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Acquisition and Mergers - The Corporation completed the acquisition of Prudential Bancorp on July 1, 2022, with Prudential Bank merging into Fulton Bank on November 5, 2022[19]. - The Corporation has elected to utilize the CECL Transition Rule, allowing a five-year transition period to phase in the impact of the CECL standard on regulatory capital[65]. - The FDIC, OCC, and DOJ announced new rules impacting bank merger review processes on September 17, 2024[98]. - The OCC's final rule modifies procedures for reviewing bank merger applications, eliminating expedited reviews and streamlining application processes[99]. Financial Performance - FTE net interest income for 2024 was $978.2 million, an increase of $106.1 million from $872.1 million in 2023[240]. - Average net loans increased by $2.2 billion, or 10.6%, in 2024 compared to 2023, primarily due to $2.4 billion of total loans acquired in the Republic First Transaction[248]. - Total non-interest income grew by $48.1 million, or 21.1%, to $275.7 million in 2024, with significant contributions from wealth management and consumer banking[255]. - Total non-interest expense rose by $140.6 million, or 20.7%, to $819.8 million in 2024, influenced by costs from the Republic First Transaction[258]. - The effective tax rate (ETR) decreased to 16.2% in 2024 from 18.5% in 2023, primarily due to lower ETR impacts from tax-exempt interest income[259]. Capital and Liquidity - As of December 31, 2024, Fulton Bank's capital ratios were above the minimum levels required to be considered "well capitalized" by the OCC, with a total risk-based capital ratio of 10.00% or greater[66]. - The Corporation's Total Risk-Based Capital ratio was 14.3%, exceeding the regulatory minimum of 8.0%[316]. - The Corporation's Common Equity Tier I capital ratio was 10.8%, above the minimum requirement of 4.5%[316]. - The Tier I Leverage Capital ratio stood at 9.0%, meeting the minimum requirement of 4.0%[316]. - The Corporation maintained a capital conservation buffer of 2.50% above the minimum risk-based capital requirements[313]. Regulatory Environment - The company operates under stringent regulations enforced by federal and state agencies, impacting operational costs and permissible activities[39]. - The Economic Growth Act raised the total asset threshold for mandatory applicability of enhanced prudential standards for bank holding companies to $250 billion[46]. - The company is subject to the CFPB's supervisory and enforcement authorities due to having total assets exceeding $10 billion[52]. - The company is subject to Basel III Rules for capital and liquidity regulation, applying the standardized approach in measuring RWA and regulatory capital[56]. Risk Management - The cybersecurity threat environment is dynamic, requiring continuous monitoring and employee training to mitigate risks[33]. - The Corporation identified heightened risks in the office and multi-family commercial mortgage loan portfolios and moderated new loan originations accordingly[282]. - Non-accrual loans rose by $67.7 million, or 55.6%, during 2024, with non-accrual loans as a percentage of net loans increasing to 0.79% from 0.57% in 2023[289]. - The allowance for credit losses (ACL) at the end of the period was $379.2 million, representing an increase from $293.4 million in 2023, driven by a $23.4 million CECL Day 1 Provision related to the Republic First Transaction[300]. Employee Engagement and Culture - The Corporation's employee engagement program includes annual surveys to assess morale and identify areas for improvement[27]. - The Corporation's culture-shaping program, The Fulton Experience, aims to enhance collaboration and individual roles within the organization[28]. - The Corporation provides a comprehensive Total Rewards program, including competitive salaries and performance-based incentives[29]. Deposits and Loans - Total deposits increased by $4.6 billion, or 21.3%, from $21.5 billion in 2023 to $26.1 billion in 2024[276]. - Average total deposits increased by $3.4 billion, or 16.0%, to $24.5 billion in 2024 compared to 2023, primarily due to the Republic First Transaction[249]. - The total outstanding balance of the commercial mortgage multi-family non-owner occupied loan portfolio increased to $1,543.9 million as of December 31, 2024, up from $1,147.6 million in 2023, reflecting a 34.5% growth[288]. Shareholder Information - The company's common stock is traded on the Nasdaq Global Select Market under the ticker symbol "FULT," with approximately 182 million shares outstanding as of December 31, 2024[38]. - Total shareholders' equity increased by $437.2 million, or 15.8%, to $3.2 billion as of December 31, 2024[311]. - The Corporation raised $272.6 million from a public offering of 19,166,667 shares at $15.00 per share, contributing to the increase in equity[311].

Company Overview - Fulton Financial (FULT) is headquartered in Lancaster and has experienced a price change of 7.05% this year [3] - The company currently pays a dividend of $0.18 per share, resulting in a dividend yield of 3.49%, which is higher than the Banks - Northeast industry's yield of 2.51% and the S&P 500's yield of 1.54% [3] Dividend Performance - Fulton Financial's annualized dividend of $0.72 has increased by 4.3% from the previous year [4] - Over the past five years, the company has raised its dividend four times, achieving an average annual increase of 7.12% [4] - The current payout ratio is 39%, indicating that the company pays out 39% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for Fulton Financial's earnings in 2025 is $1.91 per share, reflecting a year-over-year earnings growth rate of 3.24% [5] Investment Appeal - Fulton Financial is considered an attractive dividend play and a compelling investment opportunity, currently holding a Zacks Rank of 1 (Strong Buy) [7]

Group 1 - Fulton Financial Corporation (NASDAQ: FULT) was downgraded after a 29% surge since the previous 'buy' rating [1] - The focus of Crude Value Insights is on cash flow and companies that generate it, leading to value and growth prospects [1] Group 2 - Subscribers have access to a 50+ stock model account and in-depth cash flow analyses of exploration and production (E&P) firms [2] - The service includes live chat discussions about the oil and gas sector [2]

Core Viewpoint - Fulton Financial (FULT) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in stock price movements [4]. Recent Performance and Projections - For the fiscal year ending December 2025, Fulton Financial is expected to earn $1.91 per share, reflecting a 3.2% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Fulton Financial has risen by 8.1%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% receiving a 'Strong Buy' or 'Buy' rating [9][10]. - Fulton Financial's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Viewpoint - Fulton Financial (FULT) is experiencing solid improvement in earnings estimates, which may lead to continued short-term price momentum for the stock [1][2]. Earnings Estimate Revisions - The trend in estimate revisions reflects growing analyst optimism regarding Fulton Financial's earnings prospects, which is expected to positively influence its stock price [2]. - For the current quarter, earnings are projected at $0.44 per share, representing a 10% increase from the previous year, with a 5.24% rise in consensus estimates over the last 30 days [4]. - For the full year, earnings are expected to be $1.89 per share, a 2.16% increase from the prior year, with a 6.07% increase in consensus estimates and five upward revisions in the past month [5]. Zacks Rank and Performance - Fulton Financial has achieved a Zacks Rank 2 (Buy), indicating promising estimate revisions that suggest potential outperformance compared to the S&P 500 [6]. - Historically, stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have significantly outperformed the S&P 500 [6]. Stock Performance - Fulton Financial shares have increased by 6% over the past four weeks, indicating investor confidence in the company's earnings growth prospects [7].

Financial Data and Key Metrics - The company released its financial information and related slide presentation for the fourth quarter and year ended December 31, 2024, which can be accessed on the company's website under Investor Relations and News sections [4] - The company may make forward-looking statements regarding its financial condition, results of operations, and business, but these are subject to risks and uncertainties, and actual results could differ materially [5] Business Lines and Key Metrics - No specific data or metrics related to individual business lines were provided in the content Market Data and Key Metrics - No specific data or metrics related to individual markets were provided in the content Company Strategy and Industry Competition - No specific details on company strategy or industry competition were provided in the content Management Commentary on Operating Environment and Future Outlook - No specific commentary from management on the operating environment or future outlook was provided in the content Other Important Information - The company's earnings call was hosted by Curtis Myers, Chairman and CEO, and Richard Kraemer, CFO, with Matt Jozwiak, Director of Investor Relations, introducing the call [3] - The call included a safe harbor statement regarding forward-looking statements, emphasizing the risks and uncertainties that could affect actual results [5] Q&A Session Summary - No Q&A session details were provided in the content

Financial Performance - Revenue for the quarter ended December 2024 was $323.93 million, a 17.4% year-over-year increase [1] - EPS for the quarter was $0.48, compared to $0.42 a year ago [1] - Revenue surprise was +0.35% over the Zacks Consensus Estimate of $322.8 million [1] - EPS surprise was +14.29% over the consensus estimate of $0.42 [1] Key Metrics - Efficiency Ratio: 58.4% compared to the 63% average estimate [4] - Net Interest Margin: 3.4% compared to the 3.4% average estimate [4] - Average Balance - Total Interest-Earning Assets: $30.19 billion versus $30.20 billion estimated [4] - Net charge-offs to average loans: 0.2% versus 0.2% estimated [4] - Net Interest Income (FTE): $258 million versus the $255.16 million average estimate [4] - Total Non-Interest Income: $65.92 million compared to the $67.09 million average estimate [4] Segment Performance - Non-Interest Income- Total consumer banking: $14.31 million compared to the $15.04 million average estimate [4] - Mortgage banking: $3.76 million versus the $2.76 million average estimate [4] - Wealth management: $22 million versus $21.48 million estimated [4] - Non-Interest Income- Other: $6.09 million versus $5.19 million estimated [4] - Non-Interest Income- Total commercial banking: $22.45 million versus $22.37 million estimated [4] Stock Performance - Shares of Fulton Financial have returned +6.9% over the past month versus the Zacks S&P 500 composite's +1.2% change [3] - The stock currently has a Zacks Rank 3 (Hold), indicating it could perform in line with the broader market in the near term [3]

Group 1 - Fulton Financial reported quarterly earnings of $0.48 per share, exceeding the Zacks Consensus Estimate of $0.42 per share, and up from $0.42 per share a year ago, representing an earnings surprise of 14.29% [1] - The company posted revenues of $323.93 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.35%, and an increase from year-ago revenues of $275.93 million [2] - Fulton Financial has outperformed the S&P 500 with an 8.2% gain since the beginning of the year, compared to the S&P 500's 2% gain [3] Group 2 - The current consensus EPS estimate for the coming quarter is $0.41 on revenues of $314.95 million, and for the current fiscal year, it is $1.79 on revenues of $1.29 billion [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 25% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Fulton Financial Corporation reported net income available to common shareholders of $66.1 million, or $0.36 per diluted share, for Q4 2024, an increase of $5.4 million from Q3 2024[2]. - Operating net income for the year ended December 31, 2024 was $328.1 million, or $1.85 per diluted share, an increase of $43.1 million, or 14% compared to 2023[2]. - Net income available to common shareholders was $66,058 thousand, up from $60,644 thousand in the previous quarter and $61,701 thousand a year ago, marking a quarterly increase of 6.5% and a year-over-year increase of 7.2%[16]. - Net income for Q4 2024 reached $68,620 thousand, an increase from $63,206 thousand in Q3 2024, demonstrating improved profitability[21]. - Operating net income available to common shareholders for the quarter was $88,911 thousand, compared to $68,835 thousand for the same quarter last year[32]. - Operating net income per diluted share for the year ended December 31, 2024, was $1.85, up from $1.71 in 2023[38]. Asset and Loan Management - Total assets increased to $32,065,059 thousand as of December 31, 2024, up from $27,571,915 thousand a year earlier, representing a growth of 15.4%[16]. - Net loans totaled $24.0 billion, a decrease of $131.2 million from $24.2 billion as of September 30, 2024[5]. - Net loans decreased slightly to $24,044,919 thousand from $24,176,075 thousand in the previous quarter, but increased from $21,351,094 thousand year-over-year, showing a growth of 7.9%[16]. - The allowance for credit losses related to net loans at the end of the period was $379,156 thousand, compared to $293,404 thousand at the end of 2023, reflecting a significant increase[30]. - Non-performing loans totaled $220,074 thousand, an increase from $202,147 thousand in the previous quarter, indicating a rise in asset quality concerns[30]. Income and Expense Analysis - The net interest margin was solid at 3.41%, with a decrease in total cost of funds by 14 basis points compared to the prior quarter[3]. - Non-interest expense decreased by $9.5 million to $216.6 million compared to $226.1 million in the prior quarter[3]. - Net interest income for the quarter was $253,659 thousand, a decrease from $258,009 thousand in the previous quarter, but an increase from $212,006 thousand a year ago, reflecting a year-over-year growth of 19.6%[16]. - Non-interest income rose to $65,924 thousand, compared to $59,673 thousand in the previous quarter and $59,378 thousand a year ago, indicating a quarterly increase of 5.4% and a year-over-year increase of 11.8%[16]. - The efficiency ratio improved to 58.4%, down from 59.6% in the previous quarter and 62.0% a year ago, indicating better cost management[18]. Capital and Equity - Common equity tier 1 capital ratio increased to approximately 10.6% compared to 10.5% in the prior quarter[5]. - The common equity Tier 1 capital ratio was 10.6%, slightly up from 10.5% in the previous quarter and consistent with 10.3% a year ago, reflecting strong capital position[18]. - Tangible common shareholders' equity per share was $13.01, up from $12.43 in the previous quarter, indicating improved shareholder value[32]. Strategic Outlook - Fulton made significant operational and strategic progress in 2024, positioning itself for continued success in 2025[2]. - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[21]. - The company plans to continue expanding its market presence and investing in new technologies to enhance customer experience and operational efficiency[25].