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%