Fulton Financial Reports 2015 Earnings
/EINPresswire.com/ -- LANCASTER, PA -- (Marketwired) -- 01/19/16 -- Fulton Financial Corporation (NASDAQ: FULT)
- Diluted earnings per share for the fourth quarter of 2015 was 22 cents, compared to 20 cents in the third quarter of 2015 and 21 cents in the fourth quarter of 2014. For the year ended December 31, 2015, diluted earnings per share was 85 cents, a 1.2 percent increase from 84 cents in 2014.
- Net interest income for the fourth quarter of 2015 increased $2.1 million, or 1.7 percent, compared to the third quarter of 2015, while the net interest margin increased one basis point to 3.19 percent. For the year ended December 31, 2015, net interest income decreased $14.9 million, or 2.9 percent, compared to 2014, while the net interest margin decreased 18 basis points to 3.21 percent.
- Loans at December 31, 2015 increased $302.2 million, or 2.2 percent, compared to September 30, 2015 and $726.9 million, or 5.5 percent, compared to December 31, 2014. Average loans for the fourth quarter of 2015 increased 2.2 percent and 4.6 percent, compared to the third quarter of 2015 and the fourth quarter of 2014, respectively. For the year ended December 31, 2015, average loans increased $445.8 million, or 3.5 percent, compared to 2014.
- Deposits at December 31, 2015 increased $47.9 million, or 0.3 percent, compared to September 30, 2015 and $764.8 million, or 5.7 percent, compared to the December 31, 2014. Average deposits for the fourth quarter of 2015 increased 2.3 percent and 6.6 percent, compared to the third quarter of 2015 and the fourth quarter of 2014, respectively. For the year ended December 31, 2015, average deposits increased $879.5 million, or 6.8 percent, compared to 2014.
- The provision for credit losses in the fourth quarter of 2015 was $2.8 million, compared to a $1.0 million provision in the third quarter of 2015 and a $3.0 million provision in the fourth quarter of 2014. For the year ended December 31, 2015, the provision for credit losses was $2.3 million, a decrease of $10.3 million from 2014.
- Non-interest income, excluding investment securities gains, increased $2.0 million, or 4.7 percent, in comparison to the third quarter of 2015, and increased $3.8 million, or 9.2 percent, in comparison to the fourth quarter of 2014. For the year ended December 31, 2015, noninterest income, excluding investment securities gains, increased $7.4 million, or 4.5 percent.
- Non-interest expense, excluding the loss on redemption of trust preferred securities, decreased $824,000, or 0.7 percent, compared to the third quarter of 2015 and increased $719,000, or 0.6 percent, compared to the fourth quarter of 2014. For the year ended December 31, 2015, noninterest expense, excluding the loss on redemption of trust preferred securities, increased $15.3 million, or 3.3%, compared to 2014.
Fulton Financial reports 2015 earnings
Fulton Financial Corporation (NASDAQ: FULT) reported net income of $38.5 million, or 22 cents per diluted share, for the fourth quarter of 2015, and net income of $149.5 million, or 85 cents per diluted share, for 2015.
"We are pleased with the increasing momentum that developed in the latter half of 2015, which enabled us to finish the year with strong commercial loan, core deposit and fee income growth," said E. Philip Wenger, Chairman, President and CEO. "We believe the investments we are making in our talent and infrastructure, coupled with expectations for a generally improving business environment and changes in the competitive landscape in a number of our markets, position us to drive meaningful growth and generate positive operating leverage in 2016."
Net Interest Income and Margin
Net interest income for the fourth quarter of 2015 increased $2.1 million, or 1.7 percent, from the third quarter of 2015. Net interest margin increased one basis point, or 0.3 percent, to 3.19 percent in the fourth quarter of 2015, from 3.18 percent in the third quarter of 2015. The average yield on interest-earning assets decreased one basis point, while the average cost of interest-bearing liabilities decreased three basis points during the fourth quarter of 2015 in comparison to the third quarter of 2015.
For the year ended December 31, 2015, net interest income decreased $14.9 million, or 2.9 percent, from 2014. Net interest margin decreased 18 basis points, or 5.3 percent, to 3.21 percent. The average yield on interest-earnings assets decreased 18 basis points, while the average cost of interest-bearing liabilities increased two basis points from 2014.
Average Balance Sheet
Total average assets for the fourth quarter of 2015 were $17.8 billion, an increase of $254.4 million from the third quarter of 2015. Average loans, net of unearned income, increased $289.4 million, or 2.2 percent, in comparison to the third quarter of 2015. Average loans and yields, by type, for the fourth quarter of 2015 in comparison to the third quarter of 2015, are summarized in the following table:
Three Months Ended
December 31, 2015 September 30, 2015
---------------------- ----------------------
Balance Yield (1) Balance Yield (1)
----------- ---------- ----------- ----------
(dollars in thousands)
Average Loans, net of
unearned income, by type:
Real estate - commercial
mortgage $ 5,365,640 4.05% $ 5,242,021 4.09%
Commercial - industrial,
financial and agricultural 4,035,287 3.74% 3,887,161 3.78%
Real estate - home equity 1,694,455 4.07% 1,692,860 4.08%
Real estate - residential
mortgage 1,377,116 3.79% 1,381,141 3.78%
Real estate - construction 765,555 3.75% 753,584 3.88%
Consumer 267,726 5.72% 270,391 5.81%
Leasing and other 153,487 5.31% 142,716 6.79%
----------- ---------- ----------- ----------
Total Average Loans, net of
unearned income $13,659,266 3.96% $13,369,874 4.02%
=========== ========== =========== ==========
Increase
(decrease)
in Balance
--------------
$ %
-------- ----
(dollars in
thousands)
Average Loans, net of
unearned income, by type:
Real estate - commercial
mortgage $123,619 2.4%
Commercial - industrial,
financial and agricultural 148,126 3.8%
Real estate - home equity 1,595 0.1%
Real estate - residential
mortgage (4,025) (0.3%)
Real estate - construction 11,971 1.6%
Consumer (2,665) (1.0%)
Leasing and other 10,771 7.5%
-------- ----
Total Average Loans, net of
unearned income $289,392 2.2%
======== ====
(1) Presented on a fully-taxable equivalent basis using a 35% Federal
tax rate and statutory interest expense disallowances.
For the year ended December 31, 2015, average loans increased $445.8 million, or 3.5 percent, in comparison to 2014.
Total average liabilities increased $240.5 million, or 1.6 percent, from the third quarter of 2015, including a $319.7 million, or 2.3 percent, increase in average deposits. Average deposits and interest rates, by type, for the fourth quarter of 2015 in comparison to the third quarter of 2015, are summarized in the following table:
Increase
Three Months Ended (decrease)
----------------------------------
December 31, September 30,
2015 2015 in Balance
---------------- ---------------- --------------
Balance Rate Balance Rate $ %
----------- ---- ----------- ---- -------- ----
(dollars in thousands)
Average Deposits, by
type:
Noninterest-bearing
demand $ 3,999,118 -% $ 3,904,176 -% $ 94,942 2.4%
Interest-bearing
demand 3,411,904 0.13% 3,316,532 0.13% 95,372 2.9%
Savings deposits 3,903,741 0.17% 3,714,282 0.15% 189,459 5.1%
----------- ---- ----------- ---- -------- ----
Total average demand
and savings 11,314,763 0.10% 10,934,990 0.09% 379,773 3.5%
Time deposits 2,903,715 1.03% 2,963,774 1.03% (60,059) (2.0%)
----------- ---- ----------- ---- -------- ----
Total Average
Deposits $14,218,478 0.29% $13,898,764 0.29% $319,714 2.3%
=========== ==== =========== ==== ======== ====
For the year ended December 31, 2015, average deposits increased $879.5 million, or 6.8 percent, in comparison to 2014.
Asset Quality
Non-performing assets were $155.9 million, or 0.87 percent of total assets, at December 31, 2015, compared to $155.6 million, or 0.87 percent of total assets, at September 30, 2015 and $150.5 million, or 0.88 percent of total assets, at December 31, 2014.
Annualized net charge-offs for the quarter ended December 31, 2015 were 0.02 percent of total average loans, compared to 0.03 percent for the quarter ended September 30, 2015 and 0.25 percent for the quarter ended December 31, 2014. The allowance for credit losses as a percentage of non-performing loans was 118.4 percent at December 31, 2015, as compared to 116.8 percent at September 30, 2015 and 134.3 percent at December 31, 2014.
During the fourth quarter of 2015, the Corporation recorded a $2.8 million provision for credit losses, compared to a $1.0 million provision for credit losses in the third quarter of 2015.
Non-interest Income
Non-interest income, excluding investment securities gains, increased $2.0 million, or 4.7 percent, in comparison to the third quarter of 2015. Other service charges increased $1.7 million, or 15.6 percent, due to increases in commercial loan interest rate swap fees and debit card income. Mortgage banking income increased $453,000, or 11.7 percent, due to higher servicing income.
For the year ended December 31, 2015, non-interest income, excluding investment securities gains, increased $7.4 million, or 4.5 percent, in comparison to 2014. This increase was primarily driven by increases in commercial loan interest rate swap fees, merchant fees, and mortgage banking income.
Gains on sales of investment securities decreased $954,000 in comparison to the third quarter of 2015. For the year ended December 31, 2015, gains on sales of investment securities increased $7.0 million compared to 2014.
Non-interest Expense
Non-interest expense decreased $6.5 million, or 5.2 percent, in the fourth quarter of 2015, compared to the third quarter of 2015. In the third quarter of 2015, the Corporation incurred a $5.6 million loss on the redemption of trust preferred securities. Excluding this loss, non-interest expense decreased $824,000, or 0.7 percent, in the fourth quarter, compared to the third quarter 2015.
For the year ended December 31, 2015, non-interest expense increased $20.9 million, or 4.6 percent, compared to 2014. This increase was primarily due to higher salaries and benefits, data processing and software expenses. Also contributing to the increase was the $5.6 million loss on the redemption of trust preferred securities.
About Fulton Financial
Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company that has banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through the following affiliates, headquartered as indicated: Fulton Bank, N.A., Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Bethlehem, PA; FNB Bank, N.A., Danville, PA; Fulton Bank of New Jersey, Mt. Laurel, NJ; and The Columbia Bank, Columbia, MD.
The Corporation's investment management and trust services are offered at all banks through Fulton Financial Advisors, a division of Fulton Bank, N.A. Residential mortgage lending is offered by all banks under the Fulton Mortgage Company brand.
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 the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends" and similar expressions which are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, some of which are beyond the Corporation's control and ability to predict, that could cause actual results to differ materially from those expressed in the forward-looking statements.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2014 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015, which have been filed with the Securities and Exchange Commission and are available in the Investor Relations section of the Corporation's website (www.fult.com) and on the Securities and Exchange Commission's website (www.sec.gov). The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
The Corporation uses certain non-GAAP financial measures in this earnings release. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this release.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
December 31 December 31 September 30
2015 2014 2015
------------- ------------- -------------
ASSETS
Cash and due from
banks $ 101,120 $ 105,702 $ 93,803
Other interest-
earning assets 292,516 423,083 579,920
Loans held for
sale 16,886 17,522 26,937
Investment
securities 2,484,773 2,323,371 2,436,337
Loans, net of
unearned income 13,838,602 13,111,716 13,536,361
Allowance for loan
losses (169,054) (184,144) (167,136)
------------- ------------- -------------
Net loans 13,669,548 12,927,572 13,369,225
Premises and
equipment 225,535 226,027 225,705
Accrued interest
receivable 42,767 41,818 42,846
Goodwill and
intangible assets 531,556 531,803 531,562
Other assets 550,017 527,869 531,724
------------- ------------- -------------
Total Assets $ 17,914,718 $ 17,124,767 $ 17,838,059
============= ============= =============
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Deposits $ 14,132,317 $ 13,367,506 $ 14,084,394
Short-term
borrowings 497,663 329,719 431,631
Other liabilities 293,302 291,464 316,697
FHLB advances and
long-term debt 949,542 1,139,413 979,433
------------- ------------- -------------
Total Liabilities 15,872,824 15,128,102 15,812,155
Shareholders'
equity 2,041,894 1,996,665 2,025,904
------------- ------------- -------------
Total Liabilities
and
Shareholders'
Equity $ 17,914,718 $ 17,124,767 $ 17,838,059
============= ============= =============
LOANS, DEPOSITS AND
SHORT-TERM
BORROWINGS DETAIL:
Loans, by type:
Real estate -
commercial
mortgage $ 5,462,330 $ 5,197,155 $ 5,339,928
Commercial -
industrial,
financial and
agricultural 4,088,962 3,725,567 3,929,908
Real estate - home
equity 1,684,439 1,736,688 1,693,649
Real estate -
residential
mortgage 1,376,160 1,377,068 1,382,085
Real estate -
construction 799,988 690,601 769,565
Consumer 268,588 265,431 271,696
Leasing and other 158,135 119,206 149,530
------------- ------------- -------------
Total Loans, net
of unearned
income $ 13,838,602 $ 13,111,716 $ 13,536,361
============= ============= =============
Deposits, by type:
Noninterest-
bearing demand $ 3,948,114 $ 3,640,623 $ 3,906,228
Interest-bearing
demand 3,451,207 3,150,612 3,362,336
Savings deposits 3,868,046 3,504,820 3,880,103
Time deposits 2,864,950 3,071,451 2,935,727
------------- ------------- -------------
Total Deposits $ 14,132,317 $ 13,367,506 $ 14,084,394
============= ============= =============
Short-term
borrowings, by
type:
Customer
repurchase
agreements $ 111,496 $ 158,394 $ 145,225
Customer short-
term promissory
notes 78,932 95,106 80,879
Short-term FHLB
advances 110,000 70,000 200,000
Federal funds
purchased 197,235 6,219 5,527
------------- ------------- -------------
Total Short-term
Borrowings $ 497,663 $ 329,719 $ 431,631
============= ============= =============
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS
(UNAUDITED)
dollars in thousands
% Change from
---------------------------
December 31 September 30
2014 2015
------------ ------------
ASSETS
Cash and due from
banks (4.3%) 7.8%
Other interest-
earning assets (30.9%) (49.6%)
Loans held for
sale (3.6%) (37.3%)
Investment
securities 6.9% 2.0%
Loans, net of
unearned income 5.5% 2.2%
Allowance for loan
losses (8.2%) 1.1%
Net loans 5.7% 2.2%
Premises and
equipment (0.2%) (0.1%)
Accrued interest
receivable 2.3% (0.2%)
Goodwill and
intangible assets (0.0%) (0.0%)
Other assets 4.2% 3.4%
Total Assets 4.6% 0.4%
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Deposits 5.7% 0.3%
Short-term
borrowings 50.9% 15.3%
Other liabilities 0.6% (7.4%)
FHLB advances and
long-term debt (16.7%) (3.1%)
Total Liabilities 4.9% 0.4%
Shareholders'
equity 2.3% 0.8%
Total Liabilities
and
Shareholders'
Equity 4.6% 0.4%
LOANS, DEPOSITS AND
SHORT-TERM
BORROWINGS DETAIL:
Loans, by type:
Real estate -
commercial
mortgage 5.1% 2.3%
Commercial -
industrial,
financial and
agricultural 9.8% 4.0%
Real estate - home
equity (3.0%) (0.5%)
Real estate -
residential
mortgage (0.1%) (0.4%)
Real estate -
construction 15.8% 4.0%
Consumer 1.2% (1.1%)
Leasing and other 32.7% 5.8%
Total Loans, net
of unearned
income 5.5% 2.2%
Deposits, by type:
Noninterest-
bearing demand 8.4% 1.1%
Interest-bearing
demand 9.5% 2.6%
Savings deposits 10.4% (0.3%)
Time deposits (6.7%) (2.4%)
Total Deposits 5.7% 0.3%
Short-term
borrowings, by
type:
Customer
repurchase
agreements (29.6%) (23.2%)
Customer short-
term promissory
notes (17.0%) (2.4%)
Short-term FHLB
advances 57.1% (45.0%)
Federal funds
purchased N/M N/M
Total Short-term
Borrowings 50.9% 15.3%
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
in thousands, except per-share data and percentages
Three Months Ended
-------------------------------
Dec 31 Dec 31 Sep 30
2015 2014 2015
--------- --------- ---------
Interest Income:
Interest income $ 147,560 $ 149,594 $ 146,228
Interest expense 19,761 21,556 20,534
--------- --------- ---------
Net Interest
Income 127,799 128,038 125,694
Provision for
credit losses 2,750 3,000 1,000
--------- --------- ---------
Net Interest
Income after
Provision 125,049 125,038 124,694
Non-Interest Income:
Service charges on
deposit accounts 12,909 12,229 12,982
Other service
charges and fees 12,676 10,489 10,965
Investment
management and
trust services 10,919 11,188 11,237
Mortgage banking
income 4,317 3,723 3,864
Investment
securities gains 776 848 1,730
Other 4,242 3,624 3,996
--------- --------- ---------
Total Non-Interest
Income 45,839 42,101 44,774
Non-Interest
Expense:
Salaries and
employee benefits 65,467 65,398 65,308
Net occupancy
expense 11,566 11,481 10,710
Other outside
services 6,537 8,720 7,373
Data processing 5,127 4,346 5,105
Software 4,068 3,271 3,984
Equipment expense 3,626 3,298 3,595
FDIC insurance
expense 2,896 2,772 2,867
Professional fees 2,814 2,382 2,828
Marketing 1,754 2,414 2,102
Other real estate
owned and
repossession
expense 1,123 236 1,016
Operating risk loss 987 485 1,136
Intangible
amortization 6 315 5
Loss on redemption
of trust preferred
securities - - 5,626
Other 12,468 12,602 13,234
--------- --------- ---------
Total Non-Interest
Expense 118,439 117,720 124,889
--------- --------- ---------
Income Before
Income Taxes 52,449 49,419 44,579
Income tax expense 13,914 11,470 10,328
--------- --------- ---------
Net Income $ 38,535 $ 37,949 $ 34,251
========= ========= =========
PER SHARE:
Net income:
Basic $ 0.22 $ 0.21 $ 0.20
Diluted 0.22 0.21 0.20
Cash dividends $ 0.09 $ 0.10 $ 0.09
Shareholders'
equity 11.72 11.16 11.66
Shareholders'
equity (tangible) 8.67 8.19 8.60
Weighted average
shares (basic) 173,709 181,251 174,338
Weighted average
shares (diluted) 174,833 182,189 175,342
Shares outstanding,
end of period 174,176 178,924 173,771
SELECTED FINANCIAL
RATIOS:
Return on average
assets 0.86% 0.88% 0.78%
Return on average
shareholders'
equity 7.51% 7.34% 6.72%
Return on average
shareholders'
equity (tangible) 10.16% 9.96% 9.11%
Net interest margin 3.19% 3.31% 3.18%
Efficiency ratio 66.63% 67.53% 68.82%
--------- --------- ---------
N/M - Not meaningful
% Change from Year Ended
---------------------
Dec 31 Sep 30 Dec 31
--------------------
2014 2015 2015 2014 % Change
---------- ---------- --------- --------- --------
Interest Income:
Interest income (1.4%) 0.9% $ 583,789 $ 596,078 (2.1%)
Interest expense (8.3%) (3.8%) 83,795 81,211 3.2%
--------- ---------
Net Interest
Income (0.2%) 1.7% 499,994 514,867 (2.9%)
Provision for
credit losses (8.3%) 175.0% 2,250 12,500 N/M
--------- ---------
Net Interest
Income after
Provision 0.0% 0.3% 497,744 502,367 (0.9%)
Non-Interest Income:
Service charges on
deposit accounts 5.6% (0.6%) 50,097 49,293 1.6%
Other service
charges and fees 20.9% 15.6% 43,992 39,896 10.3%
Investment
management and
trust services (2.4%) (2.8%) 44,056 44,605 (1.2%)
Mortgage banking
income 16.0% 11.7% 18,208 17,107 6.4%
Investment
securities gains (8.5%) (55.1%) 9,066 2,041 N/M
Other 17.1% 6.2% 16,420 14,437 13.7%
--------- ---------
Total Non-Interest
Income 8.9% 2.4% 181,839 167,379 8.6%
Non-Interest
Expense:
Salaries and
employee benefits 0.1% 0.2% 260,832 251,021 3.9%
Net occupancy
expense 0.7% 8.0% 47,777 48,130 (0.7%)
Other outside
services (25.0%) (11.3%) 27,785 28,404 (2.2%)
Data processing 18.0% 0.4% 19,894 17,162 15.9%
Software 24.4% 2.1% 14,746 12,758 15.6%
Equipment expense 9.9% 0.9% 14,514 13,567 7.0%
FDIC insurance
expense 4.5% 1.0% 11,470 10,958 4.7%
Professional fees 18.1% (0.5%) 11,244 12,097 (7.1%)
Marketing (27.3%) (16.6%) 7,324 8,133 (9.9%)
Other real estate
owned and
repossession
expense N/M 10.5% 3,630 3,270 11.0%
Operating risk loss N/M (13.1%) 3,624 4,271 (15.1%)
Intangible
amortization (98.1%) 20.0% 247 1,259 (80.4%)
Loss on redemption
of trust preferred
securities N/M N/M 5,626 - N/M
Other (1.1%) (5.8%) 51,447 48,216 6.7%
--------- ---------
Total Non-Interest
Expense 0.6% (5.2%) 480,160 459,246 4.6%
--------- ---------
Income Before
Income Taxes 6.1% 17.7% 199,423 210,500 (5.3%)
Income tax expense 21.3% 34.7% 49,921 52,606 (5.1%)
--------- ---------
Net Income 1.5% 12.5% $ 149,502 $ 157,894 (5.3%)
========= =========
PER SHARE:
Net income:
Basic 4.8% 10.0% $ 0.85 $ 0.85 -
Diluted 4.8% 10.0% 0.85 0.84 1.2%
Cash dividends (10.0%) - $ 0.36 $ 0.34 5.9%
Shareholders'
equity 5.0% 0.5% 11.72 11.16 5.0%
Shareholders'
equity (tangible) 5.9% 0.8% 8.67 8.19 5.9%
Weighted average
shares (basic) (4.2%) (0.4%) 175,721 186,219 (5.6%)
Weighted average
shares (diluted) (4.0%) (0.3%) 176,774 187,181 (5.6%)
Shares outstanding,
end of period (2.7%) 0.2% 174,176 178,924 (2.7%)
SELECTED FINANCIAL
RATIOS:
Return on average
assets 0.86% 0.93%
Return on average
shareholders'
equity 7.38% 7.62%
Return on average
shareholders'
equity (tangible) 10.01% 10.31%
Net interest margin 3.21% 3.39%
Efficiency ratio 68.61% 65.65%
--------- ---------
N/M - Not meaningful
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Three Months Ended
December 31, 2015
-----------------------------------
Average Yield/
Balance Interest (1) Rate
----------- ------------- --------
ASSETS
Interest-earning
assets:
Loans, net of
unearned income $13,659,266 $ 136,317 3.96%
Taxable investment
securities 2,170,397 11,801 2.17%
Tax-exempt
investment
securities 246,727 3,085 5.00%
Equity securities 15,524 208 5.33%
----------- ------------- --------
Total Investment
Securities 2,432,648 15,094 2.48%
Loans held for sale 15,713 169 4.31%
Other interest-
earning assets 399,309 864 0.86%
----------- ------------- --------
Total Interest-
earning Assets 16,506,936 152,444 3.67%
Noninterest-earning
assets:
Cash and due from
banks 106,810
Premises and
equipment 226,335
Other assets 1,108,094
Less: allowance for
loan losses (169,251)
-----------
Total Assets $17,778,924
===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-bearing
liabilities:
Demand deposits $ 3,411,904 $ 1,207 0.13%
Savings deposits 3,903,741 1,633 0.17%
Time deposits 2,903,715 7,549 1.03%
----------- ------------- --------
Total Interest-
bearing Deposits 10,219,360 10,389 0.40%
Short-term
borrowings 281,497 100 0.14%
FHLB advances and
long-term debt 950,792 9,272 3.88%
----------- ------------- --------
Total Interest-
bearing Liabilities 11,451,649 19,761 0.69%
Noninterest-bearing
liabilities:
Demand deposits 3,999,118
Other 291,388
-----------
Total Liabilities 15,742,155
Shareholders' equity 2,036,769
-----------
Total Liabilities
and Shareholders'
Equity $17,778,924
===========
Net interest income/net interest
margin (fully taxable
equivalent) 132,683 3.19%
========
Tax equivalent
adjustment (4,884)
-------------
Net interest income $ 127,799
=============
Three Months Ended
December 31, 2014
------------------------------------
Average Yield/
Balance Interest (1) Rate
----------- ------------- --------
ASSETS
Interest-earning
assets:
Loans, net of
unearned income $13,056,153 $ 136,636 4.16%
Taxable investment
securities 2,109,884 12,689 2.40%
Tax-exempt
investment
securities 241,711 3,249 5.38%
Equity securities 33,981 442 5.16%
----------- ------------- --------
Total Investment
Securities 2,385,576 16,380 2.74%
Loans held for sale 15,340 201 5.24%
Other interest-
earning assets 464,342 953 0.82%
----------- ------------- --------
Total Interest-
earning Assets 15,921,411 154,170 3.85%
Noninterest-earning
assets:
Cash and due from
banks 110,292
Premises and
equipment 224,516
Other assets 1,073,302
Less: allowance for
loan losses (189,029)
-----------
Total Assets $17,140,492
===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-bearing
liabilities:
Demand deposits $ 3,145,658 $ 1,027 0.13%
Savings deposits 3,548,504 1,171 0.13%
Time deposits 3,016,834 7,333 0.96%
----------- ------------- --------
Total Interest-
bearing Deposits 9,710,996 9,531 0.39%
Short-term
borrowings 417,838 138 0.13%
FHLB advances and
long-term debt 1,086,321 11,887 4.36%
----------- ------------- --------
Total Interest-
bearing Liabilities 11,215,155 21,556 0.76%
Noninterest-bearing
liabilities:
Demand deposits 3,630,780
Other 242,346
-----------
Total Liabilities 15,088,281
Shareholders' equity 2,052,211
-----------
Total Liabilities
and Shareholders'
Equity $17,140,492
===========
Net interest
income/net interest
margin (fully
taxable equivalent) 132,614 3.31%
========
Tax equivalent
adjustment (4,576)
-------------
Net interest income $ 128,038
=============
Three Months Ended
September 30, 2015
------------------------------------
Average Yield/
Balance Interest (1) Rate
----------- ------------- --------
ASSETS
Interest-earning
assets:
Loans, net of
unearned income $13,369,874 $ 135,268 4.02%
Taxable investment
securities 2,148,403 11,252 2.09%
Tax-exempt
investment
securities 230,178 2,929 5.09%
Equity securities 18,280 257 5.58%
----------- ------------- --------
Total Investment
Securities 2,396,861 14,438 2.41%
Loans held for sale 20,704 194 3.74%
Other interest-
earning assets 477,145 884 0.74%
----------- ------------- --------
Total Interest-
earning Assets 16,264,584 150,784 3.68%
Noninterest-earning
assets:
Cash and due from
banks 104,622
Premises and
equipment 226,446
Other assets 1,097,600
Less: allowance for
loan losses (168,770)
-----------
Total Assets $17,524,482
===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-bearing
liabilities:
Demand deposits $ 3,316,532 $ 1,122 0.13%
Savings deposits 3,714,282 1,436 0.15%
Time deposits 2,963,774 7,659 1.03%
----------- ------------- --------
Total Interest-
bearing Deposits 9,994,588 10,217 0.41%
Short-term
borrowings 324,685 92 0.11%
FHLB advances and
long-term debt 996,247 10,225 4.09%
----------- ------------- --------
Total Interest-
bearing Liabilities 11,315,520 20,534 0.72%
Noninterest-bearing
liabilities:
Demand deposits 3,904,176
Other 281,957
-----------
Total Liabilities 15,501,653
Shareholders' equity 2,022,829
-----------
Total Liabilities
and Shareholders'
Equity $17,524,482
===========
Net interest
income/net interest
margin (fully
taxable equivalent) 130,250 3.18%
========
Tax equivalent
adjustment (4,556)
-------------
Net interest income $ 125,694
=============
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and
statutory interest expense disallowances.
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Three Months Ended
-----------------------------------------
December 31 December 31 September 30
2015 2014 2015
------------- ------------- -------------
Loans, by type:
Real estate -
commercial
mortgage $ 5,365,640 $ 5,131,375 $ 5,242,021
Commercial -
industrial,
financial and
agricultural 4,035,287 3,723,211 3,887,161
Real estate - home
equity 1,694,455 1,735,769 1,692,860
Real estate -
residential
mortgage 1,377,116 1,378,452 1,381,141
Real estate -
construction 765,555 697,741 753,584
Consumer 267,726 275,349 270,391
Leasing and other 153,487 114,256 142,716
------------- ------------- -------------
Total Loans, net
of unearned
income $ 13,659,266 $ 13,056,153 $ 13,369,874
============= ============= =============
Deposits, by type:
Noninterest-
bearing demand $ 3,999,118 $ 3,630,780 $ 3,904,176
Interest-bearing
demand 3,411,904 3,145,658 3,316,532
Savings deposits 3,903,741 3,548,504 3,714,282
Time deposits 2,903,715 3,016,834 2,963,774
------------- ------------- -------------
Total Deposits $ 14,218,478 $ 13,341,776 $ 13,898,764
============= ============= =============
Short-term
borrowings, by
type:
Customer
repurchase
agreements $ 142,004 $ 183,331 $ 149,415
Customer short-
term promissory
notes 80,568 87,338 79,308
Federal funds
purchased 44,468 59,669 85,092
Short-term FHLB
advances and
other borrowings 14,457 87,500 10,870
------------- ------------- -------------
Total Short-term
Borrowings $ 281,497 $ 417,838 $ 324,685
============= ============= =============
AVERAGE LOANS, DEPOSITS AND SHORT-TERM
BORROWINGS DETAIL:
% Change from
-----------------------------
December 31 September 30
2014 2015
-------------- --------------
Loans, by type:
Real estate -
commercial
mortgage 4.6% 2.4%
Commercial -
industrial,
financial and
agricultural 8.4% 3.8%
Real estate - home
equity (2.4%) 0.1%
Real estate -
residential
mortgage (0.1%) (0.3%)
Real estate -
construction 9.7% 1.6%
Consumer (2.8%) (1.0%)
Leasing and other 34.3% 7.5%
Total Loans, net
of unearned
income 4.6% 2.2%
Deposits, by type:
Noninterest-
bearing demand 10.1% 2.4%
Interest-bearing
demand 8.5% 2.9%
Savings deposits 10.0% 5.1%
Time deposits (3.7%) (2.0%)
Total Deposits 6.6% 2.3%
Short-term
borrowings, by
type:
Customer
repurchase
agreements (22.5%) (5.0%)
Customer short-
term promissory
notes (7.8%) 1.6%
Federal funds
purchased (25.5%) (47.7%)
Short-term FHLB
advances and
other borrowings (83.5%) 33.0%
Total Short-term
Borrowings (32.6%) (13.3%)
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Year Ended December 31
--------------------------------
2015
-------------------------------
Average
Yield
Balance Interest (1) /Rate
----------- ------------- -----
ASSETS
-------------------
Interest-earning
assets:
Loans, net of
unearned income $13,330,973 $ 537,979 4.04%
Taxable investment
securities 2,093,829 45,279 2.16%
Tax-exempt
investment
securities 230,633 12,120 5.26%
Equity securities 23,348 1,294 5.54%
----------- ------------- -----
Total Investment
Securities 2,347,810 58,693 2.50%
Loans held for
sale 19,937 801 4.02%
Other interest-
earning assets 447,354 4,786 1.07%
----------- ------------- -----
Total Interest-
earning Assets 16,146,074 602,259 3.73%
Noninterest-earning
assets:
Cash and due from
banks 105,359
Premises and
equipment 226,436
Other assets 1,103,427
Less: allowance
for loan losses (174,453)
-----------
Total Assets $17,406,843
===========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
-------------------
Interest-bearing
liabilities:
Demand deposits $ 3,255,192 $ 4,299 0.13%
Savings deposits 3,677,079 5,435 0.15%
Time deposits 2,988,648 30,748 1.03%
----------- ------------- -----
Total Interest-
bearing Deposits 9,920,919 40,482 0.41%
Short-term
borrowings 323,772 372 0.11%
FHLB advances and
long-term debt 1,023,972 42,941 4.19%
----------- ------------- -----
Total Interest-
bearing
Liabilities 11,268,663 83,795 0.74%
Noninterest-bearing
liabilities:
Demand deposits 3,826,194
Other 285,103
-----------
Total Liabilities 15,379,960
Shareholders'
equity 2,026,883
-----------
Total Liabilities
and Shareholders'
Equity $17,406,843
===========
Net interest income/net
interest margin (fully
taxable equivalent) 518,464 3.21%
=====
Tax equivalent
adjustment (18,470)
-------------
Net interest
income $ 499,994
=============
Year Ended December 31
--------------------------------
2014
----------- ------------- -----
Average
Yield
Balance Interest (1) /Rate
----------- ------------- -----
ASSETS
-------------------
Interest-earning
assets:
Loans, net of
unearned income $12,885,180 $ 542,540 4.21%
Taxable investment
securities 2,189,510 50,651 2.31%
Tax-exempt
investment
securities 261,825 13,810 5.27%
Equity securities 33,957 1,728 5.09%
----------- ------------- -----
Total Investment
Securities 2,485,292 66,189 2.66%
Loans held for
sale 17,524 786 4.49%
Other interest-
earning assets 314,345 4,018 1.28%
----------- ------------- -----
Total Interest-
earning Assets 15,702,341 613,533 3.91%
Noninterest-earning
assets:
Cash and due from
banks 177,664
Premises and
equipment 224,903
Other assets 1,049,765
Less: allowance
for loan losses (195,166)
-----------
Total Assets $16,959,507
===========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
-------------------
Interest-bearing
liabilities:
Demand deposits $ 3,013,879 $ 3,793 0.13%
Savings deposits 3,431,957 4,298 0.13%
Time deposits 2,992,920 27,019 0.90%
----------- ------------- -----
Total Interest-
bearing Deposits 9,438,756 35,110 0.37%
Short-term
borrowings 832,839 1,608 0.19%
FHLB advances and
long-term debt 965,601 44,493 4.61%
----------- ------------- -----
Total Interest-
bearing
Liabilities 11,237,196 81,211 0.72%
Noninterest-bearing
liabilities:
Demand deposits 3,428,907
Other 221,764
-----------
Total Liabilities 14,887,867
Shareholders'
equity 2,071,640
-----------
Total Liabilities
and Shareholders'
Equity $16,959,507
===========
Net interest
income/net
interest margin
(fully taxable
equivalent) 532,322 3.39%
=====
Tax equivalent
adjustment (17,455)
-------------
Net interest
income $ 514,867
=============
(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:
Year Ended
December 31
---------------------------
2015 2014 % Change
------------- ------------- --------
Loans, by type:
Real estate - commercial mortgage $ 5,246,054 $ 5,117,433 2.5%
Commercial - industrial, financial
and agricultural 3,882,998 3,659,059 6.1%
Real estate - home equity 1,700,851 1,738,449 (2.2%)
Real estate - residential mortgage 1,371,321 1,355,876 1.1%
Real estate - construction 726,914 631,968 15.0%
Consumer 265,688 277,853 (4.4%)
Leasing and other 137,147 104,542 31.2%
------------- -------------
Total Loans, net of unearned income $ 13,330,973 $ 12,885,180 3.5%
============= =============
Deposits, by type:
Noninterest-bearing demand $ 3,826,194 $ 3,428,907 11.6%
Interest-bearing demand 3,255,192 3,013,879 8.0%
Savings deposits 3,677,079 3,431,957 7.1%
Time deposits 2,988,648 2,992,920 (0.1%)
------------- -------------
Total Deposits $ 13,747,113 $ 12,867,663 6.8%
============= =============
Short-term borrowings, by type:
Customer repurchase agreements $ 161,093 $ 197,432 (18.4%)
Customer short-term promissory
notes 81,530 88,670 (8.1%)
Federal funds purchased 65,779 285,169 (76.9%)
Short-term FHLB advances and other
borrowings 15,370 261,568 (94.1%)
------------- -------------
Total Short-term Borrowings $ 323,772 $ 832,839 (61.1%)
============= =============
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Three Months Ended Year Ended
---------------------------- ------------------
Dec 31 Dec 31 Sep 30 Dec 31 Dec 31
2015 2014 2015 2015 2014
-------- -------- -------- -------- --------
ALLOWANCE FOR CREDIT
LOSSES:
Balance at beginning of
period $169,395 $191,108 $169,453 $185,931 $204,917
Loans charged off:
Consumer and home
equity (1,466) (1,696) (1,590) (5,831) (7,811)
Real estate -
commercial mortgage (1,207) (920) (660) (4,218) (6,004)
Commercial -
industrial, financial
and agricultural (970) (8,712) (1,640) (15,639) (24,516)
Real estate -
residential mortgage (513) (752) (1,035) (3,612) (2,918)
Real estate -
construction 0 (464) (114) (201) (1,209)
Leasing and other (1,304) (701) (522) (2,656) (2,135)
-------- -------- -------- -------- --------
Total loans charged
off (5,460) (13,245) (5,561) (32,157) (44,593)
Recoveries of loans
previously charged off:
Consumer and home
equity 825 419 618 2,492 2,347
Real estate -
commercial mortgage 1,072 319 842 2,801 1,960
Commercial -
industrial, financial
and agricultural 1,409 1,724 1,598 5,264 4,256
Real estate -
residential mortgage 775 132 201 1,322 451
Real estate -
construction 548 2,325 898 2,824 3,177
Leasing and other 98 149 346 685 916
-------- -------- -------- -------- --------
Recoveries of loans
previously charged
off 4,727 5,068 4,503 15,388 13,107
-------- -------- -------- -------- --------
Net loans charged off (733) (8,177) (1,058) (16,769) (31,486)
Provision for credit
losses 2,750 3,000 1,000 2,250 12,500
-------- -------- -------- -------- --------
Balance at end of period $171,412 $185,931 $169,395 $171,412 $185,931
======== ======== ======== ======== ========
Net charge-offs to
average loans
(annualized) 0.02% 0.25% 0.03% 0.13% 0.24%
======== ======== ======== ======== ========
NON-PERFORMING ASSETS:
Non-accrual loans $129,523 $121,080 $132,154
Loans 90 days past due
and accruing 15,291 17,402 12,867
-------- -------- --------
Total non-performing
loans 144,814 138,482 145,021
Other real estate owned 11,099 12,022 10,561
-------- -------- --------
Total non-performing
assets $155,913 $150,504 $155,582
======== ======== ========
NON-PERFORMING LOANS, BY
TYPE:
Commercial - industrial,
financial and
agricultural $ 44,071 $ 30,388 $ 38,032
Real estate - commercial
mortgage 41,170 45,237 49,021
Real estate -
residential mortgage 28,484 28,995 27,707
Consumer and home equity 17,123 17,330 15,186
Real estate -
construction 12,460 16,399 14,989
Leasing 1,506 133 86
-------- -------- --------
Total non-performing
loans $144,814 $138,482 $145,021
======== ======== ========
TROUBLED DEBT RESTRUCTURINGS
(TDRs), BY TYPE:
Real-estate -
residential mortgage $ 28,511 $ 31,308 $ 29,330
Real-estate - commercial
mortgage 17,563 18,822 17,282
Commercial - industrial,
financial and
agricultural 5,953 5,237 7,399
Real estate -
construction 3,942 9,241 4,363
Consumer and home equity 4,589 3,013 3,983
-------- -------- --------
Total accruing TDRs 60,558 67,621 62,357
Non-accrual TDRs (1) 31,035 24,616 27,618
-------- -------- --------
Total TDRs $ 91,593 $ 92,237 $ 89,975
======== ======== ========
(1) Included within non-accrual loans above.
DELINQUENCY RATES, BY TYPE:
Dec 31, 2015
----------------------------------
Greater than
or Equal to
31-89 Days 90 Days (2) Total
---------- ------------ --------
Real estate -
commercial
mortgage 0.14% 0.77% 0.91%
Commercial -
industrial,
financial and
agricultural 0.21% 1.06% 1.27%
Real estate -
construction 0.28% 1.59% 1.87%
Real estate -
residential
mortgage 1.33% 2.07% 3.40%
Consumer, home
equity, leasing
and other 0.70% 0.88% 1.58%
---------- ------------ --------
Total 0.37% 1.04% 1.41%
========== ============ ========
DELINQUENCY RATES, BY TYPE:
Dec 31, 2014
----------------------------------
Greater than
or Equal to
31-89 Days 90 Days (2) Total
---------- ------------ --------
Real estate -
commercial
mortgage 0.35% 0.87% 1.22%
Commercial -
industrial,
financial and
agricultural 0.17% 0.81% 0.98%
Real estate -
construction 0.02% 2.38% 2.40%
Real estate -
residential
mortgage 1.96% 2.10% 4.06%
Consumer, home
equity, leasing
and other 0.80% 0.82% 1.62%
---------- ------------ --------
Total 0.52% 1.06% 1.58%
========== ============ ========
DELINQUENCY RATES, BY TYPE:
Sep 30, 2015
----------------------------------
Greater than
or Equal to
31-89 Days 90 Days (2) Total
---------- ------------ --------
Real estate -
commercial
mortgage 0.16% 0.92% 1.08%
Commercial -
industrial,
financial and
agricultural 0.35% 0.97% 1.32%
Real estate -
construction 0.30% 1.95% 2.25%
Real estate -
residential
mortgage 1.27% 2.00% 3.27%
Consumer, home
equity, leasing
and other 0.69% 0.72% 1.41%
---------- ------------ --------
Total 0.42% 1.07% 1.49%
========== ============ ========
(2) Includes non-accrual loans
ASSET QUALITY RATIOS:
Dec 31 Dec 31 Sep 30
2015 2014 2015
---------- ---------- ----------
Non-accrual loans to total loans 0.94% 0.92% 0.98%
Non-performing loans to total loans 1.05% 1.06% 1.07%
Non-performing assets to total loans
and OREO 1.13% 1.15% 1.15%
Non-performing assets to total assets 0.87% 0.88% 0.87%
Allowance for credit losses to loans
outstanding 1.24% 1.42% 1.25%
Allowance for credit losses to non-
performing loans 118.37% 134.26% 116.81%
Non-performing assets to tangible
common shareholders' equity and
allowance for credit losses 9.27% 9.12% 9.35%
FULTON FINANCIAL CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED)
in thousands, except per share data and percentages
Explanatory note: This press release contains supplemental financial
information, as detailed below, which has been derived by
methods other than Generally Accepted Accounting
Principles ("GAAP"). The Corporation has presented these
non-GAAP financial measures because it believes that these
measures provide useful and comparative information to
assess trends in the Corporation's results of operations.
Presentation of these non-GAAP financial measures is
consistent with how the Corporation evaluates its
performance internally and these non-GAAP financial
measures are frequently used by securities analysts,
investors and other interested parties in the evaluation
of companies in the Corporation's industry. Management
believes that these non-GAAP financial measures, in
addition to GAAP measures, are also useful to investors to
evaluate the Corporation's results. Investors should
recognize that the Corporation's presentation of these
non-GAAP financial measures might not be comparable to
similarly-titled measures of other companies. These non-
GAAP financial measures should not be considered a
substitute for GAAP basis measures, and the Corporation
strongly encourages a review of its condensed consolidated
financial statements in their entirety. Reconciliations of
these non-GAAP financial measures to the most directly
comparable GAAP measure follow:
Three Months Ended
-------------------------------------------
December 31 December 31 September 30
2015 2014 2015
------------- ------------- -------------
Shareholders'
equity (tangible),
per share
-------------------
Shareholders'
equity $ 2,041,894 $ 1,996,665 $ 2,025,904
Less: Goodwill and
intangible assets (531,556) (531,803) (531,562)
------------- ------------- -------------
Tangible
shareholders'
equity (numerator) $ 1,510,338 $ 1,464,862 $ 1,494,342
============= ============= =============
Shares outstanding,
end of period
(denominator) 174,176 178,924 173,771
============= ============= =============
Shareholders'
equity
(tangible), per
share $ 8.67 $ 8.19 $ 8.60
============= ============= =============
Return on average
common
shareholders'
equity (tangible)
-------------------
Net income $ 38,535 $ 37,949 $ 34,251
Plus: Intangible
amortization, net
of tax 4 205 3
------------- ------------- -------------
Numerator $ 38,539 $ 38,154 $ 34,254
============= ============= =============
Average
shareholders'
equity $ 2,036,769 $ 2,052,211 2,022,829
Less: Average
goodwill and
intangible assets (531,559) (531,955) (531,564)
------------- ------------- -------------
Average tangible
shareholders'
equity
(denominator) $ 1,505,210 $ 1,520,256 $ 1,491,265
============= ============= =============
Return on average
common
shareholders'
equity
(tangible),
annualized 10.16% 9.96% 9.11%
============= ============= =============
Efficiency ratio
-------------------
Non-interest
expense $ 118,439 $ 117,720 $ 124,889
Less: Intangible
amortization (6) (315) (5)
Less: Loss on
redemption of
trust preferred
securities - - (5,626)
------------- ------------- -------------
Numerator $ 118,433 $ 117,405 $ 119,258
============= ============= =============
Net interest income
(fully taxable
equivalent) $ 132,683 $ 132,614 $ 130,250
Plus: Total Non-
interest income 45,839 42,101 44,774
Less: Investment
securities gains (776) (848) (1,730)
------------- ------------- -------------
Denominator $ 177,746 $ 173,867 $ 173,294
============= ============= =============
Efficiency ratio 66.63% 67.53% 68.82%
============= ============= =============
Non-performing
assets to tangible
common
shareholders'
equity and
allowance for
credit losses
-------------------
Non-performing
assets (numerator) $ 155,913 $ 150,504 $ 155,582
============= ============= =============
Tangible
shareholders'
equity $ 1,510,338 $ 1,464,862 $ 1,494,342
Plus: Allowance for
credit losses 171,412 185,931 169,395
------------- ------------- -------------
Tangible
shareholders'
equity and
allowance for
credit losses
(denominator) $ 1,681,750 $ 1,650,793 $ 1,663,737
============= ============= =============
Non-performing
assets to
tangible common
shareholders'
equity and
allowance for
credit losses 9.27% 9.12% 9.35%
============= ============= =============
Year Ended
----------------------------
December 31 December 31
2015 2014
------------- -------------
Shareholders'
equity (tangible),
per share
-------------------
Shareholders'
equity
Less: Goodwill and
intangible assets
Tangible
shareholders'
equity (numerator)
Shares outstanding,
end of period
(denominator)
Shareholders'
equity
(tangible), per
share
Return on average
common
shareholders'
equity (tangible)
-------------------
Net income $ 149,502 $ 157,894
Plus: Intangible
amortization, net
of tax 161 818
------------- -------------
Numerator $ 149,663 $ 158,712
============= =============
Average
shareholders'
equity 2,026,883 2,071,640
Less: Average
goodwill and
intangible assets (531,618) (532,425)
------------- -------------
Average tangible
shareholders'
equity
(denominator) $ 1,495,265 $ 1,539,215
============= =============
Return on average
common
shareholders'
equity
(tangible),
annualized 10.01% 10.31%
============= =============
Efficiency ratio
-------------------
Non-interest
expense $ 480,160 $ 459,246
Less: Intangible
amortization (247) (1,259)
Less: Loss on
redemption of
trust preferred
securities (5,626) -
------------- -------------
Numerator $ 474,287 $ 457,987
============= =============
Net interest income
(fully taxable
equivalent) $ 518,464 $ 532,322
Plus: Total Non-
interest income 181,839 167,379
Less: Investment
securities gains (9,066) (2,041)
------------- -------------
Denominator $ 691,237 $ 697,660
============= =============
Efficiency ratio 68.61% 65.65%
============= =============
Non-performing
assets to tangible
common
shareholders'
equity and
allowance for
credit losses
-------------------
Non-performing
assets (numerator)
Tangible
shareholders'
equity
Plus: Allowance for
credit losses
Tangible
shareholders'
equity and
allowance for
credit losses
(denominator)
Non-performing
assets to
tangible common
shareholders'
equity and
allowance for
credit losses
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