EXHIBIT 99.1
F.N.B. CORPORATION REPORTS INCREASE IN
SECOND QUARTER 2007 EARNINGS
Hermitage, PA -- July 19, 2007 -- F.N.B. Corporation (NYSE: FNB), a diversified
financial services company, today reported financial results for the second
quarter and first half of 2007. Second quarter 2007 net income increased 5.9% to
$17.6 million from $16.6 million in the second quarter of 2006. Net income for
the first quarter of 2007 equaled $17.4 million. On a per share basis, second
quarter 2007 earnings were $0.29 per diluted share, compared to $0.28 per
diluted share in the second quarter of 2006 and $0.29 per diluted share in the
first quarter of 2007. The Corporation's return on tangible equity for the
second quarter of 2007 was a strong 26.8%, its return on equity was 13.1%, its
return on tangible assets was 1.28% and its return on assets was 1.17%.
Stephen J. Gurgovits, President and Chief Executive Officer of F.N.B.
Corporation, commented, "Our second quarter 2007 results reflect good loan
growth, expansion of our net interest margin, continued strong credit quality
and solid control of our operating costs."
Average commercial loans were up 4.0% annualized compared to the first quarter
of 2007, reflecting solid organic growth in key Pennsylvania and Florida
markets. This commercial loan growth was offset by decreased average balances of
indirect auto loans. The net result was a 0.4% annualized increase in average
total loans compared to the first quarter of 2007. Based on quarter-end
balances, total loans were up 3.1% annualized since March 31, 2007, with
commercial loans and direct consumer loans up 5.0% and 12.4% annualized,
respectively.
"We are encouraged by the growth in our commercial and consumer lending
businesses, as opportunities for high quality fundings strengthened toward the
end of the quarter," added Mr. Gurgovits.
The growth in earning assets drove a 3.9% annualized increase in fully taxable
equivalent (FTE) net interest income compared to the first quarter of 2007. The
Corporation's net interest margin for both the first and second quarter of 2007
was 3.73%. However, the net interest margin for the first quarter of 2007
included a 6 basis point benefit from $0.8 million in interest income recovery
on previously non-accruing loans.
Page 1 of 5
F.N.B. Corporation Page 2 of 5
Average deposits and customer repurchase agreements increased 5.7% annualized
from the first quarter of 2007, providing the Corporation with solid funding for
its loan growth. Contributing to the smallest increase in the cost of funds in
nine quarters was a positive shift in the mix of deposits as demand deposits,
savings and money market deposits grew, while higher cost time deposits
declined.
Strong organic growth in commissions from retail securities sales and a
combination of organic and seasonal growth in bank service charges partially
offset a seasonal decline in insurance revenue and lower gains generated from
sales out of the Corporation's bank stock portfolio. As a result, non-interest
income declined 10.4% annualized compared to the prior quarter.
When compared to the second quarter of 2006, total non-interest income increased
0.7% annualized, with growth in securities commissions and trust revenue mostly
offset by lower other non-interest income. During the second quarter of 2006,
the Corporation recorded a $0.9 million gain on the settlement of an impaired
loan acquired in a previous merger. Total non-interest income represented 29% of
net revenue for the second quarter of 2007.
Non-interest expense was $41.8 million for the second quarter of 2007, down
slightly from $41.9 million for the first quarter of 2007. Positive operating
leverage was achieved compared to both the first quarter of 2007 and second
quarter of 2006 as evidenced by the improvement in the efficiency ratio to 58.3%
for the second quarter of 2007.
Asset quality continued at strong levels in the second quarter of 2007.
Annualized net loan charge-offs for the second quarter of 2007 were 24 basis
points of average loans, a one basis point increase from the first quarter of
2007 and a 3 basis point improvement from the second quarter of last year. The
ratio of non-performing loans to total loans was 56 basis points at June 30,
2007, an improvement from 63 and 74 basis points at March 31, 2007 and June 30,
2006, respectively.
The Corporation's credit quality performance resulted in a provision for loan
losses of $1.8 million in the second quarter of 2007, the same as for the first
quarter of 2007. At June 30, 2007, the allowance for loan losses was 1.19% of
total loans and 2.1 times non-performing loans.
YEAR-TO-DATE RESULTS
For the six months ended June 30, 2007, the Corporation posted net income of
$35.0 million, a 7.9% increase, compared to $32.4 million for the same period of
2006. On a per share basis, year-to-date earnings were $0.58 per diluted share,
compared to $0.56 per diluted share for the first half of 2006. The
Corporation's return on tangible equity for
F.N.B. Corporation Page 3 of 5
the six months ended June 30, 2007, was a strong 26.8%, its return on equity was
13.1%, its return on tangible assets was 1.28% and its return on assets was
1.17%.
Net interest income, on an FTE basis, for the first half of 2007 was 4.4% higher
than the same period of last year, reflecting growth in average loans of 9.6%
and average deposits and customer repurchase agreements of 7.7%. The
Corporation's net interest margin in the first half of 2007 narrowed to 3.73%
from 3.77% for the same period of last year, reflecting the Corporation's Legacy
Bank acquisition in May 2006.
Non-interest income for the first half of 2007 increased 3.3% to $41.3 million
from $40.0 million for the same period of 2006. Non-interest income was 30% of
net revenue for the first six months of 2007.
Non-interest expense for the first half of 2007 was $83.7 million compared to
$80.5 million for the first half of 2006. This 4.0% increase is primarily
attributable to the Legacy Bank acquisition and additional loan production
offices in Florida. The efficiency ratio improved to 58.3% for the first six
months of 2007.
Shareholders' equity at June 30, 2007, was $539 million, or $8.92 per common
share. Tangible book value was $4.55 per common share at the end of the second
quarter of 2007. The Corporation's leverage and tangible capital ratios were
7.4% and 4.7%, respectively, at June 30, 2007. The Corporation's capital ratios
continue to exceed federal bank regulatory agency "well capitalized" thresholds.
"We are pleased that our culture of strong credit quality continues to serve us
well. Our credit costs continue to be manageable as demonstrated by low levels
of non-performing assets and net charge-offs", Mr. Gurgovits concluded.
OTHER NEWS
In other news, the Corporation recently announced that Stephen J. Gurgovits was
elected Chairman of the Board of F.N.B. Corporation effective December 31, 2007.
He will continue as President and Chief Executive Officer of the Corporation.
Mr. Gurgovits will replace Peter Mortensen, who has announced his decision to
retire as Chairman of the Board at the end of the year.
CONFERENCE CALL
Management will host a quarterly conference call to discuss results for the
second quarter of 2007, tomorrow, Friday, July 20, 2007, at 11:00 AM Eastern
Daylight Time. Hosting the call will be Stephen J. Gurgovits, President and
Chief Executive Officer, and
F.N.B. Corporation Page 4 of 5
Brian F. Lilly, Chief Financial Officer. The call can be accessed via telephone
by dialing (800) 811-8845 or (913) 981-4905 for international callers, and
entering confirmation number 8264203.
A replay of the call will be available from 2:00 PM Eastern Daylight Time until
midnight Eastern Daylight Time on July 27, 2007. The replay can be accessed by
dialing (888) 203-1112, or (719) 457-0820 for international callers, and
entering confirmation number 8264203. A transcript of the call will be posted to
the Shareholder and Investor Relations section of F.N.B. Corporation's Web site
at 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 $6.1 billion at June 30, 2007. F.N.B. is a
leading provider of commercial and retail banking, wealth management, insurance
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, and
Regency Finance Company. It also operates consumer finance offices in Tennessee
and loan production offices in 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 the Corporation's outstanding
record of increased dividend performance. The Corporation has consistently
increased dividend payments for 34 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 www.fnbcorporation.com.
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,
F.N.B. Corporation Page 5 of 5
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.
# # #
Analyst/Institutional Investor Contact:
Bartley Parker, CFA 203-682-8250
bartley.parker@icrinc.com
Media Contact:
Kathryn Lima 724-981-4318
724-301-6984 (cell)
DATA SHEETS FOLLOW
F.N.B. CORPORATION
- ------------------
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
2nd Qtr 2nd Qtr
2007 2006 2007 - 2007 -
------------------------- ---------- 1st Qtr 2007 2nd Qtr 2006
Second First Second Percent Percent
STATEMENT OF EARNINGS Quarter Quarter Quarter Variance Variance
- --------------------- ---------- ----------- ---------- ------------- -------------
Interest income $91,620 $90,487 $83,465 1.3 9.8
Interest expense 43,271 42,567 36,772 1.7 17.7
---------- ----------- ----------
Net interest income 48,349 47,920 46,693 0.9 3.5
Taxable equivalent adjustment 1,170 1,117 955 4.7 22.4
---------- ----------- ----------
Net interest income
(FTE) 49,519 49,037 47,648 1.0 3.9
Provision for loan losses 1,838 1,847 2,497 -0.5 -26.4
---------- ----------- ----------
Net interest income after
provision (FTE) 47,681 47,190 45,151 1.0 5.6
Service charges 10,212 9,618 10,189 6.2 0.2
Insurance commissions and fees 3,230 4,419 3,239 -26.9 -0.3
Securities commissions and fees 1,650 1,276 1,308 29.3 26.1
Trust income 2,118 2,162 1,859 -2.0 13.9
Gain on sale of securities 304 740 340 -58.9 -10.6
Gain on sale of loans 359 367 400 -2.1 -10.2
Other 2,502 2,334 3,004 7.2 -16.7
---------- ----------- ----------
Total non-interest income 20,375 20,916 20,339 -2.6 0.2
Salaries and employee benefits 21,475 22,266 21,141 -3.6 1.6
Occupancy and equipment 6,964 7,165 6,755 -2.8 3.1
Amortization of intangibles 1,103 1,103 1,029 0.0 7.2
Other 12,280 11,362 11,799 8.1 4.1
---------- ----------- ----------
Total non-interest expense 41,822 41,896 40,724 -0.2 2.7
Income before income taxes 26,234 26,210 24,766 0.1 5.9
Taxable equivalent adjustment 1,170 1,117 955 4.7 22.4
Income taxes 7,442 7,723 7,176 -3.6 3.7
---------- ----------- ----------
NET INCOME $17,622 $17,370 $16,635 1.4 5.9
========== =========== ==========
Earnings per share
Basic $0.29 $0.29 $0.29 0.0 0.0
Diluted $0.29 $0.29 $0.28 0.0 3.6
PERFORMANCE RATIOS
- ------------------
Return on average equity 13.11% 13.06% 13.43%
Return on tangible equity (1) 26.81% 26.79% 26.62%
Return on average assets 1.17% 1.17% 1.15%
Return on tangible assets (2) 1.28% 1.28% 1.25%
Net interest margin (FTE) 3.73% 3.73% 3.73%
Yield on earning assets (FTE) 6.98% 6.98% 6.60%
Cost of funds 3.63% 3.61% 3.21%
Efficiency ratio (FTE) (3) 58.26% 58.31% 58.39%
COMMON STOCK DATA
- -----------------
Average basic shares
outstanding 60,127,296 60,105,023 58,237,880 0.0 3.2
Average diluted shares outstanding 60,621,233 60,633,903 58,709,375 0.0 3.3
Ending shares outstanding 60,396,209 60,391,407 60,190,718 0.0 0.3
Book value per common share $8.92 $8.91 $8.88 0.1 0.4
Tangible book value per common share $4.55 $4.52 $4.44 0.7 2.6
Dividend payout ratio 80.53% 81.71% 81.27%
</Table>
(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) The leverage ratio for the quarter ended June 30, 2006 is calculated using
period-end assets instead of quarterly average assets to adjust for the
Legacy acquisition.
(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 2007 2006 Variance
- --------------------- ---------- ----------- ----------
Interest income $182,107 $161,086 13.0
Interest expense 85,838 68,574 25.2
---------- -----------
Net interest income 96,269 92,512 4.1
Taxable equivalent adjustment 2,287 1,917 19.3
---------- -----------
Net interest income (FTE) 98,556 94,429 4.4
Provision for loan losses 3,685 5,455 -32.4
---------- -----------
Net interest income after
provision (FTE) 94,871 88,974 6.6
Service charges 19,830 19,879 -0.2
Insurance commissions and fees 7,649 7,339 4.2
Securities commissions and fees 2,926 2,255 29.7
Trust income 4,280 3,703 15.6
Gain on sale of securities 1,044 887 17.6
Gain on sale of loans 726 698 4.0
Other 4,836 5,207 -7.1
---------- -----------
Total non-interest income 41,291 39,968 3.3
Salaries and employee benefits 43,741 42,459 3.0
Occupancy and equipment 14,129 13,433 5.2
Amortization of intangibles 2,206 1,960 12.6
Other 23,642 22,643 4.4
---------- -----------
Total non-interest expense 83,718 80,495 4.0
Income before income taxes 52,444 48,447 8.2
Taxable equivalent adjustment 2,287 1,917 19.3
Income taxes 15,165 14,093 7.6
---------- -----------
NET INCOME $34,992 $32,437 7.9
========== ===========
Earnings per share
Basic $0.58 $0.56 3.6
Diluted $0.58 $0.56 3.6
PERFORMANCE RATIOS
- ------------------
Return on average equity 13.09% 13.38%
Return on tangible equity (1) 26.80% 26.04%
Return on average assets 1.17% 1.15%
Return on tangible assets (2) 1.28% 1.24%
Net interest margin (FTE) 3.73% 3.77%
Yield on earning assets (FTE) 6.98% 6.51%
Cost of funds 3.62% 3.07%
Efficiency ratio (FTE) (3) 58.29% 58.44%
COMMON STOCK DATA
- -----------------
Average basic shares
outstanding 60,116,221 57,710,830 4.2
Average diluted shares outstanding 60,627,117 58,152,090 4.3
Ending shares outstanding 60,396,209 60,190,718 0.3
Book value per common share $8.92 $8.88 0.4
Tangible book value per common share $4.55 $4.44 2.6
Dividend payout ratio 81.11% 83.31%
(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) The leverage ratio for the quarter ended June 30, 2006 is calculated using
period-end assets instead of quarterly average assets to adjust for the
Legacy acquisition.
(5) Certain prior period amounts have been reclassified to conform to the
current period presentation.
F.N.B. CORPORATION
- ------------------
(UNAUDITED)
(DOLLARS IN THOUSANDS)
2nd Qtr 2nd Qtr
2007 2006 2007 - 2007 -
------------------------- ---------- 1st Qtr 2007 2nd Qtr 2006
Second First Second Percent Percent
AVERAGE BALANCES Quarter Quarter Quarter Variance Variance
- ---------------- ----------- ---------- ---------- ------------- -------------
Total assets $6,024,994 $6,006,899 $5,807,974 0.3 3.7
Earning assets 5,324,617 5,304,427 5,126,673 0.4 3.9
Securities 1,030,730 1,043,321 1,124,129 -1.2 -8.3
Loans, net of unearned income 4,258,872 4,255,063 3,976,154 0.1 7.1
Allowance for loan losses 52,138 52,856 52,155 -1.4 0.0
Goodwill and intangibles 264,619 265,609 236,099 -0.4 12.1
Deposits and repurchase agreements 4,673,108 4,607,886 4,403,600 1.4 6.1
Short-term borrowings 119,320 138,898 148,512 -14.1 -19.7
Long-term debt 470,215 497,948 548,843 -5.6 -14.3
Trust preferred securities 151,031 151,031 137,878 0.0 9.5
Shareholders' equity 539,004 539,392 496,820 -0.1 8.5
ASSET QUALITY DATA
- ------------------
Non-accrual loans $20,590 $23,050 $26,331 -10.7 -21.8
Restructured loans 3,367 3,591 4,861 -6.2 -30.7
----------- ---------- ----------
Non-performing loans 23,957 26,641 31,192 -10.1 -23.2
Other real estate owned 5,395 5,659 6,335 -4.7 -14.8
----------- ---------- ----------
Non-performing assets $29,352 $32,300 $37,527 -9.1 -21.8
=========== ========== ==========
Net loan charge-offs $2,571 $2,459 $2,679 4.6 -4.0
Allowance for loan losses 51,252 51,964 53,041 -1.4 -3.4
Non-performing loans/total loans 0.56% 0.63% 0.74%
Non-performing assets/total assets 0.48% 0.54% 0.62%
Allowance for loan losses/total
loans 1.19% 1.22% 1.26%
Allowance for loan losses/
non-performing loans 213.93% 195.05% 170.05%
Net loan charge-offs (annualized)/
average loans 0.24% 0.23% 0.27%
BALANCES AT PERIOD END
- ----------------------
Total assets $6,061,249 $6,015,804 $6,072,739 0.8 -0.2
Earning assets 5,336,857 5,302,013 5,331,851 0.7 0.1
Securities 1,034,990 1,038,985 1,115,535 -0.4 -7.2
Loans, net of unearned income 4,292,314 4,259,121 4,210,525 0.8 1.9
Goodwill and intangibles 263,765 265,272 267,446 -0.6 -1.4
Deposits and repurchase agreements 4,711,787 4,648,826 4,567,333 1.4 3.2
Short-term borrowings 157,540 110,460 195,952 42.6 -19.6
Long-term debt 439,444 500,676 562,460 -12.2 -21.9
Trust preferred securities 151,031 151,031 151,031 0.0 0.0
Shareholders' equity 538,743 538,292 534,580 0.1 0.8
CAPITAL RATIOS
- --------------
Equity/assets (period end) 8.89% 8.95% 8.80%
Leverage ratio (4) 7.43% 7.38% 7.09%
Tangible equity/tangible assets
(period end) 4.74% 4.75% 4.60%
</Table>
F.N.B. CORPORATION
(UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Six Months
Ended June 30,
----------------------------------
Percent
AVERAGE BALANCES 2007 2006 Variance
- ---------------- ---------------- ---------------- ---------------
Total assets $6,015,997 $5,704,150 5.5
Earning assets 5,314,578 5,035,654 5.5
Securities 1,036,991 1,135,976 -8.7
Loans, net of unearned income 4,256,978 3,883,277 9.6
Allowance for loan losses 52,495 51,811 1.3
Goodwill and intangibles 265,111 227,722 16.4
Deposits and repurchase agreements 4,640,677 4,310,754 7.7
Short-term borrowings 129,055 161,795 -20.2
Long-term debt 484,005 541,493 -10.6
Trust preferred securities 151,031 133,397 13.2
Shareholders' equity 539,197 488,790 10.3
ASSET QUALITY DATA
- ------------------
Non-accrual loans $20,590 $26,331 -21.8
Restructured loans 3,367 4,861 -30.7
---------------- ----------------
Non-performing loans 23,957 31,192 -23.2
Other real estate owned 5,395 6,335 -14.8
---------------- ----------------
Non-performing assets $29,352 $37,527 -21.8
================ ================
Net loan charge-offs $5,030 $6,166 -18.4
Allowance for loan losses 51,252 53,041 -3.4
Non-performing loans/total loans 0.56% 0.74%
Non-performing assets/total assets 0.48% 0.62%
Allowance for loan losses/total loans 1.19% 1.26%
Allowance for loan losses/
non-performing loans 213.93% 170.05%
Net loan charge-offs (annualized)/
average loans 0.24% 0.32%
BALANCES AT PERIOD END
- ----------------------
Total assets $6,061,249 $6,072,739 -0.2
Earning assets 5,336,857 5,331,851 0.1
Securities 1,034,990 1,115,535 -7.2
Loans, net of unearned income 4,292,314 4,210,525 1.9
Goodwill and intangibles 263,765 267,446 -1.4
Deposits and repurchase agreements 4,711,787 4,567,333 3.2
Short-term borrowings 157,540 195,952 -19.6
Long-term debt 439,444 562,460 -21.9
Trust preferred securities 151,031 151,031 0.0
Shareholders' equity 538,743 534,580 0.8
CAPITAL RATIOS
- --------------
Equity/assets (period end) 8.89% 8.80%
Leverage ratio (4) 7.43% 7.09%
Tangible equity/tangible assets (period end) 4.74% 4.60%
F.N.B. CORPORATION
- ------------------
(UNAUDITED)
(DOLLARS IN THOUSANDS)
2nd Qtr 2nd Qtr
2007 2006 2007 - 2007 -
------------------------- ---------- 1st Qtr 2007 2nd Qtr 2006
Second First Second Percent Percent
AVERAGE BALANCES Quarter Quarter Quarter Variance Variance
- ---------------- ---------- ----------- ---------- ------------- -------------
Loans:
Commercial $2,149,269 $2,128,261 $1,826,489 1.0 17.7
Direct installment 919,507 916,693 918,337 0.3 0.1
Consumer LOC 249,589 252,770 258,849 -1.3 -3.6
Residential mortgages 486,431 489,298 492,807 -0.6 -1.3
Indirect installment 434,553 449,241 474,159 -3.3 -8.4
Other 19,523 18,800 5,513 3.8 254.1
---------- ----------- ----------
Total loans $4,258,872 $4,255,063 $3,976,154 0.1 7.1
========== =========== ==========
Deposits:
Non-interest bearing deposits $644,980 $622,048 $647,605 3.7 -0.4
Savings and NOW 2,023,477 1,965,627 1,871,039 2.9 8.1
Certificates of deposit and other
time deposits 1,751,875 1,762,630 1,694,561 -0.6 3.4
---------- ----------- ----------
Total deposits 4,420,332 4,350,305 4,213,205 1.6 4.9
Customer repurchase agreements 252,776 257,582 190,395 -1.9 32.8
---------- ----------- ----------
Total deposits and repurchase
agreements $4,673,108 $4,607,886 $4,403,600 1.4 6.1
========== =========== ==========
BALANCES AT PERIOD END
- ----------------------
Loans:
Commercial $2,180,535 $2,153,697 $2,019,563 1.2 8.0
Direct installment 938,683 910,531 931,453 3.1 0.8
Consumer LOC 247,470 251,472 267,683 -1.6 -7.6
Residential mortgages 473,766 485,341 507,817 -2.4 -6.7
Indirect installment 436,533 438,938 476,261 -0.5 -8.3
Other 15,327 19,142 7,748 -19.9 97.8
---------- ----------- ----------
Total loans $4,292,314 $4,259,121 $4,210,525 0.8 1.9
========== =========== ==========
Deposits:
Non-interest bearing deposits $667,646 $650,926 $669,838 2.6 -0.3
Savings and NOW 2,056,484 1,982,325 1,939,823 3.7 6.0
Certificates of deposit and other
time deposits 1,730,438 1,761,778 1,768,887 -1.8 -2.2
---------- ----------- ----------
Total deposits 4,454,568 4,395,029 4,378,548 1.4 1.7
Customer repurchase agreements 257,219 253,798 188,785 1.3 36.3
---------- ----------- ----------
Total deposits and repurchase
agreements $4,711,787 $4,648,826 $4,567,333 1.4 3.2
========== =========== ==========
</Table>
F.N.B. CORPORATION
(UNAUDITED)
(DOLLARS IN THOUSANDS)
For the Six Months
Ended June 30,
-----------------------------
Percent
AVERAGE BALANCES 2007 2006 Variance
- ---------------- ------------ ------------- -------------
Loans:
Commercial $2,138,823 $1,750,890 22.2
Direct installment 918,108 901,593 1.8
Consumer LOC 251,170 258,139 -2.7
Residential mortgages 487,857 488,933 -0.2
Indirect installment 441,855 479,431 -7.8
Other 19,165 4,291 346.6
------------ -------------
Total loans $4,256,978 $3,883,277 9.6
============ =============
Deposits:
Non-interest bearing deposits $633,577 $642,944 -1.5
Savings and NOW 1,994,712 1,804,994 10.5
Certificates of deposit and other time deposits 1,757,223 1,670,281 5.2
------------ -------------
Total deposits 4,385,512 4,118,219 6.5
Customer repurchase agreements 255,165 192,536 32.5
------------ -------------
Total deposits and repurchase agreements $4,640,677 $4,310,754 7.7
============ =============
BALANCES AT PERIOD END
- ----------------------
Loans:
Commercial $2,180,535 $2,019,563 8.0
Direct installment 938,683 931,453 0.8
Consumer LOC 247,470 267,683 -7.6
Residential mortgages 473,766 507,817 -6.7
Indirect installment 436,533 476,261 -8.3
Other 15,327 7,748 97.8
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Total loans $4,292,314 $4,210,525 1.9
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Deposits:
Non-interest bearing deposits $667,646 $669,838 -0.3
Savings and NOW 2,056,484 1,939,823 6.0
Certificates of deposit and other time deposits 1,730,438 1,768,887 -2.2
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Total deposits 4,454,568 4,378,548 1.7
Customer repurchase agreements 257,219 188,785 36.3
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Total deposits and repurchase agreements $4,711,787 $4,567,333 3.2
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</Table>