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
March 31 | ||||||||||||
BALANCE SHEET DATA | 2008 | 2007 | % Change | |||||||||
Total assets | $ | 16,052,867 | $ | 14,670,336 | 9.4 | % | ||||||
Loans, net of unearned income | 11,388,653 | 10,448,175 | 9.0 | % | ||||||||
Investment securities | 3,104,827 | 2,621,608 | 18.4 | % | ||||||||
Deposits | 10,048,928 | 10,235,580 | (1.8 | %) | ||||||||
Shareholders’ equity | 1,611,720 | 1,521,931 | 5.9 | % | ||||||||
Quarter Ended March 31 | ||||||||||||
INCOME SUMMARY | 2008 | 2007 | % Change | |||||||||
Interest income | $ | 229,220 | $ | 230,656 | (0.6 | %) | ||||||
Interest expense | (103,321 | ) | (108,881 | ) | (5.1 | %) | ||||||
Net interest income | 125,899 | 121,775 | 3.4 | % | ||||||||
Provision for loan losses | (11,220 | ) | (957 | ) | 1,072.4 | % | ||||||
Investment securities gains | 1,246 | 1,782 | (30.1 | %) | ||||||||
Other income | 36,434 | 37,283 | (2.3 | %) | ||||||||
Other expenses | (96,660 | ) | (100,905 | ) | (4.2 | %) | ||||||
Income before income taxes | 55,699 | 58,978 | (5.6 | %) | ||||||||
Income taxes | (14,203 | ) | (17,850 | ) | (20.4 | %) | ||||||
Net income | $ | 41,496 | $ | 41,128 | 0.9 | % | ||||||
PER-SHARE DATA: | ||||||||||||
Net income: | ||||||||||||
Basic | $ | 0.24 | $ | 0.24 | — | |||||||
Diluted | 0.24 | 0.24 | — | |||||||||
Cash dividends | 0.1500 | 0.1475 | 1.7 | % | ||||||||
Shareholders’ equity | 9.28 | 8.79 | 5.6 | % | ||||||||
Shareholders’ equity (tangible) | 5.52 | 4.97 | 11.1 | % | ||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||
Return on average assets | 1.05 | % | 1.12 | % | ||||||||
Return on average shareholders’ equity | 10.53 | % | 11.06 | % | ||||||||
Return on average shareholders’ equity (tangible) | 18.45 | % | 20.34 | % | ||||||||
Net interest margin | 3.58 | % | 3.74 | % | ||||||||
Efficiency ratio | 57.10 | % | 60.98 | % | ||||||||
Non-performing assets to total assets | 0.90 | % | 0.40 | % |
1
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
% Change from | ||||||||||||||||||||
March 31 | March 31 | December 31 | March 31 | December 31 | ||||||||||||||||
2008 | 2007 | 2007 | 2007 | 2007 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 406,601 | $ | 344,969 | $ | 381,283 | 17.9 | % | 6.6 | % | ||||||||||
Loans held for sale | 95,144 | 206,422 | 103,984 | (53.9 | %) | (8.5 | %) | |||||||||||||
Other interest-earning assets | 13,240 | 17,677 | 21,153 | (25.1 | %) | (37.4 | %) | |||||||||||||
Investment securities | 3,104,827 | 2,621,608 | 3,153,552 | 18.4 | % | (1.5 | %) | |||||||||||||
Loans, net of unearned | 11,388,653 | 10,448,175 | 11,204,424 | 9.0 | % | 1.6 | % | |||||||||||||
Allowance for loan losses | (115,257 | ) | (107,899 | ) | (107,547 | ) | 6.8 | % | 7.2 | % | ||||||||||
Net Loans | 11,273,396 | 10,340,276 | 11,096,877 | 9.0 | % | 1.6 | % | |||||||||||||
Premises and equipment | 197,424 | 190,442 | 193,296 | 3.7 | % | 2.1 | % | |||||||||||||
Accrued interest receivable | 65,865 | 67,580 | 73,435 | (2.5 | %) | (10.3 | %) | |||||||||||||
Goodwill and intangible assets | 653,038 | 662,085 | 654,908 | (1.4 | %) | (0.3 | %) | |||||||||||||
Other assets | 243,332 | 219,277 | 244,610 | 11.0 | % | (0.5 | %) | |||||||||||||
Total Assets | $ | 16,052,867 | $ | 14,670,336 | $ | 15,923,098 | 9.4 | % | 0.8 | % | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Deposits | $ | 10,048,928 | $ | 10,235,580 | $ | 10,105,445 | (1.8 | %) | (0.6 | %) | ||||||||||
Short-term borrowings | 2,229,127 | 1,138,443 | 2,383,944 | 95.8 | % | (6.5 | %) | |||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,890,969 | 1,576,283 | 1,642,133 | 20.0 | % | 15.2 | % | |||||||||||||
Other liabilities | 272,123 | 198,099 | 216,656 | 37.4 | % | 25.6 | % | |||||||||||||
Total Liabilities | 14,441,147 | 13,148,405 | 14,348,178 | 9.8 | % | 0.6 | % | |||||||||||||
Shareholders’ equity | 1,611,720 | 1,521,931 | 1,574,920 | 5.9 | % | 2.3 | % | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 16,052,867 | $ | 14,670,336 | $ | 15,923,098 | 9.4 | % | 0.8 | % | ||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 3,493,352 | $ | 3,095,492 | $ | 3,427,085 | 12.9 | % | 1.9 | % | ||||||||||
Real estate - commercial mortgage | 3,619,391 | 3,257,914 | 3,502,282 | 11.1 | % | 3.3 | % | |||||||||||||
Real estate - residential mortgage | 882,977 | 699,528 | 851,577 | 26.2 | % | 3.7 | % | |||||||||||||
Real estate - home equity | 1,547,323 | 1,425,948 | 1,501,231 | 8.5 | % | 3.1 | % | |||||||||||||
Real estate - construction | 1,303,232 | 1,377,791 | 1,342,923 | (5.4 | %) | (3.0 | %) | |||||||||||||
Consumer | 451,037 | 514,007 | 500,708 | (12.3 | %) | (9.9 | %) | |||||||||||||
Leasing and other | 91,341 | 77,495 | 78,618 | 17.9 | % | 16.2 | % | |||||||||||||
Total Loans, net of unearned income | $ | 11,388,653 | $ | 10,448,175 | $ | 11,204,424 | 9.0 | % | 1.6 | % | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 1,737,442 | $ | 1,795,265 | $ | 1,722,211 | (3.2 | %) | 0.9 | % | ||||||||||
Interest-bearing demand | 1,712,601 | 1,683,652 | 1,715,315 | 1.7 | % | (0.2 | %) | |||||||||||||
Savings deposits | 2,157,749 | 2,274,727 | 2,131,374 | (5.1 | %) | 1.2 | % | |||||||||||||
Time deposits | 4,441,136 | 4,481,936 | 4,536,545 | (0.9 | %) | (2.1 | %) | |||||||||||||
Total Deposits | $ | 10,048,928 | $ | 10,235,580 | $ | 10,105,445 | (1.8 | %) | (0.6 | %) | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Customer repurchase agreements | $ | 223,649 | $ | 278,819 | $ | 228,061 | (19.8 | %) | (1.9 | %) | ||||||||||
Short-term promissory notes | 496,706 | 359,365 | 443,002 | 38.2 | % | 12.1 | % | |||||||||||||
Federal funds purchased | 1,103,804 | 442,362 | 1,057,335 | 149.5 | % | 4.4 | % | |||||||||||||
Other | 404,968 | 57,897 | 655,546 | 599.5 | % | (38.2 | %) | |||||||||||||
Total Short-term borrowings | $ | 2,229,127 | $ | 1,138,443 | $ | 2,383,944 | 95.8 | % | (6.5 | %) | ||||||||||
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 | |||||||||||||||||||||
March 31 | March 31 | December 31 | March 31 | December 31 | ||||||||||||||||||
2008 | 2007 | 2007 | 2007 | 2007 | ||||||||||||||||||
Interest Income: | ||||||||||||||||||||||
Interest Income | $ | 229,220 | $ | 230,656 | $ | 240,069 | (0.6 | %) | (4.5 | %) | ||||||||||||
Interest Expense | 103,321 | 108,881 | 116,418 | (5.1 | %) | (11.2 | %) | |||||||||||||||
Net Interest Income | 125,899 | 121,775 | 123,651 | 3.4 | % | 1.8 | % | |||||||||||||||
Provision for Loan Losses | 11,220 | 957 | 6,800 | 1,072.4 | % | 65.0 | % | |||||||||||||||
Net Interest Income after Provision | 114,679 | 120,818 | 116,851 | (5.1 | %) | (1.9 | %) | |||||||||||||||
Other Income: | ||||||||||||||||||||||
Investment management and trust services | 8,759 | 9,810 | 9,291 | (10.7 | %) | (5.7 | %) | |||||||||||||||
Service charges on deposit accounts | 13,967 | 10,627 | 13,355 | 31.4 | % | 4.6 | % | |||||||||||||||
Other service charges and fees | 8,591 | 7,375 | 8,405 | 16.5 | % | 2.2 | % | |||||||||||||||
Gains on sale of mortgage loans | 2,311 | 5,393 | 2,181 | (57.1 | %) | 6.0 | % | |||||||||||||||
Investment securities gains (losses) | 1,246 | 1,782 | (537 | ) | (30.1 | %) | 332.0 | % | ||||||||||||||
Other | 2,806 | 4,078 | 2,516 | (31.2 | %) | 11.5 | % | |||||||||||||||
Total Other Income | 37,680 | 39,065 | 35,211 | (3.5 | %) | 7.0 | % | |||||||||||||||
Other Expenses: | ||||||||||||||||||||||
Salaries and employee benefits | 55,195 | 56,293 | 53,173 | (2.0 | %) | 3.8 | % | |||||||||||||||
Net occupancy expense | 10,524 | 10,196 | 10,002 | 3.2 | % | 5.2 | % | |||||||||||||||
Equipment expense | 3,448 | 3,715 | 3,303 | (7.2 | %) | 4.4 | % | |||||||||||||||
Data processing | 3,246 | 3,202 | 3,205 | 1.4 | % | 1.3 | % | |||||||||||||||
Advertising | 2,905 | 2,409 | 3,465 | 20.6 | % | (16.2 | %) | |||||||||||||||
Intangible amortization | 1,857 | 1,983 | 2,158 | (6.4 | %) | (13.9 | %) | |||||||||||||||
Operating risk loss | 1,243 | 5,914 | 767 | (79.0 | %) | 62.1 | % | |||||||||||||||
Other | 18,242 | 17,193 | 22,374 | 6.1 | % | (18.5 | %) | |||||||||||||||
Total Other Expenses | 96,660 | 100,905 | 98,447 | (4.2 | %) | (1.8 | %) | |||||||||||||||
Income Before Income Taxes | 55,699 | 58,978 | 53,615 | (5.6 | %) | 3.9 | % | |||||||||||||||
Income Taxes | 14,203 | 17,850 | 15,436 | (20.4 | %) | (8.0 | %) | |||||||||||||||
Net Income | $ | 41,496 | $ | 41,128 | $ | 38,179 | 0.9 | % | 8.7 | % | ||||||||||||
SHARE AND PER-SHARE INFORMATION: | ||||||||||||||||||||||
Net income: | ||||||||||||||||||||||
Basic | $ | 0.24 | $ | 0.24 | $ | 0.22 | — | 9.1 | % | |||||||||||||
Diluted | 0.24 | 0.24 | 0.22 | — | 9.1 | % | ||||||||||||||||
Cash dividends | $ | 0.1500 | $ | 0.1475 | $ | 0.1500 | 1.7 | % | — | |||||||||||||
Shareholders’ equity | 9.28 | 8.79 | 9.08 | 5.6 | % | 2.2 | % | |||||||||||||||
Shareholders’ equity (tangible) | 5.52 | 4.97 | 5.30 | 11.1 | % | 4.2 | % | |||||||||||||||
Weighted average shares (basic) | 173,624 | 173,273 | 173,416 | 0.2 | % | 0.1 | % | |||||||||||||||
Weighted average shares (diluted) | 174,209 | 174,878 | 174,155 | (0.4 | %) | — | ||||||||||||||||
Shares outstanding, end of period | 173,722 | 173,083 | 173,503 | 0.4 | % | 0.1 | % | |||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||
Return on average assets | 1.05 | % | 1.12 | % | 0.97 | % | ||||||||||||||||
Return on average shareholders’ equity | 10.53 | % | 11.06 | % | 9.72 | % | ||||||||||||||||
Return on average shareholders’ equity (tangible) | 18.45 | % | 20.34 | % | 17.44 | % | ||||||||||||||||
Net interest margin | 3.58 | % | 3.74 | % | 3.56 | % | ||||||||||||||||
Efficiency ratio | 57.10 | % | 60.98 | % | 59.09 | % | ||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
March 31, 2008 | March 31, 2007 | December 31, 2007 | ||||||||||||||||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 11,295,531 | $ | 192,422 | 6.85 | % | $ | 10,414,698 | $ | 196,558 | 7.65 | % | $ | 11,082,957 | $ | 204,281 | 7.32 | % | ||||||||||||||||||
Taxable investment securities | 2,407,189 | 29,561 | 4.91 | % | 2,190,230 | 24,619 | 4.50 | % | 2,348,449 | 28,420 | 4.84 | % | ||||||||||||||||||||||||
Tax-exempt investment securities | 515,856 | 6,761 | 5.24 | % | 492,709 | 6,228 | 5.06 | % | 494,790 | 6,462 | 5.22 | % | ||||||||||||||||||||||||
Equity securities | 213,004 | 2,380 | 4.48 | % | 178,488 | 2,129 | 4.79 | % | 201,554 | 2,445 | 4.84 | % | ||||||||||||||||||||||||
Total Investment Securities | 3,136,049 | 38,702 | 4.94 | % | 2,861,427 | 32,976 | 4.61 | % | 3,044,793 | 37,327 | 4.90 | % | ||||||||||||||||||||||||
Loans held for sale | 98,676 | 1,577 | 6.39 | % | 207,856 | 3,684 | 7.09 | % | 101,788 | 1,730 | 6.79 | % | ||||||||||||||||||||||||
Other interest-earning assets | 26,784 | 218 | 3.25 | % | 48,328 | 596 | 4.97 | % | 24,136 | 291 | 4.78 | % | ||||||||||||||||||||||||
Total Interest-earning Assets | 14,557,040 | 232,919 | 6.43 | % | 13,532,309 | 233,814 | 6.99 | % | 14,253,674 | 243,629 | 6.80 | % | ||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 310,719 | 315,969 | 323,490 | |||||||||||||||||||||||||||||||||
Premises and equipment | 196,037 | 192,002 | 191,502 | |||||||||||||||||||||||||||||||||
Other assets | 927,260 | 899,843 | 907,267 | |||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (109,914 | ) | (107,683 | ) | (110,922 | ) | ||||||||||||||||||||||||||||||
Total Assets | $ | 15,881,142 | $ | 14,832,440 | $ | 15,565,011 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | $ | 1,685,620 | $ | 4,405 | 1.05 | % | $ | 1,657,714 | $ | 6,904 | 1.69 | % | $ | 1,721,831 | $ | 6,598 | 1.52 | % | ||||||||||||||||||
Savings deposits | 2,137,704 | 9,163 | 1.72 | % | 2,295,822 | 13,811 | 2.44 | % | 2,179,753 | 12,046 | 2.19 | % | ||||||||||||||||||||||||
Time deposits | 4,520,004 | 49,918 | 4.44 | % | 4,457,363 | 50,493 | 4.59 | % | 4,603,944 | 54,341 | 4.68 | % | ||||||||||||||||||||||||
Total Interest-bearing Deposits | 8,343,328 | 63,486 | 3.06 | % | 8,410,899 | 71,208 | 3.43 | % | 8,505,528 | 72,985 | 3.40 | % | ||||||||||||||||||||||||
Short-term borrowings | 2,347,463 | 18,828 | 3.19 | % | 1,552,495 | 19,054 | 4.93 | % | 2,020,751 | 22,249 | 4.33 | % | ||||||||||||||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,798,508 | 21,007 | 4.69 | % | 1,450,016 | 18,619 | 5.14 | % | 1,624,613 | 21,184 | 5.19 | % | ||||||||||||||||||||||||
Total Interest-bearing Liabilities | 12,489,299 | 103,321 | 3.32 | % | 11,413,410 | 108,881 | 3.85 | % | 12,150,892 | 116,418 | 3.80 | % | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 1,616,283 | 1,721,135 | 1,675,528 | |||||||||||||||||||||||||||||||||
Other | 190,496 | 189,297 | 180,907 | |||||||||||||||||||||||||||||||||
Total Liabilities | 14,296,078 | 13,323,842 | 14,007,327 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,585,064 | 1,508,598 | 1,557,684 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 15,881,142 | $ | 14,832,440 | $ | 15,565,011 | ||||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 129,598 | 3.58 | % | 124,933 | 3.74 | % | 127,211 | 3.56 | % | |||||||||||||||||||||||||||
Tax equivalent adjustment | (3,699 | ) | (3,158 | ) | (3,560 | ) | ||||||||||||||||||||||||||||||
Net interest income | $ | 125,899 | $ | 121,775 | $ | 123,651 |
(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 | |||||||||||||||||||
March 31 | March 31 | December 31 | March 31 | December 31 | ||||||||||||||||
2008 | 2007 | 2007 | 2007 | 2007 | ||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 3,472,443 | $ | 3,031,242 | $ | 3,364,211 | 14.6 | % | 3.2 | % | ||||||||||
Real estate - commercial mortgage | 3,547,507 | 3,239,179 | 3,438,386 | 9.5 | % | 3.2 | % | |||||||||||||
Real estate - residential mortgage | 861,054 | 701,918 | 831,825 | 22.7 | % | 3.5 | % | |||||||||||||
Real estate - home equity | 1,526,475 | 1,441,741 | 1,486,367 | 5.9 | % | 2.7 | % | |||||||||||||
Real estate - construction | 1,328,718 | 1,396,527 | 1,377,391 | (4.9 | %) | (3.5 | %) | |||||||||||||
Consumer | 473,245 | 516,335 | 499,253 | (8.3 | %) | (5.2 | %) | |||||||||||||
Leasing and other | 86,089 | 87,756 | 85,524 | (1.9 | %) | 0.7 | % | |||||||||||||
Total Loans, net of unearned income | $ | 11,295,531 | $ | 10,414,698 | $ | 11,082,957 | 8.5 | % | 1.9 | % | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 1,616,283 | $ | 1,721,135 | $ | 1,675,528 | (6.1 | %) | (3.5 | %) | ||||||||||
Interest-bearing demand | 1,685,620 | 1,657,714 | 1,721,831 | 1.7 | % | (2.1 | %) | |||||||||||||
Savings deposits | 2,137,704 | 2,295,822 | 2,179,753 | (6.9 | %) | (1.9 | %) | |||||||||||||
Time deposits | 4,520,004 | 4,457,363 | 4,603,944 | 1.4 | % | (1.8 | %) | |||||||||||||
Total Deposits | $ | 9,959,611 | $ | 10,132,034 | $ | 10,181,056 | (1.7 | %) | (2.2 | %) | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Customer repurchase agreements | $ | 226,921 | $ | 256,658 | $ | 237,346 | (11.6 | %) | (4.4 | %) | ||||||||||
Short-term promissory notes | 471,470 | 315,515 | 478,018 | 49.4 | % | (1.4 | %) | |||||||||||||
Federal funds purchased | 1,184,370 | 915,241 | 975,732 | 29.4 | % | 21.4 | % | |||||||||||||
Other | 464,702 | 65,081 | 329,655 | 614.0 | % | 41.0 | % | |||||||||||||
Total Short-term borrowings | $ | 2,347,463 | $ | 1,552,495 | $ | 2,020,751 | 51.2 | % | 16.2 | % | ||||||||||
4
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Quarter Ended | ||||||||||||
March 31 | March 31 | December 31 | ||||||||||
2008 | 2007 | 2007 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||
Balance at beginning of period | $ | 112,209 | $ | 106,884 | $ | 109,435 | ||||||
Loans charged off | (5,626 | ) | (1,360 | ) | (5,068 | ) | ||||||
Recoveries of loans previously charged off | 1,266 | 1,418 | 1,042 | |||||||||
Net loans (charged off) recovered | (4,360 | ) | 58 | (4,026 | ) | |||||||
Provision for loan losses | 11,220 | 957 | 6,800 | |||||||||
Balance at end of period | $ | 119,069 | $ | 107,899 | $ | 112,209 | ||||||
Net charge-offs (recoveries) to average loans (annualized) | 0.15 | % | — | 0.15 | % | |||||||
COMPONENTS OF ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||
Allowance for loan losses | $ | 115,257 | $ | 107,899 | $ | 107,547 | ||||||
Reserve for unfunded lending commitments (1) | 3,812 | — | 4,662 | |||||||||
Allowance for credit losses | $ | 119,069 | $ | 107,899 | $ | 112,209 | ||||||
(1)Reserve for unfunded commitments transferred to other liabilities as of December 31, 2007. Prior periods were not reclassified. | ||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||
Non-accrual loans | $ | 97,212 | $ | 37,914 | $ | 76,150 | ||||||
Accruing loans 90+ days overdue | 29,733 | 13,467 | 29,782 | |||||||||
Other real estate owned | 18,333 | 6,576 | 14,934 | |||||||||
Total non-performing assets | $ | 145,278 | $ | 57,957 | $ | 120,866 | ||||||
ASSET QUALITY RATIOS: | ||||||||||||
Non-accrual loans to total loans | 0.85 | % | 0.36 | % | 0.68 | % | ||||||
Non-performing assets to total loans and OREO | 1.27 | % | 0.55 | % | 1.08 | % | ||||||
Non-performing assets to total assets | 0.90 | % | 0.40 | % | 0.76 | % | ||||||
Allowance for credit losses to loans outstanding | 1.05 | % | 1.03 | % | 1.00 | % | ||||||
Allowance for loan losses to loans outstanding | 1.01 | % | 1.03 | % | 0.96 | % | ||||||
Allowance for credit losses to non-performing loans | 94 | % | 210 | % | 106 | % |
5