Exhibit 99.1

FULTON FINANCIAL
CORPORATION


FOR IMMEDIATE RELEASE
Media Contact: Lacey Dean (717) 735-8688
Investor Contact: Matt Jozwiak (717) 327-2657


Fulton Financial Corporation Announces First Quarter 2023 Results

(April 18, 2023) – Lancaster, PA – Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $65.8 million, or $0.39 per diluted share, for the first quarter of 2023, a decrease of $13.5 million, or 17.1%, in comparison to the fourth quarter of 2022.

“Our focus remains the same - the long-term financial wellbeing of our company, our customers and our communities,” said Curtis J. Myers, Chairman and CEO of Fulton. “During the quarter, we took actions to fortify our balance sheet, increase our liquidity, diversify our funding and enhance our reserves. By taking these actions, monitoring capital and communicating with customers, we’ve positioned ourselves to continue serving our stakeholders and growing our company.”






















1


Net Interest Income and Balance Sheet

Net interest income for the first quarter of 2023 was $215.6 million, a decrease of $10.3 million in comparison to the fourth quarter of 2022. The net interest margin for the first quarter of 2023 decreased 16 basis points, to 3.53%, in comparison to 3.69% in the fourth quarter of 2022.

The linked-quarter decrease in net interest income was primarily due to a shift in funding mix from lower-cost demand deposits to higher-cost borrowings, time deposits and brokered deposits. An increase in the average balance for net loans of $458.6 million and higher loan yields in the first quarter of 2023 primarily contributed to an increase in interest income of $22.0 million to $289.8 million in comparison to $267.8 million in the fourth quarter of 2022. Interest expense from interest-bearing liabilities for the first quarter of 2023 increased by $32.3 million to $74.2 million in comparison to $41.9 million in the fourth quarter of 2022. The linked-quarter increase in interest expense in the first quarter of 2023 was primarily due to a decline in the average balance of noninterest-bearing deposits of $669.1 million and an increase in the average balance for higher-cost borrowings and other interest-bearing liabilities of $1.0 billion in comparison to the fourth quarter of 2022.

For the first quarter of 2023, net interest income was $215.6 million, an increase of $54.3 million, or 33.6%, in comparison to the first quarter of 2022. Interest income for the first quarter of 2023 increased by $116.8 million to $289.8 million in comparison to $173.0 million in the first quarter of 2022 primarily driven by rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $110.9 million, $3.2 million and $2.7 million, respectively. Increases in the average balances for net loans and investment securities in the first quarter of 2023 of $2,080.0 million and $63.3 million, respectively, driven in part by the Prudential Bancorp, Inc. ("Prudential Bancorp") acquisition, also contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the first quarter of 2023 increased by $62.5 million to $74.2 million in comparison to $11.7 million in the first quarter of 2022 primarily driven by rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings and other interest-bearing liabilities of $36.0 million and $26.5 million, respectively. An increase in the average balance for borrowings and other interest-bearing liabilities of $2.0 billion in the first quarter of 2023 in comparison to the first quarter of 2022 also contributed to the increase in interest expense.

Total average interest-earning assets for the first quarter of 2023 was $25.2 billion, an increase of $450.6 million from the fourth quarter of 2022 primarily driven by the aforementioned increase in average net loans of $458.6 million and an increase in average other interest-earning assets of $33.0 million, partially offset by a decrease in average investment securities of $41.0 million.

Total average interest-earning assets for the first quarter of 2023 increased by $1.3 billion from the first quarter of 2022. Average net loans for the first quarter of 2023 were $20.5 billion, an increase of $2.1 billion from the same period in 2022. Compared to the first quarter of 2022, average other interest-earning assets decreased $793.6 million and average investment securities increased $63.3 million in the first quarter of 2023.

2


Total average interest-bearing liabilities increased $1.2 billion, to $17.0 billion, in the first quarter of 2023 in comparison to $15.7 billion in the fourth quarter of 2022 driven by increases in the average balance for borrowings and other interest-bearing liabilities and the average balance for total interest-bearing deposits of $1.0 billion and $215.8 million, respectively.

Total average interest-bearing liabilities for the first quarter of 2023 increased $1.9 billion in comparison to $15.1 billion in the first quarter of 2022, driven by an increase in the average balance for borrowings and other interest-bearing liabilities of $2.0 billion.

Asset Quality

In the first quarter of 2023, a provision for credit losses of $24.5 million was recorded in comparison to a provision for credit losses of $14.5 million in the fourth quarter of 2022, and a negative provision for credit losses of $7.0 million in the first quarter of 2022. The linked-quarter increase in the provision for credit losses of $10.0 million was primarily due to loan growth and changes to the macroeconomic outlook.

Non-performing assets were $167.9 million, or 0.62% of total assets, at March 31, 2023, in comparison to $177.7 million, or 0.66% of total assets, at December 31, 2022, and $163.0 million, or 0.64% of total assets, at March 31, 2022.

Net charge-offs for the first quarter of 2023 were 0.27% of total average loans in comparison to 0.23% and negative 0.02% in the fourth quarter of 2022 and the first quarter of 2022, respectively. Net charge-offs of $14.0 million for the first quarter of 2023 were primarily due to a charge-off of $13.3 million for a commercial office loan due to credit-related concerns; the same loan that received a partial charge-off in the fourth quarter of 2022.

Non-interest Income

Non-interest income before investment securities gains in the first quarter of 2023 was $51.7 million, a decrease of $2.6 million, or 4.8%, from the fourth quarter of 2022. The decrease in non-interest income was driven primarily by decreases in commercial banking income, income from equity method investments, reflected in other income, and consumer banking fees of $1.1 million, $1.0 million and $0.9 million, respectively, partially offset by an increase in wealth management revenues of $0.5 million.

Compared to the first quarter of 2022, non-interest income before investment securities gains in the first quarter of 2023 decreased $3.5 million, or 6.3%, from $55.2 million. The decrease in non-interest income was primarily due to decreases of $2.6 million in mortgage banking income due to lower loan sale volumes and lower spreads, $1.4 million in wealth management revenues primarily due to market performance and $1.1 million from lower income from equity method investments, reflected in other income, partially offset by an increase of $1.5 million in commercial banking income.



3


Non-interest Expense

Non-interest expense was $159.6 million in the first quarter of 2023, a decrease of $7.0 million, or 4.2%, compared to $166.6 million in the fourth quarter of 2022, which excludes merger-related expenses of $1.9 million. The decline was primarily due to decreases of $3.5 million in salaries and employee benefits expense, $0.7 million in other outside services expense, $0.6 million in professional fees and $0.5 million in marketing expense, partially offset by a $1.6 million increase in FDIC insurance expense primarily due to the adoption of a final rule to increase base deposit insurance assessment rates effective January 1, 2023. Additional contributors of the decline in noninterest expense were decreases of $1.2 million in charitable contributions, $1.1 million in other real estate owned assets due to gains on sales recorded in the first quarter of 2023 and $0.8 million in contingent liabilities, in each case, reflected in other expense.
Compared to the first quarter of 2022, non-interest expense, excluding merger-related expenses of $0.4 million in the first quarter of 2022, increased $14.0 million, or 9.6%. The increase was primarily due to increases of $4.8 million in salaries and employee benefits expense, $2.0 million in other outside services expense, $1.6 million in FDIC insurance expense, primarily due to the adoption of a final rule to increase base deposit insurance assessment rates effective January 1, 2023, $1.5 million in data processing and software expense, $0.6 million in professional fees, $0.6 million in marketing expense and $0.5 million in intangible amortization expense due to the acquisition of Prudential Bancorp. Additional drivers of the increase in noninterest expense were an unfavorable change in owned asset expense due to a $1.5 million gain on sale recorded on owned assets in the first quarter of 2022 and a $0.8 million contingent liability recorded in the first quarter of 2023, in each case, reflected in other expense.

Income Tax Expense

For the first quarter of 2023, the effective tax rate was 17.9%, in comparison to 17.3% for the full-year of 2022.

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














4


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, 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).











5


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)
dollars in thousands, except per share data
Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
Ending Balances
Investment securities$3,950,101$3,968,023$3,936,694$4,117,801$4,288,674
Net loans20,670,18820,279,54719,695,19918,920,95018,476,119
Total assets27,112,17626,931,70226,146,04225,252,68625,598,310
Deposits21,316,58420,649,53821,376,55421,143,86621,541,174
Shareholders' equity2,618,9982,579,7572,471,1592,471,0932,569,535
Average Balances
Investment securities3,964,6153,936,5794,254,2164,216,5074,228,827
Net loans20,463,09620,004,51319,563,82518,637,17518,383,118
Total assets26,900,65326,386,35526,357,09525,578,43225,622,462
Deposits20,574,32321,027,65621,788,05221,523,71321,480,183
Shareholders' equity2,613,3162,489,1482,604,0572,531,3462,688,834
Income Statement
Net interest income215,587 225,911 215,582 178,831 161,310 
Provision for credit losses24,544 14,513 18,958 1,500 (6,950)
Non-interest income51,753 54,321 59,162 58,391 55,256 
Non-interest expense159,616 168,462 169,558 149,730 145,978 
Income before taxes83,180 97,257 86,228 85,992 77,538 
Net income available to common shareholders65,752 79,271 68,309 67,427 61,726 
Pre-provision net revenue(1)
108,375 115,049 113,631 89,384 71,842 
Per Share
Net income available to common shareholders (basic)$0.39 $0.47 $0.41 $0.42 $0.38 
Net income available to common shareholders (diluted)$0.39 $0.47 $0.40 $0.42 $0.38 
Operating net income available to common shareholders(1)
$0.39 $0.48 $0.48 $0.42 $0.38 
Cash dividends$0.15 $0.21 $0.15 $0.15 $0.15 
Common shareholders' equity$14.67 $14.24 $13.61 $14.15 $14.79 
Common shareholders' equity (tangible)(1)
$11.26 $10.90 $10.26 $10.81 $11.44 
Weighted average shares (basic)166,605 167,504 167,353 160,920 160,588 
Weighted average shares (diluted)168,401 169,136 168,781 162,075 161,911 
(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.
6


Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
Asset Quality
Net charge-offs (recoveries) to average loans 0.27 %0.23 %0.01 %(0.08)%(0.02)%
Non-performing loans to total loans0.80 %0.85 %0.98 %0.92 %0.87 %
Non-performing assets to total assets0.62 %0.66 %0.76 %0.71 %0.64 %
ACL - loans(1) to total loans
1.35 %1.33 %1.35 %1.31 %1.32 %
ACL - loans(1) to non-performing loans
169 %157 %138 %143 %151 %
Profitability
Return on average assets1.03 %1.23 %1.07 %1.10 %1.02 %
Operating return on average assets(2)
1.04 %1.26 %1.25 %1.11 %1.02 %
Return on average common shareholders' equity11.02 %13.70 %11.24 %11.57 %10.03 %
Return on average common shareholders' equity (tangible)(2)
14.46 %18.59 %17.31 %15.23 %12.88 %
Net interest margin3.53 %3.69 %3.54 %3.04 %2.78 %
Efficiency ratio(2)
58.5 %58.1 %57.8 %61.4 %65.8 %
Non-interest expenses to total average assets2.41 %2.53 %2.55 %2.35 %2.31 %
Operating non-interest expenses to total average assets(2)
2.40 %2.48 %2.43 %2.32 %2.29 %
Capital Ratios
Tangible common equity ratio ("TCE")(2)
7.0 %6.9 %6.7 %7.0 %7.3 %
TCE ratio, (excluding AOCI)(2)(4)
8.3 %8.2 %8.3 %8.2 %7.9 %
Tier 1 leverage ratio(3)
9.3 %9.5 %9.2 %9.1 %8.9 %
Common equity Tier 1 capital ratio(3)
9.8 %10.0 %10.0 %9.9 %10.0 %
Tier 1 risk-based capital ratio(3)
10.7 %10.9 %10.9 %10.8 %10.9 %
Total risk-based capital ratio(3)
13.5 %13.6 %13.6 %13.7 %13.8 %
(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
(3) Regulatory capital ratios as of March 31, 2023 are preliminary and prior periods are actual.
(4) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI").

7

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
ASSETS
Cash and due from banks$129,003 $126,898 $143,465 $158,605 $161,462 
Other interest-earning assets545,355 685,209 467,164 383,715 1,054,232 
Loans held for sale6,507 7,264 14,411 17,528 27,675 
Investment securities3,950,101 3,968,023 3,936,694 4,117,801 4,288,674 
Net loans20,670,188 20,279,547 19,695,199 18,920,950 18,476,119 
Less: ACL - loans(1)
(278,695)(269,366)(266,838)(248,564)(243,705)
   Loans, net20,391,493 20,010,181 19,428,361 18,672,386 18,232,414 
Net premises and equipment216,059 225,141 221,496 211,639 218,257 
Accrued interest receivable90,267 91,579 72,821 64,457 55,102 
Goodwill and intangible assets563,502 560,824 561,495 537,700 537,877 
Other assets1,219,889 1,256,583 1,300,135 1,088,855 1,022,617 
    Total Assets$27,112,176 $26,931,702 $26,146,042 $25,252,686 $25,598,310 
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits$21,316,584 $20,649,538 $21,376,554 $21,143,866 $21,541,174 
Borrowings2,446,770 2,871,207 1,424,681 1,013,315 1,008,934 
Other liabilities729,824 831,200 873,648 624,412 478,667 
    Total Liabilities24,493,178 24,351,945 23,674,883 22,781,593 23,028,775 
Shareholders' equity2,618,998 2,579,757 2,471,159 2,471,093 2,569,535 
    Total Liabilities and Shareholders' Equity$27,112,176 $26,931,702 $26,146,042 $25,252,686 $25,598,310 
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage$7,746,920 $7,693,835 $7,554,509 $7,417,036 $7,289,376 
Commercial and industrial4,596,096 4,473,004 4,240,865 4,170,975 4,156,562 
Real estate - residential mortgage4,880,919 4,737,279 4,574,228 4,203,827 3,946,741 
Real estate - home equity1,074,712 1,102,838 1,110,103 1,108,808 1,098,171 
Real estate - construction1,326,754 1,269,925 1,273,097 1,177,446 1,210,340 
Consumer730,775 699,179 633,666 538,747 481,551 
Leases and other loans(2)
314,012 303,487 308,731 304,111 293,378 
Total Net Loans$20,670,188 $20,279,547 $19,695,199 $18,920,950 $18,476,119 
Deposits, by type:
Noninterest-bearing demand$6,403,484 $7,006,388 $7,372,896 $7,530,777 $7,528,391 
Interest-bearing demand5,478,237 5,410,903 5,676,600 5,403,805 5,625,286 
Savings6,579,806 6,434,621 6,563,003 6,406,051 6,479,196 
     Total demand and savings18,461,527 18,851,912 19,612,499 19,340,633 19,632,873 
Brokered960,919 208,416 226,883 243,172 248,833 
Time1,894,138 1,589,210 1,537,172 1,560,061 1,659,468 
Total Deposits$21,316,584 $20,649,538 $21,376,554 $21,143,866 $21,541,174 
Borrowings, by type:
Federal funds purchased$525,000 $191,000 $136,000 $20,000 $— 
Federal Home Loan Bank advances747,000 1,250,000 265,500 — — 
Senior debt and subordinated debt539,814 539,634 539,461 555,748 555,594 
Other borrowings634,956 890,573 483,720 437,567 453,340 
Total Borrowings$2,446,770 $2,871,207 $1,424,681 $1,013,315 $1,008,934 
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
(2) Includes equipment lease financing, overdraft and net origination fees and costs.
8




FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands, except per share
Three Months Ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
Interest Income:
Interest income$289,820 $267,847 $233,691 $190,299 $173,001 
Interest expense74,233 41,936 18,109 11,468 11,691 
    Net Interest Income215,587 225,911 215,582 178,831 161,310 
Provision for credit losses24,544 14,513 18,958 1,500 (6,950)
    Net Interest Income after Provision191,043 211,398 196,624 177,331 168,260 
Non-Interest Income:
Commercial banking:
   Merchant and card6,834 7,223 7,601 7,355 6,097 
   Cash management5,515 5,756 6,483 6,062 5,428 
   Capital markets2,344 2,627 4,060 3,893 1,676 
   Other commercial banking2,820 2,998 2,664 3,049 2,807 
Total commercial banking17,513 18,604 20,808 20,359 16,008 
Consumer banking:
  Card6,243 6,331 6,278 6,067 5,796 
  Overdraft2,733 3,364 4,463 3,881 3,772 
  Other consumer banking2,241 2,380 2,534 2,524 2,106 
Total consumer banking11,217 12,075 13,275 12,472 11,674 
Wealth management18,062 17,531 17,610 18,274 19,428 
Mortgage banking1,970 2,140 3,720 3,768 4,576 
Other2,968 3,972 3,802 3,510 3,551 
     Non-interest income before investment securities gains (losses)51,730 54,322 59,215 58,383 55,237 
Investment securities gains (losses), net23 (1)(53)8 19 
    Total Non-Interest Income51,753 54,321 59,162 58,391 55,256 
Non-Interest Expense:
Salaries and employee benefits89,283 92,733 94,283 85,404 84,464 
Data processing and software15,796 15,448 15,807 14,685 14,315 
Net occupancy14,438 14,061 14,025 13,587 14,522 
Other outside services10,126 10,860 9,361 8,764 8,167 
FDIC insurance4,795 3,219 3,158 2,961 3,209 
Equipment 3,389 3,640 3,548 3,422 3,423 
Professional fees2,392 2,945 2,373 2,013 1,792 
Marketing1,886 2,380 1,859 1,326 1,320 
Intangible amortization674 688 690 177 176 
Merger-related expenses— 1,894 7,006 1,027 401 
Other16,837 20,594 17,448 16,364 14,189 
    Total Non-Interest Expense159,616 168,462 169,558 149,730 145,978 
    Income Before Income Taxes83,180 97,257 86,228 85,992 77,538 
Income tax expense14,866 15,424 15,357 16,003 13,250 
    Net Income68,314 81,833 70,871 69,989 64,288 
Preferred stock dividends(2,562)(2,562)(2,562)(2,562)(2,562)
     Net Income Available to Common Shareholders$65,752 $79,271 $68,309 $67,427 $61,726 
9

Three Months Ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
PER SHARE:
Net income available to common shareholders:
    Basic$0.39 $0.47 $0.41 $0.42 $0.38 
    Diluted$0.39 $0.47 $0.40 $0.42 $0.38 
Cash dividends$0.15 $0.21 $0.15 $0.15 $0.15 
Weighted average shares (basic)166,605 167,504 167,353 160,920 160,588 
Weighted average shares (diluted)168,401 169,136 168,781 162,075 161,911 

10

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Three months ended
March 31, 2023December 31, 2022March 31, 2022
AverageYield/AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans$20,463,096 $263,065 5.21 %$20,004,513 $241,453 4.80 %$18,383,118 $151,127 3.32 %
Investment securities4,289,643 27,522 2.60 %4,330,635 27,781 2.56 %4,226,352 24,251 2.29 %
Other interest-earning assets493,130 3,648 3.00 %460,082 2,923 2.53 %1,286,723 912 0.29 %
Total Interest-Earning Assets25,245,869 294,235 4.73 %24,795,230 272,157 4.36 %23,896,193 176,290 2.98 %
Noninterest-Earning assets:
Cash and due from banks141,254 149,472 162,320 
Premises and equipment223,025 223,245 219,932 
Other assets1,563,806 1,488,684 1,595,039 
Less: ACL - loans(2)
(273,301)(270,276)(251,022)
Total Assets$26,900,653 $26,386,355 $25,622,462 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits$5,326,566 $8,455 0.64 %$5,479,443 $4,589 0.33 %$5,664,987 $728 0.05 %
Savings deposits6,469,468 20,535 1.29 %6,466,775 11,539 0.71 %6,436,548 1,021 0.06 %
Brokered deposits439,670 5,173 4.77 %215,729 1,947 3.58 %250,350 216 0.35 %
Time deposits1,696,878 7,458 1.78 %1,554,885 4,302 1.10 %1,697,063 3,640 0.87 %
Total Interest-Bearing Deposits13,932,582 41,621 1.21 %13,716,832 22,377 0.65 %14,048,948 5,605 0.16 %
Borrowings and other interest-bearing liabilities3,058,684 32,613 4.32 %2,025,522 19,559 3.83 %1,033,815 6,087 2.39 %
Total Interest-Bearing Liabilities16,991,266 74,234 1.78 %15,742,354 41,936 1.06 %15,082,763 11,692 0.31 %
Noninterest-Bearing liabilities:
Demand deposits6,641,741 7,310,824 7,431,235 
Other noninterest-bearing liabilities654,330 844,029 419,630 
Total Liabilities24,287,337 23,897,207 22,933,628 
Total Deposits/Cost of Deposits20,574,323 0.82 %21,027,656 0.42 %21,480,183 0.11 %
Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")23,633,007 1.27 %23,053,178 0.72 %22,513,998 0.21 %
Shareholders' equity2,613,316 2,489,148 2,688,834 
Total Liabilities and Shareholders' Equity$26,900,653 $26,386,355 $25,622,462 
Net interest income/net interest margin (fully taxable equivalent)220,001 3.53 %230,221 3.69 %164,598 2.78 %
Tax equivalent adjustment(4,414)(4,310)(3,288)
Net Interest Income$215,587 $225,911 $161,310 
(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.
11

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
Loans, by type:
Real estate - commercial mortgage$7,720,975 $7,696,997 $7,566,259 $7,340,417 $7,294,914 
Commercial and industrial4,565,923 4,372,935 4,250,573 4,155,436 4,213,014 
Real estate - residential mortgage4,790,868 4,643,784 4,485,649 4,052,666 3,887,428 
Real estate - home equity1,086,032 1,106,325 1,099,487 1,118,494 1,106,319 
Real estate - construction1,276,145 1,209,998 1,268,590 1,188,932 1,137,649 
Consumer721,248 679,108 604,634 485,095 471,129 
Leases and other loans(1)
301,905 295,366 288,633 296,135 272,665 
Total Net Loans$20,463,096 $20,004,513 $19,563,825 $18,637,175 $18,383,118 
Deposits, by type:
Noninterest-bearing demand$6,641,741 $7,310,824 $7,535,791 $7,647,618 $7,431,235 
Interest-bearing demand5,326,566 5,479,443 5,708,059 5,597,975 5,664,987 
Savings6,469,468 6,466,775 6,681,713 6,425,634 6,436,548 
     Total demand and savings18,437,775 19,257,042 19,925,563 19,671,227 19,532,770 
Brokered439,670 215,729 247,105 244,200 250,350 
Time1,696,878 1,554,885 1,615,384 1,608,286 1,697,063 
Total Deposits$20,574,323 $21,027,656 $21,788,052 $21,523,713 $21,480,183 
Borrowings, by type:
Federal funds purchased$505,142 $261,737 $96,965 $2,857 $— 
Federal Home Loan Bank advances1,261,589 564,692 206,152 — — 
Senior debt and subordinated debt539,726 539,550 554,735 555,701 608,961 
Other borrowings and other interest-bearing liabilities752,227 659,543 501,496 445,261 424,854 
Total Borrowings$3,058,684 $2,025,522 $1,359,348 $1,003,819 $1,033,815 
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

12

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
Allowance for credit losses related to net loans:
Balance at beginning of period$269,366$266,838$248,564$243,705$249,001
CECL Day 1 provision expense——7,954——
Initial purchased credit deteriorated loans——1,135——
Loans charged off:
    Real estate - commercial mortgage(13,362)(12,235)(86)—(152)
    Commercial and industrial(612)(179)(1,783)(201)(227)
    Real estate - residential mortgage———(66)—
    Consumer and home equity(2,206)(1,311)(1,172)(877)(1,052)
    Real estate - construction—————
    Leases and other loans(1)
(723)(505)(683)(474)(469)
    Total loans charged off(16,903)(14,230)(3,724)(1,618)(1,900)
Recoveries of loans previously charged off:
    Real estate - commercial mortgage786183293,536112
    Commercial and industrial1,0869612,2137391,980
    Real estate - residential mortgage481010192222
    Consumer and home equity661683682762454
    Real estate - construction202530—1232
    Leases and other loans(1)
116132247226154
    Recoveries of loans previously charged off2,8992,4993,2725,3672,954
Net loans recovered (charged off)(14,004)(11,731)(452)3,7491,054
Provision for credit losses23,33314,2599,6371,110(6,350)
Balance at end of period$278,695$269,366$266,838$248,564$243,705
Net (recoveries) charge-offs to average loans 0.27 %0.23 %0.01 %(0.08)%(0.02)%
Provision for credit losses related to OBS Credit Exposures
Provision for credit losses $1,211$254$1,367$390($600)
NON-PERFORMING ASSETS:
Non-accrual loans$134,303$144,443$178,204$162,530$136,799
Loans 90 days past due and accruing30,33627,46314,55911,01624,182
    Total non-performing loans164,639171,906192,763173,546160,981
Other real estate owned3,3045,7905,8774,7862,014
Total non-performing assets$167,943$177,696$198,640$178,332$162,995
NON-PERFORMING LOANS, BY TYPE:
Real estate - commercial mortgage$61,322$72,634$96,281$59,940$64,190
Commercial and industrial33,55528,28829,83144,71330,193
Real estate - residential mortgage46,57646,50941,59742,92239,308
Consumer and home equity8,9839,80010,01610,55211,465
Real estate - construction1,5091,3681,4561,357672
Leases and other loans(1)
12,69413,30713,58214,06215,153
Total non-performing loans$164,639$171,906$192,763$173,546$160,981
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
13

FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share data)
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
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
Operating net income available to common shareholders
Net income available to common shareholders$65,752$79,271$68,309$67,427$61,726
Plus: Core deposit intangible amortization514514514——
Plus: Merger-related expenses—1,8947,0061,027401
Plus: CECL Day 1 Provision expense——7,954——
Less: Tax impact of adjustments(108)(506)(3,250)(216)(84)
Operating net income available to common shareholders (numerator)$66,158$81,173$80,533$68,238$62,043
Weighted average shares (diluted) (denominator)168,401169,136168,781162,075161,911
Operating net income available to common shareholders, per share (diluted)$0.39$0.48$0.48$0.42$0.38
Common shareholders' equity (tangible), per share
Shareholders' equity$2,618,998$2,579,757$2,471,159$2,471,093$2,569,535
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(563,502)(560,824)(561,495)(537,700)(537,877)
Tangible common shareholders' equity (numerator)$1,862,618$1,826,055$1,716,786$1,740,515$1,838,780
Shares outstanding, end of period (denominator)165,396167,599167,399161,057160,669
Common shareholders' equity (tangible), per share$11.26$10.90$10.26$10.81$11.44
Operating return on average assets
Net income$68,314$81,833$70,871$69,989$64,288
Plus: Core deposit intangible amortization514514514——
Plus: Merger-related expenses—1,8947,0061,027401
Plus: CECL Day 1 Provision expense——7,954——
Less: Tax impact of adjustments(108)(506)(3,250)(216)(84)
Operating net income (numerator)$68,720$83,735$83,095$70,800$64,605
Total average assets (denominator)$26,900,653$26,386,355$26,357,095$25,578,432$25,622,462
Operating return on average assets1.04%1.26%1.25%1.11%1.02%
Return on average common shareholders' equity (tangible)
Net income available to common shareholders$65,752$79,271$68,309$67,427$61,726
Plus: Intangible amortization674688690177176
Plus: Merger-related expenses—1,8947,0061,027401
Plus: CECL Day 1 Provision expense——7,954——
Less: Tax impact of adjustments(142)(542)(3,287)(253)(122)
Operating net income available to common shareholders (numerator)$66,284$81,311$80,672$68,378$62,181
Average shareholders' equity$2,613,316$2,489,148$2,604,057$2,531,346$2,688,834
Less: Average preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Average goodwill and intangible assets(561,744)(561,219)(562,285)(537,786)(537,976)
Average tangible common shareholders' equity (denominator)$1,858,694$1,735,051$1,848,894$1,800,682$1,957,980
Return on average common shareholders' equity (tangible)14.46%18.59%17.31%15.23%12.88%
14

Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity$2,618,998$2,579,757$2,471,159$2,471,093$2,569,535
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(563,502)(560,824)(561,495)(537,700)(537,877)
Tangible common shareholders' equity (numerator)$1,862,618$1,826,055$1,716,786$1,740,515$1,838,780
Total assets$27,112,176$26,931,702$26,146,042$25,252,686$25,598,310
Less: Goodwill and intangible assets(563,502)(560,824)(561,495)(537,700)(537,877)
Total tangible assets (denominator)$26,548,674$26,370,878$25,584,547$24,714,986$25,060,433
Tangible common equity to tangible assets7.02%6.92%6.71%7.04%7.34%
Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity$2,618,998$2,579,757$2,471,159$2,471,093$2,569,535
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Accumulated other comprehensive (income) loss350,992385,476442,947304,210158,855
Less: Goodwill and intangible assets(563,502)(560,824)(561,495)(537,700)(537,877)
Tangible common shareholders' equity (numerator)$2,213,610$2,211,531$2,159,733$2,044,725$1,997,635
Total assets$27,112,176$26,931,702$26,146,042$25,252,686$25,598,310
Less: Goodwill and intangible assets(563,502)(560,824)(561,495)(537,700)(537,877)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities282,092632,456368,196249,424112,965
Total tangible assets (denominator)$26,830,766$27,003,334$25,952,743$24,964,410$25,173,398
Tangible common equity to tangible assets, excluding AOCI8.25%8.19%8.32%8.19%7.94%
Efficiency ratio
Non-interest expense$159,616$168,462$169,558$149,730$145,978
Less: Amortization of tax credit investments—(696)(696)(696)(696)
Less: Merger-related expenses—(1,894)(7,006)(1,027)(401)
Less: Intangible amortization(674)(688)(690)(177)(176)
Non-interest expense (numerator)$158,942$165,184$161,166$147,830$144,705
Net interest income$215,587$225,911$215,582$178,831$161,310
Tax equivalent adjustment4,4144,3103,9703,4273,288
Plus: Total non-interest income51,75354,32159,16258,39155,256
Less: Investment securities (gains) losses, net(23)153(8)(19)
Total revenue (denominator)$271,731$284,543$278,767$240,641$219,835
Efficiency ratio58.5%58.1%57.8%61.4%65.8%
Operating non-interest expenses to total average assets
Non-interest expense$159,616$168,462$169,558$149,730$145,978
Less: Amortization of tax credit investments—(696)(696)(696)(696)
Less: Intangible amortization(674)(688)(690)(177)(176)
Less: Merger-related expenses—(1,894)(7,006)(1,027)(401)
Non-interest expense (numerator)$158,942$165,184$161,166$147,830$144,705
Total average assets (denominator)$26,900,653$26,386,355$26,357,095$25,578,432$25,622,462
Operating non-interest expenses to total average assets2.40%2.48%2.43%2.32%2.29%
15

Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20232022202220222022
Pre-provision net revenue
Net interest income$215,587$225,911$215,582$178,831$161,310
Non-interest income51,75354,32159,16258,39155,256
Less: Investment securities (gains) losses, net(23)153(8)(19)
Total revenue$267,317$280,233$274,797$237,214$216,547
Non-interest expense$159,616$168,462$169,558$149,730$145,978
Less: Amortization on tax credit investments —(696)(696)(696)(696)
Less: Merger-related expenses—(1,894)(7,006)(1,027)(401)
Less: Intangible amortization(674)(688)(690)(177)(176)
Total non-interest expense$158,942$165,184$161,166$147,830$144,705
Pre-provision net revenue$108,375$115,049$113,631$89,384$71,842
Note: numbers may not sum due to rounding.

16