Fulton Financial Corporation filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits
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Major Banks
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 2.02 Results of Operations and Financial Condition.
On April 15, 2025, Fulton Financial Corporation (the "Corporation") issued a press release (the "Press Release") announcing its results of operations for the first quarter ended March 31, 2025. A copy of the Press Release and supplementary financial information which accompanied the Press Release are attached as Exhibit 99.1 to this Current Report on Form 8-K (this "Current Report") and are incorporated herein by reference. The Corporation also posted on its Investor Relations website, www.fultonbank.com, presentation materials the Corporation intends to use during a conference call and webcast to discuss those results on Wednesday, April 16, 2025 at 10:00 a.m. eastern time. A copy of the presentation materials is attached as Exhibit 99.2 to this Current Report and is incorporated herein by reference.
The information included in Exhibit 99.1 shall be deemed filed for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and therefore may be incorporated by reference in filings under the Securities Act of 1933, as amended (the "Securities Act"). The information included in Exhibit 99.2 is being furnished and shall not be deemed filed for purposes of the Exchange Act or be incorporated by reference in any filing under the Securities Act.
Forward-Looking Statements
This Current Report, including Exhibits 99.1 and 99.2, may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results. Management’s "2025 Operating Guidance" contained in Exhibit 99.2 to this Current Report is comprised of forward-looking statements.
Forward-looking statements are neither historical facts nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).
Item 7.01 Regulation FD Disclosure.
On April 15, 2025, the Corporation's Board of Directors (the "Board") approved a supplemental authorization (the "Supplemental Authorization") to repurchase up to $25 million of the Corporation's outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "Subordinated Notes due 2030") under the $125 million share repurchase program announced on December 17, 2024 (the "2025 Program"). Under the Supplemental Authorization, the Corporation is authorized to repurchase up to $25 million of the Subordinated Notes due 2030 under the 2025 Program; provided, however, that the purchase price to the Corporation of the outstanding Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A and the Subordinated Notes due 2030 repurchased under the 2025 Program shall not exceed, in the aggregate, $25 million. Purchases may be made from time to time under the 2025 Program in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws. The 2025 Program will expire on December 31, 2025 and may be discontinued at any time at the discretion of the Board and does not commit the Corporation to repurchase any of its securities. Purchases, if any, will be determined by management in its discretion and will depend upon a number of factors, including the Corporation's capital position, liquidity, financial performance and alternate uses of capital, the market price of the Corporation's securities, general market and economic conditions, and applicable legal and regulatory requirements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||||
Press release dated April 15, 2025 containing financial information for the quarter ended March 31, 2025, deemed filed under the Securities Exchange Act of 1934. | |||||
Presentation materials to be discussed during the conference call and webcast on April 16, 2025, deemed furnished under the Securities Exchange Act of 1934. | |||||
| 104 | Cover page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 15, 2025 | FULTON FINANCIAL CORPORATION | ||||
| By: /s/ Richard S. Kraemer | |||||
| Richard S. Kraemer | |||||
| Senior Executive Vice President and | |||||
| Chief Financial Officer | |||||