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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023, or
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☐ | 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. 001-39680
FULTON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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Pennsylvania | | | 23-2195389 |
(State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) |
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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:
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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 |
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | FULTP | 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.
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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 – 164,190,634 shares outstanding as of October 30, 2023.
FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2023
INDEX
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Description | Page |
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Glossary of Terms | |
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PART I. FINANCIAL INFORMATION | |
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(a) | | |
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(b) | | |
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(c) | | |
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(d) | | |
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(e) | | |
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(f) | | |
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
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Item 3. Defaults Upon Senior Securities - (not applicable) | |
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Item 4. Mine Safety Disclosures - (not applicable) | |
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Item 5. Other Information | |
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Note: Some numbers contained in the document may not sum due to rounding
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GLOSSARY OF DEFINED ACRONYMS AND TERMS |
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2023 Repurchase Program | | The authorization to repurchase up to $100 million of the Corporation's common stock commencing January 1, 2023 and expiring December 31, 2023 |
ACL | | Allowance for credit losses |
AFS | | Available for sale |
ALCO | | Asset/Liability Management Committee |
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AOCI | | Accumulated other comprehensive (loss) income |
ASC | | Accounting Standards Codification |
ASU | | Accounting Standards Update |
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BHCA | | Bank Holding Company Act of 1956, as amended |
bp or bps | | Basis point(s) |
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Capital Rules | | Regulatory capital requirements applicable to the Corporation and Fulton Bank |
CECL Day 1 Provision | | Initial provision for credit losses required on non-purchased credit deteriorated loans acquired in the Merger |
Corporation or Company | | Fulton Financial Corporation |
COVID-19 | | Coronavirus |
Directors' Plan | | Amended and Restated Directors’ Equity Participation Plan |
Dodd-Frank Act | | Dodd-Frank Wall Street Reform and Consumer Protection Act |
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Employee Equity Plan | | 2022 Amended and Restated Equity and Cash Incentive Compensation Plan |
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ETR | | Effective tax rate |
Exchange Act | | Securities Exchange Act of 1934, as amended |
FASB | | Financial Accounting Standards Board |
FDIC | | Federal Deposit Insurance Corporation |
Fed Funds Rate | | Target federal funds rate |
Federal Reserve Board | | Board of Governors of the Federal Reserve System |
FHLB | | Federal Home Loan Bank |
FOMC | | Federal Open Market Committee |
Foreign Currency Nostro Accounts | | Foreign currency with international correspondent banks |
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 |
LIBOR | | London Interbank Offered Rate |
Management's Discussion | | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Merger | | The acquisition by the Corporation of Prudential Bancorp that was completed effective as of July 1, 2022 |
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Merger Consideration | | For each share of Prudential Bancorp common stock, $3.65 in cash and 0.7974 of a share of the Corporation's common stock, with cash paid in lieu of each fractional share of the Corporation's common stock that would otherwise be issued, determined by multiplying such fractional share amount by $18.25 |
MSRs | | Mortgage servicing rights |
Net loans | | Loan and lease receivables (net of unearned income) |
NIM | | Net interest margin |
N/M | | Not meaningful |
OBS | | Off-balance-sheet |
OCI | | Other comprehensive income |
OREO | | Other real estate owned |
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Pension Plan | | Defined Benefit Pension Plan |
Postretirement Plan | | Postretirement Benefits Plan |
PPP | | Paycheck Protection Program |
Prudential Bancorp | | Prudential Bancorp, Inc. |
PSU | | Performance-based restricted stock unit |
RSU | | Restricted stock unit |
SAB | | Staff Accounting Bulletin |
SBA | | Small Business Administration |
SEC | | United States Securities and Exchange Commission |
SOFR | | Secured Overnight Financing Rate |
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TDR | | Troubled debt restructuring |
TruPS | | Trust Preferred Securities |
FORWARD-LOOKING STATEMENTS
The Corporation has made, and may continue to make, certain forward-looking statements with respect to its 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, including future credit losses, 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, the statements 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 relate 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. Many factors could affect future financial results including, without limitation:
•the impact of adverse conditions in the economy and financial markets, including increasing or elevated interest rates, on the performance of the Corporation's loan portfolio and demand for the Corporation's products and services;
•the potential impacts of recent events affecting the financial services industry on the Corporation, including increased competition for, and costs of, deposits and other funding sources, more stringent regulatory requirements relating to liquidity and interest rate risk management and capital adequacy and increased FDIC insurance expenses;
•the effects of actions by the federal government, including those of the Federal Reserve Board and other government agencies, that impact the money supply and market interest rates;
•the effects of market interest rates, and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities, on net interest margin and net interest income;
•the effects of changes in interest rates on demand for the Corporation's products and services;
•the replacement of LIBOR as a benchmark reference rate;
•investment securities gains and losses, including other-than-temporary declines in the value of securities which may result in charges to earnings;
•the effects of changes in interest rates or disruptions in liquidity markets on the Corporation's sources of funding;
•capital and liquidity strategies, including the Corporation's ability to comply with applicable capital and liquidity requirements, and the Corporation's ability to generate capital internally or raise capital on favorable terms;
•the effects of competition on deposit rates and growth, loan rates and growth and NIM;
•possible goodwill impairment charges;
•the impact of operational risks, including the risk of human error, inadequate or failed internal processes and systems, computer and telecommunications systems failures, faulty or incomplete data and an inadequate risk management framework;
•the loss of, or failure to safeguard, confidential or proprietary information;
•the Corporation's failure to identify and adequately and promptly address cybersecurity risks, including data breaches and cyberattacks;
•the impact of failures from third-party vendors upon which the Corporation relies to perform in accordance with contractual arrangements and the effects of concerns about other financial institutions on the Corporation;
•the potential to incur losses in connection with repurchase and indemnification payments related to sold loans;
•the potential effects of climate change on the Corporation's business and results of operations;
•increases in non-performing assets, which may 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;
•the determination of the ACL, which depends significantly upon assumptions and judgments with respect to a variety of factors, including the performance of the loan portfolio, the weighted-average remaining lives of different classifications of loans within the loan portfolio and current and forecasted economic conditions, among other factors;
•the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject;
•changes in regulation and government policy, which could result in significant changes in banking and financial services regulation;
•the continuing impact of the Dodd-Frank Act on the Corporation's business and results of operations;
•the potential for negative consequences resulting from regulatory violations, investigations and examinations, including potential supervisory actions, the assessment of fines and penalties, the imposition of sanctions, the need to undertake remedial actions and possible damage to the Corporation's reputation;
•the effects of adverse outcomes in litigation and governmental or administrative proceedings;
•the effects of changes in U.S. federal, state or local tax laws;
•the effects of the significant amounts of time and expense associated with regulatory compliance and risk management;
•completed and potential acquisitions may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions;
•geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, including the war between Russia and Ukraine and escalating conflict in the Middle East, which could impact business and economic conditions in the United States and abroad;
•public health crises and pandemics, including COVID-19 and their effects on the economic and business environments in which the Corporation operates, including on the Corporation's credit quality and business operations, as well as the impact on general economic and financial market conditions;
•the Corporation's ability to achieve its growth plans;
•the Corporation's ability to attract and retain talented personnel;
•the effects of competition from financial service companies and other companies offering bank services;
•the Corporation's ability to keep pace with technological changes;
•the Corporation's reliance on its subsidiaries for substantially all of its revenues and its ability to pay dividends or other distributions;
•the effects of negative publicity on the Corporation's reputation; and
•other factors that may affect future results of the Corporation.
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except shares and per-share data)
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| September 30, 2023 | | December 31, 2022 |
| (unaudited) | |
ASSETS | | | |
Cash and due from banks | $ | 304,042 | | | $ | 126,898 | |
Interest-bearing deposits with other banks | 116,418 | | | 555,023 | |
Cash and cash equivalents | 420,460 | | | 681,921 | |
FRB and FHLB stock | 106,363 | | | 130,186 | |
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Loans held for sale | 20,368 | | | 7,264 | |
Investment securities | | | |
AFS, at estimated fair value | 2,418,868 | | | 2,646,767 | |
HTM, at amortized cost | 1,279,733 | | | 1,321,256 | |
Net loans | 21,177,508 | | | 20,279,547 | |
Less: ACL - loans | (292,739) | | | (269,366) | |
Loans, net | 20,884,769 | | | 20,010,181 | |
Net premises and equipment | 215,626 | | | 225,141 | |
Accrued interest receivable | 101,624 | | | 91,579 | |
Goodwill and net intangible assets | 561,284 | | | 560,824 | |
Other assets | 1,366,082 | | | 1,256,583 | |
Total Assets | $ | 27,375,177 | | | $ | 26,931,702 | |
LIABILITIES | | | |
Deposits: | | | |
Noninterest-bearing | $ | 5,575,374 | | | $ | 7,006,388 | |
Interest-bearing | 15,846,215 | | | 13,643,150 | |
Total Deposits | 21,421,589 | | | 20,649,538 | |
Borrowings: | | | |
Federal funds purchased | 544,000 | | | 191,000 | |
Federal Home Loan Bank advances | 730,000 | | | 1,250,000 | |
Senior debt and subordinated debt | 540,174 | | | 539,634 | |
Other borrowings | 555,938 | | | 890,573 | |
Total borrowings | 2,370,112 | | | 2,871,207 | |
Accrued interest payable | 26,848 | | | 10,185 | |
Other liabilities | 989,935 | | | 821,015 | |
Total Liabilities | $ | 24,808,484 | | | $ | 24,351,945 | |
SHAREHOLDERS' EQUITY | | | |
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares authorized and issued as of September 30, 2023 and December 31, 2022, liquidation preference of $1,000 per share | 192,878 | | | 192,878 | |
Common stock, $2.50 par value, 600,000,000 shares authorized, 225,711,690 shares issued as of September 30, 2023 and 224,604,432 shares issued as of December 31, 2022 | 564,279 | | | 561,511 | |
Additional paid-in capital | 1,549,279 | | | 1,541,840 | |
Retained earnings | 1,585,452 | | | 1,450,758 | |
Accumulated other comprehensive loss | (472,756) | | | (385,476) | |
Treasury stock, at cost, 61,627,256 shares as of September 30, 2023 and 57,005,339 shares as of December 31, 2022 | (852,439) | | | (781,754) | |
Total Shareholders' Equity | 2,566,693 | | | 2,579,757 | |
Total Liabilities and Shareholders' Equity | $ | 27,375,177 | | | $ | 26,931,702 | |
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See Notes to Consolidated Financial Statements | | | |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
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(dollars in thousands, except per-share data) | Three months ended September 30 | | Nine months ended September 30 |
| 2023 | | 2022 | | 2023 | | 2022 |
Interest Income | | | | | | | |
Loans, including fees | $ | 301,659 | | | $ | 205,468 | | | $ | 847,000 | | | $ | 519,375 | |
Investment securities | 25,339 | | | 25,927 | | | 76,221 | | | 72,424 | |
Other interest income | 3,373 | | | 2,296 | | | 11,882 | | | 5,192 | |
Total Interest Income | 330,371 | | | 233,691 | | | 935,103 | | | 596,991 | |
Interest Expense | | | | | | | |
Deposits | 84,156 | | | 10,049 | | | 195,576 | | | 21,451 | |
Federal funds purchased | 8,950 | | | 550 | | | 24,097 | | | 540 | |
Federal Home Loan Bank advances | 10,324 | | | 1,404 | | | 37,623 | | | 1,404 | |
Senior debt and subordinated debt | 5,344 | | | 5,494 | | | 16,033 | | | 16,921 | |
Other borrowings and interest-bearing liabilities | 7,755 | | | 612 | | | 19,493 | | | 952 | |
Total Interest Expense | 116,529 | | | 18,109 | | | 292,822 | | | 41,268 | |
Net Interest Income | 213,842 | | | 215,582 | | | 642,281 | | | 555,723 | |
Provision for credit losses | 9,937 | | | 18,958 | | | 44,228 | | | 13,508 | |
Net Interest Income After Provision for Credit Losses | 203,905 | | | 196,624 | | | 598,053 | | | 542,215 | |
Non-Interest Income | | | | | | | |
Commercial banking | 19,722 | | | 20,808 | | | 60,380 | | | 57,175 | |
Wealth management | 19,413 | | | 17,610 | | | 56,152 | | | 55,312 | |
Consumer banking | 12,173 | | | 13,275 | | | 35,110 | | | 37,421 | |
Mortgage banking | 3,190 | | | 3,720 | | | 8,100 | | | 12,064 | |
Other | 1,463 | | | 3,802 | | | 8,539 | | | 10,863 | |
Non-Interest Income Before Investment Securities (Losses) Gains | 55,961 | | | 59,215 | | | 168,281 | | | 172,835 | |
Investment securities (losses) gains, net | — | | | (53) | | | 19 | | | (26) | |
Total Non-Interest Income | 55,961 | | | 59,162 | | | 168,300 | | | 172,809 | |
Non-Interest Expense | | | | | | | |
Salaries and employee benefits | 96,757 | | | 94,283 | | | 280,142 | | | 264,151 | |
Data processing and software | 16,914 | | | 15,807 | | | 49,486 | | | 44,807 | |
Net occupancy | 14,561 | | | 14,025 | | | 43,373 | | | 42,134 | |
Other outside services | 12,094 | | | 9,361 | | | 33,054 | | | 26,292 | |
FDIC insurance | 4,738 | | | 3,158 | | | 14,427 | | | 9,328 | |
Equipment | 3,475 | | | 3,548 | | | 10,395 | | | 10,393 | |
Marketing | 1,913 | | | 1,859 | | | 5,454 | | | 4,505 | |
Professional fees | 1,869 | | | 2,373 | | | 6,090 | | | 6,178 | |
Intangible amortization | 601 | | | 690 | | | 2,347 | | | 1,043 | |
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Merger-related expenses | — | | | 7,006 | | | — | | | 8,434 | |
Other | 18,098 | | | 17,448 | | | 53,888 | | | 48,001 | |
Total Non-Interest Expense | 171,020 | | | 169,558 | | | 498,656 | | | 465,266 | |
Income Before Income Taxes | 88,846 | | | 86,228 | | | 267,697 | | | 249,758 | |
Income taxes | 16,749 | | | 15,357 | | | 47,680 | | | 44,610 | |
Net Income | 72,097 | | | 70,871 | | | 220,017 | | | 205,148 | |
Preferred stock dividends | (2,562) | | | (2,562) | | | (7,686) | | | (7,686) | |
Net Income Available to Common Shareholders | $ | 69,535 | | | $ | 68,309 | | | $ | 212,331 | | | $ | 197,462 | |
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PER SHARE: | | | | | | | |
Net income available to common shareholders (basic) | $ | 0.42 | | | $ | 0.41 | | | $ | 1.28 | | | $ | 1.21 | |
Net income available to common shareholders (diluted) | 0.42 | | | 0.40 | | | 1.27 | | | 1.20 | |
Cash dividends | 0.16 | | | 0.15 | | | 0.47 | | | 0.45 | |
See Notes to Consolidated Financial Statements | | | | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(dollars in thousands)
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| Three months ended September 30 | | Nine months ended September 30 |
| 2023 | | 2022 | | 2023 | | 2022 |
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Net Income | $ | 72,097 | | | $ | 70,871 | | | $ | 220,017 | | | $ | 205,148 | |
Other Comprehensive Income/(Loss), net of tax: | | | | | | | |
Unrealized gains (losses) on AFS investment securities | | | | | | | |
Net unrealized holding (losses) | (105,050) | | | (120,385) | | | (103,628) | | | (362,596) | |
Reclassification adjustment for securities net change realized in net income | — | | | (41) | | | 14 | | | (20) | |
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 1,494 | | | 1,653 | | | 4,473 | | | (46,024) | |
Net unrealized (losses) on AFS investment securities | (103,556) | | | (118,773) | | | (99,141) | | | (408,640) | |
Unrealized gains (losses) on interest rate derivatives used in cash flow hedges | | | | | | | |
Net unrealized holding gains (losses) | 3,651 | | | (22,472) | | | (8,755) | | | (62,434) | |
Reclassification adjustment for net change realized in net income | 6,420 | | | 2,483 | | | 20,573 | | | 641 | |
Net unrealized gains (losses) on interest rate derivatives used in cash flow hedges | 10,071 | | | (19,989) | | | 11,818 | | | (61,793) | |
Defined benefit pension plan and postretirement benefits | | | | | | | |
Amortization of net unrecognized pension and postretirement items | 15 | | | 25 | | | 43 | | | 75 | |
Other Comprehensive Loss | (93,470) | | | (138,737) | | | (87,280) | | | (470,358) | |
Total Comprehensive Income (Loss) | $ | (21,373) | | | $ | (67,866) | | | $ | 132,737 | | | $ | (265,210) | |
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See Notes to Consolidated Financial Statements | | | | | | | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(dollars in thousands, except per-share data)
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| Preferred Stock | | Common Stock | | Additional | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total |
| Shares Outstanding | | Amount | | Shares Outstanding | | Amount | | Paid-in Capital | | |
Three months ended September 30, 2023 | | | | | | | | | | | | | | | | |
Balance at June 30, 2023 | 200 | | | $ | 192,878 | | | 166,097 | | | $ | 564,137 | | | $ | 1,545,706 | | | $ | 1,542,163 | | | $ | (379,286) | | | $ | (823,446) | | | $ | 2,642,152 | |
Net income | | | | | | | | | | | 72,097 | | | | | | | 72,097 | |
Other comprehensive loss | | | | | | | | | | | | | (93,470) | | | | | (93,470) | |
Common stock issued(1) | | | | | 50 | | | 125 | | | 529 | | | | | | | 7 | | | 661 | |
Dividend reinvestment activity | | | | | 109 | | | | | (154) | | | | | | | 1,517 | | | 1,363 | |
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Stock-based compensation awards | | | | | 4 | | | 17 | | | 3,198 | | | | | | | (26) | | | 3,189 | |
Acquisition of treasury stock | | | | | (2,176) | | | | | | | | | | | (30,491) | | | (30,491) | |
Preferred stock dividend | | | | | | | | | | | (2,562) | | | | | | | (2,562) | |
Common stock dividends - $0.16 per share | | | | | | | | | | | (26,246) | | | | | | | (26,246) | |
Balance at September 30, 2023 | 200 | | | $ | 192,878 | | | 164,084 | | | $ | 564,279 | | | $ | 1,549,279 | | | $ | 1,585,452 | | | $ | (472,756) | | | $ | (852,439) | | | $ | 2,566,693 | |
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Three months ended September 30, 2022 | | | | | | | | | | | | | | | | |
Balance at June 30, 2022 | 200 | | | $ | 192,878 | | | 161,057 | | | $ | 561,181 | | | $ | 1,527,756 | | | $ | 1,363,344 | | | $ | (304,210) | | | $ | (869,856) | | | $ | 2,471,093 | |
Net income | | | | | | | | | | | 70,871 | | | | | | | 70,871 | |
Other comprehensive loss | | | | | | | | | | | | | (138,737) | | | | | (138,737) | |
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Common stock issued(1) | | | | | 35 | | | 88 | | | 100 | | | | | | | — | | | 188 | |
Dividend reinvestment activity | | | | | 96 | | | | | 5 | | | | | | | 1,528 | | | 1,533 | |
Reissuance of treasury stock pursuant to acquisition | | | | | 6,209 | | | | | 4,547 | | | | | | | 85,166 | | | 89,713 | |
Stock-based compensation awards | | | | | 1 | | | 3 | | | 4,176 | | | | | | | (10) | | | 4,169 | |
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Preferred stock dividend | | | | | | | | | | | (2,562) | | | | | | | (2,562) | |
Common stock dividends - $0.15 per share | | | | | | | | | | | (25,109) | | | | | | | (25,109) | |
Balance at September 30, 2022 | 200 | | | $ | 192,878 | | | 167,398 | | | $ | 561,272 | | | $ | 1,536,584 | | | $ | 1,406,544 | | | $ | (442,947) | | | $ | (783,172) | | | $ | 2,471,159 | |
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Nine months ended September 30, 2023 | | | | | | | | | | | | | | | | |
Balance at December 31, 2022 | 200 | | | $ | 192,878 | | | 167,599 | | | $ | 561,511 | | | $ | 1,541,840 | | | $ | 1,450,758 | | | $ | (385,476) | | | $ | (781,754) | | | $ | 2,579,757 | |
Net income | | | | | | | | | | | 220,017 | | | | | | | 220,017 | |
Other comprehensive income | | | | | | | | | | | | | (87,280) | | | | | (87,280) | |
Common stock issued(1) | | | | | 185 | | | 463 | | | 2,001 | | | | | | | 27 | | | 2,491 | |
Dividend reinvestment activity | | | | | 298 | | | | | 18 | | | | | | | 4,147 | | | 4,165 | |
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Stock-based compensation awards | | | | | 589 | | | 2,305 | | | 5,420 | | | | | | | (3,919) | | | 3,806 | |
Acquisition of treasury stock | | | | | (4,587) | | | | | | | | | | | (70,940) | | | (70,940) | |
Preferred stock dividend | | | | | | | | | | | (7,686) | | | | | | | (7,686) | |
Common stock dividends - $0.47 per share | | | | | | | | | | | (77,637) | | | | | | | (77,637) | |
Balance at September 30, 2023 | 200 | | | $ | 192,878 | | | 164,084 | | | $ | 564,279 | | | $ | 1,549,279 | | | $ | 1,585,452 | | | $ | (472,756) | | | $ | (852,439) | | | $ | 2,566,693 | |
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Nine months ended September 30, 2022 | | | | | | | | | | | | | | | | |
Balance at December 31, 2021 | 200 | | | $ | 192,878 | | | 160,490 | | | $ | 559,766 | | | $ | 1,519,873 | | | $ | 1,282,383 | | | $ | 27,411 | | | $ | (869,631) | | | $ | 2,712,680 | |
Net income | | | | | | | | | | | 205,148 | | | | | | | 205,148 | |
Other comprehensive loss | | | | | | | | | | | | | (470,358) | | | | | (470,358) | |
| | | | | | | | | | | | | | | | | |
Common stock issued(1) | | | | | 180 | | | 450 | | | 433 | | | | | | | — | | | 883 | |
Dividend reinvestment activity | | | | | 253 | | | | | 5 | | | | | | | 3,660 | | | 3,665 | |
Reissuance of treasury stock pursuant to acquisition | | | | | 6,209 | | | | | 4,547 | | | | | | | 85,166 | | | 89,713 | |
Stock-based compensation awards | | | | | 266 | | | 1,056 | | | 11,726 | | | | | | | (2,367) | | | 10,415 | |
| | | | | | | | | | | | | | | | | |
Preferred stock dividend | | | | | | | | | | | (7,686) | | | | | | | (7,686) | |
Common stock dividends - $0.45 per share | | | | | | | | | | | (73,301) | | | | | | | (73,301) | |
Balance at September 30, 2022 | 200 | | | $ | 192,878 | | | 167,398 | | | $ | 561,272 | | | $ | 1,536,584 | | | $ | 1,406,544 | | | $ | (442,947) | | | $ | (783,172) | | | $ | 2,471,159 | |
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See Notes to Consolidated Financial Statements | | | | | | | | | | | | | | | | |
(1) Issuance of common stock includes issuance in connection with the Corporation’s Employee Stock Purchase Plan and exercised stock options.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
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(dollars in thousands) | Nine months ended September 30 |
| 2023 | | 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
Net income | $ | 220,017 | | | $ | 205,148 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Provision for credit losses | 44,228 | | | 13,508 | |
Depreciation and amortization of premises and equipment | 22,212 | | | 22,627 | |
Net amortization of investment securities premiums | 8,650 | | | 9,823 | |
Investment securities (gains) losses, net | (19) | | | 26 | |
Gain on sales of mortgage loans held for sale | (4,150) | | | (7,974) | |
Proceeds from sales of mortgage loans held for sale | 260,494 | | | 400,797 | |
Originations of mortgage loans held for sale | (269,448) | | | (371,466) | |
Intangible amortization | 2,347 | | | 1,043 | |
Amortization of issuance costs and discounts on long-term borrowings | 540 | | | 551 | |
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Stock-based compensation | 7,971 | | | 10,166 | |
Net change in deferred federal income tax | (10,773) | | | (148,952) | |
Net change in accrued salaries and benefits | (11,232) | | | (5,658) | |
Net change in life insurance cash surrender value | (23,655) | | | (90,234) | |
Other changes, net | 173,206 | | | 476,961 | |
Total adjustments | 200,371 | | | 311,218 | |
Net cash provided by operating activities | 420,388 | | | 516,366 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | |
Proceeds from sales of AFS securities | 80,666 | | | 196,407 | |
Proceeds from principal repayments and maturities of AFS securities | 77,905 | | | 546,770 | |
Proceeds from principal repayments and maturities of HTM securities | 46,301 | | | 90,044 | |
Purchase of AFS securities | (72,252) | | | (822,216) | |
Purchase of HTM securities | — | | | (30,959) | |
Net change in FRB and FHLB stock | 23,823 | | | (24,279) | |
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Net change in loans | (919,231) | | | (819,164) | |
Net purchases of premises and equipment | (17,860) | | | (10,023) | |
Settlement of bank-owned life insurance | 100 | | | 2,853 | |
Net cash paid for acquisition | — | | | (21,796) | |
Net change in tax credit investments | (17,945) | | | (33,178) | |
Net cash used in investing activities | (798,493) | | | (925,541) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | |
Net change in demand and savings deposits | (811,325) | | | (420,622) | |
Net change in time deposits and brokered deposits | 1,583,376 | | | (308,503) | |
Net change in other borrowings | (501,635) | | | 183,518 | |
Repayments of senior debt and subordinated debt | — | | | (81,496) | |
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Net proceeds from issuance of common stock | 2,491 | | | 4,792 | |
Dividends paid | (85,323) | | | (78,413) | |
Acquisition of treasury stock | (70,940) | | | — | |
Net cash provided by (used in) financing activities | 116,644 | | | (700,724) | |
Net decrease in Cash and Cash Equivalents | (261,461) | | | (1,109,899) | |
Cash and Cash Equivalents at Beginning of Period | 681,921 | | | 1,638,614 | |
Cash and Cash Equivalents at End of Period | $ | 420,460 | | | $ | 528,715 | |
Supplemental Disclosures of Cash Flow Information: | | | |
Cash paid during the period for: | | | |
Interest | $ | 276,159 | | | $ | 42,529 | |
Income taxes | 23,416 | | | 22,416 | |
Supplemental Schedule of Certain Noncash Activities: | | | |
Transfer of AFS securities to HTM securities | $ | — | | | $ | 479,008 | |
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See Notes to Consolidated Financial Statements | | | |
FULTON FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 – Basis of Presentation
The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2022. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC.
Significant Accounting Policies
The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's 2022 Annual Report on Form 10-K. Those significant accounting policies are unchanged at September 30, 2023 except for the following:
Effective January 1, 2023, the Corporation adopted ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"), which updated the guidance on modifications to financing receivables by effectively replacing the concept of troubled debt restructurings with a new concept, loan modifications to borrowers experiencing financial difficulty. See Note 5 - "Loans and Allowance for Credit Losses" for further detail. Below is a summary of the policy surrounding loan modifications to borrowers experiencing financial difficulty.
A loan modified for a borrower experiencing financial difficulty includes one or more of the following concessions: a reduction of the stated interest rate of the loan, an extension of the term or amortization period of the loan, a more than insignificant payment delay or principal forgiveness of the loan.
Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL, a change to the ACL is generally not recorded upon modification. When principal forgiveness is provided, the amortized cost basis of the forgiven portion of the loan is written off against the ACL. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis of the loan and a corresponding adjustment to the ACL.
Recently Adopted Accounting Standards
In March 2022, FASB issued ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method ("ASU 2022-01"). This update addresses questions regarding the last-of-layer method arising from the issuance of ASU 2017-12 and permits more flexibility in hedging interest rate risk for both variable-rate and fixed-rate financial instruments and introduces the ability to hedge risk components for non-financial hedges. The Corporation adopted ASU 2022-01 on January 1, 2023 and it did not have a material impact on its consolidated financial statements.
In March 2022, FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326) ("ASU 2022-02"). This update reduces the complexity of accounting for TDRs by eliminating certain accounting guidance, enhancing disclosures and improving the consistency of vintage disclosures. The Corporation adopted ASU 2022-02 on January 1, 2023 and it did not have a material impact on its consolidated financial statements.
In September 2022, FASB issued ASU 2022-04 Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"). This update enhances transparency in the disclosure of supplier finance programs, which previously had no explicit requirements under GAAP. The Corporation adopted ASU 2022-04 on January 1, 2023 and it did not have a material impact on its consolidated financial statements.
In December 2022, FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. This update extends the sunset provision date of ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") to December 31, 2024. The Corporation will adopt ASU 2020-04 on January 1, 2025. The Corporation does not expect the adoption of ASU 2020-04 to have a material impact on its consolidated financial statements.
In March 2023, FASB issued ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This update allows any tax credit program that meets certain criteria to use the proportional amortization method. The Corporation early adopted ASU 2023-02 using the modified retrospective method effective upon issuance, and it did not have a material impact on its consolidated financial statements.
In July 2023, FASB issued ASU 2023-03 Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC SAB No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and SAB Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock ("ASU 2023-03"). This update amends certain SEC paragraphs from the Codification in response to (1) the issuance of SEC SAB 120; (2) the SEC staff announcement at the March 24, 2022, EITF meeting; and (3) SAB Topic 6.B, "Accounting Series Release No. 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock." ASU 2023-03 does not provide any new guidance so there is no transition or effective date associated with it.
In August 2023, FASB issued ASU 2023-04 Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC SAB No. 121 ("ASU 2023-04"). This update adjusts language in FASB ASC 405-10 to align with SEC SAB No. 121 relating to accounting for obligations to safeguard crypto-assets an entity holds for its platform users. ASU 2023-24 does not provide any new guidance so there is no transition or effective date associated with it. The Corporation currently does not have obligations to safeguard crypto-assets.
Recently Issued Accounting Standards
In June 2022, FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). This update clarifies how the fair value of equity securities subject to contractual sale restrictions is determined and requires additional qualitative and quantitative disclosures for equity securities with contractual sale restrictions. The Corporation will adopt ASU 2022-03 on January 1, 2024. The Corporation does not expect the adoption of ASU 2022-03 to have a material impact on its consolidated financial statements.
In March 2023, FASB issued ASU 2023-01 Leases (Topic 842): Common Control Arrangements ("ASU 2023-01"). This update clarifies guidance for leases between related parties under common control. The Corporation will adopt ASU 2023-01 on January 1, 2024. The Corporation does not expect the adoption of ASU 2023-01 to have a material impact on its consolidated financial statements.
Reclassifications
Certain amounts in the 2022 consolidated financial statements and notes have been reclassified to conform to the 2023 presentation.
NOTE 2 – Business Combinations
On July 1, 2022, the Corporation completed its acquisition of Prudential Bancorp, a Pennsylvania chartered bank holding company headquartered in Philadelphia, Pennsylvania that primarily served the Greater Philadelphia region. On that date, the Corporation acquired 100% of the outstanding common stock of Prudential Bancorp, Prudential Bancorp was merged with and into the Corporation, and Prudential Bancorp's wholly owned subsidiary, Prudential Bank, became a wholly owned subsidiary of the Corporation. The Corporation merged Prudential Bank with and into Fulton Bank in the fourth quarter of 2022. Results of the operations of the acquired entity were included in the Corporation's consolidated financial statements beginning on July 1, 2022. As a result of the Merger, the Corporation enhanced its presence in Philadelphia, Pennsylvania, expanded its customer base and leveraged operating costs through economies of scale.
In accordance with the terms of the definitive merger agreement, each share of Prudential Bancorp's common stock issued and outstanding immediately prior to the effective time of the Merger was converted into the right to receive the Merger
Consideration. In the aggregate, approximately eighty percent (80%) of the Merger Consideration consisted of the Corporation's common stock with the remaining approximately twenty percent (20%) paid in cash. The receipt of the Corporation’s common stock in the Merger qualified as a tax-free exchange for Prudential Bancorp shareholders.
The acquisition of Prudential Bancorp was accounted for as a business combination using the acquisition method of accounting, and accordingly, the assets acquired, the liabilities assumed, and consideration transferred were recorded at their estimated fair values as of the Merger. The $19.1 million excess of the Merger Consideration over the fair value of assets acquired was recorded as goodwill and is not amortizable or deductible for tax purposes.
The following table summarizes the consideration transferred and the fair values of identifiable assets acquired and liabilities assumed on July 1, 2022:
| | | | | | | | |
| | Fair Value |
(dollars in thousands, except share data) | | |
Consideration transferred: | | |
Common stock shares issued (6,208,516) | | $ | 89,713 | |
Cash paid to Prudential Bancorp shareholders | | 29,343 | |
Value of consideration | | 119,056 | |
Assets acquired: | | |
Cash and due from banks | | 7,533 | |
Investment securities | | 287,126 | |
Loans | | 554,091 | |
Premises and equipment | | 8,574 | |
Other assets | | 73,303 | |
Total assets | | 930,627 | |
Liabilities assumed: | | |
Deposits | | 532,170 | |
Borrowings(1) | | 284,000 | |
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Other liabilities | | 14,482 | |
Total liabilities | | 830,652 | |
Net assets acquired: | | 99,975 | |
Goodwill resulting from the Merger | | $ | 19,081 | |
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(1) Included a $30.5 million intercompany borrowing between Prudential Bank and Fulton Bank.
The amount of goodwill recorded reflects the increased market share and related synergies that are expected to result from the acquisition and represents the excess purchase price over the estimated fair value of the net assets acquired from Prudential Bancorp.
The following table presents information with respect to the fair value and unpaid principal balance of acquired loans and leases at the date of the Merger:
| | | | | | | | | | | | | | |
| | July 1, 2022 |
| | Unpaid Principal Balance | | Fair Value |
| | (dollars in thousands) |
Real estate - commercial mortgage | | $ | 224,904 | | | $ | 216,593 | |
Commercial and industrial | | 63,560 | | | 61,873 | |
Real-estate - residential mortgage | | 177,327 | | | 169,098 | |
Real-estate - home equity | | 6,034 | | | 5,812 | |
Real-estate - construction | | 98,963 | | | 98,546 | |
Consumer | | 2,306 | | | 2,286 | |
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Total acquired loans | | $ | 573,094 | | | $ | 554,208 | |
The following table presents the carrying amount of loans for which, at the date of Merger, there was evidence of more than insignificant deterioration of credit quality since origination:
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| | July 1, 2022 |
| | (dollars in thousands) |
Book balance of loans with deteriorated credit quality at acquisition | | $ | 27,057 | |
Allowance for credit losses at acquisition | | (1,135) | |
Non-credit related discount | | (130) | |
Total purchased credit deteriorated loans | | $ | |