Exhibit 99.2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
% Change from | ||||||||||||||||||||
March 31 2011 | March 31 2010 | December 31 2010 | March 31 2010 | December 31 2010 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 265,353 | $ | 276,200 | $ | 198,954 | (3.9 | %) | 33.4 | % | ||||||||||
Loans held for sale | 30,903 | 53,798 | 83,940 | (42.6 | %) | (63.2 | %) | |||||||||||||
Other interest-earning assets | 83,293 | 7,842 | 33,297 | 962.1 | % | 150.2 | % | |||||||||||||
Investment securities | 2,697,434 | 3,103,628 | 2,861,484 | (13.1 | %) | (5.7 | %) | |||||||||||||
Loans, net of unearned income | 11,873,208 | 11,964,840 | 11,933,307 | (0.8 | %) | (0.5 | %) | |||||||||||||
Allowance for loan losses | (270,272 | ) | (264,915 | ) | (274,271 | ) | 2.0 | % | (1.5 | %) | ||||||||||
Net Loans | 11,602,936 | 11,699,925 | 11,659,036 | (0.8 | %) | (0.5 | %) | |||||||||||||
Premises and equipment | 208,370 | 204,149 | 208,016 | 2.1 | % | 0.2 | % | |||||||||||||
Accrued interest receivable | 52,878 | 58,689 | 53,841 | (9.9 | %) | (1.8 | %) | |||||||||||||
Goodwill and intangible assets | 546,934 | 551,537 | 547,979 | (0.8 | %) | (0.2 | %) | |||||||||||||
Other assets | 473,095 | 455,755 | 628,707 | 3.8 | % | (24.8 | %) | |||||||||||||
Total Assets | $ | 15,961,196 | $ | 16,411,523 | $ | 16,275,254 | (2.7 | %) | (1.9 | %) | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Deposits | $ | 12,408,610 | $ | 12,156,455 | $ | 12,388,581 | 2.1 | % | 0.2 | % | ||||||||||
Short-term borrowings | 414,398 | 624,650 | 674,077 | (33.7 | %) | (38.5 | %) | |||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,035,689 | 1,440,755 | 1,119,450 | (28.1 | %) | (7.5 | %) | |||||||||||||
Other liabilities | 192,177 | 219,825 | 212,757 | (12.6 | %) | (9.7 | %) | |||||||||||||
Total Liabilities | 14,050,874 | 14,441,685 | 14,394,865 | (2.7 | %) | (2.4 | %) | |||||||||||||
Preferred stock | — | 370,649 | — | (100.0 | %) | — | ||||||||||||||
Common shareholders’ equity | 1,910,322 | 1,599,189 | 1,880,389 | 19.5 | % | 1.6 | % | |||||||||||||
Total Shareholders’ Equity | 1,910,322 | 1,969,838 | 1,880,389 | (3.0 | %) | 1.6 | % | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 15,961,196 | $ | 16,411,523 | $ | 16,275,254 | (2.7 | %) | (1.9 | %) | ||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,392,679 | $ | 4,322,774 | $ | 4,375,980 | 1.6 | % | 0.4 | % | ||||||||||
Commercial - industrial, financial and agricultural | 3,692,668 | 3,684,903 | 3,704,384 | 0.2 | % | (0.3 | %) | |||||||||||||
Real estate - home equity | 1,620,340 | 1,638,179 | 1,641,777 | (1.1 | %) | (1.3 | %) | |||||||||||||
Real estate - residential mortgage | 1,022,251 | 951,381 | 995,990 | 7.4 | % | 2.6 | % | |||||||||||||
Real estate - construction | 747,806 | 937,279 | 801,185 | (20.2 | %) | (6.7 | %) | |||||||||||||
Consumer | 337,413 | 361,681 | 350,161 | (6.7 | %) | (3.6 | %) | |||||||||||||
Leasing and other | 60,051 | 68,643 | 63,830 | (12.5 | %) | (5.9 | %) | |||||||||||||
Total Loans, net of unearned income | $ | 11,873,208 | $ | 11,964,840 | $ | 11,933,307 | (0.8 | %) | (0.5 | %) | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 2,310,290 | $ | 2,038,199 | $ | 2,194,988 | 13.3 | % | 5.3 | % | ||||||||||
Interest-bearing demand | 2,324,988 | 1,987,791 | 2,277,190 | 17.0 | % | 2.1 | % | |||||||||||||
Savings deposits | 3,333,403 | 2,972,621 | 3,286,435 | 12.1 | % | 1.4 | % | |||||||||||||
Time deposits | 4,439,929 | 5,157,844 | 4,629,968 | (13.9 | %) | (4.1 | %) | |||||||||||||
Total Deposits | $ | 12,408,610 | $ | 12,156,455 | $ | 12,388,581 | 2.1 | % | 0.2 | % | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Customer repurchase agreements | $ | 216,705 | $ | 245,265 | $ | 204,800 | (11.6 | %) | 5.8 | % | ||||||||||
Customer short-term promissory notes | 189,408 | 217,345 | 201,433 | (12.9 | %) | (6.0 | %) | |||||||||||||
Federal funds purchased | 8,285 | 162,040 | 267,844 | (94.9 | %) | (96.9 | %) | |||||||||||||
Total Short-term borrowings | $ | 414,398 | $ | 624,650 | $ | 674,077 | (33.7 | %) | (38.5 | %) | ||||||||||
1
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands, except per-share data
Quarter Ended | % Change from | |||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | Mar 31 | Dec 31 | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Interest Income: | ||||||||||||||||||||
Interest income | $ | 175,694 | $ | 190,588 | $ | 181,749 | (7.8 | %) | (3.3 | %) | ||||||||||
Interest expense | 36,131 | 52,079 | 40,856 | (30.6 | %) | (11.6 | %) | |||||||||||||
Net Interest Income | 139,563 | 138,509 | 140,893 | 0.8 | % | (0.9 | %) | |||||||||||||
Provision for credit losses | 38,000 | 40,000 | 40,000 | (5.0 | %) | (5.0 | %) | |||||||||||||
Net Interest Income after Provision | 101,563 | 98,509 | 100,893 | 3.1 | % | 0.7 | % | |||||||||||||
Other Income: | ||||||||||||||||||||
Service charges on deposit accounts | 13,305 | 14,267 | 14,091 | (6.7 | %) | (5.6 | %) | |||||||||||||
Other service charges and fees | 11,482 | 10,165 | 11,849 | 13.0 | % | (3.1 | %) | |||||||||||||
Investment management and trust services | 9,204 | 8,088 | 8,826 | 13.8 | % | 4.3 | % | |||||||||||||
Mortgage banking income | 5,463 | 4,149 | 8,857 | 31.7 | % | (38.3 | %) | |||||||||||||
Investment securities gains (losses) | 2,285 | (2,223 | ) | 194 | N/M | 1,077.8 | % | |||||||||||||
Other | 4,421 | 3,814 | 4,915 | 15.9 | % | (10.1 | %) | |||||||||||||
Total Other Income | 46,160 | 38,260 | 48,732 | 20.6 | % | (5.3 | %) | |||||||||||||
Other Expenses: | ||||||||||||||||||||
Salaries and employee benefits | 54,308 | 52,345 | 54,955 | 3.8 | % | (1.2 | %) | |||||||||||||
Net occupancy expense | 11,366 | 11,650 | 10,845 | (2.4 | %) | 4.8 | % | |||||||||||||
FDIC insurance expense | 4,754 | 4,954 | 4,916 | (4.0 | %) | (3.3 | %) | |||||||||||||
Data processing | 3,372 | 3,417 | 3,348 | (1.3 | %) | 0.7 | % | |||||||||||||
Equipment expense | 3,132 | 3,091 | 2,982 | 1.3 | % | 5.0 | % | |||||||||||||
Professional fees | 2,849 | 2,546 | 2,902 | 11.9 | % | (1.8 | %) | |||||||||||||
Marketing | 2,836 | 1,830 | 4,461 | 55.0 | % | (36.4 | %) | |||||||||||||
OREO and repossession expense | 1,970 | 2,681 | 2,848 | (26.5 | %) | (30.8 | %) | |||||||||||||
Intangible amortization | 1,178 | 1,314 | 1,292 | (10.4 | %) | (8.8 | %) | |||||||||||||
Other | 15,798 | 16,194 | 18,520 | (2.4 | %) | (14.7 | %) | |||||||||||||
Total Other Expenses | 101,563 | 100,022 | 107,069 | 1.5 | % | (5.1 | %) | |||||||||||||
Income Before Income Taxes | 46,160 | 36,747 | 42,556 | 25.6 | % | 8.5 | % | |||||||||||||
Income tax expense | 12,375 | 9,267 | 11,066 | 33.5 | % | 11.8 | % | |||||||||||||
Net Income | 33,785 | 27,480 | 31,490 | 22.9 | % | 7.3 | % | |||||||||||||
Preferred stock dividends and discount accretion | — | (5,065 | ) | — | (100.0 | %) | — | |||||||||||||
Net Income Available to Common Shareholders | $ | 33,785 | $ | 22,415 | $ | 31,490 | 50.7 | % | 7.3 | % | ||||||||||
PER COMMON SHARE: | ||||||||||||||||||||
Net income: | ||||||||||||||||||||
Basic | $ | 0.17 | $ | 0.13 | $ | 0.16 | 30.8 | % | 6.3 | % | ||||||||||
Diluted | 0.17 | 0.13 | 0.16 | 30.8 | % | 6.3 | % | |||||||||||||
Cash dividends | $ | 0.04 | $ | 0.03 | $ | 0.03 | 33.3 | % | 33.3 | % | ||||||||||
Shareholders’ equity | 9.59 | 9.06 | 9.45 | 5.8 | % | 1.5 | % | |||||||||||||
Shareholders’ equity (tangible) | 6.84 | 5.94 | 6.69 | 15.2 | % | 2.2 | % | |||||||||||||
Weighted average shares (basic) | 198,599 | 176,174 | 198,437 | 12.7 | % | 0.1 | % | |||||||||||||
Weighted average shares (diluted) | 199,286 | 176,681 | 198,999 | 12.8 | % | 0.1 | % | |||||||||||||
Shares outstanding, end of period | 199,191 | 176,509 | 199,050 | 12.9 | % | 0.1 | % | |||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||
Return on average assets | 0.85 | % | 0.68 | % | 0.77 | % | ||||||||||||||
Return on average common shareholders’ equity | 7.21 | % | 5.73 | % | 6.60 | % | ||||||||||||||
Return on average common shareholders’ equity (tangible) | 10.36 | % | 9.13 | % | 9.54 | % | ||||||||||||||
Net interest margin | 3.91 | % | 3.78 | % | 3.85 | % | ||||||||||||||
Efficiency ratio | 53.57 | % | 53.97 | % | 54.73 | % |
N/M - Not meaningful
2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Quarter Ended | ||||||||||||||||||||||||||||||||||||
March 31, 2011 | March 31, 2010 | December 31, 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 | $ | 11,921,442 | $ | 151,686 | 5.15 | % | $ | 11,971,786 | $ | 159,424 | 5.39 | % | $ | 11,944,932 | $ | 158,257 | 5.26 | % | ||||||||||||||||||
Taxable investment securities | 2,331,323 | 21,807 | 3.75 | % | 2,663,127 | 28,149 | 4.23 | % | 2,264,784 | 20,579 | 3.63 | % | ||||||||||||||||||||||||
Tax-exempt investment securities | 344,457 | 4,885 | 5.67 | % | 387,971 | 5,531 | 5.70 | % | 341,909 | 4,868 | 5.69 | % | ||||||||||||||||||||||||
Equity securities | 132,841 | 752 | 2.28 | % | 141,896 | 809 | 2.29 | % | 136,075 | 801 | 2.35 | % | ||||||||||||||||||||||||
Total Investment Securities | 2,808,621 | 27,444 | 3.91 | % | 3,192,994 | 34,489 | 4.33 | % | 2,742,768 | 26,248 | 3.83 | % | ||||||||||||||||||||||||
Loans held for sale | 45,418 | 500 | 4.41 | % | 42,938 | 556 | 5.18 | % | 94,741 | 947 | 4.00 | % | ||||||||||||||||||||||||
Other interest-earning assets | 66,381 | 33 | 0.20 | % | 10,793 | 25 | 0.95 | % | 187,881 | 147 | 0.31 | % | ||||||||||||||||||||||||
Total Interest-earning Assets | 14,841,862 | 179,663 | 4.90 | % | 15,218,511 | 194,494 | 5.17 | % | 14,970,322 | 185,599 | 4.93 | % | ||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 260,395 | 263,147 | 268,758 | |||||||||||||||||||||||||||||||||
Premises and equipment | 207,389 | 203,584 | 205,740 | |||||||||||||||||||||||||||||||||
Other assets | 1,102,543 | 1,086,635 | 1,135,276 | |||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (282,017 | ) | (273,426 | ) | (291,541 | ) | ||||||||||||||||||||||||||||||
Total Assets | $ | 16,130,172 | $ | 16,498,451 | $ | 16,288,555 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | $ | 2,322,098 | $ | 1,436 | 0.25 | % | $ | 1,981,653 | $ | 1,840 | 0.38 | % | $ | 2,262,027 | $ | 1,793 | 0.31 | % | ||||||||||||||||||
Savings deposits | 3,282,790 | 3,358 | 0.41 | % | 2,847,427 | 5,201 | 0.74 | % | 3,337,407 | 4,328 | 0.51 | % | ||||||||||||||||||||||||
Time deposits | 4,532,528 | 18,492 | 1.65 | % | 5,202,975 | 26,697 | 2.08 | % | 4,760,929 | 20,926 | 1.74 | % | ||||||||||||||||||||||||
Total Interest-bearing Deposits | 10,137,416 | 23,286 | 0.93 | % | 10,032,055 | 33,738 | 1.36 | % | 10,360,363 | 27,047 | 1.04 | % | ||||||||||||||||||||||||
Short-term borrowings | 622,662 | 254 | 0.16 | %�� | 871,981 | 549 | 0.25 | % | 482,197 | 249 | 0.20 | % | ||||||||||||||||||||||||
Federal Home Loan Bank advances and long-term debt | 1,061,523 | 12,591 | 4.78 | % | 1,484,236 | 17,792 | 4.86 | % | 1,148,009 | 13,560 | 4.70 | % | ||||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,821,601 | 36,131 | 1.24 | % | 12,388,272 | 52,079 | 1.70 | % | 11,990,569 | 40,856 | 1.35 | % | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 2,238,200 | 1,973,146 | 2,219,267 | |||||||||||||||||||||||||||||||||
Other | 170,930 | 180,528 | 186,211 | |||||||||||||||||||||||||||||||||
Total Liabilities | 14,230,731 | 14,541,946 | 14,396,047 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,899,441 | 1,956,505 | 1,892,508 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 16,130,172 | $ | 16,498,451 | $ | 16,288,555 | ||||||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 143,532 | 3.91 | % | 142,415 | 3.78 | % | 144,743 | 3.85 | % | |||||||||||||||||||||||||||
Tax equivalent adjustment | (3,969 | ) | (3,906 | ) | (3,850 | ) | ||||||||||||||||||||||||||||||
Net interest income | $ | 139,563 | $ | 138,509 | $ | 140,893 | ||||||||||||||||||||||||||||||
(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 | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Loans, by type: | ||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,385,072 | $ | 4,306,270 | $ | 4,365,245 | 1.8 | % | 0.5 | % | ||||||||||
Commercial - industrial, financial and agricultural | 3,707,081 | 3,686,405 | 3,682,949 | 0.6 | % | 0.7 | % | |||||||||||||
Real estate - home equity | 1,628,550 | 1,640,912 | 1,649,111 | (0.8 | %) | (1.2 | %) | |||||||||||||
Real estate - residential mortgage | 1,017,439 | 940,652 | 999,814 | 8.2 | % | 1.8 | % | |||||||||||||
Real estate - construction | 779,556 | 962,175 | 818,367 | (19.0 | %) | (4.7 | %) | |||||||||||||
Consumer | 341,247 | 362,212 | 360,432 | (5.8 | %) | (5.3 | %) | |||||||||||||
Leasing and other | 62,497 | 73,160 | 69,014 | (14.6 | %) | (9.4 | %) | |||||||||||||
Total Loans, net of unearned income | $ | 11,921,442 | $ | 11,971,786 | $ | 11,944,932 | (0.4 | %) | (0.2 | %) | ||||||||||
Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 2,238,200 | $ | 1,973,146 | $ | 2,219,267 | 13.4 | % | 0.9 | % | ||||||||||
Interest-bearing demand | 2,322,098 | 1,981,653 | 2,262,027 | 17.2 | % | 2.7 | % | |||||||||||||
Savings deposits | 3,282,790 | 2,847,427 | 3,337,407 | 15.3 | % | (1.6 | %) | |||||||||||||
Time deposits | 4,532,528 | 5,202,975 | 4,760,929 | (12.9 | %) | (4.8 | %) | |||||||||||||
Total Deposits | $ | 12,375,616 | $ | 12,005,201 | $ | 12,579,630 | 3.1 | % | (1.6 | %) | ||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||
Customer repurchase agreements | $ | 212,931 | $ | 248,982 | $ | 240,548 | (14.5 | %) | (11.5 | %) | ||||||||||
Customer short-term promissory notes | 190,385 | 223,439 | 205,637 | (14.8 | %) | (7.4 | %) | |||||||||||||
Federal funds purchased | 219,346 | 399,560 | 36,012 | (45.1 | %) | 509.1 | % | |||||||||||||
Total Short-term borrowings | $ | 622,662 | $ | 871,981 | $ | 482,197 | (28.6 | %) | 29.1 | % | ||||||||||
3
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Quarter Ended | ||||||||||||
Mar 31 2011 | Mar 31 2010 | Dec 31 2010 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||
Balance at beginning of period | $ | 275,498 | $ | 257,553 | $ | 284,874 | ||||||
Loans charged off: | ||||||||||||
Real estate - construction | (13,894 | ) | (20,553 | ) | (13,421 | ) | ||||||
Commercial - industrial, financial and agricultural | (13,336 | ) | (2,981 | ) | (12,893 | ) | ||||||
Real estate - commercial mortgage | (10,047 | ) | (2,344 | ) | (17,688 | ) | ||||||
Real estate - residential mortgage | (4,996 | ) | (1,391 | ) | (2,874 | ) | ||||||
Consumer and home equity | (2,759 | ) | (2,078 | ) | (3,440 | ) | ||||||
Leasing and other | (497 | ) | (645 | ) | (788 | ) | ||||||
Total loans charged off | (45,529 | ) | (29,992 | ) | (51,104 | ) | ||||||
Recoveries of loans charged off: | ||||||||||||
Real estate - construction | 563 | 315 | 211 | |||||||||
Commercial - industrial, financial and agricultural | 391 | 436 | 855 | |||||||||
Real estate - commercial mortgage | 1,535 | 128 | 152 | |||||||||
Real estate - residential mortgage | 44 | 1 | 2 | |||||||||
Consumer and home equity | 310 | 552 | 254 | |||||||||
Leasing and other | 344 | 261 | 254 | |||||||||
Recoveries of loans previously charged off | 3,187 | 1,693 | 1,728 | |||||||||
Net loans charged off | (42,342 | ) | (28,299 | ) | (49,376 | ) | ||||||
Provision for credit losses | 38,000 | 40,000 | 40,000 | |||||||||
Balance at end of period | $ | 271,156 | $ | 269,254 | $ | 275,498 | ||||||
Net charge-offs to average loans (annualized) | 1.42 | % | 0.95 | % | 1.65 | % | ||||||
NON-PERFORMING ASSETS: | ||||||||||||
Non-accrual loans | $ | 280,270 | $ | 242,423 | $ | 280,688 | ||||||
Loans 90 days past due and accruing | 37,768 | 43,603 | 48,084 | |||||||||
Total non-performing loans | 318,038 | 286,026 | 328,772 | |||||||||
Other real estate owned | 37,044 | 26,228 | 32,959 | |||||||||
Total non-performing assets | $ | 355,082 | $ | 312,254 | $ | 361,731 | ||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||
Real estate - commercial mortgage | $ | 97,305 | $ | 70,565 | $ | 93,720 | ||||||
Commercial - industrial, financial and agricultural | 86,050 | 78,365 | 87,455 | |||||||||
Real estate - construction | 72,880 | 79,527 | 84,616 | |||||||||
Real estate - residential mortgage | 49,998 | 42,302 | 50,412 | |||||||||
Real estate - home equity | 9,314 | 12,769 | 10,188 | |||||||||
Consumer | 2,258 | 2,317 | 2,154 | |||||||||
Leasing | 233 | 181 | 227 | |||||||||
Total non-performing loans | $ | 318,038 | $ | 286,026 | $ | 328,772 | ||||||
DELINQUENCY RATES, BY TYPE:
March 31, 2011 | March 31, 2010 | December 31, 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 | 0.66 | % | 2.21 | % | 2.87 | % | 1.37 | % | 1.63 | % | 3.00 | % | 0.56 | % | 2.14 | % | 2.70 | % | ||||||||||||||||||
Commercial - industrial, financial and agricultural | 0.50 | % | 2.33 | % | 2.83 | % | 0.71 | % | 2.13 | % | 2.84 | % | 0.36 | % | 2.36 | % | 2.72 | % | ||||||||||||||||||
Real estate - construction | 0.56 | % | 9.75 | % | 10.31 | % | 2.18 | % | 8.49 | % | 10.67 | % | 0.91 | % | 10.56 | % | 11.47 | % | ||||||||||||||||||
Real estate - residential mortgage | 3.47 | % | 4.89 | % | 8.36 | % | 3.57 | % | 4.45 | % | 8.02 | % | 3.65 | % | 5.06 | % | 8.71 | % | ||||||||||||||||||
Real estate - home equity | 0.74 | % | 0.57 | % | 1.31 | % | 0.87 | % | 0.76 | % | 1.63 | % | 0.73 | % | 0.62 | % | 1.35 | % | ||||||||||||||||||
Consumer, leasing and other | 1.26 | % | 0.64 | % | 1.90 | % | 1.28 | % | 0.66 | % | 1.94 | % | 1.48 | % | 0.58 | % | 2.06 | % | ||||||||||||||||||
Total | 0.88 | % | 2.67 | % | 3.55 | % | 1.33 | % | 2.39 | % | 3.72 | % | 0.83 | % | 2.76 | % | 3.59 | % | ||||||||||||||||||
(1) | Includes non-accrual loans |
ASSET QUALITY RATIOS:
Mar 31 | Mar 31 | Dec 31 | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Non-accrual loans to total loans | 2.36 | % | 2.03 | % | 2.35 | % | ||||||
Non-performing assets to total loans and OREO | 2.98 | % | 2.60 | % | 3.02 | % | ||||||
Non-performing assets to total assets | 2.22 | % | 1.90 | % | 2.22 | % | ||||||
Allowance for credit losses to loans outstanding | 2.28 | % | 2.25 | % | 2.31 | % | ||||||
Allowance for credit losses to non-performing loans | 85.26 | % | 94.14 | % | 83.80 | % | ||||||
Non-performing assets to tangible common shareholders’ equity and allowance for credit losses | 21.72 | % | 23.71 | % | 22.50 | % |
4