10/15/2024 | Press release | Distributed by Public on 10/15/2024 14:36
FULTON FINANCIAL CORPORATION | ||||||||||
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) | ||||||||||
(dollars in thousands, except per share and shares data) | ||||||||||
Three months ended | ||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Ending Balances | ||||||||||
Investment securities | $ | 4,545,278 | $ | 4,184,027 | $ | 3,783,392 | $ | 3,666,274 | $ | 3,698,601 |
Net loans | 24,176,075 | 24,106,297 | 21,444,483 | 21,351,094 | 21,177,508 | |||||
Total assets | 32,185,726 | 31,769,813 | 27,642,957 | 27,571,915 | 27,375,177 | |||||
Deposits | 26,152,144 | 25,559,654 | 21,741,950 | 21,537,623 | 21,421,589 | |||||
Shareholders' equity | 3,203,943 | 3,101,609 | 2,757,679 | 2,760,139 | 2,566,693 | |||||
Average Balances | ||||||||||
Investment securities | 4,237,805 | 4,043,136 | 3,672,844 | 3,665,261 | 3,834,824 | |||||
Net loans | 24,147,801 | 23,345,914 | 21,370,033 | 21,255,779 | 21,121,277 | |||||
Total assets | 31,895,235 | 30,774,891 | 27,427,626 | 27,397,671 | 27,377,836 | |||||
Deposits | 25,778,259 | 24,642,954 | 21,378,754 | 21,476,548 | 21,357,295 | |||||
Shareholders' equity | 3,160,322 | 2,952,671 | 2,766,945 | 2,618,024 | 2,645,977 | |||||
Income Statement | ||||||||||
Net interest income | 258,009 | 241,720 | 206,937 | 212,006 | 213,842 | |||||
Provision for credit losses | 11,929 | 32,056 | 10,925 | 9,808 | 9,937 | |||||
Non-interest income | 59,673 | 92,994 | 57,140 | 59,378 | 55,961 | |||||
Non-interest expense | 226,089 | 199,488 | 177,600 | 180,552 | 171,020 | |||||
Income before taxes | 79,664 | 103,170 | 75,552 | 81,024 | 88,846 | |||||
Net income available to common shareholders | 60,644 | 92,413 | 59,379 | 61,701 | 69,535 | |||||
Per Share | ||||||||||
Net income available to common shareholders (basic) | $0.33 | $0.53 | $0.36 | $0.38 | $0.42 | |||||
Net income available to common shareholders (diluted) | $0.33 | $0.52 | $0.36 | $0.37 | $0.42 | |||||
Operating net income available to common shareholders(1)
|
$0.50 | $0.47 | $0.40 | $0.42 | $0.43 | |||||
Cash dividends | $0.17 | $0.17 | $0.17 | $0.17 | $0.16 | |||||
Common shareholders' equity | $16.55 | $16.00 | $15.82 | $15.67 | $14.47 | |||||
Common shareholders' equity (tangible)(1)
|
$13.02 | $12.43 | $12.37 | $12.25 | $11.05 | |||||
Weighted average shares (basic) | 181,905 | 175,305 | 162,706 | 163,975 | 164,566 | |||||
Weighted average shares (diluted) | 183,609 | 176,934 | 164,520 | 165,650 | 166,023 | |||||
(1) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
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Three months ended | ||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Asset Quality | ||||||||||
Net charge-offs to average loans | 0.18 | % | 0.19 | % | 0.16 | % | 0.15 | % | 0.10 | % |
Non-performing loans to total net loans | 0.84 | % | 0.72 | % | 0.73 | % | 0.72 | % | 0.67 | % |
Non-performing assets to total assets | 0.64 | % | 0.55 | % | 0.57 | % | 0.56 | % | 0.52 | % |
ACL - loans(1) to total loans
|
1.56 | % | 1.56 | % | 1.39 | % | 1.37 | % | 1.38 | % |
ACL - loans(1) to non-performing loans
|
186 | % | 218 | % | 191 | % | 191 | % | 208 | % |
Profitability | ||||||||||
Return on average assets | 0.79 | % | 1.24 | % | 0.91 | % | 0.93 | % | 1.04 | % |
Operating return on average assets(2)
|
1.17 | % | 1.11 | % | 1.00 | % | 1.03 | % | 1.08 | % |
Return on average common shareholders' equity | 8.13 | % | 13.47 | % | 9.28 | % | 10.09 | % | 11.25 | % |
Operating return on average common shareholders' equity (tangible)(2)
|
15.65 | % | 15.56 | % | 13.08 | % | 14.68 | % | 15.17 | % |
Net interest margin | 3.49 | % | 3.43 | % | 3.32 | % | 3.36 | % | 3.40 | % |
Efficiency ratio(2)
|
59.6 | % | 62.6 | % | 63.2 | % | 62.0 | % | 61.5 | % |
Non-interest expense to total average assets | 2.82 | % | 2.61 | % | 2.60 | % | 2.61 | % | 2.48 | % |
Operating non-interest expense to total average assets(2)
|
2.45 | % | 2.55 | % | 2.49 | % | 2.47 | % | 2.47 | % |
Capital Ratios(3)
|
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Tangible common equity ratio ("TCE")(2)
|
7.5 | % | 7.3 | % | 7.4 | % | 7.4 | % | 6.8 | % |
Tier 1 leverage ratio | 8.9 | % | 9.2 | % | 9.3 | % | 9.5 | % | 9.4 | % |
Common equity Tier 1 capital ratio | 10.5 | % | 10.3 | % | 10.3 | % | 10.3 | % | 10.3 | % |
Tier 1 risk-based capital ratio | 11.3 | % | 11.1 | % | 11.1 | % | 11.2 | % | 11.1 | % |
Total risk-based capital ratio | 14.0 | % | 13.8 | % | 14.0 | % | 14.0 | % | 14.0 | % |
(1) "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.
|
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(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
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(3) Regulatory capital ratios as of September 30, 2024 are preliminary estimates and prior periods are actual.
|
FULTON FINANCIAL CORPORATION | ||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||
(dollars in thousands) | ||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 296,500 | $ | 333,238 | $ | 247,581 | $ | 300,343 | $ | 304,042 |
Other interest-earning assets | 1,287,392 | 1,188,341 | 231,389 | 373,772 | 222,781 | |||||
Loans held for sale | 17,678 | 26,822 | 10,624 | 15,158 | 20,368 | |||||
Investment securities | 4,545,278 | 4,184,027 | 3,783,392 | 3,666,274 | 3,698,601 | |||||
Net loans | 24,176,075 | 24,106,297 | 21,444,483 | 21,351,094 | 21,177,508 | |||||
Less: ACL - loans(1)
|
(375,961) | (375,941) | (297,888) | (293,404) | (292,739) | |||||
Loans, net | 23,800,114 | 23,730,356 | 21,146,595 | 21,057,690 | 20,884,769 | |||||
Net premises and equipment | 171,731 | 180,642 | 213,541 | 222,881 | 215,626 | |||||
Accrued interest receivable | 115,903 | 120,752 | 107,089 | 107,972 | 101,624 | |||||
Goodwill and intangible assets | 641,739 | 648,026 | 560,114 | 560,687 | 561,284 | |||||
Other assets | 1,309,391 | 1,357,609 | 1,342,632 | 1,267,138 | 1,366,082 | |||||
Total Assets | $ | 32,185,726 | $ | 31,769,813 | $ | 27,642,957 | $ | 27,571,915 | $ | 27,375,177 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Deposits | $ | 26,152,144 | $ | 25,559,654 | $ | 21,741,950 | $ | 21,537,623 | $ | 21,421,589 |
Borrowings | 2,052,227 | 2,178,597 | 2,296,040 | 2,487,526 | 2,370,112 | |||||
Other liabilities | 777,412 | 929,953 | 847,288 | 786,627 | 1,016,783 | |||||
Total Liabilities | 28,981,783 | 28,668,204 | 24,885,278 | 24,811,776 | 24,808,484 | |||||
Shareholders' equity | 3,203,943 | 3,101,609 | 2,757,679 | 2,760,139 | 2,566,693 | |||||
Total Liabilities and Shareholders' Equity | $ | 32,185,726 | $ | 31,769,813 | $ | 27,642,957 | $ | 27,571,915 | $ | 27,375,177 |
LOANS, DEPOSITS AND BORROWINGS DETAIL: | ||||||||||
Loans, by type: | ||||||||||
Real estate - commercial mortgage | $ | 9,493,479 | $ | 9,289,770 | $ | 8,252,117 | $ | 8,127,728 | $ | 8,106,300 |
Commercial and industrial | 4,914,734 | 4,967,796 | 4,467,589 | 4,545,552 | 4,577,334 | |||||
Real estate - residential mortgage | 6,302,624 | 6,248,856 | 5,395,720 | 5,325,923 | 5,279,681 | |||||
Real estate - home equity | 1,144,402 | 1,120,878 | 1,040,335 | 1,047,184 | 1,045,438 | |||||
Real estate - construction | 1,332,954 | 1,463,799 | 1,249,199 | 1,239,075 | 1,078,263 | |||||
Consumer | 651,717 | 692,086 | 698,421 | 729,318 | 743,976 | |||||
Leases and other loans(2)
|
336,165 | 323,112 | 341,102 | 336,314 | 346,516 | |||||
Total Net Loans | $ | 24,176,075 | $ | 24,106,297 | $ | 21,444,483 | $ | 21,351,094 | $ | 21,177,508 |
Deposits, by type: | ||||||||||
Noninterest-bearing demand | $ | 5,501,699 | $ | 5,609,383 | $ | 5,086,514 | $ | 5,314,094 | $ | 5,575,374 |
Interest-bearing demand | 7,779,472 | 7,478,077 | 5,521,017 | 5,722,695 | 5,757,487 | |||||
Savings | 7,740,595 | 7,563,495 | 6,846,038 | 6,616,901 | 6,707,729 | |||||
Total demand and savings | 21,021,766 | 20,650,955 | 17,453,569 | 17,653,690 | 18,040,590 | |||||
Brokered | 843,473 | 995,975 | 1,152,427 | 1,144,692 | 941,059 | |||||
Time | 4,286,905 | 3,912,724 | 3,135,954 | 2,739,241 | 2,439,940 | |||||
Total Deposits | $ | 26,152,144 | $ | 25,559,654 | $ | 21,741,950 | $ | 21,537,623 | $ | 21,421,589 |
Borrowings, by type: | ||||||||||
Federal funds purchased | $ | - | $ | - | $ | - | $ | 240,000 | $ | 544,000 |
Federal Home Loan Bank advances | 950,000 | 750,000 | 900,000 | 1,100,000 | 730,000 | |||||
Senior debt and subordinated debt | 535,917 | 535,741 | 535,566 | 535,384 | 540,174 | |||||
Other borrowings | 566,310 | 892,856 | 860,474 | 612,142 | 555,938 | |||||
Total Borrowings | $ | 2,052,227 | $ | 2,178,597 | $ | 2,296,040 | $ | 2,487,526 | $ | 2,370,112 |
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
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(2) Includes equipment lease financing, overdraft and net origination fees and costs.
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FULTON FINANCIAL CORPORATION | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||
(dollars in thousands, except per share and share data) | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Sep 30 | |||||||||
2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||
Net Interest Income: | ||||||||||||||
Interest income | $ | 427,656 | $ | 400,506 | $ | 339,666 | $ | 338,134 | $ | 330,371 | $ | 1,167,828 | $ | 935,103 |
Interest expense | 169,647 | 158,786 | 132,729 | 126,128 | 116,529 | 461,162 | 292,822 | |||||||
Net Interest Income | 258,009 | 241,720 | 206,937 | 212,006 | 213,842 | 706,666 | 642,281 | |||||||
Provision for credit losses | 11,929 | 32,056 | 10,925 | 9,808 | 9,937 | 54,910 | 44,228 | |||||||
Net Interest Income after Provision | 246,080 | 209,664 | 196,012 | 202,198 | 203,905 | 651,756 | 598,053 | |||||||
Non-Interest Income: | ||||||||||||||
Wealth management | 21,596 | 20,990 | 20,155 | 19,388 | 19,413 | 62,741 | 56,152 | |||||||
Commercial banking: | ||||||||||||||
Merchant and card | 7,496 | 7,798 | 6,808 | 7,045 | 7,626 | 22,103 | 22,160 | |||||||
Cash management | 7,201 | 6,966 | 6,305 | 6,030 | 5,960 | 20,473 | 17,310 | |||||||
Capital markets | 3,311 | 2,585 | 2,341 | 4,258 | 2,960 | 8,236 | 11,396 | |||||||
Other commercial banking | 4,281 | 4,061 | 3,375 | 3,447 | 3,176 | 11,716 | 9,514 | |||||||
Total commercial banking | 22,289 | 21,410 | 18,829 | 20,780 | 19,722 | 62,528 | 60,380 | |||||||
Consumer banking: | ||||||||||||||
Card | 7,917 | 8,305 | 6,628 | 6,739 | 6,770 | 22,850 | 19,604 | |||||||
Overdraft | 3,957 | 3,377 | 2,786 | 2,991 | 2,996 | 10,120 | 8,425 | |||||||
Other consumer banking | 3,054 | 2,918 | 2,254 | 2,357 | 2,407 | 8,226 | 7,081 | |||||||
Total consumer banking | 14,928 | 14,600 | 11,668 | 12,087 | 12,173 | 41,196 | 35,110 | |||||||
Mortgage banking | 3,142 | 3,951 | 3,090 | 2,288 | 3,190 | 10,183 | 8,100 | |||||||
Gain on acquisition, net of tax | (7,706) | 47,392 | - | - | - | 39,685 | - | |||||||
Other | 5,425 | 4,933 | 3,398 | 5,587 | 1,463 | 13,756 | 8,539 | |||||||
Non-interest income before investment securities gains (losses) | 59,674 | 113,276 | 57,140 | 60,130 | 55,961 | 230,089 | 168,281 | |||||||
Investment securities gains (losses), net | (1) | (20,282) | - | (752) | - | (20,283) | 19 | |||||||
Total Non-Interest Income | 59,673 | 92,994 | 57,140 | 59,378 | 55,961 | 209,806 | 168,300 | |||||||
Non-Interest Expense: | ||||||||||||||
Salaries and employee benefits | 118,824 | 110,630 | 95,481 | 97,275 | 96,757 | 324,935 | 280,142 | |||||||
Data processing and software | 20,314 | 20,357 | 17,661 | 16,985 | 16,914 | 58,332 | 49,486 | |||||||
Net occupancy | 18,999 | 17,793 | 16,149 | 14,647 | 14,561 | 52,942 | 43,373 | |||||||
Other outside services | 15,839 | 16,933 | 13,283 | 14,670 | 12,094 | 46,055 | 33,054 | |||||||
Intangible amortization | 6,287 | 4,688 | 573 | 597 | 601 | 11,548 | 2,347 | |||||||
FDIC insurance | 5,109 | 6,696 | 6,104 | 11,138 | 4,738 | 17,909 | 14,427 | |||||||
Equipment | 4,860 | 4,561 | 4,040 | 3,995 | 3,475 | 13,461 | 10,395 | |||||||
Professional fees | 2,811 | 2,571 | 2,088 | 2,302 | 1,869 | 7,470 | 6,090 | |||||||
Marketing | 2,251 | 2,101 | 1,912 | 3,550 | 1,913 | 6,263 | 5,454 | |||||||
Acquisition-related expenses | 14,195 | 13,803 | - | - | - | 27,998 | - | |||||||
Other | 16,600 | (645) | 20,309 | 15,393 | 18,098 | 36,263 | 53,888 | |||||||
Total Non-Interest Expense | 226,089 | 199,488 | 177,600 | 180,552 | 171,020 | 603,176 | 498,656 | |||||||
Income Before Income Taxes | 79,664 | 103,170 | 75,552 | 81,024 | 88,846 | 258,386 | 267,697 | |||||||
Income tax expense | 16,458 | 8,195 | 13,611 | 16,761 | 16,749 | 38,264 | 47,680 | |||||||
Net Income | 63,206 | 94,975 | 61,941 | 64,263 | 72,097 | 220,122 | 220,017 | |||||||
Preferred stock dividends | (2,562) | (2,562) | (2,562) | (2,562) | (2,562) | (7,686) | (7,686) | |||||||
Net Income Available to Common Shareholders | $ | 60,644 | $ | 92,413 | $ | 59,379 | $ | 61,701 | $ | 69,535 | $ | 212,436 | $ | 212,331 |
Three months ended | Nine months ended | ||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Sep 30 | ||
2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | |
PER SHARE: | |||||||
Net income available to common shareholders (basic) | $0.33 | $0.53 | $0.36 | $0.38 | $0.42 | $1.23 | $1.28 |
Net income available to common shareholders (diluted) | $0.33 | $0.52 | $0.36 | $0.37 | $0.42 | $1.21 | $1.27 |
Cash dividends | $0.17 | $0.17 | $0.17 | $0.17 | $0.16 | $0.51 | $0.47 |
Weighted average shares (basic) | 181,905 | 175,305 | 162,706 | 163,975 | 164,566 | 173,337 | 165,667 |
Weighted average shares (diluted) | 183,609 | 176,934 | 164,520 | 165,650 | 166,023 | 175,033 | 167,181 |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||
Three months ended | ||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||
Balance |
Interest(1)
|
Rate | Balance |
Interest(1)
|
Rate | Balance |
Interest(1)
|
Rate | ||||||||||
ASSETS | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||
Net loans(2)
|
$ | 24,147,801 | $ | 376,160 | 6.20 | % | $ | 23,345,914 | $ | 355,533 | 6.12 | % | $ | 21,121,277 | $ | 304,167 | 5.72 | % |
Investment securities(3)
|
4,526,885 | 37,853 | 3.34 | % | 4,396,050 | 33,799 | 3.07 | % | 4,197,550 | 27,274 | 2.59 | % | ||||||
Other interest-earning assets | 1,338,592 | 18,068 | 5.37 | % | 1,125,886 | 15,730 | 5.61 | % | 263,244 | 3,372 | 5.11 | % | ||||||
Total Interest-Earning Assets | 30,013,278 | 432,081 | 5.74 | % | 28,867,850 | 405,062 | 5.64 | % | 25,582,071 | 334,813 | 5.20 | % | ||||||
Noninterest-earning assets: | ||||||||||||||||||
Cash and due from banks | 306,427 | 302,381 | 306,496 | |||||||||||||||
Premises and equipment | 181,285 | 203,166 | 217,447 | |||||||||||||||
Other assets | 1,772,052 | 1,759,138 | 1,562,233 | |||||||||||||||
Less: ACL - loans(4)
|
(377,807) | (357,644) | (290,411) | |||||||||||||||
Total Assets | $ | 31,895,235 | $ | 30,774,891 | $ | 27,377,836 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Demand deposits | $ | 7,668,583 | $ | 38,768 | 2.01 | % | $ | 7,080,302 | $ | 31,748 | 1.80 | % | $ | 5,740,229 | $ | 18,690 | 1.29 | % |
Savings deposits | 7,663,599 | 49,477 | 2.57 | % | 7,309,141 | 44,901 | 2.47 | % | 6,676,792 | 34,277 | 2.04 | % | ||||||
Brokered deposits | 842,661 | 11,344 | 5.36 | % | 1,123,328 | 15,074 | 5.40 | % | 937,657 | 12,250 | 5.18 | % | ||||||
Time deposits | 4,107,466 | 45,735 | 4.43 | % | 3,670,158 | 39,364 | 4.31 | % | 2,330,206 | 18,939 | 3.22 | % | ||||||
Total Interest-Bearing Deposits | 20,282,309 | 145,324 | 2.85 | % | 19,182,929 | 131,087 | 2.75 | % | 15,684,884 | 84,156 | 2.13 | % | ||||||
Borrowings and other interest-bearing liabilities | 2,229,348 | 24,324 | 4.34 | % | 2,441,691 | 27,699 | 4.53 | % | 2,691,087 | 32,373 | 4.74 | % | ||||||
Total Interest-Bearing Liabilities | 22,511,657 | 169,648 | 3.00 | % | 21,624,620 | 158,786 | 2.95 | % | 18,375,971 | 116,529 | 2.51 | % | ||||||
Noninterest-bearing liabilities: | ||||||||||||||||||
Demand deposits | 5,495,950 | 5,460,025 | 5,672,411 | |||||||||||||||
Other liabilities | 727,306 | 737,575 | 683,477 | |||||||||||||||
Total Liabilities | 28,734,913 | 27,822,220 | 24,731,859 | |||||||||||||||
Shareholders' equity | 3,160,322 | 2,952,671 | 2,645,977 | |||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 31,895,235 | $ | 30,774,891 | $ | 27,377,836 | ||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 262,433 | 3.49 | % | 246,276 | 3.43 | % | 218,284 | 3.40 | % | |||||||||
Tax equivalent adjustment | (4,424) | (4,556) | (4,442) | |||||||||||||||
Net Interest Income | $ | 258,009 | $ | 241,720 | $ | 213,842 | ||||||||||||
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
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(2) Average balances include non-performing loans.
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(3) Average balances include amortized historical cost for available for sale ("AFS") securities; the related unrealized holding gains (losses) are included in other assets.
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(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.
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FULTON FINANCIAL CORPORATION | ||||||||||
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) | ||||||||||
(dollars in thousands) | ||||||||||
Three months ended | ||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Loans, by type: | ||||||||||
Real estate - commercial mortgage | $ | 9,318,273 | $ | 8,958,139 | $ | 8,166,018 | $ | 8,090,627 | $ | 7,912,801 |
Commercial and industrial | 4,998,051 | 4,853,583 | 4,517,179 | 4,579,441 | 4,611,376 | |||||
Real estate - residential mortgage | 6,268,922 | 5,977,132 | 5,353,905 | 5,303,632 | 5,209,105 | |||||
Real estate - home equity | 1,122,313 | 1,117,367 | 1,039,321 | 1,043,753 | 1,045,806 | |||||
Real estate - construction | 1,437,907 | 1,430,057 | 1,240,640 | 1,153,601 | 1,254,577 | |||||
Consumer | 682,602 | 685,183 | 721,523 | 746,011 | 761,273 | |||||
Leases and other loans(1)
|
319,733 | 324,453 | 331,447 | 338,714 | 326,339 | |||||
Total Net Loans | $ | 24,147,801 | $ | 23,345,914 | $ | 21,370,033 | $ | 21,255,779 | $ | 21,121,277 |
Deposits, by type: | ||||||||||
Noninterest-bearing demand | $ | 5,495,950 | $ | 5,460,025 | $ | 5,061,075 | $ | 5,440,098 | $ | 5,672,411 |
Interest-bearing demand | 7,668,583 | 7,080,302 | 5,596,725 | 5,723,169 | 5,740,229 | |||||
Savings | 7,663,599 | 7,309,141 | 6,669,228 | 6,682,512 | 6,676,792 | |||||
Total demand and savings | 20,828,132 | 19,849,468 | 17,327,028 | 17,845,779 | 18,089,432 | |||||
Brokered | 842,661 | 1,123,328 | 1,083,382 | 1,051,369 | 937,657 | |||||
Time | 4,107,466 | 3,670,158 | 2,968,344 | 2,579,400 | 2,330,206 | |||||
Total Deposits | $ | 25,778,259 | $ | 24,642,954 | $ | 21,378,754 | $ | 21,476,548 | $ | 21,357,295 |
Borrowings, by type: | ||||||||||
Federal funds purchased | $ | - | $ | 32,637 | $ | 173,659 | $ | 446,707 | $ | 634,163 |
Federal Home Loan Bank advances | 754,130 | 833,726 | 902,890 | 760,087 | 793,098 | |||||
Senior debt and subordinated debt | 535,831 | 535,656 | 535,479 | 539,186 | 540,086 | |||||
Other borrowings and other interest-bearing liabilities | 939,387 | 1,039,672 | 996,348 | 795,747 | 723,740 | |||||
Total Borrowings | $ | 2,229,348 | $ | 2,441,691 | $ | 2,608,376 | $ | 2,541,727 | $ | 2,691,087 |
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
|
FULTON FINANCIAL CORPORATION | ||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||
(dollars in thousands) | ||||||||||||
Nine months ended September 30 | ||||||||||||
2024 | 2023 | |||||||||||
Average | Yield/ | Average | Yield/ | |||||||||
Balance |
Interest(1)
|
Rate | Balance |
Interest(1)
|
Rate | |||||||
ASSETS | ||||||||||||
Interest-earning assets: | ||||||||||||
Net loans(2)
|
$ | 22,918,845 | $ | 1,045,573 | 6.09 | % | $ | 20,819,280 | $ | 854,384 | 5.49 | % |
Investment securities(3)
|
4,303,048 | 98,701 | 3.05 | % | 4,240,093 | 82,098 | 2.58 | % | ||||
Other interest-earning assets | 921,483 | 37,126 | 5.38 | % | 427,810 | 11,882 | 3.71 | % | ||||
Total Interest-Earning Assets | 28,143,376 | 1,181,400 | 5.60 | % | 25,487,183 | 948,364 | 4.97 | % | ||||
Noninterest-Earning assets: | ||||||||||||
Cash and due from banks | 297,268 | 193,083 | ||||||||||
Premises and equipment | 202,531 | 219,087 | ||||||||||
Other assets | 1,828,085 | 1,555,891 | ||||||||||
Less: ACL - loans(4)
|
(353,567) | (282,144) | ||||||||||
Total Assets | $ | 30,117,693 | $ | 27,173,100 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Interest-Bearing liabilities: | ||||||||||||
Demand deposits | $ | 6,785,106 | $ | 91,016 | 1.79 | % | $ | 5,535,671 | $ | 41,756 | 1.01 | % |
Savings deposits | 7,215,631 | 133,175 | 2.47 | % | 6,593,703 | 84,102 | 1.71 | % | ||||
Brokered deposits | 1,015,823 | 41,073 | 5.40 | % | 779,191 | 29,557 | 5.07 | % | ||||
Time deposits | 3,583,905 | 114,721 | 4.28 | % | 2,032,360 | 40,160 | 2.64 | % | ||||
Total Interest-Bearing Deposits | 18,600,465 | 379,985 | 2.73 | % | 14,940,925 | 195,575 | 1.75 | % | ||||
Borrowings and other interest-bearing liabilities | 2,425,753 | 81,177 | 4.47 | % | 2,848,704 | 97,247 | 4.53 | % | ||||
Total Interest-Bearing Liabilities | 21,026,218 | 461,162 | 2.93 | % | 17,789,629 | 292,822 | 2.20 | % | ||||
Noninterest-Bearing liabilities: | ||||||||||||
Demand deposits | 5,339,590 | 6,108,197 | ||||||||||
Other liabilities | 791,175 | 639,569 | ||||||||||
Total Liabilities | 27,156,983 | 24,537,395 | ||||||||||
Shareholders' equity | 2,960,710 | 2,635,705 | ||||||||||
Total Liabilities and Shareholders' Equity | $ | 30,117,693 | $ | 27,173,100 | ||||||||
Net interest income/net interest margin (fully taxable equivalent) | 720,238 | 3.42 | % | 655,542 | 3.44 | % | ||||||
Tax equivalent adjustment | (13,572) | (13,261) | ||||||||||
Net Interest Income | $ | 706,666 | $ | 642,281 | ||||||||
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
|
||||||||||||
(2) Average balances include non-performing loans.
|
||||||||||||
(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets.
|
||||||||||||
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.
|
FULTON FINANCIAL CORPORATION | ||||
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) | ||||
(dollars in thousands) | ||||
Nine months ended September 30 | ||||
2024 | 2023 | |||
Loans, by type: | ||||
Real estate - commercial mortgage | $ | 8,803,503 | $ | 7,803,775 |
Commercial and industrial | 4,786,976 | 4,602,573 | ||
Real estate - residential mortgage | 5,844,317 | 5,004,289 | ||
Real estate - home equity | 1,091,526 | 1,066,003 | ||
Real estate - construction | 1,370,134 | 1,278,923 | ||
Consumer | 697,204 | 748,788 | ||
Leases and other loans(1)
|
325,185 | 314,929 | ||
Total Net Loans | $ | 22,918,845 | $ | 20,819,280 |
Deposits, by type: | ||||
Noninterest-bearing demand | $ | 5,339,590 | $ | 6,108,197 |
Interest-bearing demand | 6,785,106 | 5,535,671 | ||
Savings | 7,215,631 | 6,593,703 | ||
Total demand and savings | 19,340,327 | 18,237,571 | ||
Brokered | 1,015,823 | 779,191 | ||
Time | 3,583,905 | 2,032,360 | ||
Total Deposits | $ | 23,940,055 | $ | 21,049,122 |
Borrowings, by type: | ||||
Federal funds purchased | $ | 68,515 | $ | 606,708 |
Federal Home Loan Bank advances | 829,971 | 976,783 | ||
Senior debt and subordinated debt | 535,656 | 539,907 | ||
Other borrowings | 991,611 | 725,306 | ||
Total Borrowings | $ | 2,425,753 | $ | 2,848,704 |
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
|
FULTON FINANCIAL CORPORATION | ||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Three months ended | Nine months ended September 30 | |||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Sep 30 | Sep 30 | ||||||||
2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||
Allowance for credit losses related to net loans: | ||||||||||||||
Balance at beginning of period | $ | 375,941 | $ | 297,888 | $ | 293,404 | $ | 292,739 | $ | 287,442 | $ | 293,404 | $ | 269,366 |
CECL day 1 provision expense(1)
|
- | 23,444 | - | - | - | 23,444 | - | |||||||
Initial purchased credit deteriorated allowance for credit losses | (1,139) | 55,906 | - | - | - | 54,767 | - | |||||||
Loans charged off: | ||||||||||||||
Real estate - commercial mortgage | (2,723) | (7,853) | (26) | (3,547) | (860) | (10,602) | (14,452) | |||||||
Commercial and industrial | (6,256) | (2,955) | (7,632) | (3,397) | (3,220) | (16,843) | (5,849) | |||||||
Real estate - residential mortgage | (1,131) | (35) | (251) | - | - | (1,417) | (62) | |||||||
Consumer and home equity | (2,308) | (1,766) | (2,238) | (2,192) | (1,803) | (6,312) | (5,322) | |||||||
Real estate - construction | - | - | - | - | - | - | - | |||||||
Leases and other loans(2)
|
(726) | (1,398) | (805) | (1,096) | (1,396) | (2,929) | (3,284) | |||||||
Total loans charged off | (13,144) | (14,007) | (10,952) | (10,232) | (7,279) | (38,103) | (28,969) | |||||||
Recoveries of loans previously charged off: | ||||||||||||||
Real estate - commercial mortgage | 107 | 146 | 152 | 160 | 101 | 405 | 916 | |||||||
Commercial and industrial | 1,008 | 796 | 1,248 | 779 | 620 | 3,052 | 2,694 | |||||||
Real estate - residential mortgage | 130 | 122 | 116 | 278 | 37 | 368 | 143 | |||||||
Consumer and home equity | 545 | 1,161 | 676 | 555 | 1,023 | 2,382 | 2,643 | |||||||
Real estate - construction | 103 | 233 | - | 87 | - | 336 | 771 | |||||||
Leases and other loans(2)
|
129 | 247 | 162 | 374 | 400 | 538 | 729 | |||||||
Recoveries of loans previously charged off | 2,022 | 2,705 | 2,354 | 2,233 | 2,181 | 7,081 | 7,896 | |||||||
Net loans charged off | (11,122) | (11,302) | (8,598) | (7,999) | (5,098) | (31,022) | (21,073) | |||||||
Provision for credit losses(1)
|
12,281 | 10,005 | 13,082 | 8,664 | 10,395 | 35,368 | 44,446 | |||||||
Balance at end of period | $ | 375,961 | $ | 375,941 | $ | 297,888 | $ | 293,404 | $ | 292,739 | $ | 375,961 | $ | 292,739 |
Net charge-offs to average loans | 0.18 | % | 0.19 | % | 0.16 | % | 0.15 | % | 0.10 | % | 0.18 | % | 0.13 | % |
Provision for credit losses related to OBS Credit Exposures | ||||||||||||||
Provision for credit losses(1)
|
$ | (352) | $ | (1,393) | $ | (2,157) | $ | 1,144 | $ | (458) | $ | (3,902) | $ | (218) |
NON-PERFORMING ASSETS: | ||||||||||||||
Non-accrual loans | $ | 175,861 | $ | 145,630 | $ | 129,628 | $ | 121,620 | $ | 113,022 | ||||
Loans 90 days past due and accruing | 26,286 | 26,962 | 26,521 | 31,721 | 27,962 | |||||||||
Total non-performing loans | 202,147 | 172,592 | 156,149 | 153,341 | 140,984 | |||||||||
Other real estate owned | 2,844 | 1,444 | 277 | 896 | 2,549 | |||||||||
Total non-performing assets | $ | 204,991 | $ | 174,036 | $ | 156,426 | $ | 154,237 | $ | 143,533 | ||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||
Commercial and industrial | $ | 64,450 | $ | 58,433 | $ | 44,118 | $ | 41,020 | $ | 33,365 | ||||
Real estate - commercial mortgage | 71,505 | 48,615 | 47,891 | 46,527 | 44,058 | |||||||||
Real estate - residential mortgage | 41,727 | 41,033 | 40,685 | 42,029 | 40,560 | |||||||||
Consumer and home equity | 12,792 | 11,886 | 10,172 | 10,878 | 11,580 | |||||||||
Leases and other loans(2)
|
9,927 | 9,993 | 10,135 | 10,011 | 10,744 | |||||||||
Real estate - construction | 1,746 | 2,632 | 3,148 | 2,876 | 677 | |||||||||
Total non-performing loans | $ | 202,147 | $ | 172,592 | $ | 156,149 | $ | 153,341 | $ | 140,984 | ||||
(1) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income.
|
||||||||||||||
(2) Includes equipment lease financing, overdraft and net origination fees and costs.
|
FULTON FINANCIAL CORPORATION | ||||||||||
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) |
||||||||||
(dollars in thousands, except per share and share data) | ||||||||||
Explanatory note: | This press release contains supplemental financial information, as detailed below, that has been derived by methods other than 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 and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow: | |||||||||
Three months ended | ||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Operating net income available to common shareholders | ||||||||||
Net income available to common shareholders | $ | 60,644 | $ | 92,413 | $ | 59,379 | $ | 61,701 | $ | 69,535 |
Less: Non-PCD credit-related interest income from acquisition | (815) | (571) | - | - | - | |||||
Less: Interest rate derivative transition valuation(1)
|
138 | (137) | (151) | (1,102) | 2,958 | |||||
Less: Loss (gain) on acquisition, net of tax | 7,706 | (47,392) | - | - | - | |||||
Plus: Loss on securities restructuring | - | 20,282 | - | - | - | |||||
Plus: Core deposit intangible amortization | 6,155 | 4,556 | 441 | 441 | 441 | |||||
Plus: Acquisition-related expense | 14,195 | 13,803 | - | - | - | |||||
Plus: CECL day 1 provision expense | - | 23,444 | - | - | - | |||||
Less: Gain on sale-leaseback | - | (20,266) | - | - | - | |||||
Plus: FDIC special assessment | (16) | - | 956 | 6,494 | - | |||||
Plus: FultonFirst implementation and asset disposals | 9,385 | 6,323 | 6,329 | 3,197 | - | |||||
Less: Tax impact of adjustments | (6,099) | (9,961) | (1,591) | (1,896) | (714) | |||||
Operating net income available to common shareholders (numerator) | $ | 91,293 | $ | 82,494 | $ | 65,363 | $ | 68,835 | $ | 72,220 |
Weighted average shares (diluted) (denominator) | 183,609 | 176,934 | 164,520 | 165,650 | 166,023 | |||||
Operating net income available to common shareholders, per share (diluted) | $ | 0.50 | $ | 0.47 | $ | 0.40 | $ | 0.42 | $ | 0.43 |
Common shareholders' equity (tangible), per share | ||||||||||
Shareholders' equity | $ | 3,203,943 | $ | 3,101,609 | $ | 2,757,679 | $ | 2,760,139 | $ | 2,566,693 |
Less: Preferred stock | (192,878) | (192,878) | (192,878) | (192,878) | (192,878) | |||||
Less: Goodwill and intangible assets | (641,739) | (648,026) | (560,114) | (560,687) | (561,284) | |||||
Tangible common shareholders' equity (numerator) | $ | 2,369,326 | $ | 2,260,705 | $ | 2,004,687 | $ | 2,006,574 | $ | 1,812,531 |
Shares outstanding, end of period (denominator) | 181,957 | 181,831 | 162,087 | 163,801 | 164,084 | |||||
Common shareholders' equity (tangible), per share | $ | 13.02 | $ | 12.43 | $ | 12.37 | $ | 12.25 | $ | 11.05 |
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
|
||||||||||
(2) Results are annualized.
|
||||||||||
Three months ended | ||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Operating return on average assets(2)
|
||||||||||
Net income | $ | 63,206 | $ | 94,975 | $ | 61,941 | $ | 64,263 | $ | 72,097 |
Less: Non-PCD credit-related interest income from acquisition | (815) | (571) | - | - | - | |||||
Less: Interest rate derivative transition valuation(1)
|
138 | (137) | (151) | (1,102) | 2,958 | |||||
Less: Loss (gain) on acquisition, net of tax | 7,706 | (47,392) | - | - | - | |||||
Plus: Loss on securities restructuring | - | 20,282 | - | - | - | |||||
Plus: Core deposit intangible amortization | 6,155 | 4,556 | 441 | 441 | 441 | |||||
Plus: Acquisition-related expense | 14,195 | 13,803 | - | - | - | |||||
Plus: CECL day 1 provision expense | - | 23,444 | - | - | - | |||||
Less: Gain on sale-leaseback | - | (20,266) | - | - | - | |||||
Plus: FDIC special assessment | (16) | - | 956 | 6,494 | - | |||||
Plus: FultonFirst implementation and asset disposals | 9,385 | 6,323 | 6,329 | 3,197 | - | |||||
Less: Tax impact of adjustments | (6,099) | (9,961) | (1,591) | (1,896) | (714) | |||||
Operating net income (numerator) | $ | 93,855 | $ | 85,056 | $ | 67,925 | $ | 71,397 | $ | 74,782 |
Total average assets | $ | 31,895,235 | $ | 30,774,891 | $ | 27,427,626 | $ | 27,397,671 | $ | 27,377,836 |
Less: Average net core deposit intangible | (89,350) | (68,234) | (4,666) | (5,106) | (5,548) | |||||
Total operating average assets (denominator) | $ | 31,805,885 | $ | 30,706,657 | $ | 27,422,960 | $ | 27,392,565 | $ | 27,372,288 |
Operating return on average assets | 1.17% | 1.11% | 1.00% | 1.03% | 1.08% | |||||
Operating return on average common shareholders' equity (tangible)(2)
|
||||||||||
Net income available to common shareholders | $ | 60,644 | $ | 92,413 | $ | 59,379 | $ | 61,701 | $ | 69,535 |
Less: Non-PCD credit-related interest income from acquisition | (815) | (571) | - | - | - | |||||
Less: Interest rate derivative transition valuation(1)
|
138 | (137) | (151) | (1,102) | 2,958 | |||||
Less: Loss (gain) on acquisition, net of tax | 7,706 | (47,392) | - | - | - | |||||
Plus: Loss on securities restructuring | - | 20,282 | - | - | - | |||||
Plus: Intangible amortization | 6,287 | 4,688 | 573 | 597 | 601 | |||||
Plus: Acquisition-related expense | 14,195 | 13,803 | - | - | - | |||||
Plus: CECL day 1 provision expense | - | 23,444 | - | - | - | |||||
Less: Gain on sale-leaseback | - | (20,266) | - | - | - | |||||
Plus: FDIC special assessment | (16) | - | 956 | 6,494 | - | |||||
Plus: FultonFirst implementation and asset disposals | 9,385 | 6,323 | 6,329 | 3,197 | - | |||||
Less: Tax impact of adjustments | (6,127) | (9,989) | (1,618) | (1,929) | (747) | |||||
Adjusted net income available to common shareholders (numerator) | $ | 91,397 | $ | 82,598 | $ | 65,468 | $ | 68,958 | $ | 72,347 |
Average shareholders' equity | $ | 3,160,322 | $ | 2,952,671 | $ | 2,766,945 | $ | 2,618,024 | $ | 2,645,977 |
Less: Average preferred stock | (192,878) | (192,878) | (192,878) | (192,878) | (192,878) | |||||
Less: Average goodwill and intangible assets | (644,814) | (624,471) | (560,393) | (560,977) | (561,578) | |||||
Average tangible common shareholders' equity (denominator) | $ | 2,322,630 | $ | 2,135,322 | $ | 2,013,674 | $ | 1,864,169 | $ | 1,891,521 |
Operating return on average common shareholders' equity (tangible) | 15.65% | 15.56% | 13.08% | 14.68% | 15.17% | |||||
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
|
||||||||||
(2) Results are annualized.
|
||||||||||
Three months ended | ||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Tangible common equity to tangible assets (TCE Ratio) | ||||||||||
Shareholders' equity | $ | 3,203,943 | $ | 3,101,609 | $ | 2,757,679 | $ | 2,760,139 | $ | 2,566,693 |
Less: Preferred stock | (192,878) | (192,878) | (192,878) | (192,878) | (192,878) | |||||
Less: Goodwill and intangible assets | (641,739) | (648,026) | (560,114) | (560,687) | (561,284) | |||||
Tangible common shareholders' equity (numerator) | $ | 2,369,326 | $ | 2,260,705 | $ | 2,004,687 | $ | 2,006,574 | $ | 1,812,531 |
Total assets | $ | 32,185,726 | $ | 31,769,813 | $ | 27,642,957 | $ | 27,571,915 | $ | 27,375,177 |
Less: Goodwill and intangible assets | (641,739) | (648,026) | (560,114) | (560,687) | (561,284) | |||||
Total tangible assets (denominator) | $ | 31,543,987 | $ | 31,121,787 | $ | 27,082,843 | $ | 27,011,228 | $ | 26,813,893 |
Tangible common equity to tangible assets | 7.51% | 7.26% | 7.40% | 7.43% | 6.76% | |||||
Efficiency ratio | ||||||||||
Non-interest expense | $ | 226,089 | $ | 199,488 | $ | 177,600 | $ | 180,552 | $ | 171,020 |
Less: Acquisition-related expense | (14,195) | (13,803) | - | - | - | |||||
Plus: Gain on sale-leaseback | - | 20,266 | - | - | - | |||||
Less: FDIC special assessment | 16 | - | (956) | (6,494) | - | |||||
Less: FultonFirst implementation and asset disposals | (9,385) | (6,323) | (6,329) | (3,197) | - | |||||
Less: Intangible amortization | (6,287) | (4,688) | (573) | (597) | (601) | |||||
Less: Debt extinguishment | - | - | - | 720 | - | |||||
Operating non-interest expense (numerator) | $ | 196,238 | $ | 194,940 | $ | 169,742 | $ | 170,984 | $ | 170,419 |
Net interest income | $ | 258,009 | $ | 241,720 | $ | 206,937 | $ | 212,006 | $ | 213,842 |
Tax equivalent adjustment | 4,424 | 4,556 | 4,592 | 4,549 | 4,442 | |||||
Plus: Total non-interest income | 59,673 | 92,994 | 57,140 | 59,378 | 55,961 | |||||
Less: Interest rate derivative transition valuation(1)
|
138 | (137) | (151) | (1,102) | 2,958 | |||||
Less: Non-PCD credit-related interest income from acquisition | (815) | (571) | - | - | - | |||||
Less: Loss (gain) on acquisition, net of tax | 7,706 | (47,392) | - | - | - | |||||
Plus: Investment securities (gains) losses, net | 1 | 20,282 | - | 752 | - | |||||
Total revenue (denominator) | $ | 329,136 | $ | 311,452 | $ | 268,518 | $ | 275,583 | $ | 277,203 |
Efficiency ratio | 59.62% | 62.59% | 63.21% | 62.04% | 61.48% | |||||
Operating non-interest expense to total average assets | ||||||||||
Non-interest expense | $ | 226,089 | $ | 199,488 | $ | 177,600 | $ | 180,552 | $ | 171,020 |
Less: Intangible amortization | (6,287) | (4,688) | (573) | (597) | (601) | |||||
Less: Acquisition-related expense | (14,195) | (13,803) | - | - | - | |||||
Plus: Gain on sale-leaseback | - | 20,266 | - | - | - | |||||
Less: FDIC special assessment | 16 | - | (956) | (6,494) | - | |||||
Less: FultonFirst implementation and asset disposals | (9,385) | (6,323) | (6,329) | (3,197) | - | |||||
Operating non-interest expense (numerator) | $ | 196,238 | $ | 194,940 | $ | 169,742 | $ | 170,264 | $ | 170,419 |
Total average assets (denominator) | $ | 31,895,235 | $ | 30,774,891 | $ | 27,427,626 | $ | 27,397,671 | $ | 27,377,836 |
Operating non-interest expenses to total average assets | 2.45% | 2.55% | 2.49% | 2.47% | 2.47% | |||||
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
|
||||||||||
(2) Results are annualized.
|
||||||||||
Note: numbers in this report may not sum due to rounding. |