Fulton Financial Announces Second Quarter Earnings

LANCASTER, Pa.--()--Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income of $40 million, or $0.24 per diluted share, for the second quarter of 2020.

COVID-19 continues to have a significant impact on our world and our company,” said E. Philip Wenger, Chairman and CEO, “however, we are pleased with what Fulton was able to achieve in the second quarter during this period of great uncertainty. Our earnings were strong, with lower credit losses and relatively stable fee income and expenses. And our employees have done an outstanding job, continuing to support our customers through this challenging and ever-changing environment."

Net Interest Income and Balance Sheet

Net interest income for the second quarter of 2020 was $153 million, a decrease of $8 million from the first quarter of 2020, driven by lower yields on loans and other interest-earning assets. Net interest margin for the second quarter of 2020 decreased 40 basis points, to 2.81% from 3.21% in the first quarter of 2020.

Total average assets for the second quarter of 2020 were $24.1 billion, an increase of $1.9 billion from the first quarter of 2020. Average loans, net of unearned income, of $18.3 billion increased $1.5 billion from the first quarter of 2020. The increase was principally due to loans originated under the Paycheck Protection Program ("PPP"), which were $1.9 billion as of June 30, 2020.

Average loans and yields, by type, for the second quarter of 2020 in comparison to the first quarter of 2020 are summarized in the following table:

 

Three months ended

 

 

 

June 30, 2020

 

March 31, 2020

 

Growth

 

Balance

 

Yield (1)

 

Balance

 

Yield (1)

 

$

 

%

 

(dollars in thousands)

Average Loans, net of unearned income, by type:

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

$

6,875,872

 

 

3.47

%

 

$

6,746,766

 

 

4.20

%

 

$

129,106

 

 

1.9

%

Commercial and industrial

5,710,145

 

 

3.35

%

 

4,446,750

 

 

4.21

%

 

1,263,395

 

 

28.4

%

Real estate - residential mortgage

2,769,682

 

 

3.88

%

 

2,670,019

 

 

3.97

%

 

99,663

 

 

3.7

%

Real estate - home equity

1,271,190

 

 

3.91

%

 

1,300,132

 

 

4.73

%

 

(28,942)

 

 

(2.2)

%

Real estate - construction

941,079

 

 

3.53

%

 

929,529

 

 

4.13

%

 

11,550

 

 

1.2

%

Consumer

465,728

 

 

4.17

%

 

466,415

 

 

4.34

%

 

(687)

 

 

(0.1)

%

Equipment lease financing

284,658

 

 

3.44

%

 

284,566

 

 

4.32

%

 

92

 

 

0.0

%

Other

13,443

 

 

N/A

 

15,890

 

 

N/A

 

(2,447)

 

 

(15.4)

%

Total Average Loans, net of unearned income

$

18,331,797

 

 

3.52

%

 

$

16,860,067

 

 

4.23

%

 

$

1,471,730

 

 

8.7

%

 

 

 

 

 

 

 

 

 

 

 

 

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

Total average liabilities increased $1.9 billion, from the first quarter of 2020 driven by increases in noninterest-bearing demand deposits. Average deposits and interest rates, by type, for the second quarter of 2020 in comparison to the first quarter of 2020 are summarized in the following table:

 

Three months ended

 

 

 

June 30, 2020

 

March 31, 2020

 

Growth

 

Balance

 

Rate

 

Balance

 

Rate

 

$

 

%

 

(dollars in thousands)

Average Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

5,789,788

 

 

0.00

%

 

$

4,307,027

 

 

0.00

%

 

$

1,482,761

 

 

34.4

%

Interest-bearing demand

5,103,419

 

 

0.17

%

 

4,649,905

 

 

0.49

%

 

453,514

 

 

9.8

%

Savings

5,446,368

 

 

0.25

%

 

5,127,662

 

 

0.56

%

 

318,706

 

 

6.2

%

Total average demand and savings

16,339,575

 

 

0.14

%

 

14,084,594

 

 

0.36

%

 

2,254,981

 

 

16.0

%

Brokered

312,121

 

 

0.54

%

 

275,359

 

 

1.57

%

 

36,762

 

 

13.4

%

Time

2,624,962

 

 

1.71

%

 

2,761,474

 

 

1.84

%

 

(136,512)

 

 

(4.9)

%

Total Average Deposits

$

19,276,658

 

 

0.36

%

 

$

17,121,427

 

 

0.62

%

 

$

2,155,231

 

 

12.6

%

Asset Quality

The provision for credit losses for the second quarter of 2020 was $20 million, which reflects current expected credit losses based on forecasted economic and other assumptions, including the estimated impacts of COVID-19, over the remaining expected lives of financial assets and off-balance-sheet credit exposures.

Non-performing assets were $145 million, or 0.59% of total assets, at June 30, 2020, a decrease from both March 31, 2020 and June 30, 2019.

Annualized net charge-offs (recoveries) for the quarter ended June 30, 2020 were 0.09% of total average loans, compared to 0.26% and (0.04)% for the quarters ended March 31, 2020 and June 30, 2019, respectively.

Non-interest Income

Non-interest income in the second quarter of 2020, excluding investment securities gains, was $53 million, a decrease of $2 million, or 3%, from the first quarter of 2020, primarily driven by a decline in overdraft and wealth management fees, partially offset by higher mortgage banking income.

Mortgage banking income increased $4 million from the first quarter of 2020, reflecting the net result of a $10 million increase in gains on mortgage loan sales due largely to higher refinance activity, partially offset by a $7 million mortgage servicing rights impairment charge recorded in the second quarter of 2020 as a result of rapidly declining interest rates and related increases in current and expected levels of prepayments. A $1 million mortgage servicing rights impairment charge was recorded in the first quarter of 2020.

Compared to the second quarter of 2019, non-interest income, excluding investment securities gains, decreased $1 million or 2% in the second quarter of 2020 due mainly to declines in overdraft fees, merchant and card income and wealth management fees, partially offset by an increase in mortgage banking and capital markets income.

Net investment securities gains of $3 million were realized in the second quarter of 2020, related to a limited balance sheet restructuring that included $3 million of prepayment penalties recorded in non-interest expense for the redemption of FHLB advances.

Non-interest Expense

Non-interest expense was $143 million in the second quarter of 2020, relatively unchanged compared to the first quarter of 2020. The $3 million prepayment penalty on redemption of FHLB advances as well as an increase in salaries and employee benefits, were offset by decreases in multiple categories.

Compared to the second quarter of 2019, non-interest expenses decreased $1 million, or 1% due primarily to decreases in other outside services, occupancy and marketing, partially offset by increases in salaries and employee benefits and the FHLB prepayment penalty.

Income Tax Expense

The effective income tax rate for the second quarter of 2020 was 14%, as compared to 10% and 14% for the first quarter of 2020 and second quarter of 2019, respectively. The increase in the effective income tax rate compared to the first quarter of 2020 resulted from the increase in income before income taxes.

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

Safe Harbor Statement

This news release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," “projects,” the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, they are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements 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 Report on Form 10-Q for the quarter ended March 31, 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

 

 

 

 

 

 

 

SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

 

 

 

 

 

 

 

in thousands, except per-share data and percentages

 

 

 

 

 

 

 

 

Three months ended

 

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Jun 30

 

 

2020

 

2020

 

2019

 

2019

 

2019

 

Ending Balances

 

 

 

 

 

 

 

 

 

 

Investments

$

2,974,813

 

 

$

3,141,440

 

 

$

2,867,378

 

 

$

2,705,610

 

 

$

2,853,358

 

 

Loans, net of unearned income

18,704,722

 

 

17,077,403

 

 

16,837,526

 

 

16,686,866

 

 

16,368,458

 

 

Total assets

24,617,863

 

 

22,929,859

 

 

21,886,040

 

 

21,703,618

 

 

21,308,670

 

 

Deposits

19,884,208

 

 

17,365,026

 

 

17,393,913

 

 

17,342,717

 

 

16,388,895

 

 

Shareholders' equity

2,340,501

 

 

2,285,748

 

 

2,342,176

 

 

2,324,016

 

 

2,308,798

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Balances

 

 

 

 

 

 

 

 

 

 

Investments

$

3,096,632

 

 

$

3,071,828

 

 

$

2,830,999

 

 

$

2,829,672

 

 

$

2,790,392

 

 

Loans, net of unearned income

18,331,797

 

 

16,860,067

 

 

16,768,057

 

 

16,436,507

 

 

16,316,076

 

 

Total assets

24,139,116

 

 

22,252,099

 

 

21,812,438

 

 

21,457,800

 

 

21,057,030

 

 

Deposits

19,276,658

 

 

17,121,428

 

 

17,449,565

 

 

16,950,667

 

 

16,375,457

 

 

Shareholders' equity

2,309,133

 

 

2,337,016

 

 

2,341,397

 

 

2,315,585

 

 

2,301,258

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement

 

 

 

 

 

 

 

 

 

 

Net interest income

$

152,754

 

 

$

160,746

 

 

$

159,270

 

 

$

161,260

 

 

$

164,544

 

 

Provision for credit losses

19,570

 

 

44,030

 

 

20,530

 

 

2,170

 

 

5,025

 

 

Non-interest income

55,922

 

 

54,644

 

 

55,281

 

 

59,813

 

 

54,316

 

 

Non-interest expense

143,006

 

 

142,552

 

 

138,974

 

 

146,770

 

 

144,168

 

 

Income before taxes

46,101

 

 

28,808

 

 

55,047

 

 

72,133

 

 

69,667

 

 

Net income

39,559

 

 

26,047

 

 

47,789

 

 

62,108

 

 

59,780

 

 

Pre-provision net revenue(1)

67,126

 

 

74,374

 

 

77,224

 

 

76,741

 

 

76,115

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share

 

 

 

 

 

 

 

 

 

 

Net income (basic)

$

0.24

 

 

$

0.16

 

 

$

0.29

 

 

$

0.38

 

 

$

0.36

 

 

Net income (diluted)

$

0.24

 

 

$

0.16

 

 

$

0.29

 

 

$

0.37

 

 

$

0.35

 

 

Cash dividends

$

0.13

 

 

$

0.13

 

 

$

0.17

 

 

$

0.13

 

 

$

0.13

 

 

Shareholders' equity (tangible)(1)

$

11.15

 

 

$

10.84

 

 

$

11.00

 

 

$

10.91

 

 

$

10.63

 

 

Weighted average shares (basic)

161,715

 

 

163,475

 

 

164,135

 

 

165,324

 

 

168,343

 

 

Weighted average shares (diluted)

162,267

 

 

164,417

 

 

165,039

 

 

166,126

 

 

169,168

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality(2)

 

 

 

 

 

 

 

 

 

 

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

0.09

%

 

0.26

%

 

0.65

%

 

0.15

%

 

(0.04)

%

 

Non-performing loans to total loans

0.75

%

 

0.82

%

 

0.84

%

 

0.81

%

 

0.90

%

 

Non-performing assets to total assets

0.59

%

 

0.64

%

 

0.68

%

 

0.66

%

 

0.73

%

 

ACL - loans(3) to total loans

1.37

%

 

1.40

%

 

0.97

%

 

1.00

%

 

1.04

%

 

ACL - loans(3) to non-performing loans

183

%

 

170

%

 

116

%

 

122

%

 

115

%

 

Non-performing assets to shareholders' equity (tangible) and ACL - loans (1)(3)

7.04

%

 

7.37

%

 

7.51

%

 

7.35

%

 

7.97

%

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality, excluding PPP(1)(4)

 

 

 

 

 

 

 

 

 

 

Non-performing loans to total adjusted loans

0.83

%

 

 

 

 

 

 

 

 

 

ACL - loans(3) to adjusted total loans

1.53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profitability

 

 

 

 

 

 

 

 

 

 

Return on average assets

0.66

%

 

0.47

%

 

0.87

%

 

1.15

%

 

1.14

%

 

Return on average shareholders' equity

6.89

%

 

4.48

%

 

8.10

%

 

10.64

%

 

10.42

%

 

Return on average shareholders' equity (tangible)(1)

8.99

%

 

5.84

%

 

10.52

%

 

14.03

%

 

13.60

%

 

Net interest margin

2.81

%

 

3.21

%

 

3.22

%

 

3.31

%

 

3.44

%

 

Efficiency ratio(1)

66.4

%

 

64.5

%

 

63.1

%

 

63.6

%

 

64.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

Tangible common equity ratio(1)

7.5

%

 

7.8

%

 

8.5

%

 

8.5

%

 

8.5

%

 

Tier 1 leverage ratio(5)

7.4

%

 

7.9

%

 

8.4

%

 

8.5

%

 

8.7

%

 

Common equity Tier 1 capital ratio(5)

9.5

%

 

9.4

%

 

9.7

%

 

9.6

%

 

10.0

%

 

Tier 1 capital ratio(5)

9.5

%

 

9.4

%

 

9.7

%

 

9.6

%

 

10.0

%

 

Total risk-based capital ratio(5)

14.0

%

 

13.8

%

 

11.8

%

 

12.0

%

 

12.4

%

 

 

 

 

 

 

 

 

 

 

 

 

(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) 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.

(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 of $1.9 billion at June 30, 2020.

(5) Regulatory capital ratios as of June 30, 2020 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

 

 

2020

 

2020

 

2019

 

2019

 

2019

 

2020

 

2019

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

141,702

 

 

$

181,777

 

 

$

132,283

 

 

$

120,671

 

 

$

107,091

 

 

(22.0)

%

 

32.3

%

 

Other interest-earning assets

1,007,939

 

 

793,572

 

 

482,930

 

 

572,499

 

 

488,968

 

 

27.0

%

 

106.1

%

 

Loans held for sale

77,415

 

 

40,645

 

 

37,828

 

 

33,945

 

 

45,754

 

 

90.5

%

 

69.2

%

 

Investment securities

2,974,813

 

 

3,141,440

 

 

2,867,378

 

 

2,705,610

 

 

2,853,358

 

 

(5.3)

%

 

4.3

%

 

Loans, net of unearned income

18,704,722

 

 

17,077,403

 

 

16,837,526

 

 

16,686,866

 

 

16,368,458

 

 

9.5

%

 

14.3

%

 

Less: ACL - loans

(256,537)

 

 

(238,508)

 

 

(163,622)

 

 

(166,135)

 

 

(170,233)

 

 

7.6

%

 

50.7

%

 

Net loans

18,448,185

 

 

16,838,895

 

 

16,673,904

 

 

16,520,731

 

 

16,198,225

 

 

9.6

%

 

13.9

%

 

Premises and equipment

239,596

 

 

236,908

 

 

240,046

 

 

237,344

 

 

243,300

 

 

1.1

%

 

(1.5)

%

 

Accrued interest receivable

73,720

 

 

59,365

 

 

60,898

 

 

60,447

 

 

62,984

 

 

24.2

%

 

17.0

%

 

Goodwill and intangible assets

535,039

 

 

535,171

 

 

535,303

 

 

534,178

 

 

535,249

 

 

%

 

%

 

Other assets

1,119,454

 

 

1,102,086

 

 

855,470

 

 

918,193

 

 

773,741

 

 

1.6

%

 

44.7

%

 

Total Assets

$

24,617,863

 

 

$

22,929,859

 

 

$

21,886,040

 

 

$

21,703,618

 

 

$

21,308,670

 

 

7.4

%

 

15.5

%

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

19,884,208

 

 

$

17,365,026

 

 

$

17,393,913

 

 

$

17,342,717

 

 

$

16,388,895

 

 

14.5

%

 

21.3

%

 

Short-term borrowings

572,551

 

 

1,386,808

 

 

883,241

 

 

832,860

 

 

1,188,390

 

 

(58.7)

%

 

(51.8)

%

 

Other liabilities

525,407

 

 

513,811

 

 

384,941

 

 

477,311

 

 

435,171

 

 

2.3

%

 

20.7

%

 

FHLB advances and long-term debt

1,295,196

 

 

1,378,466

 

 

881,769

 

 

726,714

 

 

987,416

 

 

(6.0)

%

 

31.2

%

 

Total Liabilities

22,277,362

 

 

20,644,111

 

 

19,543,864

 

 

19,379,602

 

 

18,999,872

 

 

7.9

%

 

17.3

%

 

Shareholders' equity

2,340,501

 

 

2,285,748

 

 

2,342,176

 

 

2,324,016

 

 

2,308,798

 

 

2.4

%

 

1.4

%

 

Total Liabilities and Shareholders' Equity

$

24,617,863

 

 

$

22,929,859

 

 

$

21,886,040

 

 

$

21,703,618

 

 

$

21,308,670

 

 

7.4

%

 

15.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

$

6,934,936

 

 

$

6,895,069

 

 

$

6,700,776

 

 

$

6,604,634

 

 

$

6,497,973

 

 

0.6

%

 

6.7

%

 

Commercial and industrial

5,970,473

 

 

4,451,239

 

 

4,446,701

 

 

4,494,496

 

 

4,365,248

 

 

34.1

%

 

36.8

%

 

Real estate - residential mortgage

2,862,226

 

 

2,718,290

 

 

2,641,465

 

 

2,570,793

 

 

2,451,966

 

 

5.3

%

 

16.7

%

 

Real estate - home equity

1,251,455

 

 

1,292,677

 

 

1,314,944

 

 

1,346,115

 

 

1,386,974

 

 

(3.2)

%

 

(9.8)

%

 

Real estate - construction

972,909

 

 

947,768

 

 

971,079

 

 

913,644

 

 

922,547

 

 

2.7

%

 

5.5

%

 

Consumer

465,610

 

 

468,172

 

 

463,164

 

 

464,213

 

 

452,874

 

 

(0.5)

%

 

2.8

%

 

Equipment lease financing and other

247,113

 

 

304,188

 

 

299,397

 

 

292,971

 

 

290,876

 

 

(18.8)

%

 

(15.0)

%

 

Total Loans, net of unearned income

$

18,704,722

 

 

$

17,077,403

 

 

$

16,837,526

 

 

$

16,686,866

 

 

$

16,368,458

 

 

9.5

%

 

14.3

%

Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

6,239,055

 

 

$

4,531,872

 

 

$

4,453,324

 

 

$

4,240,478

 

 

$

4,226,404

 

 

37.7

%

 

47.6

%

 

Interest-bearing demand

5,099,405

 

 

4,724,520

 

 

4,720,188

 

 

4,771,109

 

 

4,083,615

 

 

7.9

%

 

24.9

%

 

Savings

5,667,893

 

 

5,092,865

 

 

5,153,941

 

 

5,094,387

 

 

4,938,998

 

 

11.3

%

 

14.8

%

 

Total demand and savings

17,006,353

 

 

14,349,257

 

 

14,327,453

 

 

14,105,974

 

 

13,249,017

 

 

18.5

%

 

28.4

%

 

Brokered

310,689

 

 

313,337

 

 

264,531

 

 

256,870

 

 

246,116

 

 

(0.8)

%

 

26.2

%

 

Time

2,567,166

 

 

2,702,432

 

 

2,801,929

 

 

2,979,873

 

 

2,893,762

 

 

(5.0)

%

 

(11.3)

%

 

Total Deposits

$

19,884,208

 

 

$

17,365,026

 

 

$

17,393,913

 

 

$

17,342,717

 

 

$

16,388,895

 

 

14.5

%

 

21.3

%

Short-term borrowings, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer funding

572,551

 

 

461,808

 

 

383,241

 

 

337,860

 

 

338,390

 

 

24.0

%

 

69.2

%

 

Federal funds purchased

 

 

200,000

 

 

 

 

20,000

 

 

200,000

 

 

N/M

 

N/M

 

Short-term FHLB advances

 

 

725,000

 

 

500,000

 

 

475,000

 

 

650,000

 

 

N/M

 

N/M

 

Total Short-term Borrowings

$

572,551

 

 

$

1,386,808

 

 

$

883,241

 

 

$

832,860

 

 

$

1,188,390

 

 

(58.7)

%

 

(51.8)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

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

 

 

 

 

 

 

 

2020

 

2020

 

2019

 

2019

 

2019

 

2020

 

2019

 

 

 

2020

 

2019

 

% Change

 

Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

$

180,696

 

 

$

199,378

 

 

$

202,159

 

 

$

208,413

 

 

$

210,034

 

 

(9.4)

%

 

(14.0)

%

 

 

 

$

380,074

 

 

$

414,734

 

 

(8.4)

%

 

 

Interest expense

 

 

27,942

 

 

38,632

 

 

42,889

 

 

47,153

 

 

45,490

 

 

(27.7)

%

 

(38.6)

%

 

 

 

66,574

 

 

86,875

 

 

(23.4)

%

 

 

Net Interest Income

 

 

152,754

 

 

160,746

 

 

159,270

 

 

161,260

 

 

164,544

 

 

(5.0)

%

 

(7.2)

%

 

 

 

313,500

 

 

327,859

 

 

(4.4)

%

 

 

Provision for credit losses

 

 

19,570

 

 

44,030

 

 

20,530

 

 

2,170

 

 

5,025

 

 

(55.6)

%

 

N/M

 

 

 

63,600

 

 

10,125

 

 

N/M

 

 

Net Interest Income after Provision

 

 

133,184

 

 

116,716

 

 

138,740

 

 

159,090

 

 

159,519

 

 

14.1

%

 

(16.5)

%

 

 

 

249,900

 

 

317,734

 

 

(21.3)

%

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management

 

 

13,407

 

 

15,055

 

 

14,419

 

 

13,867

 

 

14,153

 

 

(10.9)

%

 

(5.3)

%

 

 

 

28,462

 

 

27,392

 

 

3.9

%

 

 

Mortgage banking

 

 

9,964

 

 

6,234

 

 

5,076

 

 

6,658

 

 

6,593

 

 

59.8

%

 

51.1

%

 

 

 

16,198

 

 

11,365

 

 

42.5

%

 

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Card

 

 

4,966

 

 

4,685

 

 

4,991

 

 

5,791

 

 

5,047

 

 

6.0

%

 

(1.6)

%

 

 

 

9,651

 

 

9,733

 

 

(0.8)

%

 

 

Overdraft

 

 

2,107

 

 

4,058

 

 

4,750

 

 

4,682

 

 

4,413

 

 

(48.1)

%

 

(52.3)

%

 

 

 

6,165

 

 

8,517

 

 

(27.6)

%

 

 

Other consumer banking

 

 

2,065

 

 

2,496

 

 

2,688

 

 

2,860

 

 

2,907

 

 

(17.3)

%

 

(29.0)

%

 

 

 

4,561

 

 

5,494

 

 

(17.0)

%

 

 

Total consumer banking

 

 

9,138

 

 

11,239

 

 

12,429

 

 

13,333

 

 

12,367

 

 

(18.7)

%

 

(26.1)

%

 

 

 

20,377

 

 

23,744

 

 

(14.2)

%

 

 

Commercial banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant and card

 

 

5,326

 

 

5,624

 

 

5,841

 

 

6,166

 

 

6,512

 

 

(5.3)

%

 

(18.2)

%

 

 

 

10,950

 

 

12,070

 

 

(9.3)

%

 

 

Cash management

 

 

4,503

 

 

4,742

 

 

4,697

 

 

4,696

 

 

4,638

 

 

(5.0)

%

 

(2.9)

%

 

 

 

9,245

 

 

8,999

 

 

2.7

%

 

 

Capital markets

 

 

5,004

 

 

5,075

 

 

5,939

 

 

4,448

 

 

4,053

 

 

(1.4)

%

 

23.5

%

 

 

 

10,079

 

 

6,568

 

 

53.5

%

 

 

Other commercial banking

 

 

1,914

 

 

2,978

 

 

3,664

 

 

3,478

 

 

3,815

 

 

(35.7)

%

 

(49.8)

%

 

 

 

4,892

 

 

6,631

 

 

(26.2)

%

 

 

Total commercial banking

 

 

16,748

 

 

18,419

 

 

20,141

 

 

18,788

 

 

19,018

 

 

(9.1)

%

 

(11.9)

%

 

 

 

35,167

 

 

34,268

 

 

2.6

%

 

 

Other

 

 

3,660

 

 

3,651

 

 

3,216

 

 

2,675

 

 

2,009

 

 

0.2

%

 

82.2

%

 

 

 

7,311

 

 

4,056

 

 

80.3

%

 

 

Non-interest income before investment securities gains

 

 

52,917

 

 

54,598

 

 

55,281

 

 

55,321

 

 

54,140

 

 

(3.1)

%

 

(2.3)

%

 

 

 

107,515

 

 

100,825

 

 

6.6

%

 

 

Investment securities gains, net

 

 

3,005

 

 

46

 

 

 

 

4,492

 

 

176

 

 

N/M

 

N/M

 

 

 

3,051

 

 

241

 

 

N/M

 

 

Total Non-Interest Income

 

 

55,922

 

 

54,644

 

 

55,281

 

 

59,813

 

 

54,316

 

 

2.3

%

 

3.0

%

 

 

 

110,566

 

 

101,066

 

 

9.4

%

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

81,012

 

 

80,228

 

 

76,975

 

 

78,211

 

 

78,991

 

 

1.0

%

 

2.6

%

 

 

 

161,240

 

 

156,748

 

 

2.9

%

 

 

Net occupancy

 

 

13,144

 

 

13,486

 

 

13,080

 

 

12,368

 

 

14,469

 

 

(2.5)

%

 

(9.2)

%

 

 

 

26,630

 

 

27,378

 

 

(2.7)

%

 

 

Data processing and software

 

 

12,193

 

 

11,645

 

 

11,468

 

 

11,590

 

 

11,268

 

 

4.7

%

 

8.2

%

 

 

 

23,838

 

 

21,621

 

 

10.3

%

 

 

Other outside services

 

 

7,600

 

 

7,881

 

 

8,215

 

 

12,163

 

 

11,259

 

 

(3.6)

%

 

(32.5)

%

 

 

 

15,481

 

 

19,611

 

 

(21.1)

%

 

 

Equipment

 

 

3,193

 

 

3,418

 

 

3,475

 

 

3,459

 

 

3,299

 

 

(6.6)

%

 

(3.2)

%

 

 

 

6,611

 

 

6,641

 

 

(0.5)

%

 

 

Professional fees

 

 

3,331

 

 

4,202

 

 

2,873

 

 

3,331

 

 

2,970

 

 

(20.7)

%

 

12.2

%

 

 

 

7,533

 

 

6,930

 

 

8.7

%

 

 

Marketing

 

 

1,303

 

 

1,579

 

 

1,503

 

 

3,322

 

 

2,863

 

 

(17.5)

%

 

(54.5)

%

 

 

 

2,882

 

 

5,023

 

 

(42.6)

%

 

 

Amortization of tax credit investments

 

 

1,450

 

 

1,450

 

 

1,505

 

 

1,533

 

 

1,492

 

 

%

 

(2.8)

%

 

 

 

2,900

 

 

2,983

 

 

(2.8)

%

 

 

FDIC insurance

 

 

2,133

 

 

2,808

 

 

2,177

 

 

239

 

 

2,755

 

 

(24.0)

%

 

(22.6)

%

 

 

 

4,941

 

 

5,364

 

 

(7.9)

%

 

 

Intangible amortization

 

 

132

 

 

132

 

 

142

 

 

1,071

 

 

107

 

 

%

 

23.4

%

 

 

 

264

 

 

214

 

 

23.4

%

 

 

Prepayment penalty on FHLB advances

 

 

2,878

 

 

 

 

 

 

4,326

 

 

 

 

N/M

 

N/M

 

 

 

2,878

 

 

 

 

N/M

 

 

Other

 

 

14,637

 

 

15,723

 

 

17,561

 

 

15,157

 

 

14,695

 

 

(6.9)

%

 

(0.4)

%

 

 

 

30,360

 

 

29,479

 

 

3.0

%

 

 

Total Non-Interest Expense

 

 

143,006

 

 

142,552

 

 

138,974

 

 

146,770

 

 

144,168

 

 

0.3

%

 

(0.8)

%

 

 

 

285,558

 

 

281,992

 

 

1.3

%

 

 

Income Before Income Taxes

 

 

46,101

 

 

28,808

 

 

55,047

 

 

72,133

 

 

69,667

 

 

60.0

%

 

(33.8)

%

 

 

 

74,909

 

 

136,808

 

 

(45.2)

%

 

 

Income tax expense

 

 

6,542

 

 

2,761

 

 

7,258

 

 

10,025

 

 

9,887

 

 

136.9

%

 

(33.8)

%

 

 

 

9,303

 

 

20,366

 

 

(54.3)

%

 

 

Net Income

 

 

$

39,559

 

 

$

26,047

 

 

$

47,789

 

 

$

62,108

 

 

$

59,780

 

 

51.9

%

 

(33.8)

%

 

 

 

$

65,606

 

 

$

116,442

 

 

(43.7)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.24

 

 

$

0.16

 

 

$

0.29

 

 

$

0.38

 

 

$

0.36

 

 

50.0

%

 

(33.3)

%

 

 

 

$

0.40

 

 

$

0.69

 

 

(42.0)

%

 

 

Diluted

 

 

0.24

 

 

0.16

 

 

0.29

 

 

0.37

 

 

0.35

 

 

50.0

%

 

(31.4)

%

 

 

 

0.40

 

 

0.68

 

 

(41.2)

%

 

 

Cash dividends

 

 

0.13

 

 

0.13

 

 

0.17

 

 

0.13

 

 

0.13

 

 

%

 

%

 

 

 

$

0.26

 

 

$

0.26

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (basic)

 

 

161,715

 

 

163,475

 

 

164,135

 

 

165,324

 

 

168,343

 

 

(1.1)

%

 

(3.9)

%

 

 

 

162,582

 

 

169,109

 

 

(3.9)

%

 

 

Weighted average shares (diluted)

 

 

162,267

 

 

164,417

 

 

165,039

 

 

166,126

 

 

169,168

 

 

(1.3)

%

 

(4.1)

%

 

 

 

163,326

 

 

170,042

 

 

(3.9)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

Three months ended

 

 

June 30, 2020

 

March 31, 2020

 

June 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

$

18,331,797

 

 

$

160,613

 

 

3.52

%

 

$

16,860,067

 

 

$

177,496

 

 

4.23

%

 

$

16,316,076

 

 

$

190,694

 

 

4.69

%

 

Taxable investment securities

2,200,870

 

 

15,171

 

 

2.76

%

 

2,284,457

 

 

16,294

 

 

2.85

%

 

2,348,443

 

 

15,935

 

 

2.71

%

 

Tax-exempt investment securities

830,836

 

 

6,737

 

 

3.23

%

 

720,223

 

 

5,960

 

 

3.29

%

 

444,227

 

 

4,141

 

 

3.70

%

 

Total Investment Securities

3,031,706

 

 

21,908

 

 

2.89

%

 

3,004,680

 

 

22,254

 

 

2.96

%

 

2,792,670

 

 

20,076

 

 

2.87

%

 

Loans held for sale

55,608

 

 

509

 

 

3.66

%

 

27,178

 

 

320

 

 

4.71

%

 

24,568

 

 

350

 

 

5.71

%

 

Other interest-earning assets

815,910

 

 

766

 

 

0.38

%

 

602,270

 

 

2,532

 

 

1.69

%

 

409,617

 

 

2,168

 

 

2.12

%

 

Total Interest-earning Assets

22,235,021

 

 

183,796

 

 

3.32

%

 

20,494,195

 

 

202,602

 

 

3.97

%

 

19,542,931

 

 

213,288

 

 

4.37

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

153,728

 

 

 

 

 

 

138,248

 

 

 

 

 

 

116,285

 

 

 

 

 

 

Premises and equipment

240,417

 

 

 

 

 

 

239,619

 

 

 

 

 

 

240,666

 

 

 

 

 

 

Other assets

1,761,038

 

 

 

 

 

 

1,590,666

 

 

 

 

 

 

1,321,057

 

 

 

 

 

 

Less: ACL - loans(2)

(251,088)

 

 

 

 

 

 

(210,629)

 

 

 

 

 

 

(163,909)

 

 

 

 

 

 

Total Assets

$

24,139,116

 

 

 

 

 

 

$

22,252,099

 

 

 

 

 

 

$

21,057,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

5,103,419

 

 

$

2,219

 

 

0.17

%

 

$

4,649,905

 

 

$

5,643

 

 

0.49

%

 

$

4,186,280

 

 

$

8,173

 

 

0.78

%

 

Savings deposits

5,446,368

 

 

3,331

 

 

0.25

%

 

5,127,662

 

 

7,110

 

 

0.56

%

 

4,925,788

 

 

10,550

 

 

0.86

%

 

Brokered deposits

312,121

 

 

422

 

 

0.54

%

 

275,359

 

 

1,073

 

 

1.57

%

 

246,154

 

 

1,582

 

 

2.58

%

 

Time deposits

2,624,962

 

 

11,145

 

 

1.71

%

 

2,761,474

 

 

12,614

 

 

1.84

%

 

2,816,424

 

 

12,245

 

 

1.74

%

 

Total Interest-bearing Deposits

13,486,870

 

 

17,118

 

 

0.51

%

 

12,814,400

 

 

26,440

 

 

0.83

%

 

12,174,646

 

 

32,550

 

 

1.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

707,771

 

 

517

 

 

0.29

%

 

1,303,047

 

 

4,073

 

 

1.25

%

 

941,504

 

 

4462

 

 

1.89

%

 

FHLB advances and long-term debt

1,361,421

 

 

10,307

 

 

3.03

%

 

1,063,214

 

 

8,119

 

 

3.06

%

 

1,051,919

 

 

8,480

 

 

3.23

%

 

Total Interest-bearing Liabilities

$

15,556,062

 

 

$

27,942

 

 

0.72

%

 

$

15,180,661

 

 

$

38,632

 

 

1.02

%

 

$

14,168,069

 

 

$

45,492

 

 

1.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

5,789,788

 

 

 

 

 

 

4,307,027

 

 

 

 

 

 

4,200,810

 

 

 

 

 

 

Total Deposits/Cost of Deposits

19,276,658

 

 

 

 

0.36

%

 

17,121,427

 

 

 

 

0.62

%

 

16,375,456

 

 

 

 

0.80

%

 

Other

484,133

 

 

 

 

 

 

427,395

 

 

 

 

 

 

386,893

 

 

 

 

 

 

Total Liabilities

$

21,829,983

 

 

 

 

 

 

$

19,915,083

 

 

 

 

 

 

$

18,755,772

 

 

 

 

 

 

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

21,345,850

 

 

 

 

0.53

%

 

19,487,688

 

 

 

 

0.80

%

 

18,368,879

 

 

 

 

0.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

2,309,133

 

 

 

 

 

 

2,337,016

 

 

 

 

 

 

2,301,258

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$

24,139,116

 

 

 

 

 

 

$

22,252,099

 

 

 

 

 

 

$

21,057,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

155,854

 

 

2.81

%

 

 

 

163,970

 

 

3.21

%

 

 

 

167,796

 

 

3.44

%

 

Tax equivalent adjustment

 

 

(3,100)

 

 

 

 

 

 

(3,224)

 

 

 

 

 

 

(3,252)

 

 

 

 

Net interest income

 

 

$

152,754

 

 

 

 

 

 

$

160,746

 

 

 

 

 

 

$

164,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

 

 

 

 

2020

 

2020

 

2019

 

2019

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

$

6,875,872

 

 

$

6,746,766

 

 

$

6,561,029

 

 

$

6,489,456

 

 

$

6,424,213

 

 

1.9

%

 

7.0

%

 

 

 

 

Commercial and industrial

5,710,145

 

 

4,446,750

 

 

4,574,047

 

 

4,414,992

 

 

4,440,860

 

 

28.4

%

 

28.6

%

 

 

 

 

Real estate - residential mortgage

2,769,682

 

 

2,670,019

 

 

2,606,136

 

 

2,512,899

 

 

2,366,685

 

 

3.7

%

 

17.0

%

 

 

 

 

Real estate - home equity

1,271,190

 

 

1,300,132

 

 

1,331,088

 

 

1,364,161

 

 

1,404,141

 

 

(2.2)

%

 

(9.5)

%

 

 

 

 

Real estate - construction

941,079

 

 

929,529

 

 

934,556

 

 

905,060

 

 

943,080

 

 

1.2

%

 

(0.2)

%

 

 

 

 

Consumer

465,728

 

 

466,415

 

 

464,606

 

 

457,524

 

 

445,666

 

 

(0.1)

%

 

4.5

%

 

 

 

 

Equipment lease financing and other

298,101

 

 

300,456

 

 

296,595

 

 

292,415

 

 

291,431

 

 

(0.8)

%

 

2.3

%

 

 

 

 

Total Loans, net of unearned income

$

18,331,797

 

 

$

16,860,067

 

 

$

16,768,057

 

 

$

16,436,507

 

 

$

16,316,076

 

 

8.7

%

 

12.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

5,789,788

 

 

$

4,307,027

 

 

$

4,324,568

 

 

$

4,247,820

 

 

$

4,200,810

 

 

34.4

%

 

37.8

%

 

 

 

 

Interest-bearing demand

5,103,419

 

 

4,649,905

 

 

4,699,040

 

 

4,448,112

 

 

4,186,280

 

 

9.8

%

 

21.9

%

 

 

 

 

Savings

5,446,368

 

 

5,127,662

 

 

5,205,260

 

 

5,026,316

 

 

4,925,788

 

 

6.2

%

 

10.6

%

 

 

 

 

Total demand and savings

16,339,575

 

 

14,084,594

 

 

14,228,868

 

 

13,722,248

 

 

13,312,878

 

 

16.0

%

 

22.7

%

 

 

 

 

Brokered

312,121

 

 

275,359

 

 

261,689

 

 

253,426

 

 

246,154

 

 

13.4

%

 

26.8

%

 

 

 

 

Time

2,624,962

 

 

2,761,474

 

 

2,959,008

 

 

2,974,993

 

 

2,816,425

 

 

(4.9)

%

 

(6.8)

%

 

 

 

 

Total Deposits

$

19,276,658

 

 

$

17,121,427

 

 

$

17,449,565

 

 

$

16,950,667

 

 

$

16,375,457

 

 

12.6

%

 

17.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer funding

$

546,716

 

 

$

428,240

 

 

$

377,529

 

 

$

332,893

 

 

$

344,867

 

 

27.7

%

 

58.5

%

 

 

 

 

Federal funds purchased

74,231

 

 

186,868

 

 

91,467

 

 

101,022

 

 

181,769

 

 

(60.3)

%

 

(59.2)

%

 

 

 

 

Short-term FHLB advances and other borrowings

86,824

 

 

687,937

 

 

248,815

 

 

485,782

 

 

414,868

 

 

(87.4)

%

 

(79.1)

%

 

 

 

 

Total Short-term borrowings

$

707,771

 

 

$

1,303,045

 

 

$

717,811

 

 

$

919,697

 

 

$

941,504

 

 

(45.7)

%

 

(24.8)

%

 

 

 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

 

 

 

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30

 

 

 

 

 

 

2020

 

2019

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

Balance

 

Interest (1)

 

Yield/Rate

 

Balance

 

Interest (1)

 

Yield/Rate

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income

 

$

17,595,932

 

 

$

338,110

 

 

3.86

%

 

$

16,255,562

 

 

$

376,816

 

 

4.67

%

 

 

 

 

Taxable investment securities

 

2,242,663

 

 

31,465

 

 

2.81

%

 

2,317,257

 

 

31,370

 

 

2.71

%

 

 

 

 

Tax-exempt investment securities

 

775,530

 

 

12,698

 

 

3.26

%

 

444,180

 

 

8,291

 

 

3.71

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Securities

 

3,018,193

 

 

44,163

 

 

2.92

%

 

2,761,437

 

 

39,661

 

 

2.87

%

 

 

 

 

Loans held for sale

 

41,393

 

 

829

 

 

4.00

%

 

20,523

 

 

590

 

 

5.76

%

 

 

 

 

Other interest-earning assets

 

709,091

 

 

3,297

 

 

4.31

%

 

388,016

 

 

4,170

 

 

2.16

%

 

 

 

 

Total Interest-earning Assets

 

$

21,364,609

 

 

386,399

 

 

3.63

%

 

$

19,425,538

 

 

421,237

 

 

4.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets:

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

145,988

 

 

 

 

 

 

113,504

 

 

 

 

 

 

 

 

 

Premises and equipment

 

240,019

 

 

 

 

 

 

238,905

 

 

 

 

 

 

 

 

 

Other assets

 

1,675,849

 

 

 

 

 

 

1,259,388

 

 

 

 

 

 

 

 

 

Less: allowance for loan losses

 

(230,858)

 

 

 

 

 

 

(162,624)

 

 

 

 

 

 

 

 

 

Total Assets

 

$

23,195,607

 

 

 

 

 

 

$

20,874,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

4,876,662

 

 

$

8,020

 

 

0.33

%

 

$

4,170,221

 

 

$

15,692

 

 

0.76

%

 

 

 

 

Savings deposits

 

5,287,015

 

 

10,441

 

 

0.40

%

 

4,919,357

 

 

20,512

 

 

0.84

%

 

 

 

 

Brokered deposits

 

293,756

 

 

1,495

 

 

1.02

%

 

233,244

 

 

2,964

 

 

2.56

%

 

 

 

 

Time deposits

 

2,693,202

 

 

23,602

 

 

1.76

%

 

2,791,216

 

 

23,071

 

 

1.67

%

 

 

 

 

Total Interest-bearing Deposits

 

13,150,635

 

 

43,558

 

 

0.67

%

 

12,114,038

 

 

62,239

 

 

1.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

1,005,409

 

 

4,590

 

 

0.91

%

 

881,115

 

 

8,044

 

 

1.83

%

 

 

 

 

FHLB advances and long-term debt

 

1,212,318

 

 

18,426

 

 

3.04

%

 

1,027,328

 

 

16,594

 

 

3.24

%

 

 

 

 

Total Interest-bearing Liabilities

 

$

15,368,362

 

 

$

66,574

 

 

0.87

%

 

$

14,022,481

 

 

$

86,877

 

 

1.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

5,048,408

 

 

 

 

 

 

4,211,782

 

 

 

 

 

 

 

 

 

Total Deposits/Cost of Deposits

 

18,199,043

 

 

 

 

0.48

%

 

16,325,820

 

 

 

 

0.77

%

 

 

 

 

Other

 

455,763

 

 

 

 

 

 

357,170

 

 

 

 

 

 

 

 

 

Total Liabilities

 

$

20,872,533

 

 

 

 

 

 

$

18,591,433

 

 

 

 

 

 

 

 

 

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

 

20,416,770

 

 

 

 

0.65

%

 

18,234,263

 

 

 

 

0.96

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

2,323,074

 

 

 

 

 

 

2,283,278

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$

23,195,607

 

 

 

 

 

 

$

20,874,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

319,825

 

 

3.01

%

 

 

 

334,360

 

 

3.46

%

 

 

 

 

Tax equivalent adjustment

 

 

 

(6,325)

 

 

 

 

 

 

(6,501)

 

 

 

 

 

 

 

Net interest income

 

 

 

$

313,500

 

 

 

 

 

 

$

327,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

FULTON FINANCIAL CORPORATION

 

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

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30

 

 

 

 

 

 

2020

 

2019

 

% Change

 

 

 

 

 

 

 

 

 

 

Loans, by type:

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

 

$

6,811,318

 

 

$

6,401,305

 

 

6.4

%

 

 

Commercial and industrial

 

5,078,448

 

 

4,451,342

 

 

14.1

%

 

 

Real estate - residential mortgage

 

2,719,851

 

 

2,321,897

 

 

17.1

%

 

 

Real estate - home equity

 

1,285,661

 

 

1,418,776

 

 

(9.4)

%

 

 

Real estate - construction

 

935,304

 

 

936,699

 

 

(0.1)

%

 

 

Consumer

 

466,071

 

 

435,131

 

 

7.1

%

 

 

Equipment lease financing and other

 

299,279

 

 

290,412

 

 

3.1

%

 

 

Total Loans, net of unearned income

 

$

17,595,932

 

 

$

16,255,562

 

 

8.2

%

 

 

 

 

 

 

 

 

 

 

Deposits, by type:

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

5,048,408

 

 

$

4,211,782

 

 

19.9

%

 

 

Interest-bearing demand

 

4,876,662

 

 

4,170,221

 

 

16.9

%

 

 

Savings

 

5,287,015

 

 

4,919,357

 

 

7.5

%

 

 

Total demand and savings

 

15,212,085

 

 

13,301,360

 

 

14.4

%

 

 

Brokered

 

293,756

 

 

233,244

 

 

25.9

%

 

 

Time

 

2,693,202

 

 

2,791,216

 

 

(3.5)

%

 

 

Total Deposits

 

$

18,199,043

 

 

$

16,325,820

 

 

11.5

%

 

 

 

 

 

 

 

 

 

 

Short-term borrowings, by type:

 

 

 

 

 

 

 

 

Customer funding

 

$

487,478

 

 

$

356,767

 

 

36.6

%

 

 

Federal funds purchased

 

130,549

 

 

169,514

 

 

(23.0)

%

 

 

Short-term FHLB advances and other borrowings

 

387,382

 

 

354,834

 

 

9.2

%

 

 

Total Short-term Borrowings

 

$

1,005,409

 

 

$

881,115

 

 

14.1

%

 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

ASSET QUALITY INFORMATION (UNAUDITED)

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Jun 30

 

 

 

 

2020

 

2020

 

2019

 

2019

 

2019

 

 

Allowance for credit losses related to Loans, net of unearned income:

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

$

238,508

 

 

$

163,620

 

 

$

166,135

 

 

$

170,233

 

 

$

162,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of adopting CECL

 

 

45,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans charged off:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

(3,480)

 

 

(10,899)

 

 

(30,547)

 

 

(7,181)

 

 

(1,895)

 

 

 

 

Real estate - commercial mortgage

(2,324)

 

 

(855)

 

 

(68)

 

 

(394)

 

 

(230)

 

 

 

 

Consumer and home equity

(1,303)

 

 

(1,529)

 

 

(1,416)

 

 

(1,375)

 

 

(1,001)

 

 

 

 

Real estate - residential mortgage

(235)

 

 

(187)

 

 

(223)

 

 

(533)

 

 

(134)

 

 

 

 

Real estate - construction

(17)

 

 

 

 

 

 

(45)

 

 

(3)

 

 

 

 

Equipment lease financing and other

(688)

 

 

(533)

 

 

(727)

 

 

(600)

 

 

(448)

 

 

 

 

Total loans charged off

(8,047)

 

 

(14,003)

 

 

(32,981)

 

 

(10,128)

 

 

(3,711)

 

 

 

Recoveries of loans previously charged off:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

2,978

 

 

1,734

 

 

2,487

 

 

2,311

 

 

2,680

 

 

 

 

Real estate - commercial mortgage

95

 

 

244

 

 

1,453

 

 

444

 

 

169

 

 

 

 

Consumer and home equity

649

 

 

646

 

 

437

 

 

348

 

 

802

 

 

 

 

Real estate - residential mortgage

112

 

 

85

 

 

206

 

 

440

 

 

211

 

 

 

 

Real estate - construction

 

 

70

 

 

1,098

 

 

164

 

 

1,245

 

 

 

 

Equipment lease financing and other

92

 

 

108

 

 

182

 

 

107

 

 

148

 

 

 

 

Recoveries of loans previously charged off

3,926

 

 

2,887

 

 

5,863

 

 

3,814

 

 

5,255

 

 

 

Net loans (charged off) recovered

(4,121)

 

 

(11,116)

 

 

(27,118)

 

 

(6,314)

 

 

1,544

 

 

 

Provision for credit losses

22,150

 

 

40,280

 

 

24,603

 

 

2,216

 

 

6,580

 

 

 

Balance at end of period

$

256,537

 

 

$

238,508

 

 

$

163,620

 

 

$

166,135

 

 

$

170,233

 

 

 

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

0.09

%

 

0.26

%

 

0.65

%

 

0.15

%

 

(0.04)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance credit losses related to OBS Credit Exposures(1)

 

 

 

 

 

 

 

 

Balance at beginning of period

$

18,963

 

 

$

2,588

 

 

$

6,662

 

 

$

6,708

 

 

$

8,263

 

 

 

 

Impact of adopting CECL

 

 

12,625

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

(2,580)

 

 

3,750

 

 

(4,074)

 

 

(46)

 

 

(1,555)

 

 

 

 

Balance at end of period

$

16,383

 

 

$

18,963

 

 

$

2,588

 

 

$

6,662

 

 

$

6,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

$

125,037

 

 

$

120,345

 

 

$

125,098

 

 

$

124,287

 

 

$

133,118

 

 

 

 

Loans 90 days past due and accruing

14,767

 

 

19,593

 

 

16,057

 

 

11,689

 

 

14,598

 

 

 

 

Total non-performing loans

139,804

 

 

139,938

 

 

141,155

 

 

135,976

 

 

147,716

 

 

 

 

Other real estate owned

5,418

 

 

6,593

 

 

6,831

 

 

7,706

 

 

7,241

 

 

 

 

Total non-performing assets

$

145,222

 

 

$

146,531

 

 

$

147,986

 

 

$

143,682

 

 

$

154,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING LOANS, BY TYPE:

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

39,730

 

 

$

41,318

 

 

$

49,491

 

 

$

37,126

 

 

$

47,260

 

 

 

 

Real estate - commercial mortgage

42,374

 

 

36,538

 

 

37,279

 

 

45,710

 

 

43,850

 

 

 

 

Real estate - residential mortgage

22,887

 

 

25,832

 

 

22,411

 

 

20,150

 

 

21,659

 

 

 

 

Consumer and home equity

11,911

 

 

11,226

 

 

11,026

 

 

11,012

 

 

12,378

 

 

 

 

Real estate - construction

4,525

 

 

4,379

 

 

4,306

 

 

4,312

 

 

4,632

 

 

 

 

Equipment lease financing and other

18,377

 

 

20,645

 

 

16,642

 

 

17,666

 

 

17,937

 

 

 

 

Total non-performing loans

$

139,804

 

 

$

139,938

 

 

$

141,155

 

 

$

135,976

 

 

$

147,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

 

 

 

2020

 

2020

 

2019

 

2019

 

2019

 

Shareholders' equity (tangible), per share

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

$

2,340,501

 

 

$

2,285,748

 

 

$

2,342,176

 

 

$

2,324,016

 

 

$

2,308,798

 

 

Less: Goodwill and intangible assets

 

 

(535,039)

 

 

(535,171)

 

 

(535,303)

 

 

(534,178)

 

 

(535,249)

 

 

Tangible shareholders' equity (numerator)

 

 

$

1,805,462

 

 

$

1,750,577

 

 

$

1,806,873

 

 

$

1,789,838

 

 

$

1,773,549

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding, end of period (denominator)

 

 

161,958

 

 

161,435

 

 

164,218

 

 

164,036

 

 

166,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity (tangible), per share

 

 

$

11.15

 

 

$

10.84

 

 

$

11.00

 

 

$

10.91

 

 

$

10.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average shareholders' equity (tangible)

 

 

 

 

 

 

 

Net income

 

 

$

39,559

 

 

$

26,047

 

 

$

47,789

 

 

$

62,108

 

 

$

59,780

 

 

Plus: Intangible amortization, net of tax

 

 

104

 

 

104

 

 

112

 

 

846

 

 

85

 

 

(Numerator)

 

$

39,663

 

 

$

26,151

 

 

$

47,901

 

 

$

62,954

 

 

$

59,865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shareholders' equity

 

 

$

2,309,133

 

 

$

2,337,016

 

 

$

2,341,397

 

 

$

2,315,585

 

 

$

2,301,258

 

 

Less: Average goodwill and intangible assets

 

 

(535,103)

 

 

(535,235)

 

 

(534,190)

 

 

(535,184)

 

 

(535,301)

 

 

Average tangible shareholders' equity (denominator)

 

$

1,774,030

 

 

$

1,801,781

 

 

$

1,807,207

 

 

$

1,780,401

 

 

$

1,765,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average shareholders' equity (tangible), annualized

 

8.99

%

 

5.84

%

 

10.52

%

 

14.03

%

 

13.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Common Equity to Tangible Assets (TCE Ratio)

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

$

2,340,501

 

 

$

2,285,748

 

 

$

2,342,176

 

 

$

2,324,016

 

 

$

2,308,798

 

 

Less: Goodwill and intangible assets

 

 

(535,039)

 

 

(535,171)

 

 

(535,303)

 

 

(534,178)

 

 

(535,249)

 

 

Tangible shareholders' equity (numerator)

 

 

$

1,805,462

 

 

$

1,750,577

 

 

$

1,806,873

 

 

$

1,789,838

 

 

$

1,773,549

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

$

24,617,863

 

 

$

22,929,859

 

 

$

21,886,040

 

 

$

21,703,618

 

 

$

21,308,670

 

 

Less: Goodwill and intangible assets

 

 

(535,039)

 

 

(535,171)

 

 

(535,303)

 

 

(534,178)

 

 

(535,249)

 

 

Total tangible assets (denominator)

 

 

$

24,082,824

 

 

$

22,394,688

 

 

$

21,350,737

 

 

$

21,169,440

 

 

$

20,773,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Common Equity to Tangible Assets

 

 

7.50

%

 

7.82

%

 

8.46

%

 

8.45

%

 

8.54

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

 

$

143,006

 

 

$

142,552

 

 

$

138,974

 

 

$

146,770

 

 

$

144,168

 

 

Less: Intangible amortization

 

 

(132)

 

 

(132)

 

 

(142)

 

 

(1,071)

 

 

(107)

 

 

Less: Amortization of tax credit investments

 

 

(1,450)

 

 

(1,450)

 

 

(1,505)

 

 

(1,533)

 

 

(1,492)

 

 

Less: Prepayment penalty of FHLB advances

 

 

(2,878)

 

 

 

 

 

 

(4,326)

 

 

 

 

Non-interest expense (numerator)

 

 

$

138,546

 

 

$

140,970

 

 

$

137,327

 

 

$

139,840

 

 

$

142,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income (fully taxable equivalent)

 

 

$

155,854

 

 

$

163,970

 

 

$

162,479

 

 

$

164,517

 

 

$

167,794

 

 

Plus: Total Non-interest income

 

 

55,922

 

 

54,644

 

 

55,281

 

 

59,813

 

 

54,316

 

 

Less: Investment securities gains, net

 

 

(3,005)

 

 

(46)

 

 

 

 

(4,492)

 

 

(176)

 

 

Net interest income (denominator)

 

 

$

208,771

 

 

$

218,568

 

 

$

217,760

 

 

$

219,838

 

 

$

221,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

 

66.4

%

 

64.5

%

 

63.1

%

 

63.6

%

 

64.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets to shareholders' equity (tangible) and ACL - loans(1)

 

Non-performing assets (numerator)

 

 

$

145,222

 

 

$

146,531

 

 

$

147,986

 

 

$

143,682

 

 

$

154,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible shareholders' equity

 

 

$

1,805,462

 

 

$

1,750,577

 

 

1,806,873

 

 

1,789,838

 

 

$

1,773,549

 

 

Plus: ACL - loans

 

 

256,537

 

 

238,508

 

 

163,622

 

 

166,135

 

 

170,233

 

 

Tangible shareholders' equity and ACL - loans (denominator)

$

2,061,999

 

 

$

1,989,085

 

 

$

1,970,495

 

 

$

1,955,973

 

 

$

1,943,782

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets to tangible shareholders' equity and ACL - loans

7.04

%

 

7.37

%

 

7.51

%

 

7.35

%

 

7.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality, excluding PPP

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans (numerator)

 

 

$

139,804

 

 

$

139,938

 

 

$

141,155

 

 

$

135,976

 

 

$