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 | 2009 | 2008 | % Change | |||||||||
Total assets | $ | 16,493,522 | $ | 16,052,867 | 2.7 | % | ||||||
Loans, net of unearned income | 12,009,060 | 11,388,653 | 5.4 | % | ||||||||
Investment securities | 3,123,687 | 3,104,827 | 0.6 | % | ||||||||
Deposits | 11,413,982 | 10,048,928 | 13.6 | % | ||||||||
Shareholders’ equity | 1,861,321 | 1,611,720 | 15.5 | % |
Quarter Ended March 31 | ||||||||||||
INCOME SUMMARY | 2009 | 2008 | % Change | |||||||||
Interest income | $ | 195,567 | $ | 229,220 | (14.7 | %) | ||||||
Interest expense | (71,451 | ) | (103,321 | ) | (30.8 | %) | ||||||
Net interest income | 124,116 | 125,899 | (1.4 | %) | ||||||||
Provision for loan losses | (50,000 | ) | (11,220 | ) | 345.6 | % | ||||||
Investment securities gains | 2,919 | 1,246 | 134.3 | % | ||||||||
Other income | 43,995 | 36,434 | 20.8 | % | ||||||||
Other expenses | (106,372 | ) | (96,660 | ) | 10.0 | % | ||||||
Income before income taxes | 14,658 | 55,699 | (73.7 | %) | ||||||||
Income tax expense | (1,573 | ) | (14,203 | ) | (88.9 | %) | ||||||
Net income | 13,085 | 41,496 | (68.5 | %) | ||||||||
Preferred stock dividends and discount accretion | (5,031 | ) | — | N/A | ||||||||
Net income available to common shareholders | $ | 8,054 | $ | 41,496 | (80.6 | %) | ||||||
PER COMMON SHARE: | ||||||||||||
Net income: | ||||||||||||
Basic | $ | 0.05 | $ | 0.24 | (79.2 | %) | ||||||
Diluted | 0.05 | 0.24 | (79.2 | %) | ||||||||
Cash dividends | 0.03 | 0.15 | (80.0 | %) | ||||||||
Shareholders’ equity | 8.50 | 9.28 | (8.4 | %) | ||||||||
Shareholders’ equity (tangible) | 5.33 | 5.52 | (3.4 | %) | ||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||
Return on average assets | 0.33 | % | 1.05 | % | ||||||||
Return on average common shareholders’ equity | 2.84 | % | 10.53 | % | ||||||||
Return on average common shareholders’ equity (tangible) | 3.88 | % | 18.45 | % | ||||||||
Net interest margin | 3.45 | % | 3.58 | % | ||||||||
Efficiency ratio | 60.95 | % | 57.10 | % | ||||||||
Non-performing assets to total assets | 1.63 | % | 0.90 | % |
N/A — Not applicable |
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 | ||||||||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 265,431 | $ | 406,601 | $ | 331,164 | (34.7 | %) | (19.8 | %) | ||||||||||
Loans held for sale | 102,033 | 95,144 | 95,840 | 7.2 | % | 6.5 | % | |||||||||||||
Other interest-earning assets | 14,329 | 13,240 | 21,710 | 8.2 | % | (34.0 | %) | |||||||||||||
Investment securities | 3,123,687 | 3,104,827 | 2,724,841 | 0.6 | % | 14.6 | % | |||||||||||||
Loans, net of unearned income | 12,009,060 | 11,388,653 | 12,042,620 | 5.4 | % | (0.3 | %) | |||||||||||||
Allowance for loan losses | (192,410 | ) | (115,257 | ) | (173,946 | ) | 66.9 | % | 10.6 | % | ||||||||||
Net Loans | 11,816,650 | 11,273,396 | 11,868,674 | 4.8 | % | (0.4 | %) | |||||||||||||
Premises and equipment | 205,495 | 197,424 | 202,657 | 4.1 | % | 1.4 | % | |||||||||||||
Accrued interest receivable | 59,369 | 65,865 | 58,566 | (9.9 | %) | 1.4 | % | |||||||||||||
Goodwill and intangible assets | 556,496 | 653,038 | 557,833 | (14.8 | %) | (0.2 | %) | |||||||||||||
Other assets | 350,032 | 243,332 | 323,821 | 43.8 | % | 8.1 | % | |||||||||||||
Total Assets | $ | 16,493,522 | $ | 16,052,867 | $ | 16,185,106 | 2.7 | % | 1.9 | % | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Deposits | $ | 11,413,982 | $ | 10,048,928 | $ | 10,551,916 | 13.6 | % | 8.2 | % | ||||||||||
Short-term borrowings | 1,195,474 | 2,229,127 | 1,762,770 | (46.4 | %) | (32.2 | %) | |||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,786,598 | 1,890,969 | 1,787,797 | (5.5 | %) | (0.1 | %) | |||||||||||||
Other liabilities | 236,147 | 272,123 | 222,976 | (13.2 | %) | 5.9 | % | |||||||||||||
Total Liabilities | 14,632,201 | 14,441,147 | 14,325,459 | 1.3 | % | 2.1 | % | |||||||||||||
Preferred stock | 369,270 | — | 368,944 | N/A | 0.1 | % | ||||||||||||||
Common shareholders’ equity | 1,492,051 | 1,611,720 | 1,490,703 | (7.4 | %) | 0.1 | % | |||||||||||||
Total Shareholders’ Equity | 1,861,321 | 1,611,720 | 1,859,647 | 15.5 | % | 0.1 | % | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 16,493,522 | $ | 16,052,867 | $ | 16,185,106 | 2.7 | % | 1.9 | % | ||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Real estate — commercial mortgage | $ | 4,068,342 | $ | 3,597,307 | $ | 4,016,700 | 13.1 | % | 1.3 | % | ||||||||||
Commercial — industrial, financial and agricultural | 3,653,503 | 3,493,352 | 3,635,544 | 4.6 | % | 0.5 | % | |||||||||||||
Real estate — home equity | 1,673,613 | 1,547,323 | 1,695,398 | 8.2 | % | (1.3 | %) | |||||||||||||
Real estate — construction | 1,205,256 | 1,328,802 | 1,269,330 | (9.3 | %) | (5.0 | %) | |||||||||||||
Real estate — residential mortgage | 947,837 | 879,491 | 972,797 | 7.8 | % | (2.6 | %) | |||||||||||||
Consumer | 378,851 | 451,037 | 365,692 | (16.0 | %) | 3.6 | % | |||||||||||||
Leasing and other | 81,658 | 91,341 | 87,159 | (10.6 | %) | (6.3 | %) | |||||||||||||
Total Loans, net of unearned income | $ | 12,009,060 | $ | 11,388,653 | $ | 12,042,620 | 5.4 | % | (0.3 | %) | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 1,776,169 | $ | 1,737,442 | $ | 1,653,440 | 2.2 | % | 7.4 | % | ||||||||||
Interest-bearing demand | 1,799,586 | 1,712,601 | 1,789,833 | 5.1 | % | 0.5 | % | |||||||||||||
Savings deposits | 2,125,297 | 2,157,749 | 2,010,526 | (1.5 | %) | 5.7 | % | |||||||||||||
Time deposits | 5,712,930 | 4,441,136 | 5,098,117 | 28.6 | % | 12.1 | % | |||||||||||||
Total Deposits | $ | 11,413,982 | $ | 10,048,928 | $ | 10,551,916 | 13.6 | % | 8.2 | % | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Federal funds purchased | $ | 397,158 | $ | 1,103,804 | $ | 1,147,673 | (64.0 | %) | (65.4 | %) | ||||||||||
Short-term promissory notes | 343,845 | 496,706 | 356,788 | (30.8 | %) | (3.6 | %) | |||||||||||||
Customer repurchase agreements | 249,256 | 223,649 | 255,796 | 11.4 | % | (2.6 | %) | |||||||||||||
Federal Reserve Bank borrowings | 200,000 | — | — | N/A | N/A | |||||||||||||||
Overnight borrowings and other | 5,215 | 404,968 | 2,513 | (98.7 | %) | 107.5 | % | |||||||||||||
Total Short-term borrowings | $ | 1,195,474 | $ | 2,229,127 | $ | 1,762,770 | (46.4 | %) | (32.2 | %) | ||||||||||
N/A — Not Applicable
2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATION (UNAUDITED)
dollars in thousands, except per-share data
CONDENSED CONSOLIDATED STATEMENTS OF OPERATION (UNAUDITED)
dollars in thousands, except per-share data
Quarter Ended | % Change from | |||||||||||||||||||
March 31 | March 31 | December 31 | March 31 | December 31 | ||||||||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | ||||||||||||||||
Interest Income: | ||||||||||||||||||||
Interest income | $ | 195,567 | $ | 229,220 | $ | 209,073 | (14.7 | %) | (6.5 | %) | ||||||||||
Interest expense | 71,451 | 103,321 | 76,732 | (30.8 | %) | (6.9 | %) | |||||||||||||
Net Interest Income | 124,116 | 125,899 | 132,341 | (1.4 | %) | (6.2 | %) | |||||||||||||
Provision for loan losses | 50,000 | 11,220 | 65,000 | 345.6 | % | (23.1 | %) | |||||||||||||
Net Interest Income after Provision | 74,116 | 114,679 | 67,341 | (35.4 | %) | 10.1 | % | |||||||||||||
Other Income: | ||||||||||||||||||||
Service charges on deposit accounts | 14,894 | 13,967 | 16,177 | 6.6 | % | (7.9 | %) | |||||||||||||
Gains on sale of mortgage loans | 8,591 | 2,311 | 3,085 | 271.7 | % | 178.5 | % | |||||||||||||
Other service charges and fees | 8,354 | 8,591 | 8,927 | (2.8 | %) | (6.4 | %) | |||||||||||||
Investment management and trust services | 7,903 | 8,759 | 7,541 | (9.8 | %) | 4.8 | % | |||||||||||||
Investment securities gains (losses) | 2,919 | 1,246 | (28,339 | ) | 134.3 | % | 110.3 | % | ||||||||||||
Other | 4,253 | 2,806 | 3,020 | 51.6 | % | 40.8 | % | |||||||||||||
Total Other Income | 46,914 | 37,680 | 10,411 | 24.5 | % | 350.6 | % | |||||||||||||
Other Expenses: | ||||||||||||||||||||
Salaries and employee benefits | 55,304 | 55,195 | 48,771 | 0.2 | % | 13.4 | % | |||||||||||||
Net occupancy expense | 11,023 | 10,524 | 11,240 | 4.7 | % | (1.9 | %) | |||||||||||||
Operating risk loss | 6,201 | 1,243 | 5,200 | 398.9 | % | 19.3 | % | |||||||||||||
FDIC insurance premiums | 4,288 | 862 | 1,878 | 397.4 | % | 128.3 | % | |||||||||||||
Equipment expense | 3,079 | 3,448 | 3,425 | (10.7 | %) | (10.1 | %) | |||||||||||||
Data processing | 3,072 | 3,246 | 3,209 | (5.4 | %) | (4.3 | %) | |||||||||||||
Marketing | 2,571 | 2,905 | 3,746 | (11.5 | %) | (31.4 | %) | |||||||||||||
Intangible amortization | 1,463 | 1,857 | 1,776 | (21.2 | %) | (17.6 | %) | |||||||||||||
Goodwill impairment | — | — | 90,000 | N/A | N/A | |||||||||||||||
Other | 19,371 | 17,380 | 21,629 | 11.5 | % | (10.4 | %) | |||||||||||||
Total Other Expenses | 106,372 | 96,660 | 190,874 | 10.0 | % | (44.3 | %) | |||||||||||||
Income (Loss) Before Income Taxes | 14,658 | 55,699 | (113,122 | ) | (73.7 | %) | (113.0 | %) | ||||||||||||
Income tax expense (benefit) | 1,573 | 14,203 | (11,255 | ) | (88.9 | %) | (114.0 | %) | ||||||||||||
Net Income (Loss) | 13,085 | 41,496 | (101,867 | ) | (68.5 | %) | (112.8 | %) | ||||||||||||
Preferred stock dividends and discount accretion | (5,031 | ) | — | (463 | ) | N/A | (986.6 | %) | ||||||||||||
Net Income (Loss) Available to Common Shareholders | $ | 8,054 | $ | 41,496 | $ | (102,330 | ) | (80.6 | %) | (107.9 | %) | |||||||||
PER COMMON SHARE: | ||||||||||||||||||||
Net income (loss): | ||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.24 | $ | (0.58 | ) | (79.2 | %) | (108.6 | %) | |||||||||
Diluted | 0.05 | 0.24 | (0.58 | ) | (79.2 | %) | (108.6 | %) | ||||||||||||
Cash dividends | $ | 0.03 | $ | 0.15 | $ | 0.15 | (80.0 | %) | (80.0 | %) | ||||||||||
Shareholders’ equity | 8.50 | 9.28 | 8.52 | (8.4 | %) | (0.2 | %) | |||||||||||||
Shareholders’ equity (tangible) | 5.33 | 5.52 | 5.33 | (3.4 | %) | — | ||||||||||||||
Weighted average shares (basic) | 175,315 | 173,624 | 174,889 | 1.0 | % | 0.2 | % | |||||||||||||
Weighted average shares (diluted) | 175,548 | 174,209 | 174,889 | 0.8 | % | 0.4 | % | |||||||||||||
Shares outstanding, end of period | 175,507 | 173,722 | 175,044 | 1.0 | % | 0.3 | % | |||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||
Return on average assets | 0.33 | % | 1.05 | % | (2.51 | %) | ||||||||||||||
Return on average common shareholders’ equity | 2.84 | % | 10.53 | % | (24.89 | %) | ||||||||||||||
Return on average common shareholders’ equity (tangible) | 3.88 | % | 18.45 | % | (4.35 | %) | ||||||||||||||
Net interest margin | 3.45 | % | 3.58 | % | 3.68 | % | ||||||||||||||
Efficiency ratio | 60.95 | % | 57.10 | % | 56.57 | % |
N/A — Not applicable
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, 2009 | March 31, 2008 | December 31, 2008 | ||||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||||
Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | Balance | Interest (1) | Rate | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 12,041,286 | $ | 163,753 | 5.51 | % | $ | 11,295,531 | $ | 192,422 | 6.85 | % | $ | 11,960,067 | $ | 178,096 | 5.93 | % | ||||||||||||||||||
Taxable investment securities | 2,212,639 | 26,849 | 4.86 | % | 2,407,189 | 29,561 | 4.91 | % | 2,086,808 | 26,106 | 5.00 | % | ||||||||||||||||||||||||
Tax-exempt investment securities | 503,265 | 6,887 | 5.47 | % | 515,856 | 6,761 | 5.24 | % | 516,045 | 7,073 | 5.48 | % | ||||||||||||||||||||||||
Equity securities | 137,308 | 774 | 2.28 | % | 213,004 | 2,380 | 4.48 | % | 154,660 | 797 | 2.05 | % | ||||||||||||||||||||||||
Total Investment Securities | 2,853,212 | 34,510 | 4.84 | % | 3,136,049 | 38,702 | 4.94 | % | 2,757,513 | 33,976 | 4.93 | % | ||||||||||||||||||||||||
Loans held for sale | 104,467 | 1,261 | 4.83 | % | 98,676 | 1,577 | 6.39 | % | 64,096 | 975 | 6.08 | % | ||||||||||||||||||||||||
Other interest-earning assets | 16,934 | 50 | 1.19 | % | 26,784 | 218 | 3.25 | % | 23,889 | 124 | 2.08 | % | ||||||||||||||||||||||||
Total Interest-earning Assets | 15,015,899 | 199,574 | 5.38 | % | 14,557,040 | 232,919 | 6.43 | % | 14,805,565 | 213,171 | 5.74 | % | ||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 317,928 | 310,719 | 317,571 | |||||||||||||||||||||||||||||||||
Premises and equipment | 202,875 | 196,037 | 200,918 | |||||||||||||||||||||||||||||||||
Other assets | 924,755 | 927,260 | 960,606 | |||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (187,183 | ) | (109,914 | ) | (150,266 | ) | ||||||||||||||||||||||||||||||
Total Assets | $ | 16,274,274 | $ | 15,881,142 | $ | 16,134,394 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | $ | 1,754,003 | $ | 1,776 | 0.41 | % | $ | 1,685,620 | $ | 4,405 | 1.05 | % | $ | 1,727,874 | $ | 2,630 | 0.61 | % | ||||||||||||||||||
Savings deposits | 2,058,021 | 4,353 | 0.86 | % | 2,137,704 | 9,163 | 1.72 | % | 2,070,931 | 6,124 | 1.18 | % | ||||||||||||||||||||||||
Time deposits | 5,432,676 | 43,767 | 3.27 | % | 4,520,004 | 49,918 | 4.44 | % | 4,818,068 | 41,553 | 3.43 | % | ||||||||||||||||||||||||
Total Interest-bearing Deposits | 9,244,700 | 49,896 | 2.19 | % | 8,343,328 | 63,486 | 3.06 | % | 8,616,873 | 50,307 | 2.32 | % | ||||||||||||||||||||||||
Short-term borrowings | 1,517,064 | 1,436 | 0.38 | % | 2,347,463 | 18,828 | 3.19 | % | 2,251,571 | 5,998 | 1.05 | % | ||||||||||||||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,787,493 | 20,119 | 4.55 | % | 1,798,508 | 21,007 | 4.69 | % | 1,798,688 | 20,427 | 4.53 | % | ||||||||||||||||||||||||
Total Interest-bearing Liabilities | 12,549,257 | 71,451 | 2.31 | % | 12,489,299 | 103,321 | 3.32 | % | 12,667,132 | 76,732 | 2.41 | % | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 1,657,658 | 1,616,283 | 1,643,118 | |||||||||||||||||||||||||||||||||
Other | 201,449 | 190,496 | 196,004 | |||||||||||||||||||||||||||||||||
Total Liabilities | 14,408,364 | 14,296,078 | 14,506,254 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,865,910 | 1,585,064 | 1,628,140 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 16,274,274 | $ | 15,881,142 | $ | 16,134,394 | ||||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 128,123 | 3.45 | % | 129,598 | 3.58 | % | 136,439 | 3.68 | % | |||||||||||||||||||||||||||
Tax equivalent adjustment | (4,007 | ) | (3,699 | ) | (4,098 | ) | ||||||||||||||||||||||||||||||
Net interest income | $ | 124,116 | $ | 125,899 | $ | 132,341 | ||||||||||||||||||||||||||||||
(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 | ||||||||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | ||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Real estate — commercial mortgage | $ | 4,048,269 | $ | 3,529,168 | $ | 3,965,145 | 14.7 | % | 2.1 | % | ||||||||||
Commercial — industrial, financial and agricultural | 3,682,678 | 3,472,443 | 3,603,790 | 6.1 | % | 2.2 | % | |||||||||||||
Real estate — home equity | 1,698,599 | 1,526,473 | 1,673,570 | 11.3 | % | 1.5 | % | |||||||||||||
Real estate — construction | 1,203,328 | 1,349,924 | 1,269,104 | (10.9 | %) | (5.2 | %) | |||||||||||||
Real estate — residential mortgage | 957,939 | 858,187 | 978,223 | 11.6 | % | (2.1 | %) | |||||||||||||
Consumer | 360,919 | 473,247 | 378,686 | (23.7 | %) | (4.7 | %) | |||||||||||||
Leasing and other | 89,554 | 86,089 | 91,549 | 4.0 | % | (2.2 | %) | |||||||||||||
Total Loans, net of unearned income | $ | 12,041,286 | $ | 11,295,531 | $ | 11,960,067 | 6.6 | % | 0.7 | % | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 1,657,658 | $ | 1,616,283 | $ | 1,643,118 | 2.6 | % | 0.9 | % | ||||||||||
Interest-bearing demand | 1,754,003 | 1,685,620 | 1,727,874 | 4.1 | % | 1.5 | % | |||||||||||||
Savings deposits | 2,058,021 | 2,137,704 | 2,070,931 | (3.7 | %) | (0.6 | %) | |||||||||||||
Time deposits | 5,432,676 | 4,520,004 | 4,818,068 | 20.2 | % | 12.8 | % | |||||||||||||
Total Deposits | $ | 10,902,358 | $ | 9,959,611 | $ | 10,259,991 | 9.5 | % | 6.3 | % | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Federal funds purchased | $ | 792,001 | $ | 1,184,370 | $ | 1,426,618 | (33.1 | %) | (44.5 | %) | ||||||||||
Short-term promissory notes | 337,069 | 471,470 | 391,781 | (28.5 | %) | (14.0 | %) | |||||||||||||
Customer repurchase agreements | 246,429 | 226,921 | 244,633 | 8.6 | % | 0.7 | % | |||||||||||||
Federal Reserve Bank borrowings | 138,222 | — | — | N/A | N/A | |||||||||||||||
Overnight borrowings and other | 3,343 | 464,702 | 188,539 | (99.3 | %) | (98.2 | %) | |||||||||||||
Total Short-term borrowings | $ | 1,517,064 | $ | 2,347,463 | $ | 2,251,571 | (35.4 | %) | (32.6 | %) | ||||||||||
N/A — Not Applicable
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 | ||||||||||
2009 | 2008 | 2008 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||
Balance at beginning of period | $ | 180,137 | $ | 112,209 | $ | 141,829 | ||||||
Loans charged off: | ||||||||||||
Real estate — construction | (12,242 | ) | — | (11,877 | ) | |||||||
Commercial — industrial, agricultural and financial | (10,622 | ) | (2,764 | ) | (6,392 | ) | ||||||
Real estate — commercial mortgage | (3,960 | ) | (318 | ) | (4,688 | ) | ||||||
Real estate — residential mortgage and home equity | (1,937 | ) | (531 | ) | (2,899 | ) | ||||||
Consumer | (2,076 | ) | (1,381 | ) | (1,450 | ) | ||||||
Leasing and other | (946 | ) | (632 | ) | (1,033 | ) | ||||||
Total loans charged off | (31,783 | ) | (5,626 | ) | (28,339 | ) | ||||||
Recoveries of loans charged off: | ||||||||||||
Real estate — construction | 112 | — | — | |||||||||
Commercial — industrial, agricultural and financial | 904 | 276 | 770 | |||||||||
Real estate — commercial mortgage | 10 | 77 | 5 | |||||||||
Real estate — residential mortgage and home equity | 1 | 3 | 56 | |||||||||
Consumer | 429 | 418 | 465 | |||||||||
Leasing and other | 253 | 492 | 351 | |||||||||
Recoveries of loans previously charged off | 1,709 | 1,266 | 1,647 | |||||||||
Net loans charged off | (30,074 | ) | (4,360 | ) | (26,692 | ) | ||||||
Provision for loan losses | 50,000 | 11,220 | 65,000 | |||||||||
Balance at end of period | $ | 200,063 | $ | 119,069 | $ | 180,137 | ||||||
Net charge-offs to average loans (annualized) | 1.00 | % | 0.15 | % | 0.89 | % | ||||||
COMPONENTS OF ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||
Allowance for loan losses | $ | 192,410 | $ | 115,257 | $ | 173,946 | ||||||
Reserve for unfunded lending commitments | 7,653 | 3,812 | 6,191 | |||||||||
Allowance for credit losses | $ | 200,063 | $ | 119,069 | $ | 180,137 | ||||||
NON-PERFORMING ASSETS: | ||||||||||||
Non-accrual loans | $ | 198,765 | $ | 96,588 | $ | 161,962 | ||||||
Loans 90 days past due and accruing | 47,284 | 29,733 | 35,177 | |||||||||
Total non-performing loans | 246,049 | 126,321 | 197,139 | |||||||||
Other real estate owned | 23,189 | 18,333 | 21,855 | |||||||||
Total non-performing assets | $ | 269,238 | $ | 144,654 | $ | 218,994 | ||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||
Real estate — construction | $ | 93,425 | $ | 28,160 | $ | 80,083 | ||||||
Commercial — industrial, agricultural and financial | 50,493 | 35,462 | 40,294 | |||||||||
Real estate — commercial mortgage | 59,899 | 30,162 | 41,745 | |||||||||
Real estate — residential mortgage and home equity | 31,365 | 24,586 | 26,304 | |||||||||
Consumer | 10,316 | 5,858 | 8,374 | |||||||||
Leasing | 551 | 2,093 | 339 | |||||||||
Total non-performing loans | $ | 246,049 | $ | 126,321 | $ | 197,139 | ||||||
ASSET QUALITY RATIOS: | ||||||||||||
Non-accrual loans to total loans | 1.66 | % | 0.85 | % | 1.34 | % | ||||||
Non-performing assets to total loans and OREO | 2.24 | % | 1.27 | % | 1.82 | % | ||||||
Non-performing assets to total assets | 1.63 | % | 0.90 | % | 1.35 | % | ||||||
Allowance for credit losses to loans outstanding | 1.67 | % | 1.05 | % | 1.50 | % | ||||||
Allowance for loan losses to loans outstanding | 1.60 | % | 1.01 | % | 1.44 | % | ||||||
Allowance for credit losses to non-performing loans | 81 | % | 94 | % | 91 | % | ||||||
Non-performing assets to tangible common shareholders’ equity and allowance for credit losses | 23.71 | % | 13.42 | % | 19.68 | % |
5
FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURE (UNAUDITED)
dollars in thousands, except per-share data
RECONCILIATION OF NON-GAAP MEASURE (UNAUDITED)
dollars in thousands, except per-share data
Explanatory note: | This press release contains certain financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Standards (“GAAP”) that Management uses in its analysis of the Corporation’s performance. The Corporation has presented these non-GAAP measures because it believes that they provide more useful and comparative information to assess trends in the Corporation’s quarterly results of operations. These non-GAAP measures should not be considered a substitute for GAAP basis measures and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. |
Quarter Ended | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | March 31, 2008 | December 31, 2008 | ||||||||||||||||||||||||||||||||||
Pre-tax | After-tax | Diluted | Pre-tax | After-tax | Diluted | Pre-tax | After-tax | Diluted | ||||||||||||||||||||||||||||
(Expense)/ | (Expense)/ | EPS | (Expense)/ | (Expense)/ | EPS | (Expense)/ | (Expense)/ | EPS | ||||||||||||||||||||||||||||
Income | Income | Impact | Income | Income | Impact | Income | Income | Impact | ||||||||||||||||||||||||||||
Goodwill impairment charge | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (90,000 | ) | $ | (90,000 | ) | (0.51 | ) | ||||||||||||||||
Other-than-temporary impairment of securities | (3,040 | ) | (1,976 | ) | (0.01 | ) | (3,575 | ) | (2,324 | ) | (0.01 | ) | (26,065 | ) | (16,942 | ) | (0.10 | ) | ||||||||||||||||||
Guarantee related to purchase of customer auction rate securities | (6,158 | ) | (4,003 | ) | (0.02 | ) | — | — | — | (3,950 | ) | (2,568 | ) | (0.01 | ) | |||||||||||||||||||||
Investment securities gains and (losses) on sale | 5,959 | 3,873 | 0.02 | 4,821 | 3,134 | 0.02 | (2,274 | ) | (1,478 | ) | (0.01 | ) | ||||||||||||||||||||||||
Totals | (3,239 | ) | (2,106 | ) | (0.01 | ) | 1,246 | 810 | 0.01 | (122,289 | ) | (110,988 | ) | (0.63 | ) | |||||||||||||||||||||
Net income (loss) available to common shareholders | 8,054 | 0.05 | 41,496 | 0.24 | (102,330 | ) | (0.58 | ) | ||||||||||||||||||||||||||||
Adjusted net income available to common shareholders | $ | 10,160 | $ | 0.06 | $ | 40,686 | $ | 0.23 | $ | 8,658 | $ | 0.05 | ||||||||||||||||||||||||
6