Fulton Financial Q3 2020 Earnings Report
Key Takeaways
Fulton Financial Corporation reported a net income of $62 million, or $0.38 per diluted share, for the third quarter of 2020. The company experienced record growth in its mortgage business, and loan growth, fee income, and credit quality exceeded expectations.
Net income for the third quarter of 2020 was $62 million, or $0.38 per diluted share.
Mortgage business achieved record growth in the third quarter, coming on the heels of a record second quarter.
Loan growth, fee income and credit quality also exceeded expectations.
Taking steps to significantly reduce annual operating expenses for the future.
Fulton Financial
Fulton Financial
Forward Guidance
The Corporation is making a number of changes that are expected to result in annual expense savings of $25 million, inclusive of the previously reported financial center closure savings. Of the expected $25 million in annual expense savings, the Corporation expects to reinvest a portion to accelerate digital transformation initiatives.