e8vkza

0000950123-09-027017.txt : 20090729 0000950123-09-027017.hdr.sgml : 20090729 20090729163350 ACCESSION NUMBER: 0000950123-09-027017 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20090721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090729 DATE AS OF CHANGE: 20090729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FULTON FINANCIAL CORP CENTRAL INDEX KEY: 0000700564 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 232195389 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-10587 FILM NUMBER: 09970583 BUSINESS ADDRESS: STREET 1: ONE PENN SQ STREET 2: PO BOX 4887 CITY: LANCASTER STATE: PA ZIP: 17604 BUSINESS PHONE: 7172912411 MAIL ADDRESS: STREET 1: ONE PENN SQ STREET 2: PO BOX 4887 CITY: LANCASTER STATE: PA ZIP: 17604 8-K/A 1 w75018e8vkza.htm FORM 8-K/A e8vkza

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

Amendment #1

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2009

Commission File No. 0-10587

FULTON FINANCIAL CORPORATION

(Exact name of Registrant as specified in its Charter)


Pennsylvania (State or other jurisdiction of incorporation)		23-2195389 (IRS Employer Identification Number)


One Penn Square Lancaster, Pennsylvania (Address of principal executive offices)		17602 (Zip Code)

Registrant’s telephone number, including area code: 717-291-2411

Former name or former address, if changed since last Report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

o Pre-commencement to communications pursuant to Rule 13e-4(c) under the Exchange Act

Explanatory Note

This Form 8-K/A amends the Current Report on Form 8-K of Fulton Financial Corporation (the “Company”) filed with the Securities and Exchange Commission on July 21, 2009.

Specifically, this Form 8-K/A corrects certain dollar amounts and percentage changes related to the Company’s loan portfolio presented in the earnings release filed as Exhibit 99.1 to the Current Report on Form 8-K and in the supplemental financial information filed as Exhibit 99.2 to the Current Report on Form 8-K. The primary correction, in comparison to the amounts reported in the earnings release, was an increase in construction loans at June 30, 2009 of approximately $33 million, with a corresponding decrease in commercial loans. Similar reclassifications, primarily between construction and commercial loans, were made among average loan balances, by type, for all periods presented.

The corrections to the earnings release have no impact on reported earnings or the total amount of the loan portfolio. Thus, while the Company does not believe that the corrections are material, this Form 8-K/A is being filed so that the amounts set forth in the earnings release correspond to the amounts expected to be included in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.

This Form 8-K/A amends and restates in its entirety Item 2.02 and Item 9.01 to reflect this information.

Item 2.02 — Results of Operations and Financial Condition

On July 21, 2009 Fulton Financial Corporation announced its results of operations for the second quarter ended June 30, 2009. A copy of the earnings release is attached as Exhibit 99.1 to this Form 8-K. Supplemental financial information included with the earnings release is attached as Exhibit 99.2 to this report.

Item 9.01 Financial Statements And Exhibits

(d) Exhibits.


Exhibit No.		Description

99.1		Revised Earnings Release dated July 21, 2009.
99.2		Revised Supplemental financial information for the quarter ended June 30, 2009.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: July 29, 2009	FULTON FINANCIAL CORPORATION
	By:	/s/ Charles J. Nugent
		Charles J. Nugent
		Senior Executive Vice President and Chief Financial Officer

EX-99.1 2 w75018exv99w1.htm EX-99.1 exv99w1

EXHIBIT 99.1


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

Fulton Financial reports second quarter earnings

(July 21) — Lancaster, PA — Fulton Financial Corporation (Nasdaq: FULT) reported net income available to common shareholders of $8.1 million for the quarter ended June 30, 2009, a 68.6 percent decrease from the same period in 2008. Diluted net income per share for the quarter was 5 cents, a 66.7 percent decrease from the same period in 2008, and was equal to diluted net income per share for the first quarter of 2009.

Net income available to common shareholders was $16.1 million for the six months ended June 30, 2009, a 76.0 percent decrease from the same period in 2008. Diluted net income per share for the six months ended June 30, 2009 was 9 cents, a 76.9 percent decrease from the 39 cents reported in 2008. Total assets at June 30, 2009 were $16.9 billion.

“While we were encouraged that the pace of non-performing loan growth slowed somewhat in the second quarter, we continued to provide for loan losses at a level equal to the first quarter. A reduction in construction loan balances contributed to a decrease in total loans outstanding that put pressure on our net interest margin,” said R. Scott Smith, Jr., chairman and chief executive officer. “From a funding perspective, we were pleased with our strong growth in core demand and savings deposits. Sale gains from residential mortgage activity were a significant contributor to non-interest income. Expenses remain well controlled. We are committed to improving our performance in what continues to be a very challenging economic environment.”

Loans, net of unearned income, increased $289.3 million, or 2.5 percent, to $11.9 billion at June 30, 2009, compared to $11.6 billion at June 30, 2008. The increase was primarily due to a $350.0 million, or 9.3 percent, increase in commercial mortgages, a $95.7 million, or 2.7 percent, increase in commercial loans and a $60.1 million, or 3.8 percent, increase in home equity loans. These increases were partially offset by a $225.9 million, or 17.1 percent, decrease in construction loans. In comparison to the first quarter of 2009, loans, net of unearned income, decreased $142.2 million, or 1.2 percent, mainly due to a decrease in construction loans of $109.2 million, or 9.1 percent, a decrease in commercial loans of $39.4 million, or 1.1 percent, a decrease in residential mortgage loans of $22.6 million, or 2.4 percent and a decrease in home equity loans of $20.2

- MORE -

Page 2 . . . Fulton Financial reports second quarter earnings

million, or 1.2 percent, partially offset by an increase in commercial mortgages of $52.9 million, or 1.3 percent.

Non-performing assets were $292.2 million, or 1.73 percent of total assets, at June 30, 2009, compared to $164.5 million, or 1.02 percent, at June 30, 2008 and $269.2 million, or 1.63 percent, at March 31, 2009. The $127.7 million, or 77.6 percent, increase in non-performing assets since June 30, 2008 was primarily due to a $66.0 million, or 178.3 percent, increase in non-performing construction loans, an $18.7 million, or 47.8 percent, increase in non-performing commercial mortgage loans, an $18.3 million, or 45.6 percent, increase in non-performing commercial loans and a $15.2 million, or 69.3 percent, increase in non-performing residential mortgage and home equity loans.

Annualized net charge-offs for the quarter ended June 30, 2009 were 0.97 percent of average total loans, compared to 0.33 percent for the quarter ended June 30, 2008 and 1.00 percent for the quarter ended March 31, 2009. The increase in charge-offs was primarily in construction loans, commercial mortgage loans and commercial loans. For the six months ended June 30, 2009, annualized net charge-offs were 0.99 percent of average total loans, compared to 0.24 percent for the same period in 2008. The provision for loan losses increased $33.3 million for the second quarter of 2009, as compared to the same period in 2008, and was equal to the provision for the first quarter of 2009. For the six months ended June 30, 2009, the provision for loan losses was $100.0 million, a 258.1 percent increase from the $27.9 million recorded during the six months ended June 30, 2008. The increase in the provision for loan losses in comparison to the three and six months ended June 30, 2008 was mainly due to the increase in the level of non-performing assets and net charge-offs, which required additional increases to the allowance for credit losses.

Total deposits increased $1.8 billion, or 17.9 percent, to $11.7 billion at June 30, 2009 compared to $9.9 billion at June 30, 2008. The increase was due to a $1.3 billion, or 29.8 percent, increase in time deposits and a $504.2 million, or 8.9 percent, increase in demand and savings deposits. In comparison to the first quarter of 2009, total deposits increased $302.3 million, or 2.6 percent, due to a $471.7 million, or 8.3 percent, increase in demand and savings deposits, offset by a $169.4 million, or 3.0 percent, decrease in time deposits.

Net interest income for the second quarter of 2009 decreased $3.9 million, or 3.0 percent, compared to the same period in 2008 and increased $3.8 million, or 3.1 percent, from the first quarter of 2009. The Corporation’s net interest margin was 3.43 percent for the second quarter of 2009, 3.75 percent for the second quarter of 2008 and 3.45 percent for first quarter of 2009.

Other income, excluding investment securities gains (losses), decreased $8.5 million, or 15.8 percent, in the second quarter of 2009 compared to the same period in 2008. The decrease

Page 3 . . . Fulton Financial reports second quarter earnings

was due to a $13.9 million gain recorded in the second quarter of 2008 related to the sale of the Corporation’s credit card portfolio, offset by a $4.7 million increase in gains on sale of mortgage loans. Compared to the first quarter of 2009, other income, excluding investment securities gains (losses), increased $1.3 million, or 3.0 percent.

Investment securities gains in the second quarter of 2009 were $77,000 compared to losses of $21.6 million in the second quarter of 2008. Investment securities gains in the second quarter of 2009 included $3.5 million of net gains on the sale of debt and equity securities, offset by $2.7 million of other-than-temporary impairment charges related to debt securities issued by financial institutions and $728,000 of other-than-temporary impairment charges related to bank stocks. During the second quarter of 2008, the Corporation recorded $24.7 million of other-than-temporary impairment charges related to bank stocks.

Other expenses decreased $1.9 million, or 1.8 percent, compared to the same period in 2008, to $107.8 million. The decrease was primarily due to $13.2 million of charges recorded in the second quarter of 2008 related to the Corporation’s decision to purchase illiquid auction rate securities previously sold to customers of the Corporation’s investment management and trust subsidiary, Fulton Financial Advisors, N.A. During the second quarter of 2009, the Corporation repurchased the remaining $94 million of auction rate securities held by FFA’s customers and recorded a final charge of $79,000 related to the guarantee. As of June 30, 2009, the Corporation no longer has any guarantee liability related to this commitment outstanding. Offsetting this decrease was an $11.5 million increase in Federal Deposit Insurance Corporation (FDIC) insurance expense due to an increase in assessment rates compared to the second quarter of 2008 and a $7.7 million special emergency assessment recorded in the second quarter of 2009. In comparison to the first quarter of 2009, other expenses increased $1.4 million, or 1.3 percent, due to a $7.9 million increase in FDIC insurance expense, offset by a $6.1 million decrease in charges related to auction rate securities.

Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company which has nearly 3,900 employees and operates more than 265 banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through the following affiliates: Fulton Bank, Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Hagerstown Trust Company, Hagerstown, MD; Delaware National Bank, Georgetown, DE; The Bank, Woodbury, NJ; The Peoples Bank of Elkton, Elkton, MD; Skylands Community Bank, Hackettstown, NJ and The Columbia Bank, Columbia, MD.

The Corporation’s financial services affiliates include: Fulton Financial Advisors, N.A., Lancaster, PA; Fulton Insurance Services Group, Inc., Lancaster, PA; and Dearden, Maguire,

Page 4 . . . Fulton Financial reports second quarter earnings

Weaver and Barrett, LLC, West Conshohocken, PA. Residential mortgage lending is offered by all banks through Fulton Mortgage Company.

Additional information on Fulton Financial Corporation is available on the Internet at www.fult.com.

Safe Harbor Statement:

This news release may contain forward-looking statements with respect to our financial condition, results of operations and business. Forward-looking statements are encouraged by the Private Securities Litigation Reform Act of 1995. When words such as “believes,” “expects,” “anticipates,” “intends,” “forecasts,” “projects,” “will” and similar words and expressions are used in its press releases, the Corporation is making forward-looking statements.

Such forward-looking statements reflect the Corporation’s current views and expectations based largely on information currently available to its management, and on its current expectations, assumptions, plan, estimates, judgments, and projections about its business and its industry, and they involve inherent risks, contingencies, uncertainties and other factors. Although the Corporation believes that these forward-looking statements are based on reasonable estimates and assumptions, the Corporation is unable to provide any assurance that its expectations will, in fact, occur or that its estimates or assumptions will be correct and actual results could differ materially from those expressed or implied by such forward-looking statements and such statements are not guarantees of future performance. The Corporation undertakes no obligation to update or revise any forward-looking statements. Accordingly, investors and others are cautioned not to place undue reliance on such forward-looking statements.

Many factors could affect future financial results including, without limitation, acquisition and growth strategies; market risk; changes or adverse developments in economic, political or regulatory conditions; a continuation or worsening of the current disruption in credit and other markets, including the lack of or reduced access to, and the abnormal functioning of, markets for mortgage and other asset-backed securities and for commercial paper and other short-term borrowings; the effect of competition and interest rates on net interest margin and net interest income; investment strategy and income growth; investment securities gains; declines in the value of securities which may result in charges to earnings; changes in rates of deposit and loan growth; asset quality and the impact on assets from adverse changes in the economy and in credit and other markets and resulting effects on credit risk and asset values; balances of risk-sensitive assets to risk-sensitive liabilities; salaries and employee benefits and other expenses;

Page 5 . . . Fulton Financial reports second quarter earnings

amortization of intangible assets; goodwill impairment; capital and liquidity strategies; and other financial and business matters for future periods.

For a more complete discussion of certain risks and uncertainties affecting the Corporation, please see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in the Corporation’s filings with the Securities and Exchange Commission.

# # #

2009

EX-99.2 3 w75018exv99w2.htm EX-99.2 exv99w2

EXHIBIT 99.2

FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
dollars in thousands, except per-share data


	June 30
	2009		2008		% Change

BALANCE SHEET DATA

Total assets	$	16,875,852	$	16,058,125		5.1	%
Loans, net of unearned income		11,866,818		11,577,495		2.5	%
Investment securities		3,335,403		2,706,949		23.2	%
Deposits		11,716,297		9,938,194		17.9	%
Shareholders’ equity		1,872,928		1,593,478		17.5	%


	Quarter Ended June 30									Six Months Ended June 30
	2009			2008			% Change			2009			2008			% Change
INCOME SUMMARY

Interest income	$	198,097		$	215,392			(8.0	%)	$	393,664		$	444,612			(11.5	%)
Interest expense		(70,153	)		(83,502	)		(16.0	%)		(141,604	)		(186,823	)		(24.2	%)

Net interest income		127,944			131,890			(3.0	%)		252,060			257,789			(2.2	%)
Provision for loan losses		(50,000	)		(16,706	)		199.3	%		(100,000	)		(27,926	)		258.1	%
Investment securities gains (losses)		77			(21,647	)		N/M			2,996			(20,401	)		N/M
Gain on sale of credit card portfolio		—			13,910			(100.0	%)		—			13,910			(100.0	%)
Other income		45,300			39,887			13.6	%		89,295			76,321			17.0	%
Other expenses		(107,806	)		(109,736	)		(1.8	%)		(214,178	)		(206,396	)		3.8	%

Income before income taxes		15,515			37,598			(58.7	%)		30,173			93,297			(67.7	%)
Income tax expense		(2,404	)		(11,920	)		(79.8	%)		(3,977	)		(26,123	)		(84.8	%)

Net income		13,111			25,678			(48.9	%)	$	26,196		$	67,174			(61.0	%)
Preferred stock dividends and discount accretion		(5,046	)		—			N/A			(10,077	)		—			N/A

Net income available to common shareholders	$	8,065		$	25,678			(68.6	%)	$	16,119		$	67,174			(76.0	%)


PER COMMON SHARE:

Net income:
Basic	$	0.05		$	0.15			(66.7	%)	$	0.09		$	0.39			(76.9	%)
Diluted		0.05			0.15			(66.7	%)		0.09			0.39			(76.9	%)
Cash dividends		0.03			0.15			(80.0	%)		0.06			0.30			(80.0	%)

Shareholders’ equity		8.56			9.15			(6.4	%)		8.56			9.15			(6.4	%)
Shareholders’ equity (tangible)		5.40			5.41			(0.2	%)		5.40			5.41			(0.2	%)

SELECTED FINANCIAL RATIOS:

Return on average assets		0.32	%		0.65	%					0.32	%		0.85	%
Return on average common shareholders’ equity		2.16	%		6.33	%					2.17	%		8.40	%
Return on average common shareholders’ equity (tangible)		3.83	%		11.03	%					3.85	%		14.65	%
Net interest margin		3.43	%		3.75	%					3.44	%		3.67	%
Efficiency ratio		60.08	%		56.93	%					60.51	%		56.97	%
Tangible common equity to tangible assets		5.81	%		6.12	%					5.81	%		6.12	%
Non-performing assets to total assets		1.73	%		1.02	%					1.73	%		1.02	%


N/A — Not applicable

N/M — Not meaningful

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands


										% Change from
	June 30			June 30			March 31			June 30			March 31
	2009			2008			2009			2008			2009
ASSETS
Cash and due from banks	$	299,818		$	420,273		$	265,431			(28.7	%)		13.0	%
Loans held for sale		242,439			116,351			102,033			108.4	%		137.6	%
Other interest-earning assets		25,890			10,234			14,329			153.0	%		80.7	%
Investment securities		3,335,403			2,706,949			3,123,687			23.2	%		6.8	%
Loans, net of unearned income		11,866,818			11,577,495			12,009,060			2.5	%		(1.2	%)
Allowance for loan losses		(214,170	)		(122,340	)		(192,410	)		75.1	%		11.3	%

Net Loans		11,652,648			11,455,155			11,816,650			1.7	%		(1.4	%)
Premises and equipment		205,074			196,934			205,495			4.1	%		(0.2	%)
Accrued interest receivable		58,077			61,366			59,369			(5.4	%)		(2.2	%)
Goodwill and intangible assets		555,272			651,324			556,496			(14.7	%)		(0.2	%)
Other assets		501,231			439,539			350,032			14.0	%		43.2	%

Total Assets	$	16,875,852		$	16,058,125		$	16,493,522			5.1	%		2.3	%


LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	11,716,297		$	9,938,194		$	11,413,982			17.9	%		2.6	%
Short-term borrowings		1,317,293			2,497,387			1,195,474			(47.3	%)		10.2	%
Federal Home Loan Bank advances and long-term debt		1,750,967			1,819,428			1,786,598			(3.8	%)		(2.0	%)
Other liabilities		218,367			209,638			236,147			4.2	%		(7.5	%)

Total Liabilities		15,002,924			14,464,647			14,632,201			3.7	%		2.5	%
Preferred stock		369,610			—			369,270			N/A			0.1	%
Common shareholders’ equity		1,503,318			1,593,478			1,492,051			(5.7	%)		0.8	%

Total Shareholders’ Equity		1,872,928			1,593,478			1,861,321			17.5	%		0.6	%

Total Liabilities and Shareholders’ Equity	$	16,875,852		$	16,058,125		$	16,493,522			5.1	%		2.3	%


LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
Real estate — commercial mortgage	$	4,121,208		$	3,771,209		$	4,068,342			9.3	%		1.3	%
Commercial — industrial, financial and agricultural		3,614,144			3,518,483			3,653,503			2.7	%		(1.1	%)
Real estate — home equity		1,653,461			1,593,405			1,673,613			3.8	%		(1.2	%)
Real estate — construction		1,096,047			1,321,980			1,205,256			(17.1	%)		(9.1	%)
Real estate — residential mortgage		925,270			924,789			947,837			0.1	%		(2.4	%)
Consumer		371,492			362,925			378,851			2.4	%		(1.9	%)
Leasing and other		85,196			84,704			81,658			0.6	%		4.3	%

Total Loans, net of unearned income	$	11,866,818		$	11,577,495		$	12,009,060			2.5	%		(1.2	%)

Deposits, by type:
Noninterest-bearing demand	$	1,942,845		$	1,789,150		$	1,776,169			8.6	%		9.4	%
Interest-bearing demand		1,793,070			1,671,769			1,799,586			7.3	%		(0.4	%)
Savings deposits		2,436,815			2,207,617			2,125,297			10.4	%		14.7	%
Time deposits		5,543,567			4,269,658			5,712,930			29.8	%		(3.0	%)

Total Deposits	$	11,716,297		$	9,938,194		$	11,413,982			17.9	%		2.6	%

Short-term borrowings, by type:
Federal funds purchased	$	781,357		$	1,531,568		$	397,158			(49.0	%)		96.7	%
Short-term promissory notes		274,028			480,489			343,845			(43.0	%)		(20.3	%)
Customer repurchase agreements		261,444			219,716			249,256			19.0	%		4.9	%
Federal Reserve Bank borrowings		—			—			200,000			—			(100.0	%)
Overnight borrowings and other		464			265,614			5,215			(99.8	%)		(91.1	%)

Total Short-term borrowings	$	1,317,293		$	2,497,387		$	1,195,474			(47.3	%)		10.2	%


N/A — Not Applicable

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands, except per-share data


	Quarter Ended									% Change from
	June 30			June 30			March 31			June 30			March 31			Six Months Ended June 30
	2009			2008			2009			2008			2009			2009			2008			% Change
Interest Income:
Interest income	$	198,097		$	215,392		$	195,567			(8.0	%)		1.3	%	$	393,664		$	444,612			(11.5	%)
Interest expense		70,153			83,502			71,451			(16.0	%)		(1.8	%)		141,604			186,823			(24.2	%)


Net Interest Income		127,944			131,890			124,116			(3.0	%)		3.1	%		252,060			257,789			(2.2	%)

Provision for loan losses		50,000			16,706			50,000			199.3	%		—			100,000			27,926			258.1	%


Net Interest Income after Provision		77,944			115,184			74,116			(32.3	%)		5.2	%		152,060			229,863			(33.8	%)

Other Income:
Service charges on deposit accounts		15,061			15,319			14,894			(1.7	%)		1.1	%		29,955			29,286			2.3	%
Gain on sale of credit card portfolio		—			13,910			—			(100.0	%)		—			—			13,910			(100.0	%)
Other service charges and fees		9,595			9,131			8,354			5.1	%		14.9	%		17,949			17,722			1.3	%
Investment management and trust services		7,876			8,389			7,903			(6.1	%)		(0.3	%)		15,779			17,148			(8.0	%)
Gains on sale of mortgage loans		7,395			2,670			8,591			176.9	%		(13.9	%)		15,986			4,981			220.9	%
Investment securities gains (losses)		77			(21,647	)		2,919			N/M			(97.4	%)		2,996			(20,401	)		N/M
Other		5,373			4,378			4,253			22.7	%		26.3	%		9,626			7,184			34.0	%


Total Other Income		45,377			32,150			46,914			41.1	%		(3.3	%)		92,291			69,830			32.2	%

Other Expenses:
Salaries and employee benefits		55,799			54,281			55,304			2.8	%		0.9	%		111,103			109,476			1.5	%
FDIC insurance expense		12,206			675			4,288			1,708.3	%		184.7	%		16,494			1,537			973.1	%
Net occupancy expense		10,240			10,238			11,023			—			(7.1	%)		21,263			20,762			2.4	%
Equipment expense		3,300			3,398			3,079			(2.9	%)		7.2	%		6,379			6,846			(6.8	%)
Data processing		2,907			3,116			3,072			(6.7	%)		(5.4	%)		5,979			6,362			(6.0	%)
Marketing		1,724			3,519			2,571			(51.0	%)		(32.9	%)		4,295			6,424			(33.1	%)
Intangible amortization		1,434			1,799			1,463			(20.3	%)		(2.0	%)		2,897			3,656			(20.8	%)
Operating risk loss		144			14,385			6,201			(98.9	%)		(97.6	%)		6,345			15,628			(59.4	%)
Other		20,052			18,325			19,371			9.4	%		3.5	%		39,423			35,705			10.4	%


Total Other Expenses		107,806			109,736			106,372			(1.8	%)		1.3	%		214,178			206,396			3.8	%


Income Before Income Taxes		15,515			37,598			14,658			(58.7	%)		5.8	%		30,173			93,297			(67.7	%)
Income tax expense		2,404			11,920			1,573			(79.8	%)		52.8	%		3,977			26,123			(84.8	%)


Net Income		13,111			25,678			13,085			(48.9	%)		0.2	%		26,196			67,174			(61.0	%)
Preferred stock dividends and discount accretion		(5,046	)		—			(5,031	)		N/A			(0.3	%)		(10,077	)		—			N/A


Net Income Available to Common Shareholders	$	8,065		$	25,678		$	8,054			(68.6	%)		0.1	%	$	16,119		$	67,174			(76.0	%)


PER COMMON SHARE:
Net income:
Basic	$	0.05		$	0.15		$	0.05			(66.7	%)		—		$	0.09		$	0.39			(76.9	%)
Diluted		0.05			0.15			0.05			(66.7	%)		—			0.09			0.39			(76.9	%)

Cash dividends	$	0.03		$	0.15		$	0.03			(80.0	%)		—		$	0.06		$	0.30			(80.0	%)
Shareholders’ equity		8.56			9.15			8.50			(6.4	%)		0.7	%		8.56			9.15			(6.4	%)
Shareholders’ equity (tangible)		5.40			5.41			5.33			(0.2	%)		1.3	%		5.40			5.41			(0.2	%)

Weighted average shares (basic)		175,554			173,959			175,315			0.9	%		0.1	%		175,435			173,791			0.9	%
Weighted average shares (diluted)		175,724			174,528			175,548			0.7	%		0.1	%		175,637			174,360			0.7	%
Shares outstanding, end of period		175,706			174,107			175,507			0.9	%		0.1	%		175,706			174,107			0.9	%

SELECTED FINANCIAL RATIOS:
Return on average assets		0.32	%		0.65	%		0.33	%								0.32	%		0.85	%
Return on average common shareholders’ equity		2.16	%		6.33	%		2.18	%								2.17	%		8.40	%
Return on average common shareholders’ equity (tangible)		3.83	%		11.03	%		3.88	%								3.85	%		14.65	%
Net interest margin		3.43	%		3.75	%		3.45	%								3.44	%		3.67	%
Efficiency ratio		60.08	%		56.93	%		60.95	%								60.51	%		56.97	%

N/A — Not applicable
N/M — Not meaningful

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands


	Quarter Ended
	June 30, 2009									June 30, 2008									March 31, 2009
	Average						Yield/			Average						Yield/			Average						Yield/
	Balance			Interest (1)			Rate			Balance			Interest (1)			Rate			Balance			Interest (1)			Rate
ASSETS

Interest-earning assets:
Loans, net of unearned income	$	11,960,669		$	163,744			5.49	%	$	11,423,409		$	180,433			6.35	%	$	12,041,286		$	163,753			5.51	%
Taxable investment securities		2,673,136			29,423			4.40	%		2,304,391			28,528			4.90	%		2,212,639			26,849			4.86	%
Tax-exempt investment securities		462,991			6,425			5.55	%		509,784			6,911			5.42	%		503,265			6,887			5.47	%
Equity securities		134,702			660			1.96	%		196,981			1,729			3.52	%		137,308			774			2.28	%

Total Investment Securities		3,270,829			36,508			4.47	%		3,011,156			37,168			4.90	%		2,853,212			34,510			4.84	%

Loans held for sale		139,354			1,628			4.67	%		108,478			1,610			5.94	%		104,467			1,261			4.83	%
Other interest-earning assets		20,897			39			0.76	%		16,325			102			2.50	%		16,934			50			1.19	%


Total Interest-earning Assets		15,391,749			201,919			5.26	%		14,559,368			219,313			6.05	%		15,015,899			199,574			5.38	%
Noninterest-earning assets:
Cash and due from banks		283,399									323,223									317,928
Premises and equipment		204,451									196,990									202,875
Other assets		938,156									984,000									924,755
Less: allowance for loan losses		(211,166	)								(115,936	)								(187,183	)


Total Assets	$	16,606,589								$	15,947,645								$	16,274,274


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Demand deposits	$	1,818,897		$	2,001			0.44	%	$	1,708,050		$	2,967			0.70	%	$	1,754,003		$	1,776			0.41	%
Savings deposits		2,307,089			4,401			0.76	%		2,207,699			6,600			1.20	%		2,058,021			4,353			0.86	%
Time deposits		5,625,841			41,604			2.97	%		4,361,280			41,562			3.83	%		5,432,676			43,767			3.27	%


Total Interest-bearing Deposits		9,751,827			48,006			1.97	%		8,277,029			51,129			2.48	%		9,244,700			49,896			2.19	%

Short-term borrowings		1,186,541			922			0.31	%		2,314,845			12,388			2.13	%		1,517,064			1,436			0.38	%
Federal Home Loan Bank advances and long-term debt		1,780,120			21,225			4.78	%		1,871,649			19,985			4.29	%		1,787,493			20,119			4.55	%


Total Interest-bearing Liabilities		12,718,488			70,153			2.21	%		12,463,523			83,502			2.69	%		12,549,257			71,451			2.31	%

Noninterest-bearing liabilities:
Demand deposits		1,812,539									1,662,266									1,657,658
Other		206,901									190,963									201,449


Total Liabilities		14,737,928									14,316,752									14,408,364
Shareholders’ equity		1,868,661									1,630,893									1,865,910


Total Liabilities and Shareholders’ Equity	$	16,606,589								$	15,947,645								$	16,274,274


Net interest income/net interest margin (fully taxable equivalent)					131,766			3.43	%					135,811			3.75	%					128,123			3.45	%

Tax equivalent adjustment					(3,822	)								(3,921	)								(4,007	)

Net interest income				$	127,944								$	131,890								$	124,116


(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
	June 30		June 30		March 31		June 30			March 31
	2009		2008		2009		2008			2009
Loans, by type:
Real estate — commercial mortgage	$	4,091,498	$	3,683,260	$	4,048,847		11.1	%		1.1	%
Commercial — industrial, financial and agricultural		3,656,294		3,502,082		3,655,970		4.4	%		—
Real estate — home equity		1,668,562		1,568,012		1,698,599		6.4	%		(1.8	%)
Real estate — construction		1,152,195		1,317,780		1,229,841		(12.6	%)		(6.3	%)
Real estate — residential mortgage		935,983		890,394		957,556		5.1	%		(2.3	%)
Consumer		371,610		376,698		360,919		(1.4	%)		3.0	%
Leasing and other		84,527		85,183		89,554		(0.8	%)		(5.6	%)

Total Loans, net of unearned income	$	11,960,669	$	11,423,409	$	12,041,286		4.7	%		(0.7	%)

Deposits, by type:
Noninterest-bearing demand	$	1,812,539	$	1,662,266	$	1,657,658		9.0	%		9.3	%
Interest-bearing demand		1,818,897		1,708,050		1,754,003		6.5	%		3.7	%
Savings deposits		2,307,089		2,207,699		2,058,021		4.5	%		12.1	%
Time deposits		5,625,841		4,361,280		5,432,676		29.0	%		3.6	%

Total Deposits	$	11,564,366	$	9,939,295	$	10,902,358		16.3	%		6.1	%

Short-term borrowings, by type:
Federal funds purchased	$	580,020	$	1,303,590	$	792,001		(55.5	%)		(26.8	%)
Short-term promissory notes		297,743		468,802		337,069		(36.5	%)		(11.7	%)
Customer repurchase agreements		256,306		223,092		246,429		14.9	%		4.0	%
Federal Reserve Bank borrowings		48,352		—		138,222		N/A			(65.0	%)
Overnight borrowings and other		4,120		319,361		3,343		(98.7	%)		23.2	%

Total Short-term borrowings	$	1,186,541	$	2,314,845	$	1,517,064		(48.7	%)		(21.8	%)

N/A — Not Applicable

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands


	Six Months Ended June 30
	2009									2008
	Average									Average
	Balance			Interest (1)			Yield/Rate			Balance			Interest (1)			Yield/Rate
ASSETS
Interest-earning assets:
Loans, net of unearned income	$	12,000,755		$	327,497			5.50	%	$	11,359,470		$	372,875			6.60	%
Taxable investment securities		2,444,159			56,272			4.61	%		2,355,791			58,089			4.91	%
Tax-exempt investment securities		483,016			13,312			5.51	%		512,820			13,887			5.42	%
Equity securities		135,998			1,434			2.12	%		204,993			4,109			4.02	%


Total Investment Securities		3,063,173			71,018			4.64	%		3,073,604			76,085			4.93	%

Loans held for sale		122,007			2,889			4.74	%		103,577			3,187			6.16	%
Other interest-earning assets		18,927			89			0.95	%		21,555			320			2.96	%


Total Interest-earning Assets		15,204,862			401,493			5.32	%		14,558,206			452,467			6.24	%

Noninterest-earning assets:
Cash and due from banks		300,568									316,971
Premises and equipment		203,667									196,512
Other assets		931,494									955,629
Less: allowance for loan losses		(199,241	)								(112,925	)

Total Assets	$	16,441,350								$	15,914,393


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Demand deposits	$	1,786,629		$	3,777			0.43	%	$	1,696,835		$	7,372			0.87	%
Savings deposits		2,183,243			8,754			0.81	%		2,172,702			15,763			1.46	%
Time deposits		5,529,794			85,371			3.11	%		4,440,641			91,480			4.14	%


Total Interest-bearing Deposits		9,499,666			97,902			2.08	%		8,310,178			114,615			2.77	%

Short-term borrowings		1,350,889			2,358			0.35	%		2,331,153			31,216			2.66	%
Federal Home Loan Bank advances and long-term debt		1,783,787			41,344			4.67	%		1,835,079			40,992			4.49	%


Total Interest-bearing Liabilities		12,634,342			141,604			2.26	%		12,476,410			186,823			3.00	%

Noninterest-bearing liabilities:
Demand deposits		1,735,525									1,639,275
Other		204,190									190,730


Total Liabilities		14,574,057									14,306,415

Shareholders’ equity		1,867,293									1,607,978


Total Liabilities and Shareholders’ Equity	$	16,441,350								$	15,914,393


Net interest income/net interest margin (fully taxable equivalent)					259,889			3.44	%					265,644			3.67	%

Tax equivalent adjustment					(7,829	)								(7,855	)

Net interest income				$	252,060								$	257,789


(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
	2009		2008		% Change

Loans, by type:
Real estate — commercial mortgage	$	4,070,291	$	3,606,929		12.8	%
Commercial — industrial, financial and agricultural		3,656,133		3,483,573		5.0	%
Real estate — home equity		1,683,497		1,547,242		8.8	%
Real estate — construction		1,190,803		1,336,826		(10.9	%)
Real estate — residential mortgage		946,710		874,289		8.3	%
Consumer		366,293		424,973		(13.8	%)
Leasing and other		87,028		85,638		1.6	%


Total Loans, net of unearned income	$	12,000,755	$	11,359,470		5.6	%


Deposits, by type:
Noninterest-bearing demand	$	1,735,525	$	1,639,275		5.9	%
Interest-bearing demand		1,786,629		1,696,835		5.3	%
Savings deposits		2,183,243		2,172,702		0.5	%
Time deposits		5,529,794		4,440,641		24.5	%


Total Deposits	$	11,235,191	$	9,949,453		12.9	%


Short-term borrowings, by type:
Federal funds purchased	$	685,425	$	1,243,980		(44.9	%)
Short-term promissory notes		317,297		470,136		(32.5	%)
Customer repurchase agreements		251,395		225,006		11.7	%
Federal Reserve Bank borrowings		93,039		—		N/A
Other short-term borrowings		3,733		392,031		(99.0	%)


Total Short-term borrowings	$	1,350,889	$	2,331,153		(42.1	%)

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands


	Quarter Ended									Six Months Ended
	June 30			June 30			March 31			June 30
	2009			2008			2009			2009			2008
ALLOWANCE FOR CREDIT LOSSES:

Balance at beginning of period	$	200,063		$	119,069		$	180,137		$	180,137		$	112,209

Loans charged off:
Real estate — construction		(11,294	)		—			(12,242	)		(23,536	)		—
Commercial — industrial, agricultural and financial		(6,274	)		(4,752	)		(10,622	)		(16,896	)		(7,516	)
Real estate — commercial mortgage		(5,961	)		(386	)		(3,960	)		(9,921	)		(704	)
Real estate — residential mortgage and home equity		(1,830	)		(1,719	)		(1,937	)		(3,767	)		(2,250	)
Consumer		(3,064	)		(1,366	)		(2,076	)		(5,140	)		(2,747	)
Leasing and other		(2,099	)		(1,973	)		(946	)		(3,045	)		(2,605	)

Total loans charged off		(30,522	)		(10,196	)		(31,783	)		(62,305	)		(15,822	)
Recoveries of loans charged off:
Real estate — construction		214			—			112			326			—
Commercial — industrial, agricultural and financial		306			—			904			1,210			276
Real estate — commercial mortgage		25			65			10			35			142
Real estate — residential mortgage and home equity		147			2			1			148			5
Consumer		511			300			429			940			718
Leasing and other		210			277			253			463			769

Recoveries of loans previously charged off		1,413			644			1,709			3,122			1,910

Net loans charged off		(29,109	)		(9,552	)		(30,074	)		(59,183	)		(13,912	)
Provision for loan losses		50,000			16,706			50,000			100,000			27,926

Balance at end of period	$	220,954		$	126,223		$	200,063		$	220,954		$	126,223


Net charge-offs to average loans (annualized)		0.97	%		0.33	%		1.00	%		0.99	%		0.24	%


COMPONENTS OF ALLOWANCE FOR CREDIT LOSSES:
Allowance for loan losses	$	214,170		$	122,340		$	192,410
Reserve for unfunded lending commitments		6,784			3,883			7,653

Allowance for credit losses	$	220,954		$	126,223		$	200,063


NON-PERFORMING ASSETS:
Non-accrual loans	$	228,132		$	108,699		$	198,765
Loans 90 days past due and accruing		39,135			35,656			47,284

Total non-performing loans		267,267			144,355			246,049
Other real estate owned		24,916			20,156			23,189

Total non-performing assets	$	292,183		$	164,511		$	269,238


NON-PERFORMING LOANS, BY TYPE:
Real estate — construction	$	102,977		$	37,003		$	93,425
Commercial — industrial, agricultural and financial		58,433			40,127			50,493
Real estate — commercial mortgage		57,786			39,099			59,899
Real estate — residential mortgage and home equity		37,231			21,988			31,365
Consumer		9,764			5,748			10,316
Leasing		1,076			390			551

Total non-performing loans	$	267,267		$	144,355		$	246,049


ASSET QUALITY RATIOS:
Non-accrual loans to total loans		1.92	%		0.94	%		1.66	%
Non-performing assets to total loans and OREO		2.46	%		1.42	%		2.24	%
Non-performing assets to total assets		1.73	%		1.02	%		1.63	%
Allowance for credit losses to loans outstanding		1.86	%		1.09	%		1.67	%
Allowance for loan losses to loans outstanding		1.80	%		1.06	%		1.60	%
Allowance for credit losses to non-performing loans		82.67	%		87.44	%		81.31	%
Non-performing assets to tangible common shareholders’ equity and allowance for credit losses		24.99	%		15.40	%		23.71	%

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