425

Filed by F.N.B. Corporation

(Commission File No. 001-31940)

Pursuant to Rule 425 under the Securities Act of 1933a

Subject Company: Parkvale Financial Corporation

(Commission File No. 0-17411)

This filing relates to a press release dated July 25, 2011 issued by F.N.B. Corporation. A copy of the press release follows.


LOGO    Press Release

F.N.B. Corporation Reports Increased Second Quarter 2011 Net Income

Revenue Growth for Seven Consecutive Quarters

Hermitage, PA – July 25, 2011 – F.N.B. Corporation (NYSE: FNB) today reported second quarter 2011 financial results. Net income for the second quarter of 2011 was $22.4 million, or $0.18 per diluted share, compared to $17.2 million, or $0.14 per diluted share, in the first quarter of 2011 and $17.9 million, or $0.16 per diluted share, in the second quarter of 2010.

“We are very pleased to deliver these results for our shareholders. Second quarter earnings of $0.18 per diluted share represent an increase from the prior quarter and the second quarter of 2010, with performance reflecting the continuation of several positive trends,” said Stephen J. Gurgovits, Chief Executive Officer of F.N.B. Corporation. “Revenue growth was achieved for the seventh consecutive quarter and loan growth was achieved for the eighth consecutive quarter. Additionally, our success growing transaction accounts continued and credit quality results were very good and improving from already solid levels.”

F.N.B. Corporation’s performance ratios for the second quarter of 2011 were as follows: return on average tangible equity (non-GAAP measure) was 16.77%; return on average equity was 7.69%; return on average tangible assets (non-GAAP measure) was 1.02% and return on average assets was 0.91%. A reconciliation of GAAP measures to non-GAAP measures is included in the tables that accompany this press release.

Mr. Gurgovits continued, “We are also extremely pleased to have announced the agreement to acquire Parkvale Financial Corporation on June 15, 2011. This strategically significant acquisition will solidify our leading status in the Pittsburgh MSA, vaulting our retail deposit market share to third from seventh, while providing our shareholders with a projected 6% accretion in 2012 and effectively deploying the recently raised capital. The initial stages of the integration process are underway with a targeted closing date in early January of 2012.”

Second Quarter Results

(all comparisons refer to the first quarter of 2011, except as noted)

Net Interest Income

Net interest income on a fully taxable equivalent basis totaled $80.7 million in the second quarter of 2011, increasing $1.4 million, or 7.3% annualized, primarily as a result of the 7.1% annualized growth in average earning assets and one additional day in the quarter. Average earning asset growth reflects strong loan growth and an increase in average investments due to the deployment of the $62.8 million in net proceeds from the capital raise completed on May 18, 2011. The net interest margin equaled 3.78%, with the 3 basis point narrowing in part due to increased average investments and a $30.6 million increase in average balances invested on an overnight basis.


Average loans for the second quarter totaled $6.6 billion, increasing $83.1 million or 5.1% annualized. Results for the Pennsylvania commercial portfolio in the second quarter remained strong as demonstrated by average loan growth totaling $74.8 million or 8.7% annualized. Additionally, the commercial lease portfolio continued to achieve consistent growth, contributing average growth of $6.6 million, or 31.6% annualized, through successful integration with our commercial bankers leading to positive cross-selling results. Total consumer loans increased 1.1% annualized with the average indirect auto lending portfolio growing $10.6 million, or 8.2% annualized, as a result of seasonally higher volume. In total, the other average consumer loans, which consist primarily of residential real estate-related portfolios, were essentially flat and reflect national trends for these portfolios.

Average deposits and customer repurchase agreements totaled $8.0 billion, increasing $125.1 million or 6.3% annualized. Growth in relationship-based transaction deposits and customer repurchase agreements continued as these average balances grew $149.4 million, or 10.7% annualized, as a result of new client acquisition and customers growing average balances. Partially offsetting this growth was a continued planned decline in time deposits given FNB’s overall liquidity position. As of June 30, 2011, FNB’s total customer based-funding was 95.6% of total deposits and borrowings.

“The successful loan and deposit growth results demonstrate FNB’s ability to build on the momentum our team has generated. This represents the eighth consecutive quarter of organic growth for total loans driven by nine quarters of consecutive growth in the Pennsylvania commercial portfolio,” said Mr. Gurgovits. “We believe that our team of experienced bankers, our consistency in the markets we serve, diverse product offerings and disciplined sales management approach has and will continue to produce positive results.”

Non-Interest Income

Non-interest income increased $0.8 million, or 2.9%, to $29.3 million in the second quarter of 2011. The increase reflects higher service charges reflecting seasonality and new account growth and higher securities commission revenue due to increased volume, particularly annuity related, and improved trust income resulting from revenue initiatives and more favorable market conditions. The lower insurance commission revenue reflects the seasonal decrease given contingent revenue that is normally received in the first quarter and the mortgage-related gains were lower given normal seasonality and industry trends.


Non-Interest Expense

Non-interest expense totaled $68.4 million in the second quarter of 2011, representing a $6.2 million or 8.3% improvement. When excluding the one-time merger costs of $4.1 million from the prior quarter, non-interest expense improved $2.1 million, or 3.1%, as a result of several factors, including cost savings realized from the CBI acquisition. Personnel costs improved by $1.9 million, or 4.8%, reflecting normal seasonal effects seen in the first quarter combined with acquisition-related cost savings. Additionally, FDIC insurance expense improved $0.9 million, or 31.2%, due to the new assessment methodology, while other real estate owned (OREO) costs increased $0.8 million to reflect current valuations and property maintenance costs. The second quarter of 2011 efficiency ratio improved to 60.5% compared to 63.7% in the first quarter when excluding merger costs.

Credit Quality

We are pleased to report another quarter of very good credit quality performance, with results trending positively. The Pennsylvania and Regency portfolios, together representing 97% of the total loan portfolio, both continue to perform consistently very well and showed improvement from already solid results,” remarked Mr. Gurgovits.

Improvements seen in total past due and non-accrual loans to total loans and non-performing loans and OREO balances brought these metrics to the lowest levels since September 30, 2008. Total past due and non-accrual loans to total loans improved 27 basis points to 2.46% at June 30, 2011, driven by improvement in early stage delinquencies. The ratio of non-performing loans and OREO to total loans and OREO improved 12 basis points to 2.42% at June 30, 2011. The provision for loan losses was $8.6 million for the second quarter of 2011 and exceeded net loan charge-offs of $6.9 million. The second quarter of 2011 net charge-offs of 0.42% annualized were equal to the prior quarter’s results, representing the lowest level since September 30, 2008.

The Pennsylvania loan portfolio’s credit quality metrics for the second quarter of 2011 continue to reflect very solid performance. The Pennsylvania loan portfolio totaled $6.4 billion at June 30, 2011, representing 95% of the total loan portfolio. Total past due and non-accrual loans to total loans improved 11 basis points to 1.79% at June 30, 2011, driven by improvements in early-stage delinquencies, an important leading indicator. Charge-off performance continues to be very good, with net charge-offs for the second quarter totaling $5.3 million or 0.34% annualized of average loans. Year-to-date net charge-offs totaled 0.30% annualized of average loans compared to 0.36% for the full year of 2010. The allowance for loan losses to total loans equaled 1.30% and with the credit mark for the acquired portfolio equaled 1.71% at June 30, 2011 (non-GAAP measure).

The Florida loan portfolio credit quality results for the second quarter of 2011 performed as expected and were consistent with the prior quarter.


Capital Position

The Corporation’s higher capital levels at June 30, 2011 reflect the impact of the common stock offering completed on May 18, 2011 that generated $62.8 million in net proceeds intended to be used to support growth, including potential merger and acquisition opportunities. The Corporation’s capital ratios continue to exceed federal bank regulatory agency “well capitalized” thresholds.

At June 30, 2011, compared to March 31, 2011, the estimated total risk-based capital ratio was 13.3% compared to 12.5%, the estimated tier 1 risk-based capital ratio was 11.6% compared to 10.9% and the leverage ratio was 9.0% compared to 8.4%. At June 30, 2011 the tangible common equity to tangible assets ratio (non-GAAP measure) was 6.50% compared to 5.76% and the tangible book value per share (non-GAAP measure) was $4.73 compared to $4.36. The dividend payout ratio for the second quarter of 2011 was 69%.

Year-to-Date Results (all comparisons refer to the prior year-to-date period, except as noted)

Year-to-date results for the six months ended June 30, 2011 include the impact from the Comm Bancorp, Inc. (CBI) acquisition completed on January 1, 2011.

For the six months ended June 30, 2011, F.N.B. Corporation’s net income totaled $39.5 million, or $0.32 per diluted share, improved from $33.9 million, or $0.30 per diluted share. For the 2011 year-to-date period, return on average tangible equity (non-GAAP measure) totaled 15.40% compared to 15.05%, return on average equity was 6.94% compared to 6.51%, return on average tangible assets (non-GAAP measure) was 0.92% compared to 0.88%, and return on average assets was 0.82% compared to 0.78%.

Net interest income on a fully taxable equivalent basis totaled $159.9 million for the first six months of 2011, an increase of $16.8 million or 11.7%, reflecting 11.1% growth in average earning assets and a 2 basis point expansion of the net interest margin. The growth in earning assets reflects a combination of organic growth and the CBI acquisition. For the first six months of 2011, average loans grew 11.3%, with organic growth of 4.3% driven by strong market share gains in the Pennsylvania commercial portfolio. Average deposits and customer repurchase agreements grew 12.6%, with organic growth of 4.6% for the first six months of 2011 due to continued new customer acquisition and higher average balances.

Non-interest income totaled $57.7 million for the first half of 2011, with the decrease of $1.0 million or 1.8% due to several items benefitting the results for the first half of 2010. The first half of 2010 included $3.5 million higher recoveries on impaired loans acquired through acquisitions and a $1.6 million gain related to the successful harvesting of a mezzanine financing relationship by F.N.B. Capital Corporation. When adjusting for these two items in the prior year-to-date period, non-interest income improved $4.1 million or 7.7% due to positive results in a number of fee-based businesses. Service charges increased $1.6 million, or 5.7%, reflecting


higher volume, organic growth and the expanded customer base due to the CBI acquisition, partially offset by reduced overdraft fee revenue due to Regulation E. Fee income on a year-over-year basis also reflects a $2.1 million, or 21.6%, increase in wealth management-related revenue as a result of revenue-generating initiatives, improved market conditions and organic growth. Additionally, swap fee revenue doubled to $2.1 million in the first half of 2011 given the successful commercial loan growth results and continued low interest rate environment. Partially offsetting these increases, insurance commissions and fees declined 4.4% because of lower contingent revenues and lower commission revenues.

Non-interest expense totaled $142.9 million for the first half of 2011, an increase of $14.4 million, or 11.2%, due to adding CBI-related operating costs and $4.3 million in one-time merger costs. Expected cost savings related to the acquisition were fully phased in at the beginning of the second quarter of 2011. Additionally, the first half of 2011 includes higher OREO-related costs to reflect current valuations and property maintenance costs. On a year-to-date basis, F.N.B. Corporation’s efficiency ratio, excluding one-time merger costs, remained consistent at 62%.

Credit quality results significantly improved for the first half of 2011 compared to prior year-to-date results. Provision was $16.8 million for the first half of 2011, improving $7.4 million due to a $6.1 million lower provision in the Florida portfolio. Net charge-off results for the first six months of 2011 improved 9 basis points to 0.42% annualized of total loans and reflect continued solid performance for the Pennsylvania and Regency portfolios and improvement in the Florida portfolio. The ratio of the allowance for loan losses to total loans equaled 1.63% at June 30, 2011, compared to 1.91% at June 30, 2010, with the decline principally reflecting the impact of the accounting treatment required for loans acquired in connection with the CBI acquisition. The ratio of the allowance for loan losses plus the credit mark for the acquired portfolio to total loans plus the credit mark equaled 2.02% at June 30, 2011.

Other Highlights

On June 15, 2011, F.N.B. Corporation and Parkvale Financial Corporation (NASDAQ: PVSA) jointly announced the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire Parkvale Financial Corporation, the Pennsylvania-based holding company and parent of Parkvale Savings Bank in an all stock merger transaction (“merger”) valued at approximately $130 million. The transaction is expected to be completed in early January 2012, pending regulatory approval, the approval of Parkvale Financial Corporation shareholders and the satisfaction of various closing conditions.

The merger is subject to approval by federal and state regulatory agencies and is subject to a number of conditions between the parties which must be fulfilled in order to complete the merger. Therefore, the failure to obtain the requisite approvals or satisfaction of the conditions of the merger could delay or prevent the merger from being consummated.


Conference Call

F.N.B. Corporation will host its quarterly conference call to discuss second quarter of 2011 financial results on Tuesday, July 26, 2011, at 8:00 AM EDT. Participating callers may access the call by dialing (888) 490-2761 or (719) 325-2407 for international callers; the confirmation number is 4668433. The listen-only audio Webcast may be accessed through the “Shareholder and Investor Relations” section of the Corporation’s Web site at www.fnbcorporation.com.

A replay of the call will be available from 11:00 AM EDT the day of the call until midnight EDT on Wednesday, August 3, 2011. The replay is accessible by dialing (877) 870-5176 or (858) 384-5517 for international callers; the confirmation number is 4668433. The call transcript and Webcast will be available on 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 $9.9 billion. F.N.B. Corporation is a leading provider of commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency Finance Company and F.N.B. Commercial Leasing. It also operates consumer finance offices in Kentucky and Tennessee.

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” within the meaning of the Private Securities Litigation Reform Act, 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. 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. There are a number of important factors that could cause F.N.B. Corporation’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce net interest margins; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) general economic conditions; (5) various monetary and fiscal policies and regulations of the U.S. Government 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; (8) risk factors mentioned in the reports and registration statements F.N.B. Corporation files with the Securities and Exchange Commission (SEC) which are available on our shareholder and investor relations website at www.fnbcorporation.com and on the SEC website at www.sec.gov;


(9) housing prices; (10) job market; (11) consumer confidence and spending habits and (12) estimates of fair value of certain F.N.B. Corporation assets and liabilities. All information provided in this release and in the attachments is based on information only as of the date provided and presently available and F.N.B. Corporation undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

ADDITIONAL INFORMATION ABOUT THE MERGER

F.N.B. Corporation will file a registration statement on Form S-4 with the SEC. The registration statement will include a proxy statement/prospectus and other relevant documents to be filed with the SEC in connection with the merger.

SHAREHOLDERS OF PARKVALE FINANCIAL CORPORATION ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

The proxy statement/prospectus and other relevant materials (when they become available), and any other documents F.N.B. Corporation has filed with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents F.N.B. Corporation has filed with the SEC by contacting James Orie, F.N.B. Corporation, One F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317 or for Parkvale Financial Corporation by contacting Gilbert A. Riazzi, Chief Financial Officer, 4220 William Penn Highway, Monroeville, PA 15146, telephone: (412) 373-4804.

Parkvale Financial Corporation and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its shareholders in connection with the proposed merger. Information concerning such participants’ ownership of Parkvale Financial Corporation common stock will be set forth in the proxy statement/prospectus relating to the merger when it becomes available. This communication does not constitute an offer of any securities for sale.

# # #


Analyst/Institutional Investor Contact:

Cynthia Christopher 724-983-3429

724-815-3926 (cell)

christoc@fnb-corp.com

Media Contact:

Jennifer Reel 724-983-4856

724-699-6389 (cell)

reel@fnb-corp.com

DATA SHEETS FOLLOW


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

 

                       2nd Qtr 2011 -      2nd Qtr 2011 -  
     2011     2010     1st Qtr 2011      2nd Qtr 2010  
     Second     First     Second     Percent      Percent  
     Quarter     Quarter     Quarter     Variance      Variance  
Statement of earnings            

Interest income

   $ 98,155      $ 97,371      $ 94,361        0.8         4.0   

Interest expense

     19,461        20,088        22,880        -3.1         -14.9   
                             

Net interest income

     78,694        77,283        71,481        1.8         10.1   

Taxable equivalent adjustment

     1,999        1,965        1,665        1.7         20.1   
                             

Net interest income (FTE) (1)

     80,693        79,248        73,146        1.8         10.3   

Provision for loan losses

     8,551        8,228        12,239        3.9         -30.1   
                             

Net interest income after provision (FTE)

     72,142        71,020        60,907        1.6         18.4   

Impairment losses on securities

     0        0        (1,313     n/m         n/m   

Non-credit related losses on securities not expected to be sold (recognized in other comprehensive income)

     0        0        711        n/m         n/m   
                             

Net impairment losses on securities

     0        0        (602     n/m         n/m   

Service charges

     15,666        14,335        14,662        9.3         6.8   

Insurance commissions and fees

     3,664        4,146        3,849        -11.6         -4.8   

Securities commissions and fees

     2,130        1,972        1,771        8.0         20.2   

Trust income

     3,947        3,710        3,188        6.4         23.8   

Gain on sale of securities

     38        54        47        -29.4         -18.3   

Gain on sale of loans

     376        767        808        -51.0         -53.5   

Other

     3,437        3,448        4,720        -0.3         -27.2   
                             

Total non-interest income

     29,258        28,432        28,443        2.9         2.9   

Salaries and employee benefits

     36,528        38,382        33,392        -4.8         9.4   

Occupancy and equipment

     9,985        10,385        9,446        -3.9         5.7   

Amortization of intangibles

     1,805        1,796        1,679        0.5         7.6   

Other real estate owned

     2,342        1,579        363        48.3         545.3   

Other

     17,709        22,415        18,204        -21.0         -2.7   
                             

Total non-interest expense

     68,369        74,557        63,084        -8.3         8.4   

Income before income taxes

     33,031        24,895        26,266        32.7         25.8   

Taxable equivalent adjustment

     1,999        1,965        1,665        1.7         20.1   

Income taxes

     8,670        5,755        6,679        50.7         29.8   
                             

Net income

   $ 22,362      $ 17,175      $ 17,922        30.2         24.8   
                             

Earnings per share:

           

Basic

   $ 0.18      $ 0.14      $ 0.16        28.6         12.5   

Diluted

   $ 0.18      $ 0.14      $ 0.16        28.6         12.5   

Performance ratios

           

Return on average equity

     7.69     6.17     6.83     

Return on average tangible equity (2) (6)

     16.77     13.93     15.65     

Return on average assets

     0.91     0.72     0.81     

Return on average tangible assets (3) (6)

     1.02     0.82     0.92     

Net interest margin (FTE) (1)

     3.78     3.81     3.81     

Yield on earning assets (FTE) (1)

     4.69     4.77     5.00     

Cost of funds

     1.06     1.12     1.37     

Efficiency ratio (FTE) (1) (4)

     60.54     67.57     60.45     

Effective tax rate

     27.94     25.10     27.15     

Common stock data

           

Average basic shares outstanding

     123,254,895        120,193,233        113,878,018        2.5         8.2   

Average diluted shares outstanding

     124,094,789        120,952,973        114,315,177        2.6         8.6   

Ending shares outstanding

     127,024,899        120,871,383        114,532,890        5.1         10.9   

Book value per share

   $ 9.47      $ 9.34      $ 9.24        1.5         2.5   

Tangible book value per share (6)

   $ 4.73      $ 4.36      $ 4.31        8.6         9.8   

Tangible book value per share excluding AOCI (5) (6)

   $ 4.97      $ 4.64      $ 4.53        7.3         9.8   

Dividend payout ratio

     68.64     83.86     77.09     


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

 

     For the Six Months        
     Ended June 30,     Percent  
     2011     2010     Variance  
Statement of earnings       

Interest income

   $ 195,526      $ 186,907        4.6   

Interest expense

     39,549        47,021        -15.9   
                  

Net interest income

     155,977        139,886        11.5   

Taxable equivalent adjustment

     3,964        3,303        20.0   
                  

Net interest income (FTE) (1)

     159,941        143,189        11.7   

Provision for loan losses

     16,779        24,203        -30.7   
                  

Net interest income after provision (FTE)

     143,162        118,986        20.3   

Impairment losses on securities

     0        (9,539     n/m   

Non-credit related losses on securities not expected to be sold (recognized in other comprehensive income)

     0        7,251        n/m   
                  

Net impairment losses on securities

     0        (2,288     n/m   

Service charges

     30,001        28,384        5.7   

Insurance commissions and fees

     7,810        8,173        -4.4   

Securities commissions and fees

     4,102        3,328        23.2   

Trust income

     7,657        6,346        20.7   

Gain on sale of securities

     92        2,437        -96.2   

Gain on sale of loans

     1,143        1,375        -16.8   

Other

     6,885        10,963        -37.2   
                  

Total non-interest income

     57,690        58,718        -1.8   

Salaries and employee benefits

     74,910        66,517        12.6   

Occupancy and equipment

     20,370        19,517        4.4   

Amortization of intangibles

     3,601        3,366        7.0   

Other real estate owned

     3,921        1,527        156.8   

Other

     40,124        37,600        6.7   
                  

Total non-interest expense

     142,926        128,527        11.2   

Income before income taxes

     57,926        49,177        17.8   

Taxable equivalent adjustment

     3,964        3,303        20.0   

Income taxes

     14,425        11,972        20.5   
                  

Net income

   $ 39,537      $ 33,902        16.6   
                  

Earnings per share:

      

Basic

   $ 0.32      $ 0.30        6.7   

Diluted

   $ 0.32      $ 0.30        6.7   

Performance ratios

      

Return on average equity

     6.94     6.51  

Return on average tangible equity (2) (6)

     15.40     15.05  

Return on average assets

     0.82     0.78  

Return on average tangible assets (3) (6)

     0.92     0.88  

Net interest margin (FTE) (1)

     3.79     3.77  

Yield on earning assets (FTE) (1)

     4.73     5.01  

Cost of funds

     1.09     1.42  

Efficiency ratio (FTE) (1) (4)

     64.02     61.99  

Effective tax rate

     26.73     26.10  

Common stock data

      

Average basic shares outstanding

     121,732,522        113,814,527        7.0   

Average diluted shares outstanding

     122,532,686        114,189,300        7.3   

Ending shares outstanding

     127,024,899        114,532,890        10.9   

Book value per share

   $ 9.47      $ 9.24        2.5   

Tangible book value per share (6)

   $ 4.73      $ 4.31        9.8   

Tangible book value per share excluding AOCI (5) (6)

   $ 4.97      $ 4.53        9.8   

Dividend payout ratio

     75.25     81.37  


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

                       2nd Qtr 2011 -      2nd Qtr 2011 -  
     2011     2010     1st Qtr 2011      2nd Qtr 2010  
     Second     First     Second     Percent      Percent  
     Quarter     Quarter     Quarter     Variance      Variance  
Average balances            

Total assets

   $ 9,866,025      $ 9,695,015      $ 8,874,430        1.8         11.2   

Earning assets

     8,557,590        8,409,212        7,697,232        1.8         11.2   

Securities

     1,766,329        1,731,714        1,599,216        2.0         10.4   

Interest bearing deposits with banks

     167,924        137,281        159,874        22.3         5.0   

Loans, net of unearned income

     6,623,337        6,540,217        5,938,142        1.3         11.5   

Allowance for loan losses

     109,489        108,259        113,531        1.1         -3.6   

Goodwill and intangibles

     603,552        595,436        565,294        1.4         6.8   

Deposits and customer repos (7)

     8,041,138        7,916,046        7,163,916        1.6         12.2   

Short-term borrowings

     144,301        143,531        126,972        0.5         13.6   

Long-term debt

     206,201        199,047        228,959        3.6         -9.9   

Trust preferred securities

     203,934        203,961        204,455        0.0         -0.3   

Shareholders’ equity

     1,166,305        1,129,622        1,052,569        3.2         10.8   

Asset quality data

           

Non-accrual loans

   $ 107,091      $ 108,080      $ 132,412        -0.9         -19.1   

Restructured loans

     20,146        21,577        17,270        -6.6         16.7   
                             

Non-performing loans

     127,237        129,657        149,682        -1.9         -15.0   

Other real estate owned

     35,793        38,101        22,952        -6.1         55.9   
                             

Total non-performing loans and OREO

     163,030        167,758        172,634        -2.8         -5.6   

Non-performing investments

     6,605        6,204        4,661        6.5         41.7   
                             

Non-performing assets

   $ 169,635      $ 173,962      $ 177,295        -2.5         -4.3   
                             

Net loan charge-offs

   $ 6,939      $ 6,736      $ 7,791        3.0         -10.9   

Allowance for loan losses

     109,224        107,612        114,040        1.5         -4.2   

Non-performing loans / total loans

     1.90     1.98     2.51     

Non-performing loans + OREO / total loans + OREO

     2.42     2.54     2.88     

Non-performing assets / total assets

     1.72     1.78     2.01     

Allowance for loan losses / total loans

     1.63     1.64     1.91     

Allowance for loan losses + credit marks / total loans + credit marks (6)

     2.02     2.04     n/a        

Allowance for loan losses / non-performing loans

     85.84     83.00     76.19     

Net loan charge-offs (annualized) / average loans

     0.42     0.42     0.53     

Balances at period end

           

Total assets

   $ 9,857,163      $ 9,755,281      $ 8,833,060        1.0         11.6   

Earning assets

     8,560,768        8,459,481        7,647,064        1.2         11.9   

Loans, net of unearned income

     6,702,595        6,559,952        5,967,570        2.2         12.3   

Deposits and customer repos (7)

     7,960,415        7,982,954        7,141,210        -0.3         11.5   

Total equity

     1,203,150        1,128,414        1,058,004        6.6         13.7   

Capital ratios

           

Equity / assets (period end)

     12.21     11.57     11.98     

Leverage ratio

     8.97     8.36     8.63     

Tangible equity / tangible assets (period end) (6)

     6.50     5.76     5.97     

Tangible equity, excluding AOCI / tangible assets (period end) (5) (6)

     6.83     6.12     6.28     

 


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

     For the Six Months        
     Ended June 30,     Percent  
     2011     2010     Variance  
Average balances       

Total assets

   $ 9,780,993      $ 8,810,141        11.0   

Earning assets

     8,483,810        7,633,181        11.1   

Securities

     1,749,117        1,541,100        13.5   

Interest bearing deposits with banks

     152,687        178,029        -14.2   

Loans, net of unearned income

     6,582,006        5,914,051        11.3   

Allowance for loan losses

     108,877        110,908        -1.8   

Goodwill and intangibles

     599,516        566,134        5.9   

Deposits and customer repos (7)

     7,978,938        7,083,701        12.6   

Short-term borrowings

     143,918        129,839        10.8   

Long-term debt

     202,644        245,846        -17.6   

Trust preferred securities

     203,947        204,540        -0.3   

Shareholders’ equity

     1,148,065        1,049,846        9.4   

Asset quality data

      

Non-accrual loans

   $ 107,091      $ 132,412        -19.1   

Restructured loans

     20,146        17,270        16.7   
                  

Non-performing loans

     127,237        149,682        -15.0   

Other real estate owned

     35,793        22,952        55.9   
                  

Total non-performing loans and OREO

     163,030        172,634        -5.6   

Non-performing investments

     6,605        4,661        41.7   
                  

Non-performing assets

   $ 169,635      $ 177,295        -4.3   
                  

Net loan charge-offs

   $ 13,675      $ 14,818        -7.7   

Allowance for loan losses

     109,224        114,040        -4.2   

Non-performing loans / total loans

     1.90     2.51  

Non-performing loans + OREO / total loans + OREO

     2.42     2.88  

Non-performing assets / total assets

     1.72     2.01  

Allowance for loan losses / total loans

     1.63     1.91  

Allowance for loan losses + credit marks / total loans + credit marks (6)

     2.02     n/a     

Allowance for loan losses / non-performing loans

     85.84     76.19  

Net loan charge-offs (annualized) / average loans

     0.42     0.51  

Balances at period end

      

Total assets

   $ 9,857,163      $ 8,833,060        11.6   

Earning assets

     8,560,768        7,647,064        11.9   

Loans, net of unearned income

     6,702,595        5,967,570        12.3   

Deposits and customer repos (7)

     7,960,415        7,141,210        11.5   

Total equity

     1,203,150        1,058,004        13.7   

Capital ratios

      

Equity / assets (period end)

     12.21     11.98  

Leverage ratio

     8.97     8.63  

Tangible equity / tangible assets (period end) (6)

     6.50     5.97  

Tangible equity, excluding AOCI / tangible assets (period end) (5) (6)

     6.83     6.28  

 


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

                          2nd Qtr 2011 -      2nd Qtr 2011 -  
     2011      2010      1st Qtr 2011      2nd Qtr 2010  
     Second      First      Second      Percent      Percent  
     Quarter      Quarter      Quarter      Variance      Variance  
Average balances               

Loans:

              

Commercial

   $ 3,721,871       $ 3,654,563       $ 3,311,030         1.8         12.4   

Direct installment

     1,029,808         1,046,249         969,007         -1.6         6.3   

Residential mortgages

     682,570         689,679         616,267         -1.0         10.8   

Indirect installment

     528,792         518,168         517,452         2.1         2.2   

Consumer LOC

     528,144         507,405         426,471         4.1         23.8   

Commercial leases

     90,831         84,196         62,510         7.9         45.3   

Other

     41,321         39,957         35,405         3.4         16.7   
                                

Total loans

   $ 6,623,337       $ 6,540,217       $ 5,938,142         1.3         11.5   
                                

Deposits:

              

Non-interest bearing deposits

   $ 1,248,029       $ 1,176,031       $ 1,028,631         6.1         21.3   

Savings and NOW

     3,888,716         3,753,938         3,297,537         3.6         17.9   

Certificates of deposit and other time deposits

     2,315,829         2,340,149         2,219,194         -1.0         4.4   
                                

Total deposits

     7,452,574         7,270,118         6,545,362         2.5         13.9   

Customer repos (7)

     588,564         645,928         618,554         -8.9         -4.8   
                                

Total deposits and customer repos (7)

   $ 8,041,138       $ 7,916,046       $ 7,163,916         1.6         12.2   
                                

Balances at period end

              

Loans:

              

Commercial

   $ 3,776,287       $ 3,689,667       $ 3,304,493         2.3         14.3   

Direct installment

     1,039,270         1,036,213         983,857         0.3         5.6   

Residential mortgages

     676,574         673,152         615,232         0.5         10.0   

Indirect installment

     535,191         522,634         521,679         2.4         2.6   

Consumer LOC

     542,470         511,329         438,039         6.1         23.8   

Commercial leases

     93,273         87,916         64,715         6.1         44.1   

Other

     39,530         39,041         39,555         1.3         -0.1   
                                

Total loans

   $ 6,702,595       $ 6,559,952       $ 5,967,570         2.2         12.3   
                                

Deposits:

              

Non-interest bearing deposits

   $ 1,267,554       $ 1,223,720       $ 1,039,631         3.6         21.9   

Savings and NOW

     3,853,257         3,831,735         3,280,076         0.6         17.5   

Certificates of deposit and other time deposits

     2,276,408         2,334,856         2,214,951         -2.5         2.8   
                                

Total deposits

     7,397,219         7,390,311         6,534,658         0.1         13.2   

Customer repos (7)

     563,196         592,643         606,552         -5.0         -7.1   
                                

Total deposits and customer repos (7)

   $ 7,960,415       $ 7,982,954       $ 7,141,210         -0.3         11.5   
                                

 


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

     For the Six Months
Ended June 30,
     Percent  
     2011      2010      Variance  

Average balances

        

Loans:

        

Commercial

   $ 3,688,403       $ 3,296,352         11.9   

Direct installment

     1,021,800         972,046         5.1   

Residential mortgages

     702,288         614,553         14.3   

Indirect installment

     523,509         517,879         1.1   

Consumer LOC

     517,831         419,109         23.6   

Commercial leases

     87,532         60,329         45.1   

Other

     40,643         33,783         20.3   
                    

Total loans

   $ 6,582,006       $ 5,914,051         11.3   
                    

Deposits:

        

Non-interest bearing deposits

   $ 1,212,229       $ 999,441         21.3   

Savings and NOW

     3,821,699         3,257,518         17.3   

Certificates of deposit and other time deposits

     2,327,922         2,219,064         4.9   
                    

Total deposits

     7,361,850         6,476,024         13.7   

Customer repos (7)

     617,088         607,677         1.5   
                    

Total deposits and customer repos (7)

   $ 7,978,938       $ 7,083,701         12.6   
                    

Balances at period end

        

Loans:

        

Commercial

   $ 3,776,287       $ 3,304,493         14.3   

Direct installment

     1,039,270         983,857         5.6   

Residential mortgages

     676,574         615,232         10.0   

Indirect installment

     535,191         521,679         2.6   

Consumer LOC

     542,470         438,039         23.8   

Commercial leases

     93,273         64,715         44.1   

Other

     39,530         39,555         -0.1   
                    

Total loans

   $ 6,702,595       $ 5,967,570         12.3   
                    

Deposits:

        

Non-interest bearing deposits

   $ 1,267,554       $ 1,039,631         21.9   

Savings and NOW

     3,853,257         3,280,076         17.5   

Certificates of deposit and other time deposits

     2,276,408         2,214,951         2.8   
                    

Total deposits

     7,397,219         6,534,658         13.2   

Customer repos (7)

     563,196         606,552         -7.1   
                    

Total deposits and customer repos (7)

   $ 7,960,415       $ 7,141,210         11.5   
                    

 


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

     Second Quarter 2011  
     Bank - PA     Bank - FL     Regency     Total  

Asset quality data, by core portfolio

        

Non-accrual loans

   $ 60,565      $ 44,890      $ 1,636      $ 107,091   

Restructured loans

     15,340        0        4,806        20,146   
                                

Non-performing loans

     75,905        44,890        6,442        127,237   

Other real estate owned

     10,472        23,868        1,453        35,793   
                                

Total non-performing loans and OREO

     86,377        68,758        7,895        163,030   

Non-performing investments

     6,605        0        0        6,605   
                                

Non-performing assets

   $ 92,982      $ 68,758      $ 7,895      $ 169,635   
                                

Net loan charge-offs

   $ 5,346      $ 160      $ 1,433      $ 6,939   

Provision for loan losses

     4,655        2,240        1,656        8,551   

Allowance for loan losses

     82,353        20,018        6,853        109,224   

Loans, net of unearned income

     6,359,213        180,232        163,150        6,702,595   

Non-performing loans / total loans

     1.19     24.91     3.95     1.90

Non-performing loans + OREO / total loans + OREO

     1.36     33.69     4.80     2.42

Non-performing assets / total assets

     0.98     37.35     4.65     1.72

Allowance for loan losses / total loans

     1.30     11.11     4.20     1.63

Allowance for loan losses + credit marks / total loans + credit marks (6)

     1.71     11.11     4.20     2.02

Allowance for loan losses / non-performing loans

     108.50     44.59     106.38     85.84

Net loan charge-offs (annualized) / average loans

     0.34     0.35     3.62     0.42

Loans 30 - 89 days past due

   $ 39,205      $ 23      $ 2,182      $ 41,410   

Loans 90+ days past due

     14,034        0        2,081        16,115   

Non-accrual loans

     60,565        44,890        1,636        107,091   
                                

Total past due and non-accrual loans

   $ 113,804      $ 44,913      $ 5,899      $ 164,616   
                                

Loans 90+ days past due and non-accrual loans / total loans

     1.17     24.91     2.28     1.84

Total past due and non-accrual loans / total loans

     1.79     24.92     3.62     2.46
     First Quarter 2011  
     Bank - PA     Bank - FL     Regency     Total  

Asset quality data, by core portfolio

        

Non-accrual loans

   $ 59,343      $ 46,701      $ 2,036      $ 108,080   

Restructured loans

     14,949        0        6,628        21,577   
                                

Non-performing loans

     74,292        46,701        8,664        129,657   

Other real estate owned

     12,044        24,502        1,555        38,101   
                                

Total non-performing loans and OREO

     86,336        71,203        10,219        167,758   

Non-performing investments

     6,204        0        0        6,204   
                                

Non-performing assets

   $ 92,540      $ 71,203      $ 10,219      $ 173,962   
                                

Net loan charge-offs

   $ 4,053      $ 1,147      $ 1,536      $ 6,736   

Provision for loan losses

     5,300        1,600        1,328        8,228   

Allowance for loan losses

     83,044        17,938        6,630        107,612   

Loans, net of unearned income

     6,216,969        185,148        157,835        6,559,952   

Non-performing loans / total loans

     1.19     25.22     5.49     1.98

Non-performing loans + OREO / total loans + OREO

     1.39     33.96     6.41     2.54

Non-performing assets / total assets

     0.99     37.14     6.06     1.78

Allowance for loan losses / total loans

     1.34     9.69     4.20     1.64

Allowance for loan losses + credit marks / total loans + credit marks (6)

     1.76     9.69     4.20     2.04

Allowance for loan losses / non-performing loans

     111.78     38.41     76.52     83.00

Net loan charge-offs (annualized) / average loans

     0.27     2.45     3.90     0.42

Loans 30 - 89 days past due

   $ 44,657      $ 8,503      $ 2,037      $ 55,197   

Loans 90+ days past due

     13,952        0        2,127        16,079   

Non-accrual loans

     59,343        46,701        2,036        108,080   
                                

Total past due and non-accrual loans

   $ 117,952      $ 55,204      $ 6,200      $ 179,356   
                                

Loans 90+ days past due and non-accrual loans / total loans

     1.18     25.22     2.64     1.89

Total past due and non-accrual loans / total loans

     1.90     29.82     3.93     2.73

 


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

     Second Quarter 2010  
     Bank - PA     Bank - FL     Regency     Total  

Asset quality data, by core portfolio

        

Non-accrual loans

   $ 66,391      $ 64,063      $ 1,958      $ 132,412   

Restructured loans

     11,233        0        6,037        17,270   
                                

Non-performing loans

     77,624        64,063        7,995        149,682   

Other real estate owned

     9,626        12,245        1,081        22,952   
                                

Total non-performing loans and OREO

     87,250        76,308        9,076        172,634   

Non-performing investments

     4,661        0        0        4,661   
                                

Non-performing assets

   $ 91,911      $ 76,308      $ 9,076      $ 177,295   
                                

Net loan charge-offs

   $ 4,442      $ 1,900      $ 1,449      $ 7,791   

Provision for loan losses

     4,494        6,168        1,577        12,239   

Allowance for loan losses

     80,396        26,940        6,704        114,040   

Loans, net of unearned income

     5,576,734        231,237        159,599        5,967,570   

Non-performing loans / total loans

     1.39     27.70     5.01     2.51

Non-performing loans + OREO / total loans + OREO

     1.56     31.34     5.65     2.88

Non-performing assets / total assets

     1.09     35.24     5.45     2.01

Allowance for loan losses / total loans

     1.44     11.65     4.20     1.91

Allowance for loan losses + credit marks / total loans + credit marks (6)

     n/a        n/a        n/a        n/a   

Allowance for loan losses / non-performing loans

     103.57     42.05     83.85     76.19

Net loan charge-offs (annualized) / average loans

     0.32     3.23     3.73     0.53

Loans 30 - 89 days past due

   $ 35,005      $ 0      $ 2,070      $ 37,075   

Loans 90+ days past due

     5,285        0        2,288        7,573   

Non-accrual loans

     66,391        64,063        1,958        132,412   
                                

Total past due and non-accrual loans

   $ 106,681      $ 64,063      $ 6,316      $ 177,060   
                                

Loans 90+ days past due and non-accrual loans / total loans

     1.29     27.70     2.66     2.35

Total past due and non-accrual loans / total loans

     1.91     27.70     3.96     2.97

 


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

                       2nd Qtr 2011 -
1st Qtr 2011
Percent
Variance
     2nd Qtr 2011 -
2nd Qtr 2010
Percent
Variance
 
     2011     2010       
     Second
Quarter
    First
Quarter
    Second
Quarter
      

Balance Sheet (at period end)

           

Assets

           

Cash and due from banks

   $ 172,401      $ 157,568      $ 140,629        9.4         22.6   

Interest bearing deposits with banks

     16,732        132,340        60,238        -87.4         -72.2   
                             

Cash and cash equivalents

     189,133        289,908        200,867        -34.8         -5.8   

Securities available for sale

     820,847        804,242        758,325        2.1         8.2   

Securities held to maturity

     1,010,672        956,693        853,698        5.6         18.4   

Residential mortgage loans held for sale

     9,922        6,254        7,232        58.7         37.2   

Loans, net of unearned income

     6,702,595        6,559,952        5,967,570        2.2         12.3   

Allowance for loan losses

     (109,224     (107,612     (114,040     1.5         -4.2   
                             

Net loans

     6,593,371        6,452,340        5,853,530        2.2         12.6   

Premises and equipment, net

     126,061        125,067        115,323        0.8         9.3   

Goodwill

     567,378        565,090        528,720        0.4         7.3   

Core deposit and other intangible assets, net

     34,580        36,385        35,775        -5.0         -3.3   

Bank owned life insurance

     208,714        208,720        207,093        0.0         0.8   

Other assets

     296,485        310,582        272,495        -4.5         8.8   
                             

Total Assets

   $ 9,857,163      $ 9,755,281      $ 8,833,060        1.0         11.6   
                             

Liabilities

           

Deposits:

           

Non-interest bearing demand

   $ 1,267,554      $ 1,223,720      $ 1,039,630        3.6         21.9   

Savings and NOW

     3,853,257        3,831,735        3,280,076        0.6         17.5   

Certificates and other time deposits

     2,276,408        2,334,856        2,214,952        -2.5         2.8   
                             

Total Deposits

     7,397,219        7,390,311        6,534,658        0.1         13.2   

Other liabilities

     103,492        94,975        94,748        9.0         9.2   

Short-term borrowings

     728,300        738,520        735,442        -1.4         -1.0   

Long-term debt

     221,061        199,134        205,834        11.0         7.4   

Junior subordinated debt

     203,941        203,927        204,373        0.0         -0.2   
                             

Total Liabilities

     8,654,013        8,626,867        7,775,056        0.3         11.3   

Stockholders’ Equity

           

Common stock

     1,267        1,205        1,141        5.1         11.0   

Additional paid-in capital

     1,219,663        1,154,953        1,091,253        5.6         11.8   

Retained earnings

     16,348        9,336        (6,515     75.1         -350.9   

Accumulated other comprehensive income

     (30,716     (33,679     (25,358     -8.8         21.1   

Treasury stock

     (3,412     (3,401     (2,517     0.3         35.6   
                             

Total Stockholders’ Equity

     1,203,150        1,128,414        1,058,004        6.6         13.7   
                             

Total Liabilities and Stockholders’ Equity

   $ 9,857,163      $ 9,755,281      $ 8,833,060        1.0         11.6   
                             

 


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

NON-GAAP FINANCIAL MEASURES

We believe the following non-GAAP financial measures used by F.N.B. Corporation provide information useful to investors in understanding F.N.B. Corporation’s operating performance and trends, and facilitate comparisons with the performance of F.N.B. Corporation’s peers. The non-GAAP financial measures used by F.N.B. Corporation 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, F.N.B. Corporation’s 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 F.N.B. Corporation’s financial statements.

 

     2011     2010  
     Second
Quarter
    First
Quarter
    Second
Quarter
 

Return on average tangible equity (2):

      

Net income (annualized)

   $ 89,695      $ 69,653      $ 71,886   

Amortization of intangibles, net of tax (annualized)

     4,707        4,734        4,376   
                        
     94,402        74,387        76,262   

Average total shareholders’ equity

     1,166,305        1,129,622        1,052,569   

Less: Average intangibles

     (603,552     (595,436     (565,294
                        
     562,753        534,186        487,275   

Return on average tangible equity (2)

     16.77     13.93     15.65
                        

Return on average tangible assets (3):

      

Net income (annualized)

   $ 89,695      $ 69,653      $ 71,886   

Amortization of intangibles, net of tax (annualized)

     4,707        4,734        4,376   
                  
     94,402        74,387        76,262   

Average total assets

     9,866,025        9,695,015        8,874,430   

Less: Average intangibles

     (603,552     (595,436     (565,294
                        
     9,262,473        9,099,579        8,309,136   

Return on average tangible assets (3)

     1.02     0.82     0.92
                        

Tangible book value per share:

      

Total shareholders’ equity

   $ 1,203,150      $ 1,128,414      $ 1,058,004   

Less: intangibles

     (601,958     (601,475     (564,495
                        
     601,192        526,939        493,509   

Ending shares outstanding

     127,024,899        120,871,383        114,532,890   

Tangible book value per share

   $ 4.73      $ 4.36      $ 4.31   
                        

 


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

     For the Six Months
Ended June 30,
 
     2011     2010  

Return on average tangible equity (2):

    

Net income (annualized)

   $ 79,729      $ 68,366   

Amortization of intangibles, net of tax (annualized)

     4,720        4,412   
                
     84,449        72,778   

Average total shareholders’ equity

     1,148,065        1,049,846   

Less: Average intangibles

     (599,516     (566,134
                
     548,549        483,712   

Return on average tangible equity (2)

     15.40     15.05
                

Return on average tangible assets (3):

    

Net income (annualized)

   $ 79,729      $ 68,366   

Amortization of intangibles, net of tax (annualized)

     4,720        4,412   
                
     84,449        72,778   

Average total assets

     9,780,993        8,810,141   

Less: Average intangibles

     (599,516     (566,134
                
     9,181,477        8,244,007   

Return on average tangible assets (3)

     0.92     0.88
                

Tangible book value per share:

    

Total shareholders’ equity

   $ 1,203,150      $ 1,058,004   

Less: intangibles

     (601,958     (564,495
                
     601,192        493,509   

Ending shares outstanding

     127,024,899        114,532,890   

Tangible book value per share

   $ 4.73      $ 4.31   
                

 


F.N.B. CORPORATION

(Unaudited)

(Dollars in thousands)

 

     2011     2010  
     Second
Quarter
    First
Quarter
    Second
Quarter
 

Tangible book value per share excluding AOCI (5):

      

Total shareholders’ equity

   $ 1,203,150      $ 1,128,414      $ 1,058,004   

Less: intangibles

     (601,958     (601,475     (564,495

Less: AOCI

     30,716        33,679        25,358   
                        
     631,908        560,618        518,867   

Ending shares outstanding

     127,024,899        120,871,383        114,532,890   

Tangible book value per share excluding AOCI (5)

   $ 4.97      $ 4.64      $ 4.53   
                        

Tangible equity / tangible assets (period end):

      

Total shareholders’ equity

   $ 1,203,150      $ 1,128,414      $ 1,058,004   

Less: intangibles

     (601,958     (601,475     (564,495
                        
     601,192        526,939        493,509   

Total assets

     9,857,163        9,755,281        8,833,060   

Less: intangibles

     (601,958     (601,475     (564,495
                        
     9,255,205        9,153,806        8,268,565   

Tangible equity / tangible assets (period end)

     6.50     5.76     5.97
                        

Tangible equity, excluding AOCI / tangible assets (period end) (5):

      

Total shareholders’ equity

   $ 1,203,150      $ 1,128,414      $ 1,058,004   

Less: intangibles

     (601,958     (601,475     (564,495

Less: AOCI

     30,716        33,679        25,358   
                        
     631,908        560,618        518,867   

Total assets

     9,857,163        9,755,281        8,833,060   

Less: intangibles

     (601,958     (601,475     (564,495
                        
     9,255,205        9,153,806        8,268,565   

Tangible equity, excluding AOCI / tangible assets (period end) (5)

     6.83     6.12     6.28
                        

Allowance for loan losses + credit marks / total loans + credit marks:

      

Allowance for loan losses

   $ 109,224      $ 107,612     

Credit marks

     26,622        26,919     
                  
     135,846        134,531     

Total loans

     6,702,595        6,559,952     

Credit marks

     26,622        26,919     
                  
     6,729,217        6,586,871     

Allowance for loan losses + credit marks / total loans + credit marks

     2.02     2.04  
                  

 

(1) Net interest income is also presented on a fully taxable equivalent (FTE) basis, as the Corporation believes this non-GAAP measure is the preferred industry measurement for this item.
(2) Return on average tangible equity is calculated by dividing net income less amortization of intangibles by average equity less average intangibles.
(3) Return on average tangible assets is calculated by dividing net income less amortization of intangibles by average assets less average intangibles.
(4) 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.
(5) Accumulated other comprehensive income (AOCI) is comprised of unrealized losses on securities, non-credit impairment losses on other-than-temporarily impaired securities and unrecognized pension and postretirement obligations.
(6) See non-GAAP financial measures for additional information relating to the calculation of this item.
(7) Customer repos are included in short-term borrowings on the balance sheet.