Fulton Financial Stock Price, News & Analysis

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has launched a Diverse Business Banking program aimed at supporting minority, women, veteran, and LGBTQ business owners. This initiative includes specialized banking services and resources tailored to these communities, reflecting the bank's commitment to inclusivity.

The program features Diverse Business Advocates, certified bankers who provide mentorship and custom solutions. Key offerings include flexible loan approval criteria, business product bundles, SBA products, and various financial services.

Fulton Bank emphasizes its role as a trusted advisor, aiming to strengthen ties with community organizations to enhance support for diverse businesses.

Fulton Financial Corporation (NASDAQ:FULT) reported a net income of $65.8 million, or $0.39 per diluted share, for Q1 2023. This reflects a decrease of $13.5 million, or 17.1%, compared to Q4 2022. Net interest income was $215.6 million, down $10.3 million from the previous quarter, influenced by a mix shift from low-cost deposits to higher-cost borrowings. Year-over-year, net interest income increased by 33.6%, attributed to rising interest rates and loan growth, including contributions from the Prudential Bancorp acquisition. Non-interest income fell by 4.8% from Q4 2022, mainly due to reduced commercial banking income and lower mortgage banking revenues. Non-interest expense decreased by 4.2% quarter-over-quarter, but rose by 9.6% year-over-year. The provision for credit losses was $24.5 million, up from $14.5 million in the prior quarter, mainly due to loan growth and macroeconomic changes.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), announced two $3,000 scholarships for local women pursuing degrees in science, technology, engineering, or mathematics (STEM). Funded by the bank's Women in Technology employee resource group, these scholarships aim to alleviate educational expenses for two high school seniors from Pennsylvania, New Jersey, Maryland, Delaware, or Virginia, who have demonstrated academic excellence. Applications must be submitted by May 5, 2023, with winners notified by May 19, 2023. This initiative aligns with the bank's mission to support community development and empower women in technical fields.

Fulton Financial Corporation (NASDAQ: FULT) will release its Q1 2023 earnings on April 18 at 4:30 p.m. ET. The quarterly conference call will take place on April 19 at 10:00 a.m. ET, hosted by Curtis J. Myers, CEO, and Mark R. McCollom, CFO. With a market capitalization of $26 billion, the company operates over 200 branches across Pennsylvania, Maryland, Delaware, New Jersey, and Virginia. Investors can access the call through a webcast.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has appointed Steven H. Santini as the new Regional Wealth Director for its Private Bank, focusing on eastern Pennsylvania and New Jersey, particularly the greater Philadelphia area. This strategic hire aims to enhance Fulton Bank's wealth management team and expand its services tailored for high-net-worth clients.

With extensive leadership experience, Santini's role is pivotal in driving new business development and nurturing talent within the bank. Fulton Bank has also recently expanded its financial center network and aims to leverage these changes to solidify its market position.