Fulton Financial Q3 net income rises sequentially on lower acquisition expenses
FULT•Fulton Financial’s third-quarter net income rose from the prior quarter as acquisition-related expenses fell. Net interest income was $290.04 million, and the company repurchased $56.1 million of shares.
1. Quarterly results
Fulton Financial reported third-quarter net income of $114.1 million and net interest income of $290.04 million. Its net interest margin was 3.58%, its CET1 capital ratio was 12.20%, and its credit loss provision was $4.06 million.
2. Drivers and capital
The company attributed higher net interest income to increased interest income from loans and securities and lower interest expense on borrowings. Lower acquisition-related expenses reduced non-interest expense. Deposit growth was driven by commercial deposits and seasonal municipal trends. Fulton repurchased $56.1 million of shares during the quarter and did not provide specific future-quarter or full-year financial guidance.
