LANCASTER, PA — Fulton Financial Corporation (NASDAQ: FULT) reported its third-quarter earnings, showing a net income of $60.6 million or $0.33 per share. This is a drop of $31.8 million, or $0.19 per share, from the last quarter. Nonetheless, the company reached a record operating net income of $91.3 million, equating to $0.50 per share, up $8.8 million from the second quarter.
Curtis J. Myers, Chairman and CEO, expressed pride in the company’s progress, highlighting the record earnings and strong revenue growth. Key figures include a net interest margin of 3.49%, an increase in customer deposits by $745 million, and a rise in common equity tier 1 capital to 10.5%.
Despite $14.2 million in acquisition-related costs, net interest income rose by $16.3 million, benefiting from increased liquidity and acquisitions. However, non-interest income dropped due to changes in acquisition gains.
Net loans totaled $24.2 billion with increases in commercial and residential mortgages. Total deposits reached $26.2 billion, despite declines in certain categories.
The provision for credit losses decreased to $11.9 million from $32.1 million last quarter, influenced by acquisition adjustments. Non-performing assets rose to $205 million, comprising 0.64% of total assets.
Overall, Fulton Financial is showing resilience and a solid foundation for future growth despite challenges.
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