First National Bankshares of Florida Exceeds Consensus Estimate;
Reports First Quarter Net Income of $0.22 per Share NAPLES, Fla.,
April 14 /PRNewswire-FirstCall/ -- First National Bankshares of
Florida, Inc. , a diversified financial services company focused on
expansion in the high-growth Florida market, today reported first
quarter 2004 net income of $10.3 million, or $0.22 per diluted
share, compared with $8.7 million, or $0.19 per share, in the first
quarter of 2003. The first quarter 2003 results include after-tax
merger-related expenses of $0.01 per share. (Logo:
http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO ) These
results exceeded the analysts' consensus estimate of $0.21 per
share for the quarter. "The first quarter results represent a
strong start to the year," said Gary L. Tice, Chairman and Chief
Executive Officer of First National Bankshares. "The solid
performance of our organization during our first three months as a
separate, publicly traded company was driven by solid revenue and
loan growth as well as excellent credit quality." First National
Bankshares' first quarter 2004 results reflect a return on average
assets (ROA) of 1.09% and a return on average equity (ROE) of
11.19%. On a cash basis, the ROA was 1.17% and the ROE was 22.61%
for the quarter. Cash basis ROA and ROE excludes the impact of
intangibles and any related intangible amortization in calculating
both ROA and ROE. Intangibles as of March 31, 2004, totaled $184
million. Pre-tax intangible amortization recognized during the
first quarter of 2004 totaled $345,000. The company's first quarter
2004 operating revenue, consisting of net interest income on a
taxable equivalent basis and non-interest income, totaled
approximately $49.7 million, representing an increase of 14% from
$43.7 million during the same period a year ago. Credit quality
also remained strong during the quarter. As of March 31, 2004, the
allowance for loan losses totaled $29.1 million, or 1.14% of total
loans and 684% of non-performing loans. This compares with 1.15%
and 509%, respectively, as of December 31, 2003, and 1.11% and
502%, respectively, as of March 31, 2003. Annualized net loan
charge-offs were 0.06% of average loans as of March 31, 2004,
compared with 0.14% as of December 31, 2003, and 0.21% as of March
31, 2003. Non-performing assets were 0.12% of total assets as of
March 31, 2004, compared with 0.15% as of December 31, 2003, and
0.17% as of March 31, 2003. Net interest income on a tax-equivalent
basis was $33.0 million for the first quarter of 2004, an increase
of 15% from $28.6 million the same period a year ago. The net
interest margin for the quarter ended March 31, 2004, was 4.00%,
compared with 4.11% for the quarter ended December 31, 2003, and
4.57% for the quarter ended March 31, 2003. The margin was
negatively impacted by the additional borrowings incurred due to
the spin-off from F.N.B. Corporation as well as a focus on
extending maturities on time deposits. Non-interest income, which
includes revenue from insurance and wealth management operations,
was $16.7 million for the first quarter 2004, up 11% from $15.1
million a year ago. In the first quarter 2004, non-interest income
represented 34% of operating revenue. Non-interest expense for the
first quarter of 2004 was $32.5 million, up 15% from $28.2 million
a year ago. Approximately $2.3 million, or 8% of this increase is
attributable to the acquisitions of Charter Banking Corporation,
which closed on March 31, 2003, and the Lupfer-Frakes Insurance
agency, which closed on July 31, 2003. Non-interest expense for the
first quarter 2003 includes approximately $1.0 million in pre-tax
merger expenses. The efficiency ratio for the three months ended
March 31, 2004, was 65.5%. This compares with an efficiency ratio
of 64.7% for the same three-month period a year ago. Book value per
common share grew 4% from $7.88 as of December 31, 2003, to $8.16
as of March 31, 2004. Tangible book value per common share grew 7%
from $3.90 as of December 31, 2003, to $4.18 as of March 31, 2004.
The tangible capital ratio as of March 31, 2004, was 5.07%. Common
shares outstanding totaled 46.3 million as of March 31, 2004, and
cash dividends paid per common share were $0.07 for the first
quarter of 2004. Total earning assets increased 11% to $3.5 billion
as of March 31, 2004, compared with $3.2 billion as of March 31,
2003. Total loans increased 16% to $2.6 billion as of March 31,
2004, compared with $2.2 billion as of March 31, 2003. On a linked
quarter basis, average loans increased by a compound annual growth
rate of 20%. At March 31, 2004, investment securities totaled $885
million and represented 25% of earning assets as compared with 29%
at March 31, 2003. Total deposits increased 7% to $3.0 billion as
of March 31, 2004, compared with $2.8 billion as of March 31, 2003.
On a linked quarter basis, average deposits grew by a compound
annual growth rate of 17%. In addition to releasing its first
quarter 2004 results, First National Bankshares of Florida is
providing earnings guidance in a range of $0.22 to $0.24 per share
for the second quarter of 2004 and in a range of $0.91 to $0.95 per
share for the full year of 2004. The guidance for the full year of
2004 reflects the $0.02 per share impact of the planned acquisition
of Southern Community Bancorp as previously discussed by the
company. First National Bankshares announced its plans to acquire
Southern Community Bancorp, the holding company for three
state-chartered commercial banks, on March 22, 2004. Headquartered
in Orlando, Florida, Southern Community has more than $1 billion in
total assets and 18 full-service banking offices located throughout
South and Central Florida. The transaction, subject to normal
regulatory and shareholder approvals, is expected to close in the
third quarter of 2004. Once the merger is completed, all Southern
Community offices will become branches of First National Bank of
Florida. In connection with this acquisition, First National
Bankshares issued $25 million of trust preferred securities during
the first quarter of 2004. The proceeds from this issuance will be
used to fund the purchase of 1.1 million shares of First National
Bankshares common stock during 2004. "This acquisition fits
perfectly with our strategic plan, which calls for significant
quality growth in highly attractive Florida markets," Tice said.
"With these new offices, we will significantly increase the number
of commercial loans and develop consumer and small business
relationships. We also will introduce new products and services,
including insurance, mutual funds, retail brokerage, online banking
and wealth management." In keeping with First National Bankshares'
community banking philosophy, most of the key customer contact
employees will be retained. In addition, Charles W. Brinkley, Jr.,
Chairman and Chief Executive Officer of Southern Community Bancorp,
will join the Board of Directors of First National Bankshares of
Florida, serving as Vice Chairman. The company continues to expand
through de novo branching in Florida. In March 2004, First National
Bankshares announced plans to establish a new full- service
financial center in the heart of the exclusive Old Naples shopping
district in Naples, Florida. The 3,100-square-foot branch office
will offer a complete line of financial products and services to
small businesses, professionals and individuals. Building
renovations are expected to begin in the second quarter of 2004,
with completion anticipated in October of 2004. During the first
quarter, First National Bankshares declared a quarterly cash
dividend of $0.07 per share on its common stock. The cash dividend
was paid on February 15, 2004, to all First National Bankshares
common shareholders of record as of February 1, 2004. The company
also announced that it has set Monday, April 19, 2004, as the date
for its Annual Meeting of Shareholders. The meeting will be held at
4 p.m. at the Naples Beach Hotel, 851 Gulf Shore Boulevard North,
Naples, Florida, 34102. The record date for determining
shareholders entitled to vote at the annual meeting was February 9,
2004. First National Bankshares management will host a conference
call on Thursday, April 15, 2004, at 11 a.m. (Eastern Time) to
discuss the first quarter 2004 results and to further discuss its
strategic plan for expansion in the Florida market. This conference
call may be accessed by dialing 1-800- 346-7359, with the entry
code #1160. For those unable to listen to the live conference call,
a replay will be made available from 2 p.m. on April 15, 2004,
until 6 p.m. on April 22, 2004, by dialing 1-800-332-6854, with the
entry code #1160. First National Bankshares of Florida, Inc. is a
$4.0 billion diversified financial services company headquartered
in Naples, Florida. In addition to traditional banking, the company
provides a complete line of insurance and wealth management
services with 59 full-service financial centers throughout
Southwest and Central Florida. The company's common stock is traded
on the New York Stock Exchange under the symbol "FLB." This
document contains forward-looking statements with respect to the
plans, objectives, financial condition, results of operations and
businesses of First National Bankshares of Florida, Inc.; the
benefits and synergies of the planned acquisition of Southern
Community Bancorp; and the expected date of closing of the
acquisition, including statements containing such words as
"believes," "expects," "projects," "anticipates," and similar
expressions. Such statements involve risks and uncertainties. There
are a number of important factors that could cause future results
to differ materially from historical performance and these
forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) competitive
pressures among depository institutions increase significantly; (2)
changes in the interest rate environment reduce interest margins;
(3) general economic conditions are less favorable than expected;
(4) legislative or regulatory changes adversely affect the
businesses in which the company is engaged; (5) costs, delays, and
any other difficulties related to the planned acquisition of
Southern Community; (6) failure of the parties to satisfy
conditions to the closing of the acquisition; (7) the ability to
manage and continue growth; and (8) other risk factors as detailed
in First National Bankshares' reports filed with the SEC. First
National Bankshares disclaims any responsibility to update these
forward-looking statements. First National Bankshares will file
with the SEC a Registration Statement on Form S-4, which will
contain the prospectus of First National Bankshares relating to the
shares to be issued in the merger, and the proxy statements of
First National Bankshares and Southern Community relating to the
special meetings of shareholders of First National Bankshares and
Southern Community at which the merger agreement will be considered
and voted upon by their respective shareholders, as well as other
relevant documents concerning the proposed merger. Investors are
urged to read the joint proxy statement/prospectus when it becomes
available and any other relevant documents filed with the SEC
because they will contain important information. You will be able
to obtain the Form S-4 Registration Statement, including the
exhibits filed therewith free of charge at the website maintained
by the SEC at http://www.sec.gov/. In addition, you may obtain
documents filed with the SEC by First National Bankshares free of
charge by requesting them in writing from First National
Bankshares, 2150 Goodlette Road N., Naples, Fl., 34102, Attention:
Corporate Secretary, or by telephone at (800) 262-7600. You may
obtain documents filed with the SEC by Southern Community Bancorp
free of charge by requesting them in writing from Southern
Community Bancorp, 175 Timacuan Boulevard, Lake Mary, Fl., 32746.
First National Bankshares, Southern Community Bancorp and their
directors and executive officers may be deemed to be participants
in the solicitation of proxies from their respective shareholders
in connection with the merger. Information about such directors and
executive officers and their ownership of First National Bankshares
and Southern Community Bancorp stock is or will be set forth in the
proxy statement for each company's 2004 annual meeting of
shareholders which will be incorporated by reference in the Form
S-4 Registration Statement to be filed with the SEC and in the
joint proxy statement/prospectus to be mailed to First National
Bankshares and Southern Community Bancorp shareholders. Investors
may obtain additional information regarding the interests of such
participants by reading the proxy statement/prospectus when it
becomes available. FIRST NATIONAL BANKSHARES OF FLORIDA, INC.
(Unaudited) (Dollars in thousands, except per share data) 2004 2003
First Fourth Third Statement of earnings Quarter Quarter Quarter
Interest income - taxable equivalent basis $43,897 $43,363 $42,168
Interest income $43,523 $42,819 $41,617 Interest expense 10,919
10,163 10,636 Net interest income 32,604 32,656 30,981 Provision
for loan losses 1,400 2,672 952 Net interest income after provision
31,204 29,984 30,029 Service charges 4,898 4,353 4,872 Insurance
commissions and fees 7,680 6,686 6,861 Securities commissions and
fees 1,116 839 993 Trust income 814 763 701 Gain on sale of
securities 163 23 7 Gain on sale of mortgage loans 1,020 636 256
Other 1,019 1,448 1,351 Total non-interest income 16,710 14,748
15,041 Salaries and employee benefits 19,494 19,690 21,042
Occupancy and equipment 5,368 5,094 5,058 Amortization of
intangibles 345 342 341 Merger expenses 0 221 0 Other 7,322 12,148
6,581 Total non-interest expense 32,529 37,495 33,022 Income before
income taxes 15,385 7,237 12,048 Income taxes 5,036 3,090 3,749 Net
income (loss) $10,349 $4,147 $8,299 Basic earnings per share 0.22
0.09 0.18 Diluted earnings per share 0.22 0.09 0.18 Earnings
excluding merger and restructuring expenses $10,349 $10,682 $9,497
Basic earnings per share 0.22 0.23 0.21 Diluted earnings per share
0.22 0.23 0.20 Average basic shares outstanding 46,310,308
46,126,779 46,091,404 Average diluted shares outstanding 47,522,435
47,038,550 47,003,985 Common shares outstanding 46,313,224
46,317,300 46,082,495 Cash dividend per common share 0.07 N/A N/A
Performance ratios Return on average shareholders' equity 11.19%
3.69% 7.33% Return on average assets 1.09% 0.44% 0.89% Net interest
margin (FTE) 4.00% 4.11% 3.97% Yield on earning assets (FTE) 5.33%
5.37% 5.31% Efficiency ratio (FTE) 65.47% 78.20% 70.90% Performance
ratios (earnings excluding merger and restructuring expenses)
Return on average shareholders' equity 11.19% 9.52% 8.39% Return on
average shareholders' equity, cash basis 22.61% 16.55% 14.57%
Return on average assets 1.09% 1.14% 1.02% Return on average
assets, cash basis 1.17% 1.22% 1.10% Efficiency ratio (FTE) 65.47%
60.00% 66.72% 1st Qtr 2004 - 4th Qtr 2003 2003 Second First Percent
Statement of earnings Quarter Quarter Variance Interest income -
taxable equivalent basis $44,458 $38,534 1.2% Interest income
$43,895 $37,963 1.6 Interest expense 12,068 9,979 7.4 Net interest
income 31,827 27,984 -0.2 Provision for loan losses 1,828 1,732
-47.6 Net interest income after provision 29,999 26,252 4.1 Service
charges 4,891 3,999 12.5 Insurance commissions and fees 6,558 6,077
14.9 Securities commissions and fees 1,096 863 33.0 Trust income
681 623 6.7 Gain on sale of securities 102 311 608.7 Gain on sale
of mortgage loans 2,772 1,926 60.4 Other 1,423 1,305 -29.6 Total
non-interest income 17,523 15,104 13.3 Salaries and employee
benefits 19,154 16,766 -1.0 Occupancy and equipment 4,928 3,971 5.4
Amortization of intangibles 305 278 0.9 Merger expenses 0 1,014
-100.0 Other 7,145 6,220 -39.7 Total non-interest expense 31,532
28,249 -13.2 Income before income taxes 15,990 13,107 112.6 Income
taxes 5,404 4,388 63.0 Net income (loss) $10,586 $8,719 149.6 Basic
earnings per share 0.23 0.19 144.4 Diluted earnings per share 0.23
0.19 144.4 Earnings excluding merger and restructuring expenses
$10,586 $9,378 -3.1 Basic earnings per share 0.23 0.20 -4.3 Diluted
earnings per share 0.23 0.20 -4.3 Average basic shares outstanding
46,067,008 46,043,113 0.4 Average diluted shares outstanding
46,887,760 46,895,439 1.0 Common shares outstanding 46,111,994
46,060,211 0.0 Cash dividend per common share N/A N/A * Performance
ratios Return on average shareholders' equity 9.85% 12.72% Return
on average assets 1.15% 1.25% Net interest margin (FTE) 4.10% 4.57%
Yield on earning assets (FTE) 5.62% 6.17% Efficiency ratio (FTE)
63.17% 64.70% Performance ratios (earnings excluding merger and
restructuring expenses) Return on average shareholders' equity
9.85% 13.68% Return on average shareholders' equity, cash basis
16.98% 18.69% Return on average assets 1.15% 1.35% Return on
average assets, cash basis 1.23% 1.40% Efficiency ratio (FTE)
63.17% 62.38% For the Three Months Ended March 31, Statement of
earnings 2004 2003 Interest income - taxable equivalent basis
$43,897 $38,534 Interest income $43,523 $37,963 Interest expense
10,919 9,979 Net interest income 32,604 27,984 Provision for loan
losses 1,400 1,732 Net interest income after provision 31,204
26,252 Service charges 4,898 3,999 Insurance commissions and fees
7,680 6,077 Securities commissions and fees 1,116 863 Trust income
814 623 Gain on sale of securities 163 311 Gain on sale of mortgage
loans 1,020 1,926 Other 1,019 1,305 Total non-interest income
16,710 15,104 Salaries and employee benefits 19,494 16,766
Occupancy and equipment 5,368 3,971 Amortization of intangibles 345
278 Merger expenses 0 1,014 Other 7,322 6,220 Total non-interest
expense 32,529 28,249 Income before income taxes 15,385 13,107
Income taxes 5,036 4,388 Net income (loss) $10,349 $8,719 Basic
earnings per share 0.22 0.19 Diluted earnings per share 0.22 0.19
Earnings excluding merger and restructuring expenses $10,349 $9,378
Basic earnings per share 0.22 0.20 Diluted earnings per share 0.22
0.20 Average basic shares outstanding 46,310,308 46,043,113 Average
diluted shares outstanding 47,522,435 46,895,439 Common shares
outstanding 46,313,224 46,060,211 Cash dividend per common share
0.07 N/A Performance ratios Return on average shareholders' equity
11.19% 12.72% Return on average assets 1.09% 1.25% Net interest
margin (FTE) 4.00% 4.57% Yield on earning assets (FTE) 5.33% 6.17%
Efficiency ratio (FTE) 65.47% 64.70% Performance ratios (earnings
excluding merger and restructuring expenses) Return on average
shareholders' equity 11.19% 13.68% Return on average shareholders'
equity, cash basis 22.61% 18.69% Return on average assets 1.09%
1.35% Return on average assets, cash basis 1.17% 1.40% Efficiency
ratio (FTE) 65.47% 62.38% 1st Qtr 2004 - 2003 Percent Statement of
earnings Variance Interest income - taxable equivalent basis 13.9%
Interest income 14.6 Interest expense 9.4 Net interest income 16.5
Provision for loan losses -19.2 Net interest income after provision
18.9 Service charges 22.5 Insurance commissions and fees 26.4
Securities commissions and fees 29.3 Trust income 30.7 Gain on sale
of securities -47.6 Gain on sale of mortgage loans -47.0 Other
-21.9 Total non-interest income 10.6 Salaries and employee benefits
16.3 Occupancy and equipment 35.2 Amortization of intangibles 24.1
Merger expenses -100.0 Other 17.7 Total non-interest expense 15.2
Income before income taxes 17.4 Income taxes 14.8 Net income (loss)
18.7 Basic earnings per share 15.8 Diluted earnings per share 15.8
Earnings excluding merger and restructuring expenses 10.4 Basic
earnings per share 10.0 Diluted earnings per share 10.0 Average
basic shares outstanding 0.6 Average diluted shares outstanding 1.3
Common shares outstanding 0.5 Cash dividend per common share *
Performance ratios Return on average shareholders' equity Return on
average assets Net interest margin (FTE) Yield on earning assets
(FTE) Efficiency ratio (FTE) Performance ratios (earnings excluding
merger and restructuring expenses) Return on average shareholders'
equity Return on average shareholders' equity, cash basis Return on
average assets Return on average assets, cash basis Efficiency
ratio (FTE) *Percent variance not meaningful FIRST NATIONAL
BANKSHARES OF FLORIDA, INC. (Unaudited) (Dollars in thousands,
except per share data) 2004 2003 First Fourth Third Average
balances Quarter Quarter Quarter Total assets $3,808,391 $3,721,345
$3,683,569 Earning assets 3,314,374 3,203,028 3,150,708 Securities
798,555 796,648 820,723 Loans, net of unearned 2,509,380 2,399,789
2,318,335 Allowance for loan losses 28,895 27,047 26,632
Intangibles 184,137 184,145 184,666 Non-interest bearing deposits
475,369 439,786 438,973 Interest bearing deposits 2,339,375
2,268,907 2,277,667 Total deposits 2,814,744 2,708,693 2,716,640
Short-term borrowings 297,968 323,265 276,293 Long-term debt
290,195 198,412 199,190 Shareholders' equity 371,984 445,298
448,903 Asset quality data Non-performing loans $4,263 $5,521
$4,291 Other real estate owned 440 0 1,465 Non-performing assets
4,703 5,521 5,756 Net loan charge-offs $363 $851 $416 Allowance for
loan losses 29,141 28,104 26,283 Non-performing loans / total loans
0.17% 0.23% 0.18% Non-performing assets / total assets 0.12% 0.15%
0.16% Allowance for loan losses / total loans 1.14% 1.15% 1.13%
Allowance for loan losses / non-performing loans 683.58% 509.04%
612.51% Net loan charge-offs (annualized) / average loans 0.06%
0.14% 0.07% Balances at period end Total assets $3,998,528
$3,751,136 $3,710,352 Earning assets 3,492,684 3,245,863 3,177,985
Securities 885,258 775,334 820,762 Mortgage loans held for sale
20,629 15,153 13,819 Loans, net of unearned 2,559,791 2,449,382
2,335,533 Intangibles 184,339 184,246 184,864 Non-interest bearing
deposits 560,498 451,837 439,285 Interest bearing deposits
2,399,655 2,268,152 2,297,474 Total deposits 2,960,153 2,719,989
2,736,759 Short-term borrowings 324,603 354,051 300,724 Long-term
debt 296,479 271,000 194,096 Shareholders' equity 377,814 365,115
442,734 Book value per common share 8.16 7.88 9.61 Tangible book
value per common share 4.18 3.90 5.60 Tangible capital ratio 5.07
5.07 7.31 1st Qtr 2004 - 2003 4th Qtr 2003 Second First Percent
Average balances Quarter Quarter Variance Total assets $3,683,030
$2,827,481 2.3% Earning assets 3,171,344 2,534,157 3.5 Securities
869,901 446,171 0.2 Loans, net of unearned 2,275,443 2,072,235 4.6
Allowance for loan losses 25,423 21,976 6.8 Intangibles 176,779
70,792 0.0 Non-interest bearing deposits 445,089 378,727 8.1
Interest bearing deposits 2,309,268 1,808,086 3.1 Total deposits
2,754,357 2,186,813 3.9 Short-term borrowings 248,962 271,604 -7.8
Long-term debt 202,703 51,723 46.3 Shareholders' equity 431,221
277,985 -16.5 Asset quality data Non-performing loans $4,565 $4,897
-22.8 Other real estate owned 1,641 1,428 100.0 Non-performing
assets 6,206 6,325 -14.8 Net loan charge-offs $655 $1,086 -57.3
Allowance for loan losses 25,746 24,575 3.7 Non-performing loans /
total loans 0.20% 0.22% Non-performing assets / total assets 0.17%
0.17% Allowance for loan losses / total loans 1.12% 1.11% Allowance
for loan losses / non-performing loans 563.99% 501.84% Net loan
charge-offs (annualized) / average loans 0.12% 0.21% Balances at
period end Total assets $3,668,719 $3,665,861 6.6 Earning assets
3,153,152 3,158,504 7.6 Securities 822,582 906,927 14.2 Mortgage
loans held for sale 28,883 25,938 36.1 Loans, net of unearned
2,296,770 2,209,204 4.5 Intangibles 175,162 175,510 0.1
Non-interest bearing deposits 460,852 458,505 24.0 Interest bearing
deposits 2,280,312 2,303,926 5.8 Total deposits 2,741,164 2,762,431
8.8 Short-term borrowings 260,988 233,956 -8.3 Long-term debt
191,855 205,282 9.4 Shareholders' equity 438,423 422,959 3.5 Book
value per common share 9.51 9.18 Tangible book value per common
share 5.71 5.37 Tangible capital ratio 7.54 7.09 For the Three
Months Ended March 31, Average balances 2004 2003 Total assets
$3,808,391 $2,827,481 Earning assets 3,314,374 $2,534,157
Securities 798,555 $446,171 Loans, net of unearned 2,509,380
$2,072,235 Allowance for loan losses 28,895 $21,976 Intangibles
184,137 $70,792 Non-interest bearing deposits 475,369 378,727
Interest bearing deposits 2,339,375 1,808,086 Total deposits
2,814,744 2,186,813 Short-term borrowings 297,968 271,604 Long-term
debt 290,195 51,723 Shareholders' equity 371,984 277,985 Asset
quality data Non-performing loans $4,263 $4,897 Other real estate
owned 440 1,428 Non-performing assets 4,703 6,325 Net loan
charge-offs $363 $1,086 Allowance for loan losses 29,141 24,575
Non-performing loans / total loans 0.17% 0.22% Non-performing
assets / total assets 0.12% 0.17% Allowance for loan losses / total
loans 1.14% 1.11% Allowance for loan losses / non-performing loans
683.58% 501.84% Net loan charge-offs (annualized) / average loans
0.06% 0.21% Balances at period end Total assets $3,998,528
$3,665,861 Earning assets 3,492,684 3,158,504 Securities 885,258
906,927 Mortgage loans held for sale 20,629 25,938 Loans, net of
unearned 2,559,791 2,209,204 Intangibles 184,339 175,510
Non-interest bearing deposits 560,498 458,505 Interest bearing
deposits 2,399,655 2,303,926 Total deposits 2,960,153 2,762,431
Short-term borrowings 324,603 233,956 Long-term debt 296,479
205,282 Shareholders' equity 377,814 422,959 Book value per common
share 8.16 9.18 Tangible book value per common share 4.18 5.37
Tangible capital ratio 5.07 7.09 1st Qtr 2004 - 2003 Percent
Average balances Variance Total assets 34.7% Earning assets 30.8
Securities 79.0 Loans, net of unearned 21.1 Allowance for loan
losses 31.5 Intangibles 160.1 Non-interest bearing deposits 25.5
Interest bearing deposits 29.4 Total deposits 28.7 Short-term
borrowings 9.7 Long-term debt 461.1 Shareholders' equity 33.8 Asset
quality data Non-performing loans -12.9 Other real estate owned
-69.2 Non-performing assets -25.6 Net loan charge-offs -66.6
Allowance for loan losses 18.6 Non-performing loans / total loans
Non-performing assets / total assets Allowance for loan losses /
total loans Allowance for loan losses / non-performing loans Net
loan charge-offs (annualized) / average loans Balances at period
end Total assets 9.1 Earning assets 10.6 Securities -2.4 Mortgage
loans held for sale -20.5 Loans, net of unearned 15.9 Intangibles
5.0 Non-interest bearing deposits 22.2 Interest bearing deposits
4.2 Total deposits 7.2 Short-term borrowings 38.7 Long-term debt
44.4 Shareholders' equity -10.7 Book value per common share
Tangible book value per common share Tangible capital ratio
*Percent variance not meaningful Clay W. Cone Vice President,
Director of Corporate Communications 239-436-1676
http://www.newscom.com/cgi-bin/prnh/20031230/FNBFLOGO
http://photoarchive.ap.org/ DATASOURCE: First National Bankshares
Of Florida, Inc. CONTACT: Clay W. Cone, Vice President, Director of
Corporate Communications, First National Bankshares Of Florida,
Inc., +1-239-436-1676 Web site:
http://www.firstnationalbankshares.com/
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