Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $62 million, or $0.38 per diluted share, for the second quarter of 2021.
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"In the second quarter, Fulton Financial again achieved solid performance,” said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. "Our results reflect stable to improving core business trends, a disciplined operating environment, growth in wealth management revenues and stable asset quality.”
Net Interest Income and Balance Sheet
Net interest income for the second quarter of 2021 was $162 million, $2 million lower than the first quarter of 2021. Net interest margin for the second quarter of 2021 decreased 6 basis points, to 2.73%, from 2.79% in the first quarter of 2021. The decreases in net interest income and net interest margin in comparison to the first quarter of 2021 were primarily due to lower fee income recognized related to the Paycheck Protection Program ("PPP") loans, which were $12 million in the second quarter of 2021 compared to $19 million for the first quarter of 2021, as well as lower yields on loans.
Total average interest-earning assets for the second quarter of 2021 were $24 billion, a decrease of $2 million from the first quarter of 2021, driven by a decline in PPP loans and other interest-earning assets, partially offset by growth in the commercial and residential real estate loan portfolios as well as investment securities. Average Net Loans1, which include loans originated under the PPP, were $18.9 billion, a decrease of $74 million compared to the first quarter of 2021. Average PPP loans were $1.5 billion for the second quarter of 2021 compared to $1.7 billion for the first quarter of 2021. Second quarter loan balances were impacted by the net effect of $639 million of PPP loans forgiven and $60 million of new loans originated under the third phase of the PPP in the second quarter of 2021.
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Average loans and yields, by type, for the second quarter of 2021 in comparison to the first quarter of 2021 are summarized in the following table:
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Three months ended |
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June 30, 2021 |
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March 31, 2021 |
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Growth |
|||||||||||||||
|
Balance |
|
Yield (1) |
|
Balance |
|
Yield (1) |
|
$ |
|
% |
|||||||||
|
(dollars in thousands) |
|||||||||||||||||||
Average Net Loans by type: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate - commercial mortgage |
$ |
7,177,622 |
|
|
3.16 |
% |
|
$ |
7,128,997 |
|
|
3.15 |
% |
|
$ |
48,625 |
|
|
0.7 |
% |
Commercial and industrial(2) |
5,445,160 |
|
|
2.58 |
% |
|
5,722,080 |
|
|
2.57 |
% |
|
(276,920) |
|
|
(4.8) |
% |
|||
Real estate - residential mortgage |
3,396,690 |
|
|
3.39 |
% |
|
3,183,585 |
|
|
3.52 |
% |
|
213,105 |
|
|
6.7 |
% |
|||
Real estate - home equity |
1,139,558 |
|
|
3.71 |
% |
|
1,175,218 |
|
|
3.75 |
% |
|
(35,660) |
|
|
(3.0) |
% |
|||
Real estate - construction |
1,054,469 |
|
|
3.05 |
% |
|
1,054,718 |
|
|
3.09 |
% |
|
(249) |
|
|
(0.0) |
% |
|||
Consumer |
451,486 |
|
|
3.89 |
% |
|
459,038 |
|
|
4.13 |
% |
|
(7,552) |
|
|
(1.6) |
% |
|||
Equipment lease financing |
256,248 |
|
|
3.74 |
% |
|
266,405 |
|
|
4.11 |
% |
|
(10,157) |
|
|
(3.8) |
% |
|||
Other(3) |
(14,677) |
|
|
N/A |
|
(9,455) |
|
|
N/A |
|
(5,222) |
|
|
55.2 |
% |
|||||
Total Average Net Loans |
$ |
18,906,556 |
|
|
3.32 |
% |
|
$ |
18,980,586 |
|
|
3.53 |
% |
|
$ |
(74,030) |
|
|
(0.4) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(1) Presented on a fully-taxable equivalent basis using a 21% Federal tax rate and statutory interest expense disallowances. |
(2) Includes average PPP loans of $1.5 billion and $1.7 billion for the three months ended June 30, 2021 and March 31, 2021, respectively. |
(3) Consists of overdrafts and net origination fees and costs. |
Total average liabilities decreased $98 million, to $23.3 billion, in the second quarter of 2021 compared to the first quarter of 2021 driven by decreases in short-term and long-term borrowings, partially offset by increases in average deposits. Average deposits and interest rates, by type, for the second quarter of 2021 in comparison to the first quarter of 2021 are summarized in the following table:
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Three months ended |
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June 30, 2021 |
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March 31, 2021 |
|
Growth |
|||||||||||||||
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
$ |
|
% |
|||||||||
|
(dollars in thousands) |
|||||||||||||||||||
Average Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest-bearing demand |
$ |
7,203,696 |
|
|
— |
|
|
$ |
6,672,832 |
|
|
— |
|
|
$ |
530,864 |
|
|
8.0 |
% |
Interest-bearing demand |
5,979,855 |
|
|
0.06 |
% |
|
5,832,174 |
|
|
0.08 |
% |
|
147,681 |
|
|
2.5 |
% |
|||
Savings |
6,280,629 |
|
|
0.09 |
% |
|
6,137,084 |
|
|
0.10 |
% |
|
143,545 |
|
|
2.3 |
% |
|||
Total average demand and savings |
19,464,180 |
|
|
0.05 |
% |
|
18,642,090 |
|
|
0.06 |
% |
|
822,090 |
|
|
4.4 |
% |
|||
Brokered |
297,815 |
|
|
0.34 |
% |
|
324,364 |
|
|
0.49 |
% |
|
(26,549) |
|
|
(8.2) |
% |
|||
Time |
2,003,606 |
|
|
1.09 |
% |
|
2,150,570 |
|
|
1.23 |
% |
|
(146,964) |
|
|
(6.8) |
% |
|||
Total Average Deposits |
$ |
21,765,601 |
|
|
0.15 |
% |
|
$ |
21,117,024 |
|
|
0.18 |
% |
|
$ |
648,577 |
|
|
3.1 |
% |
Asset Quality
In the second quarter of 2021, a negative provision for credit losses of $4 million was recognized, as compared to a negative provision for credit losses of $6 million recognized in the first quarter of 2021. A $20 million provision for credit losses was recognized in the second quarter of 2020. Consistent with the first quarter of 2021, improved economic forecasts and a decrease in specific allocations within the allowance for credit losses for loans evaluated individually reduced the level of the allowance for credit losses determined to be necessary at the end of the second quarter of 2021.
The $20 million provision for credit losses in the second quarter of 2020 reflected expected credit losses based on economic forecasts as of the end of the second quarter of 2020 and the assessment of the estimated impacts of the COVID-19 pandemic at that time.
Non-performing assets were $157 million, or 0.60% of total assets, at June 30, 2021, compared to $156 million, or 0.60% of total assets, and $145 million, or 0.59% of total assets at March 31, 2021 and June 30, 2020, respectively.
Annualized net charge-offs for the quarter ended June 30, 2021 were 0.15% of total average loans, compared to 0.13% and 0.09% for the quarters ended March 31, 2021 and June 30, 2020, respectively.
Non-interest Income
Non-interest income in the second quarter of 2021, excluding investment securities gains, was $52 million, a decrease of $10 million, or 16%, from the first quarter of 2021, primarily driven by decreases of $11 million in mortgage banking income and a $1 million decrease in capital markets income. The decrease in mortgage banking income was due to lower mortgage sales and gain-on-sale spreads on loans sold, as well as a $2 million addition to the valuation allowance for mortgage servicing assets. The $1 million decrease in capital markets income was the result of lower commercial loan interest rate swap revenues.
Compared to the second quarter of 2020, non-interest income, excluding investment securities gains, in the second quarter of 2021 decreased $1 million, or 2%, from $53 million, primarily driven by a $7 million decrease in mortgage banking income, resulting from a combination of lower mortgage sales gains and higher rates. During the second quarter of 2020, mortgage banking income was higher as a result of lower mortgage interest rates which drove an increase in activity. The decrease in mortgage banking income was partially offset by a $4 million increase in wealth management income and a $2 million increase in consumer banking income.
Net investment securities gains were $33 million lower compared to the first quarter of 2021. In the first quarter of 2021, Fulton completed a balance sheet restructuring involving gains on sales of Visa, Inc. Class B restricted shares of $34 million, which were offset in non-interest expense by corresponding debt extinguishment costs of $32 million, other securities losses of $0.4 million and a write-off of $1 million recognized in net interest income in connection with the purchase of certain of the Corporation's outstanding senior and subordinated notes and the prepayment of term Federal Home Loan Bank advances.
Non-interest Expense
Non-interest expense was $141 million in the second quarter of 2021, a decrease of $38 million compared to the first quarter of 2021, with the decrease driven by costs recognized during the first quarter of 2021 associated with the aforementioned balance sheet restructuring.
Compared to the second quarter of 2020, non-interest expense decreased $2 million, or 2%, in the second quarter of 2021, due primarily to a decrease in salaries and employee benefits and debt extinguishment costs. In the second quarter of 2020 a $3 million prepayment penalty on redemption of FHLB advances was incurred. These decreases were partially offset by increases in multiple other non-interest expense categories.
Income Tax Expense
The effective income tax rate (ETR) was 16% for both the second and first quarters of 2021 as compared to 14% for second quarter of 2020. The increase was a result of higher income before income taxes, while net favorable permanent differences were relatively the same compared to the second quarter of 2020.
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, 2020, Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 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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Jun 30 |
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Mar 31 |
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Dec 31 |
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Sep 30 |
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Jun 30 |
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2021 |
|
2021 |
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2020 |
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2020 |
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2020 |
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Ending Balances |
|
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|
|
|
|
|
|
|
|
||||||||||
Investments |
$ |
3,921,658 |
|
$ |
3,612,010 |
|
$ |
3,340,424 |
|
$ |
3,097,721 |
|
$ |
2,974,813 |
|
|||||
Net Loans |
18,586,756 |
|
18,990,986 |
|
18,900,820 |
|
19,028,621 |
|
18,704,722 |
|
||||||||||
Total assets |
26,079,774 |
|
25,892,990 |
|
25,906,733 |
|
25,543,281 |
|
24,617,863 |
|
||||||||||
Deposits |
21,724,312 |
|
21,633,838 |
|
20,839,207 |
|
20,730,051 |
|
19,884,208 |
|
||||||||||
Shareholders' equity |
2,692,958 |
|
2,629,655 |
|
2,616,828 |
|
2,390,261 |
|
2,340,501 |
|
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||||||||||
Average Balances |
|
|
|
|
|
|
|
|
|
|
||||||||||
Investments |
$ |
3,670,333 |
|
$ |
3,448,166 |
|
$ |
3,221,289 |
|
$ |
2,977,672 |
|
$ |
3,096,632 |
|
|||||
Net Loans |
18,906,556 |
|
18,980,586 |
|
18,994,514 |
|
18,880,519 |
|
18,331,797 |
|
||||||||||
Total assets |
26,017,542 |
|
26,082,816 |
|
25,749,405 |
|
25,169,508 |
|
24,139,116 |
|
||||||||||
Deposits |
21,765,601 |
|
21,117,024 |
|
20,791,522 |
|
20,388,447 |
|
19,276,658 |
|
||||||||||
Shareholders' equity |
2,669,413 |
|
2,637,098 |
|
2,544,866 |
|
2,374,091 |
|
2,309,133 |
|
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Income Statement |
|
|
|
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Net interest income |
$ |
162,399 |
|
|
$ |
164,448 |
|
|
$ |
161,591 |
|
|
$ |
154,116 |
|
|
$ |
152,754 |
|
|
Provision for credit losses |
(3,500) |
|
|
(5,500) |
|
|
6,240 |
|
|
7,080 |
|
|
19,570 |
|
|
|||||
Non-interest income |
51,890 |
|
|
95,397 |
|
|
55,574 |
|
|
63,248 |
|
|
55,922 |
|
|
|||||
Non-interest expense |
140,831 |
|
|
178,384 |
|
|
154,737 |
|
|
139,147 |
|
|
143,006 |
|
|
|||||
Income before taxes |
76,958 |
|
|
86,961 |
|
|
56,187 |
|
|
71,137 |
|
|
46,101 |
|
|
|||||
Net income available to common shareholders |
62,402 |
|
|
70,472 |
|
|
48,690 |
|
|
61,607 |
|
|
39,559 |
|
|
|||||
Pre-provision net revenue(1) |
75,575 |
|
|
81,795 |
|
|
64,092 |
|
|
80,043 |
|
|
67,125 |
|
|
|||||
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|
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Per Share |
|
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|
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Net income available to common shareholders (basic) |
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
|
$ |
0.38 |
|
|
$ |
0.24 |
|
|
Net income available to common shareholders (diluted) |
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
|
$ |
0.38 |
|
|
$ |
0.24 |
|
|
Cash dividends |
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.17 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
Common shareholders' equity |
$ |
15.34 |
|
|
$ |
14.99 |
|
|
$ |
14.93 |
|
|
$ |
14.74 |
|
|
$ |
14.45 |
|
|
Common shareholders' equity (tangible)(1) |
$ |
12.05 |
|
|
$ |
11.69 |
|
|
$ |
11.62 |
|
|
$ |
11.44 |
|
|
$ |
11.15 |
|
|
Weighted average shares (basic) |
162,785 |
|
|
162,441 |
|
|
162,242 |
|
|
162,061 |
|
|
161,715 |
|
|
|||||
Weighted average shares (diluted) |
163,858 |
|
|
163,737 |
|
|
163,071 |
|
|
162,579 |
|
|
162,267 |
|
|
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(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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Three months ended |
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Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
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|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
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Asset Quality |
|
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|
|
|
|
|
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|
|||||
Net charge-offs (recoveries) to average loans (annualized) |
0.15 |
% |
|
0.13 |
% |
|
(0.07) |
% |
|
(0.05) |
% |
|
0.09 |
% |
|
Non-performing loans to total loans |
0.83 |
% |
|
0.80 |
% |
|
0.78 |
% |
|
0.75 |
% |
|
0.75 |
% |
|
Non-performing assets to total assets |
0.60 |
% |
|
0.60 |
% |
|
0.58 |
% |
|
0.57 |
% |
|
0.59 |
% |
|
ACL - loans(2) to total loans |
1.37 |
% |
|
1.40 |
% |
|
1.47 |
% |
|
1.40 |
% |
|
1.37 |
% |
|
ACL - loans(2) to non-performing loans |
166 |
% |
|
174 |
% |
|
189 |
% |
|
188 |
% |
|
183 |
% |
|
|
|
|
|
|
|
|
|
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|
|||||
Asset Quality, excluding PPP(1)(3) |
|
|
|
|
|
|
|
|
|
|
|||||
Net charge-offs (recoveries) to adjusted average loans (annualized) |
0.16 |
% |
|
0.14 |
% |
|
(0.08) |
% |
|
(0.06) |
% |
|
0.10 |
% |
|
Non-performing loans to total adjusted loans |
0.88 |
% |
|
0.88 |
% |
|
0.85 |
% |
|
0.83 |
% |
|
0.83 |
% |
|
ACL - loans(2) to total adjusted loans |
1.46 |
% |
|
1.54 |
% |
|
1.60 |
% |
|
1.56 |
% |
|
1.53 |
% |
|
|
|
|
|
|
|
|
|
|
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|
|||||
Profitability |
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets |
1.00 |
% |
|
1.14 |
% |
|
0.79 |
% |
|
0.97 |
% |
|
0.66 |
% |
|
Return on average common shareholders' equity |
9.38 |
% |
|
10.84 |
% |
|
7.61 |
% |
|
10.32 |
% |
|
6.89 |
% |
|
Return on average common shareholders' equity (tangible)(1) |
12.93 |
% |
|
15.00 |
% |
|
10.32 |
% |
|
13.50 |
% |
|
8.99 |
% |
|
Net interest margin |
2.73 |
% |
|
2.79 |
% |
|
2.75 |
% |
|
2.70 |
% |
|
2.81 |
% |
|
Efficiency ratio(1) |
63.8 |
% |
|
63.0 |
% |
|
62.5 |
% |
|
62.3 |
% |
|
66.4 |
% |
|
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|
|
|
|
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|
|||||
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|||||
Tangible common equity ratio(1) |
7.7 |
% |
|
7.5 |
% |
|
7.4 |
% |
|
7.4 |
% |
|
7.5 |
% |
|
Tier 1 leverage ratio(4) |
8.4 |
% |
|
8.3 |
% |
|
8.2 |
% |
|
7.4 |
% |
|
7.6 |
% |
|
Common equity Tier 1 capital ratio(4) |
9.9 |
% |
|
9.8 |
% |
|
9.5 |
% |
|
9.5 |
% |
|
9.5 |
% |
|
Tier 1 capital ratio(4) |
10.9 |
% |
|
10.8 |
% |
|
10.5 |
% |
|
9.5 |
% |
|
9.5 |
% |
|
Total risk-based capital ratio(4) |
14.3 |
% |
|
14.2 |
% |
|
14.4 |
% |
|
13.9 |
% |
|
13.8 |
% |
|
(1) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document. |
(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 Paycheck Protection Program ("PPP") loans. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document. |
(4) Regulatory capital ratios as of June 30, 2021 are preliminary and prior periods are actual. |
| FULTON FINANCIAL CORPORATION |
|
|
|
|
|
|
||||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) |
|
|
|
|
|
|
||||||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
% Change from |
||||||||||||||
|
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Jun 30 |
||||||||||||
|
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Cash and due from banks |
$ |
143,002 |
|
|
$ |
102,570 |
|
|
$ |
120,462 |
|
|
$ |
139,304 |
|
|
$ |
141,702 |
|
|
39.4 |
% |
|
0.9 |
% |
|
Other interest-earning assets |
1,823,688 |
|
|
1,625,515 |
|
|
1,819,499 |
|
|
1,489,550 |
|
|
1,007,939 |
|
|
12.2 |
% |
|
80.9 |
% |
|||||
|
Loans held for sale |
41,924 |
|
|
34,092 |
|
|
83,886 |
|
|
93,621 |
|
|
77,415 |
|
|
23.0 |
% |
|
(45.8) |
% |
|||||
|
Investment securities |
3,921,658 |
|
|
3,612,010 |
|
|
3,340,424 |
|
|
3,097,721 |
|
|
2,974,813 |
|
|
8.6 |
% |
|
31.8 |
% |
|||||
|
Net Loans |
18,586,756 |
|
|
18,990,986 |
|
|
18,900,820 |
|
|
19,028,621 |
|
|
18,704,722 |
|
|
(2.1) |
% |
|
(0.6) |
% |
|||||
|
Less: ACL - loans(1) |
(255,032) |
|
|
(265,986) |
|
|
(277,567) |
|
|
(266,825) |
|
|
(256,537) |
|
|
(4.1) |
% |
|
(0.6) |
% |
|||||
|
Loans, net |
18,331,724 |
|
|
18,725,000 |
|
|
18,623,253 |
|
|
18,761,796 |
|
|
18,448,185 |
|
|
(2.1) |
% |
|
(0.6) |
% |
|||||
|
Net, premises and equipment |
228,353 |
|
|
229,035 |
|
|
231,480 |
|
|
236,943 |
|
|
239,596 |
|
|
(0.3) |
% |
|
(4.7) |
% |
|||||
|
Accrued interest receivable |
63,232 |
|
|
65,649 |
|
|
72,942 |
|
|
70,766 |
|
|
73,720 |
|
|
(3.7) |
% |
|
(14.2) |
% |
|||||
|
Goodwill and intangible assets |
536,847 |
|
|
536,544 |
|
|
536,659 |
|
|
534,907 |
|
|
535,039 |
|
|
0.1 |
% |
|
0.3 |
% |
|||||
|
Other assets |
989,346 |
|
|
962,575 |
|
|
1,078,128 |
|
|
1,118,673 |
|
|
1,119,454 |
|
|
2.8 |
% |
|
(11.6) |
% |
|||||
|
Total Assets |
$ |
26,079,774 |
|
|
$ |
25,892,990 |
|
|
$ |
25,906,733 |
|
|
$ |
25,543,281 |
|
|
$ |
24,617,863 |
|
|
0.7 |
% |
|
5.9 |
% |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Deposits |
$ |
21,724,312 |
|
|
$ |
21,633,838 |
|
|
$ |
20,839,207 |
|
|
$ |
20,730,051 |
|
|
$ |
19,884,208 |
|
|
0.4 |
% |
|
9.3 |
% |
|
Short-term borrowings |
533,749 |
|
|
520,989 |
|
|
630,066 |
|
|
611,727 |
|
|
572,551 |
|
|
2.4 |
% |
|
(6.8) |
% |
|||||
|
Other liabilities |
501,542 |
|
|
482,101 |
|
|
524,369 |
|
|
515,230 |
|
|
525,407 |
|
|
4.0 |
% |
|
(4.5) |
% |
|||||
|
Long-term borrowings |
627,213 |
|
|
626,407 |
|
|
1,296,263 |
|
|
1,296,012 |
|
|
1,295,196 |
|
|
0.1 |
% |
|
(51.6) |
% |
|||||
|
Total Liabilities |
23,386,816 |
|
|
23,263,335 |
|
|
23,289,905 |
|
|
23,153,020 |
|
|
22,277,362 |
|
|
0.5 |
% |
|
5.0 |
% |
|||||
|
Shareholders' equity |
2,692,958 |
|
|
2,629,655 |
|
|
2,616,828 |
|
|
2,390,261 |
|
|
2,340,501 |
|
|
2.4 |
% |
|
15.1 |
% |
|||||
|
Total Liabilities and Shareholders' Equity |
$ |
26,079,774 |
|
|
$ |
25,892,990 |
|
|
$ |
25,906,733 |
|
|
$ |
25,543,281 |
|
|
$ |
24,617,863 |
|
|
0.7 |
% |
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Real estate - commercial mortgage |
$ |
7,152,932 |
|
|
$ |
7,142,137 |
|
|
$ |
7,105,092 |
|
|
$ |
7,046,330 |
|
|
$ |
6,934,936 |
|
|
0.2 |
% |
|
3.1 |
% |
|
Commercial and industrial |
3,870,462 |
|
|
3,986,858 |
|
|
4,088,561 |
|
|
4,007,278 |
|
|
4,033,439 |
|
|
(2.9) |
% |
|
(4.0) |
% |
|||||
|
Real estate - residential mortgage |
3,555,897 |
|
|
3,254,058 |
|
|
3,141,915 |
|
|
3,061,835 |
|
|
2,862,226 |
|
|
9.3 |
% |
|
24.2 |
% |
|||||
|
Real estate - home equity |
1,136,128 |
|
|
1,149,958 |
|
|
1,202,913 |
|
|
1,222,709 |
|
|
1,251,455 |
|
|
(1.2) |
% |
|
(9.2) |
% |
|||||
|
Real estate - construction |
1,070,755 |
|
|
1,083,494 |
|
|
1,047,218 |
|
|
1,007,534 |
|
|
972,909 |
|
|
(1.2) |
% |
|
10.1 |
% |
|||||
|
Consumer |
448,433 |
|
|
451,857 |
|
|
466,772 |
|
|
469,551 |
|
|
465,610 |
|
|
(0.8) |
% |
|
(3.7) |
% |
|||||
|
Equipment lease financing |
252,158 |
|
|
260,907 |
|
|
279,118 |
|
|
280,286 |
|
|
281,897 |
|
|
(3.4) |
% |
|
(10.5) |
% |
|||||
|
Other(2) |
(14,410) |
|
|
(26,677) |
|
|
(12,481) |
|
|
(27,067) |
|
|
(34,784) |
|
|
(46.0) |
% |
|
(58.6) |
% |
|||||
|
Net Loans before PPP |
17,472,355 |
|
|
17,302,592 |
|
|
17,319,108 |
|
|
17,068,456 |
|
|
16,767,688 |
|
|
1.0 |
% |
|
4.2 |
% |
|||||
|
PPP |
1,114,401 |
|
|
1,688,394 |
|
|
1,581,712 |
|
|
1,960,165 |
|
|
1,937,034 |
|
|
(34.0) |
% |
|
(42.5) |
% |
|||||
|
Total Net Loans |
$ |
18,586,756 |
|
|
$ |
18,990,986 |
|
|
$ |
18,900,820 |
|
|
$ |
19,028,621 |
|
|
$ |
18,704,722 |
|
|
(2.1) |
% |
|
(0.6) |
% |
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Noninterest-bearing demand |
$ |
7,442,132 |
|
|
$ |
7,046,116 |
|
|
$ |
6,531,002 |
|
|
$ |
6,378,077 |
|
|
$ |
6,239,055 |
|
|
5.6 |
% |
|
19.3 |
% |
|
Interest-bearing demand |
5,795,404 |
|
|
5,959,909 |
|
|
5,818,564 |
|
|
5,813,935 |
|
|
5,099,405 |
|
|
(2.8) |
% |
|
13.6 |
% |
|||||
|
Savings |
6,276,554 |
|
|
6,244,513 |
|
|
5,929,792 |
|
|
5,805,431 |
|
|
5,667,893 |
|
|
0.5 |
% |
|
10.7 |
% |
|||||
|
Total demand and savings |
19,514,090 |
|
|
19,250,538 |
|
|
18,279,358 |
|
|
17,997,443 |
|
|
17,006,353 |
|
|
1.4 |
% |
|
14.7 |
% |
|||||
|
Brokered |
277,444 |
|
|
309,873 |
|
|
335,185 |
|
|
317,588 |
|
|
310,689 |
|
|
(10.5) |
% |
|
(10.7) |
% |
|||||
|
Time |
1,932,778 |
|
|
2,073,427 |
|
|
2,224,664 |
|
|
2,415,020 |
|
|
2,567,166 |
|
|
(6.8) |
% |
|
(24.7) |
% |
|||||
|
Total Deposits |
$ |
21,724,312 |
|
|
$ |
21,633,838 |
|
|
$ |
20,839,207 |
|
|
$ |
20,730,051 |
|
|
$ |
19,884,208 |
|
|
0.4 |
% |
|
9.3 |
% |
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Customer funding |
$ |
533,749 |
|
|
$ |
520,989 |
|
|
$ |
630,066 |
|
|
$ |
611,727 |
|
|
$ |
572,551 |
|
|
2.4 |
% |
|
(6.8) |
% |
|
Total Short-term Borrowings |
$ |
533,749 |
|
|
$ |
520,989 |
|
|
$ |
630,066 |
|
|
$ |
611,727 |
|
|
$ |
572,551 |
|
|
2.4 |
% |
|
(6.8) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(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. |
| FULTON FINANCIAL CORPORATION |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Three Months Ended |
|
% Change from |
|
|
|
Six Months Ended |
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Jun 30 |
|
|
|
Jun 30 |
|
|
|
|||||||||||||||||||
|
|
|
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
2021 |
|
2020 |
|
% Change |
|
|||||||||||||||||
Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest income |
|
|
$ |
176,673 |
|
|
$ |
184,936 |
|
|
$ |
183,645 |
|
|
$ |
179,159 |
|
|
$ |
180,696 |
|
|
(4.5) |
% |
|
(2.2) |
% |
|
|
|
$ |
361,609 |
|
|
$ |
380,074 |
|
|
(4.9) |
% |
|
|
Interest expense |
|
|
14,274 |
|
|
20,488 |
|
|
22,054 |
|
|
25,043 |
|
|
27,942 |
|
|
(30.3) |
% |
|
(48.9) |
% |
|
|
|
34,762 |
|
|
66,574 |
|
|
(47.8) |
% |
|
|||||||
|
Net Interest Income |
|
|
162,399 |
|
|
164,448 |
|
|
161,591 |
|
|
154,116 |
|
|
152,754 |
|
|
(1.2) |
% |
|
6.3 |
% |
|
|
|
326,847 |
|
|
313,500 |
|
|
4.3 |
% |
|
|||||||
|
Provision for credit losses |
|
|
(3,500) |
|
|
(5,500) |
|
|
6,240 |
|
|
7,080 |
|
|
19,570 |
|
|
(36.4) |
% |
|
(117.9) |
% |
|
|
|
(9,000) |
|
|
63,600 |
|
|
(114.2) |
% |
|
|||||||
|
Net Interest Income after Provision |
|
|
165,899 |
|
|
169,948 |
|
|
155,351 |
|
|
147,036 |
|
|
133,184 |
|
|
(2.4) |
% |
|
24.6 |
% |
|
|
|
335,847 |
|
|
249,900 |
|
|
34.4 |
% |
|
|||||||
Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Commercial banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Merchant and card |
|
|
6,786 |
|
|
5,768 |
|
|
5,953 |
|
|
6,237 |
|
|
5,326 |
|
|
17.6 |
% |
|
27.4 |
% |
|
|
|
12,554 |
|
|
10,950 |
|
|
14.6 |
% |
|
|||||||
|
Cash management |
|
|
5,341 |
|
|
4,921 |
|
|
4,737 |
|
|
4,742 |
|
|
4,503 |
|
|
8.5 |
% |
|
18.6 |
% |
|
|
|
10,262 |
|
|
9,245 |
|
|
11.0 |
% |
|
|||||||
|
Capital markets |
|
|
1,536 |
|
|
2,800 |
|
|
3,513 |
|
|
4,696 |
|
|
5,004 |
|
|
(45.1) |
% |
|
(69.3) |
% |
|
|
|
4,336 |
|
|
10,079 |
|
|
(57.0) |
% |
|
|||||||
|
Other commercial banking |
|
|
3,466 |
|
|
2,853 |
|
|
2,606 |
|
|
2,636 |
|
|
1,914 |
|
|
21.5 |
% |
|
81.1 |
% |
|
|
|
6,319 |
|
|
4,892 |
|
|
29.2 |
% |
|
|||||||
|
Total commercial banking |
|
|
17,129 |
|
|
16,342 |
|
|
16,809 |
|
|
18,311 |
|
|
16,748 |
|
|
4.8 |
% |
|
2.3 |
% |
|
|
|
33,471 |
|
|
35,167 |
|
|
(4.8) |
% |
|
|||||||
|
Consumer banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Card |
|
|
5,733 |
|
|
5,878 |
|
|
5,123 |
|
|
5,002 |
|
|
4,966 |
|
|
(2.5) |
% |
|
15.4 |
% |
|
|
|
11,611 |
|
|
9,651 |
|
|
20.3 |
% |
|
|||||||
|
Overdraft |
|
|
2,750 |
|
|
2,724 |
|
|
3,376 |
|
|
3,015 |
|
|
2,107 |
|
|
1.0 |
% |
|
30.5 |
% |
|
|
|
5,474 |
|
|
6,165 |
|
|
(11.2) |
% |
|
|||||||
|
Other consumer banking |
|
|
2,377 |
|
|
2,152 |
|
|
2,298 |
|
|
2,406 |
|
|
2,065 |
|
|
10.5 |
% |
|
15.1 |
% |
|
|
|
4,529 |
|
|
4,561 |
|
|
(0.7) |
% |
|
|||||||
|
Total consumer banking |
|
|
10,860 |
|
|
10,754 |
|
|
10,797 |
|
|
10,423 |
|
|
9,138 |
|
|
1.0 |
% |
|
18.8 |
% |
|
|
|
21,614 |
|
|
20,377 |
|
|
6.1 |
% |
|
|||||||
|
Wealth management |
|
|
17,634 |
|
|
17,347 |
|
|
15,653 |
|
|
14,943 |
|
|
13,407 |
|
|
1.7 |
% |
|
31.5 |
% |
|
|
|
34,981 |
|
|
28,462 |
|
|
22.9 |
% |
|
|||||||
|
Mortgage banking |
|
|
2,838 |
|
|
13,960 |
|
|
9,311 |
|
|
16,801 |
|
|
9,964 |
|
|
(79.7) |
% |
|
(71.5) |
% |
|
|
|
16,798 |
|
|
16,198 |
|
|
3.7 |
% |
|
|||||||
|
Other |
|
|
3,393 |
|
|
3,519 |
|
|
3,004 |
|
|
2,769 |
|
|
3,660 |
|
|
(3.6) |
% |
|
(7.3) |
% |
|
|
|
6,912 |
|
|
7,311 |
|
|
(5.5) |
% |
|
|||||||
|
Non-interest income before investment securities gains |
|
|
51,854 |
|
|
61,922 |
|
|
55,574 |
|
|
63,246 |
|
|
52,917 |
|
|
(16.3) |
% |
|
(2.0) |
% |
|
|
|
113,776 |
|
|
107,515 |
|
|
5.8 |
% |
|
|||||||
|
Investment securities gains, net |
|
|
36 |
|
|
33,475 |
|
|
— |
|
|
2 |
|
|
3,005 |
|
|
(99.9) |
% |
|
(98.8) |
% |
|
|
|
33,511 |
|
|
3,051 |
|
|
N/M |
|
||||||||
|
Total Non-Interest Income |
|
|
51,890 |
|
|
95,397 |
|
|
55,574 |
|
|
63,248 |
|
|
55,922 |
|
|
(45.6) |
% |
|
(7.2) |
% |
|
|
|
147,287 |
|
|
110,566 |
|
|
33.2 |
% |
|
|||||||
Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Salaries and employee benefits |
|
|
78,367 |
|
|
82,586 |
|
|
83,929 |
|
|
79,227 |
|
|
81,012 |
|
|
(5.1) |
% |
|
(3.3) |
% |
|
|
|
160,953 |
|
|
161,240 |
|
|
(0.2) |
% |
|
|||||||
|
Net occupancy |
|
|
12,494 |
|
|
13,982 |
|
|
13,161 |
|
|
13,221 |
|
|
13,144 |
|
|
(10.6) |
% |
|
(4.9) |
% |
|
|
|
26,476 |
|
|
26,630 |
|
|
(0.6) |
% |
|
|||||||
|
Data processing and software |
|
|
13,932 |
|
|
13,561 |
|
|
11,951 |
|
|
12,285 |
|
|
12,193 |
|
|
2.7 |
% |
|
14.3 |
% |
|
|
|
27,493 |
|
|
23,838 |
|
|
15.3 |
% |
|
|||||||
|
Other outside services |
|
|
8,178 |
|
|
8,490 |
|
|
8,334 |
|
|
7,617 |
|
|
7,600 |
|
|
(3.7) |
% |
|
7.6 |
% |
|
|
|
16,668 |
|
|
15,481 |
|
|
7.7 |
% |
|
|||||||
|
Equipment |
|
|
3,424 |
|
|
3,428 |
|
|
3,563 |
|
|
3,711 |
|
|
3,193 |
|
|
(0.1) |
% |
|
7.2 |
% |
|
|
|
6,852 |
|
|
6,611 |
|
|
3.6 |
% |
|
|||||||
|
Professional fees |
|
|
2,651 |
|
|
2,779 |
|
|
2,424 |
|
|
2,879 |
|
|
3,331 |
|
|
(4.6) |
% |
|
(20.4) |
% |
|
|
|
5,430 |
|
|
7,533 |
|
|
(27.9) |
% |
|
|||||||
|
FDIC insurance |
|
|
2,282 |
|
|
2,624 |
|
|
2,346 |
|
|
1,578 |
|
|
2,133 |
|
|
(13.0) |
% |
|
7.0 |
% |
|
|
|
4,906 |
|
|
4,941 |
|
|
(0.7) |
% |
|
|||||||
|
Amortization of tax credit investments |
|
|
1,563 |
|
|
1,531 |
|
|
1,532 |
|
|
1,694 |
|
|
1,450 |
|
|
2.1 |
% |
|
7.8 |
% |
|
|
|
3,094 |
|
|
2,900 |
|
|
6.7 |
% |
|
|||||||
|
Marketing |
|
|
1,348 |
|
|
1,002 |
|
|
1,098 |
|
|
1,147 |
|
|
1,303 |
|
|
34.5 |
% |
|
3.5 |
% |
|
|
|
2,350 |
|
|
2,882 |
|
|
(0.7) |
% |
|
|||||||
|
Intangible amortization |
|
|
178 |
|
|
115 |
|
|
132 |
|
|
132 |
|
|
132 |
|
|
54.8 |
% |
|
34.8 |
% |
|
|
|
293 |
|
|
264 |
|
|
11.0 |
% |
|
|||||||
|
Debt extinguishment |
|
|
412 |
|
|
32,163 |
|
|
— |
|
|
— |
|
|
2,878 |
|
|
(98.7) |
% |
|
(98.7) |
% |
|
|
|
32,575 |
|
|
2,878 |
|
|
N/M |
|
||||||||
|
Other |
|
|
16,002 |
|
|
16,123 |
|
|
26,268 |
|
|
15,654 |
|
|
14,637 |
|
|
(0.8) |
% |
|
9.3 |
% |
|
|
|
32,125 |
|
|
30,360 |
|
|
5.8 |
% |
|
|||||||
|
Total Non-Interest Expense |
|
|
140,831 |
|
|
178,383 |
|
|
154,738 |
|
|
139,145 |
|
|
143,006 |
|
|
(21.1) |
% |
|
(1.5) |
% |
|
|
|
319,215 |
|
|
285,558 |
|
|
11.8 |
% |
|
|||||||
|
Income Before Income Taxes |
|
|
76,958 |
|
|
86,961 |
|
|
56,187 |
|
|
71,139 |
|
|
46,100 |
|
|
(11.5) |
% |
|
66.9 |
% |
|
|
|
163,919 |
|
|
74,909 |
|
|
118.8 |
% |
|
|||||||
|
Income tax expense |
|
|
11,994 |
|
|
13,898 |
|
|
5,362 |
|
|
9,529 |
|
|
6,542 |
|
|
(13.7) |
% |
|
83.3 |
% |
|
|
|
25,892 |
|
|
9,303 |
|
|
N/M |
|
||||||||
|
Net Income |
|
|
64,964 |
|
|
73,063 |
|
|
50,825 |
|
|
61,610 |
|
|
39,558 |
|
|
(11.1) |
% |
|
64.2 |
% |
|
|
|
138,027 |
|
|
65,606 |
|
|
110.4 |
% |
|
|||||||
|
Preferred stock dividends |
|
|
(2,562) |
|
|
(2,591) |
|
|
(2,135) |
|
|
— |
|
|
— |
|
|
(1.1) |
% |
|
N/M |
|
|
|
(5,153) |
|
|
— |
|
|
N/M |
|
|||||||||
|
Net Income Available to Common Shareholders |
|
|
$ |
62,402 |
|
|
$ |
70,472 |
|
|
$ |
48,690 |
|
|
$ |
61,610 |
|
|
$ |
39,558 |
|
|
(11.5) |
% |
|
57.7 |
% |
|
|
|
$ |
132,874 |
|
|
$ |
65,606 |
|
|
102.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Basic |
|
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
|
$ |
0.38 |
|
|
$ |
0.24 |
|
|
(11.6) |
% |
|
58.3 |
% |
|
|
|
$ |
0.81 |
|
|
$ |
0.40 |
|
|
102.5 |
% |
|
|
Diluted |
|
|
0.38 |
|
|
0.43 |
|
|
0.30 |
|
|
0.38 |
|
|
0.24 |
|
|
(11.6) |
% |
|
58.3 |
% |
|
|
|
0.81 |
|
|
0.40 |
|
|
102.5 |
% |
|
|||||||
|
Cash dividends |
|
|
0.14 |
|
|
0.14 |
|
|
0.17 |
|
|
0.13 |
|
|
0.13 |
|
|
— |
% |
|
7.7 |
% |
|
|
|
0.28 |
|
|
0.26 |
|
|
7.7 |
% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Weighted average shares (basic) |
|
|
162,785 |
|
|
162,441 |
|
|
162,242 |
|
|
162,061 |
|
|
161,715 |
|
|
0.2 |
% |
|
0.7 |
% |
|
|
|
162,614 |
|
|
162,582 |
|
|
— |
% |
|
|||||||
|
Weighted average shares (diluted) |
|
|
163,858 |
|
|
163,737 |
|
|
163,071 |
|
|
162,579 |
|
|
162,267 |
|
|
0.1 |
% |
|
1.0 |
% |
|
|
|
163,738 |
|
|
163,326 |
|
|
0.3 |
% |
|
|||||||
N/M - Not meaningful
FULTON FINANCIAL CORPORATION |
|
|
|
|
|
|
|||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
|
||||||||||||||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
Three months ended |
|||||||||||||||||||||||||||||||
|
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|||||||||||||||||||||||||||
|
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|||||||||||||||
|
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
|||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net Loans |
$ |
18,906,556 |
|
|
$ |
156,525 |
|
|
3.32 |
% |
|
$ |
18,980,586 |
|
|
$ |
165,462 |
|
|
3.53 |
% |
|
$ |
18,331,797 |
|
|
$ |
160,613 |
|
|
3.52 |
% |
|
Taxable investment securities |
2,630,090 |
|
|
13,898 |
|
|
1.93 |
% |
|
2,438,496 |
|
|
13,691 |
|
|
2.08 |
% |
|
2,200,870 |
|
|
15,171 |
|
|
2.76 |
% |
||||||
|
Tax-exempt investment securities |
961,141 |
|
|
7,494 |
|
|
3.11 |
% |
|
911,648 |
|
|
7,156 |
|
|
3.13 |
% |
|
830,836 |
|
|
6,737 |
|
|
3.23 |
% |
||||||
|
Total Investment Securities |
3,591,231 |
|
|
21,392 |
|
|
2.38 |
% |
|
3,350,144 |
|
|
20,847 |
|
|
2.49 |
% |
|
3,031,706 |
|
|
21,908 |
|
|
2.89 |
% |
||||||
|
Loans held for sale |
31,948 |
|
|
199 |
|
|
2.49 |
% |
|
53,465 |
|
|
471 |
|
|
3.53 |
% |
|
55,608 |
|
|
509 |
|
|
3.66 |
% |
||||||
|
Other interest-earning assets |
1,752,549 |
|
|
1,575 |
|
|
0.16 |
% |
|
1,900,199 |
|
|
1,136 |
|
|
0.24 |
% |
|
815,910 |
|
|
766 |
|
|
0.38 |
% |
||||||
|
Total Interest-earning Assets |
24,282,284 |
|
|
179,691 |
|
|
2.97 |
% |
|
24,284,394 |
|
|
187,916 |
|
|
3.13 |
% |
|
22,235,021 |
|
|
183,796 |
|
|
3.32 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Cash and due from banks |
129,927 |
|
|
|
|
|
|
120,181 |
|
|
|
|
|
|
153,728 |
|
|
|
|
|
||||||||||||
|
Premises and equipment |
229,047 |
|
|
|
|
|
|
230,649 |
|
|
|
|
|
|
240,417 |
|
|
|
|
|
||||||||||||
|
Other assets |
1,643,410 |
|
|
|
|
|
|
1,728,473 |
|
|
|
|
|
|
1,761,038 |
|
|
|
|
|
||||||||||||
|
Less: ACL - loans(2) |
(267,126) |
|
|
|
|
|
|
(280,881) |
|
|
|
|
|
|
(251,088) |
|
|
|
|
|
||||||||||||
|
Total Assets |
$ |
26,017,542 |
|
|
|
|
|
|
$ |
26,082,816 |
|
|
|
|
|
|
$ |
24,139,116 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
$ |
5,979,855 |
|
|
$ |
932 |
|
|
0.06 |
% |
|
$ |
5,832,174 |
|
|
$ |
1,160 |
|
|
0.08 |
% |
|
$ |
5,103,419 |
|
|
$ |
2,219 |
|
|
0.17 |
% |
|
Savings deposits |
6,280,629 |
|
|
1,363 |
|
|
0.09 |
% |
|
6,137,084 |
|
|
1,526 |
|
|
0.10 |
% |
|
5,446,368 |
|
|
3,331 |
|
|
0.25 |
% |
||||||
|
Brokered deposits |
297,815 |
|
|
253 |
|
|
0.34 |
% |
|
324,364 |
|
|
395 |
|
|
0.49 |
% |
|
312,121 |
|
|
422 |
|
|
0.54 |
% |
||||||
|
Time deposits |
2,003,606 |
|
|
5,434 |
|
|
1.09 |
% |
|
2,150,570 |
|
|
6,521 |
|
|
1.23 |
% |
|
2,624,962 |
|
|
11,145 |
|
|
1.71 |
% |
||||||
|
Total Interest-bearing Deposits |
14,561,905 |
|
|
7,982 |
|
|
0.22 |
% |
|
14,444,192 |
|
|
9,602 |
|
|
0.27 |
% |
|
13,486,870 |
|
|
17,118 |
|
|
0.51 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Short-term borrowings |
514,025 |
|
|
137 |
|
|
0.11 |
% |
|
570,775 |
|
|
188 |
|
|
0.13 |
% |
|
707,771 |
|
|
517 |
|
|
0.29 |
% |
||||||
|
Long-term borrowings |
626,795 |
|
|
6,155 |
|
|
3.93 |
% |
|
1,271,170 |
|
|
10,698 |
|
|
3.38 |
% |
|
1,361,421 |
|
|
10,307 |
|
|
3.03 |
% |
||||||
|
Total Interest-bearing Liabilities |
15,702,725 |
|
|
14,274 |
|
|
0.36 |
% |
|
16,286,137 |
|
|
20,488 |
|
|
0.51 |
% |
|
15,556,062 |
|
|
27,942 |
|
|
0.72 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
7,203,696 |
|
|
|
|
|
|
6,672,832 |
|
|
|
|
|
|
5,789,788 |
|
|
|
|
|
||||||||||||
|
Total Deposits/Cost of Deposits |
21,765,601 |
|
|
|
|
0.15 |
% |
|
21,117,024 |
|
|
|
|
0.18 |
% |
|
19,276,658 |
|
|
|
|
0.36 |
% |
|||||||||
|
Other |
441,708 |
|
|
|
|
|
|
486,749 |
|
|
|
|
|
|
484,133 |
|
|
|
|
|
||||||||||||
|
Total Liabilities |
23,348,129 |
|
|
|
|
|
|
23,445,718 |
|
|
|
|
|
|
21,829,983 |
|
|
|
|
|
||||||||||||
|
Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") |
22,906,421 |
|
|
|
|
0.25 |
% |
|
22,958,969 |
|
|
|
|
0.36 |
% |
|
21,345,850 |
|
|
|
|
0.53 |
% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Shareholders' equity |
2,669,413 |
|
|
|
|
|
|
2,637,098 |
|
|
|
|
|
|
2,309,133 |
|
|
|
|
|
||||||||||||
|
Total Liabilities and Shareholders' Equity |
$ |
26,017,542 |
|
|
|
|
|
|
$ |
26,082,816 |
|
|
|
|
|
|
$ |
24,139,116 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net interest income/net interest margin (fully taxable equivalent) |
|
|
165,417 |
|
|
2.73 |
% |
|
|
|
167,428 |
|
|
2.79 |
% |
|
|
|
155,854 |
|
|
2.81 |
% |
|||||||||
|
Tax equivalent adjustment |
|
|
(3,018) |
|
|
|
|
|
|
(2,979) |
|
|
|
|
|
|
(3,100) |
|
|
|
||||||||||||
|
Net interest income |
|
|
$ |
162,399 |
|
|
|
|
|
|
$ |
164,449 |
|
|
|
|
|
|
$ |
152,754 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(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 |
||||||||||||||||||||||
|
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Jun 30 |
||||||||||||
|
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Real estate - commercial mortgage |
$ |
7,177,622 |
|
|
$ |
7,128,997 |
|
|
$ |
7,101,363 |
|
|
$ |
6,986,528 |
|
|
$ |
6,875,872 |
|
|
0.7 |
% |
|
4.4 |
% |
|
Commercial and industrial |
3,920,771 |
|
|
4,033,367 |
|
|
4,024,879 |
|
|
4,030,750 |
|
|
4,451,228 |
|
|
(2.8) |
% |
|
(11.9) |
% |
|||||
|
Real estate - residential mortgage |
3,396,690 |
|
|
3,183,585 |
|
|
3,087,529 |
|
|
2,975,516 |
|
|
2,769,682 |
|
|
6.7 |
% |
|
22.6 |
% |
|||||
|
Real estate - home equity |
1,139,558 |
|
|
1,175,218 |
|
|
1,212,113 |
|
|
1,237,602 |
|
|
1,271,190 |
|
|
(3.0) |
% |
|
(10.4) |
% |
|||||
|
Real estate - construction |
1,054,469 |
|
|
1,054,718 |
|
|
1,009,284 |
|
|
981,589 |
|
|
941,079 |
|
|
— |
% |
|
12.0 |
% |
|||||
|
Consumer |
451,486 |
|
|
459,038 |
|
|
468,678 |
|
|
464,851 |
|
|
465,728 |
|
|
(1.6) |
% |
|
(3.1) |
% |
|||||
|
Equipment lease financing |
256,248 |
|
|
266,405 |
|
|
279,059 |
|
|
279,217 |
|
|
284,658 |
|
|
(3.8) |
% |
|
(10.0) |
% |
|||||
|
Other(1) |
(14,677) |
|
|
(9,455) |
|
|
(18,817) |
|
|
(28,656) |
|
|
13,443 |
|
|
55.2 |
% |
|
N/M |
||||||
|
Net Loans before PPP |
17,382,167 |
|
|
17,291,873 |
|
|
17,164,088 |
|
|
16,927,397 |
|
|
17,072,880 |
|
|
0.5 |
% |
|
1.8 |
% |
|||||
|
PPP |
1,524,389 |
|
|
1,688,713 |
|
|
1,830,426 |
|
|
1,953,122 |
|
|
1,258,917 |
|
|
(9.7) |
% |
|
21.1 |
% |
|||||
|
Total Net Loans |
$ |
18,906,556 |
|
|
$ |
18,980,586 |
|
|
$ |
18,994,514 |
|
|
$ |
18,880,519 |
|
|
$ |
18,331,797 |
|
|
(0.4) |
% |
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Noninterest-bearing demand |
$ |
7,203,696 |
|
|
$ |
6,672,832 |
|
|
$ |
6,477,228 |
|
|
$ |
6,270,683 |
|
|
$ |
5,789,788 |
|
|
8.0 |
% |
|
24.4 |
% |
|
Interest-bearing demand |
5,979,855 |
|
|
5,832,174 |
|
|
5,762,150 |
|
|
5,591,548 |
|
|
5,103,419 |
|
|
2.5 |
% |
|
17.2 |
% |
|||||
|
Savings |
6,280,629 |
|
|
6,137,084 |
|
|
5,905,137 |
|
|
5,716,050 |
|
|
5,446,368 |
|
|
2.3 |
% |
|
15.3 |
% |
|||||
|
Total demand and savings |
19,464,180 |
|
|
18,642,090 |
|
|
18,144,515 |
|
|
17,578,281 |
|
|
16,339,575 |
|
|
4.4 |
% |
|
19.1 |
% |
|||||
|
Brokered |
297,815 |
|
|
324,364 |
|
|
340,451 |
|
|
314,721 |
|
|
312,121 |
|
|
(8.2) |
% |
|
(4.6) |
% |
|||||
|
Time |
2,003,606 |
|
|
2,150,570 |
|
|
2,306,556 |
|
|
2,495,445 |
|
|
2,624,962 |
|
|
(6.8) |
% |
|
(23.7) |
% |
|||||
|
Total Deposits |
$ |
21,765,601 |
|
|
$ |
21,117,024 |
|
|
$ |
20,791,522 |
|
|
$ |
20,388,447 |
|
|
$ |
19,276,658 |
|
|
3.1 |
% |
|
12.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Customer funding |
$ |
514,025 |
|
|
$ |
570,775 |
|
|
$ |
622,623 |
|
|
$ |
613,127 |
|
|
$ |
546,716 |
|
|
(9.9) |
% |
|
(6.0) |
% |
|
Federal funds purchased |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
74,231 |
|
|
N/M |
|
(100.0) |
% |
||||||
|
Short-term FHLB advances and other borrowings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
86,824 |
|
|
N/M |
|
(100.0) |
% |
||||||
|
Total Short-term borrowings |
$ |
514,025 |
|
|
$ |
570,775 |
|
|
$ |
622,623 |
|
|
$ |
613,127 |
|
|
$ |
707,771 |
|
|
(9.9) |
% |
|
(27.4) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
N/M - Not meaningful |
||||||||||||||||||||||||||
(1) Consists of overdrafts and net origination fees and costs. |
||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION |
|
|
|
|
|
|
|
|||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
|
|
|
|||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
Six months ended June 30 |
|
||||||||||||||||||||
|
|
|
2021 |
|
2020 |
|
||||||||||||||||||
|
|
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
||||||||||
|
|
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
|
||||||||||
ASSETS |
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Net Loans |
|
$ |
18,943,367 |
|
|
$ |
321,987 |
|
|
3.42 |
% |
|
$ |
17,595,932 |
|
|
$ |
338,110 |
|
|
3.86 |
% |
|
|
Taxable investment securities |
|
2,534,821 |
|
|
27,588 |
|
|
2.00 |
% |
|
2,242,663 |
|
|
31,465 |
|
|
2.81 |
% |
|
||||
|
Tax-exempt investment securities |
|
936,531 |
|
|
14,651 |
|
|
3.12 |
% |
|
775,530 |
|
|
12,698 |
|
|
3.26 |
% |
|
||||
|
Total Investment Securities |
|
3,471,352 |
|
|
42,239 |
|
|
2.43 |
% |
|
3,018,193 |
|
|
44,163 |
|
|
2.92 |
% |
|
||||
|
Loans held for sale |
|
42,647 |
|
|
671 |
|
|
3.14 |
% |
|
41,393 |
|
|
829 |
|
|
4.00 |
% |
|
||||
|
Other interest-earning assets |
|
1,825,966 |
|
|
2,711 |
|
|
0.19 |
% |
|
709,091 |
|
|
3,297 |
|
|
4.31 |
% |
|
||||
|
Total Interest-earning Assets |
|
24,283,332 |
|
|
367,607 |
|
|
3.05 |
% |
|
21,364,609 |
|
|
386,399 |
|
|
3.63 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Cash and due from banks |
|
125,081 |
|
|
|
|
|
|
145,988 |
|
|
|
|
|
|
||||||||
|
Premises and equipment |
|
229,843 |
|
|
|
|
|
|
240,019 |
|
|
|
|
|
|
||||||||
|
Other assets |
|
1,685,708 |
|
|
|
|
|
|
1,675,849 |
|
|
|
|
|
|
||||||||
|
Less: ACL - loans(2) |
|
(273,965) |
|
|
|
|
|
|
(230,858) |
|
|
|
|
|
|
||||||||
|
Total Assets |
|
$ |
26,049,999 |
|
|
|
|
|
|
$ |
23,195,607 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
|
$ |
5,906,423 |
|
|
$ |
2,092 |
|
|
0.07 |
% |
|
$ |
4,876,662 |
|
|
$ |
8,020 |
|
|
0.33 |
% |
|
|
Savings deposits |
|
6,209,253 |
|
|
2,890 |
|
|
0.09 |
% |
|
5,287,015 |
|
|
10,441 |
|
|
0.40 |
% |
|
||||
|
Brokered deposits |
|
311,016 |
|
|
647 |
|
|
0.42 |
% |
|
293,756 |
|
|
1,495 |
|
|
1.02 |
% |
|
||||
|
Time deposits |
|
2,076,681 |
|
|
11,955 |
|
|
1.16 |
% |
|
2,693,202 |
|
|
23,602 |
|
|
1.76 |
% |
|
||||
|
Total Interest-bearing Deposits |
|
14,503,373 |
|
|
17,584 |
|
|
0.24 |
% |
|
13,150,635 |
|
|
43,558 |
|
|
0.67 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Short-term borrowings |
|
542,243 |
|
|
325 |
|
|
0.12 |
% |
|
1,005,409 |
|
|
4,590 |
|
|
0.91 |
% |
|
||||
|
Long-term borrowings |
|
947,203 |
|
|
16,853 |
|
|
3.56 |
% |
|
1,212,318 |
|
|
18,426 |
|
|
3.04 |
% |
|
||||
|
Total Interest-bearing Liabilities |
|
15,992,819 |
|
|
34,762 |
|
|
0.44 |
% |
|
15,368,362 |
|
|
66,574 |
|
|
0.87 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
|
6,939,731 |
|
|
|
|
|
|
5,048,408 |
|
|
|
|
|
|
||||||||
|
Total Deposits/Cost of Deposits |
|
21,443,104 |
|
|
|
|
0.17 |
% |
|
18,199,043 |
|
|
|
|
0.48 |
% |
|
||||||
|
Other |
|
464,104 |
|
|
|
|
|
|
455,763 |
|
|
|
|
|
|
||||||||
|
Total Liabilities |
|
23,396,654 |
|
|
|
|
|
|
20,872,533 |
|
|
|
|
|
|
||||||||
|
Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") |
|
22,932,550 |
|
|
|
|
0.30 |
% |
|
20,416,770 |
|
|
|
|
0.65 |
% |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Shareholders' equity |
|
2,653,345 |
|
|
|
|
|
|
2,323,074 |
|
|
|
|
|
|
||||||||
|
Total Liabilities and Shareholders' Equity |
|
$ |
26,049,999 |
|
|
|
|
|
|
$ |
23,195,607 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net interest income/net interest margin (fully taxable equivalent) |
|
|
|
332,845 |
|
|
2.76 |
% |
|
|
|
319,825 |
|
|
3.01 |
% |
|
||||||
|
Tax equivalent adjustment |
|
|
|
(5,998) |
|
|
|
|
|
|
(6,325) |
|
|
|
|
||||||||
|
Net interest income |
|
|
|
$ |
326,847 |
|
|
|
|
|
|
$ |
313,500 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(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 |
||||||||||||
|
|
|
|
|
|
|
|
|||||
|
|
|
Six months ended June 30 |
|
|
|||||||
|
|
|
2021 |
|
2020 |
|
% Change |
|||||
Loans, by type: |
|
|
|
|
|
|
||||||
|
Real estate - commercial mortgage |
|
$ |
7,153,444 |
|
|
$ |
6,811,318 |
|
|
5.0 |
% |
|
Commercial and industrial |
|
3,976,758 |
|
|
4,448,990 |
|
|
(10.6) |
% |
||
|
Real estate - residential mortgage |
|
3,290,726 |
|
|
2,719,851 |
|
|
21.0 |
% |
||
|
Real estate - home equity |
|
1,157,289 |
|
|
1,285,661 |
|
|
(10.0) |
% |
||
|
Real estate - construction |
|
1,054,593 |
|
|
935,304 |
|
|
12.8 |
% |
||
|
Consumer |
|
455,241 |
|
|
466,071 |
|
|
(2.3) |
% |
||
|
Equipment lease financing |
|
261,300 |
|
|
284,612 |
|
|
(8.2) |
% |
||
|
Other(1) |
|
(12,081) |
|
|
14,667 |
|
|
N/M |
|||
|
Net Loans before PPP |
|
17,337,270 |
|
|
16,966,474 |
|
|
2.2 |
% |
||
|
PPP |
|
1,606,097 |
|
|
629,458 |
|
|
N/M |
|||
|
Total Net Loans |
|
$ |
18,943,367 |
|
|
$ |
17,595,932 |
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
|||||
Deposits, by type: |
|
|
|
|
|
|
||||||
|
Noninterest-bearing demand |
|
$ |
6,939,731 |
|
|
$ |
5,048,408 |
|
|
37.5 |
% |
|
Interest-bearing demand |
|
5,906,423 |
|
|
4,876,662 |
|
|
21.1 |
% |
||
|
Savings |
|
6,209,253 |
|
|
5,287,015 |
|
|
17.4 |
% |
||
|
Total demand and savings |
|
19,055,407 |
|
|
15,212,085 |
|
|
25.3 |
% |
||
|
Brokered |
|
311,016 |
|
|
293,756 |
|
|
5.9 |
% |
||
|
Time |
|
2,076,681 |
|
|
2,693,202 |
|
|
(22.9) |
% |
||
|
Total Deposits |
|
$ |
21,443,104 |
|
|
$ |
18,199,043 |
|
|
17.8 |
% |
|
|
|
|
|
|
|
|
|||||
Short-term borrowings, by type: |
|
|
|
|
|
|
||||||
|
Customer funding |
|
542,243 |
|
|
487,478 |
|
|
11.2 |
% |
||
|
Federal funds purchased |
|
— |
|
|
130,549 |
|
|
N/M |
|||
|
Short-term FHLB advances and other borrowings |
|
— |
|
|
387,382 |
|
|
N/M |
|||
|
Total Short-term Borrowings |
|
$ |
542,243 |
|
|
$ |
1,005,409 |
|
|
(46.1) |
% |
|
|
|
|
|
|
|
|
|||||
N/M - Not meaningful |
|
|
|
|
|
|
||||||
(1) Consists of overdrafts and net origination fees and costs. |
|
|
||||||||||
FULTON FINANCIAL CORPORATION |
|
|
|
|
||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) |
|
|
|
|
||||||||||||||||
dollars in thousands |
|
|
|
|
||||||||||||||||
|
|
Three months ended |
||||||||||||||||||
|
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
||||||||||
|
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
||||||||||
Allowance for credit losses related to Net Loans: |
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of period |
$ |
265,986 |
|
|
$ |
277,567 |
|
|
$ |
266,825 |
|
|
$ |
256,537 |
|
|
$ |
238,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Loans charged off: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and industrial |
(954) |
|
|
(4,319) |
|
|
(1,567) |
|
|
(2,969) |
|
|
(3,480) |
|
|||||
|
Real estate - commercial mortgage |
(6,506) |
|
|
(1,837) |
|
|
(300) |
|
|
(746) |
|
|
(2,324) |
|
|||||
|
Consumer and home equity |
(1,130) |
|
|
(847) |
|
|
(668) |
|
|
(1,093) |
|
|
(1,303) |
|
|||||
|
Real estate - residential mortgage |
(496) |
|
|
(192) |
|
|
— |
|
|
(198) |
|
|
(235) |
|
|||||
|
Real estate - construction |
— |
|
|
(39) |
|
|
— |
|
|
— |
|
|
(17) |
|
|||||
|
Equipment lease financing and other |
(436) |
|
|
(968) |
|
|
(483) |
|
|
(483) |
|
|
(688) |
|
|||||
|
Total loans charged off |
(9,522) |
|
|
(8,202) |
|
|
(3,018) |
|
|
(5,489) |
|
|
(8,047) |
|
|||||
Recoveries of loans previously charged off: |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commercial and industrial |
693 |
|
|
769 |
|
|
4,581 |
|
|
2,103 |
|
|
2,978 |
|
|||||
|
Real estate - commercial mortgage |
729 |
|
|
174 |
|
|
588 |
|
|
100 |
|
|
95 |
|
|||||
|
Consumer and home equity |
634 |
|
|
440 |
|
|
594 |
|
|
491 |
|
|
649 |
|
|||||
|
Real estate - residential mortgage |
105 |
|
|
95 |
|
|
199 |
|
|
95 |
|
|
112 |
|
|||||
|
Real estate - construction |
254 |
|
|
384 |
|
|
179 |
|
|
4,873 |
|
|
— |
|
|||||
|
Equipment lease financing and other |
153 |
|
|
159 |
|
|
219 |
|
|
185 |
|
|
92 |
|
|||||
|
Recoveries of loans previously charged off |
2,568 |
|
|
2,021 |
|
|
6,360 |
|
|
7,847 |
|
|
3,926 |
|
|||||
Net loans recovered (charged off) |
(6,954) |
|
|
(6,181) |
|
|
3,342 |
|
|
2,358 |
|
|
(4,121) |
|
||||||
Provision for credit losses |
(4,000) |
|
|
(5,400) |
|
|
7,400 |
|
|
7,930 |
|
|
22,150 |
|
||||||
Balance at end of period |
$ |
255,032 |
|
|
$ |
265,986 |
|
|
$ |
277,567 |
|
|
$ |
266,825 |
|
|
$ |
256,537 |
|
|
Net charge-offs (recoveries) to average loans (annualized) |
0.15 |
% |
|
0.13 |
% |
|
(0.07) |
% |
|
(0.05) |
% |
|
0.09 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance credit losses related to OBS Credit Exposures(1) |
|
|
|
|
|
|||||||||||||||
|
Balance at beginning of period |
$ |
14,273 |
|
|
$ |
14,373 |
|
|
$ |
15,533 |
|
|
$ |
16,383 |
|
|
$ |
18,963 |
|
|
Provision for credit losses |
500 |
|
|
(100) |
|
|
(1,160) |
|
|
(850) |
|
|
(2,580) |
|
|||||
|
Balance at end of period |
$ |
14,773 |
|
|
$ |
14,273 |
|
|
$ |
14,373 |
|
|
$ |
15,533 |
|
|
$ |
16,383 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
||||||||||||
|
Non-accrual loans |
$ |
147,864 |
|
|
$ |
143,889 |
|
|
$ |
137,198 |
|
|
$ |
128,321 |
|
|
$ |
125,037 |
|
|
Loans 90 days past due and accruing |
5,865 |
|
|
8,559 |
|
|
9,929 |
|
|
13,761 |
|
|
14,767 |
|
|||||
|
Total non-performing loans |
153,729 |
|
|
152,448 |
|
|
147,127 |
|
|
142,082 |
|
|
139,804 |
|
|||||
|
Other real estate owned |
2,779 |
|
|
3,664 |
|
|
4,178 |
|
|
4,565 |
|
|
5,418 |
|
|||||
|
Total non-performing assets |
$ |
156,508 |
|
|
$ |
156,112 |
|
|
$ |
151,305 |
|
|
$ |
146,647 |
|
|
$ |
145,222 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NON-PERFORMING LOANS, BY TYPE: |
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and industrial |
$ |
33,522 |
|
|
$ |
31,871 |
|
|
$ |
32,610 |
|
|
$ |
37,224 |
|
|
$ |
39,730 |
|
|
Real estate - commercial mortgage |
53,693 |
|
|
54,164 |
|
|
52,647 |
|
|
43,426 |
|
|
42,374 |
|
|||||
|
Real estate - residential mortgage |
38,185 |
|
|
36,152 |
|
|
30,793 |
|
|
28,287 |
|
|
22,887 |
|
|||||
|
Consumer and home equity |
11,408 |
|
|
13,072 |
|
|
13,090 |
|
|
12,292 |
|
|
11,911 |
|
|||||
|
Real estate - construction |
1,016 |
|
|
1,440 |
|
|
1,550 |
|
|
4,051 |
|
|
4,525 |
|
|||||
|
Equipment lease financing and other |
15,905 |
|
|
15,749 |
|
|
16,437 |
|
|
16,802 |
|
|
18,377 |
|
|||||
|
Total non-performing loans |
$ |
153,729 |
|
|
$ |
152,448 |
|
|
$ |
147,127 |
|
|
$ |
142,082 |
|
|
$ |
139,804 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
(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 |
|
|||||||||||||
|
|
|
|
|
|
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
|||||
|
|
|
|
|
|
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
|||||
Common shareholders' equity (tangible), per share |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shareholders' equity |
|
|
$ |
2,692,958 |
|
$ |
2,629,655 |
|
$ |
2,616,828 |
|
$ |
2,390,261 |
|
$ |
2,340,501 |
|
||||
Less: Preferred stock |
|
|
(192,878) |
|
(192,878) |
|
|
(192,878) |
|
|
— |
|
— |
|
|||||||
Less: Goodwill and intangible assets |
|
|
(536,847) |
|
(536,544) |
|
|
(536,659) |
|
|
(534,907) |
|
(535,039) |
|
|||||||
Tangible common shareholders' equity (numerator) |
|
|
$ |
1,963,233 |
|
$ |
1,900,233 |
|
$ |
1,887,291 |
|
$ |
1,855,354 |
|
$ |
1,805,462 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period (denominator) |
|
|
162,988 |
|
162,518 |
|
|
162,350 |
|
|
162,134 |
|
161,958 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common shareholders' equity (tangible), per share |
|
|
$ |
12.05 |
|
$ |
11.69 |
|
$ |
11.62 |
|
$ |
11.44 |
|
$ |
11.15 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on average common shareholders' equity (tangible) |
|
|
|
|
|
|
|
||||||||||||||
Net income available to common shareholders |
|
|
$ |
62,402 |
|
$ |
70,472 |
|
$ |
48,690 |
|
$ |
61,610 |
|
$ |
39,558 |
|
||||
Plus: Intangible amortization, net of tax |
|
|
140 |
|
90 |
|
|
104 |
|
|
103 |
|
104 |
|
|||||||
(Numerator) |
|
$ |
62,542 |
|
$ |
70,562 |
|
$ |
48,794 |
|
$ |
61,713 |
|
$ |
39,662 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Average shareholders' equity |
|
|
$ |
2,669,413 |
|
$ |
2,637,098 |
|
$ |
2,544,866 |
|
$ |
2,374,091 |
|
$ |
2,309,133 |
|
||||
Less: Average preferred stock |
|
|
(192,878) |
|
(192,878) |
|
|
(127,639) |
|
|
— |
|
— |
|
|||||||
Less: Average goodwill and intangible assets |
|
|
(536,470) |
|
(536,601) |
|
|
(535,474) |
|
|
(534,971) |
|
(535,103) |
|
|||||||
Average tangible common shareholders' equity (denominator) |
|
$ |
1,940,065 |
|
$ |
1,907,619 |
|
$ |
1,881,753 |
|
$ |
1,839,120 |
|
$ |
1,774,030 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average common shareholders' equity (tangible), annualized |
|
12.93% |
|
15.00% |
|
|
10.32% |
|
|
13.50% |
|
8.99% |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tangible common equity to tangible assets (TCE Ratio) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shareholders' equity |
|
|
$ |
2,692,958 |
|
$ |
2,629,655 |
|
$ |
2,616,828 |
|
$ |
2,390,261 |
|
$ |
2,340,501 |
|
||||
Less: Preferred stock |
|
|
(192,878) |
|
(192,878) |
|
|
(192,878) |
|
|
— |
|
— |
|
|||||||
Less: Goodwill and intangible assets |
|
|
(536,847) |
|
(536,544) |
|
|
(536,659) |
|
|
(534,907) |
|
(535,039) |
|
|||||||
Tangible common shareholders' equity (numerator) |
|
|
$ |
1,963,233 |
|
$ |
1,900,233 |
|
$ |
1,887,291 |
|
$ |
1,855,354 |
|
$ |
1,805,462 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets |
|
|
|
|
|
|
$ |
26,079,774 |
|
$ |
25,892,990 |
|
$ |
25,906,733 |
|
$ |
25,543,281 |
|
$ |
24,617,863 |
|
Less: Goodwill and intangible assets |
|
|
(536,847) |
|
(536,544) |
|
|
(536,659) |
|
|
(534,907) |
|
(535,039) |
|
|||||||
Total tangible assets (denominator) |
|
|
$ |
25,542,927 |
|
$ |
25,356,446 |
|
$ |
25,370,074 |
|
$ |
25,008,374 |
|
$ |
24,082,824 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tangible common equity to tangible assets |
|
|
7.69% |
|
7.49% |
|
|
7.44% |
|
|
7.42% |
|
7.50% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-interest expense |
|
|
$ |
140,831 |
|
$ |
178,383 |
|
$ |
154,738 |
|
$ |
139,145 |
|
$ |
143,006 |
|
||||
Less: Amortization of tax credit investments |
|
|
(1,563) |
|
(1,531) |
|
|
(1,532) |
|
|
(1,694) |
|
(1,450) |
|
|||||||
Less: Intangible amortization |
|
|
(178) |
|
(115) |
|
|
(132) |
|
|
(132) |
|
(132) |
|
|||||||
Less: 2020 cost savings initiatives |
|
|
— |
|
— |
|
|
(15,400) |
|
|
(800) |
|
— |
|
|||||||
Less: Debt extinguishment costs |
|
|
(412) |
|
(32,163) |
|
|
— |
|
|
— |
|
(2,878) |
|
|||||||
Non-interest expense (numerator) |
|
|
$ |
138,678 |
|
$ |
144,574 |
|
$ |
137,674 |
|
$ |
136,519 |
|
$ |
138,546 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income (fully taxable equivalent) |
|
|
$ |
165,417 |
|
$ |
167,428 |
|
$ |
164,578 |
|
$ |
157,106 |
|
$ |
155,854 |
|
||||
Plus: Total Non-interest income |
|
|
51,890 |
|
95,397 |
|
|
55,574 |
|
|
63,248 |
|
55,922 |
|
|||||||
Less: Investment securities gains, net |
|
|
(36) |
|
(33,475) |
|
|
— |
|
|
(2) |
|
(3,005) |
|
|||||||
Total revenue (denominator) |
|
|
$ |
217,271 |
|
$ |
229,350 |
|
$ |
220,152 |
|
$ |
220,352 |
|
$ |
208,771 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Efficiency ratio |
|
|
63.8% |
|
63.0% |
|
|
62.5% |
|
|
62.0% |
|
66.4% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
Three months ended |
|
|||||||||||||
|
|
|
|
|
|
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
|||||
|
|
|
|
|
|
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality, excluding PPP |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loans recovered (charged-off) (numerator) |
|
|
$ |
(6,954) |
|
$ |
(6,181) |
|
$ |
3,342 |
|
$ |
2,358 |
|
$ |
(4,121) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Net Loans |
|
|
$ |
18,906,556 |
|
$ |
18,980,586 |
|
$ |
18,994,514 |
|
$ |
18,880,519 |
|
$ |
18,331,797 |
|
||||
Less: Average PPP loans |
|
|
(1,524,389) |
|
(1,688,713) |
|
|
(1,830,426) |
|
|
(1,953,122) |
|
(1,258,917) |
|
|||||||
Total adjusted average loans (denominator) |
|
|
$ |
17,382,167 |
|
$ |
17,291,873 |
|
$ |
17,164,088 |
|
$ |
16,927,397 |
|
$ |
17,072,880 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net charge-offs (recoveries) to adjusted average loans (annualized) |
|
|
0.16% |
|
0.14% |
|
|
(0.08)% |
|
|
(0.06)% |
|
0.10% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing loans (numerator) |
|
|
$ |
153,729 |
|
$ |
152,448 |
|
$ |
147,127 |
|
$ |
142,082 |
|
$ |
139,804 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Loans |
|
|
$ |
18,586,756 |
|
$ |
18,990,986 |
|
$ |
18,900,820 |
|
$ |
19,028,621 |
|
$ |
18,704,722 |
|
||||
Less: PPP loans |
|
|
(1,114,401) |
|
(1,688,394) |
|
|
(1,581,712) |
|
|
(1,960,165) |
|
(1,937,034) |
|
|||||||
Total adjusted loans (denominator) |
|
|
$ |
17,472,355 |
|
$ |
17,302,592 |
|
$ |
17,319,108 |
|
$ |
17,068,456 |
|
$ |
16,767,688 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-performing loans to total adjusted loans |
|
|
0.88% |
|
0.88% |
|
|
0.85% |
|
|
0.83% |
|
0.83% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ACL - loans (numerator) |
|
|
$ |
255,032 |
|
$ |
265,986 |
|
$ |
277,567 |
|
$ |
266,825 |
|
$ |
256,537 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net Loans |
|
|
$ |
18,586,756 |
|
$ |
18,990,986 |
|
$ |
18,900,820 |
|
$ |
19,028,621 |
|
$ |
18,704,722 |
|
||||
Less: PPP loans |
|
|
(1,114,401) |
|
(1,688,394) |
|
|
(1,581,712) |
|
|
(1,960,165) |
|
(1,937,034) |
|
|||||||
Total adjusted loans (denominator) |
|
|
$ |
17,472,355 |
|
$ |
17,302,592 |
|
$ |
17,319,108 |
|
$ |
17,068,456 |
|
$ |
16,767,688 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ACL - loans to total adjusted loans |
|
|
1.46% |
|
1.54% |
|
|
1.60% |
|
|
1.56% |
|
1.53% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pre-provision net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
|
|
|
$ |
162,399 |
|
$ |
164,448 |
|
$ |
161,591 |
|
$ |
154,116 |
|
$ |
152,754 |
|
||
Non-interest income |
|
|
|
|
51,890 |
|
95,397 |
|
|
55,574 |
|
|
63,248 |
|
55,922 |
|
|||||
Less: Investment securities gains, net |
|
|
|
|
(36) |
|
(33,475) |
|
|
— |
|
|
(2) |
|
(3,005) |
|
|||||
Total revenue |
|
|
|
|
$ |
214,253 |
|
$ |
226,370 |
|
$ |
217,165 |
|
$ |
217,362 |
|
$ |
205,671 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest expense |
|
|
|
|
$ |
140,831 |
|
$ |
178,383 |
|
$ |
154,738 |
|
$ |
139,145 |
|
$ |
143,006 |
|
||
Less: Debt extinguishment |
|
|
|
|
(412) |
|
(32,163) |
|
|
— |
|
|
— |
|
(2,878) |
|
|||||
Less: Amortization on tax credit investments |
|
|
|
|
(1,563) |
|
(1,531) |
|
|
(1,532) |
|
|
(1,694) |
|
(1,450) |
|
|||||
Less: Intangible amortization |
|
|
|
|
(178) |
|
(115) |
|
|
(132) |
|
|
(132) |
|
(132) |
|
|||||
Total non-interest expense |
|
|
|
|
$ |
138,678 |
|
$ |
144,574 |
|
$ |
153,074 |
|
$ |
137,319 |
|
$ |
138,546 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pre-provision net revenue |
|
|
|
|
$ |
75,575 |
|
$ |
81,796 |
|
$ |
64,091 |
|
$ |
80,043 |
|
$ |
67,125 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Note: numbers may not sum due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Category: Earnings
View source version on businesswire.com: https://www.businesswire.com/news/home/20210720006139/en/
Contacts
Media Contact: Laura Wakeley (717) 291-2616
Investor Contact: Matt Jozwiak (717) 327-2657
