Fulton Financial (FULT) reported $230.36 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 15.2%. EPS of $0.40 for the same period compares to $0.39 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $268.9 million, representing a surprise of -14.33%. The company delivered an EPS surprise of +2.56%, with the consensus EPS estimate being $0.39.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Fulton Financial (FULT) came out with quarterly earnings of $0.40 per share, beating the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.56%. A quarter ago, it was expected that this financial holding company would post earnings of $0.42 per share when it actually produced earnings of $0.42, delivering no surprise.Over the last four quarters, the ...

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Fulton Financial Corporation reported a net income of $59.4 million and operating net income of $65.4 million for Q1 2024, with the CEO noting solid earnings and stable asset quality | Metric | Q1 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income Available to Common Shareholders | $59.4M | $61.7M | -3.8% | | Diluted EPS | $0.36 | $0.37 | -2.7% | | Operating Net Income Available to Common Shareholders | $65.4M | $68.9M | -5.0% | | Operating Diluted EPS | $0.40 | $0.42 | -4.8% | - CEO Curtis J. Myers expressed satisfaction with the Q1 results, noting them as a "good start to the year" and emphasizing progress on strategic initiatives[41](index=41&type=chunk) [Detailed Financial Analysis](index=1&type=section&id=Detailed%20Financial%20Analysis) Q1 2024 detailed financial analysis shows declining net interest income due to margin compression, stable asset quality, mixed non-interest income, and reduced non-interest expenses quarter-over-quarter [Net Interest Income and Balance Sheet](index=1&type=section&id=Net%20Interest%20Income%20and%20Balance%20Sheet) Net interest income for Q1 2024 decreased to $206.9 million quarter-over-quarter and year-over-year, primarily due to a 4 basis point decline in net interest margin from higher funding costs - NII decreased by **$5.1 million** compared to Q4 2023, attributed to slight decreases in both average interest-earning assets and the net interest margin[2](index=2&type=chunk) - The NIM fell by **4 basis points** to **3.32%** compared to Q4 2023, mainly due to higher rates on interest-bearing deposits and a funding mix shift, partially offset by higher loan yields[47](index=47&type=chunk) - Compared to Q1 2023, NII decreased by **$8.7 million**; while interest income grew by **$49.8 million**, interest expense surged by **$58.5 million**, primarily driven by rising interest rates on deposits[5](index=5&type=chunk)[7](index=7&type=chunk) - Total average interest-bearing liabilities increased by **$1.9 billion** year-over-year, driven by a **$2.4 billion** increase in average interest-bearing deposits[6](index=6&type=chunk) [Asset Quality](index=3&type=section&id=Asset%20Quality) Asset quality remained stable in Q1 2024, with non-performing assets at $156.4 million (0.57% of total assets) and a provision for credit losses of $10.9 million | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Provision for Credit Losses | $10.9M | $9.8M | $24.5M | | Net Charge-offs to Avg. Loans | 0.16% | 0.15% | 0.27% | | Non-performing Assets / Total Assets | 0.57% | 0.56% | 0.62% | - The Q1 2024 provision for credit losses was primarily driven by net charge-offs of **$8.6 million** and overall loan growth[9](index=9&type=chunk) [Non-Interest Income](index=3&type=section&id=Non-interest%20Income) Non-interest income was $57.1 million, decreasing 5.0% quarter-over-quarter due to lower swap fees but increasing 10.5% year-over-year from wealth and mortgage banking - QoQ non-interest income decreased by **$3.0 million (5.0%)**, mainly from a **$2.0 million** drop in commercial customer interest rate swap fees and a **$2.2 million** decrease in other income[11](index=11&type=chunk) - YoY non-interest income increased by **$5.4 million (10.5%)**, led by a **$2.1 million** increase in wealth management revenues and a **$1.1 million** increase in mortgage banking income[54](index=54&type=chunk) [Non-Interest Expense](index=3&type=section&id=Non-interest%20Expense) Non-interest expense decreased 1.6% quarter-over-quarter to $177.6 million due to lower FDIC insurance, but increased 7.3% year-over-year (excluding FultonFirst costs) - QoQ non-interest expense decreased by **$3.0 million**, primarily due to a **$5.0 million** lower FDIC insurance expense, with the FDIC special assessment at **$1.0 million** in Q1 2024 versus **$6.5 million** in Q4 2023[12](index=12&type=chunk)[13](index=13&type=chunk) - The QoQ decrease was partly offset by a **$3.1 million** increase in FultonFirst implementation costs and loss on asset disposals, which totaled **$6.3 million** in Q1 2024[13](index=13&type=chunk) - YoY non-interest expense, excluding FultonFirst costs, increased by **$11.7 million (7.3%)**, driven by a **$6.0 million** increase in salaries and benefits, a **$1.9 million** increase in data processing/software, and a **$1.7 million** increase in net occupancy expense[14](index=14&type=chunk) [Income Tax Expense](index=4&type=section&id=Income%20Tax%20Expense) The effective tax rate for Q1 2024 was 18.0%, a slight decrease from the 18.5% effective tax rate for the full year 2023 - The effective tax rate was **18.0%** for Q1 2024, compared to **18.5%** for the full-year 2023[15](index=15&type=chunk) [Financial Statements and Data](index=6&type=section&id=Financial%20Statements%20and%20Data) This section presents detailed unaudited financial tables for the five quarters ending March 31, 2024, covering consolidated balance sheets, income statements, average balance sheet analysis, and credit quality data [Consolidated Financial Highlights](index=6&type=section&id=Consolidated%20Financial%20Highlights) Key financial highlights for Q1 2024 include a return on average assets of 0.91%, a net interest margin of 3.32%, and diluted EPS of $0.36 | Profitability & Capital Ratios | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Return on average assets | 0.91% | 0.93% | 1.03% | | Net interest margin | 3.32% | 3.36% | 3.53% | | Efficiency ratio (Operating) | 63.2% | 62.0% | 58.5% | | Common equity Tier 1 capital ratio | 10.2% | 10.3% | 9.8% | | Total risk-based capital ratio | 13.9% | 14.0% | 13.4% | | Per Share Data | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Diluted EPS | $0.36 | $0.37 | $0.39 | | Cash dividends | $0.17 | $0.17 | $0.15 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were **$27.64 billion**, with net loans at **$21.44 billion**, total deposits at **$21.74 billion**, and total shareholders' equity at **$2.76 billion** | (in thousands) | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Total Assets | $27,642,957 | $27,571,915 | $27,112,176 | | Net Loans | $21,444,483 | $21,351,094 | $20,670,188 | | Total Deposits | $21,741,950 | $21,537,623 | $21,316,584 | | Total Shareholders' Equity | $2,757,679 | $2,760,139 | $2,618,998 | - The loan portfolio's largest segments are commercial mortgage (**$8.25 billion**) and residential mortgage (**$5.40 billion**); noninterest-bearing demand deposits decreased to **$5.09 billion** from **$6.40 billion** a year ago, while time deposits grew to **$3.14 billion** from **$1.89 billion** over the same period[23](index=23&type=chunk) [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) Q1 2024 consolidated income statement reports net interest income of **$206.9 million**, provision for credit losses of **$10.9 million**, and net income available to common shareholders of **$59.4 million** | (in thousands) | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $206,937 | $212,006 | $215,587 | | Provision for credit losses | $10,925 | $9,808 | $24,544 | | Total Non-Interest Income | $57,140 | $59,378 | $51,753 | | Total Non-Interest Expense | $177,600 | $180,552 | $159,616 | | Net Income Available to Common Shareholders | $59,379 | $61,701 | $65,752 | [Average Balance Sheet and Net Interest Margin Analysis](index=11&type=section&id=Average%20Balance%20Sheet%20and%20Net%20Interest%20Margin%20Analysis) Average balance analysis for Q1 2024 shows a fully taxable equivalent net interest margin of **3.32%**, with a yield on interest-earning assets of **5.40%** and a cost of interest-bearing liabilities of **2.82%** | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Yield on Interest-Earning Assets | 5.40% | 5.31% | 4.73% | | Cost of Interest-Bearing Liabilities | 2.82% | 2.69% | 1.78% | | Net Interest Margin (FTE) | 3.32% | 3.36% | 3.53% | - Average net loans increased to **$21.4 billion** in Q1 2024 from **$20.5 billion** in Q1 2023, while average noninterest-bearing demand deposits decreased significantly to **$5.1 billion** from **$6.6 billion** over the same period[32](index=32&type=chunk)[33](index=33&type=chunk) [Credit Quality Data](index=13&type=section&id=Credit%20Quality%20Data) Credit quality data for Q1 2024 shows the allowance for credit losses at **$297.9 million** and total non-performing loans at **$156.1 million**, with slight increases from the prior quarter | Allowance for Credit Losses (in thousands) | Q1 2024 | | :--- | :--- | | Beginning Balance | $293,404 | | Net Charge-offs | ($8,598) | | Provision for credit losses | $13,082 | | Ending Balance | $297,888 | | Non-Performing Assets (in thousands) | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Non-accrual loans | $129,628 | $121,620 | $134,303 | | Loans 90+ days past due | $26,521 | $31,721 | $30,336 | | Total non-performing loans | $156,149 | $153,341 | $164,639 | | Total non-performing assets | $156,426 | $154,237 | $167,943 | [Non-GAAP Financial Measures Reconciliation](index=14&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section reconciles GAAP results to non-GAAP measures, with Q1 2024 operating net income available to common shareholders at **$65.4 million** ($0.40 per diluted share) after adjustments for items like FultonFirst costs and FDIC assessment - The company presents non-GAAP measures to provide useful and comparative information for assessing operational trends, consistent with internal performance evaluation[71](index=71&type=chunk) | Reconciliation to Operating EPS (Q1 2024) | Per Share | | :--- | :--- | | GAAP Diluted EPS | $0.36 | | Adjustments (net of tax) | +$0.04 | | **Operating Diluted EPS** | **$0.40** | - Significant pre-tax adjustments to calculate operating income in Q1 2024 included the FultonFirst implementation and asset disposals (**$6.3 million**) and the FDIC special assessment (**$1.0 million**)[37](index=37&type=chunk) - The Tangible Common Equity (TCE) ratio, a non-GAAP measure, was **7.40%** at March 31, 2024, slightly down from **7.43%** at December 31, 2023[38](index=38&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Safe%20Harbor%20Statement) This section provides a safe harbor statement, cautioning that forward-looking statements are subject to inherent risks and uncertainties, and actual results may differ materially - The report contains forward-looking statements regarding financial condition, results, and business, which are not guarantees of future performance[17](index=17&type=chunk) - Investors are warned not to place undue reliance on these statements as they are subject to risks and uncertainties that could cause actual results to differ materially[59](index=59&type=chunk) - For a discussion of risks and uncertainties, readers are referred to the "Risk Factors" and "MD&A" sections of the Corporation's Annual Report on Form 10-K[18](index=18&type=chunk)

Fulton Financials Corporation (FULT Quick Quote - Investors are always looking for stocks that are poised to beat at earnings season and Free Report ) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report. That is because Fulton Financials is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up ...

The upcoming report from Fulton Financial (FULT) is expected to reveal quarterly earnings of $0.39 per share, indicating no change from the year-ago quarter compared to the year-ago period. Analysts forecast revenues of $268.9 million, representing a decrease of 1.1% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a com ...

The market expects Fulton Financial (FULT) to deliver flat earnings compared to the year-ago quarter on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to ...

Fulton Financial (FULT) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a chan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ______________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-39680 _______________________________________________________ FULTON FINANCIAL CORPORATION (Exact name of registrant as spe ...

Financial Data and Key Metrics Changes - Operating earnings per share for Q4 2023 was $0.42, a slight decrease from $0.43 in Q3 2023 [24] - Pre-provision net revenue reached a record of over $400 million in 2023, with an operating EPS of $1.71, the second-best in the company's history [34] - Net interest income for Q4 was $212 million, a decline of $2 million from the previous quarter, with a net interest margin of 3.36% [41] Business Line Data and Key Metrics Changes - Loan growth moderated to $174 million or 3% annualized in Q4, with commercial lending contributing $120 million [65] - Consumer lending grew by $54 million or 3% during the quarter, while mortgage banking revenues declined to $2.3 million due to seasonal factors [40][42] - Non-interest income was $59.4 million, with wealth management revenues consistent with the previous quarter at $19.4 million [36][67] Market Data and Key Metrics Changes - Non-performing loans increased by $12.7 million, leading to an NPL to loans ratio increase from 67 basis points to 72 basis points [26] - Non-interest-bearing deposits ended the year at $5.3 billion, or 24.7% of total deposits, with expectations for this to decrease to approximately 22% by the end of 2024 [25] Company Strategy and Development Direction - The company is focused on growth and profitability while managing credit and improving efficiency, with the FultonFirst initiative aimed at streamlining operations and enhancing productivity [21][37] - The company plans to maintain a disciplined approach to capital management, having increased its common dividend and repurchased over 5 million shares in 2023 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2024, acknowledging the need to grow appropriately in the current market while improving productivity [21] - The company anticipates a total of 75 basis points of Fed funds decreases in the second half of 2024, impacting net interest income guidance [28] Other Important Information - The company maintained strong capital ratios, with a tangible common equity ratio of 7.4% at year-end, reflecting solid earnings and a decrease in accumulated other comprehensive income [68] - The company has a buyback program of $125 million, which will be utilized opportunistically throughout the year [92] Q&A Session All Questions and Answers Question: What are the profitability targets associated with the FultonFirst initiative? - Management indicated that there are no specific targets at this point, but the initiative is expected to lead to long-term sustained improved efficiency [44][46] Question: How do you expect the provision for credit losses to vary? - The provision is primarily driven by charge-offs normalizing, with a long-term average of around 20 basis points [49][50] Question: What are the expectations for loan growth going forward? - The company expects loan growth to continue in the 4% to 6% range, with a focus on maintaining profitability [58][65] Question: How will the company manage deposit costs in the current environment? - Management noted that deposit costs are expected to lessen throughout 2024 as maturing CDs roll off at lower rates [102] Question: What is the outlook for the M&A market? - The company is open to M&A opportunities, particularly in the $1 billion to $5 billion range, but finds it challenging to make the math work in the current environment [130][179]

A STABLE DEPOSIT PORTFOLIO THAT REMAINS GRANULAR, TENURED Deposit Mix By Customer Deposit Portfolio Highlights(1) 11.2 years average deposit account age 23% estimated uninsured deposits 260% coverage of estimated uninsured deposits FORWARD-LOOKING STATEMENT 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 ...