F.N.B. Corporation

F.N.B. Corporation

F.N.B. Corporation

Overview
Date Founded

1974

Headquarters

12 Federal Street, One North Shore Center, Pittsburgh, PA, 15212, USA

Type of Company

Public

Employees (Worldwide)

3,821

Industries

Retail & Commercial Banking
Holding Companies

Company Description

F.N.B. Corp. is a diversified financial services company operating in eight states. It provides a full range of commercial banking, consumer banking, and wealth management solutions through its subsidiary network led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. The company operates through the following segments: Community Banking, Wealth Management, Insurance, and Consumer Finance. The Community Banking segment provides commercial and consumer banking services. The 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 solutions consist of deposit products, mortgage lending, consumer lending, and mobile and online banking services. The Wealth Management segment provides personal and corporate fiduciary services including the administration of decedent and trust estates. In addition, it offers various alternative products, including securities brokerage and investment advisory services, mutual funds, and annuities. The Insurance segment includes a full-service insurance agency offering all lines of commercial and personal insurance through major carriers. The Insurance segment also includes a reinsurer. The Consumer Finance segment comprises of installment loans to individuals and purchases installment sales finance contracts from retail merchants. The company was founded in 1974 and is headquartered in Pittsburgh, PA.

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Executives & Employees

Chairman, President & Chief Executive Officer

Chairman-Emeritus

Chief Financial Officer

Chief Wholesale Officer

Chief Consumer Officer

Chief Information Security Officer

Chief Legal Officer

Chief Credit Officer

Head-Shareholder Services

Head, Investor Relations

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Board of Directors

Chairman, President & Chief Executive Officer at F.N.B. Corporation

President & Chief Executive Officer at Gateway Financial Group, Inc.

Former Vice Chairman, President & Chief Executive Officer at Parkvale Financial Corp.

Former Partner at Campbell-Kirila Realty

Chief Executive Officer at Ampco-Pittsburgh Corp.

Senior Managing Director, Life Sciences Practice at Headwaters SC LLC

Head, Commercial Finance Practice at Cohen & Grigsby PC

President at Nick Strimbu, Inc.

Chief Executive Officer at Hollidaysburg Trust Company

Vice President & General Counsel at Carnegie Mellon University

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Owners & Shareholders
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Snow Capital Management specializes in relative value equity management. They employ bottom-up analysis to identify undervalued, out-of-favor companies that have sound balance sheets but have been oversold due to a development or event that is likely to be temporary. Reasons may be micro-related, such as lower than expected earnings, bearish future expectations, pending litigation or failure to gain FDA approval. Reasons may also be macro-related such as inflation, interest rates, geo-political concerns or foreign exchange rates. Snow Capital identifies companies that may benefit from a potential catalytic development within their organization, industry or market segment. They look for catalysts that fuel both earnings recovery and P/E expansion that lead to a significantly higher stock price.Snow Capital's All Cap Value portfolios consist of 35 to 40 stocks that are equally weighted at the time of purchase. Stocks are selected primarily on the upside potential reflected in their target prices, but consideration is also given to constructing a diversified portfolio. No stock is allowed to exceed 10% of the portfolios market value and no industry can exceed 25%. Market-cap is not a consideration in stock selection, except that stocks with a market-cap less than $1.5 billion are limited to a one-half weight position size.The firm's Large-Cap Value portfolios consists of 40 to 60 stocks, selected primarily on the upside potential reflected in their target prices, but consideration may also be given to maintaining their 4%-7% tracking error target versus the benchmark (the Russell 1000 Value Index). Individual stock over-weights relative to the benchmark, typically up to 3%, are conviction-weighted based on the upside potential reflected in their target prices. Unattractive stocks are not held regardless of their weight in the benchmark.

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DePrince, Race & Zollo (DRZ) follows a value income methodology with all of its value-income strategies. This value income philosophy is based on a belief that undervalued stocks with an above-average dividend yield and the existence of an imminent fundamental catalyst provide the opportunity for increased total returns with reduced volatility. Investments are selected based on three criteria: (1) low long-term relative valuation, (2) above average dividend yield, and (3) the existence of an imminent fundamental catalyst. The firm offers the following investment strategies: US Large-Cap Value, US Small-Cap Value, US Micro-Cap Value, US Small/Mid-Cap Value, International Value, International Small-Cap Value, Global Value, Emerging Markets Value, and DRZ Long/Short. Client portfolios are actively managed and are generally invested in equities subject to the investment strategy, objective selected and any investment restrictions or guidelines imposed by the client.

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Hamlin Capital Management manages clients assets based on the individual needs of each client. The firm identifies client-specific investment objectives and/or restrictions, mutually agreed upon asset allocation between equities, debt securities, and cash or cash equivalents, and the types of investments to be held. Clients may impose restrictions on their account based on specific securities, security type, bond term, or industry type, among others.Hamlin’s approach to asset management emphasizes current income. High-yield equities and high-yield municipal and taxable bonds constitute a majority of a client’s portfolio. The high-yield municipal bond strategy is also available with both a short-term bond mandate, as well as a long-term bond mandate. The balance is generally invested in government instruments, money market funds, and cash or cash instruments. Hamlin’s investment supervisory services also include transactions in certificates of participation. The firm can utilize long-term purchases and trading to implement their investment strategies. Hamlin focuses on stocks with dividend yields at approximately one and a half times or higher than that of the S&P 500 index yield. Within this high income universe, they search for companies with manageable debt, ample free cash flow and attractive returns on equity. While their strong balance sheet and dividend discipline generates mostly large company holdings, the firm invests across all market capitalizations. Hamlin is particularly interested in high dividend-yielding stocks with strong balance sheets that they believe are under-followed by other managers and Wall Street analysts. The municipal and taxable bonds and other debt-related securities in which Hamlin invests clients’ assets are usually non-rated, high-yield securities.

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Recent Transactions
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F.N.B. Corporation purchases Yadkin Financial Corporation

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First National Bank of Pennsylvania, F.N.B. Corporation purchase Fifth Third Bank /17 Branches from Fifth Third Bancorp

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F.N.B. Corporation purchases Metro Bancorp, Inc. (Pennsylvania)

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Insider Transactions
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Transaction Advisors
Accountant

Advised onF.N.B. Corporation purchases Charter Banking Corp.

Legal Advisor

Advised onF.N.B. Corporation purchases Yadkin Financial Corporation

Investment Advisor

Advised onF.N.B. Corporation purchases Yadkin Financial Corporation

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Legal Advisor

Advised onF.N.B. Corporation purchases Yadkin Financial Corporation

Legal Advisor

Advised onF.N.B. Corporation purchases Omega Financial Corp.

Legal Advisor

Advised onF.N.B. Corporation purchases Iron & Glass Bancorp, Inc.

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Advisors & Consultants
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Advisor

Former Senior Vice President at F.N.B. Corporation

Legal Advisor

Chair, Employee Benefits & Executive Compensation Practice at Winston & Strawn LLP

Legal Advisor

Member (Attorney) at Eckert Seamans Cherin & Mellott LLC

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Key Stats and Financials As of 2017
Market Capitalization
$4.69B
Total Enterprise Value
$8.24B
Earnings Per Share
$0.63
Revenue
$1.23B
Enterprise Value Sales
6.69x
TEVNet Income
41.38x
Debt TEV
0.53x
Net Profit
$199M
Total Debt
$4.35B
Total Equity
$4.41B
Three Year Compounded Annual Growth Rate Of Revenue
22.7%
Five Year Compounded Annual Growth Rate Of Revenue
16.88%
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