Fulton Financial Q1 2021 Earnings Report

Fulton Financial Corporation reported solid financial performance with record earnings per share, strong mortgage business, record high wealth management business, and stable asset quality.

Key Takeaways

Fulton Financial Corporation reported a net income available to common shareholders of $70 million, or $0.43 per diluted share, for the first quarter of 2021. The balance sheet restructuring announced in March had minimal net impact on earnings but is expected to enhance net interest income going forward.

Net income available to common shareholders was $70 million, or $0.43 per diluted share.

Net interest income for the first quarter of 2021 was $164 million, $3 million higher than the fourth quarter of 2020.

Non-interest income in the first quarter of 2021, excluding investment securities gains, was $62 million, an increase of $6 million, or 11%, from the fourth quarter of 2020.

A reversal of provision of credit losses of $6 million was recognized.