Q4 2024 Fulton Financial Corp Earnings Call Transcript
Key Points
- Fulton Financial Corp (FULT) achieved a record $1.2 billion in total revenue for 2024, marking a significant milestone for the company.
- The company successfully completed and integrated the Republic transaction, realizing cost savings and financial contributions as expected.
- FULT's non-interest income grew by $31 million or 13.4% to $259 million, with all non-interest income generating businesses showing growth.
- The company declared dividends of $0.69 per share, representing a 6% increase year over year.
- FULT maintained a stable net interest margin of 3.42% despite a volatile interest rate environment, which is seen as a positive outcome.
- Total loans declined by $131 million in the fourth quarter due to portfolio repositioning and a planned decline in the indirect auto portfolio.
- The provision for credit losses was $16.7 million, with the ratio of ACL to total loans increasing to 1.58%, indicating caution as the company enters 2025.
- Net interest income on a non-FTE basis decreased by $4 million linked quarter, with the net interest margin declining by eight basis points to 3.41%.
- The company faces ongoing pressure from higher rates and costs, impacting its performance in 2024.
- FULT's tangible capital ratio was flat despite being impacted by an additional OCI reserve of $44.5 million, ending the year at a negative $288 million.
Fulton Financial fourth quarter, 2024 results call at this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session to ask a question during the session.
(operator instruction)
Please be advised that today's conference is being recorded. I will attend the conference over to your speaker today, Matt Jozwaik, Director of Investor Relations. Please go ahead.
Good morning and thanks for joining us for global financials conference call and webcast to discuss our earnings for the fourth quarter and year ended 31st, December 2024. Your host for today's conference call is Curtis Myers, Chairman and Chief Executive Officer. Joining Kurt is Rick Kramer, Chief Financial Officer. Our comments today will refer to the financial information and related slide presentation included with our earnings announcement, which we released yesterday afternoon.
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