Fulton Financial Reports Strong Q1 Earnings, Completes Blue Foundry Acquisition, and Issues $300M Subordinated Notes

summarizeSummary

Fulton Financial reported strong Q1 2026 earnings, completed its acquisition of Blue Foundry Bancorp, and issued $300 million in subordinated notes, signaling strategic growth and financial stability.

check_boxKey Events

• Strong Q1 Financial Performance

  Net income available to common shareholders increased to $92.2 million (up $1.8M year-over-year), with diluted EPS rising to $0.51 (up $0.02 year-over-year). Net interest income grew by $10.8 million to $262.0 million, and Net Interest Margin (NIM) expanded by 15 basis points to 3.58%.

• Blue Foundry Bancorp Acquisition Completed

  The acquisition of Blue Foundry Bancorp was completed on April 1, 2026, with Fulton Financial issuing 12,435,551 shares of common stock as consideration. This strategic move expands the company's market presence.

• Successful Subordinated Notes Issuance

  In May 2026, the company issued $300.0 million in 5.95% Fixed-to-Floating Rate Subordinated Notes due 2036. Net proceeds of $296.0 million are designated for repaying $195.0 million of outstanding notes and for general corporate purposes, enhancing financial flexibility. This follows the pricing and finalization disclosures on May 1 and May 4, 2026.

• Improved Credit Quality

  Non-accrual loans decreased by $11.8 million (7.7%) to $142.0 million, and total criticized and classified loans decreased by $83.5 million (5.7%) compared to December 31, 2025, indicating improving asset quality.

auto_awesomeAnalysis

Fulton Financial Corporation's Q1 2026 results demonstrate solid financial performance with increases in net income, diluted EPS, and net interest income, alongside an expansion in Net Interest Margin. The completion of the Blue Foundry Bancorp acquisition, involving the issuance of over 12.4 million shares, marks a significant strategic expansion. Furthermore, the successful issuance of $300 million in subordinated notes strengthens the company's capital structure and provides funds for debt repayment and general corporate purposes. These events, combined with improving credit quality metrics, indicate a positive trajectory for the company.