FULT - Fulton Financial stock gains after Q2 earnings beat consensus on higher interest rates
Fulton Financial ( NASDAQ: FULT ) shares are climbing 4% in Tuesday after-hours trading after the regional bank's Q2 earnings topped Wall Street expectations.
"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 CEO and Chairman E. Philip Wenger.
Q2 adjusted EPS of $0.42 beat the average analyst estimate of $0.36 and climbed from $0.38 in Q1 and $0.38 in Q2 2021.
Likewise, revenue for Q2 was $237.2M compared with the consensus of $227.9M, and up from $216.5M in Q1 and $214.3M in Q2 a year ago.
Net interest income increased to $178.8M in Q2 from $161.3M in Q1 and $162.4M in Q2 2021.
Average loans rose to $18.6B in Q2 from $18.4B in Q1, but down from $18.9B in Q2 of last year. Average deposits were $21.5B in Q2 vs. $21.5B in Q1 and $21.8B in Q2 2021.
Q2 return on (tangible) average common shareholders' equity of 15.23% in Q2 gained from 12.88% in Q1 and 12.93% in the year-ago period.
Towards the end of June, Fulton Bank said it'll end consumer non-sufficient funds and extended overdraft fees in Q4 .
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Fulton Financial stock gains after Q2 earnings beat consensus on higher interest rates