--- title: "Fulton Financial Pref Share FULTP 5.125 Perp 01/15/26 | 10-K: FY2025 Revenue: USD 1.331 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/277251603.md" datetime: "2026-02-27T21:38:47.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277251603.md) - [en](https://longbridge.com/en/news/277251603.md) - [zh-HK](https://longbridge.com/zh-HK/news/277251603.md) --- # Fulton Financial Pref Share FULTP 5.125 Perp 01/15/26 | 10-K: FY2025 Revenue: USD 1.331 B Revenue: As of FY2025, the actual value is USD 1.331 B. EPS: As of FY2025, the actual value is USD 2.08. #### Segment Revenue (Non-Interest Income) - **Wealth Management**: Revenue was $90,584 thousand in 2025, a 6.9% increase from $84,743 thousand in 2024. - **Commercial Banking**: Total commercial banking revenue increased by 8.3% to $92,038 thousand in 2025 from $84,982 thousand in 2024. - Merchant and card revenue decreased by -3.6% to $28,141 thousand in 2025 from $29,186 thousand in 2024. - Cash management revenue increased by 17.0% to $32,884 thousand in 2025 from $28,106 thousand in 2024. - Capital markets revenue increased by 8.7% to $11,995 thousand in 2025 from $11,033 thousand in 2024. - Other commercial banking revenue increased by 14.2% to $19,018 thousand in 2025 from $16,657 thousand in 2024. - **Consumer Banking**: Total consumer banking revenue increased by 4.9% to $58,212 thousand in 2025 from $55,504 thousand in 2024. - Card revenue increased by 3.9% to $32,114 thousand in 2025 from $30,914 thousand in 2024. - Overdraft revenue increased by 11.7% to $15,373 thousand in 2025 from $13,764 thousand in 2024. - Other consumer banking revenue decreased by -0.9% to $10,725 thousand in 2025 from $10,826 thousand in 2024. - **Mortgage Banking**: Revenue increased by 3.8% to $14,477 thousand in 2025 from $13,943 thousand in 2024. #### Operational Metrics - **Net Interest Income**: FTE net interest income was $1.1 billion in 2025, an increase of $75.8 million compared to $978.2 million in 2024. - **Provision for Credit Losses**: The provision for credit losses decreased to $35.7 million in 2025 from $71.6 million in 2024, primarily due to the Republic First Transaction in 2024 which included a $23.4 million provision for non-PCD Loans. - **Non-Interest Expense**: Total non-interest expense decreased by -3.4% to $791.8 million in 2025 from $819.8 million in 2024. Excluding specific items, non-interest expense increased by 2.3% to $788.4 million in 2025 from $770.4 million in 2024, driven by an $18.0 million increase in salaries and employee benefits and a $4.6 million increase in intangible amortization. - **Income Taxes**: Income tax expense increased to $94.0 million in 2025 from $55.9 million in 2024, with an effective tax rate of 19.4% in 2025 compared to 16.2% in 2024. #### Loan Portfolio - **Net Loans**: Total net loans increased by 0.4% to $24,144,884 thousand at December 31, 2025, from $24,044,919 thousand at December 31, 2024. - Commercial mortgage loans increased by $219,086 thousand (2.3%) to $9,820,944 thousand. - Residential mortgage loans increased by $320,350 thousand (5.0%) to $6,669,993 thousand. - Construction loans decreased by - $424,601 thousand (-30.4%) to $970,298 thousand. - **Non-Performing Loans**: Non-accrual loans decreased by - $35.4 million (-18.7%) to $153,872 thousand at December 31, 2025, from $189,293 thousand at December 31, 2024. Non-performing loans as a percentage of total loans decreased to 0.76% in 2025 from 0.92% in 2024. - **Commercial Mortgage Office Loans (Non-Owner Occupied)**: Total outstanding balance was $730,803 thousand at December 31, 2025, with a weighted average LTV of 63%. - **Commercial Mortgage Multi-Family Loans (Non-Owner Occupied)**: Total outstanding balance was $1,589,802 thousand at December 31, 2025, with a weighted average LTV of 58%. #### Deposits - **Average Deposits**: Average deposits increased by 7.1% to $26,284,011 thousand in 2025 compared to 2024, primarily due to the full-year impact of deposits acquired in the Republic First Transaction. - **Cost of Total Deposits**: The cost of total deposits decreased by -17 basis points to 1.96% in 2025 from 2.13% in 2024, mainly due to declining interest rates and a change in deposit mix. #### Outlook/Guidance The Corporation expects the merger with Blue Foundry to close around April 1, 2026, with Blue Foundry Bank merging into Fulton Bank in the third quarter of 2026. The 2026 Repurchase Program authorizes the repurchase of up to $150.0 million of common stock, with up to $25.0 million potentially allocated for preferred stock and subordinated notes, expiring on January 31, 2027. 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