FULTON FINANCIAL CORP

Listed Company

FULTPCIK 0000700564NasdaqLarge AcceleratedNational Commercial BanksPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$391.61M

Total Assets

$32.12B

Equity

$3.49B

Shares Out

180.01M

Op. Cash Flow

$304.48M

Business

Fulton Financial Corp operates as a bank holding company that provides a range of banking and financial services through its banking subsidiary, Fulton Bank, and consolidated non-bank subsidiaries. The company offers consumer and commercial banking products and services including deposit accounts, mortgages, home equity loans and lines, consumer and commercial loans, construction and commercial real estate lending, cash management, equipment leasing, and wealth management, trust, brokerage and insurance services. Key business divisions include Fulton Bank and its wealth management arms—Fulton Financial Advisors and Fulton Private Bank—along with five non-bank subsidiaries engaged in realty, insurance and community development activities. The company primarily serves customers across a five-state market area (Pennsylvania, Delaware, Maryland, New Jersey and Virginia) through a network of financial centers, ATMs and electronic channels such as online, mobile and telephone banking.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	1,396	1,395	1,156	759	639
Investment securities	187	137	102	98	80
Other interest income	34	51	15	8	5
Total Interest Income	1,617	1,582	1,273	865	723
Deposits	515	522	292	44	30
Federal funds purchased	13,000	3	30	3	0
FHLB advances	25	38	47	7	2
Senior debt and subordinated debt	18	20	21	22	27
Other borrowings and interest-bearing liabilities	23	39	28	7	607,000
Total Interest Expense	581	622	419	83	—
Net Interest Income	1,036	960	854	782	664
Provision for credit losses	36	72	54	28	—
Net Interest Income After Provision for Credit Losses	1,001	889	800	754	678
Business Combination, Bargain Purchase, Gain (Loss) Recognized, Amount	0	37	0	0	—
Non-interest income before investment securities gains	277	296	228	227	240
Investment securities (losses) gains, net	−2,000	−20	−733,000	−27,000	34
Total Non-Interest Income	277	276	228	227	274
Salaries and employee benefits	444	433	377	357	329
Data processing and software	75	78	66	60	56
Net occupancy	68	69	58	56	54
Other outside services	50	61	48	37	34
FDIC insurance	20	24	26	13	11
Equipment	16	18	14	14	14
Intangible amortization	22	18	3	2	589,000
Professional fees	5	11	8	9	10
Marketing	9	9	9	7	5
Acquisition-related expenses	1	38	0	10	0
Other	80	62	69	69	71
Total Non-Interest Expense	792	820	679	634	618
Income Before Income Taxes	486	345	349	347	334
Income taxes	94	56	64	60	59
Net Income	392	289	284	287	275
Preferred stock dividends	−10	−10	−10	−10	−10
Net Income Available to Common Shareholders	381	278	274	277	265
Net income available to common shareholders (basic) (in dollars per share)	2.1	1.59	1.66	1.69	1.63
Net income available to common shareholders (diluted) (in dollars per share)	2.08	1.57	1.64	1.67	1.62
Cash Dividends (in dollars per share)	0.73	0.69	0.64	0.66	0.64

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	271	279	300	127	172
Interest-bearing deposits with other banks	790	785	249	555	1,466
Cash and Cash Equivalents	1,062	1,064	550	682	1,639
FRB and FHLB stock	121	140	124	130	58
Loans held for sale	16	26	15	7	36
AFS, at estimated fair value	3,408	3,411	2,398	2,647	3,187
HTM, at amortized cost	1,426	1,396	1,268	1,321	980
Net loans	24,145	24,045	21,351	—	—
Less: ACL - loans	−364	−379	−293	−269	−249
Loans, Net	23,780	23,666	21,058	—	—
Net premises and equipment	175	196	223	225	220
Accrued interest receivable	114	117	108	92	57
Goodwill and net intangible assets	613	635	561	561	538
Other assets	1,403	1,423	1,267	1,257	1,004
Total Assets	32,118	32,072	27,572	26,932	25,796
Noninterest-bearing	5,256	5,500	5,314	7,006	7,371
Interest-bearing	21,333	20,630	16,224	13,643	14,203
Total Deposits	26,589	26,129	21,538	20,650	21,573
Federal funds purchased	0	0	240	191	0
FHLB advances	250	850	1,100	1,250	0
Senior debt and subordinated debt	368	367	535	540	620
Other borrowings and interest-bearing liabilities	680	565	612	891	418
Total Borrowings	1,297	1,782	2,488	2,871	1,038
Accrued interest payable	17	32	35	10	7
Other liabilities	724	931	752	821	465
Total Liabilities	28,628	28,874	24,812	24,352	23,084
Preferred stock, no par value, 10,000,000 shares authorized, Series A, 200,000 shares issued as of December 31, 2025 and 2024, liquidation preference of $1,000 per share	193	193	193	193	193
Common stock, $2.50 par value, 600,000,000 shares authorized, 247,130,331 shares issued as of December 31, 2025 and 245,946,392 issued as of December 31, 2024	618	615	564	562	560
Additional paid-in capital	1,803	1,789	1,553	1,542	1,520
Retained earnings	2,025	1,776	1,619	1,451	1,282
Accumulated other comprehensive loss	−199	−288	−312	−385	27
Treasury stock, at cost, 67,235,204 shares in 2025 and 63,857,567 shares in 2024	−949	−887	−857	−782	−870
Total Shareholders' Equity	3,490	3,197	2,760	2,580	2,713
Total Liabilities and Shareholders' Equity	32,118	32,072	27,572	26,932	25,796

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of premises and equipment	28	39	30	30	29
Net amortization of investment securities premiums	1	764,000	11	13	16
Accretion (Amortization) of Loan Discounts	−48	−39	0	0	—
Investment securities losses, net	2,000	20	733,000	27,000	−34
Gain on sales of mortgage loans held for sale	−9	−8	−5	−9	−24
Proceeds from sales of mortgage loans held for sale	529	548	363	456	1,051
Originations of mortgage loans held for sale	−511	−550	−366	−418	−978
Amortization of Debt Issuance Costs	321,000	710,000	750,000	724,000	2
Business Combination, Bargain Purchase, Gain Recognized, Amount	0	−37	0	0	—
Gain (Loss) on Disposition of Property Plant Equipment	1	−30,000	0	0	—
Sale and Leaseback Transaction, Gain (Loss), Net	−606,000	−20	0	0	—
Stock-based compensation	13	11	13	14	8
Net change in deferred income tax	−4	−23	25	−118	−417,000
Net change in accrued salaries and benefits	665,000	19	−6	13	−1
Net change in life insurance cash surrender value	−16	−20	−28	−96	−94
Other changes, net	−131	97	−17	393	70
Total adjustments	−87	128	79	308	63
Net cash provided by operating activities	304	417	363	595	338
Proceeds from sales of AFS investment securities	15	2,300	213	196	359
Proceeds from principal repayments and maturities of AFS investment securities	716	334	149	583	469
Proceeds from principal repayments and maturities of HTM investment securities	108	56	60	110	118
Purchase of AFS investment securities	−654	−1,745	−79	−846	−1,309
Purchase of HTM investment securities	−132	−178	0	−31	−443
Net change in FRB and FHLB stock	19	23	6	−73	34
Net change in loans	−102	−149	−1,101	−1,407	562
Net purchases of premises and equipment	−20	−42	−33	−21	−18
Settlement of bank owned life insurance	3	3	2	3	4
Proceeds from Sale-Leaseback Transaction	11	51	0	0	—
Net cash received for acquisition	0	1,018	0	−22	−2
Net change in tax credit investments	−46	−43	−27	−29	−18
Net cash (used in) provided by investing activities	−82	1,629	−809	−1,536	−210
Net change in demand and savings deposits	604	479	−1,198	−1,198	1,315
Net change in time deposits and brokered deposits	−144	1	2,086	−258	−581
Net change in other borrowings	−485	−1,951	−379	1,630	−213
Repayments of senior debt and subordinated debt	0	169	5	81	711
Net proceeds from issuance of common stock	8	271	3	8	7
Dividends paid	−141	−132	−116	−116	−112
Acquisition of treasury stock	−66	−30	−77	0	−44
Net cash (used in) provided by financing activities	−225	−1,532	314	−16	−338
Net Increase in Cash and Cash Equivalents	−2	514	−132	−957	−209
Interest	595	659	394	80	63
Income taxes	113	29	25	33	28
Noncash or Part Noncash Acquisition, Fair Value of Tangible Assets Acquired	0	4,707	0	0	—
Noncash or Part Noncash Acquisition, Intangible Assets Acquired	0	93	0	0	—
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed	0	5,562	0	0	—
Noncash or Part Noncash Acquisition, Purchase Credit Deteriorated Loans, Credit Discount	0	55	0	0	—

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