SOURCE: Fulton Financial Corporation

Fulton Financial Corporation

April 17, 2012 16:30 ET

Fulton Financial Reports First Quarter Earnings of $0.19 per Share

LANCASTER, PA--(Marketwire - Apr 17, 2012) - Fulton Financial Corporation (NASDAQ: FULT)

  • Diluted earnings per share for the first quarter of 2012 was 19 cents, a 5.6 percent increase from the fourth quarter of 2011 and an 11.8 percent increase from the first quarter of 2011.
  • The provision for credit losses was $28.0 million for the first quarter of 2012, a $2.0 million, or 6.7 percent, decrease from the fourth quarter of 2011 and a $10.0 million, or 26.3 percent, decrease from the first quarter of 2011. Non-performing loans decreased $2.5 million, or 0.9 percent, in comparison to the fourth quarter of 2011. Annualized net charge-offs as a percent of average total loans decreased to 0.94 percent for the first quarter of 2012, compared to 1.36 percent for the fourth quarter of 2011.
  • Net interest income was relatively unchanged in comparison to the fourth quarter of 2011, increasing $236,000, or 0.2 percent. Net interest margin increased 4 basis points, or 1.0 percent, to 3.85 percent.
  • In comparison to the fourth quarter of 2011, other income increased $3.3 million, or 6.9 percent, and other expenses increased $1.9 million, or 1.7 percent.

Fulton Financial Corporation (NASDAQ: FULT) reported net income of $38.1 million, or 19 cents per diluted share, for the first quarter ended March 31, 2012, compared to $36.1 million, or 18 cents per diluted share, for the fourth quarter of 2011.

"Our first quarter performance gives us a strong start for the year," said R. Scott Smith, Jr., Chairman and CEO. "We saw improvement in our return on average assets, net interest margin, non-interest income and in asset quality. We were encouraged to again see a reduction in the provision for loan losses. Residential mortgage refinancing activity was particularly strong throughout the quarter and contributed significantly to our growth in non-interest income. Funding costs continued to decrease this quarter, helping us to expand our net interest margin. We are well positioned to respond to increased credit demand from businesses and consumers as overall confidence improves."

Asset Quality
Non-performing assets were $317.5 million, or 1.92 percent of total assets, at March 31, 2012, compared to $317.3 million, or 1.94 percent of total assets, at December 31, 2011 and $355.1 million, or 2.22 percent of total assets, at March 31, 2011.

Annualized net charge-offs for the quarter ended March 31, 2012 were 0.94 percent of average total loans, compared to 1.36 percent for the quarter ended December 31, 2011. The allowance for credit losses as a percentage of non-performing loans was 90.9 percent at March 31, 2012 in comparison to 90.1 percent at December 31, 2011.

Net Interest Income and Margin
Net interest income for the first quarter of 2012 increased $236,000, or 0.2 percent, from the fourth quarter of 2011. Net interest margin increased 4 basis points, or 1.0 percent, from 3.81 percent in the fourth quarter of 2011, to 3.85 percent in the first quarter of 2012. The slight improvement in net interest income was primarily due to an increase in interest-earning assets and a decrease in funding costs, as well as a decrease in premium amortization on mortgage-backed securities and collateralized mortgage obligations, partially offset by the effect of one less day in the first quarter of 2012.

Average Balance Sheet
Total average assets for the first quarter of 2012 were $16.2 billion, an increase of $23.5 million, or 0.1 percent, from the fourth quarter of 2011.

Average loans, net of unearned income, increased $52.7 million, or 0.4 percent, in comparison to the fourth quarter of 2011.

Quarter Ended
Mar 31 Dec 31 Increase (decrease)
2012 2011 $ %
(dollars in thousands)
Loans, by type:
Real estate - commercial mortgage $ 4,617,507 $ 4,554,161 $ 63,346 1.4 %
Commercial - industrial, financial and agricultural 3,585,520 3,637,465 (51,945 ) (1.4 %)
Real estate - home equity 1,611,565 1,628,406 (16,841 ) (1.0 %)
Real estate - residential mortgage 1,137,625 1,066,463 71,162 6.7 %
Real estate - construction 641,574 641,485 89 - %
Consumer 311,592 326,818 (15,226 ) (4.7 %)
Leasing and other 73,589 71,448 2,141 3.0 %
Total Loans, net of unearned income $ 11,978,972 $ 11,926,246 $ 52,726 0.4 %

Changes in average loans, by type, included a $71.2 million increase in residential mortgages and a $63.3 million increase in commercial mortgages. These increases were partially offset by a $51.9 million decline in commercial loans, a $16.8 million decrease in home equity loans and a $15.2 million decrease in consumer loans.

Average deposits for the first quarter of 2012 decreased $220.0 million, or 1.8 percent, from the fourth quarter of 2011.

Quarter Ended
Mar 31 Dec 31 Increase (decrease)
2012 2011 $ %
(dollars in thousands)
Deposits, by type:
Noninterest-bearing demand $ 2,565,089 $ 2,529,548 $ 35,541 1.4 %
Interest-bearing demand 2,464,452 2,462,551 1,901 0.1 %
Savings deposits 3,341,035 3,466,104 (125,069 ) (3.6 %)
Total demand and savings 8,370,576 8,458,203 (87,627 ) (1.0 %)
Time deposits 3,951,908 4,084,278 (132,370 ) (3.2 %)
Total Deposits $ 12,322,484 $ 12,542,481 $ (219,997 ) (1.8 %)

The decrease in average deposits in the first quarter of 2012 in comparison to the fourth quarter of 2011 was a result of a $132.4 million decrease in time deposits and an $87.6 million decrease in demand and saving accounts. The decrease in average demand and savings accounts occurred mainly in municipal accounts.

Non-interest Income
Other income, excluding investment securities gains, increased $5.1 million, or 11.3 percent, in comparison to the fourth quarter of 2011. Mortgage banking income increased $3.8 million, or 61.6 percent, due to an increase in pricing spreads and an increase in the volume of new loan commitments. Also contributing to the increase in other income was a $650,000, or 7.4 percent, increase in investment management and trust services revenue and $1.5 million of gains on sales of fixed assets.

Investment securities gains for the first quarter of 2012 were $1.3 million, compared to $3.1 million for the fourth quarter of 2011. During the first quarter of 2012, the Corporation realized $165,000 and $1.1 million of gains on sales of debt and equity securities, respectively. During the fourth quarter of 2011, the Corporation realized $3.1 million and $640,000 of gains on sales of debt and equity securities, respectively, partially offset by $636,000 of other-than-temporary impairment charges for stocks of financial institutions.

Non-interest Expense
Other expenses increased $1.9 million, or 1.7 percent, in the first quarter of 2012 compared to the fourth quarter of 2011. Salaries and employee benefits increased $2.3 million, or 3.9 percent, driven by a seasonal increase in payroll taxes and increased healthcare costs. Also contributing to the increase in other expenses was $2.6 million of contingent losses, recorded as a component of operating risk loss, associated with previously sold residential mortgages. Offsetting these increases was the effect of $1.8 million of expenses incurred in the fourth quarter of 2011 related to the merger of the Corporation's New Jersey banks.

About Fulton Financial
Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company which has approximately 3,800 employees and operates more than 265 banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through the following affiliates: Fulton Bank, N.A., Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, 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 through Fulton Mortgage Company.

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

Safe Harbor Statement
This news release may contain forward-looking statements with respect to 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. 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.

Many factors could affect future financial results including, without limitation: the impact of adverse changes in the economy and real estate markets; increases in non-performing assets which may reduce the level of earning assets and require the Corporation to increase the allowance for credit losses, charge-off loans and incur elevated collection and carrying costs related to such non-performing assets; acquisition and growth strategies; market risk; changes or adverse developments in political or regulatory conditions; a disruption in, or abnormal functioning of, credit and other markets, including the lack of or reduced access to markets for mortgages and other asset-backed securities and for commercial paper and other short-term borrowings; changes in the levels of, or methodology for determining, FDIC deposit insurance premiums and assessments; the effect of competition and interest rates on net interest margin and net interest income; investment strategy and other income growth; investment securities gains and losses; declines in the value of securities which may result in charges to earnings; changes in rates of deposit and loan growth or a decline in loans originated; relative balances of rate-sensitive assets to rate-sensitive liabilities; salaries and employee benefits and other expenses; amortization of intangible assets; goodwill impairment; capital and liquidity strategies, and other financial and business matters for future periods.

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

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
% Change from
March 31 March 31 December 31 March 31 December 31
2012 2011 2011 2011 2011
ASSETS
Cash and due from banks $ 286,875 $ 265,353 $ 292,598 8.1 % (2.0 %)
Loans held for sale 70,128 30,903 47,009 126.9 % 49.2 %
Other interest-earning assets 106,227 83,293 175,336 27.5 % (39.4 %)
Investment securities 3,089,407 2,697,434 2,679,967 14.5 % 15.3 %
Loans, net of unearned income 11,957,600 11,873,208 11,968,970 0.7 % (0.1 %)
Allowance for loan losses (256,496 ) (270,272 ) (256,471 ) (5.1 %) - %
Net Loans 11,701,104 11,602,936 11,712,499 0.8 % (0.1 %)
Premises and equipment 215,756 208,370 212,274 3.5 % 1.6 %
Accrued interest receivable 51,247 52,878 51,098 (3.1 %) 0.3 %
Goodwill and intangible assets 543,383 546,934 544,209 (0.6 %) (0.2 %)
Other assets 472,095 473,095 655,518 (0.2 %) (28.0 %)
Total Assets $ 16,536,222 $ 15,961,196 $ 16,370,508 3.6 % 1.0 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 12,340,722 $ 12,408,610 $ 12,525,739 (0.5 %) (1.5 %)
Short-term borrowings 964,550 414,398 597,033 132.8 % 61.6 %
Federal Home Loan Bank advances and long-term debt 933,981 1,035,689 1,040,149 (9.8 %) (10.2 %)
Other liabilities 274,106 192,177 215,048 42.6 % 27.4 %
Total Liabilities 14,513,359 14,050,874 14,377,969 3.3 % 0.9 %
Shareholders' equity 2,022,863 1,910,322 1,992,539 5.9 % 1.5 %
Total Liabilities and Shareholders' Equity $ 16,536,222 $ 15,961,196 $ 16,370,508 3.6 % 1.0 %
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage $ 4,634,428 $ 4,392,679 $ 4,602,596 5.5 % 0.7 %
Commercial - industrial, financial and agricultural 3,518,228 3,692,668 3,639,368 (4.7 %) (3.3 %)
Real estate - home equity 1,601,880 1,620,340 1,624,562 (1.1 %) (1.4 %)
Real estate - residential mortgage 1,176,947 1,022,251 1,097,192 15.1 % 7.3 %
Real estate - construction 647,700 747,806 615,445 (13.4 %) 5.2 %
Consumer 308,495 337,413 318,101 (8.6 %) (3.0 %)
Leasing and other 69,922 60,051 71,706 16.4 % (2.5 %)
Total Loans, net of unearned income $ 11,957,600 $ 11,873,208 $ 11,968,970 0.7 % (0.1 %)
Deposits, by type:
Noninterest-bearing demand $ 2,682,259 $ 2,310,290 $ 2,588,034 16.1 % 3.6 %
Interest-bearing demand 2,486,382 2,324,988 2,529,388 6.9 % (1.7 %)
Savings deposits 3,295,510 3,333,403 3,394,367 (1.1 %) (2.9 %)
Time deposits 3,876,571 4,439,929 4,013,950 (12.7 %) (3.4 %)
Total Deposits $ 12,340,722 $ 12,408,610 $ 12,525,739 (0.5 %) (1.5 %)
Short-term borrowings, by type:
Customer repurchase agreements $ 204,627 $ 216,705 $ 186,735 (5.6 %) 9.6 %
Customer short-term promissory notes 149,376 189,408 156,828 (21.1 %) (4.8 %)
Federal funds purchased and other 610,547 8,285 253,470 N/M 140.9 %
Total Short-term borrowings $ 964,550 $ 414,398 $ 597,033 132.8 % 61.6 %
N/M - Not meaningful
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands, except per-share data
Quarter Ended % Change from
Mar 31 Mar 31 Dec 31 Mar 31 Dec 31
2012 2011 2011 2011 2011
Interest Income:
Interest income $ 166,891 $ 175,694 $ 169,333 (5.0 %) (1.4 %)
Interest expense 28,196 36,131 30,874 (22.0 %) (8.7 %)
Net Interest Income 138,695 139,563 138,459 (0.6 %) 0.2 %
Provision for credit losses 28,000 38,000 30,000 (26.3 %) (6.7 %)
Net Interest Income after Provision 110,695 101,563 108,459 9.0 % 2.1 %
Other Income:
Service charges on deposit accounts 14,842 13,305 15,277 11.6 % (2.8 %)
Other service charges and fees 10,555 11,482 10,784 (8.1 %) (2.1 %)
Mortgage banking income 10,050 5,463 6,220 84.0 % 61.6 %
Investment management and trust services 9,377 9,204 8,727 1.9 % 7.4 %
Investment securities gains 1,251 2,285 3,054 (45.3 %) (59.0 %)
Other 5,605 3,722 4,286 50.6 % 30.8 %
Total Other Income 51,680 45,461 48,348 13.7 % 6.9 %
Other Expenses:
Salaries and employee benefits 60,360 54,308 58,109 11.1 % 3.9 %
Net occupancy expense 10,935 11,366 10,973 (3.8 %) (0.3 %)
Data processing 3,688 3,372 3,482 9.4 % 5.9 %
Equipment expense 3,369 3,132 3,329 7.6 % 1.2 %
Operating risk loss 3,368 (462 ) 1,022 829.0 % 229.5 %
FDIC insurance expense 3,021 4,754 2,730 (36.5 %) 10.7 %
OREO and repossession expense 2,928 1,271 3,565 130.4 % (17.9 %)
Professional fees 2,582 2,849 2,961 (9.4 %) (12.8 %)
Marketing 2,472 2,836 3,045 (12.8 %) (18.8 %)
Software 2,175 2,031 2,254 7.1 % (3.5 %)
Other 15,813 15,407 17,390 2.6 % (9.1 %)
Total Other Expenses 110,711 100,864 108,860 9.8 % 1.7 %
Income Before Income Taxes 51,664 46,160 47,947 11.9 % 7.8 %
Income tax expense 13,532 12,375 11,868 9.3 % 14.0 %
Net Income $ 38,132 $ 33,785 $ 36,079 12.9 % 5.7 %
PER SHARE:
Net income:
Basic $ 0.19 $ 0.17 $ 0.18 11.8 % 5.6 %
Diluted 0.19 0.17 0.18 11.8 % 5.6 %
Cash dividends $ 0.07 $ 0.04 $ 0.06 75.0 % 16.7 %
Shareholders' equity 10.10 9.59 9.95 5.3 % 1.5 %
Shareholders' equity (tangible) 7.38 6.84 7.24 7.9 % 1.9 %
Weighted average shares (basic) 199,492 198,599 199,239 0.4 % 0.1 %
Weighted average shares (diluted) 200,344 199,286 199,997 0.5 % 0.2 %
Shares outstanding, end of period 200,354 199,191 200,164 0.6 % 0.1 %
SELECTED FINANCIAL RATIOS:
Return on average assets 0.94 % 0.85 % 0.88 %
Return on average common shareholders' equity 7.61 % 7.21 % 7.16 %
Return on average common shareholders' equity (tangible) 10.56 % 10.36 % 10.02 %
Net interest margin 3.85 % 3.91 % 3.81 %
Efficiency ratio 56.84 % 53.39 % 57.44 %
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Quarter Ended
March 31, 2012 March 31, 2011 December 31, 2011
Average
Balance

Interest (1)
Yield/
Rate
Average
Balance

Interest (1)
Yield/
Rate
Average
Balance

Interest (1)
Yield/
Rate
ASSETS
Interest-earning assets:
Loans, net of unearned income $ 11,978,972 $ 147,046 4.94 % $ 11,921,442 $ 151,686 5.15 % $ 11,926,246 $ 150,195 5.00 %
Taxable investment securities 2,402,158 18,661 3.11 % 2,331,323 21,807 3.75 % 2,279,658 17,462 3.06 %
Tax-exempt investment securities 294,724 4,157 5.64 % 344,457 4,885 5.67 % 307,713 4,340 5.64 %
Equity securities 115,593 780 2.71 % 132,841 752 2.28 % 121,219 774 2.55 %
Total Investment Securities 2,812,475 23,598 3.36 % 2,808,621 27,444 3.91 % 2,708,590 22,576 3.33 %
Loans held for sale 40,478 431 4.26 % 45,418 500 4.41 % 54,013 541 4.01 %
Other interest-earning assets 101,570 53 0.21 % 66,381 33 0.20 % 192,574 133 0.27 %
Total Interest-earning Assets 14,933,495 171,128 4.61 % 14,841,862 179,663 4.90 % 14,881,423 173,445 4.63 %
Noninterest-earning assets:
Cash and due from banks 263,128 260,395 282,993
Premises and equipment 212,567 207,389 207,744
Other assets 1,102,868 1,102,543 1,125,429
Less: allowance for loan losses (266,092 ) (282,017 ) (275,160 )
Total Assets $ 16,245,966 $ 16,130,172 $ 16,222,429
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits $ 2,464,452 $ 1,036 0.17 % $ 2,322,098 $ 1,436 0.25 % $ 2,462,551 $ 1,243 0.20 %
Savings deposits 3,341,035 1,810 0.22 % 3,282,790 3,358 0.41 % 3,466,104 2,356 0.27 %
Time deposits 3,951,908 13,404 1.36 % 4,532,528 18,492 1.65 % 4,084,278 14,739 1.43 %
Total Interest-bearing Deposits 9,757,395 16,250 0.67 % 10,137,416 23,286 0.93 % 10,012,933 18,338 0.73 %
Short-term borrowings 728,102 281 0.15 % 622,662 254 0.16 % 463,659 173 0.15 %
Federal Home Loan Bank advances and long-term debt 983,304 11,665 4.76 % 1,061,523 12,591 4.78 % 1,025,683 12,363 4.80 %
Total Interest-bearing Liabilities 11,468,801 28,196 0.99 % 11,821,601 36,131 1.24 % 11,502,275 30,874 1.07 %
Noninterest-bearing liabilities:
Demand deposits 2,565,089 2,238,200 2,529,548
Other 195,465 170,930 192,806
Total Liabilities 14,229,355 14,230,731 14,224,629
Shareholders' equity 2,016,611 1,899,441 1,997,800
Total Liabilities and Shareholders' Equity $ 16,245,966 $ 16,130,172 $ 16,222,429
Net interest income/net interest margin (fully taxable equivalent) 142,932 3.85 % 143,532 3.91 % 142,571 3.81 %
Tax equivalent adjustment (4,237 ) (3,969 ) (4,112 )
Net interest income $ 138,695 $ 139,563 $ 138,459
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances.
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Quarter Ended % Change from
March 31 March 31 December 31 March 31 December 31
2012 2011 2011 2011 2011
Loans, by type:
Real estate - commercial mortgage $ 4,617,507 $ 4,385,072 $ 4,554,161 5.3 % 1.4 %
Commercial - industrial, financial and agricultural 3,585,520 3,707,081 3,637,465 (3.3 %) (1.4 %)
Real estate - home equity 1,611,565 1,628,550 1,628,406 (1.0 %) (1.0 %)
Real estate - residential mortgage 1,137,625 1,017,439 1,066,463 11.8 % 6.7 %
Real estate - construction 641,574 779,556 641,485 (17.7 %) - %
Consumer 311,592 341,247 326,818 (8.7 %) (4.7 %)
Leasing and other 73,589 62,497 71,448 17.7 % 3.0 %
Total Loans, net of unearned income $ 11,978,972 $ 11,921,442 $ 11,926,246 0.5 % 0.4 %
Deposits, by type:
Noninterest-bearing demand $ 2,565,089 $ 2,238,200 $ 2,529,548 14.6 % 1.4 %
Interest-bearing demand 2,464,452 2,322,098 2,462,551 6.1 % 0.1 %
Savings deposits 3,341,035 3,282,790 3,466,104 1.8 % (3.6 %)
Time deposits 3,951,908 4,532,528 4,084,278 (12.8 %) (3.2 %)
Total Deposits $ 12,322,484 $ 12,375,616 $ 12,542,481 (0.4 %) (1.8 %)
Short-term borrowings, by type:
Customer repurchase agreements $ 200,542 $ 212,931 $ 195,372 (5.8 %) 2.6 %
Customer short-term promissory notes 155,071 190,385 165,677 (18.5 %) (6.4 %)
Federal funds purchased and other 372,489 219,346 102,610 69.8 % 263.0 %
Total Short-term borrowings $ 728,102 $ 622,662 $ 463,659 16.9 % 57.0 %
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Quarter Ended
Mar 31 Mar 31 Dec 31
2012 2011 2011
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of period $ 258,177 $ 275,498 $ 268,817
Loans charged off:
Real estate - commercial mortgage (11,891 ) (10,047 ) (3,189 )
Real estate - construction (8,571 ) (13,894 ) (8,716 )
Commercial - industrial, financial and agricultural (5,669 ) (13,336 ) (8,719 )
Real estate - home equity (2,206 ) (1,468 ) (2,121 )
Consumer (634 ) (1,291 ) (683 )
Real estate - residential mortgage (847 ) (4,996 ) (18,316 )
Leasing and other (441 ) (497 ) (496 )
Total loans charged off (30,259 ) (45,529 ) (42,240 )
Recoveries of loans charged off:
Real estate - commercial mortgage 816 1,535 -
Real estate - construction 64 563 509
Commercial - industrial, financial and agricultural 636 391 432
Real estate - home equity 20 1 37
Consumer 350 309 335
Real estate - residential mortgage 73 44 55
Leasing and other 260 344 232
Recoveries of loans previously charged off 2,219 3,187 1,600
Net loans charged off (28,040 ) (42,342 ) (40,640 )
Provision for credit losses 28,000 38,000 30,000
Balance at end of period $ 258,137 $ 271,156 $ 258,177
Net charge-offs to average loans (annualized) 0.94 % 1.42 % 1.36 %
NON-PERFORMING ASSETS:
Non-accrual loans $ 248,719 $ 280,270 $ 257,761
Loans 90 days past due and accruing 35,270 37,768 28,767
Total non-performing loans 283,989 318,038 286,528
Other real estate owned 33,516 37,044 30,803
Total non-performing assets $ 317,505 $ 355,082 $ 317,331
NON-PERFORMING LOANS, BY TYPE:
Real estate - commercial mortgage $ 104,076 $ 97,305 $ 113,806
Commercial - industrial, financial and agricultural 82,884 86,050 80,944
Real estate - construction 59,917 72,880 60,744
Real estate - residential mortgage 23,016 49,998 16,336
Real estate - home equity 10,914 9,314 11,207
Consumer 2,834 2,258 3,384
Leasing 348 233 107
Total non-performing loans $ 283,989 $ 318,038 $ 286,528
DELINQUENCY RATES, BY TYPE:
March 31, 2012 March 31, 2011 December 31, 2011
31-89 Days > / = 90 Days (1) Total 31-89 Days > / = 90 Days (1) Total 31-89 Days > / = 90 Days (1) Total
Real estate - commercial mortgage 0.43 % 2.24 % 2.67 % 0.66 % 2.21 % 2.87 % 0.56 % 2.47 % 3.03 %
Commercial - industrial, financial and agricultural 0.35 % 2.36 % 2.71 % 0.50 % 2.33 % 2.83 % 0.41 % 2.23 % 2.64 %
Real estate - construction 0.56 % 9.25 % 9.81 % 0.56 % 9.75 % 10.31 % 1.55 % 9.87 % 11.42 %
Real estate - residential mortgage 2.76 % 1.96 % 4.72 % 3.47 % 4.89 % 8.36 % 3.38 % 1.49 % 4.87 %
Real estate - home equity 0.74 % 0.68 % 1.42 % 0.74 % 0.57 % 1.31 % 0.72 % 0.69 % 1.41 %
Consumer, leasing and other 1.40 % 0.84 % 2.24 % 1.26 % 0.64 % 1.90 % 1.92 % 0.90 % 2.82 %
Total 0.71 % 2.38 % 3.09 % 0.88 % 2.67 % 3.55 % 0.89 % 2.39 % 3.28 %
(1) Includes non-accrual loans
ASSET QUALITY RATIOS:
Mar 31 Mar 31 Dec 31
2012 2011 2011
Non-accrual loans to total loans 2.08 % 2.36 % 2.15 %
Non-performing assets to total loans and OREO 2.65 % 2.98 % 2.64 %
Non-performing assets to total assets 1.92 % 2.22 % 1.94 %
Allowance for credit losses to loans outstanding 2.16 % 2.28 % 2.16 %
Allowance for credit losses to non-performing loans 90.90 % 85.26 % 90.11 %
Non-performing assets to tangible common shareholders' equity and allowance for credit losses 18.27 % 21.72 % 18.60 %

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