Workflow
Fulton Financial (FULT) - 2024 Q4 - Annual Results
FULTFulton Financial (FULT)2025-01-21 21:33

Financial Performance - Fulton Financial Corporation reported net income available to common shareholders of 66.1million,or66.1 million, or 0.36 per diluted share, for Q4 2024, an increase of 5.4millionfromQ32024[2].−OperatingnetincomefortheyearendedDecember31,2024was5.4 million from Q3 2024[2]. - Operating net income for the year ended December 31, 2024 was 328.1 million, or 1.85perdilutedshare,anincreaseof1.85 per diluted share, an increase of 43.1 million, or 14% compared to 2023[2]. - Net income available to common shareholders was 66,058thousand,upfrom66,058 thousand, up from 60,644 thousand in the previous quarter and 61,701thousandayearago,markingaquarterlyincreaseof6.561,701 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 63,206thousandinQ32024,demonstratingimprovedprofitability[21].−Operatingnetincomeavailabletocommonshareholdersforthequarterwas63,206 thousand in Q3 2024, demonstrating improved profitability[21]. - Operating net income available to common shareholders for the quarter was 88,911 thousand, compared to 68,835thousandforthesamequarterlastyear[32].−OperatingnetincomeperdilutedsharefortheyearendedDecember31,2024,was68,835 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 1.71in2023[38].AssetandLoanManagement−Totalassetsincreasedto1.71 in 2023[38]. Asset and Loan Management - Total assets increased to 32,065,059 thousand as of December 31, 2024, up from 27,571,915thousandayearearlier,representingagrowthof15.427,571,915 thousand a year earlier, representing a growth of 15.4%[16]. - Net loans totaled 24.0 billion, a decrease of 131.2millionfrom131.2 million from 24.2 billion as of September 30, 2024[5]. - Net loans decreased slightly to 24,044,919thousandfrom24,044,919 thousand from 24,176,075 thousand in the previous quarter, but increased from 21,351,094thousandyear−over−year,showingagrowthof7.921,351,094 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 293,404thousandattheendof2023,reflectingasignificantincrease[30].−Non−performingloanstotaled293,404 thousand at the end of 2023, reflecting a significant increase[30]. - Non-performing loans totaled 220,074 thousand, an increase from 202,147thousandinthepreviousquarter,indicatingariseinassetqualityconcerns[30].IncomeandExpenseAnalysis−Thenetinterestmarginwassolidat3.41202,147 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 216.6millioncomparedto216.6 million compared to 226.1 million in the prior quarter[3]. - Net interest income for the quarter was 253,659thousand,adecreasefrom253,659 thousand, a decrease from 258,009 thousand in the previous quarter, but an increase from 212,006thousandayearago,reflectingayear−over−yeargrowthof19.6212,006 thousand a year ago, reflecting a year-over-year growth of 19.6%[16]. - Non-interest income rose to 65,924 thousand, compared to 59,673thousandinthepreviousquarterand59,673 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,upfrom13.01, 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].