0000700564-13-000017.txt : 20130416 0000700564-13-000017.hdr.sgml : 20130416 20130416163943 ACCESSION NUMBER: 0000700564-13-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130416 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130416 DATE AS OF CHANGE: 20130416 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: 13764375 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-k3x31x13.htm 8-K 8-K 3-31-13


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 16, 2013
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 16, 2013 Fulton Financial Corporation announced its results of operations for the first quarter ended March 31, 2013. 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 16, 2013.
99.2
Supplemental financial information for the quarter ended March 31, 2013.











































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 16, 2013
FULTON FINANCIAL CORPORATION

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




 EX-99.1 2 exhibit9913-31x13.htm EARNINGS RELEASE DATED APRIL 16TH 2013 Exhibit 99.1 3-31-13

Exhibit 99.1

FULTON FINANCIAL
CORPORATION


FOR IMMEDIATE RELEASE
Media Contact: Laura J. Wakeley (717) 291-2616
Investor Contact: David C. Hostetter (717) 291-2456

                                                                    
Fulton Financial reports first quarter earnings of $0.20 per share

•
Diluted earnings per share for the first quarter of 2013 was 20 cents, unchanged from the fourth quarter of 2012 and a 5.3 percent increase from the first quarter of 2012.
•
The provision for credit losses was $15.0 million for the first quarter of 2013, a $2.5 million, or 14.3 percent, decrease compared to the fourth quarter of 2012 and a $13.0 million, or 46.4 percent, decrease from the first quarter of 2012. Non-performing loans decreased $2.4 million, or 1.1 percent, in comparison to December 31, 2012 and $75.3 million, or 26.5 percent, in comparison to March 31, 2012.
•
Net interest income for the first quarter of 2013 decreased $2.6 million, or 1.9 percent, compared to the fourth quarter of 2012. Net interest margin decreased 10 basis points, or 2.7 percent, to 3.55 percent.
•
Average interest-earning assets increased $362.9 million, or 2.4 percent, in comparison to the fourth quarter of 2012, with average loans increasing $254.3 million, or 2.1 percent.
•
Non-interest income decreased $12.3 million, or 20.6 percent, in comparison to the fourth quarter of 2012, while non-interest expense decreased $5.6 million, or 4.8 percent.
•
Approximately 4.2 million shares were repurchased during the first quarter of 2013, with approximately 3.8 million shares remaining authorized for repurchase under the current share repurchase plan.

(April 16, 2013) - Lancaster, PA - Fulton Financial Corporation (NASDAQ: FULT) reported net income of $39.2 million, or 20 cents per diluted share, for the first quarter ended March 31, 2013, compared to $40.2 million, or 20 cents per diluted share, for the fourth quarter of 2012.
“Since growing earning assets is one of our strategic priorities, we were pleased to see a continuation of our solid loan growth in the first quarter,” said E. Philip Wenger, Chairman, CEO and President. “Other expenses were down from the fourth quarter, which helped us to reduce the impact of slower residential mortgage activity and correspondingly lower mortgage sales gains. Overall asset quality continued to show improvement, allowing us to again reduce the provision for credit losses.



During the quarter, we continued to buy back our stock under the current share repurchase program which expires on June 30 of this year.”

Asset Quality
Non-performing assets were $232.5 million, or 1.39 percent of total assets, at March 31, 2013, compared to $237.2 million, or 1.43 percent of total assets, at December 31, 2012 and $317.5 million, or 1.92 percent of total assets, at March 31, 2012. The $4.7 million, or 2.0 percent, decrease in non-performing assets in comparison to the fourth quarter of 2012 was primarily due to a decrease in other real estate owned (OREO) and decreases in non-performing commercial loans, partially offset by increases in non-performing residential mortgages and commercial mortgages.
Annualized net charge-offs for the quarter ended March 31, 2013 were 0.62 percent of average total loans, compared to 0.91 percent for the quarter ended December 31, 2012 and 0.94 percent for the quarter ended March 31, 2012. The allowance for credit losses as a percentage of non-performing loans was 106.2 percent at March 31, 2013, as compared to 106.8 percent at December 31, 2012 and 90.9 percent at March 31, 2012.

Net Interest Income and Margin
Net interest income for the first quarter of 2013 decreased $2.6 million, or 1.9 percent, from the fourth quarter of 2012. The net interest margin decreased 10 basis points, or 2.7 percent, from 3.65 percent in the fourth quarter of 2012 to 3.55 percent in the first quarter of 2013. Average yields on interest-earning assets decreased 15 basis points, while the decline in the average costs of interest-bearing liabilities was 7 basis points.

Average Balance Sheet
Total average assets for the first quarter of 2013 were $16.5 billion, an increase of $346.0 million, or 2.1 percent, from the fourth quarter of 2012.
Average loans, net of unearned income, increased $254.3 million, or 2.1 percent, for the first quarter of 2013 in comparison to the fourth quarter of 2012.



 
Quarter Ended
 
Increase (decrease)
 
Mar 31, 2013
 
Dec 31, 2012
 
$
 
%
 
Dollars in thousands
Loans, by type:

 

 

 

    Real estate - commercial mortgage
$
4,666,494

 
$
4,623,158

 
$
43,336

 
0.9
 %
    Commercial - industrial, financial, and agricultural
3,662,566

 
3,559,171

 
103,395

 
2.9
 %
    Real estate - home equity
1,662,173

 
1,611,868

 
50,305

 
3.1
 %
    Real estate - residential mortgage
1,283,168

 
1,223,962

 
59,206

 
4.8
 %
    Real estate - construction
591,338

 
593,351

 
(2,013
)
 
(0.3
)%
    Consumer
305,480

 
306,350

 
(870
)
 
(0.3
)%
    Leasing and other
86,061

 
85,084

 
977

 
1.1
 %
Total Loans, net of unearned income
$
12,257,280

 
$
12,002,944

 
$
254,336

 
2.1
 %
Total average liabilities increased $351.8 million, or 2.5 percent, from the fourth quarter of 2012, due primarily to a $543.8 million, or 111.4 percent, increase in short-term borrowings, partially offset by a $181.2 million, or 1.4 percent, decrease in average deposits.

 
Quarter Ended
 
Increase (decrease)
 
Mar 31, 2013
 
Dec 31, 2012
 
$
 
%
 
Dollars in thousands
Deposits, by type:

 

 

 

    Noninterest-bearing demand
$
2,968,777

 
$
2,955,208

 
$
13,569

 
0.5
 %
    Interest-bearing demand
2,705,835

 
2,684,063

 
21,772

 
0.8
 %
    Savings deposits
3,334,305

 
3,399,423

 
(65,118
)
 
(1.9
)%
Total demand and savings
9,008,917

 
9,038,694

 
(29,777
)
 
(0.3
)%
    Time deposits
3,321,309

 
3,472,692

 
(151,383
)
 
(4.4
)%
Total Deposits
$
12,330,226

 
$
12,511,386

 
$
(181,160
)
 
(1.4
)%

Non-interest Income    
Non-interest income, excluding investment securities gains, decreased $14.5 million, or 24.5 percent, in comparison to the fourth quarter of 2012. In December 2012, the Corporation's wholly owned subsidiary, Fulton Bank, N.A., sold its Global Exchange Group division (Global Exchange) for a gain of $6.2 million. Global Exchange provided international payment solutions. As a result of this sale, foreign currency processing revenue, included as a component of other service charges and fees on the condensed consolidated statements of income, decreased $2.3 million, or 86.4 percent, in the first quarter of 2013. Also contributing to the decrease in non-interest income was a $4.6 million decrease in mortgage banking income due to a decrease in new loan commitments and pricing spreads and a $1.5 million decrease in service charges on deposit accounts.






Non-interest Expense
Non-interest expense decreased $5.6 million, or 4.8 percent, in the first quarter of 2013 compared to the fourth quarter of 2012. During the fourth quarter of 2012, the Corporation prepaid approximately $20 million of Federal Home Loan Bank (FHLB) advances, incurring a $3.0 million prepayment penalty. Also contributing to the decrease in non-interest expense was a $1.3 million decrease in other outside services.

About Fulton Financial
Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company which has 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 under the Fulton Mortgage Company brand.
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, including protracted periods of low-growth and sluggish loan demand;
•
the effect of market interest rates, particularly a continuing period of low market interest rates, and relative balances of rate-sensitive assets to rate-sensitive liabilities, on net interest margin and net interest income;



•
the effect of competition on rates of deposit and loan growth and net interest margin;
•
increases in non-performing assets, which may 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;
•
non-interest income growth, including the impact of potential regulatory changes;
•
investment securities gains and losses, including other-than-temporary declines in the value of securities which may result in charges to earnings;
•
the level of non-interest expenses, including salaries and employee benefits expenses, operating risk losses, amortization of intangible assets and goodwill impairment;
•
the impact of increased regulatory scrutiny of the banking industry;
•
the increasing time and expense associated with regulatory compliance and risk management;
•
the uncertainty and lack of clear regulatory guidance associated with the delay in implementing many of the regulations mandated by the Dodd-Frank Act;
•
capital and liquidity strategies, including the expected impact of the capital and liquidity requirements proposed by the Basel III standards;
•
operational risk, i.e. the risk of loss resulting from human error, inadequate or failed internal processes and systems, outsourcing arrangements, compliance and legal risk and external events; and
•
acquisition and growth strategies, including the impact of a less robust merger and acquisition environment in the banking industry and increased regulatory scrutiny.

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.






 EX-99.2 3 exhibit9923-31x13.htm SUPPLEMENTAL FINANCIAL INFORMATION FOR THE QUARTER ENDED MARCH 31,2013 Exhibit 99.2 3-31-13


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
 
 
2013
 
2012
 
2012
 
2012
 
2012
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
174,479

 
$
286,875

 
$
256,300

 
(39.2
)%
 
(31.9
)%
 
Other interest-earning assets
97,202

 
106,227

 
173,257

 
(8.5
)%
 
(43.9
)%
 
Loans held for sale
63,045

 
70,128

 
67,899

 
(10.1
)%
 
(7.1
)%
 
Investment securities
2,812,104

 
3,089,407

 
2,794,017

 
(9.0
)%
 
0.6
 %
 
Loans, net of unearned income
12,377,288

 
11,960,004

 
12,146,971

 
3.5
 %
 
1.9
 %
 
Allowance for loan losses
(220,041
)
 
(256,496
)
 
(223,903
)
 
(14.2
)%
 
(1.7
)%
 
     Net loans
12,157,247

 
11,703,508

 
11,923,068

 
3.9
 %
 
2.0
 %
 
Premises and equipment
226,754

 
215,756

 
227,723

 
5.1
 %
 
(0.4
)%
 
Accrued interest receivable
47,485

 
51,247

 
45,786

 
(7.3
)%
 
3.7
 %
 
Goodwill and intangible assets
534,987

 
543,383

 
535,563

 
(1.5
)%
 
(0.1
)%
 
Other assets
569,434

 
474,128

 
509,484

 
20.1
 %
 
11.8
 %
 
    Total Assets
$
16,682,737

 
$
16,540,659

 
$
16,533,097

 
0.9
 %
 
0.9
 %
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Deposits
$
12,388,460

 
$
12,352,337

 
$
12,484,163

 
0.3
 %
 
(0.8
)%
 
Short-term borrowings
1,126,966

 
964,550

 
868,399

 
16.8
 %
 
29.8
 %
 
Other liabilities
216,337

 
266,928

 
204,626

 
(19.0
)%
 
5.7
 %
 
FHLB advances and long-term debt
889,211

 
933,981

 
894,253

 
(4.8
)%
 
(0.6
)%
 
    Total Liabilities
14,620,974

 
14,517,796

 
14,451,441

 
0.7
 %
 
1.2
 %
 
Shareholders' equity
2,061,763

 
2,022,863

 
2,081,656

 
1.9
 %
 
(1.0
)%
 
    Total Liabilities and Shareholders' Equity
$
16,682,737

 
$
16,540,659

 
$
16,533,097

 
0.9
 %
 
0.9
 %
 
 
 
 
 
 
 
 
 
 
 
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
 
 
 
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
4,729,930

 
$
4,634,428

 
$
4,664,426

 
2.1
 %
 
1.4
 %
 
Commercial - industrial, financial and agricultural
3,658,483

 
3,518,228

 
3,612,065

 
4.0
 %
 
1.3
 %
 
Real estate - home equity
1,689,446

 
1,601,880

 
1,632,390

 
5.5
 %
 
3.5
 %
 
Real estate - residential mortgage
1,303,454

 
1,177,474

 
1,257,432

 
10.7
 %
 
3.7
 %
 
Real estate - construction
597,597

 
647,700

 
584,118

 
(7.7
)%
 
2.3
 %
 
Consumer
309,138

 
309,168

 
309,864

 
—
 %
 
(0.2
)%
 
Leasing and other
89,240

 
71,126

 
86,676

 
25.5
 %
 
3.0
 %
 
Total Loans, net of unearned income
$
12,377,288

 
$
11,960,004

 
$
12,146,971

 
3.5
 %
 
1.9
 %
Deposits, by type:
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand
$
3,075,511

 
$
2,683,496

 
$
3,009,966

 
14.6
 %
 
2.2
 %
 
Interest-bearing demand
2,698,811

 
2,486,382

 
2,755,603

 
8.5
 %
 
(2.1
)%
 
Savings deposits
3,345,842

 
3,305,888

 
3,335,256

 
1.2
 %
 
0.3
 %
 
Time deposits
3,268,296

 
3,876,571

 
3,383,338

 
(15.7
)%
 
(3.4
)%
 
Total Deposits
$
12,388,460

 
$
12,352,337

 
$
12,484,163

 
0.3
 %
 
(0.8
)%
Short-term borrowings, by type:
 
 
 
 
 
 
 
 
 
Customer repurchase agreements
$
158,214

 
$
204,627

 
$
156,238

 
(22.7
)%
 
1.3
 %
 
Customer short-term promissory notes
114,231

 
149,376

 
119,691

 
(23.5
)%
 
(4.6
)%
 
Federal funds purchased and other
854,521

 
610,547

 
592,470

 
40.0
 %
 
44.2
 %
 
Total Short-term Borrowings
$
1,126,966

 
$
964,550

 
$
868,399

 
16.8
 %
 
29.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




FULTON FINANCIAL CORPORATION
 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
 
in thousands, except per-share data and percentages
 
 
 
 
 
 
 Quarter Ended
 
 % Change from
 
 
 
 
 
 
Mar 31
 
Mar 31
 
Dec 31
 
Mar 31
 
Dec 31
 
 
 
 
 
 
2013
 
2012
 
2012
 
2012
 
2012
 
 
Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
$
151,322

 
$
166,891

 
$
155,560

 
(9.3
)%
 
(2.7
)%
 
 
 
Interest expense
 
 
21,678

 
28,196

 
23,338

 
(23.1
)%
 
(7.1
)%
 
 
 
    Net Interest Income
 
 
129,644

 
138,695

 
132,222

 
(6.5
)%
 
(1.9
)%
 
 
 
Provision for credit losses
 
 
15,000

 
28,000

 
17,500

 
(46.4
)%
 
(14.3
)%
 
 
 
    Net Interest Income after Provision
 
 
114,644

 
110,695

 
114,722

 
3.6
 %
 
(0.1
)%
 
 
Non-Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
 
 
14,111

 
14,842

 
15,642

 
(4.9
)%
 
(9.8
)%
 
 
 
Investment management and trust services
 
 
10,096

 
9,377

 
9,611

 
7.7
 %
 
5.0
 %
 
 
 
Other service charges and fees
 
 
8,510

 
10,555

 
11,164

 
(19.4
)%
 
(23.8
)%
 
 
 
Mortgage banking income
 
 
8,173

 
10,050

 
12,813

 
(18.7
)%
 
(36.2
)%
 
 
 
Investment securities gains
 
 
2,473

 
1,251

 
195

 
97.7
 %
 
N/M

 
 
 
Gain on sale of Global Exchange
 
 
—

 
—

 
6,215

 
N/M

 
(100.0
)%
 
 
 
Other
 
 
3,896

 
5,563

 
3,883

 
(30.0
)%
 
0.3
 %
 
 
 
    Total Non-Interest Income
 
 
47,259

 
51,638

 
59,523

 
(8.5
)%
 
(20.6
)%
 
 
Non-Interest Expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
 
61,212

 
60,360

 
61,303

 
1.4
 %
 
(0.1
)%
 
 
 
Net occupancy expense
 
 
11,844

 
10,935

 
11,362

 
8.3
 %
 
4.2
 %
 
 
 
Equipment expense
 
 
3,908

 
3,369

 
3,873

 
16.0
 %
 
0.9
 %
 
 
 
Data processing
 
 
3,903

 
3,688

 
3,713

 
5.8
 %
 
5.1
 %
 
 
 
Professional fees
 
 
3,047

 
2,582

 
3,228

 
18.0
 %
 
(5.6
)%
 
 
 
Other outside services
 
 
2,860

 
2,913

 
4,138

 
(1.8
)%
 
(30.9
)%
 
 
 
OREO and repossession expense
 
 
2,854

 
3,295

 
2,474

 
(13.4
)%
 
15.4
 %
 
 
 
FDIC insurance expense
 
 
2,847

 
3,021

 
2,944

 
(5.8
)%
 
(3.3
)%
 
 
 
Software
 
 
2,748

 
2,175

 
2,562

 
26.3
 %
 
7.3
 %
 
 
 
Marketing
 
 
1,872

 
2,472

 
2,537

 
(24.3
)%
 
(26.2
)%
 
 
 
Operating risk loss
 
 
1,766

 
3,368

 
2,627

 
(47.6
)%
 
(32.8
)%
 
 
 
FHLB advances prepayment penalty
 
 
—

 
—

 
3,007

 
N/M

 
(100.0
)%
 
 
 
Other
 
 
12,075

 
12,491

 
12,788

 
(3.3
)%
 
(5.6
)%
 
 
 
    Total Non-Interest Expense
 
 
110,936

 
110,669

 
116,556

 
0.2
 %
 
(4.8
)%
 
 
 
    Income Before Income Taxes
 
 
50,967

 
51,664

 
57,689

 
(1.3
)%
 
(11.7
)%
 
 
 
Income tax expense
 
 
11,740

 
13,532

 
17,449

 
(13.2
)%
 
(32.7
)%
 
 
 
    Net Income
 
 
$
39,227

 
$
38,132

 
$
40,240

 
2.9
 %
 
(2.5
)%
 
 
PER SHARE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Basic
 
 
$
0.20

 
$
0.19

 
$
0.20

 
5.3
 %
 
—
 %
 
 
 
    Diluted
 
 
0.20

 
0.19

 
0.20

 
5.3
 %
 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash dividends
 
 
$
0.08

 
$
0.07

 
$
0.08

 
14.3
 %
 
—
 %
 
 
 
Shareholders' equity
 
 
10.56

 
10.10

 
10.45

 
4.6
 %
 
1.1
 %
 
 
 
Shareholders' equity (tangible)
 
 
7.82

 
7.38

 
7.76

 
6.0
 %
 
0.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares (basic)
 
 
196,299

 
199,492

 
198,161

 
(1.6
)%
 
(0.9
)%
 
 
 
Weighted average shares (diluted)
 
 
197,217

 
200,344

 
199,198

 
(1.6
)%
 
(1.0
)%
 
 
 
Shares outstanding, end of period
 
 
195,276

 
200,354

 
199,225

 
(2.5
)%
 
(2.0
)%
 
 
SELECTED FINANCIAL RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
 
 
0.96
%
 
0.94
%
 
0.99
%
 
 
 
 
 
 
 
Return on average common shareholders' equity
 
 
7.67
%
 
7.61
%
 
7.70
%
 
 
 
 
 
 
 
Return on average common shareholders' equity (tangible)
 
 
10.43
%
 
10.56
%
 
10.53
%
 
 
 
 
 
 
 
Net interest margin
 
 
3.55
%
 
3.85
%
 
3.65
%
 
 
 
 
 
 
 
Efficiency ratio
 
 
61.78
%
 
56.83
%
 
59.16
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N/M - Not meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 







FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 Quarter Ended
 
 
March 31, 2013
 
March 31, 2012
 
December 31, 2012
 
 
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
$
12,257,280

 
$
136,948

 
4.53%
 
$
11,981,099

 
$
147,046

 
4.93%
 
$
12,002,944

 
$
141,014

 
4.68%
 
Taxable investment securities
2,421,178

 
13,397

 
2.22%
 
2,402,158

 
18,661

 
3.11%
 
2,279,551

 
13,406

 
2.35%
 
Tax-exempt investment securities
292,118

 
3,814

 
5.22%
 
294,724

 
4,157

 
5.64%
 
286,400

 
3,857

 
5.39%
 
Equity securities
118,367

 
917

 
3.12%
 
115,593

 
780

 
2.71%
 
117,333

 
984

 
3.35%
 
Total Investment Securities
2,831,663

 
18,128

 
2.56%
 
2,812,475

 
23,598

 
3.36%
 
2,683,284

 
18,247

 
2.72%
 
Loans held for sale
47,885

 
495

 
4.14%
 
40,478

 
431

 
4.26%
 
59,977

 
517

 
3.45%
 
Other interest-earning assets
117,850

 
22

 
0.07%
 
101,957

 
53

 
0.21%
 
145,555

 
45

 
0.12%
 
Total Interest-earning Assets
15,254,678

 
155,593

 
4.13%
 
14,936,009

 
171,128

 
4.61%
 
14,891,760

 
159,823

 
4.28%
Noninterest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
202,507

 
 
 
 
 
262,741

 
 
 
 
 
220,924

 
 
 
 
 
Premises and equipment
226,466

 
 
 
 
 
212,567

 
 
 
 
 
224,852

 
 
 
 
 
Other assets
1,070,170

 
 
 
 
 
1,112,429

 
 
 
 
 
1,078,040

 
 
 
 
 
Less: allowance for loan losses
(227,858
)
 
 
 
 
 
(266,092
)
 
 
 
 
 
(235,563
)
 
 
 
 
 
Total Assets
$
16,525,963

 
 
 
 
 
$
16,257,654

 
 
 
 
 
$
16,180,013

 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
$
2,705,835

 
$
877

 
0.13%
 
$
2,464,452

 
$
1,036

 
0.17%
 
$
2,684,063

 
$
1,055

 
0.16%
 
Savings deposits
3,334,305

 
1,023

 
0.12%
 
3,349,502

 
1,810

 
0.22%
 
3,399,423

 
1,251

 
0.15%
 
Time deposits
3,321,309

 
8,501

 
1.04%
 
3,951,908

 
13,404

 
1.36%
 
3,472,692

 
9,748

 
1.12%
 
Total Interest-bearing Deposits
9,361,449

 
10,401

 
0.45%
 
9,765,862

 
16,250

 
0.67%
 
9,556,178

 
12,054

 
0.50%
 
Short-term borrowings
1,032,122

 
509

 
0.20%
 
728,102

 
281

 
0.15%
 
488,310

 
156

 
0.13%
 
FHLB advances and long-term debt
891,173

 
10,768

 
4.87%
 
983,304

 
11,665

 
4.76%
 
914,013

 
11,128

 
4.86%
 
Total Interest-bearing Liabilities
11,284,744

 
21,678

 
0.78%
 
11,477,268

 
28,196

 
0.99%
 
10,958,501

 
23,338

 
0.85%
Noninterest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
2,968,777

 
 
 
 
 
2,566,312

 
 
 
 
 
2,955,208

 
 
 
 
 
Other
198,944

 
 
 
 
 
197,463

 
 
 
 
 
186,958

 
 
 
 
 
Total Liabilities
14,452,465

 
 
 
 
 
14,241,043

 
 
 
 
 
14,100,667

 
 
 
 
 
Shareholders' equity
2,073,498

 
 
 
 
 
2,016,611

 
 
 
 
 
2,079,346

 
 
 
 
 
Total Liabilities and Shareholders' Equity
$
16,525,963

 
 
 
 
 
$
16,257,654

 
 
 
 
 
$
16,180,013

 
 
 
 
 
Net interest income/net interest margin (fully taxable equivalent)
 
 
133,915

 
3.55%
 
 
 
142,932

 
3.85%
 
 
 
136,485

 
3.65%
 
Tax equivalent adjustment
 
 
(4,271
)
 
 
 
 
 
(4,237
)
 
 
 
 
 
(4,263
)
 
 
 
Net interest income
 
 
$
129,644

 
 
 
 
 
$
138,695

 
 
 
 
 
$
132,222

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
 
 
 
 
 
 
 
 
 
 
Mar 31
 
Mar 31
 
Dec 31
 
Mar 31
 
Dec 31
 
 
 
 
 
 
 
 
 
 
2013
 
2012
 
2012
 
2012
 
2012
 
 
 
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
4,666,494

 
$
4,617,507

 
$
4,623,158

 
1.1
 %
 
0.9
 %
 
 
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
3,662,566

 
3,585,520

 
3,559,171

 
2.1
 %
 
2.9
 %
 
 
 
 
 
 
 
 
 
Real estate - home equity
1,662,173

 
1,611,565

 
1,611,868

 
3.1
 %
 
3.1
 %
 
 
 
 
 
 
 
 
 
Real estate - residential mortgage
1,283,168

 
1,137,964

 
1,223,962

 
12.8
 %
 
4.8
 %
 
 
 
 
 
 
 
 
 
Real estate - construction
591,338

 
641,574

 
593,351

 
(7.8
)%
 
(0.3
)%
 
 
 
 
 
 
 
 
 
Consumer
305,480

 
312,234

 
306,350

 
(2.2
)%
 
(0.3
)%
 
 
 
 
 
 
 
 
 
Leasing and other
86,061

 
74,735

 
85,084

 
15.2
 %
 
1.1
 %
 
 
 
 
 
 
 
 
 
Total Loans, net of unearned income
$
12,257,280

 
$
11,981,099

 
$
12,002,944

 
2.3
 %
 
2.1
 %
 
 
 
 
 
 
 
 
Deposits, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand
$
2,968,777

 
$
2,566,312

 
$
2,955,208

 
15.7
 %
 
0.5
 %
 
 
 
 
 
 
 
 
 
Interest-bearing demand
2,705,835

 
2,464,452

 
2,684,063

 
9.8
 %
 
0.8
 %
 
 
 
 
 
 
 
 
 
Savings deposits
3,334,305

 
3,349,502

 
3,399,423

 
(0.5
)%
 
(1.9
)%
 
 
 
 
 
 
 
 
 
Time deposits
3,321,309

 
3,951,908

 
3,472,692

 
(16.0
)%
 
(4.4
)%
 
 
 
 
 
 
 
 
 
Total Deposits
$
12,330,226

 
$
12,332,174

 
$
12,511,386

 
—
 %
 
(1.4
)%
 
 
 
 
 
 
 
 
Short-term borrowings, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer repurchase agreements
$
165,109

 
$
200,542

 
$
189,922

 
(17.7
)%
 
(13.1
)%
 
 
 
 
 
 
 
 
 
Customer short-term promissory notes
112,041

 
155,071

 
125,933

 
(27.7
)%
 
(11.0
)%
 
 
 
 
 
 
 
 
 
Federal funds purchased and other
754,972

 
372,489

 
172,455

 
102.7
 %
 
337.8
 %
 
 
 
 
 
 
 
 
 
Total Short-term Borrowings
$
1,032,122

 
$
728,102

 
$
488,310

 
41.8
 %
 
111.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
 
 
 
 
 
ASSET QUALITY INFORMATION (UNAUDITED)
 
 
 
 
 
 
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 Quarter Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mar 31
 
Mar 31
 
Dec 31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
2012
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
ALLOWANCE FOR CREDIT LOSSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
225,439

 
$
258,177

 
$
235,268

 
 
 
 
 
 
 
 
 
 
 
 
 
Loans charged off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Commercial - industrial, financial and agricultural
(9,502
)
 
(5,669
)
 
(12,711
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - commercial mortgage
(4,133
)
 
(11,891
)
 
(8,935
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - residential mortgage
(3,050
)
 
(847
)
 
(1,500
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - home equity
(2,404
)
 
(2,206
)
 
(3,464
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - construction
(1,986
)
 
(8,571
)
 
(873
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Consumer
(550
)
 
(634
)
 
(1,533
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Leasing and other
(481
)
 
(441
)
 
(585
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    Total loans charged off
(22,106
)
 
(30,259
)
 
(29,601
)
 
 
 
 
 
 
 
 
 
 
 
 
Recoveries of loans previously charged off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Commercial - industrial, financial and agricultural
379

 
636

 
1,236

 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - commercial mortgage
1,064

 
816

 
85

 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - residential mortgage
81

 
73

 
290

 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - home equity
331

 
20

 
63

 
 
 
 
 
 
 
 
 
 
 
 
 
    Real estate - construction
671

 
64

 
171

 
 
 
 
 
 
 
 
 
 
 
 
 
    Consumer
506

 
350

 
274

 
 
 
 
 
 
 
 
 
 
 
 
 
    Leasing and other
162

 
260

 
153

 
 
 
 
 
 
 
 
 
 
 
 
 
    Recoveries of loans previously charged off
3,194

 
2,219

 
2,272

 
 
 
 
 
 
 
 
 
 
 
 
Net loans charged off
(18,912
)
 
(28,040
)
 
(27,329
)
 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
15,000

 
28,000

 
17,500

 
 
 
 
 
 
 
 
 
 
 
 
Balance at end of period
$
221,527

 
$
258,137

 
$
225,439

 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs to average loans (annualized)
0.62
%
 
0.94
%
 
0.91
%
 
 
 
 
 
 
 
 
 
 
 
 
NON-PERFORMING ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-accrual loans
$
179,334

 
$
248,719

 
$
184,832

 
 
 
 
 
 
 
 
 
 
 
 
 
Loans 90 days past due and accruing
29,325

 
35,270

 
26,221

 
 
 
 
 
 
 
 
 
 
 
 
 
    Total non-performing loans
208,659

 
283,989

 
211,053

 
 
 
 
 
 
 
 
 
 
 
 
 
Other real estate owned
23,820

 
33,516

 
26,146

 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing assets
$
232,479

 
$
317,505

 
$
237,199

 
 
 
 
 
 
 
 
 
 
 
 
NON-PERFORMING LOANS, BY TYPE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
$
61,113

 
$
82,884

 
$
66,954

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
58,805

 
104,076

 
57,120

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - residential mortgage
36,361

 
23,016

 
34,436

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - construction
31,919

 
59,917

 
32,005

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - home equity
14,988

 
10,914

 
15,519

 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer
5,262

 
2,834

 
5,000

 
 
 
 
 
 
 
 
 
 
 
 
 
Leasing
211

 
348

 
19

 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing loans
$
208,659

 
$
283,989

 
$
211,053

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DELINQUENCY RATES, BY TYPE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2013
 
March 31, 2012
 
December 31, 2012
 
 
 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
0.39
%
 
1.25
%
 
1.64
%
 
0.43
%
 
2.24
%
 
2.67
%
 
0.46
%
 
1.22
%
 
1.68
%
 
Commercial - industrial, financial and agricultural
0.35
%
 
1.67
%
 
2.02
%
 
0.35
%
 
2.36
%
 
2.71
%
 
0.46
%
 
1.85
%
 
2.31
%
 
Real estate - construction
0.17
%
 
5.34
%
 
5.51
%
 
0.56
%
 
9.25
%
 
9.81
%
 
0.23
%
 
5.48
%
 
5.71
%
 
Real estate - residential mortgage
2.07
%
 
2.79
%
 
4.86
%
 
2.76
%
 
1.96
%
 
4.72
%
 
2.55
%
 
2.74
%
 
5.29
%
 
Real estate - home equity
0.69
%
 
0.89
%
 
1.58
%
 
0.74
%
 
0.68
%
 
1.42
%
 
0.77
%
 
0.96
%
 
1.73
%
 
Consumer, leasing and other
1.38
%
 
1.37
%
 
2.75
%
 
1.39
%
 
0.84
%
 
2.23
%
 
1.71
%
 
1.26
%
 
2.97
%
 
Total
0.62
%
 
1.68
%
 
2.30
%
 
0.71
%
 
2.38
%
 
3.09
%
 
0.75
%
 
1.74
%
 
2.49
%
 
(1) Includes non-accrual loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSET QUALITY RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mar 31
 
Mar 31
 
Dec 31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
2012
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-accrual loans to total loans
1.45
%
 
2.08
%
 
1.52
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to total loans and OREO
1.87
%
 
2.65
%
 
1.95
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to total assets
1.39
%
 
1.92
%
 
1.43
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for credit losses to loans outstanding
1.79
%
 
2.16
%
 
1.86
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for credit losses to non-performing loans
106.17
%
 
90.90
%
 
106.82
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
13.30
%
 
18.27
%
 
13.39
%
 
 
 
 
 
 
 
 
 
 
 
 





FULTON FINANCIAL CORPORATION
 
 
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED)
 
 
in thousands, except per share data and percentages
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Explanatory note:
This press release contains certain 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 they provide useful and comparative information to assess trends in the Corporation's quarterly 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 useful to investors to evaluate the Corporation's results because it excludes certain items that are not directly related to the Corporation's core operating performance. 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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Quarter Ended
 
 
 
 
 
 
 
March 31
 
March 31
 
December 31
 
 
 
 
 
 
 
2013
 
2012
 
2012
Shareholders' equity (tangible), per share
 
 
 
 
 
 
 
 
 
Shareholders' equity
 
 
 
 
$
2,061,763

 
$
2,022,863

 
$
2,081,656

Less: Goodwill and intangible assets
 
 
 
 
(534,987
)
 
(543,383
)
 
(535,563
)
Tangible shareholders' equity (numerator)
 
 
 
 
$
1,526,776

 
$
1,479,480

 
$
1,546,093

Shares outstanding, end of period (denominator)
 
 
 
 
195,276

 
200,354

 
199,225

Shareholders' equity (tangible), per share
 
 
 
 
$
7.82

 
$
7.38

 
$
7.76

 
 
 
 
 
 
 
 
 
 
 
 
Return on average common shareholders' equity (tangible)
 
 
 
 
 
 
Net income
 
 
 
 
$
39,227

 
$
38,132

 
$
40,240

Plus: Intangible amortization, net of tax
 
 
 
 
347

 
521

 
463

Net income, less intangible amortization, net of tax (numerator)
 
$
39,574

 
$
38,653

 
$
40,703

Average shareholders' equity
 
 
 
 
$
2,073,498

 
$
2,016,611

 
$
2,079,346

Less: Average goodwill and intangible assets
 
 
 
 
(535,255
)
 
(543,777
)
 
(541,416
)
Average tangible shareholders' equity (denominator)
 
 
 
 
$
1,538,243

 
$
1,472,834

 
$
1,537,930

Return on average common shareholders' equity (tangible), annualized
 
10.43
%
 
10.56
%
 
10.53
%
 
 
 
 
 
 
 
 
 
 
 
 
Efficiency ratio
 
 
 
 
 
 
 
 
 
Non-interest expense
 
 
 
 
$
110,936

 
$
110,669

 
$
116,556

Less: Intangible amortization
 
 
 
 
(534
)
 
(801
)
 
(713
)
Numerator
 
 
 
 
$
110,402

 
$
109,868

 
$
115,843

Net interest income (fully taxable equivalent)
 
 
 
 
$
133,915

 
$
142,932

 
$
136,485

Plus: Total Non-interest income
 
 
 
 
47,259

 
51,638

 
59,523

Less: Investment securities gains
 
 
 
 
(2,473
)
 
(1,251
)
 
(195
)
Denominator
 
 
 
 
$
178,701

 
$
193,319

 
$
195,813

Efficiency ratio
 
 
 
 
61.78
%
 
56.83
%
 
59.16
%
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
 
 
 
 
 
Non-performing assets (numerator)
 
 
 
 
$
232,479

 
$
317,505

 
$
237,199

Shareholders' equity
 
 
 
 
$
2,061,763

 
$
2,022,863

 
$
2,081,656

Less: Goodwill and intangible assets
 
 
 
 
(534,987
)
 
(543,383
)
 
(535,563
)
Tangible shareholders' equity
 
 
 
 
1,526,776

 
1,479,480

 
1,546,093

Plus: Allowance for credit losses
 
 
 
 
221,527

 
258,137

 
225,439

Tangible shareholders' equity and allowance for credit losses (denominator)
$
1,748,303

 
$
1,737,617

 
$
1,771,532

Non-performing assets to tangible common shareholders' equity and allowance for credit losses
13.30
%
 
18.27
%
 
13.39
%