Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the
“Corporation”) reported net income available to common shareholders
of $62 million, or $0.38 per diluted share, for the second quarter
of 2021.
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"In the second quarter, Fulton Financial again achieved solid
performance,” said E. Philip Wenger, Chairman and CEO of Fulton
Financial Corporation. "Our results reflect stable to improving
core business trends, a disciplined operating environment, growth
in wealth management revenues and stable asset quality.”
Net Interest Income and Balance
Sheet
Net interest income for the second quarter of 2021 was $162
million, $2 million lower than the first quarter of 2021. Net
interest margin for the second quarter of 2021 decreased 6 basis
points, to 2.73%, from 2.79% in the first quarter of 2021. The
decreases in net interest income and net interest margin in
comparison to the first quarter of 2021 were primarily due to lower
fee income recognized related to the Paycheck Protection Program
("PPP") loans, which were $12 million in the second quarter of 2021
compared to $19 million for the first quarter of 2021, as well as
lower yields on loans.
Total average interest-earning assets for the second quarter of
2021 were $24 billion, a decrease of $2 million from the first
quarter of 2021, driven by a decline in PPP loans and other
interest-earning assets, partially offset by growth in the
commercial and residential real estate loan portfolios as well as
investment securities. Average Net Loans1, which include loans
originated under the PPP, were $18.9 billion, a decrease of $74
million compared to the first quarter of 2021. Average PPP loans
were $1.5 billion for the second quarter of 2021 compared to $1.7
billion for the first quarter of 2021. Second quarter loan balances
were impacted by the net effect of $639 million of PPP loans
forgiven and $60 million of new loans originated under the third
phase of the PPP in the second quarter of 2021.
___________________________________ 1Loans
and lease receivables, (net of unearned income)
Average loans and yields, by type, for the second quarter of
2021 in comparison to the first quarter of 2021 are summarized in
the following table:
Three months ended
June 30, 2021
March 31, 2021
Growth
Balance
Yield (1)
Balance
Yield (1)
$
%
(dollars in thousands)
Average Net Loans by type:
Real estate - commercial mortgage
$
7,177,622
3.16
%
$
7,128,997
3.15
%
$
48,625
0.7
%
Commercial and industrial(2)
5,445,160
2.58
%
5,722,080
2.57
%
(276,920)
(4.8)
%
Real estate - residential mortgage
3,396,690
3.39
%
3,183,585
3.52
%
213,105
6.7
%
Real estate - home equity
1,139,558
3.71
%
1,175,218
3.75
%
(35,660)
(3.0)
%
Real estate - construction
1,054,469
3.05
%
1,054,718
3.09
%
(249)
(0.0)
%
Consumer
451,486
3.89
%
459,038
4.13
%
(7,552)
(1.6)
%
Equipment lease financing
256,248
3.74
%
266,405
4.11
%
(10,157)
(3.8)
%
Other(3)
(14,677)
N/A
(9,455)
N/A
(5,222)
55.2
%
Total Average Net Loans
$
18,906,556
3.32
%
$
18,980,586
3.53
%
$
(74,030)
(0.4)
%
(1) Presented on a fully-taxable
equivalent basis using a 21% Federal tax rate and statutory
interest expense disallowances.
(2) Includes average PPP loans of $1.5
billion and $1.7 billion for the three months ended June 30, 2021
and March 31, 2021, respectively.
(3) Consists of overdrafts and net
origination fees and costs.
Total average liabilities decreased $98 million, to $23.3
billion, in the second quarter of 2021 compared to the first
quarter of 2021 driven by decreases in short-term and long-term
borrowings, partially offset by increases in average deposits.
Average deposits and interest rates, by type, for the second
quarter of 2021 in comparison to the first quarter of 2021 are
summarized in the following table:
Three months ended
June 30, 2021
March 31, 2021
Growth
Balance
Rate
Balance
Rate
$
%
(dollars in thousands)
Average Deposits, by type:
Noninterest-bearing demand
$
7,203,696
—
$
6,672,832
—
$
530,864
8.0
%
Interest-bearing demand
5,979,855
0.06
%
5,832,174
0.08
%
147,681
2.5
%
Savings
6,280,629
0.09
%
6,137,084
0.10
%
143,545
2.3
%
Total average demand and savings
19,464,180
0.05
%
18,642,090
0.06
%
822,090
4.4
%
Brokered
297,815
0.34
%
324,364
0.49
%
(26,549)
(8.2)
%
Time
2,003,606
1.09
%
2,150,570
1.23
%
(146,964)
(6.8)
%
Total Average Deposits
$
21,765,601
0.15
%
$
21,117,024
0.18
%
$
648,577
3.1
%
Asset Quality
In the second quarter of 2021, a negative provision for credit
losses of $4 million was recognized, as compared to a negative
provision for credit losses of $6 million recognized in the first
quarter of 2021. A $20 million provision for credit losses was
recognized in the second quarter of 2020. Consistent with the first
quarter of 2021, improved economic forecasts and a decrease in
specific allocations within the allowance for credit losses for
loans evaluated individually reduced the level of the allowance for
credit losses determined to be necessary at the end of the second
quarter of 2021.
The $20 million provision for credit losses in the second
quarter of 2020 reflected expected credit losses based on economic
forecasts as of the end of the second quarter of 2020 and the
assessment of the estimated impacts of the COVID-19 pandemic at
that time.
Non-performing assets were $157 million, or 0.60% of total
assets, at June 30, 2021, compared to $156 million, or 0.60% of
total assets, and $145 million, or 0.59% of total assets at March
31, 2021 and June 30, 2020, respectively.
Annualized net charge-offs for the quarter ended June 30, 2021
were 0.15% of total average loans, compared to 0.13% and 0.09% for
the quarters ended March 31, 2021 and June 30, 2020,
respectively.
Non-interest Income
Non-interest income in the second quarter of 2021, excluding
investment securities gains, was $52 million, a decrease of $10
million, or 16%, from the first quarter of 2021, primarily driven
by decreases of $11 million in mortgage banking income and a $1
million decrease in capital markets income. The decrease in
mortgage banking income was due to lower mortgage sales and
gain-on-sale spreads on loans sold, as well as a $2 million
addition to the valuation allowance for mortgage servicing assets.
The $1 million decrease in capital markets income was the result of
lower commercial loan interest rate swap revenues.
Compared to the second quarter of 2020, non-interest income,
excluding investment securities gains, in the second quarter of
2021 decreased $1 million, or 2%, from $53 million, primarily
driven by a $7 million decrease in mortgage banking income,
resulting from a combination of lower mortgage sales gains and
higher rates. During the second quarter of 2020, mortgage banking
income was higher as a result of lower mortgage interest rates
which drove an increase in activity. The decrease in mortgage
banking income was partially offset by a $4 million increase in
wealth management income and a $2 million increase in consumer
banking income.
Net investment securities gains were $33 million lower compared
to the first quarter of 2021. In the first quarter of 2021, Fulton
completed a balance sheet restructuring involving gains on sales of
Visa, Inc. Class B restricted shares of $34 million, which were
offset in non-interest expense by corresponding debt extinguishment
costs of $32 million, other securities losses of $0.4 million and a
write-off of $1 million recognized in net interest income in
connection with the purchase of certain of the Corporation's
outstanding senior and subordinated notes and the prepayment of
term Federal Home Loan Bank advances.
Non-interest Expense
Non-interest expense was $141 million in the second quarter of
2021, a decrease of $38 million compared to the first quarter of
2021, with the decrease driven by costs recognized during the first
quarter of 2021 associated with the aforementioned balance sheet
restructuring.
Compared to the second quarter of 2020, non-interest expense
decreased $2 million, or 2%, in the second quarter of 2021, due
primarily to a decrease in salaries and employee benefits and debt
extinguishment costs. In the second quarter of 2020 a $3 million
prepayment penalty on redemption of FHLB advances was incurred.
These decreases were partially offset by increases in multiple
other non-interest expense categories.
Income Tax Expense
The effective income tax rate (ETR) was 16% for both the second
and first quarters of 2021 as compared to 14% for second quarter of
2020. The increase was a result of higher income before income
taxes, while net favorable permanent differences were relatively
the same compared to the second quarter of 2020.
Additional information on Fulton is available on the Internet at
www.fult.com.
Safe Harbor Statement
This news release may contain forward-looking statements with
respect to the Corporation’s financial condition, results of
operations and business. Do not unduly rely on forward-looking
statements. Forward-looking statements can be identified by the use
of words such as "may," "should," "will," "could," "estimates,"
"predicts," "potential," "continue," "anticipates," "believes,"
"plans," "expects," "future," "intends," “projects,” the negative
of these terms and other comparable terminology. These
forward-looking statements may include projections of, or guidance
on, the Corporation’s future financial performance, expected levels
of future expenses, including future credit losses, anticipated
growth strategies, descriptions of new business initiatives and
anticipated trends in the Corporation’s business or financial
results.
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, they are based on current
beliefs, expectations and assumptions regarding the future of the
Corporation’s business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Corporation’s control, and actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements. Any
forward-looking statement is based only on information currently
available and speaks only as of the date when made. The Corporation
undertakes no obligation, other than as required by law, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the
Corporation's actual results to differ materially from those
described in the forward-looking statements, can be found in the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Corporation’s Annual Report on Form 10-K for the year ended
December 31, 2020, Quarterly Report on Form 10-Q for the quarter
ended March 31, 2021 and other current and periodic reports, which
have been or will be filed with the Securities and Exchange
Commission and are or will be available in the Investor Relations
section of the Corporation's website (www.fult.com) and on the
Securities and Exchange Commission's website (www.sec.gov).
Non-GAAP Financial
Measures
The Corporation uses certain non-GAAP financial measures in this
earnings release. These non-GAAP financial measures are reconciled
to the most comparable GAAP measures in tables at the end of this
release.
FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL
INFORMATION (UNAUDITED)
in thousands, except per-share data and
percentages
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2021
2021
2020
2020
2020
Ending
Balances
Investments
$
3,921,658
$
3,612,010
$
3,340,424
$
3,097,721
$
2,974,813
Net Loans
18,586,756
18,990,986
18,900,820
19,028,621
18,704,722
Total assets
26,079,774
25,892,990
25,906,733
25,543,281
24,617,863
Deposits
21,724,312
21,633,838
20,839,207
20,730,051
19,884,208
Shareholders' equity
2,692,958
2,629,655
2,616,828
2,390,261
2,340,501
Average
Balances
Investments
$
3,670,333
$
3,448,166
$
3,221,289
$
2,977,672
$
3,096,632
Net Loans
18,906,556
18,980,586
18,994,514
18,880,519
18,331,797
Total assets
26,017,542
26,082,816
25,749,405
25,169,508
24,139,116
Deposits
21,765,601
21,117,024
20,791,522
20,388,447
19,276,658
Shareholders' equity
2,669,413
2,637,098
2,544,866
2,374,091
2,309,133
Income
Statement
Net interest income
$
162,399
$
164,448
$
161,591
$
154,116
$
152,754
Provision for credit losses
(3,500)
(5,500)
6,240
7,080
19,570
Non-interest income
51,890
95,397
55,574
63,248
55,922
Non-interest expense
140,831
178,384
154,737
139,147
143,006
Income before taxes
76,958
86,961
56,187
71,137
46,101
Net income available to common
shareholders
62,402
70,472
48,690
61,607
39,559
Pre-provision net revenue(1)
75,575
81,795
64,092
80,043
67,125
Per
Share
Net income available to common
shareholders (basic)
$
0.38
$
0.43
$
0.30
$
0.38
$
0.24
Net income available to common
shareholders (diluted)
$
0.38
$
0.43
$
0.30
$
0.38
$
0.24
Cash dividends
$
0.14
$
0.14
$
0.17
$
0.13
$
0.13
Common shareholders' equity
$
15.34
$
14.99
$
14.93
$
14.74
$
14.45
Common shareholders' equity
(tangible)(1)
$
12.05
$
11.69
$
11.62
$
11.44
$
11.15
Weighted average shares (basic)
162,785
162,441
162,242
162,061
161,715
Weighted average shares (diluted)
163,858
163,737
163,071
162,579
162,267
(1) Non-GAAP financial measure. Refer to
the calculation on the page titled “Reconciliation of Non-GAAP
Measures” at the end of this document.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2021
2021
2020
2020
2020
Asset
Quality
Net charge-offs (recoveries) to average
loans (annualized)
0.15
%
0.13
%
(0.07)
%
(0.05)
%
0.09
%
Non-performing loans to total loans
0.83
%
0.80
%
0.78
%
0.75
%
0.75
%
Non-performing assets to total assets
0.60
%
0.60
%
0.58
%
0.57
%
0.59
%
ACL - loans(2) to total loans
1.37
%
1.40
%
1.47
%
1.40
%
1.37
%
ACL - loans(2) to non-performing loans
166
%
174
%
189
%
188
%
183
%
Asset Quality,
excluding PPP(1)(3)
Net charge-offs (recoveries) to adjusted
average loans (annualized)
0.16
%
0.14
%
(0.08)
%
(0.06)
%
0.10
%
Non-performing loans to total adjusted
loans
0.88
%
0.88
%
0.85
%
0.83
%
0.83
%
ACL - loans(2) to total adjusted loans
1.46
%
1.54
%
1.60
%
1.56
%
1.53
%
Profitability
Return on average assets
1.00
%
1.14
%
0.79
%
0.97
%
0.66
%
Return on average common shareholders'
equity
9.38
%
10.84
%
7.61
%
10.32
%
6.89
%
Return on average common shareholders'
equity (tangible)(1)
12.93
%
15.00
%
10.32
%
13.50
%
8.99
%
Net interest margin
2.73
%
2.79
%
2.75
%
2.70
%
2.81
%
Efficiency ratio(1)
63.8
%
63.0
%
62.5
%
62.3
%
66.4
%
Capital
Ratios
Tangible common equity ratio(1)
7.7
%
7.5
%
7.4
%
7.4
%
7.5
%
Tier 1 leverage ratio(4)
8.4
%
8.3
%
8.2
%
7.4
%
7.6
%
Common equity Tier 1 capital ratio(4)
9.9
%
9.8
%
9.5
%
9.5
%
9.5
%
Tier 1 capital ratio(4)
10.9
%
10.8
%
10.5
%
9.5
%
9.5
%
Total risk-based capital ratio(4)
14.3
%
14.2
%
14.4
%
13.9
%
13.8
%
(1) Non-GAAP financial measure. Refer to
the calculation on the page titled "Reconciliation of Non-GAAP
Measures" at the end of this document.
(2) "ACL - loans" relates to the allowance
for credit losses ("ACL") specifically on "Net Loans" and does not
include the ACL related to off-balance-sheet ("OBS") credit
exposures.
(3) Asset quality information excluding
Paycheck Protection Program ("PPP") loans. Refer to the calculation
on the page titled "Reconciliation of Non-GAAP Measures" at the end
of this document.
(4) Regulatory capital ratios as of June
30, 2021 are preliminary and prior periods are actual.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE
SHEETS (UNAUDITED)
dollars in thousands
% Change from
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
Jun 30
2021
2021
2020
2020
2020
2021
2020
ASSETS
Cash and due from banks
$
143,002
$
102,570
$
120,462
$
139,304
$
141,702
39.4
%
0.9
%
Other interest-earning assets
1,823,688
1,625,515
1,819,499
1,489,550
1,007,939
12.2
%
80.9
%
Loans held for sale
41,924
34,092
83,886
93,621
77,415
23.0
%
(45.8)
%
Investment securities
3,921,658
3,612,010
3,340,424
3,097,721
2,974,813
8.6
%
31.8
%
Net Loans
18,586,756
18,990,986
18,900,820
19,028,621
18,704,722
(2.1)
%
(0.6)
%
Less: ACL - loans(1)
(255,032)
(265,986)
(277,567)
(266,825)
(256,537)
(4.1)
%
(0.6)
%
Loans, net
18,331,724
18,725,000
18,623,253
18,761,796
18,448,185
(2.1)
%
(0.6)
%
Net, premises and equipment
228,353
229,035
231,480
236,943
239,596
(0.3)
%
(4.7)
%
Accrued interest receivable
63,232
65,649
72,942
70,766
73,720
(3.7)
%
(14.2)
%
Goodwill and intangible assets
536,847
536,544
536,659
534,907
535,039
0.1
%
0.3
%
Other assets
989,346
962,575
1,078,128
1,118,673
1,119,454
2.8
%
(11.6)
%
Total Assets
$
26,079,774
$
25,892,990
$
25,906,733
$
25,543,281
$
24,617,863
0.7
%
5.9
%
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits
$
21,724,312
$
21,633,838
$
20,839,207
$
20,730,051
$
19,884,208
0.4
%
9.3
%
Short-term borrowings
533,749
520,989
630,066
611,727
572,551
2.4
%
(6.8)
%
Other liabilities
501,542
482,101
524,369
515,230
525,407
4.0
%
(4.5)
%
Long-term borrowings
627,213
626,407
1,296,263
1,296,012
1,295,196
0.1
%
(51.6)
%
Total Liabilities
23,386,816
23,263,335
23,289,905
23,153,020
22,277,362
0.5
%
5.0
%
Shareholders' equity
2,692,958
2,629,655
2,616,828
2,390,261
2,340,501
2.4
%
15.1
%
Total Liabilities and Shareholders'
Equity
$
26,079,774
$
25,892,990
$
25,906,733
$
25,543,281
$
24,617,863
0.7
%
5.9
%
LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage
$
7,152,932
$
7,142,137
$
7,105,092
$
7,046,330
$
6,934,936
0.2
%
3.1
%
Commercial and industrial
3,870,462
3,986,858
4,088,561
4,007,278
4,033,439
(2.9)
%
(4.0)
%
Real estate - residential mortgage
3,555,897
3,254,058
3,141,915
3,061,835
2,862,226
9.3
%
24.2
%
Real estate - home equity
1,136,128
1,149,958
1,202,913
1,222,709
1,251,455
(1.2)
%
(9.2)
%
Real estate - construction
1,070,755
1,083,494
1,047,218
1,007,534
972,909
(1.2)
%
10.1
%
Consumer
448,433
451,857
466,772
469,551
465,610
(0.8)
%
(3.7)
%
Equipment lease financing
252,158
260,907
279,118
280,286
281,897
(3.4)
%
(10.5)
%
Other(2)
(14,410)
(26,677)
(12,481)
(27,067)
(34,784)
(46.0)
%
(58.6)
%
Net Loans before PPP
17,472,355
17,302,592
17,319,108
17,068,456
16,767,688
1.0
%
4.2
%
PPP
1,114,401
1,688,394
1,581,712
1,960,165
1,937,034
(34.0)
%
(42.5)
%
Total Net Loans
$
18,586,756
$
18,990,986
$
18,900,820
$
19,028,621
$
18,704,722
(2.1)
%
(0.6)
%
Deposits, by type:
Noninterest-bearing demand
$
7,442,132
$
7,046,116
$
6,531,002
$
6,378,077
$
6,239,055
5.6
%
19.3
%
Interest-bearing demand
5,795,404
5,959,909
5,818,564
5,813,935
5,099,405
(2.8)
%
13.6
%
Savings
6,276,554
6,244,513
5,929,792
5,805,431
5,667,893
0.5
%
10.7
%
Total demand and savings
19,514,090
19,250,538
18,279,358
17,997,443
17,006,353
1.4
%
14.7
%
Brokered
277,444
309,873
335,185
317,588
310,689
(10.5)
%
(10.7)
%
Time
1,932,778
2,073,427
2,224,664
2,415,020
2,567,166
(6.8)
%
(24.7)
%
Total Deposits
$
21,724,312
$
21,633,838
$
20,839,207
$
20,730,051
$
19,884,208
0.4
%
9.3
%
Short-term borrowings, by type:
Customer funding
$
533,749
$
520,989
$
630,066
$
611,727
$
572,551
2.4
%
(6.8)
%
Total Short-term Borrowings
$
533,749
$
520,989
$
630,066
$
611,727
$
572,551
2.4
%
(6.8)
%
(1) "ACL - loans" relates to the ACL
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
(2) Consists of overdrafts and net
origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
dollars in thousands
Three Months Ended
% Change from
Six Months Ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
Jun 30
Jun 30
2021
2021
2020
2020
2020
2021
2020
2021
2020
% Change
Interest Income:
Interest income
$
176,673
$
184,936
$
183,645
$
179,159
$
180,696
(4.5)
%
(2.2)
%
$
361,609
$
380,074
(4.9)
%
Interest expense
14,274
20,488
22,054
25,043
27,942
(30.3)
%
(48.9)
%
34,762
66,574
(47.8)
%
Net Interest Income
162,399
164,448
161,591
154,116
152,754
(1.2)
%
6.3
%
326,847
313,500
4.3
%
Provision for credit losses
(3,500)
(5,500)
6,240
7,080
19,570
(36.4)
%
(117.9)
%
(9,000)
63,600
(114.2)
%
Net Interest Income after
Provision
165,899
169,948
155,351
147,036
133,184
(2.4)
%
24.6
%
335,847
249,900
34.4
%
Non-Interest Income:
Commercial banking:
Merchant and card
6,786
5,768
5,953
6,237
5,326
17.6
%
27.4
%
12,554
10,950
14.6
%
Cash management
5,341
4,921
4,737
4,742
4,503
8.5
%
18.6
%
10,262
9,245
11.0
%
Capital markets
1,536
2,800
3,513
4,696
5,004
(45.1)
%
(69.3)
%
4,336
10,079
(57.0)
%
Other commercial banking
3,466
2,853
2,606
2,636
1,914
21.5
%
81.1
%
6,319
4,892
29.2
%
Total commercial banking
17,129
16,342
16,809
18,311
16,748
4.8
%
2.3
%
33,471
35,167
(4.8)
%
Consumer banking:
Card
5,733
5,878
5,123
5,002
4,966
(2.5)
%
15.4
%
11,611
9,651
20.3
%
Overdraft
2,750
2,724
3,376
3,015
2,107
1.0
%
30.5
%
5,474
6,165
(11.2)
%
Other consumer banking
2,377
2,152
2,298
2,406
2,065
10.5
%
15.1
%
4,529
4,561
(0.7)
%
Total consumer banking
10,860
10,754
10,797
10,423
9,138
1.0
%
18.8
%
21,614
20,377
6.1
%
Wealth management
17,634
17,347
15,653
14,943
13,407
1.7
%
31.5
%
34,981
28,462
22.9
%
Mortgage banking
2,838
13,960
9,311
16,801
9,964
(79.7)
%
(71.5)
%
16,798
16,198
3.7
%
Other
3,393
3,519
3,004
2,769
3,660
(3.6)
%
(7.3)
%
6,912
7,311
(5.5)
%
Non-interest income before investment
securities gains
51,854
61,922
55,574
63,246
52,917
(16.3)
%
(2.0)
%
113,776
107,515
5.8
%
Investment securities gains, net
36
33,475
—
2
3,005
(99.9)
%
(98.8)
%
33,511
3,051
N/M
Total Non-Interest Income
51,890
95,397
55,574
63,248
55,922
(45.6)
%
(7.2)
%
147,287
110,566
33.2
%
Non-Interest Expense:
Salaries and employee benefits
78,367
82,586
83,929
79,227
81,012
(5.1)
%
(3.3)
%
160,953
161,240
(0.2)
%
Net occupancy
12,494
13,982
13,161
13,221
13,144
(10.6)
%
(4.9)
%
26,476
26,630
(0.6)
%
Data processing and software
13,932
13,561
11,951
12,285
12,193
2.7
%
14.3
%
27,493
23,838
15.3
%
Other outside services
8,178
8,490
8,334
7,617
7,600
(3.7)
%
7.6
%
16,668
15,481
7.7
%
Equipment
3,424
3,428
3,563
3,711
3,193
(0.1)
%
7.2
%
6,852
6,611
3.6
%
Professional fees
2,651
2,779
2,424
2,879
3,331
(4.6)
%
(20.4)
%
5,430
7,533
(27.9)
%
FDIC insurance
2,282
2,624
2,346
1,578
2,133
(13.0)
%
7.0
%
4,906
4,941
(0.7)
%
Amortization of tax credit investments
1,563
1,531
1,532
1,694
1,450
2.1
%
7.8
%
3,094
2,900
6.7
%
Marketing
1,348
1,002
1,098
1,147
1,303
34.5
%
3.5
%
2,350
2,882
(0.7)
%
Intangible amortization
178
115
132
132
132
54.8
%
34.8
%
293
264
11.0
%
Debt extinguishment
412
32,163
—
—
2,878
(98.7)
%
(98.7)
%
32,575
2,878
N/M
Other
16,002
16,123
26,268
15,654
14,637
(0.8)
%
9.3
%
32,125
30,360
5.8
%
Total Non-Interest Expense
140,831
178,383
154,738
139,145
143,006
(21.1)
%
(1.5)
%
319,215
285,558
11.8
%
Income Before Income Taxes
76,958
86,961
56,187
71,139
46,100
(11.5)
%
66.9
%
163,919
74,909
118.8
%
Income tax expense
11,994
13,898
5,362
9,529
6,542
(13.7)
%
83.3
%
25,892
9,303
N/M
Net Income
64,964
73,063
50,825
61,610
39,558
(11.1)
%
64.2
%
138,027
65,606
110.4
%
Preferred stock dividends
(2,562)
(2,591)
(2,135)
—
—
(1.1)
%
N/M
(5,153)
—
N/M
Net Income Available to Common
Shareholders
$
62,402
$
70,472
$
48,690
$
61,610
$
39,558
(11.5)
%
57.7
%
$
132,874
$
65,606
102.5
%
PER SHARE:
Net income:
Basic
$
0.38
$
0.43
$
0.30
$
0.38
$
0.24
(11.6)
%
58.3
%
$
0.81
$
0.40
102.5
%
Diluted
0.38
0.43
0.30
0.38
0.24
(11.6)
%
58.3
%
0.81
0.40
102.5
%
Cash dividends
0.14
0.14
0.17
0.13
0.13
—
%
7.7
%
0.28
0.26
7.7
%
Weighted average shares (basic)
162,785
162,441
162,242
162,061
161,715
0.2
%
0.7
%
162,614
162,582
—
%
Weighted average shares (diluted)
163,858
163,737
163,071
162,579
162,267
0.1
%
1.0
%
163,738
163,326
0.3
%
N/M - Not meaningful
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE
SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Three months ended
June 30, 2021
March 31, 2021
June 30, 2020
Average
Interest
Yield/
Average
Interest
Yield/
Average
Interest
Yield/
Balance
(1)
Rate
Balance
(1)
Rate
Balance
(1)
Rate
ASSETS
Interest-earning assets:
Net Loans
$
18,906,556
$
156,525
3.32
%
$
18,980,586
$
165,462
3.53
%
$
18,331,797
$
160,613
3.52
%
Taxable investment securities
2,630,090
13,898
1.93
%
2,438,496
13,691
2.08
%
2,200,870
15,171
2.76
%
Tax-exempt investment securities
961,141
7,494
3.11
%
911,648
7,156
3.13
%
830,836
6,737
3.23
%
Total Investment Securities
3,591,231
21,392
2.38
%
3,350,144
20,847
2.49
%
3,031,706
21,908
2.89
%
Loans held for sale
31,948
199
2.49
%
53,465
471
3.53
%
55,608
509
3.66
%
Other interest-earning assets
1,752,549
1,575
0.16
%
1,900,199
1,136
0.24
%
815,910
766
0.38
%
Total Interest-earning Assets
24,282,284
179,691
2.97
%
24,284,394
187,916
3.13
%
22,235,021
183,796
3.32
%
Noninterest-earning assets:
Cash and due from banks
129,927
120,181
153,728
Premises and equipment
229,047
230,649
240,417
Other assets
1,643,410
1,728,473
1,761,038
Less: ACL - loans(2)
(267,126)
(280,881)
(251,088)
Total Assets
$
26,017,542
$
26,082,816
$
24,139,116
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits
$
5,979,855
$
932
0.06
%
$
5,832,174
$
1,160
0.08
%
$
5,103,419
$
2,219
0.17
%
Savings deposits
6,280,629
1,363
0.09
%
6,137,084
1,526
0.10
%
5,446,368
3,331
0.25
%
Brokered deposits
297,815
253
0.34
%
324,364
395
0.49
%
312,121
422
0.54
%
Time deposits
2,003,606
5,434
1.09
%
2,150,570
6,521
1.23
%
2,624,962
11,145
1.71
%
Total Interest-bearing Deposits
14,561,905
7,982
0.22
%
14,444,192
9,602
0.27
%
13,486,870
17,118
0.51
%
Short-term borrowings
514,025
137
0.11
%
570,775
188
0.13
%
707,771
517
0.29
%
Long-term borrowings
626,795
6,155
3.93
%
1,271,170
10,698
3.38
%
1,361,421
10,307
3.03
%
Total Interest-bearing
Liabilities
15,702,725
14,274
0.36
%
16,286,137
20,488
0.51
%
15,556,062
27,942
0.72
%
Noninterest-bearing liabilities:
Demand deposits
7,203,696
6,672,832
5,789,788
Total Deposits/Cost of Deposits
21,765,601
0.15
%
21,117,024
0.18
%
19,276,658
0.36
%
Other
441,708
486,749
484,133
Total Liabilities
23,348,129
23,445,718
21,829,983
Total Interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
22,906,421
0.25
%
22,958,969
0.36
%
21,345,850
0.53
%
Shareholders' equity
2,669,413
2,637,098
2,309,133
Total Liabilities and Shareholders'
Equity
$
26,017,542
$
26,082,816
$
24,139,116
Net interest income/net interest margin
(fully taxable equivalent)
165,417
2.73
%
167,428
2.79
%
155,854
2.81
%
Tax equivalent adjustment
(3,018)
(2,979)
(3,100)
Net interest income
$
162,399
$
164,449
$
152,754
(1) Presented on a fully
taxable-equivalent basis using a 21% federal tax rate and statutory
interest expense disallowances.
(2) "ACL - loans" relates to the ACL
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
Three months ended
% Change from
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
Jun 30
2021
2021
2020
2020
2020
2021
2020
Loans, by type:
Real estate - commercial mortgage
$
7,177,622
$
7,128,997
$
7,101,363
$
6,986,528
$
6,875,872
0.7
%
4.4
%
Commercial and industrial
3,920,771
4,033,367
4,024,879
4,030,750
4,451,228
(2.8)
%
(11.9)
%
Real estate - residential mortgage
3,396,690
3,183,585
3,087,529
2,975,516
2,769,682
6.7
%
22.6
%
Real estate - home equity
1,139,558
1,175,218
1,212,113
1,237,602
1,271,190
(3.0)
%
(10.4)
%
Real estate - construction
1,054,469
1,054,718
1,009,284
981,589
941,079
—
%
12.0
%
Consumer
451,486
459,038
468,678
464,851
465,728
(1.6)
%
(3.1)
%
Equipment lease financing
256,248
266,405
279,059
279,217
284,658
(3.8)
%
(10.0)
%
Other(1)
(14,677)
(9,455)
(18,817)
(28,656)
13,443
55.2
%
N/M
Net Loans before PPP
17,382,167
17,291,873
17,164,088
16,927,397
17,072,880
0.5
%
1.8
%
PPP
1,524,389
1,688,713
1,830,426
1,953,122
1,258,917
(9.7)
%
21.1
%
Total Net Loans
$
18,906,556
$
18,980,586
$
18,994,514
$
18,880,519
$
18,331,797
(0.4)
%
3.1
%
Deposits, by type:
Noninterest-bearing demand
$
7,203,696
$
6,672,832
$
6,477,228
$
6,270,683
$
5,789,788
8.0
%
24.4
%
Interest-bearing demand
5,979,855
5,832,174
5,762,150
5,591,548
5,103,419
2.5
%
17.2
%
Savings
6,280,629
6,137,084
5,905,137
5,716,050
5,446,368
2.3
%
15.3
%
Total demand and savings
19,464,180
18,642,090
18,144,515
17,578,281
16,339,575
4.4
%
19.1
%
Brokered
297,815
324,364
340,451
314,721
312,121
(8.2)
%
(4.6)
%
Time
2,003,606
2,150,570
2,306,556
2,495,445
2,624,962
(6.8)
%
(23.7)
%
Total Deposits
$
21,765,601
$
21,117,024
$
20,791,522
$
20,388,447
$
19,276,658
3.1
%
12.9
%
Short-term borrowings, by type:
Customer funding
$
514,025
$
570,775
$
622,623
$
613,127
$
546,716
(9.9)
%
(6.0)
%
Federal funds purchased
—
—
—
—
74,231
N/M
(100.0)
%
Short-term FHLB advances and other
borrowings
—
—
—
—
86,824
N/M
(100.0)
%
Total Short-term borrowings
$
514,025
$
570,775
$
622,623
$
613,127
$
707,771
(9.9)
%
(27.4)
%
N/M - Not meaningful
(1) Consists of overdrafts and net
origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE
SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Six months ended June
30
2021
2020
Average
Interest
Yield/
Average
Interest
Yield/
Balance
(1)
Rate
Balance
(1)
Rate
ASSETS
Interest-earning assets:
Net Loans
$
18,943,367
$
321,987
3.42
%
$
17,595,932
$
338,110
3.86
%
Taxable investment securities
2,534,821
27,588
2.00
%
2,242,663
31,465
2.81
%
Tax-exempt investment securities
936,531
14,651
3.12
%
775,530
12,698
3.26
%
Total Investment Securities
3,471,352
42,239
2.43
%
3,018,193
44,163
2.92
%
Loans held for sale
42,647
671
3.14
%
41,393
829
4.00
%
Other interest-earning assets
1,825,966
2,711
0.19
%
709,091
3,297
4.31
%
Total Interest-earning Assets
24,283,332
367,607
3.05
%
21,364,609
386,399
3.63
%
Noninterest-earning assets:
Cash and due from banks
125,081
145,988
Premises and equipment
229,843
240,019
Other assets
1,685,708
1,675,849
Less: ACL - loans(2)
(273,965)
(230,858)
Total Assets
$
26,049,999
$
23,195,607
LIABILITIES AND SHAREHOLDERS'
EQUITY
Interest-bearing liabilities:
Demand deposits
$
5,906,423
$
2,092
0.07
%
$
4,876,662
$
8,020
0.33
%
Savings deposits
6,209,253
2,890
0.09
%
5,287,015
10,441
0.40
%
Brokered deposits
311,016
647
0.42
%
293,756
1,495
1.02
%
Time deposits
2,076,681
11,955
1.16
%
2,693,202
23,602
1.76
%
Total Interest-bearing Deposits
14,503,373
17,584
0.24
%
13,150,635
43,558
0.67
%
Short-term borrowings
542,243
325
0.12
%
1,005,409
4,590
0.91
%
Long-term borrowings
947,203
16,853
3.56
%
1,212,318
18,426
3.04
%
Total Interest-bearing
Liabilities
15,992,819
34,762
0.44
%
15,368,362
66,574
0.87
%
Noninterest-bearing liabilities:
Demand deposits
6,939,731
5,048,408
Total Deposits/Cost of Deposits
21,443,104
0.17
%
18,199,043
0.48
%
Other
464,104
455,763
Total Liabilities
23,396,654
20,872,533
Total Interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
22,932,550
0.30
%
20,416,770
0.65
%
Shareholders' equity
2,653,345
2,323,074
Total Liabilities and Shareholders'
Equity
$
26,049,999
$
23,195,607
Net interest income/net interest margin
(fully taxable equivalent)
332,845
2.76
%
319,825
3.01
%
Tax equivalent adjustment
(5,998)
(6,325)
Net interest income
$
326,847
$
313,500
(1) Presented on a fully
taxable-equivalent basis using a 21% federal tax rate and statutory
interest expense disallowances.
(2) "ACL - loans" relates to the ACL
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
Six months ended June
30
2021
2020
% Change
Loans, by type:
Real estate - commercial mortgage
$
7,153,444
$
6,811,318
5.0
%
Commercial and industrial
3,976,758
4,448,990
(10.6)
%
Real estate - residential mortgage
3,290,726
2,719,851
21.0
%
Real estate - home equity
1,157,289
1,285,661
(10.0)
%
Real estate - construction
1,054,593
935,304
12.8
%
Consumer
455,241
466,071
(2.3)
%
Equipment lease financing
261,300
284,612
(8.2)
%
Other(1)
(12,081)
14,667
N/M
Net Loans before PPP
17,337,270
16,966,474
2.2
%
PPP
1,606,097
629,458
N/M
Total Net Loans
$
18,943,367
$
17,595,932
7.7
%
Deposits, by type:
Noninterest-bearing demand
$
6,939,731
$
5,048,408
37.5
%
Interest-bearing demand
5,906,423
4,876,662
21.1
%
Savings
6,209,253
5,287,015
17.4
%
Total demand and savings
19,055,407
15,212,085
25.3
%
Brokered
311,016
293,756
5.9
%
Time
2,076,681
2,693,202
(22.9)
%
Total Deposits
$
21,443,104
$
18,199,043
17.8
%
Short-term borrowings, by type:
Customer funding
542,243
487,478
11.2
%
Federal funds purchased
—
130,549
N/M
Short-term FHLB advances and other
borrowings
—
387,382
N/M
Total Short-term Borrowings
$
542,243
$
1,005,409
(46.1)
%
N/M - Not meaningful
(1) Consists of overdrafts and net
origination fees and costs.
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION
(UNAUDITED)
dollars in thousands
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2021
2021
2020
2020
2020
Allowance for credit losses related to
Net Loans:
Balance at beginning of period
$
265,986
$
277,567
$
266,825
$
256,537
$
238,508
Loans charged off:
Commercial and industrial
(954)
(4,319)
(1,567)
(2,969)
(3,480)
Real estate - commercial mortgage
(6,506)
(1,837)
(300)
(746)
(2,324)
Consumer and home equity
(1,130)
(847)
(668)
(1,093)
(1,303)
Real estate - residential mortgage
(496)
(192)
—
(198)
(235)
Real estate - construction
—
(39)
—
—
(17)
Equipment lease financing and other
(436)
(968)
(483)
(483)
(688)
Total loans charged off
(9,522)
(8,202)
(3,018)
(5,489)
(8,047)
Recoveries of loans previously charged
off:
Commercial and industrial
693
769
4,581
2,103
2,978
Real estate - commercial mortgage
729
174
588
100
95
Consumer and home equity
634
440
594
491
649
Real estate - residential mortgage
105
95
199
95
112
Real estate - construction
254
384
179
4,873
—
Equipment lease financing and other
153
159
219
185
92
Recoveries of loans previously charged
off
2,568
2,021
6,360
7,847
3,926
Net loans recovered (charged
off)
(6,954)
(6,181)
3,342
2,358
(4,121)
Provision for credit losses
(4,000)
(5,400)
7,400
7,930
22,150
Balance at end of period
$
255,032
$
265,986
$
277,567
$
266,825
$
256,537
Net charge-offs (recoveries) to average
loans (annualized)
0.15
%
0.13
%
(0.07)
%
(0.05)
%
0.09
%
Allowance credit losses related to OBS
Credit Exposures(1)
Balance at beginning of period
$
14,273
$
14,373
$
15,533
$
16,383
$
18,963
Provision for credit losses
500
(100)
(1,160)
(850)
(2,580)
Balance at end of period
$
14,773
$
14,273
$
14,373
$
15,533
$
16,383
NON-PERFORMING ASSETS:
Non-accrual loans
$
147,864
$
143,889
$
137,198
$
128,321
$
125,037
Loans 90 days past due and accruing
5,865
8,559
9,929
13,761
14,767
Total non-performing loans
153,729
152,448
147,127
142,082
139,804
Other real estate owned
2,779
3,664
4,178
4,565
5,418
Total non-performing assets
$
156,508
$
156,112
$
151,305
$
146,647
$
145,222
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial
$
33,522
$
31,871
$
32,610
$
37,224
$
39,730
Real estate - commercial mortgage
53,693
54,164
52,647
43,426
42,374
Real estate - residential mortgage
38,185
36,152
30,793
28,287
22,887
Consumer and home equity
11,408
13,072
13,090
12,292
11,911
Real estate - construction
1,016
1,440
1,550
4,051
4,525
Equipment lease financing and other
15,905
15,749
16,437
16,802
18,377
Total non-performing loans
$
153,729
$
152,448
$
147,127
$
142,082
$
139,804
(1) The allowance for credit losses
related to OBS Credit Exposures is presented in "other liabilities"
on the consolidated balance sheets.
FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
in thousands, except per share data and
percentages
Explanatory note:
This press release contains supplemental
financial information, as detailed below, which has been derived by
methods other than Generally Accepted Accounting Principles
("GAAP"). The Corporation has presented these non-GAAP financial
measures because it believes that these measures provide useful and
comparative information to assess trends in the Corporation's
results of operations. Presentation of these non-GAAP financial
measures is consistent with how the Corporation evaluates its
performance internally and these non-GAAP financial measures are
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in the
Corporation's industry. Management believes that these non-GAAP
financial measures, in addition to GAAP measures, are also useful
to investors to evaluate the Corporation's results. Investors
should recognize that the Corporation's presentation of these
non-GAAP financial measures might not be comparable to
similarly-titled measures of other companies. These non-GAAP
financial measures should not be considered a substitute for GAAP
basis measures, and the Corporation strongly encourages a review of
its condensed consolidated financial statements in their entirety.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP measure follow:
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2021
2021
2020
2020
2020
Common shareholders' equity (tangible),
per share
Shareholders' equity
$
2,692,958
$
2,629,655
$
2,616,828
$
2,390,261
$
2,340,501
Less: Preferred stock
(192,878)
(192,878)
(192,878)
—
—
Less: Goodwill and intangible assets
(536,847)
(536,544)
(536,659)
(534,907)
(535,039)
Tangible common shareholders' equity
(numerator)
$
1,963,233
$
1,900,233
$
1,887,291
$
1,855,354
$
1,805,462
Shares outstanding, end of period
(denominator)
162,988
162,518
162,350
162,134
161,958
Common shareholders' equity (tangible),
per share
$
12.05
$
11.69
$
11.62
$
11.44
$
11.15
Return on average common shareholders'
equity (tangible)
Net income available to common
shareholders
$
62,402
$
70,472
$
48,690
$
61,610
$
39,558
Plus: Intangible amortization, net of
tax
140
90
104
103
104
(Numerator)
$
62,542
$
70,562
$
48,794
$
61,713
$
39,662
Average shareholders' equity
$
2,669,413
$
2,637,098
$
2,544,866
$
2,374,091
$
2,309,133
Less: Average preferred stock
(192,878)
(192,878)
(127,639)
—
—
Less: Average goodwill and intangible
assets
(536,470)
(536,601)
(535,474)
(534,971)
(535,103)
Average tangible common shareholders'
equity (denominator)
$
1,940,065
$
1,907,619
$
1,881,753
$
1,839,120
$
1,774,030
Return on average common shareholders'
equity (tangible), annualized
12.93%
15.00%
10.32%
13.50%
8.99%
Tangible common equity to tangible
assets (TCE Ratio)
Shareholders' equity
$
2,692,958
$
2,629,655
$
2,616,828
$
2,390,261
$
2,340,501
Less: Preferred stock
(192,878)
(192,878)
(192,878)
—
—
Less: Goodwill and intangible assets
(536,847)
(536,544)
(536,659)
(534,907)
(535,039)
Tangible common shareholders' equity
(numerator)
$
1,963,233
$
1,900,233
$
1,887,291
$
1,855,354
$
1,805,462
Total assets
$
26,079,774
$
25,892,990
$
25,906,733
$
25,543,281
$
24,617,863
Less: Goodwill and intangible assets
(536,847)
(536,544)
(536,659)
(534,907)
(535,039)
Total tangible assets (denominator)
$
25,542,927
$
25,356,446
$
25,370,074
$
25,008,374
$
24,082,824
Tangible common equity to tangible
assets
7.69%
7.49%
7.44%
7.42%
7.50%
Efficiency ratio
Non-interest expense
$
140,831
$
178,383
$
154,738
$
139,145
$
143,006
Less: Amortization of tax credit
investments
(1,563)
(1,531)
(1,532)
(1,694)
(1,450)
Less: Intangible amortization
(178)
(115)
(132)
(132)
(132)
Less: 2020 cost savings initiatives
—
—
(15,400)
(800)
—
Less: Debt extinguishment costs
(412)
(32,163)
—
—
(2,878)
Non-interest expense (numerator)
$
138,678
$
144,574
$
137,674
$
136,519
$
138,546
Net interest income (fully taxable
equivalent)
$
165,417
$
167,428
$
164,578
$
157,106
$
155,854
Plus: Total Non-interest income
51,890
95,397
55,574
63,248
55,922
Less: Investment securities gains, net
(36)
(33,475)
—
(2)
(3,005)
Total revenue (denominator)
$
217,271
$
229,350
$
220,152
$
220,352
$
208,771
Efficiency ratio
63.8%
63.0%
62.5%
62.0%
66.4%
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2021
2021
2020
2020
2020
Asset Quality, excluding PPP
Net loans recovered (charged-off)
(numerator)
$
(6,954)
$
(6,181)
$
3,342
$
2,358
$
(4,121)
Average Net Loans
$
18,906,556
$
18,980,586
$
18,994,514
$
18,880,519
$
18,331,797
Less: Average PPP loans
(1,524,389)
(1,688,713)
(1,830,426)
(1,953,122)
(1,258,917)
Total adjusted average loans
(denominator)
$
17,382,167
$
17,291,873
$
17,164,088
$
16,927,397
$
17,072,880
Net charge-offs (recoveries) to adjusted
average loans (annualized)
0.16%
0.14%
(0.08)%
(0.06)%
0.10%
Non-performing loans (numerator)
$
153,729
$
152,448
$
147,127
$
142,082
$
139,804
Net Loans
$
18,586,756
$
18,990,986
$
18,900,820
$
19,028,621
$
18,704,722
Less: PPP loans
(1,114,401)
(1,688,394)
(1,581,712)
(1,960,165)
(1,937,034)
Total adjusted loans (denominator)
$
17,472,355
$
17,302,592
$
17,319,108
$
17,068,456
$
16,767,688
Non-performing loans to total adjusted
loans
0.88%
0.88%
0.85%
0.83%
0.83%
ACL - loans (numerator)
$
255,032
$
265,986
$
277,567
$
266,825
$
256,537
Net Loans
$
18,586,756
$
18,990,986
$
18,900,820
$
19,028,621
$
18,704,722
Less: PPP loans
(1,114,401)
(1,688,394)
(1,581,712)
(1,960,165)
(1,937,034)
Total adjusted loans (denominator)
$
17,472,355
$
17,302,592
$
17,319,108
$
17,068,456
$
16,767,688
ACL - loans to total adjusted loans
1.46%
1.54%
1.60%
1.56%
1.53%
Pre-provision net revenue
Net interest income
$
162,399
$
164,448
$
161,591
$
154,116
$
152,754
Non-interest income
51,890
95,397
55,574
63,248
55,922
Less: Investment securities gains, net
(36)
(33,475)
—
(2)
(3,005)
Total revenue
$
214,253
$
226,370
$
217,165
$
217,362
$
205,671
Non-interest expense
$
140,831
$
178,383
$
154,738
$
139,145
$
143,006
Less: Debt extinguishment
(412)
(32,163)
—
—
(2,878)
Less: Amortization on tax credit
investments
(1,563)
(1,531)
(1,532)
(1,694)
(1,450)
Less: Intangible amortization
(178)
(115)
(132)
(132)
(132)
Total non-interest expense
$
138,678
$
144,574
$
153,074
$
137,319
$
138,546
Pre-provision net revenue
$
75,575
$
81,796
$
64,091
$
80,043
$
67,125
Note: numbers may not sum due to
rounding.
Category: Earnings
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210720006139/en/
Media Contact: Laura Wakeley (717) 291-2616 Investor Contact:
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