FULT - Earnings call transcript Q4 2019 | Fulton Financial Corporation

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Fulton Financial Fourth Quarter 2019 Results Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I’d now like to hand the conference over to your speaker today, Jason Weber. sir. you, Thank ahead. Please go

Jason Weber

Dylan. Fulton Good our joining you, Thanks for morning. conference call for Financial’s discuss us and XXXX. Thank for webcast earnings to

Chief is Your Wenger, conference for call host Chairman today’s and Executive Officer. Phil

Phil Operating and Chief Mark President Officer. Officer; Financial is Myers, Chief Joining Wenger and Curt McCollom,

website yesterday the found today earnings our released we on website. announcement, to and www.fult.com Investor afternoon. documents under slide be financial at PM can These comments Relations our on Presentations the slides Our then refer presentation clicking related on which News. at information on page on found will can Investor included our by X:XX with be also Relations, The

Fulton’s materially. are financial These uncertainties results and call, business. guarantees to are operations statement not condition, on this of in to make representatives these forward-looking to results refer the On of other statements future may actual Please other risks, factors, risks, subject X Fulton uncertainties of harbor Slide performance earnings could of our and additional today’s and statements presentation and safe respect information with and for statements regarding differ release forward-looking factors. on and

update Slides measures. as yesterday the Fulton Fulton’s obligation, financial released non-GAAP financial included or no XX law, refer the to certain Please In to announcement refer Fulton undertakes measures with and most earnings comparable and revise supplemental non-GAAP information statements. required to of performance, by forward-looking other GAAP may than any Fulton’s of to discussing XX representatives these financial measures.

host, your over to Now turn I’d like call Wenger. to the Phil

Phil Wenger

remarks When share for When our details open concludes, of performance finished, our Chief Officer will McCollom the our line our questions. Financial have financial everyone. performance provides morning, on Curt President our a Thanks Curt’s and and and few Jason us. XXXX Mark Mark thanks Operating discuss Well, we’ll I for for insights business Myers outlook. Officer, Chief good before prepared XXXX. joining the

income. was levels XXXX for year as hit another company we record our net good Overall, and revenue of

reflected our in progress financial executing continued our Our in results strategies. XXXX growth

corporate to during last we banks Fulton the Fulton of any of initiative order remaining completed multiyear consolidate front, lending Department On Bank. several though And fair key affiliate completed was of all it informed XXXX, taking investigation terminated. BSA/AML our into Justice our against us action the our had We without the consent it’s milestones company. that

possible our not so moving Achieving these Together, hardworking Fulton brand, milestones unify milestones have dedicated these of also only many been help facilitate but will without would and efforts not growth employees. the achieving forward.

We continue relationship of long-term advantage of serving and growth Philadelphia in grow consumer team what as markets managers and both a a help to us commercial markets opportunities. to view the tremendous take Baltimore, we have

a consolidate targeted to will opened Despite in customer financial financial three of one we one Philadelphia, XXXX. the ended and in changing deposits XXXX centers in XXXX early million office to one XXXX. XX In one one be Since have $XX XX%. from has behaviors. increased targeted more so approximately in approximately year XXXX we believe have react so loan XXXX, reduction we time had open financial to opportunities financial center over and in and centers our financial and at we openings, net Baltimore, to in XXXX. or have In as and centers these open we financial opened we XXXX to per consolidated in Doing center center four production We we preferences up $XX there XXX. average million approximately

towards centers focus multiyear To our XX% all in on our financial price allow including financial project geared working and centers. will have approximately and we of In our sales addition to a experience. on of customer activities greater Optimizing consolidation, the are focus on channels, been a optimized delivery date, this us optimize to higher create value to format.

in half second XXXX. We launched loan of of new art the state commercial origination the the system

We’re customers more experience. our new should managers loan time efficiencies, a our early increase system. excited it and greater underwriting new system to mortgage we relationship streamlines opportunities, XXXX as process, acquiring system focus the new the a revenue about on allows better lead customer of informed January keeps business. new and origination In to more The launched

X% XX% to was consolidation. we in down a an increase our drive invest From to mortgage by approximately our decrease, revenue In this growth. XXXX of headcount Despite In continue headcount. commercial consumer, increased in people primarily producer that driven producing by X%. talent we XXXX, center we in revenue was perspective, headcount financial saw

Strategically, businesses sidelines management excess of capital two XX for of purchase $XXX deployment million or value our one our to shareholder some assets perspective after in of capital an on wealth the from remains long-term with the highest being And deployed in under XXXX of the we of enhancement approximately management years priorities. administration. M&A

management Our of assets billion $XX or wealth under division year has end. as management administration in approximately

now And hard I to turn most and to hindered Many want for our priorities. of hurdles our for to that employees shareholders. continue members to before advance on past last Board in management I Fulton the continued our strategic Directors, we it We well my work importantly gratitude our serving and of their positioned us. their focus to over and and are XXXX we communities are express senior Curt, to and believe the look customers, regulatory our behind our growth legal forward year

over to our like Curt? XXXX. call performance on for provide I’d to the now business So to insights turn Curt

Curt Myers

morning, and everyone. Phil good you, Thank

in consumer performed of Our commercial XXXX. and lines well business

with during We the are overall year. and growth our deposit loan pleased

with business income offset higher our partially driven In loan saw market, addition, pipeline at the that loan in the had wealth with in business, highly fee income generally remained line rate December of management as year-over-year environment fees. swap prepayments competitive competitive we double increased our XXXX commercial interest focus customers calling In digit activity growth XX, our but efforts and and strong a extremely banking year-over-year prospects. by reflecting commercial and fees, good throughout lending mortgage this XX% origination, our growth was sales commercial our year. and Even

to Moving fees.

pace Our from and business, year-over-year. for Refinance In rate mortgage from performance. were over XX% XX% growth year-over-year, $X.X in in of business swap for by services XXXX. consumer grew made commercial accounted originations benefiting of approximately to at a company income commercial continues environment. residential an benefiting to increase loan interest originations solid as line increasing benefiting activity treasury the XXXX and XX% strong SBA compared grow our well activity Total share notable by mortgage of as XXXX our contributions strong sales rate improved our business market low in the from XX% billion, originations,

residential and Our Despite fixed adjustable of borrower portfolio XXXX average banking of weighted sale. more drive mortgage to banking increased Mortgage revenue income originations year-over-year retaining in XXX. strong mortgages in-footprint, XX% growth. [Audio meaningful gain on year-over-year. continued mortgage with and credit production stable a of XX% portfolio is rate This comprised on score our Dip]

of loans continues of solid with in auto to comprised score XXX. indirect pace. auto new borrower is portfolio credit portfolio used and a footprint, a That weighted average at grow Our

XX% of a grow revenue one year-over-year asset continued segments. fees pace gathering management and our grew continues well, at as wealth and both growing to focus. due to our year-over-year overall Brokerage performance be nice Our fastest market

Deposit bright by primarily XXXX spot growth growth was was business. in our another driven commercial

ratio ended our Our historical comfortably XX% loan-to-deposit the approximately year within operating range.

single non-performing in credit, to quarter relatively our asset loans and relationship increase commercial non-performing stable. The be quality driven to Moving credit by losses status. this primarily moving continues overall provision for to were

Excluding and the quarter. this relationship, for non-performing have credit linked losses loans declined provision would

of of to in net was unrelated of in charge-offs industry With points was and for loans average consistent the compared XX handful for with was to basis fourth respect average The to credits XX the a year. XX to basis XXXX. last charge-offs. net charge-offs to XXXX increase Net basis points points loans quarter related quarter our

we analyze very portfolio and of the mentioned in to stress. where mindful or signs we’ve loan cycle continuing we for were past, assess in As are and the are economic the weakness of

our And I’d detail. the over financial to in to turn to discuss Mark results Mark? like more call

Mark McCollom

morning the call. annual the comparisons quarter would comparisons are Curt, quarterly and I XXXX with XXXX. discuss with you, the to third otherwise, good in everyone noted and of Unless are Thank

$X.XX Starting for income. were quarter on Slide net income share earnings were $XX X, and of net third on provision interest in million. lower earnings quarter Fourth quarter a this per higher credit losses the diluted to impacted comparison by

was operating a in components through expenses income quarter. each of decreased step We’ll and unchanged for non-interest However, these moment. the

offset by basis growth. of our Slide point a impact to $X net balance X, in of million, $XXX interest decrease a primarily margin, million income was interest partially net by Moving X decrease linked quarter driven sheet the our

expectations. our quarter margin Our full X.XX% in year margin with and net the was interest our both for X.XX% was line

decrease interest portfolio. our two The decreases loans by margin rate and quarterly rate was to Fed of adjustable point and the due of in on October net level XXXX, September funds XX driven variable basis

more quarter costs. fourth decreased loan yields Our deposit our than

points average rate assets yields XX Primarily basis on points compared average of due fourth quarter. decreases, loan interest-earning and yields basis to the the the quarter XXXX declined interest XX in to third declined

points. XX of and funds points, borrowings was costs short decreased cost our X declined Our term cost basis basis our XX points basis of deposit down

we deposit XXXX. quarter point retention of in started we decrease from XXXX heading of are have range the maintained we We net costs first updated the this interest thus provided the Since X half was during XXXX, into third reducing quarter of outlook within believe deposit our gives in we our the the margin basis the back The far. with in pricing XXXX. flexibility pleased us deposit

by our offset a increased margin. from For in million basis impact assets, partially interest of by net or the X% income in interest $XX increase the X XXXX, year, net X% point average interest-earning decline driven

asset interest-earning rate increase was points, basis at funds assets increase The mainly on yields XX loans, higher which our basis The a funds basis increased increased in XX interest-earning deposits. a the in realized point Yields cost saw by increase. in points. primarily cost driven while XX was of of

credit to on the million credit Turning losses a customer Slide largely to a provision in for credit $XX for XXXX due XXXX, XXXX, provision $XX in fraud. losses to related from decreased X, million

million, primarily XXXX, quarter in did For for to credit driven at commercial by approximately relationship. periods increase of $XX fourth higher provision a one rates the previous losses the

Net charge-offs $XX to XXXX. related were Adjusting basis been year a basis points XX of fraud million customer have for for points. in average in as net would XX compared a charge-offs to basis the points XX XXXX for the loans charge-off percent XXXX

of in and quarter third basis of unchanged annualized compared from XX to the the For fourth on an points XXXX. charge-offs basis as XXXX, fourth the points, were quarter XX quarter net basis

XXXX, In to the percentage comparison December at aforementioned of loans due XX basis or loans primarily increased loans compared Non-performing XX, in increased as loans $XX points, XXXX as increased comparison end of Non-performing last basis at XX year. points a relationship. the to million quarter, to third non-performing million. total the XX% to commercial $XX to

unchanged credit XXX% relatively The credit allowance December end percentage XX, losses the allowance as from at third December non-performing to coverage XXXX of XXX% X.XX% to XXXX. to and XXXX ratio at a The quarter. for XXX% of compared loans in was XXXX loans at losses XX, the decreased as for

well commercial income to income Moving in by fees quarter. card consumer swap commercial in declines and unchanged the in Increases income. as card management wealth rate to XX, and offset excluding prior banking non-interest interest securities mortgage income, the was Slide seasonal loan decline were income, gains in as merchant comparison

XXXX the as the in our $XX year or full was businesses, grew year. gains X% a very securities million our non-interesting for fee-based year, solid excluding income For

commercial mortgage the million in During rate occurring XXXX, most management all notable banking increased with income up swap wealth $X of major loan and fees each categories increases $X interest million. and

were in third a FDIC Slide in for $X to in assessments. quarter. essentially the $X advances, penalties charter $X decreased items, as expenses quarter elevated million fourth Adjusting by offset decrease quarter consolidation our XX, expenses to were third non-interest flat million on and million the by prepayment costs these $X expenses million of compared quarter, Moving insurance FHLB fourth certain

$XX non-interest and was expense increase Salary increased this half million. million. expense For roughly year-over-year growing the $XX year, benefits

the this recognized various during franchise had also continue costs to simplify categories and unify as our a increase consolidation brand expense we throughout We $X million in charter the year. was in and our year,

credits as was securities a million of investment was due similar insurance prepayment XXXX mentioned, expense $X gains. offsetting offset on were FDIC previously in credit expense the well amount of advances, investments. As lower Partially tax which as XXXX decrease to penalty to million a recognized in in additional due amortization these by FHLB $X increases of on

tax income $X linked Our million expense quarter. decreased

rate XX% compared of was the for Our to XX% XXXX. the in quarter, quarter tax third effective

expense increased before taxes. year, primarily the to due income million For income tax higher $XX

year line Our XX% XXXX rate effective tax guidance. in the was full for with our

XX capital past the years. displays Slide profitability and over four levels our

We continue both of to tangible the result in million at an million stock, periods on on X.X share. returns earnings. higher over of In average common shares equity presented average a repurchased see assets XXXX, increases we and as our of cost returns of total per a $XX.XX $XXX

We also XX% $XX dividends of common income. million of return net to paid of our in stock XXXX resulting shareholders

would outlook shown for XXXX, initial on Slide we like to is Lastly, our XX. which

mid and range. expecting and average loan deposits, single-digit the rates annual are loans we growth low For deposit to in

in in XXXX for be our the of our the year. net to expect interest X.XX% to interest to low grow range rate We at X.XX% growth margin and net a single-digit income

basis second reflects sheet quarter in XXXX. net funds We decline outlook assumed the balance modest margin. one have The the expected the XX interest income impact in growth, decrease of mitigating point our of net interest Fed

We expect year-over-year a single-digit to at non-interest mid increase pace. our income

we non-interest to Excluding a our expense the expect in low incurred at range. year-over-year single-digit charter costs consolidation XXXX, increase

year credit $XX to retained the expect effects. CECL the for losses, for With million, range our expect a million $XX will to quarter between credit of losses in decrease we provision XXXX, million net and income which of first $XX be as the or of to to would full With tax XXXX. for in the million to earnings XX% $XX adoption respect reflected be XX% increase of to we the allowance

our between XX% to be rate the expect We for tax effective XX% and year.

I’ll questions. the please. that, help operator with to your Dylan, for turn And call over the

Operator

sir. I Please Instructions] Jefferies. show go question you, Thank our ahead. Haire comes first Casey from [Operator from

Casey Haire

wanted a NIM If NIM to guys. I have cut, If on it would the did Fed the guide. Fed in like? what look thanks. cut Yes, Good not that Mark, morning does there? you touch get guide

Mark McCollom

annualized Yes. annualized X On cut would an between and basis basis, basis. getting not X that an on add points,

happens we’re of months Now a nine you’d take eight that assuming impact. – nine have quarter, months in that to impact sort or so of the second

Casey Haire

the the I’m as we provided, think NII together not that guide just confusion A guys And if is piecing great. you the about to and NII I take to of – tricky there’s plus of Okay, B at I just guide, just as And to midpoints a I the get was look guys growth of – sort the it sheet NIM, lot of next if And balance I this. components the – C? year. wondering you equal how could is clarify it’s

Mark McCollom

Annualized, to deposits just you year. I which factor year, basis $XX.X million if cut low and next X points. the billion billion $XXX this cut then interest if have of net for extra we said again, rate our that in an for next yes, X grow that, year, you to for around don’t $XX giving Well, assets right income you loans – and take interest-earning is again, you mid-rate, rate if and that was in about

offline If would take in happy you run NII. I’m we to our think with you, be low-digit there the math, growth but this

some little that XXXX. led fourth held quarter we saw. of of costs, average better which with of quarter the that, would my prepared One we our we And deposit said those fourth were deposits I fourth growth is cut deposit actually were pleased, quarter, in this you to pleased anticipated the in to to the that Casey, look on cutting remarks, wildcards despite – in need we and costs bit than in a we say, I ability to

public not third that was in we funds, in have commercial of was you’re quarter necessarily a not related lot That out – the quarter the saw which tends growth growth in to as our more growth come public but and quarter, aware, in to fourth just we fourth core business the in fund. the

able for that in NII deposits into on So and XXXX, extent the guide to also we’re factors our to the year. those to NIM hold

Casey Haire

right. All Okay.

to Just moving the on fees.

the your given very be strong strong coming banking, so in then mortgage outcome terms of do guys guide what starting a and year of fee capital get of markets mid-single to you have there? you as a off And XXXX. are what very drivers digits growth, to is that for the good point off of So a would very

Mark McCollom

Yes.

if the starting would around $XXX out for So million, gains. for the the you point securities be, that, Casey, right we year were strip

in gains securities and look we’ve most your not but year, invested was been have expect the for for starting to say, I year. point, that think in management. I to We X.X% same in been that the certainly and on has And to we $XXX be wealth I would expect well management bullish that our areas percentage the revenues. would still start out those business the areas single for strip card most year, this guide I do would area next you X.X% year-over-year. category So swaps up, growth with as of as the next when the two see midpoint out the growth, growth think, million, would around Wealth as

Casey Haire

it leave great. you. Thank Okay, there. I’ll

Operator

you. Thank

Our ahead. McGratty Please next comes KBW. question from Chris go from

Chris McGratty

morning. good Hey,

Mark McCollom

Good morning, Chris.

Chris McGratty

charger amount the charter just you Casey but starting question about expenses, that give asked we’re point, starting that what Mark, a and ex same maybe can on dollar charges? us total were

Mark McCollom

$XX were Yes, sure. Those rounded. million around

be growth point $XXX out that kind of. million think million, to single-digit I expenses, have So of of be low start would off starting a would rate to a good $XXX number good

Chris McGratty

certainly last the factoring couple in And in then the a the maybe guide from – confused of to the margin cut I years, the back is – coming bit income just a than higher a margin, NII And had we’re little rates. margin the because higher your Street Okay. benefited little I’m now guess expected.

we structurally, just balance because we’re going be how to made seeing about think mean, the I that you any sheet get or changes that would to So margins rates expanding. are cut, do tweaks if

Mark McCollom

you and well, to really at go have Yes, deposits. back again, look

up, on our way – the deposit deposit Our around beta was beta XX mid-XXs.

way We actually some the based the to quarter, to were are that guide to exceed success again, the expecting saw we able that. we’re on on that of fourth down, led in going be And given. the

Chris McGratty

Okay, so it’s on liabilities. purely

quarter. the inorganic One, maybe is may anything Okay. price stock Maybe questions. think prohibited guess, authorized? stock? you on you don’t the I Thanks. that was capital, And what’s remind buying Or in of there two, guys two repurchased you I have stock? us from the that can just

Mark McCollom

Yes. I fourth organic the at at the solid capital quarter have know, we you mean, quarter. as growth did look loan waterfall, you first. growth We when always during look a of

We at $XXX We price have for currently stock also XXXX. million authorized levels. look

Chris McGratty

Okay.

at on in Or level you where that based so is pick would that trading the mean, you this the And coming in not a I might the assume at away where market? stock would today, you quarters? is be

Mark McCollom

Yes.

to I opportunities, growth growth think, then And we price, first. that. be again, the play there’s look inorganic at those into always at all stock organic look going Chris,

Chris McGratty

Okay. Thanks.

Operator

Thank you.

Our ahead. next question from comes go from Frank Sandler. Please Piper Schiraldi

Frank Schiraldi

Good morning.

Just – the loan. commercial to on ask I wanted

provide us industry larger the not on that’s in have one real type or loan, I the that can color much relationship you guys commercial can You terms total be would welcome. provision in any quarter haven’t by design. – exposure, you Thanks. information. than collateral? Maybe, of Anything cite, give more you But provided commercial the you guess,

Curt Myers

Thanks, Curt. bit. little situation. I’ll active It’s Frank. give you an It’s a

to continuing with the We’re work borrower.

not C&I but lot is I provide portfolio. the a of It’s can’t a information, in So credit. ag it

years. drive working drive, a remarks a did operating, nonperforming of situation. is Has So the provisioning the general diligently It through credit. as said. and relationship C&I did been the prepared It and we’re number the our a The core company for it’s for quarter.

Frank Schiraldi

Okay.

the all basically increase here? We in was you it can can – relationship – outline basically nonperforming. So say this

Curt Myers

primary the was It driver.

Frank Schiraldi

this just credit? quarter? the relationship prior can of already classified, in then new criticized say problem to – whether And was Or Okay. a just you

Curt Myers

a is problem of it Yes, Correct. credit. new

Frank Schiraldi

terms of you wondering course, And of buybacks, if priority. terms give trading any know the size just on – in organic how – further prioritize I Mark, versus as consider thoughts you would where M&A, on then you the some of given guys Thanks. that first stocks those just time. but here whole would you bank growth you side, mentioned management said likely buybacks, wealth just something in could terms Okay. takes then here? M&A two, But of thoughts of, sort are you’ve on M&A? guys deal your And remind in done in on us

Curt Myers

Yes.

billion lower that Frank, like think said $X $XXX $X and So We first range. end billion. between would size the or be we’ve the from standpoint, deal of a to I at million

Frank Schiraldi

given Okay. M&A And – priority, in terms now bank stock of buybacks, then where M&A? is the whole or

Curt Myers

to really it’s it’s strategic how predict for us. more when. hard And M&A, it in is mind, The about our

priority. right along, So came if the it would be strategic opportunity high a

Frank Schiraldi

on just And Okay. the then deposits. finally

seen You’ve some really nice growth.

I about some see some think might have higher quarter of levels. off – this runoff even muni mentioned of you would sort you

can that get sort you get pickup on, and coming muni quarter, the you thinking the So a mix of continues assuming talk about deposit but betas about away repricing, on forget seasonally, what of that from sort costs? book you shift sort just what of pickup about in

Mark McCollom

and, have muni was indexed. around though, much was our that’s billion, say, $X.X The than rate book. still about Frank, if was basis That XX yes, that, core that muni was on But we if more about book obviously, blended our I at year-end book our of mean, points. wholesale to high deposit attractive still that rate, funding. Well, to XX% you relative compare overall

significant up grow extent businesses, points the able ability in to more consumer to So and have that we’re our that. core from basis we’d the commercial pick to

Frank Schiraldi

peak that again in muni book? the does When

Mark McCollom

third In the quarter.

Frank Schiraldi

great. right, Thanks. All Okay.

Operator

you. Thank

go from Please Our from comes Daniel ahead. question Tamayo next Raymond James.

Daniel Tamayo

Good morning, guys.

the to rate but you back go not NII because your guidance this, impact to of on Mark, comments the happening. I Sorry cut clarify, wanted just were talking to the about

right? sorry, does it – rate Is that basis I’m that the cut. includes point not low digits single NII, XXX – it includes for So

Mark McCollom

That correct. is

Daniel Tamayo

Okay.

So of guide. to that would that be rate incremental lack the

portfolio that similar and securities loan is the sheet, balance be the growth, the that – are you to to On expecting deposit growth?

Mark McCollom

purposes our mean for investment portfolio I Yes. only. liquidity is

So I mean assets. anticipate I other in growth the that grow overall to beyond wouldn’t earning

Daniel Tamayo

that the past Okay. the fees. has you’ve the at looking or then that talked And wealth of being switching strong Perfect. year In a gears management, driver most so, in here, growth about of been of hiring organic? the of market the there? What’s you current just been have outside driver strong kind growth you Have from that teams? of Or team been accelerated is performance seen the performance?

Curt Myers

Yes, Dan, it’s it’s all those really been – been factors.

So we did added with make assets. acquisitions the two

We and performance assets, the that obviously, helps gathering are business. then, market

it’s board. So the really across

Daniel Tamayo

you the Yes, you Thank I had Sure. And for that me. you. it acquisitions do Appreciate there. guys. guess, would

Curt Myers

Thank you.

Operator

next [Operator you. I show from go Davidson. Gunther Russell comes ahead. our Thank Instructions] Please question from

Russell Gunther

Hey, guys. good morning,

Just guidance. could appreciate give that’s guide? in that mortgage commented far. terms everything us you’ve of a fee on if so banking mid-single-digit you I in the you’re some quick detail embedded assuming follow-up But what for

Mark McCollom

this down come volumes stay little bit the flat to they year. that spreads and were relatively assuming is a where It Yes.

off little bit come would it from So a this year?

Russell Gunther

it. Got

Okay, perspective, of then what mid-single drivers And would that regard great. think an you Thanks, to, geographic with you guys could some from the give mix color to loan and outlook, growth would just asset that class digits, so both the Mark. as be? growth us

Phil Wenger

as go mix. same we looking in we’ve the of much and XXXX, years, mortgage lending we’re C&I, into the I nice last the think kind in growth some residential consumer book. couple on side, at Well, had our And CRE, pretty of indirect

Russell Gunther

asset question, the then And credit, Thanks, but this up Phil. C&I in Okay, portfolio, thoughts to and last with your quality ag just came your on great. regard XXXX?

Phil Wenger

improvement the and ag that credit of – the portfolio, stabilized, In side we we seeing it’s are on think, really portfolio. in

Russell Gunther

it That’s right. Thanks. All Great. me. for

Phil Wenger

Thank you.

Operator

in show questions closing Thank remarks. this turn no like I’d the further Wenger, call to queue. At Phil the for CEO, I to you. time, over

Phil Wenger

thanks, everyone, to you. hope results in quarter us be today, when us Thank April. we and be we you’ll with discuss first for joining Well, able

Operator

Ladies and participating. you today’s call. conference concludes this for Thank gentlemen,

disconnect. You may now

Fulton Financial (FULT) 22 Jan 202019 Q4 Earnings call transcript