LANCASTER, Pa., July 22, 2026 /PRNewswire/ — Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $99.9 million, or $0.52 per diluted share, for the second quarter of 2026, an increase of $7.7 million, or $0.01 per diluted share, in comparison to the first quarter of 2026. Operating net income available to common shareholders for the three months ended June 30, 2026 was $115.9 million(1), or $0.60 per diluted share(1), an increase of $16.2 million, or $0.05 per diluted share, in comparison to the first quarter of 2026.
Net income available to common shareholders for the six months ended June 30, 2026 was $192.1 million, or $1.02 per diluted share, an increase of $5.0 million, and unchanged on a per diluted share basis, in comparison to the six months ended June 30, 2025. Operating net income available to common shareholders for the six months ended June 30, 2026, was $215.5 million(1), or $1.15 per diluted share(1), an increase of $19.4 million, or $0.08 per diluted share, in comparison to the six months ended June 30, 2025.
“During the quarter, we achieved record financial results and successfully completed the acquisition of Blue Foundry Bancorp,” said Curtis J. Myers, Fulton Chairman, CEO, and President. “With the successful integration of Blue Foundry Bank already occurring earlier this month, we are well positioned to deepen existing relationships and drive growth in this expanded footprint. Our ongoing strong performance is due to high demand for our community banking approach and the commitment of our dedicated team members to making banking personal. Our sustained focus on executing our strategic priorities is creating long-term value for our shareholders.”
Blue Foundry Bancorp Transaction(2)
- On April 1, 2026, the Corporation completed its acquisition of Blue Foundry Bancorp and Blue Foundry Bank became a wholly owned subsidiary of the Corporation. On July 11, 2026, Blue Foundry Bank merged with and into Fulton Bank.
- As a result of the Blue Foundry Bancorp Transaction, the Corporation acquired total assets with preliminary fair values of approximately $2.1 billion including total loans with a preliminary fair value of approximately $1.6 billion and investments with a fair value of $226.5 million. The Corporation assumed total liabilities with a fair value of $1.8 billion including total deposits with a fair value of $1.5 billion and borrowings with a fair value of $276.0 million.
Financial Highlights
Second quarter of 2026 operating results of $0.60 per diluted share(1) were impacted by the following items:
- Net interest margin remained solid at 3.60%, representing a two basis point increase from the prior quarter.
- Non-interest income increased $9.5 million to $79.3 million compared to $69.8 million in the prior quarter.
- Non-interest expense increased $30.7 million to $231.0 million compared to $200.3 million in the prior quarter. Operating non-interest expense increased $19.9 million to $210.6 million(1) compared to $190.7 million in the prior quarter.
- Provision for credit losses was $4.9 million resulting in an allowance for credit losses attributable to net loans of $382.6 million, or 1.48% of total net loans as of June 30, 2026. The initial allowance for credit losses on loans acquired in the Blue Foundry Bancorp Transaction was $31.0 million.
- Common equity tier 1 capital ratio(3) increased to approximately 12.1% compared to 11.9% in the prior quarter.
- During the second quarter of 2026, 525,000 shares of the Corporation’s common stock were repurchased under the 2026 Repurchase Program(4) at a cost of $11.1 million or an average of $21.19 per share. As of June 30, 2026, the Corporation repurchased $35.6 million of common stock under the 2026 Repurchase Program.
The following items highlight notable changes in the components of net income in the second quarter of 2026 compared to the first quarter of 2026:
- Net interest income increased $22.2 million to $284.3 million driven by a $17.5 million increase attributable to the Blue Foundry Bancorp Transaction. A $32.6 million increase in interest income on net loans, a $2.9 million increase in interest income on investment securities and a $2.6 million increase in interest income in other interest-earning assets were partially offset by a $10.9 million increase in interest expense on deposits and a $4.9 million increase in interest expense on borrowings and other interest-bearing liabilities. Purchase loan mark accretion from loans acquired in the Republic Transaction(5) was $9.9 million in the second quarter of 2026 compared to $10.3 million in the prior quarter. Purchase loan mark accretion from loans acquired in the Blue Foundry Bancorp Transaction was $5.2 million in the second quarter of 2026. Interest expense on borrowings and other interest-bearing liabilities included approximately $2.4 million from the Corporation’s $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 that were redeemed on June 15, 2026.
- Non-interest income before investment securities gains (losses) was $79.3 million compared to $69.8 million in the prior quarter. The $9.5 million increase was primarily attributable to a $7.3 million increase in income from equity method investments, reflected in other income, that included $6.9 million of income recognized from an equity method investment that was sold during the quarter. Compared to the prior quarter, mortgage banking income increased by $1.0 million.
- Non-interest expense was $231.0 million compared to $200.3 million in the prior quarter. The $30.7 million increase was primarily due to an $11.2 million increase in acquisition-related expenses and a $10.3 million increase in salaries and employee benefits expense driven by a $6.2 million increase as a result of the Blue Foundry Bancorp Transaction and a $3.5 million increase in incentive compensation expense. Increases of $2.2 million and $1.8 million in other outside services expense and data processing and software expense, respectively, were primarily driven by the Blue Foundry Bancorp Transaction. Other non-interest expense for the second quarter of 2026 included a $2.1 million charge incurred related to merging two employee pension plans and $0.8 million of debt extinguishment costs.
Balance Sheet Summary
- Total net loans increased $1.7 billion to $25.9 billion compared to $24.3 billion as of March 31, 2026. The increase was primarily due to a $1.6 billion increase in loans, based on preliminary fair values, as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net loans increased $102.6 million with an increase of $206.9 million in consumer loans(6), partially offset by a decrease of $104.3 million in commercial loans(6).
- Deposits totaled $28.3 billion, a $1.5 billion increase compared to $26.8 billion as of March 31, 2026. The increase was primarily due to a $1.2 billion increase in deposits as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net deposits increased $249.2 million due to increases of $257.4 million in brokered deposits, $189.4 million in savings deposits and $76.4 million in time deposits, partially offset by decreases of $155.6 million in interest-bearing demand deposits and $118.5 million in noninterest-bearing demand deposits.
- On May 5, 2026, the Corporation issued $300.0 million aggregate principal amount of 5.950% Fixed-to-Floating Rate Subordinated Notes due 2036. On June 15, 2026, the Corporation redeemed $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030.
Provision for Credit Losses and Asset Quality
- The provision for credit losses totaled $4.9 million in the second quarter of 2026 compared to $14.4 million in the first quarter of 2026.
- The allowance for credit losses attributable to net loans was $382.6 million, or 1.48% of total net loans as of June 30, 2026, compared to $367.5 million, or 1.51% of total net loans as of March 31, 2026. The increase was largely due to a $28.7 million increase in the allowance for credit losses as a result of the Blue Foundry Bancorp Transaction.
- Non-performing assets were $187.1 million, or 0.54% of total assets, as of June 30, 2026, in comparison to $177.5 million, or 0.55% of total assets, as of March 31, 2026. Non-performing assets include $16.4 million from the Blue Foundry Bancorp Transaction.
- Annualized net charge-offs for the second quarter of 2026 were 0.34% of total average loans in comparison to 0.25% in the prior quarter.
Additional information on Fulton is available at www.fultonbank.com.
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(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) |
On April 1, 2026, the Corporation completed its previously announced acquisition of Blue Foundry Bancorp (the “Blue Foundry Bancorp Transaction”). Following the Blue Foundry Bancorp Transaction, Blue Foundry Bank, a New Jersey-chartered stock savings bank and wholly owned subsidiary of Blue Foundry Bancorp, operated as a separate, wholly owned subsidiary of the Corporation until Blue Foundry Bank merged with and into the Corporation’s wholly owned subsidiary Fulton Bank, National Association (“Fulton Bank”) on July 11, 2026, with Fulton Bank continuing as the surviving bank. |
|
(3) |
Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual. |
|
(4) |
The 2026 Repurchase Program represents the authorization, commencing on January 1, 2026 and expiring on January 31, 2027, to repurchase up to $150 million, excluding fees, commissions, excise tax and other ancillary expenses, of the Corporation’s common stock. Under this authorization, up to $25 million of the $150 million authorization may be used to repurchase the Corporation’s preferred stock, outstanding subordinated notes due 2030 or outstanding subordinated notes due 2035. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time under the 2026 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2026 Repurchase Program may be discontinued at any time. |
|
(5) |
On April 26, 2024, 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 “Republic Transaction”), pursuant to the terms of the Purchase and Assumption Agreement – Whole Bank, All Deposits, effective as of April 26, 2024 among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank. |
|
(6) |
Commercial loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include decreases of $54.9 million in commercial and industrial loans, $29.7 million in commercial construction loans, reflected in real estate – construction, $18.8 million in real estate – commercial mortgage loans and $1.0 million in leases and other loans. Consumer loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include increases of $132.3 million in real estate – residential mortgage loans, $48.7 million in real estate – home equity loans, $20.9 million in residential construction loans, reflected in real estate – construction and $5.0 million in consumer loans. |
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Note: Some numbers contained in this document may not sum due to rounding. |
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Forward-Looking Statements
This press release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. Forward-looking statements are any statement that does not relate to historical or current facts and 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, 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.
Numerous factors could cause the Corporation’s actual results to differ materially from those described in the forward-looking statements, including, but not limited to, the following: the impact of adverse conditions in the economy and financial markets; trade policies and the imposition of tariffs and retaliatory tariffs; the impacts of events affecting the financial services industry; the effects of actions by the federal government, including those of the Board of Governors of the Federal Reserve System and other government agencies, that impact the money supply and market interest rates; the effects of market interest rates and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities on net interest margin and net interest income; the composition of the Corporation’s loan portfolio and potential exposure to increased credit risk; the effects of changes in interest rates; investment securities gains and losses, including declines in the fair value of securities; disruptions in liquidity markets; capital and liquidity strategies; the Corporation’s ability to generate capital internally or raise capital on favorable terms; the effects of competition; possible goodwill impairment charges; the impact of operational risks; the loss of, or failure to safeguard, confidential or proprietary information; the Corporation’s failure to identify and promptly address cybersecurity risks; the impact of failures of the Corporation’s third-party vendors to perform in accordance with contractual arrangements; the effects of concerns about other financial institutions on the Corporation; potential losses in connection with repurchase and indemnification payments related to sold loans; the effects of climate change on the Corporation’s business and results of operations; the effects of increases in non-performing assets; the determination of the allowance for credit losses; the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject; changes in law, regulation and government policy; the continuing impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act; potential negative consequences resulting from regulatory violations, investigations and examinations; the effects of adverse outcomes in litigation and governmental or administrative proceedings; the effects of changes in U.S. federal, state or local tax laws; the effects of the significant amounts of time and expense associated with regulatory compliance and risk management; the Corporation’s ability to realize anticipated reductions in non-interest expense and increases in revenue from strategic initiatives implemented from time to time; risks related to the acquisition of Blue Foundry Bancorp; completed and potential future acquisitions may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, military conflicts, wars and other international hostilities; public health crises and pandemics; the Corporation’s ability to achieve its growth plans; the Corporation’s ability to attract and retain talented personnel; the effects of competition from financial service companies and other companies offering bank services; the Corporation’s ability to keep pace with technological changes; the Corporation’s reliance on its subsidiaries for substantially all of its revenues; and the effects of negative publicity on the Corporation’s reputation. For additional information about factors that could cause actual results to differ materially from those described in forward-looking statements, refer to 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, 2025, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the “SEC”) and are, or will be, available in the Investor Relations section of the Corporation’s website (www.fultonbank.com) and on the SEC’s website (www.sec.gov).
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.
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FULTON FINANCIAL CORPORATION |
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SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) |
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|
(dollars in thousands, except per share and shares data) |
|||||||||
|
Three months ended |
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|
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
Jun 30 |
|||||
|
2026 |
2026 |
2025 |
2025 |
2025 |
|||||
|
Ending Balances |
|||||||||
|
Investment securities(1) |
$ 5,122,759 |
$ 4,861,967 |
$ 4,833,744 |
$ 5,045,270 |
$ 5,093,027 |
||||
|
Net loans |
25,934,293 |
24,266,345 |
24,144,884 |
24,041,489 |
24,012,539 |
||||
|
Total assets |
34,556,720 |
32,237,438 |
32,118,400 |
31,995,086 |
32,040,448 |
||||
|
Deposits |
28,250,342 |
26,768,335 |
26,589,407 |
26,332,490 |
26,138,067 |
||||
|
Shareholders’ equity |
3,815,813 |
3,505,283 |
3,490,447 |
3,413,598 |
3,329,246 |
||||
|
Average Balances |
|||||||||
|
Investment securities(1) |
4,983,015 |
4,785,276 |
4,921,669 |
5,025,072 |
5,084,371 |
||||
|
Net loans |
25,883,823 |
24,225,655 |
24,053,089 |
24,020,322 |
23,899,743 |
||||
|
Total assets |
34,193,608 |
31,999,228 |
32,013,163 |
31,924,038 |
31,901,574 |
||||
|
Deposits |
28,014,666 |
26,451,094 |
26,537,659 |
26,298,680 |
26,125,602 |
||||
|
Shareholders’ equity |
3,788,421 |
3,543,911 |
3,464,539 |
3,361,368 |
3,304,015 |
||||
|
Income Statement |
|||||||||
|
Net interest income |
284,252 |
262,023 |
266,042 |
264,198 |
254,921 |
||||
|
Provision for credit losses |
4,897 |
14,442 |
2,948 |
10,245 |
8,607 |
||||
|
Non-interest income |
79,306 |
69,841 |
69,980 |
70,407 |
69,148 |
||||
|
Non-interest expense |
230,954 |
200,294 |
212,986 |
196,574 |
192,811 |
||||
|
Income before taxes |
127,707 |
117,128 |
120,088 |
127,786 |
122,651 |
||||
|
Net income available to common shareholders |
99,852 |
92,199 |
96,408 |
97,892 |
96,636 |
||||
|
Per Share |
|||||||||
|
Net income available to common shareholders (basic) |
$0.52 |
$0.51 |
$0.53 |
$0.54 |
$0.53 |
||||
|
Net income available to common shareholders (diluted) |
$0.52 |
$0.51 |
$0.53 |
$0.53 |
$0.53 |
||||
|
Operating net income available to common shareholders(2) |
$0.60 |
$0.55 |
$0.55 |
$0.55 |
$0.55 |
||||
|
Cash dividends |
$0.19 |
$0.19 |
$0.19 |
$0.18 |
$0.18 |
||||
|
Common shareholders’ equity |
$18.92 |
$18.52 |
$18.33 |
$17.81 |
$17.20 |
||||
|
Common shareholders’ equity (tangible)(2) |
$15.61 |
$15.12 |
$14.92 |
$14.39 |
$13.78 |
||||
|
Weighted average shares (basic) |
191,386 |
179,720 |
180,405 |
181,658 |
182,261 |
||||
|
Weighted average shares (diluted) |
192,997 |
181,655 |
182,197 |
183,349 |
183,813 |
||||
|
(1) Includes related unrealized holding gains (losses) for available for sale (“AFS”) securities. |
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|
(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. |
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|
Three months ended |
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|
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
Jun 30 |
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|
2026 |
2026 |
2025 |
2025 |
2025 |
|||||
|
Asset Quality |
|||||||||
|
Net charge-offs to average loans (annualized) |
0.34 % |
0.25 % |
0.24 % |
0.18 % |
0.20 % |
||||
|
Non-performing loans to total net loans |
0.70 % |
0.72 % |
0.76 % |
0.83 % |
0.89 % |
||||
|
Non-performing assets to total assets |
0.54 % |
0.55 % |
0.58 % |
0.63 % |
0.67 % |
||||
|
ACL – loans(1) to total loans |
1.48 % |
1.51 % |
1.51 % |
1.57 % |
1.57 % |
||||
|
ACL – loans(1) to non-performing loans |
211 % |
209 % |
198 % |
189 % |
177 % |
||||
|
Profitability |
|||||||||
|
Return on average assets |
1.20 % |
1.20 % |
1.23 % |
1.25 % |
1.25 % |
||||
|
Operating return on average assets(2) |
1.39 % |
1.30 % |
1.27 % |
1.29 % |
1.30 % |
||||
|
Return on average common shareholders’ equity |
11.14 % |
11.16 % |
11.69 % |
12.26 % |
12.46 % |
||||
|
Operating return on average common shareholders’ equity (tangible)(2) |
15.71 % |
14.76 % |
14.86 % |
15.79 % |
16.26 % |
||||
|
Net interest margin |
3.60 % |
3.58 % |
3.59 % |
3.57 % |
3.47 % |
||||
|
Efficiency ratio(2) |
57.3 % |
56.7 % |
60.0 % |
56.5 % |
57.1 % |
||||
|
Non-interest expense to total average assets |
2.71 % |
2.54 % |
2.64 % |
2.44 % |
2.42 % |
||||
|
Operating non-interest expense to total average assets(2) |
2.47 % |
2.42 % |
2.53 % |
2.38 % |
2.36 % |
||||
|
Capital Ratios(3) |
|||||||||
|
Tangible common equity ratio (“TCE”)(2) |
8.8 % |
8.6 % |
8.5 % |
8.3 % |
8.0 % |
||||
|
Tier 1 leverage ratio |
9.9 % |
9.9 % |
9.7 % |
9.6 % |
9.4 % |
||||
|
Common equity Tier 1 capital ratio |
12.1 % |
11.9 % |
11.8 % |
11.6 % |
11.3 % |
||||
|
Tier 1 risk-based capital ratio |
12.8 % |
12.7 % |
12.6 % |
12.4 % |
12.1 % |
||||
|
Total risk-based capital ratio |
15.9 % |
15.2 % |
15.2 % |
15.0 % |
14.7 % |
||||
|
(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 (“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. |
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|
(3) Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual. |
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|
FULTON FINANCIAL CORPORATION |
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|
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) |
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|
(dollars in thousands) |
||||||||||
|
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
Jun 30 |
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|
2026 |
2026 |
2025 |
2025 |
2025 |
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|
ASSETS |
||||||||||
|
Cash and due from banks |
$ 325,259 |
$ 311,796 |
$ 271,463 |
$ 307,267 |
$ 362,280 |
|||||
|
Other interest-earning assets |
1,076,395 |
871,066 |
911,155 |
643,111 |
583,899 |
|||||
|
Loans held for sale |
33,902 |
11,887 |
16,316 |
19,875 |
23,281 |
|||||
|
Investment securities |
5,122,759 |
4,861,967 |
4,833,744 |
5,045,270 |
5,093,027 |
|||||
|
Net loans |
25,934,293 |
24,266,345 |
24,144,884 |
24,041,489 |
24,012,539 |
|||||
|
Less: ACL – loans(1) |
(382,580) |
(367,489) |
(364,462) |
(376,258) |
(377,337) |
|||||
|
Loans, net |
25,551,713 |
23,898,856 |
23,780,422 |
23,665,231 |
23,635,202 |
|||||
|
Net premises and equipment |
186,184 |
168,941 |
175,240 |
178,644 |
184,290 |
|||||
|
Accrued interest receivable |
121,220 |
112,083 |
113,698 |
114,003 |
117,130 |
|||||
|
Goodwill and intangible assets |
633,485 |
607,647 |
612,996 |
618,361 |
623,729 |
|||||
|
Other assets |
1,505,803 |
1,393,195 |
1,403,366 |
1,403,324 |
1,417,610 |
|||||
|
Total Assets |
$ 34,556,720 |
$ 32,237,438 |
$ 32,118,400 |
$ 31,995,086 |
$ 32,040,448 |
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|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||
|
Deposits |
$ 28,250,342 |
$ 26,768,335 |
$ 26,589,407 |
$ 26,332,490 |
$ 26,138,067 |
|||||
|
Borrowings |
1,713,976 |
1,252,579 |
1,297,375 |
1,471,961 |
1,773,900 |
|||||
|
Other liabilities |
776,589 |
711,241 |
741,171 |
777,037 |
799,235 |
|||||
|
Total Liabilities |
30,740,907 |
28,732,155 |
28,627,953 |
28,581,488 |
28,711,202 |
|||||
|
Shareholders’ equity |
3,815,813 |
3,505,283 |
3,490,447 |
3,413,598 |
3,329,246 |
|||||
|
Total Liabilities and Shareholders’ Equity |
$ 34,556,720 |
$ 32,237,438 |
$ 32,118,400 |
$ 31,995,086 |
$ 32,040,448 |
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LOANS, DEPOSITS AND BORROWINGS DETAIL: |
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|
Loans, by type: |
||||||||||
|
Real estate – commercial mortgage |
$ 10,914,813 |
$ 9,985,368 |
$ 9,820,944 |
$ 9,734,156 |
$ 9,678,038 |
|||||
|
Commercial and industrial |
4,559,732 |
4,494,031 |
4,539,060 |
4,437,905 |
4,541,765 |
|||||
|
Real estate – residential mortgage |
7,250,949 |
6,735,338 |
6,669,993 |
6,617,017 |
6,511,687 |
|||||
|
Real estate – home equity |
1,336,068 |
1,253,192 |
1,242,831 |
1,214,399 |
1,193,410 |
|||||
|
Real estate – construction |
946,654 |
876,498 |
970,298 |
1,134,748 |
1,155,099 |
|||||
|
Consumer |
570,093 |
565,041 |
564,349 |
566,291 |
583,949 |
|||||
|
Leases and other loans(2) |
355,984 |
356,877 |
337,409 |
336,973 |
348,591 |
|||||
|
Total Net Loans |
$ 25,934,293 |
$ 24,266,345 |
$ 24,144,884 |
$ 24,041,489 |
$ 24,012,539 |
|||||
|
Deposits, by type: |
||||||||||
|
Noninterest-bearing demand |
$ 5,245,586 |
$ 5,334,920 |
$ 5,256,096 |
$ 5,136,210 |
$ 5,337,771 |
|||||
|
Interest-bearing demand |
8,146,057 |
7,823,683 |
7,970,188 |
8,035,393 |
7,593,083 |
|||||
|
Savings |
9,277,215 |
8,875,256 |
8,512,829 |
8,417,678 |
8,271,925 |
|||||
|
Total demand and savings |
22,668,858 |
22,033,859 |
21,739,113 |
21,589,281 |
21,202,779 |
|||||
|
Brokered |
975,204 |
715,850 |
855,042 |
709,667 |
817,398 |
|||||
|
Time |
4,606,280 |
4,018,626 |
3,995,252 |
4,033,542 |
4,117,890 |
|||||
|
Total Deposits |
$ 28,250,342 |
$ 26,768,335 |
$ 26,589,407 |
$ 26,332,490 |
$ 26,138,067 |
|||||
|
Borrowings, by type: |
||||||||||
|
Federal Home Loan Bank advances |
$ 552,500 |
$ 200,000 |
$ 250,000 |
$ 450,000 |
$ 800,000 |
|||||
|
Senior debt and subordinated debt |
469,668 |
367,720 |
367,637 |
367,557 |
367,476 |
|||||
|
Other borrowings |
691,808 |
684,859 |
679,738 |
654,404 |
606,424 |
|||||
|
Total Borrowings |
$ 1,713,976 |
$ 1,252,579 |
$ 1,297,375 |
$ 1,471,961 |
$ 1,773,900 |
|||||
|
(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. |
||||||||||
|
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 31 |
Dec 31 |
Sep 30 |
Jun 30 |
Jun 30 |
||||||||||
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
|||||||||
|
Net Interest Income: |
|||||||||||||||
|
Interest income |
$ 428,154 |
$ 390,056 |
$ 403,416 |
$ 411,006 |
$ 402,761 |
$ 818,210 |
$ 802,452 |
||||||||
|
Interest expense |
143,902 |
128,033 |
137,374 |
146,808 |
147,840 |
271,935 |
296,345 |
||||||||
|
Net Interest Income |
284,252 |
262,023 |
266,042 |
264,198 |
254,921 |
546,275 |
506,107 |
||||||||
|
Provision for credit losses |
4,897 |
14,442 |
2,948 |
10,245 |
8,607 |
19,339 |
22,505 |
||||||||
|
Net Interest Income after Provision |
279,355 |
247,581 |
263,094 |
253,953 |
246,314 |
526,936 |
483,602 |
||||||||
|
Non-Interest Income: |
|||||||||||||||
|
Wealth management |
23,139 |
24,496 |
23,879 |
22,639 |
22,281 |
47,635 |
44,066 |
||||||||
|
Commercial banking: |
|||||||||||||||
|
Merchant and card |
7,496 |
6,343 |
6,847 |
7,327 |
7,376 |
13,839 |
13,967 |
||||||||
|
Cash management |
8,817 |
8,363 |
8,374 |
8,335 |
8,376 |
17,180 |
16,175 |
||||||||
|
Capital markets |
3,530 |
3,614 |
3,730 |
2,908 |
2,945 |
7,144 |
5,356 |
||||||||
|
Other commercial banking |
4,979 |
4,486 |
5,162 |
4,595 |
4,734 |
9,465 |
9,262 |
||||||||
|
Total commercial banking |
24,822 |
22,806 |
24,113 |
23,165 |
23,431 |
47,628 |
44,760 |
||||||||
|
Consumer banking: |
|||||||||||||||
|
Card |
8,596 |
7,887 |
8,366 |
8,246 |
7,958 |
16,483 |
15,502 |
||||||||
|
Overdraft |
3,858 |
3,798 |
4,109 |
4,153 |
3,817 |
7,656 |
7,112 |
||||||||
|
Other consumer banking |
2,891 |
2,491 |
2,967 |
2,775 |
2,753 |
5,382 |
4,982 |
||||||||
|
Total consumer banking |
15,345 |
14,176 |
15,442 |
15,174 |
14,528 |
29,521 |
27,596 |
||||||||
|
Mortgage banking |
4,938 |
3,955 |
3,636 |
3,711 |
3,991 |
8,893 |
7,130 |
||||||||
|
Other |
11,062 |
4,408 |
2,910 |
5,718 |
4,917 |
15,470 |
12,830 |
||||||||
|
Non-interest income before investment securities (losses) gains |
79,306 |
69,841 |
69,980 |
70,407 |
69,148 |
149,147 |
136,382 |
||||||||
|
Investment securities (losses) gains, net |
— |
— |
— |
— |
— |
— |
(2) |
||||||||
|
Total Non-Interest Income |
79,306 |
69,841 |
69,980 |
70,407 |
69,148 |
149,147 |
136,380 |
||||||||
|
Non-Interest Expense: |
|||||||||||||||
|
Salaries and employee benefits |
120,184 |
109,917 |
121,632 |
111,265 |
107,123 |
230,101 |
210,649 |
||||||||
|
Data processing and software |
20,419 |
18,662 |
19,695 |
18,535 |
18,262 |
39,081 |
36,861 |
||||||||
|
Net occupancy |
17,841 |
18,229 |
17,554 |
15,954 |
16,410 |
36,070 |
34,617 |
||||||||
|
Other outside services |
14,999 |
12,750 |
13,105 |
12,951 |
12,009 |
27,749 |
23,846 |
||||||||
|
Intangible amortization |
5,910 |
5,349 |
5,365 |
5,368 |
5,460 |
11,260 |
11,729 |
||||||||
|
FDIC insurance |
4,430 |
4,249 |
4,540 |
5,089 |
4,951 |
8,679 |
10,549 |
||||||||
|
Equipment |
4,086 |
3,924 |
4,001 |
3,926 |
4,100 |
8,010 |
8,249 |
||||||||
|
Marketing |
2,818 |
2,331 |
1,694 |
2,470 |
2,604 |
5,149 |
5,124 |
||||||||
|
Professional fees |
2,342 |
2,239 |
2,088 |
2,320 |
2,163 |
4,581 |
1,085 |
||||||||
|
Acquisition-related expenses |
13,839 |
2,644 |
802 |
— |
— |
16,483 |
380 |
||||||||
|
Other |
24,086 |
20,000 |
22,510 |
18,696 |
19,729 |
44,085 |
39,181 |
||||||||
|
Total Non-Interest Expense |
230,954 |
200,294 |
212,986 |
196,574 |
192,811 |
431,248 |
382,270 |
||||||||
|
Income Before Income Taxes |
127,707 |
117,128 |
120,088 |
127,786 |
122,651 |
244,835 |
237,712 |
||||||||
|
Income tax expense |
25,293 |
22,367 |
21,118 |
27,332 |
23,453 |
47,660 |
45,527 |
||||||||
|
Net Income |
102,414 |
94,761 |
98,970 |
100,454 |
99,198 |
197,175 |
192,185 |
||||||||
|
Preferred stock dividends |
(2,562) |
(2,562) |
(2,562) |
(2,562) |
(2,562) |
(5,124) |
(5,124) |
||||||||
|
Net Income Available to Common Shareholders |
$ 99,852 |
$ 92,199 |
$ 96,408 |
$ 97,892 |
$ 96,636 |
$ 192,051 |
$ 187,061 |
||||||||
|
Three months ended |
Six months ended |
||||||||||||||
|
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
Jun 30 |
Jun 30 |
||||||||||
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
|||||||||
|
PER SHARE: |
|||||||||||||||
|
Net income available to common shareholders: |
|||||||||||||||
|
Net income available to common shareholders (basic) |
$0.52 |
$0.51 |
$0.53 |
$0.54 |
$0.53 |
$1.03 |
$1.03 |
||||||||
|
Net income available to common shareholders (diluted) |
$0.52 |
$0.51 |
$0.53 |
$0.53 |
$0.53 |
$1.02 |
$1.02 |
||||||||
|
Cash dividends |
$0.19 |
$0.19 |
$0.19 |
$0.18 |
$0.18 |
$0.38 |
$0.36 |
||||||||
|
Weighted average shares (basic) |
191,386 |
179,720 |
180,405 |
181,658 |
182,261 |
185,585 |
182,220 |
||||||||
|
Weighted average shares (diluted) |
192,997 |
181,655 |
182,197 |
183,349 |
183,813 |
187,377 |
183,999 |
||||||||
|
FULTON FINANCIAL CORPORATION |
||||||||||||||||||
|
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
||||||||||||||||||
|
(dollars in thousands) |
||||||||||||||||||
|
Three months ended |
||||||||||||||||||
|
June 30, 2026 |
March 31, 2026 |
June 30, 2025 |
||||||||||||||||
|
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) |
$ 25,883,823 |
$ 374,426 |
5.80 % |
$ 24,225,655 |
$ 341,843 |
5.70 % |
$ 23,899,742 |
$ 349,490 |
5.86 % |
|||||||||
|
Investment securities(3) |
5,233,693 |
47,661 |
3.64 % |
5,001,079 |
44,771 |
3.58 % |
5,390,953 |
49,463 |
3.67 % |
|||||||||
|
Other interest-earning assets |
997,586 |
10,377 |
4.17 % |
773,171 |
7,745 |
4.05 % |
682,075 |
8,197 |
4.82 % |
|||||||||
|
Total Interest-Earning Assets |
32,115,102 |
432,464 |
5.40 % |
29,999,905 |
394,359 |
5.31 % |
29,972,770 |
407,150 |
5.44 % |
|||||||||
|
Noninterest-earning assets: |
||||||||||||||||||
|
Cash and due from banks |
310,904 |
300,074 |
277,880 |
|||||||||||||||
|
Premises and equipment |
189,791 |
173,203 |
186,989 |
|||||||||||||||
|
Other assets |
1,978,494 |
1,896,687 |
1,848,891 |
|||||||||||||||
|
Less: ACL – loans(4) |
(400,683) |
(370,641) |
(384,956) |
|||||||||||||||
|
Total Assets |
$ 34,193,608 |
$ 31,999,228 |
$ 31,901,574 |
|||||||||||||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||||
|
Interest-bearing liabilities: |
||||||||||||||||||
|
Demand deposits |
$ 8,279,932 |
$ 32,443 |
1.57 % |
$ 7,774,121 |
$ 29,036 |
1.51 % |
$ 7,800,881 |
$ 34,745 |
1.79 % |
|||||||||
|
Savings deposits |
9,128,400 |
47,299 |
2.08 % |
8,684,478 |
44,663 |
2.09 % |
8,219,637 |
47,462 |
2.32 % |
|||||||||
|
Brokered deposits |
887,546 |
8,589 |
3.88 % |
856,823 |
8,210 |
3.89 % |
688,957 |
7,495 |
4.36 % |
|||||||||
|
Time deposits |
4,540,334 |
38,406 |
3.39 % |
4,015,644 |
33,896 |
3.42 % |
4,112,130 |
39,492 |
3.85 % |
|||||||||
|
Total Interest-Bearing Deposits |
22,836,212 |
126,737 |
2.23 % |
21,331,066 |
115,805 |
2.20 % |
20,821,605 |
129,194 |
2.49 % |
|||||||||
|
Borrowings and other interest-bearing liabilities |
1,744,871 |
17,165 |
3.95 % |
1,359,113 |
12,228 |
3.65 % |
1,756,246 |
18,646 |
4.26 % |
|||||||||
|
Total Interest-Bearing Liabilities |
24,581,083 |
143,902 |
2.35 % |
22,690,179 |
128,033 |
2.29 % |
22,577,851 |
147,840 |
2.62 % |
|||||||||
|
Noninterest-bearing liabilities: |
||||||||||||||||||
|
Demand deposits |
5,178,454 |
5,120,028 |
5,303,997 |
|||||||||||||||
|
Other liabilities |
645,650 |
645,110 |
715,711 |
|||||||||||||||
|
Total Liabilities |
30,405,187 |
28,455,317 |
28,597,559 |
|||||||||||||||
|
Total Deposits |
28,014,666 |
1.81 % |
26,451,094 |
1.78 % |
26,125,602 |
1.98 % |
||||||||||||
|
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds) |
29,759,537 |
1.94 % |
27,810,207 |
1.87 % |
27,881,848 |
2.13 % |
||||||||||||
|
Shareholders’ equity |
3,788,421 |
3,543,911 |
3,304,015 |
|||||||||||||||
|
Total Liabilities and Shareholders’ Equity |
$ 34,193,608 |
$ 31,999,228 |
$ 31,901,574 |
|||||||||||||||
|
Net interest income/net interest margin (fully taxable equivalent) |
288,562 |
3.60 % |
266,326 |
3.58 % |
259,310 |
3.47 % |
||||||||||||
|
Tax equivalent adjustment |
(4,310) |
(4,303) |
(4,389) |
|||||||||||||||
|
Net Interest Income |
$ 284,252 |
$ 262,023 |
$ 254,921 |
|||||||||||||||
|
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. |
||||||||||||||||||
|
(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. |
||||||||||||||||||
|
FULTON FINANCIAL CORPORATION |
|||||||||||
|
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) |
|||||||||||
|
(dollars in thousands) |
|||||||||||
|
Three months ended |
|||||||||||
|
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
Jun 30 |
|||||||
|
2026 |
2026 |
2025 |
2025 |
2025 |
|||||||
|
Loans, by type: |
|||||||||||
|
Real estate – commercial mortgage |
$ 10,887,986 |
$ 9,930,713 |
$ 9,785,717 |
$ 9,721,395 |
$ 9,652,320 |
||||||
|
Commercial and industrial |
4,602,800 |
4,522,694 |
4,473,522 |
4,494,662 |
4,530,085 |
||||||
|
Real estate – residential mortgage |
7,189,941 |
6,696,646 |
6,646,318 |
6,560,413 |
6,448,443 |
||||||
|
Real estate – home equity |
1,298,632 |
1,235,977 |
1,223,293 |
1,191,465 |
1,179,109 |
||||||
|
Real estate – construction |
962,625 |
926,026 |
1,014,343 |
1,125,130 |
1,172,138 |
||||||
|
Consumer |
592,106 |
576,852 |
577,136 |
590,658 |
599,505 |
||||||
|
Leases and other loans(1) |
349,733 |
336,747 |
332,760 |
336,599 |
318,142 |
||||||
|
Total Net Loans |
$ 25,883,823 |
$ 24,225,655 |
$ 24,053,089 |
$ 24,020,322 |
$ 23,899,742 |
||||||
|
Deposits, by type: |
|||||||||||
|
Noninterest-bearing demand |
$ 5,178,454 |
$ 5,120,028 |
$ 5,243,390 |
$ 5,239,393 |
$ 5,303,997 |
||||||
|
Interest-bearing demand |
8,279,932 |
7,774,121 |
7,984,980 |
7,876,227 |
7,800,881 |
||||||
|
Savings |
9,128,400 |
8,684,478 |
8,519,075 |
8,391,379 |
8,219,637 |
||||||
|
Total demand and savings |
22,586,786 |
21,578,627 |
21,747,445 |
21,506,999 |
21,324,515 |
||||||
|
Brokered |
887,546 |
856,823 |
803,755 |
694,486 |
688,957 |
||||||
|
Time |
4,540,334 |
4,015,644 |
3,986,459 |
4,097,195 |
4,112,130 |
||||||
|
Total Deposits |
$ 28,014,666 |
$ 26,451,094 |
$ 26,537,659 |
$ 26,298,680 |
$ 26,125,602 |
||||||
|
Borrowings, by type: |
|||||||||||
|
Federal funds purchased |
$ — |
$ — |
$ 54 |
$ — |
$ 1,099 |
||||||
|
Federal Home Loan Bank advances |
475,983 |
221,039 |
237,880 |
484,022 |
712,198 |
||||||
|
Senior debt and subordinated debt |
509,493 |
367,679 |
367,598 |
367,517 |
367,438 |
||||||
|
Other borrowings and other interest-bearing liabilities |
759,395 |
770,395 |
740,305 |
713,456 |
675,511 |
||||||
|
Total Borrowings |
$ 1,744,871 |
$ 1,359,113 |
$ 1,345,837 |
$ 1,564,995 |
$ 1,756,246 |
||||||
|
(1) Includes equipment lease financing, overdraft and net origination fees and costs. |
|||||||||||
|
FULTON FINANCIAL CORPORATION |
|||||||||||||
|
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|||||||||||||
|
(dollars in thousands) |
|||||||||||||
|
Six months ended June 30, |
|||||||||||||
|
2026 |
2025 |
||||||||||||
|
Average |
Yield/ |
Average |
Yield/ |
||||||||||
|
Balance |
Interest(1) |
Rate |
Balance |
Interest(1) |
Rate |
||||||||
|
ASSETS |
|||||||||||||
|
Interest-earning assets: |
|||||||||||||
|
Net loans(2) |
$ 25,059,319 |
$ 716,268 |
5.75 % |
$ 23,953,003 |
$ 697,115 |
5.86 % |
|||||||
|
Investment securities(3) |
5,118,030 |
92,432 |
3.61 % |
5,295,507 |
96,706 |
3.65 % |
|||||||
|
Other interest-earning assets |
885,999 |
18,122 |
4.12 % |
737,302 |
17,361 |
4.74 % |
|||||||
|
Total Interest-Earning Assets |
31,063,348 |
826,822 |
5.35 % |
29,985,812 |
811,182 |
5.44 % |
|||||||
|
Noninterest-Earning assets: |
|||||||||||||
|
Cash and due from banks |
305,519 |
289,822 |
|||||||||||
|
Premises and equipment |
181,545 |
189,108 |
|||||||||||
|
Other assets |
1,937,815 |
1,856,900 |
|||||||||||
|
Less: ACL – loans(4) |
(385,745) |
(385,241) |
|||||||||||
|
Total Assets |
$ 33,102,482 |
$ 31,936,401 |
|||||||||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|||||||||||||
|
Interest-Bearing liabilities: |
|||||||||||||
|
Demand deposits |
$ 8,028,425 |
$ 61,480 |
1.54 % |
$ 7,777,364 |
$ 68,934 |
1.79 % |
|||||||
|
Savings deposits |
8,907,666 |
91,961 |
2.08 % |
8,134,377 |
92,563 |
2.29 % |
|||||||
|
Brokered deposits |
872,269 |
16,798 |
3.88 % |
796,243 |
17,533 |
4.44 % |
|||||||
|
Time deposits |
4,279,437 |
72,304 |
3.41 % |
4,081,913 |
81,055 |
4.00 % |
|||||||
|
Total Interest-Bearing Deposits |
22,087,797 |
242,543 |
2.21 % |
20,789,897 |
260,085 |
2.52 % |
|||||||
|
Borrowings and other interest-bearing liabilities |
1,553,057 |
29,392 |
3.82 % |
1,755,577 |
36,260 |
4.17 % |
|||||||
|
Total Interest-Bearing Liabilities |
23,640,854 |
271,935 |
2.32 % |
22,545,474 |
296,345 |
2.65 % |
|||||||
|
Noninterest-Bearing liabilities: |
|||||||||||||
|
Demand deposits |
5,149,402 |
5,357,731 |
|||||||||||
|
Other liabilities |
645,385 |
753,988 |
|||||||||||
|
Total Liabilities |
29,435,641 |
28,657,193 |
|||||||||||
|
Total Deposits |
27,237,199 |
1.80 % |
26,147,628 |
2.01 % |
|||||||||
|
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds) |
28,790,256 |
1.90 % |
27,903,205 |
2.14 % |
|||||||||
|
Shareholders’ equity |
3,666,841 |
3,279,208 |
|||||||||||
|
Total Liabilities and Shareholders’ Equity |
$ 33,102,482 |
$ 31,936,401 |
|||||||||||
|
Net interest income/net interest margin (fully taxable equivalent) |
554,887 |
3.59 % |
514,837 |
3.45 % |
|||||||||
|
Tax equivalent adjustment |
(8,612) |
(8,730) |
|||||||||||
|
Net Interest Income |
$ 546,275 |
$ 506,107 |
|||||||||||
|
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. |
|||||||||||||
|
(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. |
|||||||||||||
|
FULTON FINANCIAL CORPORATION |
||||||
|
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) |
||||||
|
(dollars in thousands) |
||||||
|
Six months ended June 30, |
||||||
|
2026 |
2025 |
|||||
|
Loans, by type: |
||||||
|
Real estate – commercial mortgage |
$ 10,403,830 |
$ 9,653,793 |
||||
|
Commercial and industrial |
4,571,311 |
4,569,027 |
||||
|
Real estate – residential mortgage |
6,944,657 |
6,408,432 |
||||
|
Real estate – home equity |
1,267,478 |
1,169,961 |
||||
|
Real estate – construction |
944,248 |
1,233,770 |
||||
|
Consumer |
584,521 |
607,578 |
||||
|
Leases and other loans(1) |
343,274 |
310,442 |
||||
|
Total Net Loans |
$ 25,059,319 |
$ 23,953,003 |
||||
|
Deposits, by type: |
||||||
|
Noninterest-bearing demand |
$ 5,149,402 |
$ 5,357,731 |
||||
|
Interest-bearing demand |
8,028,425 |
7,777,364 |
||||
|
Savings |
8,907,666 |
8,134,377 |
||||
|
Total demand and savings |
22,085,493 |
21,269,472 |
||||
|
Brokered |
872,269 |
796,243 |
||||
|
Time |
4,279,437 |
4,081,913 |
||||
|
Total Deposits |
$ 27,237,199 |
$ 26,147,628 |
||||
|
Borrowings, by type: |
||||||
|
Federal funds purchased |
$ — |
$ 552 |
||||
|
Federal Home Loan Bank advances |
349,215 |
710,790 |
||||
|
Senior debt and subordinated debt |
438,978 |
367,398 |
||||
|
Other borrowings and other interest-bearing liabilities |
764,865 |
676,837 |
||||
|
Total Borrowings |
$ 1,553,058 |
$ 1,755,577 |
||||
|
(1) Includes equipment lease financing, overdraft and net origination fees and costs. |
||||||
|
FULTON FINANCIAL CORPORATION |
|||||||||||||||
|
ASSET QUALITY INFORMATION (UNAUDITED) |
|||||||||||||||
|
(dollars in thousands) |
|||||||||||||||
|
Three months ended |
Six months ended |
||||||||||||||
|
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
Jun 30 |
Jun 30 |
Jun 30 |
|||||||||
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
|||||||||
|
Allowance for credit losses related to net loans: |
|||||||||||||||
|
Balance at beginning of period |
$ 367,489 |
$ 364,462 |
$ 376,258 |
$ 377,337 |
$ 379,677 |
$ 364,462 |
$ 379,156 |
||||||||
|
Initial allowance for credit losses on purchased loans |
30,993 |
3,351 |
— |
— |
— |
34,344 |
— |
||||||||
|
Loans charged off: |
|||||||||||||||
|
Real estate – commercial mortgage |
(10,789) |
(4,102) |
(14,104) |
(3,906) |
(6,402) |
(14,891) |
(18,508) |
||||||||
|
Commercial and industrial |
(12,015) |
(10,545) |
(5,295) |
(5,847) |
(5,780) |
(22,560) |
(9,645) |
||||||||
|
Real estate – residential mortgage |
(121) |
(391) |
(58) |
(394) |
(258) |
(512) |
(601) |
||||||||
|
Consumer and home equity |
(2,119) |
(2,164) |
(2,212) |
(2,527) |
(1,885) |
(4,284) |
(4,078) |
||||||||
|
Real estate – construction |
— |
— |
— |
(5,286) |
(100) |
— |
(100) |
||||||||
|
Leases and other loans(1) |
(966) |
(1,116) |
(1,140) |
(1,479) |
(1,491) |
(2,081) |
(3,018) |
||||||||
|
Total loans charged off |
(26,010) |
(18,318) |
(22,809) |
(19,439) |
(15,916) |
(44,328) |
(35,950) |
||||||||
|
Recoveries of loans previously charged off: |
|||||||||||||||
|
Real estate – commercial mortgage |
1,629 |
701 |
633 |
4,307 |
133 |
2,330 |
507 |
||||||||
|
Commercial and industrial |
1,280 |
740 |
6,592 |
3,205 |
2,628 |
2,020 |
8,580 |
||||||||
|
Real estate – residential mortgage |
197 |
72 |
230 |
33 |
203 |
268 |
377 |
||||||||
|
Consumer and home equity |
484 |
584 |
861 |
726 |
899 |
1,068 |
1,559 |
||||||||
|
Real estate – construction |
— |
884 |
— |
47 |
99 |
884 |
181 |
||||||||
|
Leases and other loans(1) |
404 |
429 |
146 |
192 |
240 |
834 |
441 |
||||||||
|
Total recoveries of loans previously charged off |
3,994 |
3,410 |
8,462 |
8,510 |
4,202 |
7,404 |
11,645 |
||||||||
|
Net loans charged off |
(22,016) |
(14,908) |
(14,347) |
(10,929) |
(11,714) |
(36,924) |
(24,305) |
||||||||
|
Provision for credit losses(2) |
6,308 |
14,584 |
2,551 |
9,850 |
9,374 |
20,892 |
22,486 |
||||||||
|
Other |
(194) |
— |
— |
— |
— |
(194) |
— |
||||||||
|
Balance at end of period |
$ 382,580 |
$ 367,489 |
$ 364,462 |
$ 376,258 |
$ 377,337 |
$ 382,580 |
$ 377,337 |
||||||||
|
Net charge-offs to average loans(3) |
0.34 % |
0.25 % |
0.24 % |
0.18 % |
0.20 % |
0.30 % |
0.20 % |
||||||||
|
Provision for credit losses related to OBS Credit Exposures |
|||||||||||||||
|
Provision for credit losses(2) |
$ (1,411) |
$ (142) |
$ 397 |
$ 395 |
$ (767) |
$ (1,553) |
$ 19 |
||||||||
|
NON-PERFORMING ASSETS: |
|||||||||||||||
|
Non-accrual loans |
$ 146,457 |
$ 142,035 |
$ 153,872 |
$ 150,137 |
$ 182,942 |
||||||||||
|
Loans 90 days past due and accruing |
34,815 |
33,816 |
29,924 |
48,597 |
29,949 |
||||||||||
|
Total non-performing loans |
181,272 |
175,851 |
183,796 |
198,734 |
212,891 |
||||||||||
|
Other real estate owned |
5,791 |
1,648 |
1,365 |
2,305 |
2,706 |
||||||||||
|
Total non-performing assets |
$ 187,063 |
$ 177,499 |
$ 185,161 |
$ 201,039 |
$ 215,597 |
||||||||||
|
NON-PERFORMING LOANS, BY TYPE: |
|||||||||||||||
|
Commercial and industrial |
$ 39,466 |
$ 47,759 |
$ 47,756 |
$ 48,817 |
$ 45,565 |
||||||||||
|
Real estate – commercial mortgage |
66,445 |
64,890 |
74,981 |
87,789 |
90,852 |
||||||||||
|
Real estate – residential mortgage |
56,821 |
47,826 |
45,569 |
44,689 |
37,703 |
||||||||||
|
Consumer and home equity |
12,387 |
12,339 |
11,875 |
12,658 |
11,109 |
||||||||||
|
Real estate – construction |
6,135 |
3,000 |
2,267 |
3,461 |
25,602 |
||||||||||
|
Leases and other loans(2) |
18 |
37 |
1,348 |
1,320 |
2,060 |
||||||||||
|
Total non-performing loans |
$ 181,272 |
$ 175,851 |
$ 183,796 |
$ 198,734 |
$ 212,891 |
||||||||||
|
(1) Includes equipment lease financing, overdrafts and net origination fees and costs. |
|||||||||||||||
|
(2) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income. |
|||||||||||||||
|
(3) Quarterly results are annualized. |
|||||||||||||||
|
FULTON FINANCIAL CORPORATION |
||||||||||||||
|
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) |
||||||||||||||
|
(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 31 |
Dec 31 |
Sep 30 |
Jun 30 |
||||||||||
|
2026 |
2026 |
2025 |
2025 |
2025 |
||||||||||
|
Operating net income available to common shareholders |
||||||||||||||
|
Net income available to common shareholders |
$ 99,852 |
$ 92,199 |
$ 96,408 |
$ 97,892 |
$ 96,636 |
|||||||||
|
Less: Other (1) |
— |
— |
(4,989) |
(738) |
(9) |
|||||||||
|
Plus: Core deposit intangible amortization |
5,816 |
5,255 |
5,255 |
5,255 |
5,346 |
|||||||||
|
Plus: Acquisition-related expense |
13,839 |
2,644 |
802 |
— |
— |
|||||||||
|
Plus: FDIC special assessment |
— |
— |
(95) |
— |
— |
|||||||||
|
Plus: FultonFirst implementation and asset disposals |
(189) |
1,556 |
2,795 |
(207) |
(270) |
|||||||||
|
Plus: Debt extinguishment costs |
787 |
— |
— |
— |
— |
|||||||||
|
Less: Tax impact of adjustments |
(4,253) |
(1,985) |
(791) |
(905) |
(1,064) |
|||||||||
|
Operating net income available to common shareholders (numerator) |
$ 115,852 |
$ 99,669 |
$ 99,385 |
$ 101,297 |
$ 100,639 |
|||||||||
|
Weighted average shares (diluted) (denominator) |
192,997 |
181,655 |
182,197 |
183,349 |
183,813 |
|||||||||
|
Operating net income available to common shareholders, per share (diluted) |
$ 0.60 |
$ 0.55 |
$ 0.55 |
$ 0.55 |
$ 0.55 |
|||||||||
|
Common shareholders’ equity (tangible), per share |
||||||||||||||
|
Shareholders’ equity |
$ 3,815,813 |
$ 3,505,283 |
$ 3,490,447 |
$ 3,413,598 |
$ 3,329,246 |
|||||||||
|
Less: Preferred stock |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
|||||||||
|
Less: Goodwill and intangible assets |
(633,485) |
(607,647) |
(612,996) |
(618,361) |
(623,729) |
|||||||||
|
Tangible common shareholders’ equity (numerator) |
$ 2,989,450 |
$ 2,704,758 |
$ 2,684,573 |
$ 2,602,359 |
$ 2,512,639 |
|||||||||
|
Shares outstanding, end of period (denominator) |
191,461 |
178,843 |
179,895 |
180,865 |
182,379 |
|||||||||
|
Common shareholders’ equity (tangible), per share |
$ 15.61 |
$ 15.12 |
$ 14.92 |
$ 14.39 |
$ 13.78 |
|||||||||
|
(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Republic Transaction. |
||||||||||||||
|
Three months ended |
||||||||||||||
|
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
Jun 30 |
||||||||||
|
2026 |
2026 |
2025 |
2025 |
2025 |
||||||||||
|
Operating return on average assets |
||||||||||||||
|
Net income |
$ 102,414 |
$ 94,761 |
$ 98,970 |
$ 100,454 |
$ 99,198 |
|||||||||
|
Less: Other (1) |
— |
— |
(4,989) |
(738) |
(9) |
|||||||||
|
Plus: Core deposit intangible amortization |
5,816 |
5,255 |
5,255 |
5,255 |
5,346 |
|||||||||
|
Plus: Acquisition-related expense |
13,839 |
2,644 |
802 |
— |
— |
|||||||||
|
Plus: FDIC special assessment |
— |
— |
(95) |
— |
— |
|||||||||
|
Plus: FultonFirst implementation and asset disposals |
(189) |
1,556 |
2,795 |
(207) |
(270) |
|||||||||
|
Plus: Debt extinguishment costs |
787 |
— |
— |
— |
— |
|||||||||
|
Less: Tax impact of adjustments |
(4,253) |
(1,985) |
(791) |
(905) |
(1,064) |
|||||||||
|
Operating net income (numerator) |
$ 118,414 |
$ 102,231 |
$ 101,947 |
$ 103,859 |
$ 103,201 |
|||||||||
|
Total average assets |
$ 34,193,608 |
$ 31,999,228 |
$ 32,013,163 |
$ 31,924,038 |
$ 31,901,574 |
|||||||||
|
Less: Average net core deposit intangible |
(66,665) |
(54,629) |
(60,726) |
(65,999) |
(71,282) |
|||||||||
|
Total operating average assets (denominator) |
$ 34,126,943 |
$ 31,944,599 |
$ 31,952,437 |
$ 31,858,039 |
$ 31,830,292 |
|||||||||
|
Operating return on average assets(2) |
1.39 % |
1.30 % |
1.27 % |
1.29 % |
1.30 % |
|||||||||
|
Operating return on average common shareholders’ equity (tangible) |
||||||||||||||
|
Net income available to common shareholders |
$ 99,852 |
$ 92,199 |
$ 96,408 |
$ 97,892 |
$ 96,636 |
|||||||||
|
Less: Other (1) |
— |
— |
(4,989) |
(738) |
(9) |
|||||||||
|
Plus: Intangible amortization |
5,910 |
5,349 |
5,365 |
5,368 |
5,460 |
|||||||||
|
Plus: Acquisition-related expense |
13,839 |
2,644 |
802 |
— |
— |
|||||||||
|
Plus: FDIC special assessment |
— |
— |
(95) |
— |
— |
|||||||||
|
Plus: FultonFirst implementation and asset disposals |
(189) |
1,556 |
2,795 |
(207) |
(270) |
|||||||||
|
Plus: Debt extinguishment costs |
787 |
— |
— |
— |
— |
|||||||||
|
Less: Tax impact of adjustments |
(4,273) |
(2,005) |
(814) |
(929) |
(1,088) |
|||||||||
|
Adjusted net income available to common shareholders (numerator) |
$ 115,926 |
$ 99,743 |
$ 99,472 |
$ 101,386 |
$ 100,729 |
|||||||||
|
Average shareholders’ equity |
$ 3,788,421 |
$ 3,543,911 |
$ 3,464,539 |
$ 3,361,368 |
$ 3,304,015 |
|||||||||
|
Less: Average preferred stock |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
|||||||||
|
Less: Average goodwill and intangible assets |
(635,278) |
(610,262) |
(615,600) |
(620,986) |
(626,383) |
|||||||||
|
Average tangible common shareholders’ equity (denominator) |
$ 2,960,265 |
$ 2,740,771 |
$ 2,656,061 |
$ 2,547,504 |
$ 2,484,754 |
|||||||||
|
Operating return on average common shareholders’ equity (tangible)(2) |
15.71 % |
14.76 % |
14.86 % |
15.79 % |
16.26 % |
|||||||||
|
Tangible common equity to tangible assets (TCE Ratio) |
||||||||||||||
|
Shareholders’ equity |
$ 3,815,813 |
$ 3,505,283 |
$ 3,490,447 |
$ 3,413,598 |
$ 3,329,246 |
|||||||||
|
Less: Preferred stock |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
(192,878) |
|||||||||
|
Less: Goodwill and intangible assets |
(633,485) |
(607,647) |
(612,996) |
(618,361) |
(623,729) |
|||||||||
|
Tangible common shareholders’ equity (numerator) |
$ 2,989,450 |
$ 2,704,758 |
$ 2,684,573 |
$ 2,602,359 |
$ 2,512,639 |
|||||||||
|
Total assets |
$ 34,556,720 |
$ 32,237,438 |
$ 32,118,400 |
$ 31,995,086 |
$ 32,040,448 |
|||||||||
|
Less: Goodwill and intangible assets |
(633,485) |
(607,647) |
(612,996) |
(618,361) |
(623,729) |
|||||||||
|
Total tangible assets (denominator) |
$ 33,923,235 |
$ 31,629,791 |
$ 31,505,404 |
$ 31,376,725 |
$ 31,416,719 |
|||||||||
|
Tangible common equity to tangible assets |
8.81 % |
8.55 % |
8.52 % |
8.29 % |
8.00 % |
|||||||||
|
(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Republic Transaction. |
||||||||||||||
|
(2) Results are annualized. |
||||||||||||||
|
Three months ended |
||||||||||||||
|
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
Jun 30 |
||||||||||
|
2026 |
2026 |
2025 |
2025 |
2025 |
||||||||||
|
Efficiency ratio |
||||||||||||||
|
Non-interest expense |
$ 230,954 |
$ 200,294 |
$ 212,986 |
$ 196,574 |
$ 192,811 |
|||||||||
|
Less: Acquisition-related expense |
(13,839) |
(2,644) |
(802) |
— |
— |
|||||||||
|
Less: FDIC special assessment |
— |
— |
95 |
— |
— |
|||||||||
|
Less: FultonFirst implementation and asset disposals |
189 |
(1,556) |
(2,795) |
207 |
270 |
|||||||||
|
Less: Debt extinguishment costs |
(787) |
— |
— |
— |
— |
|||||||||
|
Less: Intangible amortization |
(5,910) |
(5,349) |
(5,365) |
(5,368) |
(5,460) |
|||||||||
|
Operating non-interest expense (numerator) |
$ 210,607 |
$ 190,745 |
$ 204,119 |
$ 191,413 |
$ 187,621 |
|||||||||
|
Net interest income |
$ 284,252 |
$ 262,023 |
$ 266,042 |
$ 264,198 |
$ 254,921 |
|||||||||
|
Tax equivalent adjustment |
4,310 |
4,303 |
4,416 |
4,436 |
4,389 |
|||||||||
|
Plus: Total non-interest income |
79,306 |
69,841 |
69,980 |
70,407 |
69,148 |
|||||||||
|
Less: Other revenue |
— |
— |
11 |
(138) |
(9) |
|||||||||
|
Plus: Investment securities (gains) losses, net |
— |
— |
— |
— |
— |
|||||||||
|
Total revenue (denominator) |
$ 367,868 |
$ 336,167 |
$ 340,449 |
$ 338,903 |
$ 328,449 |
|||||||||
|
Efficiency ratio |
57.3 % |
56.7 % |
60.0 % |
56.5 % |
57.1 % |
|||||||||
|
Operating non-interest expense to total average assets |
||||||||||||||
|
Non-interest expense |
$ 230,954 |
$ 200,294 |
$ 212,986 |
$ 196,574 |
$ 192,811 |
|||||||||
|
Less: Intangible amortization |
(5,910) |
(5,349) |
(5,365) |
(5,368) |
(5,460) |
|||||||||
|
Less: Acquisition-related expense |
(13,839) |
(2,644) |
(802) |
— |
— |
|||||||||
|
Less: FDIC special assessment |
— |
— |
95 |
— |
— |
|||||||||
|
Less: FultonFirst implementation and asset disposals |
189 |
(1,556) |
(2,795) |
207 |
270 |
|||||||||
|
Less: Debt extinguishment costs |
(787) |
— |
— |
— |
— |
|||||||||
|
Operating non-interest expense (numerator) |
$ 210,607 |
$ 190,745 |
$ 204,119 |
$ 191,413 |
$ 187,621 |
|||||||||
|
Total average assets (denominator) |
$ 34,193,608 |
$ 31,999,228 |
$ 32,013,163 |
$ 31,924,038 |
$ 31,901,574 |
|||||||||
|
Operating non-interest expenses to total average assets(1) |
2.47 % |
2.42 % |
2.53 % |
2.38 % |
2.36 % |
|||||||||
|
(1) Results are annualized. |
||||||||||||||
|
Six months ended |
||||||||||||||
|
Jun 30 |
Jun 30 |
|||||||||||||
|
2026 |
2025 |
|||||||||||||
|
Operating net income available to common shareholders |
||||||||||||||
|
Net income available to common shareholders |
$ 192,051 |
$ 187,061 |
||||||||||||
|
Less: Other |
— |
(131) |
||||||||||||
|
Plus: Core deposit intangible amortization |
11,070 |
11,501 |
||||||||||||
|
Plus: Acquisition-related expense |
16,483 |
380 |
||||||||||||
|
Plus: FultonFirst implementation and asset disposals |
1,367 |
(317) |
||||||||||||
|
Plus: Debt extinguishment costs |
787 |
— |
||||||||||||
|
Less: Tax impact of adjustments |
(6,238) |
(2,401) |
||||||||||||
|
Operating net income available to common shareholders (numerator) |
$ 215,520 |
$ 196,093 |
||||||||||||
|
Weighted average shares (diluted) (denominator) |
187,377 |
183,999 |
||||||||||||
|
Operating net income available to common shareholders, per share (diluted) |
$ 1.15 |
$ 1.07 |
||||||||||||
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SOURCE Fulton Financial Corporation
