Company Quick10K Filing
Fulton Financial
Price16.30 EPS1
Shares169 P/E15
MCap2,750 P/FCF63
Net Debt-599 EBIT343
TEV2,152 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-08
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10-K 2018-12-31 Filed 2019-03-01
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10-K 2013-12-31 Filed 2014-03-03
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10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-09
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10-K 2011-12-31 Filed 2012-02-29
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10-K 2009-12-31 Filed 2010-03-01
8-K 2020-05-29
8-K 2020-05-19
8-K 2020-05-19
8-K 2020-05-19
8-K 2020-04-21
8-K 2020-03-03
8-K 2020-02-25
8-K 2020-02-24
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8-K 2020-01-21
8-K 2019-12-09
8-K 2019-11-25
8-K 2019-10-22
8-K 2019-10-15
8-K 2019-10-03
8-K 2019-09-03
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8-K 2019-04-16
8-K 2019-03-19
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8-K 2019-01-15
8-K 2018-11-20
8-K 2018-11-19
8-K 2018-11-01
8-K 2018-10-16
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8-K 2018-07-30
8-K 2018-07-17
8-K 2018-06-05
8-K 2018-05-31
8-K 2018-05-21
8-K 2018-05-21
8-K 2018-05-01
8-K 2018-04-17
8-K 2018-03-20
8-K 2018-02-06
8-K 2018-01-22
8-K 2017-12-29

FULT 10Q Quarterly Report

Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Restrictions on Cash and Cash Equivalents
Note 3 - Investment Securities
Note 4 - Allowance for Credit Losses and Asset Quality
Note 5 - Mortgage Servicing Rights
Note 6 - Derivative Financial Instruments
Note 7 - Tax Credit Investments
Note 8 - Accumulated Other Comprehensive Income
Note 9 - Fair Value Measurements
Note 10 - Net Income per Share
Note 11 - Stock - Based Compensation
Note 12 - Employee Benefit Plans
Note 13 - Commitments and Contingencies
Note 14 - Long - Term Debt
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 fult33120-exhibit311.htm
EX-31.2 fult33120-exhibit312.htm
EX-32.1 fult33120-exhibit321.htm
EX-32.2 fult33120-exhibit322.htm

Fulton Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.50.30.1-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

Document
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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 March 31, 2020, 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
The Nasdaq Stock Market, LLC
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 –161,794,000 shares outstanding as of May 1, 2020.

1




FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2020
INDEX
 
Description
Page
 
 
 
 
 
 
 
 
 
Glossary of Terms
 
 
 
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




FULTON FINANCIAL CORPORATION
GLOSSARY OF DEFINED ACRONYMS AND TERMS
 
 
 
ACL
 
Allowance for Credit Losses
AFS
 
Available for Sale
ALCO
 
Asset/Liability Management Committee
AML
 
Anti-Money Laundering
ARC
 
Auction Rate Security
ASC
 
Accounting Standards Codification
ASU
 
Accounting Standards Update
bp
 
basis point(s)
BSA
 
Bank Secrecy Act
CARES Act
 
Coronavirus Aid, Relief, and Economic Security Act
CECL
 
Current Expected Credit Losses
Corporation or Company
 
Fulton Financial Corporation
COVID-19
 
Coronavirus
ETR
 
Effective Tax Rate
Exchange Act
 
Securities Exchange Act of 1934
EAD
 
Exposure at default
FASB
 
Financial Accounting Standards Board
FDIC
 
Federal Deposit Insurance Corporation
Fed Funds Rate
 
Target Federal Funds Rate
FHLB
 
Federal Home Loan Bank
FOMC
 
Federal Open Market Committee
FRB
 
Federal Reserve Bank
FTE
 
Fully Taxable-Equivalent
Fulton Bank or the Bank
 
Fulton Bank, N.A.
GAAP
 
U.S. Generally Accepted Accounting Principles
HTM
 
Held to Maturity
LGD
 
Loss given default
LIBOR
 
London Interbank Offered Rate
MSRs
 
Mortgage Servicing Rights
NIM
 
Net Interest Margin
Net Loans
 
Loans and lease receivables, (net of unearned income)
OBS
 
Off-Balance-Sheet
OREO
 
Other Real Estate Owned
OTTI
 
Other-than-temporary impairment
PD
 
Probability of default
PPP
 
Paycheck Protection Program
PSU
 
Performance-Based Restricted Stock Unit
RSU
 
Restricted Stock Unit
SBA
 
Small Business Administration
SEC
 
United States Securities and Exchange Commission
TCI
 
Tax Credit Investment
TDR
 
Troubled Debt Restructuring
TruPS
 
Trust Preferred Securities


3





Item 1. Financial Statements
 

CONSOLIDATED BALANCE SHEETS 
 
(in thousands, except per-share data)
 
March 31,
2020
 
December 31,
2019
 
(unaudited)
 
ASSETS
 
 
 
Cash and due from banks
$
181,777

 
$
132,283

Interest-bearing deposits with other banks
674,583

 
385,508

        Cash and cash equivalents
856,360

 
517,791

FRB and FHLB stock
118,989

 
97,422

Loans held for sale
40,645

 
37,828

Investment securities:
 
 
 
AFS, at estimated fair value
2,790,834

 
2,497,537

HTM, at amortized cost
350,606

 
369,841

Loans
17,077,403

 
16,837,526

Less: ACL - loans
(238,508
)
 
(163,622
)
Net loans
16,838,895

 
16,673,904

Premises and equipment
236,908

 
240,046

Accrued interest receivable
59,365

 
60,898

Goodwill and intangible assets
535,171

 
535,303

Other assets
1,102,086

 
855,470

Total Assets
$
22,929,859

 
$
21,886,040

LIABILITIES
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
4,531,872

 
$
4,453,324

Interest-bearing
12,833,154

 
12,940,589

Total Deposits
17,365,026

 
17,393,913

Short-term borrowings
1,386,808

 
883,241

Accrued interest payable
10,890

 
8,834

Long-term borrowings
1,378,466

 
881,769

Other liabilities
502,921

 
376,107

Total Liabilities
20,644,111

 
19,543,864

SHAREHOLDERS’ EQUITY
 
 
 
Common stock, $2.50 par value, 600 million shares authorized, 222.5 million shares issued in 2020 and 222.4 million issued in 2019
556,243

 
556,110

Additional paid-in capital
1,502,189

 
1,499,681

Retained earnings
1,040,646

 
1,079,391

Accumulated other comprehensive gain (loss)
18,308

 
(137
)
Treasury stock, at cost, 61.1 million shares in 2020 and 58.2 million shares in 2019
(831,638
)
 
(792,869
)
Total Shareholders’ Equity
2,285,748

 
2,342,176

Total Liabilities and Shareholders’ Equity
$
22,929,859

 
$
21,886,040

 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 
 

4




CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
(in thousands, except per-share data)
Three months ended March 31
 
2020
 
2019
INTEREST INCOME
 
 
 
Loans, including fees
$
175,523

 
$
183,744

Investment securities:
 
 
 
Taxable
16,294

 
15,435

Tax-exempt
4,709

 
3,279

Loans held for sale
320

 
240

Other interest income
2,532

 
2,002

Total Interest Income
199,378

 
204,700

INTEREST EXPENSE
 
 
 
Deposits
26,440

 
29,689

Short-term borrowings
4,073

 
3,582

Long-term borrowings
8,119

 
8,114

Total Interest Expense
38,632

 
41,385

Net Interest Income
160,746

 
163,315

Provision for credit losses
44,030

 
5,100

Net Interest Income After Provision for Credit Losses
116,716

 
158,215

NON-INTEREST INCOME
 
 
 
Wealth management
15,055

 
13,239

Commercial banking
18,419

 
15,250

Consumer banking
11,239

 
11,377

Mortgage banking
6,234

 
4,772

Other
3,651

 
2,048

Non-Interest Income Before Investment Securities Gains
54,598

 
46,686

Investment securities gains, net
46

 
65

Total Non-Interest Income
54,644

 
46,751

NON-INTEREST EXPENSE
 
 
 
Salaries and employee benefits
80,228

 
77,757

Net occupancy
13,486

 
12,909

Data processing and software
11,645

 
10,353

Other outside services
7,881

 
8,352

Professional fees
4,202

 
3,960

Equipment
3,418

 
3,342

State Taxes
2,804

 
2,002

FDIC insurance
2,808

 
2,609

Marketing
1,579

 
2,160

Amortization of TCI
1,450

 
1,491

Intangible amortization
132

 
107

Other
12,919

 
12,782

Total Non-Interest Expense
142,552

 
137,824

Income Before Income Taxes
28,808

 
67,142

Income taxes
2,761

 
10,479

Net Income
$
26,047

 
$
56,663

PER SHARE:
 
 
 
Net Income (Basic)
$
0.16

 
$
0.33

Net Income (Diluted)
0.16

 
0.33

Cash Dividends
0.13

 
0.13

See Notes to Consolidated Financial Statements
 
 
 

5




CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
(in thousands)
 
Three months ended March 31
 
2020
 
2019
 
 
Net Income
$
26,047

 
$
56,663

Other Comprehensive Income, net of tax:
 
 
 
Unrealized gain on securities
17,431

 
20,298

Reclassification adjustment for securities gains included in net income
(36
)
 
(51
)
Amortization of net unrealized losses on AFS securities transferred to HTM
795

 
974

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

 
(82
)
Amortization of net unrecognized pension and postretirement income
255

 
291

Other Comprehensive Income
18,445

 
21,430

Total Comprehensive Income
$
44,492

 
$
78,093

 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 


6




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 March 31, 2020
 
Balance at December 31, 2019
164,218

 
$
556,110

 
$
1,499,681

 
$
1,079,391

 
$
(137
)
 
$
(792,869
)
 
$
2,342,176

Net income

 

 

 
26,047

 

 

 
26,047

Other comprehensive income

 

 

 

 
18,445

 

 
18,445

Stock issued
125

 
133

 
889

 

 

 
979

 
2,001

Stock-based compensation awards

 

 
1,619

 

 

 

 
1,619

Acquisition of treasury stock
(2,908
)
 
 
 
 
 
 
 
 
 
(39,748
)
 
(39,748
)
Impact of adopting CECL (1)
 
 
 
 
 
 
(43,807
)
 
 
 
 
 
(43,807
)
Common stock cash dividends - $0.13 per share

 

 

 
(20,985
)
 

 

 
(20,985
)
Balance at March 31, 2020
161,435

 
$
556,243

 
$
1,502,189

 
$
1,040,646

 
$
18,308

 
$
(831,638
)
 
$
2,285,748

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
170,184

 
$
554,377

 
$
1,489,703

 
$
946,032

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

Net income

 

 

 
56,663

 

 

 
56,663

Other comprehensive income

 

 

 

 
21,430

 

 
21,430

Stock issued
115

 
108

 
607

 

 

 
942

 
1,657

Stock-based compensation awards

 

 
1,560

 

 

 

 
1,560

Acquisition of treasury stock
(376
)
 
 
 
 
 
 
 
 
 
(5,877
)
 
(5,877
)
Common stock cash dividends - $0.13 per share

 

 

 
(21,987
)
 

 

 
(21,987
)
Balance at March 31, 2019
169,923

 
$
554,485

 
$
1,491,870

 
$
980,708

 
$
(37,633
)
 
$
(688,411
)
 
$
2,301,019

 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The Corporation adopted ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments effective January 1, 2020. See Note 1, "Basis of Presentation" to the Consolidated Financial Statements for further details.

7




CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
(in thousands)
Three months ended March 31
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net Income
$
26,047

 
$
56,663

Adjustments to reconcile net income to net cash (used in) provided by operating activities:
 
 
 
Provision for credit losses
44,030

 
5,100

Depreciation and amortization of premises and equipment
7,161

 
6,888

Amortization of TCI
7,619

 
8,155

Net amortization of investment securities premiums
2,707

 
2,075

Investment securities gains, net
(46
)
 
(65
)
Gain on sales of mortgage loans held for sale
(6,181
)
 
(3,122
)
Proceeds from sales of mortgage loans held for sale
195,649

 
142,739

Originations of mortgage loans held for sale
(192,285
)
 
(140,286
)
Intangible amortization
132

 
107

Amortization of issuance costs and discounts on long-term debt
250

 
211

Stock-based compensation
1,619

 
1,560

Other changes, net
(133,579
)
 
(41,754
)
Total adjustments
(72,924
)
 
(18,392
)
Net cash (used in) provided by operating activities
(46,877
)
 
38,271

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Proceeds from sales of securities AFS
59,894

 
37,660

Proceeds from principal repayments and maturities of AFS securities
61,408

 
51,097

Proceeds from principal repayments and maturities of HTM securities
19,758

 
18,687

Purchase of securities AFS
(390,936
)
 
(143,588
)
Purchase of FRB and FHLB stock
(21,567
)
 
(6,250
)
Net increase in loans
(250,993
)
 
(101,123
)
Net purchases of premises and equipment
(4,023
)
 
(11,363
)
Net cash paid for acquisition

 
(3,907
)
Net change in tax credit investments
(128
)
 
(8,003
)
Net cash used in investing activities
(526,587
)
 
(166,790
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net decrease in demand and savings deposits
(34,866
)
 
(108,185
)
Net increase in time deposits
5,979

 
110,004

Net increase in short-term borrowings
503,567

 
74,239

Additions to long-term debt
496,461

 
75,000

Repayments of long-term debt
(13
)
 
(2,026
)
Net proceeds from issuance of common stock
2,001

 
1,657

Dividends paid
(21,348
)
 
(20,592
)
Acquisition of treasury stock
(39,748
)
 
(5,877
)
Net cash provided by financing activities
912,033

 
124,220

Net Increase (Decrease) in Cash and Cash Equivalents
338,569

 
(4,299
)
Cash and Cash Equivalents at Beginning of Period
517,791