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Fulton Financial Corporation Announces Fourth Quarter and Full-Year 2023 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 $61.7 million, or $0.37 per diluted share, for the fourth quarter of 2023, a decrease of $7.8 million, or 11.3%, in comparison to the third quarter of 2023. Operating net income available to common shareholders for the three months ended December 31, 2023 was $68.8 million, or $0.42 per diluted share(1).\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240116531563/en/\nFor the year ended December 31, 2023, net income available to common shareholders was $274.0 million, or $1.64 per diluted share, a decrease of $2.7 million, or 1.0%, in comparison to the same period in 2022. Operating net income available to common shareholders for the year-ended December 31, 2023 was $285.0 million, or $1.71 per diluted share(1).\n\n\nDuring the fourth quarter of 2023, the Corporation launched the \"FultonFirst\" initiative that is focused on evaluating and improving how Fulton operates. Approximately $3.2 million was recorded in the fourth quarter of 2023 related to this initiative. Additionally, the Corporation recognized a Federal Deposit Insurance Corporation (\"FDIC\") special assessment charge of $6.5 million.\n\n\n\"2023 was an extraordinary year and we were pleased with our results,\" said Curtis J. Myers, Chairman and CEO of Fulton Financial Corporation. \"Our team advanced our strategic objectives. We grew loans and deposits in a challenging environment, delivered enhancements to the customer experience, continued to operate with excellence and served our stakeholders well. Looking forward, 2024 is full of opportunity.\"\n\n\nNet Interest Income and Balance Sheet\n\n\nNet interest income for the fourth quarter of 2023 was $212.0 million, a decrease of $1.8 million in comparison to the third quarter of 2023. The net interest margin for the fourth quarter of 2023 decreased four basis points, to 3.36%, in comparison to 3.40% in the third quarter of 2023.\n\n\n\n(1)\n\n\nFinancial 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.\n\n\n\n\n\n\n\nThe linked-q...