Transcript First Quarter 2015 Earnings Call. April 23, Investor Relations Thank you. Good morning everyone and welcome to our earnings call.
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1 Investor Relations Thank you. Good morning everyone and welcome to our earnings call. Transcript First Quarter 2015 Earnings Call This conference call of F.N.B. Corporation and the reports it files with the Securities and Exchange Commission often contain forward-looking statements. Please refer to the forward-looking statement disclosure contained in our earnings release, related presentation materials and in our reports and registration statements filed with the Securities and Exchange Commission and available on our corporate website. A replay of this call will be available until April 30 and a transcript and the Webcast link will be posted to the Shareholder and Investor Relations section of our corporate website. I will now turn the call over to Vince Delie, President and Chief Executive Officer. Vince Delie, President and Chief Executive Officer Good morning and welcome to our quarterly earnings call. Joining me today are Vince Calabrese, our Chief Financial Officer, and Gary Guerrieri, our Chief Credit Officer. I will be highlighting our operating performance and providing a strategic overview. Gary will review asset quality and Vince will provide further detail on our financial results as well as an update on our guidance for the rest of the year. Vince will then open the call up for any questions. Let s begin by looking at our operating results for the quarter. We are very pleased with the quarter s results that highlight high-quality earnings growth on both a linked-quarter and year-over-year basis. Operating net income available to common shareholders reached another record high at $38 million and resulted in $0.22 per diluted share. These results represent a 16% year-over-year increase in year-over
2 year earnings per share. This translates into a 111 basis point return on average tangible assets and over a 15% return on average tangible common equity. Continued positive operating leverage in the first quarter reflects the successful execution of our disciplined growth strategy, with strong year-over-year revenue growth of 14% and operating expenses, inclusive of additional acquisition run-rate expenses, well-controlled at a planned 9% increase. During the first quarter, our organic growth activity continued, with solid organic loan and deposits growth, positive results from our fee-based business units and excellent asset quality. As you recall, last year marked a transformational year for FNB, in which we accomplished a number of strategic milestones to position the company for long-term organic growth. As a management team, we are excited about the Company s tremendous progress, as we have continuously invested in our people, products, and processes in all segments. This progress is evident in the first quarter s operating results. Let me remind you that we overcame ten cents per share in 2014 from the impact of the Durbin amendment and our 2013 Basel III-related capital raise. These two regulatory items alone masked the fundamental earnings drivers of the Company in With these costs and the earnings dilution now fully embedded in our quarterly run-rate, looking at the first quarter of 2015 on a year-over-year basis, now presents a clear view of the Company s core operating performance and reflects the successful integration of four acquisitions in the last two years. Despite the continued low-rate environment in 2015, we were able to achieve positive operating leverage and double-digit year-over-year revenue growth, led by strong organic loan growth, dedicated cross-selling efforts across all business units, and added benefit from a full quarter of BCSB and OBA. Through our recent acquisitions, we have positioned the company to acquire new customers in the greater Baltimore and Cleveland markets, as well as leverage our enhanced product set to deepen existing client relationships within FNB s legacy footprint. FNB s significant investment in proprietary sales management systems continues to pay off by providing our bankers with a robust set of marketleading CRM tools. These tools are a valuable resource, which when combined with the strategy to locate our business units together in major hubs, provide for superior execution in cross-selling and generating organic growth. As an organization, we structure performance goals that are aligned with our overall financial plan and are balanced from a risk appetite perspective. Through utilization of these Page 2
3 tools and processes, a cohesive team works in unison, quickly identifying customer leads and enhancing our success rate in bringing in new clients. Our Private Banking team is an excellent example of a successful investment in a business line that increased its total loan portfolio to over half a billion and grew total households by 28% year-over-year, particularly driven by expansion into the new markets. As evidenced in our first quarter results, our bankers have been successful in effectively cross-selling fee-based services. On a year-over-year basis, wealth management revenues increased 15%, and fee income from our capital markets activities, which includes syndications, international banking and interest rate derivatives, increased $2.0 million compared to the year-ago quarter. Mortgage banking had a very successful quarter with increased revenues of $1.6 million, reflecting higher origination volume. While FNB has historically offered mortgage banking products to our clients, in the beginning of 2014, we strategically allocated resources to enhance this segment. We invested in our mortgage banking sales and processing capabilities to align the market share of the mortgage business proportionate to the size of our organization. We expect mortgage banking to continue to be a source of solid fee-income and support our efforts to increase household penetration and cross-sell activity. The first quarter efficiency ratio of 56.6% improved from 59.0% in the year-ago quarter and marked the 12 th consecutive quarter with an efficiency ratio under 60%. This is a proof point of FNB s organic and acquisition growth strategy, signifying our success in operating a larger organization more efficiently with the realization of increased scale and acquisition-related cost savings. Looking at the balance sheet on a linked-quarter basis, annualized average loan growth was a solid 7%. The total average loan growth was in line with our expectations, due to seasonality in the first quarter. We saw solid performance in the consumer loan portfolio with annualized total average consumer loan growth of 10%, which includes direct installment, consumer lines, indirect auto and mortgage loans. Total annualized average commercial loan growth was a solid 5%. It is important to note that during the quarter, our credit team reduced criticized asset levels by $67 million, which included $31 million in planned exits. While this reduction in criticized assets reduced first quarter total loan growth, which would have been nearly 8% annualized, it further enhanced the quality of our total loan portfolio. Our commercial pipelines are solid and above both the prior quarter and year-ago levels, with the metro markets making up more than half of the total commercial pipeline. Average transaction deposits and Page 3
4 customer repos increased slightly linked-quarter. This movement reflected growth in average savings and interest checking balances offset by the timing of seasonally lower business transaction deposits and customer repo balances. Consistent with our cross-selling focus, our success in attracting deposits serves to deepen our client relationships and provides a low-cost funding source for our loan growth. I would like to remind you that customer repurchase agreements are part of our treasury management business, and have been a good source of stable low-cost funding. These balances typically experience seasonal movement throughout the year with declines in the first quarter. The funding position improved slightly from the fourth quarter, with a loan to deposit ratio, including customer repos, of 91%. The first quarter level of provisioning for newly originated loans reflects further strengthening of our balance sheet, as we continue to build reserves in support of loan growth. This illustrates our commitment to maintaining a low-risk profile and generating higher-quality earnings. Gary will elaborate on our credit philosophy and will provide further detail on the quarter s asset quality results. At the end of March, we completed our second Dodd-Frank stress testing submission. This rigorous and extensive process requires a collaborative cross-functional effort. FNB has made significant investments in robust risk management tools and processes that will continue to serve us well in a challenging regulatory environment. Before turning the call over to Gary and Vince, I would like to congratulate and thank the entire FNB team for another great quarter. Record net income and 16% growth in operating EPS on a year-overyear basis is a tremendous accomplishment, reflecting the execution of strategic initiatives on a variety of fronts, including the recent acquisitions and geographic expansion to position FNB in higher growth markets. Loan and deposit growth remained strong, as we build on FNB s established presence and add share in our expansion markets. We have grown loans organically for 23 consecutive linked quarters, a period of nearly six years. Asset quality results were again excellent as we continue to deploy consistent underwriting standards footprint wide. Our first quarter returns on tangible capital have increased even as we operate with higher capital levels. Since the end of 2013, we have bolstered our capital levels and our current TCE ratio of 7.0% represents the strongest operating level since Page 4
5 As we have communicated, continued focus on cross-selling is deeply ingrained in our culture and is paramount to the successful execution of our strategy as we are focused on building our platform to drive sustainable earnings growth. Looking ahead to the remainder of 2015, with strong year-over-year operating EPS growth and 2014 earnings headwinds fully-absorbed in our run-rate, we believe the current underlying fundamentals remain strong and FNB is poised to generate additional positive operating leverage and continue to create long-term value for our shareholders. With that, I will turn the call over to Gary so he can share asset quality results. Gary Guerrieri, Chief Credit Officer Thank you Vince and good morning everyone. We ended the first quarter of 2015 very well positioned, with credit quality results that moved positively from already good levels. This favorable first quarter performance was highlighted by lower delinquency, a further decrease in problem assets, and good net charge-off performance of 20 basis points annualized on a GAAP basis. I would now like to walk you through some of the key results for the period, starting with the originated portfolio. During the quarter, the level of NPL's and OREO decreased by $2 million to end March at 1.08%, representing a 5 basis point linked-quarter improvement. Delinquency decreased by $10 million, representing a 13 basis point improvement to a very solid level at 86 bps, with all past due categories contributing to this favorable movement. Net charge-offs totaled $5.8 million, or 24 basis points annualized, and reflect solid performance that is slightly better than our targeted levels for the period. Originated provision at $9.1 million exceeded our charge-offs and covered our loan growth for the quarter, resulting in an ending reserve position that remained flat at 1.22%. Turning next to our acquired book, we ended the quarter with $1.5 billion of loans outstanding, with credit quality results that demonstrated continued positive movement marked by reductions in both delinquency and rated credits. The level of delinquency decreased by $7 million on a linked-quarter basis, ending March at $56 million, and was driven by improvements within the real estate secured portfolio. The level of rated credits also trended favorably in the quarter as we successfully exited Page 5
6 several smaller relationships, with many of these borrowers refinancing with more aggressive lenders. These positive results are reflective of our strategy to resolve and exit sub-performing credits proactively and efficiently, which remains a key aspect of our credit philosophy. Our dedication to maintaining a strong credit culture is evidenced by the ongoing investments we have made in our credit and risk management areas. Commensurate with our growth, we have bolstered our credit team by adding talent from outside and by continually developing our internal talent to better position the company's risk management team. We also continue to further refine internal credit systems, which provide us with consistent underwriting across the footprint, in-depth credit migration analysis, enhanced ALLL modeling, comprehensive forecasting and planning, and better oversight of the portfolio s performance. As we position FNB in higher growth markets, this concerted effort to acquire and retain talented personnel and to provide them with robust analytical systems and tools will enable us to more effectively manage our portfolios through the various business cycles. As we have done in the past, we will continue to make these types of investments to keep us well-positioned for the future. In closing, we delivered another quarter of solid results, highlighted by the stable and consistent performance across all portfolios. Our hands-on approach to approving, monitoring, and managing credit has been a key contributor to the solid performance of the portfolio and the high quality earnings being generated by these assets. As our loan book increases in size with each passing quarter, we will continue to operate according to our core credit philosophy of prudent underwriting, proactive risk management, and attentive workout of problem assets, carried out by our experienced banking team. I d now like to turn the call over to Vince Calabrese, our Chief Financial Officer, for his remarks. Vincent J. Calabrese, Jr., Chief Financial Officer Thanks Gary and good morning everyone. Today I will discuss the first quarter s operating performance and provide an update to our guidance for the remainder of the year. Page 6
7 Looking at the balance sheet, organic average loan growth was solid, with average loans growing 7.1% annualized linked-quarter, led by solid results across the commercial and consumer portfolios. With the amount of criticized credits we were able to exit during the quarter, the underlying organic total loan growth was closer to 8%. On a linked-quarter basis, average commercial growth totaled $81 million, or 5.2% annualized. Adjusted for the criticized commercial credits we exited, the underlying organic commercial loan growth was 6%. As Vince mentioned earlier, looking ahead, we are excited about the increased quantity and quality of opportunities created by our recent geographic expansion. The linked-quarter growth in the consumer portfolio reflects solid contributions from multiple product lines. Average organic growth in consumer home equity loans totaled $42 million, reflecting better market penetration and effective marketing campaigns. Average organic growth in indirect auto loans totaled $48 million, reflecting increased consumer demand given the auto industry s recent growth trends. Average organic growth in residential mortgage loans totaled $29 million, reflecting betterthan-expected origination volume and successful cross-selling efforts. On a linked-quarter basis, organic growth in average transaction deposits and customer repos totaled $10 million, or 0.4% annualized. On a spot basis, transaction deposits and customer repos increased $320 million, representing a strengthened funding mix at the end of the quarter. As Vince mentioned, we are committed to attracting low-cost deposit relationships to enhance our funding mix and provide meaningful cross-sell opportunities. We ended the quarter well positioned, as 79% of total deposits and customer repos were transaction-based. From a total funding perspective, our relationship of loans to deposits and customer repos improved slightly to 91% at the end of the first quarter. Net interest income decreased $1.7 million, or 1.3%, reflecting two fewer days in the quarter at a cost of $1 million per day, a continued low-interest rate environment and pressure on loan yields from a competitive lending environment. Given the absolute low level of interest rates, our cost of interestbearing liabilities remained stable at 41 bps compared to the prior quarter. Net interest income levels compared to the prior quarter included $1.8 million of benefit from accretable yield adjustments, equal Page 7
8 to the level of benefit realized in the fourth quarter. Our core net interest margin narrowed six basis points to 3.43%, which is slightly lower than our original expectations. The narrowing is attributable to lower loan yields and security reinvestment rates given the downward move in interest rates during the first quarter. Turning to non-interest income and expense. Core non-interest income was 24% of total revenue, reflecting strong results from multiple business lines. These results were driven by successful crossselling efforts and organic sales growth, with the newer Greater Baltimore and Cleveland markets providing meaningful contributions. Excluding securities gains and non-recurring items, core noninterest income increased $1.7 million compared to the prior quarter. The first quarter had strong contributions from our mortgage banking business unit driven by strong purchase activity and a slight increase in re-finance activity. Solid results from wealth management, capital markets activities and mortgage banking provide FNB with a strong and diversified platform for continued fee-income growth moving forward. Non-interest expense, excluding merger and severance costs, decreased slightly by $0.4 million, reflecting lower OREO expense, seasonally lower marketing costs and decreased professional services costs compared to the prior quarter. The first quarter efficiency ratio was 56.6%, compared to 56.1% and 59.0% in the prior and year-ago quarters. The first quarter is a good display of our commitment to disciplined expense control and our demonstrated ability to generate positive operating leverage. Regarding income taxes, our overall effective tax rate for the quarter was 30%, consistent with the prior quarter level. Our expectations for the remainder of 2015 are generally consistent with prior guidance. We reaffirm expectations to achieve strong year-over-year organic total loan growth in the high single digits and total organic deposit and customer repo growth in the mid-to-high single digits. Page 8
9 We are slightly tweaking our core net interest margin guidance to account for the continued low-interest rate environment and our expectations for the remainder of As we sit here today, we expect the full-year net interest margin to narrow modestly from the fourth quarter core net interest margin of 3.49%. This is a change from the narrow slightly language used in January when we provided guidance for Let me remind you that that our forecast was built with an expectation for a modest increase in interest rates beginning in the second half of the year. Similar to other banks, the pace of compression will be largely dependent on potential movement in interest rates during the second half of the year. With expectations for the first Fed move in interest rates changing so frequently, the timing for a potential Fed move is difficult to predict. In dollar terms, we reaffirm our expectations for net interest income to increase from full year 2014 due mainly to the strong planned organic loan growth as well as the benefit from having a full year of BCSB and OBA. Looking at non-interest income and expense, we reaffirm our expectations to achieve positive year-overyear operating leverage. We reaffirm our expectations for full year core non-interest income to grow in the mid-to-high single digits, and core non-interest expense to increase in the mid-single digits. Regarding the provision for loan losses, there are fluctuations from quarter to quarter in the amount related to the acquired loan portfolio. For guidance purposes, the provision for the originated portfolio has ranged from $7.5 million to $10 million over the last five quarters. With the first quarter originated provision at $9.1 million with a very good net charge-off quarter, we would guide to the high end of the range for the last three quarters of the year in support of strong planned organic loan growth. Regarding the acquired loans, we expect there will be some slight level of quarterly provision as acquired loans migrate, with the exact amount difficult to predict. A reasonable range to use for the acquired provision would be $0 to $1 million each quarter. The overall effective tax rate for 2015 is expected to be in the 31% area. In summary, we are very pleased with our performance three months into the year, as the early results from our geographic expansion strategy have translated into meaningful earnings growth. The results Page 9
10 were marked by solid organic loan growth, strong core fee income growth, continued efficiency, positive operating leverage, and increased returns on equity and assets. I would also like to congratulate and thank our entire team for another great quarter. As we navigate a competitive landscape and pro-longed low interest rate environment, the first quarter s earnings per share reflects the tremendous progress we have made as an organization. Looking ahead, we are very excited about the company s position to drive further eps growth in Now I would like to turn the call over to the operator for your questions. Page 10
I will now turn the call over to Vince Delie, President and Chief Executive Officer.
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