Fulton Financial Corporation
Ryan Beck Financial Institution Investors Conference October 27, 2004
Fulton Financial Corporation
Key statistics and stock chart
Key Stats
Stock Price: $21.40
52-Week Range: $18.81 - $21.90
Market Cap. (mil): $2,603
Avg. Daily Vol.: 142,375
Annual Dividend: $0.66
Dividend Yield: 3.08%
Total Assets: $10,556
ROAA: 1.43%
ROAE: 13.75%
FULT
22.2 19.2 16.2 13.2 10.2 3.00M 1.50M 0
Vol
00 J 01 J 02 J 03 J 04 J
262 Wks.
22.2 19.2 16.2 13.2 10.2 3.00M 1.50M 0
Fulton Financial Corporation
Where are we located?
The Bank
Delaware National Bank
FNB Bank
Fulton Bank
Hagerstown Trust
Lafayette Ambassador Bank
Lebanon Valley Farmers Bank
The Peoples Bank of Elkton
Premier Bank
Resource Bankshares Corporation
Skylands Community Bank
Swineford National Bank
First Washington State Bank (Pending)
Pennsylvania
LYCOMING COLUMBIA MONTOUR SUSSEX NORTHUMBERLAND UNION SNYDER
NORTHAMPTON WARREN MORRIS SCHUYLKILL LEHIGH DAUPHIN
LEBANON BERKS HUNTERDON BUCKS CUMBERLAND
LANCASTER MONTGOMERY MERCER MONMOUTH YORK CHESTER DELAWARE
New Jersey
CAMDEN NEW CASTLE GLOUCESTER OCEAN SALEM ATLANTIC KENT
CAPE MAY SUSSEX
Delaware
Maryland
WASHINGTON FREDERICK FAIRFAX CECIL
Virginia
RICHMOND (City)
NEWPORT NEWS VIRGINIA BEACH FULTON FINANCIAL CORPORATION
Fulton Financial Corporation
Possible future expansion
Current Markets
Pending Acquisitions
Future Expansion
Pennsylvania
Maryland
New Jersey
Delaware
Virginia
North Carolina FULTON FINANCIAL CORPORATION
Fulton Financial Corporation
Acquisitions
Fulton Financial’s 23rd acquisition, First Washington FinancialCorp, announced in June, is expected to close on or before April 15, 2005.
To date, the Corporation’s whole bank transactions have contributed $5.2 billion in assets or 49% of the firm’s total assets.
First Washington State Bank (pending)
Resource Bank
Premier Bank
Drovers & Mechanics Bank
18 Sovereign Bank Branches
Dearden, Maguire, Weaver and Barrett, Inc.
Skylands Community Bank
Ambassador Bank of the Commonwealth
Lebanon Valley National Bank
Peoples Bank of Elkton
Woodstown National Bank
Bank of Gloucester County
Delaware National Bank
Central Pennsylvania Savings Association
Hagerstown Trust Company
Denver National Bank
Great Valley Savings Association
First National Bank of Danville
Second National Bank of Nazareth
Lafayette Trust Bank
Pen Argyl National Bank
Swineford National Bank
Farmers Trust Bank
Fulton Financial Corporation
Key growth rates and recent valuation
Largely via M&A activity, Fulton Financial has grown its assets at a 15.6% CAGR over the preceding 10 year period. The company’s organic asset growth is approximately 8% over this same time period.
Deposits have grown at a solid 10-year CAGR of 14.0% and at roughly 5% on an organic basis.
LTM EPS and earnings have grown 8.7% and 14.4%, respectively, over the last 10 years.
Recent Valuation: FULT v. NASDAQ Bank Index
FULT Price/LTM EPS
Index Price/LTM EPS
FULT Price/Book
Index Price/Book
Price/ LTM EPS
20 19 18 17 16 15 14 13 12
2001Q4
2002Q1
2002Q2
2002Q3
2002Q4
2003Q1
2003Q2
2003Q3
2003Q4
2004Q1
2004Q2
260 240 220 200 180 160 140 120
Price/ Book
Fulton Financial Corporation
What do we look for?
High growth areas
Dynamic market demographics
Strong performance
Asset quality
Talented and dedicated staff
Compatible corporate culture
Fulton Financial Corporation
Acquisitions in new markets
What changes?
Loan review Investments
Asset/liability management
Compliance
Common operating platform
Audit
Fulton Financial Corporation
Acquisitions in new markets
What stays the same?
Bank name
Board of Directors
Management team
Employees
Fulton Financial Corporation
Fulton Financial Corporation
fult.com
Fulton Financial Corporation