Attached files
file | filename |
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8-K - 8-K - FULTON FINANCIAL CORP | a8-k.htm |
EX-99.1 - EARNINGS RELEASE DATED JANUARY 17, 2012 - FULTON FINANCIAL CORP | exhibit991.htm |
Exhibit 99.2 | ||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||
dollars in thousands | ||||||||||||||||||
% Change from | ||||||||||||||||||
December 31 | December 31 | September 30 | December 31 | September 30 | ||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | ||||||||||||||
ASSETS | ||||||||||||||||||
Cash and due from banks | $ | 292,598 | $ | 198,954 | $ | 291,870 | 47.1 | % | 0.2 | % | ||||||||
Loans held for sale | 47,009 | 83,940 | 63,554 | (44.0 | )% | (26.0 | )% | |||||||||||
Other interest-earning assets | 175,336 | 33,297 | 256,360 | 426.6 | % | (31.6 | )% | |||||||||||
Investment securities | 2,679,967 | 2,861,484 | 2,776,557 | (6.3 | )% | (3.5 | )% | |||||||||||
Loans, net of unearned income | 11,968,970 | 11,933,307 | 11,895,655 | 0.3 | % | 0.6 | % | |||||||||||
Allowance for loan losses | (256,471 | ) | (274,271 | ) | (266,978 | ) | (6.5 | )% | (3.9 | )% | ||||||||
Net Loans | 11,712,499 | 11,659,036 | 11,628,677 | 0.5 | % | 0.7 | % | |||||||||||
Premises and equipment | 212,274 | 208,016 | 206,170 | 2.0 | % | 3.0 | % | |||||||||||
Accrued interest receivable | 51,098 | 53,841 | 52,460 | (5.1 | )% | (2.6 | )% | |||||||||||
Goodwill and intangible assets | 544,209 | 547,979 | 545,098 | (0.7 | )% | (0.2 | )% | |||||||||||
Other assets | 655,518 | 628,707 | 475,105 | 4.3 | % | 38.0 | % | |||||||||||
Total Assets | $ | 16,370,508 | $ | 16,275,254 | $ | 16,295,851 | 0.6 | % | 0.5 | % | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Deposits | $ | 12,525,739 | $ | 12,388,581 | $ | 12,637,624 | 1.1 | % | (0.9 | )% | ||||||||
Short-term borrowings | 597,033 | 674,077 | 448,955 | (11.4 | )% | 33.0 | % | |||||||||||
Federal Home Loan Bank advances and long-term debt | 1,040,149 | 1,119,450 | 1,025,505 | (7.1 | )% | 1.4 | % | |||||||||||
Other liabilities | 215,048 | 212,757 | 199,108 | 1.1 | % | 8.0 | % | |||||||||||
Total Liabilities | 14,377,969 | 14,394,865 | 14,311,192 | (0.1 | )% | 0.5 | % | |||||||||||
Shareholders' equity | 1,992,539 | 1,880,389 | 1,984,659 | 6.0 | % | 0.4 | % | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,370,508 | $ | 16,275,254 | $ | 16,295,851 | 0.6 | % | 0.5 | % | ||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||
Loans, by type: | ||||||||||||||||||
Real estate - commercial mortgage | $ | 4,602,596 | $ | 4,375,980 | $ | 4,491,155 | 5.2 | % | 2.5 | % | ||||||||
Commercial - industrial, financial and agricultural | 3,639,368 | 3,704,384 | 3,690,164 | (1.8 | )% | (1.4 | )% | |||||||||||
Real estate - home equity | 1,624,562 | 1,641,777 | 1,630,880 | (1.0 | )% | (0.4 | )% | |||||||||||
Real estate - residential mortgage | 1,097,192 | 995,990 | 1,041,463 | 10.2 | % | 5.4 | % | |||||||||||
Real estate - construction | 615,445 | 801,185 | 648,398 | (23.2 | )% | (5.1 | )% | |||||||||||
Consumer | 318,101 | 350,161 | 327,054 | (9.2 | )% | (2.7 | )% | |||||||||||
Leasing and other | 71,706 | 63,830 | 66,541 | 12.3 | % | 7.8 | % | |||||||||||
Total Loans, net of unearned income | $ | 11,968,970 | $ | 11,933,307 | $ | 11,895,655 | 0.3 | % | 0.6 | % | ||||||||
Deposits, by type: | ||||||||||||||||||
Noninterest-bearing demand | $ | 2,588,034 | $ | 2,194,988 | $ | 2,535,744 | 17.9 | % | 2.1 | % | ||||||||
Interest-bearing demand | 2,529,388 | 2,277,190 | 2,517,124 | 11.1 | % | 0.5 | % | |||||||||||
Savings deposits | 3,394,367 | 3,286,435 | 3,434,398 | 3.3 | % | (1.2 | )% | |||||||||||
Time deposits | 4,013,950 | 4,629,968 | 4,150,358 | (13.3 | )% | (3.3 | )% | |||||||||||
Total Deposits | $ | 12,525,739 | $ | 12,388,581 | $ | 12,637,624 | 1.1 | % | (0.9 | )% | ||||||||
Short-term borrowings, by type: | ||||||||||||||||||
Customer repurchase agreements | $ | 186,735 | $ | 204,800 | $ | 202,154 | (8.8 | )% | (7.6 | )% | ||||||||
Customer short-term promissory notes | 156,828 | 201,433 | 170,839 | (22.1 | )% | (8.2 | )% | |||||||||||
Federal funds purchased | 253,470 | 267,844 | 75,962 | (5.4 | )% | 233.7 | % | |||||||||||
Total Short-term borrowings | $ | 597,033 | $ | 674,077 | $ | 448,955 | (11.4 | )% | 33.0 | % |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands, except per-share data | ||||||||||||||||||||||||||||||||||
Quarter Ended | % Change from | Year Ended | ||||||||||||||||||||||||||||||||
Dec 31 | Dec 31 | Sep 30 | Dec 31 | Sep 30 | December 31 | |||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2011 | 2010 | % Change | |||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||
Interest income | $ | 169,333 | $ | 181,749 | $ | 173,736 | (6.8 | )% | (2.5 | )% | $ | 693,698 | $ | 745,373 | (6.9 | )% | ||||||||||||||||||
Interest expense | 30,874 | 40,856 | 32,243 | (24.4 | )% | (4.2 | )% | 133,538 | 186,627 | (28.4 | )% | |||||||||||||||||||||||
Net Interest Income | 138,459 | 140,893 | 141,493 | (1.7 | )% | (2.1 | )% | 560,160 | 558,746 | 0.3 | % | |||||||||||||||||||||||
Provision for credit losses | 30,000 | 40,000 | 31,000 | (25.0 | )% | (3.2 | )% | 135,000 | 160,000 | (15.6 | )% | |||||||||||||||||||||||
Net Interest Income after Provision | 108,459 | 100,893 | 110,493 | 7.5 | % | (1.8 | )% | 425,160 | 398,746 | 6.6 | % | |||||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 15,277 | 14,091 | 15,164 | 8.4 | % | 0.7 | % | 58,078 | 58,592 | (0.9 | )% | |||||||||||||||||||||||
Other service charges and fees | 10,784 | 11,849 | 12,507 | (9.0 | )% | (13.8 | )% | 47,482 | 45,023 | 5.5 | % | |||||||||||||||||||||||
Investment management and trust services | 8,727 | 8,826 | 8,914 | (1.1 | )% | (2.1 | )% | 36,483 | 34,173 | 6.8 | % | |||||||||||||||||||||||
Mortgage banking income | 6,220 | 8,857 | 7,942 | (29.8 | )% | (21.7 | )% | 25,674 | 29,304 | (12.4 | )% | |||||||||||||||||||||||
Investment securities gains (losses) | 3,054 | 194 | (443 | ) | 1,474.2 | % | N/M | 4,561 | 701 | 550.6 | % | |||||||||||||||||||||||
Other | 4,286 | 3,940 | 4,055 | 8.8 | % | 5.7 | % | 15,449 | 14,527 | 6.3 | % | |||||||||||||||||||||||
Total Other Income | 48,348 | 47,757 | 48,139 | 1.2 | % | 0.4 | % | 187,727 | 182,320 | 3.0 | % | |||||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 58,109 | 54,955 | 58,948 | 5.7 | % | (1.4 | )% | 227,435 | 216,487 | 5.1 | % | |||||||||||||||||||||||
Net occupancy expense | 10,973 | 10,845 | 10,790 | 1.2 | % | 1.7 | % | 44,003 | 43,533 | 1.1 | % | |||||||||||||||||||||||
OREO and repossession expense | 3,565 | 1,873 | 2,548 | 90.3 | % | 39.9 | % | 8,366 | 7,441 | 12.4 | % | |||||||||||||||||||||||
Data processing | 3,482 | 3,348 | 3,473 | 4.0 | % | 0.3 | % | 13,541 | 13,263 | 2.1 | % | |||||||||||||||||||||||
Equipment expense | 3,329 | 2,982 | 3,032 | 11.6 | % | 9.8 | % | 12,870 | 11,692 | 10.1 | % | |||||||||||||||||||||||
Marketing | 3,045 | 4,461 | 1,923 | (31.7 | )% | 58.3 | % | 9,667 | 11,163 | (13.4 | )% | |||||||||||||||||||||||
Professional Fees | 2,961 | 2,902 | 3,247 | 2.0 | % | (8.8 | )% | 12,159 | 11,523 | 5.5 | % | |||||||||||||||||||||||
FDIC insurance expense | 2,730 | 4,916 | 3,732 | (44.5 | )% | (26.8 | )% | 14,480 | 19,715 | (26.6 | )% | |||||||||||||||||||||||
Intangible amortization | 954 | 1,292 | 953 | (26.2 | )% | 0.1 | % | 4,257 | 5,240 | (18.8 | )% | |||||||||||||||||||||||
Other | 19,712 | 18,520 | 17,221 | 6.4 | % | 14.5 | % | 69,698 | 68,268 | 2.1 | % | |||||||||||||||||||||||
Total Other Expenses | 108,860 | 106,094 | 105,867 | 2.6 | % | 2.8 | % | 416,476 | 408,325 | 2.0 | % | |||||||||||||||||||||||
Income Before Income Taxes | 47,947 | 42,556 | 52,765 | 12.7 | % | (9.1 | )% | 196,411 | 172,741 | 13.7 | % | |||||||||||||||||||||||
Income tax expense | 11,868 | 11,066 | 13,441 | 7.2 | % | (11.7 | )% | 50,838 | 44,409 | 14.5 | % | |||||||||||||||||||||||
Net Income | 36,079 | 31,490 | 39,324 | 14.6 | % | (8.3 | )% | 145,573 | 128,332 | 13.4 | % | |||||||||||||||||||||||
Preferred stock dividends and discount accretion | — | — | — | — | % | — | % | — | (16,303 | ) | (100.0 | )% | ||||||||||||||||||||||
Net Income Available to Common Shareholders | $ | 36,079 | $ | 31,490 | $ | 39,324 | 14.6 | % | (8.3 | )% | $ | 145,573 | $ | 112,029 | 29.9 | % | ||||||||||||||||||
PER COMMON SHARE: | ||||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.16 | $ | 0.20 | 12.5 | % | (10.0 | )% | $ | 0.73 | $ | 0.59 | 23.7 | % | ||||||||||||||||||
Diluted | 0.18 | 0.16 | 0.20 | 12.5 | % | (10.0 | )% | 0.73 | 0.59 | 23.7 | % | |||||||||||||||||||||||
Cash dividends | $ | 0.06 | $ | 0.03 | $ | 0.05 | 100.0 | % | 20.0 | % | $ | 0.20 | $ | 0.12 | 66.7 | % | ||||||||||||||||||
Shareholders' equity | 9.95 | 9.45 | 9.93 | 5.3 | % | 0.2 | % | 9.95 | 9.45 | 5.3 | % | |||||||||||||||||||||||
Shareholders' equity (tangible) | 7.24 | 6.69 | 7.20 | 8.2 | % | 0.6 | % | 7.24 | 6.69 | 8.2 | % | |||||||||||||||||||||||
Weighted average shares (basic) | 199,239 | 198,437 | 199,028 | 0.4 | % | 0.1 | % | 198,912 | 190,860 | 4.2 | % | |||||||||||||||||||||||
Weighted average shares (diluted) | 199,997 | 198,999 | 199,814 | 0.5 | % | 0.1 | % | 199,658 | 191,397 | 4.3 | % | |||||||||||||||||||||||
Shares outstanding, end of period | 200,164 | 199,050 | 199,891 | 0.6 | % | 0.1 | % | 200,164 | 199,050 | 0.6 | % | |||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||||
Return on average assets | 0.88 | % | 0.77 | % | 0.97 | % | 0.90 | % | 0.78 | % | ||||||||||||||||||||||||
Return on average common shareholders' equity | 7.16 | % | 6.60 | % | 7.89 | % | 7.45 | % | 6.29 | % | ||||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | 10.02 | % | 9.54 | % | 11.06 | % | 10.54 | % | 9.39 | % | ||||||||||||||||||||||||
Net interest margin | 3.81 | % | 3.85 | % | 3.93 | % | 3.90 | % | 3.80 | % | ||||||||||||||||||||||||
Efficiency ratio | 57.44 | % | 54.50 | % | 54.06 | % | 54.28 | % | 53.33 | % | ||||||||||||||||||||||||
N/M - Not meaningful |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||||
December 31, 2011 | December 31, 2010 | September 30, 2011 | ||||||||||||||||||||||||||||||||
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 | $ | 11,926,246 | $ | 150,195 | 5.00 | % | $ | 11,944,932 | $ | 158,257 | 5.26 | % | $ | 11,887,544 | $ | 151,816 | 5.07 | % | ||||||||||||||||
Taxable investment securities | 2,279,658 | 17,462 | 3.06 | % | 2,264,784 | 20,579 | 3.63 | % | 2,142,670 | 20,166 | 3.76 | % | ||||||||||||||||||||||
Tax-exempt investment securities | 307,713 | 4,340 | 5.64 | % | 341,909 | 4,868 | 5.69 | % | 325,420 | 4,456 | 5.48 | % | ||||||||||||||||||||||
Equity securities | 121,219 | 774 | 2.55 | % | 136,075 | 801 | 2.35 | % | 124,893 | 777 | 2.48 | % | ||||||||||||||||||||||
Total Investment Securities | 2,708,590 | 22,576 | 3.33 | % | 2,742,768 | 26,248 | 3.83 | % | 2,592,983 | 25,399 | 3.92 | % | ||||||||||||||||||||||
Loans held for sale | 54,013 | 541 | 4.01 | % | 94,741 | 947 | 4.00 | % | 37,626 | 425 | 4.52 | % | ||||||||||||||||||||||
Other interest-earning assets | 192,574 | 133 | 0.27 | % | 187,881 | 147 | 0.31 | % | 218,135 | 91 | 0.17 | % | ||||||||||||||||||||||
Total Interest-earning Assets | 14,881,423 | 173,445 | 4.63 | % | 14,970,322 | 185,599 | 4.93 | % | 14,736,288 | 177,731 | 4.80 | % | ||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||
Cash and due from banks | 282,993 | 268,758 | 276,063 | |||||||||||||||||||||||||||||||
Premises and equipment | 207,744 | 205,740 | 206,059 | |||||||||||||||||||||||||||||||
Other assets | 1,125,429 | 1,135,276 | 1,107,107 | |||||||||||||||||||||||||||||||
Less: allowance for loan losses | (275,160 | ) | (291,541 | ) | (274,436 | ) | ||||||||||||||||||||||||||||
Total Assets | $ | 16,222,429 | $ | 16,288,555 | $ | 16,051,081 | ||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | $ | 2,462,551 | $ | 1,243 | 0.20 | % | $ | 2,262,027 | $ | 1,793 | 0.31 | % | $ | 2,424,646 | $ | 1,262 | 0.21 | % | ||||||||||||||||
Savings deposits | 3,466,104 | 2,356 | 0.27 | % | 3,337,407 | 4,328 | 0.51 | % | 3,329,489 | 2,564 | 0.30 | % | ||||||||||||||||||||||
Time deposits | 4,084,278 | 14,739 | 1.43 | % | 4,760,929 | 20,926 | 1.74 | % | 4,224,001 | 15,858 | 1.49 | % | ||||||||||||||||||||||
Total Interest-bearing Deposits | 10,012,933 | 18,338 | 0.73 | % | 10,360,363 | 27,047 | 1.04 | % | 9,978,136 | 19,684 | 0.78 | % | ||||||||||||||||||||||
Short-term borrowings | 463,659 | 173 | 0.15 | % | 482,197 | 249 | 0.20 | % | 443,337 | 151 | 0.14 | % | ||||||||||||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,025,683 | 12,363 | 4.80 | % | 1,148,009 | 13,560 | 4.70 | % | 1,025,546 | 12,408 | 4.82 | % | ||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,502,275 | 30,874 | 1.07 | % | 11,990,569 | 40,856 | 1.35 | % | 11,447,019 | 32,243 | 1.12 | % | ||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | 2,529,548 | 2,219,267 | 2,466,877 | |||||||||||||||||||||||||||||||
Other | 192,806 | 186,211 | 159,430 | |||||||||||||||||||||||||||||||
Total Liabilities | 14,224,629 | 14,396,047 | 14,073,326 | |||||||||||||||||||||||||||||||
Shareholders' equity | 1,997,800 | 1,892,508 | 1,977,755 | |||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,222,429 | $ | 16,288,555 | $ | 16,051,081 | ||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 142,571 | 3.81 | % | 144,743 | 3.85 | % | 145,488 | 3.93 | % | |||||||||||||||||||||||||
Tax equivalent adjustment | (4,112 | ) | (3,850 | ) | (3,995 | ) | ||||||||||||||||||||||||||||
Net interest income | $ | 138,459 | $ | 140,893 | $ | 141,493 | ||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||
December 31 | December 31 | September 30 | December 31 | September 30 | ||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | ||||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,554,161 | $ | 4,365,245 | $ | 4,461,646 | 4.3 | % | 2.1 | % | ||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 3,637,465 | 3,682,949 | 3,691,516 | (1.2 | )% | (1.5 | )% | |||||||||||||||||||||||||||
Real estate - home equity | 1,628,406 | 1,649,111 | 1,628,822 | (1.3 | )% | — | % | |||||||||||||||||||||||||||
Real estate - residential mortgage | 1,066,463 | 999,814 | 1,037,968 | 6.7 | % | 2.7 | % | |||||||||||||||||||||||||||
Real estate - construction | 641,485 | 818,367 | 668,464 | (21.6 | )% | (4.0 | )% | |||||||||||||||||||||||||||
Consumer | 326,818 | 360,432 | 329,619 | (9.3 | )% | (0.8 | )% | |||||||||||||||||||||||||||
Leasing and other | 71,448 | 69,014 | 69,509 | 3.5 | % | 2.8 | % | |||||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 11,926,246 | $ | 11,944,932 | $ | 11,887,544 | (0.2 | )% | 0.3 | % | ||||||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,529,548 | $ | 2,219,267 | $ | 2,466,877 | 14.0 | % | 2.5 | % | ||||||||||||||||||||||||
Interest-bearing demand | 2,462,551 | 2,262,027 | 2,424,646 | 8.9 | % | 1.6 | % | |||||||||||||||||||||||||||
Savings deposits | 3,466,104 | 3,337,407 | 3,329,489 | 3.9 | % | 4.1 | % | |||||||||||||||||||||||||||
Time deposits | 4,084,278 | 4,760,929 | 4,224,001 | (14.2 | )% | (3.3 | )% | |||||||||||||||||||||||||||
Total Deposits | $ | 12,542,481 | $ | 12,579,630 | $ | 12,445,013 | (0.3 | )% | 0.8 | % | ||||||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 195,372 | $ | 240,548 | $ | 206,824 | (18.8 | )% | (5.5 | )% | ||||||||||||||||||||||||
Customer short-term promissory notes | 165,677 | 205,637 | 170,790 | (19.4 | )% | (3.0 | )% | |||||||||||||||||||||||||||
Federal funds purchased and other | 102,610 | 36,012 | 65,723 | 184.9 | % | 56.1 | % | |||||||||||||||||||||||||||
Total Short-term borrowings | $ | 463,659 | $ | 482,197 | $ | 443,337 | (3.8 | )% | 4.6 | % | ||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||
2011 | 2010 | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans, net of unearned income | $ | 11,904,529 | $ | 605,671 | 5.09 | % | $ | 11,958,435 | $ | 637,438 | 5.33 | % | |||||||||||
Taxable investment securities | 2,223,376 | 80,184 | 3.61 | % | 2,403,206 | 96,237 | 4.00 | % | |||||||||||||||
Tax-exempt investment securities | 330,087 | 18,521 | 5.61 | % | 357,427 | 20,513 | 5.74 | % | |||||||||||||||
Equity securities | 126,766 | 3,078 | 2.43 | % | 139,292 | 3,103 | 2.23 | % | |||||||||||||||
Total Investment Securities | 2,680,229 | 101,783 | 3.80 | % | 2,899,925 | 119,853 | 4.13 | % | |||||||||||||||
Loans held for sale | 43,470 | 1,958 | 4.50 | % | 69,157 | 3,088 | 4.47 | % | |||||||||||||||
Other interest-earning assets | 160,664 | 358 | 0.22 | % | 192,888 | 505 | 0.26 | % | |||||||||||||||
Total Interest-earning Assets | 14,788,892 | 709,770 | 4.80 | % | 15,120,405 | 760,884 | 5.04 | % | |||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||
Cash and due from banks | 274,527 | 268,615 | |||||||||||||||||||||
Premises and equipment | 207,081 | 204,316 | |||||||||||||||||||||
Other assets | 1,108,359 | 1,114,678 | |||||||||||||||||||||
Less: allowance for loan losses | (276,278 | ) | (281,555 | ) | |||||||||||||||||||
Total Assets | $ | 16,102,581 | $ | 16,426,459 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 2,391,043 | $ | 5,312 | 0.22 | % | $ | 2,099,026 | $ | 7,341 | 0.35 | % | |||||||||||
Savings deposits | 3,359,109 | 11,536 | 0.34 | % | 3,124,157 | 19,889 | 0.63 | % | |||||||||||||||
Time deposits | 4,297,106 | 66,235 | 1.54 | % | 5,016,645 | 95,129 | 1.90 | % | |||||||||||||||
Total Interest-bearing Deposits | 10,047,258 | 83,083 | 0.83 | % | 10,239,828 | 122,359 | 1.19 | % | |||||||||||||||
Short-term borrowings | 495,791 | 746 | 0.15 | % | 587,602 | 1,455 | 0.25 | % | |||||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,034,475 | 49,709 | 4.81 | % | 1,326,449 | 62,813 | 4.74 | % | |||||||||||||||
Total Interest-bearing Liabilities | 11,577,524 | 133,538 | 1.15 | % | 12,153,879 | 186,627 | 1.54 | % | |||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | 2,400,293 | 2,104,016 | |||||||||||||||||||||
Other | 171,368 | 191,398 | |||||||||||||||||||||
Total Liabilities | 14,149,185 | 14,449,293 | |||||||||||||||||||||
Shareholders' equity | 1,953,396 | 1,977,166 | |||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,102,581 | $ | 16,426,459 | |||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 576,232 | 3.90 | % | 574,257 | 3.80 | % | |||||||||||||||||
Tax equivalent adjustment | (16,072 | ) | (15,511 | ) | |||||||||||||||||||
Net interest income | $ | 560,160 | $ | 558,746 | |||||||||||||||||||
(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 | |||||||||||||||||||||||
2011 | 2010 | % Change | |||||||||||||||||||||
Loans, by type: | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,458,205 | $ | 4,333,371 | 2.9 | % | |||||||||||||||||
Commercial - industrial, financial and agricultural | 3,681,321 | 3,681,692 | — | % | |||||||||||||||||||
Real estate - home equity | 1,627,308 | 1,642,999 | (1.0 | )% | |||||||||||||||||||
Real estate - residential mortgage | 1,036,474 | 977,909 | 6.0 | % | |||||||||||||||||||
Real estate - construction | 700,071 | 889,267 | (21.3 | )% | |||||||||||||||||||
Consumer | 332,613 | 363,066 | (8.4 | )% | |||||||||||||||||||
Leasing and other | 68,537 | 70,131 | (2.3 | )% | |||||||||||||||||||
Total Loans, net of unearned income | $ | 11,904,529 | $ | 11,958,435 | (0.5 | )% | |||||||||||||||||
Deposits, by type: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,400,293 | $ | 2,104,016 | 14.1 | % | |||||||||||||||||
Interest-bearing demand | 2,391,043 | 2,099,026 | 13.9 | % | |||||||||||||||||||
Savings deposits | 3,359,109 | 3,124,157 | 7.5 | % | |||||||||||||||||||
Time deposits | 4,297,106 | 5,016,645 | (14.3 | )% | |||||||||||||||||||
Total Deposits | $ | 12,447,551 | $ | 12,343,844 | 0.8 | % | |||||||||||||||||
Short-term borrowings, by type: | |||||||||||||||||||||||
Customer repurchase agreements | $ | 208,144 | $ | 252,634 | (17.6 | )% | |||||||||||||||||
Customer short-term promissory notes | 174,624 | 209,766 | (16.8 | )% | |||||||||||||||||||
Federal funds purchased and other | 113,023 | 125,202 | (9.7 | )% | |||||||||||||||||||
Total Short-term borrowings | $ | 495,791 | $ | 587,602 | (15.6 | )% | |||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||||||||||||||
Dec 31 | Dec 31 | Sep 30 | Dec 31 | |||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2011 | 2010 | ||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 268,817 | $ | 284,874 | $ | 268,633 | $ | 275,498 | $ | 257,553 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
Real estate - residential mortgage | (18,316 | ) | (2,874 | ) | (1,514 | ) | (32,533 | ) | (6,896 | ) | ||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (8,719 | ) | (12,893 | ) | (14,840 | ) | (52,301 | ) | (35,865 | ) | ||||||||||||||||||||||
Real estate - construction | (8,716 | ) | (13,421 | ) | (8,535 | ) | (38,613 | ) | (66,412 | ) | ||||||||||||||||||||||
Real estate - commercial mortgage | (3,189 | ) | (17,688 | ) | (5,730 | ) | (26,032 | ) | (28,209 | ) | ||||||||||||||||||||||
Consumer and home equity | (2,804 | ) | (3,440 | ) | (1,792 | ) | (9,686 | ) | (11,210 | ) | ||||||||||||||||||||||
Leasing and other | (496 | ) | (788 | ) | (486 | ) | (2,168 | ) | (2,833 | ) | ||||||||||||||||||||||
Total loans charged off | (42,240 | ) | (51,104 | ) | (32,897 | ) | (161,333 | ) | (151,425 | ) | ||||||||||||||||||||||
Recoveries of loans charged off: | ||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 55 | 2 | 36 | 325 | 9 | |||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 432 | 855 | 695 | 2,521 | 4,536 | |||||||||||||||||||||||||||
Real estate - construction | 509 | 211 | 595 | 1,746 | 1,296 | |||||||||||||||||||||||||||
Real estate - commercial mortgage | — | 152 | 249 | 1,967 | 1,008 | |||||||||||||||||||||||||||
Consumer and home equity | 372 | 254 | 314 | 1,431 | 1,540 | |||||||||||||||||||||||||||
Leasing and other | 232 | 254 | 192 | 1,022 | 981 | |||||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,600 | 1,728 | 2,081 | 9,012 | 9,370 | |||||||||||||||||||||||||||
Net loans charged off | (40,640 | ) | (49,376 | ) | (30,816 | ) | (152,321 | ) | (142,055 | ) | ||||||||||||||||||||||
Provision for credit losses | 30,000 | 40,000 | 31,000 | 135,000 | 160,000 | |||||||||||||||||||||||||||
Balance at end of period | $ | 258,177 | $ | 275,498 | $ | 268,817 | $ | 258,177 | $ | 275,498 | ||||||||||||||||||||||
Net charge-offs to average loans (annualized) | 1.36 | % | 1.65 | % | 1.04 | % | 1.28 | % | 1.19 | % | ||||||||||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 257,761 | $ | 280,688 | $ | 269,176 | ||||||||||||||||||||||||||
Loans 90 days past due and accruing | 28,767 | 48,084 | 41,427 | |||||||||||||||||||||||||||||
Total non-performing loans | 286,528 | 328,772 | 310,603 | |||||||||||||||||||||||||||||
Other real estate owned | 30,803 | 32,959 | 37,399 | |||||||||||||||||||||||||||||
Total non-performing assets | $ | 317,331 | $ | 361,731 | $ | 348,002 | ||||||||||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 113,806 | $ | 93,720 | $ | 102,928 | ||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 80,944 | 87,455 | 92,385 | |||||||||||||||||||||||||||||
Real estate - construction | 60,744 | 84,616 | 52,381 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 16,336 | 50,412 | 48,086 | |||||||||||||||||||||||||||||
Real estate - home equity | 11,207 | 10,188 | 12,097 | |||||||||||||||||||||||||||||
Consumer | 3,384 | 2,154 | 2,614 | |||||||||||||||||||||||||||||
Leasing | 107 | 227 | 112 | |||||||||||||||||||||||||||||
Total non-performing loans | $ | 286,528 | $ | 328,772 | $ | 310,603 | ||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | ||||||||||||||||||||||||||||||||
December 31, 2011 | December 31, 2010 | September 30, 2011 | ||||||||||||||||||||||||||||||
31-89 Days | ≥90 Days (1) | Total | 31-89 Days | ≥90 Days (1) | Total | 31-89 Days | ≥90 Days (1) | Total | ||||||||||||||||||||||||
Real estate - commercial mortgage | 0.56 | % | 2.47 | % | 3.03 | % | 0.56 | % | 2.14 | % | 2.70 | % | 0.84 | % | 2.29 | % | 3.13 | % | ||||||||||||||
Commercial - industrial, financial and agricultural | 0.41 | % | 2.23 | % | 2.64 | % | 0.36 | % | 2.36 | % | 2.72 | % | 0.57 | % | 2.50 | % | 3.07 | % | ||||||||||||||
Real estate - construction | 1.55 | % | 9.87 | % | 11.42 | % | 0.91 | % | 10.56 | % | 11.47 | % | 1.28 | % | 8.08 | % | 9.36 | % | ||||||||||||||
Real estate - residential mortgage | 3.38 | % | 1.49 | % | 4.87 | % | 3.65 | % | 5.06 | % | 8.71 | % | 3.02 | % | 4.62 | % | 7.64 | % | ||||||||||||||
Real estate - home equity | 0.72 | % | 0.69 | % | 1.41 | % | 0.73 | % | 0.62 | % | 1.35 | % | 0.74 | % | 0.74 | % | 1.48 | % | ||||||||||||||
Consumer, leasing and other | 1.92 | % | 0.90 | % | 2.82 | % | 1.48 | % | 0.58 | % | 2.06 | % | 1.71 | % | 0.69 | % | 2.40 | % | ||||||||||||||
Total | 0.89 | % | 2.39 | % | 3.28 | % | 0.83 | % | 2.76 | % | 3.59 | % | 0.99 | % | 2.61 | % | 3.60 | % | ||||||||||||||
(1) Includes non-accrual loans | ||||||||||||||||||||||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||||||||||||||||||
Dec 31 | Dec 31 | Sep 30 | ||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | ||||||||||||||||||||||||||||||
Non-accrual loans to total loans | 2.15 | % | 2.35 | % | 2.26 | % | ||||||||||||||||||||||||||
Non-performing assets to total loans and OREO | 2.64 | % | 3.02 | % | 2.92 | % | ||||||||||||||||||||||||||
Non-performing assets to total assets | 1.94 | % | 2.22 | % | 2.14 | % | ||||||||||||||||||||||||||
Allowance for credit losses to loans outstanding | 2.16 | % | 2.31 | % | 2.26 | % | ||||||||||||||||||||||||||
Allowance for credit losses to non-performing loans | 90.11 | % | 83.80 | % | 86.55 | % | ||||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 18.60 | % | 22.50 | % | 20.37 | % | ||||||||||||||||||||||||||