F.N.B. Corporation Message Board

At quarter end, our Florida loan portfolio is down $28 million to $244 million or 4.2% of FNB’s total loan portfolio. Non-performing assets at $82 million are up $5.9 million over the prior quarter as we moved two land related credits totalling $25 million to non-accrual status. This leaves only one significant land related credit in the amount of $20 million on accrual status at year-end, which we expect will continue to perform. Charge-offs of $20 million were up $16 million over the third quarter and were primarily related to the land portfolio. Included in these write-downs were existing specific reserves totalling $10 million. The difference, which required additional provisioning, reflects devaluations 5% to 10% higher than our heavily discounted assumptions already placed on this portfolio.


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