Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FULTON FINANCIAL CORP | a8-k3x31x16.htm |
| EX-99.1 - PRESS RELEASE DATED APRIL 19, 2016 - FULTON FINANCIAL CORP | exhibit9913-31x16.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 31 | March 31 | December 31 | ||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||
ASSETS | ||||||||||||||||||
Cash and due from banks | $ | 83,479 | $ | 91,870 | $ | 101,120 | (9.1 | )% | (17.4 | )% | ||||||||
Other interest-earning assets | 408,060 | 703,667 | 292,516 | (42.0 | )% | 39.5 | % | |||||||||||
Loans held for sale | 19,719 | 34,124 | 16,886 | (42.2 | )% | 16.8 | % | |||||||||||
Investment securities | 2,516,205 | 2,259,802 | 2,484,773 | 11.3 | % | 1.3 | % | |||||||||||
Loans, net of unearned income | 13,870,701 | 13,115,505 | 13,838,602 | 5.8 | % | 0.2 | % | |||||||||||
Allowance for loan losses | (163,841 | ) | (177,701 | ) | (169,054 | ) | (7.8 | )% | (3.1 | )% | ||||||||
Net loans | 13,706,860 | 12,937,804 | 13,669,548 | 5.9 | % | 0.3 | % | |||||||||||
Premises and equipment | 228,057 | 226,241 | 225,535 | 0.8 | % | 1.1 | % | |||||||||||
Accrued interest receivable | 44,379 | 42,216 | 42,767 | 5.1 | % | 3.8 | % | |||||||||||
Goodwill and intangible assets | 531,556 | 531,672 | 531,556 | — | % | — | % | |||||||||||
Other assets | 583,939 | 535,945 | 550,017 | 9.0 | % | 6.2 | % | |||||||||||
Total Assets | $ | 18,122,254 | $ | 17,363,341 | $ | 17,914,718 | 4.4 | % | 1.2 | % | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Deposits | $ | 14,404,280 | $ | 13,514,497 | $ | 14,132,317 | 6.6 | % | 1.9 | % | ||||||||
Short-term borrowings | 352,883 | 410,105 | 497,663 | (14.0 | )% | (29.1 | )% | |||||||||||
Other liabilities | 326,128 | 312,709 | 293,302 | 4.3 | % | 11.2 | % | |||||||||||
FHLB advances and long-term debt | 965,654 | 1,094,517 | 949,542 | (11.8 | )% | 1.7 | % | |||||||||||
Total Liabilities | 16,048,945 | 15,331,828 | 15,872,824 | 4.7 | % | 1.1 | % | |||||||||||
Shareholders' equity | 2,073,309 | 2,031,513 | 2,041,894 | 2.1 | % | 1.5 | % | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,122,254 | $ | 17,363,341 | $ | 17,914,718 | 4.4 | % | 1.2 | % | ||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||
Loans, by type: | ||||||||||||||||||
Real estate - commercial mortgage | $ | 5,558,108 | $ | 5,227,101 | $ | 5,462,330 | 6.3 | % | 1.8 | % | ||||||||
Commercial - industrial, financial and agricultural | 4,035,333 | 3,762,631 | 4,088,962 | 7.2 | % | (1.3 | )% | |||||||||||
Real estate - home equity | 1,659,481 | 1,701,623 | 1,684,439 | (2.5 | )% | (1.5 | )% | |||||||||||
Real estate - residential mortgage | 1,377,459 | 1,364,788 | 1,376,160 | 0.9 | % | 0.1 | % | |||||||||||
Real estate - construction | 810,872 | 677,806 | 799,988 | 19.6 | % | 1.4 | % | |||||||||||
Consumer | 263,221 | 257,301 | 268,588 | 2.3 | % | (2.0 | )% | |||||||||||
Leasing and other | 166,227 | 124,255 | 158,135 | 33.8 | % | 5.1 | % | |||||||||||
Total Loans, net of unearned income | $ | 13,870,701 | $ | 13,115,505 | $ | 13,838,602 | 5.8 | % | 0.2 | % | ||||||||
Deposits, by type: | ||||||||||||||||||
Noninterest-bearing demand | $ | 4,134,861 | $ | 3,765,677 | $ | 3,948,114 | 9.8 | % | 4.7 | % | ||||||||
Interest-bearing demand | 3,430,206 | 3,133,748 | 3,451,207 | 9.5 | % | (0.6 | )% | |||||||||||
Savings deposits | 3,972,199 | 3,567,652 | 3,868,046 | 11.3 | % | 2.7 | % | |||||||||||
Time deposits | 2,867,014 | 3,047,420 | 2,864,950 | (5.9 | )% | 0.1 | % | |||||||||||
Total Deposits | $ | 14,404,280 | $ | 13,514,497 | $ | 14,132,317 | 6.6 | % | 1.9 | % | ||||||||
Short-term borrowings, by type: | ||||||||||||||||||
Customer repurchase agreements | $ | 162,431 | $ | 161,886 | $ | 111,496 | 0.3 | % | 45.7 | % | ||||||||
Customer short-term promissory notes | 76,807 | 93,176 | 78,932 | (17.6 | )% | (2.7 | )% | |||||||||||
Short-term FHLB advances | 81,000 | 155,000 | 110,000 | (47.7 | )% | (26.4 | )% | |||||||||||
Federal funds purchased | 32,645 | 43 | 197,235 | 75,818.6 | % | (83.4 | )% | |||||||||||
Total Short-term Borrowings | $ | 352,883 | $ | 410,105 | $ | 497,663 | (14.0 | )% | (29.1 | )% | ||||||||
N/M - Not meaningful | ||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||
in thousands, except per-share data and percentages | ||||||||||||||||||||
Three Months Ended | % Change from | |||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | Mar 31 | Dec 31 | ||||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||
Interest Income: | ||||||||||||||||||||
Interest income | $ | 149,311 | $ | 145,772 | $ | 147,560 | 2.4 | % | 1.2 | % | ||||||||||
Interest expense | 20,257 | 22,191 | 19,761 | (8.7 | )% | 2.5 | % | |||||||||||||
Net Interest Income | 129,054 | 123,581 | 127,799 | 4.4 | % | 1.0 | % | |||||||||||||
Provision for credit losses | 1,530 | (3,700 | ) | 2,750 | N/M | (44.4 | )% | |||||||||||||
Net Interest Income after Provision | 127,524 | 127,281 | 125,049 | 0.2 | % | 2.0 | % | |||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Service charges on deposit accounts | 12,558 | 11,569 | 12,909 | 8.5 | % | (2.7 | )% | |||||||||||||
Investment management and trust services | 10,988 | 10,889 | 10,919 | 0.9 | % | 0.6 | % | |||||||||||||
Other service charges and fees | 10,750 | 9,363 | 12,676 | 14.8 | % | (15.2 | )% | |||||||||||||
Mortgage banking income | 4,030 | 4,688 | 4,317 | (14.0 | )% | (6.6 | )% | |||||||||||||
Other | 3,864 | 4,083 | 4,242 | (5.4 | )% | (8.9 | )% | |||||||||||||
Non-Interest Income before Investment Securities Gains | 42,190 | 40,592 | 45,063 | 3.9 | % | (6.4 | )% | |||||||||||||
Investment securities gains | 947 | 4,145 | 776 | (77.2 | )% | 22.0 | % | |||||||||||||
Total Non-Interest Income | 43,137 | 44,737 | 45,839 | (3.6 | )% | (5.9 | )% | |||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Salaries and employee benefits | 69,372 | 64,990 | 65,467 | 6.7 | % | 6.0 | % | |||||||||||||
Net occupancy expense | 12,220 | 13,692 | 11,566 | (10.8 | )% | 5.7 | % | |||||||||||||
Other outside services | 6,056 | 5,750 | 6,537 | 5.3 | % | (7.4 | )% | |||||||||||||
Data processing | 5,400 | 4,768 | 5,127 | 13.3 | % | 5.3 | % | |||||||||||||
Software | 3,921 | 3,318 | 4,068 | 18.2 | % | (3.6 | )% | |||||||||||||
Equipment expense | 3,371 | 3,958 | 3,626 | (14.8 | )% | (7.0 | )% | |||||||||||||
FDIC insurance expense | 2,949 | 2,822 | 2,896 | 4.5 | % | 1.8 | % | |||||||||||||
Professional fees | 2,333 | 2,871 | 2,814 | (18.7 | )% | (17.1 | )% | |||||||||||||
Marketing | 1,624 | 1,233 | 1,754 | 31.7 | % | (7.4 | )% | |||||||||||||
Other real estate owned and repossession expense | 638 | 1,362 | 1,123 | (53.2 | )% | (43.2 | )% | |||||||||||||
Operating risk loss | 540 | 827 | 987 | (34.7 | )% | (45.3 | )% | |||||||||||||
Intangible amortization | — | 130 | 6 | N/M | N/M | |||||||||||||||
Other | 11,989 | 12,757 | 12,468 | (6.0 | )% | (3.8 | )% | |||||||||||||
Total Non-Interest Expense | 120,413 | 118,478 | 118,439 | 1.6 | % | 1.7 | % | |||||||||||||
Income Before Income Taxes | 50,248 | 53,540 | 52,449 | (6.1 | )% | (4.2 | )% | |||||||||||||
Income tax expense | 11,991 | 13,504 | 13,914 | (11.2 | )% | (13.8 | )% | |||||||||||||
Net Income | $ | 38,257 | $ | 40,036 | $ | 38,535 | (4.4 | )% | (0.7 | )% | ||||||||||
PER SHARE: | ||||||||||||||||||||
Net income: | ||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.22 | $ | 0.22 | — | % | — | % | ||||||||||
Diluted | 0.22 | 0.22 | 0.22 | — | % | — | % | |||||||||||||
Cash dividends | $ | 0.09 | $ | 0.09 | $ | 0.11 | — | % | (18.2 | )% | ||||||||||
Shareholders' equity | 11.96 | 11.34 | 11.72 | 5.5 | % | 2.0 | % | |||||||||||||
Shareholders' equity (tangible) | 8.89 | 8.37 | 8.67 | 6.2 | % | 2.5 | % | |||||||||||||
Weighted average shares (basic) | 173,331 | 178,471 | 173,709 | (2.9 | )% | (0.2 | )% | |||||||||||||
Weighted average shares (diluted) | 174,416 | 179,457 | 174,833 | (2.8 | )% | (0.2 | )% | |||||||||||||
Shares outstanding, end of period | 173,393 | 179,098 | 174,176 | (3.2 | )% | (0.4 | )% | |||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||
Return on average assets | 0.86 | % | 0.95 | % | 0.86 | % | ||||||||||||||
Return on average shareholders' equity | 7.47 | % | 8.05 | % | 7.51 | % | ||||||||||||||
Return on average shareholders' equity (tangible) | 10.07 | % | 10.96 | % | 10.16 | % | ||||||||||||||
Net interest margin | 3.23 | % | 3.27 | % | 3.19 | % | ||||||||||||||
Efficiency ratio | 68.33 | % | 70.16 | % | 66.63 | % | ||||||||||||||
N/M - Not meaningful | ||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2016 | March 31, 2015 | December 31, 2015 | ||||||||||||||||||||||||||||||
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 | $ | 13,853,420 | $ | 137,895 | 4.00% | $ | 13,095,528 | $ | 133,055 | 4.11% | $ | 13,659,266 | $ | 136,317 | 3.96% | |||||||||||||||||
Taxable investment securities | 2,180,593 | 12,003 | 2.20% | 2,005,542 | 11,282 | 2.25% | 2,170,397 | 11,801 | 2.17% | |||||||||||||||||||||||
Tax-exempt investment securities | 259,396 | 3,138 | 4.84% | 229,082 | 3,212 | 5.61% | 246,727 | 3,085 | 5.00% | |||||||||||||||||||||||
Equity securities | 14,386 | 218 | 6.10% | 32,210 | 450 | 5.66% | 15,524 | 208 | 5.33% | |||||||||||||||||||||||
Total Investment Securities | 2,454,375 | 15,359 | 2.50% | 2,266,834 | 14,944 | 2.64% | 2,432,648 | 15,094 | 2.48% | |||||||||||||||||||||||
Loans held for sale | 12,252 | 131 | 4.28% | 17,002 | 173 | 4.07% | 15,713 | 169 | 4.31% | |||||||||||||||||||||||
Other interest-earning assets | 358,562 | 898 | 1.00% | 474,033 | 2,105 | 1.78% | 399,309 | 864 | 0.86% | |||||||||||||||||||||||
Total Interest-earning Assets | 16,678,609 | 154,283 | 3.72% | 15,853,397 | 150,277 | 3.83% | 16,506,936 | 152,444 | 3.67% | |||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | 98,449 | 105,271 | 106,810 | |||||||||||||||||||||||||||||
Premises and equipment | 226,284 | 226,391 | 226,335 | |||||||||||||||||||||||||||||
Other assets | 1,137,292 | 1,114,078 | 1,108,094 | |||||||||||||||||||||||||||||
Less: allowance for loan losses | (167,372 | ) | (183,927 | ) | (169,251 | ) | ||||||||||||||||||||||||||
Total Assets | $ | 17,973,262 | $ | 17,115,210 | $ | 17,778,924 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | $ | 3,438,355 | $ | 1,494 | 0.17% | $ | 3,135,927 | $ | 983 | 0.13% | $ | 3,411,904 | $ | 1,207 | 0.13% | |||||||||||||||||
Savings deposits | 3,932,824 | 1,804 | 0.18% | 3,517,057 | 1,119 | 0.13% | 3,903,741 | 1,633 | 0.17% | |||||||||||||||||||||||
Time deposits | 2,867,651 | 7,429 | 1.04% | 3,061,593 | 7,721 | 1.02% | 2,903,715 | 7,549 | 1.03% | |||||||||||||||||||||||
Total Interest-bearing Deposits | 10,238,830 | 10,727 | 0.42% | 9,714,577 | 9,823 | 0.41% | 10,219,360 | 10,389 | 0.40% | |||||||||||||||||||||||
Short-term borrowings | 445,402 | 268 | 0.24% | 309,215 | 77 | 0.10% | 281,497 | 100 | 0.14% | |||||||||||||||||||||||
FHLB advances and long-term debt | 958,213 | 9,262 | 3.88% | 1,124,074 | 12,291 | 4.40% | 950,792 | 9,272 | 3.88% | |||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,642,445 | 20,257 | 0.70% | 11,147,866 | 22,191 | 0.80% | 11,451,649 | 19,761 | 0.69% | |||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | 3,967,887 | 3,662,040 | 3,999,118 | |||||||||||||||||||||||||||||
Other | 304,131 | 289,341 | 291,388 | |||||||||||||||||||||||||||||
Total Liabilities | 15,914,463 | 15,099,247 | 15,742,155 | |||||||||||||||||||||||||||||
Shareholders' equity | 2,058,799 | 2,015,963 | 2,036,769 | |||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 17,973,262 | $ | 17,115,210 | $ | 17,778,924 | ||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 134,026 | 3.23% | 128,086 | 3.27% | 132,683 | 3.19% | ||||||||||||||||||||||||||
Tax equivalent adjustment | (4,972 | ) | (4,505 | ) | (4,884 | ) | ||||||||||||||||||||||||||
Net interest income | $ | 129,054 | $ | 123,581 | $ | 127,799 | ||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,487,421 | $ | 5,163,845 | $ | 5,365,640 | 6.3 | % | 2.3 | % | ||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,095,268 | 3,770,187 | 4,035,287 | 8.6 | % | 1.5 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,674,032 | 1,721,300 | 1,694,455 | (2.7 | )% | (1.2 | )% | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,381,409 | 1,370,376 | 1,377,116 | 0.8 | % | 0.3 | % | |||||||||||||||||||||||||
Real estate - construction | 792,014 | 688,690 | 765,555 | 15.0 | % | 3.5 | % | |||||||||||||||||||||||||
Consumer | 263,295 | 259,138 | 267,726 | 1.6 | % | (1.7 | )% | |||||||||||||||||||||||||
Leasing and other | 159,981 | 121,992 | 153,487 | 31.1 | % | 4.2 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 13,853,420 | $ | 13,095,528 | $ | 13,659,266 | 5.8 | % | 1.4 | % | ||||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 3,967,887 | $ | 3,662,040 | $ | 3,999,118 | 8.4 | % | (0.8 | )% | ||||||||||||||||||||||
Interest-bearing demand | 3,438,355 | 3,135,927 | 3,411,904 | 9.6 | % | 0.8 | % | |||||||||||||||||||||||||
Savings deposits | 3,932,824 | 3,517,057 | 3,903,741 | 11.8 | % | 0.7 | % | |||||||||||||||||||||||||
Time deposits | 2,867,651 | 3,061,593 | 2,903,715 | (6.3 | )% | (1.2 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 14,206,717 | $ | 13,376,617 | $ | 14,218,478 | 6.2 | % | (0.1 | )% | ||||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 171,408 | $ | 173,625 | $ | 142,004 | (1.3 | )% | 20.7 | % | ||||||||||||||||||||||
Customer short-term promissory notes | 74,013 | 86,258 | 80,568 | (14.2 | )% | (8.1 | )% | |||||||||||||||||||||||||
Federal funds purchased | 183,970 | 25,054 | 44,468 | 634.3 | % | 313.7 | % | |||||||||||||||||||||||||
Short-term FHLB advances and other borrowings | 16,011 | 24,278 | 14,457 | (34.1 | )% | 10.7 | % | |||||||||||||||||||||||||
Total Short-term Borrowings | $ | 445,402 | $ | 309,215 | $ | 281,497 | 44.0 | % | 58.2 | % | ||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | ||||||||||||||||||||||||||||
2016 | 2015 | 2015 | ||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 171,412 | $ | 185,931 | $ | 169,395 | ||||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (6,188 | ) | (1,863 | ) | (970 | ) | ||||||||||||||||||||||||
Consumer and home equity | (2,548 | ) | (1,548 | ) | (1,466 | ) | ||||||||||||||||||||||||
Real estate - residential mortgage | (1,068 | ) | (1,281 | ) | (513 | ) | ||||||||||||||||||||||||
Real estate - commercial mortgage | (582 | ) | (709 | ) | (1,207 | ) | ||||||||||||||||||||||||
Real estate - construction | (326 | ) | — | — | ||||||||||||||||||||||||||
Leasing and other | (443 | ) | (363 | ) | (1,304 | ) | ||||||||||||||||||||||||
Total loans charged off | (11,155 | ) | (5,764 | ) | (5,460 | ) | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 2,319 | 786 | 1,409 | |||||||||||||||||||||||||||
Consumer and home equity | 534 | 492 | 825 | |||||||||||||||||||||||||||
Real estate - residential mortgage | 136 | 159 | 775 | |||||||||||||||||||||||||||
Real estate - commercial mortgage | 825 | 436 | 1,072 | |||||||||||||||||||||||||||
Real estate - construction | 383 | 1,147 | 548 | |||||||||||||||||||||||||||
Leasing and other | 81 | 171 | 98 | |||||||||||||||||||||||||||
Recoveries of loans previously charged off | 4,278 | 3,191 | 4,727 | |||||||||||||||||||||||||||
Net loans charged off | (6,877 | ) | (2,573 | ) | (733 | ) | ||||||||||||||||||||||||
Provision for credit losses | 1,530 | (3,700 | ) | 2,750 | ||||||||||||||||||||||||||
Balance at end of period | $ | 166,065 | $ | 179,658 | $ | 171,412 | ||||||||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.20 | % | 0.08 | % | 0.02 | % | ||||||||||||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||||
Non-accrual loans | $ | 122,170 | $ | 129,929 | $ | 129,523 | ||||||||||||||||||||||||
Loans 90 days past due and accruing | 15,013 | 19,365 | 15,291 | |||||||||||||||||||||||||||
Total non-performing loans | 137,183 | 149,294 | 144,814 | |||||||||||||||||||||||||||
Other real estate owned | 10,946 | 14,251 | 11,099 | |||||||||||||||||||||||||||
Total non-performing assets | $ | 148,129 | $ | 163,545 | $ | 155,913 | ||||||||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 43,132 | $ | 46,331 | $ | 41,170 | ||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 39,140 | 43,265 | 44,071 | |||||||||||||||||||||||||||
Real estate - residential mortgage | 25,182 | 28,595 | 28,484 | |||||||||||||||||||||||||||
Consumer and home equity | 16,210 | 16,939 | 17,123 | |||||||||||||||||||||||||||
Real estate - construction | 12,005 | 14,140 | 12,460 | |||||||||||||||||||||||||||
Leasing | 1,514 | 24 | 1,506 | |||||||||||||||||||||||||||
Total non-performing loans | $ | 137,183 | $ | 149,294 | $ | 144,814 | ||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | ||||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 27,565 | $ | 31,574 | $ | 28,511 | ||||||||||||||||||||||||
Real-estate - commercial mortgage | 17,427 | 23,468 | 17,563 | |||||||||||||||||||||||||||
Consumer and home equity | 6,562 | 3,118 | 4,589 | |||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 5,650 | 6,975 | 5,953 | |||||||||||||||||||||||||||
Real estate - construction | 3,092 | 7,791 | 3,942 | |||||||||||||||||||||||||||
Total accruing TDRs | $ | 60,296 | $ | 72,926 | $ | 60,558 | ||||||||||||||||||||||||
Non-accrual TDRs (1) | 27,277 | 29,392 | 31,035 | |||||||||||||||||||||||||||
Total TDRs | $ | 87,573 | $ | 102,318 | $ | 91,593 | ||||||||||||||||||||||||
(1) Included within non-accrual loans above. | ||||||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | ||||||||||||||||||||||||||||||
March 31, 2016 | March 31, 2015 | December 31, 2015 | ||||||||||||||||||||||||||||
30-89 Days | ≥90 Days (2) | Total | 30-89 Days | ≥90 Days (2) | Total | 30-89 Days | ≥90 Days (2) | Total | ||||||||||||||||||||||
Real estate - commercial mortgage | 0.15 | % | 0.78 | % | 0.93 | % | 0.50 | % | 0.89 | % | 1.39 | % | 0.14 | % | 0.77 | % | 0.91 | % | ||||||||||||
Commercial - industrial, financial and agricultural | 0.49 | % | 0.97 | % | 1.46 | % | 0.26 | % | 1.15 | % | 1.41 | % | 0.21 | % | 1.06 | % | 1.27 | % | ||||||||||||
Real estate - construction | 0.52 | % | 1.48 | % | 2.00 | % | 0.31 | % | 2.09 | % | 2.40 | % | 0.28 | % | 1.59 | % | 1.87 | % | ||||||||||||
Real estate - residential mortgage | 1.27 | % | 1.83 | % | 3.10 | % | 1.75 | % | 2.10 | % | 3.85 | % | 1.33 | % | 2.07 | % | 3.40 | % | ||||||||||||
Consumer, home equity, leasing and other | 0.63 | % | 0.85 | % | 1.48 | % | 0.92 | % | 0.81 | % | 1.73 | % | 0.70 | % | 0.88 | % | 1.58 | % | ||||||||||||
Total | 0.45 | % | 0.99 | % | 1.44 | % | 0.62 | % | 1.14 | % | 1.76 | % | 0.37 | % | 1.04 | % | 1.41 | % | ||||||||||||
(2) Includes non-accrual loans | ||||||||||||||||||||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | ||||||||||||||||||||||||||||
2016 | 2015 | 2015 | ||||||||||||||||||||||||||||
Non-accrual loans to total loans | 0.88 | % | 0.99 | % | 0.94 | % | ||||||||||||||||||||||||
Non-performing loans to total loans | 0.99 | % | 1.14 | % | 1.05 | % | ||||||||||||||||||||||||
Non-performing assets to total loans and OREO | 1.07 | % | 1.25 | % | 1.13 | % | ||||||||||||||||||||||||
Non-performing assets to total assets | 0.82 | % | 0.94 | % | 0.87 | % | ||||||||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.20 | % | 1.37 | % | 1.24 | % | ||||||||||||||||||||||||
Allowance for credit losses to non-performing loans | 121.05 | % | 120.34 | % | 118.37 | % | ||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 8.67 | % | 9.74 | % | 9.27 | % | ||||||||||||||||||||||||
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 | ||||||||||||||||
2016 | 2015 | 2015 | ||||||||||||||||
Shareholders' equity (tangible), per share | ||||||||||||||||||
Shareholders' equity | $ | 2,073,309 | $ | 2,031,513 | $ | 2,041,894 | ||||||||||||
Less: Goodwill and intangible assets | (531,556 | ) | (531,672 | ) | (531,556 | ) | ||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,541,753 | $ | 1,499,841 | $ | 1,510,338 | ||||||||||||
Shares outstanding, end of period (denominator) | 173,393 | 179,098 | 174,176 | |||||||||||||||
Shareholders' equity (tangible), per share | $ | 8.89 | $ | 8.37 | $ | 8.67 | ||||||||||||
Return on average common shareholders' equity (tangible) | ||||||||||||||||||
Net income | $ | 38,257 | $ | 40,036 | $ | 38,535 | ||||||||||||
Plus: Intangible amortization, net of tax | — | 85 | 4 | |||||||||||||||
Numerator | $ | 38,257 | $ | 40,121 | $ | 38,539 | ||||||||||||
Average shareholders' equity | $ | 2,058,799 | $ | 2,015,963 | $ | 20,036,769 | ||||||||||||
Less: Average goodwill and intangible assets | (531,556 | ) | (531,732 | ) | (531,559 | ) | ||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,527,243 | $ | 1,484,231 | $ | 19,505,210 | ||||||||||||
Return on average common shareholders' equity (tangible), annualized | 10.07 | % | 10.96 | % | 10.16 | % | ||||||||||||
Efficiency ratio | ||||||||||||||||||
Non-interest expense | $ | 120,413 | $ | 118,478 | $ | 118,439 | ||||||||||||
Less: Intangible amortization | — | (130 | ) | (6 | ) | |||||||||||||
Numerator | $ | 120,413 | $ | 118,348 | $ | 118,433 | ||||||||||||
Net interest income (fully taxable equivalent) | $ | 134,026 | $ | 128,086 | $ | 132,683 | ||||||||||||
Plus: Total Non-interest income | 43,137 | 44,737 | 45,839 | |||||||||||||||
Less: Investment securities gains | (947 | ) | (4,145 | ) | (776 | ) | ||||||||||||
Denominator | $ | 176,216 | $ | 168,678 | $ | 177,746 | ||||||||||||
Efficiency ratio | 68.33 | % | 70.16 | % | 66.63 | % | ||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | ||||||||||||||||||
Non-performing assets (numerator) | $ | 148,129 | $ | 163,545 | $ | 155,913 | ||||||||||||
Tangible shareholders' equity | $ | 1,541,753 | $ | 1,499,841 | $ | 1,510,338 | ||||||||||||
Plus: Allowance for credit losses | 166,065 | 179,658 | 171,412 | |||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,707,818 | $ | 1,679,499 | $ | 1,681,750 | ||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 8.67 | % | 9.74 | % | 9.27 | % | ||||||||||||
Pre-provision net revenue | ||||||||||||||||||
Net interest income | $ | 129,054 | $ | 123,581 | $ | 127,799 | ||||||||||||
Non-interest income | 43,137 | 44,737 | 45,839 | |||||||||||||||
Less: Investment securities gains | (947 | ) | (4,145 | ) | (776 | ) | ||||||||||||
Total revenue | $ | 171,244 | $ | 164,173 | $ | 172,862 | ||||||||||||
Non-interest expense | $ | 120,413 | $ | 118,478 | $ | 118,439 | ||||||||||||
Pre-provision net revenue | $ | 50,831 | $ | 45,695 | $ | 54,423 | ||||||||||||