Fulton Financial Corp - FULT STOCK NEWS

Fulton Financial Corporation (NASDAQ:FULT) reported net income of $61.7 million for Q1 2022, up 4% from Q4 2021. Key highlights include solid loan growth and record income from wealth management. Total net interest income was $161.3 million, down from Q4, primarily due to decreased loan fees from PPP loans. Non-interest income decreased by 13.5% linked quarter, largely due to lower mortgage banking income. Operating expenses fell by 5.2% from Q4. The corporation plans to acquire Prudential Bancorp to strengthen its Philadelphia market presence, while a share repurchase program is set for $75 million.

Fulton Financial Corporation (NASDAQ: FULT) will announce its first quarter 2022 earnings on April 19 at 4:30 p.m. Eastern Time. A quarterly conference call for analysts will be held the following day, April 20, at 10:00 a.m. Eastern Time, hosted by Chairman & CEO E. Philip Wenger, President & COO Curtis J. Myers, and CFO Mark R. McCollom. The call can be accessed via webcast or by dialing (844) 264-2102 with Conference ID: 8059915. Fulton Financial, based in Lancaster, PA, manages assets of approximately $26 billion and operates over 200 branches across five states.

Fulton Financial Corporation (Nasdaq: FULT) has announced a new share repurchase program, allowing for the buyback of up to $75 million of its common stock, representing about 2.7% of outstanding shares. This program is set to begin on April 1, 2022, following the conclusion of a previous repurchase initiative on March 31, 2022, and will remain active until December 31, 2022. The repurchases may occur through various avenues including open market transactions, subject to market conditions.

Fulton Financial Corporation (NASDAQ: FULT) announces the retirement of CEO E. Philip Wenger, effective December 31, 2022, after 43 years with the company. Wenger will remain a director post-retirement. Curtis J. Myers, the current president and COO, will succeed Wenger as chairman, president, and CEO starting January 1, 2023. Myers has been with the bank since 1990, holding various key positions. The leadership transition aims to ensure continued strong performance and uphold the company's commitment to enhancing community lives.

The Board of Directors of Fulton Financial Corporation (NASDAQ: FULT) has declared a quarterly cash dividend of 15 cents per share on its common stock, an increase of 1 cent from the previous quarter. This dividend is payable on April 18, 2022, to shareholders of record as of April 1, 2022. Additionally, a quarterly dividend of $12.81 per share on Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, will be paid on April 15, 2022, to holders of record as of March 31, 2022.

Fulton Financial Corporation (NASDAQ: FULT) and Prudential Bancorp, Inc. (NASDAQ: PBIP) have announced a merger agreement, where Prudential will merge into Fulton in a stock and cash deal. Each Prudential shareholder will receive 0.7974 Fulton shares and $3.65 in cash, valuing the transaction at approximately $142.1 million or $18.01 per Prudential share. The merger has been unanimously approved by both boards and is anticipated to close in Q3 2022, pending regulatory and shareholder approvals. The deal will also enhance Fulton’s community banking services in Philadelphia.

Fulton Financial Corporation (NASDAQ:FULT) reported a net income of $59.3 million for Q4 2021, translating to $0.37 per diluted share, and $265.2 million for the full year, or $1.62 per diluted share. Despite a challenging environment, the company achieved record earnings, primarily driven by a successful relationship banking strategy and lower credit costs. Net interest income decreased to $165.6 million for Q4, influenced by reduced Paycheck Protection Program loan fees. Non-interest income rose by 2.1% to $63.9 million, while non-interest expenses increased by 6.5% to $154.0 million in Q4.

Fulton Financial Corporation (NASDAQ: FULT) will release its fourth quarter 2021 earnings on January 18 at 4:30 p.m. ET. A conference call for analysts is scheduled for January 19 at 10:00 a.m. ET, hosted by CEO E. Philip Wenger and other executives. The call can be accessed via webcast at investor.fultonbank.com or by dial-in at (844) 264-2102 (Conference ID: 1478105). Fulton Financial, based in Lancaster, PA, has around $26 billion in assets and over 200 branches across the mid-Atlantic region.

The Board of Directors of Fulton Financial Corporation (NASDAQ: FULT) has declared a quarterly cash dividend of 14 cents per share on common stock, payable on January 14, 2022, to shareholders of record as of December 31, 2021.

Additionally, a quarterly dividend of $12.81 per share on Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, will be paid on January 18, 2022, to holders of record as of December 31, 2021. Fulton Financial, with assets of $26 billion, operates over 200 branches across several states.