Fulton Financial Q1 net income falls 17% to $65.8M; provision jumps to $24.5M

FULTON FINANCIAL CORP

2023-Q1 EPS reported $0.39 revenue$51,730,000

Diluted EPS $0.39, down from $0.47 in Q4 2022 and $0.39 in Q1 2022.
Net interest income $215.6M (-4.6% linked quarter); net interest margin 3.53% (-16 bps).
Provision for credit losses $24.5M vs $14.5M in Q4; net charge-offs 0.27% of avg loans.
Non-performing assets $167.9M (0.62% of assets); $13.3M charge-off on a commercial office loan.
Average loan growth of $458.6M QoQ; funding mix shifted to higher-cost deposits and borrowings.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FULTON FINANCIAL CORP reported the first quarter ended March 31, 2023 results: net income $65.8 million, EPS $0.39 per diluted share.

Period: the first quarter ended March 31, 2023
Net income: $65.8 million
EPS: $0.39 per diluted share
Result: reported results

Exact text from the filing

Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $65.8 million, or $0.39 per diluted share, for the first quarter of 2023

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Source: SEC EDGAR

accession 0000700564-23-000018

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