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Fulton Financial Corporation Announces Third Quarter 2024 Results

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Fulton Financial (NASDAQ: FULT) reported Q3 2024 net income of $60.6 million, or $0.33 per diluted share, down $31.8 million from Q2 2024. However, operating net income increased to $91.3 million, or $0.50 per diluted share, up $8.8 million from Q2. Highlights include:

- Net interest margin increased to 3.49%
- Customer deposits grew by $745.0 million
- Common equity tier 1 capital rose to 10.5%
- Tangible shareholders' equity per share increased 4.7% to $13.02
- Net loans increased to $24.2 billion
- Total deposits grew to $26.2 billion

The quarter included $14.2 million in acquisition-related expenses and $9.4 million in FultonFirst implementation costs. Provision for credit losses decreased to $11.9 million from $32.1 million in Q2 2024.

Fulton Financial (NASDAQ: FULT) ha riportato un reddito netto per il terzo trimestre del 2024 di 60,6 milioni di dollari, ovvero 0,33 dollari per azione diluita, in calo di 31,8 milioni di dollari rispetto al secondo trimestre del 2024. Tuttavia, il reddito operativo netto è aumentato a 91,3 milioni di dollari, ovvero 0,50 dollari per azione diluita, in aumento di 8,8 milioni di dollari rispetto al secondo trimestre. I punti salienti includono:

- Il margine di interesse netto è aumentato al 3,49%
- I depositi dei clienti sono cresciuti di 745,0 milioni di dollari
- Il capitale comune di classe 1 è salito al 10,5%
- Il capitale tangibile per azione degli azionisti è aumentato del 4,7% a 13,02 dollari
- I prestiti netti sono aumentati a 24,2 miliardi di dollari
- I depositi totali sono cresciuti a 26,2 miliardi di dollari

Durante il trimestre sono stati inclusi 14,2 milioni di dollari di spese legate a acquisizioni e 9,4 milioni di dollari di costi per l'implementazione di FultonFirst. Il fondo per le perdite su crediti è diminuito a 11,9 milioni di dollari da 32,1 milioni di dollari nel secondo trimestre del 2024.

Fulton Financial (NASDAQ: FULT) reportó un ingreso neto de $60.6 millones para el tercer trimestre de 2024, o $0.33 por acción diluida, una disminución de $31.8 millones respecto al segundo trimestre de 2024. Sin embargo, el ingreso operativo neto aumentó a $91.3 millones, o $0.50 por acción diluida, un aumento de $8.8 millones desde el segundo trimestre. Los aspectos destacados incluyen:

- El margen de interés neto aumentó al 3.49%
- Los depósitos de los clientes crecieron en $745.0 millones
- El capital común de nivel 1 aumentó al 10.5%
- El capital tangible por acción de los accionistas aumentó un 4.7% a $13.02
- Los préstamos netos aumentaron a $24.2 mil millones
- Los depósitos totales crecieron a $26.2 mil millones

El trimestre incluyó $14.2 millones en gastos relacionados con adquisiciones y $9.4 millones en costos de implementación de FultonFirst. La provisión para pérdidas crediticias disminuyó a $11.9 millones desde $32.1 millones en el segundo trimestre de 2024.

풀턴 파이낸셜 (NASDAQ: FULT)은 2024년 3분기 순이익이 6천만 6백만 달러, 즉 희석주당 0.33달러로, 2024년 2분기 대비 3천1백8십만 달러 감소했다고 보고했습니다. 하지만 운영 순이익은 9천1백3십만 달러, 즉 희석주당 0.50달러로, 2분기 대비 8백8십만 달러 증가했습니다. 주요 하이라이트는 다음과 같습니다:

- 순이자 마진이 3.49%로 증가
- 고객 예금이 7억 4천5백만 달러 증가
- 보통주 1등급 자본이 10.5%로 상승
- 주당 유형 자본이 4.7% 증가하여 13.02달러가 됨
- 순 대출이 2천4백2십억 달러로 증가
- 총 예금이 2천6백2십억 달러로 증가

이번 분기에는 1천4백2십만 달러의 인수 관련 비용과 9백4십만 달러의 FultonFirst 구현 비용이 포함되었습니다. 신용 손실 충당금은 2분기 3천2백1십만 달러에서 1천1백9십만 달러로 감소했습니다.

Fulton Financial (NASDAQ: FULT) a annoncé un revenu net de 60,6 millions de dollars pour le troisième trimestre de 2024, soit 0,33 dollar par action diluée, en baisse de 31,8 millions de dollars par rapport au deuxième trimestre de 2024. Cependant, le revenu net d'exploitation a augmenté à 91,3 millions de dollars, soit 0,50 dollar par action diluée, un accroissement de 8,8 millions de dollars par rapport au deuxième trimestre. Les points forts incluent :

- La marge d'intérêt nette a augmenté à 3,49%
- Les dépôts des clients ont augmenté de 745,0 millions de dollars
- Le capital de niveau 1 a grimpé à 10,5%
- Le capital tangible par action des actionnaires a augmenté de 4,7% pour atteindre 13,02 dollars
- Les prêts nets ont augmenté à 24,2 milliards de dollars
- Les dépôts totaux ont atteint 26,2 milliards de dollars

Ce trimestre a inclus 14,2 millions de dollars de dépenses liées aux acquisitions et 9,4 millions de dollars de coûts d'implémentation de FultonFirst. La provision pour pertes sur crédit a diminué à 11,9 millions de dollars contre 32,1 millions de dollars au deuxième trimestre de 2024.

Fulton Financial (NASDAQ: FULT) berichtete im dritten Quartal 2024 einen Nettogewinn von 60,6 Millionen US-Dollar, was 0,33 US-Dollar pro verwässerter Aktie entspricht, und damit einen Rückgang um 31,8 Millionen US-Dollar gegenüber dem zweiten Quartal 2024. Allerdings stieg das operative Nettoergebnis auf 91,3 Millionen US-Dollar, also 0,50 US-Dollar pro verwässerter Aktie, was einem Anstieg von 8,8 Millionen US-Dollar gegenüber dem zweiten Quartal entspricht. Zu den Höhepunkten gehören:

- Die Nettomarge stieg auf 3,49%
- Die Kundeneinlagen wuchsen um 745,0 Millionen US-Dollar
- Das Kernkapital der Stufe 1 stieg auf 10,5%
- Das tangible Eigenkapital pro Aktie erhöhte sich um 4,7% auf 13,02 US-Dollar
- Die Nettokredite stiegen auf 24,2 Milliarden US-Dollar
- Die Gesamteinlagen wuchsen auf 26,2 Milliarden US-Dollar

Im Quartal waren 14,2 Millionen US-Dollar an akquisitionsbezogenen Ausgaben und 9,4 Millionen US-Dollar an Kosten für die Implementierung von FultonFirst enthalten. Die Rücklagen für Kreditverluste sanken von 32,1 Millionen US-Dollar im zweiten Quartal 2024 auf 11,9 Millionen US-Dollar.

Positive
  • Record operating earnings of $0.50 per diluted share in Q3 2024
  • Net interest margin improved by 6 basis points to 3.49%
  • Customer deposits increased by $745.0 million
  • Common equity tier 1 capital ratio improved to 10.5% from 10.3%
  • Tangible shareholders' equity per common share increased 4.7% to $13.02
  • Net loans grew by $69.8 million to $24.2 billion
  • Total deposits increased by $592.5 million to $26.2 billion
Negative
  • Net income available to common shareholders decreased by $31.8 million to $60.6 million
  • Non-interest income before investment securities gains decreased by $53.6 million
  • Non-interest expense increased by $6.3 million
  • Non-performing assets increased to 0.64% of total assets from 0.55% in Q2 2024

Insights

Fulton Financial 's Q3 2024 results show mixed performance. While operating net income increased to a record $91.3 million ($0.50 per diluted share), GAAP net income decreased to $60.6 million ($0.33 per diluted share) due to acquisition-related expenses and implementation costs.

Key positives include:

  • Net interest margin improved by 6 basis points to 3.49%
  • Customer deposits (excluding brokered) increased by $745 million
  • Common equity tier 1 capital improved to 10.5%
  • Tangible book value per share grew 4.7% to $13.02

However, challenges persist:

  • Non-interest income declined significantly due to a change in acquisition-related gains
  • Non-interest expenses increased, partly due to higher salaries and benefits
  • Non-performing assets rose to 0.64% of total assets

Overall, while Fulton shows operational improvements, integration costs and credit quality concerns may pressure near-term performance.

Fulton's Q3 results reflect the complexities of integrating a significant acquisition while navigating a challenging banking environment. The Republic Bank acquisition is driving growth but also introducing short-term expenses and credit risk.

The 6 basis point improvement in net interest margin to 3.49% is commendable in the current rate environment, indicating effective balance sheet management. The $745 million increase in customer deposits (excluding brokered) suggests strong customer retention and potential market share gains post-acquisition.

However, the rise in non-performing assets to 0.64% of total assets warrants close monitoring, as it could signal integration challenges or broader economic stress. The 1.56% allowance for credit losses appears adequate but may need bolstering if credit deterioration continues.

The FultonFirst initiative, while incurring implementation costs, could drive long-term efficiency improvements. Investors should focus on the pace of synergy realization and any further credit quality trends in coming quarters to gauge the acquisition's success.

LANCASTER, Pa., Oct. 15, 2024 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $60.6 million, or $0.33 per diluted share, for the third quarter of 2024, a decrease of $31.8 million, or $0.19 per share, in comparison to the second quarter of 2024. Operating net income available to common shareholders for the three months ended September 30, 2024 was $91.3 million, or $0.50 per diluted share(1), an increase of $8.8 million, or $0.03 per share, in comparison to the second quarter of 2024.

"We are excited about the progress we made on key strategic initiatives and pleased to see that this work has generated record operating earnings this quarter," said Curtis J. Myers, Chairman and CEO of Fulton. "We continue to see strong operating revenue growth, improvement in operating efficiency and profitability, combined with solid organic capital generation."

Financial Highlights

Third quarter of 2024 operating results of $0.50 per diluted share represented an all-time high for Fulton and was impacted by the following items:

  • Solid net interest margin of 3.49%, an increase of six basis points compared to the prior quarter.

  • Excluding brokered deposits, customer deposits increased $745.0 million compared to the prior quarter.

  • Common equity tier 1 capital increased to 10.5%, compared to 10.3% in the prior quarter.

  • Tangible shareholders' equity per common share increased $0.59, or 4.7%, to $13.02 compared to the prior quarter.

  • Acquisition-related(2) expenses of $14.2 million.

  • FultonFirst implementation and asset disposal costs of $9.4 million.

The following items highlight notable changes in the components of net income in the third quarter of 2024 compared to the second quarter of 2024:

  • Net interest income totaled $258.0 million, an increase of $16.3 million, which was largely due to the full-quarter impact of the Acquisition and an increase in on-balance sheet liquidity.

  • Non-interest income before investment securities gains (losses) was $59.7 million compared to $113.3 million in the second quarter of 2024. The decrease was primarily due to a $55.1 million change in the gain on acquisition (net of tax) with a $7.7 million reduction recorded in the third quarter of 2024.

  • Non-interest expense was $226.1 million compared to $219.8 million in the second quarter of 2024, excluding the $20.3 million gain on the sale-leaseback transaction, reflected in other expense in the second quarter of 2024. The increase was largely due to an $8.2 million increase in salaries and benefits expense driven by a $4.9 million increase in employee severance costs related to the FultonFirst initiative, a full-quarter impact of salaries and benefits from the Acquisition resulting in an increase of $2.7 million and a $1.7 million increase in incentive compensation expense. The increase in salaries and benefits expense was partially offset by a $1.4 million decrease in consulting costs related to the FultonFirst initiative.

Balance Sheet Summary

  • Net loans totaled $24.2 billion, an increase of $69.8 million compared to $24.1 billion as of June 30, 2024. The increase was largely due to increases of $203.7 million and $53.8 million in commercial mortgage loans and residential mortgage loans, respectively, partially offset by decreases of $130.8 million, $53.1 million and $40.4 million in construction loans, commercial and industrial loans and consumer loans, respectively. Excluding the impact from the day 1 Purchased Credit Deteriorated ("PCD") adjustment of $55.9 million and purchase accounting accretion of $24.9 million, net loans acquired in the Acquisition declined approximately $82.3 million since the Acquisition Date. Excluding purchase accounting accretion of $14.5 million, net loans acquired in the Acquisition declined approximately $49.2 million to $2.5 billion, compared to the second quarter of 2024.

  • Deposits totaled $26.2 billion, an increase of $592.5 million compared to $25.6 billion as of June 30, 2024. The increase was primarily due to increases of $374.2 million, $301.4 million and $177.1 million in time deposits, interest-bearing demand deposits and savings deposits, respectively, partially offset by decreases of $152.5 million in brokered deposits and $107.7 million in noninterest-bearing demand deposits. Deposits assumed in the Acquisition declined approximately $248.6 million since the Acquisition Date and increased approximately $108.7 million to $3.9 billion compared to the second quarter of 2024.

Provision for Credit Losses and Asset Quality

  • The provision for credit losses was $11.9 million in the third quarter of 2024 compared to $32.1 million in the second quarter of 2024. The decrease was primarily related to the Acquisition, which included a provision for credit losses of $23.4 million for non-PCD loans in the second quarter of 2024.

  • Non-performing assets were $205.0 million, or 0.64% of total assets, at September 30, 2024, in comparison to $174.0 million, or 0.55% of total assets, at June 30, 2024.

  • Net charge-offs for the third quarter of 2024 were 0.18% of total average loans in comparison to 0.19% in the second quarter of 2024.

  • The allowance for credit losses attributable to net loans remained relatively unchanged and totaled $376.0 million, or 1.56% of total loans at September 30, 2024, compared to $375.9 million, or 1.56% of total loans at June 30, 2024.

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)

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.

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 and June 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



Sep 30


Jun 30


Mar 31


Dec  31


Sep 30



2024


2024


2024


2023


2023


Ending Balances











Investment securities

$   4,545,278


$    4,184,027


$   3,783,392


$   3,666,274


$   3,698,601


Net loans

24,176,075


24,106,297


21,444,483


21,351,094


21,177,508


Total assets

32,185,726


31,769,813


27,642,957


27,571,915


27,375,177


Deposits

26,152,144


25,559,654


21,741,950


21,537,623


21,421,589


Shareholders' equity

3,203,943


3,101,609


2,757,679


2,760,139


2,566,693













Average Balances











Investment securities

4,237,805


4,043,136


3,672,844


3,665,261


3,834,824


Net loans

24,147,801


23,345,914


21,370,033


21,255,779


21,121,277


Total assets

31,895,235


30,774,891


27,427,626


27,397,671


27,377,836


Deposits

25,778,259


24,642,954


21,378,754


21,476,548


21,357,295


Shareholders' equity

3,160,322


2,952,671


2,766,945


2,618,024


2,645,977













Income Statement











Net interest income

258,009


241,720


206,937


212,006


213,842


Provision for credit losses

11,929


32,056


10,925


9,808


9,937


Non-interest income

59,673


92,994


57,140


59,378


55,961


Non-interest expense

226,089


199,488


177,600


180,552


171,020


Income before taxes

79,664


103,170


75,552


81,024


88,846


Net income available to common shareholders

60,644


92,413


59,379


61,701


69,535













Per Share











Net income available to common shareholders (basic)

$0.33


$0.53


$0.36


$0.38


$0.42


Net income available to common shareholders (diluted)

$0.33


$0.52


$0.36


$0.37


$0.42


Operating net income available to common shareholders(1)

$0.50


$0.47


$0.40


$0.42


$0.43


Cash dividends

$0.17


$0.17


$0.17


$0.17


$0.16


Common shareholders' equity

$16.55


$16.00


$15.82


$15.67


$14.47


Common shareholders' equity (tangible)(1)

$13.02


$12.43


$12.37


$12.25


$11.05


Weighted average shares (basic)

181,905


175,305


162,706


163,975


164,566


Weighted average shares (diluted)

183,609


176,934


164,520


165,650


166,023













(1) 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



Sep 30


Jun 30


Mar 31


Dec  31


Sep 30



2024


2024


2024


2023


2023


Asset Quality











Net charge-offs to average loans

0.18 %


0.19 %


0.16 %


0.15 %


0.10 %


Non-performing loans to total net loans

0.84 %


0.72 %


0.73 %


0.72 %


0.67 %


Non-performing assets to total assets

0.64 %


0.55 %


0.57 %


0.56 %


0.52 %


ACL - loans(1) to total loans

1.56 %


1.56 %


1.39 %


1.37 %


1.38 %


ACL - loans(1) to non-performing loans

186 %


218 %


191 %


191 %


208 %













Profitability











Return on average assets

0.79 %


1.24 %


0.91 %


0.93 %


1.04 %


Operating return on average assets(2)

1.17 %


1.11 %


1.00 %


1.03 %


1.08 %


Return on average common shareholders' equity

8.13 %


13.47 %


9.28 %


10.09 %


11.25 %


Operating return on average common shareholders' equity (tangible)(2)

15.65 %


15.56 %


13.08 %


14.68 %


15.17 %


Net interest margin

3.49 %


3.43 %


3.32 %


3.36 %


3.40 %


Efficiency ratio(2)

59.6 %


62.6 %


63.2 %


62.0 %


61.5 %


Non-interest expense to total average assets

2.82 %


2.61 %


2.60 %


2.61 %


2.48 %


Operating non-interest expense to total average assets(2)

2.45 %


2.55 %


2.49 %


2.47 %


2.47 %













Capital Ratios(3)











Tangible common equity ratio ("TCE")(2)

7.5 %


7.3 %


7.4 %


7.4 %


6.8 %


Tier 1 leverage ratio

8.9 %


9.2 %


9.3 %


9.5 %


9.4 %


Common equity Tier 1 capital ratio

10.5 %


10.3 %


10.3 %


10.3 %


10.3 %


Tier 1 risk-based capital ratio

11.3 %


11.1 %


11.1 %


11.2 %


11.1 %


Total risk-based capital ratio

14.0 %


13.8 %


14.0 %


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 September 30, 2024 are preliminary estimates and prior periods are actual.


 

FULTON FINANCIAL CORPORATION



CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)



(dollars in thousands)
















Sep 30


Jun 30


Mar 31


Dec  31


Sep 30



2024


2024


2024


2023


2023

ASSETS










Cash and due from banks

$     296,500


$     333,238


$     247,581


$     300,343


$     304,042


Other interest-earning assets

1,287,392


1,188,341


231,389


373,772


222,781


Loans held for sale

17,678


26,822


10,624


15,158


20,368


Investment securities

4,545,278


4,184,027


3,783,392


3,666,274


3,698,601


Net loans

24,176,075


24,106,297


21,444,483


21,351,094


21,177,508


Less: ACL - loans(1)

(375,961)


(375,941)


(297,888)


(293,404)


(292,739)


   Loans, net

23,800,114


23,730,356


21,146,595


21,057,690


20,884,769


Net premises and equipment

171,731


180,642


213,541


222,881


215,626


Accrued interest receivable

115,903


120,752


107,089


107,972


101,624


Goodwill and intangible assets

641,739


648,026


560,114


560,687


561,284


Other assets

1,309,391


1,357,609


1,342,632


1,267,138


1,366,082


    Total Assets

$ 32,185,726


$ 31,769,813


$ 27,642,957


$ 27,571,915


$ 27,375,177

LIABILITIES AND SHAREHOLDERS' EQUITY










Deposits

$ 26,152,144


$ 25,559,654


$ 21,741,950


$ 21,537,623


$ 21,421,589


Borrowings

2,052,227


2,178,597


2,296,040


2,487,526


2,370,112


Other liabilities

777,412


929,953


847,288


786,627


1,016,783


    Total Liabilities

28,981,783


28,668,204


24,885,278


24,811,776


24,808,484


Shareholders' equity

3,203,943


3,101,609


2,757,679


2,760,139


2,566,693


    Total Liabilities and Shareholders' Equity

$ 32,185,726


$ 31,769,813


$ 27,642,957


$ 27,571,915


$ 27,375,177












LOANS, DEPOSITS AND BORROWINGS DETAIL:







Loans, by type:










Real estate - commercial mortgage

$  9,493,479


$  9,289,770


$  8,252,117


$  8,127,728


$  8,106,300


Commercial and industrial

4,914,734


4,967,796


4,467,589


4,545,552


4,577,334


Real estate - residential mortgage

6,302,624


6,248,856


5,395,720


5,325,923


5,279,681


Real estate - home equity

1,144,402


1,120,878


1,040,335


1,047,184


1,045,438


Real estate - construction

1,332,954


1,463,799


1,249,199


1,239,075


1,078,263


Consumer

651,717


692,086


698,421


729,318


743,976


Leases and other loans(2)

336,165


323,112


341,102


336,314


346,516


Total Net Loans

$ 24,176,075


$ 24,106,297


$ 21,444,483


$ 21,351,094


$ 21,177,508

Deposits, by type:










Noninterest-bearing demand

$  5,501,699


$  5,609,383


$  5,086,514


$  5,314,094


$  5,575,374


Interest-bearing demand

7,779,472


7,478,077


5,521,017


5,722,695


5,757,487


Savings

7,740,595


7,563,495


6,846,038


6,616,901


6,707,729


     Total demand and savings

21,021,766


20,650,955


17,453,569


17,653,690


18,040,590


Brokered

843,473


995,975


1,152,427


1,144,692


941,059


Time

4,286,905


3,912,724


3,135,954


2,739,241


2,439,940


Total Deposits

$ 26,152,144


$ 25,559,654


$ 21,741,950


$ 21,537,623


$ 21,421,589

Borrowings, by type:










Federal funds purchased

$              —


$              —


$              —


$     240,000


$     544,000


Federal Home Loan Bank advances

950,000


750,000


900,000


1,100,000


730,000


Senior debt and subordinated debt

535,917


535,741


535,566


535,384


540,174


Other borrowings

566,310


892,856


860,474


612,142


555,938


Total Borrowings

$  2,052,227


$  2,178,597


$  2,296,040


$  2,487,526


$  2,370,112












(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


Nine months ended




Sep 30


Jun 30


Mar 31


Dec  31


Sep 30


Sep 30




2024


2024


2024


2023


2023


2024


2023

Net Interest Income:
















Interest income


$ 427,656


$ 400,506


$ 339,666


$ 338,134


$ 330,371


$  1,167,828


$ 935,103


Interest expense


169,647


158,786


132,729


126,128


116,529


461,162


292,822


    Net Interest Income


258,009


241,720


206,937


212,006


213,842


706,666


642,281


Provision for credit losses


11,929


32,056


10,925


9,808


9,937


54,910


44,228


    Net Interest Income after Provision


246,080


209,664


196,012


202,198


203,905


651,756


598,053

Non-Interest Income:
















Wealth management


21,596


20,990


20,155


19,388


19,413


62,741


56,152


Commercial banking:
















   Merchant and card


7,496


7,798


6,808


7,045


7,626


22,103


22,160


   Cash management


7,201


6,966


6,305


6,030


5,960


20,473


17,310


   Capital markets


3,311


2,585


2,341


4,258


2,960


8,236


11,396


   Other commercial banking


4,281


4,061


3,375


3,447


3,176


11,716


9,514


Total commercial banking


22,289


21,410


18,829


20,780


19,722


62,528


60,380


Consumer banking:
















  Card


7,917


8,305


6,628


6,739


6,770


22,850


19,604


  Overdraft


3,957


3,377


2,786


2,991


2,996


10,120


8,425


  Other consumer banking


3,054


2,918


2,254


2,357


2,407


8,226


7,081


Total consumer banking


14,928


14,600


11,668


12,087


12,173


41,196


35,110


Mortgage banking


3,142


3,951


3,090


2,288


3,190


10,183


8,100


Gain on acquisition, net of tax


(7,706)


47,392


—


—


—


39,685


—


Other


5,425


4,933


3,398


5,587


1,463


13,756


8,539


Non-interest income before investment securities gains (losses)


59,674


113,276


57,140


60,130


55,961


230,089


168,281


Investment securities gains (losses), net


(1)


(20,282)


—


(752)


—


(20,283)


19


    Total Non-Interest Income


59,673


92,994


57,140


59,378


55,961


209,806


168,300

Non-Interest Expense:
















Salaries and employee benefits


118,824


110,630


95,481


97,275


96,757


324,935


280,142


Data processing and software


20,314


20,357


17,661


16,985


16,914


58,332


49,486


Net occupancy


18,999


17,793


16,149


14,647


14,561


52,942


43,373


Other outside services


15,839


16,933


13,283


14,670


12,094


46,055


33,054


Intangible amortization


6,287


4,688


573


597


601


11,548


2,347


FDIC insurance


5,109


6,696


6,104


11,138


4,738


17,909


14,427


Equipment


4,860


4,561


4,040


3,995


3,475


13,461


10,395


Professional fees


2,811


2,571


2,088


2,302


1,869


7,470


6,090


Marketing


2,251


2,101


1,912


3,550


1,913


6,263


5,454


Acquisition-related expenses


14,195


13,803


—


—


—


27,998


—


Other


16,600


(645)


20,309


15,393


18,098


36,263


53,888


    Total Non-Interest Expense


226,089


199,488


177,600


180,552


171,020


603,176


498,656


    Income Before Income Taxes


79,664


103,170


75,552


81,024


88,846


258,386


267,697


Income tax expense


16,458


8,195


13,611


16,761


16,749


38,264


47,680


    Net Income


63,206


94,975


61,941


64,263


72,097


220,122


220,017


Preferred stock dividends


(2,562)


(2,562)


(2,562)


(2,562)


(2,562)


(7,686)


(7,686)


     Net Income Available to Common  Shareholders


$   60,644


$   92,413


$   59,379


$   61,701


$   69,535


$ 212,436


$ 212,331




















Three months ended


Nine months ended




Sep 30


Jun 30


Mar 31


Dec  31


Sep 30


Sep 30




2024


2024


2024


2023


2023


2024


2023

PER SHARE:
















Net income available to common shareholders (basic)


$0.33


$0.53


$0.36


$0.38


$0.42


$1.23


$1.28


Net income available to common shareholders (diluted)


$0.33


$0.52


$0.36


$0.37


$0.42


$1.21


$1.27


Cash dividends


$0.17


$0.17


$0.17


$0.17


$0.16


$0.51


$0.47


















Weighted average shares (basic)


181,905


175,305


162,706


163,975


164,566


173,337


165,667


Weighted average shares (diluted)


183,609


176,934


164,520


165,650


166,023


175,033


167,181

 

FULTON FINANCIAL CORPORATION







CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)






(dollars in thousands)









Three months ended



September 30, 2024


June 30, 2024


September 30, 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)

$  24,147,801


$ 376,160


6.20 %


$  23,345,914


$ 355,533


6.12 %


$  21,121,277


$ 304,167


5.72 %


Investment securities(3)

4,526,885


37,853


3.34 %


4,396,050


33,799


3.07 %


4,197,550


27,274


2.59 %


Other interest-earning assets

1,338,592


18,068


5.37 %


1,125,886


15,730


5.61 %


263,244


3,372


5.11 %


Total Interest-Earning Assets

30,013,278


432,081


5.74 %


28,867,850


405,062


5.64 %


25,582,071


334,813


5.20 %




















Noninterest-earning assets:


















Cash and due from banks

306,427






302,381






306,496






Premises and equipment

181,285






203,166






217,447






Other assets

1,772,052






1,759,138






1,562,233






Less: ACL - loans(4)

(377,807)






(357,644)






(290,411)






Total Assets

$  31,895,235






$  30,774,891






$  27,377,836
























LIABILITIES AND SHAREHOLDERS' EQUITY




































Interest-bearing liabilities:


















Demand deposits

$ 7,668,583


$   38,768


2.01 %


$ 7,080,302


$   31,748


1.80 %


$ 5,740,229


$   18,690


1.29 %


Savings deposits

7,663,599


49,477


2.57 %


7,309,141


44,901


2.47 %


6,676,792


34,277


2.04 %


Brokered deposits

842,661


11,344


5.36 %


1,123,328


15,074


5.40 %


937,657


12,250


5.18 %


Time deposits

4,107,466


45,735


4.43 %


3,670,158


39,364


4.31 %


2,330,206


18,939


3.22 %


Total Interest-Bearing Deposits

20,282,309


145,324


2.85 %


19,182,929


131,087


2.75 %


15,684,884


84,156


2.13 %





















Borrowings and other interest-bearing liabilities

2,229,348


24,324


4.34 %


2,441,691


27,699


4.53 %


2,691,087


32,373


4.74 %


Total Interest-Bearing Liabilities

22,511,657


169,648


3.00 %


21,624,620


158,786


2.95 %


18,375,971


116,529


2.51 %




















Noninterest-bearing liabilities:


















Demand deposits

5,495,950






5,460,025






5,672,411






Other liabilities

727,306






737,575






683,477






Total Liabilities

28,734,913






27,822,220






24,731,859






Shareholders' equity

3,160,322






2,952,671






2,645,977






Total Liabilities and Shareholders' Equity

$  31,895,235






$  30,774,891






$  27,377,836

























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



262,433


3.49 %




246,276


3.43 %




218,284


3.40 %


Tax equivalent adjustment



(4,424)






(4,556)






(4,442)




Net Interest Income



$ 258,009






$ 241,720






$ 213,842























(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




Sep 30


Jun 30


Mar 31


Dec  31


Sep 30




2024


2024


2024


2023


2023


Loans, by type:












Real estate - commercial mortgage

$ 9,318,273


$ 8,958,139


$ 8,166,018


$ 8,090,627


$ 7,912,801



Commercial and industrial

4,998,051


4,853,583


4,517,179


4,579,441


4,611,376



Real estate - residential mortgage

6,268,922


5,977,132


5,353,905


5,303,632


5,209,105



Real estate - home equity

1,122,313


1,117,367


1,039,321


1,043,753


1,045,806



Real estate - construction

1,437,907


1,430,057


1,240,640


1,153,601


1,254,577



Consumer

682,602


685,183


721,523


746,011


761,273



Leases and other loans(1)

319,733


324,453


331,447


338,714


326,339



Total Net Loans

$  24,147,801


$  23,345,914


$  21,370,033


$  21,255,779


$  21,121,277














Deposits, by type:












Noninterest-bearing demand

$ 5,495,950


$ 5,460,025


$ 5,061,075


$ 5,440,098


$ 5,672,411



Interest-bearing demand

7,668,583


7,080,302


5,596,725


5,723,169


5,740,229



Savings

7,663,599


7,309,141


6,669,228


6,682,512


6,676,792



     Total demand and savings

20,828,132


19,849,468


17,327,028


17,845,779


18,089,432



Brokered

842,661


1,123,328


1,083,382


1,051,369


937,657



Time

4,107,466


3,670,158


2,968,344


2,579,400


2,330,206



Total Deposits

$  25,778,259


$  24,642,954


$  21,378,754


$  21,476,548


$  21,357,295














Borrowings, by type:












Federal funds purchased

$            —


$      32,637


$    173,659


$    446,707


$    634,163



Federal Home Loan Bank advances

754,130


833,726


902,890


760,087


793,098



Senior debt and subordinated debt

535,831


535,656


535,479


539,186


540,086



Other borrowings and other interest-bearing liabilities

939,387


1,039,672


996,348


795,747


723,740



Total Borrowings

$ 2,229,348


$ 2,441,691


$ 2,608,376


$ 2,541,727


$ 2,691,087













(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)










Nine months ended September 30




2024


2023




Average




Yield/


Average




Yield/




Balance


Interest(1)


Rate


Balance


Interest(1)


Rate

ASSETS





















Interest-earning assets:








Net loans(2)


$      22,918,845


$   1,045,573


6.09 %


$      20,819,280


$      854,384


5.49 %


Investment securities(3)


4,303,048


98,701


3.05 %


4,240,093


82,098


2.58 %


Other interest-earning assets


921,483


37,126


5.38 %


427,810


11,882


3.71 %


Total Interest-Earning Assets


28,143,376


1,181,400


5.60 %


25,487,183


948,364


4.97 %















Noninterest-Earning assets:








Cash and due from banks


297,268






193,083






Premises and equipment


202,531






219,087






Other assets


1,828,085






1,555,891






Less: ACL - loans(4)


(353,567)






(282,144)






Total Assets


$      30,117,693






$      27,173,100



















LIABILITIES AND SHAREHOLDERS' EQUITY





















Interest-Bearing liabilities:








Demand deposits


$        6,785,106


$        91,016


1.79 %


$        5,535,671


$        41,756


1.01 %


Savings deposits


7,215,631


133,175


2.47 %


6,593,703


84,102


1.71 %


Brokered deposits


1,015,823


41,073


5.40 %


779,191


29,557


5.07 %


Time deposits


3,583,905


114,721


4.28 %


2,032,360


40,160


2.64 %


Total Interest-Bearing Deposits


18,600,465


379,985


2.73 %


14,940,925


195,575


1.75 %
















Borrowings and other interest-bearing liabilities


2,425,753


81,177


4.47 %


2,848,704


97,247


4.53 %


Total Interest-Bearing Liabilities


21,026,218


461,162


2.93 %


17,789,629


292,822


2.20 %















Noninterest-Bearing liabilities:








Demand deposits


5,339,590






6,108,197






Other liabilities


791,175






639,569






Total Liabilities


27,156,983






24,537,395






Shareholders' equity


2,960,710






2,635,705






Total Liabilities and Shareholders' Equity


$      30,117,693






$      27,173,100




















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




720,238


3.42 %




655,542


3.44 %


Tax equivalent adjustment




(13,572)






(13,261)




Net Interest Income




$      706,666






$      642,281


















(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)











Nine months ended September 30





2024


2023


Loans, by type:







Real estate - commercial mortgage


$              8,803,503


$              7,803,775



Commercial and industrial


4,786,976


4,602,573



Real estate - residential mortgage


5,844,317


5,004,289



Real estate - home equity


1,091,526


1,066,003



Real estate - construction


1,370,134


1,278,923



Consumer


697,204


748,788



Leases and other loans(1)


325,185


314,929



Total Net Loans


$            22,918,845


$            20,819,280









Deposits, by type:







Noninterest-bearing demand


$              5,339,590


$              6,108,197



Interest-bearing demand


6,785,106


5,535,671



Savings


7,215,631


6,593,703



   Total demand and savings


19,340,327


18,237,571



Brokered


1,015,823


779,191



Time


3,583,905


2,032,360



Total Deposits


$            23,940,055


$            21,049,122









Borrowings, by type:







Federal funds purchased


$                    68,515


$                  606,708



Federal Home Loan Bank advances


829,971


976,783



Senior debt and subordinated debt


535,656


539,907



Other borrowings


991,611


725,306



Total Borrowings


$              2,425,753


$              2,848,704









(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


Nine months ended September 30



Sep 30


Jun 30


Mar 31


Dec  31


Sep 30


Sep 30


Sep 30



2024


2024


2024


2023


2023


2024


2023

Allowance for credit losses related to net loans:













Balance at beginning of period

$  375,941


$  297,888


$  293,404


$  292,739


$  287,442


$  293,404


$  269,366

















CECL day 1 provision expense(1)

—


23,444


—


—


—


23,444


—


Initial purchased credit deteriorated allowance for credit losses

(1,139)


55,906


—


—


—


54,767


—


Loans charged off:















    Real estate - commercial mortgage

(2,723)


(7,853)


(26)


(3,547)


(860)


(10,602)


(14,452)


    Commercial and industrial

(6,256)


(2,955)


(7,632)


(3,397)


(3,220)


(16,843)


(5,849)


    Real estate - residential mortgage

(1,131)


(35)


(251)


—


—


(1,417)


(62)


    Consumer and home equity

(2,308)


(1,766)


(2,238)


(2,192)


(1,803)


(6,312)


(5,322)


    Real estate - construction

—


—


—


—


—


—


—


    Leases and other loans(2)

(726)


(1,398)


(805)


(1,096)


(1,396)


(2,929)


(3,284)


    Total loans charged off

(13,144)


(14,007)


(10,952)


(10,232)


(7,279)


(38,103)


(28,969)

Recoveries of loans previously charged off:















    Real estate - commercial mortgage

107


146


152


160


101


405


916


    Commercial and industrial

1,008


796


1,248


779


620


3,052


2,694


    Real estate - residential mortgage

130


122


116


278


37


368


143


    Consumer and home equity

545


1,161


676


555


1,023


2,382


2,643


    Real estate - construction

103


233


—


87


—


336


771


    Leases and other loans(2)

129


247


162


374


400


538


729


    Recoveries of loans previously charged off

2,022


2,705


2,354


2,233


2,181


7,081


7,896

Net loans charged off

(11,122)


(11,302)


(8,598)


(7,999)


(5,098)


(31,022)


(21,073)

Provision for credit losses(1)

12,281


10,005


13,082


8,664


10,395


35,368


44,446

Balance at end of period

$  375,961


$  375,941


$  297,888


$  293,404


$  292,739


$  375,961


$  292,739

Net charge-offs to average loans

0.18 %


0.19 %


0.16 %


0.15 %


0.10 %


0.18 %


0.13 %
















Provision for credit losses related to OBS Credit Exposures











Provision for credit losses(1)

$   (352)


$ (1,393)


$ (2,157)


$    1,144


$   (458)


$ (3,902)


$   (218)
















NON-PERFORMING ASSETS:














Non-accrual loans

$  175,861


$  145,630


$  129,628


$  121,620


$  113,022






Loans 90 days past due and accruing

26,286


26,962


26,521


31,721


27,962






    Total non-performing loans

202,147


172,592


156,149


153,341


140,984






Other real estate owned

2,844


1,444


277


896


2,549






Total non-performing assets

$  204,991


$  174,036


$  156,426


$  154,237


$  143,533




















NON-PERFORMING LOANS, BY TYPE:














Commercial and industrial

$  64,450


$  58,433


$  44,118


$  41,020


$  33,365






Real estate - commercial mortgage

71,505


48,615


47,891


46,527


44,058






Real estate - residential mortgage

41,727


41,033


40,685


42,029


40,560






Consumer and home equity

12,792


11,886


10,172


10,878


11,580






Leases and other loans(2)

9,927


9,993


10,135


10,011


10,744






Real estate - construction

1,746


2,632


3,148


2,876


677






Total non-performing loans

$  202,147


$  172,592


$  156,149


$  153,341


$  140,984







(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.

 

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







Sep 30


Jun 30


Mar 31


Dec  31


Sep 30







2024


2024


2024


2023


2023

Operating net income available to common shareholders











Net income available to common shareholders


$        60,644


$       92,413


$       59,379


$       61,701


$       69,535

Less: Non-PCD credit-related interest income from acquisition


(815)


(571)


—


—


—

Less: Interest rate derivative transition valuation(1)


138


(137)


(151)


(1,102)


2,958

Less: Loss (gain) on acquisition, net of tax


7,706


(47,392)


—


—


—

Plus: Loss on securities restructuring


—


20,282


—


—


—

Plus: Core deposit intangible amortization


6,155


4,556


441


441


441

Plus: Acquisition-related expense


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


9,385


6,323


6,329


3,197


—

Less: Tax impact of adjustments


(6,099)


(9,961)


(1,591)


(1,896)


(714)

Operating net income available to common shareholders (numerator)


$        91,293


$       82,494


$       65,363


$       68,835


$       72,220
















Weighted average shares (diluted) (denominator)


183,609


176,934


164,520


165,650


166,023
















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


$           0.50


$          0.47


$          0.40


$          0.42


$          0.43
















Common shareholders' equity (tangible), per share











Shareholders' equity


$     3,203,943


$    3,101,609


$    2,757,679


$    2,760,139


$    2,566,693

Less: Preferred stock


(192,878)


(192,878)


(192,878)


(192,878)


(192,878)

Less: Goodwill and intangible assets


(641,739)


(648,026)


(560,114)


(560,687)


(561,284)

Tangible common shareholders' equity (numerator)


$     2,369,326


$    2,260,705


$    2,004,687


$    2,006,574


$    1,812,531












Shares outstanding, end of period (denominator)


181,957


181,831


162,087


163,801


164,084












Common shareholders' equity (tangible), per share


$          13.02


$         12.43


$         12.37


$         12.25


$         11.05

(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.

(2) Results are annualized.





























































































Three months ended







Sep 30


Jun 30


Mar 31


Dec  31


Sep 30







2024


2024


2024


2023


2023

Operating return on average assets(2)











Net income


$        63,206


$       94,975


$       61,941


$       64,263


$       72,097

Less: Non-PCD credit-related interest income from acquisition


(815)


(571)


—


—


—

Less: Interest rate derivative transition valuation(1)


138


(137)


(151)


(1,102)


2,958

Less: Loss (gain) on acquisition, net of tax


7,706


(47,392)


—


—


—

Plus: Loss on securities restructuring


—


20,282


—


—


—

Plus: Core deposit intangible amortization


6,155


4,556


441


441


441

Plus: Acquisition-related expense


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


9,385


6,323


6,329


3,197


—

Less: Tax impact of adjustments


(6,099)


(9,961)


(1,591)


(1,896)


(714)

Operating net income (numerator)


$        93,855


$       85,056


$       67,925


$       71,397


$       74,782
















Total average assets


$   31,895,235


$  30,774,891


$  27,427,626


$  27,397,671


$  27,377,836

Less: Average net core deposit intangible


(89,350)


(68,234)


(4,666)


(5,106)


(5,548)

Total operating average assets  (denominator)


$   31,805,885


$  30,706,657


$  27,422,960


$  27,392,565


$  27,372,288
















Operating return on average assets


1.17 %


1.11 %


1.00 %


1.03 %


1.08 %
















Operating return on average common shareholders' equity (tangible)(2)







Net income available to common shareholders


$        60,644


$       92,413


$       59,379


$       61,701


$       69,535

Less: Non-PCD credit-related interest income from acquisition


(815)


(571)


—


—


—

Less: Interest rate derivative transition valuation(1)


138


(137)


(151)


(1,102)


2,958

Less: Loss (gain) on acquisition, net of tax


7,706


(47,392)


—


—


—

Plus: Loss on securities restructuring


—


20,282


—


—


—

Plus: Intangible amortization



6,287


4,688


573


597


601

Plus: Acquisition-related expense



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


9,385


6,323


6,329


3,197


—

Less: Tax impact of adjustments



(6,127)


(9,989)


(1,618)


(1,929)


(747)

Adjusted net income available to common shareholders (numerator)


$        91,397


$       82,598


$       65,468


$       68,958


$       72,347












Average shareholders' equity


$     3,160,322


$    2,952,671


$    2,766,945


$    2,618,024


$    2,645,977

Less: Average preferred stock


(192,878)


(192,878)


(192,878)


(192,878)


(192,878)

Less: Average goodwill and intangible assets


(644,814)


(624,471)


(560,393)


(560,977)


(561,578)

Average tangible common shareholders' equity (denominator)


$     2,322,630


$    2,135,322


$    2,013,674


$    1,864,169


$    1,891,521












Operating return on average common shareholders' equity (tangible)


15.65 %


15.56 %


13.08 %


14.68 %


15.17 %

(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.

(2) Results are annualized.































































Three months ended







Sep 30


Jun 30


Mar 31


Dec  31


Sep 30







2024


2024


2024


2023


2023

Tangible common equity to tangible assets (TCE Ratio)











Shareholders' equity


$     3,203,943


$    3,101,609


$    2,757,679


$    2,760,139


$    2,566,693

Less: Preferred stock


(192,878)


(192,878)


(192,878)


(192,878)


(192,878)

Less: Goodwill and intangible assets


(641,739)


(648,026)


(560,114)


(560,687)


(561,284)

Tangible common shareholders' equity (numerator)


$     2,369,326


$    2,260,705


$    2,004,687


$    2,006,574


$    1,812,531
















Total assets


$   32,185,726


$  31,769,813


$  27,642,957


$  27,571,915


$  27,375,177

Less: Goodwill and intangible assets


(641,739)


(648,026)


(560,114)


(560,687)


(561,284)

Total tangible assets (denominator)


$   31,543,987


$  31,121,787


$  27,082,843


$  27,011,228


$  26,813,893
















Tangible common equity to tangible assets


7.51 %


7.26 %


7.40 %


7.43 %


6.76 %
















Efficiency ratio













Non-interest expense


$      226,089


$     199,488


$     177,600


$     180,552


$     171,020

Less: Acquisition-related expense


(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


(9,385)


(6,323)


(6,329)


(3,197)


—

Less: Intangible amortization


(6,287)


(4,688)


(573)


(597)


(601)

Less: Debt extinguishment


—


—


—


720


—

Operating non-interest expense (numerator)


$      196,238


$     194,940


$     169,742


$     170,984


$     170,419












Net interest income


$      258,009


$     241,720


$     206,937


$     212,006


$     213,842

Tax equivalent adjustment


4,424


4,556


4,592


4,549


4,442

Plus: Total non-interest income


59,673


92,994


57,140


59,378


55,961

Less: Interest rate derivative transition valuation(1)


138


(137)


(151)


(1,102)


2,958

Less: Non-PCD credit-related interest income from acquisition


(815)


(571)


—


—


—

Less: Loss (gain) on acquisition, net of tax


7,706


(47,392)


—


—


—

Plus: Investment securities (gains) losses, net


1


20,282


—


752


—

Total revenue (denominator)


$      329,136


$     311,452


$     268,518


$     275,583


$     277,203












Efficiency ratio


59.62 %


62.59 %


63.21 %


62.04 %


61.48 %
















Operating non-interest expense to total average assets











Non-interest expense


$      226,089


$     199,488


$     177,600


$     180,552


$     171,020

Less: Intangible amortization


(6,287)


(4,688)


(573)


(597)


(601)

Less: Acquisition-related expense


(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


(9,385)


(6,323)


(6,329)


(3,197)


—

Operating non-interest expense (numerator)


$      196,238


$     194,940


$     169,742


$     170,264


$     170,419
















Total average assets (denominator)


$   31,895,235


$  30,774,891


$  27,427,626


$  27,397,671


$  27,377,836
















Operating non-interest expenses to total average assets


2.45 %


2.55 %


2.49 %


2.47 %


2.47 %

(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.

(2) Results are annualized.












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-third-quarter-2024-results-302276932.html

SOURCE Fulton Financial Corporation

FAQ

What was Fulton Financial's earnings per share in Q3 2024?

Fulton Financial (FULT) reported earnings of $0.33 per diluted share in Q3 2024, while operating earnings were $0.50 per diluted share.

How did Fulton Financial's customer deposits change in Q3 2024?

Excluding brokered deposits, Fulton Financial's (FULT) customer deposits increased by $745.0 million compared to the previous quarter.

What was Fulton Financial's net interest margin in Q3 2024?

Fulton Financial (FULT) reported a net interest margin of 3.49% in Q3 2024, an increase of six basis points compared to the prior quarter.

How did Fulton Financial's loan portfolio change in Q3 2024?

Fulton Financial's (FULT) net loans totaled $24.2 billion in Q3 2024, an increase of $69.8 million compared to the previous quarter.

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