Earnings release
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Exhibit 99.1 FOR IMMEDIATE RELEASE Media Contact : Laura Wakeley ( 717 ) 291-2616 Investor Contact : Matt Jozwiak ( 717 ) 327-2657 FULTON FINANCIAL CORPORATION Fulton Financial Announces Second Quarter 2021 Results ( July 20 , 2021 ) Lancaster , PA - Fulton Financial Corporation ( NASDAQ : FULT ) ( " Fulton " or the " Corporation " ) reported net income available to common shareholders of $ 62 million , or $ 0.38 per diluted share , for the second quarter of 2021 . " In the second quarter , Fulton Financial again achieved solid performance , " said E. Philip Wenger , Chairman and CEO of Fulton Financial Corporation . " Our results reflect stable to improving core business trends , a disciplined operating environment , growth in wealth management revenues and stable asset quality . " Net Interest Income and Balance Sheet Net interest income for the second quarter of 2021 was $ 162 million , $ 2 million lower than the first quarter of 2021. Net interest margin for the second quarter of 2021 decreased 6 basis points , to 2.73 % , from 2.79 % in the first quarter of 2021. The decreases in net interest income and net interest margin in comparison to the first quarter of 2021 were primarily due to lower fee income recognized related to the Paycheck Protection Program ( " PPP " ) loans , which were $ 12 million in the second quarter of 2021 compared to $ 19 million for the first quarter of 2021 , as well as lower yields on loans . Total average interest - earning assets for the second quarter of 2021 were $ 24 billion , a decrease of $ 2 million from the first quarter of 2021 , driven by a decline in PPP loans and other interest- earning assets , partially offset by growth in the commercial and residential real estate loan portfolios as well as investment securities . Average Net Loans¹ , which include loans originated under the PPP , were $ 18.9 billion , a decrease of $ 74 million compared to the first quarter of 2021. Average PPP loans were $ 1.5 billion for the second quarter of 2021 compared to $ 1.7 billion for the first quarter of 2021 . Second quarter loan balances were impacted by the net effect of $ 639 million of PPP loans forgiven and $ 60 million of new loans originated under the third phase of the PPP in the second quarter of 2021 . ' Loans and lease receivables , ( net of unearned income ) 1