Fulton Financial Corp - FULT STOCK NEWS

Fulton Financial Corporation (NASDAQ:FULT) reported a net income of $65.8 million, or $0.39 per diluted share, for Q1 2023. This reflects a decrease of $13.5 million, or 17.1%, compared to Q4 2022. Net interest income was $215.6 million, down $10.3 million from the previous quarter, influenced by a mix shift from low-cost deposits to higher-cost borrowings. Year-over-year, net interest income increased by 33.6%, attributed to rising interest rates and loan growth, including contributions from the Prudential Bancorp acquisition. Non-interest income fell by 4.8% from Q4 2022, mainly due to reduced commercial banking income and lower mortgage banking revenues. Non-interest expense decreased by 4.2% quarter-over-quarter, but rose by 9.6% year-over-year. The provision for credit losses was $24.5 million, up from $14.5 million in the prior quarter, mainly due to loan growth and macroeconomic changes.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), announced two $3,000 scholarships for local women pursuing degrees in science, technology, engineering, or mathematics (STEM). Funded by the bank's Women in Technology employee resource group, these scholarships aim to alleviate educational expenses for two high school seniors from Pennsylvania, New Jersey, Maryland, Delaware, or Virginia, who have demonstrated academic excellence. Applications must be submitted by May 5, 2023, with winners notified by May 19, 2023. This initiative aligns with the bank's mission to support community development and empower women in technical fields.

Fulton Financial Corporation (NASDAQ: FULT) will release its Q1 2023 earnings on April 18 at 4:30 p.m. ET. The quarterly conference call will take place on April 19 at 10:00 a.m. ET, hosted by Curtis J. Myers, CEO, and Mark R. McCollom, CFO. With a market capitalization of $26 billion, the company operates over 200 branches across Pennsylvania, Maryland, Delaware, New Jersey, and Virginia. Investors can access the call through a webcast.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has appointed Steven H. Santini as the new Regional Wealth Director for its Private Bank, focusing on eastern Pennsylvania and New Jersey, particularly the greater Philadelphia area. This strategic hire aims to enhance Fulton Bank's wealth management team and expand its services tailored for high-net-worth clients.

With extensive leadership experience, Santini's role is pivotal in driving new business development and nurturing talent within the bank. Fulton Bank has also recently expanded its financial center network and aims to leverage these changes to solidify its market position.

Fulton Financial Corporation (Nasdaq: FULT) announced a quarterly cash dividend of 15 cents per share on common stock, payable on April 14, 2023, with a record date of April 3, 2023. Additionally, the Board declared a quarterly dividend of $12.81 per share for its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on April 17, 2023, to shareholders of record as of April 2, 2023. Fulton, a $26 billion financial holding company based in Lancaster, Pennsylvania, operates over 200 financial centers across multiple states.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has announced a strategic investment of $1 million in Innovate Capital Growth Fund, L.P. This fund is dedicated to supporting the growth of minority- and women-owned businesses in the Mid-Atlantic region. The investment aligns with Fulton Bank's Commercial Affinity Banking initiative aimed at enhancing access to financial services for diverse enterprises. Innovate Capital Growth Fund targets firms with revenues between $2 million and $10 million across various industries, providing crucial equity capital to stimulate economic growth.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has been recognized by Operation HOPE for providing nearly $1 billion in loans to low- and moderate-income homebuyers since 2016. The funds have particularly supported over 5,700 borrowers through the Closing Cost Assistance Program, aiding them with upfront costs related to home purchases. Additionally, Fulton has contributed more than $8 million in grants to enhance affordability. This partnership emphasizes Fulton Bank's commitment to social mobility and financial inclusion, as highlighted during the recent HOPE Global Forum in December 2022.

Fulton Financial Corporation (NASDAQ:FULT) reported a net income of $79.3 million for Q4 2022, a 16% increase from Q3 2022. The annual net income reached $276.7 million, up 4.3% from 2021, driven by the acquisition of Prudential Bancorp on July 1, 2022. Net interest income for Q4 2022 was $225.9 million, a 36.4% increase year-over-year, influenced by rising interest rates. However, non-interest income fell by 8.3% quarter-over-quarter to $54.3 million, primarily due to declines in mortgage banking and commercial customer fees. Total non-interest expenses rose by 2.5% compared to Q3 2022, partially due to increased salaries and other operational costs.

Fulton Financial Corporation (NASDAQ: FULT) will release its fourth quarter 2022 earnings on January 17 at 4:30 p.m. ET. A conference call for analysts will be hosted by Chairman and CEO Curtis J. Myers on January 18 at 10:00 a.m. ET. The company, based in Lancaster, PA, has approximately 3,300 employees and operates over 200 branches across Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.