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Fulton Financial Corporation Announces 2024 Fourth Quarter and Full-Year Results
LANCASTER, Pa., Jan. 21, 2025 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to
About this update from Fulton Financial Corporation
[{"type":"text","content":"LANCASTER, Pa., Jan. 21, 2025 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) (\"Fulton\" or the \"Corporation\") reported net income available to common shareholders of $66.1 million, or $0.36 per diluted share, for the fourth quarter of 2024, an increase of $5.4 million, or $0.03 per share, in comparison to the third quarter of 2024. Operating net income available to common shareholders for the three months ended December 31, 2024 was $88.9 million, or $0.48 per diluted share(1), a decrease of $2.4 million, or $0.02 per share, in comparison to the third quarter of 2024. Net income available to common shareholders for the year ended December 31, 2024 was $278.5 million, or $1.57 per diluted share, an increase of $4.5 million, and a decrease of $0.07 per diluted share in comparison to the year ended December 31, 2023. Operating net income available to common shareholders for the year ended December 31, 2024 was $328.1 million, or $1.85 per diluted share(1), an increase of $43.1 million, or $0.14 per diluted share, in comparison to the year ended December 31, 2023.\n\n \n \n\n\n\n\n\n\n \n\"2024 was a record year for Fulton. Operating diluted earnings per share of $1.85 represents an 8% increase over the prior year,\" said Curtis J. Myers, Chairman and CEO of Fulton. \"We made significant progress, both operationally and strategically, and are now realizing the benefits of these efforts in our results. With a strong quarter and year, we are very excited and well positioned for continued success in 2025.\"\nFinancial Highlights\nFourth quarter of 2024 operating results of $0.48 per diluted share were impacted by the following items:\nSolid net interest margin of 3.41%, with a decrease in total cost of funds of 14 basis points compared to the prior quarter.Non-interest expense decreased $9.5 million to $216.6 million compared to $226.1 million in the prior quarter. Operating non-interest expense decreased $5.5 million to $190.7 million(1) compared to $196.2 million in the prior quarter.Provision for credit losses was $16.7 million resulting in an allowance for credit losses attributable to net loans of $379.2 million, or 1.58% of total net loans at December 31, 2024.Average noninterest-bearing deposits increased $62.2 million compared to the prior quarter.Common equity tier 1 capital ratio(2) increased to approximately ...