Fulton Financial (US:FULT)2025-10-21 20:34Financial Performance - Fulton Financial Corporation reported net income available to common shareholders of $97.9 million, or $0.53 per diluted share, for Q3 2025, an increase of $1.3 million compared to Q2 2025[2]. - Operating net income for the nine months ended September 30, 2025, was $297.4 million, or $1.62 per diluted share, an increase of $58.2 million, or $0.25 per diluted share, compared to the same period in 2024[2]. - Net income available to common shareholders for Q3 2025 was $97,892, up 1.3% from $96,636 in Q2 2025 and a significant increase from $90,425 in Q1 2025[19]. - The diluted earnings per share for Q3 2025 was $0.53, consistent with Q2 2025 and an increase from $0.49 in Q1 2025[19]. - The company reported an income before income taxes of $127,786 for Q3 2025, compared to $122,651 in Q2 2025, reflecting a positive trend in profitability[18]. - Net income for the three months ended September 30, 2025, was $100,454 million, an increase from $99,198 million in the previous quarter and $63,206 million in the same quarter last year, representing a year-over-year growth of 58.9%[27]. - Operating net income available to common shareholders for the nine months ended September 30, 2025, was $297,390 million, up from $239,174 million in the same period last year, marking a 24.3% increase[29]. Asset Quality - The provision for credit losses was $10.2 million, resulting in an allowance for credit losses of $376.3 million, or 1.57% of total net loans[10]. - Non-performing assets were $201.0 million, or 0.63% of total assets, down from $215.6 million, or 0.67% of total assets, as of June 30, 2025[10]. - Non-performing loans to total net loans decreased to 0.83% from 0.89% in the previous quarter, showing enhanced asset quality[16]. - Non-performing loans totaled $198,734 thousand as of September 30, 2025, a decrease from $212,891 thousand at June 30, 2025, reflecting a reduction of about 6.6%[25]. - The balance of non-accrual loans was $150,137 thousand as of September 30, 2025, down from $182,942 thousand at June 30, 2025, indicating a decrease of about 17.9%[25]. Capital and Equity - The common equity tier 1 capital ratio increased to approximately 11.5% compared to 11.3% in the prior quarter[6]. - Common shareholders' equity increased to $17.81 from $17.20 in the previous quarter, reflecting a growth of 3.55%[15]. - The tangible common equity ratio increased to 8.3%, up from 7.5% in the previous year, reflecting stronger capital position[16]. - The company reported a total risk-based capital ratio of 14.9%, up from 14.0% year-over-year, demonstrating a solid capital buffer[16]. - Common shareholders' equity (tangible), per share, increased to $14.39 as of September 30, 2025, from $13.78 at June 30, 2025, representing a growth of approximately 4.4%[26]. - Average shareholders' equity increased to $3,361,368 million from $3,304,015 million in the previous quarter, indicating growth in shareholder value[27]. Revenue and Income Sources - Non-interest income increased by $1.3 million to $70.4 million compared to $69.1 million in the prior quarter[3]. - Net interest income for Q3 2025 was $264,198, an increase of 3.0% from $254,921 in Q2 2025 and up 5.2% from $251,187 in Q1 2025[18]. - Total revenue for the quarter was $338,903 million, an increase from $328,449 million in the previous quarter, driven by higher net interest income and non-interest income[28]. - Non-interest income for Q3 2025 totaled $70,407, a slight increase from $69,148 in Q2 2025, but down from $67,234 in Q1 2025[18]. Loans and Deposits - Total net loans reached $24.0 billion as of September 30, 2025, with a nominal increase of $29.0 million from June 30, 2025[5]. - Total deposits totaled $26.3 billion, an increase of $194.4 million compared to $26.1 billion as of June 30, 2025[7]. - Total net loans increased to $24,020,322 thousand in Q3 2025, up from $23,899,742 thousand in Q2 2025, reflecting a growth of 0.5%[22]. - Total deposits reached $26,298,680 thousand in Q3 2025, a slight increase from $26,125,602 thousand in Q2 2025, representing a growth of 0.66%[22]. - Total deposits rose to $26.332 billion, compared to $26.138 billion in the previous quarter, indicating growth in customer deposits[17]. Operational Efficiency - The efficiency ratio improved to 56.5%, down from 59.6% year-over-year, suggesting better operational efficiency[16]. - Total non-interest expense for Q3 2025 was $196,574, up from $192,811 in Q2 2025, indicating increased operational costs[18]. - Non-interest expense for the quarter was $196,574 million, up from $192,811 million in the previous quarter, but down from $226,089 million a year ago[28]. - Operating return on average assets for the quarter was 1.29%, slightly down from 1.30% in the previous quarter but up from 1.17% a year ago[27].