2015 Q4 Form 10-Q Financial Statement

#000119312515369631 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $137.2M $131.6M
YoY Change 4.28% 19.83%
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 $12.50M $9.500M $12.70M
YoY Change 12.61% -25.2% 98.44%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $12.00M $10.95M
YoY Change 9.58% 3.9%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $56.50M $57.63M $51.13M
YoY Change 0.18% 12.73% 22.87%
Income Tax $17.40M $17.58M $15.74M
% Of Pretax Income 30.8% 30.5% 30.78%
Net Earnings $39.10M $40.05M $35.39M
YoY Change -0.51% 13.17% 11.88%
Net Earnings / Revenue 29.19% 26.9%
Basic Earnings Per Share $0.22 $0.20
Diluted Earnings Per Share $221.2K $0.22 $0.20
COMMON SHARES
Basic Shares Outstanding 175.4M shares 175.3M shares 167.3M shares
Diluted Shares Outstanding 176.5M shares 168.9M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $489.0M $258.8M $238.0M
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 $159.1M $161.7M $166.7M
YoY Change -5.73% -2.98% 13.06%
Goodwill $833.1M $834.1M $829.3M
YoY Change 0.1% 0.59% 16.22%
Intangibles $45.64M $46.42M $50.02M
YoY Change -3.92% -7.2% 41.29%
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 $17.56B $16.84B $15.76B
YoY Change 8.87% 6.85% 23.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.049B $1.287B $1.601B
YoY Change 0.35% -19.6% 37.3%
Long-Term Debt Due $124.0M $125.0M
YoY Change -3.88%
Total Short-Term Liabilities $124.0M $125.0M
YoY Change -3.88%
LONG-TERM LIABILITIES
Long-Term Debt $241.0M $143.0M
YoY Change 70.92%
Other Long-Term Liabilities $148.0M $152.0M
YoY Change 5.71%
Total Long-Term Liabilities $389.0M $295.0M
YoY Change 38.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $124.0M $125.0M
Total Long-Term Liabilities $389.0M $295.0M
Total Liabilities $15.46B $14.74B $13.75B
YoY Change 9.61% 7.19% 21.61%
SHAREHOLDERS EQUITY
Retained Earnings $243.2M $227.3M $159.8M
YoY Change 38.1% 42.22% 41.87%
Common Stock $1.810B $1.808B $1.747M
YoY Change 0.51% 103374.07% 20.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.76M $12.72M $14.53M
YoY Change -21.63% -12.5% 105.68%
Treasury Stock Shares 1.153M shares 1.150M shares 1.323M shares
Shareholders Equity $2.096B $2.095B $2.005B
YoY Change
Total Liabilities & Shareholders Equity $17.56B $16.84B $15.76B
YoY Change 8.87% 6.85% 23.2%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $39.10M $40.05M $35.39M
YoY Change -0.51% 13.17% 11.88%
Depreciation, Depletion And Amortization $12.50M $9.500M $12.70M
YoY Change 12.61% -25.2% 98.44%
Cash From Operating Activities $38.60M $79.70M $78.00M
YoY Change -43.48% 2.18% 23.22%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M $1.400M -$4.600M
YoY Change -68.42% -130.43% -20.69%
Acquisitions
YoY Change
Other Investing Activities -$513.1M -$66.60M -$402.5M
YoY Change 40.31% -83.45% 98.47%
Cash From Investing Activities -$515.6M -$65.30M -$407.1M
YoY Change 38.08% -83.96% 95.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 707.3M 6.900M 296.4M
YoY Change 99.58% -97.67% 49.17%
NET CHANGE
Cash From Operating Activities 38.60M 79.70M 78.00M
Cash From Investing Activities -515.6M -65.30M -407.1M
Cash From Financing Activities 707.3M 6.900M 296.4M
Net Change In Cash 230.3M 21.30M -32.70M
YoY Change 367.14% -165.14% -161.24%
FREE CASH FLOW
Cash From Operating Activities $38.60M $79.70M $78.00M
Capital Expenditures -$2.400M $1.400M -$4.600M
Free Cash Flow $41.00M $78.30M $82.60M
YoY Change -45.98% -5.21% 19.54%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>BUSINESS</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> 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, Pennsylvania, Baltimore, Maryland and Cleveland, Ohio. As of September&#xA0;30, 2015, the Corporation had 289 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 September&#xA0;30, 2015.</p> </div>
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>USE OF ESTIMATES</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> 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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