Fulton Financial (FULT) came out with quarterly earnings of $0.50 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 13.64%. A quarter ago, it was expected that this financial holding company would post earnings of $0.25 per share when it actually produced earnings of $0.47, delivering a surprise of 88%. Over the last four quar ...

Financial Performance - Net income available to common shareholders for Q3 2024 was $60.6 million, a decrease of $31.8 million from Q2 2024[1] - Operating net income for Q3 2024 was $91.3 million, an increase of $8.8 million compared to Q2 2024, representing an all-time high of $0.50 per diluted share[2] - Net income available to common shareholders for the quarter ended September 30, 2024, was $60,644 million, a decrease of 34.4% compared to $92,413 million in the previous quarter[37] - Operating net income available to common shareholders increased to $91,293 million from $82,494 million in the previous quarter, reflecting a growth of 9.7%[37] - Basic earnings per share for Q3 2024 was $0.33, down from $0.53 in the previous quarter[25] - Diluted earnings per share rose to $0.50, up from $0.47 in the previous quarter, representing a 6.4% increase[37] - Total revenue for the quarter was $329.14 million, up from $311.45 million in the previous quarter, indicating a 5.8% growth[40] Income and Expenses - Net interest income totaled $258.0 million, an increase of $16.3 million from the previous quarter, driven by the full-quarter impact of the Acquisition[3] - Non-interest income before investment securities gains was $59.7 million, down from $113.3 million in Q2 2024, primarily due to a $55.1 million change in the gain on acquisition[3] - Non-interest expense increased to $226.1 million, primarily due to an $8.2 million rise in salaries and benefits expense[4] - Total non-interest expense increased to $226,089,000 from $199,488,000 in Q2 2024, primarily driven by higher salaries and employee benefits[23] - Operating non-interest expense was $196.24 million, slightly up from $194.94 million in the previous quarter[40] - Non-interest expense, excluding intangible amortization and acquisition-related expenses, was $226.09 million, up from $199.49 million in the previous quarter[40] Assets and Liabilities - Total assets increased to $32.2 billion, up from $31.8 billion as of June 30, 2024[5] - Total assets increased to $32.19 billion from $31.77 billion in the previous quarter[22] - Total liabilities increased to $28.98 billion from $28.67 billion in the previous quarter[22] - Total shareholders' equity increased to $3,160,322 thousand as of September 30, 2024, compared to $2,952,671 thousand in June 2024, reflecting a growth of 7.05%[27] - Total interest-earning assets reached $30,013,278 thousand with a yield of 5.74% for the three months ended September 30, 2024, compared to $28,867,850 thousand and a yield of 5.64% in June 2024[27] Credit Quality - The provision for credit losses was $11.9 million, a decrease from $32.1 million in Q2 2024[8] - Provision for credit losses decreased to $11,929,000 from $32,056,000 in the previous quarter, indicating improved credit quality[23] - Non-performing assets were $205.0 million, or 0.64% of total assets, up from $174.0 million, or 0.55% of total assets, in the previous quarter[8] - Non-performing loans to total net loans increased to 0.84% from 0.72% in the previous quarter[19] - The allowance for credit losses related to net loans increased to $375,961 thousand as of September 30, 2024, compared to $293,404 thousand a year earlier, reflecting a significant increase of 28.2%[34] Deposits and Loans - Customer deposits increased by $745.0 million compared to the prior quarter, excluding brokered deposits[2] - Total deposits increased to $26.15 billion from $25.56 billion in the previous quarter[22] - Net loans increased to $24.18 billion from $24.11 billion in the previous quarter[22] - Total net loans increased to $24,147,801 thousand as of September 30, 2024, up from $23,345,914 thousand in June 2024, representing a growth of 3.44%[28] - Demand deposits rose to $7,668,583 thousand with an interest rate of 2.01% for September 2024, compared to $7,080,302 thousand and 1.80% in June 2024[27] Shareholder Equity - Common equity tier 1 capital rose to 10.5%, up from 10.3% in the prior quarter[2] - Common shareholders' equity increased to $3,203,943 million from $3,101,609 million, marking a growth of 3.3%[37] - Tangible common equity ratio improved to 7.5% from 7.3% in the previous quarter[19] - Tangible common equity to tangible assets ratio increased to 7.51% as of September 30, 2024, up from 7.26% in June 2024[40] Efficiency and Management - Efficiency ratio improved to 59.62%, down from 62.59% in the prior quarter, indicating better cost management[40] - The efficiency ratio for operating non-interest expenses to total average assets was 2.45%, a slight decrease from 2.55% in the previous quarter[40] - The company emphasized the importance of non-GAAP financial measures for assessing trends in its results of operations and financial condition[36]

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 $ ...

Analysts on Wall Street project that Fulton Financial (FULT) will announce quarterly earnings of $0.44 per share in its forthcoming report, representing an increase of 2.3% year over year. Revenues are projected to reach $321 million, increasing 17.1% from the same quarter last year. The current level reflects an upward revision of 0.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projec ...

LANCASTER, Pa., Oct. 9, 2024 /PRNewswire/ -- Fulton Financial Corporation ("Fulton") (Nasdaq: FULT) today announced that it will distribute its third quarter 2024 earnings release and accompanying charts on Tuesday, October 15, at approximately 4:30 p.m. Eastern Time. Fulton will host a conference call with analysts on Wednesday, October 16, at 10 a.m. Eastern Time. Curtis J. Myers, Chairman and CEO, will host the call. He will be joined by Rick Kraemer, Senior Executive Vice President and CFO Designee. The ...

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus. Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a divide ...

LANCASTER, Pa., July 23, 2024 /PRNewswire/ -- Fulton Financial Corporation ("Fulton") (NASDAQ: FULT) today announced that Richard Kraemer is joining Fulton as Senior Executive Vice President and Chief Financial Officer Designee. In the fourth quarter of 2024, Rick will become Fulton's Chief Financial Officer ("CFO"), replacing Interim CFO Betsy Chivinski, who will retire from Fulton at the end of the year. Kraemer has more than 20 years in the financial services industry, having most recently served as Chie ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------|-------|-------|-------|----------------------|-------|-------|-------|-------|-------|-------|--------------| | | | | | | | | | | | | | | | | SECOND | | | | RESULTS NASDAQ: FULT | | | | | | | QUARTER 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FORWARD-LOOKING STATEMENT This presentation may contain forward-looking statements with respec ...

Financial Data and Key Metrics Changes - Operating earnings per diluted share for the quarter were $0.47, an increase from $0.40 in the first quarter of 2024 [61] - Net interest income was $242 million, a $35 million increase from the previous quarter, with net interest margin increasing by 11 basis points to 3.43% [63] - Total deposits increased by $3.8 billion, or 17.6% linked quarter, primarily due to the Republic transaction [62] Business Line Data and Key Metrics Changes - Non-interest income for the quarter was $93 million, which included a loss on sale of investments of $20.3 million and a bargain purchase gain of $47.4 million from the Republic transaction [15] - Wealth management revenues increased to $21 million, representing almost one-third of fee-based revenues, with over 80% recurring [16] - Commercial banking fees increased by $2.6 million, with solid growth in merchant cash management and SBA [17] Market Data and Key Metrics Changes - The provision for credit losses was $8.6 million, down from $10.9 million in the first quarter, indicating stable credit metrics [31] - The allowance for credit losses as a percentage of loans increased to 1.56% at quarter end, primarily due to the Republic portfolio [14] - Non-performing loans (NPLs) increased by $6.2 million, but the NPL to loans ratio decreased from 73 basis points to 67 basis points [36] Company Strategy and Development Direction - The company is focused on the integration of the Republic transaction, with most integration work expected to be completed by year-end [44] - The company is also working on the Fulton First initiative, aimed at improving operational efficiencies over a 12 to 18 month period [32] - The loan-to-deposit ratio ended the quarter at 94.3%, below the long-term target of 95% to 105%, providing growth opportunities [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the updated net interest income guidance for 2024, which is projected to be between $925 million and $950 million [3] - The company anticipates a single 25 basis point decrease in Fed funds in September, which may impact net interest margin [20] - Management noted that customer demand remains conservative, with expectations of low single-digit organic loan growth going forward [80] Other Important Information - The company executed a sale-leaseback transaction and investment portfolio restructuring, which is expected to add an estimated $8.5 million in annual interest income [57] - The effective tax rate for the year is expected to be in the range of 16% to 18% [4] - The company maintained solid capital ratios, with capital levels remaining healthy [42] Q&A Session Summary Question: Can you provide more detail on net interest income guidance? - Management indicated that they do not provide forward guidance on net interest margin but expect continued migration from non-interest-bearing to interest-bearing deposits [10] Question: What is the impact of the Republic transaction on the balance sheet? - Management confirmed that they have fully reinvested funds from the Republic transaction, which positively impacts net interest income [13] Question: What are the expectations for deposit runoff from Republic? - Management expects some runoff from municipal relationships but indicated that the initial estimates of $600 million in deposit runoff are being adjusted as the situation stabilizes [65][86] Question: How is the company managing costs post-acquisition? - Management is focused on retaining customers and talent while working through integration, aiming for cost savings to be realized by January 1, 2025 [70] Question: What is the outlook for loan growth? - Management expects modest organic loan growth, with a focus on prudent credit decisions in the current market environment [124]

LANCASTER, Pa., July 16, 2024 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $92.4 million, or $0.52 per diluted share, for the second quarter of 2024, an increase of $33.0 million, or $0.16 per share, in comparison to the first quarter of 2024. Operating net income available to common shareholders for the three months ended June 30, 2024 was $82.5 million, or $0.47 per diluted share(1), an increase of $17.1 ...