LANCASTER, PA — Fulton Financial Corporation (NASDAQ: FULT) reported a net income of $60.6 million ($0.33 per diluted share) for the third quarter, down $31.8 million from the last quarter. However, operating net income reached a record $91.3 million ($0.50 per diluted share), an increase of $8.8 million from the previous quarter.
Curtis J. Myers, Chairman and CEO, highlighted the company’s strategic achievements and improved earnings this quarter, with strong revenue growth and efficient capital generation.
Key financial metrics include a net interest margin of 3.49% (up six basis points), customer deposits rising by $745 million (excluding brokered deposits), and common equity tier 1 capital increasing to 10.5%. Tangible shareholders’ equity per share also grew by 4.7%.
The company incurred $14.2 million in acquisition-related expenses. Despite a rise of $16.3 million in net interest income due to increased liquidity, non-interest income fell sharply due to changes in acquisition gains.
Fulton’s net loans reached $24.2 billion, boosted by commercial and residential mortgage loans, while deposits rose to $26.2 billion despite a decline in some deposit categories.
The provision for credit losses decreased to $11.9 million from $32.1 million last quarter, primarily from acquisition adjustments. Non-performing assets increased to $205 million, representing 0.64% of total assets.
Overall, Fulton Financial shows resilience and solid growth foundations, despite challenges.
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