Fulton Financial (FULT) 8-K Fulton Financial reports first quarter net income of $56.7 million, or $0.33 per share

FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
dollars in thousands, except per-share data and percentages
	Three Months Ended
	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	2019			2018			2018			2018			2018
Ending Balances
Investments	$	2,748,249		$	2,686,973		$	2,635,413		$	2,593,283		$	2,592,823
Loans, net of unearned income	16,262,633			16,165,800			15,925,093			15,792,969			15,696,284
Total assets	20,974,649			20,682,152			20,364,810			20,172,539			19,948,941
Deposits	16,377,978			16,376,159			16,249,014			15,599,799			15,477,103
Shareholders' equity	2,301,019			2,247,573			2,283,014			2,245,785			2,235,493
Average Balances
Investments	$	2,699,130		$	2,646,266		$	2,596,414		$	2,601,705		$	2,556,986
Loans, net of unearned income	16,194,375			15,965,637			15,862,143			15,768,377			15,661,032
Total assets	20,690,365			20,512,130			20,273,232			20,063,375			19,876,093
Deposits	16,275,633			16,413,066			15,967,234			15,517,424			15,420,312
Shareholders' equity	2,265,097			2,281,669			2,269,093			2,246,904			2,224,615
Income Statement
Net interest income	$	163,315		$	162,944		$	160,127		$	156,067		$	151,318
Provision for credit losses	5,100			8,200			1,620			33,117			3,970
Non-interest income	46,751			49,523			51,033			49,094			45,875
Non-interest expense	137,824			140,685			135,413			133,345			136,661
Income before taxes	67,142			63,582			74,127			38,699			56,562
Net income	56,663			58,083			65,633			35,197			49,480
Pre-provision net revenue(1)	73,775			78,320			77,370			73,449			62,150
Per Share
Net income (basic)	$	0.33		$	0.33		$	0.37		$	0.20		$	0.28
Net income (diluted)	0.33			0.33			0.37			0.20			0.28
Cash dividends	0.13			0.16			0.12			0.12			0.12
Tangible common equity(1)	10.39			10.08			9.95			9.75			9.71
Weighted average shares (basic)	169,884			174,571			175,942			175,764			175,303
Weighted average shares (diluted)	170,909			175,473			177,128			176,844			176,568
Asset Quality
Net charge-offs to average loans (annualized)	0.10%			0.17%			0.08%			1.01%			0.10%
Non-performing loans to total loans	0.85%			0.86%			0.75%			0.78%			0.86%
Non-performing assets to total assets	0.70%			0.73%			0.64%			0.67%			0.73%
Allowance for credit losses to loans outstanding	1.05%			1.05%			1.05%			1.07%			1.12%
Allowance for loan losses to loans outstanding	1.00		%	0.99		%	0.99		%	0.99		%	1.04		%
Allowance for credit losses to non-performing loans	123%			121		%	140		%	137		%	131		%
Allowance for loan losses to non-performing loans	117%			115		%	131		%	126		%	121		%
Non-performing assets to tangible shareholders' equity      and allowance for credit losses(1)	7.63%			7.97%			6.81%			7.16%			7.73%

Profitability
Return on average assets	1.11	%	1.12	%	1.28	%	0.70	%	1.01	%
Return on average shareholders' equity	10.15%		10.10%		11.48%		6.28%		9.02%
Return on average shareholders' equity (tangible)(1)	13.28%		13.17%		14.99%		8.23%		11.85%
Net interest margin	3.49	%	3.44	%	3.42	%	3.39	%	3.35	%
Efficiency ratio(1)	63.9	%	62.2	%	62.5	%	63.3	%	67.5	%
Capital Ratios
Tangible common equity ratio(1)	8.64	%	8.52	%	8.83	%	8.73	%	8.78	%
Tier 1 leverage ratio(2)	9.00%		9.01%		9.34		9.20%		9.21	%
Common equity Tier 1 capital ratio(2)	10.30	%	10.22	%	10.80	%	10.60	%	10.59	%
Tier 1 capital ratio(2)	10.30	%	10.22	%	10.80	%	10.60	%	10.59	%
Total risk-based capital ratio(2)	12.80	%	12.75	%	13.34	%	13.18	%	13.22	%
(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, 2019 are preliminary and remaining periods are actual.

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
		2019			2018			2018			2018			2018			2018		2018
ASSETS
	Cash and due from banks	$	115,884		$	103,436		$	90,361		$	99,742		$	100,151		12.0	%	15.7	%
	Other interest-earning assets	411,037			421,534			388,256			364,802			267,806			(2.5	)%	53.5	%
	Loans held for sale	27,768			27,099			27,525			35,898			23,450			2.5	%	18.4	%
	Investment securities	2,748,249			2,686,973			2,635,413			2,593,283			2,592,823			2.3	%	6.0	%
	Loans, net of unearned income	16,262,633			16,165,800			15,925,093			15,792,969			15,696,284			0.6	%	3.6	%
	Allowance for loan losses	(162,109		)	(160,537		)	(157,810		)	(156,050		)	(163,217		)	1.0	%	(0.7	)%
	Net loans	16,100,524			16,005,263			15,767,283			15,636,919			15,533,067			0.6	%	3.7	%
	Premises and equipment	239,004			234,529			231,236			230,195			230,313			1.9	%	3.8	%
	Accrued interest receivable	62,207			58,879			58,584			55,208			53,060			5.7	%	17.2	%
	Goodwill and intangible assets	535,356			531,556			531,556			531,556			531,556			0.7	%	0.7	%
	Other assets	734,620			612,883			634,596			624,936			616,715			19.9	%	19.1	%
	Total Assets	$	20,974,649		$	20,682,152		$	20,364,810		$	20,172,539		$	19,948,941		1.4	%	5.1	%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	16,377,978		$	16,376,159		$	16,249,014		$	15,599,799		$	15,477,103		—	%	5.8	%
	Short-term borrowings	829,016			754,777			485,565			983,833			937,852			9.8	%	(11.6	)%
	Other liabilities	401,324			311,364			355,102			351,174			359,994			28.9	%	11.5	%
	FHLB advances and long-term debt	1,065,312			992,279			992,115			991,948			938,499			7.4	%	13.5	%
	Total Liabilities	18,673,630			18,434,579			18,081,796			17,926,754			17,713,448			1.3	%	5.4	%
	Shareholders' equity	2,301,019			2,247,573			2,283,014			2,245,785			2,235,493			2.4	%	2.9	%
	Total Liabilities and Shareholders' Equity	$	20,974,649		$	20,682,152		$	20,364,810		$	20,172,539		$	19,948,941		1.4	%	5.1	%
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	6,428,688		$	6,434,285		$	6,337,984		$	6,304,475		$	6,332,508		(0.1	)%	1.5	%
	Commercial - industrial, financial and agricultural	4,429,538			4,404,548			4,288,823			4,264,602			4,299,072			0.6	%	3.0	%
	Real estate - residential mortgage	2,313,908			2,251,044			2,173,548			2,094,530			1,976,524			2.8	%	17.1	%
	Real estate - home equity	1,413,500			1,452,137			1,469,152			1,491,395			1,514,241			(2.7	)%	(6.7	)%
	Real estate - construction	953,087			916,599			979,857			990,705			976,131			4.0	%	(2.4	)%
	Consumer	433,545			419,186			390,708			360,315			326,766			3.4	%	32.7	%
	Leasing and other	290,367			288,001			285,021			286,947			271,042			0.8	%	7.1	%
	Total Loans, net of unearned income	$	16,262,633		$	16,165,800		$	15,925,093		$	15,792,969		$	15,696,284		0.6	%	3.6	%
Deposits, by type:
	Noninterest-bearing demand	$	4,255,043		$	4,310,105		$	4,216,064		$	4,324,659		$	4,291,821		(1.3	)%	(0.9	)%
	Interest-bearing demand	4,207,442			4,240,974			4,289,181			3,854,680			3,984,423			(0.8	)%	5.6	%
	Savings and money market accounts	4,907,346			4,926,937			4,878,982			4,597,510			4,487,277			(0.4	)%	9.4	%
	Total demand and savings	13,369,831			13,478,016			13,384,227			12,776,849			12,763,521			(0.8	)%	4.8	%
	Brokered deposits	251,395			176,239			164,601			161,447			64,195			42.6	%	N/M
	Time deposits	2,756,752			2,721,904			2,700,186			2,661,503			2,649,387			1.3	%	4.1	%
	Total Deposits	$	16,377,978		$	16,376,159		$	16,249,014		$	15,599,799		$	15,477,103		—	%	5.8	%
Short-term borrowings, by type:
	Customer repurchase agreements	$	54,440		$	43,499		$	82,741		$	152,594		$	165,186		25.2	%	(67.0	)%
	Customer short-term promissory notes	299,576			326,278			267,824			303,239			342,666			(8.2	)%	(12.6	)%
	Short-term FHLB advances	475,000			385,000			85,000			185,000			35,000			23.4	%	N/M
	Federal funds purchased	—			—			50,000			343,000			395,000			—	%	(100.0	)%
	Total Short-term Borrowings	$	829,016		$	754,777		$	485,565		$	983,833		$	937,852		9.8	%	(11.6	)%
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
		2019		2018		2018		2018		2018		2018		2018
Interest Income:
	Interest income	$	204,700	$	200,609	$	194,048	$	186,170	$	177,687	2.0	%	15.2	%
	Interest expense	41,385		37,665		33,921		30,103		26,369		9.9	%	56.9	%
	Net Interest Income	163,315		162,944		160,127		156,067		151,318		0.2	%	7.9	%
	Provision for credit losses	5,100		8,200		1,620		33,117		3,970		(37.8	)%	28.5	%
	Net Interest Income after Provision	158,215		154,744		158,507		122,950		147,348		2.2	%	7.4	%
Non-Interest Income:
	Wealth management fees	13,239		13,408		13,066		12,803		12,871		(1.3	)%	2.9	%
	Mortgage banking income	4,772		4,774		4,896		5,163		4,193		—	%	13.8	%
	Consumer banking income:
	Card income	4,686		4,966		5,382		4,708		4,441		(5.6	)%	5.5	%
	Overdraft fees	4,104		4,653		4,443		4,268		4,241		(11.8	)%	(3.2	)%
	Other consumer banking income	2,587		2,799		2,840		2,955		2,726		(7.6	)%	(5.1	)%
	Total consumer banking income	11,377		12,418		12,665		11,931		11,408		(8.4	)%	(0.3	)%
	Commercial banking income:
	Merchant and card income	5,558		5,656		6,307		6,155		5,308		(1.7	)%	4.7	%
	Cash management fees	4,361		4,340		4,472		4,452		4,317		0.5	%	1.0	%
	Commercial loan interest rate swap fees	2,028		2,540		3,607		2,393		1,291		(20.2	)%	57.1	%
	Other commercial banking income	2,816		3,466		3,154		3,431		3,040		(18.8	)%	(7.4	)%
	Total commercial banking income	14,763		16,002		17,540		16,431		13,956		(7.7	)%	5.8	%
	Other income	2,535		2,921		2,852		2,762		3,428		(13.2	)%	(26.1	)%
	Non-interest income before investment securities gains	46,686		49,523		51,019		49,090		45,856		(5.7	)%	1.8	%
	Investment securities gains, net	65		—		14		4		19		N/M		N/M
	Total Non-Interest Income	46,751		49,523		51,033		49,094		45,875		(5.6	)%	1.9	%
Non-Interest Expense:
	Salaries and employee benefits	77,757		75,745		76,770		74,919		75,768		2.7	%	2.6	%
	Net occupancy expense	12,909		12,708		12,578		12,760		13,632		1.6	%	(5.3	)%
	Data processing and software	10,353		10,203		10,157		10,453		10,473		1.5	%	(1.1	)%
	Other outside services	8,352		8,944		9,122		7,568		8,124		(6.6	)%	2.8	%
	Professional fees	3,960		3,546		3,427		2,372		4,816		11.7	%	(17.8	)%
	Equipment expense	3,342		3,275		3,000		3,434		3,534		2.0	%	(5.4	)%
	FDIC insurance expense	2,609		2,563		2,814		2,663		2,953		1.8	%	(11.6	)%
	Marketing	2,160		1,577		2,692		2,335		2,250		37.0	%	(4.0	)%
	Amortization of tax credit investments	1,491		6,538		1,637		1,637		1,637		(77.2	)%	(8.9	)%
	Intangible amortization	107		—		—		—		—		100.0	%	100.0	%
	Other	14,784		15,586		13,216		15,204		13,474		(5.1	)%	9.7	%
	Total Non-Interest Expense	137,824		140,685		135,413		133,345		136,661		(2.0	)%	0.9	%
	Income Before Income Taxes	67,142		63,582		74,127		38,699		56,562		5.6	%	18.7	%
	Income tax expense	10,479		5,499		8,494		3,502		7,082		90.6	%	48.0	%
	Net Income	$	56,663	$	58,083	$	65,633	$	35,197	$	49,480	(2.4	)%	14.5	%
PER SHARE:
	Net income:
	Basic	$	0.33	$	0.33	$	0.37	$	0.20	$	0.28	—	%	17.9	%
	Diluted	0.33		0.33		0.37		0.20		0.28		—	%	17.9	%
	Cash dividends	0.13		0.16		0.12		0.12		0.12		(18.8	)%	8.3	%
	Weighted average shares (basic)	169,884		174,571		175,942		175,764		175,303		(2.7	)%	(3.1	)%
	Weighted average shares (diluted)	170,909		175,473		177,128		176,844		176,568		(2.6	)%	(3.2	)%
N/M - not meaningful

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three Months Ended
		March 31, 2019								December 31, 2018								March 31, 2018
		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	$	16,194,375		$	186,122		4.65%		$	15,965,637		$	182,358		4.54%		$	15,661,032		$	162,262		4.19%
	Taxable investment securities	2,285,724			15,435			2.70%		2,283,897			15,005			2.63%		2,198,838			13,193			2.40%
	Tax-exempt investment securities	444,132			4,150			3.71%		426,872			3,978			3.71%		412,830			3,753			3.64%
	Equity securities	—			—			—%		—			—			—%		509			5			3.93%
	Total Investment Securities	2,729,856			19,585			2.87%		2,710,769			18,983			2.80%		2,612,177			16,951			2.60%
	Loans held for sale	16,434			240			5.85%		22,361			271			4.85%		20,015			216			4.31%
	Other interest-earning assets	366,175			2,002			2.20%		492,529			2,177			1.76%		302,783			1,172			1.55%
	Total Interest-earning Assets	19,306,840			207,949			4.35%		19,191,296			203,789			4.22%		18,596,007			180,601			3.93%
Noninterest-earning assets:
	Cash and due from banks	110,693								111,252								105,733
	Premises and equipment	237,124								233,445								230,247
	Other assets	1,197,034								1,131,548								1,113,326
	Less: allowance for loan losses	(161,326		)						(155,411		)						(169,220		)
	Total Assets	$	20,690,365							$	20,512,130							$	19,876,093
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
	Demand deposits	$	4,153,984		$	7,519		0.73%		$	4,225,157		$	7,448		0.70%		$	3,958,894		$	4,004		0.41%
	Savings deposits	4,912,856			9,962			0.82%		4,979,712			9,745			0.78%		4,494,445			4,367			0.39%
	Brokered deposits	220,115			1,382			2.55%		164,280			969			2.34%		74,026			276			1.51%
	Time deposits	2,765,803			10,826			1.59%		2,722,141			9,997			1.46%		2,646,779			7,803			1.20%
	Total Interest-bearing Deposits	12,052,758			29,689			1.00%		12,091,290			28,159			0.92%		11,174,144			16,450			0.60%
	Short-term borrowings	820,054			3,582			1.76%		504,550			1,410			1.11%		896,839			2,041			0.91%
	FHLB advances and long-term debt	1,002,463			8,114			3.26%		988,914			8,096			3.26%		987,315			7,878			3.21%
	Total Interest-bearing Liabilities	13,875,275			41,385			1.21%		13,584,754			37,665			1.10%		13,058,298			26,369			0.82%
Noninterest-bearing liabilities:
	Demand deposits	4,222,875								4,321,776								4,246,168
	Other	327,118								323,931								347,012
	Total Liabilities	18,425,268								18,230,461								17,651,478
	Shareholders' equity	2,265,097								2,281,669								2,224,615
	Total Liabilities and Shareholders' Equity	$	20,690,365							$	20,512,130							$	19,876,093
	Net interest income/net interest margin (fully taxable equivalent)				166,564			3.49%					166,124			3.44%					154,232			3.35%
	Tax equivalent adjustment				(3,249		)						(3,180		)						(2,914		)
	Net interest income				$	163,315							$	162,944							$	151,318
	(1) Presented on a fully taxable-equivalent basis using a 21% 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 0.93%, 0.84% and 0.62% for the three months ended March 31, 2019, December 31, 2018 and March 31, 2018, 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
		2019			2018			2018		2018			2018			2018		2018
Loans, by type:
	Real estate - commercial mortgage	$	6,378,145		$	6,343,024		$	6,309,663	$	6,298,534		$	6,305,821		0.6	%	1.1		%
	Commercial - industrial, financial and agricultural	4,462,609			4,329,937			4,304,320		4,335,097			4,288,634			3.1	%	4.1		%
	Real estate - residential mortgage	2,276,611			2,209,993			2,142,977		2,026,161			1,958,505			3.0	%	16.2		%
	Real estate - home equity	1,433,574			1,459,647			1,474,011		1,502,936			1,538,974			(1.8	)%	(6.8		)%
	Real estate - construction	930,246			931,724			969,575		978,327			984,242			(0.2	)%	(5.5		)%
	Consumer	424,480			406,436			375,656		345,572			315,927			4.4	%	34.4		%
	Leasing and other	288,710			284,876			285,941		281,750			268,930			1.3	%	7.4		%
	Total Loans, net of unearned income	$	16,194,375		$	15,965,637		$	15,862,143	$	15,768,377		$	15,661,033		1.4	%	3.4		%
Deposits, by type:
	Noninterest-bearing demand	$	4,222,875		$	4,321,776		$	4,298,020	$	4,281,574		$	4,246,168		(2.3	)%	(0.5		)%
	Interest-bearing demand	4,153,984			4,225,157			4,116,051		3,952,115			3,958,894			(1.7	)%	4.9		%
	Savings and money market accounts	4,912,856			4,979,712			4,718,148		4,538,083			4,494,445			(1.3	)%	9.3		%
	Total demand and savings	13,289,715			13,526,645			13,132,219		12,771,772			12,699,507			(1.8	)%	4.6		%
	Brokered deposits	220,115			164,280			162,467		85,242			74,026			34.0	%	197.3		%
	Time deposits	2,765,803			2,722,141			2,672,548		2,660,412			2,646,779			1.6	%	4.5		%
	Total Deposits	$	16,275,633		$	16,413,066		$	15,967,234	$	15,517,426		$	15,420,312		(0.8	)%	5.5		%
Short-term borrowings, by type:
	Customer repurchase agreements	$	56,707		$	64,102		$	148,660	$	162,276		$	175,292		(11.5	)%	(67.6		)%
	Customer short-term promissory notes	312,092			310,296			298,896		316,049			308,725			0.6	%	1.1		%
	Federal funds purchased	157,122			43			145,793		398,297			379,822			N/M		(58.6		)%
	Short-term FHLB advances	294,133			130,109			130,783		146,538			33,000			126.1	%	N/M
	Total Short-term Borrowings	$	820,054		$	504,550		$	724,132	$	1,023,160		$	896,839		62.5	%	(8.6		)%
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
		2019			2018			2018			2018			2018
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of period		$	169,410		$	167,826		$	169,247		$	176,019		$	176,084
	Loans charged off:
	Commercial - industrial, financial and agricultural	(2,787		)	(6,263		)	(3,541		)	(38,632		)	(4,005		)
	Real estate - commercial mortgage	(1,145		)	(762		)	(650		)	(366		)	(267		)
	Consumer and home equity	(902		)	(1,884		)	(1,415		)	(1,528		)	(1,300		)
	Real estate - residential mortgage	(655		)	(446		)	(483		)	(483		)	(162		)
	Real estate - construction	(95		)	(392		)	(212		)	(606		)	(158		)
	Leasing and other	(785		)	(889		)	(582		)	(545		)	(505		)
	Total loans charged off	(6,369		)	(10,636		)	(6,883		)	(42,160		)	(6,397		)
Recoveries of loans previously charged off:
	Commercial - industrial, financial and agricultural	1,243			2,647			731			541			1,075
	Real estate - commercial mortgage	136			94			928			321			279
	Consumer and home equity	407			684			607			717			385
	Real estate - residential mortgage	132			100			317			96			107
	Real estate - construction	84			415			664			444			306
	Leasing and other	229			80			595			152			210
	Recoveries of loans previously charged off	2,231			4,020			3,842			2,271			2,362
Net loans recovered charged off		(4,138		)	(6,616		)	(3,041		)	(39,889		)	(4,035		)
Provision for credit losses		5,100			8,200			1,620			33,117			3,970
Balance at end of period		$	170,372		$	169,410		$	167,826		$	169,247		$	176,019
Net charge-offs to average loans (annualized)		0.10		%	0.17		%	0.08		%	1.01		%	0.10		%
NON-PERFORMING ASSETS:
	Non-accrual loans	$	127,141		$	128,572		$	106,433		$	111,116		$	122,966
	Loans 90 days past due and accruing	11,540			11,106			13,663			12,628			11,676
	Total non-performing loans	138,681			139,678			120,096			123,744			134,642
	Other real estate owned	9,012			10,518			10,684			11,181			10,744
	Total non-performing assets	$	147,693		$	150,196		$	130,780		$	134,925		$	145,386
NON-PERFORMING LOANS, BY TYPE:
	Commercial - industrial, financial and agricultural	$	50,148		$	51,269		$	43,391		$	44,045		$	54,915
	Real estate - commercial mortgage	29,817			32,153			37,393			39,278			36,183
	Real estate - residential mortgage	22,299			19,101			19,076			18,888			20,169
	Consumer and home equity	10,770			10,178			10,362			12,038			12,272
	Real estate - construction	7,039			7,390			9,784			9,319			10,931
	Leasing	18,608			19,587			90			176			172
	Total non-performing loans	$	138,681		$	139,678		$	120,096		$	123,744		$	134,642

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
		2019			2018			2018			2018			2018
Shareholders' equity (tangible), per share
Shareholders' equity		$	2,301,019		$	2,247,573		$	2,283,014		$	2,245,785		$	2,235,493
Less: Goodwill and intangible assets		(535,356		)	(531,556		)	(531,556		)	(531,556		)	(531,556		)
Tangible shareholders' equity (numerator)		$	1,765,663		$	1,716,017		$	1,751,458		$	1,714,229		$	1,703,937
Shares outstanding, end of period (denominator)		169,923			170,184			176,019			175,847			175,404
Shareholders' equity (tangible), per share		$	10.39		$	10.08		$	9.95		$	9.75		$	9.71
Return on average shareholders' equity (tangible)
Net income		$	56,663		$	58,083		$	65,633		$	35,197		$	49,480
Plus: Intangible amortization, net of tax		85			—			—			—			—
Net income (numerator)		$	56,748		$	58,083		$	65,633		$	35,197		$	49,480
Average shareholders' equity		$	2,265,097		$	2,281,669		$	2,269,093		$	2,246,904		$	2,224,615
Less: Average goodwill and intangible assets		(531,767		)	(531,556		)	(531,556		)	(531,556		)	(531,556		)
Average tangible shareholders' equity (denominator)		$	1,733,330		$	1,750,113		$	1,737,537		$	1,715,348		$	1,693,059
Return on average shareholders' equity (tangible), annualized		13.28		%	13.17		%	14.99		%	8.23		%	11.85		%
Tangible Common Equity to Tangible Assets (TCE Ratio)
Shareholders' equity		$	2,301,019		$	2,247,573		$	2,283,014		$	2,245,785		$	2,235,493
Less: Intangible assets		(535,356		)	(531,556		)	(531,556		)	(531,556		)	(531,556		)
Tangible shareholders' equity (numerator)		$	1,765,663		$	1,716,017		$	1,751,458		$	1,714,229		$	1,703,937
Total assets		$	20,974,649		$	20,682,152		$	20,364,810		$	20,172,539		$	19,948,941
Less: Intangible assets		(535,356		)	(531,556		)	(531,556		)	(531,556		)	(531,556		)
Total tangible assets (denominator)		$	20,439,293		$	20,150,596		$	19,833,254		$	19,640,983		$	19,417,385
Tangible Common Equity to Tangible Assets		8.64		%	8.52		%	8.83		%	8.73		%	8.78		%
Efficiency ratio
Non-interest expense		$	137,824		$	140,685		$	135,413		$	133,345		$	136,661
Less: Intangible amortization		(107		)	—			—			—			—
Less: Amortization on tax credit investments		(1,491		)	(6,538		)	(1,637		)	(1,637		)	(1,637		)
Non-interest expense (numerator)		$	136,226		$	134,147		$	133,776		$	131,708		$	135,024
Net interest income (fully taxable equivalent)		$	166,565		$	166,124		$	163,194		$	159,027		$	154,232
Plus: Total Non-interest income		46,751			49,523			51,033			49,094			45,875
Less: Investment securities gains		(65		)	—			(14		)	(4		)	(19		)
Net interest income (denominator)		$	213,251		$	215,647		$	214,213		$	208,117		$	200,088
Efficiency ratio		63.9		%	62.2		%	62.5		%	63.3		%	67.5		%
Non-performing assets to tangible shareholders' equity and allowance for credit losses
Non-performing assets (numerator)		$	147,693		$	150,196		$	130,780		$	134,925		$	145,386
Tangible shareholders' equity		$	1,765,663		$	1,716,017		1,751,458			1,714,229			$	1,703,937
Plus: Allowance for credit losses		170,372			169,410			167,826			169,247			176,019
Tangible shareholders' equity and allowance for credit losses (denominator)		$	1,936,035		$	1,885,427		$	1,919,284		$	1,883,476		$	1,879,956
Non-performing assets to tangible shareholders' equity and allowance for credit losses		7.63		%	7.97		%	6.81		%	7.16		%	7.73		%

Pre-provision net revenue
Net interest income	$	163,315		$	162,944		$	160,127		$	156,067		$	151,318
Non-interest income	46,751			49,523			51,033			49,094			45,875
Less: Investment securities gains	(65		)	—			(14		)	(4		)	(19		)
Total revenue	$	210,001		$	212,467		$	211,146		$	205,157		$	197,174
Non-interest expense	$	137,824		$	140,685		$	135,413		$	133,345		$	136,661
Less: Amortization on tax credit investments	(1,491		)	(6,538		)	(1,637		)	(1,637		)	(1,637		)
Less: Intangible amortization	(107		)	—			—			—			—
Total non-interest expense	$	136,226		$	134,147		$	133,776		$	131,708		$	135,024
Pre-provision net revenue	$	73,775		$	78,320		$	77,370		$	73,449		$	62,150