Exhibit 99.2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended | ||||||||||||||||
March 31 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 192,652 | $ | 140,810 | $ | 51,842 | 36.8 | % | ||||||||
Interest expense | 77,609 | 42,562 | 35,047 | 82.3 | % | |||||||||||
Net Interest Income | 115,043 | 98,248 | 16,795 | 17.1 | % | |||||||||||
Provision for loan losses | 1,000 | 800 | 200 | 25.0 | % | |||||||||||
Investment securities gains | 2,665 | 3,315 | (650 | ) | -19.6 | % | ||||||||||
Other income | 33,942 | 32,538 | 1,404 | 4.3 | % | |||||||||||
Other expenses | 88,016 | 73,828 | 14,188 | 19.2 | % | |||||||||||
Income Before Income Taxes | 62,634 | 59,473 | 3,161 | 5.3 | % | |||||||||||
Income taxes | 18,755 | 18,037 | 718 | 4.0 | % | |||||||||||
Net Income | $ | 43,879 | $ | 41,436 | $ | 2,443 | 5.9 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | ||||||||
Diluted | 0.27 | 0.26 | 0.01 | 3.8 | % | |||||||||||
Cash dividends | 0.145 | 0.132 | 0.013 | 9.8 | % | |||||||||||
ENDING BALANCES: | ||||||||||||||||
Total assets | $ | 14,174,485 | $ | 11,418,318 | $ | 2,756,167 | 24.1 | % | ||||||||
Loans, net of unearned income | 9,718,710 | 7,682,687 | 2,036,023 | 26.5 | % | |||||||||||
Deposits | 9,953,846 | 7,976,162 | 1,977,684 | 24.8 | % | |||||||||||
Short-term borrowings | 1,530,381 | 1,265,360 | 265,021 | 20.9 | % | |||||||||||
Long-term debt | 1,058,800 | 773,129 | 285,671 | 36.9 | % | |||||||||||
Shareholders’ equity | 1,448,339 | 1,240,511 | 207,828 | 16.8 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 13,478,675 | $ | 11,214,049 | $ | 2,264,626 | 20.2 | % | ||||||||
Loans, net of unearned income | 9,227,642 | 7,605,523 | 1,622,119 | 21.3 | % | |||||||||||
Deposits | 9,449,677 | 7,912,243 | 1,537,434 | 19.4 | % | |||||||||||
Short-term borrowings | 1,487,295 | 1,239,454 | 247,841 | 20.0 | % | |||||||||||
Long-term debt | 995,478 | 683,472 | 312,006 | 45.7 | % | |||||||||||
Shareholders’ equity | 1,386,824 | 1,251,693 | 135,131 | 10.8 | % |
NOTE: All financial information for 2005 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.
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended | ||||||||||||||||
March 31 | December 31 | Variance | ||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 192,652 | $ | 172,279 | $ | 20,373 | 11.8 | % | ||||||||
Interest expense | 77,609 | 64,354 | 13,255 | 20.6 | % | |||||||||||
Net Interest Income | 115,043 | 107,925 | 7,118 | 6.6 | % | |||||||||||
Provision for loan losses | 1,000 | 780 | 220 | 28.2 | % | |||||||||||
Investment securities gains | 2,665 | 987 | 1,678 | 170.0 | % | |||||||||||
Other income | 33,942 | 32,945 | 997 | 3.0 | % | |||||||||||
Other expenses | 88,016 | 82,737 | 5,279 | 6.4 | % | |||||||||||
Income Before Income Taxes | 62,634 | 58,340 | 4,294 | 7.4 | % | |||||||||||
Income taxes | 18,755 | 17,434 | 1,321 | 7.6 | % | |||||||||||
Net Income | $ | 43,879 | $ | 40,906 | $ | 2,973 | 7.3 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | ||||||||
Diluted | 0.27 | 0.26 | 0.01 | 3.8 | % | |||||||||||
Cash dividends | 0.145 | 0.145 | — | — | ||||||||||||
ENDING BALANCES: | ||||||||||||||||
Total assets | $ | 14,174,485 | $ | 12,401,555 | $ | 1,772,930 | 14.3 | % | ||||||||
Loans, net of unearned income | 9,718,710 | 8,424,728 | 1,293,982 | 15.4 | % | |||||||||||
Deposits | 9,953,846 | 8,804,839 | 1,149,007 | 13.0 | % | |||||||||||
Short-term borrowings | 1,530,381 | 1,298,962 | 231,419 | 17.8 | % | |||||||||||
Long-term debt | 1,058,800 | 860,345 | 198,455 | 23.1 | % | |||||||||||
Shareholders’ equity | 1,448,339 | 1,282,971 | 165,368 | 12.9 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 13,478,675 | $ | 12,291,701 | $ | 1,186,974 | 9.7 | % | ||||||||
Loans, net of unearned income | 9,227,642 | 8,379,369 | 848,273 | 10.1 | % | |||||||||||
Deposits | 9,449,677 | 8,776,316 | 673,361 | 7.7 | % | |||||||||||
Short-term borrowings | 1,487,295 | 1,211,397 | 275,898 | 22.8 | % | |||||||||||
Long-term debt | 995,478 | 873,129 | 122,349 | 14.0 | % | |||||||||||
Shareholders’ equity | 1,386,824 | 1,286,016 | 100,808 | 7.8 | % |
FULTON FINANCIAL CORPORATION
CONSOLIDATED CONDENSED ENDING BALANCE SHEET (UNAUDITED)
CONSOLIDATED CONDENSED ENDING BALANCE SHEET (UNAUDITED)
March 31 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 398,111 | $ | 336,039 | $ | 62,072 | 18.5 | % | ||||||||
Loans held for sale | 202,751 | 227,618 | (24,867 | ) | -10.9 | % | ||||||||||
Other interest-earning assets | 35,657 | 84,123 | (48,466 | ) | -57.6 | % | ||||||||||
Investment securities | 2,790,622 | 2,385,358 | 405,264 | 17.0 | % | |||||||||||
Loans, net of unearned | 9,718,710 | 7,682,687 | 2,036,023 | 26.5 | % | |||||||||||
Allowance for loan losses | (106,195 | ) | (90,127 | ) | (16,068 | ) | 17.8 | % | ||||||||
Net Loans | 9,612,515 | 7,592,560 | 2,019,955 | 26.6 | % | |||||||||||
Premises and equipment | 182,115 | 149,492 | 32,623 | 21.8 | % | |||||||||||
Accrued interest receivable | 60,145 | 42,214 | 17,931 | 42.5 | % | |||||||||||
Goodwill and intangible assets | 667,387 | 388,260 | 279,127 | 71.9 | % | |||||||||||
Other assets | 225,182 | 212,654 | 12,528 | 5.9 | % | |||||||||||
Total Assets | $ | 14,174,485 | $ | 11,418,318 | $ | 2,756,167 | 24.1 | % | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits | $ | 9,953,846 | $ | 7,976,162 | $ | 1,977,684 | 24.8 | % | ||||||||
Short-term borrowings | 1,530,381 | 1,265,360 | 265,021 | 20.9 | % | |||||||||||
Long-term debt | 1,058,800 | 773,129 | 285,671 | 36.9 | % | |||||||||||
Other liabilities | 183,119 | 163,156 | 19,963 | 12.2 | % | |||||||||||
Total Liabilities | 12,726,146 | 10,177,807 | 2,548,339 | 25.0 | % | |||||||||||
Shareholders’ equity | 1,448,339 | 1,240,511 | 207,828 | 16.8 | % | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,174,485 | $ | 11,418,318 | $ | 2,756,167 | 24.1 | % | ||||||||
LOANS AND DEPOSITS DETAIL: | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,412,836 | $ | 1,975,980 | $ | 436,856 | 22.1 | % | ||||||||
Commercial — agricultural | 325,140 | 319,647 | 5,493 | 1.7 | % | |||||||||||
Real estate — commercial mortgage | 3,020,376 | 2,540,554 | 479,822 | 18.9 | % | |||||||||||
Real estate — residential mortgage and home equity | 2,020,213 | 1,660,890 | 359,323 | 21.6 | % | |||||||||||
Real estate — construction | 1,343,364 | 652,819 | 690,545 | 105.8 | % | |||||||||||
Consumer | 515,236 | 475,126 | 40,110 | 8.4 | % | |||||||||||
Leasing and other | 81,545 | 57,671 | 23,874 | 41.4 | % | |||||||||||
Total Loans, net of unearned income | $ | 9,718,710 | $ | 7,682,687 | $ | 2,036,023 | 26.5 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,958,958 | $ | 1,579,400 | $ | 379,558 | 24.0 | % | ||||||||
Interest-bearing demand | 1,684,287 | 1,479,124 | 205,163 | 13.9 | % | |||||||||||
Savings deposits | 2,341,840 | 1,916,942 | 424,898 | 22.2 | % | |||||||||||
Time deposits | 3,968,761 | 3,000,696 | 968,065 | 32.3 | % | |||||||||||
Total Deposits | $ | 9,953,846 | $ | 7,976,162 | $ | 1,977,684 | 24.8 | % | ||||||||
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended | ||||||||||||||||
March 31 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands, except per-share data) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 161,114 | $ | 115,938 | $ | 45,176 | 39.0 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 22,539 | 18,261 | 4,278 | 23.4 | % | |||||||||||
Tax-exempt | 3,533 | 2,849 | 684 | 24.0 | % | |||||||||||
Dividends | 1,345 | 1,084 | 261 | 24.1 | % | |||||||||||
Loans held for sale | 3,458 | 2,502 | 956 | 38.2 | % | |||||||||||
Other interest income | 663 | 176 | 487 | 276.7 | % | |||||||||||
Total Interest Income | 192,652 | 140,810 | 51,842 | 36.8 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 50,190 | 27,808 | 22,382 | 80.5 | % | |||||||||||
Short-term borrowings | 15,306 | 6,824 | 8,482 | 124.3 | % | |||||||||||
Long-term debt | 12,113 | 7,930 | 4,183 | 52.7 | % | |||||||||||
Total Interest Expense | 77,609 | 42,562 | 35,047 | 82.3 | % | |||||||||||
Net Interest Income | 115,043 | 98,248 | 16,795 | 17.1 | % | |||||||||||
Provision for Loan Losses | 1,000 | 800 | 200 | 25.0 | % | |||||||||||
Net Interest Income after Provision | 114,043 | 97,448 | 16,595 | 17.0 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management & trust services | 10,032 | 9,019 | 1,013 | 11.2 | % | |||||||||||
Service charges on deposit accounts | 10,247 | 9,332 | 915 | 9.8 | % | |||||||||||
Other service charges and fees | 6,654 | 5,556 | 1,098 | 19.8 | % | |||||||||||
Gain on sale of mortgage loans | 4,772 | 6,049 | (1,277 | ) | -21.1 | % | ||||||||||
Investment securities gains | 2,665 | 3,315 | (650 | ) | -19.6 | % | ||||||||||
Other | 2,237 | 2,582 | (345 | ) | -13.4 | % | ||||||||||
Total Other Income | 36,607 | 35,853 | 754 | 2.1 | % | |||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 49,929 | 44,297 | 5,632 | 12.7 | % | |||||||||||
Net occupancy expense | 8,589 | 7,498 | 1,091 | 14.6 | % | |||||||||||
Equipment expense | 3,593 | 3,070 | 523 | 17.0 | % | |||||||||||
Data processing | 2,909 | 3,169 | (260 | ) | -8.2 | % | ||||||||||
Advertising | 2,253 | 1,973 | 280 | 14.2 | % | |||||||||||
Intangible amortization | 1,852 | 1,179 | 673 | 57.1 | % | |||||||||||
Other | 18,891 | 12,642 | 6,249 | 49.4 | % | |||||||||||
Total Other Expenses | 88,016 | 73,828 | 14,188 | 19.2 | % | |||||||||||
Income Before Income Taxes | 62,634 | 59,473 | 3,161 | 5.3 | % | |||||||||||
Income Taxes | 18,755 | 18,037 | 718 | 4.0 | % | |||||||||||
Net Income | $ | 43,879 | $ | 41,436 | $ | 2,443 | 5.9 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | ||||||||
Diluted | 0.27 | 0.26 | 0.01 | 3.8 | % | |||||||||||
Cash dividends | $ | 0.145 | $ | 0.132 | $ | 0.01 | 9.8 | % | ||||||||
Book value | 8.74 | 7.88 | 0.86 | 10.9 | % | |||||||||||
Tangible book value | 4.71 | 5.42 | (0.71 | ) | -13.1 | % | ||||||||||
Weighted average shares (basic) | 162,731 | 157,351 | 5,380 | 3.4 | % | |||||||||||
Weighted average shares (diluted) | 164,926 | 159,388 | 5,538 | 3.5 | % | |||||||||||
Shares outstanding, end of period | 165,746 | 157,340 | 8,406 | 5.3 | % | |||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.32 | % | 1.50 | % | ||||||||||||
Return on average equity | 12.83 | % | 13.43 | % | ||||||||||||
Return on average equity (tangible) | 23.01 | % | 19.83 | % | ||||||||||||
Net interest margin | 3.88 | % | 3.96 | % | ||||||||||||
Efficiency ratio | 56.8 | % | 54.6 | % | ||||||||||||
Average equity to average assets | 10.3 | % | 11.2 | % |
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended March 31 | ||||||||||||||||||||||||
2006 | 2005 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 9,227,642 | $ | 161,883 | 7.11 | % | $ | 7,605,523 | $ | 116,691 | 6.21 | % | ||||||||||||
Taxable investment securities | 2,186,073 | 22,539 | 4.13 | % | 1,984,864 | 18,261 | 3.67 | % | ||||||||||||||||
Tax-exempt investment securities | 435,959 | 5,185 | 4.76 | % | 335,355 | 4,254 | 5.07 | % | ||||||||||||||||
Equity securities | 145,011 | 1,559 | 4.33 | % | 124,822 | 1,270 | 4.22 | % | ||||||||||||||||
Total Investment Securities | 2,767,043 | 29,283 | 4.24 | % | 2,445,041 | 23,785 | 3.89 | % | ||||||||||||||||
Loans held for sale | 199,441 | 3,458 | 6.94 | % | 182,130 | 2,502 | 5.49 | % | ||||||||||||||||
Other interest-earning assets | 63,388 | 663 | 4.23 | % | 28,699 | 176 | 2.49 | % | ||||||||||||||||
Total Interest-earning Assets | 12,257,514 | 195,287 | 6.45 | % | 10,261,393 | 143,154 | 5.64 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 358,481 | 322,793 | ||||||||||||||||||||||
Premises and equipment | 177,761 | 149,017 | ||||||||||||||||||||||
Other assets | 786,918 | 571,335 | ||||||||||||||||||||||
Less: allowance for loan losses | (101,999 | ) | (90,489 | ) | ||||||||||||||||||||
Total Assets | $ | 13,478,675 | $ | 11,214,049 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,666,506 | $ | 5,738 | 1.40 | % | $ | 1,494,984 | $ | 2,970 | 0.81 | % | ||||||||||||
Savings deposits | 2,272,788 | 10,398 | 1.85 | % | 1,911,820 | 4,466 | 0.95 | % | ||||||||||||||||
Time deposits | 3,744,503 | 34,054 | 3.69 | % | 2,996,321 | 20,372 | 2.76 | % | ||||||||||||||||
Total Interest-bearing Deposits | 7,683,797 | 50,190 | 2.65 | % | 6,403,125 | 27,808 | 1.76 | % | ||||||||||||||||
Short-term borrowings | 1,487,295 | 15,306 | 4.13 | % | 1,239,454 | 6,824 | 2.21 | % | ||||||||||||||||
Long-term debt | 995,478 | 12,113 | 4.93 | % | 683,472 | 7,930 | 4.71 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 10,166,570 | 77,609 | 3.09 | % | 8,326,051 | 42,562 | 2.07 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,765,880 | 1,509,118 | ||||||||||||||||||||||
Other | 159,401 | 127,187 | ||||||||||||||||||||||
Total Liabilities | 12,091,851 | 9,962,356 | ||||||||||||||||||||||
Shareholders’ equity | 1,386,824 | 1,251,693 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,478,675 | $ | 11,214,049 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 117,678 | 3.88 | % | 100,592 | 3.96 | % | ||||||||||||||||||
Tax equivalent adjustment | (2,635 | ) | (2,344 | ) | ||||||||||||||||||||
Net interest income | $ | 115,043 | $ | 98,248 | ||||||||||||||||||||
(1) Presented on a tax-equivalent basis using 35% Federal tax rate.
AVERAGE LOANS AND DEPOSITS DETAIL:
Quarter Ended | ||||||||||||||||
March 31 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,278,597 | $ | 2,004,879 | $ | 273,718 | 13.7 | % | ||||||||
Commercial — agricultural | 327,929 | 326,699 | 1,230 | 0.4 | % | |||||||||||
Real estate — commercial mortgage | 2,944,676 | 2,439,800 | 504,876 | 20.7 | % | |||||||||||
Real estate — residential mortgage and home equity | 1,925,542 | 1,654,281 | 271,261 | 16.4 | % | |||||||||||
Real estate — construction | 1,163,368 | 638,281 | 525,087 | 82.3 | % | |||||||||||
Consumer | 516,350 | 478,615 | 37,735 | 7.9 | % | |||||||||||
Leasing and other | 71,180 | 62,968 | 8,212 | 13.0 | % | |||||||||||
Total Loans, net of unearned income | $ | 9,227,642 | $ | 7,605,523 | $ | 1,622,119 | 21.3 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,765,880 | $ | 1,509,118 | $ | 256,762 | 17.0 | % | ||||||||
Interest-bearing demand | 1,666,506 | 1,494,984 | 171,522 | 11.5 | % | |||||||||||
Savings deposits | 2,272,788 | 1,911,820 | 360,968 | 18.9 | % | |||||||||||
Time deposits | 3,744,503 | 2,996,321 | 748,182 | 25.0 | % | |||||||||||
Total Deposits | $ | 9,449,677 | $ | 7,912,243 | $ | 1,537,434 | 19.4 | % | ||||||||
FULTON FINANCIAL CORPORATION
CONSOLIDATED CONDENSED ENDING BALANCE SHEET (UNAUDITED)
CONSOLIDATED CONDENSED ENDING BALANCE SHEET (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
March 31 | December 31 | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 398,111 | $ | 368,043 | $ | 30,068 | 8.2 | % | ||||||||
Loans held for sale | 202,751 | 243,378 | (40,627 | ) | -16.7 | % | ||||||||||
Other interest-earning assets | 35,657 | 31,932 | 3,725 | 11.7 | % | |||||||||||
Investment securities | 2,790,622 | 2,562,145 | 228,477 | 8.9 | % | |||||||||||
Loans, net of unearned | 9,718,710 | 8,424,728 | 1,293,982 | 15.4 | % | |||||||||||
Allowance for loan losses | (106,195 | ) | (92,847 | ) | (13,348 | ) | 14.4 | % | ||||||||
Net Loans | 9,612,515 | 8,331,881 | 1,280,634 | 15.4 | % | |||||||||||
Premises and equipment | 182,115 | 170,254 | 11,861 | 7.0 | % | |||||||||||
Accrued interest receivable | 60,145 | 53,261 | 6,884 | 12.9 | % | |||||||||||
Goodwill and intangible assets | 667,387 | 448,422 | 218,965 | 48.8 | % | |||||||||||
Other assets | 225,182 | 192,239 | 32,943 | 17.1 | % | |||||||||||
Total Assets | $ | 14,174,485 | $ | 12,401,555 | $ | 1,772,930 | 14.3 | % | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits | $ | 9,953,846 | $ | 8,804,839 | $ | 1,149,007 | 13.0 | % | ||||||||
Short-term borrowings | 1,530,381 | 1,298,962 | 231,419 | 17.8 | % | |||||||||||
Long-term debt | 1,058,800 | 860,345 | 198,455 | 23.1 | % | |||||||||||
Other liabilities | 183,119 | 154,438 | 28,681 | 18.6 | % | |||||||||||
Total Liabilities | 12,726,146 | 11,118,584 | 1,607,562 | 14.5 | % | |||||||||||
Shareholders’ equity | 1,448,339 | 1,282,971 | 165,368 | 12.9 | % | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,174,485 | $ | 12,401,555 | $ | 1,772,930 | 14.3 | % | ||||||||
LOANS AND DEPOSITS DETAIL: | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,412,836 | $ | 2,044,010 | $ | 368,826 | 18.0 | % | ||||||||
Commercial — agricultural | 325,140 | 331,659 | (6,519 | ) | -2.0 | % | ||||||||||
Real estate — commercial mortgage | 3,020,376 | 2,831,405 | 188,971 | 6.7 | % | |||||||||||
Real estate — residential mortgage and home equity | 2,020,213 | 1,774,260 | 245,953 | 13.9 | % | |||||||||||
Real estate — construction | 1,343,364 | 851,451 | 491,913 | 57.8 | % | |||||||||||
Consumer | 515,236 | 519,094 | (3,858 | ) | -0.7 | % | ||||||||||
Leasing and other | 81,545 | 72,849 | 8,696 | 11.9 | % | |||||||||||
Total Loans, net of unearned income | $ | 9,718,710 | $ | 8,424,728 | $ | 1,293,982 | 15.4 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,958,958 | $ | 1,672,637 | $ | 286,321 | 17.1 | % | ||||||||
Interest-bearing demand | 1,684,287 | 1,637,007 | 47,280 | 2.9 | % | |||||||||||
Savings deposits | 2,341,840 | 2,125,475 | 216,365 | 10.2 | % | |||||||||||
Time deposits | 3,968,761 | 3,369,720 | 599,041 | 17.8 | % | |||||||||||
Total Deposits | $ | 9,953,846 | $ | 8,804,839 | $ | 1,149,007 | 13.0 | % | ||||||||
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
March 31 | December 31 | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands, except per-share data) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 161,114 | $ | 143,698 | $ | 17,416 | 12.1 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 22,539 | 19,685 | 2,854 | 14.5 | % | |||||||||||
Tax-exempt | 3,533 | 3,209 | 324 | 10.1 | % | |||||||||||
Dividends | 1,345 | 1,200 | 145 | 12.1 | % | |||||||||||
Loans held for sale | 3,458 | 3,967 | (509 | ) | -12.8 | % | ||||||||||
Other interest income | 663 | 520 | 143 | 27.5 | % | |||||||||||
Total Interest Income | 192,652 | 172,279 | 20,373 | 11.8 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 50,190 | 43,382 | 6,808 | 15.7 | % | |||||||||||
Short-term borrowings | 15,306 | 11,021 | 4,285 | 38.9 | % | |||||||||||
Long-term debt | 12,113 | 9,951 | 2,162 | 21.7 | % | |||||||||||
Total Interest Expense | 77,609 | 64,354 | 13,255 | 20.6 | % | |||||||||||
Net Interest Income | 115,043 | 107,925 | 7,118 | 6.6 | % | |||||||||||
Provision for Loan Losses | 1,000 | 780 | 220 | 28.2 | % | |||||||||||
Net Interest Income after Provision | 114,043 | 107,145 | 6,898 | 6.4 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management & trust services | 10,032 | 8,954 | 1,078 | 12.0 | % | |||||||||||
Service charges on deposit accounts | 10,247 | 10,418 | (171 | ) | -1.6 | % | ||||||||||
Other service charges and fees | 6,654 | 5,678 | 976 | 17.2 | % | |||||||||||
Gain on sale of mortgage loans | 4,772 | 5,505 | (733 | ) | -13.3 | % | ||||||||||
Investment securities gains | 2,665 | 987 | 1,678 | 170.0 | % | |||||||||||
Other | 2,237 | 2,390 | (153 | ) | -6.4 | % | ||||||||||
Total Other Income | 36,607 | 33,932 | 2,675 | 7.9 | % | |||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 49,929 | 45,595 | 4,334 | 9.5 | % | |||||||||||
Net occupancy expense | 8,589 | 7,769 | 820 | 10.6 | % | |||||||||||
Equipment expense | 3,593 | 2,777 | 816 | 29.4 | % | |||||||||||
Data processing | 2,909 | 2,805 | 104 | 3.7 | % | |||||||||||
Advertising | 2,253 | 2,579 | (326 | ) | -12.6 | % | ||||||||||
Intangible amortization | 1,852 | 1,454 | 398 | 27.4 | % | |||||||||||
Other | 18,891 | 19,758 | (867 | ) | -4.4 | % | ||||||||||
Total Other Expenses | 88,016 | 82,737 | 5,279 | 6.4 | % | |||||||||||
Income Before Income Taxes | 62,634 | 58,340 | 4,294 | 7.4 | % | |||||||||||
Income taxes | 18,755 | 17,434 | 1,321 | 7.6 | % | |||||||||||
Net Income | $ | 43,879 | $ | 40,906 | $ | 2,973 | 7.3 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | ||||||||
Diluted | 0.27 | 0.26 | 0.01 | 3.8 | % | |||||||||||
Cash dividends | $ | 0.145 | $ | 0.145 | $ | — | — | |||||||||
Book value | 8.74 | 8.17 | 0.57 | 7.0 | % | |||||||||||
Tangible book value | 4.71 | 5.32 | (0.61 | ) | -11.5 | % | ||||||||||
Weighted average shares (basic) | 162,731 | 156,978 | 5,753 | 3.7 | % | |||||||||||
Weighted average shares (diluted) | 164,926 | 158,913 | 6,013 | 3.8 | % | |||||||||||
Shares outstanding, end of period | 165,746 | 157,017 | 8,729 | 5.6 | % | |||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.32 | % | 1.32 | % | ||||||||||||
Return on average equity | 12.83 | % | 12.62 | % | ||||||||||||
Return on average equity (tangible) | 23.01 | % | 19.82 | % | ||||||||||||
Net interest margin | 3.88 | % | 3.92 | % | ||||||||||||
Efficiency ratio | 56.8 | % | 56.7 | % | ||||||||||||
Average equity to average assets | 10.3 | % | 10.5 | % |
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended | ||||||||||||||||||||||||
March 31, 2006 | December 31, 2005 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 9,227,642 | $ | 161,883 | 7.11 | % | $ | 8,379,369 | $ | 144,469 | 6.84 | % | ||||||||||||
Taxable investment securities | 2,186,073 | 22,539 | 4.13 | % | 2,014,984 | 19,620 | 3.89 | % | ||||||||||||||||
Tax-exempt investment securities | 435,959 | 5,185 | 4.76 | % | 410,716 | 4,726 | 4.60 | % | ||||||||||||||||
Equity securities | 145,011 | 1,559 | 4.33 | % | 139,609 | 1,502 | 4.29 | % | ||||||||||||||||
Total Investment Securities | 2,767,043 | 29,283 | 4.24 | % | 2,565,309 | 25,848 | 4.03 | % | ||||||||||||||||
Loans held for sale | 199,441 | 3,458 | 6.94 | % | 237,854 | 3,967 | 6.67 | % | ||||||||||||||||
Other interest-earning assets | 63,388 | 663 | 4.23 | % | 54,070 | 520 | 3.82 | % | ||||||||||||||||
Total Interest-earning Assets | 12,257,514 | 195,287 | 6.45 | % | 11,236,602 | 174,804 | 6.20 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 358,481 | 349,665 | ||||||||||||||||||||||
Premises and equipment | 177,761 | 168,239 | ||||||||||||||||||||||
Other assets | 786,918 | 632,024 | ||||||||||||||||||||||
Less: allowance for loan losses | (101,999 | ) | (94,829 | ) | ||||||||||||||||||||
Total Assets | $ | 13,478,675 | $ | 12,291,701 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,666,506 | $ | 5,738 | 1.40 | % | $ | 1,623,138 | $ | 4,921 | 1.20 | % | ||||||||||||
Savings deposits | 2,272,788 | 10,398 | 1.85 | % | 2,157,382 | 9,152 | 1.68 | % | ||||||||||||||||
Time deposits | 3,744,503 | 34,054 | 3.69 | % | 3,369,231 | 29,309 | 3.45 | % | ||||||||||||||||
Total Interest-bearing Deposits | 7,683,797 | 50,190 | 2.65 | % | 7,149,751 | 43,382 | 2.41 | % | ||||||||||||||||
Short-term borrowings | 1,487,295 | 15,306 | 4.13 | % | 1,211,397 | 11,021 | 3.57 | % | ||||||||||||||||
Long-term debt | 995,478 | 12,113 | 4.93 | % | 873,129 | 9,983 | 4.54 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 10,166,570 | 77,609 | 3.09 | % | 9,234,277 | 64,386 | 2.76 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,765,880 | 1,626,565 | ||||||||||||||||||||||
Other | 159,401 | 144,842 | ||||||||||||||||||||||
Total Liabilities | 12,091,851 | 11,005,684 | ||||||||||||||||||||||
Shareholders’ equity | 1,386,824 | 1,286,017 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,478,675 | $ | 12,291,701 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 117,678 | 3.88 | % | 110,418 | 3.92 | % | ||||||||||||||||||
Tax equivalent adjustment | (2,635 | ) | (2,493 | ) | ||||||||||||||||||||
Net interest income | $ | 115,043 | $ | 107,925 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
AVERAGE LOANS AND DEPOSITS DETAIL:
Quarter Ended | ||||||||||||||||
March 31 | December 31 | Variance | ||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,278,597 | $ | 2,066,785 | $ | 211,812 | 10.2 | % | ||||||||
Commercial — agricultural | 327,929 | 328,771 | (842 | ) | -0.3 | % | ||||||||||
Real estate — commercial mortgage | 2,944,676 | 2,778,906 | 165,770 | 6.0 | % | |||||||||||
Real estate — residential mortgage and home equity | 1,925,542 | 1,764,143 | 161,399 | 9.1 | % | |||||||||||
Real estate — construction | 1,163,368 | 842,987 | 320,381 | 38.0 | % | |||||||||||
Consumer | 516,350 | 523,442 | (7,092 | ) | -1.4 | % | ||||||||||
Leasing and other | 71,180 | 74,335 | (3,155 | ) | -4.2 | % | ||||||||||
Total Loans, net of unearned income | $ | 9,227,642 | $ | 8,379,369 | $ | 848,273 | 10.1 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,765,880 | $ | 1,626,565 | $ | 139,315 | 8.6 | % | ||||||||
Interest-bearing demand | 1,666,506 | 1,623,138 | 43,368 | 2.7 | % | |||||||||||
Savings deposits | 2,272,788 | 2,157,382 | 115,406 | 5.3 | % | |||||||||||
Time deposits | 3,744,503 | 3,369,231 | 375,272 | 11.1 | % | |||||||||||
Total Deposits | $ | 9,449,677 | $ | 8,776,316 | $ | 673,361 | 7.7 | % | ||||||||
FULTON FINANCIAL CORPORATION
LOAN QUALITY INFORMATION (UNAUDITED)
LOAN QUALITY INFORMATION (UNAUDITED)
Quarter Ended | ||||||||
March 31 | ||||||||
2006 | 2005 | |||||||
(dollars in thousands) | ||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||
Balance at beginning of period | $ | 92,847 | $ | 89,627 | ||||
Loans charged-off | (1,500 | ) | (1,819 | ) | ||||
Recoveries of loans previously charged-off | 857 | 1,519 | ||||||
Net loans charged-off | (643 | ) | (300 | ) | ||||
Provision for loan losses | 1,000 | 800 | ||||||
Allowance purchased | 12,991 | — | ||||||
Balance at end of period | $ | 106,195 | $ | 90,127 | ||||
Net charge-offs to average loans (annualized) | 0.03 | % | 0.02 | % | ||||
NON-PERFORMING ASSETS: | ||||||||
Nonaccrual loans | $ | 34,716 | $ | 19,232 | ||||
Accruing loans 90+ days overdue | 13,126 | 6,545 | ||||||
Other real estate owned | 2,011 | 3,244 | ||||||
Total non-performing assets | $ | 49,853 | $ | 29,021 | ||||
ASSET QUALITY RATIOS: | ||||||||
Non-accrual loans to total loans | 0.36 | % | 0.25 | % | ||||
Nonperforming assets to total loans and OREO | 0.51 | % | 0.38 | % | ||||
Nonperforming assets to total assets | 0.35 | % | 0.25 | % | ||||
Allowance for loan losses to loans outstanding | 1.09 | % | 1.17 | % | ||||
Allowance /nonperforming loans | 222 | % | 350 | % |
Quarter Ended | ||||||||
March 31 | December 31 | |||||||
2006 | 2005 | |||||||
(dollars in thousands) | ||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||
Balance at beginning of period | $ | 92,847 | $ | 93,936 | ||||
Loans charged-off | (1,500 | ) | (3,100 | ) | ||||
Recoveries of loans previously charged-off | 857 | 1,231 | ||||||
Net loans charged-off | (643 | ) | (1,869 | ) | ||||
Provision for loan losses | 1,000 | 780 | ||||||
Allowance purchased | 12,991 | — | ||||||
Balance at end of period | $ | 106,195 | $ | 92,847 | ||||
Net charge-offs to average loans (annualized) | 0.03 | % | 0.09 | % | ||||
NON-PERFORMING ASSETS: | ||||||||
Nonaccrual loans | $ | 34,716 | $ | 36,560 | ||||
Accruing loans 90+ days overdue | 13,126 | 9,012 | ||||||
Other real estate owned | 2,011 | 2,072 | ||||||
Total non-performing assets | $ | 49,853 | $ | 47,644 | ||||
ASSET QUALITY RATIOS: | ||||||||
Nonaccrual loans to total loans | 0.36 | % | 0.43 | % | ||||
Nonperforming assets to total loans and OREO | 0.51 | % | 0.57 | % | ||||
Nonperforming assets to total assets | 0.35 | % | 0.38 | % | ||||
Allowance for loan losses to loans outstanding | 1.09 | % | 1.10 | % | ||||
Allowance/nonperforming loans | 222 | % | 204 | % |
FULTON FINANCIAL CORPORATION
COLUMBIA BANCORP — ACQUIRED BALANCES (UNAUDITED)
FEBRUARY 1, 2006
COLUMBIA BANCORP — ACQUIRED BALANCES (UNAUDITED)
FEBRUARY 1, 2006
NOTE: The following table presents a summary of the balances added to the Corporation as a result of its February 1, 2006 acquisition of Columbia Bancorp. The balances presented include a preliminary allocation of the purchase price.
ASSETS | ||||
Cash and due from banks | $ | 46,407 | ||
Other interest-earning assets | 16,854 | |||
Investment securities | 113,771 | |||
Loans, net of unearned | 1,065,675 | |||
Allowance for loan losses | (12,991 | ) | ||
Net Loans | 1,052,684 | |||
Premises and equipment | 7,904 | |||
Accrued interest receivable | 6,656 | |||
Goodwill and intangible assets | 218,928 | |||
Other assets | 84,952 | |||
Total Assets | $ | 1,548,156 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Deposits | $ | 968,936 | ||
Short-term borrowings | 184,083 | |||
Long-term debt | 80,136 | |||
Other liabilities | 9,223 | |||
Total Liabilities | 1,242,378 | |||
Shareholders’ equity | 305,778 | |||
Total Liabilities and Shareholders’ Equity | $ | 1,548,156 | ||
LOANS AND DEPOSITS DETAIL: | ||||
Loans, by type: | ||||
Commercial — industrial and financial | $ | 276,930 | ||
Real estate — commercial mortgage | 139,560 | |||
Real estate — residential mortgage and home equity | 212,292 | |||
Real estate — construction | 432,722 | |||
Consumer | 3,385 | |||
Leasing and other | 786 | |||
Total Loans, net of unearned income | $ | 1,065,675 | ||
Deposits, by type: | ||||
Noninterest-bearing demand | $ | 249,458 | ||
Interest-bearing demand | 84,666 | |||
Savings deposits | 170,725 | |||
Time deposits | 464,087 | |||
Total Deposits | $ | 968,936 | ||