Fulton Financial Corp (NASDAQ:FULT) stock fell 1.60% (As on January 17, 11:14:46 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 23. The company has reported net income available to common shareholders of $61.7 million, for the fourth quarter of 2023, a decrease of $7.8 million, or 11.3%, in comparison to the third quarter of 2023. Operating net income available to common shareholders for the three months ended December 31, 2023 was $68.8 million. During the fourth quarter of 2023, the Corporation launched the “FultonFirst” initiative that is focused on evaluating and improving how Fulton operates. Approximately $3.2 million was recorded in the fourth quarter of 2023 related to this initiative. Additionally, the Corporation recognized a Federal Deposit Insurance Corporation (“FDIC”) special assessment charge of $6.5 million. Net interest income for the fourth quarter of 2023 was $212.0 million, a decrease of $1.8 million in comparison to the third quarter of 2023. The net interest margin for the fourth quarter of 2023 decreased four basis points, to 3.36%, in comparison to 3.40% in the third quarter of 2023.

Moreover, for the fourth quarter of 2023, net interest income was $212.0 million, a decrease of $13.9 million, or 6.2%, in comparison to the fourth quarter of 2022. Interest income for the fourth quarter of 2023 increased by $70.3 million to $338.1 million in comparison to $267.8 million in the fourth quarter of 2022, primarily driven by rising interest rates resulting in an increase in interest income from net loans of $70.1 million. Increases in the average balance of net loans of $1.3 billion and in yields on net loans of 103 basis points in the fourth quarter of 2023 compared to the fourth quarter of 2022 each contributed to the increase in interest income. Non-performing assets were $154.2 million, or 0.56% of total assets, at December 31, 2023, in comparison to $143.5 million, or 0.52% of total assets, at September 30, 2023, and $177.7 million, or 0.66% of total assets, at December 31, 2022.

FULT in the fourth quarter of FY 23 has reported the adjusted earnings per share of 42 cents, which met the analysts’ estimates for the adjusted earnings per share of 42 cents, according to Zacks Investment Research. The company had reported the adjusted revenue of $275.9 million in the fourth quarter of FY 23, beating the analysts’ estimates for revenue by $2.68 million.