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LANCASTER - Fulton Financial Corporation (NASDAQ:FULT) reported second quarter operating earnings of $0.55 per diluted share, significantly exceeding analyst expectations of $0.43, while revenue of $324.07 million topped the consensus estimate of $321.98 million.
Fulton’s shares fell 1.4% following the earnings announcement despite the strong performance.
The Pennsylvania-based financial institution achieved record operating net income of $100.6 million in the quarter, representing a $5.2 million increase from the first quarter of 2025. The company maintained a solid net interest margin of 3.47%, up from 3.43% in the previous quarter, while benefiting from a two basis point decrease in total cost of funds.
"I’m proud that our team has delivered a new company record, with operating net income of $100.6 million, or $0.55 per diluted share, this past quarter," said Curt Myers, Chairman and CEO of Fulton. "Our community banking strategy continues to provide significant value to customers and has once again resulted in strong bottom-line results for the company."
Net loans increased $150 million, or 2.5% annualized, compared to the prior quarter, reaching $24 billion. The bank’s common equity tier 1 capital ratio improved to 11.3% from 11.1% in the previous quarter.
Non-interest income rose $1.9 million to $69.1 million compared to the first quarter, driven by increases in mortgage banking income, merchant and card fee income, and wealth management revenues. Non-interest expense increased $3.4 million to $192.8 million, primarily due to higher salaries and employee benefits expenses.
The provision for credit losses was $8.6 million, resulting in an allowance for credit losses attributable to net loans of $377.3 million, or 1.57% of total net loans as of June 30, 2025, compared to 1.59% in the previous quarter. Non-performing assets were $215.6 million, or 0.67% of total assets, up from 0.62% in the first quarter.
For the first half of 2025, Fulton reported operating net income available to common shareholders of $196.1 million, or $1.07 per diluted share, representing a substantial increase of $48.2 million, or $0.20 per diluted share, compared to the same period in 2024.
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