$FULT

FULTON FINANCIAL CORP

CIK:0000700564|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income
Loans, including fees	$ 371,587	$ 346,603	$ 710,609	$ 691,391
Investment securities	46,190	47,961	89,479	93,700
Other interest income	10,377	8,197	18,122	17,361
Total Interest Income	428,154	402,761	818,210	802,452
Interest Expense
Deposits	126,737	129,194	242,543	260,085
Federal funds purchased	0	12	0	12
FHLB advances	4,900	7,929	7,240	15,950
Senior debt and subordinated debt	7,066	5,047	11,765	8,624
Other borrowings and interest-bearing liabilities	5,199	5,658	10,387	11,674
Total Interest Expense	143,902	147,840	271,935	296,345
Net Interest Income	284,252	254,921	546,275	506,107
Provision for credit losses	4,897	8,607	19,339	22,505
Net Interest Income After Provision for Credit Losses	279,355	246,314	526,936	483,602
Non-Interest Income
Non-interest income before investment securities gains	79,306	69,148	149,147	136,382
Investment securities (losses) gains, net	0	0	0	(2)
Total Non-Interest Income	79,306	69,148	149,147	136,380
Non-Interest Expense
Salaries and employee benefits	120,184	107,123	230,101	210,649
Data processing and software	20,419	18,262	39,081	36,861
Net occupancy	17,841	16,410	36,070	34,617
Other outside services	14,999	12,009	27,749	23,846
Intangible amortization	5,910	5,460	11,260	11,729
FDIC insurance	4,430	4,951	8,679	10,549
Equipment	4,086	4,100	8,010	8,249
Marketing	2,818	2,604	5,149	5,124
Professional fees	2,342	2,163	4,581	1,085
Acquisition-related expenses	13,839	0	16,483	380
Other	24,086	19,729	44,085	39,181
Total Non-Interest Expense	230,954	192,811	431,248	382,270
Income Before Income Taxes	127,707	122,651	244,835	237,712
Income taxes	25,293	23,453	47,660	45,527
Net Income	102,414	99,198	197,175	192,185
Preferred stock dividends	(2,562)	(2,562)	(5,124)	(5,124)
Net Income Available to Common Shareholders	$ 99,852	$ 96,636	$ 192,051	$ 187,061
PER SHARE:
Net Income (Basic) (in dollars per share)	$ 0.52	$ 0.53	$ 1.03	$ 1.03
Net Income (Diluted) (in dollars per share)	0.52	0.53	1.02	1.02
Cash Dividends (in dollars per share)	$ 0.19	$ 0.18	$ 0.38	$ 0.36
Wealth management
Non-Interest Income
Non-interest income before investment securities gains	$ 23,139	$ 22,281	$ 47,635	$ 44,066
Commercial banking
Non-Interest Income
Non-interest income before investment securities gains	24,822	23,431	47,628	44,760
Consumer banking
Non-Interest Income
Non-interest income before investment securities gains	15,345	14,528	29,521	27,596
Mortgage banking
Non-Interest Income
Non-interest income before investment securities gains	4,938	3,991	8,893	7,130
Other
Non-Interest Income
Non-interest income before investment securities gains	$ 11,062	$ 4,917	$ 15,470	$ 12,830

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 197,175	$ 192,185
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	19,339	22,505
Depreciation and amortization of premises and equipment	14,058	14,286
Net amortization of investment securities premiums	(323)	974
Net accretion of loan discounts	(25,441)	(24,574)
Investment securities losses, net	0	2
Gain on sales of mortgage loans held for sale	(5,880)	(4,287)
Proceeds from sales of mortgage loans held for sale	283,672	243,373
Originations of mortgage loans held for sale	(295,377)	(236,749)
Amortization of intangible assets	11,260	11,729
Capitalization and amortization of issuance costs and discounts on long-term borrowings, net	(2,969)	160
Loss (gain) on disposal of premises and equipment	112	(284)
Stock-based compensation	4,892	5,514
Net change in life insurance cash surrender value	(7,704)	(5,502)
Other changes, net	21,588	(126,880)
Total adjustments	17,227	(99,733)
Net cash provided by operating activities	214,402	92,452
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of AFS investment securities	141,366	14,966
Proceeds from principal repayments and maturities of AFS investment securities	428,363	270,296
Proceeds from principal repayments and maturities of HTM investment securities	67,978	44,319
Purchase of AFS investment securities	(511,308)	(492,443)
Purchase of HTM investment securities	(200,978)	(118,967)
Net change in FRB and FHLB stock	(3,100)	(1,941)
Net change in loans	(214,696)	32,648
Net purchases of premises and equipment	(7,554)	(13,481)
Settlement of bank owned life insurance	1,867	1,385
Proceeds from sale-leaseback transaction	0	11,323
Net cash and cash equivalents acquired in acquisition	(141,801)	0
Net change in tax credit investments	(15,667)	(18,106)
Net cash used in investing activities	(171,928)	(270,001)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand and savings deposits	177,512	67,301
Net change in time deposits and brokered deposits	(49,042)	(58,667)
Net change in borrowings	38,570	(8,308)
Repayments of senior debt and subordinated debt	(195,000)	0
Proceeds from Issuance of Senior Long-Term Debt	300,000	0
Net proceeds from issuance of common stock	5,530	3,900
Dividends paid	(75,647)	(70,809)
Acquisition of treasury stock	(42,939)	(15,075)
Net cash provided by (used in) financing activities	158,984	(81,658)
Net increase (decrease) in Cash and Cash Equivalents	201,458	(259,207)
Cash and Cash Equivalents at Beginning of Period	1,061,609	1,063,871
Cash and Cash Equivalents at End of Period	1,263,067	804,664
Cash paid during the period for:
Interest	266,254	300,395
Income taxes	35,332	52,629
Supplemental Schedule of Certain Noncash Activities:
Reissuance of treasury stock pursuant to acquisition	252,940	0
Fair value of tangible assets acquired	2,065,172	0
PCD Loans credit discount	17,800	0
Intangible assets	$ 1,843,976	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 325,259	$ 271,463
Interest-bearing deposits with other banks	937,808	790,146
Cash and Cash Equivalents	1,263,067	1,061,609
FRB and FHLB stock	138,587	121,009
Loans held for sale	33,902	16,316
AFS, at estimated fair value	3,561,050	3,407,859
HTM, at amortized cost	1,561,709	1,425,885
Net loans	25,934,293	24,144,884
Less: ACL - loans	(382,580)	(364,462)
Loans, Net	25,551,713	23,780,422
Net premises and equipment	186,184	175,240
Accrued interest receivable	121,220	113,698
Goodwill and net intangible assets	633,485	612,996
Other assets	1,505,803	1,403,366
Total Assets	34,556,720	32,118,400
LIABILITIES
Noninterest-bearing	5,245,586	5,256,096
Interest-bearing	23,004,756	21,333,311
Total Deposits	28,250,342	26,589,407
FHLB advances	552,500	250,000
Senior debt and subordinated debt	469,668	367,637
Other borrowings	691,808	679,738
Total Borrowings	1,713,976	1,297,375
Accrued interest payable	22,811	17,130
Other liabilities	753,778	724,041
Total Liabilities	30,740,907	28,627,953
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares issued as of June 30, 2026 and December 31, 2025, liquidation preference of $1,000 per share	192,878	192,878
Common stock, $2.50 par value, 600,000,000 shares authorized, 248,210,978 shares issued as of June 30, 2026 and 247,130,331 shares issued as of December 31, 2025	620,527	617,826
Additional paid-in capital	1,885,092	1,803,235
Retained earnings	2,143,949	2,024,618
Accumulated other comprehensive loss	(213,070)	(198,682)
Treasury stock, at cost, 56,750,100 shares as of June 30, 2026 and 67,235,204 shares as of December 31, 2025	(813,563)	(949,428)
Total Shareholders' Equity	3,815,813	3,490,447
Total Liabilities and Shareholders' Equity	$ 34,556,720	$ 32,118,400