Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the
“Corporation”) reported net income available to common shareholders
of $61.7 million, or $0.37 per diluted share, for the fourth
quarter of 2023, a decrease of $7.8 million, or 11.3%, in
comparison to the third quarter of 2023. Operating net income
available to common shareholders for the three months ended
December 31, 2023 was $68.8 million, or $0.42 per diluted
share(1).
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For the year ended December 31, 2023, net income available to
common shareholders was $274.0 million, or $1.64 per diluted share,
a decrease of $2.7 million, or 1.0%, in comparison to the same
period in 2022. Operating net income available to common
shareholders for the year-ended December 31, 2023 was $285.0
million, or $1.71 per diluted share(1).
During the fourth quarter of 2023, the Corporation launched the
"FultonFirst" initiative that is focused on evaluating and
improving how Fulton operates. Approximately $3.2 million was
recorded in the fourth quarter of 2023 related to this initiative.
Additionally, the Corporation recognized a Federal Deposit
Insurance Corporation ("FDIC") special assessment charge of $6.5
million.
"2023 was an extraordinary year and we were pleased with our
results," said Curtis J. Myers, Chairman and CEO of Fulton
Financial Corporation. "Our team advanced our strategic objectives.
We grew loans and deposits in a challenging environment, delivered
enhancements to the customer experience, continued to operate with
excellence and served our stakeholders well. Looking forward, 2024
is full of opportunity."
Net Interest Income and Balance
Sheet
Net interest income for the fourth quarter of 2023 was $212.0
million, a decrease of $1.8 million in comparison to the third
quarter of 2023. The net interest margin for the fourth quarter of
2023 decreased four basis points, to 3.36%, in comparison to 3.40%
in the third quarter of 2023.
(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.
The linked-quarter decrease in net interest income was primarily
due to an increase in the rate on average interest-bearing deposits
and a shift in the funding mix from noninterest-bearing demand
deposits to interest-bearing deposits, partially offset by higher
loan yields, a lower rate on borrowings and other interest-bearing
liabilities, an increase in the average balance of net loans and a
decrease in the average balance of borrowings and other
interest-bearing liabilities.
An 11 basis point increase in the yield on average net loans and
an increase in the average balance of net loans of $134.5 million
in the fourth quarter of 2023 drove an increase in interest income
of $7.8 million to $338.1 million in comparison to $330.4 million
in the third quarter of 2023.
Interest expense on interest-bearing liabilities for the fourth
quarter of 2023 increased by $9.6 million to $126.1 million in
comparison to $116.5 million in the third quarter of 2023. The
linked-quarter increase in interest expense in the fourth quarter
of 2023 was primarily due to an increase in the rate on average
interest-bearing deposits of 26 basis points, a decline of $232.3
million in the average balance of noninterest-bearing deposits and
an increase in the average balance of interest-bearing deposits of
$351.6 million in comparison to the third quarter of 2023,
partially offset by a decrease in the rate on borrowings and other
interest-bearing deposits of 16 basis points and a decrease in the
average balance of borrowings and other interest-bearing deposits
of $149.4 million.
For the fourth quarter of 2023, net interest income was $212.0
million, a decrease of $13.9 million, or 6.2%, in comparison to the
fourth quarter of 2022. Interest income for the fourth quarter of
2023 increased by $70.3 million to $338.1 million in comparison to
$267.8 million in the fourth quarter of 2022, primarily driven by
rising interest rates resulting in an increase in interest income
from net loans of $70.1 million. Increases in the average balance
of net loans of $1.3 billion and in yields on net loans of 103
basis points in the fourth quarter of 2023 compared to the fourth
quarter of 2022 each contributed to the increase in interest
income. Interest expense on interest-bearing liabilities for the
fourth quarter of 2023 increased by $84.2 million to $126.1 million
in comparison to $41.9 million in the fourth quarter of 2022,
primarily driven by rising interest rates resulting in increases in
interest expense from interest-bearing deposits and borrowings and
other interest-bearing liabilities of $74.3 million and $9.9
million, respectively. A decrease in the average balance of
noninterest-bearing deposits of $1.9 billion and an increase in the
average balances of interest-bearing deposits and borrowings and
other interest-bearing liabilities of $2.3 billion and $516.2
million, respectively, in the fourth quarter of 2023 in comparison
to the fourth quarter of 2022 also contributed to the increase in
interest expense.
Total average interest-earning assets for the fourth quarter of
2023 were $25.6 billion, an increase of $61.8 million from the
third quarter of 2023 primarily driven by an increase in average
net loans of $134.5 million, partially offset by a decrease in
average investment securities of $76.8 million.
Total average interest-earning assets for the fourth quarter of
2023 increased by $848.6 million from the fourth quarter of 2022.
Average net loans for the fourth quarter of 2023 were $21.3
billion, an increase of $1.3 billion from the same period in 2022.
Compared to the fourth quarter of 2022, average investment
securities decreased $209.9 million and average other
interest-earning assets decreased $192.8 million in the fourth
quarter of 2023.
Total average interest-bearing liabilities increased $202.2
million to $18.6 billion in the fourth quarter of 2023 in
comparison to $18.4 billion in the third quarter of 2023. The
increase in average interest-bearing liabilities was driven by an
increase in the average balance of total interest-bearing deposits
of $351.6 million, partially offset by a decrease in the average
balance of borrowings and other interest-bearing liabilities of
$149.4 million.
Total average interest-bearing liabilities for the fourth
quarter of 2023 increased $2.8 billion to $18.6 billion in
comparison to $15.7 billion in the fourth quarter of 2022, driven
by increases in the average balances of total interest-bearing
deposits and borrowings and other interest-bearing liabilities of
$2.3 billion and $0.5 billion, respectively.
Asset Quality
In the fourth quarter of 2023, a provision for credit losses of
$9.8 million was recorded in comparison to $9.9 million in the
third quarter of 2023 and $14.5 million in the fourth quarter of
2022. The provision for credit losses of $9.8 million recorded in
the fourth quarter of 2023 was primarily due to loan growth and
some weakening of credit metrics.
Non-performing assets were $154.2 million, or 0.56% of total
assets, at December 31, 2023, in comparison to $143.5 million, or
0.52% of total assets, at September 30, 2023, and $177.7 million,
or 0.66% of total assets, at December 31, 2022.
Net charge-offs for the fourth quarter of 2023 were 0.15% of
total average loans in comparison to 0.10% and 0.23% in the third
quarter of 2023 and the fourth quarter of 2022, respectively.
Non-interest Income
Non-interest income before investment securities gains (losses)
in the fourth quarter of 2023 was $60.1 million, an increase of
$4.2 million, or 7.4%, from the third quarter of 2023. The increase
in non-interest income was primarily due to a $4.1 million
linked-quarter net change from market movements in our commercial
customer interest rate swap program resulting from the reference
rate transition from the London Inter-Bank Offered Rate ("LIBOR")
to the Secured Overnight Financing Rate ("SOFR"), reflected as an
increase to other non-interest income. Additional contributors to
the increase in non-interest income were increases of $1.4 million
in commercial customer interest rate swap fee income, reflected in
capital markets, and a $0.6 million increase in cash surrender
value of life insurance policies, reflected in other income,
partially offset by decreases in mortgage banking income, income
from equity method investments, reflected in other income, and
merchant and card income of $0.9 million, $0.7 million and $0.6
million, respectively.
Compared to the fourth quarter of 2022, non-interest income
before investment securities gains (losses) in the fourth quarter
of 2023 increased $5.8 million, or 10.7%, from $54.3 million. The
increase in non-interest income was primarily due to increases of
$1.9 million in wealth management revenues, $1.6 million in
commercial customer interest rate swap fee income, reflected in
capital markets, a $1.1 million market valuation movement in our
commercial customer interest rate swap program resulting from the
reference rate transition from LIBOR to SOFR and reflected as an
increase to other non-interest income, a $0.7 million increase in
cash surrender value of life insurance policies, reflected in other
income, a $0.3 million increase in cash management fee income and a
$0.3 million increase in gains on sale from Small Business
Association ("SBA") loans, reflected in other commercial banking
income.
Non-interest Expense
Non-interest expense was $180.6 million in the fourth quarter of
2023, an increase of $9.5 million, or 5.6%, compared to $171.0
million in the third quarter of 2023. The increase was primarily
due to increases of $6.4 million in FDIC insurance expense,
primarily due to the special assessment of $6.5 million charged to
recover the loss to the Deposit Insurance Fund in connection with
the closures of certain banks in 2023, $2.6 million in other
outside services related to consulting fees incurred for the
FultonFirst initiative, $1.6 million in marketing expense due to a
targeted customer deposit acquisition program and brand marketing
campaigns in growth markets, partially offset by a $0.7 million
gain from debt extinguishment recorded in the fourth quarter of
2023, reflected in other expense. Included in salaries and benefits
expense was $0.6 million for severance expense incurred as a result
of the FultonFirst initiative.
Compared to the fourth quarter of 2022, non-interest expense,
excluding merger-related expenses of $1.9 million in the fourth
quarter of 2022, increased $14.0 million, or 8.4%. The increase was
primarily due to increases of $7.9 million in FDIC insurance
expense, primarily due to the special assessment of $6.5 million
discussed above and the adoption of a final rule to increase base
deposit insurance assessment rates effective January 1, 2023, $4.5
million in salaries and employee benefits expense, $3.8 million in
other outside services expense driven by the FultonFirst
initiative, partially offset by a $1.6 million decrease related to
a contingent liability recorded in 2022 and a $0.7 million gain
from debt extinguishment recorded in the fourth quarter of 2023,
both reflected in other expense. The $4.5 million increase in
salaries and benefits expense was primarily driven by annual merit
increases, lower deferred employee loan origination costs, higher
employee benefits expense, due to healthcare claims experience, and
higher pension costs, partially offset by lower incentive plan
compensation expense. Also included in salaries and benefits
expense was $0.6 million for severance expense incurred as a result
of the FultonFirst initiative.
Income Tax Expense
For 2023 the effective tax rate was 18.5% in comparison to 17.3%
for 2022.
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, 2022, Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2023, June 30, 2023 and September 30, 2023 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
data)
Three months ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
2023
2023
2023
2023
2022
Ending
Balances
Investment securities
$
3,666,274
$
3,698,601
$
3,867,334
$
3,950,101
$
3,968,023
Net loans
21,351,094
21,177,508
21,044,685
20,670,188
20,279,547
Total assets
27,560,704
27,375,177
27,403,163
27,112,176
26,931,702
Deposits
21,537,623
21,421,589
21,206,540
21,316,584
20,649,538
Shareholders' equity
2,750,044
2,566,693
2,642,152
2,618,998
2,579,757
Average
Balances
Investment securities
3,665,261
3,834,824
3,916,130
3,964,615
3,936,579
Net loans
21,255,779
21,121,277
20,866,235
20,463,096
20,004,513
Total assets
27,397,671
27,377,836
27,235,567
26,900,653
26,386,355
Deposits
21,476,548
21,357,295
21,207,143
20,574,323
21,027,656
Shareholders' equity
2,618,024
2,645,977
2,647,464
2,613,316
2,489,148
Income
Statement
Net interest income
212,006
213,842
212,852
215,587
225,911
Provision for credit losses
9,808
9,937
9,747
24,544
14,513
Non-interest income
59,378
55,961
60,585
51,753
54,321
Non-interest expense
180,552
171,020
168,018
159,616
168,462
Income before taxes
81,024
88,846
95,672
83,180
97,257
Net income available to common
shareholders
61,701
69,535
77,045
65,752
79,271
Pre-provision net revenue(1)
100,050
102,342
106,495
108,375
115,049
Per
Share
Net income available to common
shareholders (basic)
$
0.38
$
0.42
$
0.46
$
0.39
$
0.47
Net income available to common
shareholders (diluted)
$
0.37
$
0.42
$
0.46
$
0.39
$
0.47
Operating net income available to common
shareholders(1)
$
0.42
$
0.43
$
0.47
$
0.39
$
0.48
Cash dividends
$
0.17
$
0.16
$
0.16
$
0.15
$
0.21
Common shareholders' equity
$
15.61
$
14.47
$
14.75
$
14.67
$
14.24
Common shareholders' equity
(tangible)(1)
$
12.19
$
11.05
$
11.36
$
11.26
$
10.90
Weighted average shares (basic)
163,975
164,566
165,854
166,605
167,504
Weighted average shares (diluted)
165,650
166,023
167,191
168,401
169,136
(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
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
2023
2023
2023
2023
2022
Asset
Quality
Net charge-offs (recoveries) to average
loans
0.15 %
0.10 %
0.04 %
0.27 %
0.23 %
Non-performing loans to total net
loans
0.72 %
0.67 %
0.70 %
0.80 %
0.85 %
Non-performing assets to total assets
0.56 %
0.52 %
0.55 %
0.62 %
0.66 %
ACL - loans(1) to total loans
1.37 %
1.38 %
1.37 %
1.35 %
1.33 %
ACL - loans(1) to non-performing loans
191 %
208 %
195 %
169 %
157 %
Profitability
Return on average assets
0.93 %
1.04 %
1.17 %
1.03 %
1.23 %
Operating return on average assets(2)
1.03 %
1.08 %
1.18 %
1.04 %
1.26 %
Return on average common shareholders'
equity
10.09 %
11.25 %
12.59 %
11.02 %
13.70 %
Return on average common shareholders'
equity (tangible)(2)
14.68 %
15.17 %
16.52 %
14.46 %
18.59 %
Net interest margin
3.36 %
3.40 %
3.40 %
3.53 %
3.69 %
Efficiency ratio(2)
62.0 %
61.5 %
60.1 %
58.5 %
58.1 %
Non-interest expenses to total average
assets
2.61 %
2.48 %
2.47 %
2.41 %
2.53 %
Operating non-interest expenses to total
average assets(2)
2.47 %
2.47 %
2.46 %
2.40 %
2.48 %
Capital
Ratios
Tangible common equity ratio
("TCE")(2)
7.4 %
6.8 %
7.0 %
7.0 %
6.9 %
Tier 1 leverage ratio(3)
9.5 %
9.4 %
9.3 %
9.2 %
9.5 %
Common equity Tier 1 capital ratio(3)
10.4 %
10.3 %
10.1 %
9.8 %
10.0 %
Tier 1 risk-based capital ratio(3)
11.2 %
11.1 %
11.0 %
10.6 %
10.9 %
Total risk-based capital ratio(3)
14.1 %
14.0 %
13.8 %
13.4 %
13.6 %
(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
December 31, 2023 are preliminary estimates and prior periods are
actual.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE
SHEETS (UNAUDITED)
(dollars in thousands)
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
2023
2023
2023
2023
2022
ASSETS
Cash and due from banks
$
300,343
$
304,042
$
123,779
$
129,003
$
126,898
Other interest-earning assets
373,772
222,781
505,141
545,355
685,209
Loans held for sale
15,158
20,368
14,673
6,507
7,264
Investment securities
3,666,274
3,698,601
3,867,334
3,950,101
3,968,023
Net loans
21,351,094
21,177,508
21,044,685
20,670,188
20,279,547
Less: ACL - loans(1)
(293,404
)
(292,739
)
(287,442
)
(278,695
)
(269,366
)
Loans, net
21,057,690
20,884,769
20,757,243
20,391,493
20,010,181
Net premises and equipment
222,881
215,626
216,322
216,059
225,141
Accrued interest receivable
107,972
101,624
96,991
90,267
91,579
Goodwill and intangible assets
560,687
561,284
561,885
563,502
560,824
Other assets
1,255,927
1,366,082
1,259,795
1,219,889
1,256,583
Total Assets
$
27,560,704
$
27,375,177
$
27,403,163
$
27,112,176
$
26,931,702
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits
$
21,537,623
$
21,421,589
$
21,206,540
$
21,316,584
$
20,649,538
Borrowings
2,487,526
2,370,112
2,719,114
2,446,770
2,871,207
Other liabilities
785,511
1,016,783
835,357
729,824
831,200
Total Liabilities
24,810,660
24,808,484
24,761,011
24,493,178
24,351,945
Shareholders' equity
2,750,044
2,566,693
2,642,152
2,618,998
2,579,757
Total Liabilities and Shareholders'
Equity
$
27,560,704
$
27,375,177
$
27,403,163
$
27,112,176
$
26,931,702
LOANS, DEPOSITS
AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage
$
8,127,728
$
8,106,300
$
7,846,861
$
7,746,920
$
7,693,835
Commercial and industrial
4,545,552
4,577,334
4,599,759
4,596,096
4,473,004
Real estate - residential mortgage
5,325,923
5,279,681
5,147,262
4,880,919
4,737,279
Real estate - home equity
1,047,184
1,045,438
1,061,891
1,074,712
1,102,838
Real estate - construction
1,239,075
1,078,263
1,308,564
1,326,754
1,269,925
Consumer
729,318
743,976
763,530
730,775
699,179
Leases and other loans(2)
336,314
346,516
316,818
314,012
303,487
Total Net Loans
$
21,351,094
$
21,177,508
$
21,044,685
$
20,670,188
$
20,279,547
Deposits, by type:
Noninterest-bearing demand
$
5,314,094
$
5,575,374
$
5,865,855
$
6,403,484
$
7,006,388
Interest-bearing demand
5,722,695
5,757,487
5,543,320
5,478,237
5,410,903
Savings
6,616,901
6,707,729
6,646,448
6,579,806
6,434,621
Total demand and savings
17,653,690
18,040,590
18,055,623
18,461,527
18,851,912
Brokered
1,144,692
941,059
949,259
960,919
208,416
Time
2,739,241
2,439,940
2,201,658
1,894,138
1,589,210
Total Deposits
$
21,537,623
$
21,421,589
$
21,206,540
$
21,316,584
$
20,649,538
Borrowings, by type:
Federal funds purchased
$
240,000
$
544,000
$
555,000
$
525,000
$
191,000
Federal Home Loan Bank advances
1,100,000
730,000
1,165,000
747,000
1,250,000
Senior debt and subordinated debt
535,384
540,174
539,994
539,814
539,634
Other borrowings
612,142
555,938
459,120
634,956
890,573
Total Borrowings
$
2,487,526
$
2,370,112
$
2,719,114
$
2,446,770
$
2,871,207
(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)
Three Months Ended
Year ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
Dec 31
2023
2023
2023
2023
2022
2023
2022
Interest Income:
Interest income
$
338,134
$
330,371
$
314,912
$
289,820
$
267,847
$
1,273,236
$
864,838
Interest expense
126,128
116,529
102,060
74,233
41,936
418,950
83,204
Net Interest Income
212,006
213,842
212,852
215,587
225,911
854,286
781,634
Provision for credit losses
9,808
9,937
9,747
24,544
14,513
54,036
28,021
Net Interest Income after
Provision
202,198
203,905
203,105
191,043
211,398
800,250
753,613
Non-Interest Income:
Commercial banking:
Merchant and card
7,045
7,626
7,700
6,834
7,223
29,205
28,276
Cash management
6,030
5,960
5,835
5,515
5,756
23,340
23,729
Capital markets
4,258
2,960
6,092
2,344
2,627
15,654
12,256
Other commercial banking
3,447
3,176
3,518
2,820
2,998
12,961
11,518
Total commercial banking
20,780
19,722
23,145
17,513
18,604
81,160
75,779
Wealth management
19,388
19,413
18,678
18,062
17,531
75,541
72,843
Consumer banking:
Card
6,739
6,770
6,592
6,243
6,331
26,343
24,472
Overdraft
2,991
2,996
2,696
2,733
3,364
11,416
15,480
Other consumer banking
2,357
2,407
2,432
2,241
2,380
9,438
9,544
Total consumer banking
12,087
12,173
11,720
11,217
12,075
47,197
49,496
Mortgage banking
2,288
3,190
2,940
1,970
2,140
10,388
14,204
Other
5,587
1,463
4,106
2,968
3,972
14,125
14,835
Non-interest income before investment
securities gains (losses)
60,130
55,961
60,589
51,730
54,322
228,411
227,157
Investment securities gains (losses),
net
(752
)
—
(4
)
23
(1
)
(733
)
(27
)
Total Non-Interest Income
59,378
55,961
60,585
51,753
54,321
227,678
227,130
Non-Interest Expense:
Salaries and employee benefits
97,275
96,757
94,102
89,283
92,733
377,417
356,884
Data processing and software
16,985
16,914
16,776
15,796
15,448
66,471
60,255
Other outside services
14,670
12,094
10,834
10,126
10,860
47,724
37,152
Net occupancy
14,647
14,561
14,374
14,438
14,061
58,019
56,195
FDIC insurance
11,138
4,738
4,895
4,795
3,219
25,565
12,547
Equipment
3,995
3,475
3,530
3,389
3,640
14,390
14,033
Marketing
3,550
1,913
1,655
1,886
2,380
9,004
6,885
Professional fees
2,302
1,869
1,829
2,392
2,945
8,392
9,123
Intangible amortization
597
601
1,072
674
688
2,944
1,731
Merger-related expenses
—
—
—
—
1,894
—
10,328
Other
15,393
18,098
18,951
16,837
20,594
69,281
68,595
Total Non-Interest Expense
180,552
171,020
168,018
159,616
168,462
679,207
633,728
Income Before Income Taxes
81,024
88,846
95,672
83,180
97,257
348,721
347,015
Income tax expense
16,761
16,749
16,065
14,866
15,424
64,441
60,034
Net Income
64,263
72,097
79,607
68,314
81,833
284,280
286,981
Preferred stock dividends
(2,562
)
(2,562
)
(2,562
)
(2,562
)
(2,562
)
(10,248
)
(10,248
)
Net Income Available to Common
Shareholders
$
61,701
$
69,535
$
77,045
$
65,752
$
79,271
$
274,032
$
276,733
Three Months Ended
Year ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
Dec 31
2023
2023
2023
2023
2022
2023
2022
PER
SHARE:
Net income available to common
shareholders (basic)
$
0.38
$
0.42
$
0.46
$
0.39
$
0.47
$
1.66
$
1.69
Net income available to common
shareholders (diluted)
$
0.37
$
0.42
$
0.46
$
0.39
$
0.47
$
1.64
$
1.67
Cash dividends
$
0.17
$
0.16
$
0.16
$
0.15
$
0.21
$
0.64
$
0.66
Weighted average shares (basic)
163,975
164,566
165,854
166,605
167,504
165,241
164,119
Weighted average shares (diluted)
165,650
166,023
167,191
168,401
169,136
166,769
165,472
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE
SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
December 31, 2023
September 30, 2023
December 31, 2022
Average
Yield/
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans
$
21,255,779
$
311,992
5.83
%
$
21,121,277
$
304,167
5.72
%
$
20,004,513
$
241,453
4.80
%
Investment securities(2)
4,120,750
27,227
2.64
%
4,197,550
27,274
2.59
%
4,330,635
27,781
2.56
%
Other interest-earning assets
267,329
3,464
5.17
%
263,244
3,372
5.11
%
460,082
2,923
2.53
%
Total Interest-Earning Assets
25,643,858
342,683
5.31
%
25,582,071
334,813
5.20
%
24,795,230
272,157
4.36
%
Noninterest-Earning assets:
Cash and due from banks
282,614
306,496
149,472
Premises and equipment
219,994
217,447
223,245
Other assets
1,545,535
1,562,233
1,488,684
Less: ACL - loans(3)
(294,330
)
(290,411
)
(270,276
)
Total Assets
$
27,397,671
$
27,377,836
$
26,386,355
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits
$
5,723,169
$
20,737
1.44
%
$
5,740,229
$
18,690
1.29
%
$
5,479,443
$
4,589
0.33
%
Savings deposits
6,682,512
38,239
2.27
%
6,676,792
34,277
2.04
%
6,466,775
11,539
0.71
%
Brokered deposits
1,051,369
14,078
5.31
%
937,657
12,250
5.18
%
215,729
1,947
3.58
%
Time deposits
2,579,400
23,575
3.63
%
2,330,206
18,939
3.22
%
1,554,885
4,302
1.10
%
Total Interest-Bearing Deposits
16,036,450
96,629
2.39
%
15,684,884
84,156
2.13
%
13,716,832
22,377
0.65
%
Borrowings and other interest-bearing
liabilities
2,541,727
29,499
4.58
%
2,691,087
32,373
4.74
%
2,025,522
19,559
3.83
%
Total Interest-Bearing
Liabilities
18,578,177
126,128
2.69
%
18,375,971
116,529
2.51
%
15,742,354
41,936
1.06
%
Noninterest-Bearing liabilities:
Demand deposits
5,440,098
5,672,411
7,310,824
Other noninterest-bearing liabilities
761,372
683,477
844,029
Total Liabilities
24,779,647
24,731,859
23,897,207
Total Deposits/Cost of Deposits
21,476,548
1.79
%
21,357,295
1.56
%
21,027,656
0.42
%
Total interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
24,018,275
2.08
%
24,048,382
1.92
%
23,053,178
0.72
%
Shareholders' equity
2,618,024
2,645,977
2,489,148
Total Liabilities and Shareholders'
Equity
$
27,397,671
$
27,377,836
$
26,386,355
Net interest income/net interest margin
(fully taxable equivalent)
216,555
3.36
%
218,284
3.40
%
230,221
3.69
%
Tax equivalent adjustment
(4,549
)
(4,442
)
(4,310
)
Net Interest Income
$
212,006
$
213,842
$
225,911
(1) Presented on a fully
taxable-equivalent basis using a 21% federal tax rate and statutory
interest expense disallowances.
(2) Balances include amortized historical
cost for available for sale ("AFS") securities. The related
unrealized holding gains (losses) are included in other assets.
(3) "ACL - loans" relates to the ACL
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS
DETAIL (UNAUDITED):
(dollars in thousands)
Three months ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
2023
2023
2023
2023
2022
Loans, by type:
Real estate - commercial mortgage
$
8,090,627
$
7,912,801
$
7,775,436
$
7,720,975
$
7,696,997
Commercial and industrial
4,579,441
4,611,376
4,629,919
4,565,923
4,372,935
Real estate - residential mortgage
5,303,632
5,209,105
5,008,295
4,790,868
4,643,784
Real estate - home equity
1,043,753
1,045,806
1,066,615
1,086,032
1,106,325
Real estate - construction
1,153,601
1,254,577
1,306,286
1,276,145
1,209,998
Consumer
746,011
761,273
763,407
721,248
679,108
Leases and other loans(1)
338,714
326,339
316,277
301,905
295,366
Total Net Loans
$
21,255,779
$
21,121,277
$
20,866,235
$
20,463,096
$
20,004,513
Deposits, by type:
Noninterest-bearing demand
$
5,440,098
$
5,672,411
$
6,021,091
$
6,641,741
$
7,310,824
Interest-bearing demand
5,723,169
5,740,229
5,535,669
5,326,566
5,479,443
Savings
6,682,512
6,676,792
6,632,572
6,469,468
6,466,775
Total demand and savings
17,845,779
18,089,432
18,189,332
18,437,775
19,257,042
Brokered
1,051,369
937,657
954,773
439,670
215,729
Time
2,579,400
2,330,206
2,063,038
1,696,878
1,554,885
Total Deposits
$
21,476,548
$
21,357,295
$
21,207,143
$
20,574,323
$
21,027,656
Borrowings, by type:
Federal funds purchased
$
446,707
$
634,163
$
679,401
$
505,142
$
261,737
Federal Home Loan Bank advances
760,087
793,098
880,811
1,261,589
564,692
Senior debt and subordinated debt
539,186
540,086
539,906
539,726
539,550
Other borrowings and other
interest-bearing liabilities
795,747
723,740
690,742
752,227
659,543
Total Borrowings
$
2,541,727
$
2,691,087
$
2,790,860
$
3,058,684
$
2,025,522
(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)
Year ended December 31
2023
2022
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans
$
20,929,302
$
1,166,376
5.57
%
$
19,152,740
$
765,603
4.00
%
Investment securities(2)
4,210,010
109,325
2.59
%
4,364,627
106,115
2.43
%
Other interest-earning assets
387,360
15,346
3.96
%
829,705
8,115
0.98
%
Total Interest-Earning Assets
25,526,672
1,291,047
5.06
%
24,347,072
879,833
3.61
%
Noninterest-Earning assets:
Cash and due from banks
215,649
156,050
Premises and equipment
219,315
220,982
Other assets
1,553,284
1,505,277
Less: ACL - loans(3)
(285,216
)
(257,897
)
Total Assets
$
27,229,704
$
25,971,484
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits
$
5,582,930
$
62,494
1.12
%
$
5,593,942
$
8,219
0.15
%
Savings deposits
6,616,087
122,340
1.85
%
6,458,165
16,642
0.26
%
Brokered deposits
847,795
43,635
5.15
%
262,359
4,097
1.56
%
Time deposits
2,170,245
63,735
2.94
%
1,617,804
14,871
0.92
%
Total Interest-Bearing Deposits
15,217,057
292,204
1.92
%
13,932,270
43,829
0.31
%
Borrowings and other interest-bearing
liabilities
2,771,330
126,746
4.54
%
1,358,357
39,375
2.89
%
Total Interest-Bearing
Liabilities
17,988,387
418,950
2.32
%
15,290,627
83,204
0.54
%
Noninterest-Bearing liabilities:
Demand deposits
5,939,799
7,522,304
Other
670,269
598,230
Total Liabilities
24,598,455
23,411,161
Total Deposits/Cost of Deposits
21,156,856
1.38
%
21,454,574
0.20
%
Total interest-bearing liabilities and
non-interest bearing deposits ("Cost of Funds")
23,928,186
1.75
%
22,812,931
0.36
%
Shareholders' equity
2,631,249
2,560,323
Total Liabilities and Shareholders'
Equity
$
27,229,704
$
25,971,484
Net interest income/net interest margin
(fully taxable equivalent)
872,097
3.42
%
796,629
3.27
%
Tax equivalent adjustment
(17,811
)
(14,995
)
Net Interest Income
$
854,286
$
781,634
(1) Presented on a fully
taxable-equivalent basis using a 21% federal tax rate and statutory
interest expense disallowances.
(2) 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
specifically on "Net Loans" and does not include the ACL related to
OBS credit exposures.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS
DETAIL (UNAUDITED):
(dollars in thousands)
Year ended December 31
2023
2022
Loans, by type:
Real estate - commercial mortgage
$
7,876,076
$
7,523,806
Commercial and industrial
4,596,742
4,230,133
Real estate - residential mortgage
5,079,739
4,261,527
Real estate - home equity
1,060,396
1,101,142
Real estate - construction
1,247,336
1,178,550
Consumer
748,089
569,305
Leases and other loans(1)
320,924
288,277
Total Net Loans
$
20,929,302
$
19,152,740
Deposits, by type:
Noninterest-bearing demand
$
5,939,799
$
7,522,304
Interest-bearing demand
5,582,930
5,593,942
Savings
6,616,087
6,458,165
Total demand and savings
18,138,816
19,574,411
Brokered
847,795
262,359
Time
2,170,245
1,617,804
Total Deposits
$
21,156,856
$
21,454,574
Borrowings, by type:
Federal funds purchased
$
566,379
$
91,125
Federal Home Loan Bank advances
922,164
194,295
Senior debt and subordinated debt
539,726
564,337
Other borrowings
743,061
508,600
Total Borrowings
$
2,771,330
$
1,358,357
(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
Year Ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
Dec 31
Dec 31
2023
2023
2023
2023
2022
2023
2022
Allowance for
credit losses related to net loans:
Balance at beginning of period
$
292,739
$
287,442
$
278,695
$
269,366
$
266,838
$
269,366
$
249,001
CECL Day 1 provision expense
—
—
—
—
—
—
7,954
Initial purchased credit deteriorated
loans
—
—
—
—
—
—
1,135
Loans charged off:
Real estate - commercial mortgage
(3,547
)
(860
)
(230
)
(13,362
)
(12,235
)
(17,999
)
(12,473
)
Commercial and industrial
(3,397
)
(3,220
)
(2,017
)
(612
)
(179
)
(9,246
)
(2,390
)
Real estate - residential mortgage
—
—
(62
)
—
—
(62
)
(66
)
Consumer and home equity
(2,192
)
(1,803
)
(1,313
)
(2,206
)
(1,311
)
(7,514
)
(4,412
)
Real estate - construction
—
—
—
—
—
—
—
Leases and other loans(1)
(1,096
)
(1,396
)
(1,165
)
(723
)
(505
)
(4,380
)
(2,131
)
Total loans charged off
(10,232
)
(7,279
)
(4,787
)
(16,903
)
(14,230
)
(39,201
)
(21,472
)
Recoveries of loans previously charged
off:
Real estate - commercial mortgage
160
101
29
786
183
1,076
3,860
Commercial and industrial
779
620
988
1,086
961
3,473
5,893
Real estate - residential mortgage
278
37
58
48
10
421
425
Consumer and home equity
555
1,023
959
661
683
3,198
2,581
Real estate - construction
87
—
569
202
530
858
574
Leases and other loans(1)
374
400
213
116
132
1,103
759
Recoveries of loans previously charged
off
2,233
2,181
2,816
2,899
2,499
10,129
14,092
Net loans (charged off)
recovered
(7,999
)
(5,098
)
(1,971
)
(14,004
)
(11,731
)
(29,072
)
(7,380
)
Provision for credit losses
8,664
10,395
10,718
23,333
14,259
53,110
18,656
Balance at end of period
$
293,404
$
292,739
$
287,442
$
278,695
$
269,366
$
293,404
$
269,366
Net charge-offs (recoveries) to average
loans
0.15
%
0.10
%
0.04
%
0.27
%
0.23
%
0.14
%
0.04
%
Provision for
credit losses related to OBS Credit Exposures
Provision for credit losses
$
1,144
$
(458
)
$
(971
)
$
1,211
$
254
$
926
$
1,411
NON-PERFORMING
ASSETS:
Non-accrual loans
$
121,620
$
113,022
$
123,280
$
134,303
$
144,443
Loans 90 days past due and accruing
31,721
27,962
24,415
30,336
27,463
Total non-performing loans
153,341
140,984
147,695
164,639
171,906
Other real estate owned
896
2,549
3,881
3,304
5,790
Total non-performing assets
$
154,237
$
143,533
$
151,576
$
167,943
$
177,696
NON-PERFORMING
LOANS, BY TYPE:
Real estate - commercial mortgage
$
46,527
$
44,058
$
55,048
$
61,322
$
72,634
Commercial and industrial
41,020
33,365
30,588
33,555
28,288
Real estate - residential mortgage
42,029
40,560
39,157
46,576
46,509
Consumer and home equity
10,878
11,580
10,469
8,983
9,800
Real estate - construction
2,876
677
1,099
1,509
1,368
Leases and other loans(1)
10,011
10,744
11,334
12,694
13,307
Total non-performing loans
$
153,341
$
140,984
$
147,695
$
164,639
$
171,906
(1) Includes equipment lease financing,
overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
(dollars in thousands, except per 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
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
2023
2023
2023
2023
2022
Operating net
income available to common shareholders
Net income available to common
shareholders
$
61,701
$
69,535
$
77,045
$
65,752
$
79,271
Plus: Core deposit intangible
amortization
441
441
912
514
514
Plus: Merger-related expenses
—
—
—
—
1,894
Plus: Interest rate derivative transition
valuation(1)
(1,102
)
2,958
—
—
—
Plus: FDIC special assessment
6,494
—
—
—
—
Plus: FultonFirst initiative
3,197
—
—
—
—
Less: Tax impact of adjustments
(1,896
)
(714
)
(192
)
(108
)
(506
)
Operating net income available to common
shareholders (numerator)
$
68,835
$
72,220
$
77,765
$
66,158
$
81,173
Weighted average shares (diluted)
(denominator)
165,650
166,023
167,191
168,401
169,136
Operating net income available to common
shareholders, per share (diluted)
$
0.42
$
0.43
$
0.47
$
0.39
$
0.48
Common
shareholders' equity (tangible), per share
Shareholders' equity
$
2,750,044
$
2,566,693
$
2,642,152
$
2,618,998
$
2,579,757
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Goodwill and intangible assets
(560,687
)
(561,284
)
(561,885
)
(563,502
)
(560,824
)
Tangible common shareholders' equity
(numerator)
$
1,996,479
$
1,812,531
$
1,887,389
$
1,862,618
$
1,826,055
Shares outstanding, end of period
(denominator)
163,801
164,084
166,097
165,396
167,599
Common shareholders' equity (tangible),
per share
$
12.19
$
11.05
$
11.36
$
11.26
$
10.90
Operating return
on average assets
Net income
$
64,263
$
72,097
$
79,607
$
68,314
$
81,833
Plus: Core deposit intangible
amortization
441
441
912
514
514
Plus: Merger-related expenses
—
—
—
—
1,894
Plus: Interest rate derivative transition
valuation(1)
(1,102
)
2,958
—
—
—
Plus: FDIC special assessment
6,494
—
—
—
—
Plus: FultonFirst initiative
3,197
—
—
—
—
Less: Tax impact of adjustments
(1,896
)
(714
)
(192
)
(108
)
(506
)
Operating net income (numerator)
$
71,397
$
74,782
$
80,327
$
68,720
$
83,735
Total average assets
$
27,397,671
$
27,377,836
$
27,235,567
$
26,900,653
$
26,386,355
Less: Average net core deposit
intangible
(5,106
)
(5,548
)
(6,417
)
(6,937
)
(7,478
)
Total operating average assets
(denominator)
$
27,392,565
$
27,372,288
$
27,229,150
$
26,893,716
$
26,378,877
Operating return on average assets
1.03
%
1.08
%
1.18
%
1.04
%
1.26
%
(1) Resulting from the reference rate
transition from LIBOR to SOFR in the Corporation's commercial
customer interest rate swap program.
Three months ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
2023
2023
2023
2023
2022
Return on average
common shareholders' equity (tangible)
Net income available to common
shareholders
$
61,701
$
69,535
$
77,045
$
65,752
$
79,271
Plus: Intangible amortization
597
601
1,072
674
688
Plus: Merger-related expenses
—
—
—
—
1,894
Plus: Interest rate derivative transition
valuation(1)
(1,102
)
2,958
—
—
—
Plus: FDIC special assessment
6,494
—
—
—
—
Plus: FultonFirst initiative
3,197
—
—
—
—
Less: Tax impact of adjustments
(1,929
)
(747
)
(225
)
(142
)
(542
)
Adjusted net income available to common
shareholders (numerator)
$
68,958
$
72,347
$
77,892
$
66,284
$
81,311
Average shareholders' equity
$
2,618,024
$
2,645,977
$
2,647,464
$
2,613,316
$
2,489,148
Less: Average preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Average goodwill and intangible
assets
(560,977
)
(561,578
)
(563,146
)
(561,744
)
(561,219
)
Average tangible common shareholders'
equity (denominator)
$
1,864,169
$
1,891,521
$
1,891,440
$
1,858,694
$
1,735,051
Return on average common shareholders'
equity (tangible)
14.68
%
15.17
%
16.52
%
14.46
%
18.59
%
Tangible common equity to tangible
assets (TCE Ratio)
Shareholders' equity
$
2,750,044
$
2,566,693
$
2,642,152
$
2,618,998
$
2,579,757
Less: Preferred stock
(192,878
)
(192,878
)
(192,878
)
(192,878
)
(192,878
)
Less: Goodwill and intangible assets
(560,687
)
(561,284
)
(561,885
)
(563,502
)
(560,824
)
Tangible common shareholders' equity
(numerator)
$
1,996,479
$
1,812,531
$
1,887,389
$
1,862,618
$
1,826,055
Total assets
$
27,560,704
$
27,375,177
$
27,403,163
$
27,112,176
$
26,931,702
Less: Goodwill and intangible assets
(560,687
)
(561,284
)
(561,885
)
(563,502
)
(560,824
)
Total tangible assets (denominator)
$
27,000,017
$
26,813,893
$
26,841,278
$
26,548,674
$
26,370,878
Tangible common equity to tangible
assets
7.39
%
6.76
%
7.03
%
7.02
%
6.92
%
Efficiency
ratio
Non-interest expense
$
180,552
$
171,020
$
168,018
$
159,616
$
168,462
Less: Amortization of tax credit
investments
—
—
—
—
(696
)
Less: Merger-related expenses
—
—
—
—
(1,894
)
Less: FDIC special assessment
(6,494
)
—
—
—
—
Less: FultonFirst initiative
(3,197
)
—
—
—
—
Less: Intangible amortization
(597
)
(601
)
(1,072
)
(674
)
(688
)
Less: Debt extinguishment
720
—
—
—
—
Non-interest expense (numerator)
$
170,984
$
170,419
$
166,946
$
158,942
$
165,184
Net interest income
$
212,006
$
213,842
$
212,852
$
215,587
$
225,911
Tax equivalent adjustment
4,549
4,442
4,405
4,414
4,310
Plus: Total non-interest income
59,378
55,961
60,585
51,753
54,321
Plus: Interest rate derivative transition
valuation(1)
(1,102
)
2,958
—
—
—
Less: Investment securities (gains)
losses, net
752
—
4
(23
)
1
Total revenue (denominator)
$
275,583
$
277,203
$
277,846
$
271,731
$
284,543
Efficiency ratio
62.0
%
61.5
%
60.1
%
58.5
%
58.1
%
(1) Resulting from the reference rate
transition from LIBOR to SOFR in the Corporation's commercial
customer interest rate swap program.
Three months ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
2023
2023
2023
2023
2022
Operating
non-interest expenses to total average assets
Non-interest expense
$
180,552
$
171,020
$
168,018
$
159,616
$
168,462
Less: Amortization of tax credit
investments
—
—
—
—
(696
)
Less: Intangible amortization
(597
)
(601
)
(1,072
)
(674
)
(688
)
Less: Merger-related expenses
—
—
—
—
(1,894
)
Less: FDIC special assessment
(6,494
)
—
—
—
—
Less: FultonFirst initiatives
(3,197
)
—
—
—
—
Non-interest expense (numerator)
$
170,264
$
170,419
$
166,946
$
158,942
$
165,184
Total average assets (denominator)
$
27,397,671
$
27,377,836
$
27,235,567
$
26,900,653
$
26,386,355
Operating non-interest expenses to total
average assets
2.47
%
2.47
%
2.46
%
2.40
%
2.48
%
Pre-provision net
revenue
Net interest income
$
212,006
$
213,842
$
212,852
$
215,587
$
225,911
Non-interest income
59,378
55,961
60,585
51,753
54,321
Plus: Interest rate derivative transition
valuation(1)
(1,102
)
2,958
—
—
—
Less: Investment securities (gains)
losses, net
752
—
4
(23
)
1
Total revenue
$
271,034
$
272,761
$
273,441
$
267,317
$
280,233
Non-interest expense
$
180,552
$
171,020
$
168,018
$
159,616
$
168,462
Less: Amortization on tax credit
investments
—
—
—
—
(696
)
Less: Merger-related expenses
—
—
—
—
(1,894
)
Less: Intangible amortization
(597
)
(601
)
(1,072
)
(674
)
(688
)
Less: FDIC special assessment
(6,494
)
—
—
—
—
Less: FultonFirst initiative
(3,197
)
—
—
—
—
Less: Debt extinguishment
720
—
—
—
—
Total non-interest expense
$
170,984
$
170,419
$
166,946
$
158,942
$
165,184
Pre-provision net revenue
$
100,050
$
102,342
$
106,495
$
108,375
$
115,049
Year ended
Dec 31
2023
Operating net
income available to common shareholders
Net income available to common
shareholders
$
274,032
Plus: Core deposit intangible
amortization
2,308
Plus: Interest rate derivative transition
valuation(1)
1,855
Plus: FDIC special assessment
6,494
Plus: FultonFirst initiative
3,197
Less: Tax impact of adjustments
(2,909
)
Operating net income available to common
shareholders (numerator)
$
284,977
Weighted average shares (diluted)
(denominator)
166,769
Operating net income available to common
shareholders, per share (diluted)
$
1.71
(1) Resulting from the reference rate
transition from LIBOR to SOFR in the Corporation's commercial
customer interest rate swap program.
Note: numbers in this report may not sum
due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240116531563/en/
Media Contact: Lacey Dean (717) 735-8688 Investor Contact: Matt
Jozwiak (717) 327-2657
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