LANCASTER, PA — Fulton Financial Corporation (NASDAQ: FULT) has reported net income of $66.1 million, or $0.36 per diluted share, for the fourth quarter of 2024. This marks an increase of $5.4 million, or $0.03 per share, compared to the previous quarter. For the full year, Fulton recorded net income of $278.5 million, or $1.57 per diluted share.
Operating net income for Q4 2024 was $88.9 million, or $0.48 per diluted share, slightly down from the prior quarter due to shifts in financial conditions. However, full-year operating net income reached $328.1 million, or $1.85 per diluted share, reflecting an 8% improvement over the previous year.
“2024 was a record year for Fulton,” said Curtis J. Myers, Chairman and CEO. “We made significant progress, both operationally and strategically, and are now realizing the benefits of these efforts in our results. With a strong quarter and year, we are very excited and well-positioned for continued success in 2025.”
Key Q4 Highlights:
- Net interest margin remained solid at 3.41%, while non-interest income rose to $65.9 million.
- Non-interest expense decreased by $9.5 million from the prior quarter, largely due to cost-saving initiatives from the FultonFirst financial center consolidation plan.
- The provision for credit losses stood at $16.7 million, maintaining a robust allowance for credit losses of 1.58% of total net loans.
- Total deposits of $26.1 billion reflected a slight decline of $22.7 million quarter-over-quarter, while average noninterest-bearing deposits grew by $62.2 million.
Despite challenges from lower short-term interest rates and fluctuating loan balances, Fulton’s efforts to streamline operations and cut non-interest expenses have bolstered its performance. Backed by sustained growth, the corporation is optimistic heading into 2025.
FultonFirst’s consolidation plan, which involves 15 financial centers, alongside rising capital strength, underscores the firm’s focus on efficiency and long-term growth. Myers added, “These results demonstrate our commitment to delivering value to our shareholders while meeting the evolving needs of our customers.”
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