EX-99.2 3 exhibit9929-30x162.htm SUPPLEMENTAL FINANCIAL INFORMATION FOR THE QUARTER ENDED SEPTEMBER 30, 2016 Exhibit


Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
 
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 % Change from
 
 
Sep 30
 
June 30
 
Mar 31
 
Dec 31
 
Sep 30
 
Jun 30
 
Sep 30
 
 
2016
 
2016
 
2016
 
2015
 
2015
 
2016
 
2015
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
86,497

 
$
84,647

 
$
83,479

 
$
101,120

 
$
93,803

 
2.2
 %
 
(7.8
)%
 
Other interest-earning assets
428,966

 
408,086

 
408,060

 
292,516

 
579,920

 
5.1
 %
 
(26.0
)%
 
Loans held for sale
27,836

 
34,330

 
19,719

 
16,886

 
26,937

 
(18.9
)%
 
3.3
 %
 
Investment securities
2,508,068

 
2,529,724

 
2,516,205

 
2,484,773

 
2,436,337

 
(0.9
)%
 
2.9
 %
 
Loans, net of unearned income
14,391,238

 
14,155,159

 
13,870,701

 
13,838,602

 
13,536,361

 
1.7
 %
 
6.3
 %
 
Allowance for loan losses
(162,526
)
 
(162,546
)
 
(163,841
)
 
(169,054
)
 
(167,136
)
 
—
 %
 
(2.8
)%
 
     Net loans
14,228,712

 
13,992,613

 
13,706,860

 
13,669,548

 
13,369,225

 
1.7
 %
 
6.4
 %
 
Premises and equipment
228,009

 
228,861

 
228,057

 
225,535

 
225,705

 
(0.4
)%
 
1.0
 %
 
Accrued interest receivable
43,600

 
43,316

 
44,379

 
42,767

 
42,846

 
0.7
 %
 
1.8
 %
 
Goodwill and intangible assets
531,556

 
531,556

 
531,556

 
531,556

 
531,562

 
—
 %
 
—
 %
 
Other assets
617,818

 
626,902

 
583,939

 
550,017

 
531,724

 
(1.4
)%
 
16.2
 %
 
    Total Assets
$
18,701,062

 
$
18,480,035

 
$
18,122,254

 
$
17,914,718

 
$
17,838,059

 
1.2
 %
 
4.8
 %
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
$
14,952,479

 
$
14,292,564

 
$
14,404,280

 
$
14,132,317

 
$
14,084,394

 
4.6
 %
 
6.2
 %
 
Short-term borrowings
264,042

 
722,214

 
352,883

 
497,663

 
431,631

 
(63.4
)%
 
(38.8
)%
 
Other liabilities
389,819

 
392,708

 
326,128

 
293,302

 
316,697

 
(0.7
)%
 
23.1
 %
 
FHLB advances and long-term debt
965,286

 
965,552

 
965,654

 
949,542

 
979,433

 
—
 %
 
(1.4
)%
 
    Total Liabilities
16,571,626

 
16,373,038

 
16,048,945

 
15,872,824

 
15,812,155

 
1.2
 %
 
4.8
 %
 
Shareholders' equity
2,129,436

 
2,106,997

 
2,073,309

 
2,041,894

 
2,025,904

 
1.1
 %
 
5.1
 %
 
    Total Liabilities and Shareholders' Equity
$
18,701,062

 
$
18,480,035

 
$
18,122,254

 
$
17,914,718

 
$
17,838,059

 
1.2
 %
 
4.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
 
 
 
 
 
 
 
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
5,818,915

 
$
5,635,347

 
$
5,558,108

 
$
5,462,330

 
$
5,339,928

 
3.3
 %
 
9.0
 %
 
Commercial - industrial, financial and agricultural
4,024,119

 
4,099,177

 
4,035,333

 
4,088,962

 
3,929,908

 
(1.8
)%
 
2.4
 %
 
Real estate - home equity
1,640,421

 
1,647,319

 
1,659,481

 
1,684,439

 
1,693,649

 
(0.4
)%
 
(3.1
)%
 
Real estate - residential mortgage
1,542,696

 
1,447,292

 
1,377,459

 
1,376,160

 
1,382,085

 
6.6
 %
 
11.6
 %
 
Real estate - construction
861,634

 
853,699

 
810,872

 
799,988

 
769,565

 
0.9
 %
 
12.0
 %
 
Consumer
283,673

 
278,071

 
263,221

 
268,588

 
271,696

 
2.0
 %
 
4.4
 %
 
Leasing and other
219,780

 
194,254

 
166,227

 
158,135

 
149,530

 
13.1
 %
 
47.0
 %
 
Total Loans, net of unearned income
$
14,391,238

 
$
14,155,159

 
$
13,870,701

 
$
13,838,602

 
$
13,536,361

 
1.7
 %
 
6.3
 %
Deposits, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand
$
4,210,099

 
$
4,125,375

 
$
4,134,861

 
$
3,948,114

 
$
3,906,228

 
2.1
 %
 
7.8
 %
 
Interest-bearing demand
3,703,048

 
3,358,536

 
3,430,206

 
3,451,207

 
3,362,336

 
10.3
 %
 
10.1
 %
 
Savings deposits
4,235,015

 
3,986,008

 
3,972,199

 
3,868,046

 
3,880,103

 
6.2
 %
 
9.1
 %
 
Time deposits
2,804,317

 
2,822,645

 
2,867,014

 
2,864,950

 
2,935,727

 
(0.6
)%
 
(4.5
)%
 
Total Deposits
$
14,952,479

 
$
14,292,564

 
$
14,404,280

 
$
14,132,317

 
$
14,084,394

 
4.6
 %
 
6.2
 %
Short-term borrowings, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer repurchase agreements
$
189,727

 
$
168,521

 
$
162,431

 
$
111,496

 
$
145,225

 
12.6
 %
 
30.6
 %
 
Customer short-term promissory notes
65,871

 
69,509

 
76,807

 
78,932

 
80,879

 
(5.2
)%
 
(18.6
)%
 
Short-term FHLB advances
—

 
35,000

 
81,000

 
110,000

 
200,000

 
(100.0
)%
 
(100.0
)%
 
Federal funds purchased
8,444

 
449,184

 
32,645

 
197,235

 
5,527

 
(98.1
)%
 
52.8
 %
 
Total Short-term Borrowings
$
264,042

 
$
722,214

 
$
352,883

 
$
497,663

 
$
431,631

 
(63.4
)%
 
(38.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
 
 
 
 
 
 
 
 
in thousands, except per-share data and percentages
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 % Change from
 
 
 
Nine Months Ended
 
 
 
 
 
 
 
Sep 30
 
Jun 30
 
Mar 31
 
Dec 31
 
Sep 30
 
 
Jun 30
 
Sep 30
 
 
 
Sep 30
 
 
 
 
 
 
 
2016
 
2016
 
2016
 
2015
 
2015
 
 
2016
 
2015
 
 
 
2016
 
2015
 
% Change
 
Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
$
151,468

 
$
149,309

 
$
149,311

 
$
147,560

 
$
146,228

 
 
1.4
 %
 
3.6
 %
 
 
 
$
450,088

 
$
436,229

 
3.2
 %
 
 
Interest expense
 
 
20,903

 
20,393

 
20,257

 
19,761

 
20,534

 
 
2.5
 %
 
1.8
 %
 
 
 
61,553

 
64,034

 
(3.9
)%
 
 
    Net Interest Income
 
 
130,565

 
128,916

 
129,054

 
127,799

 
125,694

 
 
1.3
 %
 
3.9
 %
 
 
 
388,535

 
372,195

 
4.4
 %
 
 
Provision for credit losses
 
 
4,141

 
2,511

 
1,530

 
2,750

 
1,000

 
 
64.9
 %
 
N/M

 
 
 
8,182

 
(500
)
 
N/M

 
 
    Net Interest Income after Provision
 
 
126,424

 
126,405

 
127,524

 
125,049

 
124,694

 
 
—
 %
 
1.4
 %
 
 
 
380,353

 
372,695

 
2.1
 %
 
Non-Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other service charges and fees
 
 
14,407

 
12,983

 
10,750

 
12,676

 
10,965

 
 
11.0
 %
 
31.4
 %
 
 
 
38,140

 
31,316

 
21.8
 %
 
 
Service charges on deposit accounts
 
 
13,078

 
12,896

 
12,558

 
12,909

 
12,982

 
 
1.4
 %
 
0.7
 %
 
 
 
38,532

 
37,188

 
3.6
 %
 
 
Investment management and trust services
 
 
11,425

 
11,247

 
10,988

 
10,919

 
11,237

 
 
1.6
 %
 
1.7
 %
 
 
 
33,660

 
33,137

 
1.6
 %
 
 
Mortgage banking income
 
 
4,529

 
3,897

 
4,030

 
4,317

 
3,864

 
 
16.2
 %
 
17.2
 %
 
 
 
12,456

 
13,891

 
(10.3
)%
 
 
Other
 
 
4,708

 
5,038

 
3,864

 
4,242

 
3,996

 
 
(6.6
)%
 
17.8
 %
 
 
 
13,610

 
12,178

 
11.8
 %
 
 
  Non-Interest Income before Investment Securities Gains
 
 
48,147

 
46,061

 
42,190


45,063

 
43,044

 
 
4.5
 %
 
11.9
 %
 
 
 
136,398

 
127,710

 
6.8
 %
 
 
Investment securities gains
 
 
2

 
76

 
947

 
776

 
1,730

 
 
(97.4
)%
 
(99.9
)%
 
 
 
1,025

 
8,290

 
(87.6
)%
 
 
    Total Non-Interest Income
 
 
48,149

 
46,137

 
43,137

 
45,839

 
44,774

 
 
4.4
 %
 
7.5
 %
 
 
 
137,423

 
136,000

 
1.0
 %
 
Non-Interest Expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
 
70,696

 
70,029

 
69,372

 
65,467

 
65,308

 
 
1.0
 %
 
8.3
 %
 
 
 
210,097

 
195,365

 
7.5
 %
 
 
Net occupancy expense
 
 
11,782

 
11,811

 
12,220

 
11,566

 
10,710

 
 
(0.2
)%
 
10.0
 %
 
 
 
35,813

 
36,211

 
(1.1
)%
 
 
Other outside services
 
 
5,783

 
5,508

 
6,056

 
6,537

 
7,373

 
 
5.0
 %
 
(21.6
)%
 
 
 
17,347

 
21,248

 
(18.4
)%
 
 
Data processing
 
 
4,610

 
5,476

 
5,400

 
5,127

 
5,105

 
 
(15.8
)%
 
(9.7
)%
 
 
 
15,486

 
14,767

 
4.9
 %
 
 
Software
 
 
4,117

 
3,953

 
3,921

 
4,068

 
3,984

 
 
4.1
 %
 
3.3
 %
 
 
 
11,991

 
10,678

 
12.3
 %
 
 
Equipment expense
 
 
3,137

 
2,872

 
3,371

 
3,626

 
3,595

 
 
9.2
 %
 
(12.7
)%
 
 
 
9,380

 
10,888

 
(13.9
)%
 
 
Professional fees
 
 
2,535

 
3,353

 
2,333

 
2,814

 
2,828

 
 
(24.4
)%
 
(10.4
)%
 
 
 
8,221

 
8,430

 
(2.5
)%
 
 
FDIC insurance expense
 
 
1,791

 
2,960

 
2,949

 
2,896

 
2,867

 
 
(39.5
)%
 
(37.5
)%
 
 
 
7,700

 
8,574

 
(10.2
)%
 
 
Marketing
 
 
1,774

 
1,916

 
1,624

 
1,754

 
2,102

 
 
(7.4
)%
 
(15.6
)%
 
 
 
5,314

 
5,570

 
(4.6
)%
 
 
Other real estate owned and repossession expense
 
 
742

 
365

 
638

 
1,123

 
1,016

 
 
103.3
 %
 
(27.0
)%
 
 
 
1,745

 
2,507

 
(30.4
)%
 
 
Operating risk loss
 
 
556

 
986

 
540

 
987

 
1,136

 
 
(43.6
)%
 
(51.1
)%
 
 
 
2,082

 
2,637

 
(21.0
)%
 
 
Intangible amortization
 
 
—

 
—

 
—

 
6

 
5

 
 
—
 %
 
N/M

 
 
 
—

 
241

 
N/M

 
 
Loss on redemption of trust preferred securities
 
 
—

 
—

 
—

 
—

 
5,626

 
 
—
 %
 
N/M

 
 
 
—

 
5,626

 
N/M

 
 
Other
 
 
12,325

 
12,408

 
11,989

 
12,468

 
13,234

 
 
(0.7
)%
 
(6.9
)%
 
 
 
36,722

 
38,979

 
(5.8
)%
 
 
    Total Non-Interest Expense
 
 
119,848

 
121,637

 
120,413

 
118,439

 
124,889

 
 
(1.5
)%
 
(4.0
)%
 
 
 
361,898

 
361,721

 
—
 %
 
 
    Income Before Income Taxes
 
 
54,725

 
50,905

 
50,248

 
52,449

 
44,579

 
 
7.5
 %
 
22.8
 %
 
 
 
155,878

 
146,974

 
6.1
 %
 
 
Income tax expense
 
 
13,257

 
11,155

 
11,991

 
13,914

 
10,328

 
 
18.8
 %
 
28.4
 %
 
 
 
36,403

 
36,007

 
1.1
 %
 
 
    Net Income
 
 
$
41,468

 
$
39,750

 
$
38,257

 
$
38,535

 
$
34,251

 
 
4.3
 %
 
21.1
 %
 
 
 
$
119,475

 
$
110,967

 
7.7
 %
 
PER SHARE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Basic
 
 
$
0.24

 
$
0.23

 
$
0.22

 
$
0.22

 
$
0.20

 
 
4.3
 %
 
20.0
 %
 
 
 
$
0.69

 
$
0.63

 
9.5
 %
 
 
    Diluted
 
 
0.24

 
0.23

 
0.22

 
0.22

 
0.20

 
 
4.3
 %
 
20.0
 %
 
 
 
0.69

 
0.63

 
9.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Cash dividends
 
 
$
0.10

 
$
0.10

 
$
0.09

 
$
0.11

 
$
0.09

 
 
—
 %
 
11.1
 %
 
 
 
$
0.29

 
$
0.27

 
7.4
 %
 
 
Shareholders' equity
 
 
12.30

 
12.17

 
11.96

 
11.72

 
11.66

 
 
1.1
 %
 
5.5
 %
 
 
 
12.30

 
11.66

 
5.5
 %
 
 
Shareholders' equity (tangible)
 
 
9.23

 
9.10

 
8.89

 
8.67

 
8.60

 
 
1.4
 %
 
7.3
 %
 
 
 
9.23

 
8.60

 
7.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Weighted average shares (basic)
 
 
173,020

 
173,394

 
173,331

 
173,709

 
174,338

 
 
(0.2
)%
 
(0.8
)%
 
 
 
173,248

 
176,399

 
(1.8
)%
 
 
Weighted average shares (diluted)
 
 
174,064

 
174,318

 
174,416

 
174,833

 
175,342

 
 
(0.1
)%
 
(0.7
)%
 
 
 
174,265

 
177,428

 
(1.8
)%
 
 
Shares outstanding, end of period
 
 
173,144

 
173,139

 
173,393

 
174,176

 
173,771

 
 
—
 %
 
(0.4
)%
 
 
 
173,144

 
173,771

 
(0.4
)%
 
SELECTED FINANCIAL RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
 
 
0.89
%
 
0.88
%
 
0.86
%
 
0.86
%
 
0.78
%
 
 
 
 
 
 
 
 
0.87
%
 
0.86
%
 

 
 
Return on average shareholders' equity
 
 
7.78
%
 
7.65
%
 
7.47
%
 
7.51
%
 
6.72
%
 
 
 
 
 
 
 
 
7.64
%
 
7.33
%
 

 
 
Return on average shareholders' equity (tangible)
 
 
10.38
%
 
10.26
%
 
10.07
%
 
10.16
%
 
9.11
%
 
 
 
 
 
 
 
 
10.24
%
 
9.96
%
 

 
 
Net interest margin
 
 
3.14
%
 
3.20
%
 
3.23
%
 
3.19
%
 
3.18
%
 
 
 
 
 
 
 
 
3.19
%
 
3.22
%
 

 
 
Efficiency ratio
 
 
65.16
%
 
67.59
%
 
68.33
%
 
66.63
%
 
68.82
%
 
 
 
 
 
 
 
 
67.01
%
 
69.30
%
 

 
N/M - Not meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







FULTON FINANCIAL CORPORATION
 
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
 
 
 
 Three Months Ended
 
 
September 30, 2016
 
June 30, 2016
 
September 30, 2015
 
 
 
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
$
14,212,250

 
$
140,434

 
3.93%
 
$
13,966,024

 
$
138,317

 
3.98%
 
$
13,369,874

 
$
135,268

 
4.02%
 
 
Taxable investment securities
2,110,084

 
10,872

 
2.06%
 
2,127,780

 
11,159

 
2.10%
 
2,148,403

 
11,252

 
2.09%
 
 
Tax-exempt investment securities
344,231

 
3,923

 
4.56%
 
314,851

 
3,570

 
4.54%
 
230,178

 
2,929

 
5.09%
 
 
Equity securities
14,209

 
196

 
5.50%
 
14,220

 
185

 
5.23%
 
18,280

 
257

 
5.58%
 
 
Total Investment Securities
2,468,524

 
14,991

 
2.43%
 
2,456,851

 
14,914

 
2.43%
 
2,396,861

 
14,438

 
2.41%
 
 
Loans held for sale
22,593

 
210

 
3.72%
 
19,449

 
188

 
3.87%
 
20,704

 
194

 
3.74%
 
 
Other interest-earning assets
501,666

 
1,051

 
0.84%
 
357,211

 
864

 
0.96%
 
477,145

 
884

 
0.74%
 
 
Total Interest-earning Assets
17,205,033

 
156,686

 
3.63%
 
16,799,535

 
154,283

 
3.69%
 
16,264,584

 
150,784

 
3.68%
 
Noninterest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
101,927

 
 
 
 
 
100,860

 
 
 
 
 
104,622

 
 
 
 
 
 
Premises and equipment
227,906

 
 
 
 
 
227,517

 
 
 
 
 
226,446

 
 
 
 
 
 
Other assets
1,219,844

 
 
 
 
 
1,189,226

 
 
 
 
 
1,097,600

 
 
 
 
 
 
Less: allowance for loan losses
(163,074
)
 
 
 
 
 
(164,573
)
 
 
 
 
 
(168,770
)
 
 
 
 
 
 
Total Assets
$
18,591,636

 
 
 
 
 
$
18,152,565

 
 
 
 
 
$
17,524,482

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
$
3,602,448

 
$
1,706

 
0.19%
 
$
3,454,031

 
$
1,527

 
0.18%
 
$
3,316,532

 
$
1,122

 
0.13%
 
 
Savings deposits
4,078,942

 
2,042

 
0.20%
 
3,989,988

 
1,886

 
0.19%
 
3,714,282

 
1,436

 
0.15%
 
 
Time deposits
2,814,258

 
7,562

 
1.07%
 
2,844,434

 
7,474

 
1.06%
 
2,963,774

 
7,659

 
1.03%
 
 
Total Interest-bearing Deposits
10,495,648

 
11,310

 
0.43%
 
10,288,453

 
10,887

 
0.43%
 
9,994,588

 
10,217

 
0.41%
 
 
Short-term borrowings
426,369

 
254

 
0.23%
 
403,669

 
217

 
0.21%
 
324,685

 
92

 
0.11%
 
 
FHLB advances and long-term debt
965,228

 
9,338

 
3.86%
 
965,526

 
9,289

 
3.86%
 
996,247

 
10,225

 
4.09%
 
 
Total Interest-bearing Liabilities
11,887,245

 
20,902

 
0.70%
 
11,657,648

 
20,393

 
0.70%
 
11,315,520

 
20,534

 
0.72%
 
Noninterest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits
4,227,639

 
 
 
 
 
4,077,642

 
 
 
 
 
3,904,176

 
 
 
 
 
 
Other
356,156

 
 
 
 
 
327,360

 
 
 
 
 
281,957

 
 
 
 
 
 
Total Liabilities
16,471,040

 
 
 
 
 
16,062,650

 
 
 
 
 
15,501,653

 
 
 
 
 
 
Shareholders' equity
2,120,596

 
 
 
 
 
2,089,915

 
 
 
 
 
2,022,829

 
 
 
 
 
 
Total Liabilities and Shareholders' Equity
$
18,591,636

 
 
 
 
 
$
18,152,565

 
 
 
 
 
$
17,524,482

 
 
 
 
 
 
Net interest income/net interest margin (fully taxable equivalent)
 
 
135,784

 
3.14%
 
 
 
133,890

 
3.20%
 
 
 
130,250

 
3.18%
 
 
Tax equivalent adjustment
 
 
(5,219
)
 
 
 
 
 
(4,974
)
 
 
 
 
 
(4,556
)
 
 
 
 
Net interest income
 
 
$
130,565

 
 
 
 
 
$
128,916

 
 
 
 
 
$
125,694

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
 
 
 
 
 
Sep 30
 
Jun 30
 
Mar 31
 
Dec 31
 
Sep 30
 
Jun 30
 
Sep 30
 
 
 
 
 
 
 
2016
 
2016
 
2016
 
2015
 
2015
 
2016
 
2015
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
$
5,670,888

 
$
5,557,680

 
$
5,487,421

 
$
5,365,640

 
$
5,242,021

 
2.0
 %
 
8.2
 %
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
4,066,275

 
4,080,524

 
4,095,268

 
4,035,287

 
3,887,161

 
(0.3
)%
 
4.6
 %
 
 
 
 
 
 
Real estate - home equity
1,640,913

 
1,656,140

 
1,674,032

 
1,694,455

 
1,692,860

 
(0.9
)%
 
(3.1
)%
 
 
 
 
 
 
Real estate - residential mortgage
1,503,209

 
1,399,851

 
1,381,409

 
1,377,116

 
1,381,141

 
7.4
 %
 
8.8
 %
 
 
 
 
 
 
Real estate - construction
837,920

 
820,881

 
792,014

 
765,555

 
753,584

 
2.1
 %
 
11.2
 %
 
 
 
 
 
 
Consumer
281,517

 
272,293

 
263,295

 
267,726

 
270,391

 
3.4
 %
 
4.1
 %
 
 
 
 
 
 
Leasing and other
211,528

 
178,655

 
159,981

 
153,487

 
142,716

 
18.4
 %
 
48.2
 %
 
 
 
 
 
 
Total Loans, net of unearned income
$
14,212,250

 
$
13,966,024

 
$
13,853,420

 
$
13,659,266

 
$
13,369,874

 
1.8
 %
 
6.3
 %
 
 
 
 
 
Deposits, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing demand
$
4,227,639

 
$
4,077,642

 
$
3,967,887

 
$
3,999,118

 
$
3,904,176

 
3.7
 %
 
8.3
 %
 
 
 
 
 
 
Interest-bearing demand
3,602,448

 
3,454,031

 
3,438,355

 
3,411,904

 
3,316,532

 
4.3
 %
 
8.6
 %
 
 
 
 
 
 
Savings deposits
4,078,942

 
3,989,988

 
3,932,824

 
3,903,741

 
3,714,282

 
2.2
 %
 
9.8
 %
 
 
 
 
 
 
Time deposits
2,814,258

 
2,844,434

 
2,867,651

 
2,903,715

 
2,963,774

 
(1.1
)%
 
(5.0
)%
 
 
 
 
 
 
Total Deposits
$
14,723,287

 
$
14,366,095

 
$
14,206,717

 
$
14,218,478

 
$
13,898,764

 
2.5
 %
 
5.9
 %
 
 
 
 
 
Short-term borrowings, by type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer repurchase agreements
$
187,588

 
$
180,595

 
$
171,408

 
$
142,004

 
$
149,415

 
3.9
 %
 
25.5
 %
 
 
 
 
 
 
Customer short-term promissory notes
70,072

 
77,535

 
74,013

 
80,568

 
79,308

 
(9.6
)%
 
(11.6
)%
 
 
 
 
 
 
Federal funds purchased
148,546

 
138,012

 
183,970

 
44,468

 
85,092

 
7.6
 %
 
74.6
 %
 
 
 
 
 
 
Short-term FHLB advances and other borrowings
20,163

 
7,527

 
16,011

 
14,457

 
10,870

 
167.9
 %
 
85.5
 %
 
 
 
 
 
 
Total Short-term Borrowings
$
426,369

 
$
403,669

 
$
445,402

 
$
281,497

 
$
324,685

 
5.6
 %
 
31.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
 
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
 
 
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30
 
 
 
 
2016
 
2015
 
 
 
 
Average
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
Balance
 
Interest (1)
 
Yield/Rate
 
Balance
 
Interest (1)
 
Yield/Rate
 
ASSETS
 
 
 
 
 
 
 
Interest-earning assets:
 
 
 
 
 
 
 
 
Loans, net of unearned income
 
$
14,011,301,000

 
$
416,646,000

 
3.97
 %
 
$
13,220,339,000

 
$
401,662,000

 
4.06
%
 
 
Taxable investment securities
 
2,139,378,000

 
34,034,000

 
2.12
 %
 
2,068,025,000

 
33,478,000

 
2.16
%
 
 
Tax-exempt investment securities
 
306,298,000

 
10,631,000

 
4.63
 %
 
225,209,000

 
9,035,000

 
5.35
%
 
 
Equity securities
 
14,272,000

 
599,000

 
5.60
 %
 
25,985,000

 
1,086,000

 
5.59
%
 
 
Total Investment Securities
 
2,459,948,000

 
45,264,000

 
2.45
 %
 
2,319,219,000

 
43,599,000

 
2.51
%
 
 
Loans held for sale
 
18,114,000

 
529,000

 
3.90
 %
 
21,360,000

 
632,000

 
3.94
%
 
 
Other interest-earning assets
 
406,163,000

 
2,813,000

 
0.92
 %
 
463,545,000

 
3,922,000

 
1.13
%
 
 
Total Interest-earning Assets
 
16,895,526,000

 
465,252,000

 
3.68
 %
 
16,024,463,000

 
449,815,000

 
3.75
%
 
Noninterest-earning assets:
 
 
 
 
 
 
 
 
Cash and due from banks
 
100,417,000

 
 
 
 
 
104,870,000

 
 
 
 
 
 
Premises and equipment
 
227,237,000

 
 
 
 
 
226,469,000

 
 
 
 
 
 
Other assets
 
1,182,260,000

 
 
 
 
 
1,101,856,000

 
 
 
 
 
 
Less: allowance for loan losses
 
(164,999,000
)
 
 
 
 
 
(176,205,000
)
 
 
 
 
 
 
Total Assets
 
$
18,240,441,000

 
 
 
 
 
$
17,281,453,000

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
Demand deposits
 
$
3,498,659,000

 
$
4,727,000

 
0.18
 %
 
$
3,202,380,000

 
$
3,092,000

 
0.13
%
 
 
Savings deposits
 
4,000,871,000

 
5,732,000

 
0.19
 %
 
3,600,695,000

 
3,802,000

 
0.14
%
 
 
Time deposits
 
2,842,011,000

 
22,465,000

 
1.06
 %
 
3,017,271,000

 
23,199,000

 
1.03
%
 
 
Total Interest-bearing Deposits
 
10,341,541,000

 
32,924,000

 
0.43
 %
 
9,820,346,000

 
30,093,000

 
0.41
%
 
 
Short-term borrowings
 
425,151,000

 
739,000

 
0.23
 %
 
338,019,000

 
272,000

 
0.11
%
 
 
FHLB advances and long-term debt
 
962,997,000

 
27,889,000

 
3.86
 %
 
1,048,634,000

 
33,669,000

 
4.29
%
 
 
Total Interest-bearing Liabilities
 
11,729,689,000

 
61,552,000

 
0.70
 %
 
11,206,999,000

 
64,034,000

 
0.76
%
 
Noninterest-bearing liabilities:
 
 
 
 
 
 
 
 
Demand deposits
 
4,091,555,000

 
 
 
 
 
3,767,919,000

 
 
 
 
 
 
Other
 
329,315,000

 
 
 
 
 
282,983,000

 
 
 
 
 
 
Total Liabilities
 
16,150,559,000

 
 
 
 
 
15,257,901,000

 
 
 
 
 
 
Shareholders' equity
 
2,089,882,000

 
 
 
 
 
2,023,552,000

 
 
 
 
 
 
Total Liabilities and Shareholders' Equity
 
$
18,240,441,000

 
 
 
 
 
$
17,281,453,000

 
 
 
 
 
 
Net interest income/net interest margin (fully taxable equivalent)
 
403,700,000

 
3.19
 %
 
 
 
385,781,000

 
3.22
%
 
 
Tax equivalent adjustment
 
 
 
(15,165,000
)
 
 
 
 
 
(13,586,000
)
 
 
 
 
Net interest income
 
 
 
$
388,535,000

 
 
 
 
 
$
372,195,000

 
 
 
(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:
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
September 30
 
 
 
 
 
 
 
 
 
 
 
 
2,016
 
2,015
 
% Change
 
 
 
 
 
 
 
Loans, by type:
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
 
$
5,572,356,000

 
$
5,205,755,000

 
7.0
 %
 
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
 
4,080,638,000

 
3,831,678,000

 
6.5
 %
 
 
 
 
 
 
 
 
Real estate - home equity
 
1,656,969,000

 
1,703,006,000

 
(2.7
)%
 
 
 
 
 
 
 
 
Real estate - residential mortgage
 
1,428,430,000

 
1,369,367,000

 
4.3
 %
 
 
 
 
 
 
 
 
Real estate - construction
 
817,014,000

 
713,893,000

 
14.4
 %
 
 
 
 
 
 
 
 
Consumer
 
272,402,000

 
265,002,000

 
2.8
 %
 
 
 
 
 
 
 
 
Leasing and other
 
183,492,000

 
131,638,000

 
39.4
 %
 
 
 
 
 
 
 
 
Total Loans, net of unearned income
 
$
14,011,301,000

 
$
13,220,339,000

 
6.0
 %
 
 
 
 
 
 
 
Deposits, by type:
 
 
 
 
 
 
 
 
Noninterest-bearing demand
 
$
4,091,555,000

 
$
3,767,919,000

 
8.6
 %
 
 
 
 
 
 
 
 
Interest-bearing demand
 
3,498,659,000

 
3,202,380,000

 
9.3
 %
 
 
 
 
 
 
 
 
Savings deposits
 
4,000,871,000

 
3,600,695,000

 
11.1
 %
 
 
 
 
 
 
 
 
Time deposits
 
2,842,011,000

 
3,017,271,000

 
(5.8
)%
 
 
 
 
 
 
 
 
Total Deposits
 
$
14,433,096,000

 
$
13,588,265,000

 
6.2
 %
 
 
 
 
 
 
 
Short-term borrowings, by type:
 
 
 
 
 
 
 
 
Customer repurchase agreements
 
$
179,892,000

 
$
167,526,000

 
7.4
 %
 
 
 
 
 
 
 
 
Customer short-term promissory notes
 
73,859,000

 
81,854,000

 
(9.8
)%
 
 
 
 
 
 
 
 
Federal funds purchased
 
156,812,000

 
72,961,000

 
114.9
 %
 
 
 
 
 
 
 
 
Short-term FHLB advances and other borrowings
 
14,588,000

 
15,678,000

 
(7.0
)%
 
 
 
 
 
 
 
 
Total Short-term Borrowings
 
$
425,151,000

 
$
338,019,000

 
25.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




FULTON FINANCIAL CORPORATION
 
 
 
 
 
 
 
 
 
ASSET QUALITY INFORMATION (UNAUDITED)
 
 
 
 
 
 
 
 
 
dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
Sep 30
 
Jun 30
 
Mar 31
 
Dec 31
 
Sep 30
 
Sep 30
 
Sep 30
 
 
 
2016
 
2016
 
2016
 
2015
 
2015
 
2016
 
2015
 
ALLOWANCE FOR CREDIT LOSSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
169,395

 
$
166,065

 
$
171,412

 
$
169,395

 
$
169,453

 
$
171,412

 
$
185,931

 
 
Loans charged off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Commercial - industrial, financial and agricultural
(3,144
)
 
(4,625
)
 
(6,188
)
 
(970
)
 
(1,640
)
 
(13,957
)
 
(14,669
)
 
 
    Consumer and home equity
(1,394
)
 
(1,614
)
 
(2,548
)
 
(1,466
)
 
(1,590
)
 
(5,556
)
 
(4,365
)
 
 
    Real estate - commercial mortgage
(1,350
)
 
(1,474
)
 
(582
)
 
(1,207
)
 
(660
)
 
(3,406
)
 
(3,011
)
 
 
    Real estate - residential mortgage
(802
)
 
(340
)
 
(1,068
)
 
(513
)
 
(1,035
)
 
(2,210
)
 
(3,099
)
 
 
    Real estate - construction
(150
)
 
(742
)
 
(326
)
 
—

 
(114
)
 
(1,218
)
 
(201
)
 
 
    Leasing and other
(832
)
 
(1,951
)
 
(443
)
 
(1,304
)
 
(522
)
 
(3,226
)
 
(1,352
)
 
 
    Total loans charged off
(7,672
)
 
(10,746
)
 
(11,155
)
 
(5,460
)
 
(5,561
)
 
(29,573
)
 
(26,697
)
 
Recoveries of loans previously charged off:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Commercial - industrial, financial and agricultural
1,539

 
2,931

 
2,319

 
1,409

 
1,598

 
6,789

 
3,855

 
 
    Consumer and home equity
463

 
889

 
534

 
825

 
618

 
1,886

 
1,667

 
 
    Real estate - commercial mortgage
296

 
1,367

 
825

 
1,072

 
842

 
2,488

 
1,729

 
 
    Real estate - residential mortgage
228

 
420

 
136

 
775

 
201

 
784

 
547

 
 
    Real estate - construction
898

 
1,563

 
383

 
548

 
898

 
2,844

 
2,276

 
 
    Leasing and other
168

 
108

 
81

 
98

 
346

 
357

 
587

 
 
    Recoveries of loans previously charged off
3,592

 
7,278

 
4,278

 
4,727

 
4,503

 
15,148

 
10,661

 
Net loans charged off
(4,080
)
 
(3,468
)
 
(6,877
)
 
(733
)
 
(1,058
)
 
(14,425
)
 
(16,036
)
 
Provision for credit losses
4,141

 
2,511

 
1,530

 
2,750

 
1,000

 
8,182

 
(500
)
 
Balance at end of period
$
165,169

 
$
165,108

 
$
166,065

 
$
171,412

 
$
169,395

 
$
165,169

 
$
169,395

 
Net charge-offs to average loans (annualized)
0.11
%
 
0.10
%
 
0.20
%
 
0.02
%
 
0.03
%
 
0.14
%
 
0.16
%
 
NON-PERFORMING ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-accrual loans
$
124,017

 
$
111,742

 
$
122,170

 
$
129,523

 
$
132,154

 
 
 
 
 
 
Loans 90 days past due and accruing
14,095

 
15,992

 
15,013

 
15,291

 
12,867

 
 
 
 
 
 
    Total non-performing loans
138,112

 
127,734

 
137,183

 
144,814

 
145,021

 
 
 
 
 
 
Other real estate owned
11,981

 
11,918

 
10,946

 
11,099

 
10,561

 
 
 
 
 
 
Total non-performing assets
$
150,093

 
$
139,652

 
$
148,129

 
$
155,913

 
$
155,582

 
 
 
 
 
NON-PERFORMING LOANS, BY TYPE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
$
47,330

 
$
38,902

 
$
39,140

 
$
44,071

 
$
38,032

 
 
 
 
 
 
Real estate - commercial mortgage
39,631

 
35,704

 
43,132

 
41,170

 
49,021

 
 
 
 
 
 
Real estate - residential mortgage
23,451

 
25,030

 
25,182

 
28,484

 
27,707

 
 
 
 
 
 
Consumer and home equity
16,426

 
16,061

 
16,210

 
17,123

 
15,186

 
 
 
 
 
 
Real estate - construction
11,223

 
11,879

 
12,005

 
12,460

 
14,989

 
 
 
 
 
 
Leasing
51

 
158

 
1,514

 
1,506

 
86

 
 
 
 
 
 
Total non-performing loans
$
138,112

 
$
127,734

 
$
137,183

 
$
144,814

 
$
145,021

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real-estate - residential mortgage
$
26,854

 
$
27,324

 
$
27,565

 
$
28,511

 
$
29,330

 
 
 
 
 
 
Real-estate - commercial mortgage
16,085

 
17,808

 
17,427

 
17,563

 
17,282

 
 
 
 
 
 
Consumer and home equity
7,707

 
7,191

 
6,562

 
4,589

 
3,983

 
 
 
 
 
 
Commercial - industrial, financial and agricultural
7,488

 
5,756

 
5,650

 
5,953

 
7,399

 
 
 
 
 
 
Real estate - construction
843

 
3,086

 
3,092

 
3,942

 
4,363

 
 
 
 
 
 
Total accruing TDRs
$
58,977

 
$
61,165

 
$
60,296

 
$
60,558

 
$
62,357

 
 
 
 
 
 
Non-accrual TDRs (1)
27,904

 
24,887

 
27,277

 
31,035

 
27,618

 
 
 
 
 
 
Total TDRs
$
86,881

 
$
86,052

 
$
87,573

 
$
91,593

 
$
89,975

 
 
 
 
 
(1) Included within non-accrual loans above.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
DELINQUENCY RATES, BY TYPE:
Total Delinquency %
 
 
 
 
 
 
 
Sep 30
 
Jun 30
 
Mar 31
 
Dec 31
 
Sep 30
 
 
 
 
 
 
 
2016
 
2016
 
2016
 
2015
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate - commercial mortgage
0.87
%
 
0.81
%
 
0.93
%
 
0.91
%
 
1.08
%
 
 
 
 
 
 
Commercial - industrial, financial and agricultural
1.48
%
 
1.25
%
 
1.46
%
 
1.27
%
 
1.32
%
 
 
 
 
 
 
Real estate - construction
1.61
%
 
1.93
%
 
2.00
%
 
1.87
%
 
2.25
%
 
 
 
 
 
 
Real estate - residential mortgage
2.67
%
 
2.70
%
 
3.10
%
 
3.40
%
 
3.27
%
 
 
 
 
 
 
Consumer, home equity, leasing and other
1.53
%
 
1.47
%
 
1.48
%
 
1.58
%
 
1.41
%
 
 
 
 
 
 
Total
1.38
%
 
1.30
%
 
1.44
%
 
1.41
%
 
1.49
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSET QUALITY RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sep 30
 
Jun 30
 
Mar 31
 
Dec 31
 
Sep 30
 
 
 
 
 
 
 
2016
 
2016
 
2016
 
2015
 
2015
 
 
 
 
 
 
Non-accrual loans to total loans
0.86
%
 
0.79
%
 
0.88
%
 
0.94
%
 
0.98
%
 
 
 
 
 
 
Non-performing loans to total loans
0.96
%
 
0.90
%
 
0.99
%
 
1.05
%
 
1.07
%
 
 
 
 
 
 
Non-performing assets to total loans and OREO
1.04
%
 
0.99
%
 
1.07
%
 
1.13
%
 
1.15
%
 
 
 
 
 
 
Non-performing assets to total assets
0.80
%
 
0.76
%
 
0.82
%
 
0.87
%
 
0.87
%
 
 
 
 
 
 
Allowance for credit losses to loans outstanding
1.15
%
 
1.17
%
 
1.20
%
 
1.24
%
 
1.25
%
 
 
 
 
 
 
Allowance for credit losses to non-performing loans
119.59
%
 
129.26
%
 
121.05
%
 
118.37
%
 
116.81
%
 
 
 
 
 
 
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
8.51
%
 
8.02
%
 
8.67
%
 
9.27
%
 
9.35
%
 
 
 
 
 





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 supplemental 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 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
 
Nine Months Ended
 
 
 
 
 
 
 
Sep 30
 
Jun 30
 
Mar 31
 
Dec 31
 
Sep 30
 
 
Sep 30
 
Sep 30
 
 
 
 
 
 
 
2016
 
2016
 
2016
 
2015
 
2015
 
 
2016
 
2015
Shareholders' equity (tangible), per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity
 
 
$
2,129,436

 
$
2,106,997

 
$
2,073,309

 
$
2,041,894

 
$
2,025,904

 
 
 
 
 
Less: Goodwill and intangible assets
 
 
(531,556
)
 
(531,556
)
 
(531,556
)
 
(531,556
)
 
(531,562
)
 
 
 
 
 
Tangible shareholders' equity (numerator)
 
 
$
1,597,880

 
$
1,575,441

 
$
1,541,753

 
$
1,510,338

 
$
1,494,342

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares outstanding, end of period (denominator)
 
 
173,144

 
173,139

 
173,393

 
174,176

 
173,771

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity (tangible), per share
 
 
$
9.23

 
$
9.10

 
$
8.89

 
$
8.67

 
$
8.60

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average common shareholders' equity (tangible)
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
$
41,468

 
$
39,750

 
$
38,257

 
$
38,535

 
$
34,251

 
 
$
119,475

 
$
110,967

Plus: Intangible amortization, net of tax
 
 
—

 
—

 
—

 
4

 
3

 
 
—

 
153

Numerator
 
$
41,468

 
$
39,750

 
$
38,257

 
$
38,539

 
$
34,254

 
 
$
119,475

 
$
111,120

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average shareholders' equity
 
 
$
2,120,596

 
$
2,089,915

 
$
2,058,799

 
$
2,036,769

 
$
2,022,829

 
 
$
2,089,882

 
$
2,023,552

Less: Average goodwill and intangible assets
 
 
(531,556
)
 
(531,556
)
 
(531,556
)
 
(531,559
)
 
(531,564
)
 
 
(531,556
)
 
(531,638
)
Average tangible shareholders' equity (denominator)
 
$
1,589,040

 
$
1,558,359

 
$
1,527,243

 
$
1,505,210

 
$
1,491,265

 
 
$
1,558,326

 
$
1,491,914

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average common shareholders' equity (tangible), annualized
 
10.38
%
 
10.26
%
 
10.07
%
 
10.16
%
 
9.11
%
 
 
10.24
%
 
9.96
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Efficiency ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest expense
 
 
$
119,848

 
$
121,637

 
$
120,413

 
$
118,439

 
$
124,889

 
 
$
361,898

 
$
361,721

Less: Intangible amortization
 
 
—

 
—

 
—

 
(6
)
 
(5
)
 
 
—

 
(241
)
Less: Loss on redemption of trust preferred securities
 
 
—

 
—

 
—

 
—

 
(5,626
)
 
 
—

 
(5,626
)
Numerator
 
 
$
119,848

 
$
121,637

 
$
120,413

 
$
118,433

 
$
119,258

 
 
$
361,898

 
$
355,854

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income (fully taxable equivalent)
 
 
$
135,784

 
$
133,890

 
$
134,026

 
$
132,683

 
$
130,250

 
 
$
403,700

 
$
385,781

Plus: Total Non-interest income
 
 
48,149

 
46,137

 
43,137

 
45,839

 
44,774

 
 
137,423

 
136,000

Less: Investment securities gains
 
 
(2
)
 
(76
)
 
(947
)
 
(776
)
 
(1,730
)
 
 
(1,025
)
 
(8,290
)
Denominator
 
 
$
183,931

 
$
179,951

 
$
176,216

 
$
177,746

 
$
173,294

 
 
$
540,098

 
$
513,491

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Efficiency ratio
 
 
65.16
%
 
67.59
%
 
68.33
%
 
66.63
%
 
68.82
%
 
 
67.01
%
 
69.30
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
 
 
 
 
 
Non-performing assets (numerator)
 
 
$
150,093

 
$
139,652

 
$
148,129

 
$
155,913

 
$
155,582

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tangible shareholders' equity
 
 
$
1,597,880

 
$
1,575,441

 
1,541,753

 
1,510,338

 
$
1,494,342

 
 
 
 
 
Plus: Allowance for credit losses
 
 
165,169

 
165,108

 
166,065

 
171,412

 
169,395

 
 
 
 
 
Tangible shareholders' equity and allowance for credit losses (denominator)
$
1,763,049

 
$
1,740,549

 
$
1,707,818

 
$
1,681,750

 
$
1,663,737

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
8.51
%
 
8.02
%
 
8.67
%
 
9.27
%
 
9.35
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-provision net revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
 
$
130,565

 
$
128,916

 
$
129,054

 
$
127,799

 
$
125,694

 
 
 
 
 
Non-interest income
 
 
 
48,149

 
46,137

 
43,137

 
45,839

 
44,774

 
 
 
 
 
Less: Investment securities gains
 
 
 
(2
)
 
(76
)
 
(947
)
 
(776
)
 
(1,730
)
 
 
 
 
 
Total revenue
 
 
 
 
$
178,712

 
$
174,977

 
$
171,244

 
$
172,862

 
$
168,738

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest expense
 
 
 
$
119,848

 
$
121,637

 
$
120,413

 
$
118,439

 
$
124,889

 
 
 
 
 
Less: Loss on redemption of TruPS
 
 
 
—

 
—

 
—

 
—

 
(5,626
)
 
 
 
 
 
Total non-interest expense, as adjusted
 
 
 
$
119,848

 
$
121,637

 
$
120,413

 
$
118,439

 
$
119,263

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-provision net revenue
 
 
$
58,864

 
$
53,340

 
$
50,831

 
$
54,423

 
$
49,475