HERMITAGE, Pa., July 21 /PRNewswire-FirstCall/ -- F.N.B. Corporation , a diversified financial services company, today reported financial results for the second quarter of 2008. Second quarter 2008 net income was $14.5 million, or $0.17 per diluted share, compared to $16.5 million, or $0.27 per diluted share for the first quarter of 2008 and $17.6 million, or $0.29 per diluted share for the second quarter of 2007. In addition to the acquisition of Omega Financial Corporation on April 1, 2008, results for the second quarter of 2008 include $11.9 million, pre-tax, or $0.09 per diluted share, after-tax, for an additional provision for loan losses, merger-related costs, costs associated with the retirement of one of the Corporation's executives and charges related to lower bank stock values. The Corporation's return on average tangible equity for the second quarter of 2008 was 14.3%, its return on average equity was 6.3%, its return on average tangible assets was 0.82% and its return on average assets was 0.73%.
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"We are very pleased to welcome the customers and employees from Omega Financial Corporation to the F.N.B. family," stated Bob New, President and Chief Executive Officer of F.N.B. Corporation. "This strategic combination benefited our second quarter results by growing our loan portfolio and funding base, enhancing our capital base, expanding our net interest margin, creating more scale in our fee income businesses, and, most importantly, giving our combined customers a larger product set and footprint with which to service their financial needs. With our larger franchise and stronger capital position, organized around our new management committee, we believe we are well-positioned to continue to deliver on our investment thesis. As evidence of this confidence, the Board has reaffirmed our commitment to our strong dividend."
Third Quarter Dividend
The Board of Directors of the Corporation declared a dividend of $0.24 per common share for the third quarter of 2008. The dividend is payable on September 15, 2008 to shareholders of record as of September 1, 2008.
Second Quarter 2008 Results
The Corporation's loan portfolio increased in the second quarter due to a combination of the loans added in the Omega transaction and organic growth. The acquisition of Omega improved the proportion of relationship-building, higher-yielding commercial loans. Total average loans increased 27% compared to the first quarter of 2008 and 31% compared to the second quarter of 2007, with Omega contributing increases across the loan portfolios. While Omega added approximately $1.1 billion in loans, average loans grew organically 3.8% annualized compared to the prior quarter and 4.4% versus the same quarter in 2007. This organic growth was led by new commercial loans. The Corporation's average earning assets increased 27% relative to the prior quarter.
Compared to the first quarter of 2008, average deposits and treasury management balances increased 31% with deposits from Omega and organic increases contributing to the growth. The acquisition of Omega improved the proportion of low-cost core deposits as a percentage of overall deposits. While Omega added approximately $1.3 billion in total deposits, on an organic basis average deposits and treasury management balances increased 8.1% annualized compared to the prior quarter and 2.3% versus the same quarter one- year ago.
Net interest income, on a fully taxable equivalent basis, increased 34% in the second quarter of 2008 compared to the prior quarter, reflecting the Corporation's loan growth and an improved net interest margin. The expansion in the net interest margin, which widened to 3.92% from 3.73% in the prior quarter, primarily reflects the benefits from the Omega acquisition.
Growth in key fee revenue lines helped total non-interest income for the second quarter of 2008 increase 24% from the prior quarter and 35% from the second quarter of 2007. Non-interest income for the second quarter of 2008 includes $0.9 million of charges on three equity investments consisting of $0.5 million for other-than-temporary impairment on two bank stock investments and $0.4 million related to an investment in a limited partnership that invests in bank stocks (recorded in other non-interest income). Non-interest income represented 29% of net revenue for the second quarter of 2008.
Non-interest expense increased 40% compared to the prior quarter and 48% versus the second quarter of 2007. Total expense for the second quarter of 2008 includes approximately $3.6 million in merger-related costs. During June, the Corporation began realizing the cost synergies associated with redundancies from the strategic combination of the Corporation and Omega. The second quarter also includes $1.1 million in costs associated with an executive retirement. The Corporation's efficiency ratio was 64.3% for the second quarter of 2008 compared to 59.8% in the prior quarter and 58.3% in same quarter one year ago. The merger-related costs and retirement costs increased the efficiency ratio by 500 basis points in the second quarter.
"Our late-May conversion of Omega's systems was successfully accomplished with the sensitivity for customers and employees for which F.N.B. has come to be known. We look forward to servicing these new markets and realizing additional synergies in the second half of 2008," noted Mr. New.
The $11.0 million loan loss provision for the second quarter of 2008 includes an additional provision of $6.4 million, which is comprised of $5.4 million related to the Corporation's Florida portfolio and $1.0 million related to loans acquired in the Omega transaction.
The provision for Omega relates to aligning the former Omega reserve methodology with that of the Corporation. At June 30, 2008, the allowance for loan losses was a solid 1.28% of total loans, representing an 8 basis point increase from March 31, 2008. The allowance represents 1.2 times total non- performing loans.
States Mr. New, "This quarter we increased our provision in recognition of the prolonged difficulty in the Florida economy. It is important to note that our Florida loan portfolio represents approximately 5% of our total loan portfolio. Our Pennsylvania loan portfolio is performing very well, and as a company, our overall asset quality is good."
Asset quality conditions in the Corporation's Pennsylvania and Ohio markets continue to be stable, while the economic environment in Florida continues to be weak. Non-performing assets increased $29 million compared to March 31, 2008, solely due to two Florida non-performing assets totaling $15.5 million and the addition of $13.2 million in non-performing assets from the Omega acquisition. As a result, the ratio of non-performing assets to total loans and other real estate owned was 127 basis points at June 30, 2008, compared to 95 basis points at March 31, 2008 and 68 basis points at June 30, 2007.
In terms of actual losses, the Corporation's net charge-off ratio remains at a manageable level. Annualized net loan charge-offs for the second quarter of 2008 were 30 basis points of average loans, representing a 3 basis point increase from 27 basis points in the first quarter of 2008 and a 6 basis point increase over a historically low ratio for the second quarter of 2007.
Capital Position
The Corporation's capital ratios continue to exceed federal bank regulatory agency "well capitalized" thresholds. The capital position of the Corporation improved in the second quarter of 2008 as a result of the Omega transaction. Shareholders' equity at June 30, 2008, was $919.5 million, or $10.69 per common share, representing an increase from $543.6 million, or $8.97 per common share, at March 31, 2008. Tangible book value was $4.58 per common share. The Corporation's leverage and tangible capital ratios were 8.17% and 5.21%, respectively, at June 30, 2008, representing increases from 7.51% and 4.80%, respectively, at March 31, 2008.
Six Month Results
For the six months ended June 30, 2008, the Corporation posted net income of $31.0 million, compared to $35.0 million for the same period of 2007. On a per share basis, year-to-date earnings were $0.42 per diluted share, compared to $0.58 per diluted share for the first half of 2007. The Corporation's return on tangible equity for the six months ended June 30, 2008, was 18.3%, its return on equity was 8.4%, its return on tangible assets was 0.98% and its return on assets was 0.88%.
Net interest income, on a fully taxable equivalent basis, for the six months ended June 30, 2008 was 19% higher than the same period of last year, reflecting growth in average loans of 18% and growth in average deposits and treasury management balances of 16%. Additionally, the Corporation's net interest margin for the six months ended June 30, 2008 increased 10 basis points to 3.83%, when compared to the six months ended June 30, 2007.
Non-interest income for the six months ended June 30, 2008 increased 20% to $49.6 million from $41.3 million during the same period of 2007. Non- interest income was 29.7% of net revenue for the six months ended June 30, 2008.
Non-interest expense for the six months ended June 30, 2008 was $106.4 million, a 27% increase compared to $83.7 million for the same period of 2007. The efficiency ratio was 62.3% for the six months ended June 30, 2008 versus 58.3% for the six months ended June 30, 2007, reflecting the negative impact of merger-related and executive retirement costs in the second quarter of 2008.
Conference Call
Management will host a quarterly conference call to discuss results for the second quarter of 2008, tomorrow, Tuesday, July 22, 2008, at 8:30 AM Eastern Daylight Time. Hosting the call will be Bob New, President and Chief Executive Officer, and Brian F. Lilly, Chief Financial Officer.
The call can be accessed via the telephone by dialing (888) 218-8184 or (913) 312-0411 for international callers; the confirmation number is 5554934.
A replay of the call will be available from 11:30 AM Eastern Daylight Time on the day of the call until midnight Eastern Daylight Time on Tuesday, August 5, 2008. The replay can be accessed by dialing (888) 203-1112 or (719) 457- 0820 for international callers; the confirmation number is 5554934. A transcript of the call will be posted to the "Shareholder and Investor Relations" section of F.N.B. Corporation's Web site at http://www.fnbcorporation.com/.
About F.N.B. Corporation
F.N.B. Corporation, headquartered in Hermitage, PA, is a diversified financial services company with total assets of $8.1 billion at June 30, 2008. F.N.B. Corporation is a leading provider of commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency Finance Company and Bank Capital Services. It also operates consumer finance offices in Tennessee and loan production offices in Pennsylvania, Ohio, Tennessee and 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 F.N.B. Corporation's outstanding record of increased dividend performance. F.N.B. Corporation has consistently increased dividend payments for 35 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. Corporation's Web site at http://www.fnbcorporation.com/.
ADDITIONAL INFORMATION ABOUT THE MERGER
F.N.B. Corporation and Iron and Glass Bancorp, Inc. have filed a definitive proxy statement/prospectus and other relevant documents with the SEC in connection with the merger.
SHAREHOLDERS OF IRON AND GLASS BANCORP, INC. ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
The proxy statement/prospectus and other relevant materials and any other documents filed by F.N.B. Corporation with the SEC may be obtained free of charge at the SEC's Web site at http://www.sec.gov/. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by F.N.B. Corporation by contacting James Orie, F.N.B. Corporation, One F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317, and by Iron and Glass Bancorp, Inc. by contacting Mike Hagan, CEO, Iron and Glass Bancorp, Inc, 1114 East Carson Street, Pittsburgh, PA 15203-1187, telephone: (412) 488- 5200.
Iron and Glass Bancorp, Inc. and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its shareholders in connection with the proposed merger. Information concerning such participants' ownership of Iron and Glass Bancorp, Inc. common stock will be set forth in the proxy statement/prospectus relating to the merger. This communication does not constitute an offer of any securities for sale.
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) 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) 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 release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.
DATA SHEETS FOLLOW F.N.B. CORPORATION (Unaudited) (Dollars in thousands, except per share data) 2008 2007 Percent Variance 2nd Qtr 2nd Qtr 2008 - 2008 - Second First Second 1st Qtr 2nd Qtr Statement of earnings Quarter Quarter Quarter 2008 2007 Interest income $105,297 $88,525 $91,620 18.9 14.9 Interest expense 39,740 39,560 43,271 0.5 -8.2 Net interest income 65,557 48,965 48,349 33.9 35.6 Taxable equivalent adjustment 1,608 1,263 1,170 27.4 37.5 Net interest income (FTE) 67,165 50,228 49,519 33.7 35.6 Provision for loan losses 10,976 3,583 1,838 206.3 497.2 Net interest income after provision (FTE) 56,189 46,645 47,681 20.5 17.8 Service charges 14,860 10,186 10,212 45.9 45.5 Insurance commissions and fees 4,183 3,922 3,230 6.7 29.5 Securities commissions and fees 2,098 1,520 1,650 38.0 27.2 Trust income 3,575 2,224 2,118 60.7 68.8 Gain (loss) on sale of securities (415) 744 304 -155.8 -236.5 Gain on sale of loans 530 451 359 17.5 47.6 Other 2,625 3,121 2,502 -15.9 4.9 Total non-interest income 27,456 22,168 20,375 23.9 34.8 Salaries and employee benefits 32,320 25,256 21,475 28.0 50.5 Occupancy and equipment 9,128 6,931 6,964 31.7 31.1 Amortization of intangibles 1,219 1,073 1,103 13.6 10.6 Other 19,347 11,103 12,280 74.2 57.6 Total non-interest expense 62,014 44,363 41,822 39.8 48.3 Income before income taxes 21,631 24,450 26,234 -11.5 -17.5 Taxable equivalent adjustment 1,608 1,263 1,170 27.4 37.5 Income taxes 5,518 6,696 7,442 -17.6 -25.9 Net income $14,505 $16,491 $17,622 -12.0 -17.7 Earnings per share Basic $0.17 $0.27 $0.29 -37.0 -41.4 Diluted $0.17 $0.27 $0.29 -37.0 -41.4 Performance ratios Return on average equity 6.26% 12.14% 13.11% Return on tangible equity (1) 14.34% 24.24% 26.81% Return on average assets 0.73% 1.09% 1.17% Return on tangible assets (2) 0.82% 1.18% 1.28% Net interest margin (FTE) 3.92% 3.73% 3.73% Yield on earning assets (FTE) 6.24% 6.66% 6.98% Cost of funds 2.61% 3.25% 3.63% Efficiency ratio (FTE) (3) 64.25% 59.79% 58.26% Common stock data Average basic shares outstanding 85,632,970 60,219,800 60,127,296 42.2 42.4 Average diluted shares outstanding 86,053,694 60,592,172 60,621,233 42.0 42.0 Ending shares outstanding 86,025,842 60,613,702 60,396,209 41.9 42.4 Book value per common share $10.69 $8.97 $8.92 19.2 19.8 Tangible book value per common share $4.58 $4.67 $4.55 -1.9 0.6 Dividend payout ratio 142.62% 88.44% 80.53%
(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) 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 Six Months Ended June 30, Percent Statement of earnings 2008 2007 Variance Interest income $193,822 $182,107 6.4 Interest expense 79,300 85,838 -7.6 Net interest income 114,522 96,269 19.0 Taxable equivalent adjustment 2,871 2,287 25.5 Net interest income (FTE) 117,393 98,556 19.1 Provision for loan losses 14,559 3,685 295.0 Net interest income after provision (FTE) 102,834 94,871 8.4 Service charges 25,046 19,830 26.3 Insurance commissions and fees 8,105 7,649 6.0 Securities commissions and fees 3,618 2,926 23.6 Trust income 5,799 4,280 35.5 Gain (loss) on sale of securities 329 1,044 -68.5 Gain on sale of loans 981 726 35.2 Other 5,746 4,836 18.8 Total non-interest income 49,624 41,291 20.2 Salaries and employee benefits 57,576 43,741 31.6 Occupancy and equipment 16,059 14,129 13.7 Amortization of intangibles 2,292 2,206 3.9 Other 30,450 23,642 28.8 Total non-interest expense 106,377 83,718 27.1 Income before income taxes 46,081 52,444 -12.1 Taxable equivalent adjustment 2,871 2,287 25.5 Income taxes 12,214 15,165 -19.5 Net income $30,996 $34,992 -11.4 Earnings per share Basic $0.43 $0.58 -25.9 Diluted $0.42 $0.58 -27.6 Performance ratios Return on average equity 8.43% 13.09% Return on tangible equity (1) 18.30% 26.80% Return on average assets 0.88% 1.17% Return on tangible assets (2) 0.98% 1.28% Net interest margin (FTE) 3.83% 3.73% Yield on earning assets (FTE) 6.42% 6.98% Cost of funds 2.90% 3.62% Efficiency ratio (FTE) (3) 62.32% 58.29% Common stock data Average basic shares outstanding 72,926,385 60,116,221 21.3 Average diluted shares outstanding 73,322,628 60,627,117 20.9 Ending shares outstanding 86,025,842 60,396,209 42.4 Book value per common share $10.69 $8.92 19.8 Tangible book value per common share $4.58 $4.55 0.6 Dividend payout ratio 113.79% 81.11%
(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) Certain prior period amounts have been reclassified to conform to the current period presentation.
F.N.B. CORPORATION (Unaudited) (Dollars in thousands) 2008 2007 Percent Variance 2nd Qtr 2nd Qtr Second First Second 2008 - 2008 - Average balances Quarter Quarter Quarter 1st Qtr 2nd Qtr 2008 2007 Total assets $7,989,171 $6,104,160 $6,024,994 30.9 32.6 Earning assets 6,884,173 5,417,023 5,324,617 27.1 29.3 Securities 1,238,662 1,007,583 1,030,730 22.9 20.2 Loans, net of unearned income 5,594,922 4,407,703 4,258,872 26.9 31.4 Allowance for loan losses 68,308 53,330 52,138 28.1 31.0 Goodwill and intangibles 503,598 260,996 264,619 93.0 90.3 Deposits and treasury management accounts (4) 6,121,908 4,684,241 4,673,108 30.7 31.0 Other short-term borrowings 127,630 171,081 119,320 -25.4 7.0 Long-term debt 520,579 476,916 470,215 9.2 10.7 Trust preferred securities 205,806 151,031 151,031 36.3 36.3 Shareholders' equity 932,530 546,198 539,004 70.7 73.0 Asset quality data Non-accrual loans $58,215 $29,949 $20,590 94.4 182.7 Restructured loans 3,631 3,628 3,367 0.1 7.8 Non-performing loans 61,846 33,577 23,957 84.2 158.2 Other real estate owned (OREO) 9,291 8,538 5,395 8.8 72.2 Non-performing assets $71,137 $42,115 $29,352 68.9 142.4 Net loan charge-offs $4,132 $2,993 $2,571 38.1 60.7 Allowance for loan losses 71,483 53,396 51,252 33.9 39.5 Non-performing loans / total loans 1.10% 0.76% 0.56% Non-performing assets / total loans + OREO 1.27% 0.95% 0.68% Allowance for loan losses / total loans 1.28% 1.20% 1.19% Allowance for loan losses / non- performing loans 115.58% 159.03% 213.93% Net loan charge-offs (annualized) / average loans 0.30% 0.27% 0.24% Balances at period end Total assets $8,095,880 $6,164,590 $6,061,249 31.3 33.6 Earning assets 6,916,433 5,465,223 5,336,857 26.6 29.6 Securities 1,274,424 1,014,882 1,034,990 25.6 23.1 Loans, net of unearned income 5,606,409 4,440,037 4,292,314 26.3 30.6 Goodwill and intangibles 525,397 260,484 263,765 101.7 99.2 Deposits and treasury management accounts (4) 6,251,439 4,728,898 4,711,787 32.2 32.7 Other short-term borrowings 137,970 173,346 157,540 -20.4 -12.4 Long-term debt 505,244 496,445 439,444 1.8 15.0 Trust preferred securities 205,724 151,031 151,031 36.2 36.2 Shareholders' equity 919,458 543,622 538,743 69.1 70.7 Capital ratios Equity/assets (period end) 11.36% 8.82% 8.89% Leverage ratio 8.17% 7.51% 7.43% Tangible equity/tangible assets (period end) 5.21% 4.80% 4.74% F.N.B. CORPORATION (Unaudited) (Dollars in thousands) For the Six Months Ended June 30, Percent Average balances 2008 2007 Variance Total assets $7,046,665 $6,015,997 17.1 Earning assets 6,150,598 5,314,578 15.7 Securities 1,123,122 1,036,991 8.3 Loans, net of unearned income 5,001,312 4,256,978 17.5 Allowance for loan losses 60,819 52,496 15.9 Goodwill and intangibles 382,297 265,111 44.2 Deposits and treasury management accounts (4) 5,403,074 4,640,677 16.4 Other short-term borrowings 149,356 129,055 15.7 Long-term debt 498,747 484,005 3.0 Trust preferred securities 178,418 151,031 18.1 Shareholders' equity 739,364 539,197 37.1 Asset quality data Non-accrual loans $58,215 $20,590 182.7 Restructured loans 3,631 3,367 7.8 Non-performing loans 61,846 23,957 158.2 Other real estate owned (OREO) 9,291 5,395 72.2 Non-performing assets $71,137 $29,352 142.4 Net loan charge-offs $7,125 $5,030 41.7 Allowance for loan losses 71,483 51,252 39.5 Non-performing loans / total loans 1.10% 0.56% Non-performing assets / total loans + OREO 1.27% 0.68% Allowance for loan losses / total loans 1.28% 1.19% Allowance for loan losses / non- performing loans 115.58% 213.93% Net loan charge-offs (annualized) / average loans 0.29% 0.24% Balances at period end Total assets $8,095,880 $6,061,249 33.6 Earning assets 6,916,433 5,336,857 29.6 Securities 1,274,424 1,034,990 23.1 Loans, net of unearned income 5,606,409 4,292,314 30.6 Goodwill and intangibles 525,397 263,765 99.2 Deposits and treasury management accounts (4) 6,251,439 4,711,787 32.7 Other short-term borrowings 137,970 157,540 -12.4 Long-term debt 505,244 439,444 15.0 Trust preferred securities 205,724 151,031 36.2 Shareholders' equity 919,458 538,743 70.7 Capital ratios Equity/assets (period end) 11.36% 8.89% Leverage ratio 8.17% 7.43% Tangible equity/tangible assets (period end) 5.21% 4.74% F.N.B. CORPORATION (Unaudited) (Dollars in thousands) 2008 2007 Percent Variance 2nd Qtr 2nd Qtr Second First Second 2008 - 2008 - Average balances Quarter Quarter Quarter 1st Qtr 2nd Qtr 2008 2007 Loans: Commercial $3,040,881 $2,299,366 $2,149,269 32.2 41.5 Direct installment 1,100,593 933,092 919,507 18.0 19.7 Consumer LOC 299,710 251,846 249,589 19.0 20.1 Residential mortgages 651,728 470,173 486,431 38.6 34.0 Indirect installment 449,565 427,518 434,553 5.2 3.5 Other 52,445 25,708 19,523 104.0 168.6 Total loans $5,594,922 $4,407,703 $4,258,872 26.9 31.4 Deposits: Non-interest bearing deposits $870,592 $602,527 $644,980 44.5 35.0 Savings and NOW 2,660,157 2,046,236 2,023,477 30.0 31.5 Certificates of deposit and other time deposits 2,223,657 1,741,920 1,751,875 27.7 26.9 Total deposits 5,754,406 4,390,683 4,420,332 31.1 30.2 Treasury management accounts (4) 367,502 293,558 252,776 25.2 45.4 Total deposits and treasury management accounts (4) $6,121,908 $4,684,241 $4,673,108 30.7 31.0 Balances at period end Loans: Commercial $3,034,558 $2,338,110 $2,180,535 29.8 39.2 Direct installment 1,102,654 928,513 938,683 18.8 17.5 Consumer LOC 307,881 254,663 247,470 20.9 24.4 Residential mortgages 638,972 458,406 473,766 39.4 34.9 Indirect installment 464,825 429,140 436,533 8.3 6.5 Other 57,519 31,205 15,327 84.3 275.3 Total loans $5,606,409 $4,440,037 $4,292,314 26.3 30.6 Deposits: Non-interest bearing deposits $901,120 $634,831 $667,646 41.9 35.0 Savings and NOW 2,780,685 2,058,147 2,056,484 35.1 35.2 Certificates of deposit and other time deposits 2,196,859 1,743,676 1,730,438 26.0 27.0 Total deposits 5,878,664 4,436,654 4,454,568 32.5 32.0 Treasury management accounts (4) 372,775 292,244 257,219 27.6 44.9 Total deposits and treasury management accounts (4) $6,251,439 $4,728,898 $4,711,787 32.2 32.7 F.N.B. CORPORATION (Unaudited) (Dollars in thousands) For the Six Months Ended June 30, Percent Average balances 2008 2007 Variance Loans: Commercial $2,670,123 $2,138,823 24.8 Direct installment 1,016,842 918,108 10.8 Consumer LOC 275,778 251,170 9.8 Residential mortgages 560,951 487,857 15.0 Indirect installment 438,541 441,855 -0.8 Other 39,077 19,165 103.9 Total loans $5,001,312 $4,256,978 17.5 Deposits: Non-interest bearing deposits $736,559 $633,577 16.3 Savings and NOW 2,353,196 1,994,712 18.0 Certificates of deposit and other time deposits 1,982,789 1,757,222 12.8 Total deposits 5,072,544 4,385,512 15.7 Treasury management accounts (4) 330,530 255,166 29.5 Total deposits and treasury management accounts (4) $5,403,074 $4,640,677 16.4 Balances at period end Loans: Commercial $3,034,558 $2,180,535 39.2 Direct installment 1,102,654 938,683 17.5 Consumer LOC 307,881 247,470 24.4 Residential mortgages 638,972 473,766 34.9 Indirect installment 464,825 436,533 6.5 Other 57,519 15,327 275.3 Total loans $5,606,409 $4,292,315 30.6 Deposits: Non-interest bearing deposits $901,120 $667,646 35.0 Savings and NOW 2,780,685 2,056,484 35.2 Certificates of deposit and other time deposits 2,196,859 1,730,438 27.0 Total deposits 5,878,665 4,454,568 32.0 Treasury management accounts (4) 372,775 257,219 44.9 Total deposits and treasury management accounts (4) $6,251,440 $4,711,787 32.7
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