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Mar 31, 2024
Fulton Financial Q1 2024 Earnings Report
Reported solid first quarter results with operating earnings, deposit growth outpacing loan growth, stable net interest margin, and stable asset quality.
Key Takeaways
Fulton Financial Corporation reported a net income available to common shareholders of $59.4 million, or $0.36 per diluted share, for Q1 2024. Operating net income available to common shareholders was $65.4 million, or $0.40 per diluted share. Deposit growth outpaced loan growth, net interest margin was in line with expectations and asset quality remained stable.
Net income available to common shareholders decreased by 3.8% compared to the fourth quarter of 2023.
Operating net income available to common shareholders decreased by 5.0% compared to the fourth quarter of 2023.
Net interest income decreased due to slight decreases in average interest-earning assets and the net interest margin.
Non-interest income before investment securities gains (losses) decreased by 5.0% from the fourth quarter of 2023.
Fulton Financial
Fulton Financial
Forward Guidance
This press release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business.
Positive Outlook
- Anticipated growth strategies
- Descriptions of new business initiatives
- descriptions of new business initiatives
- expected levels of future expenses, including future credit losses
- anticipated trends in the Corporation’s business or financial results.
Challenges Ahead
- These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance
- Forward-looking statements are neither historical facts, nor assurance of future performance.
- Forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control
- actual results and financial condition may differ materially from those indicated in the forward-looking statements.
- The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.