Date of Report (Date of earliest event reported): | July 23, 2013 |
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) |
Exhibit No. | Description |
99.1 | Earnings Release dated July 23, 2013. |
99.2 | Supplemental financial information for the quarter ended June 30, 2013. |
Date: July 23, 2013 | FULTON FINANCIAL CORPORATION |
By: /s/ Charles J. Nugent | |
Charles J. Nugent | |
Senior Executive Vice President and | |
Chief Financial Officer |
• | Diluted earnings per share for the second quarter of 2013 was 21 cents, a one cent, or 5.0 percent, increase over both the first quarter of 2013 and the second quarter of 2012. |
• | The provision for credit losses was $13.5 million for the second quarter of 2013, a $1.5 million, or 10.0 percent, decrease from the first quarter of 2013 and a $12.0 million, or 47.1 percent, decrease from the second quarter of 2012. Non-performing loans decreased $19.5 million, or 9.3 percent, in comparison to March 31, 2013 and $44.8 million, or 19.1 percent, in comparison to June 30, 2012. |
• | Net interest income for the second quarter of 2013 increased $2.4 million, or 1.9 percent, compared to the first quarter of 2013. Net interest margin decreased 3 basis points to 3.52 percent. |
• | Average loans increased $271.3 million, or 2.2 percent, in the second quarter of 2013 in comparison to the first quarter of 2013. Average loans for the six months ended June 30, 2013 increased $419.2 million, or 3.5 percent, in comparison to the same period in 2012. |
• | Non-interest income, excluding investment securities gains, increased $4.7 million, or 10.4 percent, in comparison to the first quarter of 2013, while non-interest expense increased $6.2 million, or 5.6 percent. |
• | Approximately 2.2 million shares were repurchased during the second quarter of 2013, with approximately 1.6 million shares remaining authorized for repurchase under the current share repurchase program, which expires on September 30, 2013. |
Quarter Ended | Increase (decrease) | |||||||||||||
Jun 30, 2013 | Mar 31, 2013 | $ | % | |||||||||||
Dollars in thousands | ||||||||||||||
Loans, by type: | ||||||||||||||
Real estate - commercial mortgage | $ | 4,758,060 | $ | 4,666,494 | $ | 91,566 | 2.0 | % | ||||||
Commercial - industrial, financial, and agricultural | 3,714,683 | 3,662,566 | 52,117 | 1.4 | % | |||||||||
Real estate - home equity | 1,732,704 | 1,662,173 | 70,531 | 4.2 | % | |||||||||
Real estate - residential mortgage | 1,308,713 | 1,283,168 | 25,545 | 2.0 | % | |||||||||
Real estate - construction | 617,577 | 591,338 | 26,239 | 4.4 | % | |||||||||
Consumer | 304,918 | 305,480 | (562 | ) | (0.2 | )% | ||||||||
Leasing and other | 91,907 | 86,061 | 5,846 | 6.8 | % | |||||||||
Total Loans, net of unearned income | $ | 12,528,562 | $ | 12,257,280 | $ | 271,282 | 2.2 | % |
Quarter Ended | Increase (decrease) | |||||||||||||
Jun 30, 2013 | Mar 31, 2013 | $ | % | |||||||||||
Dollars in thousands | ||||||||||||||
Deposits, by type: | ||||||||||||||
Noninterest-bearing demand | $ | 3,116,940 | $ | 2,968,777 | $ | 148,163 | 5.0 | % | ||||||
Interest-bearing demand | 2,718,679 | 2,705,835 | 12,844 | 0.5 | % | |||||||||
Savings deposits | 3,350,856 | 3,334,305 | 16,551 | 0.5 | % | |||||||||
Total demand and savings | 9,186,475 | 9,008,917 | 177,558 | 2.0 | % | |||||||||
Time deposits | 3,169,141 | 3,321,309 | (152,168 | ) | (4.6 | )% | ||||||||
Total Deposits | $ | 12,355,616 | $ | 12,330,226 | $ | 25,390 | 0.2 | % |
Exhibit 99.2 | ||||||||||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||
dollars in thousands | ||||||||||||||||||
% Change from | ||||||||||||||||||
June 30 | June 30 | March 31 | June 30 | March 31 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | ||||||||||||||
ASSETS | ||||||||||||||||||
Cash and due from banks | $ | 219,944 | $ | 242,811 | $ | 174,479 | (9.4 | )% | 26.1 | % | ||||||||
Other interest-earning assets | 130,065 | 118,468 | 97,202 | 9.8 | % | 33.8 | % | |||||||||||
Loans held for sale | 60,909 | 71,406 | 63,045 | (14.7 | )% | (3.4 | )% | |||||||||||
Investment securities | 2,915,879 | 2,870,832 | 2,812,104 | 1.6 | % | 3.7 | % | |||||||||||
Loans, net of unearned income | 12,645,418 | 11,985,115 | 12,377,288 | 5.5 | % | 2.2 | % | |||||||||||
Allowance for loan losses | (216,431 | ) | (235,737 | ) | (220,041 | ) | (8.2 | )% | (1.6 | )% | ||||||||
Net loans | 12,428,987 | 11,749,378 | 12,157,247 | 5.8 | % | 2.2 | % | |||||||||||
Premises and equipment | 224,418 | 222,083 | 226,754 | 1.1 | % | (1.0 | )% | |||||||||||
Accrued interest receivable | 45,713 | 48,283 | 47,485 | (5.3 | )% | (3.7 | )% | |||||||||||
Goodwill and intangible assets | 534,452 | 542,622 | 534,987 | (1.5 | )% | (0.1 | )% | |||||||||||
Other assets | 462,043 | 476,905 | 569,434 | (3.1 | )% | (18.9 | )% | |||||||||||
Total Assets | $ | 17,022,410 | $ | 16,342,788 | $ | 16,682,737 | 4.2 | % | 2.0 | % | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Deposits | $ | 12,257,809 | $ | 12,245,492 | $ | 12,388,460 | 0.1 | % | (1.1 | )% | ||||||||
Short-term borrowings | 1,620,318 | 931,681 | 1,126,966 | 73.9 | % | 43.8 | % | |||||||||||
Other liabilities | 226,384 | 215,622 | 216,337 | 5.0 | % | 4.6 | % | |||||||||||
FHLB advances and long-term debt | 889,167 | 908,809 | 889,211 | (2.2 | )% | — | % | |||||||||||
Total Liabilities | 14,993,678 | 14,301,604 | 14,620,974 | 4.8 | % | 2.5 | % | |||||||||||
Shareholders' equity | 2,028,732 | 2,041,184 | 2,061,763 | (0.6 | )% | (1.6 | )% | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 17,022,410 | $ | 16,342,788 | $ | 16,682,737 | 4.2 | % | 2.0 | % | ||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: | ||||||||||||||||||
Loans, by type: | ||||||||||||||||||
Real estate - commercial mortgage | $ | 4,856,916 | $ | 4,653,097 | $ | 4,729,930 | 4.4 | % | 2.7 | % | ||||||||
Commercial - industrial, financial and agricultural | 3,712,974 | 3,538,188 | 3,658,483 | 4.9 | % | 1.5 | % | |||||||||||
Real estate - home equity | 1,760,268 | 1,599,468 | 1,689,446 | 10.1 | % | 4.2 | % | |||||||||||
Real estate - residential mortgage | 1,313,345 | 1,184,192 | 1,303,454 | 10.9 | % | 0.8 | % | |||||||||||
Real estate - construction | 610,280 | 619,060 | 597,597 | (1.4 | )% | 2.1 | % | |||||||||||
Consumer | 300,233 | 309,097 | 309,138 | (2.9 | )% | (2.9 | )% | |||||||||||
Leasing and other | 91,402 | 82,013 | 89,240 | 11.4 | % | 2.4 | % | |||||||||||
Total Loans, net of unearned income | $ | 12,645,418 | $ | 11,985,115 | $ | 12,377,288 | 5.5 | % | 2.2 | % | ||||||||
Deposits, by type: | ||||||||||||||||||
Noninterest-bearing demand | $ | 3,168,781 | $ | 2,749,639 | $ | 3,075,511 | 15.2 | % | 3.0 | % | ||||||||
Interest-bearing demand | 2,714,545 | 2,482,271 | 2,698,811 | 9.4 | % | 0.6 | % | |||||||||||
Savings deposits | 3,272,557 | 3,278,937 | 3,345,842 | (0.2 | )% | (2.2 | )% | |||||||||||
Time deposits | 3,101,926 | 3,734,645 | 3,268,296 | (16.9 | )% | (5.1 | )% | |||||||||||
Total Deposits | $ | 12,257,809 | $ | 12,245,492 | $ | 12,388,460 | 0.1 | % | (1.1 | )% | ||||||||
Short-term borrowings, by type: | ||||||||||||||||||
Customer repurchase agreements | $ | 196,188 | $ | 204,526 | $ | 158,214 | (4.1 | )% | 24.0 | % | ||||||||
Customer short-term promissory notes | 93,671 | 135,988 | 114,231 | (31.1 | )% | (18.0 | )% | |||||||||||
Federal funds purchased | 780,459 | 566,167 | 729,521 | 37.8 | % | 7.0 | % | |||||||||||
Short-term FHLB advances | 550,000 | 25,000 | 125,000 | N/M | 340.0 | % | ||||||||||||
Total Short-term Borrowings | $ | 1,620,318 | $ | 931,681 | $ | 1,126,966 | 73.9 | % | 43.8 | % | ||||||||
N/M - Not Meaningful |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||||||||||||||||
in thousands, except per-share data and percentages | ||||||||||||||||||||||||||||||||||
Quarter Ended | % Change from | Six Months ended | ||||||||||||||||||||||||||||||||
Jun 30 | Jun 30 | Mar 31 | Jun 30 | Mar 31 | Jun 30 | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2013 | 2012 | % Change | |||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||
Interest income | $ | 153,078 | $ | 163,985 | $ | 151,322 | (6.7 | )% | 1.2 | % | $ | 304,400 | $ | 330,876 | (8.0 | )% | ||||||||||||||||||
Interest expense | 21,013 | 26,455 | 21,678 | (20.6 | )% | (3.1 | )% | 42,691 | 54,651 | (21.9 | )% | |||||||||||||||||||||||
Net Interest Income | 132,065 | 137,530 | 129,644 | (4.0 | )% | 1.9 | % | 261,709 | 276,225 | (5.3 | )% | |||||||||||||||||||||||
Provision for credit losses | 13,500 | 25,500 | 15,000 | (47.1 | )% | (10.0 | )% | 28,500 | 53,500 | (46.7 | )% | |||||||||||||||||||||||
Net Interest Income after Provision | 118,565 | 112,030 | 114,644 | 5.8 | % | 3.4 | % | 233,209 | 222,725 | 4.7 | % | |||||||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 14,651 | 15,367 | 14,111 | (4.7 | )% | 3.8 | % | 28,762 | 30,209 | (4.8 | )% | |||||||||||||||||||||||
Mortgage banking income | 10,997 | 11,143 | 8,173 | (1.3 | )% | 34.6 | % | 19,170 | 21,193 | (9.5 | )% | |||||||||||||||||||||||
Investment management and trust services | 10,601 | 9,822 | 10,096 | 7.9 | % | 5.0 | % | 20,697 | 19,199 | 7.8 | % | |||||||||||||||||||||||
Other service charges and fees | 9,508 | 11,507 | 8,510 | (17.4 | )% | 11.7 | % | 18,018 | 22,062 | (18.3 | )% | |||||||||||||||||||||||
Investment securities gains | 2,865 | 1,538 | 2,473 | 86.3 | % | 15.9 | % | 5,338 | 2,789 | 91.4 | % | |||||||||||||||||||||||
Other | 3,694 | 3,931 | 3,896 | (6.0 | )% | (5.2 | )% | 7,590 | 9,494 | (20.1 | )% | |||||||||||||||||||||||
Total Non-Interest Income | 52,316 | 53,308 | 47,259 | (1.9 | )% | 10.7 | % | 99,575 | 104,946 | (5.1 | )% | |||||||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 63,490 | 60,091 | 61,212 | 5.7 | % | 3.7 | % | 124,702 | 120,451 | 3.5 | % | |||||||||||||||||||||||
Net occupancy expense | 11,447 | 11,205 | 11,844 | 2.2 | % | (3.4 | )% | 23,291 | 22,140 | 5.2 | % | |||||||||||||||||||||||
Other outside services | 5,315 | 5,101 | 2,860 | 4.2 | % | 85.8 | % | 8,175 | 8,014 | 2.0 | % | |||||||||||||||||||||||
Data processing | 4,509 | 3,759 | 3,903 | 20.0 | % | 15.5 | % | 8,412 | 7,447 | 13.0 | % | |||||||||||||||||||||||
Equipment expense | 3,893 | 3,185 | 3,908 | 22.2 | % | (0.4 | )% | 7,801 | 6,554 | 19.0 | % | |||||||||||||||||||||||
Professional fees | 3,395 | 2,984 | 3,047 | 13.8 | % | 11.4 | % | 6,442 | 5,566 | 15.7 | % | |||||||||||||||||||||||
Software | 3,094 | 2,272 | 2,748 | 36.2 | % | 12.6 | % | 5,842 | 4,447 | 31.4 | % | |||||||||||||||||||||||
FDIC insurance expense | 3,001 | 3,002 | 2,847 | — | % | 5.4 | % | 5,848 | 6,023 | (2.9 | )% | |||||||||||||||||||||||
OREO and repossession expense | 1,941 | 3,165 | 2,854 | (38.7 | )% | (32.0 | )% | 4,795 | 6,460 | (25.8 | )% | |||||||||||||||||||||||
Marketing | 1,922 | 2,583 | 1,872 | (25.6 | )% | 2.7 | % | 3,794 | 5,055 | (24.9 | )% | |||||||||||||||||||||||
Operating risk loss | 1,860 | 2,055 | 1,766 | (9.5 | )% | 5.3 | % | 3,626 | 5,423 | (33.1 | )% | |||||||||||||||||||||||
Other | 13,263 | 12,685 | 12,075 | 4.6 | % | 9.8 | % | 25,338 | 25,176 | 0.6 | % | |||||||||||||||||||||||
Total Non-Interest Expense | 117,130 | 112,087 | 110,936 | 4.5 | % | 5.6 | % | 228,066 | 222,756 | 2.4 | % | |||||||||||||||||||||||
Income Before Income Taxes | 53,751 | 53,251 | 50,967 | 0.9 | % | 5.5 | % | 104,718 | 104,915 | (0.2 | )% | |||||||||||||||||||||||
Income tax expense | 13,169 | 13,360 | 11,740 | (1.4 | )% | 12.2 | % | 24,909 | 26,892 | (7.4 | )% | |||||||||||||||||||||||
Net Income | $ | 40,582 | $ | 39,891 | $ | 39,227 | 1.7 | % | 3.5 | % | $ | 79,809 | $ | 78,023 | 2.3 | % | ||||||||||||||||||
PER SHARE: | ||||||||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||||||||
Basic | $ | 0.21 | $ | 0.20 | $ | 0.20 | 5.0 | % | 5.0 | % | $ | 0.41 | $ | 0.39 | 5.1 | % | ||||||||||||||||||
Diluted | 0.21 | 0.20 | 0.20 | 5.0 | % | 5.0 | % | 0.41 | 0.39 | 5.1 | % | |||||||||||||||||||||||
Cash dividends | $ | 0.08 | $ | 0.07 | $ | 0.08 | 14.3 | % | — | % | $ | 0.16 | $ | 0.14 | 14.3 | % | ||||||||||||||||||
Shareholders' equity | 10.48 | 10.16 | 10.56 | 3.1 | % | (0.8 | )% | 10.48 | 10.16 | 3.1 | % | |||||||||||||||||||||||
Shareholders' equity (tangible) | 7.72 | 7.46 | 7.82 | 3.5 | % | (1.3 | )% | 7.72 | 7.46 | 3.5 | % | |||||||||||||||||||||||
Weighted average shares (basic) | 193,273 | 199,671 | 196,299 | (3.2 | )% | (1.5 | )% | 194,777 | 199,581 | (2.4 | )% | |||||||||||||||||||||||
Weighted average shares (diluted) | 194,346 | 200,806 | 197,217 | (3.2 | )% | (1.5 | )% | 195,773 | 200,575 | (2.4 | )% | |||||||||||||||||||||||
Shares outstanding, end of period | 193,658 | 200,880 | 195,276 | (3.6 | )% | (0.8 | )% | 193,658 | 200,880 | (3.6 | )% | |||||||||||||||||||||||
SELECTED FINANCIAL RATIOS: | ||||||||||||||||||||||||||||||||||
Return on average assets | 0.97 | % | 0.98 | % | 0.96 | % | 0.97 | % | 0.96 | % | ||||||||||||||||||||||||
Return on average common shareholders' equity | 7.89 | % | 7.84 | % | 7.67 | % | 7.78 | % | 7.72 | % | ||||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | 10.75 | % | 10.80 | % | 10.43 | % | 10.59 | % | 10.68 | % | ||||||||||||||||||||||||
Net interest margin | 3.52 | % | 3.78 | % | 3.55 | % | 3.54 | % | 3.81 | % | ||||||||||||||||||||||||
Efficiency ratio | 62.73 | % | 57.54 | % | 61.78 | % | 62.27 | % | 57.19 | % | ||||||||||||||||||||||||
N/M - Not meaningful |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | March 31, 2013 | ||||||||||||||||||||||||||||||
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 | $ | 12,528,562 | $ | 138,002 | 4.42% | $ | 11,967,939 | $ | 144,263 | 4.85% | $ | 12,257,280 | $ | 136,948 | 4.53% | |||||||||||||||||
Taxable investment securities | 2,410,004 | 14,516 | 2.41% | 2,533,060 | 18,624 | 2.94% | 2,421,178 | 13,397 | 2.22% | |||||||||||||||||||||||
Tax-exempt investment securities | 280,508 | 3,608 | 5.15% | 283,736 | 3,992 | 5.63% | 292,118 | 3,814 | 5.22% | |||||||||||||||||||||||
Equity securities | 123,848 | 875 | 2.83% | 106,954 | 707 | 2.65% | 118,367 | 917 | 3.12% | |||||||||||||||||||||||
Total Investment Securities | 2,814,360 | 18,999 | 2.70% | 2,923,750 | 23,323 | 3.19% | 2,831,663 | 18,128 | 2.56% | |||||||||||||||||||||||
Loans held for sale | 42,158 | 384 | 3.64% | 55,813 | 538 | 3.85% | 47,885 | 495 | 4.14% | |||||||||||||||||||||||
Other interest-earning assets | 144,945 | 35 | 0.10% | 129,659 | 45 | 0.14% | 117,850 | 22 | 0.07% | |||||||||||||||||||||||
Total Interest-earning Assets | 15,530,025 | 157,420 | 4.07% | 15,077,161 | 168,169 | 4.48% | 15,254,678 | 155,593 | 4.13% | |||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | 206,090 | 233,041 | 202,507 | |||||||||||||||||||||||||||||
Premises and equipment | 225,915 | 216,881 | 226,466 | |||||||||||||||||||||||||||||
Other assets | 1,060,095 | 1,104,615 | 1,070,170 | |||||||||||||||||||||||||||||
Less: allowance for loan losses | (221,541 | ) | (259,327 | ) | (227,858 | ) | ||||||||||||||||||||||||||
Total Assets | $ | 16,800,584 | $ | 16,372,371 | $ | 16,525,963 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | $ | 2,718,679 | $ | 872 | 0.13% | $ | 2,484,730 | $ | 1,025 | 0.17% | $ | 2,705,835 | $ | 877 | 0.13% | |||||||||||||||||
Savings deposits | 3,350,856 | 1,016 | 0.12% | 3,302,418 | 1,510 | 0.18% | 3,334,305 | 1,023 | 0.12% | |||||||||||||||||||||||
Time deposits | 3,169,141 | 7,610 | 0.96% | 3,791,362 | 12,208 | 1.30% | 3,321,309 | 8,501 | 1.04% | |||||||||||||||||||||||
Total Interest-bearing Deposits | 9,238,676 | 9,498 | 0.41% | 9,578,510 | 14,743 | 0.62% | 9,361,449 | 10,401 | 0.45% | |||||||||||||||||||||||
Short-term borrowings | 1,313,424 | 700 | 0.21% | 961,900 | 411 | 0.17% | 1,032,122 | 509 | 0.20% | |||||||||||||||||||||||
FHLB advances and long-term debt | 889,186 | 10,815 | 4.87% | 929,318 | 11,301 | 4.88% | 891,173 | 10,768 | 4.87% | |||||||||||||||||||||||
Total Interest-bearing Liabilities | 11,441,286 | 21,013 | 0.74% | 11,469,728 | 26,455 | 0.93% | 11,284,744 | 21,678 | 0.78% | |||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Demand deposits | 3,116,940 | 2,670,397 | 2,968,777 | |||||||||||||||||||||||||||||
Other | 179,875 | 185,929 | 198,944 | |||||||||||||||||||||||||||||
Total Liabilities | 14,738,101 | 14,326,054 | 14,452,465 | |||||||||||||||||||||||||||||
Shareholders' equity | 2,062,483 | 2,046,317 | 2,073,498 | |||||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,800,584 | $ | 16,372,371 | $ | 16,525,963 | ||||||||||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 136,407 | 3.52% | 141,714 | 3.78% | 133,915 | 3.55% | ||||||||||||||||||||||||||
Tax equivalent adjustment | (4,342 | ) | (4,184 | ) | (4,271 | ) | ||||||||||||||||||||||||||
Net interest income | $ | 132,065 | $ | 137,530 | $ | 129,644 | ||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||
Jun 30 | Jun 30 | Mar 31 | Jun 30 | Mar 31 | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||
Loans, by type: | ||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,758,060 | $ | 4,634,436 | $ | 4,666,494 | 2.7 | % | 2.0 | % | ||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 3,714,683 | 3,529,947 | 3,662,566 | 5.2 | % | 1.4 | % | |||||||||||||||||||||||||
Real estate - home equity | 1,732,704 | 1,599,702 | 1,662,173 | 8.3 | % | 4.2 | % | |||||||||||||||||||||||||
Real estate - residential mortgage | 1,308,713 | 1,180,024 | 1,283,168 | 10.9 | % | 2.0 | % | |||||||||||||||||||||||||
Real estate - construction | 617,577 | 640,282 | 591,338 | (3.5 | )% | 4.4 | % | |||||||||||||||||||||||||
Consumer | 304,918 | 307,651 | 305,480 | (0.9 | )% | (0.2 | )% | |||||||||||||||||||||||||
Leasing and other | 91,907 | 75,897 | 86,061 | 21.1 | % | 6.8 | % | |||||||||||||||||||||||||
Total Loans, net of unearned income | $ | 12,528,562 | $ | 11,967,939 | $ | 12,257,280 | 4.7 | % | 2.2 | % | ||||||||||||||||||||||
Deposits, by type: | ||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 3,116,940 | $ | 2,670,397 | $ | 2,968,777 | 16.7 | % | 5.0 | % | ||||||||||||||||||||||
Interest-bearing demand | 2,718,679 | 2,484,730 | 2,705,835 | 9.4 | % | 0.5 | % | |||||||||||||||||||||||||
Savings deposits | 3,350,856 | 3,302,418 | 3,334,305 | 1.5 | % | 0.5 | % | |||||||||||||||||||||||||
Time deposits | 3,169,141 | 3,791,362 | 3,321,309 | (16.4 | )% | (4.6 | )% | |||||||||||||||||||||||||
Total Deposits | $ | 12,355,616 | $ | 12,248,907 | $ | 12,330,226 | 0.9 | % | 0.2 | % | ||||||||||||||||||||||
Short-term borrowings, by type: | ||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 188,339 | $ | 226,216 | $ | 165,109 | (16.7 | )% | 14.1 | % | ||||||||||||||||||||||
Customer short-term promissory notes | 98,207 | 146,307 | 112,041 | (32.9 | )% | (12.3 | )% | |||||||||||||||||||||||||
Federal funds purchased | 776,603 | 564,377 | 709,779 | 37.6 | % | 9.4 | % | |||||||||||||||||||||||||
Short-term FHLB advances | 250,275 | 25,000 | 45,193 | N/M | N/M | |||||||||||||||||||||||||||
Total Short-term Borrowings | $ | 1,313,424 | $ | 961,900 | $ | 1,032,122 | 36.5 | % | 27.3 | % | ||||||||||||||||||||||
N/M - Not Meaningful |
FULTON FINANCIAL CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |||||||||||||||||||||||
dollars in thousands | |||||||||||||||||||||||
Six Months ended June 30 | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||
Balance | Interest (1) | Yield/Rate | Balance | Interest (1) | Yield/Rate | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Loans, net of unearned income | $ | 12,393,670 | $ | 274,950 | 4.47 | % | $ | 11,974,519 | $ | 291,309 | 4.89 | % | |||||||||||
Taxable investment securities | 2,415,562 | 27,913 | 2.31 | % | 2,467,609 | 37,285 | 3.02 | % | |||||||||||||||
Tax-exempt investment securities | 286,281 | 7,422 | 5.19 | % | 289,230 | 8,149 | 5.63 | % | |||||||||||||||
Equity securities | 121,123 | 1,792 | 2.97 | % | 111,274 | 1,487 | 2.68 | % | |||||||||||||||
Total Investment Securities | 2,822,966 | 37,127 | 2.63 | % | 2,868,113 | 46,921 | 3.27 | % | |||||||||||||||
Loans held for sale | 45,005 | 879 | 3.91 | % | 48,145 | 969 | 4.02 | % | |||||||||||||||
Other interest-earning assets | 131,472 | 57 | 0.09 | % | 115,808 | 98 | 0.17 | % | |||||||||||||||
Total Interest-earning Assets | 15,393,113 | 313,013 | 4.10 | % | 15,006,585 | 339,297 | 4.55 | % | |||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||
Cash and due from banks | 204,308 | 247,891 | |||||||||||||||||||||
Premises and equipment | 226,189 | 214,725 | |||||||||||||||||||||
Other assets | 1,065,104 | 1,108,520 | |||||||||||||||||||||
Less: allowance for loan losses | (224,682 | ) | (262,709 | ) | |||||||||||||||||||
Total Assets | $ | 16,664,032 | $ | 16,315,012 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 2,712,292 | $ | 1,749 | 0.13 | % | $ | 2,474,591 | $ | 2,061 | 0.17 | % | |||||||||||
Savings deposits | 3,342,626 | 2,039 | 0.12 | % | 3,325,959 | 3,320 | 0.20 | % | |||||||||||||||
Time deposits | 3,244,805 | 16,111 | 1.00 | % | 3,871,636 | 25,612 | 1.33 | % | |||||||||||||||
Total Interest-bearing Deposits | 9,299,723 | 19,899 | 0.43 | % | 9,672,186 | 30,993 | 0.64 | % | |||||||||||||||
Short-term borrowings | 1,173,550 | 1,209 | 0.21 | % | 845,001 | 692 | 0.16 | % | |||||||||||||||
FHLB advances and long-term debt | 890,174 | 21,583 | 4.87 | % | 956,310 | 22,966 | 4.82 | % | |||||||||||||||
Total Interest-bearing Liabilities | 11,363,447 | 42,691 | 0.76 | % | 11,473,497 | 54,651 | 0.96 | % | |||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | 3,043,268 | 2,618,355 | |||||||||||||||||||||
Other | 189,357 | 191,696 | |||||||||||||||||||||
Total Liabilities | 14,596,072 | 14,283,548 | |||||||||||||||||||||
Shareholders' equity | 2,067,960 | 2,031,464 | |||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 16,664,032 | $ | 16,315,012 | |||||||||||||||||||
Net interest income/net interest margin (fully taxable equivalent) | 270,322 | 3.54 | % | 284,646 | 3.81 | % | |||||||||||||||||
Tax equivalent adjustment | (8,613 | ) | (8,421 | ) | |||||||||||||||||||
Net interest income | $ | 261,709 | $ | 276,225 | |||||||||||||||||||
(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: | |||||||||||||||||||||||
Six months ended | |||||||||||||||||||||||
June 30 | |||||||||||||||||||||||
2013 | 2012 | % Change | |||||||||||||||||||||
Loans, by type: | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | 4,712,530 | $ | 4,625,969 | 1.9 | % | |||||||||||||||||
Commercial - industrial, financial and agricultural | 3,688,767 | 3,557,731 | 3.7 | % | |||||||||||||||||||
Real estate - home equity | 1,697,634 | 1,605,633 | 5.7 | % | |||||||||||||||||||
Real estate - residential mortgage | 1,296,012 | 1,158,994 | 11.8 | % | |||||||||||||||||||
Real estate - construction | 604,531 | 640,928 | (5.7 | )% | |||||||||||||||||||
Consumer | 305,199 | 309,942 | (1.5 | )% | |||||||||||||||||||
Leasing and other | 88,997 | 75,322 | 18.2 | % | |||||||||||||||||||
Total Loans, net of unearned income | $ | 12,393,670 | $ | 11,974,519 | 3.5 | % | |||||||||||||||||
Deposits, by type: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 3,043,268 | $ | 2,618,355 | 16.2 | % | |||||||||||||||||
Interest-bearing demand | 2,712,292 | 2,474,591 | 9.6 | % | |||||||||||||||||||
Savings deposits | 3,342,626 | 3,325,959 | 0.5 | % | |||||||||||||||||||
Time deposits | 3,244,805 | 3,871,636 | (16.2 | )% | |||||||||||||||||||
Total Deposits | $ | 12,342,991 | $ | 12,290,541 | 0.4 | % | |||||||||||||||||
Short-term borrowings, by type: | |||||||||||||||||||||||
Customer repurchase agreements | $ | 176,788 | $ | 213,379 | (17.1 | )% | |||||||||||||||||
Customer short-term promissory notes | 105,086 | 150,689 | (30.3 | )% | |||||||||||||||||||
Federal funds purchased | 743,376 | 464,175 | 60.1 | % | |||||||||||||||||||
Short-term FHLB advances | 148,300 | 16,758 | N/M | ||||||||||||||||||||
Total Short-term Borrowings | $ | 1,173,550 | $ | 845,001 | 38.9 | % | |||||||||||||||||
N/M - Not Meaningful |
FULTON FINANCIAL CORPORATION | ||||||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||
dollars in thousands | ||||||||||||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Jun 30 | Jun 30 | Mar 31 | Jun 30 | Jun 30 | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2,013 | 2,012 | ||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 221,527 | $ | 258,137 | $ | 225,439 | $ | 225,439 | $ | 258,177 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | (5,960 | ) | (13,017 | ) | (9,502 | ) | (15,462 | ) | (18,686 | ) | ||||||||||||||||||||||
Real estate - commercial mortgage | (5,193 | ) | (23,699 | ) | (4,133 | ) | (9,326 | ) | (35,590 | ) | ||||||||||||||||||||||
Real estate - residential mortgage | (4,465 | ) | (1,492 | ) | (3,050 | ) | (7,515 | ) | (2,339 | ) | ||||||||||||||||||||||
Real estate - construction | (2,597 | ) | (8,442 | ) | (1,986 | ) | (4,583 | ) | (17,013 | ) | ||||||||||||||||||||||
Real estate - home equity | (1,966 | ) | (2,789 | ) | (2,404 | ) | (4,370 | ) | (4,995 | ) | ||||||||||||||||||||||
Leasing and other | (769 | ) | (630 | ) | (481 | ) | (1,250 | ) | (1,071 | ) | ||||||||||||||||||||||
Consumer | (433 | ) | (471 | ) | (550 | ) | (983 | ) | (1,105 | ) | ||||||||||||||||||||||
Total loans charged off | (21,383 | ) | (50,540 | ) | (22,106 | ) | (43,489 | ) | (80,799 | ) | ||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 756 | 717 | 379 | 1,135 | 1,353 | |||||||||||||||||||||||||||
Real estate - commercial mortgage | 1,505 | 1,153 | 1,064 | 2,569 | 1,969 | |||||||||||||||||||||||||||
Real estate - residential mortgage | 116 | 71 | 81 | 197 | 144 | |||||||||||||||||||||||||||
Real estate - construction | 744 | 1,539 | 671 | 1,415 | 1,603 | |||||||||||||||||||||||||||
Real estate - home equity | 192 | 278 | 331 | 523 | 298 | |||||||||||||||||||||||||||
Leasing and other | 263 | 180 | 162 | 425 | 440 | |||||||||||||||||||||||||||
Consumer | 406 | 281 | 506 | 912 | 631 | |||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,982 | 4,219 | 3,194 | 7,176 | 6,438 | |||||||||||||||||||||||||||
Net loans charged off | (17,401 | ) | (46,321 | ) | (18,912 | ) | (36,313 | ) | (74,361 | ) | ||||||||||||||||||||||
Provision for credit losses | 13,500 | 25,500 | 15,000 | 28,500 | 53,500 | |||||||||||||||||||||||||||
Balance at end of period | $ | 217,626 | $ | 237,316 | $ | 221,527 | $ | 217,626 | $ | 237,316 | ||||||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.56 | % | 1.55 | % | 0.62 | % | 0.59 | % | 1.24 | % | ||||||||||||||||||||||
NON-PERFORMING ASSETS: | ||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 164,039 | $ | 203,539 | $ | 179,334 | ||||||||||||||||||||||||||
Loans 90 days past due and accruing | 25,159 | 30,434 | 29,325 | |||||||||||||||||||||||||||||
Total non-performing loans | 189,198 | 233,973 | 208,659 | |||||||||||||||||||||||||||||
Other real estate owned | 20,984 | 32,338 | 23,820 | |||||||||||||||||||||||||||||
Total non-performing assets | $ | 210,182 | $ | 266,311 | $ | 232,479 | ||||||||||||||||||||||||||
NON-PERFORMING LOANS, BY TYPE: | ||||||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | $ | 57,219 | $ | 67,969 | $ | 61,113 | ||||||||||||||||||||||||||
Real estate - commercial mortgage | 49,429 | 82,179 | 58,805 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 30,660 | 25,373 | 36,361 | |||||||||||||||||||||||||||||
Real estate - construction | 29,964 | 43,124 | 31,919 | |||||||||||||||||||||||||||||
Real estate - home equity | 19,046 | 12,260 | 17,468 | |||||||||||||||||||||||||||||
Consumer | 2,780 | 2,672 | 2,782 | |||||||||||||||||||||||||||||
Leasing | 100 | 396 | 211 | |||||||||||||||||||||||||||||
Total non-performing loans | $ | 189,198 | $ | 233,973 | $ | 208,659 | ||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE: | ||||||||||||||||||||||||||||||||
Real-estate - residential mortgage | $ | 28,948 | $ | 33,516 | $ | 33,095 | ||||||||||||||||||||||||||
Real-estate - commercial mortgage | 24,828 | 32,481 | 28,421 | |||||||||||||||||||||||||||||
Real estate - construction | 10,599 | 10,030 | 11,125 | |||||||||||||||||||||||||||||
Commercial - industrial, financial and agricultural | 8,394 | 4,806 | 9,031 | |||||||||||||||||||||||||||||
Real estate - home equity | 1,549 | 620 | 1,537 | |||||||||||||||||||||||||||||
Consumer | 13 | — | 12 | |||||||||||||||||||||||||||||
Total accruing TDRs | $ | 74,331 | $ | 81,453 | $ | 83,221 | ||||||||||||||||||||||||||
Non-accrual TDRs (1) | 30,377 | 27,576 | 33,215 | |||||||||||||||||||||||||||||
Total TDRs | $ | 104,708 | $ | 109,029 | $ | 116,436 | ||||||||||||||||||||||||||
(1) Included within non-accrual loans above. | ||||||||||||||||||||||||||||||||
DELINQUENCY RATES, BY TYPE: | ||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | March 31, 2013 | ||||||||||||||||||||||||||||||
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 | 0.47 | % | 1.01 | % | 1.48 | % | 0.41 | % | 1.78 | % | 2.19 | % | 0.39 | % | 1.25 | % | 1.64 | % | ||||||||||||||
Commercial - industrial, financial and agricultural | 0.41 | % | 1.54 | % | 1.95 | % | 0.66 | % | 1.91 | % | 2.57 | % | 0.35 | % | 1.67 | % | 2.02 | % | ||||||||||||||
Real estate - construction | 0.42 | % | 4.91 | % | 5.33 | % | 0.95 | % | 6.96 | % | 7.91 | % | 0.17 | % | 5.34 | % | 5.51 | % | ||||||||||||||
Real estate - residential mortgage | 2.12 | % | 2.33 | % | 4.45 | % | 2.94 | % | 2.15 | % | 5.09 | % | 2.07 | % | 2.79 | % | 4.86 | % | ||||||||||||||
Real estate - home equity | 0.68 | % | 1.08 | % | 1.76 | % | 0.83 | % | 0.76 | % | 1.59 | % | 0.69 | % | 1.03 | % | 1.72 | % | ||||||||||||||
Consumer, leasing and other | 1.47 | % | 0.74 | % | 2.21 | % | 1.61 | % | 0.79 | % | 2.40 | % | 1.38 | % | 0.75 | % | 2.13 | % | ||||||||||||||
Total | 0.68 | % | 1.50 | % | 2.18 | % | 0.86 | % | 1.95 | % | 2.81 | % | 0.62 | % | 1.68 | % | 2.30 | % | ||||||||||||||
(2) Includes non-accrual loans | ||||||||||||||||||||||||||||||||
ASSET QUALITY RATIOS: | ||||||||||||||||||||||||||||||||
Jun 30 | Jun 30 | Mar 31 | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Non-accrual loans to total loans | 1.30 | % | 1.70 | % | 1.45 | % | ||||||||||||||||||||||||||
Non-performing assets to total loans and OREO | 1.66 | % | 2.22 | % | 1.87 | % | ||||||||||||||||||||||||||
Non-performing assets to total assets | 1.23 | % | 1.63 | % | 1.39 | % | ||||||||||||||||||||||||||
Allowance for credit losses to loans outstanding | 1.72 | % | 1.98 | % | 1.79 | % | ||||||||||||||||||||||||||
Allowance for credit losses to non-performing loans | 115.03 | % | 101.43 | % | 106.17 | % | ||||||||||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 12.28 | % | 15.34 | % | 13.30 | % |
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 these measures 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 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: | ||||||||||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||||||||||
Jun 30 | Jun 30 | March 31 | Jun 30 | Jun 30 | |||||||||||||||||||||
2013 | 2012 | 2013 | 2013 | 2012 | |||||||||||||||||||||
Shareholders' equity (tangible), per share | |||||||||||||||||||||||||
Shareholders' equity | $ | 2,028,732 | $ | 2,041,184 | $ | 2,061,763 | |||||||||||||||||||
Less: Goodwill and intangible assets | (534,452 | ) | (542,622 | ) | (534,987 | ) | |||||||||||||||||||
Tangible shareholders' equity (numerator) | $ | 1,494,280 | $ | 1,498,562 | $ | 1,526,776 | |||||||||||||||||||
Shares outstanding, end of period (denominator) | 193,658 | 200,880 | 195,276 | ||||||||||||||||||||||
Shareholders' equity (tangible), per share | $ | 7.72 | $ | 7.46 | $ | 7.82 | |||||||||||||||||||
Return on average common shareholders' equity (tangible) | |||||||||||||||||||||||||
Net income | $ | 40,582 | $ | 39,891 | $ | 39,227 | $ | 79,809 | $ | 78,023 | |||||||||||||||
Plus: Intangible amortization, net of tax | 348 | 495 | 347 | 695 | 1,015 | ||||||||||||||||||||
Net income, less intangible amortization, net of tax (numerator) | $ | 40,930 | $ | 40,386 | $ | 39,574 | $ | 80,504 | $ | 79,038 | |||||||||||||||
Average shareholders' equity | $ | 2,062,483 | $ | 2,046,317 | $ | 2,073,498 | $ | 2,067,960 | $ | 2,031,464 | |||||||||||||||
Less: Average goodwill and intangible assets | (534,713 | ) | (542,998 | ) | (535,255 | ) | (534,982 | ) | (543,388 | ) | |||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,527,770 | $ | 1,503,319 | $ | 1,538,243 | $ | 1,532,978 | $ | 1,488,076 | |||||||||||||||
Return on average common shareholders' equity (tangible), annualized | 10.75 | % | 10.80 | % | 10.43 | % | 10.59 | % | 10.68 | % | |||||||||||||||
Efficiency ratio | |||||||||||||||||||||||||
Non-interest expense | $ | 117,130 | $ | 112,087 | $ | 110,936 | $ | 228,066 | $ | 222,756 | |||||||||||||||
Less: Intangible amortization | (535 | ) | (761 | ) | (534 | ) | (1,069 | ) | (1,562 | ) | |||||||||||||||
Numerator | $ | 116,595 | $ | 111,326 | $ | 110,402 | $ | 226,997 | $ | 221,194 | |||||||||||||||
Net interest income (fully taxable equivalent) | $ | 136,407 | $ | 141,714 | $ | 133,915 | $ | 270,322 | $ | 284,646 | |||||||||||||||
Plus: Total Non-interest income | 52,316 | 53,308 | 47,259 | 99,575 | 104,946 | ||||||||||||||||||||
Less: Investment securities gains | (2,865 | ) | (1,538 | ) | (2,473 | ) | (5,338 | ) | (2,789 | ) | |||||||||||||||
Denominator | $ | 185,858 | $ | 193,484 | $ | 178,701 | $ | 364,559 | $ | 386,803 | |||||||||||||||
Efficiency ratio | 62.73 | % | 57.54 | % | 61.78 | % | 62.27 | % | 57.19 | % | |||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | |||||||||||||||||||||||||
Non-performing assets (numerator) | $ | 210,182 | $ | 266,311 | $ | 232,479 | |||||||||||||||||||
Tangible shareholders' equity | $ | 1,494,280 | $ | 1,498,562 | $ | 1,526,776 | |||||||||||||||||||
Plus: Allowance for credit losses | 217,626 | 237,316 | 221,527 | ||||||||||||||||||||||
Tangible shareholders' equity and allowance for credit losses (denominator) | $ | 1,711,906 | $ | 1,735,878 | $ | 1,748,303 | |||||||||||||||||||
Non-performing assets to tangible common shareholders' equity and allowance for credit losses | 12.28 | % | 15.34 | % | 13.30 | % | |||||||||||||||||||