2013 Q4 Form 10-K Financial Statement

#000119312515069940 Filed on February 27, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2012 Q4 2012 Q1
Revenue $107.3M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.00M $9.800M $5.500M
YoY Change 400.0% 78.18% -26.67%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $16.37M
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $39.20M $40.20M $29.42M
YoY Change -2.49% 22.56% 28.48%
Income Tax $10.70M $11.20M $7.839M
% Of Pretax Income 27.3% 27.86% 26.64%
Net Earnings $28.40M $29.00M $21.58M
YoY Change -2.07% 22.36% 25.48%
Net Earnings / Revenue 20.12%
Basic Earnings Per Share $0.16
Diluted Earnings Per Share $180.0K $201.4K $0.15
COMMON SHARES
Basic Shares Outstanding 158.9M shares 139.8M shares 138.9M shares
Diluted Shares Outstanding 140.4M shares

Balance Sheet

Concept 2013 Q4 2012 Q4 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $214.0M $239.0M $209.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $154.0M $140.4M $146.0M
YoY Change 9.74% 7.94% 16.8%
Goodwill $764.2M $675.6M
YoY Change 13.13% 18.84%
Intangibles $47.61M $37.85M
YoY Change 25.78% 22.29%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $13.56B $12.02B $11.73B
YoY Change 12.8% 22.86% 20.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.241B $1.083B $740.0M
YoY Change 14.6% 27.23% 0.14%
Long-Term Debt Due $129.0M $135.0M $138.0M
YoY Change -4.44% 0.0%
Total Short-Term Liabilities $129.0M $135.0M $138.0M
YoY Change -4.44% 0.0% -81.33%
LONG-TERM LIABILITIES
Long-Term Debt $169.0M $293.0M $294.0M
YoY Change -42.32% 0.34% -27.05%
Other Long-Term Liabilities $130.0M $163.0M $144.0M
YoY Change -20.25% 13.99% 51.58%
Total Long-Term Liabilities $299.0M $456.0M $438.0M
YoY Change -34.43% 4.83% -12.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $129.0M $135.0M $138.0M
Total Long-Term Liabilities $299.0M $456.0M $438.0M
Total Liabilities $11.79B $10.62B $10.37B
YoY Change 10.99% 23.85% 20.22%
SHAREHOLDERS EQUITY
Retained Earnings $121.9M $75.31M
YoY Change 61.82% 128.74%
Common Stock $1.592M $1.398M
YoY Change 13.88% 10.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.154M $5.018M
YoY Change 42.57% 46.81%
Treasury Stock Shares 657.6K shares 385.6K shares
Shareholders Equity $1.774B $1.402B $1.210B
YoY Change
Total Liabilities & Shareholders Equity $13.56B $12.02B $11.73B
YoY Change 12.8% 22.86% 20.21%

Cashflow Statement

Concept 2013 Q4 2012 Q4 2012 Q1
OPERATING ACTIVITIES
Net Income $28.40M $29.00M $21.58M
YoY Change -2.07% 22.36% 25.48%
Depreciation, Depletion And Amortization $49.00M $9.800M $5.500M
YoY Change 400.0% 78.18% -26.67%
Cash From Operating Activities $121.9M $64.10M $365.8M
YoY Change 90.17% 70.48% 139.88%
INVESTING ACTIVITIES
Capital Expenditures -$7.200M -$4.900M $2.325M
YoY Change 46.94% -34.67% -186.11%
Acquisitions $203.5M
YoY Change
Other Investing Activities -$149.9M -$194.1M -$392.4M
YoY Change -22.77% -240.75% 187.68%
Cash From Investing Activities -$157.1M -$198.9M -$394.7M
YoY Change -21.02% -252.41% 183.77%
FINANCING ACTIVITIES
Cash Dividend Paid $16.86M
YoY Change
Common Stock Issuance & Retirement, Net $54.43M $1.211M
YoY Change
Debt Paid & Issued, Net $162.1M
YoY Change
Cash From Financing Activities -34.30M 6.300M 84.69M
YoY Change -644.44% -103.28% -41.6%
NET CHANGE
Cash From Operating Activities 121.9M 64.10M 365.8M
Cash From Investing Activities -157.1M -198.9M -394.7M
Cash From Financing Activities -34.30M 6.300M 84.69M
Net Change In Cash -69.50M -128.5M 55.77M
YoY Change -45.91% 442.19% -64.79%
FREE CASH FLOW
Cash From Operating Activities $121.9M $64.10M $365.8M
Capital Expenditures -$7.200M -$4.900M $2.325M
Free Cash Flow $129.1M $69.00M $363.5M
YoY Change 87.1% 52.99% 134.21%

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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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1698000
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CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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5728000
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0
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3945000
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500000
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92583000
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0
CY2013 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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502000
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440000
CY2013 fnb Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Accretion Included In Earnings
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3176000
CY2013 fnb Available For Sale Securities Income Tax Expense On Gain Or Loss On Sale
AvailableForSaleSecuritiesIncomeTaxExpenseOnGainOrLossOnSale
283000
CY2013 fnb Number Of Securities Transferred Between Different Levels Of Fair Value Hierarchy
NumberOfSecuritiesTransferredBetweenDifferentLevelsOfFairValueHierarchy
4 Securities
CY2013 fnb Increase Decrease In Non Interest Bearing Deposits Savings And Negotiable Order Of Withdrawal Accounts
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458153000
CY2013 fnb Loans And Leases Receivable Pooled Allowance Restructured
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1005000
CY2013 fnb Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Dividend Reinvestment In Period Weighted Average Grant Date Fair Value
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11.82
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4014
CY2013 fnb Employer Contribution To Qualified Pension Plans
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15000000
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CY2013 fnb Defined Benefit Plan Dividend Received On Common Stock
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264000
CY2013 fnb Impairment Losses On Securities
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27000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNetPerformanceAdjustmentWeightedAverageNetPerformanceAdjustmentGrantDateFairValue
9.60
CY2013 fnb Non Interest Expense Excluding Amortization Of Intangibles
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42582000
CY2013 fnb Sustained Period Past Due For Impairment Evaluation
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P90D
CY2013 fnb Deferred Tax Benefit From Stock Options Exercised
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79000
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0.0725 pure
CY2014 us-gaap Earnings Per Share Diluted
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0.80
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CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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7.75
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
FNB CORP/FL/
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014 dei Trading Symbol
TradingSymbol
FNB
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1730939 shares
CY2014 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Defined Benefit Plan Assumptions Used In Calculations Narrative Description
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A yield curve was produced for a universe containing the majority of U.S.-issued Aa-graded corporate bonds, all of which were non-callable (or callable with make-whole provisions), and after excluding the 10% of the bonds with the highest and lowest yields.
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0.303 pure
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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7.39
CY2014 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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CY2014 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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0.0400 pure
CY2014 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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1.00 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
387165 shares
CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> The accounting and reporting policies of the Corporation conform with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the allowance for loan losses, securities valuations, goodwill and other intangible assets and income taxes.</p> </div>
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
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0.48
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0.0467 pure
CY2014 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.04 pure
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-0.002 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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11.72
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8.81
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21.40
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P2Y7D
CY2014 dei Amendment Flag
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false
CY2014 dei Current Fiscal Year End Date
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--12-31
CY2014 dei Document Fiscal Year Focus
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2014
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0.81
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CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0000037808
CY2014 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Derivatives and Hedging</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> In November 2014, the FASB issued ASU No.&#xA0;2014-16, <i>Derivatives and Hedging</i>. ASU 2014-16 requires entities that issue or invest in a hybrid financial instrument to separate an embedded derivative feature from the host contract and account for the feature as a derivative according to ASC 815-10 on derivatives and hedging if certain criteria are met. The requirements of ASU 2014-16 are effective for reporting periods beginning after December&#xA0;15, 2015, with early adoption permitted. The effects of initially adopting ASU 2014-16 should be applied on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share as of the beginning of the fiscal year for which the amendments are effective. Retrospective application is permitted to all relevant prior periods. The adoption of this update is not expected to have a material effect on the financial statements, results of operations or liquidity of the Corporation.</p> </div>
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648 Contract
CY2014 dei Document Fiscal Period Focus
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FY
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SubordinatedBorrowingInterestRate
0.080 pure
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4 Segment
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CY2014 dei Entity Current Reporting Status
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Yes
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5282000
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2714000
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11717000
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13766000
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6443000
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3705000
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431000
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228000
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10188000
CY2014 us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
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CY2014 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
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CY2014 us-gaap Increase Decrease In Time Deposits
IncreaseDecreaseInTimeDeposits
-292026000
CY2014 us-gaap Marketing And Advertising Expense
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0
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3469000
CY2014 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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0
CY2014 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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8524000
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CY2014 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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CY2014 us-gaap Communication
Communication
5710000
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6411000
CY2014 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0
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CY2014 us-gaap Loans And Leases Receivable Related Parties Additions
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7616000
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ProceedsFromIssuanceOfLongTermDebt
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0
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319000
CY2014 fnb Payoffs Received On Loans In Excess Of Expected Cash Flows
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3820000
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73 Office
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3910000
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686000
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941000
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662000
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P90D
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21000
CY2014 fnb Core Deposits Intangibles Amortization Period
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P10Y
CY2014 fnb Available For Sale Securities Income Tax Expense On Gain Or Loss On Sale
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4101000
CY2014 fnb Number Of Banking Offices
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289 Office
CY2014 fnb Number Of Securities Transferred Between Different Levels Of Fair Value Hierarchy
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0 Securities
CY2014 fnb Increase Decrease In Non Interest Bearing Deposits Savings And Negotiable Order Of Withdrawal Accounts
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652808000
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7119000
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0.03 pure
CY2014 fnb Loans And Leases Receivable Pooled Allowance Restructured
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3448000
CY2014 fnb Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Dividend Reinvestment In Period Weighted Average Grant Date Fair Value
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12.66
CY2014 fnb Share Based Compensation Arrangement By Share Based Payment Awards Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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5227
CY2014 fnb Employer Contribution To Qualified Pension Plans
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0
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0.02 pure
CY2014 fnb Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Net Performance Adjustment
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36600 shares
CY2014 fnb Defined Benefit Plan Dividend Received On Common Stock
DefinedBenefitPlanDividendReceivedOnCommonStock
272000
CY2014 fnb Restructured Loans Receivable Returned To Performing Status
RestructuredLoansReceivableReturnedToPerformingStatus
2987000
CY2014 fnb Provision For Loan And Lease Losses Fair Value Disclosure
ProvisionForLoanAndLeaseLossesFairValueDisclosure
756000
CY2014 fnb Maximum Lease Expiration Date
MaximumLeaseExpirationDate
2045
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2566000
CY2014 fnb Number Of Metropolitan Statistical Areas
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3 Location
CY2014 fnb Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Net Performance Adjustment Weighted Average Net Performance Adjustment Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNetPerformanceAdjustmentWeightedAverageNetPerformanceAdjustmentGrantDateFairValue
12.01
CY2014 fnb Subordinated Debt Period Required For Redemption
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P30D
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369536000
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0.0039 pure
CY2014 fnb Certain Loans Acquired In Transfer Not Accounted For As Available For Sale Debt Securities Accretable Yield Reduction Due To Early Payoffs
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48556000
CY2014 fnb Sustained Period Past Due For Impairment Evaluation
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P90D
CY2014 fnb Percentage For Employee Automatic Contribution
PercentageForEmployeeAutomaticContribution
0.03 pure
CY2014 fnb Past Due Period For Loan To Be In Default
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P90D
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808000
CY2008 fnb Defined Benefit Plan Assumptions Consecutive Term Of Employment
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P10Y
CY2008 fnb Defined Benefit Plan Assumptions Consecutive Period Of Highest Average Compensation
DefinedBenefitPlanAssumptionsConsecutivePeriodOfHighestAverageCompensation
P5Y

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