F.N.B. Corporation Reports Second Quarter 2014 Results

            F.N.B. Corporation Reports Second Quarter 2014 Results

Record High Net Income; Linked-Quarter Revenue Growth of 8.5%

PR Newswire

PITTSBURGH, July 22, 2014

PITTSBURGH, July 22, 2014 /PRNewswire/ --F.N.B. Corporation (NYSE: FNB) today
reported second quarter of 2014 results. Net income available to common
shareholders for the second quarter of 2014 totaled $32.8 million, or $0.20
per diluted common share. Comparatively, first quarter of 2014 net income
totaled $32.2 million, or $0.20 per diluted common share, and second quarter
of 2013 net income totaled $29.2 million or $0.20 per diluted common share.
Operating[1] results are presented in the table below, "Quarterly Results
Summary".

Vincent J. Delie, Jr., President and Chief Executive Officer, commented, "FNB
reported another quarter of record net income and quality earnings highlighted
by revenue growth, strong loan and deposit growth, a stable core net interest
margin, consistent asset quality and diligent expense control. We grew total
revenue by 8.5% compared to last quarter and improved our efficiency ratio to
57%."

Mr. Delie added, "We are realizing meaningful benefits from our expansion
strategy as the Baltimore, Maryland and Cleveland, Ohio markets are fully
staffed and completely integrated. Loan production in these markets has
exceeded our initial expectations. Additionally, our presence in Maryland will
be expanded with the completion of the OBA Financial acquisition expected to
close in September. "

Quarterly Results Summary                              2Q14    1Q14    2Q13
Reported Results
 Net income ($ in millions)                         $34.8   $34.5   $29.2
 Preferred stock dividend expense ($ in millions)   $2.0    $2.3    -
 Net income available to common shareholders ($ in  $32.8   $32.2   $29.2
millions)
 Net income per diluted common share                $0.20   $0.20   $0.20
Operating Results (Non-GAAP)^1
 Operating net income ($ in millions)               $35.4   $33.1   $30.1
 Preferred stock dividend expense ($ in millions)   $2.0    $2.3    -
 Operating net income available to common           $33.4   $30.8   $30.1
shareholders ($ in millions)
 Operating net income per diluted common share      $0.20   $0.19   $0.21
Average Diluted Shares Outstanding (in 000's)          167,868 163,967 145,844

Second Quarter 2014 Highlights
(All comparisons to the prior quarter, except as noted; Organic growth in
loans and deposits refers to growth excluding the benefit of initial balances
acquired via an acquisition.)

  oTotal revenue (excluding securities gains) was $154.3 million, increasing
    $12.1 million or 8.5%.
  oLoan growth momentum continued, with average organic loan growth on a
    linked-quarter basis of $257 million or 10.5% annualized, led by organic
    growth in average commercial loans of $181 million or 13.1% annualized.
    Organic growth in total loans on a period-end basis was $391 million or
    15.8% annualized.
  oOn an organic basis, average transaction deposits and customer repurchase
    agreements grew $264 million, or 12.0% annualized, and included continued
    solid growth in average non-interest bearing deposits of $130 million or
    23.2% annualized. Transaction deposits and customer repurchase agreements
    represent 77% of total deposits and customer repurchase agreements at June
    30, 2014.
  oThe net interest margin was 3.60% compared to 3.62% in the prior quarter.
  oThe efficiency ratio improved to 57% from 59% in the prior quarter and the
    year ago quarter.
  oCredit quality metrics reflect continued solid performance. For the
    originated portfolio, non-performing loans and OREO to total loans and
    OREO were 1.36% at June 30, 2014, compared to 1.46% at March 31, 2014, and
    net charge-offs were 0.23% annualized of total average originated loans,
    compared to 0.28% annualized in the prior quarter.
  oThe tangible common equity to tangible assets ratio was 6.73% at June 30,
    2014, compared to 6.81% at March 31, 2014 and increased from 6.11% at June
    30, 2013, reflecting the October 2013 capital raise. The tangible book
    value per share increased to $5.73 at June 30, 2014, compared to $5.58 at
    March 31, 2014 and $4.97 at June 30, 2013.

Second Quarter 2014 Results – Comparison to Prior Quarter
(All comparisons refer to the first quarter of 2014, except as noted)

Net Interest Income/Loans/Deposits
Net interest income on a fully taxable equivalent basis totaled $115.9
million, increasing $6.3 million, or 5.8%, primarily as a result of continued
organic growth and partially due to the benefit related to the addition of
BCSB Bancorp, Inc. (BCSB) in the first quarter of 2014. The net interest
margin of 3.60% compares to 3.62% in the prior quarter, with 1 basis point of
the narrowing reflecting slightly lower accretable yield adjustments. The
growth in loans and lower-cost transaction deposits and customer repurchase
agreements continues to support stability in the net interest margin.

Average loans totaled $10.1 billion and increased $413 million, or 17.1%
annualized, and included annualized average organic loan growth of $257
million or 10.5%. Organic growth in average commercial loans totaled $181
million, or 13.1% annualized, and organic growth in average consumer loans
(consisting of direct, consumer lines of credit and indirect loans) was $71
million or 9.1% annualized. Organic growth was strong on a period-end basis
with total loans growing 15.8% annualized. The growth reflects positive
results across the footprint, with the metropolitan markets contributing
significantly. 

Average deposits and customer repurchase agreements totaled $11.8 billion and
increased $447 million, or 15.8% annualized, and included annualized average
organic growth of $184 million or 6.4% annualized, reflecting growth in
transaction deposits and customer repurchase agreements, partially offset by a
decline in time deposits. On an organic basis, average total transaction
deposits and customer repurchase agreements increased $264 million or 12.0%
annualized. Organic growth in average non-interest bearing deposits was $130
million or 23.2% annualized. Total loans as a percentage of deposits and
customer repurchase agreements was 88% at June 30, 2014.

Non-Interest Income
Non-interest income totaled $39.2 million, decreasing $2.9 million, or 6.8%,
as a result of the prior quarter gains on the sale of securities of $9.5
million. Excluding gains on the sale of securities, non-interest income
increased $5.8 million, or 17.8%, reflecting revenue from higher service
charges, mortgage banking, wealth management (trust income and securities
commissions) and other income. Service charges increased $2.2 million, or
14.2%, and reflects seasonally higher volume and the benefit of the BCSB
acquisition. Swap fee revenue related to commercial clients totaled a
record-high $2.6 million and increased $1.8 million, benefitting from the
strong commercial activity during the quarter. While mortgage banking
increased $0.7 million from $0.2 million in the prior quarter, overall volume
remained low. 

Non-Interest Expense
Non-interest expense totaled $92.6 million, decreasing $1.6 million, or 1.7%,
and included $6.4 million lower merger and severance costs. Excluding merger
and severance costs, non-interest expense increased $4.8 million, or 5.6%, and
includes additional operating costs related to the BCSB acquisition. Salaries
and benefits increased $1.4 million, or 3.1%, reflecting the addition of BCSB
and higher performance-based compensation tied to improved production volumes
and revenue trends during the second quarter. The efficiency ratio improved
to 57.3%, compared to 59.0% in the first quarter of 2014.

Credit Quality
Credit quality metrics reflect continued solid performance. The ratio of
non-performing loans and OREO to total loans and OREO improved 7 basis points
to 1.16%, and for the originated portfolio, the improvement was 10 basis
points to 1.36%. Delinquency (total past due and non-accrual loans as a
percentage of total originated loans) improved 4 basis points to 1.13%.

Net charge-offs for the second quarter totaled $5.9 million, or 0.23%
annualized, consistent with $5.6 million or 0.23% annualized in the prior
quarter. For the originated portfolio, net charge-offs were also 0.23%
annualized, improved from 0.28% annualized of average originated loans. The
ratio of the allowance for loan losses to total loans remained stable at
1.13%, and for the originated portfolio, the allowance for loan losses to
total originated loans was 1.26%, compared to 1.28% at March 31, 2014. The
provision for loan losses totaled $10.4 million, compared to $7.0 million in
the prior quarter, with the increase primarily related to the strong organic
loan growth during the second quarter of 2014 in the originated portfolio and
an increase in the acquired portfolio primarily related to the exit of
lower-quality credit. The ratio of the allowance for loan losses to total
non-performing loans was 138.9%, compared to 134.9%.

Year-to-Date 2014 Results – Comparison to Prior Year-to-Date
(All comparisons refer to the second quarter 2013 year-to-date, except as
noted)

Results include the impact from the completion of the BCSB Bancorp Inc. (BCSB)
acquisition completed on February 15, 2014, PVF Capital Corp (PVFC) on October
12, 2013 and Annapolis Bancorp, Inc. (ANNB) on April 6, 2013.

Net Interest Income/Loans/Deposits
Net interest income on a fully taxable equivalent basis totaled $225.4
million, increasing $32.1 million or 16.6%. The net interest margin was 3.61%,
compared to 3.64%, with 2 basis points of the 3 basis point narrowing
attributable to lower accretable yield benefit on acquired loans. Average
earning assets grew $1.9 billion, or 17.8%, through consistent organic loan
growth and the benefit of acquisition-related growth.

Average loans totaled $9.9 billion and increased $1.6 billion, or 18.7%,
reflecting strong organic average loan growth of $653 million, or 7.7%, and
loans added in the acquisitions. Growth in the commercial portfolio
continued, with average balances growing organically $345 million or 7.3%.
Average organic consumer loan growth (consisting of direct, consumer lines of
credit and indirect loans) was also solid at $387 million or 14.6%, reflecting
successful sales management and the benefit of the expanded banking footprint.

Total average deposits and customer repurchase agreements totaled $11.6
billion and increased $1.4 billion or 14.1%. Organic growth in lower-cost
transaction deposit accounts and customer repurchase agreements was strong,
growing $438 million, or 5.6%, with growth in average non-interest bearing
deposits of $307 million or 16.5%.

Non-Interest Income
Non-interest income totaled $81.3 million, increasing $11.0 million, or 15.6%,
with the first six months of 2014 including a $9.5 million (pre-tax) net gain
related to the sale of certain securities, including the pooled trust
preferred securities portfolio. Organic and acquisition-related growth in
service charges was offset by $5.1 million in lower customer-related
interchange service charges due to the Durbin Amendment. Additionally, the
first six months of 2014 included solid growth in the fee-based units,
increased swap fee revenue and lower net mortgage banking revenue consistent
with industry trends.

Non-Interest Expense
Non-interest expense totaled $186.8 million, increasing $23.8 million or
14.6%. The first six months of 2014 included merger and severance costs of
$8.1 million, compared to $3.3 million in the prior year-to-date period.
Absent these items, non-interest expense increased $19.0 million or 11.9%,
and primarily reflects the additional operating costs related to the expanded
operations from acquisitions. The efficiency ratio was 58.1%, compared to
59.2%.

Credit Quality
Credit quality results reflect improvement over the prior-year period. The
ratio of non-performing loans and OREO to total loans and OREO improved 24
basis points to 1.16%. For the originated portfolio, the ratio of
non-performing loans and OREO to total loans and OREO improved 23 basis points
to 1.36%. Total delinquency (total past due and non-accrual loans as a
percentage of total originated loans) was 1.13% at June 30, 2014, a 31 basis
point improvement reflecting a $10.2 million, or 9.3%, reduction in total
delinquency.

Net charge-offs totaled $11.4 million, or 0.23% annualized of total average
loans, compared to $11.5 million or 0.28% annualized. For the originated
portfolio, net charge-offs were $10.5 million or 0.25% annualized of total
average originated loans, compared to $10.4 million or 0.28% annualized. The
ratio of the allowance for loan losses to total originated loans was 1.26% at
June 30, 2014, compared to 1.35% at June 30, 2013, with the change
directionally consistent with the performance of the portfolio. The provision
for loan losses totaled $17.4 million, compared to $15.4 million in the
prior-year period.

Capital Position
At June 30, 2014, the tangible common equity to tangible assets ratio
(non-GAAP measure) was 6.73%, compared to 6.81% and 6.11% at March 31, 2014
and June 30, 2013, respectively. The tangible common book value per share
(non-GAAP measure) increased to $5.73 from $5.58 and $4.97 at March 31, 2014
and June 30, 2013, respectively. The common dividend payout ratio for the
second quarter of 2014 was 61.3%.

The Corporation's capital levels at June 30, 2014 continue to exceed federal
bank regulatory agency "well capitalized" thresholds and the estimated total
risk-based capital ratio was 12.2%, the estimated tier 1 risk-based capital
ratio was 10.9% and the estimated leverage ratio was 8.4%.

Conference Call
F.N.B. Corporation will host a conference call to discuss second quarter 2014
financial results on Wednesday, July 23, 2014 at 10:00 a.m. Eastern Time.
Participating callers may access the call by dialing (877) 485-3103 or (201)
689-8890 for international callers. The Webcast and presentation materials
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 until Thursday, July 31, 2014 by
dialing (877) 660-6853 or (201) 612-7415 for international callers; the
confirmation number is 13586798. 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 (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is
a diversified financial services company operating in six states and three
major metropolitan areas. It holds atop retail deposit market share in
Pittsburgh, Baltimore, MD, and Cleveland, OH. The Company has total assets of
$15.0 billion and more than 280 banking offices throughout Pennsylvania, Ohio,
West Virginia and Maryland and provides a full range of commercial banking,
consumer banking and wealth management solutions through its subsidiary
network which is led by its largest affiliate, First National Bank of
Pennsylvania, founded in 1864. Commercial banking solutions include corporate
banking, small business banking, investment real estate financing,
international banking, business credit, capital markets and lease financing.
The consumer banking segment provides a full line of consumer banking products
and services including deposit products, mortgage lending, consumer lending
and a complete suite of mobile and online banking services. F.N.B.'s wealth
management services include asset management, private banking and insurance.
The Company also operates Regency Finance Company, which has more than 70
consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange
under the symbol "FNB" and is included in Standard & Poor's SmallCap 600 Index
with the Global Industry Classification Standard (GICS) Regional Banks
Sub-Industry Index. Customers, shareholders and investors can learn more about
this regional financial institution by visiting the F.N.B. Corporation web
site at www.fnbcorporation.com.

Cautionary Statement Regarding Forward-looking Information
We make statements in this press release and related conference call, and may
from time to time make other statements, regarding our outlook for earnings,
revenues, expenses, capital levels, liquidity levels, asset levels, asset
quality and other matters regarding or affecting F.N.B. Corporation and its
future business and operations that are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act. Forward-looking
statements are typically identified by words such as "believe," "plan,"
"expect," "anticipate," "see," "look," "intend," "outlook," "project,"
"forecast," "estimate," "goal," "will," "should" and other similar words and
expressions. Forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time.

Forward-looking statements speak only as of the date made. We do not assume
any duty and do not undertake to update forward-looking statements. Actual
results or future events could differ, possibly materially, from those
anticipated in forward-looking statements, as well as from historical
performance.

Our forward-looking statements are subject to the following principal risks
and uncertainties:

  oOur businesses, financial results and balance sheet values are affected by
    business and economic conditions, including the following:

       oChanges in interest rates and valuations in debt, equity and other
         financial markets.
       oDisruptions in the liquidity and other functioning of U.S. and global
         financial markets.
       oThe impact on federal regulated agencies that have oversight or
         review of F.N.B. Corporation's business and securities activities.
       oActions by the Federal Reserve, U.S. Treasury and other government
         agencies, including those that impact money supply and market
         interest rates.
       oChanges in customers', suppliers' and other counterparties'
         performance and creditworthiness which adversely affect loan
         utilization rates, delinquencies, defaults and counterparty ability
         to meet credit and other obligations.
       oSlowing or reversal of the current moderate economic recovery.
       oChanges in customer preferences and behavior, whether due to changing
         business and economic conditions, legislative and regulatory
         initiatives, or other factors.

  oLegal and regulatory developments could affect our ability to operate our
    businesses, financial condition, results of operations, competitive
    position, reputation, or pursuit of attractive acquisition opportunities.
    Reputational impacts could affect matters such as business generation and
    retention, liquidity, funding, and ability to attract and retain
    management. These developments could include:

       oChanges resulting from legislative and regulatory reforms, including
         broad-based restructuring of financial industry regulation; changes
         to laws and regulations involving tax, pension, bankruptcy, consumer
         protection, and other industry aspects; and changes in accounting
         policies and principles. We will continue to be impacted by
         extensive reforms provided for in the Dodd-Frank Wall Street Reform
         and Consumer Protection Act and otherwise growing out of the recent
         financial crisis, the precise nature, extent and timing of which, and
         their impact on us, remains uncertain.
       oChanges to regulations governing bank capital and liquidity
         standards, including due to the Dodd-Frank Act, Volcker rule and
         Basel III initiatives.
       oImpact on business and operating results of any costs associated with
         obtaining rights in intellectual property, the adequacy of our
         intellectual property protection in general and rapid technological
         developments and changes. Our ability to anticipate and respond to
         technological changes can also impact our ability to respond to
         customer needs and meet competitive demands.

  oBusiness and operating results are affected by our ability to identify and
    effectively manage risks inherent in our businesses, including, where
    appropriate, through effective use of third-party insurance, derivatives,
    swaps, and capital management techniques, and to meet evolving regulatory
    capital standards.
  oIncreased competition, whether due to consolidation among financial
    institutions; realignments or consolidation of branch offices, legal and
    regulatory developments, industry restructuring or other causes, can have
    an impact on customer acquisition, growth and retention and on credit
    spreads and product pricing, which can affect market share, deposits and
    revenues.
  oAs demonstrated by our acquisitions and the pending acquisition of OBA
    Financial Services Inc., we grow our business in part by acquiring, from
    time to time, other financial services companies, financial services
    assets and related deposits. These acquisitions often present risks and
    uncertainties, including, the possibility that the transaction cannot be
    consummated; regulatory issues; cost, or difficulties, involved in
    integration and conversion of the acquired businesses after closing;
    inability to realize expected cost savings, efficiencies and strategic
    advantages; the extent of credit losses in acquired loan portfolios and
    extent of deposit attrition; and the potential dilutive effect to our
    current shareholders.
  oCompetition can have an impact on customer acquisition, growth and
    retention and on credit spreads and product pricing, which can affect
    market share, deposits and revenues. Industry restructuring in the
    current environment could also impact our business and financial
    performance through changes in counterparty creditworthiness and
    performance and the competitive and regulatory landscape. Our ability to
    anticipate and respond to technological changes can also impact our
    ability to respond to customer needs and meet competitive demands.
  oBusiness and operating results can also be affected by widespread
    disasters, dislocations, terrorist activities, cyber-attacks or
    international hostilities through their impacts on the economy and
    financial markets.

We provide greater detail regarding some of these factors in our 2013 Form
10-K and March 31, 2014 Form 10-Q, including the Risk Factors section of those
reports, and our subsequent SEC filings. Our forward-looking statements may
also be subject to other risks and uncertainties, including those we may
discuss elsewhere in this news release or in SEC filings, accessible on the
SEC's website at www.sec.gov and on our corporate website at
www.fnbcorporation.com. We have included these web addresses as inactive
textual references only. Information on these websites is not part of this
document.

DATA SHEETS FOLLOW

[1] Non-GAAP measures, refer to Non-GAAP Disclosures and detail in the
accompanying data tables.

F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                                            2Q14 -    2Q14 -
                              2014                2013      1Q14      2Q13
                              Second    First     Second    Percent   Percent
Statement of earnings         Quarter   Quarter   Quarter   Variance  Variance
Interest income              $124,440  $117,880  $107,841  5.6       15.4
Interest expense              10,248    10,055    11,095    1.9       -7.6
 Net interest income        114,192   107,825   96,746    5.9       18.0
Taxable equivalent adjustment 1,691     1,722     1,743     -1.8      -3.0
 Net interest income (FTE)  115,883   109,547   98,489    5.8       17.7
(1)
Provision for loan losses     10,405    7,006     7,903     48.5      31.7
 Net interest income after  105,478   102,541   90,586    2.9       16.4
provision (FTE)
Service charges               17,441    15,269    18,564    14.2      -6.0
Trust income                  4,862     4,764     4,167     2.1       16.7
Insurance commissions and     3,691     4,945     4,101     -25.4     -10.0
fees
Securities commissions and    3,002     2,391     2,867     25.6      4.7
fees
Mortgage banking              928       214       1,114     333.1     -16.6
Gain on sale of securities    776       9,461     68        n/m       n/m
Other                         8,490     5,026     5,816     68.9      46.0
 Total non-interest income  39,190    42,070    36,697    -6.8      6.8
Salaries and employee         48,465    47,023    43,201    3.1       12.2
benefits
Occupancy and equipment       15,245    15,381    12,945    -0.9      17.8
FDIC insurance                3,400     2,994     2,672     13.6      27.2
Amortization of intangibles   2,461     2,283     2,071     7.8       18.8
Other real estate owned       922       779       820       18.3      12.4
Merger and severance-related  832       7,248     2,946     n/m       n/m
Other                         21,259    18,458    19,472    15.2      9.2
 Total non-interest expense 92,584    94,166    84,127    -1.7      10.1
Income before income taxes    52,084    50,445    43,156    3.2       20.7
Taxable equivalent adjustment 1,691     1,722     1,743     -1.8      -3.0
Income taxes                  15,562    14,199    12,220    9.6       27.3
 Net income                 34,831    34,524    29,193    0.9       19.3
 Preferred stock dividends  2,010     2,322     0
 Net income available to    $32,821   $32,202   $29,193   1.9       12.4
common stockholders
Earnings per common share:
 Basic                      $0.20     $0.20     $0.20     0.0       0.0
 Diluted                    $0.20     $0.20     $0.20     0.0       0.0
Non-GAAP Operating Results:
Operating net income
available to common
stockholders:
 Net income available to     $32,821   32,202    $29,193
common stockholders
 Net gain on sale of pooled
TPS and other securities, net 0         (6,150)   0
of tax
 (Gain) loss on
extinguishment of debt, net   0         0         (1,013)
of tax
 Merger and severance costs, 541       4,711     1,915
net of tax
 Operating net income
available to common           $33,362   $30,763   $30,095   8.5       10.9
stockholders
Operating diluted earnings
per common share:
 Diluted earnings per common $0.20     $0.20     $0.20
share
 Effect of net gain on sale
of pooled TPS and other       0.00      (0.04)    0.00
securities, net of tax
 Effect of (gain) loss on
extinguishment of debt, net   0.00      0.00      (0.01)
of tax
 Effect of merger and        0.00      0.03      0.01
severance costs, net of tax
 Operating diluted earnings  $0.20     $0.19     $0.21     0.0       -0.1
per common share





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share
data)
                                            For the Six Months Ended
                                            June 30,                  Percent
Statement of earnings                       2014          2013        Variance
Interest income                            $242,320      $212,959    13.8
Interest expense                            20,303        23,117      -12.2
 Net interest income                      222,017       189,842     16.9
Taxable equivalent adjustment               3,413         3,484       -2.1
 Net interest income (FTE) (1)            225,430       193,326     16.6
Provision for loan losses                   17,411        15,444      12.7
 Net interest income after provision      208,019       177,882     16.9
(FTE)
Service charges                             32,710        34,989      -6.5
Trust income                                9,626         8,252       16.7
Insurance commissions and fees              8,636         8,531       1.2
Securities commissions and fees             5,393         5,790       -6.9
Mortgage banking                            1,142         2,198       -48.1
Gain on sale of securities                  10,237        752         n/m
Other                                       13,516        9,797       38.0
 Total non-interest income                81,260        70,309      15.6
Salaries and employee benefits              95,488        87,106      9.6
Occupancy and equipment                     30,626        25,135      21.8
FDIC insurance                              6,393         5,036       27.0
Amortization of intangibles                 4,744         3,996       18.7
Other real estate owned                     1,702         1,012       68.1
Merger and severance-related                8,080         3,298       145.0
Other                                       39,717        37,346      6.3
 Total non-interest expense               186,750       162,929     14.6
Income before income taxes                  102,529       85,262      20.3
Taxable equivalent adjustment               3,413         3,484       -2.1
Income taxes                                29,761        24,047      23.8
 Net income                               69,355        57,731      20.1
 Preferred stock dividends                4,332         0
 Net income available to common           $65,023       $57,731     12.6
stockholders
Earnings per common share:
 Basic                                    $0.40         $0.41       -2.4
 Diluted                                  $0.39         $0.40       -2.5
Non-GAAP Operating Results:
Operating net income available to common
stockholders:
 Net income available to common            $65,023       $57,731
stockholders
 Net gain on sale of pooled TPS and other  (6,150)       0
securities, net of tax
 (Gain) loss on extinguishment of debt,    0             (1,013)
net of tax
 Merger and severance costs, net of tax    5,252         2,144
 Operating net income available to common  $64,125       $58,862     8.9
stockholders
Operating diluted earnings per common
share:
 Diluted earnings per common share         $0.39         $0.40
 Effect of net gain on sale of pooled TPS  (0.04)        0.00
and other securities, net of tax
 Effect of (gain) loss on extinguishment   0.00          (0.01)
of debt, net of tax
 Effect of merger and severance costs, net 0.03          0.01
of tax
 Operating diluted earnings per common     $0.39         $0.41       -7.3
share





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                                            2Q14 -    2Q14 -
                     2014                      2013         1Q14      2Q13
                     Second       First        Second       Percent   Percent
Balance Sheet (at    Quarter      Quarter      Quarter      Variance  Variance
period end)
Assets
Cash and due from    $250,954     $221,615     $197,879     13.2      26.8
banks
Interest bearing     19,766       24,638       32,223       -19.8     -38.7
deposits with banks
 Cash and cash     270,720      246,253      230,102      9.9       17.7
equivalents
Securities available 1,384,273    1,274,070    1,164,903    8.6       18.8
for sale
Securities held to   1,427,852    1,420,446    1,149,481    0.5       24.2
maturity
Residential mortgage 2,705        3,940        19,614       -31.3     -86.2
loans held for sale
Loans, net of        10,333,873   9,943,136    8,637,089    3.9       19.6
unearned income
Allowance for loan   (116,748)    (112,219)    (108,280)    4.0       7.8
losses
 Net loans         10,217,125   9,830,917    8,528,809    3.9       19.8
Premises and         162,383      165,603      145,833      -1.9      11.3
equipment, net
Goodwill             805,514      805,788      709,477      0.0       13.5
Core deposit and
other intangible     48,292       51,024       37,503       -5.4      28.8
assets, net
Bank owned life      309,750      307,872      262,877      0.6       17.8
insurance
Other assets         390,633      370,597      324,792      5.4       20.3
Total Assets         $15,019,247  $14,476,510  $12,573,391  3.7       19.5
Liabilities
Deposits:
 Non-interest      $2,429,120   $2,353,444   $1,974,415   3.2       23.0
bearing demand
 Interest bearing  4,354,333    4,238,715    3,848,733    2.7       13.1
demand
 Savings           1,576,480    1,569,090    1,395,013    0.5       13.0
 Certificates and  2,697,837    2,777,487    2,428,037    -2.9      11.1
other time deposits
 Total Deposits 11,057,770   10,938,736   9,646,198    1.1       14.6
Other liabilities    154,816      131,894      140,958      17.4      9.8
Short-term           1,504,510    1,216,624    1,030,617    23.7      46.0
borrowings
Long-term debt       335,854      235,752      92,420       42.5      263.4
Junior subordinated  58,220       68,517       194,200      -15.0     -70.0
debt
 Total Liabilities 13,111,170   12,591,523   11,104,393   4.1       18.1
Stockholders' Equity
Preferred Stock      106,882      106,882      0            n/m       n/m
Common stock         1,673        1,671        1,454        0.1       15.1
Additional paid-in   1,700,220    1,697,177    1,438,008    0.2       18.2
capital
Retained earnings    146,542      133,828      98,575       9.5       48.7
Accumulated other    (36,559)     (44,041)     (62,077)     -17.0     -41.1
comprehensive income
Treasury stock       (10,681)     (10,530)     (6,962)      1.4       53.4
 Total             1,908,077    1,884,987    1,468,998    1.2       29.9
Stockholders' Equity
Total Liabilities
and Stockholders'    $15,019,247  $14,476,510  $12,573,391  3.7       19.5
Equity
Selected average
balances
Total assets         $14,710,831  $13,989,304  $12,470,029  5.2       18.0
Earning assets      12,909,262   12,243,198   10,886,197   5.4       18.6
Interest bearing     45,725       46,193       39,302       -1.0      16.3
deposits with banks
Securities           2,751,703    2,496,419    2,296,190    10.2      19.8
Residential mortgage 2,751        4,844        20,896       -43.2     -86.8
loans held for sale
Loans, net of        10,109,083   9,695,742    8,529,810    4.3       18.5
unearned income
Allowance for loan   113,009      110,385      109,156      2.4       3.5
losses
Goodwill and         854,760      835,031      745,458      2.4       14.7
intangibles
Deposits and
customer repurchase  11,786,281   11,339,046   10,333,999   3.9       14.1
agreements (6)
Short-term           551,633      390,706      224,769      41.2      145.4
borrowings
Long-term debt       266,925      217,894      93,273       22.5      186.2
Trust preferred      58,893       76,048       206,602      -22.6     -71.5
securities
Total stockholders'  1,900,751    1,829,601    1,473,945    3.9       29.0
equity
Preferred            106,882      106,882      0            0.0       n/m
stockholders' equity
Common stock data
Average diluted      167,867,608  163,967,246  145,844,164  2.4       15.1
shares outstanding
Period end shares    166,559,258  166,377,327  145,151,279  0.1       14.7
outstanding
Book value per       $10.81       $10.69       $10.12       1.2       6.9
common share
Tangible book value  $5.73        $5.58        $4.97        2.7       15.2
per common share (4)
Dividend payout      61.26%       62.16%       60.08%
ratio (common)





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                            For the Six Months Ended
                                            June 30,                  Percent
Balance Sheet (at period end)               2014         2013         Variance
Assets
Cash and due from banks                     $250,954     $197,879     26.8
Interest bearing deposits with banks        19,766       32,223       -38.7
 Cash and cash equivalents                270,720      230,102      17.7
Securities available for sale               1,384,273    1,164,903    18.8
Securities held to maturity                 1,427,852    1,149,481    24.2
Residential mortgage loans held for sale    2,705        19,614       -86.2
Loans, net of unearned income               10,333,873   8,637,089    19.6
Allowance for loan losses                   (116,748)    (108,280)    7.8
 Net loans                                10,217,125   8,528,809    19.8
Premises and equipment, net                 162,383      145,833      11.3
Goodwill                                    805,514      709,477      13.5
Core deposit and other intangible assets,   48,292       37,503       28.8
net
Bank owned life insurance                   309,750      262,877      17.8
Other assets                                390,633      324,792      20.3
Total Assets                                $15,019,247  $12,573,391  19.5
Liabilities
Deposits:
 Non-interest bearing demand              $2,429,120   $1,974,415   23.0
 Interest bearing demand                  4,354,333    3,848,733    13.1
 Savings                                  1,576,480    1,395,013    13.0
 Certificates and other time deposits     2,697,837    2,428,037    11.1
 Total Deposits                        11,057,770   9,646,198    14.6
Other liabilities                           154,816      140,958      9.8
Short-term borrowings                       1,504,510    1,030,617    46.0
Long-term debt                              335,854      92,420       263.4
Junior subordinated debt                    58,220       194,200      -70.0
 Total Liabilities                        13,111,170   11,104,393   18.1
Stockholders' Equity
Preferred Stock                             106,882      0            n/m
Common stock                                1,673        1,454        15.1
Additional paid-in capital                  1,700,220    1,438,008    18.2
Retained earnings                           146,542      98,575       48.7
Accumulated other comprehensive income      (36,559)     (62,077)     -41.1
Treasury stock                              (10,681)     (6,962)      53.4
 Total Stockholders' Equity               1,908,077    1,468,998    29.9
Total Liabilities and Stockholders' Equity  $15,019,247  $12,573,391  19.5
Selected average balances
Total assets                                $14,352,061  $12,238,679  17.3
Earning assets                             12,578,070   10,680,786   17.8
Interest bearing deposits with banks       45,958       34,712       32.4
Securities                                  2,624,766    2,275,404    15.4
Residential mortgage loans held for sale   3,792        26,595       -85.7
Loans, net of unearned income               9,903,554    8,344,076    18.7
Allowance for loan losses                   111,704      107,009      4.4
Goodwill and intangibles                    844,951      729,054      15.9
Deposits and customer repurchase agreements 11,563,899   10,137,229   14.1
(6)
Short-term borrowings                       471,614      216,700      117.6
Long-term debt                              242,545      93,280       160.0
Trust preferred securities                  67,423       205,321      -67.2
Total stockholders' equity                  1,865,373    1,442,561    29.3
Preferred stockholders' equity              106,882      0            n/m
Common stock data
Average diluted shares outstanding          165,928,360  143,465,670  15.7
Period end shares outstanding               166,559,258  145,151,279  14.7
Book value per common share                 $10.81       $10.12       6.9
Tangible book value per common share (4)    $5.73        $4.97        15.2
Dividend payout ratio (common)              61.71%       59.70%





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                                            2Q14 -    2Q14 -
                     2014                      2013         1Q14      2Q13
                     Second       First        Second       Percent   Percent
                     Quarter      Quarter      Quarter      Variance  Variance
Performance ratios
Return on average    7.35%        7.65%        7.94%
equity
Return on average
tangible equity (2)  13.88%       14.57%       16.81%
(4)
Return on average
tangible common      14.59%       15.26%       16.81%
equity (2) (4)
Return on average    0.95%        1.00%        0.94%
assets
Return on average
tangible assets (3)  1.05%        1.11%        1.04%
(4)
Net interest margin  3.60%        3.62%        3.63%
(FTE) (1)
Yield on earning     3.92%        3.95%        4.03%
assets (FTE) (1)
Cost of funds        0.40%        0.42%        0.50%
Efficiency ratio     57.27%       58.99%       58.62%
(FTE) (1) (5)
Effective tax rate   30.88%       29.14%       29.51%
Capital ratios
Equity / assets      12.70%       13.02%       11.68%
(period end)
Leverage ratio       8.44%        8.84%        8.42%
Tangible equity /
tangible assets      7.49%        7.60%        6.11%
(period end) (4)
Tangible common
equity / tangible    6.73%        6.81%        6.11%
assets (period end)
(4)
Tangible equity,
excluding AOCI /
tangible
 assets (period    6.99%        7.14%        6.63%
end) (4) (7)
Balances at period
end
Loans:
Commercial real      $3,577,933   $3,464,598   $2,866,536   3.3       24.8
estate
Commercial and       2,103,896    1,965,065    1,750,870    7.1       20.2
industrial
Commercial leases    164,676      161,494      136,268      2.0       20.8
 Commercial loans  5,846,505    5,591,157    4,753,674    4.6       23.0
and leases
Direct installment   1,512,149    1,467,558    1,301,891    3.0       16.2
Residential          1,145,286    1,135,790    1,059,644    0.8       8.1
mortgages
Indirect installment 729,513      678,918      607,958      7.5       20.0
Consumer LOC         1,037,519    1,010,501    868,992      2.7       19.4
Other                62,901       59,212       44,930       6.2       40.0
 Total loans       $10,333,873  $9,943,136   $8,637,089   3.9       19.6
Deposits:
Non-interest bearing $2,429,120   $2,353,444   $1,974,415   3.2       23.0
deposits
Interest bearing     4,354,333    4,238,715    3,848,733    2.7       13.1
demand
Savings              1,576,480    1,569,090    1,395,013    0.5       13.0
Certificates of
deposit and other    2,697,837    2,777,487    2,428,037    -2.9      11.1
time deposits
 Total deposits    11,057,770   10,938,736   9,646,198    1.1       14.6
Customer repurchase  751,066      787,712      714,540      -4.7      5.1
agreements (6)
 Total deposits
and customer         $11,808,836  $11,726,448  $10,360,738  0.7       14.0
repurchase
agreements (6)
Average balances
Loans:
Commercial real      $3,515,115   $3,341,359   $2,868,973   5.2       22.5
estate
Commercial and       2,034,481    1,923,270    1,730,834    5.8       17.5
industrial
Commercial leases    163,720      160,367      133,446      2.1       22.7
 Commercial loans  5,713,316    5,424,996    4,733,253    5.3       20.7
and leases
Direct installment   1,484,698    1,466,392    1,245,030    1.2       19.2
Residential          1,134,820    1,107,349    1,065,577    2.5       6.5
mortgages
Indirect installment 702,257      666,012      587,537      5.4       19.5
Consumer LOC         1,023,963    987,304      855,741      3.7       19.7
Other                50,028       43,689       42,672       14.5      17.2
 Total loans       $10,109,082  $9,695,742   $8,529,810   4.3       18.5
Deposits:
Non-interest bearing $2,374,516   $2,222,786   $1,901,610   6.8       24.9
deposits
Interest bearing     4,301,667    4,099,093    3,829,847    4.9       12.3
demand
Savings              1,575,453    1,494,248    1,385,472    5.4       13.7
Certificates of
deposit and other    2,736,294    2,695,067    2,461,490    1.5       11.2
time deposits
 Total deposits    10,987,930   10,511,194   9,578,419    4.5       14.7
Customer repurchase  798,351      827,851      755,580      -3.6      5.7
agreements (6)
 Total deposits
and customer         $11,786,281  $11,339,045  $10,333,999  3.9       14.1
repurchase
agreements (6)





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                            For the Six Months Ended
                                            June 30,                  Percent
                                            2014         2013         Variance
Performance ratios
Return on average equity                    7.50%        8.07%
Return on average tangible equity (2) (4)   14.22%       17.05%
Return on average tangible common equity    14.92%       17.05%
(2) (4)
Return on average assets                    0.97%        0.95%
Return on average tangible assets (3) (4)   1.08%        1.06%
Net interest margin (FTE) (1)              3.61%        3.64%
Yield on earning assets (FTE) (1)           3.93%        4.08%
Cost of funds                               0.41%        0.53%
Efficiency ratio (FTE) (1) (5)              58.10%       59.17%
Effective tax rate                          30.03%       29.41%
Capital ratios
Equity / assets (period end)                12.70%       11.68%
Leverage ratio                              8.44%        8.42%
Tangible equity / tangible assets (period   7.49%        6.11%
end) (4)
Tangible common equity / tangible assets    6.73%        6.11%
(period end) (4)
Tangible equity, excluding AOCI / tangible
 assets (period end) (4) (7)              6.99%        6.63%
Balances at period end
Loans:
Commercial real estate                     $3,577,933   $2,866,536   24.8
Commercial and industrial                   2,103,896    1,750,870    20.2
Commercial leases                           164,676      136,268      20.8
 Commercial loans and leases              5,846,505    4,753,673    23.0
Direct installment                          1,512,149    1,301,891    16.2
Residential mortgages                       1,145,286    1,059,644    8.1
Indirect installment                        729,513      607,958      20.0
Consumer LOC                                1,037,519    868,992      19.4
Other                                       62,901       44,930       40.0
 Total loans                              $10,333,873  $8,637,089   19.6
Deposits:
Non-interest bearing deposits               $2,429,120   $1,974,415   23.0
Interest bearing demand                     4,354,333    3,848,733    13.1
Savings                                     1,576,480    1,395,013    13.0
Certificates of deposit and other time      2,697,837    2,428,037    11.1
deposits
 Total deposits                           11,057,770   9,646,198    14.6
Customer repurchase agreements (6)          751,066      714,540      5.1
 Total deposits and customer repurchase   $11,808,836  $10,360,738  14.0
agreements (6)
Average balances
Loans:
Commercial real estate                     $3,424,421   $2,781,961   23.1
Commercial and industrial                   1,983,478    1,687,994    17.5
Commercial leases                           162,053      131,951      22.8
 Commercial loans and leases              5,569,952    4,601,905    21.0
Direct installment                          1,475,595    1,213,547    21.6
Residential mortgages                       1,121,161    1,071,915    4.6
Indirect installment                        684,235      582,140      17.5
Consumer LOC                                1,005,735    834,122      20.6
Other                                       46,876       40,446       15.9
 Total loans                              $9,903,554   $8,344,076   18.7
Deposits:
Non-interest bearing deposits               $2,299,070   $1,823,471   26.1
Interest bearing demand                     4,200,940    3,739,948    12.3
Savings                                     1,535,075    1,315,251    16.7
Certificates of deposit and other time      2,715,794    2,477,507    9.6
deposits
 Total deposits                           10,750,879   9,356,177    14.9
Customer repurchase agreements (6)          813,020      781,052      4.1
 Total deposits and customer repurchase   $11,563,899  $10,137,229  14.1
agreements (6)





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                                            2Q14 -    2Q14 -
                              2014                2013      1Q14      2Q13
                              Second    First     Second    Percent   Percent
Asset Quality Data            Quarter   Quarter   Quarter   Variance  Variance
Non-Performing Assets
Non-performing loans (8)
 Non-accrual loans          $59,549   $60,039   $67,034   -0.8      -11.2
 Restructured loans         20,485    19,384    17,488    5.7       17.1
 Non-performing loans    80,034    79,423    84,522    0.8       -5.3
Other real estate owned (9)   40,268    43,216    37,370    -6.8      7.8
 Non-performing loans and   120,302   122,639   121,892   -1.9      -1.3
OREO
Non-performing investments   0         0         610       n/m       n/m
 Total non-performing       $120,302  $122,639  $122,502  -1.9      -1.8
assets
Non-performing loans / total  0.77%     0.80%     0.98%
loans
Non-performing loans / total  0.91%     0.95%     1.11%
originated loans (10)
Non-performing loans + OREO / 1.16%     1.23%     1.40%
total loans + OREO
Non-performing loans + OREO /
total originated
 loans + OREO (10)          1.36%     1.46%     1.59%
Non-performing assets / total 0.80%     0.85%     0.97%
assets
Allowance Rollforward
Allowance for loan losses
(originated portfolio) (10)
 Balance at beginning of    $107,123  $104,884  $102,504  2.1       4.5
period
 Provision for loan losses  8,900     7,856     6,649     13.3      33.8
 Net loan charge-offs       (4,835)   (5,617)   (6,304)   -13.9     -23.3
 Allowance for loan losses  111,188   107,123   102,849   3.8       8.1
(originated portfolio) (10)
Allowance for loan losses
(acquired portfolio) (11)
 Balance at beginning of    5,096     5,900     5,198
period
 Provision for loan losses 1,505     (850)     1,254
 Net loan charge-offs       (1,041)   46        (1,021)
 Allowance for loan losses  5,560     5,096     5,431     9.1       2.4
(acquired portfolio) (11)
 Total allowance for     $116,748  $112,219  $108,280  4.0       7.8
loan losses
Allowance for loan losses /   1.13%     1.13%     1.25%
total loans
Allowance for loan losses
(originated loans) / total
 originated loans (10)      1.26%     1.28%     1.35%
Allowance for loan losses
(originated loans) / total
 non-performing loans (8)  138.93%   134.88%   121.68%
Net loan charge-offs
(annualized) / total average  0.23%     0.23%     0.34%
loans
Net loan charge-offs on
originated loans (annualized)
/
 total average originated   0.23%     0.28%     0.33%
loans (10)
Delinquency - Originated
Portfolio (10)
Loans 30-89 days past due     $33,822   $32,490   $37,478   4.1       -9.8
Loans 90+ days past due       6,281     5,467     5,377     14.9      16.8
Non-accrual loans             59,549    60,039    67,034    -0.8      -11.2
 Total past due and         $99,652   $97,996   $109,889  1.7       -9.3
non-accrual loans
Total past due and
non-accrual loans / total     1.13%     1.17%     1.44%
originated loans
Memo item:
Delinquency - Acquired
Portfolio (11) (12)
Loans 30-89 days past due     $30,656   $34,668   $25,218   -11.6     21.6
Loans 90+ days past due       58,636    61,629    45,653    -4.9      28.4
Non-accrual loans             0         0         0         0.0       0.0
 Total past due and         $89,292   $96,297   $70,871   -7.3      26.0
non-accrual loans





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                            For the Six Months Ended
                                            June 30,                  Percent
Asset Quality Data                          2014          2013        Variance
Non-Performing Assets
Non-performing loans (8)
 Non-accrual loans                        $59,549       $67,034     -11.2
 Restructured loans                       20,485        17,488      17.1
 Non-performing loans                  80,034        84,522      -5.3
Other real estate owned (9)                 40,268        37,370      7.8
 Non-performing loans and OREO            120,302       121,892     -1.3
Non-performing investments                 0             610         n/m
 Total non-performing assets              $120,302      $122,502    -1.8
Non-performing loans / total loans          0.77%         0.98%
Non-performing loans / total originated     0.91%         1.11%
loans (10)
Non-performing loans + OREO / total loans + 1.16%         1.40%
OREO
Non-performing loans + OREO / total
originated
 loans + OREO (10)                        1.36%         1.59%
Non-performing assets / total assets        0.80%         0.97%
Allowance Rollforward
Allowance for loan losses (originated
portfolio) (10)
 Balance at beginning of period           $104,884      $100,194    4.7
 Provision for loan losses                16,756        13,007      28.8
 Net loan charge-offs                     (10,452)      (10,352)    1.0
 Allowance for loan losses (originated    111,188       102,849     8.1
portfolio) (10)
Allowance for loan losses (acquired
portfolio) (11)
 Balance at beginning of period           5,900         4,180
 Provision for loan losses               655           2,437
 Net loan charge-offs                     (995)         (1,186)
 Allowance for loan losses (acquired      5,560         5,431       2.4
portfolio) (11)
 Total allowance for loan losses       $116,748      $108,280    7.8
Allowance for loan losses / total loans     1.13%         1.25%
Allowance for loan losses (originated
loans) / total
 originated loans (10)                    1.26%         1.35%
Allowance for loan losses (originated
loans) / total
 non-performing loans (8)                138.93%       121.68%
Net loan charge-offs (annualized) / total   0.23%         0.28%
average loans
Net loan charge-offs on originated loans
(annualized) /
 total average originated loans (10)      0.25%         0.28%
Delinquency - Originated Portfolio (10)
Loans 30-89 days past due                   $33,822       $37,478     -9.8
Loans 90+ days past due                     6,281         5,377       16.8
Non-accrual loans                           59,549        67,034      -11.2
 Total past due and non-accrual loans     $99,652       $109,889    -9.3
Total past due and non-accrual loans /      1.13%         1.44%
total originated loans
Memo item:
Delinquency - Acquired Portfolio (11) (12)
Loans 30-89 days past due                   $30,656       $25,218     21.6
Loans 90+ days past due                     58,636        45,653      28.4
Non-accrual loans                           0             0           0.0
 Total past due and non-accrual loans     $89,292       $70,871     26.0





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                 2014
                 Second Quarter                  First Quarter
                              Interest  Average               Interest  Average
                 Average      Earned    Yield    Average      Earned    Yield
                 Outstanding  or Paid   or Rate  Outstanding  or Paid   or Rate
Assets
Interest bearing
deposits with    $45,725      $21       0.18%    $46,193      $26       0.23%
banks
Taxable
investment       2,600,855    13,578    2.04%    2,346,808    12,450    2.07%
securities (13)
Non-taxable
investment       150,848      1,987     5.27%    149,611      1,996     5.34%
securities (14)
Residential
mortgage loans   2,751        90        13.08%   4,844        136       11.16%
held for sale
Loans (14) (15) 10,109,083   110,455   4.38%    9,695,742    104,994   4.39%
 Total
Interest Earning 12,909,262   126,131   3.92%    12,243,198   119,602   3.95%
Assets (14)
Cash and due     193,670                         189,619
from banks
Allowance for    (113,009)                       (110,385)
loan losses
Premises and     164,063                         160,111
equipment
Other assets     1,556,845                       1,506,761
Total Assets     $14,710,831                     $13,989,304
Liabilities
Deposits:

Interest-bearing $4,301,667   1,665     0.16%    $4,099,093   1,515     0.15%
demand
 Savings       1,575,453    182       0.05%    1,494,248    172       0.05%
 Certificates  2,736,294    5,614     0.82%    2,695,067    5,462     0.82%
and other time
Customer
repurchase       798,351      439       0.22%    827,851      462       0.22%
agreements
Other short-term 551,633      870       0.62%    390,707      757       0.75%
borrowings
Long-term debt  266,925      1,136     1.71%    217,894      1,046     1.99%
Junior
subordinated     58,893       342       2.33%    76,048       641       3.42%
debt
 Total
Interest Bearing 10,289,216   10,248    0.40%    9,800,908    10,055    0.42%
Liabilities
(14)
Non-interest
bearing demand   2,374,516                       2,222,786
deposits
Other            146,348                         136,009
liabilities
Total            12,810,080                      12,159,703
Liabilities
Stockholders'    1,900,751                       1,829,601
equity
Total
Liabilities and  $14,710,831                     $13,989,304
Stockholders'
Equity
Net Interest     $2,620,046                      $2,442,290
Earning Assets
Net Interest                  115,883                         109,547
Income (FTE)
Tax Equivalent                (1,691)                         (1,722)
Adjustment
Net Interest                  $114,192                        $107,825
Income
Net Interest                            3.52%                           3.53%
Spread
Net Interest                            3.60%                           3.62%
Margin (14)





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                                2013
                                                Second Quarter
                                                             Interest  Average
                                                Average      Earned    Yield
                                                Outstanding  or Paid   or Rate
Assets
Interest bearing deposits with banks            $39,302      $18       0.19%
Taxable investment securities (13)             2,133,972    10,685    1.95%
Non-taxable investment securities (14)         162,218      2,223     5.48%
Residential mortgage loans held for sale        20,895       203       3.88%
Loans (14) (15)                                8,529,810    96,455    4.53%
 Total Interest Earning Assets (14)          10,886,197   109,584   4.03%
Cash and due from banks                         175,936
Allowance for loan losses                       (109,156)
Premises and equipment                          146,036
Other assets                                    1,371,016
Total Assets                                    $12,470,029
Liabilities
Deposits:
 Interest-bearing demand                      $3,829,847   1,433     0.15%
 Savings                                      1,385,472    162       0.05%
 Certificates and other time                  2,461,490    5,748     0.94%
Customer repurchase agreements                  755,580      437       0.23%
Other short-term borrowings                     224,769      638       1.12%
Long-term debt                                 93,273       775       3.33%
Junior subordinated debt                        206,603      1,902     3.69%
 Total Interest Bearing Liabilities (14)  8,957,034    11,095    0.50%
Non-interest bearing demand deposits            1,901,610
Other liabilities                               137,440
Total Liabilities                               10,996,084
Stockholders' equity                            1,473,945
Total Liabilities and Stockholders' Equity      $12,470,029
Net Interest Earning Assets                     $1,929,163
Net Interest Income (FTE)                                    98,489
Tax Equivalent Adjustment                                    (1,743)
Net Interest Income                                          $96,746
Net Interest Spread                                                    3.54%
Net Interest Margin (14)                                              3.63%





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per
share data)
                 For the Six Months Ended June 30,
                 2014                            2013
                              Interest  Average               Interest  Average
                 Average      Earned    Yield    Average      Earned    Yield
                 Outstanding  or Paid   or Rate  Outstanding  or Paid   or Rate
Assets
Interest bearing
deposits with    $45,958      $47       0.21%    $34,712      $32       0.19%
banks
Taxable
investment       2,474,533    26,028    2.05%    2,109,605    21,281    1.97%
securities (13)
Non-taxable
investment       150,233      3,983     5.30%    165,799      4,560     5.50%
securities (14)
Residential
mortgage loans   3,792        225       11.88%   26,594       483       3.63%
held for sale
Loans (14) (15) 9,903,554    215,450   4.38%    8,344,076    190,087   4.58%
 Total
Interest Earning 12,578,070   245,733   3.93%    10,680,786   216,443   4.08%
Assets (14)
Cash and due     191,655                         174,461
from banks
Allowance for    (111,704)                       (107,009)
loan losses
Premises and     162,098                         142,385
equipment
Other assets     1,531,942                       1,348,056
Total Assets     $14,352,061                     $12,238,679
Liabilities
Deposits:

Interest-bearing $4,200,940   3,180     0.15%    $3,739,948   2,935     0.16%
demand
 Savings       1,535,075    353       0.05%    1,315,251    330       0.05%
 Certificates  2,715,794    11,077    0.82%    2,477,507    12,343    1.00%
and other time
Customer
repurchase       813,020      902       0.22%    781,052      921       0.23%
agreements
Other short-term 471,614      1,650     0.68%    216,699      1,261     1.16%
borrowings
Long-term debt  242,545      2,158     1.84%    92,210       1,549     3.39%
Junior
subordinated     67,423       983       2.94%    205,321      3,778     3.71%
debt
 Total
Interest Bearing 10,046,411   20,303    0.41%    8,827,988    23,117    0.53%
Liabilities
(14)
Non-interest
bearing demand   2,299,070                       1,823,471
deposits
Other            141,207                         144,659
liabilities
Total            12,486,688                      10,796,118
Liabilities
Stockholders'    1,865,373                       1,442,561
equity
Total
Liabilities and  $14,352,061                     $12,238,679
Stockholders'
Equity
Net Interest     $2,531,659                      $1,852,798
Earning Assets
Net Interest                  225,430                         193,326
Income (FTE)
Tax Equivalent                (3,413)                         (3,484)
Adjustment
Net Interest                  $222,017                        $189,842
Income
Net Interest                            3.52%                           3.55%
Spread
Net Interest                            3.61%                           3.64%
Margin (14)





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
NON-GAAP FINANCIAL MEASURES
We believe the following non-GAAP financial measures used by F.N.B.
Corporation provide information useful to investors in understandingF.N.B.
Corporation's operating performance and trends, and facilitate comparisons
with the performance of F.N.B. Corporation's peers. Thenon-GAAP financial
measures used by F.N.B. Corporation may differ from the non-GAAP financial
measures other financial institutions useto 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 measuresincluded in this press release and derived from amounts
reported in F.N.B. Corporation's financial statements.

                                         2014                      2013
                                         Second       First        Second
                                         Quarter      Quarter      Quarter
Return on average tangible equity (2):
Net income (annualized)                  $139,709     $140,013     $117,094
Amortization of intangibles, net of tax  6,417        6,018        5,400
(annualized)
                                         146,126      146,031      122,494
Average total shareholders' equity       1,900,751    1,829,601    1,473,945
Less: Average intangibles               (847,815)    (827,344)    (745,458)
                                         1,052,936    1,002,257    728,487
Return on average tangible equity (2)    13.88%       14.57%       16.81%
Return on average tangible common equity
(2):
Net income available to common           $131,646     $130,597     $117,094
stockholders (annualized)
Amortization of intangibles, net of tax  6,417        6,018        5,400
(annualized)
                                         138,063      136,615      122,494
Average total stockholders' equity       1,900,751    1,829,601    1,473,945
Less: Average preferred stockholders'   (106,882)    (106,882)    0
equity
Less: Average intangibles               (847,815)    (827,344)    (745,458)
                                         946,054      895,375      728,487
Return on average tangible common equity 14.59%       15.26%       16.81%
(2)
Return on average tangible assets (3):
Net income (annualized)                  $139,709     $140,013     $117,094
Amortization of intangibles, net of tax  6,417        6,018        5,400
(annualized)
                                         146,126      146,031      122,494
Average total assets                     14,710,831   13,989,304   12,470,029
Less: Average intangibles               (847,815)    (827,344)    (745,458)
                                         13,863,016   13,161,960   11,724,571
Return on average tangible assets (3)    1.05%        1.11%        1.04%
Tangible book value per share:
Total shareholders' equity               $1,908,077   $1,884,987   $1,468,998
Less: preferred shareholders' equity    (106,882)    (106,882)    0
Less: intangibles                       (846,830)    (849,563)    (746,981)
                                         954,365      928,541      722,017
Ending shares outstanding                166,559,258  166,377,327  145,151,279
Tangible book value per share            $5.73        $5.58        $4.97





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                                      For the Six Months Ended
                                                      June 30,
                                                      2014         2013
Return on average tangible equity (2):
Net income (annualized)                               $139,860     $116,418
Amortization of intangibles, net of tax (annualized)  6,218        5,237
                                                      146,078      121,655
Average total shareholders' equity                    1,865,373    1,442,561
Less: Average intangibles                            (837,637)    (729,054)
                                                      1,027,736    713,507
Return on average tangible equity (2)                 14.21%       17.05%
Return on average tangible common equity (2):
Net income available to common stockholders           $131,124     $116,418
(annualized)
Amortization of intangibles, net of tax (annualized)  6,218        5,237
                                                      137,342      121,655
Average total stockholders' equity                    1,865,373    1,442,561
Less: Average preferred stockholders' equity         (106,882)    0
Less: Average intangibles                            (837,637)    (729,054)
                                                      920,854      713,507
Return on average tangible common equity (2)          14.91%       17.05%
Return on average tangible assets (3):
Net income (annualized)                               $139,860     $116,418
Amortization of intangibles, net of tax (annualized)  6,218        5,237
                                                      146,078      121,655
Average total assets                                  14,352,061   12,238,679
Less: Average intangibles                            (837,637)    (729,054)
                                                      13,514,424   11,509,625
Return on average tangible assets (3)                 1.08%        1.06%
Tangible book value per share:
Total shareholders' equity                            $1,908,077   $1,468,998
Less: preferred shareholders' equity                 (106,882)    0
Less: intangibles                                    (846,830)    (746,981)
                                                      954,365      722,018
Ending shares outstanding                             166,559,258  145,151,279
Tangible book value per share                         $5.73        $4.97





F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
                                            2014                    2013
                                            Second      First       Second
                                            Quarter     Quarter     Quarter
Tangible equity / tangible assets (period
end):
Total shareholders' equity                  $1,908,077  $1,884,987  $1,468,998
Less: intangibles                          (846,830)   (849,563)   (746,981)
                                            1,061,247   1,035,423   722,017
Total assets                                15,019,247  14,476,510  12,573,391
Less: intangibles                          (846,830)   (849,563)   (746,981)
                                            14,172,417  13,626,947  11,826,410
Tangible equity / tangible assets (period   7.49%       7.60%       6.11%
end)
Tangible common equity / tangible assets
(period end):
Total stockholders' equity                  $1,908,077  $1,884,987  $1,468,998
Less: preferred stockholders' equity       (106,882)   (106,882)   0
Less: intangibles                          (846,830)   (849,563)   (746,981)
                                            954,365     928,541     722,017
Total assets                                15,019,247  14,476,510  12,573,391
Less: intangibles                          (846,830)   (849,563)   (746,981)
                                            14,172,417  13,626,947  11,826,410
Tangible equity / tangible assets (period   6.73%       6.81%       6.11%
end)
Tangible equity, excluding AOCI / tangible
 assets (period end) (7):
Total shareholders' equity                  $1,908,077  $1,884,987  $1,468,998
Less: preferred shareholders' equity       (106,882)   (106,882)   0
Less: intangibles                          (846,830)   (849,563)   (746,981)
Less: AOCI                                 36,559      44,041      62,077
                                            990,924     972,582     784,094
Total assets                                15,019,247  14,476,510  12,573,391
Less: intangibles                          (846,830)   (849,563)   (746,981)
                                            14,172,417  13,626,947  11,826,410
Tangible equity, excluding AOCI / tangible
 assets (period end) (7)                  6.99%       7.14%       6.63%

     Net interest income is also presented on a fully taxable equivalent (FTE)
(1)  basis, as the Corporation believes this non-GAAP measure is the preferred
     industry measurement for this item.
     Return on average tangible equity is calculated by dividing net income
(2)  excluding amortization of intangibles by average equity less average
     intangibles.
     Return on average tangible assets is calculated by dividing net income
(3)  excluding amortization of intangibles by average assets less average
     intangibles.
(4)  See non-GAAP financial measures for additional information relating to
     the calculation of this item.
     The efficiency ratio is calculated by dividing non-interest expense less
(5)  amortization of intangibles, other real estate owned expense and merger
     and severance costs by the sum of net interest income on a fully taxable
     equivalent basis plus non-interest income less securities gains.
(6)  Customer repos are included in short-term borrowings on the balance
     sheet.
     Accumulated other comprehensive income (AOCI) is comprised of unrealized
(7)  losses on securities, unrealized losses on derivative instruments and
     unrecognized unrecognized pension and postretirement obligations.
(8)  Does not include loans acquired at fair value ("acquired portfolio").
     Includes all other real estate owned, including those balances acquired
(9)  through business combinations that have been in acquired loans prior to
     foreclosure.
(10) "Originated Portfolio" or "Originated Loans" equals loans and leases not
     included by definition in the Acquired Portfolio.
     "Acquired Portfolio" or "Acquired Loans" equals loans acquired at fair
(11) value, accounted for in accordance with ASC 805 which was effective
     January 1, 2009.
     The risk of credit loss on these loans has been considered by virtue of
     the Corporation's estimate of acquisition-date fair value and these loans
     are considered accruing as the Corporation primarily recognizes interest
     income through accretion of the difference between the carrying value of
     these loans and their

     expected cash flows. Because acquired loans are initially recorded at an
     amount estimated to be collectible, losses on such loans, when incurred,
     are first applied against the non-accretable difference established in
     purchase accounting and then to any allowance for loan losses recognized
     subsequent to acquisition.
(12) Represents contractual balances.
(13) The average balances and yields earned on taxable investment securities
     are based on historical cost.
     The interest income amounts are reflected on a FTE basis, which adjusts
     for the tax benefit of income on certain tax-exempt loans and investments
(14) using the federal statutory tax rate of 35% for each period presented.
     The yields on earning assets and the net interest margin are presented on
     an FTE and annualized basis. The rates paid on interest-bearing
     liabilities are also presented on an annualized basis.
     Average balances for loans include non-accrual loans. Loans consist of
(15) average total loans less average unearned income. The amount of loan
     fees included in interest income is immaterial.



SOURCE F.N.B. Corporation

Website: http://www.fnbcorporation.com
Contact: Analyst/Institutional Investor Contact - Cynthia Christopher,
724-983-3429, 330-507-8723 (cell), christoc@fnb-corp.com; Media Contact -
Jennifer Reel, 724-983-4856, 724-699-6389 (cell), reel@fnb-corp.com
 
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