholder and Investor Relations" section of the Corporation's Web site at www.fnbcorporation.com.

A replay of the call will be available from 1:00 p.m. Eastern Time the day of the call until midnight Eastern Time on Thursday, January 31, 2013. The replay is accessible by dialing (877) 870-5176 or (858) 384-5517 for international callers; the confirmation number is 4816875. The call transcript and Webcast will be available on the "Shareholder and Investor Relations" section of F.N.B. Corporation's Web site at www.fnbcorporation.com.

About F.N.B. Corporation
F.N.B. Corporation, headquartered in Hermitage, PA, is a diversified financial services company with total assets of $12.0 billion.  F.N.B. Corporation is a leading provider of commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania, Ohio and West Virginia, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency Finance Company and F.N.B. Commercial Leasing. It also operates consumer finance offices in Kentucky and Tennessee.

Cautionary Statement Regarding Forward-looking Information
We make statements in this press release and related conference call, and may from time to time make other statements, regarding our outlook for earnings, revenues, expenses, capital levels, liquidity levels, asset levels, asset quality and other matters regarding or affecting F.N.B. Corporation and its future business and operations that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act.  Forward-looking statements are typically identified by words such as "believe," "plan," "expect," "anticipate," "see," "look," "intend," "outlook," "project," "forecast," "estimate," "goal," "will," "should" and other similar words and expressions.  Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. 

Forward-looking statements speak only as of the date made.  We do not assume any duty and do not undertake to update forward-looking statements.  Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance.

Our forward-looking statements are subject to the following principal risks and uncertainties:

  • Our businesses, financial results and balance sheet values are affected by business and economic conditions, including the following:
    • Changes in interest rates and valuations in debt, equity and other financial markets.
    • Disruptions in the liquidity and other functioning of U.S. and global financial markets.
    • Actions by the Federal Reserve, U.S. Treasury and other government agencies, including those that impact money supply and market interest rates.
    • Changes in customers', suppliers' and other counterparties' performance and creditworthiness which adversely affect loan utilization rates, delinquencies, defaults and counterparty ability to meet credit and other obligations.
    • Slowing or failure of the current moderate economic recovery and persistence or worsening levels of unemployment.
    • Changes in customer preferences and behavior, whether due to changing business and economic conditions, legislative and regulatory initiatives, or other factors. 
  • Legal and regulatory developments could affect our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities.  Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain management.  These developments could include:
    • Changes resulting from legislative and regulatory reforms, including broad-based restructuring of financial industry regulation; changes to laws and regulations involving tax, pension, bankruptcy, consumer protection, and other industry aspects; and changes in accounting policies and principles.  We will continue to be impacted by extensive reforms provided for in the Dodd-Frank Wall Street Reform and Consumer Protection Act and otherwise growing out of the recent financial crisis, the precise nature, extent and timing of which, and their impact on us, remains uncertain. 
    • Changes to regulations governing bank capital and liquidity standards, including due to the Dodd-Frank Act and to Basel III initiatives. 
    • Impact on business and operating results of any costs associated with obtaining rights in intellectual property, the adequacy of our intellectual property protection in general and rapid technological developments and changes. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
  • Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of third-party insurance, derivatives, swaps, and capital management techniques, and to meet evolving regulatory capital standards.
  • Increased competition, whether due to consolidation among financial institutions; realignments or consolidation of branch offices, legal and regulatory developments, industry restructuring or other causes, can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues.
  • As demonstrated by our Parkvale and Annapolis Bancorp, Inc. acquisitions, we grow our business in part by acquiring from time to time other financial services companies, financial services assets and related deposits.  These acquisitions often present risks and uncertainties, including, the possibility that the transaction cannot be consummated; regulatory issues; cost, or difficulties, involved in integration and conversion of the acquired businesses after closing; inability to realize expected cost savings, efficiencies and strategic advantages; the extent of credit losses in acquired loan portfolios and extent of deposit attrition; and the potential dilutive effect to our current shareholders.  In addition, with respect to the pending acquisition of Annapolis Bancorp, Inc., F.N.B. Corporation may experience difficulties in expanding into a new market area, including retention of customers and key personnel of Annapolis Bancorp, Inc. and its subsidiary BankAnnapolis.
  • Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues.  Industry restructuring in the current environment could also impact our business and financial performance through changes in counterparty creditworthiness and performance and the competitive and regulatory landscape.  Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
  • Business and operating results can also be affected by widespread disasters, dislocations, terrorist activities or international hostilities through their impacts on the economy and financial markets.

We provide greater detail regarding some of these factors in our 2011 Form 10-K and 2012 Form 10-Qs, including the Risk Factors section of those reports, and our subsequent SEC filings.  Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release or in SEC filings, accessible on the SEC's website at www.sec.gov and on our corporate website at www.fnbcorporation.com.  We have included these web addresses as inactive textual references only.  Information on these websites is not part of this document.

[1] Adjusted for litigation settlement costs of $2.0 million (after-tax) and branch consolidation costs of $1.2 million (after-tax).

[2] Total commercial loans excluding the Florida portfolio

DATA SHEETS FOLLOW

 

F.N.B. CORPORATION









(Unaudited)









(Dollars in thousands, except per share data)














4Q12 -


4Q12 -


2012


2011


3Q12


4Q11


Fourth


Third


Fourth


Percent


Percent

Statement of earnings

Quarter


Quarter


Quarter


Variance


Variance

Interest income 

$107,578


$107,756


$96,897


-0.2


11.0

Interest expense

13,660


14,225


16,768


-4.0


-18.5

   Net interest income

93,918


93,531


80,129


0.4


17.2

Taxable equivalent adjustment

1,798


1,852


1,922


-2.9


-6.5

   Net interest income (FTE) (1)

95,716


95,383


82,051


0.3


16.7

Provision for loan losses

9,274


8,429


8,289


10.0


11.9

   Net interest income after provision (FTE)

86,442


86,954


73,762


-0.6


17.2











Impairment losses on securities

(506)


(440)


(422)


n/m


n/m

Non-credit related losses on securities not










   expected to be sold (recognized in other










   comprehensive income)

413


321


393


n/m


n/m

Net impairment losses on securities

(93)


(119)


(29)


n/m


n/m











Service charges

17,636


17,666


15,833


-0.2


11.4

Insurance commissions and fees

3,794


4,578


3,373


-17.1


12.5

Securities commissions and fees

2,252


2,102


1,602


7.2


40.6

Trust income

3,880


3,783


3,560


2.6


9.0

Gain on sale of securities

3


(66)


3,511


-104.1


-99.9

Gain on sale of loans

1,191


1,176


968


1.3


23.1

Other

3,464


5,693


3,780


-39.2


-8.4

   Total non-interest income

32,127


34,813


32,598


-7.7


-1.4











Salaries and employee benefits

40,964


41,579


37,758


-1.5


8.5

Occupancy and equipment

11,676


11,568


10,205


0.9


14.4

Amortization of intangibles

2,243


2,242


1,819


0.0


23.3

Other real estate owned

(631)


796


231


-179.4


-372.9

FHLB prepayment penalty

0


0


3,328


n/m


n/m

Other

22,340


20,897


18,250


6.9


22.4

   Total non-interest expense

76,592


77,082


71,591


-0.6


7.0











Income before income taxes

41,977


44,685


34,769


-6.1


20.7

Taxable equivalent adjustment

1,798


1,852


1,922


-2.9


-6.5

Income taxes

11,224


12,090


9,110


-7.2


23.2

   Net income

$28,955


$30,743


$23,737


-5.8


22.0











Earnings per share:










   Basic

$0.21


$0.22


$0.19


-4.5


10.5

   Diluted

$0.21


$0.22


$0.19


-4.5


10.5











Performance ratios










Return on average equity

8.23%


8.83%


7.72%





Return on average tangible equity (2) (4)

17.68%


19.10%


15.94%





Return on average assets

0.96%


1.03%


0.95%





Return on average tangible assets (3) (4)

1.07%


1.15%


1.06%





Net interest margin (FTE) (1) 

3.66%


3.70%


3.79%





Yield on earning assets (FTE) (1)

4.18%


4.25%


4.56%





Cost of funds

0.63%


0.66%


0.92%





Efficiency ratio (FTE) (1) (5)

55.45%


57.40%


59.27%





Effective tax rate

27.94%


28.23%


27.73%















Common stock data










Average basic shares outstanding

139,317,031


139,228,812


126,566,483


0.1


10.1

Average diluted shares outstanding

140,923,088


140,764,052


127,615,744


0.1


10.4

Ending shares outstanding

139,929,242


139,792,727


127,220,759


0.1


10.0

Book value per share

$10.02


$9.98


$9.51


0.4


5.3

Tangible book value per share (4)

$4.92


$4.85


$4.80


1.5


2.5

Dividend payout ratio

58.51%


55.07%


65.60%















 

 

F.N.B. CORPORATION






(Unaudited)






(Dollars in thousands, except per share data)












For the Year








Ended December 31,


Percent

Statement of earnings



2012


2011


Variance

Interest income 




$431,906


$391,125


10.4

Interest expense




59,055


74,617


-20.9

   Net interest income



372,851


316,508


17.8

Taxable equivalent adjustment



7,382


7,895


-6.5

   Net interest income (FTE) (1)



380,233


324,403


17.2

Provision for loan losses



31,302


33,641


-7.0

   Net interest income after provision (FTE)


348,931


290,762


20.0











Impairment losses on securities



(946)


(895)


n/m

Non-credit related losses on securities not







   expected to be sold (recognized in other







   comprehensive income)



734


829


n/m

Net impairment losses on securities


(212)


(66)


n/m











Service charges




70,055


61,891


13.2

Insurance commissions and fees


16,426


15,185


8.2

Securities commissions and fees


8,395


7,562


11.0

Trust income




15,239


14,782


3.1

Gain on sale of securities



305


3,652


-91.7

Gain on sale of loans



3,887


2,768


40.4

Other




17,368


14,144


22.8

   Total non-interest income



131,463


119,918


9.6











Salaries and employee benefits



168,219


149,817


12.3

Occupancy and equipment



46,898


40,838


14.8

Amortization of intangibles



9,135


7,228


26.4

Other real estate owned



3,268


5,217


-37.4

FHLB prepayment penalty



0


3,328


0.0

Other




91,309


77,306


18.1

   Total non-interest expense



318,829


283,734


12.4











Income before income taxes



161,565


126,946


27.3

Taxable equivalent adjustment



7,382


7,895


-6.5

Income taxes




43,773


32,004


36.8

   Net income




$110,410


$87,047


26.8











Earnings per share:








   Basic




$0.79


$0.70


12.9

   Diluted




$0.79


$0.70


12.9











Performance ratios








Return on average equity



8.02%


7.36%



Return on average tangible equity (2) (4)


17.64%


15.76%



Return on average assets



0.94%


0.88%



Return on average tangible assets (3) (4)


1.05%


0.99%



Net interest margin (FTE) (1) 



3.73%


3.79%



Yield on earning assets (FTE) (1)


4.30%


4.66%



Cost of funds




0.68%


1.02%



Efficiency ratio (FTE) (1) (5)



57.73%


59.71%



Effective tax rate




28.39%


26.88%













Common stock data








Average basic shares outstanding


139,135,272


124,145,924


12.1

Average diluted shares outstanding


140,640,165


125,012,078


12.5

Ending shares outstanding



139,929,242


127,220,759


10.0

Book value per share



$10.02


$9.51


5.3

Tangible book value per share (4)


$4.92


$4.80


2.5

Dividend payout ratio



61.27%


69.72%













 

 

F.N.B. CORPORATION









(Unaudited)









(Dollars in thousands)




















4Q12 -


4Q12 -






2012


2011


3Q12


4Q11






Fourth


Third


Fourth


Percent


Percent

Balance Sheet (at period end)

Quarter


Quarter


Quarter


Variance


Variance

Assets











Cash and due from banks

$216,233


$203,503


$197,349


6.3


9.6

Interest bearing deposits with banks

22,811


164,091


11,604


-86.1


96.6

   Cash and cash equivalents

239,044


367,594


208,953


-35.0


14.4

Securities available for sale

1,172,683


1,112,839


640,571


5.4


83.1

Securities held to maturity

1,106,563


1,151,743


917,212


-3.9


20.6

Residential mortgage loans held for sale

27,751


21,575


14,275


28.6


94.4

Loans, net of unearned income

8,137,719


7,979,450


6,856,667


2.0


18.7

Allowance for loan losses

(104,374)


(102,714)


(100,662)


1.6


3.7

   Net loans

8,033,345


7,876,736


6,756,005


2.0


18.9

Premises and equipment, net

140,367


145,043


130,043


-3.2


7.9

Goodwill




675,555


677,168


568,462


-0.2


18.8

Core deposit and other intangible assets, net

37,851


40,095


30,953


-5.6


22.3

Bank owned life insurance

246,088


239,615


208,927


2.7


17.8

Other assets

344,729


352,483


311,082


-2.2


10.8

Total Assets

$12,023,976


$11,984,891


$9,786,483


0.3


22.9















Liabilities













Deposits:













   Non-interest bearing demand

$1,738,195


$1,735,857


$1,340,465


0.1


29.7

   Savings and NOW

4,808,121


4,764,148


3,790,863


0.9


26.8

   Certificates and other time deposits

2,535,858


2,625,818


2,158,440


-3.4


17.5

      Total Deposits

9,082,174


9,125,823


7,289,768


-0.5


24.6

Other liabilities

163,151


150,152


143,239


8.7


13.9

Short-term borrowings

1,083,138


1,019,411


851,294


6.3


27.2

Long-term debt

89,425


90,501


88,016


-1.2


1.6

Junior subordinated debt

204,019


204,006


203,967


0.0


0.0

   Total Liabilities

10,621,907


10,589,893


8,576,284


0.3


23.9















Stockholders' Equity










Common stock

1,398


1,397


1,268


0.1


10.2

Additional paid-in capital

1,376,601


1,374,241


1,224,572


0.2


12.4

Retained earnings

75,312


63,298


32,925


19.0


128.7

Accumulated other comprehensive income

(46,224)


(38,972)


(45,148)


18.6


2.4

Treasury stock

(5,018)


(4,966)


(3,418)


1.0


46.8

   Total Stockholders' Equity

1,402,069


1,394,998


1,210,199


0.5


15.9

Total Liabilities and Stockholders' Equity

$12,023,976


$11,984,891


$9,786,483


0.3


22.9















Selected average balances










Total assets

$11,988,283


$11,842,204


$9,947,884


1.2


20.5

Earning assets 

10,420,397


10,267,435


8,619,185


1.5


20.9

Securities


2,255,702


2,252,760


1,713,209


0.1


31.7

Interest bearing deposits with banks

116,885


86,501


69,713


35.1


67.7

Loans, net of unearned income

8,047,810


7,928,174


6,836,263


1.5


17.7

Allowance for loan losses

104,453


103,757


109,588


0.7


-4.7

Goodwill and intangibles

715,962


714,501


599,352


0.2


19.5

Deposits and customer repurchase agreements (6)

9,974,646


9,834,111


8,048,276


1.4


23.9

Short-term borrowings

156,197


159,843


171,555


-2.3


-9.0

Long-term debt

88,956


90,869


174,220


-2.1


-48.9

Trust preferred securities

204,012


203,999


203,960


0.0


0.0

Shareholders' equity 

1,400,430


1,385,282


1,219,575


1.1


14.8















Capital ratios










Equity / assets (period end)

11.66%


11.64%


12.37%





Leverage ratio


8.29%


8.24%


9.15%





Tangible equity / tangible assets (period end) (4)

6.09%


6.01%


6.65%





Tangible equity, excluding AOCI / tangible










   assets (period end) (4) (7)

6.50%


6.36%


7.14%



















 

 

F.N.B. CORPORATION








(Unaudited)









(Dollars in thousands)























For the Year








Ended December 31,


Percent

Balance Sheet (at period end)


2012


2011


Variance

Assets









Cash and due from banks



$216,233


$197,349


9.6

Interest bearing deposits with banks


22,811


11,604


96.6

   Cash and cash equivalents



239,044


208,953


14.4

Securities available for sale



1,172,683


640,571


83.1

Securities held to maturity



1,106,563


917,212


20.6

Residential mortgage loans held for sale


27,751


14,275


94.4

Loans, net of unearned income



8,137,719


6,856,667


18.7

Allowance for loan losses



(104,374)


(100,662)


3.7

   Net loans




8,033,345


6,756,005


18.9

Premises and equipment, net



140,367


130,043


7.9

Goodwill




675,555


568,462


18.8

Core deposit and other intangible assets, net


37,851


30,953


22.3

Bank owned life insurance



246,088


208,927


17.8

Other assets




344,729


311,082


10.8

Total Assets




$12,023,976


$9,786,483


22.9











Liabilities









Deposits:









   Non-interest bearing demand



$1,738,195


$1,340,465


29.7

   Savings and NOW



4,808,121


3,790,863


26.8

   Certificates and other time deposits


2,535,858


2,158,440


17.5

      Total Deposits



9,082,174


7,289,768


24.6

Other liabilities




163,151


143,239


13.9

Short-term borrowings



1,083,138


851,294


27.2

Long-term debt




89,425


88,016


1.6

Junior subordinated debt



204,019


203,967


0.0

   Total Liabilities




10,621,907


8,576,284


23.9











Stockholders' Equity








Common stock




1,398


1,268


10.2

Additional paid-in capital



1,376,601


1,224,572


12.4

Retained earnings



75,312


32,925


128.7

Accumulated other comprehensive income


(46,224)


(45,148)


2.4

Treasury stock




(5,018)


(3,418)


46.8

   Total Stockholders' Equity



1,402,069


1,210,199


15.9

Total Liabilities and Stockholders' Equity


$12,023,976


$9,786,483


22.9











Selected average balances








Total assets




$11,782,821


$9,871,164


19.4

Earning assets 




10,206,465


8,561,235


19.2

Securities




2,214,847


1,754,136


26.3

Interest bearing deposits with banks


94,719


118,731


-20.2

Loans, net of unearned income



7,896,899


6,688,368


18.1

Allowance for loan losses



103,590


109,754


-5.6

Goodwill and intangibles



717,031


599,851


19.5

Deposits and customer repurchase agreements (6)


9,790,570


8,017,269


22.1

Short-term borrowings



158,875


154,228


3.0

Long-term debt




90,652


200,158


-54.7

Trust preferred securities



203,471


203,950


-0.2

Shareholders' equity 



1,376,494


1,181,941


16.5











Capital ratios









Equity / assets (period end)



11.66%


12.37%



Leverage ratio




8.29%


9.15%



Tangible equity / tangible assets (period end) (4)


6.09%


6.65%



Tangible equity, excluding AOCI / tangible







   assets (period end) (4) (7)



6.50%


7.14%













 

 

F.N.B. CORPORATION









(Unaudited)








(Dollars in thousands)


















4Q12 -


4Q12 -






2012


2011


3Q12


4Q11






Fourth


Third


Fourth


Percent


Percent

Balances at period end

Quarter


Quarter


Quarter


Variance


Variance

Loans:













Commercial real estate 


$2,707,046


$2,668,916


$2,495,727


1.4


8.5

Commercial and industrial


1,602,314


1,532,366


1,363,692


4.6


17.5

Commercial leases



130,133


127,065


110,795


2.4


17.5

   Commercial loans and leases

4,439,493


4,328,347


3,970,214


2.6


11.8

Direct installment


1,178,530


1,128,310


1,029,187


4.5


14.5

Residential mortgages

1,092,228


1,121,237


670,936


-2.6


62.8

Indirect installment



582,037


583,939


540,789


-0.3


7.6

Consumer LOC


805,494


780,155


607,280


3.2


32.6

Other




39,937


37,462


38,261


6.6


4.4

   Total loans




$8,137,719


$7,979,450


$6,856,667


2.0


18.7















Deposits:













Non-interest bearing deposits

$1,738,195


$1,735,857


$1,340,465


0.1


29.7

Savings and NOW



4,808,121


4,764,148


3,790,863


0.9


26.8

Certificates of deposit and other time deposits

2,535,858


2,625,818


2,158,440


-3.4


17.5

   Total deposits


9,082,174


9,125,823


7,289,768


-0.5


24.6

Customer repurchase agreements (6)

807,820


885,749


646,660


-8.8


24.9

   Total deposits and customer repurchase agreements (6)

$9,889,994


$10,011,572


$7,936,428


-1.2


24.6















Average balances











Loans:













Commercial real estate 


$2,657,325


$2,632,843


$2,520,992


0.9


5.4

Commercial and industrial


1,567,340


1,512,872


1,311,648


3.6


19.5

Commercial leases



128,535


125,508


106,160


2.4


21.1

   Commercial loans and leases

4,353,200


4,271,223


3,938,800


1.9


10.5

Direct installment


1,157,480


1,118,981


1,032,022


3.4


12.2

Residential mortgages

1,122,658


1,156,906


691,839


-3.0


62.3

Indirect installment



581,748


581,315


538,283


0.1


8.1

Consumer LOC


793,496


759,832


594,070


4.4


33.6

Other




39,228


39,917


41,249


-1.7


-4.9

   Total loans




$8,047,810


$7,928,174


$6,836,263


1.5


17.7















Deposits:













Non-interest bearing deposits

$1,742,328


$1,677,578


$1,339,484


3.9


30.1

Savings and NOW



4,786,688


4,700,328


3,809,265


1.8


25.7

Certificates of deposit and other time deposits

2,578,226


2,652,713


2,202,129


-2.8


17.1

   Total deposits


9,107,242


9,030,619


7,350,878


0.8


23.9

Customer repurchase agreements (6)

867,404


803,492


697,398


8.0


24.4

   Total deposits and customer repurchase agreements (6)

$9,974,646


$9,834,111


$8,048,276


1.4


23.9















 

 

F.N.B. CORPORATION








(Unaudited)









(Dollars in thousands)























For the Year








Ended December 31,


Percent

Balances at period end



2012


2011


Variance

Loans:









Commercial real estate 



$2,707,046


$2,495,727


8.5

Commercial and industrial



1,602,314


1,363,692


17.5

Commercial leases



130,133


110,795


17.5

   Commercial loans and leases



4,439,493


3,970,214


11.8

Direct installment




1,178,530


1,029,187


14.5

Residential mortgages



1,092,228


670,936


62.8

Indirect installment



582,037


540,789


7.6

Consumer LOC




805,494


607,280


32.6

Other




39,937


38,261


4.4

   Total loans




$8,137,719


$6,856,667


18.7











Deposits:









Non-interest bearing deposits



$1,738,195


$1,340,465


29.7

Savings and NOW



4,808,121


3,790,863


26.8

Certificates of deposit and other time deposits


2,535,858


2,158,440


17.5

   Total deposits




9,082,174


7,289,768


24.6

Customer repurchase agreements (6)


807,820


646,660


24.9

   Total deposits and customer repurchase agreements (6)


$9,889,994


$7,936,428


24.6











Average balances








Loans:









Commercial real estate 



$2,643,867


$2,571,395


2.8

Commercial and industrial



1,488,579


1,178,653


26.3

Commercial leases



122,129


95,187


28.3

   Commercial loans and leases



4,254,575


3,845,235


10.6

Direct installment




1,115,355


1,028,388


8.5

Residential mortgages



1,171,482


695,573


68.4

Indirect installment



571,844


530,692


7.8

Consumer LOC




743,214


547,624


35.7

Other




40,429


40,856


-1.0

   Total loans




$7,896,899


$6,688,368


18.1











Deposits:









Non-interest bearing deposits



$1,615,419


$1,266,392


27.6

Savings and NOW



4,691,423


3,835,393


22.3

Certificates of deposit and other time deposits


2,691,597


2,278,133


18.1

   Total deposits




8,998,439


7,379,918


21.9

Customer repurchase agreements (6)


792,131


637,351


24.3

   Total deposits and customer repurchase agreements (6)


$9,790,570


$8,017,269


22.1











 

 

F.N.B. CORPORATION









(Unaudited)










(Dollars in thousands)




















4Q12 -


4Q12 -






2012


2011


3Q12


4Q11






Fourth


Third


Fourth


Percent


Percent

Asset Quality Data

Quarter


Quarter


Quarter


Variance


Variance

Non-Performing Assets










Non-performing loans (8)










   Non-accrual loans

$66,004


$69,986


$94,335


-5.7


-30.0

   Restructured loans

14,876


12,957


11,893


14.8


25.1

      Non-performing loans

80,880


82,943


106,228


-2.5


-23.9

Other real estate owned (9)

35,257


35,613


34,719


-1.0


1.5

   Non-performing loans and OREO

116,137


118,556


140,947


-2.0


-17.6

Non-performing investments 

2,809


2,754


8,972


2.0


-68.7

   Total non-performing assets

$118,946


$121,310


$149,919


-1.9


-20.7















Non-performing loans / total loans

0.99%


1.04%


1.55%





Non-performing loans / total originated loans (10)

1.12%


1.19%


1.63%





Non-performing loans + OREO / total loans + OREO

1.42%


1.48%


2.05%





Non-performing loans + OREO / total originated 










   loans + OREO (10)

1.60%


1.69%


2.15%





Non-performing assets / total assets

0.99%


1.01%


1.53%



















Allowance Rollforward










Allowance for loan losses (originated portfolio) (10)










   Balance at beginning of period

$99,725


$100,863


$108,813


-1.1


-8.4

   Provision for loan losses

8,083


6,224


8,289


29.9


-2.5

   Net loan charge-offs

(7,614)


(7,362)


(16,440)


3.4


-53.7

   Allowance for loan losses (originated portfolio)

100,194


99,725


100,662


0.5


-0.5















Allowance for loan losses (acquired portfolio) (11)










   Balance at beginning of period

2,989


784


0


0.0


0.0

   Provision for loan losses (acquired portfolio) (11)

1,191


2,205


0


0.0


0.0

   Allowance for loan losses (acquired portfolio) (11)

4,180


2,989


0


0.0


0.0















      Total allowance for loan losses

$104,374


$102,714


$100,662


1.6


3.7















Allowance for loan losses / total loans

1.28%


1.29%


1.47%





Allowance for loan losses (originated loans) / total










   originated loans (10)

1.39%


1.43%


1.54%





Allowance for loan losses / total non-performing loans  (8)

123.88%


120.23%


94.76%



















Net loan charge-offs (annualized) / total average loans

0.38%


0.37%


0.95%





Net loan charge-offs on originated loans (annualized) / 










   total average originated loans (10)

0.45%


0.42%


1.01%



















Delinquency - Originated Portfolio (10)










Loans 30-89 days past due

$46,205


$39,380


$33,978


17.3


36.0

Loans 90+ days past due

6,706


6,167


7,016


8.7


-4.4

Non-accrual loans

66,004


69,986


94,335


-5.7


-30.0

   Total past due and non-accrual loans

$118,915


$115,533


$135,329


2.9


-12.1















Total past due and non-accrual loans / total originated loans

1.64%


1.66%


2.08%



















Memo item:










Delinquency - Acquired Portfolio (11) (12)










Loans 30-89 days past due

$22,799


$18,961


$12,195


20.2


87.0

Loans 90+ days past due

36,585


35,605


11,115


2.8


229.1

Non-accrual loans

0


0


0


0.0


0.0

   Total past due and non-accrual loans

$59,384


$54,566


$23,310


8.8


154.8















 

 

F.N.B. CORPORATION








(Unaudited)









(Dollars in thousands)























For the Year








Ended December 31,


Percent

Asset Quality Data



2012


2011


Variance

Non-Performing Assets








Non-performing loans (8)








   Non-accrual loans



$66,004


$94,335


-30.0

   Restructured loans



14,876


11,893


25.1

      Non-performing loans



80,880


106,228


-23.9

Other real estate owned (9)



35,257


34,719


1.5

   Non-performing loans and OREO


116,137


140,947


-17.6

Non-performing investments 



2,809


8,972


-68.7

   Total non-performing assets



$118,946


$149,919


-20.7











Non-performing loans / total loans


0.99%


1.55%



Non-performing loans / total originated loans (10)


1.12%


1.63%



Non-performing loans + OREO / total loans + OREO


1.42%


2.05%



Non-performing loans + OREO / total originated 







   loans + OREO (10)



1.60%


2.15%



Non-performing assets / total assets


0.99%


1.53%













Allowance Rollforward








Allowance for loan losses (originated portfolio) (10)







   Balance at beginning of period


$100,662


$106,120


-5.1

   Provision for loan losses



27,122


33,641


-19.4

   Net loan charge-offs



(27,590)


(39,099)


-29.4

   Allowance for loan losses (originated portfolio)


100,194


100,662


-0.5











Allowance for loan losses (acquired portfolio) (11)







   Balance at beginning of period


0


0


0.0

   Provision for loan losses (acquired portfolio) (11)


4,180


0


0.0

   Allowance for loan losses (acquired portfolio) (11)


4,180


0


0.0











      Total allowance for loan losses


$104,374


$100,662


3.7











Allowance for loan losses / total loans


1.28%


1.47%



Allowance for loan losses (originated loans) / total







   originated loans (10)



1.39%


1.54%



Allowance for loan losses / total non-performing loans  (8)

123.88%


94.76%













Net loan charge-offs (annualized) / total average loans


0.35%


0.58%



Net loan charge-offs on originated loans (annualized) / 







   total average originated loans (10)


0.41%


0.62%













Delinquency - Originated Portfolio (10)