Exhibit 99.2

FULTON FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (UNAUDITED)

		Quarter Ended September 30						Variance
		2004			2003			$				%
		(in thousands, except per-share data)
INCOME SUMMARY:
Interest income		$	126,947		$	105,907		$	21,040			19.9	%
Interest expense			34,446			32,128			2,318			7.2	%
Net Interest Income			92,501			73,779			18,722			25.4	%
Provision for loan losses			1,125			2,190			(1,065	)		-48.6	%
Investment securities gains			3,336			6,990			(3,654	)		-52.3	%
Other income			32,011			30,523			1,488			4.9	%
Other expenses			70,688			59,550			11,138			18.7	%
Income Before Income Taxes			56,035			49,552			6,483			13.1	%
Income taxes			16,915			15,170			1,745			11.5	%
Net Income		$	39,120		$	34,382		$	4,738			13.8	%
Fully taxable equivalent (FTE) net interest income		$	94,876		$	76,242		$	18,634			24.4	%
PER-SHARE DATA:
Net income:
Basic		$	0.32		$	0.30		$	0.02			6.7	%
Diluted			0.32			0.30			0.02			6.7	%
Cash dividends			0.165			0.152			0.013			8.6	%
ENDING BALANCES:
Total assets		$	10,564,661		$	9,280,289		$	1,284,372			13.8	%
Loans, net of unearned income			7,213,162			5,844,788			1,368,374			23.4	%
Deposits			7,460,070			6,834,167			625,903			9.2	%
Short-term borrowings			1,188,464			789,157			399,307			50.6	%
Long-term debt			666,781			594,841			71,940			12.1	%
Shareholders’ equity			1,128,023			927,476			200,547			21.6	%
AVERAGE BALANCES:
Total assets		$	10,546,594		$	9,016,543		$	1,530,051			17.0	%
Loans, net of unearned income			7,159,211			5,683,795			1,475,416			26.0	%
Deposits			7,461,511			6,704,347			757,164			11.3	%
Short-term borrowings			1,208,379			695,550			512,829			73.7	%
Long-term debt			654,969			595,466			59,503			10.0	%
Shareholders’ equity			1,102,184			922,586			179,598			19.5	%

FULTON FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (UNAUDITED)

		Nine Months Ended September 30						Variance
		2004			2003			$				%
		(in thousands, except per-share data)
INCOME SUMMARY:
Interest income		$	362,907		$	323,257		$	39,650			12.3	%
Interest expense			98,733			99,470			(737	)		-0.7	%
Net Interest Income			264,174			223,787			40,387			18.0	%
Provision for loan losses			3,665			7,515			(3,850	)		-51.2	%
Investment securities gains			14,513			14,028			485			3.5	%
Other income			90,100			89,684			416			0.5	%
Other expenses			204,063			173,497			30,566			17.6	%
Income Before Income Taxes			161,059			146,487			14,572			9.9	%
Income taxes			48,229			44,000			4,229			9.6	%
Net Income		$	112,830		$	102,487		$	10,343			10.1	%
Fully taxable equivalent (FTE) net interest income		$	271,227		$	231,077		$	40,150			17.4	%
PER-SHARE DATA:
Net income:
Basic		$	0.95		$	0.92		$	0.03			3.3	%
Diluted			0.94			0.91			0.03			3.3	%
Cash dividends			0.482			0.441			0.041			9.3	%
AVERAGE BALANCES:
Total assets		$	10,276,534		$	8,576,394		$	1,700,140			19.8	%
Loans, net of unearned income			6,766,049			5,473,055			1,292,994			23.6	%
Deposits			7,210,202			6,401,222			808,980			12.6	%
Short-term borrowings			1,278,517			634,745			643,772			101.4	%
Long-term debt			627,384			559,128			68,255			12.2	%
Shareholders’ equity			1,051,353			884,400			166,953			18.9	%

FULTON FINANCIAL CORPORATION

FINANCIAL HIGHLIGHTS (UNAUDITED)

		Quarter Ended						Variance
		September 30 2004			June 30 2004			$				%
		(in thousands, except per-share data)
INCOME SUMMARY:
Interest income		$	126,947		$	122,024		$	4,923			4.0	%
Interest expense			34,446			33,318			1,128			3.4	%
Net Interest Income			92,501			88,706			3,795			4.3	%
Provision for loan losses			1,125			800			325			40.6	%
Investment securities gains			3,336			5,349			(2,013	)		-37.6	%
Other income			32,011			31,674			337			1.1	%
Other expenses			70,688			70,898			(210	)		-0.3	%
Income Before Income Taxes			56,035			54,031			2,004			3.7	%
Income taxes			16,915			16,167			748			4.6	%
Net Income		$	39,120		$	37,864		$	1,256			3.3	%
Fully taxable equivalent (FTE) net interest income		$	94,876		$	91,038		$	3,838			4.2	%
PER-SHARE DATA:
Net income:
Basic		$	0.32		$	0.31		$	0.01			3.2	%
Diluted			0.32			0.31			0.01			3.2	%
Cash dividends			0.165			0.165			—			0.0	%
ENDING BALANCES:
Total assets		$	10,564,661		$	10,556,421		$	8,240			0.1	%
Loans, net of unearned income			7,213,162			7,042,311			170,851			2.4	%
Deposits			7,460,070			7,430,988			29,082			0.4	%
Short-term borrowings			1,188,464			1,241,522			(53,058	)		-4.3	%
Long-term debt			666,781			654,886			11,895			1.8	%
Shareholders’ equity			1,128,023			1,107,482			20,541			1.9	%
AVERAGE BALANCES:
Total assets		$	10,546,594		$	10,603,544		$	(56,950	)		-0.5	%
Loans, net of unearned income			7,159,211			6,946,626			212,585			3.1	%
Deposits			7,461,511			7,448,275			13,236			0.2	%
Short-term borrowings			1,208,379			1,282,657			(74,278	)		-5.8	%
Long-term debt			654,969			656,803			(1,834	)		-0.3	%
Shareholders’ equity			1,102,184			1,101,590			594			0.1	%

FULTON FINANCIAL CORPORATION

CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)

		September 30								Variance
		2004				2003				$				%
		(in thousands)
ASSETS
Cash and due from banks		$	305,695			$	333,253			$	(27,558	)		-8.3	%
Interest-bearing deposits			12,566				7,514				5,052			67.2	%
Mortgage loans held for sale			150,452				53,707				96,745			180.1	%
Investment securities			2,343,686				2,705,463				(361,777	)		-13.4	%
Loans, net of unearned income			7,213,162				5,844,788				1,368,374			23.4	%
Less: Allowance for loan losses			(86,827	)			(77,857	)			(8,970	)		11.5	%
Net Loans			7,126,335				5,766,931				1,359,404			23.6	%
Premises and equipment			130,874				121,822				9,052			7.4	%
Accrued interest receivable			38,651				31,385				7,266			23.2	%
Goodwill			279,514				123,565				155,949			126.2	%
Other assets			176,888				136,649				40,239			29.4	%
Total Assets		$	10,564,661			$	9,280,289			$	1,284,372			13.8	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing		$	1,427,008			$	1,259,811			$	167,197			13.3	%
Interest-bearing			6,033,062				5,574,356				458,706			8.2	%
Total Deposits			7,460,070				6,834,167				625,903			9.2	%
Short-term borrowings:
Federal funds purchased			662,509				387,343				275,166			71.0	%
Other short-term borrowings			525,955				401,814				124,141			30.9	%
Total Short-Term Borrowings			1,188,464				789,157				399,307			50.6	%
Accrued interest payable			27,603				26,766				837			3.1	%
Other liabilities			93,720				75,882				17,838			23.5	%
Long-term debt			666,781				594,841				71,940			12.1	%
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust			—				32,000				(32,000	)		-100.0	%
Total Liabilities			9,436,638				8,352,813				1,083,825			13.0	%
Shareholders’ equity:
Common stock			321,277				284,962				36,315			12.7	%
Additional paid in capital			889,595				636,934				252,661			39.7	%
Retained earnings			57,106				99,014				(41,908	)		-42.3	%
Accumulated other comprehensive (loss) income, net			(2,072	)			4,569				(6,641	)		-145.3	%
Less: Treasury stock, at cost			(137,883	)			(98,003	)			(39,880	)		40.7	%
Total Shareholders’ Equity			1,128,023				927,476				200,547			21.6	%
Total Liabilities and Shareholders’ Equity		$	10,564,661			$	9,280,289			$	1,284,372			13.8	%
LOANS AND DEPOSITS DETAIL:
Loans, by type:
Commercial, industrial and financial		$	1,848,058			$	1,526,952			$	321,106			21.0	%
Commercial - agricultural			316,323				196,761				119,562			60.8	%
Real estate - construction			580,323				309,122				271,201			87.7	%
Real estate - residential mortgage			528,421				447,025				81,396			18.2	%
Real estate - commercial mortgage			2,284,755				1,932,735				352,020			18.2	%
Real estate - home equity			1,053,333				827,303				226,030			27.3	%
Consumer			529,413				537,512				(8,099	)		-1.5	%
Leasing and other			72,536				67,378				5,158			7.7	%
Total Loans, net of unearned income		$	7,213,162			$	5,844,788			$	1,368,374			23.4	%
Deposits, by type:
Noninterest-bearing demand		$	1,427,008			$	1,259,811			$	167,197			13.3	%
Interest-bearing demand			1,391,071				1,266,762				124,309			9.8	%
Savings deposits			1,889,543				1,770,143				119,400			6.7	%
Time deposits			2,752,448				2,537,451				214,997			8.5	%
Total Deposits		$	7,460,070			$	6,834,167			$	625,903			9.2	%

FULTON FINANCIAL CORPORATION

CONSOLIDATED INCOME STATEMENT (UNAUDITED)

		Quarter Ended September 30								Variance
		2004				2003				$				%
		(in thousands)
Interest Income:
Loans, including fees		$	103,033			$	85,159			$	17,874			21.0	%
Investment securities:
Taxable			18,247				16,512				1,735			10.5	%
Tax-exempt			2,407				2,740				(333	)		-12.2	%
Dividends			1,035				904				131			14.5	%
Other interest income			2,225				592				1,633			275.8	%
Total Interest Income			126,947				105,907				21,040			19.9	%
Interest Expense:
Deposits			22,644				22,773				(129	)		-0.6	%
Short-term borrowings			3,840				1,515				2,325			153.5	%
Long-term debt			7,962				7,840				122			1.6	%
Total Interest Expense			34,446				32,128				2,318			7.2	%
Net Interest Income			92,501				73,779				18,722			25.4	%
Provision for Loan Losses			1,125				2,190				(1,065	)		-48.6	%
Net Interest Income after Provision			91,376				71,589				19,787			27.6	%
Other Income:
Investment management & trust services			8,650				8,527				123			1.4	%
Service charges on deposit accounts			10,182				9,810				372			3.8	%
Other service charges and fees			5,367				4,782				585			12.2	%
Mortgage banking income			6,092				6,100				(8	)		-0.1	%
Investment securities gains			3,336				6,990				(3,654	)		-52.3	%
Other			1,720				1,304				416			31.9	%
Total Other Income			35,347				37,513				(2,166	)		-5.8	%
Other Expenses:
Salaries and employee benefits			42,464				35,516				6,948			19.6	%
Net occupancy expense			6,159				4,982				1,177			23.6	%
Equipment expense			2,705				2,618				87			3.3	%
Data processing			2,915				2,864				51			1.8	%
Advertising			1,631				1,570				61			3.9	%
Intangible amortization			1,233				622				611			98.2	%
Other			13,581				11,378				2,203			19.4	%
Total Other Expenses			70,688				59,550				11,138			18.7	%
Income Before Income Taxes			56,035				49,552				6,483			13.1	%
Income Taxes			16,915				15,170				1,745			11.5	%
Net Income		$	39,120			$	34,382			$	4,738			13.8	%
SHARE AND PER-SHARE INFORMATION:
Net income:
Basic		$	0.32			$	0.30				0.02			6.7	%
Diluted			0.32				0.30				0.02			6.7	%
Cash dividends		$	0.165			$	0.152				0.013			8.6	%
Book value			9.32				8.14				1.18			14.5	%
Tangible book value			6.85				6.89				(0.04	)		-0.6	%
Weighted average shares (basic)			121,496				113,249				8,247			7.3	%
Weighted average shares (diluted)			122,712				114,168				8,544			7.5	%
Shares outstanding, end of period			121,003				113,989				7,014			6.2	%
SELECTED FINANCIAL RATIOS:
Return on average assets			1.48	%			1.51	%			-0.03	%		-2.0	%
Return on average equity			14.12	%			14.79	%			-0.67	%		-4.5	%
Return on average equity (tangible)			19.37	%			16.95	%			2.42	%		14.3	%
Net interest margin			3.88	%			3.62	%			0.26	%		7.2	%
Efficiency ratio			54.7	%			55.2	%			-0.5	%		-0.8	%
Average equity to average assets			10.5	%			10.2	%			0.2	%		2.1	%

FULTON FINANCIAL CORPORATION

AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

		Quarter Ended September 30
		2004										2003
		Balance				Interest			Rate (1)			Balance				Interest			Rate (1)
		(dollars in thousands)
ASSETS
Interest-earning assets:
Loans and leases		$	7,159,211			$	103,033		5.73	%		$	5,683,795			$	85,159		5.94	%
Taxable investment securities			2,037,040				18,247		3.56	%			2,218,346				16,512		2.95	%
Tax-exempt investment securities			262,962				2,407		3.64	%			287,297				2,740		3.78	%
Equity securities			138,264				1,035		2.98	%			128,064				904		2.80	%
Total Investment Securities			2,438,266				21,689		3.54	%			2,633,707				20,156		3.04	%
Short-term investments			126,089				2,225		7.02	%			51,398				592		4.57	%
Total Interest-earning Assets			9,723,566				126,947		5.19	%			8,368,900				105,907		5.02	%
Noninterest-earning assets:
Cash and due from banks			326,204										302,248
Premises and equipment			130,776										125,835
Other assets			453,196										296,306
Less: Allowance for loan losses			(87,148	)									(76,746	)
Total Assets		$	10,546,594									$	9,016,543
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Demand deposits		$	1,399,005			$	1,863		0.53	%		$	1,213,594			$	1,426		0.47	%
Savings deposits			1,868,650				2,972		0.63	%			1,709,803				2,468		0.57	%
Time deposits			2,764,597				17,809		2.56	%			2,522,767				18,879		2.97	%
Total Interest-bearing Deposits			6,032,252				22,644		1.49	%			5,446,164				22,773		1.66	%
Short-term borrowings			1,208,379				3,840		1.26	%			695,550				1,515		0.86	%
Long-term debt			654,969				7,962		4.84	%			595,466				7,840		5.22	%
Total Interest-bearing Liabilities			7,895,600				34,446		1.74	%			6,737,180				32,128		1.89	%
Noninterest-bearing liabilities:
Demand deposits			1,429,259										1,258,183
Other			119,551										98,594
Total Liabilities			9,444,410										8,093,957
Shareholders’ equity			1,102,184										922,586
Total Liabilities and Shareholders’ Equity		$	10,546,594									$	9,016,543
Net interest income						$	92,501									$	73,779
Net interest margin (FTE)									3.88	%									3.62	%

(1) Yields on tax-exempt securities are not fully taxable equivalent (FTE).

FULTON FINANCIAL CORPORATION

CONSOLIDATED INCOME STATEMENT (UNAUDITED)

		Nine Months Ended September 30								Variance
		2004				2003				$				%
						(in thousands)
Interest Income:
Loans, including fees		$	288,358			$	254,812			$	33,546			13.2	%
Investment securities:
Taxable			59,635				55,636				3,999			7.2	%
Tax-exempt			7,480				7,786				(306	)		-3.9	%
Dividends			2,979				3,205				(226	)		-7.1	%
Other interest income			4,455				1,818				2,637			145.0	%
Total Interest Income			362,907				323,257				39,650			12.3	%
Interest Expense:
Deposits			65,339				72,480				(7,141	)		-9.9	%
Short-term borrowings			10,302				4,960				5,342			107.7	%
Long-term debt			23,092				22,030				1,062			4.8	%
Total Interest Expense			98,733				99,470				(737	)		-0.7	%
Net Interest Income			264,174				223,787				40,387			18.0	%
Provision for Loan Losses			3,665				7,515				(3,850	)		-51.2	%
Net Interest Income after Provision			260,509				216,272				44,237			20.5	%
Other Income:
Investment management & trust services			25,932				25,679				253			1.0	%
Service charges on deposit accounts			29,616				28,527				1,089			3.8	%
Other service charges and fees			15,363				14,076				1,287			9.1	%
Mortgage banking income			14,565				17,892				(3,327	)		-18.6	%
Investment securities gains			14,513				14,028				485			3.5	%
Other			4,624				3,510				1,114			31.7	%
Total Other Income			104,613				103,712				901			0.9	%
Other Expenses:
Salaries and employee benefits			121,622				103,330				18,292			17.7	%
Net occupancy expense			17,536				14,869				2,667			17.9	%
Equipment expense			8,095				7,886				209			2.7	%
Data processing			8,602				8,504				98			1.2	%
Advertising			5,073				4,589				484			10.5	%
Intangible amortization			3,580				1,341				2,239			167.0	%
Other			39,555				32,978				6,577			19.9	%
Total Other Expenses			204,063				173,497				30,566			17.6	%
Income Before Income Taxes			161,059				146,487				14,572			9.9	%
Income Taxes			48,229				44,000				4,229			9.6	%
Net Income		$	112,830			$	102,487			$	10,343			10.1	%
SHARE AND PER-SHARE INFORMATION:
Net income:
Basic		$	0.95			$	0.92			$	0.03			3.3	%
Diluted			0.94				0.91				0.03			3.3	%
Cash dividends		$	0.482			$	0.441				0.041			9.3	%
Book value			9.32				8.14				1.18			14.5	%
Tangible book value			6.85				6.89				(0.04	)		-0.6	%
Weighted average shares (basic)			119,110				111,733				7,377			6.6	%
Weighted average shares (diluted)			120,298				112,547				7,751			6.9	%
Shares outstanding, end of period			121,003				113,989				7,014			6.2	%
SELECTED FINANCIAL RATIOS:
Return on average assets			1.47	%			1.60	%			-0.13	%		-8.1	%
Return on average equity			14.34	%			15.49	%			-1.15	%		-7.4	%
Return on average equity (tangible)			18.38	%			17.19	%			1.19	%		6.9	%
Net interest margin			3.80	%			3.86	%			-0.06	%		-1.6	%
Efficiency ratio			55.5	%			53.7	%			1.8	%		3.3	%
Average equity to average assets			10.2	%			10.3	%			-0.1	%		-0.8	%

FULTON FINANCIAL CORPORATION

AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

		Nine Months Ended September 30
		2004										2003
		Balance				Interest			Rate (1)			Balance				Interest			Rate (1)
									(dollars in thousands)
ASSETS
Interest-earning assets:
Loans and leases		$	6,766,049			$	288,358		5.69	%		$	5,473,055			$	254,812		6.22	%
Taxable investment securities			2,245,667				59,635		3.55	%			2,074,940				55,636		3.58	%
Tax-exempt investment securities			270,637				7,480		3.69	%			260,266				7,786		4.00	%
Equity securities			135,791				2,979		2.93	%			129,895				3,205		3.30	%
Total Investment Securities			2,652,095				70,094		3.53	%			2,465,101				66,627		3.61	%
Short-term investments			89,274				4,455		6.67	%			48,977				1,818		4.96	%
Total Interest-earning Assets			9,507,418				362,907		5.10	%			7,987,133				323,257		5.41	%
Noninterest-earning assets:
Cash and due from banks			319,905										279,633
Premises and equipment			127,660										123,681
Other assets			405,788										260,150
Less: Allowance for loan losses			(84,237	)									(74,182	)
Total Assets		$	10,276,534									$	8,576,415
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Demand deposits		$	1,343,681			$	4,852		0.48	%		$	1,116,959			$	4,545		0.54	%
Savings deposits			1,828,788				8,115		0.59	%			1,614,721				8,090		0.67	%
Time deposits			2,679,615				52,372		2.61	%			2,498,711				59,845		3.20	%
Total Interest-bearing Deposits			5,852,084				65,339		1.49	%			5,230,391				72,480		1.85	%
Short-term borrowings			1,278,517				10,302		1.08	%			634,745				4,960		1.04	%
Long-term debt			627,384				23,092		4.92	%			559,128				22,030		5.27	%
Total Interest-bearing Liabilities			7,757,985				98,733		1.70	%			6,424,264				99,470		2.07	%
Noninterest-bearing liabilities:
Demand deposits			1,358,118										1,170,831
Other			109,078										96,920
Total Liabilities			9,225,181										7,692,015
Shareholders’ equity			1,051,353										884,400
Total Liabilities and Shareholders’ Equity		$	10,276,534									$	8,576,415
Net interest income						$	264,174									$	223,787
Net interest margin (FTE)									3.80	%									3.86	%

(1) Yields on tax-exempt securities are not fully taxable equivalent (FTE).

FULTON FINANCIAL CORPORATION

CONSOLIDATED ENDING BALANCE SHEET (UNAUDITED)

		Quarter Ended								Variance
		September 30 2004				June 30 2004				$				%
		(in thousands)
ASSETS
Cash and due from banks		$	305,695			$	335,176			$	(29,481	)		-8.8	%
Interest-bearing deposits			12,566				7,021				5,545			79.0	%
Mortgage loans held for sale			150,452				144,050				6,402			4.4	%
Investment securities			2,343,686				2,489,031				(145,345	)		-5.8	%
Loans, net of unearned income			7,213,162				7,042,311				170,851			2.4	%
Less: Allowance for loan losses			(86,827	)			(86,539	)			(288	)		0.3	%
Net Loans			7,126,335				6,955,772				170,563			2.5	%
Premises and equipment			130,874				130,721				153			0.1	%
Accrued interest receivable			38,651				35,701				2,950			8.3	%
Goodwill			279,514				276,592				2,922			1.1	%
Other assets			176,888				182,357				(5,469	)		-3.0	%
Total Assets		$	10,564,661			$	10,556,421			$	8,240			0.1	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing		$	1,427,008			$	1,414,770			$	12,238			0.9	%
Interest-bearing			6,033,062				6,016,218				16,844			0.3	%
Total Deposits			7,460,070				7,430,988				29,082			0.4	%
Short-term borrowings:
Federal funds purchased			662,509				774,128				(111,619	)		-14.4	%
Other short-term borrowings			525,955				467,394				58,561			12.5	%
Total Short-Term Borrowings			1,188,464				1,241,522				(53,058	)		-4.3	%
Accrued interest payable			27,603				25,273				2,330			9.2	%
Other liabilities			93,720				96,270				(2,550	)		-2.6	%
Long-term debt			666,781				654,886				11,895			1.8	%
Total Liabilities			9,436,638				9,448,939				(12,301	)		-0.1	%
Shareholders’ equity:
Common stock			321,277				321,277				—			0.0	%
Additional paid in capital			889,595				892,022				(2,427	)		-0.3	%
Retained earnings			57,106				38,885				18,221			46.9	%
Accumulated other comprehensive loss, net			(2,072	)			(25,747	)			23,675			-92.0	%
Less: Treasury stock, at cost			(137,883	)			(118,955	)			(18,928	)		15.9	%
Total Shareholders’ Equity			1,128,023				1,107,482				20,541			1.9	%
Total Liabilities and Shareholders’ Equity		$	10,564,661			$	10,556,421			$	8,240			0.1	%
LOANS AND DEPOSITS DETAIL:
Loans, by type:
Commercial, industrial and financial		$	1,848,058			$	1,818,570			$	29,488			1.6	%
Commercial - agricultural			316,323				324,465				(8,142	)		-2.5	%
Real estate - construction			580,323				560,865				19,458			3.5	%
Real estate - residential mortgage			528,421				504,320				24,101			4.8	%
Real estate - commercial mortgage			2,284,755				2,240,228				44,527			2.0	%
Real estate - home equity			1,053,333				1,004,532				48,801			4.9	%
Consumer			529,413				522,576				6,837			1.3	%
Leasing and other			72,536				66,755				5,781			8.7	%
Total Loans, net of unearned income		$	7,213,162			$	7,042,311			$	170,851			2.4	%
Deposits, by type:
Noninterest-bearing demand		$	1,427,008			$	1,414,770			$	12,238			0.9	%
Interest-bearing demand			1,391,071				1,361,379				29,692			2.2	%
Savings deposits			1,889,543				1,866,042				23,501			1.3	%
Time deposits			2,752,448				2,788,797				(36,349	)		-1.3	%
Total Deposits		$	7,460,070			$	7,430,988			$	29,082			0.4	%

FULTON FINANCIAL CORPORATION

CONSOLIDATED INCOME STATEMENT (UNAUDITED)

		Quarter Ended								Variance
		September 30 2004				June 30 2004				$				%
		(in thousands)
Interest Income:
Loans, including fees		$	103,033			$	96,859			$	6,174			6.4	%
Investment securities:
Taxable			18,247				19,652				(1,405	)		-7.1	%
Tax-exempt			2,407				2,540				(133	)		-5.2	%
Dividends			1,035				992				43			4.3	%
Other interest income			2,225				1,981				244			12.3	%
Total Interest Income			126,947				122,024				4,923			4.0	%
Interest Expense:
Deposits			22,644				22,345				299			1.3	%
Short-term borrowings			3,840				3,135				705			22.5	%
Long-term debt			7,962				7,838				124			1.6	%
Total Interest Expense			34,446				33,318				1,128			3.4	%
Net Interest Income			92,501				88,706				3,795			4.3	%
Provision for Loan Losses			1,125				800				325			40.6	%
Net Interest Income after Provision			91,376				87,906				3,470			3.9	%
Other Income:
Investment management & trust services			8,650				8,637				13			0.2	%
Service charges on deposit accounts			10,182				9,929				253			2.5	%
Other service charges and fees			5,367				4,970				397			8.0	%
Mortgage banking income			6,092				6,417				(325	)		-5.1	%
Investment securities gains			3,336				5,349				(2,013	)		-37.6	%
Other			1,720				1,721				(1	)		-0.1	%
Total Other Income			35,347				37,023				(1,676	)		-4.5	%
Other Expenses:
Salaries and employee benefits			42,464				42,195				269			0.6	%
Net occupancy expense			6,159				5,859				300			5.1	%
Equipment expense			2,705				2,749				(44	)		-1.6	%
Data processing			2,915				2,868				47			1.6	%
Advertising			1,631				1,914				(283	)		-14.8	%
Intangible amortization			1,233				1,356				(123	)		-9.1	%
Other			13,581				13,957				(376	)		-2.7	%
Total Other Expenses			70,688				70,898				(210	)		-0.3	%
Income Before Income Taxes			56,035				54,031				2,004			3.7	%
Income Taxes			16,915				16,167				748			4.6	%
Net Income		$	39,120			$	37,864			$	1,256			3.3	%
SHARE AND PER-SHARE INFORMATION:
Net income:
Basic		$	0.32			$	0.31				0.01			3.2	%
Diluted			0.32				0.31				0.01			3.2	%
Cash dividends		$	0.165			$	0.165				—			0.0	%
Book value			9.32				9.09				0.23			2.5	%
Tangible book value			6.85				6.66				0.19			2.9	%
Weighted average shares (basic)			121,496				122,118				(622	)		-0.5	%
Weighted average shares (diluted)			122,712				123,485				(773	)		-0.6	%
Shares outstanding, end of period			121,003				121,881				(878	)		-0.7	%
SELECTED FINANCIAL RATIOS:
Return on average assets			1.48	%			1.44	%			0.04	%		2.8	%
Return on average equity			14.12	%			13.82	%			0.30	%		2.2	%
Return on average equity (tangible)			19.37	%			17.84	%			1.53	%		8.6	%
Net interest margin			3.88	%			3.73	%			0.15	%		4.0	%
Efficiency ratio			54.7	%			56.7	%			-2.0	%		-3.5	%
Average equity to average assets			10.5	%			10.4	%			0.1	%		0.5	%

FULTON FINANCIAL CORPORATION

AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

		Quarter Ended
		September 30, 2004										June 30, 2004
		Balance				Interest			Rate (1)			Balance				Interest			Rate (1)
ASSETS
Interest-earning assets:
Loans and leases		$	7,159,211			$	103,033		5.73	%		$	6,946,626			$	96,859		5.61	%
Taxable investment securities			2,037,040				18,247		3.56	%			2,299,834				19,652		3.44	%
Tax-exempt investment securities			262,962				2,407		3.64	%			272,891				2,540		3.74	%
Equity securities			138,264				1,035		2.98	%			137,528				992		2.90	%
Total Investment Securities			2,438,266				21,689		3.54	%			2,710,253				23,184		3.44	%
Short-term investments			126,089				2,225		7.02	%			122,375				1,981		6.51	%
Total Interest-earning Assets			9,723,566				126,947		5.19	%			9,779,254				122,024		5.02	%
Noninterest-earning assets:
Cash and due from banks			326,204										332,653
Premises and equipment			130,776										130,737
Other assets			453,196										447,700
Less: Allowance for loan losses			(87,148	)									(86,800	)
Total Assets		$	10,546,594									$	10,603,544
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Demand deposits		$	1,399,005			$	1,863		0.53	%		$	1,362,761			$	1,634		0.48	%
Savings deposits			1,868,650				2,972		0.63	%			1,857,175				2,637		0.57	%
Time deposits			2,764,597				17,809		2.56	%			2,841,569				18,074		2.56	%
Total Interest-bearing Deposits			6,032,252				22,644		1.49	%			6,061,505				22,345		1.48	%
Short-term borrowings			1,208,379				3,840		1.26	%			1,282,657				3,135		0.98	%
Long-term debt			654,969				7,962		4.84	%			656,803				7,838		4.80	%
Total Interest-bearing Liabilities			7,895,600				34,446		1.74	%			8,000,965				33,318		1.67	%
Noninterest-bearing liabilities:
Demand deposits			1,429,259										1,386,770
Other			119,551										114,219
Total Liabilities			9,444,410										9,501,954
Shareholders’ equity			1,102,184										1,101,590
Total Liabilities and Shareholders’ Equity		$	10,546,594									$	10,603,544
Net interest income						$	92,501									$	88,706
Net interest margin (FTE)									3.88	%									3.73	%

(1) Yields on tax-exempt securities are not fully taxable equivalent (FTE).

FULTON FINANCIAL CORPORATION

ASSET QUALITY INFORMATION (UNAUDITED)

		Quarter Ended September 30								Nine Months Ended September 30
		2004				2003				2004				2003
						(in thousands)
Gross charge-offs		$	2,176			$	2,854			$	6,490			$	9,765
Recoveries			1,139				807				3,840				2,713
Net Charge-offs		$	1,037			$	2,047			$	2,650			$	7,052
Net charge-offs to average loans			0.06	%			0.14	%			0.08	%			0.17	%
Non-accrual loans		$	23,422			$	27,155
Accruing loans 90+ days overdue			10,962				10,286
Other real estate owned			1,325				952
Total Non-Performing Assets		$	35,709			$	38,393
Non-accrual loans to total loans			0.32	%			0.46	%
Non-performing assets to total loans and OREO			0.49	%			0.66	%
Non-performing assets to total assets			0.34	%			0.41	%
Allowance to loans			1.20	%			1.33	%
		Quarter Ended
		September 30 2004				June 30 2004
		(in thousands)
Gross charge-offs		$	2,176			$	1,627
Recoveries			1,139				1,183
Net Charge-offs		$	1,037			$	444
Net charge-offs to average loans			0.06	%			0.03	%
Non-accrual Loans		$	23,422			$	21,961
Accruing loans 90+ days overdue			10,962				9,314
Other real estate owned			1,325				1,119
Total Non-Performing Assets		$	35,709			$	32,394
Non-accrual loans to total loans			0.32	%			0.31	%
Non-performing assets to total loans and OREO			0.49	%			0.46	%
Non-performing assets to total assets			0.34	%			0.31	%
Allowance to loans			1.20	%			1.23	%