Average net loans, 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. 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.
Net interest income for the second quarter of 2021 was $162 million, $2 million lower than the first quarter of 2021. The bank said the decreases in net interest income and net interest margin in comparison were primarily due to lower fee income recognized related to the Paycheck Protection Program 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.
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