LANCASTER, PA — Fulton Financial Corporation (NASDAQ: FULT) announced its third-quarter results, showing a net income of $60.6 million, or $0.33 per share. This is down from $31.8 million compared to the last quarter, but operating net income reached a record $91.3 million, up $8.8 million from before.
Curtis J. Myers, Chairman and CEO, expressed satisfaction with the strong revenue growth and efficiency improvements.
Key financial highlights include:
- Net interest margin of 3.49%, up 6 basis points.
- Customer deposits rose by $745 million.
- Common equity tier 1 capital increased to 10.5%.
- Tangible shareholders’ equity per share grew by 4.7%.
However, the company incurred acquisition expenses of $14.2 million and costs for its FultonFirst initiative. While net interest income rose by $16.3 million, non-interest income decreased due to changes in acquisition gains.
Net loans reached $24.2 billion, with increases in commercial and residential mortgages. Total deposits climbed to $26.2 billion, despite declines in brokered and noninterest-bearing deposits.
Fulton Financial’s provision for credit losses fell to $11.9 million, down from $32.1 million last quarter. Non-performing assets increased to $205 million, which is 0.64% of total assets.
Overall, Fulton Financial remains resilient amid challenges, showing solid growth foundations.
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