F.N.B. Corporation (NYSE: FNB) today announced that it executed a balance sheet strategy to sell its entire portfolio of pooled trust preferred securities (TPS) with net proceeds of $51.6 million and a resulting pre-tax gain of $13.8 million. FNB expects to utilize a portion of the gain to sell certain low-yielding securities to enhance future net interest income.
The TPS portfolio consisted of twenty-three pooled securities, with a current amortized cost of $37.8 million and a fair value at December 31, 2013 of $31.6 million. Of the twenty-three pools sold, one was determined to be a disallowed investment under the Volcker Rule.
Exclusive of the net gain, these actions are expected to be neutral to operating earnings in 2014 and generate a slight benefit to FNB’s overall financial position, including its capital levels.
About F.N.B. Corporation F.N.B. Corporation (NYSE: FNB), headquartered in Hermitage, Pennsylvania, is a regional diversified financial services company operating in six states and three major metropolitan areas including Pittsburgh, PA, where it holds the number three retail deposit market share, Baltimore, MD and Cleveland, OH. Following the completed BCSB Bancorp, Inc. acquisition, the Company has total assets of $14.2 billion and more than 280 banking offices throughout Pennsylvania, Ohio, West Virginia and Maryland. 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. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. F.N.B.’s wealth management services include asset management, private banking and insurance. The Company also operates Regency Finance Company, which has more than 70 consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol “FNB” and is included in Standard & Poor’s SmallCap 600 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation web site at www.fnbcorporation.com.
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