LANCASTER, Pa., July 16,
2024 /PRNewswire/ -- Fulton Financial
Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net
income available to common shareholders of $92.4 million, or $0.52 per diluted share, for the second quarter
of 2024, an increase of $33.0 million, or $0.16 per share, in comparison to the first
quarter of 2024. Operating net income available to common
shareholders for the three months ended June 30, 2024 was
$82.5 million, or $0.47 per diluted share(1), an
increase of $17.1 million, or
$0.07 per share in comparison to the
first quarter of 2024.
"The second quarter was an extraordinary quarter for
Fulton. I want to personally thank
both our new Republic teammates and our dedicated Fulton team for an exceptional effort," said
Curtis J. Myers Chairman and CEO of
Fulton Financial Corporation. "Fulton's solid performance, steady business
trends and stable asset quality were supplemented by a meaningful
contribution from the Republic transaction."
Republic Transaction
- On April 26, 2024, the
Corporation announced that its wholly owned banking subsidiary,
Fulton Bank, National Association ("Fulton Bank"), acquired
substantially all of the assets and assumed substantially all of
the deposits and certain liabilities of Republic First Bank, doing
business as Republic Bank ("Republic Bank"), from the Federal
Deposit Insurance Corporation (the "FDIC"), as receiver for
Republic Bank (the "Acquisition"), pursuant to the terms of the
Purchase and Assumption Agreement - Whole Bank, All Deposits,
effective as of April 26, 2024 (the
"Acquisition Date"), among the FDIC, as receiver of Republic Bank,
the FDIC and Fulton Bank.
- The Acquisition included total assets with preliminary fair
values of approximately $4.8 billion
including total loans with preliminary fair values of approximately
$2.5 billion and investments with a
fair value of $1.9 billion. Following
the Acquisition, the Corporation sold the acquired investments with
a portion of the proceeds used to repay $1.4
billion of assumed borrowings. In the Acquisition, the
Corporation assumed $4.1 billion of
deposits without a premium. Additionally, the Corporation received
$809.9 million in cash from the FDIC
and $208.5 million in cash reflected
on Republic Bank's balance sheet.
|
(1)
|
Financial 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.
|
Financial Highlights
Second quarter of 2024 results were impacted by the following
items:
- Preliminary gain on acquisition of $47.4
million (net of tax).
- Core deposit intangible of $92.6
million in connection with the Acquisition resulting in
intangible amortization expense of $4.1
million for the quarter.
- Provision for credit losses of $23.4
million related to non-purchased credit deteriorated loans
acquired in the Acquisition.
- Acquisition-related expenses of $13.8
million.
- Pre-tax gain of $20.3 million in
connection with a sale-leaseback transaction (the "Sale-Leaseback
Transaction") involving 40 Fulton Bank financial center office
locations.
- Restructured a portion of the available-for-sale investment
portfolio and realized a pre-tax loss of $20.3 million on the sale of $356.4 million of investment securities with the
proceeds reinvested in higher-yielding securities of a similar type
and similar duration.
- FultonFirst implementation and asset disposal costs of
$6.3 million.
- Issued 19,166,667 shares of common stock at $15.00 per share resulting in proceeds of
approximately $273.0 million net of
issuance costs.
The following items highlight notable changes in the
components of net income in the second quarter of 2024 compared to
the first quarter of 2024:
- Net interest income totaled $241.7
million, an increase of $34.8
million. The Acquisition contributed approximately
$30.7 million to the increase.
- Net interest margin was 3.43%, an increase of 11 basis points,
entirely due to the Acquisition.
- Non-interest income before investment securities gains (losses)
was $113.3 million compared to
$57.1 million in the first quarter of
2024. The increase was primarily due to a $47.4 million gain on acquisition (net of tax) as
well as $2.8 million from Republic
Bank's operations. The remaining $6.1
million increase in non-interest income included a
$1.3 million decrease in losses from
equity method investments, a $0.9
million increase in merchant fee income due to seasonality
and a merchant fee increase during the quarter, a $0.9 million increase in mortgage banking income
from higher loan volumes and higher spreads, an $0.8 million increase in wealth management
revenues due to an increase in assets under management in the
brokerage business due to equity market returns and organic sales
results, a $0.6 million increase in
cash management fee income due to an increase in account analysis
fees with customers electing to move funds to interest-bearing
accounts along with a pricing increase and a $0.3 million increase in gains from Small
Business Administration loan sales.
- Excluding the $20.3 million gain
on the Sale-Leaseback Transaction, reflected in other expense,
non-interest expense was $219.8
million compared to $177.6
million in the first quarter of 2024. The increase was
largely due to $13.8 million of
Acquisition-related expenses and $21.1
million from Republic Bank's operations. The remaining
increase of $7.3 million was
primarily due to a $6.7 million
increase in salaries and benefits expense as a result of an
increase in variable incentive expenses, the impact of the annual
merit increases and approximately $1.0
million of severance costs related to the FultonFirst
initiative.
Balance Sheet Summary
- Net loans totaled $24.1 billion,
an increase of $2.7 billion compared
to $21.4 billion as of March 31, 2024. The increase was primarily due to
the Acquisition resulting in an increase of $2.5 billion based on preliminary fair values as
of the Acquisition Date. The reduction in fair value on the
acquired loans as of the Acquisition Date was $378.9 million, which included an adjustment for
interest rates of $299.5 million, an
adjustment for credit of $55.9
million on purchased credit deteriorated ("PCD") loans and
an adjustment for credit of $23.4
million for non-PCD loans. Excluding the impact from the day
1 PCD credit-related adjustment of $55.9
million and purchase accounting accretion of $10.4 million, net loans acquired from Republic
Bank declined approximately $33.1
million subsequent to the Acquisition Date. Excluding the
Acquisition, net loans increased $123.6
million largely due to increases of $102.9 million and $63.8
million in residential mortgage loans and construction
loans, respectively, partially offset by a decrease of $25.7 million in consumer loans and a
$19.8 million decrease in leases and
other loans.
- Deposits totaled $25.6 billion,
an increase of $3.8 billion compared
to $21.7 billion as of March 31, 2024. The increase was primarily due to
the Acquisition resulting in an increase of $3.6 billion based on preliminary fair values as
of the Acquisition Date. Deposits assumed in the Acquisition
declined approximately $357.3 million
subsequent to the Acquisition Date. Excluding the Acquisition,
deposits increased $62.7 million
largely due to increases of $180.1
million, $159.4 million and
$102.8 million in interest-bearing
demand deposits, time deposits and savings deposits, respectively,
partially offset by decreases of $190.8
million in brokered deposits and $188.8 million in noninterest-bearing demand
deposits.
Provision for Credit Losses and Asset Quality
- The provision for credit losses was $32.1 million in the second quarter of 2024
compared to $10.9 million in the
first quarter of 2024. The increase was primarily related to the
Acquisition, which included a provision for credit losses of
$23.4 million for non-PCD loans.
Excluding the Acquisition, the provision declined $2.2 million primarily due to a $1.4 million reduction in the reserve for
unfunded commitments.
- Non-performing assets were $163.8
million, or 0.52% of total assets, at June 30, 2024, in comparison to $156.4 million, or 0.57% of total assets, at
March 31, 2024. The dollar increase
was largely due to the Acquisition.
- Net charge-offs for the second quarter of 2024 were 0.19% of
total average loans in comparison to 0.16% in the first quarter of
2024.
- The allowance for credit losses attributable to net loans
totaled $375.9 million, or 1.56% of
total loans at June 30, 2024, an
increase of $78.1 million. The
Acquisition resulted in a $79.4
million increase in the allowance for credit losses.
Additional information on Fulton is available on the Internet at
www.fultonbank.com.
Safe Harbor Statement
This press release may contain forward-looking statements with
respect to the Corporation's financial condition, results of
operations and business. Do not unduly rely on forward-looking
statements. Forward-looking statements can be identified by the use
of words such as "may," "should," "will," "could," "estimates,"
"predicts," "potential," "continue," "anticipates," "believes,"
"plans," "expects," "future," "intends," "projects," the negative
of these terms and other comparable terminology. These
forward-looking statements may include projections of, or guidance
on, the Corporation's future financial performance, expected levels
of future expenses, including future credit losses, anticipated
growth strategies, descriptions of new business initiatives and
anticipated trends in the Corporation's business or financial
results.
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, the statements are based
on current beliefs, expectations and assumptions regarding the
future of the Corporation's business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Corporation's control, and actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements. Any
forward-looking statement is based only on information currently
available and speaks only as of the date when made. The Corporation
undertakes no obligation, other than as required by law, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the
Corporation's actual results to differ materially from those
described in the forward-looking statements, can be found in the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Corporation's Annual Report on Form 10-K for the year ended
December 31, 2023, Quarterly Report
on Form 10-Q for the quarter ended March 31,
2024 and other current and periodic reports, which have
been, or will be, filed with the Securities and Exchange Commission
(the "SEC") and are, or will be, available in the Investor
Relations section of the Corporation's website (www.fultonbank.com)
and on the SEC's website (www.sec.gov).
Non-GAAP Financial Measures
The Corporation uses certain financial measures in this press
release that have been derived from methods other than GAAP. These
non-GAAP financial measures are reconciled to the most comparable
GAAP measures in tables at the end of this press release.
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
|
|
|
|
SUMMARY CONSOLIDATED
FINANCIAL INFORMATION (UNAUDITED)
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share and shares data)
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
June
30
|
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
|
Ending
Balances
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
$
4,184,027
|
|
$
3,783,392
|
|
$
3,666,274
|
|
$
3,698,601
|
|
$
3,867,334
|
|
|
Net loans
|
24,106,297
|
|
21,444,483
|
|
21,351,094
|
|
21,177,508
|
|
21,044,685
|
|
|
Total assets
|
31,769,813
|
|
27,642,957
|
|
27,571,915
|
|
27,375,177
|
|
27,403,163
|
|
|
Deposits
|
25,559,654
|
|
21,741,950
|
|
21,537,623
|
|
21,421,589
|
|
21,206,540
|
|
|
Shareholders'
equity
|
3,101,609
|
|
2,757,679
|
|
2,760,139
|
|
2,566,693
|
|
2,642,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
4,043,136
|
|
3,672,844
|
|
3,665,261
|
|
3,834,824
|
|
3,916,130
|
|
|
Net loans
|
23,345,914
|
|
21,370,033
|
|
21,255,779
|
|
21,121,277
|
|
20,866,235
|
|
|
Total assets
|
30,774,891
|
|
27,427,626
|
|
27,397,671
|
|
27,377,836
|
|
27,235,567
|
|
|
Deposits
|
24,642,954
|
|
21,378,754
|
|
21,476,548
|
|
21,357,295
|
|
21,207,143
|
|
|
Shareholders'
equity
|
2,952,671
|
|
2,766,945
|
|
2,618,024
|
|
2,645,977
|
|
2,647,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Statement
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
241,720
|
|
206,937
|
|
212,006
|
|
213,842
|
|
212,852
|
|
|
Provision for credit
losses
|
32,056
|
|
10,925
|
|
9,808
|
|
9,937
|
|
9,747
|
|
|
Non-interest
income
|
92,994
|
|
57,140
|
|
59,378
|
|
55,961
|
|
60,585
|
|
|
Non-interest
expense
|
199,488
|
|
177,600
|
|
180,552
|
|
171,020
|
|
168,018
|
|
|
Income before
taxes
|
103,170
|
|
75,552
|
|
81,024
|
|
88,846
|
|
95,672
|
|
|
Net income available to
common shareholders
|
92,413
|
|
59,379
|
|
61,701
|
|
69,535
|
|
77,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders (basic)
|
$0.53
|
|
$0.36
|
|
$0.38
|
|
$0.42
|
|
$0.46
|
|
|
Net income available to
common shareholders (diluted)
|
$0.52
|
|
$0.36
|
|
$0.37
|
|
$0.42
|
|
$0.46
|
|
|
Operating net income
available to common shareholders(1)
|
$0.47
|
|
$0.40
|
|
$0.42
|
|
$0.43
|
|
$0.47
|
|
|
Cash
dividends
|
$0.17
|
|
$0.17
|
|
$0.17
|
|
$0.16
|
|
$0.16
|
|
|
Common shareholders'
equity
|
$16.00
|
|
$15.82
|
|
$15.67
|
|
$14.47
|
|
$14.75
|
|
|
Common shareholders'
equity (tangible)(1)
|
$12.43
|
|
$12.37
|
|
$12.25
|
|
$11.05
|
|
$11.36
|
|
|
Weighted average shares
(basic)
|
175,305
|
|
162,706
|
|
163,975
|
|
164,566
|
|
165,854
|
|
|
Weighted average shares
(diluted)
|
176,934
|
|
164,520
|
|
165,650
|
|
166,023
|
|
167,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP
financial measure. Refer to the calculation on the page titled
"Reconciliation of Non-GAAP Measures" at the end of this press
release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
June
30
|
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
|
Asset
Quality
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans
|
0.19 %
|
|
0.16 %
|
|
0.15 %
|
|
0.10 %
|
|
0.04 %
|
|
|
Non-performing loans to
total net loans
|
0.67 %
|
|
0.73 %
|
|
0.72 %
|
|
0.67 %
|
|
0.70 %
|
|
|
Non-performing assets
to total assets
|
0.52 %
|
|
0.57 %
|
|
0.56 %
|
|
0.52 %
|
|
0.55 %
|
|
|
ACL -
loans(1) to total loans
|
1.56 %
|
|
1.39 %
|
|
1.37 %
|
|
1.38 %
|
|
1.37 %
|
|
|
ACL -
loans(1) to non-performing loans
|
232 %
|
|
191 %
|
|
191 %
|
|
208 %
|
|
195 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.24 %
|
|
0.91 %
|
|
0.93 %
|
|
1.04 %
|
|
1.17 %
|
|
|
Operating return on
average assets(2)
|
1.11 %
|
|
1.00 %
|
|
1.03 %
|
|
1.08 %
|
|
1.18 %
|
|
|
Return on average
common shareholders' equity
|
13.47 %
|
|
9.28 %
|
|
10.09 %
|
|
11.25 %
|
|
12.59 %
|
|
|
Operating return on
average common shareholders' equity
(tangible)(2)
|
15.56 %
|
|
13.08 %
|
|
14.68 %
|
|
15.17 %
|
|
16.52 %
|
|
|
Net interest
margin
|
3.43 %
|
|
3.32 %
|
|
3.36 %
|
|
3.40 %
|
|
3.40 %
|
|
|
Efficiency
ratio(2)
|
62.6 %
|
|
63.2 %
|
|
62.0 %
|
|
61.5 %
|
|
60.1 %
|
|
|
Non-interest expense to
total average assets
|
2.61 %
|
|
2.60 %
|
|
2.61 %
|
|
2.48 %
|
|
2.47 %
|
|
|
Operating non-interest
expense to total average assets(2)
|
2.55 %
|
|
2.49 %
|
|
2.47 %
|
|
2.47 %
|
|
2.46 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios(3)
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio ("TCE")(2)
|
7.3 %
|
|
7.4 %
|
|
7.4 %
|
|
6.8 %
|
|
7.0 %
|
|
|
Tier 1 leverage
ratio
|
9.0 %
|
|
9.3 %
|
|
9.5 %
|
|
9.4 %
|
|
9.3 %
|
|
|
Common equity Tier 1
capital ratio
|
10.3 %
|
|
10.3 %
|
|
10.3 %
|
|
10.3 %
|
|
10.1 %
|
|
|
Tier 1 risk-based
capital ratio
|
11.1 %
|
|
11.1 %
|
|
11.2 %
|
|
11.1 %
|
|
11.0 %
|
|
|
Total risk-based
capital ratio
|
13.8 %
|
|
14.0 %
|
|
14.0 %
|
|
14.0 %
|
|
13.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) "ACL -
loans" relates to the allowance for credit losses ("ACL")
specifically on "Net Loans" and does not include the ACL related to
off-balance-sheet
("OBS") credit exposures.
|
|
|
(2) Non-GAAP
financial measure. Refer to the calculation on the page titled
"Reconciliation of Non-GAAP Measures" at the end of this press
release.
|
|
|
(3)
Regulatory capital ratios as of June 30, 2024 are preliminary
estimates and prior periods are actual.
|
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
CONDENSED
CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30
|
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 333,238
|
|
$ 247,581
|
|
$ 300,343
|
|
$ 304,042
|
|
$ 123,779
|
|
Other interest-earning
assets
|
1,188,341
|
|
231,389
|
|
373,772
|
|
222,781
|
|
505,141
|
|
Loans held for
sale
|
26,822
|
|
10,624
|
|
15,158
|
|
20,368
|
|
14,673
|
|
Investment
securities
|
4,184,027
|
|
3,783,392
|
|
3,666,274
|
|
3,698,601
|
|
3,867,334
|
|
Net loans
|
24,106,297
|
|
21,444,483
|
|
21,351,094
|
|
21,177,508
|
|
21,044,685
|
|
Less: ACL -
loans(1)
|
(375,941)
|
|
(297,888)
|
|
(293,404)
|
|
(292,739)
|
|
(287,442)
|
|
Loans,
net
|
23,730,356
|
|
21,146,595
|
|
21,057,690
|
|
20,884,769
|
|
20,757,243
|
|
Net premises and
equipment
|
180,642
|
|
213,541
|
|
222,881
|
|
215,626
|
|
216,322
|
|
Accrued interest
receivable
|
120,752
|
|
107,089
|
|
107,972
|
|
101,624
|
|
96,991
|
|
Goodwill and intangible
assets
|
648,026
|
|
560,114
|
|
560,687
|
|
561,284
|
|
561,885
|
|
Other assets
|
1,357,609
|
|
1,342,632
|
|
1,267,138
|
|
1,366,082
|
|
1,259,795
|
|
Total Assets
|
$ 31,769,813
|
|
$ 27,642,957
|
|
$ 27,571,915
|
|
$ 27,375,177
|
|
$ 27,403,163
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 25,559,654
|
|
$ 21,741,950
|
|
$ 21,537,623
|
|
$ 21,421,589
|
|
$ 21,206,540
|
|
Borrowings
|
2,178,597
|
|
2,296,040
|
|
2,487,526
|
|
2,370,112
|
|
2,719,114
|
|
Other
liabilities
|
929,953
|
|
847,288
|
|
786,627
|
|
1,016,783
|
|
835,357
|
|
Total Liabilities
|
28,668,204
|
|
24,885,278
|
|
24,811,776
|
|
24,808,484
|
|
24,761,011
|
|
Shareholders'
equity
|
3,101,609
|
|
2,757,679
|
|
2,760,139
|
|
2,566,693
|
|
2,642,152
|
|
Total Liabilities and Shareholders' Equity
|
$ 31,769,813
|
|
$ 27,642,957
|
|
$ 27,571,915
|
|
$ 27,375,177
|
|
$ 27,403,163
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS, DEPOSITS AND
BORROWINGS DETAIL:
|
|
|
|
|
|
|
|
Loans, by
type:
|
|
|
|
|
|
|
|
|
|
Real estate -
commercial mortgage
|
$
9,289,770
|
|
$
8,252,117
|
|
$
8,127,728
|
|
$
8,106,300
|
|
$
7,846,861
|
|
Commercial and
industrial
|
4,967,796
|
|
4,467,589
|
|
4,545,552
|
|
4,577,334
|
|
4,599,759
|
|
Real estate -
residential mortgage
|
6,248,856
|
|
5,395,720
|
|
5,325,923
|
|
5,279,681
|
|
5,147,262
|
|
Real estate - home
equity
|
1,120,878
|
|
1,040,335
|
|
1,047,184
|
|
1,045,438
|
|
1,061,891
|
|
Real estate -
construction
|
1,463,799
|
|
1,249,199
|
|
1,239,075
|
|
1,078,263
|
|
1,308,564
|
|
Consumer
|
692,086
|
|
698,421
|
|
729,318
|
|
743,976
|
|
763,530
|
|
Leases and other
loans(2)
|
323,112
|
|
341,102
|
|
336,314
|
|
346,516
|
|
316,818
|
|
Total Net
Loans
|
$ 24,106,297
|
|
$ 21,444,483
|
|
$ 21,351,094
|
|
$ 21,177,508
|
|
$ 21,044,685
|
|
Deposits, by
type:
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
$
5,609,383
|
|
$
5,086,514
|
|
$
5,314,094
|
|
$
5,575,374
|
|
$
5,865,855
|
|
Interest-bearing
demand
|
7,478,077
|
|
5,521,017
|
|
5,722,695
|
|
5,757,487
|
|
5,543,320
|
|
Savings
|
7,563,495
|
|
6,846,038
|
|
6,616,901
|
|
6,707,729
|
|
6,646,448
|
|
Total demand and
savings
|
20,650,955
|
|
17,453,569
|
|
17,653,690
|
|
18,040,590
|
|
18,055,623
|
|
Brokered
|
995,975
|
|
1,152,427
|
|
1,144,692
|
|
941,059
|
|
949,259
|
|
Time
|
3,912,724
|
|
3,135,954
|
|
2,739,241
|
|
2,439,940
|
|
2,201,658
|
|
Total
Deposits
|
$ 25,559,654
|
|
$ 21,741,950
|
|
$ 21,537,623
|
|
$ 21,421,589
|
|
$ 21,206,540
|
|
Borrowings, by
type:
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased
|
$
—
|
|
$
—
|
|
$ 240,000
|
|
$ 544,000
|
|
$ 555,000
|
|
Federal Home Loan Bank
advances
|
750,000
|
|
900,000
|
|
1,100,000
|
|
730,000
|
|
1,165,000
|
|
Senior debt and
subordinated debt
|
535,741
|
|
535,566
|
|
535,384
|
|
540,174
|
|
539,994
|
|
Other
borrowings
|
892,856
|
|
860,474
|
|
612,142
|
|
555,938
|
|
459,120
|
|
Total
Borrowings
|
$
2,178,597
|
|
$
2,296,040
|
|
$
2,487,526
|
|
$
2,370,112
|
|
$
2,719,114
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) "ACL -
loans" relates to the ACL specifically on "Net Loans" and does not
include the ACL related to OBS credit exposures.
|
|
(2) Includes
equipment lease financing, overdraft and net origination fees and
costs.
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
|
|
|
|
|
(dollars in
thousands, except per share and share data)
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
June
30
|
|
Jun
30
|
|
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2024
|
|
2023
|
|
Net Interest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$ 400,506
|
|
$ 339,666
|
|
$ 338,134
|
|
$ 330,371
|
|
$ 314,912
|
|
$ 740,172
|
|
$ 604,732
|
|
Interest
expense
|
|
158,786
|
|
132,729
|
|
126,128
|
|
116,529
|
|
102,060
|
|
291,515
|
|
176,293
|
|
Net Interest Income
|
|
241,720
|
|
206,937
|
|
212,006
|
|
213,842
|
|
212,852
|
|
448,657
|
|
428,439
|
|
Provision for credit
losses
|
|
32,056
|
|
10,925
|
|
9,808
|
|
9,937
|
|
9,747
|
|
42,981
|
|
34,291
|
|
Net Interest Income after Provision
|
|
209,664
|
|
196,012
|
|
202,198
|
|
203,905
|
|
203,105
|
|
405,676
|
|
394,148
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
management
|
|
20,990
|
|
20,155
|
|
19,388
|
|
19,413
|
|
18,678
|
|
41,144
|
|
36,740
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchant
and card
|
|
7,798
|
|
6,808
|
|
7,045
|
|
7,626
|
|
7,700
|
|
14,607
|
|
14,534
|
|
Cash
management
|
|
6,966
|
|
6,305
|
|
6,030
|
|
5,960
|
|
5,835
|
|
13,271
|
|
11,350
|
|
Capital
markets
|
|
2,585
|
|
2,341
|
|
4,258
|
|
2,960
|
|
6,092
|
|
4,926
|
|
8,436
|
|
Other
commercial banking
|
|
4,061
|
|
3,375
|
|
3,447
|
|
3,176
|
|
3,518
|
|
7,434
|
|
6,338
|
|
Total commercial
banking
|
|
21,410
|
|
18,829
|
|
20,780
|
|
19,722
|
|
23,145
|
|
40,238
|
|
40,658
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card
|
|
8,305
|
|
6,628
|
|
6,739
|
|
6,770
|
|
6,592
|
|
14,933
|
|
12,835
|
|
Overdraft
|
|
3,377
|
|
2,786
|
|
2,991
|
|
2,996
|
|
2,696
|
|
6,163
|
|
5,429
|
|
Other consumer
banking
|
|
2,918
|
|
2,254
|
|
2,357
|
|
2,407
|
|
2,432
|
|
5,172
|
|
4,673
|
|
Total consumer
banking
|
|
14,600
|
|
11,668
|
|
12,087
|
|
12,173
|
|
11,720
|
|
26,268
|
|
22,937
|
|
Mortgage
banking
|
|
3,951
|
|
3,090
|
|
2,288
|
|
3,190
|
|
2,940
|
|
7,041
|
|
4,910
|
|
Gain on acquisition,
net of tax
|
|
47,392
|
|
—
|
|
—
|
|
—
|
|
—
|
|
47,392
|
|
—
|
|
Other
|
|
4,933
|
|
3,398
|
|
5,587
|
|
1,463
|
|
4,106
|
|
8,332
|
|
7,075
|
|
Non-interest income
before investment securities
gains (losses)
|
|
113,276
|
|
57,140
|
|
60,130
|
|
55,961
|
|
60,589
|
|
170,415
|
|
112,320
|
|
Investment securities
gains (losses), net
|
|
(20,282)
|
|
—
|
|
(752)
|
|
—
|
|
(4)
|
|
(20,282)
|
|
19
|
|
Total Non-Interest Income
|
|
92,994
|
|
57,140
|
|
59,378
|
|
55,961
|
|
60,585
|
|
150,133
|
|
112,339
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
110,630
|
|
95,481
|
|
97,275
|
|
96,757
|
|
94,102
|
|
206,111
|
|
183,385
|
|
Data processing and
software
|
|
20,357
|
|
17,661
|
|
16,985
|
|
16,914
|
|
16,776
|
|
38,018
|
|
32,571
|
|
Net
occupancy
|
|
17,793
|
|
16,149
|
|
14,647
|
|
14,561
|
|
14,374
|
|
33,943
|
|
28,812
|
|
Other outside
services
|
|
16,933
|
|
13,283
|
|
14,670
|
|
12,094
|
|
10,834
|
|
30,216
|
|
20,960
|
|
FDIC
insurance
|
|
6,696
|
|
6,104
|
|
11,138
|
|
4,738
|
|
4,895
|
|
12,800
|
|
9,690
|
|
Intangible
amortization
|
|
4,688
|
|
573
|
|
597
|
|
601
|
|
1,072
|
|
5,261
|
|
1,746
|
|
Equipment
|
|
4,561
|
|
4,040
|
|
3,995
|
|
3,475
|
|
3,530
|
|
8,602
|
|
6,920
|
|
Professional
fees
|
|
2,571
|
|
2,088
|
|
2,302
|
|
1,869
|
|
1,829
|
|
4,659
|
|
4,221
|
|
Marketing
|
|
2,101
|
|
1,912
|
|
3,550
|
|
1,913
|
|
1,655
|
|
4,012
|
|
3,541
|
|
Acquisition-related
expenses
|
|
13,803
|
|
—
|
|
—
|
|
—
|
|
—
|
|
13,803
|
|
—
|
|
Other
|
|
(645)
|
|
20,309
|
|
15,393
|
|
18,098
|
|
18,951
|
|
19,662
|
|
35,790
|
|
Total Non-Interest Expense
|
|
199,488
|
|
177,600
|
|
180,552
|
|
171,020
|
|
168,018
|
|
377,087
|
|
327,636
|
|
Income Before Income Taxes
|
|
103,170
|
|
75,552
|
|
81,024
|
|
88,846
|
|
95,672
|
|
178,722
|
|
178,851
|
|
Income tax
expense
|
|
8,195
|
|
13,611
|
|
16,761
|
|
16,749
|
|
16,065
|
|
21,806
|
|
30,931
|
|
Net Income
|
|
94,975
|
|
61,941
|
|
64,263
|
|
72,097
|
|
79,607
|
|
156,916
|
|
147,920
|
|
Preferred stock
dividends
|
|
(2,562)
|
|
(2,562)
|
|
(2,562)
|
|
(2,562)
|
|
(2,562)
|
|
(5,124)
|
|
(5,124)
|
|
Net Income Available to Common
Shareholders
|
|
$
92,413
|
|
$
59,379
|
|
$
61,701
|
|
$
69,535
|
|
$
77,045
|
|
$ 151,792
|
|
$ 142,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
June
30
|
|
Jun
30
|
|
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2024
|
|
2023
|
|
PER
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders (basic)
|
|
$0.53
|
|
$0.36
|
|
$0.38
|
|
$0.42
|
|
$0.46
|
|
$0.90
|
|
$0.86
|
|
Net income available to
common shareholders (diluted)
|
|
$0.52
|
|
$0.36
|
|
$0.37
|
|
$0.42
|
|
$0.46
|
|
$0.89
|
|
$0.85
|
|
Cash
dividends
|
|
$0.17
|
|
$0.17
|
|
$0.17
|
|
$0.16
|
|
$0.16
|
|
$0.34
|
|
$0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
(basic)
|
|
175,305
|
|
162,706
|
|
163,975
|
|
164,566
|
|
165,854
|
|
169,006
|
|
166,227
|
|
Weighted average shares
(diluted)
|
|
176,934
|
|
164,520
|
|
165,650
|
|
166,023
|
|
167,191
|
|
170,769
|
|
167,809
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS
(UNAUDITED)
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
June 30,
2024
|
|
March 31,
2024
|
|
June 30,
2023
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loans(2)
|
$
23,345,914
|
|
$ 355,533
|
|
6.12 %
|
|
$
21,370,033
|
|
$ 313,882
|
|
5.90 %
|
|
$
20,866,235
|
|
$ 287,154
|
|
5.52 %
|
|
Investment
securities(3)
|
4,396,050
|
|
33,799
|
|
3.07 %
|
|
3,983,753
|
|
27,048
|
|
2.71 %
|
|
4,234,096
|
|
27,303
|
|
2.57 %
|
|
Other interest-earning
assets
|
1,125,886
|
|
15,730
|
|
5.61 %
|
|
249,079
|
|
3,328
|
|
5.36 %
|
|
529,582
|
|
4,860
|
|
3.68 %
|
|
Total
Interest-Earning Assets
|
28,867,850
|
|
405,062
|
|
5.64 %
|
|
25,602,865
|
|
344,258
|
|
5.40 %
|
|
25,629,913
|
|
319,317
|
|
4.99 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
302,381
|
|
|
|
|
|
282,895
|
|
|
|
|
|
129,682
|
|
|
|
|
|
Premises and
equipment
|
203,166
|
|
|
|
|
|
223,375
|
|
|
|
|
|
216,847
|
|
|
|
|
|
Other assets
|
1,759,138
|
|
|
|
|
|
1,614,746
|
|
|
|
|
|
1,541,657
|
|
|
|
|
|
Less: ACL -
loans(4)
|
(357,644)
|
|
|
|
|
|
(296,255)
|
|
|
|
|
|
(282,532)
|
|
|
|
|
|
Total
Assets
|
$
30,774,891
|
|
|
|
|
|
$
27,427,626
|
|
|
|
|
|
$
27,235,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
$ 7,080,302
|
|
$
31,748
|
|
1.80 %
|
|
$ 5,596,725
|
|
$
20,500
|
|
1.47 %
|
|
$ 5,535,669
|
|
$
14,612
|
|
1.06 %
|
|
Savings
deposits
|
7,309,141
|
|
44,901
|
|
2.47 %
|
|
6,669,228
|
|
38,797
|
|
2.34 %
|
|
6,632,572
|
|
29,289
|
|
1.77 %
|
|
Brokered
deposits
|
1,123,328
|
|
15,074
|
|
5.40 %
|
|
1,083,382
|
|
14,655
|
|
5.44 %
|
|
954,773
|
|
12,135
|
|
5.10 %
|
|
Time
deposits
|
3,670,158
|
|
39,364
|
|
4.31 %
|
|
2,968,344
|
|
29,622
|
|
4.01 %
|
|
2,063,038
|
|
13,763
|
|
2.68 %
|
|
Total
Interest-Bearing Deposits
|
19,182,929
|
|
131,087
|
|
2.75 %
|
|
16,317,679
|
|
103,574
|
|
2.55 %
|
|
15,186,052
|
|
69,799
|
|
1.84 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and other
interest-bearing
liabilities
|
2,441,691
|
|
27,699
|
|
4.53 %
|
|
2,608,376
|
|
29,155
|
|
4.46 %
|
|
2,790,860
|
|
32,261.2
|
|
4.60 %
|
|
Total
Interest-Bearing Liabilities
|
21,624,620
|
|
158,786
|
|
2.95 %
|
|
18,926,055
|
|
132,729
|
|
2.82 %
|
|
17,976,912
|
|
102,060
|
|
2.27 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
5,460,025
|
|
|
|
|
|
5,061,075
|
|
|
|
|
|
6,021,091
|
|
|
|
|
|
Other
liabilities
|
737,575
|
|
|
|
|
|
673,551
|
|
|
|
|
|
590,100
|
|
|
|
|
|
Total
Liabilities
|
27,822,220
|
|
|
|
|
|
24,660,681
|
|
|
|
|
|
24,588,103
|
|
|
|
|
|
Shareholders'
equity
|
2,952,671
|
|
|
|
|
|
2,766,945
|
|
|
|
|
|
2,647,464
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
$
30,774,891
|
|
|
|
|
|
$
27,427,626
|
|
|
|
|
|
$
27,235,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest margin
(fully taxable equivalent)
|
|
|
246,276
|
|
3.43 %
|
|
|
|
211,529
|
|
3.32 %
|
|
|
|
217,257
|
|
3.40 %
|
|
Tax equivalent
adjustment
|
|
|
(4,556)
|
|
|
|
|
|
(4,592)
|
|
|
|
|
|
(4,405)
|
|
|
|
Net Interest
Income
|
|
|
$ 241,720
|
|
|
|
|
|
$ 206,937
|
|
|
|
|
|
$ 212,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Presented on a fully taxable-equivalent basis using a 21% federal
tax rate and statutory interest expense disallowances.
|
|
|
|
|
|
|
|
|
|
(2) Average
balances include non-performing loans.
|
|
(3) Average
balances include amortized historical cost for available for sale
("AFS") securities; the related unrealized holding gains (losses)
are included in other assets.
|
|
(4) ACL -
loans relates to the ACL for net loans and does not include the ACL
related to OBS credit exposures, which is included in other
liabilities.
|
|
FULTON FINANCIAL
CORPORATION
|
|
AVERAGE LOANS,
DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
|
|
(dollars in
thousands)
|
|
|
Three months
ended
|
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
June
30
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
|
Loans, by
type:
|
|
|
|
|
|
|
|
|
|
|
|
Real estate -
commercial mortgage
|
$ 8,958,139
|
|
$ 8,166,018
|
|
$ 8,090,627
|
|
$ 7,912,801
|
|
$ 7,775,436
|
|
|
Commercial and
industrial
|
4,853,583
|
|
4,517,179
|
|
4,579,441
|
|
4,611,376
|
|
4,629,919
|
|
|
Real estate -
residential mortgage
|
5,977,132
|
|
5,353,905
|
|
5,303,632
|
|
5,209,105
|
|
5,008,295
|
|
|
Real estate - home
equity
|
1,117,367
|
|
1,039,321
|
|
1,043,753
|
|
1,045,806
|
|
1,066,615
|
|
|
Real estate -
construction
|
1,430,057
|
|
1,240,640
|
|
1,153,601
|
|
1,254,577
|
|
1,306,286
|
|
|
Consumer
|
685,183
|
|
721,523
|
|
746,011
|
|
761,273
|
|
763,407
|
|
|
Leases and other
loans(1)
|
324,453
|
|
331,447
|
|
338,714
|
|
326,339
|
|
316,277
|
|
|
Total Net
Loans
|
$
23,345,914
|
|
$
21,370,033
|
|
$
21,255,779
|
|
$
21,121,277
|
|
$
20,866,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits, by
type:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
$ 5,460,025
|
|
$ 5,061,075
|
|
$ 5,440,098
|
|
$ 5,672,411
|
|
$ 6,021,091
|
|
|
Interest-bearing
demand
|
7,080,302
|
|
5,596,725
|
|
5,723,169
|
|
5,740,229
|
|
5,535,669
|
|
|
Savings
|
7,309,141
|
|
6,669,228
|
|
6,682,512
|
|
6,676,792
|
|
6,632,572
|
|
|
Total demand and
savings
|
19,849,468
|
|
17,327,028
|
|
17,845,779
|
|
18,089,432
|
|
18,189,332
|
|
|
Brokered
|
1,123,328
|
|
1,083,382
|
|
1,051,369
|
|
937,657
|
|
954,773
|
|
|
Time
|
3,670,158
|
|
2,968,344
|
|
2,579,400
|
|
2,330,206
|
|
2,063,038
|
|
|
Total
Deposits
|
$
24,642,954
|
|
$
21,378,754
|
|
$
21,476,548
|
|
$
21,357,295
|
|
$
21,207,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings, by
type:
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased
|
$ 32,637
|
|
$
173,659
|
|
$
446,707
|
|
$
634,163
|
|
$
679,401
|
|
|
Federal Home Loan Bank
advances
|
833,726
|
|
902,890
|
|
760,087
|
|
793,098
|
|
880,811
|
|
|
Senior debt and
subordinated debt
|
535,656
|
|
535,479
|
|
539,186
|
|
540,086
|
|
539,906
|
|
|
Other borrowings and
other interest-bearing liabilities
|
1,039,672
|
|
996,348
|
|
795,747
|
|
723,740
|
|
690,742
|
|
|
Total
Borrowings
|
$ 2,441,691
|
|
$ 2,608,376
|
|
$ 2,541,727
|
|
$ 2,691,087
|
|
$ 2,790,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
equipment lease financing, overdraft and net origination fees and
costs.
|
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS
(UNAUDITED)
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30
|
|
|
|
2024
|
|
2023
|
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
Balance
|
|
Interest(1)
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Net
loans(2)
|
|
$ 22,357,972
|
|
$ 669,414
|
|
6.02 %
|
|
$ 20,665,779
|
|
$ 550,219
|
|
5.36 %
|
|
Investment
securities(3)
|
|
4,189,901
|
|
60,847
|
|
2.90 %
|
|
4,261,718
|
|
54,824
|
|
2.57 %
|
|
Other interest-earning
assets
|
|
699,547
|
|
19,059
|
|
5.47 %
|
|
511,456
|
|
8,508
|
|
3.34 %
|
|
Total
Interest-Earning Assets
|
|
27,247,420
|
|
749,320
|
|
5.52 %
|
|
25,438,953
|
|
613,551
|
|
4.85 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Earning
assets:
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
292,638
|
|
|
|
|
|
135,436
|
|
|
|
|
|
Premises and
equipment
|
|
213,270
|
|
|
|
|
|
219,920
|
|
|
|
|
|
Other assets
|
|
1,686,941
|
|
|
|
|
|
1,552,669
|
|
|
|
|
|
Less: ACL -
loans(4)
|
|
(326,950)
|
|
|
|
|
|
(277,942)
|
|
|
|
|
|
Total
Assets
|
|
$ 29,113,319
|
|
|
|
|
|
$ 27,069,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
liabilities:
|
|
|
|
|
|
|
|
Demand
deposits
|
|
$
6,338,513
|
|
$
52,248
|
|
1.66 %
|
|
$
5,431,696
|
|
$
23,067
|
|
0.86 %
|
|
Savings
deposits
|
|
6,989,186
|
|
83,699
|
|
2.41 %
|
|
6,551,470
|
|
49,824
|
|
1.53 %
|
|
Brokered
deposits
|
|
1,103,356
|
|
29,728
|
|
5.42 %
|
|
698,644
|
|
17,308
|
|
5.00 %
|
|
Time
deposits
|
|
3,319,249
|
|
68,986
|
|
4.18 %
|
|
1,880,970
|
|
21,221
|
|
2.28 %
|
|
Total
Interest-Bearing Deposits
|
|
17,750,304
|
|
234,661
|
|
2.66 %
|
|
14,562,780
|
|
111,420
|
|
1.54 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and other
interest-bearing liabilities
|
|
2,525,034
|
|
56,854
|
|
4.49 %
|
|
2,928,819
|
|
64,873
|
|
4.43 %
|
|
Total
Interest-Bearing Liabilities
|
|
20,275,338
|
|
291,515
|
|
2.89 %
|
|
17,491,599
|
|
176,293
|
|
2.03 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
liabilities:
|
|
|
|
|
|
|
|
Demand
deposits
|
|
5,260,550
|
|
|
|
|
|
6,329,701
|
|
|
|
|
|
Other
liabilities
|
|
717,623
|
|
|
|
|
|
617,252
|
|
|
|
|
|
Total
Liabilities
|
|
26,253,511
|
|
|
|
|
|
24,438,552
|
|
|
|
|
|
Shareholders'
equity
|
|
2,859,808
|
|
|
|
|
|
2,630,484
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$ 29,113,319
|
|
|
|
|
|
$ 27,069,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net
interest margin (fully taxable
equivalent)
|
|
|
|
457,805
|
|
3.37 %
|
|
|
|
437,258
|
|
3.46 %
|
|
Tax equivalent
adjustment
|
|
|
|
(9,148)
|
|
|
|
|
|
(8,819)
|
|
|
|
Net Interest
Income
|
|
|
|
$ 448,657
|
|
|
|
|
|
$ 428,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Presented on a fully taxable-equivalent basis using a 21% federal
tax rate and statutory interest expense disallowances.
|
|
|
|
|
(2) Average
balances include non-performing loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Average
balances include amortized historical cost for AFS; the related
unrealized holding gains (losses) are included in other
assets.
|
|
(3) ACL -
loans relates to the ACL for net loans and does not include the ACL
related to OBS credit exposures, which is included in other
liabilities.
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
AVERAGE LOANS,
DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30
|
|
|
|
|
2024
|
|
2023
|
|
|
Loans, by
type:
|
|
|
|
|
|
|
Real estate -
commercial mortgage
|
|
$
8,562,077
|
|
$
7,748,356
|
|
|
Commercial and
industrial
|
|
4,685,383
|
|
4,598,097
|
|
|
Real estate -
residential mortgage
|
|
5,665,518
|
|
4,900,182
|
|
|
Real estate -
home equity
|
|
1,078,344
|
|
1,076,270
|
|
|
Real estate -
construction
|
|
1,335,348
|
|
1,291,299
|
|
|
Consumer
|
|
703,353
|
|
742,445
|
|
|
Leases and other
loans(1)
|
|
327,949
|
|
309,130
|
|
|
Total Net
Loans
|
|
$
22,357,972
|
|
$
20,665,779
|
|
|
|
|
|
|
|
|
|
Deposits, by
type:
|
|
|
|
|
|
|
Noninterest-bearing demand
|
|
$
5,260,550
|
|
$
6,329,701
|
|
|
Interest-bearing
demand
|
|
6,338,513
|
|
5,431,696
|
|
|
Savings
|
|
6,989,186
|
|
6,551,470
|
|
|
Total
demand and savings
|
|
18,588,249
|
|
18,312,867
|
|
|
Brokered
|
|
1,103,356
|
|
698,644
|
|
|
Time
|
|
3,319,249
|
|
1,880,970
|
|
|
Total
Deposits
|
|
$
23,010,854
|
|
$
20,892,481
|
|
|
|
|
|
|
|
|
|
Borrowings, by
type:
|
|
|
|
|
|
|
Federal funds
purchased
|
|
$
103,148
|
|
$
592,753
|
|
|
Federal Home Loan
Bank advances
|
|
868,308
|
|
1,070,148
|
|
|
Senior debt and
subordinated debt
|
|
535,567
|
|
539,817
|
|
|
Other
borrowings
|
|
1,018,011
|
|
726,101
|
|
|
Total
Borrowings
|
|
$
2,525,034
|
|
$
2,928,819
|
|
|
|
|
|
|
|
|
|
(1) Includes
equipment lease financing, overdraft and net origination fees and
costs.
|
|
FULTON FINANCIAL
CORPORATION
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months ended
June 30
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
June
30
|
|
Jun
30
|
|
Jun
30
|
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2024
|
|
2023
|
|
Allowance for credit
losses related to net loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
297,888
|
|
$
293,404
|
|
$
292,739
|
|
$
287,442
|
|
$
278,695
|
|
$
293,404
|
|
$
269,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CECL day 1 provision
expense(1)
|
23,444
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23,444
|
|
—
|
|
Initial purchased
credit deteriorated allowance for credit
losses
|
55,906
|
|
—
|
|
—
|
|
—
|
|
—
|
|
55,906
|
|
—
|
|
Loans charged
off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate - commercial mortgage
|
(7,853)
|
|
(26)
|
|
(3,547)
|
|
(860)
|
|
(230)
|
|
(7,879)
|
|
(13,592)
|
|
Commercial and industrial
|
(2,955)
|
|
(7,632)
|
|
(3,397)
|
|
(3,220)
|
|
(2,017)
|
|
(10,587)
|
|
(2,629)
|
|
Real
estate - residential mortgage
|
(35)
|
|
(251)
|
|
—
|
|
—
|
|
(62)
|
|
(286)
|
|
(62)
|
|
Consumer and home equity
|
(1,766)
|
|
(2,238)
|
|
(2,192)
|
|
(1,803)
|
|
(1,313)
|
|
(4,004)
|
|
(3,519)
|
|
Real
estate - construction
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Leases and other loans(2)
|
(1,398)
|
|
(805)
|
|
(1,096)
|
|
(1,396)
|
|
(1,165)
|
|
(2,203)
|
|
(1,888)
|
|
Total loans charged off
|
(14,007)
|
|
(10,952)
|
|
(10,232)
|
|
(7,279)
|
|
(4,787)
|
|
(24,959)
|
|
(21,690)
|
|
Recoveries of loans
previously charged off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate - commercial mortgage
|
146
|
|
152
|
|
160
|
|
101
|
|
29
|
|
298
|
|
815
|
|
Commercial and industrial
|
796
|
|
1,248
|
|
779
|
|
620
|
|
988
|
|
2,044
|
|
2,074
|
|
Real
estate - residential mortgage
|
122
|
|
116
|
|
278
|
|
37
|
|
58
|
|
238
|
|
106
|
|
Consumer and home equity
|
1,161
|
|
676
|
|
555
|
|
1,023
|
|
959
|
|
1,837
|
|
1,620
|
|
Real
estate - construction
|
233
|
|
—
|
|
87
|
|
—
|
|
569
|
|
233
|
|
771
|
|
Leases and other loans(2)
|
247
|
|
162
|
|
374
|
|
400
|
|
213
|
|
409
|
|
329
|
|
Recoveries of loans previously charged off
|
2,705
|
|
2,354
|
|
2,233
|
|
2,181
|
|
2,816
|
|
5,059
|
|
5,715
|
|
Net loans charged
off
|
(11,302)
|
|
(8,598)
|
|
(7,999)
|
|
(5,098)
|
|
(1,971)
|
|
(19,900)
|
|
(15,975)
|
|
Provision for credit
losses(1)
|
10,005
|
|
13,082
|
|
8,664
|
|
10,395
|
|
10,718
|
|
23,087
|
|
34,051
|
|
Balance at end of
period
|
$
375,941
|
|
$
297,888
|
|
$
293,404
|
|
$
292,739
|
|
$
287,442
|
|
$
375,941
|
|
$
287,442
|
|
Net charge-offs to
average loans
|
0.19 %
|
|
0.16 %
|
|
0.15 %
|
|
0.10 %
|
|
0.04 %
|
|
0.18 %
|
|
0.15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses related to OBS Credit Exposures
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses(1)
|
$
(1,393)
|
|
$
(2,157)
|
|
$
1,144
|
|
$
(458)
|
|
$
(971)
|
|
$
(3,550)
|
|
$ 240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
135,367
|
|
$
129,628
|
|
$
121,620
|
|
$
113,022
|
|
$
123,280
|
|
|
|
|
|
Loans 90 days past due
and accruing
|
26,962
|
|
26,521
|
|
31,721
|
|
27,962
|
|
24,415
|
|
|
|
|
|
Total non-performing loans
|
162,329
|
|
156,149
|
|
153,341
|
|
140,984
|
|
147,695
|
|
|
|
|
|
Other real estate
owned
|
1,444
|
|
277
|
|
896
|
|
2,549
|
|
3,881
|
|
|
|
|
|
Total non-performing
assets
|
$
163,773
|
|
$
156,426
|
|
$
154,237
|
|
$
143,533
|
|
$
151,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
LOANS, BY TYPE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
50,817
|
|
$
44,118
|
|
$
41,020
|
|
$
33,365
|
|
$
30,588
|
|
|
|
|
|
Real estate -
commercial mortgage
|
46,343
|
|
47,891
|
|
46,527
|
|
44,058
|
|
55,048
|
|
|
|
|
|
Real estate -
residential mortgage
|
40,955
|
|
40,685
|
|
42,029
|
|
40,560
|
|
39,157
|
|
|
|
|
|
Consumer and home
equity
|
11,589
|
|
10,172
|
|
10,878
|
|
11,580
|
|
10,469
|
|
|
|
|
|
Leases and other
loans(2)
|
9,993
|
|
10,135
|
|
10,011
|
|
10,744
|
|
11,334
|
|
|
|
|
|
Real estate -
construction
|
2,632
|
|
3,148
|
|
2,876
|
|
677
|
|
1,099
|
|
|
|
|
|
Total non-performing
loans
|
$
162,329
|
|
$
156,149
|
|
$
153,341
|
|
$
140,984
|
|
$
147,695
|
|
|
|
|
|
|
|
(1) The sum
of these amounts are reflected in the provision for credit losses
in the Condensed Consolidated Statements of Income.
|
|
(2) Includes
equipment lease financing, overdraft and net origination fees and
costs.
|
|
FULTON FINANCIAL
CORPORATION
|
|
SUMMARY OF ASSETS
ACQUIRED AND LIABILITIES ASSUMED IN ACQUISITION
(UNAUDITED)
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
as of April 26,
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
Acquired/Liabilities
Assumed
|
|
Fair Value
Adjustments
|
|
Adjusted Assets
Acquired/Liabilities
Assumed
|
|
|
|
|
|
|
|
|
Cash payment received
from FDIC
|
|
$
809,920
|
|
$
—
|
|
$
809,920
|
|
|
|
|
|
|
|
|
Assets
acquired:
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
208,451
|
|
—
|
|
208,451
|
|
Other interest-earning
assets
|
|
37,931
|
|
—
|
|
37,931
|
|
Investment
securities
|
|
1,961,099
|
|
(22,528)
|
|
1,938,571
|
|
Net loans
|
|
2,883,930
|
|
(378,890)
|
|
2,505,040
|
|
Net premises and
equipment
|
|
2,669
|
|
(1,699)
|
|
970
|
|
Accrued interest
receivable
|
|
16,164
|
|
—
|
|
16,164
|
|
Goodwill and intangible
assets
|
|
—
|
|
92,600
|
|
92,600
|
|
Other assets
|
|
11,715
|
|
67
|
|
11,782
|
|
Total Assets
|
|
$
5,121,959
|
|
$
(310,450)
|
|
$
4,811,509
|
|
|
|
|
|
|
|
|
Liabilities
assumed:
|
|
|
|
|
|
|
|
Deposits
|
|
4,112,325
|
|
—
|
|
4,112,325
|
|
Borrowings
|
|
1,434,846
|
|
1,130
|
|
1,435,976
|
|
Other
liabilities
|
|
10,771
|
|
1,088
|
|
11,859
|
|
Total
Liabilities
|
|
$
5,557,942
|
|
$
2,218
|
|
$
5,560,160
|
|
|
|
|
|
|
|
|
Gain on acquisition,
before tax
|
|
$
61,269
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on acquisition,
net of tax
|
|
$
47,392
|
|
|
|
|
|
FULTON FINANCIAL
CORPORATION
|
|
RECONCILIATION OF
NON-GAAP MEASURES (UNAUDITED)
|
|
(dollars in
thousands, except per share and share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Explanatory
note:
|
This press release
contains supplemental financial information, as detailed below,
that has been derived by methods other than GAAP. The
Corporation has presented these non-GAAP financial measures because
it believes that these measures provide useful and comparative
information to assess trends in the Corporation's results of
operations and financial condition. Presentation of these non-GAAP
financial
measures is consistent with how the Corporation evaluates its
performance internally and these non-GAAP financial measures are
frequently
used by securities analysts, investors and other interested parties
in the evaluation of companies in the Corporation's industry.
Management
believes that these non-GAAP financial measures, in addition to
GAAP measures, are also useful to investors to evaluate the
Corporation's
results. Investors should recognize that the Corporation's
presentation of these non-GAAP financial measures might not be
comparable to
similarly titled measures of other companies. These non-GAAP
financial measures should not be considered a substitute for GAAP
basis
measures, and the Corporation strongly encourages a review of its
condensed consolidated financial statements in their entirety.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP measure follow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
June
30
|
|
|
|
|
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
Operating net income
available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
|
$
92,413
|
|
$
59,379
|
|
$
61,701
|
|
$
69,535
|
|
$
77,045
|
|
Plus: Core deposit
intangible amortization
|
|
4,556
|
|
441
|
|
441
|
|
441
|
|
912
|
|
Plus:
Acquisition-related expense
|
|
13,803
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Non-PCD
credit-related interest income from acquisition
|
|
(571)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: CECL day 1
provision expense
|
|
23,444
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: Interest rate
derivative transition valuation(1)
|
|
(137)
|
|
(151)
|
|
(1,102)
|
|
2,958
|
|
—
|
|
Less: Gain on
acquisition, net of tax
|
|
(47,392)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: Loss on
securities restructuring
|
|
20,282
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Gain on
sale-leaseback
|
|
(20,266)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: FDIC special
assessment
|
|
—
|
|
956
|
|
6,494
|
|
—
|
|
—
|
|
Plus: FultonFirst
implementation and asset disposals
|
|
6,323
|
|
6,329
|
|
3,197
|
|
—
|
|
—
|
|
Less: Tax impact of
adjustments
|
|
(9,961)
|
|
(1,591)
|
|
(1,896)
|
|
(714)
|
|
(192)
|
|
Operating net income
available to common shareholders (numerator)
|
|
$
82,494
|
|
$
65,363
|
|
$
68,835
|
|
$
72,220
|
|
$
77,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
(diluted) (denominator)
|
|
176,934
|
|
164,520
|
|
165,650
|
|
166,023
|
|
167,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income
available to common shareholders, per share
(diluted)
|
|
$
0.47
|
|
$
0.40
|
|
$
0.42
|
|
$
0.43
|
|
$
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shareholders'
equity (tangible), per share
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
$ 3,101,609
|
|
$
2,757,679
|
|
$
2,760,139
|
|
$
2,566,693
|
|
$
2,642,152
|
|
Less: Preferred
stock
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
Less: Goodwill and
intangible assets
|
|
(648,026)
|
|
(560,114)
|
|
(560,687)
|
|
(561,284)
|
|
(561,885)
|
|
Tangible common
shareholders' equity (numerator)
|
|
$ 2,260,705
|
|
$
2,004,687
|
|
$
2,006,574
|
|
$
1,812,531
|
|
$
1,887,389
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end
of period (denominator)
|
|
181,831
|
|
162,087
|
|
163,801
|
|
164,084
|
|
166,097
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shareholders'
equity (tangible), per share
|
|
$
12.43
|
|
$
12.37
|
|
$
12.25
|
|
$
11.05
|
|
$
11.36
|
|
(1)
Resulting from the reference rate transition from LIBOR to SOFR in
the Corporation's commercial customer interest rate swap
program.
|
|
(2) Results
are annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
June
30
|
|
|
|
|
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
Operating return on
average assets(2)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
94,975
|
|
$
61,941
|
|
$
64,263
|
|
$
72,097
|
|
$
79,607
|
|
Plus: Core deposit
intangible amortization
|
|
4,556
|
|
441
|
|
441
|
|
441
|
|
912
|
|
Plus:
Acquisition-related expense
|
|
13,803
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Non-PCD
credit-related interest income from acquisition
|
|
(571)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: CECL day 1
provision expense
|
|
23,444
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: Interest rate
derivative transition valuation(1)
|
|
(137)
|
|
(151)
|
|
(1,102)
|
|
2,958
|
|
—
|
|
Less: Gain on
acquisition, net of tax
|
|
(47,392)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: Loss on
securities restructuring
|
|
20,282
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Gain on
sale-leaseback
|
|
(20,266)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: FDIC special
assessment
|
|
—
|
|
956
|
|
6,494
|
|
—
|
|
—
|
|
Plus: FultonFirst
implementation and asset disposals
|
|
6,323
|
|
6,329
|
|
3,197
|
|
—
|
|
—
|
|
Less: Tax impact of
adjustments
|
|
(9,961)
|
|
(1,591)
|
|
(1,896)
|
|
(714)
|
|
(192)
|
|
Operating net income
(numerator)
|
|
$
85,056
|
|
$
67,925
|
|
$
71,397
|
|
$
74,782
|
|
$
80,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
30,774,891
|
|
$
27,427,626
|
|
$
27,397,671
|
|
$
27,377,836
|
|
$
27,235,567
|
|
Less: Average net core
deposit intangible
|
|
(68,234)
|
|
(4,666)
|
|
(5,106)
|
|
(5,548)
|
|
(6,417)
|
|
Total operating average
assets (denominator)
|
|
$
30,706,657
|
|
$
27,422,960
|
|
$
27,392,565
|
|
$
27,372,288
|
|
$
27,229,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average assets
|
|
1.11 %
|
|
1.00 %
|
|
1.03 %
|
|
1.08 %
|
|
1.18 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average common shareholders' equity (tangible)(2)
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
|
$
92,413
|
|
$
59,379
|
|
$
61,701
|
|
$
69,535
|
|
$
77,045
|
|
Plus: Intangible
amortization
|
|
|
4,688
|
|
573
|
|
597
|
|
601
|
|
1,072
|
|
Plus:
Acquisition-related expense
|
|
|
13,803
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Non-PCD
credit-related interest income from acquisition
|
|
(571)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: CECL day 1
provision expense
|
|
23,444
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: Interest rate
derivative transition valuation(1)
|
|
(137)
|
|
(151)
|
|
(1,102)
|
|
2,958
|
|
—
|
|
Less: Gain on
acquisition, net of tax
|
|
(47,392)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: Loss on
securities restructuring
|
|
20,282
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Gain on
sale-leaseback
|
|
(20,266)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: FDIC special
assessment
|
|
—
|
|
956
|
|
6,494
|
|
—
|
|
—
|
|
Plus: FultonFirst
implementation and asset disposals
|
|
6,323
|
|
6,329
|
|
3,197
|
|
—
|
|
—
|
|
Less: Tax impact of
adjustments
|
|
|
(9,989)
|
|
(1,618)
|
|
(1,929)
|
|
(747)
|
|
(225)
|
|
Adjusted net income
available to common shareholders (numerator)
|
|
$
82,598
|
|
$
65,468
|
|
$
68,958
|
|
$
72,347
|
|
$
77,892
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
|
$ 2,952,671
|
|
$
2,766,945
|
|
$
2,618,024
|
|
$
2,645,977
|
|
$
2,647,464
|
|
Less: Average preferred
stock
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
Less: Average goodwill
and intangible assets
|
|
(624,471)
|
|
(560,393)
|
|
(560,977)
|
|
(561,578)
|
|
(563,146)
|
|
Average tangible common
shareholders' equity (denominator)
|
|
$ 2,135,322
|
|
$
2,013,674
|
|
$
1,864,169
|
|
$
1,891,521
|
|
$
1,891,440
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average common shareholders' equity (tangible)
|
|
15.56 %
|
|
13.08 %
|
|
14.68 %
|
|
15.17 %
|
|
16.52 %
|
|
(1)
Resulting from the reference rate transition from LIBOR to SOFR in
the Corporation's commercial customer interest rate swap
program.
|
|
(2) Results
are annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
June
30
|
|
|
|
|
|
|
2024
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
Tangible common
equity to tangible assets (TCE Ratio)
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
$ 3,101,609
|
|
$
2,757,679
|
|
$
2,760,139
|
|
$
2,566,693
|
|
$
2,642,152
|
|
Less: Preferred
stock
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
(192,878)
|
|
Less: Goodwill and
intangible assets
|
|
(648,026)
|
|
(560,114)
|
|
(560,687)
|
|
(561,284)
|
|
(561,885)
|
|
Tangible common
shareholders' equity (numerator)
|
|
$ 2,260,705
|
|
$
2,004,687
|
|
$
2,006,574
|
|
$
1,812,531
|
|
$
1,887,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
31,769,813
|
|
$
27,642,957
|
|
$
27,571,915
|
|
$
27,375,177
|
|
$
27,403,163
|
|
Less: Goodwill and
intangible assets
|
|
(648,026)
|
|
(560,114)
|
|
(560,687)
|
|
(561,284)
|
|
(561,885)
|
|
Total tangible assets
(denominator)
|
|
$
31,121,787
|
|
$
27,082,843
|
|
$
27,011,228
|
|
$
26,813,893
|
|
$
26,841,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
|
7.26 %
|
|
7.40 %
|
|
7.43 %
|
|
6.76 %
|
|
7.03 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
$ 199,488
|
|
$ 177,600
|
|
$ 180,552
|
|
$ 171,020
|
|
$ 168,018
|
|
Less:
Acquisition-related expense
|
|
(13,803)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Gain on
sale-leaseback
|
|
20,266
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: FDIC special
assessment
|
|
—
|
|
(956)
|
|
(6,494)
|
|
—
|
|
—
|
|
Less: FultonFirst
implementation and asset disposals
|
|
(6,323)
|
|
(6,329)
|
|
(3,197)
|
|
—
|
|
—
|
|
Less: Intangible
amortization
|
|
(4,688)
|
|
(573)
|
|
(597)
|
|
(601)
|
|
(1,072)
|
|
Less: Debt
extinguishment
|
|
—
|
|
—
|
|
720
|
|
—
|
|
—
|
|
Non-interest expense
(numerator)
|
|
$ 194,940
|
|
$ 169,742
|
|
$ 170,984
|
|
$ 170,419
|
|
$ 166,946
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$ 241,720
|
|
$ 206,937
|
|
$ 212,006
|
|
$ 213,842
|
|
$ 212,852
|
|
Tax equivalent
adjustment
|
|
4,556
|
|
4,592
|
|
4,549
|
|
4,442
|
|
4,405
|
|
Plus: Total
non-interest income
|
|
92,994
|
|
57,140
|
|
59,378
|
|
55,961
|
|
60,585
|
|
Plus: Interest rate
derivative transition valuation(1)
|
|
(137)
|
|
(151)
|
|
(1,102)
|
|
2,958
|
|
—
|
|
Less: Non-PCD
credit-related interest income from acquisition
|
|
(571)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Gain on
acquisition, net of tax
|
|
(47,392)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Plus: Investment
securities (gains) losses, net
|
|
20,282
|
|
—
|
|
752
|
|
—
|
|
4
|
|
Total revenue
(denominator)
|
|
$ 311,452
|
|
$ 268,518
|
|
$ 275,583
|
|
$ 277,203
|
|
$ 277,846
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
62.6 %
|
|
63.2 %
|
|
62.0 %
|
|
61.5 %
|
|
60.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
non-interest expense to total average assets
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
$ 199,488
|
|
$ 177,600
|
|
$ 180,552
|
|
$ 171,020
|
|
$ 168,018
|
|
Less: Amortization of
tax credit investments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Intangible
amortization
|
|
(4,688)
|
|
(573)
|
|
(597)
|
|
(601)
|
|
(1,072)
|
|
Less:
Acquisition-related expense
|
|
(13,803)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: Gain on
sale-leaseback
|
|
20,266
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Less: FDIC special
assessment
|
|
—
|
|
(956)
|
|
(6,494)
|
|
—
|
|
—
|
|
Less: FultonFirst
implementation and asset disposals
|
|
(6,323)
|
|
(6,329)
|
|
(3,197)
|
|
—
|
|
—
|
|
Non-interest expense
(numerator)
|
|
$ 194,940
|
|
$ 169,742
|
|
$ 170,264
|
|
$ 170,419
|
|
$ 166,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets
(denominator)
|
|
$
30,774,891
|
|
$
27,427,626
|
|
$
27,397,671
|
|
$
27,377,836
|
|
$
27,235,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating non-interest
expenses to total average assets
|
|
2.55 %
|
|
2.49 %
|
|
2.47 %
|
|
2.47 %
|
|
2.46 %
|
|
(1)
Resulting from the reference rate transition from LIBOR to SOFR in
the Corporation's commercial customer interest rate swap
program.
|
|
(2) Results
are annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: numbers in this
report may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
Media Contact: Lacey Dean (717)
735-8688
Investor Contact: Matt Jozwiak (717)
327-2657
View original content to download
multimedia:https://www.prnewswire.com/news-releases/fulton-financial-corporation-announces-second-quarter-2024-results-302198762.html
SOURCE Fulton Financial Corporation