Attached files
| file | filename |
|---|---|
| EX-99.3 - PRESENTATION MATERIALS TO BE DISCUSSED DURING THE CONFERENCE CALL AND WEBCAST - FULTON FINANCIAL CORP | q2earningsccpresentation.htm |
| EX-99.1 - PRESS RELEASE DATED JULY 19, 2016 - FULTON FINANCIAL CORP | exhibit9916-30x16.htm |
| 8-K - 8-K - FULTON FINANCIAL CORP | a8-k6x30x16.htm |
Exhibit 99.2 | ||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||
% Change from | ||||||||||||||||||||||||||
Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Jun 30 | ||||||||||||||||||||
2016 | 2016 | 2015 | 2015 | 2015 | 2016 | 2015 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks | $ | 84,647 | $ | 83,479 | $ | 101,120 | $ | 93,803 | $ | 100,455 | 1.4 | % | (15.7 | )% | ||||||||||||
Other interest-earning assets | 408,086 | 408,060 | 292,516 | 579,920 | 387,324 | — | % | 5.4 | % | |||||||||||||||||
Loans held for sale | 34,330 | 19,719 | 16,886 | 26,937 | 33,980 | 74.1 | % | 1.0 | % | |||||||||||||||||
Investment securities | 2,529,724 | 2,516,205 | 2,484,773 | 2,436,337 | 2,440,492 | 0.5 | % | 3.7 | % | |||||||||||||||||
Loans, net of unearned income | 14,155,159 | 13,870,701 | 13,838,602 | 13,536,361 | 13,244,230 | 2.1 | % | 6.9 | % | |||||||||||||||||
Allowance for loan losses | (162,546 | ) | (163,841 | ) | (169,054 | ) | (167,136 | ) | (167,485 | ) | (0.8 | )% | (2.9 | )% | ||||||||||||
Net loans | 13,992,613 | 13,706,860 | 13,669,548 | 13,369,225 | 13,076,745 | 2.1 | % | 7.0 | % | |||||||||||||||||
Premises and equipment | 228,861 | 228,057 | 225,535 | 225,705 | 226,794 | 0.4 | % | 0.9 | % | |||||||||||||||||
Accrued interest receivable | 43,316 | 44,379 | 42,767 | 42,846 | 41,193 | (2.4 | )% | 5.2 | % | |||||||||||||||||
Goodwill and intangible assets | 531,556 | 531,556 | 531,556 | 531,562 | 531,567 | — | % | — | % | |||||||||||||||||
Other assets | 626,902 | 583,939 | 550,017 | 531,724 | 526,923 | 7.4 | % | 19.0 | % | |||||||||||||||||
Total Assets | $ | 18,480,035 | $ | 18,122,254 | $ | 17,914,718 | $ | 17,838,059 | $ | 17,365,473 | 2.0 | % | 6.4 | % | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
Deposits | $ | 14,292,564 | $ | 14,404,280 | $ | 14,132,317 | $ | 14,084,394 | $ | 13,505,709 | (0.8 | )% | 5.8 | % | ||||||||||||
Short-term borrowings | 722,214 | 352,883 | 497,663 | 431,631 | 409,035 | 104.7 | % | 76.6 | % | |||||||||||||||||
Other liabilities | 392,708 | 326,128 | 293,302 | 316,697 | 293,271 | 20.4 | % | 33.9 | % | |||||||||||||||||
FHLB advances and long-term debt | 965,552 | 965,654 | 949,542 | 979,433 | 1,132,641 | — | % | (14.8 | )% | |||||||||||||||||
Total Liabilities | 16,373,038 | 16,048,945 | 15,872,824 | 15,812,155 | 15,340,656 | 2.0 | % | 6.7 | % | |||||||||||||||||
Shareholders' equity | 2,106,997 | 2,073,309 | 2,041,894 | 2,025,904 | 2,024,817 | 1.6 | % | 4.1 | % | |||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,480,035 | $ | 18,122,254 | $ | 17,914,718 | $ | 17,838,059 | $ | 17,365,473 | 2.0 | % | 6.4 | % | ||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,635,347 | $ | 5,558,108 | $ | 5,462,330 | $ | 5,339,928 | $ | 5,237,800 | 1.4 | % | 7.6 | % | ||||||||||||
Commercial - industrial, financial and agricultural | 4,099,177 | 4,035,333 | 4,088,962 | 3,929,908 | 3,806,699 | 1.6 | % | 7.7 | % | |||||||||||||||||
Real estate - home equity | 1,647,319 | 1,659,481 | 1,684,439 | 1,693,649 | 1,689,688 | (0.7 | )% | (2.5 | )% | |||||||||||||||||
Real estate - residential mortgage | 1,447,292 | 1,377,459 | 1,376,160 | 1,382,085 | 1,369,103 | 5.1 | % | 5.7 | % | |||||||||||||||||
Real estate - construction | 853,699 | 810,872 | 799,988 | 769,565 | 731,925 | 5.3 | % | 16.6 | % | |||||||||||||||||
Consumer | 278,071 | 263,221 | 268,588 | 271,696 | 272,494 | 5.6 | % | 2.0 | % | |||||||||||||||||
Leasing and other | 194,254 | 166,227 | 158,135 | 149,530 | 136,521 | 16.9 | % | 42.3 | % | |||||||||||||||||
Total Loans, net of unearned income | $ | 14,155,159 | $ | 13,870,701 | $ | 13,838,602 | $ | 13,536,361 | $ | 13,244,230 | 2.1 | % | 6.9 | % | ||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,125,375 | $ | 4,134,861 | $ | 3,948,114 | $ | 3,906,228 | $ | 3,805,165 | (0.2 | )% | 8.4 | % | ||||||||||||
Interest-bearing demand | 3,358,536 | 3,430,206 | 3,451,207 | 3,362,336 | 3,129,903 | (2.1 | )% | 7.3 | % | |||||||||||||||||
Savings deposits | 3,986,008 | 3,972,199 | 3,868,046 | 3,880,103 | 3,566,888 | 0.3 | % | 11.8 | % | |||||||||||||||||
Time deposits | 2,822,645 | 2,867,014 | 2,864,950 | 2,935,727 | 3,003,753 | (1.5 | )% | (6.0 | )% | |||||||||||||||||
Total Deposits | $ | 14,292,564 | $ | 14,404,280 | $ | 14,132,317 | $ | 14,084,394 | $ | 13,505,709 | (0.8 | )% | 5.8 | % | ||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||
Customer repurchase agreements | $ | 168,521 | $ | 162,431 | $ | 111,496 | $ | 145,225 | $ | 169,918 | 3.7 | % | (0.8 | )% | ||||||||||||
Customer short-term promissory notes | 69,509 | 76,807 | 78,932 | 80,879 | 74,059 | (9.5 | )% | (6.1 | )% | |||||||||||||||||
Short-term FHLB advances | 35,000 | 81,000 | 110,000 | 200,000 | 160,000 | (56.8 | )% | (78.1 | )% | |||||||||||||||||
Federal funds purchased | 449,184 | 32,645 | 197,235 | 5,527 | 5,058 | N/M | N/M | |||||||||||||||||||
Total Short-term Borrowings | $ | 722,214 | $ | 352,883 | $ | 497,663 | $ | 431,631 | $ | 409,035 | 104.7 | % | 76.6 | % | ||||||||||||
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 | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Jun 30 | Jun 30 | ||||||||||||||||||||||||||||||||||
2016 | 2016 | 2015 | 2015 | 2015 | 2016 | 2015 | 2016 | 2015 | % Change | ||||||||||||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 149,309 | $ | 149,311 | $ | 147,560 | $ | 146,228 | $ | 144,229 | — | % | 3.5 | % | $ | 298,620 | $ | 290,001 | 3.0 | % | |||||||||||||||||||||
Interest expense | 20,393 | 20,257 | 19,761 | 20,534 | 21,309 | 0.7 | % | (4.3 | )% | 40,650 | 43,500 | (6.6 | )% | ||||||||||||||||||||||||||||
Net Interest Income | 128,916 | 129,054 | 127,799 | 125,694 | 122,920 | (0.1 | )% | 4.9 | % | 257,970 | 246,501 | 4.7 | % | ||||||||||||||||||||||||||||
Provision for credit losses | 2,511 | 1,530 | 2,750 | 1,000 | 2,200 | 64.1 | % | 14.1 | % | 4,041 | (1,500 | ) | N/M | ||||||||||||||||||||||||||||
Net Interest Income after Provision | 126,405 | 127,524 | 125,049 | 124,694 | 120,720 | (0.9 | )% | 4.7 | % | 253,929 | 248,001 | 2.4 | % | ||||||||||||||||||||||||||||
Non-Interest Income: | |||||||||||||||||||||||||||||||||||||||||
Other service charges and fees | 12,983 | 10,750 | 12,676 | 10,965 | 10,988 | 20.8 | % | 18.2 | % | 23,733 | 20,351 | 16.6 | % | ||||||||||||||||||||||||||||
Service charges on deposit accounts | 12,896 | 12,558 | 12,909 | 12,982 | 12,637 | 2.7 | % | 2.0 | % | 25,454 | 24,206 | 5.2 | % | ||||||||||||||||||||||||||||
Investment management and trust services | 11,247 | 10,988 | 10,919 | 11,237 | 11,011 | 2.4 | % | 2.1 | % | 22,235 | 21,900 | 1.5 | % | ||||||||||||||||||||||||||||
Mortgage banking income | 3,897 | 4,030 | 4,317 | 3,864 | 5,339 | (3.3 | )% | (27.0 | )% | 7,927 | 10,027 | (20.9 | )% | ||||||||||||||||||||||||||||
Other | 5,038 | 3,864 | 4,242 | 3,996 | 4,099 | 30.4 | % | 22.9 | % | 8,902 | 8,182 | 8.8 | % | ||||||||||||||||||||||||||||
Non-Interest Income before Investment Securities Gains | 46,061 | 42,190 | 45,063 | 43,044 | 44,074 | 9.2 | % | 4.5 | % | 88,251 | 84,666 | 4.2 | % | ||||||||||||||||||||||||||||
Investment securities gains | 76 | 947 | 776 | 1,730 | 2,415 | (92.0 | )% | (96.9 | )% | 1,023 | 6,560 | (84.4 | )% | ||||||||||||||||||||||||||||
Total Non-Interest Income | 46,137 | 43,137 | 45,839 | 44,774 | 46,489 | 7.0 | % | (0.8 | )% | 89,274 | 91,226 | (2.1 | )% | ||||||||||||||||||||||||||||
Non-Interest Expense: | |||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 70,029 | 69,372 | 65,467 | 65,308 | 65,067 | 0.9 | % | 7.6 | % | 139,401 | 130,057 | 7.2 | % | ||||||||||||||||||||||||||||
Net occupancy expense | 11,811 | 12,220 | 11,566 | 10,710 | 11,809 | (3.3 | )% | — | % | 24,031 | 25,501 | (5.8 | )% | ||||||||||||||||||||||||||||
Other outside services | 5,508 | 6,056 | 6,537 | 7,373 | 8,125 | (9.0 | )% | (32.2 | )% | 11,564 | 13,875 | (16.7 | )% | ||||||||||||||||||||||||||||
Data processing | 5,476 | 5,400 | 5,127 | 5,105 | 4,894 | 1.4 | % | 11.9 | % | 10,876 | 9,662 | 12.6 | % | ||||||||||||||||||||||||||||
Software | 3,953 | 3,921 | 4,068 | 3,984 | 3,376 | 0.8 | % | 17.1 | % | 7,874 | 6,694 | 17.6 | % | ||||||||||||||||||||||||||||
Professional fees | 3,353 | 2,333 | 2,814 | 2,828 | 2,731 | 43.7 | % | 22.8 | % | 5,686 | 5,602 | 1.5 | % | ||||||||||||||||||||||||||||
FDIC insurance expense | 2,960 | 2,949 | 2,896 | 2,867 | 2,885 | 0.4 | % | 2.6 | % | 5,909 | 5,707 | 3.5 | % | ||||||||||||||||||||||||||||
Equipment expense | 2,872 | 3,371 | 3,626 | 3,595 | 3,335 | (14.8 | )% | (13.9 | )% | 6,243 | 7,293 | (14.4 | )% | ||||||||||||||||||||||||||||
Marketing | 1,916 | 1,624 | 1,754 | 2,102 | 2,235 | 18.0 | % | (14.3 | )% | 3,540 | 3,468 | 2.1 | % | ||||||||||||||||||||||||||||
Operating risk loss | 986 | 540 | 987 | 1,136 | 674 | 82.6 | % | 46.3 | % | 1,526 | 1,501 | 1.7 | % | ||||||||||||||||||||||||||||
Other real estate owned and repossession expense | 365 | 638 | 1,123 | 1,016 | 129 | (42.8 | )% | 182.9 | % | 1,003 | 1,491 | (32.7 | )% | ||||||||||||||||||||||||||||
Intangible amortization | — | — | 6 | 5 | 106 | — | % | N/M | — | 236 | (100.0 | )% | |||||||||||||||||||||||||||||
Loss on redemption of trust preferred securities | — | — | — | 5,626 | — | — | % | — | % | — | — | — | % | ||||||||||||||||||||||||||||
Other | 12,408 | 11,989 | 12,468 | 13,234 | 12,988 | 3.5 | % | (4.5 | )% | 24,397 | 25,745 | (5.2 | )% | ||||||||||||||||||||||||||||
Total Non-Interest Expense | 121,637 | 120,413 | 118,439 | 124,889 | 118,354 | 1.0 | % | 2.8 | % | 242,050 | 236,832 | 2.2 | % | ||||||||||||||||||||||||||||
Income Before Income Taxes | 50,905 | 50,248 | 52,449 | 44,579 | 48,855 | 1.3 | % | 4.2 | % | 101,153 | 102,395 | (1.2 | )% | ||||||||||||||||||||||||||||
Income tax expense | 11,155 | 11,991 | 13,914 | 10,328 | 12,175 | (7.0 | )% | (8.4 | )% | 23,146 | 25,679 | (9.9 | )% | ||||||||||||||||||||||||||||
Net Income | $ | 39,750 | $ | 38,257 | $ | 38,535 | $ | 34,251 | $ | 36,680 | 3.9 | % | 8.4 | % | $ | 78,007 | $ | 76,716 | 1.7 | % | |||||||||||||||||||||
PER SHARE: | |||||||||||||||||||||||||||||||||||||||||
Net income: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.23 | $ | 0.22 | $ | 0.22 | $ | 0.20 | $ | 0.21 | 4.5 | % | 9.5 | % | $ | 0.45 | $ | 0.43 | 4.7 | % | |||||||||||||||||||||
Diluted | 0.23 | 0.22 | 0.22 | 0.20 | 0.21 | 4.5 | % | 9.5 | % | 0.45 | 0.43 | 4.7 | % | ||||||||||||||||||||||||||||
Cash dividends | $ | 0.10 | $ | 0.09 | $ | 0.11 | $ | 0.09 | $ | 0.09 | 11.1 | % | 11.1 | % | $ | 0.19 | $ | 0.18 | 5.6 | % | |||||||||||||||||||||
Shareholders' equity | 12.17 | 11.96 | 11.72 | 11.66 | 11.50 | 1.8 | % | 5.8 | % | 12.17 | 11.50 | 5.8 | % | ||||||||||||||||||||||||||||
Shareholders' equity (tangible) | 9.10 | 8.89 | 8.67 | 8.60 | 8.48 | 2.4 | % | 7.3 | % | 9.10 | 8.48 | 7.3 | % | ||||||||||||||||||||||||||||
Weighted average shares (basic) | 173,394 | 173,331 | 173,709 | 174,338 | 176,433 | — | % | (1.7 | )% | 173,363 | 177,446 | (2.3 | )% | ||||||||||||||||||||||||||||
Weighted average shares (diluted) | 174,318 | 174,416 | 174,833 | 175,342 | 177,531 | (0.1 | )% | (1.8 | )% | 174,367 | 178,488 | (2.3 | )% | ||||||||||||||||||||||||||||
Shares outstanding, end of period | 173,139 | 173,393 | 174,176 | 173,771 | 176,019 | (0.1 | )% | (1.6 | )% | 173,139 | 176,019 | (1.6 | )% | ||||||||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||||||||||||||||||||||||||||||
Return on average assets | 0.88 | % | 0.86 | % | 0.86 | % | 0.78 | % | 0.86 | % | 0.87 | % | 0.90 | % | |||||||||||||||||||||||||||
Return on average shareholders' equity | 7.65 | % | 7.47 | % | 7.51 | % | 6.72 | % | 7.24 | % | 7.56 | % | 7.64 | % | |||||||||||||||||||||||||||
Return on average shareholders' equity (tangible) | 10.26 | % | 10.07 | % | 10.16 | % | 9.11 | % | 9.83 | % | 10.17 | % | 10.39 | % | |||||||||||||||||||||||||||
Net interest margin | 3.20 | % | 3.23 | % | 3.19 | % | 3.18 | % | 3.20 | % | 3.22 | % | 3.24 | % | |||||||||||||||||||||||||||
Efficiency ratio | 67.59 | % | 68.33 | % | 66.63 | % | 68.82 | % | 68.94 | % | 67.96 | % | 69.55 | % | |||||||||||||||||||||||||||
N/M - Not meaningful | |||||||||||||||||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
June 30, 2016 | March 31, 2016 | June 30, 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 | $ | 13,966,024 | $ | 138,317 | 3.98% | $ | 13,853,420 | $ | 137,895 | 4.00% | $ | 13,192,600 | $ | 133,339 | 4.05% | |||||||||||||||||||
Taxable investment securities | 2,127,780 | 11,159 | 2.10% | 2,180,593 | 12,003 | 2.20% | 2,048,558 | 10,944 | 2.14% | |||||||||||||||||||||||||
Tax-exempt investment securities | 314,851 | 3,570 | 4.54% | 259,396 | 3,138 | 4.84% | 216,355 | 2,894 | 5.35% | |||||||||||||||||||||||||
Equity securities | 14,220 | 185 | 5.23% | 14,386 | 218 | 6.10% | 27,618 | 379 | 5.50% | |||||||||||||||||||||||||
Total Investment Securities | 2,456,851 | 14,914 | 2.43% | 2,454,375 | 15,359 | 2.50% | 2,292,531 | 14,217 | 2.48% | |||||||||||||||||||||||||
Loans held for sale | 19,449 | 188 | 3.87% | 12,252 | 131 | 4.28% | 26,335 | 265 | 4.03% | |||||||||||||||||||||||||
Other interest-earning assets | 357,211 | 864 | 0.96% | 358,562 | 898 | 1.00% | 439,425 | 933 | 0.85% | |||||||||||||||||||||||||
Total Interest-earning Assets | 16,799,535 | 154,283 | 3.69% | 16,678,609 | 154,283 | 3.72% | 15,950,891 | 148,754 | 3.74% | |||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||
Cash and due from banks | 100,860 | 98,449 | 104,723 | |||||||||||||||||||||||||||||||
Premises and equipment | 227,517 | 226,284 | 226,569 | |||||||||||||||||||||||||||||||
Other assets | 1,189,226 | 1,137,292 | 1,094,071 | |||||||||||||||||||||||||||||||
Less: allowance for loan losses | (164,573 | ) | (167,372 | ) | (176,085 | ) | ||||||||||||||||||||||||||||
Total Assets | $ | 18,152,565 | $ | 17,973,262 | $ | 17,200,169 | ||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | $ | 3,454,031 | $ | 1,527 | 0.18% | $ | 3,438,355 | $ | 1,494 | 0.17% | $ | 3,152,697 | $ | 987 | 0.13% | |||||||||||||||||||
Savings deposits | 3,989,988 | 1,886 | 0.19% | 3,932,824 | 1,804 | 0.18% | 3,568,579 | 1,247 | 0.14% | |||||||||||||||||||||||||
Time deposits | 2,844,434 | 7,474 | 1.06% | 2,867,651 | 7,429 | 1.04% | 3,027,520 | 7,819 | 1.04% | |||||||||||||||||||||||||
Total Interest-bearing Deposits | 10,288,453 | 10,887 | 0.43% | 10,238,830 | 10,727 | 0.42% | 9,748,796 | 10,053 | 0.41% | |||||||||||||||||||||||||
Short-term borrowings | 403,669 | 217 | 0.21% | 445,402 | 268 | 0.24% | 379,988 | 103 | 0.11% | |||||||||||||||||||||||||
FHLB advances and long-term debt | 965,526 | 9,289 | 3.86% | 958,213 | 9,262 | 3.88% | 1,026,987 | 11,153 | 4.35% | |||||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,657,648 | 20,393 | 0.70% | 11,642,445 | 20,257 | 0.70% | 11,155,771 | 21,309 | 0.77% | |||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | 4,077,642 | 3,967,887 | 3,734,880 | |||||||||||||||||||||||||||||||
Other | 327,360 | 304,131 | 277,730 | |||||||||||||||||||||||||||||||
Total Liabilities | 16,062,650 | 15,914,463 | 15,168,381 | |||||||||||||||||||||||||||||||
Shareholders' equity | 2,089,915 | 2,058,799 | 2,031,788 | |||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,152,565 | $ | 17,973,262 | $ | 17,200,169 | ||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 133,890 | 3.20% | 134,026 | 3.23% | 127,445 | 3.20% | ||||||||||||||||||||||||||||
Tax equivalent adjustment | (4,974 | ) | (4,972 | ) | (4,525 | ) | ||||||||||||||||||||||||||||
Net interest income | $ | 128,916 | $ | 129,054 | $ | 122,920 | ||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||
Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Jun 30 | ||||||||||||||||||||||||||||
2016 | 2016 | 2015 | 2015 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,557,680 | $ | 5,487,421 | $ | 5,365,640 | $ | 5,242,021 | $ | 5,210,540 | 1.3 | % | 6.7 | % | ||||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,080,524 | 4,095,268 | 4,035,287 | 3,887,161 | 3,836,397 | (0.4 | )% | 6.4 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,656,140 | 1,674,032 | 1,694,455 | 1,692,860 | 1,695,171 | (1.1 | )% | (2.3 | )% | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,399,851 | 1,381,409 | 1,377,116 | 1,381,141 | 1,356,464 | 1.3 | % | 3.2 | % | |||||||||||||||||||||||||
Real estate - construction | 820,881 | 792,014 | 765,555 | 753,584 | 698,685 | 3.6 | % | 17.5 | % | |||||||||||||||||||||||||
Consumer | 272,293 | 263,295 | 267,726 | 270,391 | 265,354 | 3.4 | % | 2.6 | % | |||||||||||||||||||||||||
Leasing and other | 178,655 | 159,981 | 153,487 | 142,716 | 129,989 | 11.7 | % | 37.4 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 13,966,024 | $ | 13,853,420 | $ | 13,659,266 | $ | 13,369,874 | $ | 13,192,600 | 0.8 | % | 5.9 | % | ||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,077,642 | $ | 3,967,887 | $ | 3,999,118 | $ | 3,904,176 | $ | 3,734,880 | 2.8 | % | 9.2 | % | ||||||||||||||||||||
Interest-bearing demand | 3,454,031 | 3,438,355 | 3,411,904 | 3,316,532 | 3,152,697 | 0.5 | % | 9.6 | % | |||||||||||||||||||||||||
Savings deposits | 3,989,988 | 3,932,824 | 3,903,741 | 3,714,282 | 3,568,579 | 1.5 | % | 11.8 | % | |||||||||||||||||||||||||
Time deposits | 2,844,434 | 2,867,651 | 2,903,715 | 2,963,774 | 3,027,520 | (0.8 | )% | (6.0 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 14,366,095 | $ | 14,206,717 | $ | 14,218,478 | $ | 13,898,764 | $ | 13,483,676 | 1.1 | % | 6.5 | % | ||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 180,595 | $ | 171,408 | $ | 142,004 | $ | 149,415 | $ | 179,804 | 5.4 | % | 0.4 | % | ||||||||||||||||||||
Customer short-term promissory notes | 77,535 | 74,013 | 80,568 | 79,308 | 80,073 | 4.8 | % | (3.2 | )% | |||||||||||||||||||||||||
Federal funds purchased | 138,012 | 183,970 | 44,468 | 85,092 | 108,078 | (25.0 | )% | 27.7 | % | |||||||||||||||||||||||||
Short-term FHLB advances and other borrowings | 7,527 | 16,011 | 14,457 | 10,870 | 12,033 | (53.0 | )% | (37.4 | )% | |||||||||||||||||||||||||
Total Short-term Borrowings | $ | 403,669 | $ | 445,402 | $ | 281,497 | $ | 324,685 | $ | 379,988 | (9.4 | )% | 6.2 | % | ||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||
Six Months Ended June 30 | ||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans, net of unearned income | $ | 13,909,722 | $ | 276,212 | 3.99 | % | $ | 13,144,332 | $ | 266,394 | 4.08 | % | ||||||||||||
Taxable investment securities | 2,154,187 | 23,162 | 2.15 | % | 2,027,170 | 22,226 | 2.19 | % | ||||||||||||||||
Tax-exempt investment securities | 287,123 | 6,708 | 4.67 | % | 222,684 | 6,106 | 5.48 | % | ||||||||||||||||
Equity securities | 14,303 | 403 | 5.67 | % | 29,901 | 829 | 5.58 | % | ||||||||||||||||
Total Investment Securities | 2,455,613 | 30,273 | 2.47 | % | 2,279,755 | 29,161 | 2.56 | % | ||||||||||||||||
Loans held for sale | 15,850 | 319 | 4.03 | % | 21,694 | 438 | 4.04 | % | ||||||||||||||||
Other interest-earning assets | 357,887 | 1,762 | 0.98 | % | 456,633 | 3,038 | 1.33 | % | ||||||||||||||||
Total Interest-earning Assets | 16,739,072 | 308,566 | 3.70 | % | 15,902,414 | 299,031 | 3.79 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 99,654 | 104,996 | ||||||||||||||||||||||
Premises and equipment | 226,901 | 226,480 | ||||||||||||||||||||||
Other assets | 1,163,259 | 1,104,019 | ||||||||||||||||||||||
Less: allowance for loan losses | (165,972 | ) | (179,985 | ) | ||||||||||||||||||||
Total Assets | $ | 18,062,914 | $ | 17,157,924 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 3,446,193 | $ | 3,021 | 0.18 | % | $ | 3,144,358 | $ | 1,970 | 0.13 | % | ||||||||||||
Savings deposits | 3,961,405 | 3,690 | 0.19 | % | 3,542,960 | 2,366 | 0.13 | % | ||||||||||||||||
Time deposits | 2,856,044 | 14,903 | 1.05 | % | 3,044,463 | 15,540 | 1.03 | % | ||||||||||||||||
Total Interest-bearing Deposits | 10,263,642 | 21,614 | 0.42 | % | 9,731,781 | 19,876 | 0.41 | % | ||||||||||||||||
Short-term borrowings | 424,535 | 485 | 0.23 | % | 344,797 | 180 | 0.10 | % | ||||||||||||||||
FHLB advances and long-term debt | 961,870 | 18,551 | 3.87 | % | 1,075,262 | 23,444 | 4.38 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 11,650,047 | 40,650 | 0.70 | % | 11,151,840 | 43,500 | 0.78 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 4,022,764 | 3,698,661 | ||||||||||||||||||||||
Other | 315,746 | 283,504 | ||||||||||||||||||||||
Total Liabilities | 15,988,557 | 15,134,005 | ||||||||||||||||||||||
Shareholders' equity | 2,074,357 | 2,023,919 | ||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,062,914 | $ | 17,157,924 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 267,916 | 3.22 | % | 255,531 | 3.24 | % | ||||||||||||||||||
Tax equivalent adjustment | (9,946 | ) | (9,030 | ) | ||||||||||||||||||||
Net interest income | $ | 257,970 | $ | 246,501 | ||||||||||||||||||||
(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: | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
June 30 | ||||||||||||||||||||||||
2016 | 2015 | % Change | ||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,522,550 | $ | 5,187,322 | 6.5 | % | ||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,087,897 | 3,803,475 | 7.5 | % | ||||||||||||||||||||
Real estate - home equity | 1,665,086 | 1,708,163 | (2.5 | )% | ||||||||||||||||||||
Real estate - residential mortgage | 1,390,631 | 1,363,382 | 2.0 | % | ||||||||||||||||||||
Real estate - construction | 806,448 | 693,715 | 16.3 | % | ||||||||||||||||||||
Consumer | 267,794 | 262,265 | 2.1 | % | ||||||||||||||||||||
Leasing and other | 169,316 | 126,010 | 34.4 | % | ||||||||||||||||||||
Total Loans, net of unearned income | $ | 13,909,722 | $ | 13,144,332 | 5.8 | % | ||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,022,764 | $ | 3,698,661 | 8.8 | % | ||||||||||||||||||
Interest-bearing demand | 3,446,193 | 3,144,358 | 9.6 | % | ||||||||||||||||||||
Savings deposits | 3,961,405 | 3,542,960 | 11.8 | % | ||||||||||||||||||||
Time deposits | 2,856,044 | 3,044,463 | (6.2 | )% | ||||||||||||||||||||
Total Deposits | $ | 14,286,406 | $ | 13,430,442 | 6.4 | % | ||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||
Customer repurchase agreements | $ | 176,001 | $ | 176,732 | (0.4 | )% | ||||||||||||||||||
Customer short-term promissory notes | 75,774 | 83,148 | (8.9 | )% | ||||||||||||||||||||
Federal funds purchased | 160,991 | 66,795 | 141.0 | % | ||||||||||||||||||||
Short-term FHLB advances and other borrowings | 11,769 | 18,122 | (35.1 | )% | ||||||||||||||||||||
Total Short-term Borrowings | $ | 424,535 | $ | 344,797 | 23.1 | % | ||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | |||||||||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Jun 30 | Jun 30 | |||||||||||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 166,065 | $ | 171,412 | $ | 169,395 | $ | 169,453 | $ | 179,658 | $ | 171,412 | $ | 185,931 | |||||||||||||||
Loans charged off: | |||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (4,625 | ) | (6,188 | ) | (970 | ) | (1,640 | ) | (11,166 | ) | (10,813 | ) | (13,029 | ) | |||||||||||||||
Consumer and home equity | (1,614 | ) | (2,548 | ) | (1,466 | ) | (1,590 | ) | (1,227 | ) | (4,162 | ) | (2,775 | ) | |||||||||||||||
Real estate - residential mortgage | (340 | ) | (1,068 | ) | (513 | ) | (1,035 | ) | (783 | ) | (1,408 | ) | (2,064 | ) | |||||||||||||||
Real estate - commercial mortgage | (1,474 | ) | (582 | ) | (1,207 | ) | (660 | ) | (1,642 | ) | (2,056 | ) | (2,351 | ) | |||||||||||||||
Real estate - construction | (742 | ) | (326 | ) | — | (114 | ) | (87 | ) | (1,068 | ) | (87 | ) | ||||||||||||||||
Leasing and other | (1,951 | ) | (443 | ) | (1,304 | ) | (522 | ) | (467 | ) | (2,394 | ) | (830 | ) | |||||||||||||||
Total loans charged off | (10,746 | ) | (11,155 | ) | (5,460 | ) | (5,561 | ) | (15,372 | ) | (21,901 | ) | (21,136 | ) | |||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 2,931 | 2,319 | 1,409 | 1,598 | 1,471 | 5,250 | 2,257 | ||||||||||||||||||||||
Consumer and home equity | 889 | 534 | 825 | 618 | 557 | 1,423 | 1,049 | ||||||||||||||||||||||
Real estate - residential mortgage | 420 | 136 | 775 | 201 | 187 | 556 | 346 | ||||||||||||||||||||||
Real estate - commercial mortgage | 1,367 | 825 | 1,072 | 842 | 451 | 2,192 | 887 | ||||||||||||||||||||||
Real estate - construction | 1,563 | 383 | 548 | 898 | 231 | 1,946 | 1,378 | ||||||||||||||||||||||
Leasing and other | 108 | 81 | 98 | 346 | 70 | 189 | 241 | ||||||||||||||||||||||
Recoveries of loans previously charged off | 7,278 | 4,278 | 4,727 | 4,503 | 2,967 | 11,556 | 6,158 | ||||||||||||||||||||||
Net loans charged off | (3,468 | ) | (6,877 | ) | (733 | ) | (1,058 | ) | (12,405 | ) | (10,345 | ) | (14,978 | ) | |||||||||||||||
Provision for credit losses | 2,511 | 1,530 | 2,750 | 1,000 | 2,200 | 4,041 | (1,500 | ) | |||||||||||||||||||||
Balance at end of period | $ | 165,108 | $ | 166,065 | $ | 171,412 | $ | 169,395 | $ | 169,453 | $ | 165,108 | $ | 169,453 | |||||||||||||||
Net charge-offs to average loans (annualized) | 0.10 | % | 0.20 | % | 0.02 | % | 0.03 | % | 0.38 | % | 0.15 | % | 0.23 | % | |||||||||||||||
NON-PERFORMING ASSETS: | |||||||||||||||||||||||||||||
Non-accrual loans | $ | 111,742 | $ | 122,170 | $ | 129,523 | $ | 132,154 | $ | 129,152 | |||||||||||||||||||
Loans 90 days past due and accruing | 15,992 | 15,013 | 15,291 | 12,867 | 20,353 | ||||||||||||||||||||||||
Total non-performing loans | 127,734 | 137,183 | 144,814 | 145,021 | 149,505 | ||||||||||||||||||||||||
Other real estate owned | 11,918 | 10,946 | 11,099 | 10,561 | 12,763 | ||||||||||||||||||||||||
Total non-performing assets | $ | 139,652 | $ | 148,129 | $ | 155,913 | $ | 155,582 | $ | 162,268 | |||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | |||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 38,902 | $ | 39,140 | $ | 44,071 | $ | 38,032 | $ | 35,839 | |||||||||||||||||||
Real estate - commercial mortgage | 35,704 | 43,132 | 41,170 | 49,021 | 49,932 | ||||||||||||||||||||||||
Real estate - residential mortgage | 25,030 | 25,182 | 28,484 | 27,707 | 31,562 | ||||||||||||||||||||||||
Consumer and home equity | 16,061 | 16,210 | 17,123 | 15,186 | 17,215 | ||||||||||||||||||||||||
Real estate - construction | 11,879 | 12,005 | 12,460 | 14,989 | 14,884 | ||||||||||||||||||||||||
Leasing | 158 | 1,514 | 1,506 | 86 | 73 | ||||||||||||||||||||||||
Total non-performing loans | $ | 127,734 | $ | 137,183 | $ | 144,814 | $ | 145,021 | $ | 149,505 | |||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | |||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 27,324 | $ | 27,565 | $ | 28,511 | $ | 29,330 | $ | 31,584 | |||||||||||||||||||
Real-estate - commercial mortgage | 17,808 | 17,427 | 17,563 | 17,282 | 17,482 | ||||||||||||||||||||||||
Consumer and home equity | 7,191 | 6,562 | 4,589 | 3,983 | 3,330 | ||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 5,756 | 5,650 | 5,953 | 7,399 | 6,591 | ||||||||||||||||||||||||
Real estate - construction | 3,086 | 3,092 | 3,942 | 4,363 | 4,482 | ||||||||||||||||||||||||
Total accruing TDRs | $ | 61,165 | $ | 60,296 | $ | 60,558 | $ | 62,357 | $ | 63,469 | |||||||||||||||||||
Non-accrual TDRs (1) | 24,887 | 27,277 | 31,035 | 27,618 | 27,230 | ||||||||||||||||||||||||
Total TDRs | $ | 86,052 | $ | 87,573 | $ | 91,593 | $ | 89,975 | $ | 90,699 | |||||||||||||||||||
(1) Included within non-accrual loans above. | |||||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | Total Delinquency % | ||||||||||||||||||||||||||||
Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | |||||||||||||||||||||||||
2016 | 2016 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||
Real estate - commercial mortgage | 0.81 | % | 0.93 | % | 0.91 | % | 1.08 | % | 1.30 | % | |||||||||||||||||||
Commercial - industrial, financial and agricultural | 1.25 | % | 1.46 | % | 1.27 | % | 1.32 | % | 1.16 | % | |||||||||||||||||||
Real estate - construction | 1.93 | % | 2.00 | % | 1.87 | % | 2.25 | % | 2.05 | % | |||||||||||||||||||
Real estate - residential mortgage | 2.70 | % | 3.10 | % | 3.40 | % | 3.27 | % | 3.83 | % | |||||||||||||||||||
Consumer, home equity, leasing and other | 1.47 | % | 1.48 | % | 1.58 | % | 1.41 | % | 1.52 | % | |||||||||||||||||||
Total | 1.30 | % | 1.44 | % | 1.41 | % | 1.49 | % | 1.60 | % | |||||||||||||||||||
(2) Includes non-accrual loans | |||||||||||||||||||||||||||||
ASSET QUALITY RATIOS: | |||||||||||||||||||||||||||||
Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | |||||||||||||||||||||||||
2016 | 2016 | 2015 | 2015 | 2015 | |||||||||||||||||||||||||
Non-accrual loans to total loans | 0.79 | % | 0.88 | % | 0.94 | % | 0.98 | % | 0.98 | % | |||||||||||||||||||
Non-performing loans to total loans | 0.90 | % | 0.99 | % | 1.05 | % | 1.07 | % | 1.13 | % | |||||||||||||||||||
Non-performing assets to total loans and OREO | 0.99 | % | 1.07 | % | 1.13 | % | 1.15 | % | 1.22 | % | |||||||||||||||||||
Non-performing assets to total assets | 0.76 | % | 0.82 | % | 0.87 | % | 0.87 | % | 0.93 | % | |||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.17 | % | 1.20 | % | 1.24 | % | 1.25 | % | 1.28 | % | |||||||||||||||||||
Allowance for credit losses to non-performing loans | 129.26 | % | 121.05 | % | 118.37 | % | 116.81 | % | 113.34 | % | |||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 8.02 | % | 8.67 | % | 9.27 | % | 9.35 | % | 9.76 | % | |||||||||||||||||||
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 | Six Months Ended | |||||||||||||||||||||||||||||||||
Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Jun 30 | Jun 30 | ||||||||||||||||||||||||||||
2016 | 2016 | 2015 | 2015 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | ||||||||||||||||||||||||||||||||||
Shareholders' equity | $ | 2,106,997 | $ | 2,073,309 | $ | 2,041,894 | $ | 2,025,904 | $ | 2,024,817 | ||||||||||||||||||||||||
Less: Goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,562 | ) | (531,567 | ) | ||||||||||||||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,575,441 | $ | 1,541,753 | $ | 1,510,338 | $ | 1,494,342 | $ | 1,493,250 | ||||||||||||||||||||||||
Shares outstanding, end of period (denominator) | 173,139 | 173,393 | 174,176 | 173,771 | 176,019 | |||||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | $ | 9.10 | $ | 8.89 | $ | 8.67 | $ | 8.60 | $ | 8.48 | ||||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | ||||||||||||||||||||||||||||||||||
Net income | $ | 39,750 | $ | 38,257 | $ | 38,535 | $ | 34,251 | $ | 36,680 | $ | 78,007 | $ | 76,716 | ||||||||||||||||||||
Plus: Intangible amortization, net of tax | — | — | 4 | 3 | 69 | — | 153 | |||||||||||||||||||||||||||
Numerator | $ | 39,750 | $ | 38,257 | $ | 38,539 | $ | 34,254 | $ | 36,749 | $ | 78,007 | $ | 76,869 | ||||||||||||||||||||
Average shareholders' equity | $ | 2,089,915 | $ | 2,058,799 | $ | 2,036,769 | $ | 2,022,829 | $ | 2,031,788 | $ | 2,074,357 | $ | 2,023,919 | ||||||||||||||||||||
Less: Average goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,559 | ) | (531,564 | ) | (531,618 | ) | (561,556 | ) | (531,675 | ) | ||||||||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,558,359 | $ | 1,527,243 | $ | 1,505,210 | $ | 1,491,265 | $ | 1,500,170 | $ | 1,512,801 | $ | 1,492,244 | ||||||||||||||||||||
Return on average common shareholders' equity (tangible), annualized | 10.26 | % | 10.07 | % | 10.16 | % | 9.11 | % | 9.83 | % | 10.17 | % | 10.39 | % | ||||||||||||||||||||
Efficiency ratio | ||||||||||||||||||||||||||||||||||
Non-interest expense | $ | 121,637 | $ | 120,413 | $ | 118,439 | $ | 124,889 | $ | 118,354 | $ | 242,050 | $ | 236,832 | ||||||||||||||||||||
Less: Intangible amortization | — | — | (6 | ) | (5 | ) | (106 | ) | — | (236 | ) | |||||||||||||||||||||||
Less: Loss on redemption of trust preferred securities | — | — | — | (5,626 | ) | — | — | — | ||||||||||||||||||||||||||
Numerator | $ | 121,637 | $ | 120,413 | $ | 118,433 | $ | 119,258 | $ | 118,248 | $ | 242,050 | $ | 236,596 | ||||||||||||||||||||
Net interest income (fully taxable equivalent) | $ | 133,890 | $ | 134,026 | $ | 132,683 | $ | 130,250 | $ | 127,445 | $ | 267,916 | $ | 255,531 | ||||||||||||||||||||
Plus: Total Non-interest income | 46,137 | 43,137 | 45,839 | 44,774 | 46,489 | 89,274 | 91,226 | |||||||||||||||||||||||||||
Less: Investment securities gains | (76 | ) | (947 | ) | (776 | ) | (1,730 | ) | (2,415 | ) | (1,023 | ) | (6,560 | ) | ||||||||||||||||||||
Denominator | $ | 179,951 | $ | 176,216 | $ | 177,746 | $ | 173,294 | $ | 171,519 | $ | 356,167 | $ | 340,197 | ||||||||||||||||||||
Efficiency ratio | 67.59 | % | 68.33 | % | 66.63 | % | 68.82 | % | 68.94 | % | 67.96 | % | 69.55 | % | ||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | ||||||||||||||||||||||||||||||||||
Non-performing assets (numerator) | $ | 139,652 | $ | 148,129 | $ | 155,913 | $ | 155,582 | $ | 162,268 | ||||||||||||||||||||||||
Tangible shareholders' equity | $ | 1,575,441 | $ | 1,541,753 | 1,510,338 | 1,494,342 | $ | 1,493,250 | ||||||||||||||||||||||||||
Plus: Allowance for credit losses | 165,108 | 166,065 | 171,412 | 169,395 | 169,453 | |||||||||||||||||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,740,549 | $ | 1,707,818 | $ | 1,681,750 | $ | 1,663,737 | $ | 1,662,703 | ||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 8.02 | % | 8.67 | % | 9.27 | % | 9.35 | % | 9.76 | % | ||||||||||||||||||||||||
Pre-provision net revenue | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 128,916 | $ | 129,054 | $ | 127,799 | $ | 125,694 | $ | 122,920 | ||||||||||||||||||||||||
Non-interest income | 46,137 | 43,137 | 45,839 | 44,774 | 46,489 | |||||||||||||||||||||||||||||
Less: Investment securities gains | (76 | ) | (947 | ) | (776 | ) | (1,730 | ) | (2,415 | ) | ||||||||||||||||||||||||
Total revenue | $ | 174,977 | $ | 171,244 | $ | 172,862 | $ | 168,738 | $ | 166,994 | ||||||||||||||||||||||||
Non-interest expense | $ | 121,637 | $ | 120,413 | $ | 118,439 | $ | 124,889 | $ | 118,354 | ||||||||||||||||||||||||
Less: Loss on redemption of TruPS | — | — | — | (5,626 | ) | — | ||||||||||||||||||||||||||||
Total non-interest expense, as adjusted | $ | 121,637 | $ | 120,413 | $ | 118,439 | $ | 119,263 | $ | 118,354 | ||||||||||||||||||||||||
Pre-provision net revenue | $ | 53,340 | $ | 50,831 | $ | 54,423 | $ | 49,475 | $ | 48,640 | ||||||||||||||||||||||||