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Fulton Financial Corporation Announces First Quarter 2024 Results
LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common
About this update from Fulton Financial Corporation
[{"type":"text","content":" LANCASTER, Pa.--(BUSINESS WIRE)--\nFulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $59.4 million, or $0.36 per diluted share, for the first quarter of 2024, a decrease of $2.3 million, or 3.8%, in comparison to the fourth quarter of 2023. Operating net income available to common shareholders for the three months ended March 31, 2024 was $65.4 million, or $0.40 per diluted share(1), a decrease of $3.5 million, or 5.0% in comparison to the fourth quarter of 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240416112442/en/\n“We are pleased with our first quarter results, which are a good start to the year; operating earnings were solid, deposit growth outpaced loan growth during the quarter, net interest margin was in line with our expectations, and asset quality remained stable,” said Curtis J. Myers, Chairman and CEO of Fulton Financial Corporation. “We are focused and making progress on our strategic initiatives.”\n\n\nNet Interest Income and Balance Sheet\n\n\nNet interest income for the first quarter of 2024 was $206.9 million, a decrease of $5.1 million in comparison to the fourth quarter of 2023, due to slight decreases in both average interest-earning assets and the net interest margin.\n\n\nTotal average interest-earning assets for the first quarter of 2024 were $25.6 billion, a decrease of $41.0 million from the fourth quarter of 2023 primarily driven by a decrease in average investment securities and average other interest-earning assets of $137.0 million and $18.3 million, respectively, partially offset by an increase in average net loans of $114.3 million.\n\n\nTotal average interest-bearing liabilities increased $347.9 million to $18.9 billion in the first quarter of 2024 in comparison to $18.6 billion in the fourth quarter of 2023. The increase in average interest-bearing liabilities was driven by an increase in the average balance of total interest-bearing deposits and the average balance of borrowings and other interest-bearing liabilities of $281.2 million and $66.6 million, respectively.\n\n\n\n\n(1)\n\n\n\n\n\n\nFinancial measure derived by methods other than generally accepted accounting principles (\"GAAP\"). Refer to the calculation on the page titled \"Reco...