Fulton Financial Reports Fourth Quarter and 2018 Results
Business Wire 15-Jan-2019 4:30 PM
Fulton Financial Corporation (NASDAQ:FULT) (the "Corporation") reported
net income of $58.1 million, or $0.33 per diluted share, for the fourth
quarter of 2018, and net income of $208.4 million, or $1.18 per diluted
share, for 2018.
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"Overall, 2018 was another good year for Fulton as we continued to
execute on our growth strategies and benefited from multiple interest
rate hikes from the Federal Reserve which translated into record levels
of revenue and earnings," said E. Philip Wenger, Chairman and CEO. "I'm
extremely proud of our team's hard work this year, and continued focus
on driving shareholder value. We look forward to 2019 and believe we are
well-positioned for an even better year."
Net Interest Income and Margin
Net interest income for the fourth quarter of 2018 increased $2.8
million, or 1.8%, from the third quarter of 2018 and net interest margin
increased two basis points, to 3.44%. The average yield on
interest-earning assets and the average cost of interest-bearing
liabilities each increased nine basis points. The nine basis point
increase in the average yield on interest-earning assets was primarily
due to a ten basis point increase in loan yields. The nine basis point
increase in the average cost of interest-bearing liabilities reflected
an 11 basis point increase in the cost of interest-bearing deposits.
For the year ended December 31, 2018, net interest income increased
$55.1 million, or 9.6%, from 2017. Net interest margin increased 12
basis points, to 3.40%. The average yield on interest-earning assets
increased 29 basis points and the average cost of interest-bearing
liabilities increased 22 basis points from 2017.
Balance Sheet
Total average assets for the fourth quarter of 2018 were $20.5 billion,
an increase of $238.9 million from the third quarter of 2018. Average
loans, net of unearned income, increased $103.5 million, or 0.7%, in
comparison to the third quarter of 2018. Average loans and yields, by
type, for the fourth quarter of 2018 in comparison to the third quarter
of 2018 are summarized in the following table:
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
|
Growth
|
|
|
|
|
Balance
|
|
Yield (1)
|
|
Balance
|
|
Yield (1)
|
|
$
|
|
%
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
|
|
|
Average Loans, net of unearned income, by type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage
|
|
$
|
6,343,024
|
|
4.57
|
%
|
|
$
|
6,309,663
|
|
4.46
|
%
|
|
$
|
33,361
|
|
|
0.5
|
%
|
|
|
Commercial - industrial, financial and agricultural
|
|
|
4,329,937
|
|
4.51
|
%
|
|
|
4,304,320
|
|
4.36
|
%
|
|
|
25,617
|
|
|
0.6
|
%
|
|
|
Real estate - residential mortgage
|
|
|
2,209,993
|
|
4.01
|
%
|
|
|
2,142,977
|
|
3.96
|
%
|
|
|
67,016
|
|
|
3.1
|
%
|
|
|
Real estate - home equity
|
|
|
1,459,647
|
|
5.19
|
%
|
|
|
1,474,011
|
|
4.99
|
%
|
|
|
(14,364
|
)
|
|
(1.0
|
%)
|
|
|
Real estate - construction
|
|
|
931,724
|
|
4.63
|
%
|
|
|
969,575
|
|
4.58
|
%
|
|
|
(37,851
|
)
|
|
(3.9
|
%)
|
|
|
Consumer
|
|
|
406,436
|
|
4.57
|
%
|
|
|
375,656
|
|
4.50
|
%
|
|
|
30,780
|
|
|
8.2
|
%
|
|
|
Leasing
|
|
|
274,134
|
|
4.63
|
%
|
|
|
276,456
|
|
4.66
|
%
|
|
|
(2,322
|
)
|
|
(0.8
|
%)
|
|
|
Other
|
|
|
10,742
|
|
N/A
|
|
|
|
9,485
|
|
N/A
|
|
|
|
1,257
|
|
|
13.3
|
%
|
|
|
Total Average Loans, net of unearned income
|
|
$
|
15,965,637
|
|
4.54
|
%
|
|
$
|
15,862,143
|
|
4.44
|
%
|
|
$
|
103,494
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Presented on a fully-taxable equivalent basis using a 21%
federal tax rate and statutory interest expense disallowances.
|
|
|
N/A - Not applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2018, average loans increased $578.7
million, or 3.8%, compared to 2017. Ending loans at December 31, 2018
increased $240.7 million, or 1.5%, compared to September 30, 2018 and
increased $397.6 million, or 2.5%, compared to December 31, 2017.
Total average liabilities increased $226.3 million, or 1.3%, from the
third quarter of 2018, while average deposits increased $445.8 million,
or 2.8%. Average deposits and interest rates, by type, for the fourth
quarter of 2018 in comparison to the third quarter of 2018 are
summarized in the following table:
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
|
Growth
|
|
|
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
$
|
|
%
|
|
|
|
|
(dollars in thousands)
|
|
|
|
|
|
Average Deposits, by type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
|
$
|
4,321,776
|
|
-
|
%
|
|
$
|
4,298,020
|
|
-
|
%
|
|
$
|
23,756
|
|
0.6
|
%
|
|
|
Interest-bearing demand
|
|
|
4,225,157
|
|
0.70
|
%
|
|
|
4,116,051
|
|
0.61
|
%
|
|
|
109,106
|
|
2.7
|
%
|
|
|
Savings and money market deposits
|
|
|
4,979,712
|
|
0.78
|
%
|
|
|
4,718,148
|
|
0.64
|
%
|
|
|
261,564
|
|
5.5
|
%
|
|
Total average demand and savings
|
|
|
13,526,645
|
|
0.50
|
%
|
|
|
13,132,219
|
|
0.42
|
%
|
|
|
394,426
|
|
3.0
|
%
|
|
|
Brokered deposits
|
|
|
164,280
|
|
2.34
|
%
|
|
|
162,467
|
|
2.05
|
%
|
|
|
1,813
|
|
1.1
|
%
|
|
|
Time deposits
|
|
|
2,722,141
|
|
1.46
|
%
|
|
|
2,672,548
|
|
1.34
|
%
|
|
|
49,593
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Average Deposits
|
|
$
|
16,413,066
|
|
0.68
|
%
|
|
$
|
15,967,234
|
|
0.59
|
%
|
|
$
|
445,832
|
|
2.8
|
%
|
For the year ended December 31, 2018, average deposits increased $351.4
million, or 2.3%, compared to 2017. Ending deposits at December 31, 2018
increased $127.1 million, or 0.8%, compared to September 30, 2018 and
increased $578.6 million, or 3.7%, compared to December 31, 2017.
Asset Quality
Non-performing assets were $150.2 million, or 0.73% of total assets, at
December 31, 2018, compared to $130.8 million, or 0.64% of total assets,
at September 30, 2018 and $144.6 million, or 0.72% of total assets, at
December 31, 2017.
Annualized net charge-offs for the quarter ended December 31, 2018 were
0.17% of total average loans compared to 0.08% for the quarter ended
September 30, 2018. The allowance for credit losses as a percentage of
non-performing loans was 121% at December 31, 2018, as compared to 140%
at September 30, 2018 and 131% at December 31, 2017.
During the fourth quarter of 2018, the Corporation recorded an $8.2
million provision for credit losses, compared to a $1.6 million
provision for credit losses in the third quarter of 2018. For the year
ended December 31, 2018, the provision for credit losses was $46.9
million, an increase of $23.6 million from 2017.
The increases in non-performing loans and the provision for credit
losses during the fourth quarter of 2018 were primarily the result of a
single relationship, including commercial loans and leases.
Non-interest Income
Non-interest income in the fourth quarter of 2018, excluding investment
securities gains, decreased $1.5 million, or 2.9%, in comparison to the
third quarter of 2018. This decline was due primarily to decreases in
commercial loan interest rate swap fees and merchant fees. The decline
was partially offset by gains in investment management and trust
services income and small business administration (SBA) lending income.
For the year ended December 31, 2018, non-interest income, excluding
investment securities gains, decreased $3.4 million, or 1.7%, primarily
due to a $5.1 million net gain recognized upon the settlement of
litigation in 2017 and decreases in commercial loan interest rate swap
fees, overdraft fees, SBA lending income and mortgage banking income,
which included a $1.3 million mortgage servicing rights valuation
allowance reversal in 2017. Partially offsetting these decreases were
increases in investment management and trust services income, merchant
fees, and credit and debit card income.
Non-interest Expense
Non-interest expense increased $5.3 million, or 3.9%, in the fourth
quarter of 2018, compared to the third quarter of 2018. Amortization of
tax credit investments increased $4.9 million, due to the amortization
of a tax credit investment that generated a corresponding credit to
income taxes in the quarter. The $2.4 million increase in other
expenses, due primarily to branch consolidation costs and other real
estate owned expense, was partially offset by a decrease in marketing
expense.
For the year ended December 31, 2018, non-interest expense increased
$20.5 million, or 3.9%, compared to 2017. This increase was primarily
due to increases in salaries and employee benefits, other outside
services, data processing and software, net occupancy expense and
professional fees.
Income Tax Expense
The effective income tax rate for the fourth quarter of 2018 was 8.6%,
as compared to 11.5% for the third quarter of 2018. The decrease in the
effective income tax rate resulted mainly from the aforementioned tax
credit and lower income before income taxes.
The effective income tax rate for the year ended December 31, 2018 was
10.5% compared to 26.7% in 2017, due primarily to the new federal
corporate income tax rate, which became effective January 1, 2018.
Additional information on Fulton Financial Corporation is available on
the Internet at www.fult.com.
Safe Harbor Statement
This news release may contain forward-looking statements with respect to
the Corporation's financial condition, results of operations and
business. Do not unduly rely on forward-looking statements.
Forward-looking statements can be identified by the use of words such as
"may," "should," "will," "could," "estimates," "predicts," "potential,"
"continue," "anticipates," "believes," "plans," "expects," "future,"
"intends," "projects," the negative of these terms and other comparable
terminology. These forward looking statements may include projections
of, or guidance on, the Corporation's future financial performance,
expected levels of future expenses, anticipated growth strategies,
descriptions of new business initiatives and anticipated trends in the
Corporation's business or financial results.
Forward-looking statements are neither historical facts, nor assurance
of future performance. Instead, they are based on current beliefs,
expectations and assumptions regarding the future of the Corporation's
business, future plans and strategies, projections, anticipated events
and trends, the economy and other future conditions. Because
forward-looking statements related 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, 2017 and Quarterly Reports
on Form 10-Q for the quarters ended March 31, 2018, June 30, 2018 and
September 30, 2018, which have been filed with the Securities and
Exchange Commission and are available in the Investor Relations section
of the Corporation's website (www.fult.com)
and on the Securities and Exchange Commission's website (www.sec.gov).
Non-GAAP Financial Measures
The Corporation uses certain non-GAAP financial measures in this
earnings release. These non-GAAP financial measures are reconciled to
the most comparable GAAP measures in tables at the end of this release.
|
|
|
FULTON FINANCIAL CORPORATION
|
|
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
|
|
in thousands, except per-share data and percentages
|
|
|
Three Months Ended
|
|
|
Dec 31
|
|
Sep 30
|
|
Jun 30
|
|
Mar 31
|
|
Dec 31
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
2017
|
|
|
Ending Balances
|
|
|
|
|
|
|
|
|
|
|
Investments
|
$
|
2,686,973
|
|
|
$
|
2,635,413
|
|
|
$
|
2,593,283
|
|
|
$
|
2,592,823
|
|
|
$
|
2,547,956
|
|
|
Loans, net of unearned income
|
|
16,165,800
|
|
|
|
15,925,093
|
|
|
|
15,792,969
|
|
|
|
15,696,284
|
|
|
|
15,768,247
|
|
|
Total assets
|
|
20,682,152
|
|
|
|
20,364,810
|
|
|
|
20,172,539
|
|
|
|
19,948,941
|
|
|
|
20,036,905
|
|
|
Deposits
|
|
16,376,159
|
|
|
|
16,249,014
|
|
|
|
15,599,799
|
|
|
|
15,477,103
|
|
|
|
15,797,532
|
|
|
Shareholders' equity
|
|
2,247,573
|
|
|
|
2,283,014
|
|
|
|
2,245,785
|
|
|
|
2,235,493
|
|
|
|
2,229,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances
|
|
|
|
|
|
|
|
|
|
|
Investments
|
$
|
2,646,266
|
|
|
$
|
2,596,414
|
|
|
$
|
2,601,705
|
|
|
$
|
2,556,986
|
|
|
$
|
2,566,337
|
|
|
Loans, net of unearned income
|
|
15,965,637
|
|
|
|
15,862,143
|
|
|
|
15,768,377
|
|
|
|
15,661,032
|
|
|
|
15,560,185
|
|
|
Total assets
|
|
20,512,130
|
|
|
|
20,273,232
|
|
|
|
20,063,375
|
|
|
|
19,876,093
|
|
|
|
20,072,579
|
|
|
Deposits
|
|
16,413,066
|
|
|
|
15,967,234
|
|
|
|
15,517,424
|
|
|
|
15,420,312
|
|
|
|
16,056,789
|
|
|
Shareholders' equity
|
|
2,281,669
|
|
|
|
2,269,093
|
|
|
|
2,246,904
|
|
|
|
2,224,615
|
|
|
|
2,237,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$
|
162,944
|
|
|
$
|
160,127
|
|
|
$
|
156,067
|
|
|
$
|
151,318
|
|
|
$
|
149,413
|
|
|
Provision for credit losses
|
|
8,200
|
|
|
|
1,620
|
|
|
|
33,117
|
|
|
|
3,970
|
|
|
|
6,730
|
|
|
Non-interest income
|
|
49,523
|
|
|
|
51,033
|
|
|
|
49,094
|
|
|
|
45,875
|
|
|
|
56,956
|
|
|
Non-interest expense
|
|
140,685
|
|
|
|
135,413
|
|
|
|
133,345
|
|
|
|
136,661
|
|
|
|
138,452
|
|
|
Income before taxes
|
|
63,582
|
|
|
|
74,127
|
|
|
|
38,699
|
|
|
|
56,562
|
|
|
|
61,187
|
|
|
Net income
|
|
58,083
|
|
|
|
65,633
|
|
|
|
35,197
|
|
|
|
49,480
|
|
|
|
34,001
|
|
|
Pre-provision net revenue(1)
|
|
78,320
|
|
|
|
77,370
|
|
|
|
73,449
|
|
|
|
62,150
|
|
|
|
69,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
|
|
|
|
|
|
|
|
|
|
|
Net income (basic)
|
$
|
0.33
|
|
|
$
|
0.37
|
|
|
$
|
0.20
|
|
|
$
|
0.28
|
|
|
$
|
0.19
|
|
|
Net income (diluted)
|
|
0.33
|
|
|
|
0.37
|
|
|
|
0.20
|
|
|
|
0.28
|
|
|
|
0.19
|
|
|
Cash dividends
|
|
0.16
|
|
|
|
0.12
|
|
|
|
0.12
|
|
|
|
0.12
|
|
|
|
0.14
|
|
|
Tangible common equity(1)
|
|
10.08
|
|
|
|
9.95
|
|
|
|
9.75
|
|
|
|
9.71
|
|
|
|
9.70
|
|
|
Weighted average shares (basic)
|
|
174,571
|
|
|
|
175,942
|
|
|
|
175,764
|
|
|
|
175,303
|
|
|
|
175,132
|
|
|
Weighted average shares (diluted)
|
|
175,473
|
|
|
|
177,128
|
|
|
|
176,844
|
|
|
|
176,568
|
|
|
|
176,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans (annualized)
|
|
0.17
|
%
|
|
|
0.08
|
%
|
|
|
1.01
|
%
|
|
|
0.10
|
%
|
|
|
0.14
|
%
|
|
Non-performing loans to total loans
|
|
0.86
|
%
|
|
|
0.75
|
%
|
|
|
0.78
|
%
|
|
|
0.86
|
%
|
|
|
0.85
|
%
|
|
Non-performing assets to total assets
|
|
0.73
|
%
|
|
|
0.64
|
%
|
|
|
0.67
|
%
|
|
|
0.73
|
%
|
|
|
0.72
|
%
|
|
Allowance for credit losses to loans outstanding
|
|
1.05
|
%
|
|
|
1.05
|
%
|
|
|
1.07
|
%
|
|
|
1.12
|
%
|
|
|
1.12
|
%
|
|
Allowance for loan losses to loans outstanding
|
|
0.99
|
%
|
|
|
0.99
|
%
|
|
|
0.99
|
%
|
|
|
1.04
|
%
|
|
|
1.08
|
%
|
|
Allowance for credit losses to non-performing loans
|
|
121.29
|
%
|
|
|
139.74
|
%
|
|
|
136.77
|
%
|
|
|
130.73
|
%
|
|
|
130.67
|
%
|
|
Allowance for loan losses to non-performing loans
|
|
114.93
|
%
|
|
|
131.40
|
%
|
|
|
126.11
|
%
|
|
|
121.22
|
%
|
|
|
126.08
|
%
|
|
Non-performing assets to tangible shareholders' equity
and allowance for credit losses(1)
|
|
7.97
|
%
|
|
|
6.81
|
%
|
|
|
7.16
|
%
|
|
|
7.73
|
%
|
|
|
7.71
|
%
|
|
Total delinquency rate
|
|
1.08
|
%
|
|
|
1.15
|
%
|
|
|
1.18
|
%
|
|
|
1.19
|
%
|
|
|
1.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
1.12
|
%
|
|
|
1.28
|
%
|
|
|
0.70
|
%
|
|
|
1.01
|
%
|
|
|
0.67
|
%
|
|
Return on average shareholders' equity
|
|
10.10
|
%
|
|
|
11.48
|
%
|
|
|
6.28
|
%
|
|
|
9.02
|
%
|
|
|
6.03
|
%
|
|
Return on average shareholders' equity (tangible)(1)
|
|
13.17
|
%
|
|
|
14.99
|
%
|
|
|
8.23
|
%
|
|
|
11.85
|
%
|
|
|
7.91
|
%
|
|
Net interest margin
|
|
3.44
|
%
|
|
|
3.42
|
%
|
|
|
3.39
|
%
|
|
|
3.35
|
%
|
|
|
3.29
|
%
|
|
Efficiency ratio(1)
|
|
62.2
|
%
|
|
|
62.5
|
%
|
|
|
63.3
|
%
|
|
|
67.5
|
%
|
|
|
64.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio(1)
|
|
8.52
|
%
|
|
|
8.83
|
%
|
|
|
8.73
|
%
|
|
|
8.78
|
%
|
|
|
8.71
|
%
|
|
Tier 1 leverage ratio(2)
|
|
8.92
|
%
|
|
|
9.34
|
%
|
|
|
9.20
|
%
|
|
|
9.20
|
%
|
|
|
8.93
|
%
|
|
Common equity Tier 1 capital ratio(2)
|
|
10.24
|
%
|
|
|
10.80
|
%
|
|
|
10.60
|
%
|
|
|
10.70
|
%
|
|
|
10.38
|
%
|
|
Tier 1 capital ratio(2)
|
|
10.24
|
%
|
|
|
10.80
|
%
|
|
|
10.60
|
%
|
|
|
10.70
|
%
|
|
|
10.38
|
%
|
|
Total risk-based capital ratio(2)
|
|
12.74
|
%
|
|
|
13.34
|
%
|
|
|
13.20
|
%
|
|
|
13.30
|
%
|
|
|
13.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial information, as adjusted (3):
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
$
|
49,635
|
|
|
Net income per share, diluted
|
|
|
|
|
|
|
|
|
$
|
0.28
|
|
|
Return on average assets
|
|
|
|
|
|
|
|
|
|
0.98
|
%
|
|
Return on average shareholders' equity
|
|
|
|
|
|
|
|
|
|
8.80
|
%
|
|
Return on average shareholders' equity (tangible)
|
|
|
|
|
|
|
|
11.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Please refer to the calculation on the page titled
"Reconciliation of Non-GAAP Measures" at the end of this document.
|
|
(2) Regulatory capital ratios as of December 31, 2018 are
preliminary and prior periods are actual.
|
|
|
(3)Excluding the re-measurement of net deferred tax
assets of $15.6 million, which is considered a Non-GAAP financial
measure. Please refer to the calculation and management's reasons
for using this measure on the page titled "Reconciliation of
Non-GAAP Measures" at the end of this document.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
103,436
|
|
|
$
|
90,361
|
|
|
$
|
99,742
|
|
|
$
|
100,151
|
|
|
$
|
108,291
|
|
|
14.5
|
%
|
|
(4.5
|
%)
|
|
|
Other interest-earning assets
|
|
|
421,534
|
|
|
|
388,256
|
|
|
|
364,802
|
|
|
|
267,806
|
|
|
|
354,566
|
|
|
8.6
|
%
|
|
18.9
|
%
|
|
|
Loans held for sale
|
|
|
27,099
|
|
|
|
27,525
|
|
|
|
35,898
|
|
|
|
23,450
|
|
|
|
31,530
|
|
|
(1.5
|
%)
|
|
(14.1
|
%)
|
|
|
Investment securities
|
|
|
2,686,973
|
|
|
|
2,635,413
|
|
|
|
2,593,283
|
|
|
|
2,592,823
|
|
|
|
2,547,956
|
|
|
2.0
|
%
|
|
5.5
|
%
|
|
|
Loans, net of unearned income
|
|
|
16,165,800
|
|
|
|
15,925,093
|
|
|
|
15,792,969
|
|
|
|
15,696,284
|
|
|
|
15,768,247
|
|
|
1.5
|
%
|
|
2.5
|
%
|
|
|
Allowance for loan losses
|
|
|
(160,537
|
)
|
|
|
(157,810
|
)
|
|
|
(156,050
|
)
|
|
|
(163,217
|
)
|
|
|
(169,910
|
)
|
|
1.7
|
%
|
|
(5.5
|
%)
|
|
|
Net loans
|
|
|
16,005,263
|
|
|
|
15,767,283
|
|
|
|
15,636,919
|
|
|
|
15,533,067
|
|
|
|
15,598,337
|
|
|
1.5
|
%
|
|
2.6
|
%
|
|
|
Premises and equipment
|
|
|
234,529
|
|
|
|
231,236
|
|
|
|
230,195
|
|
|
|
230,313
|
|
|
|
222,802
|
|
|
1.4
|
%
|
|
5.3
|
%
|
|
|
Accrued interest receivable
|
|
|
58,879
|
|
|
|
58,584
|
|
|
|
55,208
|
|
|
|
53,060
|
|
|
|
52,910
|
|
|
0.5
|
%
|
|
11.3
|
%
|
|
|
Goodwill and intangible assets
|
|
|
531,556
|
|
|
|
531,556
|
|
|
|
531,556
|
|
|
|
531,556
|
|
|
|
531,556
|
|
|
-
|
|
|
-
|
|
|
|
Other assets
|
|
|
612,883
|
|
|
|
634,596
|
|
|
|
624,936
|
|
|
|
616,715
|
|
|
|
588,957
|
|
|
(3.4
|
%)
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
20,682,152
|
|
|
$
|
20,364,810
|
|
|
$
|
20,172,539
|
|
|
$
|
19,948,941
|
|
|
$
|
20,036,905
|
|
|
1.6
|
%
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
16,376,159
|
|
|
$
|
16,249,014
|
|
|
$
|
15,599,799
|
|
|
$
|
15,477,103
|
|
|
$
|
15,797,532
|
|
|
0.8
|
%
|
|
3.7
|
%
|
|
|
Short-term borrowings
|
|
|
754,777
|
|
|
|
485,565
|
|
|
|
983,833
|
|
|
|
937,852
|
|
|
|
617,524
|
|
|
55.4
|
%
|
|
22.2
|
%
|
|
|
Other liabilities
|
|
|
311,364
|
|
|
|
355,102
|
|
|
|
351,174
|
|
|
|
359,994
|
|
|
|
353,646
|
|
|
(12.3
|
%)
|
|
(12.0
|
%)
|
|
|
FHLB advances and long-term debt
|
|
|
992,279
|
|
|
|
992,115
|
|
|
|
991,948
|
|
|
|
938,499
|
|
|
|
1,038,346
|
|
|
0.0
|
%
|
|
(4.4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
18,434,579
|
|
|
|
18,081,796
|
|
|
|
17,926,754
|
|
|
|
17,713,448
|
|
|
|
17,807,048
|
|
|
2.0
|
%
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
2,247,573
|
|
|
|
2,283,014
|
|
|
|
2,245,785
|
|
|
|
2,235,493
|
|
|
|
2,229,857
|
|
|
(1.6
|
%)
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
$
|
20,682,152
|
|
|
$
|
20,364,810
|
|
|
$
|
20,172,539
|
|
|
$
|
19,948,941
|
|
|
$
|
20,036,905
|
|
|
1.6
|
%
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, by type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage
|
|
$
|
6,434,285
|
|
|
$
|
6,337,984
|
|
|
$
|
6,304,475
|
|
|
$
|
6,332,508
|
|
|
$
|
6,364,804
|
|
|
1.5
|
%
|
|
1.1
|
%
|
|
|
Commercial - industrial, financial and agricultural
|
|
|
4,404,548
|
|
|
|
4,288,823
|
|
|
|
4,264,602
|
|
|
|
4,299,072
|
|
|
|
4,300,297
|
|
|
2.7
|
%
|
|
2.4
|
%
|
|
|
Real estate - residential mortgage
|
|
|
2,251,044
|
|
|
|
2,173,548
|
|
|
|
2,094,530
|
|
|
|
1,976,524
|
|
|
|
1,954,711
|
|
|
3.6
|
%
|
|
15.2
|
%
|
|
|
Real estate - home equity
|
|
|
1,452,137
|
|
|
|
1,469,152
|
|
|
|
1,491,395
|
|
|
|
1,514,241
|
|
|
|
1,559,719
|
|
|
(1.2
|
%)
|
|
(6.9
|
%)
|
|
|
Real estate - construction
|
|
|
916,599
|
|
|
|
979,857
|
|
|
|
990,705
|
|
|
|
976,131
|
|
|
|
1,006,935
|
|
|
(6.5
|
%)
|
|
(9.0
|
%)
|
|
|
Consumer
|
|
|
419,186
|
|
|
|
390,708
|
|
|
|
360,315
|
|
|
|
326,766
|
|
|
|
313,783
|
|
|
7.3
|
%
|
|
33.6
|
%
|
|
|
Leasing and other
|
|
|
288,001
|
|
|
|
285,021
|
|
|
|
286,947
|
|
|
|
271,042
|
|
|
|
267,998
|
|
|
1.0
|
%
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans, net of unearned income
|
|
$
|
16,165,800
|
|
|
$
|
15,925,093
|
|
|
$
|
15,792,969
|
|
|
$
|
15,696,284
|
|
|
$
|
15,768,247
|
|
|
1.5
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits, by type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
|
$
|
4,310,105
|
|
|
$
|
4,216,064
|
|
|
$
|
4,324,659
|
|
|
$
|
4,291,821
|
|
|
$
|
4,437,294
|
|
|
2.2
|
%
|
|
(2.9
|
%)
|
|
|
Interest-bearing demand
|
|
|
4,240,974
|
|
|
|
4,289,181
|
|
|
|
3,854,680
|
|
|
|
3,984,423
|
|
|
|
4,018,107
|
|
|
(1.1
|
%)
|
|
5.5
|
%
|
|
|
Savings and money market accounts
|
|
|
4,926,937
|
|
|
|
4,878,982
|
|
|
|
4,597,510
|
|
|
|
4,487,277
|
|
|
|
4,586,746
|
|
|
1.0
|
%
|
|
7.4
|
%
|
|
|
Total demand and savings
|
|
|
13,478,016
|
|
|
|
13,384,227
|
|
|
|
12,776,849
|
|
|
|
12,763,521
|
|
|
|
13,042,147
|
|
|
0.7
|
%
|
|
3.3
|
%
|
|
|
Brokered deposits
|
|
|
176,239
|
|
|
|
164,601
|
|
|
|
161,447
|
|
|
|
64,195
|
|
|
|
90,473
|
|
|
7.1
|
%
|
|
94.8
|
%
|
|
|
Time deposits
|
|
|
2,721,904
|
|
|
|
2,700,186
|
|
|
|
2,661,503
|
|
|
|
2,649,387
|
|
|
|
2,664,912
|
|
|
0.8
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits
|
|
$
|
16,376,159
|
|
|
$
|
16,249,014
|
|
|
$
|
15,599,799
|
|
|
$
|
15,477,103
|
|
|
$
|
15,797,532
|
|
|
0.8
|
%
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings, by type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer repurchase agreements
|
|
$
|
118,499
|
|
|
$
|
82,741
|
|
|
$
|
152,594
|
|
|
$
|
165,186
|
|
|
$
|
172,017
|
|
|
43.2
|
%
|
|
(31.1
|
%)
|
|
|
Customer short-term promissory notes
|
|
|
326,278
|
|
|
|
267,824
|
|
|
|
303,239
|
|
|
|
342,666
|
|
|
|
225,507
|
|
|
21.8
|
%
|
|
44.7
|
%
|
|
|
Short-term FHLB advances
|
|
|
310,000
|
|
|
|
85,000
|
|
|
|
185,000
|
|
|
|
35,000
|
|
|
|
-
|
|
|
264.7
|
%
|
|
(100.0
|
%)
|
|
|
Federal funds purchased
|
|
|
-
|
|
|
|
50,000
|
|
|
|
343,000
|
|
|
|
395,000
|
|
|
|
220,000
|
|
|
N/M
|
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-term Borrowings
|
|
$
|
754,777
|
|
|
$
|
485,565
|
|
|
$
|
983,833
|
|
|
$
|
937,852
|
|
|
$
|
617,524
|
|
|
55.4
|
%
|
|
22.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULTON FINANCIAL CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
% Change from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31
|
|
Sep 30
|
|
Jun 30
|
|
Mar 31
|
|
Dec 31
|
|
Sep 30
|
|
Dec 31
|
|
|
|
Year Ended Dec 31
|
|
|
|
|
|
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
2018
|
|
|
2017
|
|
|
|
|
|
2018
|
|
|
2017
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
200,609
|
|
$
|
194,048
|
|
$
|
186,170
|
|
$
|
177,687
|
|
$
|
174,987
|
|
3.4
|
%
|
|
14.6
|
%
|
|
|
|
$
|
758,514
|
|
$
|
668,866
|
|
13.4
|
%
|
|
|
Interest expense
|
|
|
37,665
|
|
|
33,921
|
|
|
30,103
|
|
|
26,369
|
|
|
25,574
|
|
11.0
|
%
|
|
47.3
|
%
|
|
|
|
|
128,058
|
|
|
93,502
|
|
37.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
162,944
|
|
|
160,127
|
|
|
156,067
|
|
|
151,318
|
|
|
149,413
|
|
1.8
|
%
|
|
9.1
|
%
|
|
|
|
|
630,456
|
|
|
575,364
|
|
9.6
|
%
|
|
|
Provision for credit losses
|
|
|
8,200
|
|
|
1,620
|
|
|
33,117
|
|
|
3,970
|
|
|
6,730
|
|
N/M
|
|
|
21.8
|
%
|
|
|
|
|
46,907
|
|
|
23,305
|
|
101.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income after Provision
|
|
|
154,744
|
|
|
158,507
|
|
|
122,950
|
|
|
147,348
|
|
|
142,683
|
|
(2.4
|
%)
|
|
8.5
|
%
|
|
|
|
|
583,549
|
|
|
552,059
|
|
5.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other service charges and fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchant fees
|
|
|
4,366
|
|
|
5,006
|
|
|
4,920
|
|
|
4,115
|
|
|
4,308
|
|
(12.8
|
%)
|
|
1.3
|
%
|
|
|
|
|
18,407
|
|
|
16,845
|
|
9.3
|
%
|
|
|
Debit card income
|
|
|
3,214
|
|
|
3,604
|
|
|
3,077
|
|
|
2,817
|
|
|
3,526
|
|
(10.8
|
%)
|
|
(8.9
|
%)
|
|
|
|
|
12,712
|
|
|
11,905
|
|
6.8
|
%
|
|
|
Commercial loan interest rate swap fees
|
|
|
2,540
|
|
|
3,607
|
|
|
2,393
|
|
|
1,291
|
|
|
2,914
|
|
(29.6
|
%)
|
|
(12.8
|
%)
|
|
|
|
|
9,831
|
|
|
11,694
|
|
(15.9
|
%)
|
|
|
Letter of credit fees
|
|
|
1,001
|
|
|
983
|
|
|
956
|
|
|
992
|
|
|
1,037
|
|
1.9
|
%
|
|
(3.5
|
%)
|
|
|
|
|
3,932
|
|
|
4,403
|
|
(10.7
|
%)
|
|
|
Foreign exchange income
|
|
|
484
|
|
|
542
|
|
|
591
|
|
|
533
|
|
|
510
|
|
(10.7
|
%)
|
|
(5.0
|
%)
|
|
|
|
|
2,150
|
|
|
1,759
|
|
22.2
|
%
|
|
|
Other
|
|
|
1,655
|
|
|
1,691
|
|
|
1,728
|
|
|
1,671
|
|
|
1,534
|
|
(2.1
|
%)
|
|
7.9
|
%
|
|
|
|
|
6,745
|
|
|
6,253
|
|
7.9
|
%
|
|
|
Total
|
|
|
13,260
|
|
|
15,433
|
|
|
13,665
|
|
|
11,419
|
|
|
13,829
|
|
(14.1
|
%)
|
|
(4.1
|
%)
|
|
|
|
|
53,777
|
|
|
52,859
|
|
1.7
|
%
|
|
|
Service charges on deposit accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overdraft fees
|
|
|
5,432
|
|
|
5,167
|
|
|
5,092
|
|
|
5,145
|
|
|
5,609
|
|
5.1
|
%
|
|
(3.2
|
%)
|
|
|
|
|
20,836
|
|
|
22,569
|
|
(7.7
|
%)
|
|
|
Cash management fees
|
|
|
4,340
|
|
|
4,472
|
|
|
4,452
|
|
|
4,317
|
|
|
3,669
|
|
(3.0
|
%)
|
|
18.3
|
%
|
|
|
|
|
17,581
|
|
|
14,444
|
|
21.7
|
%
|
|
|
Other
|
|
|
2,626
|
|
|
2,620
|
|
|
2,726
|
|
|
2,500
|
|
|
3,392
|
|
0.2
|
%
|
|
(22.6
|
%)
|
|
|
|
|
10,472
|
|
|
13,993
|
|
(25.2
|
%)
|
|
|
Total
|
|
|
12,398
|
|
|
12,259
|
|
|
12,270
|
|
|
11,962
|
|
|
12,670
|
|
1.1
|
%
|
|
(2.1
|
%)
|
|
|
|
|
48,889
|
|
|
51,006
|
|
(4.2
|
%)
|
|
|
Investment management and trust services
|
|
|
13,408
|
|
|
13,066
|
|
|
12,803
|
|
|
12,871
|
|
|
13,152
|
|
2.6
|
%
|
|
1.9
|
%
|
|
|
|
|
52,148
|
|
|
49,249
|
|
5.9
|
%
|
|
|
Mortgage banking income
|
|
|
4,774
|
|
|
4,896
|
|
|
5,163
|
|
|
4,193
|
|
|
4,386
|
|
(2.5
|
%)
|
|
8.8
|
%
|
|
|
|
|
19,026
|
|
|
19,928
|
|
(4.5
|
%)
|
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit card income
|
|
|
3,041
|
|
|
3,080
|
|
|
2,866
|
|
|
2,816
|
|
|
2,778
|
|
(1.3
|
%)
|
|
9.5
|
%
|
|
|
|
|
11,803
|
|
|
10,920
|
|
8.1
|
%
|
|
|
Small Business Administration lending income
|
|
|
741
|
|
|
530
|
|
|
846
|
|
|
357
|
|
|
1,355
|
|
39.8
|
%
|
|
(45.3
|
%)
|
|
|
|
|
2,474
|
|
|
3,511
|
|
(29.5
|
%)
|
|
|
Other income
|
|
|
1,901
|
|
|
1,755
|
|
|
1,477
|
|
|
2,238
|
|
|
6,854
|
|
8.3
|
%
|
|
(72.3
|
%)
|
|
|
|
|
7,371
|
|
|
11,430
|
|
(35.5
|
%)
|
|
|
Total
|
|
|
5,683
|
|
|
5,365
|
|
|
5,189
|
|
|
5,411
|
|
|
10,987
|
|
5.9
|
%
|
|
(48.3
|
%)
|
|
|
|
|
21,648
|
|
|
25,861
|
|
(16.3
|
%)
|
|
|
|
Non-Interest Income before Investment Securities Gains
|
|
|
49,523
|
|
|
51,019
|
|
|
49,090
|
|
|
45,856
|
|
|
55,024
|
|
(2.9
|
%)
|
|
(10.0
|
%)
|
|
|
|
|
195,488
|
|
|
198,903
|
|
(1.7
|
%)
|
|
|
Investment securities gains
|
|
|
-
|
|
|
14
|
|
|
4
|
|
|
19
|
|
|
1,932
|
|
N/M
|
|
|
(100.0
|
%)
|
|
|
|
|
37
|
|
|
9,071
|
|
(99.6
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Interest Income
|
|
|
49,523
|
|
|
51,033
|
|
|
49,094
|
|
|
45,875
|
|
|
56,956
|
|
(3.0
|
%)
|
|
(13.1
|
%)
|
|
|
|
|
195,525
|
|
|
207,974
|
|
(6.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
75,745
|
|
|
76,770
|
|
|
74,919
|
|
|
75,768
|
|
|
73,504
|
|
(1.3
|
%)
|
|
3.0
|
%
|
|
|
|
|
303,202
|
|
|
290,130
|
|
4.5
|
%
|
|
|
Net occupancy expense
|
|
|
12,708
|
|
|
12,578
|
|
|
12,760
|
|
|
13,632
|
|
|
12,549
|
|
1.0
|
%
|
|
1.3
|
%
|
|
|
|
|
51,678
|
|
|
49,708
|
|
4.0
|
%
|
|
|
Data processing and software
|
|
|
10,203
|
|
|
10,157
|
|
|
10,453
|
|
|
10,473
|
|
|
10,401
|
|
0.5
|
%
|
|
(1.9
|
%)
|
|
|
|
|
41,286
|
|
|
38,735
|
|
6.6
|
%
|
|
|
Other outside services
|
|
|
8,944
|
|
|
9,122
|
|
|
7,568
|
|
|
8,124
|
|
|
7,665
|
|
(2.0
|
%)
|
|
16.7
|
%
|
|
|
|
|
33,758
|
|
|
27,501
|
|
22.8
|
%
|
|
|
Amortization of tax credit investments
|
|
|
6,538
|
|
|
1,637
|
|
|
1,637
|
|
|
1,637
|
|
|
3,376
|
|
N/M
|
|
|
93.7
|
%
|
|
|
|
|
11,449
|
|
|
11,028
|
|
3.8
|
%
|
|
|
Professional fees
|
|
|
3,546
|
|
|
3,427
|
|
|
2,372
|
|
|
4,816
|
|
|
3,632
|
|
3.5
|
%
|
|
(2.4
|
%)
|
|
|
|
|
14,161
|
|
|
12,688
|
|
11.6
|
%
|
|
|
Equipment expense
|
|
|
3,275
|
|
|
3,000
|
|
|
3,434
|
|
|
3,534
|
|
|
3,244
|
|
9.2
|
%
|
|
1.0
|
%
|
|
|
|
|
13,243
|
|
|
12,935
|
|
2.4
|
%
|
|
|
FDIC insurance expense
|
|
|
2,563
|
|
|
2,814
|
|
|
2,663
|
|
|
2,953
|
|
|
3,618
|
|
(8.9
|
%)
|
|
(29.2
|
%)
|
|
|
|
|
10,993
|
|
|
11,049
|
|
(0.5
|
%)
|
|
|
Marketing
|
|
|
1,577
|
|
|
2,692
|
|
|
2,335
|
|
|
2,250
|
|
|
1,725
|
|
(41.4
|
%)
|
|
(8.6
|
%)
|
|
|
|
|
8,854
|
|
|
8,034
|
|
10.2
|
%
|
|
|
Other
|
|
|
15,586
|
|
|
13,216
|
|
|
15,204
|
|
|
13,474
|
|
|
18,738
|
|
17.9
|
%
|
|
(16.8
|
%)
|
|
|
|
|
57,480
|
|
|
63,771
|
|
(9.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Interest Expense
|
|
|
140,685
|
|
|
135,413
|
|
|
133,345
|
|
|
136,661
|
|
|
138,452
|
|
3.9
|
%
|
|
1.6
|
%
|
|
|
|
|
546,104
|
|
|
525,579
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes
|
|
|
63,582
|
|
|
74,127
|
|
|
38,699
|
|
|
56,562
|
|
|
61,187
|
|
(14.2
|
%)
|
|
3.9
|
%
|
|
|
|
|
232,970
|
|
|
234,454
|
|
(0.6
|
%)
|
|
|
Income tax expense
|
|
|
5,499
|
|
|
8,494
|
|
|
3,502
|
|
|
7,082
|
|
|
27,186
|
|
(35.3
|
%)
|
|
(79.8
|
%)
|
|
|
|
|
24,577
|
|
|
62,701
|
|
(60.8
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
58,083
|
|
$
|
65,633
|
|
$
|
35,197
|
|
$
|
49,480
|
|
$
|
34,001
|
|
(11.5
|
%)
|
|
70.8
|
%
|
|
|
|
$
|
208,393
|
|
$
|
171,753
|
|
21.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.33
|
|
$
|
0.37
|
|
$
|
0.20
|
|
$
|
0.28
|
|
$
|
0.19
|
|
(10.8
|
%)
|
|
73.7
|
%
|
|
|
|
$
|
1.19
|
|
$
|
0.98
|
|
21.4
|
%
|
|
|
|
Diluted
|
|
|
0.33
|
|
|
0.37
|
|
|
0.20
|
|
|
0.28
|
|
|
0.19
|
|
(10.8
|
%)
|
|
73.7
|
%
|
|
|
|
|
1.18
|
|
|
0.98
|
|
20.4
|
%
|
|
|
Cash dividends
|
|
|
0.16
|
|
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
0.14
|
|
33.3
|
%
|
|
14.3
|
%
|
|
|
|
|
0.52
|
|
|
0.47
|
|
10.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (basic)
|
|
|
174,571
|
|
|
175,942
|
|
|
175,764
|
|
|
175,303
|
|
|
175,132
|
|
(0.8
|
%)
|
|
(0.3
|
%)
|
|
|
|
|
175,395
|
|
|
174,721
|
|
0.4
|
%
|
|
|
Weighted average shares (diluted)
|
|
|
175,473
|
|
|
177,128
|
|
|
176,844
|
|
|
176,568
|
|
|
176,374
|
|
(0.9
|
%)
|
|
(0.5
|
%)
|
|
|
|
|
176,543
|
|
|
175,932
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULTON FINANCIAL CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
|
|
|
|
|
|
|
|
|
dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
|
December 31, 2017
|
|
|
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
|
|
|
Balance
|
|
Interest (1)
|
|
Rate
|
|
Balance
|
|
Interest (1)
|
|
Rate
|
|
Balance
|
|
Interest (1)
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned income
|
|
$
|
15,965,637
|
|
|
$
|
182,358
|
|
|
4.54
|
%
|
|
$
|
15,862,143
|
|
|
$
|
177,329
|
|
|
4.44
|
%
|
|
$
|
15,560,185
|
|
|
$
|
162,050
|
|
|
4.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities
|
|
|
2,283,897
|
|
|
|
15,005
|
|
|
2.74
|
%
|
|
|
2,239,837
|
|
|
|
13,956
|
|
|
2.49
|
%
|
|
|
2,177,833
|
|
|
|
12,218
|
|
|
2.24
|
%
|
|
|
Tax-exempt investment securities
|
|
|
426,872
|
|
|
|
3,978
|
|
|
3.71
|
%
|
|
|
415,908
|
|
|
|
3,841
|
|
|
3.67
|
%
|
|
|
411,398
|
|
|
|
4,526
|
|
|
4.40
|
%
|
|
|
Equity securities
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
2,219
|
|
|
|
33
|
|
|
5.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Securities
|
|
|
2,710,769
|
|
|
|
18,983
|
|
|
2.80
|
%
|
|
|
2,655,745
|
|
|
|
17,797
|
|
|
2.68
|
%
|
|
|
2,591,450
|
|
|
|
16,777
|
|
|
2.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
|
|
22,361
|
|
|
|
271
|
|
|
4.85
|
%
|
|
|
27,195
|
|
|
|
388
|
|
|
5.71
|
%
|
|
|
21,874
|
|
|
|
245
|
|
|
4.48
|
%
|
|
|
Other interest-earning assets
|
|
|
492,529
|
|
|
|
2,177
|
|
|
1.76
|
%
|
|
|
416,129
|
|
|
|
1,601
|
|
|
1.53
|
%
|
|
|
571,981
|
|
|
|
1,755
|
|
|
1.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-earning Assets
|
|
|
19,191,296
|
|
|
|
203,789
|
|
|
4.22
|
%
|
|
|
18,961,212
|
|
|
|
197,115
|
|
|
4.13
|
%
|
|
|
18,745,490
|
|
|
|
180,827
|
|
|
3.83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
111,252
|
|
|
|
|
|
|
|
100,568
|
|
|
|
|
|
|
|
112,958
|
|
|
|
|
|
|
|
Premises and equipment
|
|
|
233,445
|
|
|
|
|
|
|
|
231,280
|
|
|
|
|
|
|
|
223,698
|
|
|
|
|
|
|
|
Other assets
|
|
|
1,131,548
|
|
|
|
|
|
|
|
1,137,293
|
|
|
|
|
|
|
|
1,163,686
|
|
|
|
|
|
|
|
Less: allowance for loan losses
|
|
|
(155,411
|
)
|
|
|
|
|
|
|
(157,121
|
)
|
|
|
|
|
|
|
(173,253
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
20,512,130
|
|
|
|
|
|
|
$
|
20,273,232
|
|
|
|
|
|
|
$
|
20,072,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
$
|
4,225,157
|
|
|
$
|
7,448
|
|
|
0.70
|
%
|
|
$
|
4,116,051
|
|
|
$
|
6,378
|
|
|
0.61
|
%
|
|
$
|
4,037,879
|
|
|
$
|
4,111
|
|
|
0.40
|
%
|
|
|
Savings deposits
|
|
|
4,979,712
|
|
|
|
9,745
|
|
|
0.78
|
%
|
|
|
4,718,148
|
|
|
|
7,569
|
|
|
0.64
|
%
|
|
|
4,752,337
|
|
|
|
4,594
|
|
|
0.38
|
%
|
|
|
Brokered deposits
|
|
|
164,280
|
|
|
|
969
|
|
|
2.34
|
%
|
|
|
162,467
|
|
|
|
840
|
|
|
2.05
|
%
|
|
|
105,135
|
|
|
|
336
|
|
|
1.27
|
%
|
|
|
Time deposits
|
|
|
2,722,141
|
|
|
|
9,997
|
|
|
1.46
|
%
|
|
|
2,672,548
|
|
|
|
9,032
|
|
|
1.34
|
%
|
|
|
2,706,982
|
|
|
|
8,041
|
|
|
1.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-bearing Deposits
|
|
|
12,091,290
|
|
|
|
28,159
|
|
|
0.92
|
%
|
|
|
11,669,214
|
|
|
|
23,819
|
|
|
0.81
|
%
|
|
|
11,602,333
|
|
|
|
17,082
|
|
|
0.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
504,550
|
|
|
|
1,410
|
|
|
1.11
|
%
|
|
|
724,132
|
|
|
|
2,002
|
|
|
1.09
|
%
|
|
|
391,284
|
|
|
|
372
|
|
|
0.38
|
%
|
|
|
FHLB advances and long-term debt
|
|
|
988,914
|
|
|
|
8,096
|
|
|
3.26
|
%
|
|
|
988,748
|
|
|
|
8,100
|
|
|
3.26
|
%
|
|
|
1,038,257
|
|
|
|
8,120
|
|
|
3.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-bearing Liabilities
|
|
|
13,584,754
|
|
|
|
37,665
|
|
|
1.10
|
%
|
|
|
13,382,094
|
|
|
|
33,921
|
|
|
1.01
|
%
|
|
|
13,031,874
|
|
|
|
25,574
|
|
|
0.78
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
4,321,776
|
|
|
|
|
|
|
|
4,298,020
|
|
|
|
|
|
|
|
4,454,456
|
|
|
|
|
|
|
|
Other
|
|
|
323,931
|
|
|
|
|
|
|
|
324,025
|
|
|
|
|
|
|
|
349,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
18,230,461
|
|
|
|
|
|
|
|
18,004,139
|
|
|
|
|
|
|
|
17,835,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
2,281,669
|
|
|
|
|
|
|
|
2,269,093
|
|
|
|
|
|
|
|
2,237,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
$
|
20,512,130
|
|
|
|
|
|
|
$
|
20,273,232
|
|
|
|
|
|
|
$
|
20,072,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net interest margin (fully taxable equivalent)
|
|
|
|
166,124
|
|
|
3.44
|
%
|
|
|
|
|
163,194
|
|
|
3.42
|
%
|
|
|
|
|
155,253
|
|
|
3.29
|
%
|
|
|
Tax equivalent adjustment
|
|
|
|
|
(3,180
|
)
|
|
|
|
|
|
|
(3,067
|
)
|
|
|
|
|
|
|
(5,840
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
$
|
162,944
|
|
|
|
|
|
|
$
|
160,127
|
|
|
|
|
|
|
$
|
149,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Three months ended December 31, 2018 and September 30, 2018
are presented on a fully taxable-equivalent basis using a 21%
federal tax rate and statutory interest expense disallowances.
December 31, 2017 is presented on a fully taxable-equivalent basis
using a 35% federal tax rate and statutory interest expense
disallowances.
|
|
Note: The weighted average interest rate on total average
interest-bearing liabilities and average non-interest bearing demand
deposits ("cost of funds") was 0.84%, 0.76% and 0.58% for the three
months ended December 31, 2018, September 30, 2018 and December 31,
2017, respectively.
|
|
AVERAGE LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
% Change from
|
|
|
|
|
|
Dec 31
|
|
Sep 30
|
|
Jun 30
|
|
Mar 31
|
|
Dec 31
|
|
Sep 30
|
|
Dec 31
|
|
|
|
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, by type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage
|
|
$
|
6,343,024
|
|
$
|
6,309,663
|
|
$
|
6,298,534
|
|
$
|
6,305,821
|
|
$
|
6,232,674
|
|
0.5
|
%
|
|
1.8
|
%
|
|
|
Commercial - industrial, financial and agricultural
|
|
|
4,329,937
|
|
|
4,304,320
|
|
|
4,335,097
|
|
|
4,288,634
|
|
|
4,263,199
|
|
0.6
|
%
|
|
1.6
|
%
|
|
|
Real estate - residential mortgage
|
|
|
2,209,993
|
|
|
2,142,977
|
|
|
2,026,161
|
|
|
1,958,505
|
|
|
1,926,067
|
|
3.1
|
%
|
|
14.7
|
%
|
|
|
Real estate - home equity
|
|
|
1,459,647
|
|
|
1,474,011
|
|
|
1,502,936
|
|
|
1,538,974
|
|
|
1,560,713
|
|
(1.0
|
%)
|
|
(6.5
|
%)
|
|
|
Real estate - construction
|
|
|
931,724
|
|
|
969,575
|
|
|
978,327
|
|
|
984,242
|
|
|
1,004,166
|
|
(3.9
|
%)
|
|
(7.2
|
%)
|
|
|
Consumer
|
|
|
406,436
|
|
|
375,656
|
|
|
345,572
|
|
|
315,927
|
|
|
312,320
|
|
8.2
|
%
|
|
30.1
|
%
|
|
|
Leasing and other
|
|
|
284,876
|
|
|
285,941
|
|
|
281,750
|
|
|
268,930
|
|
|
261,046
|
|
(0.4
|
%)
|
|
9.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans, net of unearned income
|
|
$
|
15,965,637
|
|
$
|
15,862,143
|
|
$
|
15,768,377
|
|
$
|
15,661,032
|
|
$
|
15,560,185
|
|
0.7
|
%
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits, by type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
|
$
|
4,321,776
|
|
$
|
4,298,020
|
|
$
|
4,281,574
|
|
$
|
4,246,168
|
|
$
|
4,454,456
|
|
0.6
|
%
|
|
(3.0
|
%)
|
|
|
Interest-bearing demand
|
|
|
4,225,157
|
|
|
4,116,051
|
|
|
3,952,115
|
|
|
3,958,894
|
|
|
4,037,879
|
|
2.7
|
%
|
|
4.6
|
%
|
|
|
Savings and money market accounts
|
|
|
4,979,712
|
|
|
4,718,148
|
|
|
4,538,083
|
|
|
4,494,445
|
|
|
4,752,337
|
|
5.5
|
%
|
|
4.8
|
%
|
|
|
Total demand and savings
|
|
|
13,526,645
|
|
|
13,132,219
|
|
|
12,771,772
|
|
|
12,699,507
|
|
|
13,244,672
|
|
3.0
|
%
|
|
2.1
|
%
|
|
|
Brokered deposits
|
|
|
164,280
|
|
|
162,467
|
|
|
85,242
|
|
|
74,026
|
|
|
105,135
|
|
1.1
|
%
|
|
56.3
|
%
|
|
|
Time deposits
|
|
|
2,722,141
|
|
|
2,672,548
|
|
|
2,660,410
|
|
|
2,646,779
|
|
|
2,706,982
|
|
1.9
|
%
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits
|
|
$
|
16,413,066
|
|
$
|
15,967,234
|
|
$
|
15,517,424
|
|
$
|
15,420,312
|
|
$
|
16,056,789
|
|
2.8
|
%
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings, by type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer repurchase agreements
|
|
$
|
64,102
|
|
$
|
148,660
|
|
$
|
162,276
|
|
$
|
175,292
|
|
$
|
179,948
|
|
(56.9
|
%)
|
|
(64.4
|
%)
|
|
|
Customer short-term promissory notes
|
|
|
312,742
|
|
|
298,896
|
|
|
316,049
|
|
|
308,725
|
|
|
195,951
|
|
4.6
|
%
|
|
59.6
|
%
|
|
|
Federal funds purchased
|
|
|
43
|
|
|
145,793
|
|
|
398,297
|
|
|
379,822
|
|
|
15,374
|
|
(100.0
|
%)
|
|
(99.7
|
%)
|
|
|
Short-term FHLB advances and other borrowings
|
|
|
127,663
|
|
|
130,783
|
|
|
146,538
|
|
|
33,000
|
|
|
11
|
|
(2.4
|
%)
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-term Borrowings
|
|
$
|
504,550
|
|
$
|
724,132
|
|
$
|
1,023,160
|
|
$
|
896,839
|
|
$
|
391,284
|
|
(30.3
|
%)
|
|
28.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULTON FINANCIAL CORPORATION
|
|
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
|
|
dollars in thousands
|
|
|
|
Year Ended December 31
|
|
|
|
2018
|
|
2017
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Balance
|
|
Interest (1)
|
|
Yield/Rate
|
|
Balance
|
|
Interest (1)
|
|
Yield/Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned income
|
|
$
|
15,815,263
|
|
|
$
|
691,954
|
|
|
4.38
|
%
|
|
$
|
15,236,612
|
|
|
$
|
620,803
|
|
|
4.07
|
%
|
|
Taxable investment securities
|
|
|
2,246,555
|
|
|
|
56,039
|
|
|
2.49
|
%
|
|
|
2,132,426
|
|
|
|
47,029
|
|
|
2.21
|
%
|
|
Tax-exempt investment securities
|
|
|
416,119
|
|
|
|
15,285
|
|
|
3.65
|
%
|
|
|
407,157
|
|
|
|
17,794
|
|
|
4.37
|
%
|
|
Equity securities
|
|
|
126
|
|
|
|
5
|
|
|
3.97
|
%
|
|
|
8,331
|
|
|
|
500
|
|
|
6.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Securities
|
|
|
2,662,800
|
|
|
|
71,329
|
|
|
2.68
|
%
|
|
|
2,547,914
|
|
|
|
65,323
|
|
|
2.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
|
|
22,970
|
|
|
|
1,159
|
|
|
5.05
|
%
|
|
|
20,008
|
|
|
|
876
|
|
|
4.38
|
%
|
|
Other interest-earning assets
|
|
|
382,569
|
|
|
|
6,193
|
|
|
1.62
|
%
|
|
|
451,015
|
|
|
|
5,066
|
|
|
1.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-earning Assets
|
|
|
18,883,602
|
|
|
|
770,635
|
|
|
4.08
|
%
|
|
|
18,255,549
|
|
|
|
692,068
|
|
|
3.79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
104,595
|
|
|
|
|
|
|
|
108,523
|
|
|
|
|
|
|
Premises and equipment
|
|
|
231,762
|
|
|
|
|
|
|
|
219,960
|
|
|
|
|
|
|
Other assets
|
|
|
1,123,857
|
|
|
|
|
|
|
|
1,168,759
|
|
|
|
|
|
|
Less: allowance for loan losses
|
|
|
(160,614
|
)
|
|
|
|
|
|
|
(172,424
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
20,183,202
|
|
|
|
|
|
|
$
|
19,580,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
$
|
4,063,929
|
|
|
$
|
22,789
|
|
|
0.56
|
%
|
|
$
|
3,831,865
|
|
|
$
|
12,976
|
|
|
0.34
|
%
|
|
Savings deposits
|
|
|
4,684,023
|
|
|
|
27,226
|
|
|
0.58
|
%
|
|
|
4,468,205
|
|
|
|
13,477
|
|
|
0.30
|
%
|
|
Brokered deposits
|
|
|
121,863
|
|
|
|
2,480
|
|
|
2.04
|
%
|
|
|
49,126
|
|
|
|
613
|
|
|
1.25
|
%
|
|
Time deposits
|
|
|
2,675,670
|
|
|
|
35,217
|
|
|
1.32
|
%
|
|
|
2,721,724
|
|
|
|
30,726
|
|
|
1.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-bearing Deposits
|
|
|
11,545,485
|
|
|
|
87,712
|
|
|
0.76
|
%
|
|
|
11,070,920
|
|
|
|
57,792
|
|
|
0.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
785,923
|
|
|
|
8,489
|
|
|
1.07
|
%
|
|
|
533,564
|
|
|
|
2,779
|
|
|
0.52
|
%
|
|
FHLB advances and long-term debt
|
|
|
977,573
|
|
|
|
31,857
|
|
|
3.26
|
%
|
|
|
1,034,444
|
|
|
|
32,932
|
|
|
3.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-bearing Liabilities
|
|
|
13,308,981
|
|
|
|
128,058
|
|
|
0.96
|
%
|
|
|
12,638,928
|
|
|
|
93,503
|
|
|
0.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
4,287,121
|
|
|
|
|
|
|
|
4,410,301
|
|
|
|
|
|
|
Other
|
|
|
331,336
|
|
|
|
|
|
|
|
337,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
17,927,438
|
|
|
|
|
|
|
|
17,386,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
2,255,764
|
|
|
|
|
|
|
|
2,193,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
$
|
20,183,202
|
|
|
|
|
|
|
$
|
19,580,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net interest margin (fully taxable equivalent)
|
|
|
|
642,577
|
|
|
3.40
|
%
|
|
|
|
|
598,565
|
|
|
3.28
|
%
|
|
Tax equivalent adjustment
|
|
|
|
|
(12,121
|
)
|
|
|
|
|
|
|
(23,201
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
$
|
630,456
|
|
|
|
|
|
|
$
|
575,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Year ended December 31, 2018 is presented on a fully
taxable-equivalent basis using a 21% federal tax rate and statutory
interest expense disallowances. Prior period is presented on a fully
taxable-equivalent basis using a 35% federal tax rate and statutory
interest expense disallowances.
|
|
Note: The weighted average interest rate on total average
interest-bearing liabilities and average non-interest bearing demand
deposits ("cost of funds") was 0.73% and 0.55% for the year ended
December 31, 2018 and 2017, respectively.
|
|
|
|
|
|
AVERAGE LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL:
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
December 31
|
|
|
|
|
|
2018
|
|
2017
|
|
% Change
|
|
|
|
|
|
|
|
|
|
Loans, by type:
|
|
|
|
|
|
|
|
Real estate - commercial mortgage
|
|
$
|
6,314,349
|
|
$
|
6,161,731
|
|
2.5
|
%
|
|
Commercial - industrial, financial and agricultural
|
|
|
4,314,584
|
|
|
4,236,810
|
|
1.8
|
%
|
|
Real estate - residential mortgage
|
|
|
2,085,258
|
|
|
1,779,270
|
|
17.2
|
%
|
|
Real estate - home equity
|
|
|
1,493,620
|
|
|
1,582,705
|
|
(5.6
|
%)
|
|
Real estate - construction
|
|
|
965,835
|
|
|
921,879
|
|
4.8
|
%
|
|
Consumer
|
|
|
361,186
|
|
|
304,162
|
|
18.7
|
%
|
|
Leasing and other
|
|
|
280,431
|
|
|
250,055
|
|
12.1
|
%
|
|
|
|
|
|
|
|
|
|
Total Loans, net of unearned income
|
|
$
|
15,815,263
|
|
$
|
15,236,612
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
Deposits, by type:
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
|
$
|
4,287,121
|
|
$
|
4,410,301
|
|
(2.8
|
%)
|
|
Interest-bearing demand
|
|
|
4,063,929
|
|
|
3,831,865
|
|
6.1
|
%
|
|
Savings and money market accounts
|
|
|
4,684,023
|
|
|
4,468,205
|
|
4.8
|
%
|
|
Total demand and savings
|
|
|
13,035,073
|
|
|
12,710,371
|
|
2.6
|
%
|
|
Brokered deposits
|
|
|
121,863
|
|
|
49,126
|
|
148.1
|
%
|
|
Time deposits
|
|
|
2,675,670
|
|
|
2,721,724
|
|
(1.7
|
%)
|
|
|
|
|
|
|
|
|
|
Total Deposits
|
|
$
|
15,832,606
|
|
$
|
15,481,221
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
|
Short-term borrowings, by type:
|
|
|
|
|
|
|
|
Customer repurchase agreements
|
|
$
|
138,198
|
|
$
|
188,769
|
|
(26.8
|
%)
|
|
Customer short-term promissory notes
|
|
|
308,470
|
|
|
108,649
|
|
183.9
|
%
|
|
Federal funds purchased
|
|
|
229,715
|
|
|
163,102
|
|
40.8
|
%
|
|
Short-term FHLB advances and other borrowings
|
|
|
109,540
|
|
|
73,044
|
|
50.0
|
%
|
|
|
|
|
|
|
|
|
|
Total Short-term Borrowings
|
|
$
|
785,923
|
|
$
|
533,564
|
|
47.3
|
%
|
|
|
|
|
|
|
|
|
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULTON FINANCIAL CORPORATION
|
|
ASSET QUALITY INFORMATION (UNAUDITED)
|
|
dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
Dec 31
|
|
Sep 30
|
|
Jun 30
|
|
Mar 31
|
|
Dec 31
|
|
Dec 31
|
|
Dec 31
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
ALLOWANCE FOR CREDIT LOSSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
167,826
|
|
|
$
|
169,247
|
|
|
$
|
176,019
|
|
|
$
|
176,084
|
|
|
$
|
174,749
|
|
|
$
|
176,084
|
|
|
$
|
171,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans charged off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial - industrial, financial and agricultural
|
|
|
(6,263
|
)
|
|
|
(3,541
|
)
|
|
|
(38,632
|
)
|
|
|
(4,005
|
)
|
|
|
(5,473
|
)
|
|
|
(52,441
|
)
|
|
|
(19,067
|
)
|
|
Consumer and home equity
|
|
|
(1,884
|
)
|
|
|
(1,415
|
)
|
|
|
(1,528
|
)
|
|
|
(1,300
|
)
|
|
|
(1,071
|
)
|
|
|
(6,127
|
)
|
|
|
(4,567
|
)
|
|
Real estate - commercial mortgage
|
|
|
(762
|
)
|
|
|
(650
|
)
|
|
|
(366
|
)
|
|
|
(267
|
)
|
|
|
(220
|
)
|
|
|
(2,045
|
)
|
|
|
(2,169
|
)
|
|
Real estate - residential mortgage
|
|
|
(446
|
)
|
|
|
(483
|
)
|
|
|
(483
|
)
|
|
|
(162
|
)
|
|
|
(152
|
)
|
|
|
(1,574
|
)
|
|
|
(687
|
)
|
|
Real estate - construction
|
|
|
(392
|
)
|
|
|
(212
|
)
|
|
|
(606
|
)
|
|
|
(158
|
)
|
|
|
0
|
|
|
|
(1,368
|
)
|
|
|
(3,765
|
)
|
|
Leasing and other
|
|
|
(889
|
)
|
|
|
(582
|
)
|
|
|
(545
|
)
|
|
|
(505
|
)
|
|
|
(457
|
)
|
|
|
(2,521
|
)
|
|
|
(3,035
|
)
|
|
Total loans charged off
|
|
|
(10,636
|
)
|
|
|
(6,883
|
)
|
|
|
(42,160
|
)
|
|
|
(6,397
|
)
|
|
|
(7,373
|
)
|
|
|
(66,076
|
)
|
|
|
(33,290
|
)
|
|
Recoveries of loans previously charged off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial - industrial, financial and agricultural
|
|
|
2,647
|
|
|
|
731
|
|
|
|
541
|
|
|
|
1,075
|
|
|
|
941
|
|
|
|
4,994
|
|
|
|
7,771
|
|
|
Consumer and home equity
|
|
|
684
|
|
|
|
607
|
|
|
|
717
|
|
|
|
385
|
|
|
|
466
|
|
|
|
2,393
|
|
|
|
1,969
|
|
|
Real estate - commercial mortgage
|
|
|
94
|
|
|
|
928
|
|
|
|
321
|
|
|
|
279
|
|
|
|
178
|
|
|
|
1,622
|
|
|
|
1,668
|
|
|
Real estate - residential mortgage
|
|
|
100
|
|
|
|
317
|
|
|
|
96
|
|
|
|
107
|
|
|
|
186
|
|
|
|
620
|
|
|
|
786
|
|
|
Real estate - construction
|
|
|
415
|
|
|
|
664
|
|
|
|
444
|
|
|
|
306
|
|
|
|
32
|
|
|
|
1,829
|
|
|
|
1,582
|
|
|
Leasing and other
|
|
|
80
|
|
|
|
595
|
|
|
|
152
|
|
|
|
210
|
|
|
|
175
|
|
|
|
1,037
|
|
|
|
968
|
|
|
Recoveries of loans previously charged off
|
|
|
4,020
|
|
|
|
3,842
|
|
|
|
2,271
|
|
|
|
2,362
|
|
|
|
1,978
|
|
|
|
12,495
|
|
|
|
14,744
|
|
|
Net loans charged off
|
|
|
(6,616
|
)
|
|
|
(3,041
|
)
|
|
|
(39,889
|
)
|
|
|
(4,035
|
)
|
|
|
(5,395
|
)
|
|
|
(53,581
|
)
|
|
|
(18,546
|
)
|
|
Provision for credit losses
|
|
|
8,200
|
|
|
|
1,620
|
|
|
|
33,117
|
|
|
|
3,970
|
|
|
|
6,730
|
|
|
|
46,907
|
|
|
|
23,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of period
|
|
$
|
169,410
|
|
|
$
|
167,826
|
|
|
$
|
169,247
|
|
|
$
|
176,019
|
|
|
$
|
176,084
|
|
|
$
|
169,410
|
|
|
$
|
176,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans (annualized)
|
|
|
0.17
|
%
|
|
|
0.08
|
%
|
|
|
1.01
|
%
|
|
|
0.10
|
%
|
|
|
0.14
|
%
|
|
|
0.34
|
%
|
|
|
0.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
|
|
$
|
128,572
|
|
|
$
|
106,433
|
|
|
$
|
111,116
|
|
|
$
|
122,966
|
|
|
$
|
124,749
|
|
|
|
|
|
|
Loans 90 days past due and accruing
|
|
|
11,106
|
|
|
|
13,663
|
|
|
|
12,628
|
|
|
|
11,676
|
|
|
|
10,010
|
|
|
|
|
|
|
Total non-performing loans
|
|
|
139,678
|
|
|
|
120,096
|
|
|
|
123,744
|
|
|
|
134,642
|
|
|
|
134,759
|
|
|
|
|
|
|
Other real estate owned
|
|
|
10,518
|
|
|
|
10,684
|
|
|
|
11,181
|
|
|
|
10,744
|
|
|
|
9,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing assets
|
|
$
|
150,196
|
|
|
$
|
130,780
|
|
|
$
|
134,925
|
|
|
$
|
145,386
|
|
|
$
|
144,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS, BY TYPE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial - industrial, financial and agricultural
|
|
$
|
51,269
|
|
|
$
|
43,391
|
|
|
$
|
44,045
|
|
|
$
|
54,915
|
|
|
$
|
54,309
|
|
|
|
|
|
|
Real estate - commercial mortgage
|
|
|
32,153
|
|
|
|
37,393
|
|
|
|
39,278
|
|
|
|
36,183
|
|
|
|
35,446
|
|
|
|
|
|
|
Real estate - residential mortgage
|
|
|
19,101
|
|
|
|
19,076
|
|
|
|
18,888
|
|
|
|
20,169
|
|
|
|
20,972
|
|
|
|
|
|
|
Consumer and home equity
|
|
|
10,178
|
|
|
|
10,362
|
|
|
|
12,038
|
|
|
|
12,272
|
|
|
|
11,803
|
|
|
|
|
|
|
Real estate - construction
|
|
|
7,390
|
|
|
|
9,784
|
|
|
|
9,319
|
|
|
|
10,931
|
|
|
|
12,197
|
|
|
|
|
|
|
Leasing
|
|
|
19,587
|
|
|
|
90
|
|
|
|
176
|
|
|
|
172
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans
|
|
$
|
139,678
|
|
|
$
|
120,096
|
|
|
$
|
123,744
|
|
|
$
|
134,642
|
|
|
$
|
134,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY
TYPE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real-estate - residential mortgage
|
|
$
|
24,102
|
|
|
$
|
24,810
|
|
|
$
|
25,055
|
|
|
$
|
25,602
|
|
|
$
|
26,016
|
|
|
|
|
|
|
Real-estate - commercial mortgage
|
|
|
15,685
|
|
|
|
15,690
|
|
|
|
16,420
|
|
|
|
18,181
|
|
|
|
13,959
|
|
|
|
|
|
|
Consumer and home equity
|
|
|
16,675
|
|
|
|
16,216
|
|
|
|
16,212
|
|
|
|
16,091
|
|
|
|
15,584
|
|
|
|
|
|
|
Commercial - industrial, financial and agricultural
|
|
|
5,143
|
|
|
|
10,342
|
|
|
|
11,199
|
|
|
|
11,740
|
|
|
|
10,820
|
|
|
|
|
|
|
Total accruing TDRs
|
|
|
61,605
|
|
|
|
67,058
|
|
|
|
68,886
|
|
|
|
71,614
|
|
|
|
66,379
|
|
|
|
|
|
|
Non-accrual TDRs(1)
|
|
|
28,659
|
|
|
|
23,238
|
|
|
|
24,743
|
|
|
|
24,897
|
|
|
|
29,051
|
|
|
|
|
|
|
Total TDRs
|
|
$
|
90,264
|
|
|
$
|
90,296
|
|
|
$
|
93,629
|
|
|
$
|
96,511
|
|
|
$
|
95,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included within non-accrual loans above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Delinquency %
|
|
|
|
|
|
DELINQUENCY RATES, BY TYPE:
|
|
Dec 31
|
|
Sep 30
|
|
Jun 30
|
|
Mar 31
|
|
Dec 31
|
|
|
|
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage
|
|
|
0.69
|
%
|
|
|
0.81
|
%
|
|
|
0.77
|
%
|
|
|
0.77
|
%
|
|
|
0.77
|
%
|
|
|
|
|
|
Commercial - industrial, financial and agricultural
|
|
|
1.02
|
%
|
|
|
1.21
|
%
|
|
|
1.44
|
%
|
|
|
1.48
|
%
|
|
|
1.50
|
%
|
|
|
|
|
|
Real estate - construction
|
|
|
1.08
|
%
|
|
|
1.04
|
%
|
|
|
1.02
|
%
|
|
|
1.12
|
%
|
|
|
1.32
|
%
|
|
|
|
|
|
Real estate - residential mortgage
|
|
|
2.14
|
%
|
|
|
1.95
|
%
|
|
|
1.90
|
%
|
|
|
1.91
|
%
|
|
|
2.04
|
%
|
|
|
|
|
|
Consumer, home equity, leasing and other
|
|
|
1.24
|
%
|
|
|
1.31
|
%
|
|
|
1.22
|
%
|
|
|
1.20
|
%
|
|
|
1.37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1.08
|
%
|
|
|
1.15
|
%
|
|
|
1.18
|
%
|
|
|
1.19
|
%
|
|
|
1.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
Shareholders' equity (tangible), per share
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
$
|
2,247,573
|
|
|
$
|
2,283,014
|
|
|
$
|
2,245,785
|
|
|
$
|
2,235,493
|
|
|
$
|
2,229,857
|
|
|
Less: Goodwill and intangible assets
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
Tangible shareholders' equity (numerator)
|
|
$
|
1,716,017
|
|
|
$
|
1,751,458
|
|
|
$
|
1,714,229
|
|
|
$
|
1,703,937
|
|
|
$
|
1,698,301
|
|
|
Shares outstanding, end of period (denominator)
|
|
|
170,184
|
|
|
|
176,019
|
|
|
|
175,847
|
|
|
|
175,404
|
|
|
|
175,170
|
|
|
Shareholders' equity (tangible), per share
|
|
$
|
10.08
|
|
|
$
|
9.95
|
|
|
$
|
9.75
|
|
|
$
|
9.71
|
|
|
$
|
9.70
|
|
|
Return on average shareholders' equity
(tangible)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (numerator
|
|
$
|
58,083
|
|
|
$
|
65,633
|
|
|
$
|
35,197
|
|
|
$
|
49,480
|
|
|
$
|
34,001
|
|
|
Average shareholders' equity
|
|
$
|
2,281,669
|
|
|
$
|
2,269,093
|
|
|
$
|
2,246,904
|
|
|
$
|
2,224,615
|
|
|
$
|
2,237,031
|
|
|
Less: Average goodwill and intangible assets
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
Average tangible shareholders' equity (denominator)
|
|
$
|
1,750,113
|
|
|
$
|
1,737,537
|
|
|
$
|
1,715,348
|
|
|
$
|
1,693,059
|
|
|
$
|
1,705,475
|
|
|
Return on average shareholders' equity (tangible), annualized
|
|
|
13.17
|
%
|
|
|
14.99
|
%
|
|
|
8.23
|
%
|
|
|
11.85
|
%
|
|
|
7.91
|
%
|
|
Tangible Common Equity to Tangible Assets
(TCE Ratio)
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
$
|
2,247,573
|
|
|
$
|
2,283,014
|
|
|
$
|
2,245,785
|
|
|
$
|
2,235,493
|
|
|
$
|
2,229,857
|
|
|
Less: Intangible assets
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
Tangible shareholders' equity (numerator)
|
|
$
|
1,716,017
|
|
|
$
|
1,751,458
|
|
|
$
|
1,714,229
|
|
|
$
|
1,703,937
|
|
|
$
|
1,698,301
|
|
|
Total assets
|
|
$
|
20,682,152
|
|
|
$
|
20,364,810
|
|
|
$
|
20,172,539
|
|
|
$
|
19,948,941
|
|
|
$
|
20,036,905
|
|
|
Less: Intangible assets
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
|
(531,556
|
)
|
|
Total tangible assets (denominator)
|
|
$
|
20,150,596
|
|
|
$
|
19,833,254
|
|
|
$
|
19,640,983
|
|
|
$
|
19,417,385
|
|
|
$
|
19,505,349
|
|
|
Tangible Common Equity to Tangible Assets
|
|
|
8.52
|
%
|
|
|
8.83
|
%
|
|
|
8.73
|
%
|
|
|
8.78
|
%
|
|
|
8.71
|
%
|
|
Efficiency ratio
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
|
|
$
|
140,685
|
|
|
$
|
135,413
|
|
|
$
|
133,345
|
|
|
$
|
136,661
|
|
|
$
|
138,452
|
|
|
Less: Amortization of tax credit investments
|
|
|
(6,538
|
)
|
|
|
(1,637
|
)
|
|
|
(1,637
|
)
|
|
|
(1,637
|
)
|
|
|
(3,376
|
)
|
|
Non-interest expense (numerator)
|
|
$
|
134,147
|
|
|
$
|
133,776
|
|
|
$
|
131,708
|
|
|
$
|
135,024
|
|
|
$
|
135,076
|
|
|
Net interest income (fully taxable equivalent)
|
|
$
|
166,124
|
|
|
$
|
163,194
|
|
|
$
|
159,027
|
|
|
$
|
154,232
|
|
|
$
|
155,253
|
|
|
Plus: Total Non-interest income
|
|
|
49,523
|
|
|
|
51,033
|
|
|
|
49,094
|
|
|
|
45,875
|
|
|
|
56,956
|
|
|
Less: Investment securities gains
|
|
|
-
|
|
|
|
(14
|
)
|
|
|
(4
|
)
|
|
|
(19
|
)
|
|
|
(1,932
|
)
|
|
Net interest income (denominator)
|
|
$
|
215,647
|
|
|
$
|
214,213
|
|
|
$
|
208,117
|
|
|
$
|
200,088
|
|
|
$
|
210,277
|
|
|
Efficiency ratio
|
|
|
62.2
|
%
|
|
|
62.5
|
%
|
|
|
63.3
|
%
|
|
|
67.5
|
%
|
|
|
64.2
|
%
|
|
Non-performing assets to tangible
shareholders' equity and allowance for credit losses
|
|
|
|
|
|
Non-performing assets (numerator)
|
|
$
|
150,196
|
|
|
$
|
130,780
|
|
|
$
|
134,925
|
|
|
$
|
145,386
|
|
|
$
|
144,582
|
|
|
Tangible shareholders' equity
|
|
$
|
1,716,017
|
|
|
$
|
1,751,458
|
|
|
$
|
1,714,229
|
|
|
$
|
1,703,937
|
|
|
$
|
1,698,301
|
|
|
Plus: Allowance for credit losses
|
|
|
169,410
|
|
|
|
167,826
|
|
|
|
169,247
|
|
|
|
176,019
|
|
|
|
176,084
|
|
|
Tangible shareholders' equity and allowance for credit losses
(denominator)
|
|
$
|
1,885,427
|
|
|
$
|
1,919,284
|
|
|
$
|
1,883,476
|
|
|
$
|
1,879,956
|
|
|
$
|
1,874,385
|
|
|
Non-performing assets to tangible shareholders' equity and allowance
for credit losses
|
|
|
7.97
|
%
|
|
|
6.81
|
%
|
|
|
7.16
|
%
|
|
|
7.73
|
%
|
|
|
7.71
|
%
|
|
Pre-provision net revenue
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
162,944
|
|
|
$
|
160,127
|
|
|
$
|
156,067
|
|
|
$
|
151,318
|
|
|
$
|
149,413
|
|
|
Non-interest income
|
|
|
49,523
|
|
|
|
51,033
|
|
|
|
49,094
|
|
|
|
45,875
|
|
|
|
56,956
|
|
|
Less: Investment securities gains
|
|
|
-
|
|
|
|
(14
|
)
|
|
|
(4
|
)
|
|
|
(19
|
)
|
|
|
(1,932
|
)
|
|
Total revenue
|
|
$
|
212,467
|
|
|
$
|
211,146
|
|
|
$
|
205,157
|
|
|
$
|
197,174
|
|
|
$
|
204,437
|
|
|
Non-interest expense
|
|
$
|
140,685
|
|
|
$
|
135,413
|
|
|
$
|
133,345
|
|
|
$
|
136,661
|
|
|
$
|
138,452
|
|
|
Less: Amortization of tax credit investments
|
|
|
(6,538
|
)
|
|
|
(1,637
|
)
|
|
|
(1,637
|
)
|
|
|
(1,637
|
)
|
|
|
(3,376
|
)
|
|
Total non-interest expense
|
|
$
|
134,147
|
|
|
$
|
133,776
|
|
|
$
|
131,708
|
|
|
$
|
135,024
|
|
|
$
|
135,076
|
|
|
Pre-provision net revenue
|
|
$
|
78,320
|
|
|
$
|
77,370
|
|
|
$
|
73,449
|
|
|
$
|
62,150
|
|
|
$
|
69,361
|
|
|
|
|
|
|
|
|
|
|
|
FULTON FINANCIAL CORPORATION
|
|
RECONCILIATION OF NON-GAAP MEASURES CONTINUED (UNAUDITED)
|
|
in thousands, except per share data and percentages
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income; Net Income
per share, diluted; and Selected Financial Ratios, adjusted to
exclude the charge to income taxes recognized in the fourth
quarter of 2017 related to the re-measurement of net deferred tax
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
Dec 31
|
|
|
|
|
|
|
|
|
2017
|
|
Net income and Net income per share,
diluted
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
$
|
34,001
|
|
|
Plus: Re-measurement of net deferred tax assets
|
|
|
|
|
|
|
|
15,634
|
|
|
Net Income, adjusted (numerator)
|
|
|
|
|
|
|
$
|
49,635
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (diluted) (denominator)
|
|
|
|
|
|
|
|
176,374
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share, diluted
|
|
|
|
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
$
|
34,001
|
|
|
Plus: Re-measurement of net deferred tax assets
|
|
|
|
|
|
|
|
15,634
|
|
|
Net Income, adjusted (numerator)
|
|
|
|
|
|
|
$
|
49,635
|
|
|
|
|
|
|
|
|
|
|
|
Average assets (denominator)
|
|
|
|
|
|
|
$
|
20,072,579
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets, annualized
|
|
|
|
|
|
|
|
0.98
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
$
|
34,001
|
|
|
Plus: Re-measurement of net deferred tax assets
|
|
|
|
|
|
|
|
15,634
|
|
|
Net Income, adjusted (numerator)
|
|
|
|
|
|
|
$
|
49,635
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity (denominator)
|
|
|
|
|
|
|
$
|
2,237,031
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity, annualized
|
|
|
|
|
|
|
|
8.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity
(tangible)
|
|
|
|
|
|
|
|
|
Net Income, as reported
|
|
|
|
|
|
|
$
|
34,001
|
|
|
Plus: Re-measurement of net deferred tax assets
|
|
|
|
|
|
|
|
15,634
|
|
|
Net Income, adjusted (numerator)
|
|
|
|
|
|
|
$
|
49,635
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity
|
|
|
|
|
|
|
$
|
2,237,031
|
|
|
Less: Average goodwill and intangible assets
|
|
|
|
|
|
|
|
(531,556
|
)
|
|
Average tangible shareholders' equity (denominator)
|
|
|
|
|
|
|
$
|
1,705,475
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity (tangible), annualized
|
|
|
|
|
|
|
|
11.55
|
%
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190115005912/en/
