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Fulton Financial Announces Second Quarter Earnings
LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income of $40 million, or $0.24 per
About this update from Fulton Financial Corporation
[{"type":"text","content":" LANCASTER, Pa.--(BUSINESS WIRE)--\nFulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income of $40 million, or $0.24 per diluted share, for the second quarter of 2020.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200721005932/en/\n\n“COVID-19 continues to have a significant impact on our world and our company,” said E. Philip Wenger, Chairman and CEO, “however, we are pleased with what Fulton was able to achieve in the second quarter during this period of great uncertainty. Our earnings were strong, with lower credit losses and relatively stable fee income and expenses. And our employees have done an outstanding job, continuing to support our customers through this challenging and ever-changing environment.\"\n\n\nNet Interest Income and Balance Sheet \n\n\nNet interest income for the second quarter of 2020 was $153 million, a decrease of $8 million from the first quarter of 2020, driven by lower yields on loans and other interest-earning assets. Net interest margin for the second quarter of 2020 decreased 40 basis points, to 2.81% from 3.21% in the first quarter of 2020.\n\n\nTotal average assets for the second quarter of 2020 were $24.1 billion, an increase of $1.9 billion from the first quarter of 2020. Average loans, net of unearned income, of $18.3 billion increased $1.5 billion from the first quarter of 2020. The increase was principally due to loans originated under the Paycheck Protection Program (\"PPP\"), which were $1.9 billion as of June 30, 2020.\n\n\nAverage loans and yields, by type, for the second quarter of 2020 in comparison to the first quarter of 2020 are summarized in the following table:\n\n\n\n\n \n\n\n\nThree months ended\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\nJune 30, 2020\n\n\n\n \n\n\n\nMarch 31, 2020\n\n\n\n \n\n\n\nGrowth\n\n\n\n\n\n \n\n\n\nBalance\n\n\n\n \n\n\n\nYield (1)\n\n\n\n \n\n\n\nBalance\n\n\n\n \n\n\n\nYield (1)\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n%\n\n\n\n\n\n \n\n\n\n(dollars in thousands)\n\n\n\n\n\nAverage Loans, net of unearned income, by type:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nReal estate - commercial mortgage\n\n\n\n$\n\n\n\n6,875,872\n\n\n\n \n\n\n\n \n\n\n\n3.47\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n6,746,766\...