Original source text
, /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $99.9 million, or $0.52 per diluted share, for the second quarter of 2026, an increase of $7.7 million, or $0.01 per diluted share, in comparison to the first quarter of 2026. Operating net income available to common shareholders for the three months ended June 30, 2026 was $115.9 million(1), or $0.60 per diluted share(1), an increase of $16.2 million, or $0.05 per diluted share, in comparison to the first quarter of 2026.
FFC Net income available to common shareholders for the six months ended June 30, 2026 was $192.1 million, or $1.02 per diluted share, an increase of $5.0 million, and unchanged on a per diluted share basis, in comparison to the six months ended June 30, 2025. Operating net income available to common shareholders for the six months ended June 30, 2026, was $215.5 million(1), or $1.15 per diluted share(1), an increase of $19.4 million, or $0.08 per diluted share, in comparison to the six months ended June 30, 2025.
"During the quarter, we achieved record financial results and successfully completed the acquisition of Blue Foundry Bancorp," said Curtis J. Myers, Fulton Chairman, CEO, and President. "With the successful integration of Blue Foundry Bank already occurring earlier this month, we are well positioned to deepen existing relationships and drive growth in this expanded footprint. Our ongoing strong performance is due to high demand for our community banking approach and the commitment of our dedicated team members to making banking personal. Our sustained focus on executing our strategic priorities is creating long-term value for our shareholders."
Blue Foundry Bancorp Transaction(2)
On April 1, 2026, the Corporation completed its acquisition of Blue Foundry Bancorp and Blue Foundry Bank became a wholly owned subsidiary of the Corporation. On July 11, 2026, Blue Foundry Bank merged with and into Fulton Bank. As a result of the Blue Foundry Bancorp Transaction, the Corporation acquired total assets with preliminary fair values of approximately $2.1 billion including total loans with a preliminary fair value of approximately $1.6 billion and investments with a fair value of $226.5 million. The Corporation assumed total liabilities with a fair value of $1.8 billion including total deposits with a fair value of $1.5 billion and borrowings with a fair value of $276.0 million. Financial Highlights
Second quarter of 2026 operating results of $0.60 per diluted share(1) were impacted by the following items:
Net interest margin remained solid at 3.60%, representing a two basis point increase from the prior quarter. Non-interest income increased $9.5 million to $79.3 million compared to $69.8 million in the prior quarter. Non-interest expense increased $30.7 million to $231.0 million compared to $200.3 million in the prior quarter. Operating non-interest expense increased $19.9 million to $210.6 million(1) compared to $190.7 million in the prior quarter. Provision for credit losses was $4.9 million resulting in an allowance for credit losses attributable to net loans of $382.6 million, or 1.48% of total net loans as of June 30, 2026. The initial allowance for credit losses on loans acquired in the Blue Foundry Bancorp Transaction was $31.0 million. Common equity tier 1 capital ratio(3) increased to approximately 12.1% compared to 11.9% in the prior quarter. During the second quarter of 2026, 525,000 shares of the Corporation's common stock were repurchased under the 2026 Repurchase Program(4) at a cost of $11.1 million or an average of $21.19 per share. As of June 30, 2026, the Corporation repurchased $35.6 million of common stock under the 2026 Repurchase Program. The following items highlight notable changes in the components of net income in the second quarter of 2026 compared to the first quarter of 2026:
Net interest income increased $22.2 million to $284.3 million driven by a $17.5 million increase attributable to the Blue Foundry Bancorp Transaction. A $32.6 million increase in interest income on net loans, a $2.9 million increase in interest income on investment securities and a $2.6 million increase in interest income in other interest-earning assets were partially offset by a $10.9 million increase in interest expense on deposits and a $4.9 million increase in interest expense on borrowings and other interest-bearing liabilities. Purchase loan mark accretion from loans acquired in the Republic Transaction(5) was $9.9 million in the second quarter of 2026 compared to $10.3 million in the prior quarter. Purchase loan mark accretion from loans acquired in the Blue Foundry Bancorp Transaction was $5.2 million in the second quarter of 2026. Interest expense on borrowings and other interest-bearing liabilities included approximately $2.4 million from the Corporation's $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 that were redeemed on June 15, 2026. Non-interest income before investment securities gains (losses) was $79.3 million compared to $69.8 million in the prior quarter. The $9.5 million increase was primarily attributable to a $7.3 million increase in income from equity method investments, reflected in other income, that included $6.9 million of income recognized from an equity method investment that was sold during the quarter. Compared to the prior quarter, mortgage banking income increased by $1.0 million. Non-interest expense was $231.0 million compared to $200.3 million in the prior quarter. The $30.7 million increase was primarily due to an $11.2 million increase in acquisition-related expenses and a $10.3 million increase in salaries and employee benefits expense driven by a $6.2 million increase as a result of the Blue Foundry Bancorp Transaction and a $3.5 million increase in incentive compensation expense. Increases of $2.2 million and $1.8 million in other outside services expense and data processing and software expense, respectively, were primarily driven by the Blue Foundry Bancorp Transaction. Other non-interest expense for the second quarter of 2026 included a $2.1 million charge incurred related to merging two employee pension plans and $0.8 million of debt extinguishment costs. Balance Sheet Summary
Total net loans increased $1.7 billion to $25.9 billion compared to $24.3 billion as of March 31, 2026. The increase was primarily due to a $1.6 billion increase in loans, based on preliminary fair values, as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net loans increased $102.6 million with an increase of $206.9 million in consumer loans(6), partially offset by a decrease of $104.3 million in commercial loans(6). Deposits totaled $28.3 billion, a $1.5 billion increase compared to $26.8 billion as of March 31, 2026. The increase was primarily due to a $1.2 billion increase in deposits as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net deposits increased $249.2 million due to increases of $257.4 million in brokered deposits, $189.4 million in savings deposits and $76.4 million in time deposits, partially offset by decreases of $155.6 million in interest-bearing demand deposits and $118.5 million in noninterest-bearing demand deposits. On May 5, 2026, the Corporation issued $300.0 million aggregate principal amount of 5.950% Fixed-to-Floating Rate Subordinated Notes due 2036. On June 15, 2026, the Corporation redeemed $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030. Provision for Credit Losses and Asset Quality
The provision for credit losses totaled $4.9 million in the second quarter of 2026 compared to $14.4 million in the first quarter of 2026. The allowance for credit losses attributable to net loans was $382.6 million, or 1.48% of total net loans as of June 30, 2026, compared to $367.5 million, or 1.51% of total net loans as of March 31, 2026. The increase was largely due to a $28.7 million increase in the allowance for credit losses as a result of the Blue Foundry Bancorp Transaction. Non-performing assets were $187.1 million, or 0.54% of total assets, as of June 30, 2026, in comparison to $177.5 million, or 0.55% of total assets, as of March 31, 2026. Non-performing assets include $16.4 million from the Blue Foundry Bancorp Transaction. Annualized net charge-offs for the second quarter of 2026 were 0.34% of total average loans in comparison to 0.25% in the prior quarter. Additional information on Fulton is available 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)
On April 1, 2026, the Corporation completed its previously announced acquisition of Blue Foundry Bancorp (the "Blue Foundry Bancorp Transaction"). Following the Blue Foundry Bancorp Transaction, Blue Foundry Bank, a New Jersey-chartered stock savings bank and wholly owned subsidiary of Blue Foundry Bancorp, operated as a separate, wholly owned subsidiary of the Corporation until Blue Foundry Bank merged with and into the Corporation's wholly owned subsidiary Fulton Bank, National Association ("Fulton Bank") on July 11, 2026, with Fulton Bank continuing as the surviving bank.
(3)
Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual.
(4)
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.
(5)
On April 26, 2024, 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 Transaction"), 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.
(6)
Commercial loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include decreases of $54.9 million in commercial and industrial loans, $29.7 million in commercial construction loans, reflected in real estate - construction, $18.8 million in real estate - commercial mortgage loans and $1.0 million in leases and other loans. Consumer loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include increases of $132.3 million in real estate - residential mortgage loans, $48.7 million in real estate - home equity loans, $20.9 million in residential construction loans, reflected in real estate - construction and $5.0 million in consumer loans.
Note: Some numbers contained in this document may not sum due to rounding.
Forward-Looking Statements
This press release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Forward-looking statements are any statement that does not relate to historical or current facts and 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, 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.
Numerous factors could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, including, but not limited to, the following: the impact of adverse conditions in the economy and financial markets; trade policies and the imposition of tariffs and retaliatory tariffs; the impacts of events affecting the financial services industry; the effects of actions by the federal government, including those of the Board of Governors of the Federal Reserve System and other government agencies, that impact the money supply and market interest rates; the effects of market interest rates and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities on net interest margin and net interest income; the composition of the Corporation's loan portfolio and potential exposure to increased credit risk; the effects of changes in interest rates; investment securities gains and losses, including declines in the fair value of securities; disruptions in liquidity markets; capital and liquidity strategies; the Corporation's ability to generate capital internally or raise capital on favorable terms; the effects of competition; possible goodwill impairment charges; the impact of operational risks; the loss of, or failure to safeguard, confidential or proprietary information; the Corporation's failure to identify and promptly address cybersecurity risks; the impact of failures of the Corporation's third-party vendors to perform in accordance with contractual arrangements; the effects of concerns about other financial institutions on the Corporation; potential losses in connection with repurchase and indemnification payments related to sold loans; the effects of climate change on the Corporation's business and results of operations; the effects of increases in non-performing assets; the determination of the allowance for credit losses; the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject; changes in law, regulation and government policy; the continuing impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act; potential negative consequences resulting from regulatory violations, investigations and examinations; the effects of adverse outcomes in litigation and governmental or administrative proceedings; the effects of changes in U.S. federal, state or local tax laws; the effects of the significant amounts of time and expense associated with regulatory compliance and risk management; the Corporation's ability to realize anticipated reductions in non-interest expense and increases in revenue from strategic initiatives implemented from time to time; risks related to the acquisition of Blue Foundry Bancorp; completed and potential future acquisitions may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, military conflicts, wars and other international hostilities; public health crises and pandemics; the Corporation's ability to achieve its growth plans; the Corporation's ability to attract and retain talented personnel; the effects of competition from financial service companies and other companies offering bank services; the Corporation's ability to keep pace with technological changes; the Corporation's reliance on its subsidiaries for substantially all of its revenues; and the effects of negative publicity on the Corporation's reputation. For additional information about factors that could cause actual results to differ materially from those described in forward-looking statements, refer to 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, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 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
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Ending Balances
Investment securities(1)
$ 5,122,759
$ 4,861,967
$ 4,833,744
$ 5,045,270
$ 5,093,027
Net loans
25,934,293
24,266,345
24,144,884
24,041,489
24,012,539
Total assets
34,556,720
32,237,438
32,118,400
31,995,086
32,040,448
Deposits
28,250,342
26,768,335
26,589,407
26,332,490
26,138,067
Shareholders' equity
3,815,813
3,505,283
3,490,447
3,413,598
3,329,246
Average Balances
Investment securities(1)
4,983,015
4,785,276
4,921,669
5,025,072
5,084,371
Net loans
25,883,823
24,225,655
24,053,089
24,020,322
23,899,743
Total assets
34,193,608
31,999,228
32,013,163
31,924,038
31,901,574
Deposits
28,014,666
26,451,094
26,537,659
26,298,680
26,125,602
Shareholders' equity
3,788,421
3,543,911
3,464,539
3,361,368
3,304,015
Income Statement
Net interest income
284,252
262,023
266,042
264,198
254,921
Provision for credit losses
4,897
14,442
2,948
10,245
8,607
Non-interest income
79,306
69,841
69,980
70,407
69,148
Non-interest expense
230,954
200,294
212,986
196,574
192,811
Income before taxes
127,707
117,128
120,088
127,786
122,651
Net income available to common shareholders
99,852
92,199
96,408
97,892
96,636
Per Share
Net income available to common shareholders (basic)
$0.52
$0.51
$0.53
$0.54
$0.53
Net income available to common shareholders (diluted)
$0.52
$0.51
$0.53
$0.53
$0.53
Operating net income available to common shareholders(2)
$0.60
$0.55
$0.55
$0.55
$0.55
Cash dividends
$0.19
$0.19
$0.19
$0.18
$0.18
Common shareholders' equity
$18.92
$18.52
$18.33
$17.81
$17.20
Common shareholders' equity (tangible)(2)
$15.61
$15.12
$14.92
$14.39
$13.78
Weighted average shares (basic)
191,386
179,720
180,405
181,658
182,261
Weighted average shares (diluted)
192,997
181,655
182,197
183,349
183,813
(1) Includes related unrealized holding gains (losses) for available for sale ("AFS") securities.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Asset Quality
Net charge-offs to average loans (annualized)
0.34 %
0.25 %
0.24 %
0.18 %
0.20 %
Non-performing loans to total net loans
0.70 %
0.72 %
0.76 %
0.83 %
0.89 %
Non-performing assets to total assets
0.54 %
0.55 %
0.58 %
0.63 %
0.67 %
ACL - loans(1) to total loans
1.48 %
1.51 %
1.51 %
1.57 %
1.57 %
ACL - loans(1) to non-performing loans
211 %
209 %
198 %
189 %
177 %
Profitability
Return on average assets
1.20 %
1.20 %
1.23 %
1.25 %
1.25 %
Operating return on average assets(2)
1.39 %
1.30 %
1.27 %
1.29 %
1.30 %
Return on average common shareholders' equity
11.14 %
11.16 %
11.69 %
12.26 %
12.46 %
Operating return on average common shareholders' equity (tangible)(2)
15.71 %
14.76 %
14.86 %
15.79 %
16.26 %
Net interest margin
3.60 %
3.58 %
3.59 %
3.57 %
3.47 %
Efficiency ratio(2)
57.3 %
56.7 %
60.0 %
56.5 %
57.1 %
Non-interest expense to total average assets
2.71 %
2.54 %
2.64 %
2.44 %
2.42 %
Operating non-interest expense to total average assets(2)
2.47 %
2.42 %
2.53 %
2.38 %
2.36 %
Capital Ratios(3)
Tangible common equity ratio ("TCE")(2)
8.8 %
8.6 %
8.5 %
8.3 %
8.0 %
Tier 1 leverage ratio
9.9 %
9.9 %
9.7 %
9.6 %
9.4 %
Common equity Tier 1 capital ratio
12.1 %
11.9 %
11.8 %
11.6 %
11.3 %
Tier 1 risk-based capital ratio
12.8 %
12.7 %
12.6 %
12.4 %
12.1 %
Total risk-based capital ratio
15.9 %
15.2 %
15.2 %
15.0 %
14.7 %
(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet
("OBS") credit exposures.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
(3) Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
ASSETS
Cash and due from banks
$ 325,259
$ 311,796
$ 271,463
$ 307,267
$ 362,280
Other interest-earning assets
1,076,395
871,066
911,155
643,111
583,899
Loans held for sale
33,902
11,887
16,316
19,875
23,281
Investment securities
5,122,759
4,861,967
4,833,744
5,045,270
5,093,027
Net loans
25,934,293
24,266,345
24,144,884
24,041,489
24,012,539
Less: ACL - loans(1)
(382,580)
(367,489)
(364,462)
(376,258)
(377,337)
Loans, net
25,551,713
23,898,856
23,780,422
23,665,231
23,635,202
Net premises and equipment
186,184
168,941
175,240
178,644
184,290
Accrued interest receivable
121,220
112,083
113,698
114,003
117,130
Goodwill and intangible assets
633,485
607,647
612,996
618,361
623,729
Other assets
1,505,803
1,393,195
1,403,366
1,403,324
1,417,610
Total Assets
$ 34,556,720
$ 32,237,438
$ 32,118,400
$ 31,995,086
$ 32,040,448
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
$ 28,250,342
$ 26,768,335
$ 26,589,407
$ 26,332,490
$ 26,138,067
Borrowings
1,713,976
1,252,579
1,297,375
1,471,961
1,773,900
Other liabilities
776,589
711,241
741,171
777,037
799,235
Total Liabilities
30,740,907
28,732,155
28,627,953
28,581,488
28,711,202
Shareholders' equity
3,815,813
3,505,283
3,490,447
3,413,598
3,329,246
Total Liabilities and Shareholders' Equity
$ 34,556,720
$ 32,237,438
$ 32,118,400
$ 31,995,086
$ 32,040,448
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage
$ 10,914,813
$ 9,985,368
$ 9,820,944
$ 9,734,156
$ 9,678,038
Commercial and industrial
4,559,732
4,494,031
4,539,060
4,437,905
4,541,765
Real estate - residential mortgage
7,250,949
6,735,338
6,669,993
6,617,017
6,511,687
Real estate - home equity
1,336,068
1,253,192
1,242,831
1,214,399
1,193,410
Real estate - construction
946,654
876,498
970,298
1,134,748
1,155,099
Consumer
570,093
565,041
564,349
566,291
583,949
Leases and other loans(2)
355,984
356,877
337,409
336,973
348,591
Total Net Loans
$ 25,934,293
$ 24,266,345
$ 24,144,884
$ 24,041,489
$ 24,012,539
Deposits, by type:
Noninterest-bearing demand
$ 5,245,586
$ 5,334,920
$ 5,256,096
$ 5,136,210
$ 5,337,771
Interest-bearing demand
8,146,057
7,823,683
7,970,188
8,035,393
7,593,083
Savings
9,277,215
8,875,256
8,512,829
8,417,678
8,271,925
Total demand and savings
22,668,858
22,033,859
21,739,113
21,589,281
21,202,779
Brokered
975,204
715,850
855,042
709,667
817,398
Time
4,606,280
4,018,626
3,995,252
4,033,542
4,117,890
Total Deposits
$ 28,250,342
$ 26,768,335
$ 26,589,407
$ 26,332,490
$ 26,138,067
Borrowings, by type:
Federal Home Loan Bank advances
$ 552,500
$ 200,000
$ 250,000
$ 450,000
$ 800,000
Senior debt and subordinated debt
469,668
367,720
367,637
367,557
367,476
Other borrowings
691,808
684,859
679,738
654,404
606,424
Total Borrowings
$ 1,713,976
$ 1,252,579
$ 1,297,375
$ 1,471,961
$ 1,773,900
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
(2) Includes equipment lease financing, overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share and share data)
Three months ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
2026
2026
2025
2025
2025
2026
2025
Net Interest Income:
Interest income
$ 428,154
$ 390,056
$ 403,416
$ 411,006
$ 402,761
$ 818,210
$ 802,452
Interest expense
143,902
128,033
137,374
146,808
147,840
271,935
296,345
Net Interest Income
284,252
262,023
266,042
264,198
254,921
546,275
506,107
Provision for credit losses
4,897
14,442
2,948
10,245
8,607
19,339
22,505
Net Interest Income after Provision
279,355
247,581
263,094
253,953
246,314
526,936
483,602
Non-Interest Income:
Wealth management
23,139
24,496
23,879
22,639
22,281
47,635
44,066
Commercial banking:
Merchant and card
7,496
6,343
6,847
7,327
7,376
13,839
13,967
Cash management
8,817
8,363
8,374
8,335
8,376
17,180
16,175
Capital markets
3,530
3,614
3,730
2,908
2,945
7,144
5,356
Other commercial banking
4,979
4,486
5,162
4,595
4,734
9,465
9,262
Total commercial banking
24,822
22,806
24,113
23,165
23,431
47,628
44,760
Consumer banking:
Card
8,596
7,887
8,366
8,246
7,958
16,483
15,502
Overdraft
3,858
3,798
4,109
4,153
3,817
7,656
7,112
Other consumer banking
2,891
2,491
2,967
2,775
2,753
5,382
4,982
Total consumer banking
15,345
14,176
15,442
15,174
14,528
29,521
27,596
Mortgage banking
4,938
3,955
3,636
3,711
3,991
8,893
7,130
Other
11,062
4,408
2,910
5,718
4,917
15,470
12,830
Non-interest income before investment securities (losses) gains
79,306
69,841
69,980
70,407
69,148
149,147
136,382
Investment securities (losses) gains, net
—
—
—
—
—
—
(2)
Total Non-Interest Income
79,306
69,841
69,980
70,407
69,148
149,147
136,380
Non-Interest Expense:
Salaries and employee benefits
120,184
109,917
121,632
111,265
107,123
230,101
210,649
Data processing and software
20,419
18,662
19,695
18,535
18,262
39,081
36,861
Net occupancy
17,841
18,229
17,554
15,954
16,410
36,070
34,617
Other outside services
14,999
12,750
13,105
12,951
12,009
27,749
23,846
Intangible amortization
5,910
5,349
5,365
5,368
5,460
11,260
11,729
FDIC insurance
4,430
4,249
4,540
5,089
4,951
8,679
10,549
Equipment
4,086
3,924
4,001
3,926
4,100
8,010
8,249
Marketing
2,818
2,331
1,694
2,470
2,604
5,149
5,124
Professional fees
2,342
2,239
2,088
2,320
2,163
4,581
1,085
Acquisition-related expenses
13,839
2,644
802
—
—
16,483
380
Other
24,086
20,000
22,510
18,696
19,729
44,085
39,181
Total Non-Interest Expense
230,954
200,294
212,986
196,574
192,811
431,248
382,270
Income Before Income Taxes
127,707
117,128
120,088
127,786
122,651
244,835
237,712
Income tax expense
25,293
22,367
21,118
27,332
23,453
47,660
45,527
Net Income
102,414
94,761
98,970
100,454
99,198
197,175
192,185
Preferred stock dividends
(2,562)
(2,562)
(2,562)
(2,562)
(2,562)
(5,124)
(5,124)
Net Income Available to Common Shareholders
$ 99,852
$ 92,199
$ 96,408
$ 97,892
$ 96,636
$ 192,051
$ 187,061
Three months ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
2026
2026
2025
2025
2025
2026
2025
PER SHARE:
Net income available to common shareholders:
Net income available to common shareholders (basic)
$0.52
$0.51
$0.53
$0.54
$0.53
$1.03
$1.03
Net income available to common shareholders (diluted)
$0.52
$0.51
$0.53
$0.53
$0.53
$1.02
$1.02
Cash dividends
$0.19
$0.19
$0.19
$0.18
$0.18
$0.38
$0.36
Weighted average shares (basic)
191,386
179,720
180,405
181,658
182,261
185,585
182,220
Weighted average shares (diluted)
192,997
181,655
182,197
183,349
183,813
187,377
183,999
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
June 30, 2026
March 31, 2026
June 30, 2025
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)
$ 25,883,823
$ 374,426
5.80 %
$ 24,225,655
$ 341,843
5.70 %
$ 23,899,742
$ 349,490
5.86 %
Investment securities(3)
5,233,693
47,661
3.64 %
5,001,079
44,771
3.58 %
5,390,953
49,463
3.67 %
Other interest-earning assets
997,586
10,377
4.17 %
773,171
7,745
4.05 %
682,075
8,197
4.82 %
Total Interest-Earning Assets
32,115,102
432,464
5.40 %
29,999,905
394,359
5.31 %
29,972,770
407,150
5.44 %
Noninterest-earning assets:
Cash and due from banks
310,904
300,074
277,880
Premises and equipment
189,791
173,203
186,989
Other assets
1,978,494
1,896,687
1,848,891
Less: ACL - loans(4)
(400,683)
(370,641)
(384,956)
Total Assets
$ 34,193,608
$ 31,999,228
$ 31,901,574
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits
$ 8,279,932
$ 32,443
1.57 %
$ 7,774,121
$ 29,036
1.51 %
$ 7,800,881
$ 34,745
1.79 %
Savings deposits
9,128,400
47,299
2.08 %
8,684,478
44,663
2.09 %
8,219,637
47,462
2.32 %
Brokered deposits
887,546
8,589
3.88 %
856,823
8,210
3.89 %
688,957
7,495
4.36 %
Time deposits
4,540,334
38,406
3.39 %
4,015,644
33,896
3.42 %
4,112,130
39,492
3.85 %
Total Interest-Bearing Deposits
22,836,212
126,737
2.23 %
21,331,066
115,805
2.20 %
20,821,605
129,194
2.49 %
Borrowings and other interest-bearing liabilities
1,744,871
17,165
3.95 %
1,359,113
12,228
3.65 %
1,756,246
18,646
4.26 %
Total Interest-Bearing Liabilities
24,581,083
143,902
2.35 %
22,690,179
128,033
2.29 %
22,577,851
147,840
2.62 %
Noninterest-bearing liabilities:
Demand deposits
5,178,454
5,120,028
5,303,997
Other liabilities
645,650
645,110
715,711
Total Liabilities
30,405,187
28,455,317
28,597,559
Total Deposits
28,014,666
1.81 %
26,451,094
1.78 %
26,125,602
1.98 %
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)
29,759,537
1.94 %
27,810,207
1.87 %
27,881,848
2.13 %
Shareholders' equity
3,788,421
3,543,911
3,304,015
Total Liabilities and Shareholders' Equity
$ 34,193,608
$ 31,999,228
$ 31,901,574
Net interest income/net interest margin (fully taxable equivalent)
288,562
3.60 %
266,326
3.58 %
259,310
3.47 %
Tax equivalent adjustment
(4,310)
(4,303)
(4,389)
Net Interest Income
$ 284,252
$ 262,023
$ 254,921
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balances include non-performing loans.
(3) Average balances include amortized historical cost for AFS securities; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Loans, by type:
Real estate - commercial mortgage
$ 10,887,986
$ 9,930,713
$ 9,785,717
$ 9,721,395
$ 9,652,320
Commercial and industrial
4,602,800
4,522,694
4,473,522
4,494,662
4,530,085
Real estate - residential mortgage
7,189,941
6,696,646
6,646,318
6,560,413
6,448,443
Real estate - home equity
1,298,632
1,235,977
1,223,293
1,191,465
1,179,109
Real estate - construction
962,625
926,026
1,014,343
1,125,130
1,172,138
Consumer
592,106
576,852
577,136
590,658
599,505
Leases and other loans(1)
349,733
336,747
332,760
336,599
318,142
Total Net Loans
$ 25,883,823
$ 24,225,655
$ 24,053,089
$ 24,020,322
$ 23,899,742
Deposits, by type:
Noninterest-bearing demand
$ 5,178,454
$ 5,120,028
$ 5,243,390
$ 5,239,393
$ 5,303,997
Interest-bearing demand
8,279,932
7,774,121
7,984,980
7,876,227
7,800,881
Savings
9,128,400
8,684,478
8,519,075
8,391,379
8,219,637
Total demand and savings
22,586,786
21,578,627
21,747,445
21,506,999
21,324,515
Brokered
887,546
856,823
803,755
694,486
688,957
Time
4,540,334
4,015,644
3,986,459
4,097,195
4,112,130
Total Deposits
$ 28,014,666
$ 26,451,094
$ 26,537,659
$ 26,298,680
$ 26,125,602
Borrowings, by type:
Federal funds purchased
$ —
$ —
$ 54
$ —
$ 1,099
Federal Home Loan Bank advances
475,983
221,039
237,880
484,022
712,198
Senior debt and subordinated debt
509,493
367,679
367,598
367,517
367,438
Other borrowings and other interest-bearing liabilities
759,395
770,395
740,305
713,456
675,511
Total Borrowings
$ 1,744,871
$ 1,359,113
$ 1,345,837
$ 1,564,995
$ 1,756,246
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Six months ended June 30,
2026
2025
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$ 25,059,319
$ 716,268
5.75 %
$ 23,953,003
$ 697,115
5.86 %
Investment securities(3)
5,118,030
92,432
3.61 %
5,295,507
96,706
3.65 %
Other interest-earning assets
885,999
18,122
4.12 %
737,302
17,361
4.74 %
Total Interest-Earning Assets
31,063,348
826,822
5.35 %
29,985,812
811,182
5.44 %
Noninterest-Earning assets:
Cash and due from banks
305,519
289,822
Premises and equipment
181,545
189,108
Other assets
1,937,815
1,856,900
Less: ACL - loans(4)
(385,745)
(385,241)
Total Assets
$ 33,102,482
$ 31,936,401
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits
$ 8,028,425
$ 61,480
1.54 %
$ 7,777,364
$ 68,934
1.79 %
Savings deposits
8,907,666
91,961
2.08 %
8,134,377
92,563
2.29 %
Brokered deposits
872,269
16,798
3.88 %
796,243
17,533
4.44 %
Time deposits
4,279,437
72,304
3.41 %
4,081,913
81,055
4.00 %
Total Interest-Bearing Deposits
22,087,797
242,543
2.21 %
20,789,897
260,085
2.52 %
Borrowings and other interest-bearing liabilities
1,553,057
29,392
3.82 %
1,755,577
36,260
4.17 %
Total Interest-Bearing Liabilities
23,640,854
271,935
2.32 %
22,545,474
296,345
2.65 %
Noninterest-Bearing liabilities:
Demand deposits
5,149,402
5,357,731
Other liabilities
645,385
753,988
Total Liabilities
29,435,641
28,657,193
Total Deposits
27,237,199
1.80 %
26,147,628
2.01 %
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)
28,790,256
1.90 %
27,903,205
2.14 %
Shareholders' equity
3,666,841
3,279,208
Total Liabilities and Shareholders' Equity
$ 33,102,482
$ 31,936,401
Net interest income/net interest margin (fully taxable equivalent)
554,887
3.59 %
514,837
3.45 %
Tax equivalent adjustment
(8,612)
(8,730)
Net Interest Income
$ 546,275
$ 506,107
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balances include non-performing loans.
(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Six months ended June 30,
2026
2025
Loans, by type:
Real estate - commercial mortgage
$ 10,403,830
$ 9,653,793
Commercial and industrial
4,571,311
4,569,027
Real estate - residential mortgage
6,944,657
6,408,432
Real estate - home equity
1,267,478
1,169,961
Real estate - construction
944,248
1,233,770
Consumer
584,521
607,578
Leases and other loans(1)
343,274
310,442
Total Net Loans
$ 25,059,319
$ 23,953,003
Deposits, by type:
Noninterest-bearing demand
$ 5,149,402
$ 5,357,731
Interest-bearing demand
8,028,425
7,777,364
Savings
8,907,666
8,134,377
Total demand and savings
22,085,493
21,269,472
Brokered
872,269
796,243
Time
4,279,437
4,081,913
Total Deposits
$ 27,237,199
$ 26,147,628
Borrowings, by type:
Federal funds purchased
$ —
$ 552
Federal Home Loan Bank advances
349,215
710,790
Senior debt and subordinated debt
438,978
367,398
Other borrowings and other interest-bearing liabilities
764,865
676,837
Total Borrowings
$ 1,553,058
$ 1,755,577
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
Three months ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
Jun 30
2026
2026
2025
2025
2025
2026
2025
Allowance for credit losses related to net loans:
Balance at beginning of period
$ 367,489
$ 364,462
$ 376,258
$ 377,337
$ 379,677
$ 364,462
$ 379,156
Initial allowance for credit losses on purchased loans
30,993
3,351
—
—
—
34,344
—
Loans charged off:
Real estate - commercial mortgage
(10,789)
(4,102)
(14,104)
(3,906)
(6,402)
(14,891)
(18,508)
Commercial and industrial
(12,015)
(10,545)
(5,295)
(5,847)
(5,780)
(22,560)
(9,645)
Real estate - residential mortgage
(121)
(391)
(58)
(394)
(258)
(512)
(601)
Consumer and home equity
(2,119)
(2,164)
(2,212)
(2,527)
(1,885)
(4,284)
(4,078)
Real estate - construction
—
—
—
(5,286)
(100)
—
(100)
Leases and other loans(1)
(966)
(1,116)
(1,140)
(1,479)
(1,491)
(2,081)
(3,018)
Total loans charged off
(26,010)
(18,318)
(22,809)
(19,439)
(15,916)
(44,328)
(35,950)
Recoveries of loans previously charged off:
Real estate - commercial mortgage
1,629
701
633
4,307
133
2,330
507
Commercial and industrial
1,280
740
6,592
3,205
2,628
2,020
8,580
Real estate - residential mortgage
197
72
230
33
203
268
377
Consumer and home equity
484
584
861
726
899
1,068
1,559
Real estate - construction
—
884
—
47
99
884
181
Leases and other loans(1)
404
429
146
192
240
834
441
Total recoveries of loans previously charged off
3,994
3,410
8,462
8,510
4,202
7,404
11,645
Net loans charged off
(22,016)
(14,908)
(14,347)
(10,929)
(11,714)
(36,924)
(24,305)
Provision for credit losses(2)
6,308
14,584
2,551
9,850
9,374
20,892
22,486
Other
(194)
—
—
—
—
(194)
—
Balance at end of period
$ 382,580
$ 367,489
$ 364,462
$ 376,258
$ 377,337
$ 382,580
$ 377,337
Net charge-offs to average loans(3)
0.34 %
0.25 %
0.24 %
0.18 %
0.20 %
0.30 %
0.20 %
Provision for credit losses related to OBS Credit Exposures
Provision for credit losses(2)
$ (1,411)
$ (142)
$ 397
$ 395
$ (767)
$ (1,553)
$ 19
NON-PERFORMING ASSETS:
Non-accrual loans
$ 146,457
$ 142,035
$ 153,872
$ 150,137
$ 182,942
Loans 90 days past due and accruing
34,815
33,816
29,924
48,597
29,949
Total non-performing loans
181,272
175,851
183,796
198,734
212,891
Other real estate owned
5,791
1,648
1,365
2,305
2,706
Total non-performing assets
$ 187,063
$ 177,499
$ 185,161
$ 201,039
$ 215,597
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial
$ 39,466
$ 47,759
$ 47,756
$ 48,817
$ 45,565
Real estate - commercial mortgage
66,445
64,890
74,981
87,789
90,852
Real estate - residential mortgage
56,821
47,826
45,569
44,689
37,703
Consumer and home equity
12,387
12,339
11,875
12,658
11,109
Real estate - construction
6,135
3,000
2,267
3,461
25,602
Leases and other loans(2)
18
37
1,348
1,320
2,060
Total non-performing loans
$ 181,272
$ 175,851
$ 183,796
$ 198,734
$ 212,891
(1) Includes equipment lease financing, overdrafts and net origination fees and costs.
(2) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income.
(3) Quarterly results are annualized.
FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share and share data)
Explanatory note:
This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Operating net income available to common shareholders
Net income available to common shareholders
$ 99,852
$ 92,199
$ 96,408
$ 97,892
$ 96,636
Less: Other (1)
—
—
(4,989)
(738)
(9)
Plus: Core deposit intangible amortization
5,816
5,255
5,255
5,255
5,346
Plus: Acquisition-related expense
13,839
2,644
802
—
—
Plus: FDIC special assessment
—
—
(95)
—
—
Plus: FultonFirst implementation and asset disposals
(189)
1,556
2,795
(207)
(270)
Plus: Debt extinguishment costs
787
—
—
—
—
Less: Tax impact of adjustments
(4,253)
(1,985)
(791)
(905)
(1,064)
Operating net income available to common shareholders (numerator)
$ 115,852
$ 99,669
$ 99,385
$ 101,297
$ 100,639
Weighted average shares (diluted) (denominator)
192,997
181,655
182,197
183,349
183,813
Operating net income available to common shareholders, per share (diluted)
$ 0.60
$ 0.55
$ 0.55
$ 0.55
$ 0.55
Common shareholders' equity (tangible), per share
Shareholders' equity
$ 3,815,813
$ 3,505,283
$ 3,490,447
$ 3,413,598
$ 3,329,246
Less: Preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
(192,878)
Less: Goodwill and intangible assets
(633,485)
(607,647)
(612,996)
(618,361)
(623,729)
Tangible common shareholders' equity (numerator)
$ 2,989,450
$ 2,704,758
$ 2,684,573
$ 2,602,359
$ 2,512,639
Shares outstanding, end of period (denominator)
191,461
178,843
179,895
180,865
182,379
Common shareholders' equity (tangible), per share
$ 15.61
$ 15.12
$ 14.92
$ 14.39
$ 13.78
(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 Transaction.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Operating return on average assets
Net income
$ 102,414
$ 94,761
$ 98,970
$ 100,454
$ 99,198
Less: Other (1)
—
—
(4,989)
(738)
(9)
Plus: Core deposit intangible amortization
5,816
5,255
5,255
5,255
5,346
Plus: Acquisition-related expense
13,839
2,644
802
—
—
Plus: FDIC special assessment
—
—
(95)
—
—
Plus: FultonFirst implementation and asset disposals
(189)
1,556
2,795
(207)
(270)
Plus: Debt extinguishment costs
787
—
—
—
—
Less: Tax impact of adjustments
(4,253)
(1,985)
(791)
(905)
(1,064)
Operating net income (numerator)
$ 118,414
$ 102,231
$ 101,947
$ 103,859
$ 103,201
Total average assets
$ 34,193,608
$ 31,999,228
$ 32,013,163
$ 31,924,038
$ 31,901,574
Less: Average net core deposit intangible
(66,665)
(54,629)
(60,726)
(65,999)
(71,282)
Total operating average assets (denominator)
$ 34,126,943
$ 31,944,599
$ 31,952,437
$ 31,858,039
$ 31,830,292
Operating return on average assets(2)
1.39 %
1.30 %
1.27 %
1.29 %
1.30 %
Operating return on average common shareholders' equity (tangible)
Net income available to common shareholders
$ 99,852
$ 92,199
$ 96,408
$ 97,892
$ 96,636
Less: Other (1)
—
—
(4,989)
(738)
(9)
Plus: Intangible amortization
5,910
5,349
5,365
5,368
5,460
Plus: Acquisition-related expense
13,839
2,644
802
—
—
Plus: FDIC special assessment
—
—
(95)
—
—
Plus: FultonFirst implementation and asset disposals
(189)
1,556
2,795
(207)
(270)
Plus: Debt extinguishment costs
787
—
—
—
—
Less: Tax impact of adjustments
(4,273)
(2,005)
(814)
(929)
(1,088)
Adjusted net income available to common shareholders (numerator)
$ 115,926
$ 99,743
$ 99,472
$ 101,386
$ 100,729
Average shareholders' equity
$ 3,788,421
$ 3,543,911
$ 3,464,539
$ 3,361,368
$ 3,304,015
Less: Average preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
(192,878)
Less: Average goodwill and intangible assets
(635,278)
(610,262)
(615,600)
(620,986)
(626,383)
Average tangible common shareholders' equity (denominator)
$ 2,960,265
$ 2,740,771
$ 2,656,061
$ 2,547,504
$ 2,484,754
Operating return on average common shareholders' equity (tangible)(2)
15.71 %
14.76 %
14.86 %
15.79 %
16.26 %
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity
$ 3,815,813
$ 3,505,283
$ 3,490,447
$ 3,413,598
$ 3,329,246
Less: Preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
(192,878)
Less: Goodwill and intangible assets
(633,485)
(607,647)
(612,996)
(618,361)
(623,729)
Tangible common shareholders' equity (numerator)
$ 2,989,450
$ 2,704,758
$ 2,684,573
$ 2,602,359
$ 2,512,639
Total assets
$ 34,556,720
$ 32,237,438
$ 32,118,400
$ 31,995,086
$ 32,040,448
Less: Goodwill and intangible assets
(633,485)
(607,647)
(612,996)
(618,361)
(623,729)
Total tangible assets (denominator)
$ 33,923,235
$ 31,629,791
$ 31,505,404
$ 31,376,725
$ 31,416,719
Tangible common equity to tangible assets
8.81 %
8.55 %
8.52 %
8.29 %
8.00 %
(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 Transaction.
(2) Results are annualized.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Efficiency ratio
Non-interest expense
$ 230,954
$ 200,294
$ 212,986
$ 196,574
$ 192,811
Less: Acquisition-related expense
(13,839)
(2,644)
(802)
—
—
Less: FDIC special assessment
—
—
95
—
—
Less: FultonFirst implementation and asset disposals
189
(1,556)
(2,795)
207
270
Less: Debt extinguishment costs
(787)
—
—
—
—
Less: Intangible amortization
(5,910)
(5,349)
(5,365)
(5,368)
(5,460)
Operating non-interest expense (numerator)
$ 210,607
$ 190,745
$ 204,119
$ 191,413
$ 187,621
Net interest income
$ 284,252
$ 262,023
$ 266,042
$ 264,198
$ 254,921
Tax equivalent adjustment
4,310
4,303
4,416
4,436
4,389
Plus: Total non-interest income
79,306
69,841
69,980
70,407
69,148
Less: Other revenue
—
—
11
(138)
(9)
Plus: Investment securities (gains) losses, net
—
—
—
—
—
Total revenue (denominator)
$ 367,868
$ 336,167
$ 340,449
$ 338,903
$ 328,449
Efficiency ratio
57.3 %
56.7 %
60.0 %
56.5 %
57.1 %
Operating non-interest expense to total average assets
Non-interest expense
$ 230,954
$ 200,294
$ 212,986
$ 196,574
$ 192,811
Less: Intangible amortization
(5,910)
(5,349)
(5,365)
(5,368)
(5,460)
Less: Acquisition-related expense
(13,839)
(2,644)
(802)
—
—
Less: FDIC special assessment
—
—
95
—
—
Less: FultonFirst implementation and asset disposals
189
(1,556)
(2,795)
207
270
Less: Debt extinguishment costs
(787)
—
—
—
—
Operating non-interest expense (numerator)
$ 210,607
$ 190,745
$ 204,119
$ 191,413
$ 187,621
Total average assets (denominator)
$ 34,193,608
$ 31,999,228
$ 32,013,163
$ 31,924,038
$ 31,901,574
Operating non-interest expenses to total average assets(1)
2.47 %
2.42 %
2.53 %
2.38 %
2.36 %
(1) Results are annualized.
Six months ended
Jun 30
Jun 30
2026
2025
Operating net income available to common shareholders
Net income available to common shareholders
$ 192,051
$ 187,061
Less: Other
—
(131)
Plus: Core deposit intangible amortization
11,070
11,501
Plus: Acquisition-related expense
16,483
380
Plus: FultonFirst implementation and asset disposals
1,367
(317)
Plus: Debt extinguishment costs
787
—
Less: Tax impact of adjustments
(6,238)
(2,401)
Operating net income available to common shareholders (numerator)
$ 215,520
$ 196,093
Weighted average shares (diluted) (denominator)
187,377
183,999
Operating net income available to common shareholders, per share (diluted)
$ 1.15
$ 1.07
SOURCE Fulton Financial Corporation
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