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Fulton Financial Corporation Announces Third Quarter 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 $69.5 million, or $0.42 per diluted share, for the third quarter of 2023, a decrease of $7.5 million, or 9.7%, in comparison to the second quarter of 2023. Operating net income available to common shareholders for the three months ended September 30, 2023 was $72.2 million, or $0.43 per diluted share(1).\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231017795027/en/\nFor the nine months ended September 30, 2023, net income available to common shareholders was $212.3 million, or $1.27 per diluted share, an increase of $14.9 million, or 7.5%, in comparison to the same period in 2022. Operating net income available to common shareholders for the nine months ended September 30, 2023 was $216.1 million, or $1.29 per diluted share(1).\n\n\n\"We were pleased with our third quarter results; operating earnings were solid, we generated deposit and loan growth, we maintained our net interest margin and net interest income grew,\" said Curtis J. Myers, Chairman and CEO of Fulton Financial Corporation. \"Our results reflect solid core business trends, stable credit metrics, and modest growth in our core lines of business.\"\n\n\nNet Interest Income and Balance Sheet\n\n\nNet interest income for the third quarter of 2023 was $213.8 million, an increase of $1.0 million in comparison to the second quarter of 2023. The net interest margin for the third quarter of 2023 was 3.40%, consistent with the second quarter of 2023.\n\n\nThe linked-quarter increase in net interest income was primarily due to higher loan yields and an increase in the average balance of net loans, partially offset by an increase in the rate of average interest-bearing deposits and a shift in the funding mix from noninterest-bearing demand deposits to interest-bearing deposits.\n\n\n\n\n(1)\n\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 \"Reconciliation of Non-GAAP Measures\" at the end of the press release.\n\n\n\n\n\n\n\nA 20 basis points increase in the yield on average net loans and an increase in the average balance of net loans o...