Fulton Financial (US:FULT)2025-04-15 20:32Financial Performance - Fulton Financial Corporation reported net income of $90.4 million, or $0.49 per diluted share, for Q1 2025, an increase of $24.4 million, or $0.13 per share, compared to Q4 2024[2] - Operating net income for the same period was $95.5 million, or $0.52 per diluted share, reflecting a $6.5 million increase, or $0.04 per share, from the previous quarter[2] - Net income available to common shareholders for Q1 2025 was $90.4 million, representing a 36.8% increase compared to $66.1 million in Q4 2024[21] - Operating net income available to common shareholders per share for Q1 2025 was $0.52, compared to $0.48 in Q4 2024, reflecting an 8.3% increase[27] - Adjusted net income available to common shareholders for Q1 2025 was $95,544,000, compared to $89,011,000 in Q4 2024, reflecting a 7.5% increase[27] Asset and Deposit Growth - Total assets increased to $32.1 billion as of March 31, 2025, compared to $32.0 billion at the end of the previous quarter[15] - Deposits reached $26.3 billion, an increase of $199.5 million from $26.1 billion as of December 31, 2024[6] - Total deposits increased to $26.33 billion in Q1 2025 from $26.13 billion in Q4 2024[18] - Total average assets for Q1 2025 were $31,971,601,000, slightly down from $32,098,852,000 in Q4 2024[27] Loan and Credit Quality - The provision for credit losses was $13.9 million, resulting in an allowance for credit losses of $379.7 million, or 1.59% of total net loans as of March 31, 2025[10] - Non-performing assets decreased to $199.0 million, or 0.62% of total assets, down from $222.7 million, or 0.69% of total assets, as of December 31, 2024[10] - Net loans totaled $23.9 billion, a decrease of $182.3 million from $24.0 billion as of December 31, 2024[4] - Net charge-offs to average loans decreased to 0.21% in Q1 2025 from 0.22% in Q4 2024[17] - Non-performing loans to total net loans improved to 0.82% in Q1 2025 compared to 0.92% in Q4 2024[17] Efficiency and Cost Management - Non-interest expense decreased by $27.2 million to $189.5 million, down from $216.6 million in the prior quarter[3] - The efficiency ratio improved to 56.7% in Q1 2025, down from 58.4% in Q4 2024[17] - Operating non-interest expenses decreased to $182.858 million in Q1 2025 from $190.695 million in Q4 2024[29] - Non-interest expense to total average assets decreased to 2.40% in Q1 2025 from 2.68% in Q4 2024[17] Capital Ratios - The tangible common equity ratio rose to 7.8% in Q1 2025, compared to 7.5% in Q4 2024[17] - The common equity Tier 1 capital ratio improved to 11.0% in Q1 2025 from 10.8% in Q4 2024[17] - Tangible common equity to tangible assets ratio increased to 7.78% in Q1 2025 from 7.54% in Q4 2024[29] Revenue and Income Sources - Total revenue for Q1 2025 was $322.639 million, a slight decrease from $326.346 million in Q4 2024[29] - Total non-interest income for Q1 2025 was $67.2 million, up from $59.7 million in Q3 2024, reflecting a 12.5% increase[19] - Non-interest income for Q1 2025 was $67.232 million, an increase from $65.924 million in Q4 2024[29] Interest Income and Margin - The net interest margin stood at 3.43%, with a 12 basis point decrease in total cost of funds compared to the prior quarter[3] - Net interest income for Q1 2025 was $251.2 million, a slight decrease of 0.6% from $253.7 million in Q4 2024[19] - The company reported a net interest margin of 5.44% for Q1 2025, down from 5.53% in Q4 2024[23]