Workflow
Fulton Financial Corporation Announces 2024 Fourth Quarter and Full-Year Results
FULTFulton Financial (FULT) Prnewswire·2025-01-21 21:30

Core Insights - Fulton Financial Corporation reported a net income of 66.1million,or66.1 million, or 0.36 per diluted share, for Q4 2024, marking an increase of 5.4millionor5.4 million or 0.03 per share compared to Q3 2024 [1] - The operating net income for the year ended December 31, 2024, was 328.1million,anincreaseof328.1 million, an increase of 43.1 million or 0.14perdilutedsharecomparedtothepreviousyear[1][2]−Thecompanyachievedrecordoperatingdilutedearningspershareof0.14 per diluted share compared to the previous year [1][2] - The company achieved record operating diluted earnings per share of 1.85 for 2024, representing an 8% increase over the prior year [2] Financial Performance - Q4 2024 operating results showed earnings of 0.48perdilutedshare,adecreaseof0.48 per diluted share, a decrease of 2.4 million or 0.02persharecomparedtoQ32024[1][2]−NetinterestincomeforQ42024totaled0.02 per share compared to Q3 2024 [1][2] - Net interest income for Q4 2024 totaled 253.7 million, a decrease of 4.4millionfromthepreviousquarter,primarilyduetoadeclineinshort−terminterestrates[8]−Non−interestincomebeforeinvestmentsecuritiesgainswas4.4 million from the previous quarter, primarily due to a decline in short-term interest rates [8] - Non-interest income before investment securities gains was 65.9 million, an increase from 59.7millioninthepriorquarter,drivenbya59.7 million in the prior quarter, driven by a 5.0 million change in the gain on acquisition [8] Balance Sheet Highlights - Total assets as of December 31, 2024, were 32.1billion,aslightdecreasefrom32.1 billion, a slight decrease from 32.2 billion at the end of Q3 2024 [15] - Net loans totaled 24.0billion,down24.0 billion, down 131.2 million from the previous quarter, with a net decrease in commercial and other loans of 168.1million[8][15]−Depositsamountedto168.1 million [8][15] - Deposits amounted to 26.1 billion, a decrease of 22.7millioncomparedtoQ32024,primarilyduetoareductionintimedeposits[8][15]AssetQualityandCapitalRatios−TheprovisionforcreditlossesinQ42024was22.7 million compared to Q3 2024, primarily due to a reduction in time deposits [8][15] Asset Quality and Capital Ratios - The provision for credit losses in Q4 2024 was 16.7 million, resulting in an allowance for credit losses of 379.2million,or1.58379.2 million, or 1.58% of total net loans [8][13] - Non-performing assets were 222.7 million, or 0.69% of total assets, an increase from $205.0 million or 0.64% in the prior quarter [8][13] - The common equity tier 1 capital ratio increased to approximately 10.6% compared to 10.5% in the prior quarter [8][12]