Exhibit 99.2 | ||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||
dollars in thousands | ||||||||||||||||||
% Change from | ||||||||||||||||||
September 30 | September 30 | June 30 | September 30 | June 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | ||||||||||||||
ASSETS | ||||||||||||||||||
Cash and due from banks | $ | 217,207 | $ | 291,870 | $ | 242,811 | (25.6 | )% | (10.5 | )% | ||||||||
Other interest-earning assets | 202,305 | 256,360 | 118,468 | (21.1 | )% | 70.8 | % | |||||||||||
Loans held for sale | 85,477 | 63,554 | 71,406 | 34.5 | % | 19.7 | % | |||||||||||
Investment securities | 2,790,138 | 2,776,557 | 2,870,832 | 0.5 | % | (2.8 | )% | |||||||||||
Loans, net of unearned income | 11,933,001 | 11,895,655 | 11,982,833 | 0.3 | % | (0.4 | )% | |||||||||||
Allowance for loan losses | (233,864 | ) | (266,978 | ) | (235,737 | ) | (12.4 | )% | (0.8 | )% | ||||||||
Net Loans | 11,699,137 | 11,628,677 | 11,747,096 | 0.6 | % | (0.4 | )% | |||||||||||
Premises and equipment | 225,771 | 206,170 | 222,083 | 9.5 | % | 1.7 | % | |||||||||||
Accrued interest receivable | 49,784 | 52,460 | 48,283 | (5.1 | )% | 3.1 | % | |||||||||||
Goodwill and intangible assets | 541,845 | 545,098 | 542,622 | (0.6 | )% | (0.1 | )% | |||||||||||
Other assets | 461,465 | 475,105 | 474,149 | (2.9 | )% | (2.7 | )% | |||||||||||
Total Assets | $ | 16,273,129 | $ | 16,295,851 | $ | 16,337,750 | (0.1 | )% | (0.4 | )% | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Deposits | $ | 12,601,310 | $ | 12,637,624 | $ | 12,232,484 | (0.3 | )% | 3.0 | % | ||||||||
Short-term borrowings | 486,971 | 448,955 | 931,681 | 8.5 | % | (47.7 | )% | |||||||||||
Other liabilities | 215,542 | 199,108 | 223,592 | 8.3 | % | (3.6 | )% | |||||||||||
Federal Home Loan Bank advances and long-term debt | 908,623 | 1,025,505 | 908,809 | (11.4 | )% | — | % | |||||||||||
Total Liabilities | 14,212,446 | 14,311,192 | 14,296,566 | (0.7 | )% | (0.6 | )% | |||||||||||
Shareholders' equity | 2,060,683 | 1,984,659 | 2,041,184 | 3.8 | % | 1.0 | % | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,273,129 | $ | 16,295,851 | $ | 16,337,750 | (0.1 | )% | (0.4 | )% | ||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||
Loans, by type: | ||||||||||||||||||
Real estate - commercial mortgage | $ | 4,632,509 | $ | 4,491,155 | $ | 4,653,097 | 3.1 | % | (0.4 | )% | ||||||||
Commercial - industrial, financial and agricultural | 3,507,846 | 3,690,164 | 3,538,188 | (4.9 | )% | (0.9 | )% | |||||||||||
Real estate - home equity | 1,603,456 | 1,630,880 | 1,599,468 | (1.7 | )% | 0.2 | % | |||||||||||
Real estate - residential mortgage | 1,213,831 | 1,041,463 | 1,183,613 | 16.6 | % | 2.6 | % | |||||||||||
Real estate - construction | 597,358 | 648,398 | 619,060 | (7.9 | )% | (3.5 | )% | |||||||||||
Consumer | 301,182 | 327,054 | 308,469 | (7.9 | )% | (2.4 | )% | |||||||||||
Leasing and other | 76,819 | 66,541 | 80,938 | 15.4 | % | (5.1 | )% | |||||||||||
Total Loans, net of unearned income | $ | 11,933,001 | $ | 11,895,655 | $ | 11,982,833 | 0.3 | % | (0.4 | )% | ||||||||
Deposits, by type: | ||||||||||||||||||
Noninterest-bearing demand | $ | 2,903,591 | $ | 2,535,744 | $ | 2,748,269 | 14.5 | % | 5.7 | % | ||||||||
Interest-bearing demand | 2,702,710 | 2,517,124 | 2,482,271 | 7.4 | % | 8.9 | % | |||||||||||
Savings deposits | 3,416,011 | 3,434,398 | 3,267,299 | (0.5 | )% | 4.6 | % | |||||||||||
Time deposits | 3,578,998 | 4,150,358 | 3,734,645 | (13.8 | )% | (4.2 | )% | |||||||||||
Total Deposits | $ | 12,601,310 | $ | 12,637,624 | $ | 12,232,484 | (0.3 | )% | 3.0 | % | ||||||||
Short-term borrowings, by type: | ||||||||||||||||||
Customer repurchase agreements | $ | 192,082 | $ | 202,154 | $ | 204,526 | (5.0 | )% | (6.1 | )% | ||||||||
Customer short-term promissory notes | 124,628 | 170,839 | 135,988 | (27.0 | )% | (8.4 | )% | |||||||||||
Federal funds purchased and other | 170,261 | 75,962 | 591,167 | 124.1 | % | (71.2 | )% | |||||||||||
Total Short-term borrowings | $ | 486,971 | $ | 448,955 | $ | 931,681 | 8.5 | % | (47.7 | )% | ||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands, except per-share data | ||||||||||||||||||||||||||||||||||
Quarter Ended | % Change from | Nine Months ended | ||||||||||||||||||||||||||||||||
Sep 30 | Sep 30 | Jun 30 | Sep 30 | Jun 30 | September 30 | |||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2012 | 2011 | % Change | |||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||
Interest income | $ | 161,060 | $ | 173,736 | $ | 163,985 | (7.3 | )% | (1.8 | )% | $ | 491,936 | $ | 524,365 | (6.2 | )% | ||||||||||||||||||
Interest expense | 25,179 | 32,243 | 26,455 | (21.9 | )% | (4.8 | )% | 79,830 | 102,664 | (22.2 | )% | |||||||||||||||||||||||
Net Interest Income | 135,881 | 141,493 | 137,530 | (4.0 | )% | (1.2 | )% | 412,106 | 421,701 | (2.3 | )% | |||||||||||||||||||||||
Provision for credit losses | 23,000 | 31,000 | 25,500 | (25.8 | )% | (9.8 | )% | 76,500 | 105,000 | (27.1 | )% | |||||||||||||||||||||||
Net Interest Income after Provision | 112,881 | 110,493 | 112,030 | 2.2 | % | 0.8 | % | 335,606 | 316,701 | 6.0 | % | |||||||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 15,651 | 15,164 | 15,367 | 3.2 | % | 1.8 | % | 45,860 | 42,801 | 7.1 | % | |||||||||||||||||||||||
Other service charges and fees | 11,119 | 12,507 | 11,507 | (11.1 | )% | (3.4 | )% | 33,181 | 36,698 | (9.6 | )% | |||||||||||||||||||||||
Mortgage banking income | 10,594 | 7,942 | 11,143 | 33.4 | % | (4.9 | )% | 31,787 | 19,454 | 63.4 | % | |||||||||||||||||||||||
Investment management and trust services | 9,429 | 8,914 | 9,822 | 5.8 | % | (4.0 | )% | 28,628 | 27,756 | 3.1 | % | |||||||||||||||||||||||
Investment securities gains (losses) | 42 | (443 | ) | 1,538 | N/M | (97.3 | )% | 2,831 | 1,507 | 87.9 | % | |||||||||||||||||||||||
Other | 5,169 | 4,055 | 3,987 | 27.5 | % | 29.6 | % | 14,761 | 11,163 | 32.2 | % | |||||||||||||||||||||||
Total Non-Interest Income | 52,004 | 48,139 | 53,364 | 8.0 | % | (2.5 | )% | 157,048 | 139,379 | 12.7 | % | |||||||||||||||||||||||
Non-Interest Expenses: | ||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 62,161 | 58,948 | 60,091 | 5.5 | % | 3.4 | % | 182,612 | 169,326 | 7.8 | % | |||||||||||||||||||||||
Net occupancy expense | 11,161 | 10,790 | 11,205 | 3.4 | % | (0.4 | )% | 33,301 | 33,030 | 0.8 | % | |||||||||||||||||||||||
Other Outside Services | 4,996 | 1,846 | 4,476 | 170.6 | % | 11.6 | % | 11,782 | 5,256 | 124.2 | % | |||||||||||||||||||||||
Equipment expense | 3,816 | 3,032 | 3,185 | 25.9 | % | 19.8 | % | 10,370 | 9,541 | 8.7 | % | |||||||||||||||||||||||
Data processing | 3,776 | 3,473 | 3,759 | 8.7 | % | 0.5 | % | 11,223 | 10,059 | 11.6 | % | |||||||||||||||||||||||
FDIC insurance expense | 3,029 | 3,732 | 3,002 | (18.8 | )% | 0.9 | % | 9,052 | 11,750 | (23.0 | )% | |||||||||||||||||||||||
Professional fees | 2,728 | 3,247 | 2,984 | (16.0 | )% | (8.6 | )% | 8,294 | 9,198 | (9.8 | )% | |||||||||||||||||||||||
Software | 2,511 | 2,142 | 2,272 | 17.2 | % | 10.5 | % | 6,958 | 6,146 | 13.2 | % | |||||||||||||||||||||||
OREO and repossession expense | 2,096 | 2,548 | 2,823 | (17.7 | )% | (25.8 | )% | 7,847 | 4,801 | 63.4 | % | |||||||||||||||||||||||
Operating risk loss | 1,404 | 776 | 2,055 | 80.9 | % | (31.7 | )% | 6,827 | 306 | N/M | ||||||||||||||||||||||||
Marketing | 648 | 1,923 | 2,583 | (66.3 | )% | (74.9 | )% | 5,703 | 6,622 | (13.9 | )% | |||||||||||||||||||||||
Other | 11,717 | 13,410 | 13,708 | (12.6 | )% | (14.5 | )% | 38,928 | 41,581 | (6.4 | )% | |||||||||||||||||||||||
Total Non-Interest Expenses | 110,043 | 105,867 | 112,143 | 3.9 | % | (1.9 | )% | 332,897 | 307,616 | 8.2 | % | |||||||||||||||||||||||
Income Before Income Taxes | 54,842 | 52,765 | 53,251 | 3.9 | % | 3.0 | % | 159,757 | 148,464 | 7.6 | % | |||||||||||||||||||||||
Income tax expense | 13,260 | 13,441 | 13,360 | (1.3 | )% | (0.7 | )% | 40,152 | 38,970 | 3.0 | % | |||||||||||||||||||||||
Net Income | $ | 41,582 | $ | 39,324 | $ | 39,891 | 5.7 | % | 4.2 | % | $ | 119,605 | $ | 109,494 | 9.2 | % | ||||||||||||||||||
PER SHARE: | ||||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||||
Basic | $ | 0.21 | $ | 0.20 | $ | 0.20 | 5.0 | % | 5.0 | % | $ | 0.60 | $ | 0.55 | 9.1 | % | ||||||||||||||||||
Diluted | 0.21 | 0.20 | 0.20 | 5.0 | % | 5.0 | % | 0.60 | 0.55 | 9.1 | % | |||||||||||||||||||||||
Cash dividends | $ | 0.08 | $ | 0.05 | $ | 0.07 | 60.0 | % | 14.3 | % | $ | 0.22 | $ | 0.14 | 57.1 | % | ||||||||||||||||||
Shareholders' equity | 10.36 | 9.93 | 10.10 | 4.3 | % | 2.6 | % | 10.36 | 9.93 | 4.3 | % | |||||||||||||||||||||||
Shareholders' equity (tangible) | 7.63 | 7.20 | 7.38 | 6.0 | % | 3.4 | % | 7.63 | 7.20 | 6.0 | % | |||||||||||||||||||||||
Weighted average shares (basic) | 198,956 | 199,028 | 199,671 | — | % | (0.4 | )% | 199,371 | 198,801 | 0.3 | % | |||||||||||||||||||||||
Weighted average shares (diluted) | 199,808 | 199,814 | 200,806 | — | % | (0.5 | )% | 200,321 | 199,544 | 0.4 | % | |||||||||||||||||||||||
Shares outstanding, end of period | 198,975 | 199,891 | 200,880 | (0.5 | )% | (0.9 | )% | 198,975 | 199,891 | (0.5 | )% | |||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||||
Return on average assets | 1.02 | % | 0.97 | % | 0.98 | % | 0.98 | % | 0.91 | % | ||||||||||||||||||||||||
Return on average common shareholders' equity | 8.03 | % | 7.89 | % | 7.84 | % | 7.83 | % | 7.55 | % | ||||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | 11.02 | % | 11.06 | % | 10.80 | % | 10.80 | % | 10.72 | % | ||||||||||||||||||||||||
Net interest margin | 3.74 | % | 3.93 | % | 3.78 | % | 3.79 | % | 3.93 | % | ||||||||||||||||||||||||
Efficiency ratio | 56.91 | % | 54.06 | % | 57.55 | % | 57.10 | % | 53.24 | % | ||||||||||||||||||||||||
N/M - Not Meaningful |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | June 30, 2012 | ||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||
Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 11,920,193 | $ | 143,211 | 4.78 | % | $ | 11,887,544 | $ | 151,816 | 5.07 | % | $ | 11,965,704 | $ | 144,263 | 4.85 | % | ||||||||||||||||
Taxable investment securities | 2,392,043 | 16,658 | 2.78 | % | 2,142,670 | 20,166 | 3.76 | % | 2,533,060 | 18,624 | 2.94 | % | ||||||||||||||||||||||
Tax-exempt investment securities | 286,225 | 3,936 | 5.50 | % | 325,420 | 4,456 | 5.48 | % | 283,736 | 3,992 | 5.63 | % | ||||||||||||||||||||||
Equity securities | 109,884 | 820 | 2.98 | % | 124,893 | 777 | 2.48 | % | 106,954 | 707 | 2.65 | % | ||||||||||||||||||||||
Total Investment Securities | 2,788,152 | 21,414 | 3.07 | % | 2,592,983 | 25,399 | 3.92 | % | 2,923,750 | 23,323 | 3.19 | % | ||||||||||||||||||||||
Loans held for sale | 61,001 | 578 | 3.79 | % | 37,626 | 425 | 4.52 | % | 55,813 | 538 | 3.85 | % | ||||||||||||||||||||||
Other interest-earning assets | 147,432 | 35 | 0.09 | % | 218,135 | 91 | 0.17 | % | 129,272 | 45 | 0.14 | % | ||||||||||||||||||||||
Total Interest-earning Assets | 14,916,778 | 165,238 | 4.42 | % | 14,736,288 | 177,731 | 4.80 | % | 15,074,539 | 168,169 | 4.48 | % | ||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||
Cash and due from banks | 221,946 | 276,063 | 233,427 | |||||||||||||||||||||||||||||||
Premises and equipment | 222,544 | 206,059 | 216,881 | |||||||||||||||||||||||||||||||
Other assets | 1,088,807 | 1,107,107 | 1,093,673 | |||||||||||||||||||||||||||||||
Less: allowance for loan losses | (239,931 | ) | (274,436 | ) | (259,327 | ) | ||||||||||||||||||||||||||||
Total Assets | $ | 16,210,144 | $ | 16,051,081 | $ | 16,359,193 | ||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | $ | 2,608,202 | $ | 1,071 | 0.16 | % | $ | 2,424,646 | $ | 1,262 | 0.21 | % | $ | 2,484,730 | $ | 1,025 | 0.17 | % | ||||||||||||||||
Savings deposits | 3,364,109 | 1,431 | 0.17 | % | 3,329,489 | 2,564 | 0.30 | % | 3,292,620 | 1,510 | 0.18 | % | ||||||||||||||||||||||
Time deposits | 3,657,616 | 11,346 | 1.23 | % | 4,224,001 | 15,858 | 1.49 | % | 3,791,362 | 12,208 | 1.30 | % | ||||||||||||||||||||||
Total Interest-bearing Deposits | 9,629,927 | 13,848 | 0.57 | % | 9,978,136 | 19,684 | 0.78 | % | 9,568,712 | 14,743 | 0.62 | % | ||||||||||||||||||||||
Short-term borrowings | 588,568 | 220 | 0.15 | % | 443,337 | 151 | 0.14 | % | 961,900 | 411 | 0.17 | % | ||||||||||||||||||||||
Federal Home Loan Bank advances and long-term debt | 908,767 | 11,111 | 4.88 | % | 1,025,546 | 12,408 | 4.84 | % | 929,318 | 11,301 | 4.88 | % | ||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,127,262 | 25,179 | 0.90 | % | 11,447,019 | 32,243 | 1.12 | % | 11,459,930 | 26,455 | 0.93 | % | ||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | 2,836,166 | 2,466,877 | 2,669,152 | |||||||||||||||||||||||||||||||
Other | 185,441 | 159,430 | 183,794 | |||||||||||||||||||||||||||||||
Total Liabilities | 14,148,869 | 14,073,326 | 14,312,876 | |||||||||||||||||||||||||||||||
Shareholders' equity | 2,061,275 | 1,977,755 | 2,046,317 | |||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,210,144 | $ | 16,051,081 | $ | 16,359,193 | ||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 140,059 | 3.74 | % | 145,488 | 3.93 | % | 141,714 | 3.78 | % | |||||||||||||||||||||||||
Tax equivalent adjustment | (4,178 | ) | (3,995 | ) | (4,184 | ) | ||||||||||||||||||||||||||||
Net interest income | $ | 135,881 | $ | 141,493 | $ | 137,530 | ||||||||||||||||||||||||||||
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. | ||||||||||||||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||||||||||
Quarter Ended | % Change from | |||||||||||||||||||||||||||||||||
September 30 | September 30 | June 30 | September 30 | June 30 | ||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | ||||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,603,388 | $ | 4,461,646 | $ | 4,634,436 | 3.2 | % | (0.7 | )% | ||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 3,529,733 | 3,691,516 | 3,529,947 | (4.4 | )% | — | % | |||||||||||||||||||||||||||
Real estate - home equity | 1,597,230 | 1,628,822 | 1,599,702 | (1.9 | )% | (0.2 | )% | |||||||||||||||||||||||||||
Real estate - residential mortgage | 1,200,752 | 1,037,968 | 1,179,513 | 15.7 | % | 1.8 | % | |||||||||||||||||||||||||||
Real estate - construction | 605,910 | 668,464 | 640,282 | (9.4 | )% | (5.4 | )% | |||||||||||||||||||||||||||
Consumer | 304,235 | 329,619 | 307,071 | (7.7 | )% | (0.9 | )% | |||||||||||||||||||||||||||
Leasing and other | 78,945 | 69,509 | 74,753 | 13.6 | % | 5.6 | % | |||||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 11,920,193 | $ | 11,887,544 | $ | 11,965,704 | 0.3 | % | (0.4 | )% | ||||||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,836,166 | $ | 2,466,877 | $ | 2,669,152 | 15.0 | % | 6.3 | % | ||||||||||||||||||||||||
Interest-bearing demand | 2,608,202 | 2,424,646 | 2,484,730 | 7.6 | % | 5.0 | % | |||||||||||||||||||||||||||
Savings deposits | 3,364,109 | 3,329,489 | 3,292,620 | 1.0 | % | 2.2 | % | |||||||||||||||||||||||||||
Time deposits | 3,657,616 | 4,224,001 | 3,791,362 | (13.4 | )% | (3.5 | )% | |||||||||||||||||||||||||||
Total Deposits | $ | 12,466,093 | $ | 12,445,013 | $ | 12,237,864 | 0.2 | % | 1.9 | % | ||||||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 210,830 | $ | 206,824 | $ | 226,216 | 1.9 | % | (6.8 | )% | ||||||||||||||||||||||||
Customer short-term promissory notes | 127,479 | 170,790 | 146,307 | (25.4 | )% | (12.9 | )% | |||||||||||||||||||||||||||
Federal funds purchased and other | 250,259 | 65,723 | 589,377 | 280.8 | % | (57.5 | )% | |||||||||||||||||||||||||||
Total Short-term borrowings | $ | 588,568 | $ | 443,337 | $ | 961,900 | 32.8 | % | (38.8 | )% | ||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||
Nine Months ended September 30 | |||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans, net of unearned income | $ | 11,954,830 | $ | 434,520 | 4.86 | % | $ | 11,897,211 | $ | 455,476 | 5.12 | % | |||||||||||
Taxable investment securities | 2,442,237 | 53,943 | 2.95 | % | 2,204,409 | 62,722 | 3.79 | % | |||||||||||||||
Tax-exempt investment securities | 288,221 | 12,085 | 5.59 | % | 337,627 | 14,181 | 5.60 | % | |||||||||||||||
Equity securities | 110,807 | 2,307 | 2.78 | % | 128,635 | 2,304 | 2.39 | % | |||||||||||||||
Total Investment Securities | 2,841,265 | 68,335 | 3.21 | % | 2,670,671 | 79,207 | 3.96 | % | |||||||||||||||
Loans held for sale | 52,462 | 1,547 | 3.93 | % | 39,917 | 1,417 | 4.73 | % | |||||||||||||||
Other interest-earning assets | 126,169 | 133 | 0.14 | % | 149,910 | 225 | 0.20 | % | |||||||||||||||
Total Interest-earning Assets | 14,974,726 | 504,535 | 4.50 | % | 14,757,709 | 536,325 | 4.86 | % | |||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||
Cash and due from banks | 239,436 | 271,674 | |||||||||||||||||||||
Premises and equipment | 217,351 | 206,856 | |||||||||||||||||||||
Other assets | 1,095,091 | 1,102,608 | |||||||||||||||||||||
Less: allowance for loan losses | (255,061 | ) | (276,654 | ) | |||||||||||||||||||
Total Assets | $ | 16,271,543 | $ | 16,062,193 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 2,519,454 | $ | 3,132 | 0.17 | % | $ | 2,366,944 | $ | 4,069 | 0.23 | % | |||||||||||
Savings deposits | 3,332,704 | 4,751 | 0.19 | % | 3,323,050 | 9,180 | 0.37 | % | |||||||||||||||
Time deposits | 3,799,774 | 36,958 | 1.30 | % | 4,368,831 | 51,496 | 1.58 | % | |||||||||||||||
Total Interest-bearing Deposits | 9,651,932 | 44,841 | 0.62 | % | 10,058,825 | 64,745 | 0.86 | % | |||||||||||||||
Short-term borrowings | 758,899 | 912 | 0.16 | % | 506,620 | 573 | 0.15 | % | |||||||||||||||
Federal Home Loan Bank advances and long-term debt | 940,348 | 34,077 | 4.84 | % | 1,037,437 | 37,346 | 4.81 | % | |||||||||||||||
Total Interest-bearing Liabilities | 11,351,179 | 79,830 | 0.94 | % | 11,602,882 | 102,664 | 1.18 | % | |||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | 2,690,668 | 2,356,735 | |||||||||||||||||||||
Other | 188,222 | 164,144 | |||||||||||||||||||||
Total Liabilities | 14,230,069 | 14,123,761 | |||||||||||||||||||||
Shareholders' equity | 2,041,474 | 1,938,432 | |||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,271,543 | $ | 16,062,193 | |||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 424,705 | 3.79 | % | 433,661 | 3.93 | % | |||||||||||||||||
Tax equivalent adjustment | (12,599 | ) | (11,960 | ) | |||||||||||||||||||
Net interest income | $ | 412,106 | $ | 421,701 | |||||||||||||||||||
(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: | |||||||||||||||||||||||
Nine Months ended | |||||||||||||||||||||||
September 30 | |||||||||||||||||||||||
2012 | 2011 | % Change | |||||||||||||||||||||
Loans, by type: | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,618,389 | $ | 4,425,867 | 4.3 | % | |||||||||||||||||
Commercial - industrial, financial and agricultural | 3,548,332 | 3,696,101 | (4.0 | )% | |||||||||||||||||||
Real estate - home equity | 1,602,812 | 1,626,937 | (1.5 | )% | |||||||||||||||||||
Real estate - residential mortgage | 1,172,732 | 1,026,367 | 14.3 | % | |||||||||||||||||||
Real estate - construction | 629,170 | 719,812 | (12.6 | )% | |||||||||||||||||||
Consumer | 307,619 | 334,565 | (8.1 | )% | |||||||||||||||||||
Leasing and other | 75,776 | 67,562 | 12.2 | % | |||||||||||||||||||
Total Loans, net of unearned income | $ | 11,954,830 | $ | 11,897,211 | 0.5 | % | |||||||||||||||||
Deposits, by type: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,690,668 | $ | 2,356,735 | 14.2 | % | |||||||||||||||||
Interest-bearing demand | 2,519,454 | 2,366,944 | 6.4 | % | |||||||||||||||||||
Savings deposits | 3,332,704 | 3,323,050 | 0.3 | % | |||||||||||||||||||
Time deposits | 3,799,774 | 4,368,831 | (13.0 | )% | |||||||||||||||||||
Total Deposits | $ | 12,342,600 | $ | 12,415,560 | (0.6 | )% | |||||||||||||||||
Short-term borrowings, by type: | |||||||||||||||||||||||
Customer repurchase agreements | $ | 212,523 | $ | 212,449 | — | % | |||||||||||||||||
Customer short-term promissory notes | 142,896 | 177,639 | (19.6 | )% | |||||||||||||||||||
Federal funds purchased and other | 403,480 | 116,532 | 246.2 | % | |||||||||||||||||||
Total Short-term borrowings | $ | 758,899 | $ | 506,620 | 49.8 | % | |||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Sep 30 | Sep 30 | Jun 30 | September 30 | |||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2012 | 2011 | ||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 237,316 | $ | 268,633 | $ | 258,137 | $ | 258,177 | $ | 275,498 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (10,471 | ) | (14,840 | ) | (13,017 | ) | (29,157 | ) | (43,582 | ) | �� | |||||||||||||||||||||
Real estate - construction | (8,364 | ) | (8,535 | ) | (8,442 | ) | (25,377 | ) | (29,897 | ) | ||||||||||||||||||||||
Real estate - commercial mortgage | (7,463 | ) | (5,730 | ) | (23,699 | ) | (43,053 | ) | (22,851 | ) | ||||||||||||||||||||||
Real estate - home equity | (1,688 | ) | (1,158 | ) | (2,789 | ) | (6,683 | ) | (4,276 | ) | ||||||||||||||||||||||
Consumer | (685 | ) | (634 | ) | (471 | ) | (1,790 | ) | (2,606 | ) | ||||||||||||||||||||||
Real estate - residential mortgage | (670 | ) | (1,514 | ) | (1,492 | ) | (3,009 | ) | (14,217 | ) | ||||||||||||||||||||||
Leasing and other | (625 | ) | (486 | ) | (630 | ) | (1,696 | ) | (1,672 | ) | ||||||||||||||||||||||
Total loans charged off | (29,966 | ) | (32,897 | ) | (50,540 | ) | (110,765 | ) | (119,101 | ) | ||||||||||||||||||||||
Recoveries of loans charged off: | ||||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 1,693 | 695 | 717 | 3,046 | 2,089 | |||||||||||||||||||||||||||
Real estate - construction | 1,040 | 595 | 1,539 | 2,643 | 1,237 | |||||||||||||||||||||||||||
Real estate - commercial mortgage | 1,317 | 249 | 1,153 | 3,286 | 1,975 | |||||||||||||||||||||||||||
Real estate - home equity | 343 | 23 | 278 | 641 | 26 | |||||||||||||||||||||||||||
Consumer | 202 | 291 | 281 | 833 | 1,033 | |||||||||||||||||||||||||||
Real estate - residential mortgage | 25 | 36 | 71 | 169 | 270 | |||||||||||||||||||||||||||
Leasing and other | 298 | 192 | 180 | 738 | 790 | |||||||||||||||||||||||||||
Recoveries of loans previously charged off | 4,918 | 2,081 | 4,219 | 11,356 | 7,420 | |||||||||||||||||||||||||||
Net loans charged off | (25,048 | ) | (30,816 | ) | (46,321 | ) | (99,409 | ) | (111,681 | ) | ||||||||||||||||||||||
Provision for credit losses | 23,000 | 31,000 | 25,500 | 76,500 | 105,000 | |||||||||||||||||||||||||||
Balance at end of period | $ | 235,268 | $ | 268,817 | $ | 237,316 | $ | 235,268 | $ | 268,817 | ||||||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.84 | % | 1.04 | % | 1.55 | % | 1.11 | % | 1.25 | % | ||||||||||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 185,791 | $ | 269,176 | $ | 203,539 | ||||||||||||||||||||||||||
Loans 90 days past due and accruing | 27,035 | 41,427 | 30,434 | |||||||||||||||||||||||||||||
Total non-performing loans | 212,826 | 310,603 | 233,973 | |||||||||||||||||||||||||||||
Other real estate owned | 29,217 | 37,399 | 32,338 | |||||||||||||||||||||||||||||
Total non-performing assets | $ | 242,043 | $ | 348,002 | $ | 266,311 | ||||||||||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 73,879 | $ | 92,385 | $ | 67,969 | ||||||||||||||||||||||||||
Real estate - commercial mortgage | 64,609 | 102,928 | 82,179 | |||||||||||||||||||||||||||||
Real estate - construction | 32,742 | 52,381 | 43,124 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 24,910 | 48,086 | 25,373 | |||||||||||||||||||||||||||||
Real estate - home equity | 12,644 | 12,097 | 11,472 | |||||||||||||||||||||||||||||
Consumer | 3,942 | 2,614 | 3,460 | |||||||||||||||||||||||||||||
Leasing | 100 | 112 | 396 | |||||||||||||||||||||||||||||
Total non-performing loans | $ | 212,826 | $ | 310,603 | $ | 233,973 | ||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | ||||||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | June 30, 2012 | ||||||||||||||||||||||||||||||
31-89 Days | ≥90 Days (1) | Total | 31-89 Days | ≥90 Days (1) | Total | 31-89 Days | ≥90 Days (1) | Total | ||||||||||||||||||||||||
Real estate - commercial mortgage | 0.46 | % | 1.39 | % | 1.85 | % | 0.84 | % | 2.29 | % | 3.13 | % | 0.41 | % | 1.78 | % | 2.19 | % | ||||||||||||||
Commercial - industrial, financial and agricultural | 0.45 | % | 2.11 | % | 2.56 | % | 0.57 | % | 2.50 | % | 3.07 | % | 0.66 | % | 1.91 | % | 2.57 | % | ||||||||||||||
Real estate - construction | 0.95 | % | 5.48 | % | 6.43 | % | 1.28 | % | 8.08 | % | 9.36 | % | 0.95 | % | 6.96 | % | 7.91 | % | ||||||||||||||
Real estate - residential mortgage | 2.66 | % | 2.05 | % | 4.71 | % | 3.02 | % | 4.62 | % | 7.64 | % | 2.94 | % | 2.15 | % | 5.09 | % | ||||||||||||||
Real estate - home equity | 0.85 | % | 0.78 | % | 1.63 | % | 0.74 | % | 0.74 | % | 1.48 | % | 0.83 | % | 0.71 | % | 1.54 | % | ||||||||||||||
Consumer, leasing and other | 1.85 | % | 1.07 | % | 2.92 | % | 1.71 | % | 0.69 | % | 2.40 | % | 1.61 | % | 0.99 | % | 2.60 | % | ||||||||||||||
Total | 0.80 | % | 1.78 | % | 2.58 | % | 0.99 | % | 2.61 | % | 3.60 | % | 0.86 | % | 1.95 | % | 2.81 | % | ||||||||||||||
(1) Includes non-accrual loans | ||||||||||||||||||||||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||||||||||||||||||
Sep 30 | Sep 30 | Jun 30 | ||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | ||||||||||||||||||||||||||||||
Non-accrual loans to total loans | 1.56 | % | 2.26 | % | 1.70 | % | ||||||||||||||||||||||||||
Non-performing assets to total loans and OREO | 2.02 | % | 2.92 | % | 2.22 | % | ||||||||||||||||||||||||||
Non-performing assets to total assets | 1.49 | % | 2.14 | % | 1.63 | % | ||||||||||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.97 | % | 2.26 | % | 1.98 | % | ||||||||||||||||||||||||||
Allowance for credit losses to non-performing loans | 110.54 | % | 86.55 | % | 101.43 | % | ||||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 13.80 | % | 20.37 | % | 15.34 | % | ||||||||||||||||||||||||||