-----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, OBcjnA84h3d6LrTFJ0WVxbsHpuVlbdYYLEgqdKXabTjllhR8O7HPTo1XCesrl2Qq ctkuwWoR+wcVAL6euUpyGA== 0001193125-03-065276.txt : 20031022 0001193125-03-065276.hdr.sgml : 20031022 20031022130734 ACCESSION NUMBER: 0001193125-03-065276 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031021 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031022 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: 03951447 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: October 21, 2003 FULTON FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 0-010587 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 October 21, 2003 99.2 Supplemental financial information for the quarter ended September 30, 2003 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On October 21, 2003 Fulton Financial Corporation announced its earnings for the third quarter and first nine months of 2003. A copy of the earnings release is attached as Exhibit 99.1 to this report. Supplemental financial information included with the earnings 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: October 21, 2003 /s/ Charles J. Nugent ---------------------------- -------------------------------- Charles J. Nugent Senior Executive Vice President and Chief Financial Officer 2 EX-99 3 dex99.txt FULTON FINANCIAL EXHIBIT 99.1 Exhibit 99.1 Fulton Financial Corporation (Logo Omitted) FOR IMMEDIATE RELEASE Contact: Laura J. Wakeley Full text available on PR Newswire Phone: 717-291-2739 Fulton Financial net income per share up 3.2% in third quarter (October 21) - Lancaster, PA -- Fulton Financial Corp. (Nasdaq: FULT) earned $34.4 million in the third quarter of 2003, resulting in a 3.2 percent increase in diluted net income per share, up to 32 cents in 2003 from 31 cents in 2002. Net income increased 1.7 percent over the $33.8 million reported for the third quarter of 2002. Annualized return on average assets was 1.51 percent for the quarter and annualized return on average equity was 14.79 percent. The Lancaster, Pennsylvania-based financial holding company reported net income of $102.5 million for the nine months ended September 30, 2003, a 3.5 percent increase over the same period in 2002. Net income per share for the first nine months of 2003 increased to 96 cents, a 5.5 percent increase over the 91 cents reported in 2002. "While low rates during the quarter continued to impact our net interest income, we were able to sustain our recent strong levels of mortgage banking activity and related non-interest income," said Rufus A. Fulton, Jr., chairman and chief executive officer. "Asset quality improved from the same quarter in 2002, resulting in a lower provision for loan losses. Our investment management and trust services subsidiary, Fulton Financial Advisors, continued to benefit from positive trends in the equity markets. These trends also enabled us to generate additional gains from the sale of equity positions within our investment portfolio. During the quarter, we completed our acquisition of Doylestown, Pa.-based Premier Bancorp, Inc. and its banking subsidiary, Premier Bank, which will allow us to expand our core banking business into contiguous growth markets. The financial results of Premier are included in Fulton Financial's results from the August 1, 2003 acquisition date." Net interest income decreased $4.1 million, or 5.2 percent, compared to the third quarter of 2002. Fulton Financial's net interest margin was 3.62% for the third quarter of 2003 and 4.33% for the same period in 2002. The decline resulted from average yields on earning assets decreasing further than the average cost of deposits. 3 Total deposits increased $575 million, or 9.2 percent, to $6.8 billion at September 30, 2003, compared to $6.3 billion at September 30, 2002. Demand and savings accounts increased $660 million, or 18.1 percent, to $4.3 billion, while time deposits decreased $85 million, or 3.2 percent, to $2.5 billion. Overall deposit growth resulted mainly from the acquisition of Premier Bank, which added $453 million to total deposits. Loans, net of unearned income, increased $515 million, or 9.7 percent, to $5.8 billion at September 30, 2003, compared to $5.3 billion at September 30, 2002. Commercial loans and mortgages increased $583 million, or 17.5 percent, while residential mortgages decreased $144 million, or 22.4 percent, due to refinance activity and sales of loans into the secondary market. Premier Bank contributed $367 million to the total increase, predominantly in commercial mortgages. Excluding Premier Bank, Fulton Financial realized a $149 million increase in loans, net of unearned income, exceeding the growth realized in recent quarters. Non-performing assets were 0.41 percent of total assets at September 30, 2003, an improvement from 0.58 percent of total assets at September 30, 2002. Annualized net charge-offs for the quarter ended September 30, 2003 were 0.14 percent of average total loans, compared to 0.33 percent for the same period of 2002. For the nine months ended September 30, 2003, net charge-offs were 0.17 percent of average loans, compared to 0.22 percent for 2002. These ratios improved mainly as a result of a specific problem commercial relationship in 2002 which has since been paid off. Other income increased $1.8 million, or 6.3 percent, to $30.5 million in the third quarter of 2003, driven by investment management and trust services, which increased $1.6 million, or 23.8 percent. Mortgage sale gains also remained strong as low rates prevailed during most of the quarter. The increase in mortgage banking income over 2002 was $293,000, or 5.0 percent, as mortgage refinance activity also had a significant positive impact on 2002 income. Premier Bank did not have a significant impact on other income for the quarter. Other expenses increased $3.0 million, or 5.3 percent, to $59.6 million in the third quarter of 2003, compared to $56.6 million in the same period of 2002. Excluding Premier Bank, expenses increased $1.1 million, or 2.0%. Fulton Financial Corporation is a $9.3 billion Lancaster, Pennsylvania-based financial holding company which operates 199 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 4 National Bank, Georgetown, DE; The Bank, Woodbury, NJ; The Peoples Bank of Elkton, Elkton, MD, Skylands Community Bank, Hackettstown, NJ, and Premier Bank, Doylestown, PA. 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 August, the Corporation announced that it had signed an agreement to acquire Resource Bankshares Corporation, headquartered in Virginia Beach, Virginia. Resource Bankshares banking subsidiary, Resource Bank, with approximately $860 million in assets, operates six community banking offices in Newport News, Chesapeake, Herndon, Virginia Beach (two locations) and Richmond in Virginia. In addition, the Corporation operates 14 additional loan production and residential mortgage offices in Virginia, North Carolina, Maryland and Florida. The acquisition is expected to be completed on or before April 1, 2004. 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 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. # # # 2003 5 EX-99 4 dex991.txt FULTON FINANCIAL EX99.2 Exhibit 99.2 FULTON FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended September 30 Variance ------------------------------ ----------------------------- 2003 2002 $ % -------------- ------------ -------------- ----------- INCOME SUMMARY: (in thousands, except per-share data) - --------------- Interest income $ 105,907 $ 117,156 $ (11,249) -9.6% Interest expense 32,128 39,318 (7,190) -18.3% ----------- ----------- ----------- Net Interest Income 73,779 77,838 (4,059) -5.2% Provision for loan losses 2,190 4,370 (2,180) -49.9% Investment securities gains 6,990 2,677 4,313 161.1% Other income 30,523 28,723 1,800 6.3% Other expenses 59,550 56,573 2,977 5.3% ----------- ----------- ----------- Income Before Income Taxes 49,552 48,295 1,257 2.6% Income taxes 15,170 14,474 696 4.8% ----------- ----------- ----------- Net Income $ 34,382 $ 33,821 $ 561 1.7% =========== =========== =========== Fully taxable equivalent (FTE) net interest income $ 76,242 $ 80,163 $ (3,921) -4.9% PER-SHARE DATA: - --------------- Net Income: Basic $ 0.32 $ 0.31 $ 0.01 3.2% Diluted 0.32 0.31 0.01 3.2% Cash Dividends 0.160 0.143 0.017 11.9% ENDING BALANCES: - ---------------- Total assets $ 9,297,946 $ 8,103,690 $ 1,194,256 14.7% Loans, net of unearned income 5,844,788 5,329,501 515,287 9.7% Deposits 6,834,167 6,259,204 574,963 9.2% Short-term borrowings 806,814 384,316 422,498 109.9% Long-term debt 626,841 456,396 170,445 37.3% Shareholders' equity 927,476 853,193 74,283 8.7% AVERAGE BALANCES: - ----------------- Total assets $ 9,016,543 $ 7,937,303 $ 1,079,240 13.6% Loans, net of unearned income 5,683,795 5,378,685 305,110 5.7% Deposits 6,704,347 6,139,954 564,393 9.2% Short-term borrowings 695,550 387,159 308,391 79.7% Long-term debt 595,466 456,602 138,864 30.4% Shareholders' equity 922,586 858,673 63,913 7.4%
FULTON FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (UNAUDITED)
Nine Months Ended September 30 Variance ------------------------------ ----------------------------- 2003 2002 $ % -------------- ------------ -------------- ----------- INCOME SUMMARY: (in thousands, except per-share data) - --------------- Interest income $ 323,257 $ 353,842 $ (30,585) -8.6% Interest expense 99,470 120,116 (20,646) -17.2% ---------- ---------- ---------- Net Interest Income 223,787 233,726 (9,939) -4.3% Provision for loan losses 7,515 9,830 (2,315) -23.6% Investment securities gains 14,028 6,047 7,981 132.0% Other income 89,684 78,755 10,929 13.9% Other expenses 173,497 168,005 5,492 3.3% ---------- ---------- ---------- Income Before Income Taxes 146,487 140,693 5,794 4.1% Income taxes 44,000 41,652 2,348 5.6% ---------- ---------- ---------- Net Income $ 102,487 $ 99,041 $ 3,446 3.5% ========== ========== ========== Fully taxable equivalent (FTE) net interest income $ 231,077 $ 240,564 $ (9,487) -3.9% PER-SHARE DATA: - --------------- Net Income: Basic $ 0.96 $ 0.92 $ 0.04 4.3% Diluted 0.96 0.91 0.05 5.5% Cash Dividends 0.463 0.415 0.048 11.6% AVERAGE BALANCES: - ----------------- Total assets $8,576,394 $7,808,880 $ 767,514 9.8% Loans, net of unearned income 5,473,055 5,398,395 74,660 1.4% Deposits 6,401,222 5,991,270 409,952 6.8% Short-term borrowings 634,745 425,280 209,465 49.3% Long-term debt 559,129 459,402 99,727 21.7% Shareholders' equity 884,400 834,431 49,969 6.0%
FULTON FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS (UNAUDITED)
Quarter Ended ---------------------------- September 30 June 30 Variance ----------------------------- 2003 2003 $ % ------------ ------------ ------------ ------------ INCOME SUMMARY: (in thousands, except per-share data) - --------------- Interest income $ 105,907 $ 107,166 $ (1,259) -1.2% Interest expense 32,128 32,796 (668) -2.0% ------------ ------------ ------------ Net Interest Income 73,779 74,370 (591) -0.8% Provision for loan losses 2,190 2,490 (300) -12.0% Investment securities gains 6,990 4,809 2,181 45.4% Other income 30,523 29,725 798 2.7% Other expenses 59,550 58,065 1,485 2.6% ------------ ------------ ------------ Income Before Income Taxes 49,552 48,349 1,203 2.5% Income taxes 15,170 14,287 883 6.2% ------------ ------------ ------------ Net Income $ 34,382 $ 34,062 $ 320 0.9% ============ ============ ============ Fully taxable equivalent (FTE) net interest income $ 76,242 $ 76,774 $ (532) -0.7% PER-SHARE DATA: - --------------- Net Income: Basic $ 0.32 0.32 $ - 0.0% Diluted 0.32 0.32 - 0.0% Cash Dividends 0.160 0.160 - 0.0% ENDING BALANCES: - ---------------- Total assets $ 9,297,946 $ 8,619,287 $ 678,659 7.9% Loans, net of unearned income 5,844,788 5,391,398 453,390 8.4% Deposits 6,834,167 6,437,023 397,144 6.2% Short-term borrowings 806,814 599,995 206,819 34.5% Long-term debt 626,841 534,456 92,385 17.3% Shareholders' equity 927,476 873,659 53,817 6.2% AVERAGE BALANCES: - ----------------- Total assets $ 9,016,543 $ 8,422,985 $ 593,558 7.0% Loans, net of unearned income 5,683,795 5,384,692 299,103 5.6% Deposits 6,704,347 6,324,543 379,804 6.0% Short-term borrowings 695,550 596,312 99,238 16.6% Long-term debt 595,466 540,413 55,053 10.2% Shareholders' equity 922,586 865,336 57,250 6.6%
FULTON FINANCIAL CORPORATION CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)
September 30 -------------------------- 2003 2002 ----------- ----------- (in thousands) ASSETS - ------ Cash and due from banks $ 333,253 $ 311,611 Interest-bearing deposits 7,514 4,830 Federal funds sold 17,657 - Mortgage loans held for sale 53,707 44,500 Investment securities 2,705,463 2,149,118 Loans, net of unearned income 5,844,788 5,329,501 Less: Allowance for loan losses (77,857) (72,689) ----------- ----------- Net Loans 5,766,931 5,256,812 Premises and equipment 121,822 122,718 Accrued interest receivable 31,385 40,533 Goodwill 126,026 61,048 Other assets 134,188 112,520 ----------- ----------- Total Assets $ 9,297,946 $ 8,103,690 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Deposits: Noninterest bearing $ 1,259,811 $ 1,122,212 Interest-bearing 5,574,356 5,136,992 ----------- ----------- Total Deposits 6,834,167 6,259,204 Short-term borrowings: Securities sold under agreements to repurchase 396,744 328,176 Federal funds purchased 405,000 50,500 Demand notes of U.S. Treasury 5,070 5,640 ----------- ----------- Total Short-Term Borrowings 806,814 384,316 Accrued interest payable 26,766 30,458 Other liabilities 75,882 120,123 Long-term debt 626,841 456,396 ----------- ----------- Total Liabilities 8,370,470 7,250,497 ----------- ----------- Shareholders' equity: Common stock 284,962 259,943 Additional paid in capital 636,934 481,188 Retained earnings 99,014 119,723 Accumulated other comprehensive income 4,569 27,414 Less: Treasury stock, at cost (98,003) (35,075) ----------- ----------- Total Shareholders' Equity 927,476 853,193 ----------- ----------- Total Liabilities and Shareholders' Equity $ 9,297,946 $ 8,103,690 =========== =========== LOANS AND DEPOSITS DETAIL: - -------------------------- Loans, by type: Commercial, financial and agricultural $ 1,723,713 $ 1,606,895 Real estate - construction 309,122 242,519 Real estate - mortgage 3,207,063 2,838,764 Consumer 537,512 564,992 Leasing and other 67,378 76,331 ----------- ----------- Total Loans, net of unearned income $ 5,844,788 $ 5,329,501 =========== =========== Deposits, by type: Noninterest-bearing demand $ 1,259,811 $ 1,122,212 Interest-bearing demand 1,266,762 991,931 Savings deposits 1,770,143 1,522,634 Time deposits 2,537,451 2,622,427 ----------- ----------- Total Deposits $ 6,834,167 $ 6,259,204 =========== ===========
FULTON FINANCIAL CORPORATION CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Quarter Ended Nine Months Ended September 30 September 30 --------------------------- -------------------------- 2003 2002 2003 2002 --------- -------- -------- -------- (in thousands) Interest Income: Loans, including fees $ 85,159 $ 92,072 $254,812 $280,977 Investment securities: Taxable 16,512 21,489 55,636 62,303 Tax-exempt 2,740 2,489 7,786 7,361 Dividends 904 1,015 3,205 2,971 Other interest income 592 91 1,818 230 -------- -------- -------- -------- Total Interest Income 105,907 117,156 323,257 353,842 Interest Expense: Deposits 22,773 31,353 72,480 95,767 Short-term borrowings 1,515 1,510 4,960 5,080 Long-term debt 7,840 6,455 22,030 19,269 -------- -------- -------- -------- Total Interest Expense 32,128 39,318 99,470 120,116 -------- -------- -------- -------- Net Interest Income 73,779 77,838 223,787 233,726 Provision for Loan Losses 2,190 4,370 7,515 9,830 -------- -------- -------- -------- Net Interest Income after Provision 71,589 73,468 216,272 223,896 Other Income: Investment management & trust services 8,527 6,890 25,679 21,633 Service charges on deposit accounts 9,810 9,506 28,527 27,590 Other service charges and fees 4,782 4,693 14,076 13,071 Mortgage banking income 6,100 5,807 17,892 11,871 Investment securities gains 6,990 2,677 14,028 6,047 Other 1,304 1,827 3,510 4,590 -------- -------- -------- -------- Total Other Income 37,513 31,400 103,712 84,802 Other Expenses: Salaries and employee benefits 35,516 33,336 103,330 97,001 Net occupancy expense 4,982 4,556 14,869 13,111 Equipment expense 2,618 2,859 7,886 8,374 Data processing 2,864 3,018 8,504 9,181 Advertising 1,570 1,336 4,589 4,989 Intangible amortization 622 359 1,341 1,078 Other 11,378 11,109 32,978 34,271 -------- -------- -------- -------- Total Other Expenses 59,550 56,573 173,497 168,005 -------- -------- -------- -------- Income Before Income Taxes 49,552 48,295 146,487 140,693 Income Taxes 15,170 14,474 44,000 41,652 -------- -------- -------- -------- Net Income $ 34,382 $ 33,821 $102,487 $ 99,041 ======== ======== ======== ========
FULTON FINANCIAL CORPORATION PER-SHARE INFORMATION AND SELECTED FINANCIAL RATIOS (UNAUDITED)
Quarter Ended Nine Months Ended September 30 September 30 ------------------------ --------------------------- 2003 2002 2003 2002 --------- ----------- ----------- ----------- PER-SHARE INFORMATION: - ---------------------- Net income: Basic $ 0.32 $ 0.31 $ 0.96 $ 0.92 Diluted 0.32 0.31 0.96 0.91 Cash Dividends $ 0.160 $ 0.143 $ 0.463 $ 0.415 Book Value 8.54 7.97 - - Tangible Book Value 7.23 7.29 - - Weighted average shares (basic) 107,856 107,983 106,412 108,222 Weighted average shares (diluted) 108,731 108,703 107,189 108,962 Shares outstanding, end of period 108,561 107,075 - - FINANCIAL RATIOS: - ----------------- Return on Average Assets 1.51% 1.69% 1.60% 1.70% Return on Average Equity 14.79% 15.63% 15.49% 15.87% Net Interest Margin 3.62% 4.33% 3.86% 4.42% Efficiency Ratio 55.2% 51.6% 53.7% 52.3% Average Equity to Average Assets 10.2% 10.8% 10.3% 10.7%
FULTON FINANCIAL CORPORATION CONSOLIDATED AVERAGE BALANCE SHEET (UNAUDITED)
Quarter Ended Nine Months Ended September 30 September 30 --------------------------- --------------------------- 2003 2002 2003 2002 ----------- ----------- ----------- ----------- ASSETS (In thousands) - ------ Interest-earning assets: Loans and leases $ 5,683,795 $ 5,378,685 $ 5,473,055 $ 5,398,395 Taxable investment securities 2,218,352 1,627,876 2,074,947 1,519,411 Tax-exempt investment securities 287,297 233,740 260,266 228,753 Equity securities 128,064 115,390 129,895 109,197 Short-term investments 51,398 19,891 48,960 16,895 ----------- ----------- ----------- ----------- Total Interest-Earning Assets 8,368,906 7,375,582 7,987,123 7,272,651 Non-interest earning assets: Cash and due from banks 302,248 262,971 279,650 248,964 Premises and equipment 125,835 123,775 123,681 123,834 Other assets 296,300 249,111 260,122 236,649 Less: Allowance for loan losses (76,746) (74,136) (74,182) (73,218) ----------- ----------- ----------- ----------- Total Assets $ 9,016,543 $ 7,937,303 $ 8,576,394 $ 7,808,880 =========== =========== =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-bearing liabilities: Demand deposits $ 1,213,594 $ 939,683 $ 1,116,959 $ 870,078 Savings deposits 1,709,803 1,534,828 1,614,721 1,506,714 Time deposits 2,522,767 2,599,115 2,498,711 2,577,925 ----------- ----------- ----------- ----------- Total Interest-Bearing Deposits 5,446,164 5,073,626 5,230,391 4,954,717 Short-term borrowings 695,550 387,159 634,745 425,280 Long-term debt 595,466 456,602 559,129 459,402 ----------- ----------- ----------- ----------- Total Interest-Bearing Liabilities 6,737,180 5,917,387 6,424,265 5,839,399 Noninterest-bearing liabilities: Demand deposits 1,258,183 1,066,328 1,170,831 1,036,553 Other 98,594 94,915 96,898 98,497 ----------- ----------- ----------- ----------- Total Liabilities 8,093,957 7,078,630 7,691,994 6,974,449 Shareholders' equity 922,586 858,673 884,400 834,431 ----------- ----------- ----------- ----------- Total Liabilities and Shareholders' Equity $ 9,016,543 $ 7,937,303 $ 8,576,394 $ 7,808,880 =========== =========== =========== =========== AVERAGE YIELDS ON INTEREST-EARNING ASSETS: - ------------------------------------------ Loans and leases 5.94% 6.79% 6.22% 6.96% Taxable investment securities 2.95% 5.24% 3.58% 5.48% Tax-exempt investment securities 3.78% 4.22% 4.00% 4.30% Equity securities 2.80% 3.49% 3.30% 3.64% Short-term investments 4.57% 1.82% 4.96% 1.82% ----------- ----------- ----------- ----------- Total Interest-Earning Assets 5.02% 6.30% 5.41% 6.50% =========== =========== =========== =========== AVERAGE COSTS OF INTEREST-BEARING LIABILITIES: - ---------------------------------------------- Demand deposits 0.47% 0.83% 0.54% 0.71% Savings deposits 0.57% 1.12% 0.67% 1.13% Time deposits 2.97% 3.82% 3.20% 4.07% Short-term borrowings 0.86% 1.55% 1.04% 1.60% Long-term debt 5.22% 5.61% 5.27% 5.61% ----------- ----------- ----------- ----------- Total Interest-Bearing Liabilities 1.89% 2.64% 2.07% 2.75% =========== =========== =========== =========== NET INTEREST MARGIN (FTE) 3.62% 4.33% 3.86% 4.42% =========== =========== =========== ===========
FULTON FINANCIAL CORPORATION LOAN QUALITY INFORMATION (UNAUDITED)
Quarter Ended Nine Months Ended September 30 September 30 -------------------- -------------------- 2003 2002 2003 2002 -------- -------- -------- -------- (in thousands) Gross Charge-offs $ 2,854 $ 5,297 $ 9,765 $ 11,860 Recoveries 807 815 2,713 2,847 -------- -------- -------- -------- Net Charge-offs $ 2,047 $ 4,482 $ 7,052 $ 9,013 ======== ======== ======== ======== Net Charge-offs to average loans 0.14% 0.33% 0.17% 0.22% -------- -------- -------- -------- Non-Accrual Loans $ 27,155 $ 29,698 Accruing Loans 90+ Days Overdue 10,286 15,872 Other Real Estate Owned 952 1,614 -------- -------- Total Non-Performing Assets $ 38,393 $ 47,184 ======== ======== Non-accrual loans to total loans 0.46% 0.56% Non-performing assets to total loans and OREO 0.66% 0.89% Non-performing assets to total assets 0.41% 0.58% Allowance to Loans 1.33% 1.36%
FULTON FINANCIAL CORPORATION CONSOLIDATED INCOME STATEMENT (UNAUDITED) Quarter Ended ------------------------ September 30 June 30 2003 2003 ----------- -------- (in thousands) Interest Income: Loans, including fees $ 85,159 $ 84,541 Investment securities: Taxable 16,512 18,390 Tax-exempt 2,740 2,526 Dividends 904 1,153 Other interest income 592 556 -------- -------- Total Interest Income 105,907 107,166 Interest Expense: Deposits 22,773 24,000 Short-term borrowings 1,515 1,692 Long-term debt 7,840 7,104 -------- -------- Total Interest Expense 32,128 32,796 -------- -------- Net Interest Income 73,779 74,370 Provision for Loan Losses 2,190 2,490 -------- -------- Net Interest Income after Provision 71,589 71,880 Other Income: Investment management & trust services 8,527 8,809 Service charges on deposit accounts 9,810 9,501 Other service charges and fees 4,782 4,708 Mortgage banking income 6,100 5,841 Investment securities gains 6,990 4,809 Other 1,304 866 -------- -------- Total Other Income 37,513 34,534 Other Expenses: Salaries and employee benefits 35,516 34,494 Net occupancy expense 4,982 4,807 Equipment expense 2,618 2,588 Data processing 2,864 2,776 Advertising 1,570 1,787 Intangible amortization 622 360 Other 11,378 11,253 -------- -------- Total Other Expenses 59,550 58,065 -------- -------- Income Before Income Taxes 49,552 48,349 Income Taxes 15,170 14,287 -------- -------- Net Income $ 34,382 $ 34,062 ======== ======== FULTON FINANCIAL CORPORATION PER-SHARE INFORMATION AND SELECTED FINANCIAL RATIOS (UNAUDITED) Quarter Ended ------------------------ September 30 June 30 2003 2003 ------------ ------- PER-SHARE INFORMATION: - ---------------------- Net income: Basic $ 0.32 $ 0.32 Diluted 0.32 0.32 Cash Dividends $ 0.160 $ 0.160 Book Value 8.54 8.29 Tangible Book Value 7.23 7.61 Weighted average shares (basic) 107,856 105,437 Weighted average shares (diluted) 108,731 106,178 Shares outstanding, end of period 108,561 105,358 FINANCIAL RATIOS: - ----------------- Return on Average Assets 1.51% 1.62% Return on Average Equity 14.79% 15.79% Net Interest Margin 3.62% 3.91% Efficiency Ratio 55.2% 54.2% Average Equity to Average Assets 10.2% 10.3% FULTON FINANCIAL CORPORATION CONSOLIDATED AVERAGE BALANCE SHEET (UNAUDITED)
Quarter Ended ---------------------------- September 30 June 30 2003 2003 ------------ ----------- ASSETS (In thousands) - ------ Interest-earning assets: Loans and leases $ 5,683,795 $ 5,384,692 Taxable investment securities 2,218,352 2,044,602 Tax-exempt investment securities 287,297 251,813 Equity securities 128,064 128,378 Short-term investments 51,398 40,526 ----------- ----------- Total Interest-Earning Assets 8,368,906 7,850,011 Non-interest earning assets: Cash and due from banks 302,248 278,657 Premises and equipment 125,835 121,811 Other assets 296,300 245,293 Less: Allowance for loan losses (76,746) (72,787) ----------- ----------- Total Assets $ 9,016,543 $ 8,422,985 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-bearing liabilities: Demand deposits $ 1,213,594 $ 1,085,855 Savings deposits 1,709,803 1,596,578 Time deposits 2,522,767 2,461,038 ----------- ----------- Total Interest-Bearing Deposits 5,446,164 5,143,471 Short-term borrowings 695,550 596,312 Long-term debt 595,466 540,413 ----------- ----------- Total Interest-Bearing Liabilities 6,737,180 6,280,196 Noninterest-bearing liabilities: Demand deposits 1,258,183 1,181,072 Other 98,594 96,381 ----------- ----------- Total Liabilities 8,093,957 7,557,649 Shareholders' equity 922,586 865,336 ----------- ----------- Total Liabilities and Shareholders' Equity $ 9,016,543 $ 8,422,985 =========== =========== AVERAGE YIELDS ON INTEREST-EARNING ASSETS: - ------------------------------------------ Loans and leases 5.94% 6.30% Taxable investment securities 2.95% 3.61% Tax-exempt investment securities 3.78% 4.02% Equity securities 2.80% 3.60% Short-term investments 4.57% 5.50% ----------- ----------- Total Interest-Earning Assets 5.02% 5.48% =========== =========== AVERAGE COSTS OF INTEREST-BEARING LIABILITIES: - ---------------------------------------------- Demand deposits 0.47% 0.55% Savings deposits 0.57% 0.69% Time deposits 2.97% 3.22% Short-term borrowings 0.86% 1.14% Long-term debt 5.22% 5.27% ----------- ----------- Total Interest-Bearing Liabilities 1.89% 2.09% =========== =========== NET INTEREST MARGIN (FTE) 3.62% 3.91% =========== ===========
FULTON FINANCIAL CORPORATION LOAN QUALITY INFORMATION (UNAUDITED) Quarter Ended ------------------------- September 30 June 30 2003 2003 ------------ -------- (in thousands) Gross Charge-offs $ 2,854 $ 2,962 Recoveries 807 926 ------- ------- Net Charge-offs $ 2,047 $ 2,036 ======= ======= Net Charge-offs to average loans 0.14% 0.15% ------- ------- Non-Accrual Loans $27,155 $26,811 Accruing Loans 90+ Days Overdue 10,286 11,266 Other Real Estate Owned 952 808 ------- ------- Total Non-Performing Assets $38,393 $38,885 ======= ======= Non-accrual loans to total loans 0.46% 0.50% Non-performing assets to total loans and OREO 0.66% 0.72% Non-performing assets to total assets 0.41% 0.45% Allowance to Loans 1.33% 1.34% -----END PRIVACY-ENHANCED MESSAGE-----