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 Third Quarter 2023 Results

(October 17, 2023) – Lancaster, PA – Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $69.5 million, or $0.42 per diluted share, for the third quarter of 2023, a decrease of $7.5 million, or 9.7%, in comparison to the second quarter of 2023. Operating net income available to common shareholders for the three months ended September 30, 2023 was $72.2 million, or $0.43 per diluted share(1).

For the nine months ended September 30, 2023, net income available to common shareholders was $212.3 million, or $1.27 per diluted share, an increase of $14.9 million, or 7.5%, in comparison to the same period in 2022. Operating net income available to common shareholders for the nine months ended September 30, 2023 was $216.1 million, or $1.29 per diluted share(1).

"We were pleased with our third quarter results; operating earnings were solid, we generated deposit and loan growth, we maintained our net interest margin and net interest income grew," said Curtis J. Myers, Chairman and CEO of Fulton Financial Corporation. "Our results reflect solid core business trends, stable credit metrics, and modest growth in our core lines of business."

Net Interest Income and Balance Sheet

Net interest income for the third quarter of 2023 was $213.8 million, an increase of $1.0 million in comparison to the second quarter of 2023. The net interest margin for the third quarter of 2023 was 3.40%, consistent with the second quarter of 2023.

The linked-quarter increase in net interest income was primarily due to higher loan yields and an increase in the average balance of net loans, partially offset by an increase in the rate of average interest-bearing deposits and a shift in the funding mix from noninterest-bearing demand deposits to interest-bearing deposits.




(1) Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.
1


A 20 basis points increase in the yield on average net loans and an increase in the average balance of net loans of $255.0 million in the third quarter of 2023 drove an increase in interest income of $15.5 million to $330.4 million in comparison to $314.9 million in the second quarter of 2023.

Interest expense on interest-bearing liabilities for the third quarter of 2023 increased by $14.5 million to $116.5 million in comparison to $102.1 million in the second quarter of 2023. The linked-quarter increase in interest expense in the third quarter of 2023 was primarily due to an increase in the rate on average interest-bearing deposits of 29 basis points, a decline of $348.7 million in the average balance of noninterest-bearing deposits and an increase in the average balance of interest-bearing deposits of $498.8 million in comparison to the second quarter of 2023.

For the third quarter of 2023, net interest income was $213.8 million, a decrease of $1.7 million, or 0.8%, in comparison to the third quarter of 2022. Interest income for the third quarter of 2023 increased by $96.7 million to $330.4 million in comparison to $233.7 million in the third quarter of 2022, primarily driven by rising interest rates resulting in increases in interest income from net loans and other interest-earning assets of $96.2 million and $1.1 million, respectively. Increases in the average balance of net loans in the third quarter of 2023 of $1.6 billion and in yields on net loans of 151 basis points each contributed to the increase in interest income. Interest expense on interest-bearing liabilities for the third quarter of 2023 increased by $98.4 million to $116.5 million in comparison to $18.1 million in the third 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 $74.1 million and $24.3 million, respectively. A decrease in the average balance of noninterest-bearing deposits of $1.9 billion, and an increase in the average balances of interest-bearing deposits and borrowings and other interest-bearing liabilities of $1.4 billion and $1.3 billion, respectively, in the third quarter of 2023 in comparison to the third quarter of 2022 also contributed to the increase in interest expense.

Total average interest-earning assets for the third quarter of 2023 were $25.6 billion, a decrease of $47.8 million from the second quarter of 2023 primarily driven by a decrease in average other interest-earning assets of $266.3 million and a decrease in average investment securities of $36.5 million, partially offset by an increase in average net loans of $255.0 million.

Total average interest-earning assets for the third quarter of 2023 increased by $886.0 million from the third quarter of 2022. Average net loans for the third quarter of 2023 were $21.1 billion, an increase of $1.6 billion from the same period in 2022. Compared to the third quarter of 2022, average other interest-earning assets decreased $368.5 million and average investment securities decreased $302.9 million in the third quarter of 2023.

Total average interest-bearing liabilities increased $399.1 million to $18.4 billion in the third quarter of 2023 in comparison to $18.0 billion in the second quarter of 2023. The increase in average interest-bearing liabilities was driven by an increase in the average balance of total interest-bearing deposits of $498.8 million, partially offset by a decrease in the average balance of borrowings and other interest-bearing liabilities of $99.8 million.

2


Total average interest-bearing liabilities for the third quarter of 2023 increased $2.8 billion to $18.4 billion in comparison to $15.6 billion in the third quarter of 2022, driven by increases in the average balances of total interest-bearing deposits and borrowings and other interest-bearing liabilities of $1.4 billion and $1.3 billion, respectively.

Asset Quality

In the third quarter of 2023, a provision for credit losses of $9.9 million was recorded in comparison to $9.7 million in the second quarter of 2023 and $19.0 million in the third quarter of 2022. The provision for credit losses of $9.9 million recorded in the third quarter of 2023 was primarily due to loan growth and net charge-offs recorded during the period.

Non-performing assets were $143.5 million, or 0.52% of total assets, at September 30, 2023, in comparison to $151.6 million, or 0.55% of total assets, at June 30, 2023, and $198.6 million, or 0.76% of total assets, at September 30, 2022.

Net charge-offs for the third quarter of 2023 were 0.10% of total average loans in comparison to 0.04% and 0.01% in the second quarter of 2023 and the third quarter of 2022, respectively.

Non-interest Income

Non-interest income before investment securities gains (losses) in the third quarter of 2023 was $56.0 million, a decrease of $4.6 million, or 7.6%, from the second quarter of 2023. The decrease in non-interest income was primarily due to a $3.0 million market valuation movement in our commercial customer interest rate swap program resulting from the reference rate transition from the London Inter-Bank Offered Rate ("LIBOR") to the Secured Overnight Financing Rate ("SOFR") and is reflected as a reduction to other non-interest income. Additional contributors to the decrease in non-interest income were a decrease of $3.0 million in commercial customer interest rate swap fee income, reflected in capital markets, partially offset by increases in wealth management, overdraft fees and mortgage banking income of $0.7 million, $0.3 million and $0.3 million, respectively.

Compared to the third quarter of 2022, non-interest income before investment securities gains (losses) in the third quarter of 2023 decreased $3.3 million, or 5.5%, from $59.2 million. The decrease in non-interest income was primarily due to the aforementioned $3.0 million market valuation movement in our commercial customer interest rate swap program resulting from the reference rate transition from LIBOR to SOFR and is reflected as a reduction to other non-interest income.

Non-interest Expense

Non-interest expense was $171.0 million in the third quarter of 2023, an increase of $3.0 million, or 1.8%, compared to $168.0 million in the second quarter of 2023. The increase was primarily due to increases of $2.7 million in salaries and employee benefits expense and $1.3 million in other outside services related to a number of corporate initiatives, partially offset by a decrease of $0.5 million in charitable contributions
3


and $0.5 million in gains on sales from fixed assets disposals, in each case, reflected in other expense. The $2.7 million increase in salaries and benefits expense was primarily driven by one additional calendar day in the third quarter of 2023 compared to the second quarter of 2023.

Compared to the third quarter of 2022, non-interest expense, excluding merger-related expenses of $7.0 million in the third quarter of 2022, increased $8.5 million, or 5.2%. The increase was primarily due to increases of $2.7 million in other outside services expense driven by a number of corporate initiatives, $2.5 million in salaries and employee benefits 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, and $1.1 million in data processing and software expense. The $2.5 million increase in salaries and benefits expense was primarily driven by annual merit increases, lower deferred employee loan origination costs, higher employee benefits expense, due to healthcare claims experience, and higher pension costs, partially offset by lower incentive plan compensation expense.

Income Tax Expense

For the third quarter of 2023, the effective tax rate was 18.9%, 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, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 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 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
Sep 30Jun 30Mar 31Dec 31Sep 30
20232023202320222022
Ending Balances
Investment securities$3,698,601$3,867,334$3,950,101$3,968,023$3,936,694
Net loans21,177,50821,044,68520,670,18820,279,54719,695,199
Total assets27,380,83627,403,16327,112,17626,931,70226,146,042
Deposits21,421,58921,206,54021,316,58420,649,53821,376,554
Shareholders' equity2,566,6932,642,1522,618,9982,579,7572,471,159
Average Balances
Investment securities3,834,8243,916,1303,964,6153,936,5794,254,216
Net loans21,121,27720,866,23520,463,09620,004,51319,563,825
Total assets27,377,83627,235,56726,900,65326,386,35526,357,095
Deposits21,357,29521,207,14320,574,32321,027,65621,788,052
Shareholders' equity2,645,9772,647,4642,613,3162,489,1482,604,057
Income Statement
Net interest income213,842 212,852 215,587 225,911 215,582 
Provision for credit losses9,937 9,747 24,544 14,513 18,958 
Non-interest income55,961 60,585 51,753 54,321 59,162 
Non-interest expense171,020 168,018 159,616 168,462 169,558 
Income before taxes88,846 95,672 83,180 97,257 86,228 
Net income available to common shareholders69,535 77,045 65,752 79,271 68,309 
Pre-provision net revenue(1)
102,342 106,495 108,375 115,049 113,631 
Per Share
Net income available to common shareholders (basic)$0.42 $0.46 $0.39 $0.47 $0.41 
Net income available to common shareholders (diluted)$0.42 $0.46 $0.39 $0.47 $0.40 
Operating net income available to common shareholders(1)
$0.43 $0.47 $0.39 $0.48 $0.48 
Cash dividends$0.16 $0.16 $0.15 $0.21 $0.15 
Common shareholders' equity$14.47 $14.75 $14.67 $14.24 $13.61 
Common shareholders' equity (tangible)(1)
$11.05 $11.36 $11.26 $10.90 $10.26 
Weighted average shares (basic)164,566 165,854 166,605 167,504 167,353 
Weighted average shares (diluted)166,023 167,191 168,401 169,136 168,781 
(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
Sep 30Jun 30Mar 31Dec 31Sep 30
20232023202320222022
Asset Quality
Net charge-offs (recoveries) to average loans 0.10 %0.04 %0.27 %0.23 %0.01 %
Non-performing loans to total net loans0.67 %0.70 %0.80 %0.85 %0.98 %
Non-performing assets to total assets0.52 %0.55 %0.62 %0.66 %0.76 %
ACL - loans(1) to total loans
1.38 %1.37 %1.35 %1.33 %1.35 %
ACL - loans(1) to non-performing loans
208 %195 %169 %157 %138 %
Profitability
Return on average assets1.04 %1.17 %1.03 %1.23 %1.07 %
Operating return on average assets(2)
1.08 %1.18 %1.04 %1.26 %1.25 %
Return on average common shareholders' equity11.25 %12.59 %11.02 %13.70 %11.24 %
Return on average common shareholders' equity (tangible)(2)
15.17 %16.52 %14.46 %18.59 %17.31 %
Net interest margin3.40 %3.40 %3.53 %3.69 %3.54 %
Efficiency ratio(2)
61.5 %60.1 %58.5 %58.1 %57.8 %
Non-interest expenses to total average assets2.48 %2.47 %2.41 %2.53 %2.55 %
Operating non-interest expenses to total average assets(2)
2.47 %2.46 %2.40 %2.48 %2.43 %
Capital Ratios
Tangible common equity ratio ("TCE")(2)
6.8 %7.0 %7.0 %6.9 %6.7 %
TCE ratio, excluding AOCI(2)(3)
8.4 %8.3 %8.3 %8.2 %8.3 %
Tier 1 leverage ratio(4)
9.4 %9.3 %9.2 %9.5 %9.2 %
Common equity Tier 1 capital ratio(4)
10.1 %10.1 %9.8 %10.0 %10.0 %
Tier 1 risk-based capital ratio(4)
11.0 %11.0 %10.6 %10.9 %10.9 %
Total risk-based capital ratio(4)
13.8 %13.8 %13.4 %13.6 %13.6 %
(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) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI").
(4) Regulatory capital ratios as of September 30, 2023 are preliminary estimates and prior periods are actual.

7

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
Sep 30Jun 30Mar 31Dec 31Sep 30
20232023202320222022
ASSETS
Cash and due from banks$304,042 $123,779 $129,003 $126,898 $143,465 
Other interest-earning assets222,781 505,141 545,355 685,209 467,164 
Loans held for sale20,368 14,673 6,507 7,264 14,411 
Investment securities3,698,601 3,867,334 3,950,101 3,968,023 3,936,694 
Net loans21,177,508 21,044,685 20,670,188 20,279,547 19,695,199 
Less: ACL - loans(1)
(292,739)(287,442)(278,695)(269,366)(266,838)
   Loans, net20,884,769 20,757,243 20,391,493 20,010,181 19,428,361 
Net premises and equipment215,626 216,322 216,059 225,141 221,496 
Accrued interest receivable101,624 96,991 90,267 91,579 72,821 
Goodwill and intangible assets561,284 561,885 563,502 560,824 561,495 
Other assets1,371,741 1,259,795 1,219,889 1,256,583 1,300,135 
    Total Assets$27,380,836 $27,403,163 $27,112,176 $26,931,702 $26,146,042 
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits$21,421,589 $21,206,540 $21,316,584 $20,649,538 $21,376,554 
Borrowings2,370,112 2,719,114 2,446,770 2,871,207 1,424,681 
Other liabilities1,022,442 835,357 729,824 831,200 873,648 
    Total Liabilities24,814,143 24,761,011 24,493,178 24,351,945 23,674,883 
Shareholders' equity2,566,693 2,642,152 2,618,998 2,579,757 2,471,159 
    Total Liabilities and Shareholders' Equity$27,380,836 $27,403,163 $27,112,176 $26,931,702 $26,146,042 
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage$8,106,300 $7,846,861 $7,746,920 $7,693,835 $7,554,509 
Commercial and industrial4,577,334 4,599,759 4,596,096 4,473,004 4,240,865 
Real estate - residential mortgage5,279,681 5,147,262 4,880,919 4,737,279 4,574,228 
Real estate - home equity1,045,438 1,061,891 1,074,712 1,102,838 1,110,103 
Real estate - construction1,078,263 1,308,564 1,326,754 1,269,925 1,273,097 
Consumer743,976 763,530 730,775 699,179 633,666 
Leases and other loans(2)
346,516 316,818 314,012 303,487 308,731 
Total Net Loans$21,177,508 $21,044,685 $20,670,188 $20,279,547 $19,695,199 
Deposits, by type:
Noninterest-bearing demand$5,575,374 $5,865,855 $6,403,484 $7,006,388 $7,372,896 
Interest-bearing demand5,757,487 5,543,320 5,478,237 5,410,903 5,676,600 
Savings6,707,729 6,646,448 6,579,806 6,434,621 6,563,003 
     Total demand and savings18,040,590 18,055,623 18,461,527 18,851,912 19,612,499 
Brokered941,059 949,259 960,919 208,416 226,883 
Time2,439,940 2,201,658 1,894,138 1,589,210 1,537,172 
Total Deposits$21,421,589 $21,206,540 $21,316,584 $20,649,538 $21,376,554 
Borrowings, by type:
Federal funds purchased$544,000 $555,000 $525,000 $191,000 $136,000 
Federal Home Loan Bank advances730,000 1,165,000 747,000 1,250,000 265,500 
Senior debt and subordinated debt540,174 539,994 539,814 539,634 539,461 
Other borrowings555,938 459,120 634,956 890,573 483,720 
Total Borrowings$2,370,112 $2,719,114 $2,446,770 $2,871,207 $1,424,681 
(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 EndedNine months ended
Sep 30Jun 30Mar 31Dec 31Sep 30Sep 30
2023202320232022202220232022
Interest Income:
Interest income$330,371 $314,912 $289,820 $267,847 $233,691 $935,103 $596,991 
Interest expense116,529 102,060 74,233 41,936 18,109 292,822 41,268 
    Net Interest Income213,842 212,852 215,587 225,911 215,582 642,281 555,723 
Provision for credit losses9,937 9,747 24,544 14,513 18,958 44,228 13,508 
    Net Interest Income after Provision203,905 203,105 191,043 211,398 196,624 598,053 542,215 
Non-Interest Income:
Commercial banking:
   Merchant and card7,626 7,700 6,834 7,223 7,601 22,160 21,053 
   Cash management5,960 5,835 5,515 5,756 6,483 17,310 17,973 
   Capital markets2,960 6,092 2,344 2,627 4,060 11,396 9,629 
   Other commercial banking3,176 3,518 2,820 2,998 2,664 9,514 8,520 
Total commercial banking19,722 23,145 17,513 18,604 20,808 60,380 57,175 
Wealth management19,413 18,678 18,062 17,531 17,610 56,152 55,312 
Consumer banking:
  Card6,770 6,592 6,243 6,331 6,278 19,604 18,141 
  Overdraft2,996 2,696 2,733 3,364 4,463 8,425 12,116 
  Other consumer banking2,407 2,432 2,241 2,380 2,534 7,081 7,164 
Total consumer banking12,173 11,720 11,217 12,075 13,275 35,110 37,421 
Mortgage banking3,190 2,940 1,970 2,140 3,720 8,100 12,064 
Other1,463 4,106 2,968 3,972 3,802 8,539 10,863 
     Non-interest income before investment securities gains (losses)55,961 60,589 51,730 54,322 59,215 168,281 172,835 
Investment securities gains (losses), net— (4)23 (1)(53)19 (26)
    Total Non-Interest Income55,961 60,585 51,753 54,321 59,162 168,300 172,809 
Non-Interest Expense:
Salaries and employee benefits96,757 94,102 89,283 92,733 94,283 280,142 264,151 
Data processing and software16,914 16,776 15,796 15,448 15,807 49,486 44,807 
Net occupancy14,561 14,374 14,438 14,061 14,025 43,373 42,134 
Other outside services12,094 10,834 10,126 10,860 9,361 33,054 26,292 
FDIC insurance4,738 4,895 4,795 3,219 3,158 14,427 9,328 
Equipment 3,475 3,530 3,389 3,640 3,548 10,395 10,393 
Marketing1,913 1,655 1,886 2,380 1,859 5,454 4,505 
Professional fees1,869 1,829 2,392 2,945 2,373 6,090 6,178 
Intangible amortization601 1,072 674 688 690 2,347 1,043 
Merger-related expenses— — — 1,894 7,006 — 8,434 
Other18,098 18,951 16,837 20,594 17,448 53,888 48,001 
    Total Non-Interest Expense171,020 168,018 159,616 168,462 169,558 498,656 465,266 
    Income Before Income Taxes88,846 95,672 83,180 97,257 86,228 267,697 249,758 
Income tax expense16,749 16,065 14,866 15,424 15,357 47,680 44,610 
    Net Income72,097 79,607 68,314 81,833 70,871 220,017 205,148 
Preferred stock dividends(2,562)(2,562)(2,562)(2,562)(2,562)(7,686)(7,686)
     Net Income Available to Common Shareholders$69,535 $77,045 $65,752 $79,271 $68,309 $212,331 $197,462 
9

Three Months EndedNine months ended
Sep 30Jun 30Mar 31Dec 31Sep 30Sep 30
2023202320232022202220232022
PER SHARE:
   Net income available to common shareholders (basic)$0.42 $0.46 $0.39 $0.47 $0.41 $1.28 $1.21 
   Net income available to common shareholders (diluted)$0.42 $0.46 $0.39 $0.47 $0.40 $1.27 $1.20 
Cash dividends$0.16 $0.16 $0.15 $0.21 $0.15 $0.47 $0.45 
Weighted average shares (basic)164,566 165,854 166,605 167,504 167,353 165,667 162,979 
Weighted average shares (diluted)166,023 167,191 168,401 169,136 168,781 167,181 164,254 

10

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
September 30, 2023June 30, 2023September 30, 2022
AverageYield/AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans$21,121,277 $304,167 5.72 %$20,866,235 $287,154 5.52 %$19,563,825 $207,343 4.21 %
Investment securities(2)
4,197,550 27,274 2.59 %4,234,096 27,303 2.57 %4,500,461 28,022 2.49 %
Other interest-earning assets263,244 3,372 5.11 %529,582 4,860 3.68 %631,771 2,297 1.45 %
Total Interest-Earning Assets25,582,071 334,813 5.20 %25,629,913 319,317 4.99 %24,696,057 237,662 3.83 %
Noninterest-Earning assets:
Cash and due from banks306,496 129,682 152,349 
Premises and equipment217,447 216,847 223,880 
Other assets1,562,233 1,541,657 1,545,812 
Less: ACL - loans(3)
(290,411)(282,532)(261,003)
Total Assets$27,377,836 $27,235,567 $26,357,095 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits$5,740,229 $18,690 1.29 %$5,535,669 $14,612 1.06 %$5,708,059 $1,886 0.13 %
Savings deposits6,676,792 34,277 2.04 %6,632,572 29,289 1.77 %6,681,713 3,414 0.20 %
Brokered deposits937,657 12,250 5.18 %954,773 12,135 5.10 %247,105 1,346 2.16 %
Time deposits2,330,206 18,939 3.22 %2,063,038 13,763 2.68 %1,615,384 3,404 0.84 %
Total Interest-Bearing Deposits15,684,884 84,156 2.13 %15,186,052 69,799 1.84 %14,252,261 10,050 0.28 %
Borrowings and other interest-bearing liabilities2,691,087 32,373 4.74 %2,790,860 32,261 4.60 %1,359,348 8,060 2.35 %
Total Interest-Bearing Liabilities18,375,971 116,529 2.51 %17,976,912 102,060 2.27 %15,611,609 18,110 0.47 %
Noninterest-Bearing liabilities:
Demand deposits5,672,411 6,021,091 7,535,791 
Other noninterest-bearing liabilities683,477 590,100 605,638 
Total Liabilities24,731,859 24,588,103 23,753,038 
Total Deposits/Cost of Deposits21,357,295 1.56 %21,207,143 1.32 %21,788,052 0.18 %
Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")24,048,382 1.92 %23,998,003 1.70 %23,147,400 0.31 %
Shareholders' equity2,645,977 2,647,464 2,604,057 
Total Liabilities and Shareholders' Equity$27,377,836 $27,235,567 $26,357,095 
Net interest income/net interest margin (fully taxable equivalent)218,284 3.40 %217,257 3.40 %219,552 3.54 %
Tax equivalent adjustment(4,442)(4,405)(3,970)
Net Interest Income$213,842 $212,852 $215,582 
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Balances include amortized historical cost for available for sale ("AFS") securities. The related unrealized holding gains (losses) are included in other assets.
(3) "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
Sep 30Jun 30Mar 31Dec 31Sep 30
20232023202320222022
Loans, by type:
Real estate - commercial mortgage$7,912,801 $7,775,436 $7,720,975 $7,696,997 $7,566,259 
Commercial and industrial4,611,376 4,629,919 4,565,923 4,372,935 4,250,573 
Real estate - residential mortgage5,209,105 5,008,295 4,790,868 4,643,784 4,485,649 
Real estate - home equity1,045,806 1,066,615 1,086,032 1,106,325 1,099,487 
Real estate - construction1,254,577 1,306,286 1,276,145 1,209,998 1,268,590 
Consumer761,273 763,407 721,248 679,108 604,634 
Leases and other loans(1)
326,339 316,277 301,905 295,366 288,633 
Total Net Loans$21,121,277 $20,866,235 $20,463,096 $20,004,513 $19,563,825 
Deposits, by type:
Noninterest-bearing demand$5,672,411 $6,021,091 $6,641,741 $7,310,824 $7,535,791 
Interest-bearing demand5,740,229 5,535,669 5,326,566 5,479,443 5,708,059 
Savings6,676,792 6,632,572 6,469,468 6,466,775 6,681,713 
     Total demand and savings18,089,432 18,189,332 18,437,775 19,257,042 19,925,563 
Brokered937,657 954,773 439,670 215,729 247,105 
Time2,330,206 2,063,038 1,696,878 1,554,885 1,615,384 
Total Deposits$21,357,295 $21,207,143 $20,574,323 $21,027,656 $21,788,052 
Borrowings, by type:
Federal funds purchased$634,163 $679,401 $505,142 $261,737 $96,965 
Federal Home Loan Bank advances793,098 880,811 1,261,589 564,692 206,152 
Senior debt and subordinated debt540,086 539,906 539,726 539,550 554,735 
Other borrowings and other interest-bearing liabilities723,740 690,742 752,227 659,543 501,496 
Total Borrowings$2,691,087 $2,790,860 $3,058,684 $2,025,522 $1,359,348 
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

12

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Nine months ended September 30
20232022
AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans$20,819,280 $854,384 5.49 %$18,865,672 $524,150 3.71 %
Investment securities(2)
4,240,093 82,098 2.58 %4,376,084 78,334 2.39 %
Other interest-earning assets427,810 11,882 3.71 %954,267 5,192 0.73 %
Total Interest-Earning Assets25,487,183 948,364 4.97 %24,196,023 607,676 3.35 %
Noninterest-Earning assets:
Cash and due from banks193,083 158,267 
Premises and equipment219,087 220,218 
Other assets1,555,891 1,534,314 
Less: ACL - loans(3)
(282,144)(253,725)
Total Assets$27,173,100 $25,855,097 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits$5,535,671 $41,756 1.01 %$5,657,165 $3,411 0.08 %
Savings deposits6,593,703 84,102 1.71 %6,515,529 5,561 0.11 %
Brokered deposits779,191 29,557 5.07 %254,100 2,181 1.14 %
Time deposits2,032,360 40,160 2.64 %1,633,053 10,299 0.84 %
Total Interest-Bearing Deposits14,940,925 195,575 1.75 %14,059,847 21,452 0.20 %
Borrowings and other interest-bearing liabilities2,848,704 97,247 4.53 %1,133,524 19,816 2.34 %
Total Interest-Bearing Liabilities17,789,629 292,822 2.20 %15,193,371 41,268 0.36 %
Noninterest-Bearing liabilities:
Demand deposits6,108,197 7,538,597 
Other639,569 515,615 
Total Liabilities24,537,395 23,247,583 
Total Deposits/Cost of Deposits21,049,122 1.24 %21,598,444 0.13 %
Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")23,897,826 1.63 %22,731,968 0.24 %
Shareholders' equity2,635,705 2,607,514 
Total Liabilities and Shareholders' Equity$27,173,100 $25,855,097 
Net interest income/net interest margin (fully taxable equivalent)655,542 3.44 %566,408 3.13 %
Tax equivalent adjustment(13,261)(10,685)
Net Interest Income$642,281 $555,723 
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Balances include amortized historical cost for AFS. The related unrealized holding gains (losses) are included in other assets.
(3) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
13

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):
(dollars in thousands)
Nine months ended September 30
20232022
Loans, by type:
Real estate - commercial mortgage$7,803,775 $7,401,094 
Commercial and industrial4,602,573 4,205,236 
Real estate - residential mortgage5,004,289 4,143,850 
Real estate - home equity1,066,003 1,099,310 
Real estate - construction1,278,923 1,197,947 
Consumer748,788 532,396 
Leases and other loans(1)
314,929 285,839 
Total Net Loans$20,819,280 $18,865,672 
Deposits, by type:
Noninterest-bearing demand$6,108,197 $7,538,597 
Interest-bearing demand5,535,671 5,657,165 
Savings6,593,703 6,515,529 
   Total demand and savings18,237,571 19,711,291 
Brokered779,191 254,100 
Time2,032,360 1,633,053 
Total Deposits$21,049,122 $21,598,444 
Borrowings, by type:
Federal funds purchased $606,708 $33,629 
Federal Home Loan Bank advances976,783 69,473 
Senior debt and subordinated debt539,907 572,690 
Other borrowings725,306 457,732 
Total Borrowings$2,848,704 $1,133,524 
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
14

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
Three months endedNine Months Ended
Sep 30Jun 30Mar 31Dec 31Sep 30Sep 30Sep 30
2023202320232022202220232022
Allowance for credit losses related to net loans:
Balance at beginning of period$287,442$278,695$269,366$266,838$248,564$269,366 $249,001 
CECL Day 1 provision expense————7,954— 7,954 
Initial purchased credit deteriorated loans————1,135— 1,135 
Loans charged off:
    Real estate - commercial mortgage(860)(230)(13,362)(12,235)(86)(14,452)(238)
    Commercial and industrial(3,220)(2,017)(612)(179)(1,783)(5,849)(2,211)
    Real estate - residential mortgage—(62)———(62)(66)
    Consumer and home equity(1,803)(1,313)(2,206)(1,311)(1,172)(5,322)(3,101)
    Leases and other loans(1)
(1,396)(1,165)(723)(505)(683)(3,284)(1,626)
    Total loans charged off(7,279)(4,787)(16,903)(14,230)(3,724)(28,969)(7,242)
Recoveries of loans previously charged off:
    Real estate - commercial mortgage1012978618329916 3,677 
    Commercial and industrial6209881,0869612,2132,694 4,932 
    Real estate - residential mortgage37584810101143 415 
    Consumer and home equity1,0239596616836822,643 1,898 
    Real estate - construction—569202530—771 44 
    Leases and other loans(1)
400213116132247729 627 
    Recoveries of loans previously charged off2,1812,8162,8992,4993,2727,896 11,593 
Net loans recovered (charged off)(5,098)(1,971)(14,004)(11,731)(452)(21,073)4,351 
Provision for credit losses10,39510,71823,33314,2599,63744,446 4,397 
Balance at end of period$292,739$287,442$278,695$269,366$266,838$292,739 $266,838 
Net (recoveries) charge-offs to average loans 0.10 %0.04 %0.27 %0.23 %0.01 %0.13 %(0.03)%
Provision for credit losses related to OBS Credit Exposures
Provision for credit losses $(458)$(971)$1,211$254$1,367$(218)$1,157
NON-PERFORMING ASSETS:
Non-accrual loans$113,022$123,280$134,303$144,443$178,204
Loans 90 days past due and accruing27,96224,41530,33627,46314,559
    Total non-performing loans140,984147,695164,639171,906192,763
Other real estate owned2,5493,8813,3045,7905,877
Total non-performing assets$143,533$151,576$167,943$177,696$198,640
NON-PERFORMING LOANS, BY TYPE:
Real estate - commercial mortgage$44,058$55,048$61,322$72,634$96,281
Commercial and industrial33,36530,58833,55528,28829,831
Real estate - residential mortgage40,56039,15746,57646,50941,597
Consumer and home equity11,58010,4698,9839,80010,016
Real estate - construction6771,0991,5091,3681,456
Leases and other loans(1)
10,74411,33412,69413,30713,582
Total non-performing loans$140,984$147,695$164,639$171,906$192,763
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
15

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 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 and financial condition. 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 30Jun 30Mar 31Dec 31Sep 30
20232023202320222022
Operating net income available to common shareholders
Net income available to common shareholders$69,535$77,045$65,752$79,271$68,309
Plus: Core deposit intangible amortization441912514514514
Plus: Merger-related expenses———1,8947,006
Plus: CECL Day 1 Provision expense————7,954
Plus: Interest rate derivative transition valuation(1)
2,958————
Less: Tax impact of adjustments(714)(192)(108)(506)(3,250)
Operating net income available to common shareholders (numerator)$72,220$77,765$66,158$81,173$80,533
Weighted average shares (diluted) (denominator)166,023167,191168,401169,136168,781
Operating net income available to common shareholders, per share (diluted)$0.43$0.47$0.39$0.48$0.48
Common shareholders' equity (tangible), per share
Shareholders' equity$2,566,693$2,642,152$2,618,998$2,579,757$2,471,159
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(561,284)(561,885)(563,502)(560,824)(561,495)
Tangible common shareholders' equity (numerator)$1,812,531$1,887,389$1,862,618$1,826,055$1,716,786
Shares outstanding, end of period (denominator)164,084166,097165,396167,599167,399
Common shareholders' equity (tangible), per share$11.05$11.36$11.26$10.90$10.26
Operating return on average assets
Net income$72,097$79,607$68,314$81,833$70,871
Plus: Core deposit intangible amortization441912514514514
Plus: Merger-related expenses———1,8947,006
Plus: CECL Day 1 Provision expense————7,954
Plus: Interest rate derivative transition valuation(1)
2,958————
Less: Tax impact of adjustments(714)(192)(108)(506)(3,250)
Operating net income (numerator)$74,782$80,327$68,720$83,735$83,095
Total average assets $27,377,836$27,235,567$26,900,653$26,386,355$26,357,095
Less: Average net core deposit intangible(5,548)(6,417)(6,937)(7,478)(8,053)
Total operating average assets (denominator)$27,372,288$27,229,150$26,893,716$26,378,877$26,349,042
Operating return on average assets1.08%1.18%1.04%1.26%1.25%
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
16

Three months ended
Sep 30Jun 30Mar 31Dec 31Sep 30
20232023202320222022
Return on average common shareholders' equity (tangible)
Net income available to common shareholders$69,535$77,045$65,752$79,271$68,309
Plus: Intangible amortization6011,072674688690
Plus: Merger-related expenses———1,8947,006
Plus: CECL Day 1 Provision expense————7,954
Plus: Interest rate derivative transition valuation(1)
2,958————
Less: Tax impact of adjustments(747)(225)(142)(542)(3,287)
Operating net income available to common shareholders (numerator)$72,347$77,892$66,284$81,311$80,672
Average shareholders' equity$2,645,977$2,647,464$2,613,316$2,489,148$2,604,057
Less: Average preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Average goodwill and intangible assets(561,578)(563,146)(561,744)(561,219)(562,285)
Average tangible common shareholders' equity (denominator)$1,891,521$1,891,440$1,858,694$1,735,051$1,848,894
Return on average common shareholders' equity (tangible)15.17%16.52%14.46%18.59%17.31%
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity$2,566,693$2,642,152$2,618,998$2,579,757$2,471,159
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(561,284)(561,885)(563,502)(560,824)(561,495)
Tangible common shareholders' equity (numerator)$1,812,531$1,887,389$1,862,618$1,826,055$1,716,786
Total assets$27,380,836$27,403,163$27,112,176$26,931,702$26,146,042
Less: Goodwill and intangible assets(561,284)(561,885)(563,502)(560,824)(561,495)
Total tangible assets (denominator)$26,819,552$26,841,278$26,548,674$26,370,878$25,584,547
Tangible common equity to tangible assets6.76%7.03%7.02%6.92%6.71%
Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity$2,566,693$2,642,152$2,618,998$2,579,757$2,471,159
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Accumulated other comprehensive (income) loss472,756379,286350,992385,476442,947
Less: Goodwill and intangible assets(561,284)(561,885)(563,502)(560,824)(561,495)
Tangible common shareholders' equity (numerator)$2,285,287$2,266,675$2,213,610$2,211,531$2,159,733
Total assets$27,380,836$27,403,163$27,112,176$26,931,702$26,146,042
Less: Goodwill and intangible assets(561,284)(561,885)(563,502)(560,824)(561,495)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities415,369311,813282,092632,456368,196
Total tangible assets (denominator)$27,234,921$27,153,091$26,830,766$27,003,334$25,952,743
Tangible common equity to tangible assets, excluding AOCI8.39%8.35%8.25%8.19%8.32%
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
17

Three months ended
Sep 30Jun 30Mar 31Dec 31Sep 30
20232023202320222022
Efficiency ratio
Non-interest expense$171,020$168,018$159,616$168,462$169,558
Less: Amortization of tax credit investments———(696)(696)
Less: Merger-related expenses———(1,894)(7,006)
Less: Intangible amortization(601)(1,072)(674)(688)(690)
Non-interest expense (numerator)$170,419$166,946$158,942$165,184$161,166
Net interest income$213,842$212,852$215,587$225,911$215,582
Tax equivalent adjustment4,4424,4054,4144,3103,970
Plus: Total non-interest income55,96160,58551,75354,32159,162
Plus: Interest rate derivative transition valuation(1)
2,958————
Less: Investment securities (gains) losses, net—4(23)153
Total revenue (denominator)$277,203$277,846$271,731$284,543$278,767
Efficiency ratio61.5%60.1%58.5%58.1%57.8%
Operating non-interest expenses to total average assets
Non-interest expense$171,020$168,018$159,616$168,462$169,558
Less: Amortization of tax credit investments———(696)(696)
Less: Intangible amortization(601)(1,072)(674)(688)(690)
Less: Merger-related expenses———(1,894)(7,006)
Non-interest expense (numerator)$170,419$166,946$158,942$165,184$161,166
Total average assets (denominator)$27,377,836$27,235,567$26,900,653$26,386,355$26,357,095
Operating non-interest expenses to total average assets2.47%2.46%2.40%2.48%2.43%
Pre-provision net revenue
Net interest income$213,842$212,852$215,587$225,911$215,582
Non-interest income55,96160,58551,75354,32159,162
Plus: Interest rate derivative transition valuation(1)
2,958————
Less: Investment securities (gains) losses, net—4(23)153
Total revenue$272,761$273,441$267,317$280,233$274,797
Non-interest expense$171,020$168,018$159,616$168,462$169,558
Less: Amortization on tax credit investments ———(696)(696)
Less: Merger-related expenses———(1,894)(7,006)
Less: Intangible amortization(601)(1,072)(674)(688)(690)
Total non-interest expense$170,419$166,946$158,942$165,184$161,166
Pre-provision net revenue$102,342$106,495$108,375$115,049$113,631
Nine months ended
Sep 30
2023
Operating net income available to common shareholders
Net income available to common shareholders$212,331
Plus: Core deposit intangible amortization1,867
Plus: Merger-related expenses— 
Plus: CECL Day 1 Provision expense— 
Plus: Interest rate derivative transition valuation(1)
2,958 
Less: Tax impact of adjustments(1,013)
Operating net income available to common shareholders (numerator)$216,143
Weighted average shares (diluted) (denominator)167,181 
Operating net income available to common shareholders, per share (diluted)$1.29
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
Note: numbers in this report may not sum due to rounding.


18