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Fulton Financial Corporation Announces Second Quarter 2024 Results
LANCASTER, Pa., July 16, 2024 /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., July 16, 2024 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) (\"Fulton\" or the \"Corporation\") reported net income available to common shareholders of $92.4 million, or $0.52 per diluted share, for the second quarter of 2024, an increase of $33.0 million, or $0.16 per share, in comparison to the first quarter of 2024. Operating net income available to common shareholders for the three months ended June 30, 2024 was $82.5 million, or $0.47 per diluted share(1), an increase of $17.1 million, or $0.07 per share in comparison to the first quarter of 2024.\n\n \n \n\n\n\n\n\n\n \n\"The second quarter was an extraordinary quarter for Fulton. I want to personally thank both our new Republic teammates and our dedicated Fulton team for an exceptional effort,\" said Curtis J. Myers Chairman and CEO of Fulton Financial Corporation. \"Fulton's solid performance, steady business trends and stable asset quality were supplemented by a meaningful contribution from the Republic transaction.\"\nRepublic Transaction\nOn April 26, 2024, the Corporation announced that its wholly owned banking subsidiary, Fulton Bank, National Association (\"Fulton Bank\"), acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank (\"Republic Bank\"), from the Federal Deposit Insurance Corporation (the \"FDIC\"), as receiver for Republic Bank (the \"Acquisition\"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 (the \"Acquisition Date\"), among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.The Acquisition included total assets with preliminary fair values of approximately $4.8 billion including total loans with preliminary fair values of approximately $2.5 billion and investments with a fair value of $1.9 billion. Following the Acquisition, the Corporation sold the acquired investments with a portion of the proceeds used to repay $1.4 billion of assumed borrowings. In the Acquisition, the Corporation assumed $4.1 billion of deposits without a premium. Additionally, the Corporation received $809.9 million in cash from the FDIC and $208.5 million in cash reflected on Republic Bank's balance sheet.(1)\nFinancial measure derived by methods o...