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Fulton Financial Corporation Announces 2024 Fourth Quarter and Full-Year Results

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Fulton Financial (NASDAQ: FULT) reported Q4 2024 net income of $66.1 million ($0.36 per diluted share), up $5.4 million from Q3 2024. Operating net income was $88.9 million ($0.48 per diluted share), down $2.4 million from Q3.

For full-year 2024, net income reached $278.5 million ($1.57 per share), with operating net income at $328.1 million ($1.85 per share), marking an 8% increase over 2023. Key Q4 metrics include a 3.41% net interest margin, decreased non-interest expense of $216.6 million, and an allowance for credit losses of 1.58% of total net loans.

Balance sheet showed $24.0 billion in net loans (down $131.2 million) and $26.1 billion in deposits (down $22.7 million) compared to Q3. Non-performing assets were 0.69% of total assets, with net charge-offs at 0.22% of average loans.

Fulton Financial (NASDAQ: FULT) ha riportato un reddito netto per il quarto trimestre del 2024 di 66,1 milioni di dollari (0,36 dollari per azione diluita), in aumento di 5,4 milioni di dollari rispetto al terzo trimestre del 2024. Il reddito netto operativo è stato di 88,9 milioni di dollari (0,48 dollari per azione diluita), in diminuzione di 2,4 milioni di dollari rispetto al Q3.

Per l'intero anno 2024, il reddito netto ha raggiunto 278,5 milioni di dollari (1,57 dollari per azione), con un reddito netto operativo di 328,1 milioni di dollari (1,85 dollari per azione), segnando un aumento dell'8% rispetto al 2023. Le metriche chiave del Q4 includono un margine di interesse netto del 3,41%, una spesa non correlata agli interessi di 216,6 milioni di dollari e una svalutazione per perdite su crediti pari all'1,58% dei prestiti netti totali.

Il bilancio ha mostrato 24,0 miliardi di dollari in prestiti netti (in calo di 131,2 milioni di dollari) e 26,1 miliardi di dollari in depositi (in calo di 22,7 milioni di dollari) rispetto al Q3. Gli attivi non performanti ammontavano all'0,69% del totale degli attivi, con una cancellazione netta dell'0,22% dei prestiti medi.

Fulton Financial (NASDAQ: FULT) reportó un ingreso neto de $66.1 millones ($0.36 por acción diluida) en el cuarto trimestre de 2024, un aumento de $5.4 millones respecto al tercer trimestre de 2024. El ingreso neto operativo fue de $88.9 millones ($0.48 por acción diluida), una disminución de $2.4 millones desde el Q3.

Para el año completo 2024, el ingreso neto alcanzó $278.5 millones ($1.57 por acción), con un ingreso neto operativo de $328.1 millones ($1.85 por acción), marcando un aumento del 8% en comparación con 2023. Las métricas clave del Q4 incluyen un margen de interés neto del 3.41%, una disminución de los gastos no relacionados con intereses de $216.6 millones, y una provisión para pérdidas crediticias del 1.58% del total de préstamos netos.

El balance mostró $24.0 mil millones en préstamos netos (bajando $131.2 millones) y $26.1 mil millones en depósitos (bajando $22.7 millones) en comparación con el Q3. Los activos no rentables representaron el 0.69% del total de activos, con cancelaciones netas del 0.22% de los préstamos promedio.

풀턴 파이낸셜 (NASDAQ: FULT)은 2024년 4분기에 6610만 달러의 순이익(희석주당 0.36달러)을 기록했으며, 이는 2024년 3분기보다 540만 달러 증가한 수치입니다. 운영 순이익은 8890만 달러(희석주당 0.48달러)로, 3분기보다 240만 달러 감소했습니다.

2024년 전체 연도에 대해 순이익은 2억 7850만 달러(주당 1.57달러)에 도달했으며, 운영 순이익은 3억 2810만 달러(주당 1.85달러)로, 2023년 대비 8% 증가했습니다. 4분기 주요 지표로는 3.41%의 순이자 마진, 2억 1660만 달러의 비이자 비용 감소, 전체 순대출의 1.58%에 해당하는 신용 손실용 적립금이 포함됩니다.

대차대조표에는 순대출이 240억 달러(1억 3120만 달러 감소)이고, 예금이 261억 달러(2270만 달러 감소)로 나타났습니다. 부실자산은 총 자산의 0.69%를 차지하며, 평균 대출 대비 순차감액은 0.22%입니다.

Fulton Financial (NASDAQ: FULT) a annoncé un bénéfice net de 66,1 millions de dollars (0,36 dollar par action diluée) pour le quatrième trimestre 2024, en hausse de 5,4 millions de dollars par rapport au troisième trimestre 2024. Le bénéfice net opérationnel était de 88,9 millions de dollars (0,48 dollar par action diluée), en baisse de 2,4 millions de dollars par rapport au Q3.

Pour l'année entière 2024, le bénéfice net a atteint 278,5 millions de dollars (1,57 dollar par action), avec un bénéfice net opérationnel de 328,1 millions de dollars (1,85 dollar par action), marquant une augmentation de 8 % par rapport à 2023. Les indicateurs clés du Q4 incluent une marge d'intérêt nette de 3,41 %, des dépenses non liées aux intérêts de 216,6 millions de dollars, et une provision pour pertes sur crédits de 1,58 % des prêts nets totaux.

Le bilan a montré 24,0 milliards de dollars en prêts nets (en baisse de 131,2 millions de dollars) et 26,1 milliards de dollars en dépôts (en baisse de 22,7 millions de dollars) par rapport au T3. Les actifs non performants représentaient 0,69 % du total des actifs, avec des pertes nettes de 0,22 % des prêts moyens.

Fulton Financial (NASDAQ: FULT) verzeichnete im vierten Quartal 2024 einen Nettogewinn von 66,1 Millionen USD (0,36 USD pro verwässerter Aktie), was einem Anstieg von 5,4 Millionen USD im Vergleich zum dritten Quartal 2024 entspricht. Der operative Nettogewinn betrug 88,9 Millionen USD (0,48 USD pro verwässerter Aktie) und fiel um 2,4 Millionen USD im Vergleich zum dritten Quartal.

Im gesamten Jahr 2024 erreichte der Nettogewinn 278,5 Millionen USD (1,57 USD pro Aktie), während der operative Nettogewinn bei 328,1 Millionen USD (1,85 USD pro Aktie) lag und damit einen Anstieg von 8 % im Vergleich zu 2023 markierte. Wichtige Kennzahlen für das vierte Quartal umfassen eine Nettomarge von 3,41 %, gesunkene nichtzinsbezogene Aufwendungen in Höhe von 216,6 Millionen USD und eine Wertberichtigung für Kreditausfälle von 1,58 % der gesamten Nettokredite.

Die Bilanz zeigte 24,0 Milliarden USD an Nettokrediten (ein Rückgang um 131,2 Millionen USD) und 26,1 Milliarden USD an Einlagen (ein Rückgang um 22,7 Millionen USD) im Vergleich zum dritten Quartal. Die notleidenden Vermögenswerte betrugen 0,69 % der Gesamtaktiva, mit einer Nettorisikokostenquote von 0,22 % der durchschnittlichen Kredite.

Positive
  • Record operating earnings per share of $1.85 for 2024, up 8% YoY
  • Q4 net income increased by $5.4 million from Q3 2024
  • Common equity tier 1 capital ratio improved to 10.6%
  • Average noninterest-bearing deposits increased by $62.2 million
  • Total cost of funds decreased by 14 basis points
Negative
  • Operating net income decreased by $2.4 million in Q4 compared to Q3
  • Net loans decreased by $131.2 million from Q3
  • Non-performing assets increased to 0.69% of total assets from 0.64%
  • Net charge-offs increased to 0.22% from 0.18% in previous quarter
  • Net interest income declined by $4.4 million due to lower short-term rates

Insights

Fulton Financial's Q4 2024 results demonstrate resilient performance in a challenging banking environment. The bank reported $66.1 million in quarterly net income ($0.36/share), with operating earnings of $88.9 million ($0.48/share). The full-year 2024 operating earnings reached $328.1 million ($1.85/share), marking an 8% increase from 2023.

Several key metrics warrant attention:

  • The net interest margin of 3.41% remains healthy, supported by a 14 basis point reduction in funding costs
  • Cost discipline is evident with a $9.5 million decrease in non-interest expenses
  • The planned consolidation of 15 financial centers in early 2025 indicates strategic optimization of the branch network
  • Credit quality metrics show modest pressure with NPAs increasing to 0.69% of assets from 0.64% in Q3

The integration of Republic Bank acquisition continues to progress, with $13.9 million in purchase loan mark accretion this quarter. The bank's strong capital position, reflected in a CET1 ratio of 10.6%, provides a buffer against potential economic headwinds while supporting growth initiatives.

The increase in loan loss provisions to $16.7 million and slight uptick in net charge-offs to 0.22% suggest prudent risk management amid uncertain economic conditions. The allowance for credit losses now stands at 1.58% of total net loans, providing adequate coverage for potential credit deterioration.

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


18,068


5.37 %


267,329


3,464


5.17 %


Total Interest-Earning Assets

30,189,085


418,711


5.53 %


30,013,278


432,081


5.74 %


25,643,858


342,683


5.31 %




















Noninterest-earning assets:


















Cash and due from banks

288,867






306,427






282,614






Premises and equipment

183,801






181,285






219,994






Other assets

1,816,421






1,772,052






1,545,535






Less: ACL - loans(4)

(379,322)






(377,807)






(294,330)






Total Assets

$  32,098,852






$  31,895,235






$  27,397,671
























LIABILITIES AND SHAREHOLDERS' EQUITY




































Interest-bearing liabilities:


















Demand deposits

$ 7,838,590


$   37,952


1.93 %


$ 7,668,583


$   38,768


2.01 %


$ 5,723,169


$   20,737


1.44 %


Savings deposits

7,806,303


47,280


2.41 %


7,663,599


49,477


2.57 %


6,682,512


38,239


2.27 %


Brokered deposits

877,526


10,619


4.81 %


842,661


11,344


5.36 %


1,051,369


14,078


5.31 %


Time deposits

4,232,849


46,023


4.33 %


4,107,466


45,735


4.43 %


2,579,400


23,575


3.63 %


Total Interest-Bearing Deposits

20,755,268


141,874


2.72 %


20,282,309


145,324


2.85 %


16,036,450


96,629


2.39 %





















Borrowings and other interest-bearing liabilities

1,847,431


18,835


4.06 %


2,229,348


24,324


4.34 %


2,541,727


29,499


4.58 %


Total Interest-Bearing Liabilities

22,602,699


160,709


2.83 %


22,511,657


169,648


3.00 %


18,578,177


126,128


2.69 %




















Noninterest-bearing liabilities:


















Demand deposits

5,558,110






5,495,950






5,440,098






Other liabilities

719,017






727,306






761,372






Total Liabilities

28,879,826






28,734,913






24,779,647






Shareholders' equity

3,219,026






3,160,322






2,618,024






Total Liabilities and Shareholders' Equity

$  32,098,852






$  31,895,235






$  27,397,671

























Net interest income/net interest margin (fully taxable equivalent)



258,002


3.41 %




262,433


3.49 %




216,555


3.36 %


Tax equivalent adjustment



(4,343)






(4,424)






(4,549)




Net Interest Income



$ 253,659






$ 258,009






$ 212,006























(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.










(2) Average balances include non-performing loans.


(3) Average balances include amortized historical cost for available for sale ("AFS") securities; the related unrealized holding gains (losses) are included in other assets.


(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.

 

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)

(dollars in thousands)



Three months ended




Dec 31


Sep 30


Jun 30


Mar 31


Dec  31




2024


2024


2024


2024


2023


Loans, by type:












Real estate - commercial mortgage

$ 9,595,996


$ 9,318,273


$ 8,958,139


$ 8,166,018


$ 8,090,627



Commercial and industrial

4,730,101


4,998,051


4,853,583


4,517,179


4,579,441



Real estate - residential mortgage

6,319,205


6,268,922


5,977,132


5,353,905


5,303,632



Real estate - home equity

1,116,665


1,122,313


1,117,367


1,039,321


1,043,753



Real estate - construction

1,312,245


1,437,907


1,430,057


1,240,640


1,153,601



Consumer

665,261


682,602


685,183


721,523


746,011



Leases and other loans(1)

329,311


319,733


324,453


331,447


338,714



Total Net Loans

$  24,068,784


$  24,147,801


$  23,345,914


$  21,370,033


$  21,255,779














Deposits, by type:












Noninterest-bearing demand

$ 5,558,110


$ 5,495,950


$ 5,460,025


$ 5,061,075


$ 5,440,098



Interest-bearing demand

7,838,590


7,668,583


7,080,302


5,596,725


5,723,169



Savings

7,806,303


7,663,599


7,309,141


6,669,228


6,682,512



     Total demand and savings

21,203,003


20,828,132


19,849,468


17,327,028


17,845,779



Brokered

877,526


842,661


1,123,328


1,083,382


1,051,369



Time

4,232,849


4,107,466


3,670,158


2,968,344


2,579,400



Total Deposits

$  26,313,378


$  25,778,259


$  24,642,954


$  21,378,754


$  21,476,548














Borrowings, by type:












Federal funds purchased

$            54


$            —


$      32,637


$    173,659


$    446,707



Federal Home Loan Bank advances

727,957


754,130


833,726


902,890


760,087



Senior debt and subordinated debt

449,795


535,831


535,656


535,479


539,186



Other borrowings and other interest-bearing liabilities

669,625


939,387


1,039,672


996,348


795,747



Total Borrowings

$ 1,847,431


$ 2,229,348


$ 2,441,691


$ 2,608,376


$ 2,541,727













(1) Includes equipment lease financing, overdraft and net origination fees and costs.


 

FULTON FINANCIAL CORPORATION











CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)







(dollars in thousands)










Year ended December 31




2024


2023




Average




Yield/


Average




Yield/




Balance


Interest(1)


Rate


Balance


Interest(1)


Rate

ASSETS



























Interest-earning assets:














Net loans(2)


$      23,145,114


$   1,406,216


6.08 %


$      20,929,302


$   1,166,376


5.57 %


Investment securities(3)


4,486,726


143,317


3.19 %


4,210,010


109,325


2.59 %


Other interest-earning assets


962,971


50,578


5.25 %


387,360


15,346


3.96 %


Total Interest-Earning Assets


28,594,811


1,600,111


5.60 %


25,526,672


1,291,047


5.06 %















Noninterest-Earning assets:














Cash and due from banks


295,156






215,649






Premises and equipment


197,823






219,315






Other assets


1,761,083






1,553,284






Less: ACL - loans(4)


(375,743)






(285,216)






Total Assets


$      30,473,130






$      27,229,704



















LIABILITIES AND SHAREHOLDERS' EQUITY



























Interest-Bearing liabilities:














Demand deposits


$        7,049,915


$      128,969


1.83 %


$        5,582,930


$        62,494


1.12 %


Savings deposits


7,364,106


180,455


2.45 %


6,616,087


122,340


1.85 %


Brokered deposits


981,060


51,691


5.27 %


847,795


43,635


5.15 %


Time deposits


3,747,029


160,744


4.29 %


2,170,245


63,735


2.94 %


Total Interest-Bearing Deposits


19,142,110


521,859


2.73 %


15,217,057


292,204


1.92 %
















Borrowings and other interest-bearing liabilities


2,280,382


100,012


4.39 %


2,771,330


126,746


4.54 %


Total Interest-Bearing Liabilities


21,422,492


621,871


2.90 %


17,988,387


418,950


2.32 %















Noninterest-Bearing liabilities:














Demand deposits


5,394,518






5,939,799






Other liabilities


630,478






670,269






Total Liabilities


27,447,488






24,598,455






Shareholders' equity


3,025,642






2,631,249






Total Liabilities and Shareholders' Equity


$      30,473,130






$      27,229,704




















Net interest income/net interest margin (fully taxable equivalent)




978,240


3.42 %




872,097


3.42 %


Tax equivalent adjustment




(17,915)






(17,811)




Net Interest Income




$      960,325






$      854,286


















(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.





(2) Average balances include non-performing loans.














(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets.


(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.

 

FULTON FINANCIAL CORPORATION




AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)

(dollars in thousands)











Year ended December 31





2024


2023


Loans, by type:







Real estate - commercial mortgage


$              9,052,738


$              7,876,076



Commercial and industrial


4,779,254


4,596,742



Real estate - residential mortgage


5,925,708


5,079,739



Real estate - home equity


1,060,520


1,060,396



Real estate - construction


1,275,562


1,247,336



Consumer


725,308


748,089



Leases and other loans(1)


326,024


320,924



Total Net Loans


$            23,145,114


$            20,929,302









Deposits, by type:







Noninterest-bearing demand


$              5,394,518


$              5,939,799



Interest-bearing demand


7,049,915


5,582,930



Savings


7,364,106


6,616,087



   Total demand and savings


19,808,539


18,138,816



Brokered


981,060


847,795



Time


3,747,029


2,170,245



Total Deposits


$            24,536,628


$            21,156,856









Borrowings, by type:







Federal funds purchased


$                    51,306


$                  566,379



Federal Home Loan Bank advances


804,328


922,164



Senior debt and subordinated debt


514,073


539,726



Other borrowings


910,675


743,061



Total Borrowings


$              2,280,382


$              2,771,330









(1) Includes equipment lease financing, overdraft and net origination fees and costs.

 

FULTON FINANCIAL CORPORATION









ASSET QUALITY INFORMATION (UNAUDITED)









(dollars in thousands)











Three months ended


Year ended December 31



Dec 31


Sep 30


Jun 30


Mar 31


Dec  31


Dec 31


Dec 31



2024


2024


2024


2024


2023


2024


2023

Allowance for credit losses related to net loans:













Balance at beginning of period

$  375,961


$  375,941


$  297,888


$  293,404


$  292,739


$  293,404


$  269,366

















CECL day 1 provision expense(1)

—


—


23,444


—


—


23,444


—


Initial purchased credit deteriorated allowance for credit losses

(136)


(1,139)


55,906


—


—


54,631


—


Loans charged off:















    Real estate - commercial mortgage

(2,844)


(2,723)


(7,853)


(26)


(3,547)


(13,186)


(17,999)


    Commercial and industrial

(9,480)


(6,256)


(2,955)


(7,632)


(3,397)


(26,585)


(9,246)


    Real estate - residential mortgage

(55)


(1,131)


(35)


(251)


—


(1,472)


(62)


    Consumer and home equity

(2,179)


(2,308)


(1,766)


(2,238)


(2,192)


(8,490)


(7,514)


    Real estate - construction

—


—


—


—


—


—


—


    Leases and other loans(2)

(1,768)


(726)


(1,398)


(805)


(1,096)


(4,696)


(4,380)


    Total loans charged off

(16,326)


(13,144)


(14,007)


(10,952)


(10,232)


(54,429)


(39,201)

Recoveries of loans previously charged off:















    Real estate - commercial mortgage

199


107


146


152


160


603


1,076


    Commercial and industrial

1,387


1,008


796


1,248


779


4,440


3,473


    Real estate - residential mortgage

104


130


122


116


278


472


421


    Consumer and home equity

974


545


1,161


676


555


3,357


3,198


    Real estate - construction

47


103


233


—


87


382


858


    Leases and other loans(2)

194


129


247


162


374


730


1,103


    Recoveries of loans previously charged off

2,905


2,022


2,705


2,354


2,233


9,984


10,129

Net loans charged off

(13,421)


(11,122)


(11,302)


(8,598)


(7,999)


(44,445)


(29,072)

Provision for credit losses(1)

16,752


12,281


10,005


13,082


8,664


52,122


53,110

Balance at end of period

$  379,156


$  375,961


$  375,941


$  297,888


$  293,404


$  379,156


$  293,404

Net charge-offs to average loans(3)

0.22 %


0.18 %


0.19 %


0.16 %


0.15 %


0.19 %


0.14 %
















Provision for credit losses related to OBS Credit Exposures











Provision for credit losses(1)

$     (27)


$   (352)


$ (1,393)


$ (2,157)


$    1,144


$ (3,930)


$        926
















NON-PERFORMING ASSETS:














Non-accrual loans

$  189,293


$  175,861


$  145,630


$  129,628


$  121,620






Loans 90 days past due and accruing

30,781


26,286


26,962


26,521


31,721






    Total non-performing loans

220,074


202,147


172,592


156,149


153,341






Other real estate owned

2,621


2,844


1,444


277


896






Total non-performing assets

$  222,695


$  204,991


$  174,036


$  156,426


$  154,237




















NON-PERFORMING LOANS, BY TYPE:














Commercial and industrial

$  43,677


$  64,450


$  58,433


$  44,118


$  41,020






Real estate - commercial mortgage

102,359


71,467


48,615


47,891


46,527






Real estate - residential mortgage

45,901


41,727


41,033


40,685


42,029






Consumer and home equity

14,374


12,830


11,886


10,172


10,878






Leases and other loans(2)

12,017


9,927


9,993


10,135


10,011






Real estate - construction

1,746


1,746


2,632


3,148


2,876






Total non-performing loans

$  220,074


$  202,147


$  172,592


$  156,149


$  153,341







(1) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income.

(2) Includes equipment lease financing, overdraft and net origination fees and costs.

(3) Quarterly results are annualized.












 

FULTON FINANCIAL CORPORATION

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

 

(dollars in thousands, except per share and share data)
















Explanatory note:

This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:






















Three months ended







Dec 31


Sep 30


Jun 30


Mar 31


Dec  31







2024


2024


2024


2024


2023

Operating net income available to common shareholders











Net income available to common shareholders


$        66,058


$       60,644


$       92,413


$       59,379


$       61,701

Less: Other revenue


(269)


(677)


(708)


(151)


(1,102)

Plus: Gain on acquisition, net of tax


2,689


7,706


(47,392)


—


—

Plus: Loss on securities restructuring


—


—


20,282


—


—

Plus: Core deposit intangible amortization


6,155


6,155


4,556


441


441

Plus: Acquisition-related expense


9,637


14,195


13,803


—


—

Plus: CECL day 1 provision expense


—


—


23,444


—


—

Less: Gain on sale-leaseback


—


—


(20,266)


—


—

Plus: FDIC special assessment


—


(16)


—


956


6,494

Plus: FultonFirst implementation and asset disposals


10,001


9,385


6,323


6,329


3,197

Less: Tax impact of adjustments


(5,360)


(6,099)


(9,961)


(1,591)


(1,896)

Operating net income available to common shareholders (numerator)


$        88,911


$       91,293


$       82,494


$       65,363


$       68,835
















Weighted average shares (diluted) (denominator)


183,867


183,609


176,934


164,520


165,650
















Operating net income available to common shareholders, per share (diluted)


$           0.48


$          0.50


$          0.47


$          0.40


$          0.42
















Common shareholders' equity (tangible), per share











Shareholders' equity


$     3,197,325


$    3,203,943


$    3,101,609


$    2,757,679


$    2,760,139

Less: Preferred stock


(192,878)


(192,878)


(192,878)


(192,878)


(192,878)

Less: Goodwill and intangible assets


(635,458)


(641,739)


(648,026)


(560,114)


(560,687)

Tangible common shareholders' equity (numerator)


$     2,368,989


$    2,369,326


$    2,260,705


$    2,004,687


$    2,006,574












Shares outstanding, end of period (denominator)


182,089


181,957


181,831


162,087


163,801












Common shareholders' equity (tangible), per share


$          13.01


$         13.02


$         12.43


$         12.37


$         12.25

(1) Results are annualized.

































Three months ended







Dec 31


Sep 30


Jun 30


Mar 31


Dec  31







2024


2024


2024


2024


2023

Operating return on average assets(1)











Net income


$        68,620


$       63,206


$       94,975


$       61,941


$       64,263

Less: Other revenue


(269)


(677)


(708)


(151)


(1,102)

Less: Gain on acquisition, net of tax


2,689


7,706


(47,392)


—


—

Plus: Loss on securities restructuring


—


—


20,282


—


—

Plus: Core deposit intangible amortization


6,155


6,155


4,556


441


441

Plus: Acquisition-related expense


9,637


14,195


13,803


—


—

Plus: CECL day 1 provision expense


—


—


23,444


—


—

Less: Gain on sale-leaseback


—


—


(20,266)


—


—

Plus: FDIC special assessment


—


(16)


—


956


6,494

Plus: FultonFirst implementation and asset disposals


10,001


9,385


6,323


6,329


3,197

Less: Tax impact of adjustments


(5,360)


(6,099)


(9,961)


(1,591)


(1,896)

Operating net income (numerator)


$        91,473


$       93,855


$       85,056


$       67,925


$       71,397
















Total average assets


$   32,098,852


$  31,895,235


$  30,774,891


$  27,427,626


$  27,397,671

Less: Average net core deposit intangible


(83,173)


(89,350)


(68,234)


(4,666)


(5,106)

Total operating average assets  (denominator)


$   32,015,679


$  31,805,885


$  30,706,657


$  27,422,960


$  27,392,565
















Operating return on average assets


1.14 %


1.17 %


1.11 %


1.00 %


1.03 %
















Operating return on average common shareholders' equity (tangible)(1)







Net income available to common shareholders


$        66,058


$       60,644


$       92,413


$       59,379


$       61,701

Less: Other revenue


(269)


(677)


(708)


(151)


(1,102)

Less: Gain on acquisition, net of tax


2,689


7,706


(47,392)


—


—

Plus: Loss on securities restructuring


—


—


20,282


—


—

Plus: Intangible amortization



6,282


6,287


4,688


573


597

Plus: Acquisition-related expense



9,637


14,195


13,803


—


—

Plus: CECL day 1 provision expense


—


—


23,444


—


—

Less: Gain on sale-leaseback


—


—


(20,266)


—


—

Plus: FDIC special assessment


—


(16)


—


956


6,494

Plus: FultonFirst implementation and asset disposals


10,001


9,385


6,323


6,329


3,197

Less: Tax impact of adjustments



(5,387)


(6,127)


(9,989)


(1,618)


(1,929)

Adjusted net income available to common shareholders (numerator)


$        89,011


$       91,397


$       82,598


$       65,468


$       68,958












Average shareholders' equity


$     3,219,026


$    3,160,322


$    2,952,671


$    2,766,945


$    2,618,024

Less: Average preferred stock


(192,878)


(192,878)


(192,878)


(192,878)


(192,878)

Less: Average goodwill and intangible assets


(638,507)


(644,814)


(624,471)


(560,393)


(560,977)

Average tangible common shareholders' equity (denominator)


$     2,387,641


$    2,322,630


$    2,135,322


$    2,013,674


$    1,864,169












Operating return on average common shareholders' equity (tangible)


14.83 %


15.65 %


15.56 %


13.08 %


14.68 %

(1) Results are annualized.
















































Three months ended







Dec 31


Sep 30


Jun 30


Mar 31


Dec  31







2024


2024


2024


2024


2023

Tangible common equity to tangible assets (TCE Ratio)











Shareholders' equity


$     3,197,325


$    3,203,943


$    3,101,609


$    2,757,679


$    2,760,139

Less: Preferred stock


(192,878)


(192,878)


(192,878)


(192,878)


(192,878)

Less: Goodwill and intangible assets


(635,458)


(641,739)


(648,026)


(560,114)


(560,687)

Tangible common shareholders' equity (numerator)


$     2,368,989


$    2,369,326


$    2,260,705


$    2,004,687


$    2,006,574
















Total assets


$   32,065,059


$  32,185,726


$  31,769,813


$  27,642,957


$  27,571,915

Less: Goodwill and intangible assets


(635,458)


(641,739)


(648,026)


(560,114)


(560,687)

Total tangible assets (denominator)


$   31,429,601


$  31,543,987


$  31,121,787


$  27,082,843


$  27,011,228
















Tangible common equity to tangible assets


7.54 %


7.51 %


7.26 %


7.40 %


7.43 %
















Efficiency ratio













Non-interest expense


$      216,615


$     226,089


$     199,488


$     177,600


$     180,552

Less: Acquisition-related expense


(9,637)


(14,195)


(13,803)


—


—

Plus: Gain on sale-leaseback


—


—


20,266


—


—

Less: FDIC special assessment


—


16


—


(956)


(6,494)

Less: FultonFirst implementation and asset disposals


(10,001)


(9,385)


(6,323)


(6,329)


(3,197)

Less: Intangible amortization


(6,282)


(6,287)


(4,688)


(573)


(597)

Less: Debt extinguishment


—


—


—


—


720

Operating non-interest expense (numerator)


$      190,695


$     196,238


$     194,940


$     169,742


$     170,984












Net interest income


$      253,659


$     258,009


$     241,720


$     206,937


$     212,006

Tax equivalent adjustment


4,343


4,424


4,556


4,592


4,549

Plus: Total non-interest income


65,924


59,673


92,994


57,140


59,378

Less: Other revenue


(269)


(677)


(708)


(151)


(1,102)

Less: Gain on acquisition, net of tax


2,689


7,706


(47,392)


—


—

Plus: Investment securities (gains) losses, net


—


1


20,282


—


752

Total revenue (denominator)


$      326,346


$     329,136


$     311,452


$     268,518


$     275,583












Efficiency ratio


58.43 %


59.62 %


62.59 %


63.21 %


62.04 %
















Operating non-interest expense to total average assets











Non-interest expense


$      216,615


$     226,089


$     199,488


$     177,600


$     180,552

Less: Intangible amortization


(6,282)


(6,287)


(4,688)


(573)


(597)

Less: Acquisition-related expense


(9,637)


(14,195)


(13,803)


—


—

Plus: Gain on sale-leaseback


—


—


20,266


—


—

Less: FDIC special assessment


—


16


—


(956)


(6,494)

Less: FultonFirst implementation and asset disposals


(10,001)


(9,385)


(6,323)


(6,329)


(3,197)

Operating non-interest expense (numerator)


$      190,695


$     196,238


$     194,940


$     169,742


$     170,264
















Total average assets (denominator)


$   32,098,852


$  31,895,235


$  30,774,891


$  27,427,626


$  27,397,671
















Operating non-interest expenses to total average assets


2.36 %


2.45 %


2.55 %


2.49 %


2.47 %

(1) Results are annualized.
















































Year Ended













Dec 31


Dec 31













2024


2023







Operating net income available to common shareholders











Net income available to common shareholders


$      278,495


$     274,032







Less: Other revenue


(1,805)


1,855







Plus: Gain on acquisition, net of tax


(36,996)


—







Plus: Loss on securities restructuring


20,282


—







Plus: Core deposit intangible amortization


17,307


2,308







Plus: Acquisition-related expense


37,635


—







Plus: CECL day 1 provision expense


23,444


—







Less: Gain on sale-leaseback


(20,266)


—







Plus: FDIC special assessment


940


6,494







Plus: FultonFirst implementation and asset disposals


32,038


3,197







Less: Tax impact of adjustments


(23,011)


(2,909)







Operating net income available to common shareholders (numerator)


$      328,063


$     284,977






















Weighted average shares (diluted) (denominator)


177,223


166,769






















Operating net income available to common shareholders, per share (diluted)


$           1.85


$          1.71







Note: numbers in this report may not sum due to rounding.










































 

Media Contact: Lacey Dean (717) 735-8688
Investor Contact: Matt Jozwiak (717) 327-2657

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/fulton-financial-corporation-announces-2024-fourth-quarter-and-full-year-results-302356602.html

SOURCE Fulton Financial Corporation

FAQ

What was Fulton Financial's (FULT) Q4 2024 earnings per share?

Fulton Financial reported Q4 2024 earnings of $0.36 per diluted share, with operating earnings of $0.48 per diluted share.

How did FULT's full-year 2024 performance compare to 2023?

FULT's operating net income for 2024 increased by $43.1 million to $328.1 million ($1.85 per diluted share), representing an 8% increase over 2023.

What was FULT's net interest margin in Q4 2024?

Fulton Financial's net interest margin was 3.41% in Q4 2024, with a decrease in total cost of funds of 14 basis points compared to Q3.

What is FULT's current allowance for credit losses ratio?

As of December 31, 2024, FULT's allowance for credit losses was $379.2 million, representing 1.58% of total net loans.

How many financial centers is FULT planning to consolidate in 2025?

Fulton Financial announced plans to consolidate fifteen financial centers in early 2025 as part of its FultonFirst implementation.

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Fulton Financial Corp

NASDAQ:FULT

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Fulton Financial Corporation Announces Dates for Third Quarter 2024 Earnings Release and Webcast

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