Fulton Financial Corporation Announces First Quarter 2026 Results
"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:
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:
Balance Sheet Summary
Provision for Credit Losses and Asset Quality
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
shareholders
92,199
96,408
97,892
96,636
90,425
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
Operating net income available to common
shareholders (2)
$0.55
$0.55
$0.55
$0.55
$0.52
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'
equity
11.16 %
11.69 %
12.26 %
12.46 %
11.98 %
Operating return on average common
shareholders' equity (tangible) (2)
14.76 %
14.86 %
15.79 %
16.26 %
15.95 %
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
average assets (2)
2.42 %
2.53 %
2.38 %
2.36 %
2.32 %
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 (1)
Rate
Balance
Interest (1)
Rate
Balance
Interest (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
liabilities
1,359,113
12,228
3.65 %
1,345,837
13,003
3.83 %
1,754,900
17,613
4.07 %
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
non-interest bearing deposits (cost of
funds)
27,810,207
1.87 %
27,883,496
1.96 %
27,924,783
2.15 %
Shareholders' equity
3,543,911
3,464,539
3,254,125
Total Liabilities and Shareholders'
Equity
$ 31,999,228
$ 32,013,163
$ 31,971,601
Net interest income/net interest margin
(fully taxable equivalent)
266,326
3.58 %
270,458
3.59 %
255,527
3.43 %
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
(diluted)
$ 0.55
$ 0.55
$ 0.55
$ 0.55
$ 0.52
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
SOURCE Fulton Financial Corporation