10-Q · May 8, 2026
Fulton Financial Corporation reported Q1 2026 diluted EPS of $0.55, beating estimates of $0.49, while revenue amounted to $266.3 million, which fell short of the expected $334.9 million. Net interest income rose to $262…
Earnings analysis · 10-Q
FULT earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Fulton delivered stronger Q2 operating performance, with FTE revenue up approximately 12% year over year, NIM up 13 bps to 3.60%, and net income available to common shareholders up to $99.9 million. However, diluted EPS…
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Fulton delivered stronger Q2 operating performance, with FTE revenue up approximately 12% year over year, NIM up 13 bps to 3.60%, and net income available to common shareholders up to $99.9 million. However, diluted EPS declined to $0.52 as share count increased following the Blue Foundry merger, while acquisition and operating expenses rose sharply. Credit quality ratios improved overall, but charge-offs, commercial real estate concentration, higher borrowings, and ongoing integration costs remain meaningful risks. No numeric forward EPS or revenue guidance was provided, and the filing reported no material changes to the prior risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.52
- Segment
- One reportable segment: consolidated banking operations; total FTE revenue was $367.9 million for Q2 2026 versus $328.4 million in Q2 2025. Fee-income categories were wealth management $23.1 million, commercial banking $24.8 million, consumer banking $15.3 million, mortgage banking $4.9 million, and other $11.1 million.
What stood out
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Revenue and NIM improved year over year
FTE revenue increased to $367.9 million from $328.4 million in Q2 2025, up approximately 12%; FTE net interest income rose to $288.6 million from $259.3 million, while NIM expanded 13 bps to 3.60% from 3.47%.
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Earnings rose, but EPS declined
Net income available to common shareholders increased to $99.9 million from $96.6 million, although diluted EPS declined to $0.52 from $0.53 because diluted weighted-average shares increased to 193.0 million from 183.8 million.
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Blue Foundry adds scale and earnings
Blue Foundry contributed approximately $1.6 billion of acquired loans and $1.5 billion of deposits; the merger added $5.9 million of net income in Q2 and is expected to provide cost savings and growth opportunities.
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Credit metrics improved
Credit quality improved in several measures: non-accrual loans declined to $146.5 million from $153.9 million at year-end, non-performing loans declined to $181.3 million from $183.8 million, and criticized/classified loans fell $193.2 million to $1.264 billion.
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Liquidity and operating cash flow strengthened
Cash and cash equivalents increased 19.0% to $1.263 billion from $1.062 billion at December 31, 2025. Six-month operating cash flow was $214.4 million, versus $92.5 million in the prior-year period, while net purchases of premises and equipment were $7.6 million.
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Capital ratios remain well above minimums
Capital remained strong: the June 30, 2026 total risk-based capital ratio was 15.8%, common equity Tier 1 ratio was 12.1%, and Tier 1 leverage ratio was 10.0%, all above regulatory minimums including the capital conservation buffer.
What to watch
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Acquisition and operating costs pressure returns
Q2 non-interest expense increased 19.8% to $231.0 million, including $13.8 million of Blue Foundry acquisition-related expense. Six-month non-interest expense rose 12.8% to $431.2 million, causing the efficiency ratio to increase to 57.3% from 57.1%.
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Charge-offs increased materially
Net charge-offs increased to $22.0 million in Q2 from $11.7 million in Q2 2025, and the annualized net charge-off rate rose to 0.34% from 0.20%. The loan ACL was $382.6 million, or 1.48% of net loans, despite a lower total provision of $4.9 million.
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Commercial real estate concentration
Commercial real estate exposure remains significant: commercial mortgage and construction loans represented approximately $11.9 billion, or 45.7% of the loan portfolio. Non-owner-occupied multifamily loans increased 29.4% to $2.1 billion, while their weighted-average LTV rose to 62% from 58%.
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Funding reliance increased
Borrowings increased 32.1% to $1.714 billion from $1.297 billion at year-end, including $552.5 million of FHLB advances. The company issued $300.0 million of subordinated notes at a 5.95% fixed rate and redeemed $195.0 million of older notes.
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Rate sensitivity remains a headwind
The filing states there were no material changes to the risk factors in the 2025 Form 10-K. Separately, interest-rate modeling indicates a -100 bp instantaneous rate shock would reduce annual net interest income by $11.6 million, or 1.0%.
Management's outlook
No numeric forward revenue or EPS guidance was provided. Management disclosed liquidity and interest-rate sensitivity metrics, including approximately $7.6 billion of remaining FHLB borrowing capacity and a modeled $11.6 million annual net-interest-income decline under a -100 bp instantaneous rate shock.
Earlier filings 4
10-K · February 27, 2026
Fulton presents a steady core banking franchise focused on relationship banking across a five-state footprint with 204 financial centers as of December 31, 2025. Operating leverage and profitability improved in 2025…
10-Q · August 8, 2025
Fulton Financial reported a stable quarter to June 30, 2025 with total revenue (interest income plus non-interest income) of $471,909,000, diluted EPS of $0.53 and net income of $99,198,000. Profitability improved…
10-Q · May 9, 2025
Fulton reported a stronger quarter: net income rose to $92,987,000 (Q1 2025) with diluted EPS of $0.49 versus $61,941,000 and $0.36 in Q1 2024. Total operating revenue (net interest income + non‑interest income)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.