FULT · Fulton Financial Corporation

Fulton Financial Corporation's first quarter 2026 results showed steady operating profitability with operating net income available to common shareholders at $99.7 million or $0.55 per diluted share, matching the prior quarter despite a GAAP net income decline to $92.2 million or $0.51 per share. Net interest income fell $4.0 million to $262.0 million, driven by a $10.1 million drop in loan interest income and $2.2 million decrease in securities income, partially offset by $8.6 million lower deposit interest expense. NIM compressed 1 basis point to 3.58%, reflecting a 12 basis point decline in loan yields to 5.70% and an 8 basis point drop in total deposit costs to 1.78%. Non-interest income held nearly steady at $69.8 million, with declines in commercial and consumer banking fees due to fewer days and seasonality offset by gains in wealth management and equity investments. Non-interest expense dropped significantly by $12.7 million to $200.3 million, primarily from $11.7 million lower salaries and benefits, mainly reduced incentive compensation, though Blue Foundry acquisition expenses rose to $2.6 million from $0.8 million. Provision for credit losses increased to $14.4 million from $2.9 million, maintaining allowance at 1.51% of $24.3 billion net loans. Balance sheet growth included $121.5 million higher net loans to $24.3 billion and $178.9 million more deposits to $26.8 billion. Asset quality improved with non-performing assets at 0.55% of total assets versus 0.58%. Common equity tier 1 ratio rose to 11.9%. Management highlighted the Blue Foundry Bancorp merger completed April 1, 2026, expanding northern New Jersey presence, with integration focus ahead. 2026 guidance projects Non-FTE NII of $1.120-$1.140 billion, provision $55-$75 million, non-interest income $285-$300 million, and non-interest expense $800-$835 million, assuming mid-single-digit organic loan growth and Blue Foundry contributions.