FULTON FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
FULT$24.00-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
(dollars in thousands)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $288,743 | $284,280 | $286,981 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 71,636 | 54,036 | 28,021 |
| Depreciation and amortization of premises and equipment | 39,164 | 30,055 | 30,201 |
| Net amortization of investment securities premiums | 764 | 11,231 | 12,824 |
| Net accretion of loan discounts | (38,748) | — | — |
| Investment securities losses, net | 20,283 | 733 | 27 |
| Gain on sales of mortgage loans held for sale | (8,186) | (5,094) | (8,816) |
| Proceeds from sales of mortgage loans held for sale | 547,691 | 363,406 | 455,607 |
| Originations of mortgage loans held for sale | (549,965) | (366,206) | (418,287) |
| Intangible amortization | 17,830 | 2,944 | 1,731 |
| Amortization of issuance costs and discounts on long-term borrowings | 710 | 750 | 724 |
| Gain on acquisition, net of tax | (36,996) | — | — |
| Gain on disposal of premises and equipment | (30) | — | — |
| Gain on Sale-Leaseback Transaction | (20,266) | — | — |
| Stock-based compensation | 10,516 | 12,540 | 14,000 |
| Net change in deferred income tax | (23,187) | 24,666 | (117,849) |
| Net change in accrued salaries and benefits | 19,463 | (5,868) | 12,826 |
| Net change in life insurance cash surrender value | (19,872) | (27,664) | (95,702) |
| Other changes, net | 97,015 | (16,825) | 392,503 |
| Total adjustments | 127,822 | 78,704 | 307,810 |
| Net Cash Provided by Operating Activities | 416,565 | 362,984 | 594,791 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from sales of AFS securities | 2,300,487 | 213,424 | 196,411 |
| Proceeds from principal repayments and maturities of AFS securities | 334,405 | 149,211 | 583,444 |
| Proceeds from principal repayments and maturities of HTM securities | 56,455 | 59,685 | 109,759 |
| Purchase of AFS securities | (1,744,778) | (79,053) | (845,744) |
| Purchase of HTM securities | (177,947) | — | (30,959) |
| Net change in FRB and FHLB stock | 22,762 | 5,781 | (72,551) |
| Net change in loans | (149,081) | (1,100,816) | (1,407,289) |
| Net purchases of premises and equipment | (42,453) | (32,958) | (21,246) |
| Settlement of bank owned life insurance | 2,687 | 2,264 | 3,474 |
| Proceeds from Sale-Leaseback Transaction | 51,123 | — | — |
| Net cash received (paid) for acquisitions | 1,018,371 | — | (21,811) |
| Net change in tax credit investments | (42,699) | (26,753) | (29,071) |
| Net Cash Provided by (Used in) Investing Activities | 1,629,332 | (809,215) | (1,535,583) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Net change in demand and savings deposits | 478,593 | (1,198,222) | (1,198,319) |
| Net change in time deposits and brokered deposits | 1,074 | 2,086,307 | (257,823) |
| Net change in other borrowings | (1,951,161) | (379,431) | 1,629,870 |
| Repayments of senior debt and subordinated debt | (168,778) | (5,000) | (81,496) |
| Net proceeds from common stock | 270,582 | 3,160 | 7,876 |
| Dividends paid | (131,698) | (115,738) | (116,009) |
| Acquisition of treasury stock | (30,348) | (77,056) | — |
| Net Cash (Used in) Provided by Financing Activities | (1,531,736) | 314,020 | (15,901) |
| Net increase (decrease) in Cash and Cash Equivalents | 514,161 | (132,211) | (956,693) |
| Cash and Cash Equivalents at Beginning of Period | 549,710 | 681,921 | 1,638,614 |
| Cash and Cash Equivalents at End of Period | $1,063,871 | $549,710 | $681,921 |
| Supplemental Disclosures of Cash Flow Information: | |||
| Cash paid during the period for: | |||
| Interest | $658,778 | $394,052 | $80,019 |
| Income taxes | 29,116 | 25,319 | 32,669 |
| Supplemental Schedule of Certain Noncash Activities: | |||
|---|---|---|---|
| Transfer of AFS securities to HTM securities | $— | $— | $479,008 |
| Fair value of tangible assets acquired | 4,707,290 | — | — |
| Intangible assets | 92,600 | — | — |
| Liabilities assumed | 5,561,979 | — | — |
| PCD Loans credit discount | 54,631 | — | — |
| See Notes to Consolidated Financial Statements | |||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.