Document

Exhibit 99.1

FULTON FINANCIAL

CORPORATION

FOR IMMEDIATE RELEASE

Media Contact: Laura Wakeley (717) 291-2616

Investor Contact: Matt Jozwiak (717) 327-2657

Fulton Financial Announces First Quarter 2021 Results

(April 20, 2021) – Lancaster, PA – Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $70 million, or $0.43 per diluted share, for the first quarter of 2021.

"Fulton achieved solid financial performance during the first quarter, despite the continuing challenges brought about by COVID-19,” said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. “We experienced record earnings per share, our mortgage business remained strong, our wealth management business grew to record highs, and asset quality remained stable. The balance sheet restructuring we announced in March had minimal net impact on our earnings in the first quarter, but it will meaningfully enhance our net interest income beginning in the second quarter and going forward.”

Net Interest Income and Balance Sheet

Net interest income for the first quarter of 2021 was $164 million, $3 million higher than the fourth quarter of 2020. Net interest margin for the first quarter of 2021 increased 4 basis points, to 2.79%, from 2.75% in the fourth quarter of 2020. The increases in net interest income and net interest margin in comparison to the fourth quarter of 2020 were primarily due to the forgiveness of Paycheck Protection Program ("PPP") loans and the recognition of related fee income as well as growth in average investment securities and other earning assets during the quarter.

Total average assets for the first quarter of 2021 were $26.1 billion, an increase of $333 million from the fourth quarter of 2020, driven by growth in other interest-earning assets and investment securities. Average loans, net of unearned income, were $19.0 billion, relatively unchanged compared to the fourth quarter of 2020. Average loans included loans originated under the PPP. Average PPP loans were $1.7 billion for the first quarter of 2021 compared to $1.8 billion for the fourth quarter of 2020. First quarter loan balances were impacted by the net effect of $579 million of PPP loans forgiven and $685 million of new loans originated under the third phase of the PPP in the first quarter of 2021 .

Average loans and yields, by type, for the first quarter of 2021 in comparison to the fourth quarter of 2020 are summarized in the following table:


	Three months ended
	March 31, 2021				December 31, 2020				Growth
	Balance		Yield (1)		Balance		Yield (1)		$		%
	(dollars in thousands)
Average Loans, net of unearned income, by type:
Real estate - commercial mortgage	$	7,128,997	3.15	%	$	7,101,363	3.21	%	$	27,634	0.4	%
Commercial and industrial(2)	5,722,080		2.57	%	5,855,305		2.57	%	(133,225)		(2.3)	%
Real estate - residential mortgage	3,183,585		3.52	%	3,087,529		3.65	%	96,056		3.1	%
Real estate - home equity	1,175,218		3.75	%	1,212,113		3.91	%	(36,895)		(3.0)	%
Real estate - construction	1,054,718		3.09	%	1,009,284		3.11	%	45,434		4.5	%
Consumer	459,038		4.13	%	468,678		4.07	%	(9,640)		(2.1)	%
Equipment lease financing	266,405		4.11	%	279,059		3.98	%	(12,654)		(4.5)	%

Other(3)	(9,455)		N/A		(18,817)		N/A		9,362		(49.8)	%
Total Average Loans, net of unearned income	$	18,980,586	3.53	%	$	18,994,514	3.45	%	$	(13,928)	(0.1)	%

(1) Presented on a fully-taxable equivalent basis using a 21% Federal tax rate and statutory interest expense disallowances.
(2) Includes average PPP loans of $1.7 billion and $1.8 billion for the three months ended March 31, 2021 and December 31, 2020, respectively.
(3) Consists of overdrafts and net origination fees and costs.

Total average liabilities in the first quarter of 2021 increased $241 million, to $23.4 billion, from the fourth quarter of 2020 driven by increases in demand and savings deposits, partially offset by decreases in time deposits and short-term borrowings. Average deposits and interest rates, by type, for the first quarter of 2021 in comparison to the fourth quarter of 2020 are summarized in the following table:


	Three months ended
	March 31, 2021				December 31, 2020				Growth
	Balance		Rate		Balance		Rate		$		%
	(dollars in thousands)
Average Deposits, by type:
Noninterest-bearing demand	$	6,672,832	—		$	6,477,228	—		$	195,604	3.0	%
Interest-bearing demand	5,832,174		0.08	%	5,762,150		0.10	%	70,024		1.2	%
Savings	6,137,084		0.10	%	5,905,137		0.13	%	231,947		3.9	%
Total average demand and savings	18,642,090		0.06	%	18,144,515		0.07	%	497,575		2.7	%
Brokered	324,364		0.49	%	340,451		0.53	%	(16,087)		(4.7)	%
Time	2,150,570		1.23	%	2,306,556		1.39	%	(155,986)		(6.8)	%
Total Average Deposits	$	21,117,024	0.18	%	$	20,791,522	0.23	%	$	325,502	1.6	%

Asset Quality

In the first quarter of 2021 a reversal of provision of credit losses of $6 million was recognized, as compared to provisions for credit losses of $6 million, and $44 million for the fourth quarter of 2020 and first quarter of 2020, respectively. Several factors as of the end of the first quarter of 2021 in comparison to the end of the fourth quarter of 2020, including improved economic forecasts and a decrease in specific allocations within the allowance for credit losses for loans evaluated individually, reduced the level of the allowance for credit losses determined to be necessary at the end of the first quarter of 2021, resulting in the negative provision for credit losses.

The $44 million provision for credit losses in the first quarter of 2020 was driven primarily by assessment of the initial estimated impacts of the COVID-19 pandemic, as reflected in economic forecasts as of the end of the first quarter of 2020, on the level of expected credit losses.

Non-performing assets were $156 million, or 0.60% of total assets, at March 31, 2021, compared to $151 million, or 0.58% of total assets, and $147 million, or 0.64% of total assets at December 31, 2020 and March 31, 2020, respectively.

Annualized net charge-offs for the quarter ended March 31, 2021 were 0.13% of total average loans, compared to annualized net recoveries of 0.07% and annualized net charge-offs of 0.26% for the quarters ended December 31, 2020 and March 31, 2020, respectively.

Non-interest Income

Non-interest income in the first quarter of 2021, excluding investment securities gains, was $62 million, an increase of $6 million, or 11%, from the fourth quarter of 2020, primarily driven by increases of $5 million in mortgage banking income and $2 million in wealth management fees. The increase in mortgage banking income was due to a $6 million reversal of the valuation allowance for mortgage servicing assets.

Compared to the first quarter of 2020, non-interest income, excluding investment securities gains, in the first quarter of 2021 increased $7 million, or 13%, from $55 million, primarily driven by an $8 million increase in mortgage banking income, resulting from a combination of higher mortgage sales gains and a $6 million reversal of the mortgage servicing valuation allowance, both due to lower mortgage interest rates.

In the first quarter of 2021, Fulton completed a balance sheet restructuring involving gains on sales of Visa, Inc. Class B restricted shares of $34 million, which were offset in non-interest expense by corresponding debt extinguishment costs of $32 million, other securities losses of $0.4 million and a write-off of $1 million recognized in net interest income in connection with the purchase of certain of the Corporation's outstanding senior and subordinated notes and the prepayment of certain term Federal Home Loan Bank advances.

Non-interest Expense

Non-interest expense was $178 million in the first quarter of 2021, an increase of $24 million compared to the fourth quarter of 2020, which was driven by costs recognized during the first quarter of 2021 associated with the aforementioned balance sheet restructuring. In the fourth quarter of 2020, $15

million of charges, reflected in salaries and employee benefits and other expense, were recognized in connection with the cost saving initiatives announced in October 2020.

Compared to the first quarter of 2020, non-interest expense increased $36 million, or 25% in the first quarter of 2021, due primarily to costs associated with the previously mentioned balance sheet restructuring. Other increases were recognized in salaries and employee benefits and data processing and software, partially offset by lower professional fees.

Income Tax Expense

The effective income tax rate (ETR) for the first quarter of 2021 was 16%, as compared to 10% for both the fourth quarter of 2020 and first quarter of 2020. The increase was a result of higher income before income taxes.

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

Safe Harbor Statement

This news 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, they 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, 2020 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission and are or will be available in the

Investor Relations section of the Corporation's website (www.fult.com) and on the Securities and Exchange Commission's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain non-GAAP financial measures in this earnings release. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this release.


FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
in thousands, except per-share data and percentages
	Three months ended
	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
	2021		2020		2020		2020		2020
Ending Balances
Investments	$	3,612,010	$	3,340,424	$	3,097,721	$	2,974,813	$	3,141,440
Loans, net of unearned income	18,990,986		18,900,820		19,028,621		18,704,722		17,077,403
Total assets	25,892,990		25,906,733		25,543,281		24,617,863		22,929,859
Deposits	21,633,838		20,839,207		20,730,051		19,884,208		17,365,026
Shareholders' equity	2,629,655		2,616,828		2,390,261		2,340,501		2,285,748

Average Balances
Investments	$	3,448,166	$	3,221,289	$	2,977,672	$	3,096,632	$	3,071,828
Loans, net of unearned income	18,980,586		18,994,514		18,880,519		18,331,797		16,860,067
Total assets	26,082,816		25,749,405		25,169,508		24,139,116		22,252,099
Deposits	21,117,024		20,791,522		20,388,447		19,276,658		17,121,428
Shareholders' equity	2,637,098		2,544,866		2,374,091		2,309,133		2,337,016

Income Statement
Net interest income	$	164,448	$	161,591	$	154,116	$	152,754	$	160,746
Provision for credit losses	(5,500)		6,240		7,080		19,570		44,030
Non-interest income	95,397		55,574		63,248		55,922		54,644
Non-interest expense	178,384		154,737		139,147		143,006		142,552
Income before taxes	86,961		56,187		71,137		46,101		28,808
Net income available to common shareholders	70,472		48,690		61,607		39,559		26,047
Pre-provision net revenue(1)	81,795		64,092		80,043		67,125		74,374

Per Share
Net income available to common shareholders (basic)	$	0.43	$	0.30	$	0.38	$	0.24	$	0.16
Net income available to common shareholders (diluted)	$	0.43	$	0.30	$	0.38	$	0.24	$	0.16
Cash dividends	$	0.14	$	0.17	$	0.13	$	0.13	$	0.13
Common shareholders' equity	$	14.99	$	14.93	$	14.74	$	14.45	$	14.16
Common shareholders' equity (tangible)(1)	$	11.69	$	11.62	$	11.44	$	11.15	$	10.84
Weighted average shares (basic)	162,441		162,242		162,061		161,715		163,475
Weighted average shares (diluted)	163,737		163,071		162,579		162,267		164,417

(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document.



	Three months ended
	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
	2021		2020		2020		2020		2020
Asset Quality
Net charge-offs (recoveries) to average loans (annualized)	0.13	%	(0.07)	%	(0.05)	%	0.09	%	0.26	%
Non-performing loans to total loans	0.80	%	0.78	%	0.75	%	0.75	%	0.82	%
Non-performing assets to total assets	0.60	%	0.58	%	0.57	%	0.59	%	0.64	%
ACL - loans(2) to total loans	1.40	%	1.47	%	1.40	%	1.37	%	1.40	%
ACL - loans(2) to non-performing loans	174	%	189	%	188	%	183	%	170	%


Asset Quality, excluding PPP(1)(3)
Net charge-offs (recoveries) to average loans (annualized)	0.14	%	(0.08)	%	(0.06)	%	0.10	%	—	%
Non-performing loans to total adjusted loans	0.88	%	0.85	%	0.83	%	0.83	%	—	%
ACL - loans(2) to total adjusted loans	1.54	%	1.60	%	1.56	%	1.53	%	—	%

Profitability
Return on average assets	1.14	%	0.79	%	0.97	%	0.66	%	0.47	%
Return on average shareholders' equity	11.24	%	7.95	%	10.32	%	6.89	%	4.48	%
Return on average common shareholders' equity (tangible)(1)	15.00	%	10.32	%	13.50	%	8.99	%	5.84	%
Net interest margin	2.79	%	2.75	%	2.70	%	2.81	%	3.21	%
Efficiency ratio(1)	63.0	%	62.5	%	62.3	%	66.4	%	64.5	%


Capital Ratios
Tangible common equity ratio(1)	7.5	%	7.4	%	7.4	%	7.5	%	7.8	%
Tier 1 leverage ratio(4)	8.3	%	8.2	%	7.4	%	7.6	%	7.9	%
Common equity Tier 1 capital ratio(4)	9.8	%	9.5	%	9.5	%	9.5	%	9.4	%
Tier 1 capital ratio(4)	10.8	%	10.5	%	9.5	%	9.5	%	9.4	%
Total risk-based capital ratio(4)	14.2	%	14.4	%	13.9	%	13.8	%	13.8	%

(1) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document.

(2) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Loans, net of unearned income" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures.
(3) Asset quality information excluding Paycheck Protection Program ("PPP") loans. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document.
(4) Regulatory capital ratios as of March 31, 2021 are preliminary and prior periods are actual.


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
												% Change from
		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Mar 31
		2021		2020		2020		2020		2020		2020		2020
ASSETS
	Cash and due from banks	$	102,570	$	120,462	$	139,304	$	141,702	$	181,777	(14.9)	%	(43.6)	%
	Other interest-earning assets	1,625,515		1,819,499		1,489,550		1,007,939		793,572		(10.7)	%	104.8	%
	Loans held for sale	34,092		83,886		93,621		77,415		40,645		(59.4)	%	(16.1)	%
	Investment securities	3,612,010		3,340,424		3,097,721		2,974,813		3,141,440		8.1	%	15.0	%
	Net Loans	18,990,986		18,900,820		19,028,621		18,704,722		17,077,403		0.5	%	11.2	%
	Less: ACL - loans(1)	(265,986)		(277,567)		(266,825)		(256,537)		(238,508)		(4.2)	%	11.5	%
	Loans, net	18,725,000		18,623,253		18,761,796		18,448,185		16,838,895		0.5	%	11.2	%
	Net, premises and equipment	229,035		231,480		236,943		239,596		236,908		(1.1)	%	(3.3)	%
	Accrued interest receivable	65,649		72,942		70,766		73,720		59,365		(10.0)	%	10.6	%
	Goodwill and intangible assets	536,544		536,659		534,907		535,039		535,171		—	%	0.3	%
	Other assets	962,575		1,078,128		1,118,673		1,119,454		1,102,086		(10.7)	%	(12.7)	%
	Total Assets	$	25,892,990	$	25,906,733	$	25,543,281	$	24,617,863	$	22,929,859	(0.1)	%	12.9	%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	21,633,838	$	20,839,207	$	20,730,051	$	19,884,208	$	17,365,026	3.8	%	24.6	%
	Short-term borrowings	520,989		630,066		611,727		572,551		1,386,808		(17.3)	%	(62.4)	%
	Other liabilities	482,101		524,369		515,230		525,407		513,811		(8.1)	%	(6.2)	%
	FHLB advances and long-term debt	626,407		1,296,263		1,296,012		1,295,196		1,378,466		(51.7)	%	(54.6)	%
	Total Liabilities	23,263,335		23,289,905		23,153,020		22,277,362		20,644,111		(0.1)	%	12.7	%
	Shareholders' equity	2,629,655		2,616,828		2,390,261		2,340,501		2,285,748		0.5	%	15.0	%
	Total Liabilities and Shareholders' Equity	$	25,892,990	$	25,906,733	$	25,543,281	$	24,617,863	$	22,929,859	(0.1)	%	12.9	%

LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	7,142,137	$	7,105,092	$	7,046,330	$	6,934,936	$	6,895,069	0.5	%	3.6	%
	Commercial and industrial	3,986,858		4,088,561		4,007,278		4,033,439		4,450,557		(2.5)	%	(10.4)	%
	Real estate - residential mortgage	3,254,058		3,141,915		3,061,835		2,862,226		2,718,290		3.6	%	19.7	%
	Real estate - home equity	1,149,958		1,202,913		1,222,709		1,251,455		1,292,677		(4.4)	%	(11.0)	%
	Real estate - construction	1,083,494		1,047,218		1,007,534		972,909		947,768		3.5	%	14.3	%
	Consumer	451,857		466,772		469,551		465,610		468,172		(3.2)	%	(3.5)	%
	Equipment lease financing	260,907		279,118		280,286		281,897		289,726		(6.5)	%	(9.9)	%
	Other(2)	(26,677)		(12,481)		(27,067)		(34,784)		15,144		113.7	%	N/M
	Loans, net of unearned income before PPP	17,302,592		17,319,108		17,068,456		16,767,688		17,077,403		(0.1)	%	1.3	%
	PPP	1,688,394		1,581,712		1,960,165		1,937,034		—		6.7	%	N/M
	Total Loans, net of unearned income	$	18,990,986	$	18,900,820	$	19,028,621	$	18,704,722	$	17,077,403	0.5	%	11.2	%
Deposits, by type:
	Noninterest-bearing demand	$	7,046,116	$	6,531,002	$	6,378,077	$	6,239,055	$	4,531,872	7.9	%	55.5	%
	Interest-bearing demand	5,959,909		5,818,564		5,813,935		5,099,405		4,724,520		2.4	%	26.1	%
	Savings	6,244,513		5,929,792		5,805,431		5,667,893		5,092,865		5.3	%	22.6	%
	Total demand and savings	19,250,538		18,279,358		17,997,443		17,006,353		14,349,257		5.3	%	34.2	%
	Brokered	309,873		335,185		317,588		310,689		313,337		(7.6)	%	(1.1)	%
	Time	2,073,427		2,224,664		2,415,020		2,567,166		2,702,432		(6.8)	%	(23.3)	%
	Total Deposits	$	21,633,838	$	20,839,207	$	20,730,051	$	19,884,208	$	17,365,026	3.8	%	24.6	%
Short-term borrowings, by type:


	Customer funding	$	520,989	$	630,066	$	611,727	$	572,551	$	461,808	(17.3)	%	12.8	%
	Federal funds purchased	—		—		—		—		200,000		N/M		(100.0)	%
	Short-term FHLB advances	—		—		—		—		725,000		N/M		(100.0)	%
	Total Short-term Borrowings	$	520,989	$	630,066	$	611,727	$	572,551	$	1,386,808	(17.3)	%	(62.4)	%


N/M - Not meaningful
(1) "ACL - loans" relates to the ACL specifically on "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures.
(2) Consists of overdrafts and net origination fees and costs.


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands
		Three Months Ended										% Change from
		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Mar 31
		2021		2020		2020		2020		2020		2020		2020
Interest Income:
	Interest income	$	184,936	$	183,645	$	179,159	$	180,696	$	199,378	0.7	%	(7.2)	%
	Interest expense	20,488		22,054		25,043		27,942		38,632		(7.1)	%	(47.0)	%
	Net Interest Income	164,448		161,591		154,116		152,754		160,746		1.8	%	2.3	%
	Provision for credit losses	(5,500)		6,240		7,080		19,570		44,030		N/M		(112.5)	%
	Net Interest Income after Provision	169,948		155,351		147,036		133,184		116,716		9.4	%	45.6	%
Non-Interest Income:
	Commercial banking:
	Merchant and card	5,768		5,953		6,237		5,326		5,624		(3.1)	%	2.6	%
	Cash management	4,921		4,737		4,742		4,503		4,742		3.9	%	3.8	%
	Capital markets	2,800		3,513		4,696		5,004		5,075		(20.3)	%	(44.8)	%
	Other commercial banking	2,853		2,606		2,636		1,914		2,978		9.5	%	(4.2)	%
	Total commercial banking	16,342		16,809		18,311		16,748		18,419		(2.8)	%	(11.3)	%
	Consumer banking:
	Card	5,878		5,123		5,002		4,966		4,685		14.7	%	25.5	%
	Overdraft	2,724		3,376		3,015		2,107		4,058		(19.3)	%	(32.9)	%
	Other consumer banking	2,152		2,298		2,406		2,065		2,496		(6.4)	%	(13.8)	%
	Total consumer banking	10,754		10,797		10,423		9,138		11,239		(0.4)	%	(4.3)	%
	Wealth management	17,347		15,653		14,943		13,407		15,055		10.8	%	15.2	%
	Mortgage banking	13,960		9,311		16,801		9,964		6,234		49.9	%	123.9	%
	Other	3,519		3,004		2,769		3,660		3,651		17.1	%	(3.6)	%
	Non-interest income before investment securities gains	61,922		55,574		63,246		52,917		54,598		11.4	%	13.4	%
	Investment securities gains, net	33,475		—		2		3,005		46		N/M		N/M
	Total Non-Interest Income	95,397		55,574		63,248		55,922		54,644		71.7	%	74.6	%
Non-Interest Expense:
	Salaries and employee benefits	82,586		83,929		79,227		81,012		80,228		(1.6)	%	2.9	%
	Net occupancy	13,982		13,161		13,221		13,144		13,486		6.2	%	3.7	%
	Data processing and software	13,561		11,951		12,285		12,193		11,645		13.5	%	16.5	%
	Other outside services	8,490		8,334		7,617		7,600		7,881		1.9	%	7.7	%
	Equipment	3,428		3,563		3,711		3,193		3,418		(3.8)	%	0.3	%
	Professional fees	2,779		2,424		2,879		3,331		4,202		14.6	%	(33.9)	%
	FDIC insurance	2,624		2,346		1,578		2,133		2,808		11.8	%	(6.6)	%
	Amortization of tax credit investments	1,531		1,532		1,694		1,450		1,450		(0.1)	%	5.6	%
	Marketing	1,002		1,098		1,147		1,303		1,579		(8.7)	%	(36.5)	%
	Intangible amortization	115		132		132		132		132		(12.9)	%	(12.9)	%
	Debt extinguishment	32,163		—		—		2,878		—		N/M		N/M
	Other	16,123		26,268		15,654		14,637		15,723		(38.6)	%	2.5	%
	Total Non-Interest Expense	178,384		154,737		139,145		143,006		142,552		15.3	%	25.1	%
	Income Before Income Taxes	86,961		56,187		71,139		46,100		28,808		54.8	%	N/M
	Income tax expense	13,898		5,362		9,529		6,542		2,761		N/M		N/M
	Net Income	73,063		50,825		61,610		39,558		26,047		43.8	%	N/M
	Preferred stock dividends	(2,591)		(2,135)		—		—		—		21.4	%	N/M
	Net Income Available to Common Shareholders	$	70,472	$	48,690	$	61,610	$	39,558	$	26,047	44.7	%	N/M

PER SHARE:
	Net income:
	Basic	$	0.43	$	0.30	$	0.38	$	0.24	$	0.16	43.3	%	N/M
	Diluted	0.43		0.30		0.38		0.24		0.16		43.3	%	N/M
	Cash dividends	0.14		0.17		0.13		0.13		0.13		(17.6)	%	7.7	%

	Weighted average shares (basic)	162,441		162,242		162,061		161,715		163,475		0.1	%	(0.6)	%
	Weighted average shares (diluted)	163,737		163,071		162,579		162,267		164,417		0.4	%	(0.4)	%


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three months ended
		March 31, 2021						December 31, 2020						March 31, 2020
		Average		Interest		Yield/		Average		Interest		Yield/		Average		Interest		Yield/
		Balance		(1)		Rate		Balance		(1)		Rate		Balance		(1)		Rate
ASSETS

Interest-earning assets:
	Loans, net of unearned income	$	18,980,586	$	165,462	3.53	%	$	18,994,514	$	164,329	3.45	%	$	16,860,067	$	177,496	4.23	%
	Taxable investment securities	2,438,496		13,691		2.08	%	2,233,730		13,559		2.43	%	2,284,457		16,294		2.85	%
	Tax-exempt investment securities	911,648		7,156		3.13	%	886,329		7,044		3.17	%	720,223		5,960		3.29	%

	Total Investment Securities	3,350,144		20,847		2.49	%	3,120,059		20,603		2.64	%	3,004,680		22,254		2.96	%
	Loans held for sale	53,465		471		3.53	%	76,871		521		2.71	%	27,178		320		4.71	%
	Other interest-earning assets	1,900,199		1,136		0.24	%	1,668,454		1,179		0.28	%	602,270		2,532		1.69	%
	Total Interest-earning Assets	24,284,394		187,916		3.13	%	23,859,898		186,632		3.12	%	20,494,195		202,602		3.97	%

Noninterest-earning assets:
	Cash and due from banks	120,181						126,190						138,248
	Premises and equipment	230,649						236,265						239,619
	Other assets	1,728,473						1,799,381						1,590,666
	Less: ACL - loans(2)	(280,881)						(272,329)						(210,629)
	Total Assets	$	26,082,816					$	25,749,405					$	22,252,099

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:
	Demand deposits	$	5,832,174	$	1,160	0.08	%	$	5,762,150	$	1,457	0.10	%	$	4,649,905	$	5,643	0.49	%
	Savings deposits	6,137,084		1,526		0.10	%	5,905,137		1,866		0.13	%	5,127,662		7,110		0.56	%
	Brokered deposits	324,364		395		0.49	%	340,451		451		0.53	%	275,359		1,073		1.57	%
	Time deposits	2,150,570		6,521		1.23	%	2,306,556		8,082		1.39	%	2,761,474		12,614		1.84	%
	Total Interest-bearing Deposits	14,444,192		9,602		0.27	%	14,314,294		11,856		0.33	%	12,814,400		26,440		0.83	%

	Short-term borrowings	570,775		188		0.13	%	622,623		268		0.17	%	1,303,047		4,073		1.25	%
	FHLB advances and long-term debt	1,271,170		10,698		3.38	%	1,296,139		9,930		3.06	%	1,063,214		8,119		3.06	%
	Total Interest-bearing Liabilities	16,286,137		20,488		0.51	%	16,233,056		22,054		0.54	%	15,180,661		38,632		1.02	%

Noninterest-bearing liabilities:
	Demand deposits	6,672,832						6,477,228						4,307,027
	Total Deposits/Cost of Deposits	21,117,024				0.18	%	20,791,522				0.23	%	17,121,427				0.62	%
	Other	486,749						494,255						427,395
	Total Liabilities	23,445,718						23,204,539						19,915,083
	Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")	22,958,969				0.36	%	22,710,284				0.39	%	19,487,688				0.80	%

	Shareholders' equity	2,637,098						2,544,866						2,337,016
	Total Liabilities and Shareholders' Equity	$	26,082,816					$	25,749,405					$	22,252,099

	Net interest income/net interest margin (fully taxable equivalent)			167,428		2.79	%			164,578		2.75	%			$	163,970	3.21	%
	Tax equivalent adjustment			(2,979)						(2,987)						$	(3,224)
	Net interest income			$	164,449					$	161,591					$	160,746


	(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 "Loans, net of unearned income" and does not include the ACL related to OBS credit exposures.


FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
		Three months ended										% Change from
		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Mar 31
		2021		2020		2020		2020		2020		2020		2020
Loans, by type:
	Real estate - commercial mortgage	$	7,128,997	$	7,101,363	$	6,986,528	$	6,875,872	$	6,746,766	0.4	%	5.7	%
	Commercial and industrial	4,033,367		4,024,879		4,030,750		4,451,228		4,446,750		0.2	%	(9.3)	%
	Real estate - residential mortgage	3,183,585		3,087,529		2,975,516		2,769,682		2,670,019		3.1	%	19.2	%
	Real estate - home equity	1,175,218		1,212,113		1,237,602		1,271,190		1,300,132		(3.0)	%	(9.6)	%
	Real estate - construction	1,054,718		1,009,284		981,589		941,079		929,529		4.5	%	13.5	%
	Consumer	459,038		468,678		464,851		465,728		466,415		(2.1)	%	(1.6)	%
	Equipment lease financing	266,405		279,059		279,217		284,658		284,566		(4.5)	%	(6.4)	%
	Other(1)	(9,455)		(18,817)		(28,656)		13,443		15,890		(49.8)	%	N/M
	Loans, net of unearned income before PPP	17,291,873		17,164,088		16,927,397		17,072,880		16,860,067		0.7	%	2.6	%
	PPP	1,688,713		1,830,426		1,953,122		1,258,917		—		(7.7)	%	N/M
	Total Loans, net of unearned income	$	18,980,586	$	18,994,514	$	18,880,519	$	18,331,797	$	16,860,067	(0.1)	%	12.6	%

Deposits, by type:
	Noninterest-bearing demand	$	6,672,832	$	6,477,228	$	6,270,683	$	5,789,788	$	4,307,027	3.0	%	54.9	%
	Interest-bearing demand	5,832,174		5,762,150		5,591,548		5,103,419		4,649,905		1.2	%	25.4	%
	Savings	6,137,084		5,905,137		5,716,050		5,446,368		5,127,662		3.9	%	19.7	%
	Total demand and savings	18,642,090		18,144,515		17,578,281		16,339,575		14,084,594		2.7	%	32.4	%
	Brokered	324,364		340,451		314,721		312,121		275,359		(4.7)	%	17.8	%
	Time	2,150,570		2,306,556		2,495,445		2,624,962		2,761,474		(6.8)	%	(22.1)	%
	Total Deposits	$	21,117,024	$	20,791,522	$	20,388,447	$	19,276,658	$	17,121,427	1.6	%	23.3	%

Short-term borrowings, by type:


	Customer funding	$	570,775	$	622,623	$	613,127	$	546,716	$	428,240	(8.3)	%	33.3	%
	Federal funds purchased	—		—		—		74,231		186,868		N/M		(100.0)	%
	Short-term FHLB advances and other borrowings	—		—		—		86,824		687,937		N/M		(100.0)	%
	Total Short-term borrowings	$	570,775	$	622,623	$	613,127	$	707,771	$	1,303,045	(8.3)	%	(56.2)	%

(1) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION


FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
		Three months ended
		Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
		2021			2020			2020			2020			2020
Allowance for credit losses related to Loans, net of unearned income:
Balance at beginning of period		$	277,567		$	266,825		$	256,537		$	238,508		$	163,620

	Impact of adopting CECL	—			—			—			—			45,724

	Loans charged off:
	Commercial and industrial	(4,319)			(1,567)			(2,969)			(3,480)			(10,899)
	Real estate - commercial mortgage	(1,837)			(300)			(746)			(2,324)			(855)
	Consumer and home equity	(847)			(668)			(1,093)			(1,303)			(1,529)
	Real estate - residential mortgage	(192)			—			(198)			(235)			(187)
	Real estate - construction	(39)			—			—			(17)			—
	Equipment lease financing and other	(968)			(483)			(483)			(688)			(533)
	Total loans charged off	(8,202)			(3,018)			(5,489)			(8,047)			(14,003)
Recoveries of loans previously charged off:
	Commercial and industrial	769			4,581			2,103			2,978			1,734
	Real estate - commercial mortgage	174			588			100			95			244
	Consumer and home equity	440			594			491			649			646
	Real estate - residential mortgage	95			199			95			112			85
	Real estate - construction	384			179			4,873			—			70
	Equipment lease financing and other	159			219			185			92			108
	Recoveries of loans previously charged off	2,021			6,360			7,847			3,926			2,887
Net loans recovered (charged off)		(6,181)			3,342			2,358			(4,121)			(11,116)
Provision for credit losses		(5,400)			7,400			7,930			22,150			40,280
Balance at end of period		$	265,986		$	277,567		$	266,825		$	256,537		$	238,508
Net charge-offs (recoveries) to average loans (annualized)		0.13		%	(0.07)		%	(0.05)		%	0.09		%	0.26		%

Allowance credit losses related to OBS Credit Exposures(1)
	Balance at beginning of period	$	14,373		$	15,533		$	16,383		$	18,963		$	2,588
	Impact of adopting CECL	—			—			—			—			12,625
	Provision for credit losses	(100)			(1,160)			(850)			(2,580)			3,750
	Balance at end of period	$	14,273		$	14,373		$	15,533		$	16,383		$	18,963

NON-PERFORMING ASSETS:
	Non-accrual loans	$	143,889		$	137,198		$	128,321		$	125,037		$	120,345
	Loans 90 days past due and accruing	8,559			9,929			13,761			14,767			19,593
	Total non-performing loans	152,448			147,127			142,082			139,804			139,938
	Other real estate owned	3,664			4,178			4,565			5,418			6,593
	Total non-performing assets	$	156,112		$	151,305		$	146,647		$	145,222		$	146,531

NON-PERFORMING LOANS, BY TYPE:
	Commercial and industrial	$	31,871		$	32,610		$	37,224		$	39,730		$	41,318
	Real estate - commercial mortgage	54,164			52,647			43,426			42,374			36,538
	Real estate - residential mortgage	36,152			30,793			28,287			22,887			25,832
	Consumer and home equity	13,072			13,090			12,292			11,911			11,226
	Real estate - construction	1,440			1,550			4,051			4,525			4,379
	Equipment lease financing and other	15,749			16,437			16,802			18,377			20,645
	Total non-performing loans	$	152,448		$	147,127		$	142,082		$	139,804		$	139,938

(1) The allowance for credit losses related to OBS Credit Exposures is presented in "other liabilities" on the consolidated balance sheets.


FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
in thousands, except per share data and percentages

Explanatory note:	This press release contains supplemental financial information, as detailed below, which 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
		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
		2021		2020		2020		2020		2020
Common shareholders' equity (tangible), per share
Shareholders' equity		$	2,629,655	$	2,616,828	$	2,390,261	$	2,340,501	$	2,285,748
Less: Preferred stock		(192,878)		(192,878)		—		—		—
Less: Goodwill and intangible assets		(536,544)		(536,659)		(534,907)		(535,039)		(535,171)
Tangible common shareholders' equity (numerator)		$	1,900,233	$	1,887,291	$	1,855,354	$	1,805,462	$	1,750,577

Shares outstanding, end of period (denominator)		162,518		162,350		162,134		161,958		161,435

Common shareholders' equity (tangible), per share		$	11.69	$	11.62	$	11.44	$	11.15	$	10.84

Return on average common shareholders' equity (tangible)
Net income available to common shareholders		$	70,472	$	48,690	$	61,610	$	39,558	$	26,047
Plus: Intangible amortization, net of tax		90		104		103		104		104
(Numerator)		$	70,562	$	48,794	$	61,713	$	39,662	$	26,151

Average shareholders' equity		$	2,637,098	$	2,544,866	$	2,374,091	$	2,309,133	$	2,337,016
Less: Average preferred stock		(192,878)		(127,639)		—		—		—
Less: Average goodwill and intangible assets		(536,601)		(535,474)		(534,971)		(535,103)		(535,235)
Average tangible common shareholders' equity (denominator)		$	1,907,619	$	1,881,753	$	1,839,120	$	1,774,030	$	1,801,781

Return on average common shareholders' equity (tangible), annualized		15.00%		10.32%		13.50%		8.99%		5.84%

Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity		$	2,629,655	$	2,616,828	$	2,390,261	$	2,340,501	$	2,285,748
Less: Preferred stock		(192,878)		(192,878)		—		—		—
Less: Goodwill and intangible assets		(536,544)		(536,659)		(534,907)		(535,039)		(535,171)
Tangible common shareholders' equity (numerator)		$	1,900,233	$	1,887,291	$	1,855,354	$	1,805,462	$	1,750,577

Total assets		$	25,892,990	$	25,906,733	$	25,543,281	$	24,617,863	$	22,929,859
Less: Goodwill and intangible assets		(536,544)		(536,659)		(534,907)		(535,039)		(535,171)
Total tangible assets (denominator)		$	25,356,446	$	25,370,074	$	25,008,374	$	24,082,824	$	22,394,688

Tangible common equity to tangible assets		7.49%		7.44%		7.42%		7.50%		7.82%

Efficiency ratio
Non-interest expense		$	178,384	$	154,737	$	139,145	$	143,006	$	142,552
Less: Amortization of tax credit investments		(1,531)		(1,532)		(1,694)		(1,450)		(1,450)
Less: Intangible amortization		(115)		(132)		(132)		(132)		(132)
Less: 2020 cost savings initiatives		—		(15,400)		(800)		—		—
Less: Debt extinguishment costs		(32,163)		—		—		(2,878)		—
Non-interest expense (numerator)		$	144,575	$	137,673	$	136,519	$	138,546	$	140,970

Net interest income (fully taxable equivalent)		$	167,428	$	164,578	$	157,106	$	155,854	$	163,970
Plus: Total Non-interest income		95,397		55,574		63,248		55,922		54,644
Less: Investment securities gains, net		(33,475)		—		(2)		(3,005)		(46)
Total revenue (denominator)		$	229,350	$	220,152	$	220,352	$	208,771	$	218,568

Efficiency ratio		63.0%		62.5%		62.0%		66.4%		64.5%




	Three months ended
	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
	2021		2020		2020		2020		2020


























Asset Quality, excluding PPP
Net loans recovered (charged-off) (numerator)	$	(6,181)	$	3,342	$	2,358	$	(4,121)	$	(11,116)

Average loans, net of unearned income	$	18,980,586	$	18,994,514	$	18,880,519	$	18,331,797	$	16,860,067
Less: Average PPP loans	(1,688,713)		(1,830,426)		(1,953,122)		(1,258,917)		—
Total adjusted average loans (denominator)	$	17,291,873	$	17,164,088	$	16,927,397	$	17,072,880	$	16,860,067

Net charge-offs (recoveries) to average loans (annualized)	0.14%		(0.08)%		(0.06)%		0.10%		0.26%

Non-performing loans (numerator)	$	152,448	$	147,127	$	142,082	$	139,804	$	139,938

Loans, net of unearned income	$	18,990,986	$	18,900,820	$	19,028,621	$	18,704,722	$	17,077,403
Less: PPP loans	(1,688,394)		(1,581,712)		(1,960,165)		(1,937,034)		—
Total adjusted loans (denominator)	$	17,302,592	$	17,319,108	$	17,068,456	$	16,767,688	$	17,077,403

Non-performing loans to adjusted total loans	0.88%		0.85%		0.83%		0.83%		0.82%

ACL - loans (numerator)	$	265,986	$	277,567	266,825		256,537		$	238,508

Loans, net of unearned income	$	18,990,986	$	18,900,820	$	19,028,621	$	18,704,722	$	17,077,403
Less: PPP loans	(1,688,394)		(1,581,712)		(1,960,165)		(1,937,034)		—
Total adjusted loans (denominator)	$	17,302,592	$	17,319,108	$	17,068,456	$	16,767,688	$	17,077,403

ACL - loans to adjusted total loans	1.54%		1.60%		1.56%		1.53%		1.40%

Pre-provision net revenue
Net interest income	$	164,448	$	161,591	$	154,116	$	152,754	$	160,746
Non-interest income	95,397		55,574		63,248		55,922		54,644
Less: Investment securities gains, net	(33,475)		—		(2)		(3,005)		(46)
Total revenue	$	226,370	$	217,165	$	217,362	$	205,671	$	215,344

Non-interest expense	$	178,384	$	154,737	$	139,145	$	143,006	$	142,552
Less: Debt extinguishment	(32,163)		—		—		(2,878)		—
Less: Amortization on tax credit investments	(1,531)		(1,532)		(1,694)		(1,450)		(1,450)
Less: Intangible amortization	(115)		(132)		(132)		(132)		(132)
Total non-interest expense	$	144,575	$	153,073	$	137,319	$	138,546	$	140,970

Pre-provision net revenue	$	81,795	$	64,092	$	80,043	$	67,125	$	74,374

Note: numbers may not sum due to rounding.