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F.N.B. Corporation Reports Third Quarter 2017 Earnings

Donnerstag, 19.10.2017 12:00 von PR Newswire

PR Newswire

PITTSBURGH, Oct. 19, 2017 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the third quarter of 2017 with net income available to common stockholders of $75.7 million, or $0.23 per diluted common share. Comparatively, second quarter of 2017 net income available to common stockholders totaled $72.4 million, or $0.22 per diluted common share, and third quarter of 2016 net income available to common stockholders totaled $50.2 million, or $0.24 per diluted common share.

Third quarter operating net income per diluted common share (non-GAAP) was $0.24, which excludes the after-tax impact of merger-related expenses of $0.9 million. Comparatively, second quarter operating net income per diluted common share was $0.23, excluding the after-tax impact of $0.9 million of merger-related expenses, and third quarter of 2016 operating net income per diluted common share was $0.24, excluding the after-tax impact of $0.2 million of merger-related expenses.

"FNB delivered solid performance in the third quarter resulting in record revenue and record net income," said Vincent J. Delie Jr., President and Chief Executive Officer. "We are pleased with the growth in loans and deposits, as well as our ability to effectively manage expenses. We are also pleased with the results of several of our fee-based businesses and remain focused on our revenue growth initiatives to deliver increased value for our shareholders."

Third Quarter 2017 Highlights
(All comparisons refer to the second quarter of 2017, except as noted)

  • Growth in total average loans was $293 million, or 5.7% annualized, with average commercial loan growth of $125 million, or 3.9% annualized, and average consumer loan growth of $178 million, or 9.4% annualized.
  • Average total deposits increased $41 million, or 0.8% annualized, including an increase in average non-interest bearing deposits of $61 million, partially offset by a decline in average interest-bearing deposits of $34 million.
  • The loan to deposit ratio ended September 30, 2017 at 94.9%, compared to 97.5% at June 30, 2017, primarily due to annualized total deposit growth of 16.5%.
  • The net interest margin (FTE) (non-GAAP) expanded 2 basis points to 3.44% from 3.42%, reflecting $1.7 million of increased incremental purchase accounting accretion and $3.2 million of increased cash recoveries relative to the second quarter.
  • Total revenue increased 2.4% to $291 million, reflecting a 3.1% increase in net interest income and stable non-interest income.
  • Increased non-interest income from mortgage banking, insurance and wealth management was offset by a decrease in capital markets revenue.
  • The efficiency ratio on an operating basis (non-GAAP) improved to 53.1%, compared to 54.3% in the prior quarter, due to increased total revenue and flat non-interest expense.
  • Annualized net charge-offs were 0.24% of total average loans, compared to 0.23% in the second quarter of 2017, and 0.33% in the year-ago quarter.

The tangible common equity to tangible assets ratio (non-GAAP) increased four basis points to 6.87% at September 30, 2017, compared to 6.83% at June 30, 2017. The tangible book value per common share (non-GAAP) was $6.12 at September 30, 2017, an increase of $0.12 from June 30, 2017.

Non-GAAP measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release.  "Incremental purchase accounting accretion" refers to the difference between total accretion and the estimated coupon interest income on acquired loans. "Organic growth" refers to growth excluding the benefit of initial balances from acquisitions.

 

Quarterly Results Summary


3Q17


2Q17


3Q16

Reported results







Net income available to common stockholders (millions)


$

75.7



$

72.4



$

50.2


Net income per diluted common share


$

0.23



$

0.22



$

0.24


Book value per common share (period-end)


$

13.39



$

13.26



$

11.72


Operating results (non-GAAP)







Operating net income available to common stockholders (millions)


$

76.6



$

73.3



$

50.4


Operating net income per diluted common share


$

0.24



$

0.23



$

0.24


Tangible common equity to tangible assets (period-end)


6.87

%


6.83

%


6.69

%

Tangible book value per common share (period-end)


$

6.12



$

6.00



$

6.53


Average diluted common shares outstanding (thousands)


324,905



324,868



211,791


Significant items influencing earnings1 (millions)







Pre-tax merger-related expenses


$

(1.4)



$

(1.4)



$

(0.3)


After-tax impact of merger-related expenses


$

(0.9)



$

(0.9)



$

(0.2)


(1) Favorable (unfavorable) impact on earnings

 

Third Quarter 2017 Results – Comparison to Prior Quarter

Net interest income totaled $225.2 million, increasing $6.8 million or 3.1%. The net interest margin (FTE) (non-GAAP) expanded two basis points to 3.44% and included $2.2 million of incremental purchase accounting accretion and $4.3 million of cash recoveries, compared to $0.5 million and $1.1 million, respectively, in the prior quarter.  Total average earning assets increased $488 million, or 1.9%, due to average loan growth of $293 million and a $118 million increase in average securities.

Average loans totaled $20.7 billion and increased $293 million, or 5.7% annualized, reflecting solid loan growth in the commercial and consumer portfolios. Average commercial loan growth totaled $125 million, or 3.9% annualized, primarily due to origination volume in the Pittsburgh, Baltimore and Cleveland markets. Average consumer loan growth was $178 million, or 9.4% annualized, led by continued growth in indirect auto loans and residential mortgage loans.

Average deposits totaled $21.2 billion and increased $41 million, or 0.8% annualized, due to growth in non-interest bearing deposits, which was partially offset by decreased savings and interest checking balances.  The loan to deposit ratio ended September 30, 2017 at 94.9%, compared to 97.5% at June 30, 2017, primarily attributable to growth in customer-based interest checking and time deposit balances. The growth reflects heightened deposit gathering efforts during the third quarter focused on attracting new customer relationships and deepening relationships with existing customers through internal lead generation efforts.

Non-interest income totaled $66.2 million, consistent with the prior quarter, and included increases in mortgage banking, insurance and wealth management, as well as $2.3 million of additional securities gains.  The increases were offset by a $2.2 million decrease in capital markets revenue driven by lower activity compared to the prior quarter.

Non-interest expense totaled $163.7 million, essentially flat compared to the prior quarter.  Both periods included $1.4 million of merger-related expenses. The $2.5 million decrease in salaries and employee benefits was offset by $1.0 million of higher occupancy and equipment expense, increased outside services and $0.4 million of increased other real estate owned expenses. The efficiency ratio (non-GAAP) improved to 53.1%, compared to 54.3%.

The ratio of non-performing loans and OREO to total loans and OREO improved 8 basis points to 0.70%. For the originated portfolio, the ratio of non-performing loans and OREO to total loans and OREO improved 17 basis points to 0.91%. Total delinquency remains at satisfactory levels, and total originated delinquency, defined as total past due and non-accrual originated loans as a percentage of total originated loans, improved 8 basis points to 0.91%, compared to 0.99% at June 30, 2017.

Net charge-offs totaled $12.5 million, or 0.24% annualized of total average loans, compared to $11.8 million, or 0.23% annualized in the prior quarter. For the originated portfolio, net charge-offs were $13.0 million, or 0.37% annualized of total average originated loans, compared to $12.7 million or 0.38% annualized. The ratio of the allowance for loan losses to total loans and leases increased to 0.82% at September 30, 2017, from 0.81% at June 30, 2017. For the originated portfolio, the allowance for loan losses to total originated loans was 1.12%, compared to 1.15% at June 30, 2017. The total provision for loan losses totaled $16.8 million in both periods.

September 30, 2017 Year-To-Date Results – Comparison to Prior Year-To-Date Period

Net interest income totaled $616.4 million, increasing $164.2 million, or 36.3%, reflecting average earning asset growth of $6.6 billion, or 36.1%, due to organic growth and the benefit of acquisitions. The net interest margin (FTE) (non-GAAP) expanded 2 basis points to 3.41% and included $2.0 million of higher incremental purchase accounting accretion and $0.7 million of higher cash recoveries compared to the first nine months of 2016.

Average loans totaled $19.1 billion, an increase of $5.0 billion, or 35.6%, due to the benefit from continued organic loan growth and acquired balances. Organic growth in total average loans equaled $907 million, or 6.3%. Total average organic consumer loan growth of $618 million, or 10.7%, was led by strong growth in residential mortgage and indirect auto loans. Organic growth in average commercial loans totaled $299 million, or 3.5%. Organic commercial loan growth for the nine months ended September 30, 2017, compared to the year-ago period was impacted by normal attrition related to the acquired commercial portfolio.  Average deposits totaled $19.8 billion and increased $4.7 billion, or 30.8%, due to the benefit of acquired balances and average organic growth of $315 million or 2.0%. On an organic basis, average total transaction deposits increased $489 million or 3.8%.

Non-interest income totaled $187.3 million, increasing $36.7 million, or 24.3%. Non-interest income primarily reflects the benefit of acquisitions and continued expansion of our fee-based businesses of capital markets, mortgage banking, wealth management and insurance.

Non-interest expense totaled $515.0 million, increasing $127.7 million, or 33.0%. The first nine months of 2017 included merger-related expenses of $55.5 million, compared to $35.8 million in the first nine months of 2016. Excluding merger-related expenses, total non-interest expense increased $108.0 million, or 30.7%, with the increase primarily attributable to the expanded operations from acquisitions. The efficiency ratio (non-GAAP) was 54.7%, compared to 55.4% in the first nine months of 2016.

Credit quality results remained at satisfactory levels. For the originated portfolio, non-performing loans and OREO to total loans and OREO was 0.91%, compared to 1.08%. Total originated delinquency was 0.91% at September 30, 2017, a decrease of 9 basis points from 1.00% at September 30, 2016.

Net charge-offs for the first nine months of 2017 totaled $32.4 million, or 0.23% annualized of total average loans, compared to 0.27% annualized. Net originated charge-offs were 0.33% annualized of total average originated loans, compared to 0.32% annualized. For the originated portfolio, the allowance for loan losses to total originated loans was 1.12%, compared to 1.23% at September 30, 2016. The ratio of the allowance for loan losses to total loans decreased 24 basis points to 0.82%, with the decline due to acquired loan balances which were initially recorded at fair value without a corresponding allowance for loan losses in accordance with accounting for business combinations. The total provision for loan losses was $44.4 million, compared to $43.0 million in the prior year.

Non-GAAP Financial Measures and Key Performance Indicators

We use non-GAAP financial measures, such as operating net income available to common stockholders, operating net income per diluted common share, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. In the event of disclosure or release of non-GAAP financial measures, the Securities and Exchange Commission's (SEC) Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP (included in the tables at the end of this release).

Management believes merger expenses are not organic costs to run our operations and facilities. These charges principally represent expenses to satisfy contractual obligations of the acquired entity without any useful benefit to us and to convert and consolidate the entity's records, systems and data onto our platforms and professional fees related to the transaction. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction.

For the calculation of net interest margin and the efficiency ratio, net interest income amounts are reflected on a fully taxable equivalent (FTE) basis which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 35% for each period presented. We use these measures to provide an economic view believed to be the preferred industry measurement for these items and provide relevant comparison between taxable and non-taxable amounts.

Cautionary Statement Regarding Forward-Looking Information

A number of statements (i) in this earnings release, (ii) in our presentations, and (iii) in our responses to questions on our conference call discussing our quarterly results and transactions, strategies and plans may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including our expectations relative to business and financial metrics, post-Yadkin merger integration and conversion activities, our outlook regarding revenues, expenses, earnings, liquidity, asset quality and statements regarding the impact of technology enhancements and customer and business process improvements.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. F.N.B. assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Such forward-looking statements may be expressed in a variety of ways, including the use of future and present tense language expressing expectations or predictions of future financial or business performance or conditions based on current performance and trends. Forward-looking statements are typically identified by words such as "believe," "plan," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "will," "should," "project," "goal," and other similar words and expressions. These forward-looking statements involve certain risks and uncertainties. In addition to factors previously disclosed in F.N.B.'s reports filed with the SEC, the following factors among others, could cause actual results to differ materially from forward-looking statements or historical performance: changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; potential difficulties encountered in expanding into a new and remote geographic market; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business and technology initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with the Yadkin merger, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and legislative and regulatory actions and reforms.

Actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described in F.N.B.'s Annual Report on Form 10-K for the year ended December 31, 2016, our subsequent quarterly 2017 Form 10-Q's (including the risk factors and risk management discussions) and F.N.B.'s other subsequent filings with the SEC, which are available on our corporate website at https://www.fnb-online.com/about-us/investor-relations-shareholder-services. We have included our web address as an inactive textual reference only. Information on our website is not part of this earnings release.

Conference Call

FNB's President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, will host a conference call to discuss the Company's financial results on Thursday, October 19, 2017, at 10:30 AM ET.

Participants are encouraged to pre-register for the conference call at http://dpregister.com/10112250. Callers who pre-register will be provided a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

Dial-in Access: The conference call may be accessed by dialing (844) 802-2440 or (412) 317-5133 for international callers. Participants should ask to be joined into the F.N.B. Corporation call.

Webcast Access: The audio-only call and related presentation materials may be accessed via webcast through the "Shareholder and Investor Relations" section of the Corporation's website at www.fnbcorporation.com. Access to the live webcast will begin approximately 30 minutes prior to the start of the call.

Presentation Materials: Presentation slides and the earnings release will also be available on the Corporation's website at www.fnbcorporation.com.

A replay of the call will be available shortly after the completion of the call until midnight ET on Thursday, October 26, 2017. The replay can be accessed by dialing (877) 344-7529 or (412) 317-0088 for international callers; the conference replay access code is 10112250. Following the call, the related presentation materials will be posted to the "Shareholder and Investor Relations" section of F.N.B. Corporation's website at www.fnbcorporation.com.

About F.N.B. Corporation
F.N.B. Corporation (NYSE:FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in eight states. FNB holds a significant retail deposit market share in attractive markets including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. The Company has total assets of $31 billion, and more than 400 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina and South Carolina. The Company also operates Regency Finance Company, which has more than 75 consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through our subsidiary network which is led by our largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, international banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.

 

 


F.N.B. CORPORATION














(Unaudited)














(Dollars in thousands, except per share data)


















% Variance












3Q17


3Q17


For the Nine Months Ended
September 30,


%

Statement of earnings

3Q17


2Q17


3Q16


2Q17


3Q16


2017


2016


Var.

Interest income

$

263,514



$

251,034



$

175,110



5.0



50.5



$

709,241



$

501,795



41.3


Interest expense

38,283



32,619



17,604



17.4



117.5



92,843



49,566



87.3


Net interest income

225,231



218,415



157,506



3.1



43.0



616,398



452,229



36.3


Provision for credit losses

16,768



16,756



14,639



0.1



14.5



44,374



43,047



3.1


Non-interest income:
















Service charges

33,610



33,389



25,411



0.7



32.3



91,806



72,349



26.9


Trust services

5,748



5,715



5,268



0.6



9.1



17,210



15,955



7.9


Insurance commissions and fees

5,029



4,347



4,866



15.7



3.3



14,517



13,892



4.5


Securities commissions and fees

4,038



3,887



3,404



3.9



18.6



11,548



10,400



11.0


Capital markets income

2,822



5,004



4,497



(43.6)



(37.2)



11,673



11,493



1.6


Mortgage banking operations

5,437



5,173



3,564



5.1



52.6



14,400



7,912



82.0


Net securities gains (losses)

2,777



493



299



n/m



n/m



5,895



596



n/m


Other

6,690



8,070



5,931



(17.1)



12.8



20,296



18,098



12.1


Total non-interest income

66,151



66,078



53,240



0.1



24.3



187,345



150,695



24.3


Total revenue

291,382



284,493



210,746



2.4



38.3



803,743



602,924



33.3


Non-interest expense:
















Salaries and employee benefits

82,383



84,899



60,927



(3.0)



35.2



240,860



178,681



34.8


Occupancy and equipment

27,434



26,480



20,367



3.6



34.7



74,893



58,396



28.3


FDIC insurance

9,183



9,376



5,274



(2.1)



74.1



23,946



14,345



66.9


Amortization of intangibles

4,805



4,813



3,571



(0.2)



34.6



12,716



9,608



32.3


Other real estate owned

1,421



1,008



1,172



41.0



21.2



3,412



2,752



24.0


Merger-related

1,381



1,354



299



n/m



n/m



55,459



35,790



n/m


Other

37,136



35,784



29,440



3.8



26.1



103,726



87,755



18.2


Total non-interest expense

163,743



163,714



121,050





35.3



515,012



387,327



33.0


Income before income taxes

110,871



104,023



75,057



6.6



47.7



244,357



172,550



41.6


Income taxes

33,178



29,617



22,889



12.0



45.0



69,279



52,950



30.8


Net income

77,693



74,406



52,168



4.4



48.9



175,078



119,600



46.4


Preferred stock dividends

2,010



2,010



2,010







6,030



6,030




Net income available to
common stockholders

$

75,683



$

72,396



$

50,158



4.5



50.9



$

169,048



$

113,570



48.8


Earnings per common share
















Basic

$

0.23



$

0.22



$

0.24



4.5



(4.2)



$

0.57



$

0.55



3.6


Diluted

$

0.23



$

0.22



$

0.24



4.5



(4.2)



$

0.57



$

0.55



3.6


n/m - not meaningful
















 


 

F.N.B. CORPORATION








(Unaudited)








(Dollars in thousands, except per share data)















% Variance








3Q17


3Q17

Balance Sheet (at period end)

3Q17


2Q17


3Q16


2Q17


3Q16

Assets










Cash and due from banks

$

433,442



$

397,482



$

326,599



9.0



32.7


Interest bearing deposits with banks

81,898



125,136



118,651



(34.6)



(31.0)


Cash and cash equivalents

515,340



522,618



445,250



(1.4)



15.7


Securities available for sale

2,855,350



2,593,455



2,077,616



10.1



37.4


Securities held to maturity

2,985,921



3,075,634



2,249,245



(2.9)



32.8


Loans held for sale

113,778



168,727



17,862



(32.6)



537.0


Loans and leases, net of unearned income

20,817,436



20,533,298



14,773,446



1.4



40.9


Allowance for credit losses

(170,016)



(165,699)



(156,894)






Net loans and leases

20,647,420



20,367,599



14,616,552



1.4



41.3


Premises and equipment, net

336,294



335,297



228,622



0.3



47.1


Goodwill

2,254,831



2,244,972



1,022,006



0.4



120.6


Core deposit and other intangible assets, net

129,042



131,410



81,646



(1.8)



58.1


Bank owned life insurance

498,698



476,363



327,874



4.7



52.1


Other assets

786,621



837,651



517,241



(6.1)



52.1


Total Assets

$

31,123,295



$

30,753,726



$

21,583,914



1.2



44.2


Liabilities










Deposits:










Non-interest bearing demand

$

5,569,239



$

5,544,753



$

4,082,145



0.4



36.4


Interest bearing demand

9,675,170



9,221,408



7,032,744



4.9



37.6


Savings

2,420,632



2,562,259



2,299,408



(5.5)



5.3


Certificates and other time deposits

4,264,130



3,723,287



2,562,587



14.5



66.4


Total Deposits

21,929,171



21,051,707



15,976,884



4.2



37.3


Short-term borrowings

3,872,301



4,425,967



2,236,105



(12.5)



73.2


Long-term borrowings

658,783



656,883



587,500



0.3



12.1


Other liabilities

227,119



226,731



212,845



0.2



6.7


Total Liabilities

26,687,374



26,361,288



19,013,334



1.2



40.4


Stockholders' Equity










Preferred Stock

106,882



106,882



106,882






Common stock

3,251



3,250



2,117





53.6


Additional paid-in capital

4,029,334



4,024,576



2,223,530



0.1



81.2


Retained earnings

369,861



333,201



280,654



11.0



31.8


Accumulated other comprehensive loss

(54,310)



(56,383)



(27,853)






Treasury stock

(19,097)



(19,088)



(14,750)






Total Stockholders' Equity

4,435,921



4,392,438



2,570,580



1.0



72.6


Total Liabilities and Stockholders' Equity

$

31,123,295



$

30,753,726



$

21,583,914



1.2



44.2


 

 


F.N.B. Corporation




3Q17





2Q17


3Q16

(Unaudited)




Interest


Average




Interest


Average




Interest


Average

(Dollars in thousands)


Average


Earned


Yield


Average


Earned


Yield


Average


Earned


Yield



Outstanding


or Paid


or Rate


Outstanding


or Paid


or Rate


Outstanding


or Paid


or Rate

Assets



















Interest bearing deposits with banks


$

117,602



$

320



1.08

%


$

87,750



$

161



0.74

%


$

140,713



$

143



0.40

%

Federal funds sold






%






%






%

Taxable investment securities  (2)


4,913,122



24,763



2.02

%


4,923,492



25,130



2.04

%


3,919,203



18,432



1.88

%

Non-taxable investment securities  (1)


812,305



8,515



4.19

%


683,465



7,128



4.17

%


321,360



3,456



4.30

%

Loans held for sale


139,693



2,091



5.97

%


93,312



1,702



8.70

%


22,476



235



4.19

%

Loans and leases  (1) (3)


20,654,316



232,998



4.48

%


20,361,047



221,387



4.37

%


14,641,729



155,739



4.23

%

Total Interest Earning Assets  (1)


26,637,038



268,687



4.01

%


26,149,066



255,508



3.92

%


19,045,481



178,005



3.72

%

Cash and due from banks


374,542







338,752







287,208






Allowance for loan losses


(169,283)







(165,888)







(158,901)






Premises and equipment


334,870







350,255







229,133






Other assets


3,733,497







3,692,460







1,983,235






Total Assets


$

30,910,664







$

30,364,645







$

21,386,156






Liabilities



















Deposits:



















Interest-bearing demand


$

9,376,003



9,338



0.40

%


$

9,297,726



8,256



0.36

%


$

6,772,963



4,094



0.24

%

Savings


2,480,626



792



0.13

%


2,592,726



641



0.10

%


2,289,836



449



0.08

%

Certificates and other time


3,812,916



8,857



0.92

%


3,798,714



7,856



0.83

%


2,588,035



5,934



0.91

%

Short-term borrowings


4,394,106



14,387



1.29

%


3,886,410



10,959



1.13

%


2,303,389



3,607



0.62

%

Long-term borrowings


658,495



4,909



2.96

%


680,414



4,907



2.89

%


616,141



3,520



2.27

%

Total Interest Bearing Liabilities


20,722,146



38,283



0.73

%


20,255,990



32,619



0.65

%


14,570,364



17,604



0.48

%

Non-interest bearing demand deposits


5,527,180







5,466,286







4,021,023






Other liabilities


234,358







255,931







232,076






Total Liabilities


26,483,684







25,978,207







18,823,463






Stockholders' equity


4,426,980







4,386,438







2,562,693






Total Liabilities and Stockholders' Equity


$

30,910,664







$

30,364,645







$

21,386,156






Net Interest Earning Assets


$

5,914,892







$

5,893,076







$

4,475,117






Net Interest Income (FTE) (1)




230,404







222,889







160,401




Tax Equivalent Adjustment




(5,173)







(4,474)







(2,895)




Net Interest Income




$

225,231







$

218,415







$

157,506




Net Interest Spread






3.28

%






3.27

%






3.24

%

Net Interest Margin  (1)






3.44

%






3.42

%






3.36

%

 

(1)


The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 35% for each period presented.

(2)


The average balances and yields earned on taxable investment securities are based on historical cost.

(3)


Average balances for loans include non-accrual loans.  Loans and leases consist of average total loans and leases less average unearned income.  The amount of loan fees included in interest income is immaterial.

 

 

F.N.B. Corporation


Nine Months Ended September 30,

(Unaudited)


2017


2016

(Dollars in thousands)




Interest


Average




Interest


Average



Average


Earned


Yield


Average


Earned


Yield



Outstanding


or Paid


or Rate


Outstanding


or Paid


or Rate

Assets













Interest bearing deposits with banks


$

97,122



$

660



0.91

%


$

124,589



$

357



0.38

%

Federal funds sold


1,509



9



0.72

%






%

Taxable investment securities  (2)


4,773,606



72,373



2.02

%


3,635,224



52,901



1.94

%

Non-taxable investment securities  (1)


666,469



20,833



4.17

%


296,860



9,815



4.41

%

Loans held for sale


82,254



3,960



6.43

%


14,807



504



4.54

%

Loans and leases  (1) (3)


19,084,962



624,575



4.37

%


14,078,612



446,366



4.23

%

Total Interest Earning Assets  (1)


24,705,922



722,410



3.91

%


18,150,092



509,943



3.75

%

Cash and due from banks


336,303







273,457






Allowance for loan losses


(165,543)







(150,807)






Premises and equipment


319,901







213,957






Other assets


3,274,305







1,878,111






Total Assets


$

28,470,888







$

20,364,810






Liabilities













Deposits:













Interest-bearing demand


$

8,703,870



22,426



0.34

%


$

6,545,529



11,600



0.24

%

Savings


2,495,632



1,954



0.10

%


2,212,213



1,278



0.08

%

Certificates and other time


3,503,637



23,100



0.88

%


2,613,664



17,509



0.89

%

Short-term borrowings


3,831,883



32,020



1.11

%


1,861,438



8,527



0.61

%

Long-term borrowings


625,010



13,343



2.85

%


640,474



10,652



2.22

%

Total Interest Bearing Liabilities


19,160,032



92,843



0.65

%


13,873,318



49,566



0.48

%

Non-interest bearing demand deposits


5,140,016







3,804,828






Other liabilities


225,219







211,466






Total Liabilities


24,525,267







17,889,612






Stockholders' equity


3,945,621







2,475,198






Total Liabilities and Stockholders' Equity


$

28,470,888







$

20,364,810






Net Interest Earning Assets


$

5,545,890







$

4,276,774






Net Interest Income (FTE) (1)




629,567







460,377




Tax Equivalent Adjustment




(13,169)







(8,148)




Net Interest Income




$

616,398







$

452,229




Net Interest Spread






3.26

%






3.27

%

Net Interest Margin  (1)






3.41

%






3.39

%

 

(1)


The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 35% for each period presented.

(2)


The average balances and yields earned on taxable investment securities are based on historical cost.

(3)


Average balances for loans include non-accrual loans.  Loans and leases consist of average total loans and leases less average unearned income.  The amount of loan fees included in interest income is immaterial.

 


 

F.N.B. CORPORATION










(Unaudited)










(Dollars in thousands)

























For the Nine Months Ended
September 30,


3Q17


2Q17


3Q16


2017


2016

Performance ratios










Return on average equity

6.96

%


6.80

%


8.10

%


5.93

%


6.45

%

Return on average tangible equity (1)

15.39

%


15.26

%


14.75

%


12.79

%


11.79

%

Return on average tangible common equity (1)

15.82

%


15.69

%


15.32

%


13.10

%


12.14

%

Return on average assets

1.00

%


0.98

%


0.97

%


0.82

%


0.78

%

Return on average tangible assets (1)

1.12

%


1.11

%


1.07

%


0.93

%


0.87

%

Net interest margin (FTE) (2)

3.44

%


3.42

%


3.36

%


3.41

%


3.39

%

Yield on earning assets (FTE) (2)

4.01

%


3.92

%


3.72

%


3.91

%


3.75

%

Cost of interest-bearing liabilities

0.73

%


0.65

%


0.48

%


0.65

%


0.48

%

Cost of funds

0.58

%


0.51

%


0.38

%


0.51

%


0.37

%

Efficiency ratio (1)

53.15

%


54.26

%


54.38

%


54.68

%


55.36

%

Effective tax rate

29.92

%


28.47

%


30.50

%


28.35

%


30.69

%

Capital ratios










Equity / assets (period end)

14.25

%


14.28

%


11.91

%





Common equity / assets (period end)

13.91

%


13.94

%


11.41

%





Leverage ratio

7.61

%


7.63

%


7.63

%





Tangible equity / tangible assets (period end) (1)

7.24

%


7.20

%


7.22

%





Tangible common equity / tangible assets (period end) (1)

6.87

%


6.83

%


6.69

%





Common stock data










Average diluted shares outstanding

324,904,768



324,867,759



211,790,730



296,652,796



206,133,740


Period end shares outstanding

323,301,548



323,226,474



210,224,194






Book value per common share

$

13.39



$

13.26



$

11.72






Tangible book value per common share (1)

$

6.12



$

6.00



$

6.53






Dividend payout ratio (common)

51.56

%


53.89

%


50.69

%


61.27

%


67.04

%

 

(1)


See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.

(2)


The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 35% for each period presented.

 

 


F.N.B. CORPORATION
















(Unaudited)
















(Dollars in thousands)























Percent Variance














3Q17


3Q17








3Q17


2Q17


3Q16


2Q17


3Q16







Balances at period end
















Loans and Leases:
















Commercial real estate

$

8,822,023



$

8,822,929



$

5,367,291





64.4








Commercial and industrial

3,980,584



3,910,927



3,088,405



1.8



28.9








Commercial leases

238,724



226,483



195,271



5.4



22.3








Commercial loans and leases

13,041,331



12,960,339



8,650,967



0.6



50.7








Direct installment

1,925,995



1,949,979



1,837,395



(1.2)



4.8








Residential mortgages

2,609,663



2,429,843



1,779,867



7.4



46.6








Indirect installment

1,431,273



1,374,524



1,150,812



4.1



24.4








Consumer LOC

1,769,376



1,788,534



1,303,223



(1.1)



35.8








Other

39,798



30,079



51,182



32.3



(22.2)








Total loans and leases

$

20,817,436



$

20,533,298



$

14,773,446



1.4



40.9































Percent Variance







Average balances







3Q17


3Q17


For the Nine Months Ended
September 30,


%

Loans and Leases:

3Q17


2Q17


3Q16


2Q17


3Q16


2017


2016


Var.

Commercial real estate

$

8,779,426



$

8,779,618



$

5,343,485





64.3



$

7,912,199



$

5,161,333



53.3


Commercial and industrial

3,945,756



3,851,803



3,084,005



2.4



27.9



3,707,970



2,954,000



25.5


Commercial leases

231,030



199,648



196,600



15.7



17.5



209,074



200,752



4.1


Commercial loans and leases

12,956,212



12,831,069



8,624,090



1.0



50.2



11,829,243



8,316,085



42.2


Direct installment

1,937,394



1,956,027



1,834,558



(1.0)



5.6



1,921,129



1,796,790



6.9


Residential mortgages

2,535,398



2,412,881



1,721,162



5.1



47.3



2,307,958



1,598,782



44.4


Indirect installment

1,406,318



1,310,729



1,109,047



7.3



26.8



1,315,170



1,053,822



24.8


Consumer LOC

1,775,640



1,797,266



1,295,035



(1.2)



37.1



1,664,347



1,260,936



32.0


Other

43,354



53,075



57,837



(18.3)



(25.0)



47,115



52,197



(9.7)


Total loans and leases

$

20,654,316



$

20,361,047



$

14,641,729



1.4



41.1



$

19,084,962



$

14,078,612



35.6


 

 


F.N.B. CORPORATION










(Unaudited)







Percent Variance

(Dollars in thousands)







3Q17


3Q17

Asset Quality Data

3Q17


2Q17


3Q16


2Q17


3Q16

Non-Performing Assets










Non-performing loans (1)










Non-accrual loans

$

87,698



$

95,303



$

74,828



(8.0)



17.2


Restructured loans

23,147



19,487



20,638



18.8



12.2


Non-performing loans

110,845



114,790



95,466



(3.4)



16.1


Other real estate owned (OREO) (2)

35,416



45,712



40,523



(22.5)



(12.6)


Total non-performing assets

$

146,261



$

160,502



$

135,989



(8.9)



7.6


Non-performing loans / total loans and leases

0.53

%


0.56

%


0.65

%





Non-performing loans / total originated loans and leases (3)

0.69

%


0.75

%


0.76

%





Non-performing loans + OREO / total loans and leases + OREO

0.70

%


0.78

%


0.92

%





Non-performing loans + OREO / total originated loans and leases + OREO (3)

0.91

%


1.08

%


1.08

%





Non-performing assets / total assets

0.47

%


0.52

%


0.63

%





Delinquency - Originated Portfolio (3)










Loans 30-89 days past due

$

44,454



$

43,684



$

43,071



1.8



3.2


Loans 90+ days past due

10,278



8,448



6,906



21.7



48.8


Non-accrual loans

77,091



84,651



71,498



(8.9)



7.8


Total past due and non-accrual loans

$

131,823



$

136,783



$

121,475



(3.6)



8.5


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

0.91

%


0.99

%


1.00

%





Delinquency - Acquired Portfolio (4) (5)










Loans 30-89 days past due

$

75,839



$

86,943



$

29,087



(12.8)



160.7


Loans 90+ days past due

88,195



61,422



42,584



43.6



107.1


Non-accrual loans

10,607



10,652



3,330



(0.4)



218.5


Total past due and non-accrual loans

$

174,641



$

159,017



$

75,001



9.8



132.9


Delinquency - Total Portfolio










Loans 30-89 days past due

$

120,293



$

130,627



$

72,158



(7.9)



66.7


Loans 90+ days past due

98,473



69,870



49,490



40.9



99.0


Non-accrual loans

87,698



95,303



74,828



(8.0)



17.2


Total past due and non-accrual loans

$

306,464



$

295,800



$

196,476



3.6



56.0


 

n/m - not meaningful


(1)


Does not include loans acquired at fair value ("acquired portfolio").

(2)


Includes all other real estate owned, including those balances acquired through business combinations that have been in acquired loans prior to foreclosure.

(3)


"Originated Portfolio" or "Originated Loans and Leases" equals loans and leases not included by definition in the Acquired Portfolio.

(4)


"Acquired Portfolio" or "Acquired Loans" equals loans acquired at fair value, accounted for in accordance with ASC 805 which was effective January 1, 2009. The risk of credit loss on these loans has been considered by virtue of our estimate of acquisition-date fair value and these loans are considered accruing as we primarily recognize interest income through accretion of the difference between the carrying value of these loans and their expected cash flows.  Because acquired loans are initially recorded at an amount estimated to be collectible, losses on such loans, when incurred, are first applied against the non-accretable difference established in purchase accounting and then to any allowance for loan losses recognized subsequent to acquisition.

(5)


Represents contractual balances.

 


 

F.N.B. CORPORATION

















(Unaudited)








Percent Variance





(Dollars in thousands)








3Q17


3Q17


For the Nine Months Ended
September 30,


%

Allowance Rollforward


3Q17


2Q17


3Q16


2Q17


3Q16


2017


2016


Var.


















Allowance for Credit Losses - Originated Portfolio (2)

















Balance at beginning of period


$

159,092



$

154,214



$

148,719



3.2



7.0



$

150,791



$

135,285



11.5


Provision for credit losses


17,175



17,538



14,072



(2.1)



22.1



46,050



43,296



6.4


Net loan charge-offs


(13,033)



(12,660)



(12,278)



2.9



6.1



(33,607)



(28,068)



19.7


Allowance for credit losses - originated portfolio (2)


$

163,234



$

159,092



$

150,513



2.6



8.5



$

163,234



$

150,513



8.5


Allowance for credit losses (originated loans and leases) /

   total originated loans and leases (2)


1.12

%


1.15

%


1.23

%











Allowance for credit losses (originated loans and leases) /

   total non-performing loans (1)


162.85

%


152.77

%


163.36

%











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

   total average originated loans and leases (2)


0.37

%


0.38

%


0.41

%






0.33

%


0.32

%



Allowance for Credit Losses - Acquired Portfolio (3)

















Balance at beginning of period


$

6,607



$

6,568



$

5,650



0.6



16.9



$

7,268



$

6,727



8.0


Provision for credit losses


(407)



(782)



567



(48.0)



(171.8)



(1,676)



(249)



573.1


Net loan (charge-offs)/recoveries


582



821



164



(145.7)



254.9



1,190



(97)



(1,326.8)


Allowance for credit losses - acquired portfolio (3)


$

6,782



$

6,607



$

6,381



2.6



6.3



$

6,782



$

6,381



6.3


Allowance for Credit Losses - Total Portfolio

















Balance at beginning of period


$

165,699



$

160,782



$

154,369



3.1



7.3



$

158,059



$

142,012



11.3


Provision for credit losses


16,768



16,756



14,639



0.1



14.5



44,374



43,047



3.1


Net loan (charge-offs)/recoveries


(12,451)



(11,839)



(12,114)



5.2



2.8



(32,417)



(28,165)



15.1


Total allowance for credit losses


$

170,016



$

165,699



$

156,894



2.6



8.4



$

170,016



$

156,894



8.4


Allowance for credit losses / total loans and leases


0.82

%


0.81

%


1.06

%











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


0.24

%


0.23

%


0.33

%






0.23

%


0.27

%



 

(1)


Does not include loans acquired at fair value ("acquired portfolio").

(2)


"Originated Portfolio" or "Originated Loans and Leases" equals loans and leases not included by definition in the Acquired Portfolio.

(3)


"Acquired Portfolio" or "Acquired Loans" equals loans acquired at fair value, accounted for in accordance with ASC 805 which was effective January 1, 2009. The risk of credit loss on these loans has been considered by virtue of our estimate of acquisition-date fair value and these loans are considered accruing as we primarily recognize interest income through accretion of the difference between the carrying value of these loans and their expected cash flows.  Because acquired loans are initially recorded at an amount estimated to be collectible, losses on such loans, when incurred, are first applied against the non-accretable difference established in purchase accounting and then to any allowance for loan losses recognized subsequent to acquisition.

 

 


F.N.B. CORPORATION
















(Unaudited)
















(Dollars in thousands, except per share data)
































NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS

We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers.  The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations.  Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with U.S. GAAP.  The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in our financial statements.








% Variance












3Q17


3Q17


For the Nine Months
Ended
September 30,


%

Operating net income available to common
stockholders:

3Q17


2Q17


3Q16


2Q17


3Q16


2017


2016


Var.

Net income available to common stockholders

$

75,683



$

72,396



$

50,158







$

169,048



$

113,570




Merger-related expense

1,381



1,354



299







55,459



35,790




Tax benefit of merger-related expense

(483)



(419)



(105)







(18,481)



(12,209)




Merger-related net securities gains











(2,609)






Tax expense of merger-related net securities gains











913






Operating net income available to common
stockholders (non-GAAP)

$

76,581



$

73,331



$

50,352



4.4



52.1



$

204,330



$

137,151



49.0


















Operating earnings per diluted common share:
















Earnings per diluted common share

$

0.23



$

0.22



$

0.24







$

0.57



$

0.55




Merger-related expense

0.01



0.01









0.19



0.18




Tax benefit of merger-related expense











(0.06)



(0.06)




Merger-related net securities gains











(0.01)






Tax expense of merger-related net securities gains
















Operating earnings per diluted common share

(non-GAAP)

$

0.24



$

0.23



$

0.24



4.3





$

0.69



$

0.67



3.0


 

 

F.N.B. CORPORATION





(Unaudited)










(Dollars in thousands, except per share data)







For the Nine Months Ended
September 30,


3Q17


2Q17


3Q16


2017


2016

Return on average tangible equity:










Net income (annualized)

$

308,237



$

298,443



$

207,540



$

234,078



$

159,757


Amortization of intangibles, net of tax (annualized)

12,392



12,547



9,234



11,051



8,342


Tangible net income (annualized)

$

320,629



$

310,990



$

216,774



$

245,129



$

168,099












Average total stockholders' equity

$

4,426,980



$

4,386,438



$

2,562,693



$

3,945,621



$

2,475,198


Less:  Average intangibles(1)

(2,344,077)



(2,348,767)



(1,093,378)



(2,028,377)



(1,049,998)


Average tangible stockholders' equity

$

2,082,903



$

2,037,671



$

1,469,315



$

1,917,244



$

1,425,200












Return on average tangible equity (non-GAAP)

15.39

%


15.26

%


14.75

%


12.79

%


11.79

%

Return on average tangible common equity:










Net income available to common stockholders
(annualized)

$

300,266



$

290,381



$

199,543



$

226,017



$

151,703


Amortization of intangibles, net of tax (annualized)

12,392



12,547



9,234



11,051



8,342


Tangible net income available to common stockholders
(annualized)

$

312,658



$

302,928



$

208,777



$

237,068



$

160,045












Average total stockholders' equity

$

4,426,980



$

4,386,438



$

2,562,693



$

3,945,621



$

2,475,198


Less:  Average preferred stockholders' equity

(106,882)



(106,882)



(106,882)



(106,882)



(106,882)


Less:  Average intangibles(1)

(2,344,077)



(2,348,767)



(1,093,378)



(2,028,377)



(1,049,998)


Average tangible common equity

$

1,976,021



$

1,930,789



$

1,362,433



$

1,810,362



$

1,318,318












Return on average tangible common equity (non-GAAP)

15.82

%


15.69

%


15.32

%


13.10

%


12.14

%

Return on average tangible assets:










Net income (annualized)

$

308,237



$

298,443



$

207,540



$

234,078



$

159,757


Amortization of intangibles, net of tax (annualized)

12,392



12,547



9,234



11,051



8,342


Tangible net income (annualized)

$

320,629



$

310,990



$

216,774



$

245,129



$

168,099












Average total assets

$

30,910,664



$

30,364,645



$

21,386,156



$

28,470,888



$

20,364,810


Less:  Average intangibles(1)

(2,344,077)



(2,348,767)



(1,093,378)



(2,028,377)



(1,049,998)


Average tangible assets

$

28,566,587



$

28,015,878



$

20,292,778



$

26,442,511



$

19,314,812












Return on average tangible assets (non-GAAP)

1.12

%


1.11

%


1.07

%


0.93

%


0.87

%

Tangible book value per common share:










Total stockholders' equity

$

4,435,921



$

4,392,438



$

2,570,580






Less:  preferred stockholders' equity

(106,882)



(106,882)



(106,882)






Less:  intangibles(1)

(2,351,707)



(2,346,653)



(1,091,876)






Tangible common equity

$

1,977,332



$

1,938,903



$

1,371,822
















Common shares outstanding

323,301,548



323,226,474



210,224,194
















Tangible book value per common share (non-GAAP)

$

6.12



$

6.00



$

6.53
















(1) Excludes loan servicing rights










 

 

F.N.B. CORPORATION










(Unaudited)










(Dollars in thousands)







For the Nine Months Ended
September 30,


3Q17


2Q17


3Q16


2017


2016

Tangible equity / tangible assets (period end):










Total shareholders' equity

$

4,435,921



$

4,392,438



$

2,570,580






Less:  intangibles(1)

(2,351,707)



(2,346,653)



(1,091,876)






Tangible equity

$

2,084,214



$

2,045,785



$

1,478,704
















Total assets

$

31,123,295



$

30,753,726



$

21,583,914






Less:  intangibles(1)

(2,351,707)



(2,346,653)



(1,091,876)






Tangible assets

$

28,771,588



$

28,407,073



$

20,492,038
















Tangible equity / tangible assets (period end) (non-GAAP)

7.24

%


7.20

%


7.22

%





Tangible common equity / tangible assets (period end):










Total stockholders' equity

$

4,435,921



$

4,392,438



$

2,570,580






Less:  preferred stockholders' equity

(106,882)



(106,882)



(106,882)






Less:  intangibles (1)

(2,351,707)



(2,346,653)



(1,091,876)






Tangible common equity

$

1,977,332



$

1,938,903



$

1,371,822
















Total assets

$

31,123,295



$

30,753,726



$

21,583,914






Less:  intangibles(1)

(2,351,707)



(2,346,653)



(1,091,876)






Tangible assets

$

28,771,588



$

28,407,073



$

20,492,038
















Tangible common equity / tangible assets (period end)
(non-GAAP)

6.87

%


6.83

%


6.69

%















KEY PERFORMANCE INDICATORS










Efficiency ratio (FTE):










Total non-interest expense

$

163,743



$

163,714



$

121,050



$

515,012



$

387,327


Less:  amortization of intangibles

(4,805)



(4,813)



(3,571)



(12,716)



(9,608)


Less:  OREO expense

(1,421)



(1,008)



(1,172)



(3,412)



(2,752)


Less:  merger-related expense

(1,381)



(1,354)



(299)



(55,459)



(35,790)


Less:  impairment charge on other assets









(2,585)


Adjusted non-interest expense

$

156,136



$

156,539



$

116,008



$

443,425



$

336,592












Net interest income

$

225,231



$

218,415



$

157,506



$

616,398



$

452,229


Taxable equivalent adjustment

5,173



4,474



2,895



13,169



8,148


Non-interest income

66,151



66,078



53,240



187,345



150,695


Less:  net securities gains

(2,777)



(493)



(299)



(5,895)



(596)


Less:  gain on redemption of trust preferred securities









(2,422)


Adjusted net interest income (FTE) + non-interest income

$

293,778



$

288,474



$

213,342



$

811,017



$

608,054












Efficiency ratio (FTE) (non-GAAP)

53.15

%


54.26

%


54.38

%


54.68

%


55.36

%

(1) Excludes loan servicing rights










 

 

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SOURCE F.N.B. Corporation