StockSelector.com
  Research, Select, & Monitor Saturday, July 21, 2018 5:37:47 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
F.N.B. Corporation$13.57$.05.37%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 F.N.B. Corporation Reports Fourth Quarter and Full Year 2017 Earnings
   Tuesday, January 23, 2018 5:59:00 AM ET

F.N.B. Corporation (FNB ) reported earnings for the fourth quarter of 2017 with net income available to common stockholders of $22.1 million, or $0.07 per diluted common share. Comparatively, third quarter of 2017 net income available to common stockholders totaled $75.7 million, or $0.23 per diluted common share, and fourth quarter of 2016 net income available to common stockholders totaled $49.3 million, or $0.23 per diluted common share. For the full year of 2017 net income available to common stockholders was $191.2 million or $0.63 per diluted common share compared to full year of 2016 of $162.9 million or $0.78 per diluted common share.

Fourth quarter operating net income per diluted common share (non-GAAP) was $0.24, which excludes the after-tax impact of merger-related expenses of $0.7 million and the impact of a reduction in the valuation of net deferred tax assets of $54.0 million due to the enactment of the Tax Cuts and Jobs Act during the quarter. Comparatively, third quarter operating net income per diluted common share (non-GAAP) was $0.24, excluding the after-tax impact of $0.9 million of merger-related expenses, and fourth quarter of 2016 operating net income per diluted common share (non-GAAP) was $0.24, excluding the after-tax impact of $1.3 million of merger-related expenses. For the full year of 2017, operating net income per diluted common share (non-GAAP) was $0.93, which excludes the after-tax impact of merger-related expenses of $37.7 million, the after-tax impact of merger-related net securities gains of $1.7 million and the previously mentioned reduction in the valuation of net deferred tax assets of $54.0 million. In comparison, full-year 2016 operating net income per diluted common share (non-GAAP) was $0.90, excluding the after-tax impact of $24.9 million of merger-related expenses.

"During 2017, FNB continued to grow loans and deposits while adhering to our risk profile, expanded our fee-based businesses and demonstrated disciplined expense management. The commitment and dedication of our employees led to the successful integration of our largest acquisition, where we entered several very attractive markets," said Vincent J. Delie Jr., Chairman, President and Chief Executive Officer. "As we look to 2018 and beyond, we believe FNB is well-positioned for success in serving our customers, communities and employees, and delivering increased value for our shareholders."

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

-- Growth in total average loans was $158 million, or 3.0% annualized, with average commercial loan growth of $44 million, or 1.3% annualized, and average consumer loan growth of $114 million, or 5.9% annualized.

-- Average total deposits increased $1.0 billion, or 19.0% annualized, which included an increase in average non-interest bearing deposits of $106 million, or 7.6% annualized, and an increase in time deposits of $748 million.

-- The loan to deposit ratio ended December 31, 2017 at 93.7%, compared to 94.9% at September 30, 2017.

-- The net interest margin (FTE) (non-GAAP) expanded 5 basis points to 3.49% from 3.44%, reflecting $2.5 million of increased incremental purchase accounting accretion and $1.0 million of increased cash recoveries.

-- Total revenue increased 1.3% to $295 million, reflecting a 2.1% increase in net interest income and a 1.6% decrease in non-interest income.

-- Non-interest income declined $1.0 million or 1.6%, attributable to $2.8 million of lower net securities gains.

-- The efficiency ratio on an operating basis (non-GAAP) was stable at 53.1%, compared to 53.1%.

-- Annualized net charge-offs were 0.22% of total average loans, compared to 0.24% in the third quarter of 2017 and 0.31% in the year-ago quarter.

The tangible common equity to tangible assets ratio (non-GAAP) decreased 13 basis points to 6.74% at December 31, 2017, compared to 6.87% at September 30, 2017. The tangible book value per common share (non-GAAP) was $6.06 at December 31, 2017, a decrease of $0.06 from September 30, 2017. Both measures of capital were impacted by a reduction in the valuation of net deferred tax assets related to the new tax law.

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                                         4Q17                                         3Q17                                         4Q16
Reported results
Net income available to common stockholders (millions)            $                    22.1                    $                    75.7                    $                    49.3
Net income per diluted common share                               $                    0.07                    $                    0.23                    $                    0.23
Book value per common share (period-end)                          $                    13.30                   $                    13.39                   $                    11.68
Operating results (non-GAAP)
Operating net income available to common stockholders (millions)  $                    76.8                    $                    76.6                    $                    50.6
Operating net income per diluted common share                     $                    0.24                    $                    0.24                    $                    0.24
Tangible common equity to tangible assets (period-end)            6.74                                      %  6.87                                      %  6.64                                      %
Tangible book value per common share (period-end)                 $                    6.06                    $                    6.12                    $                    6.53
Average Diluted Common Shares Outstanding (thousands)             325,229                                      324,905                                      212,748
Significant items influencing earnings1 (millions)
Pre-tax merger-related expenses                                   $                    (1.1)                   $                    (1.4)                   $                    (1.6)
After-tax impact of merger-related expenses                       $                    (0.7)                   $                    (0.9)                   $                    (1.3)
Reduction in valuation of deferred tax assets2                    $                    (54.0)                  $                    --                      $                    --
Full Year Results Summary                                         2017                                         2016
Reported results
Net income available to common stockholders (millions)            $                    191.2                   $                    162.9
Net income per diluted common share                               $                    0.63                    $                    0.78
Operating results (non-GAAP)
Operating net income available to common stockholders (millions)  $                    281.2                   $                    187.7
Operating net income per diluted common share                     $                    0.93                    $                    0.90
Average Diluted Common Shares Outstanding (thousands)             303,858                                      207,769
Significant items influencing earnings1 (millions)
Pre-tax merger-related expenses                                   $                    (56.5)                  $                    (37.4)
After-tax impact of merger-related expenses                       $                    (37.7)                  $                    (24.9)
Pre-tax merger-related net securities gains                       $                    2.6                     $                    --
After-tax impact of net merger-related securities gains           $                    1.7                     $                    --
Reduction in valuation of deferred tax assets2                    $                    (54.0)                  $                    --
(1) Favorable (unfavorable) impact on earnings; (2) Changes in the valuation of deferred tax assets are considered reasonable estimates as of December 31, 2017.  As a result, the amounts could be adjusted during the measurement period, which will end in December 2018.

Fourth Quarter 2017 Results - Comparison to Prior Quarter

Net interest income totaled $230.0 million, increasing $4.8 million or 2.1%. The net interest margin (FTE) (non-GAAP) expanded 5 basis points to 3.49% and included $4.7 million of incremental purchase accounting accretion and $5.3 million of cash recoveries, compared to $2.2 million and $4.3 million, respectively, in the prior quarter. Total average earning assets increased $227 million, or 3.4% annualized, due to average loan growth of $158 million and a $130 million increase in average securities.

Average loans totaled $20.8 billion and increased $158 million, or 3.0% annualized, reflecting continuing loan growth in the commercial and consumer portfolios. Average commercial loan growth totaled $44 million, or 1.3% annualized, as strong commercial origination volume was partially offset by reduction in acquired commercial loan balances. Average consumer loan growth was $114 million, or 5.9% annualized, led by continued growth in residential mortgage and indirect auto loans.

Average deposits totaled $22.2 billion and increased $1.0 billion, or 19.0% annualized, due to growth in non-interest bearing deposits, interest bearing transaction deposits and time deposits. The loan to deposit ratio ended December 31, 2017 at 93.7%, compared to 94.9% at September 30, 2017.

Non-interest income totaled $65.1 million, decreasing 1.6% from the prior quarter. The decrease was driven by $2.8 million of lower net securities gains. Capital markets increased $2.1 million from the prior quarter, reflecting increased commercial swap activity during the fourth quarter. Mortgage banking income of $5.6 million reflects continued strong purchase origination volume and includes increased contributions from our Carolina markets.

Non-interest expense totaled $166.5 million, an increase of 1.7% compared to the prior quarter. The fourth quarter included $1.1 million of merger-related expenses, compared to $1.4 million of merger-related expenses in the third quarter. The primary driver of the linked-quarter increase in non-interest expense was a 4.4% increase in personnel expense primarily related to variable compensation across business lines. The efficiency ratio (non-GAAP) was stable at 53.1%.

The ratio of non-performing loans and OREO to total loans and OREO improved 4 basis points to 0.66%. For the originated portfolio, the ratio of non-performing loans and OREO to total loans and OREO improved 10 basis points to 0.81%. 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 3 basis points to 0.88%, compared to 0.91% at September 30, 2017.

The provision for loan losses totaled $16.7 million, compared to $16.8 million in the prior quarter. Net charge-offs totaled $11.3 million, or 0.22% annualized of total average loans, compared to $12.5 million, or 0.24% annualized in the prior quarter. For the originated portfolio, net charge-offs were $13.1 million, or 0.35% annualized of total average originated loans, compared to $13.0 million or 0.37% annualized. The ratio of the allowance for loan losses to total loans and leases increased to 0.84% at December 31, 2017, from 0.82% at September 30, 2017. For the originated portfolio, the allowance for loan losses to total originated loans was 1.10%, compared to 1.12% at September 30, 2017.

Full Year 2017 Results - Comparison to Prior Year

Net interest income totaled $846.4 million, increasing $234.9 million, or 38.4%, reflecting average earning asset growth of $6.8 billion, or 36.9%, due to organic growth and the benefit of acquisitions. The net interest margin (FTE) (non-GAAP) expanded 5 basis points to 3.43% and included $4.0 million of higher incremental purchase accounting accretion and $4.4 million of higher cash recoveries compared to the full year of 2016.

Average loans totaled $19.5 billion, an increase of $5.3 billion, or 36.8%, due to the benefit from continued organic loan growth and acquired balances. Organic growth in total average loans equaled $918 million, or 6.3%. Total average organic consumer loan growth of $609 million, or 10.4%, was led by strong growth in residential mortgage and indirect auto loans. Organic growth in average commercial loans totaled $309 million, or 3.6%. Average deposits totaled $20.4 billion and increased $5.1 billion, or 32.9%, due to the benefit of acquired balances and average organic growth of $506 million or 3.2%. On an organic basis, average total transaction deposits increased $479 million or 3.7%.

Non-interest income totaled $252.4 million, increasing $50.7 million or 25.1%. 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 $681.5 million, increasing $170.4 million, or 33.3%. Full year 2017 included merger-related expenses of $56.5 million, compared to $37.4 million in 2016. Excluding merger-related expenses, total non-interest expense increased $151.3 million, or 31.9%, with the increase primarily attributable to the expanded operations from acquisitions. The efficiency ratio (non-GAAP) was 54.2%, compared to 55.4% in 2016.

Credit quality results remained at satisfactory levels. For the originated portfolio, the ratio of non-performing loans and OREO to total loans and OREO was 0.81%, compared to 0.91%. Total originated delinquency was 0.88% at December 31, 2017, a decrease of 16 basis points from 1.04% at December 31, 2016.

The provision for loan losses was $61.1 million for the full year of 2017, compared to $55.8 million for the full year of 2016. Net charge-offs totaled $43.8 million, or 0.22% of total average loans, compared to 0.28%. Net originated charge-offs were 0.33% of total average originated loans, compared to 0.34%. For the originated portfolio, the allowance for loan losses to total originated loans was 1.10%, compared to 1.20% at December 31, 2016. The ratio of the allowance for loan losses to total loans decreased 22 basis points to 0.84%, 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.

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, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Company 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 Chairman, 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 Tuesday, January 23, 2018, at 10:30 AM ET.

Participants are encouraged to pre-register for the conference call at http://dpregister.com/10115668 . 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 "Investor Relations and Shareholder Services" 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 prior to the start of the call on the "Investor Relations and Shareholder Services" section of 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 Tuesday, January 30, 2018. The replay can be accessed by dialing (877) 344-7529 or (412) 317-0088 for international callers; the conference replay access code is 10115668. Following the call, the related presentation materials will be posted to the "Investor Relations and Shareholder Services" section of F.N.B. Corporation’s website at www.fnbcorporation.com.

About F.N.B. Corporation

F.N.B. Corporation (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 its subsidiary network which is led by its 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
                                                                              4Q17     4Q17     For the Twelve Months        %
                                                                                                Ended
                                                                                                December 31,
Statement of earnings           4Q17            3Q17            4Q16          3Q17     4Q16     2017           2016          Var.
Interest income                 $     271,085   $     263,514   $   177,168   2.9      53.0     $    980,326   $   678,963   44.4
Interest expense                41,049          38,283          17,885        7.2      129.5    133,892        67,451        98.5
Net interest income             230,036         225,231         159,283       2.1      44.4     846,434        611,512       38.4
Provision for credit losses     16,699          16,768          12,705        (0.4)    31.4     61,073         55,752        9.5
Non-interest income:
Service charges                 32,504          33,610          25,175        (3.3)    29.1     124,310        97,524        27.5
Trust services                  5,911           5,748           5,218         2.8      13.3     23,121         21,173        9.2
Insurance commissions and fees  4,546           5,029           4,436         (9.6)    2.5      19,063         18,328        4.0
Securities commissions and fees 3,738           4,038           3,068         (7.4)    21.8     15,286         13,468        13.5
Capital markets income          4,930           2,822           3,978         74.7     23.9     16,603         15,471        7.3
Mortgage banking operations     5,577           5,437           4,194         2.6      33.0     19,977         12,106        65.0
Net securities gains            21              2,777           116           n/m      n/m      5,916          712           n/m
Other                           7,877           6,690           4,881         17.7     61.4     28,173         22,979        22.6
Total non-interest income       65,104          66,151          51,066        (1.6)    27.5     252,449        201,761       25.1
Total revenue                   295,140         291,382         210,349       1.3      40.3     1,098,883      813,273       35.1
Non-interest expense:
Salaries and employee benefits  86,033          82,383          61,117        4.4      40.8     326,893        239,798       36.3
Occupancy and equipment         28,255          27,434          19,736        3.0      43.2     103,148        78,132        32.0
FDIC insurance                  8,956           9,183           4,858         (2.5)    84.4     32,902         19,203        71.3
Amortization of intangibles     4,801           4,805           1,602         (0.1)    199.7    17,517         11,210        56.3
Other real estate owned         1,026           1,421           2,400         (27.8)   (57.3)   4,438          5,153         (13.9)
Merger-related                  1,054           1,381           1,649         n/m      n/m      56,513         37,439        n/m
Other                           36,404          37,136          32,444        (2.0)    12.2     140,130        120,198       16.6
Total non-interest expense      166,529         163,743         123,806       1.7      34.5     681,541        511,133       33.3
Income before income taxes      111,912         110,871         73,838        0.9      51.6     356,269        246,388       44.6
Income taxes                    87,786          33,178          22,547        164.6    289.3    157,065        75,497        108.0
Net income                      24,126          77,693          51,291        (68.9)   (53.0)   199,204        170,891       16.6
Preferred stock dividends       2,011           2,010           2,011         --       --       8,041          8,041         --
Net income available to         $     22,115    $     75,683    $   49,280    (70.8)   (55.1)   $    191,163   $   162,850   17.4
common stockholders
Earnings per common share
Basic                           $     0.07      $     0.23      $   0.23      (69.6)   (69.6)   $    0.63      $   0.79      (20.3)
Diluted                         $     0.07      $     0.23      $   0.23      (69.6)   (69.6)   $    0.63      $   0.78      (19.2)
n/m - not meaningful
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                                                                                       % Variance
                                                                                                       4Q17     4Q17
Balance Sheet (at period end)                 4Q17               3Q17               4Q16               3Q17     4Q16
Assets
Cash and due from banks                       $     408,718      $     433,442      $     303,526      (5.7)    34.7
Interest bearing deposits with banks          70,725             81,898             67,881             (13.6)   4.2
Cash and cash equivalents                     479,443            515,340            371,407            (7.0)    29.1
Securities available for sale                 2,764,562          2,855,350          2,231,987          (3.2)    23.9
Securities held to maturity                   3,242,268          2,985,921          2,337,342          8.6      38.7
Loans held for sale                           92,891             113,778            11,908             (18.4)   680.1
Loans and leases, net of unearned income      20,998,766         20,817,436         14,896,943         0.9      41.0
Allowance for credit losses                   (175,380)          (170,016)          (158,059)          3.2      11.0
Net loans and leases                          20,823,386         20,647,420         14,738,884         0.9      41.3
Premises and equipment, net                   336,540            336,294            243,956            0.1      38.0
Goodwill                                      2,249,188          2,254,831          1,032,129          (0.3)    117.9
Core deposit and other intangible assets, net 92,075             96,876             53,806             (5.0)    71.1
Bank owned life insurance                     526,818            498,698            330,152            5.6      59.6
Other assets                                  810,464            818,787            493,246            (1.0)    64.3
Total Assets                                  $     31,417,635   $     31,123,295   $     21,844,817   0.9      43.8
Liabilities
Deposits:
Non-interest bearing demand                   $     5,720,030    $     5,569,239    $     4,205,337    2.7      36.0
Interest bearing demand                       9,571,038          9,675,170          6,931,381          (1.1)    38.1
Savings                                       2,488,178          2,513,163          2,352,434          (1.0)    5.8
Certificates and other time deposits          4,620,479          4,171,599          2,576,495          10.8     79.3
Total Deposits                                22,399,725         21,929,171         16,065,647         2.1      39.4
Short-term borrowings                         3,678,337          3,872,301          2,503,010          (5.0)    47.0
Long-term borrowings                          668,173            658,783            539,494            1.4      23.9
Other liabilities                             262,206            227,119            165,049            15.4     58.9
Total Liabilities                             27,008,441         26,687,374         19,273,200         1.2      40.1
Stockholders’ Equity
Preferred Stock                               106,882            106,882            106,882            --       --
Common stock                                  3,253              3,251              2,125              0.1      53.1
Additional paid-in capital                    4,033,567          4,029,334          2,234,366          0.1      80.5
Retained earnings                             352,942            369,861            304,397            (4.6)    15.9
Accumulated other comprehensive loss          (68,336)           (54,310)           (61,369)           25.8     11.4
Treasury stock                                (19,114)           (19,097)           (14,784)           0.1      29.3
Total Stockholders’ Equity                    4,409,194          4,435,921          2,571,617          (0.6)    71.5
Total Liabilities and Stockholders’ Equity    $     31,417,635   $     31,123,295   $     21,844,817   0.9      43.8
F.N.B. Corporation                          4Q17                                       3Q17                                       4Q16
(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        $     85,772       $   233       1.08 %    $     117,602      $   320       1.08 %    $     93,481       $   87        0.37 %
Federal funds sold                          --                 --            --   %    --                 --            --   %    --                 --            --   %
Taxable investment securities  (2)          4,976,270          25,470        2.05 %    4,913,122          24,763        2.02 %    3,975,670          18,952        1.91 %
Non-taxable investment securities  (1)      879,002            9,222         4.20 %    812,305            8,515         4.19 %    388,265            4,000         4.12 %
Loans held for sale                         111,230            1,712         6.14 %    139,693            2,091         5.97 %    21,639             222           4.10 %
Loans and leases  (1) (3)                   20,811,856         240,045       4.58 %    20,654,316         232,998       4.48 %    14,820,237         157,006       4.22 %
Total Interest Earning Assets  (1)          26,864,130         276,682       4.09 %    26,637,038         268,687       4.01 %    19,299,292         180,267       3.72 %
Cash and due from banks                     369,977                                    374,542                                    281,314
Allowance for loan losses                   (172,766)                                  (169,283)                                  (158,542)
Premises and equipment                      336,527                                    334,870                                    234,783
Other assets                                3,699,854                                  3,733,497                                  1,952,788
Total Assets                                $     31,097,722                           $     30,910,664                           $     21,609,635
Liabilities
Deposits:
Interest-bearing demand                     $     9,591,888    10,397        0.43 %    $     9,376,003    9,338         0.40 %    $     6,972,890    4,429         0.25 %
Savings                                     2,424,267          841           0.14 %    2,480,626          792           0.13 %    2,310,901          434           0.07 %
Certificates and other time                 4,561,088          12,864        1.12 %    3,812,916          8,857         0.92 %    2,560,660          5,989         0.93 %
Short-term borrowings                       3,551,840          11,949        1.33 %    4,394,106          14,387        1.29 %    2,316,169          3,656         0.63 %
Long-term borrowings                        661,100            4,998         3.00 %    658,495            4,909         2.96 %    544,236            3,377         2.47 %
Total Interest Bearing Liabilities          20,790,183         41,049        0.78 %    20,722,146         38,283        0.73 %    14,704,856         17,885        0.48 %
Non-interest bearing demand deposits        5,632,924                                  5,527,180                                  4,123,539
Other liabilities                           220,855                                    234,358                                    207,472
Total Liabilities                           26,643,962                                 26,483,684                                 19,035,867
Stockholders’ equity                        4,453,760                                  4,426,980                                  2,573,768
Total Liabilities and Stockholders’ Equity  $     31,097,722                           $     30,910,664                           $     21,609,635
Net Interest Earning Assets                 $     6,073,947                            $     5,914,892                            $     4,594,436
Net Interest Income (FTE) (1)                                  235,633                                    230,404                                    162,382
Tax Equivalent Adjustment                                      (5,597)                                    (5,173)                                    (3,099)
Net Interest Income                                            $   230,036                                $   225,231                                $   159,283
Net Interest Spread                                                          3.31 %                                     3.28 %                                     3.24 %
Net Interest Margin  (1)                                                     3.49 %                                     3.44 %                                     3.35 %
 (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                          Twelve Months Ended December 31,
(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        $     94,261       $    894       0.95 %    $     116,769      $    444       0.38 %
Federal funds sold                          1,129              8              0.72 %    --                 --             --   %
Taxable investment securities  (2)          4,824,688          97,843         2.03 %    3,720,800          71,853         1.93 %
Non-taxable investment securities  (1)      720,039            30,056         4.17 %    319,836            13,815         4.32 %
Loans held for sale                         89,558             5,672          6.33 %    16,525             726            4.39 %
Loans and leases  (1) (3)                   19,520,234         864,619        4.43 %    14,265,032         603,373        4.23 %
Total Interest Earning Assets  (1)          25,249,909         999,092        3.96 %    18,438,962         690,211        3.74 %
Cash and due from banks                     344,791                                     275,432
Allowance for loan losses                   (167,364)                                   (152,751)
Premises and equipment                      324,092                                     219,192
Other assets                                3,379,681                                   1,896,882
Total Assets                                $     29,131,109                            $     20,677,717
Liabilities
Deposits:
Interest-bearing demand                     $     8,927,700    32,822         0.37 %    $     6,652,953    16,029         0.24 %
Savings                                     2,477,644          2,796          0.11 %    2,237,020          1,712          0.08 %
Certificates and other time                 3,770,172          35,964         0.95 %    2,600,340          23,498         0.90 %
Short-term borrowings                       3,761,297          43,969         1.16 %    1,975,742          12,183         0.61 %
Long-term borrowings                        634,107            18,341         2.89 %    616,283            14,029         2.28 %
Total Interest Bearing Liabilities          19,570,920         133,892        0.68 %    14,082,338         67,451         0.48 %
Non-interest bearing demand deposits        5,264,256                                   3,884,941
Other liabilities                           222,233                                     210,462
Total Liabilities                           25,057,409                                  18,177,741
Stockholders’ equity                        4,073,700                                   2,499,976
Total Liabilities and Stockholders’ Equity  $     29,131,109                            $     20,677,717
Net Interest Earning Assets                 $     5,678,989                             $     4,356,624
Net Interest Income (FTE) (1)                                  865,200                                     622,760
Tax Equivalent Adjustment                                      (18,766)                                    (11,248)
Net Interest Income                                            $    846,434                                $    611,512
Net Interest Spread                                                           3.28 %                                      3.26 %
Net Interest Margin  (1)                                                      3.43 %                                      3.38 %
 (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, except per share data)
                                                                                                       For the Twelve Months Ended
                                                                                                       December 31,
                                                          4Q17           3Q17           4Q16           2017           2016
Performance ratios
Return on average equity                                  2.15        %  6.96        %  7.93        %  4.89        %  6.84        %
Return on average tangible equity (1)                     5.13        %  15.39       %  14.02       %  10.71       %  12.37       %
Return on average tangible common equity (1)              5.00        %  15.82       %  14.53       %  10.90       %  12.76       %
Return on average assets                                  0.31        %  1.00        %  0.94        %  0.68        %  0.83        %
Return on average tangible assets (1)                     0.38        %  1.12        %  1.01        %  0.78        %  0.91        %
Net interest margin (FTE) (2)                             3.49        %  3.44        %  3.35        %  3.43        %  3.38        %
Yield on earning assets (FTE) (2)                         4.09        %  4.01        %  3.72        %  3.96        %  3.74        %
Cost of interest-bearing liabilities                      0.78        %  0.73        %  0.48        %  0.68        %  0.48        %
Cost of funds                                             0.62        %  0.58        %  0.38        %  0.54        %  0.37        %
Efficiency ratio (1)                                      53.09       %  53.15       %  55.39       %  54.25       %  55.36       %
Effective tax rate                                        78.44       %  29.92       %  30.54       %  44.09       %  30.64       %
Capital ratios
Equity / assets (period end)                              14.03       %  14.25       %  11.77       %
Common equity / assets (period end)                       13.69       %  13.91       %  11.28       %
Leverage ratio                                            7.53        %  7.64        %  7.70        %
Tangible equity / tangible assets (period end) (1)        7.11        %  7.24        %  7.16        %
Tangible common equity / tangible assets (period end) (1) 6.74        %  6.87        %  6.64        %
Common stock data
Average diluted shares outstanding                        325,229,043    324,904,768    212,748,337    303,857,976    207,768,609
Period end shares outstanding                             323,465,140    323,301,548    211,059,547
Book value per common share                               $     13.30    $     13.39    $     11.68
Tangible book value per common share (1)                  $     6.06     $     6.12     $     6.53
Dividend payout ratio (common)                            176.51      %  51.56       %  51.82       %  74.61       %  62.43       %
 (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
                                                                                    4Q17    4Q17
                            4Q17               3Q17               4Q16              3Q17    4Q16
Balances at period end
Loans and Leases:
Commercial real estate      $     8,741,864    $     8,822,023    $    5,435,162    (0.9)   60.8
Commercial and industrial   4,170,667          3,980,584          3,042,781         4.8     37.1
Commercial leases           266,720            238,724            196,636           11.7    35.6
Other                       17,063             39,798             35,878            (57.1)  (52.4)
Commercial loans and leases 13,196,314         13,081,129         8,710,457         0.9     51.5
Direct installment          1,905,535          1,925,995          1,844,399         (1.1)   3.3
Residential mortgages       2,702,691          2,609,663          1,844,574         3.6     46.5
Indirect installment        1,448,433          1,431,273          1,196,313         1.2     21.1
Consumer LOC                1,745,793          1,769,376          1,301,200         (1.3)   34.2
Consumer loans              7,802,452          7,736,307          6,186,486         0.9     26.1
Total loans and leases      $     20,998,766   $     20,817,436   $    14,896,943   0.9     41.0
                                                                                    Percent Variance
Average balances                                                                    4Q17    4Q17      For the Twelve Months Ended          %
                                                                                                      December 31,
Loans and Leases:           4Q17               3Q17               4Q16              3Q17    4Q16      2017               2016              Var.
Commercial real estate      $     8,680,101    $     8,779,426    $    5,390,877    (1.1)   61.0      $     8,105,883    $    5,229,327    55.0
Commercial and industrial   4,075,626          3,945,756          3,065,593         3.3     32.9      3,800,509          2,971,756         27.9
Commercial leases           242,365            231,030            194,111           4.9     24.9      217,465            199,083           9.2
Other                       45,254             43,354             55,674            4.4     (18.7)    46,646             53,071            (12.1)
Commercial loans and leases 13,043,346         12,999,566         8,706,255         0.3     49.8      12,170,503         8,453,237         44.0
Direct installment          1,915,970          1,937,394          1,837,505         (1.1)   4.3       1,919,829          1,807,024         6.2
Residential mortgages       2,653,148          2,535,398          1,807,086         4.6     46.8      2,394,965          1,651,143         45.0
Indirect installment        1,440,572          1,406,318          1,169,559         2.4     23.2      1,346,778          1,082,915         24.4
Consumer LOC                1,758,820          1,775,640          1,299,832         (0.9)   35.3      1,688,159          1,270,713         32.9
Consumer loans              7,768,510          7,654,750          6,113,982         1.5     27.1      7,349,731          5,811,795         26.5
Total loans and leases      $     20,811,856   $     20,654,316   $    14,820,237   0.8     40.4      $     19,520,234   $    14,265,032   36.8
F.N.B. CORPORATION
(Unaudited)                                                                                                             Percent Variance
(Dollars in thousands)                                                                                                  4Q17     4Q17
Asset Quality Data                                                         4Q17           3Q17           4Q16           3Q17     4Q16
Non-Performing Assets
Non-performing loans (1)
Non-accrual loans                                                          $   74,635     $   88,391     $   65,479     (15.6)   14.0
Restructured loans                                                         23,481         23,147         20,428         1.4      14.9
Non-performing loans                                                       98,116         111,538        85,907         (12.0)   14.2
Other real estate owned (OREO) (2)                                         40,606         35,416         32,490         14.7     25.0
Total non-performing assets                                                $   138,722    $   146,954    $   118,397    (5.6)    17.2
Non-performing loans / total loans and leases                              0.47        %  0.54        %  0.58        %
Non-performing loans / total originated loans and leases (3)               0.57        %  0.69        %  0.66        %
Non-performing loans + OREO / total loans and leases + OREO                0.66        %  0.70        %  0.79        %
Non-performing loans + OREO / total originated loans and leases + OREO (3) 0.81        %  0.91        %  0.91        %
Non-performing assets / total assets                                       0.44        %  0.47        %  0.54        %
Delinquency - Originated Portfolio (3)
Loans 30-89 days past due                                                  $   62,146     $   44,454     $   59,850     39.8     3.8
Loans 90+ days past due                                                    9,121          10,278         9,113          (11.3)   0.1
Non-accrual loans                                                          63,644         77,784         62,083         (18.2)   2.5
Total past due and non-accrual loans                                       $   134,911    $   132,516    $   131,046    1.8      2.9
Total past due and non-accrual loans / total originated loans              0.88        %  0.91        %  1.04        %
Delinquency - Acquired Portfolio (4) (5)
Loans 30-89 days past due                                                  $   66,926     $   75,839     $   24,210     (11.8)   176.4
Loans 90+ days past due                                                    89,950         88,195         40,524         2.0      122.0
Non-accrual loans                                                          10,991         10,607         3,396          3.6      223.6
Total past due and non-accrual loans                                       $   167,867    $   174,641    $   68,130     (3.9)    146.4
Delinquency - Total Portfolio
Loans 30-89 days past due                                                  $   129,072    $   120,293    $   84,060     7.3      53.5
Loans 90+ days past due                                                    99,071         98,473         49,637         0.6      99.6
Non-accrual loans                                                          74,635         88,391         65,479         (15.6)   14.0
Total past due and non-accrual loans                                       $   302,778    $   307,157    $   199,176    (1.4)    52.0
 (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)                                                                                              4Q17   4Q17       For the Twelve Months               %
                                                                                                                                      Ended
                                                                                                                                      December 31,
Allowance Rollforward                                               4Q17            3Q17            4Q16            3Q17   4Q16       2017              2016              Var.
Allowance for Credit Losses - Originated Portfolio (2)
Balance at beginning of period                                      $    163,234    $    159,092    $    150,513    2.6    8.5        $    150,791      $    135,285      11.5
Provision for credit losses                                         18,509          17,175          12,126          7.8    52.6       64,559            55,422            16.5
Net loan charge-offs                                                (13,061)        (13,033)        (11,848)        0.2    10.2       (46,668)          (39,916)          16.9
Allowance for credit losses - originated portfolio (2)              $    168,682    $    163,234    $    150,791    3.3    11.9       $    168,682      $    150,791      11.9
Allowance for credit losses (originated loans and leases) /         1.10         %  1.12         %  1.20         %
total originated loans and leases (2)
Allowance for credit losses (originated loans and leases) /         193.61       %  161.73       %  182.75       %
total non-performing loans (1)
Net loan charge-offs on originated loans and leases (annualized) /  0.35         %  0.37         %  0.38         %                    0.33         %    0.34         %
total average originated loans and leases (2)
Allowance for Credit Losses - Acquired Portfolio (3)
Balance at beginning of period                                      $    6,782      $    6,607      $    6,381      2.6    6.3        $    7,268        $    6,727        8.0
Provision for credit losses                                         (1,810)         (407)           579             344.7  (412.6)    (3,486)           330               (1,156.4)
Net loan (charge-offs)/recoveries                                   1,726           582             308             196.6  460.4      2,916             211               1,282.0
Allowance for credit losses - acquired portfolio (3)                $    6,698      $    6,782      $    7,268      (1.2)  (7.8)      $    6,698        $    7,268        (7.8)
Allowance for Credit Losses - Total Portfolio
Balance at beginning of period                                      $    170,016    $    165,699    $    156,894    2.6    8.4        $    158,059      $    142,012      11.3
Provision for credit losses                                         16,699          16,768          12,705          (0.4)  31.4       61,073            55,752            9.5
Net loan (charge-offs)/recoveries                                   (11,335)        (12,451)        (11,540)        (9.0)  (1.8)      (43,752)          (39,705)          10.2
Total allowance for credit losses                                   $    175,380    $    170,016    $    158,059    3.2    11.0       $    175,380      $    158,059      11.0
Allowance for credit losses / total loans and leases                0.84         %  0.82         %  1.06         %
Net loan charge-offs (annualized) / total average loans and leases  0.22         %  0.24         %  0.31         %                    0.22         %    0.28         %
 (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
                                                                                                                                                                                                         4Q17                      4Q17   For the Twelve                                                                                      %
                                                                                                                                                                                                                                          Months Ended
                                                                                                                                                                                                                                          December 31,
Operating net income available to common           4Q17                                              3Q17                                              4Q16                                              3Q17                      4Q16   2017                                              2016                                              Var.
stockholders:
Net income available to common stockholders        $                       22,115                    $                       75,683                    $                       49,280                                                     $                       191,163                   $                       162,850
Merger-related expense                             1,054                                             1,381                                             1,649                                                                              56,513                                            37,439
Tax benefit of merger-related expense              (365)                                             (483)                                             (341)                                                                              (18,846)                                          (12,550)
Merger-related net securities gains                --                                                --                                                --                                                                                 (2,609)                                           --
Tax expense of merger-related net securities gains --                                                --                                                --                                                                                 913                                               --
Reduction in valuation of deferred tax assets      54,042                                            --                                                --                                                                                 54,042                                            --
Operating net income available to common           $                       76,846                    $                       76,581                    $                       50,588                    0.3                       51.9   $                       281,176                   $                       187,739                   49.8
stockholders (non-GAAP)
Operating earnings per diluted common share:
Earnings per diluted common share                  $                       0.07                      $                       0.23                      $                       0.23                                                       $                       0.63                      $                       0.78
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 --                                                --                                                --                                                                                 --                                                --
Reduction in valuation of deferred tax assets      0.17                                              --                                                --                                                                                 0.18                                              --
Operating earnings per diluted common share        $                       0.24                      $                       0.24                      $                       0.24                      --                        --     $                       0.93                      $                       0.90                      3.3
(non-GAAP)
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)                                                                        For the Twelve Months Ended
                                                                                                                     December 31,
                                                         4Q17                3Q17                4Q16                2017                  2016
Return on average tangible equity:
Net income (annualized)                                  $     95,719        $     308,237       $     204,050       $     199,204         $     170,891
Amortization of intangibles, net of tax (annualized)     12,381              12,392              4,143               11,386                7,287
Tangible net income (annualized) (non-GAAP)              $     108,100       $     320,629       $     208,193       $     210,590         $     178,178
Average total stockholders’ equity                       $     4,453,760     $     4,426,980     $     2,573,768     $     4,073,700       $     2,499,976
Less:  Average intangibles(1)                            (2,344,675)         (2,344,077)         (1,089,216)         (2,108,102)           (1,059,856)
Average tangible stockholders’ equity (non-GAAP)         $     2,109,085     $     2,082,903     $     1,484,552     $     1,965,598       $     1,440,120
Return on average tangible equity (non-GAAP)             5.13             %  15.39            %  14.02            %  10.71            %    12.37            %
Return on average tangible common equity:
Net income available to common stockholders (annualized) $     87,740        $     300,266       $     196,049       $     191,163         $     162,850
Amortization of intangibles, net of tax (annualized)     12,381              12,392              4,143               11,386                7,287
Tangible net income available to common stockholders     $     100,121       $     312,658       $     200,192       $     202,549         $     170,137
(annualized) (non-GAAP)
Average total stockholders’ equity                       $     4,453,760     $     4,426,980     $     2,573,768     $     4,073,700       $     2,499,976
Less:  Average preferred stockholders’ equity            (106,882)           (106,882)           (106,882)           (106,882)             (106,882)
Less:  Average intangibles(1)                            (2,344,675)         (2,344,077)         (1,089,216)         (2,108,102)           (1,059,856)
Average tangible common equity (non-GAAP)                $     2,002,203     $     1,976,021     $     1,377,670     $     1,858,716       $     1,333,238
Return on average tangible common equity (non-GAAP)      5.00             %  15.82            %  14.53            %  10.90            %    12.76            %
Return on average tangible assets:
Net income (annualized)                                  $     95,719        $     308,237       $     204,050       $     199,204         $     170,891
Amortization of intangibles, net of tax (annualized)     12,381              12,392              4,143               11,386                7,287
Tangible net income (annualized) (non-GAAP)              $     108,100       $     320,629       $     208,193       $     210,590         $     178,178
Average total assets                                     $     31,097,722    $     30,910,664    $     21,609,635    $     29,131,109      $     20,677,717
Less:  Average intangibles(1)                            (2,344,675)         (2,344,077)         (1,089,216)         (2,108,102)           (1,059,856)
Average tangible assets (non-GAAP)                       $     28,753,047    $     28,566,587    $     20,520,419    $     27,023,007      $     19,617,861
Return on average tangible assets (non-GAAP)             0.38             %  1.12             %  1.01             %  0.78             %    0.91             %
Tangible book value per common share:
Total stockholders’ equity                               $     4,409,194     $     4,435,921     $     2,571,617
Less:  preferred stockholders’ equity                    (106,882)           (106,882)           (106,882)
Less:  intangibles(1)                                    (2,341,263)         (2,351,707)         (1,085,935)
Tangible common equity (non-GAAP)                        $     1,961,049     $     1,977,332     $     1,378,800
Common shares outstanding                                323,465,140         323,301,548         211,059,547
Tangible book value per common share (non-GAAP)          $     6.06          $     6.12          $     6.53
(1) Excludes loan servicing rights
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)                                                                                                For the Twelve Months Ended
                                                                                                                      December 31,
                                                          4Q17                3Q17                4Q16                2017                2016
Tangible equity / tangible assets (period end):
Total stockholders’ equity                                $     4,409,194     $     4,435,921     $     2,571,617
Less:  intangibles(1)                                     (2,341,263)         (2,351,707)         (1,085,935)
Tangible equity (non-GAAP)                                $     2,067,931     $     2,084,214     $     1,485,682
Total assets                                              $     31,417,635    $     31,123,295    $     21,844,817
Less:  intangibles(1)                                     (2,341,263)         (2,351,707)         (1,085,935)
Tangible assets (non-GAAP)                                $     29,076,372    $     28,771,588    $     20,758,882
Tangible equity / tangible assets (period end) (non-GAAP) 7.11             %  7.24             %  7.16             %
Tangible common equity / tangible assets (period end):
Total stockholders’ equity                                $     4,409,194     $     4,435,921     $     2,571,617
Less:  preferred stockholders’ equity                     (106,882)           (106,882)           (106,882)
Less:  intangibles (1)                                    (2,341,263)         (2,351,707)         (1,085,935)
Tangible common equity (non-GAAP)                         $     1,961,049     $     1,977,332     $     1,378,800
Total assets                                              $     31,417,635    $     31,123,295    $     21,844,817
Less:  intangibles(1)                                     (2,341,263)         (2,351,707)         (1,085,935)
Tangible assets (non-GAAP)                                $     29,076,372    $     28,771,588    $     20,758,882
Tangible common equity / tangible assets (period end)     6.74             %  6.87             %  6.64             %
(non-GAAP)
KEY PERFORMANCE INDICATORS
Efficiency ratio (FTE):
Total non-interest expense                                $     166,529       $     163,743       $     123,806       $    681,541        $    511,133
Less:  amortization of intangibles                        (4,801)             (4,805)             (1,602)             (17,517)            (11,210)
Less:  OREO expense                                       (1,026)             (1,421)             (2,400)             (4,438)             (5,153)
Less:  merger-related expense                             (1,054)             (1,381)             (1,649)             (56,513)            (37,439)
Less:  impairment charge on other assets                  --                  --                  --                  --                  (2,585)
Adjusted non-interest expense                             $     159,648       $     156,136       $     118,155       $    603,073        $    454,746
Net interest income                                       $     230,036       $     225,231       $     159,283       $    846,434        $    611,512
Taxable equivalent adjustment                             5,597               5,173               3,099               18,766              11,248
Non-interest income                                       65,104              66,151              51,066              252,449             201,761
Less:  net securities gains                               (21)                (2,777)             (116)               (5,916)             (712)
Less:  gain on redemption of trust preferred securities   --                  --                  --                  --                  (2,422)
Adjusted net interest income (FTE) + non-interest income  $     300,716       $     293,778       $     213,332       $    1,111,733      $    821,387
Efficiency ratio (FTE) (non-GAAP)                         53.09            %  53.15            %  55.39            %  54.25          %    55.36        %
(1) Excludes loan servicing rights

https://c212.net/c/img/favicon.png?sn=NE94783&sd=2018-01-23

View original content:http://www.prnewswire.com/news-releases/fnb-corporation-reports-fourth-quarter-and-full-year-2017-earnings-300586370.html

SOURCE F.N.B. Corporation

https://rt.prnewswire.com/rt.gif?NewsItemId=NE94783&Transmission_Id=201801230559PR_NEWS_USPR_____NE94783&DateId=20180123



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.