"Our first quarter results reflect steady, solid profitability driven by disciplined execution of our strategy," said Fulton Chairman, CEO, and President, Curtis J. Myers. "The Blue Foundry Bancorp acquisition expands our presence in northern New Jersey and meaningfully advances our business objectives. We are pleased to welcome Blue Foundry Bank's team members and customers to Fulton. Our focus now turns to a seamless integration, a smooth customer transition, and the continued delivery of positive operating leverage and successful strategic outcomes."
Financial Highlights
First quarter of 2026 operating results of $0.55 per diluted share(1) were impacted by the following items:
Net interest margin remained solid at 3.58%, representing a one basis point decline from the prior quarter.
Non-interest income decreased $0.1 million to $69.8 million compared to $70.0 million in the prior quarter.
Non-interest expense decreased $12.7 million to $200.3 million compared to $213.0 million in the prior quarter. Operating non-interest expense decreased $13.4 million to $190.7 million(1) compared to $204.1 million in the prior quarter.
Provision for credit losses was $14.4 million resulting in an allowance for credit losses attributable to net loans of $367.5 million, or 1.51% of total net loans as of March 31, 2026.
Common equity tier 1 capital ratio(2) increased to approximately 11.9% compared to 11.8% in the prior quarter.
During the first quarter of 2026, 1,212,650 shares of the Corporation's common stock were repurchased under the 2026 Repurchase Program(3) at a cost of $24.5 million or an average of $20.21 per share.
The following items highlight notable changes in the components of net income in the first quarter of 2026 compared to the fourth quarter of 2025:
Net interest income decreased $4.0 million to $262.0 million. A $10.1 million decrease in interest income on net loans and a $2.2 million decrease in interest income on investment securities were partially offset by an $8.6 million decrease in interest expense on deposits. Purchase loan mark accretion from loans acquired in the Republic Acquisition(4) was $10.3 million in the first quarter of 2026 compared to $10.5 million in the prior quarter.
Non-interest income before investment securities gains (losses) was $69.8 million compared to $70.0 million in the prior quarter. The $0.1 million decrease was primarily due to decreases of $1.3 million in commercial banking fee income and $1.3 million in consumer banking fee income mainly attributable to two less days in the first quarter and seasonality, partially offset by a $1.3 million increase in income from equity method investments, reflected in other income, and a $0.6 million increase in wealth management revenues.
Non-interest expense was $200.3 million compared to $213.0 million in the prior quarter. The $12.7 million decrease in non-interest expense was primarily due to a $11.7 million decrease in salaries and employee benefits expense primarily due to a $11.3 million decrease in incentive compensation expense. Acquisition-related expense associated with the Blue Foundry Bancorp transaction(5) was $2.6 million compared to $0.8 million in the prior quarter.
Balance Sheet Summary
Total net loans increased $121.5 million to $24.3 billion compared to $24.1 billion as of December 31, 2025. The increase was primarily due to increases of $78.7 million in consumer loans(6) and $42.7 million in commercial loans(6) which included an opportunistic purchase of an in-market commercial loan portfolio.
Deposits totaled $26.8 billion, a $178.9 million increase compared to $26.6 billion as of December 31, 2025. The increase was primarily due to increases of $362.4 million in savings deposits and $78.8 million in noninterest-bearing demand deposits, partially offset by decreases of $146.5 million in interest-bearing demand deposits and $139.2 million in brokered deposits.
Provision for Credit Losses and Asset Quality
The provision for credit losses totaled $14.4 million in the first quarter of 2026, resulting in a $367.5 million allowance for credit losses attributable to net loans, or 1.51% of total net loans as of March 31, 2026, compared to $364.5 million, or 1.51% of total net loans as of December 31, 2025.
Non-performing assets were $177.5 million, or 0.55% of total assets, as of March 31, 2026, in comparison to $185.2 million, or 0.58% of total assets, as of December 31, 2025.
Annualized net charge-offs for the first quarter of 2026 were 0.25% of total average loans in comparison to 0.24% 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 March 31, 2026, are preliminary estimates and prior periods are actual.
(3)
The 2026 Repurchase Program represents the authorization, commencing on January 1, 2026 and expiring on January 31, 2027, to repurchase up to $150 million, excluding fees, commissions, excise tax and other ancillary expenses, of the Corporation's common stock. Under this authorization, up to $25 million of the $150 million authorization may be used to repurchase the Corporation's preferred stock, outstanding subordinated notes due 2030 or outstanding subordinated notes due 2035. 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 2026 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2026 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 "Republic 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)
On November 24, 2025, the Corporation announced that it had entered into an Agreement and Plan of Merger (the "Merger Agreement") by and between the Corporation and Blue Foundry Bancorp, a Delaware corporation ("Blue Foundry"), pursuant to which, upon the terms and subject to the conditions set forth in the Merger Agreement, (i) Blue Foundry will merge with and into the Corporation (the "Merger"), with the Corporation surviving the Merger and (ii) following the Merger, Blue Foundry Bank, a New Jersey-chartered stock savings bank and wholly owned subsidiary of Blue Foundry, will merge with and into Fulton Bank, a national banking association and wholly owned subsidiary of the Corporation, with Fulton Bank continuing as the surviving bank. Effective April 1, 2026, the Corporation completed the Merger. Following the Merger, Blue Foundry Bank will operate as a separate, wholly owned subsidiary of the Corporation until Blue Foundry Bank merges with and into Fulton Bank, which is expected to occur during the summer of 2026 around the time of systems conversion.
(6)
Commercial loans include real estate - commercial mortgage, commercial and industrial, leases and other loans and includes a decrease in commercial construction loans of $96.1 million, reflected in real estate - construction. Consumer loans include real estate - residential mortgage, real estate - home equity, consumer and includes an increase of $2.3 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, 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
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
2026
2025
2025
2025
2025
Ending Balances
Investment securities(1)
$ 4,861,967
$ 4,833,744
$ 5,045,270
$ 5,093,027
$ 5,071,323
Net loans
24,266,345
24,144,884
24,041,489
24,012,539
23,862,574
Total assets
32,237,438
32,118,400
31,995,086
32,040,448
32,132,028
Deposits
26,768,335
26,589,407
26,332,490
26,138,067
26,328,972
Shareholders' equity
3,505,283
3,490,447
3,413,598
3,329,246
3,274,321
Average Balances
Investment securities(1)
4,785,276
4,921,669
5,025,072
5,084,371
4,906,952
Net loans
24,225,655
24,053,089
24,020,322
23,899,743
24,006,863
Total assets
31,999,228
32,013,163
31,924,038
31,901,574
31,971,601
Deposits
26,451,094
26,537,659
26,298,680
26,125,602
26,169,883
Shareholders' equity
3,543,911
3,464,539
3,361,368
3,304,015
3,254,125
Income Statement
Net interest income
262,023
266,042
264,198
254,921
251,187
Provision for credit losses
14,442
2,948
10,245
8,607
13,898
Non-interest income
69,841
69,980
70,407
69,148
67,232
Non-interest expense
200,294
212,986
196,574
192,811
189,460
Income before taxes
117,128
120,088
127,786
122,651
115,061
Net income available to common
shareholders
92,199
96,408
97,892
96,636
90,425
Per Share
Net income available to common
shareholders (basic)
$0.51
$0.53
$0.54
$0.53
$0.50
Net income available to common
shareholders (diluted)
$0.51
$0.53
$0.53
$0.53
$0.49
Operating net income available to common
shareholders(2)
$0.55
$0.55
$0.55
$0.55
$0.52
Cash dividends
$0.19
$0.19
$0.18
$0.18
$0.18
Common shareholders' equity
$18.52
$18.33
$17.81
$17.20
$16.91
Common shareholders' equity (tangible)(2)
$15.12
$14.92
$14.39
$13.78
$13.46
Weighted average shares (basic)
179,720
180,405
181,658
182,261
182,179
Weighted average shares (diluted)
181,655
182,197
183,349
183,813
184,077
(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
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
2026
2025
2025
2025
2025
Asset Quality
Net charge-offs to average loans (annualized)
0.25 %
0.24 %
0.18 %
0.20 %
0.21 %
Non-performing loans to total net loans
0.72 %
0.76 %
0.83 %
0.89 %
0.82 %
Non-performing assets to total assets
0.55 %
0.58 %
0.63 %
0.67 %
0.62 %
ACL - loans(1) to total loans
1.51 %
1.51 %
1.57 %
1.57 %
1.59 %
ACL - loans(1) to non-performing loans
209 %
198 %
189 %
177 %
193 %
Profitability
Return on average assets
1.20 %
1.23 %
1.25 %
1.25 %
1.18 %
Operating return on average assets(2)
1.30 %
1.27 %
1.29 %
1.30 %
1.25 %
Return on average common shareholders'
equity
11.16 %
11.69 %
12.26 %
12.46 %
11.98 %
Operating return on average common
shareholders' equity (tangible)(2)
14.76 %
14.86 %
15.79 %
16.26 %
15.95 %
Net interest margin
3.58 %
3.59 %
3.57 %
3.47 %
3.43 %
Efficiency ratio(2)
56.7 %
60.0 %
56.5 %
57.1 %
56.7 %
Non-interest expense to total average assets
2.54 %
2.64 %
2.44 %
2.42 %
2.40 %
Operating non-interest expense to total
average assets(2)
2.42 %
2.53 %
2.38 %
2.36 %
2.32 %
Capital Ratios(3)
Tangible common equity ratio ("TCE")(2)
8.6 %
8.5 %
8.3 %
8.0 %
7.8 %
Tier 1 leverage ratio
9.9 %
9.7 %
9.6 %
9.4 %
9.2 %
Common equity Tier 1 capital ratio
11.9 %
11.8 %
11.6 %
11.3 %
11.1 %
Tier 1 risk-based capital ratio
12.7 %
12.6 %
12.4 %
12.1 %
11.9 %
Total risk-based capital ratio
15.1 %
15.2 %
15.0 %
14.7 %
14.5 %
(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 March 31, 2026 are preliminary estimates and prior periods are actual.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
2026
2025
2025
2025
2025
ASSETS
Cash and due from banks
$ 311,796
$ 271,463
$ 307,267
$ 362,280
$ 388,503
Other interest-earning assets
871,066
911,155
643,111
583,899
778,117
Loans held for sale
11,887
16,316
19,875
23,281
15,965
Investment securities
4,861,967
4,833,744
5,045,270
5,093,027
5,071,323
Net loans
24,266,345
24,144,884
24,041,489
24,012,539
23,862,574
Less: ACL - loans(1)
(367,489)
(364,462)
(376,258)
(377,337)
(379,677)
Loans, net
23,898,856
23,780,422
23,665,231
23,635,202
23,482,897
Net premises and equipment
168,941
175,240
178,644
184,290
186,873
Accrued interest receivable
112,083
113,698
114,003
117,130
116,215
Goodwill and intangible assets
607,647
612,996
618,361
623,729
629,189
Other assets
1,393,195
1,403,366
1,403,324
1,417,610
1,462,946
Total Assets
$ 32,237,438
$ 32,118,400
$ 31,995,086
$ 32,040,448
$ 32,132,028
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
$ 26,768,335
$ 26,589,407
$ 26,332,490
$ 26,138,067
$ 26,328,972
Borrowings
1,252,579
1,297,375
1,471,961
1,773,900
1,657,200
Other liabilities
711,241
741,171
777,037
799,235
871,535
Total Liabilities
28,732,155
28,627,953
28,581,488
28,711,202
28,857,707
Shareholders' equity
3,505,283
3,490,447
3,413,598
3,329,246
3,274,321
Total Liabilities and Shareholders' Equity
$ 32,237,438
$ 32,118,400
$ 31,995,086
$ 32,040,448
$ 32,132,028
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage
$ 9,985,368
$ 9,820,944
$ 9,734,156
$ 9,678,038
$ 9,676,517
Commercial and industrial
4,494,031
4,539,060
4,437,905
4,541,765
4,531,266
Real estate - residential mortgage
6,735,338
6,669,993
6,617,017
6,511,687
6,409,657
Real estate - home equity
1,253,192
1,242,831
1,214,399
1,193,410
1,170,470
Real estate - construction
876,498
970,298
1,134,748
1,155,099
1,175,445
Consumer
565,041
564,349
566,291
583,949
597,305
Leases and other loans(2)
356,877
337,409
336,973
348,591
301,914
Total Net Loans
$ 24,266,345
$ 24,144,884
$ 24,041,489
$ 24,012,539
$ 23,862,574
Deposits, by type:
Noninterest-bearing demand
$ 5,334,920
$ 5,256,096
$ 5,136,210
$ 5,337,771
$ 5,435,934
Interest-bearing demand
7,823,683
7,970,188
8,035,393
7,593,083
7,804,388
Savings
8,875,256
8,512,829
8,417,678
8,271,925
8,208,526
Total demand and savings
22,033,859
21,739,113
21,589,281
21,202,779
21,448,848
Brokered
715,850
855,042
709,667
817,398
738,458
Time
4,018,626
3,995,252
4,033,542
4,117,890
4,141,666
Total Deposits
$ 26,768,335
$ 26,589,407
$ 26,332,490
$ 26,138,067
$ 26,328,972
Borrowings, by type:
Federal Home Loan Bank advances
$ 200,000
$ 250,000
$ 450,000
$ 800,000
$ 750,000
Senior debt and subordinated debt
367,720
367,637
367,557
367,476
367,396
Other borrowings
684,859
679,738
654,404
606,424
539,804
Total Borrowings
$ 1,252,579
$ 1,297,375
$ 1,471,961
$ 1,773,900
$ 1,657,200
(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
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
2026
2025
2025
2025
2025
Net Interest Income:
Interest income
$ 390,056
$ 403,416
$ 411,006
$ 402,761
$ 399,692
Interest expense
128,033
137,374
146,808
147,840
148,505
Net Interest Income
262,023
266,042
264,198
254,921
251,187
Provision for credit losses
14,442
2,948
10,245
8,607
13,898
Net Interest Income after Provision
247,581
263,094
253,953
246,314
237,289
Non-Interest Income:
