Exhibit 99.2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
% Change from | ||||||||||||||||||||
December 31 2010 | December 31 2009 | September 30 2010 | December 31 2009 | September 30 2010 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 198,954 | $ | 284,508 | $ | 255,800 | (30.1 | %) | (22.2 | %) | ||||||||||
Loans held for sale | 83,940 | 85,384 | 103,240 | (1.7 | %) | (18.7 | %) | |||||||||||||
Other interest-earning assets | 33,297 | 16,591 | 193,421 | 100.7 | % | (82.8 | %) | |||||||||||||
Investment securities | 2,861,484 | 3,267,086 | 2,762,238 | (12.4 | %) | 3.6 | % | |||||||||||||
Loans, net of unearned income | 11,933,307 | 11,972,424 | 11,950,618 | (0.3 | %) | (0.1 | %) | |||||||||||||
Allowance for loan losses | (274,271 | ) | (256,698 | ) | (281,724 | ) | 6.8 | % | (2.6 | %) | ||||||||||
Net Loans | 11,659,036 | 11,715,726 | 11,668,894 | (0.5 | %) | (0.1 | %) | |||||||||||||
Premises and equipment | 208,016 | 204,203 | 204,001 | 1.9 | % | 2.0 | % | |||||||||||||
Accrued interest receivable | 53,841 | 58,515 | 55,167 | (8.0 | %) | (2.4 | %) | |||||||||||||
Goodwill and intangible assets | 547,979 | 552,563 | 549,170 | (0.8 | %) | (0.2 | %) | |||||||||||||
Other assets | 628,707 | 451,059 | 538,842 | 39.4 | % | 16.7 | % | |||||||||||||
Total Assets | $ | 16,275,254 | $ | 16,635,635 | $ | 16,330,773 | (2.2 | %) | (0.3 | %) | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Deposits | $ | 12,388,581 | $ | 12,097,914 | $ | 12,568,117 | 2.4 | % | (1.4 | %) | ||||||||||
Short-term borrowings | 674,077 | 868,940 | 471,081 | (22.4 | %) | 43.1 | % | |||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,119,450 | 1,540,773 | 1,199,513 | (27.3 | %) | (6.7 | %) | |||||||||||||
Other liabilities | 212,757 | 191,526 | 215,752 | 11.1 | % | (1.4 | %) | |||||||||||||
Total Liabilities | 14,394,865 | 14,699,153 | 14,454,463 | (2.1 | %) | (0.4 | %) | |||||||||||||
Preferred stock | — | 370,290 | — | (100.0 | %) | — | ||||||||||||||
Common shareholders’ equity | 1,880,389 | 1,566,192 | 1,876,310 | 20.1 | % | 0.2 | % | |||||||||||||
Total Shareholders’ Equity | 1,880,389 | 1,936,482 | 1,876,310 | (2.9 | %) | 0.2 | % | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 16,275,254 | $ | 16,635,635 | $ | 16,330,773 | (2.2 | %) | (0.3 | %) | ||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,375,980 | $ | 4,292,300 | $ | 4,346,120 | 1.9 | % | 0.7 | % | ||||||||||
Commercial - industrial, financial and agricultural | 3,704,384 | 3,699,198 | 3,683,577 | 0.1 | % | 0.6 | % | |||||||||||||
Real estate - home equity | 1,641,777 | 1,644,260 | 1,654,359 | (0.2 | %) | (0.8 | %) | |||||||||||||
Real estate - residential mortgage | 995,990 | 921,741 | 1,001,837 | 8.1 | % | (0.6 | %) | |||||||||||||
Real estate - construction | 801,185 | 978,267 | 834,266 | (18.1 | %) | (4.0 | %) | |||||||||||||
Consumer | 350,161 | 360,698 | 366,927 | (2.9 | %) | (4.6 | %) | |||||||||||||
Leasing and other | 63,830 | 75,960 | 63,532 | (16.0 | %) | 0.5 | % | |||||||||||||
Total Loans, net of unearned income | $ | 11,933,307 | $ | 11,972,424 | $ | 11,950,618 | (0.3 | %) | (0.1 | %) | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 2,194,988 | $ | 2,012,837 | $ | 2,163,807 | 9.0 | % | 1.4 | % | ||||||||||
Interest-bearing demand | 2,277,190 | 2,022,746 | 2,221,213 | 12.6 | % | 2.5 | % | |||||||||||||
Savings deposits | 3,286,435 | 2,748,467 | 3,291,838 | 19.6 | % | (0.2 | %) | |||||||||||||
Time deposits | 4,629,968 | 5,313,864 | 4,891,259 | (12.9 | %) | (5.3 | %) | |||||||||||||
Total Deposits | $ | 12,388,581 | $ | 12,097,914 | $ | 12,568,117 | 2.4 | % | (1.4 | %) | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Federal funds purchased | $ | 267,844 | $ | 378,068 | $ | 8,864 | (29.2 | %) | N/M | |||||||||||
Customer repurchase agreements | 204,800 | 259,458 | 256,977 | (21.1 | %) | (20.3 | %) | |||||||||||||
Customer short-term promissory notes | 201,433 | 231,414 | 205,240 | (13.0 | %) | (1.9 | %) | |||||||||||||
Total Short-term borrowings | $ | 674,077 | $ | 868,940 | $ | 471,081 | (22.4 | %) | 43.1 | % | ||||||||||
N/M - Not meaningful
1
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands, except per-share data
Quarter Ended | % Change from | Year Ended | % Change | |||||||||||||||||||||||||||||
Dec 31 2010 | Dec 31 2009 | Sep 30 2010 | Dec 31 2009 | Sep 30 2010 | December 31 | |||||||||||||||||||||||||||
2010 | 2009 | |||||||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||
Interest income | $ | 181,749 | $ | 194,942 | $ | 185,356 | (6.8 | %) | (1.9 | %) | $ | 745,373 | $ | 786,467 | (5.2 | %) | ||||||||||||||||
Interest expense | 40,856 | 58,849 | 45,170 | (30.6 | %) | (9.6 | %) | 186,627 | 265,513 | (29.7 | %) | |||||||||||||||||||||
Net Interest Income | 140,893 | 136,093 | 140,186 | 3.5 | % | 0.5 | % | 558,746 | 520,954 | 7.3 | % | |||||||||||||||||||||
Provision for credit losses | 40,000 | 45,020 | 40,000 | (11.2 | %) | — | 160,000 | 190,020 | (15.8 | %) | ||||||||||||||||||||||
Net Interest Income after Provision | 100,893 | 91,073 | 100,186 | 10.8 | % | 0.7 | % | 398,746 | 330,934 | 20.5 | % | |||||||||||||||||||||
Other Income: | ||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 14,091 | 15,174 | 14,752 | (7.1 | %) | (4.5 | %) | 58,592 | 60,450 | (3.1 | %) | |||||||||||||||||||||
Other service charges and fees | 11,849 | 10,120 | 11,540 | 17.1 | % | 2.7 | % | 45,023 | 40,425 | 11.4 | % | |||||||||||||||||||||
Mortgage banking income | 8,857 | 4,711 | 12,400 | 88.0 | % | (28.6 | %) | 29,304 | 25,061 | 16.9 | % | |||||||||||||||||||||
Investment management and trust services | 8,826 | 8,106 | 8,604 | 8.9 | % | 2.6 | % | 34,173 | 32,076 | 6.5 | % | |||||||||||||||||||||
Investment securities gains (losses) | 194 | (1,872 | ) | 1,826 | N/M | (89.4 | %) | 701 | 1,079 | (35.0 | %) | |||||||||||||||||||||
Other | 4,915 | 3,797 | 3,876 | 29.4 | % | 26.8 | % | 17,109 | 16,769 | 2.0 | % | |||||||||||||||||||||
Total Other Income | 48,732 | 40,036 | 52,998 | 21.7 | % | (8.0 | %) | 184,902 | 175,860 | 5.1 | % | |||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | 54,955 | 53,623 | 54,533 | 2.5 | % | 0.8 | % | 216,487 | 218,812 | (1.1 | %) | |||||||||||||||||||||
Net occupancy expense | 10,845 | 10,612 | 10,519 | 2.2 | % | 3.1 | % | 43,533 | 42,040 | 3.6 | % | |||||||||||||||||||||
FDIC insurance expense | 4,916 | 4,841 | 4,709 | 1.5 | % | 4.4 | % | 19,715 | 26,579 | (25.8 | %) | |||||||||||||||||||||
Marketing | 4,461 | 2,638 | 2,601 | 69.1 | % | 71.5 | % | 11,163 | 8,915 | 25.2 | % | |||||||||||||||||||||
Data processing | 3,348 | 2,979 | 3,187 | 12.4 | % | 5.1 | % | 13,263 | 14,432 | (8.1 | %) | |||||||||||||||||||||
Equipment expense | 2,982 | 3,160 | 2,956 | (5.6 | %) | 0.9 | % | 11,692 | 12,820 | (8.8 | %) | |||||||||||||||||||||
Professional fees | 2,902 | 2,397 | 3,040 | 21.1 | % | (4.5 | %) | 11,523 | 9,099 | 26.6 | % | |||||||||||||||||||||
OREO and repossession expense | 2,848 | 2,773 | 2,618 | 2.7 | % | 8.8 | % | 10,023 | 8,866 | 13.1 | % | |||||||||||||||||||||
Intangible amortization | 1,292 | 1,421 | 1,293 | (9.1 | %) | (0.1 | %) | 5,240 | 5,747 | (8.8 | %) | |||||||||||||||||||||
Operating risk loss | 1,207 | 867 | 666 | 39.3 | % | 81.3 | % | 3,025 | 7,550 | (59.9 | %) | |||||||||||||||||||||
Other | 17,313 | 15,811 | 16,589 | 9.5 | % | 4.4 | % | 65,243 | 62,602 | 4.2 | % | |||||||||||||||||||||
Total Other Expenses | 107,069 | 101,121 | 102,711 | 5.9 | % | 4.2 | % | 410,907 | 417,462 | (1.6 | %) | |||||||||||||||||||||
Income Before Income Taxes | 42,556 | 29,988 | 50,473 | 41.9 | % | (15.7 | %) | 172,741 | 89,332 | 93.4 | % | |||||||||||||||||||||
Income tax expense | 11,066 | 5,606 | 12,793 | 97.4 | % | (13.5 | %) | 44,409 | 15,408 | 188.2 | % | |||||||||||||||||||||
Net Income | 31,490 | 24,382 | 37,680 | 29.2 | % | (16.4 | %) | 128,332 | 73,924 | 73.6 | % | |||||||||||||||||||||
Preferred stock dividends and discount accretion | — | (5,046 | ) | (6,172 | ) | (100.0 | %) | (100.0 | %) | (16,303 | ) | (20,169 | ) | (19.2 | %) | |||||||||||||||||
Net Income Available to Common Shareholders | $ | 31,490 | $ | 19,336 | $ | 31,508 | 62.9 | % | (0.1 | %) | $ | 112,029 | $ | 53,755 | 108.4 | % | ||||||||||||||||
PER COMMON SHARE: | ||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.11 | $ | 0.16 | 45.5 | % | — | $ | 0.59 | $ | 0.31 | 90.3 | % | |||||||||||||||||
Diluted | 0.16 | 0.11 | 0.16 | 45.5 | % | — | 0.59 | 0.31 | 90.3 | % | ||||||||||||||||||||||
Cash dividends | $ | 0.03 | $ | 0.03 | $ | 0.03 | — | — | $ | 0.12 | $ | 0.12 | — | |||||||||||||||||||
Shareholders’ equity | 9.45 | 8.88 | 9.43 | 6.4 | % | 0.2 | % | 9.45 | 8.88 | 6.4 | % | |||||||||||||||||||||
Shareholders’ equity (tangible) | 6.69 | 5.75 | 6.67 | 16.3 | % | 0.3 | % | 6.69 | 5.75 | 16.3 | % | |||||||||||||||||||||
Weighted average shares (basic) | 198,437 | 175,988 | 198,282 | 12.8 | % | 0.1 | % | 190,860 | 175,662 | 8.7 | % | |||||||||||||||||||||
Weighted average shares (diluted) | 198,999 | 176,413 | 198,792 | 12.8 | % | 0.1 | % | 191,397 | 175,943 | 8.8 | % | |||||||||||||||||||||
Shares outstanding, end of period | 199,050 | 176,364 | 198,883 | 12.9 | % | 0.1 | % | 199,050 | 176,364 | 12.9 | % | |||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||
Return on average assets | 0.77 | % | 0.59 | % | 0.91 | % | 0.78 | % | 0.45 | % | ||||||||||||||||||||||
Return on average common shareholders’ equity | 6.60 | % | 4.91 | % | 6.67 | % | 6.29 | % | 3.54 | % | ||||||||||||||||||||||
Return on average common shareholders’ equity (tangible) | 9.54 | % | 7.96 | % | 9.68 | % | 9.39 | % | 5.96 | % | ||||||||||||||||||||||
Net interest margin | 3.85 | % | 3.67 | % | 3.81 | % | 3.80 | % | 3.52 | % | ||||||||||||||||||||||
Efficiency ratio | 54.73 | % | 54.79 | % | 51.95 | % | 53.49 | % | 57.88 | % |
N/M - Not meaningful
2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Quarter Ended | ||||||||||||||||||||||||||||||||||||
December 31, 2010 | December 31, 2009 | September 30, 2010 | ||||||||||||||||||||||||||||||||||
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 | $ | 11,944,932 | $ | 158,257 | 5.26 | % | $ | 11,989,314 | $ | 163,972 | 5.43 | % | $ | 11,958,145 | $ | 160,125 | 5.32 | % | ||||||||||||||||||
Taxable investment securities | 2,264,784 | 20,579 | 3.63 | % | 2,580,754 | 27,297 | 4.23 | % | 2,303,692 | 22,363 | 3.88 | % | ||||||||||||||||||||||||
Tax-exempt investment securities | 341,909 | 4,868 | 5.69 | % | 406,088 | 5,767 | 5.68 | % | 345,281 | 4,961 | 5.75 | % | ||||||||||||||||||||||||
Equity securities | 136,075 | 801 | 2.35 | % | 144,071 | 851 | 2.35 | % | 138,993 | 760 | 2.18 | % | ||||||||||||||||||||||||
Total Investment Securities | 2,742,768 | 26,248 | 3.83 | % | 3,130,913 | 33,915 | 4.33 | % | 2,787,966 | 28,084 | 4.03 | % | ||||||||||||||||||||||||
Loans held for sale | 94,741 | 947 | 4.00 | % | 74,438 | 951 | 5.11 | % | 78,862 | 919 | 4.66 | % | ||||||||||||||||||||||||
Other interest-earning assets | 187,881 | 147 | 0.31 | % | 22,745 | 56 | 0.98 | % | 204,601 | 102 | 0.20 | % | ||||||||||||||||||||||||
Total Interest-earning Assets | 14,970,322 | 185,599 | 4.93 | % | 15,217,410 | 198,894 | 5.20 | % | 15,029,574 | 189,230 | 5.01 | % | ||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 268,758 | 318,472 | 280,784 | |||||||||||||||||||||||||||||||||
Premises and equipment | 205,740 | 203,699 | 203,995 | |||||||||||||||||||||||||||||||||
Other assets | 1,135,276 | 987,094 | 1,133,469 | |||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (291,541 | ) | (250,871 | ) | (285,801 | ) | ||||||||||||||||||||||||||||||
Total Assets | $ | 16,288,555 | $ | 16,475,804 | $ | 16,362,021 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | $ | 2,262,027 | $ | 1,793 | 0.31 | % | $ | 1,969,681 | $ | 2,099 | 0.42 | % | $ | 2,129,407 | $ | 1,868 | 0.35 | % | ||||||||||||||||||
Savings deposits | 3,337,407 | 4,328 | 0.51 | % | 2,772,340 | 5,546 | 0.79 | % | 3,214,558 | 4,972 | 0.61 | % | ||||||||||||||||||||||||
Time deposits | 4,760,929 | 20,926 | 1.74 | % | 5,415,169 | 31,454 | 2.30 | % | 4,987,212 | 22,915 | 1.82 | % | ||||||||||||||||||||||||
Total Interest-bearing Deposits | 10,360,363 | 27,047 | 1.04 | % | 10,157,190 | 39,099 | 1.53 | % | 10,331,177 | 29,755 | 1.14 | % | ||||||||||||||||||||||||
Short-term borrowings | 482,197 | 249 | 0.20 | % | 618,087 | 584 | 0.37 | % | 489,013 | 267 | 0.22 | % | ||||||||||||||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,148,009 | 13,560 | 4.70 | % | 1,589,839 | 19,166 | 4.78 | % | 1,274,411 | 15,148 | 4.73 | % | ||||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,990,569 | 40,856 | 1.35 | % | 12,365,116 | 58,849 | 1.89 | % | 12,094,601 | 45,170 | 1.48 | % | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 2,219,267 | 1,991,210 | 2,140,866 | |||||||||||||||||||||||||||||||||
Other | 186,211 | 185,817 | 198,922 | |||||||||||||||||||||||||||||||||
Total Liabilities | 14,396,047 | 14,542,143 | 14,434,389 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,892,508 | 1,933,661 | 1,927,632 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 16,288,555 | $ | 16,475,804 | $ | 16,362,021 | ||||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 144,743 | 3.85 | % | 140,045 | 3.67 | % | 144,060 | 3.81 | % | |||||||||||||||||||||||||||
Tax equivalent adjustment | (3,850 | ) | (3,952 | ) | (3,874 | ) | ||||||||||||||||||||||||||||||
Net interest income | $ | 140,893 | $ | 136,093 | $ | 140,186 | ||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||
December 31 2010 | December 31 2009 | September 30 2010 | December 31 2009 | September 30 2010 | ||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,365,245 | $ | 4,240,436 | $ | 4,341,685 | 2.9 | % | 0.5 | % | ||||||||||
Commercial - industrial, financial and agricultural | 3,682,949 | 3,713,926 | 3,671,128 | (0.8 | %) | 0.3 | % | |||||||||||||
Real estate - home equity | 1,649,111 | 1,645,524 | 1,643,615 | 0.2 | % | 0.3 | % | |||||||||||||
Real estate - residential mortgage | 999,814 | 925,660 | 998,165 | 8.0 | % | 0.2 | % | |||||||||||||
Real estate - construction | 818,367 | 1,018,057 | 868,497 | (19.6 | %) | (5.8 | %) | |||||||||||||
Consumer | 360,432 | 370,258 | 366,719 | (2.7 | %) | (1.7 | %) | |||||||||||||
Leasing and other | 69,014 | 75,453 | 68,336 | (8.5 | %) | 1.0 | % | |||||||||||||
Total Loans, net of unearned income | $ | 11,944,932 | $ | 11,989,314 | $ | 11,958,145 | (0.4 | %) | (0.1 | %) | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 2,219,267 | $ | 1,991,210 | $ | 2,140,866 | 11.5 | % | 3.7 | % | ||||||||||
Interest-bearing demand | 2,262,027 | 1,969,681 | 2,129,407 | 14.8 | % | 6.2 | % | |||||||||||||
Savings deposits | 3,337,407 | 2,772,340 | 3,214,558 | 20.4 | % | 3.8 | % | |||||||||||||
Time deposits | 4,760,929 | 5,415,169 | 4,987,212 | (12.1 | %) | (4.5 | %) | |||||||||||||
Total Deposits | $ | 12,579,630 | $ | 12,148,400 | $ | 12,472,043 | 3.5 | % | 0.9 | % | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Customer repurchase agreements | $ | 240,548 | $ | 260,962 | $ | 257,510 | (7.8 | %) | (6.6 | %) | ||||||||||
Customer short-term promissory notes | 205,637 | 255,776 | 203,158 | (19.6 | %) | 1.2 | % | |||||||||||||
Federal funds purchased | 36,012 | 101,349 | 28,345 | (64.5 | %) | 27.0 | % | |||||||||||||
Total Short-term borrowings | $ | 482,197 | $ | 618,087 | $ | 489,013 | (22.0 | %) | (1.4 | %) | ||||||||||
3
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Year Ended December 31 | ||||||||||||||||||||||||
2010 | 2009 | |||||||||||||||||||||||
Average Balance | Interest (1) | Yield/Rate | Average Balance | Interest (1) | Yield/Rate | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans, net of unearned income | $ | 11,958,435 | $ | 637,438 | 5.33 | % | $ | 11,975,899 | $ | 655,384 | 5.47 | % | ||||||||||||
Taxable investment securities | 2,403,206 | 96,237 | 4.00 | % | 2,548,810 | 112,945 | 4.43 | % | ||||||||||||||||
Tax-exempt investment securities | 357,427 | 20,512 | 5.74 | % | 451,828 | 25,180 | 5.57 | % | ||||||||||||||||
Equity securities | 139,292 | 3,103 | 2.23 | % | 137,070 | 2,917 | 2.13 | % | ||||||||||||||||
Total Investment Securities | 2,899,925 | 119,852 | 4.13 | % | 3,137,708 | 141,042 | 4.50 | % | ||||||||||||||||
Loans held for sale | 69,157 | 3,089 | 4.47 | % | 105,067 | 5,390 | 5.13 | % | ||||||||||||||||
Other interest-earning assets | 192,888 | 505 | 0.26 | % | 21,255 | 196 | 0.92 | % | ||||||||||||||||
Total Interest-earning Assets | 15,120,405 | 760,884 | 5.04 | % | 15,239,929 | 802,012 | 5.27 | % | ||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 268,615 | 305,410 | ||||||||||||||||||||||
Premises and equipment | 204,316 | 203,865 | ||||||||||||||||||||||
Other assets | 1,114,678 | 952,597 | ||||||||||||||||||||||
Less: allowance for loan losses | (281,555 | ) | (221,128 | ) | ||||||||||||||||||||
Total Assets | $ | 16,426,459 | $ | 16,480,673 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 2,099,026 | $ | 7,341 | 0.35 | % | $ | 1,857,081 | $ | 7,995 | 0.43 | % | ||||||||||||
Savings deposits | 3,124,157 | 19,889 | 0.63 | % | 2,425,864 | 19,487 | 0.80 | % | ||||||||||||||||
Time deposits | 5,016,645 | 95,129 | 1.90 | % | 5,507,090 | 153,344 | 2.78 | % | ||||||||||||||||
Total Interest-bearing Deposits | 10,239,828 | 122,359 | 1.19 | % | 9,790,035 | 180,826 | 1.85 | % | ||||||||||||||||
Short-term borrowings | 587,602 | 1,455 | 0.25 | % | 1,043,279 | 3,777 | 0.36 | % | ||||||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,326,449 | 62,813 | 4.74 | % | 1,712,630 | 80,910 | 4.72 | % | ||||||||||||||||
Total Interest-bearing Liabilities | 12,153,879 | 186,627 | 1.54 | % | 12,545,944 | 265,513 | 2.12 | % | ||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 2,104,016 | 1,847,090 | ||||||||||||||||||||||
Other | 191,398 | 198,078 | ||||||||||||||||||||||
Total Liabilities | 14,449,293 | 14,591,112 | ||||||||||||||||||||||
Shareholders’ equity | 1,977,166 | 1,889,561 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 16,426,459 | $ | 16,480,673 | ||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) |
| 574,257 | 3.80 | % | 536,499 | 3.52 | % | |||||||||||||||||
Tax equivalent adjustment | (15,511 | ) | (15,545 | ) | ||||||||||||||||||||
Net interest income | $ | 558,746 | $ | 520,954 | ||||||||||||||||||||
(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:
Year Ended December 31 | % Change | |||||||||||
2010 | 2009 | |||||||||||
Loans, by type: | ||||||||||||
Real estate - commercial mortgage | $ | 4,333,371 | $ | 4,135,486 | 4.8 | % | ||||||
Commercial - industrial, financial and agricultural | 3,681,692 | 3,673,654 | 0.2 | % | ||||||||
Real estate - home equity | 1,642,999 | 1,665,834 | (1.4 | %) | ||||||||
Real estate - residential mortgage | 977,909 | 938,187 | 4.2 | % | ||||||||
Real estate - construction | 889,267 | 1,111,863 | (20.0 | %) | ||||||||
Consumer | 363,066 | 368,651 | (1.5 | %) | ||||||||
Leasing and other | 70,131 | 82,224 | (14.7 | %) | ||||||||
Total Loans, net of unearned income | $ | 11,958,435 | $ | 11,975,899 | (0.1 | %) | ||||||
Deposits, by type: | ||||||||||||
Noninterest-bearing demand | $ | 2,104,016 | $ | 1,847,090 | 13.9 | % | ||||||
Interest-bearing demand | 2,099,026 | 1,857,081 | 13.0 | % | ||||||||
Savings deposits | 3,124,157 | 2,425,864 | 28.8 | % | ||||||||
Time deposits | 5,016,645 | 5,507,090 | (8.9 | %) | ||||||||
Total Deposits | $ | 12,343,844 | $ | 11,637,125 | 6.1 | % | ||||||
Short-term borrowings, by type: | ||||||||||||
Customer repurchase agreements | $ | 252,634 | $ | 254,662 | (0.8 | %) | ||||||
Customer short-term promissory notes | 209,766 | 287,231 | (27.0 | %) | ||||||||
Federal funds purchased | 125,202 | 453,268 | (72.4 | %) | ||||||||
Federal Reserve Bank borrowings | — | 46,137 | (100.0 | %) | ||||||||
Other | — | 1,981 | (100.0 | %) | ||||||||
Total Short-term borrowings | $ | 587,602 | $ | 1,043,279 | (43.7 | %) | ||||||
4
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Quarter Ended | Year Ended | |||||||||||||||||||
Dec 31 2010 | Dec 31 2009 | Sep 30 2010 | Dec 31 | |||||||||||||||||
2010 | 2009 | |||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||
Balance at beginning of period | $ | 284,874 | $ | 241,721 | $ | 280,377 | $ | 257,553 | $ | 180,137 | ||||||||||
Loans charged off: | ||||||||||||||||||||
Real estate - commercial mortgage | (17,688 | ) | (2,055 | ) | (4,262 | ) | (28,209 | ) | (15,530 | ) | ||||||||||
Real estate - construction | (13,421 | ) | (12,017 | ) | (23,139 | ) | (66,412 | ) | (44,909 | ) | ||||||||||
Commercial - industrial, agricultural and financial | (12,893 | ) | (10,078 | ) | (6,601 | ) | (35,865 | ) | (34,761 | ) | ||||||||||
Consumer and home equity | (3,440 | ) | (3,103 | ) | (3,254 | ) | (11,210 | ) | (10,770 | ) | ||||||||||
Real estate - residential mortgage | (2,874 | ) | (2,224 | ) | (751 | ) | (6,896 | ) | (7,056 | ) | ||||||||||
Leasing and other | (788 | ) | (1,366 | ) | (790 | ) | (2,833 | ) | (6,048 | ) | ||||||||||
Total loans charged off | (51,104 | ) | (30,843 | ) | (38,797 | ) | (151,425 | ) | (119,074 | ) | ||||||||||
Recoveries of loans charged off: | ||||||||||||||||||||
Real estate - commercial mortgage | 152 | 8 | 571 | 1,008 | 536 | |||||||||||||||
Real estate - construction | 211 | 842 | 189 | 1,296 | 1,194 | |||||||||||||||
Commercial - industrial, agricultural and financial | 855 | 25 | 2,088 | 4,536 | 1,679 | |||||||||||||||
Consumer and home equity | 254 | 384 | 246 | 1,540 | 1,678 | |||||||||||||||
Real estate - residential mortgage | 2 | 1 | 3 | 9 | 150 | |||||||||||||||
Leasing and other | 254 | 395 | 197 | 981 | 1,233 | |||||||||||||||
Recoveries of loans previously charged off | 1,728 | 1,655 | 3,294 | 9,370 | 6,470 | |||||||||||||||
Net loans charged off | (49,376 | ) | (29,188 | ) | (35,503 | ) | (142,055 | ) | (112,604 | ) | ||||||||||
Provision for credit losses | 40,000 | 45,020 | 40,000 | 160,000 | 190,020 | |||||||||||||||
Balance at end of period | $ | 275,498 | $ | 257,553 | $ | 284,874 | $ | 275,498 | $ | 257,553 | ||||||||||
Net charge-offs to average loans (annualized) | 1.65 | % | 0.97 | % | 1.19 | % | 1.19 | % | 0.94 | % | ||||||||||
NON-PERFORMING ASSETS:
Non-accrual loans | $ | 280,688 | $ | 238,360 | $ | 284,408 | ||||||
Loans 90 days past due and accruing | 48,084 | 43,359 | 58,164 | |||||||||
Total non-performing loans | 328,772 | 281,719 | 342,572 | |||||||||
Other real estate owned | 32,959 | 23,309 | 30,195 | |||||||||
Total non-performing assets | $ | 361,731 | $ | 305,028 | $ | 372,767 | ||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||
Real estate - commercial mortgage | $ | 93,720 | $ | 61,052 | $ | 100,286 | ||||||
Real estate - construction | 84,616 | 92,841 | 91,591 | |||||||||
Commercial - industrial, agricultural and financial | 87,455 | 69,604 | 85,103 | |||||||||
Real estate - residential mortgage | 50,412 | 45,748 | 52,038 | |||||||||
Real estate - home equity | 10,188 | 10,790 | 11,272 | |||||||||
Consumer | 2,154 | 1,529 | 1,882 | |||||||||
Leasing | 227 | 155 | 400 | |||||||||
Total non-performing loans | $ | 328,772 | $ | 281,719 | $ | 342,572 | ||||||
DELINQUENCY RATES, BY TYPE:
December 31, 2010 | December 31, 2009 | September 30, 2010 | ||||||||||||||||||||||||||||||||||
31-89 Days | ³90 Days (1) | Total | 31-89 Days | ³90 Days (1) | Total | 31-89 Days | ³90 Days (1) | Total | ||||||||||||||||||||||||||||
Real estate - commercial mortgage | 0.55 | % | 2.14 | % | 2.69 | % | 0.91 | % | 1.42 | % | 2.33 | % | 0.56 | % | 2.29 | % | 2.85 | % | ||||||||||||||||||
Commercial - industrial, agricultural and financial | 0.36 | % | 2.36 | % | 2.72 | % | 0.63 | % | 1.88 | % | 2.51 | % | 0.77 | % | 2.31 | % | 3.08 | % | ||||||||||||||||||
Real estate - residential mortgage | 3.65 | % | 5.11 | % | 8.76 | % | 4.12 | % | 5.10 | % | 9.22 | % | 3.93 | % | 5.26 | % | 9.19 | % | ||||||||||||||||||
Real estate - construction | 0.91 | % | 10.56 | % | 11.47 | % | 0.70 | % | 9.43 | % | 10.13 | % | 1.04 | % | 10.98 | % | 12.02 | % | ||||||||||||||||||
Consumer, home equity, leases and other | 0.88 | % | 0.61 | % | 1.49 | % | 1.12 | % | 0.60 | % | 1.72 | % | 0.88 | % | 0.65 | % | 1.53 | % | ||||||||||||||||||
Total | 0.83 | % | 2.75 | % | 3.58 | % | 1.09 | % | 2.35 | % | 3.44 | % | 0.99 | % | 2.87 | % | 3.86 | % | ||||||||||||||||||
(1) | Includes non-accrual loans |
ASSET QUALITY RATIOS:
Dec 31 2010 | Dec 31 2009 | Sep 30 2010 | ||||||||||
Non-accrual loans to total loans | 2.35 | % | 1.99 | % | 2.38 | % | ||||||
Non-performing assets to total loans and OREO | 3.02 | % | 2.54 | % | 3.11 | % | ||||||
Non-performing assets to total assets | 2.22 | % | 1.83 | % | 2.28 | % | ||||||
Allowance for credit losses to loans outstanding | 2.31 | % | 2.15 | % | 2.38 | % | ||||||
Allowance for credit losses to non-performing loans | 83.80 | % | 91.42 | % | 83.16 | % | ||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 22.50 | % | 24.00 | % | 23.12 | % |
5