Oct 22, 2026 earnings call — Record quarter driven by deposits and fee growth
Fulton reported record operating net income of $119.8 million, or $0.62 per diluted share.
Revenue $0.4B (est $0.4B) · EPS $0.62 (est $0.53)
Key quotes
"This further improved our funding profile as we reduced brokered deposits and other wholesale funding."
"Year-to-date, we increased our commercial sales force by 14%, with over 2/3 of that growth occurring during the third quarter."
"Wealth management assets under management and administration reached a record $18.6 billion, and wealth management revenue grew more than 9% linked quarter."
Analyst Q&A 7
deposit sources and buyback pace
Q (Tim Delaney · Raymond James): They asked how much deposit growth was seasonal muni flows versus new commercial wins, and whether commercial deposit momentum will continue. They also asked if the high buyback pace is sustainable as loan growth ramps.
A: Management said growth split was roughly $600 million commercial and $400 million muni. They said commercial wins came from core relational transactional customers and strong treasury platforms. On buybacks they accelerated this quarter, see remaining capacity, but expect buybacks to probably moderate linked quarter as growth and capital accelerate.
"Overall, just commercial growth was almost $600 million." — Curt Myers (CEO·CHAIR)
loan payoffs and deposit costs
Q (Casey Haire · Autonomous): They asked what drove loans to trail production despite 23% production increase, and how paydowns/payoffs will moderate. They also asked for spot deposit cost and cumulative deposit beta through the Fed cycle.
A: Management said consumer loans met expectations but commercial balances lagged due to accelerated CRE payoffs, mostly multifamily, as competition and pricing caused payoffs. They gave spot deposit costs of $1.90 in September and said over the last rate-hike cycle betas were just under 40%; they model historical betas. They also said about 70% of municipal deposits are indexed and move more immediately after Fed hikes.
"If you look linked quarter and year-over-year, multifamily payoffs were higher than we expected." — Curt Myers (CEO·CHAIR)
wealth management strength
Q (David Konrad · KBW): They asked why wealth management outperformed and what medium-term growth to expect. They wanted the drivers of the strength and whether it is sustainable.
A: Management said wealth performed well from consistent growth driven by adding new advisors, winning new customers, and winning more assets from existing customers. They said the business is diversified across mass affluent, institutional, and high net worth and they are adding talent in each category. They called the trends sustainable but noted a good market is a tailwind that could change.
"What's driving that business really across the board, we're adding new advisors, we're winning new customers, we're winning more assets with existing customers." — Curt Myers (CEO·CHAIR)
recent hires, securities, and NIM
Q (Matthew Breese · Stephens): They asked how many recent hires, especially in North Jersey, and whether hires lift growth from low- to mid-single-digits. They also asked target level and cash flows for securities, and NIM direction.
A: Management said growth is accelerating and they added 14% new overall team year-over-year, which is 30 bankers, giving confidence to reach mid-single-digit growth and possibly accelerate. For securities, management said a medium-term target is roughly a point to a point and a half higher, calling it around 17%, and that monthly cash flows slowed from about $60 million-$65 million to around $50 million. They said NIM should be stable to slightly higher as excess liquidity pressure abates, but expansion depends on deposit betas and rate moves.
"You look year-over-year, we are up, we mentioned there, 14% new overall team." — Curt Myers (CEO·CHAIR)
capital priorities and M&A focus
Q (Grant Zerlin · Piper Sandler): They asked for capital deployment priorities and what types of bank M&A the company would consider. They also asked about loan growth outlook next year and drivers for acceleration.
A: Management said priorities are supporting organic growth, then corporate initiatives (including portfolios or banks), and then buyback, and they adjust between those based on forecasts and stock price. For M&A they focus on $1 billion-$5 billion banks and cited North Jersey and Blue Foundry as successful deals with integration ahead of expectations. On loans they said they are building for 2027, have added commercial bankers, expect structural runoff and maturities to abate, and target mid-single-digits organic growth as a base with hopes to accelerate.
"Supporting organic growth, then corporate initiatives, whether that's portfolios or banks, different corporate initiatives, and then finally, buyback." — Curt Myers (CEO·CHAIR)
new loan yields and sector effects
Q (Emily Graves · Hovde Group): They asked the new loan origination yield and how rate increases affect sectors of the loan portfolio. They wanted yield level and sector impact details.
A: Management said new originations were in the low 6s overall, with consumer originations a little higher than commercial on the mix. They said certain pockets, particularly commercial real estate and more specifically multifamily, have seen compression and they have shown more discipline in that area.
"New originations were, I'll call it in the low 6s overall." — Rick Kraemer (CFO)
deposit rates for new commercial clients
Q (Chris Adama · Brean Capital): They asked the average deposit rate for the quarter and what rates new commercial or small business deposits are coming on at.
A: Management said average overall deposit cost was 1.87% for the quarter. For commercial segmentation, new deposit growth is coming in around mid-to upper-2s.
"But if I look at commercial segmentation in that, call it mid-to upper-2s is where we're seeing some of that new deposit growth." — Rick Kraemer (CFO)