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Dec 31, 2020
Fulton Financial Q4 2020 Earnings Report
Reported net income available to common shareholders for the fourth quarter and year-end results.
Key Takeaways
Fulton Financial Corporation reported a net income available to common shareholders of $49 million, or $0.30 per diluted share, for the fourth quarter of 2020. The company's achievements were noted given the challenges of COVID-19, with stable asset quality and growth in mortgage and wealth management businesses.
Net income available to common shareholders was $49 million, or $0.30 per diluted share.
Net interest income increased by $7.5 million compared to the previous quarter.
Net interest margin increased by 5 basis points to 2.75% from the previous quarter.
Non-interest income decreased by $8 million, primarily due to a decrease in mortgage banking income.
Fulton Financial
Fulton Financial
Forward Guidance
The cost savings anticipated from the implementation of the cost savings initiatives are not expected to be fully realized until mid-2021. Of the anticipated $25 million in annual expense savings, the Corporation expects to reinvest a portion of the savings to accelerate digital transformation initiatives.