LANCASTER, Pa.--(BUSINESS WIRE)--
Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the
“Corporation”) reported net income of $49.5 million, or $0.28 per
diluted share, for the first quarter of 2018.
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"Despite a seasonally weaker first quarter in terms of growth, our
financial results benefited from a favorable interest rate environment,
stable credit conditions, and a reduction in non-interest expenses,”
said E. Philip Wenger, Chairman and CEO. “After declining in 2017, our
commercial loan pipeline increased in the first quarter, and with a
continued favorable interest rate environment, we remain optimistic that
we can create meaningful earnings growth in 2018.”
Net income per diluted share increased 47.4% in comparison to the $0.19
reported for the fourth quarter of 2017 and 12.0% from the first quarter
of 2017. Results for the fourth quarter of 2017 included a $15.6
million, or $0.09 per diluted share, charge for the re-measurement of
net deferred tax assets (“Tax Charge”) resulting from the new 21%
federal corporate income tax rate established by the Tax Cuts and Jobs
Act enacted in December 2017.
Balance Sheet
Total average assets for the first quarter of 2018 were $19.9 billion, a
decrease of $196.5 million from the fourth quarter of 2017. Average
loans, net of unearned income, increased $100.8 million, or 0.6%, in
comparison to the fourth quarter of 2017. Average loans and yields, by
type, for the first quarter of 2018 in comparison to the fourth quarter
of 2017 are summarized in the following table:
|
| |
| |
| |
| |
| | Three Months Ended | | Increase (decrease) |
| | March 31, 2018 | | December 31, 2017 | | in Balance |
| | Balance |
| Yield (1) | | Balance | | Yield (1) | | $ |
| % |
| |
(dollars in thousands)
|
| | | | | | | | | | | |
|
|
Real estate - commercial mortgage
| |
$
|
6,305,821
| |
4.16
|
%
| |
$
|
6,232,674
| |
4.09
|
%
| |
$
|
73,147
| | |
1.2
|
%
|
|
Commercial - industrial, financial and agricultural
| | |
4,288,634
| |
4.15
|
%
| | |
4,263,199
| |
4.05
|
%
| | |
25,435
| | |
0.6
|
%
|
|
Real estate - residential mortgage
| | |
1,958,505
| |
3.85
|
%
| | |
1,926,067
| |
3.83
|
%
| | |
32,438
| | |
1.7
|
%
|
|
Real estate - home equity
| | |
1,538,974
| |
4.65
|
%
| | |
1,560,713
| |
4.52
|
%
| | |
(21,739
|
)
| |
(1.4
|
%)
|
|
Real estate - construction
| | |
984,242
| |
4.22
|
%
| | |
1,004,166
| |
4.27
|
%
| | |
(19,924
|
)
| |
(2.0
|
%)
|
|
Consumer
| | |
315,927
| |
4.67
|
%
| | |
312,320
| |
4.75
|
%
| | |
3,607
| | |
1.2
|
%
|
|
Leasing
| | |
260,780
| |
4.53
|
%
| | |
253,340
| |
4.48
|
%
| | |
7,440
| | |
2.9
|
%
|
|
Other
| |
|
8,149
| |
N/A
| |
|
7,706
| |
N/A
| |
|
443
|
| |
5.7
|
%
|
| | | | | | | | | | | |
|
| Total Average Loans, net of unearned income | |
$
|
15,661,032
| |
4.19
|
%
| |
$
|
15,560,185
| |
4.14
|
%
| |
$
|
100,847
|
| |
0.6
|
%
|
|
|
(1) Presented on a fully-taxable equivalent basis using a 21% and
35% Federal tax rate and statutory interest expense disallowances
for the three months ended March 31, 2018 and December 31, 2017,
respectively.
|
|
|
Total average liabilities decreased $184.1 million, or 1.0%, from the
fourth quarter of 2017, while average deposits decreased $636.5 million,
or 4.0%. Average deposits and interest rates, by type, for the first
quarter of 2018 in comparison to the fourth quarter of 2017 are
summarized in the following table:
|
| |
| |
| | Three Months Ended | | Decrease |
| | March 31, 2018 |
| December 31, 2017 | | in Balance |
| | Balance |
| Rate | | Balance |
| Rate | | $ |
| % |
| |
(dollars in thousands)
| | | | |
| | | | | | | | | | | |
|
Average Deposits, by type:
| | | | | | | | | | | | |
|
Noninterest-bearing demand
| |
$
|
4,246,168
| |
-
|
%
| |
$
|
4,454,456
| |
-
|
%
| |
$
|
(208,288
|
)
| |
(4.7
|
%)
|
|
Interest-bearing demand
| | |
3,958,894
| |
0.41
|
%
| | |
4,037,879
| |
0.40
|
%
| | |
(78,985
|
)
| |
(2.0
|
%)
|
|
Savings and money market deposits
| |
|
4,494,445
| |
0.39
|
%
| |
|
4,752,337
| |
0.38
|
%
| |
|
(257,892
|
)
| |
(5.4
|
%)
|
Total average demand and savings | | |
12,699,507
| |
0.27
|
%
| | |
13,244,672
| |
0.26
|
%
| | |
(545,165
|
)
| |
(4.1
|
%)
|
|
Brokered deposits
| | |
74,026
| |
1.51
|
%
| | |
105,135
| |
1.27
|
%
| | |
(31,109
|
)
| |
(29.6
|
%)
|
|
Time deposits
| |
|
2,646,779
| |
1.20
|
%
| |
|
2,706,982
| |
1.18
|
%
| |
|
(60,203
|
)
| |
(2.2
|
%)
|
| | | | | | | | | | | |
|
| Total Average Deposits | |
$
|
15,420,312
| |
0.43
|
%
| |
$
|
16,056,789
| |
0.42
|
%
| |
$
|
(636,477
|
)
| |
(4.0
|
%)
|
| | | | | | | | | | | |
|
Asset Quality
Non-performing assets were $145.4 million, or 0.73% of total assets, at
March 31, 2018, compared to $144.6 million, or 0.72% of total assets, at
December 31, 2017 and $143.4 million, or 0.75% of total assets, at March
31, 2017.
Annualized net charge-offs for the quarter ended March 31, 2018 were
0.10% of total average loans compared to 0.14% and 0.09% for the
quarters ended December 31, 2017 and March 31, 2017, respectively. The
allowance for credit losses as a percentage of non-performing loans was
131% at March 31, 2018, unchanged from December 31, 2017 and March 31,
2017.
During the first quarter of 2018, Fulton recorded a $4.0 million
provision for credit losses, compared to $6.7 million in the fourth
quarter of 2017.
Net Interest Income and Margin
Net interest income for the first quarter of 2018 was $151.3 million, an
increase of $1.9 million, or 1.3%, from the fourth quarter of 2017,
driven by a six basis point increase in the net interest margin, to
3.35%. The improvement in the net interest margin resulted from a ten
basis point increase in the average yield on interest-earning assets
outpacing the four basis point increase in the average cost of
interest-bearing liabilities.
Non-interest Income
Non-interest income in the first quarter of 2018, excluding investment
securities gains, was $45.9 million, a decrease of $9.2 million, or
16.7%, in comparison to the fourth quarter of 2017. During the fourth
quarter of 2017, a $5.1 million net gain was recognized upon the
settlement of litigation. For the first quarter of 2018, other service
charges and fees decreased $2.4 million, or 17.4%, due primarily to
lower commercial loan interest rate swap fees and seasonal decreases in
debit card fee income. Gains on sales of Small Business Administration
loans and mortgage banking revenues also experienced seasonal declines.
Gains on sales of investment securities for the first quarter of 2018
were $19 thousand, a decrease of $1.9 million in comparison to the
fourth quarter of 2017.
Non-interest Expense
Non-interest expense was $136.7 million in the first quarter of 2018, a
decrease of $1.8 million, or 1.3%, compared to the fourth quarter of
2017. Excluding the amortization of tax credit investments, which
decreased $1.7 million, and a $3.4 million write-off of certain
accumulated capital expenditures in the fourth quarter of 2017,
non-interest expense increased $3.3 million, or 2.5%, in the first
quarter of 2018. This increase was primarily driven by a $2.3 million
increase in salaries and benefits expense largely due to seasonal
increases in payroll taxes, a $1.2 million increase in professional
fees, driven by additional legal fees, a $1.1 million seasonal increase
in occupancy expenses resulting from snow removal and utilities costs
and approximately $0.8 million related to anticipated branch closure
costs, partially offset by a decrease in FDIC insurance expense.
Income Tax Expense
The effective income tax rate for the first quarter of 2018 was 12.5%,
as compared to 44.4% for the fourth quarter of 2017. Excluding the
impact of the Tax Charge, the effective tax rate for the fourth quarter
of 2017 would have been 18.9%. Based on the new corporate income tax
rate effective January 1, 2018, Fulton’s effective tax rate in 2018 and
future years is expected to be substantially lower than in 2017 and in
prior years.
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 related 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, 2017, 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).
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 |
| | Three Months Ended |
| | March 31 | | December 31 | | September 30 | | June 30 | | March 31 |
| | 2018 | | 2017 | | 2017 | | 2017 | | 2017 |
Ending Balances | | | | | | | | | | |
|
Investments
| |
$
|
2,592,823
| | |
$
|
2,547,956
| | |
$
|
2,561,516
| | |
$
|
2,488,699
| | |
$
|
2,506,017
| |
|
Loans, net of unearned income
| | |
15,696,284
| | | |
15,768,247
| | | |
15,486,899
| | | |
15,346,617
| | | |
14,963,177
| |
|
Total assets
| | |
19,948,941
| | | |
20,036,905
| | | |
20,062,860
| | | |
19,647,435
| | | |
19,178,576
| |
|
Deposits
| | |
15,477,103
| | | |
15,797,532
| | | |
16,141,780
| | | |
15,357,361
| | | |
15,090,344
| |
|
Shareholders' equity
| | |
2,235,493
| | | |
2,229,857
| | | |
2,225,786
| | | |
2,191,770
| | | |
2,154,683
| |
| | | | | | | | | |
|
Average Balances | | | | | | | | | | |
|
Investments
| |
$
|
2,556,986
| | |
$
|
2,566,337
| | |
$
|
2,523,758
| | |
$
|
2,488,684
| | |
$
|
2,528,061
| |
|
Loans, net of unearned income
| | |
15,661,032
| | | |
15,560,185
| | | |
15,392,067
| | | |
15,127,205
| | | |
14,857,562
| |
|
Total assets
| | |
19,876,093
| | | |
20,072,579
| | | |
19,872,726
| | | |
19,300,975
| | | |
19,060,857
| |
|
Deposits
| | |
15,420,312
| | | |
16,056,789
| | | |
15,875,469
| | | |
15,089,104
| | | |
14,886,327
| |
|
Shareholders' equity
| | |
2,224,615
| | | |
2,237,031
| | | |
2,215,389
| | | |
2,181,189
| | | |
2,140,547
| |
| | | | | | | | | |
|
Income Statement | | | | | | | | | | |
|
Net interest income
| |
$
|
151,318
| | |
$
|
149,413
| | |
$
|
146,809
| | |
$
|
141,563
| | |
$
|
137,579
| |
|
Provision for credit losses
| | |
3,970
| | | |
6,730
| | | |
5,075
| | | |
6,700
| | | |
4,800
| |
|
Non-interest income
| | |
45,875
| | | |
56,956
| | | |
51,974
| | | |
52,371
| | | |
46,673
| |
|
Non-interest expense
| | |
136,661
| | | |
138,452
| | | |
132,157
| | | |
132,695
| | | |
122,275
| |
|
Income before taxes
| | |
56,562
| | | |
61,187
| | | |
61,551
| | | |
54,539
| | | |
57,177
| |
|
Net income
| | |
49,480
| | | |
34,001
| | | |
48,905
| | | |
45,467
| | | |
43,380
| |
|
Pre-provision net revenue
| | |
62,150
| | | |
69,361
| | | |
65,532
| | | |
62,954
| | | |
61,869
| |
| | | | | | | | | |
|
Per Share | | | | | | | | | | |
|
Net income (basic)
| |
$
|
0.28
| | |
$
|
0.19
| | |
$
|
0.28
| | |
$
|
0.26
| | |
$
|
0.25
| |
|
Net income (diluted)
| | |
0.28
| | | |
0.19
| | | |
0.28
| | | |
0.26
| | | |
0.25
| |
|
Cash dividends
| | |
0.12
| | | |
0.14
| | | |
0.11
| | | |
0.11
| | | |
0.11
| |
|
Tangible common equity
| | |
9.71
| | | |
9.70
| | | |
9.68
| | | |
9.50
| | | |
9.31
| |
|
Weighted average shares (basic)
| | |
175,303
| | | |
175,132
| | | |
174,991
| | | |
174,597
| | | |
174,150
| |
|
Weighted average shares (diluted)
| | |
176,568
| | | |
176,374
| | | |
176,216
| | | |
175,532
| | | |
175,577
| |
| | | | | | | | | |
|
Asset Quality | | | | | | | | | | |
|
Net charge-offs to average loans (annualized)
| | |
0.10
|
%
| | |
0.14
|
%
| | |
0.14
|
%
| | |
0.11
|
%
| | |
0.09
|
%
|
|
Non-accrual loans to total loans
| | |
0.78
|
%
| | |
0.79
|
%
| | |
0.80
|
%
| | |
0.80
|
%
| | |
0.78
|
%
|
|
Non-performing loans to total loans
| | |
0.86
|
%
| | |
0.85
|
%
| | |
0.88
|
%
| | |
0.88
|
%
| | |
0.88
|
%
|
Non-performing assets to total loans and other real estate owned
| | |
0.93
|
%
| | |
0.92
|
%
| | |
0.95
|
%
| | |
0.96
|
%
| | |
0.96
|
%
|
|
Non-performing assets to total assets
| | |
0.73
|
%
| | |
0.72
|
%
| | |
0.73
|
%
| | |
0.75
|
%
| | |
0.75
|
%
|
|
Allowance for credit losses to loans outstanding
| | |
1.12
|
%
| | |
1.12
|
%
| | |
1.13
|
%
| | |
1.14
|
%
| | |
1.15
|
%
|
|
Allowance for credit losses to non-performing loans
| | |
130.73
|
%
| | |
130.67
|
%
| | |
128.05
|
%
| | |
128.92
|
%
| | |
131.26
|
%
|
Non-performing assets to tangible shareholders' equity and
allowance for credit losses(1) | | |
7.73
|
%
| | |
7.71
|
%
| | |
7.87
|
%
| | |
8.02
|
%
| | |
7.99
|
%
|
|
Total delinquency rate
| | |
1.19
|
%
| | |
1.24
|
%
| | |
1.28
|
%
| | |
1.20
|
%
| | |
1.23
|
%
|
| | | | | | | | | |
|
Profitability | | | | | | | | | | |
|
Return on average assets
| | |
1.01
|
%
| | |
0.67
|
%
| | |
0.98
|
%
| | |
0.94
|
%
| | |
0.92
|
%
|
|
Return on average shareholders' equity
| | |
9.02
|
%
| | |
6.03
|
%
| | |
8.76
|
%
| | |
8.36
|
%
| | |
8.22
|
%
|
|
Return on average shareholders' equity (tangible)(1) | | |
11.85
|
%
| | |
7.91
|
%
| | |
11.52
|
%
| | |
11.06
|
%
| | |
10.93
|
%
|
|
Net interest margin
| | |
3.35
|
%
| | |
3.29
|
%
| | |
3.27
|
%
| | |
3.29
|
%
| | |
3.26
|
%
|
|
Efficiency ratio(1) | | |
67.48
|
%
| | |
64.24
|
%
| | |
64.30
|
%
| | |
65.33
|
%
| | |
64.23
|
%
|
| | | | | | | | | |
|
Capital Ratios | | | | | | | | | | |
|
Tangible common equity ratio(1) | | |
8.78
|
%
| | |
8.71
|
%
| | |
8.67
|
%
| | |
8.68
|
%
| | |
8.70
|
%
|
|
Tier 1 leverage ratio(2) | | |
9.20
|
%
| | |
8.93
|
%
| | |
8.97
|
%
| | |
9.06
|
%
| | |
9.02
|
%
|
|
Common equity Tier 1 capital ratio(2) | | |
10.70
|
%
| | |
10.38
|
%
| | |
10.42
|
%
| | |
10.25
|
%
| | |
10.43
|
%
|
|
Tier 1 capital ratio(2) | | |
10.70
|
%
| | |
10.38
|
%
| | |
10.42
|
%
| | |
10.25
|
%
| | |
10.43
|
%
|
|
Total risk-based capital ratio(2) | | |
13.30
|
%
| | |
13.02
|
%
| | |
13.09
|
%
| | |
12.95
|
%
| | |
13.18
|
%
|
| | | | | | | | | |
|
Financial information, as adjusted(3) | | | | | | | | | | |
|
Net income
| | | |
$
|
49,635
| | | | | | | |
|
Net income per share, diluted
| | | |
$
|
0.28
| | | | | | | |
|
Return on average assets
| | | | |
0.98
|
%
| | | | | | |
|
Return on average shareholders' equity
| | | | |
8.80
|
%
| | | | | | |
|
Return on average shareholders' equity (tangible)
| | | | |
11.55
|
%
| | | | | | |
|
|
(1) Please refer to the calculation on the page titled
“Reconciliation of Non-GAAP Measures” at the end of this document.
|
| (2) Regulatory capital ratios as of March 31, 2018 are
preliminary and remaining periods are actual.
|
(3) Excluding the re-measurement of net deferred tax
assets of $15.6 million, which is considered a Non-GAAP based
financial measure. Please refer to the calculation and
management’s reasons for using this measure on the page titled
“Reconciliation of Non-GAAP Measures" at the end of this document.
|
|
|
|
|
| FULTON FINANCIAL CORPORATION |
| CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) |
| dollars in thousands |
|
| |
| |
| |
| |
| |
| % Change from |
| | March 31 | | December 31 | | September 30 | | June 30 | | March 31 | | December 31 |
| March 31 |
| | 2018 |
| 2017 |
| 2017 |
| 2017 |
| 2017 |
| 2017 |
| 2017 |
| | | | | | | | | | | | | |
|
ASSETS | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
|
|
Cash and due from banks
| |
$
|
100,151
| | |
$
|
108,291
| | |
$
|
99,803
| | |
$
|
94,938
| | |
$
|
93,844
| | |
-7.5
|
%
| |
6.7
|
%
|
|
Other interest-earning assets
| | |
267,806
| | | |
354,566
| | | |
645,796
| | | |
392,842
| | | |
350,387
| | |
-24.5
|
%
| |
-23.6
|
%
|
|
Loans held for sale
| | |
23,450
| | | |
31,530
| | | |
23,049
| | | |
62,354
| | | |
24,783
| | |
-25.6
|
%
| |
-5.4
|
%
|
|
Investment securities
| | |
2,592,823
| | | |
2,547,956
| | | |
2,561,516
| | | |
2,488,699
| | | |
2,506,017
| | |
1.8
|
%
| |
3.5
|
%
|
|
Loans, net of unearned income
| | |
15,696,284
| | | |
15,768,247
| | | |
15,486,899
| | | |
15,346,617
| | | |
14,963,177
| | |
-0.5
|
%
| |
4.9
|
%
|
|
Allowance for loan losses
| |
|
(163,217
|
)
|
|
|
(169,910
|
)
|
|
|
(172,245
|
)
|
|
|
(172,342
|
)
|
|
|
(170,076
|
)
| |
-3.9
|
%
| |
-4.0
|
%
|
|
Net loans
| | |
15,533,067
| | | |
15,598,337
| | | |
15,314,654
| | | |
15,174,275
| | | |
14,793,101
| | |
-0.4
|
%
| |
5.0
|
%
|
|
Premises and equipment
| | |
230,313
| | | |
222,802
| | | |
221,551
| | | |
217,558
| | | |
216,171
| | |
3.4
|
%
| |
6.5
|
%
|
|
Accrued interest receivable
| | |
53,060
| | | |
52,910
| | | |
50,082
| | | |
47,603
| | | |
46,355
| | |
0.3
|
%
| |
14.5
|
%
|
| Goodwill and intangible assets
| | |
531,556
| | | |
531,556
| | | |
531,556
| | | |
531,556
| | | |
531,556
| | |
0.0
|
%
| |
0.0
|
%
|
|
Other assets
| |
|
616,715
|
|
|
|
588,957
|
|
|
|
614,853
|
|
|
|
637,610
|
|
|
|
616,362
|
| |
4.7
|
%
| |
0.1
|
%
|
| | | | | | | | | | | | | |
|
| Total Assets | |
$
|
19,948,941
|
|
|
$
|
20,036,905
|
|
|
$
|
20,062,860
|
|
|
$
|
19,647,435
|
|
|
$
|
19,178,576
|
| |
-0.4
|
%
| |
4.0
|
%
|
| | | | | | | | | | | | | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
|
|
Deposits
| |
$
|
15,477,103
| | |
$
|
15,797,532
| | |
$
|
16,141,780
| | |
$
|
15,357,361
| | |
$
|
15,090,344
| | |
-2.0
|
%
| |
2.6
|
%
|
|
Short-term borrowings
| | |
937,852
| | | |
617,524
| | | |
298,751
| | | |
694,859
| | | |
453,317
| | |
51.9
|
%
| |
106.9
|
%
|
|
Other liabilities
| | |
359,994
| | | |
353,646
| | | |
358,384
| | | |
365,484
| | | |
342,323
| | |
1.8
|
%
| |
5.2
|
%
|
|
FHLB advances and long-term debt
| |
|
938,499
|
|
|
|
1,038,346
|
|
|
|
1,038,159
|
|
|
|
1,037,961
|
|
|
|
1,137,909
|
| |
-9.6
|
%
| |
-17.5
|
%
|
| | | | | | | | | | | | | |
|
| Total Liabilities | | |
17,713,448
| | | |
17,807,048
| | | |
17,837,074
| | | |
17,455,665
| | | |
17,023,893
| | |
-0.5
|
%
| |
4.1
|
%
|
| | | | | | | | | | | | | |
|
|
Shareholders' equity
| |
|
2,235,493
|
|
|
|
2,229,857
|
|
|
|
2,225,786
|
|
|
|
2,191,770
|
|
|
|
2,154,683
|
| |
0.3
|
%
| |
3.8
|
%
|
| | | | | | | | | | | | | |
|
| Total Liabilities and Shareholders' Equity | |
$
|
19,948,941
|
|
|
$
|
20,036,905
|
|
|
$
|
20,062,860
|
|
|
$
|
19,647,435
|
|
|
$
|
19,178,576
|
| |
-0.4
|
%
| |
4.0
|
%
|
| | | | | | | | | | | | | |
|
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS
DETAIL: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
|
|
Loans, by type:
| | | | | | | | | | | | | | |
|
Real estate - commercial mortgage
| |
$
|
6,332,508
| | |
$
|
6,364,804
| | |
$
|
6,275,140
| | |
$
|
6,262,008
| | |
$
|
6,118,533
| | |
-0.5
|
%
| |
3.5
|
%
|
|
Commercial - industrial, financial and agricultural
| | |
4,299,072
| | | |
4,300,297
| | | |
4,223,075
| | | |
4,245,849
| | | |
4,167,809
| | |
0.0
|
%
| |
3.1
|
%
|
|
Real estate - residential mortgage
| | |
1,976,524
| | | |
1,954,711
| | | |
1,887,907
| | | |
1,784,712
| | | |
1,665,142
| | |
1.1
|
%
| |
18.7
|
%
|
|
Real estate - home equity
| | |
1,514,241
| | | |
1,559,719
| | | |
1,567,473
| | | |
1,579,739
| | | |
1,595,901
| | |
-2.9
|
%
| |
-5.1
|
%
|
|
Real estate - construction
| | |
976,131
| | | |
1,006,935
| | | |
973,108
| | | |
938,900
| | | |
882,983
| | |
-3.1
|
%
| |
10.5
|
%
|
|
Consumer
| | |
326,766
| | | |
313,783
| | | |
302,448
| | | |
283,156
| | | |
288,826
| | |
4.1
|
%
| |
13.1
|
%
|
|
Leasing and other
| |
|
271,042
|
|
|
|
267,998
|
|
|
|
257,748
|
|
|
|
252,253
|
|
|
|
243,983
|
| |
1.1
|
%
| |
11.1
|
%
|
| | | | | | | | | | | | | |
|
| Total Loans, net of unearned income | |
$
|
15,696,284
|
|
|
$
|
15,768,247
|
|
|
$
|
15,486,899
|
|
|
$
|
15,346,617
|
|
|
$
|
14,963,177
|
| |
-0.5
|
%
| |
4.9
|
%
|
| | | | | | | | | | | | | |
|
|
Deposits, by type:
| | | | | | | | | | | | | | |
|
Noninterest-bearing demand
| |
$
|
4,291,821
| | |
$
|
4,437,294
| | |
$
|
4,363,915
| | |
$
|
4,574,619
| | |
$
|
4,417,733
| | |
-3.3
|
%
| |
-2.9
|
%
|
|
Interest-bearing demand
| | |
3,984,423
| | | |
4,018,107
| | | |
4,119,419
| | | |
3,650,204
| | | |
3,702,663
| | |
-0.8
|
%
| |
7.6
|
%
|
|
Savings and money market accounts
| |
|
4,487,277
|
|
|
|
4,586,746
|
|
|
|
4,790,985
|
|
|
|
4,386,128
|
|
|
|
4,251,574
|
| |
-2.2
|
%
| |
5.5
|
%
|
| Total demand and savings | | |
12,763,521
| | | |
13,042,147
| | | |
13,274,319
| | | |
12,610,951
| | | |
12,371,970
| | |
-2.1
|
%
| |
3.2
|
%
|
|
Brokered deposits
| | |
64,195
| | | |
90,473
| | | |
109,936
| | | |
-
| | | |
-
| | |
-29.0
|
%
| |
0.0
|
%
|
|
Time deposits
| |
|
2,649,387
|
|
|
|
2,664,912
|
|
|
|
2,757,525
|
|
|
|
2,746,410
|
|
|
|
2,718,374
|
| |
-0.6
|
%
| |
-2.5
|
%
|
| | | | | | | | | | | | | |
|
| Total Deposits | |
$
|
15,477,103
|
|
|
$
|
15,797,532
|
|
|
$
|
16,141,780
|
|
|
$
|
15,357,361
|
|
|
$
|
15,090,344
|
| |
-2.0
|
%
| |
2.6
|
%
|
| | | | | | | | | | | | | |
|
|
Short-term borrowings, by type:
| | | | | | | | | | | | | | |
|
Customer repurchase agreements
| |
$
|
165,186
| | |
$
|
172,017
| | |
$
|
185,945
| | |
$
|
174,224
| | |
$
|
181,170
| | |
-4.0
|
%
| |
-8.8
|
%
|
|
Customer short-term promissory notes
| | |
342,666
| | | |
225,507
| | | |
106,994
| | | |
74,366
| | | |
87,726
| | |
52.0
|
%
| |
N/M
| |
|
Short-term FHLB advances
| | |
35,000
| | | |
-
| | | |
-
| | | |
240,000
| | | |
130,000
| | |
0.0
|
%
| |
-73.1
|
%
|
|
Federal funds purchased
| |
|
395,000
|
|
|
|
220,000
|
|
|
|
5,812
|
|
|
|
206,269
|
|
|
|
54,421
|
| |
79.5
|
%
| |
N/M
| |
| | | | | | | | | | | | | |
|
| Total Short-term Borrowings | |
$
|
937,852
|
|
|
$
|
617,524
|
|
|
$
|
298,751
|
|
|
$
|
694,859
|
|
|
$
|
453,317
|
| |
51.9
|
%
| |
106.9
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
N/M - Not meaningful
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
| |
| FULTON FINANCIAL CORPORATION | | |
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | | |
| dollars in thousands | | |
|
| Three Months Ended |
| % Change from |
| | Mar 31 |
| Dec 31 |
| Sep 30 |
| Jun 30 |
| Mar 31 | | Dec 31 | | Mar 31 |
| | 2018 | | 2017 | | 2017 | | 2017 | | 2017 | | 2017 | | 2017 |
| | | | | | | | | | | | | |
|
|
Interest Income:
| | | | | | | | | | | | | | |
|
Interest income
| |
$
|
177,687
| |
$
|
174,987
| |
$
|
171,511
| |
$
|
163,881
| |
$
|
158,487
| |
1.5
|
%
| |
12.1
|
%
|
|
Interest expense
| |
|
26,369
| |
|
25,574
| |
|
24,702
| |
|
22,318
| |
|
20,908
| |
3.1
|
%
| |
26.1
|
%
|
| | | | | | | | | | | | | |
|
| Net Interest Income | | |
151,318
| | |
149,413
| | |
146,809
| | |
141,563
| | |
137,579
| |
1.3
|
%
| |
10.0
|
%
|
|
Provision for credit losses
| |
|
3,970
| |
|
6,730
| |
|
5,075
| |
|
6,700
| |
|
4,800
| |
(41.0
|
%)
| |
(17.3
|
%)
|
| | | | | | | | | | | | | |
|
| Net Interest Income after Provision | | |
147,348
| | |
142,683
| | |
141,734
| | |
134,863
| | |
132,779
| |
3.3
|
%
| |
11.0
|
%
|
| | | | | | | | | | | | | |
|
|
Non-Interest Income:
| | | | | | | | | | | | | | |
|
Other service charges and fees:
| | | | | | | | | | | | | | |
|
Merchant fees
| | |
4,115
| | |
4,308
| | |
4,398
| | |
4,531
| | |
3,607
| |
(4.5
|
%)
| |
14.1
|
%
|
|
Debit card income
| | |
2,817
| | |
3,526
| | |
2,830
| | |
2,884
| | |
2,665
| |
(20.1
|
%)
| |
5.7
|
%
|
|
Commercial loan interest rate swap fees
| | |
1,291
| | |
2,914
| | |
1,954
| | |
3,768
| | |
3,058
| |
(55.7
|
%)
| |
(57.8
|
%)
|
|
Letter of credit fees
| | |
992
| | |
1,037
| | |
1,056
| | |
1,109
| | |
1,200
| |
(4.4
|
%)
| |
(17.3
|
%)
|
|
Foreign exchange income
| | |
533
| | |
510
| | |
470
| | |
446
| | |
334
| |
4.6
|
%
| |
59.7
|
%
|
|
Other
| |
|
1,671
| |
|
1,534
| |
|
1,543
| |
|
1,604
| |
|
1,573
| |
8.9
|
%
| |
6.2
|
%
|
| Total | | |
11,419
| | |
13,829
| | |
12,251
| | |
14,342
| | |
12,437
| |
(17.4
|
%)
| |
(8.2
|
%)
|
|
Service charges on deposit accounts:
| | | | | | | | | | | | | | |
|
Overdraft fees
| | |
5,145
| | |
5,609
| | |
5,844
| | |
5,648
| | |
5,469
| |
(8.3
|
%)
| |
(5.9
|
%)
|
|
Cash management fees
| | |
4,317
| | |
3,669
| | |
3,624
| | |
3,614
| | |
3,537
| |
17.7
|
%
| |
22.1
|
%
|
|
Other
| |
|
2,500
| |
|
3,392
| |
|
3,554
| |
|
3,652
| |
|
3,394
| |
(26.3
|
%)
| |
(26.3
|
%)
|
| Total | | |
11,962
| | |
12,670
| | |
13,022
| | |
12,914
| | |
12,400
| |
(5.6
|
%)
| |
(3.5
|
%)
|
|
Investment management and trust services
| | |
12,871
| | |
13,152
| | |
12,157
| | |
12,132
| | |
11,808
| |
(2.1
|
%)
| |
9.0
|
%
|
|
Mortgage banking income
| | |
4,193
| | |
4,386
| | |
4,805
| | |
6,141
| | |
4,596
| |
(4.4
|
%)
| |
(8.8
|
%)
|
|
Other:
| | | | | | | | | | | | | | |
|
Credit card income
| | |
2,816
| | |
2,778
| | |
2,829
| | |
2,666
| | |
2,648
| |
1.4
|
%
| |
6.4
|
%
|
|
Small business administration lending income
| | |
357
| | |
1,355
| | |
565
| | |
1,163
| | |
429
| |
(73.7
|
%)
| |
(16.8
|
%)
|
|
Other income
| |
|
2,238
| |
|
6,854
| |
|
1,748
| |
|
1,577
| |
|
1,249
| |
(67.3
|
%)
| |
79.2
|
%
|
| Total | |
|
5,411
| |
|
10,987
| |
|
5,142
| |
|
5,406
| |
|
4,326
| |
(50.7
|
%)
| |
25.1
|
%
|
| Non-Interest Income before Investment Securities Gains | | |
45,856
| | |
55,024
| | |
47,377
| | |
50,935
| | |
45,567
| |
(16.7
|
%)
| |
0.6
|
%
|
|
Investment securities gains
| |
|
19
| |
|
1,932
| |
|
4,597
| |
|
1,436
| |
|
1,106
| |
(99.0
|
%)
| |
(98.3
|
%)
|
| | | | | | | | | | | | | |
|
| Total Non-Interest Income | | |
45,875
| | |
56,956
| | |
51,974
| | |
52,371
| | |
46,673
| |
(19.5
|
%)
| |
(1.7
|
%)
|
| | | | | | | | | | | | | |
|
|
Non-Interest Expense:
|
| | | | | | | | | | | | | |
|
Salaries and employee benefits
| | |
75,768
| | |
73,504
| | |
72,894
| | |
74,496
| | |
69,236
| |
3.1
|
%
| |
9.4
|
%
|
|
Net occupancy expense
| | |
13,632
| | |
12,549
| | |
12,180
| | |
12,316
| | |
12,663
| |
8.6
|
%
| |
7.7
|
%
|
|
Data processing and software
| | |
10,473
| | |
10,401
| | |
10,301
| | |
9,054
| | |
8,979
| |
0.7
|
%
| |
16.6
|
%
|
|
Other outside services
| | |
8,124
| | |
7,665
| | |
6,582
| | |
7,708
| | |
5,546
| |
6.0
|
%
| |
46.5
|
%
|
|
Professional fees
| | |
4,816
| | |
3,632
| | |
3,388
| | |
2,931
| | |
2,737
| |
32.6
|
%
| |
76.0
|
%
|
|
Equipment expense
| | |
3,534
| | |
3,244
| | |
3,298
| | |
3,034
| | |
3,359
| |
8.9
|
%
| |
5.2
|
%
|
| FDIC insurance expense
| | |
2,953
| | |
3,618
| | |
3,007
| | |
2,366
| | |
2,058
| |
(18.4
|
%)
| |
43.5
|
%
|
|
Marketing
| | |
2,250
| | |
1,725
| | |
2,089
| | |
2,234
| | |
1,986
| |
30.4
|
%
| |
13.3
|
%
|
|
Amortization of tax credit investments
| | |
1,637
| | |
3,376
| | |
3,503
| | |
3,151
| | |
998
| |
(51.5
|
%)
| |
64.0
|
%
|
|
Other
| |
|
13,474
| |
|
18,738
| |
|
14,915
| |
|
15,405
| |
|
14,713
| |
(28.1
|
%)
| |
(8.4
|
%)
|
| | | | | | | | | | | | | |
|
| Total Non-Interest Expense | |
|
136,661
| |
|
138,452
| |
|
132,157
| |
|
132,695
| |
|
122,275
| |
(1.3
|
%)
| |
11.8
|
%
|
| | | | | | | | | | | | | |
|
| Income before Income Taxes | | |
56,562
| | |
61,187
| | |
61,551
| | |
54,539
| | |
57,177
| |
(7.6
|
%)
| |
(1.1
|
%)
|
|
Income tax expense
| |
|
7,082
| |
|
27,186
| |
|
12,646
| |
|
9,072
| |
|
13,797
| |
(73.9
|
%)
| |
(48.7
|
%)
|
| | | | | | | | | | | | | |
|
| Net Income | |
$
|
49,480
| |
$
|
34,001
| |
$
|
48,905
| |
$
|
45,467
| |
$
|
43,380
| |
45.5
|
%
| |
14.1
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
|
| |
| |
| |
| |
| |
| | | |
| FULTON FINANCIAL CORPORATION |
| CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |
| dollars in thousands |
| | Three Months Ended |
| | March 31, 2018 | | December 31, 2017 | | March 31, 2017 |
| | Average |
| |
| Yield/ | | Average | | | | Yield/ | | Average | | | | Yield/ |
| | Balance | | Interest (1) | | Rate | | Balance | | Interest (1) | | Rate | | Balance | | Interest (1) | | Rate |
ASSETS | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
|
Interest-earning assets:
| | | | | | | | | | | | | | | | | | |
|
Loans, net of unearned income
| |
$
|
15,661,032
| | |
$
|
162,262
| | |
4.19
|
%
| |
$
|
15,560,185
| | |
$
|
162,050
| | |
4.14
|
%
| |
$
|
14,857,562
| | |
$
|
146,650
| | |
4.00
|
%
|
| | | | | | | | | | | | | | | | | |
|
|
Taxable investment securities
| | |
2,198,838
| | | |
13,193
| | |
2.40
|
%
| | |
2,177,833
| | | |
12,218
| | |
2.24
|
%
| | |
2,145,656
| | | |
11,914
| | |
2.22
|
%
|
|
Tax-exempt investment securities
| | |
412,830
| | | |
3,753
| | |
3.64
|
%
| | |
411,398
| | | |
4,526
| | |
4.40
|
%
| | |
403,856
| | | |
4,383
| | |
4.34
|
%
|
|
Equity securities
| |
|
509
|
| |
|
5
|
| |
3.93
|
%
| |
|
2,219
|
| |
|
33
|
| |
5.91
|
%
| |
|
11,740
|
| |
|
176
|
| |
6.08
|
%
|
| | | | | | | | | | | | | | | | | |
|
| Total Investment Securities | | |
2,612,177
| | | |
16,951
| | |
2.60
|
%
| | |
2,591,450
| | | |
16,777
| | |
2.59
|
%
| | |
2,561,252
| | | |
16,473
| | |
2.57
|
%
|
| | | | | | | | | | | | | | | | | |
|
|
Loans held for sale
| | |
20,015
| | | |
216
| | |
4.31
|
%
| | |
21,874
| | | |
245
| | |
4.48
|
%
| | |
15,857
| | | |
187
| | |
4.72
|
%
|
|
Other interest-earning assets
| |
|
302,783
|
| |
|
1,172
|
| |
1.55
|
%
| |
|
571,981
|
| |
|
1,755
|
| |
1.22
|
%
| |
|
312,295
|
| |
|
842
|
| |
1.08
|
%
|
| | | | | | | | | | | | | | | | | |
|
| Total Interest-earning Assets | | |
18,596,007
| | | |
180,601
| | |
3.93
|
%
| | |
18,745,490
| | | |
180,827
| | |
3.83
|
%
| | |
17,746,966
| | | |
164,152
| | |
3.74
|
%
|
| | | | | | | | | | | | | | | | | |
|
Noninterest-earning assets:
| | | | | | | | | | | | | | | | | | |
|
Cash and due from banks
| | |
105,733
| | | | | | | |
112,958
| | | | | | | |
116,529
| | | | | |
|
Premises and equipment
| | |
230,247
| | | | | | | |
223,698
| | | | | | | |
217,875
| | | | | |
|
Other assets
| | |
1,113,326
| | | | | | | |
1,163,686
| | | | | | | |
1,149,621
| | | | | |
|
Less: allowance for loan losses
| |
|
(169,220
|
)
| | | | | |
|
(173,253
|
)
| | | | | |
|
(170,134
|
)
| | | | |
| | | | | | | | | | | | | | | | | |
|
| Total Assets | |
$
|
19,876,093
|
| | | | | |
$
|
20,072,579
|
| | | | | |
$
|
19,060,857
|
| | | | |
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
|
Interest-bearing liabilities:
| | | | | | | | | | | | | | | | | | |
|
Demand deposits
| |
$
|
3,958,894
| | |
$
|
4,004
| | |
0.41
|
%
| |
$
|
4,037,879
| | |
$
|
4,111
| | |
0.40
|
%
| |
$
|
3,650,931
| | |
$
|
2,239
| | |
0.25
|
%
|
|
Savings deposits
| | |
4,494,445
| | | |
4,367
| | |
0.39
|
%
| | |
4,752,337
| | | |
4,594
| | |
0.38
|
%
| | |
4,194,216
| | | |
2,211
| | |
0.21
|
%
|
|
Brokered deposits
| | |
74,026
| | | |
276
| | |
1.51
|
%
| | |
105,135
| | | |
336
| | |
1.27
|
%
| | |
-
| | | |
-
| | |
-
|
%
|
|
Time deposits
| |
|
2,646,779
|
| |
|
7,803
|
| |
1.20
|
%
| |
|
2,706,982
|
| |
|
8,041
|
| |
1.18
|
%
| |
|
2,739,453
|
| |
|
7,351
|
| |
1.09
|
%
|
| | | | | | | | | | | | | | | | | |
|
| Total Interest-bearing Deposits | | |
11,174,144
| | | |
16,450
| | |
0.60
|
%
| | |
11,602,333
| | | |
17,082
| | |
0.58
|
%
| | |
10,584,600
| | | |
11,801
| | |
0.45
|
%
|
| | | | | | | | | | | | | | | | | |
|
|
Short-term borrowings
| | |
896,839
| | | |
2,041
| | |
0.91
|
%
| | |
391,284
| | | |
372
| | |
0.38
|
%
| | |
712,497
| | | |
855
| | |
0.48
|
%
|
|
FHLB advances and long-term debt
| |
|
987,315
|
| |
|
7,878
|
| |
3.21
|
%
| |
|
1,038,257
|
| |
|
8,120
|
| |
3.12
|
%
| |
|
990,044
|
| |
|
8,252
|
| |
3.35
|
%
|
| | | | | | | | | | | | | | | | | |
|
Total Interest-bearing Liabilities | | |
13,058,298
| | | |
26,369
| | |
0.82
|
%
| | |
13,031,874
| | | |
25,574
| | |
0.78
|
%
| | |
12,287,141
| | | |
20,908
| | |
0.69
|
%
|
| | | | | | | | | | | | | | | | | |
|
|
Noninterest-bearing liabilities:
| | | | | | | | | | | | | | | | | | |
|
Demand deposits
| | |
4,246,168
| | | | | | | |
4,454,456
| | | | | | | |
4,301,727
| | | | | |
|
Other
| |
|
347,012
|
| | | | | |
|
349,218
|
| | | | | |
|
331,442
|
| | | | |
| | | | | | | | | | | | | | | | | |
|
| Total Liabilities | | |
17,651,478
| | | | | | | |
17,835,548
| | | | | | | |
16,920,310
| | | | | |
| | | | | | | | | | | | | | | | | |
|
|
Shareholders' equity
| |
|
2,224,615
|
| | | | | |
|
2,237,031
|
| | | | | |
|
2,140,547
|
| | | | |
| | | | | | | | | | | | | | | | | |
|
| Total Liabilities and Shareholders' Equity | |
$
|
19,876,093
|
| | | | | |
$
|
20,072,579
|
| | | | | |
$
|
19,060,857
|
| | | | |
| | | | | | | | | | | | | | | | | |
|
|
Net interest income/net interest margin (fully taxable equivalent)
| | | | |
154,232
| | |
3.35
|
%
| | | | |
155,253
| | |
3.29
|
%
| | | | |
143,244
| | |
3.26
|
%
|
|
Tax equivalent adjustment
| | | |
|
(2,914
|
)
| | | | | |
|
(5,840
|
)
| | | | | |
|
(5,665
|
)
| | |
| | | | | | | | | | | | | | | | | |
|
|
Net interest income
| | | |
$
|
151,318
|
| | | | | |
$
|
149,413
|
| | | | | |
$
|
137,579
|
| | |
|
|
(1) Three months ended March 31, 2018 presented on a fully
taxable-equivalent basis using a 21% Federal tax rate and
statutory interest expense disallowances. Prior periods are
presented on a fully taxable-equivalent basis using a 35% Federal
tax rate and statutory interest expense disallowances. |
| Note: The weighted average interest rate on total average
interest-bearing liabilities and average non-interest bearing demand
deposits (“cost of funds”) was 0.62%, 0.58% and 0.51% for the three
months ended March 31, 2018, December 31, 2017 and March 31, 2017,
respectively. |
AVERAGE LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL: |
|
| |
| |
| |
| |
| |
| |
| |
| | Three Months Ended |
| % Change from |
| | March 31 | | December 31 | | September 30 | | June 30 | | March 31 | | December 31 | | March 31 |
| | 2018 | | 2017 | | 2017 | | 2017 | | 2017 | | 2017 | | 2017 |
| | | | | | | | | |
|
|
Loans, by type:
| | | | | | | | | | | | | | |
|
Real estate - commercial mortgage
| |
$
|
6,305,821
| |
$
|
6,232,674
| |
$
|
6,208,630
| |
$
|
6,163,844
| |
$
|
6,039,140
| |
1.2
|
%
| |
4.4
|
%
|
|
Commercial - industrial, financial and agricultural
| | |
4,288,634
| | |
4,263,199
| | |
4,257,075
| | |
4,221,025
| | |
4,205,072
| |
0.6
|
%
| |
2.0
|
%
|
|
Real estate - residential mortgage
| | |
1,958,505
| | |
1,926,067
| | |
1,841,559
| | |
1,707,929
| | |
1,637,669
| |
1.7
|
%
| |
19.6
|
%
|
|
Real estate - home equity
| | |
1,538,974
| | |
1,560,713
| | |
1,569,898
| | |
1,587,680
| | |
1,613,249
| |
(1.4
|
%)
| |
(4.6
|
%)
|
|
Real estate - construction
| | |
984,242
| | |
1,004,166
| | |
943,029
| | |
897,321
| | |
840,966
| |
(2.0
|
%)
| |
17.0
|
%
|
|
Consumer
| | |
315,927
| | |
312,320
| | |
318,546
| | |
300,967
| | |
284,352
| |
1.2
|
%
| |
11.1
|
%
|
|
Leasing and other
| |
|
268,930
| |
|
261,046
| |
|
253,330
| |
|
248,439
| |
|
237,114
| |
3.0
|
%
| |
13.4
|
%
|
| | | | | | | | | | | | | |
|
| Total Loans, net of unearned income | |
$
|
15,661,032
| |
$
|
15,560,185
| |
$
|
15,392,067
| |
$
|
15,127,205
| |
$
|
14,857,562
| |
0.6
|
%
| |
5.4
|
%
|
| | | | | | | | | | | | | |
|
|
Deposits, by type:
| | | | | | | | | | | | | | |
|
Noninterest-bearing demand
| |
$
|
4,246,168
| |
$
|
4,454,456
| |
$
|
4,494,897
| |
$
|
4,387,517
| |
$
|
4,301,727
| |
(4.7
|
%)
| |
(1.3
|
%)
|
|
Interest-bearing demand
| | |
3,958,894
| | |
4,037,879
| | |
3,943,118
| | |
3,690,059
| | |
3,650,931
| |
(2.0
|
%)
| |
8.4
|
%
|
|
Savings and money market accounts
| |
|
4,494,445
| |
|
4,752,337
| |
|
4,603,155
| |
|
4,315,495
| |
|
4,194,216
| |
(5.4
|
%)
| |
7.2
|
%
|
| Total demand and savings | | |
12,699,507
| | |
13,244,672
| | |
13,041,170
| | |
12,393,071
| | |
12,146,874
| |
(4.1
|
%)
| |
4.5
|
%
|
|
Brokered deposits
| | |
74,026
| | |
105,135
| | |
89,767
| | |
-
| | |
-
| |
(29.6
|
%)
| |
100.0
|
%
|
|
Time deposits
| |
|
2,646,779
| |
|
2,706,982
| |
|
2,744,532
| |
|
2,696,033
| |
|
2,739,453
| |
(2.2
|
%)
| |
(3.4
|
%)
|
| | | | | | | | | | | | | |
|
| Total Deposits | |
$
|
15,420,312
| |
$
|
16,056,789
| |
$
|
15,875,469
| |
$
|
15,089,104
| |
$
|
14,886,327
| |
(4.0
|
%)
| |
3.6
|
%
|
| | | | | | | | | | | | | |
|
|
Short-term borrowings, by type:
| | | | | | | | | | | | | | |
|
Customer repurchase agreements
| |
$
|
175,292
| |
$
|
179,948
| |
$
|
176,415
| |
$
|
199,657
| |
$
|
199,403
| |
(2.6
|
%)
| |
(12.1
|
%)
|
|
Customer short-term promissory notes
| | |
308,725
| | |
195,951
| | |
80,147
| | |
77,554
| | |
79,985
| |
57.6
|
%
| |
N/M
| |
|
Federal funds purchased
| | |
379,822
| | |
15,374
| | |
90,453
| | |
242,375
| | |
308,220
| |
N/M
| | |
23.2
|
%
|
|
Short-term FHLB advances and other borrowings
| |
|
33,000
| |
|
11
| |
|
55,326
| |
|
113,516
| |
|
124,889
| |
N/M
| | |
(73.6
|
%)
|
| | | | | | | | | | | | | |
|
| Total Short-term Borrowings | |
$
|
896,839
| |
$
|
391,284
| |
$
|
402,341
| |
$
|
633,102
| |
$
|
712,497
| |
129.2
|
%
| |
25.9
|
%
|
| | | | | | | | | | | | | |
|
|
N/M - Not meaningful
| | | | | | | | | | | | | | |
|
|
| FULTON FINANCIAL CORPORATION |
| ASSET QUALITY INFORMATION (UNAUDITED) |
| dollars in thousands |
|
| |
| |
| |
| |
| |
| | Three Months Ended |
| | Mar 31 | | Dec 31 | | Sep 30 | | Jun 30 | | Mar 31 |
| | 2018 | | 2017 | | 2017 | | 2017 | | 2017 |
ALLOWANCE FOR CREDIT LOSSES: | | | | | | | | | | |
| | | | | | | | | |
|
| Balance at beginning of period | |
$
|
176,084
| | |
$
|
174,749
| | |
$
|
174,998
| | |
$
|
172,647
| | |
$
|
171,325
| |
| | | | | | | | | |
|
|
Loans charged off:
| | | | | | | | | | |
|
Commercial - industrial, financial and agricultural
| | |
(4,005
|
)
| | |
(5,473
|
)
| | |
(2,714
|
)
| | |
(5,353
|
)
| | |
(5,527
|
)
|
|
Consumer and home equity
| | |
(1,300
|
)
| | |
(1,071
|
)
| | |
(920
|
)
| | |
(1,022
|
)
| | |
(1,554
|
)
|
|
Real estate - commercial mortgage
| | |
(267
|
)
| | |
(220
|
)
| | |
(483
|
)
| | |
(242
|
)
| | |
(1,224
|
)
|
|
Real estate - residential mortgage
| | |
(162
|
)
| | |
(152
|
)
| | |
(195
|
)
| | |
(124
|
)
| | |
(216
|
)
|
|
Real estate - construction
| | |
(158
|
)
| | |
-
| | | |
(2,744
|
)
| | |
(774
|
)
| | |
(247
|
)
|
|
Leasing and other
| |
|
(505
|
)
| |
|
(457
|
)
| |
|
(739
|
)
| |
|
(1,200
|
)
| |
|
(639
|
)
|
|
Total loans charged off
| | |
(6,397
|
)
| | |
(7,373
|
)
| | |
(7,795
|
)
| | |
(8,715
|
)
| | |
(9,407
|
)
|
|
Recoveries of loans previously charged off:
| | | | | | | | | | |
|
Commercial - industrial, financial and agricultural
| | |
1,075
| | | |
941
| | | |
665
| | | |
1,974
| | | |
4,191
| |
|
Consumer and home equity
| | |
385
| | | |
466
| | | |
445
| | | |
685
| | | |
373
| |
|
Real estate - commercial mortgage
| | |
279
| | | |
178
| | | |
106
| | | |
934
| | | |
450
| |
|
Real estate - residential mortgage
| | |
107
| | | |
186
| | | |
219
| | | |
151
| | | |
230
| |
|
Real estate - construction
| | |
306
| | | |
32
| | | |
629
| | | |
373
| | | |
548
| |
|
Leasing and other
| |
|
210
|
| |
|
175
|
| |
|
407
|
| |
|
249
|
| |
|
137
|
|
|
Recoveries of loans previously charged off
| |
|
2,362
|
| |
|
1,978
|
| |
|
2,471
|
| |
|
4,366
|
| |
|
5,929
|
|
|
Net loans charged off
| | |
(4,035
|
)
| | |
(5,395
|
)
| | |
(5,324
|
)
| | |
(4,349
|
)
| | |
(3,478
|
)
|
|
Provision for credit losses
| | |
3,970
| | | |
6,730
| | | |
5,075
| | | |
6,700
| | | |
4,800
| |
| |
| |
| |
| |
| |
|
| Balance at end of period | |
$
|
176,019
|
| |
$
|
176,084
|
| |
$
|
174,749
|
| |
$
|
174,998
|
| |
$
|
172,647
|
|
| | | | | | | | | |
|
|
Net charge-offs to average loans (annualized)
| |
|
0.10
|
%
| |
|
0.14
|
%
| |
|
0.14
|
%
| |
|
0.11
|
%
| |
|
0.09
|
%
|
| | | | | | | | | |
|
NON-PERFORMING ASSETS: | | | | | | | | | | |
| | | | | | | | | |
|
|
Non-accrual loans
| |
$
|
122,966
| | |
$
|
124,749
| | |
$
|
123,345
| | |
$
|
122,600
| | |
$
|
117,264
| |
|
Loans 90 days past due and accruing
| |
|
11,676
|
| |
|
10,010
|
| |
|
13,124
|
| |
|
13,143
|
| |
|
14,268
|
|
|
Total non-performing loans
| | |
134,642
| | | |
134,759
| | | |
136,469
| | | |
135,743
| | | |
131,532
| |
|
Other real estate owned
| |
|
10,744
|
| |
|
9,823
|
| |
|
10,542
|
| |
|
11,432
|
| |
|
11,906
|
|
| | | | | | | | | |
|
| Total non-performing assets | |
$
|
145,386
|
| |
$
|
144,582
|
| |
$
|
147,011
|
| |
$
|
147,175
|
| |
$
|
143,438
|
|
| | | | | | | | | |
|
NON-PERFORMING LOANS, BY TYPE: | | | | | | | | | | |
| | | | | |
|
|
Commercial - industrial, financial and agricultural
| |
$
|
54,915
| | |
$
|
54,309
| | |
$
|
54,209
| | |
$
|
51,320
| | |
$
|
43,826
| |
|
Real estate - commercial mortgage
| | |
36,183
| | | |
35,446
| | | |
34,650
| | | |
32,576
| | | |
36,713
| |
|
Real estate - residential mortgage
| | |
20,169
| | | |
20,972
| | | |
21,643
| | | |
21,846
| | | |
23,597
| |
|
Real estate - construction
| | |
10,931
| | | |
12,197
| | | |
13,415
| | | |
16,564
| | | |
13,550
| |
|
Consumer and home equity
| | |
12,272
| | | |
11,803
| | | |
12,472
| | | |
13,156
| | | |
13,408
| |
|
Leasing
| |
|
172
|
| |
|
32
|
| |
|
80
|
| |
|
281
|
| |
|
438
|
|
| | | | | | | | | |
|
| Total non-performing loans | |
$
|
134,642
|
| |
$
|
134,759
|
| |
$
|
136,469
|
| |
$
|
135,743
|
| |
$
|
131,532
|
|
| | | | | | | | | |
|
| | | | | | | | | |
|
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY
TYPE: | | | | | | | | | | |
| | | | | | | | | |
|
|
Real-estate - residential mortgage
| |
$
|
25,602
| | |
$
|
26,016
| | |
$
|
26,193
| | |
$
|
26,368
| | |
$
|
27,033
| |
|
Real-estate - commercial mortgage
| | |
18,181
| | | |
13,959
| | | |
14,439
| | | |
13,772
| | | |
15,237
| |
|
Consumer and home equity
| | |
16,091
| | | |
15,584
| | | |
14,822
| | | |
12,064
| | | |
9,638
| |
|
Commercial - industrial, financial and agricultural
| | |
11,740
| | | |
10,820
| | | |
7,512
| | | |
8,086
| | | |
7,441
| |
|
Real estate - construction
| |
|
-
|
| |
|
-
|
| |
|
169
|
| |
|
1,475
|
| |
|
273
|
|
|
Total accruing TDRs
| | |
71,614
| | | |
66,379
| | | |
63,135
| | | |
61,765
| | | |
59,622
| |
|
Non-accrual TDRs(1) | |
|
24,897
|
| |
|
29,051
|
| |
|
28,742
|
| |
|
29,373
|
| |
|
27,220
|
|
| Total TDRs | |
$
|
96,511
|
| |
$
|
95,430
|
| |
$
|
91,877
|
| |
$
|
91,138
|
| |
$
|
86,842
|
|
| | | | | | | | | |
|
|
(1) Included within non-accrual loans above.
|
| | Total Delinquency % |
DELINQUENCY RATES, BY TYPE: | | Mar 31 | | Dec 31 | | Sep 30 | | Jun 30 | | Mar 31 |
| | 2018 | | 2017 | | 2017 | | 2017 | | 2017 |
| | | | | | | | | |
|
| | | | | | | | | |
|
|
Real estate - commercial mortgage
| | |
0.77
|
%
| | |
0.77
|
%
| | |
0.75
|
%
| | |
0.66
|
%
| | |
0.78
|
%
|
|
Commercial - industrial, financial and agricultural
| | |
1.48
|
%
| | |
1.50
|
%
| | |
1.54
|
%
| | |
1.43
|
%
| | |
1.25
|
%
|
|
Real estate - construction
| | |
1.12
|
%
| | |
1.32
|
%
| | |
1.50
|
%
| | |
1.82
|
%
| | |
1.99
|
%
|
|
Real estate - residential mortgage
| | |
1.91
|
%
| | |
2.04
|
%
| | |
2.25
|
%
| | |
2.08
|
%
| | |
2.44
|
%
|
|
Consumer, home equity, leasing and other
| | |
1.20
|
%
| | |
1.37
|
%
| | |
1.38
|
%
| | |
1.34
|
%
| | |
1.22
|
%
|
| |
| |
| |
| |
| |
|
| Total | |
|
1.19
|
%
| |
|
1.24
|
%
| |
|
1.28
|
%
| |
|
1.20
|
%
| |
|
1.23
|
%
|
| | | | | | | | | | | | | | | | | | | |
|
| 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 |
| | | March 31 | | December 31 | | September 30 | | June 30 | | March 31 |
| | | 2018 | | 2017 | | 2017 | | 2017 | | 2017 |
| Shareholders' equity (tangible), per share | | | | | | | | | | |
|
Shareholders' equity
| |
$
|
2,235,493
| | |
$
|
2,229,857
| | |
$
|
2,225,786
| | |
$
|
2,191,770
| | |
$
|
2,154,683
| |
|
Less: Goodwill and intangible assets
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
|
|
Tangible shareholders' equity (numerator)
| |
$
|
1,703,937
|
| |
$
|
1,698,301
|
| |
$
|
1,694,230
|
| |
$
|
1,660,214
|
| |
$
|
1,623,127
|
|
| | | | | | | | | | |
|
|
Shares outstanding, end of period (denominator)
| |
|
175,404
|
| |
|
175,170
|
| |
|
175,057
|
| |
|
174,740
|
| |
|
174,343
|
|
| | | | | | | | | | |
|
|
Shareholders' equity (tangible), per share
| |
$
|
9.71
|
| |
$
|
9.70
|
| |
$
|
9.68
|
| |
$
|
9.50
|
| |
$
|
9.31
|
|
| | | | | | | | | | |
|
| Return on average shareholders' equity
(tangible) | | | | | | | | | | |
|
Net Income (numerator)
| |
$
|
49,480
|
| |
$
|
34,001
|
| |
$
|
48,905
|
| |
$
|
45,467
|
| |
$
|
43,380
|
|
| | | | | | | | | | |
|
|
Average shareholders' equity
| |
$
|
2,224,615
| | |
$
|
2,237,031
| | |
$
|
2,215,389
| | |
$
|
2,181,189
| | |
$
|
2,140,547
| |
|
Less: Average goodwill and intangible assets
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
|
|
Average tangible shareholders' equity (denominator)
| |
$
|
1,693,059
|
| |
$
|
1,705,475
|
| |
$
|
1,683,833
|
| |
$
|
1,649,633
|
| |
$
|
1,608,991
|
|
| | | | | | | | | | |
|
|
Return on average shareholders' equity (tangible), annualized
| |
|
11.85
|
%
| |
|
7.91
|
%
| |
|
11.52
|
%
| |
|
11.06
|
%
| |
|
10.93
|
%
|
| | | | | | | | | | |
|
| Tangible Common Equity to Tangible Assets
(TCE Ratio) | | | | | | | | | | |
|
Shareholders' equity
| |
$
|
2,235,493
| | |
$
|
2,229,857
| | |
$
|
2,225,786
| | |
$
|
2,191,770
| | |
$
|
2,154,683
| |
|
Less: Intangible assets
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
|
|
Tangible shareholders' equity (numerator)
| |
$
|
1,703,937
|
| |
$
|
1,698,301
|
| |
$
|
1,694,230
|
| |
$
|
1,660,214
|
| |
$
|
1,623,127
|
|
| | | | | | | | | | |
|
|
Total assets
| |
$
|
19,948,941
| | |
$
|
20,036,905
| | |
$
|
20,062,860
| | |
$
|
19,647,435
| | |
$
|
19,178,576
| |
|
Less: Intangible assets
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
| |
|
(531,556
|
)
|
|
Total tangible assets (denominator)
| |
$
|
19,417,385
|
| |
$
|
19,505,349
|
| |
$
|
19,531,304
|
| |
$
|
19,115,879
|
| |
$
|
18,647,020
|
|
| | | | | | | | | | |
|
|
Tangible Common Equity to Tangible Assets
| |
|
8.78
|
%
| |
|
8.71
|
%
| |
|
8.67
|
%
| |
|
8.68
|
%
| |
|
8.70
|
%
|
| | | | | | | | | | |
|
| Efficiency ratio | | | | | | | | | | |
|
Non-interest expense
| |
$
|
136,661
| | |
$
|
138,452
| | |
$
|
132,157
| | |
$
|
132,695
| | |
$
|
122,275
| |
|
Less: Amortization of tax credit investments
| |
|
(1,637
|
)
| |
|
(3,376
|
)
| |
|
(3,503
|
)
| |
|
(3,151
|
)
| |
|
(998
|
)
|
|
Non-interest expense (numerator)
| |
$
|
135,024
|
| |
$
|
135,076
|
| |
$
|
128,654
|
| |
$
|
129,544
|
| |
$
|
121,277
|
|
| | | | | | | | | | |
|
|
Net interest income (fully taxable equivalent)
| |
$
|
154,232
| | |
$
|
155,253
| | |
$
|
152,721
| | |
$
|
147,349
| | |
$
|
143,243
| |
|
Plus: Total Non-interest income
| | |
45,875
| | | |
56,956
| | | |
51,974
| | | |
52,371
| | | |
46,673
| |
|
Less: Investment securities gains
| |
|
(19
|
)
| |
|
(1,932
|
)
| |
|
(4,597
|
)
| |
|
(1,436
|
)
| |
|
(1,106
|
)
|
|
Net interest income (denominator)
| |
$
|
200,088
|
| |
$
|
210,277
|
| |
$
|
200,098
|
| |
$
|
198,284
|
| |
$
|
188,810
|
|
| | | | | | | | | | |
|
|
Efficiency ratio
| |
|
67.48
|
%
| |
|
64.24
|
%
| |
|
64.30
|
%
| |
|
65.33
|
%
| |
|
64.23
|
%
|
| | | | | | | | | | |
|
| Non-performing assets to tangible
shareholders' equity and allowance for credit losses | | | | | | | | | | |
|
Non-performing assets (numerator)
| |
$
|
145,386
|
| |
$
|
144,582
|
| |
$
|
147,011
|
| |
$
|
147,175
|
| |
$
|
143,438
|
|
| | | | | | | | | | |
|
|
Tangible shareholders' equity
| |
$
|
1,703,937
| | |
$
|
1,698,301
| | |
$
|
1,694,230
| | |
$
|
1,660,214
| | |
$
|
1,623,127
| |
|
Plus: Allowance for credit losses
| |
|
176,019
|
| |
|
176,084
|
| |
|
174,749
|
| |
|
174,998
|
| |
|
172,647
|
|
|
Tangible shareholders' equity and allowance for credit losses
(denominator)
| |
$
|
1,879,956
|
| |
$
|
1,874,385
|
| |
$
|
1,868,979
|
| |
$
|
1,835,212
|
| |
$
|
1,795,774
|
|
| | | | | | | | | | |
|
|
Non-performing assets to tangible shareholders' equity and allowance
for credit losses
| |
|
7.73
|
%
| |
|
7.71
|
%
| |
|
7.87
|
%
| |
|
8.02
|
%
| |
|
7.99
|
%
|
| | | | | | | | | | |
|
| Pre-provision net revenue | | | | | | | | | | |
|
Net interest income
| |
$
|
151,318
| | |
$
|
149,413
| | |
$
|
146,809
| | |
$
|
141,563
| | |
$
|
137,579
| |
|
Non-interest income
| | |
45,875
| | | |
56,956
| | | |
51,974
| | | |
52,371
| | | |
46,673
| |
|
Less: Investment securities gains
| |
|
(19
|
)
| |
|
(1,932
|
)
| |
|
(4,597
|
)
| |
|
(1,436
|
)
| |
|
(1,106
|
)
|
|
Total revenue
| |
$
|
197,174
|
| |
$
|
204,437
|
| |
$
|
194,186
|
| |
$
|
192,498
|
| |
$
|
183,146
|
|
| | | | | | | | | | |
|
|
Non-interest expense
| |
$
|
136,661
| | |
$
|
138,452
| | |
$
|
132,157
| | |
$
|
132,695
| | |
$
|
122,275
| |
|
Less: Amortization of tax credit investments
| |
|
(1,637
|
)
| |
|
(3,376
|
)
| |
|
(3,503
|
)
| |
|
(3,151
|
)
| |
|
(998
|
)
|
|
Total non-interest expense
| |
$
|
135,024
|
| |
$
|
135,076
|
| |
$
|
128,654
|
| |
$
|
129,544
|
| |
$
|
121,277
|
|
| | | | | | | | | | |
|
|
Pre-provision net revenue
| |
$
|
62,150
|
| |
$
|
69,361
|
| |
$
|
65,532
|
| |
$
|
62,954
|
| |
$
|
61,869
|
|
| | | | | | | | | | |
|
|
|
FULTON FINANCIAL CORPORATION |
RECONCILIATION OF NON-GAAP MEASURES CONTINUED (UNAUDITED) |
in thousands, except per share data and percentages |
|
|
Reconciliation of Net Income; Net Income
per share, diluted; and Selected Financial Ratios, adjusted to
exclude the Tax Charge recognized in the fourth quarter of 2017
related to the re-measurement of net deferred tax assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| | | | | | | | | | | | | Three Months Ended |
| | | | | | | | | | | | | December 31 |
| | | | | | | | | | | | | 2017 |
Net income and Net income per share,
diluted | | | | | | | | | | | | | |
|
Net income
| | | | | | | | | | | | |
$
|
34,001
| |
|
Plus: Re-measurement of net deferred tax assets
| | | | | | | | | | | | |
|
15,634
|
|
|
Net Income, adjusted (numerator)
| | | | | | | | | | | | |
$
|
49,635
|
|
| | | | | | | | | | | | |
|
|
Weighted average shares (diluted) (denominator)
| | | | | | | | | | | | |
|
176,374
|
|
| | | | | | | | | | | | |
|
|
Net income per share, diluted
| | | | | | | | | | | | |
$
|
0.28
|
|
| | | | | | | | | | | | |
|
Return on average assets | | | | | | | | | | | | | |
|
Net income
| | | | | | | | | | | | |
$
|
34,001
| |
|
Plus: Re-measurement of net deferred tax assets
| | | | | | | | | | | | |
|
15,634
|
|
|
Net Income, adjusted (numerator)
| | | | | | | | | | | | |
$
|
49,635
|
|
| | | | | | | | | | | | |
|
|
Average assets (denominator)
| | | | | | | | | | | | |
$
|
20,072,579
|
|
| | | | | | | | | | | | |
|
|
Return on average assets, annualized
| | | | | | | | | | | | |
|
0.98
|
%
|
| | | | | | | | | | | | |
|
Return on average shareholders' equity | | | | | | | | | | | | | |
|
Net income
| | | | | | | | | | | | |
$
|
34,001
| |
|
Plus: Re-measurement of net deferred tax assets
| | | | | | | | | | | | |
|
15,634
|
|
|
Net Income, adjusted (numerator)
| | | | | | | | | | | | |
$
|
49,635
|
|
| | | | | | | | | | | | |
|
|
Average shareholders' equity (denominator)
| | | | | | | | | | | | |
$
|
2,237,031
|
|
| | | | | | | | | | | | |
|
|
Return on average shareholders' equity, annualized
| | | | | | | | | | | | |
|
8.80
|
%
|
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
Return on average shareholders' equity
(tangible) | | | | | | | | | | | | | |
|
Net Income, as reported
| | | | | | | | | | | | |
$
|
34,001
| |
|
Plus: Re-measurement of net deferred tax assets
| | | | | | | | | | | | |
|
15,634
|
|
|
Net Income, adjusted (numerator)
| | | | | | | | | | | | |
$
|
49,635
|
|
| | | | | | | | | | | | |
|
|
Average shareholders' equity
| | | | | | | | | | | | |
$
|
2,237,031
| |
|
Less: Average goodwill and intangible assets
| | | | | | | | | | | | |
|
(531,556
|
)
|
|
Average tangible shareholders' equity (denominator)
| | | | | | | | | | | | |
$
|
1,705,475
|
|
| | | | | | | | | | | | |
|
|
Return on average shareholders' equity (tangible), annualized
| | | | | | | | | | | | |
|
11.55
|
%
|
| | | | | | | | | | | | |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006611/en/
Fulton Financial Corporation
Media Contact:
Laura Wakeley,
717-291-2616
or
Investor Contact:
Jason Weber,
717-327-2394
Source: Fulton Financial Corporation