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Tag: net income

Fulton Financial sets earnings records

Lancaster-based Fulton Financial Corp. set records in several areas last year, as it reported its fourth quarter and 2022 earnings this week.

“2022 was a record year for Fulton, as we continued to execute on our strategy to grow the bank, deliver effectively for customers, operate with excellence, and serve our stakeholders,” Chairman and CEO Curtis J. Myers said in a release.

“I’m very proud of our team’s results, especially given the large number of strategic initiatives, we tackled, including the Prudential Bancorp acquisition – our first whole-bank acquisition in over a decade. Coming out of 2022, we are well positioned for continued success in 2023.”

The results for the third and fourth quarters include the impact of the Prudential Bancorp acquisition, which was consummated July 1, 2022.

Lacey Dean, director of corporate communications, wrote in an email that Fulton Financial set an all-time high in 2022 of $276.7 million in net income available to common shareholders.

Net income per diluted share, excluding expenses related to the Prudential Bancorp acquisition, was $1.76 for 2022.

In addition, “we saw strong loan growth in 2022, taking our loan portfolio over $20 billion for the first time in company history,” Dean said.

Certain fee-based businesses had a record year as well, she said, including Fulton Financial Advisors, the Commercial Cash Management Group and debit and credit card products.

For the fourth quarter of 2022, net interest income was $225.9 million, an increase of $60.3 million, or 36.4%, in comparison with the fourth quarter of 2021. Growth was primarily driven by rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $81.6 million, $5.0 million and $3.5 million, respectively.

Also, increases in the average balances for net loans and investment securities of $1.784 billion and $408.4 million, respectively, driven in part by the Prudential Bancorp acquisition, contributed to the increase in interest income.

Paula Wolf is a freelance writer

Fulton Finanial’s net income jumps 9-plus percent in Q2

Lancaster-based Fulton Financial Corp. reported second-quarter net income available to common shareholders of $67.4 million, an increase of $5.7 million, or 9.2%, from the first quarter.

Year to date, net income available to common shareholders was $129.2 million for the period ending June 30, a decrease of $3.7 million from this time last year.

“Overall, we are pleased with Fulton’s performance and results for the second quarter,” E. Philip Wenger, Fulton Financial’s chairman and CEO, said in a release. “Loan originations were strong, we began to see the positive impact of rising interest rates, and fee income was solid despite headwinds in mortgage banking and our wealth management businesses.”

“On the corporate front, we completed our acquisition of Prudential Bancorp, Inc., which was a very important milestone for us, and we published our first Corporate Social Responsibility report highlighting the positive impact our company and our team are making in the communities we serve.”

Fulton also reported net interest income for the second quarter of $178.8 million, $17.5 million more than last quarter and $16.4 million more than the second quarter of 2021. Higher interest rates resulting in an increase in interest income from net loans of $9.2 million were a major factor.

And non-interest income before investment securities gains in the second quarter was $58.4 million, or a 5.7% jump from the first quarter. The release noted that this was driven by increases of $2.1 million in fee income from commercial customer interest rate swaps, $1.3 million in commercial banking merchant and card revenues and $0.8 million in consumer banking fees, which partially offset by a decrease of $1.2 million in wealth management revenues.

Paula Wolf is a freelance writer

First-quarter earnings up 22% for Mid Penn

Harrisburg-based Mid Penn Bancorp Inc., parent company of Mid Penn Bank and MPB Financial Services LLC, reported a 22% increase in first-quarter earnings over last year.

Net income available to common shareholders (earnings) was $11.354 million, compared with $9.312 million the prior year.

The results for the three months ending March 31 include restructuring expenses of $329,000 from Mid Penn’s acquisition of Riverview Financial Corp., which closed Nov. 30, 2021.

“While the quarter was consumed with the wrap-up of the Riverview acquisition and the conversion of its customers onto the Mid Penn platform, we still managed to have great organic growth in many balance sheet and revenue numbers,” a release said.

Organic, core loan growth – excluding Paycheck Protection Program loans – annualized at just under 13% quarter over quarter, “which is a great start to the year, particularly in that the first quarter is traditionally our slowest growth quarter of any year,” the release noted.

Organic, core deposit growth, excluding time deposits, annualized at 7%.

Total loans increased 18% since March 31, 2021, a jump mostly attributable to the Riverview acquisition.

In addition, net interest income was $34.414 million in the first quarter, an increase of 36% from a year ago.