Fulton Financial Corporation (NASDAQ: FULT) has announced its third-quarter 2024 results, reporting a net income available to common shareholders of $60.6 million, or $0.33 per diluted share, representing a decrease of $31.8 million, or $0.19 per share, compared to the second quarter of 2024. However, operating net income available to common shareholders for the three months ended September 30, 2024, was $91.3 million, or $0.50 per diluted share, marking an increase of $8.8 million, or $0.03 per share, compared to the second quarter of 2024.
Here are some key metrics that have changed compared to the previous quarter:
- Net interest margin stood at 3.49%, marking an increase of six basis points compared to the prior quarter.
- Customer deposits increased by $745.0 million compared to the prior quarter, excluding brokered deposits.
- Common equity tier 1 capital increased to 10.5%, compared to 10.3% in the prior quarter.
- Tangible shareholders' equity per common share increased by $0.59, or 4.7%, to $13.02 compared to the prior quarter.
In terms of income components in the third quarter of 2024 compared to the second quarter of 2024:
- Net interest income totaled $258.0 million, reflecting an increase of $16.3 million, largely due to the full-quarter impact of an acquisition and an increase in on-balance sheet liquidity.
- Non-interest income before investment securities gains (losses) was $59.7 million compared to $113.3 million in the second quarter of 2024. The decrease was primarily due to a $55.1 million change in the gain on acquisition (net of tax), with a $7.7 million reduction recorded in the third quarter of 2024.
- Non-interest expense was $226.1 million compared to $219.8 million in the second quarter of 2024, excluding the $20.3 million gain on the sale-leaseback transaction reflected in other expense in the second quarter of 2024.
Balance sheet highlights include:
- Net loans totaled $24.2 billion, marking an increase of $69.8 million compared to $24.1 billion as of June 30, 2024.
- Deposits totaled $26.2 billion, reflecting an increase of $592.5 million compared to $25.6 billion as of June 30, 2024.
In terms of provision for credit losses and asset quality:
- The provision for credit losses was $11.9 million in the third quarter of 2024 compared to $32.1 million in the second quarter of 2024.
- Non-performing assets were $205.0 million, or 0.64% of total assets, at September 30, 2024, compared to $174.0 million, or 0.55% of total assets, at June 30, 2024.
These figures highlight the changes in Fulton Financial Corporation's financial performance and position compared to the previous quarter. As a result of these announcements, the company's shares have moved 2.8% on the market, and are now trading at a price of $18.78. If you want to know more, read the company's complete 8-K report here.
