Fulton Financial announces third quarter results

Fulton Financial Corp. reported net income of $68.3 million, or 40 cents per diluted share, for the third quarter of 2022, an increase of 1.3%, in comparison to the second quarter of 2022.

“I’m pleased to report that we had a strong third quarter, with operating earnings being at an all-time high for Fulton,” E. Phillip Wenger, chairman and CEO of the Lancaster-based company, said in a statement.

“As I retire from my current role on Dec. 31, I have tremendous confidence in my successor, Curt Myers, our senior management team and directors, and the more than 3,300 talented team members to continue to change lives for the better for our customers and our shareholders.”

“As Phil noted, our third quarter performance was strong, driven primarily by increased net interest income, which was helped by rising interest rates, good loan growth, consistent fee income, and the effect of our acquisition of Prudential Bancorp completed on July 1, 2022,” Myers, president and COO, said in a statement.

Net interest income for the third quarter of 2022 was $215.6 million, an increase of $44.3 million, or 25.9%, in comparison to the third quarter of 2021. The increase was driven primarily by higher interest rates, resulting in an increase in interest income from net loans of $43.6 million.

Total average interest-earning assets for the third quarter of 2022 was $24.7 billion, an increase of $709 million from the second quarter of 2022. That increase was primarily driven by increases in average net loans of $926.7 million and average investment securities of $102 million, partially offset by a decrease in other interest-earning assets of $315.6 million.

Average net loans for the third quarter, which include loans originated under the Paycheck Protection Program (PPP) were $19.6 billion. Average PPP loans for the third quarter $49.2 million, a decrease of $801.4 million from the third quarter of 2021.

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