# EDGAR Filing Document

**Accession Number:** 0000700564
**File Stem:** 0000700564-23-000006
**Filing Date:** 2023-1
**Character Count:** 110885
**Document Hash:** f493eea0446773ef9a1b6de0cff96baf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000700564-23-000006.hdr.sgml**: 20230118

**ACCESSION NUMBER**: 0000700564-23-000006

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20230117

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230118

**DATE AS OF CHANGE**: 20230118

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39680
- **FILM NUMBER:** 23533203

**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-20230117

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K/A** 

**Amendment No. 1**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

January 17, 2023

Date of Report (date of earliest event reported)

**Fulton Financial Corporation** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; (Address of Principal Executive Offices) | &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; (Address of Principal Executive Offices) | &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:

---

| | | |
|:---|:---|:---|
| 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.

□

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**Explanatory Note**

On January 17, 2023, Fulton Financial Corporation (the "Corporation") issued a press release (the "Press Release") announcing its results of operations for the fourth quarter and year ended December 31, 2022 and posted on its Investor Relations website, www.fultonbank.com, presentation materials (the "Presentation Materials") it intends to use during a conference call and webcast to discuss those results on Wednesday, January 18, 2023 at 10:00 a.m. Eastern Time. A copy of the Press Release was filed, and a copy of the Presentation Materials was furnished, with a Current Report on Form 8-K filed with the Securities and Exchange Commission on January 17, 2023 (the "Original Current Report"). This Amendment No.1 is being filed solely to correct an error in footnote (1) on Slide 9 titled "2023 Outlook" of the Presentation Materials attached as Exhibit 99.2 to the Original Current Report. There are no other changes to the corrected Presentation Materials attached as Exhibit 99.2 to this Amendment No.1. There are no changes to the Press Release attached as Exhibit 99.1 to this Amendment No. 1. The corrected version of the Presentation Materials has been posted to the Corporation's Investor Relations website.

**<u>Item 2.02 Results of Operations and Financial Condition.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;On January 17, 2023, Fulton Financial Corporation (the "Corporation") issued a press release (the "Press Release") announcing its results of operations for the fourth quarter and year ended December 31, 2022. 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, January 18, 2023 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.&nbsp;&nbsp;&nbsp;&nbsp;

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 the Exhibits hereto, 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 "2023 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, 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).

**<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](exhibit991123122earningsre.htm)</u> | Press release dated January 17, 2023, containing financial information for the quarter and year ended December 31, 2022, deemed filed under the Securities Exchange Act of 1934. |
| <u>[99.2](exhibit992123122earnings.htm)</u> | Corrected presentation materials to be discussed during the conference call and webcast on January 18, 2023, 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: January 18, 2023 | **FULTON FINANCIAL CORPORATION** |
|  | By: /s/ Mark R. McCollom |
|  | &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

**Exhibit 99.1**

**<u>FULTON FINANCIAL</u>**

CORPORATION

FOR IMMEDIATE RELEASE

Media Contact: Lacey Dean (717) 735-8688

Investor Contact: Matt Jozwiak (717) 327-2657

**Fulton Financial Corporation Announces Fourth Quarter and 2022 Results**

(January 17, 2023) – Lancaster, PA – Fulton Financial Corporation (NASDAQ:FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $79.3 million, or $0.47 per diluted share, for the fourth quarter of 2022, an increase of $11.0 million, or 16.0%, in comparison to the third quarter of 2022. The Corporation reported net income available to common shareholders of $276.7 million, or $1.67 per diluted share, for the year ended December 31, 2022, an increase of $11.5 million or 4.3%, in comparison to the year ended December 31, 2021. The results for the third and fourth quarters of 2022 include the impact of the consummation of the acquisition by the Corporation of Prudential Bancorp, Inc. ("Prudential Bancorp") on July 1, 2022.

"2022 was a record year for Fulton, as we continued to execute on our strategy to Grow the bank, Deliver effectively for customers, Operate with excellence, and Serve our stakeholders," said Curtis J. Myers, Chairman and CEO of Fulton Financial Corporation. "I'm very proud of our team's results, especially given the large number of strategic initiatives, we tackled, including the Prudential Bancorp acquisition - our first whole-bank acquisition in over a decade. Coming out of 2022, we are well positioned for continued success in 2023."

------

Operating net income available to common shareholders was $81.2 million, or $0.48 per diluted share, for the fourth quarter of 2022, calculated as shown below.

---

| | |
|:---|:---|
| | **Three months ended** |
| *(in thousands except per share data)* | **December 31, 2022** |
| Net income available to common shareholders | $79271 |
| Plus: Core deposit intangible amortization | 514 |
| Plus: Merger-related expenses | 1894 |
| Less: Tax impact of adjustments | (506) |
| Operating net income available to common shareholders (numerator) | $81173 |
| Weighted average shares (diluted) (denominator) | 169136 |
| Operating net income available to common shareholders per share (diluted)<sup>(1)</sup> | $0.48 |

---

(1) Non-GAAP financial measure.

**<u>Net Interest Income and Balance Sheet</u>**

Net interest income for the fourth quarter of 2022 was $225.9 million, an increase of $10.3 million in comparison to the third quarter of 2022. The net interest margin for the fourth quarter of 2022 increased 15 basis points, to 3.69%, in comparison to 3.54% in the third quarter of 2022.

The linked-quarter increase in net interest income was primarily due to rising interest rates resulting in increases in interest income from net loans of $33.8 million. An increase in the average balances for net loans of $440.7 million also contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the fourth quarter of 2022 increased by $23.8 million to $41.9 million in comparison to $18.1 million in the third quarter of 2022 primarily due to rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings of $12.3 million and $11.5 million, respectively. An increase in the average balance for borrowings of $666.2 million in the fourth quarter of 2022 in comparison to the third quarter of 2022 also contributed to the increase in interest expense.

For the fourth quarter of 2022, net interest income was $225.9 million, an increase of $60.3 million, or 36.4%, in comparison to the fourth quarter of 2021 primarily driven by rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $81.6 million, $5.0 million and $3.5 million, respectively. Increases in the average balances for net loans and investment securities of $1,784.0 million and $408.4 million, respectively, driven in part by the Prudential Bancorp acquisition, also contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the fourth quarter of 2022 increased by $29.8 million to $41.9 million in comparison to $12.1 million in the fourth quarter of 2021 primarily driven by rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings of $16.5 million and $13.3 million, respectively. An increase in the average balance for borrowings of $928.4 million in the fourth

------

quarter of 2022 in comparison to the fourth quarter of 2021 also contributed to the increase in interest expense.

Total average interest-earning assets for the fourth quarter of 2022 was $24.8 billion, an increase of $99.2 million from the third quarter of 2022 primarily driven by the aforementioned increases in average net loans of $440.7 million, partially offset by decreases in average investment securities and average other interest-earning assets of $169.8 million and $171.9 million, respectively.

Total average interest-earning assets for the fourth quarter of 2022 increased by $516.9 million from the fourth quarter of 2021 driven in part by the Prudential Bancorp acquisition. Average net loans for the fourth quarter of 2022 were $20.0 billion, an increase of $1.8 billion from the same period in 2021. Included in average net loans for the fourth quarter of 2022 were Paycheck Protection Program ("PPP") loans with an average balance of $25.5 million, a decrease of $409.5 million from the fourth quarter of 2021. Compared to the fourth quarter of 2021, average other interest-earning assets decreased $1,649.6 million and average investment securities increased $408.4 million.

Total average interest-bearing liabilities increased $130.7 million, to $15.7 billion, in the fourth quarter of 2022 in comparison to $15.6 billion in the third quarter of 2022 driven by an increase in the average balance for borrowings of $666.2 million, partially offset by a decrease in the average balance for total interest-bearing deposits of $535.4 million.

Total average interest-bearing liabilities for the fourth quarter of 2022 increased $285.0 million in comparison to $15.5 billion in the fourth quarter of 2021, driven by an increase in the average balance for borrowings of $928.4 million, partially offset by a decrease in the average balance for total interest-bearing deposits of $643.5 million.

**<u>Asset Quality</u>**

In the fourth quarter of 2022, a provision for credit losses of $14.5 million was recorded in comparison to a provision for credit losses of $19.0 million in the third quarter of 2022, and a negative provision for credit losses of $5.0 million in the fourth quarter of 2021. Included in the third quarter of 2022 provision for credit losses was a CECL Day 1 provision for credit losses of $8.0 million for the acquired Prudential Bancorp loan portfolio. Excluding the CECL Day 1 Provision, the third quarter of 2022 provision for credit losses was $11.0 million. Excluding the CECL Day 1 Provision, the linked-quarter increase in the provision for credit losses of $3.5 million was primarily due to loan growth and changes to the macroeconomic outlook.

Non-performing assets were $177.7 million, or 0.66% of total assets, at December 31, 2022, in comparison to $198.6 million, or 0.76% at September 30, 2022, and $153.9 million, or 0.60% of total assets, at December 31, 2021.

Net charge-offs for the fourth quarter of 2022 were 0.23% of total average loans in comparison to 0.01% and 0.07% in the third quarter of 2022 and the fourth quarter of 2021, respectively. Net charge-offs of

------

$11.7 million for the fourth quarter of 2022 were primarily due to a charge-off for a commercial office loan due to credit-related concerns.

**<u>Non-interest Income</u>**

Non-interest income before investment securities gains in the fourth quarter of 2022 was $54.3 million, a decrease of $4.9 million, or 8.3%, from the third quarter of 2022. The decrease in non-interest income was driven primarily by decreases in mortgage banking income, commercial customer swap fees, reflected in capital markets, overdraft fees and cash management fees of $1.6 million, $1.3 million, $1.1 million and $0.7 million, respectively.

Compared to the fourth quarter of 2021, non-interest income before investment securities gains in the fourth quarter of 2022 decreased $9.6 million, or 15.0%, from $63.9 million. The decrease in non-interest income was primarily due to decreases of $5.1 million in mortgage banking income, $3.8 million in other income, primarily due to a decline from equity method investments of $4.1 million, and $0.8 million in wealth management revenues.

**<u>Non-interest Expense</u>**

Non-interest expense, excluding merger-related expenses of $1.9 million, was $166.6 million in the fourth quarter of 2022, an increase of $4.0 million, or 2.5%, compared to $162.6 million, excluding merger-related expenses of $7.0 million, in the third quarter of 2022. The increase was primarily due to increases of $1.5 million in other outside services expense, $0.6 million in professional fees, $0.5 million in marketing expense, and $1.6 million for a contingent liability, $0.8 million for branch-related closures and $0.6 million in fraud-related losses which are reflected in other non-interest expenses, partially offset by a $1.6 million decrease in salaries and employee benefits expense.

Compared to the fourth quarter of 2021, non-interest expense, excluding merger-related expenses of $1.9 million, increased $12.5 million, or 8.1%, in the fourth quarter of 2022 primarily due to increases of $7.2 million in salaries and employee benefits expense, $1.2 million in other outside services expense, $1.0 million in professional fees, $0.9 million in marketing expense, $0.8 million in data processing and software expense, $0.5 million in intangible asset amortization expense related to the acquisition of Prudential Bancorp, and $0.8 million for branch-related closures reflected in other non-interest expense.

**<u>Income Tax Expense</u>**

For the full-year 2022, the effective tax rate was 17.3%, in comparison to 17.6% for the full-year of 2021.

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

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**<u>Safe Harbor Statement</u>**

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, 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).

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**<u>Non-GAAP Financial Measures</u>**

The Corporation uses certain financial measures in this press release 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 in tables at the end of this press release.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | | | |
| **SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)** | **SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)** | **SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)** | | | |
| **in thousands, except share data, per-share data and percentages** | **in thousands, except share data, per-share data and percentages** | **in thousands, except share data, per-share data and percentages** | | | |
| | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| | **Dec 31** | **Sep 30** | **Jun 30** | **Mar 31** | **Dec 31** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** |
| **<u>Ending Balances</u>** |  |  |  |  |  |
| Investments | $3968023 | $3936694 | $4117801 | $4288674 | $4167774 |
| Net loans | 20279547 | 19695199 | 18920950 | 18476119 | 18325350 |
| Total assets | 26931702 | 26146042 | 25252686 | 25598310 | 25796398 |
| Deposits | 20649538 | 21376554 | 21143866 | 21541174 | 21573499 |
| Shareholders' equity | 2579757 | 2471159 | 2471093 | 2569535 | 2712680 |
| **<u>Average Balances</u>** |  |  |  |  |  |
| Investments | $3936579 | $4254216 | $4216507 | $4228827 | $3980045 |
| Net loans | 20004513 | 19563825 | 18637175 | 18383118 | 18220550 |
| Total assets | 26386355 | 26357095 | 25578432 | 25622462 | 26136536 |
| Deposits | 21027656 | 21788052 | 21523713 | 21480183 | 21876938 |
| Shareholders' equity | 2489148 | 2604057 | 2531346 | 2688834 | 2713198 |
| **<u>Income Statement</u>** |  |  |  |  |  |
| Net interest income | $225911 | $215582 | $178831 | $161310 | $165613 |
| Provision for credit losses | 14513 | 18958 | 1500 | (6950) | (5000) |
| Non-interest income | 54321 | 59162 | 58391 | 55256 | 63881 |
| Non-interest expense | 168462 | 169558 | 149730 | 145978 | 154019 |
| Income before taxes | 97257 | 86228 | 85992 | 77538 | 80475 |
| Net income available to common shareholders | 79271 | 68309 | 67427 | 61726 | 59325 |
| Pre-provision net revenue<sup>(1)</sup> | 115049 | 113631 | 89384 | 71842 | 77837 |
| **<u>Per Share</u>** |  |  |  |  |  |
| Net income available to common shareholders (basic) | $0.47 | $0.41 | $0.42 | $0.38 | $0.37 |
| Net income available to common shareholders (diluted) | $0.47 | $0.40 | $0.42 | $0.38 | $0.37 |
| Operating net income available to common shareholders<sup>(1)</sup> | $0.48 | $0.48 | $0.42 | $0.38 | $0.37 |
| Cash dividends | $0.21 | $0.15 | $0.15 | $0.15 | $0.22 |
| Common shareholders' equity | $14.24 | $13.61 | $14.15 | $14.79 | $15.70 |
| Common shareholders' equity (tangible)<sup>(1)</sup> | $10.90 | $10.26 | $10.81 | $11.44 | $12.35 |
| Weighted average shares (basic) | 167504 | 167353 | 160920 | 160588 | 161210 |
| Weighted average shares (diluted) | 169136 | 168781 | 162075 | 161911 | 162355 |
| <sup>(1)</sup> Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. | <sup>(1)</sup> Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. | <sup>(1)</sup> Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. | <sup>(1)</sup> Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. | <sup>(1)</sup> Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. | <sup>(1)</sup> Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| | **Dec 31**<br>**2022** | **Sep 30**<br>**2022** | **Jun 30**<br>**2022** | **Mar 31**<br>**2022** | **Dec 31**<br>**2021** |
| **<u>Asset Quality</u>** |  |  |  |  |  |
| Net (recoveries) charge offs to average loans | 0.23% | 0.01% | (0.08)% | (0.02)% | 0.07% |
| Non-performing loans to total loans | 0.85% | 0.98% | 0.92% | 0.87% | 0.83% |
| Non-performing assets to total assets | 0.66% | 0.76% | 0.71% | 0.64% | 0.60% |
| ACL - loans<sup>(1)</sup> to total loans | 1.33% | 1.35% | 1.31% | 1.32% | 1.36% |
| ACL - loans<sup>(1)</sup> to non-performing loans | 157% | 138% | 143% | 151% | 164% |
| **<u>Asset Quality, excluding PPP</u>**<sup>(2)(3)</sup> |  |  |  |  |  |
| Net (recoveries) charge offs to adjusted average loans | 0.23% | 0.01% | (0.08)% | (0.02)% | 0.07% |
| Non-performing loans to total adjusted loans | 0.85% | 0.98% | 0.92% | 0.88% | 0.84% |
| ACL - loans<sup>(1)</sup> to total adjusted loans | 1.33% | 1.36% | 1.32% | 1.33% | 1.38% |
| **<u>Profitability</u>** |  |  |  |  |  |
| Return on average assets | 1.23% | 1.07% | 1.10% | 1.02% | 0.94% |
| Operating return on average assets<sup>(2)</sup> | 1.26% | 1.25% | 1.11% | 1.02% | 0.94% |
| Return on average common shareholders' equity | 13.70% | 11.24% | 11.57% | 10.03% | 9.34% |
| Return on average common shareholders' equity (tangible)<sup>(2)</sup> | 18.59% | 17.31% | 15.23% | 12.88% | 11.89% |
| Net interest margin | 3.69% | 3.54% | 3.04% | 2.78% | 2.77% |
| Efficiency ratio<sup>(2)</sup> | 58.1% | 57.8% | 61.4% | 65.8% | 65.2% |
| Non-interest expenses to total average assets | 2.53% | 2.55% | 2.35% | 2.31% | 2.34% |
| Operating non-interest expenses to total average assets<sup>(2)</sup> | 2.48% | 2.43% | 2.32% | 2.29% | 2.30% |
| **<u>Capital Ratios</u>** |  |  |  |  |  |
| Tangible common equity ratio ("TCE")<sup>(2)</sup> | 6.9% | 6.7% | 7.0% | 7.3% | 7.8% |
| TCE ratio, (excluding AOCI)<sup>(2)(5)</sup> | 8.2% | 8.3% | 8.2% | 7.9% | 7.8% |
| Tier 1 leverage ratio<sup>(4)</sup> | 9.4% | 9.2% | 9.1% | 8.9% | 8.6% |
| Common equity Tier 1 capital ratio<sup>(4)</sup> | 10.0% | 10.0% | 9.9% | 10.0% | 9.9% |
| Tier 1 risk-based capital ratio<sup>(4)</sup> | 10.8% | 10.9% | 10.8% | 10.9% | 10.9% |
| Total risk-based capital ratio<sup>(4)</sup> | 13.5% | 13.6% | 13.7% | 13.8% | 14.1% |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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) Asset quality information excluding PPP loans. | (3) Asset quality information excluding PPP loans. | (3) Asset quality information excluding PPP loans. | (3) Asset quality information excluding PPP loans. | (3) Asset quality information excluding PPP loans. | (3) Asset quality information excluding PPP loans. |
| (4) Regulatory capital ratios as of December 31, 2022 are preliminary and prior periods are actual. | (4) Regulatory capital ratios as of December 31, 2022 are preliminary and prior periods are actual. | (4) Regulatory capital ratios as of December 31, 2022 are preliminary and prior periods are actual. | (4) Regulatory capital ratios as of December 31, 2022 are preliminary and prior periods are actual. | (4) Regulatory capital ratios as of December 31, 2022 are preliminary and prior periods are actual. | (4) Regulatory capital ratios as of December 31, 2022 are preliminary and prior periods are actual. |
| (5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI") | (5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI") | (5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI") | (5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI") | (5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI") | (5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI") |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | | | |
| **CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)** | **CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)** | **CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)** | **CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)** | **CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)** | | | |
| **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | | | |
| | | | | | | **% Change from** | **% Change from** |
| | **Dec 31** | **Sep 30** | **Jun 30** | **Mar 31** | **Dec 31** | **Sep 30** | **Dec 31** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** |
| **<u>ASSETS</u>** | **<u>ASSETS</u>** |  |  |  |  |  |  |
| Cash and due from banks | $126898 | $143465 | $158605 | $161462 | $172276 | (11.5)% | (26.3)% |
| Other interest-earning assets | 685209 | 467164 | 383715 | 1054232 | 1523973 | 46.7% | (55.0)% |
| Loans held for sale | 7264 | 14411 | 17528 | 27675 | 35768 | (49.6)% | (79.7)% |
| Investment securities | 3968023 | 3936694 | 4117801 | 4288674 | 4167774 | 0.8% | (4.8)% |
| Net loans | 20279547 | 19695199 | 18920950 | 18476119 | 18325350 | 3.0% | 10.7% |
| Less: ACL - loans<sup>(1)</sup> | (269366) | (266838) | (248564) | (243705) | (249001) | (0.9)% | (8.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 20010181 | 19428361 | 18672386 | 18232414 | 18076349 | 3.0% | 10.7% |
| Net, premises and equipment | 225141 | 221496 | 211639 | 218257 | 220357 | 1.6% | 2.2% |
| Accrued interest receivable | 91579 | 72821 | 64457 | 55102 | 57451 | 25.8% | 59.4% |
| Goodwill and intangible assets | 560824 | 561495 | 537700 | 537877 | 538053 | (0.1)% | 4.2% |
| Other assets | 1256583 | 1300135 | 1088855 | 1022617 | 1004397 | (3.3)% | 25.1% |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Assets** | $26931702 | $26146042 | $25252686 | $25598310 | $25796398 | 3.0% | 4.4% |
| **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** | **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** |  |  |  |  |  |  |
| Deposits | $20649538 | $21376554 | $21143866 | $21541174 | $21573499 | (3.4)% | (4.3)% |
| Borrowings | 2871207 | 1424681 | 1013315 | 1008934 | 1038109 | 101.5% | N/M |
| Other liabilities | 831200 | 873648 | 624412 | 478667 | 472110 | (4.9)% | 76.1% |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities** | 24351945 | 23674883 | 22781593 | 23028775 | 23083718 | 2.9% | 5.5% |
| Shareholders' equity | 2579757 | 2471159 | 2471093 | 2569535 | 2712680 | 4.4% | (4.9)% |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Shareholders' Equity** | $26931702 | $26146042 | $25252686 | $25598310 | $25796398 | 3.0% | 4.4% |
| **<u>LOANS, DEPOSITS AND BORROWINGS DETAIL:</u>** | **<u>LOANS, DEPOSITS AND BORROWINGS DETAIL:</u>** | **<u>LOANS, DEPOSITS AND BORROWINGS DETAIL:</u>** |  |  |  |  |  |
| Loans, by type: | Loans, by type: |  |  |  |  |  |  |
| Real estate - commercial mortgage | $7693835 | $7554509 | $7417036 | $7289376 | $7279080 | 1.8% | 5.7% |
| Commercial and industrial | 4452606 | 4208775 | 4098552 | 3992285 | 3906791 | 5.8% | 14.0% |
| Real estate - residential mortgage | 4737279 | 4574228 | 4203827 | 3946741 | 3846750 | 3.6% | 23.2% |
| Real estate - home equity | 1102838 | 1110103 | 1108808 | 1098171 | 1118248 | (0.7)% | (1.4)% |
| Real estate - construction | 1269925 | 1273097 | 1177446 | 1210340 | 1139779 | (0.2)% | 11.4% |
| Consumer | 699179 | 633666 | 538747 | 481551 | 464657 | 10.3% | 50.5% |
| Equipment lease financing | 260143 | 255060 | 254897 | 253521 | 236344 | 2.0% | 10.1% |
| Other<sup>(2)</sup> | 43344 | 53671 | 49214 | 39857 | 32448 | (19.2)% | 33.6% |
| *&nbsp;&nbsp;&nbsp;&nbsp; Net loans before PPP* | 20259149 | 19663109 | 18848527 | 18311842 | 18024097 | 3.0% | 12.4% |
| PPP | 20398 | 32090 | 72423 | 164277 | 301253 | (36.4)% | (93.2)% |
| **Total Net Loans** | $20279547 | $19695199 | $18920950 | $18476119 | $18325350 | 3.0% | 10.7% |
| Deposits, by type: | Deposits, by type: |  |  |  |  |  |  |
| Noninterest-bearing demand | $7006388 | $7372896 | $7530777 | $7528391 | $7370963 | (5.0)% | (4.9)% |
| Interest-bearing demand | 5410903 | 5676600 | 5403805 | 5625286 | 5819539 | (4.7)% | (7.0)% |
| Savings | 6434621 | 6563003 | 6406051 | 6479196 | 6403995 | (2.0)% | 0.5% |
| *&nbsp;&nbsp;&nbsp;&nbsp; Total demand and savings* | 18851912 | 19612499 | 19340633 | 19632873 | 19594497 | (3.9)% | (3.8)% |
| Brokered | 208416 | 226883 | 243172 | 248833 | 251526 | (8.1)% | (17.1)% |
| Time | 1589210 | 1537172 | 1560061 | 1659468 | 1727476 | 3.4% | (8.0)% |
| **Total Deposits** | $20649538 | $21376554 | $21143866 | $21541174 | $21573499 | (3.4)% | (4.3)% |
| Borrowings, by type: | Borrowings, by type: |  |  |  |  |  |  |
| Federal funds purchased | $191000 | $136000 | $20000 | $— | $— | 40.4% | N/M |
| Federal Home Loan Bank advances | 1250000 | 265500 |  |  |  | N/M | N/M |
| Senior debt and subordinated debt | 539634 | 539461 | 555748 | 555594 | 620406 | —% | (13.0)% |
| Other borrowings | 890573 | 483720 | 437567 | 453340 | 417703 | 84.1% | 113.2% |
| **Total Borrowings** | $2871207 | $1424681 | $1013315 | $1008934 | $1038109 | 101.5% | N/M |
| N/M - Not meaningful |  |  |  |  |  |  |  |
| (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. |
| (2) Consists of overdrafts and net origination fees and costs. | (2) Consists of overdrafts and net origination fees and costs. | (2) Consists of overdrafts and net origination fees and costs. | (2) Consists of overdrafts and net origination fees and costs. | (2) Consists of overdrafts and net origination fees and costs. | (2) Consists of overdrafts and net origination fees and costs. | (2) Consists of overdrafts and net origination fees and costs. | (2) Consists of overdrafts and net origination fees and costs. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | | | |
| **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** | | | |
| **dollars in thousands, except per share** | **dollars in thousands, except per share** | **dollars in thousands, except per share** | **dollars in thousands, except per share** | **dollars in thousands, except per share** | **dollars in thousands, except per share** | **dollars in thousands, except per share** | **dollars in thousands, except per share** | | | |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change from** | **% Change from** | **Year Ended** | **Year Ended** | **Year Ended** |
| | **Dec 31** | **Sep 30** | **Jun 30** | **Mar 31** | **Dec 31** | **Sep 30** | **Dec 31** | **Dec 31** | **Dec 31** | |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **% Change** |
| Interest Income: |  |  |  |  |  |  |  |  |  |  |
| Interest income | $267847 | $233691 | $190299 | $173001 | $177724 | 14.6% | 50.7% | $864838 | $723412 | 19.5% |
| Interest expense | 41936 | 18109 | 11468 | 11691 | 12111 | 131.6% | N/M | 83204 | 59682 | 39.4% |
| **&nbsp;&nbsp;&nbsp;&nbsp;Net Interest Income** | 225911 | 215582 | 178831 | 161310 | 165613 | 4.8% | 36.4% | 781634 | 663730 | 17.8% |
| Provision for credit losses | 14513 | 18958 | 1500 | (6950) | (5000) | (23.4)% | N/M | 28021 | (14600) | N/M |
| **&nbsp;&nbsp;&nbsp;&nbsp;Net Interest Income after <br>&nbsp;&nbsp;&nbsp;&nbsp;Provision** | 211398 | 196624 | 177331 | 168260 | 170613 | 7.5% | 23.9% | 753613 | 678330 | 11.1% |
| Non-Interest Income: |  |  |  |  |  |  |  |  |  |  |
| Commercial banking: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merchant and card | 7223 | 7601 | 7355 | 6097 | 6588 | (5.0)% | 9.6% | 28276 | 26121 | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash management | 5756 | 6483 | 6062 | 5428 | 5318 | (11.2)% | 8.2% | 23729 | 20865 | 13.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital markets | 2627 | 4060 | 3893 | 1676 | 2982 | (35.3)% | (11.9)% | 12256 | 9381 | 30.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other commercial banking | 2998 | 2664 | 3049 | 2807 | 3592 | 12.5% | (16.5)% | 11518 | 12322 | (6.5)% |
| *&nbsp;&nbsp;&nbsp;&nbsp; Total commercial banking* | 18604 | 20808 | 20359 | 16008 | 18480 | (10.6)% | 0.7% | 75779 | 68689 | 10.3% |
| Consumer banking: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card | 6331 | 6278 | 6067 | 5796 | 5953 | 0.8% | 6.3% | 24472 | 23505 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Overdraft | 3364 | 4463 | 3881 | 3772 | 3896 | (24.6)% | (13.7)% | 15480 | 12844 | 20.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer banking | 2380 | 2534 | 2524 | 2106 | 2280 | (6.1)% | 4.4% | 9544 | 9195 | 3.8% |
| *&nbsp;&nbsp;&nbsp;&nbsp; Total consumer banking* | 12075 | 13275 | 12472 | 11674 | 12129 | (9.0)% | (0.4)% | 49496 | 45544 | 8.7% |
| Wealth management | 17531 | 17610 | 18274 | 19428 | 18285 | (0.4)% | (4.1)% | 72843 | 71798 | 1.5% |
| Mortgage banking | 2140 | 3720 | 3768 | 4576 | 7243 | (42.5)% | (70.5)% | 14204 | 33576 | (57.7)% |
| Other | 3972 | 3802 | 3510 | 3551 | 7739 | 4.5% | (48.7)% | 14835 | 20622 | (28.1)% |
| **&nbsp;&nbsp;&nbsp;&nbsp; Non-interest income before<br>&nbsp;&nbsp;&nbsp;&nbsp; investment securities gains (losses)** | 54322 | 59215 | 58383 | 55237 | 63876 | (8.3)% | (15.0)% | 227157 | 240229 | (5.4)% |
| Investment securities gains (losses), net | (1) | (53) | 8 | 19 | 5 | 98.1% | (120.0)% | (27) | 33516 | (100.1)% |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Interest Income** | 54321 | 59162 | 58391 | 55256 | 63881 | (8.2)% | (15.0)% | 227130 | 273745 | (17.0)% |
| Non-Interest Expense: |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits | 92733 | 94283 | 85404 | 84464 | 85506 | (1.6)% | 8.5% | 356884 | 329138 | 8.4% |
| Data processing and software | 15448 | 15807 | 14685 | 14315 | 14612 | (2.3)% | 5.7% | 60255 | 56440 | 6.8% |
| Net occupancy | 14061 | 14025 | 13587 | 14522 | 14366 | 0.3% | (2.1)% | 56195 | 53799 | 4.5% |
| Other outside services | 10860 | 9361 | 8764 | 8167 | 9637 | 16.0% | 12.7% | 37152 | 34194 | 8.7% |
| Equipment | 3640 | 3548 | 3422 | 3423 | 3539 | 2.6% | 2.9% | 14033 | 13807 | 1.6% |
| FDIC insurance | 3219 | 3158 | 2961 | 3209 | 3032 | 1.9% | 6.2% | 12547 | 10665 | 17.6% |
| Professional fees | 2945 | 2373 | 2013 | 1792 | 1946 | 24.1% | 51.3% | 9123 | 9647 | (5.4)% |
| Marketing | 2380 | 1859 | 1326 | 1320 | 1477 | 28.0% | 61.1% | 6885 | 5275 | 30.5% |
| Intangible amortization | 688 | 690 | 177 | 176 | 146 | (0.3)% | N/M | 1731 | 589 | N/M |
| Debt extinguishment |  |  |  |  | 674 | N/M | N/M |  | 33249 | (100.0)% |
| Merger-related expenses | 1894 | 7006 | 1027 | 401 |  | (73.0)% | N/M | 10328 |  | N/M |
| Other | 20594 | 17448 | 16364 | 14189 | 19084 | 18.0% | 7.9% | 68595 | 71027 | (3.4)% |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Interest Expense** | 168462 | 169558 | 149730 | 145978 | 154019 | (0.6)% | 9.4% | 633728 | 617830 | 2.6% |
| **&nbsp;&nbsp;&nbsp;&nbsp;Income Before Income Taxes** | 97257 | 86228 | 85992 | 77538 | 80475 | 12.8% | 20.9% | 347015 | 334245 | 3.8% |
| Income tax expense | 15424 | 15357 | 16003 | 13250 | 18588 | 0.4% | (17.0)% | 60034 | 58748 | 2.2% |
| **&nbsp;&nbsp;&nbsp;&nbsp;Net Income** | 81833 | 70871 | 69989 | 64288 | 61887 | 15.5% | 32.2% | 286981 | 275497 | 4.2% |
| Preferred stock dividends | (2562) | (2562) | (2562) | (2562) | (2562) | —% | —% | (10248) | (10277) | 0.3% |
| **&nbsp;&nbsp;&nbsp;&nbsp; Net Income Available to <br>&nbsp;&nbsp;&nbsp;&nbsp; Common Shareholders** | $79271 | $68309 | $67427 | $61726 | $59325 | 16.0% | 33.6% | $276733 | $265220 | 4.3% |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change from** | **% Change from** | **Year Ended** | **Year Ended** | **Year Ended** |
| | | | | | | | | **Dec 31** | **Dec 31** | |
| | **Dec 31**<br>**2022** | **Sep 30**<br>**2022** | **Jun 30**<br>**2022** | **Mar 31**<br>**2022** | **Dec 31**<br>**2021** | **Sep 30**<br>**2022** | **Dec 31**<br>**2021** | **2022** | **2021** | **% Change** |
| **<u>PER SHARE:</u>** |  |  |  |  |  |  |  |  |  |  |
| Net income available to common shareholders: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.47 | $0.41 | $0.42 | $0.38 | $0.37 | 14.6% | 27.0% | $1.69 | $1.63 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.47 | $0.40 | $0.42 | $0.38 | $0.37 | 17.5% | 27.0% | $1.67 | $1.62 | 3.1% |
| Cash dividends | $0.21 | $0.15 | $0.15 | $0.15 | $0.22 | 40.0% | (4.5)% | $0.66 | $0.64 | 3.1% |
| Weighted average shares (basic) | 167504 | 167353 | 160920 | 160588 | 161210 | 0.1% | 3.9% | 164119 | 162233 | 1.2% |
| Weighted average shares (diluted) | 169136 | 168781 | 162075 | 161911 | 162355 | 0.2% | 4.2% | 165472 | 163307 | 1.3% |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | | | | | |
| **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | | | | | |
| **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | | | | | |
| | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
| | | | | | | | **Average** | **Average** | | | |
| | **Average**<br>**Balance** |<br>**Interest**<sup>(1)</sup> | **Yield/**<br>**Rate** | **Average**<br>**Balance** |<br>**Interest**<sup>(1)</sup> | **Yield/**<br>**Rate** | **Balance** | **Balance** | **Interest**<sup>(1)</sup> | **Interest**<sup>(1)</sup> | **Yield/**<br>**Rate** |
| **<u>ASSETS</u>** | | | | | | | | | | | |
| Interest-earning assets: | Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |
| Net loans | 20004513 | 241453 | 4.80% | 19563825 | 207343 | 4.21% | $| 18220550 | $| 159057 | 3.47% |
| Investment securities | 4330635 | 27781 | 2.56% | 4500461 | 28022 | 2.49% | 3922197 | 3922197 | 22424 | 22424 | 2.29% |
| Loans held for sale | 9264 | 171 | 7.39% | 9098 | 194 | 8.51% | 35235 | 35235 | 333 | 333 | 3.77% |
| Other interest-earning assets | 450818 | 2752 | 2.43% | 622673 | 2103 | 1.34% | 2100392 | 2100392 | (905) | (905) | (0.19)% |
| **Total Interest-Earning Assets** | 24795230 | 272157 | 4.36% | 24696057 | 237662 | 3.83% | 24278374 | 24278374 | 180909 | 180909 | 2.96% |
| Noninterest-Earning assets: | Noninterest-Earning assets: |  |  |  |  |  |  |  |  |  |  |
| Cash and due from banks | 149472 |  |  | 152349 |  |  | 211958 | 211958 |  |  |  |
| Premises and equipment | 223245 |  |  | 223880 |  |  | 226319 | 226319 |  |  |  |
| Other assets | 1488684 |  |  | 1545812 |  |  | 1677028 | 1677028 |  |  |  |
| Less: ACL - loans<sup>(2)</sup> | (270276) |  |  | (261003) |  |  | (257143) | (257143) |  |  |  |
| **Total Assets** | 26386355 |  |  | 26357095 |  |  | $| 26136536 |  |  |  |
| **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** | **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** |  |  |  |  |  |  |  |  |  |  |
| Interest-Bearing liabilities: | Interest-Bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
| Demand deposits | 5479443 | 4589 | 0.33% | 5708059 | 1886 | 0.13% | $| 5933780 | $| 756 | 0.05% |
| Savings deposits | 6466775 | 11539 | 0.71% | 6681713 | 3414 | 0.20% | 6413638 | 6413638 | 992 | 992 | 0.06% |
| Brokered deposits | 215729 | 1947 | 3.58% | 247105 | 1346 | 2.16% | 256192 | 256192 | 220 | 220 | 0.34% |
| Time deposits | 1554885 | 4302 | 1.10% | 1615384 | 3404 | 0.84% | 1756672 | 1756672 | 3928 | 3928 | 0.89% |
| **Total Interest-Bearing Deposits** | 13716832 | 22377 | 0.65% | 14252261 | 10050 | 0.28% | 14360282 | 14360282 | 5896 | 5896 | 0.16% |
| Borrowings | 2025522 | 19559 | 3.83% | 1359348 | 8060 | 2.38% | 1097095 | 1097095 | 6216 | 6216 | 2.29% |
| **Total Interest-Bearing Liabilities** | 15742354 | 41936 | 1.06% | 15611609 | 18110 | 0.47% | 15457377 | 15457377 | 12112 | 12112 | 0.31% |
| Noninterest-Bearing liabilities: | Noninterest-Bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
| Demand deposits | 7310824 |  |  | 7535791 |  |  | 7516656 | 7516656 |  |  |  |
| Other | 844029 |  |  | 605638 |  |  | 449305 | 449305 |  |  |  |
| **Total Liabilities** | 23897207 |  |  | 23753038 |  |  | 23423338 | 23423338 |  |  |  |
| Total Deposits/Cost of Deposits | 21027656 |  | 0.42% | 21788052 |  | 0.18% | 21876938 | 21876938 |  |  | 0.11% |
| **Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")** | 23053178 |  | 0.72% | 23147400 |  | 0.31% | 22974033 | 22974033 |  |  | 0.21% |
| Shareholders' equity | 2489148 |  |  | 2604057 |  |  | 2713198 | 2713198 |  |  |  |
| **Total Liabilities and Shareholders' Equity** | 26386355 |  |  | 26357095 |  |  | $| 26136536 |  |  |  |
| Net interest income/net interest margin (fully taxable equivalent) |  | 230221 | 3.69% |  | 219552 | 3.54% |  |  | 168797 | 168797 | 2.77% |
| Tax equivalent adjustment |  | (4310) |  |  | (3970) |  |  |  | (3184) | (3184) |  |
| **Net Interest Income** |  | 225911 |  |  | 215582 |  |  |  | $| 165613 |  |
| (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. |
| (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** |
| **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** |
| **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** |
| | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **% Change from** | **% Change from** |
| | **Dec 31** | **Sep 30** | **Jun 30** | **Mar 31** | **Dec 31** | **Sep 30** | **Dec 31** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** |
| Loans, by type: |  |  |  |  |  |  |  |
| Real estate - commercial mortgage | $7696997 | $7566259 | $7340417 | $7294914 | $7157906 | 1.7% | 7.5% |
| Commercial and industrial | 4347406 | 4201399 | 4040587 | 3986900 | 3898559 | 3.5% | 11.5% |
| Real estate - residential mortgage | 4643784 | 4485649 | 4052666 | 3887428 | 3773156 | 3.5% | 23.1% |
| Real estate - home equity | 1106325 | 1099487 | 1118494 | 1106319 | 1122042 | 0.6% | (1.4)% |
| Real estate - construction | 1209998 | 1268590 | 1188932 | 1137649 | 1117592 | (4.6)% | 8.3% |
| Consumer | 679108 | 604634 | 485095 | 471129 | 462346 | 12.3% | 46.9% |
| Equipment lease financing | 255291 | 252810 | 253659 | 236388 | 238349 | 1.0% | 7.1% |
| Other<sup>(1)</sup> | 40075 | 35823 | 42476 | 36277 | 15558 | 11.9% | N/M |
| *&nbsp;&nbsp;&nbsp;&nbsp; Net loans before PPP* | 19978984 | 19514651 | 18522326 | 18157004 | 17785508 | 2.4% | 12.3% |
| PPP | 25529 | 49174 | 114849 | 226114 | 435042 | (48.1)% | (94.1)% |
| **Total Net Loans** | $20004513 | $19563825 | $18637175 | $18383118 | $18220550 | 2.3% | 9.8% |
| Deposits, by type: |  |  |  |  |  |  |  |
| Noninterest-bearing demand | $7310824 | $7535791 | $7647618 | $7431235 | $7516656 | (3.0)% | (2.7)% |
| Interest-bearing demand | 5479443 | 5708059 | 5597975 | 5664987 | 5933780 | (4.0)% | (7.7)% |
| Savings | 6466775 | 6681713 | 6425634 | 6436548 | 6413638 | (3.2)% | 0.8% |
| *&nbsp;&nbsp;&nbsp;&nbsp; Total demand and savings* | 19257042 | 19925563 | 19671227 | 19532770 | 19864074 | (3.4)% | (3.1)% |
| Brokered | 215729 | 247105 | 244200 | 250350 | 256192 | (12.7)% | (15.8)% |
| Time | 1554885 | 1615384 | 1608286 | 1697063 | 1756672 | (3.7)% | (11.5)% |
| **Total Deposits** | $21027656 | $21788052 | $21523713 | $21480183 | $21876938 | (3.5)% | (3.9)% |
| Borrowings, by type: |  |  |  |  |  |  |  |
| Federal funds purchased | $261737 | $96965 | $2857 | $— | $— | N/M | N/M |
| Federal Home Loan Bank advances | 564692 | 206152 |  |  |  | N/M | N/M |
| Senior debt and subordinated debt | 539550 | 554735 | 555701 | 608961 | 622108 | (2.7)% | (13.3)% |
| Other borrowings | 659543 | 501496 | 445261 | 424854 | 474987 | 31.5% | 38.9% |
| **Total Borrowings** | $2025522 | $1359348 | $1003819 | $1033815 | $1097095 | 49.0% | 84.6% |
| <sup>(1)</sup> Consists of overdrafts and net origination fees and costs. | <sup>(1)</sup> Consists of overdrafts and net origination fees and costs. | <sup>(1)</sup> Consists of overdrafts and net origination fees and costs. | <sup>(1)</sup> Consists of overdrafts and net origination fees and costs. | <sup>(1)</sup> Consists of overdrafts and net origination fees and costs. | <sup>(1)</sup> Consists of overdrafts and net origination fees and costs. |  |  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | | | | | | | |
| **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | **CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)** | | | | | |
| **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | | | | | |
| | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Average** |  | **Yield/** | **Average** | **Average** |  |  | **Yield/** |
|  | **Balance** | **Interest**<sup>(1)</sup> | **Rate** | **Balance** | **Balance** | **Interest**<sup>(1)</sup> | **Interest**<sup>(1)</sup> | **Rate** |
| **<u>ASSETS</u>** | **<u>ASSETS</u>** | **<u>ASSETS</u>** | **<u>ASSETS</u>** |  |  |  |  |  |
| Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | Interest-earning assets: |  |  |  |  |  |
| Net loans | 19152740 | 765603 | 4.00% | $| 18627787 | $| 644387 | 3.46% |
| Investment securities | 4364627 | 106115 | 2.43% | 3673250 | 3673250 | 86325 | 86325 | 2.35% |
| Loans held for sale | 14974 | 866 | 5.78% | 39211 | 39211 | 1302 | 1302 | 3.32% |
| Other interest-earning assets | 814731 | 7249 | 0.89% | 2014954 | 2014954 | 3694 | 3694 | 0.18% |
| **Total Interest-Earning Assets** | 24347072 | 879833 | 3.61% | 24355202 | 24355202 | 735708 | 735708 | 3.02% |
| Noninterest-Earning assets: | Noninterest-Earning assets: | Noninterest-Earning assets: | Noninterest-Earning assets: |  |  |  |  |  |
| Cash and due from banks | 156050 |  |  | 165942 | 165942 |  |  |  |
| Premises and equipment | 220982 |  |  | 228708 | 228708 |  |  |  |
| Other assets | 1505277 |  |  | 1686053 | 1686053 |  |  |  |
| Less: ACL - loans<sup>(2)</sup> | (257897) |  |  | (265572) | (265572) |  |  |  |
| **Total Assets** | 25971484 |  |  | $| 26170333 |  |  |  |
| **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** | **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** | **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** | **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** |  |  |  |  |  |
| Interest-Bearing liabilities: | Interest-Bearing liabilities: | Interest-Bearing liabilities: | Interest-Bearing liabilities: |  |  |  |  |  |
| Demand deposits | 5593942 | 8219 | 0.15% | $| 5979479 | $| 3662 | 0.06% |
| Savings deposits | 6458165 | 16642 | 0.26% | 6306967 | 6306967 | 4936 | 4936 | 0.08% |
| Brokered deposits | 262359 | 4097 | 1.56% | 286901 | 286901 | 1096 | 1096 | 0.38% |
| Time deposits | 1617804 | 14871 | 0.92% | 1939446 | 1939446 | 20311 | 20311 | 1.05% |
| **Total Interest-Bearing Deposits** | 13932270 | 43829 | 0.31% | 14512793 | 14512793 | 30005 | 30005 | 0.21% |
| Total borrowings | 1358357 | 39375 | 2.89% | 1297963 | 1297963 | 29677 | 29677 | 2.29% |
| **Total Interest-Bearing Liabilities** | 15290627 | 83204 | 0.54% | 15810756 | 15810756 | 59682 | 59682 | 0.38% |
| Noninterest-Bearing liabilities: | Noninterest-Bearing liabilities: | Noninterest-Bearing liabilities: | Noninterest-Bearing liabilities: |  |  |  |  |  |
| Demand deposits | 7522304 |  |  | 7211153 | 7211153 |  |  |  |
| Other | 598230 |  |  | 462478 | 462478 |  |  |  |
| **Total Liabilities** | 23411161 |  |  | 23484387 | 23484387 |  |  |  |
| Total Deposits/Cost of Deposits | 21454574 |  | 0.20% | 21723946 | 21723946 |  |  | 0.14% |
| **Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")** | 22812931 |  | 0.36% | 23021909 | 23021909 |  |  | 0.26% |
| Shareholders' equity | 2560323 |  |  | 2685946 | 2685946 |  |  |  |
| **Total Liabilities and Shareholders' Equity** | 25971484 |  |  | $| 26170333 |  |  |  |
| Net interest income/net interest margin (fully taxable equivalent) |  | 796629 | 3.27% |  |  | 676026 | 676026 | 2.78% |
| Tax equivalent adjustment |  | (14995) |  |  |  | (12296) | (12296) |  |
| **Net Interest Income** |  | 781634 |  |  |  | $| 663730 |  |
| (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. | (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. |
| (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. | (2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. |

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| | | | |
|:---|:---|:---|:---|
| **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | | |
| **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** | **AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):** |
| **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** |
| | **Year Ended December 31** | **Year Ended December 31** | |
|  | **2022** | **2021** | **% Change** |
| Loans, by type: |  |  |  |
| Real estate - commercial mortgage | $7523806 | $7149712 | 5.2% |
| Commercial and industrial | 4126916 | 3932351 | 4.9% |
| Real estate - residential mortgage | 4261527 | 3501072 | 21.7% |
| Real estate - home equity | 1101142 | 1141042 | (3.5)% |
| Real estate - construction | 1178550 | 1078350 | 9.3% |
| Consumer | 569305 | 456427 | 24.7% |
| Equipment lease financing | 249595 | 252104 | (1.0)% |
| Other<sup>(1)</sup> | 38682 | (3776) | N/M |
| *&nbsp;&nbsp;&nbsp;&nbsp; Net loans before PPP* | 19049523 | 17507282 | 8.8% |
| PPP | 103217 | 1120505 | (90.8)% |
| **Total Net Loans** | $19152740 | $18627787 | 2.8% |
| Deposits, by type: |  |  |  |
| Noninterest-bearing demand | $7522304 | $7211153 | 4.3% |
| Interest-bearing demand | 5593942 | 5979479 | (6.4)% |
| Savings | 6458165 | 6306967 | 2.4% |
| *Total demand and savings* | 19574411 | 19497599 | 0.4% |
| Brokered | 262359 | 286901 | (8.6)% |
| Time | 1617804 | 1939446 | (16.6)% |
| **Total Deposits** | $21454574 | $21723946 | (1.2)% |
| Borrowings, by type: |  |  |  |
| Federal funds purchased | $91125 | $— | N/M |
| Federal Home Loan Bank advances | 194295 | 126677 | 53.4% |
| Senior debt and subordinated debt | 564337 | 657386 | (14.2)% |
| Other borrowings | 508600 | 513900 | (1.0)% |
| **Total Borrowings** | $1358357 | $1297963 | 4.7% |
| N/M - Not meaningful |  |  |  |
| <sup>(1)</sup> Consists of overdrafts and net origination fees and costs. | <sup>(1)</sup> Consists of overdrafts and net origination fees and costs. | <sup>(1)</sup> Consists of overdrafts and net origination fees and costs. |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | | | | |
| **ASSET QUALITY INFORMATION (UNAUDITED)** | **ASSET QUALITY INFORMATION (UNAUDITED)** | **ASSET QUALITY INFORMATION (UNAUDITED)** | **ASSET QUALITY INFORMATION (UNAUDITED)** | | | | |
| **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | **dollars in thousands** | | | | |
| | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Year Ended** | **Year Ended** |
| | **Dec 31** | **Sep 30** | **Jun 30** | **Mar 31** | **Dec 31** | **Dec 31** | **Dec 31** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2022** | **2021** |
| **<u>Allowance for credit losses related to net loans:</u>** | **<u>Allowance for credit losses related to net loans:</u>** |  |  |  |  |  |  |
| **Balance at beginning of period** | $266838 | $248564 | $243705 | $249001 | $256727 | $249001 | $277567 |
| CECL Day 1 provision expense |  | 7954 |  |  |  | 7954 |  |
| Initial purchased credit deteriorated loans |  | 1135 |  |  |  | 1135 |  |
| Loans charged off: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | (179) | (1783) | (201) | (227) | (9417) | (2390) | (15337) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - commercial mortgage | (12235) | (86) |  | (152) | (369) | (12473) | (8726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer and home equity | (1311) | (1172) | (877) | (1052) | (828) | (4412) | (3309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - residential mortgage |  |  | (66) |  |  | (66) | (1290) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - construction |  |  |  |  |  |  | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment lease financing and other | (505) | (683) | (474) | (469) | (380) | (2131) | (2251) |
| **&nbsp;&nbsp;&nbsp;&nbsp;Total loans charged off** | **(14230)** | **(3724)** | **(1618)** | **(1900)** | **(10994)** | **(21472)** | **(30952)** |
| Recoveries of loans previously charged off: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 961 | 2213 | 739 | 1980 | 5795 | 5893 | 9587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - commercial mortgage | 183 | 29 | 3536 | 112 | 1007 | 3860 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer and home equity | 683 | 682 | 762 | 454 | 767 | 2581 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - residential mortgage | 10 | 101 | 92 | 222 | 89 | 425 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - construction | 530 |  | 12 | 32 | 77 | 574 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment lease financing and other | 132 | 247 | 226 | 154 | 283 | 759 | 953 |
| **&nbsp;&nbsp;&nbsp;&nbsp;Recoveries of loans previously charged off** | **2499** | **3272** | **5367** | **2954** | **8018** | **14092** | **17146** |
| **Net loans recovered (charged off)** | **(11731)** | **(452)** | **3749** | **1054** | **(2976)** | **(7380)** | **(13806)** |
| Provision for credit losses | 14259 | 9637 | 1110 | (6350) | (4750) | 18656 | (14760) |
| **Balance at end of period** | $**269366** | $**266838** | $**248564** | $**243705** | $**249001** | $**269366** | $**249001** |
| **Net (recoveries) charge offs to average loans** | 0.23% | 0.01% | (0.08)% | (0.02)% | 0.07% | 0.04% | 0.07% |
| **<u>Provision for credit losses related to OBS Credit Exposures</u>** | **<u>Provision for credit losses related to OBS Credit Exposures</u>** | **<u>Provision for credit losses related to OBS Credit Exposures</u>** |  |  |  |  |  |
| Provision for credit losses | **$254** | **$1367** | **$390** | **($600)** | **($250)** |  |  |
| **<u>NON-PERFORMING ASSETS:</u>** | **<u>NON-PERFORMING ASSETS:</u>** |  |  |  |  |  |  |
| Non-accrual loans | $144443 | $178204 | $162530 | $136799 | $143666 |  |  |
| Loans 90 days past due and accruing | 27463 | 14559 | 11016 | 24182 | 8453 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-performing loans | 171906 | 192763 | 173546 | 160981 | 152119 |  |  |
| Other real estate owned | 5790 | 5877 | 4786 | 2014 | 1817 |  |  |
| **Total non-performing assets** | $**177696** | $**198640** | $**178332** | $**162995** | $**153936** |  |  |
| **<u>NON-PERFORMING LOANS, BY TYPE:</u>** | **<u>NON-PERFORMING LOANS, BY TYPE:</u>** |  |  |  |  |  |  |
| Commercial and industrial | $28288 | $29831 | $44713 | $30193 | $30629 |  |  |
| Real estate - commercial mortgage | 72634 | 96281 | 59940 | 64190 | 54044 |  |  |
| Real estate - residential mortgage | 46509 | 41597 | 42922 | 39308 | 39399 |  |  |
| Consumer and home equity | 9800 | 10016 | 10552 | 11465 | 11505 |  |  |
| Real estate - construction | 1368 | 1456 | 1357 | 672 | 901 |  |  |
| Equipment lease financing and other | 13307 | 13582 | 14062 | 15153 | 15641 |  |  |
| **Total non-performing loans** | $**171906** | $**192763** | $**173546** | $**160981** | $**152119** |  |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** | **FULTON FINANCIAL CORPORATION** |
| **RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)** | **RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)** | **RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)** | **RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)** | **RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)** | **RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)** | **RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)** |
| **(dollars in thousands, except per share data and percentages)** | **(dollars in thousands, except per share data and percentages)** | **(dollars in thousands, except per share data and percentages)** | **(dollars in thousands, except per share data and percentages)** | **(dollars in thousands, except per share data and percentages)** | **(dollars in thousands, except per share data and percentages)** | **(dollars in thousands, except per share data and percentages)** |
| <u>Explanatory note:</u> | This press release contains supplemental financial information, as detailed below, that has been derived by methods other than Generally Accepted Accounting Principles ("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. 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: | This press release contains supplemental financial information, as detailed below, that has been derived by methods other than Generally Accepted Accounting Principles ("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. 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: | This press release contains supplemental financial information, as detailed below, that has been derived by methods other than Generally Accepted Accounting Principles ("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. 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: | This press release contains supplemental financial information, as detailed below, that has been derived by methods other than Generally Accepted Accounting Principles ("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. 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: | This press release contains supplemental financial information, as detailed below, that has been derived by methods other than Generally Accepted Accounting Principles ("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. 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: | This press release contains supplemental financial information, as detailed below, that has been derived by methods other than Generally Accepted Accounting Principles ("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. 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** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  |  | **Dec 31** | **Sep 30** | **Jun 30** | **Mar 31** | **Dec 31** |
|  |  | **2022** | **2022** | **2022** | **2022** | **2021** |
| **<u>Operating net income available to common shareholders</u>** | **<u>Operating net income available to common shareholders</u>** |  |  |  |  |  |
| Net income available to common shareholders | Net income available to common shareholders | $79271 | $68309 | $67427 | $61726 | $59325 |
| Plus: Core deposit intangible amortization | Plus: Core deposit intangible amortization | 514 | 514 |  |  |  |
| Plus: Merger-related expenses | Plus: Merger-related expenses | 1894 | 7006 | 1027 | 401 |  |
| Plus: CECL Day 1 Provision expense | Plus: CECL Day 1 Provision expense |  | 7954 |  |  |  |
| Less: Tax impact of adjustments | Less: Tax impact of adjustments | (506) | (3250) | (216) | (84) |  |
| Operating net income available to common shareholders (numerator) | Operating net income available to common shareholders (numerator) | $81173 | $80533 | $68238 | $62043 | $59325 |
| Weighted average shares (diluted) (denominator) | Weighted average shares (diluted) (denominator) | 169136 | 168781 | 162075 | 161911 | 162355 |
| Operating net income available to common shareholders, per share (diluted) | Operating net income available to common shareholders, per share (diluted) | $0.48 | $0.48 | $0.42 | $0.38 | $0.37 |
| **<u>Common shareholders' equity (tangible), per share</u>** | **<u>Common shareholders' equity (tangible), per share</u>** |  |  |  |  |  |
| Shareholders' equity | Shareholders' equity | $2579757 | $2471159 | $2471093 | $2569535 | $2712680 |
| Less: Preferred stock | Less: Preferred stock | (192878) | (192878) | (192878) | (192878) | (192878) |
| Less: Goodwill and intangible assets | Less: Goodwill and intangible assets | (560824) | (561495) | (537700) | (537877) | (538053) |
| Tangible common shareholders' equity (numerator) | Tangible common shareholders' equity (numerator) | $1826055 | $1716786 | $1740515 | $1838780 | $1981749 |
| Shares outstanding, end of period (denominator) | Shares outstanding, end of period (denominator) | 167599 | 167399 | 161057 | 160669 | 160490 |
| &nbsp;&nbsp;&nbsp;Common shareholders' equity (tangible), per share | &nbsp;&nbsp;&nbsp;Common shareholders' equity (tangible), per share | $10.90 | $10.26 | $10.81 | $11.44 | $12.35 |
| **<u>Operating return on average assets</u>** | **<u>Operating return on average assets</u>** |  |  |  |  |  |
| Net income | Net income | $81833 | $70871 | $69989 | $64288 | $61887 |
| Plus: Core deposit intangible amortization | Plus: Core deposit intangible amortization | 514 | 514 |  |  |  |
| Plus: Merger-related expenses | Plus: Merger-related expenses | 1894 | 7006 | 1027 | 401 |  |
| Plus: CECL Day 1 Provision expense | Plus: CECL Day 1 Provision expense |  | 7954 |  |  |  |
| Less: Tax impact of adjustments | Less: Tax impact of adjustments | (506) | (3250) | (216) | (84) |  |
| Operating net income (numerator) | Operating net income (numerator) | $83735 | $83095 | $70800 | $64605 | $61887 |
| Total average assets (denominator) | Total average assets (denominator) | $26386355 | $26357095 | $25578432 | $25622462 | $26136536 |
| Operating return on average assets | Operating return on average assets | 1.26% | 1.25% | 1.11% | 1.02% | 0.94% |
| **<u>Return on average common shareholders' equity (tangible)</u>** | **<u>Return on average common shareholders' equity (tangible)</u>** | **<u>Return on average common shareholders' equity (tangible)</u>** | **<u>Return on average common shareholders' equity (tangible)</u>** |  |  |  |
| Net income available to common shareholders | Net income available to common shareholders | $79271 | $68309 | $67427 | $61726 | $59325 |
| Plus: Intangible amortization | Plus: Intangible amortization | 688 | 690 | 177 | 176 | 146 |
| Plus: Merger-related expenses | Plus: Merger-related expenses | 1894 | 7006 | 1027 | 401 |  |
| Plus: CECL Day 1 Provision expense | Plus: CECL Day 1 Provision expense |  | 7954 |  |  |  |
| Less: Tax impact of adjustments | Less: Tax impact of adjustments | (542) | (3287) | (253) | (122) | (32) |
| Operating net income available to common shareholders (numerator) | Operating net income available to common shareholders (numerator) | $81311 | $80672 | $68378 | $62181 | $59439 |
| Average shareholders' equity | Average shareholders' equity | $2489148 | $2604057 | $2531346 | $2688834 | $2713198 |
| Less: Average preferred stock | Less: Average preferred stock | (192878) | (192878) | (192878) | (192878) | (192878) |
| Less: Average goodwill and intangible assets | Less: Average goodwill and intangible assets | (561219) | (562285) | (537786) | (537976) | (536638) |
| Average tangible common shareholders' equity (denominator) | Average tangible common shareholders' equity (denominator) | $1735051 | $1848894 | $1800682 | $1957980 | $1983682 |
| &nbsp;&nbsp;&nbsp;Return on average common shareholders' equity (tangible) | &nbsp;&nbsp;&nbsp;Return on average common shareholders' equity (tangible) | 18.59% | 17.31% | 15.23% | 12.88% | 11.89% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| | **Dec 31**<br>**2022** | **Sep 30**<br>**2022** | **Jun 30**<br>**2022** | **Mar 31**<br>**2022** | **Dec 31**<br>**2021** |
| **Tangible common equity to tangible assets (TCE Ratio)** |  |  |  |  |  |
| Shareholders' equity | $2579757 | $2471159 | $2471093 | $2569535 | $2712680 |
| Less: Preferred stock | (192878) | (192878) | (192878) | (192878) | (192878) |
| Less: Goodwill and intangible assets | (560824) | (561495) | (537700) | (537877) | (538053) |
| Tangible common shareholders' equity (numerator) | $1826055 | $1716786 | $1740515 | $1838780 | $1981749 |
| Total assets | $26931702 | $26146042 | $25252686 | $25598310 | $25796398 |
| Less: Goodwill and intangible assets | (560824) | (561495) | (537700) | (537877) | (538053) |
| Total tangible assets (denominator) | $26370878 | $25584547 | $24714986 | $25060433 | $25258345 |
| Tangible common equity to tangible assets | 6.92% | 6.71% | 7.04% | 7.34% | 7.85% |
| **<u>Tangible common equity to tangible assets (TCE Ratio) excluding AOCI</u>** |  |  |  |  |  |
| Shareholders' equity | $2579757 | $2471159 | $2471093 | $2569535 | $2712680 |
| Less: Preferred stock | (192878) | (192878) | (192878) | (192878) | (192878) |
| Less: Accumulated other comprehensive income (loss) | (385476) | (442947) | (304210) | (158855) | 27411 |
| Less: Goodwill and intangible assets | (560824) | (561495) | (537700) | (537877) | (538053) |
| Tangible common shareholders' equity (numerator) | $2211531 | $2159733 | $2044725 | $1997635 | $1954338 |
| Total assets | $26931702 | $26146042 | $25252686 | $25598310 | $25796398 |
| Less: Goodwill and intangible assets | (560824) | (561495) | (537700) | (537877) | (538053) |
| Plus: AOCI - unrealized losses/(gains) on AFS investments securities | 632456 | 368196 | 249424 | 112965 | (40444) |
| Total tangible assets (denominator) | $27003334 | $25952743 | $24964410 | $25173398 | $25217901 |
| Tangible common equity to tangible assets, excluding AOCI | 8.19% | 8.32% | 8.19% | 7.94% | 7.75% |
| **<u>Efficiency ratio</u>** |  |  |  |  |  |
| Non-interest expense | $168462 | $169558 | $149730 | $145978 | $154019 |
| Less: Amortization of tax credit investments | (696) | (696) | (696) | (696) | (1547) |
| Less: Merger-related expenses | (1894) | (7006) | (1027) | (401) |  |
| Less: Intangible amortization | (688) | (690) | (177) | (176) | (146) |
| Less: Debt extinguishment costs |  |  |  |  | (674) |
| Non-interest expense (numerator) | $165184 | $161166 | $147830 | $144705 | $151652 |
| Net interest income | $225911 | $215582 | $178831 | $161310 | $165613 |
| Tax equivalent adjustment | 4310 | 3970 | 3427 | 3288 | 3184 |
| Plus: Total non-interest income | 54321 | 59162 | 58391 | 55256 | 63881 |
| Less: Investment securities (gains) losses, net | 1 | 53 | (8) | (19) | (5) |
| Total revenue (denominator) | $284543 | $278767 | $240641 | $219835 | $232673 |
| Efficiency ratio | 58.1% | 57.8% | 61.4% | 65.8% | 65.2% |
| **<u>Operating non-interest expenses to total average assets</u>** |  |  |  |  |  |
| Non-interest expense | $168462 | $169558 | $149730 | $145978 | $154019 |
| Less: Amortization of tax credit investments | (696) | (696) | (696) | (696) | (1547) |
| Less: Intangible amortization | (688) | (690) | (177) | (176) | (146) |
| Less: Merger-related expenses | (1894) | (7006) | (1027) | (401) |  |
| Less: Debt extinguishment costs |  |  |  |  | (674) |
| Non-interest expense (numerator) | $165184 | $161166 | $147830 | $144705 | $151652 |
| Total average assets (denominator) | $26386355 | $26357095 | $25578432 | $25622462 | $26136536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating non-interest expenses to total average assets | 2.48% | 2.43% | 2.32% | 2.29% | 2.30% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| | **Dec 31**<br>**2022** | **Sep 30**<br>**2022** | **Jun 30**<br>**2022** | **Mar 31**<br>**2022** | **Dec 31**<br>**2021** |
| **<u>Asset Quality, excluding PPP</u>** |  |  |  |  |  |
| Net loans recovered (charged-off) (numerator) | $(11731) | $(452) | $3749 | $1054 | $(2976) |
| Average net loans | $20004513 | $19563825 | $18637175 | $18383118 | $18220550 |
| Less: Average PPP loans | (25529) | (49174) | (114849) | (226114) | (435042) |
| Total adjusted average loans (denominator) | $19978984 | $19514651 | $18522326 | $18157004 | $17785508 |
| Net charge-offs (recoveries) to adjusted average loans | 0.23% | 0.01% | (0.08)% | (0.02)% | 0.07% |
| Non-performing loans (numerator) | $171906 | $192763 | $173546 | $160981 | $152119 |
| Net loans | $20279547 | $19695199 | $18920950 | $18476119 | $18325350 |
| Less: PPP loans | (20398) | (32090) | (72423) | (164277) | (301253) |
| Total adjusted loans (denominator) | $20259149 | $19663109 | $18848527 | $18311842 | $18024097 |
| Non-performing loans to total adjusted loans | 0.85% | 0.98% | 0.92% | 0.88% | 0.84% |
| ACL - loans (numerator) | $269366 | $266838 | $248564 | $243705 | $249001 |
| Net loans | $20279547 | $19695199 | $18920950 | $18476119 | $18325350 |
| Less: PPP loans | (20398) | (32090) | (72423) | (164277) | (301253) |
| Total adjusted loans (denominator) | $20259149 | $19663109 | $18848527 | $18311842 | $18024097 |
| ACL - loans to total adjusted loans | 1.33% | 1.36% | 1.32% | 1.33% | 1.38% |
| **<u>Pre-provision net revenue</u>** |  |  |  |  |  |
| Net interest income | $225911 | $215582 | $178831 | $161310 | $165613 |
| Non-interest income | 54321 | 59162 | 58391 | 55256 | 63881 |
| Less: Investment securities (gains) losses, net | 1 | 53 | (8) | (19) | (5) |
| Total revenue | $280233 | $274797 | $237214 | $216547 | $229489 |
| Non-interest expense | $168462 | $169558 | $149730 | $145978 | $154019 |
| Less: Amortization on tax credit investments | (696) | (696) | (696) | (696) | (1547) |
| Less: Merger-related expenses | (1894) | (7006) | (1027) | (401) |  |
| Less: Intangible amortization | (688) | (690) | (177) | (176) | (146) |
| Less: Debt extinguishment |  |  |  |  | (674) |
| Total non-interest expense | $165184 | $161166 | $147830 | $144705 | $151652 |
| Pre-provision net revenue | $115049 | $113631 | $89384 | $71842 | $77837 |
| Note: numbers may not sum due to rounding. |  |  |  |  |  |

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## Exhibit 99.2

![](exhibit992123122earnings001.jpg)

FOURTH QUARTER 2022 RESULTS NASDAQ: FULT Data as of or for the period ended December 31, 2022 unless otherwise noted

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![](exhibit992123122earnings002.jpg)

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. Management's "2023 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, 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 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. FORWARD-LOOKING STATEMENTS 2

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(1) Non-GAAP financial measure. Please refer to the calculation and management's reasons for using this measure on the slide titled "Non-GAAP Reconciliation" at the end of this presentation. INCOME STATEMENT SUMMARY 3 4Q22 3Q22 4Q21 (dollars in thousands, except per-share data) Net interest income $225,911 $215,582 $165,613 Provision for credit losses 14,513 18,958 (5,000) Non-interest income 54,322 59,215 63,876 Securities gains (losses) (1) (53) 5 Non-interest expense 166,568 162,552 154,019 Merger-related expenses 1,894 7,006 — Income before income taxes 97,257 86,228 80,475 Income taxes 15,424 15,357 18,588 Net income 81,833 70,871 61,887 Preferred stock dividends (2,562) (2,562) (2,562) Net income available to common shareholders $79,271 $68,309 $59,325 Net income available to common shareholders, per share (diluted) $0.47 $0.40 $0.37 Operating net income available to common shareholders, per share (diluted)(1) $0.48 $0.48 $0.37 ROAA 1.23% 1.07% 0.94% Operating ROAA(1) 1.26% 1.25% 0.94% ROAE 13.70% 11.24% 9.34% ROAE (tangible)(1) 18.59% 17.31% 11.89% Efficiency ratio(1) 58.1% 57.8% 65.2%

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NET INTEREST INCOME AND MARGIN Net Interest Income & Net Interest Margin Average Interest-Earning Assets & Yields Average Deposits and Borrowings & Cost of Funds (DOLLARS IN MILLIONS) (DOLLARS IN BILLIONS) (DOLLARS IN BILLIONS) 4 $22 $21 $22 $22 $21 $1 $1 $1 $1 $2 0.21% 0.21% 0.20% 0.31% 0.72% 0.11% 0.11% 0.11% 0.18% 0.42% Cost of Deposits Cost of Funds Borrowings Deposits 4Q21 1Q22 2Q22 3Q22 4Q22 $10 $15 $20 $25 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% $166 $161 $179 $216 $226 2.77% 2.78% 3.04% 3.54% 3.69% Net Interest Income Net Interest Margin (Fully-taxable equivalent basis, or FTE) 4Q21 1Q22 2Q22 3Q22 4Q22 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% $18 $18 $19 $20 $20 $6 $6 $5 $5 $5 2.96% 2.98% 3.24% 3.83% 4.36% Loans Securities & Other Interest-Earning Asset Yield (FTE) 4Q21 1Q22 2Q22 3Q22 4Q22 $5 $10 $15 $20 2.00% 4.00% 6.00% 8.00%

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ASSET QUALITY (DOLLARS 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 5 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 slide 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. $(5) $(7) $2 $19 $15 4Q21 1Q22 2Q22 3Q22 4Q22 $(10) $(5) $— $5 $10 $15 $20 $152 $161 $174 $193 $172 0.83% 0.87% 0.92% 0.98% 0.85% NPL NPLs/Loans 4Q21 1Q22 2Q22 3Q22 4Q22 $100 $125 $150 $175 $200 0.00% 0.50% 1.00% $3 $(1) $(4) $0 $120.07% -0.02% -0.08% 0.01% 0.23% Net charge-offs/(recoveries) NCOs/Average Loans (annualized) 4Q21 1Q22 2Q22 3Q22 4Q22 $(5) $0 $5 $10 $15 $20 $25 (0.50)% (0.25)% 0.00% 0.25% 0.50% 164% 151% 143% 138% 157% 1.38% 1.33% 1.32% 1.36% 1.33% 1.36% 1.32% 1.31% 1.35% 1.33% ACL/NPLs ACL/Loans excl PPP(2) ACL/Loans 4Q21 1Q22 2Q22 3Q22 4Q22 50% 75% 100% 125% 150% 175% 200% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% (3)

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NON-INTEREST INCOME(1) (1) Excluding investment securities gains Three months ended December 31, 2022 (percent of total non-interest income) 6 Non-interest income decreased 8% from 3Q22(1) Driven primarily by: n Commercial banking customer swap fees and cash management fees. n Mortgage Banking income as a result of lower volumes and spreads. n Consumer banking overdraft fees. 32% 4% 23% 34% 7% Wealth Management Mortgage Banking Consumer Banking Commercial Banking Other 4Q22 3Q22 Change (dollars in thousands) n Commercial Banking $18,604 $20,808 ($2,204) n Wealth Management 17,531 17,610 (79) n Consumer Banking 12,075 13,275 (1,200) n Mortgage Banking 2,140 3,720 (1,580) n Other 3,972 3,802 170 Total $54,322 $59,215 ($4,893)

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NON-INTEREST EXPENSE(1) Three months ended December 31, 2022 (percent of total non-interest expense) 7 56% 8% 9% 7% 20% Salaries and Benefits Occupancy Data Processing and Software Other Outside Services Other 4Q22 3Q22 Change (dollars in thousands) n Salaries and Benefits $92,733 $94,283 ($1,550) n Data Processing and Software 15,448 15,807 (359) n Occupancy 14,061 14,025 36 n Other Outside Services 10,860 9,361 1,499 n Other 33,466 29,076 4,390 Total $166,568 $162,552 $4,016 Non-interest expense, excluding merger-related expenses, increased 2.5% from 3Q22 Driven primarily by: Increases in: n Other expense primarily due to a $1.9 million contingent liability, $0.8 million for branch- related closures, $0.6 million in fraud-related losses and $0.5 million in marketing expenses. n Other Outside Services driven by technology-related services. Decreases in: n Salaries and benefits of $1.6 million, or 1.6%. . (1) Excluding merger-related expenses

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CAPITAL POSITION REMAINS STRONG(1) 8 1. Regulatory capital ratios and excess capital amounts as of December 31, 2022 are preliminary. 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. 9.4% 10.0% 10.8% 13.5% Regulatory Minimums Excess(2) Tier 1 Leverage CE Tier 1 Tier 1 Risk-Based Total Risk-Based —% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% $1,142 $524 $668 $681 (as of December 31, 2022) (dollars in millions)

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2023 OUTLOOK 9 Net interest income: $895 - $915 million(1) Non-interest income: $220 - $235 million(2) Non-interest expense: $645 - $665 million Effective tax rate: 19.0% +/- (1) Assumes Fed Funds Rate increases of 50 bps in February 2023 and 25 bps in March 2023. (2) Excludes investment securities gains.

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NON-GAAP RECONCILIATION 10 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) Dec 31 Sep 30 Dec 31 2022 2022 2021 Operating net income available to common shareholders Net income available to common shareholders $79,271 $68,309 $59,325 Plus: Core deposit intangible amortization 514 514 — Plus: Merger-related expenses 1,894 7,006 — Plus: CECL Day 1 Provision expense — 7,954 — Less: Tax impact of adjustments (506) (3,250) — Operating net income available to common shareholders (numerator) $81,173 $80,533 $59,325 Weighted average shares (diluted) (denominator) 169,136 168,781 162,355 Operating net income available to common shareholders, per share (diluted) $0.48 $0.48 $0.37

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NON-GAAP RECONCILIATION 11 (dollars in thousands) Three months ended Dec 31 Sep 30 Dec 31 2022 2022 2021 Operating return on average assets Net income $81,833 $70,871 $61,887 Plus: Core deposit intangible amortization 514 514 — Plus: Merger-related expenses 1,894 7,006 — Plus: CECL Day 1 Provision expense — 7,954 — Less: Tax impact of adjustments (506) (3,250) — Operating net income (numerator) $83,735 $83,095 $61,887 Total average assets (denominator) $26,386,355 $26,357,095 $26,136,536 Operating return on average assets 1.26 % 1.25 % 0.94 %

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NON-GAAP RECONCILIATION 12 Three months ended (dollars in thousands) Dec 31 Sep 30 Dec 31 2022 2022 2021 Return on average common shareholders' equity (tangible) Net income available to common shareholders $79,271 $68,309 $59,325 Plus: Intangible amortization 688 690 146 Plus: CECL Day 1 Provision expense — 7,954 — Plus: Merger-related expenses 1,894 7,006 — Less: Tax impact of adjustments (542) (3,287) (32) Operating net income available to common shareholders (numerator) $81,311 $80,672 $59,439 Average shareholders' equity $2,489,148 $2,604,057 $2,713,198 Less: Average preferred stock (192,878) (192,878) (192,878) Less: Average goodwill and intangible assets (561,219) (562,285) (536,638) Average tangible common shareholders' equity (denominator) $1,735,051 $1,848,894 $1,983,682 Return on average common shareholders' equity (tangible) 18.59 % 17.31 % 11.89 %

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NON-GAAP RECONCILIATION 13 (dollars in thousands) Three months ended Dec 31 Sep 30 Dec 31 Efficiency ratio 2022 2022 2021 Non-interest expense $168,462 $169,558 $154,019 Less: Amortization of tax credit investments (696) (696) (1,547) Less: Intangible amortization (688) (690) (146) Less: Merger-related expenses (1,894) (7,006) — Less: Debt extinguishment costs — — (674) Non-interest expense (numerator) $165,184 $161,166 $151,652 Net interest income $225,911 $215,582 $165,613 Tax equivalent adjustment 4,310 3,970 3,184 Plus: Total non-interest income 54,321 59,162 63,881 Less: Investment securities (gains) losses, net 1 53 (5) Total revenue (denominator) $284,543 $278,767 $232,673 Efficiency ratio 58.1% 57.8% 65.2% Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Asset Quality, excluding PPP 2022 2022 2022 2022 2021 ACL - loans (numerator) $269,366 $266,838 $248,564 $243,705 $249,001 Net loans $20,279,547 $19,695,199 $18,920,950 $18,476,119 $18,325,350 Less: PPP loans (20,398) (32,090) (72,423) (164,277) (301,253) Total adjusted loans (denominator) $20,259,149 $19,663,109 $18,848,527 $18,311,842 $18,024,097 ACL - loans to total adjusted loans 1.33% 1.36% 1.32% 1.33% 1.38%

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