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 | 2007 | 2006 | % Change | |||||||||
Total assets | $ | 15,438,177 | $ | 14,910,652 | 3.5 | % | ||||||
Loans, net of unearned income | 10,988,307 | 10,312,057 | 6.6 | % | ||||||||
Investment securities | 2,948,262 | 2,950,671 | (0.1 | %) | ||||||||
Deposits | 10,291,186 | 10,277,028 | 0.1 | % | ||||||||
Shareholders’ equity | 1,554,120 | 1,497,693 | 3.8 | % |
Nine Months Ended | ||||||||||||||||||||||||
Quarter Ended September 30 | September 30 | |||||||||||||||||||||||
INCOME SUMMARY | 2007 | 2006 | % Change | 2007 | 2006 | % Change | ||||||||||||||||||
Interest income | $ | 238,740 | $ | 229,101 | 4.2 | % | $ | 699,508 | $ | 634,959 | 10.2 | % | ||||||||||||
Interest expense | (116,330 | ) | (103,177 | ) | 12.7 | % | (334,415 | ) | (271,141 | ) | 23.3 | % | ||||||||||||
Net interest income | 122,410 | 125,924 | (2.8 | %) | 365,093 | 363,818 | 0.4 | % | ||||||||||||||||
Provision for loan losses | (4,606 | ) | (555 | ) | 729.9 | % | (8,263 | ) | (2,430 | ) | 240.0 | % | ||||||||||||
Investment securities (losses) gains | (134 | ) | 1,450 | (109.2 | %) | 2,277 | 5,524 | (58.8 | %) | |||||||||||||||
Other income | 36,877 | 35,462 | 4.0 | % | 110,536 | 103,997 | 6.3 | % | ||||||||||||||||
Other expenses | (107,996 | ) | (92,425 | ) | 16.8 | % | (307,008 | ) | (271,234 | ) | 13.2 | % | ||||||||||||
Income before income taxes | 46,551 | 69,856 | (33.4 | %) | 162,635 | 199,675 | (18.6 | %) | ||||||||||||||||
Income taxes | (12,985 | ) | (21,514 | ) | (39.6 | %) | (48,096 | ) | (60,753 | ) | (20.8 | %) | ||||||||||||
Net income | $ | 33,566 | $ | 48,342 | (30.6 | %) | $ | 114,539 | $ | 138,922 | (17.6 | %) | ||||||||||||
PER-SHARE DATA: | ||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||
Basic | $ | 0.19 | $ | 0.28 | (32.1 | %) | $ | 0.66 | $ | 0.80 | (17.5 | %) | ||||||||||||
Diluted | 0.19 | 0.28 | (32.1 | %) | 0.66 | 0.80 | (17.5 | %) | ||||||||||||||||
Cash dividends | 0.1500 | 0.1475 | 1.7 | % | 0.448 | 0.433 | 3.5 | % | ||||||||||||||||
Shareholders’ equity | 8.96 | 8.63 | 3.8 | % | ||||||||||||||||||||
Shareholders’ equity (tangible) | 5.17 | 4.82 | 7.3 | % | ||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||
Return on average assets | 0.88 | % | 1.31 | % | 1.03 | % | 1.32 | % | ||||||||||||||||
Return on average shareholders’ equity | 8.67 | % | 13.26 | % | 10.07 | % | 13.04 | % | ||||||||||||||||
Return on average shareholders’ equity (tangible) | 15.76 | % | 25.14 | % | 18.42 | % | 24.34 | % | ||||||||||||||||
Net interest margin | 3.62 | % | 3.85 | % | 3.69 | % | 3.88 | % | ||||||||||||||||
Efficiency ratio | 65.17 | % | 55.04 | % | 61.97 | % | 55.72 | % | ||||||||||||||||
Non-performing assets to total assets | 0.69 | % | 0.31 | % |
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 | ||||||||||||||||
2007 | 2006 | 2007 | 2006 | 2007 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 337,306 | $ | 338,598 | $ | 381,714 | (0.4 | %) | (11.6 | %) | ||||||||||
Loans held for sale | 116,451 | 236,787 | 185,471 | (50.8 | %) | (37.2 | %) | |||||||||||||
Other interest-earning assets | 19,673 | 35,884 | 14,367 | (45.2 | %) | 36.9 | % | |||||||||||||
Investment securities | 2,948,262 | 2,950,671 | 2,750,394 | (0.1 | %) | 7.2 | % | |||||||||||||
Loans, net of unearned | 10,988,307 | 10,312,057 | 10,713,819 | 6.6 | % | 2.6 | % | |||||||||||||
Allowance for loan losses | (109,435 | ) | (107,422 | ) | (106,892 | ) | 1.9 | % | 2.4 | % | ||||||||||
Net Loans | 10,878,872 | 10,204,635 | 10,606,927 | 6.6 | % | 2.6 | % | |||||||||||||
Premises and equipment | 190,092 | 188,403 | 188,893 | 0.9 | % | 0.6 | % | |||||||||||||
Accrued interest receivable | 73,927 | 70,901 | 71,785 | 4.3 | % | 3.0 | % | |||||||||||||
Goodwill and intangible assets | 658,274 | 661,594 | 659,739 | (0.5 | %) | (0.2 | %) | |||||||||||||
Other assets | 215,320 | 223,179 | 219,125 | (3.5 | %) | (1.7 | %) | |||||||||||||
Total Assets | $ | 15,438,177 | $ | 14,910,652 | $ | 15,078,415 | 3.5 | % | 2.4 | % | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Deposits | $ | 10,291,186 | $ | 10,277,028 | $ | 10,318,239 | 0.1 | % | (0.3 | %) | ||||||||||
Short-term borrowings | 1,773,083 | 1,833,644 | 1,496,407 | (3.3 | %) | 18.5 | % | |||||||||||||
Long-term debt | 1,632,980 | 1,109,220 | 1,555,351 | 47.2 | % | 5.0 | % | |||||||||||||
Other liabilities | 186,808 | 193,067 | 176,758 | (3.2 | %) | 5.7 | % | |||||||||||||
Total Liabilities | 13,884,057 | 13,412,959 | 13,546,755 | 3.5 | % | 2.5 | % | |||||||||||||
Shareholders’ equity | 1,554,120 | 1,497,693 | 1,531,660 | 3.8 | % | 1.5 | % | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 15,438,177 | $ | 14,910,652 | $ | 15,078,415 | 3.5 | % | 2.4 | % | ||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Commercial — industrial and financial | $ | 2,954,204 | $ | 2,600,807 | $ | 2,864,939 | 13.6 | % | 3.1 | % | ||||||||||
Commercial — agricultural | 374,759 | 345,332 | 368,591 | 8.5 | % | 1.7 | % | |||||||||||||
Real estate — commercial mortgage | 3,407,715 | 3,174,623 | 3,331,676 | 7.3 | % | 2.3 | % | |||||||||||||
Real estate — residential mortgage | 809,148 | 677,994 | 731,966 | 19.3 | % | 10.5 | % | |||||||||||||
Real estate — home equity | 1,472,376 | 1,465,373 | 1,447,058 | 0.5 | % | 1.7 | % | |||||||||||||
Real estate — construction | 1,389,164 | 1,431,535 | 1,379,449 | (3.0 | %) | 0.7 | % | |||||||||||||
Consumer | 500,021 | 529,741 | 505,365 | (5.6 | %) | (1.1 | %) | |||||||||||||
Leasing and other | 80,920 | 86,652 | 84,775 | (6.6 | %) | (4.5 | %) | |||||||||||||
Total Loans, net of unearned income | $ | 10,988,307 | $ | 10,312,057 | $ | 10,713,819 | 6.6 | % | 2.6 | % | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 1,696,871 | $ | 1,886,514 | $ | 1,818,862 | (10.1 | %) | (6.7 | %) | ||||||||||
Interest-bearing demand | 1,738,605 | 1,658,545 | 1,667,455 | 4.8 | % | 4.3 | % | |||||||||||||
Savings deposits | 2,195,363 | 2,351,041 | 2,292,257 | (6.6 | %) | (4.2 | %) | |||||||||||||
Time deposits | 4,660,347 | 4,380,928 | 4,539,665 | 6.4 | % | 2.7 | % | |||||||||||||
Total Deposits | $ | 10,291,186 | $ | 10,277,028 | $ | 10,318,239 | 0.1 | % | (0.3 | %) | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Customer repurchase agreements | $ | 248,915 | $ | 363,561 | $ | 261,568 | (31.5 | %) | (4.8 | %) | ||||||||||
Federal funds purchased | 842,476 | 1,183,447 | 830,327 | (28.8 | %) | 1.5 | % | |||||||||||||
Short-term promissory notes | 476,249 | 236,701 | 399,317 | 101.2 | % | 19.3 | % | |||||||||||||
Other | 205,443 | 49,935 | 5,195 | 311.4 | % | N/M | ||||||||||||||
Total Short-term borrowings | $ | 1,773,083 | $ | 1,833,644 | $ | 1,496,407 | (3.3 | %) | 18.5 | % | ||||||||||
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 | |||||||||||||||||||||||||||
2007 | 2006 | 2007 | 2006 | 2007 | 2007 | 2006 | % Change | |||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||
Interest Income | $ | 238,740 | $ | 229,101 | $ | 230,112 | 4.2 | % | 3.7 | % | $ | 699,508 | $ | 634,959 | 10.2 | % | ||||||||||||||||
Interest Expense | 116,330 | 103,177 | 109,204 | 12.7 | % | 6.5 | % | 334,415 | 271,141 | 23.3 | % | |||||||||||||||||||||
Net Interest Income | 122,410 | 125,924 | 120,908 | (2.8 | %) | 1.2 | % | 365,093 | 363,818 | 0.4 | % | |||||||||||||||||||||
Provision for Loan Losses | 4,606 | 555 | 2,700 | 729.9 | % | 70.6 | % | 8,263 | 2,430 | 240.0 | % | |||||||||||||||||||||
Net Interest Income after Provision | 117,804 | 125,369 | 118,208 | (6.0 | %) | (0.3 | %) | 356,830 | 361,388 | (1.3 | %) | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||||||||
Investment management and trust services | 9,291 | 8,887 | 10,273 | 4.5 | % | (9.6 | %) | 29,374 | 27,975 | 5.0 | % | |||||||||||||||||||||
Service charges on deposit accounts | 11,293 | 11,345 | 11,225 | (0.5 | %) | 0.6 | % | 33,145 | 32,484 | 2.0 | % | |||||||||||||||||||||
Other service charges and fees | 8,530 | 6,693 | 7,841 | 27.4 | % | 8.8 | % | 23,746 | 19,923 | 19.2 | % | |||||||||||||||||||||
Gains on sale of mortgage loans | 2,532 | 5,480 | 4,188 | (53.8 | %) | (39.5 | %) | 12,113 | 15,439 | (21.5 | %) | |||||||||||||||||||||
Investment securities (losses) gains | (134 | ) | 1,450 | 629 | (109.2 | %) | (121.3 | %) | 2,277 | 5,524 | (58.8 | %) | ||||||||||||||||||||
Other | 5,231 | 3,057 | 2,849 | 71.1 | % | 83.6 | % | 12,158 | 8,176 | 48.7 | % | |||||||||||||||||||||
Total Other Income | 36,743 | 36,912 | 37,005 | (0.5 | %) | (0.7 | %) | 112,813 | 109,521 | 3.0 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | 52,505 | 55,048 | 55,555 | (4.6 | %) | (5.5 | %) | 164,353 | 158,367 | 3.8 | % | |||||||||||||||||||||
Net occupancy expense | 9,813 | 9,260 | 9,954 | 6.0 | % | (1.4 | %) | 29,963 | 26,856 | 11.6 | % | |||||||||||||||||||||
Equipment expense | 3,438 | 3,703 | 3,436 | (7.2 | %) | 0.1 | % | 10,589 | 10,791 | (1.9 | %) | |||||||||||||||||||||
Data processing | 3,131 | 3,057 | 3,217 | 2.4 | % | (2.7 | %) | 9,550 | 9,131 | 4.6 | % | |||||||||||||||||||||
Advertising | 2,470 | 2,934 | 2,990 | (15.8 | %) | (17.4 | %) | 7,869 | 8,214 | (4.2 | %) | |||||||||||||||||||||
Intangible amortization | 1,995 | 2,025 | 2,198 | (1.5 | %) | (9.2 | %) | 6,176 | 5,883 | 5.0 | % | |||||||||||||||||||||
Other | 34,644 | 16,398 | 20,757 | 111.3 | % | 66.9 | % | 78,508 | 51,992 | 51.0 | % | |||||||||||||||||||||
Total Other Expenses | 107,996 | 92,425 | 98,107 | 16.8 | % | 10.1 | % | 307,008 | 271,234 | 13.2 | % | |||||||||||||||||||||
Income Before Income Taxes | 46,551 | 69,856 | 57,106 | (33.4 | %) | (18.5 | %) | 162,635 | 199,675 | (18.6 | %) | |||||||||||||||||||||
Income Taxes | 12,985 | 21,514 | 17,261 | (39.6 | %) | (24.8 | %) | 48,096 | 60,753 | (20.8 | %) | |||||||||||||||||||||
Net Income | $ | 33,566 | $ | 48,342 | $ | 39,845 | (30.6 | %) | (15.8 | %) | $ | 114,539 | $ | 138,922 | (17.6 | %) | ||||||||||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.19 | $ | 0.28 | $ | 0.23 | (32.1 | %) | (17.4 | %) | $ | 0.66 | $ | 0.80 | (17.5 | %) | ||||||||||||||||
Diluted | 0.19 | 0.28 | 0.23 | (32.1 | %) | (17.4 | %) | 0.66 | 0.80 | (17.5 | %) | |||||||||||||||||||||
Cash dividends | $ | 0.1500 | $ | 0.1475 | $ | 0.1500 | 1.7 | % | — | $ | 0.448 | $ | 0.433 | 3.5 | % | |||||||||||||||||
Shareholders’ equity | 8.96 | 8.63 | 8.84 | 3.8 | % | 1.4 | % | |||||||||||||||||||||||||
Shareholders’ equity (tangible) | 5.17 | 4.82 | 5.03 | 7.3 | % | 2.8 | % | |||||||||||||||||||||||||
Weighted average shares (basic) | 173,304 | 173,439 | 173,184 | (0.1 | %) | 0.1 | % | 173,254 | 172,595 | 0.4 | % | |||||||||||||||||||||
Weighted average shares (diluted) | 174,370 | 175,390 | 174,417 | (0.6 | %) | — | 174,493 | 174,689 | (0.1 | %) | ||||||||||||||||||||||
Shares outstanding, end of period | 173,394 | 173,493 | 173,270 | (0.1 | %) | 0.1 | % | |||||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||
Return on average assets | 0.88 | % | 1.31 | % | 1.08 | % | 1.03 | % | 1.32 | % | ||||||||||||||||||||||
Return on average shareholders’ equity | 8.67 | % | 13.26 | % | 10.52 | % | 10.07 | % | 13.04 | % | ||||||||||||||||||||||
Return on average shareholders’ equity (tangible) | 15.76 | % | 25.14 | % | 19.30 | % | 18.42 | % | 24.34 | % | ||||||||||||||||||||||
Net interest margin | 3.62 | % | 3.85 | % | 3.70 | % | 3.69 | % | 3.88 | % | ||||||||||||||||||||||
Efficiency ratio | 65.17 | % | 55.04 | % | 59.72 | % | 61.97 | % | 55.72 | % |
3
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Quarter Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2007 | September 30, 2006 | June 30, 2007 | ||||||||||||||||||||||||||||||||||
Balance | Interest (1) | Rate (1) | Balance | Interest (1) | Rate (1) | Balance | Interest (1) | Rate (1) | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Loans and leases | $ | 10,857,636 | $ | 205,747 | 7.52 | % | $ | 10,167,362 | $ | 194,379 | 7.59 | % | $ | 10,582,300 | $ | 199,085 | 7.54 | % | ||||||||||||||||||
Taxable investment securities | 2,116,123 | 24,583 | 4.65 | % | 2,309,644 | 25,323 | 4.39 | % | 1,973,214 | 21,999 | 4.46 | % | ||||||||||||||||||||||||
Tax-exempt investment securities | 499,389 | 6,377 | 5.11 | % | 449,181 | 5,496 | 4.89 | % | 500,341 | 6,405 | 5.12 | % | ||||||||||||||||||||||||
Equity securities | 188,490 | 2,269 | 4.80 | % | 155,894 | 1,833 | 4.69 | % | 188,558 | 2,230 | 4.74 | % | ||||||||||||||||||||||||
Total Investment Securities | 2,804,002 | 33,229 | 4.74 | % | 2,914,719 | 32,652 | 4.48 | % | 2,662,113 | 30,634 | 4.60 | % | ||||||||||||||||||||||||
Loans held for sale | 159,492 | 2,694 | 6.76 | % | 227,038 | 4,224 | 7.44 | % | 197,852 | 3,393 | 6.86 | % | ||||||||||||||||||||||||
Other interest-earning assets | 34,536 | 432 | 4.91 | % | 54,424 | 695 | 5.03 | % | 25,311 | 311 | 4.90 | % | ||||||||||||||||||||||||
Total Interest-earning Assets | 13,855,666 | 242,102 | 6.95 | % | 13,363,543 | 231,950 | 6.90 | % | 13,467,576 | 233,423 | 6.95 | % | ||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 338,862 | 329,482 | 340,752 | |||||||||||||||||||||||||||||||||
Premises and equipment | 190,175 | 187,876 | 189,975 | |||||||||||||||||||||||||||||||||
Other assets | 890,901 | 859,800 | 899,160 | |||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (108,628 | ) | (107,090 | ) | (108,952 | ) | ||||||||||||||||||||||||||||||
Total Assets | $ | 15,166,976 | $ | 14,633,611 | $ | 14,788,511 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | $ | 1,729,357 | $ | 7,630 | 1.75 | % | $ | 1,689,386 | $ | 6,529 | 1.53 | % | $ | 1,676,528 | $ | 7,198 | 1.72 | % | ||||||||||||||||||
Savings deposits | 2,259,231 | 13,680 | 2.40 | % | 2,370,275 | 14,258 | 2.37 | % | 2,298,910 | 13,776 | 2.40 | % | ||||||||||||||||||||||||
Time deposits | 4,626,160 | 55,093 | 4.72 | % | 4,294,731 | 46,254 | 4.27 | % | 4,526,107 | 52,825 | 4.68 | % | ||||||||||||||||||||||||
Total Interest-bearing Deposits | 8,614,748 | 76,403 | 3.52 | % | 8,354,392 | 67,041 | 3.18 | % | 8,501,545 | 73,799 | 3.48 | % | ||||||||||||||||||||||||
Short-term borrowings | 1,477,288 | 17,786 | 4.74 | % | 1,730,970 | 21,697 | 4.92 | % | 1,243,370 | 14,894 | 4.77 | % | ||||||||||||||||||||||||
Long-term debt | 1,655,599 | 22,141 | 5.32 | % | 1,093,815 | 14,439 | 5.24 | % | 1,585,125 | 20,511 | 5.19 | % | ||||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,747,635 | 116,330 | 3.93 | % | 11,179,177 | 103,177 | 3.65 | % | 11,330,040 | 109,204 | 3.86 | % | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 1,703,137 | 1,826,800 | 1,756,271 | |||||||||||||||||||||||||||||||||
Other | 179,391 | 181,322 | 183,449 | |||||||||||||||||||||||||||||||||
Total Liabilities | 13,630,163 | 13,187,299 | 13,269,760 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,536,813 | 1,446,312 | 1,518,751 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 15,166,976 | $ | 14,633,611 | $ | 14,788,511 | ||||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 125,772 | 3.62 | % | 128,773 | 3.85 | % | 124,219 | 3.70 | % | |||||||||||||||||||||||||||
Tax equivalent adjustment | (3,362 | ) | (2,849 | ) | (3,311 | ) | ||||||||||||||||||||||||||||||
Net interest income | $ | 122,410 | $ | 125,924 | $ | 120,908 | ||||||||||||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. |
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Quarter Ended | % Change from | |||||||||||||||||||
September 30 | September 30 | June 30 | September 30 | June 30 | ||||||||||||||||
2007 | 2006 | 2007 | 2006 | 2007 | ||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Commercial — industrial and financial | $ | 2,908,049 | $ | 2,587,869 | $ | 2,805,554 | 12.4 | % | 3.7 | % | ||||||||||
Commercial — agricultural | 373,293 | 337,660 | 366,679 | 10.6 | % | 1.8 | % | |||||||||||||
Real estate — commercial mortgage | 3,383,487 | 3,113,086 | 3,287,308 | 8.7 | % | 2.9 | % | |||||||||||||
Real estate — residential mortgage | 769,381 | 658,537 | 710,433 | 16.8 | % | 8.3 | % | |||||||||||||
Real estate — home equity | 1,454,947 | 1,450,255 | 1,435,467 | 0.3 | % | 1.4 | % | |||||||||||||
Real estate — construction | 1,382,951 | 1,412,678 | 1,381,552 | (2.1 | %) | 0.1 | % | |||||||||||||
Consumer | 502,482 | 527,915 | 506,965 | (4.8 | %) | (0.9 | %) | |||||||||||||
Leasing and other | 83,046 | 79,362 | 88,342 | 4.6 | % | (6.0 | %) | |||||||||||||
Total Loans, net of unearned income | $ | 10,857,636 | $ | 10,167,362 | $ | 10,582,300 | 6.8 | % | 2.6 | % | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 1,703,137 | $ | 1,826,800 | $ | 1,756,271 | (6.8 | %) | (3.0 | %) | ||||||||||
Interest-bearing demand | 1,729,357 | 1,689,386 | 1,676,528 | 2.4 | % | 3.2 | % | |||||||||||||
Savings deposits | 2,259,231 | 2,370,275 | 2,298,910 | (4.7 | %) | (1.7 | %) | |||||||||||||
Time deposits | 4,626,160 | 4,294,731 | 4,526,107 | 7.7 | % | 2.2 | % | |||||||||||||
Total Deposits | $ | 10,317,885 | $ | 10,181,192 | $ | 10,257,816 | 1.3 | % | 0.6 | % | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Customer repurchase agreements | $ | 242,375 | $ | 334,759 | $ | 255,685 | (27.6 | %) | (5.2 | %) | ||||||||||
Federal funds purchased | 756,360 | 1,143,445 | 586,007 | (33.9 | %) | 29.1 | % | |||||||||||||
Short-term promissory notes | 446,182 | 201,282 | 376,149 | 121.7 | % | 18.6 | % | |||||||||||||
Other | 32,371 | 51,484 | 25,529 | (37.1 | %) | 26.8 | % | |||||||||||||
Total Short-term borrowings | $ | 1,477,288 | $ | 1,730,970 | $ | 1,243,370 | (14.7 | %) | 18.8 | % | ||||||||||
4
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Nine Months Ended September 30 | ||||||||||||||||||||||||
2007 | 2006 | |||||||||||||||||||||||
Balance | Interest (1) | Rate (1) | Balance | Interest (1) | Rate (1) | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans and leases | $ | 10,619,834 | $ | 601,390 | 7.57 | % | $ | 9,750,452 | $ | 537,281 | 7.37 | % | ||||||||||||
Taxable investment securities | 2,092,916 | 71,201 | 4.54 | % | 2,246,672 | 71,426 | 4.24 | % | ||||||||||||||||
Tax-exempt investment securities | 497,504 | 19,010 | 5.09 | % | 438,510 | 15,881 | 4.83 | % | ||||||||||||||||
Equity securities | 185,215 | 6,628 | 4.78 | % | 151,078 | 5,132 | 4.53 | % | ||||||||||||||||
Total Investment Securities | 2,775,635 | 96,839 | 4.65 | % | 2,836,260 | 92,439 | 4.35 | % | ||||||||||||||||
Loans held for sale | 188,223 | 9,771 | 6.92 | % | 216,295 | 11,688 | 7.21 | % | ||||||||||||||||
Other interest-earning assets | 36,008 | 1,339 | 4.93 | % | 56,045 | 1,950 | 4.63 | % | ||||||||||||||||
Total Interest-earning Assets | 13,619,700 | 709,339 | 6.96 | % | 12,859,052 | 643,358 | 6.69 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 331,945 | 340,885 | ||||||||||||||||||||||
Premises and equipment | 190,711 | 183,112 | ||||||||||||||||||||||
Other assets | 896,604 | 836,754 | ||||||||||||||||||||||
Less: allowance for loan losses | (108,425 | ) | �� | (105,291 | ) | |||||||||||||||||||
Total Assets | $ | 14,930,535 | $ | 14,114,512 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 1,688,129 | $ | 21,733 | 1.72 | % | $ | 1,676,087 | $ | 18,112 | 1.44 | % | ||||||||||||
Savings deposits | 2,284,521 | 41,266 | 2.41 | % | 2,340,708 | 37,181 | 2.12 | % | ||||||||||||||||
Time deposits | 4,537,160 | 158,411 | 4.67 | % | 4,042,569 | 120,934 | 4.00 | % | ||||||||||||||||
Total Interest-bearing Deposits | 8,509,810 | 221,410 | 3.48 | % | 8,059,364 | 176,227 | 2.92 | % | ||||||||||||||||
Short-term borrowings | 1,424,109 | 51,734 | 4.82 | % | 1,607,946 | 55,430 | 4.56 | % | ||||||||||||||||
Long-term debt | 1,564,333 | 61,271 | 5.23 | % | 1,033,706 | 39,484 | 5.11 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 11,498,252 | 334,415 | 3.88 | % | 10,701,016 | 271,141 | 3.38 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,726,782 | 1,817,547 | ||||||||||||||||||||||
Other | 184,010 | 171,391 | ||||||||||||||||||||||
Total Liabilities | 13,409,044 | 12,689,954 | ||||||||||||||||||||||
Shareholders’ equity | 1,521,491 | 1,424,558 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 14,930,535 | $ | 14,114,512 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 374,924 | 3.69 | % | 372,217 | 3.88 | % | ||||||||||||||||||
Tax equivalent adjustment | (9,831 | ) | (8,399 | ) | ||||||||||||||||||||
Net interest income | $ | 365,093 | $ | 363,818 | ||||||||||||||||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. |
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Nine Months Ended | ||||||||||||
September 30 | ||||||||||||
2007 | 2006 | % Change | ||||||||||
Loans, by type: | ||||||||||||
Commercial — industrial and financial | $ | 2,795,619 | $ | 2,445,367 | 14.3 | % | ||||||
Commercial — agricultural | 366,905 | 330,368 | 11.1 | % | ||||||||
Real estate — commercial mortgage | 3,303,854 | 3,033,010 | 8.9 | % | ||||||||
Real estate — residential mortgage | 727,491 | 624,546 | 16.5 | % | ||||||||
Real estate — home equity | 1,444,100 | 1,401,875 | 3.0 | % | ||||||||
Real estate — construction | 1,386,960 | 1,317,274 | 5.3 | % | ||||||||
Consumer | 508,544 | 522,381 | (2.6 | %) | ||||||||
Leasing and other | �� | 86,361 | 75,631 | 14.2 | % | |||||||
Total Loans, net of unearned income | $ | 10,619,834 | $ | 9,750,452 | 8.9 | % | ||||||
Deposits, by type: | ||||||||||||
Noninterest-bearing demand | $ | 1,726,782 | $ | 1,817,547 | (5.0 | %) | ||||||
Interest-bearing demand | 1,688,129 | 1,676,087 | 0.7 | % | ||||||||
Savings deposits | 2,284,521 | 2,340,708 | (2.4 | %) | ||||||||
Time deposits | 4,537,160 | 4,042,569 | 12.2 | % | ||||||||
Total Deposits | $ | 10,236,592 | $ | 9,876,911 | 3.6 | % | ||||||
Short-term borrowings, by type: | ||||||||||||
Customer repurchase agreements | $ | 251,520 | $ | 358,079 | (29.8 | %) | ||||||
Federal funds purchased | 751,954 | 1,084,901 | (30.7 | %) | ||||||||
Short-term promissory notes | 379,761 | 126,917 | 199.2 | % | ||||||||
Other | 40,874 | 38,049 | 7.4 | % | ||||||||
Total Short-term borrowings | $ | 1,424,109 | $ | 1,607,946 | (11.4 | %) | ||||||
5
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Nine Months Ended | ||||||||||||||||||||
Quarter Ended | September 30 | |||||||||||||||||||
September 30 | September 30 | June 30 | ||||||||||||||||||
2007 | 2006 | 2007 | 2007 | 2006 | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||||||||||||||
Balance at beginning of period | $ | 106,892 | $ | 106,544 | $ | 107,899 | $ | 106,884 | $ | 92,847 | ||||||||||
Loans charged off | (2,805 | ) | (1,068 | ) | (4,506 | ) | (8,671 | ) | (4,247 | ) | ||||||||||
Recoveries of loans previously charged off | 742 | 1,391 | 799 | 2,959 | 3,401 | |||||||||||||||
Net loans (charged off) recovered | (2,063 | ) | 323 | (3,707 | ) | (5,712 | ) | (846 | ) | |||||||||||
Provision for loan losses | 4,606 | 555 | 2,700 | 8,263 | 2,430 | |||||||||||||||
Allowance purchased | — | — | — | — | 12,991 | |||||||||||||||
Balance at end of period | $ | 109,435 | $ | 107,422 | $ | 106,892 | $ | 109,435 | $ | 107,422 | ||||||||||
Net charge-offs (recoveries) to average loans (annualized) | 0.08 | % | (0.01 | %) | 0.14 | % | 0.07 | % | 0.01 | % | ||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||
Non-accrual loans | $ | 71,056 | $ | 26,591 | $ | 46,683 | ||||||||||||||
Accruing loans 90+ days overdue | 23,406 | 16,704 | 21,559 | |||||||||||||||||
Other real estate owned | 12,536 | 3,489 | 5,899 | |||||||||||||||||
Total non-performing assets | $ | 106,998 | $ | 46,784 | $ | 74,141 | ||||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||||||
Non-accrual loans to total loans | 0.65 | % | 0.26 | % | 0.44 | % | ||||||||||||||
Non-performing assets to total loans and OREO | 0.97 | % | 0.45 | % | 0.69 | % | ||||||||||||||
Non-performing assets to total assets | 0.69 | % | 0.31 | % | 0.49 | % | ||||||||||||||
Allowance for loan losses to loans outstanding | 1.00 | % | 1.04 | % | 1.00 | % | ||||||||||||||
Allowance/non-performing loans | 116 | % | 248 | % | 157 | % |
6