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