Exhibit 99.2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended | ||||||||||||||||
December 31 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 172,263 | $ | 130,736 | $ | 41,527 | 31.8 | % | ||||||||
Interest expense | 64,354 | 37,261 | 27,093 | 72.7 | % | |||||||||||
Net Interest Income | 107,909 | 93,475 | 14,434 | 15.4 | % | |||||||||||
Provision for loan losses | 780 | 1,052 | (272 | ) | -25.9 | % | ||||||||||
Investment securities gains | 987 | 3,199 | (2,212 | ) | -69.1 | % | ||||||||||
Other income | 32,961 | 31,971 | 990 | 3.1 | % | |||||||||||
Other expenses | 82,737 | 70,537 | 12,200 | 17.3 | % | |||||||||||
Income Before Income Taxes | 58,340 | 57,056 | 1,284 | 2.3 | % | |||||||||||
Income taxes | 17,434 | 17,035 | 399 | 2.3 | % | |||||||||||
Net Income | $ | 40,906 | $ | 40,021 | $ | 885 | 2.2 | % | ||||||||
Fully taxable equivalent (FTE) net interest income | $ | 110,435 | $ | 95,599 | $ | 14,836 | 15.5 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.26 | $ | 0.27 | $ | (0.01 | ) | -3.7 | % | |||||||
Diluted | 0.26 | 0.26 | — | — | ||||||||||||
Cash dividends | 0.145 | 0.132 | 0.013 | 9.8 | % | |||||||||||
ENDING BALANCES: | ||||||||||||||||
Total assets | $ | 12,402,504 | $ | 11,160,148 | $ | 1,242,356 | 11.1 | % | ||||||||
Loans, net of unearned income | 8,424,728 | 7,584,547 | 840,181 | 11.1 | % | |||||||||||
Deposits | 8,810,765 | 7,895,524 | 915,241 | 11.6 | % | |||||||||||
Short-term borrowings | 1,298,962 | 1,194,524 | 104,438 | 8.7 | % | |||||||||||
Long-term debt | 860,345 | 684,236 | 176,109 | 25.7 | % | |||||||||||
Shareholders’ equity | 1,279,907 | 1,244,087 | 35,820 | 2.9 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 12,290,617 | $ | 10,544,080 | $ | 1,746,537 | 16.6 | % | ||||||||
Loans, net of unearned income | 8,379,369 | 7,304,717 | 1,074,652 | 14.7 | % | |||||||||||
Deposits | 8,781,120 | 7,508,299 | 1,272,821 | 17.0 | % | |||||||||||
Short-term borrowings | 1,211,397 | 1,117,620 | 93,777 | 8.4 | % | |||||||||||
Long-term debt | 870,405 | 668,239 | 202,166 | 30.3 | % | |||||||||||
Shareholders’ equity | 1,282,894 | 1,121,249 | 161,645 | 14.4 | % |
NOTE: All financial information for 2004 has been restated for the impact of adopting Statement of Financial Accounting Standards No. 123R, “Share-Based Payment”. Statement 123R requires the recognition of compensation expense for stock options.
1
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
FINANCIAL HIGHLIGHTS (UNAUDITED)
Year Ended | ||||||||||||||||
December 31 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 625,797 | $ | 493,643 | $ | 132,154 | 26.8 | % | ||||||||
Interest expense | 213,219 | 135,994 | 77,225 | 56.8 | % | |||||||||||
Net Interest Income | 412,578 | 357,649 | 54,929 | 15.4 | % | |||||||||||
Provision for loan losses | 3,120 | 4,717 | (1,597 | ) | -33.9 | % | ||||||||||
Investment securities gains | 6,625 | 17,712 | (11,087 | ) | -62.6 | % | ||||||||||
Other income | 137,643 | 121,152 | 16,491 | 13.6 | % | |||||||||||
Other expenses | 316,291 | 277,515 | 38,776 | 14.0 | % | |||||||||||
Income Before Income Taxes | 237,435 | 214,281 | 23,154 | 10.8 | % | |||||||||||
Income taxes | 71,361 | 64,673 | 6,688 | 10.3 | % | |||||||||||
Net Income | $ | 166,074 | $ | 149,608 | $ | 16,466 | 11.0 | % | ||||||||
Fully taxable equivalent (FTE) net interest income | $ | 422,356 | $ | 366,825 | $ | 55,531 | 15.1 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 1.06 | $ | 1.00 | $ | 0.06 | 6.0 | % | ||||||||
Diluted | 1.05 | 0.99 | 0.06 | 6.1 | % | |||||||||||
Cash dividends | 0.567 | 0.518 | 0.049 | 9.5 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 11,780,096 | $ | 10,344,768 | $ | 1,435,328 | 13.9 | % | ||||||||
Loans, net of unearned income | 8,022,782 | 6,901,452 | 1,121,330 | 16.2 | % | |||||||||||
Deposits | 8,367,291 | 7,285,134 | 1,082,157 | 14.9 | % | |||||||||||
Short-term borrowings | 1,186,464 | 1,238,073 | (51,609 | ) | -4.2 | % | ||||||||||
Long-term debt | 837,305 | 637,654 | 199,651 | 31.3 | % | |||||||||||
Shareholders’ equity | 1,252,620 | 1,069,904 | 182,716 | 17.1 | % |
2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
December 31 | September 30 | |||||||||||||||
2005 | 2005 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 172,263 | $ | 164,113 | $ | 8,150 | 5.0 | % | ||||||||
Interest expense | 64,354 | 57,617 | 6,737 | 11.7 | % | |||||||||||
Net Interest Income | 107,909 | 106,496 | 1,413 | 1.3 | % | |||||||||||
Provision for loan losses | 780 | 815 | (35 | ) | -4.3 | % | ||||||||||
Investment securities gains | 987 | 905 | 82 | 9.1 | % | |||||||||||
Other income | 32,961 | 35,247 | (2,286 | ) | -6.5 | % | ||||||||||
Other expenses | 82,737 | 81,537 | 1,200 | 1.5 | % | |||||||||||
Income Before Income Taxes | 58,340 | 60,296 | (1,956 | ) | -3.2 | % | ||||||||||
Income taxes | 17,434 | 18,168 | (734 | ) | -4.0 | % | ||||||||||
Net Income | $ | 40,906 | $ | 42,128 | $ | (1,222 | ) | -2.9 | % | |||||||
Fully taxable equivalent (FTE) net interest income | $ | 110,435 | $ | 109,059 | $ | 1,376 | 1.3 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.26 | $ | 0.27 | $ | (0.01 | ) | -3.7 | % | |||||||
Diluted | 0.26 | 0.27 | (0.01 | ) | -3.7 | % | ||||||||||
Cash dividends | 0.145 | 0.145 | — | — | ||||||||||||
ENDING BALANCES: | ||||||||||||||||
Total assets | $ | 12,402,504 | $ | 12,305,927 | $ | 96,577 | 0.8 | % | ||||||||
Loans, net of unearned income | 8,424,728 | 8,325,683 | 99,045 | 1.2 | % | |||||||||||
Deposits | 8,810,765 | 8,816,021 | (5,256 | ) | -0.1 | % | ||||||||||
Short-term borrowings | 1,298,962 | 1,165,293 | 133,669 | 11.5 | % | |||||||||||
Long-term debt | 860,345 | 897,944 | (37,599 | ) | -4.2 | % | ||||||||||
Shareholders’ equity | 1,279,907 | 1,275,206 | 4,701 | 0.4 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 12,290,617 | $ | 12,182,655 | $ | 107,962 | 0.9 | % | ||||||||
Loans, net of unearned income | 8,379,369 | 8,234,531 | 144,838 | 1.8 | % | |||||||||||
Deposits | 8,781,120 | 8,703,395 | 77,725 | 0.9 | % | |||||||||||
Short-term borrowings | 1,211,397 | 1,115,122 | 96,275 | 8.6 | % | |||||||||||
Long-term debt | 870,405 | 952,372 | (81,967 | ) | -8.6 | % | ||||||||||
Shareholders’ equity | 1,282,894 | 1,278,102 | 4,792 | 0.4 | % |
3
FULTON FINANCIAL CORPORATION
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
December 31 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 368,043 | $ | 278,065 | $ | 89,978 | 32.4 | % | ||||||||
Loans held for sale | 243,378 | 158,872 | 84,506 | 53.2 | % | |||||||||||
Other interest-earning assets | 31,932 | 36,688 | (4,756 | ) | -13.0 | % | ||||||||||
Investment securities | 2,562,145 | 2,449,859 | 112,286 | 4.6 | % | |||||||||||
Loans, net of unearned | 8,424,728 | 7,584,547 | 840,181 | 11.1 | % | |||||||||||
Allowance for loan losses | (92,847 | ) | (89,627 | ) | (3,220 | ) | 3.6 | % | ||||||||
Net Loans | 8,331,881 | 7,494,920 | 836,961 | 11.2 | % | |||||||||||
Premises and equipment | 170,254 | 146,911 | 23,343 | 15.9 | % | |||||||||||
Accrued interest receivable | 53,313 | 40,633 | 12,680 | 31.2 | % | |||||||||||
Goodwill and intangible assets | 448,422 | 389,322 | 59,100 | 15.2 | % | |||||||||||
Other assets | 193,136 | 164,878 | 28,258 | 17.1 | % | |||||||||||
Total Assets | $ | 12,402,504 | $ | 11,160,148 | $ | 1,242,356 | 11.1 | % | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits | $ | 8,810,765 | $ | 7,895,524 | $ | 915,241 | 11.6 | % | ||||||||
Short-term borrowings | 1,298,962 | 1,194,524 | 104,438 | 8.7 | % | |||||||||||
Long-term debt | 860,345 | 684,236 | 176,109 | 25.7 | % | |||||||||||
Other liabilities | 152,525 | 141,777 | 10,748 | 7.6 | % | |||||||||||
Total Liabilities | 11,122,597 | 9,916,061 | 1,206,536 | 12.2 | % | |||||||||||
Shareholders’ equity | 1,279,907 | 1,244,087 | 35,820 | 2.9 | % | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,402,504 | $ | 11,160,148 | $ | 1,242,356 | 11.1 | % | ||||||||
LOANS AND DEPOSITS DETAIL: | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,044,010 | $ | 1,946,962 | $ | 97,048 | 5.0 | % | ||||||||
Commercial — agricultural | 331,659 | 326,176 | 5,483 | 1.7 | % | |||||||||||
Real estate — commercial mortgage | 2,831,405 | 2,461,016 | 370,389 | 15.1 | % | |||||||||||
Real estate — residential mortgage and home equity | 1,774,260 | 1,651,321 | 122,939 | 7.4 | % | |||||||||||
Real estate — construction | 851,451 | 626,786 | 224,665 | 35.8 | % | |||||||||||
Consumer | 519,094 | 506,290 | 12,804 | 2.5 | % | |||||||||||
Leasing and other | 72,849 | 65,996 | 6,853 | 10.4 | % | |||||||||||
Total Loans, net of unearned income | $ | 8,424,728 | $ | 7,584,547 | $ | 840,181 | 11.1 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,672,637 | $ | 1,507,799 | $ | 164,838 | 10.9 | % | ||||||||
Interest-bearing demand | 1,637,007 | 1,501,476 | 135,531 | 9.0 | % | |||||||||||
Savings deposits | 2,125,475 | 1,917,203 | 208,272 | 10.9 | % | |||||||||||
Time deposits | 3,375,646 | 2,969,046 | 406,600 | 13.7 | % | |||||||||||
Total Deposits | $ | 8,810,765 | $ | 7,895,524 | $ | 915,241 | 11.6 | % | ||||||||
4
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended | ||||||||||||||||
December 31 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 143,682 | $ | 108,373 | $ | 35,309 | 32.6 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 19,685 | 17,157 | 2,528 | 14.7 | % | |||||||||||
Tax-exempt | 3,209 | 2,073 | 1,136 | 54.8 | % | |||||||||||
Dividends | 1,200 | 1,044 | 156 | 14.9 | % | |||||||||||
Loans held for sale | 3,967 | 2,041 | 1,926 | 94.4 | % | |||||||||||
Other interest income | 520 | 48 | 472 | 983.3 | % | |||||||||||
Total Interest Income | 172,263 | 130,736 | 41,527 | 31.8 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 43,382 | 24,440 | 18,942 | 77.5 | % | |||||||||||
Short-term borrowings | 11,021 | 4,880 | 6,141 | 125.8 | % | |||||||||||
Long-term debt | 9,951 | 7,941 | 2,010 | 25.3 | % | |||||||||||
Total Interest Expense | 64,354 | 37,261 | 27,093 | 72.7 | % | |||||||||||
Net Interest Income | 107,909 | 93,475 | 14,434 | 15.4 | % | |||||||||||
Provision for Loan Losses | 780 | 1,052 | (272 | ) | -25.9 | % | ||||||||||
Net Interest Income after Provision | 107,129 | 92,423 | 14,706 | 15.9 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management and trust services | 8,954 | 8,885 | 69 | 0.8 | % | |||||||||||
Service charges on deposit accounts | 10,418 | 9,835 | 583 | 5.9 | % | |||||||||||
Other service charges and fees | 5,694 | 5,131 | 563 | 11.0 | % | |||||||||||
Gain on sale of mortgage loans | 5,505 | 5,803 | (298 | ) | -5.1 | % | ||||||||||
Investment securities gains | 987 | 3,199 | (2,212 | ) | -69.1 | % | ||||||||||
Other | 2,390 | 2,317 | 73 | 3.2 | % | |||||||||||
Total Other Income | 33,948 | 35,170 | (1,222 | ) | -3.5 | % | ||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 45,595 | 41,489 | 4,106 | 9.9 | % | |||||||||||
Net occupancy expense | 7,769 | 6,277 | 1,492 | 23.8 | % | |||||||||||
Equipment expense | 2,777 | 2,674 | 103 | 3.9 | % | |||||||||||
Data processing | 2,805 | 2,828 | (23 | ) | -0.8 | % | ||||||||||
Advertising | 2,579 | 1,870 | 709 | 37.9 | % | |||||||||||
Intangible amortization | 1,454 | 1,146 | 308 | 26.9 | % | |||||||||||
Other | 19,758 | 14,253 | 5,505 | 38.6 | % | |||||||||||
Total Other Expenses | 82,737 | 70,537 | 12,200 | 17.3 | % | |||||||||||
Income Before Income Taxes | 58,340 | 57,056 | 1,284 | 2.3 | % | |||||||||||
Income Taxes | 17,434 | 17,035 | 399 | 2.3 | % | |||||||||||
Net Income | $ | 40,906 | $ | 40,021 | $ | 885 | 2.2 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.26 | $ | 0.27 | $ | (0.01 | ) | -3.7 | % | |||||||
Diluted | 0.26 | 0.26 | — | 0.0 | % | |||||||||||
Cash dividends | $ | 0.145 | $ | 0.132 | $ | 0.013 | 9.8 | % | ||||||||
Book value | 8.15 | 7.92 | 0.23 | 2.9 | % | |||||||||||
Tangible book value | 5.30 | 5.44 | (0.14 | ) | -2.6 | % | ||||||||||
Weighted average shares (basic) | 156,978 | 150,502 | 6,476 | 4.3 | % | |||||||||||
Weighted average shares (diluted) | 158,913 | 152,209 | 6,704 | 4.4 | % | |||||||||||
Shares outstanding, end of period | 157,017 | 157,150 | (133 | ) | -0.1 | % | ||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.32 | % | 1.51 | % | ||||||||||||
Return on average equity | 12.65 | % | 14.20 | % | ||||||||||||
Return on average equity (tangible) | 19.89 | % | 19.71 | % | ||||||||||||
Net interest margin | 3.92 | % | 3.92 | % | ||||||||||||
Efficiency ratio | 56.7 | % | 54.4 | % | ||||||||||||
Average equity to average assets | 10.4 | % | 10.6 | % |
5
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended December 31 | ||||||||||||||||||||||||
2005 | 2004 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 8,379,369 | $ | 144,486 | 6.84 | % | $ | 7,304,717 | $ | 109,252 | 5.97 | % | ||||||||||||
Taxable investment securities | 2,013,484 | 19,685 | 3.90 | % | 1,909,616 | 17,157 | 3.63 | % | ||||||||||||||||
Tax-exempt investment securities | 410,716 | 4,726 | 4.60 | % | 246,531 | 3,106 | 5.04 | % | ||||||||||||||||
Equity securities | 138,385 | 1,405 | 4.05 | % | 128,147 | 1,256 | 3.91 | % | ||||||||||||||||
Total Investment Securities | 2,562,585 | 25,816 | 4.02 | % | 2,284,294 | 21,519 | 3.80 | % | ||||||||||||||||
Loans held for sale | 237,854 | 3,967 | 6.67 | % | 115,348 | 2,041 | 6.19 | % | ||||||||||||||||
Other interest-earning assets | 54,070 | 520 | 3.81 | % | 7,680 | 48 | 2.46 | % | ||||||||||||||||
Total Interest-earning Assets | 11,233,878 | 174,789 | 6.19 | % | 9,712,039 | 132,860 | 5.46 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 349,665 | 305,044 | ||||||||||||||||||||||
Premises and equipment | 168,239 | 132,603 | ||||||||||||||||||||||
Other assets | 633,664 | 481,598 | ||||||||||||||||||||||
Less: allowance for loan losses | (94,829 | ) | (87,204 | ) | ||||||||||||||||||||
Total Assets | $ | 12,290,617 | $ | 10,544,080 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,623,138 | $ | 4,921 | 1.20 | % | $ | 1,428,307 | $ | 2,349 | 0.65 | % | ||||||||||||
Savings deposits | 2,157,382 | 9,152 | 1.68 | % | 1,899,260 | 3,813 | 0.80 | % | ||||||||||||||||
Time deposits | 3,374,035 | 29,309 | 3.45 | % | 2,734,507 | 18,278 | 2.66 | % | ||||||||||||||||
Total Interest-bearing Deposits | 7,154,555 | 43,382 | 2.41 | % | 6,062,074 | 24,440 | 1.60 | % | ||||||||||||||||
Short-term borrowings | 1,211,397 | 11,021 | 3.57 | % | 1,117,620 | 4,880 | 1.74 | % | ||||||||||||||||
Long-term debt | 870,405 | 9,951 | 4.51 | % | 668,239 | 7,941 | 4.73 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 9,236,357 | 64,354 | 2.76 | % | 7,847,933 | 37,261 | 1.89 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,626,565 | 1,446,225 | ||||||||||||||||||||||
Other | 144,801 | 128,673 | ||||||||||||||||||||||
Total Liabilities | 11,007,723 | 9,422,831 | ||||||||||||||||||||||
Shareholders’ equity | 1,282,894 | 1,121,249 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,290,617 | $ | 10,544,080 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 110,435 | 3.92 | % | 95,599 | 3.92 | % | ||||||||||||||||||
Tax equivalent adjustment | (2,526 | ) | (2,124 | ) | ||||||||||||||||||||
Net interest income | $ | 107,909 | $ | 93,475 | ||||||||||||||||||||
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate.
AVERAGE LOANS AND DEPOSITS DETAIL:
Quarter Ended | ||||||||||||||||
December 31 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,066,785 | $ | 1,869,554 | $ | 197,231 | 10.5 | % | ||||||||
Commercial — agricultural | 328,771 | 319,980 | 8,791 | 2.7 | % | |||||||||||
Real estate — commercial mortgage | 2,778,906 | 2,311,265 | 467,641 | 20.2 | % | |||||||||||
Real estate — residential mortgage and home equity | 1,764,143 | 1,612,001 | 152,142 | 9.4 | % | |||||||||||
Real estate — construction | 842,987 | 611,295 | 231,692 | 37.9 | % | |||||||||||
Consumer | 523,442 | 508,858 | 14,584 | 2.9 | % | |||||||||||
Leasing and other | 74,335 | 71,764 | 2,571 | 3.6 | % | |||||||||||
Total Loans, net of unearned income | $ | 8,379,369 | $ | 7,304,717 | $ | 1,074,652 | 14.7 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,626,565 | $ | 1,446,225 | $ | 180,340 | 12.5 | % | ||||||||
Interest-bearing demand | 1,623,138 | 1,428,307 | 194,831 | 13.6 | % | |||||||||||
Savings deposits | 2,157,382 | 1,899,260 | 258,122 | 13.6 | % | |||||||||||
Time deposits | 3,374,035 | 2,734,507 | 639,528 | 23.4 | % | |||||||||||
Total Deposits | $ | 8,781,120 | $ | 7,508,299 | $ | 1,272,821 | 17.0 | % | ||||||||
6
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Year Ended | ||||||||||||||||
December 31 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands, except per-share data) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 519,711 | $ | 396,731 | $ | 122,980 | 31.0 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 75,150 | 76,792 | (1,642 | ) | -2.1 | % | ||||||||||
Tax-exempt | 12,114 | 9,553 | 2,561 | 26.8 | % | |||||||||||
Dividends | 4,564 | 4,023 | 541 | 13.4 | % | |||||||||||
Loans held for sale | 12,672 | 6,441 | 6,231 | 96.7 | % | |||||||||||
Other interest income | 1,586 | 103 | 1,483 | 1439.8 | % | |||||||||||
Total Interest Income | 625,797 | 493,643 | 132,154 | 26.8 | % | |||||||||||
Interest Expense: | �� | |||||||||||||||
Deposits | 140,774 | 89,779 | 50,995 | 56.8 | % | |||||||||||
Short-term borrowings | 34,414 | 15,182 | 19,232 | 126.7 | % | |||||||||||
Long-term debt | 38,031 | 31,033 | 6,998 | 22.6 | % | |||||||||||
Total Interest Expense | 213,219 | 135,994 | 77,225 | 56.8 | % | |||||||||||
Net Interest Income | 412,578 | 357,649 | 54,929 | 15.4 | % | |||||||||||
Provision for Loan Losses | 3,120 | 4,717 | (1,597 | ) | -33.9 | % | ||||||||||
Net Interest Income after Provision | 409,458 | 352,932 | 56,526 | 16.0 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management and trust services | 35,669 | 34,817 | 852 | 2.4 | % | |||||||||||
Service charges on deposit accounts | 40,198 | 39,451 | 747 | 1.9 | % | |||||||||||
Other service charges and fees | 24,200 | 20,494 | 3,706 | 18.1 | % | |||||||||||
Gain on sale of mortgage loans | 25,468 | 19,262 | 6,206 | 32.2 | % | |||||||||||
Investment securities gains | 6,625 | 17,712 | (11,087 | ) | -62.6 | % | ||||||||||
Other | 12,108 | 7,128 | 4,980 | 69.9 | % | |||||||||||
Total Other Income | 144,268 | 138,864 | 5,404 | 3.9 | % | |||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 181,889 | 166,026 | 15,863 | 9.6 | % | |||||||||||
Net occupancy expense | 29,275 | 23,813 | 5,462 | 22.9 | % | |||||||||||
Equipment expense | 11,938 | 10,769 | 1,169 | 10.9 | % | |||||||||||
Data processing | 12,395 | 11,430 | 965 | 8.4 | % | |||||||||||
Advertising | 8,823 | 6,943 | 1,880 | 27.1 | % | |||||||||||
Intangible amortization | 5,311 | 4,726 | 585 | 12.4 | % | |||||||||||
Other | 66,660 | 53,808 | 12,852 | 23.9 | % | |||||||||||
Total Other Expenses | 316,291 | 277,515 | 38,776 | 14.0 | % | |||||||||||
Income Before Income Taxes | 237,435 | 214,281 | 23,154 | 10.8 | % | |||||||||||
Income Taxes | 71,361 | 64,673 | 6,688 | 10.3 | % | |||||||||||
Net Income | $ | 166,074 | $ | 149,608 | $ | 16,466 | 11.0 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 1.06 | $ | 1.00 | $ | 0.06 | 6.0 | % | ||||||||
Diluted | 1.05 | 0.99 | 0.06 | 6.1 | % | |||||||||||
Cash dividends | $ | 0.567 | $ | 0.518 | $ | 0.049 | 9.5 | % | ||||||||
Book value | 8.15 | 7.92 | 0.23 | 2.9 | % | |||||||||||
Tangible book value | 5.30 | 5.44 | (0.14 | ) | -2.6 | % | ||||||||||
Weighted average shares (basic) | 156,413 | 149,294 | 7,119 | 4.8 | % | |||||||||||
Weighted average shares (diluted) | 158,343 | 150,908 | 7,435 | 4.9 | % | |||||||||||
Shares outstanding, end of period | 157,017 | 157,150 | (133 | ) | -0.1 | % | ||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.41 | % | 1.45 | % | ||||||||||||
Return on average equity | 13.26 | % | 13.98 | % | ||||||||||||
Return on average equity (tangible) | 20.32 | % | 18.58 | % | ||||||||||||
Net interest margin | 3.93 | % | 3.83 | % | ||||||||||||
Efficiency ratio | 55.5 | % | 55.9 | % | ||||||||||||
Average equity to average assets | 10.6 | % | 10.3 | % |
7
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Year Ended December 31 | ||||||||||||||||||||||||
2005 | 2004 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 8,022,782 | $ | 522,863 | 6.52 | % | $ | 6,901,452 | $ | 400,156 | 5.81 | % | ||||||||||||
Taxable investment securities | 1,994,740 | 75,150 | 3.76 | % | 2,161,195 | 76,792 | 3.55 | % | ||||||||||||||||
Tax-exempt investment securities | 368,845 | 17,971 | 4.87 | % | 264,578 | 14,353 | 5.43 | % | ||||||||||||||||
Equity securities | 132,564 | 5,333 | 4.02 | % | 133,870 | 4,974 | 3.72 | % | ||||||||||||||||
Total Investment Securities | 2,496,149 | 98,454 | 3.94 | % | 2,559,643 | 96,119 | 3.74 | % | ||||||||||||||||
Loans held for sale | 200,818 | 12,672 | 6.31 | % | 91,692 | 6,441 | 7.02 | % | ||||||||||||||||
Other interest-earning assets | 48,357 | 1,586 | 3.27 | % | 6,067 | 103 | 1.70 | % | ||||||||||||||||
Total Interest-earning Assets | 10,768,106 | 635,575 | 5.90 | % | 9,558,854 | 502,819 | 5.26 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 346,535 | 316,170 | ||||||||||||||||||||||
Premises and equipment | 158,526 | 128,902 | ||||||||||||||||||||||
Other assets | 599,709 | 425,825 | ||||||||||||||||||||||
Less: allowance for loan losses | (92,780 | ) | (84,983 | ) | ||||||||||||||||||||
Total Assets | $ | 11,780,096 | $ | 10,344,768 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,547,766 | $ | 15,370 | 0.99 | % | $ | 1,364,953 | $ | 7,201 | 0.53 | % | ||||||||||||
Savings deposits | 2,055,503 | 27,116 | 1.32 | % | 1,846,503 | 11,928 | 0.65 | % | ||||||||||||||||
Time deposits | 3,174,757 | 98,288 | 3.10 | % | 2,693,414 | 70,650 | 2.62 | % | ||||||||||||||||
Total Interest-bearing Deposits | 6,778,026 | 140,774 | 2.08 | % | 5,904,870 | 89,779 | 1.52 | % | ||||||||||||||||
Short-term borrowings | 1,186,464 | 34,414 | 2.87 | % | 1,238,073 | 15,182 | 1.23 | % | ||||||||||||||||
Long-term debt | 837,305 | 38,031 | 4.51 | % | 637,654 | 31,033 | 4.87 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 8,801,795 | 213,219 | 2.42 | % | 7,780,597 | 135,994 | 1.75 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,589,265 | 1,380,264 | ||||||||||||||||||||||
Other | 136,416 | 114,003 | ||||||||||||||||||||||
Total Liabilities | 10,527,476 | 9,274,864 | ||||||||||||||||||||||
Shareholders’ equity | 1,252,620 | 1,069,904 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 11,780,096 | $ | 10,344,768 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 422,356 | 3.93 | % | 366,825 | 3.83 | % | ||||||||||||||||||
Tax equivalent adjustment | (9,778 | ) | (9,176 | ) | ||||||||||||||||||||
Net interest income | $ | 412,578 | $ | 357,649 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
AVERAGE LOANS AND DEPOSITS DETAIL:-
Year Ended | ||||||||||||||||
December 31 | Variance | |||||||||||||||
2005 | 2004 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,022,615 | $ | 1,769,801 | $ | 252,814 | 14.3 | % | ||||||||
Commercial — agricultural | 324,637 | 330,269 | (5,632 | ) | -1.7 | % | ||||||||||
Real estate — commercial mortgage | 2,621,730 | 2,205,025 | 416,705 | 18.9 | % | |||||||||||
Real estate — residential mortgage and home equity | 1,713,442 | 1,498,047 | 215,395 | 14.4 | % | |||||||||||
Real estate — construction | 763,687 | 510,426 | 253,261 | 49.6 | % | |||||||||||
Consumer | 509,557 | 517,138 | (7,581 | ) | -1.5 | % | ||||||||||
Leasing and other | 67,114 | 70,746 | (3,632 | ) | -5.1 | % | ||||||||||
Total Loans, net of unearned income | $ | 8,022,782 | $ | 6,901,452 | $ | 1,121,330 | 16.2 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,589,265 | $ | 1,380,264 | $ | 209,001 | 15.1 | % | ||||||||
Interest-bearing demand | 1,547,766 | 1,364,953 | 182,813 | 13.4 | % | |||||||||||
Savings deposits | 2,055,503 | 1,846,503 | 209,000 | 11.3 | % | |||||||||||
Time deposits | 3,174,757 | 2,693,414 | 481,343 | 17.9 | % | |||||||||||
Total Deposits | $ | 8,367,291 | $ | 7,285,134 | $ | 1,082,157 | 14.9 | % | ||||||||
8
FULTON FINANCIAL CORPORATION
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
December 31 | September 30 | |||||||||||||||
2005 | 2005 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 368,043 | $ | 403,032 | $ | (34,989 | ) | -8.7 | % | |||||||
Loans held for sale | 243,378 | 233,977 | 9,401 | 4.0 | % | |||||||||||
Other interest-earning assets | 31,932 | 95,472 | (63,540 | ) | -66.6 | % | ||||||||||
Investment securities | 2,562,145 | 2,489,575 | 72,570 | 2.9 | % | |||||||||||
Loans, net of unearned | 8,424,728 | 8,325,683 | 99,045 | 1.2 | % | |||||||||||
Allowance for loan losses | (92,847 | ) | (93,936 | ) | 1,089 | -1.2 | % | |||||||||
Net Loans | 8,331,881 | 8,231,747 | 100,134 | 1.2 | % | |||||||||||
Premises and equipment | 170,254 | 166,991 | 3,263 | 2.0 | % | |||||||||||
Accrued interest receivable | 53,313 | 47,398 | 5,915 | 12.5 | % | |||||||||||
Goodwill and intangible assets | 448,422 | 448,573 | (151 | ) | 0.0 | % | ||||||||||
Other assets | 193,136 | 189,162 | 3,974 | 2.1 | % | |||||||||||
Total Assets | $ | 12,402,504 | $ | 12,305,927 | $ | 96,577 | 0.8 | % | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits | $ | 8,810,765 | $ | 8,816,021 | $ | (5,256 | ) | -0.1 | % | |||||||
Short-term borrowings | 1,298,962 | 1,165,293 | 133,669 | 11.5 | % | |||||||||||
Long-term debt | 860,345 | 897,944 | (37,599 | ) | -4.2 | % | ||||||||||
Other liabilities | 152,525 | 151,463 | 1,062 | 0.7 | % | |||||||||||
Total Liabilities | 11,122,597 | 11,030,721 | 91,876 | 0.8 | % | |||||||||||
Shareholders’ equity | 1,279,907 | 1,275,206 | 4,701 | 0.4 | % | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,402,504 | $ | 12,305,927 | $ | 96,577 | 0.8 | % | ||||||||
LOANS AND DEPOSITS DETAIL: | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,044,010 | $ | 2,049,330 | $ | (5,320 | ) | -0.3 | % | |||||||
Commercial — agricultural | 331,659 | 327,249 | 4,410 | 1.3 | % | |||||||||||
Real estate — commercial mortgage | 2,831,405 | 2,734,432 | 96,973 | 3.5 | % | |||||||||||
Real estate — residential mortgage and home equity | 1,774,260 | 1,776,829 | (2,569 | ) | -0.1 | % | ||||||||||
Real estate — construction | 851,451 | 843,670 | 7,781 | 0.9 | % | |||||||||||
Consumer | 519,094 | 529,409 | (10,315 | ) | -1.9 | % | ||||||||||
Leasing and other | 72,849 | 64,764 | 8,085 | 12.5 | % | |||||||||||
Total Loans, net of unearned income | $ | 8,424,728 | $ | 8,325,683 | $ | 99,045 | 1.2 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,672,637 | $ | 1,678,923 | $ | (6,286 | ) | -0.4 | % | |||||||
Interest-bearing demand | 1,637,007 | 1,624,208 | 12,799 | 0.8 | % | |||||||||||
Savings deposits | 2,125,475 | 2,152,771 | (27,296 | ) | -1.3 | % | ||||||||||
Time deposits | 3,375,646 | 3,360,119 | 15,527 | 0.5 | % | |||||||||||
Total Deposits | $ | 8,810,765 | $ | 8,816,021 | $ | (5,256 | ) | -0.1 | % | |||||||
9
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
December 31 | September 30 | |||||||||||||||
2005 | 2005 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 143,682 | $ | 136,092 | $ | 7,590 | 5.6 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 19,685 | 18,947 | 738 | 3.9 | % | |||||||||||
Tax-exempt | 3,209 | 3,213 | (4 | ) | -0.1 | % | ||||||||||
Dividends | 1,200 | 1,125 | 75 | 6.7 | % | |||||||||||
Loans held for sale | 3,967 | 4,194 | (227 | ) | -5.4 | % | ||||||||||
Other interest income | 520 | 542 | (22 | ) | -4.1 | % | ||||||||||
Total Interest Income | 172,263 | 164,113 | 8,150 | 5.0 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 43,382 | 38,480 | 4,902 | 12.7 | % | |||||||||||
Short-term borrowings | 11,021 | 8,655 | 2,366 | 27.3 | % | |||||||||||
Long-term debt | 9,951 | 10,482 | (531 | ) | -5.1 | % | ||||||||||
Total Interest Expense | 64,354 | 57,617 | 6,737 | 11.7 | % | |||||||||||
Net Interest Income | 107,909 | 106,496 | 1,413 | 1.3 | % | |||||||||||
Provision for Loan Losses | 780 | 815 | (35 | ) | -4.3 | % | ||||||||||
Net Interest Income after Provision | 107,129 | 105,681 | 1,448 | 1.4 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management and trust services | 8,954 | 8,730 | 224 | 2.6 | % | |||||||||||
Service charges on deposit accounts | 10,418 | 10,488 | (70 | ) | -0.7 | % | ||||||||||
Other service charges and fees | 5,694 | 5,808 | (114 | ) | -2.0 | % | ||||||||||
Gain on sale of mortgage loans | 5,505 | 7,624 | (2,119 | ) | -27.8 | % | ||||||||||
Investment securities gains | 987 | 905 | 82 | 9.1 | % | |||||||||||
Other | 2,390 | 2,597 | (207 | ) | -8.0 | % | ||||||||||
Total Other Income | 33,948 | 36,152 | (2,204 | ) | -6.1 | % | ||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 45,595 | 46,761 | (1,166 | ) | -2.5 | % | ||||||||||
Net occupancy expense | 7,769 | 7,459 | 310 | 4.2 | % | |||||||||||
Equipment expense | 2,777 | 3,203 | (426 | ) | -13.3 | % | ||||||||||
Data processing | 2,805 | 3,100 | (295 | ) | -9.5 | % | ||||||||||
Advertising | 2,579 | 1,995 | 584 | 29.3 | % | |||||||||||
Intangible amortization | 1,454 | 1,510 | (56 | ) | -3.7 | % | ||||||||||
Other | 19,758 | 17,509 | 2,249 | 12.8 | % | |||||||||||
Total Other Expenses | 82,737 | 81,537 | 1,200 | 1.5 | % | |||||||||||
Income Before Income Taxes | 58,340 | 60,296 | (1,956 | ) | -3.2 | % | ||||||||||
Income Taxes | 17,434 | 18,168 | (734 | ) | -4.0 | % | ||||||||||
Net Income | $ | 40,906 | $ | 42,128 | $ | (1,222 | ) | -2.9 | % | |||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.26 | $ | 0.27 | $ | (0.01 | ) | -3.7 | % | |||||||
Diluted | 0.26 | 0.27 | (0.01 | ) | -3.7 | % | ||||||||||
Cash dividends | $ | 0.145 | $ | 0.145 | $ | — | — | |||||||||
Book value | 8.15 | 8.12 | 0.03 | 0.4 | % | |||||||||||
Tangible book value | 5.30 | 5.27 | 0.03 | 0.6 | % | |||||||||||
Weighted average shares (basic) | 156,978 | 156,815 | 163 | 0.1 | % | |||||||||||
Weighted average shares (diluted) | 158,913 | 158,677 | 236 | 0.1 | % | |||||||||||
Shares outstanding, end of period | 157,017 | 156,953 | 64 | 0.0 | % | |||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.32 | % | 1.37 | % | ||||||||||||
Return on average equity | 12.65 | % | 13.08 | % | ||||||||||||
Return on average equity (tangible) | 19.89 | % | 20.62 | % | ||||||||||||
Net interest margin | 3.92 | % | 3.92 | % | ||||||||||||
Efficiency ratio | 56.7 | % | 55.5 | % | ||||||||||||
Average equity to average assets | 10.4 | % | 10.5 | % |
10
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended | ||||||||||||||||||||||||
December 31, 2005 | September 30, 2005 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 8,379,369 | $ | 144,486 | 6.84 | % | $ | 8,234,531 | $ | 136,915 | 6.60 | % | ||||||||||||
Taxable investment securities | 2,013,484 | 19,685 | 3.90 | % | 2,015,378 | 18,947 | 3.74 | % | ||||||||||||||||
Tax-exempt investment securities | 410,716 | 4,726 | 4.60 | % | 387,233 | 4,761 | 4.92 | % | ||||||||||||||||
Equity securities | 138,385 | 1,405 | 4.05 | % | 137,873 | 1,317 | 3.80 | % | ||||||||||||||||
Total Investment Securities | 2,562,585 | 25,816 | 4.02 | % | 2,540,484 | 25,025 | 3.92 | % | ||||||||||||||||
Loans held for sale | 237,854 | 3,967 | 6.67 | % | 266,588 | 4,194 | 6.29 | % | ||||||||||||||||
Other interest-earning assets | 54,070 | 520 | 3.81 | % | 62,406 | 542 | 3.43 | % | ||||||||||||||||
Total Interest-earning Assets | 11,233,878 | 174,789 | 6.19 | % | 11,104,009 | 166,676 | 5.97 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 349,665 | 370,531 | ||||||||||||||||||||||
Premises and equipment | 168,239 | 164,447 | ||||||||||||||||||||||
Other assets | 633,664 | 638,195 | ||||||||||||||||||||||
Less: allowance for loan losses | (94,829 | ) | (94,527 | ) | ||||||||||||||||||||
Total Assets | $ | 12,290,617 | $ | 12,182,655 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,623,138 | $ | 4,921 | 1.20 | % | $ | 1,586,338 | $ | 4,169 | 1.04 | % | ||||||||||||
Savings deposits | 2,157,382 | 9,152 | 1.68 | % | 2,162,030 | 7,640 | 1.40 | % | ||||||||||||||||
Time deposits | 3,374,035 | 29,309 | 3.45 | % | 3,303,240 | 26,671 | 3.20 | % | ||||||||||||||||
Total Interest-bearing Deposits | 7,154,555 | 43,382 | 2.41 | % | 7,051,608 | 38,480 | 2.16 | % | ||||||||||||||||
Short-term borrowings | 1,211,397 | 11,021 | 3.57 | % | 1,115,122 | 8,655 | 3.05 | % | ||||||||||||||||
Long-term debt | 870,405 | 9,951 | 4.51 | % | 952,372 | 10,482 | 4.33 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 9,236,357 | 64,354 | 2.76 | % | 9,119,102 | 57,617 | 2.50 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,626,565 | 1,651,787 | ||||||||||||||||||||||
Other | 144,801 | 133,664 | ||||||||||||||||||||||
Total Liabilities | 11,007,723 | 10,904,553 | ||||||||||||||||||||||
Shareholders’ equity | 1,282,894 | 1,278,102 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 12,290,617 | $ | 12,182,655 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 110,435 | 3.92 | % | 109,059 | 3.92 | % | ||||||||||||||||||
Tax equivalent adjustment | (2,526 | ) | (2,563 | ) | ||||||||||||||||||||
Net interest income | $ | 107,909 | $ | 106,496 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
AVERAGE LOANS AND DEPOSITS DETAIL:
Quarter Ended | Variance | |||||||||||||||
December 31 | September 30 | |||||||||||||||
2005 | 2005 | $ | �� | % | ||||||||||||
(in thousands) | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,066,785 | $ | 2,046,919 | $ | 19,866 | 1.0 | % | ||||||||
Commercial — agricultural | 328,771 | 323,216 | 5,555 | 1.7 | % | |||||||||||
Real estate — commercial mortgage | 2,778,906 | 2,725,748 | 53,158 | 2.0 | % | |||||||||||
Real estate — residential mortgage and home equity | 1,764,143 | 1,755,055 | 9,088 | 0.5 | % | |||||||||||
Real estate — construction | 842,987 | 803,659 | 39,328 | 4.9 | % | |||||||||||
Consumer | 523,442 | 512,016 | 11,426 | 2.2 | % | |||||||||||
Leasing and other | 74,335 | 67,918 | 6,417 | 9.4 | % | |||||||||||
Total Loans, net of unearned income | $ | 8,379,369 | $ | 8,234,531 | $ | 144,838 | 1.8 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,626,565 | $ | 1,651,787 | $ | (25,222 | ) | -1.5 | % | |||||||
Interest-bearing demand | 1,623,138 | 1,586,338 | 36,800 | 2.3 | % | |||||||||||
Savings deposits | 2,157,382 | 2,162,030 | (4,648 | ) | -0.2 | % | ||||||||||
Time deposits | 3,374,035 | 3,303,240 | 70,795 | 2.1 | % | |||||||||||
Total Deposits | $ | 8,781,120 | $ | 8,703,395 | $ | 77,725 | 0.9 | % | ||||||||
11
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
ASSET QUALITY INFORMATION (UNAUDITED)
Quarter Ended | Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||||||||||
Balance at beginning of period | $ | 93,936 | $ | 86,827 | $ | 89,627 | $ | 77,700 | ||||||||
Loans charged off | (3,100 | ) | (2,588 | ) | (8,204 | ) | (8,877 | ) | ||||||||
Recoveries of loans previously charged off | 1,231 | 881 | 5,196 | 4,520 | ||||||||||||
Net loans charged-off | (1,869 | ) | (1,707 | ) | (3,008 | ) | (4,357 | ) | ||||||||
Provision for loan losses | 780 | 1,052 | 3,120 | 4,717 | ||||||||||||
Allowance purchased | — | 3,455 | 3,108 | 11,567 | ||||||||||||
Balance at end of period | $ | 92,847 | $ | 89,627 | $ | 92,847 | $ | 89,627 | ||||||||
Net charge-offs to average loans (annualized) | 0.09 | % | 0.09 | % | 0.04 | % | 0.06 | % | ||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||
Nonaccrual loans | $ | 36,560 | $ | 22,574 | ||||||||||||
Accruing loans 90+ days overdue | 9,012 | 8,318 | ||||||||||||||
Other real estate owned | 2,072 | 2,209 | ||||||||||||||
Total non-performing assets | $ | 47,644 | $ | 33,101 | ||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||
Nonaccrual loans to total loans | 0.43 | % | 0.30 | % | ||||||||||||
Nonperforming assets to total loans and OREO | 0.57 | % | 0.44 | % | ||||||||||||
Nonperforming assets to total assets | 0.38 | % | 0.30 | % | ||||||||||||
Allowance for loan losses to loans outstanding | 1.10 | % | 1.18 | % | ||||||||||||
Allowance/nonperforming loans | 204 | % | 290 | % |
Quarter Ended | ||||||||
December 31 | September 30 | |||||||
2005 | 2005 | |||||||
(dollars in thousands) | ||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||
Balance at beginning of period | $ | 93,936 | $ | 90,402 | ||||
Loans charged off | (3,100 | ) | (1,625 | ) | ||||
Recoveries of loans previously charged off | 1,231 | 1,236 | ||||||
Net loans charged-off | (1,869 | ) | (389 | ) | ||||
Provision for loan losses | 780 | 815 | ||||||
Allowance purchased | — | 3,108 | ||||||
Balance at end of period | $ | 92,847 | $ | 93,936 | ||||
Net charge-offs to average loans (annualized) | 0.09 | % | 0.02 | % | ||||
NON-PERFORMING ASSETS: | ||||||||
Nonaccrual loans | $ | 36,560 | $ | 30,669 | ||||
Accruing loans 90+ days overdue | 9,012 | 13,350 | ||||||
Other real estate owned | 2,072 | 4,042 | ||||||
Total non-performing assets | $ | 47,644 | $ | 48,061 | ||||
ASSET QUALITY RATIOS: | ||||||||
Nonaccrual loans to total loans | 0.43 | % | 0.37 | % | ||||
Nonperforming assets to total loans and OREO | 0.57 | % | 0.58 | % | ||||
Nonperforming assets to total assets | 0.38 | % | 0.39 | % | ||||
Allowance for loan losses to loans outstanding | 1.10 | % | 1.13 | % | ||||
Allowance/nonperforming loans | 204 | % | 213 | % |
12