Fulton Financial Announces Third Quarter Earnings
Fulton Financial Corporation (NASDAQ: FULT) reported a net income of $62 million, or $0.38 per diluted share, for Q3 2020. The mortgage business achieved record growth, contributing to stronger-than-expected results. Net interest income remained at $154 million, although the net interest margin fell to 2.70%. Total average assets rose to $25.2 billion, driven by PPP loans. Non-interest income increased by 20% from the prior quarter to $63 million. A strategic review promises $25 million in annual expense savings but incurs a one-time charge of $17-$19 million.
- Net income of $62 million, or $0.38 per diluted share.
- Record growth in the mortgage business.
- Non-interest income increased by 20% to $63 million.
- Total average assets rose to $25.2 billion.
- Net interest margin decreased to 2.70%.
- One-time charge expected to be $17-$19 million for strategic review.
LANCASTER, Pa.--(BUSINESS WIRE)--Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income of
“While it is still too early to fully assess the impact of COVID-19 on our regional economy, we were pleased that our third quarter produced stronger results than we had initially predicted in both our commercial and consumer lines of business,” said E. Philip Wenger, Chairman and CEO. “In particular, our mortgage business achieved record growth in the third quarter, coming on the heels of a record second quarter. Loan growth, fee income and credit quality also exceeded our expectations. And after a strategic, company-wide review, we are taking steps to significantly reduce our annual operating expenses for the future, with the goal of prudently managing the company for the longer term.”
Net Interest Income and Balance Sheet
Net interest income for the third quarter of 2020 was
Total average assets for the third quarter of 2020 were
Average loans and yields, by type, for the third quarter of 2020 in comparison to the second quarter of 2020 are summarized in the following table:
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Three months ended |
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September 30, 2020 |
|
June 30, 2020 |
|
Growth |
||||||||||||||||
|
Balance |
|
Yield (1) |
|
Balance |
|
Yield (1) |
|
$ |
|
% |
||||||||||
|
(dollars in thousands) |
||||||||||||||||||||
Average Loans, net of unearned income, by type: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate - commercial mortgage |
$ |
6,986,528 |
|
|
3.27 |
% |
|
$ |
6,875,872 |
|
|
3.47 |
% |
|
$ |
110,656 |
|
|
1.6 |
% |
|
Commercial and industrial(2) |
5,983,872 |
|
|
2.53 |
% |
|
5,710,145 |
|
|
2.83 |
% |
|
273,727 |
|
|
4.8 |
% |
||||
Real estate - residential mortgage |
2,975,516 |
|
|
3.73 |
% |
|
2,769,682 |
|
|
3.88 |
% |
|
205,834 |
|
|
7.4 |
% |
||||
Real estate - home equity |
1,237,602 |
|
|
3.87 |
% |
|
1,271,190 |
|
|
3.91 |
% |
|
(33,588) |
|
|
(2.6) |
% |
||||
Real estate - construction |
981,589 |
|
|
3.84 |
% |
|
941,079 |
|
|
3.53 |
% |
|
40,510 |
|
|
4.3 |
% |
||||
Consumer |
464,851 |
|
|
4.07 |
% |
|
465,728 |
|
|
4.17 |
% |
|
(877) |
|
|
(0.2) |
% |
||||
Equipment lease financing |
279,217 |
|
|
3.96 |
% |
|
284,658 |
|
|
3.44 |
% |
|
(5,441) |
|
|
(1.9) |
% |
||||
Other(3) |
(28,656) |
|
|
N/A |
|
13,443 |
|
|
N/A |
|
(42,099) |
|
|
N/M |
|||||||
Total Average Loans, net of unearned income |
$ |
18,880,519 |
|
|
3.38 |
% |
|
$ |
18,331,797 |
|
|
3.52 |
% |
|
$ |
548,722 |
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Presented on a fully-taxable equivalent basis using a |
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(2) Includes average PPP loans of |
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(3) Consists of overdrafts and net origination fees and costs. |
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|
|
|
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|
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|
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Total average liabilities increased
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Three months ended |
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September 30, 2020 |
|
June 30, 2020 |
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Growth |
||||||||||||||||
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
$ |
|
% |
||||||||||
|
(dollars in thousands) |
||||||||||||||||||||
Average Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand |
$ |
6,270,683 |
|
|
— |
|
|
$ |
5,789,788 |
|
|
— |
|
|
$ |
480,895 |
|
|
8.3 |
% |
|
Interest-bearing demand |
5,591,548 |
|
|
0.14 |
% |
|
5,103,419 |
|
|
0.17 |
% |
|
488,129 |
|
|
9.6 |
% |
||||
Savings |
5,716,050 |
|
|
0.16 |
% |
|
5,446,368 |
|
|
0.25 |
% |
|
269,682 |
|
|
5.0 |
% |
||||
Total average demand and savings |
17,578,281 |
|
|
0.10 |
% |
|
16,339,575 |
|
|
0.14 |
% |
|
1,238,706 |
|
|
7.6 |
% |
||||
Brokered |
314,721 |
|
|
0.56 |
% |
|
312,121 |
|
|
0.54 |
% |
|
2,600 |
|
|
0.8 |
% |
||||
Time |
2,495,445 |
|
|
1.58 |
% |
|
2,624,962 |
|
|
1.71 |
% |
|
(129,517) |
|
|
(4.9) |
% |
||||
Total Average Deposits |
$ |
20,388,447 |
|
|
0.29 |
% |
|
$ |
19,276,658 |
|
|
0.36 |
% |
|
$ |
1,111,789 |
|
|
5.8 |
% |
|
Asset Quality
The provision for credit losses for the third quarter of 2020 was
Non-performing assets were
Annualized net recoveries for the quarter ended September 30, 2020 were
Non-interest Income
Non-interest income in the third quarter of 2020, excluding investment securities gains, was
In the third quarter of 2020, a
Compared to the third quarter of 2019, non-interest income, excluding investment securities gains, increased
Net investment securities gains declined by
Non-interest Expense
Non-interest expense was
Compared to the third quarter of 2019, non-interest expense decreased
As a result of a recent strategic operating expense review the Corporation is making a number of changes that are expected to result in annual expense savings of
It is expected that the savings will not be fully realized until mid-2021. In addition, it is expected that a pre-tax charge within the range of
Income Tax Expense
The effective income tax rate for the third quarter of 2020 was
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. 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, they are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission and are or will be available in the Investor Relations section of the Corporation's website (www.fult.com) and on the Securities and Exchange Commission's website (www.sec.gov).
Non-GAAP Financial Measures
The Corporation uses certain non-GAAP financial measures in this earnings release. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this release.
FULTON FINANCIAL CORPORATION |
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SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) |
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in thousands, except per-share data and percentages |
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Three months ended |
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Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
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|||||||||||
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|||||||||||
Ending Balances |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investments |
$ |
3,097,721 |
|
|
$ |
2,974,813 |
|
|
$ |
3,141,440 |
|
|
$ |
2,867,378 |
|
|
$ |
2,705,610 |
|
|
|
Loans, net of unearned income |
19,028,621 |
|
|
18,704,722 |
|
|
17,077,403 |
|
|
16,837,526 |
|
|
16,686,866 |
|
|
||||||
Total assets |
25,543,281 |
|
|
24,617,863 |
|
|
22,929,859 |
|
|
21,886,040 |
|
|
21,703,618 |
|
|
||||||
Deposits |
20,730,051 |
|
|
19,884,208 |
|
|
17,365,026 |
|
|
17,393,913 |
|
|
17,342,717 |
|
|
||||||
Shareholders' equity |
2,390,261 |
|
|
2,340,501 |
|
|
2,285,748 |
|
|
2,342,176 |
|
|
2,324,016 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average Balances |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investments |
$ |
2,977,672 |
|
|
$ |
3,096,632 |
|
|
$ |
3,071,828 |
|
|
$ |
2,830,999 |
|
|
$ |
2,829,672 |
|
|
|
Loans, net of unearned income |
18,880,519 |
|
|
18,331,797 |
|
|
16,860,067 |
|
|
16,768,057 |
|
|
16,436,507 |
|
|
||||||
Total assets |
25,169,508 |
|
|
24,139,116 |
|
|
22,252,099 |
|
|
21,812,438 |
|
|
21,457,800 |
|
|
||||||
Deposits |
20,388,447 |
|
|
19,276,658 |
|
|
17,121,428 |
|
|
17,449,565 |
|
|
16,950,667 |
|
|
||||||
Shareholders' equity |
2,374,091 |
|
|
2,309,133 |
|
|
2,337,016 |
|
|
2,341,397 |
|
|
2,315,585 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income Statement |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest income |
$ |
154,116 |
|
|
$ |
152,754 |
|
|
$ |
160,746 |
|
|
$ |
159,270 |
|
|
$ |
161,260 |
|
|
|
Provision for credit losses |
7,080 |
|
|
19,570 |
|
|
44,030 |
|
|
20,530 |
|
|
2,170 |
|
|
||||||
Non-interest income |
63,248 |
|
|
55,922 |
|
|
54,644 |
|
|
55,281 |
|
|
59,813 |
|
|
||||||
Non-interest expense |
139,147 |
|
|
143,006 |
|
|
142,552 |
|
|
138,974 |
|
|
146,770 |
|
|
||||||
Income before taxes |
71,137 |
|
|
46,101 |
|
|
28,808 |
|
|
55,047 |
|
|
72,133 |
|
|
||||||
Net income |
61,607 |
|
|
39,559 |
|
|
26,047 |
|
|
47,789 |
|
|
62,108 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Per Share |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (basic) |
$ |
0.38 |
|
|
$ |
0.24 |
|
|
$ |
0.16 |
|
|
$ |
0.29 |
|
|
$ |
0.38 |
|
|
|
Net income (diluted) |
$ |
0.38 |
|
|
$ |
0.24 |
|
|
$ |
0.16 |
|
|
$ |
0.29 |
|
|
$ |
0.37 |
|
|
|
Cash dividends |
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.17 |
|
|
$ |
0.13 |
|
|
|
Shareholders' equity (tangible)(1) |
$ |
11.44 |
|
|
$ |
11.15 |
|
|
$ |
10.84 |
|
|
$ |
11.00 |
|
|
$ |
10.91 |
|
|
|
Weighted average shares (basic) |
162,061 |
|
|
161,715 |
|
|
163,475 |
|
|
164,135 |
|
|
165,324 |
|
|
||||||
Weighted average shares (diluted) |
162,579 |
|
|
162,267 |
|
|
164,417 |
|
|
165,039 |
|
|
166,126 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document. |
|
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|
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|
Three months ended |
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|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
|||||
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|||||
Asset Quality(2) |
|
|
|
|
|
|
|
|
|
|
|||||
Net (recoveries) charge-offs to average loans (annualized) |
(0.05) |
% |
|
0.09 |
% |
|
0.26 |
% |
|
0.65 |
% |
|
0.15 |
% |
|
Non-performing loans to total loans |
0.75 |
% |
|
0.75 |
% |
|
0.82 |
% |
|
0.84 |
% |
|
0.81 |
% |
|
Non-performing assets to total assets |
0.57 |
% |
|
0.59 |
% |
|
0.64 |
% |
|
0.68 |
% |
|
0.66 |
% |
|
ACL - loans(3) to total loans |
1.40 |
% |
|
1.37 |
% |
|
1.40 |
% |
|
0.97 |
% |
|
1.00 |
% |
|
ACL - loans(3) to non-performing loans |
188 |
% |
|
183 |
% |
|
170 |
% |
|
116 |
% |
|
122 |
% |
|
Non-performing assets to shareholders' equity (tangible) and ACL - loans (1)(3) |
6.91 |
% |
|
7.04 |
% |
|
7.37 |
% |
|
7.51 |
% |
|
7.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality, excluding PPP(1)(4) |
|
|
|
|
|
|
|
|
|
|
|||||
Net (recoveries) charge-offs to average adjusted loans (annualized) |
(0.06) |
% |
|
0.10 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
Non-performing loans to total adjusted loans |
0.83 |
% |
|
0.83 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
ACL - loans(3) to total adjusted loans |
1.56 |
% |
|
1.53 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Profitability |
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets |
0.97 |
% |
|
0.66 |
% |
|
0.47 |
% |
|
0.87 |
% |
|
1.15 |
% |
|
Return on average shareholders' equity |
10.32 |
% |
|
6.89 |
% |
|
4.48 |
% |
|
8.10 |
% |
|
10.64 |
% |
|
Return on average shareholders' equity (tangible)(1) |
13.50 |
% |
|
8.99 |
% |
|
5.84 |
% |
|
10.52 |
% |
|
14.03 |
% |
|
Net interest margin |
2.70 |
% |
|
2.81 |
% |
|
3.21 |
% |
|
3.22 |
% |
|
3.31 |
% |
|
Efficiency ratio(1) |
62.3 |
% |
|
66.4 |
% |
|
64.5 |
% |
|
63.1 |
% |
|
63.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|||||
Tangible common equity ratio(1) |
7.4 |
% |
|
7.5 |
% |
|
7.8 |
% |
|
8.5 |
% |
|
8.5 |
% |
|
Tier 1 leverage ratio(5) |
7.4 |
% |
|
7.6 |
% |
|
7.9 |
% |
|
8.4 |
% |
|
8.5 |
% |
|
Common equity Tier 1 capital ratio(5) |
9.5 |
% |
|
9.5 |
% |
|
9.4 |
% |
|
9.7 |
% |
|
9.6 |
% |
|
Tier 1 capital ratio(5) |
9.5 |
% |
|
9.5 |
% |
|
9.4 |
% |
|
9.7 |
% |
|
9.6 |
% |
|
Total risk-based capital ratio(5) |
13.9 |
% |
|
13.8 |
% |
|
13.8 |
% |
|
11.8 |
% |
|
12.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document. |
|
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(2) Effective January 1, 2020, Fulton adopted Accounting Standards Update 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” referred to as the current expected credit loss model (“CECL”). This accounting standard requires that credit losses for financial assets and off-balance-sheet ("OBS") credit exposures be measured based on expected credit losses, rather than on incurred credit losses as in prior periods. |
|
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(3) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures. |
|
||||||||||||||
(4) Asset quality information excluding Paycheck Protection Program (PPP) loans. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document. |
|
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(5) Regulatory capital ratios as of September 30, 2020 are preliminary and prior periods are actual. |
|
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FULTON FINANCIAL CORPORATION |
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CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) |
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dollars in thousands |
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|
% Change from |
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|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
Sep 30 |
|||||||||||||
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2020 |
|
2019 |
|||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash and due from banks |
$ |
139,304 |
|
|
$ |
141,702 |
|
|
$ |
181,777 |
|
|
$ |
132,283 |
|
|
$ |
120,671 |
|
|
(1.7) |
% |
|
15.4 |
% |
|
Other interest-earning assets |
1,489,550 |
|
|
1,007,939 |
|
|
793,572 |
|
|
482,930 |
|
|
572,499 |
|
|
47.8 |
% |
|
160.2 |
% |
||||||
Loans held for sale |
93,621 |
|
|
77,415 |
|
|
40,645 |
|
|
37,828 |
|
|
33,945 |
|
|
20.9 |
% |
|
175.8 |
% |
||||||
Investment securities |
3,097,721 |
|
|
2,974,813 |
|
|
3,141,440 |
|
|
2,867,378 |
|
|
2,705,610 |
|
|
4.1 |
% |
|
14.5 |
% |
||||||
Loans, net of unearned income |
19,028,621 |
|
|
18,704,722 |
|
|
17,077,403 |
|
|
16,837,526 |
|
|
16,686,866 |
|
|
1.7 |
% |
|
14.0 |
% |
||||||
Less: ACL - loans(1) |
(266,825) |
|
|
(256,537) |
|
|
(238,508) |
|
|
(163,622) |
|
|
(166,135) |
|
|
4.0 |
% |
|
60.6 |
% |
||||||
Net loans |
18,761,796 |
|
|
18,448,185 |
|
|
16,838,895 |
|
|
16,673,904 |
|
|
16,520,731 |
|
|
1.7 |
% |
|
13.6 |
% |
||||||
Premises and equipment |
236,943 |
|
|
239,596 |
|
|
236,908 |
|
|
240,046 |
|
|
237,344 |
|
|
(1.1) |
% |
|
(0.2) |
% |
||||||
Accrued interest receivable |
70,766 |
|
|
73,720 |
|
|
59,365 |
|
|
60,898 |
|
|
60,447 |
|
|
(4.0) |
% |
|
17.1 |
% |
||||||
Goodwill and intangible assets |
534,907 |
|
|
535,039 |
|
|
535,171 |
|
|
535,303 |
|
|
534,178 |
|
|
— |
% |
|
0.1 |
% |
||||||
Other assets |
1,118,673 |
|
|
1,119,454 |
|
|
1,102,086 |
|
|
855,470 |
|
|
918,193 |
|
|
(0.1) |
% |
|
21.8 |
% |
||||||
Total Assets |
$ |
25,543,281 |
|
|
$ |
24,617,863 |
|
|
$ |
22,929,859 |
|
|
$ |
21,886,040 |
|
|
$ |
21,703,618 |
|
|
3.8 |
% |
|
17.7 |
% |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Deposits |
$ |
20,730,051 |
|
|
$ |
19,884,208 |
|
|
$ |
17,365,026 |
|
|
$ |
17,393,913 |
|
|
$ |
17,342,717 |
|
|
4.3 |
% |
|
19.5 |
% |
|
Short-term borrowings |
611,727 |
|
|
572,551 |
|
|
1,386,808 |
|
|
883,241 |
|
|
832,860 |
|
|
6.8 |
% |
|
(26.6) |
% |
||||||
Other liabilities |
515,230 |
|
|
525,407 |
|
|
513,811 |
|
|
384,941 |
|
|
477,311 |
|
|
(1.9) |
% |
|
7.9 |
% |
||||||
FHLB advances and long-term debt |
1,296,012 |
|
|
1,295,196 |
|
|
1,378,466 |
|
|
881,769 |
|
|
726,714 |
|
|
0.1 |
% |
|
78.3 |
% |
||||||
Total Liabilities |
23,153,020 |
|
|
22,277,362 |
|
|
20,644,111 |
|
|
19,543,864 |
|
|
19,379,602 |
|
|
3.9 |
% |
|
19.5 |
% |
||||||
Shareholders' equity |
2,390,261 |
|
|
2,340,501 |
|
|
2,285,748 |
|
|
2,342,176 |
|
|
2,324,016 |
|
|
2.1 |
% |
|
2.9 |
% |
||||||
Total Liabilities and Shareholders' Equity |
$ |
25,543,281 |
|
|
$ |
24,617,863 |
|
|
$ |
22,929,859 |
|
|
$ |
21,886,040 |
|
|
$ |
21,703,618 |
|
|
3.8 |
% |
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: |
||||||||||||||||||||||||||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Real estate - commercial mortgage |
$ |
7,046,330 |
|
|
$ |
6,934,936 |
|
|
$ |
6,895,069 |
|
|
$ |
6,700,776 |
|
|
$ |
6,604,634 |
|
|
1.6 |
% |
|
6.7 |
% |
|
Commercial and industrial |
4,007,278 |
|
|
4,033,439 |
|
|
4,450,557 |
|
|
4,445,634 |
|
|
4,493,379 |
|
|
(0.6) |
% |
|
(10.8) |
% |
||||||
Real estate - residential mortgage |
3,061,835 |
|
|
2,862,226 |
|
|
2,718,290 |
|
|
2,641,465 |
|
|
2,570,793 |
|
|
7.0 |
% |
|
19.1 |
% |
||||||
Real estate - home equity |
1,222,709 |
|
|
1,251,455 |
|
|
1,292,677 |
|
|
1,314,944 |
|
|
1,346,115 |
|
|
(2.3) |
% |
|
(9.2) |
% |
||||||
Real estate - construction |
1,007,534 |
|
|
972,909 |
|
|
947,768 |
|
|
971,079 |
|
|
913,644 |
|
|
3.6 |
% |
|
10.3 |
% |
||||||
Consumer |
469,551 |
|
|
465,610 |
|
|
468,172 |
|
|
463,164 |
|
|
464,213 |
|
|
0.8 |
% |
|
1.1 |
% |
||||||
Equipment lease financing |
280,286 |
|
|
281,897 |
|
|
289,726 |
|
|
284,537 |
|
|
280,649 |
|
|
(0.6) |
% |
|
(0.1) |
% |
||||||
PPP |
1,960,165 |
|
|
1,937,034 |
|
|
— |
|
|
— |
|
|
— |
|
|
1.2 |
% |
|
N/M |
|||||||
Other(2) |
(27,067) |
|
|
(34,784) |
|
|
15,144 |
|
|
15,927 |
|
|
13,439 |
|
|
(22.2) |
% |
|
N/M |
|||||||
Total Loans, net of unearned income |
$ |
19,028,621 |
|
|
$ |
18,704,722 |
|
|
$ |
17,077,403 |
|
|
$ |
16,837,526 |
|
|
$ |
16,686,866 |
|
|
1.7 |
% |
|
14.0 |
% |
|
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest-bearing demand |
$ |
6,378,077 |
|
|
$ |
6,239,055 |
|
|
$ |
4,531,872 |
|
|
$ |
4,453,324 |
|
|
$ |
4,240,478 |
|
|
2.2 |
% |
|
50.4 |
% |
|
Interest-bearing demand |
5,813,935 |
|
|
5,099,405 |
|
|
4,724,520 |
|
|
4,720,188 |
|
|
4,771,109 |
|
|
14.0 |
% |
|
21.9 |
% |
||||||
Savings |
5,805,431 |
|
|
5,667,893 |
|
|
5,092,865 |
|
|
5,153,941 |
|
|
5,094,387 |
|
|
2.4 |
% |
|
14.0 |
% |
||||||
Total demand and savings |
17,997,443 |
|
|
17,006,353 |
|
|
14,349,257 |
|
|
14,327,453 |
|
|
14,105,974 |
|
|
5.8 |
% |
|
27.6 |
% |
||||||
Brokered |
317,588 |
|
|
310,689 |
|
|
313,337 |
|
|
264,531 |
|
|
256,870 |
|
|
2.2 |
% |
|
23.6 |
% |
||||||
Time |
2,415,020 |
|
|
2,567,166 |
|
|
2,702,432 |
|
|
2,801,929 |
|
|
2,979,873 |
|
|
(5.9) |
% |
|
(19.0) |
% |
||||||
Total Deposits |
$ |
20,730,051 |
|
|
$ |
19,884,208 |
|
|
$ |
17,365,026 |
|
|
$ |
17,393,913 |
|
|
$ |
17,342,717 |
|
|
4.3 |
% |
|
19.5 |
% |
|
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Customer funding |
$ |
611,727 |
|
|
$ |
572,551 |
|
|
$ |
461,808 |
|
|
$ |
383,241 |
|
|
$ |
337,860 |
|
|
6.8 |
% |
|
81.1 |
% |
|
Federal funds purchased |
— |
|
|
— |
|
|
200,000 |
|
|
— |
|
|
20,000 |
|
|
N/M |
|
N/M |
||||||||
Short-term FHLB advances |
— |
|
|
— |
|
|
725,000 |
|
|
500,000 |
|
|
475,000 |
|
|
N/M |
|
N/M |
||||||||
Total Short-term Borrowings |
$ |
611,727 |
|
|
$ |
572,551 |
|
|
$ |
1,386,808 |
|
|
$ |
883,241 |
|
|
$ |
832,860 |
|
|
6.8 |
% |
|
(26.6) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
N/M - Not meaningful |
|
|
|
|
||||||||||||||||||||||
(1) "ACL - loans" relates to the ACL specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures. |
||||||||||||||||||||||||||
(2) Consists of overdrafts and net origination fees and costs. |
||||||||||||||||||||||||||
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 |
|
|
|
|||||||||||||||||||
|
|
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
2020 |
|
2019 |
|
% Change |
|
|||||||||||||||||
Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Interest income |
|
|
$ |
179,159 |
|
|
$ |
180,696 |
|
|
$ |
199,378 |
|
|
$ |
202,159 |
|
|
$ |
208,413 |
|
|
(0.9) |
% |
|
(14.0) |
% |
|
|
|
$ |
559,233 |
|
|
$ |
623,147 |
|
|
(10.3) |
% |
|
Interest expense |
|
|
25,043 |
|
|
27,942 |
|
|
38,632 |
|
|
42,889 |
|
|
47,153 |
|
|
(10.4) |
% |
|
(46.9) |
% |
|
|
|
91,617 |
|
|
134,028 |
|
|
(31.6) |
% |
|
|||||||
Net Interest Income |
|
|
154,116 |
|
|
152,754 |
|
|
160,746 |
|
|
159,270 |
|
|
161,260 |
|
|
0.9 |
% |
|
(4.4) |
% |
|
|
|
467,616 |
|
|
489,119 |
|
|
(4.4) |
% |
|
|||||||
Provision for credit losses |
|
|
7,080 |
|
|
19,570 |
|
|
44,030 |
|
|
20,530 |
|
|
2,170 |
|
|
(63.8) |
% |
|
N/M |
|
|
|
70,680 |
|
|
12,295 |
|
|
N/M |
|
|||||||||
Net Interest Income after Provision |
|
|
147,036 |
|
|
133,184 |
|
|
116,716 |
|
|
138,740 |
|
|
159,090 |
|
|
10.4 |
% |
|
(7.6) |
% |
|
|
|
396,936 |
|
|
476,824 |
|
|
(16.8) |
% |
|
|||||||
Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Wealth management |
|
|
14,943 |
|
|
13,407 |
|
|
15,055 |
|
|
14,419 |
|
|
13,867 |
|
|
11.5 |
% |
|
7.8 |
% |
|
|
|
43,405 |
|
|
41,259 |
|
|
5.2 |
% |
|
|||||||
Mortgage banking |
|
|
16,801 |
|
|
9,964 |
|
|
6,234 |
|
|
5,076 |
|
|
6,658 |
|
|
68.6 |
% |
|
152.3 |
% |
|
|
|
32,998 |
|
|
18,023 |
|
|
83.1 |
% |
|
|||||||
Consumer banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Card |
|
|
5,002 |
|
|
4,966 |
|
|
4,685 |
|
|
4,991 |
|
|
5,791 |
|
|
0.7 |
% |
|
(13.6) |
% |
|
|
|
14,653 |
|
|
15,524 |
|
|
(5.6) |
% |
|
|||||||
Overdraft |
|
|
3,015 |
|
|
2,107 |
|
|
4,058 |
|
|
4,750 |
|
|
4,682 |
|
|
43.1 |
% |
|
(35.6) |
% |
|
|
|
9,180 |
|
|
13,199 |
|
|
(30.4) |
% |
|
|||||||
Other consumer banking |
|
|
2,406 |
|
|
2,065 |
|
|
2,496 |
|
|
2,688 |
|
|
2,860 |
|
|
16.5 |
% |
|
(15.9) |
% |
|
|
|
6,967 |
|
|
8,354 |
|
|
(16.6) |
% |
|
|||||||
Total consumer banking |
|
|
10,423 |
|
|
9,138 |
|
|
11,239 |
|
|
12,429 |
|
|
13,333 |
|
|
14.1 |
% |
|
(21.8) |
% |
|
|
|
30,800 |
|
|
37,077 |
|
|
(16.9) |
% |
|
|||||||
Commercial banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Merchant and card |
|
|
6,237 |
|
|
5,326 |
|
|
5,624 |
|
|
5,841 |
|
|
6,166 |
|
|
17.1 |
% |
|
1.2 |
% |
|
|
|
17,187 |
|
|
18,236 |
|
|
(5.8) |
% |
|
|||||||
Cash management |
|
|
4,742 |
|
|
4,503 |
|
|
4,742 |
|
|
4,697 |
|
|
4,696 |
|
|
5.3 |
% |
|
1.0 |
% |
|
|
|
13,987 |
|
|
13,695 |
|
|
2.1 |
% |
|
|||||||
Capital markets |
|
|
4,696 |
|
|
5,004 |
|
|
5,075 |
|
|
5,939 |
|
|
4,448 |
|
|
(6.2) |
% |
|
5.6 |
% |
|
|
|
14,775 |
|
|
11,015 |
|
|
34.1 |
% |
|
|||||||
Other commercial banking |
|
|
2,636 |
|
|
1,914 |
|
|
2,978 |
|
|
3,664 |
|
|
3,478 |
|
|
37.7 |
% |
|
(24.2) |
% |
|
|
|
7,528 |
|
|
10,109 |
|
|
(25.5) |
% |
|
|||||||
Total commercial banking |
|
|
18,311 |
|
|
16,748 |
|
|
18,419 |
|
|
20,141 |
|
|
18,788 |
|
|
9.3 |
% |
|
(2.5) |
% |
|
|
|
53,477 |
|
|
53,055 |
|
|
0.8 |
% |
|
|||||||
Other |
|
|
2,769 |
|
|
3,660 |
|
|
3,651 |
|
|
3,216 |
|
|
2,675 |
|
|
(24.3) |
% |
|
3.5 |
% |
|
|
|
10,080 |
|
|
6,733 |
|
|
49.7 |
% |
|
|||||||
Non-interest income before investment securities gains |
|
|
63,246 |
|
|
52,917 |
|
|
54,598 |
|
|
55,281 |
|
|
55,321 |
|
|
19.5 |
% |
|
14.3 |
% |
|
|
|
170,761 |
|
|
156,147 |
|
|
9.4 |
% |
|
|||||||
Investment securities gains, net |
|
|
2 |
|
|
3,005 |
|
|
46 |
|
|
— |
|
|
4,492 |
|
|
N/M |
|
N/M |
|
|
|
3,053 |
|
|
4,733 |
|
|
(35.5) |
% |
|
|||||||||
Total Non-Interest Income |
|
|
63,248 |
|
|
55,922 |
|
|
54,644 |
|
|
55,281 |
|
|
59,813 |
|
|
13.1 |
% |
|
5.7 |
% |
|
|
|
173,814 |
|
|
160,880 |
|
|
8.0 |
% |
|
|||||||
Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Salaries and employee benefits |
|
|
79,227 |
|
|
81,012 |
|
|
80,228 |
|
|
76,975 |
|
|
78,211 |
|
|
(2.2) |
% |
|
1.3 |
% |
|
|
|
240,467 |
|
|
234,959 |
|
|
2.3 |
% |
|
|||||||
Net occupancy |
|
|
13,221 |
|
|
13,144 |
|
|
13,486 |
|
|
13,080 |
|
|
12,368 |
|
|
0.6 |
% |
|
6.9 |
% |
|
|
|
39,851 |
|
|
39,746 |
|
|
0.3 |
% |
|
|||||||
Data processing and software |
|
|
12,285 |
|
|
12,193 |
|
|
11,645 |
|
|
11,468 |
|
|
11,590 |
|
|
0.8 |
% |
|
6.0 |
% |
|
|
|
36,123 |
|
|
33,211 |
|
|
8.8 |
% |
|
|||||||
Other outside services |
|
|
7,617 |
|
|
7,600 |
|
|
7,881 |
|
|
8,215 |
|
|
12,163 |
|
|
0.2 |
% |
|
(37.4) |
% |
|
|
|
23,098 |
|
|
31,774 |
|
|
(27.3) |
% |
|
|||||||
Equipment |
|
|
3,711 |
|
|
3,193 |
|
|
3,418 |
|
|
3,475 |
|
|
3,459 |
|
|
16.2 |
% |
|
7.3 |
% |
|
|
|
10,322 |
|
|
10,100 |
|
|
2.2 |
% |
|
|||||||
Professional fees |
|
|
2,879 |
|
|
3,331 |
|
|
4,202 |
|
|
2,873 |
|
|
3,331 |
|
|
(13.6) |
% |
|
(13.6) |
% |
|
|
|
10,412 |
|
|
10,261 |
|
|
1.5 |
% |
|
|||||||
Marketing |
|
|
1,147 |
|
|
1,303 |
|
|
1,579 |
|
|
1,503 |
|
|
3,322 |
|
|
(12.0) |
% |
|
(65.5) |
% |
|
|
|
4,029 |
|
|
8,345 |
|
|
(51.7) |
% |
|
|||||||
Amortization of tax credit investments |
|
|
1,694 |
|
|
1,450 |
|
|
1,450 |
|
|
1,505 |
|
|
1,533 |
|
|
16.8 |
% |
|
10.5 |
% |
|
|
|
4,594 |
|
|
4,516 |
|
|
1.7 |
% |
|
|||||||
FDIC insurance |
|
|
1,578 |
|
|
2,133 |
|
|
2,808 |
|
|
2,177 |
|
|
239 |
|
|
(26.0) |
% |
|
N/M |
|
|
|
6,519 |
|
|
5,603 |
|
|
16.3 |
% |
|
||||||||
Intangible amortization |
|
|
132 |
|
|
132 |
|
|
132 |
|
|
142 |
|
|
1,071 |
|
|
— |
% |
|
(87.7) |
% |
|
|
|
397 |
|
|
1,285 |
|
|
(69.1) |
% |
|
|||||||
Prepayment penalty on FHLB advances |
|
|
— |
|
|
2,878 |
|
|
— |
|
|
— |
|
|
4,326 |
|
|
N/M |
|
N/M |
|
|
|
2,878 |
|
|
4,326 |
|
|
(33.5) |
% |
|
|||||||||
Other |
|
|
15,654 |
|
|
14,637 |
|
|
15,723 |
|
|
17,561 |
|
|
15,157 |
|
|
6.9 |
% |
|
3.3 |
% |
|
|
|
46,014 |
|
|
44,636 |
|
|
3.1 |
% |
|
|||||||
Total Non-Interest Expense |
|
|
139,147 |
|
|
143,006 |
|
|
142,552 |
|
|
138,974 |
|
|
146,770 |
|
|
(2.7) |
% |
|
(5.2) |
% |
|
|
|
424,705 |
|
|
428,762 |
|
|
(0.9) |
% |
|
|||||||
Income Before Income Taxes |
|
|
71,137 |
|
|
46,100 |
|
|
28,808 |
|
|
55,047 |
|
|
72,133 |
|
|
54.3 |
% |
|
(1.4) |
% |
|
|
|
146,045 |
|
|
208,942 |
|
|
(30.1) |
% |
|
|||||||
Income tax expense |
|
|
9,529 |
|
|
6,542 |
|
|
2,761 |
|
|
7,258 |
|
|
10,025 |
|
|
45.7 |
% |
|
(4.9) |
% |
|
|
|
18,832 |
|
|
30,391 |
|
|
(38.0) |
% |
|
|||||||
Net Income |
|
|
$ |
61,607 |
|
|
$ |
39,559 |
|
|
$ |
26,047 |
|
|
$ |
47,789 |
|
|
$ |
62,108 |
|
|
55.7 |
% |
|
(0.8) |
% |
|
|
|
$ |
127,213 |
|
|
$ |
178,551 |
|
|
(28.8) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Basic |
|
|
$ |
0.38 |
|
|
$ |
0.24 |
|
|
$ |
0.16 |
|
|
$ |
0.29 |
|
|
$ |
0.38 |
|
|
58.3 |
% |
|
— |
% |
|
|
|
$ |
0.78 |
|
|
$ |
1.06 |
|
|
(26.4) |
% |
|
Diluted |
|
|
0.38 |
|
|
0.24 |
|
|
0.16 |
|
|
0.29 |
|
|
0.37 |
|
|
58.3 |
% |
|
2.7 |
% |
|
|
|
0.78 |
|
|
1.06 |
|
|
(26.4) |
% |
|
|||||||
Cash dividends |
|
|
0.13 |
|
|
0.13 |
|
|
0.13 |
|
|
0.17 |
|
|
0.13 |
|
|
— |
% |
|
— |
% |
|
|
|
$ |
0.39 |
|
|
$ |
0.39 |
|
|
— |
% |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Weighted average shares (basic) |
|
|
162,061 |
|
|
161,715 |
|
|
163,475 |
|
|
164,135 |
|
|
165,324 |
|
|
0.2 |
% |
|
(2.0) |
% |
|
|
|
162,416 |
|
|
167,834 |
|
|
(3.2) |
% |
|
|||||||
Weighted average shares (diluted) |
|
|
162,579 |
|
|
162,267 |
|
|
164,417 |
|
|
165,039 |
|
|
166,126 |
|
|
0.2 |
% |
|
(2.1) |
% |
|
|
|
163,083 |
|
|
168,722 |
|
|
(3.3) |
% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
FULTON FINANCIAL CORPORATION |
|||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|||||||||||||||||||||||||||||||||
dollars in thousands |
|||||||||||||||||||||||||||||||||
|
Three months ended |
||||||||||||||||||||||||||||||||
|
September 30, 2020 |
|
June 30, 2020 |
|
September 30, 2019 |
||||||||||||||||||||||||||||
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
||||||||||||||||
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
||||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Loans, net of unearned income |
$ |
18,880,519 |
|
|
$ |
160,344 |
|
|
3.38 |
% |
|
$ |
18,331,797 |
|
|
$ |
160,613 |
|
|
3.52 |
% |
|
$ |
16,436,507 |
|
|
$ |
188,280 |
|
|
4.55 |
% |
|
Taxable investment securities |
2,011,893 |
|
|
13,150 |
|
|
2.61 |
% |
|
2,200,870 |
|
|
15,171 |
|
|
2.76 |
% |
|
2,282,292 |
|
|
15,565 |
|
|
2.73 |
% |
|||||||
Tax-exempt investment securities |
861,764 |
|
|
6,899 |
|
|
3.19 |
% |
|
830,836 |
|
|
6,737 |
|
|
3.23 |
% |
|
516,907 |
|
|
4,650 |
|
|
3.57 |
% |
|||||||
Total Investment Securities |
2,873,657 |
|
|
20,049 |
|
|
2.79 |
% |
|
3,031,706 |
|
|
21,908 |
|
|
2.89 |
% |
|
2,799,199 |
|
|
20,215 |
|
|
2.88 |
% |
|||||||
Loans held for sale |
79,999 |
|
|
728 |
|
|
3.64 |
% |
|
55,608 |
|
|
509 |
|
|
3.66 |
% |
|
31,898 |
|
|
466 |
|
|
5.83 |
% |
|||||||
Other interest-earning assets |
1,387,327 |
|
|
1,028 |
|
|
0.30 |
% |
|
815,910 |
|
|
766 |
|
|
0.38 |
% |
|
509,579 |
|
|
2,709 |
|
|
2.12 |
% |
|||||||
Total Interest-earning Assets |
23,221,502 |
|
|
182,149 |
|
|
3.13 |
% |
|
22,235,021 |
|
|
183,796 |
|
|
3.32 |
% |
|
19,777,183 |
|
|
211,670 |
|
|
4.25 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Cash and due from banks |
138,567 |
|
|
|
|
|
|
153,728 |
|
|
|
|
|
|
120,967 |
|
|
|
|
|
|||||||||||||
Premises and equipment |
239,183 |
|
|
|
|
|
|
240,417 |
|
|
|
|
|
|
240,383 |
|
|
|
|
|
|||||||||||||
Other assets |
1,835,190 |
|
|
|
|
|
|
1,761,038 |
|
|
|
|
|
|
1,491,115 |
|
|
|
|
|
|||||||||||||
Less: ACL - loans(2) |
(264,934) |
|
|
|
|
|
|
(251,088) |
|
|
|
|
|
|
(171,848) |
|
|
|
|
|
|||||||||||||
Total Assets |
$ |
25,169,508 |
|
|
|
|
|
|
$ |
24,139,116 |
|
|
|
|
|
|
$ |
21,457,800 |
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Demand deposits |
$ |
5,591,548 |
|
|
$ |
1,913 |
|
|
0.14 |
% |
|
$ |
5,103,419 |
|
|
$ |
2,219 |
|
|
0.17 |
% |
|
$ |
4,448,112 |
|
|
$ |
9,163 |
|
|
0.82 |
% |
|
Savings deposits |
5,716,050 |
|
|
2,347 |
|
|
0.16 |
% |
|
5,446,368 |
|
|
3,331 |
|
|
0.25 |
% |
|
5,026,316 |
|
|
11,059 |
|
|
0.87 |
% |
|||||||
Brokered deposits |
314,721 |
|
|
440 |
|
|
0.56 |
% |
|
312,121 |
|
|
422 |
|
|
0.54 |
% |
|
253,426 |
|
|
1,536 |
|
|
2.40 |
% |
|||||||
Time deposits |
2,495,445 |
|
|
9,931 |
|
|
1.58 |
% |
|
2,624,962 |
|
|
11,145 |
|
|
1.71 |
% |
|
2,974,993 |
|
|
13,979 |
|
|
1.86 |
% |
|||||||
Total Interest-bearing Deposits |
14,117,764 |
|
|
14,631 |
|
|
0.41 |
% |
|
13,486,870 |
|
|
17,118 |
|
|
0.51 |
% |
|
12,702,847 |
|
|
35,737 |
|
|
1.12 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Short-term borrowings |
613,127 |
|
|
370 |
|
|
0.24 |
% |
|
707,771 |
|
|
517 |
|
|
0.29 |
% |
|
919,697 |
|
|
4156 |
|
|
1.78 |
% |
|||||||
FHLB advances and long-term debt |
1,295,515 |
|
|
10,042 |
|
|
3.10 |
% |
|
1,361,421 |
|
|
10,307 |
|
|
3.03 |
% |
|
842,706 |
|
|
7,260 |
|
|
3.44 |
% |
|||||||
Total Interest-bearing Liabilities |
16,026,406 |
|
|
25,043 |
|
|
0.62 |
% |
|
15,556,062 |
|
|
27,942 |
|
|
0.72 |
% |
|
14,465,250 |
|
|
47,153 |
|
|
1.29 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Demand deposits |
6,270,683 |
|
|
|
|
|
|
5,789,788 |
|
|
|
|
|
|
4,247,820 |
|
|
|
|
|
|||||||||||||
Total Deposits/Cost of Deposits |
20,388,447 |
|
|
|
|
0.29 |
% |
|
19,276,658 |
|
|
|
|
0.36 |
% |
|
16,950,667 |
|
|
|
|
0.84 |
% |
||||||||||
Other |
498,328 |
|
|
|
|
|
|
484,133 |
|
|
|
|
|
|
429,145 |
|
|
|
|
|
|||||||||||||
Total Liabilities |
22,795,417 |
|
|
|
|
|
|
$ |
21,829,983 |
|
|
|
|
|
|
19,142,215 |
|
|
|
|
|
||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") |
22,297,089 |
|
|
|
|
0.45 |
% |
|
21,345,850 |
|
|
|
|
0.53 |
% |
|
18,713,070 |
|
|
|
|
1.00 |
% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Shareholders' equity |
2,374,091 |
|
|
|
|
|
|
2,309,133 |
|
|
|
|
|
|
2,315,585 |
|
|
|
|
|
|||||||||||||
Total Liabilities and Shareholders' Equity |
$ |
25,169,508 |
|
|
|
|
|
|
$ |
24,139,116 |
|
|
|
|
|
|
$ |
21,457,800 |
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) |
|
|
157,106 |
|
|
2.70 |
% |
|
|
|
155,854 |
|
|
2.81 |
% |
|
|
|
164,517 |
|
|
3.31 |
% |
||||||||||
Tax equivalent adjustment |
|
|
(2,990) |
|
|
|
|
|
|
(3,100) |
|
|
|
|
|
|
(3,257) |
|
|
|
|||||||||||||
Net interest income |
|
|
$ |
154,116 |
|
|
|
|
|
|
$ |
152,754 |
|
|
|
|
|
|
$ |
161,260 |
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(1) Presented on a fully taxable-equivalent basis using a |
|||||||||||||||||||||||||||||||||
(2) "ACL - loans" relates to the ACL specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures. |
|||||||||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION |
|||||||||||||||||||||||||||
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 |
|
|||||||||||||
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2020 |
|
2019 |
|
|||||||||||||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Real estate - commercial mortgage |
$ |
6,986,528 |
|
|
$ |
6,875,872 |
|
|
$ |
6,746,766 |
|
|
$ |
6,561,029 |
|
|
$ |
6,489,456 |
|
|
1.6 |
% |
|
7.7 |
% |
|
|
Commercial and industrial |
4,030,750 |
|
|
4,451,228 |
|
|
4,446,750 |
|
|
4,574,047 |
|
|
4,414,992 |
|
|
(9.4) |
% |
|
(8.7) |
% |
|
||||||
Real estate - residential mortgage |
2,975,516 |
|
|
2,769,682 |
|
|
2,670,019 |
|
|
2,606,136 |
|
|
2,512,899 |
|
|
7.4 |
% |
|
18.4 |
% |
|
||||||
Real estate - home equity |
1,237,602 |
|
|
1,271,190 |
|
|
1,300,132 |
|
|
1,331,088 |
|
|
1,364,161 |
|
|
(2.6) |
% |
|
(9.3) |
% |
|
||||||
Real estate - construction |
981,589 |
|
|
941,079 |
|
|
929,529 |
|
|
934,556 |
|
|
905,060 |
|
|
4.3 |
% |
|
8.5 |
% |
|
||||||
Consumer |
464,851 |
|
|
465,728 |
|
|
466,415 |
|
|
464,606 |
|
|
457,524 |
|
|
(0.2) |
% |
|
1.6 |
% |
|
||||||
Equipment lease financing |
279,217 |
|
|
284,658 |
|
|
284,566 |
|
|
281,451 |
|
|
277,555 |
|
|
(1.9) |
% |
|
0.6 |
% |
|
||||||
PPP |
1,953,122 |
|
|
1,258,917 |
|
|
— |
|
|
— |
|
|
— |
|
|
55.1 |
% |
|
N/M |
|
|||||||
Other(1) |
(28,656) |
|
|
13,443 |
|
|
15,890 |
|
|
14,058 |
|
|
14,860 |
|
|
N/M |
|
N/M |
|
||||||||
Total Loans, net of unearned income |
$ |
18,880,519 |
|
|
$ |
18,331,797 |
|
|
$ |
16,860,067 |
|
|
$ |
16,766,971 |
|
|
$ |
16,436,507 |
|
|
3.0 |
% |
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Noninterest-bearing demand |
$ |
6,270,683 |
|
|
$ |
5,789,788 |
|
|
$ |
4,307,027 |
|
|
$ |
4,324,568 |
|
|
$ |
4,247,820 |
|
|
8.3 |
% |
|
47.6 |
% |
|
|
Interest-bearing demand |
5,591,548 |
|
|
5,103,419 |
|
|
4,649,905 |
|
|
4,699,040 |
|
|
4,448,112 |
|
|
9.6 |
% |
|
25.7 |
% |
|
||||||
Savings |
5,716,050 |
|
|
5,446,368 |
|
|
5,127,662 |
|
|
5,205,260 |
|
|
5,026,316 |
|
|
5.0 |
% |
|
13.7 |
% |
|
||||||
Total demand and savings |
17,578,281 |
|
|
16,339,575 |
|
|
14,084,594 |
|
|
14,228,868 |
|
|
13,722,248 |
|
|
7.6 |
% |
|
28.1 |
% |
|
||||||
Brokered |
314,721 |
|
|
312,121 |
|
|
275,359 |
|
|
261,689 |
|
|
253,426 |
|
|
0.8 |
% |
|
24.2 |
% |
|
||||||
Time |
2,495,445 |
|
|
2,624,962 |
|
|
2,761,474 |
|
|
2,959,008 |
|
|
2,974,993 |
|
|
(4.9) |
% |
|
(16.1) |
% |
|
||||||
Total Deposits |
$ |
20,388,447 |
|
|
$ |
19,276,658 |
|
|
$ |
17,121,427 |
|
|
$ |
17,449,565 |
|
|
$ |
16,950,667 |
|
|
5.8 |
% |
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Customer funding |
$ |
613,127 |
|
|
$ |
546,716 |
|
|
$ |
428,240 |
|
|
$ |
377,529 |
|
|
$ |
332,893 |
|
|
12.1 |
% |
|
84.2 |
% |
|
|
Federal funds purchased |
— |
|
|
74,231 |
|
|
186,868 |
|
|
91,467 |
|
|
101,022 |
|
|
N/M |
|
N/M |
|
||||||||
Short-term FHLB advances and other borrowings |
— |
|
|
86,824 |
|
|
687,937 |
|
|
248,815 |
|
|
485,782 |
|
|
N/M |
|
N/M |
|
||||||||
Total Short-term borrowings |
$ |
613,127 |
|
|
$ |
707,771 |
|
|
$ |
1,303,045 |
|
|
$ |
717,811 |
|
|
$ |
919,697 |
|
|
(13.4) |
% |
|
(33.3) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Consists of overdrafts and net origination fees and costs. |
|
|
|
|
|
||||||||||||||||||||||
FULTON FINANCIAL CORPORATION |
|
||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
||||||||||||||||||||||
dollars in thousands |
|
||||||||||||||||||||||
|
|
Nine months ended September 30 |
|
||||||||||||||||||||
|
|
2020 |
|
2019 |
|
||||||||||||||||||
|
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
||||||||||
|
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
|
||||||||||
ASSETS |
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
||||||||||||||||
Loans, net of unearned income |
|
$ |
18,027,253 |
|
|
$ |
498,455 |
|
|
3.69 |
% |
|
$ |
16,316,540 |
|
|
$ |
565,095 |
|
|
4.63 |
% |
|
Taxable investment securities |
|
2,165,180 |
|
|
44,615 |
|
|
2.75 |
% |
|
2,305,472 |
|
|
46,935 |
|
|
2.71 |
% |
|
||||
Tax-exempt investment securities |
|
804,484 |
|
|
19,596 |
|
|
3.24 |
% |
|
468,689 |
|
|
12,940 |
|
|
3.66 |
% |
|
||||
Total Investment Securities |
|
2,969,664 |
|
|
64,211 |
|
|
2.88 |
% |
|
2,774,161 |
|
|
59,875 |
|
|
2.87 |
% |
|
||||
Loans held for sale |
|
54,355 |
|
|
1,557 |
|
|
3.82 |
% |
|
24,357 |
|
|
1,056 |
|
|
5.78 |
% |
|
||||
Other interest-earning assets |
|
936,819 |
|
|
4,325 |
|
|
0.62 |
% |
|
428,982 |
|
|
6,879 |
|
|
2.14 |
% |
|
||||
Total Interest-earning Assets |
|
21,988,091 |
|
|
568,548 |
|
|
3.45 |
% |
|
19,544,040 |
|
|
632,905 |
|
|
4.33 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
||||||||||||||||
Cash and due from banks |
|
143,496 |
|
|
|
|
|
|
116,019 |
|
|
|
|
|
|
||||||||
Premises and equipment |
|
239,739 |
|
|
|
|
|
|
239,402 |
|
|
|
|
|
|
||||||||
Other assets |
|
1,729,351 |
|
|
|
|
|
|
1,337,482 |
|
|
|
|
|
|
||||||||
Less: ACL - loans(2) |
|
(242,300) |
|
|
|
|
|
|
(165,733) |
|
|
|
|
|
|
||||||||
Total Assets |
|
$ |
23,858,377 |
|
|
|
|
|
|
$ |
21,071,210 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
||||||||||||||||
Demand deposits |
|
$ |
5,116,696 |
|
|
$ |
9,933 |
|
|
0.26 |
% |
|
$ |
4,263,869 |
|
|
$ |
24,854 |
|
|
0.78 |
% |
|
Savings deposits |
|
5,431,071 |
|
|
12,788 |
|
|
0.31 |
% |
|
4,955,403 |
|
|
31,570 |
|
|
0.85 |
% |
|
||||
Brokered deposits |
|
300,795 |
|
|
1,935 |
|
|
0.86 |
% |
|
240,045 |
|
|
4,500 |
|
|
2.51 |
% |
|
||||
Time deposits |
|
2,626,802 |
|
|
33,533 |
|
|
1.71 |
% |
|
2,853,147 |
|
|
37,050 |
|
|
1.74 |
% |
|
||||
Total Interest-bearing Deposits |
|
13,475,364 |
|
|
58,189 |
|
|
0.58 |
% |
|
12,312,464 |
|
|
97,974 |
|
|
1.06 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings |
|
873,694 |
|
|
4,960 |
|
|
0.76 |
% |
|
894,116 |
|
|
12,200 |
|
|
1.81 |
% |
|
||||
FHLB advances and long-term debt |
|
1,240,253 |
|
|
28,468 |
|
|
3.06 |
% |
|
965,111 |
|
|
23,854 |
|
|
3.30 |
% |
|
||||
Total Interest-bearing Liabilities |
|
15,589,311 |
|
|
91,617 |
|
|
0.78 |
% |
|
14,171,691 |
|
|
134,028 |
|
|
1.26 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
||||||||||||||||
Demand deposits |
|
5,458,807 |
|
|
|
|
|
|
4,223,927 |
|
|
|
|
|
|
||||||||
Total Deposits/Cost of Deposits |
|
18,934,171 |
|
|
|
|
0.41 |
% |
|
16,536,391 |
|
|
|
|
0.79 |
% |
|
||||||
Other |
|
470,055 |
|
|
|
|
|
|
381,427 |
|
|
|
|
|
|
||||||||
Total Liabilities |
|
21,518,173 |
|
|
|
|
|
|
18,777,045 |
|
|
|
|
|
|
||||||||
Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") |
|
21,048,118 |
|
|
|
|
0.58 |
% |
|
18,395,618 |
|
|
|
|
0.97 |
% |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity |
|
2,340,204 |
|
|
|
|
|
|
2,294,165 |
|
|
|
|
|
|
||||||||
Total Liabilities and Shareholders' Equity |
|
$ |
23,858,377 |
|
|
|
|
|
|
$ |
21,071,210 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income/net interest margin (fully taxable equivalent) |
|
|
|
476,931 |
|
|
2.90 |
% |
|
|
|
498,877 |
|
|
3.41 |
% |
|
||||||
Tax equivalent adjustment |
|
|
|
(9,315) |
|
|
|
|
|
|
(9,758) |
|
|
|
|
||||||||
Net interest income |
|
|
|
$ |
467,616 |
|
|
|
|
|
|
$ |
489,119 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Presented on a fully taxable-equivalent basis using a |
|
||||||||||||||||||||||
(2) "ACL - loans" relates to the ACL specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures. |
|
||||||||||||||||||||||
FULTON FINANCIAL CORPORATION |
|
|||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED): |
|
|||||||||||
dollars in thousands |
|
|||||||||||
|
|
|
|
|
|
|
|
|||||
|
|
Nine months ended September 30 |
|
|
|
|||||||
|
|
2020 |
|
2019 |
|
% Change |
|
|||||
Loans, by type: |
|
|
|
|
|
|
|
|||||
Real estate - commercial mortgage |
|
$ |
6,870,148 |
|
|
$ |
6,431,012 |
|
|
6.8 |
% |
|
Commercial and industrial |
|
4,308,559 |
|
|
4,438,894 |
|
|
(2.9) |
% |
|
||
Real estate - residential mortgage |
|
2,805,694 |
|
|
2,386,264 |
|
|
17.6 |
% |
|
||
Real estate - home equity |
|
1,269,525 |
|
|
1,400,371 |
|
|
(9.3) |
% |
|
||
Real estate - construction |
|
950,845 |
|
|
926,036 |
|
|
2.7 |
% |
|
||
Consumer |
|
465,661 |
|
|
442,678 |
|
|
5.2 |
% |
|
||
Equipment lease financing |
|
282,800 |
|
|
278,463 |
|
|
1.6 |
% |
|
||
PPP |
|
1,073,900 |
|
|
— |
|
|
N/M |
|
|||
Other(1) |
|
121 |
|
|
12,822 |
|
|
(99.1) |
% |
|
||
Total Loans, net of unearned income |
|
$ |
18,027,253 |
|
|
$ |
16,316,540 |
|
|
10.5 |
% |
|
|
|
|
|
|
|
|
|
|||||
Deposits, by type: |
|
|
|
|
|
|
|
|||||
Noninterest-bearing demand |
|
$ |
5,458,807 |
|
|
$ |
4,223,927 |
|
|
29.2 |
% |
|
Interest-bearing demand |
|
5,116,696 |
|
|
4,263,869 |
|
|
20.0 |
% |
|
||
Savings |
|
5,431,071 |
|
|
4,955,403 |
|
|
9.6 |
% |
|
||
Total demand and savings |
|
16,006,574 |
|
|
13,443,199 |
|
|
19.1 |
% |
|
||
Brokered |
|
300,795 |
|
|
240,045 |
|
|
25.3 |
% |
|
||
Time |
|
2,626,802 |
|
|
2,853,147 |
|
|
(7.9) |
% |
|
||
Total Deposits |
|
$ |
18,934,171 |
|
|
$ |
16,536,391 |
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|||||
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|||||
Customer funding |
|
$ |
529,667 |
|
|
$ |
348,721 |
|
|
51.9 |
% |
|
Federal funds purchased |
|
86,715 |
|
|
146,432 |
|
|
(40.8) |
% |
|
||
Short-term FHLB advances and other borrowings |
|
257,312 |
|
|
398,963 |
|
|
(35.5) |
% |
|
||
Total Short-term Borrowings |
|
$ |
873,694 |
|
|
$ |
894,116 |
|
|
(2.3) |
% |
|
|
|
|
|
|
|
|
|
|||||
(1) Consists of overdrafts and net origination fees and costs. |
|
|||||||||||
FULTON FINANCIAL CORPORATION |
|
||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) |
|
||||||||||||||||||||
dollars in thousands |
|
||||||||||||||||||||
|
Three months ended |
|
|||||||||||||||||||
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
|||||||||||
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|||||||||||
Allowance for credit losses related to Loans, net of unearned income: |
|
|
|
|
|
||||||||||||||||
Balance at beginning of period |
$ |
256,537 |
|
|
$ |
238,508 |
|
|
$ |
163,620 |
|
|
$ |
166,135 |
|
|
$ |
170,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Impact of adopting CECL |
— |
|
|
— |
|
|
45,724 |
|
|
— |
|
|
— |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loans charged off: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial and industrial |
(2,969) |
|
|
(3,480) |
|
|
(10,899) |
|
|
(30,547) |
|
|
(7,181) |
|
|
||||||
Real estate - commercial mortgage |
(746) |
|
|
(2,324) |
|
|
(855) |
|
|
(68) |
|
|
(394) |
|
|
||||||
Consumer and home equity |
(1,093) |
|
|
(1,303) |
|
|
(1,529) |
|
|
(1,416) |
|
|
(1,375) |
|
|
||||||
Real estate - residential mortgage |
(198) |
|
|
(235) |
|
|
(187) |
|
|
(223) |
|
|
(533) |
|
|
||||||
Real estate - construction |
— |
|
|
(17) |
|
|
— |
|
|
— |
|
|
(45) |
|
|
||||||
Equipment lease financing and other |
(483) |
|
|
(688) |
|
|
(533) |
|
|
(727) |
|
|
(600) |
|
|
||||||
Total loans charged off |
(5,489) |
|
|
(8,047) |
|
|
(14,003) |
|
|
(32,981) |
|
|
(10,128) |
|
|
||||||
Recoveries of loans previously charged off: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial and industrial |
2,103 |
|
|
2,978 |
|
|
1,734 |
|
|
2,487 |
|
|
2,311 |
|
|
||||||
Real estate - commercial mortgage |
100 |
|
|
95 |
|
|
244 |
|
|
1,453 |
|
|
444 |
|
|
||||||
Consumer and home equity |
491 |
|
|
649 |
|
|
646 |
|
|
437 |
|
|
348 |
|
|
||||||
Real estate - residential mortgage |
95 |
|
|
112 |
|
|
85 |
|
|
206 |
|
|
440 |
|
|
||||||
Real estate - construction |
4,873 |
|
|
— |
|
|
70 |
|
|
1,098 |
|
|
164 |
|
|
||||||
Equipment lease financing and other |
185 |
|
|
92 |
|
|
108 |
|
|
182 |
|
|
107 |
|
|
||||||
Recoveries of loans previously charged off |
7,847 |
|
|
3,926 |
|
|
2,887 |
|
|
5,863 |
|
|
3,814 |
|
|
||||||
Net loans recovered (charged off) |
2,358 |
|
|
(4,121) |
|
|
(11,116) |
|
|
(27,118) |
|
|
(6,314) |
|
|
||||||
Provision for credit losses |
7,930 |
|
|
22,150 |
|
|
40,280 |
|
|
24,603 |
|
|
2,216 |
|
|
||||||
Balance at end of period |
$ |
266,825 |
|
|
$ |
256,537 |
|
|
$ |
238,508 |
|
|
$ |
163,620 |
|
|
$ |
166,135 |
|
|
|
Net (recoveries) charge-offs to average loans (annualized) |
(0.05) |
% |
|
0.09 |
% |
|
0.26 |
% |
|
0.65 |
% |
|
0.15 |
% |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Allowance credit losses related to OBS Credit Exposures(1) |
|
|
|
|
|
|
|||||||||||||||
Balance at beginning of period |
$ |
16,383 |
|
|
$ |
18,963 |
|
|
$ |
2,588 |
|
|
$ |
6,662 |
|
|
$ |
6,708 |
|
|
|
Impact of adopting CECL |
— |
|
|
— |
|
|
12,625 |
|
|
— |
|
|
— |
|
|
||||||
Provision for credit losses |
(850) |
|
|
(2,580) |
|
|
3,750 |
|
|
(4,074) |
|
|
(46) |
|
|
||||||
Balance at end of period |
$ |
15,533 |
|
|
$ |
16,383 |
|
|
$ |
18,963 |
|
|
$ |
2,588 |
|
|
$ |
6,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
||||||||||||
Non-accrual loans |
$ |
128,321 |
|
|
$ |
125,037 |
|
|
$ |
120,345 |
|
|
$ |
125,098 |
|
|
$ |
124,287 |
|
|
|
Loans 90 days past due and accruing |
13,761 |
|
|
14,767 |
|
|
19,593 |
|
|
16,057 |
|
|
11,689 |
|
|
||||||
Total non-performing loans |
142,082 |
|
|
139,804 |
|
|
139,938 |
|
|
141,155 |
|
|
135,976 |
|
|
||||||
Other real estate owned |
4,565 |
|
|
5,418 |
|
|
6,593 |
|
|
6,831 |
|
|
7,706 |
|
|
||||||
Total non-performing assets |
$ |
146,647 |
|
|
$ |
145,222 |
|
|
$ |
146,531 |
|
|
$ |
147,986 |
|
|
$ |
143,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
NON-PERFORMING LOANS, BY TYPE: |
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial |
$ |
37,224 |
|
|
$ |
39,730 |
|
|
$ |
41,318 |
|
|
$ |
49,491 |
|
|
$ |
37,126 |
|
|
|
Real estate - commercial mortgage |
43,426 |
|
|
42,374 |
|
|
36,538 |
|
|
37,279 |
|
|
45,710 |
|
|
||||||
Real estate - residential mortgage |
28,287 |
|
|
22,887 |
|
|
25,832 |
|
|
22,411 |
|
|
20,150 |
|
|
||||||
Consumer and home equity |
12,292 |
|
|
11,911 |
|
|
11,226 |
|
|
11,026 |
|
|
11,012 |
|
|
||||||
Real estate - construction |
4,051 |
|
|
4,525 |
|
|
4,379 |
|
|
4,306 |
|
|
4,312 |
|
|
||||||
Equipment lease financing and other |
16,802 |
|
|
18,377 |
|
|
20,645 |
|
|
16,642 |
|
|
17,666 |
|
|
||||||
Total non-performing loans |
$ |
142,082 |
|
|
$ |
139,804 |
|
|
$ |
139,938 |
|
|
$ |
141,155 |
|
|
$ |
135,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) The allowance for credit losses related to OBS Credit Exposures is presented in "other liabilities" on the consolidated balance sheets. |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
FULTON FINANCIAL CORPORATION |
|
||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) |
|
||||||||||||||||||||||||
in thousands, except per share data and percentages |
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Explanatory note: |
This press release contains supplemental financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow: |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
Three months ended |
|
|||||||||||||||||||
|
|
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
|||||||||||
|
|
|
|
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|||||||||||
Shareholders' equity (tangible), per share |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shareholders' equity |
|
$ |
2,390,261 |
|
|
$ |
2,340,501 |
|
|
$ |
2,285,748 |
|
|
$ |
2,342,176 |
|
|
$ |
2,324,016 |
|
|
||||
Less: Goodwill and intangible assets |
|
(534,907) |
|
|
(535,039) |
|
|
(535,171) |
|
|
(535,303) |
|
|
(534,178) |
|
|
|||||||||
Tangible shareholders' equity (numerator) |
|
$ |
1,855,354 |
|
|
$ |
1,805,462 |
|
|
$ |
1,750,577 |
|
|
$ |
1,806,873 |
|
|
$ |
1,789,838 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shares outstanding, end of period (denominator) |
|
162,134 |
|
|
161,958 |
|
|
161,435 |
|
|
164,218 |
|
|
164,036 |
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shareholders' equity (tangible), per share |
|
$ |
11.44 |
|
|
$ |
11.15 |
|
|
$ |
10.84 |
|
|
$ |
11.00 |
|
|
$ |
10.91 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Return on average shareholders' equity (tangible) |
|
|
|
|
|
|
|
||||||||||||||||||
Net income |
|
$ |
61,607 |
|
|
$ |
39,559 |
|
|
$ |
26,047 |
|
|
$ |
47,789 |
|
|
$ |
62,108 |
|
|
||||
Plus: Intangible amortization, net of tax |
|
103 |
|
|
104 |
|
|
104 |
|
|
112 |
|
|
846 |
|
|
|||||||||
(Numerator) |
$ |
61,711 |
|
|
$ |
39,663 |
|
|
$ |
26,151 |
|
|
$ |
47,901 |
|
|
$ |
62,954 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average shareholders' equity |
|
$ |
2,374,091 |
|
|
$ |
2,309,133 |
|
|
$ |
2,337,016 |
|
|
$ |
2,341,397 |
|
|
$ |
2,315,585 |
|
|
||||
Less: Average goodwill and intangible assets |
|
(534,971) |
|
|
(535,103) |
|
|
(535,235) |
|
|
(534,190) |
|
|
(535,184) |
|
|
|||||||||
Average tangible shareholders' equity (denominator) |
$ |
1,839,120 |
|
|
$ |
1,774,030 |
|
|
$ |
1,801,781 |
|
|
$ |
1,807,207 |
|
|
$ |
1,780,401 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Return on average shareholders' equity (tangible), annualized |
13.50 |
% |
|
8.99 |
% |
|
5.84 |
% |
|
10.52 |
% |
|
14.03 |
% |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Tangible Common Equity to Tangible Assets (TCE Ratio) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shareholders' equity |
|
$ |
2,390,261 |
|
|
$ |
2,340,501 |
|
|
$ |
2,285,748 |
|
|
$ |
2,342,176 |
|
|
$ |
2,324,016 |
|
|
||||
Less: Goodwill and intangible assets |
|
(534,907) |
|
|
(535,039) |
|
|
(535,171) |
|
|
(535,303) |
|
|
(534,178) |
|
|
|||||||||
Tangible shareholders' equity (numerator) |
|
$ |
1,855,354 |
|
|
$ |
1,805,462 |
|
|
$ |
1,750,577 |
|
|
$ |
1,806,873 |
|
|
$ |
1,789,838 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
|
|
|
|
$ |
25,543,281 |
|
|
$ |
24,617,863 |
|
|
$ |
22,929,859 |
|
|
$ |
21,886,040 |
|
|
$ |
21,703,618 |
|
|
|
Less: Goodwill and intangible assets |
|
(534,907) |
|
|
(535,039) |
|
|
(535,171) |
|
|
(535,303) |
|
|
(534,178) |
|
|
|||||||||
Total tangible assets (denominator) |
|
$ |
25,008,374 |
|
|
$ |
24,082,824 |
|
|
$ |
22,394,688 |
|
|
$ |
21,350,737 |
|
|
$ |
21,169,440 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Tangible Common Equity to Tangible Assets |
|
7.42 |
% |
|
7.50 |
% |
|
7.82 |
% |
|
8.46 |
% |
|
8.45 |
% |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-interest expense |
|
$ |
139,147 |
|
|
$ |
143,006 |
|
|
$ |
142,552 |
|
|
$ |
138,974 |
|
|
$ |
146,770 |
|
|
||||
Less: Intangible amortization |
|
(132) |
|
|
(132) |
|
|
(132) |
|
|
(142) |
|
|
(1,071) |
|
|
|||||||||
Less: Amortization of tax credit investments |
|
(1,694) |
|
|
(1,450) |
|
|
(1,450) |
|
|
(1,505) |
|
|
(1,533) |
|
|
|||||||||
Less: Prepayment penalty of FHLB advances |
|
— |
|
|
(2,878) |
|
|
— |
|
|
— |
|
|
(4,326) |
|
|
|||||||||
Non-interest expense (numerator) |
|
$ |
137,321 |
|
|
$ |
138,546 |
|
|
$ |
140,970 |
|
|
$ |
137,327 |
|
|
$ |
139,840 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest income (fully taxable equivalent) |
|
$ |
157,106 |
|
|
$ |
155,854 |
|
|
$ |
163,970 |
|
|
$ |
162,479 |
|
|
$ |
164,517 |
|
|
||||
Plus: Total Non-interest income |
|
63,248 |
|
|
55,922 |
|
|
54,644 |
|
|
55,281 |
|
|
59,813 |
|
|
|||||||||
Less: Investment securities gains, net |
|
(2) |
|
|
(3,005) |
|
|
(46) |
|
|
— |
|
|
(4,492) |
|
|
|||||||||
Total revenue (denominator) |
|
$ |
220,353 |
|
|
$ |
208,771 |
|
|
$ |
218,568 |
|
|
$ |
217,760 |
|
|
$ |
219,838 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Efficiency ratio |
|
62.3 |
% |
|
66.4 |
% |
|
64.5 |
% |
|
63.1 |
% |
|
63.6 |
% |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Non-performing assets to shareholders' equity (tangible) and ACL - loans(1) |
|
||||||||||||||||||||||||
Non-performing assets (numerator) |
|
$ |
146,647 |
|
|
$ |
145,222 |
|
|
$ |
146,531 |
|
|
$ |
147,986 |
|
|
$ |
143,682 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tangible shareholders' equity |
|
$ |
1,855,354 |
|
|
$ |
1,805,462 |
|
|
1,750,577 |
|
|
1,806,873 |
|
|
$ |
1,789,838 |
|
|
||||||
Plus: ACL - loans |
|
266,825 |
|
|
256,537 |
|
|
238,508 |
|
|
163,622 |
|
|
166,135 |
|
|
|||||||||
Tangible shareholders' equity and ACL - loans (denominator) |
$ |
2,122,179 |
|
|
$ |
2,061,999 |
|
|
$ |
1,989,085 |
|
|
$ |
1,970,495 |
|
|
$ |
1,955,973 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-performing assets to tangible shareholders' equity and ACL - loans |
6.91 |
% |
|
7.04 |
% |
|
7.37 |
% |
|
7.51 |
% |
|
7.35 |
% |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
Three months ended |
|
|||||||||||||||||||
|
|
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
|||||||||||
|
|
|
|
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Asset Quality, excluding PPP |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net loans recovered (charged-off) (numerator) |
|
$ |
2,358 |
|
|
$ |
(4,121) |
|
|
$ |
(11,116) |
|
|
$ |
(27,118) |
|
|
$ |
(6,314) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average loans, net of unearned income |
|
$ |
18,880,519 |
|
|
$ |
18,331,797 |
|
|
$ |
16,860,067 |
|
|
$ |
16,766,971 |
|
|
$ |
16,436,507 |
|
|
||||
Less: Average PPP loans |
|
(1,953,122) |
|
|
(1,258,917) |
|
|
— |
|
|
— |
|
|
— |
|
|
|||||||||
Total adjusted average loans (denominator) |
|
$ |
16,927,397 |
|
|
$ |
17,072,880 |
|
|
$ |
16,860,067 |
|
|
$ |
16,766,971 |
|
|
$ |
16,436,507 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net (recoveries) charge-offs to adjusted average loans (annualized) |
|
(0.06) |
% |
|
0.10 |
% |
|
0.26 |
% |
|
0.65 |
% |
|
0.15 |
% |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Non-performing loans (numerator) |
|
$ |
142,082 |
|
|
$ |
139,804 |
|
|
$ |
139,938 |
|
|
$ |
141,155 |
|
|
$ |
135,976 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loans, net of unearned income |
|
$ |
19,028,621 |
|
|
$ |
18,704,722 |
|
|
$ |
17,077,403 |
|
|
$ |
16,837,526 |
|
|
$ |
16,686,866 |
|
|
||||
Less: PPP loans |
|
(1,960,165) |
|
|
(1,937,034) |
|
|
— |
|
|
— |
|
|
— |
|
|
|||||||||
Total adjusted loans (denominator) |
|
$ |
17,068,456 |
|
|
$ |
16,767,688 |
|
|
$ |
17,077,403 |
|
|
$ |
16,837,526 |
|
|
$ |
16,686,866 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Non-performing loans to adjusted total loans |
|
0.83 |
% |
|
0.83 |
% |
|
0.82 |
% |
|
0.84 |
% |
|
0.81 |
% |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
ACL - loans (numerator) |
|
$ |
266,825 |
|
|
$ |
256,537 |
|
|
238,508 |
|
|
163,622 |
|
|
$ |
166,135 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Loans, net of unearned income |
|
$ |
19,028,621 |
|
|
$ |
18,704,722 |
|
|
$ |
17,077,403 |
|
|
$ |
16,837,526 |
|
|
$ |
16,686,866 |
|
|
||||
Less: PPP loans |
|
(1,960,165) |
|
|
(1,937,034) |
|
|
— |
|
|
— |
|
|
— |
|
|
|||||||||
Total adjusted loans (denominator) |
|
$ |
17,068,456 |
|
|
$ |
16,767,688 |
|
|
$ |
17,077,403 |
|
|
$ |
16,837,526 |
|
|
$ |
16,686,866 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
ACL - loans to adjusted total loans |
|
1.56 |
% |
|
1.53 |
% |
|
1.40 |
% |
|
0.97 |
% |
|
1.00 |
% |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Note: numbers may not sum due to rounding. |
|
||||||||||||||||||||||||
(1) "ACL - loans" relates to the ACL specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures. |
|
||||||||||||||||||||||||
