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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fulton Financial Corporation | NASDAQ:FULT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.07 | 0.41% | 16.97 | 16.54 | 17.15 | 17.065 | 16.72 | 16.94 | 2,862,332 | 21:04:05 |
LANCASTER, PA--(Marketwired - Apr 22, 2014) - Fulton Financial Corporation (NASDAQ: FULT)
Fulton Financial Corporation (NASDAQ: FULT) reported net income of $41.8 million, or 22 cents per diluted share, for the first quarter of 2014, compared to $42.1 million, or 22 cents per diluted share, for the fourth quarter of 2013.
"We were pleased to report another quarter of solid earnings and good returns on assets and equity," said E. Philip Wenger, Chairman, CEO and President. "Asset quality remained strong this quarter. We also saw a significant reduction in operating expenses that contributed to improved efficiency. During the quarter, we completed our previously announced four million share repurchase program."
Net Interest Income and Margin Net interest income for the first quarter of 2014 decreased $3.4 million, or 2.5 percent, from the fourth quarter of 2013. The net interest margin decreased one basis point, or 0.3 percent, to 3.47 percent, in the first quarter of 2014 from 3.48 percent in the fourth quarter of 2013. Average yields on interest-earning assets decreased one basis point, while the average cost of interest-bearing liabilities increased one basis point.
Average Balance Sheet Total average assets for the first quarter of 2014 were $16.9 billion, a decrease of $60.2 million, or 0.4 percent, from the fourth quarter of 2013. Average loans, net of unearned income, decreased $30.2 million, or 0.2 percent, in comparison to the fourth quarter of 2013.
Quarter Ended | Increase (decrease) | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | in Balance | ||||||||||||||||||
Balance | Yield (1) | Balance | Yield (1) | $ | % | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Average Loans, net of unearned income, by type: | ||||||||||||||||||||
Real estate - commercial mortgage | $ | 5,085,128 | 4.44 | % | $ | 5,065,963 | 4.49 | % | $ | 19,165 | 0.4 | % | ||||||||
Commercial - industrial, financial and agricultural | 3,637,075 | 4.03 | % | 3,639,690 | 4.03 | % | (2,615 | ) | (0.1 | %) | ||||||||||
Real estate - home equity | 1,755,346 | 4.18 | % | 1,774,919 | 4.18 | % | (19,573 | ) | (1.1 | %) | ||||||||||
Real estate - residential mortgage | 1,336,323 | 3.99 | % | 1,331,987 | 4.04 | % | 4,336 | 0.3 | % | |||||||||||
Real estate - construction | 576,346 | 4.08 | % | 581,306 | 4.15 | % | (4,960 | ) | (0.9 | %) | ||||||||||
Consumer | 274,910 | 4.82 | % | 287,245 | 4.85 | % | (12,335 | ) | (4.3 | %) | ||||||||||
Leasing and other | 97,229 | 9.79 | % | 111,456 | 8.01 | % | (14,227 | ) | (12.8 | %) | ||||||||||
Total Average Loans, net of unearned income | $ | 12,762,357 | 4.28 | % | $ | 12,792,566 | 4.29 | % | $ | (30,209 | ) | (0.2 | %) | |||||||
(1) | Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances. | |
Total average liabilities decreased $72.3 million, or 0.5 percent, from the fourth quarter of 2013, due to a $187.7 million decrease in average deposits, partially offset by a $109.2 million, or 9.9 percent, increase short-term borrowings.
Quarter Ended | Increase (decrease) | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | in Balance | ||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Average Deposits, by type: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 3,243,424 | - | % | $ | 3,318,073 | - | % | $ | (74,649 | ) | (2.2 | %) | |||||||
Interest-bearing demand | 2,945,211 | 0.13 | % | 2,966,994 | 0.13 | % | (21,783 | ) | (0.7 | %) | ||||||||||
Savings deposits | 3,351,871 | 0.13 | % | 3,410,030 | 0.12 | % | (58,159 | ) | (1.7 | %) | ||||||||||
Total average demand and savings | 9,540,506 | 0.08 | % | 9,695,097 | 0.08 | % | (154,591 | ) | (1.6 | %) | ||||||||||
Time deposits | 2,932,456 | 0.82 | % | 2,965,604 | 0.82 | % | (33,148 | ) | (1.1 | %) | ||||||||||
Total Average Deposits | $ | 12,472,962 | 0.26 | % | $ | 12,660,701 | 0.25 | % | $ | (187,739 | ) | (1.5 | %) | |||||||
Asset Quality Non-performing assets were $170.2 million, or 1.01 percent of total assets, at March 31, 2014, compared to $169.3 million, or 1.00 percent of total assets, at December 31, 2013 and $232.5 million, or 1.39 percent of total assets, at March 31, 2013. The $901,000, or 0.5 percent, increase in non-performing assets in comparison to the fourth quarter of 2013 was primarily due to an increase in non-performing commercial mortgages and commercial loans, partially offset by a decrease in non-performing residential mortgages.
Annualized net charge-offs for the quarter ended March 31, 2014 were 0.26 percent of average total loans, compared to 0.33 percent for the quarter ended December 31, 2013 and 0.62 percent for the quarter ended March 31, 2013. The allowance for credit losses as a percentage of non-performing loans was 128.5 percent at March 31, 2014, as compared to 132.8 percent at December 31, 2013 and 106.2 percent at March 31, 2013.
Non-interest Income Non-interest income, excluding investment securities gains, decreased $2.2 million, or 5.4 percent, in comparison to the fourth quarter of 2013. Service charges on deposit accounts decreased $1.1 million, or 8.3 percent, including a $649,000 decrease in overdraft fees. Mortgage banking income decreased $758,000, including a $715,000 decrease in gains on sales of mortgage loans, as both volumes and spreads decreased.
Non-interest Expense Non-interest expense decreased $7.2 million, or 6.2 percent, in the first quarter of 2014 compared to the fourth quarter of 2013. Salaries and employee benefits decreased $5.6 million, or 8.6 percent, due primarily to decreases in incentive compensation and health insurance expense, in addition to a $1.5 million gain recognized as a result of an amendment of the Corporation's postretirement health plan. These decreases were partially offset by a seasonal increase in payroll taxes and an increase in severance costs. A $1.5 million increase in net occupancy expense was mainly a result of increased snow removal costs. Other outside services declined $1.8 million due to the timing of consulting arrangements related to risk management and compliance initiatives.
About Fulton Financial Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company that has banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through the following affiliates, headquartered as indicated: Fulton Bank, N.A., Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Fulton Bank of New Jersey, Mt. Laurel, NJ; and The Columbia Bank, Columbia, MD.
The Corporation's investment management and trust services are offered at all banks through Fulton Financial Advisors, a division of Fulton Bank, N.A. Residential mortgage lending is offered by all banks under the Fulton Mortgage Company brand.
Additional information on Fulton Financial Corporation 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" and similar expressions which are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, some of which are beyond the Corporation's control and ability to predict, that could cause actual results to differ materially from those expressed in the forward-looking statements.
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, 2013, which has been filed with the Securities and Exchange Commission and is 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). 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.
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 | |||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | |||||||||||||||||
dollars in thousands | |||||||||||||||||
% Change from | |||||||||||||||||
March 31 | March 31 | December 31 | March 31 | December 31 | |||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | |||||||||||||
ASSETS | |||||||||||||||||
Cash and due from banks | $ | 260,389 | $ | 174,479 | $ | 218,540 | 49.2 | % | 19.1 | % | |||||||
Other interest-earning assets | 307,062 | 171,684 | 248,161 | 78.9 | % | 23.7 | % | ||||||||||
Loans held for sale | 24,417 | 63,045 | 21,351 | (61.3 | %) | 14.4 | % | ||||||||||
Investment securities | 2,501,198 | 2,736,269 | 2,568,434 | (8.6 | %) | (2.6 | %) | ||||||||||
Loans, net of unearned income | 12,733,792 | 12,377,288 | 12,782,220 | 2.9 | % | (0.4 | %) | ||||||||||
Allowance for loan losses | (197,089 | ) | (220,041 | ) | (202,780 | ) | (10.4 | %) | (2.8 | %) | |||||||
Net loans | 12,536,703 | 12,157,247 | 12,579,440 | 3.1 | % | (0.3 | %) | ||||||||||
Premises and equipment | 225,647 | 226,754 | 226,021 | (0.5 | %) | (0.2 | %) | ||||||||||
Accrued interest receivable | 43,376 | 47,485 | 44,037 | (8.7 | %) | (1.5 | %) | ||||||||||
Goodwill and intangible assets | 532,747 | 534,987 | 533,076 | (0.4 | %) | (0.1 | %) | ||||||||||
Other assets | 480,350 | 570,787 | 495,574 | (15.8 | %) | (3.1 | %) | ||||||||||
Total Assets | $ | 16,911,889 | $ | 16,682,737 | $ | 16,934,634 | 1.4 | % | (0.1 | %) | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
Deposits | $ | 12,669,917 | $ | 12,388,460 | $ | 12,491,186 | 2.3 | % | 1.4 | % | |||||||
Short-term borrowings | 1,069,684 | 1,126,966 | 1,258,629 | (5.1 | %) | (15.0 | %) | ||||||||||
Other liabilities | 230,108 | 216,337 | 238,048 | 6.4 | % | (3.3 | %) | ||||||||||
FHLB advances and long-term debt | 883,461 | 889,211 | 883,584 | (0.6 | %) | - | |||||||||||
Total Liabilities | 14,853,170 | 14,620,974 | 14,871,447 | 1.6 | % | (0.1 | %) | ||||||||||
Shareholders' equity | 2,058,719 | 2,061,763 | 2,063,187 | (0.1 | %) | (0.2 | %) | ||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,911,889 | $ | 16,682,737 | $ | 16,934,634 | 1.4 | % | (0.1 | %) | |||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | |||||||||||||||||
Loans, by type: | |||||||||||||||||
Real estate - commercial mortgage | $ | 5,137,454 | $ | 4,729,930 | $ | 5,101,922 | 8.6 | % | 0.7 | % | |||||||
Commercial - industrial, financial and agricultural | 3,574,130 | 3,658,483 | 3,628,420 | (2.3 | %) | (1.5 | %) | ||||||||||
Real estate - home equity | 1,740,496 | 1,689,446 | 1,764,197 | 3.0 | % | (1.3 | %) | ||||||||||
Real estate - residential mortgage | 1,331,465 | 1,303,454 | 1,337,380 | 2.1 | % | (0.4 | %) | ||||||||||
Real estate - construction | 584,217 | 597,597 | 573,672 | (2.2 | %) | 1.8 | % | ||||||||||
Consumer | 270,021 | 309,138 | 283,124 | (12.7 | %) | (4.6 | %) | ||||||||||
Leasing and other | 96,009 | 89,240 | 93,505 | 7.6 | % | 2.7 | % | ||||||||||
Total Loans, net of unearned income | $ | 12,733,792 | $ | 12,377,288 | $ | 12,782,220 | 2.9 | % | (0.4 | %) | |||||||
Deposits, by type: | |||||||||||||||||
Noninterest-bearing demand | $ | 3,359,900 | $ | 3,075,511 | $ | 3,283,172 | 9.2 | % | 2.3 | % | |||||||
Interest-bearing demand | 2,960,577 | 2,698,811 | 2,945,210 | 9.7 | % | 0.5 | % | ||||||||||
Savings deposits | 3,346,880 | 3,345,842 | 3,344,882 | - | 0.1 | % | |||||||||||
Time deposits | 3,002,560 | 3,268,296 | 2,917,922 | (8.1 | %) | 2.9 | % | ||||||||||
Total Deposits | $ | 12,669,917 | $ | 12,388,460 | $ | 12,491,186 | 2.3 | % | 1.4 | % | |||||||
Short-term borrowings, by type: | |||||||||||||||||
Customer repurchase agreements | $ | 220,426 | $ | 158,214 | $ | 175,621 | 39.3 | % | 25.5 | % | |||||||
Customer short-term promissory notes | 88,160 | 114,231 | 100,572 | (22.8 | %) | (12.3 | %) | ||||||||||
Federal funds purchased | 361,098 | 729,521 | 582,436 | (50.5 | %) | (38.0 | %) | ||||||||||
Short-term FHLB advances | 400,000 | 125,000 | 400,000 | 220.0 | % | - | |||||||||||
Total Short-term Borrowings | $ | 1,069,684 | $ | 1,126,966 | $ | 1,258,629 | (5.1 | %) | (15.0 | %) | |||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||
in thousands, except per-share data and percentages | ||||||||||||||||||||
Quarter Ended | % Change from | |||||||||||||||||||
Mar 31 | Mar 31 | Dec 31 | Mar 31 | Dec 31 | ||||||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||
Interest Income: | ||||||||||||||||||||
Interest income | $ | 148,792 | $ | 151,322 | $ | 152,457 | (1.7 | %) | (2.4 | %) | ||||||||||
Interest expense | 19,227 | 21,678 | 19,505 | (11.3 | %) | (1.4 | %) | |||||||||||||
Net Interest Income | 129,565 | 129,644 | 132,952 | (0.1 | %) | (2.5 | %) | |||||||||||||
Provision for credit losses | 2,500 | 15,000 | 2,500 | (83.3 | %) | - | ||||||||||||||
Net Interest Income after Provision | 127,065 | 114,644 | 130,452 | 10.8 | % | (2.6 | %) | |||||||||||||
Non-Interest Income: | ||||||||||||||||||||
Service charges on deposit accounts | 11,711 | 14,111 | 12,770 | (17.0 | %) | (8.3 | %) | |||||||||||||
Investment management and trust services | 10,958 | 10,096 | 10,589 | 8.5 | % | 3.5 | % | |||||||||||||
Other service charges and fees | 8,927 | 8,510 | 9,421 | 4.9 | % | (5.2 | %) | |||||||||||||
Mortgage banking income | 3,605 | 8,173 | 4,363 | (55.9 | %) | (17.4 | %) | |||||||||||||
Investment securities gains | - | 2,473 | 33 | (100.0 | %) | (100.0 | %) | |||||||||||||
Other | 3,305 | 3,896 | 3,556 | (15.2 | %) | (7.1 | %) | |||||||||||||
Total Non-Interest Income | 38,506 | 47,259 | 40,732 | (18.5 | %) | (5.5 | %) | |||||||||||||
Non-Interest Expense: | ||||||||||||||||||||
Salaries and employee benefits | 59,566 | 61,212 | 65,194 | (2.7 | %) | (8.6 | %) | |||||||||||||
Net occupancy expense | 13,603 | 11,844 | 12,134 | 14.9 | % | 12.1 | % | |||||||||||||
Other outside services | 3,812 | 2,860 | 5,633 | 33.3 | % | (32.3 | %) | |||||||||||||
Data processing | 3,796 | 3,903 | 3,386 | (2.7 | %) | 12.1 | % | |||||||||||||
Equipment expense | 3,602 | 3,908 | 3,972 | (7.8 | %) | (9.3 | %) | |||||||||||||
Software | 2,925 | 2,748 | 2,450 | 6.4 | % | 19.4 | % | |||||||||||||
Professional fees | 2,904 | 3,047 | 3,379 | (4.7 | %) | (14.1 | %) | |||||||||||||
FDIC insurance expense | 2,689 | 2,847 | 2,839 | (5.5 | %) | (5.3 | %) | |||||||||||||
Operating risk loss | 1,828 | 1,766 | 2,367 | 3.5 | % | (22.8 | %) | |||||||||||||
Marketing | 1,584 | 1,872 | 1,660 | (15.4 | %) | (4.6 | %) | |||||||||||||
Other real estate owned and repossession expense | 983 | 2,854 | 1,116 | (65.6 | %) | (11.9 | %) | |||||||||||||
Intangible amortization | 315 | 534 | 834 | (41.0 | %) | (62.2 | %) | |||||||||||||
Other | 11,947 | 11,541 | 11,798 | 3.5 | % | 1.3 | % | |||||||||||||
Total Non-Interest Expense | 109,554 | 110,936 | 116,762 | (1.2 | %) | (6.2 | %) | |||||||||||||
Income Before Income Taxes | 56,017 | 50,967 | 54,422 | 9.9 | % | 2.9 | % | |||||||||||||
Income tax expense | 14,234 | 11,740 | 12,339 | 21.2 | % | 15.4 | % | |||||||||||||
Net Income | $ | 41,783 | $ | 39,227 | $ | 42,083 | 6.5 | % | (0.7 | %) | ||||||||||
PER SHARE: | ||||||||||||||||||||
Net income: | ||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.20 | $ | 0.22 | 10.0 | % | - | |||||||||||
Diluted | 0.22 | 0.20 | 0.22 | 10.0 | % | - | ||||||||||||||
Cash dividends | $ | 0.08 | $ | 0.08 | $ | 0.08 | - | - | ||||||||||||
Shareholders' equity | 10.90 | 10.56 | 10.71 | 3.2 | % | 1.8 | % | |||||||||||||
Shareholders' equity (tangible) | 8.08 | 7.82 | 7.94 | 3.3 | % | 1.8 | % | |||||||||||||
Weighted average shares (basic) | 189,467 | 196,299 | 191,577 | (3.5 | %) | (1.1 | %) | |||||||||||||
Weighted average shares (diluted) | 190,489 | 197,217 | 192,658 | (3.4 | %) | (1.1 | %) | |||||||||||||
Shares outstanding, end of period | 188,850 | 195,276 | 192,652 | (3.3 | %) | (2.0 | %) | |||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||
Return on average assets | 1.01 | % | 0.96 | % | 0.99 | % | ||||||||||||||
Return on average shareholders' equity | 8.21 | % | 7.67 | % | 8.14 | % | ||||||||||||||
Return on average shareholders' equity (tangible) | 11.13 | % | 10.43 | % | 11.15 | % | ||||||||||||||
Net interest margin | 3.47 | % | 3.55 | % | 3.48 | % | ||||||||||||||
Efficiency ratio | 63.38 | % | 61.78 | % | 65.14 | % | ||||||||||||||
FULTON FINANCIAL CORPORATION | |||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |||||||||||
dollars in thousands |
Quarter Ended | |||||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | December 31, 2013 | |||||||||||||||||||||||||||||||
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 | $ | 12,762,357 | $ | 134,749 | 4.28 | % | $ | 12,257,280 | $ | 136,948 | 4.53 | % | $ | 12,792,566 | $ | 138,336 | 4.29 | % | |||||||||||||||
Taxable investment securities | 2,257,773 | 13,266 | 2.35 | % | 2,421,178 | 13,397 | 2.22 | % | 2,289,672 | 13,431 | 2.35 | % | |||||||||||||||||||||
Tax-exempt investment securities | 279,278 | 3,613 | 5.17 | % | 292,118 | 3,814 | 5.22 | % | 283,799 | 3,574 | 5.04 | % | |||||||||||||||||||||
Equity securities | 33,922 | 429 | 5.11 | % | 44,371 | 510 | 4.64 | % | 33,887 | 413 | 4.83 | % | |||||||||||||||||||||
Total Investment Securities | 2,570,973 | 17,308 | 2.70 | % | 2,757,667 | 17,721 | 2.57 | % | 2,607,358 | 17,418 | 2.67 | % | |||||||||||||||||||||
Loans held for sale | 13,426 | 134 | 4.00 | % | 47,885 | 495 | 4.14 | % | 20,059 | 290 | 5.78 | % | |||||||||||||||||||||
Other interest-earning assets | 258,803 | 882 | 1.36 | % | 190,576 | 429 | 0.90 | % | 263,478 | 737 | 1.12 | % | |||||||||||||||||||||
Total Interest-earning Assets | 15,605,559 | 153,073 | 3.97 | % | 15,253,408 | 155,593 | 4.13 | % | 15,683,461 | 156,781 | 3.98 | % | |||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||
Cash and due from banks | 199,641 | 202,507 | 212,463 | ||||||||||||||||||||||||||||||
Premises and equipment | 226,295 | 226,466 | 226,955 | ||||||||||||||||||||||||||||||
Other assets | 1,032,071 | 1,071,440 | 1,008,304 | ||||||||||||||||||||||||||||||
Less: allowance for loan losses | (203,201) | (227,858 | ) | (210,636 | ) | ||||||||||||||||||||||||||||
Total Assets | $ | 16,860,365 | $ | 16,525,963 | $ | 16,920,547 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Demand deposits | $ | 2,945,211 | $ | 909 | 0.13 | % | $ | 2,705,835 | $ | 877 | 0.13 | % | $ | 2,966,994 | $ | 969 | 0.13 | % | |||||||||||||||
Savings deposits | 3,351,871 | 1,035 | 0.13 | % | 3,334,305 | 1,023 | 0.12 | % | 3,410,030 | 1,042 | 0.12 | % | |||||||||||||||||||||
Time deposits | 2,932,456 | 5,952 | 0.82 | % | 3,321,309 | 8,501 | 1.04 | % | 2,965,604 | 6,117 | 0.82 | % | |||||||||||||||||||||
Total Interest-bearing Deposits | 9,229,538 | 7,896 | 0.35 | % | 9,361,449 | 10,401 | 0.45 | % | 9,342,628 | 8,128 | 0.35 | % | |||||||||||||||||||||
Short-term borrowings | 1,208,953 | 633 | 0.21 | % | 1,032,122 | 509 | 0.20 | % | 1,099,709 | 520 | 0.19 | % | |||||||||||||||||||||
FHLB advances and long-term debt | 883,532 | 10,698 | 4.88 | % | 891,173 | 10,768 | 4.87 | % | 888,378 | 10,857 | 4.87 | % | |||||||||||||||||||||
Total Interest-bearing Liabilities | 11,322,023 | 19,227 | 0.69 | % | 11,284,744 | 21,678 | 0.78 | % | 11,330,715 | 19,505 | 0.68 | % | |||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Demand deposits | 3,243,424 | 2,968,777 | 3,318,073 | ||||||||||||||||||||||||||||||
Other | 232,004 | 198,944 | 221,010 | ||||||||||||||||||||||||||||||
Total Liabilities | 14,797,451 | 14,452,465 | 14,869,798 | ||||||||||||||||||||||||||||||
Shareholders' equity | 2,062,914 | 2,073,498 | 2,050,749 | ||||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,860,365 | $ | 16,525,963 | $ | 16,920,547 | |||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 133,846 | 3.47 | % | 133,915 | 3.55 | % | 137,276 | 3.48 | % | ||||||||||||||||||||||||
Tax equivalent adjustment | (4,281 | ) | (4,271 | ) | (4,324 | ) | |||||||||||||||||||||||||||
Net interest income | $ | 129,565 | $ | 129,644 | $ | 132,952 |
(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 | ||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | ||||||||||||
Loans, by type: | ||||||||||||||||
Real estate - commercial mortgage | $ | 5,085,128 | $ | 4,666,494 | $ | 5,065,963 | 9.0 | % | 0.4 | % | ||||||
Commercial - industrial, financial and agricultural | 3,637,075 | 3,662,566 | 3,639,690 | (0.7 | %) | (0.1 | %) | |||||||||
Real estate - home equity | 1,755,346 | 1,662,173 | 1,774,919 | 5.6 | % | (1.1 | %) | |||||||||
Real estate - residential mortgage | 1,336,323 | 1,283,168 | 1,331,987 | 4.1 | % | 0.3 | % | |||||||||
Real estate - construction | 576,346 | 591,338 | 581,306 | (2.5 | %) | (0.9 | %) | |||||||||
Consumer | 274,910 | 305,480 | 287,245 | (10.0 | %) | (4.3 | %) | |||||||||
Leasing and other | 97,229 | 86,061 | 111,456 | 13.0 | % | (12.8 | %) | |||||||||
Total Loans, net of unearned income | $ | 12,762,357 | $ | 12,257,280 | $ | 12,792,566 | 4.1 | % | (0.2 | %) | ||||||
Deposits, by type: | ||||||||||||||||
Noninterest-bearing demand | $ | 3,243,424 | $ | 2,968,777 | $ | 3,318,073 | 9.3 | % | (2.2 | %) | ||||||
Interest-bearing demand | 2,945,211 | 2,705,835 | 2,966,994 | 8.8 | % | (0.7 | %) | |||||||||
Savings deposits | 3,351,871 | 3,334,305 | 3,410,030 | 0.5 | % | (1.7 | %) | |||||||||
Time deposits | 2,932,456 | 3,321,309 | 2,965,604 | (11.7 | %) | (1.1 | %) | |||||||||
Total Deposits | $ | 12,472,962 | $ | 12,330,226 | $ | 12,660,701 | 1.2 | % | (1.5 | %) | ||||||
Short-term borrowings, by type: | ||||||||||||||||
Customer repurchase agreements | $ | 187,362 | $ | 165,109 | $ | 196,997 | 13.5 | % | (4.9 | %) | ||||||
Customer short-term promissory notes | 102,000 | 112,041 | 93,986 | (9.0 | %) | 8.5 | % | |||||||||
Federal funds purchased | 416,230 | 709,779 | 408,726 | (41.4 | %) | 1.8 | % | |||||||||
Short-term FHLB advances and other borrowings | 503,361 | 45,193 | 400,000 | N/M | 25.8 | % | ||||||||||
Total Short-term Borrowings | $ | 1,208,953 | $ | 1,032,122 | $ | 1,099,709 | 17.1 | % | 9.9 | % | ||||||
N/M - Not meaningful | ||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||
dollars in thousands | ||||||||||||
Quarter Ended | ||||||||||||
Mar 31 | Mar 31 | Dec 31 | ||||||||||
2014 | 2013 | 2013 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||
Balance at beginning of period | $ | 204,917 | $ | 225,439 | $ 212,838 | |||||||
Loans charged off: | ||||||||||||
Commercial - industrial, financial and agricultural | (5,125 | ) | (9,502 | ) | (5,527) | |||||||
Consumer and home equity | (2,402 | ) | (2,954 | ) | (1,879) | |||||||
Real estate - commercial mortgage | (1,386 | ) | (4,133 | ) | (7,779) | |||||||
Real estate - residential mortgage | (846 | ) | (3,050 | ) | (1,423) | |||||||
Real estate - construction | (214 | ) | (1,986 | ) | (1,391) | |||||||
Leasing and other | (295 | ) | (481 | ) | (616) | |||||||
Total loans charged off | (10,268 | ) | (22,106 | ) | (18,615) | |||||||
Recoveries of loans previously charged off: | ||||||||||||
Commercial - industrial, financial and agricultural | 744 | 379 | 5,851 | |||||||||
Consumer and home equity | 565 | 837 | 451 | |||||||||
Real estate - commercial mortgage | 44 | 1,064 | 740 | |||||||||
Real estate - residential mortgage | 116 | 81 | 106 | |||||||||
Real estate - construction | 224 | 671 | 888 | |||||||||
Leasing and other | 164 | 162 | 158 | |||||||||
Recoveries of loans previously charged off | 1,857 | 3,194 | 8,194 | |||||||||
Net loans charged off | (8,411 | ) | (18,912 | ) | (10,421) | |||||||
Provision for credit losses | 2,500 | 15,000 | 2,500 | |||||||||
Balance at end of period | $ | 199,006 | $ | 221,527 | $ 204,917 | |||||||
Net charge-offs to average loans (annualized) | 0.26 | % | 0.62 | % | 0.33% | |||||||
NON-PERFORMING ASSETS: | ||||||||||||
Non-accrual loans | $ | 133,705 | $ | 179,334 | $ 133,753 | |||||||
Loans 90 days past due and accruing | 21,225 | 29,325 | 20,524 | |||||||||
Total non-performing loans | 154,930 | 208,659 | 154,277 | |||||||||
Other real estate owned | 15,300 | 23,820 | 15,052 | |||||||||
Total non-performing assets | $ | 170,230 | $ | 232,479 | $ 169,329 | |||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||
Real estate - commercial mortgage | $ | 45,876 | $ | 58,805 | $ 44,068 | |||||||
Commercial - industrial, financial and agricultural | 38,830 | 61,113 | 38,021 | |||||||||
Real estate - residential mortgage | 29,305 | 36,361 | 31,347 | |||||||||
Real estate - construction | 20,758 | 31,919 | 21,267 | |||||||||
Consumer and home equity | 20,087 | 20,250 | 19,526 | |||||||||
Leasing | 74 | 211 | 48 | |||||||||
Total non-performing loans | $ | 154,930 | $ | 208,659 | $ 154,277 | |||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | ||||||||||||
Real-estate - residential mortgage | $ | 30,363 | $ | 33,095 | $ 28,815 | |||||||
Real-estate - commercial mortgage | 19,514 | 28,421 | 19,758 | |||||||||
Real estate - construction | 8,430 | 11,125 | 10,117 | |||||||||
Commercial - industrial, financial and agricultural | 6,755 | 9,031 | 8,045 | |||||||||
Consumer and home equity | 2,622 | 1,549 | 1,376 | |||||||||
Total accruing TDRs | 67,684 | 83,221 | 68,111 | |||||||||
Non-accrual TDRs (1) | 27,487 | 33,215 | 30,209 | |||||||||
Total TDRs | $ | 95,171 | $ | 116,436 | $ 98,320 | |||||||
(1) Included within non-accrual loans above. |
DELINQUENCY RATES, BY TYPE: | |||||||||||||||||||
March 31, 2014 | March 31, 2013 | December 31, 2013 | |||||||||||||||||
31-89 Days | > than or = to 90 Days (2) | Total | 31-89 Days | > than or = to 90 Days (2) | Total | 31-89 Days | > than or = to 90 Days (2) | Total | |||||||||||
Real estate - commercial mortgage | 0.35% | 0.89% | 1.24% | 0.39% | 1.25% | 1.64% | 0.38% | 0.87% | 1.25% | ||||||||||
Commercial - industrial, financial and agricultural | 0.33% | 1.09% | 1.42% | 0.35% | 1.67% | 2.02% | 0.30% | 1.04% | 1.34% | ||||||||||
Real estate - construction | 0.43% | 3.55% | 3.98% | 0.17% | 5.34% | 5.51% | 0.11% | 3.71% | 3.82% | ||||||||||
Real estate - residential mortgage | 1.53% | 2.20% | 3.73% | 2.07% | 2.79% | 4.86% | 1.74% | 2.34% | 4.08% | ||||||||||
Consumer, home equity, leasing and other | 0.89% | 0.96% | 1.85% | 0.82% | 0.98% | 1.80% | 1.10% | 0.91% | 2.01% | ||||||||||
Total | 0.56% | 1.22% | 1.78% | 0.62% | 1.68% | 2.30% | 0.61% | 1.20% | 1.81% | ||||||||||
(2) Includes non-accrual loans |
ASSET QUALITY RATIOS: | ||||||||||
Mar 31 | Mar 31 | Dec 31 | ||||||||
2014 | 2013 | 2013 | ||||||||
Non-accrual loans to total loans | 1.05 | % | 1.45 | % | 1.05 | % | ||||
Non-performing assets to total loans and OREO | 1.34 | % | 1.87 | % | 1.32 | % | ||||
Non-performing assets to total assets | 1.01 | % | 1.39 | % | 1.00 | % | ||||
Allowance for credit losses to loans outstanding | 1.56 | % | 1.79 | % | 1.60 | % | ||||
Allowance for credit losses to non-performing loans | 128.45 | % | 106.17 | % | 132.82 | % | ||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 9.87 | % | 13.30 | % | 9.76 | % |
FULTON FINANCIAL CORPORATION | ||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED) | ||||
in thousands, except per share data and percentages | ||||
Explanatory note: | This press release contains certain 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 quarterly 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: |
Quarter Ended | |||||||||||||
March 31 | March 31 | December 31 | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Shareholders' equity (tangible), per share | |||||||||||||
Shareholders' equity | $ | 2,058,719 | $ | 2,061,763 | $ | 2,063,187 | |||||||
Less: Goodwill and intangible assets | (532,747 | ) | (534,987 | ) | (533,076 | ) | |||||||
Tangible shareholders' equity (numerator) | $ | 1,525,972 | $ | 1,526,776 | $ | 1,530,111 | |||||||
Shares outstanding, end of period (denominator) | 188,850 | 195,276 | 192,652 | ||||||||||
Shareholders' equity (tangible), per share | $ | 8.08 | $ | 7.82 | $ | 7.94 | |||||||
Return on average common shareholders' equity (tangible) | |||||||||||||
Net income | $ | 41,783 | $ | 39,227 | $ | 42,083 | |||||||
Plus: Intangible amortization, net of tax | 204 | 347 | 541 | ||||||||||
Numerator | $ | 41,987 | $ | 39,574 | $ | 42,624 | |||||||
Average shareholders' equity | $ | 2,062,914 | $ | 2,073,498 | 2,050,749 | ||||||||
Less: Average goodwill and intangible assets | (532,901 | ) | (535,255 | ) | (533,597 | ) | |||||||
Average tangible shareholders' equity (denominator) | $ | 1,530,013 | $ | 1,538,243 | $ | 1,517,152 | |||||||
Return on average common shareholders' equity (tangible), annualized | 11.13 | % | 10.43 | % | 11.15 | % | |||||||
Efficiency ratio | |||||||||||||
Non-interest expense | $ | 109,554 | $ | 110,936 | $ | 116,762 | |||||||
Less: Intangible amortization | (315 | ) | (534 | ) | (834 | ) | |||||||
Numerator | $ | 109,239 | $ | 110,402 | $ | 115,928 | |||||||
Net interest income (fully taxable equivalent) | $ | 133,846 | $ | 133,915 | $ | 137,276 | |||||||
Plus: Total Non-interest income | 38,506 | 47,259 | 40,732 | ||||||||||
Less: Investment securities gains | - | (2,473 | ) | (33 | ) | ||||||||
Denominator | $ | 172,352 | $ | 178,701 | $ | 177,975 | |||||||
Efficiency ratio | 63.38 | % | 61.78 | % | 65.14 | % | |||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | |||||||||||||
Non-performing assets (numerator) | $ | 170,230 | $ | 232,479 | $ | 169,329 | |||||||
Tangible shareholders' equity | $ | 1,525,972 | $ | 1,526,776 | $ | 1,530,111 | |||||||
Plus: Allowance for credit losses | 199,006 | 221,527 | 204,917 | ||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,724,978 | $ | 1,748,303 | $ | 1,735,028 | |||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 9.87 | % | 13.30 | % | 9.76 | % |
Media Contact: Laura J. Wakeley (717) 291-2616 Investor Contact: David C. Hostetter (717) 291-2456
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