Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the
“Corporation”) reported net income available to common shareholders
of $67.4 million, or $0.42 per diluted share, for the second
quarter of 2022, an increase of $5.7 million, or 9.2%, in
comparison to the first quarter of 2022. The Corporation reported
net income available to common shareholders of $129.2 million, or
$0.80 per diluted share, for the six months ended June 30, 2022, a
decrease of $3.7 million or 2.8%, in comparison to the six months
ended June 30, 2021.
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"Overall, we are pleased with Fulton's performance and results
for the second quarter. Loan originations were strong, we began to
see the positive impact of rising interest rates, and fee income
was solid despite headwinds in mortgage banking and our wealth
management businesses," said E. Philip Wenger, Chairman and CEO.
"On the corporate front, we completed our acquisition of Prudential
Bancorp, Inc., which was a very important milestone for us, and we
published our first Corporate Social Responsibility report
highlighting the positive impact our company and our team are
making in the communities we serve."
Net Interest Income and Balance
Sheet
Net interest income for the second quarter of 2022 was $178.8
million, an increase of $17.5 million in comparison to the first
quarter of 2022. The net interest margin for the second quarter of
2022 increased 26 basis points, to 3.04%, from 2.78% in the first
quarter of 2022.
The linked-quarter increase in net interest income was primarily
due to rising interest rates resulting in increases in interest
income from net loans, investment securities and other
interest-earning assets of $14.6 million, $1.8 million and $1.1
million, respectively. An increase in the average balances for net
loans and investment securities of $254.1 million and $172.1
million, respectively, also contributed to the increase in interest
income. Interest expense from interest-bearing liabilities for the
second quarter of 2022 declined by $0.2 million compared to the
first quarter of 2022.
For the second quarter of 2022, net interest income was $178.8
million, an increase of $16.4 million, or 10.1%, in comparison to
the second quarter of 2021 primarily driven by higher interest
rates resulting in an increase in interest income from net loans of
$9.2 million. Additionally, the year-over-year increase of $807.2
million in average investment securities resulted in an increase of
$4.7 million in interest income for the second quarter of 2022
compared to the second quarter of 2021.
Total average interest-earning assets for the second quarter of
2022 were $24.0 billion, an increase of $90.9 million from the
first quarter of 2022, primarily driven by the aforementioned
increases in average net loans of $254.1 and average investment
securities of $172.1 million, partially offset by a decrease in
other interest-earning assets of $319.9 million.
Total average interest-earning assets for the second quarter of
2022 decreased by $295.2 million from the second quarter of 2021.
Average net loans for the second quarter of 2022 were $18.6 billion
, a decrease of $269.4 million from the same period in 2021.
Included in average net loans for the second quarter of 2022 were
Paycheck Protection Program ("PPP") loans with an average balance
of $114.8 million, a decrease of $1.4 billion from the second
quarter of 2021. The decrease in average PPP loans for the second
quarter of 2022 was partially offset by increases in average
residential mortgage loans, average commercial mortgage loans,
average real estate construction loans and average commercial and
industrial loans of $656.0 million, $162.8 million, $134.5 million
and $119.8 million, respectively. Average investment securities
increased $807.2 million, for the second quarter of 2022 compared
to the second quarter of 2021.
Total average interest-bearing liabilities decreased $202.8
million, to $14.9 billion, in the second quarter of 2022 compared
to the first quarter of 2022, driven by decreases of $88.8 million,
$67.0 million and $52.9 million in average time deposits, average
demand deposits and average long-term borrowings, respectively.
Total average interest-bearing liabilities for the second
quarter of 2022 decreased $822.8 million from the second quarter of
2021, driven by decreases in average balances of $685.8 million,
$69.8 million and $67.2 million in total interest-bearing deposits,
long-term borrowings and short-term borrowings, respectively.
Asset Quality
In the second quarter of 2022, a provision for credit losses of
$1.5 million was recorded, as compared to a negative provision for
credit losses of $7.0 million in the first quarter of 2022, and a
negative provision for credit losses of $3.5 million in the second
quarter of 2021. The provision for credit losses for the second
quarter of 2022 was recorded to adjust the allowance for credit
losses as a result of strong loan growth during the quarter as well
as the economic outlook.
Non-performing assets were $178.3 million, or 0.71% of total
assets, at June 30, 2022, compared to $163.0 million, or 0.64% of
total assets at March 31, 2022, and $156.5 million, or 0.60% of
total assets, at June 30, 2021.
Annualized net charge-offs (recoveries) for the quarter ended
June 30, 2022, were (0.08)% of total average loans, compared to
(0.02%) and 0.15% for the quarters ended March 31, 2022 and June
30, 2021, respectively.
Non-interest Income
Non-interest income before investment securities gains in the
second quarter of 2022 was $58.4 million, an increase of $3.1
million, or 5.7%, from the first quarter of 2022. The increase in
non-interest income was driven by increases of $2.1 million in fee
income from commercial customer interest rate swaps, $1.3 million
in commercial banking merchant and card revenues and $0.8 million
in consumer banking fees, partially offset a decrease of $1.2
million in wealth management revenues.
Compared to the second quarter of 2021, non-interest income
before investment securities gains in the second quarter of 2022
increased $6.5 million, or 12.6%, from $51.9 million. The increase
in non-interest income was primarily due to increases of $2.2
million in fee income from commercial customer interest rate swaps,
$1.6 million in consumer banking fees, $0.9 million in mortgage
banking income, $0.7 million in cash management fees, $0.6 million
in wealth management revenues and $0.6 million in commercial
banking merchant and card revenues.
Non-interest Expense
Non-interest expense, excluding merger-related expenses, was
$148.7 million in the second quarter of 2022, an increase of $3.1
million, or 2.1%, compared to the first quarter of 2022. The
increase was primarily due to a $1.0 million decrease in net gains
on the sale of owned-fixed assets and an increase of $0.5 million
in state taxes, both reflected in other expense, and a $0.9 million
increase in salaries and employee benefits primarily due to merit
increases and one additional day in the quarter. Included in
non-interest expense for the second quarter of 2022 was $1.0
million of merger-related expenses associated with the acquisition
of Prudential Bancorp, Inc., compared to $0.4 million in the first
quarter of 2022.
Compared to the second quarter of 2021, non-interest expense,
excluding merger-related expenses of $1.0 million, increased $7.9
million, or 5.6%, in the second quarter of 2022, primarily due to
increases of $7.0 million in salaries and employee benefits and
$1.1 million in net occupancy expense.
Income Tax Expense
For the second quarter of 2022, the effective tax rate was
18.6%, compared to 17.6% for the full-year of 2021.
Additional information on Fulton is available on the Internet at
www.fultonbank.com.
Safe Harbor Statement
This press release may contain forward-looking statements with
respect to the Corporation’s financial condition, results of
operations and business. Do not unduly rely on forward-looking
statements. Forward-looking statements can be identified by the use
of words such as "may," "should," "will," "could," "estimates,"
"predicts," "potential," "continue," "anticipates," "believes,"
"plans," "expects," "future," "intends," “projects,” the negative
of these terms and other comparable terminology. These
forward-looking statements may include projections of, or guidance
on, the Corporation’s future financial performance, expected levels
of future expenses, including future credit losses, anticipated
growth strategies, descriptions of new business initiatives and
anticipated trends in the Corporation’s business or financial
results.
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, the statements are based
on current beliefs, expectations and assumptions regarding the
future of the Corporation’s business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Corporation’s control, and actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements. Any
forward-looking statement is based only on information currently
available and speaks only as of the date when made. The Corporation
undertakes no obligation, other than as required by law, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the
Corporation's actual results to differ materially from those
described in the forward-looking statements, can be found in the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Corporation’s Annual Report on Form 10-K for the year ended
December 31, 2021, Quarterly Report on Form 10-Q for the quarter
ended March 31, 2022 and other current and periodic reports, which
have been or will be filed with the Securities and Exchange
Commission (the "SEC") and are or will be available in the Investor
Relations section of the Corporation's website (www.fultonbank.com)
and on the SEC's website (www.sec.gov).
Non-GAAP Financial
Measures
The Corporation uses certain financial measures in this press
release that have been derived from methods other than Generally
Accepted Accounting Principles ("GAAP"). These non-GAAP financial
measures are reconciled to the most comparable GAAP measures in
tables at the end of this press release.
FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL
INFORMATION (UNAUDITED)
in thousands, except per-share data and
percentages
Three months ended
June 30
Mar 31
Dec 31
Sep 30
Jun 30
2022
2022
2021
2021
2021
Ending
Balances
Investments
$
4,117,801
$
4,288,674
$
4,167,774
$
4,000,760
$
3,921,658
Net loans
18,920,950
18,476,119
18,325,350
18,269,407
18,586,756
Total assets
25,252,686
25,598,310
25,796,398
26,390,832
26,079,774
Deposits
21,143,866
21,541,174
21,573,499
22,074,041
21,724,312
Shareholders' equity
2,471,093
2,569,535
2,712,680
2,699,818
2,692,958
Average
Balances
Investments
$
4,216,507
$
4,228,827
$
3,980,045
$
3,914,627
$
3,670,333
Net loans
18,637,175
18,383,118
18,220,550
18,414,153
18,906,556
Total assets
25,578,432
25,622,462
26,136,536
26,440,876
26,017,542
Deposits
21,523,713
21,480,183
21,876,938
22,123,480
21,765,601
Shareholders' equity
2,531,346
2,688,834
2,713,198
2,722,833
2,669,413
Income
Statement
Net interest income
$
178,831
$
161,310
$
165,613
$
171,270
$
162,399
Provision for credit losses
1,500
(6,950
)
(5,000
)
(600
)
(3,500
)
Non-interest income
58,391
55,256
63,881
62,577
51,890
Non-interest expense
149,730
145,978
154,019
144,596
140,831
Income before taxes
85,992
77,538
80,475
89,851
76,958
Net income available to common
shareholders
67,427
61,726
59,325
73,021
62,402
Pre-provision net revenue(1)
89,384
71,842
77,837
90,947
75,575
Per
Share
Net income available to common
shareholders (basic)
$
0.42
$
0.38
$
0.37
$
0.45
$
0.38
Net income available to common
shareholders (diluted)
$
0.42
$
0.38
$
0.37
$
0.45
$
0.38
Cash dividends
$
0.15
$
0.15
$
0.22
$
0.14
$
0.14
Common shareholders' equity
$
14.15
$
14.79
$
15.70
$
15.53
$
15.34
Common shareholders' equity
(tangible)(1)
$
10.81
$
11.44
$
12.35
$
12.21
$
12.05
Weighted average shares (basic)
160,920
160,588
161,210
162,506
162,785
Weighted average shares (diluted)
162,075
161,911
162,355
163,456
163,858
(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.
Three months ended
June 30
Mar 31
Dec 31
Sep 30
Jun 30
2022
2022
2021
2021
2021
Asset
Quality
Net (recoveries) charge offs to average
loans (annualized)
(0.08
)%
(0.02
)%
0.07
%
(0.05
)%
0.15
%
Non-performing loans to total loans
0.92
%
0.87
%
0.83
%
0.82
%
0.83
%
Non-performing assets to total assets
0.71
%
0.64
%
0.60
%
0.58
%
0.60
%
ACL - loans(2) to total loans
1.31
%
1.32
%
1.36
%
1.41
%
1.37
%
ACL - loans(2) to non-performing loans
143
%
151
%
164
%
171
%
166
%
Asset Quality,
excluding PPP(1)(3)
Net (recoveries) charge offs to adjusted
average loans (annualized)
(0.08
) %
(0.02
) %
0.07
%
(0.05
) %
0.16
%
Non-performing loans to total adjusted
loans
0.92
%
0.88
%
0.84
%
0.85
%
0.88
%
ACL - loans(2) to total adjusted loans
1.32
%
1.33
%
1.38
%
1.45
%
1.46
%
Profitability
Return on average assets
1.10
%
1.02
%
0.94
%
1.13
%
1.00
%
Return on average assets, excluding
merger-related expenses(1)
1.11
%
1.02
%
0.94
%
1.13
%
1.00
%
Return on average common shareholders'
equity
11.57
%
10.03
%
9.34
%
11.45
%
10.11
%
Return on average common shareholders'
equity (tangible)(1)
15.23
%
12.88
%
11.89
%
14.56
%
12.93
%
Net interest margin
3.04
%
2.78
%
2.77
%
2.82
%
2.73
%
Efficiency ratio(1)
61.4
%
65.8
%
65.2
%
60.3
%
63.8
%
Non-interest expenses to total average
assets
2.35
%
2.31
%
2.34
%
2.17
%
2.17
%
Non-interest expenses to total average
assets(1)
2.32
%
2.29
%
2.30
%
2.14
%
2.14
%
Capital
Ratios
Tangible common equity ratio
("TCE")(1)
7.0
%
7.3
%
7.8
%
7.6
%
7.7
%
TCE ratio, (excluding AOCI)(1)(5)
8.2
%
7.9
%
7.8
%
7.5
%
7.5
%
Tier 1 leverage ratio(4)
9.1
%
8.9
%
8.6
%
8.4
%
8.5
%
Common equity Tier 1 capital ratio(4)
10.0
%
10.0
%
9.9
%
10.1
%
10.0
%
Tier 1 risk-based capital ratio(4)
10.9
%
10.9
%
10.9
%
11.1
%
11.0
%
Total risk-based capital ratio(4)
13.8
%
13.8
%
14.1
%
14.4
%
14.5
%
(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.
(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
PPP loans.
(4) Regulatory capital ratios as of June
30, 2022 are preliminary and prior periods are actual.
(5) Tangible common equity ("TCE") ratio,
excluding accumulated other comprehensive income ("AOCI")
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE
SHEETS (UNAUDITED)
dollars in thousands
% Change from
June 30
Mar 31
Dec 31
Sep 30
June 30
Mar 31
Jun 30
2022
2022
2021
2021
2021
2022
2021
ASSETS
Cash and due from banks
$
158,605
$
161,462
$
172,276
$
260,564
$
143,002
(1.8
)%
10.9
%
Other interest-earning assets
383,715
1,054,232
1,523,973
2,271,738
1,823,688
(63.6
)%
(79.0
)%
Loans held for sale
17,528
27,675
35,768
43,123
41,924
(36.7
)%
(58.2
)%
Investment securities
4,117,801
4,288,674
4,167,774
4,000,760
3,921,658
(4.0
)%
5.0
%
Net loans
18,920,950
18,476,119
18,325,350
18,269,407
18,586,756
2.4
%
1.8
%
Less: ACL - loans(1)
(248,564
)
(243,705
)
(249,001
)
(256,727
)
(255,032
)
(2.0
)%
(2.5
)%
Loans, net
18,672,386
18,232,414
18,076,349
18,012,680
18,331,724
2.4
%
1.9
%
Net, premises and equipment
211,639
218,257
220,357
228,179
228,353
(3.0
)%
(7.3
)%
Accrued interest receivable
64,457
55,102
57,451
57,902
63,232
17.0
%
1.9
%
Goodwill and intangible assets
537,700
537,877
538,053
536,697
536,847
—
%
0.2
%
Other assets
1,088,855
1,022,617
1,004,397
979,189
989,346
6.5
%
10.1
%
Total Assets
$
25,252,686
$
25,598,310
$
25,796,398
$
26,390,832
$
26,079,774
(1.4
)%
(3.2
)%
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits
$
21,143,866
$
21,541,174
$
21,573,499
$
22,074,041
$
21,724,312
(1.8
)%
(2.7
)%
Short-term borrowings
456,185
452,440
416,764
468,967
533,749
0.8
%
(14.5
)%
Other liabilities
624,412
478,667
472,110
520,620
501,542
30.4
%
24.5
%
Long-term borrowings
557,130
556,494
621,345
627,386
627,213
0.1
%
(11.2
)%
Total Liabilities
22,781,593
23,028,775
23,083,718
23,691,014
23,386,816
(1.1
)%
(2.6
)%
Shareholders' equity
2,471,093
2,569,535
2,712,680
2,699,818
2,692,958
(3.8
)%
(8.2
)%
Total Liabilities and Shareholders'
Equity
$
25,252,686
$
25,598,310
$
25,796,398
$
26,390,832
$
26,079,774
(1.4
)%
(3.2
)%
LOANS, DEPOSITS
AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage
$
7,417,036
$
7,289,376
$
7,279,080
$
7,145,115
$
7,152,932
1.8
%
3.7
%
Commercial and industrial
4,098,552
3,992,285
3,906,791
3,863,154
3,870,462
2.7
%
5.9
%
Real estate - residential mortgage
4,203,827
3,946,741
3,846,750
3,719,684
3,555,897
6.5
%
18.2
%
Real estate - home equity
1,108,808
1,098,171
1,118,248
1,126,628
1,136,128
1.0
%
(2.4
)%
Real estate - construction
1,177,446
1,210,340
1,139,779
1,111,487
1,070,755
(2.7
) %
10.0
%
Consumer
538,747
481,551
464,657
458,595
448,433
11.9
%
20.1
%
Equipment lease financing
254,897
253,521
236,344
242,967
252,158
0.5
%
1.1
%
Other(2)
49,214
39,857
32,448
11,330
(14,410
)
23.5
%
N/M
Net loans before PPP
18,848,527
18,311,842
18,024,097
17,678,960
17,472,355
2.9
%
7.9
%
PPP
72,423
164,277
301,253
590,447
1,114,401
(55.9
)%
(93.5
)%
Total Net Loans
$
18,920,950
$
18,476,119
$
18,325,350
$
18,269,407
$
18,586,756
2.4
%
1.8
%
Deposits, by type:
Noninterest-bearing demand
$
7,530,777
$
7,528,391
$
7,370,963
$
7,434,155
$
7,442,132
—
%
1.2
%
Interest-bearing demand
5,403,805
5,625,286
5,819,539
6,187,096
5,795,404
(3.9
)%
(6.8
)%
Savings
6,406,051
6,479,196
6,403,995
6,401,619
6,276,554
(1.1
)%
2.1
%
Total demand and savings
19,340,633
19,632,873
19,594,497
20,022,870
19,514,090
(1.5
)%
(0.9
) %
Brokered
243,172
248,833
251,526
262,617
277,444
(2.3
)%
(12.4
)%
Time
1,560,061
1,659,468
1,727,476
1,788,554
1,932,778
(6.0
)%
(19.3
)%
Total Deposits
$
21,143,866
$
21,541,174
$
21,573,499
$
22,074,041
$
21,724,312
(1.8
) %
(2.7
)%
Short-term borrowings, by type:
Customer funding
$
436,185
$
452,440
$
416,764
$
468,967
$
533,749
(3.6
)%
(18.3
)%
Federal funds purchased
20,000
—
—
—
—
N/M
N/M
Total Short-Term Borrowings
$
456,185
$
452,440
$
416,764
$
468,967
$
533,749
0.8
%
(14.5
)%
(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.
N/M - Not meaningful
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
dollars in thousands
Three Months Ended
% Change from
Six Months Ended
June 30
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
June 30
June 30
2022
2022
2021
2021
2021
2022
2021
2022
2021
% Change
Interest Income:
Interest income
$
190,299
$
173,001
$
177,724
$
184,079
$
176,673
10.0
%
7.7
%
$
363,300
$
361,609
0.5
%
Interest expense
11,468
11,691
12,111
12,809
14,274
(1.9
)%
(19.7
)%
23,159
34,762
(33.4
)%
Net Interest Income
178,831
161,310
165,613
171,270
162,399
10.9
%
10.1
%
340,141
326,847
4.1
%
Provision for credit losses
1,500
(6,950
)
(5,000
)
(600
)
(3,500
)
121.6
%
142.9
%
(5,450
)
(9,000
)
39.4
%
Net Interest Income after
Provision
177,331
168,260
170,613
171,870
165,899
5.4
%
6.9
%
345,591
335,847
2.9
%
Non-Interest Income:
Commercial banking:
Merchant and card
7,355
6,097
6,588
6,979
6,786
20.6
%
8.4
%
13,452
12,554
7.2
%
Cash management
6,062
5,428
5,318
5,285
5,341
11.7
%
13.5
%
11,490
10,262
12.0
%
Capital markets
3,893
1,676
2,982
2,063
1,536
132.3
%
N/M
5,569
4,336
28.4
%
Other commercial banking
3,049
2,807
3,592
2,411
3,466
8.6
%
(12.0
)%
5,856
6,319
(7.3
)%
Total commercial banking
20,359
16,008
18,480
16,738
17,129
27.2
%
18.9
%
36,367
33,471
8.7
%
Consumer banking:
Card
6,067
5,796
5,953
5,941
5,733
4.7
%
5.8
%
11,863
11,611
2.2
%
Overdraft
3,881
3,772
3,896
3,474
2,750
2.9
%
41.1
%
7,653
5,474
39.8
%
Other consumer banking
2,524
2,106
2,280
2,386
2,377
19.8
%
6.2
%
4,630
4,529
2.2
%
Total consumer banking
12,472
11,674
12,129
11,801
10,860
6.8
%
14.8
%
24,146
21,614
11.7
%
Wealth management
18,274
19,428
18,285
18,532
17,634
(5.9
)%
3.6
%
37,702
34,981
7.8
%
Mortgage banking
3,768
4,576
7,243
9,535
2,838
(17.7
)%
32.8
%
8,344
16,798
(50.3
)%
Other
3,510
3,551
7,739
5,971
3,393
(1.2
)%
3.4
%
7,061
6,912
2.2
%
Non-interest income before
investment securities gains
58,383
55,237
63,876
62,577
51,854
5.7
%
12.6
%
113,620
113,776
(0.1
)%
Investment securities gains, net
8
19
5
—
36
(57.9
)%
(77.8
)%
27
33,511
(99.9
)%
Total Non-Interest Income
58,391
55,256
63,881
62,577
51,890
5.7
%
12.5
%
113,647
147,287
(22.8
)%
Non-Interest Expense:
Salaries and employee benefits
85,404
84,464
85,506
82,679
78,367
1.1
%
9.0
%
169,868
160,953
5.5
%
Data processing and software
14,685
14,315
14,612
14,335
13,932
2.6
%
5.4
%
29,000
27,493
5.5
%
Net occupancy
13,587
14,522
14,366
12,957
12,494
(6.4
)%
8.7
%
28,109
26,476
6.2
%
Other outside services
8,764
8,167
9,637
7,889
8,178
7.3
%
7.2
%
16,931
16,668
1.6
%
Equipment
3,422
3,423
3,539
3,416
3,424
—
%
(0.1
)%
6,845
6,852
(0.1
)%
FDIC insurance
2,961
3,209
3,032
2,727
2,282
(7.7
)%
29.8
%
6,170
4,906
25.8
%
Professional fees
2,013
1,792
1,946
2,271
2,651
12.3
%
(24.1
)%
3,805
5,430
(29.9
)%
Marketing
1,326
1,320
1,477
1,448
1,348
0.5
%
(1.6
)%
2,646
2,350
12.6
%
Intangible amortization
177
176
146
150
178
0.6
%
(0.6
)%
353
293
20.5
%
Debt extinguishment
—
—
674
—
412
N/M
N/M
—
32,575
(100.0
)%
Merger-related expenses
1,027
401
—
—
—
N/M
N/M
1,428
—
N/M
Other
16,364
14,189
19,084
16,724
17,565
15.3
%
(6.8
)%
30,553
35,219
(13.2
)%
Total Non-Interest Expense
149,730
145,978
154,019
144,596
140,831
2.6
%
6.3
%
295,708
319,215
(7.4
)%
Income Before Income Taxes
85,992
77,538
80,475
89,851
76,958
10.9
%
11.7
%
163,530
163,919
(0.2
)%
Income tax expense
16,003
13,250
18,588
14,268
11,994
20.8
%
33.4
%
29,253
25,892
13.0
%
Net Income
69,989
64,288
61,887
75,583
64,964
8.9
%
7.7
%
134,277
138,027
(2.7
)%
Preferred stock dividends
(2,562
)
(2,562
)
(2,562
)
(2,562
)
(2,562
)
—
%
—
%
(5,124
)
(5,153
)
0.6
%
Net Income Available to
Common Shareholders
$
67,427
$
61,726
$
59,325
$
73,021
$
62,402
9.2
%
8.1
%
$
129,153
$
132,874
(2.8
)%
Three Months Ended
% Change from
Six Months Ended
June 30
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
June 30
June 30
2022
2022
2021
2021
2021
2022
2021
2022
2021
% Change
PER
SHARE:
Net income available to common
shareholders:
Basic
$
0.42
$
0.38
$
0.37
$
0.45
$
0.38
10.5
%
10.5
%
$
0.80
$
0.81
(1.2
)%
Diluted
$
0.42
$
0.38
$
0.37
$
0.45
$
0.38
10.5
%
10.5
%
$
0.80
$
0.81
(1.2
)%
Cash dividends
$
0.15
$
0.15
$
0.22
$
0.14
$
0.14
—
%
7.1
%
$
0.30
$
0.28
7.1
%
Weighted average shares (basic)
160,920
160,588
161,210
162,506
162,785
0.2
%
(1.1
)%
160,755
162,614
(1.1
)%
Weighted average shares (diluted)
162,075
161,991
162,355
163,456
163,858
0.1
%
(1.1
)%
162,015
163,738
(1.1
)%
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE
SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Three months ended
June 30, 2022
March 31, 2022
June 30, 2021
Average
Interest
Yield/
Average
Interest
Yield/
Average
Interest
Yield/
Balance
(1)
Rate
Balance
(1)
Rate
Balance
(1)
Rate
ASSETS
Interest-earning assets:
Net loans
$
18,637,175
$
165,682
3.56
%
$
18,383,118
$
151,127
3.32
%
$
18,906,556
$
156,525
3.32
%
Taxable investment securities
3,180,159
16,931
1.68
%
3,073,643
15,213
1.71
%
2,630,090
13,898
1.93
%
Tax-exempt investment securities
1,218,265
9,130
2.99
%
1,152,709
9,038
3.13
%
961,141
7,494
3.11
%
Total Investment Securities
4,398,424
26,061
2.37
%
4,226,352
24,251
2.29
%
3,591,231
21,392
2.38
%
Loans held for sale
13,260
260
7.84
%
28,549
241
3.37
%
31,948
199
2.49
%
Other interest-earning assets
938,244
1,723
0.74
%
1,258,174
671
0.22
%
1,752,549
1,575
0.16
%
Total Interest-Earning Assets
23,987,103
193,726
3.24
%
23,896,193
176,290
2.98
%
24,282,284
179,691
2.97
%
Noninterest-Earning assets:
Cash and due from banks
160,240
162,320
129,927
Premises and equipment
216,798
219,932
229,047
Other assets
1,463,332
1,595,039
1,643,410
Less: ACL - loans(2)
(249,041
)
(251,022
)
(267,126
)
Total Assets
$
25,578,432
$
25,622,462
$
26,017,542
LIABILITIES AND SHAREHOLDERS'
EQUITY
Interest-Bearing liabilities:
Demand deposits
$
5,597,975
$
797
0.06
%
$
5,664,987
$
728
0.05
%
$
5,979,855
$
932
0.06
%
Savings deposits
6,425,634
1,125
0.07
%
6,436,548
1,021
0.06
%
6,280,629
1,363
0.09
%
Brokered deposits
244,200
619
1.02
%
250,350
216
0.35
%
297,815
253
0.34
%
Time deposits
1,608,286
3,255
0.81
%
1,697,063
3,640
0.87
%
2,003,606
5,434
1.09
%
Total Interest-Bearing Deposits
13,876,095
5,796
0.17
%
14,048,948
5,605
0.16
%
14,561,905
7,982
0.22
%
Short-term borrowings
446,838
190
0.17
%
423,949
121
0.12
%
514,025
137
0.11
%
Long-term borrowings
556,992
5,482
3.94
%
609,866
5,966
3.91
%
626,795
6,155
3.93
%
Total Interest-Bearing
Liabilities
14,879,925
11,468
0.31
%
15,082,763
11,692
0.31
%
15,702,725
14,274
0.36
%
Noninterest-Bearing liabilities:
Demand deposits
7,647,618
7,431,235
7,203,696
Other
519,543
419,630
441,708
Total Liabilities
23,047,086
22,933,628
23,348,129
Total Deposits/Cost of Deposits
21,523,713
0.11
%
21,480,183
0.11
%
21,765,601
0.15
%
Total interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
22,527,543
0.20
%
22,513,998
0.21
%
22,906,421
0.25
%
Shareholders' equity
2,531,346
2,688,834
2,669,413
Total Liabilities and Shareholders'
Equity
$
25,578,432
$
25,622,462
$
26,017,542
Net interest income/net interest margin
(fully taxable equivalent)
182,258
3.04
%
164,598
2.78
%
165,417
2.73
%
Tax equivalent adjustment
(3,427
)
(3,288
)
(3,018
)
Net Interest Income
$
178,831
$
161,310
$
162,399
(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
June 30
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
Jun 30
2022
2022
2021
2021
2021
2022
2021
Loans, by type:
Real estate - commercial mortgage
$
7,340,417
$
7,294,914
$
7,157,906
$
7,134,177
$
7,177,622
0.6
%
2.3
%
Commercial and industrial
4,040,587
3,986,900
3,898,559
3,878,767
3,920,771
1.3
%
3.1
%
Real estate - residential mortgage
4,052,666
3,887,428
3,773,156
3,642,822
3,396,690
4.3
%
19.3
%
Real estate - home equity
1,118,494
1,106,319
1,122,042
1,128,076
1,139,558
1.1
%
(1.8
)%
Real estate - construction
1,188,932
1,137,649
1,117,592
1,085,846
1,054,469
4.5
%
12.8
%
Consumer
485,095
471,129
462,346
452,844
451,486
3.0
%
7.4
%
Equipment lease financing
253,659
236,388
238,349
247,776
256,248
7.3
%
(1.0
)%
Other(1)
42,476
36,277
15,558
(6,773
)
(14,677
)
17.1
%
N/M
Net loans before PPP
18,522,326
18,157,004
17,785,508
17,563,535
17,382,167
2.0
%
6.6
%
PPP
114,849
226,114
435,042
850,618
1,524,389
(49.2
)%
(92.5
)%
Total Net Loans
$
18,637,175
$
18,383,118
$
18,220,550
$
18,414,153
$
18,906,556
1.4
%
(1.4
)%
Deposits, by type:
Noninterest-bearing demand
$
7,647,618
$
7,431,235
$
7,516,656
$
7,439,644
$
7,203,696
2.9
%
6.2
%
Interest-bearing demand
5,597,975
5,664,987
5,933,780
6,168,908
5,979,855
(1.2
)%
(6.4
)%
Savings
6,425,634
6,436,548
6,413,638
6,392,537
6,280,629
(0.2
)%
2.3
%
Total demand and savings
19,671,227
19,532,770
19,864,074
20,001,089
19,464,180
0.7
%
1.1
%
Brokered
244,200
250,350
256,192
270,168
297,815
(2.5
)%
(18.0
)%
Time
1,608,286
1,697,063
1,756,672
1,852,223
2,003,606
(5.2
)%
(19.7
)%
Total Deposits
$
21,523,713
$
21,480,183
$
21,876,938
$
22,123,480
$
21,765,601
0.2
%
(1.1
)%
Short-term borrowings, by type:
Customer funding
$
443,970
$
423,949
$
474,022
$
494,811
$
514,025
4.7
%
(13.6
) %
Federal funds purchased
2,857
—
—
—
—
N/M
N/M
Short-term FHLB advances and other
borrowings
11
—
—
—
—
N/M
N/M
Total Short-Term borrowings
$
446,838
$
423,949
$
474,022
$
494,811
$
514,025
5.4
%
(13.1
)%
(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
2022
2021
Average
Interest
Yield/
Average
Interest
Yield/
Balance
(1)
Rate
Balance
(1)
Rate
ASSETS
Interest-earning assets:
Net loans
$
18,510,845
$
316,809
3.44
%
$
18,943,367
$
321,987
3.42
%
Taxable investment securities
3,127,199
32,144
1.69
%
2,534,821
27,588
2.00
%
Tax-exempt investment securities
1,185,668
18,168
3.06
%
936,531
14,651
3.12
%
Equity securities
—
—
—
%
—
—
—
%
Total Investment Securities
4,312,867
50,312
2.33
%
3,471,352
42,239
2.43
%
Loans held for sale
20,862
501
4.80
%
42,647
671
3.14
%
Other interest-earning assets
1,097,326
2,394
0.44
%
1,825,966
2,711
0.19
%
Total Interest-Earning Assets
23,941,900
370,016
3.11
%
24,283,332
367,607
3.05
%
Noninterest-Earning assets:
Cash and due from banks
161,274
125,081
Premises and equipment
218,357
229,843
Other assets
1,528,820
1,685,708
Less: ACL - loans(2)
(250,026
)
(273,965
)
Total Assets
$
25,600,325
$
26,049,999
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits
$
5,631,296
$
1,525
0.06
%
$
5,906,423
$
2,092
0.07
%
Savings deposits
6,431,060
2,146
0.07
%
6,209,253
2,890
0.09
%
Brokered deposits
247,258
835
0.68
%
311,016
647
0.42
%
Time deposits
1,652,430
6,895
0.84
%
2,076,681
11,955
1.16
%
Total Interest-Bearing Deposits
13,962,044
11,401
0.16
%
14,503,373
17,584
0.24
%
Short-term borrowings
435,457
311
0.14
%
542,243
325
0.12
%
Long-term borrowings
583,283
11,447
3.92
%
947,203
16,853
3.56
%
Total Interest-Bearing
Liabilities
14,980,784
23,159
0.31
%
15,992,819
34,762
0.44
%
Noninterest-Bearing liabilities:
Demand deposits
7,540,025
6,939,731
Other
469,861
464,104
Total Liabilities
22,990,670
23,396,654
Total Deposits/Cost of Deposits
21,502,069
0.11
%
21,443,104
0.17
%
Total interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
22,520,809
0.21
%
22,932,550
0.30
%
Shareholders' equity
2,609,655
2,653,345
Total Liabilities and Shareholders'
Equity
$
25,600,325
$
26,049,999
Net interest income/net interest margin
(fully taxable equivalent)
346,857
2.91
%
332,845
2.76
%
Tax equivalent adjustment
(6,716
)
(5,998
)
Net Interest Income
$
340,141
$
326,847
(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
2022
2021
% Change
Loans, by type:
Real estate - commercial mortgage
$
7,318,422
$
7,153,444
2.3
%
Commercial and industrial
4,015,709
3,976,758
1.0
%
Real estate - residential mortgage
3,970,877
3,290,726
20.7
%
Real estate - home equity
1,125,257
1,157,289
(2.8
)%
Real estate - construction
1,164,785
1,054,593
10.4
%
Consumer
461,159
455,241
1.3
%
Equipment lease financing
245,071
261,300
(6.2
)%
Other(1)
39,391
(12,081
)
N/M
Net loans before PPP
18,340,671
17,337,270
5.8
%
PPP
170,174
1,606,097
(89.4
)%
Total Net Loans
$
18,510,845
$
18,943,367
(2.3
)%
Deposits, by type:
Noninterest-bearing demand
$
7,540,025
$
6,939,731
8.7
%
Interest-bearing demand
5,631,296
5,906,423
(4.7
)%
Savings
6,431,060
6,209,253
3.6
%
Total demand and savings
19,602,381
19,055,407
2.9
%
Brokered
247,258
311,016
(20.5
)%
Time
1,652,430
2,076,681
(20.4
)%
Total Deposits
$
21,502,069
$
21,443,104
0.3
%
Short-term borrowings, by type:
Customer funding
434,015
542,243
(20.0
)%
Federal funds purchased
1,436
—
N/M
Short-term FHLB advances and other
borrowings
6
—
N/M
Total Short-Term Borrowings
$
435,457
$
542,243
(19.7
)%
N/M - Not meaningful
(1) Consists of overdrafts and net
origination fees and costs.
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION
(UNAUDITED)
dollars in thousands
Three months ended
Six Month Ended
June 30
Mar 31
Dec 31
Sep 30
Jun 30
June 30
June 30
2022
2022
2021
2021
2021
2022
2021
Allowance for
credit losses related to net loans:
Balance at beginning of period
$
243,705
$
249,001
$
256,727
$
255,032
$
265,986
$
249,001
$
277,567
Loans charged off:
Commercial and industrial
(201
)
(227
)
(9,417
)
(647
)
(954
)
(428
)
(5,273
)
Real estate - commercial mortgage
—
(152
)
(369
)
(14
)
(6,506
)
(152
)
(8,343
)
Consumer and home equity
(877
)
(1,052
)
(828
)
(504
)
(1,130
)
(1,929
)
(1,977
)
Real estate - residential mortgage
(66
)
—
—
(602
)
(496
)
(66
)
(688
)
Real estate - construction
—
—
—
—
—
—
(39
)
Equipment lease financing and other
(474
)
(469
)
(380
)
(467
)
(436
)
(943
)
(1,404
)
Total loans charged off
(1,618
)
(1,900
)
(10,994
)
(2,234
)
(9,522
)
(3,518
)
(17,724
)
Recoveries of loans previously charged
off:
Commercial and industrial
739
1,980
5,795
2,330
693
2,719
1,462
Real estate - commercial mortgage
3,536
112
1,007
564
729
3,648
903
Consumer and home equity
762
454
767
504
634
1,216
1,074
Real estate - residential mortgage
92
222
89
86
105
314
200
Real estate - construction
12
32
77
697
254
44
638
Equipment lease financing and other
226
154
283
358
153
380
312
Recoveries of loans previously charged
off
5,367
2,954
8,018
4,539
2,568
8,321
4,589
Net loans recovered (charged
off)
3,749
1,054
(2,976
)
2,305
(6,954
)
4,803
(13,135
)
Provision for credit losses
1,110
(6,350
)
(4,750
)
(610
)
(4,000
)
(5,240
)
(9,400
)
Balance at end of period
$
248,564
$
243,705
$
249,001
$
256,727
$
255,032
$
248,564
$
255,032
Net (recoveries) charge offs to average
loans (annualized)
(0.08
)%
(0.02
)%
0.07
%
(0.05
)%
0.15
%
(0.05
)%
0.14
%
Allowance credit
losses related to OBS Credit Exposures(1)
Balance at beginning of period
$
13,933
$
14,533
$
14,783
$
14,773
$
14,273
Provision for credit losses
390
(600
)
(250
)
10
500
Balance at end of period
$
14,323
$
13,933
$
14,533
$
14,783
$
14,773
NON-PERFORMING
ASSETS:
Non-accrual loans
$
162,530
$
136,799
$
143,666
$
138,833
$
147,864
Loans 90 days past due and accruing
11,016
24,182
8,453
11,389
5,865
Total non-performing loans
173,546
160,981
152,119
150,222
153,729
Other real estate owned
4,786
2,014
1,817
1,896
2,779
Total non-performing assets
$
178,332
$
162,995
$
153,936
$
152,118
$
156,508
NON-PERFORMING
LOANS, BY TYPE:
Commercial and industrial
$
44,713
$
30,193
$
30,629
$
32,697
$
33,522
Real estate - commercial mortgage
59,940
64,190
54,044
52,100
53,693
Real estate - residential mortgage
42,922
39,308
39,399
37,077
38,185
Consumer and home equity
10,552
11,465
11,505
11,509
11,408
Real estate - construction
1,357
672
901
965
1,016
Equipment lease financing and other
14,062
15,153
15,641
15,874
15,905
Total non-performing loans
$
173,546
$
160,981
$
152,119
$
150,222
$
153,729
(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, that 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
June 30
Mar 31
Dec 31
Sep 30
Jun 30
2022
2022
2021
2021
2021
Common
shareholders' equity (tangible), per share
Shareholders' equity
$
2,471,093
$
2,569,535
$
2,712,680
$
2,699,818
$
2,692,958
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Goodwill and intangible assets
(537,700
)
(537,877
)
(538,053
)
(536,697
)
(536,847
)
Tangible common shareholders' equity
(numerator)
$
1,740,515
$
1,838,780
$
1,981,749
$
1,970,243
$
1,963,233
Shares outstanding, end of period
(denominator)
161,057
160,669
160,490
161,429
162,988
Common shareholders' equity (tangible),
per share
$
10.81
$
11.44
$
12.35
$
12.21
$
12.05
Return on average
assets, excluding merger-related expenses
Net income
$
69,989
$
64,288
$
61,887
$
75,583
$
64,964
Plus: Merger-related expenses, net of
tax
811
317
—
—
—
Net income (numerator)
$
70,800
$
64,605
$
61,887
$
75,583
$
64,964
Total average assets (denominator)
$
25,578,432
$
25,622,462
$
26,136,536
$
26,440,876
$
26,017,542
Return on average assets, excluding
merger-related expenses, annualized
1.11
%
1.02
%
0.94
%
1.13
%
1.00
%
Return on average
common shareholders' equity (tangible)
Net income available to common
shareholders
$
67,427
$
61,726
$
59,325
$
73,021
$
62,402
Plus: Merger-related expenses, net of
tax
811
317
—
—
—
Plus: Intangible amortization, net of
tax
140
138
114
118
140
Net income available to common
shareholders (numerator)
$
68,378
$
62,181
$
59,439
$
73,139
$
62,542
Average shareholders' equity
$
2,531,346
$
2,688,834
$
2,713,198
$
2,722,833
$
2,669,413
Less: Average preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Average goodwill and intangible
assets
(537,786
)
(537,976
)
(536,638
)
(536,772
)
(536,470
)
Average tangible common shareholders'
equity (denominator)
$
1,800,682
$
1,957,980
$
1,983,682
$
1,993,183
$
1,940,065
Return on average common shareholders'
equity (tangible), annualized
15.23
%
12.88
%
11.89
%
14.56
%
12.93
%
Tangible common equity to tangible
assets (TCE Ratio)
Shareholders' equity
$
2,471,093
$
2,569,535
$
2,712,680
$
2,699,818
$
2,692,958
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Goodwill and intangible assets
(537,700
)
(537,877
)
(538,053
)
(536,697
)
(536,847
)
Tangible common shareholders' equity
(numerator)
$
1,740,515
$
1,838,780
$
1,981,749
$
1,970,243
$
1,963,233
Total assets
$
25,252,686
$
25,598,310
$
25,796,398
$
26,390,832
$
26,079,774
Less: Goodwill and intangible assets
(537,700
)
(537,877
)
(538,053
)
(536,697
)
(536,847
)
Total tangible assets (denominator)
$
24,714,986
$
25,060,433
$
25,258,345
$
25,854,135
$
25,542,927
Tangible common equity to tangible
assets
7.04
%
7.34
%
7.85
%
7.62
%
7.69
%
Three months ended
June 30
Mar 31
Dec 31
Sep 30
Jun 30
2022
2022
2021
2021
2021
Tangible common equity to tangible
assets (TCE Ratio) excluding AOCI
Shareholders' equity
$
2,471,093
$
2,569,535
$
2,712,680
$
2,699,818
$
2,692,958
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Accumulated other comprehensive
income (loss)
(304,210
)
(158,855
)
27,411
25,615
47,201
Less: Goodwill and intangible assets
(537,700
)
(537,877
)
(538,053
)
(536,697
)
(536,847
)
Tangible common shareholders' equity
(numerator)
$
2,044,725
$
1,997,635
$
1,954,338
$
1,944,628
$
1,916,032
Total assets
$
25,252,686
$
25,598,310
$
25,796,398
$
26,390,832
$
26,079,774
Less: Goodwill and intangible assets
(537,700
)
(537,877
)
(538,053
)
(536,697
)
(536,847
)
Plus: AOCI - unrealized losses/(gains) on
AFS investments securities
249,424
112,965
(40,444
)
(41,787
)
(62,772
)
Total tangible assets (denominator)
$
24,964,410
$
25,173,398
$
25,217,901
$
25,812,348
$
25,480,155
Tangible common equity to tangible assets,
excluding AOCI
8.19
%
7.94
%
7.75
%
7.53
%
7.52
%
Efficiency ratio
Non-interest expense
$
149,730
$
145,978
$
154,019
$
144,596
$
140,831
Less: Amortization of tax credit
investments
(696
)
(696
)
(1,547
)
(1,546
)
(1,563
)
Less: Merger-related expenses
(1,027
)
(401
)
—
—
—
Less: Intangible amortization
(177
)
(176
)
(146
)
(150
)
(178
)
Less: Debt extinguishment costs
—
—
(674
)
—
(412
)
Non-interest expense (numerator)
$
147,830
$
144,705
$
151,652
$
142,900
$
138,678
Net interest income
$
178,831
$
161,310
$
165,613
$
171,270
$
162,399
Tax equivalent adjustment
3,427
3,288
3,184
3,114
3,018
Plus: Total non-interest income
58,391
55,256
63,881
62,577
51,890
Less: Investment securities gains, net
(8
)
(19
)
(5
)
—
(36
)
Total revenue (denominator)
$
240,641
$
219,835
$
232,673
$
236,961
$
217,271
Efficiency ratio
61.4
%
65.8
%
65.2
%
60.3
%
63.8
%
Non-interest
expenses to total average assets (annualized)
Non-interest expense
$
149,730
$
145,978
$
154,019
$
144,596
$
140,831
Less: Amortization of tax credit
investments
(696
)
(696
)
(1,547
)
(1,546
)
(1,563
)
Less: Intangible amortization
(177
)
(176
)
(146
)
(150
)
(178
)
Less: Merger-related expenses
(1,027
)
(401
)
—
—
—
Less: Debt extinguishment costs
—
—
(674
)
—
(412
)
Non-interest expense (numerator)
$
147,830
$
144,705
$
151,652
$
142,900
$
138,678
Total average assets (denominator)
$
25,578,432
$
25,622,462
$
26,136,536
$
26,440,876
$
26,017,542
Non-interest expenses to total average
assets, (annualized)
2.32
%
2.29
%
2.30
%
2.14
%
2.14
%
Asset Quality,
excluding PPP
Net loans recovered (charged-off)
(numerator)
$
3,749
$
1,054
$
(2,976
)
$
2,305
$
(6,954
)
Average net loans
$
18,637,175
$
18,383,118
$
18,220,550
$
18,414,153
$
18,906,556
Less: Average PPP loans
(114,849
)
(226,114
)
(435,042
)
(850,618
)
(1,524,389
)
Total adjusted average loans
(denominator)
$
18,522,326
$
18,157,004
$
17,785,508
$
17,563,535
$
17,382,167
Net charge-offs (recoveries) to adjusted
average loans (annualized)
(0.08
) %
(0.02
) %
0.07
%
(0.05
) %
0.16
%
Non-performing loans (numerator)
$
173,546
$
160,981
$
152,119
$
150,222
$
153,729
Net loans
$
18,920,950
$
18,476,119
$
18,325,350
$
18,269,407
$
18,586,756
Less: PPP loans
(72,423
)
(164,277
)
(301,253
)
(590,447
)
(1,114,401
)
Total adjusted loans (denominator)
$
18,848,527
$
18,311,842
$
18,024,097
$
17,678,960
$
17,472,355
Non-performing loans to total adjusted
loans
0.92
%
0.88
%
0.84
%
0.85
%
0.88
%
Three months ended
June 30
Mar 31
Dec 31
Sep 30
Jun 30
2022
2022
2021
2021
2021
ACL - loans (numerator)
$
248,564
$
243,705
$
249,001
$
256,727
$
255,032
Net loans
$
18,920,950
$
18,476,119
$
18,325,350
$
18,269,407
$
18,586,756
Less: PPP loans
(72,423
)
(164,277
)
(301,253
)
(590,447
)
(1,114,401
)
Total adjusted loans (denominator)
$
18,848,527
$
18,311,842
$
18,024,097
$
17,678,960
$
17,472,355
ACL - loans to total adjusted loans
1.32
%
1.33
%
1.38
%
1.45
%
1.46
%
Pre-provision net
revenue
Net interest income
$
178,831
$
161,310
$
165,613
$
171,270
$
162,399
Non-interest income
58,391
55,256
63,881
62,577
51,890
Less: Investment securities gains, net
(8
)
(19
)
(5
)
—
(36
)
Total revenue
$
237,214
$
216,547
$
229,489
$
233,847
$
214,253
Non-interest expense
$
149,730
$
145,978
$
154,019
$
144,596
$
140,831
Less: Amortization on tax credit
investments
(696
)
(696
)
(1,547
)
(1,546
)
(1,563
)
Less: Merger-related expenses
(1,027
)
(401
)
—
—
—
Less: Intangible amortization
(177
)
(176
)
(146
)
(150
)
(178
)
Less: Debt extinguishment
—
—
(674
)
—
(412
)
Total non-interest expense
$
147,830
$
144,705
$
151,652
$
142,900
$
138,678
Pre-provision net revenue
$
89,384
$
71,842
$
77,837
$
90,947
$
75,575
Note: numbers may not sum due to
rounding.
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