Form 8-K - Current report

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

July 16, 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 class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $2.50	FULT	The Nasdaq Stock Market, LLC
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A	FULTP	The 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.

Item 2.02 Results of Operations and Financial Condition.

On July 16, 2024, Fulton Financial Corporation (the "Corporation") issued a press release (the "Press Release") announcing its results of operations for the second quarter ended June 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, July 17, 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 Report on Form 10-Q for the quarter ended March 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).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Description
99.1			Press release dated July 16, 2024 containing financial information for the quarter ended June 30, 2024, deemed filed under the Securities Exchange Act of 1934.
99.2			Presentation materials to be discussed during the conference call and webcast on July 17, 2024, deemed furnished under the Securities Exchange Act of 1934.
104			Cover 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: July 16, 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 Second Quarter 2024 Results

(July 16, 2024) – Lancaster, PA – Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $92.4 million, or $0.52 per diluted share, for the second quarter of 2024, an increase of $33.0 million, or $0.16 per share, in comparison to the first quarter of 2024. Operating net income available to common shareholders for the three months ended June 30, 2024 was $82.5 million, or $0.47 per diluted share(1), an increase of $17.1 million, or $0.07 per share in comparison to the first quarter of 2024.

"The second quarter was an extraordinary quarter for Fulton. I want to personally thank both our new Republic teammates and our dedicated Fulton team for an exceptional effort," said Curtis J. Myers Chairman and CEO of Fulton Financial Corporation. "Fulton's solid performance, steady business trends and stable asset quality were supplemented by a meaningful contribution from the Republic transaction."

Republic Transaction

•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.

•The Acquisition included total assets with preliminary fair values of approximately $4.8 billion including total loans with preliminary fair values of approximately $2.5 billion and investments with a fair value of $1.9 billion. Following the Acquisition, the Corporation sold the acquired investments with a portion of the proceeds used to repay $1.4 billion of assumed borrowings. In the Acquisition, the Corporation assumed $4.1 billion of deposits without a premium. Additionally, the Corporation received $809.9 million in cash from the FDIC and $208.5 million in cash reflected on Republic Bank's balance sheet.

(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.

Financial Highlights

Second quarter of 2024 results were impacted by the following items:

•Preliminary gain on acquisition of $47.4 million (net of tax).

•Core deposit intangible of $92.6 million in connection with the Acquisition resulting in intangible amortization expense of $4.1 million for the quarter.

•Provision for credit losses of $23.4 million related to non-purchased credit deteriorated loans acquired in the Acquisition.

•Acquisition-related expenses of $13.8 million.

•Pre-tax gain of $20.3 million in connection with a sale-leaseback transaction (the "Sale-Leaseback Transaction") involving 40 Fulton Bank financial center office locations.

•Restructured a portion of the available-for-sale investment portfolio and realized a pre-tax loss of $20.3 million on the sale of $356.4 million of investment securities with the proceeds reinvested in higher-yielding securities of a similar type and similar duration.

•FultonFirst implementation and asset disposal costs of $6.3 million.

•Issued 19,166,667 shares of common stock at $15.00 per share resulting in proceeds of approximately $273.0 million net of issuance costs.

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

•Net interest income totaled $241.7 million, an increase of $34.8 million. The Acquisition contributed approximately $30.7 million to the increase.

•Net interest margin was 3.43%, an increase of 11 basis points, entirely due to the Acquisition.

•Non-interest income before investment securities gains (losses) was $113.3 million compared to $57.1 million in the first quarter of 2024. The increase was primarily due to a $47.4 million gain on acquisition (net of tax) as well as $2.8 million from Republic Bank's operations. The remaining $6.1 million increase in non-interest income included a $1.3 million decrease in losses from equity method investments, a $0.9 million increase in merchant fee income due to seasonality and a merchant fee increase during the quarter, a $0.9 million increase in mortgage banking income from higher loan volumes and higher spreads, an $0.8 million increase in wealth management revenues due to an increase in assets under management in the brokerage business due to equity market returns and organic sales results, a $0.6 million increase in cash management fee

income due to an increase in account analysis fees with customers electing to move funds to interest-bearing accounts along with a pricing increase and a $0.3 million increase in gains from Small Business Administration loan sales.

•Excluding the $20.3 million gain on the Sale-Leaseback Transaction, reflected in other expense, non-interest expense was $219.8 million compared to $177.6 million in the first quarter of 2024. The increase was largely due to $13.8 million of Acquisition-related expenses and $21.1 million from Republic Bank's operations. The remaining increase of $7.3 million was primarily due to a $6.7 million increase in salaries and benefits expense as a result of an increase in variable incentive expenses, the impact of the annual merit increases and approximately $1.0 million of severance costs related to the FultonFirst initiative.

Balance Sheet Summary

•Net loans totaled $24.1 billion, an increase of $2.7 billion compared to $21.4 billion as of March 31, 2024. The increase was primarily due to the Acquisition resulting in an increase of $2.5 billion based on preliminary fair values as of the Acquisition Date. The reduction in fair value on the acquired loans as of the Acquisition Date was $378.9 million, which included an adjustment for interest rates of $299.5 million, an adjustment for credit of $55.9 million on purchased credit deteriorated ("PCD") loans and an adjustment for credit of $23.4 million for non-PCD loans. Excluding the impact from the day 1 PCD credit-related adjustment of $55.9 million and purchase accounting accretion of $10.4 million, net loans acquired from Republic Bank declined approximately $33.1 million subsequent to the Acquisition Date. Excluding the Acquisition, net loans increased $123.6 million largely due to increases of $102.9 million and $63.8 million in residential mortgage loans and construction loans, respectively, partially offset by a decrease of $25.7 million in consumer loans and a $19.8 million decrease in leases and other loans.

•Deposits totaled $25.6 billion, an increase of $3.8 billion compared to $21.7 billion as of March 31, 2024. The increase was primarily due to the Acquisition resulting in an increase of $3.6 billion based on preliminary fair values as of the Acquisition Date. Deposits assumed in the Acquisition declined approximately $357.3 million subsequent to the Acquisition Date. Excluding the Acquisition, deposits increased $62.7 million largely due to increases of $180.1 million, $159.4 million and $102.8 million in interest-bearing demand deposits, time deposits and savings deposits, respectively, partially offset by decreases of $190.8 million in brokered deposits and $188.8 million in noninterest-bearing demand deposits.

Provision for Credit Losses and Asset Quality

•The provision for credit losses was $32.1 million in the second quarter of 2024 compared to $10.9 million in the first quarter of 2024. The increase was primarily related to the Acquisition, which included a provision for credit losses of $23.4 million for non-PCD loans. Excluding the Acquisition, the provision declined $2.2 million primarily due to a $1.4 million reduction in the reserve for unfunded commitments.

•Non-performing assets were $163.8 million, or 0.52% of total assets, at June 30, 2024, in comparison to $156.4 million, or 0.57% of total assets, at March 31, 2024. The dollar increase was largely due to the Acquisition.

•Net charge-offs for the second quarter of 2024 were 0.19% of total average loans in comparison to 0.16% in the first quarter of 2024.

•The allowance for credit losses attributable to net loans totaled $375.9 million, or 1.56% of total loans at June 30, 2024, an increase of $78.1 million. The Acquisition resulted in a $79.4 million increase in the allowance for credit losses.

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

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 Report on Form 10-Q for the quarter ended March 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
	Jun 30		Mar 31		Dec 31		Sep 30		June 30
	2024		2024		2023		2023		2023
Ending Balances
Investment securities	$	4,184,027	$	3,783,392	$	3,666,274	$	3,698,601	$	3,867,334
Net loans	24,106,297		21,444,483		21,351,094		21,177,508		21,044,685
Total assets	31,769,813		27,642,957		27,571,915		27,375,177		27,403,163
Deposits	25,559,654		21,741,950		21,537,623		21,421,589		21,206,540
Shareholders' equity	3,101,609		2,757,679		2,760,139		2,566,693		2,642,152

Average Balances
Investment securities	4,043,136		3,672,844		3,665,261		3,834,824		3,916,130
Net loans	23,345,914		21,370,033		21,255,779		21,121,277		20,866,235
Total assets	30,774,891		27,427,626		27,397,671		27,377,836		27,235,567
Deposits	24,642,954		21,378,754		21,476,548		21,357,295		21,207,143
Shareholders' equity	2,952,671		2,766,945		2,618,024		2,645,977		2,647,464

Income Statement
Net interest income	241,720		206,937		212,006		213,842		212,852
Provision for credit losses	32,056		10,925		9,808		9,937		9,747
Non-interest income	92,994		57,140		59,378		55,961		60,585
Non-interest expense	199,488		177,600		180,552		171,020		168,018
Income before taxes	103,170		75,552		81,024		88,846		95,672
Net income available to common shareholders	92,413		59,379		61,701		69,535		77,045


Per Share
Net income available to common shareholders (basic)	$0.53		$0.36		$0.38		$0.42		$0.46
Net income available to common shareholders (diluted)	$0.52		$0.36		$0.37		$0.42		$0.46
Operating net income available to common shareholders(1)	$0.47		$0.40		$0.42		$0.43		$0.47
Cash dividends	$0.17		$0.17		$0.17		$0.16		$0.16
Common shareholders' equity	$16.00		$15.82		$15.67		$14.47		$14.75
Common shareholders' equity (tangible)(1)	$12.43		$12.37		$12.25		$11.05		$11.36
Weighted average shares (basic)	175,305		162,706		163,975		164,566		165,854
Weighted average shares (diluted)	176,934		164,520		165,650		166,023		167,191



(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.

	Three months ended
	Jun 30		Mar 31		Dec 31		Sep 30		June 30
	2024		2024		2023		2023		2023
Asset Quality
Net charge-offs to average loans	0.19	%	0.16	%	0.15	%	0.10	%	0.04	%
Non-performing loans to total net loans	0.67	%	0.73	%	0.72	%	0.67	%	0.70	%
Non-performing assets to total assets	0.52	%	0.57	%	0.56	%	0.52	%	0.55	%
ACL - loans(1) to total loans	1.56	%	1.39	%	1.37	%	1.38	%	1.37	%
ACL - loans(1) to non-performing loans	232	%	191	%	191	%	208	%	195	%







Profitability
Return on average assets	1.24	%	0.91	%	0.93	%	1.04	%	1.17	%
Operating return on average assets(2)	1.11	%	1.00	%	1.03	%	1.08	%	1.18	%
Return on average common shareholders' equity	13.47	%	9.28	%	10.09	%	11.25	%	12.59	%

Operating return on average common shareholders' equity (tangible)(2)	15.56	%	13.08	%	14.68	%	15.17	%	16.52	%
Net interest margin	3.43	%	3.32	%	3.36	%	3.40	%	3.40	%
Efficiency ratio(2)	62.6	%	63.2	%	62.0	%	61.5	%	60.1	%
Non-interest expense to total average assets	2.61	%	2.60	%	2.61	%	2.48	%	2.47	%
Operating non-interest expense to total average assets(2)	2.55	%	2.49	%	2.47	%	2.47	%	2.46	%

Capital Ratios(3)
Tangible common equity ratio ("TCE")(2)	7.3	%	7.4	%	7.4	%	6.8	%	7.0	%

Tier 1 leverage ratio	9.0	%	9.3	%	9.5	%	9.4	%	9.3	%
Common equity Tier 1 capital ratio	10.3	%	10.3	%	10.3	%	10.3	%	10.1	%
Tier 1 risk-based capital ratio	11.1	%	11.1	%	11.2	%	11.1	%	11.0	%
Total risk-based capital ratio	13.8	%	14.0	%	14.0	%	14.0	%	13.8	%

(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 June 30, 2024 are preliminary estimates and prior periods are actual.


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)

		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
		2024		2024		2023		2023		2023
ASSETS
	Cash and due from banks	$	333,238	$	247,581	$	300,343	$	304,042	$	123,779
	Other interest-earning assets	1,188,341		231,389		373,772		222,781		505,141
	Loans held for sale	26,822		10,624		15,158		20,368		14,673
	Investment securities	4,184,027		3,783,392		3,666,274		3,698,601		3,867,334
	Net loans	24,106,297		21,444,483		21,351,094		21,177,508		21,044,685
	Less: ACL - loans(1)	(375,941)		(297,888)		(293,404)		(292,739)		(287,442)
	Loans, net	23,730,356		21,146,595		21,057,690		20,884,769		20,757,243
	Net premises and equipment	180,642		213,541		222,881		215,626		216,322
	Accrued interest receivable	120,752		107,089		107,972		101,624		96,991
	Goodwill and intangible assets	648,026		560,114		560,687		561,284		561,885
	Other assets	1,357,609		1,342,632		1,267,138		1,366,082		1,259,795
	Total Assets	$	31,769,813	$	27,642,957	$	27,571,915	$	27,375,177	$	27,403,163
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	25,559,654	$	21,741,950	$	21,537,623	$	21,421,589	$	21,206,540
	Borrowings	2,178,597		2,296,040		2,487,526		2,370,112		2,719,114
	Other liabilities	929,953		847,288		786,627		1,016,783		835,357
	Total Liabilities	28,668,204		24,885,278		24,811,776		24,808,484		24,761,011
	Shareholders' equity	3,101,609		2,757,679		2,760,139		2,566,693		2,642,152
	Total Liabilities and Shareholders' Equity	$	31,769,813	$	27,642,957	$	27,571,915	$	27,375,177	$	27,403,163

LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	9,289,770	$	8,252,117	$	8,127,728	$	8,106,300	$	7,846,861
	Commercial and industrial	4,967,796		4,467,589		4,545,552		4,577,334		4,599,759
	Real estate - residential mortgage	6,248,856		5,395,720		5,325,923		5,279,681		5,147,262
	Real estate - home equity	1,120,878		1,040,335		1,047,184		1,045,438		1,061,891
	Real estate - construction	1,463,799		1,249,199		1,239,075		1,078,263		1,308,564
	Consumer	692,086		698,421		729,318		743,976		763,530
	Leases and other loans(2)	323,112		341,102		336,314		346,516		316,818
	Total Net Loans	$	24,106,297	$	21,444,483	$	21,351,094	$	21,177,508	$	21,044,685
Deposits, by type:
	Noninterest-bearing demand	$	5,609,383	$	5,086,514	$	5,314,094	$	5,575,374	$	5,865,855
	Interest-bearing demand	7,478,077		5,521,017		5,722,695		5,757,487		5,543,320
	Savings	7,563,495		6,846,038		6,616,901		6,707,729		6,646,448
	Total demand and savings	20,650,955		17,453,569		17,653,690		18,040,590		18,055,623
	Brokered	995,975		1,152,427		1,144,692		941,059		949,259
	Time	3,912,724		3,135,954		2,739,241		2,439,940		2,201,658
	Total Deposits	$	25,559,654	$	21,741,950	$	21,537,623	$	21,421,589	$	21,206,540
Borrowings, by type:
	Federal funds purchased	$	—	$	—	$	240,000	$	544,000	$	555,000
	Federal Home Loan Bank advances	750,000		900,000		1,100,000		730,000		1,165,000
	Senior debt and subordinated debt	535,741		535,566		535,384		540,174		539,994
	Other borrowings	892,856		860,474		612,142		555,938		459,120
	Total Borrowings	$	2,178,597	$	2,296,040	$	2,487,526	$	2,370,112	$	2,719,114

(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										Six months ended
		Jun 30		Mar 31		Dec 31		Sep 30		June 30		Jun 30
		2024		2024		2023		2023		2023		2024		2023
Net Interest Income:
	Interest income	$	400,506	$	339,666	$	338,134	$	330,371	$	314,912	$	740,172	$	604,732
	Interest expense	158,786		132,729		126,128		116,529		102,060		291,515		176,293
	Net Interest Income	241,720		206,937		212,006		213,842		212,852		448,657		428,439
	Provision for credit losses	32,056		10,925		9,808		9,937		9,747		42,981		34,291
	Net Interest Income after Provision	209,664		196,012		202,198		203,905		203,105		405,676		394,148
Non-Interest Income:
	Wealth management	20,990		20,155		19,388		19,413		18,678		41,144		36,740
	Commercial banking:
	Merchant and card	7,798		6,808		7,045		7,626		7,700		14,607		14,534
	Cash management	6,966		6,305		6,030		5,960		5,835		13,271		11,350
	Capital markets	2,585		2,341		4,258		2,960		6,092		4,926		8,436
	Other commercial banking	4,061		3,375		3,447		3,176		3,518		7,434		6,338
	Total commercial banking	21,410		18,829		20,780		19,722		23,145		40,238		40,658
	Consumer banking:
	Card	8,305		6,628		6,739		6,770		6,592		14,933		12,835
	Overdraft	3,377		2,786		2,991		2,996		2,696		6,163		5,429
	Other consumer banking	2,918		2,254		2,357		2,407		2,432		5,172		4,673
	Total consumer banking	14,600		11,668		12,087		12,173		11,720		26,268		22,937
	Mortgage banking	3,951		3,090		2,288		3,190		2,940		7,041		4,910
	Gain on acquisition, net of tax	47,392		—		—		—		—		47,392		—
	Other	4,933		3,398		5,587		1,463		4,106		8,332		7,075
	Non-interest income before investment securities gains (losses)	113,276		57,140		60,130		55,961		60,589		170,415		112,320
	Investment securities gains (losses), net	(20,282)		—		(752)		—		(4)		(20,282)		19
	Total Non-Interest Income	92,994		57,140		59,378		55,961		60,585		150,133		112,339
Non-Interest Expense:
	Salaries and employee benefits	110,630		95,481		97,275		96,757		94,102		206,111		183,385
	Data processing and software	20,357		17,661		16,985		16,914		16,776		38,018		32,571
	Net occupancy	17,793		16,149		14,647		14,561		14,374		33,943		28,812
	Other outside services	16,933		13,283		14,670		12,094		10,834		30,216		20,960
	FDIC insurance	6,696		6,104		11,138		4,738		4,895		12,800		9,690
	Intangible amortization	4,688		573		597		601		1,072		5,261		1,746
	Equipment	4,561		4,040		3,995		3,475		3,530		8,602		6,920
	Professional fees	2,571		2,088		2,302		1,869		1,829		4,659		4,221
	Marketing	2,101		1,912		3,550		1,913		1,655		4,012		3,541
	Acquisition-related expenses	13,803		—		—		—		—		13,803		—
	Other	(645)		20,309		15,393		18,098		18,951		19,662		35,790
	Total Non-Interest Expense	199,488		177,600		180,552		171,020		168,018		377,087		327,636
	Income Before Income Taxes	103,170		75,552		81,024		88,846		95,672		178,722		178,851
	Income tax expense	8,195		13,611		16,761		16,749		16,065		21,806		30,931
	Net Income	94,975		61,941		64,263		72,097		79,607		156,916		147,920
	Preferred stock dividends	(2,562)		(2,562)		(2,562)		(2,562)		(2,562)		(5,124)		(5,124)
	Net Income Available to Common Shareholders	$	92,413	$	59,379	$	61,701	$	69,535	$	77,045	$	151,792	$	142,796


		Three months ended					Six months ended
		Jun 30	Mar 31	Dec 31	Sep 30	June 30	Jun 30
		2024	2024	2023	2023	2023	2024	2023
PER SHARE:

	Net income available to common shareholders (basic)	$0.53	$0.36	$0.38	$0.42	$0.46	$0.90	$0.86
	Net income available to common shareholders (diluted)	$0.52	$0.36	$0.37	$0.42	$0.46	$0.89	$0.85
	Cash dividends	$0.17	$0.17	$0.17	$0.16	$0.16	$0.34	$0.31

	Weighted average shares (basic)	175,305	162,706	163,975	164,566	165,854	169,006	166,227
	Weighted average shares (diluted)	176,934	164,520	165,650	166,023	167,191	170,769	167,809


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
		Three months ended
		June 30, 2024						March 31, 2024						June 30, 2023
		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)	$	23,345,914	$	355,533	6.12	%	$	21,370,033	$	313,882	5.90	%	$	20,866,235	$	287,154	5.52	%
	Investment securities(3)	4,396,050		33,799		3.07	%	3,983,753		27,048		2.71	%	4,234,096		27,303		2.57	%
	Other interest-earning assets	1,125,886		15,730		5.61	%	249,079		3,328		5.36	%	529,582		4,860		3.68	%
	Total Interest-Earning Assets	28,867,850		405,062		5.64	%	25,602,865		344,258		5.40	%	25,629,913		319,317		4.99	%

Noninterest-earning assets:
	Cash and due from banks	302,381						282,895						129,682
	Premises and equipment	203,166						223,375						216,847
	Other assets	1,759,138						1,614,746						1,541,657
	Less: ACL - loans(4)	(357,644)						(296,255)						(282,532)
	Total Assets	$	30,774,891					$	27,427,626					$	27,235,567

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:
	Demand deposits	$	7,080,302	$	31,748	1.80	%	$	5,596,725	$	20,500	1.47	%	$	5,535,669	$	14,612	1.06	%
	Savings deposits	7,309,141		44,901		2.47	%	6,669,228		38,797		2.34	%	6,632,572		29,289		1.77	%
	Brokered deposits	1,123,328		15,074		5.40	%	1,083,382		14,655		5.44	%	954,773		12,135		5.10	%
	Time deposits	3,670,158		39,364		4.31	%	2,968,344		29,622		4.01	%	2,063,038		13,763		2.68	%
	Total Interest-Bearing Deposits	19,182,929		131,087		2.75	%	16,317,679		103,574		2.55	%	15,186,052		69,799		1.84	%

	Borrowings and other interest-bearing liabilities	2,441,691		27,699		4.53	%	2,608,376		29,155		4.46	%	2,790,860		32,261.2		4.60	%
	Total Interest-Bearing Liabilities	21,624,620		158,786		2.95	%	18,926,055		132,729		2.82	%	17,976,912		102,060		2.27	%

Noninterest-bearing liabilities:
	Demand deposits	5,460,025						5,061,075						6,021,091
	Other liabilities	737,575						673,551						590,100
	Total Liabilities	27,822,220						24,660,681						24,588,103



	Shareholders' equity	2,952,671						2,766,945						2,647,464
	Total Liabilities and Shareholders' Equity	$	30,774,891					$	27,427,626					$	27,235,567

	Net interest income/net interest margin (fully taxable equivalent)			246,276		3.43	%			211,529		3.32	%			217,257		3.40	%
	Tax equivalent adjustment			(4,556)						(4,592)						(4,405)
	Net Interest Income			$	241,720					$	206,937					$	212,852

	(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
		Jun 30		Mar 31		Dec 31		Sep 30		June 30
		2024		2023		2023		2023		2023
Loans, by type:
	Real estate - commercial mortgage	$	8,958,139	$	8,166,018	$	8,090,627	$	7,912,801	$	7,775,436
	Commercial and industrial	4,853,583		4,517,179		4,579,441		4,611,376		4,629,919
	Real estate - residential mortgage	5,977,132		5,353,905		5,303,632		5,209,105		5,008,295
	Real estate - home equity	1,117,367		1,039,321		1,043,753		1,045,806		1,066,615
	Real estate - construction	1,430,057		1,240,640		1,153,601		1,254,577		1,306,286
	Consumer	685,183		721,523		746,011		761,273		763,407
	Leases and other loans(1)	324,453		331,447		338,714		326,339		316,277




	Total Net Loans	$	23,345,914	$	21,370,033	$	21,255,779	$	21,121,277	$	20,866,235

Deposits, by type:
	Noninterest-bearing demand	$	5,460,025	$	5,061,075	$	5,440,098	$	5,672,411	$	6,021,091
	Interest-bearing demand	7,080,302		5,596,725		5,723,169		5,740,229		5,535,669
	Savings	7,309,141		6,669,228		6,682,512		6,676,792		6,632,572
	Total demand and savings	19,849,468		17,327,028		17,845,779		18,089,432		18,189,332
	Brokered	1,123,328		1,083,382		1,051,369		937,657		954,773
	Time	3,670,158		2,968,344		2,579,400		2,330,206		2,063,038
	Total Deposits	$	24,642,954	$	21,378,754	$	21,476,548	$	21,357,295	$	21,207,143

Borrowings, by type:
	Federal funds purchased	$	32,637	$	173,659	$	446,707	$	634,163	$	679,401
	Federal Home Loan Bank advances	833,726		902,890		760,087		793,098		880,811
	Senior debt and subordinated debt	535,656		535,479		539,186		540,086		539,906
	Other borrowings and other interest-bearing liabilities	1,039,672		996,348		795,747		723,740		690,742
	Total Borrowings	$	2,441,691	$	2,608,376	$	2,541,727	$	2,691,087	$	2,790,860


(1) Includes equipment lease financing, overdraft and net origination fees and costs.


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
		Six months ended June 30
		2024						2023
		Average				Yield/		Average				Yield/
		Balance		Interest(1)		Rate		Balance		Interest(1)		Rate
ASSETS

Interest-earning assets:
	Net loans(2)	$	22,357,972	$	669,414	6.02	%	$	20,665,779	$	550,219	5.36	%
	Investment securities(3)	4,189,901		60,847		2.90	%	4,261,718		54,824		2.57	%
	Other interest-earning assets	699,547		19,059		5.47	%	511,456		8,508		3.34	%
	Total Interest-Earning Assets	27,247,420		749,320		5.52	%	25,438,953		613,551		4.85	%

Noninterest-Earning assets:
	Cash and due from banks	292,638						135,436
	Premises and equipment	213,270						219,920
	Other assets	1,686,941						1,552,669
	Less: ACL - loans(4)	(326,950)						(277,942)
	Total Assets	$	29,113,319					$	27,069,036

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-Bearing liabilities:
	Demand deposits	$	6,338,513	$	52,248	1.66	%	$	5,431,696	$	23,067	0.86	%
	Savings deposits	6,989,186		83,699		2.41	%	6,551,470		49,824		1.53	%
	Brokered deposits	1,103,356		29,728		5.42	%	698,644		17,308		5.00	%
	Time deposits	3,319,249		68,986		4.18	%	1,880,970		21,221		2.28	%
	Total Interest-Bearing Deposits	17,750,304		234,661		2.66	%	14,562,780		111,420		1.54	%

	Borrowings and other interest-bearing liabilities	2,525,034		56,854		4.49	%	2,928,819		64,873		4.43	%
	Total Interest-Bearing Liabilities	20,275,338		291,515		2.89	%	17,491,599		176,293		2.03	%

Noninterest-Bearing liabilities:
	Demand deposits	5,260,550						6,329,701
	Other liabilities	717,623						617,252
	Total Liabilities	26,253,511						24,438,552



	Shareholders' equity	2,859,808						2,630,484
	Total Liabilities and Shareholders' Equity	$	29,113,319					$	27,069,036

	Net interest income/net interest margin (fully taxable equivalent)			457,805		3.37	%			437,258		3.46	%
	Tax equivalent adjustment			(9,148)						(8,819)
	Net Interest Income			$	448,657					$	428,439

	(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.
	(3) 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)

		Six months ended June 30
		2024		2023
Loans, by type:
	Real estate - commercial mortgage	$	8,562,077	$	7,748,356
	Commercial and industrial	4,685,383		4,598,097
	Real estate - residential mortgage	5,665,518		4,900,182
	Real estate - home equity	1,078,344		1,076,270
	Real estate - construction	1,335,348		1,291,299
	Consumer	703,353		742,445
	Leases and other loans(1)	327,949		309,130
	Total Net Loans	$	22,357,972	$	20,665,779

Deposits, by type:
	Noninterest-bearing demand	$	5,260,550	$	6,329,701
	Interest-bearing demand	6,338,513		5,431,696
	Savings	6,989,186		6,551,470
	Total demand and savings	18,588,249		18,312,867
	Brokered	1,103,356		698,644
	Time	3,319,249		1,880,970
	Total Deposits	$	23,010,854	$	20,892,481

Borrowings, by type:
	Federal funds purchased	$	103,148	$	592,753
	Federal Home Loan Bank advances	868,308		1,070,148
	Senior debt and subordinated debt	535,567		539,817
	Other borrowings	1,018,011		726,101
	Total Borrowings	$	2,525,034	$	2,928,819

(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															Six months ended June 30
		Jun 30			Mar 31			Dec 31			Sep 30			June 30			Jun 30			Jun 30
		2024			2024			2023			2023			2023			2024			2023
Allowance for credit losses related to net loans:
Balance at beginning of period		$	297,888		$	293,404		$	292,739		$	287,442		$	278,695		$	293,404		$	269,366

	CECL day 1 provision expense(1)	23,444			—			—			—			—			23,444			—
	Initial purchased credit deteriorated allowance for credit losses	55,906			—			—			—			—			55,906			—
	Loans charged off:
	Real estate - commercial mortgage	(7,853)			(26)			(3,547)			(860)			(230)			(7,879)			(13,592)
	Commercial and industrial	(2,955)			(7,632)			(3,397)			(3,220)			(2,017)			(10,587)			(2,629)
	Real estate - residential mortgage	(35)			(251)			—			—			(62)			(286)			(62)
	Consumer and home equity	(1,766)			(2,238)			(2,192)			(1,803)			(1,313)			(4,004)			(3,519)
	Real estate - construction	—			—			—			—			—			—			—
	Leases and other loans(2)	(1,398)			(805)			(1,096)			(1,396)			(1,165)			(2,203)			(1,888)
	Total loans charged off	(14,007)			(10,952)			(10,232)			(7,279)			(4,787)			(24,959)			(21,690)
Recoveries of loans previously charged off:
	Real estate - commercial mortgage	146			152			160			101			29			298			815
	Commercial and industrial	796			1,248			779			620			988			2,044			2,074
	Real estate - residential mortgage	122			116			278			37			58			238			106
	Consumer and home equity	1,161			676			555			1,023			959			1,837			1,620
	Real estate - construction	233			—			87			—			569			233			771
	Leases and other loans(2)	247			162			374			400			213			409			329
	Recoveries of loans previously charged off	2,705			2,354			2,233			2,181			2,816			5,059			5,715
Net loans charged off		(11,302)			(8,598)			(7,999)			(5,098)			(1,971)			(19,900)			(15,975)
Provision for credit losses(1)		10,005			13,082			8,664			10,395			10,718			23,087			34,051
Balance at end of period		$	375,941		$	297,888		$	293,404		$	292,739		$	287,442		$	375,941		$	287,442
Net charge-offs to average loans		0.19		%	0.16		%	0.15		%	0.10		%	0.04		%	0.18		%	0.15		%

Provision for credit losses related to OBS Credit Exposures


	Provision for credit losses(1)	$	(1,393)		$	(2,157)		$	1,144		$	(458)		$	(971)		$	(3,550)		$	240



NON-PERFORMING ASSETS:
	Non-accrual loans	$	135,367		$	129,628		$	121,620		$	113,022		$	123,280
	Loans 90 days past due and accruing	26,962			26,521			31,721			27,962			24,415
	Total non-performing loans	162,329			156,149			153,341			140,984			147,695
	Other real estate owned	1,444			277			896			2,549			3,881
	Total non-performing assets	$	163,773		$	156,426		$	154,237		$	143,533		$	151,576

NON-PERFORMING LOANS, BY TYPE:
	Commercial and industrial	$	50,817		$	44,118		$	41,020		$	33,365		$	30,588
	Real estate - commercial mortgage	46,343			47,891			46,527			44,058			55,048
	Real estate - residential mortgage	40,955			40,685			42,029			40,560			39,157
	Consumer and home equity	11,589			10,172			10,878			11,580			10,469
	Leases and other loans(2)	9,993			10,135			10,011			10,744			11,334
	Real estate - construction	2,632			3,148			2,876			677			1,099
	Total non-performing loans	$	162,329		$	156,149		$	153,341		$	140,984		$	147,695

(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.


FULTON FINANCIAL CORPORATION
SUMMARY OF ASSETS ACQUIRED AND LIABILITIES ASSUMED IN ACQUISITION (UNAUDITED)
(dollars in thousands)
as of April 26, 2024

	Assets Acquired/Liabilities Assumed		Fair Value Adjustments		Adjusted Assets Acquired/Liabilities Assumed

Cash payment received from FDIC	$	809,920	$	—	$	809,920

Assets acquired:
Cash and due from banks	208,451		—		208,451
Other interest-earning assets	37,931		—		37,931
Investment securities	1,961,099		(22,528)		1,938,571
Net loans	2,883,930		(378,890)		2,505,040
Net premises and equipment	2,669		(1,699)		970
Accrued interest receivable	16,164		—		16,164
Goodwill and intangible assets	—		92,600		92,600
Other assets	11,715		67		11,782
Total Assets	$	5,121,959	$	(310,450)	$	4,811,509

Liabilities assumed:
Deposits	4,112,325		—		4,112,325
Borrowings	1,434,846		1,130		1,435,976
Other liabilities	10,771		1,088		11,859
Total Liabilities	$	5,557,942	$	2,218	$	5,560,160



Gain on acquisition, before tax	$	61,269

Gain on acquisition, net of tax	$	47,392


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
		Jun 30		Mar 31		Dec 31		Sep 30		June 30
		2024		2024		2023		2023		2023
Operating net income available to common shareholders
Net income available to common shareholders		$	92,413	$	59,379	$	61,701	$	69,535	$	77,045
Plus: Core deposit intangible amortization		4,556		441		441		441		912
Plus: Acquisition-related expense		13,803		—		—		—		—
Less: Non-PCD credit-related interest income from acquisition		(571)		—		—		—		—
Plus: CECL day 1 provision expense		23,444		—		—		—		—
Plus: Interest rate derivative transition valuation(1)		(137)		(151)		(1,102)		2,958		—
Less: Gain on acquisition, net of tax		(47,392)		—		—		—		—
Plus: Loss on securities restructuring		20,282		—		—		—		—
Less: Gain on sale-leaseback		(20,266)		—		—		—		—
Plus: FDIC special assessment		—		956		6,494		—		—
Plus: FultonFirst implementation and asset disposals		6,323		6,329		3,197		—		—
Less: Tax impact of adjustments		(9,961)		(1,591)		(1,896)		(714)		(192)
Operating net income available to common shareholders (numerator)		$	82,494	$	65,363	$	68,835	$	72,220	$	77,765

Weighted average shares (diluted) (denominator)		176,934		164,520		165,650		166,023		167,191

Operating net income available to common shareholders, per share (diluted)		$	0.47	$	0.40	$	0.42	$	0.43	$	0.47

Common shareholders' equity (tangible), per share
Shareholders' equity		$	3,101,609	$	2,757,679	$	2,760,139	$	2,566,693	$	2,642,152
Less: Preferred stock		(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Goodwill and intangible assets		(648,026)		(560,114)		(560,687)		(561,284)		(561,885)
Tangible common shareholders' equity (numerator)		$	2,260,705	$	2,004,687	$	2,006,574	$	1,812,531	$	1,887,389

Shares outstanding, end of period (denominator)		181,831		162,087		163,801		164,084		166,097

Common shareholders' equity (tangible), per share		$	12.43	$	12.37	$	12.25	$	11.05	$	11.36
(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.


	Three months ended
	Jun 30		Mar 31		Dec 31		Sep 30		June 30
	2024		2024		2023		2023		2023
Operating return on average assets(2)
Net income	$	94,975	$	61,941	$	64,263	$	72,097	$	79,607
Plus: Core deposit intangible amortization	4,556		441		441		441		912
Plus: Acquisition-related expense	13,803		—		—		—		—
Less: Non-PCD credit-related interest income from acquisition	(571)		—		—		—		—
Plus: CECL day 1 provision expense	23,444		—		—		—		—
Plus: Interest rate derivative transition valuation(1)	(137)		(151)		(1,102)		2,958		—
Less: Gain on acquisition, net of tax	(47,392)		—		—		—		—
Plus: Loss on securities restructuring	20,282		—		—		—		—
Less: Gain on sale-leaseback	(20,266)		—		—		—		—
Plus: FDIC special assessment	—		956		6,494		—		—
Plus: FultonFirst implementation and asset disposals	6,323		6,329		3,197		—		—
Less: Tax impact of adjustments	(9,961)		(1,591)		(1,896)		(714)		(192)
Operating net income (numerator)	$	85,056	$	67,925	$	71,397	$	74,782	$	80,327

Total average assets	$	30,774,891	$	27,427,626	$	27,397,671	$	27,377,836	$	27,235,567
Less: Average net core deposit intangible	(68,234)		(4,666)		(5,106)		(5,548)		(6,417)
Total operating average assets (denominator)	$	30,706,657	$	27,422,960	$	27,392,565	$	27,372,288	$	27,229,150

Operating return on average assets	1.11%		1.00%		1.03%		1.08%		1.18%

Operating return on average common shareholders' equity (tangible)(2)
Net income available to common shareholders	$	92,413	$	59,379	$	61,701	$	69,535	$	77,045
Plus: Intangible amortization	4,688		573		597		601		1,072
Plus: Acquisition-related expense	13,803		—		—		—		—
Less: Non-PCD credit-related interest income from acquisition	(571)		—		—		—		—
Plus: CECL day 1 provision expense	23,444		—		—		—		—
Plus: Interest rate derivative transition valuation(1)	(137)		(151)		(1,102)		2,958		—
Less: Gain on acquisition, net of tax	(47,392)		—		—		—		—
Plus: Loss on securities restructuring	20,282		—		—		—		—
Less: Gain on sale-leaseback	(20,266)		—		—		—		—
Plus: FDIC special assessment	—		956		6,494		—		—
Plus: FultonFirst implementation and asset disposals	6,323		6,329		3,197		—		—
Less: Tax impact of adjustments	(9,989)		(1,618)		(1,929)		(747)		(225)
Adjusted net income available to common shareholders (numerator)	$	82,598	$	65,468	$	68,958	$	72,347	$	77,892

Average shareholders' equity	$	2,952,671	$	2,766,945	$	2,618,024	$	2,645,977	$	2,647,464
Less: Average preferred stock	(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Average goodwill and intangible assets	(624,471)		(560,393)		(560,977)		(561,578)		(563,146)
Average tangible common shareholders' equity (denominator)	$	2,135,322	$	2,013,674	$	1,864,169	$	1,891,521	$	1,891,440

Operating return on average common shareholders' equity (tangible)	15.56%		13.08%		14.68%		15.17%		16.52%
(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.


	Three months ended
	Jun 30		Mar 31		Dec 31		Sep 30		June 30
	2024		2024		2023		2023		2023
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity	$	3,101,609	$	2,757,679	$	2,760,139	$	2,566,693	$	2,642,152
Less: Preferred stock	(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Goodwill and intangible assets	(648,026)		(560,114)		(560,687)		(561,284)		(561,885)
Tangible common shareholders' equity (numerator)	$	2,260,705	$	2,004,687	$	2,006,574	$	1,812,531	$	1,887,389

Total assets	$	31,769,813	$	27,642,957	$	27,571,915	$	27,375,177	$	27,403,163
Less: Goodwill and intangible assets	(648,026)		(560,114)		(560,687)		(561,284)		(561,885)
Total tangible assets (denominator)	$	31,121,787	$	27,082,843	$	27,011,228	$	26,813,893	$	26,841,278

Tangible common equity to tangible assets	7.26%		7.40%		7.43%		6.76%		7.03%














Efficiency ratio
Non-interest expense	$	199,488	$	177,600	$	180,552	$	171,020	$	168,018

Less: Acquisition-related expense	(13,803)		—		—		—		—

Less: Gain on sale-leaseback	20,266		—		—		—		—
Less: FDIC special assessment	—		(956)		(6,494)		—		—
Less: FultonFirst implementation and asset disposals	(6,323)		(6,329)		(3,197)		—		—
Less: Intangible amortization	(4,688)		(573)		(597)		(601)		(1,072)
Less: Debt extinguishment	—		—		720		—		—
Non-interest expense (numerator)	$	194,940	$	169,742	$	170,984	$	170,419	$	166,946

Net interest income	$	241,720	$	206,937	$	212,006	$	213,842	$	212,852
Tax equivalent adjustment	4,556		4,592		4,549		4,442		4,405
Plus: Total non-interest income	92,994		57,140		59,378		55,961		60,585
Plus: Interest rate derivative transition valuation(1)	(137)		(151)		(1,102)		2,958		—
Less: Non-PCD credit-related interest income from acquisition	(571)		—		—		—		—
Less: Gain on acquisition, net of tax	(47,392)		—		—		—		—
Plus: Investment securities (gains) losses, net	20,282		—		752		—		4
Total revenue (denominator)	$	311,452	$	268,518	$	275,583	$	277,203	$	277,846

Efficiency ratio	62.6%		63.2%		62.0%		61.5%		60.1%
































Operating non-interest expense to total average assets
Non-interest expense	$	199,488	$	177,600	$	180,552	$	171,020	$	168,018
Less: Amortization of tax credit investments	—		—		—		—		—
Less: Intangible amortization	(4,688)		(573)		(597)		(601)		(1,072)
Less: Acquisition-related expense	(13,803)		—		—		—		—
Less: Gain on sale-leaseback	20,266		—		—		—		—
Less: FDIC special assessment	—		(956)		(6,494)		—		—
Less: FultonFirst implementation and asset disposals	(6,323)		(6,329)		(3,197)		—		—

Non-interest expense (numerator)	$	194,940	$	169,742	$	170,264	$	170,419	$	166,946

Total average assets (denominator)	$	30,774,891	$	27,427,626	$	27,397,671	$	27,377,836	$	27,235,567

Operating non-interest expenses to total average assets	2.55%		2.49%		2.47%		2.47%		2.46%
(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.

SECOND QUARTER 2024 RESULTS NASDAQ: FULT Data as of or for the period ended June 30, 2024 unless otherwise noted

This presentation may contain forward-looking statements with respect to Fulton Financial Corporation's (the "Corporation") 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 Report on Form 10-Q for the quarter ended March 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). 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 MEANINGFUL CONTRIBUTION: SIMILAR LENDING PRODUCTS, SERVICES AND MARKETS OF OPERATION Loan Portfolio (June 30,2024) Deposit Portfolio (June 30,2024) $25.6B $24.1B 11 basis point improvement to net interest margin (“NIM”) in 2Q24 ~$34.8 million improvement to net interest income in 2Q24 Transaction $2.5B$21.6B $3.8B$21.8B

(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. 4 INCOME STATEMENT SUMMARY 2Q24 1Q24 Linked-Quarter Change Net interest income $241,720 $206,937 $34,783 Provision for credit losses 32,056 10,925 21,131 Non-interest income 113,276 57,140 56,136 Securities gains (losses) (20,282) — (20,282) Non-interest expense 199,488 177,600 21,888 Income before income taxes 103,170 75,552 27,618 Income taxes 8,195 13,611 (5,416) Net income 94,975 61,941 33,034 Preferred stock dividends (2,562) (2,562) - Net income available to common shareholders $92,413 $59,379 $33,034 Net income available to common shareholders, per share (diluted) $0.52 $0.36 $0.16 Operating net income available to common shareholders, per share (diluted)(1) $0.47 $0.40 $0.07 ROAA 1.24% 0.91% 0.33% Operating ROAA(1) 1.11% 1.00% 0.11% ROAE 13.47% 9.28% 4.19% Operating ROAE (tangible)(1) 15.56% 13.08% 2.48% Efficiency ratio(1) 62.6% 63.2% -0.6% (dollars in thousands, except per-share data)

5 SECOND QUARTER PURCHASE ACCOUNTING ACCRETION(1) (1) Categories based on third-party valuation as of April 26, 2024. Balances may differ in financial statement presentation. Remaining Term is the weighted average remaining contractual term of the pool of loans. Duration is the weighted average expected life of the cash flows of the pool of loans. $ in thousands Credit Remaining Q2 2024 Loan Balance Interest Rate Non- Term Duration Interest Rate Credit- Total Acquired Mark PCD (months) (months) Mark Non-PCD Accretion CRE $1,159,451 $89,052 $6,027 59 33 $5,109 $204 $5,313 Residential mortgage 1,021,567 183,775 15,049 301 75 3,085 221 $3,306 C&I 219,441 623 694 33 18 (7) 53 $46 Multi-family 249,650 14,605 742 39 27 1,150 60 $1,210 Construction 140,310 5,776 487 34 22 281 20 $301 Home equity 90,882 5,712 424 200 35 175 12 $187 Other consumer 2,629 (6) 21 100 27 2 1 $3 $2,883,930 $299,537 $23,444 144 46 $9,795 $571 $10,366 Republic Transaction - Loan Accretion as of June 30, 2024 Q2 2024 Accretion

• NIM was 3.43% in the second quarter of 2024, increasing 11 basis points compared to the first quarter of 2024. • Loan yield improved by 22 basis points during the second quarter of 2024, increasing to 6.12% compared to 5.90% in the first quarter of 2024. • Total cost of deposits was 2.14% for the second quarter of 2024, an increase of 19 basis points compared to the first quarter of 2024. 6 NET INTEREST INCOME AND NIM 2Q24 Highlights Net Interest Income & NIM Average Deposits and Borrowings & Other and Cost of Funds Average Interest-Earning Assets & Yields (dollars in millions) (dollars in billions) (dollars in billions)

7 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.

8 NON-INTEREST INCOME(1) Non-interest Income (percentage of total non-interest income, three months ended June 30, 2024) (1) Excluding investment securities gains and losses. Increases due to: • Broad-based commercial banking increases (all categories) • Record wealth management income • Strong incremental consumer banking fees from the Republic Transaction • Gain on sale of mortgage loans Preliminary Gain on Acquisition: • Represents the after-tax impact of the bargain purchase gain (dollars in thousands) 2Q24 Fulton Organic 2Q24 Republic Transaction 2Q24 Consolidated 1Q24 Linked- Quarter Change Commercial Banking 21,027$ 383$ 21,410$ 18,829$ 2,581$ Wealth Management 20,990 - 20,990 20,155 835 Consumer Banking 12,256 2,344 14,600 11,668 2,932 Mortgage Banking 3,951 - 3,951 3,090 861 Gain On Acquisition, net of tax - 47,392 47,392 - 47,392 Other 4,874 59 4,933 3,398 1,535 Total 63,098$ 50,178$ 113,276$ 57,140$ 56,136$

9 NON-INTEREST EXPENSE Non-interest Expense (percentage of total non-interest expense, three months ended June 30, 2024) Decreases primarily due to: • The $20.3 million pre-tax gain on sale of real estate related to the sale-leaseback transaction is presented as an offset to other expenses Increases primarily due to: • $13.8 million in acquisition related charges • $6.3 million of FultonFirst implementation and asset disposal costs • Two months of incremental expenses of $17.0 million and $4.1 million of core deposit intangible amortization related to the Republic Transaction 2Q24 Fulton Organic 2Q24 Republic Transaction 2Q24 Consolidated 1Q24 Linked- Quarter Change (dollars in thousands) Salaries and employee benefits 102,117$ 8,513$ 110,630$ 95,481$ 15,149$ Data processing and software 17,978 2,379 20,357 17,661 2,696 Net occupancy 15,328 2,465 17,793 16,149 1,644 Other outside services 16,280 653 16,933 13,283 3,650 FDIC insurance 5,310 1,386 6,696 6,104 592 Equipment 4,123 438 4,561 4,040 521 Professional fees 2,314 257 2,571 2,088 483 Acquisition related expenses 13,803 - 13,803 - 13,803 Other 1,138 5,006 6,144 22,794 (16,650) Total 178,391$ 21,097$ 199,488$ 177,600$ 21,888$

10 (1) Regulatory capital ratios and excess capital amounts as of June 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 June 30, 2024) (dollars in millions) (2) CAPITAL RATIOS(1)

2024 OUTLOOK 11 Net Interest Income: $925 - $950 million(1) Provision for Credit Losses: $40 - $60 million Non-Interest Income: $240 - $260 million(2) Non-Interest Expense: $750 - $770 million(3) Effective Tax Rate: 16% - 18% (1) Assumes Fed Funds Rate decrease of 25 basis points in September 2024. (2) Excludes investment securities gains and losses and gain on acquisition, net of tax. (3) Excludes non-operating expenses.

12 A LARGER DEPOSIT PORTFOLIO THAT REMAINS GRANULAR, TENURED AND DIVERSIFIED WITH SIGNIFICANT LIQUIDITY COVERAGE Deposit Mix By Customer (June 30, 2024) Deposit Portfolio Highlights(1) 883,000 deposit accounts $28,770 average account balance ~10 year average account age 23% estimated uninsured deposits 259% coverage of estimated uninsured deposits Deposit Mix By Product(2) (1) As of June 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 13 Office Only Profile • $896 million in office loan commitments • $824 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 63% • Weighted average debt service coverage ratio (“DSCR”) of 1.34x • 84% of loans with full recourse; 65% LTV; 1.29x DSCR • 16% of loans non-recourse; 51% LTV; 1.58x DSCR • Nine relationships over $20 million, totaling $226 million in commitments, including: • Six relationships in central business districts • $219 million in commitments located in central business districts • Classification • 28% Class A • 21% Class B • 4% Class C • 47% Not Classified Total Loan Portfolio (June 30, 2024) (1) LTV as of most recent appraisal.

THE ACQUIRED OFFICE PORTFOLIO HAS SIMILAR CHARACTERISTICS TO FULTON’S WITH SOME SEASONING AND LONGER MATURITY TERM 14 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.

MULTI-FAMILY LOANS REPRESENT 8% OF THE TOTAL LOAN PORTFOLIO WITH A SMALL AVERAGE LOAN SIZE, LOW LTV’S AND SOLID DSCR 15 (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 60% • Weighted Average DSCR of 1.27x • 90% of loans with recourse • 36% construction; 64% stabilized • Classification o 42% Class A o 12% Class B o 3% Class C o 43% Not Classified Total Loan Portfolio (June 30, 2024)

THE MAJORITY OF THE MULTI-FAMILY PORTFOLIO HAS BEEN RECENTLY ORIGINATED AND APPRAISED AND HAS A LONG-DATED MATURITY HORIZON 16 Recently Originated and Appraised Maturing Over Time Diversified by Size Diversified by Geographical MSA

17 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 June 30, 2024, noninterest-bearing deposits were 21.9% 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 June 30,2024. % Noninterest-Bearing Deposits, NIM and Fed Funds Effective Rate

Estimated Uninsured Deposits June 30, 2024 Total Deposits $25,560 Estimated Uninsured Deposits $8,668 Estimated Uninsured Deposits to Total Deposits 34% Estimated Uninsured Deposits $8,668 Less: Collateralized Municipal Deposits (2,801) Net Estimated Uninsured Deposits (4) $5,867 Net Estimated Uninsured Deposits to Total Deposits 23% Committed Liquidity to Net Estimated Uninsured Deposits 143% Available Liquidity to Net Estimated Uninsured Deposits 259% Available Liquidity June 30, 2024 Cash On-Hand (1) 1,133$ Federal Reserve Capacity 1,859 Total Available @ Federal Reserve 1,859$ FHLB Borrowing Capacity 10,842 Advances(2) (759) Letters of Credit (3,559) Total Available @ FHLB 6,524$ Total Committed Liquidity 8,383$ Fed Funds Lines 2,556 Outstanding Net Fed Funds - Total Fed Funds Lines Available 2,556$ Brokered Deposit Capacity (3) 4,100 Brokered & Wholesale Deposits (996) Total Brokered Deposit Availability 3,104$ Total Uncommitted Available Liquidity 5,660$ Total Available Liquidity 15,176$ 18 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)

19 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. Three months ended (dollars in thousands) Jun 30 Mar 31 2024 2024 Operating net income available to common shareholders Net income available to common shareholders $92,413 $59,379 Plus: Core deposit intangible amortization 4,556 441 Plus: Acquisition-related expense 13,803 — Less: Non-PCD credit-related interest income from acquisition (571) — Plus: CECL day 1 provision expense 23,444 — Plus: Interest rate derivative transition valuation(1) (137) (151) Plus: Loss on securities restructuring 20,282 — Less: Gain on acquisition, net of tax (47,392) — Less: Gain on sale-leaseback (20,266) — Plus: FDIC special assessment — 956 Plus: FultonFirst implementation and asset disposals 6,323 6,329 Less: Tax impact of adjustments (9,961) (1,591) Operating net income available to common shareholders (numerator) $82,494 $65,363 Weighted average shares (diluted) (denominator) 176,934 164,520 Operating net income available to common shareholders, per share (diluted) $0.47 $0.40 (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.

20 Three months ended (dollars in thousands) Jun 30 Mar 31 2024 2024 Operating return on average assets Net income $94,975 $61,941 Plus: Core deposit intangible amortization 4,556 441 Plus: Acquisition-related expense 13,803 — Less: Non-PCD credit-related interest income from acquisition (571) — Plus: CECL day 1 provision expense 23,444 — Plus: Interest rate derivative transition valuation(1) (137) (151) Plus: Loss on securities restructuring 20,282 — Less: Gain on acquisition, net of tax (47,392) — Less: Gain on sale-leaseback (20,266) — Plus: FDIC special assessment — 956 Plus: FultonFirst implementation and asset disposals 6,323 6,329 Less: Tax impact of adjustments (9,961) (1,591) Operating net income (numerator) $85,056 $67,925 Total average assets $30,774,891 $27,427,626 Less: Average net core deposit intangible (68,234) (4,666) Total average operating assets (denominator) $30,706,657 $27,422,960 Operating return on average assets 1.11 % 1.00 % (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.

21 Three months ended (dollars in thousands) Jun 30 Mar 31 2024 2024 Operating return on average common shareholders' equity (tangible), annualized Net income available to common shareholders $92,413 $59,379 Plus: Intangible amortization 4,688 573 Plus: Acquisition-related expense 13,803 — Less: Non-PCD credit-related interest income from acquisition (571) — Plus: CECL day 1 provision expense 23,444 — Plus: Interest rate derivative transition valuation(1) (137) (151) Plus: Loss on securities restructuring 20,282 — Less: Gain on acquisition (47,392) — Less: Gain on sale-leaseback (20,266) — Plus: FDIC special assessment — 956 Plus: FultonFirst implementation and asset disposals 6,323 6,329 Less: Tax impact of adjustments (9,989) (1,618) Adjusted net income available to common shareholders (numerator) $82,598 $65,468 Average shareholders' equity $2,952,671 $2,766,945 Less: Average preferred stock (192,878) (192,878) Less: Average goodwill and intangible assets (624,471) (560,393) Average tangible common shareholders' equity (denominator) $2,135,322 $2,013,674 Operating return on average common shareholders' equity (tangible) 15.56 % 13.08 % (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.

22 (dollars in thousands) Three months ended Jun 30 Mar 31 Efficiency ratio 2024 2024 Non-interest expense $199,488 $177,600 Less: Intangible amortization (4,688) (573) Less: Acquisition-related expenses (13,803) — Less: Gain on sale-leaseback 20,266 — Less: FDIC special assessment — (956) Less: FultonFirst implementation and asset disposals (6,323) (6,329) Non-interest expense (numerator) $194,940 $169,742 Net interest income $241,720 $206,937 Tax equivalent adjustment 4,556 4,592 Plus: Total non-interest income 92,994 57,140 Plus: Interest rate derivative transition valuation(1) (137) (151) Less: Non-PCD credit-related interest income from acquisition (571) — Less: Gain on acquisition (47,392) — Less: Investment securities (gains) losses, net 20,282 — Total revenue (denominator) $311,452 $268,518 Efficiency ratio 62.6% 63.2% (1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.

Cover Page	Jul. 16, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 16, 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