updated 4/19/2011 4:46:51 PM ET 2011-04-19T20:46:51

  • Diluted earnings per share for the first quarter of 2011 was 17 cents, a 6.3 percent increase from the fourth quarter of 2010.
  • The provision for credit losses was $38.0 million for the first quarter of 2011, a $2.0 million, or 5.0 percent, decrease from the fourth quarter of 2010. Non-performing loans decreased $10.7 million, or 3.3 percent, in comparison to the fourth quarter of 2010. Annualized net charge-offs to average loans decreased to 1.42 percent for the first quarter of 2011, from 1.65 percent for the fourth quarter of 2010.
  • During the first quarter of 2011, the Corporation raised its dividend to common shareholders to $0.04 per common share, a 33.3 percent increase in comparison to the fourth quarter of 2010.

LANCASTER, Pa., April 19, 2011 (GLOBE NEWSWIRE) -- Fulton Financial Corporation (Nasdaq:FULT) reported net income of $33.8 million, or 17 cents per diluted share, for the first quarter ended March 31, 2011, compared to $31.5 million, or 16 cents per diluted share, for the fourth quarter of 2010. The increase in net income was due to a $2.0 million reduction in the provision for credit losses and a $5.5 million, or 5.1 percent, decrease in total other expenses. The favorable impact of these items was partially offset by a $1.3 million, or 0.9 percent, decrease in net interest income and a $2.6 million, or 5.3 percent, decrease in total other income.

"Improvement in our credit metrics, along with a number of other factors, enabled us to continue positive earnings momentum in the first quarter," said R. Scott Smith, Jr., Chairman and Chief Executive Officer. "We saw reductions in our non-performing loans, charge-offs, overall loan delinquency and in the provision for credit losses, reflecting slowly improving economic conditions. Our strong liquidity position, resulting from steady core deposit inflows, positions us well for future earning asset growth when the demand for credit increases. Also contributing to our solid quarter was an expansion of our net interest margin along with a significant decrease in expenses. We are cautiously optimistic that we will continue to see reductions in our credit costs as the health of the economy improves."

Asset Quality

Non-performing assets were $355.1 million, or 2.22 percent of total assets, at March 31, 2011, compared to $361.7 million, or 2.22 percent of total assets, at December 31, 2010 and $312.3 million, or 1.90 percent of total assets, at March 31, 2010. The decrease in non-performing assets in comparison to the fourth quarter of 2010 was primarily due to a decrease in non-performing construction and commercial loans, partially offset by an increase in non-performing commercial mortgages.

Annualized net charge-offs for the quarter ended March 31, 2011 were 1.42 percent of average total loans, compared to 1.65 percent for the quarter ended December 31, 2010. The allowance for credit losses as a percentage of non-performing loans was 85.3 percent at March 31, 2011 in comparison to 83.8 percent at December 31, 2010 and 94.1 percent at March 31, 2010.

As a result of improved credit quality metrics in comparison to the fourth quarter of 2010, the provision for credit losses for the first quarter of 2011 decreased $2.0 million, or 5.0 percent, to $38.0 million.

Net Interest Income and Margin

Net interest income for the first quarter of 2011 decreased $1.3 million, or 0.9 percent, from the fourth quarter of 2010, primarily due to fewer days in the first quarter as compared to the fourth quarter, partially offset by an increase in the net interest margin.

The Corporation's net interest margin improved to 3.91 percent in the first quarter of 2011, compared to 3.85 percent for fourth quarter of 2010. The improvement in net interest margin during the first quarter of 2011 was due to an 11 basis point decline in funding costs, partially offset by a three basis point decrease in yields on interest-earning assets.

Average Balance Sheet

Total average assets for the first quarter of 2011 were $16.1 billion, a decrease of $158.4 million, or 1.0 percent, from the fourth quarter of 2010.

Average loans, net of unearned income, decreased $23.5 million, or 0.2 percent, for the first quarter of 2011 in comparison to the fourth quarter of 2010.

  Quarter Ended    
  Mar 31 Dec 31 Increase (decrease)
  2011 2010 $ %
  (dollars in thousands)
Loans, by type:        
Real estate - commercial mortgage  $ 4,385,072  $ 4,365,245  $ 19,827  0.5%
Commercial - industrial, financial and agricultural   3,707,081  3,682,949  24,132  0.7%
Real estate - home equity  1,628,550  1,649,111  (20,561)  (1.2%)
Real estate - residential mortgage   1,017,439  999,814  17,625  1.8%
Real estate - construction  779,556  818,367  (38,811)  (4.7%)
Consumer  341,247  360,432  (19,185)  (5.3%)
Leasing and other  62,497  69,014  (6,517)  (9.4%)
         
Total Loans, net of unearned income  $ 11,921,442  $ 11,944,932  $(23,490)  (0.2%)

During the first quarter of 2011, the Corporation experienced a $44.0 million, or 0.5 percent, increase in commercial mortgage and commercial loans. This increase was more than offset by declines in construction loans, home equity loans and consumer loans.

Average investments for the first quarter of 2011 were $2.8 billion, a $65.9 million, or 2.4 percent, increase from the fourth quarter of 2010. On an ending balance basis, investments decreased $164.1 million, or 5.7 percent. During the first quarter of 2011, sales and maturities of collateralized mortgage obligations and mortgage-backed securities exceeded purchases.


Average deposits for the first quarter of 2011 decreased $204.0 million, or 1.6 percent, from the fourth quarter of 2010.

  Quarter Ended    
  Mar 31 Dec 31 Increase (decrease)
  2011 2010 $ %
  (dollars in thousands)  
Deposits, by type:        
Noninterest-bearing demand  $ 2,238,200  $ 2,219,267  $ 18,933  0.9%
Interest-bearing demand  2,322,098  2,262,027  60,071  2.7%
Savings deposits  3,282,790  3,337,407  (54,617)  (1.6%)
Total demand and savings  7,843,088  7,818,701  24,387  0.3%
Time deposits  4,532,528  4,760,929  (228,401)  (4.8%)
         
Total Deposits  $12,375,616  $12,579,630  $(204,014)  (1.6%)

The decrease in deposits in the first quarter of 2011 in comparison to the fourth quarter of 2010 was due to a $228.4 million, or 4.8 percent, decrease in time deposits, including a $40.7 million reduction in jumbo time deposits.

Non-interest Income

Other income, excluding investment securities gains, decreased $4.7 million, or 9.6 percent, in comparison to the fourth quarter of 2010. Mortgage banking income decreased $3.4 million, or 38.3 percent, as a result of a decrease in volumes. Service charges on deposit accounts decreased $786,000, due primarily to a decrease in overdraft fees.   

The following table summarizes the net realized gains and other-than-temporary impairment charges by type of investment security:

  Quarter Ended
  Mar 31 Dec 31  
  2011 2010  
  (in thousands)
Net realized gains:       
Debt securities  $ 3,571  $ 2,196  
Equity securities  5  658  
Other-than-temporary impairment charges:      
Debt securities  (994)  (2,492)  
Equity securities  (297)  (168)  
       
Investment securities gains  $ 2,285  $ 194  

Other-than-temporary impairment charges for debt and equity securities were related to the Corporation's investments in pooled trust preferred securities issued by financial institutions and stocks of financial institutions, respectively.

Non-interest Expense

Other expenses decreased $5.5 million, or 5.1 percent, in the first quarter of 2011 compared to the fourth quarter of 2010, primarily due to decreases in marketing expenses, OREO and repossession expense and salaries and employee benefits. Also contributing to the decrease in other expenses was a $900,000 reversal of reserves associated with potential repurchases of previously sold residential mortgages and home equity loans.  

About Fulton Financial

Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company which has nearly 3,800 employees and operates more than 270 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; The Bank, Woodbury, NJ; Skylands Community Bank, Hackettstown, 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 difficult 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 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 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
  2011 2010 2010 2010 2010
           
ASSETS          
           
Cash and due from banks  $ 265,353  $ 276,200  $ 198,954  (3.9%)  33.4%
Loans held for sale  30,903  53,798  83,940  (42.6%)  (63.2%)
Other interest-earning assets  83,293  7,842  33,297  962.1%  150.2%
Investment securities  2,697,434  3,103,628  2,861,484  (13.1%)  (5.7%)
Loans, net of unearned income  11,873,208  11,964,840  11,933,307  (0.8%)  (0.5%)
Allowance for loan losses  (270,272)  (264,915)  (274,271)  2.0%  (1.5%)
 Net Loans  11,602,936  11,699,925  11,659,036  (0.8%)  (0.5%)
Premises and equipment  208,370  204,149  208,016  2.1%  0.2%
Accrued interest receivable  52,878  58,689  53,841  (9.9%)  (1.8%)
Goodwill and intangible assets  546,934  551,537  547,979  (0.8%)  (0.2%)
Other assets  473,095  455,755  628,707  3.8%  (24.8%)
           
Total Assets  $ 15,961,196  $ 16,411,523  $ 16,275,254  (2.7%)  (1.9%)
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
           
Deposits  $ 12,408,610  $ 12,156,455  $ 12,388,581  2.1%  0.2%
Short-term borrowings  414,398  624,650  674,077  (33.7%)  (38.5%)
Federal Home Loan Bank advances and long-term debt  1,035,689  1,440,755  1,119,450  (28.1%)  (7.5%)
Other liabilities  192,177  219,825  212,757  (12.6%)  (9.7%)
           
Total Liabilities  14,050,874  14,441,685  14,394,865  (2.7%)  (2.4%)
           
Preferred stock  --   370,649  --   (100.0%)  -- 
Common shareholders' equity  1,910,322  1,599,189  1,880,389  19.5%  1.6%
           
Total Shareholders' Equity  1,910,322  1,969,838  1,880,389  (3.0%)  1.6%
           
Total Liabilities and Shareholders' Equity  $ 15,961,196  $ 16,411,523  $ 16,275,254  (2.7%)  (1.9%)
           
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:          
           
Loans, by type:          
Real estate - commercial mortgage  $ 4,392,679  $ 4,322,774  $ 4,375,980  1.6%  0.4%
Commercial - industrial, financial and agricultural   3,692,668  3,684,903  3,704,384  0.2%  (0.3%)
Real estate - home equity  1,620,340  1,638,179  1,641,777  (1.1%)  (1.3%)
Real estate - residential mortgage   1,022,251  951,381  995,990  7.4%  2.6%
Real estate - construction  747,806  937,279  801,185  (20.2%)  (6.7%)
Consumer  337,413  361,681  350,161  (6.7%)  (3.6%)
Leasing and other  60,051  68,643  63,830  (12.5%)  (5.9%)
           
Total Loans, net of unearned income  $ 11,873,208  $ 11,964,840  $ 11,933,307  (0.8%)  (0.5%)
           
Deposits, by type:          
Noninterest-bearing demand  $ 2,310,290  $ 2,038,199  $ 2,194,988  13.3%  5.3%
Interest-bearing demand  2,324,988  1,987,791  2,277,190  17.0%  2.1%
Savings deposits  3,333,403  2,972,621  3,286,435  12.1%  1.4%
Time deposits  4,439,929  5,157,844  4,629,968  (13.9%)  (4.1%)
           
Total Deposits  $ 12,408,610  $ 12,156,455  $ 12,388,581  2.1%  0.2%
           
Short-term borrowings, by type:          
Customer repurchase agreements  $ 216,705  $ 245,265  $ 204,800  (11.6%)  5.8%
Customer short-term promissory notes  189,408  217,345  201,433  (12.9%)  (6.0%)
Federal funds purchased  8,285  162,040  267,844  (94.9%)  (96.9%)
           
Total Short-term borrowings  $ 414,398  $ 624,650  $ 674,077  (33.7%)  (38.5%)
 
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
  2011 2010 2010 2010 2010
           
Interest Income:          
Interest income  $ 175,694  $ 190,588  $ 181,749  (7.8%)  (3.3%)
Interest expense  36,131  52,079  40,856  (30.6%)  (11.6%)
           
Net Interest Income  139,563  138,509  140,893  0.8%  (0.9%)
Provision for credit losses  38,000  40,000  40,000  (5.0%)  (5.0%)
           
Net Interest Income after Provision  101,563  98,509  100,893  3.1%  0.7%
           
Other Income:          
Service charges on deposit accounts  13,305  14,267  14,091  (6.7%)  (5.6%)
Other service charges and fees  11,482  10,165  11,849  13.0%  (3.1%)
Investment management and trust services  9,204  8,088  8,826  13.8%  4.3%
Mortgage banking income  5,463  4,149  8,857  31.7%  (38.3%)
Investment securities gains (losses)  2,285  (2,223)  194  N/M   1,077.8%
Other  4,421  3,814  4,915  15.9%  (10.1%)
           
Total Other Income  46,160  38,260  48,732  20.6%  (5.3%)
           
Other Expenses:          
Salaries and employee benefits  54,308  52,345  54,955  3.8%  (1.2%)
Net occupancy expense  11,366  11,650  10,845  (2.4%)  4.8%
FDIC insurance expense  4,754  4,954  4,916  (4.0%)  (3.3%)
Data processing  3,372  3,417  3,348  (1.3%)  0.7%
Equipment expense  3,132  3,091  2,982  1.3%  5.0%
Professional fees  2,849  2,546  2,902  11.9%  (1.8%)
Marketing  2,836  1,830  4,461  55.0%  (36.4%)
OREO and repossession expense  1,970  2,681  2,848  (26.5%)  (30.8%)
Intangible amortization  1,178  1,314  1,292  (10.4%)  (8.8%)
Other  15,798  16,194  18,520  (2.4%)  (14.7%)
           
Total Other Expenses  101,563  100,022  107,069  1.5%  (5.1%)
           
Income Before Income Taxes  46,160  36,747  42,556  25.6%  8.5%
Income tax expense   12,375  9,267  11,066  33.5%  11.8%
           
Net Income   33,785  27,480  31,490  22.9%  7.3%
Preferred stock dividends and discount accretion  --   (5,065)  --   (100.0%)  -- 
           
Net Income Available to Common Shareholders  $ 33,785  $ 22,415  $ 31,490  50.7%  7.3%
           
           
PER COMMON SHARE:          
           
Net income:          
Basic  $ 0.17  $ 0.13  $ 0.16  30.8%  6.3%
Diluted  0.17  0.13  0.16  30.8%  6.3%
           
Cash dividends  $ 0.04  $ 0.03  $ 0.03  33.3%  33.3%
Shareholders' equity 9.59 9.06 9.45  5.8%  1.5%
Shareholders' equity (tangible) 6.84 5.94 6.69  15.2%  2.2%
           
Weighted average shares (basic)  198,599  176,174  198,437  12.7%  0.1%
Weighted average shares (diluted)  199,286  176,681  198,999  12.8%  0.1%
Shares outstanding, end of period  199,191  176,509  199,050  12.9%  0.1%
           
SELECTED FINANCIAL RATIOS:          
           
Return on average assets 0.85% 0.68% 0.77%    
Return on average common shareholders' equity 7.21% 5.73% 6.60%    
Return on average common shareholders' equity (tangible) 10.36% 9.13% 9.54%    
Net interest margin 3.91% 3.78% 3.85%    
Efficiency ratio 53.57% 53.97% 54.73%    
           
N/M - Not meaningful          
 
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
   Quarter Ended 
  March 31, 2011 March 31, 2010 December 31, 2010
  Average   Yield/  Average   Yield/  Average   Yield/ 
  Balance Interest (1) Rate Balance Interest (1) Rate Balance Interest (1) Rate
ASSETS                  
                   
Interest-earning assets:                  
Loans, net of unearned income  $ 11,921,442  $ 151,686 5.15%  $ 11,971,786  $ 159,424 5.39%  $ 11,944,932  $ 158,257 5.26%
Taxable investment securities  2,331,323  21,807 3.75%  2,663,127  28,149 4.23%  2,264,784  20,579 3.63%
Tax-exempt investment securities  344,457  4,885 5.67%  387,971  5,531 5.70%  341,909  4,868 5.69%
Equity securities  132,841  752 2.28%  141,896  809 2.29%  136,075  801 2.35%
                   
Total Investment Securities  2,808,621  27,444 3.91%  3,192,994  34,489 4.33%  2,742,768  26,248 3.83%
                   
Loans held for sale  45,418  500 4.41%  42,938  556 5.18%  94,741  947 4.00%
Other interest-earning assets  66,381  33 0.20%  10,793  25 0.95%  187,881  147 0.31%
                   
Total Interest-earning Assets  14,841,862  179,663 4.90%  15,218,511  194,494 5.17%  14,970,322  185,599 4.93%
                   
Noninterest-earning assets:                  
Cash and due from banks  260,395      263,147      268,758    
Premises and equipment  207,389      203,584      205,740    
Other assets  1,102,543      1,086,635      1,135,276    
Less: allowance for loan losses  (282,017)      (273,426)      (291,541)    
                   
Total Assets  $ 16,130,172      $ 16,498,451      $ 16,288,555    
                   
                   
LIABILITIES AND SHAREHOLDERS' EQUITY                  
                   
Interest-bearing liabilities:                  
Demand deposits  $ 2,322,098  $ 1,436 0.25%  $ 1,981,653  $ 1,840 0.38%  $ 2,262,027  $ 1,793 0.31%
Savings deposits  3,282,790  3,358 0.41%  2,847,427  5,201 0.74%  3,337,407  4,328 0.51%
Time deposits  4,532,528  18,492 1.65%  5,202,975  26,697 2.08%  4,760,929  20,926 1.74%
                   
Total Interest-bearing Deposits  10,137,416  23,286 0.93%  10,032,055  33,738 1.36%  10,360,363  27,047 1.04%
                   
Short-term borrowings  622,662  254 0.16%  871,981  549 0.25%  482,197  249 0.20%
Federal Home Loan Bank advances and long-term debt  1,061,523  12,591 4.78%  1,484,236  17,792 4.86%  1,148,009  13,560 4.70%
                   
Total Interest-bearing Liabilities  11,821,601  36,131 1.24%  12,388,272  52,079 1.70%  11,990,569  40,856 1.35%
                   
Noninterest-bearing liabilities:                  
Demand deposits  2,238,200      1,973,146      2,219,267    
Other   170,930      180,528      186,211    
                   
Total Liabilities  14,230,731      14,541,946      14,396,047    
                   
Shareholders' equity  1,899,441      1,956,505      1,892,508    
                   
Total Liabilities and Shareholders' Equity  $ 16,130,172      $ 16,498,451      $ 16,288,555    
                   
Net interest income/net interest margin (fully taxable equivalent)    143,532 3.91%    142,415 3.78%    144,743 3.85%
Tax equivalent adjustment    (3,969)      (3,906)      (3,850)  
                   
Net interest income    $ 139,563      $ 138,509      $ 140,893  
                   
(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        
  2011 2010 2010 2010 2010        
               
Loans, by type:                  
Real estate - commercial mortgage  $ 4,385,072  $ 4,306,270  $ 4,365,245  1.8%  0.5%        
Commercial - industrial, financial and agricultural   3,707,081  3,686,405  3,682,949  0.6%  0.7%        
Real estate - home equity  1,628,550  1,640,912  1,649,111  (0.8%)  (1.2%)        
Real estate - residential mortgage   1,017,439  940,652  999,814  8.2%  1.8%        
Real estate - construction  779,556  962,175  818,367  (19.0%)  (4.7%)        
Consumer  341,247  362,212  360,432  (5.8%)  (5.3%)        
Leasing and other  62,497  73,160  69,014  (14.6%)  (9.4%)        
                   
Total Loans, net of unearned income  $ 11,921,442  $ 11,971,786  $ 11,944,932  (0.4%)  (0.2%)        
                   
Deposits, by type:                  
Noninterest-bearing demand  $ 2,238,200  $ 1,973,146  $ 2,219,267  13.4%  0.9%        
Interest-bearing demand  2,322,098  1,981,653  2,262,027  17.2%  2.7%        
Savings deposits  3,282,790  2,847,427  3,337,407  15.3%  (1.6%)        
Time deposits  4,532,528  5,202,975  4,760,929  (12.9%)  (4.8%)        
                   
Total Deposits  $ 12,375,616  $ 12,005,201  $ 12,579,630  3.1%  (1.6%)        
                   
Short-term borrowings, by type:                  
Customer repurchase agreements  $ 212,931  $ 248,982  $ 240,548  (14.5%)  (11.5%)        
Customer short-term promissory notes  190,385  223,439  205,637  (14.8%)  (7.4%)        
Federal funds purchased  219,346  399,560  36,012  (45.1%)  509.1%        
                   
Total Short-term borrowings  $ 622,662  $ 871,981  $ 482,197  (28.6%)  29.1%        
                   
FULTON FINANCIAL CORPORATION                  
ASSET QUALITY INFORMATION (UNAUDITED)                  
dollars in thousands                  
                   
   Quarter Ended             
  Mar 31 Mar 31 Dec 31            
  2011 2010 2010            
ALLOWANCE FOR CREDIT LOSSES:                  
                   
Balance at beginning of period  $ 275,498  $ 257,553  $ 284,874            
                   
Loans charged off:                  
Real estate - construction (13,894)  (20,553) (13,421)            
Commercial - industrial, financial and agricultural (13,336) (2,981) (12,893)            
Real estate - commercial mortgage (10,047) (2,344)  (17,688)            
Real estate - residential mortgage  (4,996) (1,391) (2,874)            
Consumer and home equity (2,759) (2,078) (3,440)            
Leasing and other (497) (645) (788)            
Total loans charged off (45,529) (29,992) (51,104)            
Recoveries of loans charged off:                  
Real estate - construction 563  315 211            
Commercial - industrial, financial and agricultural 391  436 855            
Real estate - commercial mortgage 1,535 128 152            
Real estate - residential mortgage   44 1  2            
Consumer and home equity 310 552 254            
Leasing and other 344 261 254            
Recoveries of loans previously charged off 3,187 1,693 1,728            
Net loans charged off  (42,342)  (28,299)  (49,376)            
Provision for credit losses   38,000  40,000  40,000            
                   
Balance at end of period  $ 271,156  $ 269,254  $ 275,498            
                   
Net charge-offs to average loans (annualized)  1.42%  0.95%  1.65%            
                   
NON-PERFORMING ASSETS:                  
                   
Non-accrual loans  $ 280,270  $ 242,423  $ 280,688            
Loans 90 days past due and accruing 37,768 43,603 48,084            
Total non-performing loans 318,038 286,026  328,772            
Other real estate owned 37,044 26,228 32,959            
                   
Total non-performing assets  $ 355,082  $ 312,254  $ 361,731            
                   
NON-PERFORMING LOANS, BY TYPE:                  
               
Real estate - commercial mortgage  $ 97,305  $ 70,565  $ 93,720            
Commercial - industrial, financial and agricultural 86,050 78,365 87,455            
Real estate - construction  72,880  79,527  84,616            
Real estate - residential mortgage  49,998 42,302 50,412            
Real estate - home equity 9,314 12,769 10,188            
Consumer 2,258  2,317 2,154            
Leasing 233 181 227            
                   
Total non-performing loans  $ 318,038  $ 286,026  $ 328,772            
                   
DELINQUENCY RATES, BY TYPE:                  
  March 31, 2011  March 31, 2010   December 31, 2010 
   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 0.66% 2.21% 2.87% 1.37% 1.63% 3.00% 0.56% 2.14% 2.70%
Commercial - industrial, financial and agricultural 0.50% 2.33% 2.83% 0.71% 2.13% 2.84% 0.36% 2.36% 2.72%
Real estate - construction 0.56% 9.75% 10.31% 2.18% 8.49% 10.67% 0.91% 10.56% 11.47%
Real estate - residential mortgage  3.47% 4.89% 8.36% 3.57% 4.45% 8.02% 3.65% 5.06% 8.71%
Real estate - home equity 0.74% 0.57% 1.31% 0.87% 0.76% 1.63% 0.73% 0.62% 1.35%
Consumer, leasing and other 1.26% 0.64% 1.90% 1.28% 0.66% 1.94% 1.48% 0.58% 2.06%
                   
Total 0.88% 2.67% 3.55% 1.33% 2.39% 3.72% 0.83% 2.76% 3.59%
                   
(1) Includes non-accrual loans                  
                   
ASSET QUALITY RATIOS:                  
  Mar 31 Mar 31 Dec 31            
  2011 2010 2010            
                   
Non-accrual loans to total loans 2.36% 2.03% 2.35%            
Non-performing assets to total loans and OREO 2.98% 2.60% 3.02%            
Non-performing assets to total assets 2.22% 1.90% 2.22%            
Allowance for credit losses to loans outstanding 2.28% 2.25% 2.31%            
Allowance for credit losses to non-performing loans 85.26% 94.14% 83.80%            
                   
Non-performing assets to tangible common shareholders' equity and allowance for credit losses 21.72% 23.71% 22.50%            
CONTACT: Media Contact: Laura J. Wakeley
         717-291-2616

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