Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FULTON FINANCIAL CORP | a8-k3x31x15.htm |
| EX-99.1 - PRESS RELEASE DATED APRIL 21, 2015 - FULTON FINANCIAL CORP | exhibit9913-31x15.htm |
| EX-99.3 - PRESENTATION MATERIALS TO BE DISCUSSED DURING THE CONFERENCE CALL AND WEBCAST - FULTON FINANCIAL CORP | q1earningsccpresentation.htm |
Exhibit 99.2 | ||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||
dollars in thousands | ||||||||||||||||||
% Change from | ||||||||||||||||||
March 31 | March 31 | December | March 31 | December 31 | ||||||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||
ASSETS | ||||||||||||||||||
Cash and due from banks | $ | 91,870 | $ | 260,389 | $ | 105,702 | (64.7 | )% | (13.1 | )% | ||||||||
Other interest-earning assets | 703,667 | 307,062 | 423,083 | 129.2 | % | 66.3 | % | |||||||||||
Loans held for sale | 34,124 | 24,417 | 17,522 | 39.8 | % | 94.7 | % | |||||||||||
Investment securities | 2,259,802 | 2,501,198 | 2,323,371 | (9.7 | )% | (2.7 | )% | |||||||||||
Loans, net of unearned income | 13,115,505 | 12,733,792 | 13,111,716 | 3.0 | % | — | % | |||||||||||
Allowance for loan losses | (177,701 | ) | (197,089 | ) | (184,144 | ) | (9.8 | )% | (3.5 | )% | ||||||||
Net loans | 12,937,804 | 12,536,703 | 12,927,572 | 3.2 | % | 0.1 | % | |||||||||||
Premises and equipment | 226,241 | 225,647 | 226,027 | 0.3 | % | 0.1 | % | |||||||||||
Accrued interest receivable | 42,216 | 43,376 | 41,818 | (2.7 | )% | 1.0 | % | |||||||||||
Goodwill and intangible assets | 531,672 | 532,747 | 531,803 | (0.2 | )% | — | % | |||||||||||
Other assets | 535,945 | 480,350 | 527,869 | 11.6 | % | 1.5 | % | |||||||||||
Total Assets | $ | 17,363,341 | $ | 16,911,889 | $ | 17,124,767 | 2.7 | % | 1.4 | % | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Deposits | $ | 13,514,497 | $ | 12,669,917 | $ | 13,367,506 | 6.7 | % | 1.1 | % | ||||||||
Short-term borrowings | 410,105 | 1,069,684 | 329,719 | (61.7 | )% | 24.4 | % | |||||||||||
Other liabilities | 312,709 | 230,108 | 291,464 | 35.9 | % | 7.3 | % | |||||||||||
FHLB advances and long-term debt | 1,094,517 | 883,461 | 1,139,413 | 23.9 | % | (3.9 | )% | |||||||||||
Total Liabilities | 15,331,828 | 14,853,170 | 15,128,102 | 3.2 | % | 1.3 | % | |||||||||||
Shareholders' equity | 2,031,513 | 2,058,719 | 1,996,665 | (1.3 | )% | 1.7 | % | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 17,363,341 | $ | 16,911,889 | $ | 17,124,767 | 2.7 | % | 1.4 | % | ||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||
Loans, by type: | ||||||||||||||||||
Real estate - commercial mortgage | $ | 5,227,101 | $ | 5,137,454 | $ | 5,197,155 | 1.7 | % | 0.6 | % | ||||||||
Commercial - industrial, financial and agricultural | 3,762,631 | 3,574,130 | 3,725,567 | 5.3 | % | 1.0 | % | |||||||||||
Real estate - home equity | 1,701,623 | 1,740,496 | 1,736,688 | (2.2 | )% | (2.0 | )% | |||||||||||
Real estate - residential mortgage | 1,364,788 | 1,331,465 | 1,377,068 | 2.5 | % | (0.9 | )% | |||||||||||
Real estate - construction | 677,806 | 584,217 | 690,601 | 16.0 | % | (1.9 | )% | |||||||||||
Consumer | 257,301 | 270,021 | 265,431 | (4.7 | )% | (3.1 | )% | |||||||||||
Leasing and other | 124,255 | 96,009 | 119,206 | 29.4 | % | 4.2 | % | |||||||||||
Total Loans, net of unearned income | $ | 13,115,505 | $ | 12,733,792 | $ | 13,111,716 | 3.0 | % | — | % | ||||||||
Deposits, by type: | ||||||||||||||||||
Noninterest-bearing demand | $ | 3,765,677 | $ | 3,359,900 | $ | 3,640,623 | 12.1 | % | 3.4 | % | ||||||||
Interest-bearing demand | 3,133,748 | 2,960,577 | 3,150,612 | 5.8 | % | (0.5 | )% | |||||||||||
Savings deposits | 3,567,652 | 3,346,880 | 3,504,820 | 6.6 | % | 1.8 | % | |||||||||||
Time deposits | 3,047,420 | 3,002,560 | 3,071,451 | 1.5 | % | (0.8 | )% | |||||||||||
Total Deposits | $ | 13,514,497 | $ | 12,669,917 | $ | 13,367,506 | 6.7 | % | 1.1 | % | ||||||||
Short-term borrowings, by type: | ||||||||||||||||||
Customer repurchase agreements | $ | 161,886 | $ | 220,426 | $ | 158,394 | (26.6 | )% | 2.2 | % | ||||||||
Customer short-term promissory notes | 93,176 | 88,160 | 95,106 | 5.7 | % | (2.0 | )% | |||||||||||
Short-term FHLB advances | 155,000 | 400,000 | 70,000 | (61.3 | )% | 121.4 | % | |||||||||||
Federal funds purchased | 43 | 361,098 | 6,219 | (100.0 | )% | (99.3 | )% | |||||||||||
Total Short-term Borrowings | $ | 410,105 | $ | 1,069,684 | $ | 329,719 | (61.7 | )% | 24.4 | % | ||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||
in thousands, except per-share data and percentages | ||||||||||||||||||||
Three Months Ended | % Change from | |||||||||||||||||||
March 31 | March 31 | December 31 | March 31 | December 31 | ||||||||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||
Interest Income: | ||||||||||||||||||||
Interest income | $ | 145,772 | $ | 148,792 | $ | 149,594 | (2.0 | )% | (2.6 | )% | ||||||||||
Interest expense | 22,191 | 19,227 | 21,556 | 15.4 | % | 2.9 | % | |||||||||||||
Net Interest Income | 123,581 | 129,565 | 128,038 | (4.6 | )% | (3.5 | )% | |||||||||||||
Provision for credit losses | (3,700 | ) | 2,500 | 3,000 | N/M | N/M | ||||||||||||||
Net Interest Income after Provision | 127,281 | 127,065 | 125,038 | 0.2 | % | 1.8 | % | |||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Service charges on deposit accounts | 11,569 | 11,711 | 12,229 | (1.2 | )% | (5.4 | )% | |||||||||||||
Investment management and trust services | 10,889 | 10,958 | 11,188 | (0.6 | )% | (2.7 | )% | |||||||||||||
Other service charges and fees | 9,363 | 8,927 | 10,489 | 4.9 | % | (10.7 | )% | |||||||||||||
Mortgage banking income | 4,688 | 3,605 | 3,723 | 30.0 | % | 25.9 | % | |||||||||||||
Investment securities gains | 4,145 | — | 848 | N/M | 388.8 | % | ||||||||||||||
Other | 4,083 | 3,305 | 3,624 | 23.5 | % | 12.7 | % | |||||||||||||
Total Non-Interest Income | 44,737 | 38,506 | 42,101 | 16.2 | % | 6.3 | % | |||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Salaries and employee benefits | 64,990 | 59,566 | 65,398 | 9.1 | % | (0.6 | )% | |||||||||||||
Net occupancy expense | 13,692 | 13,603 | 11,481 | 0.7 | % | 19.3 | % | |||||||||||||
Other outside services | 5,750 | 3,812 | 8,720 | 50.8 | % | (34.1 | )% | |||||||||||||
Data processing | 4,768 | 3,796 | 4,346 | 25.6 | % | 9.7 | % | |||||||||||||
Equipment expense | 3,958 | 3,602 | 3,298 | 9.9 | % | 20.0 | % | |||||||||||||
Software | 3,318 | 2,925 | 3,271 | 13.4 | % | 1.4 | % | |||||||||||||
Professional fees | 2,871 | 2,904 | 2,382 | (1.1 | )% | 20.5 | % | |||||||||||||
FDIC insurance expense | 2,822 | 2,689 | 2,772 | 4.9 | % | 1.8 | % | |||||||||||||
Other real estate owned and repossession expense | 1,362 | 983 | 236 | 38.6 | % | 477.1 | % | |||||||||||||
Marketing | 1,233 | 1,584 | 2,414 | (22.2 | )% | (48.9 | )% | |||||||||||||
Operating risk loss | 827 | 1,828 | 485 | (54.8 | )% | 70.5 | % | |||||||||||||
Intangible amortization | 130 | 315 | 315 | (58.7 | )% | (58.7 | )% | |||||||||||||
Other | 12,757 | 11,947 | 12,602 | 6.8 | % | 1.2 | % | |||||||||||||
Total Non-Interest Expense | 118,478 | 109,554 | 117,720 | 8.1 | % | 0.6 | % | |||||||||||||
Income Before Income Taxes | 53,540 | 56,017 | 49,419 | (4.4 | )% | 8.3 | % | |||||||||||||
Income tax expense | 13,504 | 14,234 | 11,470 | (5.1 | )% | 17.7 | % | |||||||||||||
Net Income | $ | 40,036 | $ | 41,783 | $ | 37,949 | (4.2 | )% | 5.5 | % | ||||||||||
PER SHARE: | ||||||||||||||||||||
Net income: | ||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.22 | $ | 0.21 | — | % | 4.8 | % | ||||||||||
Diluted | 0.22 | 0.22 | 0.21 | — | % | 4.8 | % | |||||||||||||
Cash dividends | $ | 0.09 | $ | 0.08 | $ | 0.10 | 12.5 | % | (10.0 | )% | ||||||||||
Shareholders' equity | 11.34 | 10.90 | 11.16 | 4.0 | % | 1.6 | % | |||||||||||||
Shareholders' equity (tangible) | 8.37 | 8.08 | 8.19 | 3.6 | % | 2.2 | % | |||||||||||||
Weighted average shares (basic) | 178,471 | 189,467 | 181,251 | (5.8 | )% | (1.5 | )% | |||||||||||||
Weighted average shares (diluted) | 179,457 | 190,489 | 182,189 | (5.8 | )% | (1.5 | )% | |||||||||||||
Shares outstanding, end of period | 179,098 | 188,850 | 178,924 | (5.2 | )% | 0.1 | % | |||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||
Return on average assets | 0.95 | % | 1.01 | % | 0.88 | % | ||||||||||||||
Return on average shareholders' equity | 8.05 | % | 8.21 | % | 7.34 | % | ||||||||||||||
Return on average shareholders' equity (tangible) | 10.96 | % | 11.13 | % | 9.96 | % | ||||||||||||||
Net interest margin | 3.27 | % | 3.47 | % | 3.31 | % | ||||||||||||||
Efficiency ratio | 70.16 | % | 63.38 | % | 67.53 | % | ||||||||||||||
N/M - Not meaningful | ||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | December 31, 2014 | ||||||||||||||||||||||||||||||
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 | $ | 13,095,528 | $ | 133,055 | 4.11% | $ | 12,762,357 | $ | 134,749 | 4.28% | $ | 13,056,153 | $ | 136,636 | 4.16% | |||||||||||||||||
Taxable investment securities | 2,005,542 | 11,282 | 2.25% | 2,257,773 | 13,266 | 2.35% | 2,109,884 | 12,689 | 2.40% | |||||||||||||||||||||||
Tax-exempt investment securities | 229,082 | 3,212 | 5.61% | 279,278 | 3,613 | 5.17% | 241,711 | 3,249 | 5.38% | |||||||||||||||||||||||
Equity securities | 32,210 | 450 | 5.66% | 33,922 | 429 | 5.11% | 33,981 | 442 | 5.16% | |||||||||||||||||||||||
Total Investment Securities | 2,266,834 | 14,944 | 2.64% | 2,570,973 | 17,308 | 2.70% | 2,385,576 | 16,380 | 2.74% | |||||||||||||||||||||||
Loans held for sale | 17,002 | 173 | 4.07% | 13,426 | 134 | 4.00% | 15,340 | 201 | 5.24% | |||||||||||||||||||||||
Other interest-earning assets | 474,033 | 2,105 | 1.78% | 258,803 | 882 | 1.36% | 464,342 | 953 | 0.82% | |||||||||||||||||||||||
Total Interest-earning Assets | 15,853,397 | 150,277 | 3.83% | 15,605,559 | 153,073 | 3.97% | 15,921,411 | 154,170 | 3.85% | |||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | 105,271 | 199,641 | 110,292 | |||||||||||||||||||||||||||||
Premises and equipment | 226,391 | 226,295 | 224,516 | |||||||||||||||||||||||||||||
Other assets | 1,114,078 | 1,032,071 | 1,073,302 | |||||||||||||||||||||||||||||
Less: allowance for loan losses | (183,927 | ) | (203,201 | ) | (189,029 | ) | ||||||||||||||||||||||||||
Total Assets | $ | 17,115,210 | $ | 16,860,365 | $ | 17,140,492 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | $ | 3,135,927 | $ | 983 | 0.13% | $ | 2,945,211 | $ | 909 | 0.13% | $ | 3,145,658 | $ | 1,027 | 0.13% | |||||||||||||||||
Savings deposits | 3,517,057 | 1,119 | 0.13% | 3,351,871 | 1,035 | 0.13% | 3,548,504 | 1,171 | 0.13% | |||||||||||||||||||||||
Time deposits | 3,061,593 | 7,721 | 1.02% | 2,932,456 | 5,952 | 0.82% | 3,016,834 | 7,333 | 0.96% | |||||||||||||||||||||||
Total Interest-bearing Deposits | 9,714,577 | 9,823 | 0.41% | 9,229,538 | 7,896 | 0.35% | 9,710,996 | 9,531 | 0.39% | |||||||||||||||||||||||
Short-term borrowings | 309,215 | 77 | 0.10% | 1,208,953 | 633 | 0.21% | 417,838 | 138 | 0.13% | |||||||||||||||||||||||
FHLB advances and long-term debt | 1,124,074 | 12,291 | 4.40% | 883,532 | 10,698 | 4.88% | 1,086,321 | 11,887 | 4.36% | |||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,147,866 | 22,191 | 0.80% | 11,322,023 | 19,227 | 0.69% | 11,215,155 | 21,556 | 0.76% | |||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | 3,662,040 | 3,243,424 | 3,630,780 | |||||||||||||||||||||||||||||
Other | 289,341 | 232,004 | 242,346 | |||||||||||||||||||||||||||||
Total Liabilities | 15,099,247 | 14,797,451 | 15,088,281 | |||||||||||||||||||||||||||||
Shareholders' equity | 2,015,963 | 2,062,914 | 2,052,211 | |||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 17,115,210 | $ | 16,860,365 | $ | 17,140,492 | ||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 128,086 | 3.27% | 133,846 | 3.47% | 132,614 | 3.31% | ||||||||||||||||||||||||||
Tax equivalent adjustment | (4,505 | ) | (4,281 | ) | (4,576 | ) | ||||||||||||||||||||||||||
Net interest income | $ | 123,581 | $ | 129,565 | $ | 128,038 | ||||||||||||||||||||||||||
(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: | ||||||||||||||||||||||||||||||||
Three Months Ended | % Change from | |||||||||||||||||||||||||||||||
March 31 | March 31 | December 31 | March 31 | December 31 | ||||||||||||||||||||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,163,845 | $ | 5,085,128 | $ | 5,131,375 | 1.5 | % | 0.6 | % | ||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 3,770,187 | 3,637,075 | 3,723,211 | 3.7 | % | 1.3 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,721,300 | 1,755,346 | 1,735,769 | (1.9 | )% | (0.8 | )% | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,370,376 | 1,336,323 | 1,378,452 | 2.5 | % | (0.6 | )% | |||||||||||||||||||||||||
Real estate - construction | 688,690 | 576,346 | 697,741 | 19.5 | % | (1.3 | )% | |||||||||||||||||||||||||
Consumer | 259,138 | 274,910 | 275,349 | (5.7 | )% | (5.9 | )% | |||||||||||||||||||||||||
Leasing and other | 121,992 | 97,229 | 114,256 | 25.5 | % | 6.8 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 13,095,528 | $ | 12,762,357 | $ | 13,056,153 | 2.6 | % | 0.3 | % | ||||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 3,662,040 | $ | 3,243,424 | $ | 3,630,780 | 12.9 | % | 0.9 | % | ||||||||||||||||||||||
Interest-bearing demand | 3,135,927 | 2,945,211 | 3,145,658 | 6.5 | % | (0.3 | )% | |||||||||||||||||||||||||
Savings deposits | 3,517,057 | 3,351,871 | 3,548,504 | 4.9 | % | (0.9 | )% | |||||||||||||||||||||||||
Time deposits | 3,061,593 | 2,932,456 | 3,016,834 | 4.4 | % | 1.5 | % | |||||||||||||||||||||||||
Total Deposits | $ | 13,376,617 | $ | 12,472,962 | $ | 13,341,776 | 7.2 | % | 0.3 | % | ||||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 173,625 | $ | 187,362 | $ | 183,331 | (7.3 | )% | (5.3 | )% | ||||||||||||||||||||||
Customer short-term promissory notes | 86,258 | 102,000 | 87,338 | (15.4 | )% | (1.2 | )% | |||||||||||||||||||||||||
Federal funds purchased | 25,054 | 416,230 | 59,669 | (94.0 | )% | (58.0 | )% | |||||||||||||||||||||||||
Short-term FHLB advances and other borrowings | 24,278 | 503,361 | 87,500 | (95.2 | )% | (72.3 | )% | |||||||||||||||||||||||||
Total Short-term Borrowings | $ | 309,215 | $ | 1,208,953 | $ | 417,838 | (74.4 | )% | (26.0 | )% | ||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | ||||||||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 185,931 | $ | 204,917 | $ | 191,108 | ||||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (1,863 | ) | (5,125 | ) | (8,712 | ) | ||||||||||||||||||||||||
Consumer and home equity | (1,548 | ) | (2,402 | ) | (1,696 | ) | ||||||||||||||||||||||||
Real estate - residential mortgage | (1,281 | ) | (846 | ) | (752 | ) | ||||||||||||||||||||||||
Real estate - commercial mortgage | (709 | ) | (1,386 | ) | (920 | ) | ||||||||||||||||||||||||
Real estate - construction | — | (214 | ) | (464 | ) | |||||||||||||||||||||||||
Leasing and other | (363 | ) | (295 | ) | (701 | ) | ||||||||||||||||||||||||
Total loans charged off | (5,764 | ) | (10,268 | ) | (13,245 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 786 | 744 | 1,724 | |||||||||||||||||||||||||||
Consumer and home equity | 492 | 565 | 419 | |||||||||||||||||||||||||||
Real estate - residential mortgage | 159 | 116 | 132 | |||||||||||||||||||||||||||
Real estate - commercial mortgage | 436 | 44 | 319 | |||||||||||||||||||||||||||
Real estate - construction | 1,147 | 224 | 2,325 | |||||||||||||||||||||||||||
Leasing and other | 171 | 164 | 149 | |||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,191 | 1,857 | 5,068 | |||||||||||||||||||||||||||
Net loans charged off | (2,573 | ) | (8,411 | ) | (8,177 | ) | ||||||||||||||||||||||||
Provision for credit losses | (3,700 | ) | 2,500 | 3,000 | ||||||||||||||||||||||||||
Balance at end of period | $ | 179,658 | $ | 199,006 | $ | 185,931 | ||||||||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.08 | % | 0.26 | % | 0.25 | % | ||||||||||||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||||
Non-accrual loans | $ | 129,929 | $ | 133,705 | $ | 121,080 | ||||||||||||||||||||||||
Loans 90 days past due and accruing | 19,365 | 21,225 | 17,402 | |||||||||||||||||||||||||||
Total non-performing loans | 149,294 | 154,930 | 138,482 | |||||||||||||||||||||||||||
Other real estate owned | 14,251 | 15,300 | 12,022 | |||||||||||||||||||||||||||
Total non-performing assets | $ | 163,545 | $ | 170,230 | $ | 150,504 | ||||||||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 46,331 | 45,876 | 45,237 | |||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 43,265 | 38,830 | 30,388 | |||||||||||||||||||||||||||
Real estate - residential mortgage | 28,595 | 29,305 | 28,995 | |||||||||||||||||||||||||||
Consumer and home equity | 16,939 | 20,087 | 17,330 | |||||||||||||||||||||||||||
Real estate - construction | 14,140 | 20,758 | 16,399 | |||||||||||||||||||||||||||
Leasing | 24 | 74 | 133 | |||||||||||||||||||||||||||
Total non-performing loans | 149,294 | 154,930 | 138,482 | |||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | ||||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 31,574 | $ | 30,363 | $ | 31,308 | ||||||||||||||||||||||||
Real-estate - commercial mortgage | 23,468 | 19,514 | 18,822 | |||||||||||||||||||||||||||
Real estate - construction | 7,791 | 8,430 | 9,241 | |||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 6,975 | 6,755 | 5,237 | |||||||||||||||||||||||||||
Consumer and home equity | 3,118 | 2,622 | 3,013 | |||||||||||||||||||||||||||
Total accruing TDRs | $ | 72,926 | $ | 67,684 | $ | 67,621 | ||||||||||||||||||||||||
Non-accrual TDRs (1) | 29,392 | 27,487 | 24,616 | |||||||||||||||||||||||||||
Total TDRs | $ | 102,318 | $ | 95,171 | $ | 92,237 | ||||||||||||||||||||||||
(1) Included within non-accrual loans above. | ||||||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | |||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | December 31, 2014 | |||||||||||||||||||||||||||||||
31-89 Days | ≥90 Days (2) | Total | 31-89 Days | ≥90 Days (2) | Total | 31-89 Days | ≥90 Days (2) | Total | |||||||||||||||||||||||||
Real estate - commercial mortgage | 0.50 | % | 0.89 | % | 1.39 | % | 0.35 | % | 0.89 | % | 1.24 | % | 0.35 | % | 0.87 | % | 1.22 | % | |||||||||||||||
Commercial - industrial, financial and agricultural | 0.26 | % | 1.15 | % | 1.41 | % | 0.33 | % | 1.09 | % | 1.42 | % | 0.17 | % | 0.81 | % | 0.98 | % | |||||||||||||||
Real estate - construction | 0.31 | % | 2.09 | % | 2.40 | % | 0.43 | % | 3.55 | % | 3.98 | % | 0.02 | % | 2.38 | % | 2.40 | % | |||||||||||||||
Real estate - residential mortgage | 1.75 | % | 2.10 | % | 3.85 | % | 1.53 | % | 2.20 | % | 3.73 | % | 1.96 | % | 2.10 | % | 4.06 | % | |||||||||||||||
Consumer, home equity, leasing and other | 0.92 | % | 0.81 | % | 1.73 | % | 0.89 | % | 0.96 | % | 1.85 | % | 0.80 | % | 0.82 | % | 1.62 | % | |||||||||||||||
Total | 0.62 | % | 1.14 | % | 1.76 | % | 0.56 | % | 1.22 | % | 1.78 | % | 0.52 | % | 1.06 | % | 1.58 | % | |||||||||||||||
(2) Includes non-accrual loans | |||||||||||||||||||||||||||||||||
ASSET QUALITY RATIOS: | |||||||||||||||||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | |||||||||||||||||||||||||||||||
2015 | 2014 | 2014 | |||||||||||||||||||||||||||||||
Non-accrual loans to total loans | 0.99 | % | 1.05 | % | 0.92 | % | |||||||||||||||||||||||||||
Non-performing assets to total loans and OREO | 1.25 | % | 1.34 | % | 1.15 | % | |||||||||||||||||||||||||||
Non-performing assets to total assets | 0.94 | % | 1.01 | % | 0.88 | % | |||||||||||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.37 | % | 1.56 | % | 1.42 | % | |||||||||||||||||||||||||||
Allowance for credit losses to non-performing loans | 120.34 | % | 128.45 | % | 134.26 | % | |||||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 9.74 | % | 9.87 | % | 9.12 | % | |||||||||||||||||||||||||||
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 supplemental 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 these measures provide useful and comparative information to assess trends in the Corporation's 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 also useful to investors to evaluate the Corporation's results. 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: | |||||||||||||||||
Three Months Ended | ||||||||||||||||||
March 31 | March 31 | December 31 | ||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||
Shareholders' equity (tangible), per share | ||||||||||||||||||
Shareholders' equity | $ | 2,031,513 | $ | 2,058,719 | $ | 1,996,665 | ||||||||||||
Less: Goodwill and intangible assets | (531,672 | ) | (532,747 | ) | (531,803 | ) | ||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,499,841 | $ | 1,525,972 | $ | 1,464,862 | ||||||||||||
Shares outstanding, end of period (denominator) | 179,098 | 188,850 | 178,924 | |||||||||||||||
Shareholders' equity (tangible), per share | $ | 8.37 | $ | 8.08 | $ | 8.19 | ||||||||||||
Return on average common shareholders' equity (tangible) | ||||||||||||||||||
Net income | $ | 40,036 | $ | 41,783 | $ | 37,949 | ||||||||||||
Plus: Intangible amortization, net of tax | 85 | 204 | 205 | |||||||||||||||
Numerator | $ | 40,121 | $ | 41,987 | $ | 38,154 | ||||||||||||
Average shareholders' equity | $ | 2,015,963 | $ | 2,062,914 | $ | 2,052,211 | ||||||||||||
Less: Average goodwill and intangible assets | (531,732 | ) | (532,901 | ) | (531,955 | ) | ||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,484,231 | $ | 1,530,013 | $ | 1,520,256 | ||||||||||||
Return on average common shareholders' equity (tangible), annualized | 10.96 | % | 11.13 | % | 9.96 | % | ||||||||||||
Efficiency ratio | ||||||||||||||||||
Non-interest expense | $ | 118,478 | $ | 109,554 | $ | 117,720 | ||||||||||||
Less: Intangible amortization | (130 | ) | (315 | ) | (315 | ) | ||||||||||||
Numerator | $ | 118,348 | $ | 109,239 | $ | 117,405 | ||||||||||||
Net interest income (fully taxable equivalent) | $ | 128,086 | $ | 133,846 | $ | 132,614 | ||||||||||||
Plus: Total Non-interest income | 44,737 | 38,506 | 42,101 | |||||||||||||||
Less: Investment securities gains | (4,145 | ) | — | (848 | ) | |||||||||||||
Denominator | $ | 168,678 | $ | 172,352 | $ | 173,867 | ||||||||||||
Efficiency ratio | 70.16 | % | 63.38 | % | 67.53 | % | ||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | ||||||||||||||||||
Non-performing assets (numerator) | $ | 163,545 | $ | 170,230 | $ | 150,504 | ||||||||||||
Tangible shareholders' equity | $ | 1,499,841 | $ | 1,525,972 | $ | 1,464,862 | ||||||||||||
Plus: Allowance for credit losses | 179,658 | 199,006 | 185,931 | |||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,679,499 | $ | 1,724,978 | $ | 1,650,793 | ||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 9.74 | % | 9.87 | % | 9.12 | % | ||||||||||||