2015 Q2 Form 10-Q Financial Statement

#000119312515282321 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $135.4M $124.4M
YoY Change 8.85% 15.39%
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 $10.20M $8.000M
YoY Change 27.5% 11.11%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $11.68M $10.25M
YoY Change 13.98% -7.63%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $58.16M $50.39M
YoY Change 15.4% 21.68%
Income Tax $18.03M $15.56M
% Of Pretax Income 30.99% 30.88%
Net Earnings $40.13M $34.83M
YoY Change 15.22% 19.31%
Net Earnings / Revenue 29.63% 27.99%
Basic Earnings Per Share $0.22 $0.20
Diluted Earnings Per Share $0.22 $0.20
COMMON SHARES
Basic Shares Outstanding 174.9M shares 166.2M shares
Diluted Shares Outstanding 176.4M shares 167.9M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $237.5M $270.7M
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 $167.0M $162.4M
YoY Change 2.85% 11.35%
Goodwill $831.3M $805.5M
YoY Change 3.21% 13.54%
Intangibles $45.06M $48.29M
YoY Change -6.7% 28.77%
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 $16.60B $15.02B
YoY Change 10.52% 19.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.508B $1.505B
YoY Change 0.2% 45.98%
Long-Term Debt Due $125.0M $129.0M
YoY Change -3.1% -1.53%
Total Short-Term Liabilities $125.0M $129.0M
YoY Change -3.1% -1.53%
LONG-TERM LIABILITIES
Long-Term Debt $143.0M $144.0M
YoY Change -0.69% -49.83%
Other Long-Term Liabilities $125.0M $155.0M
YoY Change -19.35% 9.93%
Total Long-Term Liabilities $268.0M $299.0M
YoY Change -10.37% -30.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.0M $129.0M
Total Long-Term Liabilities $268.0M $299.0M
Total Liabilities $14.53B $13.11B
YoY Change 10.84% 18.07%
SHAREHOLDERS EQUITY
Retained Earnings $210.4M $146.5M
YoY Change 43.59% 48.66%
Common Stock $1.805B $1.673M
YoY Change 107796.71% 15.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.69M $10.68M
YoY Change 18.83% 53.42%
Treasury Stock Shares 1.148M shares 1.012M shares
Shareholders Equity $2.066B $1.908B
YoY Change
Total Liabilities & Shareholders Equity $16.60B $15.02B
YoY Change 10.52% 19.45%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $40.13M $34.83M
YoY Change 15.22% 19.31%
Depreciation, Depletion And Amortization $10.20M $8.000M
YoY Change 27.5% 11.11%
Cash From Operating Activities $38.90M $56.40M
YoY Change -31.03% -67.57%
INVESTING ACTIVITIES
Capital Expenditures -$2.500M -$2.000M
YoY Change 25.0% 5.26%
Acquisitions
YoY Change
Other Investing Activities -$333.7M -$508.0M
YoY Change -34.31% 161.18%
Cash From Investing Activities -$336.1M -$509.9M
YoY Change -34.09% 159.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.5M 478.0M
YoY Change -37.13% 424.7%
NET CHANGE
Cash From Operating Activities 38.90M 56.40M
Cash From Investing Activities -336.1M -509.9M
Cash From Financing Activities 300.5M 478.0M
Net Change In Cash 3.300M 24.50M
YoY Change -86.53% -64.29%
FREE CASH FLOW
Cash From Operating Activities $38.90M $56.40M
Capital Expenditures -$2.500M -$2.000M
Free Cash Flow $41.40M $58.40M
YoY Change -29.11% -66.78%

Facts In Submission

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<div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>BUSINESS</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> F.N.B. Corporation (the Corporation), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in six states and three major metropolitan areas, including Pittsburgh, Baltimore, Maryland and Cleveland, Ohio. As of June&#xA0;30, 2015, the Corporation had 284 banking offices throughout Pennsylvania, Ohio, Maryland and West Virginia. The Corporation 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 (FNBPA). Commercial banking solutions include corporate banking, small business banking, investment real estate financing, international banking, business credit, capital markets and lease financing. Consumer banking 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. Wealth management services include asset management, private banking and insurance. The Corporation also operates Regency Finance Company (Regency), which had 73 consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee as of June&#xA0;30, 2015.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>USE OF ESTIMATES</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 credit losses, securities valuations, goodwill and other intangible assets and income taxes.</p> </div>
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