PITTSBURGH, Oct. 23, 2018 /PRNewswire/ -- F.N.B.
Corporation (NYSE: FNB) reported earnings for the third quarter of
2018 with net income available to common stockholders of
$98.8 million, or $0.30 per diluted common share. Comparatively,
third quarter of 2017 net income available to common stockholders
totaled $75.7 million, or
$0.23 per diluted common share, and
second quarter of 2018 net income available to common stockholders
totaled $83.2 million, or
$0.26 per diluted common share.
On an operating basis, third quarter of 2018 earnings per
diluted common share (non-GAAP) was $0.29, excluding a $5.1
million gain recognized from the sale of Regency Finance
Company (Regency). Comparatively, third quarter of 2017 operating
earnings per diluted common share (non-GAAP) was $0.24, excluding the impact of $1.4 million of merger-related expenses. Second
quarter of 2018 operating earnings per diluted common share was
$0.27, excluding the impact of
$6.6 million of branch consolidation
costs, as well as the impact of a $0.9
million discretionary 401(k) contribution made following tax
reform. Of the branch consolidation costs in the second quarter of
2018, $2.9 million were included in
non-interest expense and $3.7 million
were recorded as a loss on fixed assets reducing non-interest
income.
Vincent J. Delie, Jr., Chairman,
President and Chief Executive Officer, commented, "Earnings per
share for the third quarter of 2018 increased 30% to $0.30 from the third quarter of 2017. The
quarter's performance represents record total revenue and record
net income, solid loan growth, double-digit annualized deposit
growth and a 6.7% reduction in total expenses compared to the prior
quarter. We are very pleased with the results that included
positive operating leverage and an improved efficiency ratio of
53.7%. Return on tangible common equity of 19% reflects our
commitment to driving further value creation and increasing returns
for our shareholders."
Third Quarter 2018 Highlights
(All comparisons refer
to the third quarter of 2017, except as noted)
- Growth in total average loans was $1.1
billion, or 5.4%, with average commercial loan growth of
$545 million, or 4.2%, and average
consumer loan growth of $576 million,
or 7.5%.
- Total average deposits grew $1.9
billion, or 9.1%, including an increase in average
non-interest bearing deposits of $439
million, or 7.9%, and an increase in average time deposits
of $1.4 billion, or 37.9%.
- The loan to deposit ratio was 92.9% at September 30, 2018, compared to 94.9%.
- The net interest margin (FTE) (non-GAAP) declined 8 basis
points to 3.36% from 3.44%, reflecting a 3 basis point decrease in
the fully taxable equivalent adjustment related to the impact of
tax reform. Included in the net interest margin of 3.36% and 3.44%,
Regency contributed 8 basis points and 13 basis points,
respectively.
- Total revenue increased 6.3% to $310
million, reflecting a 4.2% increase in net interest income
and a 13.1% increase in non-interest income.
- Non-interest income increased $8.7
million, or 13.1%. Excluding the Regency gain on sale,
operating non-interest income increased $3.5
million, or 5.4%, with increases in mortgage banking, wealth
management and capital markets.
- The efficiency ratio equaled 53.7%, compared to 53.1% in the
third quarter of 2017, and 55.6% in the second quarter of
2018.
- The annualized net charge-offs to total average loans ratio
increased to 0.27% from 0.24%. The third quarter of 2018 included
13 basis points of net charge-offs from the mark to fair value on
the Regency loans prior to the sale, with no associated provision
expense.
- The ratio of the allowance for credit losses to total loans and
leases was essentially flat at 0.81%, compared to 0.82%.
Non-GAAP measures referenced in this release are used by
management to measure performance in operating the business that
management believes enhances investors' ability to better
understand the underlying business performance and trends related
to core business activities. Reconciliations of non-GAAP operating
measures to the most directly comparable GAAP financial measures
are included in the tables at the end of this release.
"Incremental purchase accounting accretion" refers to the
difference between total accretion and the estimated coupon
interest income on acquired loans. "Organic growth" refers to
growth excluding the benefit of initial balances from
acquisitions.
Quarterly
Results Summary
|
|
3Q18
|
|
2Q18
|
|
3Q17
|
Reported
results
|
|
|
|
|
|
|
Net income available
to common stockholders (millions)
|
|
$
|
98.8
|
|
|
$
|
83.2
|
|
|
$
|
75.7
|
|
Net income per
diluted common share
|
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
$
|
0.23
|
|
Book value per common
share (period-end)
|
|
$
|
13.62
|
|
|
$
|
13.47
|
|
|
$
|
13.39
|
|
Operating results
(non-GAAP)
|
|
|
|
|
|
|
Operating net income
available to common stockholders (millions)
|
|
$
|
94.7
|
|
|
$
|
89.1
|
|
|
$
|
76.6
|
|
Operating net income
per diluted common share
|
|
$
|
0.29
|
|
|
$
|
0.27
|
|
|
$
|
0.24
|
|
Tangible common
equity to tangible assets (period-end)
|
|
6.89
|
%
|
|
6.79
|
%
|
|
6.87
|
%
|
Tangible book value
per common share (period-end)
|
|
$
|
6.44
|
|
|
$
|
6.26
|
|
|
$
|
6.12
|
|
Average Diluted Common Shares Outstanding
(thousands)
|
|
325,653
|
|
|
325,730
|
|
|
324,905
|
|
Significant items
influencing earnings1 (millions)
|
|
|
|
|
|
|
Pre-tax
merger-related expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1.4)
|
|
After-tax impact of
merger-related expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.9)
|
|
Pre-tax discretionary
401(k) contribution
|
|
$
|
—
|
|
|
$
|
(0.9)
|
|
|
$
|
—
|
|
After-tax impact of
discretionary 401(k) contribution
|
|
$
|
—
|
|
|
$
|
(0.7)
|
|
|
$
|
—
|
|
Pre-tax gain on sale
of subsidiary
|
|
$
|
5.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
After-tax impact of
gain on sale of subsidiary
|
|
$
|
4.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Pre-tax branch
consolidation costs
|
|
$
|
—
|
|
|
$
|
(6.6)
|
|
|
$
|
—
|
|
After-tax impact of
branch consolidation costs
|
|
$
|
—
|
|
|
$
|
(5.2)
|
|
|
$
|
—
|
|
(1) Favorable
(unfavorable) impact on earnings
|
Year-to-Date
Results Summary
|
|
2018
|
|
2017
|
|
|
Reported
results
|
|
|
|
|
|
|
Net income available
to common stockholders (millions)
|
|
$
|
266.7
|
|
|
$
|
169.0
|
|
|
|
Net income per
diluted common share
|
|
$
|
0.82
|
|
|
$
|
0.57
|
|
|
|
Operating results
(non-GAAP)
|
|
|
|
|
|
|
Operating net income
available to common stockholders (millions)
|
|
$
|
268.6
|
|
|
$
|
204.3
|
|
|
|
Operating net income
per diluted common share
|
|
$
|
0.82
|
|
|
$
|
0.69
|
|
|
|
Average Diluted Common Shares Outstanding
(thousands)
|
|
325,675
|
|
|
296,653
|
|
|
|
Significant items
influencing earnings1 (millions)
|
|
|
|
|
|
|
Pre-tax
merger-related expenses
|
|
$
|
—
|
|
|
$
|
(55.5)
|
|
|
|
After-tax impact of
merger-related expenses
|
|
$
|
—
|
|
|
$
|
(37.0)
|
|
|
|
Pre-tax
merger-related net securities gains
|
|
$
|
—
|
|
|
$
|
2.6
|
|
|
|
After-tax impact of
net merger-related securities gains
|
|
$
|
—
|
|
|
$
|
1.7
|
|
|
|
Pre-tax discretionary
401(k) contribution
|
|
$
|
(0.9)
|
|
|
$
|
—
|
|
|
|
After-tax impact of
discretionary 401(k) contribution
|
|
$
|
(0.7)
|
|
|
$
|
—
|
|
|
|
Pre-tax gain on sale
of subsidiary
|
|
$
|
5.1
|
|
|
$
|
—
|
|
|
|
After-tax impact of
gain on sale of subsidiary
|
|
$
|
4.1
|
|
|
$
|
—
|
|
|
|
Pre-tax branch
consolidation costs
|
|
$
|
(6.6)
|
|
|
$
|
—
|
|
|
|
After-tax impact of
branch consolidation costs
|
|
$
|
(5.2)
|
|
|
$
|
—
|
|
|
|
(1) Favorable
(unfavorable) impact on earnings
|
Third Quarter 2018 Results – Comparison to Prior-Year
Quarter
Net interest income totaled $234.8
million, increasing $9.6
million, or 4.2%. The net interest margin (FTE) (non-GAAP)
declined 8 basis points to 3.36% and included $5.9 million of incremental purchase accounting
accretion and $1.5 million of cash
recoveries, compared to $2.2 million
and $4.3 million, respectively, in
the third quarter of 2017. Regency contributed $5.6 million of net interest income, or 0.08% to
net interest margin, compared to $9.0
million or 0.13%. The sale of Regency, which included
$132 million of direct installment
loans, closed on August 31, 2018. The
impact of the tax equivalent adjustment to net interest margin
decreased to 0.06%, compared to 0.09% in the same quarter last
year, due primarily to the impact of tax reform. Total average
earning assets increased $1.6
billion, or 5.9%, due primarily to average loan growth of
$1.1 billion.
Average loans totaled $21.8
billion and increased 5.4%, due to solid growth in the
commercial and consumer portfolios. Average commercial loan growth
totaled $545 million, or 4.2%, led by
strong commercial activity in the Cleveland and Mid-Atlantic (Greater Baltimore-Washington D.C. markets)
regions and continued growth in the equipment finance and
asset-based lending businesses. Average consumer loan growth was
$576 million, or 7.5%, as growth in
indirect auto loans of $424 million,
or 30.2%, and residential mortgage loans of $379 million, or 14.9%, was partially offset by
declines in average direct installment loans and consumer lines of
credit.
Average deposits totaled $23.1
billion, an increase of $1.9
billion, or 9.1%, reflecting growth in non-interest bearing
deposits of $439 million, or 7.9%,
and growth in time deposits of $1.4
billion, or 37.9%. The growth in non-interest bearing
deposits reflected continued successful efforts to attract new and
larger corporate customers across our footprint. The
loan-to-deposit ratio was 92.9% at September
30, 2018, compared to 94.9% at September 30, 2017.
Non-interest income totaled $74.8
million, increasing $8.7
million, or 13.1%, from the prior-year quarter, reflecting
the $5.1 million gain on sale of
Regency and continued growth in our fee-based businesses.
Capital markets income increased $2.3
million, or 80.7%, from the prior-year quarter, primarily
attributable to higher levels of commercial swap activity across
our footprint. Mortgage banking income increased $0.5 million or 9.7% from the prior-year quarter.
Trust income increased $0.6 million,
or 11.2%, and securities commissions increased $0.5 million, or 11.2%, reflecting organic growth
and increased brokerage activity.
Non-interest expense totaled $170.7
million, increasing 4.3% compared to the prior-year quarter,
which included $1.4 million of
merger-related expenses. The primary driver of the increase in
non-interest expense was an 8.7% increase in salaries and employee
benefits as a result of increasing the minimum wage for FNB hourly
employees in response to tax reform, normal annual merit increases
and higher incentive compensation from business activities. The
efficiency ratio (non-GAAP) was 53.7%, up slightly from 53.1%.
The ratio of non-performing loans and other real estate owned
(OREO) to total loans and OREO decreased 7 basis points to 0.63%.
For the originated portfolio, the ratio of non-performing loans and
OREO to total loans and OREO decreased 18 basis points to 0.73%.
Total delinquency remains at satisfactory levels, and total
originated delinquency, defined as total past due and non-accrual
originated loans as a percentage of total originated loans,
improved 12 basis points to 0.79%, compared to 0.91% at
September 30, 2017.
The provision for credit losses totaled $16.0 million, compared to $16.8 million in the prior-year quarter. Net
charge-offs totaled $14.7 million, or
0.27% annualized of total average loans, compared to $12.5 million, or 0.24% annualized, in the
prior-year quarter. For the originated portfolio, net charge-offs
were $14.2 million, or 0.33%
annualized of total average originated loans, compared to
$13.0 million or 0.37% annualized of
total average originated loans. Included in reported net
charge-offs for the third quarter was $7.1
million or 0.13% for the mark to fair value on the Regency
loans prior to sale with no associated provision impact. The ratio
of the allowance for credit losses to total loans and leases was
0.81% and 0.82% at September 30,
2018, and September 30, 2017,
respectively. For the originated portfolio, the allowance for
credit losses to total originated loans was 1.00%, compared to
1.12% at September 30, 2017.
The effective tax rate was 18.0%, compared to 29.9%, reflecting
the passage of the Tax Cuts and Jobs Act (TCJA), which lowered the
U.S. corporate income tax rate from 35% to 21% as of January 1, 2018.
The tangible common equity to tangible assets ratio (non-GAAP)
increased 2 basis points to 6.89% at September 30, 2018, compared to 6.87% at
September 30, 2017. The tangible book
value per common share (non-GAAP) was $6.44 at September 30,
2018, an increase of $0.32
from September 30, 2017.
Third Quarter 2018 Results – Comparison to Prior
Quarter
Net interest income totaled $234.8
million, decreasing $4.6
million or 1.9%. The net interest margin (FTE) (non-GAAP)
declined 15 basis points to 3.36% and included $5.9 million of incremental purchase accounting
accretion and $1.5 million of cash
recoveries, compared to $5.8 million
and $10.2 million, respectively, in
the second quarter. Regency contributed $5.6
million to net interest income, or 0.08% to net interest
margin, compared to $8.5 million, or
0.12%, due to the timing of the transaction close. Total average
earning assets increased $457
million, or 6.5% annualized, due to average loan growth of
$330 million and a $128 million increase in average securities.
Average loans totaled $21.8
billion and increased 6.1% annualized, with average
commercial loan growth of $90
million, or 2.7% annualized, and average consumer loan
growth of $240 million, or 11.9%
annualized. Commercial balances included growth of
$53 million, or 18.5%, in commercial
leases, while consumer balances reflected continued growth in
indirect auto loans of $205 million,
or 50.1% annualized, and residential mortgage loans of $100 million, or 14.2% annualized, partially
offset by declines in direct installment loans and consumer lines
of credit.
Average deposits totaled $23.1
billion and increased $638
million, or 11.3% annualized, due primarily to growth in
average time deposits and average non-interest bearing deposits of
$445 million and $202 million, respectively. The growth in
non-interest bearing deposits primarily reflected successful
efforts to attract new and larger corporate customers during the
quarter. The loan-to-deposit ratio was 92.9% at September 30, 2018, compared to 96.1% at
June 30, 2018.
Non-interest income totaled $74.8
million, increasing $9.9
million, or 15.3%, from the prior quarter. Excluding the
previously-mentioned gain on the sale of Regency in the third
quarter of 2018 and branch consolidation-related loss on fixed
assets in the second quarter of 2018, non-interest income increased
$1.1 million or 6.6% annualized. This
was primarily due to an increase in service charges of $0.8 million and an increase in insurance
commissions and fees of $0.4 million.
Additionally, mortgage banking, capital markets, and wealth
management produced strong fee income contributions, consistent
with the prior quarter.
Non-interest expense totaled $170.7
million, a decrease of $12.3
million, or 6.7%, compared to the prior quarter, which
included branch consolidation expenses of $2.9 million and a $0.9
million discretionary 401(k) contribution made following tax
reform. Excluding these items, non-interest expense decreased
$8.5 million or 4.7%. The primary
driver of the third quarter decrease in non-interest expense was a
9.3% decrease in salaries and employee benefits. This was
partly attributable to a medical insurance claim of $2.6 million and a $1.0
million payroll tax rate adjustment, both recognized in the
second quarter, as well as branch consolidations in the second
quarter and the sale of Regency. The efficiency ratio (non-GAAP)
improved to 53.7% from 55.6%.
The ratio of non-performing loans and OREO to total loans and
OREO increased 2 basis points to 0.63%. For the originated
portfolio, the ratio of non-performing loans and OREO to total
loans and OREO increased 2 basis points to 0.73%. Total delinquency
remains at satisfactory levels, and total originated delinquency,
defined as total past due and non-accrual originated loans as a
percentage of total originated loans, increased 11 basis points to
0.79%, compared to 0.68% at June 30,
2018.
The provision for credit losses totaled $16.0 million, compared to $15.6 million in the prior quarter. Net
charge-offs totaled $14.7 million, or
0.27% annualized of total average loans, compared to $18.2 million, or 0.34% annualized, in the prior
quarter. For the originated portfolio, net charge-offs were
$14.2 million, or 0.33% annualized of
total average originated loans, compared to $14.8 million or 0.36% annualized of total
average originated loans. Third quarter net charge-offs included
$7.1 million, or 0.13% on a GAAP
basis, from the mark to fair value on the Regency loans prior to
the sale, while second quarter net charge-offs included
$6.3 million, or 0.12%, related to a
sale of non-performing loans. Both actions had no associated
provision expense. The ratio of the allowance for credit losses to
total loans and leases was 0.81% and 0.82% at September 30, 2018 and June 30, 2018, respectively. For the originated
portfolio, the allowance for credit losses to total originated
loans declined to 1.00% from 1.02% at June
30, 2018.
The effective tax rate was 18.0%, compared to 19.4% in the prior
quarter. The decrease is primarily attributable to adjustments made
to the provisional deferred tax remeasurement related to the
passage of the TCJA.
The tangible common equity to tangible assets ratio (non-GAAP)
increased 10 basis points to 6.89% at September 30, 2018, compared to 6.79% at
June 30, 2018. The tangible book
value per common share (non-GAAP) was $6.44 at September 30,
2018, an increase of $0.18
from June 30, 2018.
September 30, 2018 Year-To-Date
Results - Comparison to Prior Year-To-Date Period
Net interest income totaled $700.2
million, increasing $83.8
million, or 13.6%, reflecting average earning asset growth
of $3.1 billion, or 12.4%, due to the
benefit of balances acquired on March 11,
2017, and organic growth. The net interest margin (FTE)
(non-GAAP) expanded 1 basis point to 3.42%, reflecting higher
yields on earning assets mostly offset by higher rates paid on
deposits and borrowings. The first nine months of 2018 included
$10.8 million of higher incremental
purchase accounting accretion and $6.9
million of higher cash recoveries, compared to the first
nine months of 2017. The tax-equivalent adjustment to net interest
margin was 0.05%, compared to 0.07%, primarily due to the lower
federal statutory tax rate.
Average loans totaled $21.5
billion, an increase of $2.4
billion, or 12.4%, due to the benefit from acquired balances
and continued organic growth. Organic growth in total average loans
equaled $1.1 billion, or 5.4%.
Organic growth in average commercial loans totaled $572 million, or 4.4%. Total average organic
consumer loan growth of $529 million,
or 7.1%, was led by strong growth in residential mortgage loans of
$393 million and indirect auto loans
of $329 million, partially offset by
declines in consumer credit lines and direct installment balances.
Average deposits totaled $22.6
billion and increased $2.8
billion, or 13.9%, due to the benefit of acquired balances
and average organic growth of $1.4
billion or 6.8%.
Non-interest income totaled $207.2
million, increasing $19.9
million, or 10.6%. Excluding the $5.1 million gain on the sale of Regency and
$3.7 million loss on fixed assets
related to branch consolidations in 2018 and the $2.6 million merger-related net securities gains
in 2017, non-interest income increased $21.0
million, or 11.4%, attributable to the expanded operations
in North and South Carolina and
continued growth of our fee-based businesses of wealth management,
capital markets, mortgage banking and insurance.
Non-interest expense totaled $524.8
million, increasing $9.8
million, or 1.9%. The first nine months of 2018 included
$2.9 million of branch consolidation
expenses and a $0.9 million
discretionary 401(k) contribution made following tax reform, while
the first nine months of 2017 included $55.5
million of merger-related expenses. Excluding these
expenses, total non-interest expense increased $61.5 million, or 13.4%, with the increase
primarily attributable to the expanded operations in North and
South Carolina. The efficiency
ratio (non-GAAP) was 55.0%, compared to 54.7% in the first nine
months of 2017.
The provision for credit losses was $46.0
million for the first nine months of 2018, compared to
$44.4 million for the first nine
months of 2017. Net charge-offs totaled $43.5 million, or 0.27% annualized of total
average loans, compared to $32.4
million, or 0.23%, in the first nine months of 2017.
Originated net charge-offs were 0.33% annualized of total average
originated loans for both nine-month periods. Net charge-offs
during 2018 included $13.4 million,
or 0.08%, on a GAAP basis, related to a sale of nonperforming loans
and the sale of Regency. Both actions had no associated provision
expense.
The effective tax rate was 19.0%, compared to 28.4%, reflecting
the passage of the TCJA, which lowered the U.S. corporate income
tax rate from 35% to 21% as of January
1, 2018. The effective tax rate for the first nine
months of 2017 was affected by merger-related items.
Use of Non-GAAP Financial Measures and Key Performance
Indicators
To supplement our Consolidated Financial Statements presented in
accordance with GAAP, we use certain non-GAAP financial measures,
such as operating net income available to common stockholders,
operating earnings per diluted common share, return on average
tangible equity, return on average tangible common equity, return
on average tangible assets, tangible book value per common share,
the ratio of tangible equity to tangible assets, the ratio of
tangible common equity to tangible assets, efficiency ratio, and
net interest margin (FTE) to provide information useful to
investors in understanding our operating performance and trends,
and to facilitate comparisons with the performance of our peers.
Management uses these measures internally to assess and better
understand our underlying business performance and trends related
to core business activities. The non-GAAP financial measures and
key performance indicators we use may differ from the non-GAAP
financial measures and key performance indicators other financial
institutions use to assess their performance and trends.
These non-GAAP financial measures should be viewed as
supplemental in nature, and not as a substitute for or superior to,
our reported results prepared in accordance with GAAP. When
non-GAAP financial measures are disclosed, the Securities and
Exchange Commission's (SEC) Regulation G requires: (i) the
presentation of the most directly comparable financial measure
calculated and presented in accordance with GAAP and (ii) a
reconciliation of the differences between the non-GAAP financial
measure presented and the most directly comparable financial
measure calculated and presented in accordance with GAAP.
Reconciliations of non-GAAP operating measures to the most directly
comparable GAAP financial measures are included in the tables at
the end of this release under the heading "Reconciliations of
Non-GAAP Financial Measures and Key Performance Indicators to
GAAP".
Management believes charges such as merger expenses, branch
consolidation costs and special one-time employee 401(k)
contributions related to tax reform are not organic costs to run
our operations and facilities. The merger expenses and branch
consolidation charges principally represent expenses to satisfy
contractual obligations of the acquired entity or closed branch
without any useful ongoing benefit to us. These costs are specific
to each individual transaction and may vary significantly based on
the size and complexity of the transaction. Similarly, gains
derived from the sale of a business are not organic to our
operations.
To provide more meaningful comparisons of net interest margin
and efficiency ratio, we use net interest income on a
taxable-equivalent basis in calculating net interest margin by
increasing the interest income earned on tax-exempt assets (loans
and investments) to make it fully equivalent to interest income
earned on taxable investments (this adjustment is not permitted
under GAAP). Taxable equivalent amounts for the 2018 period
were calculated using a federal income tax rate of 21% provided
under the TCJA (effective January 1,
2018). Amounts for the 2017 periods were calculated using
the previously applicable statutory federal income tax rate of
35%.
Cautionary Statement Regarding Forward-Looking
Information
A number of statements (i) in this earnings release, (ii) in our
presentations, and (iii) in our responses to questions on our
conference call discussing our quarterly results and transactions,
strategies and plans may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including our expectations relative to business and financial
metrics, our outlook regarding revenues, expenses, earnings,
liquidity, asset quality and statements regarding the impact of
technology enhancements and customer and business process
improvements.
Where we express an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, our forward-looking
statements are based on current expectations and assumptions that
are subject to risk, uncertainties and unforeseen events which may
cause actual results to differ materially from future results
expressed, projected or implied by these forward-looking
statements. All forward-looking statements speak only as of the
date they are made and are based on information available at that
time. We assume no obligation to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements were made or to reflect the occurrence
of unanticipated events, except as required by federal securities
laws. Further, it is not possible to assess the effect of all risk
factors on our business of the extent to which any one risk factor
or compilation thereof may cause actual results to differ
materially from those contained in any forward-looking statements.
As forward-looking statements involve significant risks and
uncertainties, caution should be exercised against placing undue
reliance on such statements.
Such forward-looking statements may be expressed in a variety of
ways, including the use of future and present tense language
expressing expectations or predictions of future financial or
business performance or conditions based on current performance and
trends. Forward-looking statements are typically identified by
words such as "believe," "plan," "expect," "anticipate," "intend,"
"outlook," "estimate," "forecast," "will," "should," "project,"
"goal," and other similar words and expressions. These
forward-looking statements involve certain risks and uncertainties.
In addition to factors previously disclosed in our reports filed
with the SEC, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: changes in asset quality and credit
risk; the inability to sustain revenue and earnings growth; changes
in interest rates and capital markets; changes or errors in the
methodologies, models, assumptions and estimates we use to prepare
our financial statements, make business decisions and manage risks;
inflation; inability to effectively grow and expand our customer
bases; our ability to execute on key priorities, including
successful completion of acquisitions and dispositions, business
retention or expansion plans, strategic plans and attract, develop
and retain key executives; and potential difficulties encountered
in expanding into a new and remote geographic market; customer
borrowing, repayment, investment and deposit practices; customer
disintermediation; the introduction, withdrawal, success and timing
of business and technology initiatives; economic conditions in the
various regions in which we operate; competitive conditions,
including increased competition through internet, mobile banking,
fintech, and other non-traditional competitors; the inability to
realize cost savings or revenues or to implement integration plans
and other consequences associated with acquisitions and
divestitures; the inability to originate and re-sell mortgage loans
in accordance with business plans; our inability to effectively
manage our economic exposure and GAAP earnings exposure to interest
rate volatility, including availability of appropriate derivative
financial investments needed for interest rate risk management
purposes; economic conditions; interruption in or breach of
security of our information systems; the failure of third parties
and vendors to comply with their obligations to us, including
related to care, control, and protection of such information; the
evolution of various types of fraud or other criminal behavior to
which we are exposed; integrity and functioning of products,
information systems and services provided by third party external
vendors; changes in tax rules and regulations or interpretations
including, but not limited to, the recently enacted TCJA; changes
in or anticipated impact of accounting policies, standards and
interpretations; ability to maintain adequate liquidity to fund our
operations; changes in asset valuations; the initiation of
significant legal or regulatory proceedings against us and the
outcome of any significant legal or regulatory proceeding
including, but not limited to, actions by federal or state
authorities and class action cases, new decisions that result in
changes to previously settled law or regulation, and any unexpected
court or regulatory rulings; and the impact, extent and timing of
technological changes, capital management activities, and other
actions of the Office of the Comptroller of the Currency, the Board
of Governors of the Federal Reserve System, the Consumer Financial
Protection Bureau, the Federal Deposit Insurance Corporation and
legislative and regulatory actions and reforms.
The risks identified here are not exclusive. Actual results may
differ materially from those expressed or implied as a result of
these risks and uncertainties, including, but not limited to, the
risk factors and other uncertainties described in our Annual Report
on Form 10-K (including MD&A section) for the year ended
December 31, 2017, our subsequent
2018 Quarterly Reports on Form 10-Q's (including the risk factors
and risk management discussions) and our other subsequent filings
with the SEC, which are available on our corporate website at
https://www.fnb-online.com/about-us/investor-relations-shareholder-services.
We have included our web address as an inactive textual reference
only. Information on our website is not part of this earnings
release.
Conference Call
FNB's Chairman, President and Chief Executive Officer,
Vincent J. Delie, Jr., Chief
Financial Officer, Vincent J. Calabrese,
Jr., and Chief Credit Officer, Gary
L. Guerrieri, will host a conference call to discuss the
Company's financial results on Tuesday,
October 23, 2018, at 8:30 AM
ET.
Participants are encouraged to pre-register for the conference
call at http://dpregister.com/10124339. Callers who pre-register
will be provided a conference passcode and unique PIN to gain
immediate access to the call and bypass the live operator.
Participants may pre-register at any time, including up to and
after the call start time.
Dial-in Access: The conference call may be accessed by dialing
(844) 802-2440 or (412) 317-5133 for international callers.
Participants should ask to be joined into the F.N.B. Corporation
call.
Webcast Access: The audio-only call and related presentation
materials may be accessed via webcast through the "Investor
Relations and Shareholder Services" section of the Corporation's
website at www.fnbcorporation.com. Access to the live webcast will
begin approximately 30 minutes prior to the start of the call.
Presentation Materials: Presentation slides and the earnings
release will also be available prior to the start of the call on
the "Investor Relations and Shareholder Services" section of the
Corporation's website at www.fnbcorporation.com.
A replay of the call will be available shortly after the
completion of the call until midnight ET on Tuesday, October 30, 2018. The replay can be
accessed by dialing (877) 344-7529 or (412) 317-0088 for
international callers; the conference replay access code is
10124339. Following the call, the related presentation materials
will be posted to the "Investor Relations and Shareholder Services"
section of F.N.B. Corporation's website at
www.fnbcorporation.com.
About F.N.B. Corporation
F.N.B. Corporation (NYSE:FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified
financial services company operating in six states. FNB holds a
significant retail deposit market share in attractive markets
including: Pittsburgh,
Pennsylvania; Baltimore,
Maryland; Cleveland, Ohio;
and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High
Point) in North Carolina.
The Company has total assets of approximately $33 billion, and approximately 400 banking
offices throughout Pennsylvania,
Ohio, Maryland, West
Virginia, North Carolina
and South Carolina.
FNB provides a full range of commercial banking, consumer
banking and wealth management solutions through its subsidiary
network which is led by its largest affiliate, First National Bank
of Pennsylvania, founded in 1864.
Commercial banking solutions include corporate banking, small
business banking, investment real estate financing, business
credit, capital markets and lease financing. The consumer banking
segment provides a full line of consumer banking products and
services, including deposit products, mortgage lending, consumer
lending and a complete suite of mobile and online banking services.
FNB's wealth management services include asset management, private
banking and insurance.
The common stock of F.N.B. Corporation trades on the New York
Stock Exchange under the symbol "FNB" and is included in Standard
& Poor's MidCap 400 Index with the Global Industry
Classification Standard (GICS) Regional Banks Sub-Industry Index.
Customers, shareholders and investors can learn more about this
regional financial institution by visiting the F.N.B. Corporation
website at www.fnbcorporation.com.
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
3Q18
|
|
3Q18
|
|
For the Nine Months
Ended
September 30,
|
|
%
|
Statement of
Earnings
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2Q18
|
|
3Q17
|
|
2018
|
|
2017
|
|
Var.
|
Interest
income
|
$
|
297,815
|
|
|
$
|
294,117
|
|
|
$
|
263,514
|
|
|
1.3
|
|
|
13.0
|
|
|
$
|
864,859
|
|
|
$
|
709,241
|
|
|
21.9
|
|
Interest
expense
|
63,028
|
|
|
54,762
|
|
|
38,283
|
|
|
15.1
|
|
|
64.6
|
|
|
164,612
|
|
|
92,843
|
|
|
77.3
|
|
Net interest
income
|
234,787
|
|
|
239,355
|
|
|
225,231
|
|
|
(1.9)
|
|
|
4.2
|
|
|
700,247
|
|
|
616,398
|
|
|
13.6
|
|
Provision for credit
losses
|
15,975
|
|
|
15,554
|
|
|
16,768
|
|
|
2.7
|
|
|
(4.7)
|
|
|
46,024
|
|
|
44,374
|
|
|
3.7
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges
|
31,922
|
|
|
31,114
|
|
|
32,212
|
|
|
2.6
|
|
|
(0.9)
|
|
|
93,113
|
|
|
88,883
|
|
|
4.8
|
|
Trust
services
|
6,395
|
|
|
6,469
|
|
|
5,748
|
|
|
(1.1)
|
|
|
11.2
|
|
|
19,312
|
|
|
17,210
|
|
|
12.2
|
|
Insurance commissions
and fees
|
5,001
|
|
|
4,567
|
|
|
5,029
|
|
|
9.5
|
|
|
(0.6)
|
|
|
14,703
|
|
|
14,517
|
|
|
1.3
|
|
Securities
commissions and fees
|
4,491
|
|
|
4,526
|
|
|
4,038
|
|
|
(0.8)
|
|
|
11.2
|
|
|
13,336
|
|
|
11,548
|
|
|
15.5
|
|
Capital markets
income
|
5,100
|
|
|
5,854
|
|
|
2,822
|
|
|
(12.9)
|
|
|
80.7
|
|
|
16,168
|
|
|
11,673
|
|
|
38.5
|
|
Mortgage banking
operations
|
5,962
|
|
|
5,940
|
|
|
5,437
|
|
|
0.4
|
|
|
9.7
|
|
|
17,431
|
|
|
14,400
|
|
|
21.0
|
|
Net securities
gains
|
—
|
|
|
31
|
|
|
2,777
|
|
|
n/m
|
|
|
n/m
|
|
|
31
|
|
|
5,895
|
|
|
n/m
|
|
Other
|
15,963
|
|
|
6,388
|
|
|
8,088
|
|
|
149.9
|
|
|
97.4
|
|
|
33,132
|
|
|
23,219
|
|
|
42.7
|
|
Total non-interest
income
|
74,834
|
|
|
64,889
|
|
|
66,151
|
|
|
15.3
|
|
|
13.1
|
|
|
207,226
|
|
|
187,345
|
|
|
10.6
|
|
Total
revenue
|
309,621
|
|
|
304,244
|
|
|
291,382
|
|
|
1.8
|
|
|
6.3
|
|
|
907,473
|
|
|
803,743
|
|
|
12.9
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
89,535
|
|
|
98,671
|
|
|
82,383
|
|
|
(9.3)
|
|
|
8.7
|
|
|
277,532
|
|
|
240,860
|
|
|
15.2
|
|
Occupancy and
equipment
|
27,812
|
|
|
29,332
|
|
|
27,434
|
|
|
(5.2)
|
|
|
1.4
|
|
|
87,177
|
|
|
74,893
|
|
|
16.4
|
|
FDIC
insurance
|
8,821
|
|
|
9,167
|
|
|
9,183
|
|
|
(3.8)
|
|
|
(3.9)
|
|
|
26,822
|
|
|
23,946
|
|
|
12.0
|
|
Amortization of
intangibles
|
3,805
|
|
|
3,811
|
|
|
4,805
|
|
|
(0.2)
|
|
|
(20.8)
|
|
|
11,834
|
|
|
12,716
|
|
|
(6.9)
|
|
Other real estate
owned
|
1,492
|
|
|
2,233
|
|
|
1,421
|
|
|
(33.2)
|
|
|
5.0
|
|
|
5,092
|
|
|
3,412
|
|
|
49.2
|
|
Merger-related
|
—
|
|
|
—
|
|
|
1,381
|
|
|
n/m
|
|
|
n/m
|
|
|
—
|
|
|
55,459
|
|
|
n/m
|
|
Other
|
39,264
|
|
|
39,799
|
|
|
37,136
|
|
|
(1.3)
|
|
|
5.7
|
|
|
116,368
|
|
|
103,726
|
|
|
12.2
|
|
Total non-interest
expense
|
170,729
|
|
|
183,013
|
|
|
163,743
|
|
|
(6.7)
|
|
|
4.3
|
|
|
524,825
|
|
|
515,012
|
|
|
1.9
|
|
Income before income
taxes
|
122,917
|
|
|
105,677
|
|
|
110,871
|
|
|
16.3
|
|
|
10.9
|
|
|
336,624
|
|
|
244,357
|
|
|
37.8
|
|
Income
taxes
|
22,154
|
|
|
20,471
|
|
|
33,178
|
|
|
8.2
|
|
|
(33.2)
|
|
|
63,893
|
|
|
69,279
|
|
|
(7.8)
|
|
Net
income
|
100,763
|
|
|
85,206
|
|
|
77,693
|
|
|
18.3
|
|
|
29.7
|
|
|
272,731
|
|
|
175,078
|
|
|
55.8
|
|
Preferred stock
dividends
|
2,010
|
|
|
2,010
|
|
|
2,010
|
|
|
—
|
|
|
—
|
|
|
6,030
|
|
|
6,030
|
|
|
—
|
|
Net income
available to
common stockholders
|
$
|
98,753
|
|
|
$
|
83,196
|
|
|
$
|
75,683
|
|
|
18.7
|
|
|
30.5
|
|
|
$
|
266,701
|
|
|
$
|
169,048
|
|
|
57.8
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
$
|
0.23
|
|
|
15.4
|
|
|
30.4
|
|
|
$
|
0.82
|
|
|
$
|
0.57
|
|
|
43.9
|
|
Diluted
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
$
|
0.23
|
|
|
15.4
|
|
|
30.4
|
|
|
$
|
0.82
|
|
|
$
|
0.57
|
|
|
43.9
|
|
n/m - not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Variance
|
|
|
|
|
|
|
|
3Q18
|
|
3Q18
|
Balance Sheets (at
period end)
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2Q18
|
|
3Q17
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
397,268
|
|
|
$
|
398,641
|
|
|
$
|
433,442
|
|
|
(0.3)
|
|
|
(8.3)
|
|
Interest bearing
deposits with banks
|
40,585
|
|
|
35,058
|
|
|
81,898
|
|
|
15.8
|
|
|
(50.4)
|
|
Cash and cash
equivalents
|
437,853
|
|
|
433,699
|
|
|
515,340
|
|
|
1.0
|
|
|
(15.0)
|
|
Securities available
for sale
|
3,298,894
|
|
|
3,002,787
|
|
|
2,855,350
|
|
|
9.9
|
|
|
15.5
|
|
Securities held to
maturity
|
3,206,345
|
|
|
3,295,081
|
|
|
2,985,921
|
|
|
(2.7)
|
|
|
7.4
|
|
Loans held for
sale
|
42,083
|
|
|
44,112
|
|
|
113,778
|
|
|
(4.6)
|
|
|
(63.0)
|
|
Loans and leases, net
of unearned income
|
21,839,403
|
|
|
21,659,582
|
|
|
20,817,436
|
|
|
0.8
|
|
|
4.9
|
|
Allowance for credit
losses
|
(177,881)
|
|
|
(176,574)
|
|
|
(170,016)
|
|
|
0.7
|
|
|
4.6
|
|
Net loans and
leases
|
21,661,522
|
|
|
21,483,008
|
|
|
20,647,420
|
|
|
0.8
|
|
|
4.9
|
|
Premises and
equipment, net
|
323,244
|
|
|
324,659
|
|
|
336,294
|
|
|
(0.4)
|
|
|
(3.9)
|
|
Goodwill
|
2,249,541
|
|
|
2,251,349
|
|
|
2,254,831
|
|
|
(0.1)
|
|
|
(0.2)
|
|
Core deposit and
other intangible assets, net
|
80,290
|
|
|
84,096
|
|
|
96,876
|
|
|
(4.5)
|
|
|
(17.1)
|
|
Bank owned life
insurance
|
533,991
|
|
|
532,135
|
|
|
498,698
|
|
|
0.3
|
|
|
7.1
|
|
Other
assets
|
783,832
|
|
|
806,637
|
|
|
818,787
|
|
|
(2.8)
|
|
|
(4.3)
|
|
Total
Assets
|
$
|
32,617,595
|
|
|
$
|
32,257,563
|
|
|
$
|
31,123,295
|
|
|
1.1
|
|
|
4.8
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
$
|
6,018,852
|
|
|
$
|
5,926,473
|
|
|
$
|
5,569,239
|
|
|
1.6
|
|
|
8.1
|
|
Interest bearing
demand
|
9,519,704
|
|
|
9,134,954
|
|
|
9,675,170
|
|
|
4.2
|
|
|
(1.6)
|
|
Savings
|
2,513,679
|
|
|
2,607,372
|
|
|
2,513,163
|
|
|
(3.6)
|
|
|
—
|
|
Certificates and
other time deposits
|
5,447,751
|
|
|
4,870,988
|
|
|
4,171,599
|
|
|
11.8
|
|
|
30.6
|
|
Total
Deposits
|
23,499,986
|
|
|
22,539,787
|
|
|
21,929,171
|
|
|
4.3
|
|
|
7.2
|
|
Short-term
borrowings
|
3,679,380
|
|
|
4,334,146
|
|
|
3,872,301
|
|
|
(15.1)
|
|
|
(5.0)
|
|
Long-term
borrowings
|
627,049
|
|
|
628,938
|
|
|
658,783
|
|
|
(0.3)
|
|
|
(4.8)
|
|
Other
liabilities
|
286,316
|
|
|
281,450
|
|
|
227,119
|
|
|
1.7
|
|
|
26.1
|
|
Total
Liabilities
|
28,092,731
|
|
|
27,784,321
|
|
|
26,687,374
|
|
|
1.1
|
|
|
5.3
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
106,882
|
|
|
106,882
|
|
|
106,882
|
|
|
—
|
|
|
—
|
|
Common
stock
|
3,263
|
|
|
3,262
|
|
|
3,251
|
|
|
—
|
|
|
0.4
|
|
Additional paid-in
capital
|
4,046,168
|
|
|
4,043,124
|
|
|
4,029,334
|
|
|
0.1
|
|
|
0.4
|
|
Retained
earnings
|
516,865
|
|
|
457,326
|
|
|
369,861
|
|
|
13.0
|
|
|
39.7
|
|
Accumulated other
comprehensive loss
|
(126,840)
|
|
|
(115,885)
|
|
|
(54,310)
|
|
|
9.5
|
|
|
133.5
|
|
Treasury
stock
|
(21,474)
|
|
|
(21,467)
|
|
|
(19,097)
|
|
|
—
|
|
|
12.4
|
|
Total
Stockholders' Equity
|
4,524,864
|
|
|
4,473,242
|
|
|
4,435,921
|
|
|
1.2
|
|
|
2.0
|
|
Total Liabilities
and Stockholders' Equity
|
$
|
32,617,595
|
|
|
$
|
32,257,563
|
|
|
$
|
31,123,295
|
|
|
1.1
|
|
|
4.8
|
|
F.N.B.
Corporation
|
|
3Q18
|
|
2Q18
|
|
3Q17
|
(Unaudited)
|
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
(Dollars in
thousands)
|
|
Average
|
|
Earned
|
|
Yield
|
|
Average
|
|
Earned
|
|
Yield
|
|
Average
|
|
Earned
|
|
Yield
|
|
|
Outstanding
|
|
or
Paid
|
|
or
Rate
|
|
Outstanding
|
|
or Paid
|
|
or Rate
|
|
Outstanding
|
|
or Paid
|
|
or Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits with banks
|
|
$
|
46,588
|
|
|
$
|
345
|
|
|
2.93
|
%
|
|
$
|
47,783
|
|
|
$
|
267
|
|
|
2.24
|
%
|
|
$
|
117,602
|
|
|
$
|
320
|
|
|
1.08
|
%
|
Taxable investment
securities (2)
|
|
5,310,719
|
|
|
30,467
|
|
|
2.29
|
|
|
5,218,200
|
|
|
28,995
|
|
|
2.22
|
|
|
4,913,122
|
|
|
24,763
|
|
|
2.02
|
|
Non-taxable
investment securities (1)
|
|
1,030,743
|
|
|
9,090
|
|
|
3.53
|
|
|
995,704
|
|
|
8,727
|
|
|
3.51
|
|
|
812,305
|
|
|
8,515
|
|
|
4.19
|
|
Loans held for
sale
|
|
47,846
|
|
|
723
|
|
|
6.03
|
|
|
46,667
|
|
|
767
|
|
|
6.58
|
|
|
139,693
|
|
|
2,091
|
|
|
5.97
|
|
Loans and
leases (1) (3)
|
|
21,774,929
|
|
|
260,590
|
|
|
4.75
|
|
|
21,445,030
|
|
|
258,680
|
|
|
4.84
|
|
|
20,654,316
|
|
|
232,998
|
|
|
4.48
|
|
Total Interest
Earning Assets (1)
|
|
28,210,825
|
|
|
301,215
|
|
|
4.24
|
|
|
27,753,384
|
|
|
297,436
|
|
|
4.30
|
|
|
26,637,038
|
|
|
268,687
|
|
|
4.01
|
|
Cash and due from
banks
|
|
367,764
|
|
|
|
|
|
|
359,714
|
|
|
|
|
|
|
374,542
|
|
|
|
|
|
Allowance for credit
losses
|
|
(180,387)
|
|
|
|
|
|
|
(182,598)
|
|
|
|
|
|
|
(169,283)
|
|
|
|
|
|
Premises and
equipment
|
|
323,682
|
|
|
|
|
|
|
331,739
|
|
|
|
|
|
|
334,870
|
|
|
|
|
|
Other
assets
|
|
3,680,919
|
|
|
|
|
|
|
3,685,512
|
|
|
|
|
|
|
3,733,497
|
|
|
|
|
|
Total
Assets
|
|
$
|
32,402,803
|
|
|
|
|
|
|
$
|
31,947,751
|
|
|
|
|
|
|
$
|
30,910,664
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
$
|
9,324,789
|
|
|
16,492
|
|
|
0.70
|
|
|
$
|
9,287,811
|
|
|
13,691
|
|
|
0.59
|
|
|
$
|
9,376,003
|
|
|
9,338
|
|
|
0.40
|
|
Savings
|
|
2,573,673
|
|
|
1,636
|
|
|
0.25
|
|
|
2,620,084
|
|
|
1,490
|
|
|
0.24
|
|
|
2,480,626
|
|
|
792
|
|
|
0.13
|
|
Certificates and
other time
|
|
5,256,660
|
|
|
20,047
|
|
|
1.51
|
|
|
4,811,842
|
|
|
15,868
|
|
|
1.30
|
|
|
3,812,916
|
|
|
8,857
|
|
|
0.92
|
|
Short-term
borrowings
|
|
3,863,563
|
|
|
19,576
|
|
|
2.00
|
|
|
4,098,161
|
|
|
18,409
|
|
|
1.79
|
|
|
4,394,106
|
|
|
14,387
|
|
|
1.29
|
|
Long-term
borrowings
|
|
627,524
|
|
|
5,277
|
|
|
3.34
|
|
|
650,562
|
|
|
5,304
|
|
|
3.27
|
|
|
658,495
|
|
|
4,909
|
|
|
2.96
|
|
Total Interest
Bearing Liabilities
|
|
21,646,209
|
|
|
63,028
|
|
|
1.15
|
|
|
21,468,460
|
|
|
54,762
|
|
|
1.02
|
|
|
20,722,146
|
|
|
38,283
|
|
|
0.73
|
|
Non-interest bearing
demand deposits
|
|
5,966,581
|
|
|
|
|
|
|
5,764,144
|
|
|
|
|
|
|
5,527,180
|
|
|
|
|
|
Other
liabilities
|
|
274,005
|
|
|
|
|
|
|
253,637
|
|
|
|
|
|
|
234,358
|
|
|
|
|
|
Total
Liabilities
|
|
27,886,795
|
|
|
|
|
|
|
27,486,241
|
|
|
|
|
|
|
26,483,684
|
|
|
|
|
|
Stockholders'
equity
|
|
4,516,008
|
|
|
|
|
|
|
4,461,510
|
|
|
|
|
|
|
4,426,980
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
32,402,803
|
|
|
|
|
|
|
$
|
31,947,751
|
|
|
|
|
|
|
$
|
30,910,664
|
|
|
|
|
|
Net Interest Earning
Assets
|
|
$
|
6,564,616
|
|
|
|
|
|
|
$
|
6,284,924
|
|
|
|
|
|
|
$
|
5,914,892
|
|
|
|
|
|
Net Interest Income
(FTE) (1)
|
|
|
|
238,187
|
|
|
|
|
|
|
242,674
|
|
|
|
|
|
|
230,404
|
|
|
|
Tax Equivalent
Adjustment
|
|
|
|
(3,400)
|
|
|
|
|
|
|
(3,319)
|
|
|
|
|
|
|
(5,173)
|
|
|
|
Net Interest
Income
|
|
|
|
$
|
234,787
|
|
|
|
|
|
|
$
|
239,355
|
|
|
|
|
|
|
$
|
225,231
|
|
|
|
Net Interest
Spread
|
|
|
|
|
|
3.09
|
%
|
|
|
|
|
|
3.28
|
%
|
|
|
|
|
|
3.28
|
%
|
Net Interest
Margin (1)
|
|
|
|
|
|
3.36
|
%
|
|
|
|
|
|
3.51
|
%
|
|
|
|
|
|
3.44
|
%
|
|
|
(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% in 2018 and
35% in 2017 for each period presented.
|
(2)
|
The average balances
and yields earned on taxable investment securities are based on
historical cost.
|
(3)
|
Average balances for
loans include non-accrual loans. Loans and leases consist of
average total loans and leases less average unearned income.
The amount of loan fees included in interest income is
immaterial.
|
F.N.B.
Corporation
|
|
Nine Months Ended
September 30,
|
(Unaudited)
|
|
2018
|
|
2017
|
(Dollars in
thousands)
|
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
|
|
Average
|
|
Earned
|
|
Yield
|
|
Average
|
|
Earned
|
|
Yield
|
|
|
Outstanding
|
|
or
Paid
|
|
or
Rate
|
|
Outstanding
|
|
or Paid
|
|
or Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits with banks
|
|
$
|
65,882
|
|
|
$
|
972
|
|
|
1.97
|
%
|
|
$
|
97,122
|
|
|
$
|
660
|
|
|
0.91
|
%
|
Federal funds
sold
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,509
|
|
|
9
|
|
|
0.72
|
|
Taxable investment
securities (2)
|
|
5,192,707
|
|
|
86,341
|
|
|
2.22
|
|
|
4,773,606
|
|
|
72,373
|
|
|
2.02
|
|
Non-taxable
investment securities (1)
|
|
992,781
|
|
|
26,095
|
|
|
3.50
|
|
|
666,469
|
|
|
20,833
|
|
|
4.17
|
|
Loans held for
sale
|
|
53,404
|
|
|
2,401
|
|
|
6.00
|
|
|
82,254
|
|
|
3,960
|
|
|
6.43
|
|
Loans and
leases (1) (3)
|
|
21,460,794
|
|
|
758,873
|
|
|
4.73
|
|
|
19,084,962
|
|
|
624,575
|
|
|
4.37
|
|
Total Interest
Earning Assets (1)
|
|
27,765,568
|
|
|
874,682
|
|
|
4.21
|
|
|
24,705,922
|
|
|
722,410
|
|
|
3.91
|
|
Cash and due from
banks
|
|
362,098
|
|
|
|
|
|
|
336,303
|
|
|
|
|
|
Allowance for credit
losses
|
|
(181,154)
|
|
|
|
|
|
|
(165,543)
|
|
|
|
|
|
Premises and
equipment
|
|
330,698
|
|
|
|
|
|
|
319,901
|
|
|
|
|
|
Other
assets
|
|
3,674,471
|
|
|
|
|
|
|
3,274,305
|
|
|
|
|
|
Total
Assets
|
|
$
|
31,951,681
|
|
|
|
|
|
|
$
|
28,470,888
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
$
|
9,333,557
|
|
|
41,637
|
|
|
0.60
|
|
|
$
|
8,703,870
|
|
|
22,426
|
|
|
0.34
|
|
Savings
|
|
2,576,869
|
|
|
4,164
|
|
|
0.22
|
|
|
2,495,632
|
|
|
1,954
|
|
|
0.10
|
|
Certificates and
other time
|
|
4,904,114
|
|
|
49,892
|
|
|
1.36
|
|
|
3,503,637
|
|
|
23,100
|
|
|
0.88
|
|
Short-term
borrowings
|
|
3,981,880
|
|
|
53,192
|
|
|
1.78
|
|
|
3,831,883
|
|
|
32,020
|
|
|
1.11
|
|
Long-term
borrowings
|
|
646,229
|
|
|
15,727
|
|
|
3.25
|
|
|
625,010
|
|
|
13,343
|
|
|
2.85
|
|
Total Interest
Bearing Liabilities
|
|
21,442,649
|
|
|
164,612
|
|
|
1.02
|
|
|
19,160,032
|
|
|
92,843
|
|
|
0.65
|
|
Non-interest bearing
demand deposits
|
|
5,780,770
|
|
|
|
|
|
|
5,140,016
|
|
|
|
|
|
Other
liabilities
|
|
258,685
|
|
|
|
|
|
|
225,219
|
|
|
|
|
|
Total
Liabilities
|
|
27,482,104
|
|
|
|
|
|
|
24,525,267
|
|
|
|
|
|
Stockholders'
equity
|
|
4,469,577
|
|
|
|
|
|
|
3,945,621
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
31,951,681
|
|
|
|
|
|
|
$
|
28,470,888
|
|
|
|
|
|
Net Interest Earning
Assets
|
|
$
|
6,322,919
|
|
|
|
|
|
|
$
|
5,545,890
|
|
|
|
|
|
Net Interest Income
(FTE) (1)
|
|
|
|
710,070
|
|
|
|
|
|
|
629,567
|
|
|
|
Tax Equivalent
Adjustment
|
|
|
|
(9,823)
|
|
|
|
|
|
|
(13,169)
|
|
|
|
Net Interest
Income
|
|
|
|
$
|
700,247
|
|
|
|
|
|
|
$
|
616,398
|
|
|
|
Net Interest
Spread
|
|
|
|
|
|
3.19
|
%
|
|
|
|
|
|
3.26
|
%
|
Net Interest
Margin (1)
|
|
|
|
|
|
3.42
|
%
|
|
|
|
|
|
3.41
|
%
|
|
|
|
(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% in 2018 and
35% in 2017.
|
(2)
|
The average balances
and yields earned on taxable investment securities are based on
historical cost.
|
(3)
|
Average balances for
loans include non-accrual loans. Loans and leases consist of
average total loans and leases less average unearned income.
The amount of loan fees included in interest income is
immaterial.
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended
September 30,
|
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2018
|
|
2017
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
8.85
|
%
|
|
7.66
|
%
|
|
6.96
|
%
|
|
8.16
|
%
|
|
5.93
|
%
|
Return on average
tangible equity (1)
|
18.86
|
%
|
|
16.66
|
%
|
|
15.39
|
%
|
|
17.68
|
%
|
|
12.79
|
%
|
Return on average
tangible common equity (1)
|
19.44
|
%
|
|
17.14
|
%
|
|
15.82
|
%
|
|
18.22
|
%
|
|
13.10
|
%
|
Return
on average assets
|
1.23
|
%
|
|
1.07
|
%
|
|
1.00
|
%
|
|
1.14
|
%
|
|
0.82
|
%
|
Return on average
tangible assets (1)
|
1.37
|
%
|
|
1.19
|
%
|
|
1.12
|
%
|
|
1.27
|
%
|
|
0.93
|
%
|
Net interest margin
(FTE) (2)
|
3.36
|
%
|
|
3.51
|
%
|
|
3.44
|
%
|
|
3.42
|
%
|
|
3.41
|
%
|
Yield on earning
assets (FTE) (2)
|
4.24
|
%
|
|
4.30
|
%
|
|
4.01
|
%
|
|
4.21
|
%
|
|
3.91
|
%
|
Cost of
interest-bearing liabilities
|
1.15
|
%
|
|
1.02
|
%
|
|
0.73
|
%
|
|
1.02
|
%
|
|
0.65
|
%
|
Cost of
funds
|
0.90
|
%
|
|
0.81
|
%
|
|
0.58
|
%
|
|
0.81
|
%
|
|
0.51
|
%
|
Efficiency ratio
(1)
|
53.73
|
%
|
|
55.64
|
%
|
|
53.15
|
%
|
|
55.04
|
%
|
|
54.68
|
%
|
Effective tax
rate
|
18.02
|
%
|
|
19.37
|
%
|
|
29.92
|
%
|
|
18.98
|
%
|
|
28.35
|
%
|
Capital
ratios
|
|
|
|
|
|
|
|
|
|
Equity / assets
(period end)
|
13.87
|
%
|
|
13.87
|
%
|
|
14.25
|
%
|
|
|
|
|
Common equity /
assets (period end)
|
13.54
|
%
|
|
13.54
|
%
|
|
13.91
|
%
|
|
|
|
|
Leverage
ratio
|
7.75
|
%
|
|
7.64
|
%
|
|
7.64
|
%
|
|
|
|
|
Tangible equity /
tangible assets (period end) (1)
|
7.25
|
%
|
|
7.14
|
%
|
|
7.24
|
%
|
|
|
|
|
Tangible common
equity / tangible assets (period end) (1)
|
6.89
|
%
|
|
6.79
|
%
|
|
6.87
|
%
|
|
|
|
|
Common stock
data
|
|
|
|
|
|
|
|
|
|
Average diluted
shares outstanding
|
325,653,131
|
|
|
325,730,049
|
|
|
324,904,768
|
|
|
325,674,706
|
|
|
296,652,796
|
|
Period end shares
outstanding
|
324,275,186
|
|
|
324,258,342
|
|
|
323,301,548
|
|
|
|
|
|
Book value per common
share
|
$
|
13.62
|
|
|
$
|
13.47
|
|
|
$
|
13.39
|
|
|
|
|
|
Tangible book value
per common share (1)
|
$
|
6.44
|
|
|
$
|
6.26
|
|
|
$
|
6.12
|
|
|
|
|
|
Dividend payout ratio
(common)
|
39.71
|
%
|
|
47.13
|
%
|
|
51.56
|
%
|
|
44.05
|
%
|
|
61.27
|
%
|
|
|
(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% in 2018 and
35% in 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q18
|
|
3Q18
|
|
|
|
|
|
|
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2Q18
|
|
3Q17
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$
|
8,845,740
|
|
|
$
|
8,834,322
|
|
|
$
|
8,822,023
|
|
|
0.1
|
|
|
0.3
|
|
|
|
|
|
|
|
Commercial and
industrial
|
4,363,457
|
|
|
4,301,387
|
|
|
3,980,584
|
|
|
1.4
|
|
|
9.6
|
|
|
|
|
|
|
|
Commercial
leases
|
346,579
|
|
|
337,397
|
|
|
238,724
|
|
|
2.7
|
|
|
45.2
|
|
|
|
|
|
|
|
Other
|
34,732
|
|
|
43,351
|
|
|
39,798
|
|
|
(19.9)
|
|
|
(12.7)
|
|
|
|
|
|
|
|
Commercial loans and
leases
|
13,590,508
|
|
|
13,516,457
|
|
|
13,081,129
|
|
|
0.5
|
|
|
3.9
|
|
|
|
|
|
|
|
Direct
installment
|
1,778,123
|
|
|
1,892,080
|
|
|
1,925,995
|
|
|
(6.0)
|
|
|
(7.7)
|
|
|
|
|
|
|
|
Residential
mortgages
|
2,984,662
|
|
|
2,850,970
|
|
|
2,609,663
|
|
|
4.7
|
|
|
14.4
|
|
|
|
|
|
|
|
Indirect
installment
|
1,880,649
|
|
|
1,746,509
|
|
|
1,431,273
|
|
|
7.7
|
|
|
31.4
|
|
|
|
|
|
|
|
Consumer
LOC
|
1,605,461
|
|
|
1,653,566
|
|
|
1,769,376
|
|
|
(2.9)
|
|
|
(9.3)
|
|
|
|
|
|
|
|
Consumer
loans
|
8,248,895
|
|
|
8,143,125
|
|
|
7,736,307
|
|
|
1.3
|
|
|
6.6
|
|
|
|
|
|
|
|
Total loans and
leases
|
$
|
21,839,403
|
|
|
$
|
21,659,582
|
|
|
$
|
20,817,436
|
|
|
0.8
|
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
|
|
Average
balances
|
|
|
|
|
|
|
3Q18
|
|
3Q18
|
|
For the Nine Months
Ended
September 30,
|
|
%
|
Loans and
Leases:
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2Q18
|
|
3Q17
|
|
2018
|
|
2017
|
|
Var.
|
Commercial real
estate
|
$
|
8,824,269
|
|
|
$
|
8,824,628
|
|
|
$
|
8,779,426
|
|
|
—
|
|
|
0.5
|
|
|
$
|
8,823,898
|
|
|
$
|
7,912,199
|
|
|
11.5
|
|
Commercial and
industrial
|
4,332,422
|
|
|
4,290,678
|
|
|
3,945,756
|
|
|
1.0
|
|
|
9.8
|
|
|
4,278,870
|
|
|
3,707,970
|
|
|
15.4
|
|
Commercial
leases
|
341,125
|
|
|
287,796
|
|
|
231,030
|
|
|
18.5
|
|
|
47.7
|
|
|
300,657
|
|
|
209,074
|
|
|
43.8
|
|
Other
|
46,800
|
|
|
51,203
|
|
|
43,354
|
|
|
(8.6)
|
|
|
7.9
|
|
|
48,389
|
|
|
47,115
|
|
|
2.7
|
|
Commercial loans and
leases
|
13,544,616
|
|
|
13,454,305
|
|
|
12,999,566
|
|
|
0.7
|
|
|
4.2
|
|
|
13,451,814
|
|
|
11,876,358
|
|
|
13.3
|
|
Direct
installment
|
1,855,193
|
|
|
1,880,657
|
|
|
1,937,394
|
|
|
(1.4)
|
|
|
(4.2)
|
|
|
1,873,277
|
|
|
1,921,129
|
|
|
(2.5)
|
|
Residential
mortgages
|
2,914,294
|
|
|
2,813,829
|
|
|
2,535,398
|
|
|
3.6
|
|
|
14.9
|
|
|
2,817,826
|
|
|
2,307,958
|
|
|
22.1
|
|
Indirect
installment
|
1,830,418
|
|
|
1,625,344
|
|
|
1,406,318
|
|
|
12.6
|
|
|
30.2
|
|
|
1,644,561
|
|
|
1,315,170
|
|
|
25.0
|
|
Consumer
LOC
|
1,630,408
|
|
|
1,670,895
|
|
|
1,775,640
|
|
|
(2.4)
|
|
|
(8.2)
|
|
|
1,673,316
|
|
|
1,664,347
|
|
|
0.5
|
|
Consumer
loans
|
8,230,313
|
|
|
7,990,725
|
|
|
7,654,750
|
|
|
3.0
|
|
|
7.5
|
|
|
8,008,980
|
|
|
7,208,604
|
|
|
11.1
|
|
Total loans and
leases
|
$
|
21,774,929
|
|
|
$
|
21,445,030
|
|
|
$
|
20,654,316
|
|
|
1.5
|
|
|
5.4
|
|
|
$
|
21,460,794
|
|
|
$
|
19,084,962
|
|
|
12.4
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Percent
Variance
|
(Dollars in
thousands)
|
|
|
|
|
|
|
3Q18
|
|
3Q18
|
Asset Quality
Data
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2Q18
|
|
3Q17
|
Non-Performing
Assets
|
|
|
|
|
|
|
|
|
|
Non-performing loans
(1)
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
|
79,899
|
|
|
$
|
68,696
|
|
|
$
|
88,391
|
|
|
16.3
|
|
|
(9.6)
|
|
Restructured
loans
|
22,322
|
|
|
24,820
|
|
|
23,147
|
|
|
(10.1)
|
|
|
(3.6)
|
|
Non-performing
loans
|
102,221
|
|
|
93,516
|
|
|
111,538
|
|
|
9.3
|
|
|
(8.4)
|
|
Other real estate
owned (OREO) (2)
|
35,685
|
|
|
39,240
|
|
|
35,416
|
|
|
(9.1)
|
|
|
0.8
|
|
Total
non-performing assets
|
$
|
137,906
|
|
|
$
|
132,756
|
|
|
$
|
146,954
|
|
|
3.9
|
|
|
(6.2)
|
|
Non-performing loans
/ total loans and leases
|
0.47
|
%
|
|
0.43
|
%
|
|
0.54
|
%
|
|
|
|
|
Non-performing loans
/ total originated loans and leases (3)
|
0.54
|
%
|
|
0.50
|
%
|
|
0.69
|
%
|
|
|
|
|
Non-performing loans
+ OREO / total loans and leases + OREO
|
0.63
|
%
|
|
0.61
|
%
|
|
0.70
|
%
|
|
|
|
|
Non-performing loans
+ OREO / total originated loans and leases + OREO
(3)
|
0.73
|
%
|
|
0.71
|
%
|
|
0.91
|
%
|
|
|
|
|
Non-performing assets
/ total assets
|
0.42
|
%
|
|
0.41
|
%
|
|
0.47
|
%
|
|
|
|
|
Delinquency -
Originated Portfolio (3)
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
61,820
|
|
|
$
|
48,305
|
|
|
$
|
44,454
|
|
|
28.0
|
|
|
39.1
|
|
Loans 90+ days past
due
|
3,972
|
|
|
7,227
|
|
|
10,278
|
|
|
(45.0)
|
|
|
(61.4)
|
|
Non-accrual
loans
|
71,936
|
|
|
59,953
|
|
|
77,784
|
|
|
20.0
|
|
|
(7.5)
|
|
Total past due and
non-accrual loans
|
$
|
137,728
|
|
|
$
|
115,485
|
|
|
$
|
132,516
|
|
|
19.3
|
|
|
3.9
|
|
Total past due and
non-accrual loans / total originated loans
|
0.79
|
%
|
|
0.68
|
%
|
|
0.91
|
%
|
|
|
|
|
Delinquency -
Acquired Portfolio (4) (5)
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
60,832
|
|
|
$
|
43,474
|
|
|
$
|
75,839
|
|
|
39.9
|
|
|
(19.8)
|
|
Loans 90+ days past
due
|
61,316
|
|
|
67,889
|
|
|
88,195
|
|
|
(9.7)
|
|
|
(30.5)
|
|
Non-accrual
loans
|
7,963
|
|
|
8,743
|
|
|
10,607
|
|
|
(8.9)
|
|
|
(24.9)
|
|
Total past due and
non-accrual loans
|
$
|
130,111
|
|
|
$
|
120,106
|
|
|
$
|
174,641
|
|
|
8.3
|
|
|
(25.5)
|
|
Delinquency -
Total Portfolio
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
|
122,652
|
|
|
$
|
91,779
|
|
|
$
|
120,293
|
|
|
33.6
|
|
|
2.0
|
|
Loans 90+ days past
due
|
65,288
|
|
|
75,116
|
|
|
98,473
|
|
|
(13.1)
|
|
|
(33.7)
|
|
Non-accrual
loans
|
79,899
|
|
|
68,696
|
|
|
88,391
|
|
|
16.3
|
|
|
(9.6)
|
|
Total past due and
non-accrual loans
|
$
|
267,839
|
|
|
$
|
235,591
|
|
|
$
|
307,157
|
|
|
13.7
|
|
|
(12.8)
|
|
|
(1)
|
Does not include
loans acquired at fair value ("acquired portfolio").
|
|
(2)
|
Includes all other
real estate owned, including those balances acquired through
business combinations that have been in acquired loans prior to
foreclosure.
|
|
(3)
|
"Originated
Portfolio" or "Originated Loans and Leases" equals loans and leases
not included by definition in the Acquired Portfolio.
|
|
(4)
|
"Acquired Portfolio"
or "Acquired Loans" equals loans acquired at fair value, accounted
for in accordance with ASC 805. The risk of credit loss on these
loans has been considered by virtue of our estimate of
acquisition-date fair value and these loans are considered accruing
as we primarily recognize interest income through accretion of the
difference between the carrying value of these loans and their
expected cash flows. Because acquired loans are initially
recorded at an amount estimated to be collectible, losses on such
loans, when incurred, are first applied against the non-accretable
difference established in purchase accounting and then to any
allowance for credit losses recognized subsequent to
acquisition.
|
|
(5)
|
Represents
contractual balances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Percent
Variance
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
3Q18
|
|
3Q18
|
|
For the Nine Months
Ended
September 30,
|
|
%
|
Allowance
Rollforward
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2Q18
|
|
3Q17
|
|
2018
|
|
2017
|
|
Var.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
Credit Losses - Originated Portfolio (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
172,615
|
|
|
$
|
172,410
|
|
|
$
|
159,092
|
|
|
0.1
|
|
|
8.5
|
|
|
$
|
168,682
|
|
|
$
|
150,791
|
|
|
11.9
|
|
Provision for credit
losses
|
14,853
|
|
|
15,036
|
|
|
17,175
|
|
|
(1.2)
|
|
|
(13.5)
|
|
|
44,659
|
|
|
46,050
|
|
|
(3.0)
|
|
Net loan
charge-offs
|
(14,157)
|
|
|
(14,831)
|
|
|
(13,033)
|
|
|
(4.5)
|
|
|
8.6
|
|
|
(40,030)
|
|
|
(33,607)
|
|
|
19.1
|
|
Allowance for
credit losses - originated portfolio (2)
|
$
|
173,311
|
|
|
$
|
172,615
|
|
|
$
|
163,234
|
|
|
0.4
|
|
|
6.2
|
|
|
$
|
173,311
|
|
|
$
|
163,234
|
|
|
6.2
|
|
Allowance for credit
losses (originated loans and leases) /
total
originated loans and leases (2)
|
1.00
|
%
|
|
1.02
|
%
|
|
1.12
|
%
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses (originated loans and leases) /
total
non-performing loans (1)
|
183.87
|
%
|
|
203.62
|
%
|
|
161.73
|
%
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
on originated loans and leases (annualized) /
total
average originated loans and leases (2)
|
0.33
|
%
|
|
0.36
|
%
|
|
0.37
|
%
|
|
|
|
|
|
0.33
|
%
|
|
0.33
|
%
|
|
|
Allowance for
Credit Losses - Acquired Portfolio (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
3,959
|
|
|
$
|
6,837
|
|
|
$
|
6,607
|
|
|
(42.1)
|
|
|
(40.1)
|
|
|
$
|
6,698
|
|
|
$
|
7,268
|
|
|
(7.8)
|
|
Provision for credit
losses
|
1,122
|
|
|
518
|
|
|
(407)
|
|
|
116.6
|
|
|
(375.7)
|
|
|
1,365
|
|
|
(1,676)
|
|
|
(181.4)
|
|
Net loan
(charge-offs)/recoveries
|
(511)
|
|
|
(3,396)
|
|
|
582
|
|
|
(85.0)
|
|
|
(187.8)
|
|
|
(3,493)
|
|
|
1,190
|
|
|
(393.5)
|
|
Allowance for
credit losses - acquired portfolio (3)
|
$
|
4,570
|
|
|
$
|
3,959
|
|
|
$
|
6,782
|
|
|
15.4
|
|
|
(32.6)
|
|
|
$
|
4,570
|
|
|
$
|
6,782
|
|
|
(32.6)
|
|
Allowance for
Credit Losses - Total Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
176,574
|
|
|
$
|
179,247
|
|
|
$
|
165,699
|
|
|
(1.5)
|
|
|
6.6
|
|
|
$
|
175,380
|
|
|
$
|
158,059
|
|
|
11.0
|
|
Provision for credit
losses
|
15,975
|
|
|
15,554
|
|
|
16,768
|
|
|
2.7
|
|
|
(4.7)
|
|
|
46,024
|
|
|
44,374
|
|
|
3.7
|
|
Net loan
(charge-offs)/recoveries
|
(14,668)
|
|
|
(18,227)
|
|
|
(12,451)
|
|
|
(19.5)
|
|
|
17.8
|
|
|
(43,523)
|
|
|
(32,417)
|
|
|
34.3
|
|
Total allowance
for credit losses
|
$
|
177,881
|
|
|
$
|
176,574
|
|
|
$
|
170,016
|
|
|
0.7
|
|
|
4.6
|
|
|
$
|
177,881
|
|
|
$
|
170,016
|
|
|
4.6
|
|
Allowance for credit
losses / total loans and leases
|
0.81
|
%
|
|
0.82
|
%
|
|
0.82
|
%
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(annualized) / total average loans and leases
|
0.27
|
%
|
|
0.34
|
%
|
|
0.24
|
%
|
|
|
|
|
|
0.27
|
%
|
|
0.23
|
%
|
|
|
|
|
|
(1)
|
Does not include
loans acquired at fair value ("acquired portfolio").
|
|
(2)
|
"Originated
Portfolio" or "Originated Loans and Leases" equals loans and leases
not included by definition in the Acquired Portfolio.
|
|
(3)
|
"Acquired Portfolio"
or "Acquired Loans" equals loans acquired at fair value, accounted
for in accordance with ASC 805. The risk of credit loss on these
loans has been considered by virtue of our estimate of
acquisition-date fair value and these loans are considered accruing
as we primarily recognize interest income through accretion of the
difference between the carrying value of these loans and their
expected cash flows. Because acquired loans are initially
recorded at an amount estimated to be collectible, losses on such
loans, when incurred, are first applied against the non-accretable
difference established in purchase accounting and then to any
allowance for credit losses recognized subsequent to
acquisition.
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
3Q18
|
|
3Q18
|
|
For the Nine
Months
Ended
September 30,
|
|
%
|
Operating net income
available to common stockholders:
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2Q18
|
|
3Q17
|
|
2018
|
|
2017
|
|
Var.
|
Net income available
to common stockholders
|
$
|
98,753
|
|
|
$
|
83,196
|
|
|
$
|
75,683
|
|
|
|
|
|
|
$
|
266,701
|
|
|
$
|
169,048
|
|
|
|
Merger-related
expense
|
—
|
|
|
—
|
|
|
1,381
|
|
|
|
|
|
|
—
|
|
|
55,459
|
|
|
|
Tax benefit of
merger-related expense
|
—
|
|
|
—
|
|
|
(483)
|
|
|
|
|
|
|
—
|
|
|
(18,481)
|
|
|
|
Merger-related net
securities gains
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
(2,609)
|
|
|
|
Tax expense of
merger-related net securities gains
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
913
|
|
|
|
Discretionary 401(k)
contribution
|
—
|
|
|
874
|
|
|
—
|
|
|
|
|
|
|
874
|
|
|
—
|
|
|
|
Tax benefit of
discretionary 401(k) contribution
|
—
|
|
|
(184)
|
|
|
—
|
|
|
|
|
|
|
(184)
|
|
|
—
|
|
|
|
Gain on sale of
subsidiary
|
(5,135)
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
(5,135)
|
|
|
—
|
|
|
|
Tax expense of gain
on sale of subsidiary
|
1,078
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
1,078
|
|
|
—
|
|
|
|
Branch consolidation
costs
|
—
|
|
|
6,616
|
|
|
—
|
|
|
|
|
|
|
6,616
|
|
|
—
|
|
|
|
Tax benefit of branch
consolidation costs
|
—
|
|
|
(1,389)
|
|
|
—
|
|
|
|
|
|
|
(1,389)
|
|
|
—
|
|
|
|
Operating net income
available to common stockholders (non-GAAP)
|
$
|
94,696
|
|
|
$
|
89,113
|
|
|
$
|
76,581
|
|
|
6.3
|
|
|
23.7
|
|
|
$
|
268,561
|
|
|
$
|
204,330
|
|
|
31.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings
per diluted common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
common share
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
$
|
0.23
|
|
|
|
|
|
|
$
|
0.82
|
|
|
$
|
0.57
|
|
|
|
Merger-related
expense
|
—
|
|
|
—
|
|
|
0.01
|
|
|
|
|
|
|
—
|
|
|
0.19
|
|
|
|
Tax benefit of
merger-related expense
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
(0.06)
|
|
|
|
Merger-related net
securities gains
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
(0.01)
|
|
|
|
Tax expense of
merger-related net securities gains
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
Discretionary 401(k)
contribution
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
Tax benefit of
discretionary 401(k) contribution
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
Gain on sale of
subsidiary
|
(0.02)
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
(0.02)
|
|
|
—
|
|
|
|
Tax expense of gain
on sale of subsidiary
|
0.01
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
0.01
|
|
|
—
|
|
|
|
Branch consolidation
costs
|
—
|
|
|
0.02
|
|
|
—
|
|
|
|
|
|
|
0.02
|
|
|
—
|
|
|
|
Tax benefit of branch
consolidation costs
|
—
|
|
|
(0.01)
|
|
|
—
|
|
|
|
|
|
|
(0.01)
|
|
|
—
|
|
|
|
Operating earnings
per diluted common share
(non-GAAP)
|
$
|
0.29
|
|
|
$
|
0.27
|
|
|
$
|
0.24
|
|
|
7.4
|
|
|
20.8
|
|
|
$
|
0.82
|
|
|
$
|
0.69
|
|
|
18.8
|
|
F.N.B.
CORPORATION
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
For the Nine Months
Ended
September 30,
|
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2018
|
|
2017
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
Net income
(annualized)
|
$
|
399,766
|
|
|
$
|
341,762
|
|
|
$
|
308,237
|
|
|
$
|
364,640
|
|
|
$
|
234,078
|
|
Amortization of
intangibles, net of tax (annualized)
|
11,926
|
|
|
12,077
|
|
|
12,392
|
|
|
12,499
|
|
|
11,051
|
|
Tangible net income
(annualized) (non-GAAP)
|
$
|
411,692
|
|
|
$
|
353,839
|
|
|
$
|
320,629
|
|
|
$
|
377,139
|
|
|
$
|
245,129
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity
|
$
|
4,516,008
|
|
|
$
|
4,461,510
|
|
|
$
|
4,426,980
|
|
|
$
|
4,469,577
|
|
|
$
|
3,945,621
|
|
Less: Average
intangibles (1)
|
(2,332,926)
|
|
|
(2,337,249)
|
|
|
(2,344,077)
|
|
|
(2,336,627)
|
|
|
(2,028,377)
|
|
Average tangible
stockholders' equity (non-GAAP)
|
$
|
2,183,082
|
|
|
$
|
2,124,261
|
|
|
$
|
2,082,903
|
|
|
$
|
2,132,950
|
|
|
$
|
1,917,244
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (non-GAAP)
|
18.86
|
%
|
|
16.66
|
%
|
|
15.39
|
%
|
|
17.68
|
%
|
|
12.79
|
%
|
Return on average
tangible common equity:
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders (annualized)
|
$
|
391,790
|
|
|
$
|
333,699
|
|
|
$
|
300,266
|
|
|
$
|
356,579
|
|
|
$
|
226,017
|
|
Amortization of
intangibles, net of tax (annualized)
|
11,926
|
|
|
12,077
|
|
|
12,392
|
|
|
12,499
|
|
|
11,051
|
|
Tangible net income
available to common stockholders (annualized) (non-GAAP)
|
$
|
403,716
|
|
|
$
|
345,776
|
|
|
$
|
312,658
|
|
|
$
|
369,078
|
|
|
$
|
237,068
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity
|
$
|
4,516,008
|
|
|
$
|
4,461,510
|
|
|
$
|
4,426,980
|
|
|
$
|
4,469,577
|
|
|
$
|
3,945,621
|
|
Less: Average
preferred stockholders' equity
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
Less: Average
intangibles (1)
|
(2,332,926)
|
|
|
(2,337,249)
|
|
|
(2,344,077)
|
|
|
(2,336,627)
|
|
|
(2,028,377)
|
|
Average tangible
common equity (non-GAAP)
|
$
|
2,076,200
|
|
|
$
|
2,017,379
|
|
|
$
|
1,976,021
|
|
|
$
|
2,026,068
|
|
|
$
|
1,810,362
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity (non-GAAP)
|
19.44
|
%
|
|
17.14
|
%
|
|
15.82
|
%
|
|
18.22
|
%
|
|
13.10
|
%
|
Return on average
tangible assets:
|
|
|
|
|
|
|
|
|
|
Net income
(annualized)
|
$
|
399,766
|
|
|
$
|
341,762
|
|
|
$
|
308,237
|
|
|
$
|
364,640
|
|
|
$
|
234,078
|
|
Amortization of
intangibles, net of tax (annualized)
|
11,926
|
|
|
12,077
|
|
|
12,392
|
|
|
12,499
|
|
|
11,051
|
|
Tangible net income
(annualized) (non-GAAP)
|
$
|
411,692
|
|
|
$
|
353,839
|
|
|
$
|
320,629
|
|
|
$
|
377,139
|
|
|
$
|
245,129
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
$
|
32,402,803
|
|
|
$
|
31,947,751
|
|
|
$
|
30,910,664
|
|
|
$
|
31,951,681
|
|
|
$
|
28,470,888
|
|
Less: Average
intangibles (1)
|
(2,332,926)
|
|
|
(2,337,249)
|
|
|
(2,344,077)
|
|
|
(2,336,627)
|
|
|
(2,028,377)
|
|
Average tangible
assets (non-GAAP)
|
$
|
30,069,877
|
|
|
$
|
29,610,502
|
|
|
$
|
28,566,587
|
|
|
$
|
29,615,054
|
|
|
$
|
26,442,511
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets (non-GAAP)
|
1.37
|
%
|
|
1.19
|
%
|
|
1.12
|
%
|
|
1.27
|
%
|
|
0.93
|
%
|
Tangible book value
per common share:
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$
|
4,524,864
|
|
|
$
|
4,473,242
|
|
|
$
|
4,435,921
|
|
|
|
|
|
Less: preferred
stockholders' equity
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
|
|
|
|
Less:
intangibles (1)
|
(2,329,830)
|
|
|
(2,335,445)
|
|
|
(2,351,707)
|
|
|
|
|
|
Tangible common
equity (non-GAAP)
|
$
|
2,088,152
|
|
|
$
|
2,030,915
|
|
|
$
|
1,977,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
324,275,186
|
|
|
324,258,342
|
|
|
323,301,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per common share (non-GAAP)
|
$
|
6.44
|
|
|
$
|
6.26
|
|
|
$
|
6.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes
loan servicing rights
|
|
|
|
|
|
|
|
|
|
F.N.B.
CORPORATION
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
For the Nine Months
Ended
September 30,
|
|
3Q18
|
|
2Q18
|
|
3Q17
|
|
2018
|
|
2017
|
Tangible equity /
tangible assets (period end):
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$
|
4,524,864
|
|
|
$
|
4,473,242
|
|
|
$
|
4,435,921
|
|
|
|
|
|
Less:
intangibles (1)
|
(2,329,830)
|
|
|
(2,335,445)
|
|
|
(2,351,707)
|
|
|
|
|
|
Tangible equity
(non-GAAP)
|
$
|
2,195,034
|
|
|
$
|
2,137,797
|
|
|
$
|
2,084,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
32,617,595
|
|
|
$
|
32,257,563
|
|
|
$
|
31,123,295
|
|
|
|
|
|
Less:
intangibles (1)
|
(2,329,830)
|
|
|
(2,335,445)
|
|
|
(2,351,707)
|
|
|
|
|
|
Tangible assets
(non-GAAP)
|
$
|
30,287,765
|
|
|
$
|
29,922,118
|
|
|
$
|
28,771,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity /
tangible assets (period end) (non-GAAP)
|
7.25
|
%
|
|
7.14
|
%
|
|
7.24
|
%
|
|
|
|
|
Tangible common
equity / tangible assets (period end):
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
$
|
4,524,864
|
|
|
$
|
4,473,242
|
|
|
$
|
4,435,921
|
|
|
|
|
|
Less: preferred
stockholders' equity
|
(106,882)
|
|
|
(106,882)
|
|
|
(106,882)
|
|
|
|
|
|
Less:
intangibles(1)
|
(2,329,830)
|
|
|
(2,335,445)
|
|
|
(2,351,707)
|
|
|
|
|
|
Tangible common
equity (non-GAAP)
|
$
|
2,088,152
|
|
|
$
|
2,030,915
|
|
|
$
|
1,977,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
32,617,595
|
|
|
$
|
32,257,563
|
|
|
$
|
31,123,295
|
|
|
|
|
|
Less:
intangibles (1)
|
(2,329,830)
|
|
|
(2,335,445)
|
|
|
(2,351,707)
|
|
|
|
|
|
Tangible assets
(non-GAAP)
|
$
|
30,287,765
|
|
|
$
|
29,922,118
|
|
|
$
|
28,771,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity / tangible assets (period end) (non-GAAP)
|
6.89
|
%
|
|
6.79
|
%
|
|
6.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY PERFORMANCE
INDICATORS
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(FTE):
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense
|
$
|
170,729
|
|
|
$
|
183,013
|
|
|
$
|
163,743
|
|
|
$
|
524,825
|
|
|
$
|
515,012
|
|
Less:
amortization of intangibles
|
(3,805)
|
|
|
(3,811)
|
|
|
(4,805)
|
|
|
(11,834)
|
|
|
(12,716)
|
|
Less: OREO
expense
|
(1,492)
|
|
|
(2,233)
|
|
|
(1,421)
|
|
|
(5,092)
|
|
|
(3,412)
|
|
Less:
merger-related expense
|
—
|
|
|
—
|
|
|
(1,381)
|
|
|
—
|
|
|
(55,459)
|
|
Less: discretionary
401(k) contribution
|
—
|
|
|
(874)
|
|
|
—
|
|
|
(874)
|
|
|
—
|
|
Less: branch
consolidation costs
|
—
|
|
|
(2,939)
|
|
|
—
|
|
|
(2,939)
|
|
|
—
|
|
Adjusted non-interest
expense
|
$
|
165,432
|
|
|
$
|
173,156
|
|
|
$
|
156,136
|
|
|
$
|
504,086
|
|
|
$
|
443,425
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
234,787
|
|
|
$
|
239,355
|
|
|
$
|
225,231
|
|
|
$
|
700,247
|
|
|
$
|
616,398
|
|
Taxable equivalent
adjustment
|
3,400
|
|
|
3,319
|
|
|
5,173
|
|
|
9,823
|
|
|
13,169
|
|
Non-interest
income
|
74,834
|
|
|
64,889
|
|
|
66,151
|
|
|
207,226
|
|
|
187,345
|
|
Less: net
securities gains
|
—
|
|
|
(31)
|
|
|
(2,777)
|
|
|
(31)
|
|
|
(5,895)
|
|
Less: gain on
sale of subsidiary
|
(5,135)
|
|
|
—
|
|
|
—
|
|
|
(5,135)
|
|
|
—
|
|
Add: branch
consolidation costs
|
—
|
|
|
3,677
|
|
|
—
|
|
|
3,677
|
|
|
—
|
|
Adjusted net interest
income (FTE) + non-interest income
|
$
|
307,886
|
|
|
$
|
311,209
|
|
|
$
|
293,778
|
|
|
$
|
915,807
|
|
|
$
|
811,017
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(FTE) (non-GAAP)
|
53.73
|
%
|
|
55.64
|
%
|
|
53.15
|
%
|
|
55.04
|
%
|
|
54.68
|
%
|
(1) Excludes
loan servicing rights
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/fnb-corporation-reports-third-quarter-2018-earnings-per-share-of-0-30--300735725.html
SOURCE F.N.B. Corporation