Fulton Financial (FULT) Q2 2025 earnings summary

Executive summary

• Achieved record operating net income of $100.6 million ($0.55 per share) in Q2 2025, marking the first $100 million quarter and up $5.2 million sequentially and $48.2 million year-over-year for the six months ended June 30, 2025.

• Net income available to common shareholders was $96.6 million ($0.53 per diluted share), up $6.2 million from Q1 2025 and $35.3 million year-over-year for the six-month period.

• Republic First Bank acquisition added $4.8 billion in assets, $5.6 billion in liabilities, and a $37.0 million preliminary gain on acquisition, net of tax.

• Focused on community banking strategy, disciplined growth, and benefits realization from strategic initiatives.

• For the six months ended June 30, 2025, net income available to common shareholders was $187.1 million, up $35.3 million year-over-year; diluted EPS was $1.02, up $0.13.

Financial highlights

• Net interest income rose to $254.9 million, up $3.7 million sequentially; net interest margin increased to 3.47%.

• Non-interest income increased $1.9 million to $69.1 million, driven by higher mortgage banking, merchant/card fees, and wealth management revenues.

• Non-interest expense increased to $192.8 million, mainly due to higher salaries, benefits, and professional fees.

• Provision for credit losses was $8.6 million in Q2 2025; allowance for credit losses at 1.57% of total net loans.

• Net loans grew by $150 million to $24.0 billion; deposits decreased by $190.9 million to $26.1 billion.

Outlook and guidance

• 2025 guidance: net interest income expected at $1.005–$1.025 billion, provision for credit losses at $50–$70 million, non-interest income at $265–$280 million, and operating non-interest expense at $750–$765 million.

• Guidance incorporates two 25 bps Fed Funds Rate cuts in 2025 and projects low single-digit loan and asset growth.

• Effective tax rate expected between 18.5% and 19.5%.

• Capital levels remain above regulatory minimums, with strong liquidity and borrowing capacity.

• Interest rate risk simulations show the company is within policy limits for all modeled rate shocks.