F.N.B. CORPORATION | ||
(Exact name of registrant as specified in its charter) | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant's telephone number, including area code) | ||
N/A | ||
(Former name or former address, if changed since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||
share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E |
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
F.N.B. CORPORATION | ||||||||
(Registrant) | ||||||||
By: | /s/ Vincent J. Calabrese, Jr. | |||||||
Name: | Vincent J. Calabrese, Jr. | |||||||
Title: | Chief Financial Officer | |||||||
(Principal Financial Officer) |
Quarterly Results Summary | 3Q21 | 2Q21 | 3Q20 | ||||||||||||||
Reported results | |||||||||||||||||
Net income available to common stockholders (millions) | $ | 109.5 | $ | 99.4 | $ | 80.8 | |||||||||||
Net income per diluted common share | 0.34 | 0.31 | 0.25 | ||||||||||||||
Book value per common share (period-end) | 15.65 | 15.43 | 14.99 | ||||||||||||||
Pre-provision net revenue (reported) (millions) | 137.0 | 125.1 | 126.9 | ||||||||||||||
Operating results (non-GAAP) | |||||||||||||||||
Operating net income available to common stockholders (millions) | $ | 110.2 | $ | 101.5 | $ | 85.5 | |||||||||||
Operating net income per diluted common share | 0.34 | 0.31 | 0.26 | ||||||||||||||
Tangible common equity to tangible assets (period-end) | 7.24 | % | 7.26 | % | 7.19 | % | |||||||||||
Tangible book value per common share (period-end) | $ | 8.42 | $ | 8.20 | $ | 7.81 | |||||||||||
Pre-provision net revenue (operating) (millions) | $ | 138.0 | $ | 127.8 | $ | 132.9 | |||||||||||
Average diluted common shares outstanding (thousands) | 322,861 | 323,328 | 325,663 | ||||||||||||||
Significant items impacting earnings1 (millions) | |||||||||||||||||
Pre-tax merger-related expenses | $ | (0.9) | $ | — | $ | — | |||||||||||
After-tax impact of merger-related expenses | (0.7) | — | — | ||||||||||||||
Pre-tax COVID-19 expense | — | — | (2.7) | ||||||||||||||
After-tax impact of COVID-19 expense | — | — | (2.1) | ||||||||||||||
Pre-tax gain on sale of Visa class B stock | — | — | 13.8 | ||||||||||||||
After-tax impact of gain on sale of Visa class B stock | — | — | 10.9 |
Pre-tax loss on FHLB debt extinguishment and related hedge terminations | — | — | (13.3) | ||||||||||||||
After-tax impact of loss on FHLB debt extinguishment and related hedge terminations | — | — | (10.5) | ||||||||||||||
Pre-tax branch consolidation costs | — | (2.6) | — | ||||||||||||||
After-tax impact of branch consolidation costs | — | (2.1) | — | ||||||||||||||
Pre-tax service charge refunds | — | — | (3.8) | ||||||||||||||
After-tax impact of service charge refunds | — | — | (3.0) | ||||||||||||||
Total significant items pre-tax | $ | (0.9) | $ | (2.6) | $ | (6.0) | |||||||||||
Total significant items after-tax | $ | (0.7) | $ | (2.1) | $ | (4.7) | |||||||||||
Year-to-Date Results Summary | 2021 | 2020 | |||||||||||||||
Reported results | |||||||||||||||||
Net income available to common stockholders (millions) | $ | 300.1 | $ | 207.8 | |||||||||||||
Net income per diluted common share | 0.93 | 0.64 | |||||||||||||||
Pre-provision net revenue (reported) (millions) | 383.0 | 362.8 | |||||||||||||||
Operating results (non-GAAP) | |||||||||||||||||
Operating net income available to common stockholders (millions) | $ | 302.9 | $ | 222.1 | |||||||||||||
Operating net income per diluted common share | 0.94 | 0.68 | |||||||||||||||
Pre-provision net revenue (operating) (millions) | 386.6 | 385.1 | |||||||||||||||
Average diluted common shares outstanding (thousands) | 323,636 | 325,694 | |||||||||||||||
Significant items impacting earnings1 (millions) | |||||||||||||||||
Pre-tax merger-related expenses | $ | (0.9) | $ | — | |||||||||||||
After-tax impact of merger-related expenses | (0.7) | — | |||||||||||||||
Pre-tax COVID-19 expense | — | (6.6) | |||||||||||||||
After-tax impact of COVID-19 expense | — | (5.2) | |||||||||||||||
Pre-tax gain on sale of Visa class B stock | — | 13.8 | |||||||||||||||
After-tax impact of gain on sale of Visa class B stock | — | 10.9 | |||||||||||||||
Pre-tax loss on FHLB debt extinguishment and related hedge terminations | — | (13.3) | |||||||||||||||
After-tax impact of loss on FHLB debt extinguishment and related hedge terminations | — | (10.5) | |||||||||||||||
Pre-tax branch consolidation costs | (2.6) | (8.3) | |||||||||||||||
After-tax impact of branch consolidation costs | (2.1) | (6.5) | |||||||||||||||
Pre-tax service charge refunds | — | (3.8) | |||||||||||||||
After-tax impact of service charge refunds | — | (3.0) | |||||||||||||||
Total significant items pre-tax | $ | (3.5) | $ | (18.2) | |||||||||||||
Total significant items after-tax | $ | (2.8) | $ | (14.3) | |||||||||||||
(1) Favorable (unfavorable) impact on earnings. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | % Variance | ||||||||||||||||||||||||||||||||||||||||||||||
3Q21 | 3Q21 | For the Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||||||||||||||
3Q21 | 2Q21 | 3Q20 | 2Q21 | 3Q20 | 2021 | 2020 | Var. | ||||||||||||||||||||||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases, including fees | $ | 226,308 | $ | 223,409 | $ | 239,443 | 1.3 | (5.5) | $ | 671,099 | $ | 750,354 | (10.6) | ||||||||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 20,952 | 21,499 | 24,807 | (2.5) | (15.5) | 64,558 | 83,515 | (22.7) | |||||||||||||||||||||||||||||||||||||||
Tax-exempt | 7,152 | 7,279 | 7,955 | (1.7) | (10.1) | 21,991 | 23,942 | (8.1) | |||||||||||||||||||||||||||||||||||||||
Other | 1,228 | 659 | 226 | 86.3 | 443.4 | 2,310 | 1,606 | 43.8 | |||||||||||||||||||||||||||||||||||||||
Total Interest Income | 255,640 | 252,846 | 272,431 | 1.1 | (6.2) | 759,958 | 859,417 | (11.6) | |||||||||||||||||||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits | 10,650 | 12,165 | 27,421 | (12.5) | (61.2) | 38,060 | 111,354 | (65.8) | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 6,539 | 6,676 | 8,893 | (2.1) | (26.5) | 20,255 | 30,973 | (34.6) | |||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 6,045 | 6,134 | 9,019 | (1.5) | (33.0) | 18,443 | 29,400 | (37.3) | |||||||||||||||||||||||||||||||||||||||
Total Interest Expense | 23,234 | 24,975 | 45,333 | (7.0) | (48.7) | 76,758 | 171,727 | (55.3) | |||||||||||||||||||||||||||||||||||||||
Net Interest Income | 232,406 | 227,871 | 227,098 | 2.0 | 2.3 | 683,200 | 687,690 | (0.7) | |||||||||||||||||||||||||||||||||||||||
Provision for credit losses | (1,806) | (1,126) | 27,227 | 60.4 | (106.6) | 2,979 | 105,242 | (97.2) | |||||||||||||||||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 234,212 | 228,997 | 199,871 | 2.3 | 17.2 | 680,221 | 582,448 | 16.8 | |||||||||||||||||||||||||||||||||||||||
Non-Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||
Service charges | 31,716 | 29,726 | 24,296 | 6.7 | 30.5 | 89,273 | 78,362 | 13.9 | |||||||||||||||||||||||||||||||||||||||
Trust services | 9,471 | 9,282 | 7,733 | 2.0 | 22.5 | 27,836 | 23,045 | 20.8 | |||||||||||||||||||||||||||||||||||||||
Insurance commissions and fees | 6,776 | 6,227 | 6,401 | 8.8 | 5.9 | 20,188 | 18,788 | 7.5 | |||||||||||||||||||||||||||||||||||||||
Securities commissions and fees | 5,465 | 5,747 | 4,494 | (4.9) | 21.6 | 16,830 | 12,796 | 31.5 | |||||||||||||||||||||||||||||||||||||||
Capital markets income | 12,541 | 7,012 | 8,202 | 78.9 | 52.9 | 27,265 | 31,830 | (14.3) | |||||||||||||||||||||||||||||||||||||||
Mortgage banking operations | 8,245 | 7,422 | 18,831 | 11.1 | (56.2) | 31,400 | 34,348 | (8.6) | |||||||||||||||||||||||||||||||||||||||
Dividends on non-marketable equity securities | 1,857 | 2,383 | 2,496 | (22.1) | (25.6) | 6,516 | 9,940 | (34.4) | |||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 3,279 | 4,766 | 3,867 | (31.2) | (15.2) | 10,993 | 10,968 | 0.2 | |||||||||||||||||||||||||||||||||||||||
Net securities gains | 65 | 87 | 112 | (25.3) | (42.0) | 193 | 262 | (26.3) | |||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | — | — | (4,360) | — | — | — | (4,360) | — | |||||||||||||||||||||||||||||||||||||||
Other | 9,439 | 7,120 | 7,966 | 32.6 | 18.5 | 20,937 | 10,213 | 105.0 | |||||||||||||||||||||||||||||||||||||||
Total Non-Interest Income | 88,854 | 79,772 | 80,038 | 11.4 | 11.0 | 251,431 | 226,192 | 11.2 | |||||||||||||||||||||||||||||||||||||||
Non-Interest Expense | |||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 104,899 | 102,073 | 100,265 | 2.8 | 4.6 | 314,275 | 298,062 | 5.4 | |||||||||||||||||||||||||||||||||||||||
Net occupancy | 12,913 | 16,296 | 13,837 | (20.8) | (6.7) | 45,372 | 48,879 | (7.2) | |||||||||||||||||||||||||||||||||||||||
Equipment | 17,664 | 17,160 | 17,005 | 2.9 | 3.9 | 51,854 | 48,661 | 6.6 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 3,022 | 3,024 | 3,339 | (0.1) | (9.5) | 9,096 | 10,021 | (9.2) | |||||||||||||||||||||||||||||||||||||||
Outside services | 17,839 | 18,695 | 16,676 | (4.6) | 7.0 | 53,463 | 50,572 | 5.7 | |||||||||||||||||||||||||||||||||||||||
FDIC insurance | 4,380 | 4,208 | 4,064 | 4.1 | 7.8 | 13,432 | 14,990 | (10.4) | |||||||||||||||||||||||||||||||||||||||
Bank shares and franchise taxes | 3,584 | 3,576 | 3,778 | 0.2 | (5.1) | 10,939 | 11,899 | (8.1) | |||||||||||||||||||||||||||||||||||||||
Merger-related | 940 | — | — | — | — | 940 | — | — | |||||||||||||||||||||||||||||||||||||||
Other | 18,985 | 17,468 | 21,245 | 8.7 | (10.6) | 52,217 | 67,949 | (23.2) | |||||||||||||||||||||||||||||||||||||||
Total Non-Interest Expense | 184,226 | 182,500 | 180,209 | 0.9 | 2.2 | 551,588 | 551,033 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 138,840 | 126,269 | 99,700 | 10.0 | 39.3 | 380,064 | 257,607 | 47.5 | |||||||||||||||||||||||||||||||||||||||
Income taxes | 27,327 | 24,882 | 16,924 | 9.8 | 61.5 | 73,929 | 43,804 | 68.8 | |||||||||||||||||||||||||||||||||||||||
Net Income | 111,513 | 101,387 | 82,776 | 10.0 | 34.7 | 306,135 | 213,803 | 43.2 | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | 2,010 | 2,010 | 2,010 | — | — | 6,030 | 6,030 | — | |||||||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 109,503 | $ | 99,377 | $ | 80,766 | 10.2 | 35.6 | $ | 300,105 | $ | 207,773 | 44.4 | ||||||||||||||||||||||||||||||||||
Earnings per Common Share | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.31 | $ | 0.25 | 9.7 | 36.0 | $ | 0.94 | $ | 0.64 | 46.9 | ||||||||||||||||||||||||||||||||||
Diluted | 0.34 | 0.31 | 0.25 | 9.7 | 36.0 | 0.93 | 0.64 | 45.3 | |||||||||||||||||||||||||||||||||||||||
Cash Dividends per Common Share | 0.12 | 0.12 | 0.12 | — | — | 0.36 | 0.36 | — |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(Dollars in millions) | % Variance | ||||||||||||||||||||||||||||
3Q21 | 3Q21 | ||||||||||||||||||||||||||||
3Q21 | 2Q21 | 3Q20 | 2Q21 | 3Q20 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 402 | $ | 394 | $ | 396 | 2.0 | 1.5 | |||||||||||||||||||||
Interest-bearing deposits with banks | 3,708 | 2,550 | 504 | 45.4 | 635.7 | ||||||||||||||||||||||||
Cash and Cash Equivalents | 4,110 | 2,944 | 900 | 39.6 | 356.7 | ||||||||||||||||||||||||
Securities available for sale | 3,208 | 3,126 | 3,101 | 2.6 | 3.5 | ||||||||||||||||||||||||
Securities held to maturity | 3,202 | 3,135 | 2,966 | 2.1 | 8.0 | ||||||||||||||||||||||||
Loans held for sale | 253 | 177 | 680 | 42.9 | (62.8) | ||||||||||||||||||||||||
Loans and leases, net of unearned income | 24,716 | 25,111 | 25,689 | (1.6) | (3.8) | ||||||||||||||||||||||||
Allowance for credit losses on loans and leases | (349) | (357) | (373) | (2.2) | (6.4) | ||||||||||||||||||||||||
Net Loans and Leases | 24,367 | 24,754 | 25,316 | (1.6) | (3.7) | ||||||||||||||||||||||||
Premises and equipment, net | 342 | 343 | 335 | (0.3) | 2.1 | ||||||||||||||||||||||||
Goodwill | 2,262 | 2,262 | 2,262 | — | — | ||||||||||||||||||||||||
Core deposit and other intangible assets, net | 45 | 48 | 57 | (6.3) | (21.1) | ||||||||||||||||||||||||
Bank owned life insurance | 545 | 549 | 548 | (0.7) | (0.5) | ||||||||||||||||||||||||
Other assets | 1,027 | 1,068 | 1,276 | (3.8) | (19.5) | ||||||||||||||||||||||||
Total Assets | $ | 39,361 | $ | 38,406 | $ | 37,441 | 2.5 | 5.1 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Non-interest-bearing demand | $ | 10,502 | $ | 10,198 | $ | 8,741 | 3.0 | 20.1 | |||||||||||||||||||||
Interest-bearing demand | 14,360 | 13,657 | 13,063 | 5.1 | 9.9 | ||||||||||||||||||||||||
Savings | 3,537 | 3,413 | 3,007 | 3.6 | 17.6 | ||||||||||||||||||||||||
Certificates and other time deposits | 3,045 | 3,201 | 4,025 | (4.9) | (24.3) | ||||||||||||||||||||||||
Total Deposits | 31,444 | 30,469 | 28,836 | 3.2 | 9.0 | ||||||||||||||||||||||||
Short-term borrowings | 1,563 | 1,650 | 1,899 | (5.3) | (17.7) | ||||||||||||||||||||||||
Long-term borrowings | 886 | 888 | 1,397 | (0.2) | (36.6) | ||||||||||||||||||||||||
Other liabilities | 370 | 362 | 358 | 2.2 | 3.4 | ||||||||||||||||||||||||
Total Liabilities | 34,263 | 33,369 | 32,490 | 2.7 | 5.5 | ||||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||||||
Preferred stock | 107 | 107 | 107 | — | — | ||||||||||||||||||||||||
Common stock | 3 | 3 | 3 | — | — | ||||||||||||||||||||||||
Additional paid-in capital | 4,106 | 4,101 | 4,084 | 0.1 | 0.5 | ||||||||||||||||||||||||
Retained earnings | 1,051 | 981 | 838 | 7.1 | 25.4 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (52) | (46) | (26) | 13.0 | 100.0 | ||||||||||||||||||||||||
Treasury stock | (117) | (109) | (55) | 7.3 | 112.7 | ||||||||||||||||||||||||
Total Stockholders' Equity | 5,098 | 5,037 | 4,951 | 1.2 | 3.0 | ||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 39,361 | $ | 38,406 | $ | 37,441 | 2.5 | 5.1 |
F.N.B. CORPORATION AND SUBSIDIARIES | 3Q21 | 2Q21 | 3Q20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Interest | Interest | Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||||||||||||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 3,186,841 | $ | 1,228 | 0.15 | % | $ | 2,436,958 | $ | 659 | 0.11 | % | $ | 543,731 | $ | 226 | 0.17 | % | ||||||||||||||||||||||||||||||||||||||
Taxable investment securities (2) | 5,109,559 | 20,746 | 1.62 | 5,071,781 | 21,295 | 1.68 | 4,849,384 | 24,710 | 2.04 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable investment securities (1) | 1,078,906 | 9,230 | 3.42 | 1,094,787 | 9,386 | 3.43 | 1,142,971 | 10,101 | 3.54 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 257,909 | 2,381 | 3.69 | 196,455 | 1,865 | 3.80 | 282,917 | 3,349 | 4.72 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases (1) (3) | 24,729,254 | 224,675 | 3.61 | 25,397,396 | 222,383 | 3.51 | 26,063,431 | 237,063 | 3.62 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Interest Earning Assets (1) | 34,362,469 | 258,260 | 2.99 | 34,197,377 | 255,588 | 3.00 | 32,882,434 | 275,449 | 3.34 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 389,659 | 369,086 | 369,263 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (362,592) | (368,243) | (371,199) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 343,070 | 335,294 | 335,711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 3,985,793 | 3,992,672 | 4,250,497 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 38,718,399 | $ | 38,526,186 | $ | 37,466,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 13,888,928 | 4,487 | 0.13 | $ | 13,798,324 | 4,900 | 0.14 | $ | 12,584,154 | 10,041 | 0.32 | ||||||||||||||||||||||||||||||||||||||||||||
Savings | 3,509,325 | 164 | 0.02 | 3,391,989 | 175 | 0.02 | 2,991,381 | 261 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||
Certificates and other time | 3,111,424 | 5,999 | 0.76 | 3,258,747 | 7,090 | 0.88 | 4,149,263 | 17,119 | 1.64 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 20,509,677 | 10,650 | 0.21 | 20,449,060 | 12,165 | 0.24 | 19,724,798 | 27,421 | 0.55 | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 1,549,353 | 6,539 | 1.67 | 1,700,795 | 6,676 | 1.57 | 2,217,640 | 8,893 | 1.59 | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 886,637 | 6,045 | 2.70 | 954,402 | 6,134 | 2.58 | 1,526,968 | 9,019 | 2.35 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 22,945,667 | 23,234 | 0.40 | 23,104,257 | 24,975 | 0.43 | 23,469,406 | 45,333 | 0.77 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 10,338,713 | 10,058,181 | 8,671,940 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Deposits and Borrowings | 33,284,380 | 0.28 | 33,162,438 | 0.30 | 32,141,346 | 0.56 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 370,587 | 369,249 | 409,427 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 33,654,967 | 33,531,687 | 32,550,773 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 5,063,432 | 4,994,499 | 4,915,933 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 38,718,399 | $ | 38,526,186 | $ | 37,466,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Earning Assets | $ | 11,416,802 | $ | 11,093,120 | $ | 9,413,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income (FTE) (1) | 235,026 | 230,613 | 230,116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment | (2,620) | (2,742) | (3,018) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 232,406 | $ | 227,871 | $ | 227,098 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Spread | 2.59 | % | 2.57 | % | 2.57 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (1) | 2.72 | % | 2.70 | % | 2.79 | % |
(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 21%. | ||||
(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 AND SUBSIDIARIES | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Interest | Interest | ||||||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 2,399,683 | $ | 2,310 | 0.13 | % | $ | 336,541 | $ | 1,606 | 0.64 | % | ||||||||||||||||||||||||||
Taxable investment securities (2) | 5,033,410 | 63,958 | 1.69 | 5,075,865 | 83,385 | 2.19 | ||||||||||||||||||||||||||||||||
Non-taxable investment securities (1) | 1,100,120 | 28,337 | 3.43 | 1,128,327 | 30,179 | 3.57 | ||||||||||||||||||||||||||||||||
Loans held for sale | 206,589 | 5,739 | 3.70 | 155,713 | 5,389 | 4.62 | ||||||||||||||||||||||||||||||||
Loans and leases (1) (3) | 25,190,510 | 667,835 | 3.54 | 25,061,913 | 748,328 | 3.99 | ||||||||||||||||||||||||||||||||
Total Interest Earning Assets (1) | 33,930,312 | 768,179 | 3.02 | 31,758,359 | 868,887 | 3.65 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 376,276 | 361,171 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (366,849) | (342,081) | ||||||||||||||||||||||||||||||||||||
Premises and equipment | 337,262 | 334,879 | ||||||||||||||||||||||||||||||||||||
Other assets | 4,017,431 | 4,205,752 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 38,294,432 | $ | 36,318,080 | ||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 13,683,402 | 14,927 | 0.15 | $ | 11,839,283 | 49,358 | 0.56 | ||||||||||||||||||||||||||||||
Savings | 3,394,718 | 510 | 0.02 | 2,818,593 | 2,651 | 0.13 | ||||||||||||||||||||||||||||||||
Certificates and other time | 3,294,084 | 22,623 | 0.92 | 4,404,265 | 59,345 | 1.80 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 20,372,204 | 38,060 | 0.25 | 19,062,141 | 111,354 | 0.78 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 1,688,999 | 20,255 | 1.60 | 2,716,076 | 30,973 | 1.52 | ||||||||||||||||||||||||||||||||
Long-term borrowings | 977,269 | 18,443 | 2.52 | 1,538,425 | 29,400 | 2.55 | ||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 23,038,472 | 76,758 | 0.45 | 23,316,642 | 171,727 | 0.98 | ||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 9,874,148 | 7,707,562 | ||||||||||||||||||||||||||||||||||||
Total Deposits and Borrowings | 32,912,620 | 0.31 | 31,024,204 | 0.74 | ||||||||||||||||||||||||||||||||||
Other liabilities | 374,898 | 403,762 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | 33,287,518 | 31,427,966 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 5,006,914 | 4,890,114 | ||||||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 38,294,432 | $ | 36,318,080 | ||||||||||||||||||||||||||||||||||
Net Interest Earning Assets | $ | 10,891,840 | $ | 8,441,717 | ||||||||||||||||||||||||||||||||||
Net Interest Income (FTE) (1) | 691,421 | 697,160 | ||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment | (8,221) | (9,470) | ||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 683,200 | $ | 687,690 | ||||||||||||||||||||||||||||||||||
Net Interest Spread | 2.57 | % | 2.67 | % | ||||||||||||||||||||||||||||||||||
Net Interest Margin (1) | 2.72 | % | 2.93 | % |
(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 21%. | ||||
(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 AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
3Q21 | 2Q21 | 3Q20 | 2021 | 2020 | |||||||||||||||||||||||||
Performance Ratios | |||||||||||||||||||||||||||||
Return on average equity | 8.74 | % | 8.14 | % | 6.70 | % | 8.17 | % | 5.84 | % | |||||||||||||||||||
Return on average tangible equity (1) | 16.41 | 15.52 | 13.10 | 15.54 | 11.54 | ||||||||||||||||||||||||
Return on average tangible common equity (1) | 16.77 | 15.85 | 13.34 | 15.87 | 11.72 | ||||||||||||||||||||||||
Return on average assets | 1.14 | 1.06 | 0.88 | 1.07 | 0.79 | ||||||||||||||||||||||||
Return on average tangible assets (1) | 1.24 | 1.15 | 0.97 | 1.16 | 0.87 | ||||||||||||||||||||||||
Net interest margin (FTE) (2) | 2.72 | 2.70 | 2.79 | 2.72 | 2.93 | ||||||||||||||||||||||||
Yield on earning assets (FTE) (2) | 2.99 | 3.00 | 3.34 | 3.02 | 3.65 | ||||||||||||||||||||||||
Cost of interest-bearing deposits | 0.21 | 0.24 | 0.55 | 0.25 | 0.78 | ||||||||||||||||||||||||
Cost of interest-bearing liabilities | 0.40 | 0.43 | 0.77 | 0.45 | 0.98 | ||||||||||||||||||||||||
Cost of funds | 0.28 | 0.30 | 0.56 | 0.31 | 0.74 | ||||||||||||||||||||||||
Efficiency ratio (1) | 55.43 | 56.83 | 55.26 | 56.95 | 55.99 | ||||||||||||||||||||||||
Effective tax rate | 19.68 | 19.71 | 16.97 | 19.45 | 17.00 | ||||||||||||||||||||||||
Pre-provision net revenue (reported) / average tangible common equity (1) | 20.53 | 19.49 | 20.30 | 19.79 | 19.71 | ||||||||||||||||||||||||
Pre-provision net revenue (operating) / average tangible common equity (1) | 20.68 | 19.90 | 21.25 | 19.97 | 20.92 | ||||||||||||||||||||||||
Capital Ratios | |||||||||||||||||||||||||||||
Equity / assets (period end) | 12.95 | 13.12 | 13.22 | ||||||||||||||||||||||||||
Common equity / assets (period end) | 12.68 | 12.84 | 12.94 | ||||||||||||||||||||||||||
Common equity tier 1 (3) | 9.9 | 9.9 | 9.6 | ||||||||||||||||||||||||||
Leverage ratio | 8.00 | 7.84 | 7.78 | ||||||||||||||||||||||||||
Tangible equity / tangible assets (period end) (1) | 7.53 | 7.55 | 7.49 | ||||||||||||||||||||||||||
Tangible common equity / tangible assets (period end) (1) | 7.24 | 7.26 | 7.19 | ||||||||||||||||||||||||||
Common Stock Data | |||||||||||||||||||||||||||||
Average diluted common shares outstanding | 322,860,927 | 323,328,165 | 325,662,780 | 323,635,655 | 325,694,146 | ||||||||||||||||||||||||
Period end common shares outstanding | 318,921,616 | 319,465,156 | 323,212,398 | ||||||||||||||||||||||||||
Book value per common share | $ | 15.65 | $ | 15.43 | $ | 14.99 | |||||||||||||||||||||||
Tangible book value per common share (1) | 8.42 | 8.20 | 7.81 | ||||||||||||||||||||||||||
Dividend payout ratio (common) | 35.43 | % | 39.09 | % | 48.65 | % | 38.88 | % | 56.66 | % |
(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 21%. | ||||
(3) | September 30, 2021 Common Equity Tier 1 ratio is an estimate and reflects the election of a five-year transition to delay the full impact of CECL on regulatory capital for two years, followed by a three-year transition period. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
% Variance | |||||||||||||||||||||||||||||||||||||||||||||||
3Q21 | 3Q21 | ||||||||||||||||||||||||||||||||||||||||||||||
3Q21 | 2Q21 | 3Q20 | 2Q21 | 3Q20 | |||||||||||||||||||||||||||||||||||||||||||
Balances at period end | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9,871 | $ | 9,793 | $ | 9,521 | 0.8 | 3.7 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | 5,960 | 6,619 | 7,547 | (10.0) | (21.0) | ||||||||||||||||||||||||||||||||||||||||||
Commercial leases | 489 | 477 | 487 | 2.5 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||
Other | 81 | 80 | 65 | 1.3 | 24.6 | ||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | 16,401 | 16,969 | 17,620 | (3.3) | (6.9) | ||||||||||||||||||||||||||||||||||||||||||
Direct installment | 2,250 | 2,145 | 1,977 | 4.9 | 13.8 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 3,588 | 3,505 | 3,531 | 2.4 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||
Indirect installment | 1,230 | 1,223 | 1,219 | 0.6 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Consumer LOC | 1,247 | 1,269 | 1,342 | (1.7) | (7.1) | ||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 8,315 | 8,142 | 8,069 | 2.1 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 24,716 | $ | 25,111 | $ | 25,689 | (1.6) | (3.8) | |||||||||||||||||||||||||||||||||||||||
Note: Loans held for sale were $253, $177 and $680 at 3Q21, 2Q21, and 3Q20, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
(1) PPP loans were $0.7 billion, $1.6 billion and $2.5 billion at 3Q21, 2Q21 and 3Q20, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
% Variance | |||||||||||||||||||||||||||||||||||||||||||||||
Average balances | 3Q21 | 3Q21 | For the Nine Months Ended September 30, | % | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases: | 3Q21 | 2Q21 | 3Q20 | 2Q21 | 3Q20 | 2021 | 2020 | Var. | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9,687 | $ | 9,897 | $ | 9,443 | (2.1) | 2.6 | $ | 9,839 | $ | 9,476 | 3.8 | ||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | 6,289 | 7,010 | 7,628 | (10.3) | (17.6) | 6,798 | 6,552 | 3.8 | |||||||||||||||||||||||||||||||||||||||
Commercial leases | 475 | 476 | 492 | (0.3) | (3.5) | 476 | 473 | 0.7 | |||||||||||||||||||||||||||||||||||||||
Other | 66 | 76 | 49 | (12.4) | 35.1 | 67 | 24 | 179.8 | |||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | 16,517 | 17,459 | 17,612 | (5.4) | (6.2) | 17,180 | 16,525 | 4.0 | |||||||||||||||||||||||||||||||||||||||
Direct installment | 2,190 | 2,068 | 1,960 | 5.9 | 11.7 | 2,090 | 1,908 | 9.6 | |||||||||||||||||||||||||||||||||||||||
Residential mortgages | 3,539 | 3,386 | 3,522 | 4.5 | 0.5 | 3,430 | 3,464 | (1.0) | |||||||||||||||||||||||||||||||||||||||
Indirect installment | 1,229 | 1,214 | 1,609 | 1.3 | (23.6) | 1,216 | 1,768 | (31.2) | |||||||||||||||||||||||||||||||||||||||
Consumer LOC | 1,254 | 1,270 | 1,360 | (1.3) | (7.7) | 1,275 | 1,397 | (8.8) | |||||||||||||||||||||||||||||||||||||||
Consumer loans | 8,212 | 7,938 | 8,451 | 3.5 | (2.8) | 8,011 | 8,537 | (6.2) | |||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 24,729 | $ | 25,397 | $ | 26,063 | (2.6) | (5.1) | $ | 25,191 | $ | 25,062 | 0.5 | ||||||||||||||||||||||||||||||||||
(1) PPP average loans were $1.1 billion, $2.1 billion and $2.5 billion at 3Q21, 2Q21 and 3Q20, respectively, and $1.8 billion and $1.3 billion for the nine months ended September 30, 2021 and 2020, respectively. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | % Variance | ||||||||||||||||||||||||||||
(Dollars in millions) | 3Q21 | 3Q21 | |||||||||||||||||||||||||||
Asset Quality Data | 3Q21 | 2Q21 | 3Q20 | 2Q21 | 3Q20 | ||||||||||||||||||||||||
Non-Performing Assets | |||||||||||||||||||||||||||||
Non-performing loans | $ | 110 | $ | 128 | $ | 178 | (14.1) | (38.2) | |||||||||||||||||||||
Other real estate owned (OREO) | 8 | 9 | 20 | (11.1) | (60.0) | ||||||||||||||||||||||||
Non-performing assets | $ | 118 | $ | 137 | $ | 198 | (13.9) | (40.4) | |||||||||||||||||||||
Non-performing loans / total loans and leases | 0.45 | % | 0.51 | % | 0.69 | % | |||||||||||||||||||||||
Non-performing loans + 90 days past due + OREO / total loans and leases + OREO | 0.51 | 0.57 | 0.84 | ||||||||||||||||||||||||||
Delinquency | |||||||||||||||||||||||||||||
Loans 30-89 days past due | $ | 59 | $ | 54 | $ | 78 | 9.3 | (24.4) | |||||||||||||||||||||
Loans 90+ days past due | 8 | 7 | 18 | 14.3 | (55.6) | ||||||||||||||||||||||||
Non-accrual loans | 110 | 128 | 178 | (14.1) | (38.2) | ||||||||||||||||||||||||
Past due and non-accrual loans | $ | 177 | $ | 189 | $ | 274 | (6.3) | (35.4) | |||||||||||||||||||||
Past due and non-accrual loans / total loans and leases | 0.72 | % | 0.75 | % | 1.07 | % |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | % Variance | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 3Q21 | 3Q21 | For the Nine Months Ended September 30, | % | |||||||||||||||||||||||||||||||||||||||||||
Allowance on Loans and Leases and Allowance for Unfunded Loan Commitments Rollforward | 3Q21 | 2Q21 | 3Q20 | 2Q21 | 3Q20 | 2021 | 2020 | Var. | |||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 356.5 | $ | 362.0 | $ | 365.0 | (1.5) | (2.3) | $ | 363.1 | $ | 195.9 | 85.4 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | (5.7) | (1.7) | 27.2 | 232.2 | (120.8) | (1.3) | 105.2 | (101.2) | |||||||||||||||||||||||||||||||||||||||
Net loan (charge-offs)/recoveries | (1.6) | (3.8) | (19.3) | (58.4) | (91.7) | (12.5) | (33.4) | (62.5) | |||||||||||||||||||||||||||||||||||||||
Adjustment due to CECL adoption | — | — | — | — | 105.3 | ||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and leases | $ | 349.3 | $ | 356.5 | $ | 373.0 | (2.0) | (6.4) | $ | 349.3 | $ | 373.0 | (6.4) | ||||||||||||||||||||||||||||||||||
Allowance for Unfunded Loan Commitments | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for unfunded loan commitments balance at beginning of period | $ | 14.1 | $ | 13.5 | $ | 15.1 | 4.3 | (6.6) | $ | 13.7 | $ | 2.6 | 426.5 | ||||||||||||||||||||||||||||||||||
Provision (reduction in allowance) for unfunded loan commitments / other adjustments | 3.8 | 0.6 | (0.3) | 563.3 | (1440.4) | 4.3 | 2.2 | 96.1 | |||||||||||||||||||||||||||||||||||||||
Adjustment due to CECL adoption | — | — | — | — | 10.0 | ||||||||||||||||||||||||||||||||||||||||||
Allowance for unfunded loan commitments | $ | 18.0 | $ | 14.1 | $ | 14.8 | 27.3 | 21.2 | $ | 18.0 | $ | 14.8 | 21.2 | ||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments | $ | 367.2 | $ | 370.6 | $ | 387.8 | (0.9) | (5.3) | $ | 367.2 | $ | 387.8 | (5.3) | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and leases / total loans and leases | 1.41 | % | 1.42 | % | 1.45 | % | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and leases / total non-performing loans | 317.0 | 278.2 | 209.8 | ||||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (annualized) / total average loans and leases | 0.03 | 0.06 | 0.29 | 0.07 | % | 0.18 | % |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP | |||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
3Q21 | 3Q21 | For the Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||||||||||||||
3Q21 | 2Q21 | 3Q20 | 2Q21 | 3Q20 | 2021 | 2020 | Var. | ||||||||||||||||||||||||||||||||||||||||
Operating net income available to common stockholders: | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 109,503 | $ | 99,377 | $ | 80,766 | $ | 300,105 | $ | 207,773 | |||||||||||||||||||||||||||||||||||||
Merger-related expense | 940 | — | — | 940 | — | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of merger-related expense | (197) | — | — | (197) | — | ||||||||||||||||||||||||||||||||||||||||||
COVID-19 expense | — | — | 2,671 | — | 6,622 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of COVID-19 expense | — | — | (561) | — | (1,391) | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of Visa class B stock | — | — | (13,818) | — | (13,818) | ||||||||||||||||||||||||||||||||||||||||||
Tax expense of gain on sale of Visa class B stock | — | — | 2,902 | — | 2,902 | ||||||||||||||||||||||||||||||||||||||||||
Loss on FHLB debt extinguishment and related hedge terminations | — | — | 13,316 | — | 13,316 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of loss on FHLB debt extinguishment and related hedge terminations | — | — | (2,796) | — | (2,796) | ||||||||||||||||||||||||||||||||||||||||||
Branch consolidation costs | — | 2,644 | — | 2,644 | 8,262 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of branch consolidation costs | — | (555) | — | (555) | (1,735) | ||||||||||||||||||||||||||||||||||||||||||
Service charge refunds | — | — | 3,780 | — | 3,780 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of service charge refunds | — | — | (794) | — | (794) | ||||||||||||||||||||||||||||||||||||||||||
Operating net income available to common stockholders (non-GAAP) | $ | 110,246 | $ | 101,466 | $ | 85,466 | 8.7 | 29.0 | $ | 302,937 | $ | 222,121 | 36.4 | ||||||||||||||||||||||||||||||||||
Operating earnings per diluted common share: | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings per diluted common share | $ | 0.34 | $ | 0.31 | $ | 0.25 | $ | 0.93 | $ | 0.64 | |||||||||||||||||||||||||||||||||||||
Merger-related expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of merger-related expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
COVID-19 expense | — | — | 0.01 | — | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of COVID-19 expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of Visa class B stock | — | — | (0.04) | — | (0.04) | ||||||||||||||||||||||||||||||||||||||||||
Tax expense of gain on sale of Visa class B stock | — | — | 0.01 | — | 0.01 | ||||||||||||||||||||||||||||||||||||||||||
Loss on FHLB debt extinguishment and related hedge terminations | — | — | 0.04 | — | 0.04 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of loss on FHLB debt extinguishment and related hedge terminations | — | — | (0.01) | — | (0.01) | ||||||||||||||||||||||||||||||||||||||||||
Branch consolidation costs | — | 0.01 | — | 0.01 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of branch consolidation costs | — | — | — | — | (0.01) | ||||||||||||||||||||||||||||||||||||||||||
Service charge refunds | — | — | 0.01 | — | 0.01 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of service charge refunds | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Operating earnings per diluted common share (non-GAAP) | $ | 0.34 | $ | 0.31 | $ | 0.26 | 9.7 | 30.8 | $ | 0.94 | $ | 0.68 | 38.2 |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
3Q21 | 2Q21 | 3Q20 | 2021 | 2020 | |||||||||||||||||||||||||
Return on average tangible equity: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Net income (annualized) | $ | 442,414 | $ | 406,663 | $ | 329,305 | $ | 409,302 | $ | 285,591 | |||||||||||||||||||
Amortization of intangibles, net of tax (annualized) | 9,471 | 9,581 | 10,495 | 9,607 | 10,575 | ||||||||||||||||||||||||
Tangible net income (annualized) (non-GAAP) | $ | 451,885 | $ | 416,244 | $ | 339,800 | $ | 418,909 | $ | 296,166 | |||||||||||||||||||
Average total stockholders' equity | $ | 5,063,432 | $ | 4,994,499 | $ | 4,915,933 | $ | 5,006,914 | $ | 4,890,114 | |||||||||||||||||||
Less: Average intangible assets (1) | (2,308,922) | (2,311,953) | (2,321,352) | (2,311,940) | (2,324,638) | ||||||||||||||||||||||||
Average tangible stockholders' equity (non-GAAP) | $ | 2,754,510 | $ | 2,682,546 | $ | 2,594,581 | $ | 2,694,974 | $ | 2,565,476 | |||||||||||||||||||
Return on average tangible equity (non-GAAP) | 16.41 | % | 15.52 | % | 13.10 | % | 15.54 | % | 11.54 | % | |||||||||||||||||||
Return on average tangible common equity: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Net income available to common stockholders (annualized) | $ | 434,443 | $ | 398,600 | $ | 321,307 | $ | 401,239 | $ | 277,536 | |||||||||||||||||||
Amortization of intangibles, net of tax (annualized) | 9,471 | 9,581 | 10,495 | 9,607 | 10,575 | ||||||||||||||||||||||||
Tangible net income available to common stockholders (annualized) (non-GAAP) | $ | 443,914 | $ | 408,181 | $ | 331,802 | $ | 410,846 | $ | 288,111 | |||||||||||||||||||
Average total stockholders' equity | $ | 5,063,432 | $ | 4,994,499 | $ | 4,915,933 | $ | 5,006,914 | $ | 4,890,114 | |||||||||||||||||||
Less: Average preferred stockholders' equity | (106,882) | (106,882) | (106,882) | (106,882) | (106,882) | ||||||||||||||||||||||||
Less: Average intangible assets (1) | (2,308,922) | (2,311,953) | (2,321,352) | (2,311,940) | (2,324,638) | ||||||||||||||||||||||||
Average tangible common equity (non-GAAP) | $ | 2,647,628 | $ | 2,575,664 | $ | 2,487,699 | $ | 2,588,092 | $ | 2,458,594 | |||||||||||||||||||
Return on average tangible common equity (non-GAAP) | 16.77 | % | 15.85 | % | 13.34 | % | 15.87 | % | 11.72 | % | |||||||||||||||||||
Operating return on average tangible common equity: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Operating net income available to common stockholders (annualized) | $ | 437,389 | |||||||||||||||||||||||||||
Amortization of intangibles, net of tax (annualized) | 9,471 | ||||||||||||||||||||||||||||
Tangible operating net income available to common stockholders (annualized) (non-GAAP) | $ | 446,860 | |||||||||||||||||||||||||||
Average total stockholders' equity | $ | 5,063,432 | |||||||||||||||||||||||||||
Less: Average preferred stockholders' equity | (106,882) | ||||||||||||||||||||||||||||
Less: Average intangible assets (1) | (2,308,922) | ||||||||||||||||||||||||||||
Average tangible common equity (non-GAAP) | $ | 2,647,628 | |||||||||||||||||||||||||||
Operating return on average tangible common equity (non-GAAP) | 16.88 | % | |||||||||||||||||||||||||||
(1) Excludes loan servicing rights. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
3Q21 | 2Q21 | 3Q20 | 2021 | 2020 | |||||||||||||||||||||||||
Return on average tangible assets: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Net income (annualized) | $ | 442,414 | $ | 406,663 | $ | 329,305 | $ | 409,302 | $ | 285,591 | |||||||||||||||||||
Amortization of intangibles, net of tax (annualized) | 9,471 | 9,581 | 10,495 | 9,607 | 10,575 | ||||||||||||||||||||||||
Tangible net income (annualized) (non-GAAP) | $ | 451,885 | $ | 416,244 | $ | 339,800 | $ | 418,909 | $ | 296,166 | |||||||||||||||||||
Average total assets | $ | 38,718,399 | $ | 38,526,186 | $ | 37,466,706 | $ | 38,294,432 | $ | 36,318,080 | |||||||||||||||||||
Less: Average intangible assets (1) | (2,308,922) | (2,311,953) | (2,321,352) | (2,311,940) | (2,324,638) | ||||||||||||||||||||||||
Average tangible assets (non-GAAP) | $ | 36,409,477 | $ | 36,214,233 | $ | 35,145,354 | $ | 35,982,492 | $ | 33,993,442 | |||||||||||||||||||
Return on average tangible assets (non-GAAP) | 1.24 | % | 1.15 | % | 0.97 | % | 1.16 | % | 0.87 | % | |||||||||||||||||||
(1) Excludes loan servicing rights. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||
(Unaudited) | |||||||||||||||||
3Q21 | 2Q21 | 3Q20 | |||||||||||||||
Tangible book value per common share: | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||
Total stockholders' equity | $ | 5,098,407 | $ | 5,036,410 | $ | 4,951,059 | |||||||||||
Less: Preferred stockholders' equity | (106,882) | (106,882) | (106,882) | ||||||||||||||
Less: Intangible assets (1) | (2,307,432) | (2,310,453) | (2,319,689) | ||||||||||||||
Tangible common equity (non-GAAP) | $ | 2,684,093 | $ | 2,619,075 | $ | 2,524,488 | |||||||||||
Common shares outstanding | 318,921,616 | 319,465,156 | 323,212,398 | ||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 8.42 | $ | 8.20 | $ | 7.81 | |||||||||||
Tangible equity / tangible assets (period end): | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Total stockholders' equity | $ | 5,098,407 | $ | 5,036,410 | $ | 4,951,059 | |||||||||||
Less: Intangible assets (1) | (2,307,432) | (2,310,453) | (2,319,689) | ||||||||||||||
Tangible equity (non-GAAP) | $ | 2,790,975 | $ | 2,725,957 | $ | 2,631,370 | |||||||||||
Total assets | $ | 39,361,110 | $ | 38,405,693 | $ | 37,440,672 | |||||||||||
Less: Intangible assets (1) | (2,307,432) | (2,310,453) | (2,319,689) | ||||||||||||||
Tangible assets (non-GAAP) | $ | 37,053,678 | $ | 36,095,240 | $ | 35,120,983 | |||||||||||
Tangible equity / tangible assets (period end) (non-GAAP) | 7.53 | % | 7.55 | % | 7.49 | % | |||||||||||
Tangible common equity / tangible assets (period end): | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Total stockholders' equity | $ | 5,098,407 | $ | 5,036,410 | $ | 4,951,059 | |||||||||||
Less: Preferred stockholders' equity | (106,882) | (106,882) | (106,882) | ||||||||||||||
Less: Intangible assets (1) | (2,307,432) | (2,310,453) | (2,319,689) | ||||||||||||||
Tangible common equity (non-GAAP) | $ | 2,684,093 | $ | 2,619,075 | $ | 2,524,488 | |||||||||||
Total assets | $ | 39,361,110 | $ | 38,405,693 | $ | 37,440,672 | |||||||||||
Less: Intangible assets (1) | (2,307,432) | (2,310,453) | (2,319,689) | ||||||||||||||
Tangible assets (non-GAAP) | $ | 37,053,678 | $ | 36,095,240 | $ | 35,120,983 | |||||||||||
Tangible common equity / tangible assets (period end) (non-GAAP) | 7.24 | % | 7.26 | % | 7.19 | % | |||||||||||
(1) Excludes loan servicing rights. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||
(Unaudited) | |||||||||||||||||
3Q21 | 2Q21 | 3Q20 | |||||||||||||||
Allowance for credit losses / loans and leases, excluding PPP loans (period-end): | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
ACL - loans | $ | 349,250 | $ | 356,509 | $ | 372,970 | |||||||||||
Loans and leases | $ | 24,716,335 | $ | 25,110,528 | $ | 25,688,502 | |||||||||||
Less: PPP loans outstanding | (694,326) | (1,551,284) | (2,534,136) | ||||||||||||||
Loans and leases, excluding PPP loans (non-GAAP) | $ | 24,022,009 | $ | 23,559,244 | $ | 23,154,366 | |||||||||||
ACL loans / loans and leases, excluding PPP loans (non-GAAP) | 1.45 | % | 1.51 | % | 1.61 | % |
Non-performing loans / loans and leases, excluding PPP loans: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Non-performing loans | $ | 110,159 | $ | 128,150 | $ | 177,751 | |||||||||||
Loans and leases | $ | 24,716,335 | $ | 25,110,528 | $ | 25,688,502 | |||||||||||
Less: PPP loans outstanding | (694,326) | (1,551,284) | (2,534,136) | ||||||||||||||
Loans and leases, excluding PPP loans (non-GAAP) | $ | 24,022,009 | $ | 23,559,244 | $ | 23,154,366 | |||||||||||
Non-performing loans / loans and leases, excluding PPP loans (non-GAAP) | 0.46 | % | 0.54 | % | 0.77 | % |
Non-performing loans + 90 days past due + OREO / loans and leases + OREO, excluding PPP loans: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Non-performing loans + 90 days past due + OREO | $ | 126,182 | $ | 143,979 | $ | 216,457 | |||||||||||
Loans and leases | $ | 24,716,335 | $ | 25,110,528 | $ | 25,688,502 | |||||||||||
Plus: OREO | 8,353 | 9,106 | 20,319 | ||||||||||||||
Less: PPP loans outstanding | (694,326) | (1,551,284) | (2,534,136) | ||||||||||||||
Loans and leases + OREO, excluding PPP loans (non-GAAP) | $ | 24,030,362 | $ | 23,568,350 | $ | 23,174,685 | |||||||||||
Non-performing loans + 90 days past due + OREO / loans and leases + OREO, excluding PPP loans (non-GAAP) | 0.52 | % | 0.61 | % | 0.93 | % |
Net loan charge-offs (annualized) / average loans and leases, excluding PPP loans: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net loan charge-offs (annualized) | $ | 6,312 | $ | 15,330 | $ | 76,605 | |||||||||||
Average loans and leases | $ | 24,729,254 | $ | 25,397,396 | $ | 26,063,431 | |||||||||||
Less: Average PPP loans outstanding | (1,123,285) | (2,125,609) | (2,509,758) | ||||||||||||||
Average loans and leases, excluding PPP loans (non-GAAP) | $ | 23,605,969 | $ | 23,271,787 | $ | 23,553,673 | |||||||||||
Net loan charge-offs (annualized) / average loans and leases, excluding PPP loans (non-GAAP) | 0.03 | % | 0.07 | % | 0.32 | % |
Past due and non-accrual loans, excluding PPP loans / loans and leases, excluding PPP loans: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Past due and non-accrual loans | $ | 176,998 | $ | 188,519 | $ | 274,314 | |||||||||||
Less: Past due and non-accrual loans - PPP loans | (6,911) | — | — | ||||||||||||||
Past due and non-accrual loans, excluding PPP loans (non-GAAP) | $ | 170,087 | $ | 188,519 | $ | 274,314 | |||||||||||
Loans and leases | $ | 24,716,335 | $ | 25,110,528 | $ | 25,688,502 | |||||||||||
Less: PPP loans outstanding | (694,326) | (1,551,284) | (2,534,136) | ||||||||||||||
Loans and leases, excluding PPP loans (non-GAAP) | $ | 24,022,009 | $ | 23,559,244 | $ | 23,154,366 | |||||||||||
Past due and non-accrual loans, excluding PPP loans / loans and leases, excluding PPP loans (non-GAAP) | 0.71 | % | 0.80 | % | 1.18 | % |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
3Q21 | 2Q21 | 3Q20 | 2021 | 2020 | |||||||||||||||||||||||||
KEY PERFORMANCE INDICATORS | |||||||||||||||||||||||||||||
Pre-provision net revenue / average tangible common equity: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Net interest income | $ | 232,406 | $ | 227,871 | $ | 227,098 | $ | 683,200 | $ | 687,690 | |||||||||||||||||||
Non-interest income | 88,854 | 79,772 | 80,038 | 251,431 | 226,192 | ||||||||||||||||||||||||
Less: Non-interest expense | (184,226) | (182,500) | (180,209) | (551,588) | (551,033) | ||||||||||||||||||||||||
Pre-provision net revenue (as reported) | $ | 137,034 | $ | 125,143 | $ | 126,927 | $ | 383,043 | $ | 362,849 | |||||||||||||||||||
Pre-provision net revenue (as reported) (annualized) | $ | 543,669 | $ | 501,947 | $ | 504,948 | $ | 512,127 | $ | 484,681 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Add: Service charge refunds (non-interest income) | — | — | 3,780 | — | 3,780 | ||||||||||||||||||||||||
Less: Gain on sale of Visa class B stock (non-interest income) | — | — | (13,818) | — | (13,818) | ||||||||||||||||||||||||
Add: Loss on FHLB debt extinguishment and related hedge terminations (non-interest income) | — | — | 13,316 | — | 13,316 | ||||||||||||||||||||||||
Add: Merger-related expense (non-interest expense) | 940 | — | — | 940 | — | ||||||||||||||||||||||||
Add: COVID -19 expense (non-interest expense) | — | — | 2,671 | — | 6,622 | ||||||||||||||||||||||||
Add: Branch consolidation costs (non-interest expense) | — | 2,644 | — | 2,644 | 8,262 | ||||||||||||||||||||||||
Add: Tax credit-related impairment project (non-interest expense) | — | — | — | — | 4,101 | ||||||||||||||||||||||||
Pre-provision net revenue (operating) (non-GAAP) | $ | 137,974 | $ | 127,787 | $ | 132,876 | $ | 386,627 | $ | 385,112 | |||||||||||||||||||
Pre-provision net revenue (operating) (annualized) (non-GAAP) | $ | 547,399 | $ | 512,552 | $ | 528,614 | $ | 516,919 | $ | 514,419 | |||||||||||||||||||
Average total shareholders’ equity | $ | 5,063,432 | $ | 4,994,499 | $ | 4,915,933 | $ | 5,006,914 | $ | 4,890,114 | |||||||||||||||||||
Less: Average preferred shareholders’ equity | (106,882) | (106,882) | (106,882) | (106,882) | (106,882) | ||||||||||||||||||||||||
Less: Average intangible assets (1) | (2,308,922) | (2,311,953) | (2,321,352) | (2,311,940) | (2,324,638) | ||||||||||||||||||||||||
Average tangible common equity (non-GAAP) | $ | 2,647,628 | $ | 2,575,664 | $ | 2,487,699 | $ | 2,588,092 | $ | 2,458,594 | |||||||||||||||||||
Pre-provision net revenue (reported) / average tangible common equity (non-GAAP) | 20.53 | % | 19.49 | % | 20.30 | % | 19.79 | % | 19.71 | % | |||||||||||||||||||
Pre-provision net revenue (operating) / average tangible common equity (non-GAAP) | 20.68 | % | 19.90 | % | 21.25 | % | 19.97 | % | 20.92 | % | |||||||||||||||||||
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
3Q21 | 2Q21 | 3Q20 | 2021 | 2020 | |||||||||||||||||||||||||
Efficiency ratio (FTE): | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Total non-interest expense | $ | 184,226 | $ | 182,500 | $ | 180,209 | $ | 551,588 | $ | 551,033 | |||||||||||||||||||
Less: Amortization of intangibles | (3,022) | (3,024) | (3,339) | (9,096) | (10,021) | ||||||||||||||||||||||||
Less: OREO expense | (781) | (499) | (1,061) | (2,066) | (3,347) | ||||||||||||||||||||||||
Less: Merger-related expense | (940) | — | — | (940) | — | ||||||||||||||||||||||||
Less: COVID-19 expense | — | — | (2,671) | — | (6,622) | ||||||||||||||||||||||||
Less: Branch consolidation costs | — | (2,644) | — | (2,644) | (8,262) | ||||||||||||||||||||||||
Less: Tax credit-related project impairment | — | — | — | — | (4,101) | ||||||||||||||||||||||||
Adjusted non-interest expense | $ | 179,483 | $ | 176,333 | $ | 173,138 | $ | 536,842 | $ | 518,680 | |||||||||||||||||||
Net interest income | $ | 232,406 | $ | 227,871 | $ | 227,098 | $ | 683,200 | $ | 687,690 | |||||||||||||||||||
Taxable equivalent adjustment | 2,620 | 2,742 | 3,018 | 8,221 | 9,470 | ||||||||||||||||||||||||
Non-interest income | 88,854 | 79,772 | 80,038 | 251,431 | 226,192 | ||||||||||||||||||||||||
Less: Net securities gains | (65) | (87) | (112) | (193) | (262) | ||||||||||||||||||||||||
Less: Gain on sale of Visa class B stock | — | — | (13,818) | — | (13,818) | ||||||||||||||||||||||||
Add: Loss on FHLB debt extinguishment and related hedge terminations | — | — | 13,316 | — | 13,316 | ||||||||||||||||||||||||
Add: Service charge refunds | — | — | 3,780 | — | 3,780 | ||||||||||||||||||||||||
Adjusted net interest income (FTE) + non-interest income | $ | 323,815 | $ | 310,298 | $ | 313,320 | $ | 942,659 | $ | 926,368 | |||||||||||||||||||
Efficiency ratio (FTE) (non-GAAP) | 55.43 | % | 56.83 | % | 55.26 | % | 56.95 | % | 55.99 | % | |||||||||||||||||||
(1) Excludes loan servicing rights. |
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