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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 0.35% | 17.03 | 16.62 | 17.63 | 17.31 | 16.945 | 17.25 | 1,753,302 | 22:30:00 |
Fulton Financial Corporation (NASDAQ:FULT) reported net income of $43.4 million, or 25 cents per diluted share, for the first quarter of 2017.
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"We had a very good first quarter, building off the momentum we saw in our business in 2016,” said E. Philip Wenger, Chairman, President and CEO. “With increased customer confidence and business activity, we remain optimistic about our growth prospects for 2017."
Net Interest Income and Margin
Net interest income for the first quarter of 2017 increased $5.3 million, or 4.0 percent, from the fourth quarter of 2016. Net interest margin increased eleven basis points, or 3.5 percent, to 3.26 percent in the first quarter of 2017, from 3.15 percent in the fourth quarter of 2016. The average yield on interest-earning assets increased twelve basis points, while the average cost of interest-bearing liabilities remained unchanged, during the first quarter of 2017 in comparison to the fourth quarter of 2016.
Average Balance Sheet
Total average assets for the first quarter of 2017 were $19.1 billion, an increase of $300.3 million from the fourth quarter of 2016. Average loans, net of unearned income, increased $381.7 million, or 2.6 percent, in comparison to the fourth quarter of 2016. Average loans and yields, by type, for the first quarter of 2017 in comparison to the fourth quarter of 2016, are summarized in the following table:
Three Months Ended Increase (decrease) March 31, 2017 December 31, 2016 in Balance Balance Yield (1) Balance Yield (1) $ % (dollars in thousands) Average Loans, net of unearned income, by type: Real estate - commercial mortgage $ 6,039,140 3.98 % $ 5,828,313 3.90 % $ 210,827 3.6 % Commercial - industrial, financial and agricultural 4,205,070 3.89 % 4,081,498 3.74 % 123,572 3.0 % Real estate - residential mortgage 1,637,669 3.76 % 1,572,895 3.75 % 64,774 4.1 %Real estate - home equity
1,613,249
4.18
%
1,633,668
4.05
%
(20,419
)
(1.2
%)
Real estate - construction 840,968 3.97 % 845,528 3.78 % (4,560 ) (0.5 %) Consumer 284,352 5.26 % 289,864 5.25 % (5,512 ) (1.9 %) Leasing and other 237,114 5.08 % 224,050 5.41 % 13,064 5.8 % Total Average Loans, net of unearned income $ 14,857,562 4.00 % $ 14,475,816 3.90 % $ 381,746 2.6 % (1) Presented on a fully-taxable equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances.Total average liabilities increased $292.4 million, or 1.8 percent, from the fourth quarter of 2016, while average deposits decreased $153.3 million, or 1.0 percent. Average deposits and interest rates, by type, for the first quarter of 2017 in comparison to the fourth quarter of 2016, are summarized in the following table:
Three Months Ended Increase (decrease) March 31, 2017 December 31, 2016 in Balance Balance Rate Balance Rate $ % (dollars in thousands) Average Deposits, by type: Noninterest-bearing demand $ 4,301,727 - % $ 4,331,894 - % $ (30,167 ) (0.7 %) Interest-bearing demand 3,650,931 0.25 % 3,714,391 0.21 % (63,460 ) (1.7 %) Savings deposits 4,194,216 0.21 % 4,216,090 0.21 % (21,874 ) (0.5 %) Total average demand and savings 12,146,874 0.15 % 12,262,375 0.14 % (115,501 ) (0.9 %) Time deposits 2,739,453 1.09 % 2,777,203 1.09 % (37,750 ) (1.4 %) Total Average Deposits $ 14,886,327 0.32 % $ 15,039,578 0.31 % $ (153,251 ) (1.0 %)Asset Quality
Non-performing assets were $143.4 million, or 0.75 percent of total assets, at March 31, 2017, compared to $144.5 million, or 0.76 percent of total assets, at December 31, 2016 and $148.1 million, or 0.82 percent of total assets, at March 31, 2016.
Annualized net charge-offs for the quarter ended March 31, 2017 were 0.09 percent of total average loans, compared to annualized net recoveries of 0.03 percent for the quarter ended December 31, 2016, and net charge-offs of 0.20 percent for the quarter ended March 31, 2016. The allowance for credit losses as a percentage of non-performing loans was 131.3 percent at March 31, 2017, as compared to 130.2 percent at December 31, 2016 and 121.1 percent at March 31, 2016.
During the first quarter of 2017, the Corporation recorded a $4.8 million provision for credit losses, compared to a $5.0 million provision for credit losses in the fourth quarter of 2016 and a $1.5 million provision in the first quarter of 2016.
Non-interest Income
Non-interest income, excluding investment securities gains, decreased $5.7 million, or 11.1 percent, in comparison to the fourth quarter of 2016. Other service charges and fees decreased $896,000, or 6.7 percent, due to decreases in debit card income and merchant fees. Service charges on deposits decreased $414,000, or 3.2 percent, due to a decrease in overdraft fee income. Mortgage banking income decreased $2.4 million, or 34.0 percent, due primarily to lower servicing income. The driver of this decrease was the $1.7 million adjustment recorded to reduce the valuation allowance for mortgage servicing rights (MSR) in the prior quarter. Other decreases in non-interest income were driven by decreases in gains from the sale of Small Business Administration loans.
Compared to the first quarter of 2016, non-interest income, excluding investment securities gains, increased $3.4 million, or 8.0 percent, due to increases in commercial loan interest rate swap fees, mortgage banking income, and investment management and trust services income.
Gains on sales of investment securities decreased $419,000 in comparison to the fourth quarter of 2016, and increased $159,000 from the first quarter of 2016.
Non-interest Expense
Non-interest expense decreased $5.3 million, or 4.2 percent, in the first quarter of 2017, compared to the fourth quarter of 2016. Salaries and employee benefits decreased $4.0 million, or 5.5 percent, due primarily to decreases in incentive compensation and two fewer payroll days in the quarter. Other decreases occurred in outside services and losses on the disposal of fixed assets.
Compared to the first quarter of 2016, non-interest expense increased $1.9 million, or 1.5 percent, primarily due to increases in state taxes and amortization of community development investments.
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, 2016, 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 312017 December 312016 September 302016 June 302016 March 312016 December 312016 March 312016ASSETS
Cash and due from banks $ 93,844 $ 118,763 $ 86,497 $ 84,647 $ 83,479 -21.0 % 12.4 % Other interest-earning assets 350,387 291,252 428,966 408,086 408,060 20.3 % -14.1 % Loans held for sale 24,783 28,697 27,836 34,330 19,719 -13.6 % 25.7 % Investment securities 2,506,017 2,559,227 2,508,068 2,529,724 2,516,205 -2.1 % -0.4 % Loans, net of unearned income 14,963,177 14,699,272 14,391,238 14,155,159 13,870,701 1.8 % 7.9 % Allowance for loan losses (170,076 ) (168,679 ) (162,526 ) (162,546 ) (163,841 ) 0.8 % 3.8 % Net loans 14,793,101 14,530,593 14,228,712 13,992,613 13,706,860 1.8 % 7.9 % Premises and equipment 216,171 217,806 228,009 228,861 228,057 -0.8 % -5.2 % Accrued interest receivable 46,355 46,294 43,600 43,316 44,379 0.1 % 4.5 % Goodwill and intangible assets 531,556 531,556 531,556 531,556 531,556 0.0 % 0.0 % Other assets 616,362 620,059 617,818 626,902 583,939 -0.6 % 5.6 % Total Assets $ 19,178,576 $ 18,944,247 $ 18,701,062 $ 18,480,035 $ 18,122,254 1.2 % 5.8 %LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 15,090,344 $ 15,012,864 $ 14,952,479 $ 14,292,564 $ 14,404,280 0.5 % 4.8 % Short-term borrowings 453,317 541,317 264,042 722,214 352,883 -16.3 % 28.5 % Other liabilities 342,323 339,548 389,819 392,708 326,128 0.8 % 5.0 % FHLB advances and long-term debt 1,137,909 929,403 965,286 965,552 965,654 22.4 % 17.8 % Total Liabilities 17,023,893 16,823,132 16,571,626 16,373,038 16,048,945 1.2 % 6.1 % Shareholders' equity 2,154,683 2,121,115 2,129,436 2,106,997 2,073,309 1.6 % 3.9 % Total Liabilities and Shareholders' Equity $ 19,178,576 $ 18,944,247 $ 18,701,062 $ 18,480,035 $ 18,122,254 1.2 % 5.8 %LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type: Real estate - commercial mortgage $ 6,118,533 $ 6,018,582 $ 5,818,915 $ 5,635,347 $ 5,558,108 1.7 % 10.1 % Commercial - industrial, financial and agricultural 4,167,809 4,087,486 4,024,119 4,099,177 4,035,333 2.0 % 3.3 % Real estate - residential mortgage 1,665,142 1,601,994 1,542,696 1,447,292 1,377,459 3.9 % 20.9 % Real estate - home equity 1,595,901 1,625,115 1,640,421 1,647,319 1,659,481 -1.8 % -3.8 % Real estate - construction 882,983 843,649 861,634 853,699 810,872 4.7 % 8.9 % Consumer 288,826 291,470 283,673 278,071 263,221 -0.9 % 9.7 % Leasing and other 243,983 230,976 219,780 194,254 166,227 5.6 % 46.8 % Total Loans, net of unearned income $ 14,963,177 $ 14,699,272 $ 14,391,238 $ 14,155,159 $ 13,870,701 1.8 % 7.9 % Deposits, by type: Noninterest-bearing demand $ 4,417,733 $ 4,376,137 $ 4,210,099 $ 4,125,375 $ 4,134,861 1.0 % 6.8 % Interest-bearing demand 3,702,663 3,703,712 3,703,048 3,358,536 3,430,206 0.0 % 7.9 % Savings and money market accounts 4,251,574 4,179,773 4,235,015 3,986,008 3,972,199 1.7 % 7.0 % Time deposits 2,718,374 2,753,242 2,804,317 2,822,645 2,867,014 -1.3 % -5.2 % Total Deposits $ 15,090,344 $ 15,012,864 $ 14,952,479 $ 14,292,564 $ 14,404,280 0.5 % 4.8 % Short-term borrowings, by type: Customer repurchase agreements $ 181,170 $ 195,734 $ 189,727 $ 168,521 $ 162,431 -7.4 % 11.5 % Customer short-term promissory notes 87,726 67,013 65,871 69,509 76,807 30.9 % 14.2 % Short-term FHLB advances 130,000 - - 35,000 81,000 N/M 60.5 % Federal funds purchased 54,421 278,570 8,444 449,184 32,645 -80.5 % 66.7 % Total Short-term Borrowings $ 453,317 $ 541,317 $ 264,042 $ 722,214 $ 352,883 -16.3 % 28.5 % N/M - Not meaningful FULTON FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) in thousands, except per-share data and percentages Three Months Ended % Change from Mar 312017 Dec 312016 Sep 302016 Jun 302016 Mar 312016 Dec 312016 Mar 312016 Interest Income: Interest income $ 158,487 $ 153,012 $ 151,468 $ 149,309 $ 149,311 3.6 % 6.1 % Interest expense 20,908 20,775 20,903 20,393 20,257 0.6 % 3.2 % Net Interest Income 137,579 132,237 130,565 128,916 129,054 4.0 % 6.6 % Provision for credit losses 4,800 5,000 4,141 2,511 1,530 (4.0 %) 213.7 % Net Interest Income after Provision 132,779 127,237 126,424 126,405 127,524 4.4 % 4.1 % Non-Interest Income: Other service charges and fees 12,437 13,333 14,407 12,983 10,750 (6.7 %) 15.7 % Service charges on deposit accounts 12,400 12,814 13,078 12,896 12,558 (3.2 %) (1.3 %) Investment management and trust services 11,808 11,610 11,425 11,247 10,988 1.7 % 7.5 % Mortgage banking income 4,596 6,959 4,529 3,897 4,030 (34.0 %) 14.0 % Other 4,326 6,514 4,708 5,038 3,864 (33.6 %) 12.0 % Non-Interest Income before Investment Securities Gains 45,567 51,230 48,147 46,061 42,190 (11.1 %) 8.0 % Investment securities gains 1,106 1,525 2 76 947 (27.5 %) 16.8 % Total Non-Interest Income 46,673 52,755 48,149 46,137 43,137 (11.5 %) 8.2 % Non-Interest Expense:Salaries and employee benefits 69,236 73,256 70,696 70,029 69,372 (5.5 %) (0.2 %) Net occupancy expense 12,663 11,798 11,782 11,811 12,220 7.3 % 3.6 % Other outside services 5,546 6,536 5,783 5,508 6,056 (15.1 %) (8.4 %) Software 4,693 4,912 4,117 3,953 3,921 (4.5 %) 19.7 % Data processing 4,286 4,530 4,610 5,476 5,400 (5.4 %) (20.6 %) Equipment expense 3,359 3,408 3,137 2,872 3,371 (1.4 %) (0.4 %) Professional fees 2,737 2,783 2,535 3,353 2,333 (1.7 %) 17.3 % FDIC insurance expense 2,058 2,067 1,791 2,960 2,949 (0.4 %) (30.2 %) Marketing 1,986 1,730 1,774 1,916 1,624 14.8 % 22.3 % Other 15,711 16,601 13,623 13,759 13,167 (5.4 %) 19.3 % Total Non-Interest Expense 122,275 127,621 119,848 121,637 120,413 (4.2 %) 1.5 % Income before Income Taxes 57,177 52,371 54,725 50,905 50,248 9.2 % 13.8 % Income tax expense 13,797 10,221 13,257 11,155 11,991 35.0 % 15.1 % Net Income $ 43,380 $ 42,150 $ 41,468 $ 39,750 $ 38,257 2.9 % 13.4 %
PER SHARE:
Net income: Basic $ 0.25 $ 0.24 $ 0.24 $ 0.23 $ 0.22 4.2 % 13.6 % Diluted 0.25 0.24 0.24 0.23 0.22 4.2 % 13.6 % Cash dividends $ 0.11 $ 0.12 $ 0.10 $ 0.10 $ 0.09 (8.3 %) 22.2 % Shareholders' equity 12.36 12.19 12.30 12.17 11.96 1.4 % 3.3 % Shareholders' equity (tangible) 9.31 9.13 9.23 9.10 8.89 2.0 % 4.7 % Weighted average shares (basic) 174,150 173,554 173,020 173,394 173,331 0.3 % 0.5 % Weighted average shares (diluted) 175,577 174,874 174,064 174,318 174,416 0.4 % 0.7 % Shares outstanding, end of period 174,343 174,040 173,144 173,139 173,393 0.2 % 0.5 %SELECTED FINANCIAL RATIOS:
Return on average assets 0.92 % 0.89 % 0.89 % 0.88 % 0.86 % Return on average shareholders' equity 8.22 % 7.86 % 7.78 % 7.65 % 7.47 % Return on average shareholders' equity (tangible) 10.93 % 10.47 % 10.38 % 10.26 % 10.07 % Net interest margin 3.26 % 3.15 % 3.14 % 3.20 % 3.23 % Efficiency ratio 64.76 % 67.60 % 65.16 % 67.59 % 68.33 % N/M - Not meaningful FULTON FINANCIAL CORPORATION CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) dollars in thousands Three Months Ended March 31, 2017 December 31, 2016 March 31, 2016 AverageBalance Interest (1) Yield/Rate AverageBalance Interest (1) Yield/Rate AverageBalance Interest (1) Yield/RateASSETS
Interest-earning assets: Loans, net of unearned income $ 14,857,562 $ 146,650 4.00 % $ 14,475,816 $ 141,826 3.90 % $ 13,853,420 $ 137,895 4.00 % Taxable investment securities 2,145,656 11,914 2.19 % 2,096,086 10,941 2.07 % 2,180,593 12,003 2.20 % Tax-exempt investment securities 403,856 4,383 4.34 % 389,047 4,234 4.35 % 259,396 3,138 4.84 % Equity securities 11,740 176 6.08 % 13,068 181 5.52 % 14,386 218 6.10 % Total Investment Securities 2,561,252 16,473 2.57 % 2,498,201 15,356 2.45 % 2,454,375 15,359 2.50 % Loans held for sale 15,857 187 4.72 % 24,411 199 3.26 % 12,252 131 4.28 % Other interest-earning assets 312,295 842 1.08 % 411,369 966 0.94 % 358,562 898 1.00 % Total Interest-earning Assets 17,746,966 164,152 3.74 % 17,409,797 158,347 3.62 % 16,678,609 154,283 3.72 % Noninterest-earning assets: Cash and due from banks 116,529 117,741 98,449 Premises and equipment 217,875 226,482 226,284 Other assets 1,149,621 1,171,031 1,137,292 Less: allowance for loan losses (170,134 ) (164,523 ) (167,372 ) Total Assets $ 19,060,857 $ 18,760,528 $ 17,973,262LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities: Demand deposits $ 3,650,931 $ 2,239 0.25 % $ 3,714,391 $ 1,927 0.21 % $ 3,438,355 $ 1,494 0.17 % Savings deposits 4,194,216 2,211 0.21 % 4,216,090 2,249 0.21 % 3,932,824 1,804 0.18 % Time deposits 2,739,453 7,352 1.09 % 2,777,203 7,593 1.09 % 2,867,651 7,429 1.04 % Total Interest-bearing Deposits 10,584,600 11,802 0.45 % 10,707,684 11,769 0.44 % 10,238,830 10,727 0.42 % Short-term borrowings 712,497 855 0.48 % 308,094 116 0.15 % 445,402 268 0.24 % FHLB advances and long-term debt 990,044 8,252 3.35 % 947,661 8,891 3.74 % 958,213 9,262 3.88 % Total Interest-bearing Liabilities 12,287,141 20,909 0.69 % 11,963,439 20,776 0.69 % 11,642,445 20,257 0.70 % Noninterest-bearing liabilities: Demand deposits 4,301,727 4,331,894 3,967,887 Other 331,442 332,540 304,131 Total Liabilities 16,920,310 16,627,873 15,914,463 Shareholders' equity 2,140,547 2,132,655 2,058,799 Total Liabilities and Shareholders' Equity $ 19,060,857 $ 18,760,528 $ 17,973,262 Net interest income/net interest margin (fully taxable equivalent) 143,243 3.26 % 137,571 3.15 % 134,026 3.23 % Tax equivalent adjustment (5,664 ) (5,334 ) (4,972 ) Net interest income $ 137,579 $ 132,237 $ 129,054 (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:
Three Months Ended % Change from March 312017 December 312016 September 302016 June 302016 March 312016 December 312016 March 312016 Loans, by type: Real estate - commercial mortgage $ 6,039,140 $ 5,828,313 $ 5,670,888 $ 5,557,680 $ 5,487,421 3.6 % 10.1 % Commercial - industrial, financial and agricultural 4,205,070 4,081,498 4,066,275 4,080,524 4,095,268 3.0 % 2.7 % Real estate - residential mortgage 1,637,669 1,572,895 1,503,209 1,399,851 1,381,409 4.1 % 18.6 % Real estate - home equity 1,613,249 1,633,668 1,640,913 1,656,140 1,674,032 (1.2 %) (3.6 %) Real estate - construction 840,968 845,528 837,920 820,881 792,014 (0.5 %) 6.2 % Consumer 284,352 289,864 281,517 272,293 263,295 (1.9 %) 8.0 % Leasing and other 237,114 224,050 211,528 178,655 159,981 5.8 % 48.2 % Total Loans, net of unearned income $ 14,857,562 $ 14,475,816 $ 14,212,250 $ 13,966,024 $ 13,853,420 2.6 % 7.2 % Deposits, by type: Noninterest-bearing demand $ 4,301,727 $ 4,331,894 $ 4,227,639 $ 4,077,642 $ 3,967,887 (0.7 %) 8.4 % Interest-bearing demand 3,650,931 3,714,391 3,602,448 3,454,031 3,438,355 (1.7 %) 6.2 % Savings and money market accounts 4,194,216 4,216,090 4,078,942 3,989,988 3,932,824 (0.5 %) 6.6 % Time deposits 2,739,453 2,777,203 2,814,258 2,844,434 2,867,651 (1.4 %) (4.5 %) Total Deposits $ 14,886,327 $ 15,039,578 $ 14,723,287 $ 14,366,095 $ 14,206,717 (1.0 %) 4.8 % Short-term borrowings, by type: Customer repurchase agreements $ 199,403 $ 200,126 $ 187,588 $ 180,595 $ 171,408 (0.4 %) 16.3 % Customer short-term promissory notes 79,985 67,355 70,072 77,535 74,013 18.8 % 8.1 % Federal funds purchased 308,220 40,613 148,546 138,012 183,970 658.9 % 67.5 % Short-term FHLB advances and other borrowings 124,889 - 20,163 7,527 16,011 N/M 680.0 % Total Short-term Borrowings $ 712,497 $ 308,094 $ 426,369 $ 403,669 $ 445,402 131.3 % 60.0 % N/M - Not meaningful FULTON FINANCIAL CORPORATION ASSET QUALITY INFORMATION (UNAUDITED) dollars in thousands Three Months Ended Mar 312017 Dec 312016 Sep 302016 Jun 302016 Mar 312016ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of period $ 171,325 $ 165,169 $ 165,108 $ 166,065 $ 171,412 Loans charged off: Commercial - industrial, financial and agricultural (5,527 ) (1,319 ) (3,144 ) (4,625 ) (6,188 ) Consumer and home equity (1,554 ) (2,156 ) (1,394 ) (1,614 ) (2,548 ) Real estate - commercial mortgage (1,224 ) (174 ) (1,350 ) (1,474 ) (582 ) Real estate - construction (247 ) 0 (150 ) (742 ) (326 ) Real estate - residential mortgage (216 ) (116 ) (802 ) (340 ) (1,068 ) Leasing and other (639 ) (589 ) (832 ) (1,951 ) (443 ) Total loans charged off (9,407 ) (4,354 ) (7,672 ) (10,746 ) (11,155 ) Recoveries of loans previously charged off: Commercial - industrial, financial and agricultural 4,191 2,192 1,539 2,931 2,319 Consumer and home equity 373 580 463 889 534 Real estate - commercial mortgage 450 885 296 1,367 825 Real estate - construction 548 1,080 898 1,563 383 Real estate - residential mortgage 230 288 228 420 136 Leasing and other 137 485 168 108 81 Recoveries of loans previously charged off 5,929 5,510 3,592 7,278 4,278 Net loans recovered (charged off) (3,478 ) 1,156 (4,080 ) (3,468 ) (6,877 ) Provision for credit losses 4,800 5,000 4,141 2,511 1,530 Balance at end of period $ 172,647 $ 171,325 $ 165,169 $ 165,108 $ 166,065 Net charge-offs (recoveries) to average loans (annualized) 0.09 % (0.03 %) 0.11 % 0.10 % 0.20 %NON-PERFORMING ASSETS:
Non-accrual loans $ 117,264 $ 120,133 $ 124,017 $ 111,742 $ 122,170 Loans 90 days past due and accruing 14,268 11,505 14,095 15,992 15,013 Total non-performing loans 131,532 131,638 138,112 127,734 137,183 Other real estate owned 11,906 12,815 11,981 11,918 10,946 Total non-performing assets $ 143,438 $ 144,453 $ 150,093 $ 139,652 $ 148,129NON-PERFORMING LOANS, BY TYPE:
Commercial - industrial, financial and agricultural $ 43,826 $ 43,460 $ 47,330 $ 38,902 $ 39,140 Real estate - commercial mortgage 36,713 39,319 39,631 35,704 43,132 Real estate - residential mortgage 23,597 23,655 23,451 25,030 25,182 Real estate - construction 13,550 9,842 11,223 11,879 12,005 Consumer and home equity 13,408 15,045 16,426 16,061 16,210 Leasing 438 317 51 158 1,514 Total non-performing loans $ 131,532 $ 131,638 $ 138,112 $ 127,734 $ 137,183TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE:
Real-estate - residential mortgage $ 27,033 $ 27,617 $ 26,854 $ 27,324 $ 27,565 Real-estate - commercial mortgage 15,237 15,957 16,085 17,808 17,427 Consumer and home equity 9,638 8,633 7,707 7,191 6,562 Commercial - industrial, financial and agricultural 7,441 6,627 7,488 5,756 5,650 Real estate - construction 273 726 843 3,086 3,092 Total accruing TDRs 59,622 59,560 58,977 61,165 60,296 Non-accrual TDRs (1) 27,220 27,850 27,904 24,887 27,277 Total TDRs $ 86,842 $ 87,410 $ 86,881 $ 86,052 $ 87,573 (1) Included within non-accrual loans above. Total Delinquency %DELINQUENCY RATES, BY TYPE:
Mar 312017 Dec 312016 Sep 302016 Jun 302016 Mar 312016 Real estate - commercial mortgage 0.78 % 0.78 % 0.87 % 0.81 % 0.93 % Commercial - industrial, financial and agricultural 1.25 % 1.31 % 1.48 % 1.25 % 1.46 % Real estate - construction 1.99 % 1.29 % 1.61 % 1.93 % 2.00 % Real estate - residential mortgage 2.44 % 2.74 % 2.67 % 2.70 % 3.10 % Consumer, home equity, leasing and other 1.22 % 1.45 % 1.53 % 1.47 % 1.48 % Total 1.23 % 1.27 % 1.38 % 1.30 % 1.44 %ASSET QUALITY RATIOS:
Mar 312017 Dec 312016 Sep 302016 Jun 302016 Mar 312016 Non-accrual loans to total loans 0.78 % 0.82 % 0.86 % 0.79 % 0.88 % Non-performing loans to total loans 0.88 % 0.90 % 0.96 % 0.90 % 0.99 % Non-performing assets to total loans and OREO 0.96 % 0.98 % 1.04 % 0.99 % 1.07 % Non-performing assets to total assets 0.75 % 0.76 % 0.80 % 0.76 % 0.82 % Allowance for credit losses to loans outstanding 1.15 % 1.17 % 1.15 % 1.17 % 1.20 % Allowance for credit losses to non-performing loans 131.26 % 130.15 % 119.59 % 129.26 % 121.05 %Non-performing assets to tangible common shareholders' equity and allowance for credit losses
7.99 % 8.20 % 8.51 % 8.02 % 8.67 % FULTON FINANCIAL CORPORATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED) in thousands, except per share data and percentagesExplanatory 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 March 312017 December 312016 September 302016 June 302016 March 312016Shareholders' equity (tangible), per share
Shareholders' equity $ 2,154,683 $ 2,121,115 $ 2,129,436 $ 2,106,997 $ 2,073,309 Less: Goodwill and intangible assets (531,556 ) (531,556 ) (531,556 ) (531,556 ) (531,556 ) Tangible shareholders' equity (numerator) $ 1,623,127 $ 1,589,559 $ 1,597,880 $ 1,575,441 $ 1,541,753 Shares outstanding, end of period (denominator) 174,343 174,040 173,144 173,139 173,393 Shareholders' equity (tangible), per share $ 9.31 $ 9.13 $ 9.23 $ 9.10 $ 8.89Return on average shareholders' equity (tangible)
Net Income - Numerator $ 43,380 $ 42,150 $ 41,468 $ 39,750 $ 38,257 Average shareholders' equity $ 2,140,547 $ 2,132,655 $ 2,120,596 $ 2,089,915 $ 2,058,799 Less: Average goodwill and intangible assets (531,556 ) (531,556 ) (531,556 ) (531,556 ) (531,556 ) Average tangible shareholders' equity (denominator) $ 1,608,991 $ 1,601,099 $ 1,589,040 $ 1,558,359 $ 1,527,243 Return on average shareholders' equity (tangible), annualized 10.93 % 10.47 % 10.38 % 10.26 % 10.07 %
Efficiency ratio
Non-interest expense - Numerator $ 122,275 $ 127,621 $ 119,848 $ 121,637 $ 120,413 Net interest income (fully taxable equivalent) $ 143,243 $ 137,571 $ 135,784 $ 133,890 $ 134,026 Plus: Total Non-interest income 46,673 52,755 48,149 46,137 43,137 Less: Investment securities gains (1,106 ) (1,525 ) (2 ) (76 ) (947 ) Denominator $ 188,810 $ 188,801 $ 183,931 $ 179,951 $ 176,216 Efficiency ratio 64.76 % 67.60 % 65.16 % 67.59 % 68.33 %Non-performing assets to tangible shareholders' equity and allowance for credit losses
Non-performing assets (numerator) $ 143,438 $ 144,453 $ 150,093 $ 139,652 $ 148,129 Tangible shareholders' equity $ 1,623,127 $ 1,589,559 $ 1,597,880 $ 1,575,441 $ 1,541,753 Plus: Allowance for credit losses 172,647 171,325 165,169 165,108 166,065 Tangible shareholders' equity and allowance for credit losses (denominator) $ 1,795,774 $ 1,760,884 $ 1,763,049 $ 1,740,549 $ 1,707,818 Non-performing assets to tangible shareholders' equity and allowance for credit losses 7.99 % 8.20 % 8.51 % 8.02 % 8.67 %Pre-provision net revenue
Net interest income $ 137,579 $ 132,237 $ 130,565 $ 128,916 $ 129,054 Non-interest income 46,673 52,755 48,149 46,137 43,137 Less: Investment securities gains (1,106 ) (1,525 ) (2 ) (76 ) (947 ) Total revenue $ 183,146 $ 183,467 $ 178,712 $ 174,977 $ 171,244 Total Non-interest expense $ 122,275 $ 127,621 $ 119,848 $ 121,637 $ 120,413 Pre-provision net revenue $ 60,871 $ 55,846 $ 58,864 $ 53,340 $ 50,831
View source version on businesswire.com: http://www.businesswire.com/news/home/20170418006354/en/
Fulton Financial CorporationMedia Contact:Laura J. Wakeley, 717-291-2616orInvestor Contact:Jason Weber, 717-327-2394
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