HERMITAGE, Pa., April 23 /PRNewswire-FirstCall/ -- F.N.B. Corporation (NYSE: FNB), a diversified financial services company, today reported financial results for the first quarter of 2009. Net income available to common shareholders was $14.3 million, or $0.16 per diluted common share for the first quarter of 2009. Comparative results in the fourth quarter of 2008 were a net loss of $18.9 million, or $(0.21) per diluted share, and in the first quarter of 2008 net income totaled $16.5 million, or $0.27 per diluted share. For the first quarter of 2009, F.N.B. Corporation's performance ratios were as follows: return on average tangible common equity was 17.48%; return on average common equity was 6.22%; return on average tangible assets was 0.87% and return on average assets was 0.75%.
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"We are pleased to deliver a quarter consistent with our expectations as we continue to win customers in the market place," said Stephen J. Gurgovits, Chairman, President and Chief Executive Officer of F.N.B. Corporation. "We entered 2009 well positioned with strong capital levels, a healthy franchise and the right team in place to take advantage of continued competitive disruption in our markets."
Net Interest Income
Net interest income totaled $64.1 million for the first quarter of 2009, representing a decrease of $4.3 million from the prior quarter. This decline was due primarily to a narrowing of the net interest margin and fewer days in the quarter. The net interest margin equaled 3.70% for the first quarter of 2009, compared to 3.88% in the fourth quarter of 2008 and 3.73% in the first quarter of 2008. The narrowing of 18 basis points from the fourth quarter of 2008 was driven by loan yields declining faster than deposit rates, reflecting the aggressive actions of the Federal Reserve to lower interest rates during the fourth quarter of 2008. Additionally, the first quarter 2009 net interest margin reflects a reduced benefit from the accretion of Omega purchase accounting adjustments for time deposits compared to the fourth quarter of 2008. Net interest income for the first quarter of 2009 increased 30.9% compared to the first quarter of 2008, reflecting a combination of organic growth and the 2008 acquisitions of Omega Financial Corporation and Iron and Glass Bancorp, Inc.
Average loans totaled $5.8 billion, representing a decrease of 0.6% compared to the fourth quarter of 2008. This decrease reflects a mix of seasonally lower consumer loans, higher refinance activity and slower commercial loan bookings. Commercial loans decreased 0.8% from the fourth quarter of 2008 reflecting the effect of a slower economic environment in the Corporation's Pennsylvania markets. However, commercial loan bookings did pick up at the end of the first quarter of 2009 as the period-end commercial loan portfolio balance was $18 million or 0.6% higher than the average commercial loan portfolio balance for the first quarter, providing a good start to the second quarter. In addition, during the first quarter of 2009, average consumer loan balance growth in home equity lines of credit and indirect loans essentially offset a decrease in direct installment loans compared to the fourth quarter of 2008. Moreover, the Corporation continued to benefit from competitive disruption in the automobile finance market that led to an increase in indirect lending. Seasonally weaker demand and higher refinance activity drove lower direct installment lending. Compared to the first quarter of 2008, average total loans for the first quarter of 2009 increased 32.2%. Excluding the effects of the Omega and Iron and Glass acquisitions, the organic growth rate in average total loans was 2.6% compared to the first quarter of 2008.
Average deposits and treasury management balances totaled $6.5 billion for the first quarter of 2009 and were flat compared to the fourth quarter of 2008, which represented good performance given that balances typically decline from the fourth quarter. Growth in savings accounts and treasury management accounts during the first quarter of 2009 offset declines in certificates of deposit and seasonal declines in business non-interest bearing accounts. Certificates of deposit are down by design as a result of the strong performance in core deposits. The growth in treasury management balances during the first quarter of 2009 reflects continued strong growth in new clients as well as seasonal increases for clients in higher education and government banking. Compared to the first quarter of 2008, average deposits and treasury management balances for the first quarter of 2009 increased 39.4%. Excluding the effects of the Omega and Iron and Glass acquisitions, the organic growth rate in average deposits and treasury management balances was a strong 6.3% compared to the first quarter of 2008.
Non-Interest Income
Non-interest income totaled $28.2 million for the first quarter of 2009, compared to $8.3 million in the fourth quarter of 2008 and $22.2 million in the first quarter of 2008. The fourth quarter of 2008 included $20.1 million in non-cash impairment charges related to certain investments, while the first quarter 2009 results included a $0.2 million other-than-temporary impairment charge for bank stocks. Excluding the impairment charges from the results for the first quarter of 2009 and the fourth quarter of 2008, non-interest income was essentially flat as seasonally lower service charges and securities commissions and fees were offset by increased contingency fees in the insurance business. In total, non-interest income represented 30% of net revenue for the first quarter of 2009.
Non-Interest Expense
Non-interest expense totaled $61.0 million for the first quarter of 2009, representing a $2.6 million, or 4.4%, increase compared to $58.4 million for the fourth quarter of 2008. This increase was primarily driven by higher salary and benefits costs and seasonally higher occupancy costs. Salaries and employee benefits for the first quarter of 2009 included $1 million in costs associated with the departure of the Corporation's former CEO, as well as a seasonal increase in employee taxes and higher pension costs. Pension costs increased by $1 million compared to the fourth quarter of 2008 given the 2008 investment performance for the pension plan assets. Other non-interest expense for the first quarter of 2009 included a $1.7 million increase in FDIC insurance costs offset by seasonally lower marketing and business development expenses and tight control on operating expenses. The efficiency ratio totaled 63.1% in the first quarter of 2009, compared to 72.1% in the fourth quarter of 2008 and 59.8% in the first quarter of 2008.
Credit Quality
"We are pleased with the performance of our Pennsylvania and Regency loan portfolios at this point in the economic cycle," remarked Mr. Gurgovits. "The Florida portfolio performed as expected in the first quarter and continues to reflect a challenging environment."
The Pennsylvania loan portfolio totaled $5.3 billion at March 31, 2009 (92% of the total loan portfolio) and continued to deliver good credit quality metrics. Net loan charge-offs totaled $2.3 million or 0.17% annualized of average loans for the first quarter of 2009, compared to $5.8 million or 0.45% annualized of average loans for the fourth quarter of 2008. Non-performing loans and OREO as a percentage of total loans and OREO increased to 1.15% at March 31, 2009, up from 0.98% at year-end 2008. In terms of the allowance coverage ratios for the Pennsylvania loan portfolio as of March 31, 2009, the allowance for loan losses represented 1.30% of total loans (flat with year-end 2008) and covered 133% of non-performing loans (down from 153% at year-end 2008).
The Florida loan portfolio totaled $302 million at March 31, 2009 (5% of the total loan portfolio) and delivered credit quality metrics that were steady but showed continued weakness. Net loan charge-offs totaled $8.2 million or 11.22% annualized of average loans for the first quarter of 2009, compared to $13.7 million or 18.59% annualized of average loans for the fourth quarter of 2008. For the first quarter of 2009, $8.2 million in net charge-offs were taken on two Florida credits that had previously-established specific reserves of $5.7 million. Non-performing loans and OREO as a percentage of total loans and OREO equaled 31.65% at March 31, 2009, down slightly from 31.91% at year-end 2008. Florida's non-performing loans and OREO totaled $96.3 million at March 31, 2009, or approximately 59% of the Corporation's total non-performing loans and OREO. In terms of the allowance coverage ratios for the Florida loan portfolio as of March 31, 2009, the allowance for loan losses represented 9.04% of total loans (down from 9.69% at year-end 2008) and covered 29% of non-performing loans (down from 31% at year-end 2008). The decrease in the Florida allowance coverage ratios compared to year end reflects the utilization of the previously-established specific reserves in conjunction with the charge-offs taken during the first quarter of 2009.
Capital Position
Shareholders' equity at March 31, 2009 totaled $1.0 billion, representing an increase of $101 million, or 10.9%, compared to $926 million at December 31, 2008. The increase reflects the Corporation's January 9, 2009 participation in the U.S. Treasury's Capital Purchase Program for $100 million and net retained earnings for the first quarter of 2009, partially offset by higher unrealized losses on securities since year-end 2008. Tangible book value per common share was $3.99, compared to $3.92 at year-end 2008. The Corporation's tangible common equity ratio was 4.54%, compared to 4.51% at year-end 2008. At quarter end, the tangible book value per common share and tangible common equity ratio excluding accumulated other comprehensive income equaled $4.31 and 4.91%, respectively.
The Corporation's capital ratios continue to exceed federal bank regulatory agency "well capitalized" thresholds. The Corporation's leverage capital ratio was 8.67% at March 31, 2009, compared to 7.34% at December 31, 2008. The estimated tier 1 risk-based capital ratio was 11.1% at March 31, 2009, compared to 9.7% at December 31, 2008. The estimated total risk-based capital ratio was 12.5% at March 31, 2009, compared to 11.1% at December 31, 2008.
Conference Call
F.N.B. Corporation will host its regularly scheduled quarterly conference call to discuss results for the first quarter of 2009 on Friday, April 24, 2009, at 8:00 AM Eastern Time. Hosting the call will be Stephen J. Gurgovits, Chairman, President and Chief Executive Officer, and Brian Lilly, Chief Financial Officer.
The call can be accessed by dialing (888) 747-4626 or (913) 312-1416 for international callers; the confirmation number is 1564034.
A replay of the call will be available from 11:00 AM Eastern Time on the day of the call until midnight Eastern Time on Friday, May 1, 2009. The replay can be accessed by dialing (888) 203-1112 or (719) 457-0820 for international callers; the confirmation number is 1564034. A transcript of the call will be posted to 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 $8.5 billion as of March 31, 2009. 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 and Ohio, 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 Bank Capital Services. It also operates consumer finance offices in Tennessee and loan production offices in Pennsylvania, Tennessee and Florida. Investor information is available on F.N.B. Corporation's Web site at www.fnbcorporation.com.
Forward-looking Statements
This press release of F.N.B. Corporation and the reports F.N.B. Corporation files with the Securities and Exchange Commission often contain "forward-looking statements" relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of F.N.B. Corporation. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause F.N.B. Corporation's future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce net interest margins; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which F.N.B. Corporation is engaged; (6) technological issues which may adversely affect F.N.B. Corporation's financial operations or customers; (7) changes in the securities markets or (8) risk factors mentioned in the reports and registration statements F.N.B. Corporation files with the Securities and Exchange Commission. F.N.B. Corporation undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
DATA SHEETS TO FOLLOW
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands,
except per share data) 1st Qtr 1st Qtr
2009 - 2009 -
4th Qtr 1st Qtr
2009 2008 2008 2008
---- -----------------
Statement of First Fourth First Percent Percent
earnings Quarter Quarter Quarter Variance Variance
------------- ------- ------- ------- -------- --------
Interest
income $98,102 $107,158 $88,525 -8.5 10.8
Interest
expense 34,020 38,793 39,560 -12.3 -14.0
------ ------ ------
Net interest
income 64,082 68,365 48,965 -6.3 30.9
Taxable
equivalent
adjustment 1,555 1,597 1,263 -2.6 23.2
----- ----- -----
Net interest
income (FTE) 65,637 69,962 50,228 -6.2 30.7
Provision for
loan losses 10,514 51,298 3,583 -79.5 193.4
------ ------ -----
Net interest
income after
provision (FTE) 55,123 18,664 46,645 195.3 18.2
Service charges 13,599 14,643 10,186 -7.1 33.5
Insurance
commissions
and fees 5,081 3,508 3,922 44.9 29.5
Securities
commissions
and fees 1,788 2,500 1,520 -28.5 17.7
Trust income 2,917 3,081 2,224 -5.3 31.2
Gain on sale
of securities 278 5 754 5945.0 -63.2
Impairment loss
on securities (203) (16,698) (10) n/m n/m
Gain on sale of loans 536 366 451 46.4 18.9
Other 4,183 853 3,121 390.6 34.0
----- --- -----
Total non-
interest income 28,179 8,258 22,168 241.2 27.1
Salaries and
employee benefits 32,102 29,536 25,256 8.7 27.1
Occupancy and
equipment 10,091 9,414 6,931 7.2 45.6
Amortization
of intangibles 1,815 1,988 1,073 -8.7 69.1
Other 16,964 17,478 11,103 -2.9 52.8
------ ------ ------
Total non-interest
expense 60,972 58,416 44,363 4.4 37.4
Income (loss) before
income taxes 22,330 (31,494) 24,450 -170.9 -8.7
Taxable equivalent
adjustment 1,555 1,597 1,263 -2.6 23.2
Income taxes
(benefit) 5,124 (14,185) 6,696 -136.1 -23.5
----- ------- -----
Net income 15,651 (18,906) 16,491 -182.8 -5.1
Preferred stock
dividends and
discount
amortization 1,343 0 0 n/m n/m
----- - -
Net income available
to common
shareholders $14,308 ($18,906) $16,491 -175.7 -13.2
======= ======== =======
Earnings (loss)
per common share
Basic $0.16 ($0.21) $0.27 176.2 -40.7
Diluted $0.16 ($0.21) $0.27 176.2 -40.7
Performance ratios
------------------
Return on
average equity 6.22% -7.74% 12.14%
Return on
average tangible
equity (1) 15.29% -17.67% 24.24%
Return on
average tangible
common equity (1) 17.48% -17.67% 24.24%
Return on
average assets 0.75% -0.89% 1.09%
Return on
average tangible
assets (2) 0.87% -0.89% 1.18%
Net interest
margin (FTE) 3.70% 3.88% 3.73%
Yield on earning
assets (FTE) 5.63% 6.02% 6.66%
Cost of funds 2.15% 2.39% 3.25%
Efficiency ratio
(FTE) (3) 63.06% 72.14% 59.79%
Common stock data
-----------------
Average basic
shares
outstanding 89,383,243 89,304,839 60,219,800 0.1 48.4
Average diluted
shares
outstanding 89,571,134 89,588,706 60,592,173 0.0 47.8
Ending shares
outstanding 89,774,045 89,700,152 60,613,702 0.1 48.1
Common book
value per share $10.37 $10.32 $8.97 0.5 15.7
Tangible common
book value per
share $3.99 $3.92 $4.67 1.7 -14.7
Tangible common
book value per
share, excluding
AOCI (4) $4.31 $4.21 $4.82 2.4 -10.5
Dividend payout
ratio (common) 75.30% -114.06% 88.44%
F.N.B. CORPORATION
------------------
(Unaudited) 1st Qtr 1st Qtr
2009 - 2009 -
(Dollars in 4th Qtr 1st Qtr
thousands) 2009 2008 2008 2008
---- ----
Average First Fourth First Percent Percent
balances Quarter Quarter Quarter Variance Variance
-------- ------- ------- ------- -------- --------
Total assets $8,433,532 $8,414,609 $6,104,160 0.2 38.2
Earning assets 7,156,774 7,197,213 5,417,023 -0.6 32.1
Securities 1,317,524 1,330,686 1,007,583 -1.0 30.8
Short-term
investments 14,313 4,907 1,737 191.7 723.8
Loans, net
of unearned
income 5,824,937 5,861,620 4,407,703 -0.6 32.2
Allowance for
loan losses 106,954 76,400 53,330 40.0 100.6
Goodwill
and intangibles 573,963 575,668 260,996 -0.3 119.9
Deposits and
treasury
management
accounts (5) 6,530,790 6,529,246 4,684,241 0.0 39.4
Short-term
borrowings 107,112 128,081 171,081 -16.4 -37.4
Long-term debt 475,088 494,065 476,916 -3.8 -0.4
Trust preferred
securities 205,300 205,468 151,031 -0.1 35.9
Shareholders'
equity 1,020,495 972,138 546,198 5.0 86.8
Asset quality data
------------------
Non-accrual
loans $147,479 $139,607 $29,949 5.6 392.4
Restructured
loans 4,424 4,097 3,628 8.0 21.9
----- ----- -----
Non-performing
loans 151,903 143,704 33,577 5.7 352.4
Other real
estate owned 12,232 9,177 8,538 33.3 43.3
Non-performing
investments (6) 7,288 10,456 0 -30.3 0.0
----- ------ -
Non-performing
assets $171,423 $163,337 $42,115 5.0 307.0
======== ======== =======
Net loan
charge-offs $12,132 $21,148 $2,993 -42.6 305.3
Allowance for
loan losses 103,127 104,730 53,396 -1.5 93.1
Non-performing
loans / total
loans 2.62% 2.47% 0.76%
Non-performing
loans + OREO /
total loans +
OREO 2.82% 2.62% 0.95%
Allowance for
loan losses /
total loans 1.78% 1.80% 1.20%
Allowance for
loan losses /
non-performing
loans 67.89% 72.88% 159.03%
Net loan charge-offs
annualized) /
average loans 0.84% 1.44% 0.27%
Balances at period end
----------------------
Total assets $8,454,797 $8,364,811 $6,164,590 1.1 37.2
Earning assets 7,198,967 7,160,200 5,465,223 0.5 31.7
Securities 1,322,939 1,326,133 1,014,882 -0.2 30.4
Short-term
investments 53,118 2,978 1,266 1683.5 4096.1
Loans, net of
unearned income 5,799,934 5,820,380 4,440,037 -0.4 30.6
Goodwill and
intangibles 573,526 574,507 260,484 -0.2 120.2
Deposits and
treasury
management
accounts (5) 6,583,930 6,469,328 4,728,898 1.8 39.2
Short-term
borrowings 101,598 181,558 173,346 -44.0 -41.4
Long-term debt 445,242 490,250 496,445 -9.2 -10.3
Trust preferred
securities 205,217 205,386 151,031 -0.1 35.9
Shareholders'
equity 1,026,581 925,984 543,622 10.9 88.8
Capital ratios
--------------
Equity/assets
(period end) 12.14% 11.07% 8.82%
Leverage ratio 8.67% 7.34% 7.51%
Tangible equity/
tangible assets
(period end) 5.75% 4.51% 4.80%
Tangible common
equity/tangible
assets (period end) 4.54% 4.51% 4.80%
Tangible common
equity, excluding
AOCI/tangible
assets (period
end) (4) 4.91% 4.85% 4.95%
F.N.B. CORPORATION
------------------
(Unaudited)
1st Qtr 1st Qtr
2009 - 2009 -
(Dollars in 4th Qtr 1st Qtr
thousands) 2009 2008 2008 2008
---- ----
Average First Fourth First Percent Percent
balances Quarter Quarter Quarter Variance Variance
--------- ------- ------- ------- -------- --------
Loans:
Commercial $3,177,011 $3,203,713 $2,299,366 -0.8 38.2
Direct
installment 1,049,864 1,083,072 933,092 -3.1 12.5
Consumer LOC 347,566 332,983 251,846 4.4 38.0
Residential
mortgages 645,935 651,141 470,173 -0.8 37.4
Indirect
installment 534,298 522,633 427,518 2.2 25.0
Other 70,263 68,078 25,708 3.2 173.3
------ ------ ------
Total loans $5,824,937 $5,861,620 $4,407,703 -0.6 32.2
========== ========== ==========
Deposits:
Non-interest
bearing
deposits $898,659 $918,143 $602,527 -2.1 49.1
Savings and NOW 2,862,549 2,847,628 2,046,236 0.5 39.9
Certificates
of deposit
and other
time deposits 2,315,591 2,331,236 1,741,920 -0.7 32.9
--------- --------- ---------
Total
deposits 6,076,799 6,097,007 4,390,683 -0.3 38.4
Treasury
management
accounts (5) 453,991 432,239 293,558 5.0 54.7
------- ------- -------
Total deposits
and treasury
management
accounts (5) $6,530,790 $6,529,246 $4,684,241 0.0 39.4
========== ========== ==========
Balances at period end
----------------------
Loans:
Commercial $3,194,986 $3,173,941 $2,338,110 0.7 36.6
Direct
installment 1,029,844 1,070,791 928,513 -3.8 10.9
Consumer LOC 355,345 340,750 254,663 4.3 39.5
Residential
mortgages 612,350 638,356 458,406 -4.1 33.6
Indirect
installment 535,417 531,430 429,140 0.8 24.8
Other 71,992 65,112 31,205 10.6 130.7
------ ------ ------
Total loans $5,799,934 $5,820,380 $4,440,037 -0.4 30.6
========== ========== ==========
Deposits:
Non-interest
bearing
deposits $922,476 $919,539 $634,831 0.3 45.3
Savings and NOW 2,926,734 2,816,628 2,058,147 3.9 42.2
Certificates
of deposit
and other
time deposits 2,313,995 2,318,456 1,743,676 -0.2 32.7
--------- --------- ---------
Total
deposits 6,163,205 6,054,623 4,436,654 1.8 38.9
Treasury
management
accounts (5) 420,725 414,705 292,244 1.5 44.0
------- ------- -------
Total deposits
and treasury
management
accounts (5) $6,583,930 $6,469,328 $4,728,898 1.8 39.2
========== ========== ==========
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands)
First Quarter 2009
------------------
Bank - PA Bank - FL Regency Total
--------- --------- ------- -----
Asset quality data,
by geographic region
--------------------
Non-accrual loans 51,854 93,974 1,651 147,479
Restructured loans 450 0 3,974 4,424
--- - ----- -----
Non-performing loans 52,304 93,974 5,625 151,903
Other real estate
owned 9,011 2,277 944 12,232
Non-performing
investments (6) 7,209 0 0 7,209
----- - - -----
Non-performing
assets 68,524 96,251 6,569 171,344
====== ====== ===== =======
Net loan charge-offs 2,273 8,241 1,618 12,132
Provision for
loan losses 2,100 7,010 1,404 10,514
Allowance for
loan losses 69,588 27,275 6,264 103,127
Loans, net of
unearned income 5,345,365 301,787 152,782 5,799,934
Non-performing
loans / total
loans 0.98% 31.14% 3.68% 2.62%
Non-performing
loans + OREO /
total loans +
OREO 1.15% 31.65% 4.27% 2.82%
Allowance for
loan losses /
total loans 1.30% 9.04% 4.10% 1.78%
Allowance for
loan losses /
non-performing
loans 133.04% 29.02% 111.36% 67.89%
Net loan
charge-offs
(annualized) /
average loans 0.17% 11.22% 4.24% 0.84%
Loans 30 - 89
days past due 38,562 734 3,453 42,749
Loans 90+ days
past due 8,909 0 2,846 11,755
Non-accrual loans 51,854 93,974 1,651 147,479
------ ------ ----- -------
Total past
due and non-
accrual loans 99,325 94,708 7,950 201,983
====== ====== ===== =======
Total past due
and non-accrual
loans/ total
loans 1.86% 31.38% 5.20% 3.48%
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands)
Fourth Quarter 2008
-------------------
Bank - PA Bank - FL Regency Total
--------- --------- ------- -----
Asset quality data,
by geographic region
--------------------
Non-accrual loans 45,006 93,116 1,485 139,607
Restructured loans 452 0 3,645 4,097
--- - ----- -----
Non-performing loans 45,458 93,116 5,130 143,704
Other real
estate owned 7,054 1,138 985 9,177
Non-performing
investments (6) 10,456 0 0 10,456
------ - - ------
Non-performing
assets 62,968 94,254 6,115 163,337
====== ====== ===== =======
Net loan charge-offs 5,759 13,745 1,644 21,148
Provision for
loan losses 17,532 32,035 1,731 51,298
Allowance for
loan losses 69,745 28,506 6,479 104,730
Loans, net of
unearned income 5,368,157 294,202 158,021 5,820,380
Non-performing
loans / total
loans 0.85% 31.65% 3.25% 2.47%
Non-performing
loans + OREO /
total loans + OREO 0.98% 31.91% 3.85% 2.62%
Allowance for
loan losses /
total loans 1.30% 9.69% 4.10% 1.80%
Allowance for
loan losses /
non-performing
loans 153.43% 30.61% 126.30% 72.88%
Net loan
charge-offs
(annualized) /
average loans 0.45% 18.59% 4.15% 1.44%
Loans 30 - 89
days past due 40,414 0 3,517 43,931
Loans 90+
days past due 11,044 0 3,023 14,067
Non-accrual loans 45,006 93,116 1,485 139,607
------ ------ ----- -------
Total past due
and non-accrual
loans 96,464 93,116 8,025 197,605
====== ====== ===== =======
Total past due
and non-accrual
loans/total
loans 1.80% 31.65% 5.08% 3.40%
(1) Return on average tangible equity (common equity) is calculated by
dividing net income less amortization of intangibles by average
equity (common equity) less average intangibles.
(2) Return on average tangible assets is calculated by dividing net
income less amortization of intangibles by average assets less
average intangibles.
(3) The efficiency ratio is calculated by dividing non-interest expense
less amortization of intangibles by the sum of net interest income
on a fully taxable equivalent basis plus non-interest income.
(4) Accumulated other comprehensive income (AOCI) is comprised of
unrealized losses on securities and unrecognized pension and
postretirement obligations.
(5) Treasury management accounts are included in short-term borrowings
on the balance sheet.
(6) The non-performing investments at March 31, 2009 include $0.1
million at a non-banking affiliate of the Corporation.
(7) Certain prior period amounts have been reclassified to conform to
the current period presentation.
SOURCE F.N.B. Corporation
