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Fulton Financial Corp,(FULT) a leading financial service s company, released its financial statements for the first quarter of 2023, showcasing a solid performance amidst prevailing market challenges. The company reported a net income of $68.3 million for the quarter, demonstrating its resilience in navigating the current economic landscape. Additionally, the revenue figures were also impressive, with the company recording total revenue of $289.8 million during the same period.
Let's delve into the details of Fulton Financial Corp's financial results for Q1 2023:
Consolidated Balance Sheets
The company's total assets as of March 31, 2023, stood at $27.11 billion, slightly up from $26.93 billion as of December 31, 2022. Cash and cash equivalents, including interest-bearing deposits with other banks, were reported at $566.8 million, compared to $681.9 million in the previous quarter. The investment securities held by Fulton Financial Corp reached $3.95 billion, of which $2.64 billion were marked as available-for-sale at estimated fair value, and $1.31 billion were held-to-maturity at amortized cost.
On the liabilities side, total deposits amounted to $21.32 billion, showing growth from $20.65 billion at the end of the previous quarter. Borrowings were recorded at $2.45 billion, a decrease from $2.87 billion in the fourth quarter of 2022.
Consolidated Statements of Income
Fulton Financial Corp reported a net interest income of $215.6 million for Q1 2023, a substantial increase from $161.3 million in the same period last year. The company's provision for credit losses was $24.5 million during the quarter, as compared to a provision of ($6.95) million in Q1 2022. Non-interest income totaled $51.8 million, compared to $55.3 million in the previous year.
Consolidated Statements of Comprehensive Income
The comprehensive income for the first quarter of 2023 reached $102.8 million, indicating a notable improvement compared to a comprehensive loss of $122.0 million during the same period in 2022.
Consolidated Statements of Shareholders' Equity
Fulton Financial Corp's shareholders' equity increased to $2.62 billion as of March 31, 2023, compared to $2.58 billion at the end of December 2022.
Consolidated Statements of Cash Flows
During the first quarter of 2023, Fulton Financial Corp generated $45.96 million in net cash from operating activities, showing an improvement from a net cash outflow of $107.78 million in Q1 2022. The company invested $338.01 million in various activities, primarily in the purchase of securities and equipment. On the financing side, the company received $176.88 million in net cash, mainly from the net change in deposits and other borrowings.
Fulton Financial Corp's strategic financial management has contributed to the positive results during the first quarter of 2023, positioning the company well for future growth and stability in the financial market.