Fulton Financial Corporation · NASDAQ:FULT
Fulton Financial — Q3 2021 Earnings Presentation
11 slides from Fulton Financial's earnings presentation, Oct 19, 2021
Slide 1: Third Quarter 2021 Results
THIRD QUARTER 2021 RESULTS NASDAQ: FULT Data as of or for the three months ended September 30, 2021 unless otherwise noted
Slide 2: Forward-looking statements
This presentation 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," "cou
Slide 3: Income Statement Summary
1. ROA is return an average assets calculated as net income for the period divided by average assets, annualized. 2. ROE is return on average common shareholders’ equity calculated as net income available to common shareholders for the period divided by average common shareholders’ equity, annualize
Slide 4: Net Interest Income and Margin
NET INTEREST INCOME AND MARGIN Net Interest Income & Net Interest Margin Average Interest-Earning Assets & Yields Average Liabilities & Cost of Funds ($ IN MILLIONS) ($ IN BILLIONS) ($ IN BILLIONS) 4 $20 $21 $21 $22 $22$2 $2 $2 $1 $1 0.45% 0.39% 0.36% 0.25% 0.22% Cost of Funds Borrowings Deposits 3Q
Slide 5: Asset Quality
ASSET QUALITY ($ IN MILLIONS) Provision for Credit Losses Non-Performing Loans (NPLs) & NPLs to Loans Net Charge-offs (NCOs) and NCOs to Average Loans ACL(1) to NPLs & Loans 51. The allowance for credit losses (“ACL”) relates specifically to "Loans, net of unearned income" and does not include the A
Slide 6: Non-Interest Income
NON-INTEREST INCOME(1) (1) Excluding investment securities gains Three months ended September 30, 2021 (percent of total non-interest income) 6 Non-interest income(1) increased 21% from 2Q21 Increases in: n Mortgage Banking driven by a decrease in the mortgage servicing rights valuation allowance of
Slide 7: Non-Interest Expense
NON-INTEREST EXPENSE Three months ended September 30, 2021 (percent of total non-interest expense) 7 58% 9% 10% 5% 18% Salaries and Benefits Occupancy Data Processing and Software Other Outside Services Debt extinguishment Other 3Q21 2Q21 Change (dollars in thousands) n Salaries and Benefits $ 82,67
Slide 8: Capital Position Remains Strong
CAPITAL POSITION REMAINS STRONG 8 1. Regulatory capital ratios as of September 30, 2021 are preliminary. 2. Excesses shown are to regulatory minimums, including the 250 basis point capital conservation buffer, except for Tier 1 Leverage which is the well-capitalized minimum. Dollars are in millions.
Slide 9: 2021 Outlook
2021 OUTLOOK 9 Net interest income: $655 - $665 million(1) Provision for credit losses: Negative provision for 2021(2) Non-interest income: $230 - $235 million(3) Non-interest expense: $570 - $575 million(4) (1) Updated as of 3Q 2021; previously $640 - $660 million. (2) Updated as of 3Q 2021; previo
Slide 10: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Note: The Corporation has presented the following non-GAAP (Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financia
Slide 11: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 11 (dollars in thousands) Three months ended Sep 30 Jun 30 Sep 30 Efficiency ratio 2021 2021 2020 Non-interest expense $ 144,596 $ 140,831 $ 139,145 Less: Amortization of tax credit investments (1,546) (1,563) (1,694) Less: Intangible amortization (150) (178) (132) Less: 2020