F.N.B. CORPORATION
PRO-FORMA COMBINED BALANCE SHEET
September 30, 2001
(In thousands, except per share and per share amounts)
(Unaudited)
FNB
Pro Forma Pro Forma
FNB Promistar Adjustments Combined
----------------- -------------------- ------------------ --------------------
Assets
Cash and due from banks $131,897 $72,994 $204,891
Interest bearing deposits with banks 8,652 629 9,281
Federal funds sold 7,329 54,500 61,829
Mortgage loans held for sale 4,815 4,815
Investment securities 483,232 521,425 (398)(1) 1,004,259
Loans, net of unearned income 3,139,924 1,666,895 4,806,819
Allowance for loan losses (40,037) (19,302) (59,339)
----------------- -------------------- ------------------ --------------------
Net Loans 3,099,887 1,647,593 0 4,747,480
----------------- -------------------- ------------------ --------------------
Premises and equipment, net 115,704 28,544 144,248
Other assets 211,461 77,341 288,802
----------------- -------------------- ------------------ --------------------
Total Assets $4,062,977 $2,403,026 ($398) $6,465,605
================= ==================== ================== ====================
Liabilities
Deposits:
Non-interest bearing $498,923 $275,760 $774,683
Interest bearing 2,718,836 1,566,855 4,285,691
----------------- -------------------- ------------------ --------------------
Total deposits 3,217,759 1,842,615 0 5,060,374
Other liabilities 69,269 20,971 (106)(1) 90,134
Short-term borrowings 307,986 78,454 386,440
Long-term debt 104,745 239,395 344,140
----------------- -------------------- ------------------ --------------------
Total Liabilities 3,699,759 2,181,435 (106) 5,881,088
----------------- -------------------- ------------------ --------------------
Stockholders' Equity
Preferred stock 2 2
Common stock 258 86,353 (86,193)(2) 418
Additional paid-in capital 295,750 61,656 86,346 (2) 443,752
Retained earnings 59,482 66,292 (248)(3) 125,526
Accumulated other comprehensive income 9,528 7,290 (197)(1) 16,621
Treasury stock (1,802) (1,802)
----------------- -------------------- ------------------ --------------------
Total Stockholders' Equity 363,218 221,591 (292) 584,517
----------------- -------------------- ------------------ --------------------
Total Liabilities and Stockholders' Equity $4,062,977 $2,403,026 ($398) $6,465,605
================= ==================== ================== ====================
Book value per share $13.99 $12.83 $13.94
Common shares issued at period end 25,770,459 17,270,551 41,746,973
- ------------------------------------------------
(1) Cancellation of 17,296 Promistar shares owned by FNB.
(2) Issuance of 15,976,514 shares of FNB common stock, assuming an exchange
rate of 0.926 shares of FNB common stock for each share of Promistar
common stock and the cancellation of 17,296 Promistar shares owned by
FNB.
(3) Gain on sale of 18,000 Promistar shares owned by FNB.
F.N.B. CORPORATION
PRO FORMA COMBINED STATEMENT OF INCOME
For the Nine Months Ended September 30, 2001
(In thousands, except share and per share amounts)
(Unaudited)
FNB
Pro Forma Pro Forma
FNB Promistar Adjustments Combined
------------------ ------------------ ------------------ -----------------
Interest Income
Loans, including fees 199,801 93,256 293,057
Investment securities 22,251 19,783 (22)(1) 42,012
Other 3,973 933 4,906
------------------ ------------------ ------------------ -----------------
Total Interest Income 226,025 113,972 (22) 339,975
------------------ ------------------ ------------------ -----------------
Interest Expense
Deposits 84,534 46,745 131,279
Short-term borrowings 9,532 2,843 12,375
Long-term debt 5,634 7,581 13,215
------------------ ------------------ ------------------ -----------------
Total Interest Expense 99,700 57,169 0 156,869
------------------ ------------------ ------------------ -----------------
Net Interest Income 126,325 56,803 (22) 183,106
Provision for loan losses 8,190 3,800 11,990
------------------ ------------------ ------------------ -----------------
Net Interest Income
After Provision
For Loan Losses 118,135 53,003 (22) 171,116
------------------ ------------------ ------------------ -----------------
Other Income
Net security gains 783 1,326 (351)(3) 1,758
Other 58,725 12,909 71,634
------------------ ------------------ ------------------ -----------------
Total Other Income 59,508 14,235 (351) 73,392
------------------ ------------------ ------------------ -----------------
177,643 67,238 (373) 244,508
Other Expenses
Salaries and benefits 68,265 20,152 88,417
Occupancy and equipment expenses 18,524 8,321 26,845
Amortization of intangible assets 1,533 1,533
Other operating expenses 45,352 12,811 58,163
------------------ ------------------ ------------------ -----------------
Total Other Expenses 132,141 42,817 0 174,958
------------------ ------------------ ------------------ -----------------
Income Before Income Taxes 45,502 24,421 (373) 69,550
Provision for income taxes 14,794 7,049 (125)(1)(3) 21,718
------------------ ------------------ ------------------ -----------------
Net Income $ 30,708 $ 17,372 ($ 248) $ 47,832
================== ================== ================== =================
Earnings per share - Basic $1.19 $1.13 $1.20
Weighted average shares
outstanding - Basic 25,576,502 15,353,503 39,766,718
Earnings per share - Diluted $1.16 $1.13 $1.17
Weighted average shares
outstanding - Diluted 26,554,630 15,367,632 40,757,929
Dividends paid per common share $0.55 $0.63 $0.60
- ------------------------------------------------------------
(1) Elimination of Promistar dividends received on shares owned by FNB and
related tax impact.
(2) Weighted average shares computed using FNB average shares outstanding
adjusted for the weighted average shares of Promistar, net of Promistar
shares owned by FNB, adjusted for the exchange rate of 0.926 shares of
FNB for each share of Promistar.
(3) Gain on sale of 18,000 shares of Promistar stock owned by FNB and
related tax impact.