F.N.B. CORPORATION 
By Provides Guidance for a
(Logo: http://www.newscom.com/cgi-bin/prnh/20020329/FBANLOGO )
Results for the fourth quarter of 2008 included a
"We are disappointed that our 2008 financial results fell short of our expectations and our traditionally strong operating levels. We took decisive action this year to build our loan loss reserve to address our small (5.1% of total loans), but troubled
Net Interest Income
Net interest income, on a fully taxable equivalent basis, for the fourth quarter of 2008 totaled
For the fourth quarter of 2008, average loans increased 1.6%, or 6.5% on an annualized basis, compared to the third quarter of 2008. Organic average loan growth for the fourth quarter of 2008, which excludes the effects of the Iron and Glass acquisition completed on
Compared to the third quarter of 2008, organic growth in indirect auto and home equity lending in the fourth quarter of 2008 was partially offset by decreased balances in commercial, direct consumer and residential mortgage loans on an organic basis. While the organic growth in home equity lending reflects the continued execution of our strategies, the increase in the indirect loan portfolio on an organic basis reflects the benefit from a weakening of competitors in the automobile finance market that provided the Corporation with an opportunity to increase balances with improved pricing, while maintaining strong underwriting standards. Commercial loans, which now comprise 54.7% of the total loan mix, decreased 1.2% annualized on an organic basis reflecting the effect of a slower economic environment in the Corporation's
Average deposits and treasury management balances increased 2.3% in the fourth quarter of 2008, or 9.2% on an annualized basis, compared to the third quarter of 2008. Organic growth, which excludes the effects of the Iron and Glass acquisition completed on
Non-Interest Income
Non-interest income, which includes the
Impairment Charges
The Corporation's investments in pooled trust preferred securities had a cost basis of
The
The impairment charge for F.N.B. Capital Corporation primarily relates to two investments, with
Non-Interest Expense
Non-interest expense totaled
The Corporation's efficiency ratio was 72.1% for the fourth quarter of 2008 compared to 56.5% in the prior quarter and 55.5% in the same quarter one year ago. The impairment charges and pension-related costs discussed above increased the efficiency ratio by 15.8 percentage points in the fourth quarter of 2008.
Credit Quality
The provision for loan losses totaled
Net charge-offs totaled
Non-performing assets totaled
At
At
Mr. New remarked, "We stubbed our toe in
Capital Position
Shareholders' equity at
The Corporation's capital ratios continue to exceed federal bank regulatory agency "well capitalized" thresholds. The Corporation's leverage capital ratio was 7.34% at
F.N.B. Corporation also recently announced that it is participating in the U.S. Treasury Department's Capital Purchase Program. On
"We will use the additional capital to support our organic growth of loans and deposits. We don't expect our balance sheet to grow significantly during 2009 as our new customer acquisitions will be offset as businesses and consumers reduce their debts and as we exit some of our troubled loans. However, we do expect to see a more normal expansion of our balance sheet as consumer confidence improves and the economy begins to improve," Mr. New added.
Dividend Strategy
F.N.B. Corporation's Board of Directors has determined that, given the continued economic stress, it is in the best long-term interest of shareholders to reduce the quarterly cash dividend to
"We truly understand the importance of dividends to our shareholders. Although difficult, the decision to change our dividend was prudent, and consistent with our stated objective to create long-term value for shareholders. The decision allows us to preserve capital in a very challenging and uncertain environment and will position F.N.B. Corporation as an even stronger competitor when the economy rebounds," said Mr. New.
Full Year 2008 Results
For the full year ended
Net interest income, on a fully taxable equivalent basis, increased 29.2% over 2007, reflecting average loan growth of 25.7% resulting from organic growth and the acquisitions of both Omega and Iron and Glass. Loan growth occurred in all categories, led by 33.9% growth in commercial lending. Average deposits and treasury management balances grew 26.8% over 2007, with low-cost treasury management accounts and non-interest bearing deposits growing at rates of 30.0% or more. The net interest margin for the year increased 15 basis points to 3.88%, compared to 2007.
Non-interest income, which includes the
The Corporation's efficiency ratio was 62.9% for 2008, compared to 57.4% for 2007. The combination of impairment charges, merger-related costs, pension plan-related charges and executive retirement costs incurred in 2008 increased the efficiency ratio by 540 basis points for the full year of 2008.
The provision for loan losses for 2008 totaled
2009 Annual Meeting of Shareholders
The Board of Directors of F.N.B. Corporation also announced today that the Corporation's 2009 annual meeting of shareholders will be held on
Conference Call
F.N.B. Corporation will host its regularly scheduled quarterly conference call to discuss the Company's financial results for the fourth quarter of 2008 on
A replay of the call will be available from 11:00
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in
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 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.
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands, except per share data) 4th Qtr 4th Qtr
2008 - 2008 -
2008 2007 3rd Qtr 4th Qtr
---- ---- 2008 2007
Statement of Fourth Third Fourth Percent Percent
earnings Quarter Quarter Quarter Variance Variance
------------ ------- ------- ------- -------- --------
Interest income $107,158 $108,801 $92,834 -1.5 15.4
Interest expense 38,793 39,896 43,424 -2.8 -10.7
------ ------ ------
Net interest
income 68,365 68,905 49,410 -0.8 38.4
Taxable
equivalent
adjustment 1,597 1,569 1,202 1.8 32.9
----- ----- -----
Net interest
income (FTE) 69,962 70,474 50,612 -0.7 38.2
Provision for
loan losses 51,298 6,514 5,232 687.5 880.5
------ ----- -----
Net interest
income after
provision (FTE) 18,664 63,960 45,380 -70.8 -58.9
Service charges 14,643 15,002 10,711 -2.4 36.7
Insurance
commissions
and fees 3,508 3,959 3,044 -11.4 15.2
Securities
commissions
and fees 2,500 2,010 1,805 24.3 38.5
Trust income 3,081 3,215 2,188 -4.2 40.8
Gain on sale of
securities 5 34 0 -86.6 2761.6
Impairment
loss on
securities (16,698) (25) 0 n/m n/m
Gain on sale
of loans 366 477 534 -23.1 -31.4
Other 853 3,561 2,354 -76.1 -63.8
--- ----- -----
Total non-
interest income 8,258 28,233 20,636 -70.7 -60.0
Salaries and
employee
benefits 29,536 29,707 21,448 -0.6 37.7
Occupancy and
equipment 9,414 8,772 6,741 7.3 39.6
Amortization of
intangibles 1,988 2,162 1,101 -8.1 80.6
Other 17,478 17,270 11,328 1.2 54.3
------ ------ ------
Total non-
interest expense 58,416 57,911 40,618 0.9 43.8
Income before
income taxes (31,494) 34,282 25,398 -191.9 -224.0
Taxable
equivalent
adjustment 1,597 1,569 1,202 1.8 32.9
Income taxes (14,185) 9,208 7,134 -254.0 -298.8
------- ----- -----
Net income ($18,906) $23,505 $17,062 -180.4 -210.8
======== ======= =======
Earnings per
share
Basic ($0.21) $0.27 $0.28 -177.8 -175.0
Diluted ($0.21) $0.27 $0.28 -177.8 -175.0
Performance
ratios
-----------
Return on
average equity -7.74% 9.99% 12.45%
Return on
tangible
equity (1) -17.67% 25.69% 25.04%
Return on
average assets -0.89% 1.13% 1.11%
Return on
tangible
assets (2) -0.89% 1.28% 1.21%
Net interest
margin (FTE) 3.88% 3.97% 3.72%
Yield on earning
assets (FTE) 6.02% 6.20% 6.90%
Cost of funds 2.39% 2.50% 3.54%
Efficiency ratio
(FTE) (3) 72.14% 56.48% 55.46%
Common
stock data
-----------
Average basic
shares
outstanding 89,304,839 87,291,008 60,155,781 2.3 48.5
Average
diluted
shares
outstanding 89,588,706 87,575,153 60,622,494 2.3 47.8
Ending shares
outstanding 89,700,152 89,634,163 60,554,248 0.1 48.1
Book value per
common share $10.32 $10.83 $8.99 -4.7 14.8
Tangible book
value per
common share $3.92 $4.39 $4.67 -10.8 -16.1
Dividend
payout ratio -114.06% 91.24% 85.17%
(1) Return on tangible equity is calculated by dividing net income less
amortization of intangibles by average equity less average
intangibles.
(2) Return on 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) Treasury management accounts are included in short-term borrowings on
the balance sheet.
(5) As of December 31, 2008, the Corporation also has $10.5 million of
securities which management deemed to be other-than-temporarily
impaired.
(6) Certain prior period amounts have been reclassified to conform to the
current period presentation.
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands, except per share data)
For the Year
Ended December 31,
------------------ Percent
Statement of earnings 2008 2007 Variance
--------------------- ---- ---- --------
Interest income $409,781 $368,890 11.1
Interest expense 157,989 174,053 -9.2
------- -------
Net interest income 251,792 194,837 29.2
Taxable equivalent
adjustment 6,037 4,658 29.6
----- -----
Net interest income
(FTE) 257,829 199,495 29.2
Provision for loan losses 72,371 12,693 470.1
------ ------
Net interest income
after provision (FTE) 185,458 186,802 -0.7
Service charges 54,691 40,827 34.0
Insurance commissions and
fees 15,572 13,994 11.3
Securities commissions
and fees 8,128 6,326 28.5
Trust income 12,095 8,577 41.0
Gain on sale of securities 834 1,155 -27.8
Impairment loss on
securities (17,189) (118) n/m
Gain on sale of loans 1,824 1,715 6.4
Other 10,160 9,133 11.2
------ -----
Total non-interest
income 86,115 81,609 5.5
Salaries and employee
benefits 116,819 87,219 33.9
Occupancy and equipment 34,245 27,737 23.5
Amortization of
intangibles 6,442 4,406 46.2
Other 65,198 46,252 41.0
------ ------
Total non-interest
expense 222,704 165,614 34.5
Income before income taxes 48,869 102,797 -52.5
Taxable equivalent
adjustment 6,037 4,658 29.6
Income taxes 7,237 28,461 -74.6
----- ------
Net income $35,595 $69,678 -48.9
======= =======
Earnings per share
Basic $0.44 $1.16 -62.1
Diluted $0.44 $1.15 -61.7
Performance ratios
------------------
Return on average equity 4.20% 12.89%
Return on tangible equity
(1) 10.63% 26.23%
Return on average assets 0.46% 1.15%
Return on tangible assets
(2) 0.55% 1.25%
Net interest margin (FTE) 3.88% 3.73%
Yield on earning assets (FTE) 6.25% 6.97%
Cost of funds 2.66% 3.61%
Efficiency ratio (FTE) (3) 62.88% 57.35%
Common stock data
-----------------
Average basic shares
outstanding 80,654,153 60,135,859 34.1
Average diluted shares
outstanding 80,997,987 60,629,065 33.6
Ending shares outstanding 89,700,152 60,554,248 48.1
Book value per common
share $10.32 $8.99 14.8
Tangible book value per
common share $3.92 $4.67 -16.1
Dividend payout ratio 219.92% 82.45%
(1) Return on tangible equity is calculated by dividing net income less
amortization of intangibles by average equity less average
intangibles.
(2) Return on 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) Treasury management accounts are included in short-term borrowings on
the balance sheet.
(5) As of December 31, 2008, the Corporation also has $10.5 million of
securities which management deemed to be other-than-temporarily
impaired.
(6) Certain prior period amounts have been reclassified to conform to the
current period presentation.
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands) 4th Qtr 4th Qtr
2008 - 2008 -
2008 2007 3rd Qtr 4th Qtr
---- ---- 2008 2007
Fourth Third Fourth Percent Percent
Average balances Quarter Quarter Quarter Variance Variance
---------------- ------- ------- ------- -------- --------
Total assets $8,414,609 $8,265,506 $6,109,593 1.8 37.7
Earning assets 7,197,213 7,089,681 5,418,770 1.5 32.8
Securities 1,330,686 1,304,035 1,053,081 2.0 26.4
Loans, net of
unearned income 5,861,620 5,766,959 4,363,982 1.6 34.3
Allowance for loan
losses 76,400 73,656 52,729 3.7 44.9
Goodwill and
intangibles 575,668 550,673 262,077 4.5 119.7
Deposits and treasury
Management
accounts (4) 6,529,246 6,381,969 4,706,626 2.3 38.7
Short-term borrowings 128,081 145,960 170,884 -12.2 -25.0
Long-term debt 494,065 501,500 462,475 -1.5 6.8
Trust preferred
securities 205,468 205,637 151,031 -0.1 36.0
Shareholders' equity 972,138 936,452 543,743 3.8 78.8
Asset quality data
------------------
Non-accrual loans $139,607 $74,161 $29,211 88.2 377.9
Restructured loans 4,097 3,733 3,468 9.8 18.1
----- ----- -----
Non-performing loans 143,704 77,894 32,679 84.5 339.7
Other real estate owned 9,177 14,338 8,052 -36.0 14.0
----- ------ -----
Non-performing
assets (5) $152,881 $92,232 $40,731 65.8 275.3
======== ======= =======
Net loan charge-offs $21,148 $4,323 $4,548 389.2 365.0
Allowance for loan
losses 104,730 74,755 52,806 40.1 98.3
Non-performing loans /
total loans 2.47% 1.33% 0.75%
Non-performing assets /
total loans + OREO 2.62% 1.57% 0.94%
Allowance for loan
Losses / total loans 1.80% 1.27% 1.22%
Allowance for loan
losses /
non-performing loans 72.88% 95.97% 161.59%
Net loan charge-offs
(annualized) /
average loans 1.44% 0.30% 0.41%
Balances at period end
----------------------
Total assets $8,364,811 $8,457,351 $6,088,021 -1.1 37.4
Earning assets 7,160,200 7,222,178 5,376,328 -0.9 33.2
Securities 1,326,133 1,335,780 1,025,974 -0.7 29.3
Loans, net of
unearned
income 5,820,380 5,876,041 4,344,235 -0.9 34.0
Goodwill and
intangibles 574,507 577,318 261,559 -0.5 119.6
Deposits and treasury
management
accounts (4) 6,469,328 6,525,953 4,674,236 -0.9 38.4
Short-term borrowings 181,558 179,286 173,271 1.3 4.8
Long-term debt 490,250 496,649 481,366 -1.3 1.8
Trust preferred
securities 205,386 205,555 151,031 -0.1 36.0
Shareholders' equity 925,984 971,074 544,357 -4.6 70.1
Capital ratios
--------------
Equity/assets
(period end) 11.07% 11.48% 8.94%
Leverage ratio 7.34% 7.97% 7.47%
Tangible equity/tangible
assets (period end) 4.51% 5.00% 4.85%
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands) For the Year
Ended December 31,
------------------ Percent
Average balances 2008 2007 Variance
---------------- ---- ---- --------
Total assets $7,696,895 $6,055,384 27.1
Earning assets 6,649,735 5,356,711 24.1
Securities 1,220,772 1,039,536 17.4
Loans, net of unearned
income 5,410,022 4,305,158 25.7
Allowance for loan losses 67,962 52,346 29.8
Goodwill and intangibles 473,228 263,861 79.3
Deposits and treasury
management accounts (4) 5,932,216 4,676,568 26.8
Short-term borrowings 143,154 147,439 -2.9
Long-term debt 498,262 467,047 6.7
Trust preferred securities 192,060 151,031 27.2
Shareholders' equity 847,417 540,469 56.8
Asset quality data
------------------
Non-accrual loans $139,607 $29,211 377.9
Restructured loans 4,097 3,468 18.1
----- -----
Non-performing loans 143,704 32,679 339.7
Other real estate owned 9,177 8,052 14.0
----- -----
Non-performing assets $152,881 $40,731 275.3
======== =======
Net loan charge-offs $32,596 $12,483 161.1
Allowance for loan losses 104,730 52,806 98.3
Non-performing loans /
total loans 2.47% 0.75%
Non-performing assets /
total loans + OREO 2.62% 0.94%
Allowance for loan losses
/ total loans 1.80% 1.22%
Allowance for loan losses /
non-performing loans 72.88% 161.59%
Net loan charge-offs
(annualized) /
average loans 0.60% 0.29%
Balances at period end
----------------------
Total assets $8,364,811 $6,088,021 37.4
Earning assets 7,160,200 5,376,328 33.2
Securities 1,326,133 1,025,974 29.3
Loans, net of unearned
income 5,820,380 4,344,235 34.0
Goodwill and intangibles 574,507 261,559 119.6
Deposits and treasury
management accounts (4) 6,469,328 4,674,236 38.4
Short-term borrowings 181,558 173,271 4.8
Long-term debt 490,250 481,366 1.8
Trust preferred securities 205,386 151,031 36.0
Shareholders' equity 925,984 544,357 70.1
Capital ratios
--------------
Equity/assets (period end) 11.07% 8.94%
Leverage ratio 7.34% 7.47%
Tangible equity/tangible
assets (period end) 4.51% 4.85%
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands) 4th Qtr 4th Qtr
2008 - 2008 -
2008 2007 3rd Qtr 4th Qtr
---- ---- 2008 2007
Fourth Third Fourth Percent Percent
Average balances Quarter Quarter Quarter Variance Variance
---------------- ------- ------- ------- -------- --------
Loans:
Commercial $3,203,713 $3,142,018 $2,241,272 2.0 42.9
Direct installment 1,083,072 1,099,102 945,539 -1.5 14.5
Consumer LOC 332,983 314,992 247,913 5.7 34.3
Residential
mortgages 651,141 655,719 475,346 -0.7 37.0
Indirect installment 522,633 493,648 432,477 5.9 20.8
Other 68,078 61,480 21,435 10.7 217.6
------ ------ ------
Total loans $5,861,620 $5,766,959 $4,363,982 1.6 34.3
========== ========== ==========
Deposits:
Non-interest bearing
deposits $918,143 $907,146 $628,766 1.2 46.0
Savings and NOW 2,847,628 2,826,205 2,066,390 0.8 37.8
Certificates of
deposit
and other time
deposits 2,331,236 2,250,043 1,725,646 3.6 35.1
--------- --------- ---------
Total deposits 6,097,007 5,983,394 4,420,802 1.9 37.9
Treasury management
accounts (4) 432,239 398,575 285,824 8.4 51.2
------- ------- -------
Total deposits and
Treasury
management
accounts (4) $6,529,246 $6,381,969 $4,706,626 2.3 38.7
========== ========== ==========
Balances at period end
----------------------
Loans:
Commercial $3,173,941 $3,228,768 $2,232,860 -1.7 42.1
Direct installment 1,070,791 1,095,115 941,249 -2.2 13.8
Consumer LOC 340,750 325,284 251,100 4.8 35.7
Residential
mortgages 638,356 647,259 465,881 -1.4 37.0
Indirect
installment 531,430 514,007 427,663 3.4 24.3
Other 65,112 65,608 25,482 -0.8 155.5
------ ------ ------
Total loans $5,820,380 $5,876,041 $4,344,235 -0.9 34.0
========== ========== ==========
Deposits:
Non-interest bearing
deposits $919,539 $939,561 $626,141 -2.1 46.9
Savings and NOW 2,816,628 2,888,899 2,037,160 -2.5 38.3
Certificates of
deposit
and other
time deposits 2,318,456 2,313,397 1,734,383 0.2 33.7
--------- --------- ---------
Total deposits 6,054,623 6,141,857 4,397,684 -1.4 37.7
Treasury management
accounts (4) 414,705 384,096 276,552 8.0 50.0
------- ------- -------
Total deposits
And Treasury
management
accounts (4) $6,469,328 $6,525,953 $4,674,236 -0.9 38.4
========== ========== ==========
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands) For the Year
Ended December 31,
------------------ Percent
Average balances 2008 2007 Variance
---------------- ---- ---- --------
Loans:
Commercial $2,922,868 $2,182,237 33.9
Direct installment 1,054,167 932,344 13.1
Consumer LOC 300,014 248,788 20.6
Residential mortgages 607,443 482,900 25.8
Indirect installment 462,834 439,196 5.4
Other 62,696 19,693 218.4
------ ------
Total loans $5,410,022 $4,305,158 25.7
========== ==========
Deposits:
Non-interest bearing
deposits $825,083 $634,537 30.0
Savings and NOW 2,596,378 2,030,614 27.9
Certificates of deposit
and other time deposits 2,137,555 1,744,691 22.5
--------- ---------
Total deposits 5,559,016 4,409,842 26.1
Treasury management
accounts (4) 373,200 266,726 39.9
------- -------
Total deposits and
treasury management
accounts (4) $5,932,216 $4,676,568 26.8
========== ==========
Balances at period end
----------------------
Loans:
Commercial $3,173,941 $2,232,860 42.1
Direct installment 1,070,791 941,249 13.8
Consumer LOC 340,750 251,100 35.7
Residential mortgages 638,356 465,881 37.0
Indirect installment 531,430 427,663 24.3
Other 65,112 25,482 155.5
------ ------
Total loans $5,820,380 $4,344,235 34.0
========== ==========
Deposits:
Non-interest bearing
deposits $919,539 $626,141 46.9
Savings and NOW 2,816,628 2,037,160 38.3
Certificates of deposit
and other time deposits 2,318,456 1,734,383 33.7
--------- ---------
Total deposits 6,054,623 4,397,684 37.7
Treasury management
accounts (4) 414,705 276,552 50.0
------- -------
Total deposits and
treasury management
accounts (4) $6,469,328 $4,674,236 38.4
========== ==========
F.N.B. CORPORATION
------------------
(Unaudited)
(Dollars in thousands)
Fourth Quarter 2008
-------------------
PA FL Total
-- -- -----
Asset quality data,
by geographic region
---------------------
Non-accrual loans 46,491 93,116 139,607
Restructured loans 4,097 0 4,097
----- - -----
Non-performing loans 50,588 93,116 143,704
Other real estate owned 8,039 1,138 9,177
----- ----- -----
Non-performing assets (5) 58,627 94,254 152,881
====== ====== =======
Net loan charge-offs 7,403 13,745 21,148
Allowance for loan losses 76,224 28,506 104,730
Loans, net of unearned
income 5,526,178 294,202 5,820,380
Non-performing loans / total
loans 0.92% 31.65% 2.47%
Non-performing assets / total
loans + OREO 1.06% 31.91% 2.62%
Allowance for loan losses /
total loans 1.38% 9.69% 1.80%
Allowance for loan losses /
non-performing loans 150.68% 30.61% 72.88%
Net loan charge-offs
(annualized) / average loans 0.53% 18.59% 1.44%
Loans 30 - 89 days past due 43,931 0 43,931
Loans 90+ days past due 14,067 0 14,067
Non-accrual loans 46,491 93,116 139,607
------ ------ -------
Total past due
and non-accrual
loans 104,489 93,116 197,605
======= ====== =======
Total past due
and non-accrual loans/
total loans 1.89% 31.65% 3.40%
Third Quarter 2008
------------------
PA FL Total
-- -- -----
Asset quality data,
by geographic region
---------------------
Non-accrual loans 45,179 28,982 74,161
Restructured loans 3,733 0 3,733
----- - -----
Non-performing loans 48,912 28,982 77,894
Other real estate owned 8,277 6,061 14,338
----- ----- ------
Non-performing assets (5) 57,189 35,043 92,232
====== ====== ======
Net loan charge-offs 3,264 1,059 4,323
Allowance for loan losses 64,539 10,216 74,755
Loans, net of unearned
income 5,567,997 308,044 5,876,041
Non-performing loans / total
loans 0.88% 9.41% 1.33%
Non-performing assets / total
loans + OREO 1.03% 11.16% 1.57%
Allowance for loan losses /
total loans 1.16% 3.32% 1.27%
Allowance for loan losses /
non-performing loans 131.95% 35.25% 95.97%
Net loan charge-offs
(annualized) /
average loans 0.24% 1.37% 0.30%
Loans 30 - 89 days past due 37,518 961 38,479
Loans 90+ days past due 9,965 0 9,965
Non-accrual loans 45,179 28,982 74,161
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Total past due
and non-accrual
loans 92,662 29,943 122,605
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Total past due
and non-accrual loans/
total loans 1.66% 9.72% 2.09%
SOURCE F.N.B. Corporation
