LANCASTER, PA — Fulton Financial Corporation (NASDAQ: FULT) reported third-quarter earnings of $60.6 million ($0.33 per diluted share), down $31.8 million ($0.19 per share) from last quarter. Despite this, they achieved record operating income of $91.3 million ($0.50 per diluted share), an increase of $8.8 million from the previous quarter.
Curtis J. Myers, CEO of Fulton, highlighted the company’s strong performance and strategic growth. Key financials include a net interest margin of 3.49% (up six basis points), and customer deposits rose by $745 million. Common equity tier 1 capital increased to 10.5%, and tangible equity per share grew by 4.7%.
However, the company faced $14.2 million in acquisition-related costs. Net interest income rose by $16.3 million, attributed to increased liquidity. Non-interest income, however, declined due to changes in acquisition gains.
Net loans reached $24.2 billion with growth in commercial and residential mortgages. Total deposits increased to $26.2 billion, despite a decline in brokered and noninterest-bearing demand deposits.
Fulton’s provision for credit losses fell significantly to $11.9 million from $32.1 million last quarter. Non-performing assets increased to $205 million, now 0.64% of total assets.
Overall, Fulton Financial has shown resilience and is well-positioned for future growth despite facing challenges.
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