Fulton Financial Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.24%.
Did FULT Beat Earnings? Q4 2025 Results
Fulton Financial delivered a stronger-than-expected fourth quarter, with operating earnings per diluted share of $0.55 beating the $0.51 consensus by 7.84%, even as revenue of $336.02 million came in fractionally below the $336.90 million estimate and fell 30.6% year over year. The earnings beat was driven in large part by a sharp drop in the provision for credit losses to $2.95 million from $10.24 million the prior quarter, while net interest margin edged up 2 basis points to 3.59% on lower funding costs. The quarter was not without friction, as non-interest expense surged to $212.99 million from $196.57 million, largely on $7.50 million in higher incentive compensation, pushing the operating efficiency ratio to 60.0% from 56.5%. For full-year 2025, operating diluted EPS rose 17% to $2.16. The company's stock reached a 52-week high following the results, with at least one analyst raising their price target to $23.00. Looking ahead, Fulton guided 2026 non-FTE net interest income to $1.12 to $1.14 billion, incorporating mid-single-digit loan growth and the pending Blue Foundry Bancorp acquisition, expected to close in Q2 2026.
- Net interest margin expansion to 3.59% driven by 13 bps decrease in total cost of funds
- Wealth management revenues increased $1.2 million linked quarter with AUM/AUA exceeding $17 billion
- Provision for credit losses declined sharply to $2.9 million from $10.2 million in Q3
- Deposit growth of $256.9 million linked quarter
- Purchase loan mark accretion from Republic First Bank acquisition of $10.5 million
- Full-year operating diluted EPS grew 17% year-over-year
“The strength of our strategy and the dedication of our team combined to generate a 17% increase in our operating diluted earnings per share.”
Fulton Financial CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Fulton provided operating guidance (assuming Blue Foundry Bancorp acquisition closes in Q2 2026 with systems conversion in Q3 2026 and a 25 bps Fed funds rate cut in March 2026): Non-FTE net interest income of $1.120–$1.140 billion (with $50–$55 million in purchase accounting accretion); provision for credit losses of $55–$75 million; non-interest income of $285–$300 million; operating non-interest expense (excluding CDI amortization and non-operating items) of $800–$835 million (includes ~$27 million from Blue Foundry operating expenses); non-operating expenses of $38.4 million (Blue Foundry acquisition-related and incremental FultonFirst implementation); effective tax rate of 18.5%–19.5%. Guidance reflects mid-single-digit organic loan growth.
FULT YoY Financials
FULT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.