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Section 1: 10-Q (10-Q)

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false--12-31Q320190000700564P5Y168500000158900000390000024000002.52.56000000006000000002218000002224000000P3Y5160000058300000The Corporation adopted the Accounting Standards Codification ("ASC") Update 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" in the first quarter of 2018 which permitted a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings of the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017, which changed the federal corporate income tax rate from 35% to 21%. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549 

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019, or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to              

Commission File No. 0-10587
FULTON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
Pennsylvania
 
 
23-2195389
(State or other jurisdiction of
incorporation or organization)
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
One Penn Square
P.O. Box 4887
Lancaster,
Pennsylvania
 
17604
(Address of principal executive offices)
 
(Zip Code)
(717) 291-2411
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $2.50
FULT
NASDAQ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $2.50 Par Value –164,122,000 shares outstanding as of October 31, 2019.

1




FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019
INDEX
 
Description
Page
 
 
 
 
 
 
 
 
 
PART I. FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
(a)
 
 
 
(b)
 
 
 
(c)
 
 
 
(d)
 
 
 
(e)
 
 
 
(f)
 
 
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 4. Mine Safety Disclosures - (not applicable)
 
 
 
 
Item 5. Other Information - (none to be reported)
 
 
 
 
 
 
 
 
 
 


2





Item 1. Financial Statements
 

CONSOLIDATED BALANCE SHEETS 
 
(in thousands, except per-share data)
 
September 30,
2019
 
December 31,
2018
 
(unaudited)
 
ASSETS
 
 
 
Cash and due from banks
$
120,671

 
$
103,436

Interest-bearing deposits with other banks
477,942

 
342,251

        Cash and cash equivalents
598,613

 
445,687

Federal Reserve Bank and Federal Home Loan Bank stock
94,557

 
79,283

Loans held for sale
33,945

 
27,099

Investment securities:
 
 
 
Available for sale, at estimated fair value
2,315,541

 
2,080,294

Held to maturity, at amortized cost
390,069

 
606,679

Loans and leases, net of unearned income
16,686,866

 
16,165,800

Less: Allowance for loan and lease losses
(166,135
)
 
(160,537
)
Net loans and leases
16,520,731

 
16,005,263

Premises and equipment
237,344

 
234,529

Accrued interest receivable
60,447

 
58,879

Goodwill and intangible assets
534,178

 
531,556

Other assets
918,193

 
612,883

Total Assets
$
21,703,618

 
$
20,682,152

LIABILITIES
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
4,240,478

 
$
4,310,105

Interest-bearing
13,102,239

 
12,066,054

Total Deposits
17,342,717

 
16,376,159

Short-term borrowings
832,860

 
754,777

Accrued interest payable
9,622

 
10,529

Other liabilities
467,689

 
300,835

Federal Home Loan Bank advances and long-term debt
726,714

 
992,279

Total Liabilities
19,379,602

 
18,434,579

SHAREHOLDERS’ EQUITY
 
 
 
Common stock, $2.50 par value, 600 million shares authorized, 222.4 million shares issued in 2019 and 221.8 million issued in 2018
555,888

 
554,377

Additional paid-in capital
1,496,657

 
1,489,703

Retained earnings
1,059,517

 
946,032

Accumulated other comprehensive gain (loss)
6,081

 
(59,063
)
Treasury stock, at cost, 58.3 million shares in 2019 and 51.6 million shares in 2018
(794,127
)
 
(683,476
)
Total Shareholders’ Equity
2,324,016

 
2,247,573

Total Liabilities and Shareholders’ Equity
$
21,703,618

 
$
20,682,152

 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 
 

3




CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
(in thousands, except per-share data)
Three months ended September 30
 
Nine months ended September 30
 
2019
 
2018
 
2019
 
2018
INTEREST INCOME
 
 
 
 
 
 
 
Loans and leases, including fees
$
186,001

 
$
175,068

 
$
558,055

 
$
503,029

Investment securities:
 
 
 
 
 
 
 
Taxable
15,565

 
13,956

 
46,935

 
41,039

Tax-exempt
3,673

 
3,035

 
10,222

 
8,933

Loans held for sale
466

 
388

 
1,056

 
888

Other interest income
2,709

 
1,601

 
6,879

 
4,016

Total Interest Income
208,414

 
194,048

 
623,147

 
557,905

INTEREST EXPENSE
 
 
 
 
 
 
 
Deposits
35,737

 
23,819

 
97,974

 
59,553

Short-term borrowings
4,156

 
2,002

 
12,200

 
7,079

Federal Home Loan Bank advances and long-term debt
7,260

 
8,100

 
23,854

 
23,761

Total Interest Expense
47,153

 
33,921

 
134,028

 
90,393

Net Interest Income
161,260

 
160,127

 
489,119

 
467,512

Provision for credit losses
2,170

 
1,620

 
12,295

 
38,707

Net Interest Income After Provision for Credit Losses
159,090

 
158,507

 
476,824

 
428,805

NON-INTEREST INCOME
 
 
 
 
 
 
 
Wealth management
13,867

 
13,066

 
41,259

 
38,740

Commercial banking
18,284

 
17,540

 
51,489

 
47,928

Consumer banking
13,333

 
12,665

 
37,077

 
36,005

Mortgage banking
6,658

 
4,896

 
18,023

 
14,252

Other
3,179

 
2,852

 
8,298

 
9,040

Non-Interest Income Before Investment Securities Gains
55,321

 
51,019

 
156,146

 
145,965

Investment securities gains, net
4,492

 
14

 
4,733

 
37

Total Non-Interest Income
59,813

 
51,033

 
160,879

 
146,002

NON-INTEREST EXPENSE
 
 
 
 
 
 
 
Salaries and employee benefits
78,211

 
76,770

 
234,959

 
227,457

Net occupancy
12,368

 
12,578

 
39,746

 
38,970

Other outside services
12,163

 
9,122

 
31,774

 
24,814

Data processing and software
11,590

 
10,157

 
33,211

 
31,083

Prepayment penalty on FHLB advances
4,326

 

 
4,326

 

Equipment
3,459

 
3,000

 
10,100

 
9,968

Professional fees
3,331

 
3,427

 
10,261

 
10,615

Marketing
3,322

 
2,692

 
8,345

 
7,277

State Taxes
2,523

 
2,707

 
7,005

 
7,463

Amortization of tax credit investments
1,533

 
1,637

 
4,516

 
4,911

Intangible amortization
1,071

 

 
1,285

 

FDIC insurance
239

 
2,814

 
5,603

 
8,430

Other
12,634

 
10,509

 
37,631

 
34,431

Total Non-Interest Expense
146,770

 
135,413

 
428,762

 
405,419

Income Before Income Taxes
72,133

 
74,127

 
208,941

 
169,388

Income taxes
10,025

 
8,494

 
30,391

 
19,078

Net Income
$
62,108

 
$
65,633

 
$
178,550

 
$
150,310

PER SHARE:
 
 
 
 
 
 
 
Net Income (Basic)
$
0.38

 
$
0.37

 
$
1.06

 
$
0.86

Net Income (Diluted)
0.37

 
0.37

 
1.06

 
0.85

Cash Dividends
0.13

 
0.12

 
0.39

 
0.36

See Notes to Consolidated Financial Statements
 
 
 
 
 
 
 

4




CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
(in thousands)
 
Three months ended September 30
 
Nine months ended September 30
 
2019
 
2018
 
2019
 
2018
 
 
Net Income
$
62,108

 
$
65,633

 
$
178,550

 
$
150,310

Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
Unrealized gain (loss) on securities
18,029

 
(12,531
)
 
63,244

 
(46,806
)
Reclassification adjustment for securities gains included in net income
(3,498
)
 
(11
)
 
(3,686
)
 
(30
)
Amortization of net unrealized losses on available for sale securities transferred to held to maturity
3,430

 
791

 
5,425

 
791

Non-credit related unrealized (loss) gain on other-than-temporarily impaired debt securities

 

 
(682
)
 
232

Amortization of net unrecognized pension and postretirement income
277

 
369

 
843

 
1,248

Other Comprehensive Income (Loss)
18,238

 
(11,382
)
 
65,144

 
(44,565
)
Total Comprehensive Income
$
80,346

 
$
54,251

 
$
243,694

 
$
105,745

 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 
 
 
 
 


5




CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
 
(in thousands, except per-share data)
 
Common Stock
 
 
 
Retained
Earnings
 
 
 
Treasury
Stock
 
Total
 
Shares
Outstanding
 
Amount
 
Additional Paid-in
Capital
 
Accumulated
Other Comprehensive
Income (Loss)
 
Three months ended September 30, 2019
 
Balance at June 30, 2019
166,903

 
$
555,690

 
$
1,493,628

 
$
1,018,736

 
$
(12,157
)
 
$
(747,099
)
 
$
2,308,798

Net income

 

 

 
62,108

 

 

 
62,108

Other comprehensive income

 

 

 

 
18,238

 

 
18,238

Stock issued
157

 
198

 
919

 

 

 
1,043

 
2,160

Stock-based compensation awards

 

 
2,110

 

 

 

 
2,110

Acquisition of treasury stock
(3,024
)
 
 
 
 
 
 
 
 
 
(48,071
)
 
(48,071
)
Common stock cash dividends - $0.13 per share

 

 

 
(21,327
)
 

 

 
(21,327
)
Balance at September 30, 2019
164,036

 
$
555,888

 
$
1,496,657

 
$
1,059,517

 
$
6,081

 
$
(794,127
)
 
$
2,324,016

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
175,847

 
$
553,958

 
$
1,484,185

 
$
871,192

 
$
(73,258
)
 
$
(590,292
)
 
$
2,245,785

Net income

 

 

 
65,633

 

 

 
65,633

Other comprehensive loss

 

 

 

 
(11,382
)
 

 
(11,382
)
Stock issued
147

 
188

 
1,121

 

 

 
922

 
2,231

Stock-based compensation awards
25

 
62

 
1,823

 

 

 

 
1,885

Common stock cash dividends - $0.12 per share

 

 

 
(21,138
)
 

 

 
(21,138
)
Balance at September 30, 2018
176,019

 
$
554,208

 
$
1,487,129

 
$
915,687

 
$
(84,640
)
 
$
(589,370
)
 
$
2,283,014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
170,184

 
$
554,377

 
$
1,489,703

 
$
946,032

 
$
(59,063
)
 
$
(683,476
)
 
$
2,247,573

Net income
 
 
 
 
 
 
178,550

 
 
 
 
 
178,550

Other comprehensive income
 
 
 
 
 
 
 
 
65,144

 
 
 
65,144

Stock issued
701

 
1,511

 
1,496

 
 
 
 
 
806

 
3,813

Stock-based compensation awards

 

 
5,458

 
 
 
 
 
 
 
5,458

Acquisition of treasury stock
(6,849
)
 
 
 
 
 
 
 
 
 
(111,457
)
 
(111,457
)
Common stock cash dividends - $0.39 per share
 
 
 
 
 
 
(65,065
)
 
 
 
 
 
(65,065
)
Balance at September 30, 2019
164,036

 
$
555,888

 
$
1,496,657

 
$
1,059,517

 
$
6,081

 
$
(794,127
)
 
$
2,324,016

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
175,170

 
$
552,232

 
$
1,478,389

 
$
821,619

 
$
(32,974
)
 
$
(589,409
)
 
$
2,229,857

Net income
 
 
 
 
 
 
150,310

 
 
 
 
 
150,310

Other comprehensive loss
 
 
 
 
 
 
 
 
(44,565
)
 
 
 
(44,565
)
Stock issued
833

 
1,936

 
2,773

 
 
 
 
 
39

 
4,748

Stock-based compensation awards
16

 
40

 
5,967

 
 
 
 
 
 
 
6,007

Reclassification of stranded tax effects (1)
 
 
 
 
 
 
7,101

 
(7,101
)
 
 
 

Common stock cash dividends - $0.36 per share
 
 
 
 
 
 
(63,343
)
 
 
 
 
 
(63,343
)
Balance at September 30, 2018
176,019

 
$
554,208

 
$
1,487,129

 
$
915,687

 
$
(84,640
)
 
$
(589,370
)
 
$
2,283,014

 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The Corporation adopted the Accounting Standards Codification ("ASC") Update 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" in the first quarter of 2018 which permitted a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings of the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017, which changed the federal corporate income tax rate from 35% to 21%. As a result, $7.1 million of stranded tax effects were reclassified from AOCI to retained earnings during the first quarter of 2018.


6




CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
(in thousands)
Nine months ended September 30
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net Income
$
178,550

 
$
150,310

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for credit losses
12,295

 
38,707

Depreciation and amortization of premises and equipment
20,984

 
21,423

Amortization of tax credit investments
24,608

 
25,093

Net amortization of investment securities premiums
6,861

 
6,153

Investment securities gains, net
(4,733
)
 
(37
)
Gain on sales of mortgage loans held for sale
(13,822
)
 
(10,158
)
Proceeds from sales of mortgage loans held for sale
672,314

 
608,561

Originations of mortgage loans held for sale
(665,338
)
 
(594,398
)
Intangible amortization
1,285

 

Amortization of issuance costs and discounts on long-term debt
632

 
606

Stock-based compensation
5,458

 
6,007

Other changes, net
(195,560
)
 
(19,576
)
Total adjustments
(135,016
)
 
82,381

Net cash provided by operating activities
43,534

 
232,691

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Proceeds from sales of securities available for sale
697,634

 
54,638

Proceeds from principal repayments and maturities of securities held to maturity
62,320

 
15,475

Proceeds from principal repayments and maturities of securities available for sale
169,380

 
237,624

Purchase of securities available for sale
(838,634
)
 
(459,799
)
Purchase of Federal Reserve Bank and Federal Home Loan Bank stock
(15,274
)
 
(5,165
)
Net increase in loans and leases
(529,974
)
 
(200,526
)
Net purchases of premises and equipment
(23,799
)
 
(29,857
)
Net cash paid for acquisition
(3,907
)
 

Net change in tax credit investments
(14,715
)
 
(47,096
)
Net cash used in by investing activities
(496,969
)
 
(434,706
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net increase in demand and savings deposits
627,958

 
342,080

Net increase in time deposits
338,600

 
109,402

Increase (decrease) in short-term borrowings
78,083

 
(131,959
)
Additions to long-term debt
305,000

 
50,000

Repayments of long-term debt
(571,197
)
 
(100,122
)
Net proceeds from issuance of common stock
3,813

 
4,748

Dividends paid
(64,439
)