Fulton Financial reports $92.2 million net income in 1Q

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Fulton Financial Corporation reported $92.2 million net income in first quarter, highlighting steady profitability and acquisition of Blue Foundry Bancorp in New Jersey.

Fulton reported net income available to common shareholders of $92.2 million, or $0.51 per diluted share, for the first quarter of 2026. It was a decrease of $4.2 million in comparison to the fourth quarter of 2025. Operating net income available to common shareholders for the three months ended March 31 was $99.7 million, or $0.55 per diluted share, an increase of $0.3 million in comparison to the fourth quarter of 2025.

“Our first quarter results reflect steady, solid profitability driven by disciplined execution of our strategy,” Fulton Chairman, CEO, and President Curtis Myers said in a statement. “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,” added Myers.

First quarter of 2026 operating results of $0.55 per diluted share 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 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.
• Common equity tier 1 capital ratio 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 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 million to $262 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 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 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 was $2.6 million compared to $0.8 million in the prior quarter.