Fulton Financial Corp. Files Q3 2024 10-Q

TL;DR

**FULTON FINANCIAL CORP Q3 2024 10-Q FILED. FINANCIALS OUT.**

AI Summary

Fulton Financial Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operations for the third quarter and the year-to-date period. Key financial data and operational highlights are presented, reflecting the company's status in the commercial banking sector.

Why It Matters

This filing provides investors and analysts with crucial financial data for Fulton Financial Corp., enabling them to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial information, not indicating immediate or significant new risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 2024-11-08 — Filing Date (Shows when the report was officially submitted to the SEC.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the financial performance for the first nine months of 2024.)
• 2024-07-01 to 2024-09-30 — Third Quarter Period (Details the financial performance for the three months ending September 30, 2024.)

Key Players & Entities

• FULTON FINANCIAL CORP (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Date of filing
• PA (location) — State of incorporation
• LANCASTER (location) — City of business and mailing address

FAQ

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-20240930.htm (10-Q) — 4400KB
• fult093024-exhibit311.htm (EX-31.1) — 11KB
• fult093024-exhibit312.htm (EX-31.2) — 11KB
• fult093024-exhibit321.htm (EX-32.1) — 4KB
• fult093024-exhibit322.htm (EX-32.2) — 4KB
• 0000700564-24-000053.txt ( ) — 19977KB
• fult-20240930.xsd (EX-101.SCH) — 75KB
• fult-20240930_cal.xml (EX-101.CAL) — 184KB
• fult-20240930_def.xml (EX-101.DEF) — 511KB
• fult-20240930_lab.xml (EX-101.LAB) — 972KB
• fult-20240930_pre.xml (EX-101.PRE) — 760KB
• fult-20240930_htm.xml (XML) — 4730KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): (a) Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 7 (b) Consolidated Statements of Income - Three months and nine months ended September 30, 2024 and 2023 8 (c) Consolidated Statements of Comprehensive Income - Three months and nine months ended September 30, 2024 and 2023 9 (d) Consolidated Statements of Shareholders' Equity - Three months and nine months ended September 30, 2024 and 2023 10 (e) Consolidated Statements of Cash Flows - Nine months ended September 30, 2024 and 2023 11 (f) Notes to Consolidated Financial Statements 12

Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures A bout Market Risk

Item 3. Quantitative and Qualitative Disclosures A bout Market Risk 61

Controls and Procedures

Item 4. Controls and Procedures 64

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 65

Risk Factors

Item 1A. Risk Factors 65

Unregistered Sales of Equity Securit ies and Use of Proceeds

Item 2. Unregistered Sales of Equity Securit ies and Use of Proceeds 65

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 77

Exhibits

Item 6. Exhibits 66

Signatures

Signatures 67 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 Acquisition Date April 26, 2024, the date of the Republic First Transaction 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 CDI Core deposit intangible CECL Day 1 Provision Initial provision for credit losses required on non-PCD Loans acquired in the Republic First Transaction 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 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 LGD Loss given default LIBOR London Interbank Offered Rate LTV Loan-to-value Management's Discussion Management's Discussion and Analysis o

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. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Many factors could affect futu

Financial Statements

Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per-share data) September 30, 2024 December 31, 2023 (unaudited) ASSETS Cash and due from banks $ 296,500 $ 300,343 Interest-bearing deposits with other banks 1,144,180 249,367 Cash and cash equivalents 1,440,680 549,710 FRB and FHLB stock 143,212 124,405 Loans held for sale 17,678 15,158 Investment securities AFS, at estimated fair value 3,313,296 2,398,352 HTM, at amortized cost 1,231,982 1,267,922 Net loans 24,176,075 21,351,094 Less: ACL - loans ( 375,961 ) ( 293,404 ) Loans, net 23,800,114 21,057,690 Net premises and equipment 171,731 222,881 Accrued interest receivable 115,903 107,972 Goodwill and net intangible assets 641,739 560,687 Other assets 1,309,391 1,267,138 Total Assets $ 32,185,726 $ 27,571,915 LIABILITIES Deposits: Noninterest-bearing $ 5,501,699 $ 5,314,094 Interest-bearing 20,650,445 16,223,529 Total Deposits 26,152,144 21,537,623 Borrowings: Federal funds purchased — 240,000 Federal Home Loan Bank advances 950,000 1,100,000 Senior debt and subordinated debt 535,917 535,384 Other borrowings 566,310 612,142 Total Borrowings 2,052,227 2,487,526 Accrued interest payable 36,723 35,083 Other liabilities 740,689 751,544 Total Liabilities 28,981,783 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 September 30, 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, 245,869,212 shares issued as of September 30, 2024 and 225,760,963 shares issued as of December 31, 2023 614,673 564,402 Additional paid-in capital 1,785,477 1,552,860 Retained earnings 1,742,344 1,619,300 Accumulated other comprehensive loss ( 243,302 ) ( 312,280 ) Treasury stock, at cost, 63,912,691 shares as of September 30, 2024 and 61,959,552 shares as of December 3

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View this 10-Q filing on SEC EDGAR