Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $59.3 million, or $0.37 per diluted share, for the fourth quarter of 2021 and $265.2 million, or $1.62 per diluted share, for the year ended December 31, 2021.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220118006016/en/
"2021 was a very good year for Fulton — a result of our continued successful execution of our relationship banking strategy," said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. "Despite a difficult operating environment, the Fulton team did an outstanding job in helping our customers through some very challenging times. Our employees served as trusted financial advisors and delivered a wide variety of financial products and services. These activities, coupled with our success in keeping credit costs down and maintaining expenses, translated into record earnings per share for 2021. We are encouraged by many of the core business trends we saw during the year, particularly in the second half of 2021, and believe we are well-positioned to continue to advance our strategic priorities and deliver shareholder value in 2022."
Net Interest Income and Balance Sheet
Net interest income for the fourth quarter of 2021 was $165.6 million, $5.7 million lower than the third quarter of 2021. Net interest margin for the fourth quarter of 2021 decreased 5 basis points, to 2.77%, from 2.82% in the third quarter of 2021. The quarter-over-quarter decreases in net interest income and net interest margin were primarily due to a decrease in loan fees related to Paycheck Protection Program ("PPP") loans, which were $10.0 million in the fourth quarter of 2021 compared to $17.7 million in the third quarter of 2021, partially offset by a lower cost of deposits. The PPP loan balance as of December 31, 2021 was $301.3 million.
For the year ended December 31, 2021, net interest income was $663.7 million, an increase of $34.5 million in comparison to the year ended December 31, 2020. Net interest income for 2021 included $59.0 million in PPP loan fees. The yield on average interest-earning assets and the rate on average interest-bearing liabilities both declined 34 basis points in 2021 in comparison to 2020. The net interest margin in 2021 was 2.78% compared to 2.86% in 2020.
Total average interest-earning assets for the fourth quarter of 2021 were $24.3 billion, a decrease of $0.3 billion from the third quarter of 2021, driven by decreases in PPP loans of $0.4 billion and deposits with other banks reflected in other interest-earning assets of $0.2 billion, partially offset by increases in residential mortgage loans of $0.1 billion and tax-exempt investment securities of $0.1 billion.
Total average interest-earning assets for the year ended December 31, 2021 were $24.4 billion, an increase of $1.9 billion from 2020. Average loans, net of unearned income, were $18.6 billion, an increase of $0.4 billion from 2020. Included in average loans were PPP loans that had an average balance of $1.1 billion, a decrease of $0.1 billion from 2020. The increase in average loans was mainly driven by a $0.6 billion increase in the residential mortgage loan portfolio.
Total average interest-bearing liabilities decreased $0.3 billion, to $15.5 billion, in the fourth quarter of 2021 compared to the third quarter of 2021, driven by decreases of $0.2 billion in wholesale deposits reflected in demand deposits and $0.1 billion in time deposits. Average noninterest-bearing deposits increased $0.1 billion in the fourth quarter of 2021.
Total average interest-bearing deposits for the year ended December 31, 2021 increased $0.8 billion from 2020, driven by increases in demand and savings deposits. Average noninterest-bearing deposits increased $1.5 billion for the year ended December 31, 2021.
The Corporation repurchased 1.1 million shares and 2.8 million shares of Fulton common stock during the fourth quarter of 2021 and for the year ended December 31, 2021, respectively, at a cost of $17.8 million and $43.9 million, respectively. As of December 31, 2021, up to an additional $31.1 million of Fulton's common stock may be repurchased through March 31, 2022 under the $75 million share repurchase program originally announced in February 2021.
Asset Quality
In the fourth quarter of 2021, a negative provision for credit losses of $5.0 million was recognized, as compared to a negative provision for credit losses of $0.6 million recognized in the third quarter of 2021. The negative provision for credit losses for the fourth quarter of 2021 was recorded to adjust the allowance for credit losses as a result of improved economic conditions. For the year ended December 31, 2021, the negative provision for credit losses was $14.6 million compared to a provision for credit losses of $76.9 million in 2020. A $6.2 million provision for credit losses was recognized in the fourth quarter of 2020.
Non-performing assets were $153.9 million, or 0.60% of total assets, at December 31, 2021, compared to $152.1 million, or 0.58% of total assets, and $151.3 million, or 0.58% of total assets, at September 30, 2021 and December 31, 2020, respectively.
Annualized net charge-offs (recoveries) for the quarter ended December 31, 2021, were 0.07% of total average loans, compared to (0.05)% and (0.07)% for the quarters ended September 30, 2021 and December 31, 2020, respectively.
Non-interest Income
Non-interest income in the fourth quarter of 2021 was $63.9 million, an increase of $1.3 million, or 2.1%, from the third quarter of 2021. The increase in non-interest income was primarily due to a $1.6 million increase in income from equity method investments reflected in other income.
Compared to the fourth quarter of 2020, non-interest income in the fourth quarter of 2021 increased $8.3 million, or 14.9%, from $55.6 million, primarily due to an increase of $3.9 million in income from equity method investments, a $2.6 million increase in wealth management income due to growth in managed assets, and increases of $1.7 million and $1.3 million in commercial banking income and consumer banking income, respectively. These increases were partially offset with a $2.1 million decrease in mortgage banking income, primarily due to a decline in income from loan sales for the period.
For the year ended December 31, 2021, non-interest income, excluding investment securities gains, was $240.2 million, an increase of $13.9 million, or 6.1%, from 2020. The increase was primarily due to increases of $12.7 million in wealth management, $7.1 million in income from equity method investments and $3.9 million in consumer banking income, offset by declines of $8.7 million in mortgage banking income, due to a $29.2 million decline in income from loan sales, offset by a net favorable pre-tax income change attributable to the mortgage servicing rights valuation allowance as compared to 2020 of $20.4 million. Specifically, Fulton increased the mortgage servicing valuation allowance by $10.5 million in 2020. The Corporation reduced the valuation allowance by $9.9 million in 2021. As of December 31, 2021, the mortgage servicing rights valuation allowance remaining was $0.6 million.
During both 2021 and 2020, Fulton completed balance sheet restructurings involving sales of investment securities and corresponding prepayments of FHLB advances. During 2021, the balance sheet restructuring involved gains on sales of Visa, Inc. Class B restricted shares of $34.0 million that were offset in non-interest expense by debt extinguishment of costs of $33.2 million.
Non-interest Expense
Non-interest expense was $154.0 million in the fourth quarter of 2021, an increase of $9.4 million, or 6.5%, compared to the third quarter of 2021. The increase was primarily due to increases in salaries and employee benefits of $2.8 million during the fourth quarter of 2021 as a result of higher incentive compensation and bonuses, charitable contributions of $2.5 million, reflected in other expense, and other outside services expense of $1.7 million, driven by technology-related services.
Compared to the fourth quarter of 2020, non-interest expense decreased $0.7 million, or 0.5%, in the fourth quarter of 2021, primarily due to a write-off in the prior year period of $4.8 million for fixed assets and $5.8 million of lease termination charges, partially offset by increases of $2.7 million in data processing and software and $1.3 million in other outside services. In addition, salaries and employee benefits increased $1.6 million, primarily due to an increase of $6.8 million for incentive compensation and bonuses, partially offset by a $4.4 million decrease in employee severance expense. During the fourth quarter of 2021, the Corporation made a $1.0 million contribution to the Fulton Forward Foundation.
Total non-interest expense increased $38.4 million to $617.8 million, or 6.6%, in 2021 in comparison to 2020. Non-interest expense, excluding debt extinguishment costs of $33.2 million, was $584.6 million, an increase of $21.3 million, or 3.8%, compared to non-interest expenses of $563.2 million in 2020, which excludes expenses associated with cost savings initiatives of $16.2 million. Excluding the net decrease in severance costs of $5.9 million, the increase in non-interest expense over 2020 was primarily due to increases in salaries and employee benefits of $10.6 million, attributable to a $12.7 million increase in incentive compensation and bonuses. Also contributing to the increase in non-interest expense were $8.4 million in data processing and software and $2.8 million in other outside services expense, partially offset by a $3.2 million decrease in professional fees.
Income Tax Expense
For the year ended December 31, 2021, the effective tax rate was 17.6% compared to 12.0% in 2020. The increase was a result of higher income before income taxes.
Additional information on Fulton is available on the Internet at www.fultonbank.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, the statements 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, June 30, 2021 and September 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.fultonbank.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 |
||||||||||
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
Ending Balances |
|
|
|
|
|
|
|
|
|
||||||||||
Investments |
$ |
4,167,774 |
|
|
$ |
4,000,760 |
|
|
$ |
3,921,658 |
|
|
$ |
3,612,010 |
|
|
$ |
3,340,424 |
|
Net loans |
|
18,325,350 |
|
|
|
18,269,407 |
|
|
|
18,586,756 |
|
|
|
18,990,986 |
|
|
|
18,900,820 |
|
Total assets |
|
25,796,398 |
|
|
|
26,390,832 |
|
|
|
26,079,774 |
|
|
|
25,892,990 |
|
|
|
25,906,733 |
|
Deposits |
|
21,573,499 |
|
|
|
22,074,041 |
|
|
|
21,724,312 |
|
|
|
21,633,838 |
|
|
|
20,839,207 |
|
Shareholders' equity |
|
2,712,680 |
|
|
|
2,699,818 |
|
|
|
2,692,958 |
|
|
|
2,629,655 |
|
|
|
2,616,828 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Balances |
|
|
|
|
|
|
|
|
|
||||||||||
Investments |
$ |
3,980,045 |
|
|
$ |
3,914,627 |
|
|
$ |
3,670,333 |
|
|
$ |
3,448,166 |
|
|
$ |
3,221,289 |
|
Net loans |
|
18,220,550 |
|
|
|
18,414,153 |
|
|
|
18,906,556 |
|
|
|
18,980,586 |
|
|
|
18,994,514 |
|
Total assets |
|
26,136,536 |
|
|
|
26,440,876 |
|
|
|
26,017,542 |
|
|
|
26,082,816 |
|
|
|
25,749,405 |
|
Deposits |
|
21,876,938 |
|
|
|
22,123,480 |
|
|
|
21,765,601 |
|
|
|
21,117,024 |
|
|
|
20,791,522 |
|
Shareholders' equity |
|
2,713,198 |
|
|
|
2,722,833 |
|
|
|
2,669,413 |
|
|
|
2,637,098 |
|
|
|
2,544,866 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income Statement |
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
$ |
165,613 |
|
|
$ |
171,270 |
|
|
$ |
162,399 |
|
|
$ |
164,448 |
|
|
$ |
161,591 |
|
Provision for credit losses |
|
(5,000 |
) |
|
|
(600 |
) |
|
|
(3,500 |
) |
|
|
(5,500 |
) |
|
|
6,240 |
|
Non-interest income |
|
63,881 |
|
|
|
62,577 |
|
|
|
51,890 |
|
|
|
95,397 |
|
|
|
55,574 |
|
Non-interest expense |
|
154,019 |
|
|
|
144,596 |
|
|
|
140,831 |
|
|
|
178,384 |
|
|
|
154,738 |
|
Income before taxes |
|
80,475 |
|
|
|
89,851 |
|
|
|
76,958 |
|
|
|
86,961 |
|
|
|
56,187 |
|
Net income available to common shareholders |
|
59,325 |
|
|
|
73,021 |
|
|
|
62,402 |
|
|
|
70,472 |
|
|
|
48,690 |
|
Pre-provision net revenue(1) |
|
77,837 |
|
|
|
90,947 |
|
|
|
75,575 |
|
|
|
81,795 |
|
|
|
64,092 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share |
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders (basic) |
$ |
0.37 |
|
|
$ |
0.45 |
|
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
Net income available to common shareholders (diluted) |
$ |
0.37 |
|
|
$ |
0.45 |
|
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
Cash dividends |
$ |
0.22 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.17 |
|
Common shareholders' equity |
$ |
15.70 |
|
|
$ |
15.53 |
|
|
$ |
15.34 |
|
|
$ |
14.99 |
|
|
$ |
14.93 |
|
Common shareholders' equity (tangible)(1) |
$ |
12.35 |
|
|
$ |
12.21 |
|
|
$ |
12.05 |
|
|
$ |
11.69 |
|
|
$ |
11.62 |
|
Weighted average shares (basic) |
|
161,210 |
|
|
|
162,506 |
|
|
|
162,785 |
|
|
|
162,441 |
|
|
|
162,242 |
|
Weighted average shares (diluted) |
|
162,355 |
|
|
|
163,456 |
|
|
|
163,858 |
|
|
|
163,737 |
|
|
|
163,071 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(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 |
||||||||||
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
Asset Quality |
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs (recoveries) to average loans (annualized) |
|
0.07 |
% |
|
|
(0.05 |
)% |
|
|
0.15 |
% |
|
|
0.13 |
% |
|
|
(0.07 |
)% |
Non-performing loans to total loans |
|
0.83 |
% |
|
|
0.82 |
% |
|
|
0.83 |
% |
|
|
0.80 |
% |
|
|
0.78 |
% |
Non-performing assets to total assets |
|
0.60 |
% |
|
|
0.58 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.58 |
% |
ACL - loans(2) to total loans |
|
1.36 |
% |
|
|
1.41 |
% |
|
|
1.37 |
% |
|
|
1.40 |
% |
|
|
1.47 |
% |
ACL - loans(2) to non-performing loans |
|
164 |
% |
|
|
171 |
% |
|
|
166 |
% |
|
|
174 |
% |
|
|
189 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality, excluding PPP(1)(3) |
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs (recoveries) to adjusted average loans (annualized) |
|
0.07 |
% |
|
|
(0.05 |
)% |
|
|
0.16 |
% |
|
|
0.14 |
% |
|
|
(0.08 |
)% |
Non-performing loans to total adjusted loans |
|
0.84 |
% |
|
|
0.85 |
% |
|
|
0.88 |
% |
|
|
0.88 |
% |
|
|
0.85 |
% |
ACL - loans(2) to total adjusted loans |
|
1.38 |
% |
|
|
1.45 |
% |
|
|
1.46 |
% |
|
|
1.54 |
% |
|
|
1.60 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Profitability |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
0.94 |
% |
|
|
1.13 |
% |
|
|
1.00 |
% |
|
|
1.14 |
% |
|
|
0.79 |
% |
Return on average common shareholders' equity |
|
9.34 |
% |
|
|
11.45 |
% |
|
|
10.01 |
% |
|
|
11.73 |
% |
|
|
8.21 |
% |
Return on average common shareholders' equity (tangible)(1) |
|
11.89 |
% |
|
|
14.56 |
% |
|
|
12.93 |
% |
|
|
15.00 |
% |
|
|
10.32 |
% |
Net interest margin |
|
2.77 |
% |
|
|
2.82 |
% |
|
|
2.73 |
% |
|
|
2.79 |
% |
|
|
2.75 |
% |
Efficiency ratio(1) |
|
65.2 |
% |
|
|
60.3 |
% |
|
|
63.8 |
% |
|
|
63.0 |
% |
|
|
62.5 |
% |
Non-interest expenses to total average assets(1) |
|
2.30 |
% |
|
|
2.14 |
% |
|
|
2.14 |
% |
|
|
2.25 |
% |
|
|
2.13 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios |
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common equity ratio(1) |
|
7.8 |
% |
|
|
7.6 |
% |
|
|
7.7 |
% |
|
|
7.5 |
% |
|
|
7.4 |
% |
Tier 1 leverage ratio(4) |
|
8.5 |
% |
|
|
8.4 |
% |
|
|
8.5 |
% |
|
|
8.3 |
% |
|
|
8.2 |
% |
Common equity Tier 1 capital ratio(4) |
|
10.0 |
% |
|
|
10.1 |
% |
|
|
10.0 |
% |
|
|
9.8 |
% |
|
|
9.5 |
% |
Tier 1 risk-based capital ratio(4) |
|
11.0 |
% |
|
|
11.1 |
% |
|
|
11.0 |
% |
|
|
10.8 |
% |
|
|
10.5 |
% |
Total risk-based capital ratio(4) |
|
14.3 |
% |
|
|
14.4 |
% |
|
|
14.5 |
% |
|
|
14.2 |
% |
|
|
14.4 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document. |
|||||||||||||||||||
(2) "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 December 31, 2021 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 |
||||||||||||
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
2020 |
||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Cash and due from banks |
$ |
172,276 |
|
|
$ |
260,564 |
|
|
$ |
143,002 |
|
|
$ |
102,570 |
|
|
$ |
120,462 |
|
|
(33.9 |
)% |
|
43.0 |
% |
|
Other interest-earning assets |
|
1,523,973 |
|
|
|
2,271,738 |
|
|
|
1,823,688 |
|
|
|
1,625,515 |
|
|
|
1,819,499 |
|
|
(32.9 |
)% |
|
(16.2 |
)% |
|
Loans held for sale |
|
35,768 |
|
|
|
43,123 |
|
|
|
41,924 |
|
|
|
34,092 |
|
|
|
83,886 |
|
|
(17.1 |
)% |
|
(57.4 |
)% |
|
Investment securities |
|
4,167,774 |
|
|
|
4,000,760 |
|
|
|
3,921,658 |
|
|
|
3,612,010 |
|
|
|
3,340,424 |
|
|
4.2 |
% |
|
24.8 |
% |
|
Net loans |
|
18,325,350 |
|
|
|
18,269,407 |
|
|
|
18,586,756 |
|
|
|
18,990,986 |
|
|
|
18,900,820 |
|
|
0.3 |
% |
|
(3.0 |
)% |
|
Less: ACL - loans(1) |
|
(249,001 |
) |
|
|
(256,727 |
) |
|
|
(255,032 |
) |
|
|
(265,986 |
) |
|
|
(277,567 |
) |
|
(3.0 |
)% |
|
(10.3 |
)% |
|
Loans, net |
|
18,076,349 |
|
|
|
18,012,680 |
|
|
|
18,331,724 |
|
|
|
18,725,000 |
|
|
|
18,623,253 |
|
|
0.4 |
% |
|
(2.9 |
)% |
|
Net, premises and equipment |
|
220,357 |
|
|
|
228,179 |
|
|
|
228,353 |
|
|
|
229,035 |
|
|
|
231,480 |
|
|
(3.4 |
)% |
|
(4.8 |
)% |
|
Accrued interest receivable |
|
57,451 |
|
|
|
57,902 |
|
|
|
63,232 |
|
|
|
65,649 |
|
|
|
72,942 |
|
|
(0.8 |
)% |
|
(21.2 |
)% |
|
Goodwill and intangible assets |
|
538,053 |
|
|
|
536,697 |
|
|
|
536,847 |
|
|
|
536,544 |
|
|
|
536,659 |
|
|
0.3 |
% |
|
0.3 |
% |
|
Other assets |
|
1,004,397 |
|
|
|
979,189 |
|
|
|
989,346 |
|
|
|
962,575 |
|
|
|
1,078,128 |
|
|
2.6 |
% |
|
(6.8 |
)% |
|
Total Assets |
$ |
25,796,398 |
|
|
$ |
26,390,832 |
|
|
$ |
26,079,774 |
|
|
$ |
25,892,990 |
|
|
$ |
25,906,733 |
|
|
(2.3 |
)% |
|
(0.4 |
)% |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Deposits |
$ |
21,573,499 |
|
|
$ |
22,074,041 |
|
|
$ |
21,724,312 |
|
|
$ |
21,633,838 |
|
|
$ |
20,839,207 |
|
|
(2.3 |
)% |
|
3.5 |
% |
|
Short-term borrowings |
|
416,764 |
|
|
|
468,967 |
|
|
|
533,749 |
|
|
|
520,989 |
|
|
|
630,066 |
|
|
(11.1 |
)% |
|
(33.9 |
)% |
|
Other liabilities |
|
472,110 |
|
|
|
520,620 |
|
|
|
501,542 |
|
|
|
482,101 |
|
|
|
524,369 |
|
|
(9.3 |
)% |
|
(10.0 |
)% |
|
Long-term borrowings |
|
621,345 |
|
|
|
627,386 |
|
|
|
627,213 |
|
|
|
626,407 |
|
|
|
1,296,263 |
|
|
(1.0 |
)% |
|
(52.1 |
)% |
|
Total Liabilities |
|
23,083,718 |
|
|
|
23,691,014 |
|
|
|
23,386,816 |
|
|
|
23,263,335 |
|
|
|
23,289,905 |
|
|
(2.6 |
)% |
|
(0.9 |
)% |
|
Shareholders' equity |
|
2,712,680 |
|
|
|
2,699,818 |
|
|
|
2,692,958 |
|
|
|
2,629,655 |
|
|
|
2,616,828 |
|
|
0.5 |
% |
|
3.7 |
% |
|
Total Liabilities and Shareholders' Equity |
$ |
25,796,398 |
|
|
$ |
26,390,832 |
|
|
$ |
26,079,774 |
|
|
$ |
25,892,990 |
|
|
$ |
25,906,733 |
|
|
(2.3 |
)% |
|
(0.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Real estate - commercial mortgage |
$ |
7,279,080 |
|
|
$ |
7,145,115 |
|
|
$ |
7,152,932 |
|
|
$ |
7,142,137 |
|
|
$ |
7,105,092 |
|
|
1.9 |
% |
|
2.4 |
% |
|
Commercial and industrial |
|
3,906,791 |
|
|
|
3,863,154 |
|
|
|
3,870,462 |
|
|
|
3,986,858 |
|
|
|
4,088,561 |
|
|
1.1 |
% |
|
(4.4 |
)% |
|
Real estate - residential mortgage |
|
3,846,750 |
|
|
|
3,719,684 |
|
|
|
3,555,897 |
|
|
|
3,254,058 |
|
|
|
3,141,915 |
|
|
3.4 |
% |
|
22.4 |
% |
|
Real estate - home equity |
|
1,118,248 |
|
|
|
1,126,628 |
|
|
|
1,136,128 |
|
|
|
1,149,958 |
|
|
|
1,202,913 |
|
|
(0.7 |
)% |
|
(7.0 |
)% |
|
Real estate - construction |
|
1,139,779 |
|
|
|
1,111,487 |
|
|
|
1,070,755 |
|
|
|
1,083,494 |
|
|
|
1,047,218 |
|
|
2.5 |
% |
|
8.8 |
% |
|
Consumer |
|
464,657 |
|
|
|
458,595 |
|
|
|
448,433 |
|
|
|
451,857 |
|
|
|
466,772 |
|
|
1.3 |
% |
|
(0.5 |
)% |
|
Equipment lease financing |
|
236,344 |
|
|
|
242,967 |
|
|
|
252,158 |
|
|
|
260,907 |
|
|
|
279,118 |
|
|
(2.7 |
)% |
|
(15.3 |
)% |
|
Other(2) |
|
32,448 |
|
|
|
11,330 |
|
|
|
(14,410 |
) |
|
|
(26,677 |
) |
|
|
(12,481 |
) |
|
N/M |
|
|
N/M |
|
|
Net loans before PPP |
|
18,024,097 |
|
|
|
17,678,960 |
|
|
|
17,472,355 |
|
|
|
17,302,592 |
|
|
|
17,319,108 |
|
|
2.0 |
% |
|
4.1 |
% |
|
PPP |
|
301,253 |
|
|
|
590,447 |
|
|
|
1,114,401 |
|
|
|
1,688,394 |
|
|
|
1,581,712 |
|
|
(49.0 |
)% |
|
(81.0 |
)% |
|
Total Net Loans |
$ |
18,325,350 |
|
|
$ |
18,269,407 |
|
|
$ |
18,586,756 |
|
|
$ |
18,990,986 |
|
|
$ |
18,900,820 |
|
|
0.3 |
% |
|
(3.0 |
)% |
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Noninterest-bearing demand |
$ |
7,370,963 |
|
|
$ |
7,434,155 |
|
|
$ |
7,442,132 |
|
|
$ |
7,046,116 |
|
|
$ |
6,531,002 |
|
|
(0.9 |
)% |
|
12.9 |
% |
|
Interest-bearing demand |
|
5,819,539 |
|
|
|
6,187,096 |
|
|
|
5,795,404 |
|
|
|
5,959,909 |
|
|
|
5,818,564 |
|
|
(5.9 |
)% |
|
— |
% |
|
Savings |
|
6,403,995 |
|
|
|
6,401,619 |
|
|
|
6,276,554 |
|
|
|
6,244,513 |
|
|
|
5,929,792 |
|
|
— |
% |
|
8.0 |
% |
|
Total demand and savings |
|
19,594,497 |
|
|
|
20,022,870 |
|
|
|
19,514,090 |
|
|
|
19,250,538 |
|
|
|
18,279,358 |
|
|
(2.1 |
)% |
|
7.2 |
% |
|
Brokered |
|
251,526 |
|
|
|
262,617 |
|
|
|
277,444 |
|
|
|
309,873 |
|
|
|
335,185 |
|
|
(4.2 |
)% |
|
(25.0 |
)% |
|
Time |
|
1,727,476 |
|
|
|
1,788,554 |
|
|
|
1,932,778 |
|
|
|
2,073,427 |
|
|
|
2,224,664 |
|
|
(3.4 |
)% |
|
(22.3 |
)% |
|
Total Deposits |
$ |
21,573,499 |
|
|
$ |
22,074,041 |
|
|
$ |
21,724,312 |
|
|
$ |
21,633,838 |
|
|
$ |
20,839,207 |
|
|
(2.3 |
)% |
|
3.5 |
% |
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Customer funding |
$ |
416,764 |
|
|
$ |
468,967 |
|
|
$ |
533,749 |
|
|
$ |
520,989 |
|
|
$ |
630,066 |
|
|
(11.1 |
)% |
|
(33.9 |
)% |
|
Total Short-Term Borrowings |
$ |
416,764 |
|
|
$ |
468,967 |
|
|
$ |
533,749 |
|
|
$ |
520,989 |
|
|
$ |
630,066 |
|
|
(11.1 |
)% |
|
(33.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(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 |
|
|
|
Year Ended |
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Dec 31 |
|
|
|
Dec 31 |
|
|
|
|||||||||||||||||||
|
|
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|||
Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest income |
|
|
$ |
177,724 |
|
|
$ |
184,079 |
|
|
$ |
176,673 |
|
|
$ |
184,936 |
|
|
$ |
183,645 |
|
|
(3.5 |
)% |
|
(3.2 |
)% |
|
|
|
$ |
723,412 |
|
|
$ |
742,878 |
|
|
(2.6 |
)% |
|
|
Interest expense |
|
|
|
12,111 |
|
|
|
12,809 |
|
|
|
14,274 |
|
|
|
20,488 |
|
|
|
22,054 |
|
|
(5.4 |
)% |
|
(45.1 |
)% |
|
|
|
|
59,682 |
|
|
|
113,671 |
|
|
(47.5 |
)% |
|
|
Net Interest Income |
|
|
|
165,613 |
|
|
|
171,270 |
|
|
|
162,399 |
|
|
|
164,448 |
|
|
|
161,591 |
|
|
(3.3 |
)% |
|
2.5 |
% |
|
|
|
|
663,730 |
|
|
|
629,207 |
|
|
5.5 |
% |
|
|
Provision for credit losses |
|
|
|
(5,000 |
) |
|
|
(600 |
) |
|
|
(3,500 |
) |
|
|
(5,500 |
) |
|
|
6,240 |
|
|
N/M |
|
|
N/M |
|
|
|
|
|
(14,600 |
) |
|
|
76,920 |
|
|
(119.0 |
)% |
|
|
Net Interest Income after Provision |
|
|
|
170,613 |
|
|
|
171,870 |
|
|
|
165,899 |
|
|
|
169,948 |
|
|
|
155,351 |
|
|
(0.7 |
)% |
|
9.8 |
% |
|
|
|
|
678,330 |
|
|
|
552,287 |
|
|
22.8 |
% |
|
Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Commercial banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Merchant and card |
|
|
|
6,588 |
|
|
|
6,979 |
|
|
|
6,786 |
|
|
|
5,768 |
|
|
|
5,953 |
|
|
(5.6 |
)% |
|
10.7 |
% |
|
|
|
|
26,121 |
|
|
|
23,139 |
|
|
12.9 |
% |
|
|
Cash management |
|
|
|
5,318 |
|
|
|
5,285 |
|
|
|
5,341 |
|
|
|
4,921 |
|
|
|
4,737 |
|
|
0.6 |
% |
|
12.3 |
% |
|
|
|
|
20,865 |
|
|
|
18,725 |
|
|
11.4 |
% |
|
|
Capital markets |
|
|
|
2,982 |
|
|
|
2,063 |
|
|
|
1,536 |
|
|
|
2,800 |
|
|
|
3,513 |
|
|
44.5 |
% |
|
(15.1 |
)% |
|
|
|
|
9,381 |
|
|
|
18,288 |
|
|
(48.7 |
)% |
|
|
Other commercial banking |
|
|
|
3,592 |
|
|
|
2,411 |
|
|
|
3,466 |
|
|
|
2,853 |
|
|
|
2,606 |
|
|
49.0 |
% |
|
37.8 |
% |
|
|
|
|
12,322 |
|
|
|
10,134 |
|
|
21.6 |
% |
|
|
Total commercial banking |
|
|
|
18,480 |
|
|
|
16,738 |
|
|
|
17,129 |
|
|
|
16,342 |
|
|
|
16,809 |
|
|
10.4 |
% |
|
9.9 |
% |
|
|
|
|
68,689 |
|
|
|
70,286 |
|
|
(2.3 |
)% |
|
|
Consumer banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Card |
|
|
|
5,953 |
|
|
|
5,941 |
|
|
|
5,733 |
|
|
|
5,878 |
|
|
|
5,123 |
|
|
0.2 |
% |
|
16.2 |
% |
|
|
|
|
23,505 |
|
|
|
19,777 |
|
|
18.9 |
% |
|
|
Overdraft |
|
|
|
3,896 |
|
|
|
3,474 |
|
|
|
2,750 |
|
|
|
2,724 |
|
|
|
3,376 |
|
|
12.1 |
% |
|
15.4 |
% |
|
|
|
|
12,844 |
|
|
|
12,556 |
|
|
2.3 |
% |
|
|
Other consumer banking |
|
|
|
2,280 |
|
|
|
2,386 |
|
|
|
2,377 |
|
|
|
2,152 |
|
|
|
2,298 |
|
|
(4.4 |
)% |
|
(0.8 |
)% |
|
|
|
|
9,195 |
|
|
|
9,265 |
|
|
(0.8 |
)% |
|
|
Total consumer banking |
|
|
|
12,129 |
|
|
|
11,801 |
|
|
|
10,860 |
|
|
|
10,754 |
|
|
|
10,797 |
|
|
2.8 |
% |
|
12.3 |
% |
|
|
|
|
45,544 |
|
|
|
41,598 |
|
|
9.5 |
% |
|
|
Wealth management |
|
|
|
18,285 |
|
|
|
18,532 |
|
|
|
17,634 |
|
|
|
17,347 |
|
|
|
15,653 |
|
|
(1.3 |
)% |
|
16.8 |
% |
|
|
|
|
71,798 |
|
|
|
59,058 |
|
|
21.6 |
% |
|
|
Mortgage banking |
|
|
|
7,243 |
|
|
|
9,535 |
|
|
|
2,838 |
|
|
|
13,960 |
|
|
|
9,311 |
|
|
(24.0 |
)% |
|
(22.2 |
)% |
|
|
|
|
33,576 |
|
|
|
42,309 |
|
|
(20.6 |
)% |
|
|
Other |
|
|
|
7,739 |
|
|
|
5,971 |
|
|
|
3,393 |
|
|
|
3,519 |
|
|
|
3,004 |
|
|
29.6 |
% |
|
N/M |
|
|
|
|
|
20,622 |
|
|
|
13,084 |
|
|
57.6 |
% |
|
|
Non-interest income before investment securities gains |
|
|
|
63,876 |
|
|
|
62,577 |
|
|
|
51,854 |
|
|
|
61,922 |
|
|
|
55,574 |
|
|
2.1 |
% |
|
14.9 |
% |
|
|
|
|
240,229 |
|
|
|
226,335 |
|
|
6.1 |
% |
|
|
Investment securities gains, net |
|
|
|
5 |
|
|
|
— |
|
|
|
36 |
|
|
|
33,475 |
|
|
|
— |
|
|
N/M |
|
|
N/M |
|
|
|
|
|
33,516 |
|
|
|
3,053 |
|
|
N/M |
|
|
|
Total Non-Interest Income |
|
|
|
63,881 |
|
|
|
62,577 |
|
|
|
51,890 |
|
|
|
95,397 |
|
|
|
55,574 |
|
|
2.1 |
% |
|
14.9 |
% |
|
|
|
|
273,745 |
|
|
|
229,388 |
|
|
19.3 |
% |
|
Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Salaries and employee benefits |
|
|
|
85,506 |
|
|
|
82,679 |
|
|
|
78,367 |
|
|
|
82,586 |
|
|
|
83,929 |
|
|
3.4 |
% |
|
1.9 |
% |
|
|
|
|
329,138 |
|
|
|
324,395 |
|
|
1.5 |
% |
|
|
Data processing and software |
|
|
|
14,612 |
|
|
|
14,335 |
|
|
|
13,932 |
|
|
|
13,561 |
|
|
|
11,951 |
|
|
1.9 |
% |
|
22.3 |
% |
|
|
|
|
56,440 |
|
|
|
48,073 |
|
|
17.4 |
% |
|
|
Net occupancy |
|
|
|
14,366 |
|
|
|
12,957 |
|
|
|
12,494 |
|
|
|
13,982 |
|
|
|
13,161 |
|
|
10.9 |
% |
|
9.2 |
% |
|
|
|
|
53,799 |
|
|
|
53,013 |
|
|
1.5 |
% |
|
|
Other outside services |
|
|
|
9,637 |
|
|
|
7,889 |
|
|
|
8,178 |
|
|
|
8,490 |
|
|
|
8,334 |
|
|
22.2 |
% |
|
15.6 |
% |
|
|
|
|
34,194 |
|
|
|
31,432 |
|
|
8.8 |
% |
|
|
Equipment |
|
|
|
3,539 |
|
|
|
3,416 |
|
|
|
3,424 |
|
|
|
3,428 |
|
|
|
3,563 |
|
|
3.6 |
% |
|
(0.7 |
)% |
|
|
|
|
13,807 |
|
|
|
13,885 |
|
|
(0.6 |
)% |
|
|
FDIC insurance |
|
|
|
3,032 |
|
|
|
2,727 |
|
|
|
2,282 |
|
|
|
2,624 |
|
|
|
2,346 |
|
|
11.2 |
% |
|
29.2 |
% |
|
|
|
|
10,665 |
|
|
|
8,865 |
|
|
20.3 |
% |
|
|
Professional fees |
|
|
|
1,946 |
|
|
|
2,271 |
|
|
|
2,651 |
|
|
|
2,779 |
|
|
|
2,424 |
|
|
(14.3 |
)% |
|
(19.7 |
)% |
|
|
|
|
9,647 |
|
|
|
12,835 |
|
|
(24.8 |
)% |
|
|
Amortization of tax credit investments |
|
|
|
1,547 |
|
|
|
1,546 |
|
|
|
1,563 |
|
|
|
1,531 |
|
|
|
1,532 |
|
|
0.1 |
% |
|
1.0 |
% |
|
|
|
|
6,187 |
|
|
|
6,126 |
|
|
1.0 |
% |
|
|
Marketing |
|
|
|
1,477 |
|
|
|
1,448 |
|
|
|
1,348 |
|
|
|
1,002 |
|
|
|
1,098 |
|
|
2.0 |
% |
|
34.5 |
% |
|
|
|
|
5,275 |
|
|
|
5,127 |
|
|
2.9 |
% |
|
|
Intangible amortization |
|
|
|
146 |
|
|
|
150 |
|
|
|
178 |
|
|
|
115 |
|
|
|
132 |
|
|
(2.7 |
)% |
|
10.6 |
% |
|
|
|
|
589 |
|
|
|
529 |
|
|
11.3 |
% |
|
|
Debt extinguishment |
|
|
|
674 |
|
|
|
— |
|
|
|
412 |
|
|
|
32,163 |
|
|
|
— |
|
|
N/M |
|
|
N/M |
|
|
|
|
|
33,249 |
|
|
|
2,878 |
|
|
N/M |
|
|
|
Other |
|
|
|
17,537 |
|
|
|
15,178 |
|
|
|
16,002 |
|
|
|
16,123 |
|
|
|
26,268 |
|
|
15.5 |
% |
|
(33.2 |
)% |
|
|
|
|
64,840 |
|
|
|
72,282 |
|
|
(10.3 |
)% |
|
|
Total Non-Interest Expense |
|
|
|
154,019 |
|
|
|
144,596 |
|
|
|
140,831 |
|
|
|
178,384 |
|
|
|
154,738 |
|
|
6.5 |
% |
|
(0.5 |
)% |
|
|
|
|
617,830 |
|
|
|
579,440 |
|
|
6.6 |
% |
|
|
Income Before Income Taxes |
|
|
|
80,475 |
|
|
|
89,851 |
|
|
|
76,958 |
|
|
|
86,961 |
|
|
|
56,187 |
|
|
(10.4 |
)% |
|
43.2 |
% |
|
|
|
|
334,245 |
|
|
|
202,235 |
|
|
65.3 |
% |
|
|
Income tax expense |
|
|
|
18,588 |
|
|
|
14,268 |
|
|
|
11,994 |
|
|
|
13,898 |
|
|
|
5,362 |
|
|
30.3 |
% |
|
N/M |
|
|
|
|
|
58,748 |
|
|
|
24,195 |
|
|
142.8 |
% |
|
|
Net Income |
|
|
|
61,887 |
|
|
|
75,583 |
|
|
|
64,964 |
|
|
|
73,063 |
|
|
|
50,825 |
|
|
(18.1 |
)% |
|
21.8 |
% |
|
|
|
|
275,497 |
|
|
|
178,040 |
|
|
54.7 |
% |
|
|
Preferred stock dividends |
|
|
|
(2,562 |
) |
|
|
(2,562 |
) |
|
|
(2,562 |
) |
|
|
(2,591 |
) |
|
|
(2,135 |
) |
|
— |
% |
|
20.0 |
% |
|
|
|
|
(10,277 |
) |
|
|
(2,135 |
) |
|
N/M |
|
|
|
Net Income Available to Common Shareholders |
|
|
$ |
59,325 |
|
|
$ |
73,021 |
|
|
$ |
62,402 |
|
|
$ |
70,472 |
|
|
$ |
48,690 |
|
|
(18.8 |
)% |
|
21.8 |
% |
|
|
|
$ |
265,220 |
|
|
$ |
175,905 |
|
|
50.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income available to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Basic |
|
|
$ |
0.37 |
|
|
$ |
0.45 |
|
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
|
(17.8 |
)% |
|
23.3 |
% |
|
|
|
$ |
1.63 |
|
|
$ |
1.08 |
|
|
50.9 |
% |
|
|
Diluted |
|
|
$ |
0.37 |
|
|
$ |
0.45 |
|
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
|
(17.8 |
)% |
|
23.3 |
% |
|
|
|
$ |
1.62 |
|
|
$ |
1.08 |
|
|
50.0 |
% |
|
|
Cash dividends |
|
|
$ |
0.22 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.17 |
|
|
57.1 |
% |
|
29.4 |
% |
|
|
|
$ |
0.64 |
|
|
$ |
0.56 |
|
|
14.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Weighted average shares (basic) |
|
|
|
161,210 |
|
|
|
162,506 |
|
|
|
162,785 |
|
|
|
162,441 |
|
|
|
162,242 |
|
|
(0.8 |
)% |
|
(0.6 |
)% |
|
|
|
|
162,233 |
|
|
|
162,372 |
|
|
(0.1 |
)% |
|
|
Weighted average shares (diluted) |
|
|
|
162,355 |
|
|
|
163,456 |
|
|
|
163,858 |
|
|
|
163,737 |
|
|
|
163,071 |
|
|
(0.7 |
)% |
|
(0.4 |
)% |
|
|
|
|
163,307 |
|
|
|
163,090 |
|
|
0.1 |
% |
|
N/M - Not meaningful |
||||||||||||||||||||||||||||||||||||||||||
FULTON FINANCIAL CORPORATION |
|
|
|
|
|
|
|||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
|
||||||||||||||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
Three months ended |
|||||||||||||||||||||||||||||||
|
|
December 31, 2021 |
|
September 30, 2021 |
|
December 31, 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 |
$ |
18,220,550 |
|
|
$ |
159,057 |
|
|
3.47 |
% |
|
$ |
18,414,153 |
|
|
$ |
163,343 |
|
|
3.53 |
% |
|
$ |
18,994,514 |
|
|
$ |
164,329 |
|
|
3.45 |
% |
|
Taxable investment securities |
|
2,801,934 |
|
|
|
14,006 |
|
|
1.75 |
% |
|
|
2,785,828 |
|
|
|
13,757 |
|
|
1.80 |
% |
|
|
2,233,730 |
|
|
|
13,559 |
|
|
2.43 |
% |
|
Tax-exempt investment securities |
|
1,120,263 |
|
|
|
8,418 |
|
|
3.00 |
% |
|
|
1,035,685 |
|
|
|
7,906 |
|
|
3.05 |
% |
|
|
886,329 |
|
|
|
7,044 |
|
|
3.17 |
% |
|
Total Investment Securities |
|
3,922,197 |
|
|
|
22,424 |
|
|
2.29 |
% |
|
|
3,821,513 |
|
|
|
21,663 |
|
|
2.27 |
% |
|
|
3,120,059 |
|
|
|
20,603 |
|
|
2.64 |
% |
|
Loans held for sale |
|
35,235 |
|
|
|
333 |
|
|
3.77 |
% |
|
|
36,427 |
|
|
|
299 |
|
|
3.28 |
% |
|
|
76,871 |
|
|
|
521 |
|
|
2.71 |
% |
|
Other interest-earning assets |
|
2,100,392 |
|
|
|
(905 |
) |
|
0.19 |
% |
|
|
2,301,326 |
|
|
|
1,888 |
|
|
0.18 |
% |
|
|
1,668,454 |
|
|
|
1,179 |
|
|
0.28 |
% |
|
Total Interest-Earning Assets |
|
24,278,374 |
|
|
|
180,909 |
|
|
2.96 |
% |
|
|
24,573,419 |
|
|
|
187,193 |
|
|
3.03 |
% |
|
|
23,859,898 |
|
|
|
186,632 |
|
|
3.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Cash and due from banks |
|
211,958 |
|
|
|
|
|
|
|
200,315 |
|
|
|
|
|
|
|
126,190 |
|
|
|
|
|
|||||||||
|
Premises and equipment |
|
226,319 |
|
|
|
|
|
|
|
228,861 |
|
|
|
|
|
|
|
236,265 |
|
|
|
|
|
|||||||||
|
Other assets |
|
1,677,028 |
|
|
|
|
|
|
|
1,695,767 |
|
|
|
|
|
|
|
1,799,381 |
|
|
|
|
|
|||||||||
|
Less: ACL - loans(2) |
|
(257,143 |
) |
|
|
|
|
|
|
(257,486 |
) |
|
|
|
|
|
|
(272,329 |
) |
|
|
|
|
|||||||||
|
Total Assets |
$ |
26,136,536 |
|
|
|
|
|
|
$ |
26,440,876 |
|
|
|
|
|
|
$ |
25,749,405 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-Bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
$ |
5,933,780 |
|
|
$ |
756 |
|
|
0.05 |
% |
|
$ |
6,168,908 |
|
|
$ |
814 |
|
|
0.05 |
% |
|
$ |
5,762,150 |
|
|
$ |
1,457 |
|
|
0.10 |
% |
|
Savings deposits |
|
6,413,638 |
|
|
|
992 |
|
|
0.06 |
% |
|
|
6,392,537 |
|
|
|
1,054 |
|
|
0.07 |
% |
|
|
5,905,137 |
|
|
|
1,866 |
|
|
0.13 |
% |
|
Brokered deposits |
|
256,192 |
|
|
|
220 |
|
|
0.34 |
% |
|
|
270,168 |
|
|
|
229 |
|
|
0.34 |
% |
|
|
340,451 |
|
|
|
451 |
|
|
0.53 |
% |
|
Time deposits |
|
1,756,672 |
|
|
|
3,928 |
|
|
0.89 |
% |
|
|
1,852,223 |
|
|
|
4,428 |
|
|
0.95 |
% |
|
|
2,306,556 |
|
|
|
8,082 |
|
|
1.39 |
% |
|
Total Interest-Bearing Deposits |
|
14,360,282 |
|
|
|
5,896 |
|
|
0.16 |
% |
|
|
14,683,836 |
|
|
|
6,525 |
|
|
0.18 |
% |
|
|
14,314,294 |
|
|
|
11,856 |
|
|
0.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Short-term borrowings |
|
474,022 |
|
|
|
128 |
|
|
0.11 |
% |
|
|
494,811 |
|
|
|
131 |
|
|
0.11 |
% |
|
|
622,623 |
|
|
|
268 |
|
|
0.17 |
% |
|
Long-term borrowings |
|
623,073 |
|
|
|
6,088 |
|
|
3.91 |
% |
|
|
627,300 |
|
|
|
6,153 |
|
|
3.92 |
% |
|
|
1,296,139 |
|
|
|
9,930 |
|
|
3.06 |
% |
|
Total Interest-Bearing Liabilities |
|
15,457,377 |
|
|
|
12,112 |
|
|
0.31 |
% |
|
|
15,805,947 |
|
|
|
12,809 |
|
|
0.32 |
% |
|
|
16,233,056 |
|
|
|
22,054 |
|
|
0.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-Bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
|
7,516,656 |
|
|
|
|
|
|
|
7,439,644 |
|
|
|
|
|
|
|
6,477,228 |
|
|
|
|
|
|||||||||
|
Other |
|
449,305 |
|
|
|
|
|
|
|
472,452 |
|
|
|
|
|
|
|
494,255 |
|
|
|
|
|
|||||||||
|
Total Liabilities |
|
23,423,338 |
|
|
|
|
|
|
|
23,718,043 |
|
|
|
|
|
|
|
23,204,539 |
|
|
|
|
|
|||||||||
|
Total Deposits/Cost of Deposits |
|
21,876,938 |
|
|
|
|
0.11 |
% |
|
|
22,123,480 |
|
|
|
|
0.12 |
% |
|
|
20,791,522 |
|
|
|
|
0.23 |
% |
||||||
|
Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") |
|
22,974,033 |
|
|
|
|
0.21 |
% |
|
|
23,245,591 |
|
|
|
|
0.22 |
% |
|
|
22,710,284 |
|
|
|
|
0.39 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Shareholders' equity |
|
2,713,198 |
|
|
|
|
|
|
|
2,722,833 |
|
|
|
|
|
|
|
2,544,866 |
|
|
|
|
|
|||||||||
|
Total Liabilities and Shareholders' Equity |
$ |
26,136,536 |
|
|
|
|
|
|
$ |
26,440,876 |
|
|
|
|
|
|
$ |
25,749,405 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net interest income/net interest margin (fully taxable equivalent) |
|
|
|
168,797 |
|
|
2.77 |
% |
|
|
|
|
174,384 |
|
|
2.82 |
% |
|
|
|
|
164,578 |
|
|
2.75 |
% |
||||||
|
Tax equivalent adjustment |
|
|
|
(3,184 |
) |
|
|
|
|
|
|
(3,114 |
) |
|
|
|
|
|
|
(2,987 |
) |
|
|
|||||||||
|
Net Interest Income |
|
|
$ |
165,613 |
|
|
|
|
|
|
$ |
171,270 |
|
|
|
|
|
|
$ |
161,591 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(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 |
|||||||||||||||||||||
|
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Dec 31 |
|||||||||||
|
|
|
2021 |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
2020 |
||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Real estate - commercial mortgage |
$ |
7,157,906 |
|
$ |
7,134,177 |
|
|
$ |
7,177,622 |
|
|
$ |
7,128,997 |
|
|
$ |
7,101,363 |
|
|
0.3 |
% |
|
0.8 |
% |
|
Commercial and industrial |
|
3,898,559 |
|
|
3,878,767 |
|
|
|
3,920,771 |
|
|
|
4,033,367 |
|
|
|
4,024,879 |
|
|
0.5 |
% |
|
(3.1 |
)% |
|
Real estate - residential mortgage |
|
3,773,156 |
|
|
3,642,822 |
|
|
|
3,396,690 |
|
|
|
3,183,585 |
|
|
|
3,087,529 |
|
|
3.6 |
% |
|
22.2 |
% |
|
Real estate - home equity |
|
1,122,042 |
|
|
1,128,076 |
|
|
|
1,139,558 |
|
|
|
1,175,218 |
|
|
|
1,212,113 |
|
|
(0.5 |
)% |
|
(7.4 |
)% |
|
Real estate - construction |
|
1,117,592 |
|
|
1,085,846 |
|
|
|
1,054,469 |
|
|
|
1,054,718 |
|
|
|
1,009,284 |
|
|
2.9 |
% |
|
10.7 |
% |
|
Consumer |
|
462,346 |
|
|
452,844 |
|
|
|
451,486 |
|
|
|
459,038 |
|
|
|
468,678 |
|
|
2.1 |
% |
|
(1.4 |
)% |
|
Equipment lease financing |
|
238,349 |
|
|
247,776 |
|
|
|
256,248 |
|
|
|
266,405 |
|
|
|
279,059 |
|
|
(3.8 |
)% |
|
(14.6 |
)% |
|
Other(1) |
|
15,558 |
|
|
(6,773 |
) |
|
|
(14,677 |
) |
|
|
(9,455 |
) |
|
|
(18,817 |
) |
|
N/M |
|
|
N/M |
|
|
Net loans before PPP |
|
17,785,508 |
|
|
17,563,535 |
|
|
|
17,382,167 |
|
|
|
17,291,873 |
|
|
|
17,164,088 |
|
|
1.3 |
% |
|
3.6 |
% |
|
PPP |
|
435,042 |
|
|
850,618 |
|
|
|
1,524,389 |
|
|
|
1,688,713 |
|
|
|
1,830,426 |
|
|
(48.9 |
) % |
|
(76.2 |
)% |
|
Total Net Loans |
$ |
18,220,550 |
|
$ |
18,414,153 |
|
|
$ |
18,906,556 |
|
|
$ |
18,980,586 |
|
|
$ |
18,994,514 |
|
|
(1.1 |
) % |
|
(4.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Noninterest-bearing demand |
$ |
7,516,656 |
|
$ |
7,439,644 |
|
|
$ |
7,203,696 |
|
|
$ |
6,672,832 |
|
|
$ |
6,477,228 |
|
|
1.0 |
% |
|
16.0 |
% |
|
Interest-bearing demand |
|
5,933,780 |
|
|
6,168,908 |
|
|
|
5,979,855 |
|
|
|
5,832,174 |
|
|
|
5,762,150 |
|
|
(3.8 |
)% |
|
3.0 |
% |
|
Savings |
|
6,413,638 |
|
|
6,392,537 |
|
|
|
6,280,629 |
|
|
|
6,137,084 |
|
|
|
5,905,137 |
|
|
0.3 |
% |
|
8.6 |
% |
|
Total demand and savings |
|
19,864,074 |
|
|
20,001,089 |
|
|
|
19,464,180 |
|
|
|
18,642,090 |
|
|
|
18,144,515 |
|
|
(0.7 |
)% |
|
9.5 |
% |
|
Brokered |
|
256,192 |
|
|
270,168 |
|
|
|
297,815 |
|
|
|
324,364 |
|
|
|
340,451 |
|
|
(5.2 |
)% |
|
(24.7 |
)% |
|
Time |
|
1,756,672 |
|
|
1,852,223 |
|
|
|
2,003,606 |
|
|
|
2,150,570 |
|
|
|
2,306,556 |
|
|
(5.2 |
)% |
|
(23.8 |
)% |
|
Total Deposits |
$ |
21,876,938 |
|
$ |
22,123,480 |
|
|
$ |
21,765,601 |
|
|
$ |
21,117,024 |
|
|
$ |
20,791,522 |
|
|
(1.1 |
)% |
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Customer funding |
$ |
474,022 |
|
$ |
494,811 |
|
|
$ |
514,025 |
|
|
$ |
570,775 |
|
|
$ |
622,623 |
|
|
(4.2 |
)% |
|
(23.9 |
)% |
|
Total Short-Term borrowings |
$ |
474,022 |
|
$ |
494,811 |
|
|
$ |
514,025 |
|
|
$ |
570,775 |
|
|
$ |
622,623 |
|
|
(4.2 |
)% |
|
(23.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(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 |
||||||||||||||||||||
|
|
|
2021 |
|
2020 |
||||||||||||||||||
|
|
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
||||||||||
|
|
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
||||||||||
ASSETS |
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|||||||||||||||||
|
Net loans |
|
$ |
18,627,787 |
|
|
$ |
644,387 |
|
|
3.46 |
% |
|
$ |
18,270,390 |
|
|
$ |
662,785 |
|
|
3.63 |
% |
|
Taxable investment securities |
|
|
2,665,416 |
|
|
|
55,351 |
|
|
1.88 |
% |
|
|
2,182,410 |
|
|
|
58,173 |
|
|
2.66 |
% |
|
Tax-exempt investment securities |
|
|
1,007,834 |
|
|
|
30,974 |
|
|
3.07 |
% |
|
|
825,057 |
|
|
|
26,641 |
|
|
3.22 |
% |
|
Total Investment Securities |
|
|
3,673,250 |
|
|
|
86,325 |
|
|
2.35 |
% |
|
|
3,007,467 |
|
|
|
84,814 |
|
|
2.82 |
% |
|
Loans held for sale |
|
|
39,211 |
|
|
|
1,302 |
|
|
3.32 |
% |
|
|
60,015 |
|
|
|
2,077 |
|
|
3.46 |
% |
|
Other interest-earning assets |
|
|
2,014,954 |
|
|
|
3,694 |
|
|
0.18 |
% |
|
|
1,120,727 |
|
|
|
5,504 |
|
|
0.49 |
% |
|
Total Interest-Earning Assets |
|
|
24,355,202 |
|
|
|
735,708 |
|
|
3.02 |
% |
|
|
22,458,599 |
|
|
|
755,180 |
|
|
3.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-Earning assets: |
|
|
|
|
|
|
|||||||||||||||||
|
Cash and due from banks |
|
|
165,942 |
|
|
|
|
|
|
|
139,146 |
|
|
|
|
|
||||||
|
Premises and equipment |
|
|
228,708 |
|
|
|
|
|
|
|
238,864 |
|
|
|
|
|
||||||
|
Other assets |
|
|
1,686,053 |
|
|
|
|
|
|
|
1,746,956 |
|
|
|
|
|
||||||
|
Less: ACL - loans(2) |
|
|
(265,572 |
) |
|
|
|
|
|
|
(249,848 |
) |
|
|
|
|
||||||
|
Total Assets |
|
$ |
26,170,333 |
|
|
|
|
|
|
$ |
24,333,717 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-Bearing liabilities: |
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
|
$ |
5,979,479 |
|
|
$ |
3,662 |
|
|
0.06 |
% |
|
$ |
5,278,941 |
|
|
$ |
11,390 |
|
|
0.22 |
% |
|
Savings deposits |
|
|
6,306,967 |
|
|
|
4,936 |
|
|
0.08 |
% |
|
|
5,550,234 |
|
|
|
14,654 |
|
|
0.26 |
% |
|
Brokered deposits |
|
|
286,901 |
|
|
|
1,096 |
|
|
0.38 |
% |
|
|
310,763 |
|
|
|
2,387 |
|
|
0.77 |
% |
|
Time deposits |
|
|
1,939,446 |
|
|
|
20,311 |
|
|
1.05 |
% |
|
|
2,546,305 |
|
|
|
41,615 |
|
|
1.63 |
% |
|
Total Interest-Bearing Deposits |
|
|
14,512,793 |
|
|
|
30,005 |
|
|
0.21 |
% |
|
|
13,686,243 |
|
|
|
70,046 |
|
|
0.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Short-term borrowings |
|
|
513,092 |
|
|
|
583 |
|
|
0.11 |
% |
|
|
810,583 |
|
|
|
5,227 |
|
|
0.64 |
% |
|
Long-term borrowings |
|
|
784,871 |
|
|
|
29,094 |
|
|
3.71 |
% |
|
|
1,254,300 |
|
|
|
38,398 |
|
|
3.06 |
% |
|
Total Interest-Bearing Liabilities |
|
|
15,810,756 |
|
|
|
59,682 |
|
|
0.38 |
% |
|
|
15,751,126 |
|
|
|
113,671 |
|
|
0.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-Bearing liabilities: |
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
|
|
7,211,153 |
|
|
|
|
|
|
|
5,714,803 |
|
|
|
|
|
||||||
|
Other |
|
|
462,478 |
|
|
|
|
|
|
|
476,139 |
|
|
|
|
|
||||||
|
Total Liabilities |
|
|
23,484,387 |
|
|
|
|
|
|
|
21,942,068 |
|
|
|
|
|
||||||
|
Total Deposits/Cost of Deposits |
|
|
21,723,946 |
|
|
|
|
0.14 |
% |
|
|
19,401,046 |
|
|
|
|
0.36 |
% |
||||
|
Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") |
|
|
23,021,909 |
|
|
|
|
0.26 |
% |
|
|
21,465,929 |
|
|
|
|
0.53 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Shareholders' equity |
|
|
2,685,946 |
|
|
|
|
|
|
|
2,391,649 |
|
|
|
|
|
||||||
|
Total Liabilities and Shareholders' Equity |
|
$ |
26,170,333 |
|
|
|
|
|
|
$ |
24,333,717 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net interest income/net interest margin (fully taxable equivalent) |
|
|
|
|
676,026 |
|
|
2.78 |
% |
|
|
|
|
641,509 |
|
|
2.86 |
% |
||||
|
Tax equivalent adjustment |
|
|
|
|
(12,296 |
) |
|
|
|
|
|
|
(12,302 |
) |
|
|
||||||
|
Net Interest Income |
|
|
|
$ |
663,730 |
|
|
|
|
|
|
$ |
629,207 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(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 |
||||||||||||
|
|
|
|
|
|
|
|
|||||
|
|
|
Year ended December 31 |
|
|
|||||||
|
|
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
Loans, by type: |
|
|
|
|
|
|
||||||
|
Real estate - commercial mortgage |
|
$ |
7,149,712 |
|
|
$ |
6,928,269 |
|
|
3.2 |
% |
|
Commercial and industrial |
|
|
3,932,351 |
|
|
|
4,237,252 |
|
|
(7.2 |
)% |
|
Real estate - residential mortgage |
|
|
3,501,072 |
|
|
|
2,876,538 |
|
|
21.7 |
% |
|
Real estate - home equity |
|
|
1,141,042 |
|
|
|
1,255,094 |
|
|
(9.1 |
)% |
|
Real estate - construction |
|
|
1,078,350 |
|
|
|
965,534 |
|
|
11.7 |
% |
|
Consumer |
|
|
456,427 |
|
|
|
466,419 |
|
|
(2.1 |
)% |
|
Equipment lease financing |
|
|
252,104 |
|
|
|
281,859 |
|
|
(10.6 |
)% |
|
Other(1) |
|
|
(3,776 |
) |
|
|
(4,640 |
) |
|
18.6 |
% |
|
Net loans before PPP |
|
|
17,507,282 |
|
|
|
17,006,325 |
|
|
2.9 |
% |
|
PPP |
|
|
1,120,505 |
|
|
|
1,264,065 |
|
|
(11.4 |
)% |
|
Total Net Loans |
|
$ |
18,627,787 |
|
|
$ |
18,270,390 |
|
|
2.0 |
% |
|
|
|
|
|
|
|
|
|||||
Deposits, by type: |
|
|
|
|
|
|
||||||
|
Noninterest-bearing demand |
|
$ |
7,211,153 |
|
|
$ |
5,714,803 |
|
|
26.2 |
% |
|
Interest-bearing demand |
|
|
5,979,479 |
|
|
|
5,278,941 |
|
|
13.3 |
% |
|
Savings |
|
|
6,306,967 |
|
|
|
5,550,234 |
|
|
13.6 |
% |
|
Total demand and savings |
|
|
19,497,599 |
|
|
|
16,543,978 |
|
|
17.9 |
% |
|
Brokered |
|
|
286,901 |
|
|
|
310,763 |
|
|
(7.7 |
)% |
|
Time |
|
|
1,939,446 |
|
|
|
2,546,305 |
|
|
(23.8 |
)% |
|
Total Deposits |
|
$ |
21,723,946 |
|
|
$ |
19,401,046 |
|
|
12.0 |
% |
|
|
|
|
|
|
|
|
|||||
Short-term borrowings, by type: |
|
|
|
|
|
|
||||||
|
Customer funding |
|
|
513,092 |
|
|
|
553,033 |
|
|
(7.2 |
)% |
|
Federal funds purchased |
|
|
— |
|
|
|
64,918 |
|
|
N/M |
|
|
Short-term FHLB advances and other borrowings |
|
|
— |
|
|
|
192,632 |
|
|
N/M |
|
|
Total Short-Term Borrowings |
|
$ |
513,092 |
|
|
$ |
810,583 |
|
|
(36.7 |
)% |
|
|
|
|
|
|
|
|
|||||
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 |
|
Year Ended December |
||||||||||||||||||||||||
|
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Dec 31 |
|
Dec 31 |
||||||||||||||
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Allowance for credit losses related to net loans: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at beginning of period |
$ |
256,727 |
|
|
$ |
255,032 |
|
|
$ |
265,986 |
|
|
$ |
277,567 |
|
|
$ |
266,825 |
|
|
$ |
277,567 |
|
|
$ |
163,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impact of adopting CECL |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Commercial and industrial |
|
(9,417 |
) |
|
|
(647 |
) |
|
|
(954 |
) |
|
|
(4,319 |
) |
|
|
(1,567 |
) |
|
|
(15,337 |
) |
|
|
(18,915 |
) |
|
Real estate - commercial mortgage |
|
(369 |
) |
|
|
(14 |
) |
|
|
(6,506 |
) |
|
|
(1,837 |
) |
|
|
(300 |
) |
|
|
(8,726 |
) |
|
|
(4,225 |
) |
|
Consumer and home equity |
|
(828 |
) |
|
|
(504 |
) |
|
|
(1,130 |
) |
|
|
(847 |
) |
|
|
(668 |
) |
|
|
(3,309 |
) |
|
|
(4,593 |
) |
|
Real estate - residential mortgage |
|
— |
|
|
|
(602 |
) |
|
|
(496 |
) |
|
|
(192 |
) |
|
|
— |
|
|
|
(1,290 |
) |
|
|
(620 |
) |
|
Real estate - construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
|
(39 |
) |
|
|
(17 |
) |
|
Equipment lease financing and other |
|
(380 |
) |
|
|
(467 |
) |
|
|
(436 |
) |
|
|
(968 |
) |
|
|
(483 |
) |
|
|
(2,251 |
) |
|
|
(2,187 |
) |
|
Total loans charged off |
|
(10,994 |
) |
|
|
(2,234 |
) |
|
|
(9,522 |
) |
|
|
(8,202 |
) |
|
|
(3,018 |
) |
|
|
(30,952 |
) |
|
|
(30,557 |
) |
Recoveries of loans previously charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Commercial and industrial |
|
5,795 |
|
|
|
2,330 |
|
|
|
693 |
|
|
|
769 |
|
|
|
4,581 |
|
|
|
9,587 |
|
|
|
11,396 |
|
|
Real estate - commercial mortgage |
|
1,007 |
|
|
|
564 |
|
|
|
729 |
|
|
|
174 |
|
|
|
588 |
|
|
|
2,474 |
|
|
|
1,027 |
|
|
Consumer and home equity |
|
767 |
|
|
|
504 |
|
|
|
634 |
|
|
|
440 |
|
|
|
594 |
|
|
|
2,345 |
|
|
|
2,380 |
|
|
Real estate - residential mortgage |
|
89 |
|
|
|
86 |
|
|
|
105 |
|
|
|
95 |
|
|
|
199 |
|
|
|
375 |
|
|
|
491 |
|
|
Real estate - construction |
|
77 |
|
|
|
697 |
|
|
|
254 |
|
|
|
384 |
|
|
|
179 |
|
|
|
1,412 |
|
|
|
5,122 |
|
|
Equipment lease financing and other |
|
283 |
|
|
|
358 |
|
|
|
153 |
|
|
|
159 |
|
|
|
219 |
|
|
|
953 |
|
|
|
604 |
|
|
Recoveries of loans previously charged off |
|
8,018 |
|
|
|
4,539 |
|
|
|
2,568 |
|
|
|
2,021 |
|
|
|
6,360 |
|
|
|
17,146 |
|
|
|
21,020 |
|
Net loans (charged off) recovered |
|
(2,976 |
) |
|
|
2,305 |
|
|
|
(6,954 |
) |
|
|
(6,181 |
) |
|
|
3,342 |
|
|
|
(13,806 |
) |
|
|
(9,537 |
) |
|
Provision for credit losses |
|
(4,750 |
) |
|
|
(610 |
) |
|
|
(4,000 |
) |
|
|
(5,400 |
) |
|
|
7,400 |
|
|
|
(14,760 |
) |
|
|
77,760 |
|
|
Balance at end of period |
$ |
249,001 |
|
|
$ |
256,727 |
|
|
$ |
255,032 |
|
|
$ |
265,986 |
|
|
$ |
277,567 |
|
|
$ |
249,001 |
|
|
$ |
277,567 |
|
|
Net charge-offs (recoveries) to average loans (annualized) |
|
0.07 |
% |
|
|
(0.05 |
) % |
|
|
0.15 |
% |
|
|
0.13 |
% |
|
|
(0.07 |
) % |
|
|
0.07 |
% |
|
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance credit losses related to OBS Credit Exposures(1) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Balance at beginning of period |
$ |
14,783 |
|
|
$ |
14,773 |
|
|
$ |
14,273 |
|
|
$ |
14,373 |
|
|
$ |
15,533 |
|
|
|
|
|
||||
|
Provision for credit losses |
|
(250 |
) |
|
|
10 |
|
|
|
500 |
|
|
|
(100 |
) |
|
|
(1,160 |
) |
|
|
|
|
||||
|
Balance at end of period |
$ |
14,533 |
|
|
$ |
14,783 |
|
|
$ |
14,773 |
|
|
$ |
14,273 |
|
|
$ |
14,373 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Non-accrual loans |
$ |
143,666 |
|
|
$ |
138,833 |
|
|
$ |
147,864 |
|
|
$ |
143,889 |
|
|
$ |
137,198 |
|
|
|
|
|
||||
|
Loans 90 days past due and accruing |
|
8,453 |
|
|
|
11,389 |
|
|
|
5,865 |
|
|
|
8,559 |
|
|
|
9,929 |
|
|
|
|
|
||||
|
Total non-performing loans |
|
152,119 |
|
|
|
150,222 |
|
|
|
153,729 |
|
|
|
152,448 |
|
|
|
147,127 |
|
|
|
|
|
||||
|
Other real estate owned |
|
1,817 |
|
|
|
1,896 |
|
|
|
2,779 |
|
|
|
3,664 |
|
|
|
4,178 |
|
|
|
|
|
||||
|
Total non-performing assets |
$ |
153,936 |
|
|
$ |
152,118 |
|
|
$ |
156,508 |
|
|
$ |
156,112 |
|
|
$ |
151,305 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NON-PERFORMING LOANS, BY TYPE: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Commercial and industrial |
$ |
30,629 |
|
|
$ |
32,697 |
|
|
$ |
33,522 |
|
|
$ |
31,871 |
|
|
$ |
32,610 |
|
|
|
|
|
||||
|
Real estate - commercial mortgage |
|
54,044 |
|
|
|
52,100 |
|
|
|
53,693 |
|
|
|
54,164 |
|
|
|
52,647 |
|
|
|
|
|
||||
|
Real estate - residential mortgage |
|
39,399 |
|
|
|
37,077 |
|
|
|
38,185 |
|
|
|
36,152 |
|
|
|
30,793 |
|
|
|
|
|
||||
|
Consumer and home equity |
|
11,505 |
|
|
|
11,509 |
|
|
|
11,408 |
|
|
|
13,072 |
|
|
|
13,090 |
|
|
|
|
|
||||
|
Real estate - construction |
|
901 |
|
|
|
965 |
|
|
|
1,016 |
|
|
|
1,440 |
|
|
|
1,550 |
|
|
|
|
|
||||
|
Equipment lease financing and other |
|
15,641 |
|
|
|
15,874 |
|
|
|
15,905 |
|
|
|
15,749 |
|
|
|
16,437 |
|
|
|
|
|
||||
|
Total non-performing loans |
$ |
152,119 |
|
|
$ |
150,222 |
|
|
$ |
153,729 |
|
|
$ |
152,448 |
|
|
$ |
147,127 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(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 |
||||||||||
|
|
|
|
|
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
Common shareholders' equity (tangible), per share |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shareholders' equity |
|
|
$ |
2,712,680 |
|
|
$ |
2,699,818 |
|
|
$ |
2,692,958 |
|
|
$ |
2,629,655 |
|
|
$ |
2,616,828 |
|
||||
Less: Preferred stock |
|
|
|
(192,878 |
) |
|
|
(192,878 |
) |
|
|
(192,878 |
) |
|
|
(192,878 |
) |
|
|
(192,878 |
) |
||||
Less: Goodwill and intangible assets |
|
|
|
(538,053 |
) |
|
|
(536,697 |
) |
|
|
(536,847 |
) |
|
|
(536,544 |
) |
|
|
(536,659 |
) |
||||
Tangible common shareholders' equity (numerator) |
|
|
$ |
1,981,749 |
|
|
$ |
1,970,243 |
|
|
$ |
1,963,233 |
|
|
$ |
1,900,233 |
|
|
$ |
1,887,291 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shares outstanding, end of period (denominator) |
|
|
|
160,490 |
|
|
|
161,429 |
|
|
|
162,988 |
|
|
|
162,518 |
|
|
|
162,350 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common shareholders' equity (tangible), per share |
|
|
$ |
12.35 |
|
|
$ |
12.21 |
|
|
$ |
12.05 |
|
|
$ |
11.69 |
|
|
$ |
11.62 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average common shareholders' equity (tangible) |
|
|
|
|
|
|
|||||||||||||||||||
Net income available to common shareholders |
|
|
$ |
59,325 |
|
|
$ |
73,021 |
|
|
$ |
62,402 |
|
|
$ |
70,472 |
|
|
$ |
48,690 |
|
||||
Plus: Intangible amortization, net of tax |
|
|
|
114 |
|
|
|
118 |
|
|
|
140 |
|
|
|
90 |
|
|
|
104 |
|
||||
Net income available to common shareholder's (numerator) |
|
$ |
59,439 |
|
|
$ |
73,139 |
|
|
$ |
62,542 |
|
|
$ |
70,562 |
|
|
$ |
48,794 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average shareholders' equity |
|
|
$ |
2,713,198 |
|
|
$ |
2,722,833 |
|
|
$ |
2,669,413 |
|
|
$ |
2,637,098 |
|
|
$ |
2,544,866 |
|
||||
Less: Average preferred stock |
|
|
|
(192,878 |
) |
|
|
(192,878 |
) |
|
|
(192,878 |
) |
|
|
(192,878 |
) |
|
|
(127,639 |
) |
||||
Less: Average goodwill and intangible assets |
|
|
|
(536,638 |
) |
|
|
(536,772 |
) |
|
|
(536,470 |
) |
|
|
(536,601 |
) |
|
|
(535,474 |
) |
||||
Average tangible common shareholders' equity (denominator) |
|
$ |
1,983,682 |
|
|
$ |
1,993,183 |
|
|
$ |
1,940,065 |
|
|
$ |
1,907,619 |
|
|
$ |
1,881,753 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Return on average common shareholders' equity (tangible), annualized |
|
|
11.89 |
% |
|
|
14.56 |
% |
|
|
12.93 |
% |
|
|
15.00 |
% |
|
|
10.32 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common equity to tangible assets (TCE Ratio) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shareholders' equity |
|
|
$ |
2,712,680 |
|
|
$ |
2,699,818 |
|
|
$ |
2,692,958 |
|
|
$ |
2,629,655 |
|
|
$ |
2,616,828 |
|
||||
Less: Preferred stock |
|
|
|
(192,878 |
) |
|
|
(192,878 |
) |
|
|
(192,878 |
) |
|
|
(192,878 |
) |
|
|
(192,878 |
) |
||||
Less: Goodwill and intangible assets |
|
|
|
(538,053 |
) |
|
|
(536,697 |
) |
|
|
(536,847 |
) |
|
|
(536,544 |
) |
|
|
(536,659 |
) |
||||
Tangible common shareholders' equity (numerator) |
|
|
$ |
1,981,749 |
|
|
$ |
1,970,243 |
|
|
$ |
1,963,233 |
|
|
$ |
1,900,233 |
|
|
$ |
1,887,291 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
|
|
|
|
|
$ |
25,796,398 |
|
|
$ |
26,390,832 |
|
|
$ |
26,079,774 |
|
|
$ |
25,892,990 |
|
|
$ |
25,906,733 |
|
Less: Goodwill and intangible assets |
|
|
|
(538,053 |
) |
|
|
(536,697 |
) |
|
|
(536,847 |
) |
|
|
(536,544 |
) |
|
|
(536,659 |
) |
||||
Total tangible assets (denominator) |
|
|
$ |
25,258,345 |
|
|
$ |
25,854,135 |
|
|
$ |
25,542,927 |
|
|
$ |
25,356,446 |
|
|
$ |
25,370,074 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common equity to tangible assets |
|
|
|
7.85 |
% |
|
|
7.62 |
% |
|
|
7.69 |
% |
|
|
7.49 |
% |
|
|
7.44 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest expense |
|
|
$ |
154,019 |
|
|
$ |
144,596 |
|
|
$ |
140,831 |
|
|
$ |
178,384 |
|
|
$ |
154,738 |
|
||||
Less: Amortization of tax credit investments |
|
|
|
(1,547 |
) |
|
|
(1,546 |
) |
|
|
(1,563 |
) |
|
|
(1,531 |
) |
|
|
(1,532 |
) |
||||
Less: Intangible amortization |
|
|
|
(146 |
) |
|
|
(150 |
) |
|
|
(178 |
) |
|
|
(115 |
) |
|
|
(132 |
) |
||||
Less: 2020 cost savings initiatives |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,400 |
) |
||||
Less: Debt extinguishment costs |
|
|
|
(674 |
) |
|
|
— |
|
|
|
(412 |
) |
|
|
(32,163 |
) |
|
|
— |
|
||||
Non-interest expense (numerator) |
|
|
$ |
151,652 |
|
|
$ |
142,900 |
|
|
$ |
138,678 |
|
|
$ |
144,575 |
|
|
$ |
137,674 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest income |
|
|
$ |
165,613 |
|
|
$ |
171,270 |
|
|
$ |
162,399 |
|
|
$ |
164,449 |
|
|
$ |
161,591 |
|
||||
Tax equivalent adjustment |
|
|
|
3,184 |
|
|
|
3,114 |
|
|
|
3,018 |
|
|
|
2,979 |
|
|
|
2,987 |
|
||||
Plus: Total non-interest income |
|
|
|
63,881 |
|
|
|
62,577 |
|
|
|
51,890 |
|
|
|
95,397 |
|
|
|
55,574 |
|
||||
Less: Investment securities gains, net |
|
|
|
(5 |
) |
|
|
— |
|
|
|
(36 |
) |
|
|
(33,475 |
) |
|
|
— |
|
||||
Total revenue (denominator) |
|
|
$ |
232,673 |
|
|
$ |
236,961 |
|
|
$ |
217,271 |
|
|
$ |
229,350 |
|
|
$ |
220,152 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Efficiency ratio |
|
|
|
65.2 |
% |
|
|
60.3 |
% |
|
|
63.8 |
% |
|
|
63.0 |
% |
|
|
62.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
Three months ended |
||||||||||||||||||
|
|
|
|
|
|
|
Dec 31 |
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
||||||||||
|
|
|
|
|
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest expenses to total average assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-interest expense |
|
|
$ |
154,019 |
|
|
$ |
144,596 |
|
|
$ |
140,831 |
|
|
$ |
178,384 |
|
|
$ |
154,738 |
|
||||
Less: Amortization of tax credit investments |
|
|
|
(1,547 |
) |
|
|
(1,546 |
) |
|
|
(1,563 |
) |
|
|
(1,531 |
) |
|
|
(1,532 |
) |
||||
Less: Intangible amortization |
|
|
|
(146 |
) |
|
|
(150 |
) |
|
|
(178 |
) |
|
|
(115 |
) |
|
|
(132 |
) |
||||
Less: 2020 cost savings initiatives |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,400 |
) |
||||
Less: Debt extinguishment costs |
|
|
|
(674 |
) |
|
|
— |
|
|
|
(412 |
) |
|
|
(32,163 |
) |
|
|
— |
|
||||
Non-interest expense (numerator) |
|
|
$ |
151,652 |
|
|
$ |
142,900 |
|
|
$ |
138,678 |
|
|
$ |
144,575 |
|
|
$ |
137,674 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total average assets (denominator) |
|
|
$ |
26,136,536 |
|
|
$ |
26,440,876 |
|
|
$ |
26,017,542 |
|
|
$ |
26,082,816 |
|
|
$ |
25,749,405 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest expenses to total average assets, (annualized) |
|
|
|
2.30 |
% |
|
|
2.14 |
% |
|
|
2.14 |
% |
|
|
2.25 |
% |
|
|
2.13 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality, excluding PPP |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net loans recovered (charged-off) (numerator) |
|
|
$ |
(2,976 |
) |
|
$ |
2,305 |
|
|
$ |
(6,954 |
) |
|
$ |
(6,181 |
) |
|
$ |
3,342 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average net loans |
|
|
$ |
18,220,550 |
|
|
$ |
18,414,153 |
|
|
$ |
18,906,556 |
|
|
$ |
18,980,586 |
|
|
$ |
18,994,514 |
|
||||
Less: Average PPP loans |
|
|
|
(435,042 |
) |
|
|
(850,618 |
) |
|
|
(1,524,389 |
) |
|
|
(1,688,713 |
) |
|
|
(1,830,426 |
) |
||||
Total adjusted average loans (denominator) |
|
|
$ |
17,785,508 |
|
|
$ |
17,563,535 |
|
|
$ |
17,382,167 |
|
|
$ |
17,291,873 |
|
|
$ |
17,164,088 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs (recoveries) to adjusted average loans (annualized) |
|
|
|
0.07 |
% |
|
|
(0.05 |
)% |
|
|
0.16 |
% |
|
|
0.14 |
% |
|
|
(0.08 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-performing loans (numerator) |
|
|
$ |
152,119 |
|
|
$ |
150,222 |
|
|
$ |
153,729 |
|
|
$ |
152,448 |
|
|
$ |
147,127 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loans |
|
|
$ |
18,325,350 |
|
|
$ |
18,269,407 |
|
|
$ |
18,586,756 |
|
|
$ |
18,990,986 |
|
|
$ |
18,900,820 |
|
||||
Less: PPP loans |
|
|
|
(301,253 |
) |
|
|
(590,447 |
) |
|
|
(1,114,401 |
) |
|
|
(1,688,394 |
) |
|
|
(1,581,712 |
) |
||||
Total adjusted loans (denominator) |
|
|
$ |
18,024,097 |
|
|
$ |
17,678,960 |
|
|
$ |
17,472,355 |
|
|
$ |
17,302,592 |
|
|
$ |
17,319,108 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-performing loans to total adjusted loans |
|
|
|
0.84 |
% |
|
|
0.85 |
% |
|
|
0.88 |
% |
|
|
0.88 |
% |
|
|
0.85 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
ACL - loans (numerator) |
|
|
$ |
249,001 |
|
|
$ |
256,727 |
|
|
$ |
255,032 |
|
|
$ |
265,986 |
|
|
$ |
277,567 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net loans |
|
|
$ |
18,325,350 |
|
|
$ |
18,269,407 |
|
|
$ |
18,586,756 |
|
|
$ |
18,990,986 |
|
|
$ |
18,900,820 |
|
||||
Less: PPP loans |
|
|
|
(301,253 |
) |
|
|
(590,447 |
) |
|
|
(1,114,401 |
) |
|
|
(1,688,394 |
) |
|
|
(1,581,712 |
) |
||||
Total adjusted loans (denominator) |
|
|
$ |
18,024,097 |
|
|
$ |
17,678,960 |
|
|
$ |
17,472,355 |
|
|
$ |
17,302,592 |
|
|
$ |
17,319,108 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ACL - loans to total adjusted loans |
|
|
|
1.38 |
% |
|
|
1.45 |
% |
|
|
1.46 |
% |
|
|
1.54 |
% |
|
|
1.60 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-provision net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income |
|
|
|
|
$ |
165,613 |
|
|
$ |
171,270 |
|
|
$ |
162,399 |
|
|
$ |
164,448 |
|
|
$ |
161,591 |
|
||
Non-interest income |
|
|
|
|
|
63,881 |
|
|
|
62,577 |
|
|
|
51,890 |
|
|
|
95,397 |
|
|
|
55,574 |
|
||
Less: Investment securities gains, net |
|
|
|
|
|
(5 |
) |
|
|
— |
|
|
|
(36 |
) |
|
|
(33,475 |
) |
|
|
— |
|
||
Total revenue |
|
|
|
|
$ |
229,489 |
|
|
$ |
233,847 |
|
|
$ |
214,253 |
|
|
$ |
226,370 |
|
|
$ |
217,165 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest expense |
|
|
|
|
$ |
154,019 |
|
|
$ |
144,596 |
|
|
$ |
140,831 |
|
|
$ |
178,384 |
|
|
$ |
154,738 |
|
||
Less: Debt extinguishment |
|
|
|
|
|
(674 |
) |
|
|
— |
|
|
|
(412 |
) |
|
|
(32,163 |
) |
|
|
— |
|
||
Less: Amortization on tax credit investments |
|
|
|
|
|
(1,547 |
) |
|
|
(1,546 |
) |
|
|
(1,563 |
) |
|
|
(1,531 |
) |
|
|
(1,532 |
) |
||
Less: Intangible amortization |
|
|
|
|
|
(146 |
) |
|
|
(150 |
) |
|
|
(178 |
) |
|
|
(115 |
) |
|
|
(132 |
) |
||
Total non-interest expense |
|
|
|
|
$ |
151,652 |
|
|
$ |
142,900 |
|
|
$ |
138,678 |
|
|
$ |
144,575 |
|
|
$ |
153,074 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-provision net revenue |
|
|
|
|
$ |
77,837 |
|
|
$ |
90,947 |
|
|
$ |
75,575 |
|
|
$ |
81,795 |
|
|
$ |
64,091 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Note: numbers may not sum due to rounding. |
|||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220118006016/en/
Contacts
Media Contact: Laura Wakeley (717) 291-2616
Investor Contact: Matt Jozwiak (717) 327-2657
