FULTON FINANCIAL CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Fulton Financial Corp. has filed its Q1 2024 10-Q report, providing a snapshot of its financial position.</b>

AI Summary

FULTON FINANCIAL CORP (FULTP) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Fulton Financial Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data points from previous periods are included for comparison. The report details common stock and preferred stock information. It also includes data on retained earnings and additional paid-in capital.

Why It Matters

For investors and stakeholders tracking FULTON FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of Fulton Financial Corp. The detailed financial statements and disclosures are crucial for understanding the company's operational results and balance sheet health.

Risk Assessment

Risk Level: low — FULTON FINANCIAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain new, significant, or unexpected financial events or disclosures that would alter the risk profile.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess Fulton Financial Corp.'s performance and financial health for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-01-01 — Period Start Date (Quarterly period)
• 2023-03-31 — Prior Year Period End (Comparison period)
• 2023-12-31 — Prior Quarter End (Balance sheet comparison)

Key Players & Entities

• FULTON FINANCIAL CORP (company) — Filer name
• 0000700564 (company) — Central Index Key
• PA (company) — State of incorporation
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date

FAQ

Industry Context

Fulton Financial Corp. operates within the National Commercial Banks industry (SIC 6021).

Regulatory Implications

As a publicly traded company, Fulton Financial Corp. is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the balance sheet data for March 31, 2024, and December 31, 2023.
2. Examine any disclosures related to common stock and preferred stock.
3. Review the changes in retained earnings and accumulated other comprehensive income.

Key Dates

• 2024-03-31: Quarter End — End of reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This filing is a standard 10-Q for the first quarter of 2024, providing updated financial information compared to the previous quarter and the same quarter in the prior year.

Key Financial Figures

• $2.50 — ich registered Common Stock, par value $2.50 FULT The Nasdaq Stock Market, LLC Depo
• $125 million — December 31, 2024, to repurchase up to $125 million of the Corporation's common stock; unde
• $25 million — stock; under this authorization, up to $25 million of the $125 million authorization may b

Filing Documents

• fult-20240331.htm (10-Q) — 3333KB
• fult033124-ex101separation.htm (EX-10.1) — 46KB
• fult033124-ex102timevested.htm (EX-10.2) — 22KB
• fult033124-ex103performanc.htm (EX-10.3) — 47KB
• fult033124-exhibit311.htm (EX-31.1) — 11KB
• fult033124-exhibit312.htm (EX-31.2) — 11KB
• fult033124-exhibit321.htm (EX-32.1) — 4KB
• fult033124-exhibit322.htm (EX-32.2) — 4KB
• 0000700564-24-000022.txt (&nbsp;) — 16494KB
• fult-20240331.xsd (EX-101.SCH) — 66KB
• fult-20240331_cal.xml (EX-101.CAL) — 154KB
• fult-20240331_def.xml (EX-101.DEF) — 452KB
• fult-20240331_lab.xml (EX-101.LAB) — 886KB
• fult-20240331_pre.xml (EX-101.PRE) — 666KB
• fult-20240331_htm.xml (XML) — 3862KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): (a) Consolidated Balance Sheets - March 3 1, 2024 and December 31, 20 23 7 (b) Consolidated Statements of Income - Three months ended March 31, 202 4 and 202 3 8 (c) Consolidated Statements of Comprehensive Income - Three months ended March 31, 2024 and 202 3 9 (d) Consolidated Statements of Shareholders' Equity - Three months ended March 31, 2024 and 202 3 10 (e) Consolidated Statements of Cash Flows - Three months ended March 31, 2024 and 202 3 11 (f) Notes to Consolidated Financial Statements 12

Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures A bout Market Risk

Item 3. Quantitative and Qualitative Disclosures A bout Market Risk 57

Controls and Procedures

Item 4. Controls and Procedures 59

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 60

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securit ies and Use of Proceeds

Item 2. Unregistered Sales of Equity Securit ies and Use of Proceeds 61

Defaults Upon Senior Securities - (not applicable)

Item 3. Defaults Upon Senior Securities - (not applicable)

Mine Safety Disclosures - (not applicable)

Item 4. Mine Safety Disclosures - (not applicable)

Other Information

Item 5. Other Information 63

Exhibits

Item 6. Exhibits 64

Signatures

Signatures 65 Note: Some numbers contained in the document may not sum due to rounding 2 GLOSSARY OF DEFINED ACRONYMS AND TERMS 2024 Repurchase Program The authorization, commencing on January 1, 2024 and expiring on December 31, 2024, to repurchase up to $125 million of the Corporation's common stock; under this authorization, up to $25 million of the $125 million authorization may be used to repurchase the Corporation's preferred stock and outstanding subordinated notes ACL Allowance for credit losses AFS Available for sale ALCO Asset/Liability Management Committee AOCI Accumulated other comprehensive (loss) income ASC Accounting Standards Codification ASU Accounting Standards Update BHCA Bank Holding Company Act of 1956, as amended bp or bps Basis point(s) Capital Rules Regulatory capital requirements applicable to the Corporation and Fulton Bank Corporation, Company, we, our or us Fulton Financial Corporation Directors' Plan Amended and Restated 2023 Director Equity Plan Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act Employee Equity Plan 2022 Amended and Restated Equity and Cash Incentive Compensation Plan ETR Effective tax rate Exchange Act Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation Federal Reserve Board Board of Governors of the Federal Reserve System FHLB Federal Home Loan Bank FOMC Federal Open Market Committee FRB Federal Reserve Bank FTE Fully taxable-equivalent Fulton Bank or the Bank Fulton Bank, N.A. GAAP U.S. generally accepted accounting principles HTM Held to maturity LIBOR London Interbank Offered Rate Management's Discussion Management's Discussion and Analysis of Financial Condition and Results of Operations Merger The acquisition by the Corporation of Prudential Bancorp that was completed effective as of July 1, 2022 MSRs Mortgage servicing rights Net loans Loan and lease receivables (net of

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The Corporation has made, and may continue to make, certain forward-looking statements with respect to its financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results. Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. In particular, statements about the fair value of the Republic First Assets and Liabilities are based on information provided to the Corporation by the FDIC, some of which has not been independently verified, and which is s

Financial Statements

Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per-share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Cash and due from banks $ 247,581 $ 300,343 Interest-bearing deposits with other banks 109,752 249,367 Cash and cash equivalents 357,333 549,710 FRB and FHLB stock 121,637 124,405 Loans held for sale 10,624 15,158 Investment securities AFS, at estimated fair value 2,526,969 2,398,352 HTM, at amortized cost 1,256,423 1,267,922 Net loans 21,444,483 21,351,094 Less: ACL - loans ( 297,888 ) ( 293,404 ) Loans, net 21,146,595 21,057,690 Net premises and equipment 213,541 222,881 Accrued interest receivable 107,089 107,972 Goodwill and net intangible assets 560,114 560,687 Other assets 1,342,632 1,267,138 Total Assets $ 27,642,957 $ 27,571,915 LIABILITIES Deposits: Noninterest-bearing $ 5,086,514 $ 5,314,094 Interest-bearing 16,655,436 16,223,529 Total Deposits 21,741,950 21,537,623 Borrowings: Federal funds purchased — 240,000 Federal Home Loan Bank advances 900,000 1,100,000 Senior debt and subordinated debt 535,566 535,384 Other borrowings 860,474 612,142 Total Borrowings 2,296,040 2,487,526 Accrued interest payable 26,362 35,083 Other liabilities 820,926 751,544 Total Liabilities $ 24,885,278 $ 24,811,776 SHAREHOLDERS' EQUITY Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares authorized and issued as of March 31, 2024 and December 31, 2023, liquidation preference of $ 1,000 per share 192,878 192,878 Common stock, $ 2.50 par value, 600,000,000 shares authorized, 225,900,447 shares issued as of March 31, 2024 and 225,760,963 shares issued as of December 31, 2023 564,751 564,402 Additional paid-in capital 1,554,624 1,552,860 Retained earnings 1,651,133 1,619,300 Accumulated other comprehensive loss ( 319,468 ) ( 312,280 ) Treasury stock, at cost, 63,813,228 shares as of March 31, 2024 and 61,959,552 shares as of December 31, 2023 ( 886,2

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 – Basis of Presentation The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC fo

View Full Filing

View this 10-Q filing on SEC EDGAR