-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K4yX6ZvBcdVXtjNBCmLykqD+LozRgUVXFNbSG7LSwsJJLfLVLr1b77vKzCiTwtMj 93+ljYcYIpim9w5sQ6enag== 0001021408-03-006185.txt : 20030416 0001021408-03-006185.hdr.sgml : 20030416 20030416115439 ACCESSION NUMBER: 0001021408-03-006185 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030415 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FULTON FINANCIAL CORP CENTRAL INDEX KEY: 0000700564 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 232195389 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10587 FILM NUMBER: 03651948 BUSINESS ADDRESS: STREET 1: ONE PENN SQ STREET 2: PO BOX 4887 CITY: LANCASTER STATE: PA ZIP: 17604 BUSINESS PHONE: 7172912411 MAIL ADDRESS: STREET 1: ONE PENN SQ STREET 2: PO BOX 4887 CITY: LANCASTER STATE: PA ZIP: 17604 8-K 1 d8k.txt FULTON FINANCIAL UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20459 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report: April 15, 2003 FULTON FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 0-10587 23-2195389 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification Number) One Penn Square, PO Box 4887 Lancaster, Pennsylvania 17604 (Address of principal executive offices) (Zip Code) (717) 291-2411 (Registrant's telephone number, including area code) ITEM 7. EXHIBITS Exhibit No. Description - ---------- ----------- 99.1 Earnings Release dated April 15, 2003 99.2 Supplemental financial information for the quarter ended March 31, 2003 ITEM 9. REGULATION FD DISCLOSURE The information included in this section is furnished pursuant to Item 12 of Form 8-K, "Results of Operations and Financial Condition", and is reported under this Item 9 in accordance with SEC Release No. 33-8216. On April 15, 2003, the Registrant issued a press release reporting its financial results for the first quarter ended March 31, 2003. A copy of the press release is attached as Exhibit 99.1 to this report. Supplemental financial information included with the press release is attached as Exhibit 99.2 to this report. 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 hereunto duly authorized. FULTON FINANCIAL CORPORATION Date: April 15, 2003 /s/ Charles J. Nugent ---------------- --------------------------------------- Charles J. Nugent Senior Executive Vice President and Chief Financial Officer EX-99.1 3 dex991.txt PRESS RELEASE Exhibit 99.1 Fulton Financial Corporation (Logo Omitted) FOR IMMEDIATE RELEASE Contact: Laura J. Wakeley Full text available on PR Newswire Cell Phone: 717-371-2379 (4/15/03) Office: 717-291-2616 Fulton Financial net income per share increases 9.7% in first quarter (April 15) - Lancaster, PA -- Fulton Financial Corp. (Nasdaq: FULT) earned $34.0 million in the first quarter of 2003, resulting in a 9.7 percent increase in diluted net income per share, up from 31 cents in 2002 to 34 cents in 2003. Net income increased 5.6 percent over the $32.2 million reported in the first quarter of 2002. Annualized return on average assets was 1.67 percent for the quarter and annualized return on average equity was 15.97 percent. Rufus A. Fulton, Jr., chairman and chief executive officer of Fulton Financial, today announced the first quarter earnings to more than 1,500 shareholders at the Corporation's annual meeting, held in Hershey, PA. Fulton also announced that the Board had approved a five percent stock dividend and a 12.0 percent increase in the quarterly cash dividend to 16 cents per share (see accompanying news release). The financial information included in this news release has not been restated for the impact of the five percent stock dividend. "We are pleased with our performance in this challenging economic environment," said Fulton. "While low interest rates and slow overall loan growth continued to exert downward pressure on our net interest margin and net interest income, other income increased significantly, led by mortgage banking and investment management and trust services. In addition, expenses increased only 1.7 percent and asset quality remained strong." Net interest income decreased $692,000, or 0.9 percent, as compared to the first quarter of 2002. The Corporation's net interest margin was 4.06% for the first quarter of 2003, a decrease of 38 basis points from the same period in 2002. This resulted from average yields on earning assets decreasing further than the average cost of deposits. Total deposits increased 6.7 percent to $6.3 billion at March 31, 2003. Demand and savings accounts increased $482 million, or 14.2 percent, while time deposits decreased $81 million, or 3.2 percent. Loans, net of unearned income, totaled $5.3 billion at March 31, 2003 and $5.4 billion at March 31, 2002. Commercial loans and mortgages increased $269 million, or 8.4 percent, while residential mortgages decreased $287 million, or 36.1 percent, due to refinance activity and sales of loans in the secondary market. Other income increased $4.2 million, or 16.4 percent, to $29.4 million, driven by mortgage loan sales, which resulted in an 81.3 percent increase in mortgage banking income, and investment management and trust services, which increased 16.5 percent. Other expenses increased $954,000, or 1.7 percent, to $55.9 million in the first quarter of 2003 as compared to $54.9 million in the same period of 2002. Salaries and benefits expenses increased 7.3 percent due to growth and higher costs for health and retirement benefits. This increase was offset by lower other operating expenses. Non-performing assets were 0.44 percent of total assets at both March 31, 2003 and March 31, 2002, reflecting consistent high credit quality. Annualized net charge-offs for the quarter ended March 31, 2003 were 0.22 percent of average total loans, as compared to 0.19 percent during the same period of 2002. Fulton Financial Corporation is an $8.4 billion Lancaster, Pennsylvania-based financial holding company which operates 189 banking offices in Pennsylvania, Maryland, Delaware and New Jersey through the following affiliates: Fulton Bank, Lancaster, PA; Lebanon Valley Farmers Bank, Lebanon, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Hagerstown Trust, Hagerstown, MD; Delaware National Bank, Georgetown, DE; The Bank, Woodbury, NJ; The Peoples Bank of Elkton, Elkton, MD, and Skylands Community Bank, Hackettstown, NJ. The Corporation's financial services affiliates include Fulton Financial Advisors, N.A., Lancaster, PA; Fulton Insurance Services Group, Inc. Lancaster, PA; and Dearden, Maguire, Weaver and Barrett, LLP, West Conshohocken, PA. Residential mortgage lending is offered by all banks through Fulton Mortgage Company. In January, the Corporation announced that it will acquire Premier Bancorp, Inc., headquartered in Doylestown, Bucks County, Pennsylvania. Premier Bancorp's banking subsidiary, Premier Bank, with approximately $600 million in assets, operates 7 community banking offices in Bucks, Northampton and Montgomery counties. The acquisition is subject to approval by bank regulatory authorities and Premier Bancorp, Inc. shareholders and is expected to be completed in the third quarter of this year. 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 about Fulton Financial Corporation's growth and acquisition strategies and future financial performance. Forward-looking statements are encouraged by the Private Securities Litigation Reform Act of 1995. Such forward-looking information is based upon certain underlying assumptions, risks and uncertainties. Because of the possibility of change in the underlying assumptions, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: pricing pressures on loans and deposits, actions of bank and non-bank competitors, changes in local and national economic conditions, changes in regulatory requirements, actions of the Federal Reserve Board, the Corporation's success in merger and acquisition integration, and customers' acceptance of the Corporation's products and services. EX-99.2 4 dex992.txt FINANCIAL HIGHLIGHTS Exhibit 99.2 FULTON FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended March 31 Variance ----------------------- ------------------------ 2003 2002 $ % ---------- ---------- ----------- ----------- INCOME SUMMARY: (in thousands, except per-share data) - --------------- Interest income $ 110,184 $ 117,799 $ (7,615) -6.5% Interest expense 34,546 41,469 (6,923) -16.7% ---------- ---------- ---------- Net Interest Income 75,638 76,330 (692) -0.9% Provision for loan losses 2,835 2,780 55 2.0% Investment securities gains 2,229 1,398 831 59.4% Other income 29,436 25,285 4,151 16.4% Other expenses 55,882 54,928 954 1.7% ---------- ---------- ---------- Income Before Income Taxes 48,586 45,305 3,281 7.2% Income taxes 14,543 13,075 1,468 11.2% ---------- ---------- ---------- Net Income $ 34,043 $ 32,230 $ 1,813 5.6% ========== ========== ========== Fully taxable equivalent (FTE) net interest income $ 78,062 $ 78,554 $ (492) -0.6% PER-SHARE DATA: - --------------- Net Income: Basic $ 0.34 $ 0.31 $ 0.03 9.7% Diluted 0.34 0.31 0.03 9.7% Cash Dividends 0.150 0.136 0.014 10.3% ENDING BALANCES: - ---------------- Total assets $8,430,330 $7,825,149 $ 605,181 7.7% Loans, net of unearned income 5,289,036 5,365,864 (76,828) -1.4% Deposits 6,344,568 5,943,775 400,793 6.7% Short-term borrowings 507,907 462,327 45,580 9.9% Long-term debt 535,210 451,382 83,828 18.6% Shareholders' equity 864,119 825,699 38,420 4.7% AVERAGE BALANCES: - ----------------- Total assets $8,281,576 $7,647,622 $ 633,954 8.3% Loans, net of unearned income 5,346,978 5,389,770 (42,792) -0.8% Deposits 6,168,891 5,881,229 287,662 4.9% Short-term borrowings 611,447 385,296 226,151 58.7% Long-term debt 540,906 463,706 77,200 16.6% Shareholders' equity 864,642 813,860 50,782 6.2%
FULTON FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended ------------------------------------- March 31 December 31 Variance -------------------- 2003 2002 $ % ----------------- ---------------- ---------- ------- INCOME SUMMARY: (in thousands, except per-share data) - -------------- Interest income $ 110,184 $ 115,446 $ (5,262) -4.6% Interest expense 34,546 38,103 (3,557) -9.3% ----------- ----------- --------- Net Interest Income 75,638 77,343 (1,705) -2.2% Provision for loan losses 2,835 2,070 765 37.0% Investment securities gains 2,229 2,945 (716) -24.3% Other income 29,436 28,036 1,400 5.0% Other expenses 55,882 57,531 (1,649) -2.9% ----------- ----------- --------- Income Before Income Taxes 48,586 48,723 (137) -0.3% Income taxes 14,543 14,816 (273) -1.8% ----------- ----------- --------- Net Income $ 34,043 $ 33,907 $ 136 0.4% =========== =========== ========= Fully taxable equivalent (FTE) net interest income $ 78,062 $ 79,697 $ (1,635) -2.1% PER-SHARE DATA: - -------------- Net Income: Basic $ 0.34 $ 0.33 $ 0.01 3.0% Diluted 0.34 0.33 0.01 3.0% Cash Dividends 0.150 0.150 - 0.0% ENDING BALANCES: - --------------- Total assets $ 8,430,330 $ 8,387,778 $ 42,552 0.5% Loans, net of unearned income 5,289,036 5,317,068 (28,032) -0.5% Deposits 6,344,568 6,245,528 99,040 1.6% Short-term borrowings 507,907 632,194 (124,287) -19.7% Long-term debt 535,210 535,555 (345) -0.1% Shareholders' equity 864,119 863,742 377 0.0% AVERAGE BALANCES: - ---------------- Total assets $ 8,281,576 $ 8,172,373 $ 109,203 1.3% Loans, net of unearned income 5,346,978 5,333,135 13,843 0.3% Deposits 6,168,891 6,234,854 (65,963) -1.1% Short-term borrowings 611,447 461,467 149,980 32.5% Long-term debt 540,906 526,902 14,004 2.7% Shareholders' equity 864,642 849,434 15,208 1.8%
FULTON FINANCIAL CORPORATION CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
March 31 -------------------------- 2003 2002 ----------- ----------- (in thousands) ASSETS - ------ Cash and due from banks $ 348,229 $ 256,490 Interest-bearing deposits 10,903 4,456 Mortgage loans held for sale 79,956 31,980 Investment securities 2,441,341 1,892,041 Loans, net of unearned income 5,289,036 5,365,864 Less: Allowance for loan losses (71,786) (72,083) ----------- ----------- Net Loans 5,217,250 5,293,781 Premises and equipment 121,873 124,650 Accrued interest receivable 40,704 41,155 Intangible assets 71,938 73,775 Other assets 98,136 106,821 ----------- ----------- Total Assets $ 8,430,330 $ 7,825,149 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Deposits: Noninterest bearing $ 1,238,087 $ 1,062,594 Interest-bearing 5,106,481 4,881,181 ----------- ----------- Total Deposits 6,344,568 5,943,775 Short-term borrowings: Securities sold under agreements to repurchase 325,420 298,834 Federal funds purchased 180,000 158,000 Demand notes of U.S. Treasury 2,487 5,493 ----------- ----------- Total Short-Term Borrowings 507,907 462,327 Accrued interest payable 27,046 32,226 Other liabilities 145,980 102,240 Long-term debt 535,210 451,382 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust 5,500 7,500 ----------- ----------- Total Liabilities 7,566,211 6,999,450 ----------- ----------- Shareholders' equity: Common stock 260,300 207,962 Capital surplus 479,215 534,224 Retained earnings 157,415 83,834 Accumulated other comprehensive income 27,479 13,618 Less: Treasury stock, at cost (60,290) (13,939) ----------- ----------- Total Shareholders' Equity 864,119 825,699 ----------- ----------- Total Liabilities and Shareholders' Equity $ 8,430,330 $ 7,825,149 =========== =========== LOANS AND DEPOSITS DETAIL: - -------------------------- Loans, by type: Commercial, financial and agricultural $ 1,710,323 $ 1,548,493 Real estate - construction 241,861 248,108 Real estate - mortgage 2,741,173 2,883,414 Consumer 521,281 605,899 Leasing and other 74,398 79,950 ----------- ----------- Total Loans, net of unearned income $ 5,289,036 $ 5,365,864 =========== =========== Deposits, by type: Noninterest-bearing demand $ 1,238,087 $ 1,062,594 Interest-bearing demand 1,063,726 829,898 Savings deposits 1,561,818 1,489,258 Time deposits 2,480,937 2,562,025 ----------- ----------- Total Deposits $ 6,344,568 $ 5,943,775 =========== ===========
FULTON FINANCIAL CORPORATION CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended March 31 ------------------------------------ 2003 2002 ----------------- ---------------- (in thousands) Interest Income: Loans, including fees $ 85,112 $ 94,659 Investment securities: Taxable 20,734 19,629 Tax-exempt 2,520 2,381 Dividends 1,148 1,054 Other interest income 670 76 ----------------- ---------------- Total Interest Income 110,184 117,799 Interest Expense: Deposits 25,707 33,574 Short-term borrowings 1,753 1,513 Long-term debt 7,086 6,382 ----------------- ---------------- Total Interest Expense 34,546 41,469 ----------------- ---------------- Net Interest Income 75,638 76,330 Provision for Loan Losses 2,835 2,780 ----------------- ---------------- Net Interest Income after Provision 72,803 73,550 Other Income: Investment management & trust services 8,343 7,160 Service charges on deposit accounts 9,216 8,784 Other service charges and fees 4,586 4,105 Mortgage banking income 5,951 3,282 Investment securities gains 2,229 1,398 Other 1,340 1,954 ----------------- ---------------- Total Other Income 31,665 26,683 Other Expenses: Salaries and employee benefits 33,320 31,047 Net occupancy expense 5,080 4,292 Equipment expense 2,680 2,799 Data processing 2,864 3,213 Intangible amortization 359 359 Other 11,579 13,218 ----------------- ---------------- Total Other Expenses 55,882 54,928 ----------------- ---------------- Income Before Income Taxes 48,586 45,305 Income Taxes 14,543 13,075 ----------------- ---------------- Net Income $ 34,043 $ 32,230 ================= ================
FULTON FINANCIAL CORPORATION PER-SHARE INFORMATION AND SELECTED FINANCIAL RATIOS (UNAUDITED) Quarter Ended March 31 ------------------------------------ 2003 2002 ------------------ ---------------- PER-SHARE INFORMATION: - ---------------------- Net income: Basic $ 0.34 $ 0.31 Diluted 0.34 0.31 Cash Dividends $ 0.150 $ 0.136 Book Value 8.59 8.01 Tangible Book Value 7.88 7.29 Weighted average shares (basic) 100,878 103,180 Weighted average shares (diluted) 101,558 103,885 Shares outstanding, end of period 100,569 103,142 FINANCIAL RATIOS: - ----------------- Return on Average Assets 1.67% 1.71% Return on Average Equity 15.97% 16.06% Net Interest Margin 4.06% 4.44% Efficiency Ratio 51.7% 52.6% Average Equity to Average Assets 10.4% 10.6% FULTON FINANCIAL CORPORATION CONSOLIDATED AVERAGE BALANCE SHEET (UNAUDITED)
Quarter Ended March 31 ------------------------------------- 2003 2002 ------------------ ----------------- ASSETS (In thousands) - ------ Interest-earning assets: Loans and leases $ 5,346,978 $ 5,389,770 Taxable investment securities 1,959,036 1,398,133 Tax-exempt investment securities 241,180 219,671 Equity securities 133,300 103,018 Short-term investments 54,995 13,972 ------------ ------------ Total Interest-Earning Assets 7,735,489 7,124,564 Non-interest earning assets: Cash and due from banks 257,555 244,949 Premises and equipment 123,372 123,220 Other assets 238,132 227,330 Less: Allowance for loan losses (72,972) (72,441) ------------ ------------ Total Assets $ 8,281,576 $ 7,647,622 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-bearing liabilities: Demand deposits $ 1,049,624 $ 820,944 Savings deposits 1,535,872 1,455,128 Time deposits 2,512,211 2,604,909 ------------ ------------ Total Interest-Bearing Deposits 5,097,707 4,880,981 Short-term borrowings 611,447 385,296 Long-term debt 540,906 463,706 ------------ ------------ Total Interest-Bearing Liabilities 6,250,060 5,729,983 Noninterest-bearing liabilities: Demand deposits 1,071,184 1,000,248 Other 95,690 103,531 ------------ ------------ Total Liabilities 7,416,934 6,833,762 Shareholders' equity 864,642 813,860 ------------ ------------ Total Liabilities and Shareholders' Equity $ 8,281,576 $ 7,647,622 ============ ============ AVERAGE YIELDS ON INTEREST-EARNING ASSETS: - ----------------------------------------- Loans and leases 6.46% 7.12% Taxable investment securities 4.29% 5.69% Tax-exempt investment securities 4.24% 4.40% Equity securities 3.49% 4.15% Short-term investments 4.94% 2.21% ------------ ------------ Total Interest-Earning Assets 5.78% 6.71% ============ ============ AVERAGE COSTS OF INTEREST-BEARING LIABILITIES: - --------------------------------------------- Demand deposits 0.63% 0.63% Savings deposits 0.76% 1.15% Time deposits 3.42% 4.39% Short-term borrowings 1.16% 1.59% Long-term debt 5.31% 5.58% ------------ ------------ Total Interest-Bearing Liabilities 2.24% 2.94% ============ ============ NET INTEREST MARGIN (FTE) 4.06% 4.44% ============ ============
FULTON FINANCIAL CORPORATION LOAN QUALITY INFORMATION (UNAUDITED)
Quarter Ended March 31 ---------------------------- 2003 2002 --------- -------- (in thousands) Gross Charge-offs $ 3,948 $ 3,528 Recoveries 979 959 -------- -------- Net Charge-offs $ 2,969 $ 2,569 ======== ======== Net Charge-offs to average loans 0.22% 0.19% -------- -------- Non-Accrual Loans $ 25,686 $ 22,054 Accruing Loans 90+ Days Overdue 10,676 10,870 Other Real Estate Owned 757 1,718 -------- -------- Total Non-Performing Assets $ 37,119 $ 34,642 ======== ======== Non-accrual loans to total loans 0.49% 0.41% Non-performing assets to total loans and OREO 0.70% 0.65% Non-performing assets to total assets 0.44% 0.44% Allowance to Loans 1.36% 1.34%
FULTON FINANCIAL CORPORATION CONSOLIDATED INCOME STATEMENT (UNAUDITED) Quarter Ended ------------------------------- March 31 December 31 2003 2002 ----------- -------------- (in thousands) Interest Income: Loans, including fees $ 85,112 $ 89,340 Investment securities: Taxable 20,734 21,836 Tax-exempt 2,520 2,474 Dividends 1,148 1,095 Other interest income 670 701 -------- -------- Total Interest Income 110,184 115,446 Interest Expense: Deposits 25,707 29,627 Short-term borrowings 1,753 1,518 Long-term debt 7,086 6,958 -------- -------- Total Interest Expense 34,546 38,103 -------- -------- Net Interest Income 75,638 77,343 Provision for Loan Losses 2,835 2,070 -------- -------- Net Interest Income after Provision 72,803 75,273 Other Income: Investment management & trust services 8,343 7,481 Service charges on deposit accounts 9,216 9,912 Other service charges and fees 4,586 4,672 Mortgage banking income 5,951 5,283 Investment securities gains 2,229 2,945 Other 1,340 688 -------- -------- Total Other Income 31,665 30,981 Other Expenses: Salaries and employee benefits 33,320 32,354 Net occupancy expense 5,080 4,594 Equipment expense 2,680 2,921 Data processing 2,864 2,787 Intangible amortization 359 760 Other 11,579 14,115 -------- -------- Total Other Expenses 55,882 57,531 -------- -------- Income Before Income Taxes 48,586 48,723 Income Taxes 14,543 14,816 -------- -------- Net Income $ 34,043 $ 33,907 ======== ======== FULTON FINANCIAL CORPORATION PER-SHARE INFORMATION AND SELECTED FINANCIAL RATIOS (UNAUDITED) Quarter Ended ---------------------------------- March 31 December 31 2003 2002 --------------- ----------------- PER-SHARE INFORMATION: - --------------------- Net income: Basic $ 0.34 $ 0.33 Diluted 0.34 0.33 Cash Dividends $ 0.150 $ 0.150 Book Value 8.59 8.54 Tangible Book Value 7.88 7.83 Weighted average shares (basic) 100,878 101,351 Weighted average shares (diluted) 101,558 101,931 Shares outstanding, end of period 100,569 101,106 FINANCIAL RATIOS: - ---------------- Return on Average Assets 1.67% 1.65% Return on Average Equity 15.97% 15.84% Net Interest Margin 4.06% 4.17% Efficiency Ratio 51.7% 52.7% Average Equity to Average Assets 10.4% 10.4% FULTON FINANCIAL CORPORATION CONSOLIDATED AVERAGE BALANCE SHEET (UNAUDITED)
Quarter Ended --------------------------------- March 31 December 31 2003 2002 -------------- ----------------- ASSETS (In thousands) - ------ Interest-earning assets: Loans and leases $ 5,346,978 $ 5,333,135 Taxable investment securities 1,959,036 1,859,278 Tax-exempt investment securities 241,180 233,457 Equity securities 133,300 125,955 Short-term investments 54,995 59,930 ----------- ----------- Total Interest-Earning Assets 7,735,489 7,611,755 Non-interest earning assets: Cash and due from banks 257,555 266,969 Premises and equipment 123,372 123,138 Other assets 238,132 243,776 Less: Allowance for loan losses (72,972) (73,265) ----------- ----------- Total Assets $ 8,281,576 $ 8,172,373 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-bearing liabilities: Demand deposits $ 1,049,624 $ 1,032,170 Savings deposits 1,535,872 1,546,858 Time deposits 2,512,211 2,583,932 ----------- ----------- Total Interest-Bearing Deposits 5,097,707 5,162,960 Short-term borrowings 611,447 461,467 Long-term debt 540,906 526,902 ----------- ----------- Total Interest-Bearing Liabilities 6,250,060 6,151,329 Noninterest-bearing liabilities: Demand deposits 1,071,184 1,071,894 Other 95,690 99,716 ----------- ----------- Total Liabilities 7,416,934 7,322,939 Shareholders' equity 864,642 849,434 ----------- ----------- Total Liabilities and Shareholders' Equity $ 8,281,576 $ 8,172,373 =========== =========== AVERAGE YIELDS ON INTEREST-EARNING ASSETS: - ------------------------------------------ Loans and leases 6.46% 6.65% Taxable investment securities 4.29% 4.66% Tax-exempt investment securities 4.24% 4.20% Equity securities 3.49% 3.45% Short-term investments 4.94% 4.64% ----------- ----------- Total Interest-Earning Assets 5.78% 6.02% =========== =========== AVERAGE COSTS OF INTEREST-BEARING LIABILITIES: - ---------------------------------------------- Demand deposits 0.63% 0.79% Savings deposits 0.76% 0.95% Time deposits 3.42% 3.66% Short-term borrowings 1.16% 1.31% Long-term debt 5.31% 5.24% ----------- ----------- Total Interest-Bearing Liabilities 2.24% 2.46% =========== =========== NET INTEREST MARGIN (FTE) 4.06% 4.17% =========== ===========
FULTON FINANCIAL CORPORATION LOAN QUALITY INFORMATION (UNAUDITED)
Quarter Ended ---------------------------- March 31 December 31 2003 2002 ----------- ----------- (in thousands) Gross Charge-offs $ 3,948 $ 3,810 Recoveries 979 971 -------- --------- Net Charge-offs $ 2,969 $ 2,839 ======== ========= Net Charge-offs to average loans 0.22% 0.21% -------- --------- Non-Accrual Loans $ 25,686 $ 24,090 Accruing Loans 90+ Days Overdue 10,676 14,095 Other Real Estate Owned 757 938 -------- --------- Total Non-Performing Assets $ 37,119 $ 39,123 ======== ========= Non-accrual loans to total loans 0.49% 0.45% Non-performing assets to total loans and OREO 0.70% 0.74% Non-performing assets to total assets 0.44% 0.47% Allowance to Loans 1.36% 1.35%
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