Exhibit 99.2 | ||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||
% Change from | ||||||||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Mar 31 | ||||||||||||||||||||
2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks | $ | 93,844 | $ | 118,763 | $ | 86,497 | $ | 84,647 | $ | 83,479 | (21.0 | )% | 12.4 | % | ||||||||||||
Other interest-earning assets | 350,387 | 291,252 | 428,966 | 408,086 | 408,060 | 20.3 | % | (14.1 | )% | |||||||||||||||||
Loans held for sale | 24,783 | 28,697 | 27,836 | 34,330 | 19,719 | (13.6 | )% | 25.7 | % | |||||||||||||||||
Investment securities | 2,506,017 | 2,559,227 | 2,508,068 | 2,529,724 | 2,516,205 | (2.1 | )% | (0.4 | )% | |||||||||||||||||
Loans, net of unearned income | 14,963,177 | 14,699,272 | 14,391,238 | 14,155,159 | 13,870,701 | 1.8 | % | 7.9 | % | |||||||||||||||||
Allowance for loan losses | (170,076 | ) | (168,679 | ) | (162,526 | ) | (162,546 | ) | (163,841 | ) | 0.8 | % | 3.8 | % | ||||||||||||
Net loans | 14,793,101 | 14,530,593 | 14,228,712 | 13,992,613 | 13,706,860 | 1.8 | % | 7.9 | % | |||||||||||||||||
Premises and equipment | 216,171 | 217,806 | 228,009 | 228,861 | 228,057 | (0.8 | )% | (5.2 | )% | |||||||||||||||||
Accrued interest receivable | 46,355 | 46,294 | 43,600 | 43,316 | 44,379 | 0.1 | % | 4.5 | % | |||||||||||||||||
Goodwill and intangible assets | 531,556 | 531,556 | 531,556 | 531,556 | 531,556 | — | % | — | % | |||||||||||||||||
Other assets | 616,362 | 620,059 | 617,818 | 626,902 | 583,939 | (0.6 | )% | 5.6 | % | |||||||||||||||||
Total Assets | $ | 19,178,576 | $ | 18,944,247 | $ | 18,701,062 | $ | 18,480,035 | $ | 18,122,254 | 1.2 | % | 5.8 | % | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
Deposits | $ | 15,090,344 | $ | 15,012,864 | $ | 14,952,479 | $ | 14,292,564 | $ | 14,404,280 | 0.5 | % | 4.8 | % | ||||||||||||
Short-term borrowings | 453,317 | 541,317 | 264,042 | 722,214 | 352,883 | (16.3 | )% | 28.5 | % | |||||||||||||||||
Other liabilities | 342,323 | 339,548 | 389,819 | 392,708 | 326,128 | 0.8 | % | 5.0 | % | |||||||||||||||||
FHLB advances and long-term debt | 1,137,909 | 929,403 | 965,286 | 965,552 | 965,654 | 22.4 | % | 17.8 | % | |||||||||||||||||
Total Liabilities | 17,023,893 | 16,823,132 | 16,571,626 | 16,373,038 | 16,048,945 | 1.2 | % | 6.1 | % | |||||||||||||||||
Shareholders' equity | 2,154,683 | 2,121,115 | 2,129,436 | 2,106,997 | 2,073,309 | 1.6 | % | 3.9 | % | |||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 19,178,576 | $ | 18,944,247 | $ | 18,701,062 | $ | 18,480,035 | $ | 18,122,254 | 1.2 | % | 5.8 | % | ||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,118,533 | $ | 6,018,582 | $ | 5,818,915 | $ | 5,635,347 | $ | 5,558,108 | 1.7 | % | 10.1 | % | ||||||||||||
Commercial - industrial, financial and agricultural | 4,167,809 | 4,087,486 | 4,024,119 | 4,099,177 | 4,035,333 | 2.0 | % | 3.3 | % | |||||||||||||||||
Real estate - residential mortgage | 1,665,142 | 1,601,994 | 1,542,696 | 1,447,292 | 1,377,459 | 3.9 | % | 20.9 | % | |||||||||||||||||
Real estate - home equity | 1,595,901 | 1,625,115 | 1,640,421 | 1,647,319 | 1,659,481 | (1.8 | )% | (3.8 | )% | |||||||||||||||||
Real estate - construction | 882,983 | 843,649 | 861,634 | 853,699 | 810,872 | 4.7 | % | 8.9 | % | |||||||||||||||||
Consumer | 288,826 | 291,470 | 283,673 | 278,071 | 263,221 | (0.9 | )% | 9.7 | % | |||||||||||||||||
Leasing and other | 243,983 | 230,976 | 219,780 | 194,254 | 166,227 | 5.6 | % | 46.8 | % | |||||||||||||||||
Total Loans, net of unearned income | $ | 14,963,177 | $ | 14,699,272 | $ | 14,391,238 | $ | 14,155,159 | $ | 13,870,701 | 1.8 | % | 7.9 | % | ||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,417,733 | $ | 4,376,137 | $ | 4,210,099 | $ | 4,125,375 | $ | 4,134,861 | 1.0 | % | 6.8 | % | ||||||||||||
Interest-bearing demand | 3,702,663 | 3,703,712 | 3,703,048 | 3,358,536 | 3,430,206 | — | % | 7.9 | % | |||||||||||||||||
Savings and money market accounts | 4,251,574 | 4,179,773 | 4,235,015 | 3,986,008 | 3,972,199 | 1.7 | % | 7.0 | % | |||||||||||||||||
Time deposits | 2,718,374 | 2,753,242 | 2,804,317 | 2,822,645 | 2,867,014 | (1.3 | )% | (5.2 | )% | |||||||||||||||||
Total Deposits | $ | 15,090,344 | $ | 15,012,864 | $ | 14,952,479 | $ | 14,292,564 | $ | 14,404,280 | 0.5 | % | 4.8 | % | ||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||
Customer repurchase agreements | $ | 181,170 | $ | 195,734 | $ | 189,727 | $ | 168,521 | $ | 162,431 | (7.4 | )% | 11.5 | % | ||||||||||||
Customer short-term promissory notes | 87,726 | 67,013 | 65,871 | 69,509 | 76,807 | 30.9 | % | 14.2 | % | |||||||||||||||||
Short-term FHLB advances | 130,000 | — | — | 35,000 | 81,000 | N/M | 60.5 | % | ||||||||||||||||||
Federal funds purchased | 54,421 | 278,570 | 8,444 | 449,184 | 32,645 | (80.5 | )% | 66.7 | % | |||||||||||||||||
Total Short-term Borrowings | $ | 453,317 | $ | 541,317 | $ | 264,042 | $ | 722,214 | $ | 352,883 | (16.3 | )% | 28.5 | % | ||||||||||||
N/M - Not meaningful |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||||||||||||
in thousands, except per-share data and percentages | ||||||||||||||||||||||||||||||
Three Months Ended | % Change from | |||||||||||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Mar 31 | ||||||||||||||||||||||||
2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | ||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||
Interest income | $ | 158,487 | $ | 153,012 | $ | 151,468 | $ | 149,309 | $ | 149,311 | 3.6 | % | 6.1 | % | ||||||||||||||||
Interest expense | 20,908 | 20,775 | 20,903 | 20,393 | 20,257 | 0.6 | % | 3.2 | % | |||||||||||||||||||||
Net Interest Income | 137,579 | 132,237 | 130,565 | 128,916 | 129,054 | 4.0 | % | 6.6 | % | |||||||||||||||||||||
Provision for credit losses | 4,800 | 5,000 | 4,141 | 2,511 | 1,530 | (4.0 | )% | 213.7 | % | |||||||||||||||||||||
Net Interest Income after Provision | 132,779 | 127,237 | 126,424 | 126,405 | 127,524 | 4.4 | % | 4.1 | % | |||||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||||||||
Other service charges and fees | 12,437 | 13,333 | 14,407 | 12,983 | 10,750 | (6.7 | )% | 15.7 | % | |||||||||||||||||||||
Service charges on deposit accounts | 12,400 | 12,814 | 13,078 | 12,896 | 12,558 | (3.2 | )% | (1.3 | )% | |||||||||||||||||||||
Investment management and trust services | 11,808 | 11,610 | 11,425 | 11,247 | 10,988 | 1.7 | % | 7.5 | % | |||||||||||||||||||||
Mortgage banking income | 4,596 | 6,959 | 4,529 | 3,897 | 4,030 | (34.0 | )% | 14.0 | % | |||||||||||||||||||||
Other | 4,326 | 6,514 | 4,708 | 5,038 | 3,864 | (33.6 | )% | 12.0 | % | |||||||||||||||||||||
Non-Interest Income before Investment Securities Gains | 45,567 | 51,230 | 48,147 | 46,061 | 42,190 | (11.1 | )% | 8.0 | % | |||||||||||||||||||||
Investment securities gains | 1,106 | 1,525 | 2 | 76 | 947 | (27.5 | )% | 16.8 | % | |||||||||||||||||||||
Total Non-Interest Income | 46,673 | 52,755 | 48,149 | 46,137 | 43,137 | (11.5 | )% | 8.2 | % | |||||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||||||||
Salaries and employee benefits | 69,236 | 73,256 | 70,696 | 70,029 | 69,372 | (5.5 | )% | (0.2 | )% | |||||||||||||||||||||
Net occupancy expense | 12,663 | 11,798 | 11,782 | 11,811 | 12,220 | 7.3 | % | 3.6 | % | |||||||||||||||||||||
Other outside services | 5,546 | 6,536 | 5,783 | 5,508 | 6,056 | (15.1 | )% | (8.4 | )% | |||||||||||||||||||||
Software | 4,693 | 4,912 | 4,117 | 3,953 | 3,921 | (4.5 | )% | 19.7 | % | |||||||||||||||||||||
Data processing | 4,286 | 4,530 | 4,610 | 5,476 | 5,400 | (5.4 | )% | (20.6 | )% | |||||||||||||||||||||
Equipment expense | 3,359 | 3,408 | 3,137 | 2,872 | 3,371 | (1.4 | )% | (0.4 | )% | |||||||||||||||||||||
Professional fees | 2,737 | 2,783 | 2,535 | 3,353 | 2,333 | (1.7 | )% | 17.3 | % | |||||||||||||||||||||
FDIC insurance expense | 2,058 | 2,067 | 1,791 | 2,960 | 2,949 | (0.4 | )% | (30.2 | )% | |||||||||||||||||||||
Marketing | 1,986 | 1,730 | 1,774 | 1,916 | 1,624 | 14.8 | % | 22.3 | % | |||||||||||||||||||||
Other | 15,711 | 16,601 | 13,623 | 13,759 | 13,167 | (5.4 | )% | 19.3 | % | |||||||||||||||||||||
Total Non-Interest Expense | 122,275 | 127,621 | 119,848 | 121,637 | 120,413 | (4.2 | )% | 1.5 | % | |||||||||||||||||||||
Income Before Income Taxes | 57,177 | 52,371 | 54,725 | 50,905 | 50,248 | 9.2 | % | 13.8 | % | |||||||||||||||||||||
Income tax expense | 13,797 | 10,221 | 13,257 | 11,155 | 11,991 | 35.0 | % | 15.1 | % | |||||||||||||||||||||
Net Income | $ | 43,380 | $ | 42,150 | $ | 41,468 | $ | 39,750 | $ | 38,257 | 2.9 | % | 13.4 | % | ||||||||||||||||
PER SHARE: | ||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||
Basic | $ | 0.25 | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.22 | 4.2 | % | 13.6 | % | ||||||||||||||||
Diluted | 0.25 | 0.24 | 0.24 | 0.23 | 0.22 | 4.2 | % | 13.6 | % | |||||||||||||||||||||
Cash dividends | $ | 0.11 | $ | 0.12 | $ | 0.10 | $ | 0.10 | $ | 0.09 | (8.3 | )% | 22.2 | % | ||||||||||||||||
Shareholders' equity | 12.36 | 12.19 | 12.30 | 12.17 | 11.96 | 1.4 | % | 3.3 | % | |||||||||||||||||||||
Shareholders' equity (tangible) | 9.31 | 9.13 | 9.23 | 9.10 | 8.89 | 2.0 | % | 4.7 | % | |||||||||||||||||||||
Weighted average shares (basic) | 174,150 | 173,554 | 173,020 | 173,394 | 173,331 | 0.3 | % | 0.5 | % | |||||||||||||||||||||
Weighted average shares (diluted) | 175,577 | 174,874 | 174,064 | 174,318 | 174,416 | 0.4 | % | 0.7 | % | |||||||||||||||||||||
Shares outstanding, end of period | 174,343 | 174,040 | 173,144 | 173,139 | 173,393 | 0.2 | % | 0.5 | % | |||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||
Return on average assets | 0.92 | % | 0.89 | % | 0.89 | % | 0.88 | % | 0.86 | % | ||||||||||||||||||||
Return on average shareholders' equity | 8.22 | % | 7.86 | % | 7.78 | % | 7.65 | % | 7.47 | % | ||||||||||||||||||||
Return on average shareholders' equity (tangible) | 10.93 | % | 10.47 | % | 10.38 | % | 10.26 | % | 10.07 | % | ||||||||||||||||||||
Net interest margin | 3.26 | % | 3.15 | % | 3.14 | % | 3.20 | % | 3.23 | % | ||||||||||||||||||||
Efficiency ratio | 64.76 | % | 67.60 | % | 65.16 | % | 67.59 | % | 68.33 | % | ||||||||||||||||||||
N/M - Not meaningful |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||
Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 14,857,562 | $ | 146,650 | 4.00% | $ | 14,475,816 | $ | 141,826 | 3.90% | $ | 13,853,420 | $ | 137,895 | 4.00% | |||||||||||||||||||
Taxable investment securities | 2,145,656 | 11,914 | 2.19% | 2,096,086 | 10,941 | 2.07% | 2,180,593 | 12,003 | 2.20% | |||||||||||||||||||||||||
Tax-exempt investment securities | 403,856 | 4,383 | 4.34% | 389,047 | 4,234 | 4.35% | 259,396 | 3,138 | 4.84% | |||||||||||||||||||||||||
Equity securities | 11,740 | 176 | 6.08% | 13,068 | 181 | 5.52% | 14,386 | 218 | 6.10% | |||||||||||||||||||||||||
Total Investment Securities | 2,561,252 | 16,473 | 2.57% | 2,498,201 | 15,356 | 2.45% | 2,454,375 | 15,359 | 2.50% | |||||||||||||||||||||||||
Loans held for sale | 15,857 | 187 | 4.72% | 24,411 | 199 | 3.26% | 12,252 | 131 | 4.28% | |||||||||||||||||||||||||
Other interest-earning assets | 312,295 | 842 | 1.08% | 411,369 | 966 | 0.94% | 358,562 | 898 | 1.00% | |||||||||||||||||||||||||
Total Interest-earning Assets | 17,746,966 | 164,152 | 3.74% | 17,409,797 | 158,347 | 3.62% | 16,678,609 | 154,283 | 3.72% | |||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||
Cash and due from banks | 116,529 | 117,741 | 98,449 | |||||||||||||||||||||||||||||||
Premises and equipment | 217,875 | 226,482 | 226,284 | |||||||||||||||||||||||||||||||
Other assets | 1,149,621 | 1,171,031 | 1,137,292 | |||||||||||||||||||||||||||||||
Less: allowance for loan losses | (170,134 | ) | (164,523 | ) | (167,372 | ) | ||||||||||||||||||||||||||||
Total Assets | $ | 19,060,857 | $ | 18,760,528 | $ | 17,973,262 | ||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | $ | 3,650,931 | $ | 2,239 | 0.25% | $ | 3,714,391 | $ | 1,927 | 0.21% | $ | 3,438,355 | $ | 1,494 | 0.17% | |||||||||||||||||||
Savings deposits | 4,194,216 | 2,211 | 0.21% | 4,216,090 | 2,249 | 0.21% | 3,932,824 | 1,804 | 0.18% | |||||||||||||||||||||||||
Time deposits | 2,739,453 | 7,352 | 1.09% | 2,777,203 | 7,593 | 1.09% | 2,867,651 | 7,429 | 1.04% | |||||||||||||||||||||||||
Total Interest-bearing Deposits | 10,584,600 | 11,802 | 0.45% | 10,707,684 | 11,769 | 0.44% | 10,238,830 | 10,727 | 0.42% | |||||||||||||||||||||||||
Short-term borrowings | 712,497 | 855 | 0.48% | 308,094 | 116 | 0.15% | 445,402 | 268 | 0.24% | |||||||||||||||||||||||||
FHLB advances and long-term debt | 990,044 | 8,252 | 3.35% | 947,661 | 8,891 | 3.74% | 958,213 | 9,262 | 3.88% | |||||||||||||||||||||||||
Total Interest-bearing Liabilities | 12,287,141 | 20,909 | 0.69% | 11,963,439 | 20,776 | 0.69% | 11,642,445 | 20,257 | 0.70% | |||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | 4,301,727 | 4,331,894 | 3,967,887 | |||||||||||||||||||||||||||||||
Other | 331,442 | 332,540 | 304,131 | |||||||||||||||||||||||||||||||
Total Liabilities | 16,920,310 | 16,627,873 | 15,914,463 | |||||||||||||||||||||||||||||||
Shareholders' equity | 2,140,547 | 2,132,655 | 2,058,799 | |||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 19,060,857 | $ | 18,760,528 | $ | 17,973,262 | ||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 143,243 | 3.26% | 137,571 | 3.15% | 134,026 | 3.23% | ||||||||||||||||||||||||||||
Tax equivalent adjustment | (5,664 | ) | (5,334 | ) | (4,972 | ) | ||||||||||||||||||||||||||||
Net interest income | $ | 137,579 | $ | 132,237 | $ | 129,054 | ||||||||||||||||||||||||||||
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. | ||||||||||||||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||||||||||
Three Months Ended | % Change from | |||||||||||||||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Mar 31 | ||||||||||||||||||||||||||||
2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,039,140 | $ | 5,828,313 | $ | 5,670,888 | $ | 5,557,680 | $ | 5,487,421 | 3.6 | % | 10.1 | % | ||||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,205,070 | 4,081,498 | 4,066,275 | 4,080,524 | 4,095,268 | 3.0 | % | 2.7 | % | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,637,669 | 1,572,895 | 1,503,209 | 1,399,851 | 1,381,409 | 4.1 | % | 18.6 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,613,249 | 1,633,668 | 1,640,913 | 1,656,140 | 1,674,032 | (1.2 | )% | (3.6 | )% | |||||||||||||||||||||||||
Real estate - construction | 840,968 | 845,528 | 837,920 | 820,881 | 792,014 | (0.5 | )% | 6.2 | % | |||||||||||||||||||||||||
Consumer | 284,352 | 289,864 | 281,517 | 272,293 | 263,295 | (1.9 | )% | 8.0 | % | |||||||||||||||||||||||||
Leasing and other | 237,114 | 224,050 | 211,528 | 178,655 | 159,981 | 5.8 | % | 48.2 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 14,857,562 | $ | 14,475,816 | $ | 14,212,250 | $ | 13,966,024 | $ | 13,853,420 | 2.6 | % | 7.2 | % | ||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,301,727 | $ | 4,331,894 | $ | 4,227,639 | $ | 4,077,642 | $ | 3,967,887 | (0.7 | )% | 8.4 | % | ||||||||||||||||||||
Interest-bearing demand | 3,650,931 | 3,714,391 | 3,602,448 | 3,454,031 | 3,438,355 | (1.7 | )% | 6.2 | % | |||||||||||||||||||||||||
Savings deposits | 4,194,216 | 4,216,090 | 4,078,942 | 3,989,988 | 3,932,824 | (0.5 | )% | 6.6 | % | |||||||||||||||||||||||||
Time deposits | 2,739,453 | 2,777,203 | 2,814,258 | 2,844,434 | 2,867,651 | (1.4 | )% | (4.5 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 14,886,327 | $ | 15,039,578 | $ | 14,723,287 | $ | 14,366,095 | $ | 14,206,717 | (1.0 | )% | 4.8 | % | ||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 199,403 | $ | 200,126 | $ | 187,588 | $ | 180,595 | $ | 171,408 | (0.4 | )% | 16.3 | % | ||||||||||||||||||||
Customer short-term promissory notes | 79,985 | 67,355 | 70,072 | 77,535 | 74,013 | 18.8 | % | 8.1 | % | |||||||||||||||||||||||||
Federal funds purchased | 308,220 | 40,613 | 148,546 | 138,012 | 183,970 | 658.9 | % | 67.5 | % | |||||||||||||||||||||||||
Short-term FHLB advances and other borrowings | 124,889 | — | 20,163 | 7,527 | 16,011 | N/M | 680.0 | % | ||||||||||||||||||||||||||
Total Short-term Borrowings | $ | 712,497 | $ | 308,094 | $ | 426,369 | $ | 403,669 | $ | 445,402 | 131.3 | % | 60.0 | % | ||||||||||||||||||||
N/M - Not meaningful |
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | |||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||||
2017 | 2016 | 2016 | 2016 | 2016 | |||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | |||||||||||||||||||||
Balance at beginning of period | $ | 171,325 | $ | 165,169 | $ | 165,108 | $ | 166,065 | $ | 171,412 | |||||||||||
Loans charged off: | |||||||||||||||||||||
Commercial - industrial, financial and agricultural | (5,527 | ) | (1,319 | ) | (3,144 | ) | (4,625 | ) | (6,188 | ) | |||||||||||
Consumer and home equity | (1,554 | ) | (2,156 | ) | (1,394 | ) | (1,614 | ) | (2,548 | ) | |||||||||||
Real estate - commercial mortgage | (1,224 | ) | (174 | ) | (1,350 | ) | (1,474 | ) | (582 | ) | |||||||||||
Real estate - construction | (247 | ) | — | (150 | ) | (742 | ) | (326 | ) | ||||||||||||
Real estate - residential mortgage | (216 | ) | (116 | ) | (802 | ) | (340 | ) | (1,068 | ) | |||||||||||
Leasing and other | (639 | ) | (589 | ) | (832 | ) | (1,951 | ) | (443 | ) | |||||||||||
Total loans charged off | (9,407 | ) | (4,354 | ) | (7,672 | ) | (10,746 | ) | (11,155 | ) | |||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,191 | 2,192 | 1,539 | 2,931 | 2,319 | ||||||||||||||||
Consumer and home equity | 373 | 580 | 463 | 889 | 534 | ||||||||||||||||
Real estate - commercial mortgage | 450 | 885 | 296 | 1,367 | 825 | ||||||||||||||||
Real estate - construction | 548 | 1,080 | 898 | 1,563 | 383 | ||||||||||||||||
Real estate - residential mortgage | 230 | 288 | 228 | 420 | 136 | ||||||||||||||||
Leasing and other | 137 | 485 | 168 | 108 | 81 | ||||||||||||||||
Recoveries of loans previously charged off | 5,929 | 5,510 | 3,592 | 7,278 | 4,278 | ||||||||||||||||
Net loans charged off | (3,478 | ) | 1,156 | (4,080 | ) | (3,468 | ) | (6,877 | ) | ||||||||||||
Provision for credit losses | 4,800 | 5,000 | 4,141 | 2,511 | 1,530 | ||||||||||||||||
Balance at end of period | $ | 172,647 | $ | 171,325 | $ | 165,169 | $ | 165,108 | $ | 166,065 | |||||||||||
Net charge-offs to average loans (annualized) | 0.09 | % | (0.03 | )% | 0.11 | % | 0.10 | % | 0.20 | % | |||||||||||
NON-PERFORMING ASSETS: | |||||||||||||||||||||
Non-accrual loans | $ | 117,264 | $ | 120,133 | $ | 124,017 | $ | 111,742 | $ | 122,170 | |||||||||||
Loans 90 days past due and accruing | 14,268 | 11,505 | 14,095 | 15,992 | 15,013 | ||||||||||||||||
Total non-performing loans | 131,532 | 131,638 | 138,112 | 127,734 | 137,183 | ||||||||||||||||
Other real estate owned | 11,906 | 12,815 | 11,981 | 11,918 | 10,946 | ||||||||||||||||
Total non-performing assets | $ | 143,438 | $ | 144,453 | $ | 150,093 | $ | 139,652 | $ | 148,129 | |||||||||||
NON-PERFORMING LOANS, BY TYPE: | |||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 43,826 | $ | 43,460 | $ | 47,330 | $ | 38,902 | $ | 39,140 | |||||||||||
Real estate - commercial mortgage | 36,713 | 39,319 | 39,631 | 35,704 | 43,132 | ||||||||||||||||
Real estate - residential mortgage | 23,597 | 23,655 | 23,451 | 25,030 | 25,182 | ||||||||||||||||
Real estate - construction | 13,550 | 9,842 | 11,223 | 11,879 | 12,005 | ||||||||||||||||
Consumer and home equity | 13,408 | 15,045 | 16,426 | 16,061 | 16,210 | ||||||||||||||||
Leasing | 438 | 317 | 51 | 158 | 1,514 | ||||||||||||||||
Total non-performing loans | $ | 131,532 | $ | 131,638 | $ | 138,112 | $ | 127,734 | $ | 137,183 | |||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | |||||||||||||||||||||
Real-estate - residential mortgage | $ | 27,033 | $ | 27,617 | $ | 26,854 | $ | 27,324 | $ | 27,565 | |||||||||||
Real-estate - commercial mortgage | 15,237 | 15,957 | 16,085 | 17,808 | 17,427 | ||||||||||||||||
Consumer and home equity | 9,638 | 8,633 | 7,707 | 7,191 | 6,562 | ||||||||||||||||
Commercial - industrial, financial and agricultural | 7,441 | 6,627 | 7,488 | 5,756 | 5,650 | ||||||||||||||||
Real estate - construction | 273 | 726 | 843 | 3,086 | 3,092 | ||||||||||||||||
Total accruing TDRs | $ | 59,622 | $ | 59,560 | $ | 58,977 | $ | 61,165 | $ | 60,296 | |||||||||||
Non-accrual TDRs (1) | 27,220 | 27,850 | 27,904 | 24,887 | 27,277 | ||||||||||||||||
Total TDRs | $ | 86,842 | $ | 87,410 | $ | 86,881 | $ | 86,052 | $ | 87,573 | |||||||||||
(1) Included within non-accrual loans above. | |||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | Total Delinquency % | ||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||||
2017 | 2016 | 2016 | 2016 | 2016 | |||||||||||||||||
Real estate - commercial mortgage | 0.78 | % | 0.78 | % | 0.87 | % | 0.81 | % | 0.93 | % | |||||||||||
Commercial - industrial, financial and agricultural | 1.25 | % | 1.31 | % | 1.48 | % | 1.25 | % | 1.46 | % | |||||||||||
Real estate - construction | 1.99 | % | 1.29 | % | 1.61 | % | 1.93 | % | 2.00 | % | |||||||||||
Real estate - residential mortgage | 2.44 | % | 2.74 | % | 2.67 | % | 2.70 | % | 3.10 | % | |||||||||||
Consumer, home equity, leasing and other | 1.22 | % | 1.45 | % | 1.53 | % | 1.47 | % | 1.48 | % | |||||||||||
Total | 1.23 | % | 1.27 | % | 1.38 | % | 1.30 | % | 1.44 | % | |||||||||||
ASSET QUALITY RATIOS: | |||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||||
2017 | 2016 | 2016 | 2016 | 2016 | |||||||||||||||||
Non-accrual loans to total loans | 0.78 | % | 0.82 | % | 0.86 | % | 0.79 | % | 0.88 | % | |||||||||||
Non-performing loans to total loans | 0.88 | % | 0.90 | % | 0.96 | % | 0.90 | % | 0.99 | % | |||||||||||
Non-performing assets to total loans and OREO | 0.96 | % | 0.98 | % | 1.04 | % | 0.99 | % | 1.07 | % | |||||||||||
Non-performing assets to total assets | 0.75 | % | 0.76 | % | 0.80 | % | 0.76 | % | 0.82 | % | |||||||||||
Allowance for credit losses to loans outstanding | 1.15 | % | 1.17 | % | 1.15 | % | 1.17 | % | 1.20 | % | |||||||||||
Allowance for credit losses to non-performing loans | 131.26 | % | 130.15 | % | 119.59 | % | 129.26 | % | 121.05 | % | |||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 7.99 | % | 8.20 | % | 8.51 | % | 8.02 | % | 8.67 | % |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED) | ||||||||||||||||||||||||||
in thousands, except per share data and percentages | ||||||||||||||||||||||||||
Explanatory note: | This press release contains 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 | ||||||||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | ||||||||||||||||||||||
2017 | 2016 | 2016 | 2016 | 2016 | ||||||||||||||||||||||
Shareholders' equity (tangible), per share | ||||||||||||||||||||||||||
Shareholders' equity | $ | 2,154,683 | $ | 2,121,115 | $ | 2,129,436 | $ | 2,106,997 | $ | 2,073,309 | ||||||||||||||||
Less: Goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | ||||||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,623,127 | $ | 1,589,559 | $ | 1,597,880 | $ | 1,575,441 | $ | 1,541,753 | ||||||||||||||||
Shares outstanding, end of period (denominator) | 174,343 | 174,040 | 173,144 | 173,139 | 173,393 | |||||||||||||||||||||
Shareholders' equity (tangible), per share | $ | 9.31 | $ | 9.13 | $ | 9.23 | $ | 9.10 | $ | 8.89 | ||||||||||||||||
Return on average shareholders' equity (tangible) | ||||||||||||||||||||||||||
Net income - Numerator | $ | 43,380 | $ | 42,150 | $ | 41,468 | $ | 39,750 | $ | 38,257 | ||||||||||||||||
Average shareholders' equity | $ | 2,140,547 | $ | 2,132,655 | $ | 2,120,596 | $ | 2,089,915 | $ | 2,058,799 | ||||||||||||||||
Less: Average goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | ||||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,608,991 | $ | 1,601,099 | $ | 1,589,040 | $ | 1,558,359 | $ | 1,527,243 | ||||||||||||||||
Return on average shareholders' equity (tangible), annualized | 10.93 | % | 10.47 | % | 10.38 | % | 10.26 | % | 10.07 | % | ||||||||||||||||
Efficiency ratio | ||||||||||||||||||||||||||
Non-interest expense - Numerator | $ | 122,275 | $ | 127,621 | $ | 119,848 | $ | 121,637 | $ | 120,413 | ||||||||||||||||
Net interest income (fully taxable equivalent) | $ | 143,243 | $ | 137,571 | $ | 135,784 | $ | 133,890 | $ | 134,026 | ||||||||||||||||
Plus: Total Non-interest income | 46,673 | 52,755 | 48,149 | 46,137 | 43,137 | |||||||||||||||||||||
Less: Investment securities gains | (1,106 | ) | (1,525 | ) | (2 | ) | (76 | ) | (947 | ) | ||||||||||||||||
Denominator | $ | 188,810 | $ | 188,801 | $ | 183,931 | $ | 179,951 | $ | 176,216 | ||||||||||||||||
Efficiency ratio | 64.76 | % | 67.60 | % | 65.16 | % | 67.59 | % | 68.33 | % | ||||||||||||||||
Non-performing assets to tangible shareholders' equity and allowance for credit losses | ||||||||||||||||||||||||||
Non-performing assets (numerator) | $ | 143,438 | $ | 144,453 | $ | 150,093 | $ | 139,652 | $ | 148,129 | ||||||||||||||||
Tangible shareholders' equity | $ | 1,623,127 | $ | 1,589,559 | 1,597,880 | 1,575,441 | $ | 1,541,753 | ||||||||||||||||||
Plus: Allowance for credit losses | 172,647 | 171,325 | 165,169 | 165,108 | 166,065 | |||||||||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,795,774 | $ | 1,760,884 | $ | 1,763,049 | $ | 1,740,549 | $ | 1,707,818 | ||||||||||||||||
Non-performing assets to tangible shareholders' equity and allowance for credit losses | 7.99 | % | 8.20 | % | 8.51 | % | 8.02 | % | 8.67 | % | ||||||||||||||||
Pre-provision net revenue | ||||||||||||||||||||||||||
Net interest income | $ | 137,579 | $ | 132,237 | $ | 130,565 | $ | 128,916 | $ | 129,054 | ||||||||||||||||
Non-interest income | 46,673 | 52,755 | 48,149 | 46,137 | 43,137 | |||||||||||||||||||||
Less: Investment securities gains | (1,106 | ) | (1,525 | ) | (2 | ) | (76 | ) | (947 | ) | ||||||||||||||||
Total revenue | $ | 183,146 | $ | 183,467 | $ | 178,712 | $ | 174,977 | $ | 171,244 | ||||||||||||||||
Total non-interest expense | $ | 122,275 | $ | 127,621 | $ | 119,848 | $ | 121,637 | $ | 120,413 | ||||||||||||||||
Pre-provision net revenue | $ | 60,871 | $ | 55,846 | $ | 58,864 | $ | 53,340 | $ | 50,831 |