Fulton Financial Corporation Announces 2025 Second Quarter Results
Fulton Financial Corporation (NASDAQ: FULT) reported strong Q2 2025 results with net income of $96.6 million, or $0.53 per diluted share, up from Q1 2025. Operating net income reached a company record of $100.6 million, or $0.55 per diluted share.
Key financial metrics include a solid net interest margin of 3.47%, net loans increase of $150.0 million, and improved common equity tier 1 capital ratio of 11.3%. The bank maintained strong asset quality with an allowance for credit losses of 1.57% of total net loans and annualized net charge-offs of 0.20%.
Total deposits were $26.1 billion, showing a slight decrease of $190.9 million from Q1 2025, while net loans grew to $24.0 billion. Non-interest income increased by $1.9 million to $69.1 million, and non-interest expense rose by $3.4 million to $192.8 million compared to the previous quarter.
Fulton Financial Corporation (NASDAQ: FULT) ha riportato solidi risultati nel secondo trimestre del 2025 con un utile netto di 96,6 milioni di dollari, pari a 0,53 dollari per azione diluita, in aumento rispetto al primo trimestre del 2025. L'utile netto operativo ha raggiunto un record aziendale di 100,6 milioni di dollari, ovvero 0,55 dollari per azione diluita.
I principali indicatori finanziari includono un solido margine d'interesse netto del 3,47%, un aumento netto dei prestiti di 150,0 milioni di dollari e un miglioramento del rapporto di capitale comune di classe 1 al 11,3%. La banca ha mantenuto un'elevata qualit脿 degli attivi con un accantonamento per perdite su crediti pari all'1,57% dei prestiti netti totali e un tasso annualizzato di perdite nette su crediti dello 0,20%.
I depositi totali ammontavano a 26,1 miliardi di dollari, con una lieve diminuzione di 190,9 milioni di dollari rispetto al primo trimestre del 2025, mentre i prestiti netti sono cresciuti fino a 24,0 miliardi di dollari. I ricavi non da interessi sono aumentati di 1,9 milioni di dollari raggiungendo 69,1 milioni, mentre le spese non da interessi sono salite di 3,4 milioni a 192,8 milioni rispetto al trimestre precedente.
Fulton Financial Corporation (NASDAQ: FULT) report贸 s贸lidos resultados en el segundo trimestre de 2025 con un ingreso neto de 96,6 millones de d贸lares, o 0,53 d贸lares por acci贸n diluida, aumentando respecto al primer trimestre de 2025. El ingreso neto operativo alcanz贸 un r茅cord de la compa帽铆a de 100,6 millones de d贸lares, o 0,55 d贸lares por acci贸n diluida.
Los principales indicadores financieros incluyen un s贸lido margen de inter茅s neto del 3,47%, un aumento neto de pr茅stamos de 150,0 millones de d贸lares y una mejora en la ratio de capital com煤n de nivel 1 al 11,3%. El banco mantuvo una fuerte calidad de activos con una provisi贸n para p茅rdidas crediticias del 1,57% de los pr茅stamos netos totales y una tasa anualizada de cargos netos del 0,20%.
Los dep贸sitos totales fueron de 26,1 mil millones de d贸lares, mostrando una ligera disminuci贸n de 190,9 millones respecto al primer trimestre de 2025, mientras que los pr茅stamos netos crecieron a 24,0 mil millones de d贸lares. Los ingresos no relacionados con intereses aumentaron 1,9 millones hasta 69,1 millones, y los gastos no relacionados con intereses aumentaron 3,4 millones a 192,8 millones en comparaci贸n con el trimestre anterior.
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Fulton Financial Corporation (NASDAQ : FULT) a publi茅 de solides r茅sultats pour le deuxi猫me trimestre 2025 avec un revenu net de 96,6 millions de dollars, soit 0,53 dollar par action dilu茅e, en hausse par rapport au premier trimestre 2025. Le revenu net d'exploitation a atteint un record pour l'entreprise de 100,6 millions de dollars, soit 0,55 dollar par action dilu茅e.
Les principaux indicateurs financiers comprennent une marge nette d'int茅r锚t solide de 3,47%, une augmentation nette des pr锚ts de 150,0 millions de dollars et un ratio de fonds propres ordinaires de cat茅gorie 1 am茅lior茅 脿 11,3 %. La banque a maintenu une forte qualit茅 d'actifs avec une provision pour pertes sur cr茅dits repr茅sentant 1,57 % du total des pr锚ts nets et un taux annuel de pertes nettes de 0,20 %.
Les d茅p么ts totaux s鈥櫭﹍evaient 脿 26,1 milliards de dollars, affichant une l茅g猫re baisse de 190,9 millions par rapport au premier trimestre 2025, tandis que les pr锚ts nets ont augment茅 pour atteindre 24,0 milliards de dollars. Les revenus hors int茅r锚ts ont augment茅 de 1,9 million pour atteindre 69,1 millions, et les charges hors int茅r锚ts ont augment茅 de 3,4 millions pour atteindre 192,8 millions par rapport au trimestre pr茅c茅dent.
Fulton Financial Corporation (NASDAQ: FULT) meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit einem Nettoeinkommen von 96,6 Millionen US-Dollar, bzw. 0,53 US-Dollar je verw盲sserter Aktie, was eine Steigerung gegen眉ber dem ersten Quartal 2025 darstellt. Das operative Nettoergebnis erreichte mit 100,6 Millionen US-Dollar, bzw. 0,55 US-Dollar je verw盲sserter Aktie, einen Unternehmensrekord.
Wichtige Finanzkennzahlen umfassen eine solide Nettozinsmarge von 3,47%, einen Nettokreditanstieg von 150,0 Millionen US-Dollar sowie eine verbesserte harte Kernkapitalquote von 11,3%. Die Bank hielt eine starke Verm枚gensqualit盲t mit einer Kreditrisikovorsorge von 1,57% der gesamten Nettokredite und annualisierten Nettoabschreibungen von 0,20% aufrecht.
Die Gesamteinlagen betrugen 26,1 Milliarden US-Dollar, was einem leichten R眉ckgang von 190,9 Millionen US-Dollar gegen眉ber dem ersten Quartal 2025 entspricht, w盲hrend die Nettokredite auf 24,0 Milliarden US-Dollar wuchsen. Die Ertr盲ge aus Nichtzinsgesch盲ften stiegen um 1,9 Millionen auf 69,1 Millionen US-Dollar, w盲hrend die nicht zinstragenden Aufwendungen im Vergleich zum Vorquartal um 3,4 Millionen auf 192,8 Millionen US-Dollar zunahmen.
- Record operating net income of $100.6 million, up from previous quarter
- Net loans increased by $150.0 million (2.5% annualized growth)
- Common equity tier 1 capital ratio improved to 11.3% from 11.1%
- Net interest margin remained solid at 3.47%
- Non-interest income increased by $1.9 million to $69.1 million
- Total deposits decreased by $190.9 million to $26.1 billion
- Non-performing assets increased to 0.67% of total assets from 0.62%
- Non-interest expense increased by $3.4 million to $192.8 million
- Purchase loan mark accretion decreased to $11.4 million from $13.1 million
Insights
Fulton delivers record operating income of $100.6M ($0.55/share), showing strong execution of its community banking strategy with improving margins.
Fulton Financial Corporation posted an impressive $96.6 million in Q2 2025 net income ($0.53 per diluted share), representing a 6.9% increase from Q1. More notably, operating net income reached a company record of $100.6 million ($0.55 per diluted share), continuing the strong momentum from previous quarters.
The bank's net interest margin held steady at 3.47%, up 4 basis points from Q1, with a favorable 2 basis point decrease in funding costs. This margin resilience is particularly impressive in the current rate environment and suggests effective balance sheet management.
Loan growth was modest but positive at $150 million (2.5% annualized), primarily driven by consumer lending. This demonstrates Fulton's ability to grow its portfolio despite competitive pressures. The bank's deposit base decreased slightly by $190.9 million, but this appears manageable and didn't prevent margin improvement.
Asset quality metrics showed a slight deterioration, with non-performing assets increasing to 0.67% of total assets from 0.62% in Q1. However, net charge-offs improved slightly to 0.20% from 0.21%, and the allowance for credit losses remains strong at 1.57% of total loans.
Particularly encouraging is Fulton's capital position, with the common equity tier 1 ratio strengthening to 11.3% from 11.1% in Q1. This capital buffer provides flexibility for potential growth initiatives or shareholder returns while exceeding regulatory requirements.
The efficiency ratio remained relatively stable at 57.1% compared to 56.7% in Q1, indicating disciplined expense management despite inflationary pressures. Non-interest income growth of $1.9 million shows diversification beyond traditional lending, with notable increases across multiple fee income streams.
Looking at profitability metrics, Fulton's return on average assets improved to 1.25% from 1.18%, while return on average equity increased to 12.46% from 11.98%. These results demonstrate that Fulton's community banking strategy is translating into meaningful shareholder value.
Net income available to common shareholders for the six months ended June 30, 2025 was
"I'm proud that our team has delivered a new company record, with operating net income of
Financial Highlights
Second quarter of 2025 operating results of
- Solid net interest margin of
3.47% , with a two basis point decrease in total cost of funds compared to the prior quarter. - Non-interest income increased
$1.9 million $69.1 million $67.2 million - Non-interest expense increased
$3.4 million $192.8 million $189.5 million $4.8 million $187.6 million $182.9 million - Provision for credit losses was
$8.6 million $377.3 million 1.57% of total net loans as of June 30, 2025. - Net loans increased
$150.0 million 2.5% annualized, compared to the prior quarter. - Common equity tier 1 capital ratio(2) increased to approximately
11.3% compared to11.1% in the prior quarter.
The following items highlight notable changes in the components of net income in the second quarter of 2025 compared to the first quarter of 2025:
- Net interest income totaled
$254.9 million $3.7 million $2.2 million $1.8 million $1.0 million $1.7 million $1.0 million $11.4 million $13.1 million - Non-interest income before investment securities gains (losses) was
$69.1 million $67.2 million $1.9 million $0.9 million $0.8 million $0.6 million $0.5 million $0.5 million $0.5 million $0.4 million $0.4 million $2.7 million - Non-interest expense was
$192.8 million $189.5 million $3.4 million $3.6 million $3.2 million $1.8 million $0.7 million $0.6 million $0.3 million
Balance Sheet Summary
- Net loans totaled
$24.0 billion $150.0 million $23.9 billion $117.4 million $32.6 million - Deposits totaled
$26.1 billion $190.9 million $26.3 billion $211.3 million $98.2 million $23.8 million $78.9 million $63.4 million
Provision for Credit Losses and Asset Quality
- The provision for credit losses was
$8.6 million $377.3 million 1.57% of total net loans as of June 30, 2025, compared to$379.7 million 1.59% of total net loans as of March 31, 2025. - Non-performing assets were
$215.6 million 0.67% of total assets, as of June 30, 2025, in comparison to$199.0 million 0.62% of total assets, as of March 31, 2025. - Annualized net charge-offs for the second quarter of 2025 were
0.20% of total average loans in comparison to0.21% in the prior quarter.
Additional information on Fulton is available on the Internet at .
(1) | Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release. |
(2) | Regulatory capital ratios as of June听30, 2025, are preliminary estimates and prior periods are actual. |
(3) | On April 26, 2024, the Corporation announced that its wholly owned banking subsidiary, Fulton Bank, National Association ("Fulton Bank"), acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank ("Republic Bank"), from the Federal Deposit Insurance Corporation (the "FDIC"), as receiver for Republic Bank (the "Acquisition"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 among the听FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.. |
(4) | Commercial loans include real estate - commercial mortgage, commercial and industrial, leases and other loans and includes a decrease in commercial construction loans of |
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Safe Harbor Statement
This press release 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.
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, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 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 () and on the SEC's website ().
Non-GAAP Financial Measures
The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.
FULTON FINANCIAL CORPORATION | |||||||||||||||||
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||
(dollars in thousands, except per share and shares data) | |||||||||||||||||
Three months ended | |||||||||||||||||
Jun 30 | Mar听 31 | Dec 31 | Sep 30 | Jun 30 | |||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||||
Ending Balances | |||||||||||||||||
Investment securities(1) | $听听 5,093,027 | $听听听 5,071,323 | $听听 4,806,468 | $听听 4,545,278 | $听听 4,184,027 | ||||||||||||
Net loans | 24,012,539 | 23,862,574 | 24,044,919 | 24,176,075 | 24,106,297 | ||||||||||||
Total assets | 32,040,448 | 32,132,028 | 32,071,810 | 32,185,726 | 31,769,813 | ||||||||||||
Deposits | 26,138,067 | 26,328,972 | 26,129,433 | 26,152,144 | 25,559,654 | ||||||||||||
Shareholders' equity | 3,329,246 | 3,274,321 | 3,197,325 | 3,203,943 | 3,101,609 | ||||||||||||
Average Balances | |||||||||||||||||
Investment securities(1) | 5,084,371 | 4,906,952 | 4,771,537 | 4,237,805 | 4,043,136 | ||||||||||||
Net loans | 23,899,743 | 24,006,863 | 24,068,784 | 24,147,801 | 23,345,914 | ||||||||||||
Total assets | 31,901,574 | 31,971,601 | 32,098,852 | 31,895,235 | 30,774,891 | ||||||||||||
Deposits | 26,125,602 | 26,169,883 | 26,313,378 | 25,778,259 | 24,642,954 | ||||||||||||
Shareholders' equity | 3,304,015 | 3,254,125 | 3,219,026 | 3,160,322 | 2,952,671 | ||||||||||||
Income Statement | |||||||||||||||||
Net interest income | 254,921 | 251,187 | 253,659 | 258,009 | 241,720 | ||||||||||||
Provision for credit losses | 8,607 | 13,898 | 16,725 | 11,929 | 32,056 | ||||||||||||
Non-interest income | 69,148 | 67,232 | 65,924 | 59,673 | 92,994 | ||||||||||||
Non-interest expense | 192,811 | 189,460 | 216,615 | 226,089 | 199,488 | ||||||||||||
Income before taxes | 122,651 | 115,061 | 86,243 | 79,664 | 103,170 | ||||||||||||
Net income available to common shareholders | 96,636 | 90,425 | 66,058 | 60,644 | 92,413 | ||||||||||||
Per Share | |||||||||||||||||
Net income available to common shareholders (basic) | |||||||||||||||||
Net income available to common shareholders (diluted) | |||||||||||||||||
Operating net income available to common shareholders(2) | |||||||||||||||||
Cash dividends | |||||||||||||||||
Common shareholders' equity | |||||||||||||||||
Common shareholders' equity (tangible)(2) | |||||||||||||||||
Weighted average shares (basic) | 182,261 | 182,179 | 182,032 | 181,905 | 175,305 | ||||||||||||
Weighted average shares (diluted) | 183,813 | 184,077 | 183,867 | 183,609 | 176,934 | ||||||||||||
(1) Includes related unrealized holding gains (losses) for available for sale ("AFS") securities. | |||||||||||||||||
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. | |||||||||||||||||
Three months ended | |||||||||||||||||
Jun 30 | Mar听 31 | Dec 31 | Sep 30 | Jun 30 | |||||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||||
Asset Quality | |||||||||||||||||
Net charge-offs to average loans (annualized) | 0.20听% | 0.21听% | 0.22听% | 0.18听% | 0.19听% | ||||||||||||
Non-performing loans to total net loans | 0.89听% | 0.82听% | 0.92听% | 0.84听% | 0.72听% | ||||||||||||
Non-performing assets to total assets | 0.67听% | 0.62听% | 0.69听% | 0.64听% | 0.55听% | ||||||||||||
ACL - loans(1) to total loans | 1.57听% | 1.59听% | 1.58听% | 1.56听% | 1.56听% | ||||||||||||
ACL - loans(1) to non-performing loans | 177听% | 193听% | 172听% | 186听% | 218听% | ||||||||||||
Profitability | |||||||||||||||||
Return on average assets | 1.25听% | 1.18听% | 0.85听% | 0.79听% | 1.24听% | ||||||||||||
Operating return on average assets(2) | 1.30听% | 1.25听% | 1.14听% | 1.17听% | 1.11听% | ||||||||||||
Return on average common shareholders' equity | 12.46听% | 11.98听% | 8.68听% | 8.13听% | 13.47听% | ||||||||||||
Operating return on average common shareholders' equity (tangible)(2) | 16.26听% | 15.95听% | 14.83听% | 15.65听% | 15.56听% | ||||||||||||
Net interest margin | 3.47听% | 3.43听% | 3.41听% | 3.49听% | 3.43听% | ||||||||||||
Efficiency ratio(2) | 57.1听% | 56.7听% | 58.4听% | 59.6听% | 62.6听% | ||||||||||||
Non-interest expense to total average assets | 2.42听% | 2.40听% | 2.68听% | 2.82听% | 2.61听% | ||||||||||||
Operating non-interest expense to total average assets(2) | 2.36听% | 2.32听% | 2.36听% | 2.45听% | 2.55听% | ||||||||||||
Capital Ratios(3) | |||||||||||||||||
Tangible common equity ratio ("TCE")(2) | 8.0听% | 7.8听% | 7.5听% | 7.5听% | 7.3听% | ||||||||||||
Tier 1 leverage ratio | 9.3听% | 9.2听% | 9.0听% | 9.0听% | 9.2听% | ||||||||||||
Common equity Tier 1 capital ratio | 11.3听% | 11.1听% | 10.8听% | 10.5听% | 10.3听% | ||||||||||||
Tier 1 risk-based capital ratio | 12.1听% | 11.9听% | 11.5听% | 11.3听% | 11.1听% | ||||||||||||
Total risk-based capital ratio | 14.7听% | 14.5听% | 14.3听% | 14.0听% | 13.8听% | ||||||||||||
(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet 听听听 ("OBS") credit exposures. | |||||||||||||||||
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. | |||||||||||||||||
(3) Regulatory capital ratios as of June听30, 2025 are preliminary estimates and prior periods are actual. | |||||||||||||||||
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FULTON FINANCIAL CORPORATION | ||||||||||
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) | ||||||||||
(dollars in thousands) | ||||||||||
Jun 30 | Mar听 31 | Dec 31 | Sep 30 | Jun 30 | ||||||
2025 | 2025 | 2024 | 2024 | 2024 | ||||||
ASSETS | ||||||||||
Cash and due from banks | $听听听听 362,280 | $听听听听 388,503 | $听听听听 279,041 | $听听听听 296,500 | $听听听听 333,238 | |||||
Other interest-earning assets | 583,899 | 778,117 | 924,404 | 1,287,392 | 1,188,341 | |||||
Loans held for sale | 23,281 | 15,965 | 25,618 | 17,678 | 26,822 | |||||
Investment securities | 5,093,027 | 5,071,323 | 4,806,468 | 4,545,278 | 4,184,027 | |||||
Net loans | 24,012,539 | 23,862,574 | 24,044,919 | 24,176,075 | 24,106,297 | |||||
Less: ACL - loans(1) | (377,337) | (379,677) | (379,156) | (375,961) | (375,941) | |||||
听听 Loans, net | 23,635,202 | 23,482,897 | 23,665,763 | 23,800,114 | 23,730,356 | |||||
Net premises and equipment | 184,290 | 186,873 | 195,527 | 171,731 | 180,642 | |||||
Accrued interest receivable | 117,130 | 116,215 | 117,029 | 115,903 | 120,752 | |||||
Goodwill and intangible assets | 623,729 | 629,189 | 635,458 | 641,739 | 648,026 | |||||
Other assets | 1,417,610 | 1,462,946 | 1,422,502 | 1,309,391 | 1,357,609 | |||||
听听听 Total Assets | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Deposits | ||||||||||
Borrowings | 1,773,900 | 1,657,200 | 1,782,048 | 2,052,227 | 2,178,597 | |||||
Other liabilities | 799,235 | 871,535 | 963,004 | 777,412 | 929,953 | |||||
听听听 Total Liabilities | 28,711,202 | 28,857,707 | 28,874,485 | 28,981,783 | 28,668,204 | |||||
Shareholders' equity | 3,329,246 | 3,274,321 | 3,197,325 | 3,203,943 | 3,101,609 | |||||
听听听 Total Liabilities and Shareholders' Equity | ||||||||||
LOANS, DEPOSITS AND BORROWINGS DETAIL: | ||||||||||
Loans, by type: | ||||||||||
AG真人官方 estate - commercial mortgage | $听 9,678,038 | $听 9,676,517 | $听 9,601,858 | $听 9,493,479 | $听 9,289,770 | |||||
Commercial and industrial | 4,541,765 | 4,531,266 | 4,605,589 | 4,914,734 | 4,967,796 | |||||
AG真人官方 estate - residential mortgage | 6,511,687 | 6,409,657 | 6,349,643 | 6,302,624 | 6,248,856 | |||||
AG真人官方 estate - home equity | 1,193,410 | 1,170,470 | 1,160,616 | 1,144,402 | 1,120,878 | |||||
AG真人官方 estate - construction | 1,155,099 | 1,175,445 | 1,394,899 | 1,332,954 | 1,463,799 | |||||
Consumer | 583,949 | 597,305 | 616,856 | 651,717 | 692,086 | |||||
Leases and other loans(2) | 348,591 | 301,914 | 315,458 | 336,165 | 323,112 | |||||
Total Net Loans | ||||||||||
Deposits, by type: | ||||||||||
Noninterest-bearing demand | $听 5,337,771 | $听 5,435,934 | $听 5,499,760 | $听 5,501,699 | $听 5,609,383 | |||||
Interest-bearing demand | 7,593,083 | 7,804,388 | 7,843,604 | 7,779,472 | 7,478,077 | |||||
Savings | 8,271,925 | 8,208,526 | 7,792,114 | 7,740,595 | 7,563,495 | |||||
听听听听 Total demand and savings | 21,202,779 | 21,448,848 | 21,135,478 | 21,021,766 | 20,650,955 | |||||
Brokered | 817,398 | 738,458 | 843,857 | 843,473 | 995,975 | |||||
Time | 4,117,890 | 4,141,666 | 4,150,098 | 4,286,905 | 3,912,724 | |||||
Total Deposits | ||||||||||
Borrowings, by type: | ||||||||||
Federal Home Loan Bank advances | $听听听听 800,000 | $听听听听 750,000 | $听听听听 850,000 | $听听听听 950,000 | $听听听听 750,000 | |||||
Senior debt and subordinated debt | 367,476 | 367,396 | 367,316 | 535,917 | 535,741 | |||||
Other borrowings | 606,424 | 539,804 | 564,732 | 566,310 | 892,856 | |||||
Total Borrowings | $听 1,773,900 | $听 1,657,200 | $听 1,782,048 | $听 2,052,227 | $听 2,178,597 | |||||
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | ||||||||||
(2) Includes equipment lease financing, overdraft and net origination fees and costs. | ||||||||||
听
FULTON FINANCIAL CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||
(dollars in thousands, except per share and share data) | |||||||||||||||
Three months ended | Six months ended | ||||||||||||||
Jun 30 | Mar听 31 | Dec 31 | Sep 30 | Jun 30 | Jun 30 | ||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||
Net Interest Income: | |||||||||||||||
Interest income | |||||||||||||||
Interest expense | 147,840 | 148,505 | 160,709 | 169,647 | 158,786 | 296,345 | 291,515 | ||||||||
听 听听Net Interest Income | 254,921 | 251,187 | 253,659 | 258,009 | 241,720 | 506,107 | 448,657 | ||||||||
Provision for credit losses | 8,607 | 13,898 | 16,725 | 11,929 | 32,056 | 22,505 | 42,981 | ||||||||
听 听听Net Interest Income after Provision | 246,314 | 237,289 | 236,934 | 246,080 | 209,664 | 483,602 | 405,676 | ||||||||
Non-Interest Income: | |||||||||||||||
Wealth management | 22,281 | 21,785 | 22,002 | 21,596 | 20,990 | 44,066 | 41,144 | ||||||||
Commercial banking: | |||||||||||||||
听听 Merchant and card | 7,376 | 6,591 | 7,082 | 7,496 | 7,798 | 13,967 | 14,607 | ||||||||
听听 Cash management | 8,376 | 7,799 | 7,633 | 7,201 | 6,966 | 16,175 | 13,271 | ||||||||
听听 Capital markets | 2,945 | 2,411 | 2,797 | 3,311 | 2,585 | 5,356 | 4,926 | ||||||||
听听 Other commercial banking | 4,734 | 4,528 | 4,942 | 4,281 | 4,061 | 9,262 | 7,434 | ||||||||
Total commercial banking | 23,431 | 21,329 | 22,454 | 22,289 | 21,410 | 44,760 | 40,238 | ||||||||
Consumer banking: | |||||||||||||||
听 Card | 7,958 | 7,544 | 8,064 | 7,917 | 8,305 | 15,502 | 14,933 | ||||||||
听 Overdraft | 3,817 | 3,295 | 3,644 | 3,957 | 3,377 | 7,112 | 6,163 | ||||||||
听 Other consumer banking | 2,753 | 2,229 | 2,601 | 3,054 | 2,918 | 4,982 | 5,172 | ||||||||
Total consumer banking | 14,528 | 13,068 | 14,309 | 14,928 | 14,600 | 27,596 | 26,268 | ||||||||
Mortgage banking | 3,991 | 3,138 | 3,759 | 3,142 | 3,951 | 7,130 | 7,041 | ||||||||
Gain on acquisition, net of tax | 鈥� | 鈥� | (2,689) | (7,706) | 47,392 | 鈥� | 47,392 | ||||||||
Other | 4,917 | 7,914 | 6,089 | 5,425 | 4,933 | 12,830 | 8,332 | ||||||||
Non-interest income before investment securities gains (losses) | 69,148 | 67,234 | 65,924 | 59,674 | 113,276 | 136,382 | 170,415 | ||||||||
Investment securities losses, net | 鈥� | (2) | 鈥� | (1) | (20,282) | (2) | (20,282) | ||||||||
听 听听Total Non-Interest Income | 69,148 | 67,232 | 65,924 | 59,673 | 92,994 | 136,380 | 150,133 | ||||||||
Non-Interest Expense: | |||||||||||||||
Salaries and employee benefits | 107,123 | 103,526 | 107,886 | 118,824 | 110,630 | 210,649 | 206,111 | ||||||||
Data processing and software | 18,262 | 18,599 | 19,550 | 20,314 | 20,357 | 36,861 | 38,018 | ||||||||
Net occupancy | 16,410 | 18,207 | 16,417 | 18,999 | 17,793 | 34,617 | 33,943 | ||||||||
Other outside services | 12,009 | 11,837 | 14,531 | 15,839 | 16,933 | 23,846 | 30,216 | ||||||||
Intangible amortization | 5,460 | 6,269 | 6,282 | 6,287 | 4,688 | 11,729 | 5,261 | ||||||||
FDIC insurance | 4,951 | 5,597 | 5,921 | 5,109 | 6,696 | 10,549 | 12,800 | ||||||||
Equipment | 4,100 | 4,150 | 4,388 | 4,860 | 4,561 | 8,249 | 8,602 | ||||||||
Marketing | 2,604 | 2,521 | 2,695 | 2,251 | 2,101 | 5,124 | 4,012 | ||||||||
Professional fees | 2,163 | (1,078) | 3,387 | 2,811 | 2,571 | 1,085 | 4,659 | ||||||||
Acquisition-related expenses | 鈥� | 380 | 9,637 | 14,195 | 13,803 | 380 | 13,803 | ||||||||
Other | 19,729 | 19,452 | 25,921 | 16,600 | (645) | 39,181 | 19,662 | ||||||||
听听听 Total Non-Interest Expense | 192,811 | 189,460 | 216,615 | 226,089 | 199,488 | 382,270 | 377,087 | ||||||||
听听听 Income Before Income Taxes | 122,651 | 115,061 | 86,243 | 79,664 | 103,170 | 237,712 | 178,722 | ||||||||
Income tax expense | 23,453 | 22,074 | 17,623 | 16,458 | 8,195 | 45,527 | 21,806 | ||||||||
听听听 Net Income | 99,198 | 92,987 | 68,620 | 63,206 | 94,975 | 192,185 | 156,916 | ||||||||
Preferred stock dividends | (2,562) | (2,562) | (2,562) | (2,562) | (2,562) | (5,124) | (5,124) | ||||||||
听 听听听Net Income Available to Common听 Shareholders | $听听 96,636 | $听听 90,425 | $听听 66,058 | $听听 60,644 | $听听 92,413 | ||||||||||
Three months ended | Six months ended | ||||||||||||||
Jun 30 | Mar听 31 | Dec 31 | Sep 30 | Jun 30 | Jun 30 | ||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||
PER SHARE: | |||||||||||||||
Net income available to common shareholders (basic) | |||||||||||||||
Net income available to common shareholders (diluted) | |||||||||||||||
Cash dividends | |||||||||||||||
Weighted average shares (basic) | 182,261 | 182,179 | 182,032 | 181,905 | 175,305 | 182,220 | 169,006 | ||||||||
Weighted average shares (diluted) | 183,813 | 184,077 | 183,867 | 183,609 | 176,934 | 183,999 | 170,769 | ||||||||
听
FULTON FINANCIAL CORPORATION | ||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||
Three months ended | ||||||||||||||||||
June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||
Balance | Interest(1) | Rate | Balance | Interest(1) | Rate | Balance | Interest(1) | Rate | ||||||||||
ASSETS | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||
Net loans(2) | $听 23,899,742 | 5.86听% | $听 24,006,863 | 5.86听% | $听 23,345,914 | 6.12听% | ||||||||||||
Investment securities(3) | 5,390,953 | 49,463 | 3.67听% | 5,199,000 | 47,242 | 3.63听% | 4,396,050 | 33,799 | 3.07听% | |||||||||
Other interest-earning assets | 682,075 | 8,197 | 4.82听% | 793,126 | 9,164 | 4.67听% | 1,125,886 | 15,730 | 5.61听% | |||||||||
Total Interest-Earning Assets | 29,972,770 | 407,150 | 5.44听% | 29,998,989 | 404,032 | 5.44听% | 28,867,850 | 405,062 | 5.64听% | |||||||||
Noninterest-earning assets: | ||||||||||||||||||
Cash and due from banks | 277,880 | 301,897 | 302,381 | |||||||||||||||
Premises and equipment | 186,989 | 191,248 | 203,166 | |||||||||||||||
Other assets | 1,848,891 | 1,864,996 | 1,759,138 | |||||||||||||||
Less: ACL - loans(4) | (384,956) | (385,529) | (357,644) | |||||||||||||||
Total Assets | $听 31,901,574 | $听 31,971,601 | $听 30,774,891 | |||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Demand deposits | $听听 34,745 | 1.79听% | $听听 34,189 | 1.79听% | $听听 31,748 | 1.80听% | ||||||||||||
Savings deposits | 8,219,637 | 47,462 | 2.32听% | 7,971,728 | 45,101 | 2.29听% | 7,309,141 | 44,901 | 2.47听% | |||||||||
Brokered deposits | 688,957 | 7,495 | 4.36听% | 904,722 | 10,038 | 4.50听% | 1,123,328 | 15,074 | 5.40听% | |||||||||
Time deposits | 4,112,130 | 39,492 | 3.85听% | 4,127,784 | 41,564 | 4.08听% | 3,670,158 | 39,364 | 4.31听% | |||||||||
Total Interest-Bearing Deposits | 20,821,605 | 129,194 | 2.49听% | 20,757,820 | 130,892 | 2.56听% | 19,182,929 | 131,087 | 2.75听% | |||||||||
Borrowings and other interest-bearing liabilities | 1,756,246 | 18,646 | 4.26听% | 1,754,900 | 17,613 | 4.07听% | 2,441,691 | 27,699 | 4.53听% | |||||||||
Total Interest-Bearing Liabilities | 22,577,851 | 147,840 | 2.62听% | 22,512,720 | 148,505 | 2.67听% | 21,624,620 | 158,786 | 2.95听% | |||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||
Demand deposits | 5,303,997 | 5,412,063 | 5,460,025 | |||||||||||||||
Other liabilities | 715,711 | 792,693 | 737,575 | |||||||||||||||
Total Liabilities | 28,597,559 | 28,717,476 | 27,822,220 | |||||||||||||||
Total Deposits | 26,125,602 | 1.98听% | 26,169,883 | 2.03听% | 24,642,954 | 2.14听% | ||||||||||||
Total interest-bearing liabilities and | 27,881,848 | 2.13听% | 27,924,783 | 2.15听% | 27,084,645 | 2.35听% | ||||||||||||
Shareholders' equity | 3,304,015 | 3,254,125 | 2,952,671 | |||||||||||||||
Total Liabilities and Shareholders' Equity | $听 31,901,574 | $听 31,971,601 | $听 30,774,891 | |||||||||||||||
Net interest income/net interest margin | 259,310 | 3.47听% | 255,527 | 3.43听% | 246,276 | 3.43听% | ||||||||||||
Tax equivalent adjustment | (4,389) | (4,340) | (4,556) | |||||||||||||||
Net Interest Income | ||||||||||||||||||
(1) Presented on a fully taxable-equivalent basis using a | ||||||||||||||||||
(2) Average balances include non-performing loans. | ||||||||||||||||||
(3) Average balances include amortized historical cost for AFS securities; the related unrealized holding gains (losses) are included in other assets. | ||||||||||||||||||
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities. | ||||||||||||||||||
听
FULTON FINANCIAL CORPORATION | |||||||||||
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) | |||||||||||
(dollars in thousands) | |||||||||||
Three months ended | |||||||||||
Jun 30 | Mar听 31 | Dec 31 | Sep 30 | Jun 30 | |||||||
2025 | 2025 | 2024 | 2024 | 2024 | |||||||
Loans, by type: | |||||||||||
AG真人官方 estate - commercial mortgage | |||||||||||
Commercial and industrial | 4,530,085 | 4,608,401 | 4,730,101 | 4,998,051 | 4,853,583 | ||||||
AG真人官方 estate - residential mortgage | 6,448,443 | 6,367,978 | 6,319,205 | 6,268,922 | 5,977,132 | ||||||
AG真人官方 estate - home equity | 1,179,109 | 1,160,713 | 1,116,665 | 1,122,313 | 1,117,367 | ||||||
AG真人官方 estate - construction | 1,172,138 | 1,296,090 | 1,312,245 | 1,437,907 | 1,430,057 | ||||||
Consumer | 599,505 | 615,741 | 665,261 | 682,602 | 685,183 | ||||||
Leases and other loans(1) | 318,142 | 302,657 | 329,311 | 319,733 | 324,453 | ||||||
Total Net Loans | $听 23,899,742 | $听 24,006,863 | $听 24,068,784 | $听 24,147,801 | $听 23,345,914 | ||||||
Deposits, by type: | |||||||||||
Noninterest-bearing demand | |||||||||||
Interest-bearing demand | 7,800,881 | 7,753,586 | 7,838,590 | 7,668,583 | 7,080,302 | ||||||
Savings | 8,219,637 | 7,971,728 | 7,806,303 | 7,663,599 | 7,309,141 | ||||||
听听听听 Total demand and savings | 21,324,515 | 21,137,377 | 21,203,003 | 20,828,132 | 19,849,468 | ||||||
Brokered | 688,957 | 904,722 | 877,526 | 842,661 | 1,123,328 | ||||||
Time | 4,112,130 | 4,127,784 | 4,232,849 | 4,107,466 | 3,670,158 | ||||||
Total Deposits | $听 26,125,602 | $听 26,169,883 | $听 26,313,378 | $听 25,778,259 | $听 24,642,954 | ||||||
Borrowings, by type: | |||||||||||
Federal funds purchased | $听听听听听听听 1,099 | $听听听听听听听听听听听 鈥� | $听听听听听听听听听听听 54 | $听听听听听听听听听听听 鈥� | $听听听听听 32,637 | ||||||
Federal Home Loan Bank advances | 712,198 | 709,367 | 727,957 | 754,130 | 833,726 | ||||||
Senior debt and subordinated debt | 367,438 | 367,357 | 449,795 | 535,831 | 535,656 | ||||||
Other borrowings and other interest-bearing liabilities | 675,511 | 678,176 | 669,625 | 939,387 | 1,039,672 | ||||||
Total Borrowings | |||||||||||
(1) Includes equipment lease financing, overdraft and net origination fees and costs. | |||||||||||
听
FULTON FINANCIAL CORPORATION | |||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) | |||||||||||||
(dollars in thousands) | |||||||||||||
Six months ended June 30 | |||||||||||||
2025 | 2024 | ||||||||||||
Average | Yield/ | Average | Yield/ | ||||||||||
Balance | Interest(1) | Rate | Balance | Interest(1) | Rate | ||||||||
ASSETS | |||||||||||||
Interest-earning assets: | |||||||||||||
Net loans(2) | $听听听听听 23,953,003 | $听听听听听 697,115 | 5.86听% | $听听听听听 22,357,972 | $听听听听听 669,414 | 6.02听% | |||||||
Investment securities(3) | 5,295,507 | 96,706 | 3.65听% | 4,189,901 | 60,847 | 2.90听% | |||||||
Other interest-earning assets | 737,302 | 17,361 | 4.74听% | 699,547 | 19,059 | 5.47听% | |||||||
Total Interest-Earning Assets | 29,985,812 | 811,182 | 5.44听% | 27,247,420 | 749,320 | 5.52听% | |||||||
Noninterest-Earning assets: | |||||||||||||
Cash and due from banks | 289,822 | 292,638 | |||||||||||
Premises and equipment | 189,108 | 213,270 | |||||||||||
Other assets | 1,856,900 | 1,686,941 | |||||||||||
Less: ACL - loans(4) | (385,241) | (326,950) | |||||||||||
Total Assets | $听听听听听 31,936,401 | $听听听听听 29,113,319 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Interest-Bearing liabilities: | |||||||||||||
Demand deposits | $听听听听听听听 7,777,364 | $听听听听听听听 68,934 | 1.79听% | $听听听听听听听 6,338,513 | $听听听听听听听 52,248 | 1.66听% | |||||||
Savings deposits | 8,134,377 | 92,563 | 2.29听% | 6,989,186 | 83,699 | 2.41听% | |||||||
Brokered deposits | 796,243 | 17,533 | 4.44听% | 1,103,356 | 29,728 | 5.42听% | |||||||
Time deposits | 4,081,913 | 81,055 | 4.00听% | 3,319,249 | 68,986 | 4.18听% | |||||||
Total Interest-Bearing Deposits | 20,789,897 | 260,085 | 2.52听% | 17,750,304 | 234,661 | 2.66听% | |||||||
Borrowings and other interest-bearing liabilities | 1,755,577 | 36,260 | 4.17听% | 2,525,034 | 56,854 | 4.49听% | |||||||
Total Interest-Bearing Liabilities | 22,545,474 | 296,345 | 2.65听% | 20,275,338 | 291,515 | 2.89听% | |||||||
Noninterest-Bearing liabilities: | |||||||||||||
Demand deposits | 5,357,731 | 5,260,550 | |||||||||||
Other liabilities | 753,988 | 717,623 | |||||||||||
Total Liabilities | 28,657,193 | 26,253,511 | |||||||||||
Total Deposits | 26,147,628 | 2.01听% | 23,010,854 | 2.05听% | |||||||||
Total interest-bearing liabilities and non-interest | 27,903,205 | 2.14听% | 25,535,888 | 2.29听% | |||||||||
Shareholders' equity | 3,279,208 | 2,859,808 | |||||||||||
Total Liabilities and Shareholders' Equity | $听听听听听 31,936,401 | $听听听听听 29,113,319 | |||||||||||
Net interest income/net interest margin | 514,837 | 3.45听% | 457,805 | 3.37听% | |||||||||
Tax equivalent adjustment | (8,730) | (9,148) | |||||||||||
Net Interest Income | $听听听听听 506,107 | $听听听听听 448,657 | |||||||||||
(1) Presented on a fully taxable-equivalent basis using a | |||||||||||||
(2) Average balances include non-performing loans. | |||||||||||||
(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets. | |||||||||||||
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities. | |||||||||||||
听
FULTON FINANCIAL CORPORATION | ||||||
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) | ||||||
(dollars in thousands) | ||||||
Six months ended June 30 | ||||||
2025 | 2024 | |||||
Loans, by type: | ||||||
AG真人官方 estate - commercial mortgage | $听听听听听听听听听听听听听 9,653,793 | $听听听听听听听听听听听听听 8,562,077 | ||||
Commercial and industrial | 4,569,027 | 4,685,383 | ||||
AG真人官方 estate - residential mortgage | 6,408,432 | 5,665,518 | ||||
AG真人官方 estate - home equity | 1,169,961 | 1,078,344 | ||||
AG真人官方 estate - construction | 1,233,770 | 1,335,348 | ||||
Consumer | 607,578 | 703,353 | ||||
Leases and other loans(1) | 310,442 | 327,949 | ||||
Total Net Loans | $听听听听听听听听听听听 23,953,003 | $听听听听听听听听听听听 22,357,972 | ||||
Deposits, by type: | ||||||
Noninterest-bearing demand | $听听听听听听听听听听听听听 5,357,731 | $听听听听听听听听听听听听听 5,260,550 | ||||
Interest-bearing demand | 7,777,364 | 6,338,513 | ||||
Savings | 8,134,377 | 6,989,186 | ||||
听听 Total demand and savings | 21,269,472 | 18,588,249 | ||||
Brokered | 796,243 | 1,103,356 | ||||
Time | 4,081,913 | 3,319,249 | ||||
Total Deposits | $听听听听听听听听听听听 26,147,628 | $听听听听听听听听听听听 23,010,854 | ||||
Borrowings, by type: | ||||||
Federal funds purchased | $听听听听听听听听听听听听听听听听听听听听听听听听 552 | $听听听听听听听听听听听听听听听听听 103,148 | ||||
Federal Home Loan Bank advances | 710,790 | 868,308 | ||||
Senior debt and subordinated debt | 367,398 | 535,567 | ||||
Other borrowings | 676,837 | 1,018,011 | ||||
Total Borrowings | $听听听听听听听听听听听听听 1,755,577 | $听听听听听听听听听听听听听 2,525,034 | ||||
(1) Includes equipment lease financing, overdraft and net origination fees and costs. | ||||||
听
FULTON FINANCIAL CORPORATION | |||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) | |||||||||||||||
(dollars in thousands) | |||||||||||||||
Three months ended | Six months ended | ||||||||||||||
Jun 30 | Mar听 31 | Dec 31 | Sep 30 | Jun 30 | Jun 30 | Jun 30 | |||||||||
2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |||||||||
Allowance for credit losses related to net loans: | |||||||||||||||
Balance at beginning of period | $听 379,677 | $听 379,156 | $听 375,961 | $听 375,941 | $听 297,888 | $听 379,156 | $听 293,404 | ||||||||
CECL day 1 provision expense(1) | 鈥� | 鈥� | 鈥� | 鈥� | 23,444 | 鈥� | 23,444 | ||||||||
Initial purchased credit deteriorated allowance for credit losses | 鈥� | 鈥� | (136) | (1,139) | 55,906 | 鈥� | 55,906 | ||||||||
Loans charged off: | |||||||||||||||
听听听 AG真人官方 estate - commercial mortgage | (6,402) | (12,106) | (2,844) | (2,723) | (7,853) | (18,508) | (7,879) | ||||||||
听听听 Commercial and industrial | (5,780) | (3,865) | (9,480) | (6,256) | (2,955) | (9,645) | (10,587) | ||||||||
听听听 AG真人官方 estate - residential mortgage | (258) | (343) | (55) | (1,131) | (35) | (601) | (286) | ||||||||
听听听 Consumer and home equity | (1,885) | (2,193) | (2,179) | (2,308) | (1,766) | (4,078) | (4,004) | ||||||||
听听听 AG真人官方 estate - construction | (100) | 鈥� | 鈥� | 鈥� | 鈥� | (100) | 鈥� | ||||||||
听听听 Leases and other loans(2) | (1,491) | (1,527) | (1,768) | (726) | (1,398) | (3,018) | (2,203) | ||||||||
听听听 Total loans charged off | (15,916) | (20,034) | (16,326) | (13,144) | (14,007) | (35,950) | (24,959) | ||||||||
Recoveries of loans previously charged off: | |||||||||||||||
听听听 AG真人官方 estate - commercial mortgage | 133 | 374 | 199 | 107 | 146 | 507 | 298 | ||||||||
听听听 Commercial and industrial | 2,628 | 5,952 | 1,387 | 1,008 | 796 | 8,580 | 2,044 | ||||||||
听听听 AG真人官方 estate - residential mortgage | 203 | 174 | 104 | 130 | 122 | 377 | 238 | ||||||||
听听听 Consumer and home equity | 899 | 660 | 974 | 545 | 1,161 | 1,559 | 1,837 | ||||||||
听听听 AG真人官方 estate - construction | 99 | 82 | 47 | 103 | 233 | 181 | 233 | ||||||||
听听听 Leases and other loans(2) | 240 | 201 | 194 | 129 | 247 | 441 | 409 | ||||||||
听听听 Total recoveries of loans previously charged off | 4,202 | 7,443 | 2,905 | 2,022 | 2,705 | 11,645 | 5,059 | ||||||||
Net loans charged off | (11,714) | (12,591) | (13,421) | (11,122) | (11,302) | (24,305) | (19,900) | ||||||||
Provision for credit losses(1) | 9,374 | 13,112 | 16,752 | 12,281 | 10,005 | 22,486 | 23,087 | ||||||||
Balance at end of period | $听 377,337 | $听 379,677 | $听 379,156 | $听 375,961 | $听 375,941 | $听 377,337 | $听 375,941 | ||||||||
Net charge-offs to average loans(3) | 0.20听% | 0.21听% | 0.22听% | 0.18听% | 0.19听% | 0.20听% | 0.18听% | ||||||||
Provision for credit losses related to OBS Credit Exposures | |||||||||||||||
Provision for credit losses(1) | $听听 (767) | $听听听听听 786 | $听听听听 (27) | $听听 (352) | $听听听听听听听 19 | ||||||||||
NON-PERFORMING ASSETS: | |||||||||||||||
Non-accrual loans | $听 182,942 | $听 162,426 | $听 189,293 | $听 175,861 | $听 145,630 | ||||||||||
Loans 90 days past due and accruing | 29,949 | 34,367 | 30,781 | 26,286 | 26,962 | ||||||||||
听听听 Total non-performing loans | 212,891 | 196,793 | 220,074 | 202,147 | 172,592 | ||||||||||
Other real estate owned | 2,706 | 2,193 | 2,621 | 2,844 | 1,444 | ||||||||||
Total non-performing assets | $听 215,597 | $听 198,986 | $听 222,695 | $听 204,991 | $听 174,036 | ||||||||||
NON-PERFORMING LOANS, BY TYPE: | |||||||||||||||
Commercial and industrial | $听 45,565 | $听 42,913 | $听 43,677 | $听 64,450 | $听 58,433 | ||||||||||
AG真人官方 estate - commercial mortgage | 90,852 | 88,081 | 102,359 | 71,467 | 48,615 | ||||||||||
AG真人官方 estate - residential mortgage | 37,703 | 46,878 | 45,901 | 41,727 | 41,033 | ||||||||||
Consumer and home equity | 11,109 | 12,682 | 14,374 | 12,830 | 11,886 | ||||||||||
AG真人官方 estate - construction | 25,602 | 3,666 | 1,746 | 1,746 | 2,632 | ||||||||||
Leases and other loans(2) | 2,060 | 2,573 | 12,017 | 9,927 | 9,993 | ||||||||||
Total non-performing loans | $听 212,891 | $听 196,793 | $听 220,074 | $听 202,147 | $听 172,592 | ||||||||||
(1) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income. | |||||||||||||||
(2) Includes equipment lease financing, overdraft and net origination fees and costs. | |||||||||||||||
(3) Quarterly results are annualized. | |||||||||||||||
听
FULTON FINANCIAL CORPORATION | ||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) 听(dollars in thousands, except per share and share data) | ||||||||||||||
Explanatory note: | This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow: | |||||||||||||
Three months ended | ||||||||||||||
Jun 30 | Mar听 31 | Dec 31 | Sep 30 | Jun 30 | ||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||
Operating net income available to common shareholders | ||||||||||||||
Net income available to common shareholders | $听听听听听听听 96,636 | $听听听听听听 90,425 | $听听听听听听 66,058 | $听听听听听听 60,644 | $听听听听听听 92,413 | |||||||||
Less: Other revenue | (9) | (122) | (269) | (677) | (708) | |||||||||
Plus: Gain on acquisition, net of tax | 鈥� | 鈥� | 2,689 | 7,706 | (47,392) | |||||||||
Plus: Loss on securities restructuring | 鈥� | 鈥� | 鈥� | 鈥� | 20,282 | |||||||||
Plus: Core deposit intangible amortization | 5,346 | 6,155 | 6,155 | 6,155 | 4,556 | |||||||||
Plus: Acquisition-related expense | 鈥� | 380 | 9,637 | 14,195 | 13,803 | |||||||||
Plus: CECL day 1 provision expense | 鈥� | 鈥� | 鈥� | 鈥� | 23,444 | |||||||||
Less: Gain on sale-leaseback | 鈥� | 鈥� | 鈥� | 鈥� | (20,266) | |||||||||
Plus: FDIC special assessment | 鈥� | 鈥� | 鈥� | (16) | 鈥� | |||||||||
Plus: FultonFirst implementation and asset disposals | (270) | (47) | 10,001 | 9,385 | 6,323 | |||||||||
Less: Tax impact of adjustments | (1,064) | (1,337) | (5,360) | (6,099) | (9,961) | |||||||||
Operating net income available to common shareholders (numerator) | $听听听听听 100,639 | $听听听听听听 95,454 | $听听听听听听 88,911 | $听听听听听听 91,293 | $听听听听听听 82,494 | |||||||||
Weighted average shares (diluted) (denominator) | 183,813 | 184,077 | 183,867 | 183,609 | 176,934 | |||||||||
Operating net income available to common shareholders, per share (diluted) | $听听听听听听听听听听 0.55 | $听听听听听听听听听 0.52 | $听听听听听听听听听 0.48 | $听听听听听听听听听 0.50 | $听听听听听听听听听 0.47 | |||||||||
Common shareholders' equity (tangible), per share | ||||||||||||||
Shareholders' equity | $听听听听 3,329,246 | $听听听 3,274,321 | $听听听 3,197,325 | $听听听 3,203,943 | $听听听 3,101,609 | |||||||||
Less: Preferred stock | (192,878) | (192,878) | (192,878) | (192,878) | (192,878) | |||||||||
Less: Goodwill and intangible assets | (623,729) | (629,189) | (635,458) | (641,739) | (648,026) | |||||||||
Tangible common shareholders' equity (numerator) | $听听听听 2,512,639 | $听听听 2,452,254 | $听听听 2,368,989 | $听听听 2,369,326 | $听听听 2,260,705 | |||||||||
Shares outstanding, end of period (denominator) | 182,379 | 182,204 | 182,089 | 181,957 | 181,831 | |||||||||
Common shareholders' equity (tangible), per share | $听听听听听听听听听 13.78 | $听听听听听听听听 13.46 | $听听听听听听听听 13.01 | $听听听听听听听听 13.02 | $听听听听听听听听 12.43 | |||||||||
Three months ended | ||||||||||||||
Jun 30 | Mar 听31 | Dec 31 | Sep 30 | Jun 30 | ||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||
Operating return on average assets | ||||||||||||||
Net income | $听听听听听听听 99,198 | $听听听听听听 92,987 | $听听听听听听 68,620 | $听听听听听听 63,206 | $听听听听听听 94,975 | |||||||||
Less: Other revenue | (9) | (122) | (269) | (677) | (708) | |||||||||
Less: Gain on acquisition, net of tax | 鈥� | 鈥� | 2,689 | 7,706 | (47,392) | |||||||||
Plus: Loss on securities restructuring | 鈥� | 鈥� | 鈥� | 鈥� | 20,282 | |||||||||
Plus: Core deposit intangible amortization | 5,346 | 6,155 | 6,155 | 6,155 | 4,556 | |||||||||
Plus: Acquisition-related expense | 鈥� | 380 | 9,637 | 14,195 | 13,803 | |||||||||
Plus: CECL day 1 provision expense | 鈥� | 鈥� | 鈥� | 鈥� | 23,444 | |||||||||
Less: Gain on sale-leaseback | 鈥� | 鈥� | 鈥� | 鈥� | (20,266) | |||||||||
Plus: FDIC special assessment | 鈥� | 鈥� | 鈥� | (16) | 鈥� | |||||||||
Plus: FultonFirst implementation and asset disposals | (270) | (47) | 10,001 | 9,385 | 6,323 | |||||||||
Less: Tax impact of adjustments | (1,064) | (1,337) | (5,360) | (6,099) | (9,961) | |||||||||
Operating net income (numerator) | $听听听听听 103,201 | $听听听听听听 98,016 | $听听听听听听 91,473 | $听听听听听听 93,855 | $听听听听听听 85,056 | |||||||||
Total average assets | $听听 31,901,574 | $听 31,971,601 | $听 32,098,852 | $听 31,895,235 | $听 30,774,891 | |||||||||
Less: Average net core deposit intangible | (71,282) | (77,039) | (83,173) | (89,350) | (68,234) | |||||||||
Total operating average assets听 (denominator) | $听听 31,830,292 | $听 31,894,562 | $听 32,015,679 | $听 31,805,885 | $听 30,706,657 | |||||||||
Operating return on average assets(1) | 1.30听% | 1.25听% | 1.14听% | 1.17听% | 1.11听% | |||||||||
Operating return on average common shareholders' equity (tangible) | ||||||||||||||
Net income available to common shareholders | $听听听听听听听 96,636 | $听听听听听听 90,425 | $听听听听听听 66,058 | $听听听听听听 60,644 | $听听听听听听 92,413 | |||||||||
Less: Other revenue | (9) | (122) | (269) | (677) | (708) | |||||||||
Less: Gain on acquisition, net of tax | 鈥� | 鈥� | 2,689 | 7,706 | (47,392) | |||||||||
Plus: Loss on securities restructuring | 鈥� | 鈥� | 鈥� | 鈥� | 20,282 | |||||||||
Plus: Intangible amortization | 5,460 | 6,269 | 6,282 | 6,287 | 4,688 | |||||||||
Plus: Acquisition-related expense | 鈥� | 380 | 9,637 | 14,195 | 13,803 | |||||||||
Plus: CECL day 1 provision expense | 鈥� | 鈥� | 鈥� | 鈥� | 23,444 | |||||||||
Less: Gain on sale-leaseback | 鈥� | 鈥� | 鈥� | 鈥� | (20,266) | |||||||||
Plus: FDIC special assessment | 鈥� | 鈥� | 鈥� | (16) | 鈥� | |||||||||
Plus: FultonFirst implementation and asset disposals | (270) | (47) | 10,001 | 9,385 | 6,323 | |||||||||
Less: Tax impact of adjustments | (1,088) | (1,361) | (5,387) | (6,127) | (9,989) | |||||||||
Adjusted net income available to common shareholders (numerator) | $听听听听听 100,729 | $听听听听听听 95,544 | $听听听听听听 89,011 | $听听听听听听 91,397 | $听听听听听听 82,598 | |||||||||
Average shareholders' equity | $听听听听 3,304,015 | $听听听 3,254,125 | $听听听 3,219,026 | $听听听 3,160,322 | $听听听 2,952,671 | |||||||||
Less: Average preferred stock | (192,878) | (192,878) | (192,878) | (192,878) | (192,878) | |||||||||
Less: Average goodwill and intangible assets | (626,383) | (632,254) | (638,507) | (644,814) | (624,471) | |||||||||
Average tangible common shareholders' equity (denominator) | $听听听听 2,484,754 | $听听听 2,428,993 | $听听听 2,387,641 | $听听听 2,322,630 | $听听听 2,135,322 | |||||||||
Operating return on average common shareholders' equity (tangible)(1) | 16.26听% | 15.95听% | 14.83听% | 15.65听% | 15.56听% | |||||||||
(1) Results are annualized. | ||||||||||||||
Three months ended | ||||||||||||||
Jun 30 | Mar听 31 | Dec 31 | Sep 30 | Jun 30 | ||||||||||
2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||
Tangible common equity to tangible assets (TCE Ratio) | ||||||||||||||
Shareholders' equity | $听听听听 3,329,246 | $听听听 3,274,321 | $听听听 3,197,325 | $听听听 3,203,943 | $听听听 3,101,609 | |||||||||
Less: Preferred stock | (192,878) | (192,878) | (192,878) | (192,878) | (192,878) | |||||||||
Less: Goodwill and intangible assets | (623,729) | (629,189) | (635,458) | (641,739) | (648,026) | |||||||||
Tangible common shareholders' equity (numerator) | $听听听听 2,512,639 | $听听听 2,452,254 | $听听听 2,368,989 | $听听听 2,369,326 | $听听听 2,260,705 | |||||||||
Total assets | $听听 32,040,448 | $听 32,132,028 | $听 32,071,810 | $听 32,185,726 | $听 31,769,813 | |||||||||
Less: Goodwill and intangible assets | (623,729) | (629,189) | (635,458) | (641,739) | (648,026) | |||||||||
Total tangible assets (denominator) | $听听 31,416,719 | $听 31,502,839 | $听 31,436,352 | $听 31,543,987 | $听 31,121,787 | |||||||||
Tangible common equity to tangible assets | 8.00听% | 7.78听% | 7.54听% | 7.51听% | 7.26听% | |||||||||
Efficiency ratio | ||||||||||||||
Non-interest expense | $听听听听听 192,811 | $听听听听 189,460 | $听听听听 216,615 | $听听听听 226,089 | $听听听听 199,488 | |||||||||
Less: Acquisition-related expense | 鈥� | (380) | (9,637) | (14,195) | (13,803) | |||||||||
Plus: Gain on sale-leaseback | 鈥� | 鈥� | 鈥� | 鈥� | 20,266 | |||||||||
Less: FDIC special assessment | 鈥� | 鈥� | 鈥� | 16 | 鈥� | |||||||||
Less: FultonFirst implementation and asset disposals | 270 | 47 | (10,001) | (9,385) | (6,323) | |||||||||
Less: Intangible amortization | (5,460) | (6,269) | (6,282) | (6,287) | (4,688) | |||||||||
Operating non-interest expense (numerator) | $听听听听听 187,621 | $听听听听 182,858 | $听听听听 190,695 | $听听听听 196,238 | $听听听听 194,940 | |||||||||
Net interest income | $听听听听听 254,921 | $听听听听 251,187 | $听听听听 253,659 | $听听听听 258,009 | $听听听听 241,720 | |||||||||
Tax equivalent adjustment | 4,389 | 4,340 | 4,343 | 4,424 | 4,556 | |||||||||
Plus: Total non-interest income | 69,148 | 67,232 | 65,924 | 59,673 | 92,994 | |||||||||
Less: Other revenue | (9) | (122) | (269) | (677) | (708) | |||||||||
Less: Gain on acquisition, net of tax | 鈥� | 鈥� | 2,689 | 7,706 | (47,392) | |||||||||
Plus: Investment securities (gains) losses, net | 鈥� | 2 | 鈥� | 1 | 20,282 | |||||||||
Total revenue (denominator) | $听听听听听 328,449 | $听听听听 322,639 | $听听听听 326,346 | $听听听听 329,136 | $听听听听 311,452 | |||||||||
Efficiency ratio | 57.1听% | 56.7听% | 58.4听% | 59.6听% | 62.6听% | |||||||||
Operating non-interest expense to total average assets | ||||||||||||||
Non-interest expense | $听听听听听 192,811 | $听听听听 189,460 | $听听听听 216,615 | $听听听听 226,089 | $听听听听 199,488 | |||||||||
Less: Intangible amortization | (5,460) | (6,269) | (6,282) | (6,287) | (4,688) | |||||||||
Less: Acquisition-related expense | 鈥� | (380) | (9,637) | (14,195) | (13,803) | |||||||||
Plus: Gain on sale-leaseback | 鈥� | 鈥� | 鈥� | 鈥� | 20,266 | |||||||||
Less: FDIC special assessment | 鈥� | 鈥� | 鈥� | 16 | 鈥� | |||||||||
Less: FultonFirst implementation and asset disposals | 270 | 47 | (10,001) | (9,385) | (6,323) | |||||||||
Operating non-interest expense (numerator) | $听听听听听 187,621 | $听听听听 182,858 | $听听听听 190,695 | $听听听听 196,238 | $听听听听 194,940 | |||||||||
Total average assets (denominator) | $听听 31,901,574 | $听 31,971,601 | $听 32,098,852 | $听 31,895,235 | $听 30,774,891 | |||||||||
Operating non-interest expenses to total average assets(1) | 2.36听% | 2.32听% | 2.36听% | 2.45听% | 2.55听% | |||||||||
(1) Results are annualized. | ||||||||||||||
Six Months Ended | ||||||||||||||
Jun 30 | Jun 30 | |||||||||||||
2025 | 2024 | |||||||||||||
Operating net income available to common shareholders | ||||||||||||||
Net income available to common shareholders | $听听听听听 187,061 | $听听听听 151,792 | ||||||||||||
Less: Other revenue | (131) | (859) | ||||||||||||
Plus Gain on acquisition, net of tax | 鈥� | (47,392) | ||||||||||||
Plus: Loss on securities restructuring | 鈥� | 20,282 | ||||||||||||
Plus: Core deposit intangible amortization | 11,501 | 4,997 | ||||||||||||
Plus: Acquisition-related expense | 380 | 13,803 | ||||||||||||
Plus: CECL day 1 provision expense | 鈥� | 23,444 | ||||||||||||
Less: Gain on sale-leaseback | 鈥� | (20,266) | ||||||||||||
Plus: FDIC special assessment | 鈥� | 956 | ||||||||||||
Plus: FultonFirst implementation and asset disposals | (317) | 12,652 | ||||||||||||
Less: Tax impact of adjustments | (2,401) | (11,552) | ||||||||||||
Operating net income available to common shareholders (numerator) | $听听听听听 196,093 | $听听听听 147,857 | ||||||||||||
Weighted average shares (diluted) (denominator) | 183,999 | 170,769 | ||||||||||||
Operating net income available to common shareholders, per share (diluted) | $听听听听听听听听听听 1.07 | $听听听听听听听听听 0.87 | ||||||||||||
听
Media Contact: Lacey Dean (717) 735-8688
Investor Contact: Matt Jozwiak (717) 327-2657
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SOURCE Fulton Financial Corporation
FAQ
What were Fulton Financial's (FULT) earnings per share in Q2 2025?
How did FULT's net income change in Q2 2025 compared to Q1 2025?
What was Fulton Financial's net interest margin in Q2 2025?
How much are FULT's total deposits as of Q2 2025?
What is FULT's loan quality status in Q2 2025?
