Exhibit 99.2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended | ||||||||||||||||
September 30 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 164,113 | $ | 126,947 | $ | 37,166 | 29.3 | % | ||||||||
Interest expense | 57,617 | 34,446 | 23,171 | 67.3 | % | |||||||||||
Net Interest Income | 106,496 | 92,501 | 13,995 | 15.1 | % | |||||||||||
Provision for loan losses | 815 | 1,125 | (310 | ) | -27.6 | % | ||||||||||
Investment securities gains | 905 | 3,336 | (2,431 | ) | -72.9 | % | ||||||||||
Other income | 35,247 | 31,657 | 3,590 | 11.3 | % | |||||||||||
Other expenses | 81,537 | 74,036 | 7,501 | 10.1 | % | |||||||||||
Income Before Income Taxes | 60,296 | 52,333 | 7,963 | 15.2 | % | |||||||||||
Income taxes | 18,168 | 16,324 | 1,844 | 11.3 | % | |||||||||||
Net Income | $ | 42,128 | $ | 36,009 | $ | 6,119 | 17.0 | % | ||||||||
Fully taxable equivalent (FTE) net interest income | $ | 109,059 | $ | 94,876 | $ | 14,183 | 14.9 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.24 | $ | 0.03 | 12.5 | % | ||||||||
Diluted | 0.27 | 0.23 | 0.04 | 17.4 | % | |||||||||||
Cash dividends | 0.145 | 0.132 | 0.013 | 9.8 | % | |||||||||||
ENDING BALANCES: | ||||||||||||||||
Total assets | $ | 12,305,927 | $ | 10,570,642 | $ | 1,735,285 | 16.4 | % | ||||||||
Loans, net of unearned income | 8,325,683 | 7,213,162 | 1,112,521 | 15.4 | % | |||||||||||
Deposits | 8,816,021 | 7,460,070 | 1,355,951 | 18.2 | % | |||||||||||
Short-term borrowings | 1,165,293 | 1,188,464 | (23,171 | ) | -1.9 | % | ||||||||||
Long-term debt | 897,944 | 666,781 | 231,163 | 34.7 | % | |||||||||||
Shareholders’ equity | 1,275,206 | 1,129,849 | 145,357 | 12.9 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 12,182,655 | $ | 10,547,927 | $ | 1,634,728 | 15.5 | % | ||||||||
Loans, net of unearned income | 8,234,531 | 7,159,211 | 1,075,320 | 15.0 | % | |||||||||||
Deposits | 8,703,395 | 7,461,511 | 1,241,884 | 16.6 | % | |||||||||||
Short-term borrowings | 1,115,122 | 1,208,379 | (93,257 | ) | -7.7 | % | ||||||||||
Long-term debt | 952,372 | 654,969 | 297,403 | 45.4 | % | |||||||||||
Shareholders’ equity | 1,278,102 | 1,103,517 | 174,585 | 15.8 | % |
NOTE: All financial information for periods prior to the quarter ended September 30, 2005 has been restated for the impact of adopting Statement of Financial Accounting Standards No. 123R, “Share-Based Payment”. Statement 123R requires the recognition of compensation expense for stock options.
1
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
Nine Months Ended | ||||||||||||||||
September 30 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 453,534 | $ | 362,907 | $ | 90,627 | 25.0 | % | ||||||||
Interest expense | 148,865 | 98,733 | 50,132 | 50.8 | % | |||||||||||
Net Interest Income | 304,669 | 264,174 | 40,495 | 15.3 | % | |||||||||||
Provision for loan losses | 2,340 | 3,665 | (1,325 | ) | -36.2 | % | ||||||||||
Investment securities gains | 5,638 | 14,513 | (8,875 | ) | -61.2 | % | ||||||||||
Other income | 104,682 | 89,180 | 15,502 | 17.4 | % | |||||||||||
Other expenses | 233,554 | 206,977 | 26,577 | 12.8 | % | |||||||||||
Income Before Income Taxes | 179,095 | 157,225 | 21,870 | 13.9 | % | |||||||||||
Income taxes | 53,927 | 47,638 | 6,289 | 13.2 | % | |||||||||||
Net Income | $ | 125,168 | $ | 109,587 | $ | 15,581 | 14.2 | % | ||||||||
Fully taxable equivalent (FTE) net interest income | $ | 311,919 | $ | 271,227 | $ | 40,692 | 15.0 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.80 | $ | 0.74 | $ | 0.06 | 8.1 | % | ||||||||
Diluted | 0.79 | 0.73 | 0.06 | 8.2 | % | |||||||||||
Cash dividends | 0.422 | 0.386 | 0.036 | 9.3 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 11,608,053 | $ | 10,277,845 | $ | 1,330,208 | 12.9 | % | ||||||||
Loans, net of unearned income | 7,902,614 | 6,766,049 | 1,136,565 | 16.8 | % | |||||||||||
Deposits | 8,227,833 | 7,210,202 | 1,017,631 | 14.1 | % | |||||||||||
Short-term borrowings | 1,178,061 | 1,278,517 | (100,456 | ) | -7.9 | % | ||||||||||
Long-term debt | 826,150 | 627,384 | 198,766 | 31.7 | % | |||||||||||
Shareholders’ equity | 1,242,418 | 1,052,664 | 189,754 | 18.0 | % |
2
FULTON FINANCIAL CORPORATION |
FINANCIAL HIGHLIGHTS (UNAUDITED) |
Quarter Ended | Variance | |||||||||||||||
September 30 | June 30 | |||||||||||||||
2005 | 2005 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 164,113 | $ | 148,611 | $ | 15,502 | 10.4 | % | ||||||||
Interest expense | 57,617 | 48,686 | 8,931 | 18.3 | % | |||||||||||
Net Interest Income | 106,496 | 99,925 | 6,571 | 6.6 | % | |||||||||||
Provision for loan losses | 815 | 725 | 90 | 12.4 | % | |||||||||||
Investment securities gains | 905 | 1,418 | (513 | ) | -36.2 | % | ||||||||||
Other income | 35,247 | 36,897 | (1,650 | ) | -4.5 | % | ||||||||||
Other expenses | 81,537 | 78,189 | 3,348 | 4.3 | % | |||||||||||
Income Before Income Taxes | 60,296 | 59,326 | 970 | 1.6 | % | |||||||||||
Income taxes | 18,168 | 17,722 | 446 | 2.5 | % | |||||||||||
Net Income | $ | 42,128 | $ | 41,604 | $ | 524 | 1.3 | % | ||||||||
Fully taxable equivalent (FTE) net interest income | $ | 109,059 | $ | 102,267 | $ | 6,792 | 6.6 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.27 | $ | — | — | |||||||||
Diluted | 0.27 | 0.27 | — | — | ||||||||||||
Cash dividends | 0.145 | 0.145 | — | — | ||||||||||||
ENDING BALANCES: | ||||||||||||||||
Total assets | $ | 12,305,927 | $ | 11,572,823 | $ | 733,104 | 6.3 | % | ||||||||
Loans, net of unearned income | 8,325,683 | 7,861,508 | 464,175 | 5.9 | % | |||||||||||
Deposits | 8,816,021 | 8,139,667 | 676,354 | 8.3 | % | |||||||||||
Short-term borrowings | 1,165,293 | 1,134,583 | 30,710 | 2.7 | % | |||||||||||
Long-term debt | 897,944 | 951,745 | (53,801 | ) | -5.7 | % | ||||||||||
Shareholders’ equity | 1,275,206 | 1,195,815 | 79,391 | 6.6 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 12,182,655 | $ | 11,418,828 | $ | 763,827 | 6.7 | % | ||||||||
Loans, net of unearned income | 8,234,531 | 7,823,737 | 410,794 | 5.3 | % | |||||||||||
Deposits | 8,703,395 | 8,059,110 | 644,285 | 8.0 | % | |||||||||||
Short-term borrowings | 1,115,122 | 1,180,975 | (65,853 | ) | -5.6 | % | ||||||||||
Long-term debt | 952,372 | 841,650 | 110,722 | 13.2 | % | |||||||||||
Shareholders’ equity | 1,278,102 | 1,197,205 | 80,897 | 6.8 | % |
3
FULTON FINANCIAL CORPORATION |
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED) |
September 30 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 403,032 | $ | 305,695 | $ | 97,337 | 31.8 | % | ||||||||
Loans held for sale | 233,977 | 150,452 | 83,525 | 55.5 | % | |||||||||||
Other interest-earning assets | 95,472 | 12,566 | 82,906 | 659.8 | % | |||||||||||
Investment securities | 2,489,575 | 2,343,686 | 145,889 | 6.2 | % | |||||||||||
Loans, net of unearned | 8,325,683 | 7,213,162 | 1,112,521 | 15.4 | % | |||||||||||
Allowance for loan losses | (93,936 | ) | (86,827 | ) | (7,109 | ) | 8.2 | % | ||||||||
Net Loans | 8,231,747 | 7,126,335 | 1,105,412 | 15.5 | % | |||||||||||
Premises and equipment | 166,991 | 130,874 | 36,117 | 27.6 | % | |||||||||||
Accrued interest receivable | 47,398 | 38,651 | 8,747 | 22.6 | % | |||||||||||
Goodwill and intangible assets | 448,573 | 298,991 | 149,582 | 50.0 | % | |||||||||||
Other assets | 189,162 | 163,392 | 25,770 | 15.8 | % | |||||||||||
Total Assets | $ | 12,305,927 | $ | 10,570,642 | $ | 1,735,285 | 16.4 | % | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits | $ | 8,816,021 | $ | 7,460,070 | $ | 1,355,951 | 18.2 | % | ||||||||
Short-term borrowings | 1,165,293 | 1,188,464 | (23,171 | ) | -1.9 | % | ||||||||||
Long-term debt | 897,944 | 666,781 | 231,163 | 34.7 | % | |||||||||||
Other liabilities | 151,463 | 125,478 | 25,985 | 20.7 | % | |||||||||||
Total Liabilities | 11,030,721 | 9,440,793 | 1,589,928 | 16.8 | % | |||||||||||
Shareholders’ equity | 1,275,206 | 1,129,849 | 145,357 | 12.9 | % | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,305,927 | $ | 10,570,642 | $ | 1,735,285 | 16.4 | % | ||||||||
LOANS AND DEPOSITS DETAIL: | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,049,330 | $ | 1,848,058 | $ | 201,272 | 10.9 | % | ||||||||
Commercial — agricultural | 327,249 | 316,323 | 10,926 | 3.5 | % | |||||||||||
Real estate — commercial mortgage | 2,734,432 | 2,284,755 | 449,677 | 19.7 | % | |||||||||||
Real estate — residential mortgage | 593,233 | 528,421 | 64,812 | 12.3 | % | |||||||||||
Real estate — construction | 843,670 | 580,323 | 263,347 | 45.4 | % | |||||||||||
Real estate — home equity | 1,183,596 | 1,053,333 | 130,263 | 12.4 | % | |||||||||||
Consumer | 529,409 | 529,413 | (4 | ) | 0.0 | % | ||||||||||
Leasing and other | 64,764 | 72,536 | (7,772 | ) | -10.7 | % | ||||||||||
Total Loans, net of unearned income | $ | 8,325,683 | $ | 7,213,162 | $ | 1,112,521 | 15.4 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,678,923 | $ | 1,427,008 | $ | 251,915 | 17.7 | % | ||||||||
Interest-bearing demand | 1,624,208 | 1,391,071 | 233,137 | 16.8 | % | |||||||||||
Savings deposits | 2,152,771 | 1,889,543 | 263,228 | 13.9 | % | |||||||||||
Time deposits | 3,360,119 | 2,752,448 | 607,671 | 22.1 | % | |||||||||||
Total Deposits | $ | 8,816,021 | $ | 7,460,070 | $ | 1,355,951 | 18.2 | % | ||||||||
4
FULTON FINANCIAL CORPORATION |
CONSOLIDATED INCOME STATEMENT (UNAUDITED) |
Quarter Ended | ||||||||||||||||
September 30 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 136,092 | $ | 103,033 | $ | 33,059 | 32.1 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 18,947 | 18,247 | 700 | 3.8 | % | |||||||||||
Tax-exempt | 3,213 | 2,407 | 806 | 33.5 | % | |||||||||||
Dividends | 1,125 | 1,035 | 90 | 8.7 | % | |||||||||||
Loans held for sale | 4,194 | 2,199 | 1,995 | 90.7 | % | |||||||||||
Other interest income | 542 | 26 | 516 | 1984.6 | % | |||||||||||
Total Interest Income | 164,113 | 126,947 | 37,166 | 29.3 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 38,480 | 22,644 | 15,836 | 69.9 | % | |||||||||||
Short-term borrowings | 8,655 | 3,840 | 4,815 | 125.4 | % | |||||||||||
Long-term debt | 10,482 | 7,962 | 2,520 | 31.7 | % | |||||||||||
Total Interest Expense | 57,617 | 34,446 | 23,171 | 67.3 | % | |||||||||||
Net Interest Income | 106,496 | 92,501 | 13,995 | 15.1 | % | |||||||||||
Provision for Loan Losses | 815 | 1,125 | (310 | ) | -27.6 | % | ||||||||||
Net Interest Income after Provision | 105,681 | 91,376 | 14,305 | 15.7 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management and trust services | 8,730 | 8,650 | 80 | 0.9 | % | |||||||||||
Service charges on deposit accounts | 10,488 | 10,182 | 306 | 3.0 | % | |||||||||||
Other service charges and fees | 5,808 | 5,367 | 441 | 8.2 | % | |||||||||||
Gain on sale of mortgage loans | 7,624 | 5,694 | 1,930 | 33.9 | % | |||||||||||
Investment securities gains | 905 | 3,336 | (2,431 | ) | -72.9 | % | ||||||||||
Other | 2,597 | 1,764 | 833 | 47.2 | % | |||||||||||
Total Other Income | 36,152 | 34,993 | 1,159 | 3.3 | % | |||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 46,761 | 45,812 | 949 | 2.1 | % | |||||||||||
Net occupancy expense | 7,459 | 6,159 | 1,300 | 21.1 | % | |||||||||||
Equipment expense | 3,203 | 2,705 | 498 | 18.4 | % | |||||||||||
Data processing | 3,100 | 2,915 | 185 | 6.3 | % | |||||||||||
Advertising | 1,995 | 1,631 | 364 | 22.3 | % | |||||||||||
Intangible amortization | 1,510 | 1,233 | 277 | 22.5 | % | |||||||||||
Other | 17,509 | 13,581 | 3,928 | 28.9 | % | |||||||||||
Total Other Expenses | 81,537 | 74,036 | 7,501 | 10.1 | % | |||||||||||
Income Before Income Taxes | 60,296 | 52,333 | 7,963 | 15.2 | % | |||||||||||
Income Taxes | 18,168 | 16,324 | 1,844 | 11.3 | % | |||||||||||
Net Income | $ | 42,128 | $ | 36,009 | $ | 6,119 | 17.0 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.24 | $ | 0.03 | 12.5 | % | ||||||||
Diluted | 0.27 | 0.23 | 0.04 | 17.4 | % | |||||||||||
Cash dividends | $ | 0.145 | $ | 0.132 | $ | 0.013 | 9.8 | % | ||||||||
Book value | 8.12 | 7.47 | 0.65 | 8.7 | % | |||||||||||
Tangible book value | 5.27 | 5.49 | (0.22 | ) | -4.0 | % | ||||||||||
Weighted average shares (basic) | 156,815 | 151,870 | 4,945 | 3.3 | % | |||||||||||
Weighted average shares (diluted) | 158,677 | 153,508 | 5,169 | 3.4 | % | |||||||||||
Shares outstanding, end of period | 156,953 | 151,254 | 5,699 | 3.8 | % | |||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.37 | % | 1.36 | % | ||||||||||||
Return on average equity | 13.08 | % | 12.98 | % | ||||||||||||
Return on average equity (tangible) | 20.62 | % | 18.20 | % | ||||||||||||
Net interest margin | 3.92 | % | 3.88 | % | ||||||||||||
Efficiency ratio | 55.5 | % | 57.5 | % | ||||||||||||
Average equity to average assets | 10.5 | % | 10.5 | % |
5
FULTON FINANCIAL CORPORATION |
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
Quarter Ended September 30 | ||||||||||||||||||||||||
2005 | 2004 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 8,234,531 | $ | 136,915 | 6.60 | % | $ | 7,159,211 | $ | 103,903 | 5.79 | % | ||||||||||||
Taxable investment securities | 2,015,378 | 18,947 | 3.74 | % | 2,037,040 | 18,247 | 3.56 | % | ||||||||||||||||
Tax-exempt investment securities | 387,233 | 4,761 | 4.92 | % | 262,962 | 3,618 | 5.50 | % | ||||||||||||||||
Equity securities | 137,873 | 1,317 | 3.80 | % | 138,264 | 1,329 | 3.83 | % | ||||||||||||||||
Total Investment Securities | 2,540,484 | 25,025 | 3.92 | % | 2,438,266 | 23,194 | 3.78 | % | ||||||||||||||||
Loans held for sale | 266,588 | 4,194 | 6.29 | % | 119,983 | 2,199 | 6.42 | % | ||||||||||||||||
Other interest-earning assets | 62,406 | 542 | 3.43 | % | 6,106 | 26 | 1.73 | % | ||||||||||||||||
Total Interest-earning Assets | 11,104,009 | 166,676 | 5.97 | % | 9,723,566 | 129,322 | 5.30 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 370,531 | 326,204 | ||||||||||||||||||||||
Premises and equipment | 164,447 | 130,776 | ||||||||||||||||||||||
Other assets | 638,195 | 454,529 | ||||||||||||||||||||||
Less: allowance for loan losses | (94,527 | ) | (87,148 | ) | ||||||||||||||||||||
Total Assets | $ | 12,182,655 | $ | 10,547,927 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,586,338 | $ | 4,169 | 1.04 | % | $ | 1,399,005 | $ | 1,863 | 0.53 | % | ||||||||||||
Savings deposits | 2,162,030 | 7,640 | 1.40 | % | 1,868,650 | 2,972 | 0.63 | % | ||||||||||||||||
Time deposits | 3,303,240 | 26,671 | 3.20 | % | 2,764,597 | 17,809 | 2.56 | % | ||||||||||||||||
Total Interest-bearing Deposits | 7,051,608 | 38,480 | 2.16 | % | 6,032,252 | 22,644 | 1.49 | % | ||||||||||||||||
Short-term borrowings | 1,115,122 | 8,655 | 3.05 | % | 1,208,379 | 3,840 | 1.26 | % | ||||||||||||||||
Long-term debt | 952,372 | 10,482 | 4.33 | % | 654,969 | 7,962 | 4.84 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 9,119,102 | 57,617 | 2.50 | % | 7,895,600 | 34,446 | 1.72 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,651,787 | 1,429,259 | ||||||||||||||||||||||
Other | 133,664 | 119,551 | ||||||||||||||||||||||
Total Liabilities | 10,904,553 | 9,444,410 | ||||||||||||||||||||||
Shareholders’ equity | 1,278,102 | 1,103,517 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,182,655 | $ | 10,547,927 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 109,059 | 3.92 | % | 94,876 | 3.88 | % | ||||||||||||||||||
Tax equivalent adjustment | (2,563 | ) | (2,375 | ) | ||||||||||||||||||||
Net interest income | $ | 106,496 | $ | 92,501 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
6
FULTON FINANCIAL CORPORATION CONSOLIDATED INCOME STATEMENT (UNAUDITED) |
Nine Months Ended | ||||||||||||||||
September 30 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 376,029 | $ | 288,358 | $ | 87,671 | 30.4 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 55,465 | 59,635 | (4,170 | ) | -7.0 | % | ||||||||||
Tax-exempt | 8,905 | 7,480 | 1,425 | 19.1 | % | |||||||||||
Dividends | 3,364 | 2,979 | 385 | 12.9 | % | |||||||||||
Loans held for sale | 8,705 | 4,400 | 4,305 | 97.8 | % | |||||||||||
Other interest income | 1,066 | 55 | 1,011 | 1838.2 | % | |||||||||||
Total Interest Income | 453,534 | 362,907 | 90,627 | 25.0 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 97,392 | 65,339 | 32,053 | 49.1 | % | |||||||||||
Short-term borrowings | 23,393 | 10,302 | 13,091 | 127.1 | % | |||||||||||
Long-term debt | 28,080 | 23,092 | 4,988 | 21.6 | % | |||||||||||
Total Interest Expense | 148,865 | 98,733 | 50,132 | 50.8 | % | |||||||||||
Net Interest Income | 304,669 | 264,174 | 40,495 | 15.3 | % | |||||||||||
Provision for Loan Losses | 2,340 | 3,665 | (1,325 | ) | -36.2 | % | ||||||||||
Net Interest Income after Provision | 302,329 | 260,509 | 41,820 | 16.1 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management and trust services | 26,715 | 25,932 | 783 | 3.0 | % | |||||||||||
Service charges on deposit accounts | 29,780 | 29,616 | 164 | 0.6 | % | |||||||||||
Other service charges and fees | 18,506 | 15,363 | 3,143 | 20.5 | % | |||||||||||
Gain on sale of mortgage loans | 19,963 | 13,458 | 6,505 | 48.3 | % | |||||||||||
Investment securities gains | 5,638 | 14,513 | (8,875 | ) | -61.2 | % | ||||||||||
Other | 9,718 | 4,811 | 4,907 | 102.0 | % | |||||||||||
Total Other Income | 110,320 | 103,693 | 6,627 | 6.4 | % | |||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 136,294 | 124,536 | 11,758 | 9.4 | % | |||||||||||
Net occupancy expense | 21,506 | 17,536 | 3,970 | 22.6 | % | |||||||||||
Equipment expense | 9,161 | 8,095 | �� | 1,066 | 13.2 | % | ||||||||||
Data processing | 9,590 | 8,602 | 988 | 11.5 | % | |||||||||||
Advertising | 6,244 | 5,073 | 1,171 | 23.1 | % | |||||||||||
Intangible amortization | 3,857 | 3,580 | 277 | 7.7 | % | |||||||||||
Other | 46,902 | 39,555 | 7,347 | 18.6 | % | |||||||||||
Total Other Expenses | 233,554 | 206,977 | 26,577 | 12.8 | % | |||||||||||
Income Before Income Taxes | 179,095 | 157,225 | 21,870 | 13.9 | % | |||||||||||
Income Taxes | 53,927 | 47,638 | 6,289 | 13.2 | % | |||||||||||
Net Income | $ | 125,168 | $ | 109,587 | $ | 15,581 | 14.2 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.80 | $ | 0.74 | $ | 0.06 | 8.1 | % | ||||||||
Diluted | 0.79 | 0.73 | 0.06 | 8.2 | % | |||||||||||
Cash dividends | $ | 0.422 | $ | 0.386 | $ | 0.036 | 9.3 | % | ||||||||
Book value | 8.12 | 7.47 | 0.65 | 8.7 | % | |||||||||||
Tangible book value | 5.27 | 5.49 | (0.22 | ) | -4.0 | % | ||||||||||
Weighted average shares (basic) | 156,223 | 148,888 | 7,335 | 4.9 | % | |||||||||||
Weighted average shares (diluted) | 158,142 | 150,466 | 7,676 | 5.1 | % | |||||||||||
Shares outstanding, end of period | 156,953 | 151,254 | 5,699 | 3.8 | % | |||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.44 | % | 1.42 | % | ||||||||||||
Return on average equity | 13.47 | % | 13.91 | % | ||||||||||||
Return on average equity (tangible) | 20.47 | % | 18.20 | % | ||||||||||||
Net interest margin | 3.93 | % | 3.80 | % | ||||||||||||
Efficiency ratio | 55.1 | % | 56.4 | % | ||||||||||||
Average equity to average assets | 10.7 | % | 10.2 | % |
7
FULTON FINANCIAL CORPORATION |
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
Nine Months Ended September 30 | ||||||||||||||||||||||||
2005 | 2004 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 7,902,614 | $ | 378,377 | 6.40 | % | $ | 6,766,049 | $ | 290,904 | 5.75 | % | ||||||||||||
Taxable investment securities | 1,988,425 | 55,466 | 3.71 | % | 2,245,667 | 59,635 | 3.55 | % | ||||||||||||||||
Tax-exempt investment securities | 354,734 | 13,243 | 4.98 | % | 270,637 | 11,248 | 5.54 | % | ||||||||||||||||
Equity securities | 130,602 | 3,927 | 4.02 | % | 135,791 | 3,718 | 3.65 | % | ||||||||||||||||
Total Investment Securities | 2,473,761 | 72,636 | 3.91 | % | 2,652,095 | 74,601 | 3.73 | % | ||||||||||||||||
Loans held for sale | 188,337 | 8,705 | 6.16 | % | 83,749 | 4,400 | 7.02 | % | ||||||||||||||||
Other interest-earning assets | 46,432 | 1,066 | 3.05 | % | 5,525 | 55 | 1.33 | % | ||||||||||||||||
Total Interest-earning Assets | 10,611,144 | 460,784 | 5.80 | % | 9,507,418 | 369,960 | 5.19 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 345,480 | 319,905 | ||||||||||||||||||||||
Premises and equipment | 155,253 | 127,660 | ||||||||||||||||||||||
Other assets | 588,265 | 407,099 | ||||||||||||||||||||||
Less: allowance for loan losses | (92,089 | ) | (84,237 | ) | ||||||||||||||||||||
Total Assets | $ | 11,608,053 | $ | 10,277,845 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,522,366 | $ | 10,448 | 0.92 | % | $ | 1,343,681 | $ | 4,852 | 0.48 | % | ||||||||||||
Savings deposits | 2,021,169 | 17,964 | 1.19 | % | 1,828,788 | 8,115 | 0.59 | % | ||||||||||||||||
Time deposits | 3,107,603 | 68,980 | 2.97 | % | 2,679,615 | 52,372 | 2.61 | % | ||||||||||||||||
Total Interest-bearing Deposits | 6,651,138 | 97,392 | 1.96 | % | 5,852,084 | 65,339 | 1.49 | % | ||||||||||||||||
Short-term borrowings | 1,178,061 | 23,393 | 2.63 | % | 1,278,517 | 10,302 | 1.08 | % | ||||||||||||||||
Long-term debt | 826,150 | 28,080 | 4.52 | % | 627,384 | 23,092 | 4.92 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 8,655,349 | 148,865 | 2.29 | % | 7,757,985 | 98,733 | 1.70 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,576,695 | 1,358,118 | ||||||||||||||||||||||
Other | 133,591 | 109,078 | ||||||||||||||||||||||
Total Liabilities | 10,365,635 | 9,225,181 | ||||||||||||||||||||||
Shareholders’ equity | 1,242,418 | 1,052,664 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 11,608,053 | $ | 10,277,845 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 311,919 | 3.93 | % | 271,227 | 3.80 | % | ||||||||||||||||||
Tax equivalent adjustment | (7,250 | ) | (7,053 | ) | ||||||||||||||||||||
Net interest income | $ | 304,669 | $ | 264,174 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
8
FULTON FINANCIAL CORPORATION
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
September 30 | June 30 | |||||||||||||||
2005 | 2005 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 403,032 | $ | 358,581 | $ | 44,451 | 12.4 | % | ||||||||
Loans held for sale | 233,977 | 237,713 | (3,736 | ) | -1.6 | % | ||||||||||
Other interest-earning assets | 95,472 | 22,600 | 72,872 | 322.4 | % | |||||||||||
Investment securities | 2,489,575 | 2,429,365 | 60,210 | 2.5 | % | |||||||||||
Loans, net of unearned | 8,325,683 | 7,861,508 | 464,175 | 5.9 | % | |||||||||||
Allowance for loan losses | (93,936 | ) | (90,402 | ) | (3,534 | ) | 3.9 | % | ||||||||
Net Loans | 8,231,747 | 7,771,106 | 460,641 | 5.9 | % | |||||||||||
Premises and equipment | 166,991 | 153,598 | 13,393 | 8.7 | % | |||||||||||
Accrued interest receivable | 47,398 | 43,819 | 3,579 | 8.2 | % | |||||||||||
Goodwill and intangible assets | 448,573 | 386,795 | 61,778 | 16.0 | % | |||||||||||
Other assets | 189,162 | 169,246 | 19,916 | 11.8 | % | |||||||||||
Total Assets | $ | 12,305,927 | $ | 11,572,823 | $ | 733,104 | 6.3 | % | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits | $ | 8,816,021 | $ | 8,139,667 | $ | 676,354 | 8.3 | % | ||||||||
Short-term borrowings | 1,165,293 | 1,134,583 | 30,710 | 2.7 | % | |||||||||||
Long-term debt | 897,944 | 951,745 | (53,801 | ) | -5.7 | % | ||||||||||
Other liabilities | 151,463 | 151,013 | 450 | 0.3 | % | |||||||||||
Total Liabilities | 11,030,721 | 10,377,008 | 653,713 | 6.3 | % | |||||||||||
Shareholders’ equity | 1,275,206 | 1,195,815 | 79,391 | 6.6 | % | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,305,927 | $ | 11,572,823 | $ | 733,104 | 6.3 | % | ||||||||
LOANS AND DEPOSITS DETAIL: | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,049,330 | $ | 1,991,480 | $ | 57,850 | 2.9 | % | ||||||||
Commercial — agricultural | 327,249 | 322,791 | 4,458 | 1.4 | % | |||||||||||
Real estate — commercial mortgage | 2,734,432 | 2,556,990 | 177,442 | 6.9 | % | |||||||||||
Real estate — residential mortgage | 593,233 | 558,845 | 34,388 | 6.2 | % | |||||||||||
Real estate — construction | 843,670 | 743,774 | 99,896 | 13.4 | % | |||||||||||
Real estate — home equity | 1,183,596 | 1,141,749 | 41,847 | 3.7 | % | |||||||||||
Consumer | 529,409 | 485,488 | 43,921 | 9.0 | % | |||||||||||
Leasing and other | 64,764 | 60,391 | 4,373 | 7.2 | % | |||||||||||
Total Loans, net of unearned income | $ | 8,325,683 | $ | 7,861,508 | $ | 464,175 | 5.9 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,678,923 | $ | 1,611,909 | $ | 67,014 | 4.2 | % | ||||||||
Interest-bearing demand | 1,624,208 | 1,471,398 | 152,810 | 10.4 | % | |||||||||||
Savings deposits | 2,152,771 | 1,965,523 | 187,248 | 9.5 | % | |||||||||||
Time deposits | 3,360,119 | 3,090,837 | 269,282 | 8.7 | % | |||||||||||
Total Deposits | $ | 8,816,021 | $ | 8,139,667 | $ | 676,354 | 8.3 | % | ||||||||
9
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
September 30 | June 30 | |||||||||||||||
2005 | 2005 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 136,092 | $ | 123,309 | $ | 12,783 | 10.4 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 18,947 | 18,257 | 690 | 3.8 | % | |||||||||||
Tax-exempt | 3,213 | 2,843 | 370 | 13.0 | % | |||||||||||
Dividends | 1,125 | 1,155 | (30 | ) | -2.6 | % | ||||||||||
Loans held for sale | 4,194 | 2,699 | 1,495 | 55.4 | % | |||||||||||
Other interest income | 542 | 348 | 194 | 55.7 | % | |||||||||||
Total Interest Income | 164,113 | 148,611 | 15,502 | 10.4 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 38,480 | 31,104 | 7,376 | 23.7 | % | |||||||||||
Short-term borrowings | 8,655 | 7,914 | 741 | 9.4 | % | |||||||||||
Long-term debt | 10,482 | 9,668 | 814 | 8.4 | % | |||||||||||
Total Interest Expense | 57,617 | 48,686 | 8,931 | 18.3 | % | |||||||||||
Net Interest Income | 106,496 | 99,925 | 6,571 | 6.6 | % | |||||||||||
Provision for Loan Losses | 815 | 725 | 90 | 12.4 | % | |||||||||||
Net Interest Income after Provision | 105,681 | 99,200 | 6,481 | 6.5 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management and trust services | 8,730 | 8,966 | (236 | ) | -2.6 | % | ||||||||||
Service charges on deposit accounts | 10,488 | 9,960 | 528 | 5.3 | % | |||||||||||
Other service charges and fees | 5,808 | 7,142 | (1,334 | ) | -18.7 | % | ||||||||||
Gain on sale of mortgage loans | 7,624 | 6,290 | 1,334 | 21.2 | % | |||||||||||
Investment securities gains | 905 | 1,418 | (513 | ) | -36.2 | % | ||||||||||
Other | 2,597 | 4,539 | (1,942 | ) | -42.8 | % | ||||||||||
Total Other Income | 36,152 | 38,315 | (2,163 | ) | -5.6 | % | ||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 46,761 | 45,235 | 1,526 | 3.4 | % | |||||||||||
Net occupancy expense | 7,459 | 6,549 | 910 | 13.9 | % | |||||||||||
Equipment expense | 3,203 | 2,888 | 315 | 10.9 | % | |||||||||||
Data processing | 3,100 | 3,321 | (221 | ) | -6.7 | % | ||||||||||
Advertising | 1,995 | 2,276 | (281 | ) | -12.3 | % | ||||||||||
Intangible amortization | 1,510 | 1,168 | 342 | 29.3 | % | |||||||||||
Other | 17,509 | 16,752 | 757 | 4.5 | % | |||||||||||
Total Other Expenses | 81,537 | 78,189 | 3,348 | 4.3 | % | |||||||||||
Income Before Income Taxes | 60,296 | 59,326 | 970 | 1.6 | % | |||||||||||
Income Taxes | 18,168 | 17,722 | 446 | 2.5 | % | |||||||||||
Net Income | $ | 42,128 | $ | 41,604 | $ | 524 | 1.3 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.27 | $ | — | — | |||||||||
Diluted | 0.27 | 0.27 | — | — | ||||||||||||
Cash dividends | $ | 0.145 | $ | 0.145 | $ | — | — | |||||||||
Book value | 8.12 | 7.82 | 0.30 | 3.8 | % | |||||||||||
Tangible book value | 5.27 | 5.29 | (0.02 | ) | -0.4 | % | ||||||||||
Weighted average shares (basic) | 156,815 | 154,509 | 2,306 | 1.5 | % | |||||||||||
Weighted average shares (diluted) | 158,677 | 156,333 | 2,344 | 1.5 | % | |||||||||||
Shares outstanding, end of period | 156,953 | 152,956 | 3,997 | 2.6 | % | |||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.37 | % | 1.46 | % | ||||||||||||
Return on average equity | 13.08 | % | 13.94 | % | ||||||||||||
Return on average equity (tangible) | 20.62 | % | 20.98 | % | ||||||||||||
Net interest margin | 3.92 | % | 3.92 | % | ||||||||||||
Efficiency ratio | 55.5 | % | 55.4 | % | ||||||||||||
Average equity to average assets | 10.5 | % | 10.5 | % |
10
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended | ||||||||||||||||||||||||
September 30, 2005 | June 30, 2005 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 8,234,531 | $ | 136,915 | 6.60 | % | $ | 7,823,737 | $ | 124,080 | 6.36 | % | ||||||||||||
Taxable investment securities | 2,015,378 | 18,947 | 3.74 | % | 1,965,683 | 18,257 | 3.71 | % | ||||||||||||||||
Tax-exempt investment securities | 387,233 | 4,761 | 4.92 | % | 341,044 | 4,227 | 4.96 | % | ||||||||||||||||
Equity securities | 137,873 | 1,317 | 3.80 | % | 129,980 | 1,341 | 4.14 | % | ||||||||||||||||
Total Investment Securities | 2,540,484 | 25,025 | 3.92 | % | 2,436,707 | 23,825 | 3.91 | % | ||||||||||||||||
Loans held for sale | 266,588 | 4,194 | 6.29 | % | 152,503 | 2,699 | 7.08 | % | ||||||||||||||||
Other interest-earning assets | 62,406 | 542 | 3.43 | % | 47,819 | 348 | 2.90 | % | ||||||||||||||||
Total Interest-earning Assets | 11,104,009 | 166,676 | 5.97 | % | 10,460,766 | 150,952 | 5.79 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 370,531 | 342,592 | ||||||||||||||||||||||
Premises and equipment | 164,447 | 152,123 | ||||||||||||||||||||||
Other assets | 638,195 | 554,556 | ||||||||||||||||||||||
Less: allowance for loan losses | (94,527 | ) | (91,209 | ) | ||||||||||||||||||||
Total Assets | $ | 12,182,655 | $ | 11,418,828 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,586,338 | $ | 4,169 | 1.04 | % | $ | 1,484,772 | $ | 3,309 | 0.89 | % | ||||||||||||
Savings deposits | 2,162,030 | 7,640 | 1.40 | % | 1,986,909 | 5,859 | 1.18 | % | ||||||||||||||||
Time deposits | 3,303,240 | 26,671 | 3.20 | % | 3,019,818 | 21,936 | 2.91 | % | ||||||||||||||||
Total Interest-bearing Deposits | 7,051,608 | 38,480 | 2.16 | % | 6,491,499 | 31,104 | 1.92 | % | ||||||||||||||||
Short-term borrowings | 1,115,122 | 8,655 | 3.05 | % | 1,180,975 | 7,914 | 2.68 | % | ||||||||||||||||
Long-term debt | 952,372 | 10,482 | 4.33 | % | 841,650 | 9,668 | 4.59 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 9,119,102 | 57,617 | 2.50 | % | 8,514,124 | 48,686 | 2.29 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,651,787 | 1,567,611 | ||||||||||||||||||||||
Other | 133,664 | 139,888 | ||||||||||||||||||||||
Total Liabilities | 10,904,553 | 10,221,623 | ||||||||||||||||||||||
Shareholders’ equity | 1,278,102 | 1,197,205 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,182,655 | $ | 11,418,828 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 109,059 | 3.92 | % | 102,266 | 3.92 | % | ||||||||||||||||||
Tax equivalent adjustment | (2,563 | ) | (2,341 | ) | ||||||||||||||||||||
Net interest income | $ | 106,496 | $ | 99,925 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
11
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||||||||||
Balance at beginning of period | $ | 90,402 | $ | 86,539 | $ | 89,627 | $ | 77,700 | ||||||||
Loans charged off | (1,625 | ) | (2,056 | ) | (5,104 | ) | (6,289 | ) | ||||||||
Recoveries of loans previously charged off | 1,236 | 1,019 | 3,965 | 3,639 | ||||||||||||
Net loans charged-off | (389 | ) | (1,037 | ) | (1,139 | ) | (2,650 | ) | ||||||||
Provision for loan losses | 815 | 1,125 | 2,340 | 3,665 | ||||||||||||
Allowance purchased | 3,108 | 200 | 3,108 | 8,112 | ||||||||||||
Balance at end of period | $ | 93,936 | $ | 86,827 | $ | 93,936 | $ | 86,827 | ||||||||
Net charge-offs to average loans (annualized) | 0.02 | % | 0.06 | % | 0.02 | % | 0.05 | % | ||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||
Nonaccrual loans | $ | 30,669 | $ | 23,422 | ||||||||||||
Accruing loans 90+ days overdue | 13,350 | 10,962 | ||||||||||||||
Other real estate owned | 4,042 | 1,325 | ||||||||||||||
Total Nonperforming Assets | $ | 48,061 | $ | 35,709 | ||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||
Nonaccrual loans to total loans | 0.37 | % | 0.32 | % | ||||||||||||
Nonperforming assets to total loans and OREO | 0.58 | % | 0.49 | % | ||||||||||||
Nonperforming assets to total assets | 0.39 | % | 0.34 | % | ||||||||||||
Allowance for loan losses to loans outstanding | 1.13 | % | 1.20 | % | ||||||||||||
Allowance/nonperforming loans | 213 | % | 253 | % |
Quarter Ended | ||||||||
September 30 | June 30 | |||||||
2005 | 2005 | |||||||
(dollars in thousands) | ||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||
Balance at beginning of period | $ | 90,402 | $ | 90,127 | ||||
Loans charged off | (1,625 | ) | (1,660 | ) | ||||
Recoveries of loans previously charged off | 1,236 | 1,210 | ||||||
Net loans charged-off | (389 | ) | (450 | ) | ||||
Provision for loan losses | 815 | 725 | ||||||
Allowance purchased | 3,108 | — | ||||||
Balance at end of period | $ | 93,936 | $ | 90,402 | ||||
Net charge-offs to average loans (annualized) | 0.02 | % | 0.02 | % | ||||
NON-PERFORMING ASSETS: | ||||||||
Nonaccrual loans | $ | 30,669 | $ | 20,820 | ||||
Accruing loans 90+ days overdue | 13,350 | 7,453 | ||||||
Other real estate owned | 4,042 | 3,478 | ||||||
Total Nonperforming Assets | $ | 48,061 | $ | 31,751 | ||||
ASSET QUALITY RATIOS: | ||||||||
Nonaccrual loans to total loans | 0.37 | % | 0.26 | % | ||||
Nonperforming assets to total loans and OREO | 0.58 | % | 0.40 | % | ||||
Nonperforming assets to total assets | 0.39 | % | 0.27 | % | ||||
Allowance for loan losses to loans outstanding | 1.13 | % | 1.15 | % | ||||
Allowance/nonperforming loans | 213 | % | 320 | % |
12
FULTON FINANCIAL CORPORATION
SOMERSET VALLEY BANK — ACQUIRED BALANCES (UNAUDITED)
JULY 1, 2005
JULY 1, 2005
NOTE: The following table presents a summary of the balances added to the Corporation as a result of its July 1, 2005 acquisition of Somerset Valley Bank. The balances presented include a preliminary allocation of the purchase price.
ASSETS | ||||
Cash and due from banks | $ | 20,035 | ||
Other interest-earning assets | 61,046 | |||
Investment securities | 124,916 | |||
Loans, net of unearned | 304,768 | |||
Allowance for loan losses | (3,108 | ) | ||
Net Loans | 301,660 | |||
Premises and equipment | 9,279 | |||
Accrued interest receivable | 2,127 | |||
Goodwill and intangible assets | 63,284 | |||
Other assets | 8,442 | |||
Total Assets | $ | 590,789 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Deposits | $ | 473,379 | ||
Long-term debt | 24,587 | |||
Other liabilities | 2,301 | |||
Total Liabilities | 500,267 | |||
Shareholders’ equity | 90,522 | |||
Total Liabilities and Shareholders’ Equity | $ | 590,789 | ||
LOANS AND DEPOSITS DETAIL: | ||||
Loans, by type: | ||||
Commercial — industrial and financial | $ | 71,054 | ||
Real estate — commercial mortgage | 140,311 | |||
Real estate — residential mortgage | 28,970 | |||
Real estate — construction | 33,949 | |||
Real estate — home equity | 28,495 | |||
Consumer and other | 1,989 | |||
Total Loans, net of unearned income | $ | 304,768 | ||
Deposits, by type: | ||||
Noninterest-bearing demand | $ | 65,943 | ||
Interest-bearing demand | 86,965 | |||
Savings deposits | 171,780 | |||
Time deposits | 148,691 | |||
Total Deposits | $ | 473,379 | ||
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