Exhibit 99.2
FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
dollars in thousands, except per-share data
March 31 | % Change | ||||||||||
2010 | 2009 | ||||||||||
BALANCE SHEET DATA | |||||||||||
Total assets | $ | 16,411,523 | $ | 16,493,522 | (0.5 | %) | |||||
Loans, net of unearned income | 11,964,840 | 12,009,060 | (0.4 | %) | |||||||
Investment securities | 3,103,628 | 3,123,687 | (0.6 | %) | |||||||
Deposits | 12,156,455 | 11,413,982 | 6.5 | % | |||||||
Shareholders’ equity | 1,969,838 | 1,861,321 | 5.8 | % | |||||||
Quarter Ended March 31 | |||||||||||
2010 | 2009 | % Change | |||||||||
INCOME SUMMARY | |||||||||||
Interest income | $ | 190,588 | $ | 195,567 | (2.5 | %) | |||||
Interest expense | (52,079 | ) | (71,451 | ) | (27.1 | %) | |||||
Net interest income | 138,509 | 124,116 | 11.6 | % | |||||||
Provision for loan losses | (40,000 | ) | (50,000 | ) | (20.0 | %) | |||||
Investment securities gains (losses) | (2,223 | ) | 2,919 | N/M | |||||||
Other income | 39,690 | 43,995 | (9.8 | %) | |||||||
Other expenses | (99,229 | ) | (106,372 | ) | (6.7 | %) | |||||
Income before income taxes | 36,747 | 14,658 | 150.7 | % | |||||||
Income tax expense | (9,267 | ) | (1,573 | ) | 489.1 | % | |||||
Net income | 27,480 | 13,085 | 110.0 | % | |||||||
Preferred stock dividends and discount accretion | (5,065 | ) | (5,031 | ) | 0.7 | % | |||||
Net income available to common shareholders | $ | 22,415 | $ | 8,054 | 178.3 | % | |||||
PER COMMON SHARE: | |||||||||||
Net income: | |||||||||||
Basic | $ | 0.13 | $ | 0.05 | 160.0 | % | |||||
Diluted | 0.13 | 0.05 | 160.0 | % | |||||||
Cash dividends | 0.03 | 0.03 | — | ||||||||
Shareholders’ equity | 9.06 | 8.50 | 6.6 | % | |||||||
Shareholders’ equity (tangible) | 5.94 | 5.33 | 11.4 | % | |||||||
SELECTED FINANCIAL RATIOS: | |||||||||||
Return on average assets | 0.68 | % | 0.33 | % | |||||||
Return on average common shareholders’ equity | 5.73 | % | 2.18 | % | |||||||
Return on average common shareholders’ equity (tangible) | 9.13 | % | 3.88 | % | |||||||
Net interest margin | 3.78 | % | 3.45 | % | |||||||
Efficiency ratio | 53.77 | % | 60.95 | % | |||||||
Tangible common equity to tangible assets | 6.61 | % | 5.87 | % | |||||||
Non-performing assets to total assets | 1.90 | % | 1.63 | % |
N/M - Not meaningful
1
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
% Change from | ||||||||||||||||||
March 31 2010 | March 31 2009 | December 31 2009 | March 31 2009 | December 31 2009 | ||||||||||||||
ASSETS | ||||||||||||||||||
Cash and due from banks | $ | 276,200 | $ | 265,431 | $ | 284,508 | 4.1 | % | (2.9 | %) | ||||||||
Loans held for sale | 53,798 | 102,033 | 85,384 | (47.3 | %) | (37.0 | %) | |||||||||||
Other interest-earning assets | 7,842 | 14,329 | 16,591 | (45.3 | %) | (52.7 | %) | |||||||||||
Investment securities | 3,103,628 | 3,123,687 | 3,267,086 | (0.6 | %) | (5.0 | %) | |||||||||||
Loans, net of unearned income | 11,964,840 | 12,009,060 | 11,972,424 | (0.4 | %) | (0.1 | %) | |||||||||||
Allowance for loan losses | (264,915 | ) | (192,410 | ) | (256,698 | ) | 37.7 | % | 3.2 | % | ||||||||
Net Loans | 11,699,925 | 11,816,650 | 11,715,726 | (1.0 | %) | (0.1 | %) | |||||||||||
Premises and equipment | 204,149 | 205,495 | 204,203 | (0.7 | %) | — | ||||||||||||
Accrued interest receivable | 58,689 | 59,369 | 58,515 | (1.1 | %) | 0.3 | % | |||||||||||
Goodwill and intangible assets | 551,537 | 556,496 | 552,563 | (0.9 | %) | (0.2 | %) | |||||||||||
Other assets | 455,755 | 350,032 | 451,059 | 30.2 | % | 1.0 | % | |||||||||||
Total Assets | $ | 16,411,523 | $ | 16,493,522 | $ | 16,635,635 | (0.5 | %) | (1.3 | %) | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||
Deposits | $ | 12,156,455 | $ | 11,413,982 | $ | 12,097,914 | 6.5 | % | 0.5 | % | ||||||||
Short-term borrowings | 624,650 | 1,195,474 | 868,940 | (47.7 | %) | (28.1 | %) | |||||||||||
Federal Home Loan Bank advances and long-term debt | 1,440,755 | 1,786,598 | 1,540,773 | (19.4 | %) | (6.5 | %) | |||||||||||
Other liabilities | 219,825 | 236,147 | 191,526 | (6.9 | %) | 14.8 | % | |||||||||||
Total Liabilities | 14,441,685 | 14,632,201 | 14,699,153 | (1.3 | %) | (1.8 | %) | |||||||||||
Preferred stock | 370,649 | 369,270 | 370,290 | 0.4 | % | 0.1 | % | |||||||||||
Common shareholders’ equity | 1,599,189 | 1,492,051 | 1,566,192 | 7.2 | % | 2.1 | %�� | |||||||||||
Total Shareholders’ Equity | 1,969,838 | 1,861,321 | 1,936,482 | 5.8 | % | 1.7 | % | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 16,411,523 | $ | 16,493,522 | $ | 16,635,635 | (0.5 | %) | (1.3 | %) | ||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||
Loans, by type: | ||||||||||||||||||
Real estate - commercial mortgage | $ | 4,322,774 | $ | 4,068,342 | $ | 4,292,300 | 6.3 | % | 0.7 | % | ||||||||
Commercial - industrial, financial and agricultural | 3,684,903 | 3,653,503 | 3,699,198 | 0.9 | % | (0.4 | %) | |||||||||||
Real estate - home equity | 1,638,179 | 1,673,613 | 1,644,260 | (2.1 | %) | (0.4 | %) | |||||||||||
Real estate - residential mortgage | 951,381 | 947,837 | 921,741 | 0.4 | % | 3.2 | % | |||||||||||
Real estate - construction | 937,279 | 1,205,256 | 978,267 | (22.2 | %) | (4.2 | %) | |||||||||||
Consumer | 361,681 | 378,851 | 360,698 | (4.5 | %) | 0.3 | % | |||||||||||
Leasing and other | 68,643 | 81,658 | 75,960 | (15.8 | %) | (9.6 | %) | |||||||||||
Total Loans, net of unearned income | $ | 11,964,840 | $ | 12,009,060 | $ | 11,972,424 | (0.4 | %) | (0.1 | %) | ||||||||
Deposits, by type: | ||||||||||||||||||
Noninterest-bearing demand | $ | 2,038,199 | $ | 1,776,169 | $ | 2,012,837 | 14.8 | % | 1.3 | % | ||||||||
Interest-bearing demand | 1,987,791 | 1,799,586 | 2,022,746 | 10.5 | % | (1.7 | %) | |||||||||||
Savings deposits | 2,972,621 | 2,125,297 | 2,748,467 | 39.9 | % | 8.2 | % | |||||||||||
Time deposits | 5,157,844 | 5,712,930 | 5,313,864 | (9.7 | %) | (2.9 | %) | |||||||||||
Total Deposits | $ | 12,156,455 | $ | 11,413,982 | $ | 12,097,914 | 6.5 | % | 0.5 | % | ||||||||
Short-term borrowings, by type: | ||||||||||||||||||
Federal funds purchased | $ | 162,040 | $ | 397,158 | $ | 378,068 | (59.2 | %) | (57.1 | %) | ||||||||
Customer repurchase agreements | 245,265 | 249,256 | 259,458 | (1.6 | %) | (5.5 | %) | |||||||||||
Customer short-term promissory notes | 217,345 | 343,845 | 231,414 | (36.8 | %) | (6.1 | %) | |||||||||||
Federal Reserve Bank borrowings and other | — | 205,215 | — | N/A | — | |||||||||||||
Total Short-term borrowings | $ | 624,650 | $ | 1,195,474 | $ | 868,940 | (47.7 | %) | (28.1 | %) | ||||||||
N/A - Not Applicable
2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands, except per-share data
Quarter Ended | % Change from | |||||||||||||||||
March 31 2010 | March 31 2009 | December 31 2009 | March 31 2009 | December 31 2009 | ||||||||||||||
Interest Income: | ||||||||||||||||||
Interest income | $ | 190,588 | $ | 195,567 | $ | 194,942 | (2.5 | %) | (2.2 | %) | ||||||||
Interest expense | 52,079 | 71,451 | 58,849 | (27.1 | %) | (11.5 | %) | |||||||||||
Net Interest Income | 138,509 | 124,116 | 136,093 | 11.6 | % | 1.8 | % | |||||||||||
Provision for loan losses | 40,000 | 50,000 | 45,020 | (20.0 | %) | (11.2 | %) | |||||||||||
Net Interest Income after Provision | 98,509 | 74,116 | 91,073 | 32.9 | % | 8.2 | % | |||||||||||
Other Income: | ||||||||||||||||||
Service charges on deposit accounts | 14,267 | 14,894 | 15,174 | (4.2 | %) | (6.0 | %) | |||||||||||
Other service charges and fees | 9,372 | 8,354 | 9,369 | 12.2 | % | — | ||||||||||||
Investment management and trust services | 8,088 | 7,903 | 8,106 | 2.3 | % | (0.2 | %) | |||||||||||
Gains on sales of mortgage loans | 3,364 | 8,591 | 3,880 | (60.8 | %) | (13.3 | %) | |||||||||||
Investment securities gains (losses) | (2,223 | ) | 2,919 | (1,872 | ) | N/M | 18.8 | % | ||||||||||
Other | 4,599 | 4,253 | 4,628 | 8.1 | % | (0.6 | %) | |||||||||||
Total Other Income | 37,467 | 46,914 | 39,285 | (20.1 | %) | (4.6 | %) | |||||||||||
Other Expenses: | ||||||||||||||||||
Salaries and employee benefits | 52,345 | 55,304 | 53,623 | (5.4 | %) | (2.4 | %) | |||||||||||
Net occupancy expense | 11,650 | 11,023 | 10,612 | 5.7 | % | 9.8 | % | |||||||||||
FDIC insurance expense | 4,954 | 4,288 | 4,841 | 15.5 | % | 2.3 | % | |||||||||||
Equipment expense | 3,091 | 3,079 | 3,160 | 0.4 | % | (2.2 | %) | |||||||||||
Data processing | 2,624 | 3,072 | 2,228 | (14.6 | %) | 17.8 | % | |||||||||||
Professional fees | 2,546 | 2,228 | 2,397 | 14.3 | % | 6.2 | % | |||||||||||
Telecommunications | 2,270 | 2,163 | 2,125 | 4.9 | % | 6.8 | % | |||||||||||
Marketing | 1,830 | 2,571 | 2,638 | (28.8 | %) | (30.6 | %) | |||||||||||
Intangible amortization | 1,314 | 1,463 | 1,421 | (10.2 | %) | (7.5 | %) | |||||||||||
Operating risk loss | 511 | 6,201 | 867 | (91.8 | %) | (41.1 | %) | |||||||||||
Other | 16,094 | 14,980 | 16,458 | 7.4 | % | (2.2 | %) | |||||||||||
Total Other Expenses | 99,229 | 106,372 | 100,370 | (6.7 | %) | (1.1 | %) | |||||||||||
Income Before Income Taxes | 36,747 | 14,658 | 29,988 | 150.7 | % | 22.5 | % | |||||||||||
Income tax expense | 9,267 | 1,573 | 5,606 | 489.1 | % | 65.3 | % | |||||||||||
Net Income | 27,480 | 13,085 | 24,382 | 110.0 | % | 12.7 | % | |||||||||||
Preferred stock dividends and discount accretion | (5,065 | ) | (5,031 | ) | (5,046 | ) | 0.7 | % | 0.4 | % | ||||||||
Net Income Available to Common Shareholders | $ | 22,415 | $ | 8,054 | $ | 19,336 | 178.3 | % | 15.9 | % | ||||||||
PER COMMON SHARE: | ||||||||||||||||||
Net income: | ||||||||||||||||||
Basic | $ | 0.13 | $ | 0.05 | $ | 0.11 | 160.0 | % | 18.2 | % | ||||||||
Diluted | 0.13 | 0.05 | 0.11 | 160.0 | % | 18.2 | % | |||||||||||
Cash dividends | $ | 0.03 | $ | 0.03 | $ | 0.03 | — | — | ||||||||||
Shareholders’ equity | 9.06 | 8.50 | 8.88 | 6.6 | % | 2.0 | % | |||||||||||
Shareholders’ equity (tangible) | 5.94 | 5.33 | 5.75 | 11.4 | % | 3.3 | % | |||||||||||
Weighted average shares (basic) | 176,174 | 175,315 | 175,988 | 0.5 | % | 0.1 | % | |||||||||||
Weighted average shares (diluted) | 176,681 | 175,548 | 176,413 | 0.6 | % | 0.2 | % | |||||||||||
Shares outstanding, end of period | 176,509 | 175,507 | 176,364 | 0.6 | % | 0.1 | % | |||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||
Return on average assets | 0.68 | % | 0.33 | % | 0.59 | % | ||||||||||||
Return on average common shareholders’ equity | 5.73 | % | 2.18 | % | 4.91 | % | ||||||||||||
Return on average common shareholders’ equity (tangible) | 9.13 | % | 3.88 | % | 7.96 | % | ||||||||||||
Net interest margin | 3.78 | % | 3.45 | % | 3.67 | % | ||||||||||||
Efficiency ratio | 53.77 | % | 60.95 | % | 54.61 | % |
N/M - Not meaningful
3
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Quarter Ended | |||||||||||||||||||||||||||||||||
March 31, 2010 | March 31, 2009 | December 31, 2009 | |||||||||||||||||||||||||||||||
Average Balance | Interest (1) | Yield/ Rate | Average Balance | Interest (1) | Yield/ Rate | Average Balance | Interest (1) | Yield/ Rate | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 11,971,786 | $ | 159,424 | 5.39 | % | $ | 12,041,286 | $ | 163,753 | 5.51 | % | $ | 11,989,314 | $ | 163,972 | 5.43 | % | |||||||||||||||
Taxable investment securities | 2,663,127 | 28,149 | 4.23 | % | 2,212,639 | 26,849 | 4.86 | % | 2,580,754 | 27,297 | 4.23 | % | |||||||||||||||||||||
Tax-exempt investment securities | 387,971 | 5,531 | 5.70 | % | 503,265 | 6,887 | 5.47 | % | 406,088 | 5,767 | 5.68 | % | |||||||||||||||||||||
Equity securities | 141,896 | 809 | 2.29 | % | 137,308 | 774 | 2.28 | % | 144,071 | 851 | 2.35 | % | |||||||||||||||||||||
Total Investment Securities | 3,192,994 | 34,489 | 4.33 | % | 2,853,212 | 34,510 | 4.84 | % | 3,130,913 | 33,915 | 4.33 | % | |||||||||||||||||||||
Loans held for sale | 42,938 | 556 | 5.18 | % | 104,467 | 1,261 | 4.83 | % | 74,438 | 951 | 5.11 | % | |||||||||||||||||||||
Other interest-earning assets | 10,793 | 25 | 0.95 | % | 16,934 | 50 | 1.19 | % | 22,745 | 56 | 0.98 | % | |||||||||||||||||||||
Total Interest-earning Assets | 15,218,511 | 194,494 | 5.17 | % | 15,015,899 | 199,574 | 5.38 | % | 15,217,410 | 198,894 | 5.20 | % | |||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||
Cash and due from banks | 263,147 | 317,928 | 318,472 | ||||||||||||||||||||||||||||||
Premises and equipment | 203,584 | 202,875 | 203,699 | ||||||||||||||||||||||||||||||
Other assets | 1,086,635 | 924,755 | 987,094 | ||||||||||||||||||||||||||||||
Less: allowance for loan losses | (273,426 | ) | (187,183 | ) | (250,871 | ) | |||||||||||||||||||||||||||
Total Assets | $ | 16,498,451 | $ | 16,274,274 | $ | 16,475,804 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Demand deposits | $ | 1,981,653 | $ | 1,840 | 0.38 | % | $ | 1,754,003 | $ | 1,776 | 0.41 | % | $ | 1,969,681 | $ | 2,099 | 0.42 | % | |||||||||||||||
Savings deposits | 2,847,427 | 5,201 | 0.74 | % | 2,058,021 | 4,353 | 0.86 | % | 2,772,340 | 5,546 | 0.79 | % | |||||||||||||||||||||
Time deposits | 5,202,975 | 26,696 | 2.08 | % | 5,432,676 | 43,767 | 3.27 | % | 5,415,169 | 31,454 | 2.30 | % | |||||||||||||||||||||
Total Interest-bearing Deposits | 10,032,055 | 33,737 | 1.36 | % | 9,244,700 | 49,896 | 2.19 | % | 10,157,190 | 39,099 | 1.53 | % | |||||||||||||||||||||
Short-term borrowings | 871,981 | 549 | 0.25 | % | 1,517,064 | 1,436 | 0.38 | % | 618,087 | 584 | 0.37 | % | |||||||||||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,484,236 | 17,792 | 4.86 | % | 1,787,493 | 20,119 | 4.55 | % | 1,589,839 | 19,166 | 4.78 | % | |||||||||||||||||||||
Total Interest-bearing Liabilities | 12,388,272 | 52,078 | 1.70 | % | 12,549,257 | 71,451 | 2.31 | % | 12,365,116 | 58,849 | 1.89 | % | |||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Demand deposits | 1,973,146 | 1,657,658 | 1,991,210 | ||||||||||||||||||||||||||||||
Other | 180,528 | 201,449 | 185,817 | ||||||||||||||||||||||||||||||
Total Liabilities | 14,541,946 | 14,408,364 | 14,542,143 | ||||||||||||||||||||||||||||||
Shareholders’ equity | 1,956,505 | 1,865,910 | 1,933,661 | ||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 16,498,451 | $ | 16,274,274 | $ | 16,475,804 | |||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 142,416 | 3.78 | % | 128,123 | 3.45 | % | 140,045 | 3.67 | % | ||||||||||||||||||||||||
Tax equivalent adjustment | (3,906 | ) | (4,007 | ) | (3,952 | ) | |||||||||||||||||||||||||||
Net interest income | $ | 138,510 | $ | 124,116 | $ | 136,093 | |||||||||||||||||||||||||||
(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 2010 | March 31 2009 | December 31 2009 | March 31 2009 | December 31 2009 | |||||||||||
Loans, by type: | |||||||||||||||
Real estate - commercial mortgage | $ | 4,306,270 | $ | 4,048,847 | $ | 4,240,436 | 6.4 | % | 1.6 | % | |||||
Commercial - industrial, financial and agricultural | 3,686,405 | 3,655,970 | 3,713,926 | 0.8 | % | (0.7 | %) | ||||||||
Real estate - home equity | 1,640,912 | 1,698,599 | 1,645,524 | (3.4 | %) | (0.3 | %) | ||||||||
Real estate - construction | 962,175 | 1,229,841 | 1,018,057 | (21.8 | %) | (5.5 | %) | ||||||||
Real estate - residential mortgage | 940,652 | 957,556 | 925,660 | (1.8 | %) | 1.6 | % | ||||||||
Consumer | 362,212 | 360,919 | 370,258 | 0.4 | % | (2.2 | %) | ||||||||
Leasing and other | 73,160 | 89,554 | 75,453 | (18.3 | %) | (3.0 | %) | ||||||||
Total Loans, net of unearned income | $ | 11,971,786 | $ | 12,041,286 | $ | 11,989,314 | (0.6 | %) | (0.1 | %) | |||||
Deposits, by type: | |||||||||||||||
Noninterest-bearing demand | $ | 1,973,146 | $ | 1,657,658 | $ | 1,991,210 | 19.0 | % | (0.9 | %) | |||||
Interest-bearing demand | 1,981,653 | 1,754,003 | 1,969,681 | 13.0 | % | 0.6 | % | ||||||||
Savings deposits | 2,847,427 | 2,058,021 | 2,772,340 | 38.4 | % | 2.7 | % | ||||||||
Time deposits | 5,202,975 | 5,432,676 | 5,415,169 | (4.2 | %) | (3.9 | %) | ||||||||
Total Deposits | $ | 12,005,201 | $ | 10,902,358 | $ | 12,148,400 | 10.1 | % | (1.2 | %) | |||||
Short-term borrowings, by type: | |||||||||||||||
Federal funds purchased | $ | 399,560 | $ | 792,001 | $ | 101,349 | (49.6 | %) | 294.2 | % | |||||
Customer repurchase agreements | 248,982 | 246,429 | 260,962 | 1.0 | % | (4.6 | %) | ||||||||
Customer short-term promissory notes | 223,439 | 337,069 | 255,776 | (33.7 | %) | (12.6 | %) | ||||||||
Federal Reserve Bank borrowings and other | — | 141,565 | — | N/A | — | ||||||||||
Total Short-term borrowings | $ | 871,981 | $ | 1,517,064 | $ | 618,087 | (42.5 | %) | 41.1 | % | |||||
N/A - Not applicable
4
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Quarter Ended | ||||||||||||
March 31 2010 | March 31 2009 | December 31 2009 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||
Balance at beginning of period | $ | 257,553 | $ | 180,137 | $ | 241,721 | ||||||
Loans charged off: | ||||||||||||
Real estate - construction | (20,553 | ) | (12,242 | ) | (12,017 | ) | ||||||
Commercial - industrial, agricultural and financial | (2,981 | ) | (10,622 | ) | (10,078 | ) | ||||||
Real estate - commercial mortgage | (2,344 | ) | (3,960 | ) | (2,055 | ) | ||||||
Real estate - residential mortgage and home equity | (1,391 | ) | (1,937 | ) | (2,224 | ) | ||||||
Consumer | (2,078 | ) | (2,076 | ) | (3,103 | ) | ||||||
Leasing and other | (645 | ) | (946 | ) | (1,366 | ) | ||||||
Total loans charged off | (29,992 | ) | (31,783 | ) | (30,843 | ) | ||||||
Recoveries of loans charged off: | ||||||||||||
Real estate - construction | 315 | 112 | 842 | |||||||||
Commercial - industrial, agricultural and financial | 436 | 904 | 25 | |||||||||
Real estate - commercial mortgage | 128 | 10 | 8 | |||||||||
Real estate - residential mortgage and home equity | 1 | 1 | 1 | |||||||||
Consumer | 552 | 429 | 384 | |||||||||
Leasing and other | 261 | 253 | 395 | |||||||||
Recoveries of loans previously charged off | 1,693 | 1,709 | 1,655 | |||||||||
Net loans charged off | (28,299 | ) | (30,074 | ) | (29,188 | ) | ||||||
Provision for loan losses | 40,000 | 50,000 | 45,020 | |||||||||
Balance at end of period | $ | 269,254 | $ | 200,063 | $ | 257,553 | ||||||
Net charge-offs to average loans (annualized) | 0.95 | % | 1.00 | % | 0.97 | % | ||||||
NON-PERFORMING ASSETS: | ||||||||||||
Non-accrual loans | $ | 242,423 | $ | 198,765 | $ | 238,360 | ||||||
Loans 90 days past due and accruing | 43,603 | 47,284 | 43,359 | |||||||||
Total non-performing loans | 286,026 | 246,049 | 281,719 | |||||||||
Other real estate owned | 26,228 | 23,189 | 23,309 | |||||||||
Total non-performing assets | $ | 312,254 | $ | 269,238 | $ | 305,028 | ||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||
Real estate - construction | $ | 79,527 | $ | 93,425 | $ | 92,841 | ||||||
Commercial - industrial, agricultural and financial | 78,365 | 50,493 | 69,604 | |||||||||
Real estate - commercial mortgage | 70,565 | 59,899 | 61,052 | |||||||||
Real estate - residential mortgage and home equity | 42,302 | 31,365 | 45,748 | |||||||||
Consumer | 15,086 | 10,316 | 12,319 | |||||||||
Leasing | 181 | 551 | 155 | |||||||||
Total non-performing loans | $ | 286,026 | $ | 246,049 | $ | 281,719 | ||||||
ASSET QUALITY RATIOS: | ||||||||||||
Non-accrual loans to total loans | 2.03 | % | 1.66 | % | 1.99 | % | ||||||
Non-performing assets to total loans and OREO | 2.60 | % | 2.24 | % | 2.54 | % | ||||||
Non-performing assets to total assets | 1.90 | % | 1.63 | % | 1.83 | % | ||||||
Allowance for credit losses to loans outstanding | 2.25 | % | 1.67 | % | 2.15 | % | ||||||
Allowance for credit losses to non-performing loans | 94.14 | % | 81.31 | % | 91.42 | % | ||||||
Non-performing assets to tangible common shareholders’ equity and allowance for credit losses | 23.71 | % | 23.71 | % | 24.00 | % |
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