NASDAQ$FULT

Fulton Financial Corp · Q3 2024 earnings

Q3 2024 earnings · · Investor relations

Briefing

Reported a decrease in net income but an increase in operating earnings, driven by progress on strategic initiatives.

Fulton Financial Corporation reported a net income of $60.6 million, or $0.33 per diluted share, for Q3 2024. Operating net income available to common shareholders was $91.3 million, or $0.50 per diluted share, marking an all-time high for the company. The quarter benefited from a solid net interest margin and an increase in customer deposits, excluding brokered deposits.

  • Operating earnings per diluted share reached an all-time high of $0.50.
  • Net interest margin increased by six basis points to 3.49% compared to the prior quarter.
  • Customer deposits, excluding brokered deposits, increased by $745.0 million from the previous quarter.
  • Common equity tier 1 capital increased to 10.5%, up from 10.3% in the prior quarter.

Headline financials

Total Revenue

$318M

Previous: $218M+45.5%
EPS

$0.33

Previous: $0.43-23.3%
Net interest margin

3.5%

Previous: 3.4%+2.6%
Return on avg. assets

0.8%

No prior period
Operating ROA

1.2%

No prior period
Return on avg. common equity

8.1%

No prior period
Operating ROE (tangible)

15.7%

No prior period
Efficiency ratio

59.6%

Previous: 61.5%-3.1%
Non-interest expense to avg. assets

2.8%

No prior period
Operating non-interest expense to avg. assets

2.5%

No prior period
Net charge-offs to avg. loans

0.2%

No prior period
Non-performing assets to total assets

0.6%

No prior period
Non-performing loans to net loans

0.8%

No prior period
ACL to total loans

1.6%

No prior period
ACL to non-performing loans

186.0%

No prior period
Tangible common equity ratio

7.5%

Previous: 6.8%+10.3%
Tier 1 leverage ratio

9.0%

No prior period
Common equity tier 1 ratio

10.5%

No prior period
Tier 1 risk-based capital ratio

11.3%

No prior period
Total risk-based capital ratio

14.0%

No prior period
Capital Expenditures

$2.3M

No prior period
Free Cash Flow

$63.2M

No prior period
Net Income

$63.2M

Previous: $72.1M-12.3%
Operating Income

$68.4M

Previous: $88.8M-23.0%
Gross Profit

$305M

Previous: $269M+13.4%
Cash & Equivalents

$1.44B

Previous: $420M+242.6%
Total Assets

$32.2B

Previous: $27.4B+17.5%
Stock-Based Comp

$3.51M

Previous: $3.05M+15.1%

Revenue & EPS history

Fulton Financial · Revenue · Quarterly

$318M

Q3 2024+45.5%vs Q3 2023
Beat estimate in 9 of 15 quarters(60%)
ActualEstimate

Forward guidance

The earnings report does not contain specific forward guidance. Therefore, I can't provide a summary of it.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2024

Historical avgQ3 2024

+0.1%

Avg return

Earnings day

+0.8%

Avg return

5 days after

+2.8%

Avg return

30 days after

46%

32 / 69 earnings

Positive

+9.7%

Q2 2024

Best reaction

-9.5%

Q4 2022

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.2%-0.5%-1.9%
Q4 2025+2.6%-0.6%+9.2%
Q3 2025-1.5%+0.4%+0.4%
Q2 2025-1.4%-1.0%+3.4%
Q1 2025-0.4%-1.8%+13.5%
Q4 2024-1.1%-1.4%-3.5%
Q3 2024+2.9%-0.3%+15.7%
Q2 2024+9.7%+9.2%-1.0%
Q1 2024-2.1%+1.3%+18.0%
Q4 2023-2.6%+1.4%+0.6%
Q3 2023+0.3%-2.3%+14.4%
Q2 2023+8.7%+7.8%+6.7%
Q1 2023-4.9%-6.9%-14.4%
Q4 2022-9.5%-7.1%+2.1%
Q3 2022-1.1%-1.8%+2.3%
Q2 2022+9.7%+9.5%+22.0%
Q1 2022+2.6%+1.8%-6.2%
Q4 2021-2.1%-5.6%-4.0%
Q3 2021+6.4%+4.9%+4.3%
Q2 2021+3.7%+2.0%+4.0%
Q1 2021-1.0%+1.1%+0.8%
Q4 2020+0.6%+1.9%+2.5%
Q3 2020+8.5%+10.7%+25.6%
Q2 2020+3.7%+4.1%-0.2%
Q1 2020-5.0%-2.2%-1.2%
Q4 2019-0.5%-0.2%-23.3%
Q3 2019+0.9%+1.7%+2.2%
Q2 2019+1.7%+2.7%-4.0%
Q1 2019+2.5%+1.2%+3.6%
Q4 2018+0.2%+1.1%+1.0%
Q3 2018+5.3%+2.4%+4.8%
Q2 2018+1.5%+5.4%+7.2%
Q1 2018-2.8%-2.8%-0.8%
Q4 2017-0.3%-2.7%+1.3%
Q3 2017-4.2%-3.9%-7.0%
Q2 2017-2.6%-4.8%-10.8%
Q1 2017+3.5%+6.3%+0.0%
Q4 2016-3.5%-3.7%+1.6%
Q3 2016+3.9%+4.2%+23.2%
Q2 2016-0.9%-0.9%+1.2%
Q1 2016+1.9%
Q4 2015+2.7%
Q3 2015+4.5%
Q2 2015-2.6%
Q1 2015+1.7%
Q4 2014-3.6%
Q3 2014+4.4%
Q2 2014-2.6%
Q1 2014+2.7%
Q4 2013+0.2%
Q3 2013+0.0%
Q2 2013+2.5%
Q1 2013-4.3%
Q4 2012-0.4%
Q3 2012-2.5%
Q2 2012-1.4%
Q1 2012-0.3%
Q4 2011+0.1%
Q3 2011-6.3%
Q2 2011-6.0%
Q1 2010+0.6%
Q1 2011+3.0%
Q4 2009-2.8%
Q4 2010-2.8%
Q4 2008-2.8%
Q3 2009-3.8%
Q3 2010-3.8%
Q2 2010-1.3%
Q2 2009-1.3%

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