LANCASTER, Pa., Oct. 15,
2024 /PRNewswire/ -- Fulton Financial Corporation
(NASDAQ: FULT) ("Fulton" or the
"Corporation") reported net income available to common shareholders
of $60.6 million, or $0.33 per diluted share, for the third quarter of
2024, a decrease of $31.8 million, or $0.19 per share, in comparison to the second
quarter of 2024. Operating net income available to common
shareholders for the three months ended September 30, 2024 was
$91.3 million, or $0.50 per diluted share(1), an
increase of $8.8 million, or
$0.03 per share, in comparison to the
second quarter of 2024.
"We are excited about the progress we made on key strategic
initiatives and pleased to see that this work has generated record
operating earnings this quarter," said Curtis J. Myers, Chairman and CEO of
Fulton. "We continue to see strong
operating revenue growth, improvement in operating efficiency and
profitability, combined with solid organic capital generation."
Financial Highlights
Third quarter of 2024 operating results of $0.50 per diluted share represented an all-time
high for Fulton and was impacted
by the following items:
- Solid net interest margin of 3.49%, an increase of six basis
points compared to the prior quarter.
- Excluding brokered deposits, customer deposits increased
$745.0 million compared to the prior
quarter.
- Common equity tier 1 capital increased to 10.5%, compared to
10.3% in the prior quarter.
- Tangible shareholders' equity per common share increased
$0.59, or 4.7%, to $13.02 compared to the prior quarter.
- Acquisition-related(2) expenses of $14.2 million.
- FultonFirst implementation and asset disposal costs of
$9.4 million.
The following items highlight notable changes in the
components of net income in the third quarter of 2024 compared to
the second quarter of 2024:
- Net interest income totaled $258.0
million, an increase of $16.3
million, which was largely due to the full-quarter impact of
the Acquisition and an increase in on-balance sheet liquidity.
- Non-interest income before investment securities gains (losses)
was $59.7 million compared to
$113.3 million in the second quarter
of 2024. The decrease was primarily due to a $55.1 million change in the gain on acquisition
(net of tax) with a $7.7 million
reduction recorded in the third quarter of 2024.
- Non-interest expense was $226.1
million compared to $219.8
million in the second quarter of 2024, excluding the
$20.3 million gain on the
sale-leaseback transaction, reflected in other expense in the
second quarter of 2024. The increase was largely due to an
$8.2 million increase in salaries and
benefits expense driven by a $4.9
million increase in employee severance costs related to the
FultonFirst initiative, a full-quarter impact of salaries and
benefits from the Acquisition resulting in an increase of
$2.7 million and a $1.7 million increase in incentive compensation
expense. The increase in salaries and benefits expense was
partially offset by a $1.4 million
decrease in consulting costs related to the FultonFirst
initiative.
Balance Sheet Summary
- Net loans totaled $24.2 billion,
an increase of $69.8 million compared
to $24.1 billion as of June 30, 2024. The increase was largely due to
increases of $203.7 million and
$53.8 million in commercial mortgage
loans and residential mortgage loans, respectively, partially
offset by decreases of $130.8
million, $53.1 million and
$40.4 million in construction loans,
commercial and industrial loans and consumer loans, respectively.
Excluding the impact from the day 1 Purchased Credit Deteriorated
("PCD") adjustment of $55.9 million
and purchase accounting accretion of $24.9
million, net loans acquired in the Acquisition declined
approximately $82.3 million since the
Acquisition Date. Excluding purchase accounting accretion of
$14.5 million, net loans acquired in
the Acquisition declined approximately $49.2
million to $2.5 billion,
compared to the second quarter of 2024.
- Deposits totaled $26.2 billion,
an increase of $592.5 million
compared to $25.6 billion as of
June 30, 2024. The increase was
primarily due to increases of $374.2
million, $301.4 million and
$177.1 million in time deposits,
interest-bearing demand deposits and savings deposits,
respectively, partially offset by decreases of $152.5 million in brokered deposits and
$107.7 million in noninterest-bearing
demand deposits. Deposits assumed in the Acquisition declined
approximately $248.6 million since
the Acquisition Date and increased approximately $108.7 million to $3.9
billion compared to the second quarter of 2024.
Provision for Credit Losses and Asset Quality
- The provision for credit losses was $11.9 million in the third quarter of 2024
compared to $32.1 million in the
second quarter of 2024. The decrease was primarily related to the
Acquisition, which included a provision for credit losses of
$23.4 million for non-PCD loans in
the second quarter of 2024.
- Non-performing assets were $205.0
million, or 0.64% of total assets, at September 30, 2024, in comparison to $174.0 million, or 0.55% of total assets, at
June 30, 2024.
- Net charge-offs for the third quarter of 2024 were 0.18% of
total average loans in comparison to 0.19% in the second quarter of
2024.
- The allowance for credit losses attributable to net loans
remained relatively unchanged and totaled $376.0 million, or 1.56% of total loans at
September 30, 2024, compared to
$375.9 million, or 1.56% of total
loans at June 30, 2024.
Additional information on Fulton is available on the Internet at
www.fultonbank.com.
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(1)
|
Financial measure
derived by methods other than generally accepted accounting
principles ("GAAP"). Refer to the calculation on the page titled
"Reconciliation of Non-GAAP Measures" at the end of the press
release.
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(2)
|
On April 26, 2024, the
Corporation announced that its wholly owned banking subsidiary,
Fulton Bank, National Association ("Fulton Bank"), acquired
substantially all of the assets and assumed substantially all of
the deposits and certain liabilities of Republic First Bank,
doing business as Republic Bank ("Republic Bank"), from the
Federal Deposit Insurance Corporation (the "FDIC"), as receiver for
Republic Bank (the "Acquisition"), pursuant to the terms of the
Purchase and Assumption Agreement - Whole Bank, All Deposits,
effective as of April 26, 2024 (the "Acquisition Date"), among
the FDIC, as receiver of Republic Bank, the FDIC and Fulton
Bank.
|
Safe Harbor Statement
This press release may contain forward-looking statements with
respect to the Corporation's financial condition, results of
operations and business. Do not unduly rely on forward-looking
statements. Forward-looking statements can be identified by the use
of words such as "may," "should," "will," "could," "estimates,"
"predicts," "potential," "continue," "anticipates," "believes,"
"plans," "expects," "future," "intends," "projects," the negative
of these terms and other comparable terminology. These
forward-looking statements may include projections of, or guidance
on, the Corporation's future financial performance, expected levels
of future expenses, including future credit losses, anticipated
growth strategies, descriptions of new business initiatives and
anticipated trends in the Corporation's business or financial
results.
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, the statements are based
on current beliefs, expectations and assumptions regarding the
future of the Corporation's business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Corporation's control, and actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements. Any
forward-looking statement is based only on information currently
available and speaks only as of the date when made. The Corporation
undertakes no obligation, other than as required by law, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the
Corporation's actual results to differ materially from those
described in the forward-looking statements, can be found in the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Corporation's Annual Report on Form 10-K for the year ended
December 31, 2023, Quarterly Reports
on Form 10-Q for the quarters ended March
31, 2024 and June 30, 2024 and
other current and periodic reports, which have been, or will be,
filed with the Securities and Exchange Commission (the "SEC") and
are, or will be, available in the Investor Relations section of the
Corporation's website (www.fultonbank.com) and on the SEC's website
(www.sec.gov).
Non-GAAP Financial Measures
The Corporation uses certain financial measures in this press
release that have been derived from methods other than GAAP. These
non-GAAP financial measures are reconciled to the most comparable
GAAP measures in tables at the end of this press release.
|
FULTON FINANCIAL
CORPORATION
|
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|
|
|
|
|
|
|
SUMMARY CONSOLIDATED
FINANCIAL INFORMATION (UNAUDITED)
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share and shares data)
|
|
|
|
|
|
|
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Three months
ended
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
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|
2023
|
|
|
Ending
Balances
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
$
4,545,278
|
|
$
4,184,027
|
|
$
3,783,392
|
|
$
3,666,274
|
|
$
3,698,601
|
|
|
Net loans
|
24,176,075
|
|
24,106,297
|
|
21,444,483
|
|
21,351,094
|
|
21,177,508
|
|
|
Total assets
|
32,185,726
|
|
31,769,813
|
|
27,642,957
|
|
27,571,915
|
|
27,375,177
|
|
|
Deposits
|
26,152,144
|
|
25,559,654
|
|
21,741,950
|
|
21,537,623
|
|
21,421,589
|
|
|
Shareholders'
equity
|
3,203,943
|
|
3,101,609
|
|
2,757,679
|
|
2,760,139
|
|
2,566,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
4,237,805
|
|
4,043,136
|
|
3,672,844
|
|
3,665,261
|
|
3,834,824
|
|
|
Net loans
|
24,147,801
|
|
23,345,914
|
|
21,370,033
|
|
21,255,779
|
|
21,121,277
|
|
|
Total assets
|
31,895,235
|
|
30,774,891
|
|
27,427,626
|
|
27,397,671
|
|
27,377,836
|
|
|
Deposits
|
25,778,259
|
|
24,642,954
|
|
21,378,754
|
|
21,476,548
|
|
21,357,295
|
|
|
Shareholders'
equity
|
3,160,322
|
|
2,952,671
|
|
2,766,945
|
|
2,618,024
|
|
2,645,977
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|
|
|
|
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Income
Statement
|
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Net interest
income
|
258,009
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|
241,720
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|
206,937
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|
212,006
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|
213,842
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|
|
Provision for credit
losses
|
11,929
|
|
32,056
|
|
10,925
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|
9,808
|
|
9,937
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|
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Non-interest
income
|
59,673
|
|
92,994
|
|
57,140
|
|
59,378
|
|
55,961
|
|
|
Non-interest
expense
|
226,089
|
|
199,488
|
|
177,600
|
|
180,552
|
|
171,020
|
|
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Income before
taxes
|
79,664
|
|
103,170
|
|
75,552
|
|
81,024
|
|
88,846
|
|
|
Net income available to
common shareholders
|
60,644
|
|
92,413
|
|
59,379
|
|
61,701
|
|
69,535
|
|
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|
|
|
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|
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Per
Share
|
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Net income available to
common shareholders (basic)
|
$0.33
|
|
$0.53
|
|
$0.36
|
|
$0.38
|
|
$0.42
|
|
|
Net income available to
common shareholders (diluted)
|
$0.33
|
|
$0.52
|
|
$0.36
|
|
$0.37
|
|
$0.42
|
|
|
Operating net income
available to common shareholders(1)
|
$0.50
|
|
$0.47
|
|
$0.40
|
|
$0.42
|
|
$0.43
|
|
|
Cash
dividends
|
$0.17
|
|
$0.17
|
|
$0.17
|
|
$0.17
|
|
$0.16
|
|
|
Common shareholders'
equity
|
$16.55
|
|
$16.00
|
|
$15.82
|
|
$15.67
|
|
$14.47
|
|
|
Common shareholders'
equity (tangible)(1)
|
$13.02
|
|
$12.43
|
|
$12.37
|
|
$12.25
|
|
$11.05
|
|
|
Weighted average shares
(basic)
|
181,905
|
|
175,305
|
|
162,706
|
|
163,975
|
|
164,566
|
|
|
Weighted average shares
(diluted)
|
183,609
|
|
176,934
|
|
164,520
|
|
165,650
|
|
166,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP
financial measure. Refer to the calculation on the page titled
"Reconciliation of Non-GAAP Measures" at the end of this press
release.
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Three months
ended
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
|
Asset
Quality
|
|
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|
|
|
|
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|
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|
Net charge-offs to
average loans
|
0.18 %
|
|
0.19 %
|
|
0.16 %
|
|
0.15 %
|
|
0.10 %
|
|
|
Non-performing loans to
total net loans
|
0.84 %
|
|
0.72 %
|
|
0.73 %
|
|
0.72 %
|
|
0.67 %
|
|
|
Non-performing assets
to total assets
|
0.64 %
|
|
0.55 %
|
|
0.57 %
|
|
0.56 %
|
|
0.52 %
|
|
|
ACL -
loans(1) to total loans
|
1.56 %
|
|
1.56 %
|
|
1.39 %
|
|
1.37 %
|
|
1.38 %
|
|
|
ACL -
loans(1) to non-performing loans
|
186 %
|
|
218 %
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|
191 %
|
|
191 %
|
|
208 %
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|
|
|
|
|
|
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Profitability
|
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Return on average
assets
|
0.79 %
|
|
1.24 %
|
|
0.91 %
|
|
0.93 %
|
|
1.04 %
|
|
|
Operating return on
average assets(2)
|
1.17 %
|
|
1.11 %
|
|
1.00 %
|
|
1.03 %
|
|
1.08 %
|
|
|
Return on average
common shareholders' equity
|
8.13 %
|
|
13.47 %
|
|
9.28 %
|
|
10.09 %
|
|
11.25 %
|
|
|
Operating return on
average common shareholders' equity
(tangible)(2)
|
15.65 %
|
|
15.56 %
|
|
13.08 %
|
|
14.68 %
|
|
15.17 %
|
|
|
Net interest
margin
|
3.49 %
|
|
3.43 %
|
|
3.32 %
|
|
3.36 %
|
|
3.40 %
|
|
|
Efficiency
ratio(2)
|
59.6 %
|
|
62.6 %
|
|
63.2 %
|
|
62.0 %
|
|
61.5 %
|
|
|
Non-interest expense to
total average assets
|
2.82 %
|
|
2.61 %
|
|
2.60 %
|
|
2.61 %
|
|
2.48 %
|
|
|
Operating non-interest
expense to total average assets(2)
|
2.45 %
|
|
2.55 %
|
|
2.49 %
|
|
2.47 %
|
|
2.47 %
|
|
|
|
|
|
|
|
|
|
|
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|
Capital
Ratios(3)
|
|
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|
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|
Tangible common equity
ratio ("TCE")(2)
|
7.5 %
|
|
7.3 %
|
|
7.4 %
|
|
7.4 %
|
|
6.8 %
|
|
|
Tier 1 leverage
ratio
|
8.9 %
|
|
9.2 %
|
|
9.3 %
|
|
9.5 %
|
|
9.4 %
|
|
|
Common equity Tier 1
capital ratio
|
10.5 %
|
|
10.3 %
|
|
10.3 %
|
|
10.3 %
|
|
10.3 %
|
|
|
Tier 1 risk-based
capital ratio
|
11.3 %
|
|
11.1 %
|
|
11.1 %
|
|
11.2 %
|
|
11.1 %
|
|
|
Total risk-based
capital ratio
|
14.0 %
|
|
13.8 %
|
|
14.0 %
|
|
14.0 %
|
|
14.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) "ACL -
loans" relates to the allowance for credit losses ("ACL")
specifically on "Net Loans" and does not include the ACL related to
off-balance-sheet
("OBS") credit exposures.
|
|
|
(2) Non-GAAP
financial measure. Refer to the calculation on the page titled
"Reconciliation of Non-GAAP Measures" at the end of this press
release.
|
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(3)
Regulatory capital ratios as of September 30, 2024 are
preliminary estimates and prior periods are actual.
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FULTON FINANCIAL
CORPORATION
|
|
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CONDENSED
CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 296,500
|
|
$ 333,238
|
|
$ 247,581
|
|
$ 300,343
|
|
$ 304,042
|
|
Other interest-earning
assets
|
1,287,392
|
|
1,188,341
|
|
231,389
|
|
373,772
|
|
222,781
|
|
Loans held for
sale
|
17,678
|
|
26,822
|
|
10,624
|
|
15,158
|
|
20,368
|
|
Investment
securities
|
4,545,278
|
|
4,184,027
|
|
3,783,392
|
|
3,666,274
|
|
3,698,601
|
|
Net loans
|
24,176,075
|
|
24,106,297
|
|
21,444,483
|
|
21,351,094
|
|
21,177,508
|
|
Less: ACL -
loans(1)
|
(375,961)
|
|
(375,941)
|
|
(297,888)
|
|
(293,404)
|
|
(292,739)
|
|
Loans,
net
|
23,800,114
|
|
23,730,356
|
|
21,146,595
|
|
21,057,690
|
|
20,884,769
|
|
Net premises and
equipment
|
171,731
|
|
180,642
|
|
213,541
|
|
222,881
|
|
215,626
|
|
Accrued interest
receivable
|
115,903
|
|
120,752
|
|
107,089
|
|
107,972
|
|
101,624
|
|
Goodwill and intangible
assets
|
641,739
|
|
648,026
|
|
560,114
|
|
560,687
|
|
561,284
|
|
Other assets
|
1,309,391
|
|
1,357,609
|
|
1,342,632
|
|
1,267,138
|
|
1,366,082
|
|
Total Assets
|
$ 32,185,726
|
|
$ 31,769,813
|
|
$ 27,642,957
|
|
$ 27,571,915
|
|
$ 27,375,177
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 26,152,144
|
|
$ 25,559,654
|
|
$ 21,741,950
|
|
$ 21,537,623
|
|
$ 21,421,589
|
|
Borrowings
|
2,052,227
|
|
2,178,597
|
|
2,296,040
|
|
2,487,526
|
|
2,370,112
|
|
Other
liabilities
|
777,412
|
|
929,953
|
|
847,288
|
|
786,627
|
|
1,016,783
|
|
Total Liabilities
|
28,981,783
|
|
28,668,204
|
|
24,885,278
|
|
24,811,776
|
|
24,808,484
|
|
Shareholders'
equity
|
3,203,943
|
|
3,101,609
|
|
2,757,679
|
|
2,760,139
|
|
2,566,693
|
|
Total Liabilities and Shareholders' Equity
|
$ 32,185,726
|
|
$ 31,769,813
|
|
$ 27,642,957
|
|
$ 27,571,915
|
|
$ 27,375,177
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS, DEPOSITS AND
BORROWINGS DETAIL:
|
|
|
|
|
|
|
|
Loans, by
type:
|
|
|
|
|
|
|
|
|
|
Real estate -
commercial mortgage
|
$
9,493,479
|
|
$
9,289,770
|
|
$
8,252,117
|
|
$
8,127,728
|
|
$
8,106,300
|
|
Commercial and
industrial
|
4,914,734
|
|
4,967,796
|
|
4,467,589
|
|
4,545,552
|
|
4,577,334
|
|
Real estate -
residential mortgage
|
6,302,624
|
|
6,248,856
|
|
5,395,720
|
|
5,325,923
|
|
5,279,681
|
|
Real estate - home
equity
|
1,144,402
|
|
1,120,878
|
|
1,040,335
|
|
1,047,184
|
|
1,045,438
|
|
Real estate -
construction
|
1,332,954
|
|
1,463,799
|
|
1,249,199
|
|
1,239,075
|
|
1,078,263
|
|
Consumer
|
651,717
|
|
692,086
|
|
698,421
|
|
729,318
|
|
743,976
|
|
Leases and other
loans(2)
|
336,165
|
|
323,112
|
|
341,102
|
|
336,314
|
|
346,516
|
|
Total Net
Loans
|
$ 24,176,075
|
|
$ 24,106,297
|
|
$ 21,444,483
|
|
$ 21,351,094
|
|
$ 21,177,508
|
|
Deposits, by
type:
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
$
5,501,699
|
|
$
5,609,383
|
|
$
5,086,514
|
|
$
5,314,094
|
|
$
5,575,374
|
|
Interest-bearing
demand
|
7,779,472
|
|
7,478,077
|
|
5,521,017
|
|
5,722,695
|
|
5,757,487
|
|
Savings
|
7,740,595
|
|
7,563,495
|
|
6,846,038
|
|
6,616,901
|
|
6,707,729
|
|
Total demand and
savings
|
21,021,766
|
|
20,650,955
|
|
17,453,569
|
|
17,653,690
|
|
18,040,590
|
|
Brokered
|
843,473
|
|
995,975
|
|
1,152,427
|
|
1,144,692
|
|
941,059
|
|
Time
|
4,286,905
|
|
3,912,724
|
|
3,135,954
|
|
2,739,241
|
|
2,439,940
|
|
Total
Deposits
|
$ 26,152,144
|
|
$ 25,559,654
|
|
$ 21,741,950
|
|
$ 21,537,623
|
|
$ 21,421,589
|
|
Borrowings, by
type:
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased
|
$
—
|
|
$
—
|
|
$
—
|
|
$ 240,000
|
|
$ 544,000
|
|
Federal Home Loan Bank
advances
|
950,000
|
|
750,000
|
|
900,000
|
|
1,100,000
|
|
730,000
|
|
Senior debt and
subordinated debt
|
535,917
|
|
535,741
|
|
535,566
|
|
535,384
|
|
540,174
|
|
Other
borrowings
|
566,310
|
|
892,856
|
|
860,474
|
|
612,142
|
|
555,938
|
|
Total
Borrowings
|
$
2,052,227
|
|
$
2,178,597
|
|
$
2,296,040
|
|
$
2,487,526
|
|
$
2,370,112
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) "ACL -
loans" relates to the ACL specifically on "Net Loans" and does not
include the ACL related to OBS credit exposures.
|
|
(2) Includes
equipment lease financing, overdraft and net origination fees and
costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
|
|
|
|
|
(dollars in
thousands, except per share and share data)
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Sep
30
|
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2024
|
|
2023
|
|
Net Interest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$ 427,656
|
|
$ 400,506
|
|
$ 339,666
|
|
$ 338,134
|
|
$ 330,371
|
|
$
1,167,828
|
|
$ 935,103
|
|
Interest
expense
|
|
169,647
|
|
158,786
|
|
132,729
|
|
126,128
|
|
116,529
|
|
461,162
|
|
292,822
|
|
Net Interest Income
|
|
258,009
|
|
241,720
|
|
206,937
|
|
212,006
|
|
213,842
|
|
706,666
|
|
642,281
|
|
Provision for credit
losses
|
|
11,929
|
|
32,056
|
|
10,925
|
|
9,808
|
|
9,937
|
|
54,910
|
|
44,228
|
|
Net Interest Income after Provision
|
|
246,080
|
|
209,664
|
|
196,012
|
|
202,198
|
|
203,905
|
|
651,756
|
|
598,053
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
management
|
|
21,596
|
|
20,990
|
|
20,155
|
|
19,388
|
|
19,413
|
|
62,741
|
|
56,152
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchant
and card
|
|
7,496
|
|
7,798
|
|
6,808
|
|
7,045
|
|
7,626
|
|
22,103
|
|
22,160
|
|
Cash
management
|
|
7,201
|
|
6,966
|
|
6,305
|
|
6,030
|
|
5,960
|
|
20,473
|
|
17,310
|
|
Capital
markets
|
|
3,311
|
|
2,585
|
|
2,341
|
|
4,258
|
|
2,960
|
|
8,236
|
|
11,396
|
|
Other
commercial banking
|
|
4,281
|
|
4,061
|
|
3,375
|
|
3,447
|
|
3,176
|
|
11,716
|
|
9,514
|
|
Total commercial
banking
|
|
22,289
|
|
21,410
|
|
18,829
|
|
20,780
|
|
19,722
|
|
62,528
|
|
60,380
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card
|
|
7,917
|
|
8,305
|
|
6,628
|
|
6,739
|
|
6,770
|
|
22,850
|
|
19,604
|
|
Overdraft
|
|
3,957
|
|
3,377
|
|
2,786
|
|
2,991
|
|
2,996
|
|
10,120
|
|
8,425
|
|
Other consumer
banking
|
|
3,054
|
|
2,918
|
|
2,254
|
|
2,357
|
|
2,407
|
|
8,226
|
|
7,081
|
|
Total consumer
banking
|
|
14,928
|
|
14,600
|
|
11,668
|
|
12,087
|
|
12,173
|
|
41,196
|
|
35,110
|
|
Mortgage
banking
|
|
3,142
|
|
3,951
|
|
3,090
|
|
2,288
|
|
3,190
|
|
10,183
|
|
8,100
|
|
Gain on acquisition,
net of tax
|
|
(7,706)
|
|
47,392
|
|
—
|
|
—
|
|
—
|
|
39,685
|
|
—
|
|
Other
|
|
5,425
|
|
4,933
|
|
3,398
|
|
5,587
|
|
1,463
|
|
13,756
|
|
8,539
|
|
Non-interest income
before investment securities gains (losses)
|
|
59,674
|
|
113,276
|
|
57,140
|
|
60,130
|
|
55,961
|
|
230,089
|
|
168,281
|
|
Investment securities
gains (losses), net
|
|
(1)
|
|
(20,282)
|
|
—
|
|
(752)
|
|
—
|
|
(20,283)
|
|
19
|
|
Total Non-Interest Income
|
|
59,673
|
|
92,994
|
|
57,140
|
|
59,378
|
|
55,961
|
|
209,806
|
|
168,300
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
118,824
|
|
110,630
|
|
95,481
|
|
97,275
|
|
96,757
|
|
324,935
|
|
280,142
|
|
Data processing and
software
|
|
20,314
|
|
20,357
|
|
17,661
|
|
16,985
|
|
16,914
|
|
58,332
|
|
49,486
|
|
Net
occupancy
|
|
18,999
|
|
17,793
|
|
16,149
|
|
14,647
|
|
14,561
|
|
52,942
|
|
43,373
|
|
Other outside
services
|
|
15,839
|
|
16,933
|
|
13,283
|
|
14,670
|
|
12,094
|
|
46,055
|
|
33,054
|
|
Intangible
amortization
|
|
6,287
|
|
4,688
|
|
573
|
|
597
|
|
601
|
|
11,548
|
|
2,347
|
|
FDIC
insurance
|
|
5,109
|
|
6,696
|
|
6,104
|
|
11,138
|
|
4,738
|
|
17,909
|
|
14,427
|
|
Equipment
|
|
4,860
|
|
4,561
|
|
4,040
|
|
3,995
|
|
3,475
|
|
13,461
|
|
10,395
|
|
Professional
fees
|
|
2,811
|
|
2,571
|
|
2,088
|
|
2,302
|
|
1,869
|
|
7,470
|
|
6,090
|
|
Marketing
|
|
2,251
|
|
2,101
|
|
1,912
|
|
3,550
|
|
1,913
|
|
6,263
|
|
5,454
|
|
Acquisition-related
expenses
|
|
14,195
|
|
13,803
|
|
—
|
|
—
|
|
—
|
|
27,998
|
|
—
|
|
Other
|
|
16,600
|
|
(645)
|
|
20,309
|
|
15,393
|
|
18,098
|
|
36,263
|
|
53,888
|
|
Total Non-Interest Expense
|
|
226,089
|
|
199,488
|
|
177,600
|
|
180,552
|
|
171,020
|
|
603,176
|
|
498,656
|
|
Income Before Income Taxes
|
|
79,664
|
|
103,170
|
|
75,552
|
|
81,024
|
|
88,846
|
|
258,386
|
|
267,697
|
|
Income tax
expense
|
|
16,458
|
|
8,195
|
|
13,611
|
|
16,761
|
|
16,749
|
|
38,264
|
|
47,680
|
|
Net Income
|
|
63,206
|
|
94,975
|
|
61,941
|
|
64,263
|
|
72,097
|
|
220,122
|
|
220,017
|
|
Preferred stock
dividends
|
|
(2,562)
|
|
(2,562)
|
|
(2,562)
|
|
(2,562)
|
|
(2,562)
|
|
(7,686)
|
|
(7,686)
|
|
Net Income Available to Common
Shareholders
|
|
$
60,644
|
|
$
92,413
|
|
$
59,379
|
|
$
61,701
|
|
$
69,535
|
|
$ 212,436
|
|
$ 212,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Sep
30
|
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2024
|
|
2023
|
|
PER
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders (basic)
|
|
$0.33
|
|
$0.53
|
|
$0.36
|
|
$0.38
|
|
$0.42
|
|
$1.23
|
|
$1.28
|
|
Net income available to
common shareholders (diluted)
|
|
$0.33
|
|
$0.52
|
|
$0.36
|
|
$0.37
|
|
$0.42
|
|
$1.21
|
|
$1.27
|
|
Cash
dividends
|
|
$0.17
|
|
$0.17
|
|
$0.17
|
|
$0.17
|
|
$0.16
|
|
$0.51
|
|
$0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
(basic)
|
|
181,905
|
|
175,305
|
|
162,706
|
|
163,975
|
|
164,566
|
|
173,337
|
|
165,667
|
|
Weighted average shares
(diluted)
|
|
183,609
|
|
176,934
|
|
164,520
|
|
165,650
|
|
166,023
|
|
175,033
|
|
167,181
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS
(UNAUDITED)
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
September 30,
2024
|
|
June 30,
2024
|
|
September 30,
2023
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loans(2)
|
$
24,147,801
|
|
$ 376,160
|
|
6.20 %
|
|
$
23,345,914
|
|
$ 355,533
|
|
6.12 %
|
|
$
21,121,277
|
|
$ 304,167
|
|
5.72 %
|
|
Investment
securities(3)
|
4,526,885
|
|
37,853
|
|
3.34 %
|
|
4,396,050
|
|
33,799
|
|
3.07 %
|
|
4,197,550
|
|
27,274
|
|
2.59 %
|
|
Other interest-earning
assets
|
1,338,592
|
|
18,068
|
|
5.37 %
|
|
1,125,886
|
|
15,730
|
|
5.61 %
|
|
263,244
|
|
3,372
|
|
5.11 %
|
|
Total
Interest-Earning Assets
|
30,013,278
|
|
432,081
|
|
5.74 %
|
|
28,867,850
|
|
405,062
|
|
5.64 %
|
|
25,582,071
|
|
334,813
|
|
5.20 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
306,427
|
|
|
|
|
|
302,381
|
|
|
|
|
|
306,496
|
|
|
|
|
|
Premises and
equipment
|
181,285
|
|
|
|
|
|
203,166
|
|
|
|
|
|
217,447
|
|
|
|
|
|
Other assets
|
1,772,052
|
|
|
|
|
|
1,759,138
|
|
|
|
|
|
1,562,233
|
|
|
|
|
|
Less: ACL -
loans(4)
|
(377,807)
|
|
|
|
|
|
(357,644)
|
|
|
|
|
|
(290,411)
|
|
|
|
|
|
Total
Assets
|
$
31,895,235
|
|
|
|
|
|
$
30,774,891
|
|
|
|
|
|
$
27,377,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$ 7,668,583
|
|
$
38,768
|
|
2.01 %
|
|
$ 7,080,302
|
|
$
31,748
|
|
1.80 %
|
|
$ 5,740,229
|
|
$
18,690
|
|
1.29 %
|
|
Savings
deposits
|
7,663,599
|
|
49,477
|
|
2.57 %
|
|
7,309,141
|
|
44,901
|
|
2.47 %
|
|
6,676,792
|
|
34,277
|
|
2.04 %
|
|
Brokered
deposits
|
842,661
|
|
11,344
|
|
5.36 %
|
|
1,123,328
|
|
15,074
|
|
5.40 %
|
|
937,657
|
|
12,250
|
|
5.18 %
|
|
Time
deposits
|
4,107,466
|
|
45,735
|
|
4.43 %
|
|
3,670,158
|
|
39,364
|
|
4.31 %
|
|
2,330,206
|
|
18,939
|
|
3.22 %
|
|
Total
Interest-Bearing Deposits
|
20,282,309
|
|
145,324
|
|
2.85 %
|
|
19,182,929
|
|
131,087
|
|
2.75 %
|
|
15,684,884
|
|
84,156
|
|
2.13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and other
interest-bearing liabilities
|
2,229,348
|
|
24,324
|
|
4.34 %
|
|
2,441,691
|
|
27,699
|
|
4.53 %
|
|
2,691,087
|
|
32,373
|
|
4.74 %
|
|
Total
Interest-Bearing Liabilities
|
22,511,657
|
|
169,648
|
|
3.00 %
|
|
21,624,620
|
|
158,786
|
|
2.95 %
|
|
18,375,971
|
|
116,529
|
|
2.51 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
5,495,950
|
|
|
|
|
|
5,460,025
|
|
|
|
|
|
5,672,411
|
|
|
|
|
|
Other
liabilities
|
727,306
|
|
|
|
|
|
737,575
|
|
|
|
|
|
683,477
|
|
|
|
|
|
Total
Liabilities
|
28,734,913
|
|
|
|
|
|
27,822,220
|
|
|
|
|
|
24,731,859
|
|
|
|
|
|
Shareholders'
equity
|
3,160,322
|
|
|
|
|
|
2,952,671
|
|
|
|
|
|
2,645,977
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
$
31,895,235
|
|
|
|
|
|
$
30,774,891
|
|
|
|
|
|
$
27,377,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest margin (fully
taxable equivalent)
|
|
|
262,433
|
|
3.49 %
|
|
|
|
246,276
|
|
3.43 %
|
|
|
|
218,284
|
|
3.40 %
|
|
Tax equivalent
adjustment
|
|
|
(4,424)
|
|
|
|
|
|
(4,556)
|
|
|
|
|
|
(4,442)
|
|
|
|
Net Interest
Income
|
|
|
$ 258,009
|
|
|
|
|
|
$ 241,720
|
|
|
|
|
|
$ 213,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Presented on a fully taxable-equivalent basis using a 21% federal
tax rate and statutory interest expense disallowances.
|
|
|
|
|
|
|
|
|
|
(2) Average
balances include non-performing loans.
|
|
(3) Average
balances include amortized historical cost for available for sale
("AFS") securities; the related unrealized holding gains (losses)
are included in other assets.
|
|
(4) ACL -
loans relates to the ACL for net loans and does not include the ACL
related to OBS credit exposures, which is included in other
liabilities.
|
|
FULTON FINANCIAL
CORPORATION
|
|
AVERAGE LOANS,
DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
|
|
(dollars in
thousands)
|
|
|
Three months
ended
|
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
|
Loans, by
type:
|
|
|
|
|
|
|
|
|
|
|
|
Real estate -
commercial mortgage
|
$ 9,318,273
|
|
$ 8,958,139
|
|
$ 8,166,018
|
|
$ 8,090,627
|
|
$ 7,912,801
|
|
|
Commercial and
industrial
|
4,998,051
|
|
4,853,583
|
|
4,517,179
|
|
4,579,441
|
|
4,611,376
|
|
|
Real estate -
residential mortgage
|
6,268,922
|
|
5,977,132
|
|
5,353,905
|
|
5,303,632
|
|
5,209,105
|
|
|
Real estate - home
equity
|
1,122,313
|
|
1,117,367
|
|
1,039,321
|
|
1,043,753
|
|
1,045,806
|
|
|
Real estate -
construction
|
1,437,907
|
|
1,430,057
|
|
1,240,640
|
|
1,153,601
|
|
1,254,577
|
|
|
Consumer
|
682,602
|
|
685,183
|
|
721,523
|
|
746,011
|
|
761,273
|
|
|
Leases and other
loans(1)
|
319,733
|
|
324,453
|
|
331,447
|
|
338,714
|
|
326,339
|
|
|
Total Net
Loans
|
$
24,147,801
|
|
$
23,345,914
|
|
$
21,370,033
|
|
$
21,255,779
|
|
$
21,121,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits, by
type:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
$ 5,495,950
|
|
$ 5,460,025
|
|
$ 5,061,075
|
|
$ 5,440,098
|
|
$ 5,672,411
|
|
|
Interest-bearing
demand
|
7,668,583
|
|
7,080,302
|
|
5,596,725
|
|
5,723,169
|
|
5,740,229
|
|
|
Savings
|
7,663,599
|
|
7,309,141
|
|
6,669,228
|
|
6,682,512
|
|
6,676,792
|
|
|
Total demand and
savings
|
20,828,132
|
|
19,849,468
|
|
17,327,028
|
|
17,845,779
|
|
18,089,432
|
|
|
Brokered
|
842,661
|
|
1,123,328
|
|
1,083,382
|
|
1,051,369
|
|
937,657
|
|
|
Time
|
4,107,466
|
|
3,670,158
|
|
2,968,344
|
|
2,579,400
|
|
2,330,206
|
|
|
Total
Deposits
|
$
25,778,259
|
|
$
24,642,954
|
|
$
21,378,754
|
|
$
21,476,548
|
|
$
21,357,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings, by
type:
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased
|
$
—
|
|
$ 32,637
|
|
$
173,659
|
|
$
446,707
|
|
$
634,163
|
|
|
Federal Home Loan Bank
advances
|
754,130
|
|
833,726
|
|
902,890
|
|
760,087
|
|
793,098
|
|
|
Senior debt and
subordinated debt
|
535,831
|
|
535,656
|
|
535,479
|
|
539,186
|
|
540,086
|
|
|
Other borrowings and
other interest-bearing liabilities
|
939,387
|
|
1,039,672
|
|
996,348
|
|
795,747
|
|
723,740
|
|
|
Total
Borrowings
|
$ 2,229,348
|
|
$ 2,441,691
|
|
$ 2,608,376
|
|
$ 2,541,727
|
|
$ 2,691,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
equipment lease financing, overdraft and net origination fees and
costs.
|
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS
(UNAUDITED)
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30
|
|
|
|
2024
|
|
2023
|
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Net
loans(2)
|
|
$ 22,918,845
|
|
$
1,045,573
|
|
6.09 %
|
|
$ 20,819,280
|
|
$ 854,384
|
|
5.49 %
|
|
Investment
securities(3)
|
|
4,303,048
|
|
98,701
|
|
3.05 %
|
|
4,240,093
|
|
82,098
|
|
2.58 %
|
|
Other interest-earning
assets
|
|
921,483
|
|
37,126
|
|
5.38 %
|
|
427,810
|
|
11,882
|
|
3.71 %
|
|
Total
Interest-Earning Assets
|
|
28,143,376
|
|
1,181,400
|
|
5.60 %
|
|
25,487,183
|
|
948,364
|
|
4.97 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Earning
assets:
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
297,268
|
|
|
|
|
|
193,083
|
|
|
|
|
|
Premises and
equipment
|
|
202,531
|
|
|
|
|
|
219,087
|
|
|
|
|
|
Other assets
|
|
1,828,085
|
|
|
|
|
|
1,555,891
|
|
|
|
|
|
Less: ACL -
loans(4)
|
|
(353,567)
|
|
|
|
|
|
(282,144)
|
|
|
|
|
|
Total
Assets
|
|
$ 30,117,693
|
|
|
|
|
|
$ 27,173,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
liabilities:
|
|
|
|
|
|
|
|
Demand
deposits
|
|
$
6,785,106
|
|
$
91,016
|
|
1.79 %
|
|
$
5,535,671
|
|
$
41,756
|
|
1.01 %
|
|
Savings
deposits
|
|
7,215,631
|
|
133,175
|
|
2.47 %
|
|
6,593,703
|
|
84,102
|
|
1.71 %
|
|
Brokered
deposits
|
|
1,015,823
|
|
41,073
|
|
5.40 %
|
|
779,191
|
|
29,557
|
|
5.07 %
|
|
Time
deposits
|
|
3,583,905
|
|
114,721
|
|
4.28 %
|
|
2,032,360
|
|
40,160
|
|
2.64 %
|
|
Total
Interest-Bearing Deposits
|
|
18,600,465
|
|
379,985
|
|
2.73 %
|
|
14,940,925
|
|
195,575
|
|
1.75 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and other
interest-bearing liabilities
|
|
2,425,753
|
|
81,177
|
|
4.47 %
|
|
2,848,704
|
|
97,247
|
|
4.53 %
|
|
Total
Interest-Bearing Liabilities
|
|
21,026,218
|
|
461,162
|
|
2.93 %
|
|
17,789,629
|
|
292,822
|
|
2.20 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
liabilities:
|
|
|
|
|
|
|
|
Demand
deposits
|
|
5,339,590
|
|
|
|
|
|
6,108,197
|
|
|
|
|
|
Other
liabilities
|
|
791,175
|
|
|
|
|
|
639,569
|
|
|
|
|
|
Total
Liabilities
|
|
27,156,983
|
|
|
|
|
|
24,537,395
|
|
|
|
|
|
Shareholders'
equity
|
|
2,960,710
|
|
|
|
|
|
2,635,705
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$ 30,117,693
|
|
|
|
|
|
$ 27,173,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest margin (fully taxable equivalent)
|
|
|
|
720,238
|
|
3.42 %
|
|
|
|
655,542
|
|
3.44 %
|
|
Tax equivalent
adjustment
|
|
|
|
(13,572)
|
|
|
|
|
|
(13,261)
|
|
|
|
Net Interest
Income
|
|
|
|
$ 706,666
|
|
|
|
|
|
$ 642,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Presented on a fully taxable-equivalent basis using a 21% federal
tax rate and statutory interest expense disallowances.
|
|
|
|
|
(2) Average
balances include non-performing loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Average
balances include amortized historical cost for AFS; the related
unrealized holding gains (losses) are included in other
assets.
|
|
(4) ACL -
loans relates to the ACL for net loans and does not include the ACL
related to OBS credit exposures, which is included in other
liabilities.
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
AVERAGE LOANS,
DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30
|
|
|
|
|
2024
|
|
2023
|
|
|
Loans, by
type:
|
|
|
|
|
|
|
Real estate -
commercial mortgage
|
|
$
8,803,503
|
|
$
7,803,775
|
|
|
Commercial and
industrial
|
|
4,786,976
|
|
4,602,573
|
|
|
Real estate -
residential mortgage
|
|
5,844,317
|
|
5,004,289
|
|
|
Real estate - home
equity
|
|
1,091,526
|
|
1,066,003
|
|
|
Real estate -
construction
|
|
1,370,134
|
|
1,278,923
|
|
|
Consumer
|
|
697,204
|
|
748,788
|
|
|
Leases and other
loans(1)
|
|
325,185
|
|
314,929
|
|
|
Total Net
Loans
|
|
$
22,918,845
|
|
$
20,819,280
|
|
|
|
|
|
|
|
|
|
Deposits, by
type:
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
|
$
5,339,590
|
|
$
6,108,197
|
|
|
Interest-bearing
demand
|
|
6,785,106
|
|
5,535,671
|
|
|
Savings
|
|
7,215,631
|
|
6,593,703
|
|
|
Total
demand and savings
|
|
19,340,327
|
|
18,237,571
|
|
|
Brokered
|
|
1,015,823
|
|
779,191
|
|
|
Time
|
|
3,583,905
|
|
2,032,360
|
|
|
Total
Deposits
|
|
$
23,940,055
|
|
$
21,049,122
|
|
|
|
|
|
|
|
|
|
Borrowings, by
type:
|
|
|
|
|
|
|
Federal funds
purchased
|
|
$
68,515
|
|
$
606,708
|
|
|
Federal Home Loan Bank
advances
|
|
829,971
|
|
976,783
|
|
|
Senior debt and
subordinated debt
|
|
535,656
|
|
539,907
|
|
|
Other
borrowings
|
|
991,611
|
|
725,306
|
|
|
Total
Borrowings
|
|
$
2,425,753
|
|
$
2,848,704
|
|
|
|
|
|
|
|
|
|
(1) Includes
equipment lease financing, overdraft and net origination fees and
costs.
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months ended
September 30
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Sep
30
|
|
Sep
30
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2024
|
|
2023
|
|
Allowance for credit
losses related to net loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
375,941
|
|
$
297,888
|
|
$
293,404
|
|
$
292,739
|
|
$
287,442
|
|
$
293,404
|
|
$
269,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CECL day 1 provision
expense(1)
|
—
|
|
23,444
|
|
—
|
|
—
|
|
—
|
|
23,444
|
|
—
|
|
Initial purchased
credit deteriorated allowance for credit losses
|
(1,139)
|
|
55,906
|
|
—
|
|
—
|
|
—
|
|
54,767
|
|
—
|
|
Loans charged
off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate - commercial mortgage
|
(2,723)
|
|
(7,853)
|
|
(26)
|
|
(3,547)
|
|
(860)
|
|
(10,602)
|
|
(14,452)
|
|
Commercial and industrial
|
(6,256)
|
|
(2,955)
|
|
(7,632)
|
|
(3,397)
|
|
(3,220)
|
|
(16,843)
|
|
(5,849)
|
|
Real
estate - residential mortgage
|
(1,131)
|
|
(35)
|
|
(251)
|
|
—
|
|
—
|
|
(1,417)
|
|
(62)
|
|
Consumer and home equity
|
(2,308)
|
|
(1,766)
|
|
(2,238)
|
|
(2,192)
|
|
(1,803)
|
|
(6,312)
|
|
(5,322)
|
|
Real
estate - construction
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Leases and other loans(2)
|
(726)
|
|
(1,398)
|
|
(805)
|
|
(1,096)
|
|
(1,396)
|
|
(2,929)
|
|
(3,284)
|
|
Total loans charged off
|
(13,144)
|
|
(14,007)
|
|
(10,952)
|
|
(10,232)
|
|
(7,279)
|
|
(38,103)
|
|
(28,969)
|
|
Recoveries of loans
previously charged off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate - commercial mortgage
|
107
|
|
146
|
|
152
|
|
160
|
|
101
|
|
405
|
|
916
|
|
Commercial and industrial
|
1,008
|
|
796
|
|
1,248
|
|
779
|
|
620
|
|
3,052
|
|
2,694
|
|
Real
estate - residential mortgage
|
130
|
|
122
|
|
116
|
|
278
|
|
37
|
|
368
|
|
143
|
|
Consumer and home equity
|
545
|
|
1,161
|
|
676
|
|
555
|
|
1,023
|
|
2,382
|
|
2,643
|
|
Real
estate - construction
|
103
|
|
233
|
|
—
|
|
87
|
|
—
|
|
336
|
|
771
|
|
Leases and other loans(2)
|
129
|
|
247
|
|
162
|
|
374
|
|
400
|
|
538
|
|
729
|
|
Recoveries of loans previously charged off
|
2,022
|
|
2,705
|
|
2,354
|
|
2,233
|
|
2,181
|
|
7,081
|
|
7,896
|
|
Net loans charged
off
|
(11,122)
|
|
(11,302)
|
|
(8,598)
|
|
(7,999)
|
|
(5,098)
|
|
(31,022)
|
|
(21,073)
|
|
Provision for credit
losses(1)
|
12,281
|
|
10,005
|
|
13,082
|
|
8,664
|
|
10,395
|
|
35,368
|
|
44,446
|
|
Balance at end of
period
|
$
375,961
|
|
$
375,941
|
|
$
297,888
|
|
$
293,404
|
|
$
292,739
|
|
$
375,961
|
|
$
292,739
|
|
Net charge-offs to
average loans
|
0.18 %
|
|
0.19 %
|
|
0.16 %
|
|
0.15 %
|
|
0.10 %
|
|
0.18 %
|
|
0.13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses related to OBS Credit Exposures
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses(1)
|
$
(352)
|
|
$
(1,393)
|
|
$
(2,157)
|
|
$
1,144
|
|
$
(458)
|
|
$
(3,902)
|
|
$
(218)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
175,861
|
|
$
145,630
|
|
$
129,628
|
|
$
121,620
|
|
$
113,022
|
|
|
|
|
|
Loans 90 days past due
and accruing
|
26,286
|
|
26,962
|
|
26,521
|
|
31,721
|
|
27,962
|
|
|
|
|
|
Total non-performing loans
|
202,147
|
|
172,592
|
|
156,149
|
|
153,341
|
|
140,984
|
|
|
|
|
|
Other real estate
owned
|
2,844
|
|
1,444
|
|
277
|
|
896
|
|
2,549
|
|
|
|
|
|
Total non-performing
assets
|
$
204,991
|
|
$
174,036
|
|
$
156,426
|
|
$
154,237
|
|
$
143,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
LOANS, BY TYPE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
64,450
|
|
$
58,433
|
|
$
44,118
|
|
$
41,020
|
|
$
33,365
|
|
|
|
|
|
Real estate -
commercial mortgage
|
71,505
|
|
48,615
|
|
47,891
|
|
46,527
|
|
44,058
|
|
|
|
|
|
Real estate -
residential mortgage
|
41,727
|
|
41,033
|
|
40,685
|
|
42,029
|
|
40,560
|
|
|
|
|
|
Consumer and home
equity
|
12,792
|
|
11,886
|
|
10,172
|
|
10,878
|
|
11,580
|
|
|
|
|
|
Leases and other
loans(2)
|
9,927
|
|
9,993
|
|
10,135
|
|
10,011
|
|
10,744
|
|
|
|
|
|
Real estate -
construction
|
1,746
|
|
2,632
|
|
3,148
|
|
2,876
|
|
677
|
|
|
|
|
|
Total non-performing
loans
|
$
202,147
|
|
$
172,592
|
|
$
156,149
|
|
$
153,341
|
|
$
140,984
|
|
|
|
|
|
|
|
(1) The sum
of these amounts are reflected in the provision for credit losses
in the Condensed Consolidated Statements of Income.
|
|
(2) Includes
equipment lease financing, overdraft and net origination fees and
costs.
|
|
FULTON FINANCIAL
CORPORATION
|
|
RECONCILIATION OF
NON-GAAP MEASURES (UNAUDITED)
|
|
(dollars in
thousands, except per share and share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Explanatory
note:
|
This press release
contains supplemental financial information, as detailed below,
that has been derived by methods other than GAAP. The Corporation
has presented these non-GAAP financial measures because it believes
that these measures provide useful and comparative information to
assess trends in the Corporation's results of operations and
financial condition. Presentation of these non-GAAP financial
measures is consistent with how the Corporation evaluates its
performance internally and these non-GAAP financial measures are
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in the
Corporation's industry. Management believes that these non-GAAP
financial measures, in addition to GAAP measures, are also useful
to investors to evaluate the Corporation's results. Investors
should recognize that the Corporation's presentation of these
non-GAAP financial measures might not be comparable to similarly
titled measures of other companies. These non-GAAP financial
measures should not be considered a substitute for GAAP basis
measures, and the Corporation strongly encourages a review of its
condensed consolidated financial statements in their entirety.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP measure follow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
|
|
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
Operating net income
available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
|
$
60,644
|
|
$
92,413
|
|
$
59,379
|
|
$
61,701
|
|
$
69,535
|
|
Less: Non-PCD
credit-related interest income from acquisition
|
|
(815)
|
|
(571)
|
|
—
|
|
—
|
|
—
|
|
Less: Interest rate
derivative transition valuation(1)
|
|
138
|
|
(137)
|
|
(151)
|
|
(1,102)
|
|
2,958
|
|
Less: Loss (gain) on
acquisition, net of tax
|
|
7,706
|
|
(47,392)
|
|
—
|
|
—
|
|
—
|
|
Plus: Loss on
securities restructuring
|
|
—
|
|
20,282
|
|
—
|
|
—
|
|
—
|
|
Plus: Core deposit
intangible amortization
|
|
6,155
|
|
4,556
|
|
441
|
|
441
|
|
441
|
|
Plus:
Acquisition-related expense
|
|
14,195
|
|
13,803
|
|
—
|
|
—
|
|
—
|
|
Plus: CECL day 1
provision expense
|
|
—
|
|
23,444
|
|
—
|
|
—
|
|
—
|
|
Less: Gain on
sale-leaseback
|
|
—
|
|
(20,266)
|
|
—
|
|
—
|
|
—
|
|
Plus: FDIC special
assessment
|
|
(16)
|
|
—
|
|
956
|
|
6,494
|
|
—
|
|
Plus: FultonFirst
implementation and asset disposals
|
|
9,385
|
|
6,323
|
|
6,329
|
|
3,197
|
|
—
|
|
Less: Tax impact of
adjustments
|
|
(6,099)
|
|
(9,961)
|
|
(1,591)
|
|
(1,896)
|
|
(714)
|
|
Operating net income
available to common shareholders (numerator)
|
|
$
91,293
|
|
$
82,494
|
|
$
65,363
|
|
$
68,835
|
|
$
72,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
(diluted) (denominator)
|
|
183,609
|
|
176,934
|
|
164,520
|
|
165,650
|
|
166,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income
available to common shareholders, per share (diluted)
|
|
$
0.50
|
|
$
0.47
|
|
$
0.40
|
|
$
0.42
|
|
$
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shareholders'
equity (tangible), per share
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
$ 3,203,943
|
|
$
3,101,609
|
|
$
2,757,679
|
|
$
2,760,139
|
|
$
2,566,693
|
|
Less: Preferred
stock
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
Less: Goodwill and
intangible assets
|
|
(641,739)
|
|
(648,026)
|
|
(560,114)
|
|
(560,687)
|
|
(561,284)
|
|
Tangible common
shareholders' equity (numerator)
|
|
$ 2,369,326
|
|
$
2,260,705
|
|
$
2,004,687
|
|
$
2,006,574
|
|
$
1,812,531
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end
of period (denominator)
|
|
181,957
|
|
181,831
|
|
162,087
|
|
163,801
|
|
164,084
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shareholders'
equity (tangible), per share
|
|
$
13.02
|
|
$
12.43
|
|
$
12.37
|
|
$
12.25
|
|
$
11.05
|
|
(1)
Resulting from the reference rate transition from LIBOR to SOFR in
the Corporation's commercial customer interest rate swap
program.
|
|
(2) Results
are annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
|
|
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
Operating return on
average assets(2)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
63,206
|
|
$
94,975
|
|
$
61,941
|
|
$
64,263
|
|
$
72,097
|
|
Less: Non-PCD
credit-related interest income from acquisition
|
|
(815)
|
|
(571)
|
|
—
|
|
—
|
|
—
|
|
Less: Interest rate
derivative transition valuation(1)
|
|
138
|
|
(137)
|
|
(151)
|
|
(1,102)
|
|
2,958
|
|
Less: Loss (gain) on
acquisition, net of tax
|
|
7,706
|
|
(47,392)
|
|
—
|
|
—
|
|
—
|
|
Plus: Loss on
securities restructuring
|
|
—
|
|
20,282
|
|
—
|
|
—
|
|
—
|
|
Plus: Core deposit
intangible amortization
|
|
6,155
|
|
4,556
|
|
441
|
|
441
|
|
441
|
|
Plus:
Acquisition-related expense
|
|
14,195
|
|
13,803
|
|
—
|
|
—
|
|
—
|
|
Plus: CECL day 1
provision expense
|
|
—
|
|
23,444
|
|
—
|
|
—
|
|
—
|
|
Less: Gain on
sale-leaseback
|
|
—
|
|
(20,266)
|
|
—
|
|
—
|
|
—
|
|
Plus: FDIC special
assessment
|
|
(16)
|
|
—
|
|
956
|
|
6,494
|
|
—
|
|
Plus: FultonFirst
implementation and asset disposals
|
|
9,385
|
|
6,323
|
|
6,329
|
|
3,197
|
|
—
|
|
Less: Tax impact of
adjustments
|
|
(6,099)
|
|
(9,961)
|
|
(1,591)
|
|
(1,896)
|
|
(714)
|
|
Operating net income
(numerator)
|
|
$
93,855
|
|
$
85,056
|
|
$
67,925
|
|
$
71,397
|
|
$
74,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
31,895,235
|
|
$
30,774,891
|
|
$
27,427,626
|
|
$
27,397,671
|
|
$
27,377,836
|
|
Less: Average net core
deposit intangible
|
|
(89,350)
|
|
(68,234)
|
|
(4,666)
|
|
(5,106)
|
|
(5,548)
|
|
Total operating average
assets (denominator)
|
|
$
31,805,885
|
|
$
30,706,657
|
|
$
27,422,960
|
|
$
27,392,565
|
|
$
27,372,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average assets
|
|
1.17 %
|
|
1.11 %
|
|
1.00 %
|
|
1.03 %
|
|
1.08 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average common shareholders' equity (tangible)(2)
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
|
$
60,644
|
|
$
92,413
|
|
$
59,379
|
|
$
61,701
|
|
$
69,535
|
|
Less: Non-PCD
credit-related interest income from acquisition
|
|
(815)
|
|
(571)
|
|
—
|
|
—
|
|
—
|
|
Less: Interest rate
derivative transition valuation(1)
|
|
138
|
|
(137)
|
|
(151)
|
|
(1,102)
|
|
2,958
|
|
Less: Loss (gain) on
acquisition, net of tax
|
|
7,706
|
|
(47,392)
|
|
—
|
|
—
|
|
—
|
|
Plus: Loss on
securities restructuring
|
|
—
|
|
20,282
|
|
—
|
|
—
|
|
—
|
|
Plus: Intangible
amortization
|
|
|
6,287
|
|
4,688
|
|
573
|
|
597
|
|
601
|
|
Plus:
Acquisition-related expense
|
|
|
14,195
|
|
13,803
|
|
—
|
|
—
|
|
—
|
|
Plus: CECL day 1
provision expense
|
|
—
|
|
23,444
|
|
—
|
|
—
|
|
—
|
|
Less: Gain on
sale-leaseback
|
|
—
|
|
(20,266)
|
|
—
|
|
—
|
|
—
|
|
Plus: FDIC special
assessment
|
|
(16)
|
|
—
|
|
956
|
|
6,494
|
|
—
|
|
Plus: FultonFirst
implementation and asset disposals
|
|
9,385
|
|
6,323
|
|
6,329
|
|
3,197
|
|
—
|
|
Less: Tax impact of
adjustments
|
|
|
(6,127)
|
|
(9,989)
|
|
(1,618)
|
|
(1,929)
|
|
(747)
|
|
Adjusted net income
available to common shareholders (numerator)
|
|
$
91,397
|
|
$
82,598
|
|
$
65,468
|
|
$
68,958
|
|
$
72,347
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
|
$ 3,160,322
|
|
$
2,952,671
|
|
$
2,766,945
|
|
$
2,618,024
|
|
$
2,645,977
|
|
Less: Average preferred
stock
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
Less: Average goodwill
and intangible assets
|
|
(644,814)
|
|
(624,471)
|
|
(560,393)
|
|
(560,977)
|
|
(561,578)
|
|
Average tangible common
shareholders' equity (denominator)
|
|
$ 2,322,630
|
|
$
2,135,322
|
|
$
2,013,674
|
|
$
1,864,169
|
|
$
1,891,521
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average common shareholders' equity (tangible)
|
|
15.65 %
|
|
15.56 %
|
|
13.08 %
|
|
14.68 %
|
|
15.17 %
|
|
(1)
Resulting from the reference rate transition from LIBOR to SOFR in
the Corporation's commercial customer interest rate swap
program.
|
|
(2) Results
are annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Sep
30
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
|
|
|
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
Tangible common
equity to tangible assets (TCE Ratio)
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
$ 3,203,943
|
|
$
3,101,609
|
|
$
2,757,679
|
|
$
2,760,139
|
|
$
2,566,693
|
|
Less: Preferred
stock
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
Less: Goodwill and
intangible assets
|
|
(641,739)
|
|
(648,026)
|
|
(560,114)
|
|
(560,687)
|
|
(561,284)
|
|
Tangible common
shareholders' equity (numerator)
|
|
$ 2,369,326
|
|
$
2,260,705
|
|
$
2,004,687
|
|
$
2,006,574
|
|
$
1,812,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
32,185,726
|
|
$
31,769,813
|
|
$
27,642,957
|
|
$
27,571,915
|
|
$
27,375,177
|
|
Less: Goodwill and
intangible assets
|
|
(641,739)
|
|
(648,026)
|
|
(560,114)
|
|
(560,687)
|
|
(561,284)
|
|
Total tangible assets
(denominator)
|
|
$
31,543,987
|
|
$
31,121,787
|
|
$
27,082,843
|
|
$
27,011,228
|
|
$
26,813,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
|
7.51 %
|
|
7.26 %
|
|
7.40 %
|
|
7.43 %
|
|
6.76 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
$ 226,089
|
|
$ 199,488
|
|
$ 177,600
|
|
$ 180,552
|
|
$ 171,020
|
|
Less:
Acquisition-related expense
|
|
(14,195)
|
|
(13,803)
|
|
—
|
|
—
|
|
—
|
|
Plus: Gain on
sale-leaseback
|
|
—
|
|
20,266
|
|
—
|
|
—
|
|
—
|
|
Less: FDIC special
assessment
|
|
16
|
|
—
|
|
(956)
|
|
(6,494)
|
|
—
|
|
Less: FultonFirst
implementation and asset disposals
|
|
(9,385)
|
|
(6,323)
|
|
(6,329)
|
|
(3,197)
|
|
—
|
|
Less: Intangible
amortization
|
|
(6,287)
|
|
(4,688)
|
|
(573)
|
|
(597)
|
|
(601)
|
|
Less: Debt
extinguishment
|
|
—
|
|
—
|
|
—
|
|
720
|
|
—
|
|
Operating non-interest
expense (numerator)
|
|
$ 196,238
|
|
$ 194,940
|
|
$ 169,742
|
|
$ 170,984
|
|
$ 170,419
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$ 258,009
|
|
$ 241,720
|
|
$ 206,937
|
|
$ 212,006
|
|
$ 213,842
|
|
Tax equivalent
adjustment
|
|
4,424
|
|
4,556
|
|
4,592
|
|
4,549
|
|
4,442
|
|
Plus: Total
non-interest income
|
|
59,673
|
|
92,994
|
|
57,140
|
|
59,378
|
|
55,961
|
|
Less: Interest rate
derivative transition valuation(1)
|
|
138
|
|
(137)
|
|
(151)
|
|
(1,102)
|
|
2,958
|
|
Less: Non-PCD
credit-related interest income from acquisition
|
|
(815)
|
|
(571)
|
|
—
|
|
—
|
|
—
|
|
Less: Loss (gain) on
acquisition, net of tax
|
|
7,706
|
|
(47,392)
|
|
—
|
|
—
|
|
—
|
|
Plus: Investment
securities (gains) losses, net
|
|
1
|
|
20,282
|
|
—
|
|
752
|
|
—
|
|
Total revenue
(denominator)
|
|
$ 329,136
|
|
$ 311,452
|
|
$ 268,518
|
|
$ 275,583
|
|
$ 277,203
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
59.62 %
|
|
62.59 %
|
|
63.21 %
|
|
62.04 %
|
|
61.48 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
non-interest expense to total average assets
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
$ 226,089
|
|
$ 199,488
|
|
$ 177,600
|
|
$ 180,552
|
|
$ 171,020
|
|
Less: Intangible
amortization
|
|
(6,287)
|
|
(4,688)
|
|
(573)
|
|
(597)
|
|
(601)
|
|
Less:
Acquisition-related expense
|
|
(14,195)
|
|
(13,803)
|
|
—
|
|
—
|
|
—
|
|
Plus: Gain on
sale-leaseback
|
|
—
|
|
20,266
|
|
—
|
|
—
|
|
—
|
|
Less: FDIC special
assessment
|
|
16
|
|
—
|
|
(956)
|
|
(6,494)
|
|
—
|
|
Less: FultonFirst
implementation and asset disposals
|
|
(9,385)
|
|
(6,323)
|
|
(6,329)
|
|
(3,197)
|
|
—
|
|
Operating non-interest
expense (numerator)
|
|
$ 196,238
|
|
$ 194,940
|
|
$ 169,742
|
|
$ 170,264
|
|
$ 170,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets
(denominator)
|
|
$
31,895,235
|
|
$
30,774,891
|
|
$
27,427,626
|
|
$
27,397,671
|
|
$
27,377,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating non-interest
expenses to total average assets
|
|
2.45 %
|
|
2.55 %
|
|
2.49 %
|
|
2.47 %
|
|
2.47 %
|
|
(1)
Resulting from the reference rate transition from LIBOR to SOFR in
the Corporation's commercial customer interest rate swap
program.
|
|
(2) Results
are annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: numbers in this
report may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
Media Contact: Lacey Dean (717)
735-8688
Investor Contact: Matt Jozwiak (717)
327-2657
View original content to download
multimedia:https://www.prnewswire.com/news-releases/fulton-financial-corporation-announces-third-quarter-2024-results-302276932.html
SOURCE Fulton Financial Corporation
