Exhibit 99.2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended March 31 | Variance | ||||||||||||
2005 | 2004 | $ | % | ||||||||||
(in thousands, except per-share data) | |||||||||||||
INCOME SUMMARY: | |||||||||||||
Interest income | $ | 140,810 | $ | 113,936 | $ | 26,874 | 23.6 | % | |||||
Interest expense | 42,562 | 30,969 | 11,593 | 37.4 | % | ||||||||
Net Interest Income | 98,248 | 82,967 | 15,281 | 18.4 | % | ||||||||
Provision for loan losses | 800 | 1,740 | (940 | ) | -54.0 | % | |||||||
Investment securities gains | 3,315 | 5,828 | (2,513 | ) | -43.1 | % | |||||||
Other income | 32,538 | 26,210 | 6,328 | 24.1 | % | ||||||||
Other expenses | 73,731 | 62,272 | 11,459 | 18.4 | % | ||||||||
Income Before Income Taxes | 59,570 | 50,993 | 8,577 | 16.8 | % | ||||||||
Income taxes | 18,039 | 15,147 | 2,892 | 19.1 | % | ||||||||
Net Income | $ | 41,531 | $ | 35,846 | $ | 5,685 | 15.9 | % | |||||
Fully taxable equivalent (FTE) net interest income | $ | 100,592 | $ | 85,313 | $ | 15,279 | 17.9 | % | |||||
PER-SHARE DATA: | |||||||||||||
Net income: | |||||||||||||
Basic | $ | 0.33 | $ | 0.32 | $ | 0.01 | 3.1 | % | |||||
Diluted | 0.33 | 0.31 | 0.02 | 6.5 | % | ||||||||
Cash dividends | 0.165 | 0.152 | 0.013 | 8.6 | % | ||||||||
ENDING BALANCES: | |||||||||||||
Total assets | $ | 11,418,278 | $ | 9,620,191 | $ | 1,798,087 | 18.7 | % | |||||
Loans, net of unearned income | 7,747,301 | 6,217,077 | 1,530,224 | 24.6 | % | ||||||||
Deposits | 7,981,147 | 6,784,175 | 1,196,972 | 17.6 | % | ||||||||
Short-term borrowings | 1,265,360 | 1,182,473 | 82,887 | 7.0 | % | ||||||||
Long-term debt | 773,129 | 571,964 | 201,165 | 35.2 | % | ||||||||
Shareholders’ equity | 1,235,519 | 968,449 | 267,070 | 27.6 | % | ||||||||
AVERAGE BALANCES: | |||||||||||||
Total assets | $ | 11,210,219 | $ | 9,676,495 | $ | 1,533,724 | 15.8 | % | |||||
Loans, net of unearned income | 7,675,034 | 6,187,988 | 1,487,046 | 24.0 | % | ||||||||
Deposits | 7,912,299 | 6,718,058 | 1,194,241 | 17.8 | % | ||||||||
Short-term borrowings | 1,239,454 | 1,345,285 | (105,831 | ) | -7.9 | % | |||||||
Long-term debt | 681,450 | 570,075 | 111,375 | 19.5 | % | ||||||||
Shareholders’ equity | 1,249,868 | 949,725 | 300,143 | 31.6 | % |
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended | Variance | ||||||||||||
March 31 2005 | December 31 2004 | $ | % | ||||||||||
(in thousands, except per-share data) | |||||||||||||
INCOME SUMMARY: | |||||||||||||
Interest income | $ | 140,810 | $ | 130,736 | $ | 10,074 | 7.7 | % | |||||
Interest expense | 42,562 | 37,261 | 5,301 | 14.2 | % | ||||||||
Net Interest Income | 98,248 | 93,475 | 4,773 | 5.1 | % | ||||||||
Provision for loan losses | 800 | 1,052 | (252 | ) | -24.0 | % | |||||||
Investment securities gains | 3,315 | 3,199 | 116 | 3.6 | % | ||||||||
Other income | 32,538 | 31,970 | 568 | 1.8 | % | ||||||||
Other expenses | 73,731 | 70,470 | 3,261 | 4.6 | % | ||||||||
Income Before Income Taxes | 59,570 | 57,122 | 2,448 | 4.3 | % | ||||||||
Income taxes | 18,039 | 17,035 | 1,004 | 5.9 | % | ||||||||
Net Income | $ | 41,531 | $ | 40,087 | $ | 1,444 | 3.6 | % | |||||
Fully taxable equivalent (FTE) net interest income | $ | 100,592 | $ | 95,599 | $ | 4,993 | 5.2 | % | |||||
PER-SHARE DATA: | |||||||||||||
Net income: | |||||||||||||
Basic | $ | 0.33 | $ | 0.33 | $ | — | — | ||||||
Diluted | 0.33 | 0.33 | — | — | |||||||||
Cash dividends | 0.165 | 0.165 | — | — | |||||||||
ENDING BALANCES: | |||||||||||||
Total assets | $ | 11,418,278 | $ | 11,158,351 | $ | 259,927 | 2.3 | % | |||||
Loans, net of unearned income | 7,747,301 | 7,584,547 | 162,754 | 2.1 | % | ||||||||
Deposits | 7,981,147 | 7,895,524 | 85,623 | 1.1 | % | ||||||||
Short-term borrowings | 1,265,360 | 1,194,524 | 70,836 | 5.9 | % | ||||||||
Long-term debt | 773,129 | 684,236 | 88,893 | 13.0 | % | ||||||||
Shareholders’ equity | 1,235,519 | 1,242,290 | (6,771 | ) | -0.5 | % | |||||||
AVERAGE BALANCES: | |||||||||||||
Total assets | $ | 11,210,219 | $ | 10,542,258 | 667,961 | 6.3 | % | ||||||
Loans, net of unearned income | 7,675,034 | 7,304,717 | 370,317 | 5.1 | % | ||||||||
Deposits | 7,912,299 | 7,508,299 | 404,000 | 5.4 | % | ||||||||
Short-term borrowings | 1,239,454 | 1,117,620 | 121,834 | 10.9 | % | ||||||||
Long-term debt | 681,450 | 668,239 | 13,211 | 2.0 | % | ||||||||
Shareholders’ equity | 1,249,868 | 1,119,427 | 130,441 | 11.7 | % |
FULTON FINANCIAL CORPORATION
CONSOLIDATED CONDENSED ENDING BALANCE SHEET (UNAUDITED)
March 31 | Variance | ||||||||||||
2005 | 2004 | $ | % | ||||||||||
(in thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 336,039 | $ | 308,269 | $ | 27,770 | 9.0 | % | |||||
Mortgage loans held for sale | 163,004 | 28,818 | 134,186 | 465.6 | % | ||||||||
Other interest-earning assets | 84,123 | 3,949 | 80,174 | 2030.2 | % | ||||||||
Investment securities | 2,385,358 | 2,713,791 | (328,433 | ) | -12.1 | % | |||||||
Loans, net of allowance | 7,657,174 | 6,138,806 | 1,518,368 | 24.7 | % | ||||||||
Premises and equipment | 149,492 | 120,372 | 29,120 | 24.2 | % | ||||||||
Accrued interest receivable | 42,214 | 32,828 | 9,386 | 28.6 | % | ||||||||
Goodwill and intangible assets | 388,260 | 148,860 | 239,400 | 160.8 | % | ||||||||
Other assets | 212,614 | 124,498 | 88,116 | 70.8 | % | ||||||||
Total Assets | $ | 11,418,278 | $ | 9,620,191 | $ | 1,798,087 | 18.7 | % | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits | $ | 7,981,147 | $ | 6,784,175 | $ | 1,196,972 | 17.6 | % | |||||
Short-term borrowings | 1,265,360 | 1,182,473 | 82,887 | 7.0 | % | ||||||||
Long-term debt | 773,129 | 571,964 | 201,165 | 35.2 | % | ||||||||
Other liabilities | 163,123 | 113,130 | 49,993 | 44.2 | % | ||||||||
Total Liabilities | 10,182,759 | 8,651,742 | 1,531,017 | 17.7 | % | ||||||||
Shareholders’ equity | 1,235,519 | 968,449 | 267,070 | 27.6 | % | ||||||||
Total Liabilities and Shareholders’ Equity | $ | 11,418,278 | $ | 9,620,191 | $ | 1,798,087 | 18.7 | % | |||||
LOANS AND DEPOSITS DETAIL: | |||||||||||||
Loans, by type: | |||||||||||||
Commercial, industrial and financial | $ | 1,975,980 | $ | 1,621,583 | $ | 354,397 | 21.9 | % | |||||
Commercial - agricultural | 319,647 | 339,032 | (19,385 | ) | -5.7 | % | |||||||
Real estate - construction | 690,326 | 289,271 | 401,055 | 138.6 | % | ||||||||
Real estate - residential mortgage | 556,966 | 436,043 | 120,923 | 27.7 | % | ||||||||
Real estate - commercial mortgage | 2,540,554 | 2,042,234 | 498,320 | 24.4 | % | ||||||||
Real estate - home equity | 1,110,126 | 914,891 | 195,235 | 21.3 | % | ||||||||
Consumer | 496,031 | 508,518 | (12,487 | ) | -2.5 | % | |||||||
Leasing and other | 57,671 | 65,505 | (7,834 | ) | -12.0 | % | |||||||
Total Loans, net of unearned income | $ | 7,747,301 | $ | 6,217,077 | $ | 1,530,224 | 24.6 | % | |||||
Deposits, by type: | |||||||||||||
Noninterest-bearing demand | $ | 1,579,400 | $ | 1,328,266 | 251,134 | 18.9 | % | ||||||
Interest-bearing demand | 1,479,124 | 1,269,315 | 209,809 | 16.5 | % | ||||||||
Savings deposits | 1,916,942 | 1,771,865 | 145,077 | 8.2 | % | ||||||||
Time deposits | 3,005,681 | 2,414,729 | 590,952 | 24.5 | % | ||||||||
Total Deposits | $ | 7,981,147 | $ | 6,784,175 | $ | 1,196,972 | 17.6 | % | |||||
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended March 31 | Variance | ||||||||||||||
2005 | 2004 | $ | % | ||||||||||||
(in thousands) | |||||||||||||||
Interest Income: | |||||||||||||||
Loans, including fees | $ | 116,628 | $ | 88,466 | $ | 28,162 | 31.8 | % | |||||||
Investment securities: | |||||||||||||||
Taxable | 18,261 | 21,736 | (3,475 | ) | -16.0 | % | |||||||||
Tax-exempt | 2,849 | 2,533 | 316 | 12.5 | % | ||||||||||
Dividends | 1,084 | 952 | 132 | 13.9 | % | ||||||||||
Mortgage loans held for sale | 1,812 | 239 | 1,573 | 658.2 | % | ||||||||||
Other interest income | 176 | 10 | 166 | 1660.0 | % | ||||||||||
Total Interest Income | 140,810 | 113,936 | 26,874 | 23.6 | % | ||||||||||
Interest Expense: | |||||||||||||||
Deposits | 27,808 | 20,350 | 7,458 | 36.6 | % | ||||||||||
Short-term borrowings | 6,824 | 3,327 | 3,497 | 105.1 | % | ||||||||||
Long-term debt | 7,930 | 7,292 | 638 | 8.7 | % | ||||||||||
Total Interest Expense | 42,562 | 30,969 | 11,593 | 37.4 | % | ||||||||||
Net Interest Income | 98,248 | 82,967 | 15,281 | 18.4 | % | ||||||||||
Provision for loan losses | 800 | 1,740 | (940 | ) | -54.0 | % | |||||||||
Net Interest Income after Provision | 97,448 | 81,227 | 16,221 | 20.0 | % | ||||||||||
Other Income: | |||||||||||||||
Investment management & trust services | 9,019 | 8,645 | 374 | 4.3 | % | ||||||||||
Service charges on deposit accounts | 9,332 | 9,505 | (173 | ) | -1.8 | % | |||||||||
Other service charges and fees | 5,556 | 5,026 | 530 | 10.5 | % | ||||||||||
Gain on sale of mortgage loans | 6,049 | 1,714 | 4,335 | 252.9 | % | ||||||||||
Investment securities gains | 3,315 | 5,828 | (2,513 | ) | -43.1 | % | |||||||||
Other | 2,582 | 1,320 | 1,262 | 95.6 | % | ||||||||||
Total Other Income | 35,853 | 32,038 | 3,815 | 11.9 | % | ||||||||||
Other Expenses: | |||||||||||||||
Salaries and employee benefits | 44,201 | 36,758 | 7,443 | 20.2 | % | ||||||||||
Net occupancy expense | 7,498 | 5,518 | 1,980 | 35.9 | % | ||||||||||
Equipment expense | 3,070 | 2,641 | 429 | 16.2 | % | ||||||||||
Data processing | 3,169 | 2,819 | 350 | 12.4 | % | ||||||||||
Advertising | 1,973 | 1,528 | 445 | 29.1 | % | ||||||||||
Intangible amortization | 1,179 | 991 | 188 | 19.0 | % | ||||||||||
Other | 12,641 | 12,017 | 624 | 5.2 | % | ||||||||||
Total Other Expenses | 73,731 | 62,272 | 11,459 | 18.4 | % | ||||||||||
Income Before Income Taxes | 59,570 | 50,993 | 8,577 | 16.8 | % | ||||||||||
Income taxes | 18,039 | 15,147 | 2,892 | 19.1 | % | ||||||||||
Net Income | $ | 41,531 | $ | 35,846 | $ | 5,685 | 15.9 | % | |||||||
SHARE PER-SHARE INFORMATION: | |||||||||||||||
Net income: | |||||||||||||||
Basic | $ | 0.33 | $ | 0.32 | $ | 0.01 | 3.1 | % | |||||||
Diluted | 0.33 | 0.31 | 0.02 | 6.5 | % | ||||||||||
Cash dividends | $ | 0.165 | $ | 0.152 | 0.01 | 8.6 | % | ||||||||
Book value | 9.82 | 8.51 | 1.31 | 15.4 | % | ||||||||||
Tangible book value | 6.73 | 7.21 | (0.48 | ) | -6.7 | % | |||||||||
Weighted average shares (basic) | 125,881 | 113,691 | 12,190 | 10.7 | % | ||||||||||
Weighted average shares (diluted) | 127,431 | 114,681 | 12,750 | 11.1 | % | ||||||||||
Shares outstanding, end of period | 125,872 | 113,738 | 12,134 | 10.7 | % | ||||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||||
Return on average assets | 1.50 | % | 1.49 | % | |||||||||||
Return on average equity | 13.48 | % | 15.18 | % | |||||||||||
Return on average equity (tangible) | 19.56 | % | 17.94 | % | |||||||||||
Net interest margin | 3.95 | % | 3.79 | % | |||||||||||
Efficiency ratio | 54.5 | % | 55.0 | % | |||||||||||
Average equity to average assets | 11.1 | % | 9.8 | % |
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended March 31 | ||||||||||||||||||||
2005 | 2004 | |||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans and leases | $ | 7,675,034 | $ | 116,628 | 6.16 | % | $ | 6,187,988 | $ | 88,466 | 5.75 | % | ||||||||
Taxable investment securities | 1,983,864 | 18,261 | 3.73 | % | 2,402,420 | 21,736 | 3.64 | % | ||||||||||||
Tax-exempt investment securitites | 335,355 | 2,849 | 3.45 | % | 276,143 | 2,533 | 3.69 | % | ||||||||||||
Equity securities | 123,800 | 1,084 | 3.55 | % | 131,553 | 952 | 2.91 | % | ||||||||||||
Total Investment Securities | 2,443,019 | 22,194 | 3.68 | % | 2,810,116 | 25,221 | 3.61 | % | ||||||||||||
Mortgage loans held for sale | 112,619 | 1,812 | 6.53 | % | 15,212 | 239 | 6.32 | % | ||||||||||||
Other interest-earning assets | 28,699 | 176 | 2.49 | % | 3,741 | 10 | 1.08 | % | ||||||||||||
Total Interest-earning Assets | 10,259,371 | 140,810 | 5.57 | % | 9,017,057 | 113,936 | 5.08 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 322,793 | 300,789 | ||||||||||||||||||
Premises and equipment | 149,017 | 121,428 | ||||||||||||||||||
Other assets | 569,527 | 315,953 | ||||||||||||||||||
Less: allowance for loan losses | (90,489 | ) | (78,732 | ) | ||||||||||||||||
Total Assets | $ | 11,210,219 | $ | 9,676,495 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | $ | 1,494,984 | $ | 2,970 | 0.81 | % | $ | 1,268,671 | $ | 1,355 | 0.43 | % | ||||||||
Savings deposits | 1,911,820 | 4,466 | 0.95 | % | 1,760,104 | 2,507 | 0.57 | % | ||||||||||||
Time deposits | 2,996,377 | 20,372 | 2.76 | % | 2,431,742 | 16,488 | 2.73 | % | ||||||||||||
Total Interest-bearing Deposits | 6,403,181 | 27,808 | 1.76 | % | 5,460,517 | 20,350 | 1.50 | % | ||||||||||||
Short-term borrowings | 1,239,454 | 6,824 | 2.23 | % | 1,345,285 | 3,327 | 0.99 | % | ||||||||||||
Long-term debt | 681,450 | 7,930 | 4.72 | % | 570,075 | 7,292 | 5.14 | % | ||||||||||||
Total Interest-bearing Liabilities | 8,324,085 | 42,562 | 2.07 | % | 7,375,877 | 30,969 | 1.69 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 1,509,118 | 1,257,541 | ||||||||||||||||||
Other | 127,148 | 93,352 | ||||||||||||||||||
Total Liabilities | 9,960,351 | 8,726,770 | ||||||||||||||||||
Shareholders’ equity | 1,249,868 | 949,725 | ||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 11,210,219 | $ | 9,676,495 | ||||||||||||||||
Net interest income | $ | 98,248 | $ | 82,967 | ||||||||||||||||
Net interest margin (FTE) | 3.95 | % | 3.79 | % | ||||||||||||||||
(1) | Yields on tax-exempt securities are not fully taxable equivalent (FTE). |
FULTON FINANCIAL CORPORATION
CONSOLIDATED CONDENSED ENDING BALANCE SHEET (UNAUDITED)
Quarter Ended | Variance | ||||||||||||
March 31 2005 | December 31 2004 | $ | % | ||||||||||
(in thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 336,039 | $ | 278,065 | $ | 57,974 | 20.8 | % | |||||
Mortgage loans held for sale | 163,004 | 158,872 | 4,132 | 2.6 | % | ||||||||
Other interest-earning assets | 84,123 | 36,688 | 47,435 | 129.3 | % | ||||||||
Investment securities | 2,385,358 | 2,449,859 | (64,501 | ) | -2.6 | % | |||||||
Loans, net of allowance | 7,657,174 | 7,494,920 | 162,254 | 2.2 | % | ||||||||
Premises and equipment | 149,492 | 146,911 | 2,581 | 1.8 | % | ||||||||
Accrued interest receivable | 42,214 | 40,633 | 1,581 | 3.9 | % | ||||||||
Goodwill and intangible assets | 388,260 | 389,322 | (1,062 | ) | -0.3 | % | |||||||
Other assets | 212,614 | 163,081 | 49,533 | 30.4 | % | ||||||||
Total Assets | $ | 11,418,278 | $ | 11,158,351 | $ | 259,927 | 2.3 | % | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits | $ | 7,981,147 | 7,895,524 | 85,623 | 1.1 | % | |||||||
Short-term borrowings | 1,265,360 | 1,194,524 | 70,836 | 5.9 | % | ||||||||
Long-term debt | 773,129 | 684,236 | 88,893 | 13.0 | % | ||||||||
Other liabilities | 163,123 | 141,777 | 21,346 | 15.1 | % | ||||||||
Total Liabilities | 10,182,759 | 9,916,061 | 266,698 | 2.7 | % | ||||||||
Shareholders’ equity | 1,235,519 | 1,242,290 | (6,771 | ) | -0.5 | % | |||||||
Total Liabilities and Shareholders’ Equity | $ | 11,418,278 | $ | 11,158,351 | $ | 259,927 | 2.3 | % | |||||
LOANS AND DEPOSITS DETAIL: | |||||||||||||
Loans, by type: | |||||||||||||
Commercial, industrial and financial | $ | 1,975,980 | $ | 1,946,962 | $ | 29,018 | 1.5 | % | |||||
Commercial - agricultural | 319,647 | 326,176 | (6,529 | ) | -2.0 | % | |||||||
Real estate - construction | 690,326 | 626,786 | 63,540 | 10.1 | % | ||||||||
Real estate - residential mortgage | 556,966 | 543,072 | 13,894 | 2.6 | % | ||||||||
Real estate - commercial mortgage | 2,540,554 | 2,461,016 | 79,538 | 3.2 | % | ||||||||
Real estate - home equity | 1,110,126 | 1,108,249 | 1,877 | 0.2 | % | ||||||||
Consumer | 496,031 | 506,290 | (10,259 | ) | -2.0 | % | |||||||
Leasing and other | 57,671 | 65,996 | (8,325 | ) | -12.6 | % | |||||||
Total Loans, net of unearned income | $ | 7,747,301 | $ | 7,584,547 | $ | 162,754 | 2.1 | % | |||||
Deposits, by type: | |||||||||||||
Noninterest-bearing demand | $ | 1,579,400 | $ | 1,507,799 | $ | 71,601 | 4.7 | % | |||||
Interest-bearing demand | 1,479,124 | 1,501,476 | (22,352 | ) | -1.5 | % | |||||||
Savings deposits | 1,916,942 | 1,917,203 | (261 | ) | 0.0 | % | |||||||
Time deposits | 3,005,681 | 2,969,046 | 36,635 | 1.2 | % | ||||||||
Total Deposits | $ | 7,981,147 | $ | 7,895,524 | $ | 85,623 | 1.1 | % | |||||
FULTON FINANCIAL CORPORATION
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended | Variance | ||||||||||||||
March 31 2005 | December 31 2004 | $ | % | ||||||||||||
(in thousands) | |||||||||||||||
Interest Income: | |||||||||||||||
Loans, including fees | $ | 116,628 | $ | 108,373 | $ | 8,255 | 7.6 | % | |||||||
Investment securities: | |||||||||||||||
Taxable | 18,261 | 17,157 | 1,104 | 6.4 | % | ||||||||||
Tax-exempt | 2,849 | 2,073 | 776 | 37.4 | % | ||||||||||
Dividends | 1,084 | 1,044 | 40 | 3.8 | % | ||||||||||
Mortgage loans held for sale | 1,812 | 2,041 | (229 | ) | -11.2 | % | |||||||||
Other interest-earning assets | 176 | 48 | 128 | 266.7 | % | ||||||||||
Total Interest Income | 140,810 | 130,736 | 10,074 | 7.7 | % | ||||||||||
Interest Expense: | |||||||||||||||
Deposits | 27,808 | 24,440 | 3,368 | 13.8 | % | ||||||||||
Short-term borrowings | 6,824 | 4,880 | 1,944 | 39.8 | % | ||||||||||
Long-term debt | 7,930 | 7,941 | (11 | ) | -0.1 | % | |||||||||
Total Interest Expense | 42,562 | 37,261 | 5,301 | 14.2 | % | ||||||||||
Net Interest Income | 98,248 | 93,475 | 4,773 | 5.1 | % | ||||||||||
Provision for Loan Losses | 800 | 1,052 | (252 | ) | -24.0 | % | |||||||||
Net Interest Income after Provision | 97,448 | 92,423 | 5,025 | 5.4 | % | ||||||||||
Other Income: | |||||||||||||||
Investment management & trust services | 9,019 | 8,885 | 134 | 1.5 | % | ||||||||||
Service charges on deposit accounts | 9,332 | 9,835 | (503 | ) | -5.1 | % | |||||||||
Other service charges and fees | 5,556 | 5,131 | 425 | 8.3 | % | ||||||||||
Gain on sale of mortgage loans | 6,049 | 5,803 | 246 | 4.2 | % | ||||||||||
Investment securities gains | 3,315 | 3,199 | 116 | 3.6 | % | ||||||||||
Other | 2,582 | 2,316 | 266 | 11.5 | % | ||||||||||
Total Other Income | 35,853 | 35,169 | 684 | 1.9 | % | ||||||||||
Other Expenses: | |||||||||||||||
Salaries and employee benefits | 44,201 | 41,422 | 2,779 | 6.7 | % | ||||||||||
Net occupancy expense | 7,498 | 6,277 | 1,221 | 19.5 | % | ||||||||||
Equipment expense | 3,070 | 2,674 | 396 | 14.8 | % | ||||||||||
Data processing | 3,169 | 2,828 | 341 | 12.1 | % | ||||||||||
Advertising | 1,973 | 1,870 | 103 | 5.5 | % | ||||||||||
Intangible amortization | 1,179 | 1,146 | 33 | 2.9 | % | ||||||||||
Other | 12,641 | 14,253 | (1,612 | ) | -11.3 | % | |||||||||
Total Other Expenses | 73,731 | 70,470 | 3,261 | 4.6 | % | ||||||||||
Income Before Income Taxes | 59,570 | 57,122 | 2,448 | 4.3 | % | ||||||||||
Income taxes | 18,039 | 17,035 | 1,004 | 5.9 | % | ||||||||||
Net Income | $ | 41,531 | $ | 40,087 | $ | 1,444 | 3.6 | % | |||||||
SHARE AND PER-SHARE INFORMATION: | |||||||||||||||
Net income: | |||||||||||||||
Basic | $ | 0.33 | $ | 0.33 | $ | — | — | ||||||||
Diluted | 0.33 | 0.33 | — | — | |||||||||||
Cash dividends | $ | 0.165 | $ | 0.165 | — | — | |||||||||
Book value | 9.82 | 9.88 | (0.06 | ) | -0.6 | % | |||||||||
Tangible book value | 6.73 | 6.78 | (0.05 | ) | -0.7 | % | |||||||||
Weighted average shares (basic) | 125,881 | 120,402 | 5,479 | 4.6 | % | ||||||||||
Weighted average shares (diluted) | 127,431 | 121,679 | 5,752 | 4.7 | % | ||||||||||
Shares outstanding, end of period | 125,872 | 125,720 | 152 | 0.1 | % | ||||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||||
Return on average assets | 1.50 | % | 1.51 | % | |||||||||||
Return on average equity | 13.48 | % | 14.25 | % | |||||||||||
Return on average equity (tangible) | 19.56 | % | 19.42 | % | |||||||||||
Net interest margin | 3.95 | % | 3.92 | % | |||||||||||
Efficiency ratio | 54.5 | % | 54.4 | % | |||||||||||
Average equity to average assets | 11.1 | % | 10.6 | % |
FULTON FINANCIAL CORPORATION
AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
Quarter Ended | ||||||||||||||||||||
March 31, 2005 | December 31, 2004 | |||||||||||||||||||
Balance | Interest | Rate (1) | Balance | Interest | Rate (1) | |||||||||||||||
ASSETS | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans and leases | $ | 7,675,034 | $ | 116,628 | 6.16 | % | $ | 7,304,563 | $ | 108,373 | 5.90 | % | ||||||||
Taxable investment securities | 1,983,864 | 18,261 | 3.73 | % | 1,909,616 | 17,157 | 3.57 | % | ||||||||||||
Tax-exempt investment securities | 335,355 | 2,849 | 3.45 | % | 246,531 | 2,073 | 3.35 | % | ||||||||||||
Equity securities | 123,800 | 1,084 | 3.55 | % | 128,147 | 1,044 | 3.24 | % | ||||||||||||
Total Investment Securities | 2,443,019 | 22,194 | 3.68 | % | 2,284,294 | 20,274 | 3.53 | % | ||||||||||||
Mortgage loans held for sale | 112,619 | 1,812 | 6.53 | % | 115,349 | 2,041 | 7.18 | % | ||||||||||||
Other interest-earning assets | 28,699 | 176 | 2.49 | % | 7,679 | 48 | 2.54 | % | ||||||||||||
Total Interest-earning Assets | 10,259,371 | 140,810 | 5.57 | % | 9,711,885 | 130,736 | 5.36 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 322,793 | 305,087 | ||||||||||||||||||
Premises and equipment | 149,017 | 132,603 | ||||||||||||||||||
Other assets | 569,527 | 479,733 | ||||||||||||||||||
Less: allowance for loan losses | (90,489 | ) | (87,204 | ) | ||||||||||||||||
Total Assets | $ | 11,210,219 | $ | 10,542,104 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | $ | 1,494,984 | $ | 2,970 | 0.81 | % | $ | 1,428,307 | $ | 2,349 | 0.65 | % | ||||||||
Savings deposits | 1,911,820 | 4,466 | 0.95 | % | 1,899,260 | 3,813 | 0.80 | % | ||||||||||||
Time deposits | 2,996,377 | 20,372 | 2.76 | % | 2,734,507 | 18,278 | 2.66 | % | ||||||||||||
Total Interest-bearing Deposits | 6,403,181 | 27,808 | 1.76 | % | 6,062,074 | 24,440 | 1.60 | % | ||||||||||||
Short-term borrowings | 1,239,454 | 6,824 | 2.23 | % | 1,117,620 | 4,880 | 1.74 | % | ||||||||||||
Long-term debt | 681,450 | 7,930 | 4.72 | % | 668,239 | 7,941 | 4.73 | % | ||||||||||||
Total Interest-bearing Liabilities | 8,324,085 | 42,562 | 2.07 | % | 7,847,933 | 37,261 | 1.89 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 1,509,118 | 1,446,225 | ||||||||||||||||||
Other | 127,148 | 128,519 | ||||||||||||||||||
Total Liabilities | 9,960,351 | 9,422,677 | ||||||||||||||||||
Shareholders’ equity | 1,249,868 | 1,119,427 | ||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 11,210,219 | $ | 10,542,104 | ||||||||||||||||
Net interest income | $ | 98,248 | $ | 93,475 | ||||||||||||||||
Net interest margin (FTE) | 3.95 | % | 3.92 | % | ||||||||||||||||
(1) | Yields on tax-exempt securities are not fully taxable equivalent (FTE). |
FULTON FINANCIAL CORPORATION
LOAN QUALITY INFORMATION (UNAUDITED)
Quarter Ended March 31 | ||||||||
2005 | 2004 | |||||||
(in thousands) | ||||||||
Gross charge-offs | $ | 1,819 | $ | 2,688 | ||||
Recoveries | 1,519 | 1,519 | ||||||
Net Charge-offs | $ | 300 | $ | 1,169 | ||||
Net charge-offs to average loans | 0.02 | % | 0.08 | % | ||||
Non-accrual loans | $ | 19,232 | $ | 19,594 | ||||
Accruing loans 90+ days overdue | 6,545 | 10,758 | ||||||
Other real estate owned | 3,244 | 356 | ||||||
Total Non-Performing Assets | $ | 29,021 | $ | 30,708 | ||||
Non-accrual loans to total loans | 0.25 | % | 0.32 | % | ||||
Non-performing assets to total loans and OREO | 0.37 | % | 0.49 | % | ||||
Non-performing assets to total assets | 0.25 | % | 0.32 | % | ||||
Allowance for loan losses to loans outstanding | 1.16 | % | 1.26 | % | ||||
Quarter Ended | ||||||||
March 31 2005 | December 31 2004 | |||||||
(in thousands) | ||||||||
Gross charge-offs | $ | 1,819 | $ | 2,588 | ||||
Recoveries | 1,519 | 882 | ||||||
Net Charge-offs | $ | 300 | $ | 1,706 | ||||
Net charge-offs to average loans | 0.02 | % | 0.09 | % | ||||
Non-accrual loans | $ | 19,232 | $ | 22,574 | ||||
Accruing loans 90+ days overdue | 6,545 | 8,318 | ||||||
Other real estate owned | 3,244 | 2,209 | ||||||
Total Non-Performing Assets | $ | 29,021 | $ | 33,101 | ||||
Non-accrual loans to total loans | 0.25 | % | 0.30 | % | ||||
Non-performing assets to total loans and OREO | 0.37 | % | 0.44 | % | ||||
Non-performing assets to total assets | 0.25 | % | 0.30 | % | ||||
Allowance to loans | 1.16 | % | 1.18 | % |