Exhibit 99.2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
dollars in thousands, except per-share data
FINANCIAL HIGHLIGHTS (UNAUDITED)
dollars in thousands, except per-share data
September 30 | ||||||||||||
BALANCE SHEET DATA | 2006 | 2005 | % Change | |||||||||
Total assets | $ | 14,910,652 | $ | 12,304,200 | 21.2 | % | ||||||
Loans, net of unearned income | 10,312,057 | 8,275,710 | 24.6 | % | ||||||||
Investment securities | 2,950,671 | 2,489,575 | 18.5 | % | ||||||||
Deposits | 10,277,028 | 8,811,217 | 16.6 | % | ||||||||
Shareholders’ equity | 1,497,693 | 1,278,328 | 17.2 | % |
Nine Months Ended | ||||||||||||||||||||||||
Quarter Ended September 30 | September 30 | |||||||||||||||||||||||
INCOME SUMMARY | 2006 | 2005 | % Change | 2006 | 2005 | % Change | ||||||||||||||||||
Interest income | $ | 229,101 | $ | 164,070 | 39.6 | % | $ | 634,959 | $ | 453,489 | 40.0 | % | ||||||||||||
Interest expense | (103,177 | ) | (57,585 | ) | 79.2 | % | (271,141 | ) | (148,833 | ) | 82.2 | % | ||||||||||||
Net interest income | 125,924 | 106,485 | 18.3 | % | 363,818 | 304,656 | 19.4 | % | ||||||||||||||||
Provision for loan losses | (555 | ) | (815 | ) | (31.9 | %) | (2,430 | ) | (2,340 | ) | 3.8 | % | ||||||||||||
Investment securities gains | 1,450 | 905 | 60.2 | % | 5,524 | 5,638 | (2.0 | %) | ||||||||||||||||
Other income | 35,462 | 35,258 | 0.6 | % | 103,997 | 104,695 | (0.7 | %) | ||||||||||||||||
Other expenses | (92,425 | ) | (81,537 | ) | 13.4 | % | (271,234 | ) | (233,554 | ) | 16.1 | % | ||||||||||||
Income before income taxes | 69,856 | 60,296 | 15.9 | % | 199,675 | 179,095 | 11.5 | % | ||||||||||||||||
Income taxes | (21,514 | ) | (18,168 | ) | 18.4 | % | (60,753 | ) | (53,927 | ) | 12.7 | % | ||||||||||||
Net income | $ | 48,342 | $ | 42,128 | 14.8 | % | $ | 138,922 | $ | 125,168 | 11.0 | % | ||||||||||||
PER-SHARE DATA: | ||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||
Basic | $ | 0.28 | $ | 0.26 | 7.7 | % | $ | 0.80 | $ | 0.76 | 5.3 | % | ||||||||||||
Diluted | 0.28 | 0.25 | 12.0 | % | 0.80 | 0.75 | 6.7 | % | ||||||||||||||||
Cash Dividends | 0.1475 | 0.138 | 6.9 | % | 0.433 | 0.402 | 7.7 | % | ||||||||||||||||
Shareholders’ equity | 8.63 | 7.76 | 11.3 | % | ||||||||||||||||||||
Shareholders’ equity (tangible) | 4.82 | 5.03 | (4.3 | %) | ||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||
Return on average assets | 1.31 | % | 1.37 | % | 1.32 | % | 1.44 | % | ||||||||||||||||
Return on average shareholders’ equity | 13.26 | % | 13.06 | % | 13.04 | % | 13.45 | % | ||||||||||||||||
Return on average shareholders’ equity (tangible) | 25.14 | % | 20.60 | % | 24.34 | % | 20.44 | % | ||||||||||||||||
Net interest margin | 3.85 | % | 3.91 | % | 3.88 | % | 3.93 | % | ||||||||||||||||
Efficiency ratio | 55.04 | % | 55.46 | % | 55.72 | % | 55.14 | % | ||||||||||||||||
Average equity to average assets | 9.88 | % | 10.50 | % | 10.09 | % | 10.71 | % |
1
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
% Change from | ||||||||||||||||||||
September 30 | September 30 | June 30 | September 30 | June 30 | ||||||||||||||||
2006 | 2005 | 2006 | 2005 | 2006 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 338,598 | $ | 403,032 | $ | 410,563 | (16.0 | %) | (17.5 | %) | ||||||||||
Loans held for sale | 236,787 | 283,950 | 268,966 | (16.6 | %) | (12.0 | %) | |||||||||||||
Other interest-earning assets | 35,884 | 95,472 | 39,364 | (62.4 | %) | (8.8 | %) | |||||||||||||
Investment securities | 2,950,671 | 2,489,575 | 2,743,777 | 18.5 | % | 7.5 | % | |||||||||||||
Loans, net of unearned | 10,312,057 | 8,275,710 | 10,051,957 | 24.6 | % | 2.6 | % | |||||||||||||
Allowance for loan losses | (107,422 | ) | (93,936 | ) | (106,544 | ) | 14.4 | % | 0.8 | % | ||||||||||
Net Loans | 10,204,635 | 8,181,774 | 9,945,413 | 24.7 | % | 2.6 | % | |||||||||||||
Premises and equipment | 188,403 | 166,991 | 185,677 | 12.8 | % | 1.5 | % | |||||||||||||
Accrued interest receivable | 70,901 | 47,353 | 63,589 | 49.7 | % | 11.5 | % | |||||||||||||
Goodwill and intangible assets | 661,594 | 448,573 | 663,951 | 47.5 | % | (0.4 | %) | |||||||||||||
Other assets | 223,179 | 187,480 | 240,245 | 19.0 | % | (7.1 | %) | |||||||||||||
Total Assets | $ | 14,910,652 | $ | 12,304,200 | $ | 14,561,545 | 21.2 | % | 2.4 | % | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Deposits | $ | 10,277,028 | $ | 8,811,217 | $ | 10,146,652 | 16.6 | % | 1.3 | % | ||||||||||
Short-term borrowings | 1,833,644 | 1,165,293 | 1,765,723 | 57.4 | % | 3.8 | % | |||||||||||||
Long-term debt | 1,109,220 | 897,944 | 1,024,144 | 23.5 | % | 8.3 | % | |||||||||||||
Other liabilities | 193,067 | 151,418 | 184,838 | 27.5 | % | 4.5 | % | |||||||||||||
Total Liabilities | 13,412,959 | 11,025,872 | 13,121,357 | 21.6 | % | 2.2 | % | |||||||||||||
Shareholders’ equity | 1,497,693 | 1,278,328 | 1,440,188 | 17.2 | % | 4.0 | % | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,910,652 | $ | 12,304,200 | $ | 14,561,545 | 21.2 | % | 2.4 | % | ||||||||||
LOANS AND DEPOSITS DETAIL: | ||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Commercial — industrial and financial | $ | 2,600,807 | $ | 2,049,330 | $ | 2,553,375 | 26.9 | % | 1.9 | % | ||||||||||
Commercial — agricultural | 345,332 | 327,249 | 330,063 | 5.5 | % | 4.6 | % | |||||||||||||
Real estate — commercial mortgage | 3,174,623 | 2,734,432 | 3,063,863 | 16.1 | % | 3.6 | % | |||||||||||||
Real estate — residential mortgage and home equity | 2,143,367 | 1,774,317 | 2,090,017 | 20.8 | % | 2.6 | % | |||||||||||||
Real estate — construction | 1,431,535 | 793,697 | 1,408,144 | 80.4 | % | 1.7 | % | |||||||||||||
Consumer | 529,741 | 531,921 | 521,378 | (0.4 | %) | 1.6 | % | |||||||||||||
Leasing and other | 86,652 | 64,764 | 85,117 | 33.8 | % | 1.8 | % | |||||||||||||
Total Loans, net of unearned income | $ | 10,312,057 | $ | 8,275,710 | $ | 10,051,957 | 24.6 | % | 2.6 | % | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 1,886,514 | $ | 1,678,923 | $ | 1,910,565 | 12.4 | % | (1.3 | %) | ||||||||||
Interest-bearing demand | 1,658,545 | 1,624,208 | 1,649,681 | 2.1 | % | 0.5 | % | |||||||||||||
Savings deposits | 2,351,041 | 2,152,771 | 2,383,533 | 9.2 | % | (1.4 | %) | |||||||||||||
Time deposits | 4,380,928 | 3,355,315 | 4,202,873 | 30.6 | % | 4.2 | % | |||||||||||||
Total Deposits | $ | 10,277,028 | $ | 8,811,217 | $ | 10,146,652 | 16.6 | % | 1.3 | % | ||||||||||
SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||
Customer repurchase agreements | $ | 363,561 | $ | 416,883 | $ | 356,440 | (12.8 | %) | 2.0 | % | ||||||||||
Federal funds purchased | 1,183,447 | 736,376 | 1,236,941 | 60.7 | % | (4.3 | %) | |||||||||||||
Other | 286,636 | 12,034 | 172,342 | N/M | 66.3 | % | ||||||||||||||
Total Short-term borrowings | $ | 1,833,644 | $ | 1,165,293 | $ | 1,765,723 | 57.4 | % | 3.8 | % | ||||||||||
N/M – Not Meaningful
2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
dollars in thousands, except per-share data
CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
dollars in thousands, except per-share data
Quarter Ended | % Change from | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30 | September 30 | June 30 | September 30 | June 30 | September 30 | |||||||||||||||||||||||||||
2006 | 2005 | 2006 | 2005 | 2006 | 2006 | 2005 | % Change | |||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||
Interest Income | $ | 229,101 | $ | 164,070 | $ | 213,206 | 39.6 | % | 7.5 | % | $ | 634,959 | $ | 453,489 | 40.0 | % | ||||||||||||||||
Interest Expense | 103,177 | 57,585 | 90,355 | 79.2 | % | 14.2 | % | 271,141 | 148,833 | 82.2 | % | |||||||||||||||||||||
Net Interest Income | 125,924 | 106,485 | 122,851 | 18.3 | % | 2.5 | % | 363,818 | 304,656 | 19.4 | % | |||||||||||||||||||||
Provision for Loan Losses | 555 | 815 | 875 | (31.9 | %) | (36.6 | %) | 2,430 | 2,340 | 3.8 | % | |||||||||||||||||||||
Net Interest Income after Provision | 125,369 | 105,670 | 121,976 | 18.6 | % | 2.8 | % | 361,388 | 302,316 | 19.5 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||||||||
Investment management and trust services | 8,887 | 8,730 | 9,056 | 1.8 | % | (1.9 | %) | 27,975 | 26,715 | 4.7 | % | |||||||||||||||||||||
Service charges on deposit accounts | 11,345 | 10,488 | 10,892 | 8.2 | % | 4.2 | % | 32,484 | 29,780 | 9.1 | % | |||||||||||||||||||||
Other service charges and fees | 6,693 | 5,818 | 6,576 | 15.0 | % | 1.8 | % | 19,923 | 18,519 | 7.6 | % | |||||||||||||||||||||
Gain on sale of mortgage loans | 5,480 | 7,586 | 5,187 | (27.8 | %) | 5.6 | % | 15,439 | 19,533 | (21.0 | %) | |||||||||||||||||||||
Investment securities gains | 1,450 | 905 | 1,409 | 60.2 | % | 2.9 | % | 5,524 | 5,638 | (2.0 | %) | |||||||||||||||||||||
Other | 3,057 | 2,636 | 2,882 | 16.0 | % | 6.1 | % | 8,176 | 10,148 | (19.4 | %) | |||||||||||||||||||||
Total Other Income | 36,912 | 36,163 | 36,002 | 2.1 | % | 2.5 | % | 109,521 | 110,333 | (0.7 | %) | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | 55,048 | 46,761 | 53,390 | 17.7 | % | 3.1 | % | 158,367 | 136,294 | 16.2 | % | |||||||||||||||||||||
Net occupancy expense | 9,260 | 7,459 | 9,007 | 24.1 | % | 2.8 | % | 26,856 | 21,506 | 24.9 | % | |||||||||||||||||||||
Equipment expense | 3,703 | 3,203 | 3,495 | 15.6 | % | 6.0 | % | 10,791 | 9,161 | 17.8 | % | |||||||||||||||||||||
Data processing | 3,057 | 3,100 | 3,165 | (1.4 | %) | (3.4 | %) | 9,131 | 9,590 | (4.8 | %) | |||||||||||||||||||||
Advertising | 2,934 | 1,995 | 3,027 | 47.1 | % | (3.1 | %) | 8,214 | 6,244 | 31.6 | % | |||||||||||||||||||||
Intangible amortization | 2,025 | 1,510 | 2,006 | 34.1 | % | 0.9 | % | 5,883 | 3,857 | 52.5 | % | |||||||||||||||||||||
Other | 16,398 | 17,509 | 16,703 | (6.3 | %) | (1.8 | %) | 51,992 | 46,902 | 10.9 | % | |||||||||||||||||||||
Total Other Expenses | 92,425 | 81,537 | 90,793 | 13.4 | % | 1.8 | % | 271,234 | 233,554 | 16.1 | % | |||||||||||||||||||||
Income Before Income Taxes | 69,856 | 60,296 | 67,185 | 15.9 | % | 4.0 | % | 199,675 | 179,095 | 11.5 | % | |||||||||||||||||||||
Income Taxes | 21,514 | 18,168 | 20,484 | 18.4 | % | 5.0 | % | 60,753 | 53,927 | 12.7 | % | |||||||||||||||||||||
Net Income | $ | 48,342 | $ | 42,128 | $ | 46,701 | 14.8 | % | 3.5 | % | $ | 138,922 | $ | 125,168 | 11.0 | % | ||||||||||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.28 | $ | 0.26 | $ | 0.27 | 7.7 | % | 3.7 | % | $ | 0.80 | $ | 0.76 | 5.3 | % | ||||||||||||||||
Diluted | 0.28 | 0.25 | 0.27 | 12.0 | % | 3.7 | % | 0.80 | 0.75 | 6.7 | % | |||||||||||||||||||||
Cash dividends | $ | 0.1475 | $ | 0.138 | $ | 0.1475 | 6.9 | % | — | $ | 0.433 | $ | 0.402 | 7.7 | % | |||||||||||||||||
Book value | 8.63 | 7.76 | 8.31 | 11.3 | % | 3.9 | % | |||||||||||||||||||||||||
Tangible book value | 4.82 | 5.03 | 4.48 | (4.3 | %) | 7.6 | % | |||||||||||||||||||||||||
Weighted average shares (basic) | 173,439 | 164,656 | 173,449 | 5.3 | % | — | 172,595 | 164,034 | 5.2 | % | ||||||||||||||||||||||
Weighted average shares (diluted) | 175,390 | 166,611 | 175,484 | 5.3 | % | (0.1 | %) | 174,689 | 166,049 | 5.2 | % | |||||||||||||||||||||
Shares outstanding, end of period | 173,493 | 164,801 | 173,279 | 5.3 | % | 0.1 | % | |||||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||
Return on average assets | 1.31 | % | 1.37 | % | 1.32 | % | 1.32 | % | 1.44 | % | ||||||||||||||||||||||
Return on average equity | 13.26 | % | 13.06 | % | 13.01 | % | 13.04 | % | 13.45 | % | ||||||||||||||||||||||
Return on average equity (tangible) | 25.14 | % | 20.60 | % | 24.87 | % | 24.34 | % | 20.44 | % | ||||||||||||||||||||||
Net interest margin | 3.85 | % | 3.91 | % | 3.90 | % | 3.88 | % | 3.93 | % | ||||||||||||||||||||||
Efficiency ratio | 55.04 | % | 55.46 | % | 55.37 | % | 55.72 | % | 55.14 | % |
3
FULTON FINANCIAL CORPORATION
CONDENSED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
CONDENSED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Quarter Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2006 | September 30, 2005 | June 30, 2006 | ||||||||||||||||||||||||||||||||||
Balance | Interest (1) | Rate (1) | Balance | Interest (1) | Rate (1) | Balance | Interest (1) | Rate (1) | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Loans and leases | $ | 10,167,362 | $ | 194,379 | 7.59 | % | $ | 8,186,974 | $ | 136,143 | 6.60 | % | $ | 9,846,025 | $ | 181,019 | 7.37 | % | ||||||||||||||||||
Taxable investment securities | 2,309,644 | 25,323 | 4.39 | % | 2,016,879 | 18,863 | 3.74 | % | 2,242,945 | 23,564 | 4.20 | % | ||||||||||||||||||||||||
Tax-exempt investment securities | 449,181 | 5,496 | 4.89 | % | 387,233 | 4,761 | 4.92 | % | 430,246 | 5,200 | 4.83 | % | ||||||||||||||||||||||||
Equity securities | 155,894 | 1,834 | 4.69 | % | 139,097 | 1,369 | 3.92 | % | 152,210 | 1,740 | 4.58 | % | ||||||||||||||||||||||||
Total Investment Securities | 2,914,719 | 32,653 | 4.48 | % | 2,543,209 | 24,993 | 3.93 | % | 2,825,401 | 30,504 | 4.32 | % | ||||||||||||||||||||||||
Loans held for sale | 227,038 | 4,224 | 7.44 | % | 314,145 | 4,955 | 6.31 | % | 222,103 | 4,005 | 7.21 | % | ||||||||||||||||||||||||
Other interest-earning assets | 54,424 | 695 | 5.03 | % | 62,406 | 542 | 3.43 | % | 50,422 | 593 | 4.69 | % | ||||||||||||||||||||||||
Total Interest-earning Assets | 13,363,543 | 231,951 | 6.90 | % | 11,106,734 | 166,633 | 5.97 | % | 12,943,951 | 216,121 | 6.70 | % | ||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 329,482 | 370,531 | 335,009 | |||||||||||||||||||||||||||||||||
Premises and equipment | 187,876 | 164,447 | 183,587 | |||||||||||||||||||||||||||||||||
Other assets | 859,800 | 637,682 | 862,739 | |||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (107,090 | ) | (94,527 | ) | (106,727 | ) | ||||||||||||||||||||||||||||||
Total Assets | $ | 14,633,611 | $ | 12,184,867 | $ | 14,218,559 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | $ | 1,689,386 | $ | 6,529 | 1.53 | % | $ | 1,586,338 | $ | 4,169 | 1.04 | % | $ | 1,672,116 | $ | 6,008 | 1.44 | % | ||||||||||||||||||
Savings deposits | 2,385,811 | 14,257 | 2.37 | % | 2,162,030 | 7,640 | 1.40 | % | 2,386,287 | 12,363 | 2.08 | % | ||||||||||||||||||||||||
Time deposits | 4,294,731 | 46,255 | 4.27 | % | 3,301,661 | 26,671 | 3.20 | % | 4,082,429 | 40,625 | 3.99 | % | ||||||||||||||||||||||||
Total Interest-bearing Deposits | 8,369,928 | 67,041 | 3.18 | % | 7,050,029 | 38,480 | 2.17 | % | 8,140,832 | 58,996 | 2.91 | % | ||||||||||||||||||||||||
Short-term borrowings | 1,730,970 | 21,697 | 4.92 | % | 1,115,122 | 8,655 | 3.05 | % | 1,602,894 | 18,427 | 4.56 | % | ||||||||||||||||||||||||
Long-term debt | 1,093,815 | 14,439 | 5.24 | % | 955,096 | 10,450 | 4.34 | % | 1,010,744 | 12,932 | 5.13 | % | ||||||||||||||||||||||||
Total Interest-bearing Deposits | 11,194,713 | 103,177 | 3.65 | % | 9,120,247 | 57,585 | 2.50 | % | 10,754,470 | 90,355 | 3.36 | % | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 1,811,264 | 1,651,787 | 1,850,991 | |||||||||||||||||||||||||||||||||
Other | 181,322 | 133,704 | 173,213 | |||||||||||||||||||||||||||||||||
Total Liabilities | 13,187,299 | 10,905,738 | 12,778,674 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,446,312 | 1,279,129 | 1,439,885 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,633,611 | $ | 12,184,867 | $ | 14,218,559 | ||||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 128,774 | 3.85 | % | 109,048 | 3.91 | % | 125,766 | 3.90 | % | |||||||||||||||||||||||||||
Tax equivalent adjustment | (2,850 | ) | (2,563 | ) | (2,915 | ) | ||||||||||||||||||||||||||||||
Net interest income | $ | 125,924 | $ | 106,485 | $ | 122,851 | ||||||||||||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
AVERAGE LOANS AND DEPOSITS DETAIL:
Quarter Ended | % Change from | |||||||||||||||||||
September 30 | September 30 | June 30 | September 30 | June 30 | ||||||||||||||||
2006 | 2005 | 2006 | 2005 | 2006 | ||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Commercial — industrial and financial | $ | 2,587,869 | $ | 2,046,919 | $ | 2,466,241 | 26.4 | % | 4.9 | % | ||||||||||
Commercial — agricultural | 337,660 | 323,216 | 325,409 | 4.5 | % | 3.8 | % | |||||||||||||
Real estate — commercial mortgage | 3,113,086 | 2,725,748 | 3,039,417 | 14.2 | % | 2.4 | % | |||||||||||||
Real estate — residential mortgage and home equity | 2,108,792 | 1,751,744 | 2,044,876 | 20.4 | % | 3.1 | % | |||||||||||||
Real estate — construction | 1,412,678 | 756,102 | 1,373,038 | 86.8 | % | 2.9 | % | |||||||||||||
Consumer | 527,915 | 515,327 | 520,791 | 2.4 | % | 1.4 | % | |||||||||||||
Leasing and other | 79,362 | 67,918 | 76,253 | 16.8 | % | 4.1 | % | |||||||||||||
Total Loans, net of unearned income | $ | 10,167,362 | $ | 8,186,974 | $ | 9,846,025 | 24.2 | % | 3.3 | % | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 1,811,264 | $ | 1,651,789 | $ | 1,850,991 | 9.7 | % | (2.1 | %) | ||||||||||
Interest-bearing demand | 1,689,386 | 1,586,338 | 1,672,117 | 6.5 | % | 1.0 | % | |||||||||||||
Savings deposits | 2,385,811 | 2,162,030 | 2,386,287 | 10.4 | % | — | ||||||||||||||
Time deposits | 4,294,731 | 3,301,658 | 4,082,428 | 30.1 | % | 5.2 | % | |||||||||||||
Total Deposits | $ | 10,181,192 | $ | 8,701,815 | $ | 9,991,823 | 17.0 | % | 1.9 | % | ||||||||||
SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||
Customer repurchase agreements | $ | 334,759 | $ | 387,936 | $ | 357,385 | (13.7 | %) | (6.3 | %) | ||||||||||
Federal funds purchased | 1,143,445 | 652,743 | 1,072,560 | 75.2 | % | 6.6 | % | |||||||||||||
Other | 252,766 | 74,443 | 172,949 | 239.5 | % | 46.2 | % | |||||||||||||
Total Short-term borrowings | $ | 1,730,970 | $ | 1,115,122 | $ | 1,602,894 | 55.2 | % | 8.0 | % | ||||||||||
4
FULTON FINANCIAL CORPORATION
CONDENSED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
CONDENSED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Nine Months Ended September 30 | ||||||||||||||||||||||||
2006 | 2005 | |||||||||||||||||||||||
Balance | Interest (1) | Rate (1) | Balance | Interest (1) | Rate (1) | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 9,750,452 | $ | 537,281 | 7.37 | % | $ | 7,847,559 | $ | 376,095 | 6.41 | % | ||||||||||||
Taxable investment securities | 2,246,672 | 71,426 | 4.24 | % | 1,989,612 | 55,301 | 3.71 | % | ||||||||||||||||
Tax-exempt investment securities | 438,510 | 15,881 | 4.83 | % | 354,734 | 13,243 | 4.98 | % | ||||||||||||||||
Equity securities | 151,078 | 5,132 | 4.53 | % | 131,692 | 4,060 | 4.12 | % | ||||||||||||||||
Total Investment Securities | 2,836,260 | 92,439 | 4.35 | % | 2,476,038 | 72,604 | 3.91 | % | ||||||||||||||||
Loans held for sale | 216,295 | 11,688 | 7.21 | % | 243,391 | 10,973 | 6.01 | % | ||||||||||||||||
Other interest-earning assets | 56,045 | 1,950 | 4.63 | % | 46,432 | 1,066 | 3.05 | % | ||||||||||||||||
Total Interest-earning Assets | 12,859,052 | 643,358 | 6.69 | % | 10,613,420 | 460,738 | 5.80 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 340,885 | 345,480 | ||||||||||||||||||||||
Premises and equipment | 183,112 | 155,253 | ||||||||||||||||||||||
Other assets | 836,754 | 587,533 | ||||||||||||||||||||||
Less: allowance for loan losses | (105,291 | ) | (92,089 | ) | ||||||||||||||||||||
Total Assets | $ | 14,114,512 | $ | 11,609,597 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,676,087 | $ | 18,112 | 1.44 | % | $ | 1,522,366 | $ | 10,448 | 0.92 | % | ||||||||||||
Savings deposits | 2,348,710 | 37,181 | 2.12 | % | 2,021,169 | 17,964 | 1.19 | % | ||||||||||||||||
Time deposits | 4,042,569 | 120,934 | 4.00 | % | 3,105,403 | 68,980 | 2.97 | % | ||||||||||||||||
Total Interest-bearing Deposits | 8,067,366 | 176,227 | 2.92 | % | 6,648,938 | 97,392 | 1.96 | % | ||||||||||||||||
Short-term borrowings | 1,607,946 | 55,430 | 4.56 | % | 1,178,061 | 23,393 | 2.63 | % | ||||||||||||||||
Long-term debt | 1,033,706 | 39,484 | 5.11 | % | 828,427 | 28,048 | 4.53 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 10,709,018 | 271,141 | 3.38 | % | 8,655,426 | 148,833 | 2.30 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,809,545 | 1,576,695 | ||||||||||||||||||||||
Other | 171,391 | 133,628 | ||||||||||||||||||||||
Total Liabilities | 12,689,954 | 10,365,749 | ||||||||||||||||||||||
Shareholders’ equity | 1,424,558 | 1,243,848 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,114,512 | $ | 11,609,597 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 372,217 | 3.88 | % | 311,905 | 3.93 | % | ||||||||||||||||||
Tax equivalent adjustment | (8,399 | ) | (7,249 | ) | ||||||||||||||||||||
Net interest income | $ | 363,818 | $ | 304,656 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate. |
AVERAGE LOANS AND DEPOSITS DETAIL:
Nine Months Ended | ||||||||||||
September 30 | ||||||||||||
2006 | 2005 | % Change | ||||||||||
Loans, by type: | ||||||||||||
Commercial — industrial and financial | $ | 2,445,367 | $ | 2,007,730 | 21.8 | % | ||||||
Commercial — agricultural | 330,368 | 323,244 | 2.2 | % | ||||||||
Real estate — commercial mortgage | 3,033,010 | 2,568,766 | 18.1 | % | ||||||||
Real estate — residential mortgage and home equity | 2,026,406 | 1,693,731 | 19.6 | % | ||||||||
Real estate — construction | 1,317,274 | 695,729 | 89.3 | % | ||||||||
Consumer | 522,396 | 493,681 | 5.8 | % | ||||||||
Leasing and other | 75,631 | 64,678 | 16.9 | % | ||||||||
Total Loans, net of unearned income | $ | 9,750,452 | $ | 7,847,559 | 24.2 | % | ||||||
Deposits, by type: | ||||||||||||
Noninterest-bearing demand | $ | 1,809,545 | $ | 1,576,695 | 14.8 | % | ||||||
Interest-bearing demand | 1,676,087 | 1,522,366 | 10.1 | % | ||||||||
Savings deposits | 2,348,710 | 2,021,169 | 16.2 | % | ||||||||
Time deposits | 4,042,569 | 3,105,403 | 30.2 | % | ||||||||
Total Deposits | $ | 9,876,911 | $ | 8,225,633 | 20.1 | % | ||||||
SHORT-TERM BORROWINGS DETAIL: | ||||||||||||
Customer repurchase agreements | $ | 358,079 | $ | 388,517 | (7.8 | %) | ||||||
Federal funds purchased | 1,084,901 | 706,132 | 53.6 | % | ||||||||
Other | 164,966 | 83,412 | 97.8 | % | ||||||||
Total Short-term borrowings | $ | 1,607,946 | $ | 1,178,061 | 36.5 | % | ||||||
5
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Quarter Ended | Nine Months Ended | |||||||||||||||||||
September 30 | September 30 | June 30 | September 30 | |||||||||||||||||
2006 | 2005 | 2006 | 2006 | 2005 | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||||||||||||||
Balance at beginning of period | $ | 106,544 | $ | 90,402 | $ | 106,195 | $ | 92,847 | $ | 89,627 | ||||||||||
Loans charged off | (1,068 | ) | (1,625 | ) | (1,679 | ) | (4,247 | ) | (5,104 | ) | ||||||||||
Recoveries of loans previously charged off | 1,391 | 1,236 | 1,153 | 3,401 | 3,965 | |||||||||||||||
Net loans recovered (charged-off) | 323 | (389 | ) | (526 | ) | (846 | ) | (1,139 | ) | |||||||||||
Provision for loan losses | 555 | 815 | 875 | 2,430 | 2,340 | |||||||||||||||
Allowance purchased | — | 3,108 | — | 12,991 | 3,108 | |||||||||||||||
Balance at end of period | $ | 107,422 | $ | 93,936 | $ | 106,544 | $ | 107,422 | $ | 93,936 | ||||||||||
Net (recoveries) charge-offs to average loans (annualized) | (0.01 | %) | 0.02 | % | 0.02 | % | 0.01 | % | 0.02 | % | ||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||
Non-accrual loans | $ | 26,591 | $ | 30,669 | $ | 26,299 | ||||||||||||||
Accruing loans 90+ days overdue | 16,704 | 13,350 | 13,421 | |||||||||||||||||
Other real estate owned | 3,489 | 4,042 | 3,125 | |||||||||||||||||
Total non-performing assets | $ | 46,784 | $ | 48,061 | $ | 42,845 | ||||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||||||
Non-accrual loans to total loans | 0.26 | % | 0.37 | % | 0.26 | % | ||||||||||||||
Non-performing assets to total loans and OREO | 0.45 | % | 0.58 | % | 0.43 | % | ||||||||||||||
Non-performing assets to total assets | 0.31 | % | 0.39 | % | 0.29 | % | ||||||||||||||
Allowance for loan losses to loans outstanding | 1.04 | % | 1.14 | % | 1.06 | % | ||||||||||||||
Allowance/nonperforming loans | 248 | % | 213 | % | 268 | % |
6