Business
Fulton Financial Announces Fourth Quarter and 2020 Results
2020 Key Accomplishments Successful implementation of COVID-19 safety response protocols to protect customers and team members Rapid implementation of remote
About this update from Fulton Financial Corporation
[{"type":"text","content":"\n2020 Key Accomplishments\n\n\nSuccessful implementation of COVID-19 safety response protocols to protect customers and team members\n\n\nRapid implementation of remote work program\n\n\nPPP/Main Street Lending programs in place to aid customers\n\n\nResidential mortgage business at historic highs\n\n\nImplementation of strategic operating expense reduction initiatives\n\n\nSuccessful access to the capital markets with subordinated debt and preferred stock offerings\n\n\n LANCASTER, Pa,--(BUSINESS WIRE)--\nFulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $49 million, or $0.30 per diluted share, for the fourth quarter of 2020 and $176 million, or $1.08 per diluted share, for the year ended December 31, 2020.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119006092/en/\n“We were pleased with our company’s achievements for the 4th quarter and for the year as a whole, given the challenges presented by the lingering presence of COVID-19,” said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. “The low interest rate environment continued to put pressure on our margin, but even in this challenging environment, we had stable asset quality, were able to provide Paycheck Protection Program and Main Street loans to our customers, helped our mortgage business grow to historic highs, and saw wealth management business performance that was beyond our expectations.”\n\nNet Interest Income and Balance Sheet\n\nNet interest income for the fourth quarter of 2020 was $162 million, $7.5 million higher than the third quarter of 2020. Net interest margin for the fourth quarter of 2020 increased 5 basis points, to 2.75%, from 2.70% in the third quarter of 2020. The increases in net interest income and net interest margin were primarily due to the forgiveness of Paycheck Protection Program (\"PPP\") loans and the acceleration of the recognition of related fee income as well as growth in average loans and investments securities during the quarter. For the year ended December 31, 2020, net interest income was $629 million, a decrease of $19 million in comparison to the year ended December 31, 2019, as the 90 basis point decline in yields on average interest-earning assets outpaced the 42 ba...