Beats Earnings by ~56% & Beats Revenue expectations by ~8%
Total Revenue: $334.71M, up 22.4% YoY, up 27% QoQ
Net Income: $92.4M, up 18% YoY, up 56% QoQ
Shares up ~1% after results
2/ Key Takeaways:
Net interest income of $241.7M, up 17% YoY
Loan growth positive with net charge-offs at 0.19% of total average loans
Provision for credit losses: $32.1M, up 229% QoQ
3/ CEO Curtis J. Myers on Quarter:
“The second quarter was an extraordinary quarter for Fulton. I want to personally thank both our new Republic teammates and our dedicated Fulton team for an exceptional effort. Fulton’s solid performance, steady business trends, and stable asset quality were supplemented by a meaningful contribution from the Republic transaction.”
