LANCASTER, Pa., April 22, 2026 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $92.2 million, or $0.51 per diluted share, for the first quarter of 2026, a decrease of $4.2 million in comparison to the fourth quarter of 2025. Operating net income available to common shareholders for the three months ended March 31, 2026 was $99.7 million(1), or $0.55 per diluted share(1), an increase of $0.3 million in comparison to the fourth quarter of 2025.
"Our first quarter results reflect steady, solid profitability driven by disciplined execution of our strategy," said Fulton Chairman, CEO, and President, Curtis J. Myers. "The Blue Foundry Bancorp acquisition expands our presence in northern New Jersey and meaningfully advances our business objectives. We are pleased to welcome Blue Foundry Bank's team members and customers to Fulton. Our focus now turns to a seamless integration, a smooth customer transition, and the continued delivery of positive operating leverage and successful strategic outcomes."
Financial Highlights
First quarter of 2026 operating results of $0.55 per diluted share(1) were impacted by the following items:
- Net interest margin remained solid at 3.58%, representing a one basis point decline from the prior quarter.
- Non-interest income decreased $0.1 million to $69.8 million compared to $70.0 million in the prior quarter.
- Non-interest expense decreased $12.7 million to $200.3 million compared to $213.0 million in the prior quarter. Operating non-interest expense decreased $13.4 million to $190.7 million(1) compared to $204.1 million in the prior quarter.
- Provision for credit losses was $14.4 million resulting in an allowance for credit losses attributable to net loans of $367.5 million, or 1.51% of total net loans as of March 31, 2026.
- Common equity tier 1 capital ratio(2) increased to approximately 11.9% compared to 11.8% in the prior quarter.
- During the first quarter of 2026, 1,212,650 shares of the Corporation's common stock were repurchased under the 2026 Repurchase Program(3) at a cost of $24.5 million or an average of $20.21 per share.
The following items highlight notable changes in the components of net income in the first quarter of 2026 compared to the fourth quarter of 2025:
- Net interest income decreased $4.0 million to $262.0 million. A $10.1 million decrease in interest income on net loans and a $2.2 million decrease in interest income on investment securities were partially offset by an $8.6 million decrease in interest expense on deposits. Purchase loan mark accretion from loans acquired in the Republic Acquisition(4) was $10.3 million in the first quarter of 2026 compared to $10.5 million in the prior quarter.
- Non-interest income before investment securities gains (losses) was $69.8 million compared to $70.0 million in the prior quarter. The $0.1 million decrease was primarily due to decreases of $1.3 million in commercial banking fee income and $1.3 million in consumer banking fee income mainly attributable to two less days in the first quarter and seasonality, partially offset by a $1.3 million increase in income from equity method investments, reflected in other income, and a $0.6 million increase in wealth management revenues.
- Non-interest expense was $200.3 million compared to $213.0 million in the prior quarter. The $12.7 million decrease in non-interest expense was primarily due to a $11.7 million decrease in salaries and employee benefits expense primarily due to a $11.3 million decrease in incentive compensation expense. Acquisition-related expense associated with the Blue Foundry Bancorp transaction(5) was $2.6 million compared to $0.8 million in the prior quarter.
Balance Sheet Summary
- Total net loans increased $121.5 million to $24.3 billion compared to $24.1 billion as of December 31, 2025. The increase was primarily due to increases of $78.7 million in consumer loans(6) and $42.7 million in commercial loans(6) which included an opportunistic purchase of an in-market commercial loan portfolio.
- Deposits totaled $26.8 billion, a $178.9 million increase compared to $26.6 billion as of December 31, 2025. The increase was primarily due to increases of $362.4 million in savings deposits and $78.8 million in noninterest-bearing demand deposits, partially offset by decreases of $146.5 million in interest-bearing demand deposits and $139.2 million in brokered deposits.
Provision for Credit Losses and Asset Quality
- The provision for credit losses totaled $14.4 million in the first quarter of 2026, resulting in a $367.5 million allowance for credit losses attributable to net loans, or 1.51% of total net loans as of March 31, 2026, compared to $364.5 million, or 1.51% of total net loans as of December 31, 2025.
- Non-performing assets were $177.5 million, or 0.55% of total assets, as of March 31, 2026, in comparison to $185.2 million, or 0.58% of total assets, as of December 31, 2025.
- Annualized net charge-offs for the first quarter of 2026 were 0.25% of total average loans in comparison to 0.24% 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 March 31, 2026, are preliminary estimates and prior periods are actual.
(3) The 2026 Repurchase Program represents the authorization, commencing on January 1, 2026 and expiring on January 31, 2027, to repurchase up
to $150 million, excluding fees, commissions, excise tax and other ancillary expenses, of the Corporation's common stock. Under this
authorization, up to $25 million of the $150 million authorization may be used to repurchase the Corporation's preferred stock, outstanding
subordinated notes due 2030 or outstanding subordinated notes due 2035. As permitted by securities laws and other legal requirements and
subject to market conditions and other factors, purchases may be made from time to time under the 2026 Repurchase Program in open market or
privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2026 Repurchase
Program may be discontinued at any time.
(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 "Republic 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.
(5) On November 24, 2025, the Corporation announced that it had entered into an Agreement and Plan of Merger (the "Merger Agreement") by and
between the Corporation and Blue Foundry Bancorp, a Delaware corporation ("Blue Foundry"), pursuant to which, upon the terms and subject to
the conditions set forth in the Merger Agreement, (i) Blue Foundry will merge with and into the Corporation (the "Merger"), with the
Corporation surviving the Merger and (ii) following the Merger, Blue Foundry Bank, a New Jersey-chartered stock savings bank and wholly
owned subsidiary of Blue Foundry, will merge with and into Fulton Bank, a national banking association and wholly owned subsidiary of the
Corporation, with Fulton Bank continuing as the surviving bank. Effective April 1, 2026, the Corporation completed the Merger. Following
the Merger, Blue Foundry Bank will operate as a separate, wholly owned subsidiary of the Corporation until Blue Foundry Bank merges with
and into Fulton Bank, which is expected to occur during the summer of 2026 around the time of systems conversion.
(6) Commercial loans include real estate -commercial mortgage, commercial and industrial, leases and other loans and includes a decrease in
commercial construction loans of $96.1 million, reflected in real estate -construction. Consumer loans include real estate -residential
mortgage, real estate -home equity, consumer and includes an increase of $2.3 million in residential construction loans, reflected in real
estate -construction.
Note: Some numbers contained in this document may not sum due to rounding.
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, 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.
FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands, except per share and shares data)
Three months ended
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
Ending Balances
---
Investment securities(1) $4,861,967 $4,833,744 $5,045,270 $5,093,027 $5,071,323
Net loans 24,266,345 24,144,884 24,041,489 24,012,539 23,862,574
Total assets 32,237,438 32,118,400 31,995,086 32,040,448 32,132,028
Deposits 26,768,335 26,589,407 26,332,490 26,138,067 26,328,972
Shareholders' equity 3,505,283 3,490,447 3,413,598 3,329,246 3,274,321
Average Balances
---
Investment securities(1) 4,785,276 4,921,669 5,025,072 5,084,371 4,906,952
Net loans 24,225,655 24,053,089 24,020,322 23,899,743 24,006,863
Total assets 31,999,228 32,013,163 31,924,038 31,901,574 31,971,601
Deposits 26,451,094 26,537,659 26,298,680 26,125,602 26,169,883
Shareholders' equity 3,543,911 3,464,539 3,361,368 3,304,015 3,254,125
Income Statement
---
Net interest income 262,023 266,042 264,198 254,921 251,187
Provision for credit losses 14,442 2,948 10,245 8,607 13,898
Non-interest income 69,841 69,980 70,407 69,148 67,232
Non-interest expense 200,294 212,986 196,574 192,811 189,460
Income before taxes 117,128 120,088 127,786 122,651 115,061
Net income available to common 92,199 96,408 97,892 96,636 90,425
shareholders
Per Share
---
Net income available to common $0.51 $0.53 $0.54 $0.53 $0.50
shareholders (basic)
Net income available to common $0.51 $0.53 $0.53 $0.53 $0.49
shareholders (diluted)
Operating net income available to common $0.55 $0.55 $0.55 $0.55 $0.52
shareholders(2)
Cash dividends $0.19 $0.19 $0.18 $0.18 $0.18
Common shareholders' equity $18.52 $18.33 $17.81 $17.20 $16.91
Common shareholders' equity (tangible)(2) $15.12 $14.92 $14.39 $13.78 $13.46
Weighted average shares (basic) 179,720 180,405 181,658 182,261 182,179
Weighted average shares (diluted) 181,655 182,197 183,349 183,813 184,077
(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
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
Asset Quality
---
Net charge-offs to average loans (annualized) 0.25 % 0.24 % 0.18 % 0.20 % 0.21 %
Non-performing loans to total net loans 0.72 % 0.76 % 0.83 % 0.89 % 0.82 %
Non-performing assets to total assets 0.55 % 0.58 % 0.63 % 0.67 % 0.62 %
ACL - loans(1) to total loans 1.51 % 1.51 % 1.57 % 1.57 % 1.59 %
ACL - loans(1) to non-performing loans 209 % 198 % 189 % 177 % 193 %
Profitability
---
Return on average assets 1.20 % 1.23 % 1.25 % 1.25 % 1.18 %
Operating return on average assets(2) 1.30 % 1.27 % 1.29 % 1.30 % 1.25 %
Return on average common shareholders' 11.16 % 11.69 % 12.26 % 12.46 % 11.98 %
equity
Operating return on average common 14.76 % 14.86 % 15.79 % 16.26 % 15.95 %
shareholders' equity (tangible)(2)
Net interest margin 3.58 % 3.59 % 3.57 % 3.47 % 3.43 %
Efficiency ratio(2) 56.7 % 60.0 % 56.5 % 57.1 % 56.7 %
Non-interest expense to total average assets 2.54 % 2.64 % 2.44 % 2.42 % 2.40 %
Operating non-interest expense to total 2.42 % 2.53 % 2.38 % 2.36 % 2.32 %
average assets(2)
Capital Ratios
(3)
---
Tangible common equity ratio ("TCE")(2) 8.6 % 8.5 % 8.3 % 8.0 % 7.8 %
Tier 1 leverage ratio 9.9 % 9.7 % 9.6 % 9.4 % 9.2 %
Common equity Tier 1 capital ratio 11.9 % 11.8 % 11.6 % 11.3 % 11.1 %
Tier 1 risk-based capital ratio 12.7 % 12.6 % 12.4 % 12.1 % 11.9 %
Total risk-based capital ratio 15.1 % 15.2 % 15.0 % 14.7 % 14.5 %
(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 March 31, 2026 are preliminary estimates and prior periods are actual.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
ASSETS
---
Cash and due from banks $311,796 $271,463 $307,267 $362,280 $388,503
Other interest-earning
assets 871,066 911,155 643,111 583,899 778,117
Loans held for sale 11,887 16,316 19,875 23,281 15,965
Investment securities 4,861,967 4,833,744 5,045,270 5,093,027 5,071,323
Net loans 24,266,345 24,144,884 24,041,489 24,012,539 23,862,574
Less: ACL -loans(1) (367,489) (364,462) (376,258) (377,337) (379,677)
Loans, net 23,898,856 23,780,422 23,665,231 23,635,202 23,482,897
Net premises and equipment 168,941 175,240 178,644 184,290 186,873
Accrued interest
receivable 112,083 113,698 114,003 117,130 116,215
Goodwill and intangible
assets 607,647 612,996 618,361 623,729 629,189
Other assets 1,393,195 1,403,366 1,403,324 1,417,610 1,462,946
Total Assets $32,237,438 $32,118,400 $31,995,086 $32,040,448 $32,132,028
LIABILITIES AND SHAREHOLDERS' EQUITY
---
Deposits $26,768,335 $26,589,407 $26,332,490 $26,138,067 $26,328,972
Borrowings 1,252,579 1,297,375 1,471,961 1,773,900 1,657,200
Other liabilities 711,241 741,171 777,037 799,235 871,535
Total Liabilities 28,732,155 28,627,953 28,581,488 28,711,202 28,857,707
Shareholders' equity 3,505,283 3,490,447 3,413,598 3,329,246 3,274,321
Total Liabilities and
Shareholders' Equity $32,237,438 $32,118,400 $31,995,086 $32,040,448 $32,132,028
LOANS, DEPOSITS AND BORROWINGS DETAIL:
---
Loans, by type:
Real estate -commercial
mortgage $9,985,368 $9,820,944 $9,734,156 $9,678,038 $9,676,517
Commercial and industrial 4,494,031 4,539,060 4,437,905 4,541,765 4,531,266
Real estate -residential
mortgage 6,735,338 6,669,993 6,617,017 6,511,687 6,409,657
Real estate -home equity 1,253,192 1,242,831 1,214,399 1,193,410 1,170,470
Real estate -construction 876,498 970,298 1,134,748 1,155,099 1,175,445
Consumer 565,041 564,349 566,291 583,949 597,305
Leases and other loans(2) 356,877 337,409 336,973 348,591 301,914
Total Net Loans $24,266,345 $24,144,884 $24,041,489 $24,012,539 $23,862,574
Deposits, by type:
Noninterest-bearing
demand $5,334,920 $5,256,096 $5,136,210 $5,337,771 $5,435,934
Interest-bearing demand 7,823,683 7,970,188 8,035,393 7,593,083 7,804,388
Savings 8,875,256 8,512,829 8,417,678 8,271,925 8,208,526
Total demand and savings 22,033,859 21,739,113 21,589,281 21,202,779 21,448,848
Brokered 715,850 855,042 709,667 817,398 738,458
Time 4,018,626 3,995,252 4,033,542 4,117,890 4,141,666
Total Deposits $26,768,335 $26,589,407 $26,332,490 $26,138,067 $26,328,972
Borrowings, by type:
Federal Home Loan Bank
advances $200,000 $250,000 $450,000 $800,000 $750,000
Senior debt and
subordinated debt 367,720 367,637 367,557 367,476 367,396
Other borrowings 684,859 679,738 654,404 606,424 539,804
Total Borrowings $1,252,579 $1,297,375 $1,471,961 $1,773,900 $1,657,200
(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
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
Net Interest Income:
Interest income $390,056 $403,416 $411,006 $402,761 $399,692
Interest expense 128,033 137,374 146,808 147,840 148,505
Net Interest Income 262,023 266,042 264,198 254,921 251,187
Provision for credit losses 14,442 2,948 10,245 8,607 13,898
Net Interest Income after Provision 247,581 263,094 253,953 246,314 237,289
Non-Interest Income:
Wealth management 24,496 23,879 22,639 22,281 21,785
Commercial banking:
Merchant and card 6,343 6,847 7,327 7,376 6,591
Cash management 8,363 8,374 8,335 8,376 7,799
Capital markets 3,614 3,730 2,908 2,945 2,411
Other commercial banking 4,486 5,162 4,595 4,734 4,528
Total commercial banking 22,806 24,113 23,165 23,431 21,329
Consumer banking:
Card 7,887 8,366 8,246 7,958 7,544
Overdraft 3,798 4,109 4,153 3,817 3,295
Other consumer banking 2,491 2,967 2,775 2,753 2,229
Total consumer banking 14,176 15,442 15,174 14,528 13,068
Mortgage banking 3,955 3,636 3,711 3,991 3,138
Other 4,408 2,910 5,718 4,917 7,914
Non-interest income before investment securities
(losses) gains 69,841 69,980 70,407 69,148 67,234
Investment securities (losses) gains, net (2)
Total Non-Interest Income 69,841 69,980 70,407 69,148 67,232
Non-Interest Expense:
Salaries and employee benefits 109,917 121,632 111,265 107,123 103,526
Data processing and software 18,662 19,695 18,535 18,262 18,599
Net occupancy 18,229 17,554 15,954 16,410 18,207
Other outside services 12,750 13,105 12,951 12,009 11,837
Intangible amortization 5,349 5,365 5,368 5,460 6,269
FDIC insurance 4,249 4,540 5,089 4,951 5,597
Equipment 3,924 4,001 3,926 4,100 4,150
Professional fees 2,239 2,088 2,320 2,163 (1,078)
Marketing 2,331 1,694 2,470 2,604 2,521
Acquisition-related expenses 2,644 802 380
Other 20,000 22,510 18,696 19,729 19,452
Total Non-Interest Expense 200,294 212,986 196,574 192,811 189,460
Income Before Income Taxes 117,128 120,088 127,786 122,651 115,061
Income tax expense 22,367 21,118 27,332 23,453 22,074
Net Income 94,761 98,970 100,454 99,198 92,987
Preferred stock dividends (2,562) (2,562) (2,562) (2,562) (2,562)
Net Income Available to Common Shareholders $92,199 $96,408 $97,892 $96,636 $90,425
Three months ended
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
PER SHARE:
---
Net income available to common shareholders (basic) $0.51 $0.53 $0.54 $0.53 $0.50
Net income available to common shareholders
(diluted) $0.51 $0.53 $0.53 $0.53 $0.49
Cash dividends $0.19 $0.19 $0.18 $0.18 $0.18
Weighted average shares (basic) 179,720 180,405 181,658 182,261 182,179
Weighted average shares (diluted) 181,655 182,197 183,349 183,813 184,077
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
March 31, 2026 December 31, 2025 March 31, 2025
Average Yield/ Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate Balance Interest
(1) (1) (1) Rate
ASSETS
---
Interest-earning assets:
Net loans(2) $24,225,655 $341,843 5.70 % $24,053,089 $352,014 5.82 % $24,006,863 $347,626 5.86 %
Investment securities(3) 5,001,079 44,771 3.58 % 5,159,396 47,007 3.64 % 5,199,000 47,242 3.63 %
Other interest-earning assets 773,171 7,745 4.05 % 820,025 8,811 4.27 % 793,126 9,164 4.67 %
Total Interest-Earning Assets 29,999,905 394,359 5.31 % 30,032,510 407,832 5.40 % 29,998,989 404,032 5.44 %
Noninterest-earning assets:
Cash and due from banks 300,074 284,768 301,897
Premises and equipment 173,203 178,194 191,248
Other assets 1,896,687 1,898,152 1,864,996
Less: ACL - loans(4) (370,641) (380,461) (385,529)
Total Assets $31,999,228 $32,013,163 $31,971,601
LIABILITIES AND SHAREHOLDERS' EQUITY
---
Interest-bearing liabilities:
Demand deposits $7,774,121 $29,036 1.51 % $7,984,980 $33,831 1.68 % $7,753,586 $34,189 1.79 %
Savings deposits 8,684,478 44,663 2.09 % 8,519,075 47,219 2.20 % 7,971,728 45,101 2.29 %
Brokered deposits 856,823 8,210 3.89 % 803,755 8,325 4.11 % 904,722 10,038 4.50 %
Time deposits 4,015,644 33,896 3.42 % 3,986,459 34,996 3.48 % 4,127,784 41,564 4.08 %
Total Interest-Bearing Deposits 21,331,066 115,805 2.20 % 21,294,269 124,371 2.32 % 20,757,820 130,892 2.56 %
Borrowings and other interest-
bearing 1,359,113 12,228 3.65 % 1,345,837 13,003 3.83 % 1,754,900 17,613 4.07 %
liabilities
Total Interest-Bearing
Liabilities 22,690,179 128,033 2.29 % 22,640,106 137,374 2.41 % 22,512,720 148,505 2.67 %
Noninterest-bearing liabilities:
Demand deposits 5,120,028 5,243,390 5,412,063
Other liabilities 645,110 665,128 792,693
Total Liabilities 28,455,317 28,548,624 28,717,476
Total Deposits 26,451,094 1.78 % 26,537,659 1.86 % 26,169,883 2.03 %
Total interest-bearing
liabilities and 27,810,207 1.87 % 27,883,496 1.96 % 27,924,783 2.15 %
non-interest bearing deposits
(cost of
funds)
Shareholders' equity 3,543,911 3,464,539 3,254,125
Total Liabilities and
Shareholders' $31,999,228 $32,013,163 $31,971,601
Equity
Net interest income/net interest
margin 266,326 3.58 % 270,458 3.59 % 255,527 3.43 %
(fully taxable equivalent)
Tax equivalent adjustment (4,303) (4,416) (4,340)
Net Interest Income $262,023 $266,042 $251,187
(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
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
Loans, by type:
Real estate -commercial
mortgage $9,930,713 $9,785,717 $9,721,395 $9,652,320 $9,655,283
Commercial and industrial 4,522,694 4,473,522 4,494,662 4,530,085 4,608,401
Real estate -residential
mortgage 6,696,646 6,646,318 6,560,413 6,448,443 6,367,978
Real estate -home equity 1,235,977 1,223,293 1,191,465 1,179,109 1,160,713
Real estate -construction 926,026 1,014,343 1,125,130 1,172,138 1,296,090
Consumer 576,852 577,136 590,658 599,505 615,741
Leases and other loans(1) 336,747 332,760 336,599 318,142 302,657
Total Net Loans $24,225,655 $24,053,089 $24,020,322 $23,899,742 $24,006,863
Deposits, by type:
Noninterest-bearing demand $5,120,028 $5,243,390 $5,239,393 $5,303,997 $5,412,063
Interest-bearing demand 7,774,121 7,984,980 7,876,227 7,800,881 7,753,586
Savings 8,684,478 8,519,075 8,391,379 8,219,637 7,971,728
Total demand and savings 21,578,627 21,747,445 21,506,999 21,324,515 21,137,377
Brokered 856,823 803,755 694,486 688,957 904,722
Time 4,015,644 3,986,459 4,097,195 4,112,130 4,127,784
Total Deposits $26,451,094 $26,537,659 $26,298,680 $26,125,602 $26,169,883
Borrowings, by type:
Federal funds purchased
$ - $54
$ - $1,099
$ -
Federal Home Loan Bank
advances 221,039 237,880 484,022 712,198 709,367
Senior debt and subordinated
debt 367,679 367,598 367,517 367,438 367,357
Other borrowings and other
interest-bearing liabilities 770,395 740,305 713,456 675,511 678,176
Total Borrowings $1,359,113 $1,345,837 $1,564,995 $1,756,246 $1,754,900
(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
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
Allowance for credit losses related to net loans:
---
Balance at beginning of period $364,462 $376,258 $377,337 $379,677 $379,156
Initial allowance for credit losses on purchased loans 3,351
Loans charged off:
Real estate - commercial mortgage (4,102) (14,104) (3,906) (6,402) (12,106)
Commercial and industrial (10,545) (5,295) (5,847) (5,780) (3,865)
Real estate - residential mortgage (391) (58) (394) (258) (343)
Consumer and home equity (2,164) (2,212) (2,527) (1,885) (2,193)
Real estate - construction (5,286) (100)
Leases and other loans(2) (1,116) (1,140) (1,479) (1,491) (1,527)
Total loans charged off (18,318) (22,809) (19,439) (15,916) (20,034)
Recoveries of loans previously charged off:
Real estate - commercial mortgage 701 633 4,307 133 374
Commercial and industrial 740 6,592 3,205 2,628 5,952
Real estate - residential mortgage 72 230 33 203 174
Consumer and home equity 584 861 726 899 660
Real estate - construction 884 47 99 82
Leases and other loans(2) 429 146 192 240 201
Total recoveries of loans previously charged off 3,410 8,462 8,510 4,202 7,443
Net loans charged off (14,908) (14,347) (10,929) (11,714) (12,591)
Provision for credit losses(1) 14,584 2,551 9,850 9,374 13,112
Balance at end of period $367,489 $364,462 $376,258 $377,337 $379,677
Net charge-offs to average loans
(3) 0.25 % 0.24 % 0.18 % 0.20 % 0.21 %
Provision for credit losses related to OBS Credit Exposures
---
Provision for credit losses(1) $(142) $397 $395 $(767) $786
NON-PERFORMING ASSETS:
---
Non-accrual loans $142,035 $153,872 $150,137 $182,942 $162,426
Loans 90 days past due and accruing 33,816 29,924 48,597 29,949 34,367
Total non-performing loans 175,851 183,796 198,734 212,891 196,793
Other real estate owned 1,648 1,365 2,305 2,706 2,193
Total non-performing assets $177,499 $185,161 $201,039 $215,597 $198,986
NON-PERFORMING LOANS, BY TYPE:
---
Commercial and industrial $47,759 $47,756 $48,817 $45,565 $42,913
Real estate - commercial mortgage 64,890 74,981 87,789 90,852 88,081
Real estate - residential mortgage 47,826 45,569 44,689 37,703 46,878
Consumer and home equity 12,339 11,875 12,658 11,109 12,682
Real estate - construction 3,000 2,267 3,461 25,602 3,666
Leases and other loans(2) 37 1,348 1,320 2,060 2,573
Total non-performing loans $175,851 $183,796 $198,734 $212,891 $196,793
(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
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
Operating net income available to common shareholders
---
Net income available to common shareholders $92,199 $96,408 $97,892 $96,636 $90,425
Less: Other (1) (4,989) (738) (9) (122)
Plus: Core deposit intangible amortization 5,255 5,255 5,255 5,346 6,155
Plus: Acquisition-related expense 2,644 802 380
Plus: FDIC special assessment (95)
Plus: FultonFirst implementation and asset disposals 1,556 2,795 (207) (270) (47)
Less: Tax impact of adjustments (1,985) (791) (905) (1,064) (1,337)
Operating net income available to common shareholders (numerator) $99,669 $99,385 $101,297 $100,639 $95,454
Weighted average shares (diluted) (denominator) 181,655 182,197 183,349 183,813 184,077
Operating net income available to common shareholders, per share $0.55 $0.55 $0.55 $0.55 $0.52
(diluted)
Common shareholders' equity (tangible), per share
---
Shareholders' equity $3,505,283 $3,490,447 $3,413,598 $3,329,246 $3,274,321
Less: Preferred stock (192,878) (192,878) (192,878) (192,878) (192,878)
Less: Goodwill and intangible assets (607,647) (612,996) (618,361) (623,729) (629,189)
Tangible common shareholders' equity (numerator) $2,704,758 $2,684,573 $2,602,359 $2,512,639 $2,452,254
Shares outstanding, end of period (denominator) 178,843 179,895 180,865 182,379 182,204
Common shareholders' equity (tangible), per share $15.12 $14.92 $14.39 $13.78 $13.46
(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the
provision for credit losses related to a loan acquired in the Republic Acquisition.
Three months ended
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
Operating return on average assets
---
Net income $94,761 $98,970 $100,454 $99,198 $92,987
Less: Other (1) (4,989) (738) (9) (122)
Plus: Core deposit intangible amortization 5,255 5,255 5,255 5,346 6,155
Plus: Acquisition-related expense 2,644 802 380
Plus: FDIC special assessment (95)
Plus: FultonFirst implementation and asset disposals 1,556 2,795 (207) (270) (47)
Less: Tax impact of adjustments (1,985) (791) (905) (1,064) (1,337)
Operating net income (numerator) $102,231 $101,947 $103,859 $103,201 $98,016
Total average assets $31,999,228 $32,013,163 $31,924,038 $31,901,574 $31,971,601
Less: Average net core deposit intangible (54,629) (60,726) (65,999) (71,282) (77,039)
Total operating average assets (denominator) $31,944,599 $31,952,437 $31,858,039 $31,830,292 $31,894,562
Operating return on average assets(2) 1.30 % 1.27 % 1.29 % 1.30 % 1.25 %
Operating return on average common shareholders' equity (tangible)
---
Net income available to common shareholders $92,199 $96,408 $97,892 $96,636 $90,425
Less: Other (1) (4,989) (738) (9) (122)
Plus: Intangible amortization 5,349 5,365 5,368 5,460 6,269
Plus: Acquisition-related expense 2,644 802 380
Plus: FDIC special assessment (95)
Plus: FultonFirst implementation and asset disposals 1,556 2,795 (207) (270) (47)
Less: Tax impact of adjustments (2,005) (814) (929) (1,088) (1,361)
Adjusted net income available to common shareholders (numerator) $99,743 $99,472 $101,386 $100,729 $95,544
Average shareholders' equity $3,543,911 $3,464,539 $3,361,368 $3,304,015 $3,254,125
Less: Average preferred stock (192,878) (192,878) (192,878) (192,878) (192,878)
Less: Average goodwill and intangible assets (610,262) (615,600) (620,986) (626,383) (632,254)
Average tangible common shareholders' equity (denominator) $2,740,771 $2,656,061 $2,547,504 $2,484,754 $2,428,993
Operating return on average common shareholders' equity (tangible)(2) 14.76 % 14.86 % 15.79 % 16.26 % 15.95 %
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity $3,505,283 $3,490,447 $3,413,598 $3,329,246 $3,274,321
Less: Preferred stock (192,878) (192,878) (192,878) (192,878) (192,878)
Less: Goodwill and intangible assets (607,647) (612,996) (618,361) (623,729) (629,189)
Tangible common shareholders' equity (numerator) $2,704,758 $2,684,573 $2,602,359 $2,512,639 $2,452,254
Total assets $32,237,438 $32,118,400 $31,995,086 $32,040,448 $32,132,028
Less: Goodwill and intangible assets (607,647) (612,996) (618,361) (623,729) (629,189)
Total tangible assets (denominator) $31,629,791 $31,505,404 $31,376,725 $31,416,719 $31,502,839
Tangible common equity to tangible assets 8.55 % 8.52 % 8.29 % 8.00 % 7.78 %
(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the
provision for credit losses related to a loan acquired in the Republic Acquisition.
(2) Results are annualized.
Three months ended
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2026 2025 2025 2025 2025
Efficiency ratio
---
Non-interest expense $200,294 $212,986 $196,574 $192,811 $189,460
Less: Acquisition-related expense (2,644) (802) (380)
Less: FDIC special assessment 95
Less: FultonFirst implementation and asset disposals (1,556) (2,795) 207 270 47
Less: Intangible amortization (5,349) (5,365) (5,368) (5,460) (6,269)
Operating non-interest expense (numerator) $190,745 $204,119 $191,413 $187,621 $182,858
Net interest income $262,023 $266,042 $264,198 $254,921 $251,187
Tax equivalent adjustment 4,303 4,416 4,436 4,389 4,340
Plus: Total non-interest income 69,841 69,980 70,407 69,148 67,232
Less: Other revenue 11 (138) (9) (122)
Plus: Investment securities (gains) losses, net 2
Total revenue (denominator) $336,167 $340,449 $338,903 $328,449 $322,639
Efficiency ratio 56.7 % 60.0 % 56.5 % 57.1 % 56.7 %
Operating non-interest expense to total average assets
---
Non-interest expense $200,294 $212,986 $196,574 $192,811 $189,460
Less: Intangible amortization (5,349) (5,365) (5,368) (5,460) (6,269)
Less: Acquisition-related expense (2,644) (802) (380)
Less: FDIC special assessment 95
Less: FultonFirst implementation and asset disposals (1,556) (2,795) 207 270 47
Operating non-interest expense (numerator) $190,745 $204,119 $191,413 $187,621 $182,858
Total average assets (denominator) $31,999,228 $32,013,163 $31,924,038 $31,901,574 $31,971,601
Operating non-interest expenses to total average assets(1) 2.42 % 2.53 % 2.38 % 2.36 % 2.32 %
(1) Results are annualized.
Media Contact: Lacey Dean (717) 735-8688
Investor Contact: Rick Kraemer (717) 327-2567
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SOURCE Fulton Financial Corporation
