Fulton Financial Announces Fourth Quarter and 2020 Results
Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of
“We were pleased with our company’s achievements for the 4th quarter and for the year as a whole, given the challenges presented by the lingering presence of COVID-19,” said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. “The low interest rate environment continued to put pressure on our margin, but even in this challenging environment, we had stable asset quality, were able to provide Paycheck Protection Program and Main Street loans to our customers, helped our mortgage business grow to historic highs, and saw wealth management business performance that was beyond our expectations.”
Net Interest Income and Balance Sheet
Net interest income for the fourth quarter of 2020 was
Total average assets for the fourth quarter of 2020 were
Average loans and yields, by type, for the fourth quarter of 2020 in comparison to the third quarter of 2020 are summarized in the following table:
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Three months ended |
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December 31, 2020 |
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September 30, 2020 |
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Growth |
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Balance |
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Yield (1) |
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Balance |
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Yield (1) |
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$ |
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% |
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(dollars in thousands) |
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Average Loans, net of unearned income, by type: |
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Real estate - commercial mortgage |
$ |
7,101,363 |
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3.21 |
% |
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$ |
6,986,528 |
|
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3.27 |
% |
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$ |
114,835 |
|
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1.6 |
% |
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Commercial and industrial(2) |
5,855,305 |
|
|
2.57 |
% |
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5,983,872 |
|
|
2.53 |
% |
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(128,567) |
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(2.1) |
% |
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Real estate - residential mortgage |
3,087,529 |
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3.65 |
% |
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2,975,516 |
|
|
3.73 |
% |
|
112,013 |
|
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3.8 |
% |
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Real estate - home equity |
1,212,113 |
|
|
3.91 |
% |
|
1,237,602 |
|
|
3.87 |
% |
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(25,489) |
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(2.1) |
% |
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Real estate - construction |
1,009,284 |
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3.11 |
% |
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981,589 |
|
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3.84 |
% |
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27,695 |
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2.8 |
% |
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Consumer |
468,678 |
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4.07 |
% |
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464,851 |
|
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4.07 |
% |
|
3,827 |
|
|
0.8 |
% |
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Equipment lease financing |
279,059 |
|
|
3.98 |
% |
|
279,217 |
|
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3.96 |
% |
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(158) |
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|
(0.1) |
% |
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Other(3) |
(18,817) |
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N/A |
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(28,656) |
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N/A |
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9,839 |
|
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(34.3) |
% |
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Total Average Loans, net of unearned income |
$ |
18,994,514 |
|
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3.45 |
% |
|
$ |
18,880,519 |
|
|
3.38 |
% |
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$ |
113,995 |
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0.6 |
% |
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(1) Presented on a fully-taxable equivalent basis using a |
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(2) Includes average PPP loans of |
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(3) Consists of overdrafts and net origination fees and costs. |
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Total average assets for the year ended December 31, 2020 were
Total average liabilities increased
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Three months ended |
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December 31, 2020 |
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September 30, 2020 |
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Growth |
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Balance |
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Rate |
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Fulton Financial Corporation
NASDAQ:FULTFULT RankingsFULT Latest NewsFULT Stock Data
3.09B
160.05M
1.03%
73.69%
4.94%
Commercial Banking
Finance and Insurance
United States of America
LANCASTER
About FULTfulton financial corporation is a $17+ billion regional financial holding company headquartered in lancaster, pennsylvania, providing a variety of financial services throughout our ten affiliates in pennsylvania, maryland, delaware, new jersey and virginia. we operate approximately 250 offices and atms. our flagship bank, fulton bank, was founded in 1882 and operates throughout south central pennsylvania, delaware and virginia. our corporation also provides a broad array of financial services through: fulton financial advisors, n.a. (trust, brokerage and investment management services) fulton mortgage company (residential mortgage services) as part of fulton financial corporation, our affiliate banks are able to offer a broad array of financial services while maintaining the strong personal relationships and community support our customers have come to expect and appreciate. our community-oriented style of banking enables us to be better listeners, and to satisfy and maintain lo
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