Fulton Financial Corporation (FULT) Quarterly 10-Q Report
Fulton Financial Corporation (FULT) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $32,185,726,000 from $27,571,915,000 at the end of 2023. This increase is attributed to the acquisition of assets from Republic First Bank.
Net loans increased to $24,176,075,000 from $21,351,094,000 at the end of 2023, primarily due to the Republic First Transaction.
Total deposits grew to $26,152,144,000 from $21,537,623,000, reflecting the assumption of deposits from Republic First Bank.
The company reported net income of $63,206,000 for the quarter, compared to $72,097,000 in the previous year. After preferred dividends, net income attributable to common shareholders was $60,644,000, down from $69,535,000.
Net interest income for the quarter was $258,009,000, up from $213,842,000 in the previous year, with the increase driven by higher loan balances and interest rates.
Non-interest income before investment securities losses and gain on acquisition was $67,380,000, up from $55,961,000, due to increased wealth management and commercial banking revenues.
Non-interest expense increased to $226,089,000 from $171,020,000, primarily due to acquisition-related expenses and costs associated with the Republic First Transaction.
The company recorded a gain of $39,685,000 related to the acquisition of Republic First Bank, net of tax.
Fulton Financial's provision for credit losses was $11,929,000 for the quarter, compared to $9,937,000 in the previous year, reflecting the impact of the Republic First Transaction.
The company completed a public offering of common stock, raising approximately $272,600,000 in net proceeds, which will be used for general corporate purposes and to support the Republic First Transaction.
Fulton Financial does not anticipate cash dividend payments to common stockholders in the near future.
The filing also details the sale-leaseback transaction of 40 financial center office locations, resulting in a pre-tax gain of $20,266,000.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fulton Financial Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].