FULTON FINANCIAL CORPORATION | ||||||||||||||||||||
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||
dollars in thousands, except per-share data and percentages | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | ||||||||||||||||
2018 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||
Ending Balances | ||||||||||||||||||||
Investments | $ | 2,592,823 | $ | 2,547,956 | $ | 2,561,516 | $ | 2,488,699 | $ | 2,506,017 | ||||||||||
Loans, net of unearned income | 15,696,284 | 15,768,247 | 15,486,899 | 15,346,617 | 14,963,177 | |||||||||||||||
Total assets | 19,948,941 | 20,036,905 | 20,062,860 | 19,647,435 | 19,178,576 | |||||||||||||||
Deposits | 15,477,103 | 15,797,532 | 16,141,780 | 15,357,361 | 15,090,344 | |||||||||||||||
Shareholders' equity | 2,235,493 | 2,229,857 | 2,225,786 | 2,191,770 | 2,154,683 | |||||||||||||||
Average Balances | ||||||||||||||||||||
Investments | $ | 2,556,986 | $ | 2,566,337 | $ | 2,523,758 | $ | 2,488,684 | $ | 2,528,061 | ||||||||||
Loans, net of unearned income | 15,661,032 | 15,560,185 | 15,392,067 | 15,127,205 | 14,857,562 | |||||||||||||||
Total assets | 19,876,093 | 20,072,579 | 19,872,726 | 19,300,975 | 19,060,857 | |||||||||||||||
Deposits | 15,420,312 | 16,056,789 | 15,875,469 | 15,089,104 | 14,886,327 | |||||||||||||||
Shareholders' equity | 2,224,615 | 2,237,031 | 2,215,389 | 2,181,189 | 2,140,547 | |||||||||||||||
Income Statement | ||||||||||||||||||||
Net interest income | $ | 151,318 | $ | 149,413 | $ | 146,809 | $ | 141,563 | $ | 137,579 | ||||||||||
Provision for credit losses | 3,970 | 6,730 | 5,075 | 6,700 | 4,800 | |||||||||||||||
Non-interest income | 45,875 | 56,956 | 51,974 | 52,371 | 46,673 | |||||||||||||||
Non-interest expense | 136,661 | 138,452 | 132,157 | 132,695 | 122,275 | |||||||||||||||
Income before taxes | 56,562 | 61,187 | 61,551 | 54,539 | 57,177 | |||||||||||||||
Net income | 49,480 | 34,001 | 48,905 | 45,467 | 43,380 | |||||||||||||||
Pre-provision net revenue | 62,150 | 69,361 | 65,532 | 62,954 | 61,869 | |||||||||||||||
Per Share | ||||||||||||||||||||
Net income (basic) | $ | 0.28 | $ | 0.19 | $ | 0.28 | $ | 0.26 | $ | 0.25 | ||||||||||
Net income (diluted) | 0.28 | 0.19 | 0.28 | 0.26 | 0.25 | |||||||||||||||
Cash dividends | 0.12 | 0.14 | 0.11 | 0.11 | 0.11 | |||||||||||||||
Tangible common equity | 9.71 | 9.70 | 9.68 | 9.50 | 9.31 | |||||||||||||||
Weighted average shares (basic) | 175,303 | 175,132 | 174,991 | 174,597 | 174,150 | |||||||||||||||
Weighted average shares (diluted) | 176,568 | 176,374 | 176,216 | 175,532 | 175,577 | |||||||||||||||
Asset Quality | ||||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.10% | 0.14 | % | 0.14 | % | 0.11 | % | 0.09 | % | |||||||||||
Non-accrual loans to total loans | 0.78% | 0.79 | % | 0.80 | % | 0.80 | % | 0.78 | % | |||||||||||
Non-performing loans to total loans | 0.86% | 0.85 | % | 0.88 | % | 0.88 | % | 0.88 | % | |||||||||||
Non-performing assets to total loans and other real estate owned | 0.93% | 0.92 | % | 0.95 | % | 0.96 | % | 0.96 | % | |||||||||||
Non-performing assets to total assets | 0.73 | % | 0.72 | % | 0.73 | % | 0.75 | % | 0.75 | % | ||||||||||
Allowance for credit losses to loans outstanding | 1.12% | 1.12 | % | 1.13 | % | 1.14 | % | 1.15 | % | |||||||||||
Allowance for credit losses to non-performing loans | 130.73% | 130.67 | % | 128.05 | % | 128.92 | % | 131.26 | % | |||||||||||
Non-performing assets to tangible shareholders' equity and allowance for credit losses(1) | 7.73% | 7.71 | % | 7.87 | % | 8.02 | % | 7.99 | % | |||||||||||
Total delinquency rate | 1.19% | 1.24 | % | 1.28 | % | 1.20 | % | 1.23 | % | |||||||||||
Profitability | ||||||||||||||||||||
Return on average assets | 1.01 | % | 0.67 | % | 0.98 | % | 0.94 | % | 0.92 | % | ||||||||||
Return on average shareholders' equity | 9.02% | 6.03 | % | 8.76 | % | 8.36 | % | 8.22 | % | |||||||||||
Return on average shareholders' equity (tangible)(1) | 11.85% | 7.91 | % | 11.52 | % | 11.06 | % | 10.93 | % | |||||||||||
Net interest margin | 3.35 | % | 3.29 | % | 3.27 | % | 3.29 | % | 3.26 | % | ||||||||||
Efficiency ratio(1) | 67.48% | 64.24 | % | 64.30 | % | 65.33 | % | 64.23 | % | |||||||||||
Capital Ratios | ||||||||||||||||||||
Tangible common equity ratio(1) | 8.78 | % | 8.71 | % | 8.67 | % | 8.68 | % | 8.70 | % | ||||||||||
Tier 1 leverage ratio(2) | 9.20% | 8.93 | % | 8.97 | % | 9.06 | % | 9.02 | % | |||||||||||
Common equity Tier 1 capital ratio(2) | 10.70 | % | 10.38 | % | 10.42 | % | 10.25 | % | 10.43 | % | ||||||||||
Tier 1 capital ratio(2) | 10.70% | 10.38 | % | 10.42 | % | 10.25 | % | 10.43 | % | |||||||||||
Total risk-based capital ratio(2) | 13.30% | 13.02 | % | 13.09 | % | 12.95 | % | 13.18 | % | |||||||||||
Financial information, as adjusted (3) | ||||||||||||||||||||
Net income | $ | 49,635 | ||||||||||||||||||
Net income per share, diluted | $ | 0.28 | ||||||||||||||||||
Return on average assets | 0.98 | % | ||||||||||||||||||
Return on average shareholders' equity | 8.80 | % | ||||||||||||||||||
Return on average shareholders' equity (tangible) | 11.55 | % | ||||||||||||||||||
(1) Please refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document. | ||||||||||||||||||||
(2) Regulatory capital ratios as of March 31, 2018 are preliminary and remaining periods are actual. | ||||||||||||||||||||
(3)Excluding the re-measurement of net deferred tax assets of $15.6 million, which is considered a Non-GAAP based financial measure. Please refer to the calculation and management’s reasons for using this measure on the page titled “Reconciliation of Non-GAAP Measures" at the end of this document. | ||||||||||||||||||||
Exhibit 99.2 | ||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||
% Change from | ||||||||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Mar 31 | ||||||||||||||||||||
2018 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and due from banks | $ | 100,151 | $ | 108,291 | $ | 99,803 | $ | 94,938 | $ | 93,844 | (7.5 | )% | 6.7 | % | ||||||||||||
Other interest-earning assets | 267,806 | 354,566 | 645,796 | 392,842 | 350,387 | (24.5 | )% | (23.6 | )% | |||||||||||||||||
Loans held for sale | 23,450 | 31,530 | 23,049 | 62,354 | 24,783 | (25.6 | )% | (5.4 | )% | |||||||||||||||||
Investment securities | 2,592,823 | 2,547,956 | 2,561,516 | 2,488,699 | 2,506,017 | 1.8 | % | 3.5 | % | |||||||||||||||||
Loans, net of unearned income | 15,696,284 | 15,768,247 | 15,486,899 | 15,346,617 | 14,963,177 | (0.5 | )% | 4.9 | % | |||||||||||||||||
Allowance for loan losses | (163,217 | ) | (169,910 | ) | (172,245 | ) | (172,342 | ) | (170,076 | ) | (3.9 | )% | (4.0 | )% | ||||||||||||
Net loans | 15,533,067 | 15,598,337 | 15,314,654 | 15,174,275 | 14,793,101 | (0.4 | )% | 5.0 | % | |||||||||||||||||
Premises and equipment | 230,313 | 222,802 | 221,551 | 217,558 | 216,171 | 3.4 | % | 6.5 | % | |||||||||||||||||
Accrued interest receivable | 53,060 | 52,910 | 50,082 | 47,603 | 46,355 | 0.3 | % | 14.5 | % | |||||||||||||||||
Goodwill and intangible assets | 531,556 | 531,556 | 531,556 | 531,556 | 531,556 | — | % | — | % | |||||||||||||||||
Other assets | 616,715 | 588,957 | 614,853 | 637,610 | 616,362 | 4.7 | % | 0.1 | % | |||||||||||||||||
Total Assets | $ | 19,948,941 | $ | 20,036,905 | $ | 20,062,860 | $ | 19,647,435 | $ | 19,178,576 | (0.4 | )% | 4.0 | % | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
Deposits | $ | 15,477,103 | $ | 15,797,532 | $ | 16,141,780 | $ | 15,357,361 | $ | 15,090,344 | (2.0 | )% | 2.6 | % | ||||||||||||
Short-term borrowings | 937,852 | 617,524 | 298,751 | 694,859 | 453,317 | 51.9 | % | 106.9 | % | |||||||||||||||||
Other liabilities | 359,994 | 353,646 | 358,384 | 365,484 | 342,323 | 1.8 | % | 5.2 | % | |||||||||||||||||
FHLB advances and long-term debt | 938,499 | 1,038,346 | 1,038,159 | 1,037,961 | 1,137,909 | (9.6 | )% | (17.5 | )% | |||||||||||||||||
Total Liabilities | 17,713,448 | 17,807,048 | 17,837,074 | 17,455,665 | 17,023,893 | (0.5 | )% | 4.1 | % | |||||||||||||||||
Shareholders' equity | 2,235,493 | 2,229,857 | 2,225,786 | 2,191,770 | 2,154,683 | 0.3 | % | 3.8 | % | |||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 19,948,941 | $ | 20,036,905 | $ | 20,062,860 | $ | 19,647,435 | $ | 19,178,576 | (0.4 | )% | 4.0 | % | ||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,332,508 | $ | 6,364,804 | $ | 6,275,140 | $ | 6,262,008 | $ | 6,118,533 | (0.5 | )% | 3.5 | % | ||||||||||||
Commercial - industrial, financial and agricultural | 4,299,072 | 4,300,297 | 4,223,075 | 4,245,849 | 4,167,809 | — | % | 3.1 | % | |||||||||||||||||
Real estate - residential mortgage | 1,976,524 | 1,954,711 | 1,887,907 | 1,784,712 | 1,665,142 | 1.1 | % | 18.7 | % | |||||||||||||||||
Real estate - home equity | 1,514,241 | 1,559,719 | 1,567,473 | 1,579,739 | 1,595,901 | (2.9 | )% | (5.1 | )% | |||||||||||||||||
Real estate - construction | 976,131 | 1,006,935 | 973,108 | 938,900 | 882,983 | (3.1 | )% | 10.5 | % | |||||||||||||||||
Consumer | 326,766 | 313,783 | 302,448 | 283,156 | 288,826 | 4.1 | % | 13.1 | % | |||||||||||||||||
Leasing and other | 271,042 | 267,998 | 257,748 | 252,253 | 243,983 | 1.1 | % | 11.1 | % | |||||||||||||||||
Total Loans, net of unearned income | $ | 15,696,284 | $ | 15,768,247 | $ | 15,486,899 | $ | 15,346,617 | $ | 14,963,177 | (0.5 | )% | 4.9 | % | ||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,291,821 | $ | 4,437,294 | $ | 4,363,915 | $ | 4,574,619 | $ | 4,417,733 | (3.3 | )% | (2.9 | )% | ||||||||||||
Interest-bearing demand | 3,984,423 | 4,018,107 | 4,119,419 | 3,650,204 | 3,702,663 | (0.8 | )% | 7.6 | % | |||||||||||||||||
Savings and money market accounts | 4,487,277 | 4,586,746 | 4,790,985 | 4,386,128 | 4,251,574 | (2.2 | )% | 5.5 | % | |||||||||||||||||
Total demand and savings | 12,763,521 | 13,042,147 | 13,274,319 | 12,610,951 | 12,371,970 | (2.1 | )% | 3.2 | % | |||||||||||||||||
Brokered deposits | 64,195 | 90,473 | 109,936 | — | — | (29.0 | )% | — | % | |||||||||||||||||
Time deposits | 2,649,387 | 2,664,912 | 2,757,525 | 2,746,410 | 2,718,374 | (0.6 | )% | (2.5 | )% | |||||||||||||||||
Total Deposits | $ | 15,477,103 | $ | 15,797,532 | $ | 16,141,780 | $ | 15,357,361 | $ | 15,090,344 | (2.0 | )% | 2.6 | % | ||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||
Customer repurchase agreements | $ | 165,186 | $ | 172,017 | $ | 185,945 | $ | 174,224 | $ | 181,170 | (4.0 | )% | (8.8 | )% | ||||||||||||
Customer short-term promissory notes | 342,666 | 225,507 | 106,994 | 74,366 | 87,726 | 52.0 | % | N/M | ||||||||||||||||||
Short-term FHLB advances | 35,000 | — | — | 240,000 | 130,000 | — | % | (73.1 | )% | |||||||||||||||||
Federal funds purchased | 395,000 | 220,000 | 5,812 | 206,269 | 54,421 | 79.5 | % | N/M | ||||||||||||||||||
Total Short-term Borrowings | $ | 937,852 | $ | 617,524 | $ | 298,751 | $ | 694,859 | $ | 453,317 | 51.9 | % | 106.9 | % | ||||||||||||
N/M - Not meaningful |
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||||||||
Three Months Ended | % Change from | ||||||||||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Mar 31 | |||||||||||||||||||||||
2018 | 2017 | 2017 | 2017 | 2017 | 2017 | 2016 | |||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||
Interest income | $ | 177,687 | $ | 174,987 | $ | 171,511 | $ | 163,881 | $ | 158,487 | 1.5 | % | 12.1 | % | |||||||||||||||
Interest expense | 26,369 | 25,574 | 24,702 | 22,318 | 20,908 | 3.1 | % | 26.1 | % | ||||||||||||||||||||
Net Interest Income | 151,318 | 149,413 | 146,809 | 141,563 | 137,579 | 1.3 | % | 10.0 | % | ||||||||||||||||||||
Provision for credit losses | 3,970 | 6,730 | 5,075 | 6,700 | 4,800 | (41.0 | )% | (17.3 | )% | ||||||||||||||||||||
Net Interest Income after Provision | 147,348 | 142,683 | 141,734 | 134,863 | 132,779 | 3.3 | % | 11.0 | % | ||||||||||||||||||||
Non-Interest Income: | |||||||||||||||||||||||||||||
Other service charges and fees: | |||||||||||||||||||||||||||||
Merchant fees | 4,115 | 4,308 | 4,398 | 4,531 | 3,607 | (4.5 | )% | 14.1 | % | ||||||||||||||||||||
Debit card income | 2,817 | 3,526 | 2,830 | 2,884 | 2,665 | (20.1 | )% | 5.7 | % | ||||||||||||||||||||
Commercial loan interest rate swap fees | 1,291 | 2,914 | 1,954 | 3,768 | 3,058 | (55.7 | )% | (57.8 | )% | ||||||||||||||||||||
Letter of credit fees | 992 | 1,037 | 1,056 | 1,109 | 1,200 | (4.3 | )% | (17.3 | )% | ||||||||||||||||||||
Foreign exchange income | 533 | 510 | 470 | 446 | 334 | 4.5 | % | 59.6 | % | ||||||||||||||||||||
Other | 1,671 | 1,534 | 1,543 | 1,604 | 1,573 | 8.9 | % | 6.2 | % | ||||||||||||||||||||
Total | 11,419 | 13,829 | 12,251 | 14,342 | 12,437 | (17.4 | )% | (8.2 | )% | ||||||||||||||||||||
Service charges on deposit accounts: | |||||||||||||||||||||||||||||
Overdraft fees | 5,145 | 5,609 | 5,844 | 5,648 | 5,469 | (8.3 | )% | (5.9 | )% | ||||||||||||||||||||
Cash management fees | 4,317 | 3,669 | 3,624 | 3,614 | 3,537 | 17.7 | % | 22.1 | % | ||||||||||||||||||||
Other | 2,500 | 3,392 | 3,554 | 3,652 | 3,394 | (26.3 | )% | (26.3 | )% | ||||||||||||||||||||
Total | 11,962 | 12,670 | 13,022 | 12,914 | 12,400 | (5.6 | )% | (3.5 | )% | ||||||||||||||||||||
Investment management and trust services | 12,871 | 13,152 | 12,157 | 12,132 | 11,808 | (2.1 | )% | 9.0 | % | ||||||||||||||||||||
Mortgage banking income | 4,193 | 4,386 | 4,805 | 6,141 | 4,596 | (4.4 | )% | (8.8 | )% | ||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
Credit card income | 2,816 | 2,778 | 2,829 | 2,666 | 2,648 | 1.4 | % | 6.3 | % | ||||||||||||||||||||
Small business administration lending income | 357 | 1,355 | 565 | 1,163 | 429 | (73.7 | )% | (16.8 | )% | ||||||||||||||||||||
Other income | 2,238 | 6,854 | 1,748 | 1,577 | 1,249 | (67.3 | )% | 79.2 | % | ||||||||||||||||||||
Total | 5,411 | 10,987 | 5,142 | 5,406 | 4,326 | (50.8 | )% | 25.1 | % | ||||||||||||||||||||
Non-Interest Income before Investment Securities Gains | 45,856 | 55,024 | 47,377 | 50,935 | 45,567 | (16.7 | )% | 0.6 | % | ||||||||||||||||||||
Investment securities gains | 19 | 1,932 | 4,597 | 1,436 | 1,106 | (99.0 | )% | (98.3 | )% | ||||||||||||||||||||
Total Non-Interest Income | 45,875 | 56,956 | 51,974 | 52,371 | 46,673 | (19.5 | )% | (1.7 | )% | ||||||||||||||||||||
Non-Interest Expense: | |||||||||||||||||||||||||||||
Salaries and employee benefits | 75,768 | 73,504 | 72,894 | 74,496 | 69,236 | 3.1 | % | 9.4 | % | ||||||||||||||||||||
Net occupancy expense | 13,632 | 12,549 | 12,180 | 12,316 | 12,663 | 8.6 | % | 7.7 | % | ||||||||||||||||||||
Data processing and software | 10,473 | 10,401 | 10,301 | 9,054 | 8,979 | 0.7 | % | 16.6 | % | ||||||||||||||||||||
Other outside services | 8,124 | 7,665 | 6,582 | 7,708 | 5,546 | 6.0 | % | 46.5 | % | ||||||||||||||||||||
Professional fees | 4,816 | 3,632 | 3,388 | 2,931 | 2,737 | 32.6 | % | 76.0 | % | ||||||||||||||||||||
Equipment expense | 3,534 | 3,244 | 3,298 | 3,034 | 3,359 | 8.9 | % | 5.2 | % | ||||||||||||||||||||
FDIC insurance expense | 2,953 | 3,618 | 3,007 | 2,366 | 2,058 | (18.4 | )% | 43.5 | % | ||||||||||||||||||||
Marketing | 2,250 | 1,725 | 2,089 | 2,234 | 1,986 | 30.4 | % | 13.3 | % | ||||||||||||||||||||
Amortization of tax credit investments | 1,637 | 3,376 | 3,503 | 3,151 | 998 | (51.5 | )% | 64.0 | % | ||||||||||||||||||||
Other | 13,474 | 18,738 | 14,915 | 15,405 | 14,713 | (28.1 | )% | (8.4 | )% | ||||||||||||||||||||
Total Non-Interest Expense | 136,661 | 138,452 | 132,157 | 132,695 | 122,275 | (1.3 | )% | 11.8 | % | ||||||||||||||||||||
Income Before Income Taxes | 56,562 | 61,187 | 61,551 | 54,539 | 57,177 | (7.6 | )% | (1.1 | )% | ||||||||||||||||||||
Income tax expense | 7,082 | 27,186 | 12,646 | 9,072 | 13,797 | (73.9 | )% | (48.7 | )% | ||||||||||||||||||||
Net Income | $ | 49,480 | $ | 34,001 | $ | 48,905 | $ | 45,467 | $ | 43,380 | 45.5 | % | 14.1 | % | |||||||||||||||
N/M - Not meaningful |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
March 31, 2018 | December 31, 2017 | March 31, 2017 | ||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||
Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 15,661,032 | $ | 162,262 | 4.19% | $ | 15,560,185 | $ | 162,050 | 4.14% | $ | 14,857,562 | $ | 146,650 | 4.00% | |||||||||||||||||||
Taxable investment securities | 2,198,838 | 13,193 | 2.40% | 2,177,833 | 12,218 | 2.24% | 2,145,656 | 11,914 | 2.22% | |||||||||||||||||||||||||
Tax-exempt investment securities | 412,830 | 3,753 | 3.64% | 411,398 | 4,526 | 4.40% | 403,856 | 4,383 | 4.34% | |||||||||||||||||||||||||
Equity securities | 509 | 5 | 3.93% | 2,219 | 33 | 5.91% | 11,740 | 176 | 6.08% | |||||||||||||||||||||||||
Total Investment Securities | 2,612,177 | 16,951 | 2.60% | 2,591,450 | 16,777 | 2.59% | 2,561,252 | 16,473 | 2.57% | |||||||||||||||||||||||||
Loans held for sale | 20,015 | 216 | 4.31% | 21,874 | 245 | 4.48% | 15,857 | 187 | 4.72% | |||||||||||||||||||||||||
Other interest-earning assets | 302,783 | 1,172 | 1.55% | 571,981 | 1,755 | 1.22% | 312,295 | 842 | 1.08% | |||||||||||||||||||||||||
Total Interest-earning Assets | 18,596,007 | 180,601 | 3.93% | 18,745,490 | 180,827 | 3.83% | 17,746,966 | 164,152 | 3.74% | |||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||
Cash and due from banks | 105,733 | 112,958 | 116,529 | |||||||||||||||||||||||||||||||
Premises and equipment | 230,247 | 223,698 | 217,875 | |||||||||||||||||||||||||||||||
Other assets | 1,113,326 | 1,163,686 | 1,149,621 | |||||||||||||||||||||||||||||||
Less: allowance for loan losses | (169,220 | ) | (173,253 | ) | (170,134 | ) | ||||||||||||||||||||||||||||
Total Assets | $ | 19,876,093 | $ | 20,072,579 | $ | 19,060,857 | ||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | $ | 3,958,894 | $ | 4,004 | 0.41% | $ | 4,037,879 | $ | 4,111 | 0.40% | $ | 3,650,931 | $ | 2,239 | 0.25% | |||||||||||||||||||
Savings deposits | 4,494,445 | 4,367 | 0.39% | 4,752,337 | 4,594 | 0.38% | 4,194,216 | 2,211 | 0.21% | |||||||||||||||||||||||||
Brokered deposits | 74,026 | 276 | 1.51% | 105,135 | 336 | 1.27% | — | — | —% | |||||||||||||||||||||||||
Time deposits | 2,646,779 | 7,803 | 1.20% | 2,706,982 | 8,041 | 1.18% | 2,739,453 | 7,351 | 1.09% | |||||||||||||||||||||||||
Total Interest-bearing Deposits | 11,174,144 | 16,450 | 0.60% | 11,602,333 | 17,082 | 0.58% | 10,584,600 | 11,801 | 0.45% | |||||||||||||||||||||||||
Short-term borrowings | 896,839 | 2,041 | 0.91% | 391,284 | 372 | 0.38% | 712,497 | 855 | 0.48% | |||||||||||||||||||||||||
FHLB advances and long-term debt | 987,315 | 7,878 | 3.21% | 1,038,257 | 8,120 | 3.12% | 990,044 | 8,252 | 3.35% | |||||||||||||||||||||||||
Total Interest-bearing Liabilities | 13,058,298 | 26,369 | 0.82% | 13,031,874 | 25,574 | 0.78% | 12,287,141 | 20,908 | 0.69% | |||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Demand deposits | 4,246,168 | 4,454,456 | 4,301,727 | |||||||||||||||||||||||||||||||
Other | 347,012 | 349,218 | 331,442 | |||||||||||||||||||||||||||||||
Total Liabilities | 17,651,478 | 17,835,548 | 16,920,310 | |||||||||||||||||||||||||||||||
Shareholders' equity | 2,224,615 | 2,237,031 | 2,140,547 | |||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 19,876,093 | $ | 20,072,579 | $ | 19,060,857 | ||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 154,232 | 3.35% | 155,253 | 3.29% | 143,244 | 3.26% | ||||||||||||||||||||||||||||
Tax equivalent adjustment | (2,914 | ) | (5,840 | ) | (5,665 | ) | ||||||||||||||||||||||||||||
Net interest income | $ | 151,318 | $ | 149,413 | $ | 137,579 | ||||||||||||||||||||||||||||
(1) Three months ended March 31, 2018 presented on a fully taxable-equivalent basis using a 21% Federal tax rate and statutory interest expense disallowances. Prior periods are presented on a fully taxable-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. | ||||||||||||||||||||||||||||||||||
Note: The weighted average interest rate on total average interest-bearing liabilities and average non-interest bearing demand deposits (“cost of funds”) was 0.62%, 0.58% and 0.51% for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017, respectively. | ||||||||||||||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||||||||||||||||
Three Months Ended | % Change from | |||||||||||||||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Mar 31 | ||||||||||||||||||||||||||||
2018 | 2017 | 2017 | 2016 | 2017 | 2017 | 2017 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,305,821 | $ | 6,232,674 | $ | 6,208,630 | $ | 6,163,844 | $ | 6,039,140 | 1.2 | % | 4.4 | % | ||||||||||||||||||||
Commercial - industrial, financial and agricultural | 4,288,634 | 4,263,199 | 4,257,075 | 4,221,025 | 4,205,070 | 0.6 | % | 2.0 | % | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,958,505 | 1,926,067 | 1,841,559 | 1,707,929 | 1,637,669 | 1.7 | % | 19.6 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,538,974 | 1,560,713 | 1,569,898 | 1,587,680 | 1,613,249 | (1.4 | )% | (4.6 | )% | |||||||||||||||||||||||||
Real estate - construction | 984,242 | 1,004,166 | 943,029 | 897,321 | 840,966 | (2.0 | )% | 17.0 | % | |||||||||||||||||||||||||
Consumer | 315,927 | 312,320 | 318,546 | 300,967 | 284,352 | 1.2 | % | 11.1 | % | |||||||||||||||||||||||||
Leasing and other | 268,930 | 261,046 | 253,330 | 248,439 | 237,114 | 3.0 | % | 13.4 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 15,661,032 | $ | 15,560,185 | $ | 15,392,067 | $ | 15,127,205 | $ | 14,857,562 | 0.6 | % | 5.4 | % | ||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,246,168 | $ | 4,454,456 | $ | 4,494,897 | $ | 4,387,517 | $ | 4,301,727 | (4.7 | )% | (1.3 | )% | ||||||||||||||||||||
Interest-bearing demand | 3,958,894 | 4,037,879 | 3,943,118 | 3,690,059 | 3,650,931 | (2.0 | )% | 8.4 | % | |||||||||||||||||||||||||
Savings and money market accounts | 4,494,445 | 4,752,337 | 4,603,155 | 4,315,495 | 4,194,216 | (5.4 | )% | 7.2 | % | |||||||||||||||||||||||||
Total demand and savings | 12,699,507 | 13,244,672 | 13,041,170 | 12,393,071 | 12,146,874 | (4.1 | )% | 4.5 | % | |||||||||||||||||||||||||
Brokered deposits | 74,026 | 105,135 | 89,767 | — | — | (29.6 | )% | 100.0 | % | |||||||||||||||||||||||||
Time deposits | 2,646,779 | 2,706,982 | 2,744,532 | 2,696,033 | 2,739,453 | (2.2 | )% | (3.4 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 15,420,312 | $ | 16,056,789 | $ | 15,875,469 | $ | 15,089,104 | $ | 14,886,327 | (4.0 | )% | 3.6 | % | ||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 175,292 | $ | 179,948 | $ | 176,415 | $ | 199,657 | $ | 199,403 | (2.6 | )% | (12.1 | )% | ||||||||||||||||||||
Customer short-term promissory notes | 308,725 | 195,951 | 80,147 | 77,554 | 79,985 | 57.6 | % | N/M | ||||||||||||||||||||||||||
Federal funds purchased | 379,822 | 15,374 | 90,453 | 242,375 | 308,220 | N/M | 23.2 | % | ||||||||||||||||||||||||||
Short-term FHLB advances and other borrowings | 33,000 | 11 | 55,326 | 113,516 | 124,889 | N/M | (73.6 | )% | ||||||||||||||||||||||||||
Total Short-term Borrowings | $ | 896,839 | $ | 391,284 | $ | 402,341 | $ | 633,102 | $ | 712,497 | 129.2 | % | 25.9 | % | ||||||||||||||||||||
N/M - Not meaningful |
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | |||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||||
2018 | 2017 | 2017 | 2017 | 2017 | |||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | |||||||||||||||||||||
Balance at beginning of period | $ | 176,084 | $ | 174,749 | $ | 174,998 | $ | 172,647 | $ | 171,325 | |||||||||||
Loans charged off: | |||||||||||||||||||||
Commercial - industrial, financial and agricultural | (4,005 | ) | (5,473 | ) | (2,714 | ) | (5,353 | ) | (5,527 | ) | |||||||||||
Consumer and home equity | (1,300 | ) | (1,071 | ) | (920 | ) | (1,022 | ) | (1,554 | ) | |||||||||||
Real estate - commercial mortgage | (267 | ) | (220 | ) | (483 | ) | (242 | ) | (1,224 | ) | |||||||||||
Real estate - residential mortgage | (162 | ) | (152 | ) | (195 | ) | (124 | ) | (216 | ) | |||||||||||
Real estate - construction | (158 | ) | — | (2,744 | ) | (774 | ) | (247 | ) | ||||||||||||
Leasing and other | (505 | ) | (457 | ) | (739 | ) | (1,200 | ) | (639 | ) | |||||||||||
Total loans charged off | (6,397 | ) | (7,373 | ) | (7,795 | ) | (8,715 | ) | (9,407 | ) | |||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||
Commercial - industrial, financial and agricultural | 1,075 | 941 | 665 | 1,974 | 4,191 | ||||||||||||||||
Consumer and home equity | 385 | 466 | 445 | 685 | 373 | ||||||||||||||||
Real estate - commercial mortgage | 279 | 178 | 106 | 934 | 450 | ||||||||||||||||
Real estate - residential mortgage | 107 | 186 | 219 | 151 | 230 | ||||||||||||||||
Real estate - construction | 306 | 32 | 629 | 373 | 548 | ||||||||||||||||
Leasing and other | 210 | 175 | 407 | 249 | 137 | ||||||||||||||||
Recoveries of loans previously charged off | 2,362 | 1,978 | 2,471 | 4,366 | 5,929 | ||||||||||||||||
Net loans recovered charged off | (4,035 | ) | (5,395 | ) | (5,324 | ) | (4,349 | ) | (3,478 | ) | |||||||||||
Provision for credit losses | 3,970 | 6,730 | 5,075 | 6,700 | 4,800 | ||||||||||||||||
Balance at end of period | $ | 176,019 | $ | 176,084 | $ | 174,749 | $ | 174,998 | $ | 172,647 | |||||||||||
Net charge-offs to average loans (annualized) | 0.10 | % | 0.14 | % | 0.14 | % | 0.11 | % | 0.09 | % | |||||||||||
NON-PERFORMING ASSETS: | |||||||||||||||||||||
Non-accrual loans | $ | 122,966 | $ | 124,749 | $ | 123,345 | $ | 122,600 | $ | 117,264 | |||||||||||
Loans 90 days past due and accruing | 11,676 | 10,010 | 13,124 | 13,143 | 14,268 | ||||||||||||||||
Total non-performing loans | 134,642 | 134,759 | 136,469 | 135,743 | 131,532 | ||||||||||||||||
Other real estate owned | 10,744 | 9,823 | 10,542 | 11,432 | 11,906 | ||||||||||||||||
Total non-performing assets | $ | 145,386 | $ | 144,582 | $ | 147,011 | $ | 147,175 | $ | 143,438 | |||||||||||
NON-PERFORMING LOANS, BY TYPE: | |||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 54,915 | $ | 54,309 | $ | 54,209 | $ | 51,320 | $ | 43,826 | |||||||||||
Real estate - commercial mortgage | 36,183 | 35,446 | 34,650 | 32,576 | 36,713 | ||||||||||||||||
Real estate - residential mortgage | 20,169 | 20,972 | 21,643 | 21,846 | 23,597 | ||||||||||||||||
Real estate - construction | 10,931 | 12,197 | 13,415 | 16,564 | 13,550 | ||||||||||||||||
Consumer and home equity | 12,272 | 11,803 | 12,472 | 13,156 | 13,408 | ||||||||||||||||
Leasing | 172 | 32 | 80 | 281 | 438 | ||||||||||||||||
Total non-performing loans | $ | 134,642 | $ | 134,759 | $ | 136,469 | $ | 135,743 | $ | 131,532 | |||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | |||||||||||||||||||||
Real-estate - residential mortgage | $ | 25,602 | $ | 26,016 | $ | 26,193 | $ | 26,368 | $ | 27,033 | |||||||||||
Real-estate - commercial mortgage | 18,181 | 13,959 | 14,439 | 13,772 | 15,237 | ||||||||||||||||
Consumer and home equity | 16,091 | 15,584 | 14,822 | 12,064 | 9,638 | ||||||||||||||||
Commercial - industrial, financial and agricultural | 11,740 | 10,820 | 7,512 | 8,086 | 7,441 | ||||||||||||||||
Real estate - construction | — | — | 169 | 1,475 | 273 | ||||||||||||||||
Total accruing TDRs | $ | 71,614 | $ | 66,379 | $ | 63,135 | $ | 61,765 | $ | 59,622 | |||||||||||
Non-accrual TDRs (1) | 24,897 | 29,051 | 28,742 | 29,373 | 27,220 | ||||||||||||||||
Total TDRs | $ | 96,511 | $ | 95,430 | $ | 91,877 | $ | 91,138 | $ | 86,842 | |||||||||||
(1) Included within non-accrual loans above. | |||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | Total Delinquency % | ||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||||
2018 | 2017 | 2017 | 2017 | 2017 | |||||||||||||||||
Real estate - commercial mortgage | 0.77 | % | 0.77 | % | 0.75 | % | 0.66 | % | 0.78 | % | |||||||||||
Commercial - industrial, financial and agricultural | 1.48 | % | 1.50 | % | 1.54 | % | 1.43 | % | 1.25 | % | |||||||||||
Real estate - construction | 1.12 | % | 1.32 | % | 1.50 | % | 1.82 | % | 1.99 | % | |||||||||||
Real estate - residential mortgage | 1.91 | % | 2.04 | % | 2.25 | % | 2.08 | % | 2.44 | % | |||||||||||
Consumer, home equity, leasing and other | 1.20 | % | 1.37 | % | 1.38 | % | 1.34 | % | 1.22 | % | |||||||||||
Total | 1.19 | % | 1.24 | % | 1.28 | % | 1.20 | % | 1.23 | % | |||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) | ||||||||||||||||||||||||||
in thousands, except per share data and percentages | ||||||||||||||||||||||||||
Explanatory note: | This press release contains supplemental financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow: | |||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | ||||||||||||||||||||||
2018 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||||||||
Shareholders' equity (tangible), per share | ||||||||||||||||||||||||||
Shareholders' equity | $ | 2,235,493 | $ | 2,229,857 | $ | 2,225,786 | $ | 2,191,770 | $ | 2,154,683 | ||||||||||||||||
Less: Goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | ||||||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,703,937 | $ | 1,698,301 | $ | 1,694,230 | $ | 1,660,214 | $ | 1,623,127 | ||||||||||||||||
Shares outstanding, end of period (denominator) | 175,404 | 175,170 | 175,057 | 174,740 | 174,343 | |||||||||||||||||||||
Shareholders' equity (tangible), per share | $ | 9.71 | $ | 9.70 | $ | 9.68 | $ | 9.50 | $ | 9.31 | ||||||||||||||||
Return on average shareholders' equity (tangible) | ||||||||||||||||||||||||||
Net income (numerator) | $ | 49,480 | $ | 34,001 | $ | 48,905 | $ | 45,467 | $ | 43,380 | ||||||||||||||||
Average shareholders' equity | $ | 2,224,615 | $ | 2,237,031 | $ | 2,215,389 | $ | 2,181,189 | $ | 2,140,547 | ||||||||||||||||
Less: Average goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | ||||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,693,059 | $ | 1,705,475 | $ | 1,683,833 | $ | 1,649,633 | $ | 1,608,991 | ||||||||||||||||
Return on average shareholders' equity (tangible), annualized | 11.85 | % | 7.91 | % | 11.52 | % | 11.06 | % | 10.93 | % | ||||||||||||||||
Tangible Common Equity to Tangible Assets (TCE Ratio) | ||||||||||||||||||||||||||
Shareholders' equity | 2,235,493 | 2,229,857 | 2,225,786 | 2,191,770 | 2,154,683 | |||||||||||||||||||||
Less: Intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | ||||||||||||||||
Tangible shareholders' equity (numerator) | 1,703,937 | 1,698,301 | 1,694,230 | 1,660,214 | 1,623,127 | |||||||||||||||||||||
Total assets | 19,948,941 | 20,036,905 | 20,062,860 | 19,647,435 | 19,178,576 | |||||||||||||||||||||
Less: Intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | ||||||||||||||||
Total tangible assets (denominator) | 19,417,385 | 19,505,349 | 19,531,304 | 19,115,879 | 18,647,020 | |||||||||||||||||||||
Tangible Common Equity to Tangible Assets | 8.78 | % | 8.71 | % | 8.67 | % | 8.68 | % | 8.70 | % | ||||||||||||||||
Efficiency ratio | ||||||||||||||||||||||||||
Non-interest expense | $ | 136,661 | $ | 138,452 | $ | 132,157 | $ | 132,695 | $ | 122,275 | ||||||||||||||||
Less: Amortization on tax credit investments | (1,637 | ) | (3,376 | ) | (3,503 | ) | (3,151 | ) | (998 | ) | ||||||||||||||||
Non-interest expense (numerator) | $ | 135,024 | $ | 135,076 | $ | 128,654 | $ | 129,544 | $ | 121,277 | ||||||||||||||||
Net interest income (fully taxable equivalent) | $ | 154,232 | $ | 155,253 | $ | 152,721 | $ | 147,349 | $ | 143,243 | ||||||||||||||||
Plus: Total Non-interest income | 45,875 | 56,956 | 51,974 | 52,371 | 46,673 | |||||||||||||||||||||
Less: Investment securities gains | (19 | ) | (1,932 | ) | (4,597 | ) | (1,436 | ) | (1,106 | ) | ||||||||||||||||
Net interest income (denominator) | $ | 200,088 | $ | 210,277 | $ | 200,098 | $ | 198,284 | $ | 188,810 | ||||||||||||||||
Efficiency ratio | 67.48 | % | 64.24 | % | 64.30 | % | 65.33 | % | 64.23 | % | ||||||||||||||||
Non-performing assets to tangible shareholders' equity and allowance for credit losses | ||||||||||||||||||||||||||
Non-performing assets (numerator) | $ | 145,386 | $ | 144,582 | $ | 147,011 | $ | 147,175 | $ | 143,438 | ||||||||||||||||
Tangible shareholders' equity | $ | 1,703,937 | $ | 1,698,301 | 1,694,230 | 1,660,214 | $ | 1,623,127 | ||||||||||||||||||
Plus: Allowance for credit losses | 176,019 | 176,084 | 174,749 | 174,998 | 172,647 | |||||||||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,879,956 | $ | 1,874,385 | $ | 1,868,979 | $ | 1,835,212 | $ | 1,795,774 | ||||||||||||||||
Non-performing assets to tangible shareholders' equity and allowance for credit losses | 7.73 | % | 7.71 | % | 7.87 | % | 8.02 | % | 7.99 | % | ||||||||||||||||
Pre-provision net revenue | ||||||||||||||||||||||||||
Net interest income | $ | 151,318 | $ | 149,413 | $ | 146,809 | $ | 141,563 | $ | 137,579 | ||||||||||||||||
Non-interest income | 45,875 | 56,956 | 51,974 | 52,371 | 46,673 | |||||||||||||||||||||
Less: Investment securities gains | (19 | ) | (1,932 | ) | (4,597 | ) | (1,436 | ) | (1,106 | ) | ||||||||||||||||
Total revenue | $ | 197,174 | $ | 204,437 | $ | 194,186 | $ | 192,498 | $ | 183,146 | ||||||||||||||||
Non-interest expense | $ | 136,661 | $ | 138,452 | $ | 132,157 | $ | 132,695 | $ | 122,275 | ||||||||||||||||
Less: Amortization on tax credit investments | (1,637 | ) | (3,376 | ) | (3,503 | ) | (3,151 | ) | (998 | ) | ||||||||||||||||
Total non-interest expense | $ | 135,024 | $ | 135,076 | $ | 128,654 | $ | 129,544 | $ | 121,277 | ||||||||||||||||
Pre-provision net revenue | $ | 62,150 | $ | 69,361 | $ | 65,532 | $ | 62,954 | $ | 61,869 | ||||||||||||||||
Reconciliation of Net Income; Net Income per share, diluted; and Selected Financial Ratios, adjusted to exclude the Tax Charge recognized in the fourth quarter of 2017 related to the re-measurement of net deferred tax assets: | ||||||||||||||||||||||||||
Net income and Net income per share, diluted | ||||||||||||||||||||||||||
Net income | $ | 34,001 | ||||||||||||||||||||||||
Plus: Re-measurement of net deferred tax assets | 15,634 | |||||||||||||||||||||||||
Net Income, adjusted (numerator) | $ | 49,635 | ||||||||||||||||||||||||
Weighted average shares (diluted) | 176,374 | |||||||||||||||||||||||||
Net income per share, diluted | $ | 0.28 | ||||||||||||||||||||||||
Return on average assets | ||||||||||||||||||||||||||
Net income | $ | 34,001 | ||||||||||||||||||||||||
Plus: Re-measurement of net deferred tax assets | 15,634 | |||||||||||||||||||||||||
Net Income, adjusted (numerator) | $ | 49,635 | ||||||||||||||||||||||||
Average assets (denominator) | $ | 20,072,579 | ||||||||||||||||||||||||
Return on average assets, annualized | 0.98 | % | ||||||||||||||||||||||||
Return on average shareholders' equity | ||||||||||||||||||||||||||
Net income | $ | 34,001 | ||||||||||||||||||||||||
Plus: Re-measurement of net deferred tax assets | 15,634 | |||||||||||||||||||||||||
Net Income, adjusted (numerator) | $ | 49,635 | ||||||||||||||||||||||||
Average shareholders' equity (denominator) | $ | 2,237,031 | ||||||||||||||||||||||||
Return on average shareholders' equity, annualized | 8.80 | % | ||||||||||||||||||||||||
Return on average shareholders' equity (tangible) | ||||||||||||||||||||||||||
Net Income, as reported | $ | 34,001 | ||||||||||||||||||||||||
Plus: Re-measurement of net deferred tax assets | 15,634 | |||||||||||||||||||||||||
Net Income, adjusted (numerator) | $ | 49,635 | ||||||||||||||||||||||||
Average shareholders' equity | $ | 2,237,031 | ||||||||||||||||||||||||
Less: Average goodwill and intangible assets | (531,556 | ) | ||||||||||||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,705,475 | ||||||||||||||||||||||||
Return on average shareholders' equity (tangible), annualized | 11.55 | % | ||||||||||||||||||||||||