Fulton Financial Corporation (NASDAQ:FULT) Q2 2019 Earnings Conference Call - Final Transcript

Jul 17, 2019 • 10:00 am ET


Fulton Financial Corporation (NASDAQ:FULT) Q2 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Fulton Financial Second Quarter 2019 Results Conference Call. [Operator Instructions] As a reminder, this conference call may be recorded.

I would now like to introduce your host for today's conference, Mr. Jason Weber. Sir, you may begin.

Jason Weber

Thanks, Daniel, and good morning. Thanks for joining us for Fulton Financial's conference call and webcast to discuss our earnings for the second 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 PM 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 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 2 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 announcement released yesterday and Slides 11 and 12 of today's presentation for a reconciliation of those non-GAAP financial measures to the most comparable GAAP measures.

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

Phil Wenger

Thanks, Jason, and good morning, everyone. Thank you for joining us today. I have a few prepared remarks before our CFO Mark McCollom shares the details of our second quarter financial performance and discusses our 2019 outlook. When he concludes, we will open the phone line for questions.

Before I talk briefly about our second quarter performance, I want to highlight two important milestones we hit during the quarter. First, we consolidated our subsidiary bank, Fulton Bank of New Jersey into our largest banking subsidiary, Fulton Bank. And second, our last remaining BSA/AML consent order was terminated paving the way to finalize our strategic priority of consolidating all of our subsidiary banks into Fulton Bank. We plan on consolidating our remaining two subsidiary banks in September. Together achieving these milestones will not only help unify our brand, but also facilitate growth going forward.

Now, I'd like to talk about our second quarter performance. Overall, we were pleased with our results, which were driven by strong fee income and continued growth in our consumer business. Our consumer business, we continue to see strong