Welcome to our dedicated page for Fulton Financial news (Ticker: FULT), a resource for investors and traders seeking the latest updates and insights on Fulton Financial stock.
Fulton Financial Corporation (symbol: FULT) is a substantial regional financial holding company with assets exceeding $17 billion. Headquartered in Lancaster, Pennsylvania, the company operates around 250 offices and ATMs across five states: Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.
Founded in 1882, the flagship bank, Fulton Bank, has a long-standing presence in South Central Pennsylvania, Delaware, and Virginia. Fulton Financial Corporation's business model includes a suite of consumer and commercial banking products such as checking and savings accounts, loan products, and wealth management services. The company's revenue streams include non-interest income from its robust Wealth Management division.
Through its affiliates, Fulton Financial Advisors, N.A. and Fulton Mortgage Company, the corporation provides a broad array of services. Fulton Financial Advisors offers trust, brokerage, and investment management services, while Fulton Mortgage Company specializes in residential mortgage services.
With a community-oriented banking style, Fulton Financial Corporation prides itself on maintaining strong personal relationships and community support. Their customer-centric approach ensures that they can listen to and meet the needs of their clients effectively.
Recent projects and partnerships highlight Fulton Financial Corporation's commitment to growth and innovation, adapting to the ever-evolving financial landscape while maintaining its traditional values.
Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has launched a Diverse Business Banking program aimed at supporting minority, women, veteran, and LGBTQ business owners. This initiative includes specialized banking services and resources tailored to these communities, reflecting the bank's commitment to inclusivity.
The program features Diverse Business Advocates, certified bankers who provide mentorship and custom solutions. Key offerings include flexible loan approval criteria, business product bundles, SBA products, and various financial services.
Fulton Bank emphasizes its role as a trusted advisor, aiming to strengthen ties with community organizations to enhance support for diverse businesses.
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.
FAQ
What is the current stock price of Fulton Financial (FULT)?
What is the market cap of Fulton Financial (FULT)?
What is the core business of Fulton Financial Corporation?
Where is Fulton Financial Corporation headquartered?
How many states does Fulton Financial Corporation operate in?
What is the flagship bank of Fulton Financial Corporation?
What services does Fulton Financial Advisors, N.A. provide?
What type of services does Fulton Mortgage Company offer?
How many offices and ATMs does Fulton Financial Corporation operate?
What makes Fulton Financial Corporation's banking style unique?
What is the primary source of non-interest income for Fulton Financial Corporation?
What recent projects or achievements has Fulton Financial Corporation undertaken?
