Press Release

Fulton Financial Corporation Announces Third Quarter 2022 Results

Company Release - 10/18/2022 5:00 PM ET

Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $68.3 million, or $0.40 per diluted share, for the third quarter of 2022, an increase of $0.9 million, or 1.3%, in comparison to the second quarter of 2022. The Corporation reported net income available to common shareholders of $197.5 million, or $1.20 per diluted share, for the nine months ended September 30, 2022, a decrease of $8.4 million or 4.1%, in comparison to the nine months ended September 30, 2021. The results for the third quarter of 2022 include the impact of the consummation of the acquisition by the Corporation of Prudential Bancorp, Inc. ("Prudential Bancorp") on July 1, 2022.

"I'm pleased to report that we had a strong third quarter, with operating earnings being at an all-time high for Fulton," said E. Phillip Wenger, Chairman and CEO. "As I retire from my current role on December 31, I have tremendous confidence in my successor, Curt Myers, our senior management team and directors, and the more than 3,300 talented team members to continue to change lives for the better for our customers and our shareholders."

"We are grateful to Phil Wenger for all the contributions he has made over his 43 years of service to Fulton, and we look forward to carrying on his legacy" said Curtis J. Myers, President and COO. "As Phil noted, our third quarter performance was strong, driven primarily by increased net interest income, which was helped by rising interest rates, good loan growth, consistent fee income, and the effect of our acquisition of Prudential Bancorp completed on July 1, 2022."

Operating net income available to common shareholders was $80.5 million, or $0.48 per diluted share, for the third quarter of 2022, calculated as shown below.

 

 

 

 

 

 

Three months ended

(in thousands except per share data)

 

 

September 30, 2022

 

 

 

Net income available to common shareholders

 

$68,309

Plus: Core deposit intangible amortization, net of tax

 

406

Plus: Merger-related expenses, net of tax

 

5,535

Plus: Current expected credit losses ("CECL") day 1 provision expense, net of tax

 

6,283

Operating net income available to common shareholders

 

$80,533

 

 

 

 

 

 

 

Weighted average shares (diluted) (denominator)

 

168,781

 

 

 

 

 

 

 

Operating net income available to common shareholders per share (diluted)

 

$0.48

Net Interest Income and Balance Sheet

Net interest income for the third quarter of 2022 was $215.6 million, an increase of $36.8 million in comparison to the second quarter of 2022. The net interest margin for the third quarter of 2022 increased 50 basis points, to 3.54%, in comparison to 3.04% in the second quarter of 2022.

The linked-quarter increase in net interest income was primarily due to rising interest rates resulting in increases in interest income from net loans and investment securities of $41.3 million and $1.7 million, respectively. An increase in the average balances for net loans and investment securities of $926.7 million and $102.0 million, respectively, driven in part by the Prudential Bancorp acquisition, also contributed to the increase in interest income. Interest income from Prudential Bancorp was approximately $10.9 million in the third quarter of 2022. Interest expense from interest-bearing liabilities for the third quarter of 2022 increased by $6.6 million in comparison to $11.5 million in the second quarter of 2022, and included $2.7 million from Prudential Bancorp.

For the third quarter of 2022, net interest income was $215.6 million, an increase of $44.3 million, or 25.9%, in comparison to the third quarter of 2021 primarily driven by higher interest rates resulting in an increase in interest income from net loans of $43.6 million. An increase in the average balances for net loans and investment securities of $1,149.7 million and $678.9 million, respectively, driven in part by the Prudential Bancorp acquisition, also contributed to the increase in interest income. Interest income from Prudential Bancorp was approximately $10.9 million in the third quarter of 2022. Interest expense from interest-bearing liabilities for the third quarter of 2022 increased by $5.3 million in comparison to $12.8 million in the third quarter of 2021, and included $2.7 million from Prudential Bancorp.

Total average interest-earning assets for the third quarter of 2022 was $24.7 billion, an increase of $709.0 million from the second quarter of 2022, primarily driven by the aforementioned increases in average net loans of $926.7 million and average investment securities of $102.0 million, partially offset by a decrease in other interest-earning assets of $315.6 million.

Total average interest-earning assets for the third quarter of 2022 increased by $122.6 million from the third quarter of 2021. Average net loans for the third quarter of 2022 were $19.6 billion, an increase of $1,149.7 million from the same period in 2021. Included in average net loans for the third quarter of 2022 were Paycheck Protection Program ("PPP") loans with an average balance of $49.2 million, a decrease of $801.4 million from the third quarter of 2021. Compared to the third quarter of 2021, average other interest-earning assets decreased $1,678.7 million and average investment securities increased $678.9 million, respectively.

Total average interest-bearing liabilities increased $731.7 million, to $15.6 billion, in the third quarter of 2022 in comparison to $14.9 billion in the second quarter of 2022, due in part to the Prudential Bancorp acquisition, and driven overall by increases in average balances of interest-bearing deposits, long-term borrowings and short-term borrowings of $376.2 million, $204.5 million and $151.0 million, respectively.

Total average interest-bearing liabilities for the third quarter of 2022 decreased $194.3 million in comparison to $15.8 billion in the third quarter of 2021, driven by a decrease in the average total interest-bearing deposits of $431.6 million, partially offset by increases in average balances of long-term borrowings and short-term borrowings of $134.2 million and $103.1 million, respectively.

Asset Quality

In the third quarter of 2022, a provision for credit losses of $19.0 million was recorded in comparison to a provision for credit losses of $1.5 million in the second quarter of 2022, and a negative provision for credit losses of $0.6 million in the third quarter of 2021. Included in the third quarter of 2022 provision for credit losses was a CECL "Day 1" provision for credit losses of $8.0 million for the acquired Prudential Bancorp loan portfolio (the "CECL "Day 1" Provision"). Excluding the CECL "Day 1" Provision for credit losses, the provision for credit losses was $11.0 million and was primarily due to an increase in non-performing loans, as well as increases in reserves for the office building and residential mortgage loan portfolios.

Non-performing assets were $198.6 million, or 0.76% of total assets, at September 30, 2022, in comparison to $178.3 million, or 0.71% at June 30, 2022, and $152.1 million, or 0.58% of total assets, at September 30, 2021.

Annualized net charge-offs (recoveries) for the third quarter of 2022, was 0.01% of total average loans, in comparison to (0.08%) and (0.05)% in the second quarter of 2022 and the third quarter of 2021, respectively.

Non-interest Income

Non-interest income before investment securities gains in the third quarter of 2022 was $59.2 million, an increase of $0.8 million, or 1.4%, from the second quarter of 2022. The increase in non-interest income was driven primarily by an increase of $0.8 million in consumer banking fees.

Compared to the third quarter of 2021, non-interest income before investment securities gains in the third quarter of 2022 decreased $3.4 million, or 5.4%, from $62.6 million. The decrease in non-interest income was due to decreases of $5.8 million in mortgage banking income, $2.2 million in other income primarily due to equity method investments, and $0.9 million in wealth management revenues, partially offset by increases of $4.1 million in commercial banking revenues and $1.5 million in consumer banking fees.

Non-interest Expense

Non-interest expense, excluding merger-related expenses of $7.0 million and intangible amortization of $0.7 million, was $161.9 million in the third quarter of 2022, an increase of $13.3 million, or 9.0%, compared to the second quarter of 2022. The increase was primarily due to an $8.9 million increase in salaries and employee benefits expense that included $2.6 million in additional performance-based accruals and $2.0 million of salaries and employee benefits costs from Prudential Bancorp. In addition, compared to the second quarter of 2022, data processing and software expense increased $1.1 million, charitable contributions, reflected in other expense, increased $0.8 million due to contributions made to the Fulton Forward Foundation, and other outside services increased $0.6 million. The total impact on non-interest expense from Prudential Bancorp in the third quarter of 2022 was $3.6 million.

Compared to the third quarter of 2021, non-interest expense, excluding merger-related expenses of $7.0 million and intangible amortization of $0.7 million, increased $17.4 million, or 12.1%, in the third quarter of 2022, primarily due to an increase in salaries and employee benefits expense of $11.6 million. In addition, compared to the third quarter of 2021, data processing and software expense increased $1.5 million, other outside services increased $1.5 million and net occupancy costs increased $1.1 million.

Income Tax Expense

For the third quarter of 2022, the effective tax rate was 17.8%, in comparison to 17.6% for the full-year of 2021.

Additional information on Fulton is available on the Internet at www.fultonbank.com.

Safe Harbor Statement

This press 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, including future credit losses, 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, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission (the "SEC") and are or will be available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

 

 

 

 

 

 

in thousands, except per-share data and percentages

 

 

 

 

 

 

 

Three months ended

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

2022

 

2022

 

2022

 

2021

 

2021

Ending Balances

 

 

 

 

 

 

 

 

 

Investments

$

3,936,694

 

 

$

4,117,801

 

 

$

4,288,674

 

 

$

4,167,774

 

 

$

4,000,760

 

Net loans

 

19,695,199

 

 

 

18,920,950

 

 

 

18,476,119

 

 

 

18,325,350

 

 

 

18,269,407

 

Total assets

 

26,146,042

 

 

 

25,252,686

 

 

 

25,598,310

 

 

 

25,796,398

 

 

 

26,390,832

 

Deposits

 

21,376,554

 

 

 

21,143,866

 

 

 

21,541,174

 

 

 

21,573,499

 

 

 

22,074,041

 

Shareholders' equity

 

2,471,159

 

 

 

2,471,093

 

 

 

2,569,535

 

 

 

2,712,680

 

 

 

2,699,818

 

 

 

 

 

 

 

 

 

 

 

Average Balances

 

 

 

 

 

 

 

 

 

Investments

$

4,254,216

 

 

$

4,216,507

 

 

$

4,228,827

 

 

$

3,980,045

 

 

$

3,914,627

 

Net loans

 

19,563,825

 

 

 

18,637,175

 

 

 

18,383,118

 

 

 

18,220,550

 

 

 

18,414,153

 

Total assets

 

26,357,095

 

 

 

25,578,432

 

 

 

25,622,462

 

 

 

26,136,536

 

 

 

26,440,876

 

Deposits

 

21,788,052

 

 

 

21,523,713

 

 

 

21,480,183

 

 

 

21,876,938

 

 

 

22,123,480

 

Shareholders' equity

 

2,604,057

 

 

 

2,531,346

 

 

 

2,688,834

 

 

 

2,713,198

 

 

 

2,722,833

 

 

 

 

 

 

 

 

 

 

 

Income Statement

 

 

 

 

 

 

 

 

 

Net interest income

$

215,582

 

 

$

178,831

 

 

$

161,310

 

 

$

165,613

 

 

$

171,270

 

Provision for credit losses

 

18,958

 

 

 

1,500

 

 

 

(6,950

)

 

 

(5,000

)

 

 

(600

)

Non-interest income

 

59,162

 

 

 

58,391

 

 

 

55,256

 

 

 

63,881

 

 

 

62,577

 

Non-interest expense

 

169,558

 

 

 

149,730

 

 

 

145,978

 

 

 

154,019

 

 

 

144,596

 

Income before taxes

 

86,228

 

 

 

85,992

 

 

 

77,538

 

 

 

80,475

 

 

 

89,851

 

Net income available to common shareholders

 

68,309

 

 

 

67,427

 

 

 

61,726

 

 

 

59,325

 

 

 

73,021

 

Pre-provision net revenue(1)

 

113,631

 

 

 

89,384

 

 

 

71,842

 

 

 

77,837

 

 

 

90,947

 

 

 

 

 

 

 

 

 

 

 

Per Share

 

 

 

 

 

 

 

 

 

Net income available to common shareholders (basic)

$

0.41

 

 

$

0.42

 

 

$

0.38

 

 

$

0.37

 

 

$

0.45

 

Net income available to common shareholders (diluted)

$

0.40

 

 

$

0.42

 

 

$

0.38

 

 

$

0.37

 

 

$

0.45

 

Operating net income available to common shareholders(1)

$

0.48

 

 

$

0.42

 

 

$

0.38

 

 

$

0.37

 

 

$

0.45

 

Cash dividends

$

0.15

 

 

$

0.15

 

 

$

0.15

 

 

$

0.22

 

 

$

0.14

 

Common shareholders' equity

$

13.61

 

 

$

14.15

 

 

$

14.79

 

 

$

15.70

 

 

$

15.53

 

Common shareholders' equity (tangible)(1)

$

10.26

 

 

$

10.81

 

 

$

11.44

 

 

$

12.35

 

 

$

12.21

 

Weighted average shares (basic)

 

167,353

 

 

 

160,920

 

 

 

160,588

 

 

 

161,210

 

 

 

162,506

 

Weighted average shares (diluted)

 

168,781

 

 

 

162,075

 

 

 

161,911

 

 

 

162,355

 

 

 

163,456

 

 

 

 

 

 

 

 

 

 

 

(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this press release.

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

2022

 

2022

 

2022

 

2021

 

2021

Asset Quality

 

 

 

 

 

 

 

 

 

Net (recoveries) charge offs to average loans (annualized)

 

0.01

%

 

 

(0.08

)%

 

 

(0.02

)%

 

 

0.07

%

 

 

(0.05

)%

Non-performing loans to total loans

 

0.98

%

 

 

0.92

%

 

 

0.87

%

 

 

0.83

%

 

 

0.82

%

Non-performing assets to total assets

 

0.76

%

 

 

0.71

%

 

 

0.64

%

 

 

0.60

%

 

 

0.58

%

ACL - loans(2) to total loans

 

1.35

%

 

 

1.31

%

 

 

1.32

%

 

 

1.36

%

 

 

1.41

%

ACL - loans(2) to non-performing loans

 

138

%

 

 

143

%

 

 

151

%

 

 

164

%

 

 

171

%

 

 

 

 

 

 

 

 

 

 

Asset Quality, excluding PPP (1)(3)

 

 

 

 

 

 

 

 

 

Net (recoveries) charge offs to adjusted average loans (annualized)

 

0.01

%

 

 

(0.08

)%

 

 

(0.02

)%

 

 

0.07

%

 

 

(0.05

)%

Non-performing loans to total adjusted loans

 

0.98

%

 

 

0.92

%

 

 

0.88

%

 

 

0.84

%

 

 

0.85

%

ACL - loans(2) to total adjusted loans

 

1.36

%

 

 

1.32

%

 

 

1.33

%

 

 

1.38

%

 

 

1.45

%

 

 

 

 

 

 

 

 

 

 

Profitability

 

 

 

 

 

 

 

 

 

Return on average assets, annualized

 

1.07

%

 

 

1.10

%

 

 

1.02

%

 

 

0.94

%

 

 

1.13

%

Operating return on average assets, annualized(1)

 

1.25

%

 

 

1.11

%

 

 

1.02

%

 

 

0.94

%

 

 

1.13

%

Return on average common shareholders' equity, annualized

 

11.24

%

 

 

11.57

%

 

 

10.03

%

 

 

9.34

%

 

 

11.45

%

Return on average common shareholders' equity (tangible), annualized(1)

 

17.31

%

 

 

15.23

%

 

 

12.88

%

 

 

11.89

%

 

 

14.56

%

Net interest margin

 

3.54

%

 

 

3.04

%

 

 

2.78

%

 

 

2.77

%

 

 

2.82

%

Efficiency ratio(1)

 

57.8

%

 

 

61.4

%

 

 

65.8

%

 

 

65.2

%

 

 

60.3

%

Non-interest expenses to total average assets

 

2.55

%

 

 

2.35

%

 

 

2.31

%

 

 

2.34

%

 

 

2.17

%

Operating non-interest expenses to total average assets(1)

 

2.43

%

 

 

2.32

%

 

 

2.29

%

 

 

2.30

%

 

 

2.14

%

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

Tangible common equity ratio ("TCE")(1)

 

6.7

%

 

 

7.0

%

 

 

7.3

%

 

 

7.8

%

 

 

7.6

%

TCE ratio, (excluding AOCI)(1)(5)

 

8.3

%

 

 

8.2

%

 

 

7.9

%

 

 

7.8

%

 

 

7.5

%

Tier 1 leverage ratio(4)

 

9.3

%

 

 

9.1

%

 

 

8.9

%

 

 

8.6

%

 

 

8.4

%

Common equity Tier 1 capital ratio(4)

 

10.0

%

 

 

9.9

%

 

 

10.0

%

 

 

9.9

%

 

 

10.1

%

Tier 1 risk-based capital ratio(4)

 

10.9

%

 

 

10.8

%

 

 

10.9

%

 

 

10.9

%

 

 

11.1

%

Total risk-based capital ratio(4)

 

13.7

%

 

 

13.7

%

 

 

13.8

%

 

 

14.1

%

 

 

14.4

%

(1) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.

(2) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures.

(3) Asset quality information excluding PPP loans.

(4) Regulatory capital ratios as of September 30, 2022 are preliminary and prior periods are actual.

(5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI")

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change from

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Jun 30

 

Sep 30

 

 

2022

 

2022

 

2022

 

2021

 

2021

 

2022

 

2021

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

143,465

 

 

$

158,605

 

 

$

161,462

 

 

$

172,276

 

 

$

260,564

 

 

(9.5

)%

 

(44.9

)%

 

Other interest-earning assets

 

467,164

 

 

 

383,715

 

 

 

1,054,232

 

 

 

1,523,973

 

 

 

2,271,738

 

 

21.7

%

 

(79.4

)%

 

Loans held for sale

 

14,411

 

 

 

17,528

 

 

 

27,675

 

 

 

35,768

 

 

 

43,123

 

 

(17.8

)%

 

(66.6

)%

 

Investment securities

 

3,936,694

 

 

 

4,117,801

 

 

 

4,288,674

 

 

 

4,167,774

 

 

 

4,000,760

 

 

(4.4

)%

 

(1.6

)%

 

Net loans

 

19,695,199

 

 

 

18,920,950

 

 

 

18,476,119

 

 

 

18,325,350

 

 

 

18,269,407

 

 

4.1

%

 

7.8

%

 

Less: ACL - loans(1)

 

(266,838

)

 

 

(248,564

)

 

 

(243,705

)

 

 

(249,001

)

 

 

(256,727

)

 

(7.4

)%

 

(3.9

)%

 

Loans, net

 

19,428,361

 

 

 

18,672,386

 

 

 

18,232,414

 

 

 

18,076,349

 

 

 

18,012,680

 

 

4.0

%

 

7.9

%

 

Net, premises and equipment

 

221,496

 

 

 

211,639

 

 

 

218,257

 

 

 

220,357

 

 

 

228,179

 

 

4.7

%

 

(2.9

)%

 

Accrued interest receivable

 

72,821

 

 

 

64,457

 

 

 

55,102

 

 

 

57,451

 

 

 

57,902

 

 

13.0

%

 

25.8

%

 

Goodwill and intangible assets

 

561,495

 

 

 

537,700

 

 

 

537,877

 

 

 

538,053

 

 

 

536,697

 

 

4.4

%

 

4.6

%

 

Other assets

 

1,300,135

 

 

 

1,088,855

 

 

 

1,022,617

 

 

 

1,004,397

 

 

 

979,189

 

 

19.4

%

 

32.8

%

 

Total Assets

$

26,146,042

 

 

$

25,252,686

 

 

$

25,598,310

 

 

$

25,796,398

 

 

$

26,390,832

 

 

3.5

%

 

(0.9

)%

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

21,376,554

 

 

$

21,143,866

 

 

$

21,541,174

 

 

$

21,573,499

 

 

$

22,074,041

 

 

1.1

%

 

(3.2

)%

 

Short-term borrowings

 

618,457

 

 

 

456,185

 

 

 

452,440

 

 

 

416,764

 

 

 

468,967

 

 

35.6

%

 

31.9

%

 

Other liabilities

 

873,648

 

 

 

624,412

 

 

 

478,667

 

 

 

472,110

 

 

 

520,620

 

 

39.9

%

 

67.8

%

 

Long-term borrowings

 

806,224

 

 

 

557,130

 

 

 

556,494

 

 

 

621,345

 

 

 

627,386

 

 

44.7

%

 

28.5

%

 

Total Liabilities

 

23,674,883

 

 

 

22,781,593

 

 

 

23,028,775

 

 

 

23,083,718

 

 

 

23,691,014

 

 

3.9

%

 

(0.1

)%

 

Shareholders' equity

 

2,471,159

 

 

 

2,471,093

 

 

 

2,569,535

 

 

 

2,712,680

 

 

 

2,699,818

 

 

%

 

(8.5

)%

 

Total Liabilities and Shareholders' Equity

$

26,146,042

 

 

$

25,252,686

 

 

$

25,598,310

 

 

$

25,796,398

 

 

$

26,390,832

 

 

3.5

%

 

(0.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:

 

 

 

 

 

 

 

 

 

 

Loans, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

$

7,554,509

 

 

$

7,417,036

 

 

$

7,289,376

 

 

$

7,279,080

 

 

$

7,145,115

 

 

1.9

%

 

5.7

%

 

Commercial and industrial

 

4,208,775

 

 

 

4,098,552

 

 

 

3,992,285

 

 

 

3,906,791

 

 

 

3,863,154

 

 

2.7

%

 

8.9

%

 

Real estate - residential mortgage

 

4,574,228

 

 

 

4,203,827

 

 

 

3,946,741

 

 

 

3,846,750

 

 

 

3,719,684

 

 

8.8

%

 

23.0

%

 

Real estate - home equity

 

1,110,103

 

 

 

1,108,808

 

 

 

1,098,171

 

 

 

1,118,248

 

 

 

1,126,628

 

 

0.1

%

 

(1.5

)%

 

Real estate - construction

 

1,273,097

 

 

 

1,177,446

 

 

 

1,210,340

 

 

 

1,139,779

 

 

 

1,111,487

 

 

8.1

%

 

14.5

%

 

Consumer

 

633,666

 

 

 

538,747

 

 

 

481,551

 

 

 

464,657

 

 

 

458,595

 

 

17.6

%

 

38.2

%

 

Equipment lease financing

 

255,060

 

 

 

254,897

 

 

 

253,521

 

 

 

236,344

 

 

 

242,967

 

 

0.1

%

 

5.0

%

 

Other(2)

 

53,671

 

 

 

49,214

 

 

 

39,857

 

 

 

32,448

 

 

 

11,330

 

 

9.1

%

 

N/M

 

 

Net loans before PPP

 

19,663,109

 

 

 

18,848,527

 

 

 

18,311,842

 

 

 

18,024,097

 

 

 

17,678,960

 

 

4.3

%

 

11.2

%

 

PPP

 

32,090

 

 

 

72,423

 

 

 

164,277

 

 

 

301,253

 

 

 

590,447

 

 

(55.7

)%

 

(94.6

)%

 

Total Net Loans

$

19,695,199

 

 

$

18,920,950

 

 

$

18,476,119

 

 

$

18,325,350

 

 

$

18,269,407

 

 

4.1

%

 

7.8

%

Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

7,372,896

 

 

$

7,530,777

 

 

$

7,528,391

 

 

$

7,370,963

 

 

$

7,434,155

 

 

(2.1

)%

 

(0.8

)%

 

Interest-bearing demand

 

5,676,600

 

 

 

5,403,805

 

 

 

5,625,286

 

 

 

5,819,539

 

 

 

6,187,096

 

 

5.0

%

 

(8.3

)%

 

Savings

 

6,563,003

 

 

 

6,406,051

 

 

 

6,479,196

 

 

 

6,403,995

 

 

 

6,401,619

 

 

2.5

%

 

2.5

%

 

Total demand and savings

 

19,612,499

 

 

 

19,340,633

 

 

 

19,632,873

 

 

 

19,594,497

 

 

 

20,022,870

 

 

1.4

%

 

(2.0

)%

 

Brokered

 

226,883

 

 

 

243,172

 

 

 

248,833

 

 

 

251,526

 

 

 

262,617

 

 

(6.7

)%

 

(13.6

)%

 

Time

 

1,537,172

 

 

 

1,560,061

 

 

 

1,659,468

 

 

 

1,727,476

 

 

 

1,788,554

 

 

(1.5

)%

 

(14.1

)%

 

Total Deposits

$

21,376,554

 

 

$

21,143,866

 

 

$

21,541,174

 

 

$

21,573,499

 

 

$

22,074,041

 

 

1.1

%

 

(3.2

)%

Short-term borrowings, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer funding

$

482,457

 

 

$

436,185

 

 

$

452,440

 

 

$

416,764

 

 

$

468,967

 

 

10.6

%

 

2.9

%

 

Federal funds purchased

 

136,000

 

 

 

20,000

 

 

 

 

 

 

 

 

 

 

 

N/M

 

 

N/M

 

 

Total Short-Term Borrowings

$

618,457

 

 

$

456,185

 

 

$

452,440

 

 

$

416,764

 

 

$

468,967

 

 

35.6

%

 

31.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

(2) Consists of overdrafts and net origination fees and costs.

 

N/M - Not meaningful

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

% Change from

 

Nine Months Ended

 

 

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Jun 30

 

Sep 30

 

Sep 30

 

 

 

 

 

 

2022

 

2022

 

2022

 

2021

 

2021

 

2022

 

2021

 

2022

 

2021

 

%
Change

Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

$

233,691

 

 

$

190,299

 

 

$

173,001

 

 

$

177,724

 

 

$

184,079

 

 

22.8

%

 

27.0

%

 

$

596,991

 

 

$

545,688

 

 

9.4

%

 

Interest expense

 

 

 

18,109

 

 

 

11,468

 

 

 

11,691

 

 

 

12,111

 

 

 

12,809

 

 

57.9

%

 

41.4

%

 

 

41,268

 

 

 

47,570

 

 

(13.2

)%

 

Net Interest Income

 

 

 

215,582

 

 

 

178,831

 

 

 

161,310

 

 

 

165,613

 

 

 

171,270

 

 

20.6

%

 

25.9

%

 

 

555,723

 

 

 

498,118

 

 

11.6

%

 

Provision for credit losses

 

 

 

18,958

 

 

 

1,500

 

 

 

(6,950

)

 

 

(5,000

)

 

 

(600

)

 

N/M

 

 

N/M

 

 

 

13,508

 

 

 

(9,600

)

 

N/M

 

 

Net Interest Income after

Provision

 

 

 

196,624

 

 

 

177,331

 

 

 

168,260

 

 

 

170,613

 

 

 

171,870

 

 

10.9

%

 

14.4

%

 

 

542,215

 

 

 

507,718

 

 

6.8

%

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant and card

 

 

 

7,601

 

 

 

7,355

 

 

 

6,097

 

 

 

6,588

 

 

 

6,979

 

 

3.3

%

 

8.9

%

 

 

21,053

 

 

 

19,533

 

 

7.8

%

 

Cash management

 

 

 

6,483

 

 

 

6,062

 

 

 

5,428

 

 

 

5,318

 

 

 

5,285

 

 

6.9

%

 

22.7

%

 

 

17,973

 

 

 

15,547

 

 

15.6

%

 

Capital markets

 

 

 

4,060

 

 

 

3,893

 

 

 

1,676

 

 

 

2,982

 

 

 

2,063

 

 

4.3

%

 

96.8

%

 

 

9,629

 

 

 

6,399

 

 

50.5

%

 

Other commercial banking

 

 

 

2,664

 

 

 

3,049

 

 

 

2,807

 

 

 

3,592

 

 

 

2,411

 

 

(12.6

)%

 

10.5

%

 

 

8,520

 

 

 

8,730

 

 

(2.4

)%

 

Total commercial banking

 

 

 

20,808

 

 

 

20,359

 

 

 

16,008

 

 

 

18,480

 

 

 

16,738

 

 

2.2

%

 

24.3

%

 

 

57,175

 

 

 

50,209

 

 

13.9

%

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Card

 

 

 

6,278

 

 

 

6,067

 

 

 

5,796

 

 

 

5,953

 

 

 

5,941

 

 

3.5

%

 

5.7

%

 

 

18,141

 

 

 

17,552

 

 

3.4

%

 

Overdraft

 

 

 

4,463

 

 

 

3,881

 

 

 

3,772

 

 

 

3,896

 

 

 

3,474

 

 

15.0

%

 

28.5

%

 

 

12,116

 

 

 

8,948

 

 

35.4

%

 

Other consumer banking

 

 

 

2,534

 

 

 

2,524

 

 

 

2,106

 

 

 

2,280

 

 

 

2,386

 

 

0.4

%

 

6.2

%

 

 

7,164

 

 

 

6,915

 

 

3.6

%

 

Total consumer banking

 

 

 

13,275

 

 

 

12,472

 

 

 

11,674

 

 

 

12,129

 

 

 

11,801

 

 

6.4

%

 

12.5

%

 

 

37,421

 

 

 

33,415

 

 

12.0

%

 

Wealth management

 

 

 

17,610

 

 

 

18,274

 

 

 

19,428

 

 

 

18,285

 

 

 

18,532

 

 

(3.6

)%

 

(5.0

)%

 

 

55,312

 

 

 

53,513

 

 

3.4

%

 

Mortgage banking

 

 

 

3,720

 

 

 

3,768

 

 

 

4,576

 

 

 

7,243

 

 

 

9,535

 

 

(1.3

)%

 

(61.0

)%

 

 

12,064

 

 

 

26,333

 

 

(54.2

)%

 

Other

 

 

 

3,802

 

 

 

3,510

 

 

 

3,551

 

 

 

7,739

 

 

 

5,971

 

 

8.3

%

 

(36.3

)%

 

 

10,863

 

 

 

12,883

 

 

(15.7

)%

 

Non-interest income before

investment securities gains (losses)

 

 

 

59,215

 

 

 

58,383

 

 

 

55,237

 

 

 

63,876

 

 

 

62,577

 

 

1.4

%

 

(5.4

)%

 

 

172,835

 

 

 

176,353

 

 

(2.0

)%

 

Investment securities gains (losses), net

 

 

 

(53

)

 

 

8

 

 

 

19

 

 

 

5

 

 

 

 

 

N/M

 

 

N/M

 

 

 

(26

)

 

 

33,511

 

 

(100.1

)%

 

Total Non-Interest Income

 

 

 

59,162

 

 

 

58,391

 

 

 

55,256

 

 

 

63,881

 

 

 

62,577

 

 

1.3

%

 

(5.5

)%

 

 

172,809

 

 

 

209,864

 

 

(17.7

)%

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

 

94,283

 

 

 

85,404

 

 

 

84,464

 

 

 

85,506

 

 

 

82,679

 

 

10.4

%

 

14.0

%

 

 

264,151

 

 

 

243,632

 

 

8.4

%

 

Data processing and software

 

 

 

15,807

 

 

 

14,685

 

 

 

14,315

 

 

 

14,612

 

 

 

14,335

 

 

7.6

%

 

10.3

%

 

 

44,807

 

 

 

41,828

 

 

7.1

%

 

Net occupancy

 

 

 

14,025

 

 

 

13,587

 

 

 

14,522

 

 

 

14,366

 

 

 

12,957

 

 

3.2

%

 

8.2

%

 

 

42,134

 

 

 

39,433

 

 

6.8

%

 

Other outside services

 

 

 

9,361

 

 

 

8,764

 

 

 

8,167

 

 

 

9,637

 

 

 

7,889

 

 

6.8

%

 

18.7

%

 

 

26,292

 

 

 

24,557

 

 

7.1

%

 

Equipment

 

 

 

3,548

 

 

 

3,422

 

 

 

3,423

 

 

 

3,539

 

 

 

3,416

 

 

3.7

%

 

3.9

%

 

 

10,393

 

 

 

10,268

 

 

1.2

%

 

FDIC insurance

 

 

 

3,158

 

 

 

2,961

 

 

 

3,209

 

 

 

3,032

 

 

 

2,727

 

 

6.7

%

 

15.8

%

 

 

9,328

 

 

 

7,633

 

 

22.2

%

 

Professional fees

 

 

 

2,373

 

 

 

2,013

 

 

 

1,792

 

 

 

1,946

 

 

 

2,271

 

 

17.9

%

 

4.5

%

 

 

6,178

 

 

 

7,701

 

 

(19.8

)%

 

Marketing

 

 

 

1,859

 

 

 

1,326

 

 

 

1,320

 

 

 

1,477

 

 

 

1,448

 

 

40.2

%

 

28.4

%

 

 

4,505

 

 

 

3,798

 

 

18.6

%

 

Intangible amortization

 

 

 

690

 

 

 

177

 

 

 

176

 

 

 

146

 

 

 

150

 

 

N/M

 

 

N/M

 

 

 

1,043

 

 

 

443

 

 

135.4

%

 

Debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

 

674

 

 

 

 

 

N/M

 

 

N/M

 

 

 

 

 

 

32,575

 

 

(100.0

)%

 

Merger-related expenses

 

 

 

7,006

 

 

 

1,027

 

 

 

401

 

 

 

 

 

 

 

 

N/M

 

 

N/M

 

 

 

8,434

 

 

 

 

 

N/M

 

 

Other

 

 

 

17,448

 

 

 

16,364

 

 

 

14,189

 

 

 

19,084

 

 

 

16,724

 

 

6.6

%

 

4.3

%

 

 

48,001

 

 

 

51,943

 

 

(7.6

)%

 

Total Non-Interest Expense

 

 

 

169,558

 

 

 

149,730

 

 

 

145,978

 

 

 

154,019

 

 

 

144,596

 

 

13.2

%

 

17.3

%

 

 

465,266

 

 

 

463,811

 

 

0.3

%

 

Income Before Income Taxes

 

 

 

86,228

 

 

 

85,992

 

 

 

77,538

 

 

 

80,475

 

 

 

89,851

 

 

0.3

%

 

(4.0

)%

 

 

249,758

 

 

 

253,771

 

 

(1.6

)%

 

Income tax expense

 

 

 

15,357

 

 

 

16,003

 

 

 

13,250

 

 

 

18,588

 

 

 

14,268

 

 

(4.0

)%

 

7.6

%

 

 

44,610

 

 

 

40,160

 

 

11.1

%

 

Net Income

 

 

 

70,871

 

 

 

69,989

 

 

 

64,288

 

 

 

61,887

 

 

 

75,583

 

 

1.3

%

 

(6.2

)%

 

 

205,148

 

 

 

213,611

 

 

(4.0

)%

 

Preferred stock dividends

 

 

 

(2,562

)

 

 

(2,562

)

 

 

(2,562

)

 

 

(2,562

)

 

 

(2,562

)

 

%

 

%

 

 

(7,686

)

 

 

(7,715

)

 

0.4

%

 

Net Income Available to

Common Shareholders

 

 

$

68,309

 

 

$

67,427

 

 

$

61,726

 

 

$

59,325

 

 

$

73,021

 

 

1.3

%

 

(6.5

)%

 

$

197,462

 

 

$

205,896

 

 

(4.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

% Change from

 

Nine Months Ended

 

 

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Jun 30

 

Sep 30

 

Sep 30

 

 

 

 

 

 

2022

 

2022

 

2022

 

2021

 

2021

 

2022

 

2021

 

2022

 

2021

 

%
Change

PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.41

 

 

$

0.42

 

 

$

0.38

 

 

$

0.37

 

 

$

0.45

 

 

(2.4

)%

 

(8.9

)%

 

$

1.21

 

 

$

1.27

 

 

(4.7

)%

 

Diluted

 

 

$

0.40

 

 

$

0.42

 

 

$

0.38

 

 

$

0.37

 

 

$

0.45

 

 

(4.8

)%

 

(11.1

)%

 

$

1.20

 

 

$

1.26

 

 

(4.8

)%

 

Cash dividends

 

 

$

0.15

 

 

$

0.15

 

 

$

0.15

 

 

$

0.22

 

 

$

0.14

 

 

%

 

7.1

%

 

$

0.45

 

 

$

0.42

 

 

7.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (basic)

 

 

 

167,353

 

 

 

160,920

 

 

 

160,588

 

 

 

161,210

 

 

 

162,506

 

 

4.0

%

 

3.0

%

 

 

162,979

 

 

 

162,577

 

 

0.2

%

 

Weighted average shares (diluted)

 

 

 

168,781

 

 

 

162,075

 

 

 

161,991

 

 

 

162,355

 

 

 

163,456

 

 

4.1

%

 

3.3

%

 

 

164,254

 

 

 

163,634

 

 

0.4

%

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

Three months ended

 

 

September 30, 2022

 

June 30, 2022

 

September 30, 2021

 

 

Average

 

Interest

 

Yield/

 

Average

 

Interest

 

Yield/

 

Average

 

Interest

 

Yield/

 

 

Balance

 

(1)

 

Rate

 

Balance

 

(1)

 

Rate

 

Balance

 

(1)

 

Rate

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loans

$

19,563,825

 

 

$

207,343

 

 

4.21

%

 

$

18,637,175

 

 

$

165,682

 

 

3.56

%

 

$

18,414,153

 

 

$

163,343

 

 

3.53

%

 

Investment securities

 

4,500,461

 

 

 

28,022

 

 

2.49

%

 

 

4,398,424

 

 

 

26,061

 

 

2.37

%

 

 

3,821,513

 

 

 

21,663

 

 

2.27

%

 

Loans held for sale

 

9,098

 

 

 

194

 

 

8.51

%

 

 

13,260

 

 

 

260

 

 

7.84

%

 

 

36,427

 

 

 

299

 

 

3.28

%

 

Other interest-earning assets

 

622,673

 

 

 

2,103

 

 

1.34

%

 

 

938,244

 

 

 

1,723

 

 

0.74

%

 

 

2,301,326

 

 

 

1,888

 

 

0.18

%

 

Total Interest-Earning Assets

 

24,696,057

 

 

 

237,662

 

 

3.83

%

 

 

23,987,103

 

 

 

193,726

 

 

3.24

%

 

 

24,573,419

 

 

 

187,193

 

 

3.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-Earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

152,349

 

 

 

 

 

 

 

160,240

 

 

 

 

 

 

 

200,315

 

 

 

 

 

 

Premises and equipment

 

223,880

 

 

 

 

 

 

 

216,798

 

 

 

 

 

 

 

228,861

 

 

 

 

 

 

Other assets

 

1,545,812

 

 

 

 

 

 

 

1,463,332

 

 

 

 

 

 

 

1,695,767

 

 

 

 

 

 

Less: ACL - loans(2)

 

(261,003

)

 

 

 

 

 

 

(249,041

)

 

 

 

 

 

 

(257,486

)

 

 

 

 

 

Total Assets

$

26,357,095

 

 

 

 

 

 

$

25,578,432

 

 

 

 

 

 

$

26,440,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

5,708,059

 

 

$

1,886

 

 

0.13

%

 

$

5,597,975

 

 

$

797

 

 

0.06

%

 

$

6,168,908

 

 

$

814

 

 

0.05

%

 

Savings deposits

 

6,681,713

 

 

 

3,414

 

 

0.20

%

 

 

6,425,634

 

 

 

1,125

 

 

0.07

%

 

 

6,392,537

 

 

 

1,054

 

 

0.07

%

 

Brokered deposits

 

247,105

 

 

 

1,346

 

 

2.16

%

 

 

244,200

 

 

 

619

 

 

1.02

%

 

 

270,168

 

 

 

229

 

 

0.34

%

 

Time deposits

 

1,615,384

 

 

 

3,404

 

 

0.84

%

 

 

1,608,286

 

 

 

3,255

 

 

0.81

%

 

 

1,852,223

 

 

 

4,428

 

 

0.95

%

 

Total Interest-Bearing Deposits

 

14,252,261

 

 

 

10,050

 

 

0.28

%

 

 

13,876,095

 

 

 

5,796

 

 

0.17

%

 

 

14,683,836

 

 

 

6,525

 

 

0.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

597,883

 

 

 

1,149

 

 

0.76

%

 

 

446,838

 

 

 

190

 

 

0.17

%

 

 

494,811

 

 

 

131

 

 

0.11

%

 

Long-term borrowings

 

761,465

 

 

 

6,911

 

 

3.62

%

 

 

556,992

 

 

 

5,482

 

 

3.94

%

 

 

627,300

 

 

 

6,153

 

 

3.92

%

 

Total Interest-Bearing Liabilities

 

15,611,609

 

 

 

18,110

 

 

0.47

%

 

 

14,879,925

 

 

 

11,468

 

 

0.31

%

 

 

15,805,947

 

 

 

12,809

 

 

0.32

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-Bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

7,535,791

 

 

 

 

 

 

 

7,647,618

 

 

 

 

 

 

 

7,439,644

 

 

 

 

 

 

Other

 

605,638

 

 

 

 

 

 

 

519,543

 

 

 

 

 

 

 

472,452

 

 

 

 

 

 

Total Liabilities

 

23,753,038

 

 

 

 

 

 

 

23,047,086

 

 

 

 

 

 

 

23,718,043

 

 

 

 

 

 

Total Deposits/Cost of Deposits

 

21,788,052

 

 

 

 

0.18

%

 

 

21,523,713

 

 

 

 

0.11

%

 

 

22,123,480

 

 

 

 

0.12

%

 

Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")

 

23,147,400

 

 

 

 

0.31

%

 

 

22,527,543

 

 

 

 

0.20

%

 

 

23,245,591

 

 

 

 

0.22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

2,604,057

 

 

 

 

 

 

 

2,531,346

 

 

 

 

 

 

 

2,722,833

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$

26,357,095

 

 

 

 

 

 

$

25,578,432

 

 

 

 

 

 

$

26,440,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income/net interest margin (fully taxable equivalent)

 

 

 

219,552

 

 

3.54

%

 

 

 

 

182,258

 

 

3.04

%

 

 

 

 

174,384

 

 

2.82

%

 

Tax equivalent adjustment

 

 

 

(3,970

)

 

 

 

 

 

 

(3,427

)

 

 

 

 

 

 

(3,114

)

 

 

 

Net Interest Income

 

 

$

215,582

 

 

 

 

 

 

$

178,831

 

 

 

 

 

 

$

171,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.

(2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):

dollars in thousands

 

 

Three months ended

 

% Change from

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Jun 30

 

Sep 30

 

 

2022

 

2022

 

2022

 

2021

 

2021

 

2022

 

2021

Loans, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

$

7,566,259

 

$

7,340,417

 

$

7,294,914

 

$

7,157,906

 

$

7,134,177

 

 

3.1

%

 

6.1

%

 

Commercial and industrial

 

4,201,399

 

 

4,040,587

 

 

3,986,900

 

 

3,898,559

 

 

3,878,767

 

 

4.0

%

 

8.3

%

 

Real estate - residential mortgage

 

4,485,649

 

 

4,052,666

 

 

3,887,428

 

 

3,773,156

 

 

3,642,822

 

 

10.7

%

 

23.1

%

 

Real estate - home equity

 

1,099,487

 

 

1,118,494

 

 

1,106,319

 

 

1,122,042

 

 

1,128,076

 

 

(1.7

)%

 

(2.5

)%

 

Real estate - construction

 

1,268,590

 

 

1,188,932

 

 

1,137,649

 

 

1,117,592

 

 

1,085,846

 

 

6.7

%

 

16.8

%

 

Consumer

 

604,634

 

 

485,095

 

 

471,129

 

 

462,346

 

 

452,844

 

 

24.6

%

 

33.5

%

 

Equipment lease financing

 

252,810

 

 

253,659

 

 

236,388

 

 

238,349

 

 

247,776

 

 

(0.3

)%

 

2.0

%

 

Other(1)

 

35,823

 

 

42,476

 

 

36,277

 

 

15,558

 

 

(6,773

)

 

(15.7

)%

 

N/M

 

 

Net loans before PPP

 

19,514,651

 

 

18,522,326

 

 

18,157,004

 

 

17,785,508

 

 

17,563,535

 

 

5.4

%

 

11.1

%

 

PPP

 

49,174

 

 

114,849

 

 

226,114

 

 

435,042

 

 

850,618

 

 

(57.2

)%

 

(94.2

)%

 

Total Net Loans

$

19,563,825

 

$

18,637,175

 

$

18,383,118

 

$

18,220,550

 

$

18,414,153

 

 

5.0

%

 

6.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

7,535,791

 

$

7,647,618

 

$

7,431,235

 

$

7,516,656

 

$

7,439,644

 

 

(1.5

)%

 

1.3

%

 

Interest-bearing demand

 

5,708,059

 

 

5,597,975

 

 

5,664,987

 

 

5,933,780

 

 

6,168,908

 

 

2.0

%

 

(7.5

)%

 

Savings

 

6,681,713

 

 

6,425,634

 

 

6,436,548

 

 

6,413,638

 

 

6,392,537

 

 

4.0

%

 

4.5

%

 

Total demand and savings

 

19,925,563

 

 

19,671,227

 

 

19,532,770

 

 

19,864,074

 

 

20,001,089

 

 

1.3

%

 

(0.4

)%

 

Brokered

 

247,105

 

 

244,200

 

 

250,350

 

 

256,192

 

 

270,168

 

 

1.2

%

 

(8.5

)%

 

Time

 

1,615,384

 

 

1,608,286

 

 

1,697,063

 

 

1,756,672

 

 

1,852,223

 

 

0.4

%

 

(12.8

)%

 

Total Deposits

$

21,788,052

 

$

21,523,713

 

$

21,480,183

 

$

21,876,938

 

$

22,123,480

 

 

1.2

%

 

(1.5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer funding

$

483,429

 

$

443,970

 

$

423,949

 

$

474,022

 

$

494,811