Fulton Financial Corporation Announces 2025 Third Quarter Results

By PR Newswire | October 21, 2025, 4:30 PM

LANCASTER, Pa., Oct. 21, 2025 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $97.9 million, or $0.53 per diluted share, for the third quarter of 2025, an increase of $1.3 million in comparison to the second quarter of 2025. Operating net income available to common shareholders for the three months ended September 30, 2025 was $101.3 million(1), or $0.55 per diluted share(1), an increase of $0.7 million in comparison to the second quarter of 2025.

Net income available to common shareholders for the nine months ended September 30, 2025 was $285.0 million, or $1.55 per diluted share, an increase of $72.5 million, or $0.34 per diluted share, in comparison to the nine months ended September 30, 2024. Operating net income available to common shareholders for the nine months ended September 30, 2025, was $297.4 million(1), or $1.62 per diluted share(1), an increase of $58.2 million, or $0.25 per diluted share, in comparison to the nine months ended September 30, 2024.

"We're proud to announce record operating net income surpassing $101 million, or $0.55 per diluted share, during the third quarter," said Curtis J. Myers, Chairman and CEO of Fulton. "Our continued success is a result of our focus on serving as trusted advisors to our customers and deepening our customer relationships."

Financial Highlights

Third quarter of 2025 operating results of $0.55 per diluted share were impacted by the following items:

  • Solid net interest margin of 3.57%, with a four basis point decrease in total cost of funds compared to the prior quarter.
  • Non-interest income increased $1.3 million to $70.4 million compared to $69.1 million in the prior quarter.
  • Non-interest expense increased $3.8 million to $196.6 million compared to $192.8 million in the prior quarter. Operating non-interest expense increased $3.8 million to $191.4 million(1) compared to $187.6 million in the prior quarter.
  • Provision for credit losses was $10.2 million resulting in an allowance for credit losses attributable to net loans of $376.3 million, or 1.57% of total net loans as of September 30, 2025.
  • Common equity tier 1 capital ratio(2) increased to approximately 11.5% compared to 11.3% in the prior quarter.
  • During the third quarter of 2025, 1,650,000 shares of the Corporation's common stock were repurchased under the 2025 Repurchase Program(3) at a cost of $30.8 million or an average of $18.67 per share. The value of common stock that may be repurchased under the 2025 Repurchase Program was $85.6 million as of September 30, 2025.

The following items highlight notable changes in the components of net income in the third quarter of 2025 compared to the second quarter of 2025:

  • Net interest income totaled $264.2 million, an increase of $9.3 million. An increase of $8.9 million in interest income on net loans and a $2.1 million decrease in interest expense on borrowings and other interest-bearing liabilities was partially offset by a $1.0 million increase in interest expense on deposits and a $0.6 million decrease in interest income on other interest-earning assets. Purchase loan mark accretion from loans acquired in the Acquisition(4) was $12.7 million in the third quarter of 2025 compared to $11.4 million in the prior quarter.
  • Non-interest income before investment securities gains (losses) was $70.4 million compared to $69.1 million in the prior quarter. The $1.3 million increase was primarily due to increases of $0.4 million in wealth management revenues, $0.3 million in overdraft fee income and $0.3 million in consumer card income. Other non-interest income increased $0.8 million primarily as a result of a gain on sale of loans of $1.1 million, partially offset by a $0.3 million decrease in income from equity method investments.
  • Non-interest expense was $196.6 million compared to $192.8 million in the prior quarter. The $3.8 million increase in non-interest expense was primarily due to a $4.1 million increase in salaries and employee benefits expense largely due to an increase in incentive compensation expense and one additional calendar day in the third quarter of 2025. Included in salaries and employee benefits expense was $0.5 million in employee severance expense.

Balance Sheet Summary

  • Total net loans of $24.0 billion as of September 30, 2025 increased nominally in comparison to June 30, 2025. The $29.0 million increase in net loans was due to increases of $115.4 million in consumer loans(5), partially offset by a decrease of $86.4 million in commercial and other loans(5).
  • Deposits totaled $26.3 billion, an increase of $194.4 million, compared to $26.1 billion as of June 30, 2025. The increase was primarily due to increases of $442.3 million in interest-bearing demand deposits due to seasonal trends in the municipal deposit portfolio, and $145.8 million in savings deposits, partially offset by decreases of $201.6 million in noninterest-bearing demand deposits, $107.7 million in brokered deposits and $84.3 million in time deposits.

Provision for Credit Losses and Asset Quality

  • The provision for credit losses was $10.2 million in the third quarter of 2025, resulting in a $376.3 million allowance for credit losses attributable to net loans, or 1.57% of total net loans as of September 30, 2025, compared to $377.3 million, or 1.57% of total net loans as of June 30, 2025.
  • Non-performing assets were $201.0 million, or 0.63% of total assets, as of September 30, 2025, in comparison to $215.6 million, or 0.67% of total assets, as of June 30, 2025.
  • Annualized net charge-offs for the third quarter of 2025 were 0.18% of total average loans in comparison to 0.20% 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 September 30, 2025, are preliminary estimates and prior periods are actual.









(3)

The 2025 Repurchase Program represents the authorization, commencing on January 1, 2025 and expiring on December 31, 2025, to repurchase up to $125 million of the Corporation's common stock. Under this authorization, up to $25 million of the $125 million authorization may be used to repurchase the Corporation's preferred stock and outstanding subordinated notes due 2030. 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 2025 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2025 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 "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)

Commercial loans include real estate - commercial mortgage, commercial and industrial, leases and other loans and includes a decrease in commercial construction loans of $27.0 million, reflected in real estate - construction. Consumer loans include real estate - residential mortgage, real estate - home equity, consumer and includes an increase of $6.7 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, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 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







Sep 30



Jun  30



Mar 31



Dec 31



Sep 30







2025



2025



2025



2024



2024





Ending Balances























Investment securities(1)

$   5,045,270



$    5,093,027



$   5,071,323



$   4,806,468



$   4,545,278





Net loans

24,041,489



24,012,539



23,862,574



24,044,919



24,176,075





Total assets

31,995,086



32,040,448



32,132,028



32,071,810



32,185,726





Deposits

26,332,490



26,138,067



26,328,972



26,129,433



26,152,144





Shareholders' equity

3,413,598



3,329,246



3,274,321



3,197,325



3,203,943





























Average Balances























Investment securities(1)

5,025,072



5,084,371



4,906,952



4,771,537



4,237,805





Net loans

24,020,322



23,899,743



24,006,863



24,068,784



24,147,801





Total assets

31,924,038



31,901,574



31,971,601



32,098,852



31,895,235





Deposits

26,298,680



26,125,602



26,169,883



26,313,378



25,778,259





Shareholders' equity

3,361,368



3,304,015



3,254,125



3,219,026



3,160,322





























Income Statement























Net interest income

264,198



254,921



251,187



253,659



258,009





Provision for credit losses

10,245



8,607



13,898



16,725



11,929





Non-interest income

70,407



69,148



67,232



65,924



59,673





Non-interest expense

196,574



192,811



189,460



216,615



226,089





Income before taxes

127,786



122,651



115,061



86,243



79,664





Net income available to common shareholders

97,892



96,636



90,425



66,058



60,644





























Per Share























Net income available to common shareholders (basic)

$0.54



$0.53



$0.50



$0.36



$0.33





Net income available to common shareholders (diluted)

$0.53



$0.53



$0.49



$0.36



$0.33





Operating net income available to common shareholders(2)

$0.55



$0.55



$0.52



$0.48



$0.50





Cash dividends

$0.18



$0.18



$0.18



$0.18



$0.17





Common shareholders' equity

$17.81



$17.20



$16.91



$16.50



$16.55





Common shareholders' equity (tangible)(2)

$14.39



$13.78



$13.46



$13.01



$13.02





Weighted average shares (basic)

181,658



182,261



182,179



182,032



181,905





Weighted average shares (diluted)

183,349



183,813



184,077



183,867



183,609





(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







Sep 30



Jun  30



Mar 31



Dec 31



Sep 30







2025



2025



2025



2024



2024





Asset Quality























Net charge-offs to average loans (annualized)

0.18 %



0.20 %



0.21 %



0.22 %



0.18 %





Non-performing loans to total net loans

0.83 %



0.89 %



0.82 %



0.92 %



0.84 %





Non-performing assets to total assets

0.63 %



0.67 %



0.62 %



0.69 %



0.64 %





ACL - loans(1) to total loans

1.57 %



1.57 %



1.59 %



1.58 %



1.56 %





ACL - loans(1) to non-performing loans

189 %



177 %



193 %



172 %



186 %





























Profitability























Return on average assets

1.25 %



1.25 %



1.18 %



0.85 %



0.79 %





Operating return on average assets(2)

1.29 %



1.30 %



1.25 %



1.14 %



1.17 %





Return on average common shareholders' equity

12.26 %



12.46 %



11.98 %



8.68 %



8.13 %





Operating return on average common

shareholders' equity (tangible)(2)

15.79 %



16.26 %



15.95 %



14.83 %



15.65 %





Net interest margin

3.57 %



3.47 %



3.43 %



3.41 %



3.49 %





Efficiency ratio(2)

56.5 %



57.1 %



56.7 %



58.4 %



59.6 %





Non-interest expense to total average assets

2.44 %



2.42 %



2.40 %



2.68 %



2.82 %





Operating non-interest expense to total average assets(2)

2.38 %



2.36 %



2.32 %



2.36 %



2.45 %





























Capital Ratios (3)























Tangible common equity ratio ("TCE")(2)

8.3 %



8.0 %



7.8 %



7.5 %



7.5 %





Tier 1 leverage ratio

9.5 %



9.4 %



9.2 %



9.0 %



9.0 %





Common equity Tier 1 capital ratio

11.5 %



11.3 %



11.1 %



10.8 %



10.5 %





Tier 1 risk-based capital ratio

12.3 %



12.1 %



11.9 %



11.5 %



11.3 %





Total risk-based capital ratio

14.9 %



14.7 %



14.5 %



14.3 %



14.0 %





























(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 September 30, 2025 are preliminary estimates and prior periods are actual.





 

FULTON FINANCIAL CORPORATION





CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)





(dollars in thousands)































Sep 30



Jun  30



Mar 31



Dec 31



Sep 30





2025



2025



2025



2024



2024

ASSETS



















Cash and due from banks

$     307,267



$     362,280



$     388,503



$     279,041



$     296,500



Other interest-earning assets

643,111



583,899



778,117



924,404



1,287,392



Loans held for sale

19,875



23,281



15,965



25,618



17,678



Investment securities

5,045,270



5,093,027



5,071,323



4,806,468



4,545,278



Net loans

24,041,489



24,012,539



23,862,574



24,044,919



24,176,075



Less: ACL - loans(1)

(376,258)



(377,337)



(379,677)



(379,156)



(375,961)



   Loans, net

23,665,231



23,635,202



23,482,897



23,665,763



23,800,114



Net premises and equipment

178,644



184,290



186,873



195,527



171,731



Accrued interest receivable

114,003



117,130



116,215



117,029



115,903



Goodwill and intangible assets

618,361



623,729



629,189



635,458



641,739



Other assets

1,403,324



1,417,610



1,462,946



1,422,502



1,309,391



    Total Assets

$ 31,995,086



$ 32,040,448



$ 32,132,028



$ 32,071,810



$ 32,185,726

LIABILITIES AND SHAREHOLDERS' EQUITY



















Deposits

$ 26,332,490



$ 26,138,067



$ 26,328,972



$ 26,129,433



$ 26,152,144



Borrowings

1,471,961



1,773,900



1,657,200



1,782,048



2,052,227



Other liabilities

777,037



799,235



871,535



963,004



777,412



    Total Liabilities

28,581,488



28,711,202



28,857,707



28,874,485



28,981,783



Shareholders' equity

3,413,598



3,329,246



3,274,321



3,197,325



3,203,943



    Total Liabilities and Shareholders' Equity

$ 31,995,086



$ 32,040,448



$ 32,132,028



$ 32,071,810



$ 32,185,726























LOANS, DEPOSITS AND BORROWINGS DETAIL:













Loans, by type:



















Real estate - commercial mortgage

$  9,734,156



$  9,678,038



$  9,676,517



$  9,601,858



$  9,493,479



Commercial and industrial

4,437,905



4,541,765



4,531,266



4,605,589



4,914,734



Real estate - residential mortgage

6,617,017



6,511,687



6,409,657



6,349,643



6,302,624



Real estate - home equity

1,214,399



1,193,410



1,170,470



1,160,616



1,144,402



Real estate - construction

1,134,748



1,155,099



1,175,445



1,394,899



1,332,954



Consumer

566,291



583,949



597,305



616,856



651,717



Leases and other loans(2)

336,973



348,591



301,914



315,458



336,165



Total Net Loans

$ 24,041,489



$ 24,012,539



$ 23,862,574



$ 24,044,919



$ 24,176,075

Deposits, by type:



















Noninterest-bearing demand

$  5,136,210



$  5,337,771



$  5,435,934



$  5,499,760



$  5,501,699



Interest-bearing demand

8,035,393



7,593,083



7,804,388



7,843,604



7,779,472



Savings

8,417,678



8,271,925



8,208,526



7,792,114



7,740,595



     Total demand and savings

21,589,281



21,202,779



21,448,848



21,135,478



21,021,766



Brokered

709,667



817,398



738,458



843,857



843,473



Time

4,033,542



4,117,890



4,141,666



4,150,098



4,286,905



Total Deposits

$ 26,332,490



$ 26,138,067



$ 26,328,972



$ 26,129,433



$ 26,152,144

Borrowings, by type:



















Federal Home Loan Bank advances

$     450,000



$     800,000



$     750,000



$     850,000



$     950,000



Senior debt and subordinated debt

367,557



367,476



367,396



367,316



535,917



Other borrowings

654,404



606,424



539,804



564,732



566,310



Total Borrowings

$  1,471,961



$  1,773,900



$  1,657,200



$  1,782,048



$  2,052,227























(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



Nine months ended







Sep 30



Jun  30



Mar 31



Dec 31



Sep 30



Sep 30







2025



2025



2025



2024



2024



2025



2024

Net Interest Income:































Interest income



$ 411,006



$ 402,761



$ 399,692



$ 414,368



$ 427,656



$  1,213,458



$  1,167,828



Interest expense



146,808



147,840



148,505



160,709



169,647



443,153



461,162



    Net Interest Income



264,198



254,921



251,187



253,659



258,009



770,305



706,666



Provision for credit losses



10,245



8,607



13,898



16,725



11,929



32,749



54,910



    Net Interest Income after Provision



253,953



246,314



237,289



236,934



246,080



737,556



651,756

Non-Interest Income:































Wealth management



22,639



22,281



21,785



22,002



21,596



66,705



62,741



Commercial banking:































   Merchant and card



7,327



7,376



6,591



7,082



7,496



21,294



22,103



   Cash management



8,335



8,376



7,799



7,633



7,201



24,510



20,473



   Capital markets



2,908



2,945



2,411



2,797



3,311



8,264



8,236



   Other commercial banking



4,595



4,734



4,528



4,942



4,281



13,857



11,716



Total commercial banking



23,165



23,431



21,329



22,454



22,289



67,925



62,528



Consumer banking:































  Card



8,246



7,958



7,544



8,064



7,917



23,748



22,850



  Overdraft



4,153



3,817



3,295



3,644



3,957



11,265



10,120



  Other consumer banking



2,775



2,753



2,229



2,601



3,054



7,757



8,226



Total consumer banking



15,174



14,528



13,068



14,309



14,928



42,770



41,196



Mortgage banking



3,711



3,991



3,138



3,759



3,142



10,841



10,183



Gain on acquisition, net of tax









(2,689)



(7,706)





39,685



Other



5,718



4,917



7,914



6,089



5,425



18,547



13,756



Non-interest income before investment securities

gains (losses)



70,407



69,148



67,234



65,924



59,674



206,788



230,089



Investment securities (losses) gains, net







(2)





(1)



(2)



(20,283)



    Total Non-Interest Income



70,407



69,148



67,232



65,924



59,673



206,786



209,806

Non-Interest Expense:































Salaries and employee benefits



111,265



107,123



103,526



107,886



118,824



321,914



324,935



Data processing and software



18,535



18,262



18,599



19,550



20,314



55,396



58,332



Net occupancy



15,954



16,410



18,207



16,417



18,999



50,571



52,942



Other outside services



12,951



12,009



11,837



14,531



15,839



36,797



46,055



Intangible amortization



5,368



5,460



6,269



6,282



6,287



17,097



11,548



FDIC insurance



5,089



4,951



5,597



5,921



5,109



15,638



17,909



Equipment



3,926



4,100



4,150



4,388



4,860



12,175



13,461



Marketing



2,470



2,604



2,521



2,695



2,251



7,595



6,263



Professional fees



2,320



2,163



(1,078)



3,387



2,811



3,405



7,470



Acquisition-related expenses







380



9,637



14,195



380



27,998



Other



18,696



19,729



19,452



25,921



16,600



57,877



36,263



    Total Non-Interest Expense



196,574



192,811



189,460



216,615



226,089



578,845



603,176



    Income Before Income Taxes



127,786



122,651



115,061



86,243



79,664



365,497



258,386



Income tax expense



27,332



23,453



22,074



17,623



16,458



72,858



38,264



    Net Income



100,454



99,198



92,987



68,620



63,206



292,639



220,122



Preferred stock dividends



(2,562)



(2,562)



(2,562)



(2,562)



(2,562)



(7,686)



(7,686)



     Net Income Available to Common  Shareholders



$   97,892



$   96,636



$   90,425



$   66,058



$   60,644



$ 284,953



$ 212,436







































Three months ended



Nine months ended







Sep 30



Jun  30



Mar 31



Dec 31



Sep 30



Sep 30







2025



2025



2025



2024



2024



2025



2024

PER SHARE:































Net income available to common shareholders (basic)



$0.54



$0.53



$0.50



$0.36



$0.33



$1.57



$1.23



Net income available to common shareholders (diluted)



$0.53



$0.53



$0.49



$0.36



$0.33



$1.55



$1.21



Cash dividends



$0.18



$0.18



$0.18



$0.18



$0.17



$0.54



$0.51



































Weighted average shares (basic)



181,658



182,261



182,179



182,032



181,905



182,030



173,337



Weighted average shares (diluted)



183,349



183,813



184,077



183,867



183,609



183,718



175,033

 

FULTON FINANCIAL CORPORATION













CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)











(dollars in thousands)

















Three months ended





September 30, 2025



June 30, 2025



September 30, 2024





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)

$  24,020,322



$ 358,443



5.93 %



$  23,899,742



$ 349,490



5.86 %



$  24,147,801



$ 376,160



6.20 %



Investment securities(3)

5,330,905



49,442



3.70 %



5,390,953



49,463



3.67 %



4,526,885



37,853



3.34 %



Other interest-earning assets

622,832



7,557



4.83 %



682,075



8,197



4.82 %



1,338,592



18,068



5.37 %



Total Interest-Earning Assets

29,974,059



415,442



5.51 %



29,972,770



407,150



5.44 %



30,013,278



432,081



5.74 %







































Noninterest-earning assets:



































Cash and due from banks

312,578











277,880











306,427











Premises and equipment

181,116











186,989











181,285











Other assets

1,837,179











1,848,891











1,772,052











Less: ACL - loans(4)

(380,894)











(384,956)











(377,807)











Total Assets

$  31,924,038











$  31,901,574











$  31,895,235















































LIABILITIES AND SHAREHOLDERS' EQUITY







































































Interest-bearing liabilities:



































Demand deposits

$ 7,876,227



$   36,369



1.83 %



$ 7,800,881



$   34,745



1.79 %



$ 7,668,583



$   38,768



2.01 %



Savings deposits

8,391,379



48,237



2.28 %



8,219,637



47,462



2.32 %



7,663,599



49,477



2.57 %



Brokered deposits

694,486



7,689



4.39 %



688,957



7,495



4.36 %



842,661



11,344



5.36 %



Time deposits

4,097,195



37,942



3.67 %



4,112,130



39,492



3.85 %



4,107,466



45,735



4.43 %



Total Interest-Bearing Deposits

21,059,287



130,237



2.45 %



20,821,605



129,194



2.49 %



20,282,309



145,324



2.85 %









































Borrowings and other interest-bearing liabilities

1,564,996



16,571



4.20 %



1,756,246



18,646



4.26 %



2,229,348



24,324



4.34 %



Total Interest-Bearing Liabilities

22,624,283



146,808



2.57 %



22,577,851



147,840



2.62 %



22,511,657



169,648



3.00 %







































Noninterest-bearing liabilities:



































Demand deposits

5,239,393











5,303,997











5,495,950











Other liabilities

698,994











715,711











727,306











Total Liabilities

28,562,670











28,597,559











28,734,913











Total Deposits

26,298,680







1.96 %



26,125,602







1.98 %



25,778,259







2.24 %



Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)

27,863,676







2.09 %



27,881,848







2.13 %



28,007,607







2.41 %









































Shareholders' equity

3,361,368











3,304,015











3,160,322











Total Liabilities and Shareholders' Equity

$  31,924,038











$  31,901,574











$  31,895,235

















































Net interest income/net interest margin (fully taxable equivalent)





268,634



3.57 %







259,310



3.47 %







262,433



3.49 %



Tax equivalent adjustment





(4,436)











(4,389)











(4,424)







Net Interest Income





$ 264,198











$ 254,921











$ 258,009













































(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







Sep 30



Jun  30



Mar 31



Dec 31



Sep 30







2025



2025



2025



2024



2024



Loans, by type:























Real estate - commercial mortgage

$ 9,721,395



$ 9,652,320



$ 9,655,283



$ 9,595,996



$ 9,318,273





Commercial and industrial

4,494,662



4,530,085



4,608,401



4,730,101



4,998,051





Real estate - residential mortgage

6,560,413



6,448,443



6,367,978



6,319,205



6,268,922





Real estate - home equity

1,191,465



1,179,109



1,160,713



1,116,665



1,122,313





Real estate - construction

1,125,130



1,172,138



1,296,090



1,312,245



1,437,907





Consumer

590,658



599,505



615,741



665,261



682,602





Leases and other loans(1)

336,599



318,142



302,657



329,311



319,733





Total Net Loans

$  24,020,322



$  23,899,742



$  24,006,863



$  24,068,784



$  24,147,801



























Deposits, by type:























Noninterest-bearing demand

$ 5,239,393



$ 5,303,997



$ 5,412,063



$ 5,558,110



$ 5,495,950





Interest-bearing demand

7,876,227



7,800,881



7,753,586



7,838,590



7,668,583





Savings

8,391,379



8,219,637



7,971,728



7,806,303



7,663,599





     Total demand and savings

21,506,999



21,324,515



21,137,377



21,203,003



20,828,132





Brokered

694,486



688,957



904,722



877,526



842,661





Time

4,097,195



4,112,130



4,127,784



4,232,849



4,107,466





Total Deposits

$  26,298,680



$  26,125,602



$  26,169,883



$  26,313,378



$  25,778,259



























Borrowings, by type:























Federal funds purchased

$            —



$        1,099



$            —



$            54



$            —





Federal Home Loan Bank advances

484,022



712,198



709,367



727,957



754,130





Senior debt and subordinated debt

367,517



367,438



367,357



449,795



535,831





Other borrowings and other interest-bearing liabilities

713,456



675,511



678,176



669,625



939,387





Total Borrowings

$ 1,564,995



$ 1,756,246



$ 1,754,900



$ 1,847,431



$ 2,229,348

























(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)



















Nine months ended September 30







2025



2024







Average







Yield/



Average







Yield/







Balance



Interest(1)



Rate



Balance



Interest(1)



Rate

ASSETS





















































Interest-earning assets:



























Net loans(2)



$      23,975,693



$   1,055,558



5.88 %



$      22,918,845



$   1,045,573



6.09 %



Investment securities(3)



5,307,436



146,147



3.67 %



4,303,048



98,701



3.05 %



Other interest-earning assets



698,727



24,919



4.76 %



921,483



37,126



5.38 %



Total Interest-Earning Assets



29,981,856



1,226,624



5.46 %



28,143,376



1,181,400



5.60 %





























Noninterest-Earning assets:



























Cash and due from banks



297,491











297,268











Premises and equipment



186,414











202,531











Other assets



1,850,254











1,828,085











Less: ACL - loans(4)



(383,776)











(353,567)











Total Assets



$      31,932,239











$      30,117,693





































LIABILITIES AND SHAREHOLDERS' EQUITY





















































Interest-Bearing liabilities:



























Demand deposits



$        7,810,681



$      105,303



1.80 %



$        6,785,106



$        91,016



1.79 %



Savings deposits



8,195,790



140,800



2.30 %



7,215,631



133,175



2.47 %



Brokered deposits



761,952



25,222



4.43 %



1,015,823



41,073



5.40 %



Time deposits



4,112,258



118,998



3.87 %



3,583,905



114,721



4.28 %



Total Interest-Bearing Deposits



20,880,681



390,323



2.50 %



18,600,465



379,985



2.73 %































Borrowings and other interest-bearing liabilities



1,691,351



52,830



4.18 %



2,425,753



81,177



4.47 %



Total Interest-Bearing Liabilities



22,572,032



443,153



2.62 %



21,026,218



461,162



2.93 %





























Noninterest-Bearing liabilities:



























Demand deposits



5,317,851











5,339,590











Other liabilities



735,460











791,175











Total Liabilities



28,625,343











27,156,983











Total Deposits



26,198,532







1.99 %



23,940,055







2.12 %



Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)



27,889,883







2.12 %



26,365,808







2.33 %































Shareholders' equity



3,306,896











2,960,710











Total Liabilities and Shareholders' Equity



$      31,932,239











$      30,117,693







































Net interest income/net interest margin (fully taxable equivalent)







783,471



3.49 %







720,238



3.42 %



Tax equivalent adjustment







(13,166)











(13,572)







Net Interest Income







$      770,305











$      706,666



































(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)





















Nine months ended September 30









2025



2024



Loans, by type:













Real estate - commercial mortgage



$              9,676,574



$              8,803,503





Commercial and industrial



4,543,967



4,786,976





Real estate - residential mortgage



6,459,649



5,844,317





Real estate - home equity



1,177,209



1,091,526





Real estate - construction



1,197,159



1,370,134





Consumer



601,877



697,204





Leases and other loans(1)



319,258



325,185





Total Net Loans



$            23,975,693



$            22,918,845

















Deposits, by type:













Noninterest-bearing demand



$              5,317,851



$              5,339,590





Interest-bearing demand



7,810,681



6,785,106





Savings



8,195,790



7,215,631





   Total demand and savings



21,324,322



19,340,327





Brokered



761,952



1,015,823





Time



4,112,258



3,583,905





Total Deposits



$            26,198,532



$            23,940,055

















Borrowings, by type:













Federal funds purchased



$                         366



$                    68,515





Federal Home Loan Bank advances



634,370



829,971





Senior debt and subordinated debt



367,438



535,656





Other borrowings



689,177



991,611





Total Borrowings



$              1,691,351



$              2,425,753

















(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



Nine months ended







Sep 30



Jun  30



Mar 31



Dec 31



Sep 30



Sep 30



Sep 30







2025



2025



2025



2024



2024



2025



2024



Allowance for credit losses related to net loans:



























Balance at beginning of period

$  377,337



$  379,677



$  379,156



$  375,961



$  375,941



$  379,156



$  293,404





































CECL day 1 provision expense(1)













23,444





Initial purchased credit deteriorated allowance for credit losses







(136)



(1,139)





54,767





Loans charged off:































    Real estate - commercial mortgage

(3,906)



(6,402)



(12,106)



(2,844)



(2,723)



(22,414)



(10,602)





    Commercial and industrial

(5,847)



(5,780)



(3,865)



(9,480)



(6,256)



(15,492)



(16,843)





    Real estate - residential mortgage

(394)



(258)



(343)



(55)



(1,131)



(995)



(1,417)





    Consumer and home equity

(2,527)



(1,885)



(2,193)



(2,179)



(2,308)



(6,605)



(6,312)





    Real estate - construction

(5,286)



(100)









(5,387)







    Leases and other loans(2)

(1,479)



(1,491)



(1,527)



(1,768)



(726)



(4,495)



(2,929)





    Total loans charged off

(19,439)



(15,916)



(20,034)



(16,326)



(13,144)



(55,388)



(38,103)



Recoveries of loans previously charged off:































    Real estate - commercial mortgage

4,307



133



374



199



107



4,814



405





    Commercial and industrial

3,205



2,628



5,952



1,387



1,008



11,785



3,052





    Real estate - residential mortgage

33



203



174



104



130



410



368





    Consumer and home equity

726



899



660



974



545



2,285



2,382





    Real estate - construction

47



99



82



47



103



228



336





    Leases and other loans(2)

192



240



201



194



129



633



538





    Total recoveries of loans previously charged off

8,510



4,202



7,443



2,905



2,022



20,155



7,081



Net loans charged off

(10,929)



(11,714)



(12,591)



(13,421)



(11,122)



(35,233)



(31,022)



Provision for credit losses(1)

9,850



9,374



13,112



16,752



12,281



32,335



35,368



Balance at end of period

$  376,258



$  377,337



$  379,677



$  379,156



$  375,961



$  376,258



$  375,961



Net charge-offs to average loans (3)

0.18 %



0.20 %



0.21 %



0.22 %



0.18 %



0.20 %



0.18 %



































Provision for credit losses related to OBS Credit Exposures























Provision for credit losses(1)

$      395



$   (767)



$      786



$     (27)



$   (352)



$      414



$ (3,902)



































NON-PERFORMING ASSETS:





























Non-accrual loans

$  150,137



$  182,942



$  162,426



$  189,293



$  175,861













Loans 90 days past due and accruing

48,597



29,949



34,367



30,781



26,286













    Total non-performing loans

198,734



212,891



196,793



220,074



202,147













Other real estate owned

2,305



2,706



2,193



2,621



2,844













Total non-performing assets

$  201,039



$  215,597



$  198,986



$  222,695



$  204,991











































NON-PERFORMING LOANS, BY TYPE:





























Commercial and industrial

$  48,817



$  45,565



$  42,913



$  43,677



$  64,450













Real estate - commercial mortgage

87,789



90,852



88,081



102,359



71,467













Real estate - residential mortgage

44,689



37,703



46,878



45,901



41,727













Consumer and home equity

12,658



11,109



12,682



14,374



12,830













Real estate - construction

3,461



25,602



3,666



1,746



1,746













Leases and other loans(2)

1,320



2,060



2,573



12,017



9,927













Total non-performing loans

$  198,734



$  212,891



$  196,793



$  220,074



$  202,147















(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













Sep 30



Jun  30



Mar 31



Dec 31



Sep 30













2025



2025



2025



2024



2024

Operating net income available to common shareholders





















Net income available to common shareholders



$        97,892



$       96,636



$       90,425



$       66,058



$       60,644

Less: Other



(738)



(9)



(122)



(269)



(677)

Plus: Gain on acquisition, net of tax









2,689



7,706

Plus: Core deposit intangible amortization



5,255



5,346



6,155



6,155



6,155

Plus: Acquisition-related expense







380



9,637



14,195

Plus: FDIC special assessment











(16)

Plus: FultonFirst implementation and asset disposals



(207)



(270)



(47)



10,001



9,385

Less: Tax impact of adjustments



(905)



(1,064)



(1,337)



(5,360)



(6,099)

Operating net income available to common shareholders (numerator)



$      101,297



$     100,639



$       95,454



$       88,911



$       91,293































Weighted average shares (diluted) (denominator)



183,349



183,813



184,077



183,867



183,609































Operating net income available to common shareholders, per share (diluted)



$           0.55



$          0.55



$          0.52



$          0.48



$          0.50































Common shareholders' equity (tangible), per share





















Shareholders' equity



$     3,413,598



$    3,329,246



$    3,274,321



$    3,197,325



$    3,203,943

Less: Preferred stock



(192,878)



(192,878)



(192,878)



(192,878)



(192,878)

Less: Goodwill and intangible assets



(618,361)



(623,729)



(629,189)



(635,458)



(641,739)

Tangible common shareholders' equity (numerator)



$     2,602,359



$    2,512,639



$    2,452,254



$    2,368,989



$    2,369,326























Shares outstanding, end of period (denominator)



180,865



182,379



182,204



182,089



181,957























Common shareholders' equity (tangible), per share



$          14.39



$         13.78



$         13.46



$         13.01



$         13.02



































































Three months ended













Sep 30



Jun  30



Mar 31



Dec 31



Sep 30













2025



2025



2025



2024



2024

Operating return on average assets





















Net income



$      100,454



$       99,198



$       92,987



$       68,620



$       63,206

Less: Other



(738)



(9)



(122)



(269)



(677)

Less: Gain on acquisition, net of tax









2,689



7,706

Plus: Core deposit intangible amortization



5,255



5,346



6,155



6,155



6,155

Plus: Acquisition-related expense







380



9,637



14,195

Plus: FDIC special assessment











(16)

Plus: FultonFirst implementation and asset disposals



(207)



(270)



(47)



10,001



9,385

Less: Tax impact of adjustments



(905)



(1,064)



(1,337)



(5,360)



(6,099)

Operating net income (numerator)



$      103,859



$     103,201



$       98,016



$       91,473



$       93,855































Total average assets



$   31,924,038



$  31,901,574



$  31,971,601



$  32,098,852



$  31,895,235

Less: Average net core deposit intangible



(65,999)



(71,282)



(77,039)



(83,173)



(89,350)

Total operating average assets  (denominator)



$   31,858,039



$  31,830,292



$  31,894,562



$  32,015,679



$  31,805,885































Operating return on average assets(1)



1.29 %



1.30 %



1.25 %



1.14 %



1.17 %































Operating return on average common shareholders' equity (tangible)













Net income available to common shareholders



$        97,892



$       96,636



$       90,425



$       66,058



$       60,644

Less: Other



(738)



(9)



(122)



(269)



(677)

Less: Gain on acquisition, net of tax









2,689



7,706

Plus: Intangible amortization





5,368



5,460



6,269



6,282



6,287

Plus: Acquisition-related expense









380



9,637



14,195

Plus: FDIC special assessment











(16)

Plus: FultonFirst implementation and asset disposals



(207)



(270)



(47)



10,001



9,385

Less: Tax impact of adjustments





(929)



(1,088)



(1,361)



(5,387)



(6,127)

Adjusted net income available to common shareholders (numerator)



$      101,386



$     100,729



$       95,544



$       89,011



$       91,397























Average shareholders' equity



$     3,361,368



$    3,304,015



$    3,254,125



$    3,219,026



$    3,160,322

Less: Average preferred stock



(192,878)



(192,878)



(192,878)



(192,878)



(192,878)

Less: Average goodwill and intangible assets



(620,986)



(626,383)



(632,254)



(638,507)



(644,814)

Average tangible common shareholders' equity (denominator)



$     2,547,504



$    2,484,754



$    2,428,993



$    2,387,641



$    2,322,630























Operating return on average common shareholders' equity (tangible)(1)



15.79 %



16.26 %



15.95 %



14.83 %



15.65 %































Tangible common equity to tangible assets (TCE Ratio)





















Shareholders' equity



$     3,413,598



$    3,329,246



$    3,274,321



$    3,197,325



$    3,203,943

Less: Preferred stock



(192,878)



(192,878)



(192,878)



(192,878)



(192,878)

Less: Goodwill and intangible assets



(618,361)



(623,729)



(629,189)



(635,458)



(641,739)

Tangible common shareholders' equity (numerator)



$     2,602,359



$    2,512,639



$    2,452,254



$    2,368,989



$    2,369,326































Total assets



$   31,995,086



$  32,040,448



$  32,132,028



$  32,071,810



$  32,185,726

Less: Goodwill and intangible assets



(618,361)



(623,729)



(629,189)



(635,458)



(641,739)

Total tangible assets (denominator)



$   31,376,725



$  31,416,719



$  31,502,839



$  31,436,352



$  31,543,987































Tangible common equity to tangible assets



8.29 %



8.00 %



7.78 %



7.54 %



7.51 %

(1) Results are annualized.































































Three months ended













Sep 30



Jun  30



Mar 31



Dec 31



Sep 30













2025



2025



2025



2024



2024

Efficiency ratio

























Non-interest expense



$      196,574



$     192,811



$     189,460



$     216,615



$     226,089

Less: Acquisition-related expense







(380)



(9,637)



(14,195)

Less: FDIC special assessment











16

Less: FultonFirst implementation and asset disposals



207



270



47



(10,001)



(9,385)

Less: Intangible amortization



(5,368)



(5,460)



(6,269)



(6,282)



(6,287)

Operating non-interest expense (numerator)



$      191,413



$     187,621



$     182,858



$     190,695



$     196,238























Net interest income



$      264,198



$     254,921



$     251,187



$     253,659



$     258,009

Tax equivalent adjustment



4,436



4,389



4,340



4,343



4,424

Plus: Total non-interest income



70,407



69,148



67,232



65,924



59,673

Less: Other revenue



(138)



(9)



(122)



(269)



(677)

Less: Gain on acquisition, net of tax









2,689



7,706

Plus: Investment securities (gains) losses, net







2





1

Total revenue (denominator)



$      338,903



$     328,449



$     322,639



$     326,346



$     329,136























Efficiency ratio



56.5 %



57.1 %



56.7 %



58.4 %



59.6 %































Operating non-interest expense to total average assets





















Non-interest expense



$      196,574



$     192,811



$     189,460



$     216,615



$     226,089

Less: Intangible amortization



(5,368)



(5,460)



(6,269)



(6,282)



(6,287)

Less: Acquisition-related expense







(380)



(9,637)



(14,195)

Less: FDIC special assessment











16

Less: FultonFirst implementation and asset disposals



207



270



47



(10,001)



(9,385)

Operating non-interest expense (numerator)



$      191,413



$     187,621



$     182,858



$     190,695



$     196,238































Total average assets (denominator)



$   31,924,038



$  31,901,574



$  31,971,601



$  32,098,852



$  31,895,235































Operating non-interest expenses to total average assets(1)



2.38 %



2.36 %



2.32 %



2.36 %



2.45 %

(1) Results are annualized.

































































Nine Months Ended

























Sep 30



Sep 30

























2025



2024













Operating net income available to common shareholders





















Net income available to common shareholders



$      284,953



$     212,436













Less: Other



(869)



(1,535)













Plus Gain on acquisition, net of tax





(39,685)













Plus: Loss on securities restructuring





20,282













Plus: Core deposit intangible amortization



16,756



11,152













Plus: Acquisition-related expense



380



27,998













Plus: CECL Day 1 Provision





23,444













Less: Gain on sale-leaseback





(20,266)













Plus: FDIC special assessment





940













Plus: FultonFirst implementation and asset disposals



(524)



22,065













Less: Tax impact of adjustments



(3,306)



(17,657)













Operating net income available to common shareholders (numerator)



$      297,390



$     239,174











































Weighted average shares (diluted) (denominator)



183,718



175,033











































Operating net income available to common shareholders, per share

(diluted)



$           1.62



$          1.37













































 

Media Contact: Lacey Dean (717) 735-8688

Investor Contact: Matt Jozwiak (717) 327-2657

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