Fulton Financial Corporation Announces 2025 Third Quarter Results
Fulton Financial Corporation (NASDAQ: FULT) reported Q3 2025 net income available to common shareholders of $97.9 million ($0.53 diluted) and operating net income of $101.3 million ($0.55 diluted), a sequential increase versus Q2 2025. Year-to-date net income was $285.0 million, up $72.5 million versus prior year, with operating net income of $297.4 million.
Key metrics: net interest margin 3.57%, provision for credit losses $10.2 million, allowance for loan losses $376.3 million (1.57% of net loans), deposits $26.3 billion, and 1.65 million shares repurchased for $30.8 million under the 2025 repurchase program.
Fulton Financial Corporation (NASDAQ: FULT) ha riportato nell'utile netto disponibile agli azionisti comuni del terzo trimestre 2025 di 97,9 milioni di dollari (0,53 dollari diluiti) e un utile operativo netto di 101,3 milioni di dollari (0,55 diluiti), con un incremento sequenziale rispetto al Q2 2025. L'utile netto dall'inizio dell'anno era di 285,0 milioni di dollari, in aumento di 72,5 milioni rispetto all'anno precedente, con un utile operativo netto di 297,4 milioni di dollari.
Indicatori chiave: margine di interesse netto 3,57%, accantonamenti per perdite su credito 10,2 milioni di dollari, fondo per perdite su prestiti 376,3 milioni (1,57% dei prestiti netti), depositi 26,3 miliardi, e riacquisto di 1,65 milioni di azioni per 30,8 milioni di dollari nell'ambito del programma di riacquisto 2025.
Fulton Financial Corporation (NASDAQ: FULT) reportó ingresos netos disponibles para accionistas comunes de $97.9 millones ($0.53 diluido) y un ingreso neto operativo de $101.3 millones ($0.55 diluido), un aumento secuencial respecto al Q2 2025. La ganancia neta acumulada del año fue de $285.0 millones, con un aumento de $72.5 millones frente al año anterior, y un ingreso neto operativo de $297.4 millones.
Indicadores clave: margen de interés neto 3.57%, provisión para pérdidas crediticias $10.2 millones, reserva para pérdidas de préstamos $376.3 millones (1.57% de préstamos netos), depósitos $26.3 mil millones, y 1.65 millones de acciones recompradas por $30.8 millones bajo el programa de recompra de 2025.
Fulton Financial Corporation (NASDAQ: FULT)는 2025년 3분기 주주가능 순이익이 9,790만 달러(희석 주당 0.53달러) 및 영업 순이익 1억 1,013만 달러(희석 주당 0.55달러)로 보고했으며, 2025년 2분기 대비 순증가를 보였습니다. 연간 누적 순이익은 2억 8,500만 달러로 전년 대비 7,200만 달러 증가했고, 영업 순이익은 2억 9,740만 달러입니다.
핵심 지표: 순이자 마진 3.57%, 대손충당금 102만 달러, 대손충당금 적립액 3억 7,630만 달러(순대출의 1.57%), 예금 263억 달러, 그리고 2025년 자사주 매입 프로그램 아래 165만 주를 3,080만 달러에 매입했습니다.
Fulton Financial Corporation (NASDAQ: FULT) a annoncé un bénéfice net disponible pour les actionnaires ordinaires du troisième trimestre 2025 de 97,9 millions de dollars (0,53 $ dilué) et un bénéfice net d'exploitation de 101,3 millions de dollars (0,55 $ dilué), soit une hausse séquentielle par rapport au T2 2025. Le bénéfice net cumulatif de l'année jusqu'à présent était de 285,0 millions, en hausse de 72,5 millions par rapport à l'année précédente, avec un bénéfice net d'exploitation de 297,4 millions.
Indicateurs clés : marge nette d'intérêt 3,57 %, provision pour pertes sur crédits 10,2 millions de dollars, provision pour pertes sur prêts 376,3 millions (1,57 % des prêts nets), dépôts 26,3 milliards et 1,65 million d'actions rachetées pour 30,8 millions de dollars dans le cadre du programme de rachat 2025.
Fulton Financial Corporation (NASDAQ: FULT) meldete für das dritte Quartal 2025 einen Gewinn je Aktie für Stammaktionäre von 97,9 Mio. USD (verwässert 0,53 USD) und einen operativen Nettogewinn von 101,3 Mio. USD (verwässert 0,55 USD), was eine sequentielle Steigerung gegenüber dem Q2 2025 bedeutet. Der kumulierte Nettogewinn seit Jahresbeginn betrug 285,0 Mio. USD, gegenüber dem Vorjahr um 72,5 Mio. USD höher, mit operativem Nettogewinn von 297,4 Mio. USD.
Wichtige Kennzahlen: Nettomarge des Zinsgeschäfts 3,57%, Rückstellung für Kreditverluste 10,2 Mio. USD, Rücklagen für Kreditausfälle 376,3 Mio. USD (1,57% der Nettokredite), Einlagen 26,3 Mrd. USD, und 1,65 Mio. Aktien im Wert von 30,8 Mio. USD im Rahmen des Rückkaufprogramms 2025.
شركة Fulton Financial Corporation (بورصة ناسداك: FULT) أعلنت عن صافي الدخل المتاح للمساهمين العاديين للربع الثالث من 2025 بمقدار 97.9 مليون دولار (0.53 دولار مخففاً) و صافي الدخل التشغيلي 101.3 مليون دولار (0.55 دولار مخففاً)، وهو زيادة تسلسلية مقارنة بالربع الثاني من 2025. وقد بلغ صافي الدخل للسنة حتى تاريخه 285.0 مليون دولار، بزيادة 72.5 مليون دولار عن العام السابق، مع صافي دخل تشغيلي قدره 297.4 مليون دولار.
المؤشرات الرئيسية: هامش الفائدة الصافي 3.57%، مخصصات خسائر الائتمان 10.2 مليون دولار، مخصص انخفاض القروض 376.3 مليون دولار (1.57% من القروض الصافية)، ودائع 26.3 مليار دولار، وشراء 1.65 مليون سهم بقيمة 30.8 مليون دولار ضمن برنامج إعادة شراء 2025.
Fulton Financial Corporation (NASDAQ: FULT) 报告称，2025 年第三季度面向普通股股东的净利润为 97.9 百万美元（摊薄后每股 0.53 美元），运营净利润为 101.3 百万美元（摊薄后每股 0.55 美元），较 2025 年第二季度环比增长。年初至今净利润为 285.0 百万美元，比上年同期增加 72.5 百万美元，运营净利润为 297.4 百万美元。
关键指标：净利差 3.57%，信用损失准备 1020 万美元，贷款损失准备 3.763 亿美元（净贷款的 1.57%），存款 263 亿美元，以及在 2025 年回购计划下回购 165 万股，花费 3080 万美元。
- Operating net income $101.3 million in Q3 2025
- Nine-month net income $285.0 million (increase of $72.5 million)
- Net interest margin of 3.57% in Q3 2025
- Repurchased 1,650,000 shares for $30.8 million in Q3 2025
- Non-interest expense increased to $196.6 million in Q3 2025
- Provision for credit losses of $10.2 million in Q3 2025
Insights
Fulton reported sequential and year-over-year earnings gains, improved capital ratios, modest credit metrics, and active buybacks.
Net income available to common shareholders was
Asset quality metrics stayed stable: allowance for credit losses on net loans was
Dependencies and risks are straightforward and explicit: results rely on continued net interest margin, credit trends, and the stated levels of non-interest expense including incentive pay and severance. Watchables include provision for credit losses of
Net income available to common shareholders for the nine months ended September 30, 2025 was
"We're proud to announce record operating net income surpassing
Financial Highlights
Third quarter of 2025 operating results of
- Solid net interest margin of
3.57% , with a four basis point decrease in total cost of funds compared to the prior quarter. - Non-interest income increased
$1.3 million $70.4 million $69.1 million - Non-interest expense increased
$3.8 million $196.6 million $192.8 million $3.8 million $191.4 million $187.6 million - Provision for credit losses was
$10.2 million $376.3 million 1.57% of total net loans as of September 30, 2025. - Common equity tier 1 capital ratio(2) increased to approximately
11.5% compared to11.3% in the prior quarter. - During the third quarter of 2025, 1,650,000 shares of the Corporation's common stock were repurchased under the 2025 Repurchase Program(3) at a cost of
$30.8 million $18.67 $85.6 million
The following items highlight notable changes in the components of net income in the third quarter of 2025 compared to the second quarter of 2025:
- Net interest income totaled
$264.2 million $9.3 million $8.9 million $2.1 million $1.0 million $0.6 million $12.7 million $11.4 million - Non-interest income before investment securities gains (losses) was
$70.4 million $69.1 million $1.3 million $0.4 million $0.3 million $0.3 million $0.8 million $1.1 million $0.3 million - Non-interest expense was
$196.6 million $192.8 million $3.8 million $4.1 million $0.5 million
Balance Sheet Summary
- Total net loans of
$24.0 billion $29.0 million $115.4 million $86.4 million - Deposits totaled
$26.3 billion $194.4 million $26.1 billion $442.3 million $145.8 million $201.6 million $107.7 million $84.3 million
Provision for Credit Losses and Asset Quality
- The provision for credit losses was
$10.2 million $376.3 million 1.57% of total net loans as of September 30, 2025, compared to$377.3 million 1.57% of total net loans as of June 30, 2025. - Non-performing assets were
$201.0 million 0.63% of total assets, as of September 30, 2025, in comparison to$215.6 million 0.67% of total assets, as of June 30, 2025. - Annualized net charge-offs for the third quarter of 2025 were
0.18% of total average loans in comparison to0.20% in the prior quarter.
Additional information on Fulton is available on the Internet 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. |
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(2) |
Regulatory capital ratios as of September 30, 2025, are preliminary estimates and prior periods are actual. |
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(3) |
The 2025 Repurchase Program represents the authorization, commencing on January 1, 2025 and expiring on December 31, 2025, to repurchase up to |
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(4) |
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. |
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(5) |
Commercial loans include real estate - commercial mortgage, commercial and industrial, leases and other loans and includes a decrease in commercial construction loans of |
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Note: Some numbers contained in this document may not sum due to rounding. |
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Safe Harbor Statement
This press release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 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 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) |
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Three months ended |
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Sep 30 |
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Jun 30 |
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Mar 31 |
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Dec 31 |
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Sep 30 |
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2025 |
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2025 |
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2025 |
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2024 |
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2024 |
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Ending Balances |
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Investment securities(1) |
$ 5,045,270 |
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$ 5,093,027 |
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$ 5,071,323 |
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$ 4,806,468 |
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$ 4,545,278 |
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Net loans |
24,041,489 |
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24,012,539 |
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23,862,574 |
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24,044,919 |
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24,176,075 |
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Total assets |
31,995,086 |
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32,040,448 |
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32,132,028 |
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32,071,810 |
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32,185,726 |
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Deposits |
26,332,490 |
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26,138,067 |
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26,328,972 |
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26,129,433 |
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26,152,144 |
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Shareholders' equity |
3,413,598 |
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3,329,246 |
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3,274,321 |
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3,197,325 |
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3,203,943 |
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Average Balances |
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Investment securities(1) |
5,025,072 |
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5,084,371 |
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4,906,952 |
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4,771,537 |
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4,237,805 |
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Net loans |
24,020,322 |
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23,899,743 |
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24,006,863 |
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24,068,784 |
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24,147,801 |
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Total assets |
31,924,038 |
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31,901,574 |
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31,971,601 |
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32,098,852 |
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31,895,235 |
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Deposits |
26,298,680 |
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26,125,602 |
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26,169,883 |
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26,313,378 |
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25,778,259 |
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Shareholders' equity |
3,361,368 |
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3,304,015 |
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3,254,125 |
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3,219,026 |
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3,160,322 |
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Income Statement |
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Net interest income |
264,198 |
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254,921 |
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251,187 |
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253,659 |
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258,009 |
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Provision for credit losses |
10,245 |
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8,607 |
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13,898 |
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16,725 |
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11,929 |
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Non-interest income |
70,407 |
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69,148 |
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67,232 |
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65,924 |
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59,673 |
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Non-interest expense |
196,574 |
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192,811 |
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189,460 |
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216,615 |
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226,089 |
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Income before taxes |
127,786 |
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122,651 |
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115,061 |
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86,243 |
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79,664 |
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Net income available to common shareholders |
97,892 |
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96,636 |
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90,425 |
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66,058 |
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60,644 |
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Per Share |
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Net income available to common shareholders (basic) |
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Net income available to common shareholders (diluted) |
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Operating net income available to common shareholders(2) |
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Cash dividends |
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Common shareholders' equity |
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Common shareholders' equity (tangible)(2) |
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Weighted average shares (basic) |
181,658 |
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182,261 |
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182,179 |
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182,032 |
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181,905 |
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Weighted average shares (diluted) |
183,349 |
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183,813 |
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184,077 |
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183,867 |
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183,609 |
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(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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Sep 30 |
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Jun 30 |
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Mar 31 |
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Dec 31 |
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Sep 30 |
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2025 |
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2025 |
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2025 |
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2024 |
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2024 |
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Asset Quality |
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Net charge-offs to average loans (annualized) |
0.18 % |
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0.20 % |
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0.21 % |
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0.22 % |
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0.18 % |
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Non-performing loans to total net loans |
0.83 % |
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0.89 % |
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0.82 % |
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0.92 % |
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0.84 % |
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Non-performing assets to total assets |
0.63 % |
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0.67 % |
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0.62 % |
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0.69 % |
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0.64 % |
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ACL - loans(1) to total loans |
1.57 % |
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1.57 % |
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1.59 % |
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1.58 % |
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1.56 % |
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ACL - loans(1) to non-performing loans |
189 % |
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177 % |
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193 % |
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172 % |
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186 % |
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Profitability |
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Return on average assets |
1.25 % |
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1.25 % |
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1.18 % |
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0.85 % |
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0.79 % |
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Operating return on average assets(2) |
1.29 % |
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1.30 % |
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1.25 % |
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1.14 % |
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1.17 % |
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Return on average common shareholders' equity |
12.26 % |
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12.46 % |
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11.98 % |
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8.68 % |
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8.13 % |
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Operating return on average common |
15.79 % |
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16.26 % |
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15.95 % |
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14.83 % |
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15.65 % |
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Net interest margin |
3.57 % |
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3.47 % |
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3.43 % |
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3.41 % |
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3.49 % |
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Efficiency ratio(2) |
56.5 % |
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57.1 % |
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56.7 % |
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58.4 % |
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59.6 % |
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Non-interest expense to total average assets |
2.44 % |
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2.42 % |
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2.40 % |
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2.68 % |
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2.82 % |
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Operating non-interest expense to total average assets(2) |
2.38 % |
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2.36 % |
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2.32 % |
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2.36 % |
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2.45 % |
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Capital Ratios (3) |
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Tangible common equity ratio ("TCE")(2) |
8.3 % |
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8.0 % |
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7.8 % |
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7.5 % |
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7.5 % |
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Tier 1 leverage ratio |
9.5 % |
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9.4 % |
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9.2 % |
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9.0 % |
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9.0 % |
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Common equity Tier 1 capital ratio |
11.5 % |
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11.3 % |
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11.1 % |
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10.8 % |
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10.5 % |
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Tier 1 risk-based capital ratio |
12.3 % |
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12.1 % |
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11.9 % |
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11.5 % |
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11.3 % |
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Total risk-based capital ratio |
14.9 % |
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14.7 % |
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14.5 % |
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14.3 % |
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14.0 % |
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(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 September 30, 2025 are preliminary estimates and prior periods are actual. |
|
|
|||||||||
|
FULTON FINANCIAL CORPORATION |
|
|
||||||||
|
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) |
|
|
||||||||
|
(dollars in thousands) |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
|
|
2025 |
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
ASSETS |
|
|
|
|
|
|
|
|
||
|
|
Cash and due from banks |
$ 307,267 |
|
$ 362,280 |
|
$ 388,503 |
|
$ 279,041 |
|
$ 296,500 |
|
|
Other interest-earning assets |
643,111 |
|
583,899 |
|
778,117 |
|
924,404 |
|
1,287,392 |
|
|
Loans held for sale |
19,875 |
|
23,281 |
|
15,965 |
|
25,618 |
|
17,678 |
|
|
Investment securities |
5,045,270 |
|
5,093,027 |
|
5,071,323 |
|
4,806,468 |
|
4,545,278 |
|
|
Net loans |
24,041,489 |
|
24,012,539 |
|
23,862,574 |
|
24,044,919 |
|
24,176,075 |
|
|
Less: ACL - loans(1) |
(376,258) |
|
(377,337) |
|
(379,677) |
|
(379,156) |
|
(375,961) |
|
|
Loans, net |
23,665,231 |
|
23,635,202 |
|
23,482,897 |
|
23,665,763 |
|
23,800,114 |
|
|
Net premises and equipment |
178,644 |
|
184,290 |
|
186,873 |
|
195,527 |
|
171,731 |
|
|
Accrued interest receivable |
114,003 |
|
117,130 |
|
116,215 |
|
117,029 |
|
115,903 |
|
|
Goodwill and intangible assets |
618,361 |
|
623,729 |
|
629,189 |
|
635,458 |
|
641,739 |
|
|
Other assets |
1,403,324 |
|
1,417,610 |
|
1,462,946 |
|
1,422,502 |
|
1,309,391 |
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
||
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
1,471,961 |
|
1,773,900 |
|
1,657,200 |
|
1,782,048 |
|
2,052,227 |
|
|
Other liabilities |
777,037 |
|
799,235 |
|
871,535 |
|
963,004 |
|
777,412 |
|
|
Total Liabilities |
28,581,488 |
|
28,711,202 |
|
28,857,707 |
|
28,874,485 |
|
28,981,783 |
|
|
Shareholders' equity |
3,413,598 |
|
3,329,246 |
|
3,274,321 |
|
3,197,325 |
|
3,203,943 |
|
|
Total Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS, DEPOSITS AND BORROWINGS DETAIL: |
|
|
|
|
|
|
||||
|
Loans, by type: |
|
|
|
|
|
|
|
|
||
|
|
Real estate - commercial mortgage |
$ 9,734,156 |
|
$ 9,678,038 |
|
$ 9,676,517 |
|
$ 9,601,858 |
|
$ 9,493,479 |
|
|
Commercial and industrial |
4,437,905 |
|
4,541,765 |
|
4,531,266 |
|
4,605,589 |
|
4,914,734 |
|
|
Real estate - residential mortgage |
6,617,017 |
|
6,511,687 |
|
6,409,657 |
|
6,349,643 |
|
6,302,624 |
|
|
Real estate - home equity |
1,214,399 |
|
1,193,410 |
|
1,170,470 |
|
1,160,616 |
|
1,144,402 |
|
|
Real estate - construction |
1,134,748 |
|
1,155,099 |
|
1,175,445 |
|
1,394,899 |
|
1,332,954 |
|
|
Consumer |
566,291 |
|
583,949 |
|
597,305 |
|
616,856 |
|
651,717 |
|
|
Leases and other loans(2) |
336,973 |
|
348,591 |
|
301,914 |
|
315,458 |
|
336,165 |
|
|
Total Net Loans |
|
|
|
|
|
|
|
|
|
|
Deposits, by type: |
|
|
|
|
|
|
|
|
||
|
|
Noninterest-bearing demand |
$ 5,136,210 |
|
$ 5,337,771 |
|
$ 5,435,934 |
|
$ 5,499,760 |
|
$ 5,501,699 |
|
|
Interest-bearing demand |
8,035,393 |
|
7,593,083 |
|
7,804,388 |
|
7,843,604 |
|
7,779,472 |
|
|
Savings |
8,417,678 |
|
8,271,925 |
|
8,208,526 |
|
7,792,114 |
|
7,740,595 |
|
|
Total demand and savings |
21,589,281 |
|
21,202,779 |
|
21,448,848 |
|
21,135,478 |
|
21,021,766 |
|
|
Brokered |
709,667 |
|
817,398 |
|
738,458 |
|
843,857 |
|
843,473 |
|
|
Time |
4,033,542 |
|
4,117,890 |
|
4,141,666 |
|
4,150,098 |
|
4,286,905 |
|
|
Total Deposits |
|
|
|
|
|
|
|
|
|
|
Borrowings, by type: |
|
|
|
|
|
|
|
|
||
|
|
Federal Home Loan Bank advances |
$ 450,000 |
|
$ 800,000 |
|
$ 750,000 |
|
$ 850,000 |
|
$ 950,000 |
|
|
Senior debt and subordinated debt |
367,557 |
|
367,476 |
|
367,396 |
|
367,316 |
|
535,917 |
|
|
Other borrowings |
654,404 |
|
606,424 |
|
539,804 |
|
564,732 |
|
566,310 |
|
|
Total Borrowings |
$ 1,471,961 |
|
$ 1,773,900 |
|
$ 1,657,200 |
|
$ 1,782,048 |
|
$ 2,052,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Nine months ended |
||||||||||
|
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Sep 30 |
||
|
|
|
|
2025 |
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
2025 |
|
2024 |
|
Net Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
$ 1,213,458 |
|
$ 1,167,828 |
|
|
Interest expense |
|
146,808 |
|
147,840 |
|
148,505 |
|
160,709 |
|
169,647 |
|
443,153 |
|
461,162 |
|
|
Net Interest Income |
|
264,198 |
|
254,921 |
|
251,187 |
|
253,659 |
|
258,009 |
|
770,305 |
|
706,666 |
|
|
Provision for credit losses |
|
10,245 |
|
8,607 |
|
13,898 |
|
16,725 |
|
11,929 |
|
32,749 |
|
54,910 |
|
|
Net Interest Income after Provision |
|
253,953 |
|
246,314 |
|
237,289 |
|
236,934 |
|
246,080 |
|
737,556 |
|
651,756 |
|
Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management |
|
22,639 |
|
22,281 |
|
21,785 |
|
22,002 |
|
21,596 |
|
66,705 |
|
62,741 |
|
|
Commercial banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchant and card |
|
7,327 |
|
7,376 |
|
6,591 |
|
7,082 |
|
7,496 |
|
21,294 |
|
22,103 |
|
|
Cash management |
|
8,335 |
|
8,376 |
|
7,799 |
|
7,633 |
|
7,201 |
|
24,510 |
|
20,473 |
|
|
Capital markets |
|
2,908 |
|
2,945 |
|
2,411 |
|
2,797 |
|
3,311 |
|
8,264 |
|
8,236 |
|
|
Other commercial banking |
|
4,595 |
|
4,734 |
|
4,528 |
|
4,942 |
|
4,281 |
|
13,857 |
|
11,716 |
|
|
Total commercial banking |
|
23,165 |
|
23,431 |
|
21,329 |
|
22,454 |
|
22,289 |
|
67,925 |
|
62,528 |
|
|
Consumer banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card |
|
8,246 |
|
7,958 |
|
7,544 |
|
8,064 |
|
7,917 |
|
23,748 |
|
22,850 |
|
|
Overdraft |
|
4,153 |
|
3,817 |
|
3,295 |
|
3,644 |
|
3,957 |
|
11,265 |
|
10,120 |
|
|
Other consumer banking |
|
2,775 |
|
2,753 |
|
2,229 |
|
2,601 |
|
3,054 |
|
7,757 |
|
8,226 |
|
|
Total consumer banking |
|
15,174 |
|
14,528 |
|
13,068 |
|
14,309 |
|
14,928 |
|
42,770 |
|
41,196 |
|
|
Mortgage banking |
|
3,711 |
|
3,991 |
|
3,138 |
|
3,759 |
|
3,142 |
|
10,841 |
|
10,183 |
|
|
Gain on acquisition, net of tax |
|
— |
|
— |
|
— |
|
(2,689) |
|
(7,706) |
|
— |
|
39,685 |
|
|
Other |
|
5,718 |
|
4,917 |
|
7,914 |
|
6,089 |
|
5,425 |
|
18,547 |
|
13,756 |
|
|
Non-interest income before investment securities |
|
70,407 |
|
69,148 |
|
67,234 |
|
65,924 |
|
59,674 |
|
206,788 |
|
230,089 |
|
|
Investment securities (losses) gains, net |
|
— |
|
— |
|
(2) |
|
— |
|
(1) |
|
(2) |
|
(20,283) |
|
|
Total Non-Interest Income |
|
70,407 |
|
69,148 |
|
67,232 |
|
65,924 |
|
59,673 |
|
206,786 |
|
209,806 |
|
Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
111,265 |
|
107,123 |
|
103,526 |
|
107,886 |
|
118,824 |
|
321,914 |
|
324,935 |
|
|
Data processing and software |
|
18,535 |
|
18,262 |
|
18,599 |
|
19,550 |
|
20,314 |
|
55,396 |
|
58,332 |
|
|
Net occupancy |
|
15,954 |
|
16,410 |
|
18,207 |
|
16,417 |
|
18,999 |
|
50,571 |
|
52,942 |
|
|
Other outside services |
|
12,951 |
|
12,009 |
|
11,837 |
|
14,531 |
|
15,839 |
|
36,797 |
|
46,055 |
|
|
Intangible amortization |
|
5,368 |
|
5,460 |
|
6,269 |
|
6,282 |
|
6,287 |
|
17,097 |
|
11,548 |
|
|
FDIC insurance |
|
5,089 |
|
4,951 |
|
5,597 |
|
5,921 |
|
5,109 |
|
15,638 |
|
17,909 |
|
|
Equipment |
|
3,926 |
|
4,100 |
|
4,150 |
|
4,388 |
|
4,860 |
|
12,175 |
|
13,461 |
|
|
Marketing |
|
2,470 |
|
2,604 |
|
2,521 |
|
2,695 |
|
2,251 |
|
7,595 |
|
6,263 |
|
|
Professional fees |
|
2,320 |
|
2,163 |
|
(1,078) |
|
3,387 |
|
2,811 |
|
3,405 |
|
7,470 |
|
|
Acquisition-related expenses |
|
— |
|
— |
|
380 |
|
9,637 |
|
14,195 |
|
380 |
|
27,998 |
|
|
Other |
|
18,696 |
|
19,729 |
|
19,452 |
|
25,921 |
|
16,600 |
|
57,877 |
|
36,263 |
|
|
Total Non-Interest Expense |
|
196,574 |
|
192,811 |
|
189,460 |
|
216,615 |
|
226,089 |
|
578,845 |
|
603,176 |
|
|
Income Before Income Taxes |
|
127,786 |
|
122,651 |
|
115,061 |
|
86,243 |
|
79,664 |
|
365,497 |
|
258,386 |
|
|
Income tax expense |
|
27,332 |
|
23,453 |
|
22,074 |
|
17,623 |
|
16,458 |
|
72,858 |
|
38,264 |
|
|
Net Income |
|
100,454 |
|
99,198 |
|
92,987 |
|
68,620 |
|
63,206 |
|
292,639 |
|
220,122 |
|
|
Preferred stock dividends |
|
(2,562) |
|
(2,562) |
|
(2,562) |
|
(2,562) |
|
(2,562) |
|
(7,686) |
|
(7,686) |
|
|
Net Income Available to Common Shareholders |
|
$ 97,892 |
|
$ 96,636 |
|
$ 90,425 |
|
$ 66,058 |
|
$ 60,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||||||||
|
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Sep 30 |
||
|
|
|
|
2025 |
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
2025 |
|
2024 |
|
PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders (basic) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders (diluted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (basic) |
|
181,658 |
|
182,261 |
|
182,179 |
|
182,032 |
|
181,905 |
|
182,030 |
|
173,337 |
|
|
Weighted average shares (diluted) |
|
183,349 |
|
183,813 |
|
184,077 |
|
183,867 |
|
183,609 |
|
183,718 |
|
175,033 |
|
FULTON FINANCIAL CORPORATION |
|
|
|
|
|
|
||||||||||||
|
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
|
|||||||||||||
|
(dollars in thousands) |
|
|
|
|
|
|
||||||||||||
|
|
|
Three months ended |
||||||||||||||||
|
|
|
September 30, 2025 |
|
June 30, 2025 |
|
September 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) |
$ 24,020,322 |
|
|
|
5.93 % |
|
$ 23,899,742 |
|
|
|
5.86 % |
|
$ 24,147,801 |
|
|
|
6.20 % |
|
|
Investment securities(3) |
5,330,905 |
|
49,442 |
|
3.70 % |
|
5,390,953 |
|
49,463 |
|
3.67 % |
|
4,526,885 |
|
37,853 |
|
3.34 % |
|
|
Other interest-earning assets |
622,832 |
|
7,557 |
|
4.83 % |
|
682,075 |
|
8,197 |
|
4.82 % |
|
1,338,592 |
|
18,068 |
|
5.37 % |
|
|
Total Interest-Earning Assets |
29,974,059 |
|
415,442 |
|
5.51 % |
|
29,972,770 |
|
407,150 |
|
5.44 % |
|
30,013,278 |
|
432,081 |
|
5.74 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Cash and due from banks |
312,578 |
|
|
|
|
|
277,880 |
|
|
|
|
|
306,427 |
|
|
|
|
|
|
Premises and equipment |
181,116 |
|
|
|
|
|
186,989 |
|
|
|
|
|
181,285 |
|
|
|
|
|
|
Other assets |
1,837,179 |
|
|
|
|
|
1,848,891 |
|
|
|
|
|
1,772,052 |
|
|
|
|
|
|
Less: ACL - loans(4) |
(380,894) |
|
|
|
|
|
(384,956) |
|
|
|
|
|
(377,807) |
|
|
|
|
|
|
Total Assets |
$ 31,924,038 |
|
|
|
|
|
$ 31,901,574 |
|
|
|
|
|
$ 31,895,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Demand deposits |
|
|
$ 36,369 |
|
1.83 % |
|
|
|
$ 34,745 |
|
1.79 % |
|
|
|
$ 38,768 |
|
2.01 % |
|
|
Savings deposits |
8,391,379 |
|
48,237 |
|
2.28 % |
|
8,219,637 |
|
47,462 |
|
2.32 % |
|
7,663,599 |
|
49,477 |
|
2.57 % |
|
|
Brokered deposits |
694,486 |
|
7,689 |
|
4.39 % |
|
688,957 |
|
7,495 |
|
4.36 % |
|
842,661 |
|
11,344 |
|
5.36 % |
|
|
Time deposits |
4,097,195 |
|
37,942 |
|
3.67 % |
|
4,112,130 |
|
39,492 |
|
3.85 % |
|
4,107,466 |
|
45,735 |
|
4.43 % |
|
|
Total Interest-Bearing Deposits |
21,059,287 |
|
130,237 |
|
2.45 % |
|
20,821,605 |
|
129,194 |
|
2.49 % |
|
20,282,309 |
|
145,324 |
|
2.85 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and other interest-bearing liabilities |
1,564,996 |
|
16,571 |
|
4.20 % |
|
1,756,246 |
|
18,646 |
|
4.26 % |
|
2,229,348 |
|
24,324 |
|
4.34 % |
|
|
Total Interest-Bearing Liabilities |
22,624,283 |
|
146,808 |
|
2.57 % |
|
22,577,851 |
|
147,840 |
|
2.62 % |
|
22,511,657 |
|
169,648 |
|
3.00 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Demand deposits |
5,239,393 |
|
|
|
|
|
5,303,997 |
|
|
|
|
|
5,495,950 |
|
|
|
|
|
|
Other liabilities |
698,994 |
|
|
|
|
|
715,711 |
|
|
|
|
|
727,306 |
|
|
|
|
|
|
Total Liabilities |
28,562,670 |
|
|
|
|
|
28,597,559 |
|
|
|
|
|
28,734,913 |
|
|
|
|
|
|
Total Deposits |
26,298,680 |
|
|
|
1.96 % |
|
26,125,602 |
|
|
|
1.98 % |
|
25,778,259 |
|
|
|
2.24 % |
|
|
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds) |
27,863,676 |
|
|
|
2.09 % |
|
27,881,848 |
|
|
|
2.13 % |
|
28,007,607 |
|
|
|
2.41 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
3,361,368 |
|
|
|
|
|
3,304,015 |
|
|
|
|
|
3,160,322 |
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
$ 31,924,038 |
|
|
|
|
|
$ 31,901,574 |
|
|
|
|
|
$ 31,895,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net interest margin (fully taxable equivalent) |
|
|
268,634 |
|
3.57 % |
|
|
|
259,310 |
|
3.47 % |
|
|
|
262,433 |
|
3.49 % |
|
|
Tax equivalent adjustment |
|
|
(4,436) |
|
|
|
|
|
(4,389) |
|
|
|
|
|
(4,424) |
|
|
|
|
Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Presented on a fully taxable-equivalent basis using a |
|
|
|
|
|
|
|
|
|||||||||
|
|
(2) Average balances include non-performing loans. |
|||||||||||||||||
|
|
(3) Average balances include amortized historical cost for AFS securities; the related unrealized holding gains (losses) are included in other assets. |
|||||||||||||||||
|
|
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities. |
|||||||||||||||||
|
FULTON FINANCIAL CORPORATION |
|||||||||||
|
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) |
|||||||||||
|
(dollars in thousands) |
|||||||||||
|
|
|
Three months ended |
|
||||||||
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
|
|
|
2025 |
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
|
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
4,494,662 |
|
4,530,085 |
|
4,608,401 |
|
4,730,101 |
|
4,998,051 |
|
|
|
Real estate - residential mortgage |
6,560,413 |
|
6,448,443 |
|
6,367,978 |
|
6,319,205 |
|
6,268,922 |
|
|
|
Real estate - home equity |
1,191,465 |
|
1,179,109 |
|
1,160,713 |
|
1,116,665 |
|
1,122,313 |
|
|
|
Real estate - construction |
1,125,130 |
|
1,172,138 |
|
1,296,090 |
|
1,312,245 |
|
1,437,907 |
|
|
|
Consumer |
590,658 |
|
599,505 |
|
615,741 |
|
665,261 |
|
682,602 |
|
|
|
Leases and other loans(1) |
336,599 |
|
318,142 |
|
302,657 |
|
329,311 |
|
319,733 |
|
|
|
Total Net Loans |
$ 24,020,322 |
|
$ 23,899,742 |
|
$ 24,006,863 |
|
$ 24,068,784 |
|
$ 24,147,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
7,876,227 |
|
7,800,881 |
|
7,753,586 |
|
7,838,590 |
|
7,668,583 |
|
|
|
Savings |
8,391,379 |
|
8,219,637 |
|
7,971,728 |
|
7,806,303 |
|
7,663,599 |
|
|
|
Total demand and savings |
21,506,999 |
|
21,324,515 |
|
21,137,377 |
|
21,203,003 |
|
20,828,132 |
|
|
|
Brokered |
694,486 |
|
688,957 |
|
904,722 |
|
877,526 |
|
842,661 |
|
|
|
Time |
4,097,195 |
|
4,112,130 |
|
4,127,784 |
|
4,232,849 |
|
4,107,466 |
|
|
|
Total Deposits |
$ 26,298,680 |
|
$ 26,125,602 |
|
$ 26,169,883 |
|
$ 26,313,378 |
|
$ 25,778,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased |
$ — |
|
$ 1,099 |
|
$ — |
|
$ 54 |
|
$ — |
|
|
|
Federal Home Loan Bank advances |
484,022 |
|
712,198 |
|
709,367 |
|
727,957 |
|
754,130 |
|
|
|
Senior debt and subordinated debt |
367,517 |
|
367,438 |
|
367,357 |
|
449,795 |
|
535,831 |
|
|
|
Other borrowings and other interest-bearing liabilities |
713,456 |
|
675,511 |
|
678,176 |
|
669,625 |
|
939,387 |
|
|
|
Total Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|||||||
|
|
|
|
Nine months ended September 30 |
||||||||||
|
|
|
|
2025 |
|
2024 |
||||||||
|
|
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
|
|
Balance |
|
Interest(1) |
|
Rate |
|
Balance |
|
Interest(1) |
|
Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans(2) |
|
$ 23,975,693 |
|
$ 1,055,558 |
|
5.88 % |
|
$ 22,918,845 |
|
$ 1,045,573 |
|
6.09 % |
|
|
Investment securities(3) |
|
5,307,436 |
|
146,147 |
|
3.67 % |
|
4,303,048 |
|
98,701 |
|
3.05 % |
|
|
Other interest-earning assets |
|
698,727 |
|
24,919 |
|
4.76 % |
|
921,483 |
|
37,126 |
|
5.38 % |
|
|
Total Interest-Earning Assets |
|
29,981,856 |
|
1,226,624 |
|
5.46 % |
|
28,143,376 |
|
1,181,400 |
|
5.60 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
297,491 |
|
|
|
|
|
297,268 |
|
|
|
|
|
|
Premises and equipment |
|
186,414 |
|
|
|
|
|
202,531 |
|
|
|
|
|
|
Other assets |
|
1,850,254 |
|
|
|
|
|
1,828,085 |
|
|
|
|
|
|
Less: ACL - loans(4) |
|
(383,776) |
|
|
|
|
|
(353,567) |
|
|
|
|
|
|
Total Assets |
|
$ 31,932,239 |
|
|
|
|
|
$ 30,117,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
$ 7,810,681 |
|
$ 105,303 |
|
1.80 % |
|
$ 6,785,106 |
|
$ 91,016 |
|
1.79 % |
|
|
Savings deposits |
|
8,195,790 |
|
140,800 |
|
2.30 % |
|
7,215,631 |
|
133,175 |
|
2.47 % |
|
|
Brokered deposits |
|
761,952 |
|
25,222 |
|
4.43 % |
|
1,015,823 |
|
41,073 |
|
5.40 % |
|
|
Time deposits |
|
4,112,258 |
|
118,998 |
|
3.87 % |
|
3,583,905 |
|
114,721 |
|
4.28 % |
|
|
Total Interest-Bearing Deposits |
|
20,880,681 |
|
390,323 |
|
2.50 % |
|
18,600,465 |
|
379,985 |
|
2.73 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and other interest-bearing liabilities |
|
1,691,351 |
|
52,830 |
|
4.18 % |
|
2,425,753 |
|
81,177 |
|
4.47 % |
|
|
Total Interest-Bearing Liabilities |
|
22,572,032 |
|
443,153 |
|
2.62 % |
|
21,026,218 |
|
461,162 |
|
2.93 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
5,317,851 |
|
|
|
|
|
5,339,590 |
|
|
|
|
|
|
Other liabilities |
|
735,460 |
|
|
|
|
|
791,175 |
|
|
|
|
|
|
Total Liabilities |
|
28,625,343 |
|
|
|
|
|
27,156,983 |
|
|
|
|
|
|
Total Deposits |
|
26,198,532 |
|
|
|
1.99 % |
|
23,940,055 |
|
|
|
2.12 % |
|
|
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds) |
|
27,889,883 |
|
|
|
2.12 % |
|
26,365,808 |
|
|
|
2.33 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
3,306,896 |
|
|
|
|
|
2,960,710 |
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
$ 31,932,239 |
|
|
|
|
|
$ 30,117,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net interest margin (fully taxable equivalent) |
|
|
|
783,471 |
|
3.49 % |
|
|
|
720,238 |
|
3.42 % |
|
|
Tax equivalent adjustment |
|
|
|
(13,166) |
|
|
|
|
|
(13,572) |
|
|
|
|
Net Interest Income |
|
|
|
$ 770,305 |
|
|
|
|
|
$ 706,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Presented on a fully taxable-equivalent basis using a |
|
|
|
|||||||||
|
|
(2) Average balances include non-performing loans. |
|
|
|
|
|
|
|
|
|
|
||
|
|
(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets. |
||||||||||||
|
|
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities. |
||||||||||||
|
FULTON FINANCIAL CORPORATION |
|
|
|
|||
|
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) |
||||||
|
(dollars in thousands) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30 |
|
||
|
|
|
|
2025 |
|
2024 |
|
|
Loans, by type: |
|
|
|
|
|
|
|
|
Real estate - commercial mortgage |
|
$ 9,676,574 |
|
$ 8,803,503 |
|
|
|
Commercial and industrial |
|
4,543,967 |
|
4,786,976 |
|
|
|
Real estate - residential mortgage |
|
6,459,649 |
|
5,844,317 |
|
|
|
Real estate - home equity |
|
1,177,209 |
|
1,091,526 |
|
|
|
Real estate - construction |
|
1,197,159 |
|
1,370,134 |
|
|
|
Consumer |
|
601,877 |
|
697,204 |
|
|
|
Leases and other loans(1) |
|
319,258 |
|
325,185 |
|
|
|
Total Net Loans |
|
$ 23,975,693 |
|
$ 22,918,845 |
|
|
|
|
|
|
|
|
|
|
Deposits, by type: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ 5,317,851 |
|
$ 5,339,590 |
|
|
|
Interest-bearing demand |
|
7,810,681 |
|
6,785,106 |
|
|
|
Savings |
|
8,195,790 |
|
7,215,631 |
|
|
|
Total demand and savings |
|
21,324,322 |
|
19,340,327 |
|
|
|
Brokered |
|
761,952 |
|
1,015,823 |
|
|
|
Time |
|
4,112,258 |
|
3,583,905 |
|
|
|
Total Deposits |
|
$ 26,198,532 |
|
$ 23,940,055 |
|
|
|
|
|
|
|
|
|
|
Borrowings, by type: |
|
|
|
|
|
|
|
|
Federal funds purchased |
|
$ 366 |
|
$ 68,515 |
|
|
|
Federal Home Loan Bank advances |
|
634,370 |
|
829,971 |
|
|
|
Senior debt and subordinated debt |
|
367,438 |
|
535,656 |
|
|
|
Other borrowings |
|
689,177 |
|
991,611 |
|
|
|
Total Borrowings |
|
$ 1,691,351 |
|
$ 2,425,753 |
|
|
|
|
|
|
|
|
|
|
(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 |
|
Nine months ended |
|
||||||||||
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
Sep 30 |
|
Sep 30 |
|
|
|
|
2025 |
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
2025 |
|
2024 |
|
|
Allowance for credit losses related to net loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Balance at beginning of period |
$ 377,337 |
|
$ 379,677 |
|
$ 379,156 |
|
$ 375,961 |
|
$ 375,941 |
|
$ 379,156 |
|
$ 293,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CECL day 1 provision expense(1) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
23,444 |
|
|
|
Initial purchased credit deteriorated allowance for credit losses |
— |
|
— |
|
— |
|
(136) |
|
(1,139) |
|
— |
|
54,767 |
|
|
|
Loans charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage |
(3,906) |
|
(6,402) |
|
(12,106) |
|
(2,844) |
|
(2,723) |
|
(22,414) |
|
(10,602) |
|
|
|
Commercial and industrial |
(5,847) |
|
(5,780) |
|
(3,865) |
|
(9,480) |
|
(6,256) |
|
(15,492) |
|
(16,843) |
|
|
|
Real estate - residential mortgage |
(394) |
|
(258) |
|
(343) |
|
(55) |
|
(1,131) |
|
(995) |
|
(1,417) |
|
|
|
Consumer and home equity |
(2,527) |
|
(1,885) |
|
(2,193) |
|
(2,179) |
|
(2,308) |
|
(6,605) |
|
(6,312) |
|
|
|
Real estate - construction |
(5,286) |
|
(100) |
|
— |
|
— |
|
— |
|
(5,387) |
|
— |
|
|
|
Leases and other loans(2) |
(1,479) |
|
(1,491) |
|
(1,527) |
|
(1,768) |
|
(726) |
|
(4,495) |
|
(2,929) |
|
|
|
Total loans charged off |
(19,439) |
|
(15,916) |
|
(20,034) |
|
(16,326) |
|
(13,144) |
|
(55,388) |
|
(38,103) |
|
|
Recoveries of loans previously charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage |
4,307 |
|
133 |
|
374 |
|
199 |
|
107 |
|
4,814 |
|
405 |
|
|
|
Commercial and industrial |
3,205 |
|
2,628 |
|
5,952 |
|
1,387 |
|
1,008 |
|
11,785 |
|
3,052 |
|
|
|
Real estate - residential mortgage |
33 |
|
203 |
|
174 |
|
104 |
|
130 |
|
410 |
|
368 |
|
|
|
Consumer and home equity |
726 |
|
899 |
|
660 |
|
974 |
|
545 |
|
2,285 |
|
2,382 |
|
|
|
Real estate - construction |
47 |
|
99 |
|
82 |
|
47 |
|
103 |
|
228 |
|
336 |
|
|
|
Leases and other loans(2) |
192 |
|
240 |
|
201 |
|
194 |
|
129 |
|
633 |
|
538 |
|
|
|
Total recoveries of loans previously charged off |
8,510 |
|
4,202 |
|
7,443 |
|
2,905 |
|
2,022 |
|
20,155 |
|
7,081 |
|
|
Net loans charged off |
(10,929) |
|
(11,714) |
|
(12,591) |
|
(13,421) |
|
(11,122) |
|
(35,233) |
|
(31,022) |
|
|
|
Provision for credit losses(1) |
9,850 |
|
9,374 |
|
13,112 |
|
16,752 |
|
12,281 |
|
32,335 |
|
35,368 |
|
|
|
Balance at end of period |
$ 376,258 |
|
$ 377,337 |
|
$ 379,677 |
|
$ 379,156 |
|
$ 375,961 |
|
$ 376,258 |
|
$ 375,961 |
|
|
|
Net charge-offs to average loans (3) |
0.18 % |
|
0.20 % |
|
0.21 % |
|
0.22 % |
|
0.18 % |
|
0.20 % |
|
0.18 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses related to OBS Credit Exposures |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Provision for credit losses(1) |
$ 395 |
|
$ (767) |
|
$ 786 |
|
$ (27) |
|
$ (352) |
|
$ 414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Non-accrual loans |
$ 150,137 |
|
$ 182,942 |
|
$ 162,426 |
|
$ 189,293 |
|
$ 175,861 |
|
|
|
|
|
|
|
Loans 90 days past due and accruing |
48,597 |
|
29,949 |
|
34,367 |
|
30,781 |
|
26,286 |
|
|
|
|
|
|
|
Total non-performing loans |
198,734 |
|
212,891 |
|
196,793 |
|
220,074 |
|
202,147 |
|
|
|
|
|
|
|
Other real estate owned |
2,305 |
|
2,706 |
|
2,193 |
|
2,621 |
|
2,844 |
|
|
|
|
|
|
|
Total non-performing assets |
$ 201,039 |
|
$ 215,597 |
|
$ 198,986 |
|
$ 222,695 |
|
$ 204,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS, BY TYPE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Commercial and industrial |
$ 48,817 |
|
$ 45,565 |
|
$ 42,913 |
|
$ 43,677 |
|
$ 64,450 |
|
|
|
|
|
|
|
Real estate - commercial mortgage |
87,789 |
|
90,852 |
|
88,081 |
|
102,359 |
|
71,467 |
|
|
|
|
|
|
|
Real estate - residential mortgage |
44,689 |
|
37,703 |
|
46,878 |
|
45,901 |
|
41,727 |
|
|
|
|
|
|
|
Consumer and home equity |
12,658 |
|
11,109 |
|
12,682 |
|
14,374 |
|
12,830 |
|
|
|
|
|
|
|
Real estate - construction |
3,461 |
|
25,602 |
|
3,666 |
|
1,746 |
|
1,746 |
|
|
|
|
|
|
|
Leases and other loans(2) |
1,320 |
|
2,060 |
|
2,573 |
|
12,017 |
|
9,927 |
|
|
|
|
|
|
|
Total non-performing loans |
$ 198,734 |
|
$ 212,891 |
|
$ 196,793 |
|
$ 220,074 |
|
$ 202,147 |
|
|
|
|
|
|
|
|
||||||||||||||
|
(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 |
||||||||
|
|
|
|
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
|
|
|
|
|
|
2025 |
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
Operating net income available to common shareholders |
|
|
|
|
|
|
|
|
|
|
||||
|
Net income available to common shareholders |
|
$ 97,892 |
|
$ 96,636 |
|
$ 90,425 |
|
$ 66,058 |
|
$ 60,644 |
||||
|
Less: Other |
|
(738) |
|
(9) |
|
(122) |
|
(269) |
|
(677) |
||||
|
Plus: Gain on acquisition, net of tax |
|
— |
|
— |
|
— |
|
2,689 |
|
7,706 |
||||
|
Plus: Core deposit intangible amortization |
|
5,255 |
|
5,346 |
|
6,155 |
|
6,155 |
|
6,155 |
||||
|
Plus: Acquisition-related expense |
|
— |
|
— |
|
380 |
|
9,637 |
|
14,195 |
||||
|
Plus: FDIC special assessment |
|
— |
|
— |
|
— |
|
— |
|
(16) |
||||
|
Plus: FultonFirst implementation and asset disposals |
|
(207) |
|
(270) |
|
(47) |
|
10,001 |
|
9,385 |
||||
|
Less: Tax impact of adjustments |
|
(905) |
|
(1,064) |
|
(1,337) |
|
(5,360) |
|
(6,099) |
||||
|
Operating net income available to common shareholders (numerator) |
|
$ 101,297 |
|
$ 100,639 |
|
$ 95,454 |
|
$ 88,911 |
|
$ 91,293 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (diluted) (denominator) |
|
183,349 |
|
183,813 |
|
184,077 |
|
183,867 |
|
183,609 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income available to common shareholders, per share (diluted) |
|
$ 0.55 |
|
$ 0.55 |
|
$ 0.52 |
|
$ 0.48 |
|
$ 0.50 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shareholders' equity (tangible), per share |
|
|
|
|
|
|
|
|
|
|
||||
|
Shareholders' equity |
|
$ 3,413,598 |
|
$ 3,329,246 |
|
$ 3,274,321 |
|
$ 3,197,325 |
|
$ 3,203,943 |
||||
|
Less: Preferred stock |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
||||
|
Less: Goodwill and intangible assets |
|
(618,361) |
|
(623,729) |
|
(629,189) |
|
(635,458) |
|
(641,739) |
||||
|
Tangible common shareholders' equity (numerator) |
|
$ 2,602,359 |
|
$ 2,512,639 |
|
$ 2,452,254 |
|
$ 2,368,989 |
|
$ 2,369,326 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Shares outstanding, end of period (denominator) |
|
180,865 |
|
182,379 |
|
182,204 |
|
182,089 |
|
181,957 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Common shareholders' equity (tangible), per share |
|
$ 14.39 |
|
$ 13.78 |
|
$ 13.46 |
|
$ 13.01 |
|
$ 13.02 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
||||||||
|
|
|
|
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
|
|
|
|
|
|
2025 |
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
Operating return on average assets |
|
|
|
|
|
|
|
|
|
|
||||
|
Net income |
|
$ 100,454 |
|
$ 99,198 |
|
$ 92,987 |
|
$ 68,620 |
|
$ 63,206 |
||||
|
Less: Other |
|
(738) |
|
(9) |
|
(122) |
|
(269) |
|
(677) |
||||
|
Less: Gain on acquisition, net of tax |
|
— |
|
— |
|
— |
|
2,689 |
|
7,706 |
||||
|
Plus: Core deposit intangible amortization |
|
5,255 |
|
5,346 |
|
6,155 |
|
6,155 |
|
6,155 |
||||
|
Plus: Acquisition-related expense |
|
— |
|
— |
|
380 |
|
9,637 |
|
14,195 |
||||
|
Plus: FDIC special assessment |
|
— |
|
— |
|
— |
|
— |
|
(16) |
||||
|
Plus: FultonFirst implementation and asset disposals |
|
(207) |
|
(270) |
|
(47) |
|
10,001 |
|
9,385 |
||||
|
Less: Tax impact of adjustments |
|
(905) |
|
(1,064) |
|
(1,337) |
|
(5,360) |
|
(6,099) |
||||
|
Operating net income (numerator) |
|
$ 103,859 |
|
$ 103,201 |
|
$ 98,016 |
|
$ 91,473 |
|
$ 93,855 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets |
|
$ 31,924,038 |
|
$ 31,901,574 |
|
$ 31,971,601 |
|
$ 32,098,852 |
|
$ 31,895,235 |
||||
|
Less: Average net core deposit intangible |
|
(65,999) |
|
(71,282) |
|
(77,039) |
|
(83,173) |
|
(89,350) |
||||
|
Total operating average assets (denominator) |
|
$ 31,858,039 |
|
$ 31,830,292 |
|
$ 31,894,562 |
|
$ 32,015,679 |
|
$ 31,805,885 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average assets(1) |
|
1.29 % |
|
1.30 % |
|
1.25 % |
|
1.14 % |
|
1.17 % |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average common shareholders' equity (tangible) |
|
|
|
|
|
|
||||||||
|
Net income available to common shareholders |
|
$ 97,892 |
|
$ 96,636 |
|
$ 90,425 |
|
$ 66,058 |
|
$ 60,644 |
||||
|
Less: Other |
|
(738) |
|
(9) |
|
(122) |
|
(269) |
|
(677) |
||||
|
Less: Gain on acquisition, net of tax |
|
— |
|
— |
|
— |
|
2,689 |
|
7,706 |
||||
|
Plus: Intangible amortization |
|
|
5,368 |
|
5,460 |
|
6,269 |
|
6,282 |
|
6,287 |
|||
|
Plus: Acquisition-related expense |
|
|
— |
|
— |
|
380 |
|
9,637 |
|
14,195 |
|||
|
Plus: FDIC special assessment |
|
— |
|
— |
|
— |
|
— |
|
(16) |
||||
|
Plus: FultonFirst implementation and asset disposals |
|
(207) |
|
(270) |
|
(47) |
|
10,001 |
|
9,385 |
||||
|
Less: Tax impact of adjustments |
|
|
(929) |
|
(1,088) |
|
(1,361) |
|
(5,387) |
|
(6,127) |
|||
|
Adjusted net income available to common shareholders (numerator) |
|
$ 101,386 |
|
$ 100,729 |
|
$ 95,544 |
|
$ 89,011 |
|
$ 91,397 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average shareholders' equity |
|
$ 3,361,368 |
|
$ 3,304,015 |
|
$ 3,254,125 |
|
$ 3,219,026 |
|
$ 3,160,322 |
||||
|
Less: Average preferred stock |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
||||
|
Less: Average goodwill and intangible assets |
|
(620,986) |
|
(626,383) |
|
(632,254) |
|
(638,507) |
|
(644,814) |
||||
|
Average tangible common shareholders' equity (denominator) |
|
$ 2,547,504 |
|
$ 2,484,754 |
|
$ 2,428,993 |
|
$ 2,387,641 |
|
$ 2,322,630 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating return on average common shareholders' equity (tangible)(1) |
|
15.79 % |
|
16.26 % |
|
15.95 % |
|
14.83 % |
|
15.65 % |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets (TCE Ratio) |
|
|
|
|
|
|
|
|
|
|
||||
|
Shareholders' equity |
|
$ 3,413,598 |
|
$ 3,329,246 |
|
$ 3,274,321 |
|
$ 3,197,325 |
|
$ 3,203,943 |
||||
|
Less: Preferred stock |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
||||
|
Less: Goodwill and intangible assets |
|
(618,361) |
|
(623,729) |
|
(629,189) |
|
(635,458) |
|
(641,739) |
||||
|
Tangible common shareholders' equity (numerator) |
|
$ 2,602,359 |
|
$ 2,512,639 |
|
$ 2,452,254 |
|
$ 2,368,989 |
|
$ 2,369,326 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ 31,995,086 |
|
$ 32,040,448 |
|
$ 32,132,028 |
|
$ 32,071,810 |
|
$ 32,185,726 |
||||
|
Less: Goodwill and intangible assets |
|
(618,361) |
|
(623,729) |
|
(629,189) |
|
(635,458) |
|
(641,739) |
||||
|
Total tangible assets (denominator) |
|
$ 31,376,725 |
|
$ 31,416,719 |
|
$ 31,502,839 |
|
$ 31,436,352 |
|
$ 31,543,987 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets |
|
8.29 % |
|
8.00 % |
|
7.78 % |
|
7.54 % |
|
7.51 % |
||||
|
(1) Results are annualized. |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
||||||||
|
|
|
|
|
|
|
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
|
|
|
|
|
|
2025 |
|
2025 |
|
2025 |
|
2024 |
|
2024 |
|
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Non-interest expense |
|
$ 196,574 |
|
$ 192,811 |
|
$ 189,460 |
|
$ 216,615 |
|
$ 226,089 |
||||
|
Less: Acquisition-related expense |
|
— |
|
— |
|
(380) |
|
(9,637) |
|
(14,195) |
||||
|
Less: FDIC special assessment |
|
— |
|
— |
|
— |
|
— |
|
16 |
||||
|
Less: FultonFirst implementation and asset disposals |
|
207 |
|
270 |
|
47 |
|
(10,001) |
|
(9,385) |
||||
|
Less: Intangible amortization |
|
(5,368) |
|
(5,460) |
|
(6,269) |
|
(6,282) |
|
(6,287) |
||||
|
Operating non-interest expense (numerator) |
|
$ 191,413 |
|
$ 187,621 |
|
$ 182,858 |
|
$ 190,695 |
|
$ 196,238 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income |
|
$ 264,198 |
|
$ 254,921 |
|
$ 251,187 |
|
$ 253,659 |
|
$ 258,009 |
||||
|
Tax equivalent adjustment |
|
4,436 |
|
4,389 |
|
4,340 |
|
4,343 |
|
4,424 |
||||
|
Plus: Total non-interest income |
|
70,407 |
|
69,148 |
|
67,232 |
|
65,924 |
|
59,673 |
||||
|
Less: Other revenue |
|
(138) |
|
(9) |
|
(122) |
|
(269) |
|
(677) |
||||
|
Less: Gain on acquisition, net of tax |
|
— |
|
— |
|
— |
|
2,689 |
|
7,706 |
||||
|
Plus: Investment securities (gains) losses, net |
|
— |
|
— |
|
2 |
|
— |
|
1 |
||||
|
Total revenue (denominator) |
|
$ 338,903 |
|
$ 328,449 |
|
$ 322,639 |
|
$ 326,346 |
|
$ 329,136 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Efficiency ratio |
|
56.5 % |
|
57.1 % |
|
56.7 % |
|
58.4 % |
|
59.6 % |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating non-interest expense to total average assets |
|
|
|
|
|
|
|
|
|
|
||||
|
Non-interest expense |
|
$ 196,574 |
|
$ 192,811 |
|
$ 189,460 |
|
$ 216,615 |
|
$ 226,089 |
||||
|
Less: Intangible amortization |
|
(5,368) |
|
(5,460) |
|
(6,269) |
|
(6,282) |
|
(6,287) |
||||
|
Less: Acquisition-related expense |
|
— |
|
— |
|
(380) |
|
(9,637) |
|
(14,195) |
||||
|
Less: FDIC special assessment |
|
— |
|
— |
|
— |
|
— |
|
16 |
||||
|
Less: FultonFirst implementation and asset disposals |
|
207 |
|
270 |
|
47 |
|
(10,001) |
|
(9,385) |
||||
|
Operating non-interest expense (numerator) |
|
$ 191,413 |
|
$ 187,621 |
|
$ 182,858 |
|
$ 190,695 |
|
$ 196,238 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets (denominator) |
|
$ 31,924,038 |
|
$ 31,901,574 |
|
$ 31,971,601 |
|
$ 32,098,852 |
|
$ 31,895,235 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating non-interest expenses to total average assets(1) |
|
2.38 % |
|
2.36 % |
|
2.32 % |
|
2.36 % |
|
2.45 % |
||||
|
(1) Results are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
Sep 30 |
|
Sep 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
Operating net income available to common shareholders |
|
|
|
|
|
|
|
|
|
|
||||
|
Net income available to common shareholders |
|
$ 284,953 |
|
$ 212,436 |
|
|
|
|
|
|
||||
|
Less: Other |
|
(869) |
|
(1,535) |
|
|
|
|
|
|
||||
|
Plus Gain on acquisition, net of tax |
|
— |
|
(39,685) |
|
|
|
|
|
|
||||
|
Plus: Loss on securities restructuring |
|
— |
|
20,282 |
|
|
|
|
|
|
||||
|
Plus: Core deposit intangible amortization |
|
16,756 |
|
11,152 |
|
|
|
|
|
|
||||
|
Plus: Acquisition-related expense |
|
380 |
|
27,998 |
|
|
|
|
|
|
||||
|
Plus: CECL Day 1 Provision |
|
— |
|
23,444 |
|
|
|
|
|
|
||||
|
Less: Gain on sale-leaseback |
|
— |
|
(20,266) |
|
|
|
|
|
|
||||
|
Plus: FDIC special assessment |
|
— |
|
940 |
|
|
|
|
|
|
||||
|
Plus: FultonFirst implementation and asset disposals |
|
(524) |
|
22,065 |
|
|
|
|
|
|
||||
|
Less: Tax impact of adjustments |
|
(3,306) |
|
(17,657) |
|
|
|
|
|
|
||||
|
Operating net income available to common shareholders (numerator) |
|
$ 297,390 |
|
$ 239,174 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (diluted) (denominator) |
|
183,718 |
|
175,033 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income available to common shareholders, per share |
|
$ 1.62 |
|
$ 1.37 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Media Contact: Lacey Dean (717) 735-8688
Investor Contact: Matt Jozwiak (717) 327-2657
View original content to download multimedia:https://www.prnewswire.com/news-releases/fulton-financial-corporation-announces-2025-third-quarter-results-302590427.html
SOURCE Fulton Financial Corporation
FAQ
What were Fulton Financial (FULT) Q3 2025 earnings per share and operating EPS?
How much net income did Fulton Financial (FULT) report for the nine months ended Sep 30, 2025?
What was Fulton Financial's (FULT) net interest margin in Q3 2025?
How many shares did Fulton Financial (FULT) repurchase in Q3 2025 and at what cost?
What was Fulton Financial's (FULT) allowance for credit losses and non-performing assets as of Sep 30, 2025?
Did Fulton Financial (FULT) report any material capital ratio changes in Q3 2025?
