Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the
“Corporation”) reported net income available to common shareholders
of $73 million, or $0.45 per diluted share, for the third quarter
of 2021.
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“Fulton achieved strong financial performance during the
quarter, including continued record earnings per share,” said E.
Philip Wenger, Chairman and CEO of Fulton Financial Corporation.
“We were pleased to see areas of loan growth that we haven’t seen
in previous quarters. Our core commercial and consumer businesses
were solid, asset quality remained stable, and our pipelines are
improving. In addition, mortgage banking delivered strong earnings
and wealth management grew to record highs in income and assets
under management and administration.”
Net Interest Income and Balance
Sheet
Net interest income for the third quarter of 2021 was $171
million, $9 million higher than the second quarter of 2021. Net
interest margin for the third quarter of 2021 increased 9 basis
points, to 2.82%, from 2.73% in the second quarter of 2021. The
increases in net interest income and net interest margin in
comparison to the second quarter of 2021, were primarily due to
higher fee income recognized related to the Paycheck Protection
Program ("PPP") loans, which was $18 million in the third quarter
of 2021 compared to $12 million for the second quarter of 2021, as
well as lower rates on deposits and solid earning asset growth.
Total average interest-earning assets for the third quarter of
2021 were $25 billion, an increase of $291 million from the second
quarter of 2021, driven by growth in the residential mortgage loan
portfolio, investment securities and other interest-earning assets,
partially offset by a decline in PPP loans. Average Net Loans(1),
which include loans originated under the PPP, were $18.4 billion, a
decrease of $492 million compared to the second quarter of 2021.
Average PPP loans were $0.9 billion for the third quarter of 2021
compared to $1.5 billion for the second quarter of 2021. Third
quarter loan balances were impacted by $526 million of PPP loans
forgiven in the third quarter of 2021.
Average loans and yields, by type, for the third quarter of 2021
in comparison to the second quarter of 2021 are summarized in the
following table:
Three months ended
September 30, 2021
June 30, 2021
Growth
Balance
Yield (1)
Balance
Yield (1)
$
%
(dollars in thousands)
Average Net Loans by type:
Real estate - commercial mortgage
$
7,134,177
3.11
%
$
7,177,622
3.16
%
$
(43,445)
(0.6)
%
Commercial and industrial(2)
4,729,385
2.79
%
5,445,160
2.58
%
(715,775)
(13.1)
%
Real estate - residential mortgage
3,642,822
3.39
%
3,396,690
3.39
%
246,132
7.2
%
Real estate - home equity
1,128,076
3.68
%
1,139,558
3.71
%
(11,482)
(1.0)
%
Real estate - construction
1,085,846
3.13
%
1,054,469
3.05
%
31,377
3.0
%
Consumer
452,844
4.00
%
451,486
3.89
%
1,358
0.3
%
Equipment lease financing
247,776
3.88
%
256,248
3.74
%
(8,472)
(3.3)
%
Other(3)
(6,773)
N/A
(14,677)
N/A
7,904
53.9
%
Total Average Net Loans
$
18,414,153
3.53
%
$
18,906,556
3.32
%
$
(492,403)
(2.6)
%
(1) Presented on a fully-taxable
equivalent basis using a 21% Federal tax rate and statutory
interest expense disallowances.
(2) Includes average PPP loans of $0.9
billion and $1.5 billion for the three months ended September 30,
2021 and June 30, 2021, respectively.
(3) Consists of overdrafts and net
origination fees and costs.
Total average liabilities increased $370 million, to $23.7
billion, in the third quarter of 2021 compared to the second
quarter of 2021 driven by increases in average deposits, partially
offset by a decrease in short-term borrowings. Average deposits and
interest rates, by type, for the third quarter of 2021 in
comparison to the second quarter of 2021 are summarized in the
following table:
______________________________
(1)Loans and lease receivables, (net of unearned income)
Three months ended
September 30, 2021
June 30, 2021
Growth
Balance
Rate
Balance
Rate
$
%
(dollars in thousands)
Average Deposits, by type:
Noninterest-bearing demand
$
7,439,644
—
$
7,203,696
—
$
235,948
3.3
%
Interest-bearing demand
6,168,908
0.05
%
5,979,855
0.06
%
189,053
3.2
%
Savings
6,392,537
0.07
%
6,280,629
0.09
%
111,908
1.8
%
Total average demand and savings
20,001,089
0.04
%
19,464,180
0.05
%
536,909
2.8
%
Brokered
270,168
0.34
%
297,815
0.34
%
(27,647)
(9.3)
%
Time
1,852,223
0.95
%
2,003,606
1.09
%
(151,383)
(7.6)
%
Total Average Deposits
$
22,123,480
0.12
%
$
21,765,601
0.15
%
$
357,879
1.6
%
Asset Quality
In the third quarter of 2021, a negative provision for credit
losses of $600 thousand was recognized, as compared to a negative
provision for credit losses of $3.5 million recognized in the
second quarter of 2021. A $7.1 million provision for credit losses
was recognized in the third quarter of 2020. The negative provision
for credit losses for the third quarter of 2021 was impacted by a
decrease in the allowance for credit losses determined to be
necessary as of the end of the third quarter of 2021, due to
improvements in the economic conditions, partially offset by an
increase in specific allocations within the allowance for credit
losses for loans evaluated individually.
The $7.1 million provision for credit losses in the third
quarter of 2020 reflected expected credit losses based on economic
conditions as of the end of the third quarter of 2020, and the
assessment of the estimated impacts of the COVID-19 pandemic at
that time.
Non-performing assets were $152 million, or 0.58% of total
assets, at September 30, 2021, compared to $157 million, or 0.60%
of total assets, and $147 million, or 0.57% of total assets, at
June 30, 2021 and September 30, 2020, respectively.
Annualized net charge-offs (recoveries) for the quarter ended
September 30, 2021, were (0.05)% of total average loans, compared
to 0.15% and (0.05)% for the quarters ended June 30, 2021 and
September 30, 2020, respectively.
Non-interest Income
Non-interest income in the third quarter of 2021, excluding
investment securities gains, was $63 million, an increase of $11
million, or 21%, from the second quarter of 2021, primarily
resulting from increases of $6.7 million in mortgage banking
income, $2.6 million in other income, and $0.9 million in wealth
management income. The increase in mortgage banking income was
primarily due to a $3.5 million decrease to the valuation allowance
for mortgage servicing rights in the third quarter of 2021,
compared to an increase of $2.2 million to the valuation allowance
in the second quarter of 2021. The increase in other income was
primarily due to $2.1 million of income from equity method
investments.
Compared to the third quarter of 2020, non-interest income,
excluding investment securities gains, in the third quarter of
2021, decreased $0.7 million, or 1%, from $63 million, primarily
resulting from a $7.3 million decrease in mortgage banking income
primarily due to lower loan sales, and a $2.6 million decrease in
capital markets income. These decreases were partially offset by a
$3.6 million increase in wealth management income and a $1.4
million increase in consumer banking income.
Non-interest Expense
Non-interest expense was $145 million in the third quarter of
2021, an increase of $3.8 million, or 3%, compared to the second
quarter of 2021. The increase is due to an increase of $4.3 million
in salaries and benefits during the third quarter of 2021, as
compared to the second quarter of 2021.
Compared to the third quarter of 2020, non-interest expense
increased $5.5 million, or 4%, in the third quarter of 2021, due to
an increase of $3.5 million in salaries and employee benefits and
$2.1 million in data processing and software.
Income Tax Expense
The effective income tax rate was 16% for both the third and
second quarters of 2021 as compared to 13% for third quarter of
2020. The increase was a result of higher income before income
taxes, while net favorable permanent differences were relatively
the same compared to the third quarter of 2020.
Additional information on Fulton is available on the Internet at
www.fult.com.
Safe Harbor Statement
This news release may contain forward-looking statements with
respect to the Corporation’s financial condition, results of
operations and business. Do not unduly rely on forward-looking
statements. Forward-looking statements can be identified by the use
of words such as "may," "should," "will," "could," "estimates,"
"predicts," "potential," "continue," "anticipates," "believes,"
"plans," "expects," "future," "intends," “projects,” the negative
of these terms and other comparable terminology. These
forward-looking statements may include projections of, or guidance
on, the Corporation’s future financial performance, expected levels
of future expenses, including future credit losses, anticipated
growth strategies, descriptions of new business initiatives and
anticipated trends in the Corporation’s business or financial
results.
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, they are based on current
beliefs, expectations and assumptions regarding the future of the
Corporation’s business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Corporation’s control, and actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements. Any
forward-looking statement is based only on information currently
available and speaks only as of the date when made. The Corporation
undertakes no obligation, other than as required by law, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the
Corporation's actual results to differ materially from those
described in the forward-looking statements, can be found in the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Corporation’s Annual Report on Form 10-K for the year ended
December 31, 2020, Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2021 and June 30, 2021 and other current and
periodic reports, which have been or will be filed with the
Securities and Exchange Commission and are or will be available in
the Investor Relations section of the Corporation's website
(www.fult.com) and on the Securities and Exchange Commission's
website (www.sec.gov).
Non-GAAP Financial
Measures
The Corporation uses certain non-GAAP financial measures in this
earnings release. These non-GAAP financial measures are reconciled
to the most comparable GAAP measures in tables at the end of this
release.
FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL
INFORMATION (UNAUDITED)
in thousands, except per-share data and
percentages
Three months ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2021
2021
2021
2020
2020
Ending
Balances
Investments
$
4,000,760
$
3,921,658
$
3,612,010
$
3,340,424
$
3,097,721
Net Loans
18,269,407
18,586,756
18,990,986
18,900,820
19,028,621
Total assets
26,390,832
26,079,774
25,892,990
25,906,733
25,543,281
Deposits
22,074,041
21,724,312
21,633,838
20,839,207
20,730,051
Shareholders' equity
2,699,818
2,692,958
2,629,655
2,616,828
2,390,261
Average
Balances
Investments
$
3,914,627
$
3,670,333
$
3,448,166
$
3,221,289
$
2,977,672
Net Loans
18,414,153
18,906,556
18,980,586
18,994,514
18,880,519
Total assets
26,440,876
26,017,542
26,082,816
25,749,405
25,169,508
Deposits
22,123,480
21,765,601
21,117,024
20,791,522
20,388,447
Shareholders' equity
2,722,833
2,669,413
2,637,098
2,544,866
2,374,091
Income
Statement
Net interest income
$
171,270
$
162,399
$
164,448
$
161,591
$
154,116
Provision for credit losses
(600
)
(3,500
)
(5,500
)
6,240
7,080
Non-interest income
62,577
51,890
95,397
55,574
63,249
Non-interest expense
144,596
140,831
178,384
154,737
139,145
Income before taxes
89,851
76,958
86,961
56,187
71,140
Net income available to common
shareholders
73,021
62,402
70,472
48,690
61,611
Pre-provision net revenue(1)
90,947
75,575
81,795
64,092
80,044
Per
Share
Net income available to common
shareholders (basic)
$
0.45
$
0.38
$
0.43
$
0.30
$
0.38
Net income available to common
shareholders (diluted)
$
0.45
$
0.38
$
0.43
$
0.30
$
0.38
Cash dividends
$
0.14
$
0.14
$
0.14
$
0.17
$
0.13
Common shareholders' equity
$
15.53
$
15.34
$
14.99
$
14.93
$
14.74
Common shareholders' equity
(tangible)(1)
$
12.21
$
12.05
$
11.69
$
11.62
$
11.44
Weighted average shares (basic)
162,506
162,785
162,441
162,242
162,061
Weighted average shares (diluted)
163,456
163,858
163,737
163,071
162,579
(1) Non-GAAP financial measure. Refer to
the calculation on the page titled “Reconciliation of Non-GAAP
Measures” at the end of this document.
Three months ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2021
2021
2021
2020
2020
Asset
Quality
Net charge-offs (recoveries) to average
loans (annualized)
(0.05
)%
0.15
%
0.13
%
(0.07
)%
(0.05
)%
Non-performing loans to total loans
0.82
%
0.83
%
0.80
%
0.78
%
0.75
%
Non-performing assets to total assets
0.58
%
0.60
%
0.60
%
0.58
%
0.57
%
ACL - loans(2) to total loans
1.41
%
1.37
%
1.40
%
1.47
%
1.40
%
ACL - loans(2) to non-performing loans
171
%
166
%
174
%
189
%
188
%
Asset Quality,
excluding PPP(1)(3)
Net charge-offs (recoveries) to adjusted
average loans (annualized)
(0.05
)%
0.16
%
0.14
%
(0.08
)%
(0.06
)%
Non-performing loans to total adjusted
loans
0.85
%
0.88
%
0.88
%
0.85
%
0.83
%
ACL - loans(2) to total adjusted loans
1.45
%
1.46
%
1.54
%
1.60
%
1.56
%
Profitability
Return on average assets
1.13
%
1.00
%
1.14
%
0.79
%
0.97
%
Return on average common shareholders'
equity
10.64
%
9.38
%
10.84
%
7.61
%
10.32
%
Return on average common shareholders'
equity (tangible)(1)
14.56
%
12.93
%
15.00
%
10.32
%
13.35
%
Net interest margin
2.82
%
2.73
%
2.79
%
2.75
%
2.70
%
Efficiency ratio(1)
60.3
%
63.8
%
63.0
%
62.5
%
62.3
%
Non-interest expenses to total average
assets(1)
2.14
%
2.14
%
2.25
%
2.13
%
2.16
%
Capital
Ratios
Tangible common equity ratio(1)
7.6
%
7.7
%
7.5
%
7.4
%
7.4
%
Tier 1 leverage ratio(4)
8.4
%
8.5
%
8.3
%
8.2
%
7.5
%
Common equity Tier 1 capital ratio(4)
10.1
%
10.0
%
9.8
%
9.5
%
9.6
%
Tier 1 risk-based capital ratio(4)
11.1
%
11.0
%
10.8
%
10.5
%
9.6
%
Total risk-based capital ratio(4)
14.5
%
14.5
%
14.2
%
14.4
%
13.8
%
(1) Non-GAAP financial measure. Refer to
the calculation on the page titled "Reconciliation of Non-GAAP
Measures" at the end of this document.
(2) "ACL - loans" relates to the allowance
for credit losses ("ACL") specifically on "Net Loans" and does not
include the ACL related to off-balance-sheet ("OBS") credit
exposures.
(3) Asset quality information excluding
Paycheck Protection Program ("PPP") loans. Refer to the calculation
on the page titled "Reconciliation of Non-GAAP Measures" at the end
of this document.
(4) Regulatory capital ratios as of
September 30, 2021 are preliminary and prior periods are
actual.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE
SHEETS (UNAUDITED)
dollars in thousands
% Change from
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Sep 30
2021
2021
2021
2020
2020
2021
2020
ASSETS
Cash and due from banks
$
260,564
$
143,002
$
102,570
$
120,462
$
139,304
82.2
%
87.0
%
Other interest-earning assets
2,271,738
1,823,688
1,625,515
1,819,499
1,489,550
24.6
%
52.5
%
Loans held for sale
43,123
41,924
34,092
83,886
93,621
2.9
%
(53.9)
%
Investment securities
4,000,760
3,921,658
3,612,010
3,340,424
3,097,721
2.0
%
29.2
%
Net Loans
18,269,407
18,586,756
18,990,986
18,900,820
19,028,621
(1.7)
%
(4.0)
%
Less: ACL - loans(1)
(256,727)
(255,032)
(265,986)
(277,567)
(266,825)
0.7
%
(3.8)
%
Loans, net
18,012,680
18,331,724
18,725,000
18,623,253
18,761,796
(1.7)
%
(4.0)
%
Net, premises and equipment
228,179
228,353
229,035
231,480
236,943
(0.1)
%
(3.7)
%
Accrued interest receivable
57,902
63,232
65,649
72,942
70,766
(8.4)
%
(18.2)
%
Goodwill and intangible assets
536,697
536,847
536,544
536,659
534,907
—
%
0.3
%
Other assets
979,189
989,346
962,575
1,078,128
1,118,673
(1.0)
%
(12.5)
%
Total Assets
$
26,390,832
$
26,079,774
$
25,892,990
$
25,906,733
$
25,543,281
1.2
%
3.3
%
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits
$
22,074,041
$
21,724,312
$
21,633,838
$
20,839,207
$
20,730,051
1.6
%
6.5
%
Short-term borrowings
468,967
533,749
520,989
630,066
611,727
(12.1)
%
(23.3)
%
Other liabilities
520,620
501,542
482,101
524,369
515,230
3.8
%
1.0
%
Long-term borrowings
627,386
627,213
626,407
1,296,263
1,296,012
—
%
(51.6)
%
Total Liabilities
23,691,014
23,386,816
23,263,335
23,289,905
23,153,020
1.3
%
2.3
%
Shareholders' equity
2,699,818
2,692,958
2,629,655
2,616,828
2,390,261
0.3
%
13.0
%
Total Liabilities and Shareholders'
Equity
$
26,390,832
$
26,079,774
$
25,892,990
$
25,906,733
$
25,543,281
1.2
%
3.3
%
LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage
$
7,145,115
$
7,152,932
$
7,142,137
$
7,105,092
$
7,046,330
(0.1)
%
1.4
%
Commercial and industrial
3,863,154
3,870,462
3,986,858
4,088,561
4,007,278
(0.2)
%
(3.6)
%
Real estate - residential mortgage
3,719,684
3,555,897
3,254,058
3,141,915
3,061,835
4.6
%
21.5
%
Real estate - home equity
1,126,628
1,136,128
1,149,958
1,202,913
1,222,709
(0.8)
%
(7.9)
%
Real estate - construction
1,111,487
1,070,755
1,083,494
1,047,218
1,007,534
3.8
%
10.3
%
Consumer
458,595
448,433
451,857
466,772
469,551
2.3
%
(2.3)
%
Equipment lease financing
242,967
252,158
260,907
279,118
280,286
(3.6)
%
(13.3)
%
Other(2)
11,330
(14,410)
(26,677)
(12,481)
(27,067)
N/M
N/M
Net Loans before PPP
17,678,960
17,472,355
17,302,592
17,319,108
17,068,456
1.2
%
3.6
%
PPP
590,447
1,114,401
1,688,394
1,581,712
1,960,165
(47.0)
%
(69.9)
%
Total Net Loans
$
18,269,407
$
18,586,756
$
18,990,986
$
18,900,820
$
19,028,621
(1.7)
%
(4.0)
%
Deposits, by type:
Noninterest-bearing demand
$
7,434,155
$
7,442,132
$
7,046,116
$
6,531,002
$
6,378,077
(0.1)
%
16.6
%
Interest-bearing demand
6,187,096
5,795,404
5,959,909
5,818,564
5,813,935
6.8
%
6.4
%
Savings
6,401,619
6,276,554
6,244,513
5,929,792
5,805,431
2.0
%
10.3
%
Total demand and savings
20,022,870
19,514,090
19,250,538
18,279,358
17,997,443
2.6
%
11.3
%
Brokered
262,617
277,444
309,873
335,185
317,588
(5.3)
%
(17.3)
%
Time
1,788,554
1,932,778
2,073,427
2,224,664
2,415,020
(7.5)
%
(25.9)
%
Total Deposits
$
22,074,041
$
21,724,312
$
21,633,838
$
20,839,207
$
20,730,051
1.6
%
6.5
%
Short-term borrowings, by type:
Customer funding
$
468,967
$
533,749
$
520,989
$
630,066
$
611,727
(12.1)
%
(23.3)
%
Total Short-term Borrowings
$
468,967
$
533,749
$
520,989
$
630,066
$
611,727
(12.1)
%
(23.3)
%
(1) "ACL - loans" relates to the ACL
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
(2) Consists of overdrafts and net
origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
dollars in thousands
Three Months Ended
% Change from
Nine Months Ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Sep 30
Sep 30
2021
2021
2021
2020
2020
2021
2020
2021
2020
% Change
Interest Income:
Interest income
$
184,079
$
176,673
$
184,936
$
183,645
$
179,159
4.2
%
2.7
%
$
545,688
$
559,233
(2.4)
%
Interest expense
12,809
14,274
20,488
22,054
25,043
(10.3)
%
(48.9)
%
47,570
91,617
(48.1)
%
Net Interest Income
171,270
162,399
164,448
161,591
154,116
5.5
%
11.1
%
498,118
467,616
6.5
%
Provision for credit losses
(600)
(3,500)
(5,500)
6,240
7,080
82.9
%
(108.5)
%
(9,600)
70,680
(113.6)
%
Net Interest Income after
Provision
171,870
165,899
169,948
155,351
147,036
3.6
%
16.9
%
507,718
396,936
27.9
%
Non-Interest Income:
Commercial banking:
Merchant and card
6,979
6,786
5,768
5,953
6,237
2.8
%
11.9
%
19,533
17,187
13.6
%
Cash management
5,285
5,341
4,921
4,737
4,742
(1.0)
%
11.5
%
15,547
13,987
11.2
%
Capital markets
2,063
1,536
2,800
3,513
4,696
34.3
%
(56.1)
%
6,399
14,775
(56.7)
%
Other commercial banking
2,411
3,466
2,853
2,606
2,636
(30.4)
%
(8.5)
%
8,730
7,528
16.0
%
Total commercial banking
16,738
17,129
16,342
16,809
18,311
(2.3)
%
(8.6)
%
50,209
53,477
(6.1)
%
Consumer banking:
Card
5,941
5,733
5,878
5,123
5,002
3.6
%
18.8
%
17,552
14,653
19.8
%
Overdraft
3,474
2,750
2,724
3,376
3,015
26.3
%
15.2
%
8,948
9,180
(2.5)
%
Other consumer banking
2,386
2,377
2,152
2,298
2,406
0.4
%
(0.8)
%
6,915
6,967
(0.7)
%
Total consumer banking
11,801
10,860
10,754
10,797
10,423
8.7
%
13.2
%
33,415
30,800
8.5
%
Wealth management
18,532
17,634
17,347
15,653
14,943
5.1
%
24.0
%
53,513
43,405
23.3
%
Mortgage banking
9,535
2,838
13,960
9,311
16,801
N/M
(43.2)
%
26,333
32,998
(20.2)
%
Other
5,971
3,393
3,519
3,004
2,769
76.0
%
115.6
%
12,883
10,080
27.8
%
Non-interest income before investment
securities gains
62,577
51,854
61,922
55,574
63,247
20.7
%
(1.1)
%
176,353
170,761
3.3
%
Investment securities gains, net
—
36
33,475
—
2
(100.0)
%
(100.0)
%
33,511
3,053
N/M
Total Non-Interest Income
62,577
51,890
95,397
55,574
63,249
20.6
%
(1.1)
%
209,864
173,814
20.7
%
Non-Interest Expense:
Salaries and employee benefits
82,679
78,367
82,586
83,929
79,227
5.5
%
4.4
%
243,632
240,467
1.3
%
Data processing and software
14,335
13,932
13,561
11,951
12,285
2.9
%
16.7
%
41,828
36,123
15.8
%
Net occupancy
12,957
12,494
13,982
13,161
13,221
3.7
%
(2.0)
%
39,433
39,851
(1.0)
%
Other outside services
7,889
8,178
8,490
8,334
7,617
(3.5)
%
3.6
%
24,557
23,098
6.3
%
Equipment
3,416
3,424
3,428
3,563
3,711
(0.2)
%
(7.9)
%
10,268
10,322
(0.5)
%
Professional fees
2,271
2,651
2,779
2,424
2,879
(14.3)
%
(21.1)
%
7,701
10,412
(26.0)
%
FDIC insurance
2,727
2,282
2,624
2,346
1,578
19.5
%
72.8
%
7,633
6,519
17.1
%
Amortization of tax credit investments
1,546
1,563
1,531
1,532
1,694
(1.1)
%
(8.7)
%
4,640
4,594
1.0
%
Marketing
1,448
1,348
1,002
1,098
1,147
7.4
%
26.2
%
3,798
4,029
(5.7)
%
Intangible amortization
150
178
115
132
132
(15.7)
%
13.6
%
443
397
11.6
%
Debt extinguishment
—
412
32,163
—
—
(100.0)
%
(100.0)
%
32,575
2,878
N/M
Other
15,178
16,002
16,123
26,268
15,654
(5.1)
%
(3.0)
%
47,303
46,014
2.8
%
Total Non-Interest Expense
144,596
140,831
178,384
154,737
139,145
2.7
%
3.9
%
463,811
424,705
9.2
%
Income Before Income Taxes
89,851
76,958
86,961
56,187
71,140
16.8
%
26.3
%
253,771
146,045
73.8
%
Income tax expense
14,268
11,994
13,898
5,362
9,529
19.0
%
49.7
%
40,160
18,832
113.3
%
Net Income
75,583
64,964
73,063
50,825
61,611
16.3
%
22.7
%
213,611
127,213
67.9
%
Preferred stock dividends
(2,562)
(2,562)
(2,591)
(2,135)
—
—
%
N/M
(7,715)
—
N/M
Net Income Available to Common
Shareholders
$
73,021
$
62,402
$
70,472
$
48,690
$
61,611
17.0
%
18.5
%
$
205,896
$
127,213
61.9
%
PER SHARE:
Net income available to common
shareholders:
Basic
$
0.45
$
0.38
$
0.43
$
0.30
$
0.38
18.4
%
18.4
%
$
1.27
$
0.78
62.8
%
Diluted
0.45
0.38
0.43
0.30
0.38
18.4
%
18.4
%
1.26
0.78
61.5
%
Cash dividends
0.14
0.14
0.14
0.17
0.13
—
%
7.7
%
0.42
0.39
7.7
%
Weighted average shares (basic)
162,506
162,785
162,441
162,242
162,061
(0.2)
%
0.3
%
162,577
162,416
0.1
%
Weighted average shares (diluted)
163,456
163,858
163,737
163,071
162,579
(0.2)
%
0.5
%
163,634
163,083
0.3
%
N/M - Not meaningful
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE
SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Three months ended
September 30, 2021
June 30, 2021
September 30, 2020
Average
Interest
Yield/
Average
Interest
Yield/
Average
Interest
Yield/
Balance
(1)
Rate
Balance
(1)
Rate
Balance
(1)
Rate
ASSETS
Interest-earning assets:
Net Loans
$
18,414,153
$
163,343
3.53
%
$
18,906,556
$
156,525
3.32
%
$
18,880,519
$
160,344
3.38
%
Taxable investment securities
2,785,828
13,757
1.80
%
2,630,090
13,898
1.93
%
2,011,893
13,150
2.61
%
Tax-exempt investment securities
1,035,685
7,906
3.05
%
961,141
7,494
3.11
%
861,764
6,899
3.19
%
Total Investment Securities
3,821,513
21,663
2.27
%
3,591,231
21,392
2.38
%
2,873,657
20,049
2.79
%
Loans held for sale
36,427
299
3.28
%
31,948
199
2.49
%
79,999
728
3.64
%
Other interest-earning assets
2,301,326
1,888
0.18
%
1,752,549
1,575
0.16
%
1,387,327
1,028
0.30
%
Total Interest-earning Assets
24,573,419
187,193
3.03
%
24,282,284
179,691
2.97
%
23,221,502
182,149
3.13
%
Noninterest-earning assets:
Cash and due from banks
200,315
129,927
138,567
Premises and equipment
228,861
229,047
239,183
Other assets
1,695,767
1,643,410
1,835,190
Less: ACL - loans(2)
(257,486)
(267,126)
(264,934)
Total Assets
$
26,440,876
$
26,017,542
$
25,169,508
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits
$
6,168,908
$
814
0.05
%
$
5,979,855
$
932
0.06
%
$
5,591,548
$
1,913
0.14
%
Savings deposits
6,392,537
1,054
0.07
%
6,280,629
1,363
0.09
%
5,716,050
2,347
0.16
%
Brokered deposits
270,168
229
0.34
%
297,815
253
0.34
%
314,721
440
0.56
%
Time deposits
1,852,223
4,428
0.95
%
2,003,606
5,434
1.09
%
2,495,445
9,931
1.58
%
Total Interest-bearing Deposits
14,683,836
6,525
0.18
%
14,561,905
7,982
0.22
%
14,117,764
14,631
0.41
%
Short-term borrowings
494,811
131
0.11
%
514,025
137
0.11
%
613,127
370
0.24
%
Long-term borrowings
627,300
6,153
3.92
%
626,795
6,155
3.93
%
1,295,515
10,042
3.10
%
Total Interest-bearing
Liabilities
15,805,947
12,809
0.32
%
15,702,725
14,274
0.36
%
16,026,406
25,043
0.62
%
Noninterest-bearing liabilities:
Demand deposits
7,439,644
7,203,696
6,270,683
Other
472,452
441,708
498,328
Total Liabilities
23,718,043
23,348,129
22,795,417
Total Deposits/Cost of Deposits
22,123,480
0.12
%
21,765,601
0.15
%
20,388,447
0.29
%
Total Interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
23,245,591
0.22
%
22,906,421
0.25
%
22,297,089
0.45
%
Shareholders' equity
2,722,833
2,669,413
2,374,091
Total Liabilities and Shareholders'
Equity
$
26,440,876
$
26,017,542
$
25,169,508
Net interest income/net interest margin
(fully taxable equivalent)
174,384
2.82
%
165,417
2.73
%
157,106
2.70
%
Tax equivalent adjustment
(3,114)
(3,018)
(2,990)
Net interest income
$
171,270
$
162,399
$
154,116
(1) Presented on a fully
taxable-equivalent basis using a 21% federal tax rate and statutory
interest expense disallowances.
(2) "ACL - loans" relates to the ACL
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
Three months ended
% Change from
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Sep 30
2021
2021
2021
2020
2020
2021
2020
Loans, by type:
Real estate - commercial mortgage
$
7,134,177
$
7,177,622
$
7,128,997
$
7,101,363
$
6,986,528
(0.6)
%
2.1
%
Commercial and industrial
3,878,767
3,920,771
4,033,367
4,024,879
4,030,750
(1.1)
%
(3.8)
%
Real estate - residential mortgage
3,642,822
3,396,690
3,183,585
3,087,529
2,975,516
7.2
%
22.4
%
Real estate - home equity
1,128,076
1,139,558
1,175,218
1,212,113
1,237,602
(1.0)
%
(8.8)
%
Real estate - construction
1,085,846
1,054,469
1,054,718
1,009,284
981,589
3.0
%
10.6
%
Consumer
452,844
451,486
459,038
468,678
464,851
0.3
%
(2.6)
%
Equipment lease financing
247,776
256,248
266,405
279,059
279,217
(3.3)
%
(11.3)
%
Other(1)
(6,773)
(14,677)
(9,455)
(18,817)
(28,656)
53.9
%
76.4
%
Net Loans before PPP
17,563,535
17,382,167
17,291,873
17,164,088
16,927,397
1.0
%
3.8
%
PPP
850,618
1,524,389
1,688,713
1,830,426
1,953,122
(44.2)
%
(56.4)
%
Total Net Loans
$
18,414,153
$
18,906,556
$
18,980,586
$
18,994,514
$
18,880,519
(2.6)
%
(2.5)
%
Deposits, by type:
Noninterest-bearing demand
$
7,439,644
$
7,203,696
$
6,672,832
$
6,477,228
$
6,270,683
3.3
%
18.6
%
Interest-bearing demand
6,168,908
5,979,855
5,832,174
5,762,150
5,591,548
3.2
%
10.3
%
Savings
6,392,537
6,280,629
6,137,084
5,905,137
5,716,050
1.8
%
11.8
%
Total demand and savings
20,001,089
19,464,180
18,642,090
18,144,515
17,578,281
2.8
%
13.8
%
Brokered
270,168
297,815
324,364
340,451
314,721
(9.3)
%
(14.2)
%
Time
1,852,223
2,003,606
2,150,570
2,306,556
2,495,445
(7.6)
%
(25.8)
%
Total Deposits
$
22,123,480
$
21,765,601
$
21,117,024
$
20,791,522
$
20,388,447
1.6
%
8.5
%
Short-term borrowings, by type:
Customer funding
$
494,811
$
514,025
$
570,775
$
622,623
$
613,127
(3.7)
%
(19.3)
%
Total Short-term borrowings
$
494,811
$
514,025
$
570,775
$
622,623
$
613,127
(3.7)
%
(19.3)
%
(1) Consists of overdrafts and net
origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE
SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Nine months ended September
30
2021
2020
Average
Interest
Yield/
Average
Interest
Yield/
Balance
(1)
Rate
Balance
(1)
Rate
ASSETS
Interest-earning assets:
Net Loans
$
18,765,024
$
485,330
3.46
%
$
18,027,253
$
498,455
3.69
%
Taxable investment securities
2,619,411
41,345
1.93
%
2,165,180
44,615
2.75
%
Tax-exempt investment securities
969,946
22,557
3.10
%
804,484
19,596
3.24
%
Total Investment Securities
3,589,357
63,902
2.37
%
2,969,664
64,211
2.88
%
Loans held for sale
40,551
969
3.19
%
54,355
1,557
3.82
%
Other interest-earning assets
1,986,161
4,599
0.18
%
936,819
4,325
0.62
%
Total Interest-earning Assets
24,381,093
554,799
3.04
%
21,988,091
568,548
3.45
%
Noninterest-earning assets:
Cash and due from banks
150,435
143,496
Premises and equipment
229,513
239,739
Other assets
1,689,094
1,729,351
Less: ACL - loans(2)
(268,412)
(242,300)
Total Assets
$
26,181,723
$
23,858,377
LIABILITIES AND SHAREHOLDERS'
EQUITY
Interest-bearing liabilities:
Demand deposits
$
5,994,878
$
2,905
0.06
%
$
5,116,696
$
9,933
0.26
%
Savings deposits
6,271,019
3,944
0.08
%
5,431,071
12,788
0.31
%
Brokered deposits
297,250
876
0.39
%
300,795
1,935
0.86
%
Time deposits
2,001,043
16,383
1.09
%
2,626,802
33,533
1.71
%
Total Interest-bearing Deposits
14,564,190
24,108
0.22
%
13,475,364
58,189
0.58
%
Short-term borrowings
526,259
456
0.12
%
873,694
4,960
0.76
%
Long-term borrowings
839,396
23,006
3.66
%
1,240,253
28,468
3.06
%
Total Interest-bearing
Liabilities
15,929,845
47,570
0.40
%
15,589,311
91,617
0.78
%
Noninterest-bearing liabilities:
Demand deposits
7,108,199
5,458,807
Other
466,917
470,055
Total Liabilities
23,504,961
21,518,173
Total Deposits/Cost of Deposits
21,672,389
0.15
%
18,934,171
0.41
%
Total Interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
23,038,044
0.28
%
21,048,118
0.58
%
Shareholders' equity
2,676,762
2,340,204
Total Liabilities and Shareholders'
Equity
$
26,181,723
$
23,858,377
Net interest income/net interest margin
(fully taxable equivalent)
507,229
2.78
%
476,931
2.90
%
Tax equivalent adjustment
(9,111)
(9,315)
Net interest income
$
498,118
$
467,616
(1) Presented on a fully
taxable-equivalent basis using a 21% federal tax rate and statutory
interest expense disallowances.
(2) "ACL - loans" relates to the ACL
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
Nine months ended September
30
2021
2020
% Change
Loans, by type:
Real estate - commercial mortgage
$
7,146,951
$
6,870,148
4.0
%
Commercial and industrial
3,943,736
4,308,559
(8.5)
%
Real estate - residential mortgage
3,409,381
2,805,694
21.5
%
Real estate - home equity
1,147,444
1,269,525
(9.6)
%
Real estate - construction
1,065,125
950,845
12.0
%
Consumer
454,434
465,661
(2.4)
%
Equipment lease financing
256,741
282,800
(9.2)
%
Other(1)
(10,292)
121
N/M
Net Loans before PPP
17,413,520
16,953,353
2.7
%
PPP
1,351,504
1,073,900
25.9
%
Total Net Loans
$
18,765,024
$
18,027,253
4.1
%
Deposits, by type:
Noninterest-bearing demand
$
7,108,199
$
5,458,807
30.2
%
Interest-bearing demand
5,994,878
5,116,696
17.2
%
Savings
6,271,019
5,431,071
15.5
%
Total demand and savings
19,374,096
16,006,574
21.0
%
Brokered
297,250
300,795
(1.2)
%
Time
2,001,043
2,626,802
(23.8)
%
Total Deposits
$
21,672,389
$
18,934,171
14.5
%
Short-term borrowings, by type:
Customer funding
526,259
529,667
(0.6)
%
Federal funds purchased
—
86,715
N/M
Short-term FHLB advances and other
borrowings
—
257,312
N/M
Total Short-term Borrowings
$
526,259
$
873,694
(39.8)
%
N/M - Not meaningful
(1) Consists of overdrafts and net
origination fees and costs.
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION
(UNAUDITED)
dollars in thousands
Three months ended
Nine months ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
Sep 30
Sep 30
2021
2021
2021
2020
2020
2021
2020
Allowance for
credit losses related to Net Loans:
Balance at beginning of period
$
255,032
$
265,986
$
277,567
$
266,825
$
256,537
$
277,567
$
163,620
Impact of adopting CECL
—
—
—
—
—
—
45,724
Loans charged off:
Commercial and industrial
(647)
(954)
(4,319)
(1,567)
(2,969)
(5,920)
(17,348)
Real estate - commercial mortgage
(14)
(6,506)
(1,837)
(300)
(746)
(8,357)
(3,925)
Consumer and home equity
(504)
(1,130)
(847)
(668)
(1,093)
(2,481)
(3,925)
Real estate - residential mortgage
(602)
(496)
(192)
—
(198)
(1,290)
(620)
Real estate - construction
—
—
(39)
—
—
(39)
(17)
Equipment lease financing and other
(467)
(436)
(968)
(483)
(483)
(1,871)
(1,704)
Total loans charged off
(2,234)
(9,522)
(8,202)
(3,018)
(5,489)
(19,958)
(27,539)
Recoveries of loans previously charged
off:
Commercial and industrial
2,330
693
769
4,581
2,103
3,792
6,815
Real estate - commercial mortgage
564
729
174
588
100
1,467
439
Consumer and home equity
504
634
440
594
491
1,578
1,786
Real estate - residential mortgage
86
105
95
199
95
286
292
Real estate - construction
697
254
384
179
4,873
1,335
4,943
Equipment lease financing and other
358
153
159
219
185
670
385
Recoveries of loans previously charged
off
4,539
2,568
2,021
6,360
7,847
9,128
14,660
Net loans recovered (charged
off)
2,305
(6,954)
(6,181)
3,342
2,358
(10,830)
(12,879)
Provision for credit losses
(610)
(4,000)
(5,400)
7,400
7,930
(10,010)
70,360
Balance at end of period
$
256,727
$
255,032
$
265,986
$
277,567
$
266,825
$
256,727
$
266,825
Net charge-offs (recoveries) to average
loans (annualized)
(0.05)
%
0.15
%
0.13
%
(0.07)
%
(0.05)
%
0.08
%
0.10
%
Allowance credit losses related to OBS
Credit Exposures(1)
Balance at beginning of period
$
14,773
$
14,273
$
14,373
$
15,533
$
16,383
Provision for credit losses
10
500
(100)
(1,160)
(850)
Balance at end of period
$
14,783
$
14,773
$
14,273
$
14,373
$
15,533
NON-PERFORMING ASSETS:
Non-accrual loans
$
138,833
$
147,864
$
143,889
$
137,198
$
128,321
Loans 90 days past due and accruing
11,389
5,865
8,559
9,929
13,761
Total non-performing loans
150,222
153,729
152,448
147,127
142,082
Other real estate owned
1,896
2,779
3,664
4,178
4,565
Total non-performing assets
$
152,118
$
156,508
$
156,112
$
151,305
$
146,647
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial
$
32,697
$
33,522
$
31,871
$
32,610
$
37,224
Real estate - commercial mortgage
52,100
53,693
54,164
52,647
43,426
Real estate - residential mortgage
37,077
38,185
36,152
30,793
28,287
Consumer and home equity
11,509
11,408
13,072
13,090
12,292
Real estate - construction
965
1,016
1,440
1,550
4,051
Equipment lease financing and other
15,874
15,905
15,749
16,437
16,802
Total non-performing loans
$
150,222
$
153,729
$
152,448
$
147,127
$
142,082
(1) The allowance for credit losses
related to OBS Credit Exposures is presented in "other liabilities"
on the consolidated balance sheets.
FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
in thousands, except per share data and
percentages
Explanatory note:
This press release contains supplemental
financial information, as detailed below, which has been derived by
methods other than Generally Accepted Accounting Principles
("GAAP"). The Corporation has presented these non-GAAP financial
measures because it believes that these measures provide useful and
comparative information to assess trends in the Corporation's
results of operations. Presentation of these non-GAAP financial
measures is consistent with how the Corporation evaluates its
performance internally and these non-GAAP financial measures are
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in the
Corporation's industry. Management believes that these non-GAAP
financial measures, in addition to GAAP measures, are also useful
to investors to evaluate the Corporation's results. Investors
should recognize that the Corporation's presentation of these
non-GAAP financial measures might not be comparable to
similarly-titled measures of other companies. These non-GAAP
financial measures should not be considered a substitute for GAAP
basis measures, and the Corporation strongly encourages a review of
its condensed consolidated financial statements in their entirety.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP measure follow:
Three months ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2021
2021
2021
2020
2020
Common shareholders' equity (tangible),
per share
Shareholders' equity
$
2,699,818
$
2,692,958
$
2,629,655
$
2,616,828
$
2,390,261
Less: Preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
—
Less: Goodwill and intangible assets
(536,697)
(536,847)
(536,544)
(536,659)
(534,907)
Tangible common shareholders' equity
(numerator)
$
1,970,243
$
1,963,233
$
1,900,233
$
1,887,291
$
1,855,354
Shares outstanding, end of period
(denominator)
161,429
162,988
162,518
162,350
162,134
Common shareholders' equity (tangible),
per share
$
12.21
$
12.05
$
11.69
$
11.62
$
11.44
Return on average common shareholders'
equity (tangible)
Net income available to common
shareholders
$
73,021
$
62,402
$
70,472
$
48,690
$
61,611
Plus: Intangible amortization, net of
tax
118
140
90
104
103
(Numerator)
$
73,139
$
62,542
$
70,562
$
48,794
$
61,714
Average shareholders' equity
$
2,722,833
$
2,669,413
$
2,637,098
$
2,544,866
$
2,374,091
Less: Average preferred stock
(192,878)
(192,878)
(192,878)
(127,639)
—
Less: Average goodwill and intangible
assets
(536,772)
(536,470)
(536,601)
(535,474)
(534,971)
Average tangible common shareholders'
equity (denominator)
$
1,993,183
$
1,940,065
$
1,907,619
$
1,881,753
$
1,839,120
Return on average common shareholders'
equity (tangible), annualized
14.56%
12.93%
15.00%
10.32%
13.35%
Tangible common equity to tangible
assets (TCE Ratio)
Shareholders' equity
$
2,699,818
$
2,692,958
$
2,629,655
$
2,616,828
$
2,390,261
Less: Preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
—
Less: Goodwill and intangible assets
(536,697)
(536,847)
(536,544)
(536,659)
(534,907)
Tangible common shareholders' equity
(numerator)
$
1,970,243
$
1,963,233
$
1,900,233
$
1,887,291
$
1,855,354
Total assets
$
26,390,832
$
26,079,774
$
25,892,990
$
25,906,733
$
25,543,281
Less: Goodwill and intangible assets
(536,697)
(536,847)
(536,544)
(536,659)
(534,907)
Total tangible assets (denominator)
$
25,854,135
$
25,542,927
$
25,356,446
$
25,370,074
$
25,008,374
Tangible common equity to tangible
assets
7.62%
7.69%
7.49%
7.44%
7.42%
Efficiency ratio
Non-interest expense
$
144,596
$
140,831
$
178,384
$
154,737
$
139,145
Less: Amortization of tax credit
investments
(1,546)
(1,563)
(1,531)
(1,532)
(1,694)
Less: Intangible amortization
(150)
(178)
(115)
(132)
(132)
Less: 2020 cost savings initiatives
—
—
—
(15,400)
(800)
Less: Debt extinguishment costs
—
(412)
(32,163)
—
—
Non-interest expense (numerator)
$
142,900
$
138,678
$
144,575
$
137,673
$
136,519
Net interest income
$
171,270
$
162,399
$
164,449
$
161,591
$
154,116
Tax equivalent adjustment
3,114
3,018
2,979
2,987
2,990
Plus: Total Non-interest income
62,577
51,890
95,397
55,574
63,249
Less: Investment securities gains, net
—
(36)
(33,475)
—
(2)
Total revenue (denominator)
$
236,961
$
217,271
$
229,350
$
220,152
$
220,353
Efficiency ratio
60.3%
63.8%
63.0%
62.5%
62.0%
Three months ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2021
2021
2021
2020
2020
Non-interest expenses to total average
assets (annualized)
Non-interest expense
$
144,596
$
140,831
$
178,384
$
154,737
$
139,145
Less: Amortization of tax credit
investments
(1,546)
(1,563)
(1,531)
(1,532)
(1,694)
Less: Intangible amortization
(150)
(178)
(115)
(132)
(132)
Less: 2020 cost savings initiatives
—
—
—
(15,400)
(800)
Less: Debt extinguishment costs
—
(412)
(32,163)
—
—
Non-interest expense (numerator)
$
142,900
$
138,678
$
144,575
$
137,673
$
136,519
Total average assets (denominator)
$
26,440,876
$
26,017,542
$
26,082,816
$
25,749,405
$
25,169,508
Non-interest expenses to total average
assets, (annualized)
2.14%
2.14%
2.25%
2.13%
2.16%
Asset Quality, excluding PPP
Net loans recovered (charged-off)
(numerator)
$
2,305
$
(6,954)
$
(6,181)
$
3,342
$
2,358
Average Net Loans
$
18,414,153
$
18,906,556
$
18,980,586
$
18,994,514
$
18,880,519
Less: Average PPP loans
(850,618)
(1,524,389)
(1,688,713)
(1,830,426)
(1,953,122)
Total adjusted average loans
(denominator)
$
17,563,535
$
17,382,167
$
17,291,873
$
17,164,088
$
16,927,397
Net charge-offs (recoveries) to adjusted
average loans (annualized)
(0.05)%
0.16%
0.14%
(0.08)%
(0.06)%
Non-performing loans (numerator)
$
150,222
$
153,729
$
152,448
$
147,127
$
142,082
Net Loans
$
18,269,407
$
18,586,756
$
18,990,986
$
18,900,820
$
19,028,621
Less: PPP loans
(590,447)
(1,114,401)
(1,688,394)
(1,581,712)
(1,960,165)
Total adjusted loans (denominator)
$
17,678,960
$
17,472,355
$
17,302,592
$
17,319,108
$
17,068,456
Non-performing loans to total adjusted
loans
0.85%
0.88%
0.88%
0.85%
0.83%
ACL - loans (numerator)
$
256,727
$
255,032
$
265,986
$
277,567
$
266,825
Net Loans
$
18,269,407
$
18,586,756
$
18,990,986
$
18,900,820
$
19,028,621
Less: PPP loans
(590,447)
(1,114,401)
(1,688,394)
(1,581,712)
(1,960,165)
Total adjusted loans (denominator)
$
17,678,960
$
17,472,355
$
17,302,592
$
17,319,108
$
17,068,456
ACL - loans to total adjusted loans
1.45%
1.46%
1.54%
1.60%
1.56%
Pre-provision net revenue
Net interest income
$
171,270
$
162,399
$
164,448
$
161,591
$
154,116
Non-interest income
62,577
51,890
95,397
55,574
63,249
Less: Investment securities gains, net
—
(36)
(33,475)
—
(2)
Total revenue
$
233,847
$
214,253
$
226,370
$
217,165
$
217,363
Non-interest expense
$
144,596
$
140,831
$
178,384
$
154,737
$
139,145
Less: Debt extinguishment
—
(412)
(32,163)
—
—
Less: Amortization on tax credit
investments
(1,546)
(1,563)
(1,531)
(1,532)
(1,694)
Less: Intangible amortization
(150)
(178)
(115)
(132)
(132)
Total non-interest expense
$
142,900
$
138,678
$
144,575
$
153,073
$
137,319
Pre-provision net revenue
$
90,947
$
75,575
$
81,795
$
64,092
$
80,044
Note: numbers may not sum due to
rounding.
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