Welcome to our dedicated page for Fulton Financial news (Ticker: FULT), a resource for investors and traders seeking the latest updates and insights on Fulton Financial stock.
Fulton Financial Corporation reports developments for a regional financial holding company that provides consumer and commercial banking, deposit and loan products, and wealth management services through bank subsidiaries in Pennsylvania, New Jersey, Maryland, Delaware and Virginia.
Recurring updates cover quarterly operating results, earnings webcasts, common and Series A preferred dividends, capital-structure disclosures, governance changes and bank acquisition integration. News also reflects the completed acquisition of Blue Foundry Bancorp, which expanded Fulton's New Jersey presence and added Blue Foundry Bank as a subsidiary alongside Fulton Bank, N.A.
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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.