Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FULTON FINANCIAL CORP | a8-k12x31x12.htm |
| EX-99.1 - EARNINGS RELEASE DATED JANUARY 15TH 2013 - FULTON FINANCIAL CORP | exhibit99112-31x12.htm |
Exhibit 99.2 | ||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||
dollars in thousands | ||||||||||||||||||
% Change from | ||||||||||||||||||
December 31 | December 31 | September 30 | December 31 | September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | ||||||||||||||
ASSETS | ||||||||||||||||||
Cash and due from banks | $ | 256,300 | $ | 292,598 | $ | 217,207 | (12.4 | )% | 18.0 | % | ||||||||
Other interest-earning assets | 173,257 | 175,336 | 202,305 | (1.2 | )% | (14.4 | )% | |||||||||||
Loans held for sale | 64,331 | 47,009 | 85,477 | 36.8 | % | (24.7 | )% | |||||||||||
Investment securities | 2,794,017 | 2,679,967 | 2,790,138 | 4.3 | % | 0.1 | % | |||||||||||
Loans, net of unearned income | 12,148,172 | 11,968,970 | 11,933,001 | 1.5 | % | 1.8 | % | |||||||||||
Allowance for loan losses | (223,903 | ) | (256,471 | ) | (233,864 | ) | (12.7 | )% | (4.3 | )% | ||||||||
Net Loans | 11,924,269 | 11,712,499 | 11,699,137 | 1.8 | % | 1.9 | % | |||||||||||
Premises and equipment | 227,723 | 212,274 | 225,771 | 7.3 | % | 0.9 | % | |||||||||||
Accrued interest receivable | 45,786 | 51,098 | 49,784 | (10.4 | )% | (8.0 | )% | |||||||||||
Goodwill and intangible assets | 535,563 | 544,209 | 541,845 | (1.6 | )% | (1.2 | )% | |||||||||||
Other assets | 506,907 | 655,518 | 461,465 | (22.7 | )% | 9.8 | % | |||||||||||
Total Assets | $ | 16,528,153 | $ | 16,370,508 | $ | 16,273,129 | 1.0 | % | 1.6 | % | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Deposits | $ | 12,473,091 | $ | 12,525,739 | $ | 12,601,310 | (0.4 | )% | (1.0 | )% | ||||||||
Short-term borrowings | 868,399 | 597,033 | 486,971 | 45.5 | % | 78.3 | % | |||||||||||
Other liabilities | 210,754 | 215,048 | 215,542 | (2.0 | )% | (2.2 | )% | |||||||||||
FHLB advances and long-term debt | 894,253 | 1,040,149 | 908,623 | (14.0 | )% | (1.6 | )% | |||||||||||
Total Liabilities | 14,446,497 | 14,377,969 | 14,212,446 | 0.5 | % | 1.6 | % | |||||||||||
Shareholders' equity | 2,081,656 | 1,992,539 | 2,060,683 | 4.5 | % | 1.0 | % | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,528,153 | $ | 16,370,508 | $ | 16,273,129 | 1.0 | % | 1.6 | % | ||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||
Loans, by type: | ||||||||||||||||||
Real estate - commercial mortgage | $ | 4,664,426 | $ | 4,602,596 | $ | 4,632,509 | 1.3 | % | 0.7 | % | ||||||||
Commercial - industrial, financial and agricultural | 3,612,065 | 3,639,368 | 3,507,846 | (0.8 | )% | 3.0 | % | |||||||||||
Real estate - home equity | 1,632,390 | 1,624,562 | 1,603,456 | 0.5 | % | 1.8 | % | |||||||||||
Real estate - residential mortgage | 1,256,991 | 1,097,192 | 1,213,831 | 14.6 | % | 3.6 | % | |||||||||||
Real estate - construction | 587,686 | 615,445 | 597,358 | (4.5 | )% | (1.6 | )% | |||||||||||
Consumer | 309,220 | 318,101 | 301,182 | (2.8 | )% | 2.7 | % | |||||||||||
Leasing and other | 85,394 | 71,706 | 76,819 | 19.1 | % | 11.2 | % | |||||||||||
Total Loans, net of unearned income | $ | 12,148,172 | $ | 11,968,970 | $ | 11,933,001 | 1.5 | % | 1.8 | % | ||||||||
Deposits, by type: | ||||||||||||||||||
Noninterest-bearing demand | $ | 3,008,675 | $ | 2,588,034 | $ | 2,903,591 | 16.3 | % | 3.6 | % | ||||||||
Interest-bearing demand | 2,755,603 | 2,529,388 | 2,702,710 | 8.9 | % | 2.0 | % | |||||||||||
Savings deposits | 3,325,475 | 3,394,367 | 3,416,011 | (2.0 | )% | (2.7 | )% | |||||||||||
Time deposits | 3,383,338 | 4,013,950 | 3,578,998 | (15.7 | )% | (5.5 | )% | |||||||||||
Total Deposits | $ | 12,473,091 | $ | 12,525,739 | $ | 12,601,310 | (0.4 | )% | (1.0 | )% | ||||||||
Short-term borrowings, by type: | ||||||||||||||||||
Customer repurchase agreements | $ | 156,238 | $ | 186,735 | $ | 192,082 | (16.3 | )% | (18.7 | )% | ||||||||
Customer short-term promissory notes | 119,691 | 156,828 | 124,628 | (23.7 | )% | (4.0 | )% | |||||||||||
Federal funds purchased | 592,470 | 253,470 | 170,261 | 133.7 | % | 248.0 | % | |||||||||||
Total Short-term Borrowings | $ | 868,399 | $ | 597,033 | $ | 486,971 | 45.5 | % | 78.3 | % | ||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands, except per-share data | ||||||||||||||||||||||||||||||||||
Quarter Ended | % Change from | Year ended | ||||||||||||||||||||||||||||||||
Dec 31 | Dec 31 | Sep 30 | Dec 31 | Sep 30 | Dec 31 | |||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2012 | 2011 | % Change | |||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||
Interest income | $ | 155,560 | $ | 169,333 | $ | 161,060 | (8.1 | )% | (3.4 | )% | $ | 647,496 | $ | 693,698 | (6.7 | )% | ||||||||||||||||||
Interest expense | 23,338 | 30,874 | 25,179 | (24.4 | )% | (7.3 | )% | 103,168 | 133,538 | (22.7 | )% | |||||||||||||||||||||||
Net Interest Income | 132,222 | 138,459 | 135,881 | (4.5 | )% | (2.7 | )% | 544,328 | 560,160 | (2.8 | )% | |||||||||||||||||||||||
Provision for credit losses | 17,500 | 30,000 | 23,000 | (41.7 | )% | (23.9 | )% | 94,000 | 135,000 | (30.4 | )% | |||||||||||||||||||||||
Net Interest Income after Provision | 114,722 | 108,459 | 112,881 | 5.8 | % | 1.6 | % | 450,328 | 425,160 | 5.9 | % | |||||||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 15,642 | 15,277 | 15,651 | 2.4 | % | (0.1 | )% | 61,502 | 58,078 | 5.9 | % | |||||||||||||||||||||||
Mortgage banking income | 12,813 | 6,220 | 10,594 | 106.0 | % | 20.9 | % | 44,600 | 25,674 | 73.7 | % | |||||||||||||||||||||||
Other service charges and fees | 11,164 | 10,784 | 11,119 | 3.5 | % | 0.4 | % | 44,345 | 47,482 | (6.6 | )% | |||||||||||||||||||||||
Investment management and trust services | 9,611 | 8,727 | 9,429 | 10.1 | % | 1.9 | % | 38,239 | 36,483 | 4.8 | % | |||||||||||||||||||||||
Gain on sale of Global Exchange | 6,215 | — | — | 100.0 | % | 100.0 | % | 6,215 | — | 100.0 | % | |||||||||||||||||||||||
Investment securities gains | 195 | 3,054 | 42 | (93.6 | )% | 364.3 | % | 3,026 | 4,561 | (33.7 | )% | |||||||||||||||||||||||
Other | 3,936 | 4,286 | 5,169 | (8.2 | )% | (23.9 | )% | 18,697 | 15,449 | 21.0 | % | |||||||||||||||||||||||
Total Non-Interest Income | 59,576 | 48,348 | 52,004 | 23.2 | % | 14.6 | % | 216,624 | 187,727 | 15.4 | % | |||||||||||||||||||||||
Non-Interest Expenses: | ||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 61,303 | 58,109 | 62,161 | 5.5 | % | (1.4 | )% | 243,915 | 227,435 | 7.2 | % | |||||||||||||||||||||||
Net occupancy expense | 11,362 | 10,973 | 11,161 | 3.5 | % | 1.8 | % | 44,663 | 44,003 | 1.5 | % | |||||||||||||||||||||||
Equipment expense | 3,873 | 3,329 | 3,816 | 16.3 | % | 1.5 | % | 14,243 | 12,870 | 10.7 | % | |||||||||||||||||||||||
Data Processing | 3,713 | 3,482 | 3,776 | 6.6 | % | (1.7 | )% | 14,936 | 13,541 | 10.3 | % | |||||||||||||||||||||||
Other outside services | 3,528 | 2,595 | 4,996 | 36.0 | % | (29.4 | )% | 15,310 | 7,851 | 95.0 | % | |||||||||||||||||||||||
Professional fees | 3,228 | 2,961 | 2,728 | 9.0 | % | 18.3 | % | 11,522 | 12,159 | (5.2 | )% | |||||||||||||||||||||||
FHLB advances prepayment penalty | 3,007 | — | — | 100.0 | % | 100.0 | % | 3,007 | — | 100.0 | % | |||||||||||||||||||||||
FDIC insurance expense | 2,944 | 2,730 | 3,029 | 7.8 | % | (2.8 | )% | 11,996 | 14,480 | (17.2 | )% | |||||||||||||||||||||||
Operating risk loss | 2,627 | 1,022 | 1,404 | 157.0 | % | 87.1 | % | 9,454 | 1,328 | 611.9 | % | |||||||||||||||||||||||
Software | 2,562 | 2,254 | 2,511 | 13.7 | % | 2.0 | % | 9,520 | 8,400 | 13.3 | % | |||||||||||||||||||||||
Marketing | 2,537 | 3,045 | 648 | (16.7 | )% | 291.5 | % | 8,240 | 9,667 | (14.8 | )% | |||||||||||||||||||||||
OREO and repossession expense | 2,349 | 3,565 | 2,096 | (34.1 | )% | 12.1 | % | 10,196 | 8,366 | 21.9 | % | |||||||||||||||||||||||
Other | 13,576 | 14,795 | 11,717 | (8.2 | )% | 15.9 | % | 52,504 | 56,376 | (6.9 | )% | |||||||||||||||||||||||
Total Non-Interest Expenses | 116,609 | 108,860 | 110,043 | 7.1 | % | 6.0 | % | 449,506 | 416,476 | 7.9 | % | |||||||||||||||||||||||
Income Before Income Taxes | 57,689 | 47,947 | 54,842 | 20.3 | % | 5.2 | % | 217,446 | 196,411 | 10.7 | % | |||||||||||||||||||||||
Income tax expense | 17,449 | 11,868 | 13,260 | 47.0 | % | 31.6 | % | 57,601 | 50,838 | 13.3 | % | |||||||||||||||||||||||
Net Income | $ | 40,240 | $ | 36,079 | $ | 41,582 | 11.5 | % | (3.2 | )% | $ | 159,845 | $ | 145,573 | 9.8 | % | ||||||||||||||||||
PER SHARE: | ||||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||||
Basic | $ | 0.20 | $ | 0.18 | $ | 0.21 | 11.1 | % | (4.8 | )% | $ | 0.80 | $ | 0.73 | 9.6 | % | ||||||||||||||||||
Diluted | 0.20 | 0.18 | 0.21 | 11.1 | % | (4.8 | )% | 0.80 | 0.73 | 9.6 | % | |||||||||||||||||||||||
Cash dividends | $ | 0.08 | $ | 0.06 | $ | 0.08 | 33.3 | % | — | % | $ | 0.30 | $ | 0.2 | 50.0 | % | ||||||||||||||||||
Shareholders' equity | 10.45 | 9.95 | 10.36 | 5.0 | % | 0.9 | % | 10.45 | 9.95 | 5.0 | % | |||||||||||||||||||||||
Shareholders' equity (tangible) | 7.76 | 7.24 | 7.63 | 7.2 | % | 1.7 | % | 7.76 | 7.24 | 7.2 | % | |||||||||||||||||||||||
Weighted average shares (basic) | 198,161 | 199,239 | 198,956 | (0.5 | )% | (0.4 | )% | 199,067 | 198,912 | 0.1 | % | |||||||||||||||||||||||
Weighted average shares (diluted) | 199,198 | 199,997 | 199,808 | (0.4 | )% | (0.3 | )% | 200,039 | 199,658 | 0.2 | % | |||||||||||||||||||||||
Shares outstanding, end of period | 199,225 | 200,164 | 198,975 | (0.5 | )% | 0.1 | % | 199,225 | 200,164 | (0.5 | )% | |||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||||
Return on average assets | 0.99 | % | 0.88 | % | 1.02 | % | 0.98 | % | 0.90 | % | ||||||||||||||||||||||||
Return on average common shareholders' equity | 7.70 | % | 7.16 | % | 8.03 | % | 7.79 | % | 7.45 | % | ||||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | 10.53 | % | 10.02 | % | 11.02 | % | 10.73 | % | 10.54 | % | ||||||||||||||||||||||||
Net interest margin | 3.65 | % | 3.81 | % | 3.74 | % | 3.76 | % | 3.90 | % | ||||||||||||||||||||||||
Efficiency ratio | 59.17 | % | 57.44 | % | 56.91 | % | 57.63 | % | 54.28 | % | ||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
December 31, 2012 | December 31, 2011 | September 30, 2012 | ||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||
Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 12,000,650 | $ | 141,014 | 4.68% | $ | 11,926,246 | $ | 150,195 | 5.00% | $ | 11,920,193 | $ | 143,211 | 4.78% | |||||||||||||||||
Taxable investment securities | 2,279,551 | 13,406 | 2.35% | 2,279,658 | 17,462 | 3.06% | 2,392,043 | 16,658 | 2.78% | |||||||||||||||||||||||
Tax-exempt investment securities | 286,400 | 3,857 | 5.39% | 307,713 | 4,340 | 5.64% | 286,225 | 3,936 | 5.50% | |||||||||||||||||||||||
Equity securities | 117,333 | 984 | 3.35% | 121,219 | 774 | 2.55% | 109,884 | 820 | 2.98% | |||||||||||||||||||||||
Total Investment Securities | 2,683,284 | 18,247 | 2.72% | 2,708,590 | 22,576 | 3.33% | 2,788,152 | 21,414 | 3.07% | |||||||||||||||||||||||
Loans held for sale | 59,977 | 517 | 3.45% | 54,013 | 541 | 4.01% | 61,001 | 578 | 3.79% | |||||||||||||||||||||||
Other interest-earning assets | 145,170 | 45 | 0.12% | 192,574 | 133 | 0.27% | 147,432 | 35 | 0.09% | |||||||||||||||||||||||
Total Interest-earning Assets | 14,889,081 | 159,823 | 4.28% | 14,881,423 | 173,445 | 4.63% | 14,916,778 | 165,238 | 4.42% | |||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | 221,309 | 282,993 | 221,946 | |||||||||||||||||||||||||||||
Premises and equipment | 224,852 | 207,744 | 222,544 | |||||||||||||||||||||||||||||
Other assets | 1,067,484 | 1,125,429 | 1,088,807 | |||||||||||||||||||||||||||||
Less: allowance for loan losses | (235,563 | ) | (275,160 | ) | (239,931 | ) | ||||||||||||||||||||||||||
Total Assets | $ | 16,167,163 | $ | 16,222,429 | $ | 16,210,144 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | $ | 2,684,063 | $ | 1,055 | 0.16% | $ | 2,462,551 | $ | 1,243 | 0.20% | $ | 2,608,202 | $ | 1,071 | 0.16% | |||||||||||||||||
Savings deposits | 3,391,988 | 1,251 | 0.14% | 3,466,104 | 2,356 | 0.27% | 3,364,109 | 1,431 | 0.17% | |||||||||||||||||||||||
Time deposits | 3,472,692 | 9,748 | 1.12% | 4,084,278 | 14,739 | 1.43% | 3,657,616 | 11,346 | 1.23% | |||||||||||||||||||||||
Total Interest-bearing Deposits | 9,548,743 | 12,054 | 0.50% | 10,012,933 | 18,338 | 0.73% | 9,629,927 | 13,848 | 0.57% | |||||||||||||||||||||||
Short-term borrowings | 488,310 | 156 | 0.13% | 463,659 | 173 | 0.15% | 588,568 | 220 | 0.15% | |||||||||||||||||||||||
FHLB advances and long-term debt | 914,013 | 11,128 | 4.86% | 1,025,683 | 12,363 | 4.80% | 908,767 | 11,111 | 4.88% | |||||||||||||||||||||||
Total Interest-bearing Liabilities | 10,951,066 | 23,338 | 0.85% | 11,502,275 | 30,874 | 1.07% | 11,127,262 | 25,179 | 0.90% | |||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | 2,953,861 | 2,529,548 | 2,836,166 | |||||||||||||||||||||||||||||
Other | 182,890 | 192,806 | 185,441 | |||||||||||||||||||||||||||||
Total Liabilities | 14,087,817 | 14,224,629 | 14,148,869 | |||||||||||||||||||||||||||||
Shareholders' equity | 2,079,346 | 1,997,800 | 2,061,275 | |||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,167,163 | $ | 16,222,429 | $ | 16,210,144 | ||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 136,485 | 3.65% | 142,571 | 3.81% | 140,059 | 3.74% | ||||||||||||||||||||||||||
Tax equivalent adjustment | (4,263 | ) | (4,112 | ) | (4,178 | ) | ||||||||||||||||||||||||||
Net interest income | $ | 132,222 | $ | 138,459 | $ | 135,881 | ||||||||||||||||||||||||||
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. | ||||||||||||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||||||||
Quarter Ended | % Change from | |||||||||||||||||||||||||||||||
Dec 31 | Dec 31 | Sep 30 | Dec 31 | Sep 30 | ||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,623,158 | $ | 4,554,161 | $ | 4,603,388 | 1.5 | % | 0.4 | % | ||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 3,559,171 | 3,637,465 | 3,529,733 | (2.2 | )% | 0.8 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,611,868 | 1,628,406 | 1,597,230 | (1.0 | )% | 0.9 | % | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,223,589 | 1,066,463 | 1,200,752 | 14.7 | % | 1.9 | % | |||||||||||||||||||||||||
Real estate - construction | 593,351 | 641,485 | 605,910 | (7.5 | )% | (2.1 | )% | |||||||||||||||||||||||||
Consumer | 305,766 | 326,818 | 304,235 | (6.4 | )% | 0.5 | % | |||||||||||||||||||||||||
Leasing and other | 83,747 | 71,448 | 78,945 | 17.2 | % | 6.1 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 12,000,650 | $ | 11,926,246 | $ | 11,920,193 | 0.6 | % | 0.7 | % | ||||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,953,861 | $ | 2,529,548 | $ | 2,836,166 | 16.8 | % | 4.1 | % | ||||||||||||||||||||||
Interest-bearing demand | 2,684,063 | 2,462,551 | 2,608,202 | 9.0 | % | 2.9 | % | |||||||||||||||||||||||||
Savings deposits | 3,391,988 | 3,466,104 | 3,364,109 | (2.1 | )% | 0.8 | % | |||||||||||||||||||||||||
Time deposits | 3,472,692 | 4,084,278 | 3,657,616 | (15.0 | )% | (5.1 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 12,502,604 | $ | 12,542,481 | $ | 12,466,093 | (0.3 | )% | 0.3 | % | ||||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 189,922 | $ | 195,372 | $ | 210,830 | (2.8 | )% | (9.9 | )% | ||||||||||||||||||||||
Customer short-term promissory notes | 125,933 | 165,677 | 127,479 | (24.0 | )% | (1.2 | )% | |||||||||||||||||||||||||
Federal funds purchased and other | 172,455 | 102,610 | 250,259 | 68.1 | % | (31.1 | )% | |||||||||||||||||||||||||
Total Short-term Borrowings | $ | 488,310 | $ | 463,659 | $ | 588,568 | 5.3 | % | (17.0 | )% | ||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||
Year ended December 31 | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Average | Average | |||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | |||||||||||||||||
ASSETS | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Loans, net of unearned income | $ | 11,966,347 | $ | 575,534 | 4.81% | $ | 11,904,529 | $ | 605,671 | 5.09% | ||||||||||||
Taxable investment securities | 2,401,343 | 67,349 | 2.80% | 2,223,376 | 80,184 | 3.61% | ||||||||||||||||
Tax-exempt investment securities | 287,763 | 15,942 | 5.54% | 330,087 | 18,521 | 5.61% | ||||||||||||||||
Equity securities | 112,448 | 3,291 | 2.93% | 126,766 | 3,078 | 2.43% | ||||||||||||||||
Total Investment Securities | 2,801,554 | 86,582 | 3.09% | 2,680,229 | 101,783 | 3.80% | ||||||||||||||||
Loans held for sale | 54,351 | 2,064 | 3.80% | 43,470 | 1,958 | 4.50% | ||||||||||||||||
Other interest-earning assets | 130,946 | 178 | 0.14% | 160,664 | 358 | 0.22% | ||||||||||||||||
Total Interest-earning Assets | 14,953,198 | 664,358 | 4.45% | 14,788,892 | 709,770 | 4.80% | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||
Cash and due from banks | 234,880 | 274,527 | ||||||||||||||||||||
Premises and equipment | 219,236 | 207,081 | ||||||||||||||||||||
Other assets | 1,088,151 | 1,108,359 | ||||||||||||||||||||
Less: allowance for loan losses | (250,160 | ) | (276,278 | ) | ||||||||||||||||||
Total Assets | $ | 16,245,305 | $ | 16,102,581 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Demand deposits | $ | 2,560,831 | $ | 4,187 | 0.16% | $ | 2,391,043 | $ | 5,312 | 0.22% | ||||||||||||
Savings deposits | 3,347,606 | 6,002 | 0.18% | 3,359,109 | 11,536 | 0.34% | ||||||||||||||||
Time deposits | 3,717,556 | 46,706 | 1.26% | 4,297,106 | 66,235 | 1.54% | ||||||||||||||||
Total Interest-bearing Deposits | 9,625,993 | 56,895 | 0.59% | 10,047,258 | 83,083 | 0.83% | ||||||||||||||||
Short-term borrowings | 690,883 | 1,068 | 0.15% | 495,791 | 746 | 0.15% | ||||||||||||||||
FHLB advances and long-term debt | 933,727 | 45,205 | 4.84% | 1,034,475 | 49,709 | 4.81% | ||||||||||||||||
Total Interest-bearing Liabilities | 11,250,603 | 103,168 | 0.92% | 11,577,524 | 133,538 | 1.15% | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||
Demand deposits | 2,756,826 | 2,400,293 | ||||||||||||||||||||
Other | 186,882 | 171,368 | ||||||||||||||||||||
Total Liabilities | 14,194,311 | 14,149,185 | ||||||||||||||||||||
Shareholders' equity | 2,050,994 | 1,953,396 | ||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,245,305 | $ | 16,102,581 | ||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 561,190 | 3.76% | 576,232 | 3.90% | ||||||||||||||||||
Tax equivalent adjustment | (16,862 | ) | (16,072 | ) | ||||||||||||||||||
Net interest income | $ | 544,328 | $ | 560,160 | ||||||||||||||||||
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. | ||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||
Year ended | ||||||||||||||||||||||
December 31 | ||||||||||||||||||||||
2012 | 2011 | % Change | ||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,619,587 | $ | 4,458,205 | 3.6 | % | ||||||||||||||||
Commercial - industrial, financial and agricultural | 3,551,056 | 3,681,321 | (3.5 | )% | ||||||||||||||||||
Real estate - home equity | 1,605,088 | 1,627,308 | (1.4 | )% | ||||||||||||||||||
Real estate - residential mortgage | 1,185,516 | 1,036,474 | 14.4 | % | ||||||||||||||||||
Real estate - construction | 620,166 | 700,071 | (11.4 | )% | ||||||||||||||||||
Consumer | 307,154 | 332,613 | (7.7 | )% | ||||||||||||||||||
Leasing and other | 77,780 | 68,537 | 13.5 | % | ||||||||||||||||||
Total Loans, net of unearned income | $ | 11,966,347 | $ | 11,904,529 | 0.5 | % | ||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,756,826 | $ | 2,400,293 | 14.9 | % | ||||||||||||||||
Interest-bearing demand | 2,560,831 | 2,391,043 | 7.1 | % | ||||||||||||||||||
Savings deposits | 3,347,606 | 3,359,109 | (0.3 | )% | ||||||||||||||||||
Time deposits | 3,717,556 | 4,297,106 | (13.5 | )% | ||||||||||||||||||
Total Deposits | $ | 12,382,819 | $ | 12,447,551 | (0.5 | )% | ||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||
Customer repurchase agreements | $ | 206,842 | $ | 208,144 | (0.6 | )% | ||||||||||||||||
Customer short-term promissory notes | 138,632 | 174,624 | (20.6 | )% | ||||||||||||||||||
Federal funds purchased and other | 345,409 | 113,023 | 205.6 | % | ||||||||||||||||||
Total Short-term Borrowings | $ | 690,883 | $ | 495,791 | 39.3 | % | ||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||||||||||||||
Dec 31 | Dec 31 | Sep 30 | Dec 31 | |||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2012 | 2011 | ||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 235,268 | $ | 268,817 | $ | 237,316 | $ | 258,177 | $ | 275,498 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (12,711 | ) | (8,719 | ) | (10,471 | ) | (41,868 | ) | (52,301 | ) | ||||||||||||||||||||||
Real estate - commercial mortgage | (8,935 | ) | (3,189 | ) | (7,463 | ) | (51,988 | ) | (26,032 | ) | ||||||||||||||||||||||
Real estate - home equity | (3,464 | ) | (2,121 | ) | (1,688 | ) | (10,147 | ) | (6,397 | ) | ||||||||||||||||||||||
Consumer | (1,533 | ) | (683 | ) | (685 | ) | (3,323 | ) | (3,289 | ) | ||||||||||||||||||||||
Real estate - residential mortgage | (1,500 | ) | (18,316 | ) | (670 | ) | (4,509 | ) | (32,533 | ) | ||||||||||||||||||||||
Real estate - construction | (873 | ) | (8,716 | ) | (8,364 | ) | (26,250 | ) | (38,613 | ) | ||||||||||||||||||||||
Leasing and other | (585 | ) | (496 | ) | (625 | ) | (2,281 | ) | (2,168 | ) | ||||||||||||||||||||||
Total loans charged off | (29,601 | ) | (42,240 | ) | (29,966 | ) | (140,366 | ) | (161,333 | ) | ||||||||||||||||||||||
Recoveries of loans charged off: | ||||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 1,236 | 432 | 1,693 | 4,282 | 2,521 | |||||||||||||||||||||||||||
Real estate - commercial mortgage | 85 | — | 1,317 | 3,371 | 1,967 | |||||||||||||||||||||||||||
Real estate - home equity | 63 | 37 | 343 | 704 | 63 | |||||||||||||||||||||||||||
Consumer | 274 | 335 | 202 | 1,107 | 1,368 | |||||||||||||||||||||||||||
Real estate - residential mortgage | 290 | 55 | 25 | 459 | 325 | |||||||||||||||||||||||||||
Real estate - construction | 171 | 509 | 1,040 | 2,814 | 1,746 | |||||||||||||||||||||||||||
Leasing and other | 153 | 232 | 298 | 891 | 1,022 | |||||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,272 | 1,600 | 4,918 | 13,628 | 9,012 | |||||||||||||||||||||||||||
Net loans charged off | (27,329 | ) | (40,640 | ) | (25,048 | ) | (126,738 | ) | (152,321 | ) | ||||||||||||||||||||||
Provision for credit losses | 17,500 | 30,000 | 23,000 | 94,000 | 135,000 | |||||||||||||||||||||||||||
Balance at end of period | $ | 225,439 | $ | 258,177 | $ | 235,268 | $ | 225,439 | $ | 258,177 | ||||||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.91 | % | 1.36 | % | 0.84 | % | 1.06 | % | 1.28 | % | ||||||||||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 184,832 | $ | 257,761 | $ | 185,791 | ||||||||||||||||||||||||||
Loans 90 days past due and accruing | 26,221 | 28,767 | 27,035 | |||||||||||||||||||||||||||||
Total non-performing loans | 211,053 | 286,528 | 212,826 | |||||||||||||||||||||||||||||
Other real estate owned | 26,146 | 30,803 | 29,217 | |||||||||||||||||||||||||||||
Total non-performing assets | $ | 237,199 | $ | 317,331 | $ | 242,043 | ||||||||||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 66,954 | $ | 80,944 | $ | 73,879 | ||||||||||||||||||||||||||
Real estate - commercial mortgage | 57,120 | 113,806 | 64,609 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 34,436 | 16,336 | 24,910 | |||||||||||||||||||||||||||||
Real estate - construction | 32,005 | 60,744 | 32,742 | |||||||||||||||||||||||||||||
Real estate - home equity | 15,519 | 11,207 | 12,644 | |||||||||||||||||||||||||||||
Consumer | 5,000 | 3,384 | 3,942 | |||||||||||||||||||||||||||||
Leasing | 19 | 107 | 100 | |||||||||||||||||||||||||||||
Total non-performing loans | $ | 211,053 | $ | 286,528 | $ | 212,826 | ||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | ||||||||||||||||||||||||||||||||
December 31, 2012 | December 31, 2011 | September 30, 2012 | ||||||||||||||||||||||||||||||
31-89 Days | ≥90 Days (1) | Total | 31-89 Days | ≥90 Days (1) | Total | 31-89 Days | ≥90 Days (1) | Total | ||||||||||||||||||||||||
Real estate - commercial mortgage | 0.46 | % | 1.22 | % | 1.68 | % | 0.56 | % | 2.47 | % | 3.03 | % | 0.46 | % | 1.39 | % | 1.85 | % | ||||||||||||||
Commercial - industrial, financial and agricultural | 0.46 | % | 1.85 | % | 2.31 | % | 0.41 | % | 2.23 | % | 2.64 | % | 0.45 | % | 2.11 | % | 2.56 | % | ||||||||||||||
Real estate - construction | 0.23 | % | 5.44 | % | 5.67 | % | 1.55 | % | 9.87 | % | 11.42 | % | 0.95 | % | 5.48 | % | 6.43 | % | ||||||||||||||
Real estate - residential mortgage | 2.56 | % | 2.74 | % | 5.30 | % | 3.38 | % | 1.49 | % | 4.87 | % | 2.66 | % | 2.05 | % | 4.71 | % | ||||||||||||||
Real estate - home equity | 0.77 | % | 0.96 | % | 1.73 | % | 0.72 | % | 0.69 | % | 1.41 | % | 0.85 | % | 0.78 | % | 1.63 | % | ||||||||||||||
Consumer, leasing and other | 1.72 | % | 1.27 | % | 2.99 | % | 1.92 | % | 0.90 | % | 2.82 | % | 1.85 | % | 1.07 | % | 2.92 | % | ||||||||||||||
Total | 0.75 | % | 1.74 | % | 2.49 | % | 0.89 | % | 2.39 | % | 3.28 | % | 0.80 | % | 1.78 | % | 2.58 | % | ||||||||||||||
(1) Includes non-accrual loans | ||||||||||||||||||||||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||||||||||||||||||
Dec 31 | Dec 31 | Sep 30 | ||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | ||||||||||||||||||||||||||||||
Non-accrual loans to total loans | 1.52 | % | 2.15 | % | 1.56 | % | ||||||||||||||||||||||||||
Non-performing assets to total loans and OREO | 1.95 | % | 2.64 | % | 2.02 | % | ||||||||||||||||||||||||||
Non-performing assets to total assets | 1.44 | % | 1.94 | % | 1.49 | % | ||||||||||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.86 | % | 2.16 | % | 1.97 | % | ||||||||||||||||||||||||||
Allowance for credit losses to non-performing loans | 106.82 | % | 90.11 | % | 110.54 | % | ||||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 13.39 | % | 18.60 | % | 13.80 | % | ||||||||||||||||||||||||||