Fulton Financial Corporation · NASDAQ:FULT
Fulton Financial — Q4 2018 Earnings Presentation
16 slides from Fulton Financial's earnings presentation, Jan 15, 2019
Slide 1: 2018 and Fourth Quarter Results
2018 AND FOURTH QUARTER RESULTS NASDAQ: FULT D A T A AS OF D E C E M B E R 3 1 , 2 0 1 8 U N L E S S O T H E R W I S E N O T E D
Slide 2: Forward-Looking Statements
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 "m
Slide 3: 2018 Highlights
2018 HIGHLIGHTS 2018 net income of $208.4 million, or $1.18 per share. 2018 Key Accomplishments Record year of revenues and net income Average loan growth of 3.8% and average demand and savings deposit growth of 2.6% Pre-provision net revenue(1) increased 12.2% Efficiency ratio(1) improved t
Slide 4: Fourth Quarter Results
FOURTH QUARTER RESULTS Net income per diluted share: $0.33 in 4Q18, 10.8% decrease from 3Q18 and 73.7% increase from 4Q17 Pre-Provision Net Revenue(1): $78.3 million, 1.2% increase from 3Q18 and 12.9% increase from 4Q17 Linked Quarter Loan and Core Deposit Growth: 0.7% increase in average loans, whi
Slide 5: Income Statement Summary – Year to Date
INCOME STATEMENT SUMMARY – YEAR TO DATE Year Ended Dec 31, 2018 2017 Change Net Income of $208.4 million; 21.3% increase from 2017. Earnings per share increased 20.4% to $1.18. 2017 included a $15.6 million, (dollars in thousands, except per-share data) or $0.09 per share, charge related to the re
Slide 6: Income Statement Summary – Quarter to Date
INCOME STATEMENT SUMMARY – QUARTER TO DATE Change from Net Income of $58.1 million, 11.5% decrease from 3Q18 and 70.8% 4Q18 3Q18 4Q17 increase from 4Q17. Increase from 4Q17 largely due to $15.6 million (dollars in thousands, except per-share data) charge related to the re-measurement of net deferr
Slide 7: Net Interest Income and Margin
NET INTEREST INCOME AND MARGIN Net Interest Income & Net Interest Margin Average Interest-Earning Assets & Yields ($ IN MILLIONS) ($ IN BILLIONS) $20.0 6.00% $180.0 4.00% 4.13% 4.22% $15.0 3.83% 3.93% 4.04% 4.00% 3.90% $16.0 $15.8 $15.9 $170.0 $10.0 $15.6 $15.7 $162.9 $160.1 3.80% 2.00% $5.0 ~ $730
Slide 8: Asset Quality – Annual Comparison
ASSET QUALITY – ANNUAL COMPARISON ($ IN MILLIONS) Provision for Credit Losses Non-Performing Loans (NPLs) & NPLs to Loans $50.0 $46.9 1.50% $150.00 $144.8 $139.7 $45.0 $131.6 $134.8 $40.0 $125.00 $35.0 1.00% $100.00 $30.0 1.05% $23.3 $25.0 $75.00 0.90% 0.85% 0.86% $20.0 $50.00 0.50% $15.0 $13.2 $10.
Slide 9: Non-Interest Income – Quarterly Comparison
NON-INTEREST INCOME – QUARTERLY COMPARISON ($ IN MILLIONS) Non-Interest Income, Excluding Securities Gains Mortgage Banking Income & Spreads $6.0 4.00% $5.2 3.50% $5.0 $4.9 $4.8 $4.4 $60.0 $4.2 3.00% $4.0 2.50% $3.0 2.00% $55.0 $55.0 1.50% $2.0 1.56% 1.36% 1.30% 1.38% 1.00% ~ $730 $1.0 1.11% $51.0 m
Slide 10: Non-Interest Expenses – Quarterly Comparison
NON-INTEREST EXPENSES – QUARTERLY COMPARISON ($ IN MILLIONS) Non-Interest Expense & Efficiency Ratio (1) Salaries and Employee Benefits & Staffing $80.0 3,700 $76.8 $75.8 $74.9 $75.8 $75.0 $73.5 3,650 $144.0 80.0% $70.0 3,600 $65.0 78.0% 3,590 $60.0 3,550 $142.0 $55.0 $140.7 76.0% 3,520 3,500 $50.0
Slide 11: Profitability & Capital – Annual Comparison
PROFITABILITY & CAPITAL – ANNUAL COMPARISON ROA(1) ROE and ROE (tangible)(2) 1.20% 14.00% 1.03% 12.09% 1.00% 12.00% 0.88% 0.88% 10.01% 10.30% 10.33% 0.86% 10.00% 9.24% 0.80% 7.69% 7.83% 8.00% 7.38% 0.60% 6.00% 0.40% 4.00% 2.00% 0.20% 0.00% 2015 2016 2017 2018 0.00% 2015 2016 2017 2018 ROE ROE (tangi
Slide 12: 2019 Outlook
2019 OUTLOOK • Loans & Deposits: Average annual loan and deposit growth rates in the low to mid single-digits • Net Interest Income: Mid to high single-digit growth rate • Net Interest Margin: An increase of 0 to 3 basis points per quarter in 2019 • Non-Interest Income: Low to mid single-digit growt
Slide 13: 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 14: Non-GAAP Reconciliation (Continued)
NON-GAAP RECONCILIATION (CONTINUED) D ec 3 1, D ec 3 1, D ec 3 1, D ec 3 1, 2 0 18 2 0 17 2 0 16 2 0 15 (dollars in thousands) T ang ib le C o mmo n Eq uit y t o T ang ib le A sset s ( T C E R at io ) Shareholders' equity $ 2,246,252 $ 2,229,857 $ 2,121,115 $ 2,041,894 Less: Intangible assets (531,5
Slide 15: Non-GAAP Reconciliation (Continued)
NON-GAAP RECONCILIATION (CONTINUED) Reconciliation of Net Income; Net Income per share, diluted; and Selected Financial Ratios, adjusted to exclude the charge recognized in the fourth quarter of 2017 related to the re-measurement of net deferred tax assets: T hree M o nths Ended Year Ended D ec 31,
Slide 16: Fulton Financial Corporation
FULTON FINANCIAL CORPORATION www.fult.com