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LANCASTER, Pa. - Fulton Financial Corporation (NASDAQ:FULT) reported better-than-expected first quarter earnings on Monday, sending its shares up 4.6% in after-hours trading.
The Pennsylvania-based bank posted adjusted earnings per share of $0.52 for the first quarter of 2025, surpassing analyst estimates of $0.41. Net income available to common shareholders rose to $90.4 million, or $0.49 per diluted share, up from $66 million, or $0.36 per share, in the previous quarter.
Fulton’s net interest income declined slightly to $251.2 million, down $2.5 million from the fourth quarter, primarily due to lower short-term interest rates and fewer days in the quarter. However, the bank’s net interest margin remained solid at 3.43%, with total cost of funds decreasing by 12 basis points compared to the prior quarter.
"We are pleased with our first quarter operating earnings of $0.52 per diluted share and encouraged by the strong start to the year," said Curtis J. Myers, Chairman and CEO of Fulton. "Our team continues to be disciplined in our approach to creating value for all stakeholders while remaining focused on the long term during this uncertain and dynamic environment."
The bank reported a 4.9% annualized increase in customer deposits, excluding brokered deposits, compared to the previous quarter. Total (EPA:TTEF) deposits rose by $199.5 million to $26.3 billion.
Fulton’s provision for credit losses was $13.9 million in the first quarter, resulting in an allowance for credit losses attributable to net loans of $379.7 million, or 1.59% of total net loans as of March 31, 2025.
The bank’s common equity tier 1 capital ratio improved to approximately 11.0% from 10.8% in the previous quarter, indicating a strengthened capital position.
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