Fulton Financial (US:FULT) Prnewswire·2025-01-21 21:30Core Insights - Fulton Financial Corporation reported a net income of $66.1 million, or $0.36 per diluted share, for Q4 2024, marking an increase of $5.4 million or $0.03 per share compared to Q3 2024 [1] - The operating net income for the year ended December 31, 2024, was $328.1 million, an increase of $43.1 million or $0.14 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 $0.48 per diluted share, a decrease of $2.4 million or $0.02 per share compared to Q3 2024 [1][2] - Net interest income for Q4 2024 totaled $253.7 million, a decrease of $4.4 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 $59.7 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 $32.1 billion, a slight decrease from $32.2 billion at the end of Q3 2024 [15] - Net loans totaled $24.0 billion, down $131.2 million from the previous quarter, with a net decrease in commercial and other loans of $168.1 million [8][15] - Deposits amounted to $26.1 billion, a decrease of $22.7 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 $379.2 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]