Exhibit 99.2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended | ||||||||||||||||
June 30 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 213,206 | $ | 148,611 | $ | 64,595 | 43.5 | % | ||||||||
Interest expense | 90,355 | 48,686 | 41,669 | 85.6 | % | |||||||||||
Net Interest Income | 122,851 | 99,925 | 22,926 | 22.9 | % | |||||||||||
Provision for loan losses | 875 | 725 | 150 | 20.7 | % | |||||||||||
Investment securities gains | 1,409 | 1,418 | (9 | ) | -0.6 | % | ||||||||||
Other income | 34,593 | 36,897 | (2,304 | ) | -6.2 | % | ||||||||||
Other expenses | 90,793 | 78,189 | 12,604 | 16.1 | % | |||||||||||
Income Before Income Taxes | 67,185 | 59,326 | 7,859 | 13.2 | % | |||||||||||
Income taxes | 20,484 | 17,722 | 2,762 | 15.6 | % | |||||||||||
Net Income | $ | 46,701 | $ | 41,604 | $ | 5,097 | 12.3 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | ||||||||
Diluted | 0.27 | 0.25 | 0.02 | 8.0 | % | |||||||||||
Cash dividends | 0.1475 | 0.138 | 0.01 | 6.8 | % | |||||||||||
ENDING BALANCES: | ||||||||||||||||
Total assets | $ | 14,561,545 | $ | 11,572,284 | $ | 2,989,261 | 25.8 | % | ||||||||
Loans, net of unearned income | 10,051,957 | 7,812,479 | 2,239,478 | 28.7 | % | |||||||||||
Deposits | 10,146,652 | 8,138,124 | 2,008,528 | 24.7 | % | |||||||||||
Short-term borrowings | 1,765,723 | 1,134,583 | 631,140 | 55.6 | % | |||||||||||
Long-term debt | 1,024,144 | 951,745 | 72,399 | 7.6 | % | |||||||||||
Shareholders’ equity | 1,440,188 | 1,196,819 | 243,369 | 20.3 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 14,218,559 | $ | 11,419,207 | $ | 2,799,352 | 24.5 | % | ||||||||
Loans, net of unearned income | 9,846,025 | 7,743,791 | 2,102,234 | 27.1 | % | |||||||||||
Deposits | 9,991,823 | 8,054,163 | 1,937,660 | 24.1 | % | |||||||||||
Short-term borrowings | 1,602,894 | 1,180,975 | 421,919 | 35.7 | % | |||||||||||
Long-term debt | 1,010,744 | 843,727 | 167,017 | 19.8 | % | |||||||||||
Shareholders’ equity | 1,439,885 | 1,200,421 | 239,464 | 19.9 | % |
NOTE: | All share and per-share information has been restated for the impact of the 5% stock dividend paid in June 2006. |
1
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
FINANCIAL HIGHLIGHTS (UNAUDITED)
Six Months Ended | ||||||||||||||||
June 30 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 405,858 | $ | 289,421 | $ | 116,437 | 40.2 | % | ||||||||
Interest expense | 167,964 | 91,248 | 76,716 | 84.1 | % | |||||||||||
Net Interest Income | 237,894 | 198,173 | 39,721 | 20.0 | % | |||||||||||
Provision for loan losses | 1,875 | 1,525 | 350 | 23.0 | % | |||||||||||
Investment securities gains | 4,074 | 4,733 | (659 | ) | -13.9 | % | ||||||||||
Other income | 68,535 | 69,435 | (900 | ) | -1.3 | % | ||||||||||
Other expenses | 178,809 | 152,016 | 26,793 | 17.6 | % | |||||||||||
Income Before Income Taxes | 129,819 | 118,800 | 11,019 | 9.3 | % | |||||||||||
Income taxes | 39,239 | 35,759 | 3,480 | 9.7 | % | |||||||||||
Net Income | $ | 90,580 | $ | 83,041 | $ | 7,539 | 9.1 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.53 | $ | 0.51 | $ | 0.02 | 3.9 | % | ||||||||
Diluted | 0.52 | 0.50 | 0.02 | 4.0 | % | |||||||||||
Cash dividends | 0.286 | 0.264 | 0.02 | 8.2 | % | |||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 13,850,661 | $ | 11,317,195 | $ | 2,533,466 | 22.4 | % | ||||||||
Loans, net of unearned income | 9,538,542 | 7,675,039 | 1,863,503 | 24.3 | % | |||||||||||
Deposits | 9,722,248 | 7,983,595 | 1,738,653 | 21.8 | % | |||||||||||
Short-term borrowings | 1,545,414 | 1,210,053 | 335,361 | 27.7 | % | |||||||||||
Long-term debt | 1,003,152 | 764,042 | 239,110 | 31.3 | % | |||||||||||
Shareholders’ equity | 1,413,501 | 1,225,915 | 187,586 | 15.3 | % |
2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
June 30 | March 31 | |||||||||||||||
2006 | 2006 | $ | % | |||||||||||||
(dollars in thousands, except per-share data) | ||||||||||||||||
INCOME SUMMARY: | ||||||||||||||||
Interest income | $ | 213,206 | $ | 192,652 | $ | 20,554 | 10.7 | % | ||||||||
Interest expense | 90,355 | 77,609 | 12,746 | 16.4 | % | |||||||||||
Net Interest Income | 122,851 | 115,043 | 7,808 | 6.8 | % | |||||||||||
Provision for loan losses | 875 | 1,000 | (125 | ) | -12.5 | % | ||||||||||
Investment securities gains | 1,409 | 2,665 | (1,256 | ) | -47.1 | % | ||||||||||
Other income | 34,593 | 33,942 | 651 | 1.9 | % | |||||||||||
Other expenses | 90,793 | 88,016 | 2,777 | 3.2 | % | |||||||||||
Income Before Income Taxes | 67,185 | 62,634 | 4,551 | 7.3 | % | |||||||||||
Income taxes | 20,484 | 18,755 | 1,729 | 9.2 | % | |||||||||||
Net Income | $ | 46,701 | $ | 43,879 | $ | 2,822 | 6.4 | % | ||||||||
PER-SHARE DATA: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | ||||||||
Diluted | 0.27 | 0.25 | 0.02 | 8.0 | % | |||||||||||
Cash dividends | 0.1475 | 0.138 | 0.01 | 6.8 | % | |||||||||||
ENDING BALANCES: | ||||||||||||||||
Total assets | $ | 14,561,545 | $ | 14,174,485 | $ | 387,060 | 2.7 | % | ||||||||
Loans, net of unearned income | 10,051,957 | 9,718,710 | 333,247 | 3.4 | % | |||||||||||
Deposits | 10,146,652 | 9,953,846 | 192,806 | 1.9 | % | |||||||||||
Short-term borrowings | 1,765,723 | 1,530,381 | 235,342 | 15.4 | % | |||||||||||
Long-term debt | 1,024,144 | 1,058,800 | (34,656 | ) | -3.3 | % | ||||||||||
Shareholders’ equity | 1,440,188 | 1,448,339 | (8,151 | ) | -0.6 | % | ||||||||||
AVERAGE BALANCES: | ||||||||||||||||
Total assets | $ | 14,218,559 | $ | 13,478,675 | $ | 739,884 | 5.5 | % | ||||||||
Loans, net of unearned income | 9,846,025 | 9,227,642 | 618,383 | 6.7 | % | |||||||||||
Deposits | 9,991,823 | 9,449,677 | 542,146 | 5.7 | % | |||||||||||
Short-term borrowings | 1,602,894 | 1,487,295 | 115,599 | 7.8 | % | |||||||||||
Long-term debt | 1,010,744 | 995,478 | 15,266 | 1.5 | % | |||||||||||
Shareholders’ equity | 1,439,885 | 1,386,824 | 53,061 | 3.8 | % |
3
FULTON FINANCIAL CORPORATION
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
June 30 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 410,563 | $ | 358,581 | $ | 51,982 | 14.5 | % | ||||||||
Loans held for sale | 268,966 | 286,742 | (17,776 | ) | -6.2 | % | ||||||||||
Other interest-earning assets | 39,364 | 22,600 | 16,764 | 74.2 | % | |||||||||||
Investment securities | 2,743,777 | 2,429,365 | 314,412 | 12.9 | % | |||||||||||
Loans, net of unearned | 10,051,957 | 7,812,479 | 2,239,478 | 28.7 | % | |||||||||||
Allowance for loan losses | (106,544 | ) | (90,402 | ) | (16,142 | ) | 17.9 | % | ||||||||
Net Loans | 9,945,413 | 7,722,077 | 2,223,336 | 28.8 | % | |||||||||||
Premises and equipment | 185,677 | 153,598 | 32,079 | 20.9 | % | |||||||||||
Accrued interest receivable | 63,589 | 43,819 | 19,770 | 45.1 | % | |||||||||||
Goodwill and intangible assets | 663,951 | 386,795 | 277,156 | 71.7 | % | |||||||||||
Other assets | 240,245 | 168,707 | 71,538 | 42.4 | % | |||||||||||
Total Assets | $ | 14,561,545 | $ | 11,572,284 | $ | 2,989,261 | 25.8 | % | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits | $ | 10,146,652 | $ | 8,138,124 | $ | 2,008,528 | 24.7 | % | ||||||||
Short-term borrowings | 1,765,723 | 1,134,583 | 631,140 | 55.6 | % | |||||||||||
Long-term debt | 1,024,144 | 951,745 | 72,399 | 7.6 | % | |||||||||||
Other liabilities | 184,838 | 151,013 | 33,825 | 22.4 | % | |||||||||||
Total Liabilities | 13,121,357 | 10,375,465 | 2,745,892 | 26.5 | % | |||||||||||
Shareholders’ equity | 1,440,188 | 1,196,819 | 243,369 | 20.3 | % | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,561,545 | $ | 11,572,284 | $ | 2,989,261 | 25.8 | % | ||||||||
LOANS AND DEPOSITS DETAIL: | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,553,375 | $ | 1,991,480 | $ | 561,895 | 28.2 | % | ||||||||
Commercial — agricultural | 330,063 | 322,791 | 7,272 | 2.3 | % | |||||||||||
Real estate — commercial mortgage | 3,063,863 | 2,556,990 | 506,873 | 19.8 | % | |||||||||||
Real estate — residential mortgage and home equity | 2,091,301 | 1,695,821 | 395,480 | 23.3 | % | |||||||||||
Real estate — construction | 1,408,144 | 699,518 | 708,626 | 101.3 | % | |||||||||||
Consumer | 520,094 | 485,492 | 34,602 | 7.1 | % | |||||||||||
Leasing and other | 85,117 | 60,387 | 24,730 | 41.0 | % | |||||||||||
Total Loans, net of unearned income | $ | 10,051,957 | $ | 7,812,479 | $ | 2,239,478 | 28.7 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,910,565 | $ | 1,611,909 | $ | 298,656 | 18.5 | % | ||||||||
Interest-bearing demand | 1,649,681 | 1,471,398 | 178,283 | 12.1 | % | |||||||||||
Savings deposits | 2,383,533 | 1,965,523 | 418,010 | 21.3 | % | |||||||||||
Time deposits | 4,202,873 | 3,089,294 | 1,113,579 | 36.0 | % | |||||||||||
Total Deposits | $ | 10,146,652 | $ | 8,138,124 | $ | 2,008,528 | 24.7 | % | ||||||||
4
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended | ||||||||||||||||
June 30 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands, except per-share data) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 179,946 | $ | 122,492 | $ | 57,454 | 46.9 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 23,564 | 18,257 | 5,307 | 29.1 | % | |||||||||||
Tax-exempt | 3,543 | 2,843 | 700 | 24.6 | % | |||||||||||
Dividends | 1,555 | 1,155 | 400 | 34.6 | % | |||||||||||
Loans held for sale | 4,005 | 3,516 | 489 | 13.9 | % | |||||||||||
Other interest income | 593 | 348 | 245 | 70.4 | % | |||||||||||
Total Interest Income | 213,206 | 148,611 | 64,595 | 43.5 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 58,996 | 31,104 | 27,892 | 89.7 | % | |||||||||||
Short-term borrowings | 18,427 | 7,914 | 10,513 | 132.8 | % | |||||||||||
Long-term debt | 12,932 | 9,668 | 3,264 | 33.8 | % | |||||||||||
Total Interest Expense | 90,355 | 48,686 | 41,669 | 85.6 | % | |||||||||||
Net Interest Income | 122,851 | 99,925 | 22,926 | 22.9 | % | |||||||||||
Provision for Loan Losses | 875 | 725 | 150 | 20.7 | % | |||||||||||
Net Interest Income after Provision | 121,976 | 99,200 | 22,776 | 23.0 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management and trust services | 9,056 | 8,966 | 90 | 1.0 | % | |||||||||||
Service charges on deposit accounts | 10,892 | 9,960 | 932 | 9.4 | % | |||||||||||
Other service charges and fees | 6,576 | 7,142 | (566 | ) | -7.9 | % | ||||||||||
Gain on sale of mortgage loans | 5,187 | 6,290 | (1,103 | ) | -17.5 | % | ||||||||||
Investment securities gains | 1,409 | 1,418 | (9 | ) | -0.6 | % | ||||||||||
Other | 2,882 | 4,539 | (1,657 | ) | -36.5 | % | ||||||||||
Total Other Income | 36,002 | 38,315 | (2,313 | ) | -6.0 | % | ||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 53,390 | 45,235 | 8,155 | 18.0 | % | |||||||||||
Net occupancy expense | 9,007 | 6,549 | 2,458 | 37.5 | % | |||||||||||
Equipment expense | 3,495 | 2,888 | 607 | 21.0 | % | |||||||||||
Data processing | 3,165 | 3,321 | (156 | ) | -4.7 | % | ||||||||||
Advertising | 3,027 | 2,276 | 751 | 33.0 | % | |||||||||||
Intangible amortization | 2,006 | 1,168 | 838 | 71.7 | % | |||||||||||
Other | 16,703 | 16,752 | (49 | ) | -0.3 | % | ||||||||||
Total Other Expenses | 90,793 | 78,189 | 12,604 | 16.1 | % | |||||||||||
Income Before Income Taxes | 67,185 | 59,326 | 7,859 | 13.2 | % | |||||||||||
Income Taxes | 20,484 | 17,722 | 2,762 | 15.6 | % | |||||||||||
Net Income | $ | 46,701 | $ | 41,604 | $ | 5,097 | 12.3 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | ||||||||
Diluted | 0.27 | 0.25 | 0.02 | 8.0 | % | |||||||||||
Cash dividends | $ | 0.1475 | $ | 0.138 | $ | 0.01 | 6.8 | % | ||||||||
Book value | 8.31 | 7.45 | 0.86 | 11.5 | % | |||||||||||
Tangible book value | 4.48 | 5.04 | (0.56 | ) | -11.1 | % | ||||||||||
Weighted average shares (basic) | 173,449 | 162,235 | ||||||||||||||
Weighted average shares (diluted) | 175,484 | 164,041 | ||||||||||||||
Shares outstanding, end of period | 173,279 | 160,604 | ||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.32 | % | 1.46 | % | ||||||||||||
Return on average equity | 13.01 | % | 13.90 | % | ||||||||||||
Return on average equity (tangible) | 24.87 | % | 20.90 | % | ||||||||||||
Net interest margin | 3.90 | % | 3.92 | % | ||||||||||||
Efficiency ratio | 55.4 | % | 55.3 | % | ||||||||||||
Average equity to average assets | 10.1 | % | 10.3 | % |
5
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended June 30 | ||||||||||||||||||||||||
2006 | 2005 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 9,846,025 | $ | 181,019 | 7.37 | % | $ | 7,743,791 | $ | 123,263 | 6.38 | % | ||||||||||||
Taxable investment securities | 2,242,945 | 23,564 | 4.20 | % | 1,966,738 | 18,257 | 3.72 | % | ||||||||||||||||
Tax-exempt investment securities | 430,246 | 5,200 | 4.83 | % | 341,044 | 4,227 | 4.96 | % | ||||||||||||||||
Equity securities | 152,210 | 1,740 | 4.58 | % | 131,002 | 1,341 | 4.11 | % | ||||||||||||||||
Total Investment Securities | 2,825,401 | 30,504 | 4.32 | % | 2,438,784 | 23,825 | 3.92 | % | ||||||||||||||||
Loans held for sale | 222,103 | 4,005 | 7.21 | % | 232,448 | 3,516 | 6.05 | % | ||||||||||||||||
Other interest-earning assets | 50,422 | 593 | 4.69 | % | 47,819 | 348 | 2.92 | % | ||||||||||||||||
Total Interest-earning Assets | 12,943,951 | 216,121 | 6.70 | % | 10,462,842 | 150,952 | 5.79 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 335,009 | 342,592 | ||||||||||||||||||||||
Premises and equipment | 183,587 | 152,123 | ||||||||||||||||||||||
Other assets | 862,739 | 552,859 | ||||||||||||||||||||||
Less: allowance for loan losses | (106,727 | ) | (91,209 | ) | ||||||||||||||||||||
Total Assets | $ | 14,218,559 | $ | 11,419,207 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,672,116 | $ | 6,258 | 1.50 | % | $ | 1,484,772 | $ | 3,309 | 0.89 | % | ||||||||||||
Savings deposits | 2,386,287 | 12,113 | 2.03 | % | 1,986,909 | 5,859 | 1.18 | % | ||||||||||||||||
Time deposits | 4,082,429 | 40,625 | 3.99 | % | 3,014,871 | 21,936 | 2.92 | % | ||||||||||||||||
Total Interest-bearing Deposits | 8,140,832 | 58,996 | 2.91 | % | 6,486,552 | 31,104 | 1.92 | % | ||||||||||||||||
Short-term borrowings | 1,602,894 | 18,427 | 4.56 | % | 1,180,975 | 7,914 | 2.66 | % | ||||||||||||||||
Long-term debt | 1,010,744 | 12,932 | 5.13 | % | 843,727 | 9,668 | 4.60 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 10,754,470 | 90,355 | 3.36 | % | 8,511,254 | 48,686 | 2.29 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,850,991 | 1,567,611 | ||||||||||||||||||||||
Other | 173,213 | 139,921 | ||||||||||||||||||||||
Total Liabilities | 12,778,674 | 10,218,786 | ||||||||||||||||||||||
Shareholders’ equity | 1,439,885 | 1,200,421 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,218,559 | $ | 11,419,207 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 125,766 | 3.90 | % | 102,266 | 3.92 | % | ||||||||||||||||||
Tax equivalent adjustment | (2,915 | ) | (2,341 | ) | ||||||||||||||||||||
Net interest income | $ | 122,851 | $ | 99,925 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
AVERAGE LOANS AND DEPOSITS DETAIL:
Quarter Ended | ||||||||||||||||
June 30 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,466,241 | $ | 1,970,926 | $ | 495,315 | 25.1 | % | ||||||||
Commercial — agricultural | 325,409 | 319,853 | 5,556 | 1.7 | % | |||||||||||
Real estate — commercial mortgage | 3,039,417 | 2,537,606 | 501,811 | 19.8 | % | |||||||||||
Real estate — residential mortgage and home equity | 2,046,953 | 1,678,623 | 368,330 | 21.9 | % | |||||||||||
Real estate — construction | 1,373,038 | 691,509 | 681,529 | 98.6 | % | |||||||||||
Consumer | 518,714 | 482,178 | 36,536 | 7.6 | % | |||||||||||
Leasing and other | 76,253 | 63,096 | 13,157 | 20.9 | % | |||||||||||
Total Loans, net of unearned income | $ | 9,846,025 | $ | 7,743,791 | $ | 2,102,234 | 27.1 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,850,991 | $ | 1,567,611 | $ | 283,380 | 18.1 | % | ||||||||
Interest-bearing demand | 1,672,116 | 1,484,772 | 187,344 | 12.6 | % | |||||||||||
Savings deposits | 2,386,287 | 1,986,909 | 399,378 | 20.1 | % | |||||||||||
Time deposits | 4,082,429 | 3,014,871 | 1,067,558 | 35.4 | % | |||||||||||
Total Deposits | $ | 9,991,823 | $ | 8,054,163 | $ | 1,937,660 | 24.1 | % | ||||||||
6
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Six Months Ended | ||||||||||||||||
June 30 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands, except per-share data) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 341,060 | $ | 238,430 | $ | 102,630 | 43.0 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 46,103 | 36,518 | 9,585 | 26.2 | % | |||||||||||
Tax-exempt | 7,076 | 5,692 | 1,384 | 24.3 | % | |||||||||||
Dividends | 2,900 | 2,239 | 661 | 29.5 | % | |||||||||||
Loans held for sale | 7,464 | 6,018 | 1,446 | 24.0 | % | |||||||||||
Other interest income | 1,255 | 524 | 731 | 139.5 | % | |||||||||||
Total Interest Income | 405,858 | 289,421 | 116,437 | 40.2 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 109,186 | 58,912 | 50,274 | 85.3 | % | |||||||||||
Short-term borrowings | 33,733 | 14,738 | 18,995 | 128.9 | % | |||||||||||
Long-term debt | 25,045 | 17,598 | 7,447 | 42.3 | % | |||||||||||
Total Interest Expense | 167,964 | 91,248 | 76,716 | 84.1 | % | |||||||||||
Net Interest Income | 237,894 | 198,173 | 39,721 | 20.0 | % | |||||||||||
Provision for Loan Losses | 1,875 | 1,525 | 350 | 23.0 | % | |||||||||||
Net Interest Income after Provision | 236,019 | 196,648 | 39,371 | 20.0 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management and trust services | 19,088 | 17,985 | 1,103 | 6.1 | % | |||||||||||
Service charges on deposit accounts | 21,139 | 19,292 | 1,847 | 9.6 | % | |||||||||||
Other service charges and fees | 13,230 | 12,698 | 532 | 4.2 | % | |||||||||||
Gain on sale of mortgage loans | 9,959 | 11,947 | (1,988 | ) | -16.6 | % | ||||||||||
Investment securities gains | 4,074 | 4,733 | (659 | ) | -13.9 | % | ||||||||||
Other | 5,119 | 7,513 | (2,394 | ) | -31.9 | % | ||||||||||
Total Other Income | 72,609 | 74,168 | (1,559 | ) | -2.1 | % | ||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 103,319 | 89,532 | 13,787 | 15.4 | % | |||||||||||
Net occupancy expense | 17,596 | 14,047 | 3,549 | 25.3 | % | |||||||||||
Equipment expense | 7,088 | 5,958 | 1,130 | 19.0 | % | |||||||||||
Data processing | 6,074 | 6,490 | (416 | ) | -6.4 | % | ||||||||||
Advertising | 5,280 | 4,249 | 1,031 | 24.3 | % | |||||||||||
Intangible amortization | 3,858 | 2,347 | 1,511 | 64.4 | % | |||||||||||
Other | 35,594 | 29,393 | 6,201 | 21.1 | % | |||||||||||
Total Other Expenses | 178,809 | 152,016 | 26,793 | 17.6 | % | |||||||||||
Income Before Income Taxes | 129,819 | 118,800 | 11,019 | 9.3 | % | |||||||||||
Income Taxes | 39,239 | 35,759 | 3,480 | 9.7 | % | |||||||||||
Net Income | $ | 90,580 | $ | 83,041 | $ | 7,539 | 9.1 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.53 | $ | 0.51 | $ | 0.02 | 3.9 | % | ||||||||
Diluted | 0.52 | 0.50 | 0.02 | 4.0 | % | |||||||||||
Cash dividends | $ | 0.286 | $ | 0.264 | $ | 0.02 | 8.2 | % | ||||||||
Book value | 8.31 | 7.45 | 0.86 | 11.5 | % | |||||||||||
Tangible book value | 4.48 | 5.04 | (0.56 | ) | -11.1 | % | ||||||||||
Weighted average shares (basic) | 172,166 | 163,718 | ||||||||||||||
Weighted average shares (diluted) | 174,335 | 165,638 | ||||||||||||||
Shares outstanding, end of period | 173,279 | 160,604 | ||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.32 | % | 1.48 | % | ||||||||||||
Return on average equity | 12.92 | % | 13.66 | % | ||||||||||||
Return on average equity (tangible) | 23.93 | % | 20.35 | % | ||||||||||||
Net interest margin | 3.89 | % | 3.94 | % | ||||||||||||
Efficiency ratio | 56.1 | % | 55.0 | % | ||||||||||||
Average equity to average assets | 10.2 | % | 10.8 | % |
7
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Six Months Ended June 30 | ||||||||||||||||||||||||
2006 | 2005 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 9,538,542 | $ | 342,902 | 7.24 | % | $ | 7,675,039 | $ | 239,954 | 6.30 | % | ||||||||||||
Taxable investment securities | 2,214,666 | 46,103 | 4.16 | % | 1,975,750 | 36,518 | 3.73 | % | ||||||||||||||||
Tax-exempt investment securities | 433,087 | 10,385 | 4.80 | % | 338,215 | 8,481 | 5.06 | % | ||||||||||||||||
Equity securities | 148,630 | 3,299 | 4.45 | % | 127,929 | 2,611 | 4.12 | % | ||||||||||||||||
Total Investment Securities | 2,796,383 | 59,787 | 4.28 | % | 2,441,894 | 47,610 | 3.93 | % | ||||||||||||||||
Loans held for sale | 210,834 | 7,464 | 7.08 | % | 207,428 | 6,018 | 5.85 | % | ||||||||||||||||
Other interest-earning assets | 56,870 | 1,255 | 4.43 | % | 38,313 | 524 | 2.76 | % | ||||||||||||||||
Total Interest-earning Assets | 12,602,629 | 411,408 | 6.57 | % | 10,362,674 | 294,106 | 5.72 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 346,681 | 332,747 | ||||||||||||||||||||||
Premises and equipment | 180,690 | 150,579 | ||||||||||||||||||||||
Other assets | 825,037 | 562,046 | ||||||||||||||||||||||
Less: allowance for loan losses | (104,376 | ) | (90,851 | ) | ||||||||||||||||||||
Total Assets | $ | 13,850,661 | $ | 11,317,195 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,669,327 | $ | 11,996 | 1.45 | % | $ | 1,489,850 | $ | 6,279 | 0.85 | % | ||||||||||||
Savings deposits | 2,329,850 | 22,510 | 1.95 | % | 1,949,573 | 10,324 | 1.07 | % | ||||||||||||||||
Time deposits | 3,914,400 | 74,680 | 3.85 | % | 3,005,646 | 42,309 | 2.84 | % | ||||||||||||||||
Total Interest-bearing Deposits | 7,913,577 | 109,186 | 2.78 | % | 6,445,069 | 58,912 | 1.84 | % | ||||||||||||||||
Short-term borrowings | 1,545,414 | 33,733 | 4.36 | % | 1,210,053 | 14,738 | 2.46 | % | ||||||||||||||||
Long-term debt | 1,003,152 | 25,045 | 5.03 | % | 764,042 | 17,598 | 4.64 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 10,462,143 | 167,964 | 3.23 | % | 8,419,164 | 91,248 | 2.19 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,808,671 | 1,538,526 | ||||||||||||||||||||||
Other | 166,346 | 133,590 | ||||||||||||||||||||||
Total Liabilities | 12,437,160 | 10,091,280 | ||||||||||||||||||||||
Shareholders’ equity | 1,413,501 | 1,225,915 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,850,661 | $ | 11,317,195 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 243,444 | 3.89 | % | 202,858 | 3.94 | % | ||||||||||||||||||
Tax equivalent adjustment | (5,550 | ) | (4,685 | ) | ||||||||||||||||||||
Net interest income | $ | 237,894 | $ | 198,173 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
AVERAGE LOANS AND DEPOSITS DETAIL:
Six Months Ended | ||||||||||||||||
June 30 | Variance | |||||||||||||||
2006 | 2005 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,372,936 | $ | 1,987,810 | $ | 385,126 | 19.4 | % | ||||||||
Commercial — agricultural | 326,662 | 323,257 | 3,405 | 1.1 | % | |||||||||||
Real estate — commercial mortgage | 2,992,308 | 2,488,974 | 503,334 | 20.2 | % | |||||||||||
Real estate — residential mortgage and home equity | 1,986,582 | 1,666,518 | 320,064 | 19.2 | % | |||||||||||
Real estate — construction | 1,268,781 | 665,043 | 603,738 | 90.8 | % | |||||||||||
Consumer | 517,539 | 480,406 | 37,133 | 7.7 | % | |||||||||||
Leasing and other | 73,734 | 63,031 | 10,703 | 17.0 | % | |||||||||||
Total Loans, net of unearned income | $ | 9,538,542 | $ | 7,675,039 | $ | 1,863,503 | 24.3 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,808,671 | $ | 1,538,526 | $ | 270,145 | 17.6 | % | ||||||||
Interest-bearing demand | 1,669,327 | 1,489,850 | 179,477 | 12.0 | % | |||||||||||
Savings deposits | 2,329,850 | 1,949,573 | 380,277 | 19.5 | % | |||||||||||
Time deposits | 3,914,400 | 3,005,646 | 908,754 | 30.2 | % | |||||||||||
Total Deposits | $ | 9,722,248 | $ | 7,983,595 | $ | 1,738,653 | 21.8 | % | ||||||||
8
FULTON FINANCIAL CORPORATION
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
June 30 | March 31 | |||||||||||||||
2006 | 2006 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 410,563 | $ | 398,111 | $ | 12,452 | 3.1 | % | ||||||||
Loans held for sale | 268,966 | 202,751 | 66,215 | 32.7 | % | |||||||||||
Other interest-earning assets | 39,364 | 35,657 | 3,707 | 10.4 | % | |||||||||||
Investment securities | 2,743,777 | 2,790,622 | (46,845 | ) | -1.7 | % | ||||||||||
Loans, net of unearned | 10,051,957 | 9,718,710 | 333,247 | 3.4 | % | |||||||||||
Allowance for loan losses | (106,544 | ) | (106,195 | ) | (349 | ) | 0.3 | % | ||||||||
Net Loans | 9,945,413 | 9,612,515 | 332,898 | 3.5 | % | |||||||||||
Premises and equipment | 185,677 | 182,115 | 3,562 | 2.0 | % | |||||||||||
Accrued interest receivable | 63,589 | 60,145 | 3,444 | 5.7 | % | |||||||||||
Goodwill and intangible assets | 663,951 | 667,387 | (3,436 | ) | -0.5 | % | ||||||||||
Other assets | 240,245 | 225,182 | 15,063 | 6.7 | % | |||||||||||
Total Assets | $ | 14,561,545 | $ | 14,174,485 | $ | 387,060 | 2.7 | % | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits | $ | 10,146,652 | $ | 9,953,846 | $ | 192,806 | 1.9 | % | ||||||||
Short-term borrowings | 1,765,723 | 1,530,381 | 235,342 | 15.4 | % | |||||||||||
Long-term debt | 1,024,144 | 1,058,800 | (34,656 | ) | -3.3 | % | ||||||||||
Other liabilities | 184,838 | 183,119 | 1,719 | 0.9 | % | |||||||||||
Total Liabilities | 13,121,357 | 12,726,146 | 395,211 | 3.1 | % | |||||||||||
Shareholders’ equity | 1,440,188 | 1,448,339 | (8,151 | ) | -0.6 | % | ||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,561,545 | $ | 14,174,485 | $ | 387,060 | 2.7 | % | ||||||||
LOANS AND DEPOSITS DETAIL: | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,553,375 | $ | 2,412,836 | $ | 140,539 | 5.8 | % | ||||||||
Commercial — agricultural | 330,063 | 325,140 | 4,923 | 1.5 | % | |||||||||||
Real estate — commercial mortgage | 3,063,863 | 3,020,376 | 43,487 | 1.4 | % | |||||||||||
Real estate — residential mortgage | 647,776 | 612,584 | 35,192 | 5.7 | % | |||||||||||
Real estate — home equity | 1,443,525 | 1,407,629 | 35,896 | 2.6 | % | |||||||||||
Real estate — construction | 1,408,144 | 1,343,364 | 64,780 | 4.8 | % | |||||||||||
Consumer | 520,094 | 515,236 | 4,858 | 0.9 | % | |||||||||||
Leasing and other | 85,117 | 81,545 | 3,572 | 4.4 | % | |||||||||||
Total Loans, net of unearned income | $ | 10,051,957 | $ | 9,718,710 | $ | 333,247 | 3.4 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,910,565 | $ | 1,958,958 | $ | (48,393 | ) | -2.5 | % | |||||||
Interest-bearing demand | 1,649,681 | 1,684,287 | (34,606 | ) | -2.1 | % | ||||||||||
Savings deposits | 2,383,533 | 2,341,840 | 41,693 | 1.8 | % | |||||||||||
Time deposits | 4,202,873 | 3,968,761 | 234,112 | 5.9 | % | |||||||||||
Total Deposits | $ | 10,146,652 | $ | 9,953,846 | $ | 192,806 | 1.9 | % | ||||||||
9
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended | Variance | |||||||||||||||
June 30 | March 31 | |||||||||||||||
2006 | 2006 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Interest Income: | ||||||||||||||||
Loans, including fees | $ | 179,946 | $ | 161,114 | $ | 18,832 | 11.7 | % | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 23,564 | 22,539 | 1,025 | 4.5 | % | |||||||||||
Tax-exempt | 3,543 | 3,533 | 10 | 0.3 | % | |||||||||||
Dividends | 1,555 | 1,345 | 210 | 15.6 | % | |||||||||||
Loans held for sale | 4,005 | 3,458 | 547 | 15.8 | % | |||||||||||
Other interest income | 593 | 663 | (70 | ) | -10.6 | % | ||||||||||
Total Interest Income | 213,206 | 192,652 | 20,554 | 10.7 | % | |||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 58,996 | 50,190 | 8,806 | 17.5 | % | |||||||||||
Short-term borrowings | 18,427 | 15,306 | 3,121 | 20.4 | % | |||||||||||
Long-term debt | 12,932 | 12,113 | 819 | 6.8 | % | |||||||||||
Total Interest Expense | 90,355 | 77,609 | 12,746 | 16.4 | % | |||||||||||
Net Interest Income | 122,851 | 115,043 | 7,808 | 6.8 | % | |||||||||||
Provision for Loan Losses | 875 | 1,000 | (125 | ) | -12.5 | % | ||||||||||
Net Interest Income after Provision | 121,976 | 114,043 | 7,933 | 7.0 | % | |||||||||||
Other Income: | ||||||||||||||||
Investment management and trust services | 9,056 | 10,032 | (976 | ) | -9.7 | % | ||||||||||
Service charges on deposit accounts | 10,892 | 10,247 | 645 | 6.3 | % | |||||||||||
Other service charges and fees | 6,576 | 6,654 | (78 | ) | -1.2 | % | ||||||||||
Gain on sale of mortgage loans | 5,187 | 4,772 | 415 | 8.7 | % | |||||||||||
Investment securities gains | 1,409 | 2,665 | (1,256 | ) | -47.1 | % | ||||||||||
Other | 2,882 | 2,237 | 645 | 28.8 | % | |||||||||||
Total Other Income | 36,002 | 36,607 | (605 | ) | -1.7 | % | ||||||||||
Other Expenses: | ||||||||||||||||
Salaries and employee benefits | 53,390 | 49,929 | 3,461 | 6.9 | % | |||||||||||
Net occupancy expense | 9,007 | 8,589 | 418 | 4.9 | % | |||||||||||
Equipment expense | 3,495 | 3,593 | (98 | ) | -2.7 | % | ||||||||||
Data processing | 3,165 | 2,909 | 256 | 8.8 | % | |||||||||||
Advertising | 3,027 | 2,253 | 774 | 34.4 | % | |||||||||||
Intangible amortization | 2,006 | 1,852 | 154 | 8.3 | % | |||||||||||
Other | 16,703 | 18,891 | (2,188 | ) | -11.6 | % | ||||||||||
Total Other Expenses | 90,793 | 88,016 | 2,777 | 3.2 | % | |||||||||||
Income Before Income Taxes | 67,185 | 62,634 | 4,551 | 7.3 | % | |||||||||||
Income Taxes | 20,484 | 18,755 | 1,729 | 9.2 | % | |||||||||||
Net Income | $ | 46,701 | $ | 43,879 | $ | 2,822 | 6.4 | % | ||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||
Net income: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | ||||||||
Diluted | 0.27 | 0.25 | 0.02 | 8.0 | % | |||||||||||
Cash dividends | $ | 0.1475 | $ | 0.138 | $ | 0.01 | 6.8 | % | ||||||||
Book value | 8.31 | 8.32 | (0.01 | ) | -0.1 | % | ||||||||||
Tangible book value | 4.48 | 4.49 | (0.01 | ) | -0.2 | % | ||||||||||
Weighted average shares (basic) | 173,449 | 170,869 | 2,580 | 1.5 | % | |||||||||||
Weighted average shares (diluted) | 175,484 | 173,166 | 2,318 | 1.3 | % | |||||||||||
Shares outstanding, end of period | 173,279 | 174,033 | (754 | ) | -0.4 | % | ||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||
Return on average assets | 1.32 | % | 1.32 | % | ||||||||||||
Return on average equity | 13.01 | % | 12.83 | % | ||||||||||||
Return on average equity (tangible) | 24.87 | % | 23.01 | % | ||||||||||||
Net interest margin | 3.90 | % | 3.88 | % | ||||||||||||
Efficiency ratio | 55.4 | % | 56.8 | % | ||||||||||||
Average equity to average assets | 10.1 | % | 10.3 | % |
10
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended | ||||||||||||||||||||||||
June 30, 2006 | March 31, 2006 | |||||||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 9,846,025 | $ | 181,019 | 7.37 | % | $ | 9,227,642 | $ | 161,883 | 7.11 | % | ||||||||||||
Taxable investment securities | 2,242,945 | 23,564 | 4.20 | % | 2,186,073 | 22,539 | 4.13 | % | ||||||||||||||||
Tax-exempt investment securities | 430,246 | 5,200 | 4.83 | % | 435,959 | 5,185 | 4.76 | % | ||||||||||||||||
Equity securities | 152,210 | 1,740 | 4.58 | % | 145,011 | 1,559 | 4.33 | % | ||||||||||||||||
Total Investment Securities | 2,825,401 | 30,504 | 4.32 | % | 2,767,043 | 29,283 | 4.24 | % | ||||||||||||||||
Loans held for sale | 222,103 | 4,005 | 7.21 | % | 199,441 | 3,458 | 6.94 | % | ||||||||||||||||
Other interest-earning assets | 50,422 | 593 | 4.69 | % | 63,388 | 663 | 4.23 | % | ||||||||||||||||
Total Interest-earning Assets | 12,943,951 | 216,121 | 6.70 | % | 12,257,514 | 195,287 | 6.45 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 335,009 | 358,481 | ||||||||||||||||||||||
Premises and equipment | 183,587 | 177,761 | ||||||||||||||||||||||
Other assets | 862,739 | 786,918 | ||||||||||||||||||||||
Less: allowance for loan losses | (106,727 | ) | (101,999 | ) | ||||||||||||||||||||
Total Assets | $ | 14,218,559 | $ | 13,478,675 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,672,116 | $ | 6,258 | 1.50 | % | $ | 1,666,506 | $ | 5,738 | 1.40 | % | ||||||||||||
Savings deposits | 2,386,287 | 12,113 | 2.03 | % | 2,272,788 | 10,398 | 1.85 | % | ||||||||||||||||
Time deposits | 4,082,429 | 40,625 | 3.99 | % | 3,744,503 | 34,054 | 3.69 | % | ||||||||||||||||
Total Interest-bearing Deposits | 8,140,832 | 58,996 | 2.91 | % | 7,683,797 | 50,190 | 2.65 | % | ||||||||||||||||
Short-term borrowings | 1,602,894 | 18,427 | 4.56 | % | 1,487,295 | 15,306 | 4.13 | % | ||||||||||||||||
Long-term debt | 1,010,744 | 12,932 | 5.13 | % | 995,478 | 12,113 | 4.93 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 10,754,470 | 90,355 | 3.36 | % | 10,166,570 | 77,609 | 3.09 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,850,991 | 1,765,880 | ||||||||||||||||||||||
Other | 173,213 | 159,401 | ||||||||||||||||||||||
Total Liabilities | 12,778,674 | 12,091,851 | ||||||||||||||||||||||
Shareholders’ equity | 1,439,885 | 1,386,824 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,218,559 | $ | 13,478,675 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 125,766 | 3.90 | % | 117,678 | 3.88 | % | ||||||||||||||||||
Tax equivalent adjustment | (2,915 | ) | (2,635 | ) | ||||||||||||||||||||
Net interest income | $ | 122,851 | $ | 115,043 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
AVERAGE LOANS AND DEPOSITS DETAIL:
Quarter Ended | Variance | |||||||||||||||
June 30 | March 31 | |||||||||||||||
2006 | 2006 | $ | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Loans, by type: | ||||||||||||||||
Commercial — industrial and financial | $ | 2,466,241 | $ | 2,278,597 | $ | 187,644 | 8.2 | % | ||||||||
Commercial — agricultural | 325,409 | 327,929 | (2,520 | ) | -0.8 | % | ||||||||||
Real estate — commercial mortgage | 3,039,417 | 2,944,676 | 94,741 | 3.2 | % | |||||||||||
Real estate — residential mortgage | 624,681 | 589,620 | 35,061 | 5.9 | % | |||||||||||
Real estate — home equity | 1,422,272 | 1,335,922 | 86,350 | 6.5 | % | |||||||||||
Real estate — construction | 1,373,038 | 1,163,368 | 209,670 | 18.0 | % | |||||||||||
Consumer | 518,714 | 516,350 | 2,364 | 0.5 | % | |||||||||||
Leasing and other | 76,253 | 71,180 | 5,073 | 7.1 | % | |||||||||||
Total Loans, net of unearned income | $ | 9,846,025 | $ | 9,227,642 | $ | 618,383 | 6.7 | % | ||||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,850,991 | $ | 1,765,880 | $ | 85,111 | 4.8 | % | ||||||||
Interest-bearing demand | 1,672,116 | 1,666,506 | 5,610 | 0.3 | % | |||||||||||
Savings deposits | 2,386,287 | 2,272,788 | 113,499 | 5.0 | % | |||||||||||
Time deposits | 4,082,429 | 3,744,503 | 337,926 | 9.0 | % | |||||||||||
�� | ||||||||||||||||
Total Deposits | $ | 9,991,823 | $ | 9,449,677 | $ | 542,146 | 5.7 | % | ||||||||
11
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
ASSET QUALITY INFORMATION (UNAUDITED)
Quarter Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||||||||||
Balance at beginning of period | $ | 106,195 | $ | 90,127 | $ | 92,847 | $ | 89,627 | ||||||||
Loans charged off | (1,679 | ) | (1,660 | ) | (3,179 | ) | (3,479 | ) | ||||||||
Recoveries of loans previously charged off | 1,153 | 1,210 | 2,010 | 2,729 | ||||||||||||
Net loans charged off | (526 | ) | (450 | ) | (1,169 | ) | (750 | ) | ||||||||
Provision for loan losses | 875 | 725 | 1,875 | 1,525 | ||||||||||||
Allowance purchased | — | — | 12,991 | — | ||||||||||||
Balance at end of period | $ | 106,544 | $ | 90,402 | $ | 106,544 | $ | 90,402 | ||||||||
Net charge-offs to average loans (annualized) | 0.02 | % | 0.02 | % | 0.02 | % | 0.02 | % | ||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||
Nonaccrual loans | $ | 26,299 | $ | 20,820 | ||||||||||||
Accruing loans 90+ days overdue | 13,421 | 7,453 | ||||||||||||||
Other real estate owned | 3,125 | 3,478 | ||||||||||||||
Total non-performing assets | $ | 42,845 | $ | 31,751 | ||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||
Nonaccrual loans to total loans | 0.26 | % | 0.27 | % | ||||||||||||
Nonperforming assets to total loans and OREO | 0.43 | % | 0.41 | % | ||||||||||||
Nonperforming assets to total assets | 0.29 | % | 0.27 | % | ||||||||||||
Allowance for loan losses to loans outstanding | 1.06 | % | 1.16 | % | ||||||||||||
Allowance/nonperforming loans | 268 | % | 320 | % |
Quarter Ended | ||||||||
June 30 | March 31 | |||||||
2006 | 2006 | |||||||
(dollars in thousands) | ||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||
Balance at beginning of period | $ | 106,195 | $ | 92,847 | ||||
Loans charged off | (1,679 | ) | (1,500 | ) | ||||
Recoveries of loans previously charged off | 1,153 | 857 | ||||||
Net loans charged off | (526 | ) | (643 | ) | ||||
Provision for loan losses | 875 | 1,000 | ||||||
Allowance purchased | — | 12,991 | ||||||
Balance at end of period | $ | 106,544 | $ | 106,195 | ||||
Net charge-offs to average loans (annualized) | 0.02 | % | 0.03 | % | ||||
NON-PERFORMING ASSETS: | ||||||||
Nonaccrual loans | $ | 26,299 | $ | 34,716 | ||||
Accruing loans 90+ days overdue | 13,421 | 13,126 | ||||||
Other real estate owned | 3,125 | 2,011 | ||||||
Total non-performing assets | $ | 42,845 | $ | 49,853 | ||||
ASSET QUALITY RATIOS: | ||||||||
Nonaccrual loans to total loans | 0.26 | % | 0.36 | % | ||||
Nonperforming assets to total loans and OREO | 0.43 | % | 0.51 | % | ||||
Nonperforming assets to total assets | 0.29 | % | 0.35 | % | ||||
Allowance for loan losses to loans outstanding | 1.06 | % | 1.09 | % | ||||
Allowance/nonperforming loans | 268 | % | 222 | % |
12