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Fulton Financial Corporation Announces 2025 Second Quarter Results

1. FULT reported Q2 2025 net income of $96.6 million, $0.53 per share. 2. Operating net income grew 5.2 million, strong community banking strategy cited. 3. Net loans increased by $150 million; solid asset quality maintained. 4. Non-interest income rose to $69.1 million, while non-interest expenses increased. 5. Capital ratios improved; common equity tier 1 increased to 11.3%.

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, /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $96.6 million, or $0.53 per diluted share, for the second quarter of 2025, an increase of $6.2 million, or $0.04 per diluted share, in comparison to the first quarter of 2025. Operating net income available to common shareholders for the three months ended June 30, 2025 was $100.6 million(1), or $0.55 per diluted share(1), an increase of $5.2 million, or $0.03 per diluted share, in comparison to the first quarter of 2025. 2025 Q2 Slides Net income available to common shareholders for the six months ended June 30, 2025 was $187.1 million, or $1.02 per diluted share, an increase of $35.3 million, or $0.13 per diluted share, in comparison to the six months ended June 30, 2024. Operating net income available to common shareholders for the six months ended June 30, 2025, was $196.1 million(1), or $1.07 per diluted share(1), an increase of $48.2 million, or $0.20 per diluted share, in comparison to the six months ended June 30, 2024. "I'm proud that our team has delivered a new company record, with operating net income of $100.6 million, or $0.55 per diluted share, this past quarter," said Curt Myers, Chairman and CEO of Fulton. "Our community banking strategy continues to provide significant value to customers and has once again resulted in strong bottom-line results for the company." Financial HighlightsSecond quarter of 2025 operating results of $0.55 per diluted share were impacted by the following items: 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 to $69.1 million compared to $67.2 million in the prior quarter. Non-interest expense increased $3.4 million to $192.8 million compared to $189.5 million in the prior quarter. Operating non-interest expense increased $4.8 million to $187.6 million(1) compared to $182.9 million in the prior quarter. Provision for credit losses was $8.6 million resulting in an allowance for credit losses attributable to net loans of $377.3 million, or 1.57% of total net loans as of June 30, 2025. Net loans increased $150.0 million, or 2.5% annualized, compared to the prior quarter. Common equity tier 1 capital ratio(2) increased to approximately 11.3% compared to 11.1% 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, an increase of $3.7 million. Increases of $2.2 million in interest income on investment securities and $1.8 million in interest income on net loans were partially offset by a $1.0 million decrease in interest income on other interest-earning assets. A $1.7 million decrease in interest expense on deposits was partially offset by a $1.0 million increase in interest expense on borrowings and other interest-bearing liabilities. Purchase loan mark accretion from loans acquired in the Acquisition(3) was $11.4 million in the second quarter of 2025 compared to $13.1 million in the prior quarter. Non-interest income before investment securities gains (losses) was $69.1 million compared to $67.2 million in the prior quarter. The $1.9 million increase was primarily due to increases of $0.9 million in mortgage banking income, $0.8 million in merchant and card fee income, $0.6 million in cash management fee income, $0.5 million in overdraft fee income, $0.5 million in wealth management revenues, $0.5 million in other consumer deposit banking fees, $0.4 million in debit card fee income and $0.4 million in commercial customer interest rate derivative fee income, reflected in capital markets income, partially offset by a $2.7 million decrease in income from equity method investments, reflected in other income. Non-interest expense was $192.8 million compared to $189.5 million in the prior quarter. The $3.4 million increase in non-interest expense was primarily due to a $3.6 million increase in salaries and employee benefits expense largely due to annual merit increases taking effect at the beginning of the second quarter of 2025, one additional calendar day in the second quarter of 2025 and an increase in incentive compensation expense. Additional drivers of the increase in non-interest expense included a $3.2 million increase in professional fees largely driven by a recovery of previously incurred fees in the first quarter of 2025, partially offset by decreases of $1.8 million in net occupancy costs largely due to a decrease in snow removal expense, $0.7 million in state tax expense, reflected in other expense, $0.6 million in FDIC insurance expense and $0.3 million in data processing and software expense. Balance Sheet Summary Net loans totaled $24.0 billion, an increase of $150.0 million, compared to $23.9 billion as of March 31, 2025. The increase in net loans was due to increases of $117.4 million in consumer loans(4) and $32.6 million in commercial and other loans(4). Deposits totaled $26.1 billion, a decrease of $190.9 million, compared to $26.3 billion as of March 31, 2025. The decrease was primarily due to decreases of $211.3 million in interest-bearing demand deposits, $98.2 million in noninterest-bearing demand deposits and $23.8 million in time deposits, partially offset by increases of $78.9 million in brokered deposits and $63.4 million in savings deposits. Provision for Credit Losses and Asset Quality The provision for credit losses was $8.6 million in the second quarter of 2025, resulting in a $377.3 million allowance for credit losses attributable to net loans, or 1.57% of total net loans as of June 30, 2025, compared to $379.7 million, or 1.59% of total net loans as of March 31, 2025. Non-performing assets were $215.6 million, or 0.67% of total assets, as of June 30, 2025, in comparison to $199.0 million, or 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 to 0.21% in the prior quarter. Additional information on Fulton is available on the Internet at www.fultonbank.com. (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 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 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 $26.1 million, reflected in real estate - construction. Consumer loans include real estate - residential mortgage, real estate - home equity, consumer and includes an increase of $5.8 million in residential construction loans, reflected in real estate - construction. Safe Harbor StatementThis 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 (www.fultonbank.com) and on the SEC's website (www.sec.gov).Non-GAAP Financial MeasuresThe 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  31 Dec 31 Sep 30 Jun 30 2025 2025 2024 2024 2024 Ending Balances Investment securities(1) $   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 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) $0.53 $0.50 $0.36 $0.33 $0.53 Net income available to common shareholders (diluted) $0.53 $0.49 $0.36 $0.33 $0.52 Operating net income available to common shareholders(2) $0.55 $0.52 $0.48 $0.50 $0.47 Cash dividends $0.18 $0.18 $0.18 $0.17 $0.17 Common shareholders' equity $17.20 $16.91 $16.50 $16.55 $16.00 Common shareholders' equity (tangible)(2) $13.78 $13.46 $13.01 $13.02 $12.43 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  31 Dec 31 Sep 30 Jun 30 2025 2025 2024 2024 2024 Asset Quality Net charge-offs to average loans (annualized) 0.20 % 0.21 % 0.22 % 0.18 % 0.19 % Non-performing loans to total net loans 0.89 % 0.82 % 0.92 % 0.84 % 0.72 % Non-performing assets to total assets 0.67 % 0.62 % 0.69 % 0.64 % 0.55 % ACL - loans(1) to total loans 1.57 % 1.59 % 1.58 % 1.56 % 1.56 % ACL - loans(1) to non-performing loans 177 % 193 % 172 % 186 % 218 % Profitability Return on average assets 1.25 % 1.18 % 0.85 % 0.79 % 1.24 % Operating return on average assets(2) 1.30 % 1.25 % 1.14 % 1.17 % 1.11 % Return on average common shareholders' equity 12.46 % 11.98 % 8.68 % 8.13 % 13.47 % Operating return on average common shareholders' equity (tangible)(2) 16.26 % 15.95 % 14.83 % 15.65 % 15.56 % Net interest margin 3.47 % 3.43 % 3.41 % 3.49 % 3.43 % Efficiency ratio(2) 57.1 % 56.7 % 58.4 % 59.6 % 62.6 % Non-interest expense to total average assets 2.42 % 2.40 % 2.68 % 2.82 % 2.61 % Operating non-interest expense to total average assets(2) 2.36 % 2.32 % 2.36 % 2.45 % 2.55 % Capital Ratios(3) Tangible common equity ratio ("TCE")(2) 8.0 % 7.8 % 7.5 % 7.5 % 7.3 % Tier 1 leverage ratio 9.3 % 9.2 % 9.0 % 9.0 % 9.2 % Common equity Tier 1 capital ratio 11.3 % 11.1 % 10.8 % 10.5 % 10.3 % Tier 1 risk-based capital ratio 12.1 % 11.9 % 11.5 % 11.3 % 11.1 % Total risk-based capital ratio 14.7 % 14.5 % 14.3 % 14.0 % 13.8 % (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. (3) Regulatory capital ratios as of June 30, 2025 are preliminary estimates and prior periods are actual. FULTON FINANCIAL CORPORATION CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) (dollars in thousands) Jun 30 Mar  31 Dec 31 Sep 30 Jun 30 2025 2025 2024 2024 2024 ASSETS Cash and due from banks $     362,280 $     388,503 $     279,041 $     296,500 $     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)    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     Total Assets $ 32,040,448 $ 32,132,028 $ 32,071,810 $ 32,185,726 $ 31,769,813 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 26,138,067 $ 26,328,972 $ 26,129,433 $ 26,152,144 $ 25,559,654 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     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     Total Liabilities and Shareholders' Equity $ 32,040,448 $ 32,132,028 $ 32,071,810 $ 32,185,726 $ 31,769,813 LOANS, DEPOSITS AND BORROWINGS DETAIL: Loans, by type: Real estate - commercial mortgage $  9,678,038 $  9,676,517 $  9,601,858 $  9,493,479 $  9,289,770 Commercial and industrial 4,541,765 4,531,266 4,605,589 4,914,734 4,967,796 Real estate - residential mortgage 6,511,687 6,409,657 6,349,643 6,302,624 6,248,856 Real estate - home equity 1,193,410 1,170,470 1,160,616 1,144,402 1,120,878 Real 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 $ 24,012,539 $ 23,862,574 $ 24,044,919 $ 24,176,075 $ 24,106,297 Deposits, by type: Noninterest-bearing demand $  5,337,771 $  5,435,934 $  5,499,760 $  5,501,699 $  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      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 $ 26,138,067 $ 26,328,972 $ 26,129,433 $ 26,152,144 $ 25,559,654 Borrowings, by type: Federal Home Loan Bank advances $     800,000 $     750,000 $     850,000 $     950,000 $     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 $  1,773,900 $  1,657,200 $  1,782,048 $  2,052,227 $  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. 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 2025 2025 2024 2024 2024 2025 2024 Net Interest Income: Interest income $ 402,761 $ 399,692 $ 414,368 $ 427,656 $ 400,506 $ 802,452 $ 740,172 Interest expense 147,840 148,505 160,709 169,647 158,786 296,345 291,515     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     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:    Merchant and card 7,376 6,591 7,082 7,496 7,798 13,967 14,607    Cash management 8,376 7,799 7,633 7,201 6,966 16,175 13,271    Capital markets 2,945 2,411 2,797 3,311 2,585 5,356 4,926    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:   Card 7,958 7,544 8,064 7,917 8,305 15,502 14,933   Overdraft 3,817 3,295 3,644 3,957 3,377 7,112 6,163   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 — — (2,689) (7,706) 47,392 — 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 — (2) — (1) (20,282) (2) (20,282)     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 — 380 9,637 14,195 13,803 380 13,803 Other 19,729 19,452 25,921 16,600 (645) 39,181 19,662     Total Non-Interest Expense 192,811 189,460 216,615 226,089 199,488 382,270 377,087     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     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)      Net Income Available to Common  Shareholders $   96,636 $   90,425 $   66,058 $   60,644 $   92,413 $ 187,061 $ 151,792 Three months ended Six months ended Jun 30 Mar  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) $0.53 $0.50 $0.36 $0.33 $0.53 $1.03 $0.90 Net income available to common shareholders (diluted) $0.53 $0.49 $0.36 $0.33 $0.52 $1.02 $0.89 Cash dividends $0.18 $0.18 $0.18 $0.17 $0.17 $0.36 $0.34 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 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) $  23,899,742 $ 349,490 5.86 % $  24,006,863 $ 347,626 5.86 % $  23,345,914 $ 355,533 6.12 % Investment securities(3) 5,390,953 49,463 3.67 % 5,199,000 47,242 3.63 % 4,396,050 33,799 3.07 % Other interest-earning assets 682,075 8,197 4.82 % 793,126 9,164 4.67 % 1,125,886 15,730 5.61 % Total Interest-Earning Assets 29,972,770 407,150 5.44 % 29,998,989 404,032 5.44 % 28,867,850 405,062 5.64 % 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 $  31,901,574 $  31,971,601 $  30,774,891 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 7,800,881 $   34,745 1.79 % $ 7,753,586 $   34,189 1.79 % $ 7,080,302 $   31,748 1.80 % Savings deposits 8,219,637 47,462 2.32 % 7,971,728 45,101 2.29 % 7,309,141 44,901 2.47 % Brokered deposits 688,957 7,495 4.36 % 904,722 10,038 4.50 % 1,123,328 15,074 5.40 % Time deposits 4,112,130 39,492 3.85 % 4,127,784 41,564 4.08 % 3,670,158 39,364 4.31 % Total Interest-Bearing Deposits 20,821,605 129,194 2.49 % 20,757,820 130,892 2.56 % 19,182,929 131,087 2.75 % Borrowings and other interest-bearing liabilities 1,756,246 18,646 4.26 % 1,754,900 17,613 4.07 % 2,441,691 27,699 4.53 % Total Interest-Bearing Liabilities 22,577,851 147,840 2.62 % 22,512,720 148,505 2.67 % 21,624,620 158,786 2.95 % 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 % 26,169,883 2.03 % 24,642,954 2.14 % Total interest-bearing liabilities and non-interest bearing deposits (cost of funds) 27,881,848 2.13 % 27,924,783 2.15 % 27,084,645 2.35 % Shareholders' equity 3,304,015 3,254,125 2,952,671 Total Liabilities and Shareholders' Equity $  31,901,574 $  31,971,601 $  30,774,891 Net interest income/net interest margin(fully taxable equivalent) 259,310 3.47 % 255,527 3.43 % 246,276 3.43 % Tax equivalent adjustment (4,389) (4,340) (4,556) Net Interest Income $ 254,921 $ 251,187 $ 241,720 (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 2025 2025 2024 2024 2024 Loans, by type: Real estate - commercial mortgage $ 9,652,320 $ 9,655,283 $ 9,595,996 $ 9,318,273 $ 8,958,139 Commercial and industrial 4,530,085 4,608,401 4,730,101 4,998,051 4,853,583 Real estate - residential mortgage 6,448,443 6,367,978 6,319,205 6,268,922 5,977,132 Real estate - home equity 1,179,109 1,160,713 1,116,665 1,122,313 1,117,367 Real 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 $  23,899,742 $  24,006,863 $  24,068,784 $  24,147,801 $  23,345,914 Deposits, by type: Noninterest-bearing demand $ 5,303,997 $ 5,412,063 $ 5,558,110 $ 5,495,950 $ 5,460,025 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      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 $  26,125,602 $  26,169,883 $  26,313,378 $  25,778,259 $  24,642,954 Borrowings, by type: Federal funds purchased $        1,099 $            — $            54 $            — $      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 $ 1,756,246 $ 1,754,900 $ 1,847,431 $ 2,229,348 $ 2,441,691 (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 2025 2024 Average Yield/ Average Yield/ Balance Interest(1) Rate Balance Interest(1) Rate ASSETS Interest-earning assets: Net loans(2) $      23,953,003 $      697,115 5.86 % $      22,357,972 $      669,414 6.02 % Investment securities(3) 5,295,507 96,706 3.65 % 4,189,901 60,847 2.90 % Other interest-earning assets 737,302 17,361 4.74 % 699,547 19,059 5.47 % Total Interest-Earning Assets 29,985,812 811,182 5.44 % 27,247,420 749,320 5.52 % 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 $      31,936,401 $      29,113,319 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-Bearing liabilities: Demand deposits $        7,777,364 $        68,934 1.79 % $        6,338,513 $        52,248 1.66 % Savings deposits 8,134,377 92,563 2.29 % 6,989,186 83,699 2.41 % Brokered deposits 796,243 17,533 4.44 % 1,103,356 29,728 5.42 % Time deposits 4,081,913 81,055 4.00 % 3,319,249 68,986 4.18 % Total Interest-Bearing Deposits 20,789,897 260,085 2.52 % 17,750,304 234,661 2.66 % Borrowings and other interest-bearing liabilities 1,755,577 36,260 4.17 % 2,525,034 56,854 4.49 % Total Interest-Bearing Liabilities 22,545,474 296,345 2.65 % 20,275,338 291,515 2.89 % 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 % 23,010,854 2.05 % Total interest-bearing liabilities and non-interestbearing deposits (cost of funds) 27,903,205 2.14 % 25,535,888 2.29 % Shareholders' equity 3,279,208 2,859,808 Total Liabilities and Shareholders' Equity $      31,936,401 $      29,113,319 Net interest income/net interest margin (fully taxable equivalent) 514,837 3.45 % 457,805 3.37 % Tax equivalent adjustment (8,730) (9,148) Net Interest Income $      506,107 $      448,657 (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 2025 2024 Loans, by type: Real estate - commercial mortgage $              9,653,793 $              8,562,077 Commercial and industrial 4,569,027 4,685,383 Real estate - residential mortgage 6,408,432 5,665,518 Real estate - home equity 1,169,961 1,078,344 Real 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 $            23,953,003 $            22,357,972 Deposits, by type: Noninterest-bearing demand $              5,357,731 $              5,260,550 Interest-bearing demand 7,777,364 6,338,513 Savings 8,134,377 6,989,186    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 $            26,147,628 $            23,010,854 Borrowings, by type: Federal funds purchased $                         552 $                  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 $              1,755,577 $              2,525,034 (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 2025 2025 2024 2024 2024 2025 2024 Allowance for credit losses related to net loans: Balance at beginning of period $  379,677 $  379,156 $  375,961 $  375,941 $  297,888 $  379,156 $  293,404 CECL day 1 provision expense(1) — — — — 23,444 — 23,444 Initial purchased credit deteriorated allowance for credit losses — — (136) (1,139) 55,906 — 55,906 Loans charged off:     Real estate - commercial mortgage (6,402) (12,106) (2,844) (2,723) (7,853) (18,508) (7,879)     Commercial and industrial (5,780) (3,865) (9,480) (6,256) (2,955) (9,645) (10,587)     Real estate - residential mortgage (258) (343) (55) (1,131) (35) (601) (286)     Consumer and home equity (1,885) (2,193) (2,179) (2,308) (1,766) (4,078) (4,004)     Real estate - construction (100) — — — — (100) —     Leases and other loans(2) (1,491) (1,527) (1,768) (726) (1,398) (3,018) (2,203)     Total loans charged off (15,916) (20,034) (16,326) (13,144) (14,007) (35,950) (24,959) Recoveries of loans previously charged off:     Real estate - commercial mortgage 133 374 199 107 146 507 298     Commercial and industrial 2,628 5,952 1,387 1,008 796 8,580 2,044     Real estate - residential mortgage 203 174 104 130 122 377 238     Consumer and home equity 899 660 974 545 1,161 1,559 1,837     Real estate - construction 99 82 47 103 233 181 233     Leases and other loans(2) 240 201 194 129 247 441 409     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 $  377,337 $  379,677 $  379,156 $  375,961 $  375,941 $  377,337 $  375,941 Net charge-offs to average loans(3) 0.20 % 0.21 % 0.22 % 0.18 % 0.19 % 0.20 % 0.18 % Provision for credit losses related to OBS Credit Exposures Provision for credit losses(1) $   (767) $      786 $     (27) $   (352) $ (1,393) $        19 $ (3,550) NON-PERFORMING ASSETS: Non-accrual loans $  182,942 $  162,426 $  189,293 $  175,861 $  145,630 Loans 90 days past due and accruing 29,949 34,367 30,781 26,286 26,962     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 $  215,597 $  198,986 $  222,695 $  204,991 $  174,036 NON-PERFORMING LOANS, BY TYPE: Commercial and industrial $  45,565 $  42,913 $  43,677 $  64,450 $  58,433 Real estate - commercial mortgage 90,852 88,081 102,359 71,467 48,615 Real 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 Real 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 $  212,891 $  196,793 $  220,074 $  202,147 $  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. 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 2025 2025 2024 2024 2024 Operating net income available to common shareholders Net income available to common shareholders $        96,636 $       90,425 $       66,058 $       60,644 $       92,413 Less: Other revenue (9) (122) (269) (677) (708) Plus: Gain on acquisition, net of tax — — 2,689 7,706 (47,392) Plus: Loss on securities restructuring — — — — 20,282 Plus: Core deposit intangible amortization 5,346 6,155 6,155 6,155 4,556 Plus: Acquisition-related expense — 380 9,637 14,195 13,803 Plus: CECL day 1 provision expense — — — — 23,444 Less: Gain on sale-leaseback — — — — (20,266) Plus: FDIC special assessment — — — (16) — 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) $      100,639 $       95,454 $       88,911 $       91,293 $       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) $           0.55 $          0.52 $          0.48 $          0.50 $          0.47 Common shareholders' equity (tangible), per share Shareholders' equity $     3,329,246 $    3,274,321 $    3,197,325 $    3,203,943 $    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) $     2,512,639 $    2,452,254 $    2,368,989 $    2,369,326 $    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 $          13.78 $         13.46 $         13.01 $         13.02 $         12.43 Three months ended Jun 30 Mar  31 Dec 31 Sep 30 Jun 30 2025 2025 2024 2024 2024 Operating return on average assets Net income $        99,198 $       92,987 $       68,620 $       63,206 $       94,975 Less: Other revenue (9) (122) (269) (677) (708) Less: Gain on acquisition, net of tax — — 2,689 7,706 (47,392) Plus: Loss on securities restructuring — — — — 20,282 Plus: Core deposit intangible amortization 5,346 6,155 6,155 6,155 4,556 Plus: Acquisition-related expense — 380 9,637 14,195 13,803 Plus: CECL day 1 provision expense — — — — 23,444 Less: Gain on sale-leaseback — — — — (20,266) Plus: FDIC special assessment — — — (16) — 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) $      103,201 $       98,016 $       91,473 $       93,855 $       85,056 Total average assets $   31,901,574 $  31,971,601 $  32,098,852 $  31,895,235 $  30,774,891 Less: Average net core deposit intangible (71,282) (77,039) (83,173) (89,350) (68,234) Total operating average assets  (denominator) $   31,830,292 $  31,894,562 $  32,015,679 $  31,805,885 $  30,706,657 Operating return on average assets(1) 1.30 % 1.25 % 1.14 % 1.17 % 1.11 % Operating return on average common shareholders' equity (tangible) Net income available to common shareholders $        96,636 $       90,425 $       66,058 $       60,644 $       92,413 Less: Other revenue (9) (122) (269) (677) (708) Less: Gain on acquisition, net of tax — — 2,689 7,706 (47,392) Plus: Loss on securities restructuring — — — — 20,282 Plus: Intangible amortization 5,460 6,269 6,282 6,287 4,688 Plus: Acquisition-related expense — 380 9,637 14,195 13,803 Plus: CECL day 1 provision expense — — — — 23,444 Less: Gain on sale-leaseback — — — — (20,266) Plus: FDIC special assessment — — — (16) — 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) $      100,729 $       95,544 $       89,011 $       91,397 $       82,598 Average shareholders' equity $     3,304,015 $    3,254,125 $    3,219,026 $    3,160,322 $    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) $     2,484,754 $    2,428,993 $    2,387,641 $    2,322,630 $    2,135,322 Operating return on average common shareholders' equity (tangible)(1) 16.26 % 15.95 % 14.83 % 15.65 % 15.56 % (1) Results are annualized. Three months ended Jun 30 Mar  31 Dec 31 Sep 30 Jun 30 2025 2025 2024 2024 2024 Tangible common equity to tangible assets (TCE Ratio) Shareholders' equity $     3,329,246 $    3,274,321 $    3,197,325 $    3,203,943 $    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) $     2,512,639 $    2,452,254 $    2,368,989 $    2,369,326 $    2,260,705 Total assets $   32,040,448 $  32,132,028 $  32,071,810 $  32,185,726 $  31,769,813 Less: Goodwill and intangible assets (623,729) (629,189) (635,458) (641,739) (648,026) Total tangible assets (denominator) $   31,416,719 $  31,502,839 $  31,436,352 $  31,543,987 $  31,121,787 Tangible common equity to tangible assets 8.00 % 7.78 % 7.54 % 7.51 % 7.26 % Efficiency ratio Non-interest expense $      192,811 $     189,460 $     216,615 $     226,089 $     199,488 Less: Acquisition-related expense — (380) (9,637) (14,195) (13,803) Plus: Gain on sale-leaseback — — — — 20,266 Less: FDIC special assessment — — — 16 — 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) $      187,621 $     182,858 $     190,695 $     196,238 $     194,940 Net interest income $      254,921 $     251,187 $     253,659 $     258,009 $     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 — — 2,689 7,706 (47,392) Plus: Investment securities (gains) losses, net — 2 — 1 20,282 Total revenue (denominator) $      328,449 $     322,639 $     326,346 $     329,136 $     311,452 Efficiency ratio 57.1 % 56.7 % 58.4 % 59.6 % 62.6 % Operating non-interest expense to total average assets Non-interest expense $      192,811 $     189,460 $     216,615 $     226,089 $     199,488 Less: Intangible amortization (5,460) (6,269) (6,282) (6,287) (4,688) Less: Acquisition-related expense — (380) (9,637) (14,195) (13,803) Plus: Gain on sale-leaseback — — — — 20,266 Less: FDIC special assessment — — — 16 — Less: FultonFirst implementation and asset disposals 270 47 (10,001) (9,385) (6,323) Operating non-interest expense (numerator) $      187,621 $     182,858 $     190,695 $     196,238 $     194,940 Total average assets (denominator) $   31,901,574 $  31,971,601 $  32,098,852 $  31,895,235 $  30,774,891 Operating non-interest expenses to total average assets(1) 2.36 % 2.32 % 2.36 % 2.45 % 2.55 % (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 $      187,061 $     151,792 Less: Other revenue (131) (859) Plus Gain on acquisition, net of tax — (47,392) Plus: Loss on securities restructuring — 20,282 Plus: Core deposit intangible amortization 11,501 4,997 Plus: Acquisition-related expense 380 13,803 Plus: CECL day 1 provision expense — 23,444 Less: Gain on sale-leaseback — (20,266) Plus: FDIC special assessment — 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) $      196,093 $     147,857 Weighted average shares (diluted) (denominator) 183,999 170,769 Operating net income available to common shareholders, per share (diluted) $           1.07 $          0.87 Media Contact: Lacey Dean (717) 735-8688Investor Contact: Matt Jozwiak (717) 327-2657SOURCE Fulton Financial Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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