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1. Company Snapshot

1.a. Company Description

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services.It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.The company also offers secured consumer loans, including home equity loans and lines of credit, automobile loans, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial real estate, commercial and industrial, and construction loans, as well as equipment lease financing loans.


In addition, it provides letters of credit, cash management services, and traditional deposit products; and wealth management services, including investment management, trust, brokerage, insurance, and investment advisory services.Further, the company owns passive investments, as well as trust preferred securities; and sells various life insurance products.It provides its products and services through traditional financial center banking, as well as through a network of automated teller machines, telephone banking, mobile banking, and online banking.


The company operated branches in Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.Fulton Financial Corporation was incorporated in 1882 and is headquartered in Lancaster, Pennsylvania.

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1.b. Last Insights on FULT

Fulton Financial Corporation's recent performance was driven by strong Q4 2025 earnings, with operating EPS reaching a record high. The company's net interest margin improved to 3.59%, and it achieved organic deposit and loan growth. Additionally, Fulton Financial reduced its leverage and demonstrated strong asset quality, with an ROA of 1.23% and ROE of 11.69%. According to Marketbeat.com, the company has a consensus rating of "Hold" from analysts, with a 12-month price target of $20.90. The company also announced regulatory approvals for its merger with Blue Foundry Bancorp.

1.c. Company Highlights

2. Fulton Financial Q1 2026: Solid Earnings, Strategic Growth

Operating earnings per diluted share surged to $0.55, eclipsing the $0.50 consensus and delivering a 10% lift in EPS. Net interest income of $262 million supported a 3.58% NIM, while non‑interest income of $69.8 million offset $200.3 million in expenses, resulting in a 56.7% efficiency ratio. The company’s P/E of 9.79 and P/B of 1.1 signal modest upside on a valuation front, with a 3.45% dividend yield that aligns with its disciplined capital policy.

Publication Date: Apr -26

📋 Highlights
  • Operating Earnings & Returns:: Q1 2026 operating earnings of $0.55/share with ROAA of 1.30% and ROATCE of 14.76%.
  • Efficiency Improvement:: Efficiency ratio declined to 56.7%, driven by $200.3M noninterest expenses and $69.8M noninterest income.
  • Blue Foundry Acquisition Impact:: $27M annual cost savings and $200M expense growth offset by purchase accounting, with NIM expansion expected in Q2.
  • Capital Deployment:: $24.5M in Q1 stock repurchases under $125M remaining authorization, alongside 11.9% CET1 capital ratio.
  • Loan & Deposit Momentum:: Solid commercial mortgage loan growth, strong Q1 deposit trends, and $4.4B back book loans to reprice for 50-60 bps NII benefit in 12 months.

Earnings Overview

The quarter’s operating return on average assets rose to 1.30%, and the return on tangible common equity climbed to 14.76%, underscoring efficient asset use. Net interest margin remained stable at 3.58%, while the overall efficiency ratio improved to 56.7%, reflecting tighter cost control and a focus on profitable growth.

Interest Income and Margin

Net interest income of $262 million was driven by solid loan growth, particularly in commercial mortgage, and a 50‑60 basis point NII benefit is anticipated from the $4.4 billion back‑book repricing over the next year. The NIM is projected to rise in Q2 following purchase‑accounting accretion from Blue Foundry.

Loan & Deposit Dynamics

Loan activity remained robust, with commercial mortgage leading the charge. Deposit trends were positive, indicating strong customer engagement across segments. Core deposit growth is expected to continue, supporting the company’s liquidity and funding profile as it expands into new geographic markets.

Blue Foundry Acquisition Impact

The April 1 closing of Blue Foundry Bancorp is already accretive to earnings and tangible book. The acquisition adds a high‑quality, granular loan portfolio that aligns with Fulton’s franchise, and it is expected to enhance NIM, wealth management, and mortgage business in economically vibrant Northern New Jersey.

Capital Allocation & Share Repurchases

Share repurchases averaged $20‑30 million per quarter, with $125 million remaining under the 2026 authorization. The firm repurchased $24.5 million in Q1, reinforcing its commitment to delivering value while retaining flexibility for organic growth, corporate activities, or additional buybacks.

Risk Management & Asset Quality

Classified and criticized assets continue to trend down, and nonperforming loans are decreasing, reflecting prudent risk management. The company’s CET1 ratio stands at 11.9%, and the tangible common equity ratio improved to 8.6%, providing a buffer against potential credit deterioration.

Outlook & Guidance

Full‑year 2026 operating guidance was reaffirmed, targeting mid‑single‑digit loan growth, controlled expense expansion, and strong capital generation. With an ROE of 11.45% and a free cash flow yield of 6.48%, Fulton remains well positioned to pursue growth opportunities while maintaining a disciplined capital structure.

3. NewsRoom

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Fulton Financial Corporation Announces Pricing of Subordinated Notes Offering

May -01

Source: prnewswire.com

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Fulton Financial Q1 Earnings Call Highlights

Apr -25

Source: defenseworld.net

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Fulton Financial Corporation (FULT) Q1 2026 Earnings Call Transcript

Apr -23

Source: seekingalpha.com

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Fulton Financial (FULT) Reports Q1 Earnings: What Key Metrics Have to Say

Apr -23

Source: zacks.com

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Fulton Financial (FULT) Surpasses Q1 Earnings Estimates

Apr -23

Source: zacks.com

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Fulton Financial Corporation Announces First Quarter 2026 Results

Apr -22

Source: prnewswire.com

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SG Americas Securities LLC Has $2.68 Million Stock Position in Fulton Financial Corporation $FULT

Apr -04

Source: defenseworld.net

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Fulton Financial Corporation (NASDAQ:FULT) Given Average Recommendation of “Hold” by Brokerages

Apr -03

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.55%)

6. Segments

Banking and Related Activities

Expected Growth: 4.55%

Fulton Financial Corporation's 4.55% growth in Banking and Related Activities is driven by increasing loan demand, expansion of commercial banking services, and strategic acquisitions. Additionally, improved credit quality, cost savings initiatives, and a favorable interest rate environment contribute to the growth. Furthermore, investments in digital banking platforms and enhanced customer experience also support the segment's growth.

7. Detailed Products

Consumer Banking

Fulton Financial Corporation offers a range of consumer banking products and services, including checking and savings accounts, credit cards, personal loans, and mortgages.

Commercial Banking

The company provides commercial banking services, including cash management, commercial lending, and treasury management solutions, to businesses of all sizes.

Wealth Management

Fulton Financial Corporation offers wealth management services, including investment management, trust services, and retirement planning, to individuals, families, and institutions.

Mortgage Banking

The company provides mortgage banking services, including residential mortgage lending, to individuals and families.

Insurance Services

Fulton Financial Corporation offers insurance services, including property and casualty insurance, life insurance, and employee benefits, to individuals and businesses.

8. Fulton Financial Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Fulton Financial Corporation operates in a highly competitive industry, and customers have various alternatives to choose from. However, the company's strong brand reputation and customer loyalty mitigate the threat of substitutes.

Bargaining Power Of Customers

Fulton Financial Corporation's customers have limited bargaining power due to the company's diversified customer base and lack of concentration in a single customer segment.

Bargaining Power Of Suppliers

Fulton Financial Corporation relies on a diverse range of suppliers, reducing the bargaining power of individual suppliers. However, the company's dependence on a few key suppliers for critical services may increase their bargaining power.

Threat Of New Entrants

The banking industry has high barriers to entry, including regulatory hurdles and capital requirements, making it difficult for new entrants to compete with established players like Fulton Financial Corporation.

Intensity Of Rivalry

The banking industry is highly competitive, with many established players competing for market share. Fulton Financial Corporation faces intense rivalry from other regional banks and larger national banks.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 47.61%
Debt Cost 6.02%
Equity Weight 52.39%
Equity Cost 7.87%
WACC 6.99%
Leverage 90.86%

11. Quality Control: Fulton Financial Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Bank OZK

A-Score: 7.1/10

Value: 7.9

Growth: 8.3

Quality: 7.6

Yield: 7.0

Momentum: 4.5

Volatility: 7.0

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Popular

A-Score: 6.8/10

Value: 6.7

Growth: 5.9

Quality: 7.1

Yield: 5.0

Momentum: 8.0

Volatility: 8.3

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First Bank

A-Score: 6.8/10

Value: 7.1

Growth: 6.6

Quality: 8.2

Yield: 6.0

Momentum: 5.0

Volatility: 8.0

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Cathay Bank

A-Score: 6.3/10

Value: 6.0

Growth: 6.1

Quality: 7.4

Yield: 6.0

Momentum: 4.5

Volatility: 7.7

1-Year Total Return ->

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Fulton Financial

A-Score: 6.2/10

Value: 6.3

Growth: 6.3

Quality: 6.1

Yield: 8.0

Momentum: 3.0

Volatility: 7.7

1-Year Total Return ->

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IBOC

A-Score: 5.9/10

Value: 4.7

Growth: 7.0

Quality: 6.2

Yield: 5.0

Momentum: 4.0

Volatility: 8.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

21.62$

Current Price

21.62$

Potential

-0.00%

Expected Cash-Flows