Q1 2025 Fulton Financial Corp Earnings Call Transcript
Key Points
- Fulton Financial Corp (FULT) reported an increase in operating earnings per share to $0.52, a $0.04 rise from the previous quarter.
- The company achieved a reduction in total operating expenses, contributing to an improved operating efficiency ratio of 56.7%.
- FULT maintained strong liquidity and grew its equity base, with tangible book value per share increasing by 13.8% on an annualized basis.
- Customer deposit growth was solid, with a $200 million increase driven by interest-bearing money market products.
- The company reported improvements in asset quality metrics, including a decline in the non-performing loan ratio and net charge-offs.
- Total loans declined by $182 million during the quarter, impacted by strategic decisions and portfolio management activities.
- Loan yields decreased by 11 basis points to 5.86%, contributing to a $2.5 million decrease in net interest income.
- The allowance for credit losses to total loans ratio increased, indicating a cautious outlook on credit quality.
- FULT's non-interest income declined modestly due to day count and transactional activity, with fee income as a percentage of revenue at 21%.
- The company anticipates potential headwinds in net interest income and non-interest income due to a slower growth environment and possible interest rate cuts.
Good day, and thank you for standing by. Welcome to the Fulton Financial first quarter 2025 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Matt Jozwiak, Director of Investor Relations.
Good morning, and thanks for joining us for Fulton Financial's conference call and webcast to discuss our earnings for the first quarter ending March 31, 2025. Your host for today's conference call is Curt Myers, Chairman and Executive Officer. Joining Curt is Rick Kraemer, 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. These documents can be found on our website at fult.com by clicking on Investor Relations and then on News. The slides can also be found on the Presentations
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