Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FULTON FINANCIAL CORP | fult8-k12x31x16.htm |
| EX-99.3 - PRESENTATION MATERIALS TO BE DISCUSSED DURING THE CONFERENCE CALL AND WEBCAST - FULTON FINANCIAL CORP | q4earningsccpresentation.htm |
| EX-99.1 - PRESS RELEASE DATED JANUARY 17, 2017 - FULTON FINANCIAL CORP | exhibit99112-31x16.htm |
Exhibit 99.2 | ||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||
% Change from | ||||||||||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | September 30 | December 31 | ||||||||||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks | $ | 118,763 | $ | 86,497 | $ | 84,647 | $ | 83,479 | $ | 101,120 | 37.3 | % | 17.4 | % | ||||||||||||
Other interest-earning assets | 291,252 | 428,966 | 408,086 | 408,060 | 292,516 | (32.1 | )% | (0.4 | )% | |||||||||||||||||
Loans held for sale | 28,697 | 27,836 | 34,330 | 19,719 | 16,886 | 3.1 | % | 69.9 | % | |||||||||||||||||
Investment securities | 2,559,227 | 2,508,068 | 2,529,724 | 2,516,205 | 2,484,773 | 2.0 | % | 3.0 | % | |||||||||||||||||
Loans, net of unearned income | 14,699,272 | 14,391,238 | 14,155,159 | 13,870,701 | 13,838,602 | 2.1 | % | 6.2 | % | |||||||||||||||||
Allowance for loan losses | (168,679 | ) | (162,526 | ) | (162,546 | ) | (163,841 | ) | (169,054 | ) | 3.8 | % | (0.2 | )% | ||||||||||||
Net loans | 14,530,593 | 14,228,712 | 13,992,613 | 13,706,860 | 13,669,548 | 2.1 | % | 6.3 | % | |||||||||||||||||
Premises and equipment | 217,806 | 228,009 | 228,861 | 228,057 | 225,535 | (4.5 | )% | (3.4 | )% | |||||||||||||||||
Accrued interest receivable | 46,294 | 43,600 | 43,316 | 44,379 | 42,767 | 6.2 | % | 8.2 | % | |||||||||||||||||
Goodwill and intangible assets | 531,556 | 531,556 | 531,556 | 531,556 | 531,556 | — | % | — | % | |||||||||||||||||
Other assets | 620,059 | 617,818 | 626,902 | 583,939 | 550,017 | 0.4 | % | 12.7 | % | |||||||||||||||||
Total Assets | $ | 18,944,247 | $ | 18,701,062 | $ | 18,480,035 | $ | 18,122,254 | $ | 17,914,718 | 1.3 | % | 5.7 | % | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
Deposits | $ | 15,012,864 | $ | 14,952,479 | $ | 14,292,564 | $ | 14,404,280 | $ | 14,132,317 | 0.4 | % | 6.2 | % | ||||||||||||
Short-term borrowings | 541,317 | 264,042 | 722,214 | 352,883 | 497,663 | 105.0 | % | 8.8 | % | |||||||||||||||||
Other liabilities | 339,548 | 389,819 | 392,708 | 326,128 | 293,302 | (12.9 | )% | 15.8 | % | |||||||||||||||||
FHLB advances and long-term debt | 929,403 | 965,286 | 965,552 | 965,654 | 949,542 | (3.7 | )% | (2.1 | )% | |||||||||||||||||
Total Liabilities | 16,823,132 | 16,571,626 | 16,373,038 | 16,048,945 | 15,872,824 | 1.5 | % | 6.0 | % | |||||||||||||||||
Shareholders' equity | 2,121,115 | 2,129,436 | 2,106,997 | 2,073,309 | 2,041,894 | (0.4 | )% | 3.9 | % | |||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,944,247 | $ | 18,701,062 | $ | 18,480,035 | $ | 18,122,254 | $ | 17,914,718 | 1.3 | % | 5.7 | % | ||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,018,582 | $ | 5,818,915 | $ | 5,635,347 | $ | 5,558,108 | $ | 5,462,330 | 3.4 | % | 10.2 | % | ||||||||||||
Commercial - industrial, financial and agricultural | 4,087,486 | 4,024,119 | 4,099,177 | 4,035,333 | 4,088,962 | 1.6 | % | — | % | |||||||||||||||||
Real estate - home equity | 1,625,115 | 1,640,421 | 1,647,319 | 1,659,481 | 1,684,439 | (0.9 | )% | (3.5 | )% | |||||||||||||||||
Real estate - residential mortgage | 1,601,994 | 1,542,696 | 1,447,292 | 1,377,459 | 1,376,160 | 3.8 | % | 16.4 | % | |||||||||||||||||
Real estate - construction | 843,649 | 861,634 | 853,699 | 810,872 | 799,988 | (2.1 | )% | 5.5 | % | |||||||||||||||||
Consumer | 291,470 | 283,673 | 278,071 | 263,221 | 268,588 | 2.7 | % | 8.5 | % | |||||||||||||||||
Leasing and other | 230,976 | 219,780 | 194,254 | 166,227 | 158,135 | 5.1 | % | 46.1 | % | |||||||||||||||||
Total Loans, net of unearned income | $ | 14,699,272 | $ | 14,391,238 | $ | 14,155,159 | $ | 13,870,701 | $ | 13,838,602 | 2.1 | % | 6.2 | % | ||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,376,137 | $ | 4,210,099 | $ | 4,125,375 | $ | 4,134,861 | $ | 3,948,114 | 3.9 | % | 10.8 | % | ||||||||||||
Interest-bearing demand | 3,703,712 | 3,703,048 | 3,358,536 | 3,430,206 | 3,451,207 | — | % | 7.3 | % | |||||||||||||||||
Savings and money market accounts | 4,179,773 | 4,235,015 | 3,986,008 | 3,972,199 | 3,868,046 | (1.3 | )% | 8.1 | % | |||||||||||||||||
Time deposits | 2,753,242 | 2,804,317 | 2,822,645 | 2,867,014 | 2,864,950 | (1.8 | )% | (3.9 | )% | |||||||||||||||||
Total Deposits | $ | 15,012,864 | $ | 14,952,479 | $ | 14,292,564 | $ | 14,404,280 | $ | 14,132,317 | 0.4 | % | 6.2 | % | ||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||
Customer repurchase agreements | $ | 195,734 | $ | 189,727 | $ | 168,521 | $ | 162,431 | $ | 111,496 | 3.2 | % | 75.6 | % | ||||||||||||
Customer short-term promissory notes | 67,013 | 65,871 | 69,509 | 76,807 | 78,932 | 1.7 | % | (15.1 | )% | |||||||||||||||||
Short-term FHLB advances | — | — | 35,000 | 81,000 | 110,000 | N/M | (100.0 | )% | ||||||||||||||||||
Federal funds purchased | 278,570 | 8,444 | 449,184 | 32,645 | 197,235 | N/M | 41.2 | % | ||||||||||||||||||
Total Short-term Borrowings | $ | 541,317 | $ | 264,042 | $ | 722,214 | $ | 352,883 | $ | 497,663 | 105.0 | % | 8.8 | % | ||||||||||||
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 | Year ended | ||||||||||||||||||||||||||||||||||||||
Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Dec 31 | December 31 | |||||||||||||||||||||||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | % Change | |||||||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 153,012 | $ | 151,468 | $ | 149,309 | $ | 149,311 | $ | 147,560 | 1.0 | % | 3.7 | % | $ | 603,100 | $ | 583,789 | 3.3 | % | ||||||||||||||||||||
Interest expense | 20,775 | 20,903 | 20,393 | 20,257 | 19,761 | (0.6 | )% | 5.1 | % | 82,328 | 83,795 | (1.8 | )% | |||||||||||||||||||||||||||
Net Interest Income | 132,237 | 130,565 | 128,916 | 129,054 | 127,799 | 1.3 | % | 3.5 | % | 520,772 | 499,994 | 4.2 | % | |||||||||||||||||||||||||||
Provision for credit losses | 5,000 | 4,141 | 2,511 | 1,530 | 2,750 | 20.7 | % | 81.8 | % | 13,182 | 2,250 | N/M | ||||||||||||||||||||||||||||
Net Interest Income after Provision | 127,237 | 126,424 | 126,405 | 127,524 | 125,049 | 0.6 | % | 1.7 | % | 507,590 | 497,744 | 2.0 | % | |||||||||||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||||||||||||||||||
Other service charges and fees | 13,333 | 14,407 | 12,983 | 10,750 | 12,676 | (7.5 | )% | 5.2 | % | 51,473 | 43,992 | 17.0 | % | |||||||||||||||||||||||||||
Service charges on deposit accounts | 12,814 | 13,078 | 12,896 | 12,558 | 12,909 | (2.0 | )% | (0.7 | )% | 51,346 | 50,097 | 2.5 | % | |||||||||||||||||||||||||||
Investment management and trust services | 11,610 | 11,425 | 11,247 | 10,988 | 10,920 | 1.6 | % | 6.3 | % | 45,270 | 44,056 | 2.8 | % | |||||||||||||||||||||||||||
Mortgage banking income | 6,959 | 4,529 | 3,897 | 4,030 | 4,317 | 53.7 | % | 61.2 | % | 19,415 | 18,208 | 6.6 | % | |||||||||||||||||||||||||||
Other | 6,514 | 4,708 | 5,038 | 3,864 | 4,241 | 38.4 | % | 53.6 | % | 20,124 | 16,420 | 22.6 | % | |||||||||||||||||||||||||||
Non-Interest Income before Investment Securities Gains | 51,230 | 48,147 | 46,061 | 42,190 | 45,063 | 6.4 | % | 13.7 | % | 187,628 | 172,773 | 8.6 | % | |||||||||||||||||||||||||||
Investment securities gains | 1,525 | 2 | 76 | 947 | 776 | N/M | 96.5 | % | 2,550 | 9,066 | (71.9 | )% | ||||||||||||||||||||||||||||
Total Non-Interest Income | 52,755 | 48,149 | 46,137 | 43,137 | 45,839 | 9.6 | % | 15.1 | % | 190,178 | 181,839 | 4.6 | % | |||||||||||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 73,256 | 70,696 | 70,029 | 69,372 | 65,467 | 3.6 | % | 11.9 | % | 283,353 | 260,832 | 8.6 | % | |||||||||||||||||||||||||||
Net occupancy expense | 11,798 | 11,782 | 11,811 | 12,220 | 11,566 | 0.1 | % | 2.0 | % | 47,611 | 47,777 | (0.3 | )% | |||||||||||||||||||||||||||
Other outside services | 6,536 | 5,783 | 5,508 | 6,056 | 6,537 | 13.0 | % | — | % | 23,883 | 27,785 | (14.0 | )% | |||||||||||||||||||||||||||
Software | 4,912 | 4,117 | 3,953 | 3,921 | 4,068 | 19.3 | % | 20.7 | % | 16,903 | 14,746 | 14.6 | % | |||||||||||||||||||||||||||
Data processing | 4,530 | 4,610 | 5,476 | 5,400 | 5,127 | (1.7 | )% | (11.6 | )% | 20,016 | 19,894 | 0.6 | % | |||||||||||||||||||||||||||
Equipment expense | 3,408 | 3,137 | 2,872 | 3,371 | 3,626 | 8.6 | % | (6.0 | )% | 12,788 | 14,514 | (11.9 | )% | |||||||||||||||||||||||||||
Professional fees | 2,783 | 2,535 | 3,353 | 2,333 | 2,814 | 9.8 | % | (1.1 | )% | 11,004 | 11,244 | (2.1 | )% | |||||||||||||||||||||||||||
FDIC insurance expense | 2,067 | 1,791 | 2,960 | 2,949 | 2,896 | 15.4 | % | (28.6 | )% | 9,767 | 11,470 | (14.8 | )% | |||||||||||||||||||||||||||
Marketing | 1,730 | 1,774 | 1,916 | 1,624 | 1,754 | (2.5 | )% | (1.4 | )% | 7,044 | 7,324 | (3.8 | )% | |||||||||||||||||||||||||||
Operating risk loss | 733 | 556 | 986 | 540 | 987 | 31.8 | % | (25.7 | )% | 2,815 | 3,624 | (22.3 | )% | |||||||||||||||||||||||||||
Other real estate owned and repossession expense | 181 | 742 | 365 | 638 | 1,123 | (75.6 | )% | (83.9 | )% | 1,926 | 3,630 | (46.9 | )% | |||||||||||||||||||||||||||
Intangible amortization | — | — | — | — | 6 | — | % | N/M | — | 247 | N/M | |||||||||||||||||||||||||||||
Loss on redemption of trust preferred securities | — | — | — | — | — | — | % | — | % | — | 5,626 | N/M | ||||||||||||||||||||||||||||
Other | 15,687 | 12,325 | 12,408 | 11,989 | 12,468 | 27.3 | % | 25.8 | % | 52,409 | 51,447 | 1.9 | % | |||||||||||||||||||||||||||
Total Non-Interest Expense | 127,621 | 119,848 | 121,637 | 120,413 | 118,439 | 6.5 | % | 7.8 | % | 489,519 | 480,160 | 1.9 | % | |||||||||||||||||||||||||||
Income Before Income Taxes | 52,371 | 54,725 | 50,905 | 50,248 | 52,449 | (4.3 | )% | (0.1 | )% | 208,249 | 199,423 | 4.4 | % | |||||||||||||||||||||||||||
Income tax expense | 10,221 | 13,257 | 11,155 | 11,991 | 13,914 | (22.9 | )% | (26.5 | )% | 46,624 | 49,921 | (6.6 | )% | |||||||||||||||||||||||||||
Net Income | $ | 42,150 | $ | 41,468 | $ | 39,750 | $ | 38,257 | $ | 38,535 | 1.6 | % | 9.4 | % | $ | 161,625 | $ | 149,502 | 8.1 | % | ||||||||||||||||||||
PER SHARE: | ||||||||||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.22 | $ | 0.22 | — | % | 9.1 | % | $ | 0.93 | $ | 0.85 | 9.4 | % | ||||||||||||||||||||
Diluted | 0.24 | 0.24 | 0.23 | 0.22 | 0.22 | — | % | 9.1 | % | 0.93 | 0.85 | 9.4 | % | |||||||||||||||||||||||||||
Cash dividends | $ | 0.12 | $ | 0.10 | $ | 0.10 | $ | 0.09 | $ | 0.11 | 20.0 | % | 9.1 | % | $ | 0.41 | $ | 0.38 | 7.9 | % | ||||||||||||||||||||
Shareholders' equity | 12.19 | 12.30 | 12.17 | 11.96 | 11.72 | (0.9 | )% | 4.0 | % | 12.19 | 11.72 | 4.0 | % | |||||||||||||||||||||||||||
Shareholders' equity (tangible) | 9.13 | 9.23 | 9.10 | 8.89 | 8.67 | (1.1 | )% | 5.3 | % | 9.13 | 8.67 | 5.3 | % | |||||||||||||||||||||||||||
Weighted average shares (basic) | 173,554 | 173,020 | 173,394 | 173,331 | 173,709 | 0.3 | % | (0.1 | )% | 173,325 | 175,721 | (1.4 | )% | |||||||||||||||||||||||||||
Weighted average shares (diluted) | 174,874 | 174,064 | 174,318 | 174,416 | 174,833 | 0.5 | % | — | % | 174,418 | 176,774 | (1.3 | )% | |||||||||||||||||||||||||||
Shares outstanding, end of period | 174,040 | 173,144 | 173,139 | 173,393 | 174,176 | 0.5 | % | (0.1 | )% | 174,040 | 174,176 | (0.1 | )% | |||||||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||||||||||
Return on average assets | 0.89 | % | 0.89 | % | 0.88 | % | 0.86 | % | 0.86 | % | 0.88 | % | 0.86 | % | ||||||||||||||||||||||||||
Return on average shareholders' equity | 7.86 | % | 7.78 | % | 7.65 | % | 7.47 | % | 7.51 | % | 7.69 | % | 7.38 | % | ||||||||||||||||||||||||||
Return on average shareholders' equity (tangible) | 10.47 | % | 10.38 | % | 10.26 | % | 10.07 | % | 10.16 | % | 10.30 | % | 10.01 | % | ||||||||||||||||||||||||||
Net interest margin | 3.15 | % | 3.14 | % | 3.20 | % | 3.23 | % | 3.19 | % | 3.18 | % | 3.21 | % | ||||||||||||||||||||||||||
Efficiency ratio | 67.60 | % | 65.16 | % | 67.59 | % | 68.33 | % | 66.63 | % | 67.16 | % | 68.61 | % | ||||||||||||||||||||||||||
N/M - Not meaningful | ||||||||||||||||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |||||||||||||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
December 31, 2016 | September 30, 2016 | 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 | $ | 14,475,816 | $ | 141,826 | 3.90% | $ | 14,212,250 | $ | 140,434 | 3.93% | $ | 13,659,266 | $ | 136,317 | 3.96% | ||||||||||||||||||
Taxable investment securities | 2,096,086 | 10,941 | 2.07% | 2,110,084 | 10,872 | 2.06% | 2,170,397 | 11,801 | 2.17% | ||||||||||||||||||||||||
Tax-exempt investment securities | 389,047 | 4,234 | 4.35% | 344,231 | 3,923 | 4.56% | 246,727 | 3,085 | 5.00% | ||||||||||||||||||||||||
Equity securities | 13,068 | 181 | 5.52% | 14,209 | 196 | 5.50% | 15,524 | 208 | 5.33% | ||||||||||||||||||||||||
Total Investment Securities | 2,498,201 | 15,356 | 2.45% | 2,468,524 | 14,991 | 2.43% | 2,432,648 | 15,094 | 2.48% | ||||||||||||||||||||||||
Loans held for sale | 24,411 | 199 | 3.26% | 22,593 | 210 | 3.72% | 15,713 | 169 | 4.31% | ||||||||||||||||||||||||
Other interest-earning assets | 411,369 | 966 | 0.94% | 501,666 | 1,051 | 0.84% | 399,309 | 864 | 0.86% | ||||||||||||||||||||||||
Total Interest-earning Assets | 17,409,797 | 158,347 | 3.62% | 17,205,033 | 156,686 | 3.63% | 16,506,936 | 152,444 | 3.67% | ||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||
Cash and due from banks | 117,741 | 101,927 | 106,810 | ||||||||||||||||||||||||||||||
Premises and equipment | 226,482 | 227,906 | 226,335 | ||||||||||||||||||||||||||||||
Other assets | 1,171,031 | 1,219,844 | 1,108,094 | ||||||||||||||||||||||||||||||
Less: allowance for loan losses | (164,523 | ) | (163,074 | ) | (169,251 | ) | |||||||||||||||||||||||||||
Total Assets | $ | 18,760,528 | $ | 18,591,636 | $ | 17,778,924 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Demand deposits | $ | 3,714,391 | $ | 1,927 | 0.21% | $ | 3,602,448 | $ | 1,706 | 0.19% | $ | 3,411,904 | $ | 1,207 | 0.13% | ||||||||||||||||||
Savings and money market accounts | 4,216,090 | 2,249 | 0.21% | 4,078,942 | 2,042 | 0.20% | 3,903,741 | 1,633 | 0.17% | ||||||||||||||||||||||||
Time deposits | 2,777,203 | 7,593 | 1.09% | 2,814,258 | 7,562 | 1.07% | 2,903,715 | 7,549 | 1.03% | ||||||||||||||||||||||||
Total Interest-bearing Deposits | 10,707,684 | 11,769 | 0.44% | 10,495,648 | 11,310 | 0.43% | 10,219,360 | 10,389 | 0.40% | ||||||||||||||||||||||||
Short-term borrowings | 308,094 | 116 | 0.15% | 426,369 | 254 | 0.23% | 281,497 | 100 | 0.14% | ||||||||||||||||||||||||
FHLB advances and long-term debt | 947,661 | 8,891 | 3.74% | 965,228 | 9,338 | 3.86% | 950,792 | 9,272 | 3.88% | ||||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,963,439 | 20,776 | 0.69% | 11,887,245 | 20,902 | 0.70% | 11,451,649 | 19,761 | 0.69% | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Demand deposits | 4,331,894 | 4,227,639 | 3,999,118 | ||||||||||||||||||||||||||||||
Other | 332,540 | 356,156 | 291,388 | ||||||||||||||||||||||||||||||
Total Liabilities | 16,627,873 | 16,471,040 | 15,742,155 | ||||||||||||||||||||||||||||||
Shareholders' equity | 2,132,655 | 2,120,596 | 2,036,769 | ||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,760,528 | $ | 18,591,636 | $ | 17,778,924 | |||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 137,571 | 3.15% | 135,784 | 3.14% | 132,683 | 3.19% | |||||||||||||||||||||||||||
Tax equivalent adjustment | (5,334 | ) | (5,219 | ) | (4,884 | ) | |||||||||||||||||||||||||||
Net interest income | $ | 132,237 | $ | 130,565 | $ | 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 | ||||||||||||||||||||||||||||||||
Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Dec 31 | |||||||||||||||||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||||
Loans, by type: | |||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,828,313 | $ | 5,670,888 | $ | 5,557,680 | $ | 5,487,421 | $ | 5,365,640 | 2.8 | % | 8.6 | % | |||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,081,498 | 4,066,275 | 4,080,524 | 4,095,268 | 4,035,287 | 0.4 | % | 1.1 | % | ||||||||||||||||||||||||
Real estate - home equity | 1,633,668 | 1,640,913 | 1,656,140 | 1,674,032 | 1,694,455 | (0.4 | )% | (3.6 | )% | ||||||||||||||||||||||||
Real estate - residential mortgage | 1,572,895 | 1,503,209 | 1,399,851 | 1,381,409 | 1,377,116 | 4.6 | % | 14.2 | % | ||||||||||||||||||||||||
Real estate - construction | 845,528 | 837,920 | 820,881 | 792,014 | 765,555 | 0.9 | % | 10.4 | % | ||||||||||||||||||||||||
Consumer | 289,864 | 281,517 | 272,293 | 263,295 | 267,726 | 3.0 | % | 8.3 | % | ||||||||||||||||||||||||
Leasing and other | 224,050 | 211,528 | 178,655 | 159,981 | 153,487 | 5.9 | % | 46.0 | % | ||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 14,475,816 | $ | 14,212,250 | $ | 13,966,024 | $ | 13,853,420 | $ | 13,659,266 | 1.9 | % | 6.0 | % | |||||||||||||||||||
Deposits, by type: | |||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,331,894 | $ | 4,227,639 | $ | 4,077,642 | $ | 3,967,887 | $ | 3,999,118 | 2.5 | % | 8.3 | % | |||||||||||||||||||
Interest-bearing demand | 3,714,391 | 3,602,448 | 3,454,031 | 3,438,355 | 3,411,904 | 3.1 | % | 8.9 | % | ||||||||||||||||||||||||
Savings and money market accounts | 4,216,090 | 4,078,942 | 3,989,988 | 3,932,824 | 3,903,741 | 3.4 | % | 8.0 | % | ||||||||||||||||||||||||
Time deposits | 2,777,203 | 2,814,258 | 2,844,434 | 2,867,651 | 2,903,715 | (1.3 | )% | (4.4 | )% | ||||||||||||||||||||||||
Total Deposits | $ | 15,039,578 | $ | 14,723,287 | $ | 14,366,095 | $ | 14,206,717 | $ | 14,218,478 | 2.1 | % | 5.8 | % | |||||||||||||||||||
Short-term borrowings, by type: | |||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 200,126 | $ | 187,588 | $ | 180,595 | $ | 171,408 | $ | 142,004 | 6.7 | % | 40.9 | % | |||||||||||||||||||
Customer short-term promissory notes | 67,355 | 70,072 | 77,535 | 74,013 | 80,568 | (3.9 | )% | (16.4 | )% | ||||||||||||||||||||||||
Federal funds purchased | 40,613 | 148,546 | 138,012 | 183,970 | 44,468 | (72.7 | )% | (8.7 | )% | ||||||||||||||||||||||||
Short-term FHLB advances and other borrowings | — | 20,163 | 7,527 | 16,011 | 14,457 | (100.0 | )% | (100.0 | )% | ||||||||||||||||||||||||
Total Short-term Borrowings | $ | 308,094 | $ | 426,369 | $ | 403,669 | $ | 445,402 | $ | 281,497 | (27.7 | )% | 9.4 | % | |||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans, net of unearned income | $ | 14,128,064 | $ | 558,472 | 3.95 | % | $ | 13,330,973 | $ | 537,979 | 4.04 | % | |||||||||||
Taxable investment securities | 2,128,497 | 44,975 | 2.11 | % | 2,093,829 | 45,279 | 2.16 | % | |||||||||||||||
Tax-exempt investment securities | 327,098 | 14,865 | 4.54 | % | 230,633 | 12,120 | 5.26 | % | |||||||||||||||
Equity securities | 13,969 | 780 | 5.58 | % | 23,348 | 1,294 | 5.54 | % | |||||||||||||||
Total Investment Securities | 2,469,564 | 60,620 | 2.45 | % | 2,347,810 | 58,693 | 2.50 | % | |||||||||||||||
Loans held for sale | 19,697 | 728 | 3.70 | % | 19,937 | 801 | 4.02 | % | |||||||||||||||
Other interest-earning assets | 407,471 | 3,779 | 0.93 | % | 447,354 | 4,786 | 1.07 | % | |||||||||||||||
Total Interest-earning Assets | 17,024,796 | 623,599 | 3.66 | % | 16,146,074 | 602,259 | 3.73 | % | |||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||
Cash and due from banks | 104,772 | 105,359 | |||||||||||||||||||||
Premises and equipment | 227,047 | 226,436 | |||||||||||||||||||||
Other assets | 1,179,437 | 1,103,427 | |||||||||||||||||||||
Less: allowance for loan losses | (164,879 | ) | (174,453 | ) | |||||||||||||||||||
Total Assets | $ | 18,371,173 | $ | 17,406,843 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 3,552,886 | $ | 6,654 | 0.19 | % | $ | 3,255,192 | $ | 4,299 | 0.13 | % | |||||||||||
Savings and money market accounts | 4,054,970 | 7,981 | 0.20 | % | 3,677,079 | 5,435 | 0.15 | % | |||||||||||||||
Time deposits | 2,825,722 | 30,058 | 1.06 | % | 2,988,648 | 30,748 | 1.03 | % | |||||||||||||||
Total Interest-bearing Deposits | 10,433,578 | 44,693 | 0.43 | % | 9,920,919 | 40,482 | 0.41 | % | |||||||||||||||
Short-term borrowings | 395,727 | 855 | 0.21 | % | 323,772 | 372 | 0.11 | % | |||||||||||||||
FHLB advances and long-term debt | 959,142 | 36,780 | 3.83 | % | 1,023,972 | 42,941 | 4.19 | % | |||||||||||||||
Total Interest-bearing Liabilities | 11,788,447 | 82,328 | 0.70 | % | 11,268,663 | 83,795 | 0.74 | % | |||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | 4,151,967 | 3,826,194 | |||||||||||||||||||||
Other | 330,125 | 285,103 | |||||||||||||||||||||
Total Liabilities | 16,270,539 | 15,379,960 | |||||||||||||||||||||
Shareholders' equity | 2,100,634 | 2,026,883 | |||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 18,371,173 | $ | 17,406,843 | |||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 541,271 | 3.18 | % | 518,464 | 3.21 | % | |||||||||||||||||
Tax equivalent adjustment | (20,499 | ) | (18,470 | ) | |||||||||||||||||||
Net interest income | $ | 520,772 | $ | 499,994 | |||||||||||||||||||
(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: | |||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||
December 31 | |||||||||||||||||||||||
2016 | 2015 | % Change | |||||||||||||||||||||
Loans, by type: | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,636,696 | $ | 5,246,054 | 7.4 | % | |||||||||||||||||
Commercial - industrial, financial and agricultural | 4,080,854 | 3,882,998 | 5.1 | % | |||||||||||||||||||
Real estate - home equity | 1,651,112 | 1,700,851 | (2.9 | )% | |||||||||||||||||||
Real estate - residential mortgage | 1,464,744 | 1,371,321 | 6.8 | % | |||||||||||||||||||
Real estate - construction | 824,182 | 726,914 | 13.4 | % | |||||||||||||||||||
Consumer | 276,792 | 265,688 | 4.2 | % | |||||||||||||||||||
Leasing and other | 193,684 | 137,147 | 41.2 | % | |||||||||||||||||||
Total Loans, net of unearned income | $ | 14,128,064 | $ | 13,330,973 | 6.0 | % | |||||||||||||||||
Deposits, by type: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,151,967 | $ | 3,826,194 | 8.5 | % | |||||||||||||||||
Interest-bearing demand | 3,552,886 | 3,255,192 | 9.1 | % | |||||||||||||||||||
Savings and money market accounts | 4,054,970 | 3,677,079 | 10.3 | % | |||||||||||||||||||
Time deposits | 2,825,722 | 2,988,648 | (5.5 | )% | |||||||||||||||||||
Total Deposits | $ | 14,585,545 | $ | 13,747,113 | 6.1 | % | |||||||||||||||||
Short-term borrowings, by type: | |||||||||||||||||||||||
Customer repurchase agreements | $ | 184,978 | $ | 161,093 | 14.8 | % | |||||||||||||||||
Customer short-term promissory notes | 72,224 | 81,530 | (11.4 | )% | |||||||||||||||||||
Federal funds purchased | 127,604 | 65,779 | 94.0 | % | |||||||||||||||||||
Short-term FHLB advances and other borrowings | 10,921 | 15,370 | (28.9 | )% | |||||||||||||||||||
Total Short-term Borrowings | $ | 395,727 | $ | 323,772 | 22.2 | % | |||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Dec 31 | |||||||||||||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 165,169 | $ | 165,108 | $ | 166,065 | $ | 171,412 | $ | 169,395 | $ | 171,412 | $ | 185,931 | ||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (1,319 | ) | (3,144 | ) | (4,625 | ) | (6,188 | ) | (970 | ) | (15,276 | ) | (15,639 | ) | ||||||||||||||
Consumer and home equity | (2,156 | ) | (1,394 | ) | (1,614 | ) | (2,548 | ) | (1,466 | ) | (7,712 | ) | (5,831 | ) | ||||||||||||||
Real estate - commercial mortgage | (174 | ) | (1,350 | ) | (1,474 | ) | (582 | ) | (1,207 | ) | (3,580 | ) | (4,218 | ) | ||||||||||||||
Real estate - residential mortgage | (116 | ) | (802 | ) | (340 | ) | (1,068 | ) | (513 | ) | (2,326 | ) | (3,612 | ) | ||||||||||||||
Real estate - construction | — | (150 | ) | (742 | ) | (326 | ) | — | (1,218 | ) | (201 | ) | ||||||||||||||||
Leasing and other | (589 | ) | (832 | ) | (1,951 | ) | (443 | ) | (1,304 | ) | (3,815 | ) | (2,656 | ) | ||||||||||||||
Total loans charged off | (4,354 | ) | (7,672 | ) | (10,746 | ) | (11,155 | ) | (5,460 | ) | (33,927 | ) | (32,157 | ) | ||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 2,192 | 1,539 | 2,931 | 2,319 | 1,409 | 8,981 | 5,264 | |||||||||||||||||||||
Consumer and home equity | 580 | 463 | 889 | 534 | 825 | 2,466 | 2,492 | |||||||||||||||||||||
Real estate - commercial mortgage | 885 | 296 | 1,367 | 825 | 1,072 | 3,373 | 2,801 | |||||||||||||||||||||
Real estate - residential mortgage | 288 | 228 | 420 | 136 | 775 | 1,072 | 1,322 | |||||||||||||||||||||
Real estate - construction | 1,080 | 898 | 1,563 | 383 | 548 | 3,924 | 2,824 | |||||||||||||||||||||
Leasing and other | 485 | 168 | 108 | 81 | 98 | 842 | 685 | |||||||||||||||||||||
Recoveries of loans previously charged off | 5,510 | 3,592 | 7,278 | 4,278 | 4,727 | 20,658 | 15,388 | |||||||||||||||||||||
Net loans recovered (charged off) | 1,156 | (4,080 | ) | (3,468 | ) | (6,877 | ) | (733 | ) | (13,269 | ) | (16,769 | ) | |||||||||||||||
Provision for credit losses | 5,000 | 4,141 | 2,511 | 1,530 | 2,750 | 13,182 | 2,250 | |||||||||||||||||||||
Balance at end of period | $ | 171,325 | $ | 165,169 | $ | 165,108 | $ | 166,065 | $ | 171,412 | $ | 171,325 | $ | 171,412 | ||||||||||||||
Net charge-offs (recoveries) to average loans (annualized) | (0.03 | )% | 0.11 | % | 0.10 | % | 0.20 | % | 0.02 | % | 0.09 | % | 0.13 | % | ||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||
Non-accrual loans | $ | 120,133 | $ | 124,017 | $ | 111,742 | $ | 122,170 | $ | 129,523 | ||||||||||||||||||
Loans 90 days past due and accruing | 11,505 | 14,095 | 15,992 | 15,013 | 15,291 | |||||||||||||||||||||||
Total non-performing loans | 131,638 | 138,112 | 127,734 | 137,183 | 144,814 | |||||||||||||||||||||||
Other real estate owned | 12,815 | 11,981 | 11,918 | 10,946 | 11,099 | |||||||||||||||||||||||
Total non-performing assets | $ | 144,453 | $ | 150,093 | $ | 139,652 | $ | 148,129 | $ | 155,913 | ||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 43,460 | $ | 47,330 | $ | 38,902 | $ | 39,140 | $ | 44,071 | ||||||||||||||||||
Real estate - commercial mortgage | 39,319 | 39,631 | 35,704 | 43,132 | 41,170 | |||||||||||||||||||||||
Real estate - residential mortgage | 23,655 | 23,451 | 25,030 | 25,182 | 28,484 | |||||||||||||||||||||||
Consumer and home equity | 15,045 | 16,426 | 16,061 | 16,210 | 17,123 | |||||||||||||||||||||||
Real estate - construction | 9,842 | 11,223 | 11,879 | 12,005 | 12,460 | |||||||||||||||||||||||
Leasing | 317 | 51 | 158 | 1,514 | 1,506 | |||||||||||||||||||||||
Total non-performing loans | $ | 131,638 | $ | 138,112 | $ | 127,734 | $ | 137,183 | $ | 144,814 | ||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | ||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 27,617 | $ | 26,854 | $ | 27,324 | $ | 27,565 | $ | 28,511 | ||||||||||||||||||
Real-estate - commercial mortgage | 15,957 | 16,085 | 17,808 | 17,427 | 17,563 | |||||||||||||||||||||||
Consumer and home equity | 8,633 | 7,707 | 7,191 | 6,562 | 4,589 | |||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 6,627 | 7,488 | 5,756 | 5,650 | 5,953 | |||||||||||||||||||||||
Real estate - construction | 726 | 843 | 3,086 | 3,092 | 3,942 | |||||||||||||||||||||||
Total accruing TDRs | $ | 59,560 | $ | 58,977 | $ | 61,165 | $ | 60,296 | $ | 60,558 | ||||||||||||||||||
Non-accrual TDRs (1) | 27,850 | 27,904 | 24,887 | 27,277 | 31,035 | |||||||||||||||||||||||
Total TDRs | $ | 87,410 | $ | 86,881 | $ | 86,052 | $ | 87,573 | $ | 91,593 | ||||||||||||||||||
(1) Included within non-accrual loans above. | ||||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | ||||||||||||||||||||||||||||
Total Delinquency | ||||||||||||||||||||||||||||
Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||||||||||||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | ||||||||||||||||||||||||
Real estate - commercial mortgage | 0.78 | % | 0.87 | % | 0.81 | % | 0.93 | % | 0.91 | % | ||||||||||||||||||
Commercial - industrial, financial and agricultural | 1.31 | % | 1.48 | % | 1.25 | % | 1.46 | % | 1.27 | % | ||||||||||||||||||
Real estate - construction | 1.29 | % | 1.61 | % | 1.93 | % | 2.00 | % | 1.87 | % | ||||||||||||||||||
Real estate - residential mortgage | 2.74 | % | 2.67 | % | 2.70 | % | 3.10 | % | 3.40 | % | ||||||||||||||||||
Consumer, home equity, leasing and other | 1.45 | % | 1.53 | % | 1.47 | % | 1.48 | % | 1.58 | % | ||||||||||||||||||
Total | ||||||||||||||||||||||||||||
1.27 | % | 1.38 | % | 1.30 | % | 1.44 | % | 1.41 | % | |||||||||||||||||||
ASSET QUALITY RATIOS: | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | |||||||||||||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | ||||||||||||||||||||||||
Non-accrual loans to total loans | 0.82 | % | 0.86 | % | 0.79 | % | 0.88 | % | 0.94 | % | ||||||||||||||||||
Non-performing loans to total loans | 0.90 | % | 0.96 | % | 0.90 | % | 0.99 | % | 1.05 | % | ||||||||||||||||||
Non-performing assets to total loans and OREO | 0.98 | % | 1.04 | % | 0.99 | % | 1.07 | % | 1.13 | % | ||||||||||||||||||
Non-performing assets to total assets | 0.76 | % | 0.80 | % | 0.76 | % | 0.82 | % | 0.87 | % | ||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.17 | % | 1.15 | % | 1.17 | % | 1.20 | % | 1.24 | % | ||||||||||||||||||
Allowance for credit losses to non-performing loans | 130.15 | % | 119.59 | % | 129.26 | % | 121.05 | % | 118.37 | % | ||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 8.20 | % | 8.51 | % | 8.02 | % | 8.67 | % | 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 certain financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's quarterly results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are 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 | Year Ended | ||||||||||||||||||||||||||||||||
Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Dec 31 | Dec 31 | |||||||||||||||||||||||||||
2016 | 2016 | 2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | |||||||||||||||||||||||||||||||||
Shareholders' equity | $ | 2,121,115 | $ | 2,129,436 | $ | 2,106,997 | $ | 2,073,309 | $ | 2,041,894 | |||||||||||||||||||||||
Less: Goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | |||||||||||||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,589,559 | $ | 1,597,880 | $ | 1,575,441 | $ | 1,541,753 | $ | 1,510,338 | |||||||||||||||||||||||
Shares outstanding, end of period (denominator) | 174,040 | 173,144 | 173,139 | 173,393 | 174,176 | ||||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | $ | 9.13 | $ | 9.23 | $ | 9.10 | $ | 8.89 | $ | 8.67 | |||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | |||||||||||||||||||||||||||||||||
Net income | $ | 42,150 | $ | 41,468 | $ | 39,750 | $ | 38,257 | $ | 38,535 | $ | 161,625 | $ | 149,502 | |||||||||||||||||||
Plus: Intangible amortization, net of tax | — | — | — | — | 4 | — | 161 | ||||||||||||||||||||||||||
Numerator | $ | 42,150 | $ | 41,468 | $ | 39,750 | $ | 38,257 | $ | 38,539 | $ | 161,625 | $ | 149,663 | |||||||||||||||||||
Average shareholders' equity | $ | 2,132,655 | $ | 2,120,596 | $ | 2,089,915 | $ | 2,058,799 | $ | 2,036,769 | $ | 2,100,634 | $ | 2,026,883 | |||||||||||||||||||
Less: Average goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,559 | ) | (531,556 | ) | (531,618 | ) | |||||||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,601,099 | $ | 1,589,040 | $ | 1,558,359 | $ | 1,527,243 | $ | 1,505,210 | $ | 1,569,078 | $ | 1,495,265 | |||||||||||||||||||
Return on average common shareholders' equity (tangible), annualized | 10.47 | % | 10.38 | % | 10.26 | % | 10.07 | % | 10.16 | % | 10.30 | % | 10.01 | % | |||||||||||||||||||
Efficiency ratio | |||||||||||||||||||||||||||||||||
Non-interest expense | $ | 127,621 | $ | 119,848 | $ | 121,637 | $ | 120,413 | $ | 118,439 | $ | 489,519 | $ | 480,160 | |||||||||||||||||||
Less: Intangible amortization | — | — | — | — | (6 | ) | — | (247 | ) | ||||||||||||||||||||||||
Less: Loss on redemption of trust preferred securities | — | — | — | — | — | — | (5,626 | ) | |||||||||||||||||||||||||
Numerator | $ | 127,621 | $ | 119,848 | $ | 121,637 | $ | 120,413 | $ | 118,433 | $ | 489,519 | $ | 474,287 | |||||||||||||||||||
Net interest income (fully taxable equivalent) | $ | 137,571 | $ | 135,784 | $ | 133,890 | $ | 134,026 | $ | 132,683 | $ | 541,271 | $ | 518,464 | |||||||||||||||||||
Plus: Total Non-interest income | 52,755 | 48,149 | 46,137 | 43,137 | 45,839 | 190,178 | 181,839 | ||||||||||||||||||||||||||
Less: Investment securities gains | (1,525 | ) | (2 | ) | (76 | ) | (947 | ) | (776 | ) | (2,550 | ) | (9,066 | ) | |||||||||||||||||||
Denominator | $ | 188,801 | $ | 183,931 | $ | 179,951 | $ | 176,216 | $ | 177,746 | $ | 728,899 | $ | 691,237 | |||||||||||||||||||
Efficiency ratio | 67.60 | % | 65.16 | % | 67.59 | % | 68.33 | % | 66.63 | % | 67.16 | % | 68.61 | % | |||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | |||||||||||||||||||||||||||||||||
Non-performing assets (numerator) | $ | 144,453 | $ | 150,093 | $ | 139,652 | $ | 148,129 | $ | 155,913 | |||||||||||||||||||||||
Tangible shareholders' equity | $ | 1,589,559 | $ | 1,597,880 | 1,575,441 | 1,541,753 | $ | 1,510,338 | |||||||||||||||||||||||||
Plus: Allowance for credit losses | 171,325 | 165,169 | 165,108 | 166,065 | 171,412 | ||||||||||||||||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,760,884 | $ | 1,763,049 | $ | 1,740,549 | $ | 1,707,818 | $ | 1,681,750 | |||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 8.20 | % | 8.51 | % | 8.02 | % | 8.67 | % | 9.27 | % | |||||||||||||||||||||||
Pre-provision net revenue | |||||||||||||||||||||||||||||||||
Net interest income | $ | 132,237 | $ | 130,565 | $ | 128,916 | $ | 129,054 | $ | 127,799 | $ | 520,772 | $ | 499,994 | |||||||||||||||||||
Non-interest income | 52,755 | 48,149 | 46,137 | 43,137 | 45,839 | 190,178 | 181,839 | ||||||||||||||||||||||||||
Less: Investment securities gains | (1,525 | ) | (2 | ) | (76 | ) | (947 | ) | (776 | ) | (2,550 | ) | (9,066 | ) | |||||||||||||||||||
Total revenue | $ | 183,467 | $ | 178,712 | $ | 174,977 | $ | 171,244 | $ | 172,862 | $ | 708,400 | $ | 672,767 | |||||||||||||||||||
Non-interest expense | $ | 127,621 | $ | 119,848 | $ | 121,637 | $ | 120,413 | $ | 118,439 | $ | 489,519 | $ | 480,160 | |||||||||||||||||||
Less: Loss on redemption of TruPS | — | — | — | — | — | — | (5,626 | ) | |||||||||||||||||||||||||
Total non-interest expense, as adjusted | $ | 127,621 | $ | 119,848 | $ | 121,637 | $ | 120,413 | $ | 118,439 | $ | 489,519 | $ | 474,534 | |||||||||||||||||||
Pre-provision net revenue | $ | 55,846 | $ | 58,864 | $ | 53,340 | $ | 50,831 | $ | 54,423 | $ | 218,881 | $ | 198,233 | |||||||||||||||||||