Fulton Financial Corporation (NASDAQ:FULT) Q1 2019 Earnings Conference Call Transcript

Apr 17, 2019 • 10:00 am ET

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Fulton Financial Corporation (NASDAQ:FULT) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Fulton Financial First Quarter 2019 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call may be recorded.

I will now turn the call over to Mr. Jason Weber. Sir, you may begin.

Executive
Jason H. Weber

Thanks Joelle. Good morning. Thanks for joining us for Fulton Financial's conference call and webcast to discuss our earnings for the first quarter of 2019. Your host for today's conference call is Phil Wenger,Chairman and Chief Executive Officer of Fulton Financial Corporation. Joining Phil Wenger, is Mark McCollom, Senior Executive Vice President and Chief Financial Officer.

Our comments today will refer to the financial information and related slide presentation included with our earnings announcement, which we released at 4:30 p.m. yesterday afternoon. These documents can be found on our website at www.fult.com, by clicking on Investor Relations, then on news. The slides can also be found on the Presentations page under Investor Relations on our website.

On this call, representatives of Fulton may make forward-looking statements with respect to Fulton's financial condition, results of operations and business. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors and actual results could differ materially. Please refer to the safe harbor statement on forward-looking statements in our earnings release and on slide two of today's presentation for additional information regarding these risks, uncertainties and other factors. Fulton undertakes no obligation, other than as required by law to update or revise any forward-looking statements.

In discussing Fulton's performance representatives of Fulton may refer to certain non-GAAP financial measures. Please refer to the supplemental financial information included with Fulton's earnings announcements released yesterday and Slides 11 and 12 of today's presentation for reconciliation of this non-GAAP financial measures to the most comparable GAAP measures.

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

Executive
Philip Wenger

Thanks Jason, and good morning everyone. Thank you for joining us. I have a few prepared remarks before CFO, Mark McCollom shares the details of our first quarter financial performance and discusses our 2019 outlook.

Overall we are pleased with our first quarter results. We had seasonally strong loan growth to start the year with stable credit conditions and a 5 basis point increase in our net interest margin. Despite an extremely competitive lending landscape, period end loan balances increased approximately $100 million in the first quarter of 2019, compared to a decrease in period ended balance of approximately $72 million during last year's first quarter.

More importantly our commercial origination volumes and pipelines are running over 10% higher than this time last year. So, we remain confident in our 2019 loan growth outlook. On a consumer front, we continue to see strong growth in our residential mortgage and indirect auto portfolios.

Turning to credit, overall asset quality continues to be relatively stable and