EX-99.2 3 exhibit992123114.htm SUPPLEMENTAL FINANCIAL INFORMATION FOR THE QUARTER ENDED DECEMBER 31, 2014 Exhibit 99.2 12.31.14


Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
FULTON FINANCIAL CORPORATION
 
 
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 
 
 % Change from
 
 
December 31
 
December 31
 
September 30
 
December 31
 
September 30
 
 
2014
 
2013
 
2014
 
2013
 
2014
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
105,702

 
$
218,540

 
$
220,946

 
(51.6
)%
 
(52.2
)%
 
Other interest-earning assets
423,083

 
248,161

 
377,579

 
70.5
 %
 
12.1
 %
 
Loans held for sale
17,522

 
21,351

 
25,212

 
(17.9
)%
 
(30.5
)%
 
Investment securities
2,323,371

 
2,568,434

 
2,470,609

 
(9.5
)%
 
(6.0
)%
 
Loans, net of unearned income
13,111,716

 
12,782,220

 
13,030,405

 
2.6
 %
 
0.6
 %
 
Allowance for loan losses
(184,144
)
 
(202,780
)
 
(189,477
)
 
(9.2
)%
 
(2.8
)%
 
     Net loans
12,927,572

 
12,579,440

 
12,840,928

 
2.8
 %
 
0.7
 %
 
Premises and equipment
226,027

 
226,021

 
224,441

 
—
 %
 
0.7
 %
 
Accrued interest receivable
41,818

 
44,037

 
43,544

 
(5.0
)%
 
(4.0
)%
 
Goodwill and intangible assets
531,803

 
533,076

 
532,117

 
(0.2
)%
 
(0.1
)%
 
Other assets
527,869

 
495,574

 
502,798

 
6.5
 %
 
5.0
 %
 
    Total Assets
$
17,124,767

 
$
16,934,634

 
$
17,238,174

 
1.1
 %
 
(0.7
)%
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Deposits
$
13,367,506

 
$
12,491,186

 
$
13,333,627

 
7.0
 %
 
0.3
 %
 
Short-term borrowings
329,719

 
1,258,629

 
564,952

 
(73.8
)%
 
(41.6
)%
 
Other liabilities
291,464

 
238,048

 
243,300

 
22.4
 %
 
19.8
 %
 
FHLB advances and long-term debt
1,139,413

 
883,584

 
1,018,289

 
29.0
 %
 
11.9
 %
 
    Total Liabilities
15,128,102

 
14,871,447

 
15,160,168

 
1.7
 %
 
(0.2
)%
 
Shareholders' equity
1,996,665

 
2,063,187

 
2,078,006

 
(3.2
)%
 
(3.9
)%
 
    Total Liabilities and Shareholders' Equity
$
17,124,767

 
$
16,934,634

 
$
17,238,174

 
1.1
 %
 
(0.7
)%
 
 
 
 
 
 
 
 
 
 
 
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
 
 
 
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
5,197,155

 
$
5,101,922

 
$
5,156,979

 
1.9
 %
 
0.8
 %
 
Commercial - industrial, financial and agricultural
3,725,567

 
3,628,420

 
3,691,262

 
2.7
 %
 
0.9
 %
 
Real estate - home equity
1,736,688

 
1,764,197

 
1,733,036

 
(1.6
)%
 
0.2
 %
 
Real estate - residential mortgage
1,377,068

 
1,337,380

 
1,372,033

 
3.0
 %
 
0.4
 %
 
Real estate - construction
690,601

 
573,672

 
687,728

 
20.4
 %
 
0.4
 %
 
Consumer
265,431

 
283,124

 
278,219

 
(6.2
)%
 
(4.6
)%
 
Leasing and other
119,206

 
93,505

 
111,148

 
27.5
 %
 
7.2
 %
 
Total Loans, net of unearned income
$
13,111,716

 
$
12,782,220

 
$
13,030,405

 
2.6
 %
 
0.6
 %
Deposits, by type:
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand
$
3,640,623

 
$
3,283,172

 
$
3,556,810

 
10.9
 %
 
2.4
 %
 
Interest-bearing demand
3,150,612

 
2,945,210

 
3,164,514

 
7.0
 %
 
(0.4
)%
 
Savings deposits
3,504,820

 
3,344,882

 
3,620,919

 
4.8
 %
 
(3.2
)%
 
Time deposits
3,071,451

 
2,917,922

 
2,991,384

 
5.3
 %
 
2.7
 %
 
Total Deposits
$
13,367,506

 
$
12,491,186

 
$
13,333,627

 
7.0
 %
 
0.3
 %
Short-term borrowings, by type:
 
 
 
 
 
 
 
 
 
Customer repurchase agreements
$
158,394

 
$
175,621

 
$
195,121

 
(9.8
)%
 
(18.8
)%
 
Customer short-term promissory notes
95,106

 
100,572

 
78,225

 
(5.4
)%
 
21.6
 %
 
Federal funds purchased
6,219

 
582,436

 
6,606

 
(98.9
)%
 
(5.9
)%
 
Short-term FHLB advances
70,000

 
400,000

 
285,000

 
(82.5
)%
 
(75.4
)%
 
Total Short-term Borrowings
$
329,719

 
$
1,258,629

 
$
564,952

 
(73.8
)%
 
(41.6
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
 
 
 
 
 
 
in thousands, except per-share data and percentages
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 % Change from
 
Year Ended
 
 
 
 
 
 
 
Dec 31
 
Dec 31
 
Sep 30
 
Dec 31
 
Sep 30
 
Dec 31
 
 
 
 
 
 
 
2014
 
2013
 
2014
 
2013
 
2014
 
2014
 
2013
 
% Change
 
Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
$
149,594

 
$
152,457

 
$
149,790

 
(1.9
)%
 
(0.1
)%
 
$
596,078

 
$
609,689

 
(2.2
)%
 
 
Interest expense
 
 
21,556

 
19,505

 
20,424

 
10.5
 %
 
5.5
 %
 
81,211

 
82,495

 
(1.6
)%
 
 
    Net Interest Income
 
 
128,038

 
132,952

 
129,366

 
(3.7
)%
 
(1.0
)%
 
514,867

 
527,194

 
(2.3
)%
 
 
Provision for credit losses
 
 
3,000

 
2,500

 
3,500

 
20.0
 %
 
(14.3
)%
 
12,500

 
40,500

 
(69.1
)%
 
 
    Net Interest Income after Provision
 
 
125,038

 
130,452

 
125,866

 
(4.2
)%
 
(0.7
)%
 
502,367

 
486,694

 
3.2
 %
 
Non-Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
 
 
12,229

 
12,770

 
12,801

 
(4.2
)%
 
(4.5
)%
 
49,293

 
55,470

 
(11.1
)%
 
 
Investment management and trust services
 
 
11,188

 
10,589

 
11,120

 
5.7
 %
 
0.6
 %
 
44,605

 
41,706

 
7.0
 %
 
 
Other service charges and fees
 
 
10,489

 
9,421

 
9,954

 
11.3
 %
 
5.4
 %
 
39,896

 
36,957

 
8.0
 %
 
 
Mortgage banking income
 
 
3,723

 
4,363

 
4,038

 
(14.7
)%
 
(7.8
)%
 
17,107

 
30,656

 
(44.2
)%
 
 
Investment securities gains
 
 
848

 
33

 
81

 
N/M

 
N/M

 
2,041

 
8,004

 
(74.5
)%
 
 
Other
 
 
3,624

 
3,556

 
3,906

 
1.9
 %
 
(7.2
)%
 
14,437

 
14,871

 
(2.9
)%
 
 
    Total Non-Interest Income
 
 
42,101

 
40,732

 
41,900

 
3.4
 %
 
0.5
 %
 
167,379

 
187,664

 
(10.8
)%
 
Non-Interest Expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
 
65,398

 
65,194

 
62,434

 
0.3
 %
 
4.7
 %
 
251,021

 
253,240

 
(0.9
)%
 
 
Net occupancy expense
 
 
11,481

 
12,134

 
11,582

 
(5.4
)%
 
(0.9
)%
 
48,130

 
46,944

 
2.5
 %
 
 
Other outside services
 
 
8,720

 
5,633

 
8,632

 
54.8
 %
 
1.0
 %
 
28,404

 
18,856

 
50.6
 %
 
 
Data processing
 
 
4,346

 
3,386

 
4,689

 
28.4
 %
 
(7.3
)%
 
17,162

 
16,555

 
3.7
 %
 
 
Equipment expense
 
 
3,298

 
3,972

 
3,307

 
(17.0
)%
 
(0.3
)%
 
13,567

 
15,419

 
(12.0
)%
 
 
Software
 
 
3,271

 
2,450

 
3,353

 
33.5
 %
 
(2.4
)%
 
12,758

 
11,560

 
10.4
 %
 
 
FDIC insurance expense
 
 
2,772

 
2,839

 
2,882

 
(2.4
)%
 
(3.8
)%
 
10,958

 
11,605

 
(5.6
)%
 
 
Marketing
 
 
2,414

 
1,660

 
1,798

 
45.4
 %
 
34.3
 %
 
8,133

 
7,705

 
5.6
 %
 
 
Professional fees
 
 
2,382

 
3,379

 
3,252

 
(29.5
)%
 
(26.8
)%
 
12,097

 
13,150

 
(8.0
)%
 
 
Operating risk loss
 
 
485

 
2,367

 
1,242

 
(79.5
)%
 
(61.0
)%
 
4,271

 
9,290

 
(54.0
)%
 
 
Intangible amortization
 
 
315

 
835

 
314

 
(62.3
)%
 
0.3
 %
 
1,259

 
2,438

 
(48.4
)%
 
 
OREO and repossession expense
 
 
236

 
1,116

 
1,303

 
(78.9
)%
 
(81.9
)%
 
3,270

 
7,364

 
(55.6
)%
 
 
Other
 
 
12,602

 
11,797

 
11,010

 
6.8
 %
 
14.5
 %
 
48,216

 
47,307

 
1.9
 %
 
 
    Total Non-Interest Expense
 
 
117,720

 
116,762

 
115,798

 
0.8
 %
 
1.7
 %
 
459,246

 
461,433

 
(0.5
)%
 
 
    Income Before Income Taxes
 
 
49,419

 
54,422

 
51,968

 
(9.2
)%
 
(4.9
)%
 
210,500

 
212,925

 
(1.1
)%
 
 
Income tax expense
 
 
11,470

 
12,339

 
13,402

 
(7.0
)%
 
(14.4
)%
 
52,606

 
51,085

 
3.0
 %
 
 
    Net Income
 
 
$
37,949

 
$
42,083

 
$
38,566

 
(9.8
)%
 
(1.6
)%
 
$
157,894

 
$
161,840

 
(2.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PER SHARE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Basic
 
 
$
0.21

 
$
0.22

 
$
0.21

 
(4.5
)%
 
—
 %
 
$
0.85

 
$
0.84

 
1.2
 %
 
 
    Diluted
 
 
0.21

 
0.22

 
0.21

 
(4.5
)%
 
—
 %
 
0.84

 
0.83

 
1.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash dividends
 
 
$
0.10

 
$
0.08

 
$
0.08

 
25.0
 %
 
25.0
 %
 
$
0.34

 
$
0.32

 
6.3
 %
 
 
Shareholders' equity
 
 
11.16

 
10.71

 
11.22

 
4.2
 %
 
(0.5
)%
 
11.16

 
10.71

 
4.2
 %
 
 
Shareholders' equity (tangible)
 
 
8.19

 
7.94

 
8.35

 
3.1
 %
 
(1.9
)%
 
8.19

 
7.94

 
3.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares (basic)
 
 
181,251

 
191,577

 
186,109

 
(5.4
)%
 
(2.6
)%
 
186,219

 
193,334

 
(3.7
)%
 
 
Weighted average shares (diluted)
 
 
182,189

 
192,658

 
186,955

 
(5.4
)%
 
(2.5
)%
 
187,181

 
194,354

 
(3.7
)%
 
 
Shares outstanding, end of period
 
 
178,924

 
192,652

 
185,158

 
(7.1
)%
 
(3.4
)%
 
178,924

 
192,652

 
(7.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SELECTED FINANCIAL RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
 
 
0.88
%
 
0.99
%
 
0.90
%
 
 
 
 
 
0.93
%
 
0.96
%
 
 
 
 
Return on average shareholders' equity
 
 
7.34
%
 
8.14
%
 
7.32
%
 
 
 
 
 
7.62
%
 
7.88
%
 
 
 
 
Return on average shareholders' equity (tangible)
 
 
9.96
%
 
11.15
%
 
9.88
%
 
 
 
 
 
10.31
%
 
10.76
%
 
 
 
 
Net interest margin
 
 
3.31
%
 
3.48
%
 
3.39
%
 
 
 
 
 
3.39
%
 
3.50
%
 
 
 
 
Efficiency ratio
 
 
67.53
%
 
65.14
%
 
65.80
%
 
 
 
 
 
65.65
%
 
63.39
%
 
 
 
N/M - Not meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 Three Months Ended
 
 
December 31, 2014
 
December 31, 2013
 
September 30, 2014
 
 
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
$
13,056,153

 
$
136,636

 
4.16%
 
$
12,792,566

 
$
138,336

 
4.29%
 
$
12,922,821

 
$
136,773

 
4.20%
 
Taxable investment securities
2,109,884

 
12,689

 
2.40%
 
2,289,672

 
13,431

 
2.35%
 
2,181,099

 
12,278

 
2.25%
 
Tax-exempt investment securities
241,711

 
3,249

 
5.38%
 
283,799

 
3,574

 
5.04%
 
256,303

 
3,414

 
5.33%
 
Equity securities
33,981

 
442

 
5.16%
 
33,887

 
413

 
4.83%
 
34,002

 
438

 
5.12%
 
Total Investment Securities
2,385,576

 
16,380

 
2.74%
 
2,607,358

 
17,418

 
2.67%
 
2,471,404

 
16,130

 
2.61%
 
Loans held for sale
15,340

 
201

 
5.24%
 
20,059

 
290

 
5.78%
 
23,699

 
237

 
4.01%
 
Other interest-earning assets
464,342

 
953

 
0.82%
 
263,478

 
737

 
1.12%
 
293,286

 
976

 
1.33%
 
Total Interest-earning Assets
15,921,411

 
154,170

 
3.85%
 
15,683,461

 
156,781

 
3.98%
 
15,711,210

 
154,116

 
3.90%
Noninterest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
110,292

 
 
 
 
 
212,463

 
 
 
 
 
203,134

 
 
 
 
 
Premises and equipment
224,516

 
 
 
 
 
226,955

 
 
 
 
 
224,241

 
 
 
 
 
Other assets
1,073,302

 
 
 
 
 
1,008,304

 
 
 
 
 
1,055,521

 
 
 
 
 
Less: allowance for loan losses
(189,029
)
 
 
 
 
 
(210,636
)
 
 
 
 
 
(192,163
)
 
 
 
 
 
Total Assets
$
17,140,492

 
 
 
 
 
$
16,920,547

 
 
 
 
 
$
17,001,943

 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
$
3,145,658

 
$
1,027

 
0.13%
 
$
2,966,994

 
$
969

 
0.13%
 
$
3,047,191

 
$
953

 
0.12%
 
Savings deposits
3,548,504

 
1,171

 
0.13%
 
3,410,030

 
1,042

 
0.12%
 
3,468,958

 
1,061

 
0.12%
 
Time deposits
3,016,834

 
7,333

 
0.96%
 
2,965,604

 
6,117

 
0.82%
 
3,009,225

 
6,984

 
0.92%
 
Total Interest-bearing Deposits
9,710,996

 
9,531

 
0.39%
 
9,342,628

 
8,128

 
0.35%
 
9,525,374

 
8,998

 
0.37%
 
Short-term borrowings
417,838

 
138

 
0.13%
 
1,099,709

 
520

 
0.19%
 
667,397

 
297

 
0.18%
 
FHLB advances and long-term debt
1,086,321

 
11,887

 
4.36%
 
888,378

 
10,857

 
4.87%
 
995,486

 
11,129

 
4.45%
 
Total Interest-bearing Liabilities
11,215,155

 
21,556

 
0.76%
 
11,330,715

 
19,505

 
0.68%
 
11,188,257

 
20,424

 
0.73%
Noninterest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
3,630,780

 
 
 
 
 
3,318,073

 
 
 
 
 
3,514,033

 
 
 
 
 
Other
242,346

 
 
 
 
 
221,010

 
 
 
 
 
210,194

 
 
 
 
 
Total Liabilities
15,088,281

 
 
 
 
 
14,869,798

 
 
 
 
 
14,912,484

 
 
 
 
 
Shareholders' equity
2,052,211

 
 
 
 
 
2,050,749

 
 
 
 
 
2,089,459

 
 
 
 
 
Total Liabilities and Shareholders' Equity
$
17,140,492

 
 
 
 
 
$
16,920,547

 
 
 
 
 
$
17,001,943

 
 
 
 
 
Net interest income/net interest margin (fully taxable equivalent)
 
 
132,614

 
3.31%
 
 
 
137,276

 
3.48%
 
 
 
133,692

 
3.39%
 
Tax equivalent adjustment
 
 
(4,576
)
 
 
 
 
 
(4,324
)
 
 
 
 
 
(4,326
)
 
 
 
Net interest income
 
 
$
128,038

 
 
 
 
 
$
132,952

 
 
 
 
 
$
129,366

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
% Change from
 
 
 
 
 
 
 
 
 
 
December 31
 
December 31
 
September 30
 
December 31
 
September 30
 
 
 
 
 
 
 
 
 
 
2014
 
2013
 
2014
 
2013
 
2014
 
 
 
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
5,131,375

 
$
5,065,963

 
$
5,114,221

 
1.3
 %
 
0.3
 %
 
 
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
3,723,211

 
3,639,690

 
3,657,047

 
2.3
 %
 
1.8
 %
 
 
 
 
 
 
 
 
 
Real estate - home equity
1,735,769

 
1,774,919

 
1,727,253

 
(2.2
)%
 
0.5
 %
 
 
 
 
 
 
 
 
 
Real estate - residential mortgage
1,378,452

 
1,331,987

 
1,369,087

 
3.5
 %
 
0.7
 %
 
 
 
 
 
 
 
 
 
Real estate - construction
697,741

 
581,306

 
663,922

 
20.0
 %
 
5.1
 %
 
 
 
 
 
 
 
 
 
Consumer
275,349

 
287,245

 
284,630

 
(4.1
)%
 
(3.3
)%
 
 
 
 
 
 
 
 
 
Leasing and other
114,256

 
111,456

 
106,661

 
2.5
 %
 
7.1
 %
 
 
 
 
 
 
 
 
 
Total Loans, net of unearned income
$
13,056,153

 
$
12,792,566

 
$
12,922,821

 
2.1
 %
 
1.0
 %
 
 
 
 
 
 
 
 
Deposits, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand
$
3,630,780

 
$
3,318,073

 
$
3,514,033

 
9.4
 %
 
3.3
 %
 
 
 
 
 
 
 
 
 
Interest-bearing demand
3,145,658

 
2,966,994

 
3,047,191

 
6.0
 %
 
3.2
 %
 
 
 
 
 
 
 
 
 
Savings deposits
3,548,504

 
3,410,030

 
3,468,958

 
4.1
 %
 
2.3
 %
 
 
 
 
 
 
 
 
 
Time deposits
3,016,834

 
2,965,604

 
3,009,225

 
1.7
 %
 
0.3
 %
 
 
 
 
 
 
 
 
 
Total Deposits
$
13,341,776

 
$
12,660,701

 
$
13,039,407

 
5.4
 %
 
2.3
 %
 
 
 
 
 
 
 
 
Short-term borrowings, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer repurchase agreements
$
183,331

 
$
196,997

 
$
202,809

 
(6.9
)%
 
(9.6
)%
 
 
 
 
 
 
 
 
 
Customer short-term promissory notes
87,338

 
93,986

 
83,734

 
(7.1
)%
 
4.3
 %
 
 
 
 
 
 
 
 
 
Federal funds purchased
59,669

 
408,726

 
224,930

 
(85.4
)%
 
(73.5
)%
 
 
 
 
 
 
 
 
 
Short-term FHLB advances and other borrowings
87,500

 
400,000

 
155,924

 
(78.1
)%
 
(43.9
)%
 
 
 
 
 
 
 
 
 
Total Short-term Borrowings
$
417,838

 
$
1,099,709

 
$
667,397

 
(62.0
)%
 
(37.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
 
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 
Year Ended December 31
 
 
 
2014
 
2013
 
 
 
Average
 
 
 
 
 
Average
 
 
 
 
 
 
 
Balance
 
Interest (1)
 
Yield/Rate
 
Balance
 
Interest (1)
 
Yield/Rate
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning assets:
 
 
 
 
 
 
 
Loans, net of unearned income
 
$
12,885,180

 
$
542,540

 
4.21
 %
 
$
12,578,524

 
$
552,427

 
4.39
%
 
Taxable investment securities
 
2,189,510

 
50,651

 
2.31
 %
 
2,391,650

 
54,321

 
2.27
%
 
Tax-exempt investment securities
 
261,825

 
13,810

 
5.27
 %
 
285,174

 
14,577

 
5.11
%
 
Equity securities
 
33,957

 
1,728

 
5.09
 %
 
38,722

 
1,829

 
4.72
%
 
Total Investment Securities
 
2,485,292

 
66,189

 
2.66
 %
 
2,715,546

 
70,727

 
2.60
%
 
Loans held for sale
 
17,524

 
786

 
4.49
 %
 
36,561

 
1,551

 
4.24
%
 
Other interest-earning assets
 
314,345

 
4,018

 
1.28
 %
 
229,444

 
2,264

 
0.99
%
 
Total Interest-earning Assets
 
15,702,341

 
613,533

 
3.91
 %
 
15,560,075

 
626,969

 
4.03
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-earning assets:
 
 
 
 
 
 
 
Cash and due from banks
 
177,664

 
 
 
 
 
207,931

 
 
 
 
 
Premises and equipment
 
224,903

 
 
 
 
 
226,041

 
 
 
 
 
Other assets
 
1,049,765

 
 
 
 
 
1,037,338

 
 
 
 
 
Less: allowance for loan losses
 
(195,166
)
 
 
 
 
 
(220,048
)
 
 
 
 
 
Total Assets
 
$
16,959,507

 
 
 
 
 
$
16,811,337

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
Demand deposits
 
$
3,013,879

 
$
3,793

 
0.13
 %
 
$
2,822,583

 
$
3,656

 
0.13
%
 
Savings deposits
 
3,431,957

 
4,298

 
0.13
 %
 
3,363,943

 
4,096

 
0.12
%
 
Time deposits
 
2,992,920

 
27,019

 
0.90
 %
 
3,129,162

 
29,018

 
0.93
%
 
Total Interest-bearing Deposits
 
9,438,756

 
35,110

 
0.37
 %
 
9,315,688

 
36,770

 
0.39
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
 
832,839

 
1,608

 
0.19
 %
 
1,196,323

 
2,420

 
0.20
%
 
FHLB advances and long-term debt
 
965,601

 
44,493

 
4.61
 %
 
889,461

 
43,305

 
4.87
%
 
Total Interest-bearing Liabilities
 
11,237,196

 
81,211

 
0.72
 %
 
11,401,472

 
82,495

 
0.72
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing liabilities:
 
 
 
 
 
 
 
Demand deposits
 
3,428,907

 
 
 
 
 
3,157,496

 
 
 
 
 
Other
 
221,764

 
 
 
 
 
198,548

 
 
 
 
 
Total Liabilities
 
14,887,867

 
 
 
 
 
14,757,516

 
 
 
 
 
Shareholders' equity
 
2,071,640

 
 
 
 
 
2,053,821

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Shareholders' Equity
 
$
16,959,507

 
 
 
 
 
$
16,811,337

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income/net interest margin (fully taxable equivalent)
 
 
 
532,322

 
3.39
 %
 
 
 
544,474

 
3.50
%
 
Tax equivalent adjustment
 
 
 
(17,455
)
 
 
 
 
 
(17,280
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
 
$
514,867

 
 
 
 
 
$
527,194

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
 
 
 
 
 
 
 
 
 
 
December 31
 
 
 
 
 
 
 
 
 
 
 
2014
 
2013
 
% Change
 
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
Real estate - commercial mortgage
 
$
5,117,433

 
$
4,864,460

 
5.2
 %
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
 
3,659,059

 
3,680,772

 
(0.6
)%
 
 
 
 
 
 
 
Real estate - home equity
 
1,738,449

 
1,734,622

 
0.2
 %
 
 
 
 
 
 
 
Real estate - residential mortgage
 
1,355,876

 
1,312,127

 
3.3
 %
 
 
 
 
 
 
 
Real estate - construction
 
631,968

 
591,540

 
6.8
 %
 
 
 
 
 
 
 
Consumer
 
277,853

 
299,127

 
(7.1
)%
 
 
 
 
 
 
 
Leasing and other
 
104,542

 
95,876

 
9.0
 %
 
 
 
 
 
 
 
Total Loans, net of unearned income
 
$
12,885,180

 
$
12,578,524

 
2.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits, by type:
 
 
 
 
 
 
 
Noninterest-bearing demand
 
$
3,428,907

 
$
3,157,496

 
8.6
 %
 
 
 
 
 
 
 
Interest-bearing demand
 
3,013,879

 
2,822,583

 
6.8
 %
 
 
 
 
 
 
 
Savings deposits
 
3,431,957

 
3,363,943

 
2.0
 %
 
 
 
 
 
 
 
Time deposits
 
2,992,920

 
3,129,162

 
(4.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Deposits
 
$
12,867,663

 
$
12,473,184

 
3.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings, by type:
 
 
 
 
 
 
 
Customer repurchase agreements
 
$
197,432

 
$
186,851

 
5.7
 %
 
 
 
 
 
 
 
Customer short-term promissory notes
 
88,670

 
98,882

 
(10.3
)%
 
 
 
 
 
 
 
Federal funds purchased
 
285,169

 
612,803

 
(53.5
)%
 
 
 
 
 
 
 
Short-term FHLB advances and other borrowings
 
261,568

 
297,787

 
(12.2
)%
 
 
 
 
 
 
 
Total Short-term Borrowings
 
$
832,839

 
$
1,196,323

 
(30.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
 
 
 
 
 
ASSET QUALITY INFORMATION (UNAUDITED)
 
 
 
 
 
 
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Year Ended
 
 
 
 
 
 
 
 
 
 
Dec 31
 
Dec 31
 
Sep 30
 
Dec 31
 
 
 
 
 
 
 
 
 
 
2014
 
2013
 
2014
 
2014
 
2013
 
 
 
 
 
 
 
 
ALLOWANCE FOR CREDIT LOSSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
191,108

 
$
212,838

 
$
193.442

 
$
204,917

 
$
225,439

 
 
 
 
 
 
 
 
 
Loans charged off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Commercial - industrial, financial and agricultural
(8,712
)
 
(5,527
)
 
(5,167
)
 
(24,516
)
 
(30,383
)
 
 
 
 
 
 
 
 
 
    Consumer and home equity
(1,696
)
 
(1,879
)
 
(2,030
)
 
(7,811
)
 
(10,070
)
 
 
 
 
 
 
 
 
 
    Real estate - commercial mortgage
(920
)
 
(7,779
)
 
(1,557
)
 
(6,004
)
 
(20,829
)
 
 
 
 
 
 
 
 
 
    Real estate - residential mortgage
(752
)
 
(1,423
)
 
(231
)
 
(2,918
)
 
(9,705
)
 
 
 
 
 
 
 
 
 
    Real estate - construction
(464
)
 
(1,391
)
 
(313
)
 
(1,209
)
 
(6,572
)
 
 
 
 
 
 
 
 
 
    Leasing and other
(701
)
 
(616
)
 
(306
)
 
(2,135
)
 
(2,653
)
 
 
 
 
 
 
 
 
 
    Total loans charged off
(13,245
)
 
(18,615
)
 
(9,604
)
 
(44,593
)
 
(80,212
)
 
 
 
 
 
 
 
 
Recoveries of loans previously charged off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Commercial - industrial, financial and agricultural
1,724

 
5,851

 
1,013

 
4,256

 
9,281

 
 
 
 
 
 
 
 
 
    Consumer and home equity
419

 
451

 
784

 
2,347

 
2,378

 
 
 
 
 
 
 
 
 
    Real estate - commercial mortgage
319

 
740

 
1,167

 
1,960

 
3,494

 
 
 
 
 
 
 
 
 
    Real estate - residential mortgage
132

 
106

 
95

 
451

 
548

 
 
 
 
 
 
 
 
 
    Real estate - construction
2,325

 
888

 
470

 
3,177

 
2,682

 
 
 
 
 
 
 
 
 
    Leasing and other
149

 
158

 
241

 
916

 
807

 
 
 
 
 
 
 
 
 
    Recoveries of loans previously charged off
5,068

 
8,194

 
3,770

 
13,107

 
19,190

 
 
 
 
 
 
 
 
Net loans charged off
(8,177
)
 
(10,421
)
 
(5.834
)
 
(31,486
)
 
(61,022
)
 
 
 
 
 
 
 
 
Provision for credit losses
3,000

 
2,500

 
3,500

 
12,500

 
40,500

 
 
 
 
 
 
 
 
Balance at end of period
$
185,931

 
$
204,917

 
$
191,108

 
$
185,931

 
$
204,917

 
 
 
 
 
 
 
 
Net charge-offs to average loans (annualized)
0.25
%
 
0.33
%
 
0.18
%
 
0.24
%
 
0.49
%
 
 
 
 
 
 
 
 
NON-PERFORMING ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-accrual loans
$
121,080

 
$
133,753

 
$
126,420

 
 
 
 
 
 
 
 
 
 
 
 
 
Loans 90 days past due and accruing
17,402

 
20,524

 
17,428

 
 
 
 
 
 
 
 
 
 
 
 
 
    Total non-performing loans
138,482

 
154,277

 
143,848

 
 
 
 
 
 
 
 
 
 
 
 
 
Other real estate owned
12,022

 
15,052

 
13,489

 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing assets
$
150,504

 
$
169,329

 
$
157,337

 
 
 
 
 
 
 
 
 
 
 
 
NON-PERFORMING LOANS, BY TYPE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
45,237

 
$
44,068

 
$
44,602

 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
30,388

 
38,021

 
33,277

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - residential mortgage
28,995

 
31,347

 
28,135

 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer and home equity
17,330

 
19,526

 
17,586

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - construction
16,399

 
21,267

 
19,860

 
 
 
 
 
 
 
 
 
 
 
 
 
Leasing
133

 
48

 
388

 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing loans
$
138,482

 
$
154,277

 
$
143,848

 
 
 
 
 
 
 
 
 
 
 
 
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real-estate - residential mortgage
$
31,308

 
$
28,815

 
$
30,850

 
 
 
 
 
 
 
 
 
 
 
 
 
Real-estate - commercial mortgage
18,822

 
19,758

 
18,869

 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - construction
9,241

 
10,117

 
9,251

 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
5,237

 
8,045

 
5,115

 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer and home equity
3.013

 
1,376

 
2,927

 
 
 
 
 
 
 
 
 
 
 
 
 
Total accruing TDRs
$
67,621

 
$
68,111

 
$
67,012

 
 
 
 
 
 
 
 
 
 
 
 
 
Non-accrual TDRs (1)
25,235

 
30,209

 
27,724

 
 
 
 
 
 
 
 
 
 
 
 
 
Total TDRs
$
92,856

 
$
98,320

 
$
94,736

 
 
 
 
 
 
 
 
 
 
 
 
(1) Included within non-accrual loans above.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



DELINQUENCY RATES, BY TYPE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dec 31, 2014
 
Dec 31, 2013
 
Sep 30, 2014
 
 
 31-89 Days
 
 ≥90 Days (2)
 
 Total
 
 31-89 Days
 
 ≥90 Days (2)
 
 Total
 
 31-89 Days
 
 ≥90 Days (2)
 
 Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
0.35
%
 
0.87
%
 
1.22
%
 
0.38
%
 
0.87
%
 
1.25
%
 
0.48
%
 
0.86
%
 
1.34
%
 
Commercial - industrial, financial and agricultural
0.17
%
 
0.81
%
 
0.98
%
 
0.30
%
 
1.04
%
 
1.34
%
 
0.28
%
 
0.91
%
 
1.19
%
 
Real estate - construction
0.02
%
 
2.38
%
 
2.40
%
 
0.11
%
 
3.71
%
 
3.82
%
 
0.03
%
 
2.89
%
 
2.92
%
 
Real estate - residential mortgage
1.96
%
 
2.10
%
 
4.06
%
 
1.74
%
 
2.34
%
 
4.08
%
 
1.81
%
 
2.06
%
 
3.87
%
 
Consumer, home equity, leasing and other
0.80
%
 
0.82
%
 
1.62
%
 
1.10
%
 
0.91
%
 
2.01
%
 
0.74
%
 
0.85
%
 
1.59
%
 
Total
0.52
%
 
1.06
%
 
1.58
%
 
0.61
%
 
1.20
%
 
1.81
%
 
0.58
%
 
1.11
%
 
1.69
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Includes non-accrual loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSET QUALITY RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dec 31
 
Dec 31
 
Sep 30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
2013
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-accrual loans to total loans
0.92
%
 
1.05
%
 
0.97
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to total loans and OREO
1.15
%
 
1.32
%
 
1.21
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to total assets
0.88
%
 
1.00
%
 
0.91
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for credit losses to loans outstanding
1.42
%
 
1.60
%
 
1.47
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for credit losses to non-performing loans
134.26
%
 
132.82
%
 
132.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
9.12
%
 
9.76
%
 
9.06
%
 
 
 
 
 
 
 
 
 
 
 
 





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 and annual results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Year Ended
 
 
 
 
 
 
 
Dec 31
 
Dec 31
 
Sep 30
 
Dec 31
 
Dec 31
 
 
 
 
 
 
 
2014
 
2013
 
2014
 
2014
 
2013
Shareholders' equity (tangible), per share
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity
 
 
$
1,996,665

 
$
2,063,187

 
$
2,078,006

 
 
 
 
Less: Goodwill and intangible assets
 
 
(531,803
)
 
(533,076
)
 
(532,117
)
 
 
 
 
Tangible shareholders' equity (numerator)
 
 
$
1,464,862

 
$
1,530,111

 
$
1,545,889

 
 
 
 
Shares outstanding, end of period (denominator)
 
 
178,924

 
192,652

 
185,158

 
 
 
 
Shareholders' equity (tangible), per share
 
 
$
8.19

 
$
7.94

 
$
8.35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average common shareholders' equity (tangible)
 
 
 
 
 
 
 
 
 
 
Net income
 
 
$
37,949

 
$
42,083

 
$
38,566

 
$
157,894

 
$
161,840

Plus: Intangible amortization, net of tax
 
 
205

 
543

 
204

 
818

 
1,585

Numerator
 
$
38,154

 
$
42,626

 
$
38,770

 
$
158,712

 
$
163,425

Average shareholders' equity
 
 
$
2,052,211

 
$
2,050,749

 
$
2,089,459

 
$
2,071,640

 
$
2,053,821

Less: Average goodwill and intangible assets
 
 
(531,955
)
 
(533,597
)
 
(532,271
)
 
(532,425
)
 
(534,431
)
Average tangible shareholders' equity (denominator)
 
$
1,520,256

 
$
1,517,152

 
$
1,557,188

 
$
1,539,215

 
$
1,519,390

Return on average common shareholders' equity (tangible), annualized
 
9.96
%
 
11.15
%
 
9.88
%
 
10.31
%
 
10.76
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Efficiency ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest expense
 
 
$
117,720

 
$
116,762

 
$
115,798

 
$
459,246

 
$
461,433

Less: Intangible amortization
 
 
(315
)
 
(835
)
 
(314
)
 
(1,259
)
 
(2,438
)
Numerator
 
 
$
117,405

 
$
115,927

 
$
115,484

 
$
457,987

 
$
458,995

Net interest income (fully taxable equivalent)
 
 
$
132,614

 
$
137,276

 
$
133,692

 
$
532,322

 
$
544,474

Plus: Total Non-interest income
 
 
42,101

 
40,732

 
41,900

 
167,379

 
187,664

Less: Investment securities gains
 
 
(848
)
 
(33
)
 
(81
)
 
(2,041
)
 
(8,004
)
Denominator
 
 
$
173,867

 
$
177,975

 
$
175,511

 
$
697,660

 
$
724,134

Efficiency ratio
 
 
67.53
%
 
65.14
%
 
65.80
%
 
65.65
%
 
63.39
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
 
 
 
 
 
 
Non-performing assets (numerator)
 
 
$
150,504

 
$
169,329

 
$
157,337

 
 
 
 
Tangible shareholders' equity
 
 
$
1,464,862

 
$
1,530,111

 
$
1,545,889

 
 
 
 
Plus: Allowance for credit losses
 
 
185,931

 
204,917

 
191,108

 
 
 
 
Tangible shareholders' equity and allowance for credit losses (denominator)
$
1,650,793

 
$
1,735,028

 
$
1,736,997

 
 
 
 
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
9.12
%
 
9.76
%
 
9.06
%