Fulton Financial Q2 Adjusted EPS Rises to $0.60 on Blue Foundry Deal
FULT sits 47% above its 52-week low of $16.6.
Summary
Fulton Financial reported Q2 adjusted EPS of $0.60, up from the prior year, driven by the completed acquisition of Blue Foundry Bancorp. Net income reached $99.85 million, with net interest income of $284.25 million and a net interest margin of 3.60%. The deal boosted loans and deposits, though non-interest expenses rose due to acquisition costs and higher salaries. The CET1 capital ratio remained solid at 12.10%, and credit loss provisions were modest at $4.9 million. This follows the Q1 10-Q that highlighted the Blue Foundry completion and a $300 million subordinated notes offering. The stock trades near its 52-week high of $25.23, and the results show the acquisition is already contributing to earnings growth.
At the time of this announcement, FULT was trading at $24.44 on NASDAQ in the Finance sector, with a market capitalization of approximately $4.7B. The 52-week trading range was $16.60 to $25.23. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.