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EXHIBIT 99.1
SELECTED FINANCIAL DATA
Dollars in thousands, except per share data
YEAR ENDED DECEMBER 31 2003 2002 2001 2000 1999
----------- ----------- ----------- ----------- -----------
Total interest income $ 257,019 $ 275,853 $ 301,638 $ 300,514 $ 274,459
Total interest expense 86,990 98,372 134,984 136,775 112,874
Net interest income 170,029 177,481 166,654 163,739 161,585
Provision for loan losses 17,155 13,624 26,727 12,393 11,894
Total non-interest income 68,155 66,145 52,015 43,704 34,674
Total non-interest expense 185,025 185,003 149,259 136,298 120,186
Income from continuing operations 27,038 31,271 31,769 42,153 44,780
Income from discontinued operations,
net of tax 31,751 32,064 21,216 19,755 16,356
Net income 58,789 63,335 52,985 61,908 61,145
AT YEAR-END
Total assets $ 8,308,310 $ 7,090,232 $ 6,488,383 $ 6,126,792 $ 5,892,263
Net loans 3,213,058 3,188,224 3,061,936 2,980,248 2,921,561
Assets of discontinued operations 3,751,136 2,735,204 2,202,004 2,125,737 1,936,455
Deposits 3,439,510 3,304,105 3,338,913 3,227,249 3,100,815
Long-term debt 584,808 400,056 276,802 198,907 196,860
Liabilities of discontinued operations 3,386,021 2,467,123 2,022,538 1,954,863 1,786,066
Total stockholder's equity 606,909 598,596 572,407 503,422 491,436
PER COMMON SHARE (1)
Basic earnings per share
Continuing operations $ .58 $ .68 $ .71 $ .94 $ .99
Discontinued operations .69 .69 .48 .44 .36
Net income 1.27 1.37 1.19 1.38 1.35
Diluted earnings per share
Continuing operations .57 .67 .70 .92 .97
Discontinued operations .68 .68 .47 .43 .36
Net income 1.25 1.35 1.17 1.35 1.33
Cash dividends declared .93 .81 .68 .61 .59
Book value (2) 13.10 12.93 12.37 10.87 11.13
RATIOS
Return on average assets (2) 1.32% 1.50% 1.27% 1.56% 1.57%
Return on average equity (2) 9.66 10.97 9.81 12.28 12.50
Dividend payout ratio (2) 72.90 59.03 52.81 45.36 43.81
Average equity to average assets 7.66 8.51 8.58 8.42 8.75
(1) Per share amounts have been restated for the stock dividend declared on
April 28, 2003.
(2) Effective January 1, 2004, F.N.B. Corporation spun-off its Florida
operations into a separate independent public company. As a result of the
spin-off, the Florida operations' earnings for prior years have been classified
as discontinued operations on the Corporation's consolidated income statements
and the assets and liabilities related to the discontinued operations have been
disclosed separately on the Corporation's consolidated balance sheets for prior
years. In addition, note that the book value at period end, stockholders'
equity, the return on average equity ratio and the dividend payout ratio for
prior years include the discontinued operations. The return on average assets
excludes the assets of discontinued operations.
QUARTERLY EARNINGS SUMMARY (UNAUDITED)
Dollars in thousands, except per share data
QUARTER ENDED 2003 MAR. 31 JUNE 30 SEPT. 30 DEC. 31
-------- -------- -------- --------
Total interest income $ 66,547 $ 65,096 $ 62,868 $ 62,508
Total interest expense 21,394 23,075 21,872 20,649
Net interest income 45,153 42,021 40,996 41,859
Provision for loan losses 4,127 3,903 4,285 4,840
Total non-interest income 16,932 17,837 17,591 15,795
Total non-interest expense 37,289 36,311 67,469 43,956
Income from continuing operations 14,609 14,070 (7,815) 6,174
Income from discontinued operations, net of tax 8,719 10,586 8,299 4,147
Net income 23,328 24,656 484 10,321
PER COMMON SHARE(1)
Basic earnings per share
Continuing operations $ .32 $ .30 $ (.17) $ .13
Discontinued operations .19 .23 .18 .09
Net income .51 .53 .01 .22
Diluted earnings per share
Continuing operations .31 .30 (.17) .13
Discontinued operations .19 .22 .18 .09
Net income .50 .53 .01 .22
Cash dividends declared .21 .24 .24 .24
QUARTER ENDED 2002 MAR. 31 JUNE 30 SEPT. 30 DEC. 31
-------- -------- -------- --------
Total interest income $ 69,658 $ 68,501 $ 69,019 $ 68,674
Total interest expense 26,421 25,116 23,534 23,301
Net interest income 43,238 43,385 45,485 45,373
Provision for loan losses 2,926 3,155 3,432 4,111
Total non-interest income 14,152 16,442 16,951 18,600
Total non-interest expense 75,829 36,083 36,823 36,268
Income from continuing operations (15,814) 14,662 15,805 16,618
Income from discontinued operations, net of tax 6,931 9,287 8,326 7,520
Net income (8,883) 23,949 24,131 24,138
Per Common Share(1)
Basic earnings per share
Continuing operations $ (.34) $ .32 $ .34 $ .36
Discontinued operations .15 .20 .18 .16
Net income (.19) .52 .52 .52
Diluted earnings per share
Continuing operations (.33) .31 .33 $ .36
Discontinued operations .14 .20 .18 .16
Net income (.19) .51 .51 .52
Cash dividends declared .18 .21 .21 .21
(1) Per share amounts have been restated for the stock dividend declared on
April 28, 2003.
(2) Effective January 1, 2004, F.N.B. Corporation spun-off its Florida
operations into a separate independent public company. As a result of the
spin-off, the Florida operations' earnings for prior years have been classified
as discontinued operations on the Corporation's consolidated income statements
and the assets and liabilities related to the discontinued operations have been
disclosed separately on the Corporation's consolidated balance sheets for prior
years.