PITTSBURGH, July 23, 2015 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) today reported second quarter 2015 results. Net income available to common shareholders for the second quarter of 2015 totaled $38.1 million, or $0.22 per diluted common share. Comparatively, second quarter of 2014 net income totaled $32.8 million, or $0.20 per diluted common share, and first quarter of 2015 net income totaled $38.3 million, or $0.22 per diluted common share. Operating results are presented in the table below.

Vincent J. Delie, Jr., President and Chief Executive Officer, commented, "The quarter's high-quality results include another double-digit increase in operating earnings per share. The earnings growth was highlighted by record total revenue of $165 million and further improvement in our efficiency ratio to 56%. The second quarter reflects our ability to generate positive operating leverage, continued strong organic growth in loans and deposits and positive asset quality results."




    Quarterly Results Summary        2Q15         1Q15         2Q14
                                     ----         ----         ----

    Reported Results

      Net income available to common
       shareholders ($ in millions)         $38.1        $38.3        $32.8

      Net income per diluted common
       share                                $0.22        $0.22        $0.20


    Operating Results (Non-GAAP)

      Operating net income available
       to common shareholders ($ in
       millions)                            $38.4        $38.3        $33.4

      Operating net income per
       diluted common share                 $0.22        $0.22        $0.20


    Average Diluted Shares
     Outstanding (in 000's)               176,362      175,826      167,868
    -----------------------               -------      -------      -------

Second Quarter 2015 Highlights
(All comparisons are to the prior quarter, except as noted; Organic growth in loans and leases and deposits refers to growth excluding the benefit of initial balances obtained via acquisitions.)


    --  Total revenue was $165.3 million, an increase of $3.4 million, or 2.1%.
    --  Organic growth in total average loans and leases was $249 million, or
        8.8% annualized, with average commercial loan and lease growth of $151
        million, or 9.6% annualized, and average consumer loan growth of $93
        million, or 7.6% annualized.
    --  Organic growth in total average deposits and customer repurchase
        agreements was $217 million, or 7.0% annualized, with average
        non-interest demand deposit growth of $140 million, or 21.2% annualized.
    --  The net interest margin was 3.43%, compared to 3.48%.
    --  The efficiency ratio was 56.0%, improved from both 56.6% in the prior
        quarter and 57.3% in the second quarter of 2014.
    --  Credit quality results reflect favorable non-performing loan and
        delinquency levels.  For the originated portfolio, non-performing loans
        and other real estate owned (OREO) to total loans and leases and OREO
        improved 3 basis points to 1.05% and total originated delinquency was
        stable at 0.86% at June 30, 2015.  Net originated charge-offs were 0.23%
        annualized of total average originated loans and leases, compared to
        0.24% annualized in the first quarter of 2015 and 0.23% annualized in
        the second quarter of 2014.
    --  The tangible common equity to tangible assets ratio was 6.93% at June
        30, 2015.  The tangible book value per share (non-GAAP measure)
        increased $0.04 to $6.22 at June 30, 2015.

Second Quarter 2015 Results - Comparison to Prior Quarter
(All comparisons refer to the first quarter of 2015, except as noted)

Net Interest Income/Loans/Deposits

Net interest income on a fully taxable equivalent basis totaled $125.6 million, increasing $1.9 million, or 1.5%, reflecting strong organic loan growth and one more day in the second quarter. The net interest margin was 3.43%, compared to 3.48% in the prior quarter. Excluding accretable yield adjustments, the second quarter core net interest margin was 3.39%, compared to 3.43%. The net interest margin narrowing reflects lower yields on new loans attributable to the extended low interest rate and competitive environment.

Average loans and leases totaled $11.5 billion, and total average organic loan and lease growth totaled $249 million, or 8.8% annualized. Organic growth in average commercial loans and leases totaled $151 million, or 9.6% annualized, and organic growth in average consumer loans was $93 million, or 7.6% annualized. Commercial and consumer loan growth continued to benefit from an expanded footprint, with solid contributions from both the metropolitan markets of Pittsburgh, Baltimore and Cleveland and the Pennsylvania community markets.

Average deposits and customer repurchase agreements totaled $12.6 billion. On an organic basis, average total deposits and customer repurchase agreements increased $217 million, or 7.0% annualized, led by $140 million of growth in organic average non-interest bearing demand deposits. Average customer repurchase agreements were impacted by a planned migration to a new premium sweep deposit product launched in June, with balances shifting from customer repurchase agreements to premium sweep interest-bearing deposits. On an organic basis, average total transaction deposits and customer repurchase agreements increased $229 million, or 9.4% annualized, reflecting seasonally higher average balances for business deposits and growth in total average savings balances. Total loans as a percentage of deposits and customer repurchase agreements was 92% at June 30, 2015.

Non-Interest Income

Non-interest income totaled $39.8 million, increasing $1.6 million, or 4.1%. The second quarter included continued positive results from mortgage banking, wealth management and higher service charges, which were partially offset by seasonally lower insurance revenue. Mortgage banking results reflect record origination volume, stronger purchase activity and successful cross-selling efforts. Wealth management revenues (trust income and securities commissions) increased $0.8 million, reflecting incremental lift from the Cleveland and Baltimore markets and continued organic growth across the footprint. Non-interest income represents 24% of total revenue, consistent with the prior quarter.

Non-Interest Expense

Non-interest expense totaled $96.5 million, increasing $1.8 million, or 1.9%, reflecting a $1.2 million increase in salaries and benefits due to higher accruals for variable performance-based incentive compensation, $0.7 million higher OREO expense, and higher expense levels for marketing and outside professional services. These items were partially offset by lower FDIC insurance expense and seasonally lower occupancy expense. The efficiency ratio was 56.0%, compared to 56.6%.

Credit Quality

Credit quality metrics reflect a slight improvement in the ratio of non-performing loans and OREO to total loans and leases and OREO of 1 basis point to 0.93% at June 30, 2015, and 3 basis points for the originated portfolio to 1.05%. Delinquency remained stable at 0.86% at June 30, 2015.

Net charge-offs for the second quarter totaled $6.2 million, or 0.22% annualized of total average loans and leases, compared to $5.6 million, or 0.20% annualized. For the originated portfolio, net charge-offs as a percentage of average originated loans and leases were 0.23% annualized, compared to 0.24% annualized. For the originated portfolio, the allowance for credit losses to total originated loans and leases was 1.21%, compared to 1.22%. The ratio of the allowance for credit losses to total loans and leases remained flat at 1.13%. The provision for credit losses increased $0.7 million to $8.9 million, due to the difference in provision related to acquired loans. The ratio of the allowance for credit losses to total non-performing loans increased to 182.0%, compared to 180.8%.

Year-to-Date 2015 Results - Comparison to Prior Year-to-Date Period
(All comparisons refer to the first half of 2014, except as noted)

Results include the impact from the OBA Financial Services, Inc. (OBAF) acquisition on September 19, 2014, and the BCSB Bancorp, Inc. (BCSB) acquisition on February 15, 2014.

Net Interest Income/Loans/Deposits

Net interest income on a fully taxable equivalent basis totaled $249.3 million, increasing $23.8 million, or 10.6%, primarily due to strong organic growth and the benefit from OBAF and BSCB acquired balances. The net interest margin was 3.46%, compared to 3.61%. Excluding accretable yield adjustments, the core net interest margin was 3.41%, compared to 3.59%. The net interest margin narrowing reflects lower yields on new loans attributable to the extended low interest rate and competitive environment. Average earning assets grew $1.9 billion, or 15.3%, through consistent organic loan growth and the addition of OBAF and BCSB.

Average loans and leases totaled $11.4 billion, representing an increase of $1.5 billion, or 15.2%, reflecting strong organic average loan and lease growth of $1.1 billion, or 11.3%, and the full benefit of loans added with OBAF and BCSB. Average organic commercial loans and leases increased $560 million, or 10.0%, and average organic consumer loans increased $568 million, or 13.2%.

Average deposits and customer repurchase agreements totaled $12.5 billion, an increase of $0.9 billion, or 7.9%, including average organic growth of $471 million, or 4.0%. Organic growth in low-cost transaction deposit accounts and customer repurchase agreements was $738 million, or 8.3%, led by strong organic growth in average non-interest bearing demand deposits of $344 million, or 14.9%.

Non-Interest Income

Non-interest income totaled $77.9 million, decreasing $3.3 million, or 4.1%, with the first half of 2014 including higher gains on the sale of securities of $10.2 million. Excluding securities gains, non-interest income increased $6.9 million, or 9.7%, due to organic growth across several fee-based businesses. Mortgage banking revenues increased $3.2 million due to record high origination volume in 2015 and enhanced business development efforts. Wealth management revenues (trust income and securities commissions) increased $2.2 million, or 14.8%, reflecting organic sales growth and incremental lift from the two metro markets of Baltimore and Cleveland. Customer swap fee revenue increased by $0.7 million, reflecting higher volume due to the increased number of opportunities from the expanded presence in the metro markets.

Non-Interest Expense

Non-interest expense totaled $191.2 million, increasing $4.4 million, or 2.4%. Excluding merger, acquisition and severance costs, non-interest expense increased $12.1 million, or 6.8%, due to the addition of the full operating costs of BCSB and OBAF. The efficiency ratio improved to 56.3% from 58.1%.

Credit Quality

Credit quality results reflect overall improvement from the prior-year period. The ratio of non-performing loans and OREO to total loans and leases and OREO improved 23 basis points to 0.93%, and for the originated portfolio, the ratio of non-performing loans and OREO to total loans and leases and OREO improved 31 basis points to 1.05%. Total originated delinquency, defined as total past due and non-accrual originated loans as a percentage of total originated loans and leases, improved 27 basis points to 0.86% at June 30, 2015, reflecting an $11.8 million, or 11.9%, reduction in total originated delinquency.

Net charge-offs totaled $11.8 million, or 0.21% annualized of total average loans and leases, compared to $11.4 million, or 0.23% annualized. For the originated portfolio, net charge-offs were $11.6 million, or 0.24% annualized of total average originated loans and leases, compared to $10.5 million, or 0.25% annualized. The ratio of the allowance for credit losses to total originated loans and leases was 1.21% at June 30, 2015, compared to 1.26%, with the change directionally consistent with the performance of the portfolio. The provision for credit losses totaled $17.0 million, compared to $17.4 million in the prior-year period.

Capital Position

The tangible common equity to tangible assets ratio (non-GAAP measure) was 6.93%, compared to 7.01% and 6.73% at March 31, 2015, and June 30, 2014, respectively. The tangible book value per common share (non-GAAP measure) increased to $6.22, from $6.18 and $5.73 at March 31, 2015, and June 30, 2014, respectively. The common dividend payout ratio for the second quarter of 2015 was 55.5%.

Conference Call

F.N.B. Corporation will host a conference call to discuss second quarter 2015 financial results on Thursday, July 23, 2015, at 10:00 a.m. Eastern Time. Participating callers may access the call by dialing (866) 652-5200 or (412) 317-6060 for international callers. Participants should ask to be joined into the F.N.B. Corporation call. 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 shortly after the completion of the call on the day of the call until midnight ET on Thursday, July 30, 2015. The replay can be accessed by dialing (877) 344-7529 or (412) 317-0088 for international callers; the conference replay access code is 10067258. Following the call, a transcript of the call and the related presentation materials will be posted to the "Shareholder and Investor Relations" section of F.N.B. Corporation's Web site at www.fnbcorporation.com.

About F.N.B. Corporation

F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in six states, including three major metropolitan areas. It holds a top retail deposit market share in Pittsburgh, PA, Baltimore, MD, and Cleveland, OH. F.N.B. has total assets of $16.6 billion and more than 280 banking offices throughout Pennsylvania, Maryland, Ohio and West Virginia. F.N.B. 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. F.N.B. 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.

Non-GAAP Financial Measures

F.N.B. Corporation uses certain non-GAAP financial measures, such as operating net income available to common shareholders, operating net income per diluted common share, net interest income on a fully taxable equivalent (FTE), tangible book value per common share, and the ratio of tangible common equity to tangible assets, in addition to capital ratios defined by banking regulators, to 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. Reconciliations of these non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures are included in the tables at the end of this release under the caption "Non-GAAP Financial Measures."

Cautionary Statement Regarding Forward-looking Information

We make statements in this press release and the 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:


    --  Our businesses, financial results and balance sheet values are affected
        by business and economic conditions, including the following:
        --  Changes in interest rates and valuations in debt, equity and other
            financial markets.
        --  Disruptions in the liquidity and other functioning of U.S. and
            global financial markets.
        --  The impact of federal regulatory agencies that have oversight or
            review of F.N.B. Corporation's business and securities activities.
        --  Actions by the Federal Reserve, U.S. Treasury and other government
            agencies, including those that impact money supply and market
            interest rates.
        --  Changes 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.
        --  Slowing or reversal of the rate of growth in the economy and
            employment levels and other economic factors that affect our
            liquidity and the performance of our loan portfolio, particularly in
            the markets in which we operate.
        --  Changes in customer preferences and behavior, whether due to
            changing business and economic conditions, legislative and
            regulatory initiatives, or other factors.
    --  Legal 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:
        --  Changes 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.
        --  Results of the regulatory examination and supervisory process.
        --  Changes to regulations governing bank capital and liquidity
            standards, including due to the Dodd-Frank Act, Volcker rule, DFAST
            and Basel III initiatives.
        --  Impact 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 our operational or
            security systems or infrastructure, or those of third-party vendors
            or other service providers, and rapid technological developments and
            changes.
    --  Business and operating results are affected by judgments and assumptions
        in our analytical and forecasting models, our reliance on the advice of
        experienced outside advisors and 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.
    --  As demonstrated by our acquisitions, 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; the extent of deposit attrition; and the
        potential dilutive effect to our current shareholders.
    --  Competition 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.
    --  Business 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 these and other factors in our 2014 Form 10-K, including the Risk Factors section of that report, 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


    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands, except per share data)

                                                                                                                                          2Q15 -              2Q15 -

                                                                                      2015                  2014        1Q15                 2Q14
                                                                                      ----                  ----

                                                                          Second               First                 Second              Percent             Percent

    Statement of earnings                                             Quarter              Quarter               Quarter              Variance            Variance
    ---------------------                                             -------

    Interest income                                                             $135,448              $133,369               $124,440                 1.6               8.8

    Interest expense                                                              11,681                11,448                 10,248                 2.0              14.0

       Net interest income                                                      123,767               121,921                114,192                 1.5               8.4

    Taxable equivalent adjustment                                                 1,805                 1,783                  1,691                 1.2               6.8

       Net interest income (FTE) (1)                                            125,572               123,704                115,883                 1.5               8.4

    Provision for credit losses                                                   8,864                 8,136                 10,405                 8.9             -14.8

       Net interest income after provision (FTE)                               116,708               115,568                105,478                 1.0              10.6


    Service charges                                                               17,514                15,817                 17,441                10.7               0.4

    Trust income                                                                   5,432                 5,161                  4,862                 5.2              11.7

    Insurance commissions and fees                                               3,559                 4,369                  3,691               -18.5              -3.6

    Securities commissions and fees                                              3,597                 3,057                  3,002                17.6              19.8

    Mortgage banking operations                                                   2,516                 1,799                    928                39.9             171.3

    Gain (loss) on sale of securities                                                14                   (9)                   776                 n/m              n/m

    Other                                                                          7,120                 7,988                  8,491               -10.9             -16.2

       Total non-interest income                                                 39,752                38,182                 39,190                 4.1               1.4


    Salaries and employee benefits                                               50,431                49,269                 48,465                 2.4               4.1

    Occupancy and equipment                                                      16,170                16,624                 15,245                -2.7               6.1

    FDIC insurance                                                                 2,783                 3,689                  3,399               -24.6             -18.1

    Amortization of intangibles                                                   1,999                 2,115                  2,461                -5.5             -18.8

    Other real estate owned                                                       1,580                   909                    922                73.9              71.3

    Merger, acquisition and severance-related                                      371                     0                    832                 n/m              n/m

    Other                                                                         23,165                22,049                 21,260                 5.1               9.0

       Total non-interest expense                                                96,499                94,655                 92,584                 1.9               4.2


    Income before income taxes                                                   59,961                59,095                 52,084                 1.5              15.1

    Taxable equivalent adjustment                                                 1,805                 1,783                  1,691                 1.2               6.8

    Income taxes                                                                  18,025                16,969                 15,562                 6.2              15.8

       Net income                                                                 40,131                40,343                 34,831                -0.5              15.2

       Preferred stock dividends                                                  2,010                 2,010                  2,010

       Net income available to common stockholders                             $38,121               $38,333                $32,821                -0.6              16.1
                                                                               =======               =======                =======


    Earnings per common share:

       Basic                                                                       $0.22                 $0.22                  $0.20                 0.0              10.0

       Diluted                                                                     $0.22                 $0.22                  $0.20                 0.0              10.0


    Non-GAAP Operating Results:
    ---------------------------

    Operating net income available to common stockholders:

      Net income available to common stockholders                              $38,121                38,333                $32,821

      Net gain on sale of pooled TPS and other securities, net of tax                0                     0                      0

      Merger, acquisition and severance costs, net of tax                          241                     0                    541
                                                                                   ---                   ---                    ---

      Operating net income available to common stockholders                    $38,362                38,333                $33,362                 0.1              15.0
                                                                               =======                ======                =======


    Operating diluted earnings per common share:

      Diluted earnings per common share                                          $0.22                 $0.22                  $0.20

      Effect of net gain on sale of pooled TPS and other securities,

         net of tax                                                                 0.00                  0.00                   0.00

      Effect of merger, acquisition and severance costs, net of tax               0.00                  0.00                   0.00
                                                                                  ----                  ----                   ----

      Operating diluted earnings per common share                                $0.22                 $0.22                  $0.20                 0.0              10.0
                                                                                 =====                 =====                  =====


    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands, except per share data)


                                                      For the Six Months

                                                        Ended June 30,     Percent
                                                        --------------

    Statement of earnings                                            2015             2014  Variance
    ---------------------                                            ----

    Interest income                                               $268,817         $242,319            10.9

    Interest expense                                                23,129           20,303            13.9
                                                                    ------           ------

       Net interest income                                        245,688          222,016            10.7

    Taxable equivalent adjustment                                   3,588            3,413             5.1
                                                                    -----            -----

       Net interest income (FTE) (1)                              249,276          225,429            10.6

    Provision for credit losses                                    17,000           17,411            -2.4
                                                                                   ------

       Net interest income after provision (FTE)                 232,276          208,018            11.7


    Service charges                                                 33,331           32,710             1.9

    Trust income                                                    10,593            9,625            10.0

    Insurance commissions and fees                                 7,928            8,635            -8.2

    Securities commissions and fees                                6,654            5,394            23.4

    Mortgage banking operations                                     4,315            1,141           278.1

    Gain (loss) on sale of securities                                   5           10,237             n/m

    Other                                                           15,108           13,518            11.8
                                                                    ------

       Total non-interest income                                   77,934           81,260            -4.1


    Salaries and employee benefits                                 99,700           95,489             4.4

    Occupancy and equipment                                        32,794           30,626             7.1

    FDIC insurance                                                   6,472            6,392             1.2

    Amortization of intangibles                                     4,114            4,744           -13.3

    Other real estate owned                                         2,489            1,702            46.2

    Merger, acquisition and severance-related                        371            8,080             n/m

    Other                                                           45,214           39,718            13.8

       Total non-interest expense                                 191,154          186,751             2.4


    Income before income taxes                                    119,056          102,528            16.1

    Taxable equivalent adjustment                                   3,588            3,413             5.1

    Income taxes                                                    34,994           29,761            17.6
                                                                    ------           ------

       Net income                                                   80,474           69,354            16.0

       Preferred stock dividends                                    4,020            4,332
                                                                    -----            -----

       Net income available to common stockholders               $76,454          $65,022            17.6
                                                                 =======          =======


    Earnings per common share:

       Basic                                                         $0.44            $0.40            10.0

       Diluted                                                       $0.43            $0.39            10.3


    Non-GAAP Operating Results:
    ---------------------------

    Operating net income available to common
     stockholders:

      Net income available to common stockholders                $76,454          $65,022

      Net gain on sale of pooled TPS and other
       securities, net of tax                                          0          (6,150)

      Merger, acquisition and severance costs, net of
       tax                                                           241            5,252
                                                                     ---            -----

      Operating net income available to common
       stockholders                                              $76,695          $64,125            19.6
                                                                 =======          =======


    Operating diluted earnings per common share:

      Diluted earnings per common share                            $0.43            $0.39

      Effect of net gain on sale of pooled TPS and
       other securities,

         net of tax                                                   0.00           (0.04)

      Effect of merger, acquisition and severance
       costs, net of tax                                            0.00             0.03
                                                                    ----             ----

      Operating diluted earnings per common share                  $0.44            $0.39            13.2
                                                                   =====            =====


    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands)

                                                                                                                                        2Q15 -                2Q15 -

                                                                         2015                       2014         1Q15                      2Q14
                                                                         ----                       ----

                                                         Second                    First                      Second                   Percent               Percent

    Balance Sheet (at period end)                   Quarter                   Quarter                    Quarter                   Variance              Variance
    ----------------------------                    -------

    Assets

    Cash and due from banks                                       $196,189                   $191,347                    $250,954                   2.5                 -21.8

    Interest bearing deposits with banks                           41,290                     42,899                      19,766                  -3.8                 108.9
                                                                   ------                     ------                      ------

       Cash and cash equivalents                                   237,479                    234,246                     270,720                   1.4                 -12.3

    Securities available for sale                                1,618,620                  1,537,080                   1,384,273                   5.3                  16.9

    Securities held to maturity                                  1,518,060                  1,513,204                   1,427,852                   0.3                   6.3

    Residential mortgage loans held for sale                        6,711                      4,621                       2,705                  45.2                 148.1

    Loans and leases, net of unearned income                   11,626,787                 11,404,099                  10,333,873                   2.0                  12.5

    Allowance for credit losses                                  (131,141)                 (128,499)                  (116,748)                  2.1                  12.3
                                                                  --------                   --------                    --------

       Net loans and leases                                     11,495,646                 11,275,600                  10,217,125                   2.0                  12.5

    Premises and equipment, net                                    167,010                    169,859                     162,383                  -1.7                   2.8

    Goodwill                                                        831,333                    829,726                     805,514                   0.2                   3.2

    Core deposit and other intangible assets, net                  45,057                     45,520                      48,292                  -1.0                  -6.7

    Bank owned life insurance                                      304,318                    303,102                     309,750                   0.4                  -1.8

    Other assets                                                    374,367                    365,890                     390,633                   2.3                  -4.2
                                                                                                                         -------

    Total Assets                                                $16,598,601                $16,278,848                 $15,019,247                   2.0                  10.5
                                                                ===========                ===========                 ===========


    Liabilities

    Deposits:

       Non-interest bearing demand                              $2,813,488                 $2,728,599                  $2,429,120                   3.1                  15.8

       Interest bearing demand                                   5,226,703                  4,724,985                   4,354,333                  10.6                  20.0

       Savings                                                    1,730,359                  1,763,275                   1,576,480                  -1.9                   9.8

       Certificates and other time deposits                     2,587,577                  2,589,184                   2,697,837                  -0.1                  -4.1
                                                                ---------                  ---------                   ---------

          Total Deposits                                        12,358,127                 11,806,043                  11,057,770                   4.7                  11.8

    Short-term borrowings                                        1,507,582                  1,740,500                   1,504,510                 -13.4                   0.2

    Long-term borrowings                                           542,578                    541,474                     394,074                   0.2                  37.7

    Other liabilities                                               124,543                    135,555                     154,816                  -8.1                 -19.6
                                                                    -------                    -------                     -------

       Total Liabilities                                         14,532,830                 14,223,572                  13,111,170                   2.2                  10.8


    Stockholders' Equity

    Preferred Stock                                                 106,882                    106,882                     106,882                   0.0                   0.0

    Common stock                                                      1,765                      1,763                       1,673                   0.1                   5.5

    Additional paid-in capital                                   1,803,347                  1,805,991                   1,700,220                  -0.1                   6.1

    Retained earnings                                              210,422                    193,461                     146,542                   8.8                  43.6

    Accumulated other comprehensive income                       (43,953)                  (34,980)                   (36,559)                 25.7                  20.2

    Treasury stock                                                 (12,692)                  (17,841)                   (10,681)                -28.9                  18.8
                                                                                                                         -------

       Total Stockholders' Equity                                2,065,771                  2,055,276                   1,908,077                   0.5                   8.3
                                                                 ---------                  ---------                   ---------

    Total Liabilities and Stockholders' Equity                $16,598,601                $16,278,848                 $15,019,247                   2.0                  10.5
                                                              ===========                ===========                 ===========


    Selected average balances
    -------------------------

    Total assets                                                $16,457,166                $16,147,232                 $14,710,831                   1.9                  11.9

    Earning assets                                               14,661,142                 14,347,872                  12,909,262                   2.2                  13.6

    Interest bearing deposits with banks                           75,955                     75,707                      45,725                   0.3                  66.1

    Securities                                                    3,045,009                  2,983,753                   2,751,703                   2.1                  10.7

    Residential mortgage loans held for sale                        8,049                      4,833                       2,752                  66.5                 192.4

    Loans and leases, net of unearned income                   11,532,129                 11,283,579                  10,109,082                   2.2                  14.1

    Allowance for credit losses                                    131,431                    128,697                     113,009                   2.1                  16.3

    Goodwill and intangibles                                       875,314                    876,196                     854,760                  -0.1                   2.4

    Deposits and customer repurchase agreements (6)            12,579,811                 12,362,558                  11,786,281                   1.8                   6.7

    Short-term borrowings                                        1,127,376                  1,053,938                     551,633                   7.0                 104.4

    Long-term borrowings                                           541,992                    541,549                     325,818                   0.1                  66.3

    Total stockholders' equity                                   2,066,024                  2,040,261                   1,900,751                   1.3                   8.7

    Preferred stockholders' equity                                 106,882                    106,882                     106,882                   0.0                   0.0


    Common stock data
    -----------------

    Average diluted shares outstanding                        176,361,840                175,825,976                 167,867,608                   0.3                   5.1

    Period end shares outstanding                              175,286,980                174,691,702                 166,559,258                   0.3                   5.2

    Book value per common share                                     $11.18                     $11.15                      $10.81                   0.2                   3.3

    Tangible book value per common share (4)                        $6.22                      $6.18                       $5.73                   0.6                   8.5

    Dividend payout ratio (common)                                  55.51%                    54.76%                     61.26%



    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands)


                                                    For the Six Months

                                                      Ended June 30,         Percent
                                                      --------------

    Balance Sheet (at period end)                                     2015                 2014   Variance
    ----------------------------                                      ----

    Assets

    Cash and due from banks                                        $196,189             $250,954             -21.8

    Interest bearing deposits with banks                            41,290               19,766             108.9
                                                                    ------               ------

       Cash and cash equivalents                                    237,479              270,720             -12.3

    Securities available for sale                                 1,618,620            1,384,273              16.9

    Securities held to maturity                                   1,518,060            1,427,852               6.3

    Residential mortgage loans held for sale                         6,711                2,705             148.1

    Loans and leases, net of unearned income                    11,626,787           10,333,873              12.5

    Allowance for credit losses                                   (131,141)           (116,748)             12.3
                                                                   --------             --------

       Net loans and leases                                      11,495,646           10,217,125              12.5

    Premises and equipment, net                                     167,010              162,383               2.8

    Goodwill                                                         831,333              805,514               3.2

    Core deposit and other intangible assets, net                   45,057               48,292              -6.7

    Bank owned life insurance                                       304,318              309,750              -1.8

    Other assets                                                     374,367              390,633              -4.2

    Total Assets                                                 $16,598,601          $15,019,247              10.5
                                                                 ===========          ===========


    Liabilities

    Deposits:

       Non-interest bearing demand                               $2,813,488           $2,429,120              15.8

       Interest bearing demand                                    5,226,703            4,354,333              20.0

       Savings                                                     1,730,359            1,576,480               9.8

       Certificates and other time deposits                      2,587,577            2,697,837              -4.1
                                                                 ---------            ---------

          Total Deposits                                         12,358,127           11,057,770              11.8

    Short-term borrowings                                         1,507,582            1,504,510               0.2

    Long-term borrowings                                            542,578              394,074              37.7

    Other liabilities                                                124,543              154,816             -19.6
                                                                     -------              -------

       Total Liabilities                                          14,532,830           13,111,170              10.8


    Stockholders' Equity

    Preferred Stock                                                  106,882              106,882               0.0

    Common stock                                                       1,765                1,673               5.5

    Additional paid-in capital                                    1,803,347            1,700,220               6.1

    Retained earnings                                               210,422              146,542              43.6

    Accumulated other comprehensive income                        (43,953)            (36,559)             20.2

    Treasury stock                                                  (12,692)            (10,681)             18.8

       Total Stockholders' Equity                                 2,065,771            1,908,077               8.3
                                                                  ---------            ---------

    Total Liabilities and Stockholders' Equity                 $16,598,601          $15,019,247              10.5
                                                               ===========          ===========


    Selected average balances
    -------------------------

    Total assets                                                 $16,303,055          $14,352,061              13.6

    Earning assets                                                14,505,373           12,578,070              15.3

    Interest bearing deposits with banks                            75,832               45,958              65.0

    Securities                                                     3,014,550            2,624,766              14.9

    Residential mortgage loans held for sale                         6,450                3,792              70.1

    Loans and leases, net of unearned income                    11,408,541            9,903,554              15.2

    Allowance for credit losses                                     130,071              111,704              16.4

    Goodwill and intangibles                                        875,753              844,950               3.6

    Deposits and customer repurchase agreements (6)             12,471,785           11,563,899               7.9

    Short-term borrowings                                         1,090,860              471,614             131.3

    Long-term borrowings                                            541,771              309,968              74.8

    Total stockholders' equity                                    2,053,214            1,865,373              10.1

    Preferred stockholders' equity                                  106,882              106,882               0.0


    Common stock data
    -----------------

    Average diluted shares outstanding                         176,096,195          165,928,360               6.1

    Period end shares outstanding                               175,286,980          166,559,258               5.2

    Book value per common share                                      $11.18               $10.81               3.3

    Tangible book value per common share (4)                         $6.22                $5.73               8.5

    Dividend payout ratio (common)                                   55.13%              61.71%


    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands)

                                                                                                                                  2Q15 -           2Q15 -

                                                                               2015                   2014     1Q15                  2Q14
                                                                               ----                   ----

                                                               Second                First                  Second               Percent          Percent

                                                              Quarter               Quarter                Quarter               Variance         Variance
                                                              -------               -------                -------               --------         --------

    Performance ratios
    ------------------

    Return on average equity                                               7.79%                 8.02%                  7.35%

    Return on average tangible equity (2) (4)                            13.87%                14.45%                 13.88%

    Return on average tangible common equity (2) (4)                     14.49%                15.13%                 14.59%

    Return on average assets                                               0.98%                 1.01%                  0.95%

    Return on average tangible assets (3) (4)                             1.07%                 1.11%                  1.05%

    Net interest margin (FTE) (1)                                          3.43%                 3.48%                  3.60%

    Yield on earning assets (FTE) (1)                                     3.75%                 3.81%                  3.92%

    Cost of interest-bearing liabilities                                  0.41%                 0.41%                  0.40%

    Cost of funds                                                           0.33%                 0.33%                  0.32%

    Efficiency ratio (FTE) (1) (5)                                        55.99%                56.60%                 57.27%

    Effective tax rate                                                     30.99%                29.61%                 30.88%


    Capital ratios
    --------------

    Equity / assets (period end)                                          12.45%                12.63%                 12.70%

    Leverage ratio                                                          8.24%                 8.29%                  8.44%

    Tangible equity / tangible assets (period end) (4)                    7.61%                 7.70%                  7.49%

    Tangible common equity / tangible assets (period end) (4)             6.93%                 7.01%                  6.73%


    Balances at period end
    ----------------------

    Loans and Leases:
    -----------------

    Commercial real estate                                            $3,852,607             $3,817,189              $3,577,933              0.9              7.7

    Commercial and industrial                                          2,453,868              2,397,731               2,103,896              2.3             16.6

    Commercial leases                                                    190,881                180,207                 164,676              5.9             15.9
                                                                         -------                -------                 -------

       Commercial loans and leases                                     6,497,356              6,395,127               5,846,505              1.6             11.1

    Direct installment                                                  1,676,349              1,653,621               1,512,149              1.4             10.9

    Residential mortgages                                              1,350,502              1,299,097               1,145,286              4.0             17.9

    Indirect installment                                                 942,801                905,204                 729,513              4.2             29.2

    Consumer LOC                                                        1,118,970              1,108,418               1,037,519              1.0              7.9

    Other                                                                  40,809                 42,632                  62,901             -4.3            -35.1

       Total loans and leases                                        $11,626,787            $11,404,099             $10,333,873              2.0             12.5
                                                                     ===========            ===========             ===========


    Deposits:
    ---------

    Non-interest bearing deposits                                     $2,813,488             $2,728,599              $2,429,120              3.1             15.8

    Interest bearing demand                                            5,226,703              4,724,985               4,354,333             10.6             20.0

    Savings                                                             1,730,359              1,763,275               1,576,480             -1.9              9.8

    Certificates of deposit and other time deposits                   2,587,577              2,589,184               2,697,837             -0.1             -4.1

       Total deposits                                                  12,358,127             11,806,043              11,057,770              4.7             11.8

    Customer repurchase agreements (6)                                  212,380                757,279                 751,066            -72.0            -71.7

       Total deposits and customer repurchase agreements (6)        $12,570,507            $12,563,322             $11,808,836              0.1              6.5


    Average balances
    ----------------

    Loans and Leases:
    -----------------

    Commercial real estate                                            $3,855,761             $3,781,741              $3,515,115              2.0              9.7

    Commercial and industrial                                          2,425,800              2,357,873               2,034,481              2.9             19.2

    Commercial leases                                                    186,918                177,922                 163,720              5.1             14.2
                                                                         -------                -------                 -------

       Commercial loans and leases                                     6,468,479              6,317,536               5,713,316              2.4             13.2

    Direct installment                                                  1,665,245              1,647,348               1,484,698              1.1             12.2

    Residential mortgages                                              1,313,181              1,271,336               1,134,820              3.3             15.7

    Indirect installment                                                 924,463                894,709                 702,257              3.3             31.6

    Consumer LOC                                                        1,113,621              1,109,672               1,023,963              0.4              8.8

    Other                                                                  47,140                 42,978                  50,028              9.7             -5.8

       Total loans and leases                                        $11,532,129            $11,283,579             $10,109,082              2.2             14.1


    Deposits:
    ---------

    Non-interest bearing deposits                                     $2,776,955             $2,637,405              $2,374,516              5.3             16.9

    Interest bearing demand                                            4,746,091              4,677,671               4,301,667              1.5             10.3

    Savings                                                             1,744,837              1,616,284               1,575,453              8.0             10.8

    Certificates of deposit and other time deposits                   2,588,778              2,600,551               2,736,294             -0.5             -5.4

       Total deposits                                                  11,856,661             11,531,911              10,987,930              2.8              7.9

    Customer repurchase agreements (6)                                  723,150                830,647                 798,351            -12.9             -9.4

       Total deposits and customer repurchase agreements (6)        $12,579,811            $12,362,558             $11,786,281              1.8              6.7
                                                                    ===========            ===========             ===========


    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands)


                                                              For the Six Months

                                                                Ended June 30,           Percent
                                                                --------------

                                                                                    2015                   2014 Variance
                                                                                    ----                   ---- --------

    Performance ratios
    ------------------

    Return on average equity                                                    7.90%                 7.50%

    Return on average tangible equity (2) (4)                                 14.16%                14.21%

    Return on average tangible common equity (2) (4)                          14.81%                14.91%

    Return on average assets                                                    1.00%                 0.97%

    Return on average tangible assets (3) (4)                                  1.09%                 1.08%

    Net interest margin (FTE) (1)                                               3.46%                 3.61%

    Yield on earning assets (FTE) (1)                                          3.78%                 3.93%

    Cost of interest-bearing liabilities                                       0.41%                 0.41%

    Cost of funds                                                                0.33%                 0.33%

    Efficiency ratio (FTE) (1) (5)                                             56.29%                58.10%

    Effective tax rate                                                          30.31%                30.03%


    Capital ratios
    --------------

    Equity / assets (period end)                                               12.45%                12.70%

    Leverage ratio                                                               8.24%                 8.44%

    Tangible equity / tangible assets (period end) (4)                         7.61%                 7.49%

    Tangible common equity / tangible assets (period end) (4)                  6.93%                 6.73%


    Balances at period end
    ----------------------

    Loans and Leases:
    -----------------

    Commercial real estate                                                 $3,852,607             $3,577,933              7.7

    Commercial and industrial                                               2,453,868              2,103,896             16.6

    Commercial leases                                                         190,881                164,676             15.9
                                                                              -------                -------

       Commercial loans and leases                                          6,497,356              5,846,505             11.1

    Direct installment                                                       1,676,349              1,512,149             10.9

    Residential mortgages                                                   1,350,502              1,145,286             17.9

    Indirect installment                                                      942,801                729,513             29.2

    Consumer LOC                                                             1,118,970              1,037,519              7.9

    Other                                                                       40,809                 62,901            -35.1

       Total loans and leases                                             $11,626,787            $10,333,873             12.5


    Deposits:
    ---------

    Non-interest bearing deposits                                          $2,813,488             $2,429,120             15.8

    Interest bearing demand                                                 5,226,703              4,354,333             20.0

    Savings                                                                  1,730,359              1,576,480              9.8

    Certificates of deposit and other time deposits                        2,587,577              2,697,837             -4.1

       Total deposits                                                       12,358,127             11,057,770             11.8

    Customer repurchase agreements (6)                                       212,380                751,066            -71.7

       Total deposits and customer repurchase agreements (6)             $12,570,507            $11,808,836              6.5


    Average balances
    ----------------

    Loans and Leases:
    -----------------

    Commercial real estate                                                 $3,821,108             $3,424,421             11.6

    Commercial and industrial                                               2,389,871              1,983,478             20.5

    Commercial leases                                                         182,445                162,053             12.6
                                                                              -------                -------

       Commercial loans and leases                                          6,393,424              5,569,952             14.8

    Direct installment                                                       1,656,346              1,475,595             12.2

    Residential mortgages                                                   1,292,374              1,121,161             15.3

    Indirect installment                                                      909,668                684,235             32.9

    Consumer LOC                                                             1,111,657              1,005,735             10.5

    Other                                                                       45,072                 46,876             -3.8

       Total loans and leases                                             $11,408,541             $9,903,554             15.2


    Deposits:
    ---------

    Non-interest bearing deposits                                          $2,707,566             $2,299,070             17.8

    Interest bearing demand                                                 4,712,070              4,200,940             12.2

    Savings                                                                  1,680,916              1,535,075              9.5

    Certificates of deposit and other time deposits                        2,594,632              2,715,794             -4.5

       Total deposits                                                       11,695,184             10,750,879              8.8

    Customer repurchase agreements (6)                                       776,601                813,020             -4.5

       Total deposits and customer repurchase agreements (6)             $12,471,785            $11,563,899              7.9
                                                                         ===========            ===========



    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands)

                                                                                                                                         2Q15 -              2Q15 -

                                                                                   2015                   2014        1Q15                  2Q14
                                                                                   ----                   ----

                                                                      Second                First                  Second               Percent             Percent

    Asset Quality Data                                            Quarter               Quarter                Quarter               Variance            Variance
    ------------------                                            -------

    Non-Performing Assets
    ---------------------

    Non-performing loans (7)

       Non-accrual loans                                                     $45,332                $45,029                 $59,549                 0.7               -23.9

       Restructured loans                                                     22,916                 22,022                  20,485                 4.1                11.9
                                                                              ------                 ------                  ------

          Non-performing loans                                                68,248                 67,051                  80,034                 1.8               -14.7

    Other real estate owned (8)                                               40,190                 40,796                  40,268                -1.5                -0.2
                                                                              ------                 ------                  ------

       Total non-performing assets                                          $108,438               $107,847                $120,302                 0.5                -9.9
                                                                            ========               ========                ========


    Non-performing loans / total loans and leases                             0.59%                 0.59%                  0.77%

    Non-performing loans / total originated loans and

       and leases (9)                                                           0.67%                 0.68%                  0.91%

    Non-performing loans + OREO / total loans and

       leases + OREO                                                            0.93%                 0.94%                  1.16%

    Non-performing loans + OREO / total originated

       loans and leases + OREO (9)                                             1.05%                 1.08%                  1.36%

    Non-performing assets / total assets                                      0.65%                 0.66%                  0.80%


    Allowance Rollforward
    ---------------------

    Allowance for credit losses (originated portfolio) (9)

       Balance at beginning of period                                      $121,248               $117,952                $107,123                 2.8                13.2

       Provision for credit losses                                             8,743                  9,067                   8,900                -3.6                -1.8

       Net loan charge-offs                                                  (5,795)               (5,771)                (4,835)                0.4                19.9

       Allowance for credit losses (originated portfolio) (9)               124,196                121,248                 111,188                 2.4                11.7


    Allowance for credit losses (acquired portfolio) (10)

       Balance at beginning of period                                         7,251                  7,974                   5,096

       Provision for credit losses                                               121                  (931)                  1,505

       Net loan charge-offs                                                    (427)                   208                 (1,041)
                                                                                ----                    ---                  ------

       Allowance for credit losses (acquired portfolio) (10)                  6,945                  7,251                   5,560                -4.2                24.9


          Total allowance for credit losses                                $131,141               $128,499                $116,748                 2.1                12.3
                                                                           ========               ========                ========


    Allowance for credit losses / total loans and leases                      1.13%                 1.13%                  1.13%

    Allowance for credit losses (originated loans and leases) /

       total originated loans and leases (9)                                  1.21%                 1.22%                  1.26%

    Allowance for credit losses (originated loans and leases) /

       total non-performing loans (7)                                        181.98%               180.83%                138.93%

    Net loan charge-offs (annualized) / total average loans

       and leases                                                               0.22%                 0.20%                  0.23%

    Net loan charge-offs on originated loans and leases

       (annualized) / total average originated loans and

       leases (9)                                                               0.23%                 0.24%                  0.23%


    Delinquency - Originated Portfolio (9)
    -------------------------------------

    Loans 30-89 days past due                                                $36,581                $34,042                 $33,821                 7.5                 8.2

    Loans 90+ days past due                                                    5,917                  6,543                   6,282                -9.6                -5.8

    Non-accrual loans                                                          45,332                 45,029                  59,549                 0.7               -23.9
                                                                               ------                 ------                  ------

       Total past due and non-accrual loans                                 $87,830                $85,614                 $99,652                 2.6               -11.9
                                                                            =======                =======                 =======


    Total past due and non-accrual loans / total originated loans             0.86%                 0.86%                  1.13%


    Memo item:

    Delinquency - Acquired Portfolio (10) (11)
    -----------------------------------------

    Loans 30-89 days past due                                                $20,838                $19,854                 $30,657                 5.0               -32.0

    Loans 90+ days past due                                                   30,154                 35,906                  58,636               -16.0               -48.6

    Non-accrual loans                                                               0                      0                       0                 0.0                 0.0
                                                                                  ---                    ---                     ---

       Total past due and non-accrual loans                                 $50,992                $55,760                 $89,293                -8.6               -42.9
                                                                            =======                =======                 =======





    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands)


                                                                  For the Six Months

                                                                    Ended June 30,      Percent
                                                                    --------------

    Asset Quality Data                                                            2015              2014  Variance
    ------------------                                                            ----

    Non-Performing Assets
    ---------------------

    Non-performing loans (7)

       Non-accrual loans                                                       $45,332           $59,549            -23.9

       Restructured loans                                                       22,916            20,485             11.9

          Non-performing loans                                                  68,248            80,034            -14.7

    Other real estate owned (8)                                                 40,190            40,268             -0.2

       Total non-performing assets                                            $108,438          $120,302             -9.9


    Non-performing loans / total loans and leases                               0.59%            0.77%

    Non-performing loans / total originated loans and

       and leases (9)                                                             0.67%            0.91%

    Non-performing loans + OREO / total loans and

       leases + OREO                                                              0.93%            1.16%

    Non-performing loans + OREO / total originated

       loans and leases + OREO (9)                                               1.05%            1.36%

    Non-performing assets / total assets                                        0.65%            0.80%


    Allowance Rollforward
    ---------------------

    Allowance for credit losses (originated portfolio) (9)

       Balance at beginning of period                                        $117,952          $104,884             12.5

       Provision for credit losses                                              17,810            16,756              6.3

       Net loan charge-offs                                                   (11,566)         (10,452)            10.7

       Allowance for credit losses (originated portfolio) (9)                 124,196           111,188             11.7


    Allowance for credit losses (acquired portfolio) (10)

       Balance at beginning of period                                           7,974             5,900

       Provision for credit losses                                               (810)              655

       Net loan charge-offs                                                      (219)            (995)
                                                                                  ----              ----

       Allowance for credit losses (acquired portfolio) (10)                    6,945             5,560             24.9


          Total allowance for credit losses                                  $131,141          $116,748             12.3
                                                                             ========          ========


    Allowance for credit losses / total loans and leases                        1.13%            1.13%

    Allowance for credit losses (originated loans and leases) /

       total originated loans and leases (9)                                    1.21%            1.26%

    Allowance for credit losses (originated loans and leases) /

       total non-performing loans (7)                                          181.98%          138.93%

    Net loan charge-offs (annualized) / total average loans

       and leases                                                                 0.21%            0.23%

    Net loan charge-offs on originated loans and leases

       (annualized) / total average originated loans and

       leases (9)                                                                 0.24%            0.25%


    Delinquency - Originated Portfolio (9)
    -------------------------------------

    Loans 30-89 days past due                                                  $36,581           $33,821              8.2

    Loans 90+ days past due                                                      5,917             6,282             -5.8

    Non-accrual loans                                                            45,332            59,549            -23.9

       Total past due and non-accrual loans                                   $87,830           $99,652            -11.9
                                                                              =======           =======


    Total past due and non-accrual loans / total originated loans               0.86%            1.13%


    Memo item:

    Delinquency - Acquired Portfolio (10) (11)
    -----------------------------------------

    Loans 30-89 days past due                                                  $20,838           $30,657            -32.0

    Loans 90+ days past due                                                     30,154            58,636            -48.6

    Non-accrual loans                                                                 0                 0              0.0

       Total past due and non-accrual loans                                   $50,992           $89,293            -42.9
                                                                              =======           =======



    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands, except per share data)


                                                                                            2015
                                                                                            ----

                                                   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 banks                        $75,955               $28                         0.15%                 $75,707                 $32             0.17%

    Taxable investment securities  (12)                       2,855,637            14,467                         2.03%               2,815,252              14,214             2.02%

    Non-taxable investment securities  (13)                     189,372             2,283                         4.82%                 168,501               2,116             5.02%

    Residential mortgage loans held for sale                      8,049               119                         5.93%                   4,833                  63             5.22%

    Loans and leases  (13) (14)                               11,532,129           120,356                         4.19%              11,283,579             118,727             4.26%

       Total Interest Earning Assets  (13)                   14,661,142           137,253                         3.75%              14,347,872             135,152             3.81%

    Cash and due from banks                                      192,987                                                                194,598

    Allowance for loan losses                                  (131,431)                                                             (128,697)

    Premises and equipment                                       169,098                                                                168,586

    Other assets                                                1,565,370                                                              1,564,873

    Total Assets                                              $16,457,166                                                            $16,147,232


    Liabilities

    Deposits:

       Interest-bearing demand                                $4,746,091             1,946                         0.16%              $4,677,671               1,894             0.16%

       Savings                                                  1,744,837               193                         0.04%               1,616,284                 173             0.04%

       Certificates and other time                             2,588,778             5,497                         0.85%               2,600,551               5,382             0.84%

    Customer repurchase agreements                              723,150               391                         0.21%                 830,646                 456             0.22%

    Other short-term borrowings                                1,127,376             1,403                         0.50%               1,053,939               1,312             0.50%

    Long-term borrowings                                         541,992             2,251                         1.67%                 541,549               2,231             1.67%

          Total Interest Bearing Liabilities  (13)           11,472,224            11,681                         0.41%              11,320,640              11,448             0.41%

    Non-interest bearing demand deposits                      2,776,955                                                              2,637,405

    Other liabilities                                             141,963                                                                148,926

    Total Liabilities                                          14,391,142                                                             14,106,971

    Stockholders' equity                                       2,066,024                                                              2,040,261

    Total Liabilities and Stockholders' Equity              $16,457,166                                                            $16,147,232


    Net Interest Earning Assets                               $3,188,918                                                             $3,027,232
                                                              ==========                                                             ==========


    Net Interest Income (FTE)                                                     125,572                                                                  123,704

    Tax Equivalent Adjustment                                                     (1,805)                                                                 (1,783)
                                                                                   ------                                                                   ------

    Net Interest Income                                                          $123,767                                                                 $121,921
                                                                                 ========                                                                 ========


    Net Interest Spread                                                                                          3.34%                                                       3.40%
                                                                                                                  ====                                                         ====

    Net Interest Margin  (13)                                                                                    3.43%                                                       3.48%
                                                                                                                  ====                                                         ====


    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands, except per share data)


                                                                       2014
                                                                       ----

                                                   Second Quarter

                                                                            Interest          Average

                                                      Average                Earned            Yield

                                                    Outstanding             or Paid           or Rate

    Assets

    Interest bearing deposits with banks                        $45,725                 $21           0.18%

    Taxable investment securities  (12)                       2,600,855              13,578           2.09%

    Non-taxable investment securities  (13)                     150,848               1,987           5.27%

    Residential mortgage loans held for sale                      2,751                  90          13.08%

    Loans and leases  (13) (14)                               10,109,083             110,455           4.38%

       Total Interest Earning Assets  (13)                   12,909,262             126,131           3.92%

    Cash and due from banks                                      193,670

    Allowance for loan losses                                  (113,009)

    Premises and equipment                                       164,063

    Other assets                                                1,556,845

    Total Assets                                              $14,710,831


    Liabilities

    Deposits:

       Interest-bearing demand                                $4,301,667               1,665           0.16%

       Savings                                                  1,575,453                 182           0.05%

       Certificates and other time                             2,736,294               5,614           0.82%

    Customer repurchase agreements                              798,351                 439           0.22%

    Other short-term borrowings                                  551,633                 894           0.65%

    Long-term borrowings                                         325,818               1,454           1.79%

          Total Interest Bearing Liabilities  (13)           10,289,216              10,248           0.40%

    Non-interest bearing demand deposits                      2,374,516

    Other liabilities                                             146,348

    Total Liabilities                                          12,810,080

    Stockholders' equity                                       1,900,751

    Total Liabilities and Stockholders' Equity              $14,710,831


    Net Interest Earning Assets                               $2,620,046
                                                              ==========


    Net Interest Income (FTE)                                                       115,883

    Tax Equivalent Adjustment                                                       (1,691)
                                                                                     ------

    Net Interest Income                                                            $114,192
                                                                                   ========


    Net Interest Spread                                                                              3.52%
                                                                                                      ====

    Net Interest Margin  (13)                                                                        3.60%
                                                                                                      ====


    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands, except per share data)


                                                                      For the Six Months Ended June 30,
                                                                      ---------------------------------

                                                                      2015                                              2014

                                                                                                      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 banks                       $75,832                                            $60                0.16%                 $45,958                 $47             0.21%

    Taxable investment securities  (12)                      2,835,555                                         28,680                2.02%               2,474,533              26,028             2.11%

    Non-taxable investment securities  (13)                    178,995                                          4,400                4.92%                 150,233               3,983             5.30%

    Residential mortgage loans held for sale                     6,450                                            182                5.66%                   3,792                 225            11.88%

    Loans and leases (13) (14)                               11,408,541                                        239,083                4.22%               9,903,554             215,450             4.38%

       Total Interest Earning Assets  (13)                  14,505,373                                        272,405                3.78%              12,578,070             245,733             3.93%
                                                            ----------                                                                                 ----------

    Cash and due from banks                                     193,788                                                                                    191,655

    Allowance for loan losses                                 (130,072)                                                                                 (111,704)

    Premises and equipment                                      168,844                                                                                    162,098

    Other assets                                               1,565,122                                                                                  1,531,942

    Total Assets                                             $16,303,055                                                                                $14,352,061


    Liabilities

    Deposits:

       Interest-bearing demand                               $4,712,070                                          3,842                0.16%              $4,200,940               3,180             0.15%

       Savings                                                 1,680,916                                            365                0.04%               1,535,075                 353             0.05%

       Certificates and other time                            2,594,632                                         10,878                0.85%               2,715,794              11,077             0.82%

    Customer repurchase agreements                             776,601                                            847                0.22%                 813,020                 902             0.22%

    Other short-term borrowings                               1,090,860                                          2,715                0.50%                 471,614               1,650             0.70%

    Long-term borrowings                                        541,771                                          4,482                1.67%                 309,968               3,141             2.04%

          Total Interest Bearing Liabilities  (13)          11,396,850                                         23,129                0.41%              10,046,411              20,303             0.41%

    Non-interest bearing demand deposits                     2,707,566                                                                                  2,299,070

    Other liabilities                                            145,425                                                                                    141,207

    Total Liabilities                                         14,249,841                                                                                 12,486,688

    Stockholders' equity                                      2,053,214                                                                                  1,865,373

    Total Liabilities and Stockholders' Equity             $16,303,055                                                                                $14,352,061


    Net Interest Earning Assets                              $3,108,523                                                                                 $2,531,659
                                                             ==========                                                                                 ==========


    Net Interest Income (FTE)                                                                                 249,276                                                         225,430

    Tax Equivalent Adjustment                                                                                 (3,588)                                                        (3,413)
                                                                                                               ------                                                          ------

    Net Interest Income                                                                                      $245,688                                                        $222,017
                                                                                                             ========                                                        ========


    Net Interest Spread                                                                                                             3.37%                                                       3.52%
                                                                                                                                     ====                                                         ====

    Net Interest Margin  (13)                                                                                                       3.46%                                                       3.61%
                                                                                                                                     ====                                                         ====



    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 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.






                                                                                                                                                                              2015                                                2014
                                                                                                                                                                              ----                                                ----

                                                                                                                                                            Second                                               First                                              Second

                                                                                                                                                           Quarter                                              Quarter                                            Quarter
                                                                                                                                                           -------                                              -------                                            -------

    Return on average tangible equity (2):
    --------------------------------------

    Net income (annualized)                                                                                                                                            $160,966                                            $163,614                                            $139,709

    Amortization of intangibles, net of tax (annualized)                                                                                                                 5,212                                               5,576                                               6,416
                                                                                                                                                                         -----                                               -----                                               -----

                                                                                                                                                                           166,178                                             169,190                                             146,125


    Average total shareholders' equity                                                                                                                               2,066,024                                           2,040,261                                           1,900,751

    Less:  Average intangibles                                                                                                                                        (868,133)                                          (869,286)                                          (847,815)
                                                                                                                                                                       --------                                            --------                                            --------

                                                                                                                                                                         1,197,891                                           1,170,975                                           1,052,936


    Return on average tangible equity (2)                                                                                                                               13.87%                                             14.45%                                             13.88%
                                                                                                                                                                         =====                                               =====                                               =====


    Return on average tangible common equity (2):
    ---------------------------------------------

    Net income available to common stockholders (annualized)                                                                                                          $152,903                                            $155,461                                            $131,646

    Amortization of intangibles, net of tax (annualized)                                                                                                                 5,212                                               5,576                                               6,416
                                                                                                                                                                         -----                                               -----                                               -----

                                                                                                                                                                           158,115                                             161,037                                             138,062


    Average total stockholders' equity                                                                                                                               2,066,024                                           2,040,261                                           1,900,751

    Less:  Average preferred stockholders' equity                                                                                                                    (106,882)                                          (106,882)                                          (106,882)

    Less:  Average intangibles                                                                                                                                        (868,133)                                          (869,286)                                          (847,815)
                                                                                                                                                                       --------                                            --------                                            --------

                                                                                                                                                                         1,091,009                                           1,064,093                                             946,054


    Return on average tangible common equity (2)                                                                                                                        14.49%                                             15.13%                                             14.59%
                                                                                                                                                                         =====                                               =====                                               =====


    Return on average tangible assets (3):
    --------------------------------------

    Net income (annualized)                                                                                                                                            $160,966                                            $163,614                                            $139,709

    Amortization of intangibles, net of tax (annualized)                                                                                                                 5,212                                               5,576                                               6,416
                                                                                                                                                                         -----                                               -----                                               -----

                                                                                                                                                                           166,178                                             169,190                                             146,125


    Average total assets                                                                                                                                             16,457,166                                          16,147,232                                          14,710,831

    Less:  Average intangibles                                                                                                                                        (868,133)                                          (869,286)                                          (847,815)
                                                                                                                                                                       --------                                            --------                                            --------

                                                                                                                                                                        15,589,033                                          15,277,946                                          13,863,016


    Return on average tangible assets (3)                                                                                                                                1.07%                                              1.11%                                              1.05%
                                                                                                                                                                          ====                                                ====                                                ====


    Tangible book value per share:
    ------------------------------

    Total shareholders' equity                                                                                                                                       $2,065,771                                          $2,055,276                                          $1,908,077

    Less:  preferred shareholders' equity                                                                                                                            (106,882)                                          (106,882)                                          (106,882)

    Less:  intangibles                                                                                                                                                 (869,052)                                          (868,257)                                          (846,830)
                                                                                                                                                                        --------                                            --------                                            --------

                                                                                                                                                                         1,089,837                                           1,080,137                                             954,365


    Ending shares outstanding                                                                                                                                       175,286,980                                         174,691,702                                         166,559,258


    Tangible book value per share                                                                                                                                         $6.22                                               $6.18                                               $5.73
                                                                                                                                                                          =====                                               =====                                               =====


    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands, except per
     share data)


                                          For the Six Months

                                            Ended June 30,
                                            --------------

                                                                2015           2014
                                                                ----           ----

    Return on average tangible equity
     (2):
    ---------------------------------

    Net income (annualized)                              $162,283       $139,858

    Amortization of intangibles, net of
     tax (annualized)                                      5,392          6,219
                                                           -----          -----

                                                             167,675        146,077


    Average total shareholders' equity                 2,053,214      1,865,373

    Less:  Average intangibles                          (868,707)     (837,636)
                                                         --------       --------

                                                           1,184,507      1,027,737


    Return on average tangible equity (2)                 14.16%        14.21%
                                                           =====          =====


    Return on average tangible common
     equity (2):
    ---------------------------------

    Net income available to common
     stockholders (annualized)                          $154,175       $131,122

    Amortization of intangibles, net of
     tax (annualized)                                      5,392          6,219
                                                           -----          -----

                                                             159,567        137,341


    Average total stockholders' equity                 2,053,214      1,865,373

    Less:  Average preferred
     stockholders' equity                              (106,882)     (106,882)

    Less:  Average intangibles                          (868,707)     (837,636)
                                                         --------       --------

                                                           1,077,625        920,855


    Return on average tangible common
     equity (2)                                           14.81%        14.91%
                                                           =====          =====


    Return on average tangible assets
     (3):
    ---------------------------------

    Net income (annualized)                              $162,283       $139,858

    Amortization of intangibles, net of
     tax (annualized)                                      5,392          6,219
                                                           -----          -----

                                                             167,675        146,077


    Average total assets                               16,303,055     14,352,061

    Less:  Average intangibles                          (868,707)     (837,636)
                                                         --------       --------

                                                          15,434,348     13,514,425


    Return on average tangible assets (3)                  1.09%         1.08%
                                                            ====           ====


    Tangible book value per share:
    ------------------------------

    Total shareholders' equity                         $2,065,771     $1,908,077

    Less:  preferred shareholders' equity              (106,882)     (106,882)

    Less:
     intangibles                                         (869,052)     (846,830)
                                                          --------       --------

                                                           1,089,837        954,365


    Ending shares outstanding                         175,286,980    166,559,258


    Tangible book value per
     share                                                  $6.22          $5.73
                                                            =====          =====


    F.N.B. CORPORATION
    ------------------

    (Unaudited)

    (Dollars in thousands)


                                                                           2015                  2014
                                                                           ----                  ----

                                                            Second               First                 Second

                                                           Quarter              Quarter               Quarter
                                                           -------

    Tangible equity / tangible assets (period end):
    -----------------------------------------------

    Total shareholders' equity                                    $2,065,771            $2,055,276             $1,908,077

    Less:  intangibles                                              (869,052)            (868,257)             (846,830)
                                                                     --------              --------               --------

                                                                      1,196,719             1,187,019              1,061,247


    Total assets                                                   16,598,601            16,278,848             15,019,247

    Less:  intangibles                                              (869,052)            (868,257)             (846,830)
                                                                     --------              --------               --------

                                                                     15,729,549            15,410,591             14,172,417


    Tangible equity / tangible assets (period end)                    7.61%                7.70%                 7.49%
                                                                       ====                  ====                   ====


    Tangible common equity / tangible assets (period end):
    ------------------------------------------------------

    Total stockholders' equity                                    $2,065,771            $2,055,276             $1,908,077

    Less:  preferred stockholders' equity                         (106,882)            (106,882)             (106,882)

    Less:  intangibles                                              (869,052)            (868,257)             (846,830)
                                                                     --------              --------               --------

                                                                      1,089,837             1,080,137                954,365


    Total assets                                                   16,598,601            16,278,848             15,019,247

    Less:  intangibles                                              (869,052)            (868,257)             (846,830)
                                                                     --------              --------               --------

                                                                     15,729,549            15,410,591             14,172,417


    Tangible equity / tangible assets (period end)                    6.93%                7.01%                 6.73%
                                                                       ====                  ====                   ====



          (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 excluding amortization of intangibles by average equity less average intangibles.

          (3) Return on average tangible assets is calculated by dividing net income 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.

          (5) The efficiency ratio is calculated by dividing non-interest expense less amortization of intangibles, other real estate owned expense and merger, acquisition 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.

          (7) Does not include loans acquired at fair value ("acquired portfolio").

          (8) Includes all other real estate owned, including those balances acquired through business combinations that have been in acquired loans prior to foreclosure.

          (9) "Originated Portfolio" or "Originated Loans and Leases" equals loans and leases not included by definition in the Acquired Portfolio.

         (10) "Acquired Portfolio" or "Acquired Loans" equals loans acquired at fair 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.

    (11)        Represents contractual
                balances.

    (12)       The average balances and yields earned on taxable investment securities are based on historical cost.

    (13)       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 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.

    (14)       Average balances for loans include non-accrual loans.  Loans and leases consist of average total loans and leases less average unearned income.  The amount

                of loan fees included in interest income is
                immaterial.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fnb-corporation-reports-record-revenue-and-operating-net-income-300117727.html

SOURCE F.N.B. Corporation