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Fulton Financial Corporation Announces 2024 Fourth Quarter and Full-Year Results
LANCASTER, Pa., Jan. 21, 2025 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $66.1 million, or $0.36 per diluted share, for the fourth quarter of 2024, an increase of $5.4 million, or $0.03 per share, in comparison to the third quarter of 2024. Operating net income available to common shareholders for the three months ended December 31, 2024 was $88.9 million, or $0.48 per diluted share(1), a decrease of $2.4 million, or $0.02 per share, in comparison to the third quarter of 2024. Net income available to common shareholders for the year ended December 31, 2024 was $278.5 million, or $1.57 per diluted share, an increase of $4.5 million, and a decrease of $0.07 per diluted share in comparison to the year ended December 31, 2023. Operating net income available to common shareholders for the year ended December 31, 2024 was $328.1 million, or $1.85 per diluted share(1), an increase of $43.1 million, or $0.14 per diluted share, in comparison to the year ended December 31, 2023.
"2024 was a record year for Fulton. Operating diluted earnings per share of $1.85 represents an 8% increase over the prior year," said Curtis J. Myers, Chairman and CEO of Fulton. "We made significant progress, both operationally and strategically, and are now realizing the benefits of these efforts in our results. With a strong quarter and year, we are very excited and well positioned for continued success in 2025."
Financial Highlights
Fourth quarter of 2024 operating results of $0.48 per diluted share were impacted by the following items:
- Solid net interest margin of 3.41%, with a decrease in total cost of funds of 14 basis points compared to the prior quarter.
- Non-interest expense decreased $9.5 million to $216.6 million compared to $226.1 million in the prior quarter. Operating non-interest expense decreased $5.5 million to $190.7 million(1) compared to $196.2 million in the prior quarter.
- Provision for credit losses was $16.7 million resulting in an allowance for credit losses attributable to net loans of $379.2 million, or 1.58% of total net loans at December 31, 2024.
- Average noninterest-bearing deposits increased $62.2 million compared to the prior quarter.
- Common equity tier 1 capital ratio(2) increased to approximately 10.6% compared to 10.5% in the prior quarter.
- Acquisition-related(3) expenses of $9.6 million.
- FultonFirst implementation and asset disposal costs of $10.0 million, including $8.5 million in connection with the Corporation's plan to consolidate fifteen financial centers in early 2025.
The following items highlight notable changes in the components of net income in the fourth quarter of 2024 compared to the third quarter of 2024:
- Net interest income totaled $253.7 million, a decrease of $4.4 million, which was largely due to a decline in short-term interest rates. A decrease in interest income on net loans of $15.4 million was partially offset by a decrease in interest expense on interest-bearing liabilities of $8.9 million. An increase in interest income on investment securities of $6.8 million was partially offset by a decrease in interest income on other interest-earning assets of $4.6 million. $1.1 million in fees were realized during the quarter due to early payoffs in the leasing portfolio. Purchase loan mark accretion from loans acquired in the Acquisition was $13.9 million in the fourth quarter of 2024 compared to $14.5 million in the prior quarter.
- Non-interest income before investment securities gains (losses) was $65.9 million compared to $59.7 million in the prior quarter. The increase was primarily due to a $5.0 million change in the gain on acquisition (net of tax). A $2.7 million reduction in the gain on acquisition (net of tax) was recorded in the fourth quarter of 2024.
- Non-interest expense was $216.6 million compared to $226.1 million in the prior quarter. The decrease was largely due to a $10.9 million decrease in employee salaries and benefits expense, a $4.6 million decrease in acquisition-related expense and a $2.6 million decrease in net occupancy expense, partially offset by $7.8 million of fixed asset and disposal costs in connection with planned FultonFirst financial center consolidations. The decrease in employee salaries and benefits expense was driven by a $4.9 million decrease in employee severance costs related to the FultonFirst initiative, a $3.4 million decrease due to cost savings realized related to the Acquisition and a $2.5 million decrease in employee incentive compensation costs.
Balance Sheet Summary
- Net loans totaled $24.0 billion, a decrease of $131.2 million, compared to $24.2 billion as of September 30, 2024. The decline in balance was due to a net decrease of $168.1 million in commercial and other loans(4), partially offset by an increase of $36.9 million in consumer loans(4).
- Deposits totaled $26.1 billion, a decrease of $22.7 million, compared to $26.2 billion as of September 30, 2024. The decrease was primarily due to a decrease of $136.8 million in time deposits, partially offset by increases of $64.1 million in interest-bearing demand deposits and $51.5 million in savings deposits.
Provision for Credit Losses and Asset Quality
- The provision for credit losses was $16.7 million in the fourth quarter of 2024, resulting in an allowance for credit losses attributable to net loans of $379.2 million, or 1.58% of total net loans at December 31, 2024, compared to $376.0 million, or 1.56% of total net loans at September 30, 2024.
- Non-performing assets were $222.7 million, or 0.69% of total assets, at December 31, 2024, in comparison to $205.0 million, or 0.64% of total assets, at September 30, 2024.
- Net charge-offs for the fourth quarter of 2024 were 0.22% of total average loans in comparison to 0.18% in the prior quarter.
Additional information on Fulton is available on the Internet at www.fultonbank.com.
| (1) | Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release. |
| (2) | Regulatory capital ratios as of December 31, 2024 are preliminary estimates and prior periods are actual. |
| (3) | On April 26, 2024, the Corporation announced that its wholly owned banking subsidiary, Fulton Bank, National Association ("Fulton Bank"), acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank ("Republic Bank"), from the Federal Deposit Insurance Corporation (the "FDIC"), as receiver for Republic Bank (the Acquisition"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 (the "Acquisition Date"), among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank. |
| (4) | Commercial loans includes real estate - commercial mortgage, commercial and industrial, leases and other loans and includes an increase in commercial construction loans of $53.4 million, reflected in real estate - construction. Consumer loans includes real estate - residential mortgage, real estate - home equity, consumer and includes an increase of $8.6 million in residential construction loans, reflected in real estate - construction. |
Safe Harbor Statement
This press 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," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).
Non-GAAP Financial Measures
The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.
| FULTON FINANCIAL CORPORATION | | | | | | | | |||
| SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) | | | | | | | | |||
| (dollars in thousands, except per share and shares data) | | | | | | | | |||
| | Three months ended | | ||||||||
| | Dec 31 | | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | |
| | 2024 | | 2024 | | 2024 | | 2024 | | 2023 | |
| Ending Balances | | | | | | | | | | |
| Investment securities | $ 4,806,468 | | $ 4,545,278 | | $ 4,184,027 | | $ 3,783,392 | | $ 3,666,274 | |
| Net loans | 24,044,919 | | 24,176,075 | | 24,106,297 | | 21,444,483 | | 21,351,094 | |
| Total assets | 32,065,059 | | 32,185,726 | | 31,769,813 | | 27,642,957 | | 27,571,915 | |
| Deposits | 26,129,433 | | 26,152,144 | | 25,559,654 | | 21,741,950 | | 21,537,623 | |
| Shareholders' equity | 3,197,325 | | 3,203,943 | | 3,101,609 | | 2,757,679 | | 2,760,139 | |
| | | | | | | | | | | |
| Average Balances | | | | | | | | | | |
| Investment securities(1) | 4,771,537 | | 4,237,805 | | 4,043,136 | | 3,672,844 | | 3,665,261 | |
| Net loans | 24,068,784 | | 24,147,801 | | 23,345,914 | | 21,370,033 | | 21,255,779 | |
| Total assets | 32,098,852 | | 31,895,235 | | 30,774,891 | | 27,427,626 | | 27,397,671 | |
| Deposits | 26,313,378 | | 25,778,259 | | 24,642,954 | | 21,378,754 | | 21,476,548 | |
| Shareholders' equity | 3,219,026 | | 3,160,322 | | 2,952,671 | | 2,766,945 | | 2,618,024 | |
| | | | | | | | | | | |
| Income Statement | | | | | | | | | | |
| Net interest income | 253,659 | | 258,009 | | 241,720 | | 206,937 | | 212,006 | |
| Provision for credit losses | 16,725 | | 11,929 | | 32,056 | | 10,925 | | 9,808 | |
| Non-interest income | 65,924 | | 59,673 | | 92,994 | | 57,140 | | 59,378 | |
| Non-interest expense | 216,615 | | 226,089 | | 199,488 | | 177,600 | | 180,552 | |
| Income before taxes | 86,243 | | 79,664 | | 103,170 | | 75,552 | | 81,024 | |
| Net income available to common shareholders | 66,058 | | 60,644 | | 92,413 | | 59,379 | | 61,701 | |
| | | | | | | | | | | |
| Per Share | | | | | | | | | | |
| Net income available to common shareholders (basic) | $0.36 | | $0.33 | | $0.53 | | $0.36 | | $0.38 | |
| Net income available to common shareholders (diluted) | $0.36 | | $0.33 | | $0.52 | | $0.36 | | $0.37 | |
| Operating net income available to common shareholders(2) | $0.48 | | $0.50 | | $0.47 | | $0.40 | | $0.42 | |
| Cash dividends | $0.18 | | $0.17 | | $0.17 | | $0.17 | | $0.17 | |
| Common shareholders' equity | $16.50 | | $16.55 | | $16.00 | | $15.82 | | $15.67 | |
| Common shareholders' equity (tangible)(2) | $13.01 | | $13.02 | | $12.43 | | $12.37 | | $12.25 | |
| Weighted average shares (basic) | 182,032 | | 181,905 | | 175,305 | | 162,706 | | 163,975 | |
| Weighted average shares (diluted) | 183,867 | | 183,609 | | 176,934 | | 164,520 | | 165,650 | |
| (1) Average balances include related unrealized holding gains (losses) for available for sale ("AFS") securities.. | ||||||||||
| (2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. | | |||||||||
| | | | | | | | | | | |
| | Three months ended | | ||||||||
| | Dec 31 | | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | |
| | 2024 | | 2024 | | 2024 | | 2024 | | 2023 | |
| Asset Quality | | | | | | | | | | |
| Net charge-offs to average loans | 0.22 % | | 0.18 % | | 0.19 % | | 0.16 % | | 0.15 % | |
| Non-performing loans to total net loans | 0.92 % | | 0.84 % | | 0.72 % | | 0.73 % | | 0.72 % | |
| Non-performing assets to total assets | 0.69 % | | 0.64 % | | 0.55 % | | 0.57 % | | 0.56 % | |
| ACL - loans(1) to total loans | 1.58 % | | 1.56 % | | 1.56 % | | 1.39 % | | 1.37 % | |
| ACL - loans(1) to non-performing loans | 172 % | | 186 % | | 218 % | | 191 % | | 191 % | |
| | | | | | | | | | | |
| Profitability | | | | | | | | | | |
| Return on average assets | 0.85 % | | 0.79 % | | 1.24 % | | 0.91 % | | 0.93 % | |
| Operating return on average assets(2) | 1.14 % | | 1.17 % | | 1.11 % | | 1.00 % | | 1.03 % | |
| Return on average common shareholders' equity | 8.68 % | | 8.13 % | | 13.47 % | | 9.28 % | | 10.09 % | |
| Operating return on average common shareholders' equity (tangible)(2) | 14.83 % | | 15.65 % | | 15.56 % | | 13.08 % | | 14.68 % | |
| Net interest margin | 3.41 % | | 3.49 % | | 3.43 % | | 3.32 % | | 3.36 % | |
| Efficiency ratio(2) | 58.4 % | | 59.6 % | | 62.6 % | | 63.2 % | | 62.0 % | |
| Non-interest expense to total average assets | 2.68 % | | 2.82 % | | 2.61 % | | 2.60 % | | 2.61 % | |
| Operating non-interest expense to total average assets(2) | 2.36 % | | 2.45 % | | 2.55 % | | 2.49 % | | 2.47 % | |
| | | | | | | | | | | |
| Capital Ratios(3) | | | | | | | | | | |
| Tangible common equity ratio ("TCE")(2) | 7.5 % | | 7.5 % | | 7.3 % | | 7.4 % | | 7.4 % | |
| Tier 1 leverage ratio | 9.0 % | | 9.0 % | | 9.2 % | | 9.3 % | | 9.5 % | |
| Common equity Tier 1 capital ratio | 10.6 % | | 10.5 % | | 10.3 % | | 10.3 % | | 10.3 % | |
| Tier 1 risk-based capital ratio | 11.4 % | | 11.3 % | | 11.1 % | | 11.1 % | | 11.2 % | |
| Total risk-based capital ratio | 14.1 % | | 14.0 % | | 13.8 % | | 14.0 % | | 14.0 % | |
| | | | | | | | | | | |
| (1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures. | | |||||||||
| (2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. | | |||||||||
| (3) Regulatory capital ratios as of December 31, 2024 are preliminary estimates and prior periods are actual.
| | |||||||||
| FULTON FINANCIAL CORPORATION | | | ||||||||
| CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | | | ||||||||
| (dollars in thousands) | | | ||||||||
| | | | | | | | | | | |
| | | Dec 31 | | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 |
| | | 2024 | | 2024 | | 2024 | | 2024 | | 2023 |
| ASSETS | | | | | | | | | ||
| | Cash and due from banks | $ 279,041 | | $ 296,500 | | $ 333,238 | | $ 247,581 | | $ 300,343 |
| | Other interest-earning assets | 924,404 | | 1,287,392 | | 1,188,341 | | 231,389 | | 373,772 |
| | Loans held for sale | 25,618 | | 17,678 | | 26,822 | | 10,624 | | 15,158 |
| | Investment securities | 4,806,468 | | 4,545,278 | | 4,184,027 | | 3,783,392 | | 3,666,274 |
| | Net loans | 24,044,919 | | 24,176,075 | | 24,106,297 | | 21,444,483 | | 21,351,094 |
| | Less: ACL - loans(1) | (379,156) | | (375,961) | | (375,941) | | (297,888) | | (293,404) |
| | Loans, net | 23,665,763 | | 23,800,114 | | 23,730,356 | | 21,146,595 | | 21,057,690 |
| | Net premises and equipment | 195,527 | | 171,731 | | 180,642 | | 213,541 | | 222,881 |
| | Accrued interest receivable | 117,029 | | 115,903 | | 120,752 | | 107,089 | | 107,972 |
| | Goodwill and intangible assets | 635,458 | | 641,739 | | 648,026 | | 560,114 | | 560,687 |
| | Other assets | 1,415,751 | | 1,309,391 | | 1,357,609 | | 1,342,632 | | 1,267,138 |
| | Total Assets | $ 32,065,059 | | $ 32,185,726 | | $ 31,769,813 | | $ 27,642,957 | | $ 27,571,915 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | ||
| | Deposits | $ 26,129,433 | | $ 26,152,144 | | $ 25,559,654 | | $ 21,741,950 | | $ 21,537,623 |
| | Borrowings | 1,782,048 | | 2,052,227 | | 2,178,597 | | 2,296,040 | | 2,487,526 |
| | Other liabilities | 956,253 | | 777,412 | | 929,953 | | 847,288 | | 786,627 |
| | Total Liabilities | 28,867,734 | | 28,981,783 | | 28,668,204 | | 24,885,278 | | 24,811,776 |
| | Shareholders' equity | 3,197,325 | | 3,203,943 | | 3,101,609 | | 2,757,679 | | 2,760,139 |
| | Total Liabilities and Shareholders' Equity | $ 32,065,059 | | $ 32,185,726 | | $ 31,769,813 | | $ 27,642,957 | | $ 27,571,915 |
| | | | | | | | | | | |
| LOANS, DEPOSITS AND BORROWINGS DETAIL: | | | | | | | ||||
| Loans, by type: | | | | | | | | | ||
| | Real estate - commercial mortgage | $ 9,601,858 | | $ 9,493,479 | | $ 9,289,770 | | $ 8,252,117 | | $ 8,127,728 |
| | Commercial and industrial | 4,605,589 | | 4,914,734 | | 4,967,796 | | 4,467,589 | | 4,545,552 |
| | Real estate - residential mortgage | 6,349,643 | | 6,302,624 | | 6,248,856 | | 5,395,720 | | 5,325,923 |
| | Real estate - home equity | 1,160,616 | | 1,144,402 | | 1,120,878 | | 1,040,335 | | 1,047,184 |
| | Real estate - construction | 1,394,899 | | 1,332,954 | | 1,463,799 | | 1,249,199 | | 1,239,075 |
| | Consumer | 616,856 | | 651,717 | | 692,086 | | 698,421 | | 729,318 |
| | Leases and other loans(2) | 315,458 | | 336,165 | | 323,112 | | 341,102 | | 336,314 |
| | Total Net Loans | $ 24,044,919 | | $ 24,176,075 | | $ 24,106,297 | | $ 21,444,483 | | $ 21,351,094 |
| Deposits, by type: | | | | | | | | | ||
| | Noninterest-bearing demand | $ 5,499,760 | | $ 5,501,699 | | $ 5,609,383 | | $ 5,086,514 | | $ 5,314,094 |
| | Interest-bearing demand | 7,843,604 | | 7,779,472 | | 7,478,077 | | 5,521,017 | | 5,722,695 |
| | Savings | 7,792,114 | | 7,740,595 | | 7,563,495 | | 6,846,038 | | 6,616,901 |
| | Total demand and savings | 21,135,478 | | 21,021,766 | | 20,650,955 | | 17,453,569 | | 17,653,690 |
| | Brokered | 843,857 | | 843,473 | | 995,975 | | 1,152,427 | | 1,144,692 |
| | Time | 4,150,098 | | 4,286,905 | | 3,912,724 | | 3,135,954 | | 2,739,241 |
| | Total Deposits | $ 26,129,433 | | $ 26,152,144 | | $ 25,559,654 | | $ 21,741,950 | | $ 21,537,623 |
| Borrowings, by type: | | | | | | | | | ||
| | Federal funds purchased | $ — | | $ — | | $ — | | $ — | | $ 240,000 |
| | Federal Home Loan Bank advances | 850,000 | | 950,000 | | 750,000 | | 900,000 | | 1,100,000 |
| | Senior debt and subordinated debt | 367,316 | | 535,917 | | 535,741 | | 535,566 | | 535,384 |
| | Other borrowings | 564,732 | | 566,310 | | 892,856 | | 860,474 | | 612,142 |
| | Total Borrowings | $ 1,782,048 | | $ 2,052,227 | | $ 2,178,597 | | $ 2,296,040 | | $ 2,487,526 |
| | | | | | | | | | | |
| (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | ||||||||||
| (2) Includes equipment lease financing, overdraft and net origination fees and costs. | ||||||||||
| | | | | | | | | | | |
| FULTON FINANCIAL CORPORATION | | | | | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | | | | | |||||||||||
| (dollars in thousands, except per share and share data) | | | | | |||||||||||
| | | | Three months ended | | Year ended | ||||||||||
| | | | Dec 31 | | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Dec 31 | ||
| | | | 2024 | | 2024 | | 2024 | | 2024 | | 2023 | | 2024 | | 2023 |
| Net Interest Income: | | | | | | | | | | | | | | | |
| | Interest income | | $ 414,368 | | $ 427,656 | | $ 400,506 | | $ 339,666 | | $ 338,134 | | $ 1,582,196 | | $ 1,273,236 |
| | Interest expense | | 160,709 | | 169,647 | | 158,786 | | 132,729 | | 126,128 | | 621,871 | | 418,950 |
| | Net Interest Income | | 253,659 | | 258,009 | | 241,720 | | 206,937 | | 212,006 | | 960,325 | | 854,286 |
| | Provision for credit losses | | 16,725 | | 11,929 | | 32,056 | | 10,925 | | 9,808 | | 71,636 | | 54,036 |
| | Net Interest Income after Provision | | 236,934 | | 246,080 | | 209,664 | | 196,012 | | 202,198 | | 888,689 | | 800,250 |
| Non-Interest Income: | | | | | | | | | | | | | | | |
| | Wealth management | | 22,002 | | 21,596 | | 20,990 | | 20,155 | | 19,388 | | 84,743 | | 75,541 |
| | Commercial banking: | | | | | | | | | | | | | | |
| | Merchant and card | | 7,082 | | 7,496 | | 7,798 | | 6,808 | | 7,045 | | 29,186 | | 29,205 |
| | Cash management | | 7,633 | | 7,201 | | 6,966 | | 6,305 | | 6,030 | | 28,106 | | 23,340 |
| | Capital markets | | 2,797 | | 3,311 | | 2,585 | | 2,341 | | 4,258 | | 11,033 | | 15,654 |
| | Other commercial banking | | 4,942 | | 4,281 | | 4,061 | | 3,375 | | 3,447 | | 16,657 | | 12,961 |
| | Total commercial banking | | 22,454 | | 22,289 | | 21,410 | | 18,829 | | 20,780 | | 84,982 | | 81,160 |
| | Consumer banking: | | | | | | | | | | | | | | |
| | Card | | 8,064 | | 7,917 | | 8,305 | | 6,628 | | 6,739 | | 30,914 | | 26,343 |
| | Overdraft | | 3,644 | | 3,957 | | 3,377 | | 2,786 | | 2,991 | | 13,764 | | 11,416 |
| | Other consumer banking | | 2,601 | | 3,054 | | 2,918 | | 2,254 | | 2,357 | | 10,826 | | 9,438 |
| | Total consumer banking | | 14,309 | | 14,928 | | 14,600 | | 11,668 | | 12,087 | | 55,504 | | 47,197 |
| | Mortgage banking | | 3,759 | | 3,142 | | 3,951 | | 3,090 | | 2,288 | | 13,943 | | 10,388 |
| | Gain on acquisition, net of tax | | (2,689) | | (7,706) | | 47,392 | | — | | — | | 36,996 | | — |
| | Other | | 6,089 | | 5,425 | | 4,933 | | 3,398 | | 5,587 | | 19,846 | | 14,125 |
| | Non-interest income before investment securities gains (losses) | | 65,924 | | 59,674 | | 113,276 | | 57,140 | | 60,130 | | 296,014 | | 228,411 |
| | Investment securities losses, net | | — | | (1) | | (20,282) | | — | | (752) | | (20,283) | | (733) |
| | Total Non-Interest Income | | 65,924 | | 59,673 | | 92,994 | | 57,140 | | 59,378 | | 275,731 | | 227,678 |
| Non-Interest Expense: | | | | | | | | | | | | | | | |
| | Salaries and employee benefits | | 107,886 | | 118,824 | | 110,630 | | 95,481 | | 97,275 | | 432,821 | | 377,417 |
| | Data processing and software | | 19,550 | | 20,314 | | 20,357 | | 17,661 | | 16,985 | | 77,882 | | 66,471 |
| | Net occupancy | | 16,417 | | 18,999 | | 17,793 | | 16,149 | | 14,647 | | 69,359 | | 58,019 |
| | Other outside services | | 14,531 | | 15,839 | | 16,933 | | 13,283 | | 14,670 | | 60,586 | | 47,724 |
| | Intangible amortization | | 6,282 | | 6,287 | | 4,688 | | 573 | | 597 | | 17,830 | | 2,944 |
| | FDIC insurance | | 5,921 | | 5,109 | | 6,696 | | 6,104 | | 11,138 | | 23,829 | | 25,565 |
| | Equipment | | 4,388 | | 4,860 | | 4,561 | | 4,040 | | 3,995 | | 17,850 | | 14,390 |
| | Professional fees | | 3,387 | | 2,811 | | 2,571 | | 2,088 | | 2,302 | | 10,857 | | 8,392 |
| | Marketing | | 2,695 | | 2,251 | | 2,101 | | 1,912 | | 3,550 | | 8,958 | | 9,004 |
| | Acquisition-related expenses | | 9,637 | | 14,195 | | 13,803 | | — | | — | | 37,635 | | — |
| | Other | | 25,921 | | 16,600 | | (645) | | 20,309 | | 15,393 | | 62,184 | | 69,281 |
| | Total Non-Interest Expense | | 216,615 | | 226,089 | | 199,488 | | 177,600 | | 180,552 | | 819,791 | | 679,207 |
| | Income Before Income Taxes | | 86,243 | | 79,664 | | 103,170 | | 75,552 | | 81,024 | | 344,629 | | 348,721 |
| | Income tax expense | | 17,623 | | 16,458 | | 8,195 | | 13,611 | | 16,761 | | 55,886 | | 64,441 |
| | Net Income | | 68,620 | | 63,206 | | 94,975 | | 61,941 | | 64,263 | | 288,743 | | 284,280 |
| | Preferred stock dividends | | (2,562) | | (2,562) | | (2,562) | | (2,562) | | (2,562) | | (10,248) | | (10,248) |
| | Net Income Available to Common Shareholders | | $ 66,058 | | $ 60,644 | | $ 92,413 | | $ 59,379 | | $ 61,701 | | $ 278,495 | | $ 274,032 |
| | | | | | | | | | | | | | | | |
| | | | Three months ended | | Year ended | ||||||||||
| | | | Dec 31 | | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Dec 31 | ||
| | | | 2024 | | 2024 | | 2024 | | 2024 | | 2023 | | 2024 | | 2023 |
| PER SHARE: | | | | | | | | | | | | | | | |
| | Net income available to common shareholders (basic) | | $0.36 | | $0.33 | | $0.53 | | $0.36 | | $0.38 | | $1.59 | | $1.66 |
| | Net income available to common shareholders (diluted) | | $0.36 | | $0.33 | | $0.52 | | $0.36 | | $0.37 | | $1.57 | | $1.64 |
| | Cash dividends | | $0.18 | | $0.17 | | $0.17 | | $0.17 | | $0.17 | | $0.69 | | $0.64 |
| | | | | | | | | | | | | | | | |
| | Weighted average shares (basic) | | 182,032 | | 181,905 | | 175,305 | | 162,706 | | 163,975 | | 175,523 | | 165,241 |
| | Weighted average shares (diluted) | | 183,867 | | 183,609 | | 176,934 | | 164,520 | | 165,650 | | 177,223 | | 166,769 |
| FULTON FINANCIAL CORPORATION | | | | | | | ||||||||||||
| CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | | | | | | |||||||||||||
| (dollars in thousands) | | | | | | | ||||||||||||
| | | Three months ended | ||||||||||||||||
| | | December 31, 2024 | | September 30, 2024 | | December 31, 2023 | ||||||||||||
| | | Average | | | | Yield/ | | Average | | | | Yield/ | | Average | | | | Yield/ |
| | | Balance | | Interest(1) | | Rate | | Balance | | Interest(1) | | Rate | | Balance | | Interest(1) | | Rate |
| ASSETS | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Interest-earning assets: | | | | | | | | | | | | | | | | | ||
| | Net loans(2) | $ 24,068,784 | | $ 360,642 | | 5.97 % | | $ 24,147,801 | | $ 376,160 | | 6.20 % | | $ 21,255,779 | | $ 311,992 | | 5.83 % |
| | Investment securities(3) | 5,033,765 | | 44,616 | | 3.54 % | | 4,526,885 | | 37,853 | | 3.34 % | | 4,120,750 | | 27,227 | | 2.64 % |
| | Other interest-earning assets | 1,086,536 | | 13,453 | | 4.93 % | | 1,338,592 Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | ||||||||||