LANCASTER, Pa. - Fulton Financial Corporation (NASDAQ: FULT ) reported fourth quarter earnings that exceeded analyst estimates, driven by a solid net interest margin and lower expenses.

The regional bank posted adjusted earnings per share of $0.48, beating the consensus estimate of $0.38. Revenue came in at $319.58 million, also topping expectations of $315.74 million.

Fulton's net interest margin was 3.41% in Q4, down slightly from 3.49% in Q3 but still at a healthy level. The company benefited from a 14 basis point decrease in its total cost of funds compared to the previous quarter.

Non-interest expenses declined $9.5 million sequentially to $216.6 million. On an adjusted basis, non-interest expenses fell $5.5 million to $190.7 million.

"2024 was a record year for Fulton. Operating diluted earnings per share of $1.85 represents an 8% increase over the prior year," said CEO Curtis J. Myers. "We made significant progress, both operationally and strategically, and are now realizing the benefits of these efforts in our results."

For the full year 2024, Fulton reported adjusted earnings per share of $1.85, up from $1.71 in 2023.

The bank's loan portfolio contracted slightly in Q4, with total net loans decreasing $131.2 million to $24.0 billion. Deposits were relatively stable at $26.1 billion.

Fulton's common equity tier 1 capital ratio improved to 10.6% from 10.5% in the prior quarter. The company recorded $9.6 million in acquisition-related expenses during Q4 related to its purchase of Republic Bank assets earlier in 2024.

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