XML 59 R44.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income taxes are as follows:
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
Current tax expense: |  |  |  |  |
Federal | $ | 49,707 |  |  | $ | 44,478 |  |  | $ | 35,692 |
State | 11,137 |  |  | 6,906 |  |  | 10,646 |
Total current tax expense | 60,844 |  |  | 51,384 |  |  | 46,338 |
Deferred tax (benefit) expense: |  |  |  |  |
Federal | 3,021 |  |  | 8,974 |  |  | 11,081 |
State | 576 |  |  | (324) |  |  | 1,329 |
Total deferred tax (benefit) expense | 3,597 |  |  | 8,650 |  |  | 12,410 |
Total income tax expense | $ | 64,441 |  |  | $ | 60,034 |  |  | $ | 58,748 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the effective income tax rate and the federal statutory income tax rate are as follows:
| 2023 |  | 2022 |  | 2021
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax credit investments | (1.3) |  |  | (2.0) |  |  | (3.0) |
Tax-exempt income | (4.2) |  |  | (3.5) |  |  | (3.0) |
Bank owned life insurance | (0.8) |  |  | (0.7) |  |  | (0.5) |
State income taxes, net of federal benefit | 2.6 |  |  | 1.2 |  |  | 2.6 |
Executive compensation | 0.3 |  |  | 0.3 |  |  | 0.1 |
FDIC Premium | 0.5 |  |  | 0.3 |  |  | 0.3 |
Other, net | 0.4 |  |  | 0.7 |  |  | 0.1 |
Effective income tax rate | 18.5 | % |  | 17.3 | % |  | 17.6 | %
Schedule of Deferred Tax Assets and Liabilities | The net DTA recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31:
| 2023 |  | 2022
| (dollars in thousands)
Deferred tax assets: |  |  |
Unrealized holding losses on securities | $ | 90,671 |  |  | $ | 110,689 |
Allowance for credit losses | 71,013 |  |  | 65,481 |
State loss carryforwards | 27,948 |  |  | 26,421 |
Lease liability | 21,570 |  |  | 21,264 |
Other accrued expenses | 11,082 |  |  | 10,059 |
Deferred compensation | 10,215 |  |  | 9,014 |
Intangible assets | 7,460 |  |  | 3,023 |
Stock-based compensation | 5,129 |  |  | 4,681 |
Tax credit carryforwards | 4,995 |  |  | 5,146 |
Other | 5,469 |  |  | 5,223 |
Total gross deferred tax assets | $ | 255,552 |  |  | $ | 261,001 |
Deferred tax liabilities: |  |  |
Equipment lease financing | 47,345 |  |  | 26,560 |
Right-of-use-asset | 20,022 |  |  | 19,276 |
MSRs | 7,158 |  |  | 7,750 |
Acquisition premiums/discounts | 5,508 |  |  | 5,492 |
Postretirement and defined benefit plans | 3,438 |  |  | 1,755 |
Tax credit investments | 1,747 |  |  | 3,393 |
Premises and equipment | 1,678 |  |  | 5,775 |
Other | — |  |  | 16 |
Total gross deferred tax liabilities | $ | 86,896 |  |  | $ | 70,017 |
Net deferred tax asset, before valuation allowance | 168,656 |  |  | 190,984 |
Valuation allowance | (27,948) |  |  | (26,421) |
Net deferred tax asset | $ | 140,708 |  |  | $ | 164,563 |
Summary of Changes in Unrecognized Tax Benefits | The following table summarizes the changes in unrecognized tax benefits for the years ended December 31:
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
Balance at beginning of year | $ | 1,228 |  |  | $ | 1,673 |  |  | $ | 2,151 |
Current period tax positions | 147 |  |  | 112 |  |  | 120 |
Lapse of statute of limitations | (331) |  |  | (557) |  |  | (598) |
Balance at end of year | $ | 1,044 |  |  | $ | 1,228 |  |  | $ | 1,673 |
Summary of TCIs and Related Unfunded Commitments | The following table presents the balances of the Corporation's TCIs and related unfunded commitments as of December 31:
|  |  | 2023 |  | 2022
Included in other assets: |  | (dollars in thousands)
Affordable housing tax credit investments, net |  | $ | 170,115 |  |  | $ | 161,103 |
Other tax credit investments, net |  | 35,907 |  |  | 61,077 |
| Total TCIs, net |  | $ | 206,022 |  |  | $ | 222,180 |
Included in other liabilities: |  |  |  |
Unfunded affordable housing tax credit commitments |  | $ | 58,312 |  |  | $ | 53,108 |
Other tax credit liabilities |  | 28,361 |  |  | 46,814 |
| Total unfunded tax credit commitments and liabilities |  | $ | 86,673 |  |  | $ | 99,922 |
The following table presents other information relating to the Corporation's TCIs for the years ended December 31:
|  | 2023 |  | 2022 |  | 2021
|  | (dollars in thousands)
Components of income taxes: |  |  |  |  |
Tax credits and benefits | $ | (28,748) |  |  | $ | (27,154) |  |  | $ | (28,141) |
Amortization of tax credits and benefits, net of tax benefits | 23,446 |  |  | 19,298 |  |  | 17,378 |
Deferred tax expense | 610 |  |  | 766 |  |  | 639 |
| Total reduction in income tax expense | $ | (4,692) |  |  | $ | (7,090) |  |  | $ | (10,124) |
Amortization of TCIs: |  |  |  |  |
| Total amortization of TCIs | $ | — |  |  | $ | 2,783 |  |  | $ | 6,187 |

X
- Definition Summary Of Affordable Housing Tax Credit Investments And Other Credit Investments [Table Text Block] + References No definition available. + Details
Name: | fult_SummaryOfAffordableHousingTaxCreditInvestmentsAndOtherCreditInvestmentsTableTextBlock
Namespace Prefix: | fult_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration