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 Corporation Announces Third Quarter 2022 Results

(October 18, 2022) – Lancaster, PA – Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $68.3 million, or $0.40 per diluted share, for the third quarter of 2022, an increase of $0.9 million, or 1.3%, in comparison to the second quarter of 2022. The Corporation reported net income available to common shareholders of $197.5 million, or $1.20 per diluted share, for the nine months ended September 30, 2022, a decrease of $8.4 million or 4.1%, in comparison to the nine months ended September 30, 2021. The results for the third quarter of 2022 include the impact of the consummation of the acquisition by the Corporation of Prudential Bancorp, Inc. ("Prudential Bancorp") on July 1, 2022.

"I'm pleased to report that we had a strong third quarter, with operating earnings being at an all-time high for Fulton," said E. Phillip Wenger, Chairman and CEO. "As I retire from my current role on December 31, I have tremendous confidence in my successor, Curt Myers, our senior management team and directors, and the more than 3,300 talented team members to continue to change lives for the better for our customers and our shareholders."

"We are grateful to Phil Wenger for all the contributions he has made over his 43 years of service to Fulton, and we look forward to carrying on his legacy" said Curtis J. Myers, President and COO. "As Phil noted, our third quarter performance was strong, driven primarily by increased net interest income, which was helped by rising interest rates, good loan growth, consistent fee income, and the effect of our acquisition of Prudential Bancorp completed on July 1, 2022."

Operating net income available to common shareholders was $80.5 million, or $0.48 per diluted share, for the third quarter of 2022, calculated as shown below.


																		Three months ended
(in thousands except per share data)																		September 30, 2022

Net income available to common shareholders																		$68,309
Plus: Core deposit intangible amortization, net of tax																		406
Plus: Merger-related expenses, net of tax																		5,535
Plus: Current expected credit losses ("CECL") day 1 provision expense, net of tax																		6,283
Operating net income available to common shareholders																		$80,533

Weighted average shares (diluted) (denominator)																		168,781

Operating net income available to common shareholders per share (diluted)																		$0.48

Net Interest Income and Balance Sheet

Net interest income for the third quarter of 2022 was $215.6 million, an increase of $36.8 million in comparison to the second quarter of 2022. The net interest margin for the third quarter of 2022 increased 50 basis points, to 3.54%, in comparison to 3.04% in the second quarter of 2022.

The linked-quarter increase in net interest income was primarily due to rising interest rates resulting in increases in interest income from net loans and investment securities of $41.3 million and $1.7 million, respectively. An increase in the average balances for net loans and investment securities of $926.7 million and $102.0 million, respectively, driven in part by the Prudential Bancorp acquisition, also contributed to the increase in interest income. Interest income from Prudential Bancorp was approximately $10.9 million in the third quarter of 2022. Interest expense from interest-bearing liabilities for the third quarter of 2022 increased by $6.6 million in comparison to $11.5 million in the second quarter of 2022, and included $2.7 million from Prudential Bancorp.

For the third quarter of 2022, net interest income was $215.6 million, an increase of $44.3 million, or 25.9%, in comparison to the third quarter of 2021 primarily driven by higher interest rates resulting in an increase in interest income from net loans of $43.6 million. An increase in the average balances for net loans and investment securities of $1,149.7 million and $678.9 million, respectively, driven in part by the Prudential Bancorp acquisition, also contributed to the increase in interest income. Interest income from Prudential Bancorp was approximately $10.9 million in the third quarter of 2022. Interest expense from interest-bearing liabilities for the third quarter of 2022 increased by $5.3 million in comparison to $12.8 million in the third quarter of 2021, and included $2.7 million from Prudential Bancorp.

Total average interest-earning assets for the third quarter of 2022 was $24.7 billion, an increase of $709.0 million from the second quarter of 2022, primarily driven by the aforementioned increases in

average net loans of $926.7 million and average investment securities of $102.0 million, partially offset by a decrease in other interest-earning assets of $315.6 million.

Total average interest-earning assets for the third quarter of 2022 increased by $122.6 million from the third quarter of 2021. Average net loans for the third quarter of 2022 were $19.6 billion, an increase of $1,149.7 million from the same period in 2021. Included in average net loans for the third quarter of 2022 were Paycheck Protection Program ("PPP") loans with an average balance of $49.2 million, a decrease of $801.4 million from the third quarter of 2021. Compared to the third quarter of 2021, average other interest-earning assets decreased $1,678.7 million and average investment securities increased $678.9 million, respectively.

Total average interest-bearing liabilities increased $731.7 million, to $15.6 billion, in the third quarter of 2022 in comparison to $14.9 billion in the second quarter of 2022, due in part to the Prudential Bancorp acquisition, and driven overall by increases in average balances of interest-bearing deposits, long-term borrowings and short-term borrowings of $376.2 million, $204.5 million and $151.0 million, respectively.

Total average interest-bearing liabilities for the third quarter of 2022 decreased $194.3 million in comparison to $15.8 billion in the third quarter of 2021, driven by a decrease in the average total interest-bearing deposits of $431.6 million, partially offset by increases in average balances of long-term borrowings and short-term borrowings of $134.2 million and $103.1 million, respectively.

Asset Quality

In the third quarter of 2022, a provision for credit losses of $19.0 million was recorded in comparison to a provision for credit losses of $1.5 million in the second quarter of 2022, and a negative provision for credit losses of $0.6 million in the third quarter of 2021. Included in the third quarter of 2022 provision for credit losses was a CECL "Day 1" provision for credit losses of $8.0 million for the acquired Prudential Bancorp loan portfolio (the "CECL "Day 1" Provision"). Excluding the CECL "Day 1" Provision for credit losses, the provision for credit losses was $11.0 million and was primarily due to an increase in non-performing loans, as well as increases in reserves for the office building and residential mortgage loan portfolios.

Non-performing assets were $198.6 million, or 0.76% of total assets, at September 30, 2022, in comparison to $178.3 million, or 0.71% at June 30, 2022, and $152.1 million, or 0.58% of total assets, at September 30, 2021.

Annualized net charge-offs (recoveries) for the third quarter of 2022, was 0.01% of total average loans, in comparison to (0.08%) and (0.05)% in the second quarter of 2022 and the third quarter of 2021, respectively.

Non-interest Income

Non-interest income before investment securities gains in the third quarter of 2022 was $59.2 million, an increase of $0.8 million, or 1.4%, from the second quarter of 2022. The increase in non-interest income was driven primarily by an increase of $0.8 million in consumer banking fees.

Compared to the third quarter of 2021, non-interest income before investment securities gains in the third quarter of 2022 decreased $3.4 million, or 5.4%, from $62.6 million. The decrease in non-interest income was due to decreases of $5.8 million in mortgage banking income, $2.2 million in other income primarily due to equity method investments, and $0.9 million in wealth management revenues, partially offset by increases of $4.1 million in commercial banking revenues and $1.5 million in consumer banking fees.

Non-interest Expense

Non-interest expense, excluding merger-related expenses of $7.0 million and intangible amortization of $0.7 million, was $161.9 million in the third quarter of 2022, an increase of $13.3 million, or 9.0%, compared to the second quarter of 2022. The increase was primarily due to an $8.9 million increase in salaries and employee benefits expense that included $2.6 million in additional performance-based accruals and $2.0 million of salaries and employee benefits costs from Prudential Bancorp. In addition, compared to the second quarter of 2022, data processing and software expense increased $1.1 million, charitable contributions, reflected in other expense, increased $0.8 million due to contributions made to the Fulton Forward Foundation, and other outside services increased $0.6 million. The total impact on non-interest expense from Prudential Bancorp in the third quarter of 2022 was $3.6 million.

Compared to the third quarter of 2021, non-interest expense, excluding merger-related expenses of $7.0 million and intangible amortization of $0.7 million, increased $17.4 million, or 12.1%, in the third quarter of 2022, primarily due to an increase in salaries and employee benefits expense of $11.6 million. In addition, compared to the third quarter of 2021, data processing and software expense increased $1.5 million, other outside services increased $1.5 million and net occupancy costs increased $1.1 million.

Income Tax Expense

For the third quarter of 2022, the effective tax rate was 17.8%, in comparison 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 press release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," “projects,” the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission (the "SEC") and are or will be available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.


FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
in thousands, except per-share data and percentages
	Three months ended
	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
	2022		2022		2022		2021		2021
Ending Balances
Investments	$	3,936,694	$	4,117,801	$	4,288,674	$	4,167,774	$	4,000,760
Net loans	19,695,199		18,920,950		18,476,119		18,325,350		18,269,407
Total assets	26,146,042		25,252,686		25,598,310		25,796,398		26,390,832
Deposits	21,376,554		21,143,866		21,541,174		21,573,499		22,074,041
Shareholders' equity	2,471,159		2,471,093		2,569,535		2,712,680		2,699,818

Average Balances
Investments	$	4,254,216	$	4,216,507	$	4,228,827	$	3,980,045	$	3,914,627
Net loans	19,563,825		18,637,175		18,383,118		18,220,550		18,414,153
Total assets	26,357,095		25,578,432		25,622,462		26,136,536		26,440,876
Deposits	21,788,052		21,523,713		21,480,183		21,876,938		22,123,480
Shareholders' equity	2,604,057		2,531,346		2,688,834		2,713,198		2,722,833

Income Statement
Net interest income	$	215,582	$	178,831	$	161,310	$	165,613	$	171,270
Provision for credit losses	18,958		1,500		(6,950)		(5,000)		(600)
Non-interest income	59,162		58,391		55,256		63,881		62,577
Non-interest expense	169,558		149,730		145,978		154,019		144,596
Income before taxes	86,228		85,992		77,538		80,475		89,851
Net income available to common shareholders	68,309		67,427		61,726		59,325		73,021
Pre-provision net revenue(1)	113,631		89,384		71,842		77,837		90,947

Per Share
Net income available to common shareholders (basic)	$0.41		$0.42		$0.38		$0.37		$0.45
Net income available to common shareholders (diluted)	$0.40		$0.42		$0.38		$0.37		$0.45
Operating net income available to common shareholders(1)	$0.48		$0.42		$0.38		$0.37		$0.45
Cash dividends	$0.15		$0.15		$0.15		$0.22		$0.14
Common shareholders' equity	$13.61		$14.15		$14.79		$15.70		$15.53
Common shareholders' equity (tangible)(1)	$10.26		$10.81		$11.44		$12.35		$12.21
Weighted average shares (basic)	167,353		160,920		160,588		161,210		162,506
Weighted average shares (diluted)	168,781		162,075		161,911		162,355		163,456

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


	Three months ended
	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
	2022		2022		2022		2021		2021
Asset Quality
Net (recoveries) charge offs to average loans (annualized)	0.01	%	(0.08)	%	(0.02)	%	0.07	%	(0.05)	%
Non-performing loans to total loans	0.98	%	0.92	%	0.87	%	0.83	%	0.82	%
Non-performing assets to total assets	0.76	%	0.71	%	0.64	%	0.60	%	0.58	%
ACL - loans(2) to total loans	1.35	%	1.31	%	1.32	%	1.36	%	1.41	%
ACL - loans(2) to non-performing loans	138	%	143	%	151	%	164	%	171	%


Asset Quality, excluding PPP(1)(3)
Net (recoveries) charge offs to adjusted average loans (annualized)	0.01	%	(0.08)	%	(0.02)	%	0.07	%	(0.05)	%
Non-performing loans to total adjusted loans	0.98	%	0.92	%	0.88	%	0.84	%	0.85	%
ACL - loans(2) to total adjusted loans	1.36	%	1.32	%	1.33	%	1.38	%	1.45	%

Profitability
Return on average assets, annualized	1.07	%	1.10	%	1.02	%	0.94	%	1.13	%
Operating return on average assets, annualized(1)	1.25	%	1.11	%	1.02	%	0.94	%	1.13	%
Return on average common shareholders' equity, annualized	11.24	%	11.57	%	10.03	%	9.34	%	11.45	%

Return on average common shareholders' equity (tangible), annualized(1)	17.31	%	15.23	%	12.88	%	11.89	%	14.56	%
Net interest margin	3.54	%	3.04	%	2.78	%	2.77	%	2.82	%
Efficiency ratio(1)	57.8	%	61.4	%	65.8	%	65.2	%	60.3	%

Non-interest expenses to total average assets	2.55	%	2.35	%	2.31	%	2.34	%	2.17	%
Operating non-interest expenses to total average assets(1)	2.43	%	2.32	%	2.29	%	2.30	%	2.14	%

Capital Ratios
Tangible common equity ratio ("TCE")(1)	6.7	%	7.0	%	7.3	%	7.8	%	7.6	%
TCE ratio, (excluding AOCI)(1)(5)	8.3	%	8.2	%	7.9	%	7.8	%	7.5	%
Tier 1 leverage ratio(4)	9.3	%	9.1	%	8.9	%	8.6	%	8.4	%
Common equity Tier 1 capital ratio(4)	10.0	%	9.9	%	10.0	%	9.9	%	10.1	%
Tier 1 risk-based capital ratio(4)	10.9	%	10.8	%	10.9	%	10.9	%	11.1	%
Total risk-based capital ratio(4)	13.7	%	13.7	%	13.8	%	14.1	%	14.4	%

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

(2) "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 PPP loans.
(4) Regulatory capital ratios as of September 30, 2022 are preliminary and prior periods are actual.
(5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI")


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
												% Change from
		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Sep 30
		2022		2022		2022		2021		2021		2022		2021
ASSETS
	Cash and due from banks	$	143,465	$	158,605	$	161,462	$	172,276	$	260,564	(9.5)	%	(44.9)	%
	Other interest-earning assets	467,164		383,715		1,054,232		1,523,973		2,271,738		21.7	%	(79.4)	%
	Loans held for sale	14,411		17,528		27,675		35,768		43,123		(17.8)	%	(66.6)	%
	Investment securities	3,936,694		4,117,801		4,288,674		4,167,774		4,000,760		(4.4)	%	(1.6)	%
	Net loans	19,695,199		18,920,950		18,476,119		18,325,350		18,269,407		4.1	%	7.8	%
	Less: ACL - loans(1)	(266,838)		(248,564)		(243,705)		(249,001)		(256,727)		(7.4)	%	(3.9)	%
	Loans, net	19,428,361		18,672,386		18,232,414		18,076,349		18,012,680		4.0	%	7.9	%
	Net, premises and equipment	221,496		211,639		218,257		220,357		228,179		4.7	%	(2.9)	%
	Accrued interest receivable	72,821		64,457		55,102		57,451		57,902		13.0	%	25.8	%
	Goodwill and intangible assets	561,495		537,700		537,877		538,053		536,697		4.4	%	4.6	%
	Other assets	1,300,135		1,088,855		1,022,617		1,004,397		979,189		19.4	%	32.8	%
	Total Assets	$	26,146,042	$	25,252,686	$	25,598,310	$	25,796,398	$	26,390,832	3.5	%	(0.9)	%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	21,376,554	$	21,143,866	$	21,541,174	$	21,573,499	$	22,074,041	1.1	%	(3.2)	%
	Short-term borrowings	618,457		456,185		452,440		416,764		468,967		35.6	%	31.9	%
	Other liabilities	873,648		624,412		478,667		472,110		520,620		39.9	%	67.8	%
	Long-term borrowings	806,224		557,130		556,494		621,345		627,386		44.7	%	28.5	%
	Total Liabilities	23,674,883		22,781,593		23,028,775		23,083,718		23,691,014		3.9	%	(0.1)	%
	Shareholders' equity	2,471,159		2,471,093		2,569,535		2,712,680		2,699,818		—	%	(8.5)	%
	Total Liabilities and Shareholders' Equity	$	26,146,042	$	25,252,686	$	25,598,310	$	25,796,398	$	26,390,832	3.5	%	(0.9)	%

LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	7,554,509	$	7,417,036	$	7,289,376	$	7,279,080	$	7,145,115	1.9	%	5.7	%
	Commercial and industrial	4,208,775		4,098,552		3,992,285		3,906,791		3,863,154		2.7	%	8.9	%
	Real estate - residential mortgage	4,574,228		4,203,827		3,946,741		3,846,750		3,719,684		8.8	%	23.0	%
	Real estate - home equity	1,110,103		1,108,808		1,098,171		1,118,248		1,126,628		0.1	%	(1.5)	%
	Real estate - construction	1,273,097		1,177,446		1,210,340		1,139,779		1,111,487		8.1	%	14.5	%
	Consumer	633,666		538,747		481,551		464,657		458,595		17.6	%	38.2	%
	Equipment lease financing	255,060		254,897		253,521		236,344		242,967		0.1	%	5.0	%
	Other(2)	53,671		49,214		39,857		32,448		11,330		9.1	%	N/M
	Net loans before PPP	19,663,109		18,848,527		18,311,842		18,024,097		17,678,960		4.3	%	11.2	%
	PPP	32,090		72,423		164,277		301,253		590,447		(55.7)	%	(94.6)	%
	Total Net Loans	$	19,695,199	$	18,920,950	$	18,476,119	$	18,325,350	$	18,269,407	4.1	%	7.8	%
Deposits, by type:
	Noninterest-bearing demand	$	7,372,896	$	7,530,777	$	7,528,391	$	7,370,963	$	7,434,155	(2.1)	%	(0.8)	%
	Interest-bearing demand	5,676,600		5,403,805		5,625,286		5,819,539		6,187,096		5.0	%	(8.3)	%
	Savings	6,563,003		6,406,051		6,479,196		6,403,995		6,401,619		2.5	%	2.5	%
	Total demand and savings	19,612,499		19,340,633		19,632,873		19,594,497		20,022,870		1.4	%	(2.0)	%
	Brokered	226,883		243,172		248,833		251,526		262,617		(6.7)	%	(13.6)	%
	Time	1,537,172		1,560,061		1,659,468		1,727,476		1,788,554		(1.5)	%	(14.1)	%
	Total Deposits	$	21,376,554	$	21,143,866	$	21,541,174	$	21,573,499	$	22,074,041	1.1	%	(3.2)	%
Short-term borrowings, by type:


	Customer funding	$	482,457	$	436,185	$	452,440	$	416,764	$	468,967	10.6	%	2.9	%
	Federal funds purchased	136,000		20,000		—		—		—		N/M		N/M

	Total Short-Term Borrowings	$	618,457	$	456,185	$	452,440	$	416,764	$	468,967	35.6	%	31.9	%



(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


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands
		Three Months Ended										% Change from				Nine Months Ended
		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Sep 30		Sep 30
		2022		2022		2022		2021		2021		2022		2021		2022		2021		% Change
Interest Income:
	Interest income	$	233,691	$	190,299	$	173,001	$	177,724	$	184,079	22.8	%	27.0	%	$	596,991	$	545,688	9.4	%
	Interest expense	18,109		11,468		11,691		12,111		12,809		57.9	%	41.4	%	41,268		47,570		(13.2)	%
	Net Interest Income	215,582		178,831		161,310		165,613		171,270		20.6	%	25.9	%	555,723		498,118		11.6	%
	Provision for credit losses	18,958		1,500		(6,950)		(5,000)		(600)		N/M		N/M		13,508		(9,600)		N/M
	Net Interest Income after Provision	196,624		177,331		168,260		170,613		171,870		10.9	%	14.4	%	542,215		507,718		6.8	%
Non-Interest Income:
	Commercial banking:
	Merchant and card	7,601		7,355		6,097		6,588		6,979		3.3	%	8.9	%	21,053		19,533		7.8	%
	Cash management	6,483		6,062		5,428		5,318		5,285		6.9	%	22.7	%	17,973		15,547		15.6	%
	Capital markets	4,060		3,893		1,676		2,982		2,063		4.3	%	96.8	%	9,629		6,399		50.5	%
	Other commercial banking	2,664		3,049		2,807		3,592		2,411		(12.6)	%	10.5	%	8,520		8,730		(2.4)	%
	Total commercial banking	20,808		20,359		16,008		18,480		16,738		2.2	%	24.3	%	57,175		50,209		13.9	%
	Consumer banking:
	Card	6,278		6,067		5,796		5,953		5,941		3.5	%	5.7	%	18,141		17,552		3.4	%
	Overdraft	4,463		3,881		3,772		3,896		3,474		15.0	%	28.5	%	12,116		8,948		35.4	%
	Other consumer banking	2,534		2,524		2,106		2,280		2,386		0.4	%	6.2	%	7,164		6,915		3.6	%
	Total consumer banking	13,275		12,472		11,674		12,129		11,801		6.4	%	12.5	%	37,421		33,415		12.0	%
	Wealth management	17,610		18,274		19,428		18,285		18,532		(3.6)	%	(5.0)	%	55,312		53,513		3.4	%
	Mortgage banking	3,720		3,768		4,576		7,243		9,535		(1.3)	%	(61.0)	%	12,064		26,333		(54.2)	%
	Other	3,802		3,510		3,551		7,739		5,971		8.3	%	(36.3)	%	10,863		12,883		(15.7)	%
	Non-interest income before investment securities gains (losses)	59,215		58,383		55,237		63,876		62,577		1.4	%	(5.4)	%	172,835		176,353		(2.0)	%
	Investment securities gains (losses), net	(53)		8		19		5		—		N/M		N/M		(26)		33,511		(100.1)	%
	Total Non-Interest Income	59,162		58,391		55,256		63,881		62,577		1.3	%	(5.5)	%	172,809		209,864		(17.7)	%
Non-Interest Expense:
	Salaries and employee benefits	94,283		85,404		84,464		85,506		82,679		10.4	%	14.0	%	264,151		243,632		8.4	%
	Data processing and software	15,807		14,685		14,315		14,612		14,335		7.6	%	10.3	%	44,807		41,828		7.1	%
	Net occupancy	14,025		13,587		14,522		14,366		12,957		3.2	%	8.2	%	42,134		39,433		6.8	%
	Other outside services	9,361		8,764		8,167		9,637		7,889		6.8	%	18.7	%	26,292		24,557		7.1	%
	Equipment	3,548		3,422		3,423		3,539		3,416		3.7	%	3.9	%	10,393		10,268		1.2	%
	FDIC insurance	3,158		2,961		3,209		3,032		2,727		6.7	%	15.8	%	9,328		7,633		22.2	%
	Professional fees	2,373		2,013		1,792		1,946		2,271		17.9	%	4.5	%	6,178		7,701		(19.8)	%
	Marketing	1,859		1,326		1,320		1,477		1,448		40.2	%	28.4	%	4,505		3,798		18.6	%
	Intangible amortization	690		177		176		146		150		N/M		N/M		1,043		443		135.4	%
	Debt extinguishment	—		—		—		674		—		N/M		N/M		—		32,575		(100.0)	%
	Merger-related expenses	7,006		1,027		401		—		—		N/M		N/M		8,434		—		N/M
	Other	17,448		16,364		14,189		19,084		16,724		6.6	%	4.3	%	48,001		51,943		(7.6)	%
	Total Non-Interest Expense	169,558		149,730		145,978		154,019		144,596		13.2	%	17.3	%	465,266		463,811		0.3	%
	Income Before Income Taxes	86,228		85,992		77,538		80,475		89,851		0.3	%	(4.0)	%	249,758		253,771		(1.6)	%
	Income tax expense	15,357		16,003		13,250		18,588		14,268		(4.0)	%	7.6	%	44,610		40,160		11.1	%
	Net Income	70,871		69,989		64,288		61,887		75,583		1.3	%	(6.2)	%	205,148		213,611		(4.0)	%
	Preferred stock dividends	(2,562)		(2,562)		(2,562)		(2,562)		(2,562)		—	%	—	%	(7,686)		(7,715)		0.4	%
	Net Income Available to Common Shareholders	$	68,309	$	67,427	$	61,726	$	59,325	$	73,021	1.3	%	(6.5)	%	$	197,462	$	205,896	(4.1)	%



		Three Months Ended					% Change from				Nine Months Ended
		Sep 30	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30		Sep 30		Sep 30
		2022	2022	2022	2021	2021	2022		2021		2022	2021	% Change
PER SHARE:
	Net income available to common shareholders:
	Basic	$0.41	$0.42	$0.38	$0.37	$0.45	(2.4)	%	(8.9)	%	$1.21	$1.27	(4.7)	%
	Diluted	$0.40	$0.42	$0.38	$0.37	$0.45	(4.8)	%	(11.1)	%	$1.20	$1.26	(4.8)	%
	Cash dividends	$0.15	$0.15	$0.15	$0.22	$0.14	—	%	7.1	%	$0.45	$0.42	7.1	%

	Weighted average shares (basic)	167,353	160,920	160,588	161,210	162,506	4.0	%	3.0	%	162,979	162,577	0.2	%
	Weighted average shares (diluted)	168,781	162,075	161,991	162,355	163,456	4.1	%	3.3	%	164,254	163,634	0.4	%


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three months ended
		September 30, 2022						June 30, 2022						September 30, 2021
		Average		Interest		Yield/		Average		Interest		Yield/		Average		Interest		Yield/
		Balance		(1)		Rate		Balance		(1)		Rate		Balance		(1)		Rate
ASSETS

Interest-earning assets:
	Net loans	$	19,563,825	$	207,343	4.21	%	$	18,637,175	$	165,682	3.56	%	$	18,414,153	$	163,343	3.53	%

	Investment securities	4,500,461		28,022		2.49	%	4,398,424		26,061		2.37	%	3,821,513		21,663		2.27	%
	Loans held for sale	9,098		194		8.51	%	13,260		260		7.84	%	36,427		299		3.28	%
	Other interest-earning assets	622,673		2,103		1.34	%	938,244		1,723		0.74	%	2,301,326		1,888		0.18	%
	Total Interest-Earning Assets	24,696,057		237,662		3.83	%	23,987,103		193,726		3.24	%	24,573,419		187,193		3.03	%

Noninterest-Earning assets:
	Cash and due from banks	152,349						160,240						200,315
	Premises and equipment	223,880						216,798						228,861
	Other assets	1,545,812						1,463,332						1,695,767
	Less: ACL - loans(2)	(261,003)						(249,041)						(257,486)
	Total Assets	$	26,357,095					$	25,578,432					$	26,440,876

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-Bearing liabilities:
	Demand deposits	$	5,708,059	$	1,886	0.13	%	$	5,597,975	$	797	0.06	%	$	6,168,908	$	814	0.05	%
	Savings deposits	6,681,713		3,414		0.20	%	6,425,634		1,125		0.07	%	6,392,537		1,054		0.07	%
	Brokered deposits	247,105		1,346		2.16	%	244,200		619		1.02	%	270,168		229		0.34	%
	Time deposits	1,615,384		3,404		0.84	%	1,608,286		3,255		0.81	%	1,852,223		4,428		0.95	%
	Total Interest-Bearing Deposits	14,252,261		10,050		0.28	%	13,876,095		5,796		0.17	%	14,683,836		6,525		0.18	%

	Short-term borrowings	597,883		1,149		0.76	%	446,838		190		0.17	%	494,811		131		0.11	%
	Long-term borrowings	761,465		6,911		3.62	%	556,992		5,482		3.94	%	627,300		6,153		3.92	%
	Total Interest-Bearing Liabilities	15,611,609		18,110		0.47	%	14,879,925		11,468		0.31	%	15,805,947		12,809		0.32	%

Noninterest-Bearing liabilities:
	Demand deposits	7,535,791						7,647,618						7,439,644
	Other	605,638						519,543						472,452
	Total Liabilities	23,753,038						23,047,086						23,718,043
	Total Deposits/Cost of Deposits	21,788,052				0.18	%	21,523,713				0.11	%	22,123,480				0.12	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")	23,147,400				0.31	%	22,527,543				0.20	%	23,245,591				0.22	%

	Shareholders' equity	2,604,057						2,531,346						2,722,833
	Total Liabilities and Shareholders' Equity	$	26,357,095					$	25,578,432					$	26,440,876

	Net interest income/net interest margin (fully taxable equivalent)			219,552		3.54	%			182,258		3.04	%			174,384		2.82	%
	Tax equivalent adjustment			(3,970)						(3,427)						(3,114)
	Net Interest Income			$	215,582					$	178,831					$	171,270


	(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.


FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
		Three months ended										% Change from
		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30		Sep 30
		2022		2022		2022		2021		2021		2022		2021
Loans, by type:
	Real estate - commercial mortgage	$	7,566,259	$	7,340,417	$	7,294,914	$	7,157,906	$	7,134,177	3.1	%	6.1	%
	Commercial and industrial	4,201,399		4,040,587		3,986,900		3,898,559		3,878,767		4.0	%	8.3	%
	Real estate - residential mortgage	4,485,649		4,052,666		3,887,428		3,773,156		3,642,822		10.7	%	23.1	%
	Real estate - home equity	1,099,487		1,118,494		1,106,319		1,122,042		1,128,076		(1.7)	%	(2.5)	%
	Real estate - construction	1,268,590		1,188,932		1,137,649		1,117,592		1,085,846		6.7	%	16.8	%
	Consumer	604,634		485,095		471,129		462,346		452,844		24.6	%	33.5	%
	Equipment lease financing	252,810		253,659		236,388		238,349		247,776		(0.3)	%	2.0	%
	Other(1)	35,823		42,476		36,277		15,558		(6,773)		(15.7)	%	N/M
	Net loans before PPP	19,514,651		18,522,326		18,157,004		17,785,508		17,563,535		5.4	%	11.1	%
	PPP	49,174		114,849		226,114		435,042		850,618		(57.2)	%	(94.2)	%
	Total Net Loans	$	19,563,825	$	18,637,175	$	18,383,118	$	18,220,550	$	18,414,153	5.0	%	6.2	%

Deposits, by type:
	Noninterest-bearing demand	$	7,535,791	$	7,647,618	$	7,431,235	$	7,516,656	$	7,439,644	(1.5)	%	1.3	%
	Interest-bearing demand	5,708,059		5,597,975		5,664,987		5,933,780		6,168,908		2.0	%	(7.5)	%
	Savings	6,681,713		6,425,634		6,436,548		6,413,638		6,392,537		4.0	%	4.5	%
	Total demand and savings	19,925,563		19,671,227		19,532,770		19,864,074		20,001,089		1.3	%	(0.4)	%
	Brokered	247,105		244,200		250,350		256,192		270,168		1.2	%	(8.5)	%
	Time	1,615,384		1,608,286		1,697,063		1,756,672		1,852,223		0.4	%	(12.8)	%
	Total Deposits	$	21,788,052	$	21,523,713	$	21,480,183	$	21,876,938	$	22,123,480	1.2	%	(1.5)	%

Short-term borrowings, by type:


	Customer funding	$	483,429	$	443,970	$	423,949	$	474,022	$	494,811	8.9	%	(2.3)	%
	Federal funds purchased	96,965		2,857		—		—		—		N/M		N/M
	Short-term FHLB advances and other borrowings	17,489		11		—		—		—		N/M		N/M
	Total Short-Term borrowings	$	597,883	$	446,838	$	423,949	$	474,022	$	494,811	33.8	%	20.8	%

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


FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Nine months ended September 30
		2022						2021
		Average		Interest		Yield/		Average		Interest		Yield/
		Balance		(1)		Rate		Balance		(1)		Rate
ASSETS

Interest-earning assets:
	Net loans	$	18,865,672	$	524,150	3.71	%	$	18,765,024	$	485,330	3.46	%

	Investment securities	4,376,084		78,334		2.39	%	3,589,357		63,902		2.37	%
	Loans held for sale	16,898		694		5.48	%	40,551		969		3.19	%
	Other interest-earning assets	937,369		4,498		0.64	%	1,986,161		4,599		0.18	%
	Total Interest-Earning Assets	24,196,023		607,676		3.35	%	24,381,093		554,799		3.04	%

Noninterest-Earning assets:
	Cash and due from banks	158,267						150,435
	Premises and equipment	220,218						229,513
	Other assets	1,534,314						1,689,094
	Less: ACL - loans(2)	(253,725)						(268,412)
	Total Assets	$	25,855,097					$	26,181,723

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-Bearing liabilities:
	Demand deposits	$	5,657,165	$	3,411	0.08	%	$	5,994,878	$	2,905	0.06	%
	Savings deposits	6,515,529		5,561		0.11	%	6,271,019		3,944		0.08	%
	Brokered deposits	254,100		2,181		1.14	%	297,250		876		0.39	%
	Time deposits	1,633,053		10,299		0.84	%	2,001,043		16,383		1.09	%
	Total Interest-Bearing Deposits	14,059,847		21,452		0.20	%	14,564,190		24,108		0.22	%

	Short-term borrowings	490,194		1,459		0.40	%	526,259		456		0.12	%
	Long-term borrowings	643,330		18,357		3.81	%	839,396		23,006		3.66	%
	Total Interest-Bearing Liabilities	15,193,371		41,268		0.36	%	15,929,845		47,570		0.40	%

Noninterest-Bearing liabilities:
	Demand deposits	7,538,597						7,108,199
	Other	515,615						466,917
	Total Liabilities	23,247,583						23,504,961
	Total Deposits/Cost of Deposits	21,598,444				0.13	%	21,672,389				0.15	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")	22,731,968				0.24	%	23,038,044				0.28	%

	Shareholders' equity	2,607,514						2,676,762
	Total Liabilities and Shareholders' Equity	$	25,855,097					$	26,181,723

	Net interest income/net interest margin (fully taxable equivalent)			566,408		3.13	%			507,229		2.78	%
	Tax equivalent adjustment			(10,685)						(9,111)
	Net Interest Income			$	555,723					$	498,118

	(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.


FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):
dollars in thousands

		Nine months ended September 30
		2022		2021		% Change
Loans, by type:
	Real estate - commercial mortgage	$	7,401,094	$	7,146,951	3.6	%
	Commercial and industrial	4,075,838		3,943,736		3.3	%
	Real estate - residential mortgage	4,143,850		3,409,381		21.5	%
	Real estate - home equity	1,099,310		1,147,444		(4.2)	%
	Real estate - construction	1,197,947		1,065,125		12.5	%
	Consumer	532,396		454,434		17.2	%
	Equipment lease financing	247,674		256,741		(3.5)	%
	Other(1)	38,165		(10,292)		N/M
	Net loans before PPP	18,736,274		17,413,520		7.6	%
	PPP	129,398		1,351,504		(90.4)	%
	Total Net Loans	$	18,865,672	$	18,765,024	0.5	%

Deposits, by type:
	Noninterest-bearing demand	$	7,538,597	$	7,108,199	6.1	%
	Interest-bearing demand	5,657,165		5,994,878		(5.6)	%
	Savings	6,515,529		6,271,019		3.9	%
	Total demand and savings	19,711,291		19,374,096		1.7	%
	Brokered	254,100		297,250		(14.5)	%
	Time	1,633,053		2,001,043		(18.4)	%
	Total Deposits	$	21,598,444	$	21,672,389	(0.3)	%

Short-term borrowings, by type:


	Customer funding	$	450,667	$	526,259	(14.4)	%
	Federal funds purchased	33,629		—		N/M
	Short-term FHLB advances and other borrowings	5,898		—		N/M
	Total Short-Term Borrowings	$	490,194	$	526,259	(6.9)	%

N/M - Not meaningful
(1) Consists of overdrafts and net origination fees and costs.


FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
		Three months ended															Nine Month Ended
		Sep 30			Jun 30			Mar 31			Dec 31			Sep 30			Sep 30			Sep 30
		2022			2022			2022			2021			2021			2022			2021
Allowance for credit losses related to net loans:
Balance at beginning of period		$	248,564		$	243,705		$	249,001		$	256,727		$	255,032		$	249,001		$	277,567

	CECL Day 1 provision expense	7,954			—			—			—			—			7,954			—

	Purchased credit deteriorated loans	1,135			—			—			—			—			1,135			—

	Loans charged off:
	Commercial and industrial	(1,783)			(201)			(227)			(9,417)			(647)			(2,211)			(5,920)
	Real estate - commercial mortgage	(86)			—			(152)			(369)			(14)			(238)			(8,357)
	Consumer and home equity	(1,172)			(877)			(1,052)			(828)			(504)			(3,101)			(2,481)
	Real estate - residential mortgage	—			(66)			—			—			(602)			(66)			(1,290)
	Real estate - construction	—			—			—			—			—			—			(39)
	Equipment lease financing and other	(683)			(474)			(469)			(380)			(467)			(1,626)			(1,871)
	Total loans charged off	(3,724)			(1,618)			(1,900)			(10,994)			(2,234)			(7,242)			(19,958)
Recoveries of loans previously charged off:
	Commercial and industrial	2,213			739			1,980			5,795			2,330			4,932			3,792
	Real estate - commercial mortgage	29			3,536			112			1,007			564			3,677			1,467
	Consumer and home equity	682			762			454			767			504			1,898			1,578
	Real estate - residential mortgage	101			92			222			89			86			415			286
	Real estate - construction	—			12			32			77			697			44			1,335
	Equipment lease financing and other	247			226			154			283			358			627			670
	Recoveries of loans previously charged off	3,272			5,367			2,954			8,018			4,539			11,593			9,128
Net loans recovered (charged off)		(452)			3,749			1,054			(2,976)			2,305			4,351			(10,830)
Provision for credit losses		9,637			1,110			(6,350)			(4,750)			(610)			4,397			(10,010)
Balance at end of period		$	266,838		$	248,564		$	243,705		$	249,001		$	256,727		$	266,838		$	256,727
Net (recoveries) charge offs to average loans (annualized)		0.01		%	(0.08)		%	(0.02)		%	0.07		%	(0.05)		%	(0.05)		%	0.08		%

Allowance credit losses related to OBS Credit Exposures(1)
	Balance at beginning of period	$	14,323		$	13,933		$	14,533		$	14,783		$	14,773

	Provision for credit losses	1,367			390			(600)			(250)			10
	Balance at end of period	$	15,690		$	14,323		$	13,933		$	14,533		$	14,783

NON-PERFORMING ASSETS:
	Non-accrual loans	$	178,204		$	162,530		$	136,799		$	143,666		$	138,833
	Loans 90 days past due and accruing	14,559			11,016			24,182			8,453			11,389
	Total non-performing loans	192,763			173,546			160,981			152,119			150,222
	Other real estate owned	5,877			4,786			2,014			1,817			1,896
	Total non-performing assets	$	198,640		$	178,332		$	162,995		$	153,936		$	152,118

NON-PERFORMING LOANS, BY TYPE:
	Commercial and industrial	$	29,831		$	44,713		$	30,193		$	30,629		$	32,697
	Real estate - commercial mortgage	96,281			59,940			64,190			54,044			52,100
	Real estate - residential mortgage	41,597			42,922			39,308			39,399			37,077
	Consumer and home equity	10,016			10,552			11,465			11,505			11,509
	Real estate - construction	1,456			1,357			672			901			965
	Equipment lease financing and other	13,582			14,062			15,153			15,641			15,874
	Total non-performing loans	$	192,763		$	173,546		$	160,981		$	152,119		$	150,222

(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, that has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:
		Three months ended
		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
		2022		2022		2022		2021		2021
Operating net income available to common shareholders
Net income available to common shareholders		$	68,309	$	67,427	$	61,726	$	59,325	$	73,021
Plus: Core deposit intangible amortization, net of tax		406		—		—		—		—
Plus: Merger-related expenses, net of tax		5,535		811		317		—		—
Plus: CECL day 1 provision expense, net of tax		6,283		—		—		—		—
Operating net income available to common shareholders (numerator)		$	80,533	$	68,238	$	62,043	$	59,325	$	73,021

Weighted average shares (diluted) (denominator)		168,781		162,075		161,991		162,355		163,456

Operating net income available to common shareholders, per share (diluted)		$	0.48	$	0.42	$	0.38	$	0.37	$	0.45

Common shareholders' equity (tangible), per share
Shareholders' equity		$	2,471,159	$	2,471,093	$	2,569,535	$	2,712,680	$	2,699,818
Less: Preferred stock		(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Goodwill and intangible assets		(561,495)		(537,700)		(537,877)		(538,053)		(536,697)
Tangible common shareholders' equity (numerator)		$	1,716,786	$	1,740,515	$	1,838,780	$	1,981,749	$	1,970,243

Shares outstanding, end of period (denominator)		167,399		161,057		160,669		160,490		161,429

Common shareholders' equity (tangible), per share		$	10.26	$	10.81	$	11.44	$	12.35	$	12.21

Operating return on average assets
Net income		$	70,871	$	69,989	$	64,288	$	61,887	$	75,583
Plus: Core deposit intangible amortization, net of tax		406		—		—		—		—
Plus: Merger-related expenses, net of tax		5,535		811		317		—		—
Plus: CECL day 1 provision expense, net of tax		6,283		—		—		—		—
Operating net income (numerator)		$	83,095	$	70,800	$	64,605	$	61,887	$	75,583

Total average assets (denominator)		$	26,357,095	$	25,578,432	$	25,622,462	$	26,136,536	$	26,440,876

Operating return on average assets, annualized		1.25%		1.11%		1.02%		0.94%		1.13%














Return on average common shareholders' equity (tangible)
Net income available to common shareholders		$	68,309	$	67,427	$	61,726	$	59,325	$	73,021
Plus: Merger-related expenses, net of tax		5,535		811		317		—		—
Plus: CECL day 1 provision expense, net of tax		6,283		—		—		—		—
Plus: Intangible amortization, net of tax		545		140		138		114		118
Operating net income available to common shareholders (numerator)		$	80,672	$	68,378	$	62,181	$	59,439	$	73,139

Average shareholders' equity		$	2,604,057	$	2,531,346	$	2,688,834	$	2,713,198	$	2,722,833
Less: Average preferred stock		(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Average goodwill and intangible assets		(562,285)		(537,786)		(537,976)		(536,638)		(536,772)
Average tangible common shareholders' equity (denominator)		$	1,848,894	$	1,800,682	$	1,957,980	$	1,983,682	$	1,993,183

Return on average common shareholders' equity (tangible), annualized		17.31%		15.23%		12.88%		11.89%		14.56%


	Three months ended
	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
	2022		2022		2022		2021		2021
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity	$	2,471,159	$	2,471,093	$	2,569,535	$	2,712,680	$	2,699,818
Less: Preferred stock	(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Goodwill and intangible assets	(561,495)		(537,700)		(537,877)		(538,053)		(536,697)
Tangible common shareholders' equity (numerator)	$	1,716,786	$	1,740,515	$	1,838,780	$	1,981,749	$	1,970,243

Total assets	$	26,146,042	$	25,252,686	$	25,598,310	$	25,796,398	$	26,390,832
Less: Goodwill and intangible assets	(561,495)		(537,700)		(537,877)		(538,053)		(536,697)
Total tangible assets (denominator)	$	25,584,547	$	24,714,986	$	25,060,433	$	25,258,345	$	25,854,135

Tangible common equity to tangible assets	6.71%		7.04%		7.34%		7.85%		7.62%

Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity	$	2,471,159	$	2,471,093	$	2,569,535	$	2,712,680	$	2,699,818
Less: Preferred stock	(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Accumulated other comprehensive income (loss)	(442,947)		(304,210)		(158,855)		27,411		25,615
Less: Goodwill and intangible assets	(561,495)		(537,700)		(537,877)		(538,053)		(536,697)
Tangible common shareholders' equity (numerator)	$	2,159,733	$	2,044,725	$	1,997,635	$	1,954,338	$	1,944,628

Total assets	$	26,146,042	$	25,252,686	$	25,598,310	$	25,796,398	$	26,390,832
Less: Goodwill and intangible assets	(561,495)		(537,700)		(537,877)		(538,053)		(536,697)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities	368,196		249,424		112,965		(40,444)		(41,787)
Total tangible assets (denominator)	$	25,952,743	$	24,964,410	$	25,173,398	$	25,217,901	$	25,812,348

Tangible common equity to tangible assets, excluding AOCI	8.32%		8.19%		7.94%		7.75%		7.53%

Efficiency ratio
Non-interest expense	$	169,558	$	149,730	$	145,978	$	154,019	$	144,596
Less: Amortization of tax credit investments	(696)		(696)		(696)		(1,547)		(1,546)
Less: Merger-related expenses	(7,006)		(1,027)		(401)		—		—
Less: Intangible amortization	(690)		(177)		(176)		(146)		(150)
Less: Debt extinguishment costs	—		—		—		(674)		—
Non-interest expense (numerator)	$	161,166	$	147,830	$	144,705	$	151,652	$	142,900

Net interest income	$	215,582	$	178,831	$	161,310	$	165,613	$	171,270
Tax equivalent adjustment	3,970		3,427		3,288		3,184		3,114
Plus: Total non-interest income	59,162		58,391		55,256		63,881		62,577
Less: Investment securities (gains) losses, net	53		(8)		(19)		(5)		—
Total revenue (denominator)	$	278,767	$	240,641	$	219,835	$	232,673	$	236,961

Efficiency ratio	57.8%		61.4%		65.8%		65.2%		60.3%


























Operating non-interest expenses to total average assets (annualized)
Non-interest expense	$	169,558	$	149,730	$	145,978	$	154,019	$	144,596
Less: Amortization of tax credit investments	(696)		(696)		(696)		(1,547)		(1,546)
Less: Intangible amortization	(690)		(177)		(176)		(146)		(150)
Less: Merger-related expenses	(7,006)		(1,027)		(401)		—		—
Less: Debt extinguishment costs	—		—		—		(674)		—
Non-interest expense (numerator)	$	161,166	$	147,830	$	144,705	$	151,652	$	142,900

Total average assets (denominator)	$	26,357,095	$	25,578,432	$	25,622,462	$	26,136,536	$	26,440,876

Operating non-interest expenses to total average assets, (annualized)	2.43%		2.32%		2.29%		2.30%		2.14%



	Three months ended
	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
	2022		2022		2022		2021		2021
Asset Quality, excluding PPP
Net loans recovered (charged-off) (numerator)	$	(452)	$	3,749	$	1,054	$	(2,976)	$	2,305

Average net loans	$	19,563,825	$	18,637,175	$	18,383,118	$	18,220,550	$	18,414,153
Less: Average PPP loans	(49,174)		(114,849)		(226,114)		(435,042)		(850,618)
Total adjusted average loans (denominator)	$	19,514,651	$	18,522,326	$	18,157,004	$	17,785,508	$	17,563,535

Net charge-offs (recoveries) to adjusted average loans (annualized)	0.01%		(0.08)%		(0.02)%		0.07%		(0.05)%

Non-performing loans (numerator)	$	192,763	$	173,546	$	160,981	$	152,119	$	150,222

Net loans	$	19,695,199	$	18,920,950	$	18,476,119	$	18,325,350	$	18,269,407
Less: PPP loans	(32,090)		(72,423)		(164,277)		(301,253)		(590,447)
Total adjusted loans (denominator)	$	19,663,109	$	18,848,527	$	18,311,842	$	18,024,097	$	17,678,960

Non-performing loans to total adjusted loans	0.98%		0.92%		0.88%		0.84%		0.85%

ACL - loans (numerator)	$	266,838	$	248,564	$	243,705	$	249,001	$	256,727

Net loans	$	19,695,199	$	18,920,950	$	18,476,119	$	18,325,350	$	18,269,407
Less: PPP loans	(32,090)		(72,423)		(164,277)		(301,253)		(590,447)
Total adjusted loans (denominator)	$	19,663,109	$	18,848,527	$	18,311,842	$	18,024,097	$	17,678,960

ACL - loans to total adjusted loans	1.36%		1.32%		1.33%		1.38%		1.45%

Pre-provision net revenue
Net interest income	$	215,582	$	178,831	$	161,310	$	165,613	$	171,270
Non-interest income	59,162		58,391		55,256		63,881		62,577
Less: Investment securities (gains) losses, net	53		(8)		(19)		(5)		—
Total revenue	$	274,797	$	237,214	$	216,547	$	229,489	$	233,847

Non-interest expense	$	169,558	$	149,730	$	145,978	$	154,019	$	144,596
Less: Amortization on tax credit investments	(696)		(696)		(696)		(1,547)		(1,546)
Less: Merger-related expenses	(7,006)		(1,027)		(401)		—		—
Less: Intangible amortization	(690)		(177)		(176)		(146)		(150)
Less: Debt extinguishment	—		—		—		(674)		—
Total non-interest expense	$	161,166	$	147,830	$	144,705	$	151,652	$	142,900

Pre-provision net revenue	$	113,631	$	89,384	$	71,842	$	77,837	$	90,947

Note: numbers may not sum due to rounding.