PR Newswire
LANCASTER, Pa.
, April 15, 2025 /PRNewswire/ — Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $90.4 million, or $0.49 per diluted share, for the first quarter of 2025, an increase of $24.4 million, or $0.13 per share, in comparison to the fourth quarter of 2024. Operating net income available to common shareholders for the three months ended March 31, 2025 was $95.5 million, or $0.52 per diluted share(1), an increase of $6.5 million, or $0.04 per share, in comparison to the fourth quarter of 2024.
“We are pleased with our first quarter operating earnings of $0.52 per diluted share and encouraged by the strong start to the year,” said Curtis J. Myers, Chairman and CEO of Fulton. “Our team continues to be disciplined in our approach to creating value for all stakeholders while remaining focused on the long term during this uncertain and dynamic environment.”
Financial Highlights
First quarter of 2025 operating results of $0.52 per diluted share were impacted by the following items:
- Solid net interest margin of 3.43% with a 12 basis point decrease in total cost of funds compared to the prior quarter.
- Non-interest expense decreased $27.2 million to $189.5 million compared to $216.6 million in the prior quarter. Operating non-interest expense decreased $7.8 million to $182.9 million(1) compared to $190.7 million in the prior quarter.
- Provision for credit losses was $13.9 million resulting in an allowance for credit losses attributable to net loans of $379.7 million, or 1.59% of total net loans as of March 31, 2025.
- Excluding brokered deposits, customer deposits increased $304.9 million, or 4.9% annualized, compared to the prior quarter.
- Common equity tier 1 capital ratio(2) increased to approximately 11.0% compared to 10.8% in the prior quarter.
The following items highlight notable changes in the components of net income and the balance sheet in the first quarter of 2025 compared to the fourth quarter of 2024:
- Net interest income totaled $251.2 million, a decrease of $2.5 million, primarily due to a decline in short-term interest rates and day count. A decrease in interest income on net loans of $13.0 million was partially offset by a decrease in interest expense on interest-bearing liabilities of $12.2 million. A $4.3 million decrease in interest income on other interest-earning assets was partially offset by a $2.6 million increase in interest income on investment securities. Purchase loan mark accretion from loans acquired in the Acquisition(3) was $13.1 million in the first quarter of 2025 compared to $13.9 million in the prior quarter.
- Non-interest income before investment securities gains (losses) was $67.2 million compared to $65.9 million in the prior quarter. The $1.3 million increase was primarily due to a $2.7 million reduction in the gain on acquisition (net of tax) recorded in the fourth quarter of 2024 and a $2.4 million increase in income from equity method investments, reflected in other income, partially offset by a $0.6 million decrease in mortgage banking income, a $0.5 million decrease in debit card fee income, a $0.5 million decrease in Small Business Administration loan income, a $0.5 million decrease in merchant fee income, a $0.3 million decrease in commercial customer interest rate derivative fee income, reflected in capital markets income, a $0.3 million decrease in overdraft fee income and a $0.2 million decrease in wealth management revenues.
- Non-interest expense was $189.5 million compared to $216.6 million in the prior quarter. The $27.2 million decrease was primarily due to a $10.0 million decrease in FultonFirst implementation and asset disposal expense and a $9.3 million decrease in acquisition-related expense. Excluding the FultonFirst implementation and asset disposal-related expense, the decrease in non-interest expense was primarily due to a $4.4 million decrease in professional fees driven by a recovery of previously incurred fees, a $3.7 million decrease in employee salaries and benefits expense primarily related to cost savings realized in connection with the Acquisition and the FultonFirst initiative.
Balance Sheet Summary
- Net loans totaled $23.9 billion, a decrease of $182.3 million, compared to $24.0 billion as of December 31, 2024. The decrease in net loans was due to a $244.3 million net decrease in commercial and other loans(4) partially offset by a $62.0 million increase in consumer loans(4). The decrease in commercial and other loans was partially due to the payoff in the quarter of $94.2 million of special mention loans and substandard loans. Commercial and other loans in non-accrual status decreased during the first quarter.
- Deposits totaled $26.3 billion, an increase of $199.5 million, compared to $26.1 billion as of December 31, 2024. The increase was primarily due to a $416.4 million increase in savings deposits, partially offset by decreases of $105.4 million in brokered deposits, $63.8 million in noninterest-bearing demand deposits and $39.2 million in interest-bearing demand deposits.
Provision for Credit Losses and Asset Quality
- The provision for credit losses was $13.9 million in the first quarter of 2025 resulting in a $379.7 million allowance for credit losses attributable to net loans, or 1.59% of total net loans as of March 31, 2025, compared to $379.2 million, or 1.58% of total net loans as of December 31, 2024.
- Non-performing assets were $199.0 million, or 0.62% of total assets, as of March 31, 2025, in comparison to $222.7 million, or 0.69% of total assets, as of December 31, 2024.
- Annualized net charge-offs for the first quarter of 2025 were 0.21% of total average loans in comparison to 0.22% in the prior quarter.
Additional information on Fulton is available on the Internet at www.fultonbank.com.
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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. |
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Regulatory capital ratios as of March 31, 2025, are preliminary estimates and prior periods are actual. |
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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 among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank. |
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Commercial loans include real estate – commercial mortgage, commercial and industrial, leases and other loans and includes a $231.2 million decrease in commercial construction loans reflected in real estate – construction. Consumer loans include real estate – residential mortgage, real estate – home equity, consumer and includes an $11.7 million increase in residential construction loans, reflected in real estate – construction. |
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, 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.
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Investment securities |
$ 5,071,323 |
$ 4,806,468 |
$ 4,545,278 |
$ 4,184,027 |
$ 3,783,392 |
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Net loans |
23,862,574 |
24,044,919 |
24,176,075 |
24,106,297 |
21,444,483 |
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Total assets |
32,132,028 |
32,071,810 |
32,185,726 |
31,769,813 |
27,642,957 |
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Deposits |
26,328,972 |
26,129,433 |
26,152,144 |
25,559,654 |
21,741,950 |
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Shareholders’ equity |
3,274,321 |
3,197,325 |
3,203,943 |
3,101,609 |
2,757,679 |
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Investment securities(1) |
4,906,952 |
4,771,537 |
4,237,805 |
4,043,136 |
3,672,844 |
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Net loans |
24,006,863 |
24,068,784 |
24,147,801 |
23,345,914 |
21,370,033 |
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Total assets |
31,971,601 |
32,098,852 |
31,895,235 |
30,774,891 |
27,427,626 |
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Deposits |
26,169,883 |
26,313,378 |
25,778,259 |
24,642,954 |
21,378,754 |
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Shareholders’ equity |
3,254,125 |
3,219,026 |
3,160,322 |
2,952,671 |
2,766,945 |
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Net interest income |
251,187 |
253,659 |
258,009 |
241,720 |
206,937 |
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Provision for credit losses |
13,898 |
16,725 |
11,929 |
32,056 |
10,925 |
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Non-interest income |
67,232 |
65,924 |
59,673 |
92,994 |
57,140 |
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Non-interest expense |
189,460 |
216,615 |
226,089 |
199,488 |
177,600 |
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Income before taxes |
115,061 |
86,243 |
79,664 |
103,170 |
75,552 |
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Net income available to common |
90,425 |
66,058 |
60,644 |
92,413 |
59,379 |
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Net income available to common |
$0.50 |
$0.36 |
$0.33 |
$0.53 |
$0.36 |
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Net income available to common |
$0.49 |
$0.36 |
$0.33 |
$0.52 |
$0.36 |
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Operating net income available to common |
$0.52 |
$0.48 |
$0.50 |
$0.47 |
$0.40 |
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Cash dividends |
$0.18 |
$0.18 |
$0.17 |
$0.17 |
$0.17 |
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Common shareholders’ equity |
$16.91 |
$16.50 |
$16.55 |
$16.00 |
$15.82 |
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Common shareholders’ equity (tangible)(2) |
$13.46 |
$13.01 |
$13.02 |
$12.43 |
$12.37 |
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Weighted average shares (basic) |
182,179 |
182,032 |
181,905 |
175,305 |
162,706 |
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Weighted average shares (diluted) |
184,077 |
183,867 |
183,609 |
176,934 |
164,520 |
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Net charge-offs to average loans |
0.21 % |
0.22 % |
0.18 % |
0.19 % |
0.16 % |
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Non-performing loans to total net loans |
0.82 % |
0.92 % |
0.84 % |
0.72 % |
0.73 % |
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Non-performing assets to total assets |
0.62 % |
0.69 % |
0.64 % |
0.55 % |
0.57 % |
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ACL – loans(1) to total loans |
1.59 % |
1.58 % |
1.56 % |
1.56 % |
1.39 % |
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ACL – loans(1) to non-performing loans |
193 % |
172 % |
186 % |
218 % |
191 % |
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Return on average assets |
1.18 % |
0.85 % |
0.79 % |
1.24 % |
0.91 % |
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Operating return on average assets(2) |
1.25 % |
1.14 % |
1.17 % |
1.11 % |
1.00 % |
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Return on average common shareholders’ |
11.98 % |
8.68 % |
8.13 % |
13.47 % |
9.28 % |
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Operating return on average common |
15.95 % |
14.83 % |
15.65 % |
15.56 % |
13.08 % |
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Net interest margin |
3.43 % |
3.41 % |
3.49 % |
3.43 % |
3.32 % |
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Efficiency ratio(2) |
56.7 % |
58.4 % |
59.6 % |
62.6 % |
63.2 % |
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Non-interest expense to total average assets |
2.40 % |
2.68 % |
2.82 % |
2.61 % |
2.60 % |
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Operating non-interest expense to total |
2.32 % |
2.36 % |
2.45 % |
2.55 % |
2.49 % |
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Tangible common equity ratio (“TCE”)(2) |
7.8 % |
7.5 % |
7.5 % |
7.3 % |
7.4 % |
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Tier 1 leverage ratio |
9.2 % |
9.0 % |
9.0 % |
9.2 % |
9.3 % |
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Common equity Tier 1 capital ratio |
11.0 % |
10.8 % |
10.5 % |
10.3 % |
10.3 % |
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Tier 1 risk-based capital ratio |
11.8 % |
11.5 % |
11.3 % |
11.1 % |
11.1 % |
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Total risk-based capital ratio |
14.4 % |
14.3 % |
14.0 % |
13.8 % |
14.0 % |
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(“OBS”) credit exposures. |
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Cash and due from banks |
$ 388,503 |
$ 279,041 |
$ 296,500 |
$ 333,238 |
$ 247,581 |
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Other interest-earning assets |
778,117 |
924,404 |
1,287,392 |
1,188,341 |
231,389 |
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Loans held for sale |
15,965 |
25,618 |
17,678 |
26,822 |
10,624 |
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Investment securities |
5,071,323 |
4,806,468 |
4,545,278 |
4,184,027 |
3,783,392 |
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Net loans |
23,862,574 |
24,044,919 |
24,176,075 |
24,106,297 |
21,444,483 |
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Less: ACL – loans(1) |
(379,677) |
(379,156) |
(375,961) |
(375,941) |
(297,888) |
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Loans, net |
23,482,897 |
23,665,763 |
23,800,114 |
23,730,356 |
21,146,595 |
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Net premises and equipment |
186,873 |
195,527 |
171,731 |
180,642 |
213,541 |
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Accrued interest receivable |
116,215 |
117,029 |
115,903 |
120,752 |
107,089 |
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Goodwill and intangible assets |
629,189 |
635,458 |
641,739 |
648,026 |
560,114 |
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Other assets |
1,462,946 |
1,422,502 |
1,309,391 |
1,357,609 |
1,342,632 |
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$ 32,132,028 |
$ 32,071,810 |
$ 32,185,726 |
$ 31,769,813 |
$ 27,642,957 |
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Deposits |
$ 26,328,972 |
$ 26,129,433 |
$ 26,152,144 |
$ 25,559,654 |
$ 21,741,950 |
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Borrowings |
1,657,200 |
1,782,048 |
2,052,227 |
2,178,597 |
2,296,040 |
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Other liabilities |
871,535 |
963,004 |
777,412 |
929,953 |
847,288 |
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28,857,707 |
28,874,485 |
28,981,783 |
28,668,204 |
24,885,278 |
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Shareholders’ equity |
3,274,321 |
3,197,325 |
3,203,943 |
3,101,609 |
2,757,679 |
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$ 32,132,028 |
$ 32,071,810 |
$ 32,185,726 |
$ 31,769,813 |
$ 27,642,957 |
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Loans, by type: |
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Real estate – commercial mortgage |
$ 9,676,517 |
$ 9,601,858 |
$ 9,493,479 |
$ 9,289,770 |
$ 8,252,117 |
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Commercial and industrial |
4,531,266 |
4,605,589 |
4,914,734 |
4,967,796 |
4,467,589 |
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Real estate – residential mortgage |
6,409,657 |
6,349,643 |
6,302,624 |
6,248,856 |
5,395,720 |
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Real estate – home equity |
1,170,470 |
1,160,616 |
1,144,402 |
1,120,878 |
1,040,335 |
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Real estate – construction |
1,175,445 |
1,394,899 |
1,332,954 |
1,463,799 |
1,249,199 |
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Consumer |
597,305 |
616,856 |
651,717 |
692,086 |
698,421 |
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Leases and other loans(2) |
301,914 |
315,458 |
336,165 |
323,112 |
341,102 |
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$ 23,862,574 |
$ 24,044,919 |
$ 24,176,075 |
$ 24,106,297 |
$ 21,444,483 |
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Deposits, by type: |
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Noninterest-bearing demand |
$ 5,435,934 |
$ 5,499,760 |
$ 5,501,699 |
$ 5,609,383 |
$ 5,086,514 |
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Interest-bearing demand |
7,804,388 |
7,843,604 |
7,779,472 |
7,478,077 |
5,521,017 |
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Savings |
8,208,526 |
7,792,114 |
7,740,595 |
7,563,495 |
6,846,038 |
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21,448,848 |
21,135,478 |
21,021,766 |
20,650,955 |
17,453,569 |
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Brokered |
738,458 |
843,857 |
843,473 |
995,975 |
1,152,427 |
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Time |
4,141,666 |
4,150,098 |
4,286,905 |
3,912,724 |
3,135,954 |
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$ 26,328,972 |
$ 26,129,433 |
$ 26,152,144 |
$ 25,559,654 |
$ 21,741,950 |
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Borrowings, by type: |
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Federal Home Loan Bank advances |
$ 750,000 |
$ 850,000 |
$ 950,000 |
$ 750,000 |
$ 900,000 |
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Senior debt and subordinated debt |
367,396 |
367,316 |
535,917 |
535,741 |
535,566 |
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Other borrowings |
539,804 |
564,732 |
566,310 |
892,856 |
860,474 |
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$ 1,657,200 |
$ 1,782,048 |
$ 2,052,227 |
$ 2,178,597 |
$ 2,296,040 |
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Net Interest Income: |
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Interest income |
$ 399,692 |
$ 414,368 |
$ 427,656 |
$ 400,506 |
$ 339,666 |
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Interest expense |
148,505 |
160,709 |
169,647 |
158,786 |
132,729 |
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251,187 |
253,659 |
258,009 |
241,720 |
206,937 |
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Provision for credit losses |
13,898 |
16,725 |
11,929 |
32,056 |
10,925 |
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237,289 |
236,934 |
246,080 |
209,664 |
196,012 |
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Non-Interest Income: |
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Wealth management |
21,785 |
22,002 |
21,596 |
20,990 |
20,155 |
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Commercial banking: |
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Merchant and card |
6,591 |
7,082 |
7,496 |
7,798 |
6,808 |
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Cash management |
7,799 |
7,633 |
7,201 |
6,966 |
6,305 |
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Capital markets |
2,411 |
2,797 |
3,311 |
2,585 |
2,341 |
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Other commercial banking |
4,528 |
4,942 |
4,281 |
4,061 |
3,375 |
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21,329 |
22,454 |
22,289 |
21,410 |
18,829 |
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Consumer banking: |
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Card |
7,544 |
8,064 |
7,917 |
8,305 |
6,628 |
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Overdraft |
3,295 |
3,644 |
3,957 |
3,377 |
2,786 |
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Other consumer banking |
2,229 |
2,601 |
3,054 |
2,918 |
2,254 |
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13,068 |
14,309 |
14,928 |
14,600 |
11,668 |
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Mortgage banking |
3,138 |
3,759 |
3,142 |
3,951 |
3,090 |
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Gain on acquisition, net of tax |
— |
(2,689) |
(7,706) |
47,392 |
— |
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Other |
7,914 |
6,089 |
5,425 |
4,933 |
3,398 |
||||||
|
|
67,234 |
65,924 |
59,674 |
113,276 |
57,140 |
||||||
|
Investment securities losses, net |
(2) |
— |
(1) |
(20,282) |
— |
||||||
|
|
67,232 |
65,924 |
59,673 |
92,994 |
57,140 |
||||||
|
Non-Interest Expense: |
|||||||||||
|
Salaries and employee benefits |
103,526 |
107,886 |
118,824 |
110,630 |
95,481 |
||||||
|
Data processing and software |
18,599 |
19,550 |
20,314 |
20,357 |
17,661 |
||||||
|
Net occupancy |
18,207 |
16,417 |
18,999 |
17,793 |
16,149 |
||||||
|
Other outside services |
11,837 |
14,531 |
15,839 |
16,933 |
13,283 |
||||||
|
Intangible amortization |
6,269 |
6,282 |
6,287 |
4,688 |
573 |
||||||
|
FDIC insurance |
5,597 |
5,921 |
5,109 |
6,696 |
6,104 |
||||||
|
Equipment |
4,150 |
4,388 |
4,860 |
4,561 |
4,040 |
||||||
|
Marketing |
2,521 |
2,695 |
2,251 |
2,101 |
1,912 |
||||||
|
Professional fees |
(1,078) |
3,387 |
2,811 |
2,571 |
2,088 |
||||||
|
Acquisition-related expenses |
380 |
9,637 |
14,195 |
13,803 |
— |
||||||
|
Other |
19,452 |
25,921 |
16,600 |
(645) |
20,309 |
||||||
|
|
189,460 |
216,615 |
226,089 |
199,488 |
177,600 |
||||||
|
|
115,061 |
86,243 |
79,664 |
103,170 |
75,552 |
||||||
|
Income tax expense |
22,074 |
17,623 |
16,458 |
8,195 |
13,611 |
||||||
|
|
92,987 |
68,620 |
63,206 |
94,975 |
61,941 |
||||||
|
Preferred stock dividends |
(2,562) |
(2,562) |
(2,562) |
(2,562) |
(2,562) |
||||||
|
|
$ 90,425 |
$ 66,058 |
$ 60,644 |
$ 92,413 |
$ 59,379 |
||||||
|
|
|||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
|
|
|||||||||||
|
Net income available to common shareholders (basic) |
$0.50 |
$0.36 |
$0.33 |
$0.53 |
$0.36 |
||||||
|
Net income available to common shareholders (diluted) |
$0.49 |
$0.36 |
$0.33 |
$0.52 |
$0.36 |
||||||
|
Cash dividends |
$0.18 |
$0.18 |
$0.17 |
$0.17 |
$0.17 |
||||||
|
Weighted average shares (basic) |
182,179 |
182,032 |
181,905 |
175,305 |
162,706 |
||||||
|
Weighted average shares (diluted) |
184,077 |
183,867 |
183,609 |
176,934 |
164,520 |
||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
||||||||||||||||||
|
Interest-earning assets: |
||||||||||||||||||
|
Net loans(2) |
$ 24,006,863 |
$ 347,626 |
5.86 % |
$ 24,068,784 |
$ 360,642 |
5.97 % |
$ 21,370,033 |
$ 313,882 |
5.90 % |
|||||||||
|
Investment securities(3) |
5,199,000 |
47,242 |
3.63 % |
5,033,765 |
44,616 |
3.54 % |
3,983,753 |
27,048 |
2.71 % |
|||||||||
|
Other interest-earning assets |
793,126 |
9,164 |
4.67 % |
1,086,536 |
13,453 |
4.93 % |
249,079 |
3,328 |
5.36 % |
|||||||||
|
|
29,998,989 |
404,032 |
5.44 % |
30,189,085 |
418,711 |
5.53 % |
25,602,865 |
344,258 |
5.40 % |
|||||||||
|
Noninterest-earning assets: |
||||||||||||||||||
|
Cash and due from banks |
301,897 |
288,867 |
282,895 |
|||||||||||||||
|
Premises and equipment |
191,248 |
183,801 |
223,375 |
|||||||||||||||
|
Other assets |
1,864,996 |
1,816,421 |
1,614,746 |
|||||||||||||||
|
Less: ACL – loans(4) |
(385,529) |
(379,322) |
(296,255) |
|||||||||||||||
|
|
$ 31,971,601 |
$ 32,098,852 |
$ 27,427,626 |
|||||||||||||||
|
|
||||||||||||||||||
|
Interest-bearing liabilities: |
||||||||||||||||||
|
Demand deposits |
$ 7,753,586 |
$ 34,189 |
1.79 % |
$ 7,838,590 |
$ 37,952 |
1.93 % |
$ 5,596,725 |
$ 20,500 |
1.47 % |
|||||||||
|
Savings deposits |
7,971,728 |
45,101 |
2.29 % |
7,806,303 |
47,280 |
2.41 % |
6,669,228 |
38,797 |
2.34 % |
|||||||||
|
Brokered deposits |
904,722 |
10,038 |
4.50 % |
877,526 |
10,619 |
4.81 % |
1,083,382 |
14,655 |
5.44 % |
|||||||||
|
Time deposits |
4,127,784 |
41,564 |
4.08 % |
4,232,849 |
46,023 |
4.33 % |
2,968,344 |
29,622 |
4.01 % |
|||||||||
|
|
20,757,820 |
130,892 |
2.56 % |
20,755,268 |
141,874 |
2.72 % |
16,317,679 |
103,574 |
2.55 % |
|||||||||
|
Borrowings and other interest-bearing |
1,754,900 |
17,613 |
4.07 % |
1,847,431 |
18,835 |
4.06 % |
2,608,376 |
29,155 |
4.46 % |
|||||||||
|
|
22,512,720 |
148,505 |
2.67 % |
22,602,699 |
160,709 |
2.83 % |
18,926,055 |
132,729 |
2.82 % |
|||||||||
|
Noninterest-bearing liabilities: |
||||||||||||||||||
|
Demand deposits |
5,412,063 |
5,558,110 |
5,061,075 |
|||||||||||||||
|
Other liabilities |
792,693 |
719,017 |
673,551 |
|||||||||||||||
|
|
28,717,476 |
28,879,826 |
24,660,681 |
|||||||||||||||
|
Shareholders’ equity |
3,254,125 |
3,219,026 |
2,766,945 |
|||||||||||||||
|
|
$ 31,971,601 |
$ 32,098,852 |
$ 27,427,626 |
|||||||||||||||
|
Net interest income/net interest margin |
255,527 |
3.43 % |
258,002 |
3.41 % |
211,529 |
3.32 % |
||||||||||||
|
Tax equivalent adjustment |
(4,340) |
(4,343) |
(4,592) |
|||||||||||||||
|
|
$ 251,187 |
$ 253,659 |
$ 206,937 |
|||||||||||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|||||||||||
|
|
|||||||||||
|
|
|||||||||||
|
|
|||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
|
Loans, by type: |
|||||||||||
|
Real estate – commercial mortgage |
$ 9,655,283 |
$ 9,595,996 |
$ 9,318,273 |
$ 8,958,139 |
$ 8,166,018 |
||||||
|
Commercial and industrial |
4,608,401 |
4,730,101 |
4,998,051 |
4,853,583 |
4,517,179 |
||||||
|
Real estate – residential mortgage |
6,367,978 |
6,319,205 |
6,268,922 |
5,977,132 |
5,353,905 |
||||||
|
Real estate – home equity |
1,160,713 |
1,116,665 |
1,122,313 |
1,117,367 |
1,039,321 |
||||||
|
Real estate – construction |
1,296,090 |
1,312,245 |
1,437,907 |
1,430,057 |
1,240,640 |
||||||
|
Consumer |
615,741 |
665,261 |
682,602 |
685,183 |
721,523 |
||||||
|
Leases and other loans(1) |
302,657 |
329,311 |
319,733 |
324,453 |
331,447 |
||||||
|
|
$ 24,006,863 |
$ 24,068,784 |
$ 24,147,801 |
$ 23,345,914 |
$ 21,370,033 |
||||||
|
Deposits, by type: |
|||||||||||
|
Noninterest-bearing demand |
$ 5,412,063 |
$ 5,558,110 |
$ 5,495,950 |
$ 5,460,025 |
$ 5,061,075 |
||||||
|
Interest-bearing demand |
7,753,586 |
7,838,590 |
7,668,583 |
7,080,302 |
5,596,725 |
||||||
|
Savings |
7,971,728 |
7,806,303 |
7,663,599 |
7,309,141 |
6,669,228 |
||||||
|
|
21,137,377 |
21,203,003 |
20,828,132 |
19,849,468 |
17,327,028 |
||||||
|
Brokered |
904,722 |
877,526 |
842,661 |
1,123,328 |
1,083,382 |
||||||
|
Time |
4,127,784 |
4,232,849 |
4,107,466 |
3,670,158 |
2,968,344 |
||||||
|
|
$ 26,169,883 |
$ 26,313,378 |
$ 25,778,259 |
$ 24,642,954 |
$ 21,378,754 |
||||||
|
Borrowings, by type: |
|||||||||||
|
Federal funds purchased |
$ — |
$ 54 |
$ — |
$ 32,637 |
$ 173,659 |
||||||
|
Federal Home Loan Bank advances |
709,367 |
727,957 |
754,130 |
833,726 |
902,890 |
||||||
|
Senior debt and subordinated debt |
367,357 |
449,795 |
535,831 |
535,656 |
535,479 |
||||||
|
Other borrowings and other interest-bearing liabilities |
678,176 |
669,625 |
939,387 |
1,039,672 |
996,348 |
||||||
|
|
$ 1,754,900 |
$ 1,847,431 |
$ 2,229,348 |
$ 2,441,691 |
$ 2,608,376 |
||||||
|
|
|||||||||||
|
|
||||||||||
|
|
||||||||||
|
|
||||||||||
|
|
||||||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
||||||||||
|
|
$ 379,156 |
$ 375,961 |
$ 375,941 |
$ 297,888 |
$ 293,404 |
|||||
|
CECL day 1 provision expense(1) |
— |
— |
— |
23,444 |
— |
|||||
|
Initial purchased credit deteriorated allowance for credit |
— |
(136) |
(1,139) |
55,906 |
— |
|||||
|
Loans charged off: |
||||||||||
|
Real estate – commercial mortgage |
(12,106) |
(2,844) |
(2,723) |
(7,853) |
(26) |
|||||
|
Commercial and industrial |
(3,865) |
(9,480) |
(6,256) |
(2,955) |
(7,632) |
|||||
|
Real estate – residential mortgage |
(343) |
(55) |
(1,131) |
(35) |
(251) |
|||||
|
Consumer and home equity |
(2,193) |
(2,179) |
(2,308) |
(1,766) |
(2,238) |
|||||
|
Real estate – construction |
— |
— |
— |
— |
— |
|||||
|
Leases and other loans(2) |
(1,527) |
(1,768) |
(726) |
(1,398) |
(805) |
|||||
|
|
|
|
|
|
|
|||||
|
Recoveries of loans previously charged off: |
||||||||||
|
Real estate – commercial mortgage |
374 |
199 |
107 |
146 |
152 |
|||||
|
Commercial and industrial |
5,952 |
1,387 |
1,008 |
796 |
1,248 |
|||||
|
Real estate – residential mortgage |
174 |
104 |
130 |
122 |
116 |
|||||
|
Consumer and home equity |
660 |
974 |
545 |
1,161 |
676 |
|||||
|
Real estate – construction |
82 |
47 |
103 |
233 |
— |
|||||
|
Leases and other loans(2) |
201 |
194 |
129 |
247 |
162 |
|||||
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
|
Provision for credit losses(1) |
13,112 |
16,752 |
12,281 |
10,005 |
13,082 |
|||||
|
|
|
|
|
|
|
|||||
|
|
0.21 % |
0.22 % |
0.18 % |
0.19 % |
0.16 % |
|||||
|
|
||||||||||
|
Provision for credit losses(1) |
|
|
|
|
|
|||||
|
|
||||||||||
|
Non-accrual loans |
$ 162,426 |
$ 189,293 |
$ 175,861 |
$ 145,630 |
$ 129,628 |
|||||
|
Loans 90 days past due and accruing |
34,367 |
30,781 |
26,286 |
26,962 |
26,521 |
|||||
|
Total non-performing loans |
196,793 |
220,074 |
202,147 |
172,592 |
156,149 |
|||||
|
Other real estate owned |
2,193 |
2,621 |
2,844 |
1,444 |
277 |
|||||
|
|
|
|
|
|
|
|||||
|
|
||||||||||
|
Commercial and industrial |
$ 42,913 |
$ 43,677 |
$ 64,450 |
$ 58,433 |
$ 44,118 |
|||||
|
Real estate – commercial mortgage |
88,081 |
102,359 |
71,467 |
48,615 |
47,891 |
|||||
|
Real estate – residential mortgage |
46,878 |
45,901 |
41,727 |
41,033 |
40,685 |
|||||
|
Consumer and home equity |
12,682 |
14,374 |
12,830 |
11,886 |
10,172 |
|||||
|
Leases and other loans(2) |
2,573 |
12,017 |
9,927 |
9,993 |
10,135 |
|||||
|
Real estate – construction |
3,666 |
1,746 |
1,746 |
2,632 |
3,148 |
|||||
|
|
|
|
|
|
|
|||||
|
|
||||||||||
|
|
||||||||||
|
|
||||||||||
|
|
||||||||||||||
|
|
||||||||||||||
|
|
||||||||||||||
|
|
This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The |
|||||||||||||
|
|
||||||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
||||||||||||||
|
Net income available to common shareholders |
$ 90,425 |
$ 66,058 |
$ 60,644 |
$ 92,413 |
$ 59,379 |
|||||||||
|
Less: Other revenue |
(122) |
(269) |
(677) |
(708) |
(151) |
|||||||||
|
Plus: Gain on acquisition, net of tax |
— |
2,689 |
7,706 |
(47,392) |
— |
|||||||||
|
Plus: Loss on securities restructuring |
— |
— |
— |
20,282 |
— |
|||||||||
|
Plus: Core deposit intangible amortization |
6,155 |
6,155 |
6,155 |
4,556 |
441 |
|||||||||
|
Plus: Acquisition-related expense |
380 |
9,637 |
14,195 |
13,803 |
— |
|||||||||
|
Plus: CECL day 1 provision expense |
— |
— |
— |
23,444 |
— |
|||||||||
|
Less: Gain on sale-leaseback |
— |
— |
— |
(20,266) |
— |
|||||||||
|
Plus: FDIC special assessment |
— |
— |
(16) |
— |
956 |
|||||||||
|
Plus: FultonFirst implementation and asset disposals |
(47) |
10,001 |
9,385 |
6,323 |
6,329 |
|||||||||
|
Less: Tax impact of adjustments |
(1,337) |
(5,360) |
(6,099) |
(9,961) |
(1,591) |
|||||||||
|
Operating net income available to common shareholders (numerator) |
$ 95,454 |
$ 88,911 |
$ 91,293 |
$ 82,494 |
$ 65,363 |
|||||||||
|
Weighted average shares (diluted) (denominator) |
184,077 |
183,867 |
183,609 |
176,934 |
164,520 |
|||||||||
|
Operating net income available to common shareholders, per share |
$ 0.52 |
$ 0.48 |
$ 0.50 |
$ 0.47 |
$ 0.40 |
|||||||||
|
|
||||||||||||||
|
Shareholders’ equity |
$ 3,274,321 |
$ 3,197,325 |
$ 3,203,943 |
$ 3,101,609 |
$ 2,757,679 |
|||||||||
|
Less: Preferred stock |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
|||||||||
|
Less: Goodwill and intangible assets |
(629,189) |
(635,458) |
(641,739) |
(648,026) |
(560,114) |
|||||||||
|
Tangible common shareholders’ equity (numerator) |
$ 2,452,254 |
$ 2,368,989 |
$ 2,369,326 |
$ 2,260,705 |
$ 2,004,687 |
|||||||||
|
Shares outstanding, end of period (denominator) |
182,204 |
182,089 |
181,957 |
181,831 |
162,087 |
|||||||||
|
Common shareholders’ equity (tangible), per share |
$ 13.46 |
$ 13.01 |
$ 13.02 |
$ 12.43 |
$ 12.37 |
|||||||||
|
|
||||||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
||||||||||||||
|
Net income |
$ 92,987 |
$ 68,620 |
$ 63,206 |
$ 94,975 |
$ 61,941 |
|||||||||
|
Less: Other revenue |
(122) |
(269) |
(677) |
(708) |
(151) |
|||||||||
|
Less: Gain on acquisition, net of tax |
— |
2,689 |
7,706 |
(47,392) |
— |
|||||||||
|
Plus: Loss on securities restructuring |
— |
— |
— |
20,282 |
— |
|||||||||
|
Plus: Core deposit intangible amortization |
6,155 |
6,155 |
6,155 |
4,556 |
441 |
|||||||||
|
Plus: Acquisition-related expense |
380 |
9,637 |
14,195 |
13,803 |
— |
|||||||||
|
Plus: CECL day 1 provision expense |
— |
— |
— |
23,444 |
— |
|||||||||
|
Less: Gain on sale-leaseback |
— |
— |
— |
(20,266) |
— |
|||||||||
|
Plus: FDIC special assessment |
— |
— |
(16) |
— |
956 |
|||||||||
|
Plus: FultonFirst implementation and asset disposals |
(47) |
10,001 |
9,385 |
6,323 |
6,329 |
|||||||||
|
Less: Tax impact of adjustments |
(1,337) |
(5,360) |
(6,099) |
(9,961) |
(1,591) |
|||||||||
|
Operating net income (numerator) |
$ 98,016 |
$ 91,473 |
$ 93,855 |
$ 85,056 |
$ 67,925 |
|||||||||
|
Total average assets |
$ 31,971,601 |
$ 32,098,852 |
$ 31,895,235 |
$ 30,774,891 |
$ 27,427,626 |
|||||||||
|
Less: Average net core deposit intangible |
(77,039) |
(83,173) |
(89,350) |
(68,234) |
(4,666) |
|||||||||
|
Total operating average assets (denominator) |
$ 31,894,562 |
$ 32,015,679 |
$ 31,805,885 |
$ 30,706,657 |
$ 27,422,960 |
|||||||||
|
Operating return on average assets |
1.25 % |
1.14 % |
1.17 % |
1.11 % |
1.00 % |
|||||||||
|
|
||||||||||||||
|
Net income available to common shareholders |
$ 90,425 |
$ 66,058 |
$ 60,644 |
$ 92,413 |
$ 59,379 |
|||||||||
|
Less: Other revenue |
(122) |
(269) |
(677) |
(708) |
(151) |
|||||||||
|
Less: Gain on acquisition, net of tax |
— |
2,689 |
7,706 |
(47,392) |
— |
|||||||||
|
Plus: Loss on securities restructuring |
— |
— |
— |
20,282 |
— |
|||||||||
|
Plus: Intangible amortization |
6,269 |
6,282 |
6,287 |
4,688 |
573 |
|||||||||
|
Plus: Acquisition-related expense |
380 |
9,637 |
14,195 |
13,803 |
— |
|||||||||
|
Plus: CECL day 1 provision expense |
— |
— |
— |
23,444 |
— |
|||||||||
|
Less: Gain on sale-leaseback |
— |
— |
— |
(20,266) |
— |
|||||||||
|
Plus: FDIC special assessment |
— |
— |
(16) |
— |
956 |
|||||||||
|
Plus: FultonFirst implementation and asset disposals |
(47) |
10,001 |
9,385 |
6,323 |
6,329 |
|||||||||
|
Less: Tax impact of adjustments |
(1,361) |
(5,387) |
(6,127) |
(9,989) |
(1,618) |
|||||||||
|
Adjusted net income available to common shareholders (numerator) |
$ 95,544 |
$ 89,011 |
$ 91,397 |
$ 82,598 |
$ 65,468 |
|||||||||
|
Average shareholders’ equity |
$ 3,254,125 |
$ 3,219,026 |
$ 3,160,322 |
$ 2,952,671 |
$ 2,766,945 |
|||||||||
|
Less: Average preferred stock |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
|||||||||
|
Less: Average goodwill and intangible assets |
(632,254) |
(638,507) |
(644,814) |
(624,471) |
(560,393) |
|||||||||
|
Average tangible common shareholders’ equity (denominator) |
$ 2,428,993 |
$ 2,387,641 |
$ 2,322,630 |
$ 2,135,322 |
$ 2,013,674 |
|||||||||
|
Operating return on average common shareholders’ equity (tangible) |
15.95 % |
14.83 % |
15.65 % |
15.56 % |
13.08 % |
|||||||||
|
|
||||||||||||||
|
|
||||||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
||||||||||||||
|
Shareholders’ equity |
$ 3,274,321 |
$ 3,197,325 |
$ 3,203,943 |
$ 3,101,609 |
$ 2,757,679 |
|||||||||
|
Less: Preferred stock |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
|||||||||
|
Less: Goodwill and intangible assets |
(629,189) |
(635,458) |
(641,739) |
(648,026) |
(560,114) |
|||||||||
|
Tangible common shareholders’ equity (numerator) |
$ 2,452,254 |
$ 2,368,989 |
$ 2,369,326 |
$ 2,260,705 |
$ 2,004,687 |
|||||||||
|
Total assets |
$ 32,132,028 |
$ 32,071,810 |
$ 32,185,726 |
$ 31,769,813 |
$ 27,642,957 |
|||||||||
|
Less: Goodwill and intangible assets |
(629,189) |
(635,458) |
(641,739) |
(648,026) |
(560,114) |
|||||||||
|
Total tangible assets (denominator) |
$ 31,502,839 |
$ 31,436,352 |
$ 31,543,987 |
$ 31,121,787 |
$ 27,082,843 |
|||||||||
|
Tangible common equity to tangible assets |
7.78 % |
7.54 % |
7.51 % |
7.26 % |
7.40 % |
|||||||||
|
|
||||||||||||||
|
Non-interest expense |
$ 189,460 |
$ 216,615 |
$ 226,089 |
$ 199,488 |
$ 177,600 |
|||||||||
|
Less: Acquisition-related expense |
(380) |
(9,637) |
(14,195) |
(13,803) |
— |
|||||||||
|
Plus: Gain on sale-leaseback |
— |
— |
— |
20,266 |
— |
|||||||||
|
Less: FDIC special assessment |
— |
— |
16 |
— |
(956) |
|||||||||
|
Less: FultonFirst implementation and asset disposals |
47 |
(10,001) |
(9,385) |
(6,323) |
(6,329) |
|||||||||
|
Less: Intangible amortization |
(6,269) |
(6,282) |
(6,287) |
(4,688) |
(573) |
|||||||||
|
Operating non-interest expense (numerator) |
$ 182,858 |
$ 190,695 |
$ 196,238 |
$ 194,940 |
$ 169,742 |
|||||||||
|
Net interest income |
$ 251,187 |
$ 253,659 |
$ 258,009 |
$ 241,720 |
$ 206,937 |
|||||||||
|
Tax equivalent adjustment |
4,340 |
4,343 |
4,424 |
4,556 |
4,592 |
|||||||||
|
Plus: Total non-interest income |
67,232 |
65,924 |
59,673 |
92,994 |
57,140 |
|||||||||
|
Less: Other revenue |
(122) |
(269) |
(677) |
(708) |
(151) |
|||||||||
|
Less: Gain on acquisition, net of tax |
— |
2,689 |
7,706 |
(47,392) |
— |
|||||||||
|
Plus: Investment securities (gains) losses, net |
2 |
— |
1 |
20,282 |
— |
|||||||||
|
Total revenue (denominator) |
$ 322,639 |
$ 326,346 |
$ 329,136 |
$ 311,452 |
$ 268,518 |
|||||||||
|
Efficiency ratio |
56.7 % |
58.4 % |
59.6 % |
62.6 % |
63.2 % |
|||||||||
|
|
||||||||||||||
|
Non-interest expense |
$ 189,460 |
$ 216,615 |
$ 226,089 |
$ 199,488 |
$ 177,600 |
|||||||||
|
Less: Intangible amortization |
(6,269) |
(6,282) |
(6,287) |
(4,688) |
(573) |
|||||||||
|
Less: Acquisition-related expense |
(380) |
(9,637) |
(14,195) |
(13,803) |
— |
|||||||||
|
Plus: Gain on sale-leaseback |
— |
— |
— |
20,266 |
— |
|||||||||
|
Less: FDIC special assessment |
— |
— |
16 |
— |
(956) |
|||||||||
|
Less: FultonFirst implementation and asset disposals |
47 |
(10,001) |
(9,385) |
(6,323) |
(6,329) |
|||||||||
|
Operating non-interest expense (numerator) |
$ 182,858 |
$ 190,695 |
$ 196,238 |
$ 194,940 |
$ 169,742 |
|||||||||
|
Total average assets (denominator) |
$ 31,971,601 |
$ 32,098,852 |
$ 31,895,235 |
$ 30,774,891 |
$ 27,427,626 |
|||||||||
|
Operating non-interest expenses to total average assets |
2.32 % |
2.36 % |
2.45 % |
2.55 % |
2.49 % |
|||||||||
|
|
||||||||||||||
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-first-quarter-2025-results-302429444.html
SOURCE Fulton Financial Corporation
