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  • Jul 18, 2024

  • Jul 16, 2024

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    • 8:44PM ET on Tuesday Jul 16, 2024 by PR Newswire
      Companies Mentioned: FULT

      Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $92.4 million, or $0.52 per diluted share, for the second quarter of 2024, an increase of $33.0million, or $0.16 per share, in comparison to the first quarter of 2024. Operating net income available to common shareholders for the three months ended June30, 2024 was $82.5 million, or $0.47 per diluted share(1), an increase of $17.1 million, or $0.07 per share in comparison to the first quarter of 2024.

    • 8:43PM ET on Tuesday Jul 16, 2024 by Dow Jones
      Companies Mentioned: FULT
      restructuring 20,282 -- -- -- -- Less: Gain on sale-leaseback (20,266) -- -- -- -- Plus: FDIC special assessment -- 956 6,494 -- -- Plus: FultonFirst implementation and asset disposals 6,323 6,329 3,197 -- -- Less: Tax impact of adjustments (9,989) (1,618) (1,929) (747) (225) --------------- -------------- -------------- -------------- -------------- Adjusted net income available to common shareholders (numerator) $ 82,598 $ 65,468 $ 68,958 $ 72,347 $ 77,892 =============== ============== ============== ============== ============== Average shareholders' equity $ 2,952,671 $ 2,766,945 $ 2,618,024 $ 2,645,977 $ 2,647,464 Less: Average preferred stock (192,878) (192,878) (192,878) (192,878) (192,878) Less: Average goodwill and intangible assets (624,471) (560,393) (560,977) (561,578) (563,146) --------------- -------------- -------------- -------------- -------------- Average tangible common shareholders' equity (denominator) $ 2,135,322 $ 2,013,674 $ 1,864,169 $ 1,891,521 $ 1,891,440 =============== ============== ============== ============== ============== Operating return on average common shareholders' equity (tangible) 15.56 % 13.08 % 14.68 % 15.17 % 16.52 % =============== ============== ============== ============== ============== (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. (2) Results are annualized. Three months ended Jun 30 Mar 31 Dec 31 Sep 30 June 30 2024 2024 2023 2023 2023 --------------- -------------- -------------- -------------- -------------- Tangible common equity to tangible assets (TCE Ratio) Shareholders' equity $ 3,101,609 $ 2,757,679 $ 2,760,139 $ 2,566,693 $ 2,642,152 Less: Preferred stock (192,878) (192,878) (192,878) (192,878) (192,878) Less: Goodwill and intangible assets (648,026) (560,114) (560,687) (561,284) (561,885) --------------- -------------- -------------- -------------- -------------- Tangible common shareholders' equity (numerator) $ 2,260,705 $ 2,004,687 $ 2,006,574 $ 1,812,531 $ 1,887,389 =============== ============== ============== ============== ============== Total assets $ 31,769,813 $ 27,642,957 $ 27,571,915 $ 27,375,177 $ 27,403,163 Less: Goodwill and intangible assets (648,026) (560,114) (560,687) (561,284) (561,885) --------------- -------------- -------------- -------------- -------------- Total tangible assets (denominator) $ 31,121,787 $ 27,082,843 $ 27,011,228 $ 26,813,893 $ 26,841,278 =============== ============== ============== ============== ============== Tangible common equity to tangible assets 7.26 % 7.40 % 7.43 % 6.76 % 7.03 % Efficiency ratio ----------------------- Non-interest expense $ 199,488 $ 177,600 $ 180,552 $ 171,020 $ 168,018 Less: Acquisition-related expense (13,803) -- -- -- -- Less: Gain on sale-leaseback 20,266 -- -- -- -- Less: FDIC special assessment -- (956) (6,494) -- -- Less: FultonFirst implementation and asset disposals (6,323) (6,329) (3,197) -- -- Less: Intangible amortization (4,688) (573) (597) (601) (1,072) Less: Debt extinguishment -- -- 720 -- -- --------------- -------------- -------------- -------------- -------------- Non-interest expense (numerator) $ 194,940 $ 169,742 $ 170,984 $ 170,419 $ 166,946 =============== ============== ============== ============== ============== Net interest income $ 241,720 $ 206,937 $ 212,006 $ 213,842 $ 212,852 Tax equivalent adjustment 4,556 4,592 4,549 4,442 4,405 Plus: Total non-interest income 92,994 57,140 59,378 55,961 60,585 Plus: Interest rate derivative transition valuation(1) (137) (151) (1,102) 2,958 -- Less: Non-PCD credit-related interest income from acquisition (571) -- -- -- -- Less: Gain on acquisition, net of tax (47,392) -- -- -- -- Plus: Investment securities (gains) losses, net 20,282 -- 752 -- 4 --------------- -------------- -------------- -------------- -------------- Total revenue (denominator) $ 311,452 $ 268,518 $ 275,583 $ 277,203 $ 277,846 =============== ============== ============== ============== ============== Efficiency ratio 62.6 % 63.2 % 62.0 % 61.5 % 60.1 % =============== ============== ============== ============== ============== Operating non-interest expense to total average assets ------------------------- Non-interest expense $ 199,488 $ 177,600 $ 180,552 $ 171,020 $ 168,018 Less: Amortization of tax credit investments -- -- -- -- -- Less: Intangible amortization (4,688) (573) (597) (601) (1,072) Less: Acquisition-related expense (13,803) -- -- -- -- Less: Gain on sale-leaseback 20,266 -- -- -- -- Less: FDIC special assessment -- (956) (6,494) -- -- Less: FultonFirst implementation and asset disposals (6,323) (6,329) (3,197) -- -- Non-interest expense (numerator) $ 194,940 $ 169,742 $ 170,264 $ 170,419 $ 166,946 =============== ============== ============== ============== ============== Total average assets (denominator) $ 30,774,891 $ 27,427,626 $ 27,397,671 $ 27,377,836 $ 27,235,567 =============== ============== ============== ============== ============== Operating non-interest expenses to total average assets 2.55 % 2.49 % 2.47 % 2.47 % 2.46 % =============== ============== ============== ============== ============== (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. (2) Results are annualized. Note: numbers in this report may not sum due to rounding.
    • 8:43PM ET on Tuesday Jul 16, 2024 by Dow Jones
      Companies Mentioned: FULT
      restructuring 20,282 -- -- -- -- Less: Gain on sale-leaseback (20,266) -- -- -- -- Plus: FDIC special assessment -- 956 6,494 -- -- Plus: FultonFirst implementation and asset disposals 6,323 6,329 3,197 -- -- Less: Tax impact of adjustments (9,989) (1,618) (1,929) (747) (225) --------------- -------------- -------------- -------------- -------------- Adjusted net income available to common shareholders (numerator) $ 82,598 $ 65,468 $ 68,958 $ 72,347 $ 77,892 =============== ============== ============== ============== ============== Average shareholders' equity $ 2,952,671 $ 2,766,945 $ 2,618,024 $ 2,645,977 $ 2,647,464 Less: Average preferred stock (192,878) (192,878) (192,878) (192,878) (192,878) Less: Average goodwill and intangible assets (624,471) (560,393) (560,977) (561,578) (563,146) --------------- -------------- -------------- -------------- -------------- Average tangible common shareholders' equity (denominator) $ 2,135,322 $ 2,013,674 $ 1,864,169 $ 1,891,521 $ 1,891,440 =============== ============== ============== ============== ============== Operating return on average common shareholders' equity (tangible) 15.56 % 13.08 % 14.68 % 15.17 % 16.52 % =============== ============== ============== ============== ============== (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. (2) Results are annualized. Three months ended Jun 30 Mar 31 Dec 31 Sep 30 June 30 2024 2024 2023 2023 2023 --------------- -------------- -------------- -------------- -------------- Tangible common equity to tangible assets (TCE Ratio) Shareholders' equity $ 3,101,609 $ 2,757,679 $ 2,760,139 $ 2,566,693 $ 2,642,152 Less: Preferred stock (192,878) (192,878) (192,878) (192,878) (192,878) Less: Goodwill and intangible assets (648,026) (560,114) (560,687) (561,284) (561,885) --------------- -------------- -------------- -------------- -------------- Tangible common shareholders' equity (numerator) $ 2,260,705 $ 2,004,687 $ 2,006,574 $ 1,812,531 $ 1,887,389 =============== ============== ============== ============== ============== Total assets $ 31,769,813 $ 27,642,957 $ 27,571,915 $ 27,375,177 $ 27,403,163 Less: Goodwill and intangible assets (648,026) (560,114) (560,687) (561,284) (561,885) --------------- -------------- -------------- -------------- -------------- Total tangible assets (denominator) $ 31,121,787 $ 27,082,843 $ 27,011,228 $ 26,813,893 $ 26,841,278 =============== ============== ============== ============== ============== Tangible common equity to tangible assets 7.26 % 7.40 % 7.43 % 6.76 % 7.03 % Efficiency ratio ----------------------- Non-interest expense $ 199,488 $ 177,600 $ 180,552 $ 171,020 $ 168,018 Less: Acquisition-related expense (13,803) -- -- -- -- Less: Gain on sale-leaseback 20,266 -- -- -- -- Less: FDIC special assessment -- (956) (6,494) -- -- Less: FultonFirst implementation and asset disposals (6,323) (6,329) (3,197) -- -- Less: Intangible amortization (4,688) (573) (597) (601) (1,072) Less: Debt extinguishment -- -- 720 -- -- --------------- -------------- -------------- -------------- -------------- Non-interest expense (numerator) $ 194,940 $ 169,742 $ 170,984 $ 170,419 $ 166,946 =============== ============== ============== ============== ============== Net interest income $ 241,720 $ 206,937 $ 212,006 $ 213,842 $ 212,852 Tax equivalent adjustment 4,556 4,592 4,549 4,442 4,405 Plus: Total non-interest income 92,994 57,140 59,378 55,961 60,585 Plus: Interest rate derivative transition valuation(1) (137) (151) (1,102) 2,958 -- Less: Non-PCD credit-related interest income from acquisition (571) -- -- -- -- Less: Gain on acquisition, net of tax (47,392) -- -- -- -- Plus: Investment securities (gains) losses, net 20,282 -- 752 -- 4 --------------- -------------- -------------- -------------- -------------- Total revenue (denominator) $ 311,452 $ 268,518 $ 275,583 $ 277,203 $ 277,846 =============== ============== ============== ============== ============== Efficiency ratio 62.6 % 63.2 % 62.0 % 61.5 % 60.1 % =============== ============== ============== ============== ============== Operating non-interest expense to total average assets ------------------------- Non-interest expense $ 199,488 $ 177,600 $ 180,552 $ 171,020 $ 168,018 Less: Amortization of tax credit investments -- -- -- -- -- Less: Intangible amortization (4,688) (573) (597) (601) (1,072) Less: Acquisition-related expense (13,803) -- -- -- -- Less: Gain on sale-leaseback 20,266 -- -- -- -- Less: FDIC special assessment -- (956) (6,494) -- -- Less: FultonFirst implementation and asset disposals (6,323) (6,329) (3,197) -- -- Non-interest expense (numerator) $ 194,940 $ 169,742 $ 170,264 $ 170,419 $ 166,946 =============== ============== ============== ============== ============== Total average assets (denominator) $ 30,774,891 $ 27,427,626 $ 27,397,671 $ 27,377,836 $ 27,235,567 =============== ============== ============== ============== ============== Operating non-interest expenses to total average assets 2.55 % 2.49 % 2.47 % 2.47 % 2.46 % =============== ============== ============== ============== ============== (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. (2) Results are annualized. Note: numbers in this report may not sum due to rounding.
    • 5:22PM ET on Tuesday Jul 16, 2024 by MT Newswires
      Companies Mentioned: FULT
      05:22 PM EDT, 07/16/2024 (MT Newswires) -- Fulton Financial (FULT) reported Q2 operating net income Tuesday of $0.47 per diluted share, flat from a year earlier. Analysts polled by Capital IQ expected $0.30. Revenue, expressed as the sum of net inte...

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