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Fulton Financial Corporation Announces Third Quarter 2022 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 $68.3 million, or $0.40 per diluted share, for the third quarter of 2022, an increase of $0.9 million, or 1.3%, in comparison to the second quarter of 2022. The Corporation reported net income available to common shareholders of $197.5 million, or $1.20 per diluted share, for the nine months ended September 30, 2022, a decrease of $8.4 million or 4.1%, in comparison to the nine months ended September 30, 2021. The results for the third quarter of 2022 include the impact of the consummation of the acquisition by the Corporation of Prudential Bancorp, Inc. (\"Prudential Bancorp\") on July 1, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221018006226/en/\n\"I'm pleased to report that we had a strong third quarter, with operating earnings being at an all-time high for Fulton,\" said E. Phillip Wenger, Chairman and CEO. \"As I retire from my current role on December 31, I have tremendous confidence in my successor, Curt Myers, our senior management team and directors, and the more than 3,300 talented team members to continue to change lives for the better for our customers and our shareholders.\"\n\n\"We are grateful to Phil Wenger for all the contributions he has made over his 43 years of service to Fulton, and we look forward to carrying on his legacy\" said Curtis J. Myers, President and COO. \"As Phil noted, our third quarter performance was strong, driven primarily by increased net interest income, which was helped by rising interest rates, good loan growth, consistent fee income, and the effect of our acquisition of Prudential Bancorp completed on July 1, 2022.\"\n\nOperating net income available to common shareholders was $80.5 million, or $0.48 per diluted share, for the third quarter of 2022, calculated as shown below.\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nThree months ended\n\n\n\n\n\n(in thousands except per share data)\n\n\n\n \n\n\n\n \n\n\n\nSeptember 30, 2022\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNet income available to common shareholders\n\n\n\n \n\n\n\n$68,309\n\n\n\n\n\nPlus: Core deposit intangible amortization, net of tax\n\n\n\n \n\n\n\n406\n\n\n\n\n\nP...