Fulton Financial Announces Fourth Quarter and 2020 Results

2020 Key Accomplishments

  • Successful implementation of COVID-19 safety response protocols to protect customers and team members
  • Rapid implementation of remote work program
  • PPP/Main Street Lending programs in place to aid customers
  • Residential mortgage business at historic highs
  • Implementation of strategic operating expense reduction initiatives
  • Successful access to the capital markets with subordinated debt and preferred stock offerings

LANCASTER, Pa,--()--Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $49 million, or $0.30 per diluted share, for the fourth quarter of 2020 and $176 million, or $1.08 per diluted share, for the year ended December 31, 2020.

We were pleased with our company’s achievements for the 4th quarter and for the year as a whole, given the challenges presented by the lingering presence of COVID-19,” said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. “The low interest rate environment continued to put pressure on our margin, but even in this challenging environment, we had stable asset quality, were able to provide Paycheck Protection Program and Main Street loans to our customers, helped our mortgage business grow to historic highs, and saw wealth management business performance that was beyond our expectations.”

Net Interest Income and Balance Sheet

Net interest income for the fourth quarter of 2020 was $162 million, $7.5 million higher than the third quarter of 2020. Net interest margin for the fourth quarter of 2020 increased 5 basis points, to 2.75%, from 2.70% in the third quarter of 2020. The increases in net interest income and net interest margin were primarily due to the forgiveness of Paycheck Protection Program ("PPP") loans and the acceleration of the recognition of related fee income as well as growth in average loans and investments securities during the quarter. For the year ended December 31, 2020, net interest income was $629 million, a decrease of $19 million in comparison to the year ended December 31, 2019, as the 90 basis point decline in yields on average interest-earning assets outpaced the 42 basis point decline in the cost of funds. The net interest margin in 2020 was 2.86% compared 3.36% in 2019.

Total average assets for the fourth quarter of 2020 were $25.7 billion, an increase of $580 million from the third quarter of 2020. Average loans, net of unearned income, were $19.0 billion, relatively unchanged compared to the third quarter of 2020. Beginning in the second quarter of 2020, average loans included loans originated under PPP. PPP loans had an average balance of $1.8 billion for the fourth quarter of 2020, compared to $2.0 billion for the third quarter of 2020.

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

 

 

Three months ended

 

 

 

December 31, 2020

 

September 30, 2020

 

Growth

 

Balance

 

Yield (1)

 

Balance

 

Yield (1)

 

$

 

%

 

(dollars in thousands)

Average Loans, net of unearned income, by type:

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

$

7,101,363

 

 

3.21

%

 

$

6,986,528

 

 

3.27

%

 

$

114,835

 

 

1.6

%

Commercial and industrial(2)

5,855,305

 

 

2.57

%

 

5,983,872

 

 

2.53

%

 

(128,567)

 

 

(2.1)

%

Real estate - residential mortgage

3,087,529

 

 

3.65

%

 

2,975,516

 

 

3.73

%

 

112,013

 

 

3.8

%

Real estate - home equity

1,212,113

 

 

3.91

%

 

1,237,602

 

 

3.87

%

 

(25,489)

 

 

(2.1)

%

Real estate - construction

1,009,284

 

 

3.11

%

 

981,589

 

 

3.84

%

 

27,695

 

 

2.8

%

Consumer

468,678

 

 

4.07

%

 

464,851

 

 

4.07

%

 

3,827

 

 

0.8

%

Equipment lease financing

279,059

 

 

3.98

%

 

279,217

 

 

3.96

%

 

(158)

 

 

(0.1)

%

Other(3)

(18,817)

 

 

N/A

 

(28,656)

 

 

N/A

 

9,839

 

 

(34.3)

%

Total Average Loans, net of unearned income

$

18,994,514

 

 

3.45

%

 

$

18,880,519

 

 

3.38

%

 

$

113,995

 

 

0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

(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 $1.8 billion and $2.0 billion for the three months ended December 31, 2020 and September 30, 2020, respectively.

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

 

Total average assets for the year ended December 31, 2020 were $24.3 billion, an increase of $3.1 billion from 2019. Average loans, net of unearned income, were $18.3 billion, an increase of $1.8 billion from 2019. Included in average loans are loans originated under the PPP, which had an average balance of $1.3 billion for the year ended December 31, 2020. The remaining increase was mainly in residential mortgage loans.

Total average liabilities increased $409 million from the third quarter of 2020 driven by increases in demand and savings deposits. Average deposits and interest rates, by type, for the fourth quarter of 2020 in comparison to the third quarter of 2020 are summarized in the following table:

 

Three months ended

 

 

 

December 31, 2020

 

September 30, 2020

 

Growth

 

Balance

 

Rate

 

Balance

 

Rate

 

$

 

%

 

(dollars in thousands)

Average Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

6,477,228

 

 

 

 

$

6,270,683

 

 

 

 

$

206,545

 

 

3.3

%

Interest-bearing demand

5,762,150

 

 

0.10

%

 

5,591,548

 

 

0.14

%

 

170,602

 

 

3.1

%

Savings

5,905,137

 

 

0.13

%

 

5,716,050

 

 

0.16

%

 

189,087

 

 

3.3

%

Total average demand and savings

18,144,515

 

 

0.07

%

 

17,578,281

 

 

0.10

%

 

566,234

 

 

3.2

%

Brokered

340,451

 

 

0.53

%

 

314,721

 

 

0.56

%

 

25,730

 

 

8.2

%

Time

2,306,556

 

 

1.39

%

 

2,495,445

 

 

1.58

%

 

(188,889)

 

 

(7.6)

%

Total Average Deposits

$

20,791,522

 

 

0.23

%

 

$

20,388,447

 

 

0.29

%

 

$

403,075

 

 

2.0

%

 

Total average liabilities for the year ended December 31, 2020 increased $3 billion from 2019 driven by increases in demand and savings deposits.

Asset Quality

The provision for credit losses was $6 million, $7 million and $21 million for the fourth quarter of 2020, third quarter of 2020 and fourth quarter of 2019, respectively. For the year ended December 31, 2020, the provision for credit losses was $77 million compared to $33 million in 2019. Effective January 1, 2020 Fulton adopted ASU 2016-13, referred to as the current expected credit loss model. As such, the provision for credit losses in 2020 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, whereas the 2019 methodology applied an incurred loss model.

Non-performing assets were $151 million, or 0.58% of total assets, at December 31, 2020, compared to $147 million, or 0.57% of total assets, at September 30, 2020.

Annualized net recoveries for the quarter ended December 31, 2020 were 0.07% of total average loans, compared to annualized net recoveries of 0.05% and annualized net charge-offs of 0.65% for the quarters ended September 30, 2020 and December 31, 2019, respectively. Net charge-offs for 2020 were 0.05% of total average loans compared to 0.22% in 2019.

Non-interest Income

Non-interest income in the fourth quarter of 2020, excluding investment securities gains, was $56 million, a decrease of $8 million, or 12%, from the third quarter of 2020, primarily driven by decreases $7 million in mortgage banking income and $1 million in capital markets revenue. The decrease in mortgage banking income was mainly due to seasonal decreases in the volume of loans sold.

Compared to the fourth quarter of 2019, non-interest income, excluding investment securities gains, in the fourth quarter of 2020 was relatively unchanged as increases in mortgage banking and wealth management income offset decreases in a number of other categories.

For the year ended December 31, 2020, non-interest income, excluding investment securities gains, was $226 million, an increase of $15 million, or 7%, from 2019. The increase was driven by a $19 million increase in mortgage banking income, with mortgage sale gains increasing $36 million due to higher volumes and spreads, partially offset by a $10.5 million of mortgage servicing rights asset impairment charges for the year and higher mortgage servicing rights asset amortization, due to higher refinance activity. In addition, wealth management and capital markets revenue each increased by $3 million. Partially offsetting these increases were decreases of $5 million in overdraft fees in consumer banking and $4 million in other service charges on deposits in other commercial banking.

During both 2020 and 2019, Fulton completed balance sheet restructurings involving sales of investment securities and corresponding prepayments of FHLB advances. As a result of these transactions, $3 million and $5 million of investment securities gains were realized during 2020 and 2019, respectively, and prepayment penalties of $3 million and $4 million were incurred during 2020 and 2019, respectively.

Non-interest Expense

Non-interest expense was $155 million in the fourth quarter of 2020, an increase of $16 million, or 11%, compared to the third quarter of 2020, with $15 million and $1 million attributable to charges related to cost savings initiatives recognized in the fourth quarter of 2020 and the third quarter of 2020, respectively. Those charges in the fourth quarter of 2020 included $4.6 million of employee severance for impacted employees (salaries and benefits) and $4.8 million of write-offs of fixed assets and $5.8 million of lease termination charges (other expense) resulting from 21 financial center closures.

Compared to the fourth quarter of 2019, non-interest expense increased $16 million, or 11%, due primarily to the previously discussed charges associated with the cost savings initiatives.

The cost savings anticipated from the implementation of the cost savings initiatives are not expected to be fully realized until mid-2021. Of the anticipated $25 million in annual expense savings, the Corporation expects to reinvest a portion of the savings to accelerate digital transformation initiatives.

For the year end December 31, 2020, non-interest expense was $579 million, an increase of $12 million, or 2%, from 2019. This increase was primarily due to expenses related to the cost savings initiatives, which totaled $16 million for the year, as well as increases of $3 million in data processing and software and $1 million in FDIC insurance. These increases were partially offset by decreases of $9 million in other outside services and $5 million in marketing.

Income Tax Expense

The effective income tax rate (ETR) for the fourth quarter of 2020 was 10%, as compared to 13% for both the third quarter of 2020 and fourth quarter of 2019. For the year ended December 31, 2020, the ETR was 12% compared 14% in 2019. The decreases resulted from lower income before income taxes.

Shareholders' Equity

In the fourth quarter of 2020, the Corporation issued $200 million of Fixed Rate Non-Cumulative Perpetual Preferred Stock ("Preferred Stock") at a rate of 5.125%. The Corporation received net proceeds from the offering of $192.9 million after issuance costs. Dividends on the Preferred Stock were $2.1 million in the fourth quarter, or approximately $0.01 per diluted share.

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

Safe Harbor Statement

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

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, they are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission and are or will be available in the Investor Relations section of the Corporation's website (www.fult.com) and on the Securities and Exchange Commission's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain non-GAAP financial measures in this earnings release. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this release.

 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

 

SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

 

 

 

 

 

 

 

in thousands, except per-share data and percentages

 

 

 

 

 

 

 

 

Three months ended

 

 

Dec 31

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

 

2020

 

2020

 

2020

 

2020

 

2019

 

Ending Balances

 

 

 

 

 

 

 

 

 

 

Investments

$

3,340,424

 

 

$

3,097,721

 

 

$

2,974,813

 

 

$

3,141,440

 

 

$

2,867,378

 

 

Loans, net of unearned income

18,900,820

 

 

19,028,621

 

 

18,704,722

 

 

17,077,403

 

 

16,837,526

 

 

Total assets

25,906,733

 

 

25,543,281

 

 

24,617,863

 

 

22,929,859

 

 

21,886,040

 

 

Deposits

20,839,207

 

 

20,730,051

 

 

19,884,208

 

 

17,365,026

 

 

17,393,913

 

 

Shareholders' equity

2,616,828

 

 

2,390,261

 

 

2,340,501

 

 

2,285,748

 

 

2,342,176

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Balances

 

 

 

 

 

 

 

 

 

 

Investments

$

3,221,289

 

 

$

2,977,672

 

 

$

3,096,632

 

 

$

3,071,828

 

 

$

2,830,999

 

 

Loans, net of unearned income

18,994,514

 

 

18,880,519

 

 

18,331,797

 

 

16,860,067

 

 

16,768,057

 

 

Total assets

25,749,405

 

 

25,169,508

 

 

24,139,116

 

 

22,252,099

 

 

21,812,438

 

 

Deposits

20,791,522

 

 

20,388,447

 

 

19,276,658

 

 

17,121,428

 

 

17,449,565

 

 

Shareholders' equity

2,544,866

 

 

2,374,091

 

 

2,309,133

 

 

2,337,016

 

 

2,341,397

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement

 

 

 

 

 

 

 

 

 

 

Net interest income

$

161,591

 

 

$

154,116

 

 

$

152,754

 

 

$

160,746

 

 

$

159,270

 

 

Provision for credit losses

6,240

 

 

7,080

 

 

19,570

 

 

44,030

 

 

20,530

 

 

Non-interest income

55,574

 

 

63,248

 

 

55,922

 

 

54,644

 

 

55,281

 

 

Non-interest expense

154,737

 

 

139,147

 

 

143,006

 

 

142,552

 

 

138,974

 

 

Income before taxes

56,187

 

 

71,137

 

 

46,101

 

 

28,808

 

 

55,047

 

 

Net income available to common shareholders

48,690

 

 

61,607

 

 

39,559

 

 

26,047

 

 

47,789

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders (basic)

$

0.30

 

 

$

0.38

 

 

$

0.24

 

 

$

0.16

 

 

$

0.29

 

 

Net income available to common shareholders (diluted)

$

0.30

 

 

$

0.38

 

 

$

0.24

 

 

$

0.16

 

 

$

0.29

 

 

Cash dividends

$

0.17

 

 

$

0.13

 

 

$

0.13

 

 

$

0.13

 

 

$

0.17

 

 

Common shareholders' equity

$

14.93

 

 

$

14.74

 

 

$

14.45

 

 

$

14.16

 

 

$

14.26

 

 

Common shareholders' equity (tangible)(1)

$

11.62

 

 

$

11.44

 

 

$

11.15

 

 

$

10.84

 

 

$

11.00

 

 

Weighted average shares (basic)

162,242

 

 

162,061

 

 

161,715

 

 

163,475

 

 

164,135

 

 

Weighted average shares (diluted)

163,071

 

 

162,579

 

 

162,267

 

 

164,417

 

 

165,039

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Dec 31

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

 

2020

 

2020

 

2020

 

2020

 

2019

 

Asset Quality(2)

 

 

 

 

 

 

 

 

 

 

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

(0.07)

%

 

(0.05)

%

 

0.09

%

 

0.26

%

 

0.65

%

 

Non-performing loans to total loans

0.78

%

 

0.75

%

 

0.75

%

 

0.82

%

 

0.84

%

 

Non-performing assets to total assets

0.58

%

 

0.57

%

 

0.59

%

 

0.64

%

 

0.68

%

 

ACL - loans(3) to total loans

1.47

%

 

1.40

%

 

1.37

%

 

1.40

%

 

0.97

%

 

ACL - loans(3) to non-performing loans

189

%

 

188

%

 

183

%

 

170

%

 

116

%

 

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

6.42

%

 

6.91

%

 

7.04

%

 

7.37

%

 

7.51

%

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality, excluding PPP(1)(4)

 

 

 

 

 

 

 

 

 

 

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

(0.08)

%

 

(0.06)

%

 

0.10

%

 

%

 

%

 

Non-performing loans to total adjusted loans

0.85

%

 

0.83

%

 

0.83

%

 

%

 

%

 

ACL - loans(3) to total adjusted loans

1.60

%

 

1.56

%

 

1.53

%

 

%

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Profitability

 

 

 

 

 

 

 

 

 

 

Return on average assets

0.79

%

 

0.97

%

 

0.66

%

 

0.47

%

 

0.87

%

 

Return on average shareholders' equity

7.95

%

 

10.32

%

 

6.89

%

 

4.48

%

 

8.10

%

 

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

10.32

%

 

13.50

%

 

8.99

%

 

5.84

%

 

10.52

%

 

Net interest margin

2.75

%

 

2.70

%

 

2.81

%

 

3.21

%

 

3.22

%

 

Efficiency ratio(1)

69.5

%

 

62.3

%

 

66.4

%

 

64.5

%

 

63.1

%

 

Efficiency ratio, net 2020 cost savings initiatives(1)

62.5

%

 

62.0

%

 

66.4

%

 

64.5

%

 

63.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

Tangible common equity ratio(1)

7.4

%

 

7.4

%

 

7.5

%

 

7.8

%

 

8.5

%

 

Tier 1 leverage ratio(5)

8.1

%

 

7.4

%

 

7.6

%

 

7.9

%

 

8.4

%

 

Common equity Tier 1 capital ratio(5)

9.4

%

 

9.5

%

 

9.5

%

 

9.4

%

 

9.7

%

 

Tier 1 capital ratio(5)

10.3

%

 

9.5

%

 

9.5

%

 

9.4

%

 

9.7

%

 

Total risk-based capital ratio(5)

14.5

%

 

13.9

%

 

13.8

%

 

13.8

%

 

11.8

%

 

(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) 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. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document.

(5) Regulatory capital ratios as of December 31, 2020 are preliminary and prior periods are actual.

 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change from

 

 

 

Dec 31

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Dec 31

 

 

 

2020

 

2020

 

2020

 

2020

 

2019

 

2020

 

2019

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

120,462

 

 

$

139,304

 

 

$

141,702

 

 

$

181,777

 

 

$

132,283

 

 

(13.5)

%

 

(8.9)

%

 

Other interest-earning assets

 

1,819,499

 

 

1,489,550

 

 

1,007,939

 

 

793,572

 

 

482,930

 

 

22.2

%

 

N/M

 

Loans held for sale

 

83,886

 

 

93,621

 

 

77,415

 

 

40,645

 

 

37,828

 

 

(10.4)

%

 

N/M

 

Investment securities

 

3,340,424

 

 

3,097,721

 

 

2,974,813

 

 

3,141,440

 

 

2,867,378

 

 

7.8

%

 

16.5

%

 

Loans, net of unearned income

 

18,900,820

 

 

19,028,621

 

 

18,704,722

 

 

17,077,403

 

 

16,837,526

 

 

(0.7)

%

 

12.3

%

 

Less: ACL - loans(1)

 

(277,567)

 

 

(266,825)

 

 

(256,537)

 

 

(238,508)

 

 

(163,622)

 

 

4.0

%

 

69.6

%

 

Net loans

 

18,623,253

 

 

18,761,796

 

 

18,448,185

 

 

16,838,895

 

 

16,673,904

 

 

(0.7)

%

 

11.7

%

 

Premises and equipment

 

231,480

 

 

236,943

 

 

239,596

 

 

236,908

 

 

240,046

 

 

(2.3)

%

 

(3.6)

%

 

Accrued interest receivable

 

72,942

 

 

70,766

 

 

73,720

 

 

59,365

 

 

60,898

 

 

3.1

%

 

19.8

%

 

Goodwill and intangible assets

 

536,659

 

 

534,907

 

 

535,039

 

 

535,171

 

 

535,303

 

 

0.3

%

 

0.3

%

 

Other assets

 

1,078,128

 

 

1,118,673

 

 

1,119,454

 

 

1,102,086

 

 

855,470

 

 

(3.6)

%

 

26.0

%

 

Total Assets

 

$

25,906,733

 

 

$

25,543,281

 

 

$

24,617,863

 

 

$

22,929,859

 

 

$

21,886,040

 

 

1.4

%

 

18.4

%

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

20,839,207

 

 

$

20,730,051

 

 

$

19,884,208

 

 

$

17,365,026

 

 

$

17,393,913

 

 

0.5

%

 

19.8

%

 

Short-term borrowings

 

630,066

 

 

611,727

 

 

572,551

 

 

1,386,808

 

 

883,241

 

 

3.0

%

 

(28.7)

%

 

Other liabilities

 

524,369

 

 

515,230

 

 

525,407

 

 

513,811

 

 

384,941

 

 

1.8

%

 

36.2

%

 

FHLB advances and long-term debt

 

1,296,263

 

 

1,296,012

 

 

1,295,196

 

 

1,378,466

 

 

881,769

 

 

%

 

47.0

%

 

Total Liabilities

 

23,289,905

 

 

23,153,020

 

 

22,277,362

 

 

20,644,111

 

 

19,543,864

 

 

0.6

%

 

19.2

%

 

Shareholders' equity

 

2,616,828

 

 

2,390,261

 

 

2,340,501

 

 

2,285,748

 

 

2,342,176

 

 

9.5

%

 

11.7

%

 

Total Liabilities and Shareholders' Equity

 

$

25,906,733

 

 

$

25,543,281

 

 

$

24,617,863

 

 

$

22,929,859

 

 

$

21,886,040

 

 

1.4

%

 

18.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:

 

 

 

 

 

 

 

 

 

 

Loans, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

 

$

7,105,092

 

 

$

7,046,330

 

 

$

6,934,936

 

 

$

6,895,069

 

 

$

6,700,776

 

 

0.8

%

 

6.0

%

 

Commercial and industrial

 

4,088,561

 

 

4,007,278

 

 

4,033,439

 

 

4,450,557

 

 

4,445,634

 

 

2.0

%

 

(8.0)

%

 

Real estate - residential mortgage

 

3,141,915

 

 

3,061,835

 

 

2,862,226

 

 

2,718,290

 

 

2,641,465

 

 

2.6

%

 

18.9

%

 

Real estate - home equity

 

1,202,913

 

 

1,222,709

 

 

1,251,455

 

 

1,292,677

 

 

1,314,944

 

 

(1.6)

%

 

(8.5)

%

 

Real estate - construction

 

1,047,218

 

 

1,007,534

 

 

972,909

 

 

947,768

 

 

971,079

 

 

3.9

%

 

7.8

%

 

Consumer

 

466,772

 

 

469,551

 

 

465,610

 

 

468,172

 

 

463,164

 

 

(0.6)

%

 

0.8

%

 

Equipment lease financing

 

279,118

 

 

280,286

 

 

281,897

 

 

289,726

 

 

284,537

 

 

(0.4)

%

 

(1.9)

%

 

Other(2)

 

(12,481)

 

 

(27,067)

 

 

(34,784)

 

 

15,144

 

 

15,927

 

 

(53.9)

%

 

N/M

 

Loans, net of unearned income before PPP

 

17,319,108

 

 

17,068,456

 

 

16,767,688

 

 

17,077,403

 

 

16,837,526

 

 

1.5

%

 

2.9

%

 

PPP

 

1,581,712

 

 

1,960,165

 

 

1,937,034

 

 

 

 

 

 

(19.3)

%

 

N/M

 

Total Loans, net of unearned income

 

$

18,900,820

 

 

$

19,028,621

 

 

$

18,704,722

 

 

$

17,077,403

 

 

$

16,837,526

 

 

(0.7)

%

 

12.3

%

Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

6,531,002

 

 

$

6,378,077

 

 

$

6,239,055

 

 

$

4,531,872

 

 

$

4,453,324

 

 

2.4

%

 

46.7

%

 

Interest-bearing demand

 

5,818,564

 

 

5,813,935

 

 

5,099,405

 

 

4,724,520

 

 

4,720,188

 

 

0.1

%

 

23.3

%

 

Savings

 

5,929,792

 

 

5,805,431

 

 

5,667,893

 

 

5,092,865

 

 

5,153,941

 

 

2.1

%

 

15.1

%

 

Total demand and savings

 

18,279,358

 

 

17,997,443

 

 

17,006,353

 

 

14,349,257

 

 

14,327,453

 

 

1.6

%

 

27.6

%

 

Brokered

 

335,185

 

 

317,588

 

 

310,689

 

 

313,337

 

 

264,531

 

 

5.5

%

 

26.7

%

 

Time

 

2,224,664

 

 

2,415,020

 

 

2,567,166

 

 

2,702,432

 

 

2,801,929

 

 

(7.9)

%

 

(20.6)

%

 

Total Deposits

 

$

20,839,207

 

 

$

20,730,051

 

 

$

19,884,208

 

 

$

17,365,026

 

 

$

17,393,913

 

 

0.5

%

 

19.8

%

Short-term borrowings, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer funding

 

$

630,066

 

 

$

611,727

 

 

$

572,551

 

 

$

461,808

 

 

$

383,241

 

 

3.0

%

 

64.4

%

 

Federal funds purchased

 

 

 

 

 

 

 

200,000

 

 

 

 

N/M

 

N/M

 

Short-term FHLB advances

 

 

 

 

 

 

 

725,000

 

 

500,000

 

 

N/M

 

(100.0)

%

 

Total Short-term Borrowings

 

$

630,066

 

 

$

611,727

 

 

$

572,551

 

 

$

1,386,808

 

 

$

883,241

 

 

3.0

%

 

(28.7)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

N/M - Not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) "ACL - loans" relates to the ACL specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures.

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

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

% Change from

 

 

 

Years ended

 

 

 

 

 

 

 

Dec 31

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Dec 31

 

 

 

Dec 31

 

 

 

 

 

 

 

2020

 

2020

 

2020

 

2020

 

2019

 

2020

 

2019

 

 

 

2020

 

2019

 

% Change

 

Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

$

183,645

 

 

$

179,159

 

 

$

180,696

 

 

$

199,378

 

 

$

202,159

 

 

2.5

%

 

(9.2)

%

 

 

 

$

742,878

 

 

$

825,306

 

 

(10.0)

%

 

 

Interest expense

 

 

22,054

 

 

25,043

 

 

27,942

 

 

38,632

 

 

42,889

 

 

(11.9)

%

 

(48.6)

%

 

 

 

113,671

 

 

176,917

 

 

(35.7)

%

 

 

Net Interest Income

 

 

161,591

 

 

154,116

 

 

152,754

 

 

160,746

 

 

159,270

 

 

4.9

%

 

1.5

%

 

 

 

629,207

 

 

648,389

 

 

(3.0)

%

 

 

Provision for credit losses

 

 

6,240

 

 

7,080

 

 

19,570

 

 

44,030

 

 

20,530

 

 

(11.9)

%

 

(69.6)

%

 

 

 

76,920

 

 

32,825

 

 

N/M

 

 

Net Interest Income after Provision

 

 

155,351

 

 

147,036

 

 

133,184

 

 

116,716

 

 

138,740

 

 

5.7

%

 

12.0

%

 

 

 

552,287

 

 

615,564

 

 

(10.3)

%

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management

 

 

15,653

 

 

14,943

 

 

13,407

 

 

15,055

 

 

14,419

 

 

4.7

%

 

8.6

%

 

 

 

59,058

 

 

55,678

 

 

6.1

%

 

 

Mortgage banking

 

 

9,311

 

 

16,801

 

 

9,964

 

 

6,234

 

 

5,076

 

 

(44.6)

%

 

83.4

%

 

 

 

42,309

 

 

23,099

 

 

83.2

%

 

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Card

 

 

5,123

 

 

5,002

 

 

4,966

 

 

4,685

 

 

4,991

 

 

2.4

%

 

2.7

%

 

 

 

19,777

 

 

20,515

 

 

(3.6)

%

 

 

Overdraft

 

 

3,376

 

 

3,015

 

 

2,107

 

 

4,058

 

 

4,750

 

 

12.0

%

 

(28.9)

%

 

 

 

12,556

 

 

17,949

 

 

(30.0)

%

 

 

Other consumer banking

 

 

2,298

 

 

2,406

 

 

2,065

 

 

2,496

 

 

2,688

 

 

(4.5)

%

 

(14.5)

%

 

 

 

9,266

 

 

11,039

 

 

(16.1)

%

 

 

Total consumer banking

 

 

10,798

 

 

10,423

 

 

9,138

 

 

11,239

 

 

12,429

 

 

3.6

%

 

(13.1)

%

 

 

 

41,598

 

 

49,503

 

 

(16.0)

%

 

 

Commercial banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant and card

 

 

5,953

 

 

6,237

 

 

5,326

 

 

5,624

 

 

5,841

 

 

(4.6)

%

 

1.9

%

 

 

 

23,139

 

 

24,077

 

 

(3.9)

%

 

 

Cash management

 

 

4,737

 

 

4,742

 

 

4,503

 

 

4,742

 

 

4,697

 

 

(0.1)

%

 

0.9

%

 

 

 

18,725

 

 

18,392

 

 

1.8

%

 

 

Capital markets

 

 

3,513

 

 

4,696

 

 

5,004

 

 

5,075

 

 

5,939

 

 

(25.2)

%

 

(40.8)

%

 

 

 

18,288

 

 

14,875

 

 

22.9

%

 

 

Other commercial banking

 

 

2,606

 

 

2,636

 

 

1,914

 

 

2,978

 

 

3,664

 

 

(1.2)

%

 

(28.9)

%

 

 

 

10,134

 

 

13,773

 

 

(26.4)

%

 

 

Total commercial banking

 

 

16,809

 

 

18,311

 

 

16,748

 

 

18,419

 

 

20,141

 

 

(8.2)

%

 

(16.5)

%

 

 

 

70,286

 

 

71,117

 

 

(1.2)

%

 

 

Other

 

 

3,004

 

 

2,769

 

 

3,660

 

 

3,651

 

 

3,216

 

 

8.5

%

 

(6.6)

%

 

 

 

13,084

 

 

12,030

 

 

8.8

%

 

 

Non-interest income before investment securities gains

 

 

55,574

 

 

63,246

 

 

52,917

 

 

54,598

 

 

55,281

 

 

(12.1)

%

 

0.5

%

 

 

 

226,335

 

 

211,427

 

 

7.1

%

 

 

Investment securities gains, net

 

 

 

 

2

 

 

3,005

 

 

46

 

 

 

 

(100.0)

%

 

N/M

 

 

 

3,053

 

 

4,733

 

 

(35.5)

%

 

 

Total Non-Interest Income

 

 

55,574

 

 

63,248

 

 

55,922

 

 

54,644

 

 

55,281

 

 

(12.1)

%

 

0.5

%

 

 

 

229,388

 

 

216,160

 

 

6.1

%

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

83,929

 

 

79,227

 

 

81,012

 

 

80,228

 

 

76,975

 

 

5.9

%

 

9.0

%

 

 

 

324,395

 

 

311,934

 

 

4.0

%

 

 

Net occupancy

 

 

13,161

 

 

13,221

 

 

13,144

 

 

13,486

 

 

13,080

 

 

(0.5)

%

 

0.6

%

 

 

 

53,013

 

 

52,826

 

 

0.4

%

 

 

Data processing and software

 

 

11,951

 

 

12,285

 

 

12,193

 

 

11,645

 

 

11,468

 

 

(2.7)

%

 

4.2

%

 

 

 

48,073

 

 

44,679

 

 

7.6

%

 

 

Other outside services

 

 

8,334

 

 

7,617

 

 

7,600

 

 

7,881

 

 

8,215

 

 

9.4

%

 

1.4

%

 

 

 

31,432

 

 

39,989

 

 

(21.4)

%

 

 

Equipment

 

 

3,563

 

 

3,711

 

 

3,193

 

 

3,418

 

 

3,475

 

 

(4.0)

%

 

2.5

%

 

 

 

13,885

 

 

13,575

 

 

2.3

%

 

 

Professional fees

 

 

2,424

 

 

2,879

 

 

3,331

 

 

4,202

 

 

2,873

 

 

(15.8)

%

 

(15.6)

%

 

 

 

12,835

 

 

13,134

 

 

(2.3)

%

 

 

Marketing

 

 

1,098

 

 

1,147

 

 

1,303

 

 

1,579

 

 

1,503

 

 

(4.3)

%

 

(27.0)

%

 

 

 

5,127

 

 

9,848

 

 

(47.9)

%

 

 

Amortization of tax credit investments

 

 

1,532

 

 

1,694

 

 

1,450

 

 

1,450

 

 

1,505

 

 

(9.6)

%

 

1.8

%

 

 

 

6,126

 

 

6,021

 

 

1.7

%

 

 

FDIC insurance

 

 

2,346

 

 

1,578

 

 

2,133

 

 

2,808

 

 

2,177

 

 

48.7

%

 

7.8

%

 

 

 

8,865

 

 

7,780

 

 

13.9

%

 

 

Intangible amortization

 

 

132

 

 

132

 

 

132

 

 

132

 

 

142

 

 

0.2

%

 

(6.8)

%

 

 

 

529

 

 

1,427

 

 

(63.0)

%

 

 

Prepayment penalty on FHLB advances

 

 

 

 

 

 

2,878

 

 

 

 

 

 

N/M

 

N/M

 

 

 

2,878

 

 

4,326

 

 

(33.5)

%

 

 

Other

 

 

26,268

 

 

15,654

 

 

14,637

 

 

15,723

 

 

17,561

 

 

67.8

%

 

49.6

%

 

 

 

72,282

 

 

62,197

 

 

16.2

%

 

 

Total Non-Interest Expense

 

 

154,737

 

 

139,145

 

 

143,006

 

 

142,552

 

 

138,974

 

 

11.2

%

 

11.3

%

 

 

 

579,440

 

 

567,736

 

 

2.1

%

 

 

Income Before Income Taxes

 

 

56,187

 

 

71,139

 

 

46,100

 

 

28,808

 

 

55,047

 

 

(21.0)

%

 

2.1

%

 

 

 

202,235

 

 

263,988

 

 

(23.4)

%

 

 

Income tax expense

 

 

5,362

 

 

9,529

 

 

6,542

 

 

2,761

 

 

7,258

 

 

(43.7)

%

 

(26.1)

%

 

 

 

24,194

 

 

37,649

 

 

(35.7)

%

 

 

Net Income

 

 

50,825

 

 

61,610

 

 

39,558

 

 

26,047

 

 

47,789

 

 

(17.5)

%

 

6.4

%

 

 

 

178,040

 

 

226,339

 

 

(21.3)

%

 

 

Preferred stock dividends

 

 

(2,135)

 

 

 

 

 

 

 

 

 

 

N/M

 

N/M

 

 

 

(2,135)

 

 

 

 

N/M

 

 

Net Income Available to Common Shareholders

 

 

$

48,690

 

 

$

61,610

 

 

$

39,558

 

 

$

26,047

 

 

$

47,789

 

 

(21.0)

%

 

1.9

%

 

 

 

$

175,905

 

 

$

226,339

 

 

(22.3)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.30

 

 

$

0.38

 

 

$

0.24

 

 

$

0.16

 

 

$

0.29

 

 

(21.1)

%

 

3.4

%

 

 

 

$

1.08

 

 

$

1.36

 

 

(20.6)

%

 

 

Diluted

 

 

0.30

 

 

0.38

 

 

0.24

 

 

0.16

 

 

0.29

 

 

(21.1)

%

 

3.4

%

 

 

 

1.08

 

 

1.35

 

 

(20.0)

%

 

 

Cash dividends

 

 

0.17

 

 

0.13

 

 

0.13

 

 

0.13

 

 

0.17

 

 

30.8

%

 

%

 

 

 

$

0.56

 

 

$

0.56

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (basic)

 

 

162,242

 

 

162,061

 

 

161,715

 

 

163,475

 

 

164,135

 

 

0.1

%

 

(1.2)

%

 

 

 

162,372

 

 

166,902

 

 

(2.7)

%

 

 

Weighted average shares (diluted)

 

 

163,071

 

 

162,579

 

 

162,267

 

 

164,417

 

 

165,039

 

 

0.3

%

 

(1.2)

%

 

 

 

163,090

 

 

167,792

 

 

(2.8)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

Three months ended

 

 

December 31, 2020

 

September 30, 2020

 

December 31, 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

$

18,994,514

 

 

$

164,329

 

 

3.45

%

 

$

18,880,519

 

 

$

160,344

 

 

3.38

%

 

$

16,768,057

 

 

$

182,024

 

 

4.31

%

 

Taxable investment securities

2,233,730

 

 

13,559

 

 

2.43

%

 

2,011,893

 

 

13,150

 

 

2.61

%

 

2,198,252

 

 

15,621

 

 

2.84

%

 

Tax-exempt investment securities

886,329

 

 

7,044

 

 

3.17

%

 

861,764

 

 

6,899

 

 

3.19

%

 

594,487

 

 

5,058

 

 

3.38

%

 

Total Investment Securities

3,120,059

 

 

20,603

 

 

2.64

%

 

2,873,657

 

 

20,048

 

 

2.79

%

 

2,792,739

 

 

20,679

 

 

2.96

%

 

Loans held for sale

76,871

 

 

521

 

 

2.71

%

 

79,999

 

 

728

 

 

3.64

%

 

30,062

 

 

295

 

 

3.93

%

 

Other interest-earning assets

1,668,454

 

 

1,179

 

 

0.28

%

 

1,387,327

 

 

1,028

 

 

0.30

%

 

492,560

 

 

2,370

 

 

1.92

%

 

Total Interest-earning Assets

23,859,898

 

 

186,632

 

 

3.12

%

 

23,221,502

 

 

182,149

 

 

3.13

%

 

20,083,418

 

 

205,368

 

 

4.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

126,190

 

 

 

 

 

 

138,567

 

 

 

 

 

 

128,417

 

 

 

 

 

 

Premises and equipment

236,265

 

 

 

 

 

 

239,183

 

 

 

 

 

 

239,294

 

 

 

 

 

 

Other assets

1,799,381

 

 

 

 

 

 

1,835,190

 

 

 

 

 

 

1,528,758

 

 

 

 

 

 

Less: ACL - loans(2)

(272,329)

 

 

 

 

 

 

(264,934)

 

 

 

 

 

 

(167,449)

 

 

 

 

 

 

Total Assets

$

25,749,405

 

 

 

 

 

 

$

25,169,508

 

 

 

 

 

 

$

21,812,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

5,762,150

 

 

$

1,457

 

 

0.10

%

 

$

5,591,548

 

 

$

1,913

 

 

0.14

%

 

$

4,699,040

 

 

$

8,494

 

 

0.72

%

 

Savings deposits

5,905,137

 

 

1,866

 

 

0.13

%

 

5,716,050

 

 

2,347

 

 

0.16

%

 

5,205,260

 

 

10,253

 

 

0.78

%

 

Brokered deposits

340,451

 

 

451

 

 

0.53

%

 

314,721

 

 

440

 

 

0.56

%

 

261,689

 

 

1,279

 

 

1.94

%

 

Time deposits

2,306,556

 

 

8,082

 

 

1.39

%

 

2,495,445

 

 

9,931

 

 

1.58

%

 

2,959,008

 

 

13,775

 

 

1.86

%

 

Total Interest-bearing Deposits

14,314,294

 

 

11,856

 

 

0.33

%

 

14,117,764

 

 

14,631

 

 

0.41

%

 

13,124,997

 

 

33,801

 

 

1.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

622,623

 

 

268

 

 

0.17

%

 

613,127

 

 

370

 

 

0.24

%

 

717,811

 

 

2,343

 

 

1.29

%

 

FHLB advances and long-term debt

1,296,139

 

 

9,930

 

 

3.06

%

 

1,295,515

 

 

10,042

 

 

3.10

%

 

875,802

 

 

6,745

 

 

3.07

%

 

Total Interest-bearing Liabilities

16,233,056

 

 

22,054

 

 

0.54

%

 

16,026,406

 

 

25,043

 

 

0.62

%

 

14,718,610

 

 

42,889

 

 

1.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

6,477,228

 

 

 

 

 

 

6,270,683

 

 

 

 

 

 

4,324,568

 

 

 

 

 

 

Total Deposits/Cost of Deposits

20,791,522

 

 

 

 

0.23

%

 

20,388,447

 

 

 

 

0.29

%

 

17,449,565

 

 

 

 

0.77

%

 

Other

494,255

 

 

 

 

 

 

498,328

 

 

 

 

 

 

427,863

 

 

 

 

 

 

Total Liabilities

23,204,539

 

 

 

 

 

 

$

22,795,417

 

 

 

 

 

 

19,471,041

 

 

 

 

 

 

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

22,710,284

 

 

 

 

0.39

%

 

22,297,089

 

 

 

 

0.45

%

 

19,043,178

 

 

 

 

0.89

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

2,544,866

 

 

 

 

 

 

2,374,091

 

 

 

 

 

 

2,341,397

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$

25,749,405

 

 

 

 

 

 

$

25,169,508

 

 

 

 

 

 

$

21,812,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

164,578

 

 

2.75

%

 

 

 

157,106

 

 

2.70

%

 

 

 

162,479

 

 

3.22

%

 

Tax equivalent adjustment

 

 

(2,987)

 

 

 

 

 

 

(2,990)

 

 

 

 

 

 

(3,209)

 

 

 

 

Net interest income

 

 

$

161,591

 

 

 

 

 

 

$

154,116

 

 

 

 

 

 

$

159,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(2) "ACL - loans" relates to the ACL specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures.

 

FULTON FINANCIAL CORPORATION

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

dollars in thousands

 

 

 

Three months ended

 

% Change from

 

 

 

Dec 31

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Dec 31

 

 

 

2020

 

2020

 

2020

 

2020

 

2019

 

2020

 

2019

Loans, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

 

$

7,101,363

 

 

$

6,986,528

 

 

$

6,875,872

 

 

$

6,746,766

 

 

$

6,561,029

 

 

1.6

%

 

8.2

%

 

Commercial and industrial

 

4,024,879

 

 

4,030,750

 

 

4,451,228

 

 

4,446,750

 

 

4,574,047

 

 

(0.1)

%

 

(12.0)

%

 

Real estate - residential mortgage

 

3,087,529

 

 

2,975,516

 

 

2,769,682

 

 

2,670,019

 

 

2,606,136

 

 

3.8

%

 

18.5

%

 

Real estate - home equity

 

1,212,113

 

 

1,237,602

 

 

1,271,190

 

 

1,300,132

 

 

1,331,088

 

 

(2.1)

%

 

(8.9)

%

 

Real estate - construction

 

1,009,284

 

 

981,589

 

 

941,079

 

 

929,529

 

 

934,556

 

 

2.8

%

 

8.0

%

 

Consumer

 

468,678

 

 

464,851

 

 

465,728

 

 

466,415

 

 

464,606

 

 

0.8

%

 

0.9

%

 

Equipment lease financing

 

279,059

 

 

279,217

 

 

284,658

 

 

284,566

 

 

281,451

 

 

(0.1)

%

 

(0.8)

%

 

Other(1)

 

(18,817)

 

 

(28,656)

 

 

13,443

 

 

15,890

 

 

14,058

 

 

(34.3)

%

 

N/M

 

Loans, net of unearned income before PPP

 

17,164,088

 

 

16,927,397

 

 

17,072,880

 

 

16,860,067

 

 

16,766,971

 

 

1.4

%

 

2.4

%

 

PPP

 

1,830,426

 

 

1,953,122

 

 

1,258,917

 

 

 

 

 

 

(6.3)

%

 

N/M

 

Total Loans, net of unearned income

 

$

18,994,514

 

 

$

18,880,519

 

 

$

18,331,797

 

 

$

16,860,067

 

 

$

16,766,971

 

 

0.6

%

 

13.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

6,477,228

 

 

$

6,270,683

 

 

$

5,789,788

 

 

$

4,307,027

 

 

$

4,324,568

 

 

3.3

%

 

49.8

%

 

Interest-bearing demand

 

5,762,150

 

 

5,591,548

 

 

5,103,419

 

 

4,649,905

 

 

4,699,040

 

 

3.1

%

 

22.6

%

 

Savings

 

5,905,137

 

 

5,716,050

 

 

5,446,368

 

 

5,127,662

 

 

5,205,260

 

 

3.3

%

 

13.4

%

 

Total demand and savings

 

18,144,515

 

 

17,578,281

 

 

16,339,575

 

 

14,084,594

 

 

14,228,868

 

 

3.2

%

 

27.5

%

 

Brokered

 

340,451

 

 

314,721

 

 

312,121

 

 

275,359

 

 

261,689

 

 

8.2

%

 

30.1

%

 

Time

 

2,306,556

 

 

2,495,445

 

 

2,624,962

 

 

2,761,474

 

 

2,959,008

 

 

(7.6)

%

 

(22.0)

%

 

Total Deposits

 

$

20,791,522

 

 

$

20,388,447

 

 

$

19,276,658

 

 

$

17,121,427

 

 

$

17,449,565

 

 

2.0

%

 

19.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer funding

 

$

622,623

 

 

$

613,127

 

 

$

546,716

 

 

$

428,240

 

 

$

377,529

 

 

1.5

%

 

64.9

%

 

Federal funds purchased

 

 

 

 

 

74,231

 

 

186,868

 

 

91,467

 

 

N/M

 

(100.0)

%

 

Short-term FHLB advances and other borrowings

 

 

 

 

 

86,824

 

 

687,937

 

 

248,815

 

 

N/M

 

(100.0)

%

 

Total Short-term borrowings

 

$

622,623

 

 

$

613,127

 

 

$

707,771

 

 

$

1,303,045

 

 

$

717,811

 

 

1.5

%

 

(13.3)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 
 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

 

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

Year ended December 31

 

 

 

 

2020

 

2019

 

 

 

 

Average

 

Interest

 

Yield/

 

Average

 

Interest

 

Yield/

 

 

 

 

Balance

 

(1)

 

Rate

 

Balance

 

(1)

 

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

Loans, net of unearned income

 

$

18,270,390

 

 

$

662,785

 

 

3.63

%

 

$

16,430,347

 

 

$

747,119

 

 

4.55

%

 

 

Taxable investment securities

 

2,182,410

 

 

58,173

 

 

2.66

%

 

2,278,448

 

 

62,556

 

 

2.74

%

 

 

Tax-exempt investment securities

 

825,057

 

 

26,641

 

 

3.22

%

 

500,398

 

 

17,998

 

 

3.57

%

 

 

Total Investment Securities

 

3,007,467

 

 

84,814

 

 

2.82

%

 

2,778,846

 

 

80,554

 

 

2.89

%

 

 

Loans held for sale

 

60,015

 

 

2,077

 

 

3.46

%

 

25,795

 

 

1,351

 

 

5.24

%

 

 

Other interest-earning assets

 

1,120,727

 

 

5,504

 

 

0.49

%

 

445,008

 

 

9,249

 

 

2.08

%

 

 

Total Interest-earning Assets

 

22,458,599

 

 

755,181

 

 

3.36

%

 

19,679,996

 

 

838,273

 

 

4.26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

139,146

 

 

 

 

 

 

119,144

 

 

 

 

 

 

 

Premises and equipment

 

238,864

 

 

 

 

 

 

239,376

 

 

 

 

 

 

 

Other assets

 

1,746,956

 

 

 

 

 

 

1,385,689

 

 

 

 

 

 

 

Less: ACL - loans(2)

 

(249,848)

 

 

 

 

 

 

(166,165)

 

 

 

 

 

 

 

Total Assets

 

$

24,333,717

 

 

 

 

 

 

$

21,258,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

Demand deposits

 

$

5,278,941

 

 

$

11,390

 

 

0.22

%

 

$

4,384,059

 

 

$

33,348

 

 

0.76

%

 

 

Savings deposits

 

5,550,234

 

 

14,654

 

 

0.26

%

 

5,018,381

 

 

41,823

 

 

0.83

%

 

 

Brokered deposits

 

310,763

 

 

2,387

 

 

0.77

%

 

245,501

 

 

5,779

 

 

2.35

%

 

 

Time deposits

 

2,546,305

 

 

41,615

 

 

1.63

%

 

2,869,326

 

 

50,825

 

 

1.77

%

 

 

Total Interest-bearing Deposits

 

13,686,243

 

 

70,045

 

 

0.51

%

 

12,517,267

 

 

131,775

 

 

1.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

810,583

 

 

5,227

 

 

0.64

%

 

849,679

 

 

14,543

 

 

1.70

%

 

 

FHLB advances and long-term debt

 

1,254,300

 

 

38,398

 

 

3.06

%

 

942,600

 

 

30,599

 

 

3.25

%

 

 

Total Interest-bearing Liabilities

 

15,751,126

 

 

113,671

 

 

0.72

%

 

14,309,546

 

 

176,917

 

 

1.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

Demand deposits

 

5,714,803

 

 

 

 

 

 

4,249,294

 

 

 

 

 

 

 

Total Deposits/Cost of Deposits

 

19,401,046

 

 

 

 

0.36

%

 

16,766,561

 

 

 

 

0.79

%

 

 

Other

 

476,139

 

 

 

 

 

 

393,130

 

 

 

 

 

 

 

Total Liabilities

 

21,942,068

 

 

 

 

 

 

18,951,970

 

 

 

 

 

 

 

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

 

21,465,929

 

 

 

 

0.53

%

 

18,558,840

 

 

 

 

0.95

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

2,391,649

 

 

 

 

 

 

2,306,070

 

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$

24,333,717

 

 

 

 

 

 

$

21,258,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

641,510

 

 

2.86

%

 

 

 

661,356

 

 

3.36

%

 

 

Tax equivalent adjustment

 

 

 

(12,303)

 

 

 

 

 

 

(12,967)

 

 

 

 

 

Net interest income

 

 

 

$

629,207

 

 

 

 

 

 

$

648,389

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures.

 

FULTON FINANCIAL CORPORATION

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

dollars in thousands

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31

 

 

 

 

 

2020

 

2019

 

% Change

Loans, by type:

 

 

 

 

 

 

 

Real estate - commercial mortgage

 

$

6,928,269

 

 

$

6,463,783

 

 

7.2

%

 

Commercial and industrial

 

4,237,252

 

 

4,473,549

 

 

(5.3)

%

 

Real estate - residential mortgage

 

2,876,538

 

 

2,441,684

 

 

17.8

%

 

Real estate - home equity

 

1,255,094

 

 

1,382,908

 

 

(9.2)

%

 

Real estate - construction

 

965,534

 

 

928,183

 

 

4.0

%

 

Consumer

 

466,419

 

 

448,205

 

 

4.1

%

 

Equipment lease financing

 

281,859

 

 

279,489

 

 

0.8

%

 

Other(1)

 

(4,640)

 

 

12,546

 

 

N/M

 

Loans, net of unearned income before PPP

 

17,006,325

 

 

16,430,347

 

 

3.5

%

 

PPP

 

1,264,065

 

 

 

 

N/M

 

Total Loans, net of unearned income

 

$

18,270,390

 

 

$

16,430,347

 

 

11.2

%

 

 

 

 

 

 

 

 

Deposits, by type:

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

5,714,803

 

 

$

4,249,294

 

 

34.5

%

 

Interest-bearing demand

 

5,278,941

 

 

4,384,059

 

 

20.4

%

 

Savings

 

5,550,234

 

 

5,018,381

 

 

10.6

%

 

Total demand and savings

 

16,543,978

 

 

13,651,734

 

 

21.2

%

 

Brokered

 

310,763

 

 

245,501

 

 

26.6

%

 

Time

 

2,546,305

 

 

2,869,326

 

 

(11.3)

%

 

Total Deposits

 

$

19,401,046

 

 

$

16,766,561

 

 

15.7

%

 

 

 

 

 

 

 

 

Short-term borrowings, by type:

 

 

 

 

 

 

 

Customer funding

 

$

553,033

 

 

$

355,983

 

 

55.4

%

 

Federal funds purchased

 

64,918

 

 

132,578

 

 

(51.0)

%

 

Short-term FHLB advances and other borrowings

 

192,632

 

 

361,118

 

 

(46.7)

%

 

Total Short-term Borrowings

 

$

810,583

 

 

$

849,679

 

 

(4.6)

%

 

 

 

 

 

 

 

 

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

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

 

 

ASSET QUALITY INFORMATION (UNAUDITED)

 

 

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

 

Dec 31

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Dec 31

 

Dec 31

 

 

2020

 

2020

 

2020

 

2020

 

2019

 

2020

 

2019

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

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

$

266,825

 

 

$

256,537

 

 

$

238,508

 

 

$

163,620

 

 

$

166,135

 

 

$

163,622

 

 

$

160,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of adopting CECL

 

 

 

 

 

 

45,724

 

 

 

 

45,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans charged off:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

(1,567)

 

 

(2,969)

 

 

(3,480)

 

 

(10,899)

 

 

(30,547)

 

 

(18,915)

 

 

(42,410)

 

 

Real estate - commercial mortgage

(300)

 

 

(746)

 

 

(2,324)

 

 

(855)

 

 

(68)

 

 

(4,225)

 

 

(1,837)

 

 

Consumer and home equity

(668)

 

 

(1,093)

 

 

(1,303)

 

 

(1,529)

 

 

(1,416)

 

 

(4,593)

 

 

(4,694)

 

 

Real estate - residential mortgage

 

 

(198)

 

 

(235)

 

 

(187)

 

 

(223)

 

 

(620)

 

 

(1,545)

 

 

Real estate - construction

 

 

 

 

(17)

 

 

 

 

 

 

(17)

 

 

(143)

 

 

Equipment lease financing and other

(483)

 

 

(483)

 

 

(688)

 

 

(533)

 

 

(727)

 

 

(2,187)

 

 

(2,560)

 

 

Total loans charged off

(3,018)

 

 

(5,489)

 

 

(8,047)

 

 

(14,003)

 

 

(32,981)

 

 

(30,557)

 

 

(53,189)

 

Recoveries of loans previously charged off:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

4,581

 

 

2,103

 

 

2,978

 

 

1,734

 

 

2,487

 

 

11,396

 

 

8,721

 

 

Real estate - commercial mortgage

588

 

 

100

 

 

95

 

 

244

 

 

1,453

 

 

1,027

 

 

2,202

 

 

Consumer and home equity

594

 

 

491

 

 

649

 

 

646

 

 

437

 

 

2,380

 

 

1,994

 

 

Real estate - residential mortgage

199

 

 

95

 

 

112

 

 

85

 

 

206

 

 

491

 

 

989

 

 

Real estate - construction

179

 

 

4,873

 

 

 

 

70

 

 

1,098

 

 

5,122

 

 

2,591

 

 

Equipment lease financing and other

219

 

 

185

 

 

92

 

 

108

 

 

182

 

 

604

 

 

666

 

 

Recoveries of loans previously charged off

6,360

 

 

7,847

 

 

3,926

 

 

2,887

 

 

5,863

 

 

21,020

 

 

17,163

 

Net loans recovered (charged off)

3,342

 

 

2,358

 

 

(4,121)

 

 

(11,116)

 

 

(27,118)

 

 

(9,537)

 

 

(36,026)

 

Provision for credit losses

7,400

 

 

7,930

 

 

22,150

 

 

40,280

 

 

24,603

 

 

77,760

 

 

39,111

 

Balance at end of period

$

277,567

 

 

$

266,825

 

 

$

256,537

 

 

$

238,508

 

 

$

163,620

 

 

$

277,569

 

 

$

163,622

 

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

(0.07)

%

 

(0.05)

%

 

0.09

%

 

0.26

%

 

0.65

%

 

0.05

%

 

0.22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance credit losses related to OBS Credit Exposures(1)

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

$

15,533

 

 

$

16,383

 

 

$

18,963

 

 

$

2,588

 

 

$

6,662

 

 

 

 

 

 

Impact of adopting CECL

 

 

 

 

 

 

12,625

 

 

 

 

 

 

 

 

Provision for credit losses

(1,160)

 

 

(850)

 

 

(2,580)

 

 

3,750

 

 

(4,074)

 

 

 

 

 

 

Balance at end of period

$

14,373

 

 

$

15,533

 

 

$

16,383

 

 

$

18,963

 

 

$

2,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

$

137,198

 

 

$

128,321

 

 

$

125,037

 

 

$

120,345

 

 

$

125,098

 

 

 

 

 

 

Loans 90 days past due and accruing

9,929

 

 

13,761

 

 

14,767

 

 

19,593

 

 

16,057

 

 

 

 

 

 

Total non-performing loans

147,127

 

 

142,082

 

 

139,804

 

 

139,938

 

 

141,155

 

 

 

 

 

 

Other real estate owned

4,178

 

 

4,565

 

 

5,418

 

 

6,593

 

 

6,831

 

 

 

 

 

 

Total non-performing assets

$

151,305

 

 

$

146,647

 

 

$

145,222

 

 

$

146,531

 

 

$

147,986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING LOANS, BY TYPE:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

32,610

 

 

$

37,224

 

 

$

39,730

 

 

$

41,318

 

 

$

49,491

 

 

 

 

 

 

Real estate - commercial mortgage

52,647

 

 

43,426

 

 

42,374

 

 

36,538

 

 

37,279

 

 

 

 

 

 

Real estate - residential mortgage

30,793

 

 

28,287

 

 

22,887

 

 

25,832

 

 

22,411

 

 

 

 

 

 

Consumer and home equity

13,090

 

 

12,292

 

 

11,911

 

 

11,226

 

 

11,026

 

 

 

 

 

 

Real estate - construction

1,550

 

 

4,051

 

 

4,525

 

 

4,379

 

 

4,306

 

 

 

 

 

 

Equipment lease financing and other

16,437

 

 

16,802

 

 

18,377

 

 

20,645

 

 

16,642

 

 

 

 

 

 

Total non-performing loans

$

147,127

 

 

$

142,082

 

 

$

139,804

 

 

$

139,938

 

 

$

141,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

 

 

 

Dec 31

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

 

 

 

 

 

 

 

2020

 

2020

 

2020

 

2020

 

2019

 

Common shareholders' equity (tangible), per share

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

$

2,616,828

 

 

$

2,390,261

 

 

$

2,340,501

 

 

$

2,285,748

 

 

$

2,342,176

 

 

Less: Preferred stock

 

 

(192,878)

 

 

 

 

 

 

 

 

 

 

Less: Goodwill and intangible assets

 

 

(536,659)

 

 

(534,907)

 

 

(535,039)

 

 

(535,171)

 

 

(535,303)

 

 

Tangible common shareholders' equity (numerator)

 

 

$

1,887,291

 

 

$

1,855,354

 

 

$

1,805,462

 

 

$

1,750,577

 

 

$

1,806,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding, end of period (denominator)

 

 

162,350

 

 

162,134

 

 

161,958

 

 

161,435

 

 

164,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shareholders' equity (tangible), per share

 

 

$

11.62

 

 

$

11.44

 

 

$

11.15

 

 

$

10.84

 

 

$

11.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average common shareholders' equity (tangible)

 

 

 

 

 

 

 

Net income available to common shareholders

 

 

$

48,690

 

 

$

61,610

 

 

$

39,558

 

 

$

26,047

 

 

$

47,789

 

 

Plus: Intangible amortization, net of tax

 

 

104

 

 

103

 

 

104

 

 

104

 

 

112

 

 

(Numerator)

 

$

48,794

 

 

$

61,713

 

 

$

39,662

 

 

$

26,151

 

 

$

47,901

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shareholders' equity

 

 

$

2,544,866

 

 

$

2,374,091

 

 

$

2,309,133

 

 

$

2,337,016

 

 

$

2,341,397

 

 

Less: Average preferred stock

 

 

(127,639)

 

 

 

 

 

 

 

 

 

 

Less: Average goodwill and intangible assets

 

 

(535,474)

 

 

(534,971)

 

 

(535,103)

 

 

(535,235)

 

 

(534,190)

 

 

Average tangible common shareholders' equity (denominator)

 

$

1,881,753

 

 

$

1,839,120

 

 

$

1,774,030

 

 

$

1,801,781

 

 

$

1,807,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

10.32

%

 

13.50

%

 

8.99

%

 

5.84

%

 

10.52

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets (TCE Ratio)

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

$

2,616,828

 

 

$

2,390,261

 

 

$

2,340,501

 

 

$

2,285,748

 

 

$

2,342,176

 

 

Less: Preferred stock

 

 

(192,878)

 

 

 

 

 

 

 

 

 

 

Less: Goodwill and intangible assets

 

 

(536,659)

 

 

(534,907)

 

 

(535,039)

 

 

(535,171)

 

 

(535,303)

 

 

Tangible common shareholders' equity (numerator)

 

 

$

1,887,291

 

 

$

1,855,354

 

 

$

1,805,462

 

 

$

1,750,577

 

 

$

1,806,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

$

25,906,733

 

 

$

25,543,281

 

 

$

24,617,863

 

 

$

22,929,859

 

 

$

21,886,040

 

 

Less: Goodwill and intangible assets

 

 

(536,659)

 

 

(534,907)

 

 

(535,039)

 

 

(535,171)

 

 

(535,303)

 

 

Total tangible assets (denominator)

 

 

$

25,370,074

 

 

$

25,008,374

 

 

$

24,082,824

 

 

$

22,394,688

 

 

$

21,350,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets