# EDGAR Filing Document

**Accession Number:** 0000700564
**File Stem:** 0000700564-23-000010
**Filing Date:** 2023-2
**Character Count:** 32738
**Document Hash:** b118212127e0520bb7b63c20a17806c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000700564-23-000010.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0000700564-23-000010

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20230215

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FULTON FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000700564
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 232195389
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39680
- **FILM NUMBER:** 23633939

**BUSINESS ADDRESS:**
- **STREET 1:** ONE PENN SQ
- **STREET 2:** PO BOX 4887
- **CITY:** LANCASTER
- **STATE:** PA
- **ZIP:** 17604
- **BUSINESS PHONE:** 7172912411

**MAIL ADDRESS:**
- **STREET 1:** ONE PENN SQ
- **STREET 2:** PO BOX 4887
- **CITY:** LANCASTER
- **STATE:** PA
- **ZIP:** 17604

?xml version="1.0" ? fult-20230215

**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**

February 15, 2023

Date of Report (date of earliest event reported)

**Fulton Financial Corporation** 

**(Exact name of registrant as specified in its charter)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Pennsylvania** | **Pennsylvania** | **001-39680** | **001-39680** | **23-2195389** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **One Penn Square,** | **P. O. Box 4887** | **Lancaster,** | **Pennsylvania** | **17604** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of Principal Executive Offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of Principal Executive Offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of Principal Executive Offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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:

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| | | |
|:---|:---|:---|
| 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 |

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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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

□

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**<u>Item 7.01 Regulation FD Disclosure.</u>**

On February 15, 2023, Fulton Financial Corporation ("Fulton") posted a new corporate presentation (the "Corporate Presentation") on its Investor Relations website at www.fultonbank.com. The Corporate Presentation, attached as Exhibit 99.1 and incorporated herein by reference, updates previous corporate presentations and provides an overview of Fulton's strategy and performance.

The information in this Current Report on Form 8-K (this "Current Report") provided under Item 7.01, including all exhibits attached hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of Fulton under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

<u>Forward-Looking Statements</u>

This Current Report, including the Exhibits hereto, may contain forward-looking statements with respect to Fulton'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, Fulton'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 Fulton's business or financial results. In addition, management's "2023 Outlook" contained in Exhibit 99.1 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 Fulton'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 Fulton'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. Fulton 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 Fulton, and some of the factors that could cause Fulton'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 Fulton's Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on

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Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 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 Fulton's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).

**<u>Item 9.01 Financial Statements and Exhibits.</u>**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](update4q22analystpresent.htm)</u> | Corporate Presentation |

---

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**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: February 15, 2023 | By: <u>/s/ Mark R. McCollom</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Mark R. McCollom |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Executive Vice President and |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer |

---

## Exhibit 99.1

![](update4q22analystpresent001.jpg)

z INVESTOR PRESENTATION Data as of or for the period ended December 31, 2022 unless otherwise noted

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![](update4q22analystpresent002.jpg)

Forward-Looking Statements 2 This presentation 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, 2021, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 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 from 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.

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![](update4q22analystpresent003.jpg)

A Compelling Value in an Attractive Franchise With a Proven Executive Team 3 (1) Includes years of service in public accounting and investment banking as a financial services industry specialist. (2) Includes years of service in public accounting as a financial services industry specialist.  Prudent Expense Management with Opportunities to Further Improve  Strong and Diverse Liquidity Position  Solid Asset Quality and Reserves  Strong Capital Position  Ability to Supplement an Organic Growth Model with Inorganic Opportunities  A Compelling Value In a Discounted Industry  Valuable Franchise in Attractive Markets  Relationship Banking Strategy Focused on the Customer Experience  Continued Progress in Digital Transformation  Granular, Well-Diversified Loan Portfolio  Attractive Low-Cost Core Deposit Profile  Strong and Diversified Fee Income Generating Products and Business Lines

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![](update4q22analystpresent004.jpg)

4 (1) As of December 31, 2022. (2) Data as of June 30, 2022, per S&P Global Market Intelligence; market excludes money center banks and removes online only bank deposits. (3) Shares outstanding and closing price as of February 3, 2022. (4) Non-GAAP based financial measure. Please refer to the calculation and management's reasons for using this measure on slides titled "Non-GAAP Reconciliation" at the end of this presentation. Map includes counties with a financial center and/or a loan production office ("LPO") and incorporated cities in Maryland and Virginia with a financial center and/or LPO. A Valuable Franchise, Well Positioned with Strong Liquidity, Solid Capital and Disciplined Credit Culture  $26.9 billion in assets, ~210 financial centers, ~3,300 team members operating in a customer-dense Mid-Atlantic Market(1)  Diversified loan portfolio in size, geography, type, industry and customer profile  Opportunity to meaningfully grow our market share(2) o ~20.3% deposit market share across the 15 counties where we have a top 5 deposit market share; Represents 56% of our total deposits o ~1.2% deposit market share across the 39 counties where we do not have a top 5 deposit market share; Represents 44% of our total deposits  Market capitalization of ~ $2.9 billion(3) , solid dividend yield and a track record of growing dividends  Steady increase in shareholder value with a 5-year compound average growth rate in tangible book value per share of 2.4%; 6.0% when excluding Accumulated Other Comprehensive Income(4)  Prudential Bank merged into Fulton Bank effective November 5, 2022

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![](update4q22analystpresent005.jpg)

Strong Position In Attractive & Stable Markets 5 Note: Data as of June 30, 2022 per S&P Global Market Intelligence; FDIC Summary of Deposits. (1) Median Household Income, 2022 – 2027 Projected Population Change and Projected HH Income Change are weighted by deposits in each MSA.

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![](update4q22analystpresent006.jpg)

Extending Footprint Into Fast-Growing Urban Markets 6  Philadelphia remains a natural fill-in opportunity within our current footprint o Opened 3 financial centers in 2019 o 1 financial center opened in 1Q22 and 1 financial center targeted to open in 1Q23  Philadelphia Market: o The acquisition of Prudential Bancorp, Inc. ("Prudential Bancorp") added 8 locations in Philadelphia County, with 2 being consolidated into Fulton branches on November 5, 2022 o The top 5 banks have ~80% of the deposit market share o Presents a tremendous growth opportunity for Fulton  Health Care, Life Sciences, Technology and Professional Services are major economic forces, which are target business segments for Fulton  Baltimore is another targeted area for growth o Opened 1 financial center and 1 LPO in 2019; 1 financial center in 2020; 1 financial center in 4Q21 and 1 financial center in 1Q22 Note: Deposit data as of June 30, 2022 per S&P Global Market Intelligence (excludes non-retail deposits and closed/proposed branches); FDIC Summary of Deposits. (1) Includes 8 branches from the acquisition of Prudential Bancorp, Inc. Commentary

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![](update4q22analystpresent007.jpg)

Enhanced Suite of Products and Embedded Value from Technology Spending Leading Technology Partners Well-positioned to compete in and serve our market • Significant technology spend over past five years • 30+ full-time equivalent employees hired to build out data and analytics capabilities Investment in Best-In-Class Technology Platforms • New commercial origination system • New mortgage origination system • New mortgage loan servicing system • New consumer origination system • New customer relationship management system • Build out of data warehouse and analytical capabilities Fintech investment • Investment in Canapi Ventures, a leading Fintech venture fund Diversified Sources of Revenue Commercial Banking Retail Banking Small Business Treasury Management Wealth and Trust International Services Capital Markets Mortgage Banking 7

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![](update4q22analystpresent008.jpg)

Granular, Well-Diversified Loan Portfolio 8 Note: Loan portfolio composition is based on average loan balances for the years ended December 31, 2018 to 2022. (1) Presented on a fully-taxable equivalent ("FTE") basis using a 21% federal tax rate and statutory interest expense disallowances. The C&I category includes PPP loan growth and forgiveness during the 2020 – 2022 timeframe. The Company ended 2022 with approx. $26 million in PPP loans.  On an ending balance basis, total loans eclipsed $20 billion at year-end 2022; Commercial mortgage loans, residential mortgage loans and commercial and industrial ("C&I") loans are key drivers of growth  The Corporation remains asset sensitive with approximately 67% of the loan portfolio contractually variable or adjustable rate $6.3 $6.5 $6.9 $7.1 $7.5 $4.3 $4.5 $5.5 $5.1 $4.2 $1.5 $1.4 $1.3 $1.1 $1.1 $2.1 $2.4 $2.9 $3.5 $4.3 $1.0 $0.9 $1.0 $1.1 $1.2 $0.6 $0.7 $0.7 $0.7 $0.9 $15.8 $16.4 $18.3 $18.6 $19.2 4.38% 4.55% 3.63% 3.46% 4.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 2018 2019 2020 2021 2022 T o ta l Lo a n P o rtfo lio Y ie ld (1) A v e ra g e L o a n P o rt fo lio B a la n ce s Comm'l Mtg C&I Home Equity Res Mtg Construction Consumer/Other FTE loan yield (1) ($ in billions)

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![](update4q22analystpresent009.jpg)

Attractive Core Deposit Profile 9  Total deposits have leveled off including a seasonal inflow and subsequent outflow of municipal deposits as well as Prudential Bank deposits  Deposit costs bottomed during the 2nd half of the 2022 and have moved higher in Q3 2022 and Q4 2022  Approximately 1/3 of the deposit base is non-interest-bearing with the remaining 2/3 at the forefront of a disciplined pricing process Note: Deposit composition is based on average deposit balances for the years ended December 31, 2018 to 2022. Average brokered deposits were $122 million for 2018, $245 million for 2019, $311 million for 2020, $287 million for 2021 and $262 million for the year ended December 31, 2022. Core Deposits equal total deposits less brokered and time deposits. (1) Deposit costs calculated by dividing interest expense on interest-bearing deposits by total average deposits. $2.7 $2.9 $2.5 $1.9 $1.6 $4.3 $4.2 $5.7 $7.2 $7.5 $4.1 $4.4 $5.3 $6.0 $5.6 $3.1 $3.6 $3.9 $4.2 $4.2 $1.5 $1.5 $1.7 $2.1 $2.3 $15.8 $16.8 $19.4 $21.7 $21.5 0.55% 0.79% 0.36% 0.14% 0.20% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% $- $4.0 $8.0 $12.0 $16.0 $20.0 $24.0 2018 2019 2020 2021 2022 D e p o sit C o sts (1)A v e ra g e D e p o si t B a la n ce s Time Non-Int DDA Int DDA Money Mkt Savings Brokered Deposits Costs (1) ($ in billions)

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![](update4q22analystpresent010.jpg)

$139.7 $141.2 $147.1 $152.1 $171.9 0.99% 0.97% 1.47% 1.36% 1.33% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% $0.0 $25.0 $50.0 $75.0 $100.0 $125.0 $150.0 $175.0 $200.0 2018 2019 2020 2021 2022 A C L /L o a n s N o n -P e rf o rm in g L o a n s NPLs ACL/Loans 10 Stable Asset Quality And Reserves While Growing Loans ($ in millions)  Growth in allowance for credit losses in 2020 reflected impact of COVID-19 and adoption of CECL(1)  The increase in non-performing loans ("NPLs") in 2022 was a result of a several loans moving to 90 days or more past due and still accruing, however, NPLs remain below long-term (15 year) averages as a percentage of average loans  2022 net charge-offs totaled $7.4 million, which equates to 0.04% of average loans  The Corporation's general credit outlook remains cautious due to attention to a changing macro-economic environment and its potential impact on asset quality, net charge-offs and provision requirements (1) Effective January 1, 2020, the Corporation adopted Accounting Standards Update 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," referred to as the current expected credit loss model ("CECL"). This accounting standard requires that credit losses for financial assets and off- balance-sheet ("OBS") credit exposures be measured based on expected credit losses rather than on incurred credit losses. NPLs & Allowance for Credit Losses (ACL)/Loans

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![](update4q22analystpresent011.jpg)

Managing Expenses and Selective Investments To Offset Inflationary Headwinds 11 ~ $730 million ~ $610 million Efficiency Ratio(1)  Positive operating leverage and recent impact of higher interest rates resulted in a lower efficiency ratio o 2021 reflects the impact of the previously announced cost savings initiatives focused on our financial center optimization, efficient delivery systems, reallocation of management responsibilities and a streamlining of functions. The costs associated with these initiatives were primarily recognized in 2020. o 2022 driven by higher interest rates expanding net interest margin, offsetting inflationary pressures on expenses Operating Non-Interest Expense / Average Assets(1)  Expense management through the pandemic along with elevated assets peaking in Q3 2021 drove the non-interest expense to average assets ratio lower. Peak deposit balances and excess cash in Q3 2021 were primary drivers.  Expense increases in 2022 attributable to incentive compensation accruals consistent with strong performance and results, selective investments in technological initiatives and several non-operating items expected to reset at lower levels in 2023. 56.0% 58.0% 60.0% 62.0% 64.0% 66.0% 68.0% 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2.00% 2.20% 2.40% 2.60% 2.80% 3.00% 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y Efficiency Ratio (FTE)(1) Operating Non-Interest Expense / Average Assets(1) (1) Non-GAAP based financial measure. Please refer to the calculation and management's reasons for using this measure on the slides titled "Non-GAAP Reconciliation" at the end of this presentation.

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![](update4q22analystpresent012.jpg)

12 Strong Capital Position (1)  Strong regulatory capital ratios provide strategic flexibility  Current common dividend of $0.15  Current repurchase authorization of $100 million of shares of the Corporation's common stock, in place through December 31, 2023 9.5% 10.0% 10.9% 13.6% $1,156 $680 $535 $690 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Tier 1 Leverage CE Tier 1 Tier 1 Risk Based Total Risk-Based Regulatory Minimums Excess (2) REGULATORY CAPITAL RATIOS as of December 31, 2022 (1) Regulatory capital ratios and excess capital amounts as of December 31, 2022. (2) Excesses shown are to regulatory minimums, including the 250 basis point capital conservation buffer, except for Tier 1 Leverage which is the well- capitalized minimum. Amounts shown above are preliminary. ($ in millions)

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![](update4q22analystpresent013.jpg)

13 Environmental, Social & Governance ("ES&G") • Introduced our 2021 Corporate Social Responsibility report – a first for the Corporation • Established Board governance and oversight of ES&G principles and priorities as we work to build maturity and capability • The Climate Impact Working Group was formed in early 2022, underscoring our commitment to progressing our understanding of, and reporting on, climate-related risks and activities READ THE REPORT Protecting Our Environment Changing Lives for the Better Governing Our Work Environmental stewardship is interwoven into our operating practices The Corporation continues to introduce energy and sustainability initiatives that support more efficient operations Our core values and guiding behavior lead the Corporation to demonstrate the highest professional and ethical standards in all of our business activities The Corporation operates under a robust board- and management-level enterprise risk management structure Employees The Corporation is committed to creating a workforce that reflects our communities and supports our values of diversity, equity and inclusion Customers The Corporation has a proven track record of fair and responsible banking – rated "Outstanding" for Community Reinvestment Act performance Community Through our Fulton Forward® initiative, the Corporation pays it forward to the communities we serve 13

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![](update4q22analystpresent014.jpg)

RECENT FINANCIAL PERFORMANCE & HIGHLIGHTS

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![](update4q22analystpresent015.jpg)

(1) Non-GAAP financial measure. Please refer to the calculation and management's reason for using this measure on the slides titled "Non-GAAP Reconciliation" at the end of this presentation. Income Statement Summary 15

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![](update4q22analystpresent016.jpg)

Net Interest Income And Margin 16 ~ $730 million ~ $610 million Net Interest Income & Net Interest Margin Average Interest-Earning Assets & Yields Average Deposits and Borrowings & Cost of Funds ($ IN MILLIONS) ($ IN BILLIONS) ($ IN BILLIONS)

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![](update4q22analystpresent017.jpg)

Asset Quality 17 (1) The allowance for credit losses ("ACL") relates specifically to "Loans, net of unearned income" and does not include the ACL related to off-balance-sheet credit exposures. (2) Non-GAAP financial measure. Please refer to the calculation and management's reasons for using this measure on the slides titled "Non-GAAP Reconciliation" at the end of this presentation. (3) Includes the CECL Day 1 provision for credit losses of $8.0 million for the acquired Prudential Bancorp loan portfolio. ($ in millions) 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

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![](update4q22analystpresent018.jpg)

18 Non-Interest Income(1) (1) Excludes investment securities gains. Three months ended December 31, 2022 (percent of total non-interest income)

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![](update4q22analystpresent019.jpg)

19 Non-interest Expense(1) (1) Excludes merger-related expenses. Three months ended December 31, 2022 (percent of total non-interest expense)

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![](update4q22analystpresent020.jpg)

APPENDIX

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![](update4q22analystpresent021.jpg)

Non-GAAP Reconciliation 21 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.

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![](update4q22analystpresent022.jpg)

Non-GAAP Reconciliation 22

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23 Non-GAAP Reconciliation

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![](update4q22analystpresent024.jpg)

Non-GAAP Reconciliation 24 (dollars in thousands) 2016 2017 2018 2019 2020 2021 2022 Efficiency ratio Non-interest expense $489,519 $525,579 $546,104 $567,736 $579,440 $617,830 $633,728 Less : Amortizati on of tax credit i nvestments - (11,028) (11,449) (6,021) (6,126) (6,187) (2,783) Less : Intangi ble Amortization - - - (1,427) (529) (589) (1,731) Less : Merger-related expenses - - - - - - (10,328) Less : Debt extinguishment costs - - - (4,326) (2,878) (33,249) - Non-interest expense (numerator) $489,519 $514,551 $534,655 $555,962 $569,907 $577,805 $618,886 Net i nterest income (ful ly taxable-equivalent) $541,271 $598,565 $642,577 $661,356 $641,509 $676,026 $796,629 Plus : Tota l Non-interest income 190,178 207,974 195,525 216,160 229,388 273,745 227,130 Less : Investment securi ties gains (2,550) (9,071) (37) (4,733) (3,053) (33,516) 27 Net i nterest income (denomi nator) $728,899 $797,468 $838,065 $872,783 $867,844 $916,255 $1,023,786 Efficiency ratio 67.2% 64.5% 63.8% 63.7% 65.7% 63.1% 60.5% Excluding Cost Saving Initiatives Expenses: Year Ended 2020 Efficiency ratio Non-interest expense (numerator) $569,907 Less : cost saving ini ti ati ves expens es (16,200) Non-interest expense excl uding cost saving ini ti ati ves expens es (numerator) $553,707 Net i nterest income (denomi nator) $867,844 Efficiency ratio excl uding cost saving i ni tiatives expenses 63.8% Years Ended Year Ended

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Non-GAAP Reconciliation 25

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Non-GAAP Reconciliation 26 (dollars in thousands) 2016 2017 2018 2019 2020 2021 2022 Operating non-interest expense to total average assets Non-interest expense $489,519 $525,579 $546,104 $567,736 $579,440 $617,830 $633,728 Les s: Amortization of tax credit i nvestments - (11,028) (11,449) (6,021) (6,126) (6,187) (2,783) Les s : Intangi ble Amortization - - - (1,427) (529) (589) (1,731) Les s : Merger-rel ated expenses - - - - - - (10,328) Les s : Debt extinguis hment cos ts - - - (4,326) (2,878) (33,249) - Non-interest expense (numerator) $489,519 $514,551 $534,655 $555,962 $569,907 $577,805 $618,886 Tota l average ass ets (demonimator) $18,371,173 $19,580,367 $20,183,202 $21,258,040 $24,333,717 $26,170,333 $25,971,484 Operating non-interest expens e to tota l average ass ets 2.66% 2.63% 2.65% 2.62% 2.34% 2.21% 2.38% Years Ended Year Ended

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Non-GAAP Reconciliation 27 (dollars in thousands), except per share data Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 2017 2018 2019 2020 2021 2022 Tangible book value per share Shareholders ' equi ty $2,229,857 $2,247,573 $2,342,176 $2,616,828 $2,712,680 $2,579,757 Less : Goodwi l l and intangible a ssets (531,556) (531,556) (535,303) (536,659) (538,053) (560,824) Less : Preferred s tock - - - (192,878) (192,878) (192,878) Tangible common shareholders ' equi ty (numerator) $1,698,301 $1,716,017 $1,806,873 $1,887,291 $1,981,749 $1,826,055 Share oustanding, end of period (denominator) 175,170 170,184 164,218 162,350 160,490 167,599 Tangible book va lue per share $9.70 $10.08 $11.00 $11.62 $12.35 $10.90 Adjusted tangible book value per share Shareholders ' equi ty $2,229,857 $2,247,573 $2,342,176 $2,616,828 $2,712,680 $2,579,757 Less : Goodwi l l and intangible a ssets (531,556) (531,556) (535,303) (536,659) (538,053) (560,824) Less : Preferred s tock - - - (192,878) (192,878) (192,878) Tangible common shareholders ' equi ty $1,698,301 $1,716,017 $1,806,873 $1,887,291 $1,981,749 $1,826,055 Less/Plus : Accumula ted other comprehens ive income (32,974) (59,063) (137) 65,091 27,411 (385,476) Adjusted tangible common shareholders ' equity (numerator) $1,731,275 $1,775,080 $1,807,010 $1,822,200 $1,954,338 $2,211,531 Share oustanding, end of period (denominator) 175,170 170,184 164,218 162,350 160,490 167,599 Adjusted tangible book value per share $9.88 $10.43 $11.00 $11.22 $12.18 $13.20

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Non-GAAP Reconciliation 28 (dollars in thousands)

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