LANCASTER, PA — Fulton Financial Corporation (NASDAQ: FULT) has released its third-quarter financial results, reporting a net income of $60.6 million, or $0.33 per diluted share. This marks a decrease of $31.8 million, or $0.19 per share, compared to the previous quarter. However, the company achieved a record operating net income of $91.3 million, or $0.50 per diluted share, reflecting an increase of $8.8 million from the second quarter.
Curtis J. Myers, Chairman and CEO of Fulton, expressed satisfaction with the company’s strategic progress, noting the record operating earnings this quarter. The firm continues to experience strong revenue growth, improved efficiency, and solid capital generation.
Key financial highlights for the third quarter include a robust net interest margin of 3.49%, up by six basis points from the prior quarter. Customer deposits, excluding brokered deposits, rose by $745 million. The common equity tier 1 capital increased to 10.5%, with tangible shareholders’ equity per share growing by 4.7%.
The company faced acquisition-related expenses of $14.2 million and incurred implementation costs associated with its FultonFirst initiative. Net interest income rose by $16.3 million, attributed to increased on-balance sheet liquidity and acquisition impacts. Despite this, non-interest income fell significantly due to a change in acquisition gains.
On the balance sheet, net loans reached $24.2 billion, with notable increases in commercial and residential mortgage loans. Deposits climbed to $26.2 billion, driven by growth in various deposit categories, despite a decline in brokered and noninterest-bearing demand deposits.
Fulton Financial’s provision for credit losses decreased sharply to $11.9 million, down from $32.1 million in the previous quarter, largely due to acquisition-related adjustments. Non-performing assets rose to $205 million, now comprising 0.64% of total assets.
Overall, despite challenges, Fulton Financial has demonstrated resilience through strategic initiatives and operational improvements, laying a strong foundation for sustained growth.
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