Exhibit 99.2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended September 30 | Variance | ||||||||||||
2004 | 2003 | $ | % | ||||||||||
(in thousands, except per-share data) | |||||||||||||
INCOME SUMMARY: | |||||||||||||
Interest income | $ | 126,947 | $ | 105,907 | $ | 21,040 | 19.9 | % | |||||
Interest expense | 34,446 | 32,128 | 2,318 | 7.2 | % | ||||||||
Net Interest Income | 92,501 | 73,779 | 18,722 | 25.4 | % | ||||||||
Provision for loan losses | 1,125 | 2,190 | (1,065 | ) | -48.6 | % | |||||||
Investment securities gains | 3,336 | 6,990 | (3,654 | ) | -52.3 | % | |||||||
Other income | 32,011 | 30,523 | 1,488 | 4.9 | % | ||||||||
Other expenses | 70,688 | 59,550 | 11,138 | 18.7 | % | ||||||||
Income Before Income Taxes | 56,035 | 49,552 | 6,483 | 13.1 | % | ||||||||
Income taxes | 16,915 | 15,170 | 1,745 | 11.5 | % | ||||||||
Net Income | $ | 39,120 | $ | 34,382 | $ | 4,738 | 13.8 | % | |||||
Fully taxable equivalent (FTE) net interest income | $ | 94,876 | $ | 76,242 | $ | 18,634 | 24.4 | % | |||||
PER-SHARE DATA: | |||||||||||||
Net income: | |||||||||||||
Basic | $ | 0.32 | $ | 0.30 | $ | 0.02 | 6.7 | % | |||||
Diluted | 0.32 | 0.30 | 0.02 | 6.7 | % | ||||||||
Cash dividends | 0.165 | 0.152 | 0.013 | 8.6 | % | ||||||||
ENDING BALANCES: | |||||||||||||
Total assets | $ | 10,564,661 | $ | 9,280,289 | $ | 1,284,372 | 13.8 | % | |||||
Loans, net of unearned income | 7,213,162 | 5,844,788 | 1,368,374 | 23.4 | % | ||||||||
Deposits | 7,460,070 | 6,834,167 | 625,903 | 9.2 | % | ||||||||
Short-term borrowings | 1,188,464 | 789,157 | 399,307 | 50.6 | % | ||||||||
Long-term debt | 666,781 | 594,841 | 71,940 | 12.1 | % | ||||||||
Shareholders’ equity | 1,128,023 | 927,476 | 200,547 | 21.6 | % | ||||||||
AVERAGE BALANCES: | |||||||||||||
Total assets | $ | 10,546,594 | $ | 9,016,543 | $ | 1,530,051 | 17.0 | % | |||||
Loans, net of unearned income | 7,159,211 | 5,683,795 | 1,475,416 | 26.0 | % | ||||||||
Deposits | 7,461,511 | 6,704,347 | 757,164 | 11.3 | % | ||||||||
Short-term borrowings | 1,208,379 | 695,550 | 512,829 | 73.7 | % | ||||||||
Long-term debt | 654,969 | 595,466 | 59,503 | 10.0 | % | ||||||||
Shareholders’ equity | 1,102,184 | 922,586 | 179,598 | 19.5 | % |
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
Nine Months Ended September 30 | Variance | ||||||||||||
2004 | 2003 | $ | % | ||||||||||
(in thousands, except per-share data) | |||||||||||||
INCOME SUMMARY: | |||||||||||||
Interest income | $ | 362,907 | $ | 323,257 | $ | 39,650 | 12.3 | % | |||||
Interest expense | 98,733 | 99,470 | (737 | ) | -0.7 | % | |||||||
Net Interest Income | 264,174 | 223,787 | 40,387 | 18.0 | % | ||||||||
Provision for loan losses | 3,665 | 7,515 | (3,850 | ) | -51.2 | % | |||||||
Investment securities gains | 14,513 | 14,028 | 485 | 3.5 | % | ||||||||
Other income | 90,100 | 89,684 | 416 | 0.5 | % | ||||||||
Other expenses | 204,063 | 173,497 | 30,566 | 17.6 | % | ||||||||
Income Before Income Taxes | 161,059 | 146,487 | 14,572 | 9.9 | % | ||||||||
Income taxes | 48,229 | 44,000 | 4,229 | 9.6 | % | ||||||||
Net Income | $ | 112,830 | $ | 102,487 | $ | 10,343 | 10.1 | % | |||||
Fully taxable equivalent (FTE) net interest income | $ | 271,227 | $ | 231,077 | $ | 40,150 | 17.4 | % | |||||
PER-SHARE DATA: | |||||||||||||
Net income: | |||||||||||||
Basic | $ | 0.95 | $ | 0.92 | $ | 0.03 | 3.3 | % | |||||
Diluted | 0.94 | 0.91 | 0.03 | 3.3 | % | ||||||||
Cash dividends | 0.482 | 0.441 | 0.041 | 9.3 | % | ||||||||
AVERAGE BALANCES: | |||||||||||||
Total assets | $ | 10,276,534 | $ | 8,576,394 | $ | 1,700,140 | 19.8 | % | |||||
Loans, net of unearned income | 6,766,049 | 5,473,055 | 1,292,994 | 23.6 | % | ||||||||
Deposits | 7,210,202 | 6,401,222 | 808,980 | 12.6 | % | ||||||||
Short-term borrowings | 1,278,517 | 634,745 | 643,772 | 101.4 | % | ||||||||
Long-term debt | 627,384 | 559,128 | 68,255 | 12.2 | % | ||||||||
Shareholders’ equity | 1,051,353 | 884,400 | 166,953 | 18.9 | % |
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended | Variance | ||||||||||||
September 30 2004 | June 30 2004 | $ | % | ||||||||||
(in thousands, except per-share data) | |||||||||||||
INCOME SUMMARY: | |||||||||||||
Interest income | $ | 126,947 | $ | 122,024 | $ | 4,923 | 4.0 | % | |||||
Interest expense | 34,446 | 33,318 | 1,128 | 3.4 | % | ||||||||
Net Interest Income | 92,501 | 88,706 | 3,795 | 4.3 | % | ||||||||
Provision for loan losses | 1,125 | 800 | 325 | 40.6 | % | ||||||||
Investment securities gains | 3,336 | 5,349 | (2,013 | ) | -37.6 | % | |||||||
Other income | 32,011 | 31,674 | 337 | 1.1 | % | ||||||||
Other expenses | 70,688 | 70,898 | (210 | ) | -0.3 | % | |||||||
Income Before Income Taxes | 56,035 | 54,031 | 2,004 | 3.7 | % | ||||||||
Income taxes | 16,915 | 16,167 | 748 | 4.6 | % | ||||||||
Net Income | $ | 39,120 | $ | 37,864 | $ | 1,256 | 3.3 | % | |||||
Fully taxable equivalent (FTE) net interest income | $ | 94,876 | $ | 91,038 | $ | 3,838 | 4.2 | % | |||||
PER-SHARE DATA: | |||||||||||||
Net income: | |||||||||||||
Basic | $ | 0.32 | $ | 0.31 | $ | 0.01 | 3.2 | % | |||||
Diluted | 0.32 | 0.31 | 0.01 | 3.2 | % | ||||||||
Cash dividends | 0.165 | 0.165 | — | 0.0 | % | ||||||||
ENDING BALANCES: | |||||||||||||
Total assets | $ | 10,564,661 | $ | 10,556,421 | $ | 8,240 | 0.1 | % | |||||
Loans, net of unearned income | 7,213,162 | 7,042,311 | 170,851 | 2.4 | % | ||||||||
Deposits | 7,460,070 | 7,430,988 | 29,082 | 0.4 | % | ||||||||
Short-term borrowings | 1,188,464 | 1,241,522 | (53,058 | ) | -4.3 | % | |||||||
Long-term debt | 666,781 | 654,886 | 11,895 | 1.8 | % | ||||||||
Shareholders’ equity | 1,128,023 | 1,107,482 | 20,541 | 1.9 | % | ||||||||
AVERAGE BALANCES: | |||||||||||||
Total assets | $ | 10,546,594 | $ | 10,603,544 | $ | (56,950 | ) | -0.5 | % | ||||
Loans, net of unearned income | 7,159,211 | 6,946,626 | 212,585 | 3.1 | % | ||||||||
Deposits | 7,461,511 | 7,448,275 | 13,236 | 0.2 | % | ||||||||
Short-term borrowings | 1,208,379 | 1,282,657 | (74,278 | ) | -5.8 | % | |||||||
Long-term debt | 654,969 | 656,803 | (1,834 | ) | -0.3 | % | |||||||
Shareholders’ equity | 1,102,184 | 1,101,590 | 594 | 0.1 | % |
FULTON FINANCIAL CORPORATION
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
September 30 | Variance | ||||||||||||||
2004 | 2003 | $ | % | ||||||||||||
(in thousands) | |||||||||||||||
ASSETS | |||||||||||||||
Cash and due from banks | $ | 305,695 | $ | 333,253 | $ | (27,558 | ) | -8.3 | % | ||||||
Interest-bearing deposits | 12,566 | 7,514 | 5,052 | 67.2 | % | ||||||||||
Mortgage loans held for sale | 150,452 | 53,707 | 96,745 | 180.1 | % | ||||||||||
Investment securities | 2,343,686 | 2,705,463 | (361,777 | ) | -13.4 | % | |||||||||
Loans, net of unearned income | 7,213,162 | 5,844,788 | 1,368,374 | 23.4 | % | ||||||||||
Less: Allowance for loan losses | (86,827 | ) | (77,857 | ) | (8,970 | ) | 11.5 | % | |||||||
Net Loans | 7,126,335 | 5,766,931 | 1,359,404 | 23.6 | % | ||||||||||
Premises and equipment | 130,874 | 121,822 | 9,052 | 7.4 | % | ||||||||||
Accrued interest receivable | 38,651 | 31,385 | 7,266 | 23.2 | % | ||||||||||
Goodwill | 279,514 | 123,565 | 155,949 | 126.2 | % | ||||||||||
Other assets | 176,888 | 136,649 | 40,239 | 29.4 | % | ||||||||||
Total Assets | $ | 10,564,661 | $ | 9,280,289 | $ | 1,284,372 | 13.8 | % | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest bearing | $ | 1,427,008 | $ | 1,259,811 | $ | 167,197 | 13.3 | % | |||||||
Interest-bearing | 6,033,062 | 5,574,356 | 458,706 | 8.2 | % | ||||||||||
Total Deposits | 7,460,070 | 6,834,167 | 625,903 | 9.2 | % | ||||||||||
Short-term borrowings: | |||||||||||||||
Federal funds purchased | 662,509 | 387,343 | 275,166 | 71.0 | % | ||||||||||
Other short-term borrowings | 525,955 | 401,814 | 124,141 | 30.9 | % | ||||||||||
Total Short-Term Borrowings | 1,188,464 | 789,157 | 399,307 | 50.6 | % | ||||||||||
Accrued interest payable | 27,603 | 26,766 | 837 | 3.1 | % | ||||||||||
Other liabilities | 93,720 | 75,882 | 17,838 | 23.5 | % | ||||||||||
Long-term debt | 666,781 | 594,841 | 71,940 | 12.1 | % | ||||||||||
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust | — | 32,000 | (32,000 | ) | -100.0 | % | |||||||||
Total Liabilities | 9,436,638 | 8,352,813 | 1,083,825 | 13.0 | % | ||||||||||
Shareholders’ equity: | |||||||||||||||
Common stock | 321,277 | 284,962 | 36,315 | 12.7 | % | ||||||||||
Additional paid in capital | 889,595 | 636,934 | 252,661 | 39.7 | % | ||||||||||
Retained earnings | 57,106 | 99,014 | (41,908 | ) | -42.3 | % | |||||||||
Accumulated other comprehensive (loss) income, net | (2,072 | ) | 4,569 | (6,641 | ) | -145.3 | % | ||||||||
Less: Treasury stock, at cost | (137,883 | ) | (98,003 | ) | (39,880 | ) | 40.7 | % | |||||||
Total Shareholders’ Equity | 1,128,023 | 927,476 | 200,547 | 21.6 | % | ||||||||||
Total Liabilities and Shareholders’ Equity | $ | 10,564,661 | $ | 9,280,289 | $ | 1,284,372 | 13.8 | % | |||||||
LOANS AND DEPOSITS DETAIL: | |||||||||||||||
Loans, by type: | |||||||||||||||
Commercial, industrial and financial | $ | 1,848,058 | $ | 1,526,952 | $ | 321,106 | 21.0 | % | |||||||
Commercial - agricultural | 316,323 | 196,761 | 119,562 | 60.8 | % | ||||||||||
Real estate - construction | 580,323 | 309,122 | 271,201 | 87.7 | % | ||||||||||
Real estate - residential mortgage | 528,421 | 447,025 | 81,396 | 18.2 | % | ||||||||||
Real estate - commercial mortgage | 2,284,755 | 1,932,735 | 352,020 | 18.2 | % | ||||||||||
Real estate - home equity | 1,053,333 | 827,303 | 226,030 | 27.3 | % | ||||||||||
Consumer | 529,413 | 537,512 | (8,099 | ) | -1.5 | % | |||||||||
Leasing and other | 72,536 | 67,378 | 5,158 | 7.7 | % | ||||||||||
Total Loans, net of unearned income | $ | 7,213,162 | $ | 5,844,788 | $ | 1,368,374 | 23.4 | % | |||||||
Deposits, by type: | |||||||||||||||
Noninterest-bearing demand | $ | 1,427,008 | $ | 1,259,811 | $ | 167,197 | 13.3 | % | |||||||
Interest-bearing demand | 1,391,071 | 1,266,762 | 124,309 | 9.8 | % | ||||||||||
Savings deposits | 1,889,543 | 1,770,143 | 119,400 | 6.7 | % | ||||||||||
Time deposits | 2,752,448 | 2,537,451 | 214,997 | 8.5 | % | ||||||||||
Total Deposits | $ | 7,460,070 | $ | 6,834,167 | $ | 625,903 | 9.2 | % | |||||||
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended September 30 | Variance | ||||||||||||||
2004 | 2003 | $ | % | ||||||||||||
(in thousands) | |||||||||||||||
Interest Income: | |||||||||||||||
Loans, including fees | $ | 103,033 | $ | 85,159 | $ | 17,874 | 21.0 | % | |||||||
Investment securities: | |||||||||||||||
Taxable | 18,247 | 16,512 | 1,735 | 10.5 | % | ||||||||||
Tax-exempt | 2,407 | 2,740 | (333 | ) | -12.2 | % | |||||||||
Dividends | 1,035 | 904 | 131 | 14.5 | % | ||||||||||
Other interest income | 2,225 | 592 | 1,633 | 275.8 | % | ||||||||||
Total Interest Income | 126,947 | 105,907 | 21,040 | 19.9 | % | ||||||||||
Interest Expense: | |||||||||||||||
Deposits | 22,644 | 22,773 | (129 | ) | -0.6 | % | |||||||||
Short-term borrowings | 3,840 | 1,515 | 2,325 | 153.5 | % | ||||||||||
Long-term debt | 7,962 | 7,840 | 122 | 1.6 | % | ||||||||||
Total Interest Expense | 34,446 | 32,128 | 2,318 | 7.2 | % | ||||||||||
Net Interest Income | 92,501 | 73,779 | 18,722 | 25.4 | % | ||||||||||
Provision for Loan Losses | 1,125 | 2,190 | (1,065 | ) | -48.6 | % | |||||||||
Net Interest Income after Provision | 91,376 | 71,589 | 19,787 | 27.6 | % | ||||||||||
Other Income: | |||||||||||||||
Investment management & trust services | 8,650 | 8,527 | 123 | 1.4 | % | ||||||||||
Service charges on deposit accounts | 10,182 | 9,810 | 372 | 3.8 | % | ||||||||||
Other service charges and fees | 5,367 | 4,782 | 585 | 12.2 | % | ||||||||||
Mortgage banking income | 6,092 | 6,100 | (8 | ) | -0.1 | % | |||||||||
Investment securities gains | 3,336 | 6,990 | (3,654 | ) | -52.3 | % | |||||||||
Other | 1,720 | 1,304 | 416 | 31.9 | % | ||||||||||
Total Other Income | 35,347 | 37,513 | (2,166 | ) | -5.8 | % | |||||||||
Other Expenses: | |||||||||||||||
Salaries and employee benefits | 42,464 | 35,516 | 6,948 | 19.6 | % | ||||||||||
Net occupancy expense | 6,159 | 4,982 | 1,177 | 23.6 | % | ||||||||||
Equipment expense | 2,705 | 2,618 | 87 | 3.3 | % | ||||||||||
Data processing | 2,915 | 2,864 | 51 | 1.8 | % | ||||||||||
Advertising | 1,631 | 1,570 | 61 | 3.9 | % | ||||||||||
Intangible amortization | 1,233 | 622 | 611 | 98.2 | % | ||||||||||
Other | 13,581 | 11,378 | 2,203 | 19.4 | % | ||||||||||
Total Other Expenses | 70,688 | 59,550 | 11,138 | 18.7 | % | ||||||||||
Income Before Income Taxes | 56,035 | 49,552 | 6,483 | 13.1 | % | ||||||||||
Income Taxes | 16,915 | 15,170 | 1,745 | 11.5 | % | ||||||||||
Net Income | $ | 39,120 | $ | 34,382 | $ | 4,738 | 13.8 | % | |||||||
SHARE AND PER-SHARE INFORMATION: | |||||||||||||||
Net income: | |||||||||||||||
Basic | $ | 0.32 | $ | 0.30 | 0.02 | 6.7 | % | ||||||||
Diluted | 0.32 | 0.30 | 0.02 | 6.7 | % | ||||||||||
Cash dividends | $ | 0.165 | $ | 0.152 | 0.013 | 8.6 | % | ||||||||
Book value | 9.32 | 8.14 | 1.18 | 14.5 | % | ||||||||||
Tangible book value | 6.85 | 6.89 | (0.04 | ) | -0.6 | % | |||||||||
Weighted average shares (basic) | 121,496 | 113,249 | 8,247 | 7.3 | % | ||||||||||
Weighted average shares (diluted) | 122,712 | 114,168 | 8,544 | 7.5 | % | ||||||||||
Shares outstanding, end of period | 121,003 | 113,989 | 7,014 | 6.2 | % | ||||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||||
Return on average assets | 1.48 | % | 1.51 | % | -0.03 | % | -2.0 | % | |||||||
Return on average equity | 14.12 | % | 14.79 | % | -0.67 | % | -4.5 | % | |||||||
Return on average equity (tangible) | 19.37 | % | 16.95 | % | 2.42 | % | 14.3 | % | |||||||
Net interest margin | 3.88 | % | 3.62 | % | 0.26 | % | 7.2 | % | |||||||
Efficiency ratio | 54.7 | % | 55.2 | % | -0.5 | % | -0.8 | % | |||||||
Average equity to average assets | 10.5 | % | 10.2 | % | 0.2 | % | 2.1 | % |
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended September 30 | ||||||||||||||||||||
2004 | 2003 | |||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans and leases | $ | 7,159,211 | $ | 103,033 | 5.73 | % | $ | 5,683,795 | $ | 85,159 | 5.94 | % | ||||||||
Taxable investment securities | 2,037,040 | 18,247 | 3.56 | % | 2,218,346 | 16,512 | 2.95 | % | ||||||||||||
Tax-exempt investment securities | 262,962 | 2,407 | 3.64 | % | 287,297 | 2,740 | 3.78 | % | ||||||||||||
Equity securities | 138,264 | 1,035 | 2.98 | % | 128,064 | 904 | 2.80 | % | ||||||||||||
Total Investment Securities | 2,438,266 | 21,689 | 3.54 | % | 2,633,707 | 20,156 | 3.04 | % | ||||||||||||
Short-term investments | 126,089 | 2,225 | 7.02 | % | 51,398 | 592 | 4.57 | % | ||||||||||||
Total Interest-earning Assets | 9,723,566 | 126,947 | 5.19 | % | 8,368,900 | 105,907 | 5.02 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 326,204 | 302,248 | ||||||||||||||||||
Premises and equipment | 130,776 | 125,835 | ||||||||||||||||||
Other assets | 453,196 | 296,306 | ||||||||||||||||||
Less: Allowance for loan losses | (87,148 | ) | (76,746 | ) | ||||||||||||||||
Total Assets | $ | 10,546,594 | $ | 9,016,543 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | $ | 1,399,005 | $ | 1,863 | 0.53 | % | $ | 1,213,594 | $ | 1,426 | 0.47 | % | ||||||||
Savings deposits | 1,868,650 | 2,972 | 0.63 | % | 1,709,803 | 2,468 | 0.57 | % | ||||||||||||
Time deposits | 2,764,597 | 17,809 | 2.56 | % | 2,522,767 | 18,879 | 2.97 | % | ||||||||||||
Total Interest-bearing Deposits | 6,032,252 | 22,644 | 1.49 | % | 5,446,164 | 22,773 | 1.66 | % | ||||||||||||
Short-term borrowings | 1,208,379 | 3,840 | 1.26 | % | 695,550 | 1,515 | 0.86 | % | ||||||||||||
Long-term debt | 654,969 | 7,962 | 4.84 | % | 595,466 | 7,840 | 5.22 | % | ||||||||||||
Total Interest-bearing Liabilities | 7,895,600 | 34,446 | 1.74 | % | 6,737,180 | 32,128 | 1.89 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 1,429,259 | 1,258,183 | ||||||||||||||||||
Other | 119,551 | 98,594 | ||||||||||||||||||
Total Liabilities | 9,444,410 | 8,093,957 | ||||||||||||||||||
Shareholders’ equity | 1,102,184 | 922,586 | ||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 10,546,594 | $ | 9,016,543 | ||||||||||||||||
Net interest income | $ | 92,501 | $ | 73,779 | ||||||||||||||||
Net interest margin (FTE) | 3.88 | % | 3.62 | % | ||||||||||||||||
(1) | Yields on tax-exempt securities are not fully taxable equivalent (FTE). |
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Nine Months Ended September 30 | Variance | ||||||||||||||
2004 | 2003 | $ | % | ||||||||||||
(in thousands) | |||||||||||||||
Interest Income: | |||||||||||||||
Loans, including fees | $ | 288,358 | $ | 254,812 | $ | 33,546 | 13.2 | % | |||||||
Investment securities: | |||||||||||||||
Taxable | 59,635 | 55,636 | 3,999 | 7.2 | % | ||||||||||
Tax-exempt | 7,480 | 7,786 | (306 | ) | -3.9 | % | |||||||||
Dividends | 2,979 | 3,205 | (226 | ) | -7.1 | % | |||||||||
Other interest income | 4,455 | 1,818 | 2,637 | 145.0 | % | ||||||||||
Total Interest Income | 362,907 | 323,257 | 39,650 | 12.3 | % | ||||||||||
Interest Expense: | |||||||||||||||
Deposits | 65,339 | 72,480 | (7,141 | ) | -9.9 | % | |||||||||
Short-term borrowings | 10,302 | 4,960 | 5,342 | 107.7 | % | ||||||||||
Long-term debt | 23,092 | 22,030 | 1,062 | 4.8 | % | ||||||||||
Total Interest Expense | 98,733 | 99,470 | (737 | ) | -0.7 | % | |||||||||
Net Interest Income | 264,174 | 223,787 | 40,387 | 18.0 | % | ||||||||||
Provision for Loan Losses | 3,665 | 7,515 | (3,850 | ) | -51.2 | % | |||||||||
Net Interest Income after Provision | 260,509 | 216,272 | 44,237 | 20.5 | % | ||||||||||
Other Income: | |||||||||||||||
Investment management & trust services | 25,932 | 25,679 | 253 | 1.0 | % | ||||||||||
Service charges on deposit accounts | 29,616 | 28,527 | 1,089 | 3.8 | % | ||||||||||
Other service charges and fees | 15,363 | 14,076 | 1,287 | 9.1 | % | ||||||||||
Mortgage banking income | 14,565 | 17,892 | (3,327 | ) | -18.6 | % | |||||||||
Investment securities gains | 14,513 | 14,028 | 485 | 3.5 | % | ||||||||||
Other | 4,624 | 3,510 | 1,114 | 31.7 | % | ||||||||||
Total Other Income | 104,613 | 103,712 | 901 | 0.9 | % | ||||||||||
Other Expenses: | |||||||||||||||
Salaries and employee benefits | 121,622 | 103,330 | 18,292 | 17.7 | % | ||||||||||
Net occupancy expense | 17,536 | 14,869 | 2,667 | 17.9 | % | ||||||||||
Equipment expense | 8,095 | 7,886 | 209 | 2.7 | % | ||||||||||
Data processing | 8,602 | 8,504 | 98 | 1.2 | % | ||||||||||
Advertising | 5,073 | 4,589 | 484 | 10.5 | % | ||||||||||
Intangible amortization | 3,580 | 1,341 | 2,239 | 167.0 | % | ||||||||||
Other | 39,555 | 32,978 | 6,577 | 19.9 | % | ||||||||||
Total Other Expenses | 204,063 | 173,497 | 30,566 | 17.6 | % | ||||||||||
Income Before Income Taxes | 161,059 | 146,487 | 14,572 | 9.9 | % | ||||||||||
Income Taxes | 48,229 | 44,000 | 4,229 | 9.6 | % | ||||||||||
Net Income | $ | 112,830 | $ | 102,487 | $ | 10,343 | 10.1 | % | |||||||
SHARE AND PER-SHARE INFORMATION: | |||||||||||||||
Net income: | |||||||||||||||
Basic | $ | 0.95 | $ | 0.92 | $ | 0.03 | 3.3 | % | |||||||
Diluted | 0.94 | 0.91 | 0.03 | 3.3 | % | ||||||||||
Cash dividends | $ | 0.482 | $ | 0.441 | 0.041 | 9.3 | % | ||||||||
Book value | 9.32 | 8.14 | 1.18 | 14.5 | % | ||||||||||
Tangible book value | 6.85 | 6.89 | (0.04 | ) | -0.6 | % | |||||||||
Weighted average shares (basic) | 119,110 | 111,733 | 7,377 | 6.6 | % | ||||||||||
Weighted average shares (diluted) | 120,298 | 112,547 | 7,751 | 6.9 | % | ||||||||||
Shares outstanding, end of period | 121,003 | 113,989 | 7,014 | 6.2 | % | ||||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||||
Return on average assets | 1.47 | % | 1.60 | % | -0.13 | % | -8.1 | % | |||||||
Return on average equity | 14.34 | % | 15.49 | % | -1.15 | % | -7.4 | % | |||||||
Return on average equity (tangible) | 18.38 | % | 17.19 | % | 1.19 | % | 6.9 | % | |||||||
Net interest margin | 3.80 | % | 3.86 | % | -0.06 | % | -1.6 | % | |||||||
Efficiency ratio | 55.5 | % | 53.7 | % | 1.8 | % | 3.3 | % | |||||||
Average equity to average assets | 10.2 | % | 10.3 | % | -0.1 | % | -0.8 | % |
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Nine Months Ended September 30 | ||||||||||||||||||||
2004 | 2003 | |||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans and leases | $ | 6,766,049 | $ | 288,358 | 5.69 | % | $ | 5,473,055 | $ | 254,812 | 6.22 | % | ||||||||
Taxable investment securities | 2,245,667 | 59,635 | 3.55 | % | 2,074,940 | 55,636 | 3.58 | % | ||||||||||||
Tax-exempt investment securities | 270,637 | 7,480 | 3.69 | % | 260,266 | 7,786 | 4.00 | % | ||||||||||||
Equity securities | 135,791 | 2,979 | 2.93 | % | 129,895 | 3,205 | 3.30 | % | ||||||||||||
Total Investment Securities | 2,652,095 | 70,094 | 3.53 | % | 2,465,101 | 66,627 | 3.61 | % | ||||||||||||
Short-term investments | 89,274 | 4,455 | 6.67 | % | 48,977 | 1,818 | 4.96 | % | ||||||||||||
Total Interest-earning Assets | 9,507,418 | 362,907 | 5.10 | % | 7,987,133 | 323,257 | 5.41 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 319,905 | 279,633 | ||||||||||||||||||
Premises and equipment | 127,660 | 123,681 | ||||||||||||||||||
Other assets | 405,788 | 260,150 | ||||||||||||||||||
Less: Allowance for loan losses | (84,237 | ) | (74,182 | ) | ||||||||||||||||
Total Assets | $ | 10,276,534 | $ | 8,576,415 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | $ | 1,343,681 | $ | 4,852 | 0.48 | % | $ | 1,116,959 | $ | 4,545 | 0.54 | % | ||||||||
Savings deposits | 1,828,788 | 8,115 | 0.59 | % | 1,614,721 | 8,090 | 0.67 | % | ||||||||||||
Time deposits | 2,679,615 | 52,372 | 2.61 | % | 2,498,711 | 59,845 | 3.20 | % | ||||||||||||
Total Interest-bearing Deposits | 5,852,084 | 65,339 | 1.49 | % | 5,230,391 | 72,480 | 1.85 | % | ||||||||||||
Short-term borrowings | 1,278,517 | 10,302 | 1.08 | % | 634,745 | 4,960 | 1.04 | % | ||||||||||||
Long-term debt | 627,384 | 23,092 | 4.92 | % | 559,128 | 22,030 | 5.27 | % | ||||||||||||
Total Interest-bearing Liabilities | 7,757,985 | 98,733 | 1.70 | % | 6,424,264 | 99,470 | 2.07 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 1,358,118 | 1,170,831 | ||||||||||||||||||
Other | 109,078 | 96,920 | ||||||||||||||||||
Total Liabilities | 9,225,181 | 7,692,015 | ||||||||||||||||||
Shareholders’ equity | 1,051,353 | 884,400 | ||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 10,276,534 | $ | 8,576,415 | ||||||||||||||||
Net interest income | $ | 264,174 | $ | 223,787 | ||||||||||||||||
Net interest margin (FTE) | 3.80 | % | 3.86 | % | ||||||||||||||||
(1) | Yields on tax-exempt securities are not fully taxable equivalent (FTE). |
FULTON FINANCIAL CORPORATION
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
Quarter Ended | Variance | ||||||||||||||
September 30 2004 | June 30 2004 | $ | % | ||||||||||||
(in thousands) | |||||||||||||||
ASSETS | |||||||||||||||
Cash and due from banks | $ | 305,695 | $ | 335,176 | $ | (29,481 | ) | -8.8 | % | ||||||
Interest-bearing deposits | 12,566 | 7,021 | 5,545 | 79.0 | % | ||||||||||
Mortgage loans held for sale | 150,452 | 144,050 | 6,402 | 4.4 | % | ||||||||||
Investment securities | 2,343,686 | 2,489,031 | (145,345 | ) | -5.8 | % | |||||||||
Loans, net of unearned income | 7,213,162 | 7,042,311 | 170,851 | 2.4 | % | ||||||||||
Less: Allowance for loan losses | (86,827 | ) | (86,539 | ) | (288 | ) | 0.3 | % | |||||||
Net Loans | 7,126,335 | 6,955,772 | 170,563 | 2.5 | % | ||||||||||
Premises and equipment | 130,874 | 130,721 | 153 | 0.1 | % | ||||||||||
Accrued interest receivable | 38,651 | 35,701 | 2,950 | 8.3 | % | ||||||||||
Goodwill | 279,514 | 276,592 | 2,922 | 1.1 | % | ||||||||||
Other assets | 176,888 | 182,357 | (5,469 | ) | -3.0 | % | |||||||||
Total Assets | $ | 10,564,661 | $ | 10,556,421 | $ | 8,240 | 0.1 | % | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest bearing | $ | 1,427,008 | $ | 1,414,770 | $ | 12,238 | 0.9 | % | |||||||
Interest-bearing | 6,033,062 | 6,016,218 | 16,844 | 0.3 | % | ||||||||||
Total Deposits | 7,460,070 | 7,430,988 | 29,082 | 0.4 | % | ||||||||||
Short-term borrowings: | |||||||||||||||
Federal funds purchased | 662,509 | 774,128 | (111,619 | ) | -14.4 | % | |||||||||
Other short-term borrowings | 525,955 | 467,394 | 58,561 | 12.5 | % | ||||||||||
Total Short-Term Borrowings | 1,188,464 | 1,241,522 | (53,058 | ) | -4.3 | % | |||||||||
Accrued interest payable | 27,603 | 25,273 | 2,330 | 9.2 | % | ||||||||||
Other liabilities | 93,720 | 96,270 | (2,550 | ) | -2.6 | % | |||||||||
Long-term debt | 666,781 | 654,886 | 11,895 | 1.8 | % | ||||||||||
Total Liabilities | 9,436,638 | 9,448,939 | (12,301 | ) | -0.1 | % | |||||||||
Shareholders’ equity: | |||||||||||||||
Common stock | 321,277 | 321,277 | — | 0.0 | % | ||||||||||
Additional paid in capital | 889,595 | 892,022 | (2,427 | ) | -0.3 | % | |||||||||
Retained earnings | 57,106 | 38,885 | 18,221 | 46.9 | % | ||||||||||
Accumulated other comprehensive loss, net | (2,072 | ) | (25,747 | ) | 23,675 | -92.0 | % | ||||||||
Less: Treasury stock, at cost | (137,883 | ) | (118,955 | ) | (18,928 | ) | 15.9 | % | |||||||
Total Shareholders’ Equity | 1,128,023 | 1,107,482 | 20,541 | 1.9 | % | ||||||||||
Total Liabilities and Shareholders’ Equity | $ | 10,564,661 | $ | 10,556,421 | $ | 8,240 | 0.1 | % | |||||||
LOANS AND DEPOSITS DETAIL: | |||||||||||||||
Loans, by type: | |||||||||||||||
Commercial, industrial and financial | $ | 1,848,058 | $ | 1,818,570 | $ | 29,488 | 1.6 | % | |||||||
Commercial - agricultural | 316,323 | 324,465 | (8,142 | ) | -2.5 | % | |||||||||
Real estate - construction | 580,323 | 560,865 | 19,458 | 3.5 | % | ||||||||||
Real estate - residential mortgage | 528,421 | 504,320 | 24,101 | 4.8 | % | ||||||||||
Real estate - commercial mortgage | 2,284,755 | 2,240,228 | 44,527 | 2.0 | % | ||||||||||
Real estate - home equity | 1,053,333 | 1,004,532 | 48,801 | 4.9 | % | ||||||||||
Consumer | 529,413 | 522,576 | 6,837 | 1.3 | % | ||||||||||
Leasing and other | 72,536 | 66,755 | 5,781 | 8.7 | % | ||||||||||
Total Loans, net of unearned income | $ | 7,213,162 | $ | 7,042,311 | $ | 170,851 | 2.4 | % | |||||||
Deposits, by type: | |||||||||||||||
Noninterest-bearing demand | $ | 1,427,008 | $ | 1,414,770 | $ | 12,238 | 0.9 | % | |||||||
Interest-bearing demand | 1,391,071 | 1,361,379 | 29,692 | 2.2 | % | ||||||||||
Savings deposits | 1,889,543 | 1,866,042 | 23,501 | 1.3 | % | ||||||||||
Time deposits | 2,752,448 | 2,788,797 | (36,349 | ) | -1.3 | % | |||||||||
Total Deposits | $ | 7,460,070 | $ | 7,430,988 | $ | 29,082 | 0.4 | % | |||||||
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended | Variance | ||||||||||||||
September 30 2004 | June 30 2004 | $ | % | ||||||||||||
(in thousands) | |||||||||||||||
Interest Income: | |||||||||||||||
Loans, including fees | $ | 103,033 | $ | 96,859 | $ | 6,174 | 6.4 | % | |||||||
Investment securities: | |||||||||||||||
Taxable | 18,247 | 19,652 | (1,405 | ) | -7.1 | % | |||||||||
Tax-exempt | 2,407 | 2,540 | (133 | ) | -5.2 | % | |||||||||
Dividends | 1,035 | 992 | 43 | 4.3 | % | ||||||||||
Other interest income | 2,225 | 1,981 | 244 | 12.3 | % | ||||||||||
Total Interest Income | 126,947 | 122,024 | 4,923 | 4.0 | % | ||||||||||
Interest Expense: | |||||||||||||||
Deposits | 22,644 | 22,345 | 299 | 1.3 | % | ||||||||||
Short-term borrowings | 3,840 | 3,135 | 705 | 22.5 | % | ||||||||||
Long-term debt | 7,962 | 7,838 | 124 | 1.6 | % | ||||||||||
Total Interest Expense | 34,446 | 33,318 | 1,128 | 3.4 | % | ||||||||||
Net Interest Income | 92,501 | 88,706 | 3,795 | 4.3 | % | ||||||||||
Provision for Loan Losses | 1,125 | 800 | 325 | 40.6 | % | ||||||||||
Net Interest Income after Provision | 91,376 | 87,906 | 3,470 | 3.9 | % | ||||||||||
Other Income: | |||||||||||||||
Investment management & trust services | 8,650 | 8,637 | 13 | 0.2 | % | ||||||||||
Service charges on deposit accounts | 10,182 | 9,929 | 253 | 2.5 | % | ||||||||||
Other service charges and fees | 5,367 | 4,970 | 397 | 8.0 | % | ||||||||||
Mortgage banking income | 6,092 | 6,417 | (325 | ) | -5.1 | % | |||||||||
Investment securities gains | 3,336 | 5,349 | (2,013 | ) | -37.6 | % | |||||||||
Other | 1,720 | 1,721 | (1 | ) | -0.1 | % | |||||||||
Total Other Income | 35,347 | 37,023 | (1,676 | ) | -4.5 | % | |||||||||
Other Expenses: | |||||||||||||||
Salaries and employee benefits | 42,464 | 42,195 | 269 | 0.6 | % | ||||||||||
Net occupancy expense | 6,159 | 5,859 | 300 | 5.1 | % | ||||||||||
Equipment expense | 2,705 | 2,749 | (44 | ) | -1.6 | % | |||||||||
Data processing | 2,915 | 2,868 | 47 | 1.6 | % | ||||||||||
Advertising | 1,631 | 1,914 | (283 | ) | -14.8 | % | |||||||||
Intangible amortization | 1,233 | 1,356 | (123 | ) | -9.1 | % | |||||||||
Other | 13,581 | 13,957 | (376 | ) | -2.7 | % | |||||||||
Total Other Expenses | 70,688 | 70,898 | (210 | ) | -0.3 | % | |||||||||
Income Before Income Taxes | 56,035 | 54,031 | 2,004 | 3.7 | % | ||||||||||
Income Taxes | 16,915 | 16,167 | 748 | 4.6 | % | ||||||||||
Net Income | $ | 39,120 | $ | 37,864 | $ | 1,256 | 3.3 | % | |||||||
SHARE AND PER-SHARE INFORMATION: | |||||||||||||||
Net income: | |||||||||||||||
Basic | $ | 0.32 | $ | 0.31 | 0.01 | 3.2 | % | ||||||||
Diluted | 0.32 | 0.31 | 0.01 | 3.2 | % | ||||||||||
Cash dividends | $ | 0.165 | $ | 0.165 | — | 0.0 | % | ||||||||
Book value | 9.32 | 9.09 | 0.23 | 2.5 | % | ||||||||||
Tangible book value | 6.85 | 6.66 | 0.19 | 2.9 | % | ||||||||||
Weighted average shares (basic) | 121,496 | 122,118 | (622 | ) | -0.5 | % | |||||||||
Weighted average shares (diluted) | 122,712 | 123,485 | (773 | ) | -0.6 | % | |||||||||
Shares outstanding, end of period | 121,003 | 121,881 | (878 | ) | -0.7 | % | |||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||||
Return on average assets | 1.48 | % | 1.44 | % | 0.04 | % | 2.8 | % | |||||||
Return on average equity | 14.12 | % | 13.82 | % | 0.30 | % | 2.2 | % | |||||||
Return on average equity (tangible) | 19.37 | % | 17.84 | % | 1.53 | % | 8.6 | % | |||||||
Net interest margin | 3.88 | % | 3.73 | % | 0.15 | % | 4.0 | % | |||||||
Efficiency ratio | 54.7 | % | 56.7 | % | -2.0 | % | -3.5 | % | |||||||
Average equity to average assets | 10.5 | % | 10.4 | % | 0.1 | % | 0.5 | % |
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended | ||||||||||||||||||||
September 30, 2004 | June 30, 2004 | |||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||
ASSETS | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans and leases | $ | 7,159,211 | $ | 103,033 | 5.73 | % | $ | 6,946,626 | $ | 96,859 | 5.61 | % | ||||||||
Taxable investment securities | 2,037,040 | 18,247 | 3.56 | % | 2,299,834 | 19,652 | 3.44 | % | ||||||||||||
Tax-exempt investment securities | 262,962 | 2,407 | 3.64 | % | 272,891 | 2,540 | 3.74 | % | ||||||||||||
Equity securities | 138,264 | 1,035 | 2.98 | % | 137,528 | 992 | 2.90 | % | ||||||||||||
Total Investment Securities | 2,438,266 | 21,689 | 3.54 | % | 2,710,253 | 23,184 | 3.44 | % | ||||||||||||
Short-term investments | 126,089 | 2,225 | 7.02 | % | 122,375 | 1,981 | 6.51 | % | ||||||||||||
Total Interest-earning Assets | 9,723,566 | 126,947 | 5.19 | % | 9,779,254 | 122,024 | 5.02 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 326,204 | 332,653 | ||||||||||||||||||
Premises and equipment | 130,776 | 130,737 | ||||||||||||||||||
Other assets | 453,196 | 447,700 | ||||||||||||||||||
Less: Allowance for loan losses | (87,148 | ) | (86,800 | ) | ||||||||||||||||
Total Assets | $ | 10,546,594 | $ | 10,603,544 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | $ | 1,399,005 | $ | 1,863 | 0.53 | % | $ | 1,362,761 | $ | 1,634 | 0.48 | % | ||||||||
Savings deposits | 1,868,650 | 2,972 | 0.63 | % | 1,857,175 | 2,637 | 0.57 | % | ||||||||||||
Time deposits | 2,764,597 | 17,809 | 2.56 | % | 2,841,569 | 18,074 | 2.56 | % | ||||||||||||
Total Interest-bearing Deposits | 6,032,252 | 22,644 | 1.49 | % | 6,061,505 | 22,345 | 1.48 | % | ||||||||||||
Short-term borrowings | 1,208,379 | 3,840 | 1.26 | % | 1,282,657 | 3,135 | 0.98 | % | ||||||||||||
Long-term debt | 654,969 | 7,962 | 4.84 | % | 656,803 | 7,838 | 4.80 | % | ||||||||||||
Total Interest-bearing Liabilities | 7,895,600 | 34,446 | 1.74 | % | 8,000,965 | 33,318 | 1.67 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 1,429,259 | 1,386,770 | ||||||||||||||||||
Other | 119,551 | 114,219 | ||||||||||||||||||
Total Liabilities | 9,444,410 | 9,501,954 | ||||||||||||||||||
Shareholders’ equity | 1,102,184 | 1,101,590 | ||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 10,546,594 | $ | 10,603,544 | ||||||||||||||||
Net interest income | $ | 92,501 | $ | 88,706 | ||||||||||||||||
Net interest margin (FTE) | 3.88 | % | 3.73 | % | ||||||||||||||||
(1) | Yields on tax-exempt securities are not fully taxable equivalent (FTE). |
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
Quarter Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
(in thousands) | ||||||||||||||||
Gross charge-offs | $ | 2,176 | $ | 2,854 | $ | 6,490 | $ | 9,765 | ||||||||
Recoveries | 1,139 | 807 | 3,840 | 2,713 | ||||||||||||
Net Charge-offs | $ | 1,037 | $ | 2,047 | $ | 2,650 | $ | 7,052 | ||||||||
Net charge-offs to average loans | 0.06 | % | 0.14 | % | 0.08 | % | 0.17 | % | ||||||||
Non-accrual loans | $ | 23,422 | $ | 27,155 | ||||||||||||
Accruing loans 90+ days overdue | 10,962 | 10,286 | ||||||||||||||
Other real estate owned | 1,325 | 952 | ||||||||||||||
Total Non-Performing Assets | $ | 35,709 | $ | 38,393 | ||||||||||||
Non-accrual loans to total loans | 0.32 | % | 0.46 | % | ||||||||||||
Non-performing assets to total loans and OREO | 0.49 | % | 0.66 | % | ||||||||||||
Non-performing assets to total assets | 0.34 | % | 0.41 | % | ||||||||||||
Allowance to loans | 1.20 | % | 1.33 | % | ||||||||||||
Quarter Ended | ||||||||||||||||
September 30 2004 | June 30 2004 | |||||||||||||||
(in thousands) | ||||||||||||||||
Gross charge-offs | $ | 2,176 | $ | 1,627 | ||||||||||||
Recoveries | 1,139 | 1,183 | ||||||||||||||
Net Charge-offs | $ | 1,037 | $ | 444 | ||||||||||||
Net charge-offs to average loans | 0.06 | % | 0.03 | % | ||||||||||||
Non-accrual Loans | $ | 23,422 | $ | 21,961 | ||||||||||||
Accruing loans 90+ days overdue | 10,962 | 9,314 | ||||||||||||||
Other real estate owned | 1,325 | 1,119 | ||||||||||||||
Total Non-Performing Assets | $ | 35,709 | $ | 32,394 | ||||||||||||
Non-accrual loans to total loans | 0.32 | % | 0.31 | % | ||||||||||||
Non-performing assets to total loans and OREO | 0.49 | % | 0.46 | % | ||||||||||||
Non-performing assets to total assets | 0.34 | % | 0.31 | % | ||||||||||||
Allowance to loans | 1.20 | % | 1.23 | % |