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Fulton Financial Corporation (NASDAQ:FULT) ("Fulton" or the "Corporation") reported net income of $40 million, or $0.24 per diluted share, for the second quarter of 2020.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200721005932/en/
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"COVID-19 continues to have a significant impact on our world and our company," said E. Philip Wenger, Chairman and CEO, "however, we are pleased with what Fulton was able to achieve in the second quarter during this period of great uncertainty. Our earnings were strong, with lower credit losses and relatively stable fee income and expenses. And our employees have done an outstanding job, continuing to support our customers through this challenging and ever-changing environment."
Net Interest Income and Balance Sheet
Net interest income for the second quarter of 2020 was $153 million, a decrease of $8 million from the first quarter of 2020, driven by lower yields on loans and other interest-earning assets. Net interest margin for the second quarter of 2020 decreased 40 basis points, to 2.81% from 3.21% in the first quarter of 2020.
Total average assets for the second quarter of 2020 were $24.1 billion, an increase of $1.9 billion from the first quarter of 2020. Average loans, net of unearned income, of $18.3 billion increased $1.5 billion from the first quarter of 2020. The increase was principally due to loans originated under the Paycheck Protection Program ("PPP"), which were $1.9 billion as of June 30, 2020.
Average loans and yields, by type, for the second quarter of 2020 in comparison to the first quarter of 2020 are summarized in the following table:
| Three months ended |
|
| |||||||||||||||||
| June 30, 2020 |
| March 31, 2020 |
| Growth | |||||||||||||||
| Balance |
| Yield (1) |
| Balance |
| Yield (1) |
| $ |
| % | |||||||||
| (dollars in thousands) | |||||||||||||||||||
Average Loans, net of unearned income, by type: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Real estate - commercial mortgage | $ | 6,875,872 |
|
| 3.47 | % |
| $ | 6,746,766 |
|
| 4.20 | % |
| $ | 129,106 |
|
| 1.9 | % |
Commercial and industrial | 5,710,145 |
|
| 3.35 | % |
| 4,446,750 |
|
| 4.21 | % |
| 1,263,395 |
|
| 28.4 | % | |||
Real estate - residential mortgage | 2,769,682 |
|
| 3.88 | % |
| 2,670,019 |
|
| 3.97 | % |
| 99,663 |
|
| 3.7 | % | |||
Real estate - home equity | 1,271,190 |
|
| 3.91 | % |
| 1,300,132 |
|
| 4.73 | % |
| (28,942) |
|
| (2.2) | % | |||
Real estate - construction | 941,079 |
|
| 3.53 | % |
| 929,529 |
|
| 4.13 | % |
| 11,550 |
|
| 1.2 | % | |||
Consumer | 465,728 |
|
| 4.17 | % |
| 466,415 |
|
| 4.34 | % |
| (687) |
|
| (0.1) | % | |||
Equipment lease financing | 284,658 |
|
| 3.44 | % |
| 284,566 |
|
| 4.32 | % |
| 92 |
|
| 0.0 | % | |||
Other | 13,443 |
|
| N/A |
| 15,890 |
|
| N/A |
| (2,447) |
|
| (15.4) | % | |||||
Total Average Loans, net of unearned income | $ | 18,331,797 |
|
| 3.52 | % |
| $ | 16,860,067 |
|
| 4.23 | % |
| $ | 1,471,730 |
|
| 8.7 | % |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
(1) Presented on a fully-taxable equivalent basis using a 21% Federal tax rate and statutory interest expense disallowances. |
Total average liabilities increased $1.9 billion, from the first quarter of 2020 driven by increases in noninterest-bearing demand deposits. Average deposits and interest rates, by type, for the second quarter of 2020 in comparison to the first quarter of 2020 are summarized in the following table:
| Three months ended |
|
| |||||||||||||||||
| June 30, 2020 |
| March 31, 2020 |
| Growth | |||||||||||||||
| Balance |
| Rate |
| Balance |
| Rate |
| $ |
| % | |||||||||
| (dollars in thousands) | |||||||||||||||||||
Average Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Noninterest-bearing demand | $ | 5,789,788 |
|
| 0.00 | % |
| $ | 4,307,027 |
|
| 0.00 | % |
| $ | 1,482,761 |
|
| 34.4 | % |
Interest-bearing demand | 5,103,419 |
|
| 0.17 | % |
| 4,649,905 |
|
| 0.49 | % |
| 453,514 |
|
| 9.8 | % | |||
Savings | 5,446,368 |
|
| 0.25 | % |
| 5,127,662 |
|
| 0.56 | % |
| 318,706 |
|
| 6.2 | % | |||
Total average demand and savings | 16,339,575 |
|
| 0.14 | % |
| 14,084,594 |
|
| 0.36 | % |
| 2,254,981 |
|
| 16.0 | % | |||
Brokered | 312,121 |
|
| 0.54 | % |
| 275,359 |
|
| 1.57 | % |
| 36,762 |
|
| 13.4 | % | |||
Time | 2,624,962 |
|
| 1.71 | % |
| 2,761,474 |
|
| 1.84 | % |
| (136,512) |
|
| (4.9) | % | |||
Total Average Deposits | $ | 19,276,658 |
|
| 0.36 | % |
| $ | 17,121,427 |
|
| 0.62 | % |
| $ | 2,155,231 |
|
| 12.6 | % |
Asset Quality
The provision for credit losses for the second quarter of 2020 was $20 million, which reflects current expected credit losses based on forecasted economic and other assumptions, including the estimated impacts of COVID-19, over the remaining expected lives of financial assets and off-balance-sheet credit exposures.
Non-performing assets were $145 million, or 0.59% of total assets, at June 30, 2020, a decrease from both March 31, 2020 and June 30, 2019.
Annualized net charge-offs (recoveries) for the quarter ended June 30, 2020 were 0.09% of total average loans, compared to 0.26% and (0.04)% for the quarters ended March 31, 2020 and June 30, 2019, respectively.
Non-interest Income
Non-interest income in the second quarter of 2020, excluding investment securities gains, was $53 million, a decrease of $2 million, or 3%, from the first quarter of 2020, primarily driven by a decline in overdraft and wealth management fees, partially offset by higher mortgage banking income.
Mortgage banking income increased $4 million from the first quarter of 2020, reflecting the net result of a $10 million increase in gains on mortgage loan sales due largely to higher refinance activity, partially offset by a $7 million mortgage servicing rights impairment charge recorded in the second quarter of 2020 as a result of rapidly declining interest rates and related increases in current and expected levels of prepayments. A $1 million mortgage servicing rights impairment charge was recorded in the first quarter of 2020.
Compared to the second quarter of 2019, non-interest income, excluding investment securities gains, decreased $1 million or 2% in the second quarter of 2020 due mainly to declines in overdraft fees, merchant and card income and wealth management fees, partially offset by an increase in mortgage banking and capital markets income.
Net investment securities gains of $3 million were realized in the second quarter of 2020, related to a limited balance sheet restructuring that included $3 million of prepayment penalties recorded in non-interest expense for the redemption of FHLB advances.
Non-interest Expense
Non-interest expense was $143 million in the second quarter of 2020, relatively unchanged compared to the first quarter of 2020. The $3 million prepayment penalty on redemption of FHLB advances as well as an increase in salaries and employee benefits, were offset by decreases in multiple categories.
Compared to the second quarter of 2019, non-interest expenses decreased $1 million, or 1% due primarily to decreases in other outside services, occupancy and marketing, partially offset by increases in salaries and employee benefits and the FHLB prepayment penalty.
Income Tax Expense
The effective income tax rate for the second quarter of 2020 was 14%, as compared to 10% and 14% for the first quarter of 2020 and second quarter of 2019, respectively. The increase in the effective income tax rate compared to the first quarter of 2020 resulted from the increase in income before income taxes.
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Additional information on Fulton is available on the Internet at www.fult.com.
Safe Harbor Statement
This news release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, they are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission and are or will be available in the Investor Relations section of the Corporation's website (www.fult.com) and on the Securities and Exchange Commission's website (www.sec.gov).
Non-GAAP Financial Measures
The Corporation uses certain non-GAAP financial measures in this earnings release. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this release.
FULTON FINANCIAL CORPORATION |
|
|
|
|
|
|
| |||||||||||||
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) |
|
|
|
|
|
|
| |||||||||||||
in thousands, except per-share data and percentages |
|
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|
|
|
| |||||||||||||
| Three months ended |
| ||||||||||||||||||
| Jun 30 |
| Mar 31 |
| Dec 31 |
| Sep 30 |
| Jun 30 |
| ||||||||||
| 2020 |
| 2020 |
| 2019 |
| 2019 |
| 2019 |
| ||||||||||
Ending Balances |
|
|
|
|
|
|
|
|
|
| ||||||||||
Investments | $ | 2,974,813 |
|
| $ | 3,141,440 |
|
| $ | 2,867,378 |
|
| $ | 2,705,610 |
|
| $ | 2,853,358 |
|
|
Loans, net of unearned income | 18,704,722 |
|
| 17,077,403 |
|
| 16,837,526 |
|
| 16,686,866 |
|
| 16,368,458 |
|
| |||||
Total assets | 24,617,863 |
|
| 22,929,859 |
|
| 21,886,040 |
|
| 21,703,618 |
|
| 21,308,670 |
|
| |||||
Deposits | 19,884,208 |
|
| 17,365,026 |
|
| 17,393,913 |
|
| 17,342,717 |
|
| 16,388,895 |
|
| |||||
Shareholders' equity | 2,340,501 |
|
| 2,285,748 |
|
| 2,342,176 |
|
| 2,324,016 |
|
| 2,308,798 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Average Balances |
|
|
|
|
|
|
|
|
|
| ||||||||||
Investments | $ | 3,096,632 |
|
| $ | 3,071,828 |
|
| $ | 2,830,999 |
|
| $ | 2,829,672 |
|
| $ | 2,790,392 |
|
|
Loans, net of unearned income | 18,331,797 |
|
| 16,860,067 |
|
| 16,768,057 |
|
| 16,436,507 |
|
| 16,316,076 |
|
| |||||
Total assets | 24,139,116 |
|
| 22,252,099 |
|
| 21,812,438 |
|
| 21,457,800 |
|
| 21,057,030 |
|
| |||||
Deposits | 19,276,658 |
|
| 17,121,428 |
|
| 17,449,565 |
|
| 16,950,667 |
|
| 16,375,457 |
|
| |||||
Shareholders' equity | 2,309,133 |
|
| 2,337,016 |
|
| 2,341,397 |
|
| 2,315,585 |
|
| 2,301,258 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income Statement |
|
|
|
|
|
|
|
|
|
| ||||||||||
Net interest income | $ | 152,754 |
|
| $ | 160,746 |
|
| $ | 159,270 |
|
| $ | 161,260 |
|
| $ | 164,544 |
|
|
Provision for credit losses | 19,570 |
|
| 44,030 |
|
| 20,530 |
|
| 2,170 |
|
| 5,025 |
|
| |||||
Non-interest income | 55,922 |
|
| 54,644 |
|
| 55,281 |
|
| 59,813 |
|
| 54,316 |
|
| |||||
Non-interest expense | 143,006 |
|
| 142,552 |
|
| 138,974 |
|
| 146,770 |
|
| 144,168 |
|
| |||||
Income before taxes | 46,101 |
|
| 28,808 |
|
| 55,047 |
|
| 72,133 |
|
| 69,667 |
|
| |||||
Net income | 39,559 |
|
| 26,047 |
|
| 47,789 |
|
| 62,108 |
|
| 59,780 |
|
| |||||
Pre-provision net revenue(1) | 67,126 |
|
| 74,374 |
|
| 77,224 |
|
| 76,741 |
|
| 76,115 |
|
| |||||
|
|
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|
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| ||||||||||
Per Share |
|
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|
| ||||||||||
Net income (basic) | $ | 0.24 |
|
| $ | 0.16 |
|
| $ | 0.29 |
|
| $ | 0.38 |
|
| $ | 0.36 |
|
|
Net income (diluted) | $ | 0.24 |
|
| $ | 0.16 |
|
| $ | 0.29 |
|
| $ | 0.37 |
|
| $ | 0.35 |
|
|
Cash dividends | $ | 0.13 |
|
| $ | 0.13 |
|
| $ | 0.17 |
|
| $ | 0.13 |
|
| $ | 0.13 |
|
|
Shareholders' equity (tangible)(1) | $ | 11.15 |
|
| $ | 10.84 |
|
| $ | 11.00 |
|
| $ | 10.91 |
|
| $ | 10.63 |
|
|
Weighted average shares (basic) | 161,715 |
|
| 163,475 |
|
| 164,135 |
|
| 165,324 |
|
| 168,343 |
|
| |||||
Weighted average shares (diluted) | 162,267 |
|
| 164,417 |
|
| 165,039 |
|
| 166,126 |
|
| 169,168 |
|
| |||||
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| ||||||||||
Asset Quality(2) |
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| ||||||||||
Net charge-offs (recoveries) to average loans (annualized) | 0.09 | % |
| 0.26 | % |
| 0.65 | % |
| 0.15 | % |
| (0.04) | % |
| |||||
Non-performing loans to total loans | 0.75 | % |
| 0.82 | % |
| 0.84 | % |
| 0.81 | % |
| 0.90 | % |
| |||||
Non-performing assets to total assets | 0.59 | % |
| 0.64 | % |
| 0.68 | % |
| 0.66 | % |
| 0.73 | % |
| |||||
ACL - loans(3) to total loans | 1.37 | % |
| 1.40 | % |
| 0.97 | % |
| 1.00 | % |
| 1.04 | % |
| |||||
ACL - loans(3) to non-performing loans | 183 | % |
| 170 | % |
| 116 | % |
| 122 | % |
| 115 | % |
| |||||
Non-performing assets to shareholders' equity (tangible) and ACL - loans (1)(3) | 7.04 | % |
| 7.37 | % |
| 7.51 | % |
| 7.35 | % |
| 7.97 | % |
| |||||
|
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| ||||||||||
Asset Quality, excluding PPP(1)(4) |
|
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|
| ||||||||||
Non-performing loans to total adjusted loans | 0.83 | % |
|
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|
|
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| |||||||||
ACL - loans(3) to adjusted total loans | 1.53 | % |
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| |||||||||
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Profitability |
|
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|
|
|
| ||||||||||
Return on average assets | 0.66 | % |
| 0.47 | % |
| 0.87 | % |
| 1.15 | % |
| 1.14 | % |
| |||||
Return on average shareholders' equity | 6.89 | % |
| 4.48 | % |
| 8.10 | % |
| 10.64 | % |
| 10.42 | % |
| |||||
Return on average shareholders' equity (tangible)(1) | 8.99 | % |
| 5.84 | % |
| 10.52 | % |
| 14.03 | % |
| 13.60 | % |
| |||||
Net interest margin | 2.81 | % |
| 3.21 | % |
| 3.22 | % |
| 3.31 | % |
| 3.44 | % |
| |||||
Efficiency ratio(1) | 66.4 | % |
| 64.5 | % |
| 63.1 | % |
| 63.6 | % |
| 64.2 | % |
| |||||
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| ||||||||||
Capital Ratios |
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| ||||||||||
Tangible common equity ratio(1) | 7.5 | % |
| 7.8 | % |
| 8.5 | % |
| 8.5 | % |
| 8.5 | % |
| |||||
Tier 1 leverage ratio(5) | 7.4 | % |
| 7.9 | % |
| 8.4 | % |
| 8.5 | % |
| 8.7 | % |
| |||||
Common equity Tier 1 capital ratio(5) | 9.5 | % |
| 9.4 | % |
| 9.7 | % |
| 9.6 | % |
| 10.0 | % |
| |||||
Tier 1 capital ratio(5) | 9.5 | % |
| 9.4 | % |
| 9.7 | % |
| 9.6 | % |
| 10.0 | % |
| |||||
Total risk-based capital ratio(5) | 14.0 | % |
| 13.8 | % |
| 11.8 | % |
| 12.0 | % |
| 12.4 | % |
| |||||
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document. |
(2) Effective January 1, 2020, Fulton adopted Accounting Standards Update 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," referred to as the current expected credit loss model ("CECL"). This accounting standard requires that credit losses for financial assets and off-balance-sheet ("OBS") credit exposures be measured based on expected credit losses, rather than on incurred credit losses as in prior periods. |
(3) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures. |
(4) Asset quality information excluding Paycheck Protection Program (PPP) loans of $1.9 billion at June 30, 2020. |
(5) Regulatory capital ratios as of June 30, 2020 are preliminary and prior periods are actual. |
| FULTON FINANCIAL CORPORATION |
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CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) |
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dollars in thousands |
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| ||||||||||||||||||||
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|
| % Change from | ||||||||||||||
|
| Jun 30 |
| Mar 31 |
| Dec 31 |
| Sep 30 |
| Jun 30 |
| Mar 31 |
| Jun 30 | ||||||||||||
|
| 2020 |
| 2020 |
| 2019 |
| 2019 |
| 2019 |
| 2020 |
| 2019 | ||||||||||||
ASSETS |
|
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|
| ||||||||||||||
| Cash and due from banks | $ | 141,702 |
|
| $ | 181,777 |
|
| $ | 132,283 |
|
| $ | 120,671 |
|
| $ | 107,091 |
|
| (22.0) | % |
| 32.3 | % |
| Other interest-earning assets | 1,007,939 |
|
| 793,572 |
|
| 482,930 |
|
| 572,499 |
|
| 488,968 |
|
| 27.0 | % |
| 106.1 | % | |||||
| Loans held for sale | 77,415 |
|
| 40,645 |
|
| 37,828 |
|
| 33,945 |
|
| 45,754 |
|
| 90.5 | % |
| 69.2 | % | |||||
| Investment securities | 2,974,813 |
|
| 3,141,440 |
|
| 2,867,378 |
|
| 2,705,610 |
|
| 2,853,358 |
|
| (5.3) | % |
| 4.3 | % | |||||
| Loans, net of unearned income | 18,704,722 |
|
| 17,077,403 |
|
| 16,837,526 |
|
| 16,686,866 |
|
| 16,368,458 |
|
| 9.5 | % |
| 14.3 | % | |||||
| Less: ACL - loans | (256,537) |
|
| (238,508) |
|
| (163,622) |
|
| (166,135) |
|
| (170,233) |
|
| 7.6 | % |
| 50.7 | % | |||||
| Net loans | 18,448,185 |
|
| 16,838,895 |
|
| 16,673,904 |
|
| 16,520,731 |
|
| 16,198,225 |
|
| 9.6 | % |
| 13.9 | % | |||||
| Premises and equipment | 239,596 |
|
| 236,908 |
|
| 240,046 |
|
| 237,344 |
|
| 243,300 |
|
| 1.1 | % |
| (1.5) | % | |||||
| Accrued interest receivable | 73,720 |
|
| 59,365 |
|
| 60,898 |
|
| 60,447 |
|
| 62,984 |
|
| 24.2 | % |
| 17.0 | % | |||||
| Goodwill and intangible assets | 535,039 |
|
| 535,171 |
|
| 535,303 |
|
| 534,178 |
|
| 535,249 |
|
| — | % |
| — | % | |||||
| Other assets | 1,119,454 |
|
| 1,102,086 |
|
| 855,470 |
|
| 918,193 |
|
| 773,741 |
|
| 1.6 | % |
| 44.7 | % | |||||
| Total Assets | $ | 24,617,863 |
|
| $ | 22,929,859 |
|
| $ | 21,886,040 |
|
| $ | 21,703,618 |
|
| $ | 21,308,670 |
|
| 7.4 | % |
| 15.5 | % |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Deposits | $ | 19,884,208 |
|
| $ | 17,365,026 |
|
| $ | 17,393,913 |
|
| $ | 17,342,717 |
|
| $ | 16,388,895 |
|
| 14.5 | % |
| 21.3 | % |
| Short-term borrowings | 572,551 |
|
| 1,386,808 |
|
| 883,241 |
|
| 832,860 |
|
| 1,188,390 |
|
| (58.7) | % |
| (51.8) | % | |||||
| Other liabilities | 525,407 |
|
| 513,811 |
|
| 384,941 |
|
| 477,311 |
|
| 435,171 |
|
| 2.3 | % |
| 20.7 | % | |||||
| FHLB advances and long-term debt | 1,295,196 |
|
| 1,378,466 |
|
| 881,769 |
|
| 726,714 |
|
| 987,416 |
|
| (6.0) | % |
| 31.2 | % | |||||
| Total Liabilities | 22,277,362 |
|
| 20,644,111 |
|
| 19,543,864 |
|
| 19,379,602 |
|
| 18,999,872 |
|
| 7.9 | % |
| 17.3 | % | |||||
| Shareholders' equity | 2,340,501 |
|
| 2,285,748 |
|
| 2,342,176 |
|
| 2,324,016 |
|
| 2,308,798 |
|
| 2.4 | % |
| 1.4 | % | |||||
| Total Liabilities and Shareholders' Equity | $ | 24,617,863 |
|
| $ | 22,929,859 |
|
| $ | 21,886,040 |
|
| $ | 21,703,618 |
|
| $ | 21,308,670 |
|
| 7.4 | % |
| 15.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Real estate - commercial mortgage | $ | 6,934,936 |
|
| $ | 6,895,069 |
|
| $ | 6,700,776 |
|
| $ | 6,604,634 |
|
| $ | 6,497,973 |
|
| 0.6 | % |
| 6.7 | % |
| Commercial and industrial | 5,970,473 |
|
| 4,451,239 |
|
| 4,446,701 |
|
| 4,494,496 |
|
| 4,365,248 |
|
| 34.1 | % |
| 36.8 | % | |||||
| Real estate - residential mortgage | 2,862,226 |
|
| 2,718,290 |
|
| 2,641,465 |
|
| 2,570,793 |
|
| 2,451,966 |
|
| 5.3 | % |
| 16.7 | % | |||||
| Real estate - home equity | 1,251,455 |
|
| 1,292,677 |
|
| 1,314,944 |
|
| 1,346,115 |
|
| 1,386,974 |
|
| (3.2) | % |
| (9.8) | % | |||||
| Real estate - construction | 972,909 |
|
| 947,768 |
|
| 971,079 |
|
| 913,644 |
|
| 922,547 |
|
| 2.7 | % |
| 5.5 | % | |||||
| Consumer | 465,610 |
|
| 468,172 |
|
| 463,164 |
|
| 464,213 |
|
| 452,874 |
|
| (0.5) | % |
| 2.8 | % | |||||
| Equipment lease financing and other | 247,113 |
|
| 304,188 |
|
| 299,397 |
|
| 292,971 |
|
| 290,876 |
|
| (18.8) | % |
| (15.0) | % | |||||
| Total Loans, net of unearned income | $ | 18,704,722 |
|
| $ | 17,077,403 |
|
| $ | 16,837,526 |
|
| $ | 16,686,866 |
|
| $ | 16,368,458 |
|
| 9.5 | % |
| 14.3 | % |
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Noninterest-bearing demand | $ | 6,239,055 |
|
| $ | 4,531,872 |
|
| $ | 4,453,324 |
|
| $ | 4,240,478 |
|
| $ | 4,226,404 |
|
| 37.7 | % |
| 47.6 | % |
| Interest-bearing demand | 5,099,405 |
|
| 4,724,520 |
|
| 4,720,188 |
|
| 4,771,109 |
|
| 4,083,615 |
|
| 7.9 | % |
| 24.9 | % | |||||
| Savings | 5,667,893 |
|
| 5,092,865 |
|
| 5,153,941 |
|
| 5,094,387 |
|
| 4,938,998 |
|
| 11.3 | % |
| 14.8 | % | |||||
| Total demand and savings | 17,006,353 |
|
| 14,349,257 |
|
| 14,327,453 |
|
| 14,105,974 |
|
| 13,249,017 |
|
| 18.5 | % |
| 28.4 | % | |||||
| Brokered | 310,689 |
|
| 313,337 |
|
| 264,531 |
|
| 256,870 |
|
| 246,116 |
|
| (0.8) | % |
| 26.2 | % | |||||
| Time | 2,567,166 |
|
| 2,702,432 |
|
| 2,801,929 |
|
| 2,979,873 |
|
| 2,893,762 |
|
| (5.0) | % |
| (11.3) | % | |||||
| Total Deposits | $ | 19,884,208 |
|
| $ | 17,365,026 |
|
| $ | 17,393,913 |
|
| $ | 17,342,717 |
|
| $ | 16,388,895 |
|
| 14.5 | % |
| 21.3 | % |
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Customer funding | 572,551 |
|
| 461,808 |
|
| 383,241 |
|
| 337,860 |
|
| 338,390 |
|
| 24.0 | % |
| 69.2 | % | |||||
| Federal funds purchased | — |
|
| 200,000 |
|
| — |
|
| 20,000 |
|
| 200,000 |
|
| N/M |
| N/M | |||||||
| Short-term FHLB advances | — |
|
| 725,000 |
|
| 500,000 |
|
| 475,000 |
|
| 650,000 |
|
| N/M |
| N/M | |||||||
| Total Short-term Borrowings | $ | 572,551 |
|
| $ | 1,386,808 |
|
| $ | 883,241 |
|
| $ | 832,860 |
|
| $ | 1,188,390 |
|
| (58.7) | % |
| (51.8) | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M - Not meaningful |
(1) "ACL - loans" relates to the ACL specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures. |
| FULTON FINANCIAL CORPORATION |
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
|
|
|
| Three Months Ended |
| % Change from |
|
|
| Six months ended |
|
|
| |||||||||||||||||||||||||||||
|
|
|
| Jun 30 |
| Mar 31 |
| Dec 31 |
| Sep 30 |
| Jun 30 |
| Mar 31 |
| Jun 30 |
|
|
| Jun 30 |
|
|
| |||||||||||||||||||
|
|
|
| 2020 |
| 2020 |
| 2019 |
| 2019 |
| 2019 |
| 2020 |
| 2019 |
|
|
| 2020 |
| 2019 |
| % Change |
| |||||||||||||||||
Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
| Interest income |
|
| $ | 180,696 |
|
| $ | 199,378 |
|
| $ | 202,159 |
|
| $ | 208,413 |
|
| $ | 210,034 |
|
| (9.4) | % |
| (14.0) | % |
|
|
| $ | 380,074 |
|
| $ | 414,734 |
|
| (8.4) | % |
|
| Interest expense |
|
| 27,942 |
|
| 38,632 |
|
| 42,889 |
|
| 47,153 |
|
| 45,490 |
|
| (27.7) | % |
| (38.6) | % |
|
|
| 66,574 |
|
| 86,875 |
|
| (23.4) | % |
| |||||||
| Net Interest Income |
|
| 152,754 |
|
| 160,746 |
|
| 159,270 |
|
| 161,260 |
|
| 164,544 |
|
| (5.0) | % |
| (7.2) | % |
|
|
| 313,500 |
|
| 327,859 |
|
| (4.4) | % |
| |||||||
| Provision for credit losses |
|
| 19,570 |
|
| 44,030 |
|
| 20,530 |
|
| 2,170 |
|
| 5,025 |
|
| (55.6) | % |
| N/M |
|
|
| 63,600 |
|
| 10,125 |
|
| N/M |
| |||||||||
| Net Interest Income after Provision |
|
| 133,184 |
|
| 116,716 |
|
| 138,740 |
|
| 159,090 |
|
| 159,519 |
|
| 14.1 | % |
| (16.5) | % |
|
|
| 249,900 |
|
| 317,734 |
|
| (21.3) | % |
| |||||||
Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
| Wealth management |
|
| 13,407 |
|
| 15,055 |
|
| 14,419 |
|
| 13,867 |
|
| 14,153 |
|
| (10.9) | % |
| (5.3) | % |
|
|
| 28,462 |
|
| 27,392 |
|
| 3.9 | % |
| |||||||
| Mortgage banking |
|
| 9,964 |
|
| 6,234 |
|
| 5,076 |
|
| 6,658 |
|
| 6,593 |
|
| 59.8 | % |
| 51.1 | % |
|
|
| 16,198 |
|
| 11,365 |
|
| 42.5 | % |
| |||||||
| Consumer banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Card |
|
| 4,966 |
|
| 4,685 |
|
| 4,991 |
|
| 5,791 |
|
| 5,047 |
|
| 6.0 | % |
| (1.6) | % |
|
|
| 9,651 |
|
| 9,733 |
|
| (0.8) | % |
| |||||||
| Overdraft |
|
| 2,107 |
|
| 4,058 |
|
| 4,750 |
|
| 4,682 |
|
| 4,413 |
|
| (48.1) | % |
| (52.3) | % |
|
|
| 6,165 |
|
| 8,517 |
|
| (27.6) | % |
| |||||||
| Other consumer banking |
|
| 2,065 |
|
| 2,496 |
|
| 2,688 |
|
| 2,860 |
|
| 2,907 |
|
| (17.3) | % |
| (29.0) | % |
|
|
| 4,561 |
|
| 5,494 |
|
| (17.0) | % |
| |||||||
| Total consumer banking |
|
| 9,138 |
|
| 11,239 |
|
| 12,429 |
|
| 13,333 |
|
| 12,367 |
|
| (18.7) | % |
| (26.1) | % |
|
|
| 20,377 |
|
| 23,744 |
|
| (14.2) | % |
| |||||||
| Commercial banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Merchant and card |
|
| 5,326 |
|
| 5,624 |
|
| 5,841 |
|
| 6,166 |
|
| 6,512 |
|
| (5.3) | % |
| (18.2) | % |
|
|
| 10,950 |
|
| 12,070 |
|
| (9.3) | % |
| |||||||
| Cash management |
|
| 4,503 |
|
| 4,742 |
|
| 4,697 |
|
| 4,696 |
|
| 4,638 |
|
| (5.0) | % |
| (2.9) | % |
|
|
| 9,245 |
|
| 8,999 |
|
| 2.7 | % |
| |||||||
| Capital markets |
|
| 5,004 |
|
| 5,075 |
|
| 5,939 |
|
| 4,448 |
|
| 4,053 |
|
| (1.4) | % |
| 23.5 | % |
|
|
| 10,079 |
|
| 6,568 |
|
| 53.5 | % |
| |||||||
| Other commercial banking |
|
| 1,914 |
|
| 2,978 |
|
| 3,664 |
|
| 3,478 |
|
| 3,815 |
|
| (35.7) | % |
| (49.8) | % |
|
|
| 4,892 |
|
| 6,631 |
|
| (26.2) | % |
| |||||||
| Total commercial banking |
|
| 16,748 |
|
| 18,419 |
|
| 20,141 |
|
| 18,788 |
|
| 19,018 |
|
| (9.1) | % |
| (11.9) | % |
|
|
| 35,167 |
|
| 34,268 |
|
| 2.6 | % |
| |||||||
| Other |
|
| 3,660 |
|
| 3,651 |
|
| 3,216 |
|
| 2,675 |
|
| 2,009 |
|
| 0.2 | % |
| 82.2 | % |
|
|
| 7,311 |
|
| 4,056 |
|
| 80.3 | % |
| |||||||
| Non-interest income before investment securities gains |
|
| 52,917 |
|
| 54,598 |
|
| 55,281 |
|
| 55,321 |
|
| 54,140 |
|
| (3.1) | % |
| (2.3) | % |
|
|
| 107,515 |
|
| 100,825 |
|
| 6.6 | % |
| |||||||
| Investment securities gains, net |
|
| 3,005 |
|
| 46 |
|
| — |
|
| 4,492 |
|
| 176 |
|
| N/M |
| N/M |
|
|
| 3,051 |
|
| 241 |
|
| N/M |
| ||||||||||
| Total Non-Interest Income |
|
| 55,922 |
|
| 54,644 |
|
| 55,281 |
|
| 59,813 |
|
| 54,316 |
|
| 2.3 | % |
| 3.0 | % |
|
|
| 110,566 |
|
| 101,066 |
|
| 9.4 | % |
| |||||||
Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
| Salaries and employee benefits |
|
| 81,012 |
|
| 80,228 |
|
| 76,975 |
|
| 78,211 |
|
| 78,991 |
|
| 1.0 | % |
| 2.6 | % |
|
|
| 161,240 |
|
| 156,748 |
|
| 2.9 | % |
| |||||||
| Net occupancy |
|
| 13,144 |
|
| 13,486 |
|
| 13,080 |
|
| 12,368 |
|
| 14,469 |
|
| (2.5) | % |
| (9.2) | % |
|
|
| 26,630 |
|
| 27,378 |
|
| (2.7) | % |
| |||||||
| Data processing and software |
|
| 12,193 |
|
| 11,645 |
|
| 11,468 |
|
| 11,590 |
|
| 11,268 |
|
| 4.7 | % |
| 8.2 | % |
|
|
| 23,838 |
|
| 21,621 |
|
| 10.3 | % |
| |||||||
| Other outside services |
|
| 7,600 |
|
| 7,881 |
|
| 8,215 |
|
| 12,163 |
|
| 11,259 |
|
| (3.6) | % |
| (32.5) | % |
|
|
| 15,481 |
|
| 19,611 |
|
| (21.1) | % |
| |||||||
| Equipment |
|
| 3,193 |
|
| 3,418 |
|
| 3,475 |
|
| 3,459 |
|
| 3,299 |
|
| (6.6) | % |
| (3.2) | % |
|
|
| 6,611 |
|
| 6,641 |
|
| (0.5) | % |
| |||||||
| Professional fees |
|
| 3,331 |
|
| 4,202 |
|
| 2,873 |
|
| 3,331 |
|
| 2,970 |
|
| (20.7) | % |
| 12.2 | % |
|
|
| 7,533 |
|
| 6,930 |
|
| 8.7 | % |
| |||||||
| Marketing |
|
| 1,303 |
|
| 1,579 |
|
| 1,503 |
|
| 3,322 |
|
| 2,863 |
|
| (17.5) | % |
| (54.5) | % |
|
|
| 2,882 |
|
| 5,023 |
|
| (42.6) | % |
| |||||||
| Amortization of tax credit investments |
|
| 1,450 |
|
| 1,450 |
|
| 1,505 |
|
| 1,533 |
|
| 1,492 |
|
| — | % |
| (2.8) | % |
|
|
| 2,900 |
|
| 2,983 |
|
| (2.8) | % |
| |||||||
| FDIC insurance |
|
| 2,133 |
|
| 2,808 |
|
| 2,177 |
|
| 239 |
|
| 2,755 |
|
| (24.0) | % |
| (22.6) | % |
|
|
| 4,941 |
|
| 5,364 |
|
| (7.9) | % |
| |||||||
| Intangible amortization |
|
| 132 |
|
| 132 |
|
| 142 |
|
| 1,071 |
|
| 107 |
|
| — | % |
| 23.4 | % |
|
|
| 264 |
|
| 214 |
|
| 23.4 | % |
| |||||||
| Prepayment penalty on FHLB advances |
|
| 2,878 |
|
| — |
|
| — |
|
| 4,326 |
|
| — |
|
| N/M |
| N/M |
|
|
| 2,878 |
|
| — |
|
| N/M |
| ||||||||||
| Other |
|
| 14,637 |
|
| 15,723 |
|
| 17,561 |
|
| 15,157 |
|
| 14,695 |
|
| (6.9) | % |
| (0.4) | % |
|
|
| 30,360 |
|
| 29,479 |
|
| 3.0 | % |
| |||||||
| Total Non-Interest Expense |
|
| 143,006 |
|
| 142,552 |
|
| 138,974 |
|
| 146,770 |
|
| 144,168 |
|
| 0.3 | % |
| (0.8) | % |
|
|
| 285,558 |
|
| 281,992 |
|
| 1.3 | % |
| |||||||
| Income Before Income Taxes |
|
| 46,101 |
|
| 28,808 |
|
| 55,047 |
|
| 72,133 |
|
| 69,667 |
|
| 60.0 | % |
| (33.8) | % |
|
|
| 74,909 |
|
| 136,808 |
|
| (45.2) | % |
| |||||||
| Income tax expense |
|
| 6,542 |
|
| 2,761 |
|
| 7,258 |
|
| 10,025 |
|
| 9,887 |
|
| 136.9 | % |
| (33.8) | % |
|
|
| 9,303 |
|
| 20,366 |
|
| (54.3) | % |
| |||||||
| Net Income |
|
| $ | 39,559 |
|
| $ | 26,047 |
|
| $ | 47,789 |
|
| $ | 62,108 |
|
| $ | 59,780 |
|
| 51.9 | % |
| (33.8) | % |
|
|
| $ | 65,606 |
|
| $ | 116,442 |
|
| (43.7) | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
| Net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Basic |
|
| $ | 0.24 |
|
| $ | 0.16 |
|
| $ | 0.29 |
|
| $ | 0.38 |
|
| $ | 0.36 |
|
| 50.0 | % |
| (33.3) | % |
|
|
| $ | 0.40 |
|
| $ | 0.69 |
|
| (42.0) | % |
|
| Diluted |
|
| 0.24 |
|
| 0.16 |
|
| 0.29 |
|
| 0.37 |
|
| 0.35 |
|
| 50.0 | % |
| (31.4) | % |
|
|
| 0.40 |
|
| 0.68 |
|
| (41.2) | % |
| |||||||
| Cash dividends |
|
| 0.13 |
|
| 0.13 |
|
| 0.17 |
|
| 0.13 |
|
| 0.13 |
|
| — | % |
| — | % |
|
|
| $ | 0.26 |
|
| $ | 0.26 |
|
| — | % |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Weighted average shares (basic) |
|
| 161,715 |
|
| 163,475 |
|
| 164,135 |
|
| 165,324 |
|
| 168,343 |
|
| (1.1) | % |
| (3.9) | % |
|
|
| 162,582 |
|
| 169,109 |
|
| (3.9) | % |
| |||||||
| Weighted average shares (diluted) |
|
| 162,267 |
|
| 164,417 |
|
| 165,039 |
|
| 166,126 |
|
| 169,168 |
|
| (1.3) | % |
| (4.1) | % |
|
|
| 163,326 |
|
| 170,042 |
|
| (3.9) | % |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULTON FINANCIAL CORPORATION |
|
|
|
|
|
| |||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
| ||||||||||||||||||||||||||||
dollars in thousands |
|
|
|
|
|
| |||||||||||||||||||||||||||
|
| Three months ended | |||||||||||||||||||||||||||||||
|
| June 30, 2020 |
| March 31, 2020 |
| June 30, 2019 | |||||||||||||||||||||||||||
|
| Average |
| Interest |
| Yield/ |
| Average |
| Interest |
| Yield/ |
| Average |
| Interest |
| Yield/ | |||||||||||||||
|
| Balance |
| (1) |
| Rate |
| Balance |
| (1) |
| Rate |
| Balance |
| (1) |
| Rate | |||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Loans, net of unearned income | $ | 18,331,797 |
|
| $ | 160,613 |
|
| 3.52 | % |
| $ | 16,860,067 |
|
| $ | 177,496 |
|
| 4.23 | % |
| $ | 16,316,076 |
|
| $ | 190,694 |
|
| 4.69 | % |
| Taxable investment securities | 2,200,870 |
|
| 15,171 |
|
| 2.76 | % |
| 2,284,457 |
|
| 16,294 |
|
| 2.85 | % |
| 2,348,443 |
|
| 15,935 |
|
| 2.71 | % | ||||||
| Tax-exempt investment securities | 830,836 |
|
| 6,737 |
|
| 3.23 | % |
| 720,223 |
|
| 5,960 |
|
| 3.29 | % |
| 444,227 |
|
| 4,141 |
|
| 3.70 | % | ||||||
| Total Investment Securities | 3,031,706 |
|
| 21,908 |
|
| 2.89 | % |
| 3,004,680 |
|
| 22,254 |
|
| 2.96 | % |
| 2,792,670 |
|
| 20,076 |
|
| 2.87 | % | ||||||
| Loans held for sale | 55,608 |
|
| 509 |
|
| 3.66 | % |
| 27,178 |
|
| 320 |
|
| 4.71 | % |
| 24,568 |
|
| 350 |
|
| 5.71 | % | ||||||
| Other interest-earning assets | 815,910 |
|
| 766 |
|
| 0.38 | % |
| 602,270 |
|
| 2,532 |
|
| 1.69 | % |
| 409,617 |
|
| 2,168 |
|
| 2.12 | % | ||||||
| Total Interest-earning Assets | 22,235,021 |
|
| 183,796 |
|
| 3.32 | % |
| 20,494,195 |
|
| 202,602 |
|
| 3.97 | % |
| 19,542,931 |
|
| 213,288 |
|
| 4.37 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Cash and due from banks | 153,728 |
|
|
|
|
|
| 138,248 |
|
|
|
|
|
| 116,285 |
|
|
|
|
| ||||||||||||
| Premises and equipment | 240,417 |
|
|
|
|
|
| 239,619 |
|
|
|
|
|
| 240,666 |
|
|
|
|
| ||||||||||||
| Other assets | 1,761,038 |
|
|
|
|
|
| 1,590,666 |
|
|
|
|
|
| 1,321,057 |
|
|
|
|
| ||||||||||||
| Less: ACL - loans(2) | (251,088) |
|
|
|
|
|
| (210,629) |
|
|
|
|
|
| (163,909) |
|
|
|
|
| ||||||||||||
| Total Assets | $ | 24,139,116 |
|
|
|
|
|
| $ | 22,252,099 |
|
|
|
|
|
| $ | 21,057,030 |
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Demand deposits | $ | 5,103,419 |
|
| $ | 2,219 |
|
| 0.17 | % |
| $ | 4,649,905 |
|
| $ | 5,643 |
|
| 0.49 | % |
| $ | 4,186,280 |
|
| $ | 8,173 |
|
| 0.78 | % |
| Savings deposits | 5,446,368 |
|
| 3,331 |
|
| 0.25 | % |
| 5,127,662 |
|
| 7,110 |
|
| 0.56 | % |
| 4,925,788 |
|
| 10,550 |
|
| 0.86 | % | ||||||
| Brokered deposits | 312,121 |
|
| 422 |
|
| 0.54 | % |
| 275,359 |
|
| 1,073 |
|
| 1.57 | % |
| 246,154 |
|
| 1,582 |
|
| 2.58 | % | ||||||
| Time deposits | 2,624,962 |
|
| 11,145 |
|
| 1.71 | % |
| 2,761,474 |
|
| 12,614 |
|
| 1.84 | % |
| 2,816,424 |
|
| 12,245 |
|
| 1.74 | % | ||||||
| Total Interest-bearing Deposits | 13,486,870 |
|
| 17,118 |
|
| 0.51 | % |
| 12,814,400 |
|
| 26,440 |
|
| 0.83 | % |
| 12,174,646 |
|
| 32,550 |
|
| 1.07 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Short-term borrowings | 707,771 |
|
| 517 |
|
| 0.29 | % |
| 1,303,047 |
|
| 4,073 |
|
| 1.25 | % |
| 941,504 |
|
| 4462 |
|
| 1.89 | % | ||||||
| FHLB advances and long-term debt | 1,361,421 |
|
| 10,307 |
|
| 3.03 | % |
| 1,063,214 |
|
| 8,119 |
|
| 3.06 | % |
| 1,051,919 |
|
| 8,480 |
|
| 3.23 | % | ||||||
| Total Interest-bearing Liabilities | $ | 15,556,062 |
|
| $ | 27,942 |
|
| 0.72 | % |
| $ | 15,180,661 |
|
| $ | 38,632 |
|
| 1.02 | % |
| $ | 14,168,069 |
|
| $ | 45,492 |
|
| 1.29 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Demand deposits | 5,789,788 |
|
|
|
|
|
| 4,307,027 |
|
|
|
|
|
| 4,200,810 |
|
|
|
|
| ||||||||||||
| Total Deposits/Cost of Deposits | 19,276,658 |
|
|
|
| 0.36 | % |
| 17,121,427 |
|
|
|
| 0.62 | % |
| 16,375,456 |
|
|
|
| 0.80 | % | |||||||||
| Other | 484,133 |
|
|
|
|
|
| 427,395 |
|
|
|
|
|
| 386,893 |
|
|
|
|
| ||||||||||||
| Total Liabilities | $ | 21,829,983 |
|
|
|
|
|
| $ | 19,915,083 |
|
|
|
|
|
| $ | 18,755,772 |
|
|
|
|
| |||||||||
| Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") | 21,345,850 |
|
|
|
| 0.53 | % |
| 19,487,688 |
|
|
|
| 0.80 | % |
| 18,368,879 |
|
|
|
| 0.93 | % | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Shareholders' equity | 2,309,133 |
|
|
|
|
|
| 2,337,016 |
|
|
|
|
|
| 2,301,258 |
|
|
|
|
| ||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 24,139,116 |
|
|
|
|
|
| $ | 22,252,099 |
|
|
|
|
|
| $ | 21,057,030 |
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Net interest income/net interest margin (fully taxable equivalent) |
|
| 155,854 |
|
| 2.81 | % |
|
|
| 163,970 |
|
| 3.21 | % |
|
|
| 167,796 |
|
| 3.44 | % | |||||||||
| Tax equivalent adjustment |
|
| (3,100) |
|
|
|
|
|
| (3,224) |
|
|
|
|
|
| (3,252) |
|
|
| ||||||||||||
| Net interest income |
|
| $ | 152,754 |
|
|
|
|
|
| $ | 160,746 |
|
|
|
|
|
| $ | 164,544 |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. |
| FULTON FINANCIAL CORPORATION |
| ||||||||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED): | |||||||||||||||||||||||||||||
dollars in thousands |
| ||||||||||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| Three months ended |
| % Change from |
|
|
| ||||||||||||||||||||||
|
| Jun 30 |
| Mar 31 |
| Dec 31 |
| Sep 30 |
| Jun 30 |
| Mar 31 |
| Jun 30 |
|
|
| ||||||||||||
|
| 2020 |
| 2020 |
| 2019 |
| 2019 |
| 2019 |
| 2020 |
| 2019 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Real estate - commercial mortgage | $ | 6,875,872 |
|
| $ | 6,746,766 |
|
| $ | 6,561,029 |
|
| $ | 6,489,456 |
|
| $ | 6,424,213 |
|
| 1.9 | % |
| 7.0 | % |
|
|
|
| Commercial and industrial | 5,710,145 |
|
| 4,446,750 |
|
| 4,574,047 |
|
| 4,414,992 |
|
| 4,440,860 |
|
| 28.4 | % |
| 28.6 | % |
|
|
| |||||
| Real estate - residential mortgage | 2,769,682 |
|
| 2,670,019 |
|
| 2,606,136 |
|
| 2,512,899 |
|
| 2,366,685 |
|
| 3.7 | % |
| 17.0 | % |
|
|
| |||||
| Real estate - home equity | 1,271,190 |
|
| 1,300,132 |
|
| 1,331,088 |
|
| 1,364,161 |
|
| 1,404,141 |
|
| (2.2) | % |
| (9.5) | % |
|
|
| |||||
| Real estate - construction | 941,079 |
|
| 929,529 |
|
| 934,556 |
|
| 905,060 |
|
| 943,080 |
|
| 1.2 | % |
| (0.2) | % |
|
|
| |||||
| Consumer | 465,728 |
|
| 466,415 |
|
| 464,606 |
|
| 457,524 |
|
| 445,666 |
|
| (0.1) | % |
| 4.5 | % |
|
|
| |||||
| Equipment lease financing and other | 298,101 |
|
| 300,456 |
|
| 296,595 |
|
| 292,415 |
|
| 291,431 |
|
| (0.8) | % |
| 2.3 | % |
|
|
| |||||
| Total Loans, net of unearned income | $ | 18,331,797 |
|
| $ | 16,860,067 |
|
| $ | 16,768,057 |
|
| $ | 16,436,507 |
|
| $ | 16,316,076 |
|
| 8.7 | % |
| 12.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Noninterest-bearing demand | $ | 5,789,788 |
|
| $ | 4,307,027 |
|
| $ | 4,324,568 |
|
| $ | 4,247,820 |
|
| $ | 4,200,810 |
|
| 34.4 | % |
| 37.8 | % |
|
|
|
| Interest-bearing demand | 5,103,419 |
|
| 4,649,905 |
|
| 4,699,040 |
|
| 4,448,112 |
|
| 4,186,280 |
|
| 9.8 | % |
| 21.9 | % |
|
|
| |||||
| Savings | 5,446,368 |
|
| 5,127,662 |
|
| 5,205,260 |
|
| 5,026,316 |
|
| 4,925,788 |
|
| 6.2 | % |
| 10.6 | % |
|
|
| |||||
| Total demand and savings | 16,339,575 |
|
| 14,084,594 |
|
| 14,228,868 |
|
| 13,722,248 |
|
| 13,312,878 |
|
| 16.0 | % |
| 22.7 | % |
|
|
| |||||
| Brokered | 312,121 |
|
| 275,359 |
|
| 261,689 |
|
| 253,426 |
|
| 246,154 |
|
| 13.4 | % |
| 26.8 | % |
|
|
| |||||
| Time | 2,624,962 |
|
| 2,761,474 |
|
| 2,959,008 |
|
| 2,974,993 |
|
| 2,816,425 |
|
| (4.9) | % |
| (6.8) | % |
|
|
| |||||
| Total Deposits | $ | 19,276,658 |
|
| $ | 17,121,427 |
|
| $ | 17,449,565 |
|
| $ | 16,950,667 |
|
| $ | 16,375,457 |
|
| 12.6 | % |
| 17.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Customer funding | $ | 546,716 |
|
| $ | 428,240 |
|
| $ | 377,529 |
|
| $ | 332,893 |
|
| $ | 344,867 |
|
| 27.7 | % |
| 58.5 | % |
|
|
|
| Federal funds purchased | 74,231 |
|
| 186,868 |
|
| 91,467 |
|
| 101,022 |
|
| 181,769 |
|
| (60.3) | % |
| (59.2) | % |
|
|
| |||||
| Short-term FHLB advances and other borrowings | 86,824 |
|
| 687,937 |
|
| 248,815 |
|
| 485,782 |
|
| 414,868 |
|
| (87.4) | % |
| (79.1) | % |
|
|
| |||||
| Total Short-term borrowings | $ | 707,771 |
|
| $ | 1,303,045 |
|
| $ | 717,811 |
|
| $ | 919,697 |
|
| $ | 941,504 |
|
| (45.7) | % |
| (24.8) | % |
|
|
|
FULTON FINANCIAL CORPORATION |
|
|
|
|
|
|
|
|
| |||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
|
|
|
|
| |||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
| Six months ended June 30 |
|
|
| ||||||||||||||||||||
|
|
| 2020 |
| 2019 |
|
|
| ||||||||||||||||||
|
|
| Average |
|
|
|
|
| Average |
|
|
|
|
|
|
| ||||||||||
|
|
| Balance |
| Interest (1) |
| Yield/Rate |
| Balance |
| Interest (1) |
| Yield/Rate |
|
|
| ||||||||||
ASSETS |
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Loans, net of unearned income |
| $ | 17,595,932 |
|
| $ | 338,110 |
|
| 3.86 | % |
| $ | 16,255,562 |
|
| $ | 376,816 |
|
| 4.67 | % |
|
|
|
| Taxable investment securities |
| 2,242,663 |
|
| 31,465 |
|
| 2.81 | % |
| 2,317,257 |
|
| 31,370 |
|
| 2.71 | % |
|
|
| ||||
| Tax-exempt investment securities |
| 775,530 |
|
| 12,698 |
|
| 3.26 | % |
| 444,180 |
|
| 8,291 |
|
| 3.71 | % |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Total Investment Securities |
| 3,018,193 |
|
| 44,163 |
|
| 2.92 | % |
| 2,761,437 |
|
| 39,661 |
|
| 2.87 | % |
|
|
| ||||
| Loans held for sale |
| 41,393 |
|
| 829 |
|
| 4.00 | % |
| 20,523 |
|
| 590 |
|
| 5.76 | % |
|
|
| ||||
| Other interest-earning assets |
| 709,091 |
|
| 3,297 |
|
| 4.31 | % |
| 388,016 |
|
| 4,170 |
|
| 2.16 | % |
|
|
| ||||
| Total Interest-earning Assets |
| $ | 21,364,609 |
|
| 386,399 |
|
| 3.63 | % |
| $ | 19,425,538 |
|
| 421,237 |
|
| 4.36 | % |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Cash and due from banks |
| 145,988 |
|
|
|
|
|
| 113,504 |
|
|
|
|
|
|
|
| ||||||||
| Premises and equipment |
| 240,019 |
|
|
|
|
|
| 238,905 |
|
|
|
|
|
|
|
| ||||||||
| Other assets |
| 1,675,849 |
|
|
|
|
|
| 1,259,388 |
|
|
|
|
|
|
|
| ||||||||
| Less: allowance for loan losses |
| (230,858) |
|
|
|
|
|
| (162,624) |
|
|
|
|
|
|
|
| ||||||||
| Total Assets |
| $ | 23,195,607 |
|
|
|
|
|
| $ | 20,874,711 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Demand deposits |
| $ | 4,876,662 |
|
| $ | 8,020 |
|
| 0.33 | % |
| $ | 4,170,221 |
|
| $ | 15,692 |
|
| 0.76 | % |
|
|
|
| Savings deposits |
| 5,287,015 |
|
| 10,441 |
|
| 0.40 | % |
| 4,919,357 |
|
| 20,512 |
|
| 0.84 | % |
|
|
| ||||
| Brokered deposits |
| 293,756 |
|
| 1,495 |
|
| 1.02 | % |
| 233,244 |
|
| 2,964 |
|
| 2.56 | % |
|
|
| ||||
| Time deposits |
| 2,693,202 |
|
| 23,602 |
|
| 1.76 | % |
| 2,791,216 |
|
| 23,071 |
|
| 1.67 | % |
|
|
| ||||
| Total Interest-bearing Deposits |
| 13,150,635 |
|
| 43,558 |
|
| 0.67 | % |
| 12,114,038 |
|
| 62,239 |
|
| 1.04 | % |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Short-term borrowings |
| 1,005,409 |
|
| 4,590 |
|
| 0.91 | % |
| 881,115 |
|
| 8,044 |
|
| 1.83 | % |
|
|
| ||||
| FHLB advances and long-term debt |
| 1,212,318 |
|
| 18,426 |
|
| 3.04 | % |
| 1,027,328 |
|
| 16,594 |
|
| 3.24 | % |
|
|
| ||||
| Total Interest-bearing Liabilities |
| $ | 15,368,362 |
|
| $ | 66,574 |
|
| 0.87 | % |
| $ | 14,022,481 |
|
| $ | 86,877 |
|
| 1.25 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Demand deposits |
| 5,048,408 |
|
|
|
|
|
| 4,211,782 |
|
|
|
|
|
|
|
| ||||||||
| Total Deposits/Cost of Deposits |
| 18,199,043 |
|
|
|
| 0.48 | % |
| 16,325,820 |
|
|
|
| 0.77 | % |
|
|
| ||||||
| Other |
| 455,763 |
|
|
|
|
|
| 357,170 |
|
|
|
|
|
|
|
| ||||||||
| Total Liabilities |
| $ | 20,872,533 |
|
|
|
|
|
| $ | 18,591,433 |
|
|
|
|
|
|
|
| ||||||
| Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") |
| 20,416,770 |
|
|
|
| 0.65 | % |
| 18,234,263 |
|
|
|
| 0.96 | % |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Shareholders' equity |
| 2,323,074 |
|
|
|
|
|
| 2,283,278 |
|
|
|
|
|
|
|
| ||||||||
| Total Liabilities and Shareholders' Equity |
| $ | 23,195,607 |
|
|
|
|
|
| $ | 20,874,711 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Net interest income/net interest margin (fully taxable equivalent) |
|
|
| 319,825 |
|
| 3.01 | % |
|
|
| 334,360 |
|
| 3.46 | % |
|
|
| ||||||
| Tax equivalent adjustment |
|
|
| (6,325) |
|
|
|
|
|
| (6,501) |
|
|
|
|
|
| ||||||||
| Net interest income |
|
|
| $ | 313,500 |
|
|
|
|
|
| $ | 327,859 |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. |
| FULTON FINANCIAL CORPORATION |
| ||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED): |
| ||||||||||||
dollars in thousands |
| ||||||||||||
|
|
|
|
|
|
|
|
| |||||
|
|
| Six months ended June 30 |
|
|
| |||||||
|
|
| 2020 |
| 2019 |
| % Change |
| |||||
|
|
|
|
|
|
|
|
| |||||
Loans, by type: |
|
|
|
|
|
|
| ||||||
| Real estate - commercial mortgage |
| $ | 6,811,318 |
|
| $ | 6,401,305 |
|
| 6.4 | % |
|
| Commercial and industrial |
| 5,078,448 |
|
| 4,451,342 |
|
| 14.1 | % |
| ||
| Real estate - residential mortgage |
| 2,719,851 |
|
| 2,321,897 |
|
| 17.1 | % |
| ||
| Real estate - home equity |
| 1,285,661 |
|
| 1,418,776 |
|
| (9.4) | % |
| ||
| Real estate - construction |
| 935,304 |
|
| 936,699 |
|
| (0.1) | % |
| ||
| Consumer |
| 466,071 |
|
| 435,131 |
|
| 7.1 | % |
| ||
| Equipment lease financing and other |
| 299,279 |
|
| 290,412 |
|
| 3.1 | % |
| ||
| Total Loans, net of unearned income |
| $ | 17,595,932 |
|
| $ | 16,255,562 |
|
| 8.2 | % |
|
|
|
|
|
|
|
|
|
| |||||
Deposits, by type: |
|
|
|
|
|
|
| ||||||
| Noninterest-bearing demand |
| $ | 5,048,408 |
|
| $ | 4,211,782 |
|
| 19.9 | % |
|
| Interest-bearing demand |
| 4,876,662 |
|
| 4,170,221 |
|
| 16.9 | % |
| ||
| Savings |
| 5,287,015 |
|
| 4,919,357 |
|
| 7.5 | % |
| ||
| Total demand and savings |
| 15,212,085 |
|
| 13,301,360 |
|
| 14.4 | % |
| ||
| Brokered |
| 293,756 |
|
| 233,244 |
|
| 25.9 | % |
| ||
| Time |
| 2,693,202 |
|
| 2,791,216 |
|
| (3.5) | % |
| ||
| Total Deposits |
| $ | 18,199,043 |
|
| $ | 16,325,820 |
|
| 11.5 | % |
|
|
|
|
|
|
|
|
|
| |||||
Short-term borrowings, by type: |
|
|
|
|
|
|
| ||||||
| Customer funding |
| $ | 487,478 |
|
| $ | 356,767 |
|
| 36.6 | % |
|
| Federal funds purchased |
| 130,549 |
|
| 169,514 |
|
| (23.0) | % |
| ||
| Short-term FHLB advances and other borrowings |
| 387,382 |
|
| 354,834 |
|
| 9.2 | % |
| ||
| Total Short-term Borrowings |
| $ | 1,005,409 |
|
| $ | 881,115 |
|
| 14.1 | % |
|
FULTON FINANCIAL CORPORATION |
|
|
|
|
|
| ||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) |
|
|
|
|
|
| ||||||||||||||||
dollars in thousands |
|
|
|
|
|
| ||||||||||||||||
|
| Three months ended |
|
| ||||||||||||||||||
|
| Jun 30 |
| Mar 31 |
| Dec 31 |
| Sep 30 |
| Jun 30 |
|
| ||||||||||
|
| 2020 |
| 2020 |
| 2019 |
| 2019 |
| 2019 |
|
| ||||||||||
Allowance for credit losses related to Loans, net of unearned income: |
|
|
|
|
|
|
|
|
|
| ||||||||||||
Balance at beginning of period | $ | 238,508 |
|
| $ | 163,620 |
|
| $ | 166,135 |
|
| $ | 170,233 |
|
| $ | 162,109 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Impact of adopting CECL | — |
|
| 45,724 |
|
| — |
|
| — |
|
| — |
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Loans charged off: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Commercial and industrial | (3,480) |
|
| (10,899) |
|
| (30,547) |
|
| (7,181) |
|
| (1,895) |
|
|
| |||||
| Real estate - commercial mortgage | (2,324) |
|
| (855) |
|
| (68) |
|
| (394) |
|
| (230) |
|
|
| |||||
| Consumer and home equity | (1,303) |
|
| (1,529) |
|
| (1,416) |
|
| (1,375) |
|
| (1,001) |
|
|
| |||||
| Real estate - residential mortgage | (235) |
|
| (187) |
|
| (223) |
|
| (533) |
|
| (134) |
|
|
| |||||
| Real estate - construction | (17) |
|
| — |
|
| — |
|
| (45) |
|
| (3) |
|
|
| |||||
| Equipment lease financing and other | (688) |
|
| (533) |
|
| (727) |
|
| (600) |
|
| (448) |
|
|
| |||||
| Total loans charged off | (8,047) |
|
| (14,003) |
|
| (32,981) |
|
| (10,128) |
|
| (3,711) |
|
|
| |||||
Recoveries of loans previously charged off: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| Commercial and industrial | 2,978 |
|
| 1,734 |
|
| 2,487 |
|
| 2,311 |
|
| 2,680 |
|
|
| |||||
| Real estate - commercial mortgage | 95 |
|
| 244 |
|
| 1,453 |
|
| 444 |
|
| 169 |
|
|
| |||||
| Consumer and home equity | 649 |
|
| 646 |
|
| 437 |
|
| 348 |
|
| 802 |
|
|
| |||||
| Real estate - residential mortgage | 112 |
|
| 85 |
|
| 206 |
|
| 440 |
|
| 211 |
|
|
| |||||
| Real estate - construction | — |
|
| 70 |
|
| 1,098 |
|
| 164 |
|
| 1,245 |
|
|
| |||||
| Equipment lease financing and other | 92 |
|
| 108 |
|
| 182 |
|
| 107 |
|
| 148 |
|
|
| |||||
| Recoveries of loans previously charged off | 3,926 |
|
| 2,887 |
|
| 5,863 |
|
| 3,814 |
|
| 5,255 |
|
|
| |||||
Net loans (charged off) recovered | (4,121) |
|
| (11,116) |
|
| (27,118) |
|
| (6,314) |
|
| 1,544 |
|
|
| ||||||
Provision for credit losses | 22,150 |
|
| 40,280 |
|
| 24,603 |
|
| 2,216 |
|
| 6,580 |
|
|
| ||||||
Balance at end of period | $ | 256,537 |
|
| $ | 238,508 |
|
| $ | 163,620 |
|
| $ | 166,135 |
|
| $ | 170,233 |
|
|
| |
Net charge-offs (recoveries) to average loans (annualized) | 0.09 | % |
| 0.26 | % |
| 0.65 | % |
| 0.15 | % |
| (0.04) | % |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allowance credit losses related to OBS Credit Exposures(1) |
|
|
|
|
|
|
| |||||||||||||||
| Balance at beginning of period | $ | 18,963 |
|
| $ | 2,588 |
|
| $ | 6,662 |
|
| $ | 6,708 |
|
| $ | 8,263 |
|
|
|
| Impact of adopting CECL | — |
|
| 12,625 |
|
| — |
|
| — |
|
| — |
|
|
| |||||
| Provision for credit losses | (2,580) |
|
| 3,750 |
|
| (4,074) |
|
| (46) |
|
| (1,555) |
|
|
| |||||
| Balance at end of period | $ | 16,383 |
|
| $ | 18,963 |
|
| $ | 2,588 |
|
| $ | 6,662 |
|
| $ | 6,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Non-accrual loans | $ | 125,037 |
|
| $ | 120,345 |
|
| $ | 125,098 |
|
| $ | 124,287 |
|
| $ | 133,118 |
|
|
|
| Loans 90 days past due and accruing | 14,767 |
|
| 19,593 |
|
| 16,057 |
|
| 11,689 |
|
| 14,598 |
|
|
| |||||
| Total non-performing loans | 139,804 |
|
| 139,938 |
|
| 141,155 |
|
| 135,976 |
|
| 147,716 |
|
|
| |||||
| Other real estate owned | 5,418 |
|
| 6,593 |
|
| 6,831 |
|
| 7,706 |
|
| 7,241 |
|
|
| |||||
| Total non-performing assets | $ | 145,222 |
|
| $ | 146,531 |
|
| $ | 147,986 |
|
| $ | 143,682 |
|
| $ | 154,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
NON-PERFORMING LOANS, BY TYPE: |
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Commercial and industrial | $ | 39,730 |
|
| $ | 41,318 |
|
| $ | 49,491 |
|
| $ | 37,126 |
|
| $ | 47,260 |
|
|
|
| Real estate - commercial mortgage | 42,374 |
|
| 36,538 |
|
| 37,279 |
|
| 45,710 |
|
| 43,850 |
|
|
| |||||
| Real estate - residential mortgage | 22,887 |
|
| 25,832 |
|
| 22,411 |
|
| 20,150 |
|
| 21,659 |
|
|
| |||||
| Consumer and home equity | 11,911 |
|
| 11,226 |
|
| 11,026 |
|
| 11,012 |
|
| 12,378 |
|
|
| |||||
| Real estate - construction | 4,525 |
|
| 4,379 |
|
| 4,306 |
|
| 4,312 |
|
| 4,632 |
|
|
| |||||
| Equipment lease financing and other | 18,377 |
|
| 20,645 |
|
| 16,642 |
|
| 17,666 |
|
| 17,937 |
|
|
| |||||
| Total non-performing loans | $ | 139,804 |
|
| $ | 139,938 |
|
| $ | 141,155 |
|
| $ | 135,976 |
|
| $ | 147,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The allowance for credit losses related to OBS Credit Exposures is presented in "other liabilities" on the consolidated balance sheets. |
| FULTON FINANCIAL CORPORATION | |
| RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) | |
| in thousands, except per share data and percentages | |
Explanatory note: | This press release contains supplemental financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow: |
|
|
|
|
|
|
| Three months ended |
| ||||||||||||||||||
|
|
|
|
|
|
| Jun 30 |
| Mar 31 |
| Dec 31 |
| Sep 30 |
| Jun 30 |
| ||||||||||
|
|
|
|
|
|
| 2020 |
| 2020 |
| 2019 |
| 2019 |
| 2019 |
| ||||||||||
Shareholders' equity (tangible), per share |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Shareholders' equity |
|
| $ | 2,340,501 |
|
| $ | 2,285,748 |
|
| $ | 2,342,176 |
|
| $ | 2,324,016 |
|
| $ | 2,308,798 |
|
| ||||
Less: Goodwill and intangible assets |
|
| (535,039) |
|
| (535,171) |
|
| (535,303) |
|
| (534,178) |
|
| (535,249) |
|
| |||||||||
Tangible shareholders' equity (numerator) |
|
| $ | 1,805,462 |
|
| $ | 1,750,577 |
|
| $ | 1,806,873 |
|
| $ | 1,789,838 |
|
| $ | 1,773,549 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Shares outstanding, end of period (denominator) |
|
| 161,958 |
|
| 161,435 |
|
| 164,218 |
|
| 164,036 |
|
| 166,903 |
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Shareholders' equity (tangible), per share |
|
| $ | 11.15 |
|
| $ | 10.84 |
|
| $ | 11.00 |
|
| $ | 10.91 |
|
| $ | 10.63 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Return on average shareholders' equity (tangible) |
|
|
|
|
|
|
| |||||||||||||||||||
Net income |
|
| $ | 39,559 |
|
| $ | 26,047 |
|
| $ | 47,789 |
|
| $ | 62,108 |
|
| $ | 59,780 |
|
| ||||
Plus: Intangible amortization, net of tax |
|
| 104 |
|
| 104 |
|
| 112 |
|
| 846 |
|
| 85 |
|
| |||||||||
(Numerator) |
| $ | 39,663 |
|
| $ | 26,151 |
|
| $ | 47,901 |
|
| $ | 62,954 |
|
| $ | 59,865 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Average shareholders' equity |
|
| $ | 2,309,133 |
|
| $ | 2,337,016 |
|
| $ | 2,341,397 |
|
| $ | 2,315,585 |
|
| $ | 2,301,258 |
|
| ||||
Less: Average goodwill and intangible assets |
|
| (535,103) |
|
| (535,235) |
|
| (534,190) |
|
| (535,184) |
|
| (535,301) |
|
| |||||||||
Average tangible shareholders' equity (denominator) |
| $ | 1,774,030 |
|
| $ | 1,801,781 |
|
| $ | 1,807,207 |
|
| $ | 1,780,401 |
|
| $ | 1,765,957 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Return on average shareholders' equity (tangible), annualized |
| 8.99 | % |
| 5.84 | % |
| 10.52 | % |
| 14.03 | % |
| 13.60 | % |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Tangible Common Equity to Tangible Assets (TCE Ratio) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Shareholders' equity |
|
| $ | 2,340,501 |
|
| $ | 2,285,748 |
|
| $ | 2,342,176 |
|
| $ | 2,324,016 |
|
| $ | 2,308,798 |
|
| ||||
Less: Goodwill and intangible assets |
|
| (535,039) |
|
| (535,171) |
|
| (535,303) |
|
| (534,178) |
|
| (535,249) |
|
| |||||||||
Tangible shareholders' equity (numerator) |
|
| $ | 1,805,462 |
|
| $ | 1,750,577 |
|
| $ | 1,806,873 |
|
| $ | 1,789,838 |
|
| $ | 1,773,549 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total assets |
|
|
|
|
|
| $ | 24,617,863 |
|
| $ | 22,929,859 |
|
| $ | 21,886,040 |
|
| $ | 21,703,618 |
|
| $ | 21,308,670 |
|
|
Less: Goodwill and intangible assets |
|
| (535,039) |
|
| (535,171) |
|
| (535,303) |
|
| (534,178) |
|
| (535,249) |
|
| |||||||||
Total tangible assets (denominator) |
|
| $ | 24,082,824 |
|
| $ | 22,394,688 |
|
| $ | 21,350,737 |
|
| $ | 21,169,440 |
|
| $ | 20,773,421 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Tangible Common Equity to Tangible Assets |
|
| 7.50 | % |
| 7.82 | % |
| 8.46 | % |
| 8.45 | % |
| 8.54 | % |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Non-interest expense |
|
| $ | 143,006 |
|
| $ | 142,552 |
|
| $ | 138,974 |
|
| $ | 146,770 |
|
| $ | 144,168 |
|
| ||||
Less: Intangible amortization |
|
| (132) |
|
| (132) |
|
| (142) |
|
| (1,071) |
|
| (107) |
|
| |||||||||
Less: Amortization of tax credit investments |
|
| (1,450) |
|
| (1,450) |
|
| (1,505) |
|
| (1,533) |
|
| (1,492) |
|
| |||||||||
Less: Prepayment penalty of FHLB advances |
|
| (2,878) |
|
| — |
|
| — |
|
| (4,326) |
|
| — |
|
| |||||||||
Non-interest expense (numerator) |
|
| $ | 138,546 |
|
| $ | 140,970 |
|
| $ | 137,327 |
|
| $ | 139,840 |
|
| $ | 142,569 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net interest income (fully taxable equivalent) |
|
| $ | 155,854 |
|
| $ | 163,970 |
|
| $ | 162,479 |
|
| $ | 164,517 |
|
| $ | 167,794 |
|
| ||||
Plus: Total Non-interest income |
|
| 55,922 |
|
| 54,644 |
|
| 55,281 |
|
| 59,813 |
|
| 54,316 |
|
| |||||||||
Less: Investment securities gains, net |
|
| (3,005) |
|
| (46) |
|
| — |
|
| (4,492) |
|
| (176) |
|
| |||||||||
Net interest income (denominator) |
|
| $ | 208,771 |
|
| $ | 218,568 |
|
| $ | 217,760 |
|
| $ | 219,838 |
|
| $ | 221,934 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Efficiency ratio |
|
| 66.4 | % |
| 64.5 | % |
| 63.1 | % |
| 63.6 | % |
| 64.2 | % |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Non-performing assets to shareholders' equity (tangible) and ACL - loans(1) |
| |||||||||||||||||||||||||
Non-performing assets (numerator) |
|
| $ | 145,222 |
|
| $ | 146,531 |
|
| $ | 147,986 |
|
| $ | 143,682 |
|
| $ | 154,957 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Tangible shareholders' equity |
|
| $ | 1,805,462 |
|
| $ | 1,750,577 |
|
| 1,806,873 |
|
| 1,789,838 |
|
| $ | 1,773,549 |
|
| ||||||
Plus: ACL - loans |
|
| 256,537 |
|
| 238,508 |
|
| 163,622 |
|
| 166,135 |
|
| 170,233 |
|
| |||||||||
Tangible shareholders' equity and ACL - loans (denominator) | $ | 2,061,999 |
|
| $ | 1,989,085 |
|
| $ | 1,970,495 |
|
| $ | 1,955,973 |
|
| $ | 1,943,782 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Non-performing assets to tangible shareholders' equity and ACL - loans | 7.04 | % |
| 7.37 | % |
| 7.51 | % |
| 7.35 | % |
| 7.97 | % |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Asset Quality, excluding PPP |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Non-performing loans (numerator) |
|
| $ | 139,804 |
|
| $ | 139,938 |
|
| $ | 141,155 |
|
| $ | 135,976 |
|
| $ | 147,716 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Loans, net of unearned income |
|
| $ | 18,704,722 |
|
| $ | 17,077,403 |
|
| $ | 16,837,526 |
|
| $ | 16,686,866 |
|
| $ | 16,368,458 |
|
| ||||
Less: PPP loans |
|
| (1,937,034) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| |||||||||
Total adjusted loans (denominator) |
|
| $ | 16,767,688 |
|
| $ | 16,767,688 |
|
| $ | 16,767,688 |
|
| $ | 16,767,688 |
|
| $ | 16,767,688 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Non-performing loans to adjusted total loans |
|
| 0.83 | % |
| 0.83 | % |
| 0.84 | % |
| 0.81 | % |
| 0.88 | % |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
ACL - loans (numerator) |
|
| $ | 256,537 |
|
| $ | 238,508 |
|
| 163,622 |
|
| 166,135 |
|
| $ | 170,233 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Loans, net of unearned income |
|
| $ | 18,704,722 |
|
| $ | 17,077,403 |
|
| $ | 16,837,526 |
|
| $ | 16,686,866 |
|
| $ | 16,368,458 |
|
| ||||
Less: PPP loans |
|
| (1,937,034) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| |||||||||
Total adjusted loans (denominator) |
|
| $ | 16,767,688 |
|
| $ | 17,077,403 |
|
| $ | 16,837,526 |
|
| $ | 16,686,866 |
|
| $ | 16,368,458 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
ACL - loans to adjusted total loans |
|
| 1.53 | % |
| 1.40 | % |
| 0.97 | % |
| 1.00 | % |
| 1.04 | % |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pre-provision net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net interest income |
|
|
|
| $ | 152,754 |
|
| $ | 160,746 |
|
| $ | 159,270 |
|
| $ | 161,260 |
|
| $ | 164,544 |
|
| ||
Non-interest income |
|
|
|
| 55,922 |
|
| 54,644 |
|
| 55,281 |
|
| 59,813 |
|
| 54,316 |
|
| |||||||
Less: Investment securities gains, net |
|
|
|
| (3,005) |
|
| (46) |
|
| — |
|
| (4,492) |
|
| (176) |
|
| |||||||
Total revenue |
|
|
|
| $ | 205,671 |
|
| $ | 215,344 |
|
| $ | 214,551 |
|
| $ | 216,581 |
|
| $ | 218,684 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Non-interest expense |
|
|
|
| $ | 143,006 |
|
| $ | 142,552 |
|
| $ | 138,974 |
|
| $ | 146,770 |
|
| $ | 144,168 |
|
| ||
Less: Prepayment penalty of FHLB advances |
|
|
|
| (2,878) |
|
| — |
|
| — |
|
| (4,326) |
|
| — |
|
| |||||||
Less: Amortization on tax credit investments |
|
|
|
| (1,450) |
|
| (1,450) |
|
| (1,505) |
|
| (1,533) |
|
| (1,492) |
|
| |||||||
Less: Intangible amortization |
|
|
|
| (132) |
|
| (132) |
|
| (142) |
|
| (1,071) |
|
| (107) |
|
| |||||||
Total non-interest expense |
|
|
|
| $ | 138,546 |
|
| $ | 140,970 |
|
| $ | 137,327 |
|
| $ | 139,840 |
|
| $ | 142,569 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pre-provision net revenue |
|
|
|
| $ | 67,126 |
|
| $ | 74,374 |
|
| $ | 77,224 |
|
| $ | 76,741 |
|
| $ | 76,115 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: numbers may not sum due to rounding. |
(1) "ACL - loans" relates to the ACL specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200721005932/en/
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.