Fulton Financial Corporation Announces First Quarter 2025 Results

LANCASTER, Pa., April 15, 2025 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $90.4 million, or $0.49 per diluted share, for the first quarter of 2025, an increase of $24.4 million, or $0.13 per share, in comparison to the fourth quarter of 2024. Operating net income available to common shareholders for the three months ended March 31, 2025 was $95.5 million, or $0.52 per diluted share(1), an increase of $6.5 million, or $0.04 per share, in comparison to the fourth quarter of 2024.Q1 2025 Results

"We are pleased with our first quarter operating earnings of $0.52 per diluted share and encouraged by the strong start to the year," said Curtis J. Myers, Chairman and CEO of Fulton. "Our team continues to be disciplined in our approach to creating value for all stakeholders while remaining focused on the long term during this uncertain and dynamic environment."

Financial Highlights

First quarter of 2025 operating results of $0.52 per diluted share were impacted by the following items:

Solid net interest margin of 3.43% with a 12 basis point decrease in total cost of funds compared to the prior quarter. Non-interest expense decreased $27.2 million to $189.5 million compared to $216.6 million in the prior quarter. Operating non-interest expense decreased $7.8 million to $182.9 million(1) compared to $190.7 million in the prior quarter. Provision for credit losses was $13.9 million resulting in an allowance for credit losses attributable to net loans of $379.7 million, or 1.59% of total net loans as of March 31, 2025. Excluding brokered deposits, customer deposits increased $304.9 million, or 4.9% annualized, compared to the prior quarter. Common equity tier 1 capital ratio(2) increased to approximately 11.0% compared to 10.8% in the prior quarter.

The following items highlight notable changes in the components of net income and the balance sheet in the first quarter of 2025 compared to the fourth quarter of 2024:

Net interest income totaled $251.2 million, a decrease of $2.5 million, primarily due to a decline in short-term interest rates and day count. A decrease in interest income on net loans of $13.0 million was partially offset by a decrease in interest expense on interest-bearing liabilities of $12.2 million. A $4.3 million decrease in interest income on other interest-earning assets was partially offset by a $2.6 million increase in interest income on investment securities. Purchase loan mark accretion from loans acquired in the Acquisition(3) was $13.1 million in the first quarter of 2025 compared to $13.9 million in the prior quarter. Non-interest income before investment securities gains (losses) was $67.2 million compared to $65.9 million in the prior quarter. The $1.3 million increase was primarily due to a $2.7 million reduction in the gain on acquisition (net of tax) recorded in the fourth quarter of 2024 and a $2.4 million increase in income from equity method investments, reflected in other income, partially offset by a $0.6 million decrease in mortgage banking income, a $0.5 million decrease in debit card fee income, a $0.5 million decrease in Small Business Administration loan income, a $0.5 million decrease in merchant fee income, a $0.3 million decrease in commercial customer interest rate derivative fee income, reflected in capital markets income, a $0.3 million decrease in overdraft fee income and a $0.2 million decrease in wealth management revenues. Non-interest expense was $189.5 million compared to $216.6 million in the prior quarter. The $27.2 million decrease was primarily due to a $10.0 million decrease in FultonFirst implementation and asset disposal expense and a $9.3 million decrease in acquisition-related expense. Excluding the FultonFirst implementation and asset disposal-related expense, the decrease in non-interest expense was primarily due to a $4.4 million decrease in professional fees driven by a recovery of previously incurred fees, a $3.7 million decrease in employee salaries and benefits expense primarily related to cost savings realized in connection with the Acquisition and the FultonFirst initiative.

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Balance Sheet Summary

Net loans totaled $23.9 billion, a decrease of $182.3 million, compared to $24.0 billion as of December 31, 2024. The decrease in net loans was due to a $244.3 million net decrease in commercial and other loans(4) partially offset by a $62.0 million increase in consumer loans(4). The decrease in commercial and other loans was partially due to the payoff in the quarter of $94.2 million of special mention loans and substandard loans. Commercial and other loans in non-accrual status decreased during the first quarter. Deposits totaled $26.3 billion, an increase of $199.5 million, compared to $26.1 billion as of December 31, 2024. The increase was primarily due to a $416.4 million increase in savings deposits, partially offset by decreases of $105.4 million in brokered deposits, $63.8 million in noninterest-bearing demand deposits and $39.2 million in interest-bearing demand deposits.

Provision for Credit Losses and Asset Quality

The provision for credit losses was $13.9 million in the first quarter of 2025 resulting in a $379.7 million allowance for credit losses attributable to net loans, or 1.59% of total net loans as of March 31, 2025, compared to $379.2 million, or 1.58% of total net loans as of December 31, 2024. Non-performing assets were $199.0 million, or 0.62% of total assets, as of March 31, 2025, in comparison to $222.7 million, or 0.69% of total assets, as of December 31, 2024. Annualized net charge-offs for the first quarter of 2025 were 0.21% of total average loans in comparison to 0.22% in the prior quarter.

Additional information on Fulton is available on the Internet at www.fultonbank.com.

(1) Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.  (2)  Regulatory capital ratios as of March 31, 2025, are preliminary estimates and prior periods are actual.  (3)  On April 26, 2024, the Corporation announced that its wholly owned banking subsidiary, Fulton Bank, National Association ("Fulton Bank"), acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank ("Republic Bank"), from the Federal Deposit Insurance Corporation (the "FDIC"), as receiver for Republic Bank (the "Acquisition"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.  (4)  Commercial loans include real estate - commercial mortgage, commercial and industrial, leases and other loans and includes a $231.2 million decrease in commercial construction loans reflected in real estate - construction. Consumer loans include real estate - residential mortgage, real estate - home equity, consumer and includes an $11.7 million increase in residential construction loans, reflected in real estate - construction.

Safe Harbor Statement

This press release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.

FULTON FINANCIAL CORPORATION  SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)  (dollars in thousands, except per share and shares data)  Three months ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar  31  2025  2024  2024  2024  2024  Ending Balances  Investment securities $   5,071,323  $    4,806,468  $   4,545,278  $   4,184,027  $   3,783,392  Net loans 23,862,574  24,044,919  24,176,075  24,106,297  21,444,483  Total assets 32,132,028  32,071,810  32,185,726  31,769,813  27,642,957  Deposits 26,328,972  26,129,433  26,152,144  25,559,654  21,741,950  Shareholders' equity 3,274,321  3,197,325  3,203,943  3,101,609  2,757,679   Average Balances  Investment securities(1) 4,906,952  4,771,537  4,237,805  4,043,136  3,672,844  Net loans 24,006,863  24,068,784  24,147,801  23,345,914  21,370,033  Total assets 31,971,601  32,098,852  31,895,235  30,774,891  27,427,626  Deposits 26,169,883  26,313,378  25,778,259  24,642,954  21,378,754  Shareholders' equity 3,254,125  3,219,026  3,160,322  2,952,671  2,766,945   Income Statement  Net interest income 251,187  253,659  258,009  241,720  206,937  Provision for credit losses 13,898  16,725  11,929  32,056  10,925  Non-interest income 67,232  65,924  59,673  92,994  57,140  Non-interest expense 189,460  216,615  226,089  199,488  177,600  Income before taxes 115,061  86,243  79,664  103,170  75,552  Net income available to common 
shareholders 90,425  66,058  60,644  92,413  59,379   Per Share  Net income available to common 
shareholders (basic) $0.50  $0.36  $0.33  $0.53  $0.36  Net income available to common 
shareholders (diluted) $0.49  $0.36  $0.33  $0.52  $0.36  Operating net income available to common 
shareholders(2) $0.52  $0.48  $0.50  $0.47  $0.40  Cash dividends $0.18  $0.18  $0.17  $0.17  $0.17  Common shareholders' equity $16.91  $16.50  $16.55  $16.00  $15.82  Common shareholders' equity (tangible)(2) $13.46  $13.01  $13.02  $12.43  $12.37  Weighted average shares (basic) 182,179  182,032  181,905  175,305  162,706  Weighted average shares (diluted) 184,077  183,867  183,609  176,934  164,520  (1) Average balances include related unrealized holding gains (losses) for available for sale ("AFS") securities. (2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.   Three months ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar  31  2025  2024  2024  2024  2024  Asset Quality  Net charge-offs to average loans  0.21 %  0.22 %  0.18 %  0.19 %  0.16 %  Non-performing loans to total net loans 0.82 %  0.92 %  0.84 %  0.72 %  0.73 %  Non-performing assets to total assets 0.62 %  0.69 %  0.64 %  0.55 %  0.57 %  ACL - loans(1) to total loans 1.59 %  1.58 %  1.56 %  1.56 %  1.39 %  ACL - loans(1) to non-performing loans 193 %  172 %  186 %  218 %  191 %   Profitability  Return on average assets 1.18 %  0.85 %  0.79 %  1.24 %  0.91 %  Operating return on average assets(2) 1.25 %  1.14 %  1.17 %  1.11 %  1.00 %  Return on average common shareholders' 
equity 11.98 %  8.68 %  8.13 %  13.47 %  9.28 %  Operating return on average common 
shareholders' equity (tangible)(2) 15.95 %  14.83 %  15.65 %  15.56 %  13.08 %  Net interest margin 3.43 %  3.41 %  3.49 %  3.43 %  3.32 %  Efficiency ratio(2) 56.7 %  58.4 %  59.6 %  62.6 %  63.2 %  Non-interest expense to total average assets 2.40 %  2.68 %  2.82 %  2.61 %  2.60 %  Operating non-interest expense to total 
average assets(2) 2.32 %  2.36 %  2.45 %  2.55 %  2.49 %   Capital Ratios(3)  Tangible common equity ratio ("TCE")(2) 7.8 %  7.5 %  7.5 %  7.3 %  7.4 %  Tier 1 leverage ratio 9.2 %  9.0 %  9.0 %  9.2 %  9.3 %  Common equity Tier 1 capital ratio 11.0 %  10.8 %  10.5 %  10.3 %  10.3 %  Tier 1 risk-based capital ratio 11.8 %  11.5 %  11.3 %  11.1 %  11.1 %  Total risk-based capital ratio 14.4 %  14.3 %  14.0 %  13.8 %  14.0 %   (1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet

("OBS") credit exposures.  (2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.  (3) Regulatory capital ratios as of March 31, 2025 are preliminary estimates and prior periods are actual.

FULTON FINANCIAL CORPORATION  CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)  (dollars in thousands)   Mar 31  Dec 31  Sep 30  Jun 30  Mar 31 2025  2024  2024  2024  2024 ASSETS  Cash and due from banks $     388,503  $     279,041  $     296,500  $     333,238  $     247,581 Other interest-earning assets 778,117  924,404  1,287,392  1,188,341  231,389 Loans held for sale 15,965  25,618  17,678  26,822  10,624 Investment securities 5,071,323  4,806,468  4,545,278  4,184,027  3,783,392 Net loans 23,862,574  24,044,919  24,176,075  24,106,297  21,444,483 Less: ACL - loans(1) (379,677)  (379,156)  (375,961)  (375,941)  (297,888) Loans, net 23,482,897  23,665,763  23,800,114  23,730,356  21,146,595 Net premises and equipment 186,873  195,527  171,731  180,642  213,541 Accrued interest receivable 116,215  117,029  115,903  120,752  107,089 Goodwill and intangible assets 629,189  635,458  641,739  648,026  560,114 Other assets 1,462,946  1,422,502  1,309,391  1,357,609  1,342,632 Total Assets $ 32,132,028  $ 32,071,810  $ 32,185,726  $ 31,769,813  $ 27,642,957 LIABILITIES AND SHAREHOLDERS' EQUITY  Deposits $ 26,328,972  $ 26,129,433  $ 26,152,144  $ 25,559,654  $ 21,741,950 Borrowings 1,657,200  1,782,048  2,052,227  2,178,597  2,296,040 Other liabilities 871,535  963,004  777,412  929,953  847,288 Total Liabilities 28,857,707  28,874,485  28,981,783  28,668,204  24,885,278 Shareholders' equity 3,274,321  3,197,325  3,203,943  3,101,609  2,757,679 Total Liabilities and Shareholders' Equity $ 32,132,028  $ 32,071,810  $ 32,185,726  $ 31,769,813  $ 27,642,957  LOANS, DEPOSITS AND BORROWINGS DETAIL:  Loans, by type:  Real estate - commercial mortgage $  9,676,517  $  9,601,858  $  9,493,479  $  9,289,770  $  8,252,117 Commercial and industrial 4,531,266  4,605,589  4,914,734  4,967,796  4,467,589 Real estate - residential mortgage 6,409,657  6,349,643  6,302,624  6,248,856  5,395,720 Real estate - home equity 1,170,470  1,160,616  1,144,402  1,120,878  1,040,335 Real estate - construction 1,175,445  1,394,899  1,332,954  1,463,799  1,249,199 Consumer 597,305  616,856  651,717  692,086  698,421 Leases and other loans(2) 301,914  315,458  336,165  323,112  341,102 Total Net Loans $ 23,862,574  $ 24,044,919  $ 24,176,075  $ 24,106,297  $ 21,444,483 Deposits, by type:  Noninterest-bearing demand $  5,435,934  $  5,499,760  $  5,501,699  $  5,609,383  $  5,086,514 Interest-bearing demand 7,804,388  7,843,604  7,779,472  7,478,077  5,521,017 Savings 8,208,526  7,792,114  7,740,595  7,563,495  6,846,038 Total demand and savings 21,448,848  21,135,478  21,021,766  20,650,955  17,453,569 Brokered 738,458  843,857  843,473  995,975  1,152,427 Time 4,141,666  4,150,098  4,286,905  3,912,724  3,135,954 Total Deposits $ 26,328,972  $ 26,129,433  $ 26,152,144  $ 25,559,654  $ 21,741,950 Borrowings, by type:  Federal Home Loan Bank advances $     750,000  $     850,000  $     950,000  $     750,000  $     900,000 Senior debt and subordinated debt 367,396  367,316  535,917  535,741  535,566 Other borrowings 539,804  564,732  566,310  892,856  860,474 Total Borrowings $  1,657,200  $  1,782,048  $  2,052,227  $  2,178,597  $  2,296,040  (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. (2) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (dollars in thousands, except per share and share data) Three months ended Mar 31  Dec 31  Sep 30  Jun 30  Mar  31 2025  2024  2024  2024  2024 Net Interest Income:  Interest income  $       399,692  $       414,368  $       427,656  $       400,506  $       339,666 Interest expense  148,505  160,709  169,647  158,786  132,729 Net Interest Income  251,187  253,659  258,009  241,720  206,937 Provision for credit losses  13,898  16,725  11,929  32,056  10,925 Net Interest Income after Provision  237,289  236,934  246,080  209,664  196,012 Non-Interest Income:  Wealth management  21,785  22,002  21,596  20,990  20,155 Commercial banking:  Merchant and card  6,591  7,082  7,496  7,798  6,808 Cash management  7,799  7,633  7,201  6,966  6,305 Capital markets  2,411  2,797  3,311  2,585  2,341 Other commercial banking  4,528  4,942  4,281  4,061  3,375 Total commercial banking  21,329  22,454  22,289  21,410  18,829 Consumer banking:  Card  7,544  8,064  7,917  8,305  6,628 Overdraft  3,295  3,644  3,957  3,377  2,786 Other consumer banking  2,229  2,601  3,054  2,918  2,254 Total consumer banking  13,068  14,309  14,928  14,600  11,668 Mortgage banking  3,138  3,759  3,142  3,951  3,090 Gain on acquisition, net of tax  —  (2,689)  (7,706)  47,392  — Other  7,914  6,089  5,425  4,933  3,398 Non-interest income before investment securities 
gains (losses)  67,234  65,924  59,674  113,276  57,140 Investment securities losses, net  (2)  —  (1)  (20,282)  — Total Non-Interest Income  67,232  65,924  59,673  92,994  57,140 Non-Interest Expense:  Salaries and employee benefits  103,526  107,886  118,824  110,630  95,481 Data processing and software  18,599  19,550  20,314  20,357  17,661 Net occupancy  18,207  16,417  18,999  17,793  16,149 Other outside services  11,837  14,531  15,839  16,933  13,283 Intangible amortization  6,269  6,282  6,287  4,688  573 FDIC insurance  5,597  5,921  5,109  6,696  6,104 Equipment   4,150  4,388  4,860  4,561  4,040 Marketing  2,521  2,695  2,251  2,101  1,912 Professional fees  (1,078)  3,387  2,811  2,571  2,088 Acquisition-related expenses  380  9,637  14,195  13,803  — Other  19,452  25,921  16,600  (645)  20,309 Total Non-Interest Expense  189,460  216,615  226,089  199,488  177,600 Income Before Income Taxes  115,061  86,243  79,664  103,170  75,552 Income tax expense  22,074  17,623  16,458  8,195  13,611 Net Income  92,987  68,620  63,206  94,975  61,941 Preferred stock dividends  (2,562)  (2,562)  (2,562)  (2,562)  (2,562) Net Income Available to Common  Shareholders  $         90,425  $         66,058  $         60,644  $         92,413  $         59,379  Three months ended Mar 31  Dec 31  Sep 30  Jun 30  Mar  31 2025  2024  2024  2024  2024 PER SHARE:  Net income available to common shareholders (basic)  $0.50  $0.36  $0.33  $0.53  $0.36 Net income available to common shareholders (diluted)  $0.49  $0.36  $0.33  $0.52  $0.36 Cash dividends  $0.18  $0.18  $0.17  $0.17  $0.17  Weighted average shares (basic)  182,179  182,032  181,905  175,305  162,706 Weighted average shares (diluted)  184,077  183,867  183,609  176,934  164,520

FULTON FINANCIAL CORPORATION  CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)  (dollars in thousands)  Three months ended March 31, 2025  December 31, 2024  March 31, 2024 Average    Yield/  Average    Yield/  Average    Yield/ Balance  Interest(1)  Rate  Balance  Interest(1)  Rate  Balance  Interest(1)  Rate ASSETS   Interest-earning assets:  Net loans(2) $  24,006,863  $ 347,626  5.86 %  $  24,068,784  $ 360,642  5.97 %  $  21,370,033  $ 313,882  5.90 % Investment securities(3) 5,199,000  47,242  3.63 %  5,033,765  44,616  3.54 %  3,983,753  27,048  2.71 % Other interest-earning assets 793,126  9,164  4.67 %  1,086,536  13,453  4.93 %  249,079  3,328  5.36 % Total Interest-Earning Assets 29,998,989  404,032  5.44 %  30,189,085  418,711  5.53 %  25,602,865  344,258  5.40 %  Noninterest-earning assets:  Cash and due from banks 301,897      288,867      282,895  Premises and equipment 191,248      183,801      223,375  Other assets 1,864,996      1,816,421      1,614,746  Less: ACL - loans(4) (385,529)      (379,322)      (296,255)  Total Assets $  31,971,601      $  32,098,852      $  27,427,626   LIABILITIES AND SHAREHOLDERS' EQUITY   Interest-bearing liabilities:  Demand deposits $ 7,753,586  $   34,189  1.79 %  $ 7,838,590  $   37,952  1.93 %  $ 5,596,725  $   20,500  1.47 % Savings deposits 7,971,728  45,101  2.29 %  7,806,303  47,280  2.41 %  6,669,228  38,797  2.34 % Brokered deposits 904,722  10,038  4.50 %  877,526  10,619  4.81 %  1,083,382  14,655  5.44 % Time deposits 4,127,784  41,564  4.08 %  4,232,849  46,023  4.33 %  2,968,344  29,622  4.01 % Total Interest-Bearing Deposits 20,757,820  130,892  2.56 %  20,755,268  141,874  2.72 %  16,317,679  103,574  2.55 %  Borrowings and other interest-bearing 
liabilities 1,754,900  17,613  4.07 %  1,847,431  18,835  4.06 %  2,608,376  29,155  4.46 % Total Interest-Bearing Liabilities 22,512,720  148,505  2.67 %  22,602,699  160,709  2.83 %  18,926,055  132,729  2.82 %  Noninterest-bearing liabilities:  Demand deposits 5,412,063      5,558,110      5,061,075  Other liabilities 792,693      719,017      673,551  Total Liabilities 28,717,476      28,879,826      24,660,681  Shareholders' equity 3,254,125      3,219,026      2,766,945  Total Liabilities and Shareholders' Equity $  31,971,601      $  32,098,852      $  27,427,626   Net interest income/net interest margin 
(fully taxable equivalent)   255,527  3.43 %    258,002  3.41 %    211,529  3.32 % Tax equivalent adjustment   (4,340)      (4,343)      (4,592)  Net Interest Income   $ 251,187      $ 253,659      $ 206,937   (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.  (2) Average balances include non-performing loans. (3) Average balances include amortized historical cost for available for sale ("AFS") securities; the related unrealized holding gains (losses) are included in other assets. (4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.

FULTON FINANCIAL CORPORATION AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) (dollars in thousands) Three months ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar  31  2025  2024  2024  2024  2024  Loans, by type:  Real estate - commercial mortgage $ 9,655,283  $ 9,595,996  $ 9,318,273  $ 8,958,139  $ 8,166,018  Commercial and industrial 4,608,401  4,730,101  4,998,051  4,853,583  4,517,179  Real estate - residential mortgage 6,367,978  6,319,205  6,268,922  5,977,132  5,353,905  Real estate - home equity 1,160,713  1,116,665  1,122,313  1,117,367  1,039,321  Real estate - construction 1,296,090  1,312,245  1,437,907  1,430,057  1,240,640  Consumer 615,741  665,261  682,602  685,183  721,523  Leases and other loans(1) 302,657  329,311  319,733  324,453  331,447  Total Net Loans $  24,006,863  $  24,068,784  $  24,147,801  $  23,345,914  $  21,370,033   Deposits, by type:  Noninterest-bearing demand $ 5,412,063  $ 5,558,110  $ 5,495,950  $ 5,460,025  $ 5,061,075  Interest-bearing demand 7,753,586  7,838,590  7,668,583  7,080,302  5,596,725  Savings 7,971,728  7,806,303  7,663,599  7,309,141  6,669,228  Total demand and savings 21,137,377  21,203,003  20,828,132  19,849,468  17,327,028  Brokered 904,722  877,526  842,661  1,123,328  1,083,382  Time 4,127,784  4,232,849  4,107,466  3,670,158  2,968,344  Total Deposits $  26,169,883  $  26,313,378  $  25,778,259  $  24,642,954  $  21,378,754   Borrowings, by type:  Federal funds purchased $            —  $            54  $            —  $      32,637  $    173,659  Federal Home Loan Bank advances 709,367  727,957  754,130  833,726  902,890  Senior debt and subordinated debt 367,357  449,795  535,831  535,656  535,479  Other borrowings and other interest-bearing liabilities 678,176  669,625  939,387  1,039,672  996,348  Total Borrowings $ 1,754,900  $ 1,847,431  $ 2,229,348  $ 2,441,691  $ 2,608,376   (1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION  ASSET QUALITY INFORMATION (UNAUDITED)  (dollars in thousands)  Three months ended Mar 31  Dec 31  Sep 30  Jun 30  Mar  31 2025  2024  2024  2024  2024 Allowance for credit losses related to net loans:  Balance at beginning of period $      379,156  $      375,961  $      375,941  $      297,888  $      293,404  CECL day 1 provision expense(1) —  —  —  23,444  — Initial purchased credit deteriorated allowance for credit 
losses —  (136)  (1,139)  55,906  — Loans charged off:  Real estate - commercial mortgage (12,106)  (2,844)  (2,723)  (7,853)  (26) Commercial and industrial (3,865)  (9,480)  (6,256)  (2,955)  (7,632) Real estate - residential mortgage (343)  (55)  (1,131)  (35)  (251) Consumer and home equity (2,193)  (2,179)  (2,308)  (1,766)  (2,238) Real estate - construction —  —  —  —  — Leases and other loans(2) (1,527)  (1,768)  (726)  (1,398)  (805) Total loans charged off (20,034)  (16,326)  (13,144)  (14,007)  (10,952) Recoveries of loans previously charged off:  Real estate - commercial mortgage 374  199  107  146  152 Commercial and industrial 5,952  1,387  1,008  796  1,248 Real estate - residential mortgage 174  104  130  122  116 Consumer and home equity 660  974  545  1,161  676 Real estate - construction 82  47  103  233  — Leases and other loans(2) 201  194  129  247  162 Recoveries of loans previously charged off 7,443  2,905  2,022  2,705  2,354 Net loans charged off (12,591)  (13,421)  (11,122)  (11,302)  (8,598) Provision for credit losses(1) 13,112  16,752  12,281  10,005  13,082 Balance at end of period $      379,677  $      379,156  $      375,961  $      375,941  $      297,888 Net charge-offs to average loans(3) 0.21 %  0.22 %  0.18 %  0.19 %  0.16 %  Provision for credit losses related to OBS Credit Exposures  Provision for credit losses(1) $            786  $           (27)  $         (352)  $       (1,393)  $       (2,157)  NON-PERFORMING ASSETS:  Non-accrual loans $      162,426  $      189,293  $      175,861  $      145,630  $      129,628 Loans 90 days past due and accruing 34,367  30,781  26,286  26,962  26,521 Total non-performing loans 196,793  220,074  202,147  172,592  156,149 Other real estate owned 2,193  2,621  2,844  1,444  277 Total non-performing assets $      198,986  $      222,695  $      204,991  $      174,036  $      156,426  NON-PERFORMING LOANS, BY TYPE:  Commercial and industrial $        42,913  $        43,677  $        64,450  $        58,433  $        44,118 Real estate - commercial mortgage 88,081  102,359  71,467  48,615  47,891 Real estate - residential mortgage 46,878  45,901  41,727  41,033  40,685 Consumer and home equity 12,682  14,374  12,830  11,886  10,172 Leases and other loans(2) 2,573  12,017  9,927  9,993  10,135 Real estate - construction 3,666  1,746  1,746  2,632  3,148 Total non-performing loans $      196,793  $      220,074  $      202,147  $      172,592  $      156,149  (1) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income. (2) Includes equipment lease financing, overdraft and net origination fees and costs. (3) Quarterly results are annualized.

FULTON FINANCIAL CORPORATION RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (dollars in thousands, except per share and share data)  Explanatory 
note: This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The 
Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative 
information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial 
measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently 
used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management 
believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's 
results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to 
similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis 
measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. 
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

Three months ended Mar 31  Dec 31  Sep 30  Jun 30  Mar  31 2025  2024  2024  2024  2024 Operating net income available to common shareholders  Net income available to common shareholders  $        90,425  $       66,058  $       60,644  $       92,413  $       59,379 Less: Other revenue  (122)  (269)  (677)  (708)  (151) Plus: Gain on acquisition, net of tax  —  2,689  7,706  (47,392)  — Plus: Loss on securities restructuring  —  —  —  20,282  — Plus: Core deposit intangible amortization  6,155  6,155  6,155  4,556  441 Plus: Acquisition-related expense  380  9,637  14,195  13,803  — Plus: CECL day 1 provision expense  —  —  —  23,444  — Less: Gain on sale-leaseback  —  —  —  (20,266)  — Plus: FDIC special assessment  —  —  (16)  —  956 Plus: FultonFirst implementation and asset disposals  (47)  10,001  9,385  6,323  6,329 Less: Tax impact of adjustments  (1,337)  (5,360)  (6,099)  (9,961)  (1,591) Operating net income available to common shareholders (numerator)  $        95,454  $       88,911  $       91,293  $       82,494  $       65,363  Weighted average shares (diluted) (denominator)  184,077  183,867  183,609  176,934  164,520  Operating net income available to common shareholders, per share 
(diluted)  $           0.52  $          0.48  $          0.50  $          0.47  $          0.40  Common shareholders' equity (tangible), per share  Shareholders' equity  $     3,274,321  $    3,197,325  $    3,203,943  $    3,101,609  $    2,757,679 Less: Preferred stock  (192,878)  (192,878)  (192,878)  (192,878)  (192,878) Less: Goodwill and intangible assets  (629,189)  (635,458)  (641,739)  (648,026)  (560,114) Tangible common shareholders' equity (numerator)  $     2,452,254  $    2,368,989  $    2,369,326  $    2,260,705  $    2,004,687  Shares outstanding, end of period (denominator)  182,204  182,089  181,957  181,831  162,087  Common shareholders' equity (tangible), per share  $          13.46  $         13.01  $         13.02  $         12.43  $         12.37     Three months ended Mar 31  Dec 31  Sep 30  Jun 30  Mar  31 2025  2024  2024  2024  2024 Operating return on average assets(1)  Net income  $        92,987  $       68,620  $       63,206  $       94,975  $       61,941 Less: Other revenue  (122)  (269)  (677)  (708)  (151) Less: Gain on acquisition, net of tax  —  2,689  7,706  (47,392)  — Plus: Loss on securities restructuring  —  —  —  20,282  — Plus: Core deposit intangible amortization  6,155  6,155  6,155  4,556  441 Plus: Acquisition-related expense  380  9,637  14,195  13,803  — Plus: CECL day 1 provision expense  —  —  —  23,444  — Less: Gain on sale-leaseback  —  —  —  (20,266)  — Plus: FDIC special assessment  —  —  (16)  —  956 Plus: FultonFirst implementation and asset disposals  (47)  10,001  9,385  6,323  6,329 Less: Tax impact of adjustments  (1,337)  (5,360)  (6,099)  (9,961)  (1,591) Operating net income (numerator)  $        98,016  $       91,473  $       93,855  $       85,056  $       67,925  Total average assets   $   31,971,601  $  32,098,852  $  31,895,235  $  30,774,891  $  27,427,626 Less: Average net core deposit intangible  (77,039)  (83,173)  (89,350)  (68,234)  (4,666) Total operating average assets  (denominator)  $   31,894,562  $  32,015,679  $  31,805,885  $  30,706,657  $  27,422,960  Operating return on average assets  1.25 %  1.14 %  1.17 %  1.11 %  1.00 %  Operating return on average common shareholders' equity (tangible)(1)  Net income available to common shareholders  $        90,425  $       66,058  $       60,644  $       92,413  $       59,379 Less: Other revenue  (122)  (269)  (677)  (708)  (151) Less: Gain on acquisition, net of tax  —  2,689  7,706  (47,392)  — Plus: Loss on securities restructuring  —  —  —  20,282  — Plus: Intangible amortization   6,269  6,282  6,287  4,688  573 Plus: Acquisition-related expense   380  9,637  14,195  13,803  — Plus: CECL day 1 provision expense  —  —  —  23,444  — Less: Gain on sale-leaseback  —  —  —  (20,266)  — Plus: FDIC special assessment  —  —  (16)  —  956 Plus: FultonFirst implementation and asset disposals  (47)  10,001  9,385  6,323  6,329 Less: Tax impact of adjustments  (1,361)  (5,387)  (6,127)  (9,989)  (1,618) Adjusted net income available to common shareholders (numerator)  $        95,544  $       89,011  $       91,397  $       82,598  $       65,468  Average shareholders' equity  $     3,254,125  $    3,219,026  $    3,160,322  $    2,952,671  $    2,766,945 Less: Average preferred stock  (192,878)  (192,878)  (192,878)  (192,878)  (192,878) Less: Average goodwill and intangible assets  (632,254)  (638,507)  (644,814)  (624,471)  (560,393) Average tangible common shareholders' equity (denominator)  $     2,428,993  $    2,387,641  $    2,322,630  $    2,135,322  $    2,013,674  Operating return on average common shareholders' equity (tangible)  15.95 %  14.83 %  15.65 %  15.56 %  13.08 % (1) Results are annualized.      Three months ended Mar 31  Dec 31  Sep 30  Jun 30  Mar  31 2025  2024  2024  2024  2024 Tangible common equity to tangible assets (TCE Ratio)  Shareholders' equity  $     3,274,321  $    3,197,325  $    3,203,943  $    3,101,609  $    2,757,679 Less: Preferred stock  (192,878)  (192,878)  (192,878)  (192,878)  (192,878) Less: Goodwill and intangible assets  (629,189)  (635,458)  (641,739)  (648,026)  (560,114) Tangible common shareholders' equity (numerator)  $     2,452,254  $    2,368,989  $    2,369,326  $    2,260,705  $    2,004,687  Total assets  $   32,132,028  $  32,071,810  $  32,185,726  $  31,769,813  $  27,642,957 Less: Goodwill and intangible assets  (629,189)  (635,458)  (641,739)  (648,026)  (560,114) Total tangible assets (denominator)  $   31,502,839  $  31,436,352  $  31,543,987  $  31,121,787  $  27,082,843  Tangible common equity to tangible assets  7.78 %  7.54 %  7.51 %  7.26 %  7.40 %  Efficiency ratio  Non-interest expense  $      189,460  $     216,615  $     226,089  $     199,488  $     177,600 Less: Acquisition-related expense  (380)  (9,637)  (14,195)  (13,803)  — Plus: Gain on sale-leaseback  —  —  —  20,266  — Less: FDIC special assessment  —  —  16  —  (956) Less: FultonFirst implementation and asset disposals  47  (10,001)  (9,385)  (6,323)  (6,329) Less: Intangible amortization  (6,269)  (6,282)  (6,287)  (4,688)  (573) Operating non-interest expense (numerator)  $      182,858  $     190,695  $     196,238  $     194,940  $     169,742  Net interest income  $      251,187  $     253,659  $     258,009  $     241,720  $     206,937 Tax equivalent adjustment  4,340  4,343  4,424  4,556  4,592 Plus: Total non-interest income  67,232  65,924  59,673  92,994  57,140 Less: Other revenue  (122)  (269)  (677)  (708)  (151) Less: Gain on acquisition, net of tax  —  2,689  7,706  (47,392)  — Plus: Investment securities (gains) losses, net  2  —  1  20,282  — Total revenue (denominator)  $      322,639  $     326,346  $     329,136  $     311,452  $     268,518  Efficiency ratio  56.7 %  58.4 %  59.6 %  62.6 %  63.2 %  Operating non-interest expense to total average assets(1)  Non-interest expense  $      189,460  $     216,615  $     226,089  $     199,488  $     177,600 Less: Intangible amortization  (6,269)  (6,282)  (6,287)  (4,688)  (573) Less: Acquisition-related expense  (380)  (9,637)  (14,195)  (13,803)  — Plus: Gain on sale-leaseback  —  —  —  20,266  — Less: FDIC special assessment  —  —  16  —  (956) Less: FultonFirst implementation and asset disposals  47  (10,001)  (9,385)  (6,323)  (6,329) Operating non-interest expense (numerator)  $      182,858  $     190,695  $     196,238  $     194,940  $     169,742  Total average assets (denominator)  $   31,971,601  $  32,098,852  $  31,895,235  $  30,774,891  $  27,427,626  Operating non-interest expenses to total average assets  2.32 %  2.36 %  2.45 %  2.55 %  2.49 % (1) Results are annualized.

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