Business
Fulton Financial Corporation Announces Second Quarter 2022 Results
LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common
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 available to common shareholders of $67.4 million, or $0.42 per diluted share, for the second quarter of 2022, an increase of $5.7 million, or 9.2%, in comparison to the first quarter of 2022. The Corporation reported net income available to common shareholders of $129.2 million, or $0.80 per diluted share, for the six months ended June 30, 2022, a decrease of $3.7 million or 2.8%, in comparison to the six months ended June 30, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220719006064/en/\n\"Overall, we are pleased with Fulton's performance and results for the second quarter. Loan originations were strong, we began to see the positive impact of rising interest rates, and fee income was solid despite headwinds in mortgage banking and our wealth management businesses,\" said E. Philip Wenger, Chairman and CEO. \"On the corporate front, we completed our acquisition of Prudential Bancorp, Inc., which was a very important milestone for us, and we published our first Corporate Social Responsibility report highlighting the positive impact our company and our team are making in the communities we serve.\"\n\nNet Interest Income and Balance Sheet\n\nNet interest income for the second quarter of 2022 was $178.8 million, an increase of $17.5 million in comparison to the first quarter of 2022. The net interest margin for the second quarter of 2022 increased 26 basis points, to 3.04%, from 2.78% in the first quarter of 2022.\n\nThe linked-quarter increase in net interest income was primarily due to rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $14.6 million, $1.8 million and $1.1 million, respectively. An increase in the average balances for net loans and investment securities of $254.1 million and $172.1 million, respectively, also contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the second quarter of 2022 declined by $0.2 million compared to the first quarter of 2022.\n\nFor the second quarter of 2022, net interest income was $178.8 million, an increase of $16.4 million, or 10.1%, in comparison to...