0000700564-12-000010.txt : 20120417 0000700564-12-000010.hdr.sgml : 20120417 20120417163149 ACCESSION NUMBER: 0000700564-12-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120417 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120417 DATE AS OF CHANGE: 20120417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FULTON FINANCIAL CORP CENTRAL INDEX KEY: 0000700564 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 232195389 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10587 FILM NUMBER: 12764041 BUSINESS ADDRESS: STREET 1: ONE PENN SQ STREET 2: PO BOX 4887 CITY: LANCASTER STATE: PA ZIP: 17604 BUSINESS PHONE: 7172912411 MAIL ADDRESS: STREET 1: ONE PENN SQ STREET 2: PO BOX 4887 CITY: LANCASTER STATE: PA ZIP: 17604 8-K 1 a8-k3x31x12.htm 8-K 8-K 3-31-12


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 17, 2012
Commission File No. 0-10587
FULTON FINANCIAL CORPORATION
(Exact name of Registrant as specified in its Charter)
Pennsylvania
23-2195389
(State or other jurisdiction of incorporation)
(IRS Employer Identification Number)
One Penn Square
Lancaster, Pennsylvania
17602
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: 717-291-2411
Former name or former address, if changed since last Report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     £  Written communications pursuant to Rule 425 under the Securities Act
     £  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     £  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
     £  Pre-commencement to communications pursuant to Rule 13e-4(c) under the Exchange Act





Item 2.02 - Results of Operations and Financial Condition
On April 17, 2012 Fulton Financial Corporation announced its results of operations for the first quarter ended March 31, 2012. A copy of the earnings release is attached as Exhibit 99.1 to this Form 8-K. Supplemental financial information included with the earnings release is attached as Exhibit 99.2 to this report.

Item 9.01 Financial Statements And Exhibits
(d)    Exhibits.

Exhibit No.
Description
99.1
Earnings Release dated April 17, 2012.
99.2
Supplemental financial information for the quarter ended March 31, 2012.











































SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: April 17, 2012
FULTON FINANCIAL CORPORATION

 
By:  /s/ Charles J. Nugent N                                                                                                                                    d Charles J. Nugent
       Senior Executive Vice President and
       Chief Financial Officer




 EX-99.1 2 exhibit9913-31x12.htm EARNINGS RELEASE DATED APRIL 17, 2012 Exhibit 99.1 3-31-12

Exhibit 99.1

FULTON FINANCIAL
CORPORATION


FOR IMMEDIATE RELEASE
Media Contact: Laura J. Wakeley
717-291-2616

                                                                      
Fulton Financial reports first quarter earnings of $0.19 per share

•
Diluted earnings per share for the first quarter of 2012 was 19 cents, a 5.6 percent increase from the fourth quarter of 2011 and an 11.8 percent increase from the first quarter of 2011.
•
The provision for credit losses was $28.0 million for the first quarter of 2012, a $2.0 million, or 6.7 percent, decrease from the fourth quarter of 2011 and a $10.0 million, or 26.3 percent, decrease from the first quarter of 2011. Non-performing loans decreased $2.5 million, or 0.9 percent, in comparison to the fourth quarter of 2011. Annualized net charge-offs as a percent of average total loans decreased to 0.94 percent for the first quarter of 2012, compared to 1.36 percent for the fourth quarter of 2011.
•
Net interest income was relatively unchanged in comparison to the fourth quarter of 2011, increasing $236,000, or 0.2 percent. Net interest margin increased 4 basis points, or 1.0 percent, to 3.85 percent.
•
In comparison to the fourth quarter of 2011, other income increased $3.3 million, or 6.9 percent, and other expenses increased $1.9 million, or 1.7 percent.

(April 17, 2012) - Lancaster, PA - Fulton Financial Corporation (NASDAQ: FULT) reported net income of $38.1 million, or 19 cents per diluted share, for the first quarter ended March 31, 2012, compared to $36.1 million, or 18 cents per diluted share, for the fourth quarter of 2011.
“Our first quarter performance gives us a strong start for the year”, said R. Scott Smith, Jr., Chairman and CEO. “We saw improvement in our return on average assets, net interest margin, non-interest income and in asset quality. We were encouraged to again see a reduction in the provision for loan losses. Residential mortgage refinancing activity was particularly strong throughout the quarter and contributed significantly to our growth in non-interest income. Funding costs continued to decrease this quarter, helping us to expand our net interest margin. We are well positioned to respond to increased credit demand from businesses and consumers as overall confidence improves”.






Asset Quality
Non-performing assets were $317.5 million, or 1.92 percent of total assets, at March 31, 2012, compared to $317.3 million, or 1.94 percent of total assets, at December 31, 2011 and $355.1 million, or 2.22 percent of total assets, at March 31, 2011.
Annualized net charge-offs for the quarter ended March 31, 2012 were 0.94 percent of average total loans, compared to 1.36 percent for the quarter ended December 31, 2011. The allowance for credit losses as a percentage of non-performing loans was 90.9 percent at March 31, 2012 in comparison to 90.1 percent at December 31, 2011.
    
Net Interest Income and Margin
Net interest income for the first quarter of 2012 increased $236,000, or 0.2 percent, from the fourth quarter of 2011. Net interest margin increased 4 basis points, or 1.0 percent, from 3.81 percent in the fourth quarter of 2011, to 3.85 percent in the first quarter of 2012. The slight improvement in net interest income was primarily due to an increase in interest-earning assets and a decrease in funding costs, as well as a decrease in premium amortization on mortgage-backed securities and collateralized mortgage obligations, partially offset by the effect of one less day in the first quarter of 2012.

Average Balance Sheet
Total average assets for the first quarter of 2012 were $16.2 billion, an increase of $23.5 million, or 0.1 percent, from the fourth quarter of 2011.
Average loans, net of unearned income, increased $52.7 million, or 0.4 percent, in comparison to the fourth quarter of 2011.
 
Quarter Ended
 
Increase (decrease)
 
Mar 31, 2012
 
Dec 31, 2011
 
$
 
%
 
Dollars in thousands
Loans, by type:

 

 

 

    Real estate - commercial mortgage
$
4,617,507

 
$
4,554,161

 
$
63,346

 
1.4
 %
    Commercial - industrial, financial, and agricultural
3,585,520

 
3,637,465

 
(51,945
)
 
(1.4
)%
    Real estate - home equity
1,611,565

 
1,628,406

 
(16,841
)
 
(1.0
)%
    Real estate - residential mortgage
1,137,625

 
1,066,463

 
71,162

 
6.7
 %
    Real estate - construction
641,574

 
641,485

 
89

 
—
 %
    Consumer
311,592

 
326,818

 
(15,226
)
 
(4.7
)%
    Leasing and other
73,589

 
71,448

 
2,141

 
3.0
 %
Total Loans, net of unearned income
$
11,978,972

 
$
11,926,246

 
$
52,726

 
0.4
 %
Changes in average loans, by type, included a $71.2 million increase in residential mortgages and a $63.3 million increase in commercial mortgages. These increases were partially offset by a $51.9 million decline in commercial loans, a $16.8 million decrease in home equity loans and a $15.2 million decrease in consumer loans.
Average deposits for the first quarter of 2012 decreased $220.0 million, or 1.8 percent, from the



fourth quarter of 2011.
 
Quarter Ended
 
Increase (decrease)
 
Mar 31, 2012
 
Dec 31, 2011
 
$
 
%
 
Dollars in thousands
Deposits, by type:

 

 

 

    Noninterest-bearing demand
$
2,565,089

 
$
2,529,548

 
$
35,541

 
1.4
 %
    Interest-bearing demand
2,464,452

 
2,462,551

 
1,901

 
0.1
 %
    Savings deposits
3,341,035

 
3,466,104

 
(125,069
)
 
(3.6
)%
Total demand and savings
8,370,576

 
8,458,203

 
(87,627
)
 
(1.0
)%
    Time deposits
3,951,908

 
4,084,278

 
(132,370
)
 
(3.2
)%
Total Deposits
$
12,322,484

 
$
12,542,481

 
$
(219,997
)
 
(1.8
)%
The decrease in average deposits in the first quarter of 2012 in comparison to the fourth quarter of 2011 was a result of a $132.4 million decrease in time deposits and an $87.6 million decrease in demand and saving accounts. The decrease in average demand and savings accounts occurred mainly in municipal accounts.

Non-interest Income    
Other income, excluding investment securities gains, increased $5.1 million, or 11.3 percent, in comparison to the fourth quarter of 2011. Mortgage banking income increased $3.8 million, or 61.6 percent, due to an increase in pricing spreads and an increase in the volume of new loan commitments. Also contributing to the increase in other income was a $650,000, or 7.4 percent, increase in investment management and trust services revenue and $1.5 million of gains on sales of fixed assets.
Investment securities gains for the first quarter of 2012 were $1.3 million, compared to $3.1 million for the fourth quarter of 2011. During the first quarter of 2012, the Corporation realized $165,000 and $1.1 million of gains on sales of debt and equity securities, respectively. During the fourth quarter of 2011, the Corporation realized $3.1 million and $640,000 of gains on sales of debt and equity securities, respectively, partially offset by $636,000 of other-than-temporary impairment charges for stocks of financial institutions.

Non-interest Expense
Other expenses increased $1.9 million, or 1.7 percent, in the first quarter of 2012 compared to the fourth quarter of 2011. Salaries and employee benefits increased $2.3 million, or 3.9 percent, driven by a seasonal increase in payroll taxes and increased healthcare costs. Also contributing to the increase in other expenses was $2.6 million of contingent losses, recorded as a component of operating risk loss, associated with previously sold residential mortgages. Offsetting these increases was the effect of $1.8 million of expenses incurred in the fourth quarter of 2011 related to the merger of the Corporation's New Jersey banks.





About Fulton Financial
Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company which has approximately 3,800 employees and operates more than 265 banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through the following affiliates: Fulton Bank, N.A., Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Fulton Bank of New Jersey, Mt. Laurel, NJ; and The Columbia Bank, Columbia, MD.
The Corporation's investment management and trust services are offered at all banks through Fulton Financial Advisors, a division of Fulton Bank, N.A. Residential mortgage lending is offered by all banks through Fulton Mortgage Company.
Additional information on Fulton Financial Corporation is available on the Internet at www.fult.com.

Safe Harbor Statement

This news release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as “may,” “should,” “will,” “could,” “estimates,” “predicts,” “potential,” “continue,” "anticipates," “believes,” “plans,” “expects,” “future,” "intends" and similar expressions which are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, some of which are beyond the Corporation's control and ability to predict, that could cause actual results to differ materially from those expressed in the forward-looking statements. 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.
Many factors could affect future financial results including, without limitation: the impact of adverse changes in the economy and real estate markets; increases in non-performing assets which may reduce the level of earning assets and require the Corporation to increase the allowance for credit losses, charge-off loans and incur elevated collection and carrying costs related to such non-performing assets; acquisition and growth strategies; market risk; changes or adverse developments in political or regulatory conditions; a disruption in, or abnormal functioning of, credit and other markets, including the lack of or reduced access to markets for mortgages and other asset-backed securities and for commercial paper and other short-term borrowings; changes in the levels of, or methodology for determining, FDIC deposit insurance premiums and assessments; the effect of competition and interest rates on net interest margin and net interest income; investment strategy and other income growth; investment securities gains and losses; declines in the value of securities which may result in charges to earnings; changes in rates of deposit and loan growth or a decline in loans originated; relative balances



of rate-sensitive assets to rate-sensitive liabilities; salaries and employee benefits and other expenses; amortization of intangible assets; goodwill impairment; capital and liquidity strategies, and other financial and business matters for future periods.
For a more complete discussion of certain risks and uncertainties affecting the Corporation, please see the sections entitled “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” set forth in the Corporation's filings with the Securities and Exchange Commission.
# # #
2012


 EX-99.2 3 exhibit9923-31x12.htm SUPPLEMENTAL FINANCIAL INFORMATION FOR THE QUARTER ENDED MARCH 31, 2012 Exhibit 99.2 3-31-12


Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
FULTON FINANCIAL CORPORATION
 
 
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 
 
 % Change from
 
 
March 31
 
March 31
 
December 31
 
March 31
 
December 31
 
 
2012
 
2011
 
2011
 
2011
 
2011
 
 
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
286,875

 
$
265,353

 
$
292,598

 
8.1
 %
 
(2.0
)%
 
Loans held for sale
70,128

 
30,903

 
47,009

 
126.9
 %
 
49.2
 %
 
Other interest-earning assets
106,227

 
83,293

 
175,336

 
27.5
 %
 
(39.4
)%
 
Investment securities
3,089,407

 
2,697,434

 
2,679,967

 
14.5
 %
 
15.3
 %
 
Loans, net of unearned income
11,957,600

 
11,873,208

 
11,968,970

 
0.7
 %
 
(0.1
)%
 
Allowance for loan losses
(256,496
)
 
(270,272
)
 
(256,471
)
 
(5.1
)%
 
—
 %
 
     Net Loans
11,701,104

 
11,602,936

 
11,712,499

 
0.8
 %
 
(0.1
)%
 
Premises and equipment
215,756

 
208,370

 
212,274

 
3.5
 %
 
1.6
 %
 
Accrued interest receivable
51,247

 
52,878

 
51,098

 
(3.1
)%
 
0.3
 %
 
Goodwill and intangible assets
543,383

 
546,934

 
544,209

 
(0.6
)%
 
(0.2
)%
 
Other assets
472,095

 
473,095

 
655,518

 
(0.2
)%
 
(28.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
    Total Assets
$
16,536,222

 
$
15,961,196

 
$
16,370,508

 
3.6
 %
 
1.0
 %
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
$
12,340,722

 
$
12,408,610

 
$
12,525,739

 
(0.5
)%
 
(1.5
)%
 
Short-term borrowings
964,550

 
414,398

 
597,033

 
132.8
 %
 
61.6
 %
 
Federal Home Loan Bank advances and long-term debt
933,981

 
1,035,689

 
1,040,149

 
(9.8
)%
 
(10.2
)%
 
Other liabilities
274,106

 
192,177

 
215,048

 
42.6
 %
 
27.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
    Total Liabilities
14,513,359

 
14,050,874

 
14,377,969

 
3.3
 %
 
0.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity
2,022,863

 
1,910,322

 
1,992,539

 
5.9
 %
 
1.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
    Total Liabilities and Shareholders' Equity
$
16,536,222

 
$
15,961,196

 
$
16,370,508

 
3.6
 %
 
1.0
 %
 
 
 
 
 
 
 
 
 
 
 
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
4,634,428

 
$
4,392,679

 
$
4,602,596

 
5.5
 %
 
0.7
 %
 
Commercial - industrial, financial and agricultural
3,518,228

 
3,692,668

 
3,639,368

 
(4.7
)%
 
(3.3
)%
 
Real estate - home equity
1,601,880

 
1,620,340

 
1,624,562

 
(1.1
)%
 
(1.4
)%
 
Real estate - residential mortgage
1,176,947

 
1,022,251

 
1,097,192

 
15.1
 %
 
7.3
 %
 
Real estate - construction
647,700

 
747,806

 
615,445

 
(13.4
)%
 
5.2
 %
 
Consumer
308,495

 
337,413

 
318,101

 
(8.6
)%
 
(3.0
)%
 
Leasing and other
69,922

 
60,051

 
71,706

 
16.4
 %
 
(2.5
)%
 
 
 
 
 
 
 
 
 
 
 
 
Total Loans, net of unearned income
$
11,957,600

 
$
11,873,208

 
$
11,968,970

 
0.7
 %
 
(0.1
)%
 
 
 
 
 
 
 
 
 
 
 
Deposits, by type:
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand
$
2,682,259

 
$
2,310,290

 
$
2,588,034

 
16.1
 %
 
3.6
 %
 
Interest-bearing demand
2,486,382

 
2,324,988

 
2,529,388

 
6.9
 %
 
(1.7
)%
 
Savings deposits
3,295,510

 
3,333,403

 
3,394,367

 
(1.1
)%
 
(2.9
)%
 
Time deposits
3,876,571

 
4,439,929

 
4,013,950

 
(12.7
)%
 
(3.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
Total Deposits
$
12,340,722

 
$
12,408,610

 
$
12,525,739

 
(0.5
)%
 
(1.5
)%
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings, by type:
 
 
 
 
 
 
 
 
 
Customer repurchase agreements
$
204,627

 
$
216,705

 
$
186,735

 
(5.6
)%
 
9.6
 %
 
Customer short-term promissory notes
149,376

 
189,408

 
156,828

 
(21.1
)%
 
(4.8
)%
 
Federal funds purchased and other
610,547

 
8,285

 
253,470

 
N/M

 
140.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
Total Short-term borrowings
$
964,550

 
$
414,398

 
$
597,033

 
132.8
 %
 
61.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N/M - Not Meaningful
 
 
 
 
 
 
 
 
 




FULTON FINANCIAL CORPORATION
 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
 
dollars in thousands, except per-share data
 
 
 
 
 
 
 Quarter Ended
 
 % Change from
 
 
 
 
 
 
Mar 31
 
Mar 31
 
Dec 31
 
Mar 31
 
Dec 31
 
 
 
 
 
 
2012
 
2011
 
2011
 
2011
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
$
166,891

 
$
175,694

 
$
169,333

 
(5.0
)%
 
(1.4
)%
 
 
 
Interest expense
 
 
28,196

 
36,131

 
30,874

 
(22.0
)%
 
(8.7
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Net Interest Income
 
 
138,695

 
139,563

 
138,459

 
(0.6
)%
 
0.2
 %
 
 
 
Provision for credit losses
 
 
28,000

 
38,000

 
30,000

 
(26.3
)%
 
(6.7
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Net Interest Income after Provision
 
 
110,695

 
101,563

 
108,459

 
9.0
 %
 
2.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
 
 
14,842

 
13,305

 
15,277

 
11.6
 %
 
(2.8
)%
 
 
 
Other service charges and fees
 
 
10,555

 
11,482

 
10,784

 
(8.1
)%
 
(2.1
)%
 
 
 
Mortgage banking income
 
 
10,050

 
5,463

 
6,220

 
84.0
 %
 
61.6
 %
 
 
 
Investment management and trust services
 
 
9,377

 
9,204

 
8,727

 
1.9
 %
 
7.4
 %
 
 
 
Investment securities gains
 
 
1,251

 
2,285

 
3,054

 
(45.3
)%
 
(59.0
)%
 
 
 
Other
 
 
5,605

 
3,722

 
4,286

 
50.6
 %
 
30.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Total Other Income
 
 
51,680

 
45,461

 
48,348

 
13.7
 %
 
6.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
 
60,360

 
54,308

 
58,109

 
11.1
 %
 
3.9
 %
 
 
 
Net occupancy expense
 
 
10,935

 
11,366

 
10,973

 
(3.8
)%
 
(0.3
)%
 
 
 
Data processing
 
 
3,688

 
3,372

 
3,482

 
9.4
 %
 
5.9
 %
 
 
 
Equipment expense
 
 
3,369

 
3,132

 
3,329

 
7.6
 %
 
1.2
 %
 
 
 
Operating risk loss
 
 
3,368

 
(462
)
 
1,022

 
829.0
 %
 
229.5
 %
 
 
 
FDIC insurance expense
 
 
3,021

 
4,754

 
2,730

 
(36.5
)%
 
10.7
 %
 
 
 
OREO and repossession expense
 
 
2,928

 
1,271

 
3,565

 
130.4
 %
 
(17.9
)%
 
 
 
Professional fees
 
 
2,582

 
2,849

 
2,961

 
(9.4
)%
 
(12.8
)%
 
 
 
Marketing
 
 
2,472

 
2,836

 
3,045

 
(12.8
)%
 
(18.8
)%
 
 
 
Software
 
 
2,175

 
2,031

 
2,254

 
7.1
 %
 
(3.5
)%
 
 
 
Other
 
 
15,813

 
15,407

 
17,390

 
2.6
 %
 
(9.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Total Other Expenses
 
 
110,711

 
100,864

 
108,860

 
9.8
 %
 
1.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Income Before Income Taxes
 
 
51,664

 
46,160

 
47,947

 
11.9
 %
 
7.8
 %
 
 
 
Income tax expense
 
 
13,532

 
12,375

 
11,868

 
9.3
 %
 
14.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Net Income
 
 
$
38,132

 
$
33,785

 
$
36,079

 
12.9
 %
 
5.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PER SHARE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Basic
 
 
$
0.19

 
$
0.17

 
$
0.18

 
11.8
 %
 
5.6
 %
 
 
 
    Diluted
 
 
0.19

 
0.17

 
0.18

 
11.8
 %
 
5.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash dividends
 
 
$
0.07

 
$
0.04

 
$
0.06

 
75.0
 %
 
16.7
 %
 
 
 
Shareholders' equity
 
 
10.10

 
9.59

 
9.95

 
5.3
 %
 
1.5
 %
 
 
 
Shareholders' equity (tangible)
 
 
7.38

 
6.84

 
7.24

 
7.9
 %
 
1.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares (basic)
 
 
199,492

 
198,599

 
199,239

 
0.4
 %
 
0.1
 %
 
 
 
Weighted average shares (diluted)
 
 
200,344

 
199,286

 
199,997

 
0.5
 %
 
0.2
 %
 
 
 
Shares outstanding, end of period
 
 
200,354

 
199,191

 
200,164

 
0.6
 %
 
0.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SELECTED FINANCIAL RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
 
 
0.94
%
 
0.85
%
 
0.88
%
 
 
 
 
 
 
 
Return on average common shareholders' equity
 
 
7.61
%
 
7.21
%
 
7.16
%
 
 
 
 
 
 
 
Return on average common shareholders' equity (tangible)
 
 
10.56
%
 
10.36
%
 
10.02
%
 
 
 
 
 
 
 
Net interest margin
 
 
3.85
%
 
3.91
%
 
3.81
%
 
 
 
 
 
 
 
Efficiency ratio
 
 
56.84
%
 
53.39
%
 
57.44
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 







FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 Quarter Ended
 
 
March 31, 2012
 
March 31, 2011
 
December 31, 2011
 
 
Average
 
 
 
Yield/
 
Average
 
 
 
Yield/
 
Average
 
 
 
Yield/
 
 
Balance
 
Interest (1)
 
Rate
 
Balance
 
Interest (1)
 
Rate
 
Balance
 
Interest (1)
 
Rate
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans, net of unearned income
$
11,978,972

 
$
147,046

 
4.94
%
 
$
11,921,442

 
$
151,686

 
5.15
%
 
$
11,926,246

 
$
150,195

 
5.00
%
 
Taxable investment securities
2,402,158

 
18,661

 
3.11
%
 
2,331,323

 
21,807

 
3.75
%
 
2,279,658

 
17,462

 
3.06
%
 
Tax-exempt investment securities
294,724

 
4,157

 
5.64
%
 
344,457

 
4,885

 
5.67
%
 
307,713

 
4,340

 
5.64
%
 
Equity securities
115,593

 
780

 
2.71
%
 
132,841

 
752

 
2.28
%
 
121,219

 
774

 
2.55
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment Securities
2,812,475

 
23,598

 
3.36
%
 
2,808,621

 
27,444

 
3.91
%
 
2,708,590

 
22,576

 
3.33
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for sale
40,478

 
431

 
4.26
%
 
45,418

 
500

 
4.41
%
 
54,013

 
541

 
4.01
%
 
Other interest-earning assets
101,570

 
53

 
0.21
%
 
66,381

 
33

 
0.20
%
 
192,574

 
133

 
0.27
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Interest-earning Assets
14,933,495

 
171,128

 
4.61
%
 
14,841,862

 
179,663

 
4.90
%
 
14,881,423

 
173,445

 
4.63
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
263,128

 
 
 
 
 
260,395

 
 
 
 
 
282,993

 
 
 
 
 
Premises and equipment
212,567

 
 
 
 
 
207,389

 
 
 
 
 
207,744

 
 
 
 
 
Other assets
1,102,868

 
 
 
 
 
1,102,543

 
 
 
 
 
1,125,429

 
 
 
 
 
Less: allowance for loan losses
(266,092
)
 
 
 
 
 
(282,017
)
 
 
 
 
 
(275,160
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
$
16,245,966

 
 
 
 
 
$
16,130,172

 
 
 
 
 
$
16,222,429

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
$
2,464,452

 
$
1,036

 
0.17
%
 
$
2,322,098

 
$
1,436

 
0.25
%
 
$
2,462,551

 
$
1,243

 
0.20
%
 
Savings deposits
3,341,035

 
1,810

 
0.22
%
 
3,282,790

 
3,358

 
0.41
%
 
3,466,104

 
2,356

 
0.27
%
 
Time deposits
3,951,908

 
13,404

 
1.36
%
 
4,532,528

 
18,492

 
1.65
%
 
4,084,278

 
14,739

 
1.43
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Interest-bearing Deposits
9,757,395

 
16,250

 
0.67
%
 
10,137,416

 
23,286

 
0.93
%
 
10,012,933

 
18,338

 
0.73
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
728,102

 
281

 
0.15
%
 
622,662

 
254

 
0.16
%
 
463,659

 
173

 
0.15
%
 
Federal Home Loan Bank advances and long-term debt
983,304

 
11,665

 
4.76
%
 
1,061,523

 
12,591

 
4.78
%
 
1,025,683

 
12,363

 
4.80
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Interest-bearing Liabilities
11,468,801

 
28,196

 
0.99
%
 
11,821,601

 
36,131

 
1.24
%
 
11,502,275

 
30,874

 
1.07
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
2,565,089

 
 
 
 
 
2,238,200

 
 
 
 
 
2,529,548

 
 
 
 
 
Other
195,465

 
 
 
 
 
170,930

 
 
 
 
 
192,806

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities
14,229,355

 
 
 
 
 
14,230,731

 
 
 
 
 
14,224,629

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity
2,016,611

 
 
 
 
 
1,899,441

 
 
 
 
 
1,997,800

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Shareholders' Equity
$
16,245,966

 
 
 
 
 
$
16,130,172

 
 
 
 
 
$
16,222,429

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income/net interest margin (fully taxable equivalent)
 
 
142,932

 
3.85
%
 
 
 
143,532

 
3.91
%
 
 
 
142,571

 
3.81
%
 
Tax equivalent adjustment
 
 
(4,237
)
 
 
 
 
 
(3,969
)
 
 
 
 
 
(4,112
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
138,695

 
 
 
 
 
$
139,563

 
 
 
 
 
$
138,459

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
% Change from
 
 
 
 
 
 
 
 
 
 
March 31
 
March 31
 
December 31
 
March 31
 
December 31
 
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2011
 
2011
 
2011
 
 
 
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
4,617,507

 
$
4,385,072

 
$
4,554,161

 
5.3
 %
 
1.4
 %
 
 
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
3,585,520

 
3,707,081

 
3,637,465

 
(3.3
)%
 
(1.4
)%
 
 
 
 
 
 
 
 
 
Real estate - home equity
1,611,565

 
1,628,550

 
1,628,406

 
(1.0
)%
 
(1.0
)%
 
 
 
 
 
 
 
 
 
Real estate - residential mortgage
1,137,625

 
1,017,439

 
1,066,463

 
11.8
 %
 
6.7
 %
 
 
 
 
 
 
 
 
 
Real estate - construction
641,574

 
779,556

 
641,485

 
(17.7
)%
 
—
 %
 
 
 
 
 
 
 
 
 
Consumer
311,592

 
341,247

 
326,818

 
(8.7
)%
 
(4.7
)%
 
 
 
 
 
 
 
 
 
Leasing and other
73,589

 
62,497

 
71,448

 
17.7
 %
 
3.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Loans, net of unearned income
$
11,978,972

 
$
11,921,442

 
$
11,926,246

 
0.5
 %
 
0.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand
$
2,565,089

 
$
2,238,200

 
$
2,529,548

 
14.6
 %
 
1.4
 %
 
 
 
 
 
 
 
 
 
Interest-bearing demand
2,464,452

 
2,322,098

 
2,462,551

 
6.1
 %
 
0.1
 %
 
 
 
 
 
 
 
 
 
Savings deposits
3,341,035

 
3,282,790

 
3,466,104

 
1.8
 %
 
(3.6
)%
 
 
 
 
 
 
 
 
 
Time deposits
3,951,908

 
4,532,528

 
4,084,278

 
(12.8
)%
 
(3.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Deposits
$
12,322,484

 
$
12,375,616

 
$
12,542,481

 
(0.4
)%
 
(1.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer repurchase agreements
$
200,542

 
$
212,931

 
$
195,372

 
(5.8
)%
 
2.6
 %
 
 
 
 
 
 
 
 
 
Customer short-term promissory notes
155,071

 
190,385

 
165,677

 
(18.5
)%
 
(6.4
)%
 
 
 
 
 
 
 
 
 
Federal funds purchased and other
372,489

 
219,346

 
102,610

 
69.8
 %
 
263.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Short-term borrowings
$
728,102

 
$
622,662

 
$
463,659

 
16.9
 %
 
57.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
 
 
 
 
 
ASSET QUALITY INFORMATION (UNAUDITED)
 
 
 
 
 
 
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 Quarter Ended
 
 
 
 
 
 
 
 
 
 
 
 
Mar 31
 
Mar 31
 
Dec 31
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
ALLOWANCE FOR CREDIT LOSSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
258,177

 
$
275,498

 
$
268,817

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans charged off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - commercial mortgage
(11,891
)
 
(10,047
)
 
(3,189
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - construction
(8,571
)
 
(13,894
)
 
(8,716
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Commercial - industrial, financial and agricultural
(5,669
)
 
(13,336
)
 
(8,719
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - home equity
(2,206
)
 
(1,468
)
 
(2,121
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Consumer
(634
)
 
(1,291
)
 
(683
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - residential mortgage
(847
)
 
(4,996
)
 
(18,316
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Leasing and other
(441
)
 
(497
)
 
(496
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total loans charged off
(30,259
)
 
(45,529
)
 
(42,240
)
 
 
 
 
 
 
 
 
 
 
 
 
Recoveries of loans charged off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - commercial mortgage
816

 
1,535

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - construction
64

 
563

 
509

 
 
 
 
 
 
 
 
 
 
 
 
 
    Commercial - industrial, financial and agricultural
636

 
391

 
432

 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - home equity
20

 
1

 
37

 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - residential mortgage
73

 
44

 
55

 
 
 
 
 
 
 
 
 
 
 
 
 
    Consumer
350

 
309

 
335

 
 
 
 
 
 
 
 
 
 
 
 
 
    Leasing and other
260

 
344

 
232

 
 
 
 
 
 
 
 
 
 
 
 
 
Recoveries of loans previously charged off
2,219

 
3,187

 
1,600

 
 
 
 
 
 
 
 
 
 
 
 
Net loans charged off
(28,040
)
 
(42,342
)
 
(40,640
)
 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
28,000

 
38,000

 
30,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at end of period
$
258,137

 
$
271,156

 
$
258,177

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs to average loans (annualized)
0.94
%
 
1.42
%
 
1.36
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NON-PERFORMING ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-accrual loans
$
248,719

 
$
280,270

 
$
257,761

 
 
 
 
 
 
 
 
 
 
 
 
 
Loans 90 days past due and accruing
35,270

 
37,768

 
28,767

 
 
 
 
 
 
 
 
 
 
 
 
 
    Total non-performing loans
283,989

 
318,038

 
286,528

 
 
 
 
 
 
 
 
 
 
 
 
 
Other real estate owned
33,516

 
37,044

 
30,803

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing assets
$
317,505

 
$
355,082

 
$
317,331

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NON-PERFORMING LOANS, BY TYPE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
104,076

 
$
97,305

 
$
113,806

 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
82,884

 
86,050

 
80,944

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - construction
59,917

 
72,880

 
60,744

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - residential mortgage
23,016

 
49,998

 
16,336

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - home equity
10,914

 
9,314

 
11,207

 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer
2,834

 
2,258

 
3,384

 
 
 
 
 
 
 
 
 
 
 
 
 
Leasing
348

 
233

 
107

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing loans
$
283,989

 
$
318,038

 
$
286,528

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DELINQUENCY RATES, BY TYPE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2012
 
March 31, 2011
 
December 31, 2011
 
 
 31-89 Days
 
 ≥90 Days (1)
 
 Total
 
 31-89 Days
 
 ≥90 Days (1)
 
 Total
 
 31-89 Days
 
 ≥90 Days (1)
 
 Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
0.43
%
 
2.24
%
 
2.67
%
 
0.66
%
 
2.21
%
 
2.87
%
 
0.56
%
 
2.47
%
 
3.03
%
 
Commercial - industrial, financial and agricultural
0.35
%
 
2.36
%
 
2.71
%
 
0.50
%
 
2.33
%
 
2.83
%
 
0.41
%
 
2.23
%
 
2.64
%
 
Real estate - construction
0.56
%
 
9.25
%
 
9.81
%
 
0.56
%
 
9.75
%
 
10.31
%
 
1.55
%
 
9.87
%
 
11.42
%
 
Real estate - residential mortgage
2.76
%
 
1.96
%
 
4.72
%
 
3.47
%
 
4.89
%
 
8.36
%
 
3.38
%
 
1.49
%
 
4.87
%
 
Real estate - home equity
0.74
%
 
0.68
%
 
1.42
%
 
0.74
%
 
0.57
%
 
1.31
%
 
0.72
%
 
0.69
%
 
1.41
%
 
Consumer, leasing and other
1.40
%
 
0.84
%
 
2.24
%
 
1.26
%
 
0.64
%
 
1.90
%
 
1.92
%
 
0.90
%
 
2.82
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
0.71
%
 
2.38
%
 
3.09
%
 
0.88
%
 
2.67
%
 
3.55
%
 
0.89
%
 
2.39
%
 
3.28
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes non-accrual loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSET QUALITY RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mar 31
 
Mar 31
 
Dec 31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-accrual loans to total loans
2.08
%
 
2.36
%
 
2.15
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to total loans and OREO
2.65
%
 
2.98
%
 
2.64
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to total assets
1.92
%
 
2.22
%
 
1.94
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for credit losses to loans outstanding
2.16
%
 
2.28
%
 
2.16
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for credit losses to non-performing loans
90.90
%
 
85.26
%
 
90.11
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
18.27
%
 
21.72
%
 
18.60
%