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Dec 31, 2023
Fulton Financial Q4 2023 Earnings Report
Reported a decrease in net income compared to the previous quarter, influenced by the FultonFirst initiative and FDIC special assessment.
Key Takeaways
Fulton Financial Corporation reported a net income available to common shareholders of $61.7 million, or $0.37 per diluted share, for Q4 2023. The results reflect a decrease compared to the previous quarter, influenced by expenses related to the 'FultonFirst' initiative and an FDIC special assessment. Despite these challenges, the company saw growth in loans and deposits and advancements in strategic objectives.
Net income available to common shareholders was $61.7 million, or $0.37 per diluted share.
Operating net income available to common shareholders was $68.8 million, or $0.42 per diluted share.
Net interest income for the fourth quarter of 2023 was $212.0 million.
Non-interest expense increased by $9.5 million compared to the third quarter of 2023, primarily due to FDIC insurance expense and consulting fees for the FultonFirst initiative.
Fulton Financial
Fulton Financial
Forward Guidance
Fulton Financial Corporation anticipates opportunities for growth and strategic advancement in 2024, focusing on enhancing customer experience and operational excellence.
Positive Outlook
- Focus on evaluating and improving operations through the FultonFirst initiative.
- Strategic objectives are advanced.
- Loans and deposits grew in a challenging environment.
- Enhancements delivered to the customer experience.
- Continued to operate with excellence and served stakeholders well.
Challenges Ahead
- Approximately $3.2 million recorded in the fourth quarter of 2023 related to the FultonFirst initiative.
- Corporation recognized a Federal Deposit Insurance Corporation (FDIC) special assessment charge of $6.5 million.
- Net interest income for the fourth quarter of 2023 was $212.0 million, a decrease of $13.9 million, or 6.2%, in comparison to the fourth quarter of 2022.
- Non-interest expense was $180.6 million in the fourth quarter of 2023, an increase of $9.5 million, or 5.6%, compared to $171.0 million in the third quarter of 2023.
- The effective tax rate was 18.5% in comparison to 17.3% for 2022.