Financial stock to watch: Fulton Financial Corp (NASDAQ: FULT)

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Fulton Financial Corp (NASDAQ: FULT) stock fell over 2.8% on 22nd July, 22nd, 2020 (as of 10:43 am GMT-4; Source: Google finance) due to second quarter of FY 20 performance. Non-performing assets were $145 million, or 0.59% of total assets, at June 30, 2020, which represents a decline from both March 31, 2020 and June 30, 2019. Moreover, net interest income for the second quarter of 2020 had decreased by $8 million from the first quarter of 2020 to $153 million, due to lower yields on loans and other interest-earning assets. Annualized net charge-offs (recoveries) for the second quarter were 0.09% of total average loans, compared to 0.26% and (0.04)% for the quarters ended March 31, 2020 and June 30, 2019, respectively. Meanwhile, the company has withdrawn all previous guidance for 2020 due to the impact from COVID-19. The company has suspended share repurchases in Mid-March.

Average loans, net of unearned income, of $18.3 billion increased $1.5 billion from the first quarter of 2020, mainly due to loans originated under the Paycheck Protection Program, which were $1.9 billion as of June 30, 2020. FULT in the second quarter of FY 20 has reported the adjusted earnings per share of 24 cents, while reported the adjusted revenue of $211.8 million in the second quarter of FY 20.

For the third quarter of 2020 compared to the second quarter of 2020 results, overall loan growth expected to be in the range +/- 1 – 2%, overall deposit growth expected to be to be in the range 1 – 2%, with seasonal municipal deposit inflows offset by modest runoff as PPP funds, Net Interest Income is projected to be in the range of $150 – $153 million, non-Interest Income is anticipated to be consistent with second quarter 2020, which means it will be in the range of $50 – $53 million and non-interest expense will also be consistent with second quarter 2020, expected to be in the range of $139 – $142 million.

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