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Fulton Financial Reports 2012 Earnings


Fulton Financial Reports 2012 Earnings

LANCASTER, PA -- (Marketwire) -- 01/15/13 -- Fulton Financial Corporation (NASDAQ: FULT)


 
--  Diluted earnings per share for the fourth quarter of 2012 was 20
    cents, a 4.8 percent decrease from the third quarter of 2012 and an
    11.1 percent increase from the fourth quarter of 2011. For the year
    ended December 31, 2012, diluted earnings per share was 80 cents, a
    9.6 percent increase from 2011.
--  The provision for credit losses was $17.5 million for the fourth
    quarter of 2012, a $5.5 million, or 23.9 percent, decrease compared to
    the third quarter of 2012. For the year ended December 31, 2012, the
    provision for loan losses decreased $41.0 million, or 30.4 percent,
    compared to 2011. Non-performing loans decreased $1.8 million, or 0.8
    percent, in comparison to September 30, 2012 and $75.5 million, or
    26.3 percent, in comparison to December 31, 2011.
--  Net interest income for the fourth quarter of 2012 decreased $3.7
    million, or 2.7 percent, compared to the third quarter of 2012 due to
    a decrease in net interest margin of 9 basis points, or 2.4 percent.
    For the year ended December 31, 2012, net interest income decreased
    $15.8 million, or 2.8 percent, in comparison to 2011.
--  On December 31, 2012, the Corporation's wholly owned subsidiary,
    Fulton Bank, N.A., completed the divestiture of its Global Exchange
    Group division (Global Exchange) for a pre-tax gain of $6.2 million.
    The federal tax liability associated with this transaction was $4.0
    million due to the write-off of non-deductible goodwill, resulting in
    an after tax gain on the transaction of $2.2 million. The proceeds
    from this transaction and short-term borrowings were used to prepay
    approximately $20 million of Federal Home Loan Bank (FHLB) advances,
    with a weighted average interest rate of 4.38 percent and maturing in
    January 2017. The Corporation incurred a $3.0 million ($2.0 million,
    net of tax) penalty in connection with prepaying these FHLB advances.
--  In January 2013, the Corporation announced that its board of directors
    approved the repurchase of up to eight million shares, or
    approximately 4.0 percent of the Corporation's outstanding shares,
    through June 30, 2013. Under the Corporation's previous 2012
    repurchase program, the Corporation repurchased approximately 2.1
    million shares.

Fulton Financial Corporation (NASDAQ: FULT) reported net income of $40.2 million, or 20 cents per diluted share, for the fourth quarter ended December 31, 2012, compared to $41.6 million, or 21 cents per diluted share, for the third quarter of 2012. For the year ended December 31, 2012, net income was $159.8 million, or 80 cents per diluted share, compared to $145.6 million, or 73 cents per diluted share, for 2011.

"2012 was a good year for us. We saw continued improvement in earnings and asset quality, a significant reduction in our provision for credit losses, strong residential mortgage activity, good core deposit growth and higher returns on assets and equity," said E. Philip Wenger, Chairman, CEO and President. "From a shareholder perspective, we continued to deploy capital by initiating a share repurchase program and by increasing our quarterly cash dividend. In the fourth quarter, we were particularly pleased to see a pick-up in loan demand across all our markets, although the persistently low interest rate environment continues to put pressure on our net interest margin. Our primary strategic focus for 2013 is quality interest-earning asset growth."

Asset Quality Non-performing assets were $237.2 million, or 1.44 percent of total assets, at December 31, 2012, compared to $242.0 million, or 1.49 percent of total assets, at September 30, 2012 and $317.3 million, or 1.94 percent of total assets, at December 31, 2011. The $4.8 million, or 2.0 percent, decrease in non-performing assets in comparison to the third quarter of 2012 was primarily due to a decrease in other real estate owned and decreases in non-performing commercial mortgages and commercial loans, partially offset by an increase in non-performing residential mortgages and home equity loans.

Annualized net charge-offs for the quarter ended December 31, 2012 were 0.91 percent of average total loans, compared to 0.84 percent for the quarter ended September 30, 2012 and 1.36 percent for the quarter ended December 31, 2011. The allowance for credit losses as a percentage of non-performing loans was 106.8 percent at December 31, 2012 in comparison to 110.5 percent at September 30, 2012 and 90.1 percent at December 31, 2011.

Net Interest Income and Margin Net interest income for the fourth quarter of 2012 decreased $3.7 million, or 2.7 percent, from the third quarter of 2012, primarily due to a decrease in the net interest margin. The net interest margin decreased 9 basis points, or 2.4 percent, from 3.74 percent in the third quarter of 2012, to 3.65 percent in the fourth quarter of 2012. Average yields on interest-earning assets decreased 14 basis points, while the decline in the average costs of interest-bearing liabilities was limited to 5 basis points.

For the year ended December 31, 2012, net interest income decreased $15.8 million, or 2.8 percent, compared to 2011. Net interest margin was 3.76 percent for 2012, as compared to 3.90 percent for 2011.

Average Balance Sheet Total average assets for the fourth quarter of 2012 were $16.2 billion, a decrease of $43.0 million, or 0.3 percent, from the third quarter of 2012. This decrease was due to a $104.9 million, or 3.8 percent, decrease in investment securities, partially offset by an $80.5 million, or 0.7 percent, increase in loans, net of unearned income.


 
                                                                            
                                    Quarter Ended
                               ----------------------- Increase (decrease)  
                                  Dec 31      Sep 30   -------------------  
                                   2012        2012        $          %     
                               ----------- ----------- ---------  --------  
                                          (dollars in thousands)            
Loans, by type:                                                             
  Real estate - commercial                                                  
   mortgage                    $ 4,623,158 $ 4,603,388 $  19,770       0.4% 
  Commercial - industrial,                                                  
   financial and agricultural    3,559,171   3,529,733    29,438       0.8% 
  Real estate - home equity      1,611,868   1,597,230    14,638       0.9% 
  Real estate - residential                                                 
   mortgage                      1,223,589   1,200,752    22,837       1.9% 
  Real estate - construction       593,351     605,910   (12,559)     (2.1%)
  Consumer                         305,766     304,235     1,531       0.5% 
  Leasing and other                 83,747      78,945     4,802       6.1% 
                               ----------- ----------- ---------  --------  
                                                                            
  Total Loans, net of unearned                                              
   income                      $12,000,650 $11,920,193 $  80,457       0.7% 
                               =========== =========== =========  ========  

For the year ended December 31, 2012, average loans, net of unearned income, increased $61.8 million, or 0.5 percent, in comparison to 2011.

Total average liabilities decreased $61.1 million, or 0.4 percent, from the third quarter of 2012, due primarily to a $100.3 million, or 17.0 percent, decrease in short-term borrowings, partially offset by a $36.5 million, or 0.3 percent, increase in average deposits.


 
                                                                            
                                    Quarter Ended                           
                               ----------------------- Increase (decrease)  
                                  Dec 31      Sep 30   -------------------  
                                   2012        2012        $          %     
                               ----------- ----------- ---------  --------  
                                     (dollars in thousands)                 
Deposits, by type:                                                          
  Noninterest-bearing demand   $ 2,953,861 $ 2,836,166 $ 117,695       4.1% 
  Interest-bearing demand        2,684,063   2,608,202    75,861       2.9% 
  Savings deposits               3,391,988   3,364,109    27,879       0.8% 
                               ----------- ----------- ---------  --------  
Total demand and savings         9,029,912   8,808,477   221,435       2.5% 
  Time deposits                  3,472,692   3,657,616  (184,924)     (5.1%)
                               ----------- ----------- ---------  --------  
                                                                            
  Total Deposits               $12,502,604 $12,466,093 $  36,511       0.3% 
                               =========== =========== =========  ========  

For the year ended December 31, 2012, average deposits decreased $64.7 million, or 0.5 percent, compared to 2011. This decrease was due to a $579.6 million, or 13.5 percent, decrease in average time deposits, partially offset by a $514.8 million, or 6.3 percent, increase in average demand and saving accounts.

Non-interest Income Non-interest income, excluding investment securities gains, increased $7.4 million, or 14.3 percent, in comparison to the third quarter of 2012, primarily due to the aforementioned $6.2 million gain on the divestiture of Global Exchange. Mortgage banking income increased $2.2 million, or 20.9 percent. Net servicing income increased $2.0 million as a result of a $2.1 million mortgage servicing rights impairment charge recorded during the third quarter of 2012, while gains on sales of mortgage loans increased $185,000. Other income decreased $1.2 million due to a decrease in gains from investments in corporate owned life insurance.

For the year ended December 31, 2012, non-interest income, excluding investment securities gains, increased $30.4 million, or 16.6 percent, compared to 2011 due primarily to the $6.2 million gain on the divestiture of Global Exchange and an $18.9 million increase in mortgage banking income.

Non-interest Expense Non-interest expenses increased $6.6 million, or 6.0 percent, in the fourth quarter of 2012 compared to the third quarter of 2012. As noted above, during the fourth quarter of 2012, the Corporation prepaid approximately $20 million of FHLB advances, incurring a $3.0 million prepayment penalty. Marketing expense increased $1.9 million due to the timing of promotional campaigns. Other expenses increased $1.9 million, primarily related to reversals of reserves for non-income state taxes in the third quarter of 2012. Operating risk loss increased $1.2 million due to increases in reserves for losses on previously sold residential mortgages. Partially offsetting these increases in non-interest expenses was a $1.5 million decrease in other outside services expense as a result of a decrease in consulting expenses associated with risk management and compliance efforts and an $858,000 decrease in salaries and employee benefits, largely a result of lower healthcare costs.

For the year ended December 31, 2012, non-interest expenses increased $33.0 million, or 7.9 percent, due primarily to increases in salaries and employee benefits, operating risk loss and other outside services.

About Fulton Financial Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company which has banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through the following affiliates: Fulton Bank, N.A., Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Fulton Bank of New Jersey, Mt. Laurel, NJ; and The Columbia Bank, Columbia, MD.

The Corporation's investment management and trust services are offered at all banks through Fulton Financial Advisors, a division of Fulton Bank, N.A. Residential mortgage lending is offered by all banks under the Fulton Mortgage Company brand.

Additional information on Fulton Financial Corporation is available on the Internet at www.fult.com.

Safe Harbor Statement This news release 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," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends" and similar expressions which are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, some of which are beyond the Corporation's control and ability to predict, that could cause actual results to differ materially from those expressed in the forward-looking statements. 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 changes in the economy and real estate markets; increases in non-performing assets which may reduce the level of earning assets and 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; acquisition and growth strategies; market risk; changes or adverse developments in political or regulatory conditions; a disruption in, or abnormal functioning of, credit and other markets, including the lack of or reduced access to markets for mortgages and other asset-backed securities and for commercial paper and other short-term borrowings; changes in the levels of, or methodology for determining, FDIC deposit insurance premiums and assessments; the effect of competition and interest rates on net interest margin and net interest income; investment strategy and other income growth; investment securities gains and losses; declines in the value of securities which may result in charges to earnings; changes in rates of deposit and loan growth or a decline in loans originated; relative balances of rate-sensitive assets to rate-sensitive liabilities; salaries and employee benefits and other expenses; amortization of intangible assets; goodwill impairment; capital and liquidity strategies, and other financial and business matters for future periods.

For a more complete discussion of certain risks and uncertainties affecting the Corporation, please see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" set forth in the Corporation's filings with the Securities and Exchange Commission.


 
                                                                            
FULTON FINANCIAL CORPORATION                                                
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)                    
dollars in thousands                                                        
                                                   
                         
                                                          % Change from     
                                                       -------------------  
                     December    December   September  December  September  
                        31          31          30        31         30     
                       2012        2011        2012      2011       2012    
                   ----------- ----------- ----------- --------  ---------  
                                                                            
ASSETS                                                                      
                                                                            
  Cash and due                                                              
   from banks      $   256,300 $   292,598 $   217,207    (12.4%)     18.0% 
  Other interest-                                                           
   earning assets      173,257     175,336     202,305     (1.2%)    (14.4%)
  Loans held for                                                            
   sale                 64,331      47,009      85,477     36.8%     (24.7%)
  Investment                                                                
   securities        2,794,017   2,679,967   2,790,138      4.3%       0.1% 
  Loans, net of                                                             
   unearned income  12,148,172  11,968,970  11,933,001      1.5%       1.8% 
  Allowance for                                                             
   loan losses        (223,903)   (256,471)   (233,864)   (12.7%)     (4.3%)
                   ----------- ----------- -----------                      
    Net loans       11,924,269  11,712,499  11,699,137      1.8%       1.9% 
  Premises and                                                              
   equipment           227,723     212,274     225,771      7.3%       0.9% 
  Accrued interest                                                          
   receivable           45,786      51,098      49,784    (10.4%)     (8.0%)
  Goodwill and                                                              
   intangible                                                               
   assets              535,563     544,209     541,845     (1.6%)     (1.2%)
  Other assets         506,907     655,518     461,465    (22.7%)      9.8% 
                   ----------- ----------- -----------                      
                                                                            
      Total Assets $16,528,153 $16,370,508 $16,273,129      1.0%       1.6% 
                   =========== =========== ===========                      
                                                                            
LIABILITIES AND                                                             
 SHAREHOLDERS'                                                              
 EQUITY                                                                     
                                                                            
  Deposits         $12,473,091 $12,525,739 $12,601,310     (0.4%)     (1.0%)
  Short-term                                                                
   borrowings          868,399     597,033     486,971     45.5%      78.3% 
  Other                                                                     
   liabilities         210,754     215,048     215,542     (2.0%)     (2.2%)
  FHLB advances                                                             
   and long-term                                                            
   debt                894,253   1,040,149     908,623    (14.0%)     (1.6%)
                   ----------- ----------- -----------                      
                                                                            
    Total                                                                   
     Liabilities    14,446,497  14,377,969  14,212,446      0.5%       1.6% 
                                                                            
  Shareholders'                                                             
   equity            2,081,656   1,992,539   2,060,683      4.5%       1.0% 
                   ----------- ----------- -----------                      
                                                                            
    Total                                                                   
     Liabilities                                                            
     and                                                                    
     Shareholders'                                                          
     Equity        $16,528,153 $16,370,508 $16,273,129      1.0%       1.6% 
                   =========== =========== ===========                      
                                                                            
LOANS, DEPOSITS AND SHORT-TERM                                              
 BORROWINGS DETAIL:                                                         
                                                                            
Loans, by type:                                                             
  Real estate -                                                             
   commercial                                                               
   mortgage        $ 4,664,426 $ 4,602,596 $ 4,632,509      1.3%       0.7% 
  Commercial -                                                              
   industrial,                                                              
   financial and                                                            
   agricultural      3,612,065   3,639,368   3,507,846     (0.8%)      3.0% 
  Real estate -                                                             
   home equity       1,632,390   1,624,562   1,603,456      0.5%       1.8% 
  Real estate -                                                             
   residential                                                              
   mortgage          1,256,991   1,097,192   1,213,831     14.6%       3.6% 
  Real estate -                                                             
   construction        587,686     615,445     597,358     (4.5%)     (1.6%)
  Consumer             309,220     318,101     301,182     (2.8%)      2.7% 
  Leasing and                                                               
   other                85,394      71,706      76,819     19.1%      11.2% 
                   ----------- ----------- -----------                      
                                                                            
  Total Loans, net                                                          
   of unearned                                                              
   income          $12,148,172 $11,968,970 $11,933,001      1.5%       1.8% 
                   =========== =========== ===========                      
                                                                            
Deposits, by type:                                                          
  Noninterest-                                                              
   bearing demand  $ 3,008,675 $ 2,588,034 $ 2,903,591     16.3%       3.6% 
  Interest-bearing                                                          
   demand            2,755,603   2,529,388   2,702,710      8.9%       2.0% 
  Savings deposits   3,325,475   3,394,367   3,416,011     (2.0%)     (2.7%)
  Time deposits      3,383,338   4,013,950   3,578,998    (15.7%)     (5.5%)
                   ----------- ----------- -----------                      
                                                                            
  Total Deposits   $12,473,091 $12,525,739 $12,601,310     (0.4%)     (1.0%)
                   =========== =========== ===========                      
                                                                            
Short-term                                                                  
 borrowings, by                                                             
 type:                                                                      
  Customer                                                                  
   repurchase                                                               
   agreements      $   156,238 $   186,735 $   192,082    (16.3%)    (18.7%)
  Customer short-                                                           
   term promissory                                                          
   notes               119,691     156,828     124,628    (23.7%)     (4.0%)
  Federal funds                                                             
   purchased           592,470     253,470     170,261    133.7%     248.0% 
                   ----------- ----------- -----------                      
                                                                            
  Total Short-term                                             
             
   Borrowings      $   868,399 $   597,033 $   486,971     45.5%      78.3% 
                   =========== =========== ===========                      
                                                                            
                                                                            
FULTON FINANCIAL CORPORATION                                                
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)                     
dollars in thousands, except per-share data                                 
                                                                            
                                  Quarter Ended           % Change from     
                          ----------------------------  -----------------   
                           Dec 31    Dec 31    Sep 30    Dec 31    Sep 30   
                            2012      2011      2012      2011      2012    
                          --------  --------  --------  -------   -------   
                                                                            
Interest Income:                                                            
                                                                            
  Interest income         $155,560  $169,333  $161,060     (8.1%)    (3.4%) 
  Interest expense          23,338    30,874    25,179    (24.4%)    (7.3%) 
                          --------  --------  --------                      
                                                                            
    Net Interest Income    132,222   138,459   135,881     (4.5%)    (2.7%) 
  Provision for credit                                                      
   losses                   17,500    30,000    23,000    (41.7%)   (23.9%) 
                          --------  --------  --------                      
                                                                            
    Net Interest Income                                                     
     after Provision       114,722   108,459   112,881      5.8%      1.6%  
                                                                            
Non-Interest Income:                                                        
  Service charges on                                                        
   deposit accounts         15,642    15,277    15,651      2.4%     (0.1%) 
  Mortgage banking income   12,813     6,220    10,594    106.0%     20.9%  
  Other service charges                                                     
   and fees                 11,164    10,784    11,119      3.5%      0.4%  
  Investment management                                                     
   and trust services        9,611     8,727     9,429     10.1%      1.9%  
  Gain on sale of Global                                                    
   Exchange                  6,215         -         -    100.0%    100.0%  
  Investment securities                                                     
   gains                       195     3,054        42    (93.6%)   364.3%  
  Other                      3,936     4,286     5,169     (8.2%)   (23.9%) 
                          --------  --------  --------                      
                                                                            
    Total Non-Interest                                                      
     Income                 59,576    48,348    52,004     23.2%     14.6%  
                                                                            
Non-Interest Expenses:                                                      
  Salaries and employee                                                     
   benefits                 61,303    58,109    62,161      5.5%     (1.4%) 
  Net occupancy expense     11,362    10,973    11,161      3.5%      1.8%  
  Equipment expense          3,873     3,329     3,816     16.3%      1.5%  
  Data processing            3,713     3,482     3,776      6.6%     (1.7%) 
  Other outside services     3,528     2,595     4,996     36.0%    (29.4%) 
  Professional fees          3,228     2,961     2,728      9.0%     18.3%  
  FHLB advances                                                             
   prepayment penalty        3,007         -         -    100.0%    100.0%  
  FDIC insurance expense     2,944     2,730     3,029      7.8%     (2.8%) 
  Operating risk loss        2,627     1,022     1,404    157.0%     87.1%  
  Software                   2,562     2,254     2,511     13.7%      2.0%  
  Marketing                  2,537     3,045       648    (16.7%)   291.5%  
  OREO and repossession                                                     
   expense                   2,349     3,565     2,096    (34.1%)    12.1%  
  Other                     13,576    14,795    11,717     (8.2%)    15.9%  
                          --------  --------  --------                      
                                                                            
    Total Non-Interest                                                      
     Expenses              116,609   108,860   110,043      7.1%      6.0%  
                          --------  --------  --------                      
                                                                            
    Income Before Income                                                    
     Taxes                  57,689    47,947    54,842     20.3%      5.2%  
  Income tax expense        17,449    11,868    13,260     47.0%     31.6%  
                          --------  --------  --------                      
                                                                            
    Net Income            $ 40,240  $ 36,079  $ 41,582     11.5%     (3.2%) 
                          ========  ========  ========                      
                                                                            
                                                                            
PER SHARE:                                                                  
                                                                            
  Net income:                                                               
    Basic                 $   0.20  $   0.18  $   0.21     11.1%     (4.8%) 
    Diluted                   0.20      0.18      0.21     11.1%     (4.8%) 
                                                                            
  Cash dividends          $   0.08  $   0.06  $   0.08     33.3%        -   
  Shareholders' equity       10.45      9.95     10.36      5.0%      0.9%  
  Shareholders' equity                                                      
   (tangible)                 7.76      7.24      7.63      7.2%      1.7%  
                                                                            
  Weighted average shares                                                   
   (basic)                 198,161   199,239   198,956     (0.5%)    (0.4%) 
  Weighted average shares                                                   
   (diluted)               199,198   199,997   199,808     (0.4%)    (0.3%) 
  Shares outstanding, end                                                   
   of period               199,225   200,164   198,975     (0.5%)     0.1%  
                                                                            
SELECTED FINANCIAL                                                          
 RATIOS:                                                                    
                                                                            
  Return on average                                                         
   assets                     0.99%     0.88%     1.02%                     
  Return on average                                                         
   common shareholders'                                                     
   equity                     7.70%     7.16%     8.03%                     
  Return on average                                              
           
   common shareholders'                                                     
   equity (tangible)         10.53%    10.02%    11.02%                     
  Net interest margin         3.65%     3.81%     3.74%                     
  Efficiency ratio           59.17%    57.44%    56.91%                     
                                                                            
 
                                                       
                             Year Ended                
                                                       
                               Dec 31                  
                         ------------------            
                           2012      2011    % Change  
                         --------  --------  --------  
                                                       
Interest Income:                                       
                                                       
  Interest income        $647,496  $693,698      (6.7%)
  Interest expense        103,168   133,538     (22.7%)
                         --------  --------            
                                                       
    Net Interest Income   544,328   560,160      (2.8%)
  Provision for credit                                 
   losses                  94,000   135,000     (30.4%)
                         --------  --------            
                                                       
    Net Interest Income                                
     after Provision      450,328   425,160       5.9% 
                                                       
Non-Interest Income:                                   
  Service charges on                                   
   deposit accounts        61,502    58,078       5.9% 
  Mortgage banking income  44,600    25,674      73.7% 
  Other service charges                                
   and fees                44,345    47,482      (6.6%)
  Investment management                                
   and trust services      38,239    36,483       4.8% 
  Gain on sale of Global                               
   Exchange                 6,215         -     100.0% 
  Investment securities                                
   gains                    3,026     4,561     (33.7%)
  Other                    18,697    15,449      21.0% 
                         --------  --------            
                                                       
    Total Non-Interest                                 
     Income               216,624   187,727      15.4% 
                                                       
Non-Interest Expenses:                                 
  Salaries and employee                                
   benefits               243,915   227,435       7.2% 
  Net occupancy expense    44,663    44,003       1.5% 
  Equipment expense        14,243    12,870      10.7% 
  Data processing          14,936    13,541      10.3% 
  Other outside services   15,310     7,851      95.0% 
  Professional fees        11,522    12,159      (5.2%)
  FHLB advances                                        
   prepayment penalty       3,007         -     100.0% 
  FDIC insurance expense   11,996    14,480     (17.2%)
  Operating risk loss       9,454     1,328     611.9% 
  Software                  9,520     8,400      13.3% 
  Marketing                 8,240     9,667     (14.8%)
  OREO and repossession                                
   expense                 10,196     8,366      21.9% 
  Other                    52,504    56,376      (6.9%)
                         --------  --------            
                                                       
    Total Non-Interest                                 
     Expenses             449,506   416,476       7.9% 
                         --------  --------            
                                                       
    Income Before Income                               
     Taxes                217,446   196,411      10.7% 
  Income tax expense       57,601    50,838      13.3% 
                         --------  --------            
                                                       
    Net Income           $159,845  $145,573       9.8% 
                         ========  ========            
                                                       
                                                       
PER SHARE:                                             
                                                       
  Net income:                                          
    Basic                $   0.80  $   0.73       9.6% 
    Diluted                  0.80      0.73       9.6% 
                                                       
  Cash dividends         $   0.30  $   0.20      50.0% 
  Shareholders' equity      10.45      9.95       5.0% 
  Shareholders' equity                                 
   (tangible)                7.76      7.24       7.2% 
                                                       
  Weighted average shares                              
   (basic)                199,067   198,912       0.1% 
  Weighted average shares                              
   (diluted)              200,039   199,658       0.2% 
  Shares outstanding, end                              
   of period              199,225   200,164      (0.5%)
                                                       
SELECTED FINANCIAL                                     
 RATIOS:                                               
                                                       
  Return on average                                    
   assets                    0.98%     0.90%           
  Return on average                                    
   common shareholders'                                
   equity                    7.79%     7.45%           
  Return on average                                    
   common shareholders'                                
   equity (tangible)        10.73%    10.54%           
  Net interest margin        3.76%     3.90%           
  Efficiency ratio          57.63%    54.28%           
                                                       
                                                                            
FULTON FINANCIAL CORPORATION                                                
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)           
dollars in thousands                                                        
                                                    Quarter Ended           
                                         -----------------------------------
                                                 December 31, 2012          
                                         ---------------------------------  
                                           Average                  Yield/  
                                           Balance    Interest (1)   Rate   
                                         -----------  ------------  ------  
ASSETS                                                                      
                                                                            
Interest-earning assets:                                                    
  Loans, net of unearned income          $12,000,650  $    141,014    4.68% 
  Taxable investment securities            2,279,551        13,406    2.35% 
  Tax-exempt investment securities           286,400         3,857    5.39% 
  Equity securities                          117,333           984    3.35% 
                                         -----------  ------------  ------  
                                                                            
  Total Investment Securities              2,683,284        18,247    2.72% 
                                                                            
  Loans held for sale                         59,977           517    3.45% 
  Other interest-earning assets              145,170            4
5    0.12% 
                                         -----------  ------------  ------  
                                                                            
  Total Interest-earning Assets           14,889,081       159,823    4.28% 
                                                                            
Noninterest-earning assets:                                                 
  Cash and due from banks                    221,309                        
  Premises and equipment                     224,852                        
  Other assets                             1,067,484                        
  Less: allowance for loan losses           (235,563)                       
                                         -----------                        
                                                                            
  Total Assets                           $16,167,163                        
                                         ===========                        
                                                                            
                                                                            
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
                                                                            
Interest-bearing liabilities:                                               
  Demand deposits                        $ 2,684,063  $      1,055    0.16% 
  Savings deposits                         3,391,988         1,251    0.14% 
  Time deposits                            3,472,692         9,748    1.12% 
                                         -----------  ------------  ------  
                                                                            
  Total Interest-bearing Deposits          9,548,743        12,054    0.50% 
                                                                            
  Short-term borrowings                      488,310           156    0.13% 
  FHLB advances and long-term debt           914,013        11,128    4.86% 
                                         -----------  ------------  ------  
                                                                            
  Total Interest-bearing Liabilities      10,951,066        23,338    0.85% 
                                                                            
Noninterest-bearing liabilities:                                            
  Demand deposits                          2,953,861                        
  Other                                      182,890                        
                                         -----------                        
                                                                            
  Total Liabilities                       14,087,817                        
                                                                            
  Shareholders' equity                     2,079,346                        
                                         -----------                        
                                                                            
  Total Liabilities and Shareholders'                                       
   Equity                                $16,167,163                        
                                         ===========                        
                                                                            
  Net interest income/net interest                                          
   margin (fully taxable equivalent)                       136,485    3.65% 
                                                                    ======  
  Tax equivalent adjustment                                 (4,263)         
                                                      ------------          
                                                                            
  Net interest income                                 $    132,222          
                                                      ============          
 
                                                   Quarter Ended           
                                        -----------------------------------
                                                December 31, 2011          
                                        ---------------------------------  
                                          Average                  Yield/  
                                          Balance    Interest (1)   Rate   
                                        -----------  ------------  ------  
ASSETS                                                                     
                                                                           
Interest-earning assets:                                                   
  Loans, net of unearned income         $11,926,246  $    150,195    5.00% 
  Taxable investment securities           2,279,658        17,462    3.06% 
  Tax-exempt investment securities          307,713         4,340    5.64% 
  Equity securities                         121,219           774    2.55% 
                                        -----------  ------------  ------  
                                                                           
  Total Investment Securities             2,708,590        22,576    3.33% 
                                                                           
  Loans held for sale                        54,013           541    4.01% 
  Other interest-earning assets             192,574           133    0.27% 
                                        -----------  ------------  ------  
                                                                           
  Total Interest-earning Assets          14,881,423       173,445    4.63% 
                                                                           
Noninterest-earning assets:                                                
  Cash and due from banks                   282,993                        
  Premises and equipment                    207,744                        
  Other assets                            1,125,429                        
  Less: allowance for loan losses          (275,160)                       
                                        -----------                        
                                                                           
  Total Assets                          $16,222,429                        
                                        ===========                        
                                                                           
                                                                           
LIABILITIES AND SHAREHOLDERS' EQUITY                                       
                                                                           
Interest-bearing liabilities:                                              
  Demand deposits                       $ 2,462,551  $      1,243    0.20% 
  Savings deposits                        3,466,104         2,356    0.27% 
  Time deposits                           4,084,278        14,739    1.43% 
                                        -----------  ------------  ------  
                                                                           
  Total Interest-bearing Deposits        10,012,933        18,338    0.73% 
                                                                           
  Short-term borrowings                     463,659           173    0.15% 
  FHLB advances and long-term debt        1,025,683        12,363    4.80% 
                                        -----------  ------------  ------  
                                                                           
  Total Interest-bearing Liabilities     11,502,275        30,874    1.07% 
                                                                           
Noninterest-bearing liabilities:                                           
  Demand deposits                      
   2,529,548                        
  Other                                     192,806                        
                                        -----------                        
                                                                           
  Total Liabilities                      14,224,629                        
                                                                           
  Shareholders' equity                    1,997,800                        
                                        -----------                        
                                                                           
  Total Liabilities and Shareholders'                                      
   Equity                               $16,222,429                        
                                        ===========                        
                                                                           
  Net interest income/net interest                                         
   margin (fully taxable equivalent)                      142,571    3.81% 
                                                                   ======  
  Tax equivalent adjustment                                (4,112)         
                                                     ------------          
                                                                           
  Net interest income                                $    138,459          
                                                     ============          
 
                                                  Quarter Ended           
                                        --------------------------------- 
                                                September 30, 2012        
                                        --------------------------------- 
                                          Average                  Yield/ 
                                          Balance    Interest (1)   Rate  
            
                            -----------  ------------  ------ 
ASSETS                                                                    
                                                                          
Interest-earning assets:                                                  
  Loans, net of unearned income         $11,920,193  $    143,211    4.78%
  Taxable investment securities           2,392,043        16,658    2.78%
  Tax-exempt investment securities          286,225         3,936    5.50%
  Equity securities                         109,884           820    2.98%
                                        -----------  ------------  ------ 
                                                                          
  Total Investment Securities             2,788,152        21,414    3.07%
                                                                          
  Loans held for sale                        61,001           578    3.79%
  Other interest-earning assets             147,432            35    0.09%
                                        -----------  ------------  ------ 
                                                                          
  Total Interest-earning Assets          14,916,778       165,238    4.42%
                                                                          
Noninterest-earning assets:                                               
  Cash and due from banks                   221,946                       
  Premises and equipment                    222,544                       
  Other assets                            1,088,807                       
  Less: allowance for loan losses          (239,931)                      
                                        -----------                       
                                                                          
  Total Assets                          $16,210,144                       
                                        ===========                       
                                                                          
                                                                          
LIABILITIES AND SHAREHOLDERS' EQUITY                                      
                                                                          
Interest-bearing liabilities:                                             
  Demand deposits                       $ 2,608,202  $      1,071    0.16%
  Savings deposits                        3,364,109         1,431    0.17%
  Time deposits                           3,657,616        11,346    1.23%
                                        -----------  ------------  ------ 
                                                                          
  Total Interest-bearing Deposits         9,629,927        13,848    0.57%
                                                                          
  Short-term borrowings                     588,568           220    0.15%
  FHLB advances and long-term debt          908,767        11,111    4.88%
                                        -----------  ------------  ------ 
                                                                          
  Total Interest-bearing Liabilities     11,127,262        25,179    0.90%
                                                                          
Noninterest-bearing liabilities:                                          
  Demand deposits                         2,836,166                       
  Other                                     185,441                       
                                        -----------                       
                                                                          
  Total Liabilities                      14,148,869                       
                                                                          
  Shareholders' equity                    2,061,275                       
                                        -----------                       
                                                                          
  Total Liabilities and Shareholders'                                     
   Equity                               $16,210,144                       
                                        ===========                       
                                                                          
  Net interest income/net interest                                        
   margin (fully taxable equivalent)                      140,059    3.74%
                                                                   ====== 
  Tax equivalent adjustment                                (4,178)        
                                                     ------------         
                                                                          
  Net interest income                                $    135,881         
                                                     ============         
                                                                            
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and    
statutory interest expense disallowances.                                   
                                                                            
                                                                            
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:                   
                                                                            
                            Quarter Ended                % Change from      
                ------------------------------------ ---------------------  
                                                      December   September  
                December 31 December 31 September 30     31          30     
                    2012        2011        2012        2011        2012    
                ----------- ----------- ------------ ---------   ---------  
                                                  
                          
Loans, by type:                                                             
  Real estate -                                                             
   commercial                                                               
   mortgage     $ 4,623,158 $ 4,554,161 $  4,603,388       1.5%        0.4% 
  Commercial -                                                              
   industrial,                                                              
   financial                                                                
   and                                                                      
   agricultural   3,559,171   3,637,465    3,529,733      (2.2%)       0.8% 
  Real estate -                                                             
   home equity    1,611,868   1,628,406    1,597,230      (1.0%)       0.9% 
  Real estate -                                                             
   residential                                                              
   mortgage       1,223,589   1,066,463    1,200,752      14.7%        1.9% 
  Real estate -                                                             
   construction     593,351     641,485      605,910      (7.5%)      (2.1%)
  Consumer          305,766     326,818      304,235      (6.4%)       0.5% 
  Leasing and                                                               
   other             83,747      71,448       78,945      17.2%        6.1% 
                ----------- ----------- ------------                        
                                                                            
  Total Loans,                                                              
   net of                                                                   
   unearned                                                                 
   income       $12,000,650 $11,926,246 $ 11,920,193       0.6%        0.7% 
                =========== =========== ============                        
                                                                            
Deposits, by                                                                
 type:                                                                      
  Noninterest-                                                              
   bearing                                                                  
   demand       $ 2,953,861 $ 2,529,548 $  2,836,166      16.8%        4.1% 
  Interest-                                                                 
   bearing                                                                  
   demand         2,684,063   2,462,551    2,608,202       9.0%        2.9% 
  Savings                                                                   
   deposits       3,391,988   3,466,104    3,364,109      (2.1%)       0.8% 
  Time deposits   3,472,692   4,084,278    3,657,616     (15.0%)      (5.1%)
                ----------- ----------- ------------                        
                                                                            
  Total                                                                     
   Deposits     $12,502,604 $12,542,481 $ 12,466,093      (0.3%)       0.3% 
                =========== =========== ============                        
                                                                            
Short-term                                                                  
 borrowings, by                                                             
 type:                                                                      
  Customer                                                                  
   repurchase                                                               
   agreements   $   189,922 $   195,372 $    210,830      (2.8%)      (9.9%)
  Customer                                                                  
   short-term                                                               
   promissory                                                               
   notes            125,933     165,677      127,479     (24.0%)      (1.2%)
  Federal funds                                                             
   purchased                                                                
   and other        172,455     102,610      250,259      68.1%      (31.1%)
                ----------- ----------- ------------                        
                                                                            
  Total Short-                                                              
   term                                                                     
   Borrowings   $   488,310 $   463,659 $    588,568       5.3%      (17.0%)
                =========== =========== ============                        
                                                                            
                                                                            
                                                                            
FULTON FINANCIAL CORPORATION                                                
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)           
dollars in thousands                                                        
                                                                            
                                              Year ended December 31        
                                     ---------------------------------------
                                                      2012                  
                                     -------------------------------------  
                                       Average                              
                                       Balance    Interest (1)  Yield/Rate  
                                     -----------  ------------  ----------  
ASSETS                                                                      
                                                                            
Interest-earning assets:                                                    
  Loans, net of unearned income      $11,966,347  $    575,534        4.81% 
  Taxable investment securities        2,401,343        67,349        2.80% 
  Tax-exempt investment securities       287,763        15,942        5.54% 
  Equity securities                      112,448         3,291        2.93% 
                                     -----------  ------------  ----------  
                                                                            
  Total Investment Securities          2,801,554        86,582        3.09% 
                                                                            
  Loans held for sale                     54,351         2,064        3.80% 
  Other interest-earning assets          130,946           178        0.14% 
                                     -----------  ------------  ----------  
                                                                            
  Total Interest-earning Assets       14,953,198       664,358        4.45% 
                                                                            
Noninterest-earning assets:                                                 
  Cash and due from banks                234,880                            
  Premises and equipment                 219,236                            
  Other assets                         1,088,151                            
  Less: allowance for loan losses       (250,160)                           
                                     -----------                            
                                                                            
  Total Assets                       $16,245,305                            
                                     ===========                            
                                                                            
LIABILITIES AND SHAREHOLDERS' EQUITY                
                        
                                                                            
Interest-bearing liabilities:                                               
  Demand deposits                    $ 2,560,831  $      4,187        0.16% 
  Savings deposits                     3,347,606         6,002        0.18% 
  Time deposits                        3,717,556        46,706        1.26% 
                                     -----------  ------------  ----------  
                                                                            
  Total Interest-bearing Deposits      9,625,993        56,895        0.59% 
                                                                            
  Short-term borrowings                  690,883         1,068        0.15% 
  FHLB advances and long-term debt       933,727        45,205        4.84% 
                                     -----------  ------------  ----------  
                                                                            
  Total Interest-bearing Liabilities  11,250,603       103,168        0.92% 
                                                                            
Noninterest-bearing liabilities:                                            
  Demand deposits                      2,756,826                            
  Other                                  186,882                            
                                     -----------                            
                                                                            
  Total Liabilities                   14,194,311                            
                                                                            
  Shareholders' equity                 2,050,994                            
                                     -----------                            
                                                                            
  Total Liabilities and                                                     
   Shareholders' Equity              $16,245,305                            
                                     ===========                            
                                                                            
  Net interest income/net interest margin (fully                            
   taxable equivalent)                                 561,190        3.76% 
                                                                ==========  
  Tax equivalent adjustment                            (16,862)             
                                                  ------------              
                                                                            
  Net interest income                             $    544,328              
                                                  ============              
 
                                                                          
                                            Year ended December 31        
                                    ------------------------------------- 
                                                     2011                 
                                    ------------------------------------- 
                                      Average                             
                                      Balance    Interest (1)  Yield/Rate 
                                    -----------  ------------  ---------- 
ASSETS                                                                    
                                                                          
Interest-earning assets:                                                  
  Loans, net of unearned income     $11,904,529  $    605,671        5.09%
  Taxable investment securities       2,223,376        80,184        3.61%
  Tax-exempt investment securities      330,087        18,521        5.61%
  Equity securities                     126,766         3,078        2.43%
                                    -----------  ------------  ---------- 
                                                                          
  Total Investment Securities         2,680,229       101,783        3.80%
                                                                          
  Loans held for sale                    43,470         1,958        4.50%
  Other interest-earning assets         160,664           358        0.22%
                                    -----------  ------------  ---------- 
                                                                          
  Total Interest-earning Assets      14,788,892       709,770        4.80%
                                                                          
Noninterest-earning assets:                                               
  Cash and due from banks               274,527                           
  Premises and equipment                207,081                           
  Other assets                        1,108,359                           
  Less: allowance for loan losses      (276,278)                          
                                    -----------                           
                                                                          
  Total Assets                      $16,102,581                           
                                    ===========                           
                                                                          
LIABILITIES AND SHAREHOLDERS' EQUITY                                      
                                                                          
Interest-bearing liabilities:                                             
  Demand deposits                   $ 2,391,043  $      5,312        0.22%
  Savings deposits                    3,359,109        11,536        0.34%
  Time deposits                       4,297,106        66,235        1.54%
                                    -----------  ------------  ---------- 
                                                                          
  Total Interest-bearing Deposits    10,047,258        83,083        0.83%
                                                                          
  Short-term borrowings                 495,791           746        0.15%
  FHLB advances and long-term debt    1,034,475        49,709        4.81%
                                    -----------  ------------  ---------- 
                                                                          
  Total Interest-bearing Liabilities 11,577,524       133,538        1.15%
                                                                          
Noninterest-bearing liabilities:                                          
  Demand deposits                     2,400,293                           
  Other                                 171,368                           
                                    -----------                           
                                                                          
  Total Liabilities                  14,149,185                           
                                                                          
  Shareholders' equity                1,953,396                           
                                    -----------                           
                                                                          
  Total Liabilities and                                                   
   Shareholders' Equity             $16,102,581                           
                                    ===========                           
                                                                          
  Net interest income/net interest                                        
   margin (fully taxable equivalent)                  576,232        3.90%
                                                               ========== 
  Tax equivalent adjustment                           (16,072)            
                                  
               ------------             
                                                                          
  Net interest income                            $    560,160             
                                                 ============             
                                                                            
(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and    
statutory interest expense disallowances.                                   
                                                                            
                                                                            
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:                   
                                                                            
                                             Year Ended                     
                                            December 31                     
                                     -------------------------              
                                         2012         2011       % Change   
                                     ------------ ------------ -----------  
                                                                            
Loans, by type:                                                             
  Real estate - commercial mortgage  $  4,619,587 $  4,458,205         3.6% 
  Commercial - industrial, financial                                        
   and agricultural                     3,551,056    3,681,321        (3.5%)
  Real estate - home equity             1,605,088    1,627,308        (1.4%)
  Real estate - residential mortgage    1,185,516    1,036,474        14.4% 
  Real estate - construction              620,166      700,071       (11.4%)
  Consumer                                307,154      332,613        (7.7%)
  Leasing and other                        77,780       68,537        13.5% 
                                     ------------ ------------              
                                                                            
  Total Loans, net of unearned                                              
   income                            $ 11,966,347 $ 11,904,529         0.5% 
                                     ============ ============              
                                                                            
Deposits, by type:                                                          
  Noninterest-bearing demand         $  2,756,826 $  2,400,293        14.9% 
  Interest-bearing demand               2,560,831    2,391,043         7.1% 
  Savings deposits                      3,347,606    3,359,109        (0.3%)
  Time deposits                         3,717,556    4,297,106       (13.5%)
                                     ------------ ------------              
                                                                            
  Total Deposits                     $ 12,382,819 $ 12,447,551        (0.5%)
                                     ============ ============              
                                                                            
Short-term borrowings, by type:                                             
  Customer repurchase agreements     $    206,842 $    208,144        (0.6%)
  Customer short-term promissory                                            
   notes                                  138,632      174,624       (20.6%)
  Federal funds purchased and other       345,409      113,023       205.6% 
                                     ------------ ------------              
                                                                            
  Total Short-term Borrowings        $    690,883 $    495,791        39.3% 
                                     ============ ============              
                                                                            
                                                                            
                                                                            
FULTON FINANCIAL CORPORATION                                                
ASSET QUALITY INFORMATION (UNAUDITED)                                       
dollars in thousands                                                        
                                                                            
                                 Quarter Ended              Year Ended      
                         ----------------------------       December 31     
                          Dec 31    Dec 31    Sep 30   -------------------- 
                           2012      2011      2012       2012       2011   
                         --------  --------  --------  ---------  --------- 
ALLOWANCE FOR CREDIT                                                        
 LOSSES:                                                                    
                                                                            
  Balance at beginning                                                      
   of period             $235,268  $268,817  $237,316  $ 258,177  $ 275,498 
                                                                            
  Loans charged off:                                                        
    Commercial -                                                            
     industrial,                                                            
     financial and                                                          
     agricultural         (12,711)   (8,719)  (10,471)   (41,868)   (52,301)
    Real estate -                                                           
     commercial mortgage   (8,935)   (3,189)   (7,463)   (51,988)   (26,032)
    Real estate - home                                                      
     equity                (3,464)   (2,121)   (1,688)   (10,147)    (6,397)
    Consumer               (1,533)     (683)     (685)    (3,323)    (3,289)
    Real estate -                                                           
     residential                                                            
     mortgage              (1,500)  (18,316)     (670)    (4,509)   (32,533)
    Real estate -                                                           
     construction            (873)   (8,716)   (8,364)   (26,250)   (38,613)
    Leasing and other        (585)     (496)     (625)    (2,281)    (2,168)
                         --------  --------  --------  ---------  --------- 
    Total loans charged                                                     
     off                  (29,601)  (42,240)  (29,966)  (140,366)  (161,333)
  Recoveries of loans                                                       
   charged off:                                                             
    Commercial -                                                            
     industrial,                                                            
     financial and                                                          
     agricultural           1,236       432     1,693      4,282      2,521 
    Real estate -                                                           
     commercial mortgage       85         -     1,317      3,371      1,967 
    Real estate - home                                                      
     equity                    63        37       343        704         63 
    Consumer                  274       335       202      1,107      1,368 
    Real estate -                                                           
     residential                                                            
     mortgage                 290        55        25        459        325 
    Real estate -                                                           
     construction             171       509     1,040      2,814      1,746 
    Leasing and other         153       232       298        891      1,022 
                         --------  -------- 
 --------  ---------  --------- 
    Recoveries of loans                                                     
     previously charged                                                     
     off                    2,272     1,600     4,918     13,628      9,012 
                         --------  --------  --------  ---------  --------- 
  Net loans charged off   (27,329)  (40,640)  (25,048)  (126,738)  (152,321)
  Provision for credit                                                      
   losses                  17,500    30,000    23,000     94,000    135,000 
                         --------  --------  --------  ---------  --------- 
                                                                            
  Balance at end of                                                         
   period                $225,439  $258,177  $235,268  $ 225,439  $ 258,177 
                         ========  ========  ========  =========  ========= 
                                                                            
  Net charge-offs to                                                        
   average loans                                                            
   (annualized)              0.91%     1.36%     0.84%      1.06%      1.28%
                         ========  ========  ========  =========  ========= 
                                                                            
NON-PERFORMING ASSETS:                                                      
                                                                            
Non-accrual loans        $184,832  $257,761  $185,791                       
Loans 90 days past due                                                      
 and accruing              26,221    28,767    27,035                       
                         --------  --------  --------                       
  Total non-performing                                                      
   loans                  211,053   286,528   212,826                       
Other real estate owned    26,146    30,803    29,217                       
                         --------  --------  --------                       
                                                                            
Total non-performing                                                        
 assets                  $237,199  $317,331  $242,043                       
                         ========  ========  ========                       
                                                                            
NON-PERFORMING LOANS, BY                                                    
 TYPE:                                                                      
                                                                            
Commercial - industrial,                                                    
 financial and                                                              
 agricultural            $ 66,954  $ 80,944  $ 73,879                       
Real estate - commercial                                                    
 mortgage                  57,120   113,806    64,609                       
Real estate -                                                               
 residential mortgage      34,436    16,336    24,910                       
Real estate -                                                               
 construction              32,005    60,744    32,742                       
Real estate - home                                                          
 equity                    15,519    11,207    12,644                       
Consumer                    5,000     3,384     3,942                       
Leasing                        19       107       100                       
                         --------  --------  --------                       
                                                                            
Total non-performing                                                        
 loans                   $211,053  $286,528  $212,826                       
                         ========  ========  ========                       
                                                                            
                                                                            
DELINQUENCY RATES, BY TYPE:                                                 
                                                                            
                December 31, 2012    December 31, 2011   September 30, 2012 
               ------------------- -------------------- ------------------- 
                      > / =               > / =                > / =        
               31-89 90 Days       31-89 90 Days        31-89 90 Days       
                Days   (1)   Total  Days   (1)    Total  Days   (1)   Total 
               ----- ------- ----- ----- ------- ------ ----- ------- ----- 
                                                                            
Real estate -                                                               
 commercial                                                                 
 mortgage       0.46%   1.22% 1.68% 0.56%   2.47%  3.03% 0.46%   1.39% 1.85%
Commercial -                                                                
 industrial,                                                                
 financial and                                                              
 agricultural   0.46%   1.85% 2.31% 0.41%   2.23%  2.64% 0.45%   2.11% 2.56%
Real estate -                                                               
 construction   0.23%   5.44% 5.67% 1.55%   9.87% 11.42% 0.95%   5.48% 6.43%
Real estate -                                                               
 residential                                                                
 mortgage       2.56%   2.74% 5.30% 3.38%   1.49%  4.87% 2.66%   2.05% 4.71%
Real estate -                                                               
 home equity    0.77%   0.96% 1.73% 0.72%   0.69%  1.41% 0.85%   0.78% 1.63%
Consumer,                                                                   
 leasing and                                                                
 other          1.72%   1.27% 2.99% 1.92%   0.90%  2.82% 1.85%   1.07% 2.92%
               ----- ------- ----- ----- ------- ------ ----- ------- ----- 
                                                                            
Total           0.75%   1.74% 2.49% 0.89%   2.39%  3.28% 0.80%   1.78% 2.58%
               ===== ======= ===== ===== ======= ====== ===== ======= ===== 
                                                                            
(1) Includes non-accrual loans                                              
                                                                            
                                                                            
ASSET QUALITY RATIOS:                                                       
                                                   Dec 31   Dec 31   Sep 30 
                                                    2012     2011     2012  
                                                  -------  -------  ------- 
                                                                            
Non-accrual loans to total loans                     1.52%    2.15%    1.56%
Non-performing assets to total loans and OREO        1.95%    2.64%    2.02%
Non-performing assets to total assets                1.44%    1.94%    1.49%
Allowance for credit losses to loans outstanding     1.86%    2.16%    1.97%
Allowance for credit losses to non-performing                               
 loans                                             106.82%   90.11%  110.54%
Non-performing assets to tangible common                                    
 shareholders' equity and allowance for credit                              
 losses                                             13.39%   18.60%   13.80%

Media Contact: Laura J. Wakeley (717) 291-2616

Investor Contact: David C. Hostetter (717) 291-2456

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