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Fulton Financial Corporation Announces Third Quarter 2024 Results
LANCASTER, Pa., Oct. 15, 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., Oct. 15, 2024 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) (\"Fulton\" or the \"Corporation\") reported net income available to common shareholders of $60.6 million, or $0.33 per diluted share, for the third quarter of 2024, a decrease of $31.8 million, or $0.19 per share, in comparison to the second quarter of 2024. Operating net income available to common shareholders for the three months ended September 30, 2024 was $91.3 million, or $0.50 per diluted share(1), an increase of $8.8 million, or $0.03 per share, in comparison to the second quarter of 2024.\n\n \n \n\n\n\n\n\n\n \n\"We are excited about the progress we made on key strategic initiatives and pleased to see that this work has generated record operating earnings this quarter,\" said Curtis J. Myers, Chairman and CEO of Fulton. \"We continue to see strong operating revenue growth, improvement in operating efficiency and profitability, combined with solid organic capital generation.\"\nFinancial Highlights\nThird quarter of 2024 operating results of $0.50 per diluted share represented an all-time high for Fulton and was impacted by the following items:\nSolid net interest margin of 3.49%, an increase of six basis points compared to the prior quarter.Excluding brokered deposits, customer deposits increased $745.0 million compared to the prior quarter.Common equity tier 1 capital increased to 10.5%, compared to 10.3% in the prior quarter.Tangible shareholders' equity per common share increased $0.59, or 4.7%, to $13.02 compared to the prior quarter.Acquisition-related(2) expenses of $14.2 million.FultonFirst implementation and asset disposal costs of $9.4 million.The following items highlight notable changes in the components of net income in the third quarter of 2024 compared to the second quarter of 2024:\nNet interest income totaled $258.0 million, an increase of $16.3 million, which was largely due to the full-quarter impact of the Acquisition and an increase in on-balance sheet liquidity.Non-interest income before investment securities gains (losses) was $59.7 million compared to $113.3 million in the second quarter of 2024. The decrease was primarily due to a $55.1 million change in the gain on acquisition (net of tax) with a $7.7 million reduction recorded in the third quarter of 2024.Non-interest expense was $226.1 million compared ...