LANCASTER, PA — Fulton Financial Corporation (NASDAQ: FULT) reported its Q3 financial results with a net income of $60.6 million, or $0.33 per diluted share, a drop of $31.8 million compared to the last quarter. However, they achieved record operating net income of $91.3 million, up by $8.8 million from Q2.
Curtis J. Myers, Chairman and CEO, highlighted the company’s strong revenue growth and operational efficiency.
Key highlights include:
- Net interest margin: 3.49% (up 6 basis points)
- Customer deposits (excluding brokered): $745 million increase
- Common equity tier 1 capital: 10.5%
- Tangible shareholders’ equity per share: up 4.7%
The company incurred acquisition-related expenses of $14.2 million. Net interest income rose by $16.3 million, while non-interest income decreased significantly due to acquisition gains changes. Net loans reached $24.2 billion and deposits climbed to $26.2 billion despite some declines in certain categories.
Notably, the provision for credit losses dropped to $11.9 million from $32.1 million last quarter, while non-performing assets increased to $205 million (0.64% of total assets).
Overall, Fulton Financial showed resilience amid challenges, indicating strong growth potential.
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