Business
Fulton Financial Reports Fourth Quarter and 2019 Results
2019 Key Accomplishments Termination of the remaining BSA/AML regulatory orders Successful consolidation of affiliate banks into Fulton Bank, N.A. Record
About this update from Fulton Financial Corporation
[{"type":"text","content":"\n2019 Key Accomplishments\n\n\n\nTermination of the remaining BSA/AML regulatory orders\n\n\nSuccessful consolidation of affiliate banks into Fulton Bank, N.A.\n\n\nRecord year of revenues and net income\n\n\nAverage loan growth of 4% and average deposit growth of 6%\n\n\nNet income grew 12% and pre-provision net revenue(1) increased 4%\n\n\n LANCASTER, Pa.--(BUSINESS WIRE)--\nFulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income of $54 million, or $0.33 per diluted share, for the fourth quarter of 2019, and net income of $233 million, or $1.39 per diluted share, for 2019.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200121006032/en/\n\n\"Overall, 2019 was another good year for Fulton as we continued to execute on our growth strategies and completed the consolidation of our remaining affiliate banks into Fulton Bank,” said E. Philip Wenger, Chairman and CEO. “I’m extremely proud of our team’s hard work this year, and continued focus on driving shareholder value. We look forward to 2020 and believe we are well-positioned to continue to advance our strategic priorities.”\n\n\nNet income per diluted share for the fourth quarter of 2019 decreased 11% to $0.33 in comparison to the $0.37 reported for the third quarter of 2019 and unchanged from the fourth quarter of 2018. The decline in net income from the third quarter of 2019 was primarily the result of a decrease in net interest income and an increase in the provision for credit losses, partially offset by a decrease in non-interest expense.\n\n\nFor the year ended December 31, 2019, net income per diluted share increased 18% to $1.39 in comparison to the $1.18 reported for 2018. The increase in net income was driven by a lower provision for credit losses and higher net interest income, non-interest income and securities gains, partially offset by higher non-interest expense.\n\n\n\n\n\n \n\n\n\n(1)\n\n\n\n \n\n\n\nNon-GAAP financial measure. Please refer to the calculation and management’s reasons for using this measure on the page titled “Non-GAAP Reconciliation” in the accompanying tables.\n\n\n\n\n\n\n \n\n\n\nNet Interest Income and Balance Sheet \n\n\nNet interest income for the fourth quarter of 2019 was $159 million, a $2 million decrease from the third quarter of 2019...