Attached files
| file | filename |
|---|---|
| EX-99.3 - PRESENTATION MATERIALS TO BE DISCUSSED DURING THE CONFERENCE CALL AND WEBCAST - FULTON FINANCIAL CORP | q4ccearningsdeck123117v1.htm |
| EX-99.1 - PRESS RELEASE DATED JANUARY 22, 2018 - FULTON FINANCIAL CORP | copyofexhibit99112-31x17.htm |
| 8-K/A - 8-K/A - FULTON FINANCIAL CORP | a1231178-ka.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 | ||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks | $ | 108,291 | $ | 99,803 | $ | 94,938 | $ | 93,844 | $ | 118,763 | 8.5 | % | (8.8 | )% | ||||||||||||
Other interest-earning assets | 354,566 | 645,796 | 392,842 | 350,387 | 291,252 | (45.1 | )% | 21.7 | % | |||||||||||||||||
Loans held for sale | 31,530 | 23,049 | 62,354 | 24,783 | 28,697 | 36.8 | % | 9.9 | % | |||||||||||||||||
Investment securities | 2,547,956 | 2,561,516 | 2,488,699 | 2,506,017 | 2,559,227 | (0.5 | )% | (0.4 | )% | |||||||||||||||||
Loans, net of unearned income | 15,768,247 | 15,486,899 | 15,346,617 | 14,963,177 | 14,699,272 | 1.8 | % | 7.3 | % | |||||||||||||||||
Allowance for loan losses | (169,910 | ) | (172,245 | ) | (172,342 | ) | (170,076 | ) | (168,679 | ) | (1.4 | )% | 0.7 | % | ||||||||||||
Net loans | 15,598,337 | 15,314,654 | 15,174,275 | 14,793,101 | 14,530,593 | 1.9 | % | 7.3 | % | |||||||||||||||||
Premises and equipment | 222,802 | 221,551 | 217,558 | 216,171 | 217,806 | 0.6 | % | 2.3 | % | |||||||||||||||||
Accrued interest receivable | 52,910 | 50,082 | 47,603 | 46,355 | 46,294 | 5.6 | % | 14.3 | % | |||||||||||||||||
Goodwill and intangible assets | 531,556 | 531,556 | 531,556 | 531,556 | 531,556 | — | % | — | % | |||||||||||||||||
Other assets | 588,957 | 614,853 | 637,610 | 616,362 | 620,059 | (4.2 | )% | (5.0 | )% | |||||||||||||||||
Total Assets | $ | 20,036,905 | $ | 20,062,860 | $ | 19,647,435 | $ | 19,178,576 | $ | 18,944,247 | (0.1 | )% | 5.8 | % | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
Deposits | $ | 15,797,532 | $ | 16,141,780 | $ | 15,357,361 | $ | 15,090,344 | $ | 15,012,864 | (2.1 | )% | 5.2 | % | ||||||||||||
Short-term borrowings | 617,524 | 298,751 | 694,859 | 453,317 | 541,317 | 106.7 | % | 14.1 | % | |||||||||||||||||
Other liabilities | 353,646 | 358,384 | 365,484 | 342,323 | 339,548 | (1.3 | )% | 4.2 | % | |||||||||||||||||
FHLB advances and long-term debt | 1,038,346 | 1,038,159 | 1,037,961 | 1,137,909 | 929,403 | — | % | 11.7 | % | |||||||||||||||||
Total Liabilities | 17,807,048 | 17,837,074 | 17,455,665 | 17,023,893 | 16,823,132 | (0.2 | )% | 5.8 | % | |||||||||||||||||
Shareholders' equity | 2,229,857 | 2,225,786 | 2,191,770 | 2,154,683 | 2,121,115 | 0.2 | % | 5.1 | % | |||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 20,036,905 | $ | 20,062,860 | $ | 19,647,435 | $ | 19,178,576 | $ | 18,944,247 | (0.1 | )% | 5.8 | % | ||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,364,804 | $ | 6,275,140 | $ | 6,262,008 | $ | 6,118,533 | $ | 6,018,582 | 1.4 | % | 5.8 | % | ||||||||||||
Commercial - industrial, financial and agricultural | 4,300,297 | 4,223,075 | 4,245,849 | 4,167,809 | 4,087,486 | 1.8 | % | 5.2 | % | |||||||||||||||||
Real estate - residential mortgage | 1,954,711 | 1,887,907 | 1,784,712 | 1,665,142 | 1,601,994 | 3.5 | % | 22.0 | % | |||||||||||||||||
Real estate - home equity | 1,559,719 | 1,567,473 | 1,579,739 | 1,595,901 | 1,625,115 | (0.5 | )% | (4.0 | )% | |||||||||||||||||
Real estate - construction | 1,006,935 | 973,108 | 938,900 | 882,983 | 843,649 | 3.5 | % | 19.4 | % | |||||||||||||||||
Consumer | 313,783 | 302,448 | 283,156 | 288,826 | 291,470 | 3.7 | % | 7.7 | % | |||||||||||||||||
Leasing and other | 267,998 | 257,748 | 252,253 | 243,983 | 230,976 | 4.0 | % | 16.0 | % | |||||||||||||||||
Total Loans, net of unearned income | $ | 15,768,247 | $ | 15,486,899 | $ | 15,346,617 | $ | 14,963,177 | $ | 14,699,272 | 1.8 | % | 7.3 | % | ||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,437,294 | $ | 4,363,915 | $ | 4,574,619 | $ | 4,417,733 | $ | 4,376,137 | 1.7 | % | 1.4 | % | ||||||||||||
Interest-bearing demand | 4,018,107 | 4,119,419 | 3,650,204 | 3,702,663 | 3,703,712 | (2.5 | )% | 8.5 | % | |||||||||||||||||
Savings and money market accounts | 4,586,746 | 4,790,985 | 4,386,128 | 4,251,574 | 4,179,773 | (4.3 | )% | 9.7 | % | |||||||||||||||||
Total demand and savings | 13,042,147 | 13,274,319 | 12,610,951 | 12,371,970 | 12,259,622 | (1.7 | )% | 6.4 | % | |||||||||||||||||
Brokered deposits | 90,473 | 109,936 | — | — | — | (17.7 | )% | — | % | |||||||||||||||||
Time deposits | 2,664,912 | 2,757,525 | 2,746,410 | 2,718,374 | 2,753,242 | (3.4 | )% | (3.2 | )% | |||||||||||||||||
Total Deposits | $ | 15,797,532 | $ | 16,141,780 | $ | 15,357,361 | $ | 15,090,344 | $ | 15,012,864 | (2.1 | )% | 5.2 | % | ||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||
Customer repurchase agreements | $ | 172,017 | $ | 185,945 | $ | 174,224 | $ | 181,170 | $ | 195,734 | (7.5 | )% | (12.1 | )% | ||||||||||||
Customer short-term promissory notes | 225,507 | 106,994 | 74,366 | 87,726 | 67,013 | 110.8 | % | N/M | ||||||||||||||||||
Short-term FHLB advances | — | — | 240,000 | 130,000 | — | — | % | — | % | |||||||||||||||||
Federal funds purchased | 220,000 | 5,812 | 206,269 | 54,421 | 278,570 | N/M | (21.0 | )% | ||||||||||||||||||
Total Short-term Borrowings | $ | 617,524 | $ | 298,751 | $ | 694,859 | $ | 453,317 | $ | 541,317 | 106.7 | % | 14.1 | % | ||||||||||||
N/M - Not meaningful | ||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||
in thousands, except per-share data and percentages | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | % Change from | Year ended | |||||||||||||||||||||||||||||||||||||||
Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Dec 31 | December 31 | ||||||||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | % Change | ||||||||||||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 174,987 | $ | 171,511 | $ | 163,881 | $ | 158,487 | $ | 153,012 | 2.0 | % | 14.4 | % | $ | 668,866 | $ | 603,100 | 10.9 | % | |||||||||||||||||||||
Interest expense | 25,574 | 24,702 | 22,318 | 20,908 | 20,775 | 3.5 | % | 23.1 | % | 93,502 | 82,328 | 13.6 | % | ||||||||||||||||||||||||||||
Net Interest Income | 149,413 | 146,809 | 141,563 | 137,579 | 132,237 | 1.8 | % | 13.0 | % | 575,364 | 520,772 | 10.5 | % | ||||||||||||||||||||||||||||
Provision for credit losses | 6,730 | 5,075 | 6,700 | 4,800 | 5,000 | 32.6 | % | 34.6 | % | 23,305 | 13,182 | 76.8 | % | ||||||||||||||||||||||||||||
Net Interest Income after Provision | 142,683 | 141,734 | 134,863 | 132,779 | 127,237 | 0.7 | % | 12.1 | % | 552,059 | 507,590 | 8.8 | % | ||||||||||||||||||||||||||||
Non-Interest Income: | |||||||||||||||||||||||||||||||||||||||||
Other service charges and fees | 13,829 | 12,251 | 14,342 | 12,437 | 13,333 | 12.9 | % | 3.7 | % | 52,859 | 51,473 | 2.7 | % | ||||||||||||||||||||||||||||
Investment management and trust services | 13,152 | 12,157 | 12,132 | 11,808 | 11,610 | 8.2 | % | 13.3 | % | 49,249 | 45,270 | 8.8 | % | ||||||||||||||||||||||||||||
Service charges on deposit accounts | 12,670 | 13,022 | 12,914 | 12,400 | 12,814 | (2.7 | )% | (1.1 | )% | 51,006 | 51,346 | (0.7 | )% | ||||||||||||||||||||||||||||
Mortgage banking income | 4,386 | 4,805 | 6,141 | 4,596 | 6,959 | (8.7 | )% | (37.0 | )% | 19,928 | 19,415 | 2.6 | % | ||||||||||||||||||||||||||||
Other | 10,987 | 5,142 | 5,406 | 4,326 | 6,514 | 113.7 | % | 68.7 | % | 25,861 | 20,124 | 28.5 | % | ||||||||||||||||||||||||||||
Non-Interest Income before Investment Securities Gains | 55,024 | 47,377 | 50,935 | 45,567 | 51,230 | 16.1 | % | 7.4 | % | 198,903 | 187,628 | 6.0 | % | ||||||||||||||||||||||||||||
Investment securities gains | 1,932 | 4,597 | 1,436 | 1,106 | 1,525 | (58.0 | )% | 26.7 | % | 9,071 | 2,550 | N/M | |||||||||||||||||||||||||||||
Total Non-Interest Income | 56,956 | 51,974 | 52,371 | 46,673 | 52,755 | 9.6 | % | 8.0 | % | 207,974 | 190,178 | 9.4 | % | ||||||||||||||||||||||||||||
Non-Interest Expense: | |||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 73,504 | 72,894 | 74,496 | 69,236 | 73,256 | 0.8 | % | 0.3 | % | 290,130 | 283,353 | 2.4 | % | ||||||||||||||||||||||||||||
Net occupancy expense | 12,549 | 12,180 | 12,316 | 12,663 | 11,798 | 3.0 | % | 6.4 | % | 49,708 | 47,611 | 4.4 | % | ||||||||||||||||||||||||||||
Data processing and software | 10,401 | 10,301 | 9,054 | 8,979 | 9,442 | 1.0 | % | 10.2 | % | 38,735 | 36,919 | 4.9 | % | ||||||||||||||||||||||||||||
Other outside services | 7,665 | 6,582 | 7,708 | 5,546 | 6,536 | 16.5 | % | 17.3 | % | 27,501 | 23,883 | 15.1 | % | ||||||||||||||||||||||||||||
Professional fees | 3,632 | 3,388 | 2,931 | 2,737 | 2,783 | 7.2 | % | 30.5 | % | 12,688 | 11,004 | 15.3 | % | ||||||||||||||||||||||||||||
FDIC insurance expense | 3,618 | 3,007 | 2,366 | 2,058 | 2,067 | 20.3 | % | 75.0 | % | 11,049 | 9,767 | 13.1 | % | ||||||||||||||||||||||||||||
Amortization of tax credit investments | 3,376 | 3,503 | 3,151 | 998 | — | (3.6 | )% | 100.0 | % | 11,028 | — | 100.0 | % | ||||||||||||||||||||||||||||
Equipment expense | 3,244 | 3,298 | 3,034 | 3,359 | 3,408 | (1.6 | )% | (4.8 | )% | 12,935 | 12,788 | 1.1 | % | ||||||||||||||||||||||||||||
Marketing | 1,725 | 2,089 | 2,234 | 1,986 | 1,730 | (17.4 | )% | (0.3 | )% | 8,034 | 7,044 | 14.1 | % | ||||||||||||||||||||||||||||
Other | 18,738 | 14,915 | 15,405 | 14,713 | 16,601 | 25.6 | % | 12.9 | % | 63,771 | 57,150 | 11.6 | % | ||||||||||||||||||||||||||||
Total Non-Interest Expense | 138,452 | 132,157 | 132,695 | 122,275 | 127,621 | 4.8 | % | 8.5 | % | 525,579 | 489,519 | 7.4 | % | ||||||||||||||||||||||||||||
Income Before Income Taxes | 61,187 | 61,551 | 54,539 | 57,177 | 52,371 | (0.6 | )% | 16.8 | % | 234,454 | 208,249 | 12.6 | % | ||||||||||||||||||||||||||||
Income tax expense | 27,186 | 12,646 | 9,072 | 13,797 | 10,221 | 115.0 | % | 166.0 | % | 62,701 | 46,624 | 34.5 | % | ||||||||||||||||||||||||||||
Net Income | $ | 34,001 | $ | 48,905 | $ | 45,467 | $ | 43,380 | $ | 42,150 | (30.5 | )% | (19.3 | )% | $ | 171,753 | $ | 161,625 | 6.3 | % | |||||||||||||||||||||
PER SHARE: | |||||||||||||||||||||||||||||||||||||||||
Net income: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.19 | $ | 0.28 | $ | 0.26 | $ | 0.25 | $ | 0.24 | (32.1 | )% | (20.8 | )% | $ | 0.98 | $ | 0.93 | 5.4 | % | |||||||||||||||||||||
Diluted | 0.19 | 0.28 | 0.26 | 0.25 | 0.24 | (32.1 | )% | (20.8 | )% | 0.98 | 0.93 | 5.4 | % | ||||||||||||||||||||||||||||
Cash dividends | $ | 0.14 | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.12 | 27.3 | % | 16.7 | % | $ | 0.47 | $ | 0.41 | 14.6 | % | |||||||||||||||||||||
Shareholders' equity | 12.74 | 12.71 | 12.54 | 12.36 | 12.19 | 0.2 | % | 4.5 | % | 12.74 | 12.19 | 4.5 | % | ||||||||||||||||||||||||||||
Shareholders' equity (tangible) | 9.70 | 9.68 | 9.50 | 9.31 | 9.13 | 0.2 | % | 6.2 | % | 9.70 | 9.13 | 6.2 | % | ||||||||||||||||||||||||||||
Weighted average shares (basic) | 175,132 | 174,991 | 174,597 | 174,150 | 173,554 | 0.1 | % | 0.9 | % | 174,721 | 173,325 | 0.8 | % | ||||||||||||||||||||||||||||
Weighted average shares (diluted) | 176,374 | 176,216 | 175,532 | 175,577 | 174,874 | 0.1 | % | 0.9 | % | 175,932 | 174,418 | 0.9 | % | ||||||||||||||||||||||||||||
Shares outstanding, end of period | 175,170 | 175,057 | 174,740 | 174,343 | 174,040 | 0.1 | % | 0.6 | % | 175,170 | 174,040 | 0.6 | % | ||||||||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||||||||||||||||||||||||||||||
Return on average assets | 0.67 | % | 0.98 | % | 0.94 | % | 0.92 | % | 0.89 | % | 0.88 | % | 0.88 | % | |||||||||||||||||||||||||||
Return on average shareholders' equity | 6.03 | % | 8.76 | % | 8.36 | % | 8.22 | % | 7.86 | % | 7.83 | % | 7.69 | % | |||||||||||||||||||||||||||
Return on average shareholders' equity (tangible) | 7.91 | % | 11.52 | % | 11.06 | % | 10.93 | % | 10.47 | % | 10.33 | % | 10.30 | % | |||||||||||||||||||||||||||
Net interest margin | 3.29 | % | 3.27 | % | 3.29 | % | 3.26 | % | 3.15 | % | 3.28 | % | 3.18 | % | |||||||||||||||||||||||||||
Efficiency ratio | 64.24 | % | 64.30 | % | 65.33 | % | 64.23 | % | 67.60 | % | 64.52 | % | 67.16 | % | |||||||||||||||||||||||||||
Financial information, as adjusted (1): | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 49,635 | $ | 187,387 | |||||||||||||||||||||||||||||||||||||
Net income per share, diluted | $ | 0.28 | $ | 1.07 | |||||||||||||||||||||||||||||||||||||
Return on average assets | 0.98 | % | 0.96 | % | |||||||||||||||||||||||||||||||||||||
Return on average shareholders' equity | 8.80 | % | 8.54 | % | |||||||||||||||||||||||||||||||||||||
Return on average shareholders' equity (tangible) | 11.55 | % | 11.27 | % | |||||||||||||||||||||||||||||||||||||
N/M - Not meaningful | |||||||||||||||||||||||||||||||||||||||||
(1) Excluding the estimated re-measurement of net deferred tax assets of $15.6 million, which is considered a Non-GAAP based financial measure. Please refer to the calculation and management’s reasons for using this measure on the page titled “Non-GAAP Reconciliation” at the end of this document. | |||||||||||||||||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||
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 | $ | 15,560,185 | $ | 162,050 | 4.14% | $ | 15,392,067 | $ | 159,454 | 4.12% | $ | 14,475,816 | $ | 141,826 | 3.90% | |||||||||||||||||||
Taxable investment securities | 2,177,833 | 12,218 | 2.24% | 2,115,931 | 11,423 | 2.16% | 2,096,086 | 10,941 | 2.09% | |||||||||||||||||||||||||
Tax-exempt investment securities | 411,398 | 4,526 | 4.40% | 408,594 | 4,492 | 4.40% | 389,047 | 4,234 | 4.35% | |||||||||||||||||||||||||
Equity securities | 2,219 | 33 | 5.91% | 8,709 | 143 | 6.52% | 13,068 | 181 | 5.52% | |||||||||||||||||||||||||
Total Investment Securities | 2,591,450 | 16,777 | 2.59% | 2,533,234 | 16,058 | 2.53% | 2,498,201 | 15,356 | 2.46% | |||||||||||||||||||||||||
Loans held for sale | 21,874 | 245 | 4.48% | 22,456 | 243 | 4.33% | 24,411 | 199 | 3.26% | |||||||||||||||||||||||||
Other interest-earning assets | 571,981 | 1,755 | 1.22% | 590,676 | 1,667 | 1.12% | 411,369 | 966 | 0.94% | |||||||||||||||||||||||||
Total Interest-earning Assets | 18,745,490 | 180,827 | 3.83% | 18,538,433 | 177,422 | 3.80% | 17,409,797 | 158,347 | 3.62% | |||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||
Cash and due from banks | 112,958 | 101,643 | 117,741 | |||||||||||||||||||||||||||||||
Premises and equipment | 223,698 | 220,129 | 226,482 | |||||||||||||||||||||||||||||||
Other assets | 1,163,686 | 1,186,622 | 1,171,031 | |||||||||||||||||||||||||||||||
Less: allowance for loan losses | (173,253 | ) | (174,101 | ) | (164,523 | ) | ||||||||||||||||||||||||||||
Total Assets | $ | 20,072,579 | $ | 19,872,726 | $ | 18,760,528 | ||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | $ | 4,037.879 | $ | 4,111 | 0.40% | $ | 3,943,118 | $ | 3,847 | 0.39% | $ | 3,714,391 | $ | 1,927 | 0.21% | |||||||||||||||||||
Savings deposits | 4,752.337 | 4,594 | 0.38% | 4,603,155 | 3,962 | 0.34% | 4,216,090 | 2,249 | 0.21% | |||||||||||||||||||||||||
Brokered deposits | 105.135 | 336 | 1.27% | 89,767 | 277 | 1.23% | — | — | — | % | ||||||||||||||||||||||||
Time deposits | 2,706.982 | 8,041 | 1.18% | 2,744,532 | 7,937 | 1.15% | 2,777,203 | 7,593 | 1.09% | |||||||||||||||||||||||||
Total Interest-bearing Deposits | 11,602.333 | 17,082 | 0.58% | 11,380,572 | 16,023 | 0.56% | 10,707,684 | 11,769 | 0.44% | |||||||||||||||||||||||||
Short-term borrowings | 391.284 | 372 | 0.38% | 402,341 | 578 | 0.57% | 308,094 | 116 | 0.15% | |||||||||||||||||||||||||
FHLB advances and long-term debt | 1,038.257 | 8,120 | 3.12% | 1,038,062 | 8,100 | 3.11% | 947,661 | 8,891 | 3.74% | |||||||||||||||||||||||||
Total Interest-bearing Liabilities | 13,031.874 | 25,574 | 0.78% | 12,820,975 | 24,701 | 0.77% | 11,963,439 | 20,776 | 0.69% | |||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | 4,454.456 | 4,494,897 | 4,331,894 | |||||||||||||||||||||||||||||||
Other | 349.218 | 341,465 | 332,540 | |||||||||||||||||||||||||||||||
Total Liabilities | 17,835.548 | 17,657,337 | 16,627,873 | |||||||||||||||||||||||||||||||
Shareholders' equity | 2,237.031 | 2,215,389 | 2,132,655 | |||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 20,072.579 | $ | 19,872,726 | $ | 18,760,528 | ||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 155,253 | 3.29% | 152,721 | 3.27% | 137,571 | 3.15% | ||||||||||||||||||||||||||||
Tax equivalent adjustment | (5,840 | ) | (5,912 | ) | (5,334 | ) | ||||||||||||||||||||||||||||
Net interest income | $ | 149,413 | $ | 146,809 | $ | 132,237 | ||||||||||||||||||||||||||||
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. | ||||||||||||||||||||||||||||||||||
Note: The weighted average interest rate on total average interest-bearing liabilities and average non-interest bearing demand deposits (“cost of funds”) was 0.58%, 0.57% and 0.51% for the three months ended December 31, 2017, September 30, 2017 and December 31, 2016, respectively. | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,232,674 | $ | 6,208,630 | $ | 6,163,844 | $ | 6,039,140 | $ | 5,828,313 | 0.4 | % | 6.9 | % | ||||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,263,199 | 4,257,075 | 4,221,025 | 4,205,072 | 4,081,498 | 0.1 | % | 4.5 | % | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,926,067 | 1,841,559 | 1,707,929 | 1,637,669 | 1,572,895 | 4.6 | % | 22.5 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,560,713 | 1,569,898 | 1,587,680 | 1,613,249 | 1,633,668 | (0.6 | )% | (4.5 | )% | |||||||||||||||||||||||||
Real estate - construction | 1,004,166 | 943,029 | 897,321 | 840,966 | 845,528 | 6.5 | % | 18.8 | % | |||||||||||||||||||||||||
Consumer | 312,320 | 318,546 | 300,967 | 284,352 | 289,864 | (2.0 | )% | 7.7 | % | |||||||||||||||||||||||||
Leasing and other | 261,046 | 253,330 | 248,439 | 237,114 | 224,050 | 3.0 | % | 16.5 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 15,560,185 | $ | 15,392,067 | $ | 15,127,205 | $ | 14,857,562 | $ | 14,475,816 | 1.1 | % | 7.5 | % | ||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,454,456 | $ | 4,494,897 | $ | 4,387,517 | $ | 4,301,727 | $ | 4,331,894 | (0.9 | )% | 2.8 | % | ||||||||||||||||||||
Interest-bearing demand | 4,037,879 | 3,943,118 | 3,690,059 | 3,650,931 | 3,714,391 | 2.4 | % | 8.7 | % | |||||||||||||||||||||||||
Savings and money market accounts | 4,752,337 | 4,603,155 | 4,315,495 | 4,194,216 | 4,216,090 | 3.2 | % | 12.7 | % | |||||||||||||||||||||||||
Total demand and savings | 13,244,672 | 13,041,170 | 12,393,071 | 12,146,874 | 12,262,375 | 1.6 | % | 8.0 | % | |||||||||||||||||||||||||
Brokered deposits | 105,135 | 89,767 | — | — | — | 17.1 | % | 100.0 | % | |||||||||||||||||||||||||
Time deposits | 2,706,982 | 2,744,532 | 2,696,033 | 2,739,453 | 2,777,203 | (1.4 | )% | (2.5 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 16,056,789 | $ | 15,875,469 | $ | 15,089,104 | $ | 14,886,327 | $ | 15,039,578 | 1.1 | % | 6.8 | % | ||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 179,948 | $ | 176,415 | $ | 199,657 | $ | 199,403 | $ | 200,126 | 2.0 | % | (10.1 | )% | ||||||||||||||||||||
Customer short-term promissory notes | 195,951 | 80,147 | 77,554 | 79,985 | 67,355 | 144.5 | % | 190.9 | % | |||||||||||||||||||||||||
Federal funds purchased | 15,374 | 90,453 | 242,375 | 308,220 | 40,613 | (83.0 | )% | (62.1 | )% | |||||||||||||||||||||||||
Short-term FHLB advances and other borrowings | 11 | 55,326 | 113,516 | 124,889 | — | (100.0 | )% | 100.0 | % | |||||||||||||||||||||||||
Total Short-term Borrowings | $ | 391,284 | $ | 402,341 | $ | 633,102 | $ | 712,497 | $ | 308,094 | (2.7 | )% | 27.0 | % | ||||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans, net of unearned income | $ | 15,236,612 | $ | 620,803 | 4.07 | % | $ | 14,128,064 | $ | 558,472 | 3.95 | % | |||||||||||
Taxable investment securities | 2,132,426 | 47,029 | 2.21 | % | 2,128,497 | 44,975 | 2.11 | % | |||||||||||||||
Tax-exempt investment securities | 407,157 | 17,794 | 4.37 | % | 327,098 | 14,865 | 4.54 | % | |||||||||||||||
Equity securities | 8,331 | 500 | 6.00 | % | 13,969 | 780 | 5.58 | % | |||||||||||||||
Total Investment Securities | 2,547,914 | 65,323 | 2.56 | % | 2,469,564 | 60,620 | 2.45 | % | |||||||||||||||
Loans held for sale | 20,008 | 876 | 4.38 | % | 19,697 | 728 | 3.70 | % | |||||||||||||||
Other interest-earning assets | 451,015 | 5,066 | 1.12 | % | 407,471 | 3,779 | 0.93 | % | |||||||||||||||
Total Interest-earning Assets | 18,255,549 | 692,068 | 3.79 | % | 17,024,796 | 623,599 | 3.66 | % | |||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||
Cash and due from banks | 108,523 | 104,772 | |||||||||||||||||||||
Premises and equipment | 219,960 | 227,047 | |||||||||||||||||||||
Other assets | 1,168,759 | 1,179,437 | |||||||||||||||||||||
Less: allowance for loan losses | (172,424 | ) | (164,879 | ) | |||||||||||||||||||
Total Assets | $ | 19,580,367 | $ | 18,371,173 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 3,831,865 | $ | 12,976 | 0.34 | % | $ | 3,552,886 | $ | 6,654 | 0.19 | % | |||||||||||
Savings deposits | 4,468,205 | 13,477 | 0.30 | % | 4,054,970 | 7,981 | 0.20 | % | |||||||||||||||
Brokered deposits | 49,126 | 613 | 1.25 | % | — | — | — | % | |||||||||||||||
Time deposits | 2,721,724 | 30,726 | 1.13 | % | 2,825,722 | 30,058 | 1.06 | % | |||||||||||||||
Total Interest-bearing Deposits | 11,070,920 | 57,792 | 0.52 | % | 10,433,578 | 44,693 | 0.43 | % | |||||||||||||||
Short-term borrowings | 533,564 | 2,779 | 0.52 | % | 395,727 | 855 | 0.21 | % | |||||||||||||||
FHLB advances and long-term debt | 1,034,444 | 32,932 | 3.18 | % | 959,142 | 36,780 | 3.83 | % | |||||||||||||||
Total Interest-bearing Liabilities | 12,638,928 | 93,503 | 0.74 | % | 11,788,447 | 82,328 | 0.70 | % | |||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | 4,410,301 | 4,151,967 | |||||||||||||||||||||
Other | 337,275 | 330,125 | |||||||||||||||||||||
Total Liabilities | 17,386,504 | 16,270,539 | |||||||||||||||||||||
Shareholders' equity | 2,193,863 | 2,100,634 | |||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 19,580,367 | $ | 18,371,173 | |||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 598,565 | 3.28 | % | 541,271 | 3.18 | % | |||||||||||||||||
Tax equivalent adjustment | (23,201 | ) | (20,499 | ) | |||||||||||||||||||
Net interest income | $ | 575,364 | $ | 520,772 | |||||||||||||||||||
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. | |||||||||||||||||||||||
Note: The weighted average interest rate on total average interest-bearing liabilities and average non-interest bearing demand deposits (“cost of funds”) was 0.55% and 0.52% for the years ended December 31, 2017 and 2016, respectively. | |||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | |||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||
December 31 | |||||||||||||||||||||||
2017 | 2016 | % Change | |||||||||||||||||||||
Loans, by type: | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,161,731 | $ | 5,636,696 | 9.3 | % | |||||||||||||||||
Commercial - industrial, financial and agricultural | 4,236,810 | 4,080,854 | 3.8 | % | |||||||||||||||||||
Real estate - residential mortgage | 1,779,270 | 1,464,744 | 21.5 | % | |||||||||||||||||||
Real estate - home equity | 1,582,705 | 1,651,112 | (4.1 | )% | |||||||||||||||||||
Real estate - construction | 921,879 | 824,182 | 11.9 | % | |||||||||||||||||||
Consumer | 304,162 | 276,792 | 9.9 | % | |||||||||||||||||||
Leasing and other | 250,055 | 193,684 | 29.1 | % | |||||||||||||||||||
Total Loans, net of unearned income | $ | 15,236,612 | $ | 14,128,064 | 7.8 | % | |||||||||||||||||
Deposits, by type: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,410,301 | $ | 4,151,967 | 6.2 | % | |||||||||||||||||
Interest-bearing demand | 3,831,865 | 3,552,886 | 7.9 | % | |||||||||||||||||||
Savings and money market accounts | 4,468,205 | 4,054,970 | 10.2 | % | |||||||||||||||||||
Total demand and savings | 12,710,371 | 11,759,823 | 8.1 | % | |||||||||||||||||||
Brokered deposits | 49,126 | — | 100.0 | % | |||||||||||||||||||
Time deposits | 2,721,724 | 2,825,722 | (3.7 | )% | |||||||||||||||||||
Total Deposits | $ | 15,481,221 | $ | 14,585,545 | 6.1 | % | |||||||||||||||||
Short-term borrowings, by type: | |||||||||||||||||||||||
Customer repurchase agreements | $ | 188,769 | $ | 184,978 | 2.0 | % | |||||||||||||||||
Customer short-term promissory notes | 108,649 | 72,224 | 50.4 | % | |||||||||||||||||||
Federal funds purchased | 163,102 | 127,604 | 27.8 | % | |||||||||||||||||||
Short-term FHLB advances and other borrowings | 73,044 | 10,921 | N/M | ||||||||||||||||||||
Total Short-term Borrowings | $ | 533,564 | $ | 395,727 | 34.8 | % | |||||||||||||||||
N/M - Not meaningful | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 174,749 | $ | 174,998 | $ | 172,647 | $ | 171,325 | $ | 165,169 | $ | 171,325 | $ | 171,412 | ||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (5,473 | ) | (2,714 | ) | (5,353 | ) | (5,527 | ) | (1,319 | ) | (19,067 | ) | (15,276 | ) | ||||||||||||||
Consumer and home equity | (1,071 | ) | (920 | ) | (1,022 | ) | (1,554 | ) | (2,156 | ) | (4,567 | ) | (7,712 | ) | ||||||||||||||
Real estate - commercial mortgage | (220 | ) | (483 | ) | (242 | ) | (1,224 | ) | (174 | ) | (2,169 | ) | (3,580 | ) | ||||||||||||||
Real estate - residential mortgage | (152 | ) | (195 | ) | (124 | ) | (216 | ) | (116 | ) | (687 | ) | (2,326 | ) | ||||||||||||||
Real estate - construction | — | (2,744 | ) | (774 | ) | (247 | ) | — | (3,765 | ) | (1,218 | ) | ||||||||||||||||
Leasing and other | (457 | ) | (739 | ) | (1,200 | ) | (639 | ) | (589 | ) | (3,035 | ) | (3,815 | ) | ||||||||||||||
Total loans charged off | (7,373 | ) | (7,795 | ) | (8,715 | ) | (9,407 | ) | (4,354 | ) | (33,290 | ) | (33,927 | ) | ||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 941 | 665 | 1,974 | 4,191 | 2,192 | 7,771 | 8,981 | |||||||||||||||||||||
Consumer and home equity | 466 | 445 | 685 | 373 | 580 | 1,969 | 2,466 | |||||||||||||||||||||
Real estate - commercial mortgage | 178 | 106 | 934 | 450 | 885 | 1,668 | 3,373 | |||||||||||||||||||||
Real estate - residential mortgage | 186 | 219 | 151 | 230 | 288 | 786 | 1,072 | |||||||||||||||||||||
Real estate - construction | 32 | 629 | 373 | 548 | 1,080 | 1,582 | 3,924 | |||||||||||||||||||||
Leasing and other | 175 | 407 | 249 | 137 | 485 | 968 | 842 | |||||||||||||||||||||
Recoveries of loans previously charged off | 1,978 | 2,471 | 4,366 | 5,929 | 5,510 | 14,744 | 20,658 | |||||||||||||||||||||
Net loans recovered (charged off) | (5,395 | ) | (5,324 | ) | (4,349 | ) | (3,478 | ) | 1,156 | (18,546 | ) | (13,269 | ) | |||||||||||||||
Provision for credit losses | 6,730 | 5,075 | 6,700 | 4,800 | 5,000 | 23,305 | 13,182 | |||||||||||||||||||||
Balance at end of period | $ | 176,084 | $ | 174,749 | $ | 174,998 | $ | 172,647 | $ | 171,325 | $ | 176,084 | $ | 171,325 | ||||||||||||||
Net charge-offs (recoveries) to average loans (annualized) | 0.14 | % | 0.14 | % | 0.11 | % | 0.09 | % | (0.03 | )% | 0.12 | % | 0.09 | % | ||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||
Non-accrual loans | $ | 124,749 | $ | 123,345 | $ | 122,600 | $ | 117,264 | $ | 120,133 | ||||||||||||||||||
Loans 90 days past due and accruing | 10,010 | 13,124 | 13,143 | 14,268 | 11,505 | |||||||||||||||||||||||
Total non-performing loans | 134,759 | 136,469 | 135,743 | 131,532 | 131,638 | |||||||||||||||||||||||
Other real estate owned | 9,823 | 10,542 | 11,432 | 11,906 | 12,815 | |||||||||||||||||||||||
Total non-performing assets | $ | 144,582 | $ | 147,011 | $ | 147,175 | $ | 143,438 | $ | 144,453 | ||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 54,309 | $ | 54,209 | $ | 51,320 | $ | 43,826 | $ | 43,460 | ||||||||||||||||||
Real estate - commercial mortgage | 35,446 | 34,650 | 32,576 | 36,713 | 39,319 | |||||||||||||||||||||||
Real estate - residential mortgage | 20,972 | 21,643 | 21,846 | 23,597 | 23,655 | |||||||||||||||||||||||
Real estate - construction | 12,197 | 13,415 | 16,564 | 13,550 | 9,842 | |||||||||||||||||||||||
Consumer and home equity | 11,803 | 12,472 | 13,156 | 13,408 | 15,045 | |||||||||||||||||||||||
Leasing | 32 | 80 | 281 | 438 | 317 | |||||||||||||||||||||||
Total non-performing loans | $ | 134,759 | $ | 136,469 | $ | 135,743 | $ | 131,532 | $ | 131,638 | ||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | ||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 26,016 | $ | 26,193 | $ | 26,368 | $ | 27,033 | $ | 27,617 | ||||||||||||||||||
Consumer and home equity | 15,584 | 14,822 | 12,064 | 9,638 | 8,633 | |||||||||||||||||||||||
Real-estate - commercial mortgage | 13,959 | 14,439 | 13,772 | 15,237 | 15,957 | |||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 10,820 | 7,512 | 8,086 | 7,441 | 6,627 | |||||||||||||||||||||||
Real estate - construction | — | 169 | 1,475 | 273 | 726 | |||||||||||||||||||||||
Total accruing TDRs | $ | 66,379 | $ | 63,135 | $ | 61,765 | $ | 59,622 | $ | 59,560 | ||||||||||||||||||
Non-accrual TDRs (1) | 29,051 | 28,742 | 29,373 | 27,220 | 27,850 | |||||||||||||||||||||||
Total TDRs | $ | 95,430 | $ | 91,877 | $ | 91,138 | $ | 86,842 | $ | 87,410 | ||||||||||||||||||
(1) Included within non-accrual loans above. | ||||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | ||||||||||||||||||||||||||||
Total Delinquency | ||||||||||||||||||||||||||||
Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | ||||||||||||||||||||||||
Real estate - commercial mortgage | 0.77 | % | 0.75 | % | 0.66 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||
Commercial - industrial, financial and agricultural | 1.50 | % | 1.54 | % | 1.43 | % | 1.25 | % | 1.31 | % | ||||||||||||||||||
Real estate - construction | 1.32 | % | 1.50 | % | 1.82 | % | 1.99 | % | 1.29 | % | ||||||||||||||||||
Real estate - residential mortgage | 2.04 | % | 2.25 | % | 2.08 | % | 2.44 | % | 2.74 | % | ||||||||||||||||||
Consumer, home equity, leasing and other | 1.37 | % | 1.38 | % | 1.34 | % | 1.22 | % | 1.45 | % | ||||||||||||||||||
Total | ||||||||||||||||||||||||||||
1.24 | % | 1.28 | % | 1.20 | % | 1.23 | % | 1.27 | % | |||||||||||||||||||
ASSET QUALITY RATIOS: | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | |||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | ||||||||||||||||||||||||
Non-accrual loans to total loans | 0.79 | % | 0.80 | % | 0.80 | % | 0.78 | % | 0.82 | % | ||||||||||||||||||
Non-performing loans to total loans | 0.85 | % | 0.88 | % | 0.88 | % | 0.88 | % | 0.90 | % | ||||||||||||||||||
Non-performing assets to total loans and OREO | 0.92 | % | 0.95 | % | 0.96 | % | 0.96 | % | 0.98 | % | ||||||||||||||||||
Non-performing assets to total assets | 0.72 | % | 0.73 | % | 0.75 | % | 0.75 | % | 0.76 | % | ||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.12 | % | 1.13 | % | 1.14 | % | 1.15 | % | 1.17 | % | ||||||||||||||||||
Allowance for credit losses to non-performing loans | 130.67 | % | 128.05 | % | 128.92 | % | 131.26 | % | 130.15 | % | ||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 7.71 | % | 7.87 | % | 8.02 | % | 7.99 | % | 8.20 | % | ||||||||||||||||||
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 | ||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | ||||||||||||||||||||||||||||||||||
Shareholders' equity | $ | 2,229,857 | $ | 2,225,786 | $ | 2,191,770 | $ | 2,154,683 | $ | 2,121,115 | ||||||||||||||||||||||||
Less: Goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | ||||||||||||||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,698,301 | $ | 1,694,230 | $ | 1,660,214 | $ | 1,623,127 | $ | 1,589,559 | ||||||||||||||||||||||||
Shares outstanding, end of period (denominator) | 175,170 | 175,057 | 174,740 | 174,343 | 174,040 | |||||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | $ | 9.70 | $ | 9.68 | $ | 9.50 | $ | 9.31 | $ | 9.13 | ||||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | ||||||||||||||||||||||||||||||||||
Net Income - Numerator | $ | 34,001 | $ | 48,905 | $ | 45,467 | $ | 43,380 | $ | 42,150 | $ | 171,753 | $ | 161,625 | ||||||||||||||||||||
Average shareholders' equity | $ | 2,237,031 | $ | 2,215,389 | $ | 2,181,189 | $ | 2,140,547 | $ | 2,132,655 | $ | 2,193,863 | $ | 2,100,634 | ||||||||||||||||||||
Less: Average goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | ||||||||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,705,475 | $ | 1,683,833 | $ | 1,649,633 | $ | 1,608,991 | $ | 1,601,099 | $ | 1,662,307 | $ | 1,569,078 | ||||||||||||||||||||
Return on average common shareholders' equity (tangible), annualized | 7.91 | % | 11.52 | % | 11.06 | % | 10.93 | % | 10.47 | % | 10.33 | % | 10.30 | % | ||||||||||||||||||||
Efficiency ratio | ||||||||||||||||||||||||||||||||||
Non-interest expense | $ | 138,452 | $ | 132,157 | $ | 132,695 | $ | 122,275 | $ | 127,621 | $ | 525,579 | $ | 489,519 | ||||||||||||||||||||
Less: Amortization of tax credit investments (1) | (3,376 | ) | (3,503 | ) | (3,151 | ) | (998 | ) | — | (11,028 | ) | — | ||||||||||||||||||||||
Non-interest expense - Numerator | $ | 135,076 | $ | 128,654 | $ | 129,544 | $ | 121,277 | $ | 127,621 | $ | 514,551 | $ | 489,519 | ||||||||||||||||||||
Net interest income (fully taxable equivalent) | $ | 155,253 | $ | 152,721 | $ | 147,349 | $ | 143,243 | $ | 137,571 | $ | 598,565 | $ | 541,271 | ||||||||||||||||||||
Plus: Total Non-interest income | 56,956 | 51,974 | 52,371 | 46,673 | 52,755 | 207,974 | 190,178 | |||||||||||||||||||||||||||
Less: Investment securities gains | (1,932 | ) | (4,597 | ) | (1,436 | ) | (1,106 | ) | (1,525 | ) | (9,071 | ) | (2,550 | ) | ||||||||||||||||||||
Denominator | $ | 210,277 | $ | 200,098 | $ | 198,284 | $ | 188,810 | $ | 188,801 | $ | 797,468 | $ | 728,899 | ||||||||||||||||||||
Efficiency ratio | 64.24 | % | 64.30 | % | 65.33 | % | 64.23 | % | 67.60 | % | 64.52 | % | 67.16 | % | ||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | ||||||||||||||||||||||||||||||||||
Non-performing assets (numerator) | $ | 144,582 | $ | 147,011 | $ | 147,175 | $ | 143,438 | $ | 144,453 | ||||||||||||||||||||||||
Tangible shareholders' equity | $ | 1,698,301 | $ | 1,694,230 | 1,660,214 | 1,623,127 | $ | 1,589,559 | ||||||||||||||||||||||||||
Plus: Allowance for credit losses | 176,084 | 174,749 | 174,998 | 172,647 | 171,325 | |||||||||||||||||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,874,385 | $ | 1,868,979 | $ | 1,835,212 | $ | 1,795,774 | $ | 1,760,884 | ||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 7.71 | % | 7.87 | % | 8.02 | % | 7.99 | % | 8.20 | % | ||||||||||||||||||||||||
Pre-provision net revenue | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 149,413 | $ | 146,809 | $ | 141,563 | $ | 137,579 | $ | 132,237 | $ | 575,364 | $ | 520,772 | ||||||||||||||||||||
Non-interest income | 56,956 | 51,974 | 52,371 | 46,673 | 52,755 | 207,974 | 190,178 | |||||||||||||||||||||||||||
Less: Investment securities gains | (1,932 | ) | (4,597 | ) | (1,436 | ) | (1,106 | ) | (1,525 | ) | (9,071 | ) | (2,550 | ) | ||||||||||||||||||||
Total revenue | $ | 204,437 | $ | 194,186 | $ | 192,498 | $ | 183,146 | $ | 183,467 | $ | 774,267 | $ | 708,400 | ||||||||||||||||||||
Non-interest expense | $ | 138,452 | $ | 132,157 | $ | 132,695 | $ | 122,275 | $ | 127,621 | $ | 525,579 | $ | 489,519 | ||||||||||||||||||||
Less: Amortization of tax credit investments (1) | (3,376 | ) | (3,503 | ) | (3,151 | ) | (998 | ) | — | (11,028 | ) | — | ||||||||||||||||||||||
Total non-interest expense, as adjusted | $ | 135,076 | $ | 128,654 | $ | 129,544 | $ | 121,277 | $ | 127,621 | $ | 514,551 | $ | 489,519 | ||||||||||||||||||||
Pre-provision net revenue | $ | 69,361 | $ | 65,532 | $ | 62,954 | $ | 61,869 | $ | 55,846 | $ | 259,716 | $ | 218,881 | ||||||||||||||||||||
Reconciliation of Net Income; Net Income per share, diluted; and Selected Financial Ratios, adjusted to exclude the charge recognized in the fourth quarter of 2017 related to the estimated re-measurement of net deferred tax assets: | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||||||||||||
Net income | $ | 34,001 | $ | 171,753 | ||||||||||||||||||||||||||||||
Plus: Estimated re-measurement of net deferred tax assets | 15,634 | 15,634 | ||||||||||||||||||||||||||||||||
Net Income, adjusted (numerator) | $ | 49,635 | $ | 187,387 | ||||||||||||||||||||||||||||||
Weighted average shares (diluted) (denominator) | 176,374 | 175,932 | ||||||||||||||||||||||||||||||||
Net income per share, diluted | $ | 0.28 | $ | 1.07 | ||||||||||||||||||||||||||||||
Return on average assets | ||||||||||||||||||||||||||||||||||
Net income | $ | 34,001 | $ | 171,753 | ||||||||||||||||||||||||||||||
Plus: Estimated re-measurement of net deferred tax assets | 15,634 | 15,634 | ||||||||||||||||||||||||||||||||
Net Income, adjusted (numerator) | $ | 49,635 | $ | 187,387 | ||||||||||||||||||||||||||||||
Average assets (denominator) | $ | 20,072,579 | $ | 19,580,367 | ||||||||||||||||||||||||||||||
Return on average assets, annualized | 0.98 | % | 0.96 | % | ||||||||||||||||||||||||||||||
Return on average shareholders' equity | ||||||||||||||||||||||||||||||||||
Net income | $ | 34,001 | $ | 171,753 | ||||||||||||||||||||||||||||||
Plus: Estimated re-measurement of net deferred tax assets | 15,634 | 15,634 | ||||||||||||||||||||||||||||||||
Net Income, adjusted (numerator) | $ | 49,635 | $ | 187,387 | ||||||||||||||||||||||||||||||
Average shareholders' equity (denominator) | $ | 2,237,031 | $ | 2,193,863 | ||||||||||||||||||||||||||||||
Return on average shareholders' equity, annualized | 8.80 | % | 8.54 | % | ||||||||||||||||||||||||||||||
Return on average shareholders' equity (tangible) | ||||||||||||||||||||||||||||||||||
Net Income, as reported | $ | 34,001 | $ | 171,753 | ||||||||||||||||||||||||||||||
Plus: Estimated re-measurement of net deferred tax assets | 15,634 | 15,634 | ||||||||||||||||||||||||||||||||
Net Income, adjusted (numerator) | $ | 49,635 | $ | 187,387 | ||||||||||||||||||||||||||||||
Average shareholders' equity | $ | 2,237,031 | $ | 2,193,863 | ||||||||||||||||||||||||||||||
Less: Average goodwill and intangible assets | (531,556 | ) | (531,556 | ) | ||||||||||||||||||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,705,475 | $ | 1,662,307 | ||||||||||||||||||||||||||||||
Return on average shareholders' equity (tangible), annualized | 11.55 | % | 11.27 | % | ||||||||||||||||||||||||||||||