Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the
“Corporation”) reported net income available to common shareholders
of $69.5 million, or $0.42 per diluted share, for the third quarter
of 2023, a decrease of $7.5 million, or 9.7%, in comparison to the
second quarter of 2023. Operating net income available to common
shareholders for the three months ended September 30, 2023 was
$72.2 million, or $0.43 per diluted share(1).
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For the nine months ended September 30, 2023, net income
available to common shareholders was $212.3 million, or $1.27 per
diluted share, an increase of $14.9 million, or 7.5%, in comparison
to the same period in 2022. Operating net income available to
common shareholders for the nine months ended September 30, 2023
was $216.1 million, or $1.29 per diluted share(1).
"We were pleased with our third quarter results; operating
earnings were solid, we generated deposit and loan growth, we
maintained our net interest margin and net interest income grew,"
said Curtis J. Myers, Chairman and CEO of Fulton Financial
Corporation. "Our results reflect solid core business trends,
stable credit metrics, and modest growth in our core lines of
business."
Net Interest Income and Balance
Sheet
Net interest income for the third quarter of 2023 was $213.8
million, an increase of $1.0 million in comparison to the second
quarter of 2023. The net interest margin for the third quarter of
2023 was 3.40%, consistent with the second quarter of 2023.
The linked-quarter increase in net interest income was primarily
due to higher loan yields and an increase in the average balance of
net loans, partially offset by an increase in the rate of average
interest-bearing deposits and a shift in the funding mix from
noninterest-bearing demand deposits to interest-bearing
deposits.
(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.
A 20 basis points increase in the yield on average net loans and
an increase in the average balance of net loans of $255.0 million
in the third quarter of 2023 drove an increase in interest income
of $15.5 million to $330.4 million in comparison to $314.9 million
in the second quarter of 2023.
Interest expense on interest-bearing liabilities for the third
quarter of 2023 increased by $14.5 million to $116.5 million in
comparison to $102.1 million in the second quarter of 2023. The
linked-quarter increase in interest expense in the third quarter of
2023 was primarily due to an increase in the rate on average
interest-bearing deposits of 29 basis points, a decline of $348.7
million in the average balance of noninterest-bearing deposits and
an increase in the average balance of interest-bearing deposits of
$498.8 million in comparison to the second quarter of 2023.
For the third quarter of 2023, net interest income was $213.8
million, a decrease of $1.7 million, or 0.8%, in comparison to the
third quarter of 2022. Interest income for the third quarter of
2023 increased by $96.7 million to $330.4 million in comparison to
$233.7 million in the third quarter of 2022, primarily driven by
rising interest rates resulting in increases in interest income
from net loans and other interest-earning assets of $96.2 million
and $1.1 million, respectively. Increases in the average balance of
net loans in the third quarter of 2023 of $1.6 billion and in
yields on net loans of 151 basis points each contributed to the
increase in interest income. Interest expense on interest-bearing
liabilities for the third quarter of 2023 increased by $98.4
million to $116.5 million in comparison to $18.1 million in the
third 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
$74.1 million and $24.3 million, respectively. A decrease in the
average balance of noninterest-bearing deposits of $1.9 billion,
and an increase in the average balances of interest-bearing
deposits and borrowings and other interest-bearing liabilities of
$1.4 billion and $1.3 billion, respectively, in the third quarter
of 2023 in comparison to the third quarter of 2022 also contributed
to the increase in interest expense.
Total average interest-earning assets for the third quarter of
2023 were $25.6 billion, a decrease of $47.8 million from the
second quarter of 2023 primarily driven by a decrease in average
other interest-earning assets of $266.3 million and a decrease in
average investment securities of $36.5 million, partially offset by
an increase in average net loans of $255.0 million.
Total average interest-earning assets for the third quarter of
2023 increased by $886.0 million from the third quarter of 2022.
Average net loans for the third quarter of 2023 were $21.1 billion,
an increase of $1.6 billion from the same period in 2022. Compared
to the third quarter of 2022, average other interest-earning assets
decreased $368.5 million and average investment securities
decreased $302.9 million in the third quarter of 2023.
Total average interest-bearing liabilities increased $399.1
million to $18.4 billion in the third quarter of 2023 in comparison
to $18.0 billion in the second quarter of 2023. The increase in
average interest-bearing liabilities was driven by an increase in
the average balance of total interest-bearing deposits of $498.8
million, partially offset by a decrease in the average balance of
borrowings and other interest-bearing liabilities of $99.8
million.
Total average interest-bearing liabilities for the third quarter
of 2023 increased $2.8 billion to $18.4 billion in comparison to
$15.6 billion in the third quarter of 2022, driven by increases in
the average balances of total interest-bearing deposits and
borrowings and other interest-bearing liabilities of $1.4 billion
and $1.3 billion, respectively.
Asset Quality
In the third quarter of 2023, a provision for credit losses of
$9.9 million was recorded in comparison to $9.7 million in the
second quarter of 2023 and $19.0 million in the third quarter of
2022. The provision for credit losses of $9.9 million recorded in
the third quarter of 2023 was primarily due to loan growth and net
charge-offs recorded during the period.
Non-performing assets were $143.5 million, or 0.52% of total
assets, at September 30, 2023, in comparison to $151.6 million, or
0.55% of total assets, at June 30, 2023, and $198.6 million, or
0.76% of total assets, at September 30, 2022.
Net charge-offs for the third quarter of 2023 were 0.10% of
total average loans in comparison to 0.04% and 0.01% in the second
quarter of 2023 and the third quarter of 2022, respectively.
Non-interest Income
Non-interest income before investment securities gains (losses)
in the third quarter of 2023 was $56.0 million, a decrease of $4.6
million, or 7.6%, from the second quarter of 2023. The decrease in
non-interest income was primarily due to a $3.0 million market
valuation movement in our commercial customer interest rate swap
program resulting from the reference rate transition from the
London Inter-Bank Offered Rate ("LIBOR") to the Secured Overnight
Financing Rate ("SOFR") and is reflected as a reduction to other
non-interest income. Additional contributors to the decrease in
non-interest income were a decrease of $3.0 million in commercial
customer interest rate swap fee income, reflected in capital
markets, partially offset by increases in wealth management,
overdraft fees and mortgage banking income of $0.7 million, $0.3
million and $0.3 million, respectively.
Compared to the third quarter of 2022, non-interest income
before investment securities gains (losses) in the third quarter of
2023 decreased $3.3 million, or 5.5%, from $59.2 million. The
decrease in non-interest income was primarily due to the
aforementioned $3.0 million market valuation movement in our
commercial customer interest rate swap program resulting from the
reference rate transition from LIBOR to SOFR and is reflected as a
reduction to other non-interest income.
Non-interest Expense
Non-interest expense was $171.0 million in the third quarter of
2023, an increase of $3.0 million, or 1.8%, compared to $168.0
million in the second quarter of 2023. The increase was primarily
due to increases of $2.7 million in salaries and employee benefits
expense and $1.3 million in other outside services related to a
number of corporate initiatives, partially offset by a decrease of
$0.5 million in charitable contributions and $0.5 million in gains
on sales from fixed assets disposals, in each case, reflected in
other expense. The $2.7 million increase in salaries and benefits
expense was primarily driven by one additional calendar day in the
third quarter of 2023 compared to the second quarter of 2023.
Compared to the third quarter of 2022, non-interest expense,
excluding merger-related expenses of $7.0 million in the third
quarter of 2022, increased $8.5 million, or 5.2%. The increase was
primarily due to increases of $2.7 million in other outside
services expense driven by a number of corporate initiatives, $2.5
million in salaries and employee benefits expense, $1.6 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, and $1.1 million in data processing and software
expense. The $2.5 million increase in salaries and benefits expense
was primarily driven by annual merit increases, lower deferred
employee loan origination costs, higher employee benefits expense,
due to healthcare claims experience, and higher pension costs,
partially offset by lower incentive plan compensation expense.
Income Tax Expense
For the third quarter of 2023, the effective tax rate was 18.9%,
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 Reports on Form 10-Q for the quarters
ended March 31, 2023 and June 30, 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
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2023
2023
2023
2022
2022
Ending
Balances
Investment securities
$
3,698,601
$
3,867,334
$
3,950,101
$
3,968,023
$
3,936,694
Net loans
21,177,508
21,044,685
20,670,188
20,279,547
19,695,199
Total assets
27,380,836
27,403,163
27,112,176
26,931,702
26,146,042
Deposits
21,421,589
21,206,540
21,316,584
20,649,538
21,376,554
Shareholders' equity
2,566,693
2,642,152
2,618,998
2,579,757
2,471,159
Average
Balances
Investment securities
3,834,824
3,916,130
3,964,615
3,936,579
4,254,216
Net loans
21,121,277
20,866,235
20,463,096
20,004,513
19,563,825
Total assets
27,377,836
27,235,567
26,900,653
26,386,355
26,357,095
Deposits
21,357,295
21,207,143
20,574,323
21,027,656
21,788,052
Shareholders' equity
2,645,977
2,647,464
2,613,316
2,489,148
2,604,057
Income
Statement
Net interest income
213,842
212,852
215,587
225,911
215,582
Provision for credit losses
9,937
9,747
24,544
14,513
18,958
Non-interest income
55,961
60,585
51,753
54,321
59,162
Non-interest expense
171,020
168,018
159,616
168,462
169,558
Income before taxes
88,846
95,672
83,180
97,257
86,228
Net income available to common
shareholders
69,535
77,045
65,752
79,271
68,309
Pre-provision net revenue(1)
102,342
106,495
108,375
115,049
113,631
Per
Share
Net income available to common
shareholders (basic)
$
0.42
$
0.46
$
0.39
$
0.47
$
0.41
Net income available to common
shareholders (diluted)
$
0.42
$
0.46
$
0.39
$
0.47
$
0.40
Operating net income available to common
shareholders(1)
$
0.43
$
0.47
$
0.39
$
0.48
$
0.48
Cash dividends
$
0.16
$
0.16
$
0.15
$
0.21
$
0.15
Common shareholders' equity
$
14.47
$
14.75
$
14.67
$
14.24
$
13.61
Common shareholders' equity
(tangible)(1)
$
11.05
$
11.36
$
11.26
$
10.90
$
10.26
Weighted average shares (basic)
164,566
165,854
166,605
167,504
167,353
Weighted average shares (diluted)
166,023
167,191
168,401
169,136
168,781
(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
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2023
2023
2023
2022
2022
Asset
Quality
Net charge-offs (recoveries) to average
loans
0.10
%
0.04
%
0.27
%
0.23
%
0.01
%
Non-performing loans to total net
loans
0.67
%
0.70
%
0.80
%
0.85
%
0.98
%
Non-performing assets to total assets
0.52
%
0.55
%
0.62
%
0.66
%
0.76
%
ACL - loans(1) to total loans
1.38
%
1.37
%
1.35
%
1.33
%
1.35
%
ACL - loans(1) to non-performing loans
208
%
195
%
169
%
157
%
138
%
Profitability
Return on average assets
1.04
%
1.17
%
1.03
%
1.23
%
1.07
%
Operating return on average assets(2)
1.08
%
1.18
%
1.04
%
1.26
%
1.25
%
Return on average common shareholders'
equity
11.25
%
12.59
%
11.02
%
13.70
%
11.24
%
Return on average common shareholders'
equity (tangible)(2)
15.17
%
16.52
%
14.46
%
18.59
%
17.31
%
Net interest margin
3.40
%
3.40
%
3.53
%
3.69
%
3.54
%
Efficiency ratio(2)
61.5
%
60.1
%
58.5
%
58.1
%
57.8
%
Non-interest expenses to total average
assets
2.48
%
2.47
%
2.41
%
2.53
%
2.55
%
Operating non-interest expenses to total
average assets(2)
2.47
%
2.46
%
2.40
%
2.48
%
2.43
%
Capital
Ratios
Tangible common equity ratio
("TCE")(2)
6.8
%
7.0
%
7.0
%
6.9
%
6.7
%
TCE ratio, excluding AOCI(2)(3)
8.4
%
8.3
%
8.3
%
8.2
%
8.3
%
Tier 1 leverage ratio(4)
9.4
%
9.3
%
9.2
%
9.5
%
9.2
%
Common equity Tier 1 capital ratio(4)
10.1
%
10.1
%
9.8
%
10.0
%
10.0
%
Tier 1 risk-based capital ratio(4)
11.0
%
11.0
%
10.6
%
10.9
%
10.9
%
Total risk-based capital ratio(4)
13.8
%
13.8
%
13.4
%
13.6
%
13.6
%
(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
September 30, 2023 are preliminary estimates and prior periods are
actual.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE
SHEETS (UNAUDITED)
(dollars in thousands)
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2023
2023
2023
2022
2022
ASSETS
Cash and due from banks
$
304,042
$
123,779
$
129,003
$
126,898
$
143,465
Other interest-earning assets
222,781
505,141
545,355
685,209
467,164
Loans held for sale
20,368
14,673
6,507
7,264
14,411
Investment securities
3,698,601
3,867,334
3,950,101
3,968,023
3,936,694
Net loans
21,177,508
21,044,685
20,670,188
20,279,547
19,695,199
Less: ACL - loans(1)
(292,739
)
(287,442
)
(278,695
)
(269,366
)
(266,838
)
Loans, net
20,884,769
20,757,243
20,391,493
20,010,181
19,428,361
Net premises and equipment
215,626
216,322
216,059
225,141
221,496
Accrued interest receivable
101,624
96,991
90,267
91,579
72,821
Goodwill and intangible assets
561,284
561,885
563,502
560,824
561,495
Other assets
1,371,741
1,259,795
1,219,889
1,256,583
1,300,135
Total Assets
$
27,380,836
$
27,403,163
$
27,112,176
$
26,931,702
$
26,146,042
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits
$
21,421,589
$
21,206,540
$
21,316,584
$
20,649,538
$
21,376,554
Borrowings
2,370,112
2,719,114
2,446,770
2,871,207
1,424,681
Other liabilities
1,022,442
835,357
729,824
831,200
873,648
Total Liabilities
24,814,143
24,761,011
24,493,178
24,351,945
23,674,883
Shareholders' equity
2,566,693
2,642,152
2,618,998
2,579,757
2,471,159
Total Liabilities and Shareholders'
Equity
$
27,380,836
$
27,403,163
$
27,112,176
$
26,931,702
$
26,146,042
LOANS, DEPOSITS
AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage
$
8,106,300
$
7,846,861
$
7,746,920
$
7,693,835
$
7,554,509
Commercial and industrial
4,577,334
4,599,759
4,596,096
4,473,004
4,240,865
Real estate - residential mortgage
5,279,681
5,147,262
4,880,919
4,737,279
4,574,228
Real estate - home equity
1,045,438
1,061,891
1,074,712
1,102,838
1,110,103
Real estate - construction
1,078,263
1,308,564
1,326,754
1,269,925
1,273,097
Consumer
743,976
763,530
730,775
699,179
633,666
Leases and other loans(2)
346,516
316,818
314,012
303,487
308,731
Total Net Loans
$
21,177,508
$
21,044,685
$
20,670,188
$
20,279,547
$
19,695,199
Deposits, by type:
Noninterest-bearing demand
$
5,575,374
$
5,865,855
$
6,403,484
$
7,006,388
$
7,372,896
Interest-bearing demand
5,757,487
5,543,320
5,478,237
5,410,903
5,676,600
Savings
6,707,729
6,646,448
6,579,806
6,434,621
6,563,003
Total demand and savings
18,040,590
18,055,623
18,461,527
18,851,912
19,612,499
Brokered
941,059
949,259
960,919
208,416
226,883
Time
2,439,940
2,201,658
1,894,138
1,589,210
1,537,172
Total Deposits
$
21,421,589
$
21,206,540
$
21,316,584
$
20,649,538
$
21,376,554
Borrowings, by type:
Federal funds purchased
$
544,000
$
555,000
$
525,000
$
191,000
$
136,000
Federal Home Loan Bank advances
730,000
1,165,000
747,000
1,250,000
265,500
Senior debt and subordinated debt
540,174
539,994
539,814
539,634
539,461
Other borrowings
555,938
459,120
634,956
890,573
483,720
Total Borrowings
$
2,370,112
$
2,719,114
$
2,446,770
$
2,871,207
$
1,424,681
(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
Nine months ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
Sep 30
2023
2023
2023
2022
2022
2023
2022
Interest Income:
Interest income
$
330,371
$
314,912
$
289,820
$
267,847
$
233,691
$
935,103
$
596,991
Interest expense
116,529
102,060
74,233
41,936
18,109
292,822
41,268
Net Interest Income
213,842
212,852
215,587
225,911
215,582
642,281
555,723
Provision for credit losses
9,937
9,747
24,544
14,513
18,958
44,228
13,508
Net Interest Income after
Provision
203,905
203,105
191,043
211,398
196,624
598,053
542,215
Non-Interest Income:
Commercial banking:
Merchant and card
7,626
7,700
6,834
7,223
7,601
22,160
21,053
Cash management
5,960
5,835
5,515
5,756
6,483
17,310
17,973
Capital markets
2,960
6,092
2,344
2,627
4,060
11,396
9,629
Other commercial banking
3,176
3,518
2,820
2,998
2,664
9,514
8,520
Total commercial banking
19,722
23,145
17,513
18,604
20,808
60,380
57,175
Wealth management
19,413
18,678
18,062
17,531
17,610
56,152
55,312
Consumer banking:
Card
6,770
6,592
6,243
6,331
6,278
19,604
18,141
Overdraft
2,996
2,696
2,733
3,364
4,463
8,425
12,116
Other consumer banking
2,407
2,432
2,241
2,380
2,534
7,081
7,164
Total consumer banking
12,173
11,720
11,217
12,075
13,275
35,110
37,421
Mortgage banking
3,190
2,940
1,970
2,140
3,720
8,100
12,064
Other
1,463
4,106
2,968
3,972
3,802
8,539
10,863
Non-interest income before investment
securities gains (losses)
55,961
60,589
51,730
54,322
59,215
168,281
172,835
Investment securities gains (losses),
net
—
(4
)
23
(1
)
(53
)
19
(26
)
Total Non-Interest Income
55,961
60,585
51,753
54,321
59,162
168,300
172,809
Non-Interest Expense:
Salaries and employee benefits
96,757
94,102
89,283
92,733
94,283
280,142
264,151
Data processing and software
16,914
16,776
15,796
15,448
15,807
49,486
44,807
Net occupancy
14,561
14,374
14,438
14,061
14,025
43,373
42,134
Other outside services
12,094
10,834
10,126
10,860
9,361
33,054
26,292
FDIC insurance
4,738
4,895
4,795
3,219
3,158
14,427
9,328
Equipment
3,475
3,530
3,389
3,640
3,548
10,395
10,393
Marketing
1,913
1,655
1,886
2,380
1,859
5,454
4,505
Professional fees
1,869
1,829
2,392
2,945
2,373
6,090
6,178
Intangible amortization
601
1,072
674
688
690
2,347
1,043
Merger-related expenses
—
—
—
1,894
7,006
—
8,434
Other
18,098
18,951
16,837
20,594
17,448
53,888
48,001
Total Non-Interest Expense
171,020
168,018
159,616
168,462
169,558
498,656
465,266
Income Before Income Taxes
88,846
95,672
83,180
97,257
86,228
267,697
249,758
Income tax expense
16,749
16,065
14,866
15,424
15,357
47,680
44,610
Net Income
72,097
79,607
68,314
81,833
70,871
220,017
205,148
Preferred stock dividends
(2,562
)
(2,562
)
(2,562
)
(2,562
)
(2,562
)
(7,686
)
(7,686
)
Net Income Available to Common
Shareholders
$
69,535
$
77,045
$
65,752
$
79,271
$
68,309
$
212,331
$
197,462
Three Months Ended
Nine months ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
Sep 30
2023
2023
2023
2022
2022
2023
2022
PER
SHARE:
Net income available to common
shareholders (basic)
$
0.42
$
0.46
$
0.39
$
0.47
$
0.41
$
1.28
$
1.21
Net income available to common
shareholders (diluted)
$
0.42
$
0.46
$
0.39
$
0.47
$
0.40
$
1.27
$
1.20
Cash dividends
$
0.16
$
0.16
$
0.15
$
0.21
$
0.15
$
0.47
$
0.45
Weighted average shares (basic)
164,566
165,854
166,605
167,504
167,353
165,667
162,979
Weighted average shares (diluted)
166,023
167,191
168,401
169,136
168,781
167,181
164,254
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE
SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
September 30, 2023
June 30, 2023
September 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
$
21,121,277
$
304,167
5.72
%
$
20,866,235
$
287,154
5.52
%
$
19,563,825
$
207,343
4.21
%
Investment securities(2)
4,197,550
27,274
2.59
%
4,234,096
27,303
2.57
%
4,500,461
28,022
2.49
%
Other interest-earning assets
263,244
3,372
5.11
%
529,582
4,860
3.68
%
631,771
2,297
1.45
%
Total Interest-Earning Assets
25,582,071
334,813
5.20
%
25,629,913
319,317
4.99
%
24,696,057
237,662
3.83
%
Noninterest-Earning assets:
Cash and due from banks
306,496
129,682
152,349
Premises and equipment
217,447
216,847
223,880
Other assets
1,562,233
1,541,657
1,545,812
Less: ACL - loans(3)
(290,411
)
(282,532
)
(261,003
)
Total Assets
$
27,377,836
$
27,235,567
$
26,357,095
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits
$
5,740,229
$
18,690
1.29
%
$
5,535,669
$
14,612
1.06
%
$
5,708,059
$
1,886
0.13
%
Savings deposits
6,676,792
34,277
2.04
%
6,632,572
29,289
1.77
%
6,681,713
3,414
0.20
%
Brokered deposits
937,657
12,250
5.18
%
954,773
12,135
5.10
%
247,105
1,346
2.16
%
Time deposits
2,330,206
18,939
3.22
%
2,063,038
13,763
2.68
%
1,615,384
3,404
0.84
%
Total Interest-Bearing Deposits
15,684,884
84,156
2.13
%
15,186,052
69,799
1.84
%
14,252,261
10,050
0.28
%
Borrowings and other interest-bearing
liabilities
2,691,087
32,373
4.74
%
2,790,860
32,261
4.60
%
1,359,348
8,060
2.35
%
Total Interest-Bearing
Liabilities
18,375,971
116,529
2.51
%
17,976,912
102,060
2.27
%
15,611,609
18,110
0.47
%
Noninterest-Bearing liabilities:
Demand deposits
5,672,411
6,021,091
7,535,791
Other noninterest-bearing liabilities
683,477
590,100
605,638
Total Liabilities
24,731,859
24,588,103
23,753,038
Total Deposits/Cost of Deposits
21,357,295
1.56
%
21,207,143
1.32
%
21,788,052
0.18
%
Total interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
24,048,382
1.92
%
23,998,003
1.70
%
23,147,400
0.31
%
Shareholders' equity
2,645,977
2,647,464
2,604,057
Total Liabilities and Shareholders'
Equity
$
27,377,836
$
27,235,567
$
26,357,095
Net interest income/net interest margin
(fully taxable equivalent)
218,284
3.40
%
217,257
3.40
%
219,552
3.54
%
Tax equivalent adjustment
(4,442
)
(4,405
)
(3,970
)
Net Interest Income
$
213,842
$
212,852
$
215,582
(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
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2023
2023
2023
2022
2022
Loans, by type:
Real estate - commercial mortgage
$
7,912,801
$
7,775,436
$
7,720,975
$
7,696,997
$
7,566,259
Commercial and industrial
4,611,376
4,629,919
4,565,923
4,372,935
4,250,573
Real estate - residential mortgage
5,209,105
5,008,295
4,790,868
4,643,784
4,485,649
Real estate - home equity
1,045,806
1,066,615
1,086,032
1,106,325
1,099,487
Real estate - construction
1,254,577
1,306,286
1,276,145
1,209,998
1,268,590
Consumer
761,273
763,407
721,248
679,108
604,634
Leases and other loans(1)
326,339
316,277
301,905
295,366
288,633
Total Net Loans
$
21,121,277
$
20,866,235
$
20,463,096
$
20,004,513
$
19,563,825
Deposits, by type:
Noninterest-bearing demand
$
5,672,411
$
6,021,091
$
6,641,741
$
7,310,824
$
7,535,791
Interest-bearing demand
5,740,229
5,535,669
5,326,566
5,479,443
5,708,059
Savings
6,676,792
6,632,572
6,469,468
6,466,775
6,681,713
Total demand and savings
18,089,432
18,189,332
18,437,775
19,257,042
19,925,563
Brokered
937,657
954,773
439,670
215,729
247,105
Time
2,330,206
2,063,038
1,696,878
1,554,885
1,615,384
Total Deposits
$
21,357,295
$
21,207,143
$
20,574,323
$
21,027,656
$
21,788,052
Borrowings, by type:
Federal funds purchased
$
634,163
$
679,401
$
505,142
$
261,737
$
96,965
Federal Home Loan Bank advances
793,098
880,811
1,261,589
564,692
206,152
Senior debt and subordinated debt
540,086
539,906
539,726
539,550
554,735
Other borrowings and other
interest-bearing liabilities
723,740
690,742
752,227
659,543
501,496
Total Borrowings
$
2,691,087
$
2,790,860
$
3,058,684
$
2,025,522
$
1,359,348
(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
2023
2022
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans
$
20,819,280
$
854,384
5.49
%
$
18,865,672
$
524,150
3.71
%
Investment securities(2)
4,240,093
82,098
2.58
%
4,376,084
78,334
2.39
%
Other interest-earning assets
427,810
11,882
3.71
%
954,267
5,192
0.73
%
Total Interest-Earning Assets
25,487,183
948,364
4.97
%
24,196,023
607,676
3.35
%
Noninterest-Earning assets:
Cash and due from banks
193,083
158,267
Premises and equipment
219,087
220,218
Other assets
1,555,891
1,534,314
Less: ACL - loans(3)
(282,144
)
(253,725
)
Total Assets
$
27,173,100
$
25,855,097
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits
$
5,535,671
$
41,756
1.01
%
$
5,657,165
$
3,411
0.08
%
Savings deposits
6,593,703
84,102
1.71
%
6,515,529
5,561
0.11
%
Brokered deposits
779,191
29,557
5.07
%
254,100
2,181
1.14
%
Time deposits
2,032,360
40,160
2.64
%
1,633,053
10,299
0.84
%
Total Interest-Bearing Deposits
14,940,925
195,575
1.75
%
14,059,847
21,452
0.20
%
Borrowings and other interest-bearing
liabilities
2,848,704
97,247
4.53
%
1,133,524
19,816
2.34
%
Total Interest-Bearing
Liabilities
17,789,629
292,822
2.20
%
15,193,371
41,268
0.36
%
Noninterest-Bearing liabilities:
Demand deposits
6,108,197
7,538,597
Other
639,569
515,615
Total Liabilities
24,537,395
23,247,583
Total Deposits/Cost of Deposits
21,049,122
1.24
%
21,598,444
0.13
%
Total interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
23,897,826
1.63
%
22,731,968
0.24
%
Shareholders' equity
2,635,705
2,607,514
Total Liabilities and Shareholders'
Equity
$
27,173,100
$
25,855,097
Net interest income/net interest margin
(fully taxable equivalent)
655,542
3.44
%
566,408
3.13
%
Tax equivalent adjustment
(13,261
)
(10,685
)
Net Interest Income
$
642,281
$
555,723
(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)
Nine months ended September
30
2023
2022
Loans, by type:
Real estate - commercial mortgage
$
7,803,775
$
7,401,094
Commercial and industrial
4,602,573
4,205,236
Real estate - residential mortgage
5,004,289
4,143,850
Real estate - home equity
1,066,003
1,099,310
Real estate - construction
1,278,923
1,197,947
Consumer
748,788
532,396
Leases and other loans(1)
314,929
285,839
Total Net Loans
$
20,819,280
$
18,865,672
Deposits, by type:
Noninterest-bearing demand
$
6,108,197
$
7,538,597
Interest-bearing demand
5,535,671
5,657,165
Savings
6,593,703
6,515,529
Total demand and savings
18,237,571
19,711,291
Brokered
779,191
254,100
Time
2,032,360
1,633,053
Total Deposits
$
21,049,122
$
21,598,444
Borrowings, by type:
Federal funds purchased
$
606,708
$
33,629
Federal Home Loan Bank advances
976,783
69,473
Senior debt and subordinated debt
539,907
572,690
Other borrowings
725,306
457,732
Total Borrowings
$
2,848,704
$
1,133,524
(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
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
Sep 30
Sep 30
2023
2023
2023
2022
2022
2023
2022
Allowance for
credit losses related to net loans:
Balance at beginning of period
$
287,442
$
278,695
$
269,366
$
266,838
$
248,564
$
269,366
$
249,001
CECL Day 1 provision expense
—
—
—
—
7,954
—
7,954
Initial purchased credit deteriorated
loans
—
—
—
—
1,135
—
1,135
Loans charged off:
Real estate - commercial mortgage
(860
)
(230
)
(13,362
)
(12,235
)
(86
)
(14,452
)
(238
)
Commercial and industrial
(3,220
)
(2,017
)
(612
)
(179
)
(1,783
)
(5,849
)
(2,211
)
Real estate - residential mortgage
—
(62
)
—
—
—
(62
)
(66
)
Consumer and home equity
(1,803
)
(1,313
)
(2,206
)
(1,311
)
(1,172
)
(5,322
)
(3,101
)
Leases and other loans(1)
(1,396
)
(1,165
)
(723
)
(505
)
(683
)
(3,284
)
(1,626
)
Total loans charged off
(7,279
)
(4,787
)
(16,903
)
(14,230
)
(3,724
)
(28,969
)
(7,242
)
Recoveries of loans previously charged
off:
Real estate - commercial mortgage
101
29
786
183
29
916
3,677
Commercial and industrial
620
988
1,086
961
2,213
2,694
4,932
Real estate - residential mortgage
37
58
48
10
101
143
415
Consumer and home equity
1,023
959
661
683
682
2,643
1,898
Real estate - construction
—
569
202
530
—
771
44
Leases and other loans(1)
400
213
116
132
247
729
627
Recoveries of loans previously charged
off
2,181
2,816
2,899
2,499
3,272
7,896
11,593
Net loans recovered (charged
off)
(5,098
)
(1,971
)
(14,004
)
(11,731
)
(452
)
(21,073
)
4,351
Provision for credit losses
10,395
10,718
23,333
14,259
9,637
44,446
4,397
Balance at end of period
$
292,739
$
287,442
$
278,695
$
269,366
$
266,838
$
292,739
$
266,838
Net (recoveries) charge-offs to average
loans
0.10
%
0.04
%
0.27
%
0.23
%
0.01
%
0.13
%
(0.03
)%
Provision for
credit losses related to OBS Credit Exposures
Provision for credit losses
$
(458
)
$
(971
)
$
1,211
$
254
$
1,367
$
(218
)
$
1,157
NON-PERFORMING
ASSETS:
Non-accrual loans
$
113,022
$
123,280
$
134,303
$
144,443
$
178,204
Loans 90 days past due and accruing
27,962
24,415
30,336
27,463
14,559
Total non-performing loans
140,984
147,695
164,639
171,906
192,763
Other real estate owned
2,549
3,881
3,304
5,790
5,877
Total non-performing assets
$
143,533
$
151,576
$
167,943
$
177,696
$
198,640
NON-PERFORMING
LOANS, BY TYPE:
Real estate - commercial mortgage
$
44,058
$
55,048
$
61,322
$
72,634
$
96,281
Commercial and industrial
33,365
30,588
33,555
28,288
29,831
Real estate - residential mortgage
40,560
39,157
46,576
46,509
41,597
Consumer and home equity
11,580
10,469
8,983
9,800
10,016
Real estate - construction
677
1,099
1,509
1,368
1,456
Leases and other loans(1)
10,744
11,334
12,694
13,307
13,582
Total non-performing loans
$
140,984
$
147,695
$
164,639
$
171,906
$
192,763
(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 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
2023
2023
2023
2022
2022
Operating net
income available to common shareholders
Net income available to common
shareholders
$
69,535
$
77,045
$
65,752
$
79,271
$
68,309
Plus: Core deposit intangible
amortization
441
912
514
514
514
Plus: Merger-related expenses
—
—
—
1,894
7,006
Plus: CECL Day 1 Provision expense
—
—
—
—
7,954
Plus: Interest rate derivative transition
valuation(1)
2,958
—
—
—
—
Less: Tax impact of adjustments
(714
)
(192
)
(108
)
(506
)
(3,250
)
Operating net income available to common
shareholders (numerator)
$
72,220
$
77,765
$
66,158
$
81,173
$
80,533
Weighted average shares (diluted)
(denominator)
166,023
167,191
168,401
169,136
168,781
Operating net income available to common
shareholders, per share (diluted)
$
0.43
$
0.47
$
0.39
$
0.48
$
0.48
Common
shareholders' equity (tangible), per share
Shareholders' equity
$
2,566,693
$
2,642,152
$
2,618,998
$
2,579,757
$
2,471,159
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Goodwill and intangible assets
(561,284
)
(561,885
)
(563,502
)
(560,824
)
(561,495
)
Tangible common shareholders' equity
(numerator)
$
1,812,531
$
1,887,389
$
1,862,618
$
1,826,055
$
1,716,786
Shares outstanding, end of period
(denominator)
164,084
166,097
165,396
167,599
167,399
Common shareholders' equity (tangible),
per share
$
11.05
$
11.36
$
11.26
$
10.90
$
10.26
Operating return
on average assets
Net income
$
72,097
$
79,607
$
68,314
$
81,833
$
70,871
Plus: Core deposit intangible
amortization
441
912
514
514
514
Plus: Merger-related expenses
—
—
—
1,894
7,006
Plus: CECL Day 1 Provision expense
—
—
—
—
7,954
Plus: Interest rate derivative transition
valuation(1)
2,958
—
—
—
—
Less: Tax impact of adjustments
(714
)
(192
)
(108
)
(506
)
(3,250
)
Operating net income (numerator)
$
74,782
$
80,327
$
68,720
$
83,735
$
83,095
Total average assets
$
27,377,836
$
27,235,567
$
26,900,653
$
26,386,355
$
26,357,095
Less: Average net core deposit
intangible
(5,548
)
(6,417
)
(6,937
)
(7,478
)
(8,053
)
Total operating average assets
(denominator)
$
27,372,288
$
27,229,150
$
26,893,716
$
26,378,877
$
26,349,042
Operating return on average assets
1.08
%
1.18
%
1.04
%
1.26
%
1.25
%
(1) Resulting from the reference rate
transition from LIBOR to SOFR in the Corporation's commercial
customer interest rate swap program.
Three months ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2023
2023
2023
2022
2022
Return on average
common shareholders' equity (tangible)
Net income available to common
shareholders
$
69,535
$
77,045
$
65,752
$
79,271
$
68,309
Plus: Intangible amortization
601
1,072
674
688
690
Plus: Merger-related expenses
—
—
—
1,894
7,006
Plus: CECL Day 1 Provision expense
—
—
—
—
7,954
Plus: Interest rate derivative transition
valuation(1)
2,958
—
—
—
—
Less: Tax impact of adjustments
(747
)
(225
)
(142
)
(542
)
(3,287
)
Operating net income available to common
shareholders (numerator)
$
72,347
$
77,892
$
66,284
$
81,311
$
80,672
Average shareholders' equity
$
2,645,977
$
2,647,464
$
2,613,316
$
2,489,148
$
2,604,057
Less: Average preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Average goodwill and intangible
assets
(561,578
)
(563,146
)
(561,744
)
(561,219
)
(562,285
)
Average tangible common shareholders'
equity (denominator)
$
1,891,521
$
1,891,440
$
1,858,694
$
1,735,051
$
1,848,894
Return on average common shareholders'
equity (tangible)
15.17
%
16.52
%
14.46
%
18.59
%
17.31
%
Tangible common
equity to tangible assets (TCE Ratio)
Shareholders' equity
$
2,566,693
$
2,642,152
$
2,618,998
$
2,579,757
$
2,471,159
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Goodwill and intangible assets
(561,284
)
(561,885
)
(563,502
)
(560,824
)
(561,495
)
Tangible common shareholders' equity
(numerator)
$
1,812,531
$
1,887,389
$
1,862,618
$
1,826,055
$
1,716,786
Total assets
$
27,380,836
$
27,403,163
$
27,112,176
$
26,931,702
$
26,146,042
Less: Goodwill and intangible assets
(561,284
)
(561,885
)
(563,502
)
(560,824
)
(561,495
)
Total tangible assets (denominator)
$
26,819,552
$
26,841,278
$
26,548,674
$
26,370,878
$
25,584,547
Tangible common equity to tangible
assets
6.76
%
7.03
%
7.02
%
6.92
%
6.71
%
Tangible common
equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity
$
2,566,693
$
2,642,152
$
2,618,998
$
2,579,757
$
2,471,159
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Accumulated other comprehensive
(income) loss
472,756
379,286
350,992
385,476
442,947
Less: Goodwill and intangible assets
(561,284
)
(561,885
)
(563,502
)
(560,824
)
(561,495
)
Tangible common shareholders' equity
(numerator)
$
2,285,287
$
2,266,675
$
2,213,610
$
2,211,531
$
2,159,733
Total assets
$
27,380,836
$
27,403,163
$
27,112,176
$
26,931,702
$
26,146,042
Less: Goodwill and intangible assets
(561,284
)
(561,885
)
(563,502
)
(560,824
)
(561,495
)
Plus: AOCI - unrealized losses/(gains) on
AFS investments securities
415,369
311,813
282,092
632,456
368,196
Total tangible assets (denominator)
$
27,234,921
$
27,153,091
$
26,830,766
$
27,003,334
$
25,952,743
Tangible common equity to tangible assets,
excluding AOCI
8.39
%
8.35
%
8.25
%
8.19
%
8.32
%
(1) Resulting from the reference rate
transition from LIBOR to SOFR in the Corporation's commercial
customer interest rate swap program.
Three months ended
Sep 30
Jun 30
Mar 31
Dec 31
Sep 30
2023
2023
2023
2022
2022
Efficiency
ratio
Non-interest expense
$
171,020
$
168,018
$
159,616
$
168,462
$
169,558
Less: Amortization of tax credit
investments
—
—
—
(696
)
(696
)
Less: Merger-related expenses
—
—
—
(1,894
)
(7,006
)
Less: Intangible amortization
(601
)
(1,072
)
(674
)
(688
)
(690
)
Non-interest expense (numerator)
$
170,419
$
166,946
$
158,942
$
165,184
$
161,166
Net interest income
$
213,842
$
212,852
$
215,587
$
225,911
$
215,582
Tax equivalent adjustment
4,442
4,405
4,414
4,310
3,970
Plus: Total non-interest income
55,961
60,585
51,753
54,321
59,162
Plus: Interest rate derivative transition
valuation(1)
2,958
—
—
—
—
Less: Investment securities (gains)
losses, net
—
4
(23
)
1
53
Total revenue (denominator)
$
277,203
$
277,846
$
271,731
$
284,543
$
278,767
Efficiency ratio
61.5
%
60.1
%
58.5
%
58.1
%
57.8
%
Operating
non-interest expenses to total average assets
Non-interest expense
$
171,020
$
168,018
$
159,616
$
168,462
$
169,558
Less: Amortization of tax credit
investments
—
—
—
(696
)
(696
)
Less: Intangible amortization
(601
)
(1,072
)
(674
)
(688
)
(690
)
Less: Merger-related expenses
—
—
—
(1,894
)
(7,006
)
Non-interest expense (numerator)
$
170,419
$
166,946
$
158,942
$
165,184
$
161,166
Total average assets (denominator)
$
27,377,836
$
27,235,567
$
26,900,653
$
26,386,355
$
26,357,095
Operating non-interest expenses to total
average assets
2.47
%
2.46
%
2.40
%
2.48
%
2.43
%
Pre-provision net
revenue
Net interest income
$
213,842
$
212,852
$
215,587
$
225,911
$
215,582
Non-interest income
55,961
60,585
51,753
54,321
59,162
Plus: Interest rate derivative transition
valuation(1)
2,958
—
—
—
—
Less: Investment securities (gains)
losses, net
—
4
(23
)
1
53
Total revenue
$
272,761
$
273,441
$
267,317
$
280,233
$
274,797
Non-interest expense
$
171,020
$
168,018
$
159,616
$
168,462
$
169,558
Less: Amortization on tax credit
investments
—
—
—
(696
)
(696
)
Less: Merger-related expenses
—
—
—
(1,894
)
(7,006
)
Less: Intangible amortization
(601
)
(1,072
)
(674
)
(688
)
(690
)
Total non-interest expense
$
170,419
$
166,946
$
158,942
$
165,184
$
161,166
Pre-provision net revenue
$
102,342
$
106,495
$
108,375
$
115,049
$
113,631
Nine months ended
Sep 30
2023
Operating net
income available to common shareholders
Net income available to common
shareholders
$
212,331
Plus: Core deposit intangible
amortization
1,867
Plus: Merger-related expenses
—
Plus: CECL Day 1 Provision expense
—
Plus: Interest rate derivative transition
valuation(1)
2,958
Less: Tax impact of adjustments
(1,013
)
Operating net income available to common
shareholders (numerator)
$
216,143
Weighted average shares (diluted)
(denominator)
167,181
Operating net income available to common
shareholders, per share (diluted)
$
1.29
(1) Resulting from the reference rate
transition from LIBOR to SOFR in the Corporation's commercial
customer interest rate swap program.
Note: numbers in this report may not sum
due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231017795027/en/
Media Contact: Lacey Dean (717) 735-8688 Investor Contact: Matt
Jozwiak (717) 327-2657
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