Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FULTON FINANCIAL CORP | a8-k3x31x13.htm |
| EX-99.1 - EARNINGS RELEASE DATED APRIL 16TH 2013 - FULTON FINANCIAL CORP | exhibit9913-31x13.htm |
Exhibit 99.2 | ||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||
dollars in thousands | ||||||||||||||||||
% Change from | ||||||||||||||||||
March 31 | March 31 | December 31 | March 31 | December 31 | ||||||||||||||
2013 | 2012 | 2012 | 2012 | 2012 | ||||||||||||||
ASSETS | ||||||||||||||||||
Cash and due from banks | $ | 174,479 | $ | 286,875 | $ | 256,300 | (39.2 | )% | (31.9 | )% | ||||||||
Other interest-earning assets | 97,202 | 106,227 | 173,257 | (8.5 | )% | (43.9 | )% | |||||||||||
Loans held for sale | 63,045 | 70,128 | 67,899 | (10.1 | )% | (7.1 | )% | |||||||||||
Investment securities | 2,812,104 | 3,089,407 | 2,794,017 | (9.0 | )% | 0.6 | % | |||||||||||
Loans, net of unearned income | 12,377,288 | 11,960,004 | 12,146,971 | 3.5 | % | 1.9 | % | |||||||||||
Allowance for loan losses | (220,041 | ) | (256,496 | ) | (223,903 | ) | (14.2 | )% | (1.7 | )% | ||||||||
Net loans | 12,157,247 | 11,703,508 | 11,923,068 | 3.9 | % | 2.0 | % | |||||||||||
Premises and equipment | 226,754 | 215,756 | 227,723 | 5.1 | % | (0.4 | )% | |||||||||||
Accrued interest receivable | 47,485 | 51,247 | 45,786 | (7.3 | )% | 3.7 | % | |||||||||||
Goodwill and intangible assets | 534,987 | 543,383 | 535,563 | (1.5 | )% | (0.1 | )% | |||||||||||
Other assets | 569,434 | 474,128 | 509,484 | 20.1 | % | 11.8 | % | |||||||||||
Total Assets | $ | 16,682,737 | $ | 16,540,659 | $ | 16,533,097 | 0.9 | % | 0.9 | % | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Deposits | $ | 12,388,460 | $ | 12,352,337 | $ | 12,484,163 | 0.3 | % | (0.8 | )% | ||||||||
Short-term borrowings | 1,126,966 | 964,550 | 868,399 | 16.8 | % | 29.8 | % | |||||||||||
Other liabilities | 216,337 | 266,928 | 204,626 | (19.0 | )% | 5.7 | % | |||||||||||
FHLB advances and long-term debt | 889,211 | 933,981 | 894,253 | (4.8 | )% | (0.6 | )% | |||||||||||
Total Liabilities | 14,620,974 | 14,517,796 | 14,451,441 | 0.7 | % | 1.2 | % | |||||||||||
Shareholders' equity | 2,061,763 | 2,022,863 | 2,081,656 | 1.9 | % | (1.0 | )% | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,682,737 | $ | 16,540,659 | $ | 16,533,097 | 0.9 | % | 0.9 | % | ||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||
Loans, by type: | ||||||||||||||||||
Real estate - commercial mortgage | $ | 4,729,930 | $ | 4,634,428 | $ | 4,664,426 | 2.1 | % | 1.4 | % | ||||||||
Commercial - industrial, financial and agricultural | 3,658,483 | 3,518,228 | 3,612,065 | 4.0 | % | 1.3 | % | |||||||||||
Real estate - home equity | 1,689,446 | 1,601,880 | 1,632,390 | 5.5 | % | 3.5 | % | |||||||||||
Real estate - residential mortgage | 1,303,454 | 1,177,474 | 1,257,432 | 10.7 | % | 3.7 | % | |||||||||||
Real estate - construction | 597,597 | 647,700 | 584,118 | (7.7 | )% | 2.3 | % | |||||||||||
Consumer | 309,138 | 309,168 | 309,864 | — | % | (0.2 | )% | |||||||||||
Leasing and other | 89,240 | 71,126 | 86,676 | 25.5 | % | 3.0 | % | |||||||||||
Total Loans, net of unearned income | $ | 12,377,288 | $ | 11,960,004 | $ | 12,146,971 | 3.5 | % | 1.9 | % | ||||||||
Deposits, by type: | ||||||||||||||||||
Noninterest-bearing demand | $ | 3,075,511 | $ | 2,683,496 | $ | 3,009,966 | 14.6 | % | 2.2 | % | ||||||||
Interest-bearing demand | 2,698,811 | 2,486,382 | 2,755,603 | 8.5 | % | (2.1 | )% | |||||||||||
Savings deposits | 3,345,842 | 3,305,888 | 3,335,256 | 1.2 | % | 0.3 | % | |||||||||||
Time deposits | 3,268,296 | 3,876,571 | 3,383,338 | (15.7 | )% | (3.4 | )% | |||||||||||
Total Deposits | $ | 12,388,460 | $ | 12,352,337 | $ | 12,484,163 | 0.3 | % | (0.8 | )% | ||||||||
Short-term borrowings, by type: | ||||||||||||||||||
Customer repurchase agreements | $ | 158,214 | $ | 204,627 | $ | 156,238 | (22.7 | )% | 1.3 | % | ||||||||
Customer short-term promissory notes | 114,231 | 149,376 | 119,691 | (23.5 | )% | (4.6 | )% | |||||||||||
Federal funds purchased and other | 854,521 | 610,547 | 592,470 | 40.0 | % | 44.2 | % | |||||||||||
Total Short-term Borrowings | $ | 1,126,966 | $ | 964,550 | $ | 868,399 | 16.8 | % | 29.8 | % | ||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||||
in thousands, except per-share data and percentages | ||||||||||||||||||||||
Quarter Ended | % Change from | |||||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | Mar 31 | Dec 31 | ||||||||||||||||||
2013 | 2012 | 2012 | 2012 | 2012 | ||||||||||||||||||
Interest Income: | ||||||||||||||||||||||
Interest income | $ | 151,322 | $ | 166,891 | $ | 155,560 | (9.3 | )% | (2.7 | )% | ||||||||||||
Interest expense | 21,678 | 28,196 | 23,338 | (23.1 | )% | (7.1 | )% | |||||||||||||||
Net Interest Income | 129,644 | 138,695 | 132,222 | (6.5 | )% | (1.9 | )% | |||||||||||||||
Provision for credit losses | 15,000 | 28,000 | 17,500 | (46.4 | )% | (14.3 | )% | |||||||||||||||
Net Interest Income after Provision | 114,644 | 110,695 | 114,722 | 3.6 | % | (0.1 | )% | |||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||
Service charges on deposit accounts | 14,111 | 14,842 | 15,642 | (4.9 | )% | (9.8 | )% | |||||||||||||||
Investment management and trust services | 10,096 | 9,377 | 9,611 | 7.7 | % | 5.0 | % | |||||||||||||||
Other service charges and fees | 8,510 | 10,555 | 11,164 | (19.4 | )% | (23.8 | )% | |||||||||||||||
Mortgage banking income | 8,173 | 10,050 | 12,813 | (18.7 | )% | (36.2 | )% | |||||||||||||||
Investment securities gains | 2,473 | 1,251 | 195 | 97.7 | % | N/M | ||||||||||||||||
Gain on sale of Global Exchange | — | — | 6,215 | N/M | (100.0 | )% | ||||||||||||||||
Other | 3,896 | 5,563 | 3,883 | (30.0 | )% | 0.3 | % | |||||||||||||||
Total Non-Interest Income | 47,259 | 51,638 | 59,523 | (8.5 | )% | (20.6 | )% | |||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||
Salaries and employee benefits | 61,212 | 60,360 | 61,303 | 1.4 | % | (0.1 | )% | |||||||||||||||
Net occupancy expense | 11,844 | 10,935 | 11,362 | 8.3 | % | 4.2 | % | |||||||||||||||
Equipment expense | 3,908 | 3,369 | 3,873 | 16.0 | % | 0.9 | % | |||||||||||||||
Data processing | 3,903 | 3,688 | 3,713 | 5.8 | % | 5.1 | % | |||||||||||||||
Professional fees | 3,047 | 2,582 | 3,228 | 18.0 | % | (5.6 | )% | |||||||||||||||
Other outside services | 2,860 | 2,913 | 4,138 | (1.8 | )% | (30.9 | )% | |||||||||||||||
OREO and repossession expense | 2,854 | 3,295 | 2,474 | (13.4 | )% | 15.4 | % | |||||||||||||||
FDIC insurance expense | 2,847 | 3,021 | 2,944 | (5.8 | )% | (3.3 | )% | |||||||||||||||
Software | 2,748 | 2,175 | 2,562 | 26.3 | % | 7.3 | % | |||||||||||||||
Marketing | 1,872 | 2,472 | 2,537 | (24.3 | )% | (26.2 | )% | |||||||||||||||
Operating risk loss | 1,766 | 3,368 | 2,627 | (47.6 | )% | (32.8 | )% | |||||||||||||||
FHLB advances prepayment penalty | — | — | 3,007 | N/M | (100.0 | )% | ||||||||||||||||
Other | 12,075 | 12,491 | 12,788 | (3.3 | )% | (5.6 | )% | |||||||||||||||
Total Non-Interest Expense | 110,936 | 110,669 | 116,556 | 0.2 | % | (4.8 | )% | |||||||||||||||
Income Before Income Taxes | 50,967 | 51,664 | 57,689 | (1.3 | )% | (11.7 | )% | |||||||||||||||
Income tax expense | 11,740 | 13,532 | 17,449 | (13.2 | )% | (32.7 | )% | |||||||||||||||
Net Income | $ | 39,227 | $ | 38,132 | $ | 40,240 | 2.9 | % | (2.5 | )% | ||||||||||||
PER SHARE: | ||||||||||||||||||||||
Net income: | ||||||||||||||||||||||
Basic | $ | 0.20 | $ | 0.19 | $ | 0.20 | 5.3 | % | — | % | ||||||||||||
Diluted | 0.20 | 0.19 | 0.20 | 5.3 | % | — | % | |||||||||||||||
Cash dividends | $ | 0.08 | $ | 0.07 | $ | 0.08 | 14.3 | % | — | % | ||||||||||||
Shareholders' equity | 10.56 | 10.10 | 10.45 | 4.6 | % | 1.1 | % | |||||||||||||||
Shareholders' equity (tangible) | 7.82 | 7.38 | 7.76 | 6.0 | % | 0.8 | % | |||||||||||||||
Weighted average shares (basic) | 196,299 | 199,492 | 198,161 | (1.6 | )% | (0.9 | )% | |||||||||||||||
Weighted average shares (diluted) | 197,217 | 200,344 | 199,198 | (1.6 | )% | (1.0 | )% | |||||||||||||||
Shares outstanding, end of period | 195,276 | 200,354 | 199,225 | (2.5 | )% | (2.0 | )% | |||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||
Return on average assets | 0.96 | % | 0.94 | % | 0.99 | % | ||||||||||||||||
Return on average common shareholders' equity | 7.67 | % | 7.61 | % | 7.70 | % | ||||||||||||||||
Return on average common shareholders' equity (tangible) | 10.43 | % | 10.56 | % | 10.53 | % | ||||||||||||||||
Net interest margin | 3.55 | % | 3.85 | % | 3.65 | % | ||||||||||||||||
Efficiency ratio | 61.78 | % | 56.83 | % | 59.16 | % | ||||||||||||||||
N/M - Not meaningful | ||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
March 31, 2013 | March 31, 2012 | December 31, 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 | $ | 12,257,280 | $ | 136,948 | 4.53% | $ | 11,981,099 | $ | 147,046 | 4.93% | $ | 12,002,944 | $ | 141,014 | 4.68% | |||||||||||||||||
Taxable investment securities | 2,421,178 | 13,397 | 2.22% | 2,402,158 | 18,661 | 3.11% | 2,279,551 | 13,406 | 2.35% | |||||||||||||||||||||||
Tax-exempt investment securities | 292,118 | 3,814 | 5.22% | 294,724 | 4,157 | 5.64% | 286,400 | 3,857 | 5.39% | |||||||||||||||||||||||
Equity securities | 118,367 | 917 | 3.12% | 115,593 | 780 | 2.71% | 117,333 | 984 | 3.35% | |||||||||||||||||||||||
Total Investment Securities | 2,831,663 | 18,128 | 2.56% | 2,812,475 | 23,598 | 3.36% | 2,683,284 | 18,247 | 2.72% | |||||||||||||||||||||||
Loans held for sale | 47,885 | 495 | 4.14% | 40,478 | 431 | 4.26% | 59,977 | 517 | 3.45% | |||||||||||||||||||||||
Other interest-earning assets | 117,850 | 22 | 0.07% | 101,957 | 53 | 0.21% | 145,555 | 45 | 0.12% | |||||||||||||||||||||||
Total Interest-earning Assets | 15,254,678 | 155,593 | 4.13% | 14,936,009 | 171,128 | 4.61% | 14,891,760 | 159,823 | 4.28% | |||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | 202,507 | 262,741 | 220,924 | |||||||||||||||||||||||||||||
Premises and equipment | 226,466 | 212,567 | 224,852 | |||||||||||||||||||||||||||||
Other assets | 1,070,170 | 1,112,429 | 1,078,040 | |||||||||||||||||||||||||||||
Less: allowance for loan losses | (227,858 | ) | (266,092 | ) | (235,563 | ) | ||||||||||||||||||||||||||
Total Assets | $ | 16,525,963 | $ | 16,257,654 | $ | 16,180,013 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | $ | 2,705,835 | $ | 877 | 0.13% | $ | 2,464,452 | $ | 1,036 | 0.17% | $ | 2,684,063 | $ | 1,055 | 0.16% | |||||||||||||||||
Savings deposits | 3,334,305 | 1,023 | 0.12% | 3,349,502 | 1,810 | 0.22% | 3,399,423 | 1,251 | 0.15% | |||||||||||||||||||||||
Time deposits | 3,321,309 | 8,501 | 1.04% | 3,951,908 | 13,404 | 1.36% | 3,472,692 | 9,748 | 1.12% | |||||||||||||||||||||||
Total Interest-bearing Deposits | 9,361,449 | 10,401 | 0.45% | 9,765,862 | 16,250 | 0.67% | 9,556,178 | 12,054 | 0.50% | |||||||||||||||||||||||
Short-term borrowings | 1,032,122 | 509 | 0.20% | 728,102 | 281 | 0.15% | 488,310 | 156 | 0.13% | |||||||||||||||||||||||
FHLB advances and long-term debt | 891,173 | 10,768 | 4.87% | 983,304 | 11,665 | 4.76% | 914,013 | 11,128 | 4.86% | |||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,284,744 | 21,678 | 0.78% | 11,477,268 | 28,196 | 0.99% | 10,958,501 | 23,338 | 0.85% | |||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | 2,968,777 | 2,566,312 | 2,955,208 | |||||||||||||||||||||||||||||
Other | 198,944 | 197,463 | 186,958 | |||||||||||||||||||||||||||||
Total Liabilities | 14,452,465 | 14,241,043 | 14,100,667 | |||||||||||||||||||||||||||||
Shareholders' equity | 2,073,498 | 2,016,611 | 2,079,346 | |||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,525,963 | $ | 16,257,654 | $ | 16,180,013 | ||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 133,915 | 3.55% | 142,932 | 3.85% | 136,485 | 3.65% | ||||||||||||||||||||||||||
Tax equivalent adjustment | (4,271 | ) | (4,237 | ) | (4,263 | ) | ||||||||||||||||||||||||||
Net interest income | $ | 129,644 | $ | 138,695 | $ | 132,222 | ||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | Mar 31 | Dec 31 | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2012 | 2012 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,666,494 | $ | 4,617,507 | $ | 4,623,158 | 1.1 | % | 0.9 | % | ||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 3,662,566 | 3,585,520 | 3,559,171 | 2.1 | % | 2.9 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,662,173 | 1,611,565 | 1,611,868 | 3.1 | % | 3.1 | % | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,283,168 | 1,137,964 | 1,223,962 | 12.8 | % | 4.8 | % | |||||||||||||||||||||||||
Real estate - construction | 591,338 | 641,574 | 593,351 | (7.8 | )% | (0.3 | )% | |||||||||||||||||||||||||
Consumer | 305,480 | 312,234 | 306,350 | (2.2 | )% | (0.3 | )% | |||||||||||||||||||||||||
Leasing and other | 86,061 | 74,735 | 85,084 | 15.2 | % | 1.1 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 12,257,280 | $ | 11,981,099 | $ | 12,002,944 | 2.3 | % | 2.1 | % | ||||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,968,777 | $ | 2,566,312 | $ | 2,955,208 | 15.7 | % | 0.5 | % | ||||||||||||||||||||||
Interest-bearing demand | 2,705,835 | 2,464,452 | 2,684,063 | 9.8 | % | 0.8 | % | |||||||||||||||||||||||||
Savings deposits | 3,334,305 | 3,349,502 | 3,399,423 | (0.5 | )% | (1.9 | )% | |||||||||||||||||||||||||
Time deposits | 3,321,309 | 3,951,908 | 3,472,692 | (16.0 | )% | (4.4 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 12,330,226 | $ | 12,332,174 | $ | 12,511,386 | — | % | (1.4 | )% | ||||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 165,109 | $ | 200,542 | $ | 189,922 | (17.7 | )% | (13.1 | )% | ||||||||||||||||||||||
Customer short-term promissory notes | 112,041 | 155,071 | 125,933 | (27.7 | )% | (11.0 | )% | |||||||||||||||||||||||||
Federal funds purchased and other | 754,972 | 372,489 | 172,455 | 102.7 | % | 337.8 | % | |||||||||||||||||||||||||
Total Short-term Borrowings | $ | 1,032,122 | $ | 728,102 | $ | 488,310 | 41.8 | % | 111.4 | % | ||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 225,439 | $ | 258,177 | $ | 235,268 | ||||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (9,502 | ) | (5,669 | ) | (12,711 | ) | ||||||||||||||||||||||||
Real estate - commercial mortgage | (4,133 | ) | (11,891 | ) | (8,935 | ) | ||||||||||||||||||||||||
Real estate - residential mortgage | (3,050 | ) | (847 | ) | (1,500 | ) | ||||||||||||||||||||||||
Real estate - home equity | (2,404 | ) | (2,206 | ) | (3,464 | ) | ||||||||||||||||||||||||
Real estate - construction | (1,986 | ) | (8,571 | ) | (873 | ) | ||||||||||||||||||||||||
Consumer | (550 | ) | (634 | ) | (1,533 | ) | ||||||||||||||||||||||||
Leasing and other | (481 | ) | (441 | ) | (585 | ) | ||||||||||||||||||||||||
Total loans charged off | (22,106 | ) | (30,259 | ) | (29,601 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 379 | 636 | 1,236 | |||||||||||||||||||||||||||
Real estate - commercial mortgage | 1,064 | 816 | 85 | |||||||||||||||||||||||||||
Real estate - residential mortgage | 81 | 73 | 290 | |||||||||||||||||||||||||||
Real estate - home equity | 331 | 20 | 63 | |||||||||||||||||||||||||||
Real estate - construction | 671 | 64 | 171 | |||||||||||||||||||||||||||
Consumer | 506 | 350 | 274 | |||||||||||||||||||||||||||
Leasing and other | 162 | 260 | 153 | |||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,194 | 2,219 | 2,272 | |||||||||||||||||||||||||||
Net loans charged off | (18,912 | ) | (28,040 | ) | (27,329 | ) | ||||||||||||||||||||||||
Provision for credit losses | 15,000 | 28,000 | 17,500 | |||||||||||||||||||||||||||
Balance at end of period | $ | 221,527 | $ | 258,137 | $ | 225,439 | ||||||||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.62 | % | 0.94 | % | 0.91 | % | ||||||||||||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||||
Non-accrual loans | $ | 179,334 | $ | 248,719 | $ | 184,832 | ||||||||||||||||||||||||
Loans 90 days past due and accruing | 29,325 | 35,270 | 26,221 | |||||||||||||||||||||||||||
Total non-performing loans | 208,659 | 283,989 | 211,053 | |||||||||||||||||||||||||||
Other real estate owned | 23,820 | 33,516 | 26,146 | |||||||||||||||||||||||||||
Total non-performing assets | $ | 232,479 | $ | 317,505 | $ | 237,199 | ||||||||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 61,113 | $ | 82,884 | $ | 66,954 | ||||||||||||||||||||||||
Real estate - commercial mortgage | 58,805 | 104,076 | 57,120 | |||||||||||||||||||||||||||
Real estate - residential mortgage | 36,361 | 23,016 | 34,436 | |||||||||||||||||||||||||||
Real estate - construction | 31,919 | 59,917 | 32,005 | |||||||||||||||||||||||||||
Real estate - home equity | 14,988 | 10,914 | 15,519 | |||||||||||||||||||||||||||
Consumer | 5,262 | 2,834 | 5,000 | |||||||||||||||||||||||||||
Leasing | 211 | 348 | 19 | |||||||||||||||||||||||||||
Total non-performing loans | $ | 208,659 | $ | 283,989 | $ | 211,053 | ||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | ||||||||||||||||||||||||||||||
March 31, 2013 | March 31, 2012 | December 31, 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 | 0.39 | % | 1.25 | % | 1.64 | % | 0.43 | % | 2.24 | % | 2.67 | % | 0.46 | % | 1.22 | % | 1.68 | % | ||||||||||||
Commercial - industrial, financial and agricultural | 0.35 | % | 1.67 | % | 2.02 | % | 0.35 | % | 2.36 | % | 2.71 | % | 0.46 | % | 1.85 | % | 2.31 | % | ||||||||||||
Real estate - construction | 0.17 | % | 5.34 | % | 5.51 | % | 0.56 | % | 9.25 | % | 9.81 | % | 0.23 | % | 5.48 | % | 5.71 | % | ||||||||||||
Real estate - residential mortgage | 2.07 | % | 2.79 | % | 4.86 | % | 2.76 | % | 1.96 | % | 4.72 | % | 2.55 | % | 2.74 | % | 5.29 | % | ||||||||||||
Real estate - home equity | 0.69 | % | 0.89 | % | 1.58 | % | 0.74 | % | 0.68 | % | 1.42 | % | 0.77 | % | 0.96 | % | 1.73 | % | ||||||||||||
Consumer, leasing and other | 1.38 | % | 1.37 | % | 2.75 | % | 1.39 | % | 0.84 | % | 2.23 | % | 1.71 | % | 1.26 | % | 2.97 | % | ||||||||||||
Total | 0.62 | % | 1.68 | % | 2.30 | % | 0.71 | % | 2.38 | % | 3.09 | % | 0.75 | % | 1.74 | % | 2.49 | % | ||||||||||||
(1) Includes non-accrual loans | ||||||||||||||||||||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | ||||||||||||||||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||||||||||||||
Non-accrual loans to total loans | 1.45 | % | 2.08 | % | 1.52 | % | ||||||||||||||||||||||||
Non-performing assets to total loans and OREO | 1.87 | % | 2.65 | % | 1.95 | % | ||||||||||||||||||||||||
Non-performing assets to total assets | 1.39 | % | 1.92 | % | 1.43 | % | ||||||||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.79 | % | 2.16 | % | 1.86 | % | ||||||||||||||||||||||||
Allowance for credit losses to non-performing loans | 106.17 | % | 90.90 | % | 106.82 | % | ||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 13.30 | % | 18.27 | % | 13.39 | % | ||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED) | |||||||||||||||||
in thousands, except per share data and percentages | |||||||||||||||||
Explanatory note: | This press release contains certain financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that they provide useful and comparative information to assess trends in the Corporation's quarterly results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are useful to investors to evaluate the Corporation's results because it excludes certain items that are not directly related to the Corporation's core operating performance. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow: | ||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31 | March 31 | December 31 | |||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Shareholders' equity (tangible), per share | |||||||||||||||||
Shareholders' equity | $ | 2,061,763 | $ | 2,022,863 | $ | 2,081,656 | |||||||||||
Less: Goodwill and intangible assets | (534,987 | ) | (543,383 | ) | (535,563 | ) | |||||||||||
Tangible shareholders' equity (numerator) | $ | 1,526,776 | $ | 1,479,480 | $ | 1,546,093 | |||||||||||
Shares outstanding, end of period (denominator) | 195,276 | 200,354 | 199,225 | ||||||||||||||
Shareholders' equity (tangible), per share | $ | 7.82 | $ | 7.38 | $ | 7.76 | |||||||||||
Return on average common shareholders' equity (tangible) | |||||||||||||||||
Net income | $ | 39,227 | $ | 38,132 | $ | 40,240 | |||||||||||
Plus: Intangible amortization, net of tax | 347 | 521 | 463 | ||||||||||||||
Net income, less intangible amortization, net of tax (numerator) | $ | 39,574 | $ | 38,653 | $ | 40,703 | |||||||||||
Average shareholders' equity | $ | 2,073,498 | $ | 2,016,611 | $ | 2,079,346 | |||||||||||
Less: Average goodwill and intangible assets | (535,255 | ) | (543,777 | ) | (541,416 | ) | |||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,538,243 | $ | 1,472,834 | $ | 1,537,930 | |||||||||||
Return on average common shareholders' equity (tangible), annualized | 10.43 | % | 10.56 | % | 10.53 | % | |||||||||||
Efficiency ratio | |||||||||||||||||
Non-interest expense | $ | 110,936 | $ | 110,669 | $ | 116,556 | |||||||||||
Less: Intangible amortization | (534 | ) | (801 | ) | (713 | ) | |||||||||||
Numerator | $ | 110,402 | $ | 109,868 | $ | 115,843 | |||||||||||
Net interest income (fully taxable equivalent) | $ | 133,915 | $ | 142,932 | $ | 136,485 | |||||||||||
Plus: Total Non-interest income | 47,259 | 51,638 | 59,523 | ||||||||||||||
Less: Investment securities gains | (2,473 | ) | (1,251 | ) | (195 | ) | |||||||||||
Denominator | $ | 178,701 | $ | 193,319 | $ | 195,813 | |||||||||||
Efficiency ratio | 61.78 | % | 56.83 | % | 59.16 | % | |||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | |||||||||||||||||
Non-performing assets (numerator) | $ | 232,479 | $ | 317,505 | $ | 237,199 | |||||||||||
Shareholders' equity | $ | 2,061,763 | $ | 2,022,863 | $ | 2,081,656 | |||||||||||
Less: Goodwill and intangible assets | (534,987 | ) | (543,383 | ) | (535,563 | ) | |||||||||||
Tangible shareholders' equity | 1,526,776 | 1,479,480 | 1,546,093 | ||||||||||||||
Plus: Allowance for credit losses | 221,527 | 258,137 | 225,439 | ||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,748,303 | $ | 1,737,617 | $ | 1,771,532 | |||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 13.30 | % | 18.27 | % | 13.39 | % | |||||||||||