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 2022 Results

(April 19, 2022) – Lancaster, PA – Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $61.7 million, or $0.38 per diluted share, for the first quarter of 2022, an increase of $2.4 million, or 4.0%, in comparison to the fourth quarter of 2021.

"Overall, we are pleased with our first quarter results. Our consumer and commercial businesses had solid loan growth during the quarter despite the volatile rate environment. We again saw record income in our wealth management business. Our asset quality remained stable, and we saw a decline in operating expenses linked quarter" said E. Phillip Wenger, Chairman and CEO. "On the corporate front, we were pleased to be able to raise our quarterly dividend. And our announcement of our intent to acquire Prudential Bancorp, Inc. later this year will help grow Fulton's presence in Philadelphia, which is a strategically important market for us."

Net Interest Income and Balance Sheet

Net interest income for the first quarter of 2022 was $161.3 million, $4.3 million lower than the fourth quarter of 2021. The net interest margin for the first quarter of 2022 increased 1 basis point, to 2.78%, from 2.77% in the fourth quarter of 2021.

The linked-quarter decrease in net interest income was primarily due to a decrease in loan fees related to Paycheck Protection Program ("PPP") loans, which were $4.4 million in the first quarter of 2022 compared to $10.0 million in the fourth quarter of 2021, partially offset by lower interest expense. The linked-quarter increase in net interest margin was primarily due to an increase in average net loans to $18.4 billion from $18.2 billion coupled with a decrease in lower yielding other interest-earning assets to $1.3 billion from $2.1 billion. The PPP loan balance was $164.3 million and $301.3 million as of March 31, 2022 and December 31, 2021, respectively.

For the first quarter of 2022, net interest income was $161.3 million, a decrease of $3.1 million, or 1.9%, in comparison to the first quarter of 2021. The net interest margin for the first quarter of 2022 decreased 1 basis point, to 2.78% from 2.79% in the first quarter of 2021. The yield on average interest-earning assets declined 15 basis points and the rate on average interest-bearing liabilities declined 20 basis points in the first quarter of 2022 in comparison to the first quarter of 2021.
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The year-over-year decrease in net interest income was primarily due to a decline in interest income on loans of $14.4 million, from $165.5 million in the first quarter of 2021 compared to $151.1 million for the first quarter of 2022. The decline in interest income on loans was primarily due to a decline of $15.0 million in PPP loan fees. Interest expense on interest-bearing deposits and long-term borrowings declined by $4.0 million and $4.7 million, respectively, in the first quarter of 2022 in comparison to the first quarter of 2021. The decline in interest expense on interest-bearing deposits in the first quarter of 2022 was primarily due to a decrease in rate of 11 basis points. The decline in interest expense on long-term borrowings in the first quarter of 2022 was driven by a $661.3 million decrease in average balance due to the balance sheet restructuring in the first quarter of 2021, which included the prepayment of $536.0 million of long-term Federal Home Loan Bank ("FHLB") advances and the cash tender offer for $75 million and $60.0 million of the Corporation's outstanding subordinated and senior notes, respectively.

Total average interest-earning assets for the first quarter of 2022 was $23.9 billion, a decrease of $382.2 million from the fourth quarter of 2021, primarily due to a decrease of $842.2 million in average other interest-earning assets, partially offset by increases in average taxable investment securities and average net loans of $271.7 million and $162.6 million, respectively.

Total average interest-earning assets for the first quarter of 2022 decreased $388.2 million from the first quarter of 2021. Average net loans for the first quarter of 2022 were $18.4 billion, a decrease of $597.5 million from the same period in 2021. Included in average net loans for the first quarter of 2022 were PPP loans with an average balance of $226.1 million, a decrease of $1.5 billion from the first quarter of 2021. The decrease in average PPP loans for the first quarter of 2022 was partially offset by increases in average residential mortgage loans, average commercial mortgage loans and average real estate construction loans of $703.8 million, $165.9 million and $82.9 million, respectively. Average taxable investment securities increased $635.1 million for the first quarter of 2022 compared to the first quarter of 2021.

Total average interest-bearing liabilities decreased $374.6 million, to $15.1 billion, in the first quarter of 2022 compared to the fourth quarter of 2021, driven by decreases of $268.8 million in demand deposits and $59.6 million in time deposits.

Total average interest-bearing liabilities for the first quarter of 2022 decreased $1.2 billion from the first quarter of 2021, driven by a decrease in total interest-bearing deposits of $395.2 million and a decrease in long-term borrowings of $661.3 million. Average noninterest-bearing deposits increased $758.4 million for the first quarter of 2022 compared to the first quarter of 2021.

On March 21, 2022, the Corporation announced that its Board of Directors approved the repurchase of up to $75 million of shares of Fulton's common stock commencing on April 1, 2022 and expiring on December 31, 2022.



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Asset Quality

In the first quarter of 2022, a negative provision for credit losses of $7.0 million was recognized, as compared to a negative provision for credit losses of $5.0 million in the fourth quarter of 2021, and a negative provision for credit losses of $5.5 million in the first quarter of 2021. The negative provision for credit losses for the first quarter of 2022 was recorded to adjust the allowance for credit losses as a result of improved economic conditions.

Non-performing assets were $163.0 million, or 0.64% of total assets, at March 31, 2022, compared to $153.9 million, or 0.60% of total assets, and $156.1 million, or 0.60% of total assets, at December 31, 2021 and March 31, 2021, respectively.

Annualized net charge-offs (recoveries) for the quarter ended March 31, 2022, were (0.02)% of total average loans, compared to 0.07% and 0.13% for the quarters ended December 31, 2021 and March 31, 2021, respectively.

Non-interest Income

Non-interest income before investment securities gains in the first quarter of 2022 was $55.2 million, a decrease of $8.6 million, or 13.5%, from the fourth quarter of 2021. The decrease in non-interest income was primarily due to declines in income from equity method investments of $4.0 million reflected in other income, mortgage banking income of $2.7 million due to lower gains on sales, and capital markets income of $1.3 million primarily due to lower fee income from commercial customer interest rate swaps, partially offset by an increase of $1.1 million in wealth management income.

Compared to the first quarter of 2021, non-interest income before investment securities gains in the first quarter of 2022 decreased $6.7 million, or 10.8%, from $61.9 million. The decrease in non-interest income was primarily due to a $9.4 million decrease in mortgage banking income due to lower gains on sale, partially offset by a $2.1 million increase in wealth management income.

In the first quarter of 2021, Fulton completed balance sheet restructurings involving sales of investment securities and corresponding prepayments of FHLB advances, subordinated debt and senior notes. The balance sheet restructuring involved gains on sales of Visa, Inc. Class B restricted shares of $34.0 million that were offset in non-interest expense by debt extinguishment of costs of $33.2 million.

Non-interest Expense

Non-interest expense was $146.0 million in the first quarter of 2022, a decrease of $8.0 million, or 5.2%, compared to the fourth quarter of 2021. The decrease was primarily due to decreases in charitable contributions and donations of $2.2 million, state-related taxes of $1.7 million and a net gain for owned fixed assets of $1.5 million, all reflected in other expense. Additionally, the decrease in non-interest expense was also driven by decreases in other outside services of $1.5 million and salaries and benefits
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of $1.0 million. Included in non-interest expense was $0.4 million for merger-related expenses associated with the pending acquisition of Prudential Bancorp, Inc.

Compared to the first quarter of 2021, non-interest expense decreased $32.4 million, or 18.2%, in the first quarter of 2022, primarily due to debt extinguishment costs of $33.2 million related to the prepayment of FHLB advances, subordinated debt and senior notes during the first quarter of 2021.

Income Tax Expense

For the first quarter of 2022, the effective tax rate was moderately lower at 17.1%, compared to 17.6% for the full-year of 2021.

Additional information on Fulton is available on the Internet at www.fultonbank.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, 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 and other current and periodic reports, which have
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been or will be filed with the Securities and Exchange Commission (the "SEC"), including the risks, uncertainties and assumptions regarding the Corporation's pending acquisition of Prudential Bancorp, Inc. set forth under the heading "Safe Harbor Statement" in the Corporation's Current Report on Form 8-K filed on March 2, 2022, 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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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 (GAAP: Generally Accepted Accounting Principles).

FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
in thousands, except per-share data and percentages
Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20222021202120212021
Ending Balances
Investments$4,288,674$4,167,774$4,000,760$3,921,658$3,612,010
Net loans18,476,11918,325,35018,269,40718,586,75618,990,986
Total assets25,598,31025,796,39826,390,83226,079,77425,892,990
Deposits21,541,17421,573,49922,074,04121,724,31221,633,838
Shareholders' equity2,569,5352,712,6802,699,8182,692,9582,629,655
Average Balances
Investments$4,228,827$3,980,045$3,914,627$3,670,333$3,448,166
Net loans18,383,11818,220,55018,414,15318,906,55618,980,586
Total assets25,622,46226,136,53626,440,87626,017,54226,082,816
Deposits21,480,18321,876,93822,123,48021,765,60121,117,024
Shareholders' equity2,688,8342,713,1982,722,8332,669,4132,637,098
Income Statement
Net interest income$161,310 $165,613 $171,270 $162,399 $164,448 
Provision for credit losses(6,950)(5,000)(600)(3,500)(5,500)
Non-interest income55,256 63,881 62,577 51,890 95,397 
Non-interest expense145,978 154,019 144,596 140,831 178,384 
Income before taxes77,538 80,475 89,851 76,958 86,961 
Net income available to common shareholders61,726 59,325 73,021 62,402 70,472 
Pre-provision net revenue(1)
71,842 77,837 90,947 75,575 81,795 
Per Share
Net income available to common shareholders (basic)$0.38 $0.37 $0.45 $0.38 $0.43 
Net income available to common shareholders (diluted)$0.38 $0.37 $0.45 $0.38 $0.43 
Cash dividends$0.15 $0.22 $0.14 $0.14 $0.14 
Common shareholders' equity$14.79 $15.70 $15.53 $15.34 $14.99 
Common shareholders' equity (tangible)(1)
$11.44 $12.35 $12.21 $12.05 $11.69 
Weighted average shares (basic)160,588 161,210 162,506 162,785 162,441 
Weighted average shares (diluted)161,911 162,355 163,456 163,858 163,737 
(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document.
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Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20222021202120212021
Asset Quality
Net (recoveries) charge offs to average loans (annualized)(0.02)%0.07 %(0.05)%0.15 %0.13 %
Non-performing loans to total loans0.87 %0.83 %0.82 %0.83 %0.80 %
Non-performing assets to total assets0.64 %0.60 %0.58 %0.60 %0.60 %
ACL - loans(2) to total loans
1.32 %1.36 %1.41 %1.37 %1.40 %
ACL - loans(2) to non-performing loans
151 %164 %171 %166 %174 %
Asset Quality, excluding PPP(1)(3)
Net (recoveries) charge offs to adjusted average loans (annualized)(0.02)%0.07 %(0.05)%0.16 %0.14 %
Non-performing loans to total adjusted loans0.88 %0.84 %0.85 %0.88 %0.88 %
ACL - loans(2) to total adjusted loans
1.33 %1.38 %1.45 %1.46 %1.54 %
Profitability
Return on average assets1.02 %0.94 %1.13 %1.00 %1.14 %
Return on average common shareholders' equity10.03 %9.34 %11.45 %10.01 %11.73 %
Return on average common shareholders' equity (tangible)(1)
12.88 %11.89 %14.56 %12.93 %15.00 %
Net interest margin2.78 %2.77 %2.82 %2.73 %2.79 %
Efficiency ratio(1)
65.8 %65.2 %60.3 %63.8 %63.0 %
Non-interest expenses to total average assets(1)
2.29 %2.30 %2.14 %2.14 %2.25 %
Capital Ratios
Tangible common equity ratio(1)
7.3 %7.8 %7.6 %7.7 %7.5 %
Tier 1 leverage ratio(4)
8.9 %8.6 %8.4 %8.5 %8.2 %
Common equity Tier 1 capital ratio(4)
10.0 %9.9 %10.1 %10.0 %9.7 %
Tier 1 risk-based capital ratio(4)
10.9 %10.9 %11.1 %11.0 %10.7 %
Total risk-based capital ratio(4)
13.8 %14.1 %14.4 %14.5 %14.3 %
(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 "Net Loans" 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, 2022 are preliminary and prior periods are actual.

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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
 % Change from
Mar 31Dec 31Sep 30Jun 30Mar 31Dec 31Mar 31
2022202120212021202120212021
ASSETS
Cash and due from banks$161,462 $172,276 $260,564 $143,002 $102,570 (6.3)%57.4 %
Other interest-earning assets1,054,232 1,523,973 2,271,738 1,823,688 1,625,515 (30.8)%(35.1)%
Loans held for sale27,675 35,768 43,123 41,924 34,092 (22.6)%(18.8)%
Investment securities4,288,674 4,167,774 4,000,760 3,921,658 3,612,010 2.9 %18.7 %
Net loans18,476,119 18,325,350 18,269,407 18,586,756 18,990,986 0.8 %(2.7)%
Less: ACL - loans(1)
(243,705)(249,001)(256,727)(255,032)(265,986)(2.1)%(8.4)%
   Loans, net18,232,414 18,076,349 18,012,680 18,331,724 18,725,000 0.9 %(2.6)%
Net, premises and equipment218,257 220,357 228,179 228,353 229,035 (1.0)%(4.7)%
Accrued interest receivable55,102 57,451 57,902 63,232 65,649 (4.1)%(16.1)%
Goodwill and intangible assets537,877 538,053 536,697 536,847 536,544 — %0.2 %
Other assets1,022,617 1,004,397 979,189 989,346 962,575 1.8 %6.2 %
    Total Assets$25,598,310 $25,796,398 $26,390,832 $26,079,774 $25,892,990 (0.8)%(1.1)%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits$21,541,174 $21,573,499 $22,074,041 $21,724,312 $21,633,838 (0.1)%(0.4)%
Short-term borrowings452,440 416,764 468,967 533,749 520,989 8.6 %(13.2)%
Other liabilities478,667 472,110 520,620 501,542 482,101 1.4 %(0.7)%
Long-term borrowings556,494 621,345 627,386 627,213 626,407 (10.4)%(11.2)%
    Total Liabilities23,028,775 23,083,718 23,691,014 23,386,816 23,263,335 (0.2)%(1.0)%
Shareholders' equity2,569,535 2,712,680 2,699,818 2,692,958 2,629,655 (5.3)%(2.3)%
    Total Liabilities and Shareholders' Equity$25,598,310 $25,796,398 $26,390,832 $26,079,774 $25,892,990 (0.8)%(1.1)%
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage$7,289,376 $7,279,080 $7,145,115 $7,152,932 $7,142,137 0.1 %2.1 %
Commercial and industrial3,992,285 3,906,791 3,863,154 3,870,462 3,986,858 2.2 %0.1 %
Real estate - residential mortgage3,946,741 3,846,750 3,719,684 3,555,897 3,254,058 2.6 %21.3 %
Real estate - home equity1,098,171 1,118,248 1,126,628 1,136,128 1,149,958 (1.8)%(4.5)%
Real estate - construction1,210,340 1,139,779 1,111,487 1,070,755 1,083,494 6.2 %11.7 %
Consumer481,551 464,657 458,595 448,433 451,857 3.6 %6.6 %
Equipment lease financing253,521 236,344 242,967 252,158 260,907 7.3 %(2.8)%
Other(2)
39,857 32,448 11,330 (14,410)(26,677)22.8 %N/M
     Net loans before PPP18,311,842 18,024,097 17,678,960 17,472,355 17,302,592 1.6 %5.8 %
PPP164,277 301,253 590,447 1,114,401 1,688,394 (45.5)%(90.3)%
Total Net Loans$18,476,119 $18,325,350 $18,269,407 $18,586,756 $18,990,986 0.8 %(2.7)%
Deposits, by type:
Noninterest-bearing demand$7,528,391 $7,370,963 $7,434,155 $7,442,132 $7,046,116 2.1 %6.8 %
Interest-bearing demand5,625,286 5,819,539 6,187,096 5,795,404 5,959,909 (3.3)%(5.6)%
Savings6,479,196 6,403,995 6,401,619 6,276,554 6,244,513 1.2 %3.8 %
     Total demand and savings19,632,873 19,594,497 20,022,870 19,514,090 19,250,538 0.2 %2.0 %
Brokered248,833 251,526 262,617 277,444 309,873 (1.1)%(19.7)%
Time1,659,468 1,727,476 1,788,554 1,932,778 2,073,427 (3.9)%(20.0)%
Total Deposits$21,541,174 $21,573,499 $22,074,041 $21,724,312 $21,633,838 (0.1)%(0.4)%
Short-term borrowings, by type:
Customer funding$452,440 $416,764 $468,967 $533,749 $520,989 8.6 %(13.2)%
Total Short-Term Borrowings$452,440 $416,764 $468,967 $533,749 $520,989 8.6 %(13.2)%
(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.
  N/M - Not meaningful

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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands
Three Months Ended % Change from
Mar 31Dec 31Sep 30Jun 30Mar 31Dec 31Mar 31
2022202120212021202120212021
Interest Income:
Interest income$173,001 $177,724 $184,079 $176,673 $184,937 (2.7)%(6.5)%
Interest expense11,691 12,111 12,809 14,274 20,488 (3.5)%(42.9)%
    Net Interest Income161,310 165,613 171,270 162,399 164,449 (2.6)%(1.9)%
Provision for credit losses(6,950)(5,000)(600)(3,500)(5,500)39.0 %26.4 %
    Net Interest Income after Provision168,260 170,613 171,870 165,899 169,949 (1.4)%(1.0)%
Non-Interest Income:
Commercial banking:
   Merchant and card6,097 6,588 6,979 6,786 5,768 (7.5)%5.7 %
   Cash management5,428 5,318 5,285 5,341 4,921 2.1 %10.3 %
   Capital markets1,676 2,982 2,063 1,536 2,800 (43.8)%(40.1)%
   Other commercial banking2,807 3,592 2,411 3,466 2,853 (21.9)%(1.6)%
     Total commercial banking16,008 18,480 16,738 17,129 16,342 (13.4)%(2.0)%
Consumer banking:
  Card5,796 5,953 5,941 5,733 5,878 (2.6)%(1.4)%
  Overdraft3,772 3,896 3,474 2,750 2,724 (3.2)%38.5 %
  Other consumer banking2,106 2,280 2,386 2,377 2,152 (7.6)%(2.1)%
     Total consumer banking11,674 12,129 11,801 10,860 10,754 (3.8)%8.6 %
Wealth management19,428 18,285 18,532 17,634 17,347 6.3 %12.0 %
Mortgage banking4,576 7,243 9,535 2,838 13,960 (36.8)%(67.2)%
Other3,551 7,739 5,971 3,393 3,518 (54.1)%0.9 %
     Non-interest income before
     investment securities gains		55,237 63,876 62,577 51,854 61,921 (13.5)%(10.8)%
Investment securities gains, net19 5 — 36 33,475 N/M(99.9)%
    Total Non-Interest Income55,256 63,881 62,577 51,890 95,396 (13.5)%(42.1)%
Non-Interest Expense:
Salaries and employee benefits84,464 85,506 82,679 78,367 82,586 (1.2)%2.3 %
Net occupancy14,522 14,366 12,957 12,494 13,982 1.1 %3.9 %
Data processing and software14,315 14,612 14,335 13,932 13,561 (2.0)%5.6 %
Other outside services8,167 9,637 7,889 8,178 8,490 (15.3)%(3.8)%
Equipment 3,423 3,539 3,416 3,424 3,428 (3.3)%(0.1)%
FDIC insurance3,209 3,032 2,727 2,282 2,624 5.8 %22.3 %
Professional fees1,792 1,946 2,271 2,651 2,779 (7.9)%(35.5)%
Marketing1,320 1,477 1,448 1,348 1,002 (10.6)%31.7 %
Intangible amortization176 146 150 178 115 20.5 %53.0 %
Debt extinguishment— 674 — 412 32,163 (100.0)%(100.0)%
Merger-related expenses401 — — — — N/MN/M
Other14,189 19,084 16,724 17,565 17,654 (25.6)%(19.6)%
    Total Non-Interest Expense145,978 154,019 144,596 140,831 178,384 (5.2)%(18.2)%
    Income Before Income Taxes77,538 80,475 89,851 76,958 86,961 (3.6)%(10.8)%
Income tax expense13,250 18,588 14,268 11,994 13,898 (28.7)%(4.7)%
    Net Income64,288 61,887 75,583 64,964 73,063 3.9 %(12.0)%
Preferred stock dividends(2,562)(2,562)(2,562)(2,562)(2,591)— %1.1 %
     Net Income Available to Common
     Shareholders		$61,726 $59,325 $73,021 $62,402 $70,472 4.0 %(12.4)%
PER SHARE:
Net income available to common shareholders:
    Basic$0.38 $0.37 $0.45 $0.38 $0.43 2.7 %(11.6)%
    Diluted$0.38 $0.37 $0.45 $0.38 $0.43 2.7 %(11.6)%
Cash dividends$0.15 $0.22 $0.14 $0.14 $0.14 (31.8)%7.1 %
Weighted average shares (basic)160,588 161,210 162,506 162,785 162,441 (0.4)%(1.1)%
Weighted average shares (diluted)161,911 162,355 163,456 163,858 163,737 (0.3)%(1.1)%
9

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Three months ended
March 31, 2022December 31, 2021March 31, 2021
AverageInterestYield/AverageInterestYield/AverageInterestYield/
Balance(1)RateBalance(1)RateBalance(1)Rate
ASSETS
Interest-earning assets:
Net loans$18,383,118 $151,127 3.32 %$18,220,550 $159,057 3.47 %$18,980,586 $165,462 3.53 %
Taxable investment securities3,073,643 15,213 1.71 %2,801,934 14,006 1.75 %2,438,496 13,691 2.08 %
Tax-exempt investment securities1,152,709 9,038 3.13 %1,120,263 8,418 3.00 %911,648 7,156 3.13 %
Total Investment Securities4,226,352 24,251 2.29 %3,922,197 22,424 2.29 %3,350,144 20,847 2.49 %
Loans held for sale28,549 241 3.37 %35,235 333 3.77 %53,465 471 3.53 %
Other interest-earning assets1,258,174 671 0.22 %2,100,392 (905)(0.19)%1,900,199 1,136 0.24 %
Total Interest-Earning Assets23,896,193 176,290 2.98 %24,278,374 180,909 2.96 %24,284,394 187,916 3.13 %
Noninterest-Earning assets:
Cash and due from banks162,320 211,958 120,181 
Premises and equipment219,932 226,319 230,649 
Other assets1,595,039 1,677,028 1,728,473 
Less: ACL - loans(2)
(251,022)(257,143)(280,881)
Total Assets$25,622,462 $26,136,536 $26,082,816 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits$5,664,987 $728 0.05 %$5,933,780 $756 0.05 %$5,832,174 $1,160 0.08 %
Savings deposits6,436,548 1,021 0.06 %6,413,638 992 0.06 %6,137,084 1,526 0.10 %
Brokered deposits250,350 216 0.35 %256,192 220 0.34 %324,364 395 0.49 %
Time deposits1,697,063 3,640 0.87 %1,756,672 3,928 0.89 %2,150,570 6,521 1.23 %
Total Interest-Bearing Deposits14,048,948 5,605 0.16 %14,360,282 5,896 0.16 %14,444,192 9,602 0.27 %
Short-term borrowings423,949 121 0.12 %474,022 128 0.11 %570,775 188 0.13 %
Long-term borrowings609,866 5,966 3.91 %623,073 6,088 3.91 %1,271,170 10,698 3.38 %
Total Interest-Bearing Liabilities15,082,763 11,692 0.31 %15,457,377 12,112 0.31 %16,286,137 20,488 0.51 %
Noninterest-Bearing liabilities:
Demand deposits7,431,235 7,516,656 6,672,832 
Other419,630 449,305 486,749 
Total Liabilities22,933,628 23,423,338 23,445,718 
Total Deposits/Cost of Deposits21,480,183 0.11 %21,876,938 0.11 %21,117,024 0.18 %
Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")22,513,998 0.21 %22,974,033 0.21 %22,958,969 0.36 %
Shareholders' equity2,688,834 2,713,198 2,637,098 
Total Liabilities and Shareholders' Equity$25,622,462 $26,136,536 $26,082,816 
Net interest income/net interest margin (fully taxable equivalent)164,598 2.78 %168,797 2.77 %167,428 2.79 %
Tax equivalent adjustment(3,288)(3,184)(2,979)
Net Interest Income$161,310 $165,613 $164,449 
(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.





10

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
Three months ended% Change from
Mar 31Dec 31Sep 30Jun 30Mar 31Dec 31Mar 31
2022202120212021202120212021
Loans, by type:
Real estate - commercial mortgage$7,294,914 $7,157,906 $7,134,177 $7,177,622 $7,128,997 1.9 %2.3 %
Commercial and industrial3,986,900 3,898,559 3,878,767 3,920,771 4,033,367 2.3 %(1.2)%
Real estate - residential mortgage3,887,428 3,773,156 3,642,822 3,396,690 3,183,585 3.0 %22.1 %
Real estate - home equity1,106,319 1,122,042 1,128,076 1,139,558 1,175,218 (1.4)%(5.9)%
Real estate - construction1,137,649 1,117,592 1,085,846 1,054,469 1,054,718 1.8 %7.9 %
Consumer471,129 462,346 452,844 451,486 459,038 1.9 %2.6 %
Equipment lease financing236,388 238,349 247,776 256,248 266,405 (0.8)%(11.3)%
Other(1)
36,277 15,558 (6,773)(14,677)(9,455)133.2 %N/M
     Net loans before PPP18,157,004 17,785,508 17,563,535 17,382,167 17,291,873 2.1 %5.0 %
PPP226,114 435,042 850,618 1,524,389 1,688,713 (48.0)%(86.6)%
Total Net Loans$18,383,118 $18,220,550 $18,414,153 $18,906,556 $18,980,586 0.9 %(3.1)%
Deposits, by type:
Noninterest-bearing demand$7,431,235 $7,516,656 $7,439,644 $7,203,696 $6,672,832 (1.1)%11.4 %
Interest-bearing demand5,664,987 5,933,780 6,168,908 5,979,855 5,832,174 (4.5)%(2.9)%
Savings6,436,548 6,413,638 6,392,537 6,280,629 6,137,084 0.4 %4.9 %
     Total demand and savings19,532,770 19,864,074 20,001,089 19,464,180 18,642,090 (1.7)%4.8 %
Brokered250,350 256,192 270,168 297,815 324,364 (2.3)%(22.8)%
Time1,697,063 1,756,672 1,852,223 2,003,606 2,150,570 (3.4)%(21.1)%
Total Deposits$21,480,183 $21,876,938 $22,123,480 $21,765,601 $21,117,024 (1.8)%1.7 %
Short-term borrowings, by type:
Customer funding$423,949 $474,022 $494,811 $514,025 $570,775 (10.6)%(25.7)%
Total Short-Term borrowings$423,949 $474,022 $494,811 $514,025 $570,775 (10.6)%(25.7)%
(1) Consists of overdrafts and net origination fees and costs.













11

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20222021202120212021
Allowance for credit losses related to net loans:
Balance at beginning of period$249,001 $256,727 $255,032 $265,986 $277,567 
Loans charged off:
    Commercial and industrial(227)(9,417)(647)(954)(4,319)
    Real estate - commercial mortgage(152)(369)(14)(6,506)(1,837)
    Consumer and home equity(1,052)(828)(504)(1,130)(847)
    Real estate - residential mortgage— — (602)(496)(192)
    Real estate - construction— — — — (39)
    Equipment lease financing and other(469)(380)(467)(436)(968)
    Total loans charged off(1,900)(10,994)(2,234)(9,522)(8,202)
Recoveries of loans previously charged off:
    Commercial and industrial1,980 5,795 2,330 693 769 
    Real estate - commercial mortgage112 1,007 564 729 174 
    Consumer and home equity454 767 504 634 440 
    Real estate - residential mortgage222 89 86 105 95 
    Real estate - construction32 77 697 254 384 
    Equipment lease financing and other154 283 358 153 159 
    Recoveries of loans previously charged off2,954 8,018 4,539 2,568 2,021 
Net loans recovered (charged off)1,054 (2,976)2,305 (6,954)(6,181)
Provision for credit losses(6,350)(4,750)(610)(4,000)(5,400)
Balance at end of period$243,705 $249,001 $256,727 $255,032 $265,986 
Net (recoveries) charge offs to average loans (annualized)(0.02)%0.07 %(0.05)%0.15 %0.13 %
Allowance credit losses related to OBS Credit Exposures(1)
Balance at beginning of period$14,533 $14,783 $14,773 $14,273 $14,373 
Provision for credit losses (600)(250)10 500 (100)
Balance at end of period$13,933 $14,533 $14,783 $14,773 $14,273 
NON-PERFORMING ASSETS:
Non-accrual loans$136,799 $143,666 $138,833 $147,864 $143,889 
Loans 90 days past due and accruing24,182 8,453 11,389 5,865 8,559 
    Total non-performing loans160,981 152,119 150,222 153,729 152,448 
Other real estate owned2,014 1,817 1,896 2,779 3,664 
Total non-performing assets$162,995 $153,936 $152,118 $156,508 $156,112 
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial$30,193 $30,629 $32,697 $33,522 $31,871 
Real estate - commercial mortgage64,190 54,044 52,100 53,693 54,164 
Real estate - residential mortgage39,308 39,399 37,077 38,185 36,152 
Consumer and home equity11,465 11,505 11,509 11,408 13,072 
Real estate - construction672 901 965 1,016 1,440 
Equipment lease financing and other15,153 15,641 15,874 15,905 15,749 
Total non-performing loans$160,981 $152,119 $150,222 $153,729 $152,448 
(1) The allowance for credit losses related to OBS Credit Exposures is presented in "other liabilities" on the consolidated balance sheets.
12

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 31Dec 31Sep 30Jun 30Mar 31
20222021202120212021
Common shareholders' equity (tangible), per share
Shareholders' equity$2,569,535$2,712,680$2,699,818$2,692,958$2,629,655
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(537,877)(538,053)(536,697)(536,847)(536,544)
Tangible common shareholders' equity (numerator)$1,838,780$1,981,749$1,970,243$1,963,233$1,900,233
Shares outstanding, end of period (denominator)160,669160,490161,429162,988162,518
Common shareholders' equity (tangible), per share$11.44$12.35$12.21$12.05$11.69
Return on average common shareholders' equity (tangible)
Net income available to common shareholders$61,726$59,325$73,021$62,402$70,472
Plus: Merger-related expenses, net of tax317————
Plus: Intangible amortization, net of tax13811411814090
Net income available to common shareholder's (numerator)$62,181$59,439$73,139$62,542$70,562
Average shareholders' equity$2,688,834$2,713,198$2,722,833$2,669,413$2,637,098
Less: Average preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Average goodwill and intangible assets(537,976)(536,638)(536,772)(536,470)(536,601)
Average tangible common shareholders' equity (denominator)$1,957,980$1,983,682$1,993,183$1,940,065$1,907,619
Return on average common shareholders' equity (tangible), annualized12.88%11.89%14.56%12.93%15.00%
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity$2,569,535$2,712,680$2,699,818$2,692,958$2,629,655
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(537,877)(538,053)(536,697)(536,847)(536,544)
Tangible common shareholders' equity (numerator)$1,838,780$1,981,749$1,970,243$1,963,233$1,900,233
Total assets$25,598,310$25,796,398$26,390,832$26,079,774$25,892,990
Less: Goodwill and intangible assets(537,877)(538,053)(536,697)(536,847)(536,544)
Total tangible assets (denominator)$25,060,433$25,258,345$25,854,135$25,542,927$25,356,446
Tangible common equity to tangible assets7.34%7.85%7.62%7.69%7.49%
Efficiency ratio
Non-interest expense$145,978$154,019$144,596$140,831$178,384
Less: Amortization of tax credit investments(696)(1,547)(1,546)(1,563)(1,531)
Less: Merger-related expenses(401)————
Less: Intangible amortization(176)(146)(150)(178)(115)
Less: Debt extinguishment costs—(674)—(412)(32,163)
Non-interest expense (numerator)$144,705$151,652$142,900$138,678$144,575
Net interest income$161,310$165,613$171,270$162,399$164,449
Tax equivalent adjustment3,2883,1843,1143,0182,979
Plus: Total non-interest income55,25663,88162,57751,89095,396
Less: Investment securities gains, net(19)(5)—(36)(33,475)
Total revenue (denominator)$219,835$232,673$236,961$217,271$229,349
Efficiency ratio65.8%65.2%60.3%63.8%63.0%
13

Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20222021202120212021
Non-interest expenses to total average assets (annualized)
Non-interest expense$145,978$154,019$144,596$140,831$178,384
Less: Amortization of tax credit investments(696)(1,547)(1,546)(1,563)(1,531)
Less: Intangible amortization(176)(146)(150)(178)(115)
Less: Merger-related expenses(401)————
Less: Debt extinguishment costs—(674)—(412)(32,163)
Non-interest expense (numerator)$144,705$151,652$142,900$138,678$144,575
Total average assets (denominator)$25,622,462 $26,136,536 $26,440,876 $26,017,542 $26,082,816 
Non-interest expenses to total average assets, (annualized)2.29 %2.30 %2.14 %2.14 %2.25 %
Asset Quality, excluding PPP
Net loans recovered (charged-off) (numerator)$1,054$(2,976)$2,305$(6,954)$(6,181)
Average net loans$18,383,118$18,220,550$18,414,153$18,906,556$18,980,586
Less: Average PPP loans(226,114)(435,042)(850,618)(1,524,389)(1,688,713)
Total adjusted average loans (denominator)$18,157,004$17,785,508$17,563,535$17,382,167$17,291,873
Net charge-offs (recoveries) to adjusted average loans (annualized)(0.02)%0.07%(0.05)%0.16%0.14%
Non-performing loans (numerator)$160,981$152,119$150,222$153,729$152,448
Net loans$18,476,119$18,325,350$18,269,407$18,586,756$18,990,986
Less: PPP loans(164,277)(301,253)(590,447)(1,114,401)(1,688,394)
Total adjusted loans (denominator)$18,311,842$18,024,097$17,678,960$17,472,355$17,302,592
Non-performing loans to total adjusted loans0.88%0.84%0.85%0.88%0.88%
ACL - loans (numerator)$243,705$249,001$256,727$255,032$265,986
Net loans$18,476,119$18,325,350$18,269,407$18,586,756$18,990,986
Less: PPP loans(164,277)(301,253)(590,447)(1,114,401)(1,688,394)
Total adjusted loans (denominator)$18,311,842$18,024,097$17,678,960$17,472,355$17,302,592
ACL - loans to total adjusted loans1.33%1.38%1.45%1.46%1.54%
Pre-provision net revenue
Net interest income$161,310$165,613$171,270$162,399$164,449
Non-interest income55,25663,88162,57751,89095,396
Less: Investment securities gains, net(19)(5)—(36)(33,475)
Total revenue$216,547$229,489$233,847$214,253$226,370
Non-interest expense$145,978$154,019$144,596$140,831$178,384
Less: Amortization on tax credit investments (696)(1,547)(1,546)(1,563)(1,531)
Less: Merger-related expenses(401)————
Less: Intangible amortization(176)(146)(150)(178)(115)
Less: Debt extinguishment—(674)—(412)(32,163)
Total non-interest expense$144,705$151,652$142,900$138,678$144,575
Pre-provision net revenue$71,842$77,837$90,947$75,575$81,795
Note: numbers may not sum due to rounding.

14