Fulton Financial Corporation reported net income available to common shareholders of $90.4 million, or $0.49 per diluted share, for the first quarter of 2025. This marks an increase of $24.4 million, or $0.13 per share, compared to the fourth quarter of 2024.
Operating net income available to common shareholders for the quarter was $95.5 million, or $0.52 per diluted share, an increase of $6.5 million, or $0.04 per share, linked quarter. Revenue for Q1 2025 reached $304.5 million, representing a 20% increase from the first quarter of the prior year, with operating earnings per share of $0.52 reflecting positive operating leverage.
Net interest income rose to $251.2 million, a substantial increase from $206.9 million in the prior year quarter, driven primarily by volume growth from the Republic acquisition. The net interest margin (FTE) for Q1 2025 was 3.43%, an 11 basis point increase year-over-year, while the cost of total deposits decreased by 11 basis points linked quarter to 2.03%.
Non-interest income saw a healthy increase to $67.2 million in Q1 2025 from $57.1 million in Q1 2024, contributing meaningfully to the top line. The operating efficiency ratio improved to 56.7%, demonstrating progress towards efficiency goals.
Total assets stood at $32.13 billion, with total deposits increasing by $199.5 million (0.8%) linked quarter to $26.33 billion, driven by growth in savings and money market deposits. Net loans decreased slightly by $182.3 million (0.8%) linked quarter to $23.86 billion, attributed to strategic decisions including the planned runoff of the indirect auto portfolio.
Fulton confirmed its 2025 operating guidance, expecting Net Interest Income (non-FTE) in the range of $995 million to $1.02 billion, and operating non-interest expense between $755 million and $775 million. The guidance incorporates an updated forecast of four 25 basis point Fed rate cuts in 2025, starting in June, and anticipates approximately $25 million in cost savings from the FultonFirst initiative to be realized in 2025.
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