Fulton Financial Announces Third Quarter 2021 Results

LANCASTER, Pa.--()--Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $73 million, or $0.45 per diluted share, for the third quarter of 2021.

Fulton achieved strong financial performance during the quarter, including continued record earnings per share,” said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. “We were pleased to see areas of loan growth that we haven’t seen in previous quarters. Our core commercial and consumer businesses were solid, asset quality remained stable, and our pipelines are improving. In addition, mortgage banking delivered strong earnings and wealth management grew to record highs in income and assets under management and administration.”

Net Interest Income and Balance Sheet

Net interest income for the third quarter of 2021 was $171 million, $9 million higher than the second quarter of 2021. Net interest margin for the third quarter of 2021 increased 9 basis points, to 2.82%, from 2.73% in the second quarter of 2021. The increases in net interest income and net interest margin in comparison to the second quarter of 2021, were primarily due to higher fee income recognized related to the Paycheck Protection Program ("PPP") loans, which was $18 million in the third quarter of 2021 compared to $12 million for the second quarter of 2021, as well as lower rates on deposits and solid earning asset growth.

Total average interest-earning assets for the third quarter of 2021 were $25 billion, an increase of $291 million from the second quarter of 2021, driven by growth in the residential mortgage loan portfolio, investment securities and other interest-earning assets, partially offset by a decline in PPP loans. Average Net Loans(1), which include loans originated under the PPP, were $18.4 billion, a decrease of $492 million compared to the second quarter of 2021. Average PPP loans were $0.9 billion for the third quarter of 2021 compared to $1.5 billion for the second quarter of 2021. Third quarter loan balances were impacted by $526 million of PPP loans forgiven in the third quarter of 2021.

Average loans and yields, by type, for the third quarter of 2021 in comparison to the second quarter of 2021 are summarized in the following table:

 

Three months ended

 

 

 

September 30, 2021

 

June 30, 2021

 

Growth

 

Balance

 

Yield (1)

 

Balance

 

Yield (1)

 

$

 

%

 

(dollars in thousands)

Average Net Loans by type:

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

$

7,134,177

 

 

3.11

%

 

$

7,177,622

 

 

3.16

%

 

$

(43,445)

 

 

(0.6)

%

Commercial and industrial(2)

4,729,385

 

 

2.79

%

 

5,445,160

 

 

2.58

%

 

(715,775)

 

 

(13.1)

%

Real estate - residential mortgage

3,642,822

 

 

3.39

%

 

3,396,690

 

 

3.39

%

 

246,132

 

 

7.2

%

Real estate - home equity

1,128,076

 

 

3.68

%

 

1,139,558

 

 

3.71

%

 

(11,482)

 

 

(1.0)

%

Real estate - construction

1,085,846

 

 

3.13

%

 

1,054,469

 

 

3.05

%

 

31,377

 

 

3.0

%

Consumer

452,844

 

 

4.00

%

 

451,486

 

 

3.89

%

 

1,358

 

 

0.3

%

Equipment lease financing

247,776

 

 

3.88

%

 

256,248

 

 

3.74

%

 

(8,472)

 

 

(3.3)

%

Other(3)

(6,773)

 

 

N/A

 

(14,677)

 

 

N/A

 

7,904

 

 

53.9

%

Total Average Net Loans

$

18,414,153

 

 

3.53

%

 

$

18,906,556

 

 

3.32

%

 

$

(492,403)

 

 

(2.6)

%

 

 

 

 

 

 

 

 

 

 

 

 

(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 $0.9 billion and $1.5 billion for the three months ended September 30, 2021 and June 30, 2021, respectively.

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

 

 

 

 

 

 

 

 

 

 

 

 

Total average liabilities increased $370 million, to $23.7 billion, in the third quarter of 2021 compared to the second quarter of 2021 driven by increases in average deposits, partially offset by a decrease in short-term borrowings. Average deposits and interest rates, by type, for the third quarter of 2021 in comparison to the second quarter of 2021 are summarized in the following table:

______________________________

(1)Loans and lease receivables, (net of unearned income)

Three months ended

 

 

 

September 30, 2021

 

June 30, 2021

 

Growth

 

Balance

 

Rate

 

Balance

 

Rate

 

$

 

%

 

(dollars in thousands)

Average Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

7,439,644

 

 

 

 

$

7,203,696

 

 

 

 

$

235,948

 

 

3.3

%

Interest-bearing demand

6,168,908

 

 

0.05

%

 

5,979,855

 

 

0.06

%

 

189,053

 

 

3.2

%

Savings

6,392,537

 

 

0.07

%

 

6,280,629

 

 

0.09

%

 

111,908

 

 

1.8

%

Total average demand and savings

20,001,089

 

 

0.04

%

 

19,464,180

 

 

0.05

%

 

536,909

 

 

2.8

%

Brokered

270,168

 

 

0.34

%

 

297,815

 

 

0.34

%

 

(27,647)

 

 

(9.3)

%

Time

1,852,223

 

 

0.95

%

 

2,003,606

 

 

1.09

%

 

(151,383)

 

 

(7.6)

%

Total Average Deposits

$

22,123,480

 

 

0.12

%

 

$

21,765,601

 

 

0.15

%

 

$

357,879

 

 

1.6

%

Asset Quality

In the third quarter of 2021, a negative provision for credit losses of $600 thousand was recognized, as compared to a negative provision for credit losses of $3.5 million recognized in the second quarter of 2021. A $7.1 million provision for credit losses was recognized in the third quarter of 2020. The negative provision for credit losses for the third quarter of 2021 was impacted by a decrease in the allowance for credit losses determined to be necessary as of the end of the third quarter of 2021, due to improvements in the economic conditions, partially offset by an increase in specific allocations within the allowance for credit losses for loans evaluated individually.

The $7.1 million provision for credit losses in the third quarter of 2020 reflected expected credit losses based on economic conditions as of the end of the third quarter of 2020, and the assessment of the estimated impacts of the COVID-19 pandemic at that time.

Non-performing assets were $152 million, or 0.58% of total assets, at September 30, 2021, compared to $157 million, or 0.60% of total assets, and $147 million, or 0.57% of total assets, at June 30, 2021 and September 30, 2020, respectively.

Annualized net charge-offs (recoveries) for the quarter ended September 30, 2021, were (0.05)% of total average loans, compared to 0.15% and (0.05)% for the quarters ended June 30, 2021 and September 30, 2020, respectively.

Non-interest Income

Non-interest income in the third quarter of 2021, excluding investment securities gains, was $63 million, an increase of $11 million, or 21%, from the second quarter of 2021, primarily resulting from increases of $6.7 million in mortgage banking income, $2.6 million in other income, and $0.9 million in wealth management income. The increase in mortgage banking income was primarily due to a $3.5 million decrease to the valuation allowance for mortgage servicing rights in the third quarter of 2021, compared to an increase of $2.2 million to the valuation allowance in the second quarter of 2021. The increase in other income was primarily due to $2.1 million of income from equity method investments.

Compared to the third quarter of 2020, non-interest income, excluding investment securities gains, in the third quarter of 2021, decreased $0.7 million, or 1%, from $63 million, primarily resulting from a $7.3 million decrease in mortgage banking income primarily due to lower loan sales, and a $2.6 million decrease in capital markets income. These decreases were partially offset by a $3.6 million increase in wealth management income and a $1.4 million increase in consumer banking income.

Non-interest Expense

Non-interest expense was $145 million in the third quarter of 2021, an increase of $3.8 million, or 3%, compared to the second quarter of 2021. The increase is due to an increase of $4.3 million in salaries and benefits during the third quarter of 2021, as compared to the second quarter of 2021.

Compared to the third quarter of 2020, non-interest expense increased $5.5 million, or 4%, in the third quarter of 2021, due to an increase of $3.5 million in salaries and employee benefits and $2.1 million in data processing and software.

Income Tax Expense

The effective income tax rate was 16% for both the third and second quarters of 2021 as compared to 13% for third quarter of 2020. The increase was a result of higher income before income taxes, while net favorable permanent differences were relatively the same compared to the third quarter of 2020.

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

Safe Harbor Statement

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

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

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission and are or will be available in the Investor Relations section of the Corporation's website (www.fult.com) and on the Securities and Exchange Commission's website (www.sec.gov).

Non-GAAP Financial Measures

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

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

 

 

 

 

 

 

in thousands, except per-share data and percentages

 

 

 

 

 

 

 

Three months ended

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

2021

 

2021

 

2021

 

2020

 

2020

Ending Balances

 

 

 

 

 

 

 

 

 

Investments

$

4,000,760

 

 

$

3,921,658

 

 

$

3,612,010

 

 

$

3,340,424

 

 

$

3,097,721

 

Net Loans

18,269,407

 

 

18,586,756

 

 

18,990,986

 

 

18,900,820

 

 

19,028,621

 

Total assets

26,390,832

 

 

26,079,774

 

 

25,892,990

 

 

25,906,733

 

 

25,543,281

 

Deposits

22,074,041

 

 

21,724,312

 

 

21,633,838

 

 

20,839,207

 

 

20,730,051

 

Shareholders' equity

2,699,818

 

 

2,692,958

 

 

2,629,655

 

 

2,616,828

 

 

2,390,261

 

 

 

 

 

 

 

 

 

 

 

Average Balances

 

 

 

 

 

 

 

 

 

Investments

$

3,914,627

 

 

$

3,670,333

 

 

$

3,448,166

 

 

$

3,221,289

 

 

$

2,977,672

 

Net Loans

18,414,153

 

 

18,906,556

 

 

18,980,586

 

 

18,994,514

 

 

18,880,519

 

Total assets

26,440,876

 

 

26,017,542

 

 

26,082,816

 

 

25,749,405

 

 

25,169,508

 

Deposits

22,123,480

 

 

21,765,601

 

 

21,117,024

 

 

20,791,522

 

 

20,388,447

 

Shareholders' equity

2,722,833

 

 

2,669,413

 

 

2,637,098

 

 

2,544,866

 

 

2,374,091

 

 

 

 

 

 

 

 

 

 

 

Income Statement

 

 

 

 

 

 

 

 

 

Net interest income

$

171,270

 

 

$

162,399

 

 

$

164,448

 

 

$

161,591

 

 

$

154,116

 

Provision for credit losses

(600

)

 

(3,500

)

 

(5,500

)

 

6,240

 

 

7,080

 

Non-interest income

62,577

 

 

51,890

 

 

95,397

 

 

55,574

 

 

63,249

 

Non-interest expense

144,596

 

 

140,831

 

 

178,384

 

 

154,737

 

 

139,145

 

Income before taxes

89,851

 

 

76,958

 

 

86,961

 

 

56,187

 

 

71,140

 

Net income available to common shareholders

73,021

 

 

62,402

 

 

70,472

 

 

48,690

 

 

61,611

 

Pre-provision net revenue(1)

90,947

 

 

75,575

 

 

81,795

 

 

64,092

 

 

80,044

 

 

 

 

 

 

 

 

 

 

 

Per Share

 

 

 

 

 

 

 

 

 

Net income available to common shareholders (basic)

$

0.45

 

 

$

0.38

 

 

$

0.43

 

 

$

0.30

 

 

$

0.38

 

Net income available to common shareholders (diluted)

$

0.45

 

 

$

0.38

 

 

$

0.43

 

 

$

0.30

 

 

$

0.38

 

Cash dividends

$

0.14

 

 

$

0.14

 

 

$

0.14

 

 

$

0.17

 

 

$

0.13

 

Common shareholders' equity

$

15.53

 

 

$

15.34

 

 

$

14.99

 

 

$

14.93

 

 

$

14.74

 

Common shareholders' equity (tangible)(1)

$

12.21

 

 

$

12.05

 

 

$

11.69

 

 

$

11.62

 

 

$

11.44

 

Weighted average shares (basic)

162,506

 

 

162,785

 

 

162,441

 

 

162,242

 

 

162,061

 

Weighted average shares (diluted)

163,456

 

 

163,858

 

 

163,737

 

 

163,071

 

 

162,579

 

 

 

 

 

 

 

 

 

 

 

(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

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

2021

 

2021

 

2021

 

2020

 

2020

Asset Quality

 

 

 

 

 

 

 

 

 

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

(0.05

)%

 

0.15

%

 

0.13

%

 

(0.07

)%

 

(0.05

)%

Non-performing loans to total loans

0.82

%

 

0.83

%

 

0.80

%

 

0.78

%

 

0.75

%

Non-performing assets to total assets

0.58

%

 

0.60

%

 

0.60

%

 

0.58

%

 

0.57

%

ACL - loans(2) to total loans

1.41

%

 

1.37

%

 

1.40

%

 

1.47

%

 

1.40

%

ACL - loans(2) to non-performing loans

171

%

 

166

%

 

174

%

 

189

%

 

188

%

 

 

 

 

 

 

 

 

 

 

Asset Quality, excluding PPP(1)(3)

 

 

 

 

 

 

 

 

 

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

(0.05

)%

 

0.16

%

 

0.14

%

 

(0.08

)%

 

(0.06

)%

Non-performing loans to total adjusted loans

0.85

%

 

0.88

%

 

0.88

%

 

0.85

%

 

0.83

%

ACL - loans(2) to total adjusted loans

1.45

%

 

1.46

%

 

1.54

%

 

1.60

%

 

1.56

%

 

 

 

 

 

 

 

 

 

 

Profitability

 

 

 

 

 

 

 

 

 

Return on average assets

1.13

%

 

1.00

%

 

1.14

%

 

0.79

%

 

0.97

%

Return on average common shareholders' equity

10.64

%

 

9.38

%

 

10.84

%

 

7.61

%

 

10.32

%

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

14.56

%

 

12.93

%

 

15.00

%

 

10.32

%

 

13.35

%

Net interest margin

2.82

%

 

2.73

%

 

2.79

%

 

2.75

%

 

2.70

%

Efficiency ratio(1)

60.3

%

 

63.8

%

 

63.0

%

 

62.5

%

 

62.3

%

Non-interest expenses to total average assets(1)

2.14

%

 

2.14

%

 

2.25

%

 

2.13

%

 

2.16

%

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

Tangible common equity ratio(1)

7.6

%

 

7.7

%

 

7.5

%

 

7.4

%

 

7.4

%

Tier 1 leverage ratio(4)

8.4

%

 

8.5

%

 

8.3

%

 

8.2

%

 

7.5

%

Common equity Tier 1 capital ratio(4)

10.1

%

 

10.0

%

 

9.8

%

 

9.5

%

 

9.6

%

Tier 1 risk-based capital ratio(4)

11.1

%

 

11.0

%

 

10.8

%

 

10.5

%

 

9.6

%

Total risk-based capital ratio(4)

14.5

%

 

14.5

%

 

14.2

%

 

14.4

%

 

13.8

%

 

 

 

 

 

 

 

 

 

 

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

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

(3) Asset quality information excluding Paycheck Protection Program ("PPP") loans. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document.

(4) Regulatory capital ratios as of September 30, 2021 are preliminary and prior periods are actual.

 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change from

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Jun 30

 

Sep 30

 

 

2021

 

2021

 

2021

 

2020

 

2020

 

2021

 

2020

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

260,564

 

 

$

143,002

 

 

$

102,570

 

 

$

120,462

 

 

$

139,304

 

 

82.2

%

 

87.0

%

 

Other interest-earning assets

2,271,738

 

 

1,823,688

 

 

1,625,515

 

 

1,819,499

 

 

1,489,550

 

 

24.6

%

 

52.5

%

 

Loans held for sale

43,123

 

 

41,924

 

 

34,092

 

 

83,886

 

 

93,621

 

 

2.9

%

 

(53.9)

%

 

Investment securities

4,000,760

 

 

3,921,658

 

 

3,612,010

 

 

3,340,424

 

 

3,097,721

 

 

2.0

%

 

29.2

%

 

Net Loans

18,269,407

 

 

18,586,756

 

 

18,990,986

 

 

18,900,820

 

 

19,028,621

 

 

(1.7)

%

 

(4.0)

%

 

Less: ACL - loans(1)

(256,727)

 

 

(255,032)

 

 

(265,986)

 

 

(277,567)

 

 

(266,825)

 

 

0.7

%

 

(3.8)

%

 

Loans, net

18,012,680

 

 

18,331,724

 

 

18,725,000

 

 

18,623,253

 

 

18,761,796

 

 

(1.7)

%

 

(4.0)

%

 

Net, premises and equipment

228,179

 

 

228,353

 

 

229,035

 

 

231,480

 

 

236,943

 

 

(0.1)

%

 

(3.7)

%

 

Accrued interest receivable

57,902

 

 

63,232

 

 

65,649

 

 

72,942

 

 

70,766

 

 

(8.4)

%

 

(18.2)

%

 

Goodwill and intangible assets

536,697

 

 

536,847

 

 

536,544

 

 

536,659

 

 

534,907

 

 

%

 

0.3

%

 

Other assets

979,189

 

 

989,346

 

 

962,575

 

 

1,078,128

 

 

1,118,673

 

 

(1.0)

%

 

(12.5)

%

 

Total Assets

$

26,390,832

 

 

$

26,079,774

 

 

$

25,892,990

 

 

$

25,906,733

 

 

$

25,543,281

 

 

1.2

%

 

3.3

%

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

22,074,041

 

 

$

21,724,312

 

 

$

21,633,838

 

 

$

20,839,207

 

 

$

20,730,051

 

 

1.6

%

 

6.5

%

 

Short-term borrowings

468,967

 

 

533,749

 

 

520,989

 

 

630,066

 

 

611,727

 

 

(12.1)

%

 

(23.3)

%

 

Other liabilities

520,620

 

 

501,542

 

 

482,101

 

 

524,369

 

 

515,230

 

 

3.8

%

 

1.0

%

 

Long-term borrowings

627,386

 

 

627,213

 

 

626,407

 

 

1,296,263

 

 

1,296,012

 

 

%

 

(51.6)

%

 

Total Liabilities

23,691,014

 

 

23,386,816

 

 

23,263,335

 

 

23,289,905

 

 

23,153,020

 

 

1.3

%

 

2.3

%

 

Shareholders' equity

2,699,818

 

 

2,692,958

 

 

2,629,655

 

 

2,616,828

 

 

2,390,261

 

 

0.3

%

 

13.0

%

 

Total Liabilities and Shareholders' Equity

$

26,390,832

 

 

$

26,079,774

 

 

$

25,892,990

 

 

$

25,906,733

 

 

$

25,543,281

 

 

1.2

%

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:

 

 

 

 

 

 

 

 

 

 

Loans, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

$

7,145,115

 

 

$

7,152,932

 

 

$

7,142,137

 

 

$

7,105,092

 

 

$

7,046,330

 

 

(0.1)

%

 

1.4

%

 

Commercial and industrial

3,863,154

 

 

3,870,462

 

 

3,986,858

 

 

4,088,561

 

 

4,007,278

 

 

(0.2)

%

 

(3.6)

%

 

Real estate - residential mortgage

3,719,684

 

 

3,555,897

 

 

3,254,058

 

 

3,141,915

 

 

3,061,835

 

 

4.6

%

 

21.5

%

 

Real estate - home equity

1,126,628

 

 

1,136,128

 

 

1,149,958

 

 

1,202,913

 

 

1,222,709

 

 

(0.8)

%

 

(7.9)

%

 

Real estate - construction

1,111,487

 

 

1,070,755

 

 

1,083,494

 

 

1,047,218

 

 

1,007,534

 

 

3.8

%

 

10.3

%

 

Consumer

458,595

 

 

448,433

 

 

451,857

 

 

466,772

 

 

469,551

 

 

2.3

%

 

(2.3)

%

 

Equipment lease financing

242,967

 

 

252,158

 

 

260,907

 

 

279,118

 

 

280,286

 

 

(3.6)

%

 

(13.3)

%

 

Other(2)

11,330

 

 

(14,410)

 

 

(26,677)

 

 

(12,481)

 

 

(27,067)

 

 

N/M

 

N/M

 

Net Loans before PPP

17,678,960

 

 

17,472,355

 

 

17,302,592

 

 

17,319,108

 

 

17,068,456

 

 

1.2

%

 

3.6

%

 

PPP

590,447

 

 

1,114,401

 

 

1,688,394

 

 

1,581,712

 

 

1,960,165

 

 

(47.0)

%

 

(69.9)

%

 

Total Net Loans

$

18,269,407

 

 

$

18,586,756

 

 

$

18,990,986

 

 

$

18,900,820

 

 

$

19,028,621

 

 

(1.7)

%

 

(4.0)

%

Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

7,434,155

 

 

$

7,442,132

 

 

$

7,046,116

 

 

$

6,531,002

 

 

$

6,378,077

 

 

(0.1)

%

 

16.6

%

 

Interest-bearing demand

6,187,096

 

 

5,795,404

 

 

5,959,909

 

 

5,818,564

 

 

5,813,935

 

 

6.8

%

 

6.4

%

 

Savings

6,401,619

 

 

6,276,554

 

 

6,244,513

 

 

5,929,792

 

 

5,805,431

 

 

2.0

%

 

10.3

%

 

Total demand and savings

20,022,870

 

 

19,514,090

 

 

19,250,538

 

 

18,279,358

 

 

17,997,443

 

 

2.6

%

 

11.3

%

 

Brokered

262,617

 

 

277,444

 

 

309,873

 

 

335,185

 

 

317,588

 

 

(5.3)

%

 

(17.3)

%

 

Time

1,788,554

 

 

1,932,778

 

 

2,073,427

 

 

2,224,664

 

 

2,415,020

 

 

(7.5)

%

 

(25.9)

%

 

Total Deposits

$

22,074,041

 

 

$

21,724,312

 

 

$

21,633,838

 

 

$

20,839,207

 

 

$

20,730,051

 

 

1.6

%

 

6.5

%

Short-term borrowings, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer funding

$

468,967

 

 

$

533,749

 

 

$

520,989

 

 

$

630,066

 

 

$

611,727

 

 

(12.1)

%

 

(23.3)

%

 

Total Short-term Borrowings

$

468,967

 

 

$

533,749

 

 

$

520,989

 

 

$

630,066

 

 

$

611,727

 

 

(12.1)

%

 

(23.3)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

% Change from

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Jun 30

 

Sep 30

 

 

 

Sep 30

 

 

 

 

 

 

 

2021

 

2021

 

2021

 

2020

 

2020

 

2021

 

2020

 

 

 

2021

 

2020

 

% Change

 

Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

$

184,079

 

 

$

176,673

 

 

$

184,936

 

 

$

183,645

 

 

$

179,159

 

 

4.2

%

 

2.7

%

 

 

 

$

545,688

 

 

$

559,233

 

 

(2.4)

%

 

 

Interest expense

 

 

12,809

 

 

14,274

 

 

20,488

 

 

22,054

 

 

25,043

 

 

(10.3)

%

 

(48.9)

%

 

 

 

47,570

 

 

91,617

 

 

(48.1)

%

 

 

Net Interest Income

 

 

171,270

 

 

162,399

 

 

164,448

 

 

161,591

 

 

154,116

 

 

5.5

%

 

11.1

%

 

 

 

498,118

 

 

467,616

 

 

6.5

%

 

 

Provision for credit losses

 

 

(600)

 

 

(3,500)

 

 

(5,500)

 

 

6,240

 

 

7,080

 

 

82.9

%

 

(108.5)

%

 

 

 

(9,600)

 

 

70,680

 

 

(113.6)

%

 

 

Net Interest Income after Provision

 

 

171,870

 

 

165,899

 

 

169,948

 

 

155,351

 

 

147,036

 

 

3.6

%

 

16.9

%

 

 

 

507,718

 

 

396,936

 

 

27.9

%

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant and card

 

 

6,979

 

 

6,786

 

 

5,768

 

 

5,953

 

 

6,237

 

 

2.8

%

 

11.9

%

 

 

 

19,533

 

 

17,187

 

 

13.6

%

 

 

Cash management

 

 

5,285

 

 

5,341

 

 

4,921

 

 

4,737

 

 

4,742

 

 

(1.0)

%

 

11.5

%

 

 

 

15,547

 

 

13,987

 

 

11.2

%

 

 

Capital markets

 

 

2,063

 

 

1,536

 

 

2,800

 

 

3,513

 

 

4,696

 

 

34.3

%

 

(56.1)

%

 

 

 

6,399

 

 

14,775

 

 

(56.7)

%

 

 

Other commercial banking

 

 

2,411

 

 

3,466

 

 

2,853

 

 

2,606

 

 

2,636

 

 

(30.4)

%

 

(8.5)

%

 

 

 

8,730

 

 

7,528

 

 

16.0

%

 

 

Total commercial banking

 

 

16,738

 

 

17,129

 

 

16,342

 

 

16,809

 

 

18,311

 

 

(2.3)

%

 

(8.6)

%

 

 

 

50,209

 

 

53,477

 

 

(6.1)

%

 

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Card

 

 

5,941

 

 

5,733

 

 

5,878

 

 

5,123

 

 

5,002

 

 

3.6

%

 

18.8

%

 

 

 

17,552

 

 

14,653

 

 

19.8

%

 

 

Overdraft

 

 

3,474

 

 

2,750

 

 

2,724

 

 

3,376

 

 

3,015

 

 

26.3

%

 

15.2

%

 

 

 

8,948

 

 

9,180

 

 

(2.5)

%

 

 

Other consumer banking

 

 

2,386

 

 

2,377

 

 

2,152

 

 

2,298

 

 

2,406

 

 

0.4

%

 

(0.8)

%

 

 

 

6,915

 

 

6,967

 

 

(0.7)

%

 

 

Total consumer banking

 

 

11,801

 

 

10,860

 

 

10,754

 

 

10,797

 

 

10,423

 

 

8.7

%

 

13.2

%

 

 

 

33,415

 

 

30,800

 

 

8.5

%

 

 

Wealth management

 

 

18,532

 

 

17,634

 

 

17,347

 

 

15,653

 

 

14,943

 

 

5.1

%

 

24.0

%

 

 

 

53,513

 

 

43,405

 

 

23.3

%

 

 

Mortgage banking

 

 

9,535

 

 

2,838

 

 

13,960

 

 

9,311

 

 

16,801

 

 

N/M

 

(43.2)

%

 

 

 

26,333

 

 

32,998

 

 

(20.2)

%

 

 

Other

 

 

5,971

 

 

3,393

 

 

3,519

 

 

3,004

 

 

2,769

 

 

76.0

%

 

115.6

%

 

 

 

12,883

 

 

10,080

 

 

27.8

%

 

 

Non-interest income before investment securities gains

 

 

62,577

 

 

51,854

 

 

61,922

 

 

55,574

 

 

63,247

 

 

20.7

%

 

(1.1)

%

 

 

 

176,353

 

 

170,761

 

 

3.3

%

 

 

Investment securities gains, net

 

 

 

 

36

 

 

33,475

 

 

 

 

2

 

 

(100.0)

%

 

(100.0)

%

 

 

 

33,511

 

 

3,053

 

 

N/M

 

 

Total Non-Interest Income

 

 

62,577

 

 

51,890

 

 

95,397

 

 

55,574

 

 

63,249

 

 

20.6

%

 

(1.1)

%

 

 

 

209,864

 

 

173,814

 

 

20.7

%

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

82,679

 

 

78,367

 

 

82,586

 

 

83,929

 

 

79,227

 

 

5.5

%

 

4.4

%

 

 

 

243,632

 

 

240,467

 

 

1.3

%

 

 

Data processing and software

 

 

14,335

 

 

13,932

 

 

13,561

 

 

11,951

 

 

12,285

 

 

2.9

%

 

16.7

%

 

 

 

41,828

 

 

36,123

 

 

15.8

%

 

 

Net occupancy

 

 

12,957

 

 

12,494

 

 

13,982

 

 

13,161

 

 

13,221

 

 

3.7

%

 

(2.0)

%

 

 

 

39,433

 

 

39,851

 

 

(1.0)

%

 

 

Other outside services

 

 

7,889

 

 

8,178

 

 

8,490

 

 

8,334

 

 

7,617

 

 

(3.5)

%

 

3.6

%

 

 

 

24,557

 

 

23,098

 

 

6.3

%

 

 

Equipment

 

 

3,416

 

 

3,424

 

 

3,428

 

 

3,563

 

 

3,711

 

 

(0.2)

%

 

(7.9)

%

 

 

 

10,268

 

 

10,322

 

 

(0.5)

%

 

 

Professional fees

 

 

2,271

 

 

2,651

 

 

2,779

 

 

2,424

 

 

2,879

 

 

(14.3)

%

 

(21.1)

%

 

 

 

7,701

 

 

10,412

 

 

(26.0)

%

 

 

FDIC insurance

 

 

2,727

 

 

2,282

 

 

2,624

 

 

2,346

 

 

1,578

 

 

19.5

%

 

72.8

%

 

 

 

7,633

 

 

6,519

 

 

17.1

%

 

 

Amortization of tax credit investments

 

 

1,546

 

 

1,563

 

 

1,531

 

 

1,532

 

 

1,694

 

 

(1.1)

%

 

(8.7)

%

 

 

 

4,640

 

 

4,594

 

 

1.0

%

 

 

Marketing

 

 

1,448

 

 

1,348

 

 

1,002

 

 

1,098

 

 

1,147

 

 

7.4

%

 

26.2

%

 

 

 

3,798

 

 

4,029

 

 

(5.7)

%

 

 

Intangible amortization

 

 

150

 

 

178

 

 

115

 

 

132

 

 

132

 

 

(15.7)

%

 

13.6

%

 

 

 

443

 

 

397

 

 

11.6

%

 

 

Debt extinguishment

 

 

 

 

412

 

 

32,163

 

 

 

 

 

 

(100.0)

%

 

(100.0)

%

 

 

 

32,575

 

 

2,878

 

 

N/M

 

 

Other

 

 

15,178

 

 

16,002

 

 

16,123

 

 

26,268

 

 

15,654

 

 

(5.1)

%

 

(3.0)

%

 

 

 

47,303

 

 

46,014

 

 

2.8

%

 

 

Total Non-Interest Expense

 

 

144,596

 

 

140,831

 

 

178,384

 

 

154,737

 

 

139,145

 

 

2.7

%

 

3.9

%

 

 

 

463,811

 

 

424,705

 

 

9.2

%

 

 

Income Before Income Taxes

 

 

89,851

 

 

76,958

 

 

86,961

 

 

56,187

 

 

71,140

 

 

16.8

%

 

26.3

%

 

 

 

253,771

 

 

146,045

 

 

73.8

%

 

 

Income tax expense

 

 

14,268

 

 

11,994

 

 

13,898

 

 

5,362

 

 

9,529

 

 

19.0

%

 

49.7

%

 

 

 

40,160

 

 

18,832

 

 

113.3

%

 

 

Net Income

 

 

75,583

 

 

64,964

 

 

73,063

 

 

50,825

 

 

61,611

 

 

16.3

%

 

22.7

%

 

 

 

213,611

 

 

127,213

 

 

67.9

%

 

 

Preferred stock dividends

 

 

(2,562)

 

 

(2,562)

 

 

(2,591)

 

 

(2,135)

 

 

 

 

%

 

N/M

 

 

 

(7,715)

 

 

 

 

N/M

 

 

Net Income Available to Common Shareholders

 

 

$

73,021

 

 

$

62,402

 

 

$

70,472

 

 

$

48,690

 

 

$

61,611

 

 

17.0

%

 

18.5

%

 

 

 

$

205,896

 

 

$

127,213

 

 

61.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.45

 

 

$

0.38

 

 

$

0.43

 

 

$

0.30

 

 

$

0.38

 

 

18.4

%

 

18.4

%

 

 

 

$

1.27

 

 

$

0.78

 

 

62.8

%

 

 

Diluted

 

 

0.45

 

 

0.38

 

 

0.43

 

 

0.30

 

 

0.38

 

 

18.4

%

 

18.4

%

 

 

 

1.26

 

 

0.78

 

 

61.5

%

 

 

Cash dividends

 

 

0.14

 

 

0.14

 

 

0.14

 

 

0.17

 

 

0.13

 

 

%

 

7.7

%

 

 

 

0.42

 

 

0.39

 

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (basic)

 

 

162,506

 

 

162,785

 

 

162,441

 

 

162,242

 

 

162,061

 

 

(0.2)

%

 

0.3

%

 

 

 

162,577

 

 

162,416

 

 

0.1

%

 

 

Weighted average shares (diluted)

 

 

163,456

 

 

163,858

 

 

163,737

 

 

163,071

 

 

162,579

 

 

(0.2)

%

 

0.5

%

 

 

 

163,634

 

 

163,083

 

 

0.3

%

 

N/M - Not meaningful

 
 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

Three months ended

 

 

September 30, 2021

 

June 30, 2021

 

September 30, 2020

 

 

Average

 

Interest

 

Yield/

 

Average

 

Interest

 

Yield/

 

Average

 

Interest

 

Yield/

 

 

Balance

 

(1)

 

Rate

 

Balance

 

(1)

 

Rate

 

Balance

 

(1)

 

Rate

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loans

$

18,414,153

 

 

$

163,343

 

 

3.53

%

 

$

18,906,556

 

 

$

156,525

 

 

3.32

%

 

$

18,880,519

 

 

$

160,344

 

 

3.38

%

 

Taxable investment securities

2,785,828

 

 

13,757

 

 

1.80

%

 

2,630,090

 

 

13,898

 

 

1.93

%

 

2,011,893

 

 

13,150

 

 

2.61

%

 

Tax-exempt investment securities

1,035,685

 

 

7,906

 

 

3.05

%

 

961,141

 

 

7,494

 

 

3.11

%

 

861,764

 

 

6,899

 

 

3.19

%

 

Total Investment Securities

3,821,513

 

 

21,663

 

 

2.27

%

 

3,591,231

 

 

21,392

 

 

2.38

%

 

2,873,657

 

 

20,049

 

 

2.79

%

 

Loans held for sale

36,427

 

 

299

 

 

3.28

%

 

31,948

 

 

199

 

 

2.49

%

 

79,999

 

 

728

 

 

3.64

%

 

Other interest-earning assets

2,301,326

 

 

1,888

 

 

0.18

%

 

1,752,549

 

 

1,575

 

 

0.16

%

 

1,387,327

 

 

1,028

 

 

0.30

%

 

Total Interest-earning Assets

24,573,419

 

 

187,193

 

 

3.03

%

 

24,282,284

 

 

179,691

 

 

2.97

%

 

23,221,502

 

 

182,149

 

 

3.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

200,315

 

 

 

 

 

 

129,927

 

 

 

 

 

 

138,567

 

 

 

 

 

 

Premises and equipment

228,861

 

 

 

 

 

 

229,047

 

 

 

 

 

 

239,183

 

 

 

 

 

 

Other assets

1,695,767

 

 

 

 

 

 

1,643,410

 

 

 

 

 

 

1,835,190

 

 

 

 

 

 

Less: ACL - loans(2)

(257,486)

 

 

 

 

 

 

(267,126)

 

 

 

 

 

 

(264,934)

 

 

 

 

 

 

Total Assets

$

26,440,876

 

 

 

 

 

 

$

26,017,542

 

 

 

 

 

 

$

25,169,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

$

6,168,908

 

 

$

814

 

 

0.05

%

 

$

5,979,855

 

 

$

932

 

 

0.06

%

 

$

5,591,548

 

 

$

1,913

 

 

0.14

%

 

Savings deposits

6,392,537

 

 

1,054

 

 

0.07

%

 

6,280,629

 

 

1,363

 

 

0.09

%

 

5,716,050

 

 

2,347

 

 

0.16

%

 

Brokered deposits

270,168

 

 

229

 

 

0.34

%

 

297,815

 

 

253

 

 

0.34

%

 

314,721

 

 

440

 

 

0.56

%

 

Time deposits

1,852,223

 

 

4,428

 

 

0.95

%

 

2,003,606

 

 

5,434

 

 

1.09

%

 

2,495,445

 

 

9,931

 

 

1.58

%

 

Total Interest-bearing Deposits

14,683,836

 

 

6,525

 

 

0.18

%

 

14,561,905

 

 

7,982

 

 

0.22

%

 

14,117,764

 

 

14,631

 

 

0.41

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

494,811

 

 

131

 

 

0.11

%

 

514,025

 

 

137

 

 

0.11

%

 

613,127

 

 

370

 

 

0.24

%

 

Long-term borrowings

627,300

 

 

6,153

 

 

3.92

%

 

626,795

 

 

6,155

 

 

3.93

%

 

1,295,515

 

 

10,042

 

 

3.10

%

 

Total Interest-bearing Liabilities

15,805,947

 

 

12,809

 

 

0.32

%

 

15,702,725

 

 

14,274

 

 

0.36

%

 

16,026,406

 

 

25,043

 

 

0.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

7,439,644

 

 

 

 

 

 

7,203,696

 

 

 

 

 

 

6,270,683

 

 

 

 

 

 

Other

472,452

 

 

 

 

 

 

441,708

 

 

 

 

 

 

498,328

 

 

 

 

 

 

Total Liabilities

23,718,043

 

 

 

 

 

 

23,348,129

 

 

 

 

 

 

22,795,417

 

 

 

 

 

 

Total Deposits/Cost of Deposits

22,123,480

 

 

 

 

0.12

%

 

21,765,601

 

 

 

 

0.15

%

 

20,388,447

 

 

 

 

0.29

%

 

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

23,245,591

 

 

 

 

0.22

%

 

22,906,421

 

 

 

 

0.25

%

 

22,297,089

 

 

 

 

0.45

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

2,722,833

 

 

 

 

 

 

2,669,413

 

 

 

 

 

 

2,374,091

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$

26,440,876

 

 

 

 

 

 

$

26,017,542

 

 

 

 

 

 

$

25,169,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

174,384

 

 

2.82

%

 

 

 

165,417

 

 

2.73

%

 

 

 

157,106

 

 

2.70

%

 

Tax equivalent adjustment

 

 

(3,114)

 

 

 

 

 

 

(3,018)

 

 

 

 

 

 

(2,990)

 

 

 

 

Net interest income

 

 

$

171,270

 

 

 

 

 

 

$

162,399

 

 

 

 

 

 

$

154,116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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

 

FULTON FINANCIAL CORPORATION

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

dollars in thousands

 

 

Three months ended

 

% Change from

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Jun 30

 

Sep 30

 

 

2021

 

2021

 

2021

 

2020

 

2020

 

2021

 

2020

Loans, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate - commercial mortgage

$

7,134,177

 

 

$

7,177,622

 

 

$

7,128,997

 

 

$

7,101,363

 

 

$

6,986,528

 

 

(0.6)

%

 

2.1

%

 

Commercial and industrial

3,878,767

 

 

3,920,771

 

 

4,033,367

 

 

4,024,879

 

 

4,030,750

 

 

(1.1)

%

 

(3.8)

%

 

Real estate - residential mortgage

3,642,822

 

 

3,396,690

 

 

3,183,585

 

 

3,087,529

 

 

2,975,516

 

 

7.2

%

 

22.4

%

 

Real estate - home equity

1,128,076

 

 

1,139,558

 

 

1,175,218

 

 

1,212,113

 

 

1,237,602

 

 

(1.0)

%

 

(8.8)

%

 

Real estate - construction

1,085,846

 

 

1,054,469

 

 

1,054,718

 

 

1,009,284

 

 

981,589

 

 

3.0

%

 

10.6

%

 

Consumer

452,844

 

 

451,486

 

 

459,038

 

 

468,678

 

 

464,851

 

 

0.3

%

 

(2.6)

%

 

Equipment lease financing

247,776

 

 

256,248

 

 

266,405

 

 

279,059

 

 

279,217

 

 

(3.3)

%

 

(11.3)

%

 

Other(1)

(6,773)

 

 

(14,677)

 

 

(9,455)

 

 

(18,817)

 

 

(28,656)

 

 

53.9

%

 

76.4

%

 

Net Loans before PPP

17,563,535

 

 

17,382,167

 

 

17,291,873

 

 

17,164,088

 

 

16,927,397

 

 

1.0

%

 

3.8

%

 

PPP

850,618

 

 

1,524,389

 

 

1,688,713

 

 

1,830,426

 

 

1,953,122

 

 

(44.2)

%

 

(56.4)

%

 

Total Net Loans

$

18,414,153

 

 

$

18,906,556

 

 

$

18,980,586

 

 

$

18,994,514

 

 

$

18,880,519

 

 

(2.6)

%

 

(2.5)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

7,439,644

 

 

$

7,203,696

 

 

$

6,672,832

 

 

$

6,477,228

 

 

$

6,270,683

 

 

3.3

%

 

18.6

%

 

Interest-bearing demand

6,168,908

 

 

5,979,855

 

 

5,832,174

 

 

5,762,150

 

 

5,591,548

 

 

3.2

%

 

10.3

%

 

Savings

6,392,537

 

 

6,280,629

 

 

6,137,084

 

 

5,905,137

 

 

5,716,050

 

 

1.8

%

 

11.8

%

 

Total demand and savings

20,001,089

 

 

19,464,180

 

 

18,642,090

 

 

18,144,515

 

 

17,578,281

 

 

2.8

%

 

13.8

%

 

Brokered

270,168

 

 

297,815

 

 

324,364

 

 

340,451

 

 

314,721

 

 

(9.3)

%

 

(14.2)

%

 

Time

1,852,223

 

 

2,003,606

 

 

2,150,570

 

 

2,306,556

 

 

2,495,445

 

 

(7.6)

%

 

(25.8)

%

 

Total Deposits

$

22,123,480

 

 

$

21,765,601

 

 

$

21,117,024

 

 

$

20,791,522

 

 

$

20,388,447

 

 

1.6

%

 

8.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings, by type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer funding

$

494,811

 

 

$

514,025

 

 

$

570,775

 

 

$

622,623

 

 

$

613,127

 

 

(3.7)

%

 

(19.3)

%

 

Total Short-term borrowings

$

494,811

 

 

$

514,025

 

 

$

570,775

 

 

$

622,623

 

 

$

613,127

 

 

(3.7)

%

 

(19.3)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

FULTON FINANCIAL CORPORATION

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

 

 

 

 

 

 

 

dollars in thousands

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30

 

 

 

 

2021

 

2020

 

 

 

 

Average

 

Interest

 

Yield/

 

Average

 

Interest

 

Yield/

 

 

 

 

Balance

 

(1)

 

Rate

 

Balance

 

(1)

 

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

Net Loans

 

$

18,765,024

 

 

$

485,330

 

 

3.46

%

 

$

18,027,253

 

 

$

498,455

 

 

3.69

%

 

 

Taxable investment securities

 

2,619,411

 

 

41,345

 

 

1.93

%

 

2,165,180

 

 

44,615

 

 

2.75

%

 

 

Tax-exempt investment securities

 

969,946

 

 

22,557

 

 

3.10

%

 

804,484

 

 

19,596

 

 

3.24

%

 

 

Total Investment Securities

 

3,589,357

 

 

63,902

 

 

2.37

%

 

2,969,664

 

 

64,211

 

 

2.88

%

 

 

Loans held for sale

 

40,551

 

 

969

 

 

3.19

%

 

54,355

 

 

1,557

 

 

3.82

%

 

 

Other interest-earning assets

 

1,986,161

 

 

4,599

 

 

0.18

%

 

936,819

 

 

4,325

 

 

0.62

%

 

 

Total Interest-earning Assets

 

24,381,093

 

 

554,799

 

 

3.04

%

 

21,988,091

 

 

568,548

 

 

3.45

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-earning assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

150,435

 

 

 

 

 

 

143,496

 

 

 

 

 

 

 

Premises and equipment

 

229,513

 

 

 

 

 

 

239,739

 

 

 

 

 

 

 

Other assets

 

1,689,094

 

 

 

 

 

 

1,729,351

 

 

 

 

 

 

 

Less: ACL - loans(2)

 

(268,412)

 

 

 

 

 

 

(242,300)

 

 

 

 

 

 

 

Total Assets

 

$

26,181,723

 

 

 

 

 

 

$

23,858,377

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

Demand deposits

 

$

5,994,878

 

 

$

2,905

 

 

0.06

%

 

$

5,116,696

 

 

$

9,933

 

 

0.26

%

 

 

Savings deposits

 

6,271,019

 

 

3,944

 

 

0.08

%

 

5,431,071

 

 

12,788

 

 

0.31

%

 

 

Brokered deposits

 

297,250

 

 

876

 

 

0.39

%

 

300,795

 

 

1,935

 

 

0.86

%

 

 

Time deposits

 

2,001,043

 

 

16,383

 

 

1.09

%

 

2,626,802

 

 

33,533

 

 

1.71

%

 

 

Total Interest-bearing Deposits

 

14,564,190

 

 

24,108

 

 

0.22

%

 

13,475,364

 

 

58,189

 

 

0.58

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

526,259

 

 

456

 

 

0.12

%

 

873,694

 

 

4,960

 

 

0.76

%

 

 

Long-term borrowings

 

839,396

 

 

23,006

 

 

3.66

%

 

1,240,253

 

 

28,468

 

 

3.06

%

 

 

Total Interest-bearing Liabilities

 

15,929,845

 

 

47,570

 

 

0.40

%

 

15,589,311

 

 

91,617

 

 

0.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

Demand deposits

 

7,108,199

 

 

 

 

 

 

5,458,807

 

 

 

 

 

 

 

Other

 

466,917

 

 

 

 

 

 

470,055

 

 

 

 

 

 

 

Total Liabilities

 

23,504,961

 

 

 

 

 

 

21,518,173

 

 

 

 

 

 

 

Total Deposits/Cost of Deposits

 

21,672,389

 

 

 

 

0.15

%

 

18,934,171

 

 

 

 

0.41

%

 

 

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

 

23,038,044

 

 

 

 

0.28

%

 

21,048,118

 

 

 

 

0.58

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

2,676,762

 

 

 

 

 

 

2,340,204

 

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$

26,181,723

 

 

 

 

 

 

$

23,858,377

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

507,229

 

 

2.78

%

 

 

 

476,931

 

 

2.90

%

 

 

Tax equivalent adjustment

 

 

 

(9,111)

 

 

 

 

 

 

(9,315)

 

 

 

 

 

Net interest income

 

 

 

$

498,118

 

 

 

 

 

 

$

467,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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

 

 

FULTON FINANCIAL CORPORATION

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

dollars in thousands

 

 

 

 

 

 

 

 

 

Nine months ended September 30

 

 

 

 

2021

 

2020

 

% Change

Loans, by type:

 

 

 

 

 

 

Real estate - commercial mortgage

 

$

7,146,951

 

 

$

6,870,148

 

 

4.0

%

Commercial and industrial

 

3,943,736

 

 

4,308,559

 

 

(8.5)

%

Real estate - residential mortgage

 

3,409,381

 

 

2,805,694

 

 

21.5

%

Real estate - home equity

 

1,147,444

 

 

1,269,525

 

 

(9.6)

%

Real estate - construction

 

1,065,125

 

 

950,845

 

 

12.0

%

Consumer

 

454,434

 

 

465,661

 

 

(2.4)

%

Equipment lease financing

 

256,741

 

 

282,800

 

 

(9.2)

%

Other(1)

 

(10,292)

 

 

121

 

 

N/M

Net Loans before PPP

 

17,413,520

 

 

16,953,353

 

 

2.7

%

PPP

 

1,351,504

 

 

1,073,900

 

 

25.9

%

Total Net Loans

 

$

18,765,024

 

 

$

18,027,253

 

 

4.1

%

 

 

 

 

 

 

 

Deposits, by type:

 

 

 

 

 

 

Noninterest-bearing demand

 

$

7,108,199

 

 

$

5,458,807

 

 

30.2

%

Interest-bearing demand

 

5,994,878

 

 

5,116,696

 

 

17.2

%

Savings

 

6,271,019

 

 

5,431,071

 

 

15.5

%

Total demand and savings

 

19,374,096

 

 

16,006,574

 

 

21.0

%

Brokered

 

297,250

 

 

300,795

 

 

(1.2)

%

Time

 

2,001,043

 

 

2,626,802

 

 

(23.8)

%

Total Deposits

 

$

21,672,389

 

 

$

18,934,171

 

 

14.5

%

 

 

 

 

 

 

 

Short-term borrowings, by type:

 

 

 

 

 

 

Customer funding

 

526,259

 

 

529,667

 

 

(0.6)

%

Federal funds purchased

 

 

 

86,715

 

 

N/M

Short-term FHLB advances and other borrowings

 

 

 

257,312

 

 

N/M

Total Short-term Borrowings

 

$

526,259

 

 

$

873,694

 

 

(39.8)

%

 

 

 

 

 

 

 

N/M - Not meaningful

 

 

 

 

 

 

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

 

 

 
 

FULTON FINANCIAL CORPORATION

ASSET QUALITY INFORMATION (UNAUDITED)

dollars in thousands

 

 

Three months ended

 

Nine months ended

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

Sep 30

 

Sep 30

 

 

2021

 

2021

 

2021

 

2020

 

2020

 

2021

 

2020

Allowance for credit losses related to Net Loans:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

$

255,032

 

 

$

265,986

 

 

$

277,567

 

 

$

266,825

 

 

$

256,537

 

 

$

277,567

 

 

$

163,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of adopting CECL

45,724

 

Loans charged off:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

(647)

 

 

(954)

 

 

(4,319)

 

 

(1,567)

 

 

(2,969)

 

 

(5,920)

 

 

(17,348)

 

 

Real estate - commercial mortgage

(14)

 

 

(6,506)

 

 

(1,837)

 

 

(300)

 

 

(746)

 

 

(8,357)

 

 

(3,925)

 

 

Consumer and home equity

(504)

 

 

(1,130)

 

 

(847)

 

 

(668)

 

 

(1,093)

 

 

(2,481)

 

 

(3,925)

 

 

Real estate - residential mortgage

(602)

 

 

(496)

 

 

(192)

 

 

 

 

(198)

 

 

(1,290)

 

 

(620)

 

 

Real estate - construction

 

 

 

 

(39)

 

 

 

 

 

 

(39)

 

 

(17)

 

 

Equipment lease financing and other

(467)

 

 

(436)

 

 

(968)

 

 

(483)

 

 

(483)

 

 

(1,871)

 

 

(1,704)

 

 

Total loans charged off

(2,234)

 

 

(9,522)

 

 

(8,202)

 

 

(3,018)

 

 

(5,489)

 

 

(19,958)

 

 

(27,539)

 

Recoveries of loans previously charged off:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

2,330

 

 

693

 

 

769

 

 

4,581

 

 

2,103

 

 

3,792

 

 

6,815

 

 

Real estate - commercial mortgage

564

 

 

729

 

 

174

 

 

588

 

 

100

 

 

1,467

 

 

439

 

 

Consumer and home equity

504

 

 

634

 

 

440

 

 

594

 

 

491

 

 

1,578

 

 

1,786

 

 

Real estate - residential mortgage

86

 

 

105

 

 

95

 

 

199

 

 

95

 

 

286

 

 

292

 

 

Real estate - construction

697

 

 

254

 

 

384

 

 

179

 

 

4,873

 

 

1,335

 

 

4,943

 

 

Equipment lease financing and other

358

 

 

153

 

 

159

 

 

219

 

 

185

 

 

670

 

 

385

 

 

Recoveries of loans previously charged off

4,539

 

 

2,568

 

 

2,021

 

 

6,360

 

 

7,847

 

 

9,128

 

 

14,660

 

Net loans recovered (charged off)

2,305

 

 

(6,954)

 

 

(6,181)

 

 

3,342

 

 

2,358

 

 

(10,830)

 

 

(12,879)

 

Provision for credit losses

(610)

 

 

(4,000)

 

 

(5,400)

 

 

7,400

 

 

7,930

 

 

(10,010)

 

 

70,360

 

Balance at end of period

$

256,727

 

 

$

255,032

 

 

$

265,986

 

 

$

277,567

 

 

$

266,825

 

 

$

256,727

 

 

$

266,825

 

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

(0.05)

%

 

0.15

%

 

0.13

%

 

(0.07)

%

 

(0.05)

%

 

0.08

%

 

0.10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance credit losses related to OBS Credit Exposures(1)

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

$

14,773

 

 

$

14,273

 

 

$

14,373

 

 

$

15,533

 

 

$

16,383

 

 

 

 

 

 

Provision for credit losses

10

 

 

500

 

 

(100)

 

 

(1,160)

 

 

(850)

 

 

 

 

 

 

Balance at end of period

$

14,783

 

 

$

14,773

 

 

$

14,273

 

 

$

14,373

 

 

$

15,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

$

138,833

 

 

$

147,864

 

 

$

143,889

 

 

$

137,198

 

 

$

128,321

 

 

 

 

 

 

Loans 90 days past due and accruing

11,389

 

 

5,865

 

 

8,559

 

 

9,929

 

 

13,761

 

 

 

 

 

 

Total non-performing loans

150,222

 

 

153,729

 

 

152,448

 

 

147,127

 

 

142,082

 

 

 

 

 

 

Other real estate owned

1,896

 

 

2,779

 

 

3,664

 

 

4,178

 

 

4,565

 

 

 

 

 

 

Total non-performing assets

$

152,118

 

 

$

156,508

 

 

$

156,112

 

 

$

151,305

 

 

$

146,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING LOANS, BY TYPE:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

32,697

 

 

$

33,522

 

 

$

31,871

 

 

$

32,610

 

 

$

37,224

 

 

 

 

 

 

Real estate - commercial mortgage

52,100

 

 

53,693

 

 

54,164

 

 

52,647

 

 

43,426

 

 

 

 

 

 

Real estate - residential mortgage

37,077

 

 

38,185

 

 

36,152

 

 

30,793

 

 

28,287

 

 

 

 

 

 

Consumer and home equity

11,509

 

 

11,408

 

 

13,072

 

 

13,090

 

 

12,292

 

 

 

 

 

 

Real estate - construction

965

 

 

1,016

 

 

1,440

 

 

1,550

 

 

4,051

 

 

 

 

 

 

Equipment lease financing and other

15,874

 

 

15,905

 

 

15,749

 

 

16,437

 

 

16,802

 

 

 

 

 

 

Total non-performing loans

$

150,222

 

 

$

153,729

 

 

$

152,448

 

 

$

147,127

 

 

$

142,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The allowance for credit losses related to OBS Credit Exposures is presented in "other liabilities" on the consolidated balance sheets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FULTON FINANCIAL CORPORATION

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

in thousands, except per share data and percentages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Explanatory note:

This press release contains supplemental financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

 

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

 

 

 

 

 

 

2021

 

2021

 

2021

 

2020

 

2020

Common shareholders' equity (tangible), per share

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

$

2,699,818

 

$

2,692,958

 

$

2,629,655

 

$

2,616,828

 

$

2,390,261

Less: Preferred stock

 

 

(192,878)

 

(192,878)

 

(192,878)

 

(192,878)

 

Less: Goodwill and intangible assets

 

 

(536,697)

 

(536,847)

 

(536,544)

 

(536,659)

 

(534,907)

Tangible common shareholders' equity (numerator)

 

 

$

1,970,243

 

$

1,963,233

 

$

1,900,233

 

$

1,887,291

 

$

1,855,354

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding, end of period (denominator)

 

 

161,429

 

162,988

 

162,518

 

162,350

 

162,134

 

 

 

 

 

 

 

 

 

 

 

 

Common shareholders' equity (tangible), per share

 

 

$

12.21

 

$

12.05

 

$

11.69

 

$

11.62

 

$

11.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average common shareholders' equity (tangible)

 

 

 

 

 

 

Net income available to common shareholders

 

 

$

73,021

 

$

62,402

 

$

70,472

 

$

48,690

 

$

61,611

Plus: Intangible amortization, net of tax

 

 

118

 

140

 

90

 

104

 

103

(Numerator)

 

$

73,139

 

$

62,542

 

$

70,562

 

$

48,794

 

$

61,714

 

 

 

 

 

 

 

 

 

 

 

 

Average shareholders' equity

 

 

$

2,722,833

 

$

2,669,413

 

$

2,637,098

 

$

2,544,866

 

$

2,374,091

Less: Average preferred stock

 

 

(192,878)

 

(192,878)

 

(192,878)

 

(127,639)

 

Less: Average goodwill and intangible assets

 

 

(536,772)

 

(536,470)

 

(536,601)

 

(535,474)

 

(534,971)

Average tangible common shareholders' equity (denominator)

 

$

1,993,183

 

$

1,940,065

 

$

1,907,619

 

$

1,881,753

 

$

1,839,120

 

 

 

 

 

 

 

 

 

 

 

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

 

14.56%

 

12.93%

 

15.00%

 

10.32%

 

13.35%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets (TCE Ratio)

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

$

2,699,818

 

$

2,692,958

 

$

2,629,655

 

$

2,616,828

 

$

2,390,261

Less: Preferred stock

 

 

(192,878)

 

(192,878)

 

(192,878)

 

(192,878)

 

Less: Goodwill and intangible assets

 

 

(536,697)

 

(536,847)

 

(536,544)

 

(536,659)

 

(534,907)

Tangible common shareholders' equity (numerator)

 

 

$

1,970,243

 

$

1,963,233

 

$

1,900,233

 

$

1,887,291

 

$

1,855,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

$

26,390,832

 

$

26,079,774

 

$

25,892,990

 

$

25,906,733

 

$

25,543,281

Less: Goodwill and intangible assets

 

 

(536,697)

 

(536,847)

 

(536,544)

 

(536,659)

 

(534,907)

Total tangible assets (denominator)

 

 

$

25,854,135

 

$

25,542,927

 

$

25,356,446

 

$

25,370,074

 

$

25,008,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets

 

 

7.62%

 

7.69%

 

7.49%

 

7.44%

 

7.42%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

 

$

144,596

 

$

140,831

 

$

178,384

 

$

154,737

 

$

139,145

Less: Amortization of tax credit investments

 

 

(1,546)

 

(1,563)

 

(1,531)

 

(1,532)

 

(1,694)

Less: Intangible amortization

 

 

(150)

 

(178)

 

(115)

 

(132)

 

(132)

Less: 2020 cost savings initiatives

 

 

 

 

 

(15,400)

 

(800)

Less: Debt extinguishment costs

 

 

 

(412)

 

(32,163)

 

 

Non-interest expense (numerator)

 

 

$

142,900

 

$

138,678

 

$

144,575

 

$

137,673

 

$

136,519

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

171,270

 

$

162,399

 

$

164,449

 

$

161,591

 

$

154,116

Tax equivalent adjustment

 

 

3,114

 

3,018

 

2,979

 

2,987

 

2,990

Plus: Total Non-interest income

 

 

62,577

 

51,890

 

95,397

 

55,574

 

63,249

Less: Investment securities gains, net

 

 

 

(36)

 

(33,475)

 

 

(2)

Total revenue (denominator)

 

 

$

236,961

 

$

217,271

 

$

229,350

 

$

220,152

 

$

220,353

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

 

60.3%

 

63.8%

 

63.0%

 

62.5%

 

62.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

 

 

 

 

Sep 30

 

Jun 30

 

Mar 31

 

Dec 31

 

Sep 30

 

 

 

 

 

 

 

2021

 

2021

 

2021

 

2020

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses to total average assets (annualized)

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

 

$

144,596

 

$

140,831

 

$

178,384

 

$

154,737

 

$

139,145

Less: Amortization of tax credit investments

 

 

(1,546)

 

(1,563)

 

(1,531)

 

(1,532)

 

(1,694)

Less: Intangible amortization

 

 

(150)

 

(178)

 

(115)

 

(132)

 

(132)

Less: 2020 cost savings initiatives

 

 

 

 

 

(15,400)

 

(800)

Less: Debt extinguishment costs

 

 

 

(412)

 

(32,163)

 

 

Non-interest expense (numerator)

 

 

$

142,900

 

$

138,678

 

$

144,575

 

$

137,673

 

$

136,519