Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FULTON FINANCIAL CORP | d8k.htm |
| EX-99.1 - EARNINGS RELEASE - FULTON FINANCIAL CORP | dex991.htm |
Exhibit 99.2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
dollars in thousands, except per-share data
| September 30 | ||||||||||||||||||||||||
| BALANCE SHEET DATA |
2010 | 2009 | % Change | |||||||||||||||||||||
| Total assets |
$ | 16,330,773 | $ | 16,526,709 | (1.2 | %) | ||||||||||||||||||
| Loans, net of unearned income |
11,950,618 | 11,968,246 | (0.1 | %) | ||||||||||||||||||||
| Investment securities |
2,762,238 | 3,274,399 | (15.6 | %) | ||||||||||||||||||||
| Deposits |
12,568,117 | 12,032,680 | 4.4 | % | ||||||||||||||||||||
| Shareholders’ equity |
1,876,310 | 1,923,763 | (2.5 | %) | ||||||||||||||||||||
| Quarter Ended September 30 |
Nine Months Ended September 30 |
|||||||||||||||||||||||
| INCOME SUMMARY |
2010 | 2009 | % Change | 2010 | 2009 | % Change | ||||||||||||||||||
| Interest income |
$ | 185,356 | $ | 197,861 | (6.3 | %) | $ | 563,624 | $ | 591,525 | (4.7 | %) | ||||||||||||
| Interest expense |
(45,170 | ) | (65,060 | ) | (30.6 | %) | (145,771 | ) | (206,664 | ) | (29.5 | %) | ||||||||||||
| Net interest income |
140,186 | 132,801 | 5.6 | % | 417,853 | 384,861 | 8.6 | % | ||||||||||||||||
| Provision for loan losses |
(40,000 | ) | (45,000 | ) | (11.1 | %) | (120,000 | ) | (145,000 | ) | (17.2 | %) | ||||||||||||
| Investment securities gains (losses) |
1,826 | (45 | ) | N/M | 507 | 2,951 | (82.8 | %) | ||||||||||||||||
| Other income |
50,269 | 41,225 | 21.9 | % | 133,020 | 130,520 | 1.9 | % | ||||||||||||||||
| Other expenses |
(101,808 | ) | (99,810 | ) | 2.0 | % | (301,195 | ) | (313,988 | ) | (4.1 | %) | ||||||||||||
| Income before income taxes |
50,473 | 29,171 | 73.0 | % | 130,185 | 59,344 | 119.4 | % | ||||||||||||||||
| Income tax expense |
(12,793 | ) | (5,825 | ) | 119.6 | % | (33,343 | ) | (9,802 | ) | 240.2 | % | ||||||||||||
| Net income |
37,680 | 23,346 | 61.4 | % | 96,842 | 49,542 | 95.5 | % | ||||||||||||||||
| Preferred stock dividends and discount accretion |
(6,172 | ) | (5,046 | ) | 22.3 | % | (16,303 | ) | (15,123 | ) | 7.8 | % | ||||||||||||
| Net income available to common shareholders |
$ | 31,508 | $ | 18,300 | 72.2 | % | $ | 80,539 | $ | 34,419 | 134.0 | % | ||||||||||||
| PER COMMON SHARE: |
||||||||||||||||||||||||
| Net income: |
||||||||||||||||||||||||
| Basic |
$ | 0.16 | $ | 0.10 | 60.0 | % | $ | 0.43 | $ | 0.20 | 115.0 | % | ||||||||||||
| Diluted |
0.16 | 0.10 | 60.0 | % | 0.43 | 0.20 | 115.0 | % | ||||||||||||||||
| Cash dividends |
0.03 | 0.03 | — | 0.09 | 0.09 | — | ||||||||||||||||||
| Shareholders’ equity |
9.43 | 8.82 | 6.9 | % | 9.43 | 8.82 | 6.9 | % | ||||||||||||||||
| Shareholders’ equity (tangible) |
6.67 | 5.68 | 17.4 | % | 6.67 | 5.68 | 17.4 | % | ||||||||||||||||
| SELECTED FINANCIAL RATIOS: |
||||||||||||||||||||||||
| Return on average assets |
0.91 | % | 0.56 | % | 0.79 | % | 0.40 | % | ||||||||||||||||
| Return on average common shareholders’ equity |
6.67 | % | 4.78 | % | 6.18 | % | 3.06 | % | ||||||||||||||||
| Return on average common shareholders’ equity (tangible) |
9.68 | % | 7.91 | % | 9.33 | % | 5.24 | % | ||||||||||||||||
| Net interest margin |
3.81 | % | 3.55 | % | 3.79 | % | 3.48 | % | ||||||||||||||||
| Efficiency ratio |
51.73 | % | 55.33 | % | 52.84 | % | 58.76 | % | ||||||||||||||||
| Tangible common equity to tangible assets |
8.41 | % | 6.26 | % | 8.41 | % | 6.26 | % | ||||||||||||||||
| Non-performing assets to total assets |
2.28 | % | 1.82 | % | 2.28 | % | 1.82 | % | ||||||||||||||||
N/M - Not meaningful
1
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
| % Change from | ||||||||||||||||||||
| September 30 2010 |
September 30 2009 |
Jun 30 2010 |
September 30 2009 |
Jun 30 2010 |
||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks |
$ | 255,800 | $ | 252,004 | $ | 268,371 | 1.5 | % | (4.7 | %) | ||||||||||
| Loans held for sale |
103,240 | 84,766 | 93,504 | 21.8 | % | 10.4 | % | |||||||||||||
| Other interest-earning assets |
193,421 | 24,048 | 433,687 | 704.3 | % | (55.4 | %) | |||||||||||||
| Investment securities |
2,762,238 | 3,274,399 | 2,892,890 | (15.6 | %) | (4.5 | %) | |||||||||||||
| Loans, net of unearned income |
11,950,618 | 11,968,246 | 11,943,384 | (0.1 | %) | 0.1 | % | |||||||||||||
| Allowance for loan losses |
(281,724 | ) | (234,511 | ) | (272,042 | ) | 20.1 | % | 3.6 | % | ||||||||||
| Net Loans |
11,668,894 | 11,733,735 | 11,671,342 | (0.6 | %) | — | ||||||||||||||
| Premises and equipment |
204,001 | 204,520 | 205,299 | (0.3 | %) | (0.6 | %) | |||||||||||||
| Accrued interest receivable |
55,167 | 60,433 | 54,763 | (8.7 | %) | 0.7 | % | |||||||||||||
| Goodwill and intangible assets |
549,170 | 554,041 | 550,302 | (0.9 | %) | (0.2 | %) | |||||||||||||
| Other assets |
538,842 | 338,763 | 456,719 | 59.1 | % | 18.0 | % | |||||||||||||
| Total Assets |
$ | 16,330,773 | $ | 16,526,709 | $ | 16,626,877 | (1.2 | %) | (1.8 | %) | ||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||||||
| Deposits |
$ | 12,568,117 | $ | 12,032,680 | $ | 12,345,472 | 4.4 | % | 1.8 | % | ||||||||||
| Short-term borrowings |
471,081 | 722,618 | 458,334 | (34.8 | %) | 2.8 | % | |||||||||||||
| Federal Home Loan Bank advances and long-term debt |
1,199,513 | 1,650,870 | 1,365,688 | (27.3 | %) | (12.2 | %) | |||||||||||||
| Other liabilities |
215,752 | 196,778 | 226,172 | 9.6 | % | (4.6 | %) | |||||||||||||
| Total Liabilities |
14,454,463 | 14,602,946 | 14,395,666 | (1.0 | %) | 0.4 | % | |||||||||||||
| Preferred stock |
— | 369,950 | 371,009 | (100.0 | %) | (100.0 | %) | |||||||||||||
| Common shareholders’ equity |
1,876,310 | 1,553,813 | 1,860,202 | 20.8 | % | 0.9 | % | |||||||||||||
| Total Shareholders’ Equity |
1,876,310 | 1,923,763 | 2,231,211 | (2.5 | %) | (15.9 | %) | |||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 16,330,773 | $ | 16,526,709 | $ | 16,626,877 | (1.2 | %) | (1.8 | %) | ||||||||||
| LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: |
||||||||||||||||||||
| Loans, by type: |
||||||||||||||||||||
| Real estate - commercial mortgage |
$ | 4,346,120 | $ | 4,186,654 | $ | 4,330,630 | 3.8 | % | 0.4 | % | ||||||||||
| Commercial - industrial, financial and agricultural |
3,683,577 | 3,719,966 | 3,664,603 | (1.0 | %) | 0.5 | % | |||||||||||||
| Real estate - home equity |
1,654,359 | 1,651,711 | 1,637,171 | 0.2 | % | 1.0 | % | |||||||||||||
| Real estate - residential mortgage |
1,001,837 | 930,207 | 985,345 | 7.7 | % | 1.7 | % | |||||||||||||
| Real estate - construction |
834,266 | 1,029,079 | 893,305 | (18.9 | %) | (6.6 | %) | |||||||||||||
| Consumer |
366,927 | 375,685 | 368,631 | (2.3 | %) | (0.5 | %) | |||||||||||||
| Leasing and other |
63,532 | 74,944 | 63,699 | (15.2 | %) | (0.3 | %) | |||||||||||||
| Total Loans, net of unearned income |
$ | 11,950,618 | $ | 11,968,246 | $ | 11,943,384 | (0.1 | %) | 0.1 | % | ||||||||||
| Deposits, by type: |
||||||||||||||||||||
| Noninterest-bearing demand |
$ | 2,163,807 | $ | 1,932,382 | $ | 2,147,153 | 12.0 | % | 0.8 | % | ||||||||||
| Interest-bearing demand |
2,221,213 | 1,922,648 | 2,024,033 | 15.5 | % | 9.7 | % | |||||||||||||
| Savings deposits |
3,291,838 | 2,732,284 | 3,136,492 | 20.5 | % | 5.0 | % | |||||||||||||
| Time deposits |
4,891,259 | 5,445,366 | 5,037,794 | (10.2 | %) | (2.9 | %) | |||||||||||||
| Total Deposits |
$ | 12,568,117 | $ | 12,032,680 | $ | 12,345,472 | 4.4 | % | 1.8 | % | ||||||||||
| Short-term borrowings, by type: |
||||||||||||||||||||
| Customer repurchase agreements |
$ | 256,977 | $ | 252,842 | $ | 247,775 | 1.6 | % | 3.7 | % | ||||||||||
| Customer short-term promissory notes |
205,240 | 258,911 | 200,992 | (20.7 | %) | 2.1 | % | |||||||||||||
| Federal funds purchased |
8,864 | 210,865 | 9,567 | (95.8 | %) | (7.3 | %) | |||||||||||||
| Total Short-term borrowings |
$ | 471,081 | $ | 722,618 | $ | 458,334 | (34.8 | %) | 2.8 | % | ||||||||||
2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands, except per-share data
| Quarter Ended | % Change from | Nine Months
Ended September 30 |
||||||||||||||||||||||||||||||
| Sep 30 2010 |
Sep 30 2009 |
Jun 30 2010 |
Sep 30 2009 |
Jun 30 2010 |
||||||||||||||||||||||||||||
| 2010 | 2009 | % Change | ||||||||||||||||||||||||||||||
| Interest Income: |
||||||||||||||||||||||||||||||||
| Interest income |
$ | 185,356 | $ | 197,861 | $ | 187,680 | (6.3 | %) | (1.2 | %) | $ | 563,624 | $ | 591,525 | (4.7 | %) | ||||||||||||||||
| Interest expense |
45,170 | 65,060 | 48,522 | (30.6 | %) | (6.9 | %) | 145,771 | 206,664 | (29.5 | %) | |||||||||||||||||||||
| Net Interest Income |
140,186 | 132,801 | 139,158 | 5.6 | % | 0.7 | % | 417,853 | 384,861 | 8.6 | % | |||||||||||||||||||||
| Provision for loan losses |
40,000 | 45,000 | 40,000 | (11.1 | %) | — | 120,000 | 145,000 | (17.2 | %) | ||||||||||||||||||||||
| Net Interest Income after Provision |
100,186 | 87,801 | 99,158 | 14.1 | % | 1.0 | % | 297,853 | 239,861 | 24.2 | % | |||||||||||||||||||||
| Other Income: |
||||||||||||||||||||||||||||||||
| Service charges on deposit accounts |
14,752 | 15,321 | 15,482 | (3.7 | %) | (4.7 | %) | 44,501 | 45,276 | (1.7 | %) | |||||||||||||||||||||
| Other service charges and fees |
10,637 | 10,003 | 10,522 | 6.3 | % | 1.1 | % | 30,531 | 27,952 | 9.2 | % | |||||||||||||||||||||
| Gains on sales of mortgage loans |
12,111 | 2,778 | 3,063 | 336.0 | % | 295.4 | % | 18,538 | 18,764 | (1.2 | %) | |||||||||||||||||||||
| Investment management and trust services |
8,604 | 8,191 | 8,655 | 5.0 | % | (0.6 | %) | 25,347 | 23,970 | 5.7 | % | |||||||||||||||||||||
| Investment securities gains (losses) |
1,826 | (45 | ) | 904 | N/M | 102.0 | % | 507 | 2,951 | (82.8 | %) | |||||||||||||||||||||
| Other |
4,165 | 4,932 | 5,339 | (15.6 | %) | (22.0 | %) | 14,103 | 14,558 | (3.1 | %) | |||||||||||||||||||||
| Total Other Income |
52,095 | 41,180 | 43,965 | 26.5 | % | 18.5 | % | 133,527 | 133,471 | — | ||||||||||||||||||||||
| Other Expenses: |
||||||||||||||||||||||||||||||||
| Salaries and employee benefits |
54,533 | 54,086 | 54,654 | 0.8 | % | (0.2 | %) | 161,532 | 165,189 | (2.2 | %) | |||||||||||||||||||||
| Net occupancy expense |
10,519 | 10,165 | 10,519 | 3.5 | % | — | 32,688 | 31,428 | 4.0 | % | ||||||||||||||||||||||
| FDIC insurance expense |
4,709 | 5,244 | 5,136 | (10.2 | %) | (8.3 | %) | 14,799 | 21,738 | (31.9 | %) | |||||||||||||||||||||
| Professional fees |
3,040 | 2,385 | 3,035 | 27.5 | % | 0.2 | % | 8,621 | 6,701 | 28.7 | % | |||||||||||||||||||||
| Equipment expense |
2,956 | 3,281 | 2,663 | (9.9 | %) | 11.0 | % | 8,710 | 9,660 | (9.8 | %) | |||||||||||||||||||||
| Marketing |
2,601 | 1,982 | 2,271 | 31.2 | % | 14.5 | % | 6,702 | 6,277 | 6.8 | % | |||||||||||||||||||||
| Data processing |
2,284 | 3,121 | 2,364 | (26.8 | %) | (3.4 | %) | 7,272 | 9,100 | (20.1 | %) | |||||||||||||||||||||
| Telecommunications |
2,084 | 2,139 | 2,086 | (2.6 | %) | (0.1 | %) | 6,440 | 6,483 | (0.7 | %) | |||||||||||||||||||||
| Intangible amortization |
1,293 | 1,429 | 1,341 | (9.5 | %) | (3.6 | %) | 3,948 | 4,326 | (8.7 | %) | |||||||||||||||||||||
| Operating risk loss |
666 | 338 | 640 | 97.0 | % | 4.1 | % | 1,817 | 6,683 | (72.8 | %) | |||||||||||||||||||||
| Other |
17,123 | 15,640 | 15,449 | 9.5 | % | 10.8 | % | 48,666 | 46,403 | 4.9 | % | |||||||||||||||||||||
| Total Other Expenses |
101,808 | 99,810 | 100,158 | 2.0 | % | 1.6 | % | 301,195 | 313,988 | (4.1 | %) | |||||||||||||||||||||
| Income Before Income Taxes |
50,473 | 29,171 | 42,965 | 73.0 | % | 17.5 | % | 130,185 | 59,344 | 119.4 | % | |||||||||||||||||||||
| Income tax expense |
12,793 | 5,825 | 11,283 | 119.6 | % | 13.4 | % | 33,343 | 9,802 | 240.2 | % | |||||||||||||||||||||
| Net Income |
37,680 | 23,346 | 31,682 | 61.4 | % | 18.9 | % | 96,842 | 49,542 | 95.5 | % | |||||||||||||||||||||
| Preferred stock dividends and discount accretion |
(6,172 | ) | (5,046 | ) | (5,066 | ) | 22.3 | % | 21.8 | % | (16,303 | ) | (15,123 | ) | 7.8 | % | ||||||||||||||||
| Net Income Available to Common Shareholders |
$ | 31,508 | $ | 18,300 | $ | 26,616 | 72.2 | % | 18.4 | % | $ | 80,539 | $ | 34,419 | 134.0 | % | ||||||||||||||||
| PER COMMON SHARE: | ||||||||||||||||||||||||||||||||
| Net income: |
||||||||||||||||||||||||||||||||
| Basic |
$ | 0.16 | $ | 0.10 | $ | 0.14 | 60.0 | % | 14.3 | % | $ | 0.43 | $ | 0.20 | 115.0 | % | ||||||||||||||||
| Diluted |
0.16 | 0.10 | 0.14 | 60.0 | % | 14.3 | % | 0.43 | 0.20 | 115.0 | % | |||||||||||||||||||||
| Cash dividends |
$ | 0.03 | $ | 0.03 | $ | 0.03 | — | — | $ | 0.09 | $ | 0.09 | — | |||||||||||||||||||
| Shareholders’ equity |
9.43 | 8.82 | 9.37 | 6.9 | % | 0.6 | % | 9.43 | 8.82 | 6.9 | % | |||||||||||||||||||||
| Shareholders’ equity (tangible) |
6.67 | 5.68 | 6.60 | 17.4 | % | 1.1 | % | 6.67 | 5.68 | 17.4 | % | |||||||||||||||||||||
| Weighted average shares (basic) |
198,282 | 175,783 | 190,221 | 12.8 | % | 4.2 | % | 188,306 | 175,552 | 7.3 | % | |||||||||||||||||||||
| Weighted average shares (diluted) |
198,792 | 176,078 | 190,827 | 12.9 | % | 4.2 | % | 188,835 | 175,785 | 7.4 | % | |||||||||||||||||||||
| Shares outstanding, end of period |
198,883 | 176,149 | 198,463 | 12.9 | % | 0.2 | % | 198,883 | 176,149 | 12.9 | % | |||||||||||||||||||||
| SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||
| Return on average assets |
0.91 | % | 0.56 | % | 0.77 | % | 0.79 | % | 0.40 | % | ||||||||||||||||||||||
| Return on average common shareholders’ equity |
6.67 | % | 4.78 | % | 6.06 | % | 6.18 | % | 3.06 | % | ||||||||||||||||||||||
| Return on average common shareholders’ equity (tangible) |
9.68 | % | 7.91 | % | 9.10 | % | 9.33 | % | 5.24 | % | ||||||||||||||||||||||
| Net interest margin |
3.81 | % | 3.55 | % | 3.76 | % | 3.79 | % | 3.48 | % | ||||||||||||||||||||||
| Efficiency ratio |
51.73 | % | 55.33 | % | 53.10 | % | 52.84 | % | 58.76 | % | ||||||||||||||||||||||
N/M - Not meaningful
3
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
| Quarter Ended | ||||||||||||||||||||||||||||||||||||
| September 30, 2010 | September 30, 2009 | June 30, 2010 | ||||||||||||||||||||||||||||||||||
| Average Balance |
Interest (1) | Yield/ Rate |
Average Balance |
Interest (1) | Yield/ Rate |
Average Balance |
Interest (1) | Yield/ Rate |
||||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||||
| Interest-earning assets: |
||||||||||||||||||||||||||||||||||||
| Loans, net of unearned income |
$ | 11,958,145 | $ | 160,125 | 5.32 | % | $ | 11,913,581 | $ | 163,915 | 5.46 | % | $ | 11,959,176 | $ | 159,632 | 5.35 | % | ||||||||||||||||||
| Taxable investment securities |
2,303,692 | 22,363 | 3.88 | % | 2,722,751 | 29,376 | 4.31 | % | 2,386,695 | 25,146 | 4.22 | % | ||||||||||||||||||||||||
| Tax-exempt investment securities |
345,281 | 4,961 | 5.75 | % | 436,209 | 6,101 | 5.59 | % | 355,186 | 5,152 | 5.80 | % | ||||||||||||||||||||||||
| Equity securities |
138,993 | 760 | 2.18 | % | 132,176 | 632 | 1.90 | % | 140,271 | 733 | 2.09 | % | ||||||||||||||||||||||||
| Total Investment Securities |
2,787,966 | 28,084 | 4.03 | % | 3,291,136 | 36,109 | 4.39 | % | 2,882,152 | 31,031 | 4.31 | % | ||||||||||||||||||||||||
| Loans held for sale |
78,862 | 919 | 4.66 | % | 102,367 | 1,550 | 6.06 | % | 59,412 | 667 | 4.49 | % | ||||||||||||||||||||||||
| Other interest-earning assets |
204,601 | 102 | 0.20 | % | 24,348 | 51 | 0.83 | % | 366,200 | 231 | 0.25 | % | ||||||||||||||||||||||||
| Total Interest-earning Assets |
15,029,574 | 189,230 | 5.01 | % | 15,331,432 | 201,625 | 5.23 | % | 15,266,940 | 191,561 | 5.03 | % | ||||||||||||||||||||||||
| Noninterest-earning assets: |
||||||||||||||||||||||||||||||||||||
| Cash and due from banks |
280,784 | 301,875 | 261,576 | |||||||||||||||||||||||||||||||||
| Premises and equipment |
203,995 | 204,416 | 203,928 | |||||||||||||||||||||||||||||||||
| Other assets |
1,133,469 | 959,628 | 1,102,587 | |||||||||||||||||||||||||||||||||
| Less: allowance for loan losses |
(285,801 | ) | (234,446 | ) | (275,209 | ) | ||||||||||||||||||||||||||||||
| Total Assets |
$ | 16,362,021 | $ | 16,562,905 | $ | 16,559,822 | ||||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||||||||||||||||
| Demand deposits |
$ | 2,129,407 | $ | 1,868 | 0.35 | % | $ | 1,883,087 | $ | 2,119 | 0.45 | % | $ | 2,019,605 | $ | 1,840 | 0.37 | % | ||||||||||||||||||
| Savings deposits |
3,214,558 | 4,972 | 0.61 | % | 2,556,717 | 5,187 | 0.80 | % | 3,090,857 | 5,388 | 0.70 | % | ||||||||||||||||||||||||
| Time deposits |
4,987,212 | 22,915 | 1.82 | % | 5,554,349 | 36,519 | 2.61 | % | 5,120,648 | 24,591 | 1.93 | % | ||||||||||||||||||||||||
| Total Interest-bearing Deposits |
10,331,177 | 29,755 | 1.14 | % | 9,994,153 | 43,825 | 1.74 | % | 10,231,110 | 31,819 | 1.25 | % | ||||||||||||||||||||||||
| Short-term borrowings |
489,013 | 267 | 0.22 | % | 863,281 | 835 | 0.38 | % | 512,583 | 390 | 0.30 | % | ||||||||||||||||||||||||
| Federal Home Loan Bank advances and long-term debt |
1,274,411 | 15,148 | 4.73 | % | 1,695,427 | 20,400 | 4.77 | % | 1,403,410 | 16,313 | 4.66 | % | ||||||||||||||||||||||||
| Total Interest-bearing Liabilities |
12,094,601 | 45,170 | 1.48 | % | 12,552,861 | 65,060 | 2.06 | % | 12,147,103 | 48,522 | 1.60 | % | ||||||||||||||||||||||||
| Noninterest-bearing liabilities: |
||||||||||||||||||||||||||||||||||||
| Demand deposits |
2,140,866 | 1,922,460 | 2,079,674 | |||||||||||||||||||||||||||||||||
| Other |
198,922 | 198,314 | 199,778 | |||||||||||||||||||||||||||||||||
| Total Liabilities |
14,434,389 | 14,673,635 | 14,426,555 | |||||||||||||||||||||||||||||||||
| Shareholders’ equity |
1,927,632 | 1,889,270 | 2,133,267 | |||||||||||||||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 16,362,021 | $ | 16,562,905 | $ | 16,559,822 | ||||||||||||||||||||||||||||||
| Net interest income/net interest margin (fully taxable equivalent) |
144,060 | 3.81 | % | 136,565 | 3.55 | % | 143,039 | 3.76 | % | |||||||||||||||||||||||||||
| Tax equivalent adjustment |
(3,874 | ) | (3,764 | ) | (3,881 | ) | ||||||||||||||||||||||||||||||
| Net interest income |
$ | 140,186 | $ | 132,801 | $ | 139,158 | ||||||||||||||||||||||||||||||
| (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:
| Quarter Ended | % Change from | |||||||||||||||||||
| September 30 2010 |
September 30 2009 |
Jun 30 2010 |
September 30 2009 |
Jun 30 2010 |
||||||||||||||||
| Loans, by type: |
||||||||||||||||||||
| Real estate - commercial mortgage |
$ | 4,341,685 | $ | 4,158,802 | $ | 4,319,540 | 4.4 | % | 0.5 | % | ||||||||||
| Commercial - industrial, financial and agricultural |
3,671,128 | 3,667,854 | 3,686,442 | 0.1 | % | (0.4 | %) | |||||||||||||
| Real estate - home equity |
1,643,615 | 1,651,400 | 1,638,260 | (0.5 | %) | 0.3 | % | |||||||||||||
| Real estate - residential mortgage |
998,165 | 933,943 | 972,129 | 6.9 | % | 2.7 | % | |||||||||||||
| Real estate - construction |
868,497 | 1,050,359 | 909,836 | (17.3 | %) | (4.5 | %) | |||||||||||||
| Consumer |
366,719 | 371,676 | 362,883 | (1.3 | %) | 1.1 | % | |||||||||||||
| Leasing and other |
68,336 | 79,547 | 70,086 | (14.1 | %) | (2.5 | %) | |||||||||||||
| Total Loans, net of unearned income |
$ | 11,958,145 | $ | 11,913,581 | $ | 11,959,176 | 0.4 | % | — | |||||||||||
| Deposits, by type: |
||||||||||||||||||||
| Noninterest-bearing demand |
$ | 2,140,866 | $ | 1,922,460 | $ | 2,079,674 | 11.4 | % | 2.9 | % | ||||||||||
| Interest-bearing demand |
2,129,407 | 1,883,087 | 2,019,605 | 13.1 | % | 5.4 | % | |||||||||||||
| Savings deposits |
3,214,558 | 2,556,717 | 3,090,857 | 25.7 | % | 4.0 | % | |||||||||||||
| Time deposits |
4,987,212 | 5,554,349 | 5,120,648 | (10.2 | %) | (2.6 | %) | |||||||||||||
| Total Deposits |
$ | 12,472,043 | $ | 11,916,613 | $ | 12,310,784 | 4.7 | % | 1.3 | % | ||||||||||
| Short-term borrowings, by type: |
||||||||||||||||||||
| Customer repurchase agreements |
$ | 257,510 | $ | 254,789 | $ | 263,533 | 1.1 | % | (2.3 | %) | ||||||||||
| Customer short-term promissory notes |
203,158 | 259,534 | 207,100 | (21.7 | %) | (1.9 | %) | |||||||||||||
| Federal funds purchased |
28,345 | 348,444 | 41,950 | (91.9 | %) | (32.4 | %) | |||||||||||||
| Other |
— | 514 | — | (100.0 | %) | — | ||||||||||||||
| Total Short-term borrowings |
$ | 489,013 | $ | 863,281 | $ | 512,583 | (43.4 | %) | (4.6 | %) | ||||||||||
4
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
| Nine Months Ended September 30 | ||||||||||||||||||||||||
| 2010 | 2009 | |||||||||||||||||||||||
| Average Balance |
Interest (1) | Yield/Rate | Average Balance |
Interest (1) | Yield/Rate | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Interest-earning assets: |
||||||||||||||||||||||||
| Loans, net of unearned income |
$ | 11,962,986 | $ | 479,181 | 5.35 | % | $ | 11,971,378 | $ | 491,412 | 5.49 | % | ||||||||||||
| Taxable investment securities |
2,449,856 | 75,658 | 4.12 | % | 2,538,045 | 85,648 | 4.50 | % | ||||||||||||||||
| Tax-exempt investment securities |
362,656 | 15,644 | 5.75 | % | 467,242 | 19,413 | 5.54 | % | ||||||||||||||||
| Equity securities |
140,376 | 2,302 | 2.19 | % | 134,710 | 2,066 | 2.05 | % | ||||||||||||||||
| Total Investment Securities |
2,952,888 | 93,604 | 4.23 | % | 3,139,997 | 107,127 | 4.55 | % | ||||||||||||||||
| Loans held for sale |
60,535 | 2,142 | 4.72 | % | 115,388 | 4,439 | 5.13 | % | ||||||||||||||||
| Other interest-earning assets |
194,575 | 358 | 0.25 | % | 20,754 | 140 | 0.90 | % | ||||||||||||||||
| Total Interest-earning Assets |
15,170,984 | 575,285 | 5.07 | % | 15,247,517 | 603,118 | 5.29 | % | ||||||||||||||||
| Noninterest-earning assets: |
||||||||||||||||||||||||
| Cash and due from banks |
268,567 | 301,009 | ||||||||||||||||||||||
| Premises and equipment |
203,838 | 203,919 | ||||||||||||||||||||||
| Other assets |
1,107,733 | 940,974 | ||||||||||||||||||||||
| Less: allowance for loan losses |
(278,190 | ) | (211,105 | ) | ||||||||||||||||||||
| Total Assets |
$ | 16,472,932 | $ | 16,482,314 | ||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||||
| Demand deposits |
$ | 2,044,096 | $ | 5,548 | 0.36 | % | $ | 1,819,135 | $ | 5,896 | 0.43 | % | ||||||||||||
| Savings deposits |
3,052,292 | 15,561 | 0.68 | % | 2,309,103 | 13,941 | 0.81 | % | ||||||||||||||||
| Time deposits |
5,102,822 | 74,203 | 1.94 | % | 5,538,068 | 121,890 | 2.94 | % | ||||||||||||||||
| Total Interest-bearing Deposits |
10,199,210 | 95,312 | 1.25 | % | 9,666,306 | 141,727 | 1.96 | % | ||||||||||||||||
| Short-term borrowings |
623,123 | 1,206 | 0.26 | % | 1,186,568 | 3,193 | 0.36 | % | ||||||||||||||||
| Federal Home Loan Bank advances and long-term debt |
1,386,583 | 49,253 | 4.74 | % | 1,754,010 | 61,744 | 4.71 | % | ||||||||||||||||
| Total Interest-bearing Liabilities |
12,208,916 | 145,771 | 1.60 | % | 12,606,884 | 206,664 | 2.19 | % | ||||||||||||||||
| Noninterest-bearing liabilities: |
||||||||||||||||||||||||
| Demand deposits |
2,065,176 | 1,798,522 | ||||||||||||||||||||||
| Other |
193,144 | 202,209 | ||||||||||||||||||||||
| Total Liabilities |
14,467,236 | 14,607,615 | ||||||||||||||||||||||
| Shareholders’ equity |
2,005,696 | 1,874,699 | ||||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 16,472,932 | $ | 16,482,314 | ||||||||||||||||||||
| Net interest income/net interest margin (fully taxable equivalent) |
429,514 | 3.79 | % | 396,454 | 3.48 | % | ||||||||||||||||||
| Tax equivalent adjustment |
(11,661 | ) | (11,593 | ) | ||||||||||||||||||||
| Net interest income |
$ | 417,853 | $ | 384,861 | ||||||||||||||||||||
| (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 |
||||||||||||
| 2010 | 2009 | % Change | ||||||||||
| Loans, by type: |
||||||||||||
| Real estate - commercial mortgage |
$ | 4,322,628 | $ | 4,100,119 | 5.4 | % | ||||||
| Commercial - industrial, financial and agricultural |
3,681,270 | 3,660,083 | 0.6 | % | ||||||||
| Real estate - home equity |
1,640,939 | 1,672,678 | (1.9 | %) | ||||||||
| Real estate - residential mortgage |
970,526 | 942,407 | 3.0 | % | ||||||||
| Real estate - construction |
913,159 | 1,143,476 | (20.1 | %) | ||||||||
| Consumer |
363,953 | 368,109 | (1.1 | %) | ||||||||
| Leasing and other |
70,511 | 84,506 | (16.6 | %) | ||||||||
| Total Loans, net of unearned income |
$ | 11,962,986 | $ | 11,971,378 | (0.1 | %) | ||||||
| Deposits, by type: |
||||||||||||
| Noninterest-bearing demand |
$ | 2,065,176 | $ | 1,798,522 | 14.8 | % | ||||||
| Interest-bearing demand |
2,044,096 | 1,819,135 | 12.4 | % | ||||||||
| Savings deposits |
3,052,292 | 2,309,103 | 32.2 | % | ||||||||
| Time deposits |
5,102,822 | 5,538,068 | (7.9 | %) | ||||||||
| Total Deposits |
$ | 12,264,386 | $ | 11,464,828 | 7.0 | % | ||||||
| Short-term borrowings, by type: |
||||||||||||
| Customer repurchase agreements |
$ | 256,706 | $ | 252,539 | 1.7 | % | ||||||
| Customer short-term promissory notes |
211,158 | 297,831 | (29.1 | %) | ||||||||
| Federal funds purchased |
155,259 | 571,864 | (72.9 | %) | ||||||||
| Federal Reserve Bank borrowings |
— | 61,685 | (100.0 | %) | ||||||||
| Other |
— | 2,649 | (100.0 | %) | ||||||||
| Total Short-term borrowings |
$ | 623,123 | $ | 1,186,568 | (47.5 | %) | ||||||
5
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
| Quarter Ended | Nine Months Ended Sep 30 |
|||||||||||||||||||
| Sep 30 2010 |
Sep 30 2009 |
Jun 30 2010 |
||||||||||||||||||
| 2010 | 2009 | |||||||||||||||||||
| ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||
| Balance at beginning of period |
$ | 280,377 | $ | 220,954 | $ | 269,254 | $ | 257,553 | $ | 180,137 | ||||||||||
| Loans charged off: |
||||||||||||||||||||
| Commercial - industrial, agricultural and financial |
(6,601 | ) | (7,787 | ) | (13,390 | ) | (22,972 | ) | (24,683 | ) | ||||||||||
| Real estate - construction |
(23,139 | ) | (9,356 | ) | (9,299 | ) | (52,991 | ) | (32,892 | ) | ||||||||||
| Real estate - commercial mortgage |
(4,262 | ) | (3,554 | ) | (3,915 | ) | (10,521 | ) | (13,475 | ) | ||||||||||
| Consumer and home equity |
(3,254 | ) | (2,527 | ) | (2,438 | ) | (7,770 | ) | (7,667 | ) | ||||||||||
| Real estate - residential mortgage |
(751 | ) | (1,065 | ) | (1,880 | ) | (4,022 | ) | (4,832 | ) | ||||||||||
| Leasing and other |
(790 | ) | (1,637 | ) | (610 | ) | (2,045 | ) | (4,682 | ) | ||||||||||
| Total loans charged off |
(38,797 | ) | (25,926 | ) | (31,532 | ) | (100,321 | ) | (88,231 | ) | ||||||||||
| Recoveries of loans charged off: |
||||||||||||||||||||
| Commercial - industrial, agricultural and financial |
2,088 | 444 | 1,157 | 3,681 | 1,654 | |||||||||||||||
| Real estate - construction |
189 | 26 | 581 | 1,085 | 352 | |||||||||||||||
| Real estate - commercial mortgage |
571 | 493 | 157 | 856 | 528 | |||||||||||||||
| Consumer and home equity |
246 | 354 | 488 | 1,286 | 1,294 | |||||||||||||||
| Real estate - residential mortgage |
3 | 1 | 3 | 7 | 149 | |||||||||||||||
| Leasing and other |
197 | 375 | 269 | 727 | 838 | |||||||||||||||
| Recoveries of loans previously charged off |
3,294 | 1,693 | 2,655 | 7,642 | 4,815 | |||||||||||||||
| Net loans charged off |
(35,503 | ) | (24,233 | ) | (28,877 | ) | (92,679 | ) | (83,416 | ) | ||||||||||
| Provision for loan losses |
40,000 | 45,000 | 40,000 | 120,000 | 145,000 | |||||||||||||||
| Balance at end of period |
$ | 284,874 | $ | 241,721 | $ | 280,377 | $ | 284,874 | $ | 241,721 | ||||||||||
| Net charge-offs to average loans (annualized) |
1.19 | % | 0.81 | % | 0.97 | % | 1.03 | % | 0.93 | % | ||||||||||
| NON-PERFORMING ASSETS: | ||||||||||||||||||||
| Non-accrual loans |
$ | 284,408 | $ | 228,961 | $ | 263,227 | ||||||||||||||
| Loans 90 days past due and accruing |
58,164 | 52,797 | 53,707 | |||||||||||||||||
| Total non-performing loans |
342,572 | 281,758 | 316,934 | |||||||||||||||||
| Other real estate owned |
30,195 | 19,151 | 25,681 | |||||||||||||||||
| Total non-performing assets |
$ | 372,767 | $ | 300,909 | $ | 342,615 | ||||||||||||||
| NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||
| Real estate - commercial mortgage |
$ | 100,286 | $ | 54,930 | $ | 101,378 | ||||||||||||||
| Real estate - construction |
91,591 | 104,789 | 79,122 | |||||||||||||||||
| Commercial - industrial, agricultural and financial |
85,103 | 63,217 | 77,587 | |||||||||||||||||
| Real estate - residential mortgage |
52,038 | 46,192 | 45,639 | |||||||||||||||||
| Home Equity |
11,272 | 10,297 | 11,090 | |||||||||||||||||
| Consumer |
1,882 | 1,995 | 2,025 | |||||||||||||||||
| Leasing |
400 | 338 | 93 | |||||||||||||||||
| Total non-performing loans |
$ | 342,572 | $ | 281,758 | $ | 316,934 | ||||||||||||||
DELINQUENCY RATES, BY TYPE:
| September 30, 2010 | September 30, 2009 | June 30, 2010 | ||||||||||||||||||||||||||||||||||
| 30-60 Days | >90 Days (1) | Total | 30-60 Days | >90 Days (1) | Total | 30-60 Days | >90 Days (1) | Total | ||||||||||||||||||||||||||||
| Real estate - commercial mortgage |
0.56 | % | 2.29 | % | 2.85 | % | 0.53 | % | 1.31 | % | 1.84 | % | 0.80 | % | 2.33 | % | 3.13 | % | ||||||||||||||||||
| Commercial - industrial, agricultural and financial |
0.77 | % | 2.31 | % | 3.08 | % | 0.61 | % | 1.65 | % | 2.26 | % | 0.46 | % | 2.12 | % | 2.58 | % | ||||||||||||||||||
| Real estate - residential mortgage |
3.93 | % | 5.26 | % | 9.19 | % | 4.14 | % | 5.14 | % | 9.28 | % | 3.67 | % | 4.69 | % | 8.36 | % | ||||||||||||||||||
| Real estate - construction |
1.04 | % | 10.98 | % | 12.02 | % | 1.25 | % | 10.12 | % | 11.37 | % | 1.07 | % | 8.86 | % | 9.93 | % | ||||||||||||||||||
| Consumer, home equity, leases and other |
0.88 | % | 0.65 | % | 1.53 | % | 1.14 | % | 0.60 | % | 1.74 | % | 0.94 | % | 0.64 | % | 1.58 | % | ||||||||||||||||||
| Total |
0.99 | % | 2.87 | % | 3.86 | % | 1.00 | % | 2.34 | % | 3.34 | % | 0.98 | % | 2.65 | % | 3.63 | % | ||||||||||||||||||
| (1) | Includes non-accrual loans |
ASSET QUALITY RATIOS:
| Sep 30 2010 |
Sep 30 2009 |
Jun 30 2010 |
||||||||||
| Non-accrual loans to total loans |
2.38 | % | 1.91 | % | 2.20 | % | ||||||
| Non-performing assets to total loans and OREO |
3.11 | % | 2.51 | % | 2.86 | % | ||||||
| Non-performing assets to total assets |
2.28 | % | 1.82 | % | 2.06 | % | ||||||
| Allowance for credit losses to loans outstanding |
2.38 | % | 2.02 | % | 2.35 | % | ||||||
| Allowance for credit losses to non-performing loans |
83.16 | % | 85.79 | % | 88.47 | % | ||||||
| Non-performing assets to tangible common shareholders’ equity and allowance for credit losses |
23.12 | % | 24.24 | % | 21.54 | % | ||||||
6