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Fulton Financial reports third quarter net income of $65.6 million, or $0.37 per share

LANCASTER, Pa.--(BUSINESS WIRE)--

Fulton Financial Corporation (FULT) (“Fulton” or the “Corporation”) reported net income of $65.6 million, or $0.37 per diluted share, for the third quarter of 2018, and net income of $150.3 million, or $0.85 per diluted share, for the nine months ended September 30, 2018.

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"Overall, we were pleased with our third quarter financial performance as earnings reached an all-time high,” said E. Philip Wenger, Chairman and CEO. “I’m proud of our team’s continued focus on our corporate objectives, which allowed us to drive shareholder value.”

Net income per diluted share increased 85.0% in comparison to the $0.20 reported for the second quarter of 2018 and 32.1% from the third quarter of 2017. Net income for the second quarter of 2018 included a credit loss arising from a single, large commercial lending relationship (“Commercial Relationship”). The provision for credit losses recorded in the second quarter of 2018 for this Commercial Relationship was $36.8 million, or $29.1 million, net of tax. This loss equated to approximately $0.16 per diluted share.

Balance Sheet

Total average assets for the third quarter of 2018 were $20.3 billion, an increase of $209.9 million from the second quarter of 2018. Average loans, net of unearned income, increased $93.8 million in comparison to the second quarter of 2018. Average loans and yields, by type, for the third quarter of 2018 in comparison to the second quarter of 2018 are summarized in the following table:

           
Three Months Ended
September 30, 2018 June 30, 2018 Increase (Decrease)
Balance   Yield (1) Balance Yield (1) $ %
(dollars in thousands)
Average Loans, net of unearned income, by type:
Real estate - commercial mortgage $ 6,309,663 4.46 % $ 6,298,534 4.34 % $ 11,129 0.2 %
Commercial - industrial, financial and agricultural 4,304,320 4.36 % 4,335,097 4.27 % (30,777 ) (0.7 %)
Real estate - residential mortgage 2,142,977 3.96 % 2,026,161 3.89 % 116,816 5.8 %
Real estate - home equity 1,474,011 4.99 % 1,502,936 4.83 % (28,925 ) (1.9 %)
Real estate - construction 969,575 4.58 % 978,327 4.40 % (8,752 ) (0.9 %)
Consumer 375,656 4.50 % 345,572 4.43 % 30,084 8.7 %
Leasing 276,456 4.66 % 272,298 4.59 % 4,158 1.5 %
Other   9,485 N/A     9,452 N/A     33   0.3 %
 
Total Average Loans, net of unearned income $ 15,862,143 4.44 % $ 15,768,377 4.32 % $ 93,766   0.6 %

(1) Presented on a fully-taxable equivalent basis using a 21% Federal tax rate and statutory interest expense disallowances for the three months ended September 30, 2018 and June 30, 2018.

Average deposits increased $449.8 million in comparison to the second quarter of 2018. Average deposits and interest rates, by type, for the third quarter of 2018 in comparison to the second quarter of 2018 are summarized in the following table:

       
Three Months Ended
September 30, 2018   June 30, 2018 Increase
Balance   Rate Balance   Rate $ %
(dollars in thousands)
Average Deposits, by type:
Noninterest-bearing demand $ 4,298,020 - % $ 4,281,574 - % $ 16,446 0.4 %
Interest-bearing demand 4,116,051 0.61 % 3,952,115 0.50 % 163,936 4.1 %
Savings and money market deposits   4,718,148 0.64 %   4,538,083 0.49 %   180,065 4.0 %
Total average demand and savings 13,132,219 0.42 % 12,771,772 0.34 % 360,447 2.8 %
Brokered deposits 162,467 2.05 % 85,242 1.87 % 77,225 90.6 %
Time deposits   2,672,548 1.34 %   2,660,410 1.26 %   12,138 0.5 %
 
Total Average Deposits $ 15,967,234 0.59 % $ 15,517,424 0.50 % $ 449,810 2.9 %
 

Asset Quality

Non-performing assets were $130.8 million, or 0.64% of total assets, at September 30, 2018, compared to $134.9 million, or 0.67% of total assets, at June 30, 2018.

Annualized net charge-offs for the quarter ended September 30, 2018 were 0.08% of total average loans compared to 1.01% for the quarter ended June 30, 2018. The second quarter of 2018 net charge-offs included a $33.9 million charge-off, or 0.86% of total average loans on an annualized basis, related to the Commercial Relationship. The allowance for credit losses as a percentage of non-performing loans was 140% at September 30, 2018 compared to 137% for the quarter ended June 30, 2018.

During the third quarter of 2018, Fulton recorded a $1.6 million provision for credit losses, compared to $33.1 million in the second quarter of 2018.

Net Interest Income and Margin

Net interest income for the third quarter of 2018 was $160.1 million, an increase of $4.1 million, or 2.6%, from the second quarter of 2018. This increase was driven by the aforementioned growth in loans and deposits and a three basis point increase in the net interest margin, to 3.42%. The improvement in the net interest margin resulted from a nine basis point increase in the average yield on interest-earning assets outpacing a seven basis point increase in the average cost of funds.

Non-interest Income

Non-interest income in the third quarter of 2018, excluding investment securities gains, was $51.0 million, an increase of $1.9 million, or 3.9%, in comparison to the second quarter of 2018. For the third quarter of 2018, other service charges and fees increased $1.8 million, or 12.9%, due primarily to higher commercial loan interest rate swap fees and debit card income.

Non-interest Expense

Non-interest expense was $135.4 million in the third quarter of 2018, an increase of $2.1 million, or 1.6%, compared to the second quarter of 2018. This increase was primarily due to a $1.9 million increase in salaries and employee benefits resulting from higher incentive compensation and health insurance costs, a $1.6 million increase in other outside services related to charter consolidation activities and a $1.1 million increase in professional fees. These increases were partially offset by a $0.4 million decrease in equipment expense and a $2.0 million decrease in other expenses, as a result of lower other real estate owned and operating risk loss expense.

Income Tax Expense

The effective income tax rate for the third quarter of 2018 was 11.5%, as compared to 9.0% for the second quarter of 2018. The increase in the effective income tax rate resulted from higher income before income taxes.

Additional information on Fulton 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," “projects,” the negative of these terms and other comparable terminology. These forward looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, they are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements related to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. 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.

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, 2017 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2018 and June 30, 2018, 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).

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
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
in thousands, except per-share data and percentages
   
Three Months Ended
Sep 30   Jun 30   Mar 31   Dec 31   Sep 30
2018 2018 2018 2017 2017

Ending Balances

Investments $ 2,635,413 $ 2,593,283 $ 2,592,823 $ 2,547,956 $ 2,561,516
Loans, net of unearned income 15,925,093 15,792,969 15,696,284 15,768,247 15,486,899
Total assets 20,364,810 20,172,539 19,948,941 20,036,905 20,062,860
Deposits 16,249,014 15,599,799 15,477,103 15,797,532 16,141,780
Shareholders' equity 2,283,014 2,245,785 2,235,493 2,229,857 2,225,786
 

Average Balances

Investments $ 2,596,414 $ 2,601,705 $ 2,556,986 $ 2,566,337 $ 2,523,758
Loans, net of unearned income 15,862,143 15,768,377 15,661,032 15,560,185 15,392,067
Total assets 20,273,232 20,063,375 19,876,093 20,072,579 19,872,726
Deposits 15,967,234 15,517,424 15,420,312 16,056,789 15,875,469
Shareholders' equity 2,269,093 2,246,904 2,224,615 2,237,031 2,215,389
 

Income Statement

Net interest income $ 160,127 $ 156,067 $ 151,318 $ 149,413 $ 146,809
Provision for credit losses 1,620 33,117 3,970 6,730 5,075
Non-interest income 51,033 49,094 45,875 56,956 51,974
Non-interest expense 135,413 133,345 136,661 138,452 132,157
Income before taxes 74,127 38,699 56,562 61,187 61,551
Net income 65,633 35,197 49,480 34,001 48,905
Pre-provision net revenue(1) 77,370 73,449 62,150 69,361 65,532
 

Per Share

Net income (basic) $ 0.37 $ 0.20 $ 0.28 $ 0.19 $ 0.28
Net income (diluted) 0.37 0.20 0.28 0.19 0.28
Cash dividends 0.12 0.12 0.12 0.14 0.11
Tangible common equity(1) 9.95 9.75 9.71 9.70 9.68
Weighted average shares (basic) 175,942 175,764 175,303 175,132 174,991
Weighted average shares (diluted) 177,128 176,844 176,568 176,374 176,216
 

Asset Quality

Net charge-offs to average loans (annualized) 0.08 % 1.01 % 0.10 % 0.14 % 0.14 %
Non-performing loans to total loans 0.75 % 0.78 % 0.86 % 0.85 % 0.88 %
Non-performing assets to total assets 0.64 % 0.67 % 0.73 % 0.72 % 0.73 %
Allowance for credit losses to loans outstanding 1.05 % 1.07 % 1.12 % 1.12 % 1.13 %
Allowance for loan losses to loans outstanding 0.99 % 0.99 % 1.04 % 1.08 % 1.11 %
Allowance for credit losses to non-performing loans 139.74 % 136.77 % 130.73 % 130.67 % 128.05 %
Allowance for loan losses to non-performing loans 131.40 % 126.11 % 121.22 % 126.08 % 126.22 %
Non-performing assets to tangible shareholders' equity

and allowance for credit losses(1)

6.81 % 7.16 % 7.73 % 7.71 % 7.87 %
Total delinquency rate 1.15 % 1.18 % 1.19 % 1.24 % 1.28 %
 

Profitability

Return on average assets 1.28 % 0.70 % 1.01 % 0.67 % 0.98 %
Return on average shareholders' equity 11.48 % 6.28 % 9.02 % 6.03 % 8.76 %
Return on average shareholders' equity (tangible)(1) 14.99 % 8.23 % 11.85 % 7.91 % 11.52 %
Net interest margin 3.42 % 3.39 % 3.35 % 3.29 % 3.27 %
Efficiency ratio(1) 62.5 % 63.3 % 67.5 % 64.2 % 64.3 %
 

Capital Ratios

Tangible common equity ratio(1) 8.83 % 8.73 % 8.78 % 8.71 % 8.67 %
Tier 1 leverage ratio(2) 9.30 % 9.20 % 9.20 % 8.93 % 8.97 %
Common equity Tier 1 capital ratio(2) 10.70 % 10.60 % 10.70 % 10.38 % 10.42 %
Tier 1 capital ratio(2) 10.70 % 10.60 % 10.70 % 10.38 % 10.42 %
Total risk-based capital ratio(2) 13.25 % 13.20 % 13.30 % 13.02 % 13.09 %
 

Financial information, as adjusted (3):

Net income $ 49,635
Net income per share, diluted $ 0.28
Return on average assets 0.98 %
Return on average shareholders' equity 8.80 %
Return on average shareholders' equity (tangible) 11.55 %
 
(1) Please refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document.
(2) Regulatory capital ratios as of September 30, 2018 are preliminary and remaining periods are actual.
(3)Excluding the re-measurement of net deferred tax assets of $15.6 million, which is considered a Non-GAAP based financial measure. Please refer to the calculation and management’s reasons for using this measure on the page titled “Reconciliation of Non-GAAP Measures" at the end of this document.
 
 
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
              % Change from
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30   Sep 30
2018   2018   2018   2017   2017 2018   2017
 

ASSETS

 
Cash and due from banks $ 90,361 $ 99,742 $ 100,151 $ 108,291 $ 99,803 -9.4 % -9.5 %
Other interest-earning assets 388,256 364,802 267,806 354,566 645,796 6.4 % -39.9 %
Loans held for sale 27,525 35,898 23,450 31,530 23,049 -23.3 % 19.4 %
Investment securities 2,635,413 2,593,283 2,592,823 2,547,956 2,561,516 1.6 % 2.9 %
Loans, net of unearned income 15,925,093 15,792,969 15,696,284 15,768,247 15,486,899 0.8 % 2.8 %
Allowance for loan losses   (157,810 )     (156,050 )     (163,217 )     (169,910 )     (172,245 ) 1.1 % -8.4 %
Net loans 15,767,283 15,636,919 15,533,067 15,598,337 15,314,654 0.8 % 3.0 %
Premises and equipment 231,236 230,195 230,313 222,802 221,551 0.5 % 4.4 %
Accrued interest receivable 58,584 55,208 53,060 52,910 50,082 6.1 % 17.0 %
Goodwill and intangible assets 531,556 531,556 531,556 531,556 531,556 0.0 % 0.0 %
Other assets   634,596       624,936       616,715       588,957       614,853   1.5 % 3.2 %
 
Total Assets $ 20,364,810     $ 20,172,539     $ 19,948,941     $ 20,036,905     $ 20,062,860   1.0 % 1.5 %
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
Deposits $ 16,249,014 $ 15,599,799 $ 15,477,103 $ 15,797,532 $ 16,141,780 4.2 % 0.7 %
Short-term borrowings 485,565 983,833 937,852 617,524 298,751 -50.6 % 62.5 %
Other liabilities 355,102 351,174 359,994 353,646 358,384 1.1 % -0.9 %
FHLB advances and long-term debt   992,115       991,948       938,499       1,038,346       1,038,159   0.0 % -4.4 %
 
Total Liabilities 18,081,796 17,926,754 17,713,448 17,807,048 17,837,074 0.9 % 1.4 %
 
Shareholders' equity   2,283,014       2,245,785       2,235,493       2,229,857       2,225,786   1.7 % 2.6 %
 
Total Liabilities and Shareholders' Equity $ 20,364,810     $ 20,172,539     $ 19,948,941     $ 20,036,905     $ 20,062,860   1.0 % 1.5 %
 

LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:

 
Loans, by type:
Real estate - commercial mortgage $ 6,337,984 $ 6,304,475 $ 6,332,508 $ 6,364,804 $ 6,275,140 0.5 % 1.0 %
Commercial - industrial, financial and agricultural 4,288,823 4,264,602 4,299,072 4,300,297 4,223,075 0.6 % 1.6 %
Real estate - residential mortgage 2,173,548 2,094,530 1,976,524 1,954,711 1,887,907 3.8 % 15.1 %
Real estate - home equity 1,469,152 1,491,395 1,514,241 1,559,719 1,567,473 -1.5 % -6.3 %
Real estate - construction 979,857 990,705 976,131 1,006,935 973,108 -1.1 % 0.7 %
Consumer 390,708 360,315 326,766 313,783 302,448 8.4 % 29.2 %
Leasing and other   285,021       286,947       271,042       267,998       257,748   -0.7 % 10.6 %
 
Total Loans, net of unearned income $ 15,925,093     $ 15,792,969     $ 15,696,284     $ 15,768,247     $ 15,486,899   0.8 % 2.8 %
 
Deposits, by type:
Noninterest-bearing demand $ 4,216,064 $ 4,324,659 $ 4,291,821 $ 4,437,294 $ 4,363,915 -2.5 % -3.4 %
Interest-bearing demand 4,289,181 3,854,680 3,984,423 4,018,107 4,119,419 11.3 % 4.1 %
Savings and money market accounts   4,878,982       4,597,510       4,487,277       4,586,746       4,790,985   6.1 % 1.8 %
Total demand and savings 13,384,227 12,776,849 12,763,521 13,042,147 13,274,319 4.8 % 0.8 %
Brokered deposits 164,601 161,447 64,195 90,473 109,936 2.0 % 49.7 %
Time deposits   2,700,186       2,661,503       2,649,387       2,664,912       2,757,525   1.5 % -2.1 %
 
Total Deposits $ 16,249,014     $ 15,599,799     $ 15,477,103     $ 15,797,532     $ 16,141,780   4.2 % 0.7 %
 
Short-term borrowings, by type:
Customer repurchase agreements $ 82,741 $ 152,594 $ 165,186 $ 172,017 $ 185,945 -45.8 % -55.5 %
Customer short-term promissory notes 267,824 303,239 342,666 225,507 106,994 -11.7 % 150.3 %
Short-term FHLB advances 85,000 185,000 35,000 - - -54.1 % N/M
Federal funds purchased   50,000       343,000       395,000       220,000       5,812   -85.4 % N/M
 
Total Short-term Borrowings $ 485,565     $ 983,833     $ 937,852     $ 617,524     $ 298,751   -50.6 % 62.5 %
 
N/M - Not meaningful
 
 
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands            
Three Months Ended   % Change from Nine Months Ended  
Sep 30   Jun 30   Mar 31   Dec 31   Sep 30 Jun 30   Sep 30 Sep 30
2018 2018 2018 2017 2017 2018 2017 2018   2017 % Change
 
Interest Income:
Interest income $ 194,048 $ 186,170 $ 177,687 $ 174,987 $ 171,511 4.2 % 13.1 % $ 557,905 $ 493,879 13.0 %
Interest expense   33,921   30,103   26,369   25,574   24,702 12.7 % 37.3 %   90,393   67,928 33.1 %
 
Net Interest Income 160,127 156,067 151,318 149,413 146,809 2.6 % 9.1 % 467,512 425,951 9.8 %
Provision for credit losses   1,620   33,117   3,970   6,730   5,075 (95.1 %) (68.1 %)   38,707   16,575 133.5 %
 
Net Interest Income after Provision 158,507 122,950 147,348 142,683 141,734 28.9 % 11.8 % 428,805 409,376 4.7 %
 
Non-Interest Income:
Other service charges and fees:
Merchant fees 5,006 4,920 4,115 4,308 4,398 1.7 % 13.8 % 14,041 12,536 12.0 %
Commercial loan interest rate swap fees 3,607 2,393 1,291 2,914 1,954 50.7 % 84.6 % 7,291 8,780 (17.0 %)
Debit card income 3,604 3,077 2,817 3,526 2,830 17.1 % 27.4 % 9,498 8,379 13.4 %
Letter of credit fees 983 956 992 1,037 1,056 2.8 % (7.0 %) 2,931 3,366 (12.9 %)
Foreign exchange income 542 591 533 510 470 (8.2 %) 15.5 % 1,666 1,249 33.4 %
Other   1,691   1,728   1,671   1,534   1,543 (2.1 %) 9.5 %   5,090   4,720 7.8 %
Total 15,433 13,665 11,419 13,829 12,251 12.9 % 26.0 % 40,517 39,030 3.8 %
Service charges on deposit accounts:
Overdraft fees 5,167 5,092 5,145 5,609 5,844 1.5 % (11.6 %) 15,404 16,960 (9.2 %)
Cash management fees 4,472 4,452 4,317 3,669 3,624 0.4 % 23.4 % 13,241 10,775 22.9 %
Other   2,620   2,726   2,500   3,392   3,554 (3.9 %) (26.3 %)   7,846   10,601 (26.0 %)
Total 12,259 12,270 11,962 12,670 13,022 (0.1 %) (5.9 %) 36,491 38,336 (4.8 %)
Investment management and trust services 13,066 12,803 12,871 13,152 12,157 2.1 % 7.5 % 38,740 36,097 7.3 %
Mortgage banking income 4,896 5,163 4,193 4,386 4,805 (5.2 %) 1.9 % 14,252 15,542 (8.3 %)
Other:
Credit card income 3,080 2,866 2,816 2,778 2,829 7.5 % 8.9 % 8,762 8,143 7.6 %
Small Business Administration lending income 530 846 357 1,355 565 (37.3 %) (6.1 %) 1,733 2,156 (19.6 %)
Other income   1,755   1,477   2,238   6,854   1,748 18.8 % 0.4 %   5,470   4,575 19.6 %
Total   5,365   5,189   5,411   10,987   5,142 3.4 % 4.3 %   15,965   14,874 7.3 %
Non-Interest Income before Investment Securities Gains 51,019 49,090 45,856 55,024 47,377 3.9 % 7.7 % 145,965 143,879 1.4 %
Investment securities gains   14   4   19   1,932   4,597 N/M (99.7 %)   37   7,139 (99.5 %)
 
Total Non-Interest Income 51,033 49,094 45,875 56,956 51,974 3.9 % (1.8 %) 146,002 151,018 (3.3 %)
 
Non-Interest Expense:
Salaries and employee benefits 76,770 74,919 75,768 73,504 72,894 2.5 % 5.3 % 227,457 216,626 5.0 %
Net occupancy expense 12,578 12,760 13,632 12,549 12,180 (1.4 %) 3.3 % 38,970 37,159 4.9 %
Data processing and software 10,157 10,453 10,473 10,401 10,301 (2.8 %) (1.4 %) 31,083 28,334 9.7 %
Other outside services 9,122 7,568 8,124 7,665 6,582 20.5 % 38.6 % 24,814 19,836 25.1 %
Professional fees 3,427 2,372 4,816 3,632 3,388 44.5 % 1.2 % 10,615 9,056 17.2 %
Equipment expense 3,000 3,434 3,534 3,244 3,298 (12.6 %) (9.0 %) 9,968 9,691 2.9 %
FDIC insurance expense 2,814 2,663 2,953 3,618 3,007 5.7 % (6.4 %) 8,430 7,431 13.4 %
Marketing 2,692 2,335 2,250 1,725 2,089 15.3 % 28.9 % 7,277 6,309 15.3 %
Amortization of tax credit investments 1,637 1,637 1,637 3,376 3,503 (0.0 %) (53.3 %) 4,911 7,652 (35.8 %)
Other   13,216   15,204   13,474   18,738   14,915 (13.1 %) (11.4 %)   41,894   45,033 (7.0 %)
 
Total Non-Interest Expense   135,413   133,345   136,661   138,452   132,157 1.6 % 2.5 %   405,419   387,127 4.7 %
 
Income before Income Taxes 74,127 38,699 56,562 61,187 61,551 91.5 % 20.4 % 169,388 173,267 (2.2 %)
Income tax expense   8,494   3,502   7,082   27,186   12,646 142.5 % (32.8 %)   19,078   35,515 (46.3 %)
 
Net Income $ 65,633 $ 35,197 $ 49,480 $ 34,001 $ 48,905 86.5 % 34.2 % $ 150,310 $ 137,752 9.1 %
 

PER SHARE:

 
Net income:
Basic $ 0.37 $ 0.20 $ 0.28 $ 0.19 $ 0.28 85.0 % 32.1 % $ 0.86 $ 0.79 8.9 %
Diluted 0.37 0.20 0.28 0.19 0.28 85.0 % 32.1 % 0.85 0.78 9.0 %
 
Weighted average shares (basic) 175,942 175,764 175,303 175,132 174,991 0.1 % 0.5 % 175,672 174,582 0.6 %
Weighted average shares (diluted)   177,128   176,844   176,568   176,374   176,216 0.2 % 0.5 %   176,848   175,776 0.6 %
 
N/M - not meaningful
...
                   
 
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Three Months Ended
September 30, 2018 June 30, 2018 September 30, 2017
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 $ 15,862,143 $ 177,329 4.44 % $ 15,768,377 $ 170,006 4.32 % $ 15,392,067 $ 159,454 4.12 %
 
Taxable investment securities 2,239,837 13,956 2.49 % 2,262,789 13,885 2.45 % 2,115,931 11,423 2.16 %
Tax-exempt investment securities 415,908 3,841 3.67 % 408,715 3,713 3.61 % 408,594 4,492 4.37 %
Equity securities   -     -   -     -     -   -     8,709     143   6.52 %
 
Total Investment Securities 2,655,745 17,797 2.68 % 2,671,504 17,598 2.63 % 2,533,234 16,058 2.53 %
 
Loans held for sale 27,195 388 5.71 % 22,237 284 5.11 % 22,456 243 4.33 %
Other interest-earning assets   416,129     1,601   1.53 %   316,381     1,243   1.57 %   590,676     1,667   1.12 %
 
Total Interest-earning Assets 18,961,212 197,115 4.13 % 18,778,499 189,131 4.04 % 18,538,433 177,422 3.80 %
 
Noninterest-earning assets:
Cash and due from banks 100,568 100,811 101,643
Premises and equipment 231,280 232,048 220,129
Other assets 1,137,293 1,112,913 1,186,622
Less: allowance for loan losses   (157,121 )   (160,896 )   (174,101 )
 
Total Assets $ 20,273,232   $ 20,063,375   $ 19,872,726  
 
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
Interest-bearing liabilities:
Demand deposits $ 4,116,051 $ 6,378 0.61 % $ 3,952,115 $ 4,959 0.50 % $ 3,943,118 $ 3,847 0.39 %
Savings deposits 4,718,148 7,569 0.64 % 4,538,083 5,545 0.49 % 4,603,155 3,962 0.34 %
Brokered deposits 162,467 840 2.05 % 85,242 396 1.87 %