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Fulton Financial Corporation Reports Record Earnings for Fourth Quarter 2024

On January 21, 2025, Fulton Financial Corporation (NASDAQ: FULT) released its financial results for the fourth quarter of 2024 and the full year, showing strong performance amid an evolving economic landscape. The Lancaster, Pennsylvania-based institution reported a net income for common shareholders of $66.1 million, translating to $0.36 per diluted share for the fourth quarter, marking an increase of $5.4 million or $0.03 per share from the third quarter of 2024.

For the entire fiscal year ending December 31, 2024, net income available to common shareholders reached a commendable $278.5 million, or $1.57 per diluted share, reflecting a $4.5 million increase, albeit a slight decrease of $0.07 per share compared to the previous year. Importantly, operating net income for 2024 rose to $328.1 million, representing a considerable gain of $43.1 million or $0.14 per share when matched against 2023's figures.

Highlights From the Fourth Quarter

Curtis J. Myers, Chairman and CEO of Fulton Financial Corporation, expressed satisfaction with the results, stating, “2024 was a record year for Fulton. Operating diluted earnings per share of $1.85 signifies an 8% increase from the prior year.” The financial highlights showcased a solid net interest margin of 3.41%, coupled with a decrease in the total cost of funds by 14 basis points.

However, non-interest expense demonstrated a reduction of $9.5 million from the prior quarter, bringing it down to $216.6 million. This reduction was a significant factor in the overall financial success for the quarter. Additionally, the provision for credit losses was recorded at $16.7 million, resulting in an allowance attributable to net loans of $379.2 million, or 1.58% of total net loans.

Average noninterest-bearing deposits showed a robust increase of $62.2 million compared to the prior quarter, which showcases the growing trust and support from customers. The common equity tier 1 capital ratio saw a slight increase to approximately 10.6%, showcasing a stable financial position. Additionally, acquisition-related expenses amounted to $9.6 million, reflecting ongoing strategic efforts to enhance the corporation’s operational capabilities.

Yearly Performance Overview

The annual financial performance revealed a commendable rise in operating net income, contrasting with the slight dip in net income for common shareholders. The significant increase in operating net income indicates successful strategic implementations that have enhanced financial efficiency. Myers highlighted, “We made substantial strides in both operational and strategic areas, which are now reflecting positively in our financial outcomes. We are optimistic about our positioning for continued success in 2025.”

Analyzing Fulton Financial's balance sheet, net loans totaled $24.0 billion, although a minor decrease from $24.2 billion observed in the previous quarter. Additionally, total deposits positioned at $26.1 billion slightly dropped from the $26.2 billion garnered earlier.

Conclusion

The overall results for Fulton Financial Corporation in the fourth quarter and the entire year of 2024 underscore the institution's agility and resilience amidst a challenging economic climate. With strong earnings, growing deposits, and a commitment to strategic growth, Fulton Financial is paving its way toward a successful 2025. The forthcoming quarters will likely reveal the tangible impacts of the strategic changes implemented throughout 2024, potentially solidifying the corporation's reputation as a formidable player in the financial services industry, providing essential products and services to a broad customer base. More information about Fulton Financial Corporation can be found on its official website.