0000700564false00007005642024-10-152024-10-150000700564us-gaap:CommonStockMember2024-10-152024-10-150000700564us-gaap:SeriesAPreferredStockMember2024-10-152024-10-15

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 15, 2024
Date of Report (date of earliest event reported)

Fulton Financial Corporation
(Exact name of registrant as specified in its charter)
Pennsylvania
001-39680
23-2195389
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
One Penn Square,
P.O. Box 4887
Lancaster,
Pennsylvania
17604
               (Address of Principal Executive Offices)
(Zip Code)
(717) 291-2411
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $2.50FULTThe Nasdaq Stock Market, LLC
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
FULTPThe Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o



Item 2.02 Results of Operations and Financial Condition.

    On October 15, 2024, Fulton Financial Corporation (the "Corporation") issued a press release (the "Press Release") announcing its results of operations for the third quarter ended September 30, 2024. A copy of the Press Release and supplementary financial information which accompanied the Press Release are attached as Exhibit 99.1 to this Current Report on Form 8-K (this "Current Report") and are incorporated herein by reference. The Corporation also posted on its Investor Relations website, www.fultonbank.com, presentation materials the Corporation intends to use during a conference call and webcast to discuss those results on Wednesday, October 16, 2024 at 10:00 a.m. eastern time. A copy of the presentation materials is attached as Exhibit 99.2 to this Current Report and is incorporated herein by reference.    

The information included in Exhibit 99.1 shall be deemed filed for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and therefore may be incorporated by reference in filings under the Securities Act of 1933, as amended (the "Securities Act"). The information included in Exhibit 99.2 is being furnished and shall not be deemed filed for purposes of the Exchange Act or be incorporated by reference in any filing under the Securities Act.

Forward-Looking Statements

This Current Report, including Exhibits 99.1 and 99.2, 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. Management’s "2024 Outlook" contained in Exhibit 99.2 to this Current Report is comprised of forward-looking statements.

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, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 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).

Item 9.01 Financial Statements and Exhibits.
(d)    Exhibits.


Exhibit No.Description
Press release dated October 15, 2024 containing financial information for the quarter ended September 30, 2024, deemed filed under the Securities Exchange Act of 1934.
Presentation materials to be discussed during the conference call and webcast on October 16, 2024, deemed furnished under the Securities Exchange Act of 1934.
104Cover page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 15, 2024
FULTON FINANCIAL CORPORATION
By: /s/ Beth Ann L. Chivinski
       Beth Ann L. Chivinski
       Senior Executive Vice President and
       Interim Chief Financial Officer




Exhibit 99.1

FULTON FINANCIAL
CORPORATION
FOR IMMEDIATE RELEASE
Media Contact: Lacey Dean (717) 735-8688
Investor Contact: Matt Jozwiak (717) 327-2657


Fulton Financial Corporation Announces Third Quarter 2024 Results

(October 15, 2024) – Lancaster, PA – Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $60.6 million, or $0.33 per diluted share, for the third quarter of 2024, a decrease of $31.8 million, or $0.19 per share, in comparison to the second quarter of 2024. Operating net income available to common shareholders for the three months ended September 30, 2024 was $91.3 million, or $0.50 per diluted share(1), an increase of $8.8 million, or $0.03 per share, in comparison to the second quarter of 2024.

"We are excited about the progress we made on key strategic initiatives and pleased to see that this work has generated record operating earnings this quarter," said Curtis J. Myers, Chairman and CEO of Fulton. "We continue to see strong operating revenue growth, improvement in operating efficiency and profitability, combined with solid organic capital generation."

Financial Highlights

Third quarter of 2024 operating results of $0.50 per diluted share represented an all-time high for Fulton and was impacted by the following items:

•Solid net interest margin of 3.49%, an increase of six basis points compared to the prior quarter.

•Excluding brokered deposits, customer deposits increased $745.0 million compared to the prior quarter.

•Common equity tier 1 capital increased to 10.5%, compared to 10.3% in the prior quarter.

•Tangible shareholders' equity per common share increased $0.59, or 4.7%, to $13.02 compared to the prior quarter.

•Acquisition-related(2) expenses of $14.2 million.

•FultonFirst implementation and asset disposal costs of $9.4 million.



1


The following items highlight notable changes in the components of net income in the third quarter of 2024 compared to the second quarter of 2024:

•Net interest income totaled $258.0 million, an increase of $16.3 million, which was largely due to the full-quarter impact of the Acquisition and an increase in on-balance sheet liquidity.

•Non-interest income before investment securities gains (losses) was $59.7 million compared to $113.3 million in the second quarter of 2024. The decrease was primarily due to a $55.1 million change in the gain on acquisition (net of tax) with a $7.7 million reduction recorded in the third quarter of 2024.

•Non-interest expense was $226.1 million compared to $219.8 million in the second quarter of 2024, excluding the $20.3 million gain on the sale-leaseback transaction, reflected in other expense in the second quarter of 2024. The increase was largely due to an $8.2 million increase in salaries and benefits expense driven by a $4.9 million increase in employee severance costs related to the FultonFirst initiative, a full-quarter impact of salaries and benefits from the Acquisition resulting in an increase of $2.7 million and a $1.7 million increase in incentive compensation expense. The increase in salaries and benefits expense was partially offset by a $1.4 million decrease in consulting costs related to the FultonFirst initiative.

Balance Sheet Summary

•Net loans totaled $24.2 billion, an increase of $69.8 million compared to $24.1 billion as of June 30, 2024. The increase was largely due to increases of $203.7 million and $53.8 million in commercial mortgage loans and residential mortgage loans, respectively, partially offset by decreases of $130.8 million, $53.1 million and $40.4 million in construction loans, commercial and industrial loans and consumer loans, respectively. Excluding the impact from the day 1 Purchased Credit Deteriorated ("PCD") adjustment of $55.9 million and purchase accounting accretion of $24.9 million, net loans acquired in the Acquisition declined approximately $82.3 million since the Acquisition Date. Excluding purchase accounting accretion of $14.5 million, net loans acquired in the Acquisition declined approximately $49.2 million to $2.5 billion, compared to the second quarter of 2024.

•Deposits totaled $26.2 billion, an increase of $592.5 million compared to $25.6 billion as of June 30, 2024. The increase was primarily due to increases of $374.2 million, $301.4 million and $177.1 million in time deposits, interest-bearing demand deposits and savings deposits, respectively, partially offset by decreases of $152.5 million in brokered deposits and $107.7 million in noninterest-bearing demand deposits. Deposits assumed in the Acquisition declined approximately $248.6 million since the Acquisition Date and increased approximately $108.7 million to $3.9 billion compared to the second quarter of 2024.



2


Provision for Credit Losses and Asset Quality

•The provision for credit losses was $11.9 million in the third quarter of 2024 compared to $32.1 million in the second quarter of 2024. The decrease was primarily related to the Acquisition, which included a provision for credit losses of $23.4 million for non-PCD loans in the second quarter of 2024.

•Non-performing assets were $205.0 million, or 0.64% of total assets, at September 30, 2024, in comparison to $174.0 million, or 0.55% of total assets, at June 30, 2024.

•Net charge-offs for the third quarter of 2024 were 0.18% of total average loans in comparison to 0.19% in the second quarter of 2024.

•The allowance for credit losses attributable to net loans remained relatively unchanged and totaled $376.0 million, or 1.56% of total loans at September 30, 2024, compared to $375.9 million, or 1.56% of total loans at June 30, 2024.

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) 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 (the
"Acquisition Date"), among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.

















3


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, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 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).










4


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
Sep 30Jun 30Mar 31Dec 31Sep 30
20242024202420232023
Ending Balances
Investment securities$4,545,278$4,184,027$3,783,392$3,666,274$3,698,601
Net loans24,176,07524,106,29721,444,48321,351,09421,177,508
Total assets32,185,72631,769,81327,642,95727,571,91527,375,177
Deposits26,152,14425,559,65421,741,95021,537,62321,421,589
Shareholders' equity3,203,9433,101,6092,757,6792,760,1392,566,693
Average Balances
Investment securities4,237,8054,043,1363,672,8443,665,2613,834,824
Net loans24,147,80123,345,91421,370,03321,255,77921,121,277
Total assets31,895,23530,774,89127,427,62627,397,67127,377,836
Deposits25,778,25924,642,95421,378,75421,476,54821,357,295
Shareholders' equity3,160,3222,952,6712,766,9452,618,0242,645,977
Income Statement
Net interest income258,009 241,720 206,937 212,006 213,842 
Provision for credit losses11,929 32,056 10,925 9,808 9,937 
Non-interest income59,673 92,994 57,140 59,378 55,961 
Non-interest expense226,089 199,488 177,600 180,552 171,020 
Income before taxes79,664 103,170 75,552 81,024 88,846 
Net income available to common shareholders60,644 92,413 59,379 61,701 69,535 
Per Share
Net income available to common shareholders (basic)$0.33 $0.53 $0.36 $0.38 $0.42 
Net income available to common shareholders (diluted)$0.33 $0.52 $0.36 $0.37 $0.42 
Operating net income available to common shareholders(1)
$0.50 $0.47 $0.40 $0.42 $0.43 
Cash dividends$0.17 $0.17 $0.17 $0.17 $0.16 
Common shareholders' equity$16.55 $16.00 $15.82 $15.67 $14.47 
Common shareholders' equity (tangible)(1)
$13.02 $12.43 $12.37 $12.25 $11.05 
Weighted average shares (basic)181,905 175,305 162,706 163,975 164,566 
Weighted average shares (diluted)183,609 176,934 164,520 165,650 166,023 
(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this press release.
5


Three months ended
Sep 30Jun 30Mar 31Dec 31Sep 30
20242024202420232023
Asset Quality
Net charge-offs to average loans 0.18 %0.19 %0.16 %0.15 %0.10 %
Non-performing loans to total net loans0.84 %0.72 %0.73 %0.72 %0.67 %
Non-performing assets to total assets0.64 %0.55 %0.57 %0.56 %0.52 %
ACL - loans(1) to total loans
1.56 %1.56 %1.39 %1.37 %1.38 %
ACL - loans(1) to non-performing loans
186 %218 %191 %191 %208 %
Profitability
Return on average assets0.79 %1.24 %0.91 %0.93 %1.04 %
Operating return on average assets(2)
1.17 %1.11 %1.00 %1.03 %1.08 %
Return on average common shareholders' equity8.13 %13.47 %9.28 %10.09 %11.25 %
Operating return on average common shareholders' equity (tangible)(2)
15.65 %15.56 %13.08 %14.68 %15.17 %
Net interest margin3.49 %3.43 %3.32 %3.36 %3.40 %
Efficiency ratio(2)
59.6 %62.6 %63.2 %62.0 %61.5 %
Non-interest expense to total average assets2.82 %2.61 %2.60 %2.61 %2.48 %
Operating non-interest expense to total average assets(2)
2.45 %2.55 %2.49 %2.47 %2.47 %
Capital Ratios(3)
Tangible common equity ratio ("TCE")(2)
7.5 %7.3 %7.4 %7.4 %6.8 %
Tier 1 leverage ratio8.9 %9.2 %9.3 %9.5 %9.4 %
Common equity Tier 1 capital ratio10.5 %10.3 %10.3 %10.3 %10.3 %
Tier 1 risk-based capital ratio11.3 %11.1 %11.1 %11.2 %11.1 %
Total risk-based capital ratio14.0 %13.8 %14.0 %14.0 %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 September 30, 2024 are preliminary estimates and prior periods are actual.

6

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
Sep 30Jun 30Mar 31Dec 31Sep 30
20242024202420232023
ASSETS
Cash and due from banks$296,500 $333,238 $247,581 $300,343 $304,042 
Other interest-earning assets1,287,392 1,188,341 231,389 373,772 222,781 
Loans held for sale17,678 26,822 10,624 15,158 20,368 
Investment securities4,545,278 4,184,027 3,783,392 3,666,274 3,698,601 
Net loans24,176,075 24,106,297 21,444,483 21,351,094 21,177,508 
Less: ACL - loans(1)
(375,961)(375,941)(297,888)(293,404)(292,739)
   Loans, net23,800,114 23,730,356 21,146,595 21,057,690 20,884,769 
Net premises and equipment171,731 180,642 213,541 222,881 215,626 
Accrued interest receivable115,903 120,752 107,089 107,972 101,624 
Goodwill and intangible assets641,739 648,026 560,114 560,687 561,284 
Other assets1,309,391 1,357,609 1,342,632 1,267,138 1,366,082 
    Total Assets$32,185,726 $31,769,813 $27,642,957 $27,571,915 $27,375,177 
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits$26,152,144 $25,559,654 $21,741,950 $21,537,623 $21,421,589 
Borrowings2,052,227 2,178,597 2,296,040 2,487,526 2,370,112 
Other liabilities777,412 929,953 847,288 786,627 1,016,783 
    Total Liabilities28,981,783 28,668,204 24,885,278 24,811,776 24,808,484 
Shareholders' equity3,203,943 3,101,609 2,757,679 2,760,139 2,566,693 
    Total Liabilities and Shareholders' Equity$32,185,726 $31,769,813 $27,642,957 $27,571,915 $27,375,177 
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage$9,493,479 $9,289,770 $8,252,117 $8,127,728 $8,106,300 
Commercial and industrial4,914,734 4,967,796 4,467,589 4,545,552 4,577,334 
Real estate - residential mortgage6,302,624 6,248,856 5,395,720 5,325,923 5,279,681 
Real estate - home equity1,144,402 1,120,878 1,040,335 1,047,184 1,045,438 
Real estate - construction1,332,954 1,463,799 1,249,199 1,239,075 1,078,263 
Consumer651,717 692,086 698,421 729,318 743,976 
Leases and other loans(2)
336,165 323,112 341,102 336,314 346,516 
Total Net Loans$24,176,075 $24,106,297 $21,444,483 $21,351,094 $21,177,508 
Deposits, by type:
Noninterest-bearing demand$5,501,699 $5,609,383 $5,086,514 $5,314,094 $5,575,374 
Interest-bearing demand7,779,472 7,478,077 5,521,017 5,722,695 5,757,487 
Savings7,740,595 7,563,495 6,846,038 6,616,901 6,707,729 
     Total demand and savings21,021,766 20,650,955 17,453,569 17,653,690 18,040,590 
Brokered843,473 995,975 1,152,427 1,144,692 941,059 
Time4,286,905 3,912,724 3,135,954 2,739,241 2,439,940 
Total Deposits$26,152,144 $25,559,654 $21,741,950 $21,537,623 $21,421,589 
Borrowings, by type:
Federal funds purchased$— $— $— $240,000 $544,000 
Federal Home Loan Bank advances950,000 750,000 900,000 1,100,000 730,000 
Senior debt and subordinated debt535,917 535,741 535,566 535,384 540,174 
Other borrowings566,310 892,856 860,474 612,142 555,938 
Total Borrowings$2,052,227 $2,178,597 $2,296,040 $2,487,526 $2,370,112 
(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.
7

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share and share data)
Three months endedNine months ended
Sep 30Jun 30Mar 31Dec 31Sep 30Sep 30
2024202420242023202320242023
Net Interest Income:
Interest income$427,656 $400,506 $339,666 $338,134 $330,371 $1,167,828 $935,103 
Interest expense169,647 158,786 132,729 126,128 116,529 461,162 292,822 
    Net Interest Income258,009 241,720 206,937 212,006 213,842 706,666 642,281 
Provision for credit losses11,929 32,056 10,925 9,808 9,937 54,910 44,228 
    Net Interest Income after Provision246,080 209,664 196,012 202,198 203,905 651,756 598,053 
Non-Interest Income:
Wealth management21,596 20,990 20,155 19,388 19,413 62,741 56,152 
Commercial banking:
   Merchant and card7,496 7,798 6,808 7,045 7,626 22,103 22,160 
   Cash management7,201 6,966 6,305 6,030 5,960 20,473 17,310 
   Capital markets3,311 2,585 2,341 4,258 2,960 8,236 11,396 
   Other commercial banking4,281 4,061 3,375 3,447 3,176 11,716 9,514 
Total commercial banking22,289 21,410 18,829 20,780 19,722 62,528 60,380 
Consumer banking:
  Card7,917 8,305 6,628 6,739 6,770 22,850 19,604 
  Overdraft3,957 3,377 2,786 2,991 2,996 10,120 8,425 
  Other consumer banking3,054 2,918 2,254 2,357 2,407 8,226 7,081 
Total consumer banking14,928 14,600 11,668 12,087 12,173 41,196 35,110 
Mortgage banking3,142 3,951 3,090 2,288 3,190 10,183 8,100 
Gain on acquisition, net of tax(7,706)47,392 — — — 39,685 — 
Other5,425 4,933 3,398 5,587 1,463 13,756 8,539 
Non-interest income before investment securities gains (losses)59,674 113,276 57,140 60,130 55,961 230,089 168,281 
Investment securities gains (losses), net(1)(20,282)— (752)— (20,283)19 
    Total Non-Interest Income59,673 92,994 57,140 59,378 55,961 209,806 168,300 
Non-Interest Expense:
Salaries and employee benefits118,824 110,630 95,481 97,275 96,757 324,935 280,142 
Data processing and software20,314 20,357 17,661 16,985 16,914 58,332 49,486 
Net occupancy18,999 17,793 16,149 14,647 14,561 52,942 43,373 
Other outside services15,839 16,933 13,283 14,670 12,094 46,055 33,054 
Intangible amortization6,287 4,688 573 597 601 11,548 2,347 
FDIC insurance5,109 6,696 6,104 11,138 4,738 17,909 14,427 
Equipment 4,860 4,561 4,040 3,995 3,475 13,461 10,395 
Professional fees2,811 2,571 2,088 2,302 1,869 7,470 6,090 
Marketing2,251 2,101 1,912 3,550 1,913 6,263 5,454 
Acquisition-related expenses14,195 13,803 — — — 27,998 — 
Other16,600 (645)20,309 15,393 18,098 36,263 53,888 
    Total Non-Interest Expense226,089 199,488 177,600 180,552 171,020 603,176 498,656 
    Income Before Income Taxes79,664 103,170 75,552 81,024 88,846 258,386 267,697 
Income tax expense16,458 8,195 13,611 16,761 16,749 38,264 47,680 
    Net Income63,206 94,975 61,941 64,263 72,097 220,122 220,017 
Preferred stock dividends(2,562)(2,562)(2,562)(2,562)(2,562)(7,686)(7,686)
     Net Income Available to Common Shareholders$60,644 $92,413 $59,379 $61,701 $69,535 $212,436 $212,331 
8

Three months endedNine months ended
Sep 30Jun 30Mar 31Dec 31Sep 30Sep 30
2024202420242023202320242023
PER SHARE:
Net income available to common shareholders (basic)$0.33 $0.53 $0.36 $0.38 $0.42 $1.23 $1.28 
Net income available to common shareholders (diluted)$0.33 $0.52 $0.36 $0.37 $0.42 $1.21 $1.27 
Cash dividends$0.17 $0.17 $0.17 $0.17 $0.16 $0.51 $0.47 
Weighted average shares (basic)181,905 175,305 162,706 163,975 164,566 173,337 165,667 
Weighted average shares (diluted)183,609 176,934 164,520 165,650 166,023 175,033 167,181 




9

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
September 30, 2024June 30, 2024September 30, 2023
AverageYield/AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$24,147,801 $376,160 6.20 %$23,345,914 $355,533 6.12 %$21,121,277 $304,167 5.72 %
Investment securities(3)
4,526,885 37,853 3.34 %4,396,050 33,799 3.07 %4,197,550 27,274 2.59 %
Other interest-earning assets1,338,592 18,068 5.37 %1,125,886 15,730 5.61 %263,244 3,372 5.11 %
Total Interest-Earning Assets30,013,278 432,081 5.74 %28,867,850 405,062 5.64 %25,582,071 334,813 5.20 %
Noninterest-earning assets:
Cash and due from banks306,427 302,381 306,496 
Premises and equipment181,285 203,166 217,447 
Other assets1,772,052 1,759,138 1,562,233 
Less: ACL - loans(4)
(377,807)(357,644)(290,411)
Total Assets$31,895,235 $30,774,891 $27,377,836 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits$7,668,583 $38,768 2.01 %$7,080,302 $31,748 1.80 %$5,740,229 $18,690 1.29 %
Savings deposits7,663,599 49,477 2.57 %7,309,141 44,901 2.47 %6,676,792 34,277 2.04 %
Brokered deposits842,661 11,344 5.36 %1,123,328 15,074 5.40 %937,657 12,250 5.18 %
Time deposits4,107,466 45,735 4.43 %3,670,158 39,364 4.31 %2,330,206 18,939 3.22 %
Total Interest-Bearing Deposits20,282,309 145,324 2.85 %19,182,929 131,087 2.75 %15,684,884 84,156 2.13 %
Borrowings and other interest-bearing liabilities2,229,348 24,324 4.34 %2,441,691 27,699 4.53 %2,691,087 32,373 4.74 %
Total Interest-Bearing Liabilities22,511,657 169,648 3.00 %21,624,620 158,786 2.95 %18,375,971 116,529 2.51 %
Noninterest-bearing liabilities:
Demand deposits5,495,950 5,460,025 5,672,411 
Other liabilities727,306 737,575 683,477 
Total Liabilities28,734,913 27,822,220 24,731,859 
Shareholders' equity3,160,322 2,952,671 2,645,977 
Total Liabilities and Shareholders' Equity$31,895,235 $30,774,891 $27,377,836 
Net interest income/net interest margin (fully taxable equivalent)262,433 3.49 %246,276 3.43 %218,284 3.40 %
Tax equivalent adjustment(4,424)(4,556)(4,442)
Net Interest Income$258,009 $241,720 $213,842 
(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.




10

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Three months ended
Sep 30Jun 30Mar 31Dec 31Sep 30
20242024202420232023
Loans, by type:
Real estate - commercial mortgage$9,318,273 $8,958,139 $8,166,018 $8,090,627 $7,912,801 
Commercial and industrial4,998,051 4,853,583 4,517,179 4,579,441 4,611,376 
Real estate - residential mortgage6,268,922 5,977,132 5,353,905 5,303,632 5,209,105 
Real estate - home equity1,122,313 1,117,367 1,039,321 1,043,753 1,045,806 
Real estate - construction1,437,907 1,430,057 1,240,640 1,153,601 1,254,577 
Consumer682,602 685,183 721,523 746,011 761,273 
Leases and other loans(1)
319,733 324,453 331,447 338,714 326,339 
Total Net Loans$24,147,801 $23,345,914 $21,370,033 $21,255,779 $21,121,277 
Deposits, by type:
Noninterest-bearing demand$5,495,950 $5,460,025 $5,061,075 $5,440,098 $5,672,411 
Interest-bearing demand7,668,583 7,080,302 5,596,725 5,723,169 5,740,229 
Savings7,663,599 7,309,141 6,669,228 6,682,512 6,676,792 
     Total demand and savings20,828,132 19,849,468 17,327,028 17,845,779 18,089,432 
Brokered842,661 1,123,328 1,083,382 1,051,369 937,657 
Time4,107,466 3,670,158 2,968,344 2,579,400 2,330,206 
Total Deposits$25,778,259 $24,642,954 $21,378,754 $21,476,548 $21,357,295 
Borrowings, by type:
Federal funds purchased$— $32,637 $173,659 $446,707 $634,163 
Federal Home Loan Bank advances754,130 833,726 902,890 760,087 793,098 
Senior debt and subordinated debt535,831 535,656 535,479 539,186 540,086 
Other borrowings and other interest-bearing liabilities939,387 1,039,672 996,348 795,747 723,740 
Total Borrowings$2,229,348 $2,441,691 $2,608,376 $2,541,727 $2,691,087 
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

11

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Nine months ended September 30
20242023
AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$22,918,845 $1,045,573 6.09 %$20,819,280 $854,384 5.49 %
Investment securities(3)
4,303,048 98,701 3.05 %4,240,093 82,098 2.58 %
Other interest-earning assets921,483 37,126 5.38 %427,810 11,882 3.71 %
Total Interest-Earning Assets28,143,376 1,181,400 5.60 %25,487,183 948,364 4.97 %
Noninterest-Earning assets:
Cash and due from banks297,268 193,083 
Premises and equipment202,531 219,087 
Other assets1,828,085 1,555,891 
Less: ACL - loans(4)
(353,567)(282,144)
Total Assets$30,117,693 $27,173,100 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits$6,785,106 $91,016 1.79 %$5,535,671 $41,756 1.01 %
Savings deposits7,215,631 133,175 2.47 %6,593,703 84,102 1.71 %
Brokered deposits1,015,823 41,073 5.40 %779,191 29,557 5.07 %
Time deposits3,583,905 114,721 4.28 %2,032,360 40,160 2.64 %
Total Interest-Bearing Deposits18,600,465 379,985 2.73 %14,940,925 195,575 1.75 %
Borrowings and other interest-bearing liabilities2,425,753 81,177 4.47 %2,848,704 97,247 4.53 %
Total Interest-Bearing Liabilities21,026,218 461,162 2.93 %17,789,629 292,822 2.20 %
Noninterest-Bearing liabilities:
Demand deposits5,339,590 6,108,197 
Other liabilities791,175 639,569 
Total Liabilities27,156,983 24,537,395 
Shareholders' equity2,960,710 2,635,705 
Total Liabilities and Shareholders' Equity$30,117,693 $27,173,100 
Net interest income/net interest margin (fully taxable equivalent)720,238 3.42 %655,542 3.44 %
Tax equivalent adjustment(13,572)(13,261)
Net Interest Income$706,666 $642,281 
(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 AFS; 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.







12

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Nine months ended September 30
20242023
Loans, by type:
Real estate - commercial mortgage$8,803,503 $7,803,775 
Commercial and industrial4,786,976 4,602,573 
Real estate - residential mortgage5,844,317 5,004,289 
Real estate - home equity1,091,526 1,066,003 
Real estate - construction1,370,134 1,278,923 
Consumer697,204 748,788 
Leases and other loans(1)
325,185 314,929 
Total Net Loans$22,918,845 $20,819,280 
Deposits, by type:
Noninterest-bearing demand$5,339,590 $6,108,197 
Interest-bearing demand6,785,106 5,535,671 
Savings7,215,631 6,593,703 
   Total demand and savings19,340,327 18,237,571 
Brokered1,015,823 779,191 
Time3,583,905 2,032,360 
Total Deposits$23,940,055 $21,049,122 
Borrowings, by type:
Federal funds purchased $68,515 $606,708 
Federal Home Loan Bank advances829,971 976,783 
Senior debt and subordinated debt535,656 539,907 
Other borrowings991,611 725,306 
Total Borrowings$2,425,753 $2,848,704 
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
13

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
Three months endedNine months ended September 30
Sep 30Jun 30Mar 31Dec 31Sep 30Sep 30Sep 30
2024202420242023202320242023
Allowance for credit losses related to net loans:
Balance at beginning of period$375,941$297,888$293,404$292,739$287,442$293,404 $269,366 
CECL day 1 provision expense(1)
—23,444———23,444 — 
Initial purchased credit deteriorated allowance for credit losses(1,139)55,906———54,767 — 
Loans charged off:
    Real estate - commercial mortgage(2,723)(7,853)(26)(3,547)(860)(10,602)(14,452)
    Commercial and industrial(6,256)(2,955)(7,632)(3,397)(3,220)(16,843)(5,849)
    Real estate - residential mortgage(1,131)(35)(251)——(1,417)(62)
    Consumer and home equity(2,308)(1,766)(2,238)(2,192)(1,803)(6,312)(5,322)
    Real estate - construction—————— — 
    Leases and other loans(2)
(726)(1,398)(805)(1,096)(1,396)(2,929)(3,284)
    Total loans charged off(13,144)(14,007)(10,952)(10,232)(7,279)(38,103)(28,969)
Recoveries of loans previously charged off:
    Real estate - commercial mortgage107146152160101405 916 
    Commercial and industrial1,0087961,2487796203,052 2,694 
    Real estate - residential mortgage13012211627837368 143 
    Consumer and home equity5451,1616765551,0232,382 2,643 
    Real estate - construction103233—87—336 771 
    Leases and other loans(2)
129247162374400538 729 
    Recoveries of loans previously charged off2,0222,7052,3542,2332,1817,081 7,896 
Net loans charged off(11,122)(11,302)(8,598)(7,999)(5,098)(31,022)(21,073)
Provision for credit losses(1)
12,28110,00513,0828,66410,39535,368 44,446 
Balance at end of period$375,961$375,941$297,888$293,404$292,739$375,961 $292,739 
Net charge-offs to average loans 0.18 %0.19 %0.16 %0.15 %0.10 %0.18 %0.13 %
Provision for credit losses related to OBS Credit Exposures
Provision for credit losses(1)
$(352)$(1,393)$(2,157)$1,144$(458)$(3,902)$(218)
NON-PERFORMING ASSETS:
Non-accrual loans$175,861$145,630$129,628$121,620$113,022
Loans 90 days past due and accruing26,28626,96226,52131,72127,962
    Total non-performing loans202,147172,592156,149153,341140,984
Other real estate owned2,8441,4442778962,549
Total non-performing assets$204,991$174,036$156,426$154,237$143,533
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial$64,450$58,433$44,118$41,020$33,365
Real estate - commercial mortgage71,50548,61547,89146,52744,058
Real estate - residential mortgage41,72741,03340,68542,02940,560
Consumer and home equity12,79211,88610,17210,87811,580
Leases and other loans(2)
9,9279,99310,13510,01110,744
Real estate - construction1,7462,6323,1482,876677
Total non-performing loans$202,147$172,592$156,149$153,341$140,984
(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.
14

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
Sep 30Jun 30Mar 31Dec 31Sep 30
20242024202420232023
Operating net income available to common shareholders
Net income available to common shareholders$60,644$92,413$59,379$61,701$69,535
Less: Non-PCD credit-related interest income from acquisition(815)(571)———
Less: Interest rate derivative transition valuation(1)
138(137)(151)(1,102)2,958
Less: Loss (gain) on acquisition, net of tax7,706(47,392)———
Plus: Loss on securities restructuring—20,282———
Plus: Core deposit intangible amortization6,1554,556441441441
Plus: Acquisition-related expense14,19513,803———
Plus: CECL day 1 provision expense—23,444———
Less: Gain on sale-leaseback—(20,266)———
Plus: FDIC special assessment(16)—9566,494—
Plus: FultonFirst implementation and asset disposals9,3856,3236,3293,197—
Less: Tax impact of adjustments(6,099)(9,961)(1,591)(1,896)(714)
Operating net income available to common shareholders (numerator)$91,293$82,494$65,363$68,835$72,220
Weighted average shares (diluted) (denominator)183,609176,934164,520165,650166,023
Operating net income available to common shareholders, per share (diluted)$0.50$0.47$0.40$0.42$0.43
Common shareholders' equity (tangible), per share
Shareholders' equity$3,203,943$3,101,609$2,757,679$2,760,139$2,566,693
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(641,739)(648,026)(560,114)(560,687)(561,284)
Tangible common shareholders' equity (numerator)$2,369,326$2,260,705$2,004,687$2,006,574$1,812,531
Shares outstanding, end of period (denominator)181,957181,831162,087163,801164,084
Common shareholders' equity (tangible), per share$13.02$12.43$12.37$12.25$11.05
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
(2) Results are annualized.
15

Three months ended
Sep 30Jun 30Mar 31Dec 31Sep 30
20242024202420232023
Operating return on average assets(2)
Net income$63,206$94,975$61,941$64,263$72,097
Less: Non-PCD credit-related interest income from acquisition(815)(571)———
Less: Interest rate derivative transition valuation(1)
138(137)(151)(1,102)2,958
Less: Loss (gain) on acquisition, net of tax7,706(47,392)———
Plus: Loss on securities restructuring—20,282———
Plus: Core deposit intangible amortization6,1554,556441441441
Plus: Acquisition-related expense14,19513,803———
Plus: CECL day 1 provision expense—23,444———
Less: Gain on sale-leaseback—(20,266)———
Plus: FDIC special assessment(16)—9566,494—
Plus: FultonFirst implementation and asset disposals9,3856,3236,3293,197—
Less: Tax impact of adjustments(6,099)(9,961)(1,591)(1,896)(714)
Operating net income (numerator)$93,855$85,056$67,925$71,397$74,782
Total average assets $31,895,235$30,774,891$27,427,626$27,397,671$27,377,836
Less: Average net core deposit intangible(89,350)(68,234)(4,666)(5,106)(5,548)
Total operating average assets (denominator)$31,805,885$30,706,657$27,422,960$27,392,565$27,372,288
Operating return on average assets1.17%1.11%1.00%1.03%1.08%
Operating return on average common shareholders' equity (tangible)(2)
Net income available to common shareholders$60,644$92,413$59,379$61,701$69,535
Less: Non-PCD credit-related interest income from acquisition(815)(571)———
Less: Interest rate derivative transition valuation(1)
138(137)(151)(1,102)2,958
Less: Loss (gain) on acquisition, net of tax7,706(47,392)———
Plus: Loss on securities restructuring—20,282———
Plus: Intangible amortization6,2874,688573597601
Plus: Acquisition-related expense14,19513,803———
Plus: CECL day 1 provision expense—23,444———
Less: Gain on sale-leaseback—(20,266)———
Plus: FDIC special assessment(16)—9566,494—
Plus: FultonFirst implementation and asset disposals9,3856,3236,3293,197—
Less: Tax impact of adjustments(6,127)(9,989)(1,618)(1,929)(747)
Adjusted net income available to common shareholders (numerator)$91,397$82,598$65,468$68,958$72,347
Average shareholders' equity$3,160,322$2,952,671$2,766,945$2,618,024$2,645,977
Less: Average preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Average goodwill and intangible assets(644,814)(624,471)(560,393)(560,977)(561,578)
Average tangible common shareholders' equity (denominator)$2,322,630$2,135,322$2,013,674$1,864,169$1,891,521
Operating return on average common shareholders' equity (tangible)15.65%15.56%13.08%14.68%15.17%
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
(2) Results are annualized.
16

Three months ended
Sep 30Jun 30Mar 31Dec 31Sep 30
20242024202420232023
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity$3,203,943$3,101,609$2,757,679$2,760,139$2,566,693
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(641,739)(648,026)(560,114)(560,687)(561,284)
Tangible common shareholders' equity (numerator)$2,369,326$2,260,705$2,004,687$2,006,574$1,812,531
Total assets$32,185,726$31,769,813$27,642,957$27,571,915$27,375,177
Less: Goodwill and intangible assets(641,739)(648,026)(560,114)(560,687)(561,284)
Total tangible assets (denominator)$31,543,987$31,121,787$27,082,843$27,011,228$26,813,893
Tangible common equity to tangible assets7.51%7.26%7.40%7.43%6.76%
Efficiency ratio
Non-interest expense$226,089$199,488$177,600$180,552$171,020
Less: Acquisition-related expense(14,195)(13,803)———
Plus: Gain on sale-leaseback—20,266———
Less: FDIC special assessment16—(956)(6,494)—
Less: FultonFirst implementation and asset disposals(9,385)(6,323)(6,329)(3,197)—
Less: Intangible amortization(6,287)(4,688)(573)(597)(601)
Less: Debt extinguishment———720—
Operating non-interest expense (numerator)$196,238$194,940$169,742$170,984$170,419
Net interest income$258,009$241,720$206,937$212,006$213,842
Tax equivalent adjustment4,4244,5564,5924,5494,442
Plus: Total non-interest income59,67392,99457,14059,37855,961
Less: Interest rate derivative transition valuation(1)
138(137)(151)(1,102)2,958
Less: Non-PCD credit-related interest income from acquisition(815)(571)———
Less: Loss (gain) on acquisition, net of tax7,706(47,392)———
Plus: Investment securities (gains) losses, net120,282—752—
Total revenue (denominator)$329,136$311,452$268,518$275,583$277,203
Efficiency ratio59.62%62.59%63.21%62.04%61.48%
Operating non-interest expense to total average assets
Non-interest expense$226,089$199,488$177,600$180,552$171,020
Less: Intangible amortization(6,287)(4,688)(573)(597)(601)
Less: Acquisition-related expense(14,195)(13,803)———
Plus: Gain on sale-leaseback—20,266———
Less: FDIC special assessment16—(956)(6,494)—
Less: FultonFirst implementation and asset disposals(9,385)(6,323)(6,329)(3,197)—
Operating non-interest expense (numerator)$196,238$194,940$169,742$170,264$170,419
Total average assets (denominator)$31,895,235$30,774,891$27,427,626$27,397,671$27,377,836
Operating non-interest expenses to total average assets2.45%2.55%2.49%2.47%2.47%
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
(2) Results are annualized.
Note: numbers in this report may not sum due to rounding.


17
THIRD QUARTER 2024 RESULTS NASDAQ: FULT Data as of or for the period ended September 30, 2024 unless otherwise noted

 
This presentation may contain forward-looking statements with respect to Fulton Financial Corporation's (the "Corporation“ or “Fulton”) 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. Management’s "2024 Outlook" contained herein is comprised of forward-looking statements. 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, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 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). The Corporation uses certain financial measures in this presentation that have been derived by methods other than generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are reconciled to the most comparable GAAP measures at the end of this presentation. 2

 
3 Third Quarter 2024 Financial Highlights (1) Non-GAAP financial measures. Please refer to the calculation and management’s reason for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. • Operating Net Income Available to Common Shareholders of $0.50 per Diluted Share • Net Interest Margin Expansion of Six Basis Points to 3.49% • Deposit Growth of $745 million when excluding brokered deposit run off of $153 million • Increases in Capitalization and Capital Ratios • Growth in Tangible Book Value Per Share of $0.59, or 4.7%, to $13.02 • Improvements in Efficiency and Operating Expense levels • Progress on key strategic initiatives 3Q24 2Q24 3Q24 2Q24 Net Income ($ in millions) $60.6 $92.4 $91.3 $82.5 Return on Average Assets (annualized) 0.79% 1.24% 1.17% 1.11% Return on Average Tangible Common Equity (annualized; non-GAAP) -- -- 15.65% 15.56% Efficiency Ratio (non-GAAP) -- -- 59.6% 62.6% Operating Expenditures / Average Assets (annualized) 2.82% 2.61% 2.45% 2.55% Diluted Earnings Per Share $0.33 $0.52 $0.50 $0.47 Pre-Provision Net Revenue ($ in millions; non-GAAP) -- -- $128.3 $111.8 PPNR / Average Assets (annualized; non-GAAP) -- -- 1.61% 1.46% GAAP Reported Operating (1)

 
4 Deepening Our Commitment to Purpose, Vision, & Strategic Execution Simplicity in the operating model - Realign value propositions and coverage models by customer size and complexity - Redesign end-to-end processes with single ownership to deliver superior customer experience - Simplify organizational structures Focus on Fulton’s core relationships - Invest in “relationship” products & specialties to capture full wallet share while reducing emphasis on non- relationship activities - Concentrate on higher-value markets with a “right to win” while streamlining the presence elsewhere - Identify cost efficiencies in operational activities that do not drive customer experience Productivity across the Bank - Unlock time and training for sales excellence vs. service on front line, customer facing roles - Enhance digital experiences aligned with the strategy, including consumer digital transactions - Deliver operational excellence in the back-office, with enhanced speed and efficiency

 
(1) Non-GAAP financial measure. Please refer to the calculation and management’s reason for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. 5 Income Statement Summary 3Q24 2Q24 Linked-Quarter Change Net interest income $258,009 $241,720 $16,289 Provision for credit losses 11,929 32,056 (20,127) Non-interest income 59,674 113,276 (53,602) Securities (losses) (1) (20,282) 20,281 Non-interest expense 226,089 199,488 26,601 Income before income taxes 79,664 103,170 (23,506) Income taxes 16,458 8,195 8,263 Net income 63,206 94,975 (31,769) Preferred stock dividends (2,562) (2,562) - Net income available to common shareholders $60,644 $92,413 ($31,769) Net income available to common shareholders, per share (diluted) $0.33 $0.52 ($0.19) Operating net income available to common shareholders, per share (diluted) (1) $0.50 $0.47 $0.03 ROAA 0.79% 1.24% -0.45% Operating ROAA (1) 1.17% 1.11% 0.06% ROAE 8.13% 13.47% -5.34% Operating ROAE (tangible) (1) 15.65% 15.56% 0.09% Efficiency ratio (1) 59.6% 62.6% -3.0% (dollars in thousands, except per-share data)

 
• NIM was 3.49% in the third quarter of 2024, increasing six basis points compared to the second quarter of 2024. • Loan yields improved by eight basis points during the third quarter of 2024, increasing to 6.20% compared to 6.12% in the second quarter of 2024. • Total cost of deposits was 2.24% for the third quarter of 2024, an increase of 10 basis points compared to the second quarter of 2024. 6 Net Interest Income and Net Interest Margin (“NIM”) 3Q24 Highlights Net Interest Income(1) & NIM Average Deposits and Borrowings & Other and Cost of Funds Average Interest-Earning Assets & Yields (dollars in millions) (dollars in billions) (dollars in billions) (1) Net interest income on a non fully tax equivalent basis.

 
7 Non-Interest Income Increases due to: • Commercial banking revenue, specifically commercial interest rate swap income • Record wealth management income • Consumer transaction fees modestly higher Offset by: • $7.7 million fair value adjustment to the gain on acquisition, net of tax • Lower gain on sale of mortgage loans due to lower volumes during the quarter (dollars in thousands) 3Q24 Fulton Organic 3Q24 Republic Transaction 3Q24 Consolidated 2Q24 Fulton Organic 2Q24 Republic Transaction 2Q24 Consolidated Linked- Quarter Change Commercial Banking $21,905 $384 $22,289 $21,027 $383 $21,410 $879 Wealth Management 21,596 - 21,596 20,990 - 20,990 606 Consumer Banking 12,790 2,138 14,928 12,256 2,344 14,600 328 Mortgage Banking 3,142 - 3,142 3,951 - 3,951 (809) Gain On Acquisition, net of tax - (7,706) (7,706) - 47,392 47,392 (55,098) Other 5,348 77 5,425 4,874 59 4,933 492 Non-interest income before investment securities gains (losses) 64,780 (5,106) 59,674 63,098 50,178 113,276 (53,602) Investment securities gains (losses), net (1) - (1) (20,282) - (20,282) 20,281 Total Non-Interest Income $64,779 ($5,106) $59,673 $42,816 $50,178 $92,994 ($33,321)

 
8 Non-Interest Expense • A $5.9 million increase in operating non-interest expense due to a full quarter contribution of the Republic Transaction, offset by a $4.6 million decline in Fulton organic expenses. (1) Non-GAAP financial measures. Please refer to the calculation and management’s reason for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. (dollars in thousands) 3Q24 Fulton Organic 3Q24 Republic Transaction 3Q24 Consolidated 2Q24 Fulton Organic 2Q24 Republic Transaction 2Q24 Consolidated Linked- Quarter Change Salaries and employee benefits $107,986 $10,838 $118,824 $102,117 $8,513 $110,630 $8,194 Data processing and software 17,168 3,146 20,314 17,978 2,379 20,357 (43) Net occupancy 15,502 3,497 18,999 15,328 2,465 17,793 1,206 Other outside services 14,532 1,307 15,839 16,280 653 16,933 (1,094) Intangible Amortization 499 5,788 6,287 551 4,137 4,688 1,599 FDIC insurance 3,959 1,150 5,109 5,310 1,386 6,696 (1,587) Equipment 4,148 712 4,860 4,123 438 4,561 299 Professional fees 2,621 190 2,811 2,314 257 2,571 240 Acquisition-related expenses 14,195 - 14,195 13,803 - 13,803 392 Other 16,817 2,034 18,851 587 869 1,456 17,395 Total non-interest expense 197,427 28,662 226,089 178,391 21,097 199,488 26,601 Non-GAAP Adjustments: Less: Intangible amortization (499) (5,788) (6,287) (551) (4,137) (4,688) (1,599) Less: Acquisition-related expenses (14,195) - (14,195) (13,803) - (13,803) (392) Plus: Gain on sale-leaseback - - - 20,266 - 20,266 (20,266) Less: FDIC special assessment 16 - 16 - - - 16 Less: FultonFirst implementation and asset disposals (9,385) - (9,385) (6,323) - (6,323) (3,062) Operating non-interest expense (1) $173,363 $22,875 $196,238 $177,980 $16,960 $194,940 $1,298

 
FultonFirst + full-year Republic Bank cost saves should drive 2025 total operating expenses of “flat” when compared to 2024 Success to Date Positions Fulton Well for 2025 & Beyond Positioning for GrowthEstimated FultonFirst Financial Benefits 9 •Anticipate ~45% in 1H25; balance in 2H25 2025 estimated cost saves of ~$25 million •Fully realized in 2026 Estimated annual full realized benefit of greater than $50 million •Based on full implementation run-rate Anticipated earn-back period of less than 12 months •Reorganizing commercial segments based on customer needs and expectations •Focus and dedicated leadership of our Business Banking segment •Market realignment for quicker decisioning Reinvestment towards revenue generating initiatives evident in 2026 and later Implementation costs associated with FultonFirst should abate through 2025: • Implementation-to-date costs of approximately $24 million (4Q23 – 3Q24) • 4Q24 cost estimated ~$10 million • 2025 anticipated related spend of ~$14 million Creating Efficiency & Operating Leverage

 
10 Asset Quality Provision for Credit Losses Non-Performing Loans (“NPLs”) & NPLs to Loans Net Charge-offs (“NCOs”) and NCOs to Average Loans ACL(1) to NPLs & Loans (1) The allowance for credit losses (“ACL”) relates specifically to “Loans, net of unearned income” and does not include reserves related to off-balance sheet credit exposures.

 
11 (1) Regulatory capital ratios and excess capital amounts as of September 30, 2024 are preliminary estimates. (2) Excesses shown are to regulatory minimums, including the 250 basis point capital conservation buffer, except for Tier 1 Leverage which is the well- capitalized minimum. $1,181 $581 $730 $790 (as of September 30, 2024) (dollars in millions) (2) Capital Ratios(1)

 
2024 Operating Outlook 12 Net Interest Income: $925 - $950 million(1) Provision for Credit Losses: $40 - $60 million(2) Non-Interest Income: $240 - $260 million(3) Non-Interest Expense: $750 - $770 million(4) Effective Tax Rate: 16% - 18%(5) (1) Incorporates the Fed Funds Rate decrease of 50 basis points in September, 25 basis points in November and 25 basis points in December 2024. (2) Excludes the CECL day 1 provision for credit losses of $23.4 million related to non-purchased credit deteriorated loans acquired in the Republic Transaction. (3) Excludes investment securities gains and losses and gain on acquisition, net of tax. (4) Excludes non-operating expenses, including Core Deposit Intangible Amortization. (5) Excludes the impact from the gain on acquisition, net of tax.

 
13 A Larger Deposit Portfolio That Remains Granular, Tenured and Diversified With Significant Liquidity Coverage Deposit Mix By Customer (September 30, 2024) Deposit Portfolio Highlights(1) 877,000 deposit accounts $29,535 average account balance ~10 year average account age 23% estimated uninsured deposits 233% coverage of estimated uninsured deposits Deposit Mix By Product(2) (1) As of September 30, 2024. Estimated uninsured deposits net of collateralized municipal deposits and inter-company deposits. For the calculation of the coverage of estimated uninsured deposits, please refer to the slide titled “Liquidity Profile.” (2) Deposit balances are ending balances. (dollars in millions)

 
The Loan Portfolio Remains Diversified and Granular With Low Office Concentration at 3% of Total Loans 14 Office Only Profile • $876 million in office loan commitments • $812 million in office loans outstanding • representing 3% of total loans • Average loan size is $2.3 million • Weighted average loan-to-value(1) (“LTV”) ratio of 65% • Weighted average debt service coverage ratio (“DSCR”) of 1.33x • 84% of loans with full recourse; 68% LTV; 1.29x DSCR • 16% of loans non-recourse; 52% LTV; 1.57x DSCR • Nine relationships over $20 million, totaling $226 million in commitments, including: • Six relationships in central business districts • $216 million in commitments located in central business districts • Classification • 28% Class A • 20% Class B • 5% Class C • 47% Not Classified Total Loan Portfolio (September 30, 2024) (1) LTV as of most recent appraisal.

 
The Office Portfolio Has Been Originated Over Time, Will Mature Over Time, and Remains Granular and Diverse 15 Originated Over Time Maturing Over Time Granular Loan Portfolio Geographically Diverse by MSA(1) (1) Metropolitan Statistical Areas or “MSA” titled in short name for presentation purposes. $80 $227 $102 $271 $197 241 104 14 20 8 Under $1MM $1MM - $5MM $5MM - $10MM $10MM - $20MM Greater than $20MM Fulton Commitments (in millions) Republic Commitments (in millions) Number of Loans $1.2 $2.3 $4.7 $4.9 $1.4 $2.3 $32 $103 $104 $113 $150 $374 73% 80% 51% 61% 61% 67% Allentown New York Baltimore Washington, D.C. Other MSAs Philadelphia Fulton Commitments (in millions) Republic Commitments (in millions) Average Loan Size (in millions) Weighted Average LTV 92 31 19 27 24 24 41 46 33 32 18 $93 $68 $81 $92 $47 $70 $103 $93 $146 $66 $17 2014 & prior 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fulton Commitments (in millions) Republic Commitments (in millions) Number of Loans

 
Multi-Family Loans Represent 8% of the Total Loan Portfolio With a Small Average Loan Size, Low LTV’S and Solid DSCR 16 (1) LTV as of most recent appraisal. Multi-Family Profile • $2.4 billion in multi-family loan commitments • $1.9 billion in multi-family loans outstanding • representing 8% of total loans • Average loan size is $3.3 million • Weighted average LTV(1) ratio of 59% • Weighted Average DSCR of 1.27x • 90% of loans with recourse • 31% construction; 69% stabilized • Classification o 42% Class A o 13% Class B o 4% Class C o 41% Not Classified Total Loan Portfolio (September 30, 2024)

 
The Majority of the Multi-Family Portfolio Has Been Recently Originated and Appraised and Has a Long-Dated Maturity Horizon 17 Recently Originated and Appraised Maturing Over Time Diversified by Size Diversified by Geographical MSA $148 $449 $464 $513 $823 398 189 63 36 32 Under $1MM $1MM - $5MM $5MM - $10MM $10MM - $20MM Greater than $20MM Fulton Commitments (in millions) Republic Commitments (in millions) Number of Loans $6.3 $5.9 $2.5 $3.6 $3.1 $3.3 $114 $147 $226 $242 $584 $1,084 49% 55% 70% 64% 55% 60% Virginia Beach Harrisburg Lancaster New York Other MSAs Philadelphia Fulton Commitments (in millions) Republic Commitments (in millions) Average Loan Size (in millions) Weighted Average LTV

 
18 Noninterest-Bearing Deposit Trends • Growth in the Corporation’s commercial banking business, as well as the historically low levels of interest rates for much of the post-2008 period, led to a generally increasing trend in the percentage of noninterest-bearing deposits. • Prior to 2008, noninterest-bearing deposits averaged 15%-20% of total deposits. As of September 30, 2024, noninterest- bearing deposits were 21.0% of total deposits down from a peak of 35% in June 2022. • Deposit growth, including growth in noninterest-bearing deposits, remains a key component of the Corporation’s relationship banking strategy. Source: S&P Global Market Intelligence, Federal Reserve Bank of New York and Board of Governors of the Federal Reserve System (US); Corporation’s reported results for NIM and percentage of noninterest-bearing deposits at September 30,2024. % Noninterest-Bearing Deposits, NIM and Fed Funds Effective Rate

 
Estimated Uninsured Deposits September 30, 2024 Total Deposits $26,152 Estimated Uninsured Deposits $9,468 Estimated Uninsured Deposits to Total Deposits 36% Estimated Uninsured Deposits $9,468 Less: Collateralized Municipal Deposits (3,365) Net Estimated Uninsured Deposits (4) $6,103 Net Estimated Uninsured Deposits to Total Deposits 23% Committed Liquidity to Net Estimated Uninsured Deposits 117% Available Liquidity to Net Estimated Uninsured Deposits 233% 19 Liquidity Profile (1) Includes cash at the FHLB and Federal Reserve and vault cash for liquidity purposes only. (2) Includes accrued interest, fees, and other adjustments. (3) Brokered deposit availability is based upon internal policy limit. (4) Net estimated uninsured deposits are net of collateralized municipal deposits and inter-company deposits. (dollars in thousands) Available Liquidity September 30, 2024 Cash On-Hand (1) 1,175$ Federal Reserve Capacity 1,515$ Total Available @ Federal Reserve 1,515$ FHLB Borrowing Capacity 10,665$ Advances(2) (959)$ Letters of Credit (4,059)$ Total Available @ FHLB 5,647$ Total Committed Liquidity 7,162$ Fed Funds Lines 2,556 Outstanding Net Fed Funds - Total Fed Funds Lines Available 2,556$ Brokered Deposit Capacity (3) 4,166 Brokered & Wholesale Deposits (843) Total Brokered Deposit Availability 3,323$ Total Uncommitted Available Liquidity 5,879$ Total Available Liquidity 14,216$

 
20 Note: The Corporation has presented the following 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. 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. (1) Resulting from the reference rate transition from London Interbank Offered Rate ("LIBOR") to Secured Overnight Financing Rate ("SOFR") in the Corporation's commercial customer interest rate swap program. Non-GAAP Reconciliation Three months ended (dollars in thousands) Sep 30 Jun 30 2024 2024 Operating net income available to common shareholders Net income available to common shareholders $60,644 $92,413 Less: Interest rate derivative transition valuation (1) 138 (137) Less: Loss (gain) on acquisition, net of tax 7,706 (47,392) Less: Non-PCD credit-related interest income from acquisition (815) (571) Plus: Loss on securities restructuring - 20,282 Plus: Acquisition-related expense 14,195 13,803 Plus: Core deposit intangible amortization 6,155 4,556 Plus: CECL day 1 provision expense - 23,444 Plus: FDIC special assessment (16) - Plus: FultonFirst implementation and asset disposals 9,385 6,323 Less: Gain on sale-leaseback - (20,266) Less: Tax impact of adjustments (6,099) (9,961) Operating net income available to common shareholders (numerator) $91,293 $82,494 Weighted average shares (diluted) (denominator) 183,609 176,934 Operating net income available to common shareholder, per share (diluted) $0.50 $0.47

 
21 (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. Non-GAAP Reconciliation (dollars in thousands) Sep 30 Jun 30 2024 2024 Operating return on average assets Net income $63,206 $94,975 Less: Interest rate derivative transition valuation (1) 138 (137) Less: Loss (gain) on acquisition, net of tax 7,706 (47,392) Less: Non-PCD credit-related interest income from acquisition (815) (571) Plus: Loss on securities restructuring - 20,282 Plus: Acquisition-related expense 14,195 13,803 Plus: Core deposit intangible amortization 6,155 4,556 Plus: CECL day 1 provision expense - 23,444 Plus: FDIC special assessment (16) - Plus: FultonFirst implementation and asset disposals 9,385 6,323 Less: Gain on sale-leaseback - (20,266) Less: Tax impact of adjustments (6,099) (9,961) Operating net income (numerator) $93,855 $85,056 Total average assets $31,895,235 $30,774,891 Less: Average net core deposit intangible (89,350) (68,234) Total Operating average assets (denominator) $31,805,885 $30,706,657 Operating return on average assets 1.17% 1.11% Three months ended

 
22 (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. Non-GAAP Reconciliation Three months ended (dollars in thousands) Sep 30 Jun 30 2024 2024 Operating non-interest expense to total average assets Non-interest expense $226,089 $199,488 Less: Amortization of tax credit investments - - Less: Intangible amortization (6,287) (4,688) Less: Acquisition-related expense (14,195) (13,803) Plus: Gain on sale-leaseback - 20,266 Less: FDIC special assessment 16 - Less: FultonFirst implementation and asset disposals (9,385) (6,323) Operating non-interest expense (numerator) 196,238 194,940 Total average assets (denominator) $31,895,235 $30,774,891 Operating non-interest expense to total average assets 2.45% 2.55%

 
23 (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. Non-GAAP Reconciliation Three months ended (dollars in thousands) Sep 30 Jun 30 2024 2024 Pre-provision net revenue / average assets Plus: Net interest income $258,009 $241,720 Plus: Non-interest income 59,673 92,994 Less: Non-interest expense (226,089) (199,488) Less: Non-PCD credit-related interest income from acquisition (815) (571) Less: Interest rate derivative transition valuation (1) 138 (137) Less: Loss (gain) on acquisition, net of tax 7,706 (47,392) Plus: Loss on securities restructuring - 20,282 Plus: Core deposit intangible amortization 6,155 4,556 Plus: Acquisition-related expense 14,195 13,803 Less: Gain on sale-leaseback - (20,266) Plus: FDIC special assessment (16) - Plus: FultonFirst implementation and asset disposals 9,385 6,323 Pre-provision net revenue (numerator) $128,341 $111,824 Total average assets $31,895,235 $30,774,891 Less: Average net core deposit intangible (89,350) (68,234) Average assets (denominator) $31,805,885 $30,706,657 Pre-provision net revenue / average assets (annualized) 1.61% 1.46%

 
24 (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. Non-GAAP Reconciliation (dollars in thousands) Sep 30 Jun 30 2024 2024 Operating return on average common shareholders' equity (tangible) Net income available to common shareholders $60,644 $92,413 Less: Interest rate derivative transition valuation (1) 138 (137) Less: Loss (gain) on acquisition, net of tax 7,706 (47,392) Less: Non-PCD credit-related interest income from acquisition (815) (571) Plus: Loss on securities restructuring - 20,282 Plus: Acquisition-related expense 14,195 13,803 Plus: Intangible amortization 6,287 4,688 Plus: CECL day 1 provision expense - 23,444 Plus: FDIC special assessment (16) - Plus: FultonFirst implementation and asset disposals 9,385 6,323 Less: Gain on sale-leaseback - (20,266) Less: Tax impact of adjustments (6,127) (9,989) Operating net income available to common shareholders (numerator) $91,397 $82,598 Average Shareholders' equity $3,160,322 $2,952,671 Less: Average preferred stock (192,878) (192,878) Less: Average goodwill and intangible assets (644,814) (624,471) Average tangible common shareholders' equity (denominator) $2,322,630 $2,135,322 Operating return on average common shareholders' equity (tangible) 15.65% 15.56% Three months ended

 
25 (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. Non-GAAP Reconciliation Three months ended (dollars in thousands) Sep 30 Jun 30 Efficiency ratio 2024 2024 Non-interest expense $226,089 $199,488 Less: Intangible amortization (6,287) (4,688) Less: Acquisition-related expense (14,195) (13,803) Less: FDIC special assessment 16 - Plus: Gain on sale-leaseback - 20,266 Less: FultonFirst implementation and asset disposals (9,385) (6,323) Operating non-interest expense (numerator) $196,238 $194,940 Net interest income $258,009 $241,720 Tax equivalent adjustment 4,424 4,556 Plus: Total non-interest income 59,673 92,994 Less: Interest rate derivative transition valuation (1) 138 (137) Less: Non-PCD credit-related interest income from acquisition (815) (571) Less: Loss (gain) on acquisition, net of tax 7,706 (47,392) Plus: Investment securities (gains) losses, net 1 20,282 Total revenue (denominator) $329,136 $311,452 Efficiency ratio 59.62% 62.59%

 
26 (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. Non-GAAP Reconciliation Three Months Ended (dollars in thousands, except per share data) Sep 30 Jun 30 2024 2024 Tangible book value per share Shareholders' equity $3,203,943 $3,101,609 Less: Goodwill and intangible assets (641,739) (648,026) Less: Preferred stock (192,878) (192,878) Tangible common shareholders' equity (numerator) $2,369,326 $2,260,705 Shares outstanding, end of period (denominator) 181,957 181,831 Tangible book value per share $13.02 $12.43

 
v3.24.3
Cover Page
Oct. 15, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 15, 2024
Entity Registrant Name Fulton Financial Corporation
Entity Central Index Key 0000700564
Amendment Flag false
Entity Incorporation, State or Country Code PA
Entity File Number 001-39680
Entity Tax Identification Number 23-2195389
Entity Address, Address Line Two P.O. Box 4887
Entity Address, Address Line One One Penn Square,
Entity Address, City or Town Lancaster,
Entity Address, State or Province PA
Entity Address, Postal Zip Code 17604
City Area Code 717
Local Phone Number 291-2411
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Common stock, par value $2.50
Trading Symbol FULT
Security Exchange Name NASDAQ
Series A Preferred Stock  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol FULTP
Security Exchange Name NASDAQ
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