Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the
“Corporation”) reported net income available to common shareholders
of $77.0 million, or $0.46 per diluted share, for the second
quarter of 2023, an increase of $11.3 million, or 17.2%, in
comparison to the first quarter of 2023. Operating net income
available to common shareholders was $77.8 million, or $0.47 per
diluted share(1).
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For the six months ended June 30, 2023, net income available to
shareholders was $142.8 million, or $0.85 per diluted share, an
increase of $13.6 million, or 10.6%, in comparison to the same
period in 2022. Operating net income available to common
shareholders was $143.9 million, or $0.86 per diluted share(1).
"We were pleased with our second quarter performance and
results," said Curtis J. Myers, Chairman and CEO of Fulton. "We saw
credit metrics remain stable and credit losses return to
historically low levels, strong non-interest income in many areas
of our bank, and loan growth was solid and in line with
expectations. Despite the challenges around deposit growth and mix
the industry is facing, we meaningfully grew both deposit accounts
and deposit households during the quarter."
(1) Non-generally accepted
accounting principles ("non-GAAP") financial measure. Refer to the
calculation on the page titled "Reconciliation of Non-GAAP
Measures" at the end of the press release.
Net Interest Income and Balance
Sheet
Net interest income for the second quarter of 2023 was $212.9
million, a decrease of $2.7 million in comparison to the first
quarter of 2023. The net interest margin for the second quarter of
2023 decreased 13 basis points, to 3.40%, in comparison to 3.53% in
the first quarter of 2023.
The linked-quarter decrease in net interest income was primarily
due to an increase in the rate on interest-bearing deposits and a
shift in funding mix from noninterest-bearing demand deposits to
interest-bearing deposits. An increase in the average balance for
net loans of $403.1 million and higher loan yields in the second
quarter of 2023 primarily contributed to an increase in interest
income of $25.1 million to $314.9 million in comparison to $289.8
million in the first quarter of 2023. Interest expense from
interest-bearing liabilities for the second quarter of 2023
increased by $27.9 million to $102.1 million in comparison to $74.2
million in the first quarter of 2023. The linked-quarter increase
in interest expense in the second quarter of 2023 was primarily due
to an increase in the rate on interest-bearing deposits of 63 basis
points, a decline of $620.7 million in the average balance of
noninterest-bearing deposits and an increase in the average balance
for interest-bearing deposits of $1.3 billion in comparison to the
first quarter of 2023.
For the second quarter of 2023, net interest income was $212.9
million, an increase of $34.0 million, or 19.0%, in comparison to
the second quarter of 2022. Interest income for the second quarter
of 2023 increased by $124.6 million to $314.9 million in comparison
to $190.3 million in the second quarter of 2022 primarily driven by
rising interest rates resulting in increases in interest income
from net loans, investment securities and other interest-earning
assets of $120.5 million, $1.2 million and $2.9 million,
respectively. Increases in the average balances for net loans in
the second quarter of 2023 of $2.2 billion, driven in part by the
Prudential Bancorp, Inc. ("Prudential Bancorp") acquisition,
contributed to the increase in interest income. Interest expense
from interest-bearing liabilities for the second quarter of 2023
increased by $90.6 million to $102.1 million in comparison to $11.5
million in the second quarter of 2022 primarily driven by rising
interest rates resulting in increases in interest expense from
interest-bearing deposits and borrowings and other interest-bearing
liabilities of $64.0 million and $26.6 million, respectively. An
increase in the average balance for higher rate interest-bearing
deposits and borrowings and other interest-bearing liabilities of
$1.3 billion and $1.8 billion, respectively, in the second quarter
of 2023 in comparison to the second quarter of 2022 also
contributed to the increase in interest expense.
Total average interest-earning assets for the second quarter of
2023 were $25.6 billion, an increase of $384.0 million from the
first quarter of 2023 primarily driven by the aforementioned
increase in average net loans of $403.1 million and an increase in
average other interest-earning assets of $36.5 million, partially
offset by a decrease in average investment securities of $55.5
million.
Total average interest-earning assets for the second quarter of
2023 increased by $1.6 billion from the second quarter of 2022.
Average net loans for the second quarter of 2023 were $20.9
billion, an increase of $2.2 billion from the same period in 2022.
Compared to the second quarter of 2022, average other
interest-earning assets decreased $421.9 million and average
investment securities decreased $164.3 million in the second
quarter of 2023.
Total average interest-bearing liabilities increased $1.0
billion, to $18.0 billion, in the second quarter of 2023 in
comparison to $17.0 billion in the first quarter of 2023 driven by
an increase in the average balance for total interest-bearing
deposits of $1.3 billion, partially offset by a decrease in the
average balance for borrowings and other interest-bearing
liabilities of $0.3 billion.
Total average interest-bearing liabilities for the second
quarter of 2023 increased $3.1 billion, to $18.0 billion, in
comparison to $14.9 billion in the second quarter of 2022, driven
by increases in the average balances for borrowings and other
interest-bearing liabilities and total interest-bearing deposits of
$1.8 billion and $1.3 billion, respectively.
Asset Quality
In the second quarter of 2023, a provision for credit losses of
$9.7 million was recorded in comparison to a provision for credit
losses of $24.5 million in the first quarter of 2023, and a
provision for credit losses of $1.5 million in the second quarter
of 2022. The provision for credit losses of $9.7 million recorded
in the second quarter of 2023 was primarily due to loan growth and
the macroeconomic outlook.
Non-performing assets were $151.6 million, or 0.55% of total
assets, at June 30, 2023, in comparison to $167.9 million, or 0.62%
of total assets, at March 31, 2023, and $178.3 million, or 0.71% of
total assets, at June 30, 2022.
Net charge-offs for the second quarter of 2023 were 0.04% of
total average loans in comparison to 0.27% and negative 0.08% in
the first quarter of 2023 and the second quarter of 2022,
respectively.
Non-interest Income
Non-interest income before investment securities gains in the
second quarter of 2023 was $60.6 million, an increase of $8.9
million, or 17.1%, from the first quarter of 2023. The increase in
non-interest income was primarily due to an increase in commercial
banking income of $5.6 million, driven by increases in commercial
customer interest rate swap fee income, reflected in capital
markets, and merchant and card income of $3.6 million and $0.9
million, respectively. In addition, increases from mortgage
banking, wealth management, higher income from equity method
investments, reflected in other non-interest income, and consumer
banking of $1.0 million, $0.6 million, $0.6 million and $0.5
million, respectively, contributed to the increase in non-interest
income in the second quarter of 2023.
Compared to the second quarter of 2022, non-interest income
before investment securities gains in the second quarter of 2023
increased $2.2 million, or 3.8%, from $58.4 million. The increase
in non-interest income was primarily due to increases in commercial
customer interest rate swap fee income, reflected in capital
markets, and merchant and card income of $2.1 million and $0.3
million, respectively.
Non-interest Expense
Non-interest expense was $168.0 million in the second quarter of
2023, an increase of $8.4 million, or 5.3%, compared to $159.6
million in the first quarter of 2023. The increase was primarily
due to increases of $4.8 million in salaries and employee benefits
expense, $1.0 million in data processing and software expense and
$0.7 million in other outside services expense. Additional
contributors to the increase in non-interest expense were increases
of $1.3 million in owned real estate and repossession expenses and
$0.5 million in state tax expense, in each case, reflected in other
expense. The $4.8 million increase in salaries and benefits expense
was primarily driven by annual merit increases and one additional
calendar day in the quarter.
Compared to the second quarter of 2022, non-interest expense,
excluding merger-related expenses of $1.0 million in the second
quarter of 2022, increased $19.3 million, or 13.0%. The increase
was primarily due to increases of $8.7 million in salaries and
employee benefits expense, $2.1 million in other outside services
expense, $2.1 million in data processing and software expense, $1.9
million in FDIC insurance expense, primarily due to the adoption of
a final rule to increase base deposit insurance assessment rates
effective January 1, 2023, $0.9 million in intangible amortization
expense and $0.8 million in net occupancy expense. Higher expense
levels compared to the second quarter of 2022 are in part due to
the Prudential Bancorp acquisition. The $8.7 million increase in
salaries and benefits expense was primarily driven by annual merit
increases, an increase in the number of employees, employee
benefits due to higher claims experience and higher pension
costs.
Income Tax Expense
For the second quarter of 2023, the effective tax rate was
16.8%, in comparison to 17.3% for the full-year of 2022.
Additional information on Fulton is available on the Internet at
www.fultonbank.com.
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, 2022, Quarterly Report on Form 10-Q for the quarter
ended March 31, 2023 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
SUMMARY CONSOLIDATED FINANCIAL
INFORMATION (UNAUDITED)
(dollars in thousands, except per share
data)
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2023
2023
2022
2022
2022
Ending
Balances
Investment securities
$
3,867,334
$
3,950,101
$
3,968,023
$
3,936,694
$
4,117,801
Net loans
21,044,685
20,670,188
20,279,547
19,695,199
18,920,950
Total assets
27,403,163
27,112,176
26,931,702
26,146,042
25,252,686
Deposits
21,206,540
21,316,584
20,649,538
21,376,554
21,143,866
Shareholders' equity
2,642,152
2,618,998
2,579,757
2,471,159
2,471,093
Average
Balances
Investment securities
3,916,130
3,964,615
3,936,579
4,254,216
4,216,507
Net loans
20,866,235
20,463,096
20,004,513
19,563,825
18,637,175
Total assets
27,235,567
26,900,653
26,386,355
26,357,095
25,578,432
Deposits
21,207,143
20,574,323
21,027,656
21,788,052
21,523,713
Shareholders' equity
2,647,464
2,613,316
2,489,148
2,604,057
2,531,346
Income
Statement
Net interest income
212,852
215,587
225,911
215,582
178,831
Provision for credit losses
9,747
24,544
14,513
18,958
1,500
Non-interest income
60,585
51,753
54,321
59,162
58,391
Non-interest expense
168,018
159,616
168,462
169,558
149,730
Income before taxes
95,672
83,180
97,257
86,228
85,992
Net income available to common
shareholders
77,045
65,752
79,271
68,309
67,427
Pre-provision net revenue(1)
106,495
108,375
115,049
113,631
89,384
Per
Share
Net income available to common
shareholders (basic)
$
0.46
$
0.39
$
0.47
$
0.41
$
0.42
Net income available to common
shareholders (diluted)
$
0.46
$
0.39
$
0.47
$
0.40
$
0.42
Operating net income available to common
shareholders(1)
$
0.47
$
0.39
$
0.48
$
0.48
$
0.42
Cash dividends
$
0.16
$
0.15
$
0.21
$
0.15
$
0.15
Common shareholders' equity
$
14.75
$
14.67
$
14.24
$
13.61
$
14.15
Common shareholders' equity
(tangible)(1)
$
11.36
$
11.26
$
10.90
$
10.26
$
10.81
Weighted average shares (basic)
165,854
166,605
167,504
167,353
160,920
Weighted average shares (diluted)
167,191
168,401
169,136
168,781
162,075
(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.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2023
2023
2022
2022
2022
Asset
Quality
Net charge-offs (recoveries) to average
loans
0.04
%
0.27
%
0.23
%
0.01
%
(0.08
)%
Non-performing loans to total net
loans
0.70
%
0.80
%
0.85
%
0.98
%
0.92
%
Non-performing assets to total assets
0.55
%
0.62
%
0.66
%
0.76
%
0.71
%
ACL - loans(1) to total loans
1.37
%
1.35
%
1.33
%
1.35
%
1.31
%
ACL - loans(1) to non-performing loans
195
%
169
%
157
%
138
%
143
%
Profitability
Return on average assets
1.17
%
1.03
%
1.23
%
1.07
%
1.10
%
Operating return on average assets(2)
1.18
%
1.04
%
1.26
%
1.25
%
1.11
%
Return on average common shareholders'
equity
12.59
%
11.02
%
13.70
%
11.24
%
11.57
%
Return on average common shareholders'
equity (tangible)(2)
16.52
%
14.46
%
18.59
%
17.31
%
15.23
%
Net interest margin
3.40
%
3.53
%
3.69
%
3.54
%
3.04
%
Efficiency ratio(2)
60.1
%
58.5
%
58.1
%
57.8
%
61.4
%
Non-interest expenses to total average
assets
2.47
%
2.41
%
2.53
%
2.55
%
2.35
%
Operating non-interest expenses to total
average assets(2)
2.46
%
2.40
%
2.48
%
2.43
%
2.32
%
Capital
Ratios
Tangible common equity ratio
("TCE")(2)
7.0
%
7.0
%
6.9
%
6.7
%
7.0
%
TCE ratio, (excluding AOCI)(2)(3)
8.3
%
8.3
%
8.2
%
8.3
%
8.2
%
Tier 1 leverage ratio(4)
9.3
%
9.2
%
9.5
%
9.2
%
9.1
%
Common equity Tier 1 capital ratio(4)
10.1
%
9.8
%
10.0
%
10.0
%
9.9
%
Tier 1 risk-based capital ratio(4)
10.9
%
10.6
%
10.9
%
10.9
%
10.8
%
Total risk-based capital ratio(4)
13.7
%
13.4
%
13.6
%
13.6
%
13.7
%
(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.
(3) Tangible common equity ("TCE") ratio,
excluding accumulated other comprehensive income ("AOCI").
(4) Regulatory capital ratios as of June
30, 2023 are preliminary and prior periods are actual.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE
SHEETS (UNAUDITED)
(dollars in thousands)
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2023
2023
2022
2022
2022
ASSETS
Cash and due from banks
$
123,779
$
129,003
$
126,898
$
143,465
$
158,605
Other interest-earning assets
505,141
545,355
685,209
467,164
383,715
Loans held for sale
14,673
6,507
7,264
14,411
17,528
Investment securities
3,867,334
3,950,101
3,968,023
3,936,694
4,117,801
Net loans
21,044,685
20,670,188
20,279,547
19,695,199
18,920,950
Less: ACL - loans(1)
(287,442
)
(278,695
)
(269,366
)
(266,838
)
(248,564
)
Loans, net
20,757,243
20,391,493
20,010,181
19,428,361
18,672,386
Net premises and equipment
216,322
216,059
225,141
221,496
211,639
Accrued interest receivable
96,991
90,267
91,579
72,821
64,457
Goodwill and intangible assets
561,885
563,502
560,824
561,495
537,700
Other assets
1,259,795
1,219,889
1,256,583
1,300,135
1,088,855
Total Assets
$
27,403,163
$
27,112,176
$
26,931,702
$
26,146,042
$
25,252,686
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits
$
21,206,540
$
21,316,584
$
20,649,538
$
21,376,554
$
21,143,866
Borrowings
2,719,114
2,446,770
2,871,207
1,424,681
1,013,315
Other liabilities
835,357
729,824
831,200
873,648
624,412
Total Liabilities
24,761,011
24,493,178
24,351,945
23,674,883
22,781,593
Shareholders' equity
2,642,152
2,618,998
2,579,757
2,471,159
2,471,093
Total Liabilities and Shareholders'
Equity
$
27,403,163
$
27,112,176
$
26,931,702
$
26,146,042
$
25,252,686
LOANS, DEPOSITS AND BORROWINGS
DETAIL:
Loans, by type:
Real estate - commercial mortgage
$
7,846,861
$
7,746,920
$
7,693,835
$
7,554,509
$
7,417,036
Commercial and industrial
4,599,759
4,596,096
4,473,004
4,240,865
4,170,975
Real estate - residential mortgage
5,147,262
4,880,919
4,737,279
4,574,228
4,203,827
Real estate - home equity
1,061,891
1,074,712
1,102,838
1,110,103
1,108,808
Real estate - construction
1,308,564
1,326,754
1,269,925
1,273,097
1,177,446
Consumer
763,530
730,775
699,179
633,666
538,747
Leases and other loans(2)
316,818
314,012
303,487
308,731
304,111
Total Net Loans
$
21,044,685
$
20,670,188
$
20,279,547
$
19,695,199
$
18,920,950
Deposits, by type:
Noninterest-bearing demand
$
5,865,855
$
6,403,484
$
7,006,388
$
7,372,896
$
7,530,777
Interest-bearing demand
5,543,320
5,478,237
5,410,903
5,676,600
5,403,805
Savings
6,646,448
6,579,806
6,434,621
6,563,003
6,406,051
Total demand and savings
18,055,623
18,461,527
18,851,912
19,612,499
19,340,633
Brokered
949,259
960,919
208,416
226,883
243,172
Time
2,201,658
1,894,138
1,589,210
1,537,172
1,560,061
Total Deposits
$
21,206,540
$
21,316,584
$
20,649,538
$
21,376,554
$
21,143,866
Borrowings, by type:
Federal funds purchased
$
555,000
$
525,000
$
191,000
$
136,000
$
20,000
Federal Home Loan Bank advances
1,165,000
747,000
1,250,000
265,500
—
Senior debt and subordinated debt
539,994
539,814
539,634
539,461
555,748
Other borrowings
459,120
634,956
890,573
483,720
437,567
Total Borrowings
$
2,719,114
$
2,446,770
$
2,871,207
$
1,424,681
$
1,013,315
(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)
Three Months Ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
2023
2023
2022
2022
2022
2023
2022
Interest Income:
Interest income
$
314,912
$
289,820
$
267,847
$
233,691
$
190,299
$
604,732
$
363,300
Interest expense
102,060
74,233
41,936
18,109
11,468
176,293
23,159
Net Interest Income
212,852
215,587
225,911
215,582
178,831
428,439
340,141
Provision for credit losses
9,747
24,544
14,513
18,958
1,500
34,291
(5,450
)
Net Interest Income after
Provision
203,105
191,043
211,398
196,624
177,331
394,148
345,591
Non-Interest Income:
Wealth management
18,678
18,062
17,531
17,610
18,274
36,740
37,702
Commercial banking:
Merchant and card
7,700
6,834
7,223
7,601
7,355
14,534
13,452
Cash management
5,835
5,515
5,756
6,483
6,062
11,350
11,490
Capital markets
6,092
2,344
2,627
4,060
3,893
8,436
5,569
Other commercial banking
3,518
2,820
2,998
2,664
3,049
6,338
5,856
Total commercial banking
23,145
17,513
18,604
20,808
20,359
40,658
36,367
Consumer banking:
Card
6,592
6,243
6,331
6,278
6,067
12,835
11,863
Overdraft
2,696
2,733
3,364
4,463
3,881
5,429
7,653
Other consumer banking
2,432
2,241
2,380
2,534
2,524
4,673
4,630
Total consumer banking
11,720
11,217
12,075
13,275
12,472
22,937
24,146
Mortgage banking
2,940
1,970
2,140
3,720
3,768
4,910
8,344
Other
4,106
2,968
3,972
3,802
3,510
7,075
7,061
Non-interest income before investment
securities gains (losses)
60,589
51,730
54,322
59,215
58,383
112,320
113,620
Investment securities gains (losses),
net
(4
)
23
(1
)
(53
)
8
19
27
Total Non-Interest Income
60,585
51,753
54,321
59,162
58,391
112,339
113,647
Non-Interest Expense:
Salaries and employee benefits
94,102
89,283
92,733
94,283
85,404
183,385
169,868
Data processing and software
16,776
15,796
15,448
15,807
14,685
32,571
29,000
Net occupancy
14,374
14,438
14,061
14,025
13,587
28,812
28,109
Other outside services
10,834
10,126
10,860
9,361
8,764
20,960
16,931
FDIC insurance
4,895
4,795
3,219
3,158
2,961
9,690
6,170
Equipment
3,530
3,389
3,640
3,548
3,422
6,920
6,845
Professional fees
1,829
2,392
2,945
2,373
2,013
4,221
3,805
Marketing
1,655
1,886
2,380
1,859
1,326
3,541
2,646
Intangible amortization
1,072
674
688
690
177
1,746
353
Merger-related expenses
—
—
1,894
7,006
1,027
—
1,428
Other
18,951
16,837
20,594
17,448
16,364
35,790
30,553
Total Non-Interest Expense
168,018
159,616
168,462
169,558
149,730
327,636
295,708
Income Before Income Taxes
95,672
83,180
97,257
86,228
85,992
178,851
163,530
Income tax expense
16,065
14,866
15,424
15,357
16,003
30,931
29,253
Net Income
79,607
68,314
81,833
70,871
69,989
147,920
134,277
Preferred stock dividends
(2,562
)
(2,562
)
(2,562
)
(2,562
)
(2,562
)
(5,124
)
(5,124
)
Net Income Available to Common
Shareholders
$
77,045
$
65,752
$
79,271
$
68,309
$
67,427
$
142,796
$
129,153
Three Months Ended
Six Months Ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
2023
2023
2022
2022
2022
2023
2022
PER SHARE:
Net income available to common
shareholders:
Basic
$
0.46
$
0.39
$
0.47
$
0.41
$
0.42
$
0.86
$
0.80
Diluted
$
0.46
$
0.39
$
0.47
$
0.40
$
0.42
$
0.85
$
0.80
Cash dividends
$
0.16
$
0.15
$
0.21
$
0.15
$
0.15
$
0.31
$
0.30
Weighted average shares (basic)
165,854
166,605
167,504
167,353
160,920
166,227
160,755
Weighted average shares (diluted)
167,191
168,401
169,136
168,781
162,075
167,809
162,015
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE
SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
June 30, 2023
March 31, 2023
June 30, 2022
Average
Yield/
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans
$
20,866,235
$
287,154
5.52
%
$
20,463,096
$
263,065
5.21
%
$
18,637,175
$
165,682
3.56
%
Investment securities(2)
4,234,096
27,303
2.57
%
4,289,643
27,522
2.60
%
4,398,424
26,061
2.37
%
Other interest-earning assets
529,582
4,860
3.68
%
493,130
3,648
3.00
%
951,504
1,983
0.83
%
Total Interest-Earning Assets
25,629,913
319,317
4.99
%
25,245,869
294,235
4.73
%
23,987,103
193,726
3.24
%
Noninterest-Earning assets:
Cash and due from banks
129,682
141,254
160,240
Premises and equipment
216,847
223,025
216,798
Other assets
1,541,657
1,563,806
1,463,332
Less: ACL - loans(3)
(282,532
)
(273,301
)
(249,041
)
Total Assets
$
27,235,567
$
26,900,653
$
25,578,432
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits
$
5,535,669
$
14,612
1.06
%
$
5,326,566
$
8,455
0.64
%
$
5,597,975
$
797
0.06
%
Savings deposits
6,632,572
29,289
1.77
%
6,469,468
20,535
1.29
%
6,425,634
1,125
0.07
%
Brokered deposits
954,773
12,135
5.10
%
439,670
5,173
4.77
%
244,200
619
1.02
%
Time deposits
2,063,038
13,763
2.68
%
1,696,878
7,458
1.78
%
1,608,286
3,255
0.81
%
Total Interest-Bearing Deposits
15,186,052
69,799
1.84
%
13,932,582
41,621
1.21
%
13,876,095
5,796
0.17
%
Borrowings and other interest-bearing
liabilities
2,790,860
32,261
4.60
%
3,058,684
32,613
4.32
%
1,003,830
5,672
2.27
%
Total Interest-Bearing
Liabilities
17,976,912
102,060
2.27
%
16,991,266
74,234
1.78
%
14,879,925
11,468
0.31
%
Noninterest-Bearing liabilities:
Demand deposits
6,021,091
6,641,741
7,647,618
Other noninterest-bearing liabilities
590,100
654,330
519,543
Total Liabilities
24,588,103
24,287,337
23,047,086
Total Deposits/Cost of Deposits
21,207,143
1.32
%
20,574,323
0.82
%
21,523,713
0.11
%
Total interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
23,998,003
1.70
%
23,633,007
1.27
%
22,527,543
0.20
%
Shareholders' equity
2,647,464
2,613,316
2,531,346
Total Liabilities and Shareholders'
Equity
$
27,235,567
$
26,900,653
$
25,578,432
Net interest income/net interest margin
(fully taxable equivalent)
217,257
3.40
%
220,001
3.53
%
182,258
3.04
%
Tax equivalent adjustment
(4,405
)
(4,414
)
(3,427
)
Net Interest Income
$
212,852
$
215,587
$
178,831
(1) Presented on a fully
taxable-equivalent basis using a 21% federal tax rate and statutory
interest expense disallowances.
(2) Balances include amortized historical
cost for available for sale ("AFS") securities. The related
unrealized holding gains (losses) are included in other assets.
(3) "ACL - loans" relates to the ACL
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS
DETAIL (UNAUDITED):
(dollars in thousands)
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2023
2023
2022
2022
2022
Loans, by type:
Real estate - commercial mortgage
$
7,775,436
$
7,720,975
$
7,696,997
$
7,566,259
$
7,340,417
Commercial and industrial
4,629,919
4,565,923
4,372,935
4,250,573
4,155,436
Real estate - residential mortgage
5,008,295
4,790,868
4,643,784
4,485,649
4,052,666
Real estate - home equity
1,066,615
1,086,032
1,106,325
1,099,487
1,118,494
Real estate - construction
1,306,286
1,276,145
1,209,998
1,268,590
1,188,932
Consumer
763,407
721,248
679,108
604,634
485,095
Leases and other loans(1)
316,277
301,905
295,366
288,633
296,135
Total Net Loans
$
20,866,235
$
20,463,096
$
20,004,513
$
19,563,825
$
18,637,175
Deposits, by type:
Noninterest-bearing demand
$
6,021,091
$
6,641,741
$
7,310,824
$
7,535,791
$
7,647,618
Interest-bearing demand
5,535,669
5,326,566
5,479,443
5,708,059
5,597,975
Savings
6,632,572
6,469,468
6,466,775
6,681,713
6,425,634
Total demand and savings
18,189,332
18,437,775
19,257,042
19,925,563
19,671,227
Brokered
954,773
439,670
215,729
247,105
244,200
Time
2,063,038
1,696,878
1,554,885
1,615,384
1,608,286
Total Deposits
$
21,207,143
$
20,574,323
$
21,027,656
$
21,788,052
$
21,523,713
Borrowings, by type:
Federal funds purchased
$
679,401
$
505,142
$
261,737
$
96,965
$
2,857
Federal Home Loan Bank advances
880,811
1,261,589
564,692
206,152
—
Senior debt and subordinated debt
539,906
539,726
539,550
554,735
555,701
Other borrowings and other
interest-bearing liabilities
690,742
752,227
659,543
501,496
445,261
Total Borrowings
$
2,790,860
$
3,058,684
$
2,025,522
$
1,359,348
$
1,003,819
(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)
Six months ended June
30
2023
2022
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans
$
20,665,779
$
550,219
5.36
%
$
18,510,845
$
316,809
3.44
%
Investment securities(2)
4,261,718
54,824
2.57
%
4,312,867
50,312
2.33
%
Other interest-earning assets
511,456
8,508
3.34
%
1,118,188
2,895
0.52
%
Total Interest-Earning Assets
25,438,953
613,551
4.85
%
23,941,900
370,016
3.11
%
Noninterest-Earning assets:
Cash and due from banks
135,436
161,274
Premises and equipment
219,920
218,357
Other assets
1,552,669
1,528,820
Less: ACL - loans(3)
(277,942
)
(250,026
)
Total Assets
$
27,069,036
$
25,600,325
LIABILITIES AND SHAREHOLDERS'
EQUITY
Interest-Bearing liabilities:
Demand deposits
$
5,431,696
$
23,067
0.86
%
$
5,631,296
$
1,525
0.06
%
Savings deposits
6,551,470
49,824
1.53
%
6,431,060
2,146
0.07
%
Brokered deposits
698,644
17,308
5.00
%
247,258
835
0.68
%
Time deposits
1,880,970
21,221
2.28
%
1,652,430
6,895
0.84
%
Total Interest-Bearing Deposits
14,562,780
111,420
1.54
%
13,962,044
11,401
0.16
%
Borrowings and other interest-bearing
liabilities
2,928,819
64,873
4.43
%
1,018,740
11,758
2.31
%
Total Interest-Bearing
Liabilities
17,491,599
176,293
2.03
%
14,980,784
23,159
0.31
%
Noninterest-Bearing liabilities:
Demand deposits
6,329,701
7,540,025
Other
617,252
469,861
Total Liabilities
24,438,552
22,990,670
Total Deposits/Cost of Deposits
20,892,481
1.08
%
21,502,069
0.11
%
Total interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
23,821,300
1.49
%
22,520,809
0.21
%
Shareholders' equity
2,630,484
2,609,655
Total Liabilities and Shareholders'
Equity
$
27,069,036
$
25,600,325
Net interest income/net interest margin
(fully taxable equivalent)
437,258
3.46
%
346,857
2.91
%
Tax equivalent adjustment
(8,819
)
(6,716
)
Net Interest Income
$
428,439
$
340,141
(1) Presented on a fully
taxable-equivalent basis using a 21% federal tax rate and statutory
interest expense disallowances.
(2) Balances include amortized historical
cost for AFS. The related unrealized holding gains (losses) are
included in other assets.
(3) "ACL - loans" relates to the ACL
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS
DETAIL (UNAUDITED):
(dollars in thousands)
Six months ended June
30
2023
2022
Loans, by type:
Real estate - commercial mortgage
$
7,748,356
$
7,318,422
Commercial and industrial
4,598,097
4,185,883
Real estate - residential mortgage
4,900,182
3,970,877
Real estate - home equity
1,076,270
1,125,257
Real estate - construction
1,291,299
1,164,785
Consumer
742,445
461,159
Leases and other loans(1)
309,130
284,462
Total Net Loans
$
20,665,779
$
18,510,845
Deposits, by type:
Noninterest-bearing demand
$
6,329,701
$
7,540,025
Interest-bearing demand
5,431,696
5,631,296
Savings
6,551,470
6,431,060
Total demand and savings
18,312,867
19,602,381
Brokered
698,644
247,258
Time
1,880,970
1,652,430
Total Deposits
$
20,892,481
$
21,502,069
Borrowings, by type:
Federal funds purchased
$
592,753
$
1,436
Federal Home Loan Bank advances
1,070,148
6
Senior debt and subordinated debt
539,817
582,184
Other borrowings
726,101
435,114
Total Borrowings
$
2,928,819
$
1,018,740
N/M - Not meaningful
(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
Six Months Ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
Jun 30
2023
2023
2022
2022
2022
2023
2022
Allowance for credit losses related to
net loans:
Balance at beginning of period
$
278,695
$
269,366
$
266,838
$
248,564
$
243,705
$
269,366
$
249,001
CECL Day 1 provision expense
—
—
—
7,954
—
—
—
Initial purchased credit deteriorated
loans
—
—
—
1,135
—
—
—
Loans charged off:
Real estate - commercial mortgage
(230
)
(13,362
)
(12,235
)
(86
)
—
(13,592
)
(152
)
Commercial and industrial
(2,017
)
(612
)
(179
)
(1,783
)
(201
)
(2,629
)
(428
)
Real estate - residential mortgage
(62
)
—
—
—
(66
)
(62
)
(66
)
Consumer and home equity
(1,313
)
(2,206
)
(1,311
)
(1,172
)
(877
)
(3,519
)
(1,929
)
Real estate - construction
—
—
—
—
—
—
—
Leases and other loans(1)
(1,165
)
(723
)
(505
)
(683
)
(474
)
(1,888
)
(943
)
Total loans charged off
(4,787
)
(16,903
)
(14,230
)
(3,724
)
(1,618
)
(21,690
)
(3,518
)
Recoveries of loans previously charged
off:
Real estate - commercial mortgage
29
786
183
29
3,536
815
3,648
Commercial and industrial
988
1,086
961
2,213
739
2,074
2,719
Real estate - residential mortgage
58
48
10
101
92
106
314
Consumer and home equity
959
661
683
682
762
1,620
1,216
Real estate - construction
569
202
530
—
12
771
44
Leases and other loans(1)
213
116
132
247
226
329
380
Recoveries of loans previously charged
off
2,816
2,899
2,499
3,272
5,367
5,715
8,321
Net loans recovered (charged
off)
(1,971
)
(14,004
)
(11,731
)
(452
)
3,749
(15,975
)
4,803
Provision for credit losses
10,718
23,333
14,259
9,637
1,110
34,051
(5,240
)
Balance at end of period
$
287,442
$
278,695
$
269,366
$
266,838
$
248,564
$
287,442
$
248,564
Net (recoveries) charge-offs to average
loans
0.04
%
0.27
%
0.23
%
0.01
%
(0.08
)%
0.15
%
(0.05
)%
Provision for credit losses related to
OBS Credit Exposures
Provision for credit losses
$
(971
)
$
1,211
$
254
$
1,367
$
390
NON-PERFORMING ASSETS:
Non-accrual loans
$
123,280
$
134,303
$
144,443
$
178,204
$
162,530
Loans 90 days past due and accruing
24,415
30,336
27,463
14,559
11,016
Total non-performing loans
147,695
164,639
171,906
192,763
173,546
Other real estate owned
3,881
3,304
5,790
5,877
4,786
Total non-performing assets
$
151,576
$
167,943
$
177,696
$
198,640
$
178,332
NON-PERFORMING LOANS, BY TYPE:
Real estate - commercial mortgage
$
55,048
$
61,322
$
72,634
$
96,281
$
59,940
Commercial and industrial
30,588
33,555
28,288
29,831
44,713
Real estate - residential mortgage
39,157
46,576
46,509
41,597
42,922
Consumer and home equity
10,469
8,983
9,800
10,016
10,552
Real estate - construction
1,099
1,509
1,368
1,456
1,357
Leases and other loans(1)
11,334
12,694
13,307
13,582
14,062
Total non-performing loans
$
147,695
$
164,639
$
171,906
$
192,763
$
173,546
(1) 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
data)
Explanatory note:
This press release contains supplemental
financial information, as detailed below, that has been derived by
methods other than generally accepted accounting principles
("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. 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
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2023
2023
2022
2022
2022
Operating net income available to
common shareholders
Net income available to common
shareholders
$
77,045
$
65,752
$
79,271
$
68,309
$
67,427
Plus: Core deposit intangible
amortization
912
514
514
514
—
Plus: Merger-related expenses
—
—
1,894
7,006
1,027
Plus: CECL Day 1 Provision expense
—
—
—
7,954
—
Less: Tax impact of adjustments
(192
)
(108
)
(506
)
(3,250
)
(216
)
Operating net income available to common
shareholders (numerator)
$
77,765
$
66,158
$
81,173
$
80,533
$
68,238
Weighted average shares (diluted)
(denominator)
167,191
168,401
169,136
168,781
162,075
Operating net income available to common
shareholders, per share (diluted)
$
0.47
$
0.39
$
0.48
$
0.48
$
0.42
Common shareholders' equity (tangible),
per share
Shareholders' equity
$
2,642,152
$
2,618,998
$
2,579,757
$
2,471,159
$
2,471,093
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Goodwill and intangible assets
(561,885
)
(563,502
)
(560,824
)
(561,495
)
(537,700
)
Tangible common shareholders' equity
(numerator)
$
1,887,389
$
1,862,618
$
1,826,055
$
1,716,786
$
1,740,515
Shares outstanding, end of period
(denominator)
166,097
165,396
167,599
167,399
161,057
Common shareholders' equity (tangible),
per share
$
11.36
$
11.26
$
10.90
$
10.26
$
10.81
Operating return on average
assets
Net income
$
79,607
$
68,314
$
81,833
$
70,871
$
69,989
Plus: Core deposit intangible
amortization
912
514
514
514
—
Plus: Merger-related expenses
—
—
1,894
7,006
1,027
Plus: CECL Day 1 Provision expense
—
—
—
7,954
—
Less: Tax impact of adjustments
(192
)
(108
)
(506
)
(3,250
)
(216
)
Operating net income (numerator)
$
80,327
$
68,720
$
83,735
$
83,095
$
70,800
Total average assets (denominator)
$
27,235,567
$
26,900,653
$
26,386,355
$
26,357,095
$
25,578,432
Operating return on average assets
1.18
%
1.04
%
1.26
%
1.25
%
1.11
%
Return on average common shareholders'
equity (tangible)
Net income available to common
shareholders
$
77,045
$
65,752
$
79,271
$
68,309
$
67,427
Plus: Intangible amortization
1,072
674
688
690
177
Plus: Merger-related expenses
—
—
1,894
7,006
1,027
Plus: CECL Day 1 Provision expense
—
—
—
7,954
—
Less: Tax impact of adjustments
(225
)
(142
)
(542
)
(3,287
)
(253
)
Operating net income available to common
shareholders (numerator)
$
77,892
$
66,284
$
81,311
$
80,672
$
68,378
Average shareholders' equity
$
2,647,464
$
2,613,316
$
2,489,148
$
2,604,057
$
2,531,346
Less: Average preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Average goodwill and intangible
assets
(563,146
)
(561,744
)
(561,219
)
(562,285
)
(537,786
)
Average tangible common shareholders'
equity (denominator)
$
1,891,440
$
1,858,694
$
1,735,051
$
1,848,894
$
1,800,682
Return on average common shareholders'
equity (tangible)
16.52
%
14.46
%
18.59
%
17.31
%
15.23
%
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2023
2023
2022
2022
2022
Tangible common equity to tangible
assets (TCE Ratio)
Shareholders' equity
$
2,642,152
$
2,618,998
$
2,579,757
$
2,471,159
$
2,471,093
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Goodwill and intangible assets
(561,885
)
(563,502
)
(560,824
)
(561,495
)
(537,700
)
Tangible common shareholders' equity
(numerator)
$
1,887,389
$
1,862,618
$
1,826,055
$
1,716,786
$
1,740,515
Total assets
$
27,403,163
$
27,112,176
$
26,931,702
$
26,146,042
$
25,252,686
Less: Goodwill and intangible assets
(561,885
)
(563,502
)
(560,824
)
(561,495
)
(537,700
)
Total tangible assets (denominator)
$
26,841,278
$
26,548,674
$
26,370,878
$
25,584,547
$
24,714,986
Tangible common equity to tangible
assets
7.03
%
7.02
%
6.92
%
6.71
%
7.04
%
Tangible common equity to tangible
assets (TCE Ratio) excluding AOCI
Shareholders' equity
$
2,642,152
$
2,618,998
$
2,579,757
$
2,471,159
$
2,471,093
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Accumulated other comprehensive
(income) loss
379,286
350,992
385,476
442,947
304,210
Less: Goodwill and intangible assets
(561,885
)
(563,502
)
(560,824
)
(561,495
)
(537,700
)
Tangible common shareholders' equity
(numerator)
$
2,266,675
$
2,213,610
$
2,211,531
$
2,159,733
$
2,044,725
Total assets
$
27,403,163
$
27,112,176
$
26,931,702
$
26,146,042
$
25,252,686
Less: Goodwill and intangible assets
(561,885
)
(563,502
)
(560,824
)
(561,495
)
(537,700
)
Plus: AOCI - unrealized losses/(gains) on
AFS investments securities
311,813
282,092
632,456
368,196
249,424
Total tangible assets (denominator)
$
27,153,091
$
26,830,766
$
27,003,334
$
25,952,743
$
24,964,410
Tangible common equity to tangible assets,
excluding AOCI
8.35
%
8.25
%
8.19
%
8.32
%
8.19
%
Efficiency ratio
Non-interest expense
$
168,018
$
159,616
$
168,462
$
169,558
$
149,730
Less: Amortization of tax credit
investments
—
—
(696
)
(696
)
(696
)
Less: Merger-related expenses
—
—
(1,894
)
(7,006
)
(1,027
)
Less: Intangible amortization
(1,072
)
(674
)
(688
)
(690
)
(177
)
Non-interest expense (numerator)
$
166,946
$
158,942
$
165,184
$
161,166
$
147,830
Net interest income
$
212,852
$
215,587
$
225,911
$
215,582
$
178,831
Tax equivalent adjustment
4,405
4,414
4,310
3,970
3,427
Plus: Total non-interest income
60,585
51,753
54,321
59,162
58,391
Less: Investment securities (gains)
losses, net
4
(23
)
1
53
(8
)
Total revenue (denominator)
$
277,846
$
271,731
$
284,543
$
278,767
$
240,641
Efficiency ratio
60.1
%
58.5
%
58.1
%
57.8
%
61.4
%
Operating non-interest expenses to
total average assets
Non-interest expense
$
168,018
$
159,616
$
168,462
$
169,558
$
149,730
Less: Amortization of tax credit
investments
—
—
(696
)
(696
)
(696
)
Less: Intangible amortization
(1,072
)
(674
)
(688
)
(690
)
(177
)
Less: Merger-related expenses
—
—
(1,894
)
(7,006
)
(1,027
)
Non-interest expense (numerator)
$
166,946
$
158,942
$
165,184
$
161,166
$
147,830
Total average assets (denominator)
$
27,235,567
$
26,900,653
$
26,386,355
$
26,357,095
$
25,578,432
Operating non-interest expenses to total
average assets
2.46
%
2.40
%
2.48
%
2.43
%
2.32
%
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2023
2023
2022
2022
2022
Pre-provision net revenue
Net interest income
$
212,852
$
215,587
$
225,911
$
215,582
$
178,831
Non-interest income
60,585
51,753
54,321
59,162
58,391
Less: Investment securities (gains)
losses, net
4
(23
)
1
53
(8
)
Total revenue
$
273,441
$
267,317
$
280,233
$
274,797
$
237,214
Non-interest expense
$
168,018
$
159,616
$
168,462
$
169,558
$
149,730
Less: Amortization on tax credit
investments
—
—
(696
)
(696
)
(696
)
Less: Merger-related expenses
—
—
(1,894
)
(7,006
)
(1,027
)
Less: Intangible amortization
(1,072
)
(674
)
(688
)
(690
)
(177
)
Total non-interest expense
$
166,946
$
158,942
$
165,184
$
161,166
$
147,830
Pre-provision net revenue
$
106,495
$
108,375
$
115,049
$
113,631
$
89,384
Six months ended June
30,
2023
2022
Operating net income available to
common shareholders
Net income available to common
shareholders
$
142,796
$
129,153
Plus: Core deposit intangible
amortization
1,426
—
Plus: Merger-related expenses
—
1,428
Plus: CECL Day 1 Provision expense
—
—
Less: Tax impact of adjustments
(299
)
(300
)
Operating net income available to common
shareholders (numerator)
$
143,923
$
130,281
Weighted average shares (diluted)
(denominator)
167,809
162,015
Operating net income available to common
shareholders, per share (diluted)
$
0.86
$
0.80
Note: numbers in this report may not sum
due to rounding.
Category: Earnings
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230718487757/en/
Media: Lacey Dean (717) 735-8688 Investors: Matt Jozwiak (717)
327-2657
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