Attached files
| file | filename |
|---|---|
| EX-99.3 - PRESENTATION MATERIALS TO BE DISCUSSED DURING THE CONFERENCE CALL AND WEBCAST - FULTON FINANCIAL CORP | q3ccearningsdeck93017inp.htm |
| EX-99.1 - PRESS RELEASE DATED OCTOBER 17, 2017 - FULTON FINANCIAL CORP | exhibit9919-30x17.htm |
| 8-K - 8-K - FULTON FINANCIAL CORP | a8-k9x30x17.htm |
Exhibit 99.2 | ||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||
% Change from | ||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Sep 30 | ||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks | $ | 99,803 | $ | 94,938 | $ | 93,844 | $ | 118,763 | $ | 86,497 | 5.1 | % | 15.4 | % | ||||||||||||
Other interest-earning assets | 645,796 | 392,842 | 350,387 | 291,252 | 428,966 | 64.4 | % | 50.5 | % | |||||||||||||||||
Loans held for sale | 23,049 | 62,354 | 24,783 | 28,697 | 27,836 | (63.0 | )% | (17.2 | )% | |||||||||||||||||
Investment securities | 2,561,516 | 2,488,699 | 2,506,017 | 2,559,227 | 2,508,068 | 2.9 | % | 2.1 | % | |||||||||||||||||
Loans, net of unearned income | 15,486,899 | 15,346,617 | 14,963,177 | 14,699,272 | 14,391,238 | 0.9 | % | 7.6 | % | |||||||||||||||||
Allowance for loan losses | (172,245 | ) | (172,342 | ) | (170,076 | ) | (168,679 | ) | (162,526 | ) | (0.1 | )% | 6.0 | % | ||||||||||||
Net loans | 15,314,654 | 15,174,275 | 14,793,101 | 14,530,593 | 14,228,712 | 0.9 | % | 7.6 | % | |||||||||||||||||
Premises and equipment | 221,551 | 217,558 | 216,171 | 217,806 | 228,009 | 1.8 | % | (2.8 | )% | |||||||||||||||||
Accrued interest receivable | 50,082 | 47,603 | 46,355 | 46,294 | 43,600 | 5.2 | % | 14.9 | % | |||||||||||||||||
Goodwill and intangible assets | 531,556 | 531,556 | 531,556 | 531,556 | 531,556 | — | % | — | % | |||||||||||||||||
Other assets | 614,853 | 637,610 | 616,362 | 620,059 | 617,818 | (3.6 | )% | (0.5 | )% | |||||||||||||||||
Total Assets | $ | 20,062,860 | $ | 19,647,435 | $ | 19,178,576 | $ | 18,944,247 | $ | 18,701,062 | 2.1 | % | 7.3 | % | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
Deposits | $ | 16,141,780 | $ | 15,357,361 | $ | 15,090,344 | $ | 15,012,864 | $ | 14,952,479 | 5.1 | % | 8.0 | % | ||||||||||||
Short-term borrowings | 298,751 | 694,859 | 453,317 | 541,317 | 264,042 | (57.0 | )% | 13.1 | % | |||||||||||||||||
Other liabilities | 358,384 | 365,484 | 342,323 | 339,548 | 389,819 | (1.9 | )% | (8.1 | )% | |||||||||||||||||
FHLB advances and long-term debt | 1,038,159 | 1,037,961 | 1,137,909 | 929,403 | 965,286 | — | % | 7.5 | % | |||||||||||||||||
Total Liabilities | 17,837,074 | 17,455,665 | 17,023,893 | 16,823,132 | 16,571,626 | 2.2 | % | 7.6 | % | |||||||||||||||||
Shareholders' equity | 2,225,786 | 2,191,770 | 2,154,683 | 2,121,115 | 2,129,436 | 1.6 | % | 4.5 | % | |||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 20,062,860 | $ | 19,647,435 | $ | 19,178,576 | $ | 18,944,247 | $ | 18,701,062 | 2.1 | % | 7.3 | % | ||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,275,140 | $ | 6,262,008 | $ | 6,118,533 | $ | 6,018,582 | $ | 5,818,915 | 0.2 | % | 7.8 | % | ||||||||||||
Commercial - industrial, financial and agricultural | 4,223,075 | 4,245,849 | 4,167,809 | 4,087,486 | 4,024,119 | (0.5 | )% | 4.9 | % | |||||||||||||||||
Real estate - residential mortgage | 1,887,907 | 1,784,712 | 1,665,142 | 1,601,994 | 1,542,696 | 5.8 | % | 22.4 | % | |||||||||||||||||
Real estate - home equity | 1,567,473 | 1,579,739 | 1,595,901 | 1,625,115 | 1,640,421 | (0.8 | )% | (4.4 | )% | |||||||||||||||||
Real estate - construction | 973,108 | 938,900 | 882,983 | 843,649 | 861,634 | 3.6 | % | 12.9 | % | |||||||||||||||||
Consumer | 302,448 | 283,156 | 288,826 | 291,470 | 283,673 | 6.8 | % | 6.6 | % | |||||||||||||||||
Leasing and other | 257,748 | 252,253 | 243,983 | 230,976 | 219,780 | 2.2 | % | 17.3 | % | |||||||||||||||||
Total Loans, net of unearned income | $ | 15,486,899 | $ | 15,346,617 | $ | 14,963,177 | $ | 14,699,272 | $ | 14,391,238 | 0.9 | % | 7.6 | % | ||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,363,915 | $ | 4,574,619 | $ | 4,417,733 | $ | 4,376,137 | $ | 4,210,099 | (4.6 | )% | 3.7 | % | ||||||||||||
Interest-bearing demand | 4,119,419 | 3,650,204 | 3,702,663 | 3,703,712 | 3,703,048 | 12.9 | % | 11.2 | % | |||||||||||||||||
Savings and money market accounts | 4,790,985 | 4,386,128 | 4,251,574 | 4,179,773 | 4,235,015 | 9.2 | % | 13.1 | % | |||||||||||||||||
Total demand and savings | 13,274,319 | 12,610,951 | 12,371,970 | 12,259,622 | 12,148,162 | 5.3 | % | 9.3 | % | |||||||||||||||||
Brokered deposits | 109,936 | — | — | — | — | — | % | — | % | |||||||||||||||||
Time deposits | 2,757,525 | 2,746,410 | 2,718,374 | 2,753,242 | 2,804,317 | 0.4 | % | (1.7 | )% | |||||||||||||||||
Total Deposits | $ | 16,141,780 | $ | 15,357,361 | $ | 15,090,344 | $ | 15,012,864 | $ | 14,952,479 | 5.1 | % | 8.0 | % | ||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||
Customer repurchase agreements | $ | 185,945 | $ | 174,224 | $ | 181,170 | $ | 195,734 | $ | 189,727 | 6.7 | % | (2.0 | )% | ||||||||||||
Customer short-term promissory notes | 106,994 | 74,366 | 87,726 | 67,013 | 65,871 | 43.9 | % | 62.4 | % | |||||||||||||||||
Short-term FHLB advances | — | 240,000 | 130,000 | — | — | (100.0 | )% | — | % | |||||||||||||||||
Federal funds purchased | 5,812 | 206,269 | 54,421 | 278,570 | 8,444 | (97.2 | )% | (31.2 | )% | |||||||||||||||||
Total Short-term Borrowings | $ | 298,751 | $ | 694,859 | $ | 453,317 | $ | 541,317 | $ | 264,042 | (57.0 | )% | 13.1 | % | ||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||||||||||||||||||||||||
in thousands, except per-share data and percentages | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | % Change from | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Sep 30 | Sep 30 | |||||||||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | 2017 | 2016 | % Change | |||||||||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 171,511 | $ | 163,881 | $ | 158,487 | $ | 153,012 | $ | 151,468 | 4.7 | % | 13.2 | % | $ | 493,879 | $ | 450,088 | 9.7 | % | ||||||||||||||||||||||
Interest expense | 24,702 | 22,318 | 20,908 | 20,775 | 20,903 | 10.7 | % | 18.2 | % | 67,928 | 61,553 | 10.4 | % | |||||||||||||||||||||||||||||
Net Interest Income | 146,809 | 141,563 | 137,579 | 132,237 | 130,565 | 3.7 | % | 12.4 | % | 425,951 | 388,535 | 9.6 | % | |||||||||||||||||||||||||||||
Provision for credit losses | 5,075 | 6,700 | 4,800 | 5,000 | 4,141 | (24.3 | )% | 22.6 | % | 16,575 | 8,182 | 102.6 | % | |||||||||||||||||||||||||||||
Net Interest Income after Provision | 141,734 | 134,863 | 132,779 | 127,237 | 126,424 | 5.1 | % | 12.1 | % | 409,376 | 380,353 | 7.6 | % | |||||||||||||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 13,022 | 12,914 | 12,400 | 12,814 | 13,078 | 0.8 | % | (0.4 | )% | 38,336 | 38,532 | (0.5 | )% | |||||||||||||||||||||||||||||
Other service charges and fees | 12,251 | 14,342 | 12,437 | 13,333 | 14,407 | (14.6 | )% | (15.0 | )% | 39,030 | 38,140 | 2.3 | % | |||||||||||||||||||||||||||||
Investment management and trust services | 12,157 | 12,132 | 11,808 | 11,610 | 11,425 | 0.2 | % | 6.4 | % | 36,097 | 33,660 | 7.2 | % | |||||||||||||||||||||||||||||
Mortgage banking income | 4,805 | 6,141 | 4,596 | 6,959 | 4,529 | (21.8 | )% | 6.1 | % | 15,542 | 12,456 | 24.8 | % | |||||||||||||||||||||||||||||
Other | 5,142 | 5,406 | 4,326 | 6,514 | 4,708 | (4.9 | )% | 9.2 | % | 14,874 | 13,610 | 9.3 | % | |||||||||||||||||||||||||||||
Non-Interest Income before Investment Securities Gains | 47,377 | 50,935 | 45,567 | 51,230 | 48,147 | (7.0 | )% | (1.6 | )% | 143,879 | 136,398 | 5.5 | % | |||||||||||||||||||||||||||||
Investment securities gains | 4,597 | 1,436 | 1,106 | 1,525 | 2 | N/M | N/M | 7,139 | 1,025 | N/M | ||||||||||||||||||||||||||||||||
Total Non-Interest Income | 51,974 | 52,371 | 46,673 | 52,755 | 48,149 | (0.8 | )% | 7.9 | % | 151,018 | 137,423 | 9.9 | % | |||||||||||||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 72,894 | 74,496 | 69,236 | 73,256 | 70,696 | (2.2 | )% | 3.1 | % | 216,626 | 210,097 | 3.1 | % | |||||||||||||||||||||||||||||
Net occupancy expense | 12,180 | 12,316 | 12,663 | 11,798 | 11,782 | (1.1 | )% | 3.4 | % | 37,159 | 35,813 | 3.8 | % | |||||||||||||||||||||||||||||
Data processing and software | 10,301 | 9,054 | 8,979 | 9,442 | 8,727 | 13.8 | % | 18.0 | % | 28,334 | 27,477 | 3.1 | % | |||||||||||||||||||||||||||||
Other outside services | 6,582 | 7,708 | 5,546 | 6,536 | 5,783 | (14.6 | )% | 13.8 | % | 19,836 | 17,347 | 14.3 | % | |||||||||||||||||||||||||||||
Amortization of tax credit investments | 3,503 | 3,151 | 998 | — | — | 11.2 | % | 100.0 | % | 7,652 | — | 100.0 | % | |||||||||||||||||||||||||||||
Professional fees | 3,388 | 2,931 | 2,737 | 2,783 | 2,535 | 15.6 | % | 33.6 | % | 9,056 | 8,221 | 10.2 | % | |||||||||||||||||||||||||||||
Equipment expense | 3,298 | 3,034 | 3,359 | 3,408 | 3,137 | 8.7 | % | 5.1 | % | 9,691 | 9,380 | 3.3 | % | |||||||||||||||||||||||||||||
FDIC insurance expense | 3,007 | 2,366 | 2,058 | 2,067 | 1,791 | 27.1 | % | 67.9 | % | 7,431 | 7,700 | (3.5 | )% | |||||||||||||||||||||||||||||
Marketing | 2,089 | 2,234 | 1,986 | 1,730 | 1,774 | (6.5 | )% | 17.8 | % | 6,309 | 5,314 | 18.7 | % | |||||||||||||||||||||||||||||
Other | 14,915 | 15,405 | 14,713 | 16,601 | 13,623 | (3.2 | )% | 9.5 | % | 45,033 | 40,549 | 11.1 | % | |||||||||||||||||||||||||||||
Total Non-Interest Expense | 132,157 | 132,695 | 122,275 | 127,621 | 119,848 | (0.4 | )% | 10.3 | % | 387,127 | 361,898 | 7.0 | % | |||||||||||||||||||||||||||||
Income Before Income Taxes | 61,551 | 54,539 | 57,177 | 52,371 | 54,725 | 12.9 | % | 12.5 | % | 173,267 | 155,878 | 11.2 | % | |||||||||||||||||||||||||||||
Income tax expense | 12,646 | 9,072 | 13,797 | 10,221 | 13,257 | 39.4 | % | (4.6 | )% | 35,515 | 36,403 | (2.4 | )% | |||||||||||||||||||||||||||||
Net Income | $ | 48,905 | $ | 45,467 | $ | 43,380 | $ | 42,150 | $ | 41,468 | 7.6 | % | 17.9 | % | $ | 137,752 | $ | 119,475 | 15.3 | % | ||||||||||||||||||||||
PER SHARE: | ||||||||||||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.28 | $ | 0.26 | $ | 0.25 | $ | 0.24 | $ | 0.24 | 7.7 | % | 16.7 | % | $ | 0.79 | $ | 0.69 | 14.5 | % | ||||||||||||||||||||||
Diluted | 0.28 | 0.26 | 0.25 | 0.24 | 0.24 | 7.7 | % | 16.7 | % | 0.78 | 0.69 | 13.0 | % | |||||||||||||||||||||||||||||
Cash dividends | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.12 | $ | 0.10 | — | % | 10.0 | % | $ | 0.33 | $ | 0.29 | 13.8 | % | ||||||||||||||||||||||
Shareholders' equity | 12.71 | 12.54 | 12.36 | 12.19 | 12.30 | 1.4 | % | 3.3 | % | 12.71 | 12.30 | 3.3 | % | |||||||||||||||||||||||||||||
Shareholders' equity (tangible) | 9.68 | 9.50 | 9.31 | 9.13 | 9.23 | 1.9 | % | 4.9 | % | 9.68 | 9.23 | 4.9 | % | |||||||||||||||||||||||||||||
Weighted average shares (basic) | 174,991 | 174,597 | 174,150 | 173,554 | 173,020 | 0.2 | % | 1.1 | % | 174,582 | 173,248 | 0.8 | % | |||||||||||||||||||||||||||||
Weighted average shares (diluted) | 176,216 | 175,532 | 175,577 | 174,874 | 174,064 | 0.4 | % | 1.2 | % | 175,776 | 174,265 | 0.9 | % | |||||||||||||||||||||||||||||
Shares outstanding, end of period | 175,057 | 174,740 | 174,343 | 174,040 | 173,144 | 0.2 | % | 1.1 | % | 175,057 | 173,144 | 1.1 | % | |||||||||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||||||||||||
Return on average assets | 0.98 | % | 0.94 | % | 0.92 | % | 0.89 | % | 0.89 | % | 0.95 | % | 0.87 | % | ||||||||||||||||||||||||||||
Return on average shareholders' equity | 8.76 | % | 8.36 | % | 8.22 | % | 7.86 | % | 7.78 | % | 8.45 | % | 7.64 | % | ||||||||||||||||||||||||||||
Return on average shareholders' equity (tangible) | 11.52 | % | 11.06 | % | 10.93 | % | 10.47 | % | 10.38 | % | 11.18 | % | 10.24 | % | ||||||||||||||||||||||||||||
Net interest margin | 3.27 | % | 3.29 | % | 3.26 | % | 3.15 | % | 3.14 | % | 3.27 | % | 3.19 | % | ||||||||||||||||||||||||||||
Efficiency ratio | 64.30 | % | 65.33 | % | 64.23 | % | 67.60 | % | 65.16 | % | 64.63 | % | 67.01 | % | ||||||||||||||||||||||||||||
N/M - Not meaningful | ||||||||||||||||||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
September 30, 2017 | June 30, 2017 | September 30, 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 | $ | 15,392,067 | $ | 159,454 | 4.12% | $ | 15,127,205 | $ | 152,649 | 4.05% | $ | 14,212,250 | $ | 140,434 | 3.93% | |||||||||||||||||||
Taxable investment securities | 2,115,931 | 11,423 | 2.01% | 2,090,120 | 11,473 | 2.12% | 2,110,084 | 10,872 | 2.06% | |||||||||||||||||||||||||
Tax-exempt investment securities | 408,594 | 4,492 | 4.40% | 404,680 | 4,394 | 4.34% | 344,231 | 3,923 | 4.56% | |||||||||||||||||||||||||
Equity securities | 8,709 | 143 | 6.52% | 10,759 | 148 | 5.52% | 14,209 | 196 | 5.50% | |||||||||||||||||||||||||
Total Investment Securities | 2,533,234 | 16,058 | 2.53% | 2,505,559 | 16,015 | 2.56% | 2,468,524 | 14,991 | 2.43% | |||||||||||||||||||||||||
Loans held for sale | 22,456 | 243 | 4.33% | 19,750 | 201 | 4.07% | 22,593 | 210 | 3.72% | |||||||||||||||||||||||||
Other interest-earning assets | 590,676 | 1,667 | 1.12% | 324,719 | 802 | 0.99% | 501,666 | 1,051 | 0.84% | |||||||||||||||||||||||||
Total Interest-earning Assets | 18,538,433 | 177,422 | 3.80% | 17,977,233 | 169,667 | 3.78% | 17,205,033 | 156,686 | 3.63% | |||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||
Cash and due from banks | 101,643 | 103,078 | 101,927 | |||||||||||||||||||||||||||||||
Premises and equipment | 220,129 | 218,075 | 227,906 | |||||||||||||||||||||||||||||||
Other assets | 1,186,622 | 1,174,745 | 1,219,844 | |||||||||||||||||||||||||||||||
Less: allowance for loan losses | (174,101 | ) | (172,156 | ) | (163,074 | ) | ||||||||||||||||||||||||||||
Total Assets | $ | 19,872,726 | $ | 19,300,975 | $ | 18,591,636 | ||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | $ | 3,943,118 | $ | 3,847 | 0.39% | $ | 3,690,059 | $ | 2,780 | 0.30% | $ | 3,602,448 | $ | 1,706 | 0.19% | |||||||||||||||||||
Savings deposits | 4,603,155 | 3,962 | 0.34% | 4,315,495 | 2,710 | 0.25% | 4,078,942 | 2,042 | 0.20% | |||||||||||||||||||||||||
Brokered deposits | 89,767 | 277 | 1.23% | — | — | —% | — | — | —% | |||||||||||||||||||||||||
Time deposits | 2,744,532 | 7,937 | 1.15% | 2,696,033 | 7,394 | 1.10% | 2,814,258 | 7,562 | 1.07% | |||||||||||||||||||||||||
Total Interest-bearing Deposits | 11,380,572 | 16,023 | 0.56% | 10,701,587 | 12,884 | 0.48% | 10,495,648 | 11,310 | 0.43% | |||||||||||||||||||||||||
Short-term borrowings | 402,341 | 578 | 0.57% | 633,102 | 974 | 0.61% | 426,369 | 254 | 0.23% | |||||||||||||||||||||||||
FHLB advances and long-term debt | 1,038,062 | 8,100 | 3.11% | 1,070,845 | 8,460 | 3.16% | 965,228 | 9,338 | 3.86% | |||||||||||||||||||||||||
Total Interest-bearing Liabilities | 12,820,975 | 24,701 | 0.77% | 12,405,534 | 22,318 | 0.72% | 11,887,245 | 20,902 | 0.70% | |||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | 4,494,897 | 4,387,517 | 4,227,639 | |||||||||||||||||||||||||||||||
Other | 341,465 | 326,735 | 356,156 | |||||||||||||||||||||||||||||||
Total Liabilities | 17,657,337 | 17,119,786 | 16,471,040 | |||||||||||||||||||||||||||||||
Shareholders' equity | 2,215,389 | 2,181,189 | 2,120,596 | |||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 19,872,726 | $ | 19,300,975 | $ | 18,591,636 | ||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 152,721 | 3.27% | 147,349 | 3.29% | 135,784 | 3.14% | ||||||||||||||||||||||||||||
Tax equivalent adjustment | (5,912 | ) | (5,786 | ) | (5,219 | ) | ||||||||||||||||||||||||||||
Net interest income | $ | 146,809 | $ | 141,563 | $ | 130,565 | ||||||||||||||||||||||||||||
(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 0.57%, 0.53% and 0.52% for the three months ended September 30, 2017, June 30, 2017 and September 30, 2016, respectively. | ||||||||||||||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||||||||||
Three Months Ended | % Change from | |||||||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Sep 30 | ||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,208,630 | $ | 6,163,844 | $ | 6,039,140 | $ | 5,828,313 | $ | 5,670,888 | 0.7 | % | 9.5 | % | ||||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,257,075 | 4,221,025 | 4,205,070 | 4,081,498 | 4,066,275 | 0.9 | % | 4.7 | % | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,841,559 | 1,707,929 | 1,637,669 | 1,572,895 | 1,503,209 | 7.8 | % | 22.5 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,569,898 | 1,587,680 | 1,613,249 | 1,633,668 | 1,640,913 | (1.1 | )% | (4.3 | )% | |||||||||||||||||||||||||
Real estate - construction | 943,029 | 897,321 | 840,968 | 845,528 | 837,920 | 5.1 | % | 12.5 | % | |||||||||||||||||||||||||
Consumer | 318,546 | 300,966 | 284,352 | 289,864 | 281,517 | 5.8 | % | 13.2 | % | |||||||||||||||||||||||||
Leasing and other | 253,330 | 248,440 | 237,114 | 224,050 | 211,528 | 2.0 | % | 19.8 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 15,392,067 | $ | 15,127,205 | $ | 14,857,562 | $ | 14,475,816 | $ | 14,212,250 | 1.8 | % | 8.3 | % | ||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,494,897 | $ | 4,387,517 | $ | 4,301,727 | $ | 4,331,894 | $ | 4,227,639 | 2.4 | % | 6.3 | % | ||||||||||||||||||||
Interest-bearing demand | 3,943,118 | 3,690,059 | 3,650,931 | 3,714,391 | 3,602,448 | 6.9 | % | 9.5 | % | |||||||||||||||||||||||||
Savings and money market accounts | 4,603,155 | 4,315,495 | 4,194,216 | 4,216,090 | 4,078,942 | 6.7 | % | 12.9 | % | |||||||||||||||||||||||||
Total demand and savings | 13,041,170 | 12,393,071 | 12,146,874 | 12,262,375 | 11,909,029 | 5.2 | % | 9.5 | % | |||||||||||||||||||||||||
Brokered deposits | 89,767 | — | — | — | — | — | % | — | % | |||||||||||||||||||||||||
Time deposits | 2,744,532 | 2,696,033 | 2,739,453 | 2,777,203 | 2,814,258 | 1.8 | % | (2.5 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 15,875,469 | $ | 15,089,104 | $ | 14,886,327 | $ | 15,039,578 | $ | 14,723,287 | 5.2 | % | 7.8 | % | ||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 176,415 | $ | 199,657 | $ | 199,403 | $ | 200,126 | $ | 187,587 | (11.6 | )% | (6.0 | )% | ||||||||||||||||||||
Customer short-term promissory notes | 80,147 | 77,554 | 79,985 | 67,355 | 70,072 | 3.3 | % | 14.4 | % | |||||||||||||||||||||||||
Federal funds purchased | 90,453 | 242,375 | 308,220 | 40,613 | 148,546 | (62.7 | )% | (39.1 | )% | |||||||||||||||||||||||||
Short-term FHLB advances and other borrowings | 55,326 | 113,516 | 124,889 | — | 20,163 | (51.3 | )% | N/M | ||||||||||||||||||||||||||
Total Short-term Borrowings | $ | 402,341 | $ | 633,102 | $ | 712,497 | $ | 308,094 | $ | 426,368 | (36.4 | )% | (5.6 | )% | ||||||||||||||||||||
N/M - Not meaningful | ||||||||||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||
Nine Months Ended September 30 | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans, net of unearned income | $ | 15,127,569 | $ | 458,753 | 4.05 | % | $ | 14,011,301 | $ | 416,646 | 3.97 | % | |||||||||||
Taxable investment securities | 2,117,127 | 34,811 | 2.11 | % | 2,139,378 | 34,034 | 2.12 | % | |||||||||||||||
Tax-exempt investment securities | 405,728 | 13,268 | 4.36 | % | 306,298 | 10,631 | 4.63 | % | |||||||||||||||
Equity securities | 10,391 | 467 | 6.01 | % | 14,272 | 599 | 5.60 | % | |||||||||||||||
Total Investment Securities | 2,533,246 | 48,546 | 2.56 | % | 2,459,948 | 45,264 | 2.45 | % | |||||||||||||||
Loans held for sale | 19,378 | 631 | 4.34 | % | 18,114 | 529 | 3.90 | % | |||||||||||||||
Other interest-earning assets | 410,250 | 3,311 | 1.08 | % | 406,163 | 2,813 | 0.92 | % | |||||||||||||||
Total Interest-earning Assets | 18,090,443 | 511,241 | 3.78 | % | 16,895,526 | 465,252 | 3.68 | % | |||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||
Cash and due from banks | 107,029 | 100,417 | |||||||||||||||||||||
Premises and equipment | 218,700 | 227,237 | |||||||||||||||||||||
Other assets | 1,170,466 | 1,182,260 | |||||||||||||||||||||
Less: allowance for loan losses | (172,145 | ) | (164,999 | ) | |||||||||||||||||||
Total Assets | $ | 19,414,493 | $ | 18,240,441 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 3,762,439 | 8,865 | 0.32 | % | $ | 3,498,659 | 4,727 | 0.18 | % | |||||||||||||
Savings deposits | 4,372,453 | 8,883 | 0.27 | % | 4,000,871 | 5,732 | 0.19 | % | |||||||||||||||
Brokered deposits | 30,251 | 277 | 1.23 | % | — | — | — | % | |||||||||||||||
Time deposits | 2,726,693 | 22,684 | 1.11 | % | 2,842,011 | 22,465 | 1.06 | % | |||||||||||||||
Total Interest-bearing Deposits | 10,891,836 | 40,709 | 0.50 | % | 10,341,541 | 32,924 | 0.43 | % | |||||||||||||||
Short-term borrowings | 581,511 | 2,407 | 0.55 | % | 425,151 | 739 | 0.23 | % | |||||||||||||||
FHLB advances and long-term debt | 1,033,159 | 24,812 | 3.21 | % | 962,997 | 27,889 | 3.86 | % | |||||||||||||||
Total Interest-bearing Liabilities | 12,506,506 | 67,928 | 0.73 | % | 11,729,689 | 61,552 | 0.70 | % | |||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | 4,395,421 | 4,091,555 | |||||||||||||||||||||
Other | 333,250 | 329,315 | |||||||||||||||||||||
Total Liabilities | 17,235,177 | 16,150,559 | |||||||||||||||||||||
Shareholders' equity | 2,179,316 | 2,089,882 | |||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 19,414,493 | $ | 18,240,441 | |||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 443,313 | 3.27 | % | 403,700 | 3.19 | % | |||||||||||||||||
Tax equivalent adjustment | (17,362 | ) | (15,165 | ) | |||||||||||||||||||
Net interest income | $ | 425,951 | $ | 388,535 | |||||||||||||||||||
(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 0.54% and 0.52% for the nine months ended September 30, 2017 and 2016, respectively. | |||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | |||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
September 30 | |||||||||||||||||||||||
2017 | 2016 | % Change | |||||||||||||||||||||
Loans, by type: | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,137,824 | $ | 5,572,356 | 10.1 | % | |||||||||||||||||
Commercial - industrial, financial and agricultural | 4,227,918 | 4,080,638 | 3.6 | % | |||||||||||||||||||
Real estate - residential mortgage | 1,729,799 | 1,428,430 | 21.1 | % | |||||||||||||||||||
Real estate - home equity | 1,590,117 | 1,656,969 | (4.0 | )% | |||||||||||||||||||
Real estate - construction | 894,146 | 817,014 | 9.4 | % | |||||||||||||||||||
Consumer | 301,414 | 272,402 | 10.7 | % | |||||||||||||||||||
Leasing and other | 246,351 | 183,492 | 34.3 | % | |||||||||||||||||||
Total Loans, net of unearned income | $ | 15,127,569 | $ | 14,011,301 | 8.0 | % | |||||||||||||||||
Deposits, by type: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,395,421 | $ | 4,091,555 | 7.4 | % | |||||||||||||||||
Interest-bearing demand | 3,762,439 | 3,498,659 | 7.5 | % | |||||||||||||||||||
Savings and money market accounts | 4,372,453 | 4,000,871 | 9.3 | % | |||||||||||||||||||
Total demand and savings | 12,530,313 | 11,591,085 | 8.1 | % | |||||||||||||||||||
Brokered deposits | 30,251 | — | — | % | |||||||||||||||||||
Time deposits | 2,726,693 | 2,842,011 | (4.1 | )% | |||||||||||||||||||
Total Deposits | $ | 15,287,257 | $ | 14,433,096 | 5.9 | % | |||||||||||||||||
Short-term borrowings, by type: | |||||||||||||||||||||||
Customer repurchase agreements | $ | 192,015 | $ | 179,892 | 6.7 | % | |||||||||||||||||
Customer short-term promissory notes | 78,955 | 73,859 | 6.9 | % | |||||||||||||||||||
Federal funds purchased | 212,885 | 156,812 | 35.8 | % | |||||||||||||||||||
Short-term FHLB advances and other borrowings | 97,656 | 14,588 | N/M | ||||||||||||||||||||
Total Short-term Borrowings | $ | 581,511 | $ | 425,151 | 36.8 | % | |||||||||||||||||
N/M - Not meaningful | |||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Sep 30 | Sep 30 | ||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 174,998 | $ | 172,647 | $ | 171,325 | $ | 165,169 | $ | 165,108 | $ | 171,325 | $ | 171,412 | ||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (2,714 | ) | (5,353 | ) | (5,527 | ) | (1,319 | ) | (3,144 | ) | (13,594 | ) | (13,957 | ) | ||||||||||||||||
Consumer and home equity | (920 | ) | (1,022 | ) | (1,554 | ) | (2,156 | ) | (1,394 | ) | (3,496 | ) | (5,556 | ) | ||||||||||||||||
Real estate - construction | (2,744 | ) | (774 | ) | (247 | ) | — | (150 | ) | (3,765 | ) | (1,218 | ) | |||||||||||||||||
Real estate - commercial mortgage | (483 | ) | (242 | ) | (1,224 | ) | (174 | ) | (1,350 | ) | (1,949 | ) | (3,406 | ) | ||||||||||||||||
Real estate - residential mortgage | (195 | ) | (124 | ) | (216 | ) | (116 | ) | (802 | ) | (535 | ) | (2,210 | ) | ||||||||||||||||
Leasing and other | (739 | ) | (1,200 | ) | (639 | ) | (589 | ) | (832 | ) | (2,578 | ) | (3,226 | ) | ||||||||||||||||
Total loans charged off | (7,795 | ) | (8,715 | ) | (9,407 | ) | (4,354 | ) | (7,672 | ) | (25,917 | ) | (29,573 | ) | ||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 665 | 1,974 | 4,191 | 2,192 | 1,539 | 6,830 | 6,789 | |||||||||||||||||||||||
Consumer and home equity | 445 | 685 | 373 | 580 | 463 | 1,503 | 1,886 | |||||||||||||||||||||||
Real estate - construction | 629 | 373 | 548 | 1,080 | 898 | 1,550 | 2,844 | |||||||||||||||||||||||
Real estate - commercial mortgage | 106 | 934 | 450 | 885 | 296 | 1,490 | 2,488 | |||||||||||||||||||||||
Real estate - residential mortgage | 219 | 151 | 230 | 288 | 228 | 600 | 784 | |||||||||||||||||||||||
Leasing and other | 407 | 249 | 137 | 485 | 168 | 793 | 357 | |||||||||||||||||||||||
Recoveries of loans previously charged off | 2,471 | 4,366 | 5,929 | 5,510 | 3,592 | 12,766 | 15,148 | |||||||||||||||||||||||
Net loans recovered (charged off) | (5,324 | ) | (4,349 | ) | (3,478 | ) | 1,156 | (4,080 | ) | (13,151 | ) | (14,425 | ) | |||||||||||||||||
Provision for credit losses | 5,075 | 6,700 | 4,800 | 5,000 | 4,141 | 16,575 | 8,182 | |||||||||||||||||||||||
Balance at end of period | $ | 174,749 | $ | 174,998 | $ | 172,647 | $ | 171,325 | $ | 165,169 | $ | 174,749 | $ | 165,169 | ||||||||||||||||
Net charge-offs (recoveries) to average loans (annualized) | 0.14 | % | 0.11 | % | 0.09 | % | (0.03 | )% | 0.11 | % | 0.12 | % | 0.14 | % | ||||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||||
Non-accrual loans | $ | 123,345 | $ | 122,600 | $ | 117,264 | $ | 120,133 | $ | 124,017 | ||||||||||||||||||||
Loans 90 days past due and accruing | 13,124 | 13,143 | 14,268 | 11,505 | 14,095 | |||||||||||||||||||||||||
Total non-performing loans | 136,469 | 135,743 | 131,532 | 131,638 | 138,112 | |||||||||||||||||||||||||
Other real estate owned | 10,542 | 11,432 | 11,906 | 12,815 | 11,981 | |||||||||||||||||||||||||
Total non-performing assets | $ | 147,011 | $ | 147,175 | $ | 143,438 | $ | 144,453 | $ | 150,093 | ||||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 54,209 | $ | 51,320 | $ | 43,826 | $ | 43,460 | $ | 47,330 | ||||||||||||||||||||
Real estate - commercial mortgage | 34,650 | 32,576 | 36,713 | 39,319 | 39,631 | |||||||||||||||||||||||||
Real estate - residential mortgage | 21,643 | 21,846 | 23,597 | 23,655 | 23,451 | |||||||||||||||||||||||||
Real estate - construction | 13,415 | 16,564 | 13,550 | 9,842 | 11,223 | |||||||||||||||||||||||||
Consumer and home equity | 12,472 | 13,156 | 13,408 | 15,045 | 16,426 | |||||||||||||||||||||||||
Leasing | 80 | 281 | 438 | 317 | 51 | |||||||||||||||||||||||||
Total non-performing loans | $ | 136,469 | $ | 135,743 | $ | 131,532 | $ | 131,638 | $ | 138,112 | ||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | ||||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 26,193 | $ | 26,368 | $ | 27,033 | $ | 27,617 | $ | 26,854 | ||||||||||||||||||||
Real-estate - commercial mortgage | 14,439 | 13,772 | 15,237 | 15,957 | 16,085 | |||||||||||||||||||||||||
Consumer and home equity | 14,822 | 12,064 | 9,638 | 8,633 | 7,707 | |||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 7,512 | 8,086 | 7,441 | 6,627 | 7,488 | |||||||||||||||||||||||||
Real estate - construction | 169 | 1,475 | 273 | 726 | 843 | |||||||||||||||||||||||||
Total accruing TDRs | $ | 63,135 | $ | 61,765 | $ | 59,622 | $ | 59,560 | $ | 58,977 | ||||||||||||||||||||
Non-accrual TDRs (1) | 28,742 | 29,373 | 27,220 | 27,850 | 27,904 | |||||||||||||||||||||||||
Total TDRs | $ | 91,877 | $ | 91,138 | $ | 86,842 | $ | 87,410 | $ | 86,881 | ||||||||||||||||||||
(1) Included within non-accrual loans above. | ||||||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | Total Delinquency % | |||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | ||||||||||||||||||||||||||
Real estate - commercial mortgage | 0.75 | % | 0.66 | % | 0.78 | % | 0.78 | % | 0.87 | % | ||||||||||||||||||||
Commercial - industrial, financial and agricultural | 1.54 | % | 1.43 | % | 1.25 | % | 1.31 | % | 1.48 | % | ||||||||||||||||||||
Real estate - construction | 1.50 | % | 1.82 | % | 1.99 | % | 1.29 | % | 1.61 | % | ||||||||||||||||||||
Real estate - residential mortgage | 2.25 | % | 2.08 | % | 2.44 | % | 2.74 | % | 2.67 | % | ||||||||||||||||||||
Consumer, home equity, leasing and other | 1.38 | % | 1.34 | % | 1.22 | % | 1.45 | % | 1.53 | % | ||||||||||||||||||||
Total | 1.28 | % | 1.20 | % | 1.23 | % | 1.27 | % | 1.38 | % | ||||||||||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | ||||||||||||||||||||||||||
Non-accrual loans to total loans | 0.80 | % | 0.80 | % | 0.78 | % | 0.82 | % | 0.86 | % | ||||||||||||||||||||
Non-performing loans to total loans | 0.88 | % | 0.88 | % | 0.88 | % | 0.90 | % | 0.96 | % | ||||||||||||||||||||
Non-performing assets to total loans and OREO | 0.95 | % | 0.96 | % | 0.96 | % | 0.98 | % | 1.04 | % | ||||||||||||||||||||
Non-performing assets to total assets | 0.73 | % | 0.75 | % | 0.75 | % | 0.76 | % | 0.80 | % | ||||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.13 | % | 1.14 | % | 1.15 | % | 1.17 | % | 1.15 | % | ||||||||||||||||||||
Allowance for credit losses to non-performing loans | 128.05 | % | 128.92 | % | 131.26 | % | 130.15 | % | 119.59 | % | ||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 7.87 | % | 8.02 | % | 7.99 | % | 8.20 | % | 8.51 | % | ||||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) | |||||||||||||||||||||||||||||||||||
in thousands, except per share data and percentages | |||||||||||||||||||||||||||||||||||
Explanatory note: | This press release contains supplemental financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow: | ||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Sep 30 | Sep 30 | |||||||||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | |||||||||||||||||||||||||||||||||||
Shareholders' equity | $ | 2,225,786 | $ | 2,191,770 | $ | 2,154,683 | $ | 2,121,115 | $ | 2,129,436 | |||||||||||||||||||||||||
Less: Goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | |||||||||||||||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,694,230 | $ | 1,660,214 | $ | 1,623,127 | $ | 1,589,559 | $ | 1,597,880 | |||||||||||||||||||||||||
Shares outstanding, end of period (denominator) | 175,057 | 174,740 | 174,343 | 174,040 | 173,144 | ||||||||||||||||||||||||||||||
Shareholders' equity (tangible), per share | $ | 9.68 | $ | 9.50 | $ | 9.31 | $ | 9.13 | $ | 9.23 | |||||||||||||||||||||||||
Return on average shareholders' equity (tangible) | |||||||||||||||||||||||||||||||||||
Net income - Numerator | $ | 48,905 | $ | 45,467 | $ | 43,380 | $ | 42,150 | $ | 41,468 | $ | 137,752 | $ | 119,475 | |||||||||||||||||||||
Average shareholders' equity | $ | 2,215,389 | $ | 2,181,189 | $ | 2,140,547 | $ | 2,132,655 | $ | 2,120,596 | $ | 2,179,316 | $ | 2,089,882 | |||||||||||||||||||||
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) | $ | 1,683,833 | $ | 1,649,633 | $ | 1,608,991 | $ | 1,601,099 | $ | 1,589,040 | $ | 1,647,760 | $ | 1,558,326 | |||||||||||||||||||||
Return on average shareholders' equity (tangible), annualized | 11.52 | % | 11.06 | % | 10.93 | % | 10.47 | % | 10.38 | % | 11.18 | % | 10.24 | % | |||||||||||||||||||||
Efficiency ratio | |||||||||||||||||||||||||||||||||||
Non-interest expense | $ | 132,157 | $ | 132,695 | $ | 122,275 | $ | 127,621 | $ | 119,848 | $ | 387,127 | $ | 361,898 | |||||||||||||||||||||
Less: Amortization on tax credit investments (1) | (3,503 | ) | (3,151 | ) | (998 | ) | — | — | (7,652 | ) | — | ||||||||||||||||||||||||
Non-interest expense - Numerator | $ | 128,654 | $ | 129,544 | $ | 121,277 | $ | 127,621 | $ | 119,848 | $ | 379,475 | $ | 361,898 | |||||||||||||||||||||
Net interest income (fully taxable equivalent) | $ | 152,721 | $ | 147,349 | $ | 143,243 | $ | 137,571 | $ | 135,784 | $ | 443,313 | $ | 403,700 | |||||||||||||||||||||
Plus: Total Non-interest income | 51,974 | 52,371 | 46,673 | 52,755 | 48,149 | 151,018 | 137,423 | ||||||||||||||||||||||||||||
Less: Investment securities gains | (4,597 | ) | (1,436 | ) | (1,106 | ) | (1,525 | ) | (2 | ) | (7,139 | ) | (1,025 | ) | |||||||||||||||||||||
Denominator | $ | 200,098 | $ | 198,284 | $ | 188,810 | $ | 188,801 | $ | 183,931 | $ | 587,192 | $ | 540,098 | |||||||||||||||||||||
Efficiency ratio | 64.30 | % | 65.33 | % | 64.23 | % | 67.60 | % | 65.16 | % | 64.63 | % | 67.01 | % | |||||||||||||||||||||
Non-performing assets to tangible shareholders' equity and allowance for credit losses | |||||||||||||||||||||||||||||||||||
Non-performing assets (numerator) | $ | 147,011 | $ | 147,175 | $ | 143,438 | $ | 144,453 | $ | 150,093 | |||||||||||||||||||||||||
Tangible shareholders' equity | $ | 1,694,230 | $ | 1,660,214 | 1,623,127 | 1,589,559 | $ | 1,597,880 | |||||||||||||||||||||||||||
Plus: Allowance for credit losses | 174,749 | 174,998 | 172,647 | 171,325 | 165,169 | ||||||||||||||||||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,868,979 | $ | 1,835,212 | $ | 1,795,774 | $ | 1,760,884 | $ | 1,763,049 | |||||||||||||||||||||||||
Non-performing assets to tangible shareholders' equity and allowance for credit losses | 7.87 | % | 8.02 | % | 7.99 | % | 8.20 | % | 8.51 | % | |||||||||||||||||||||||||
Pre-provision net revenue | |||||||||||||||||||||||||||||||||||
Net interest income | $ | 146,809 | $ | 141,563 | $ | 137,579 | $ | 132,237 | $ | 130,565 | $ | 425,951 | $ | 388,535 | |||||||||||||||||||||
Non-interest income | 51,974 | 52,371 | 46,673 | 52,755 | 48,149 | 151,018 | 137,423 | ||||||||||||||||||||||||||||
Less: Investment securities gains | (4,597 | ) | (1,436 | ) | (1,106 | ) | (1,525 | ) | (2 | ) | (7,139 | ) | (1,025 | ) | |||||||||||||||||||||
Total revenue | $ | 194,186 | $ | 192,498 | $ | 183,146 | $ | 183,467 | $ | 178,712 | $ | 569,830 | $ | 524,933 | |||||||||||||||||||||
Non-interest expense | $ | 132,157 | $ | 132,695 | $ | 122,275 | $ | 127,621 | $ | 119,848 | $ | 387,127 | $ | 361,898 | |||||||||||||||||||||
Less: Amortization on tax credit investments (1) | (3,503 | ) | (3,151 | ) | (998 | ) | — | — | (7,652 | ) | — | ||||||||||||||||||||||||
Total non-interest expense | $ | 128,654 | $ | 129,544 | $ | 121,277 | $ | 127,621 | $ | 119,848 | $ | 379,475 | $ | 361,898 | |||||||||||||||||||||
Pre-provision net revenue | $ | 65,532 | $ | 62,954 | $ | 61,869 | $ | 55,846 | $ | 58,864 | $ | 190,355 | $ | 163,035 | |||||||||||||||||||||
(1) Amortization expense for tax credit investments that are considered to be affordable housing projects under applicable accounting guidance is included in income taxes. Amortization expense for other tax credit investments that are not considered to be affordable housing projects is included in non-interest expense. If amortization expense for all tax credit investments were recorded in income taxes, the effective tax rate for the quarter ended September 30, 2017 would have been 26.2% vs 20.5%. | |||||||||||||||||||||||||||||||||||