Attached files
| file | filename |
|---|---|
| EX-99.3 - PRESENTATION MATERIALS TO BE DISCUSSED DURING THE CONFERENCE CALL AND WEBCAST - FULTON FINANCIAL CORP | q3earningsccpresentation.htm |
| EX-99.1 - PRESS RELEASE DATED OCTOBER 18, 2016 - FULTON FINANCIAL CORP | exhibit9919-30x161.htm |
| 8-K/A - 8-K/A - FULTON FINANCIAL CORP | a8-ka9x30x16.htm |
Exhibit 99.2 | ||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||
% Change from | ||||||||||||||||||||||||||
Sep 30 | June 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Sep 30 | ||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks | $ | 86,497 | $ | 84,647 | $ | 83,479 | $ | 101,120 | $ | 93,803 | 2.2 | % | (7.8 | )% | ||||||||||||
Other interest-earning assets | 428,966 | 408,086 | 408,060 | 292,516 | 579,920 | 5.1 | % | (26.0 | )% | |||||||||||||||||
Loans held for sale | 27,836 | 34,330 | 19,719 | 16,886 | 26,937 | (18.9 | )% | 3.3 | % | |||||||||||||||||
Investment securities | 2,508,068 | 2,529,724 | 2,516,205 | 2,484,773 | 2,436,337 | (0.9 | )% | 2.9 | % | |||||||||||||||||
Loans, net of unearned income | 14,391,238 | 14,155,159 | 13,870,701 | 13,838,602 | 13,536,361 | 1.7 | % | 6.3 | % | |||||||||||||||||
Allowance for loan losses | (162,526 | ) | (162,546 | ) | (163,841 | ) | (169,054 | ) | (167,136 | ) | — | % | (2.8 | )% | ||||||||||||
Net loans | 14,228,712 | 13,992,613 | 13,706,860 | 13,669,548 | 13,369,225 | 1.7 | % | 6.4 | % | |||||||||||||||||
Premises and equipment | 228,009 | 228,861 | 228,057 | 225,535 | 225,705 | (0.4 | )% | 1.0 | % | |||||||||||||||||
Accrued interest receivable | 43,600 | 43,316 | 44,379 | 42,767 | 42,846 | 0.7 | % | 1.8 | % | |||||||||||||||||
Goodwill and intangible assets | 531,556 | 531,556 | 531,556 | 531,556 | 531,562 | — | % | — | % | |||||||||||||||||
Other assets | 617,818 | 626,902 | 583,939 | 550,017 | 531,724 | (1.4 | )% | 16.2 | % | |||||||||||||||||
Total Assets | $ | 18,701,062 | $ | 18,480,035 | $ | 18,122,254 | $ | 17,914,718 | $ | 17,838,059 | 1.2 | % | 4.8 | % | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
Deposits | $ | 14,952,479 | $ | 14,292,564 | $ | 14,404,280 | $ | 14,132,317 | $ | 14,084,394 | 4.6 | % | 6.2 | % | ||||||||||||
Short-term borrowings | 264,042 | 722,214 | 352,883 | 497,663 | 431,631 | (63.4 | )% | (38.8 | )% | |||||||||||||||||
Other liabilities | 389,819 | 392,708 | 326,128 | 293,302 | 316,697 | (0.7 | )% | 23.1 | % | |||||||||||||||||
FHLB advances and long-term debt | 965,286 | 965,552 | 965,654 | 949,542 | 979,433 | — | % | (1.4 | )% | |||||||||||||||||
Total Liabilities | 16,571,626 | 16,373,038 | 16,048,945 | 15,872,824 | 15,812,155 | 1.2 | % | 4.8 | % | |||||||||||||||||
Shareholders' equity | 2,129,436 | 2,106,997 | 2,073,309 | 2,041,894 | 2,025,904 | 1.1 | % | 5.1 | % | |||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,701,062 | $ | 18,480,035 | $ | 18,122,254 | $ | 17,914,718 | $ | 17,838,059 | 1.2 | % | 4.8 | % | ||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,818,915 | $ | 5,635,347 | $ | 5,558,108 | $ | 5,462,330 | $ | 5,339,928 | 3.3 | % | 9.0 | % | ||||||||||||
Commercial - industrial, financial and agricultural | 4,024,119 | 4,099,177 | 4,035,333 | 4,088,962 | 3,929,908 | (1.8 | )% | 2.4 | % | |||||||||||||||||
Real estate - home equity | 1,640,421 | 1,647,319 | 1,659,481 | 1,684,439 | 1,693,649 | (0.4 | )% | (3.1 | )% | |||||||||||||||||
Real estate - residential mortgage | 1,542,696 | 1,447,292 | 1,377,459 | 1,376,160 | 1,382,085 | 6.6 | % | 11.6 | % | |||||||||||||||||
Real estate - construction | 861,634 | 853,699 | 810,872 | 799,988 | 769,565 | 0.9 | % | 12.0 | % | |||||||||||||||||
Consumer | 283,673 | 278,071 | 263,221 | 268,588 | 271,696 | 2.0 | % | 4.4 | % | |||||||||||||||||
Leasing and other | 219,780 | 194,254 | 166,227 | 158,135 | 149,530 | 13.1 | % | 47.0 | % | |||||||||||||||||
Total Loans, net of unearned income | $ | 14,391,238 | $ | 14,155,159 | $ | 13,870,701 | $ | 13,838,602 | $ | 13,536,361 | 1.7 | % | 6.3 | % | ||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,210,099 | $ | 4,125,375 | $ | 4,134,861 | $ | 3,948,114 | $ | 3,906,228 | 2.1 | % | 7.8 | % | ||||||||||||
Interest-bearing demand | 3,703,048 | 3,358,536 | 3,430,206 | 3,451,207 | 3,362,336 | 10.3 | % | 10.1 | % | |||||||||||||||||
Savings deposits | 4,235,015 | 3,986,008 | 3,972,199 | 3,868,046 | 3,880,103 | 6.2 | % | 9.1 | % | |||||||||||||||||
Time deposits | 2,804,317 | 2,822,645 | 2,867,014 | 2,864,950 | 2,935,727 | (0.6 | )% | (4.5 | )% | |||||||||||||||||
Total Deposits | $ | 14,952,479 | $ | 14,292,564 | $ | 14,404,280 | $ | 14,132,317 | $ | 14,084,394 | 4.6 | % | 6.2 | % | ||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||
Customer repurchase agreements | $ | 189,727 | $ | 168,521 | $ | 162,431 | $ | 111,496 | $ | 145,225 | 12.6 | % | 30.6 | % | ||||||||||||
Customer short-term promissory notes | 65,871 | 69,509 | 76,807 | 78,932 | 80,879 | (5.2 | )% | (18.6 | )% | |||||||||||||||||
Short-term FHLB advances | — | 35,000 | 81,000 | 110,000 | 200,000 | (100.0 | )% | (100.0 | )% | |||||||||||||||||
Federal funds purchased | 8,444 | 449,184 | 32,645 | 197,235 | 5,527 | (98.1 | )% | 52.8 | % | |||||||||||||||||
Total Short-term Borrowings | $ | 264,042 | $ | 722,214 | $ | 352,883 | $ | 497,663 | $ | 431,631 | (63.4 | )% | (38.8 | )% | ||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||||
in thousands, except per-share data and percentages | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | % Change from | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Sep 30 | Sep 30 | ||||||||||||||||||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | 2016 | 2015 | % Change | ||||||||||||||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 151,468 | $ | 149,309 | $ | 149,311 | $ | 147,560 | $ | 146,228 | 1.4 | % | 3.6 | % | $ | 450,088 | $ | 436,229 | 3.2 | % | |||||||||||||||||||||||
Interest expense | 20,903 | 20,393 | 20,257 | 19,761 | 20,534 | 2.5 | % | 1.8 | % | 61,553 | 64,034 | (3.9 | )% | ||||||||||||||||||||||||||||||
Net Interest Income | 130,565 | 128,916 | 129,054 | 127,799 | 125,694 | 1.3 | % | 3.9 | % | 388,535 | 372,195 | 4.4 | % | ||||||||||||||||||||||||||||||
Provision for credit losses | 4,141 | 2,511 | 1,530 | 2,750 | 1,000 | 64.9 | % | N/M | 8,182 | (500 | ) | N/M | |||||||||||||||||||||||||||||||
Net Interest Income after Provision | 126,424 | 126,405 | 127,524 | 125,049 | 124,694 | — | % | 1.4 | % | 380,353 | 372,695 | 2.1 | % | ||||||||||||||||||||||||||||||
Non-Interest Income: | |||||||||||||||||||||||||||||||||||||||||||
Other service charges and fees | 14,407 | 12,983 | 10,750 | 12,676 | 10,965 | 11.0 | % | 31.4 | % | 38,140 | 31,316 | 21.8 | % | ||||||||||||||||||||||||||||||
Service charges on deposit accounts | 13,078 | 12,896 | 12,558 | 12,909 | 12,982 | 1.4 | % | 0.7 | % | 38,532 | 37,188 | 3.6 | % | ||||||||||||||||||||||||||||||
Investment management and trust services | 11,425 | 11,247 | 10,988 | 10,919 | 11,237 | 1.6 | % | 1.7 | % | 33,660 | 33,137 | 1.6 | % | ||||||||||||||||||||||||||||||
Mortgage banking income | 4,529 | 3,897 | 4,030 | 4,317 | 3,864 | 16.2 | % | 17.2 | % | 12,456 | 13,891 | (10.3 | )% | ||||||||||||||||||||||||||||||
Other | 4,708 | 5,038 | 3,864 | 4,242 | 3,996 | (6.6 | )% | 17.8 | % | 13,610 | 12,178 | 11.8 | % | ||||||||||||||||||||||||||||||
Non-Interest Income before Investment Securities Gains | 48,147 | 46,061 | 42,190 | 45,063 | 43,044 | 4.5 | % | 11.9 | % | 136,398 | 127,710 | 6.8 | % | ||||||||||||||||||||||||||||||
Investment securities gains | 2 | 76 | 947 | 776 | 1,730 | (97.4 | )% | (99.9 | )% | 1,025 | 8,290 | (87.6 | )% | ||||||||||||||||||||||||||||||
Total Non-Interest Income | 48,149 | 46,137 | 43,137 | 45,839 | 44,774 | 4.4 | % | 7.5 | % | 137,423 | 136,000 | 1.0 | % | ||||||||||||||||||||||||||||||
Non-Interest Expense: | |||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 70,696 | 70,029 | 69,372 | 65,467 | 65,308 | 1.0 | % | 8.3 | % | 210,097 | 195,365 | 7.5 | % | ||||||||||||||||||||||||||||||
Net occupancy expense | 11,782 | 11,811 | 12,220 | 11,566 | 10,710 | (0.2 | )% | 10.0 | % | 35,813 | 36,211 | (1.1 | )% | ||||||||||||||||||||||||||||||
Other outside services | 5,783 | 5,508 | 6,056 | 6,537 | 7,373 | 5.0 | % | (21.6 | )% | 17,347 | 21,248 | (18.4 | )% | ||||||||||||||||||||||||||||||
Data processing | 4,610 | 5,476 | 5,400 | 5,127 | 5,105 | (15.8 | )% | (9.7 | )% | 15,486 | 14,767 | 4.9 | % | ||||||||||||||||||||||||||||||
Software | 4,117 | 3,953 | 3,921 | 4,068 | 3,984 | 4.1 | % | 3.3 | % | 11,991 | 10,678 | 12.3 | % | ||||||||||||||||||||||||||||||
Equipment expense | 3,137 | 2,872 | 3,371 | 3,626 | 3,595 | 9.2 | % | (12.7 | )% | 9,380 | 10,888 | (13.9 | )% | ||||||||||||||||||||||||||||||
Professional fees | 2,535 | 3,353 | 2,333 | 2,814 | 2,828 | (24.4 | )% | (10.4 | )% | 8,221 | 8,430 | (2.5 | )% | ||||||||||||||||||||||||||||||
FDIC insurance expense | 1,791 | 2,960 | 2,949 | 2,896 | 2,867 | (39.5 | )% | (37.5 | )% | 7,700 | 8,574 | (10.2 | )% | ||||||||||||||||||||||||||||||
Marketing | 1,774 | 1,916 | 1,624 | 1,754 | 2,102 | (7.4 | )% | (15.6 | )% | 5,314 | 5,570 | (4.6 | )% | ||||||||||||||||||||||||||||||
Other real estate owned and repossession expense | 742 | 365 | 638 | 1,123 | 1,016 | 103.3 | % | (27.0 | )% | 1,745 | 2,507 | (30.4 | )% | ||||||||||||||||||||||||||||||
Operating risk loss | 556 | 986 | 540 | 987 | 1,136 | (43.6 | )% | (51.1 | )% | 2,082 | 2,637 | (21.0 | )% | ||||||||||||||||||||||||||||||
Intangible amortization | — | — | — | 6 | 5 | — | % | N/M | — | 241 | N/M | ||||||||||||||||||||||||||||||||
Loss on redemption of trust preferred securities | — | — | — | — | 5,626 | — | % | N/M | — | 5,626 | N/M | ||||||||||||||||||||||||||||||||
Other | 12,325 | 12,408 | 11,989 | 12,468 | 13,234 | (0.7 | )% | (6.9 | )% | 36,722 | 38,979 | (5.8 | )% | ||||||||||||||||||||||||||||||
Total Non-Interest Expense | 119,848 | 121,637 | 120,413 | 118,439 | 124,889 | (1.5 | )% | (4.0 | )% | 361,898 | 361,721 | — | % | ||||||||||||||||||||||||||||||
Income Before Income Taxes | 54,725 | 50,905 | 50,248 | 52,449 | 44,579 | 7.5 | % | 22.8 | % | 155,878 | 146,974 | 6.1 | % | ||||||||||||||||||||||||||||||
Income tax expense | 13,257 | 11,155 | 11,991 | 13,914 | 10,328 | 18.8 | % | 28.4 | % | 36,403 | 36,007 | 1.1 | % | ||||||||||||||||||||||||||||||
Net Income | $ | 41,468 | $ | 39,750 | $ | 38,257 | $ | 38,535 | $ | 34,251 | 4.3 | % | 21.1 | % | $ | 119,475 | $ | 110,967 | 7.7 | % | |||||||||||||||||||||||
PER SHARE: | |||||||||||||||||||||||||||||||||||||||||||
Net income: | |||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.24 | $ | 0.23 | $ | 0.22 | $ | 0.22 | $ | 0.20 | 4.3 | % | 20.0 | % | $ | 0.69 | $ | 0.63 | 9.5 | % | |||||||||||||||||||||||
Diluted | 0.24 | 0.23 | 0.22 | 0.22 | 0.20 | 4.3 | % | 20.0 | % | 0.69 | 0.63 | 9.5 | % | ||||||||||||||||||||||||||||||
Cash dividends | $ | 0.10 | $ | 0.10 | $ | 0.09 | $ | 0.11 | $ | 0.09 | — | % | 11.1 | % | $ | 0.29 | $ | 0.27 | 7.4 | % | |||||||||||||||||||||||
Shareholders' equity | 12.30 | 12.17 | 11.96 | 11.72 | 11.66 | 1.1 | % | 5.5 | % | 12.30 | 11.66 | 5.5 | % | ||||||||||||||||||||||||||||||
Shareholders' equity (tangible) | 9.23 | 9.10 | 8.89 | 8.67 | 8.60 | 1.4 | % | 7.3 | % | 9.23 | 8.60 | 7.3 | % | ||||||||||||||||||||||||||||||
Weighted average shares (basic) | 173,020 | 173,394 | 173,331 | 173,709 | 174,338 | (0.2 | )% | (0.8 | )% | 173,248 | 176,399 | (1.8 | )% | ||||||||||||||||||||||||||||||
Weighted average shares (diluted) | 174,064 | 174,318 | 174,416 | 174,833 | 175,342 | (0.1 | )% | (0.7 | )% | 174,265 | 177,428 | (1.8 | )% | ||||||||||||||||||||||||||||||
Shares outstanding, end of period | 173,144 | 173,139 | 173,393 | 174,176 | 173,771 | — | % | (0.4 | )% | 173,144 | 173,771 | (0.4 | )% | ||||||||||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||||||||||||||||||||||||||||||||
Return on average assets | 0.89 | % | 0.88 | % | 0.86 | % | 0.86 | % | 0.78 | % | 0.87 | % | 0.86 | % | |||||||||||||||||||||||||||||
Return on average shareholders' equity | 7.78 | % | 7.65 | % | 7.47 | % | 7.51 | % | 6.72 | % | 7.64 | % | 7.33 | % | |||||||||||||||||||||||||||||
Return on average shareholders' equity (tangible) | 10.38 | % | 10.26 | % | 10.07 | % | 10.16 | % | 9.11 | % | 10.24 | % | 9.96 | % | |||||||||||||||||||||||||||||
Net interest margin | 3.14 | % | 3.20 | % | 3.23 | % | 3.19 | % | 3.18 | % | 3.19 | % | 3.22 | % | |||||||||||||||||||||||||||||
Efficiency ratio | 65.16 | % | 67.59 | % | 68.33 | % | 66.63 | % | 68.82 | % | 67.01 | % | 69.30 | % | |||||||||||||||||||||||||||||
N/M - Not meaningful | |||||||||||||||||||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 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 | $ | 14,212,250 | $ | 140,434 | 3.93% | $ | 13,966,024 | $ | 138,317 | 3.98% | $ | 13,369,874 | $ | 135,268 | 4.02% | |||||||||||||||||||
Taxable investment securities | 2,110,084 | 10,872 | 2.06% | 2,127,780 | 11,159 | 2.10% | 2,148,403 | 11,252 | 2.09% | |||||||||||||||||||||||||
Tax-exempt investment securities | 344,231 | 3,923 | 4.56% | 314,851 | 3,570 | 4.54% | 230,178 | 2,929 | 5.09% | |||||||||||||||||||||||||
Equity securities | 14,209 | 196 | 5.50% | 14,220 | 185 | 5.23% | 18,280 | 257 | 5.58% | |||||||||||||||||||||||||
Total Investment Securities | 2,468,524 | 14,991 | 2.43% | 2,456,851 | 14,914 | 2.43% | 2,396,861 | 14,438 | 2.41% | |||||||||||||||||||||||||
Loans held for sale | 22,593 | 210 | 3.72% | 19,449 | 188 | 3.87% | 20,704 | 194 | 3.74% | |||||||||||||||||||||||||
Other interest-earning assets | 501,666 | 1,051 | 0.84% | 357,211 | 864 | 0.96% | 477,145 | 884 | 0.74% | |||||||||||||||||||||||||
Total Interest-earning Assets | 17,205,033 | 156,686 | 3.63% | 16,799,535 | 154,283 | 3.69% | 16,264,584 | 150,784 | 3.68% | |||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||
Cash and due from banks | 101,927 | 100,860 | 104,622 | |||||||||||||||||||||||||||||||
Premises and equipment | 227,906 | 227,517 | 226,446 | |||||||||||||||||||||||||||||||
Other assets | 1,219,844 | 1,189,226 | 1,097,600 | |||||||||||||||||||||||||||||||
Less: allowance for loan losses | (163,074 | ) | (164,573 | ) | (168,770 | ) | ||||||||||||||||||||||||||||
Total Assets | $ | 18,591,636 | $ | 18,152,565 | $ | 17,524,482 | ||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | $ | 3,602,448 | $ | 1,706 | 0.19% | $ | 3,454,031 | $ | 1,527 | 0.18% | $ | 3,316,532 | $ | 1,122 | 0.13% | |||||||||||||||||||
Savings deposits | 4,078,942 | 2,042 | 0.20% | 3,989,988 | 1,886 | 0.19% | 3,714,282 | 1,436 | 0.15% | |||||||||||||||||||||||||
Time deposits | 2,814,258 | 7,562 | 1.07% | 2,844,434 | 7,474 | 1.06% | 2,963,774 | 7,659 | 1.03% | |||||||||||||||||||||||||
Total Interest-bearing Deposits | 10,495,648 | 11,310 | 0.43% | 10,288,453 | 10,887 | 0.43% | 9,994,588 | 10,217 | 0.41% | |||||||||||||||||||||||||
Short-term borrowings | 426,369 | 254 | 0.23% | 403,669 | 217 | 0.21% | 324,685 | 92 | 0.11% | |||||||||||||||||||||||||
FHLB advances and long-term debt | 965,228 | 9,338 | 3.86% | 965,526 | 9,289 | 3.86% | 996,247 | 10,225 | 4.09% | |||||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,887,245 | 20,902 | 0.70% | 11,657,648 | 20,393 | 0.70% | 11,315,520 | 20,534 | 0.72% | |||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | 4,227,639 | 4,077,642 | 3,904,176 | |||||||||||||||||||||||||||||||
Other | 356,156 | 327,360 | 281,957 | |||||||||||||||||||||||||||||||
Total Liabilities | 16,471,040 | 16,062,650 | 15,501,653 | |||||||||||||||||||||||||||||||
Shareholders' equity | 2,120,596 | 2,089,915 | 2,022,829 | |||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,591,636 | $ | 18,152,565 | $ | 17,524,482 | ||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 135,784 | 3.14% | 133,890 | 3.20% | 130,250 | 3.18% | ||||||||||||||||||||||||||||
Tax equivalent adjustment | (5,219 | ) | (4,974 | ) | (4,556 | ) | ||||||||||||||||||||||||||||
Net interest income | $ | 130,565 | $ | 128,916 | $ | 125,694 | ||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Sep 30 | ||||||||||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,670,888 | $ | 5,557,680 | $ | 5,487,421 | $ | 5,365,640 | $ | 5,242,021 | 2.0 | % | 8.2 | % | ||||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,066,275 | 4,080,524 | 4,095,268 | 4,035,287 | 3,887,161 | (0.3 | )% | 4.6 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,640,913 | 1,656,140 | 1,674,032 | 1,694,455 | 1,692,860 | (0.9 | )% | (3.1 | )% | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,503,209 | 1,399,851 | 1,381,409 | 1,377,116 | 1,381,141 | 7.4 | % | 8.8 | % | |||||||||||||||||||||||||
Real estate - construction | 837,920 | 820,881 | 792,014 | 765,555 | 753,584 | 2.1 | % | 11.2 | % | |||||||||||||||||||||||||
Consumer | 281,517 | 272,293 | 263,295 | 267,726 | 270,391 | 3.4 | % | 4.1 | % | |||||||||||||||||||||||||
Leasing and other | 211,528 | 178,655 | 159,981 | 153,487 | 142,716 | 18.4 | % | 48.2 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 14,212,250 | $ | 13,966,024 | $ | 13,853,420 | $ | 13,659,266 | $ | 13,369,874 | 1.8 | % | 6.3 | % | ||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,227,639 | $ | 4,077,642 | $ | 3,967,887 | $ | 3,999,118 | $ | 3,904,176 | 3.7 | % | 8.3 | % | ||||||||||||||||||||
Interest-bearing demand | 3,602,448 | 3,454,031 | 3,438,355 | 3,411,904 | 3,316,532 | 4.3 | % | 8.6 | % | |||||||||||||||||||||||||
Savings deposits | 4,078,942 | 3,989,988 | 3,932,824 | 3,903,741 | 3,714,282 | 2.2 | % | 9.8 | % | |||||||||||||||||||||||||
Time deposits | 2,814,258 | 2,844,434 | 2,867,651 | 2,903,715 | 2,963,774 | (1.1 | )% | (5.0 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 14,723,287 | $ | 14,366,095 | $ | 14,206,717 | $ | 14,218,478 | $ | 13,898,764 | 2.5 | % | 5.9 | % | ||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 187,588 | $ | 180,595 | $ | 171,408 | $ | 142,004 | $ | 149,415 | 3.9 | % | 25.5 | % | ||||||||||||||||||||
Customer short-term promissory notes | 70,072 | 77,535 | 74,013 | 80,568 | 79,308 | (9.6 | )% | (11.6 | )% | |||||||||||||||||||||||||
Federal funds purchased | 148,546 | 138,012 | 183,970 | 44,468 | 85,092 | 7.6 | % | 74.6 | % | |||||||||||||||||||||||||
Short-term FHLB advances and other borrowings | 20,163 | 7,527 | 16,011 | 14,457 | 10,870 | 167.9 | % | 85.5 | % | |||||||||||||||||||||||||
Total Short-term Borrowings | $ | 426,369 | $ | 403,669 | $ | 445,402 | $ | 281,497 | $ | 324,685 | 5.6 | % | 31.3 | % | ||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans, net of unearned income | $ | 14,011,301,000 | $ | 416,646,000 | 3.97 | % | $ | 13,220,339,000 | $ | 401,662,000 | 4.06 | % | ||||||||||||
Taxable investment securities | 2,139,378,000 | 34,034,000 | 2.12 | % | 2,068,025,000 | 33,478,000 | 2.16 | % | ||||||||||||||||
Tax-exempt investment securities | 306,298,000 | 10,631,000 | 4.63 | % | 225,209,000 | 9,035,000 | 5.35 | % | ||||||||||||||||
Equity securities | 14,272,000 | 599,000 | 5.60 | % | 25,985,000 | 1,086,000 | 5.59 | % | ||||||||||||||||
Total Investment Securities | 2,459,948,000 | 45,264,000 | 2.45 | % | 2,319,219,000 | 43,599,000 | 2.51 | % | ||||||||||||||||
Loans held for sale | 18,114,000 | 529,000 | 3.90 | % | 21,360,000 | 632,000 | 3.94 | % | ||||||||||||||||
Other interest-earning assets | 406,163,000 | 2,813,000 | 0.92 | % | 463,545,000 | 3,922,000 | 1.13 | % | ||||||||||||||||
Total Interest-earning Assets | 16,895,526,000 | 465,252,000 | 3.68 | % | 16,024,463,000 | 449,815,000 | 3.75 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 100,417,000 | 104,870,000 | ||||||||||||||||||||||
Premises and equipment | 227,237,000 | 226,469,000 | ||||||||||||||||||||||
Other assets | 1,182,260,000 | 1,101,856,000 | ||||||||||||||||||||||
Less: allowance for loan losses | (164,999,000 | ) | (176,205,000 | ) | ||||||||||||||||||||
Total Assets | $ | 18,240,441,000 | $ | 17,281,453,000 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 3,498,659,000 | $ | 4,727,000 | 0.18 | % | $ | 3,202,380,000 | $ | 3,092,000 | 0.13 | % | ||||||||||||
Savings deposits | 4,000,871,000 | 5,732,000 | 0.19 | % | 3,600,695,000 | 3,802,000 | 0.14 | % | ||||||||||||||||
Time deposits | 2,842,011,000 | 22,465,000 | 1.06 | % | 3,017,271,000 | 23,199,000 | 1.03 | % | ||||||||||||||||
Total Interest-bearing Deposits | 10,341,541,000 | 32,924,000 | 0.43 | % | 9,820,346,000 | 30,093,000 | 0.41 | % | ||||||||||||||||
Short-term borrowings | 425,151,000 | 739,000 | 0.23 | % | 338,019,000 | 272,000 | 0.11 | % | ||||||||||||||||
FHLB advances and long-term debt | 962,997,000 | 27,889,000 | 3.86 | % | 1,048,634,000 | 33,669,000 | 4.29 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 11,729,689,000 | 61,552,000 | 0.70 | % | 11,206,999,000 | 64,034,000 | 0.76 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 4,091,555,000 | 3,767,919,000 | ||||||||||||||||||||||
Other | 329,315,000 | 282,983,000 | ||||||||||||||||||||||
Total Liabilities | 16,150,559,000 | 15,257,901,000 | ||||||||||||||||||||||
Shareholders' equity | 2,089,882,000 | 2,023,552,000 | ||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,240,441,000 | $ | 17,281,453,000 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 403,700,000 | 3.19 | % | 385,781,000 | 3.22 | % | ||||||||||||||||||
Tax equivalent adjustment | (15,165,000 | ) | (13,586,000 | ) | ||||||||||||||||||||
Net interest income | $ | 388,535,000 | $ | 372,195,000 | ||||||||||||||||||||
(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: | ||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
September 30 | ||||||||||||||||||||||||
2,016 | 2,015 | % Change | ||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,572,356,000 | $ | 5,205,755,000 | 7.0 | % | ||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,080,638,000 | 3,831,678,000 | 6.5 | % | ||||||||||||||||||||
Real estate - home equity | 1,656,969,000 | 1,703,006,000 | (2.7 | )% | ||||||||||||||||||||
Real estate - residential mortgage | 1,428,430,000 | 1,369,367,000 | 4.3 | % | ||||||||||||||||||||
Real estate - construction | 817,014,000 | 713,893,000 | 14.4 | % | ||||||||||||||||||||
Consumer | 272,402,000 | 265,002,000 | 2.8 | % | ||||||||||||||||||||
Leasing and other | 183,492,000 | 131,638,000 | 39.4 | % | ||||||||||||||||||||
Total Loans, net of unearned income | $ | 14,011,301,000 | $ | 13,220,339,000 | 6.0 | % | ||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,091,555,000 | $ | 3,767,919,000 | 8.6 | % | ||||||||||||||||||
Interest-bearing demand | 3,498,659,000 | 3,202,380,000 | 9.3 | % | ||||||||||||||||||||
Savings deposits | 4,000,871,000 | 3,600,695,000 | 11.1 | % | ||||||||||||||||||||
Time deposits | 2,842,011,000 | 3,017,271,000 | (5.8 | )% | ||||||||||||||||||||
Total Deposits | $ | 14,433,096,000 | $ | 13,588,265,000 | 6.2 | % | ||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||
Customer repurchase agreements | $ | 179,892,000 | $ | 167,526,000 | 7.4 | % | ||||||||||||||||||
Customer short-term promissory notes | 73,859,000 | 81,854,000 | (9.8 | )% | ||||||||||||||||||||
Federal funds purchased | 156,812,000 | 72,961,000 | 114.9 | % | ||||||||||||||||||||
Short-term FHLB advances and other borrowings | 14,588,000 | 15,678,000 | (7.0 | )% | ||||||||||||||||||||
Total Short-term Borrowings | $ | 425,151,000 | $ | 338,019,000 | 25.8 | % | ||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | |||||||||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Sep 30 | Sep 30 | |||||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 169,395 | $ | 166,065 | $ | 171,412 | $ | 169,395 | $ | 169,453 | $ | 171,412 | $ | 185,931 | |||||||||||||||
Loans charged off: | |||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (3,144 | ) | (4,625 | ) | (6,188 | ) | (970 | ) | (1,640 | ) | (13,957 | ) | (14,669 | ) | |||||||||||||||
Consumer and home equity | (1,394 | ) | (1,614 | ) | (2,548 | ) | (1,466 | ) | (1,590 | ) | (5,556 | ) | (4,365 | ) | |||||||||||||||
Real estate - commercial mortgage | (1,350 | ) | (1,474 | ) | (582 | ) | (1,207 | ) | (660 | ) | (3,406 | ) | (3,011 | ) | |||||||||||||||
Real estate - residential mortgage | (802 | ) | (340 | ) | (1,068 | ) | (513 | ) | (1,035 | ) | (2,210 | ) | (3,099 | ) | |||||||||||||||
Real estate - construction | (150 | ) | (742 | ) | (326 | ) | — | (114 | ) | (1,218 | ) | (201 | ) | ||||||||||||||||
Leasing and other | (832 | ) | (1,951 | ) | (443 | ) | (1,304 | ) | (522 | ) | (3,226 | ) | (1,352 | ) | |||||||||||||||
Total loans charged off | (7,672 | ) | (10,746 | ) | (11,155 | ) | (5,460 | ) | (5,561 | ) | (29,573 | ) | (26,697 | ) | |||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 1,539 | 2,931 | 2,319 | 1,409 | 1,598 | 6,789 | 3,855 | ||||||||||||||||||||||
Consumer and home equity | 463 | 889 | 534 | 825 | 618 | 1,886 | 1,667 | ||||||||||||||||||||||
Real estate - commercial mortgage | 296 | 1,367 | 825 | 1,072 | 842 | 2,488 | 1,729 | ||||||||||||||||||||||
Real estate - residential mortgage | 228 | 420 | 136 | 775 | 201 | 784 | 547 | ||||||||||||||||||||||
Real estate - construction | 898 | 1,563 | 383 | 548 | 898 | 2,844 | 2,276 | ||||||||||||||||||||||
Leasing and other | 168 | 108 | 81 | 98 | 346 | 357 | 587 | ||||||||||||||||||||||
Recoveries of loans previously charged off | 3,592 | 7,278 | 4,278 | 4,727 | 4,503 | 15,148 | 10,661 | ||||||||||||||||||||||
Net loans charged off | (4,080 | ) | (3,468 | ) | (6,877 | ) | (733 | ) | (1,058 | ) | (14,425 | ) | (16,036 | ) | |||||||||||||||
Provision for credit losses | 4,141 | 2,511 | 1,530 | 2,750 | 1,000 | 8,182 | (500 | ) | |||||||||||||||||||||
Balance at end of period | $ | 165,169 | $ | 165,108 | $ | 166,065 | $ | 171,412 | $ | 169,395 | $ | 165,169 | $ | 169,395 | |||||||||||||||
Net charge-offs to average loans (annualized) | 0.11 | % | 0.10 | % | 0.20 | % | 0.02 | % | 0.03 | % | 0.14 | % | 0.16 | % | |||||||||||||||
NON-PERFORMING ASSETS: | |||||||||||||||||||||||||||||
Non-accrual loans | $ | 124,017 | $ | 111,742 | $ | 122,170 | $ | 129,523 | $ | 132,154 | |||||||||||||||||||
Loans 90 days past due and accruing | 14,095 | 15,992 | 15,013 | 15,291 | 12,867 | ||||||||||||||||||||||||
Total non-performing loans | 138,112 | 127,734 | 137,183 | 144,814 | 145,021 | ||||||||||||||||||||||||
Other real estate owned | 11,981 | 11,918 | 10,946 | 11,099 | 10,561 | ||||||||||||||||||||||||
Total non-performing assets | $ | 150,093 | $ | 139,652 | $ | 148,129 | $ | 155,913 | $ | 155,582 | |||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | |||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 47,330 | $ | 38,902 | $ | 39,140 | $ | 44,071 | $ | 38,032 | |||||||||||||||||||
Real estate - commercial mortgage | 39,631 | 35,704 | 43,132 | 41,170 | 49,021 | ||||||||||||||||||||||||
Real estate - residential mortgage | 23,451 | 25,030 | 25,182 | 28,484 | 27,707 | ||||||||||||||||||||||||
Consumer and home equity | 16,426 | 16,061 | 16,210 | 17,123 | 15,186 | ||||||||||||||||||||||||
Real estate - construction | 11,223 | 11,879 | 12,005 | 12,460 | 14,989 | ||||||||||||||||||||||||
Leasing | 51 | 158 | 1,514 | 1,506 | 86 | ||||||||||||||||||||||||
Total non-performing loans | $ | 138,112 | $ | 127,734 | $ | 137,183 | $ | 144,814 | $ | 145,021 | |||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | |||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 26,854 | $ | 27,324 | $ | 27,565 | $ | 28,511 | $ | 29,330 | |||||||||||||||||||
Real-estate - commercial mortgage | 16,085 | 17,808 | 17,427 | 17,563 | 17,282 | ||||||||||||||||||||||||
Consumer and home equity | 7,707 | 7,191 | 6,562 | 4,589 | 3,983 | ||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 7,488 | 5,756 | 5,650 | 5,953 | 7,399 | ||||||||||||||||||||||||
Real estate - construction | 843 | 3,086 | 3,092 | 3,942 | 4,363 | ||||||||||||||||||||||||
Total accruing TDRs | $ | 58,977 | $ | 61,165 | $ | 60,296 | $ | 60,558 | $ | 62,357 | |||||||||||||||||||
Non-accrual TDRs (1) | 27,904 | 24,887 | 27,277 | 31,035 | 27,618 | ||||||||||||||||||||||||
Total TDRs | $ | 86,881 | $ | 86,052 | $ | 87,573 | $ | 91,593 | $ | 89,975 | |||||||||||||||||||
(1) Included within non-accrual loans above. | |||||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | Total Delinquency % | ||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | |||||||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | |||||||||||||||||||||||||
Real estate - commercial mortgage | 0.87 | % | 0.81 | % | 0.93 | % | 0.91 | % | 1.08 | % | |||||||||||||||||||
Commercial - industrial, financial and agricultural | 1.48 | % | 1.25 | % | 1.46 | % | 1.27 | % | 1.32 | % | |||||||||||||||||||
Real estate - construction | 1.61 | % | 1.93 | % | 2.00 | % | 1.87 | % | 2.25 | % | |||||||||||||||||||
Real estate - residential mortgage | 2.67 | % | 2.70 | % | 3.10 | % | 3.40 | % | 3.27 | % | |||||||||||||||||||
Consumer, home equity, leasing and other | 1.53 | % | 1.47 | % | 1.48 | % | 1.58 | % | 1.41 | % | |||||||||||||||||||
Total | 1.38 | % | 1.30 | % | 1.44 | % | 1.41 | % | 1.49 | % | |||||||||||||||||||
ASSET QUALITY RATIOS: | |||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | |||||||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | |||||||||||||||||||||||||
Non-accrual loans to total loans | 0.86 | % | 0.79 | % | 0.88 | % | 0.94 | % | 0.98 | % | |||||||||||||||||||
Non-performing loans to total loans | 0.96 | % | 0.90 | % | 0.99 | % | 1.05 | % | 1.07 | % | |||||||||||||||||||
Non-performing assets to total loans and OREO | 1.04 | % | 0.99 | % | 1.07 | % | 1.13 | % | 1.15 | % | |||||||||||||||||||
Non-performing assets to total assets | 0.80 | % | 0.76 | % | 0.82 | % | 0.87 | % | 0.87 | % | |||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.15 | % | 1.17 | % | 1.20 | % | 1.24 | % | 1.25 | % | |||||||||||||||||||
Allowance for credit losses to non-performing loans | 119.59 | % | 129.26 | % | 121.05 | % | 118.37 | % | 116.81 | % | |||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 8.51 | % | 8.02 | % | 8.67 | % | 9.27 | % | 9.35 | % | |||||||||||||||||||
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 | Nine Months Ended | |||||||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Sep 30 | Sep 30 | ||||||||||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | ||||||||||||||||||||||||||||||||||
Shareholders' equity | $ | 2,129,436 | $ | 2,106,997 | $ | 2,073,309 | $ | 2,041,894 | $ | 2,025,904 | ||||||||||||||||||||||||
Less: Goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,562 | ) | ||||||||||||||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,597,880 | $ | 1,575,441 | $ | 1,541,753 | $ | 1,510,338 | $ | 1,494,342 | ||||||||||||||||||||||||
Shares outstanding, end of period (denominator) | 173,144 | 173,139 | 173,393 | 174,176 | 173,771 | |||||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | $ | 9.23 | $ | 9.10 | $ | 8.89 | $ | 8.67 | $ | 8.60 | ||||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | ||||||||||||||||||||||||||||||||||
Net income | $ | 41,468 | $ | 39,750 | $ | 38,257 | $ | 38,535 | $ | 34,251 | $ | 119,475 | $ | 110,967 | ||||||||||||||||||||
Plus: Intangible amortization, net of tax | — | — | — | 4 | 3 | — | 153 | |||||||||||||||||||||||||||
Numerator | $ | 41,468 | $ | 39,750 | $ | 38,257 | $ | 38,539 | $ | 34,254 | $ | 119,475 | $ | 111,120 | ||||||||||||||||||||
Average shareholders' equity | $ | 2,120,596 | $ | 2,089,915 | $ | 2,058,799 | $ | 2,036,769 | $ | 2,022,829 | $ | 2,089,882 | $ | 2,023,552 | ||||||||||||||||||||
Less: Average goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,559 | ) | (531,564 | ) | (531,556 | ) | (531,638 | ) | ||||||||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,589,040 | $ | 1,558,359 | $ | 1,527,243 | $ | 1,505,210 | $ | 1,491,265 | $ | 1,558,326 | $ | 1,491,914 | ||||||||||||||||||||
Return on average common shareholders' equity (tangible), annualized | 10.38 | % | 10.26 | % | 10.07 | % | 10.16 | % | 9.11 | % | 10.24 | % | 9.96 | % | ||||||||||||||||||||
Efficiency ratio | ||||||||||||||||||||||||||||||||||
Non-interest expense | $ | 119,848 | $ | 121,637 | $ | 120,413 | $ | 118,439 | $ | 124,889 | $ | 361,898 | $ | 361,721 | ||||||||||||||||||||
Less: Intangible amortization | — | — | — | (6 | ) | (5 | ) | — | (241 | ) | ||||||||||||||||||||||||
Less: Loss on redemption of trust preferred securities | — | — | — | — | (5,626 | ) | — | (5,626 | ) | |||||||||||||||||||||||||
Numerator | $ | 119,848 | $ | 121,637 | $ | 120,413 | $ | 118,433 | $ | 119,258 | $ | 361,898 | $ | 355,854 | ||||||||||||||||||||
Net interest income (fully taxable equivalent) | $ | 135,784 | $ | 133,890 | $ | 134,026 | $ | 132,683 | $ | 130,250 | $ | 403,700 | $ | 385,781 | ||||||||||||||||||||
Plus: Total Non-interest income | 48,149 | 46,137 | 43,137 | 45,839 | 44,774 | 137,423 | 136,000 | |||||||||||||||||||||||||||
Less: Investment securities gains | (2 | ) | (76 | ) | (947 | ) | (776 | ) | (1,730 | ) | (1,025 | ) | (8,290 | ) | ||||||||||||||||||||
Denominator | $ | 183,931 | $ | 179,951 | $ | 176,216 | $ | 177,746 | $ | 173,294 | $ | 540,098 | $ | 513,491 | ||||||||||||||||||||
Efficiency ratio | 65.16 | % | 67.59 | % | 68.33 | % | 66.63 | % | 68.82 | % | 67.01 | % | 69.30 | % | ||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | ||||||||||||||||||||||||||||||||||
Non-performing assets (numerator) | $ | 150,093 | $ | 139,652 | $ | 148,129 | $ | 155,913 | $ | 155,582 | ||||||||||||||||||||||||
Tangible shareholders' equity | $ | 1,597,880 | $ | 1,575,441 | 1,541,753 | 1,510,338 | $ | 1,494,342 | ||||||||||||||||||||||||||
Plus: Allowance for credit losses | 165,169 | 165,108 | 166,065 | 171,412 | 169,395 | |||||||||||||||||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,763,049 | $ | 1,740,549 | $ | 1,707,818 | $ | 1,681,750 | $ | 1,663,737 | ||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 8.51 | % | 8.02 | % | 8.67 | % | 9.27 | % | 9.35 | % | ||||||||||||||||||||||||
Pre-provision net revenue | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 130,565 | $ | 128,916 | $ | 129,054 | $ | 127,799 | $ | 125,694 | ||||||||||||||||||||||||
Non-interest income | 48,149 | 46,137 | 43,137 | 45,839 | 44,774 | |||||||||||||||||||||||||||||
Less: Investment securities gains | (2 | ) | (76 | ) | (947 | ) | (776 | ) | (1,730 | ) | ||||||||||||||||||||||||
Total revenue | $ | 178,712 | $ | 174,977 | $ | 171,244 | $ | 172,862 | $ | 168,738 | ||||||||||||||||||||||||
Non-interest expense | $ | 119,848 | $ | 121,637 | $ | 120,413 | $ | 118,439 | $ | 124,889 | ||||||||||||||||||||||||
Less: Loss on redemption of TruPS | — | — | — | — | (5,626 | ) | ||||||||||||||||||||||||||||
Total non-interest expense, as adjusted | $ | 119,848 | $ | 121,637 | $ | 120,413 | $ | 118,439 | $ | 119,263 | ||||||||||||||||||||||||
Pre-provision net revenue | $ | 58,864 | $ | 53,340 | $ | 50,831 | $ | 54,423 | $ | 49,475 | ||||||||||||||||||||||||