EX-99.1 2 l21453aexv99w1.htm EX.99.1 EX-99.1
 

Exhibit 99.1
F.N.B. CORPORATION REPORTS
SECOND QUARTER 2006 RESULTS
Hermitage, PA – July 20, 2006 – F.N.B. Corporation (NYSE: FNB), a diversified financial services company, today reported second quarter 2006 net income of $16.6 million, or $.28 per diluted share. These results compare to $15.8 million, or $.27 per diluted share, for the first quarter of 2006 and $17.5 million, or $.31 per diluted share, for the same period last year. The Corporation’s return on equity for the second quarter of 2006 was 13.4%, its return on tangible equity was 26.6% and its return on assets was 1.15%.
“The second quarter was an extremely active one at F.N.B. In addition to completing our acquisition of The Legacy Bank, which positions us for further growth in the attractive Harrisburg, PA market, we also experienced excellent progress as a result of our growth initiatives in Pittsburgh and Florida,” said Stephen Gurgovits, F.N.B. Corporation President and Chief Executive Officer. “Overall, we had an excellent quarter, and delivered a financial performance that met our expectations.”
For the six months ended June 30, 2006, the Corporation posted net income of $32.4 million, or $.56 per diluted share, compared to $32.5 million, or $.59 per diluted share, for the same period in 2005. The Corporation’s return on equity for the six months ended June 30, 2006 was 13.4%, its return on tangible equity was 26.0% and its return on assets was 1.15%.
Fully tax equivalent net interest income for the second quarter of 2006 was up 1.9% on a sequential quarter basis but 1.3% below the same period last year. Average loans were up 4.9% on a linked quarter basis. In spite of a flat yield curve, the yield on earning assets was up 18 basis points compared to the previous quarter. Offsetting the increase in interest income was a 29 basis-point increase in the cost of funds reflecting competitive pricing pressures and a change in the mix of deposits due to customer preferences. The net interest margin for the second quarter was 3.73%, a decrease of 9 basis points from the first quarter of 2006.
“It should be noted,” said Gurgovits, “that our organic loan growth, before the impact of the Legacy Bank merger, represented an 8.4% annualized growth rate in total loans over the prior quarter end with commercial loans providing the largest percentage increase at 18.4%.”
Year-to-date, net interest income on a fully tax equivalent basis was flat compared to the same period last year, reflecting the rise in the cost of funds. The Corporation’s net interest margin in the first half of 2006 was 3.77%, narrower than the 3.92% in the same period last year.
Non-interest income for the second quarter of 2006 totaled $20.8 million, representing an increase of 3.4% compared to the prior quarter and 10.6% versus the same period

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last year. Service charges on loans and deposits were up $464 thousand, or 4.6%, on a linked quarter basis reflecting cyclical trends. Insurance commissions were down $861 thousand from the previous quarter due to a reduction in contingent fees, which are primarily earned in the first quarter of each year. Retail securities commissions and fees grew $361 thousand, or 38.1%, in the second quarter of 2006 versus the first quarter of 2006 as alternative investments became more attractive to our customers. In addition, the Corporation realized an $894 thousand gain on the settlement of an impaired loan acquired in a previous merger.
Year-to-date non-interest income totaled $40.9 million, compared to $37.5 million in the same period last year. This 8.9% increase is principally due to the acquisitions completed in 2005. Non-interest income was 30% of net revenue in the first six months of 2006.
Non-interest expense for the second quarter of 2006 totaled $41.2 million, compared to $40.3 million in the previous quarter and $38.2 million for the same period last year. The second quarter of 2006 included $1.0 million in costs associated with The Legacy Bank of which $0.5 million were merger-related costs. Absent the impact of Legacy, expenses would have been flat on a sequential quarter basis reflecting continued efforts in expense control. The efficiency ratio was 58.7% in the second quarter of 2006.
On a year-to-date basis, non-interest expense was $81.4 million compared to $78.6 million for the first half of last year. This 3.6% increase is primarily attributable to the previously referenced acquisitions completed in 2005 and the second quarter of 2006.
Asset quality remained at strong levels in the second quarter of 2006. Annualized net charge-offs for the second quarter of 2006 improved to 27 basis points of average loans, compared to 56 basis points for the second quarter of 2005 and 37 basis points in the first quarter of 2006. Non-performing loans to total loans were 74 basis points for the second quarter of 2006, representing improvements from 81 basis points in both the second quarter last year and on a sequential quarter basis. As a result of these improving asset quality trends, the Corporation reduced its provision for loan losses to $2.5 million for the second quarter of 2006, compared to $3.0 million in the first quarter of 2006 and $2.7 million in the second quarter of 2005. On June 30, 2006, the allowance for loan losses was 1.26% of total loans and constituted 1.70 times non-performing loans versus 1.66 times at the same date last year.
Shareholders’ equity at June 30, 2006 was $535 million. The Corporation’s leverage capital ratio was 7.4% and its tangible capital ratio was 4.6% at the end of the quarter. Adjusting average assets for the Legacy acquisition would result in a leverage capital ratio of 7.1% at quarter end. The Corporation continues to maintain “well capitalized” ratios for federal bank regulatory purposes.
In May, F.N.B. completed its acquisition of The Legacy Bank in Harrisburg PA, and successfully integrated its operations into First National Bank. George Groves, Chairman and Chief Executive Officer of The Legacy Bank and a veteran of bank

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mergers, noted, “The planning for and execution of the systems conversion was the best that I have experienced throughout my career.” The Legacy Bank was recognized as the Small Business Administration’s (SBA) 2006 National Small 7(a) U.S. Lender of the Year. This SBA program is the agency’s primary financial assistance instrument for loan guaranties to help qualified entrepreneurs. Legacy was judged the best among its peers nationally in the areas of community involvement, customer service and loan growth.
The Corporation held its Annual Meeting on May 17, 2006 at Thiel College in Greenville, PA. Shareholders re-elected Robert B. Goldstein, David J. Malone, William J. Strimbu and Archie O. Wallace to the Board of Directors.
In June, Dawne S. Hickton joined the Board of Directors of F.N.B. Corporation. Mrs. Hickton is Senior Vice President and Chief Administrative Officer for RTI International Metals, a NYSE-listed manufacturing and distribution company. A resident of Pittsburgh, she was previously a Professor of Law at the University of Pittsburgh and a trial attorney for USX Corporation.
At its July meeting, the Board of Directors elected Arthur J. Rooney II as a Director of F.N.B. Corporation. Mr. Rooney is President of the Pittsburgh Steelers professional football organization.
“We welcome these new Directors to our Board and will benefit from the wealth of business experience they bring,” said Gurgovits. “They also bring in-depth knowledge of the greater Pittsburgh market that will assist us in better serving that region.”
First National Bank of Pennsylvania, the largest subsidiary of F.N.B. Corporation, has recently opened a new office in downtown Pittsburgh. Centrally located at One Oliver Plaza on Sixth Avenue, near the growing Cultural District, the branch is positioned to offer a higher level of service to the Bank’s corporate clients based in downtown Pittsburgh.
On June 30, the Corporation announced the creation of a Succession Committee to begin the process of selecting a replacement for Gurgovits, who has announced plans to transition from full-time responsibilities to a consulting role at the end of 2008. Gurgovits will remain with the Corporation as a member of the Board of Directors and as Chairman of the Board of First National Bank. The timing of this announcement provides the Board with over two years in which to identify the next Chief Executive Officer and assure a seamless transition.
In other news, First National Bank doubled its presence in the Florida market by opening its third and fourth loan production offices in Ft. Myers and Naples; and F.N.B. Capital Corporation closed its first major transaction with the funding of the employee purchase of AlturnaMATS, Inc. F.N.B. Capital Corporation offers mezzanine and equity investments to supplement and/or enhance traditional bank financing options.

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The Corporation will host a conference call on Friday, July 21, 2006 at 11:00 a.m. (EDT) to discuss second quarter 2006 results. Interested parties may access the conference call by dialing 1-800-346-7359 with the entry code 3044. Replays of the call will be available until July 28, 2006 by calling 1-800-332-6854 and using the above entry code, 3044. A transcript of the conference call will also be available on the Corporation’s web site, http://www.fnbcorporation.com.
About F.N.B. Corporation:
F.N.B. Corporation, headquartered in Hermitage, PA has total assets of $6.1 billion. F.N.B. is a leading provider of banking, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, including its Legacy Bank and Legacy Trust Company Divisions, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, and Regency Finance Company. It also operates consumer finance offices in Tennessee and loan production offices in Florida.
Mergent Inc., a leading provider of business and financial information about publicly traded companies, has recognized F.N.B. Corporation as a Dividend Achiever. This annual recognition is based on the Corporation’s outstanding record of increased dividend performance. The Corporation has consistently increased dividend payments for 33 consecutive years.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol FNB. Investor information is available on F.N.B.’s website at http://www.fnbcorporation.com.
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 depository 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) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which F.N.B. Corporation is engaged; (6) changes in the securities markets; or (7) 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 release revisions to these forward-looking statements or to reflect events or circumstances after the date of this release.
# # #
Media Contact:     
Kathryn Lima 724-981-4318
724-301-6984 (cell)
Analysts/Institutional Investor Contact:
John Waters 239-272-6495 (cell)
DATA SHEETS FOLLOW

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F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                         
                            2nd Qtr 2006 -     2nd Qtr 2006 -  
    2006     2005     1st Qtr 2006     2nd Qtr 2005  
    Second     First     Second     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Statement of earnings
                                        
Interest income
   $ 83,465     $ 77,621     $ 73,749       7.5       13.2  
Interest expense
     36,772       31,802       26,335       15.6       39.6  
 
                                  
Net interest income
     46,693       45,819       47,414       1.9       -1.5  
Taxable equivalent adjustment
     955       962       872       -0.7       9.6  
 
                                  
Net interest income (FTE)
     47,648       46,781       48,286       1.9       -1.3  
Provision for loan losses
     2,497       2,958       2,686       -15.6       -7.0  
 
                                  
Net interest income after provision (FTE)
     45,151       43,823       45,600       3.0       -1.0  
 
                                        
Service charges
     10,634       10,170       9,960       4.6       6.8  
Insurance commissions and fees
     3,239       4,100       3,127       -21.0       3.6  
Securities commissions and fees
     1,308       947       1,095       38.1       19.5  
Trust income
     1,858       1,844       1,756       0.8       5.8  
Gain (loss) on sale of securities
     339       547       564       -38.1       -39.9  
Gain on sale of loans
     401       298       295       34.6       35.6  
Other
     3,005       2,203       1,997       36.4       50.4  
 
                                  
Total non-interest income
     20,784       20,109       18,794       3.4       10.6  
 
                                        
Salaries and employee benefits
     21,140       21,318       19,735       -0.8       7.1  
Occupancy and equipment
     6,756       6,678       6,376       1.2       6.0  
Amortization of intangibles
     1,029       931       951       10.5       8.2  
Other
     12,244       11,324       11,157       8.1       9.7  
 
                                  
Total non-interest expense
     41,169       40,251       38,219       2.3       7.7  
 
                                        
Income before income taxes
     24,766       23,681       26,175       4.6       -5.4  
Taxable equivalent adjustment
     955       962       872       -0.7       9.6  
Income taxes
     7,176       6,917       7,762       3.7       -7.5  
 
                                  
Net income
   $ 16,635     $ 15,802     $ 17,541       5.3       -5.2  
 
                                  
 
                                        
Earnings per share
                                        
Basic
   $ 0.29     $ 0.28     $ 0.31       0.0       -9.7  
Diluted
   $ 0.28     $ 0.27     $ 0.31       3.7       -9.7  
 
                                        
Performance ratios
                                        
Return on average equity
     13.43 %     13.33 %     15.39 %                
Return on tangible equity (1)
     26.62 %     25.45 %     30.22 %                
Return on average assets
     1.15 %     1.14 %     1.25 %                
Net interest margin (FTE)
     3.73 %     3.82 %     3.87 %                
Yield on earning assets (FTE)
     6.60 %     6.42 %     5.98 %                
Cost of funds
     3.21 %     2.92 %     2.38 %                
Efficiency ratio (FTE) (2)
     58.66 %     58.78 %     55.56 %                
 
                                        
Common stock data
                                        
Average basic shares outstanding
     58,237,880       57,177,923       56,275,414       1.9       3.5  
Average diluted shares outstanding
     58,709,375       57,587,478       57,002,404       1.9       3.0  
Ending shares outstanding
     60,190,718       57,514,349       56,293,407       4.7       6.9  
Book value per common share
   $ 8.88     $ 8.37     $ 8.17       6.1       8.7  
Tangible book value per common share
   $ 4.44     $ 4.56     $ 4.36       -2.7       1.9  
Dividend payout ratio
     81.27 %     85.45 %     73.76 %                
 
(1)   Return on tangible equity is calculated by dividing net income less amortization of intangibles by average equity less average intangibles.
 
(2)   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.
 
(3)   The leverage ratio for the quarter ended June 30, 2006 is calculated using period end assets instead of quarterly average assets to adjust for the Legacy acquisition.

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                         
    For the Six Months        
    Ended June 30,     Percent  
    2006     2005     Variance  
Statement of earnings
                        
Interest income
   $ 161,086     $ 142,822       12.8  
Interest expense
     68,574       49,825       37.6  
 
                    
Net interest income
     92,512       92,997       -0.5  
Taxable equivalent adjustment
     1,917       1,652       16.0  
 
                    
Net interest income (FTE)
     94,429       94,649       -0.2  
Provision for loan losses
     5,455       5,017       8.7  
 
                    
Net interest income after provision (FTE)
     88,974       89,632       -0.7  
 
                        
Service charges
     20,804       19,014       9.4  
Insurance commissions and fees
     7,339       6,896       6.4  
Securities commissions and fees
     2,255       2,499       -9.7  
Trust income
     3,702       3,661       1.1  
Gain (loss) on sale of securities
     886       1,171       -24.3  
Gain on sale of loans
     699       609       14.8  
Other
     5,208       3,687       41.3  
 
                    
Total non-interest income
     40,893       37,537       8.9  
 
                        
Salaries and employee benefits
     42,458       40,918       3.8  
Occupancy and equipment
     13,434       12,893       4.2  
Amortization of intangibles
     1,960       1,811       8.2  
Other
     23,568       22,935       2.8  
 
                    
Total non-interest expense
     81,420       78,557       3.6  
 
                        
Income before income taxes
     48,447       48,612       -0.3  
Taxable equivalent adjustment
     1,917       1,652       16.0  
Income taxes
     14,093       14,509       -2.9  
 
                    
Net income
   $ 32,437     $ 32,451       0.0  
 
                    
 
                        
Earnings per share
                        
Basic
   $ 0.56     $ 0.59       -5.1  
Diluted
   $ 0.56     $ 0.59       -5.1  
 
                        
Performance ratios
                        
Return on average equity
     13.38 %     15.56 %        
Return on tangible equity (1)
     26.04 %     28.59 %        
Return on average assets
     1.15 %     1.20 %        
Net interest margin (FTE)
     3.77 %     3.92 %        
Yield on earning assets (FTE)
     6.51 %     5.98 %        
Cost of funds
     3.07 %     2.33 %        
Efficiency ratio (FTE) (2)
     58.72 %     58.06 %        
 
                        
Common stock data
                        
Average basic shares outstanding
     57,710,830       54,667,431       5.6  
Average diluted shares outstanding
     58,152,090       55,413,899       4.9  
Ending shares outstanding
     60,190,718       56,293,407       6.9  
Book value per common share
   $ 8.88     $ 8.17       8.7  
Tangible book value per common share
   $ 4.44     $ 4.36       1.9  
Dividend payout ratio
     83.31 %     79.76 %        

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                         
                            2nd Qtr 2006 -     2nd Qtr 2006 -  
    2006     2005     1st Qtr 2006     2nd Qtr 2005  
    Second     First     Second     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Average balances
                                        
Total assets
   $ 5,807,974     $ 5,599,172     $ 5,649,748       3.7       2.8  
Earning assets
     5,126,673       4,943,623       5,005,347       3.7       2.4  
Securities
     1,124,129       1,147,955       1,295,460       -2.1       -13.2  
Loans, net of unearned income
     3,976,154       3,789,368       3,708,608       4.9       7.2  
Allowance for loan losses
     52,155       51,464       52,953       1.3       -1.5  
Goodwill and intangibles
     236,099       219,252       216,288       7.7       9.2  
 
                                        
Deposits and repurchase agreements
     4,403,600       4,216,877       4,136,397       4.4       6.5  
Short-term borrowings
     148,512       175,225       288,477       -15.2       -48.5  
Long-term debt
     548,843       534,061       566,481       2.8       -3.1  
Trust preferred securities
     137,878       128,866       128,866       7.0       7.0  
Shareholders’ equity
     496,820       480,671       457,280       3.4       8.6  
 
                                        
Asset quality data
                                        
Non-accrual loans
   $ 26,331     $ 25,918     $ 24,760       1.6       6.3  
Restructured loans
     4,861       5,031       5,547       -3.4       -12.4  
 
                                  
Non-performing loans
     31,192       30,949       30,307       0.8       2.9  
Other real estate owned
     6,335       6,280       6,510       0.9       -2.7  
 
                                  
Non-performing assets
   $ 37,527     $ 37,229     $ 36,817       0.8       1.9  
 
                                  
 
                                        
Net loan charge-offs
   $ 2,679     $ 3,487     $ 5,187       -23.2       -48.4  
Allowance for loan losses
     53,041       50,178       50,197       5.7       5.7  
 
                                        
Non-performing loans / total loans
     0.74 %     0.81 %     0.81 %                
Non-performing assets / total assets
     0.62 %     0.66 %     0.65 %                
Allowance for loan losses / total loans
     1.26 %     1.31 %     1.34 %                
Allowance for loan losses / non-performing loans
     170.05 %     162.13 %     165.63 %                
Net loan charge-offs (annualized) / average loans
     0.27 %     0.37 %     0.56 %                
 
                                        
Balances at period end
                                        
Total assets
   $ 6,072,739     $ 5,631,413     $ 5,701,883       7.8       6.5  
Earning assets
     5,331,851       4,968,263       5,042,209       7.3       5.7  
Securities
     1,115,535       1,131,937       1,288,432       -1.4       -13.4  
Loans, net of unearned income
     4,210,525       3,826,964       3,746,569       10.0       12.4  
Goodwill and intangibles
     267,446       218,820       214,615       22.2       24.6  
 
                                        
Deposits and repurchase agreements
     4,567,333       4,283,556       4,131,747       6.6       10.5  
Short-term borrowings
     195,952       145,226       318,413       34.9       -38.5  
Long-term debt
     562,460       533,378       598,590       5.5       -6.0  
Trust preferred securities
     151,031       128,866       128,866       17.2       17.2  
Shareholders’ equity
     534,580       481,264       459,819       11.1       16.3  
 
                                        
Capital ratios
                                        
Equity/assets (period end)
     8.80 %     8.55 %     8.06 %                
Leverage ratio (3)
     7.08 %     7.14 %     6.81 %                
Tangible equity/tangible assets (period end)
     4.60 %     4.85 %     4.47 %                

 

 

                     
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                         
    For the Six Months        
    Ended June 30,     Percent  
    2006     2005     Variance  
Average balances
                        
Total assets
   $ 5,704,150     $ 5,455,823       4.6  
Earning assets
     5,035,654       4,857,904       3.7  
Securities
     1,135,976       1,249,532       -9.1  
Loans, net of unearned income
     3,883,277       3,606,992       7.7  
Allowance for loan losses
     51,811       52,805       -1.9  
Goodwill and intangibles
     227,722       183,453       24.1  
 
                        
Deposits and repurchase agreements
     4,310,754       4,012,852       7.4  
Short-term borrowings
     161,795       267,739       -39.6  
Long-term debt
     541,493       550,189       -1.6  
Trust preferred securities
     133,397       128,866       3.5  
Shareholders’ equity
     488,790       420,681       16.2  
 
                        
Asset quality data
                        
Non-accrual loans
   $ 26,331     $ 24,760       6.3  
Restructured loans
     4,861       5,547       -12.4  
 
                    
Non-performing loans
     31,192       30,307       2.9  
Other real estate owned
     6,335       6,510       -2.7  
 
                    
Non-performing assets
   $ 37,527     $ 36,817       1.9  
 
                    
 
                        
Net loan charge-offs
   $ 6,166     $ 8,909       -30.8  
Allowance for loan losses
     53,041       50,197       5.7  
 
                        
Non-performing loans / total loans
     0.74 %     0.81 %        
Non-performing assets / total assets
     0.62 %     0.65 %        
Allowance for loan losses / total loans
     1.26 %     1.34 %        
Allowance for loan losses / non-performing loans
     170.05 %     165.63 %        
Net loan charge-offs (annualized) / average loans
     0.32 %     0.50 %        
 
                        
Balances at period end
                        
Total assets
   $ 6,072,739     $ 5,701,883       6.5  
Earning assets
     5,331,851       5,042,209       5.7  
Securities
     1,115,535       1,288,432       -13.4  
Loans, net of unearned income
     4,210,525       3,746,569       12.4  
Goodwill and intangibles
     267,446       214,615       24.6  
 
                        
Deposits and repurchase agreements
     4,567,333       4,131,747       10.5  
Short-term borrowings
     195,952       318,413       -38.5  
Long-term debt
     562,460       598,590       -6.0  
Trust preferred securities
     151,031       128,866       17.2  
Shareholders’ equity
     534,580       459,819       16.3  
 
                        
Capital ratios
                        
Equity/assets (period end)
     8.80 %     8.06 %        
Leverage ratio (3)
     7.08 %     6.81 %        
Tangible equity/tangible assets (period end)
     4.60 %     4.47 %        

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                         
                            2nd Qtr 2006 -     2nd Qtr 2006 -  
    2006     2005     1st Qtr 2006     2nd Qtr 2005  
    Second     First     Second     Percent     Percent  
    Quarter     Quarter     Quarter     Variance     Variance  
Average balances
                                        
Loans:
                                        
Commercial
   $ 1,826,489     $ 1,674,450     $ 1,561,741       9.1       17.0  
Direct installment
     918,337       884,663       887,185       3.8       3.5  
Consumer LOC
     258,849       257,421       257,836       0.6       0.4  
Residential mortgages
     492,807       485,016       503,209       1.6       -2.1  
Indirect installment
     474,159       484,762       490,073       -2.2       -3.2  
Other
     5,513       3,056       8,564       80.4       -35.6  
 
                                  
Total loans
   $ 3,976,154     $ 3,789,368     $ 3,708,608       4.9       7.2  
 
                                  
 
                                        
Deposits:
                                        
Non-interest bearing deposits
   $ 647,605     $ 638,232     $ 675,449       1.5       -4.1  
Savings and NOW
     1,871,039       1,738,215       1,695,124       7.6       10.4  
Certificates of deposit and other time deposits
     1,694,561       1,645,730       1,591,696       3.0       6.5  
 
                                  
Total deposits
     4,213,205       4,022,177       3,962,269       4.7       6.3  
Customer repurchase agreements
     190,395       194,700       174,128       -2.2       9.3  
 
                                  
Total deposits and repurchase agreements
   $ 4,403,600     $ 4,216,877     $ 4,136,397       4.4       6.5  
 
                                  
 
                                        
Balances at period end
                                        
Loans:
                                        
Commercial
   $ 2,019,563     $ 1,708,307     $ 1,579,076       18.2       27.9  
Direct installment
     931,453       909,340       893,677       2.4       4.2  
Consumer LOC
     267,683       253,916       259,993       5.4       3.0  
Residential mortgages
     507,817       477,781       508,606       6.3       -0.2  
Indirect installment
     476,261       475,626       496,174       0.1       -4.0  
Other
     7,748       1,994       9,043       288.6       -14.3  
 
                                  
Total loans
   $ 4,210,525     $ 3,826,964     $ 3,746,569       10.0       12.4  
 
                                  
 
                                        
Deposits:
                                        
Non-interest bearing deposits
   $ 669,838     $ 651,964     $ 672,549       2.7       -0.4  
Savings and NOW
     1,939,823       1,800,500       1,683,657       7.7       15.2  
Certificates of deposit and other time deposits
     1,768,887       1,637,474       1,603,114       8.0       10.3  
 
                                  
Total deposits
     4,378,548       4,089,938       3,959,320       7.1       10.6  
Customer repurchase agreements
     188,785       193,618       172,427       -2.5       9.5  
 
                                  
Total deposits and repurchase agreements
   $ 4,567,333     $ 4,283,556     $ 4,131,747       6.6       10.5  
 
                                  

 

 

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                         
    For the Six Months        
    Ended June 30,     Percent  
    2006     2005     Variance  
Average balances
                        
Loans:
                        
Commercial
   $ 1,750,890     $ 1,528,384       14.6  
Direct installment
     901,593       858,354       5.0  
Consumer LOC
     258,139       254,952       1.3  
Residential mortgages
     488,933       496,677       -1.6  
Indirect installment
     479,431       461,537       3.9  
Other
     4,291       7,088       -39.5  
 
                    
Total loans
   $ 3,883,277     $ 3,606,992       7.7  
 
                    
 
                        
Deposits:
                        
Non-interest bearing deposits
   $ 642,944     $ 651,973       -1.4  
Savings and NOW
     1,804,994       1,664,661       8.4  
Certificates of deposit and other time deposits
     1,670,280       1,521,965       9.7  
 
                    
Total deposits
     4,118,218       3,838,599       7.3  
Customer repurchase agreements
     192,536       174,253       10.5  
 
                    
Total deposits and repurchase agreements
   $ 4,310,754     $ 4,012,852       7.4  
 
                    
 
                        
Balances at period end
                        
Loans:
                        
Commercial
   $ 2,019,563     $ 1,579,076       27.9  
Direct installment
     931,453       893,677       4.2  
Consumer LOC
     267,683       259,993       3.0  
Residential mortgages
     507,817       508,606       -0.2  
Indirect installment
     476,261       496,174       -4.0  
Other
     7,748       9,043       -14.3  
 
                    
Total loans
   $ 4,210,525     $ 3,746,569       12.4  
 
                    
 
                        
Deposits:
                        
Non-interest bearing deposits
   $ 669,838     $ 672,549       -0.4  
Savings and NOW
     1,939,823       1,683,657       15.2  
Certificates of deposit and other time deposits
     1,768,887       1,603,114       10.3  
 
                    
Total deposits
     4,378,548       3,959,320       10.6  
Customer repurchase agreements
     188,785       172,427       9.5  
 
                    
Total deposits and repurchase agreements
   $ 4,567,333     $ 4,131,747       10.5