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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025, or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File No. 001-39680
FULTON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Pennsylvania |  |  | 23-2195389
(State or other jurisdiction of incorporation or organization) |  |  | (I.R.S. Employer Identification No.)
One Penn Square | P. O. Box 4887 | Lancaster, | Pennsylvania |  | 17604
(Address of principal executive offices) |  | (Zip Code)

(717) 291-2411
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock, par value $2.50 | FULT | The Nasdaq Stock Market, LLC
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | FULTP | The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer |  | ☒ |  | Accelerated filer |  | ☐
Non-accelerated filer |  | ☐ |  | Smaller reporting company |  | ☐
|  |  |  | Emerging growth company |  | ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $2.50 Par Value – 182,104,347 s hares outstanding as of July 31, 2025.
1

FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
INDEX

Description | Page
Glossary of Terms | 3
PART I. FINANCIAL INFORMATION |
Item 1. Financial Statement s: |
(a) | Consolidated Balance Sheets - June 30, 2025 and December 31, 2024 | 6
(b) | Consolidated Statements of Income - Three months and six months ended June 30, 2025 and 2024 | 7
(c) | Consolidated Statements of Comprehensive Income - Three months a nd six months ended June 30, 2025 and 2024 | 8
(d) | Consolidated Statements of Shareholders’ Equity - Three months and six months ended June 30, 2025 and 2024 | 9
(e) | Consolidated Statements of Cash Flows - Six months ended June 30, 2025 and 2024 | 10
(f) | Notes to Consolidated Financial Statements | 11
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 36
Item 3. Quantitative and Qualitative Disclosures A bout Market Risk | 61
Item 4. Controls and Procedures | 64
PART II. OTHER INFORMATION |
Item 1. Legal Proceedings | 65
Item 1A. Risk Factors | 65
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 65
Item 3. Defaults Upon Senior Securities - (not applicable) |
Item 4. Mine Safety Disclosures - (not applicable) |
Item 5. Other Information | 65
Item 6. Exhibits | 66
Signatures | 67

Note: Some numbers contained in the document may not sum due to rounding
2

GLOSSARY OF DEFINED ACRONYMS AND TERMS |  |  |  |  |  |  |  |  |  |  |  |  |
2025 Repurchase Program |  | The authorization, commencing on January 1, 2025 and expiring on December 31, 2025, to repurchase up to $125 million of the Corporation's common stock; under this authorization, up to $25 million of the $125 million authorization may be used to repurchase the Corporation's preferred stock and outstanding Subordinated Notes due 2030 |  |  |  |  |  |  |  |  |  |  |  |  |
ACL |  | Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition Date |  | April 26, 2024, the date of the Republic First Transaction |  |  |  |  |  |  |  |  |  |  |  |  |
AFS |  | Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |
ALCO |  | Asset/Liability Management Committee |  |  |  |  |  |  |  |  |  |  |  |  |
AOCI |  | Accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |
ASC |  | Accounting Standards Codification |  |  |  |  |  |  |  |  |  |  |  |  |
ASU |  | Accounting Standards Update |  |  |  |  |  |  |  |  |  |  |  |  |
BHCA |  | Bank Holding Company Act of 1956, as amended |  |  |  |  |  |  |  |  |  |  |  |  |
bp or bps |  | Basis point(s) |  |  |  |  |  |  |  |  |  |  |  |  |
Capital Rules |  | Regulatory capital requirements applicable to the Corporation and Fulton Bank |  |  |  |  |  |  |  |  |  |  |  |  |
CDI |  | Core deposit intangible |  |  |  |  |  |  |  |  |  |  |  |  |
CECL Day 1 Provision |  | Initial provision for credit losses required on non-PCD Loans acquired in the Republic First Transaction |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation, Company, we, our or us |  | Fulton Financial Corporation |  |  |  |  |  |  |  |  |  |  |  |  |
Directors' Plan |  | Amended and Restated 2023 Director Equity Plan |  |  |  |  |  |  |  |  |  |  |  |  |
Dodd-Frank Act |  | Dodd-Frank Wall Street Reform and Consumer Protection Act |  |  |  |  |  |  |  |  |  |  |  |  |
Employee Equity Plan |  | 2022 Amended and Restated Equity and Cash Incentive Compensation Plan |  |  |  |  |  |  |  |  |  |  |  |  |
ESPP |  | Employee Stock Purchase Plan |  |  |  |  |  |  |  |  |  |  |  |  |
ETR |  | Effective tax rate |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange Act |  | Securities Exchange Act of 1934, as amended |  |  |  |  |  |  |  |  |  |  |  |  |
FASB |  | Financial Accounting Standards Board |  |  |  |  |  |  |  |  |  |  |  |  |
FDIC |  | Federal Deposit Insurance Corporation |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Reserve Board |  | Board of Governors of the Federal Reserve System |  |  |  |  |  |  |  |  |  |  |  |  |
FHLB |  | Federal Home Loan Bank |  |  |  |  |  |  |  |  |  |  |  |  |
FRB |  | Federal Reserve Bank |  |  |  |  |  |  |  |  |  |  |  |  |
FTE |  | Fully taxable-equivalent |  |  |  |  |  |  |  |  |  |  |  |  |
Fulton Bank or the Bank |  | Fulton Bank, N.A. |  |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  | U.S. generally accepted accounting principles |  |  |  |  |  |  |  |  |  |  |  |  |
H.R. 1 |  | The reconciliation bill titled "An Act to provide for reconciliation pursuant to Title II of H. Con. Res. 14," formerly titled the "One Big Beautiful Bill Act" |  |  |  |  |  |  |  |  |  |  |  |  |
HTM |  | Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |
LTV |  | Loan-to-value |  |  |  |  |  |  |  |  |  |  |  |  |
Management's Discussion |  | Management's Discussion and Analysis of Financial Condition and Results of Operations |  |  |  |  |  |  |  |  |  |  |  |  |
Merger |  | The acquisition by the Corporation of Prudential Bancorp effective as of July 1, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
MSRs |  | Mortgage servicing rights |  |  |  |  |  |  |  |  |  |  |  |  |
Net loans |  | Loan and lease receivables (net of unearned income) |  |  |  |  |  |  |  |  |  |  |  |  |
NIM |  | Net interest margin |  |  |  |  |  |  |  |  |  |  |  |  |
N/M |  | Not meaningful |  |  |  |  |  |  |  |  |  |  |  |  |
OBS |  | Off-balance-sheet |  |  |  |  |  |  |  |  |  |  |  |  |
OCI |  | Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |
OREO |  | Other real estate owned |  |  |  |  |  |  |  |  |  |  |  |  |

3

Parent Company |  | Fulton Financial Corporation individually |  |  |  |  |  |  |  |  |  |  |  |  |
PCD |  | Purchased with more-than-insignificant credit deterioration |  |  |  |  |  |  |  |  |  |  |  |  |
PCD Loans |  | Loans purchased with more-than-insignificant credit deterioration |  |  |  |  |  |  |  |  |  |  |  |  |
PD |  | Probability of default |  |  |  |  |  |  |  |  |  |  |  |  |
Pension Plan |  | Defined Benefit Pension Plan |  |  |  |  |  |  |  |  |  |  |  |  |
Postretirement Plan |  | Postretirement Benefits Plan |  |  |  |  |  |  |  |  |  |  |  |  |
PSU |  | Performance-based restricted stock unit |  |  |  |  |  |  |  |  |  |  |  |  |
Prudential Bancorp |  | Prudential Bancorp, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |
Republic First Bank |  | Republic First Bank, doing business as Republic Bank |  |  |  |  |  |  |  |  |  |  |  |  |
Republic First Transaction |  | The acquisition of substantially all of the assets and assumption of substantially all of the deposits and certain liabilities of Republic First Bank by Fulton Bank from the FDIC, as receiver for Republic First Bank |  |  |  |  |  |  |  |  |  |  |  |  |
RSU |  | Restricted stock unit |  |  |  |  |  |  |  |  |  |  |  |  |
SAB |  | Staff Accounting Bulletin |  |  |  |  |  |  |  |  |  |  |  |  |
Sale-Leaseback Transaction |  | Sale of 40 financial center office locations to certain affiliates of Blue Owl Capital Inc. with concurrent agreements to lease each of the locations |  |  |  |  |  |  |  |  |  |  |  |  |
SBA |  | Small Business Administration |  |  |  |  |  |  |  |  |  |  |  |  |
SEC |  | United States Securities and Exchange Commission |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated Notes due 2030 |  | The Corporation's 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 |  |  |  |  |  |  |  |  |  |  |  |  |
TruPS |  | Trust Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |

FORWARD-LOOKING STATEMENTS
The Corporation has made, and may continue to make, certain forward-looking statements with respect to its 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. Many factors could affect future financial results including, without limitation:
•the impact of adverse conditions in the economy and financial markets, including elevated interest rates and trade policies and the imposition of tariffs and retaliatory tariffs, on the performance of the Corporation's loan portfolio and demand for the Corporation's products and services;
•the potential impacts of events affecting the financial services industry on the Corporation, including increased competition for, and costs of, deposits and other funding sources, more stringent regulatory requirements relating to liquidity and interest rate risk management and capital adequacy and increased FDIC insurance expenses;
•the effects of actions by the federal government, including those of the Federal Reserve Board and other government agencies, that impact the money supply and market interest rates;
•the effects of market interest rates, and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities, on NIM and net interest income;
4

•the composition of the Corporation's loan portfolio, including commercial mortgage loans, commercial and industrial loans and construction loans, which collectively represent a majority of the loan portfolio, may expose the Corporation to increased credit risk;
•the effects of changes in interest rates on demand for the Corporation's products and services;
•investment securities gains and losses, including declines in the fair value of securities which may result in charges to earnings or shareholders' equity;
•the effects of changes in interest rates or disruptions in liquidity markets on the Corporation's sources of funding;
•capital and liquidity strategies, including the Corporation's ability to comply with applicable capital and liquidity requirements, and the Corporation's ability to generate capital internally or raise capital on favorable terms;
•the effects of competition on deposit rates and growth, loan rates and growth and NIM;
•possible goodwill impairment charges;
•the impact of operational risks, including the risk of human error, inadequate or failed internal processes and systems, computer and telecommunications systems failures, faulty or incomplete data and an inadequate risk management framework;
•the loss of, or failure to safeguard, confidential or proprietary information;
•the Corporation's failure to identify and adequately and promptly address cybersecurity risks, including data breaches and cyberattacks;
•the impact of failures of third-party vendors upon which the Corporation relies to perform in accordance with contractual arrangements and the effects of concerns about other financial institutions on the Corporation;
•the potential to incur losses in connection with repurchase and indemnification payments related to sold loans;
•the potential effects of climate change on the Corporation's business and results of operations;
•the potential effects of increases in non-performing assets, which may require the Corporation to increase the ACL, charge-off loans and incur elevated collection and carrying costs related to such non-performing assets;
•the determination of the ACL, which depends significantly upon assumptions and judgments with respect to a variety of factors, including the performance of the loan portfolio, the weighted-average remaining lives of different classifications of loans within the loan portfolio and current and forecasted economic conditions, among other factors;
•the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject;
•changes in law, regulation and government policy, which could result in significant changes in banking and financial services regulation;
•the continuing impact of the Dodd-Frank Act on the Corporation's business and results of operations;
•the potential for negative consequences resulting from regulatory violations, investigations and examinations, including potential supervisory actions, the assessment of fines and penalties, the imposition of sanctions, the need to undertake remedial actions and possible damage to the Corporation's reputation;
•the effects of adverse outcomes in litigation and governmental or administrative proceedings;
•the effects of changes in U.S. federal, state or local tax laws;
•the effects of the significant amounts of time and expense associated with regulatory compliance and risk management;
•the Corporation's ability to realize anticipated reductions in non-interest expense and increases in revenue from strategic initiatives implemented from time to time intended to simplify its operating model, improve its relationship banking focus, increase productivity and enhance the customer experience;
•completed and potential acquisitions may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions;
•geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, including the war between Russia and Ukraine and ongoing conflicts in the Middle East, which could impact business and economic conditions in the United States and abroad;
•public health crises and pandemics and their effects on the economic and business environments in which the Corporation operates, including on the Corporation's credit quality and business operations, as well as the impact on general economic and financial market conditions;
•the Corporation's ability to achieve its growth plans;
•the Corporation's ability to attract and retain talented personnel;
•the effects of competition from financial service companies and other companies offering bank services;
•the Corporation's ability to keep pace with technological changes;
•the Corporation's reliance on its subsidiaries for substantially all of its revenues and its ability to pay dividends or other distributions;
•the effects of negative publicity on the Corporation's reputation; and
•other factors that may affect future results of the Corporation.
5

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per-share data)

| June 30, 2025 |  | December 31, 2024
| (unaudited) |
ASSETS |  |  |
Cash and due from banks | $ | 362,280 |  |  | $ | 279,041 |
Interest-bearing deposits with other banks | 442,384 |  |  | 784,830 |
Cash and Cash Equivalents | 804,664 |  |  | 1,063,871 |
FRB and FHLB stock | 141,515 |  |  | 139,574 |
Loans held for sale | 23,281 |  |  | 25,618 |
Investment securities: |  |  |
AFS, at estimated fair value | 3,619,869 |  |  | 3,410,899 |
HTM, at amortized cost | 1,473,158 |  |  | 1,395,569 |
Net loans | 24,012,539 |  |  | 24,044,919 |
Less: ACL - loans | (377,337) |  |  | (379,156) |
Loans, Net | 23,635,202 |  |  | 23,665,763 |
Net premises and equipment | 184,290 |  |  | 195,527 |
Accrued interest receivable | 117,130 |  |  | 117,029 |
Goodwill and net intangible assets | 623,729 |  |  | 635,458 |
Other assets | 1,417,610 |  |  | 1,422,502 |
Total Assets | $ | 32,040,448 |  |  | $ | 32,071,810 |
LIABILITIES |  |  |
Deposits: |  |  |
Noninterest-bearing | $ | 5,337,771 |  |  | $ | 5,499,760 |
Interest-bearing | 20,800,296 |  |  | 20,629,673 |
Total Deposits | 26,138,067 |  |  | 26,129,433 |
Borrowings: |  |  |
FHLB advances | 800,000 |  |  | 850,000 |
Senior debt and subordinated debt | 367,476 |  |  | 367,316 |
Other borrowings | 606,424 |  |  | 564,732 |
Total Borrowings | 1,773,900 |  |  | 1,782,048 |
Accrued interest payable | 27,570 |  |  | 31,620 |
Other liabilities | 771,665 |  |  | 931,384 |
Total Liabilities | 28,711,202 |  |  | 28,874,485 |
SHAREHOLDERS' EQUITY |  |  |
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares issued as of June 30, 2025 and December 31, 2024, liquidation preference of $1,000 per share | 192,878 |  |  | 192,878 |
Common stock, $2.50 par value, 600,000,000 shares authorized, 247,000,536 shares issued as of June 30, 2025 and 245,946,392 shares issued as of December 31, 2024 | 617,501 |  |  | 614,866 |
Additional paid-in capital | 1,793,909 |  |  | 1,789,214 |
Retained earnings | 1,897,052 |  |  | 1,775,620 |
Accumulated other comprehensive loss | (271,669) |  |  | (287,819) |
Treasury stock, at cost, 64,621,809 shares as of June 30, 2025 and 63,857,567 shares as of December 31, 2024 | (900,425) |  |  | (887,434) |
Total Shareholders' Equity | 3,329,246 |  |  | 3,197,325 |
Total Liabilities and Shareholders' Equity | $ | 32,040,448 |  |  | $ | 32,071,810 |
See Notes to Consolidated Financial Statements |  |  |

6

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(dollars in thousands, except per-share data) | Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest Income |  |  |  |  |  |  |
Loans, including fees | $ | 346,603 |  |  | $ | 352,697 |  |  | $ | 691,391 |  |  | $ | 663,913 |
Investment securities | 47,961 |  |  | 32,079 |  |  | 93,700 |  |  | 57,201 |
Other interest income | 8,197 |  |  | 15,730 |  |  | 17,361 |  |  | 19,058 |
Total Interest Income | 402,761 |  |  | 400,506 |  |  | 802,452 |  |  | 740,172 |
Interest Expense |  |  |  |  |  |  |
Deposits | 129,194 |  |  | 131,087 |  |  | 260,085 |  |  | 234,661 |
Federal funds purchased | 12 |  |  | 492 |  |  | 12 |  |  | 2,881 |
FHLB advances | 7,929 |  |  | 9,799 |  |  | 15,950 |  |  | 20,748 |
Senior debt and subordinated debt | 5,047 |  |  | 5,299 |  |  | 8,624 |  |  | 10,604 |
Other borrowings and interest-bearing liabilities | 5,658 |  |  | 12,109 |  |  | 11,674 |  |  | 22,621 |
Total Interest Expense | 147,840 |  |  | 158,786 |  |  | 296,345 |  |  | 291,515 |
Net Interest Income | 254,921 |  |  | 241,720 |  |  | 506,107 |  |  | 448,657 |
Provision for credit losses | 8,607 |  |  | 32,056 |  |  | 22,505 |  |  | 42,981 |
Net Interest Income After Provision for Credit Losses | 246,314 |  |  | 209,664 |  |  | 483,602 |  |  | 405,676 |
Non-Interest Income |  |  |  |  |  |  |
Wealth management | 22,281 |  |  | 20,990 |  |  | 44,066 |  |  | 41,144 |
Commercial banking | 23,431 |  |  | 21,410 |  |  | 44,760 |  |  | 40,238 |
Consumer banking | 14,528 |  |  | 14,600 |  |  | 27,596 |  |  | 26,268 |
Mortgage banking | 3,991 |  |  | 3,951 |  |  | 7,130 |  |  | 7,041 |
Gain on acquisition, net of tax | — |  |  | 47,392 |  |  | — |  |  | 47,392 |
Other | 4,917 |  |  | 4,933 |  |  | 12,830 |  |  | 8,332 |
Non-Interest Income Before Investment Securities (Losses), Net | 69,148 |  |  | 113,276 |  |  | 136,382 |  |  | 170,415 |
Investment securities (losses) gains, net | — |  |  | (20,282) |  |  | (2) |  |  | (20,282) |
Total Non-Interest Income | 69,148 |  |  | 92,994 |  |  | 136,380 |  |  | 150,133 |
Non-Interest Expense |  |  |  |  |  |  |
Salaries and employee benefits | 107,123 |  |  | 110,630 |  |  | 210,649 |  |  | 206,111 |
Data processing and software | 18,262 |  |  | 20,357 |  |  | 36,861 |  |  | 38,018 |
Net occupancy | 16,410 |  |  | 17,793 |  |  | 34,617 |  |  | 33,943 |
Other outside services | 12,009 |  |  | 16,933 |  |  | 23,846 |  |  | 30,216 |
Intangible amortization | 5,460 |  |  | 4,688 |  |  | 11,729 |  |  | 5,261 |
FDIC insurance | 4,951 |  |  | 6,696 |  |  | 10,549 |  |  | 12,800 |
Equipment | 4,100 |  |  | 4,561 |  |  | 8,249 |  |  | 8,602 |
Marketing | 2,604 |  |  | 2,101 |  |  | 5,124 |  |  | 4,012 |
Professional fees | 2,163 |  |  | 2,571 |  |  | 1,085 |  |  | 4,659 |
Acquisition-related expenses | — |  |  | 13,803 |  |  | 380 |  |  | 13,803 |
Other | 19,729 |  |  | (645) |  |  | 39,181 |  |  | 19,662 |
Total Non-Interest Expense | 192,811 |  |  | 199,488 |  |  | 382,270 |  |  | 377,087 |
Income Before Income Taxes | 122,651 |  |  | 103,170 |  |  | 237,712 |  |  | 178,722 |
Income taxes | 23,453 |  |  | 8,195 |  |  | 45,527 |  |  | 21,806 |
Net Income | 99,198 |  |  | 94,975 |  |  | 192,185 |  |  | 156,916 |
Preferred stock dividends | (2,562) |  |  | (2,562) |  |  | (5,124) |  |  | (5,124) |
Net Income Available to Common Shareholders | $ | 96,636 |  |  | $ | 92,413 |  |  | $ | 187,061 |  |  | $ | 151,792 |
PER SHARE: |  |  |  |  |  |  |
Net income available to common shareholders (basic) | $ | 0.53 |  |  | $ | 0.53 |  |  | $ | 1.03 |  |  | $ | 0.90 |
Net income available to common shareholders (diluted) | 0.53 |  |  | 0.52 |  |  | 1.02 |  |  | 0.89 |
Cash dividends | 0.18 |  |  | 0.17 |  |  | 0.36 |  |  | 0.34 |
See Notes to Consolidated Financial Statements |  |  |  |  |  |  |

7

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(dollars in thousands)

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Net Income | $ | 99,198 |  |  | $ | 94,975 |  |  | $ | 192,185 |  |  | $ | 156,916 |
Other comprehensive (loss) income, net of tax: |  |  |  |  |  |  |
Unrealized (losses) gains on AFS investment securities: |  |  |  |  |  |  |
Net unrealized holding (losses) gains | (5,357) |  |  | (14,199) |  |  | 4,412 |  |  | (30,864) |
Reclassification adjustment for securities net change realized in net income | — |  |  | 15,688 |  |  | 2 |  |  | 15,688 |
Amortization of net unrealized gains on AFS investment securities transferred to HTM | 1,342 |  |  | 1,403 |  |  | 2,670 |  |  | 2,790 |
Net Unrealized (Losses) Gains on AFS Investment Securities | (4,015) |  |  | 2,892 |  |  | 7,084 |  |  | (12,386) |
Unrealized gains (losses) on interest rate derivatives used in cash flow hedges: |  |  |  |  |  |  |
Net unrealized holding gains | 44 |  |  | 2,256 |  |  | 1,808 |  |  | 6,553 |
Reclassification adjustment for net change realized in net income | 3,955 |  |  | 3,891 |  |  | 7,470 |  |  | 7,790 |
Net Unrealized Gains on Interest Rate Derivatives Used in Cash Flow Hedges | 3,999 |  |  | 6,147 |  |  | 9,278 |  |  | 14,343 |
Defined benefit pension plan and postretirement benefits: |  |  |  |  |  |  |
Amortization of net unrecognized pension and postretirement items | (106) |  |  | (105) |  |  | (212) |  |  | (211) |
Other Comprehensive (Loss) Income, Net of Tax | (122) |  |  | 8,934 |  |  | 16,150 |  |  | 1,746 |
Total Comprehensive Income | $ | 99,076 |  |  | $ | 103,909 |  |  | $ | 208,335 |  |  | $ | 158,662 |
See Notes to Consolidated Financial Statements |  |  |  |  |  |  |

8

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(in thousands, except per-share data)

| Preferred Stock |  | Common Stock |  | Additional |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Treasury Stock |  | Total
| Shares Outstanding |  | Amount |  | Shares Outstanding |  | Amount |  | Paid-in Capital |  |
Three months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2025 | 200 |  |  | $ | 192,878 |  |  | 182,204 |  |  | $ | 615,121 |  |  | $ | 1,792,104 |  |  | $ | 1,833,247 |  |  | $ | (271,547) |  |  | $ | (887,482) |  |  | $ | 3,274,321 |
Net income |  |  |  |  |  |  |  |  |  |  | 99,198 |  |  |  |  |  |  | 99,198 |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | (122) |  |  |  |  | (122) |
Common stock issued(1) |  |  |  |  | 34 |  |  | 85 |  |  | 495 |  |  |  |  |  |  |  |  | 580 |
Dividend reinvestment activity |  |  |  |  | 85 |  |  |  |  | 188 |  |  |  |  |  |  | 1,180 |  |  | 1,368 |
Stock-based compensation awards (repurchases) |  |  |  |  | 578 |  |  | 2,295 |  |  | 1,122 |  |  |  |  |  |  | (5,748) |  |  | (2,331) |
Acquisition of treasury stock |  |  |  |  | (522) |  |  |  |  |  |  |  |  |  |  | (8,375) |  |  | (8,375) |
Preferred stock dividend |  |  |  |  |  |  |  |  |  |  | (2,562) |  |  |  |  |  |  | (2,562) |
Common stock dividends - $0.18 per share |  |  |  |  |  |  |  |  |  |  | (32,831) |  |  |  |  |  |  | (32,831) |
Balance at June 30, 2025 | 200 |  |  | $ | 192,878 |  |  | 182,379 |  |  | $ | 617,501 |  |  | $ | 1,793,909 |  |  | $ | 1,897,052 |  |  | $ | (271,669) |  |  | $ | (900,425) |  |  | $ | 3,329,246 |
Three months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 | 200 |  |  | $ | 192,878 |  |  | 162,087 |  |  | $ | 564,751 |  |  | $ | 1,554,624 |  |  | $ | 1,651,133 |  |  | $ | (319,468) |  |  | $ | (886,239) |  |  | $ | 2,757,679 |
Net income |  |  |  |  |  |  |  |  |  |  | 94,975 |  |  |  |  |  |  | 94,975 |
Other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  | 8,934 |  |  |  |  | 8,934 |
Common stock issued(2) |  |  |  |  | 19,200 |  |  | 48,000 |  |  | 225,205 |  |  |  |  |  |  |  |  | 273,205 |
Dividend reinvestment activity |  |  |  |  | 91 |  |  |  |  | 90 |  |  |  |  |  |  | 1,255 |  |  | 1,345 |
Stock-based compensation awards (repurchases) |  |  |  |  | 453 |  |  | 1,772 |  |  | 1,171 |  |  |  |  |  |  | (4,010) |  |  | (1,067) |
Preferred stock dividend |  |  |  |  |  |  |  |  |  |  | (2,562) |  |  |  |  |  |  | (2,562) |
Common stock dividends - $0.17 per share |  |  |  |  |  |  |  |  |  |  | (30,900) |  |  |  |  |  |  | (30,900) |
Balance at June 30, 2024 | 200 |  |  | $ | 192,878 |  |  | 181,831 |  |  | $ | 614,523 |  |  | $ | 1,781,090 |  |  | $ | 1,712,646 |  |  | $ | (310,534) |  |  | $ | (888,994) |  |  | $ | 3,101,609 |
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 | 200 |  |  | $ | 192,878 |  |  | 182,089 |  |  | $ | 614,866 |  |  | $ | 1,789,214 |  |  | $ | 1,775,620 |  |  | $ | (287,819) |  |  | $ | (887,434) |  |  | $ | 3,197,325 |
Net income |  |  |  |  |  |  |  |  |  |  | 192,185 |  |  |  |  |  |  | 192,185 |
Other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  | 16,150 |  |  |  |  | 16,150 |
Common stock issued(1) |  |  |  |  | 69 |  |  | 173 |  |  | 1,031 |  |  |  |  |  |  |  |  | 1,204 |
Dividend reinvestment activity |  |  |  |  | 150 |  |  |  |  | 612 |  |  |  |  |  |  | 2,084 |  |  | 2,696 |
Stock-based compensation awards (repurchases) |  |  |  |  | 624 |  |  | 2,462 |  |  | 3,052 |  |  |  |  |  |  | (6,150) |  |  | (636) |
Acquisition of treasury stock |  |  |  |  | (553) |  |  |  |  |  |  |  |  |  |  | (8,925) |  |  | (8,925) |
Preferred stock dividend |  |  |  |  |  |  |  |  |  |  | (5,124) |  |  |  |  |  |  | (5,124) |
Common stock dividends - $0.36 per share |  |  |  |  |  |  |  |  |  |  | (65,629) |  |  |  |  |  |  | (65,629) |
Balance at June 30, 2025 | 200 |  |  | $ | 192,878 |  |  | 182,379 |  |  | $ | 617,501 |  |  | $ | 1,793,909 |  |  | $ | 1,897,052 |  |  | $ | (271,669) |  |  | $ | (900,425) |  |  | $ | 3,329,246 |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | 200 |  |  | $ | 192,878 |  |  | 163,801 |  |  | $ | 564,402 |  |  | $ | 1,552,860 |  |  | $ | 1,619,300 |  |  | $ | (312,280) |  |  | $ | (857,021) |  |  | $ | 2,760,139 |
Net income |  |  |  |  |  |  |  |  |  |  | 156,916 |  |  |  |  |  |  | 156,916 |
Other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  | 1,746 |  |  |  |  | 1,746 |
Common stock issued(3) |  |  |  |  | 19,279 |  |  | 48,198 |  |  | 226,100 |  |  |  |  |  |  | 12 |  |  | 274,310 |
Dividend reinvestment activity |  |  |  |  | 178 |  |  |  |  | 274 |  |  |  |  |  |  | 2,476 |  |  | 2,750 |
Stock-based compensation awards (repurchases) |  |  |  |  | 507 |  |  | 1,923 |  |  | 1,856 |  |  |  |  |  |  | (4,113) |  |  | (334) |
Acquisition of treasury stock |  |  |  |  | (1,934) |  |  |  |  |  |  |  |  |  |  | (30,348) |  |  | (30,348) |
Preferred stock dividend |  |  |  |  |  |  |  |  |  |  | (5,124) |  |  |  |  |  |  | (5,124) |
Common stock dividends - $0.34 per share |  |  |  |  |  |  |  |  |  |  | (58,446) |  |  |  |  |  |  | (58,446) |
Balance at June 30, 2024 | 200 |  |  | $ | 192,878 |  |  | 181,831 |  |  | $ | 614,523 |  |  | $ | 1,781,090 |  |  | $ | 1,712,646 |  |  | $ | (310,534) |  |  | $ | (888,994) |  |  | $ | 3,101,609 |
See Notes to Consolidated Financial Statements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) Issuance of common stock includes issuance in connection with the Corporation's ESPP.
(2) Issuance of common stock includes issuance in connection with the Corporation's ESPP and 19,166,667 shares of common stock in an underwritten public offering that closed on May 1,
2024.
(3) Issuance of common stock includes issuance in connection with the Corporation's ESPP, exercised stock options and 19,166,667 shares of common stock in an underwritten public offering
that closed on May 1, 2024.
9

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands) | Six months ended June 30
| 2025 |  | 2024
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
Net income | $ | 192,185 |  |  | $ | 156,916 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Provision for credit losses | 22,505 |  |  | 42,981 |
Depreciation and amortization of premises and equipment | 14,286 |  |  | 15,673 |
Net amortization of investment securities premiums | 974 |  |  | 822 |
Net accretion of loan discounts | (24,574) |  |  | (10,366) |
Investment securities losses (gains), net | 2 |  |  | 20,282 |
Gain on sales of mortgage loans held for sale | (4,287) |  |  | (4,233) |
Proceeds from sales of mortgage loans held for sale | 243,373 |  |  | 243,130 |
Originations of mortgage loans held for sale | (236,749) |  |  | (250,561) |
Intangible amortization | 11,729 |  |  | 5,261 |
Amortization of issuance costs and discounts on long-term borrowings | 160 |  |  | 357 |
Gain on acquisition, net of tax | — |  |  | (47,392) |
Gain (loss) on disposal of premises and equipment | (284) |  |  | 222 |
Gain on sale-leaseback transaction | (606) |  |  | (20,266) |
Stock-based compensation | 5,514 |  |  | 3,779 |
Net change in deferred income tax | (1,766) |  |  | 14,491 |
Net change in accrued salaries and benefits | (14,833) |  |  | (134) |
Net change in life insurance cash surrender value | (5,502) |  |  | (7,051) |
Other changes, net | (109,675) |  |  | 146,747 |
Total adjustments | (99,733) |  |  | 153,742 |
Net Cash Provided by Operating Activities | 92,452 |  |  | 310,658 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
Proceeds from sales of AFS investment securities | 14,966 |  |  | 2,261,028 |
Proceeds from principal repayments and maturities of AFS investment securities | 270,296 |  |  | 120,714 |
Proceeds from principal repayments and maturities of HTM investment securities | 44,319 |  |  | 26,542 |
Purchase of AFS investment securities | (492,443) |  |  | (1,050,738) |
Purchase of HTM investment securities | (118,967) |  |  | — |
Net change in FRB and FHLB stock | (1,941) |  |  | (892) |
Net change in loans | 32,648 |  |  | (203,791) |
Net purchases of premises and equipment | (13,481) |  |  | (3,542) |
Settlement of bank owned life insurance | 1,385 |  |  | 963 |
Proceeds from sale-leaseback transaction | 11,323 |  |  | 51,123 |
Net cash received (paid) for acquisitions | — |  |  | 1,018,371 |
Net change in tax credit investments | (18,106) |  |  | (24,292) |
Net Cash (Used in) Provided by Investing Activities | (270,001) |  |  | 2,195,486 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
Net change in demand and savings deposits | 67,301 |  |  | (11,999) |
Net change in time deposits and brokered deposits | (58,667) |  |  | (78,295) |
Net change in borrowings | (8,308) |  |  | (1,745,262) |
Net proceeds from common stock | 3,900 |  |  | 270,197 |
Dividends paid | (70,809) |  |  | (63,865) |
Acquisition of treasury stock | (15,075) |  |  | (30,348) |
Net Cash Used in Financing Activities | (81,658) |  |  | (1,659,572) |
Net (decrease) increase in Cash and Cash Equivalents | (259,207) |  |  | 846,572 |
Cash and Cash Equivalents at Beginning of Period | 1,063,871 |  |  | 549,710 |
Cash and Cash Equivalents at End of Period | $ | 804,664 |  |  | $ | 1,396,282 |
Supplemental Disclosures of Cash Flow Information: |  |  |
Cash paid during the period for: |  |  |
Interest | $ | 300,395 |  |  | $ | 277,841 |
Income taxes | 52,629 |  |  | 19,308 |
Business Combination |  |  |
Fair value of tangible assets acquired | $ | — |  |  | $ | 4,718,909 |
Intangible assets | — |  |  | 92,600 |
Liabilities assumed | — |  |  | 5,560,160 |
PCD Loans credit discount | — |  |  | 55,906 |
See Notes to Consolidated Financial Statements |  |  |

10

FULTON FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 – Basis of Presentation
The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC for potential recognition or disclosure in the Consolidated Financial Statements.
Significant Accounting Policies
The significant accounting policies used in the preparation of the Consolidated Financial Statements are disclosed in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Those significant accounting policies are unchanged at June 30, 2025.
Recently Adopted Accounting Standards
In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation adopted ASU 2023-07 on December 15, 2024, and it did not have a material impact on its Consolidated Financial Statements.
In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"). This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation adopted ASU 2023-08 on January 1, 2025, and it did not have an impact on its Consolidated Financial Statements. The Corporation does not own crypto assets.
In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"). This update provides guidance for profits interest and similar awards. The Corporation adopted ASU 2024-01 on January 1, 2025, and it did not have a material impact on its Consolidated Financial Statements.
In March 2025, FASB issued ASU 2025-02 - Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122 ("ASU 2025-02"). This update removes SEC guidance provided in SAB No. 121, Accounting for Obligations To Safeguard Crypto-Assets an Entity Holds for its Platform Users. The Corporation retrospectively adopted ASU 2025-02 on January 1, 2025, and it did not have an impact on its Consolidated Financial Statements.
Recently Issued Accounting Standards
In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation will adopt ASU 2023-09 on December 15, 2025. The Corporation does not expect the adoption of ASU 2023-09 to have a material impact on its Consolidated Financial Statements.
In November 2024, FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ("ASU 2024-03"). This update requires disaggregation of certain expenses in a note to the consolidated financial statements. The Corporation will adopt ASU 2024-03 on January 1, 2027. The Corporation does not expect the adoption of ASU 2024-03 to have a material impact on its Consolidated Financial Statements.
11

In November 2024, FASB issued ASU 2024-04 - Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). This update clarifies the requirements for determining whether settlement of convertible debt should be accounted for as induced conversion. The Corporation will adopt ASU 2024-04 on January 1, 2026. The Corporation does not expect the adoption of ASU 2024-04 to have an impact on its Consolidated Financial Statements.
In January 2025, FASB issued ASU 2025-01 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). This update clarifies the effective date of ASU 2024-03. The Corporation will adopt ASU 2025-01 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-01 to have a material impact on its Consolidated Financial Statements.
In May 2025, FASB issued ASU 2025-03 - Business Combination (Topic 805) and Consolidation (Topic 810) - Determining the Accounting Acquirer in an Acquisition of a Variable Interest Entity ("ASU 2025-03"). This update addresses the determination of the accounting acquirer in an acquisition of a variable interest entity. The Corporation will adopt ASU 2025-03 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-03 to have a material impact on its Consolidated Financial Statements.
In May 2025, FASB issued ASU 2025-04 - Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) - Clarifications to Share-Based Consideration Payable to a Customer ("ASU 2025-04"). This update revises the definition of performance condition for share-based consideration payable to a customer, eliminates the forfeiture policy for most awards granted to customers, and clarifies the applicability of the variable consideration constraint. The Corporation will adopt ASU 2025-04 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-04 to have a material impact on its Consolidated Financial Statements.
Reclassifications
Certain amounts in the 2024 Consolidated Financial Statements and notes have been reclassified to conform to the 2025 presentation.

NOTE 2 – Business Combinations
On the Acquisition Date, Fulton Bank completed the Republic First Transaction and acquired approximately $4.8 billion of assets of Republic First Bank and received approximately $0.8 billion of cash from the FDIC. The Bank assumed approximately $5.6 billion of total liabilities of Republic First Bank. The Bank did not enter into a loss sharing arrangement with the FDIC in connection with the Republic First Transaction.
As a result of the Republic First Transaction, the Bank enhanced its presence in Philadelphia, Pennsylvania and New Jersey.
The Republic First Transaction constitutes a business combination as defined by FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their estimated fair values based on preliminary valuations as of the Acquisition Date. The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows and market conditions at the time of the Republic First Transaction.
The financial settlement process between the Bank and the FDIC concluded on April 25, 2025 with no additional adjustments required to the preliminary gain on acquisition, net of income taxes.
The excess of the estimated fair value of net assets acquired and the cash consideration received from the FDIC over the estimated fair value of liabilities assumed was recorded as a preliminary gain on acquisition of $37.0 million, net of income taxes.
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The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Republic First Transaction:

|  | Estimated Fair Value
|  | (dollars in thousands)
Cash payment received from FDIC |  | $ | 809,920 |
Assets acquired: |  |
Cash and due from banks |  | 208,451 |
Investment securities |  | 1,938,571 |
Loans |  | 2,495,810 |
Premises and equipment |  | 184 |
CDI |  | 92,600 |
FHLB Stock |  | 37,931 |
Accrued interest receivable |  | 16,164 |
Other assets |  | 10,179 |
Total assets |  | 4,799,890 |
Liabilities assumed: |  |
Deposits |  | 4,112,143 |
Borrowings |  | 1,413,751 |
Accrued interest payable |  | 33,444 |
Other liabilities |  | 2,641 |
Total liabilities |  | 5,561,979 |
Net assets acquired: |  | (762,089) |
Gain on acquisition, before income taxes |  | $ | 47,831 |
Gain on acquisition, net of income taxes |  | $ | 36,996 |

The following table presents information with respect to the estimated fair value and unpaid principal balance of acquired loans and leases at the Acquisition Date in connection with the Republic First Transaction:

|  | April 26, 2024
|  | Unpaid Principal Balance |  | Estimated Fair Value
|  | (dollars in thousands)
Real estate - commercial mortgage |  | $ | 1,384,029 |  |  | $ | 1,234,409 |
Commercial and industrial |  | 310,190 |  |  | 279,309 |
Real-estate - residential mortgage |  | 947,144 |  |  | 752,331 |
Real-estate - home equity |  | 90,882 |  |  | 84,369 |
Real-estate - construction |  | 149,047 |  |  | 142,768 |
Consumer |  | 2,638 |  |  | 2,624 |
Total acquired loans |  | $ | 2,883,930 |  |  | $ | 2,495,810 |

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The following table summarizes PCD Loans acquired in the Republic First Transaction as of the Acquisition Date:

|  | April 26, 2024
|  | (dollars in thousands)
Book balance of loans with deteriorated credit quality at acquisition |  | $ | 1,014,559 |
Fair value of loans with deteriorated credit quality at acquisition |  | 895,588 |
Fair value discount |  | 118,971 |
PCD Loans credit discount |  | (54,631) |
Non-credit discount |  | $ | 64,340 |

The Republic First Transaction resulted in the addition of $78.1 million to the ACL, including the $54.6 million identified in the table above for PCD Loans, and $23.4 million recorded through the provision for credit losses at the Acquisition Date for non-PCD Loans.
Acquisition-related expenses:
The Corporation developed a comprehensive integration plan under which it expenses direct costs as incurred. For the six months ended June 30, 2025, these direct costs totaled $380 thousand. Costs related to the Republic First Transaction are included in acquisition-related expenses in the unaudited Consolidated Statements of Income.
Unaudited Pro Forma Information:
Republic First Bank did not have historical financial information on which the Corporation could base pro forma information. Additionally, the Bank did not acquire all of the assets or assume all of the liabilities of Republic First Bank. Therefore, it was impracticable to provide pro forma information on revenues and earnings for the Republic First Transaction in accordance with ASC 805-10-50-2.
NOTE 3 – Restrictions on Cash and Cash Equivalents
Cash collateral is posted by the Corporation with counterparties to secure derivatives and other contracts, which is included in "interest-bearing deposits with other banks" on the Consolidated Balance Sheets. The amounts of such collateral as of June 30, 2025 and December 31, 2024 were $23.7 million and $4.0 million, respectively.
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NOTE 4 – Investment Securities
The following table presents the amortized cost and estimated fair values of investment securities:

| June 30, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (dollars in thousands)
State and municipal securities | $ | 956,015 |  |  | $ | 24 |  |  | $ | (181,290) |  |  | $ | 774,749 |
Corporate debt securities | 274,981 |  |  | 632 |  |  | (11,515) |  |  | 264,098 |
Collateralized mortgage obligations | 1,165,014 |  |  | 15,552 |  |  | (8,328) |  |  | 1,172,238 |
Residential mortgage-backed securities | 922,074 |  |  | 3,014 |  |  | (28,353) |  |  | 896,735 |
Commercial mortgage-backed securities | 604,696 |  |  | 1 |  |  | (92,648) |  |  | 512,049 |
Total | $ | 3,922,780 |  |  | $ | 19,223 |  |  | $ | (322,134) |  |  | $ | 3,619,869 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 618,955 |  |  | $ | 1,813 |  |  | $ | (51,071) |  |  | $ | 569,697 |
Commercial mortgage-backed securities | 854,203 |  |  | — |  |  | (130,899) |  |  | 723,304 |
Total | $ | 1,473,158 |  |  | $ | 1,813 |  |  | $ | (181,970) |  |  | $ | 1,293,001 |

| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (dollars in thousands)
State and municipal securities | $ | 960,227 |  |  | $ | 106 |  |  | $ | (145,446) |  |  | $ | 814,887 |
Corporate debt securities | 313,681 |  |  | 1,123 |  |  | (14,434) |  |  | 300,370 |
Collateralized mortgage obligations | 798,157 |  |  | 4,629 |  |  | (13,901) |  |  | 788,885 |
Residential mortgage-backed securities | 1,029,846 |  |  | 30 |  |  | (40,001) |  |  | 989,875 |
Commercial mortgage-backed securities | 617,605 |  |  | — |  |  | (100,723) |  |  | 516,882 |
Total | $ | 3,719,516 |  |  | $ | 5,888 |  |  | $ | (314,505) |  |  | $ | 3,410,899 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 537,856 |  |  | $ | 2 |  |  | $ | (60,162) |  |  | $ | 477,696 |
Commercial mortgage-backed securities | 857,713 |  |  | — |  |  | (151,960) |  |  | 705,753 |
Total | $ | 1,395,569 |  |  | $ | 2 |  |  | $ | (212,122) |  |  | $ | 1,183,449 |

In May 2024, the Corporation sold $345.7 million of AFS investment securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding securities of a similar type and similar duration.
Investment securities carried at $0.4 billion and $0.3 billion at June 30, 2025 and December 31, 2024, respectively, were pledged as collateral to secure public and trust deposits.
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The amortized cost and estimated fair values of debt securities as of June 30, 2025, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because issuers may have the right to call, or borrowers may have the right to prepay, with or without call or prepayment penalties.

|  | June 30, 2025
|  | Available for Sale |  | Held to Maturity
|  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
| (dollars in thousands)
Due in one year or less |  | $ | 14,488 |  |  | $ | 14,470 |  |  | $ | — |  |  | $ | — |
Due from one year to five years |  | 109,259 |  |  | 107,339 |  |  | — |  |  | — |
Due from five years to ten years |  | 274,191 |  |  | 260,443 |  |  | — |  |  | — |
Due after ten years |  | 833,058 |  |  | 656,595 |  |  | — |  |  | — |
|  | 1,230,996 |  |  | 1,038,847 |  |  | — |  |  | — |
Residential mortgage-backed securities(1) |  | 922,074 |  |  | 896,735 |  |  | 618,955 |  |  | 569,697 |
Commercial mortgage-backed securities(1) |  | 604,696 |  |  | 512,049 |  |  | 854,203 |  |  | 723,304 |
Collateralized mortgage obligations(1) |  | 1,165,014 |  |  | 1,172,238 |  |  | — |  |  | — |
Total |  | $ | 3,922,780 |  |  | $ | 3,619,869 |  |  | $ | 1,473,158 |  |  | $ | 1,293,001 |

(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the
underlying loans.
The following table presents information related to gross realized gains and losses on the sales of securities for the periods presented:

| Gross Realized Gains |  | Gross Realized Losses |  |  |  | Net Gains (Losses)
Three months ended | (dollars in thousands)
June 30, 2025 | $ | — |  |  | $ | — |  |  |  |  | $ | — |
June 30, 2024 | 91 |  |  | (20,373) |  |  |  |  | (20,282) |
Six months ended |  |  |  |  |  |  |
June 30, 2025 | $ | 663 |  |  | $ | (665) |  |  |  |  | $ | (2) |
June 30, 2024 | 91 |  |  | (20,373) |  |  |  |  | (20,282) |

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The following tables present the gross unrealized losses and estimated fair values of investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

| June 30, 2025
| Less than 12 months |  | 12 months or longer |  | Total
| Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale | (dollars in thousands)
State and municipal securities | 19 |  |  | $ | 42,822 |  |  | $ | (3,278) |  |  | 277 |  |  | $ | 729,795 |  |  | $ | (178,012) |  |  | $ | 772,617 |  |  | $ | (181,290) |
Corporate debt securities | 3 |  |  | 16,005 |  |  | (807) |  |  | 36 |  |  | 217,965 |  |  | (10,708) |  |  | 233,970 |  |  | (11,515) |
Collateralized mortgage obligations | 3 |  |  | 54,719 |  |  | (182) |  |  | 74 |  |  | 80,403 |  |  | (8,146) |  |  | 135,122 |  |  | (8,328) |
Residential mortgage-backed securities | 19 |  |  | 366,766 |  |  | (3,020) |  |  | 69 |  |  | 172,436 |  |  | (25,333) |  |  | 539,202 |  |  | (28,353) |
Commercial mortgage-backed securities | 1 |  |  | 19,639 |  |  | (407) |  |  | 131 |  |  | 489,332 |  |  | (92,241) |  |  | 508,971 |  |  | (92,648) |
Total available for sale | 45 |  |  | $ | 499,951 |  |  | $ | (7,694) |  |  | 587 |  |  | $ | 1,689,931 |  |  | $ | (314,440) |  |  | $ | 2,189,882 |  |  | $ | (322,134) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | 2 |  |  | $ | 29,852 |  |  | $ | (22) |  |  | 120 |  |  | $ | 289,431 |  |  | $ | (51,049) |  |  | $ | 319,283 |  |  | $ | (51,071) |
Commercial mortgage-backed securities | — |  |  | — |  |  | — |  |  | 60 |  |  | 723,304 |  |  | (130,899) |  |  | 723,304 |  |  | (130,899) |
Total held to maturity | 2 |  |  | $ | 29,852 |  |  | $ | (22) |  |  | 180 |  |  | $ | 1,012,735 |  |  | $ | (181,948) |  |  | $ | 1,042,587 |  |  | $ | (181,970) |

| December 31, 2024
| Less than 12 months |  | 12 months or longer |  | Total
| Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale | (dollars in thousands)
State and municipal securities | 22 |  |  | $ | 53,026 |  |  | $ | (1,692) |  |  | 272 |  |  | $ | 755,310 |  |  | $ | (143,754) |  |  | $ | 808,336 |  |  | $ | (145,446) |
Corporate debt securities | 1 |  |  | 4,844 |  |  | (13) |  |  | 47 |  |  | 264,099 |  |  | (14,421) |  |  | 268,943 |  |  | (14,434) |
Collateralized mortgage obligations | 12 |  |  | 288,871 |  |  | (3,463) |  |  | 77 |  |  | 85,485 |  |  | (10,438) |  |  | 374,356 |  |  | (13,901) |
Residential mortgage-backed securities | 42 |  |  | 777,695 |  |  | (9,178) |  |  | 69 |  |  | 174,284 |  |  | (30,823) |  |  | 951,979 |  |  | (40,001) |
Commercial mortgage-backed securities | 1 |  |  | 19,291 |  |  | (875) |  |  | 135 |  |  | 497,591 |  |  | (99,848) |  |  | 516,882 |  |  | (100,723) |
Total available for sale | 78 |  |  | $ | 1,143,727 |  |  | $ | (15,221) |  |  | 600 |  |  | $ | 1,776,769 |  |  | $ | (299,284) |  |  | $ | 2,920,496 |  |  | $ | (314,505) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | 7 |  |  | $ | 155,726 |  |  | $ | (1,754) |  |  | 120 |  |  | $ | 303,220 |  |  | $ | (58,408) |  |  | $ | 458,946 |  |  | $ | (60,162) |
Commercial mortgage-backed securities | — |  |  | — |  |  | — |  |  | 60 |  |  | 705,753 |  |  | (151,960) |  |  | 705,753 |  |  | (151,960) |
Total held to maturity | 7 |  |  | $ | 155,726 |  |  | $ | (1,754) |  |  | 180 |  |  | $ | 1,008,973 |  |  | $ | (210,368) |  |  | $ | 1,164,699 |  |  | $ | (212,122) |

The Corporation's collateralized mortgage obligations, residential mortgage-backed securities and commercial mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. In addition, these securities have principal payments that are guaranteed by U.S. government-sponsored agencies. Therefore, the Corporation did not record an ACL for these securities as of June 30, 2025 and December 31, 2024. The Corporation does not have the intent to sell, and does not believe it will more likely than not be required to sell, any of these securities prior to a recovery of their fair value to amortized cost.
Based on the payment status and management's evaluation of the Corporation's state and municipal securities, no ACL was required for these securities as of June 30, 2025 and December 31, 2024. The Corporation does not have the intent to sell, and does not believe it will more likely than not be required to sell, any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.
The majority of the corporate debt securities were rated at or above investment grade as of June 30, 2025 and December 31, 2024. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of June 30, 2025 and December 31, 2024. The Corporation does not have the intent to sell, and does not
17

believe it will more likely than not to be required to sell, any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.
NOTE 5 - Loans and Allowance for Credit Losses
Loans and leases, net of unearned income
Loans and leases, net of unearned income, are summarized as follows:

| June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
Real estate - commercial mortgage | $ | 9,678,038 |  |  | $ | 9,601,858 |
Commercial and industrial | 4,541,765 |  |  | 4,605,589 |
Real-estate - residential mortgage | 6,511,687 |  |  | 6,349,643 |
Real-estate - home equity | 1,193,410 |  |  | 1,160,616 |
Real-estate - construction | 1,155,099 |  |  | 1,394,899 |
Consumer | 583,949 |  |  | 616,856 |
Leases and other loans(1) | 348,591 |  |  | 315,458 |
Net loans | $ | 24,012,539 |  |  | $ | 24,044,919 |

(1) Includes unearned income of $38.7 million and $35.6 million as of June 30, 2025 and December 31, 2024, respectively.
Allowance for Credit Losses
The ACL consists of reserves against loans that have been evaluated collectively and individually for expected credit losses. The ACL represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to net loans. The ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The reserve for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures.
The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance:

| June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
ACL - loans | $ | 377,337 |  |  | $ | 379,156 |
Reserve for OBS credit exposures(1) | $ | 14,180 |  |  | $ | 14,161 |

(1) Included in other liabilities on the Consolidated Balance Sheets.
The following table presents the activity in the ACL - loans balances:

| Three months ended June 30 | Six months ended June 30 |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
| (dollars in thousands) |
Balance at beginning of period | $ | 379,677 |  |  | $ | 297,888 |  |  | $ | 379,156 |  |  | 293,404 |  |
CECL Day 1 Provision(1) | — |  |  | 23,444 |  |  | — |  |  | 23,444 |  |
Initial PCD allowance for credit losses | — |  |  | 55,906 |  |  | — |  |  | 55,906 |  |
Loans charged off | (15,916) |  |  | (14,007) |  |  | (35,950) |  |  | (24,959) |  |
Recoveries of loans previously charged off | 4,202 |  |  | 2,705 |  |  | 11,645 |  |  | 5,059 |  |
Net loans (charged off) recovered | (11,714) |  |  | (11,302) |  |  | (24,305) |  |  | (19,900) |  |
Provision for credit losses(1) (2) | 9,374 |  |  | 10,005 |  |  | 22,486 |  |  | 23,087 |  |
Balance at end of period | $ | 377,337 |  |  | $ | 375,941 |  |  | $ | 377,337 |  |  | $ | 375,941 |  |
Provision for OBS credit exposures(1) | $ | (767) |  |  | $ | (1,393) |  |  | $ | 19 |  |  | $ | (3,550) |  |
Reserve for OBS credit exposures | $ | 14,180 |  |  | $ | 14,540 |  |  | $ | 14,180 |  |  | $ | 14,540 |  |

(1) The sum of these amounts is reflected in the provision for credit losses in the Consolidated Statements of Income.
(2) Provision only includes the portion related to net loans.
The following table presents the activity in the ACL by portfolio segment:

| Real Estate Commercial Mortgage |  | Commercial and Industrial |  | Real Estate Residential Mortgage |  | Consumer and Real Estate - Home Equity |  | Real Estate Construction |  | Leases and other loans |  | Total
| (dollars in thousands)
Three months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2025 | $ | 162,146 |  |  | $ | 96,851 |  |  | $ | 82,416 |  |  | $ | 19,294 |  |  | $ | 15,900 |  |  | $ | 3,070 |  |  | $ | 379,677 |
Loans charged off | (6,402) |  |  | (5,780) |  |  | (258) |  |  | (1,885) |  |  | (100) |  |  | (1,491) |  |  | (15,916) |
Recoveries of loans previously charged off | 133 |  |  | 2,628 |  |  | 203 |  |  | 899 |  |  | 99 |  |  | 240 |  |  | 4,202 |
Net loans (charged off) recovered | (6,269) |  |  | (3,152) |  |  | (55) |  |  | (986) |  |  | (1) |  |  | (1,251) |  |  | (11,714) |
Provision for loan losses(1) (2) | (2,494) |  |  | 3,821 |  |  | (5) |  |  | 1,173 |  |  | 4,837 |  |  | 2,042 |  |  | 9,374 |
Balance at June 30, 2025 | $ | 153,383 |  |  | $ | 97,520 |  |  | $ | 82,356 |  |  | $ | 19,481 |  |  | $ | 20,736 |  |  | $ | 3,861 |  |  | $ | 377,337 |
Three months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | 114,492 |  |  | $ | 76,883 |  |  | $ | 73,216 |  |  | $ | 16,688 |  |  | $ | 12,966 |  |  | $ | 3,643 |  |  | $ | 297,888 |
CECL Day 1 Provision(1) | 6,108 |  |  | 1,484 |  |  | 14,922 |  |  | 444 |  |  | 486 |  |  | — |  |  | 23,444 |
Initial PCD allowance for credit losses | 32,157 |  |  | 20,869 |  |  | 565 |  |  | 357 |  |  | 1,958 |  |  | — |  |  | 55,906 |
Loans charged off | (7,853) |  |  | (2,955) |  |  | (35) |  |  | (1,766) |  |  | — |  |  | (1,398) |  |  | (14,007) |
Recoveries of loans previously charged off | 146 |  |  | 796 |  |  | 122 |  |  | 1,161 |  |  | 233 |  |  | 247 |  |  | 2,705 |
Net loans (charged off) recovered | (7,707) |  |  | (2,159) |  |  | 87 |  |  | (605) |  |  | 233 |  |  | (1,151) |  |  | (11,302) |
Provision for loan and lease losses(1) (2) | 11,115 |  |  | (2,454) |  |  | 924 |  |  | 649 |  |  | (1,033) |  |  | 804 |  |  | 10,005 |
Balance at June 30, 2024 | $ | 156,165 |  |  | $ | 94,623 |  |  | $ | 89,714 |  |  | $ | 17,533 |  |  | $ | 14,610 |  |  | $ | 3,296 |  |  | $ | 375,941 |
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | 158,181 |  |  | $ | 92,212 |  |  | $ | 81,331 |  |  | $ | 19,397 |  |  | $ | 25,140 |  |  | $ | 2,895 |  |  | $ | 379,156 |
Loans charged off | (18,508) |  |  | (9,645) |  |  | (601) |  |  | (4,078) |  |  | (100) |  |  | (3,018) |  |  | (35,950) |
Recoveries of loans previously charged off | 507 |  |  | 8,580 |  |  | 377 |  |  | 1,559 |  |  | 181 |  |  | 441 |  |  | 11,645 |
Net loans (charged off) recovered | (18,001) |  |  | (1,065) |  |  | (224) |  |  | (2,519) |  |  | 81 |  |  | (2,577) |  |  | (24,305) |
Provision for loan losses(1) (2) | 13,203 |  |  | 6,373 |  |  | 1,249 |  |  | 2,603 |  |  | (4,485) |  |  | 3,543 |  |  | 22,486 |
Balance at June 30, 2025 | $ | 153,383 |  |  | $ | 97,520 |  |  | $ | 82,356 |  |  | $ | 19,481 |  |  | $ | 20,736 |  |  | $ | 3,861 |  |  | $ | 377,337 |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | 112,565 |  |  | $ | 74,266 |  |  | $ | 73,286 |  |  | $ | 17,604 |  |  | $ | 12,295 |  |  | $ | 3,388 |  |  | $ | 293,404 |
CECL Day 1 Provision(1) | 6,108 |  |  | 1,484 |  |  | 14,922 |  |  | 444 |  |  | 486 |  |  | — |  |  | 23,444 |
Initial PCD allowance for credit losses | 32,157 |  |  | 20,869 |  |  | 565 |  |  | 357 |  |  | 1,958 |  |  | — |  |  | 55,906 |
Loans charged off | (7,879) |  |  | (10,587) |  |  | (286) |  |  | (4,004) |  |  | — |  |  | (2,203) |  |  | (24,959) |
Recoveries of loans previously charged off | 298 |  |  | 2,044 |  |  | 238 |  |  | 1,837 |  |  | 233 |  |  | 409 |  |  | 5,059 |
Net loans (charged off) recovered | (7,581) |  |  | (8,543) |  |  | (48) |  |  | (2,167) |  |  | 233 |  |  | (1,794) |  |  | (19,900) |
Provision for loan losses(1)(2) | 12,916 |  |  | 6,547 |  |  | 989 |  |  | 1,295 |  |  | (362) |  |  | 1,702 |  |  | 23,087 |
Balance at June 30, 2024 | $ | 156,165 |  |  | $ | 94,623 |  |  | $ | 89,714 |  |  | $ | 17,533 |  |  | $ | 14,610 |  |  | $ | 3,296 |  |  | $ | 375,941 |

(1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income.
(2) Provision included in the table only includes the portion related to net loans.
The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan.
Collateral-Dependent Loans
A loan or a lease is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent loans or leases consists of various types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agricultural land, and vacant land. Commercial and industrial loans may also be secured by real estate.
All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of June 30, 2025 and December 31, 2024, substantially all of the Corporation's individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any.
As of June 30, 2025 and December 31, 2024, approximately 92% and 90%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months.
Non-accrual Loans
The following table presents total non-accrual loans, by class segment:

| June 30, 2025 |  | December 31, 2024
| With a Related Allowance |  | Without a Related Allowance |  | Total |  | With a Related Allowance |  | Without a Related Allowance |  | Total
| (dollars in thousands)
Real estate - commercial mortgage | $ | 27,931 |  |  | $ | 56,104 |  |  | $ | 84,035 |  |  | $ | 31,654 |  |  | $ | 67,843 |  |  | $ | 99,497 |
Commercial and industrial | 17,452 |  |  | 21,663 |  |  | 39,115 |  |  | 17,011 |  |  | 25,206 |  |  | 42,217 |
Real estate - residential mortgage | 24,785 |  |  | 1,032 |  |  | 25,817 |  |  | 23,387 |  |  | 2,013 |  |  | 25,400 |
Real estate - home equity | 7,079 |  |  | — |  |  | 7,079 |  |  | 8,513 |  |  | 78 |  |  | 8,591 |
Real estate - construction | 22,692 |  |  | 2,160 |  |  | 24,852 |  |  | 1,746 |  |  | — |  |  | 1,746 |
Consumer | 6 |  |  | — |  |  | 6 |  |  | 8 |  |  | — |  |  | 8 |
Leases and other loans | 181 |  |  | 1,857 |  |  | 2,038 |  |  | 1,801 |  |  | 10,033 |  |  | 11,834 |
| $ | 100,126 |  |  | $ | 82,816 |  |  | $ | 182,942 |  |  | $ | 84,120 |  |  | $ | 105,173 |  |  | $ | 189,293 |

As of June 30, 2025 and December 31, 2024, there were $82.8 million and $105.2 million, respectively, of non-accrual loans that did not have a specific valuation allowance within the ACL. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary.
Asset Quality
Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction loans, commercial and industrial loans, commercial real estate loans and leases and other loans, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in a loan.
The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:

|  | June 30, 2025
|  | (dollars in thousands)
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  |  | Amortized | Amortized |
| 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Cost Basis | Cost Basis | Total
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Pass | $ | 292,672 |  | $ | 653,936 |  | $ | 1,058,157 |  | $ | 1,173,880 |  | $ | 1,258,685 |  | $ | 4,131,150 |  | $ | 71,916 |  | $ | 600 |  | $ | 8,640,996 |
| Special Mention | — |  | 2,320 |  | 79,027 |  | 85,562 |  | 176,162 |  | 144,806 |  | 555 |  | — |  | 488,432 |
| Substandard or Lower | 351 |  | 12,972 |  | 67,451 |  | 113,263 |  | 94,341 |  | 259,036 |  | 1,196 |  | — |  | 548,610 |
| Total real estate - commercial mortgage | 293,023 |  | 669,228 |  | 1,204,635 |  | 1,372,705 |  | 1,529,188 |  | 4,534,992 |  | 73,667 |  | 600 |  | 9,678,038 |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | (11,149) |  | (4,052) |  | (3,307) |  | — |  | — |  | (18,508) |
Commercial and industrial |  |  |  |  |  |  |  |
| Pass | 251,132 |  | 393,178 |  | 447,226 |  | 475,498 |  | 228,029 |  | 889,983 |  | 1,312,944 |  | 9,975 |  | 4,007,965 |
| Special Mention | 1,081 |  | 17,172 |  | 22,739 |  | 11,334 |  | 12,507 |  | 22,040 |  | 110,713 |  | 10,393 |  | 207,979 |
| Substandard or Lower | 412 |  | 4,403 |  | 20,366 |  | 30,352 |  | 11,181 |  | 91,098 |  | 158,755 |  | 9,254 |  | 325,821 |
| Total commercial and industrial | 252,625 |  | 414,753 |  | 490,331 |  | 517,184 |  | 251,717 |  | 1,003,121 |  | 1,582,412 |  | 29,622 |  | 4,541,765 |
Commercial and industrial |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (525) |  | (4,417) |  | (2,548) |  | (578) |  | (1,351) |  | (226) |  | — |  | (9,645) |
Real estate - construction(1) |  |  |  |  |  |  |  |  |
| Pass | 28,284 |  | 276,486 |  | 308,355 |  | 91,472 |  | 36,324 |  | 39,947 |  | 33,979 |  | — |  | 814,847 |
| Special Mention | — |  | — |  | 3,195 |  | 15,093 |  | 21,990 |  | 236 |  | — |  | — |  | 40,514 |
| Substandard or Lower | — |  | — |  | 2,894 |  | 43,861 |  | 2,909 |  | 14,512 |  | 87 |  | — |  | 64,263 |
| Total real estate - construction | 28,284 |  | 276,486 |  | 314,444 |  | 150,426 |  | 61,223 |  | 54,695 |  | 34,066 |  | — |  | 919,624 |
Real estate - construction(1) |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | (100) |  | — |  | — |  | (100) |
Leases and other loans |  |  |  |  |  |  |  |
| Pass | 137,330 |  | 58,700 |  | 78,777 |  | 36,829 |  | 12,418 |  | 12,955 |  | — |  | — |  | 337,009 |
| Special Mention | 365 |  | 1,599 |  | 501 |  | 498 |  | 303 |  | 1,248 |  | — |  | — |  | 4,514 |
| Substandard or Lower | 200 |  | 2,282 |  | 1,093 |  | 2,856 |  | 528 |  | 109 |  | — |  | — |  | 7,068 |
| Total leases and other loans | 137,895 |  | 62,581 |  | 80,371 |  | 40,183 |  | 13,249 |  | 14,312 |  | — |  | — |  | 348,591 |
Leases and other loans |  |  |  |  |  |  |  |
| Current period gross charge-offs | (1,009) |  | (787) |  | (304) |  | (164) |  | (107) |  | (647) |  | — |  | — |  | (3,018) |
Total |  |  |  |  |  |  |  |
| Pass | 709,418 |  | 1,382,300 |  | 1,892,515 |  | 1,777,679 |  | 1,535,456 |  | 5,074,035 |  | 1,418,839 |  | 10,575 |  | 13,800,817 |
| Special Mention | 1,446 |  | 21,091 |  | 105,462 |  | 112,487 |  | 210,962 |  | 168,330 |  | 111,268 |  | 10,393 |  | 741,439 |
| Substandard or Lower | 963 |  | 19,657 |  | 91,804 |  | 190,332 |  | 108,959 |  | 364,755 |  | 160,038 |  | 9,254 |  | 945,762 |
| Total | $ | 711,827 |  | $ | 1,423,048 |  | $ | 2,089,781 |  | $ | 2,080,498 |  | $ | 1,855,377 |  | $ | 5,607,120 |  | $ | 1,690,145 |  | $ | 30,222 |  | $ | 15,488,018 |

(1) Excludes non-commercial real estate - construction.
For a description of the Corporation's internal risk rating categories, see "Note 1 - Summary of Significant Accounting Policies" under the heading "Allowance for Credit Losses" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024.
The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:

|  | December 31, 2024
|  | (dollars in thousands)
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  |  | Amortized | Amortized |
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Cost Basis | Cost Basis | Total
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Pass | $ | 623,742 |  | $ | 898,296 |  | $ | 1,138,669 |  | $ | 1,316,000 |  | $ | 1,077,625 |  | $ | 3,414,138 |  | $ | 69,942 |  | $ | 9,646 |  | $ | 8,548,058 |
| Special Mention | 4,441 |  | 73,348 |  | 149,280 |  | 157,543 |  | 28,734 |  | 107,099 |  | 10,978 |  | — |  | 531,423 |
| Substandard or Lower | 4,831 |  | 44,665 |  | 102,952 |  | 95,617 |  | 75,097 |  | 193,922 |  | 1,380 |  | 3,913 |  | 522,377 |
| Total real estate - commercial mortgage | 633,014 |  | 1,016,309 |  | 1,390,901 |  | 1,569,160 |  | 1,181,456 |  | 3,715,159 |  | 82,300 |  | 13,559 |  | 9,601,858 |
Real estate - commercial mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (126) |  | (84) |  | — |  | — |  | (12,950) |  | — |  | (26) |  | (13,186) |
Commercial and industrial |  |  |  |  |  |  |  |
| Pass | 435,917 |  | 486,720 |  | 512,622 |  | 261,603 |  | 268,194 |  | 684,931 |  | 1,375,201 |  | 6,346 |  | 4,031,534 |
| Special Mention | 9,928 |  | 8,333 |  | 19,931 |  | 18,888 |  | 4,844 |  | 58,632 |  | 117,940 |  | 313 |  | 238,809 |
| Substandard or Lower | 10,795 |  | 16,593 |  | 34,748 |  | 10,183 |  | 12,496 |  | 49,439 |  | 176,755 |  | 24,237 |  | 335,246 |
| Total commercial and industrial | 456,640 |  | 511,646 |  | 567,301 |  | 290,674 |  | 285,534 |  | 793,002 |  | 1,669,896 |  | 30,896 |  | 4,605,589 |
Commercial and industrial |  |  |  |  |  |  |  |
| Current period gross charge-offs | (612) |  | (3,709) |  | (2,560) |  | (4,587) |  | (317) |  | (7,612) |  | (3,553) |  | (3,635) |  | (26,585) |
Real estate - construction(1) |  |  |  |  |  |  |  |
| Pass | 197,206 |  | 494,072 |  | 157,296 |  | 37,438 |  | 8,784 |  | 41,480 |  | 30,608 |  | 619 |  | 967,503 |
| Special Mention | — |  | 10,612 |  | 80,651 |  | 69,109 |  | 938 |  | — |  | — |  | — |  | 161,310 |
| Substandard or Lower | — |  | — |  | 14,407 |  | 10,399 |  | — |  | 20,350 |  | 121 |  | 1,906 |  | 47,183 |
| Total real estate - construction | 197,206 |  | 504,684 |  | 252,354 |  | 116,946 |  | 9,722 |  | 61,830 |  | 30,729 |  | 2,525 |  | 1,175,996 |
Real estate - construction(1) |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |
| Pass | 1,256,865 |  | 1,879,088 |  | 1,808,587 |  | 1,615,041 |  | 1,354,603 |  | 4,140,549 |  | 1,475,751 |  | 16,611 |  | 13,547,095 |
| Special Mention | 14,369 |  | 92,293 |  | 249,862 |  | 245,540 |  | 34,516 |  | 165,731 |  | 128,918 |  | 313 |  | 931,542 |
| Substandard or Lower | 15,626 |  | 61,258 |  | 152,107 |  | 116,199 |  | 87,593 |  | 263,711 |  | 178,256 |  | 30,056 |  | 904,806 |
| Total | $ | 1,286,860 |  | $ | 2,032,639 |  | $ | 2,210,556 |  | $ | 1,976,780 |  | $ | 1,476,712 |  | $ | 4,569,991 |  | $ | 1,782,925 |  | $ | 46,980 |  | $ | 15,383,443 |

(1) Excludes non-commercial real estate - construction.
The Corporation considers the performance of the loan portfolio and its impact on the ACL. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity loans, residential mortgage loans, construction loans to individuals secured by residential real estate and consumer loans. For these loans, the most relevant credit quality indicator is delinquency status and the Corporation evaluates credit quality based on the aging status of the loan. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:

|  | June 30, 2025
|  | (dollars in thousands)
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  |  | Amortized | Amortized |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Cost Basis | Cost Basis | Total
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Performing | $ | 326,209 |  | $ | 508,495 |  | $ | 715,245 |  | $ | 1,473,677 |  | $ | 1,669,747 |  | $ | 1,780,611 |  | $ | — |  | $ | — |  | $ | 6,473,984 |
| Non-performing | — |  | 67 |  | 2,103 |  | 5,229 |  | 3,681 |  | 26,623 |  | — |  | — |  | 37,703 |
| Total real estate - residential mortgage | 326,209 |  | 508,562 |  | 717,348 |  | 1,478,906 |  | 1,673,428 |  | 1,807,234 |  | — |  | — |  | 6,511,687 |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (19) |  | (59) |  | (130) |  | (150) |  | (243) |  | — |  | — |  | (601) |
Consumer and real estate - home equity |  |  |  |  |  |  |  |
| Performing | 179,860 |  | 30,976 |  | 92,965 |  | 173,654 |  | 52,838 |  | 231,110 |  | 984,036 |  | 20,811 |  | 1,766,250 |
| Non-performing | 221 |  | 100 |  | 211 |  | 605 |  | 746 |  | 5,873 |  | 2,886 |  | 467 |  | 11,109 |
| Total consumer and real estate - home equity | 180,081 |  | 31,076 |  | 93,176 |  | 174,259 |  | 53,584 |  | 236,983 |  | 986,922 |  | 21,278 |  | 1,777,359 |
Consumer and real estate - home equity |  |  |  |  |  |  |  |
| Current period gross charge-offs | (6) |  | (140) |  | (545) |  | (820) |  | (304) |  | (2,002) |  | (261) |  | — |  | (4,078) |
Construction - residential |  |  |  |  |  |  |  |  |
| Performing | 61,350 |  | 149,156 |  | 16,844 |  | 6,719 |  | — |  | — |  | — |  | — |  | 234,069 |
| Non-performing | — |  | — |  | — |  | 1,406 |  | — |  | — |  | — |  | — |  | 1,406 |
| Total construction - residential | 61,350 |  | 149,156 |  | 16,844 |  | 8,125 |  | — |  | — |  | — |  | — |  | 235,475 |
Construction - residential |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
| Performing | 567,419 |  | 688,627 |  | 825,054 |  | 1,654,050 |  | 1,722,585 |  | 2,011,721 |  | 984,036 |  | 20,811 |  | 8,474,303 |
| Non-performing | 221 |  | 167 |  | 2,314 |  | 7,240 |  | 4,427 |  | 32,496 |  | 2,886 |  | 467 |  | 50,218 |
| Total | $ | 567,640 |  | $ | 688,794 |  | $ | 827,368 |  | $ | 1,661,290 |  | $ | 1,727,012 |  | $ | 2,044,217 |  | $ | 986,922 |  | $ | 21,278 |  | $ | 8,524,521 |

|  | December 31, 2024
|  | (dollars in thousands)
|  | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans |
|  |  | Amortized | Amortized |
|  | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Cost Basis | Cost Basis | Total
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Performing | $ | 470,918 |  | $ | 728,630 |  | $ | 1,515,521 |  | $ | 1,726,991 |  | $ | 1,022,116 |  | $ | 839,566 |  | $ | — |  | $ | — |  | $ | 6,303,742 |
| Non-performing | 87 |  | 1,358 |  | 5,118 |  | 3,232 |  | 5,523 |  | 30,583 |  | — |  | — |  | 45,901 |
| Total real estate - residential mortgage | 471,005 |  | 729,988 |  | 1,520,639 |  | 1,730,223 |  | 1,027,639 |  | 870,149 |  | — |  | — |  | 6,349,643 |
Real estate - residential mortgage |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | (172) |  | (106) |  | (12) |  | (43) |  | (888) |  | — |  | (251) |  | (1,472) |
Consumer and real estate - home equity |  |  |  |  |  |  |  |
| Performing | 178,722 |  | 116,370 |  | 211,647 |  | 65,412 |  | 48,201 |  | 188,442 |  | 913,920 |  | 40,384 |  | 1,763,098 |
| Non-performing | 236 |  | 848 |  | 918 |  | 963 |  | 753 |  | 4,571 |  | 2,893 |  | 3,192 |  | 14,374 |
| Total consumer and real estate - home equity | 178,958 |  | 117,218 |  | 212,565 |  | 66,375 |  | 48,954 |  | 193,013 |  | 916,813 |  | 43,576 |  | 1,777,472 |
Consumer and real estate - home equity |  |  |  |  |  |  |  |
| Current period gross charge-offs | (118) |  | (1,016) |  | (1,552) |  | (790) |  | (398) |  | (2,704) |  | (75) |  | (1,837) |  | (8,490) |
Leases and other loans |  |  |  |  |  |  |  |
| Performing | 123,991 |  | 89,006 |  | 52,724 |  | 16,894 |  | 10,830 |  | 9,996 |  | — |  | — |  | 303,441 |
| Non-performing | — |  | — |  | 1,922 |  | 744 |  | 23 |  | 9,328 |  | — |  | — |  | 12,017 |
| Total leases and other loans | 123,991 |  | 89,006 |  | 54,646 |  | 17,638 |  | 10,853 |  | 19,324 |  | — |  | — |  | 315,458 |
Leases and other loans |  |  |  |  |  |  |  |
| Current period gross charge-offs | (1,977) |  | (913) |  | (335) |  | (334) |  | (192) |  | (770) |  | — |  | (175) |  | (4,696) |
Construction - residential |  |  |  |  |  |  |  |  |
| Performing | 138,440 |  | 61,848 |  | 15,710 |  | 1,499 |  | — |  | — |  | — |  | — |  | 217,497 |
| Non-performing | — |  | — |  | 1,406 |  | — |  | — |  | — |  | — |  | — |  | 1,406 |
| Total construction - residential | 138,440 |  | 61,848 |  | 17,116 |  | 1,499 |  | — |  | — |  | — |  | — |  | 218,903 |
Construction - residential |  |  |  |  |  |  |  |  |
| Current period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total |  |  |  |  |  |  |  |  |
| Performing | 912,071 |  | 995,854 |  | 1,795,602 |  | 1,810,796 |  | 1,081,147 |  | 1,038,004 |  | 913,920 |  | 40,384 |  | 8,587,778 |
| Non-performing | 323 |  | 2,206 |  | 9,364 |  | 4,939 |  | 6,299 |  | 44,482 |  | 2,893 |  | 3,192 |  | 73,698 |
| Total | $ | 912,394 |  | $ | 998,060 |  | $ | 1,804,966 |  | $ | 1,815,735 |  | $ | 1,087,446 |  | $ | 1,082,486 |  | $ | 916,813 |  | $ | 43,576 |  | $ | 8,661,476 |

The following table presents non-performing assets:

| June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
Non-accrual loans | $ | 182,942 |  |  | $ | 189,293 |
Loans 90 days or more past due and still accruing | 29,949 |  |  | 30,781 |
Total non-performing loans | 212,891 |  |  | 220,074 |
OREO(1) | 2,706 |  |  | 2,621 |
Total non-performing assets | $ | 215,597 |  |  | $ | 222,695 |

(1) Excludes $13.9 million and $17.5 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30,
2025 and December 31, 2024, respectively.
The following tables present the aging of the amortized cost basis of loans, by class segment:

| 30-59 Days Past Due |  | 60-89 Days Past Due |  | ≥ 90 Days Past Due and Accruing |  |  |  | Non- accrual |  | Current |  | Total
| (dollars in thousands)
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | $ | 43,317 |  |  | $ | 25,366 |  |  | $ | 6,817 |  |  |  |  | $ | 84,035 |  |  | $ | 9,518,503 |  |  | $ | 9,678,038 |
Commercial and industrial(1) | 22,938 |  |  | 17,219 |  |  | 6,450 |  |  |  |  | 39,115 |  |  | 4,456,043 |  |  | 4,541,765 |
Real estate - residential mortgage | 57,073 |  |  | 8,997 |  |  | 11,886 |  |  |  |  | 25,817 |  |  | 6,407,914 |  |  | 6,511,687 |
Real estate - home equity | 5,463 |  |  | 843 |  |  | 3,036 |  |  |  |  | 7,079 |  |  | 1,176,989 |  |  | 1,193,410 |
Real estate - construction | 6,261 |  |  | 1,855 |  |  | 750 |  |  |  |  | 24,852 |  |  | 1,121,381 |  |  | 1,155,099 |
Consumer | 6,505 |  |  | 1,982 |  |  | 988 |  |  |  |  | 6 |  |  | 574,468 |  |  | 583,949 |
Leases and other loans(1) | 361 |  |  | 212 |  |  | 22 |  |  |  |  | 2,038 |  |  | 345,958 |  |  | 348,591 |
Total | $ | 141,918 |  |  | $ | 56,474 |  |  | $ | 29,949 |  |  |  |  | $ | 182,942 |  |  | $ | 23,601,256 |  |  | $ | 24,012,539 |

(1) Includes unearned income.

| 30-59 Days Past Due |  | 60-89 Days Past Due |  | ≥ 90 Days Past Due and Accruing |  | Non- accrual |  | Current |  | Total
| (dollars in thousands)
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial mortgage | $ | 32,715 |  |  | $ | 16,684 |  |  | $ | 2,862 |  |  | $ | 99,497 |  |  | $ | 9,450,100 |  |  | $ | 9,601,858 |
Commercial and industrial(1) | 6,031 |  |  | 3,636 |  |  | 1,460 |  |  | 42,217 |  |  | 4,552,245 |  |  | 4,605,589 |
Real estate - residential mortgage | 59,593 |  |  | 5,946 |  |  | 20,501 |  |  | 25,400 |  |  | 6,238,203 |  |  | 6,349,643 |
Real estate - home equity | 6,778 |  |  | 1,057 |  |  | 4,758 |  |  | 8,591 |  |  | 1,139,432 |  |  | 1,160,616 |
Real estate - construction | 3,549 |  |  | 5,163 |  |  | — |  |  | 1,746 |  |  | 1,384,441 |  |  | 1,394,899 |
Consumer | 6,779 |  |  | 1,627 |  |  | 1,017 |  |  | 8 |  |  | 607,425 |  |  | 616,856 |
Leases and other loans(1) | 269 |  |  | 105 |  |  | 183 |  |  | 11,834 |  |  | 303,067 |  |  | 315,458 |
Total | $ | 115,714 |  |  | $ | 34,218 |  |  | $ | 30,781 |  |  | $ | 189,293 |  |  | $ | 23,674,913 |  |  | $ | 24,044,919 |

(1) Includes unearned income.
Loan Modifications to Borrowers Experiencing Financial Difficulty
The Corporation modifies loans by providing a concession when deemed appropriate. Depending on the circumstances, a term extension, interest rate reduction or principal forgiveness may be granted. In certain instances, a combination of concessions may be provided to a borrower.
When principal forgiveness is provided, the amount of principal forgiven is deemed to be uncollectible and the amortized cost basis of the loan is reduced by the amount of the forgiven portion, with a corresponding reduction to the ACL.
The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:

| Term Extension
| 2025 | 2024
| Amortized Cost Basis |  | % of Class of Financing Receivable | Amortized Cost Basis |  | % of Class of Financing Receivable
| (dollars in thousands)
Three months ended June 30 |  |  |  |  |  |
Real estate - commercial mortgage | $ | 29,085 |  |  | 0.30 | % | $ | 20,603 |  |  | 0.22 | %
Commercial and industrial | 18,267 |  |  | 0.40 |  | — |  |  | — |
Real estate - residential mortgage | 1,677 |  |  | 0.03 |  | 2,966 |  |  | 0.05 |
Real estate - home equity | 41 |  |  | — |  | 129 |  |  | 0.01 |
Real estate - construction | 20,769 |  |  | 1.80 |  | — |  |  | — |
Total | $ | 69,839 |  |  |  | $ | 23,698 |  |  |
Six months ended June 30 |  |  |  |  |  |
Real estate - commercial mortgage | $ | 29,196 |  |  | 0.30 | % | $ | 20,603 |  |  | 0.22 | %
Commercial and industrial | 21,964 |  |  | 0.48 |  | — |  |  | — |
Real estate - residential mortgage | 4,085 |  |  | 0.06 |  | 5,651 |  |  | 0.09 |
Real estate - home equity | 352 |  |  | 0.03 |  | 129 |  |  | 0.01 |
Real estate - construction | 20,769 |  |  | 1.80 |  | 541 |  |  | 0.04 |
Total | $ | 76,366 |  |  |  | $ | 26,924 |  |  |

| Interest Rate Reduction and Term Extension
| 2025 | 2024
| Amortized Cost Basis |  | % of Class of Financing Receivable | Amortized Cost Basis |  | % of Class of Financing Receivable
| (dollars in thousands)
Three months ended June 30 |  |  |  |  |  |
Real estate - residential mortgage | $ | 601 |  |  | 0.01 | % | $ | 884 |  |  | 0.01 | %
Total | $ | 601 |  |  |  | $ | 884 |  |  |
Six months ended June 30 |  |  |  |  |  |
Real estate - residential mortgage | $ | 2,027 |  |  | 0.03 | % | $ | 1,348 |  |  | 0.02 | %
Total | $ | 2,027 |  |  |  | $ | 1,348 |  |  |

The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:

| Term Extension
| Financial Effect
Three months ended June 30, 2025 |
Real estate - commercial mortgage | Added a weighted-average 0.68 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial | Added a weighted-average 0.74 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage | Added a weighted-average 8.15 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity | Added a weighted-average 21.75 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction | Added a weighted-average 0.89 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Three months ended June 30, 2024 |
Real estate - commercial mortgage | Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage | Added a weighted-average 8.51 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity | Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2025 |
Real estate - commercial mortgage | Added a weighted-average 0.69 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial | Added a weighted-average 0.77 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage | Added a weighted-average 8.55 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity | Added a weighted-average 13.22 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction | Added a weighted-average 0.89 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2024 |
Real estate - commercial mortgage | Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage | Added a weighted-average 7.44 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity | Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - construction | Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers.

| Interest Rate Reduction
| Financial Effect
Three months ended June 30, 2025 |
Real estate - residential mortgage | Reduced weighted-average interest rate from 4.68% to 3.25%
Three months ended June 30, 2024 |
Real estate - residential mortgage | Reduced weighted-average interest rate from 3.00% to 1.00%
Six months ended June 30, 2025 |
Real estate - residential mortgage | Reduced weighted-average interest rate from 4.38% to 2.55%
Six months ended June 30, 2024 |
Real estate - residential mortgage | Reduced weighted-average interest rate from 2.36% to 1.37%

During the three and six months ended June 30, 2025 and 2024, there were no loans modified due to financial difficulty where there was a principal balance forgiveness.
The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months:

|  |  | 30-89 |  | 90+ |  | Total
|  |  | Days Past |  | Past Due |  | Past
| Current |  | Due |  | and Accruing |  | Due
June 30, 2025 | (dollars in thousands)
Real estate - commercial mortgage | $ | 12,575 |  |  | $ | 16,790 |  |  | $ | — |  |  | $ | 16,790 |
Commercial and industrial | 23,764 |  |  | — |  |  | — |  |  | — |
Real estate - residential mortgage | 11,030 |  |  | 1,110 |  |  | 507 |  |  | 1,617 |
Real estate - home equity | 569 |  |  | — |  |  | — |  |  | — |
Real estate - construction | 20,769 |  |  | — |  |  | — |  |  | — |
Total | $ | 68,707 |  |  | $ | 17,900 |  |  | $ | 507 |  |  | $ | 18,407 |

There were no commitments to lend additional funds to borrowers with loan modifications as a result of financial difficulty as of June 30, 2025.
18

NOTE 6 – Mortgage Servicing Rights
The following table summarizes the changes in MSRs, which are included in other assets on the Consolidated Balance Sheets, with adjustments to the carrying value included in mortgage banking income on the Consolidated Statements of Income:

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (dollars in thousands)
Amortized cost: |  |  |  |  |  |  |
Balance at beginning of period | $ | 30,298 |  |  | $ | 31,057 |  |  | $ | 30,691 |  |  | $ | 31,602 |
Originations of MSRs | 924 |  |  | 883 |  |  | 1,625 |  |  | 1,465 |
Amortization | (1,089) |  |  | (1,294) |  |  | (2,183) |  |  | (2,421) |
Balance at end of period | $ | 30,133 |  |  | $ | 30,646 |  |  | $ | 30,133 |  |  | $ | 30,646 |
Estimated fair value of MSRs at end of period | $ | 51,629 |  |  | $ | 51,724 |  |  | $ | 51,629 |  |  | $ | 51,724 |

MSRs represent the economic value of contractual rights to service mortgage loans that have been sold. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.0 billion as of June 30, 2025 and $4.1 billion as of December 31, 2024. Actual and expected prepayments of the underlying mortgage loans can impact the fair values of the MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value.
The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $51.6 million and $54.0 million as of June 30, 2025 and December 31, 2024, respectively. Based on its fair value analysis as of June 30, 2025, the Corporation determined that no valuation allowance was required as of June 30, 2025.
NOTE 7 – Derivative Financial Instruments
The Corporation uses derivatives to manage its exposure to certain market risks, including interest rate and foreign currency risks, and to assist customers with their risk management objectives. Certain of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. The Corporation enters into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Corporation elects not to apply hedge accounting.
For additional information on our derivative accounting policies see "Note 1 - Summary of Significant Accounting Policies" under the heading "Derivative Financial Instruments" in our Annual Report on Form 10-K for the year ended December 31, 2024.
19

The following table presents a summary of the notional amounts and fair values of derivative financial instruments:

| June 30, 2025 |  | December 31, 2024
| Notional Amount |  | Asset (Liability) Fair Value |  | Notional Amount |  | Asset (Liability) Fair Value
| (dollars in thousands)
Interest Rate Locks with Customers |  |  |  |  |  |  |
Positive fair values | $ | 214,495 |  |  | $ | 987 |  |  | $ | 171,933 |  |  | $ | 389 |
Negative fair values | 511 |  |  | (4) |  |  | 3,888 |  |  | (58) |
Forward Commitments |  |  |  |  |  |  |
Positive fair values | — |  |  | — |  |  | 51,250 |  |  | 363 |
Negative fair values | 64,500 |  |  | (424) |  |  | — |  |  | — |
Interest Rate Derivatives with Customers(1) |  |  |  |  |  |  |
Positive fair values | 1,657,239 |  |  | 37,670 |  |  | 767,905 |  |  | 8,480 |
Negative fair values | 3,146,966 |  |  | (150,482) |  |  | 3,976,294 |  |  | (239,058) |
Interest Rate Derivatives with Dealer Counterparties |  |  |  |  |  |  |
Positive fair values | 3,146,966 |  |  | 88,725 |  |  | 3,976,294 |  |  | 150,480 |
Negative fair values | 1,657,239 |  |  | (38,036) |  |  | 767,905 |  |  | (10,734) |
Interest Rate Derivatives used in Cash Flow Hedges |  |  |  |  |  |  |
Positive fair values | 3,300,000 |  |  | 7,415 |  |  | 2,500,000 |  |  | 227 |
Negative fair values | 1,100,000 |  |  | (550) |  |  | 1,400,000 |  |  | (2,971) |
Foreign Exchange Contracts with Customers |  |  |  |  |  |  |
Positive fair values | 4,281 |  |  | 96 |  |  | 28,327 |  |  | 1,619 |
Negative fair values | 19,833 |  |  | (1,544) |  |  | 693 |  |  | (27) |
Foreign Exchange Contracts with Correspondent Banks |  |  |  |  |  |  |
Positive fair values | 21,951 |  |  | 1,771 |  |  | 4,059 |  |  | 63 |
Negative fair values | 3,369 |  |  | (94) |  |  | 32,406 |  |  | (1,569) |

(1) Fair values are net of a valuation allowance of $366.3 thousand as of June 30, 2025 and December 31, 2024.
20

The following table presents the effect of cash flow hedge accounting on AOCI:

| Amount of Gain (Loss) Recognized in OCI on Derivative |  | Amount of Gain (Loss) Recognized in OCI Included Component |  | Amount of Gain (Loss) Recognized in OCI Excluded Component |  | Location of Gain (Loss) Recognized from AOCI into Income |  | Amount of Gain (Loss) Reclassified from AOCI into Income |  | Amount of Gain (Loss) Reclassified from AOCI into Income Included Component |  | Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
| (dollars in thousands)
Three months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
Interest Rate Products | $ | (285) |  |  | $ | (285) |  |  | $ | — |  |  | Interest Income |  | $ | (5,048) |  |  | $ | (5,048) |  |  | $ | — |
Interest Rate Products | 341 |  |  | 341 |  |  | — |  |  | Interest Expense |  | (66) |  |  | (66) |  |  | — |
Total | $ | 56 |  |  | $ | 56 |  |  | $ | — |  |  |  |  | $ | (5,114) |  |  | $ | (5,114) |  |  | $ | — |
Three months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |
Interest Rate Products | $ | (381) |  |  | $ | (381) |  |  | $ | — |  |  | Interest Income |  | $ | (7,032) |  |  | $ | (7,032) |  |  | $ | — |
Interest Rate Products | 3,297 |  |  | 3,297 |  |  | — |  |  | Interest Expense |  | 2,030 |  |  | 2,030 |  |  | — |
Total | $ | 2,916 |  |  | $ | 2,916 |  |  | $ | — |  |  |  |  | $ | (5,002) |  |  | $ | (5,002) |  |  | $ | — |
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
Interest Rate Products | $ | 3,256 |  |  | $ | 3,256 |  |  | $ | — |  |  | Interest Income |  | $ | (9,538) |  |  | $ | (9,538) |  |  | $ | — |
Interest Rate Products | (919) |  |  | (919) |  |  | — |  |  | Interest Expense |  | (120) |  |  | (120) |  |  | — |
Total | $ | 2,337 |  |  | $ | 2,337 |  |  | $ | — |  |  |  |  | $ | (9,658) |  |  | $ | (9,658) |  |  | $ | — |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |
Interest Rate Products | $ | (6,040) |  |  | $ | (6,040) |  |  | $ | — |  |  | Interest Income |  | $ | (14,064) |  |  | $ | (14,064) |  |  | $ | — |
Interest Rate Products | 14,512 |  |  | 14,512 |  |  | — |  |  | Interest Expense |  | 4,050 |  |  | 4,050 |  |  | — |
Total | $ | 8,472 |  |  | $ | 8,472 |  |  | $ | — |  |  |  |  | $ | (10,014) |  |  | $ | (10,014) |  |  | $ | — |

21

The following table presents the effect of fair value and cash flow hedge accounting on the income statement:

| Consolidated Statements of Income Classification
| 2025 |  | 2024
| Interest Income |  | Interest Expense |  | Interest Income |  | Interest Expense
| (dollars in thousands)
Three months ended June 30 |  |  |  |  |  |  |
Total amounts of income line items presented in the Consolidated Statements of Income in which the effects of fair value or cash flow hedges are recorded | $ | (5,048) |  |  | $ | (66) |  |  | $ | (7,032) |  |  | $ | 2,030 |
The effects of fair value and cash flow hedging: |  |  |  |  |  |  |
Amount of (loss) gain reclassified from AOCI into income | (5,048) |  |  | (66) |  |  | (7,032) |  |  | 2,030 |
Interest rate derivatives: |  |  |  |  |  |  |
Amount of (loss) gain reclassified from AOCI into income as a result of a forecasted transaction that is no longer probable of occurring | — |  |  | — |  |  | — |  |  | — |
Amount of (loss) gain reclassified from AOCI into income - included component | (5,048) |  |  | (66) |  |  | (7,032) |  |  | 2,030 |
Amount of (loss) gain reclassified from AOCI into income - excluded component | — |  |  | — |  |  | — |  |  | — |
Six months ended June 30 |  |  |  |  |  |  |
Total amounts of income line items presented in the Consolidated Statements of Income in which the effects of fair value or cash flow hedges are recorded | $ | (9,538) |  |  | $ | (120) |  |  | $ | (14,064) |  |  | $ | 4,050 |
The effects of fair value and cash flow hedging: |  |  |  |  |  |  |
Amount of (loss) gain reclassified from AOCI into income | (9,538) |  |  | (120) |  |  | (14,064) |  |  | 4,050 |
Interest rate derivatives: |  |  |  |  |  |  |
Amount of (loss) gain reclassified from AOCI into income as a result of a forecasted transaction that is no longer probable of occurring | — |  |  | — |  |  | — |  |  | — |
Amount of (loss) gain reclassified from AOCI into income - included component | (9,538) |  |  | (120) |  |  | (14,064) |  |  | 4,050 |
Amount of (loss) gain reclassified from AOCI into income - excluded component | — |  |  | — |  |  | — |  |  | — |

During the next twelve months, the Corporation estimates that an additional $13.9 million will be reclassified as a decrease to net interest income.
The following table presents the fair value gains (losses) on derivative financial instruments:

| Consolidated Statements of Income Classification |  | Three months ended June 30 |  | Six months ended June 30
|  |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  | (dollars in thousands)
Mortgage banking derivatives(1) | Mortgage banking income |  | $ | 181 |  |  | $ | (45) |  |  | $ | (134) |  |  | $ | 1,122 |
Interest rate derivatives | Other income |  | 9 |  |  | 137 |  |  | 131 |  |  | 288 |
Foreign exchange contracts | Other income |  | 31 |  |  | 84 |  |  | 142 |  |  | 123 |
Net fair value gains (losses) on derivative financial instruments |  | $ | 221 |  |  | $ | 176 |  |  | $ | 139 |  |  | $ | 1,533 |

(1) Includes interest rate locks with customers and forward commitments.
22

The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents mortgage loans held for sale and the impact of the fair value election on the Consolidated Financial Statements:

| June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
Amortized cost(1) | $ | 22,727 |  |  | $ | 25,316 |
Fair value | 23,281 |  |  | 25,618 |

(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.
Gains related to changes in fair values of mortgage loans held for sale were $0.2 million for the three months ended June 30, 2025 compared to gains of $0.3 million for the three months ended June 30, 2024. Gains related to changes in fair values of mortgage loans held for sale were $0.3 million for the six months ended June 30, 2025 compared to gains of $0.1 million for the six months ended June 30, 2024. Gains and losses are recorded on the Consolidated Income Statements as adjustments to mortgage banking income.
23

Balance Sheet Offsetting
The fair values of interest rate derivative agreements and foreign exchange contracts the Corporation enters into with customers and dealer counterparties may be eligible for offset on the Consolidated Balance Sheets if they are subject to master netting arrangements or similar agreements. The Corporation has elected to net its financial assets and liabilities designated as interest rate derivatives when offsetting is permitted. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the Consolidated Balance Sheets:

| Gross Amounts |  | Gross Amounts Not Offset |  |
| Recognized |  | on the Consolidated |  |
| on the |  | Balance Sheets |  |
| Consolidated |  | Financial |  | Cash |  | Net
| Balance Sheets |  | Instruments(1) |  | Collateral(2) |  | Amount
| (dollars in thousands)
June 30, 2025 |  |  |  |  |  |  |
Interest rate derivative assets | $ | 133,810 |  |  | $ | (18,847) |  |  | $ | — |  |  | $ | 114,963 |
Foreign exchange derivative assets with correspondent banks | 1,771 |  |  | (1,771) |  |  | — |  |  | — |
Total | $ | 135,581 |  |  | $ | (20,618) |  |  | $ | — |  |  | $ | 114,963 |
Interest rate derivative liabilities | $ | 189,068 |  |  | $ | (22,308) |  |  | $ | (61,114) |  |  | $ | 105,646 |
Foreign exchange derivative liabilities with correspondent banks | 94 |  |  | (1,771) |  |  | — |  |  | (1,677) |
Total | $ | 189,162 |  |  | $ | (24,079) |  |  | $ | (61,114) |  |  | $ | 103,969 |
December 31, 2024 |  |  |  |  |  |  |
Interest rate derivative assets | $ | 159,187 |  |  | $ | (12,739) |  |  | $ | — |  |  | $ | 146,448 |
Foreign exchange derivative assets with correspondent banks | 63 |  |  | (63) |  |  | — |  |  | — |
Total | $ | 159,250 |  |  | $ | (12,802) |  |  | $ | — |  |  | $ | 146,448 |
Interest rate derivative liabilities | $ | 252,763 |  |  | $ | (9,995) |  |  | $ | (94,339) |  |  | $ | 148,429 |
Foreign exchange derivative liabilities with correspondent banks | 1,569 |  |  | (63) |  |  | — |  |  | 1,506 |
Total | $ | 254,332 |  |  | $ | (10,058) |  |  | $ | (94,339) |  |  | $ | 149,935 |

(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default.
For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.
(2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate derivative transactions and foreign exchange
contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying
loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.
Cash Flow Hedge Terminations
In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the unrealized losses that have been recorded in AOCI are recognized as a reduction to interest income, including fees, when the previously forecasted hedged item affects earnings in future periods. During the six months ended June 30, 2025, $6.5 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Consolidated Statements of Income. During the year ended December 31, 2024, $27.9 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Consolidated Statements of Income.
24

NOTE 8 – Accumulated Other Comprehensive (Loss) Income
The following table presents the components of OCI:

| Before-Tax Amount |  | Tax Effect |  | Net of Tax Amount
| (dollars in thousands)
Three months ended June 30, 2025 |  |  |  |  |
Net unrealized losses on investment securities(1) | $ | (6,926) |  |  | $ | 1,569 |  |  | $ | (5,357) |
Amortization of net unrealized gains on AFS investment securities transferred to HTM(2) | 1,736 |  |  | (394) |  |  | 1,342 |
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges | 56 |  |  | (12) |  |  | 44 |
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges | 5,114 |  |  | (1,159) |  |  | 3,955 |
Amortization of net unrecognized pension and postretirement items(3) | (138) |  |  | 32 |  |  | (106) |
Total Other Comprehensive Loss | $ | (158) |  |  | $ | 36 |  |  | $ | (122) |
Three months ended June 30, 2024 |  |  |  |  |
Net unrealized losses on investment securities(1) | $ | (18,356) |  |  | $ | 4,157 |  |  | $ | (14,199) |
Reclassification adjustment for securities net change included in net income(2) | 20,282 |  |  | (4,594) |  |  | 15,688 |
Amortization of net unrealized gains on AFS investment securities transferred to HTM(2) | 1,815 |  |  | (412) |  |  | 1,403 |
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges | 2,916 |  |  | (660) |  |  | 2,256 |
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges | 5,002 |  |  | (1,111) |  |  | 3,891 |
Amortization of net unrecognized pension and postretirement items(3) | (136) |  |  | 31 |  |  | (105) |
Total Other Comprehensive Loss | $ | 11,523 |  |  | $ | (2,589) |  |  | $ | 8,934 |
Six months ended June 30, 2025 |  |  |  |  |
Net unrealized gains on investment securities(1) | $ | 5,704 |  |  | $ | (1,292) |  |  | $ | 4,412 |
Reclassification adjustment for securities net change included in net income(2) | 2 |  |  | — |  |  | 2 |
Amortization of net unrealized gains on AFS investment securities transferred to HTM(2) | 3,452 |  |  | (782) |  |  | 2,670 |
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges | 2,337 |  | (529) |  |  | 1,808 |
Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges | 9,658 |  |  | (2,188) |  |  | 7,470 |
Amortization of net unrecognized pension and postretirement item(3) | (272) |  |  | 60 |  |  | (212) |
Total Other Comprehensive Income | $ | 20,881 |  |  | $ | (4,731) |  |  | $ | 16,150 |
Six months ended June 30, 2024 |  |  |  |  |
Net unrealized losses on investment securities(1) | $ | (39,902) |  |  | $ | 9,038 |  |  | $ | (30,864) |
Reclassification adjustment for securities net change included in net income(2) | 20,282 |  |  | (4,594) |  |  | 15,688 |
Amortization of net unrealized gains on AFS investment securities transferred to HTM(2) | 3,608 |  |  | (818) |  |  | 2,790 |
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges | 8,472 |  |  | (1,919) |  |  | 6,553 |
Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges | 10,014 |  |  | (2,224) |  |  | 7,790 |
Amortization of net unrecognized pension and postretirement items(3) | (271) |  |  | 60 |  |  | (211) |
Total Other Comprehensive Income | $ | 2,203 |  |  | $ | (457) |  |  | $ | 1,746 |

(1) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities (losses) gains, net" on the Consolidated Statements of Income.
(2) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income - Investment Securities" in on the Consolidated
Statements of Income.
(3) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income.
25

The following table presents changes in each component of AOCI, net of tax:

| Unrealized Gains (Losses) on Investment Securities |  | Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges |  |  |  | Unrecognized Pension and Postretirement Plan Income (Costs) |  | Total
| (dollars in thousands)
Three months ended June 30, 2025 |  |  |  |  |  |  |  |  |
Balance at March 31, 2025 | $ | (264,890) |  |  | $ | (10,773) |  |  |  |  | $ | 4,116 |  |  | $ | (271,547) |
OCI before reclassifications | (5,357) |  |  | 44 |  |  |  |  | — |  |  | (5,313) |
Amounts reclassified from AOCI | — |  |  | 3,955 |  |  |  |  | (106) |  |  | 3,849 |
Amortization of net unrealized gains on AFS investment securities transferred to HTM | 1,342 |  |  | — |  |  |  |  | — |  |  | 1,342 |
Balance at June 30, 2025 | $ | (268,905) |  |  | $ | (6,774) |  |  |  |  | $ | 4,010 |  |  | $ | (271,669) |
Three months ended June 30, 2024 |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | (290,140) |  |  | $ | (26,587) |  |  |  |  | $ | (2,741) |  |  | $ | (319,468) |
OCI before reclassifications | (14,199) |  |  | 2,256 |  |  |  |  | — |  |  | (11,943) |
Amounts reclassified from AOCI | 15,688 |  |  | 3,891 |  |  |  |  | (105) |  |  | 19,474 |
Amortization of net unrealized gains on AFS investment securities transferred to HTM | 1,403 |  |  | — |  |  |  |  | — |  |  | 1,403 |
Balance at June 30, 2024 | $ | (287,248) |  |  | $ | (20,440) |  |  |  |  | $ | (2,846) |  |  | $ | (310,534) |
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | (275,989) |  |  | $ | (16,052) |  |  |  |  | $ | 4,222 |  |  | $ | (287,819) |
OCI before reclassifications | 4,412 |  |  | 1,808 |  |  |  |  | — |  |  | 6,220 |
Amounts reclassified from AOCI | 2 |  |  | 7,470 |  |  |  |  | (212) |  |  | 7,260 |
Amortization of net unrealized gains on AFS investment securities transferred to HTM | 2,670 |  |  | — |  |  |  |  | — |  |  | 2,670 |
Balance at June 30, 2025 | $ | (268,905) |  |  | $ | (6,774) |  |  |  |  | $ | 4,010 |  |  | $ | (271,669) |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (274,862) |  |  | $ | (34,783) |  |  |  |  | $ | (2,635) |  |  | $ | (312,280) |
OCI before reclassifications | (30,864) |  |  | 6,553 |  |  |  |  | — |  |  | (24,311) |
Amounts reclassified from AOCI | 15,688 |  |  | 7,790 |  |  |  |  | (211) |  |  | 23,267 |
Amortization of net unrealized gains on AFS investment securities transferred to HTM | 2,790 |  |  | — |  |  |  |  | — |  |  | 2,790 |
Balance at June 30, 2024 | $ | (287,248) |  |  | $ | (20,440) |  |  |  |  | $ | (2,846) |  |  | $ | (310,534) |

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NOTE 9 – Fair Value Measurements
FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority):
•Level 1 – Inputs that represent quoted prices for identical instruments in active markets.
•Level 2 – Inputs that represent quoted prices for similar instruments in active markets or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means.
•Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.
All assets and liabilities measured at fair value on both a recurring and nonrecurring basis have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets:

| June 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Loans held for sale | $ | — |  |  | $ | 23,281 |  |  | $ | — |  |  | $ | 23,281 |
AFS investment securities: |  |  |  |  |  |  |
State and municipal securities | — |  |  | 774,749 |  |  | — |  |  | 774,749 |
Corporate debt securities | — |  |  | 264,098 |  |  | — |  |  | 264,098 |
Collateralized mortgage obligations | — |  |  | 1,172,238 |  |  | — |  |  | 1,172,238 |
Residential mortgage-backed securities | — |  |  | 896,735 |  |  | — |  |  | 896,735 |
Commercial mortgage-backed securities | — |  |  | 512,049 |  |  | — |  |  | 512,049 |
Total AFS investment securities | — |  |  | 3,619,869 |  |  | — |  |  | 3,619,869 |
Other assets: |  |  |  |  |  |  |
Investments held in Rabbi Trust | 37,571 |  |  | — |  |  | — |  |  | 37,571 |
Derivative assets | 1,867 |  |  | 134,797 |  |  | — |  |  | 136,664 |
Total assets | $ | 39,438 |  |  | $ | 3,777,947 |  |  | $ | — |  |  | $ | 3,817,385 |
Other liabilities: |  |  |  |  |  |  |
Deferred compensation liabilities | $ | 37,571 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,571 |
Derivative liabilities | 1,638 |  |  | 189,496 |  |  | — |  |  | 191,134 |
Total liabilities | $ | 39,209 |  |  | $ | 189,496 |  |  | $ | — |  |  | $ | 228,705 |

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| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Loans held for sale | $ | — |  |  | $ | 25,618 |  |  | $ | — |  |  | $ | 25,618 |
AFS investment securities: |  |  |  |  |  |  |
State and municipal securities | — |  |  | 814,887 |  |  | — |  |  | 814,887 |
Corporate debt securities | — |  |  | 300,370 |  |  | — |  |  | 300,370 |
Collateralized mortgage obligations | — |  |  | 788,885 |  |  | — |  |  | 788,885 |
Residential mortgage-backed securities | — |  |  | 989,875 |  |  | — |  |  | 989,875 |
Commercial mortgage-backed securities | — |  |  | 516,882 |  |  | — |  |  | 516,882 |
Total AFS investment securities | — |  |  | 3,410,899 |  |  | — |  |  | 3,410,899 |
Other assets: |  |  |  |  |  |  |
Investments held in Rabbi Trust | 35,093 |  |  | — |  |  | — |  |  | 35,093 |
Derivative assets | 1,682 |  |  | 159,939 |  |  | — |  |  | 161,621 |
Total assets | $ | 36,775 |  |  | $ | 3,596,456 |  |  | $ | — |  |  | $ | 3,633,231 |
Other liabilities: |  |  |  |  |  |  |
Deferred compensation liabilities | $ | 35,093 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,093 |
Derivative liabilities | 1,596 |  |  | 252,821 |  |  | — |  |  | 254,417 |
Total liabilities | $ | 36,689 |  |  | $ | 252,821 |  |  | $ | — |  |  | $ | 289,510 |

The valuation techniques used to measure fair value for the items in the preceding tables are as follows:
Loans held for sale – This category includes mortgage loans held for sale that are measured at fair value. Fair values as of June 30, 2025 and December 31, 2024 were measured at the price that secondary market investors were offering for loans with similar characteristics.
AFS investment securities – Included in this asset category are debt securities. Level 2 investment securities are valued by a third-party pricing service. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings and matrix pricing.
Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used or some of the standard market inputs may not be applicable.
•State and municipal securities/Collateralized mortgage obligations/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above.
•Corporate debt securities – These securities are classified as Level 2. This category consists of subordinated debt and senior debt issued by financial institutions ($256.8 million at June 30, 2025 and $293.1 million at December 31, 2024) and other corporate debt issued by non-financial institutions ($7.3 million at June 30, 2025 and December 31, 2024). The fair values for these corporate debt securities are determined by a third-party pricing service as detailed above.
Investments held in Rabbi Trust – This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represent quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1.
Derivative assets – Fair value of foreign currency exchange contracts are classified as Level 1 assets ($1.9 million and $1.7 million at June 30, 2025 and December 31, 2024, respectively). The foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets.
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Level 2 assets represent the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($1.0 million at June 30, 2025 and $0.8 million at December 31, 2024) and the fair value of interest rate derivatives ($133.8 million at June 30, 2025 and $159.2 million at December 31, 2024). The fair values of the interest rate locks, forward commitments and interest rate derivatives represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 7 - Derivative Financial Instruments," for additional information.
Deferred compensation liabilities – Fair value of amounts due to employees under deferred compensation plans, classified as Level 1 liabilities and are included in other liabilities on the Consolidated Balance Sheets. The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Investments held in Rabbi Trust" above.
Derivative liabilities – Level 1 liabilities represent the fair value of foreign currency exchange contracts ($1.6 million at June 30, 2025 and December 31, 2024).
Level 2 liabilities represent the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($0.4 million at June 30, 2025 and $0.1 million at December 31, 2024) and the fair value of interest rate derivatives ($189.1 million at June 30, 2025 and $252.8 million at December 31, 2024).
The fair values of these liabilities are determined in the same manner as the related assets as described under the heading "Derivative assets" above.
Certain financial instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:

| June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
Loans, Net | $ | 160,009 |  |  | $ | 168,668 |
OREO | 2,706 |  |  | 2,621 |
MSRs(1) | 51,629 |  |  | 53,972 |
SBA servicing asset | 2,801 |  |  | 3,120 |
Total assets | $ | 217,145 |  |  | $ | 228,381 |

(1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's Consolidated Balance Sheets at the lower of amortized cost or fair value.
See "Note 6 - Mortgage Servicing Rights" for additional information.
The valuation techniques used to measure fair value for the items in the table above are as follows:
•Loans, net – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. The amount shown is the balance of non-accrual loans, net of related ACL. See "Note 5 - Loans and Allowance for Credit Losses," for additional details.
•OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets.
•MSRs – This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified by product type and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the June 30, 2025 valuation were 7.2% and 9.1%, respectively. Management reviews the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 6 - Mortgage Servicing Rights," for additional information.
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•SBA servicing asset – This category consists of the retained servicing rights on SBA-guaranteed loans sold to investors. The standard sale structure under the SBA Secondary Participation Guaranty Agreement provides for the Corporation to retain a portion of the cash flow from the interest payment received on the SBA guaranteed portion of the loan, which is commonly known as a servicing spread. A third-party valuation expert is utilized to perform the modeling to estimate the fair value of the SBA servicing asset. Because the valuation model uses significant unobservable inputs, the SBA servicing asset is classified within Level 3.
The following tables detail the book values and the estimated fair values of the Corporation's financial instruments:

| June 30, 2025
|  | Estimated Fair Value
| Carrying Amount | Level 1 | Level 2 | Level 3 | Total
| (dollars in thousands)
FINANCIAL ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 804,664 |  | $ | 804,664 |  | $ | — |  | $ | — |  | $ | 804,664 |
FRB and FHLB stock | 141,515 |  | — |  | 141,515 |  | — |  | 141,515 |
Loans held for sale | 23,281 |  | — |  | 23,281 |  | — |  | 23,281 |
AFS investment securities | 3,619,869 |  | — |  | 3,619,869 |  | — |  | 3,619,869 |
HTM investment securities | 1,473,158 |  | — |  | 1,293,001 |  | — |  | 1,293,001 |
Loans, net | 23,635,202 |  | — |  | — |  | 22,484,657 |  | 22,484,657 |
Accrued interest receivable | 117,130 |  | 117,130 |  | — |  | — |  | 117,130 |
Other assets | 723,223 |  | 549,574 |  | 138,008 |  | 57,136 |  | 744,718 |
FINANCIAL LIABILITIES |  |  |  |  |
Demand and savings deposits | $ | 21,202,779 |  | $ | 21,202,779 |  | $ | — |  | $ | — |  | $ | 21,202,779 |
Brokered deposits | 817,398 |  | 80,212 |  | 736,913 |  | — |  | 817,125 |
Time deposits | 4,117,890 |  | — |  | 4,114,313 |  | — |  | 4,114,313 |
Accrued interest payable | 27,570 |  | 27,570 |  | — |  | — |  | 27,570 |
FHLB advances | 800,000 |  | 800,220 |  | — |  | — |  | 800,220 |
Senior debt and subordinated debt | 367,476 |  | — |  | 357,807 |  | — |  | 357,807 |
Other borrowings | 606,424 |  | 586,483 |  | 1,086 |  | — |  | 587,569 |
Other liabilities | 400,592 |  | 196,916 |  | 189,496 |  | 14,180 |  | 400,592 |

30

| December 31, 2024
|  | Estimated Fair Value
| Carrying Amount | Level 1 | Level 2 | Level 3 | Total
| (dollars in thousands)
FINANCIAL ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 1,063,871 |  | $ | 1,063,871 |  | $ | — |  | $ | — |  | $ | 1,063,871 |
FRB and FHLB stock | 139,574 |  | — |  | 139,574 |  | — |  | 139,574 |
Loans held for sale | 25,618 |  | — |  | 25,618 |  | — |  | 25,618 |
AFS investment securities | 3,410,899 |  | — |  | 3,410,899 |  | — |  | 3,410,899 |
HTM investment securities | 1,395,569 |  | — |  | 1,183,449 |  | — |  | 1,183,449 |
Loans, net | 23,665,763 |  | — |  | — |  | 22,555,687 |  | 22,555,687 |
Accrued interest receivable | 117,029 |  | 117,029 |  | — |  | — |  | 117,029 |
Other assets | 736,502 |  | 543,251 |  | 159,939 |  | 59,713 |  | 762,903 |
FINANCIAL LIABILITIES |  |  |  |  |
Demand and savings deposits | $ | 21,135,478 |  | $ | 21,135,478 |  | $ | — |  | $ | — |  | $ | 21,135,478 |
Brokered deposits | 843,857 |  | 145,056 |  | 698,647 |  | — |  | 843,703 |
Time deposits | 4,150,098 |  | — |  | 4,154,726 |  | — |  | 4,154,726 |
Accrued interest payable | 31,620 |  | 31,620 |  | — |  | — |  | 31,620 |
FHLB advances | 850,000 |  | 851,470 |  | — |  | — |  | 851,470 |
Senior debt and subordinated debt | 367,316 |  | — |  | 253,818 |  | — |  | 253,818 |
Other borrowings | 564,732 |  | 544,908 |  | 901 |  | — |  | 545,809 |
Other liabilities | 467,011 |  | 200,029 |  | 252,821 |  | 14,161 |  | 467,011 |

Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation.
For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation's Consolidated Balance Sheets, book value was considered to be a reasonable estimate of fair value.
The following instruments are predominantly short-term:

Assets |  | Liabilities
Cash and cash equivalents |  | Demand and savings deposits
Accrued interest receivable |  | Other borrowings
|  | Accrued interest payable

FRB and FHLB stock represent restricted investments and are carried at cost on the Consolidated Balance Sheets, which is a reasonable estimate of fair value.
As of June 30, 2025, fair values for loans and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans also include estimated credit losses that would be assumed in a market transaction, which represents estimated exit prices.
Brokered deposits consist of demand and saving deposits, which are classified as Level 1, and time deposits, which are classified as Level 2. The fair value of these deposits is determined in a manner consistent with the respective type of deposits discussed above.
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NOTE 10 – Net Income Per Share
Basic net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.
Diluted net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation's common stock equivalents consist of restricted stock, RSUs, and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period.
A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data):

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average shares outstanding (basic) | 182,261 |  |  | 175,305 |  |  | 182,220 |  |  | 169,006 |
Impact of common stock equivalents | 1,552 |  |  | 1,629 |  |  | 1,779 |  |  | 1,763 |
Weighted average shares outstanding (diluted) | 183,813 |  |  | 176,934 |  |  | 183,999 |  |  | 170,769 |
Per share: |  |  |  |  |  |  |
Basic | $ | 0.53 |  |  | $ | 0.53 |  |  | $ | 1.03 |  |  | $ | 0.90 |
Diluted | 0.53 |  |  | 0.52 |  |  | 1.02 |  |  | 0.89 |

NOTE 11 – Stock-Based Compensation
The Corporation grants equity awards to employees in the form of restricted stock, RSUs and PSUs under its Employee Equity Plan. In addition, employees may purchase stock under the Corporation's ESPP. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards.
The Corporation also grants equity awards to non-employee members of its Board of Directors and the Bank's Board of Directors under the Directors' Plan. Under the Directors' Plan, the Corporation can grant equity awards to non-employee Corporation and Bank directors in the form of restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors' Plan have been limited to RSUs.
As of June 30, 2025, the Employee Equity Plan had approximately 3.2 million shares reserved for future grants through 2032, and the Directors' Plan had approximately 263,000 shares reserved for future grants through 2033.
The following table presents compensation expense and the related tax benefits for equity awards recognized in the Consolidated Statements of Income:

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (dollars in thousands)
Compensation expense | $ | 3,257 |  |  | $ | 2,758 |  |  | $ | 5,189 |  |  | $ | 3,425 |
Tax benefit | (742) |  |  | (620) |  |  | (1,173) |  |  | (764) |
Total stock-based compensation, net of tax | $ | 2,515 |  |  | $ | 2,138 |  |  | $ | 4,016 |  |  | $ | 2,661 |

32

NOTE 12 – Employee Benefit Plans
The Corporation's 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. 401(k) Retirement Plan expense for the three months ended June 30, 2025 and 2024 was $3.6 million and $3.4 million, respectively. For the six months ended June 30, 2025 and 2024, 401(k) Retirement Plan expense was $7.1 million and $6.6 million, respectively.
The net periodic pension cost for the Pension Plan consisted of the following components:

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (dollars in thousands)
Interest cost | $ | 767 |  |  | $ | 789 |  |  | $ | 1,535 |  |  | $ | 1,579 |
Expected return on plan assets | (978) |  |  | (975) |  |  | (1,956) |  |  | (1,951) |
Net periodic pension cost | $ | (211) |  |  | $ | (186) |  |  | $ | (421) |  |  | $ | (372) |

The components of the net benefit for the Postretirement Plan consisted of the following components:

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (dollars in thousands)
Interest cost | $ | 8 |  |  | $ | 9 |  |  | $ | 17 |  |  | $ | 19 |
Net accretion and deferral | (135) |  |  | (136) |  |  | (271) |  |  | (271) |
Net periodic postretirement benefit | $ | (127) |  |  | $ | (127) |  |  | $ | (254) |  |  | $ | (252) |

In connection with the Merger, the Corporation assumed the obligations of Prudential Bancorp under a multiemployer defined benefit pension plan that had previously been closed to new Prudential Bancorp participants.
The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the Consolidated Balance Sheets and recognizes the change in that funded status through OCI.
NOTE 13 - Segment Reporting
The Corporation has one reportable segment whose primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation manages its business activities on a consolidated basis.
The accounting policies of the segment are the same as those described in "Note 1 – Summary of Significant Accounting Policies" of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024.
The Chief Operating Decision Maker is the Chairman and Chief Executive Officer who assesses performance of the segment based on net income available to common shareholders and net income available to common shareholders per share (diluted), which is reported in the Consolidated Statements of Income.
Net income available to common shareholders and net income available to common shareholders per share (diluted), are used to monitor actual results versus budget, in competitive analyses by benchmarking to the Corporation’s peers, and in decision-making pertaining to executive compensation levels, common stock and preferred stock dividend levels, common share repurchases and capital expenditure spending.
The measure of segment net income is reported on the Consolidated Statements of Income and the measure of segment assets is reported on the Consolidated Balance Sheet.
33

NOTE 14 – Commitments and Contingencies
Commitments
The Corporation is a party to financial instruments with OBS risk in the normal course of business to meet the financing needs of its borrowers or obligors.
Commitments to extend credit are agreements to lend to a borrower or obligor as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower or obligor. Because a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each borrower's or obligor's creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon an extension of credit is based on management's credit evaluation of the borrower or obligor. Collateral held varies but may include accounts receivable, inventory, property, equipment and income-producing commercial properties.
Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a borrower or obligor to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for borrowers or obligors. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistent with commercial lending standards. The maximum exposure to loss for standby and commercial letters of credit is equal to the contractual (or notional) amount of the instruments.
The following table presents the Corporation's commitments to extend credit and letters of credit:

| June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
Commitments to extend credit | $ | 8,861,986 |  |  | $ | 8,828,595 |
Standby letters of credit | 295,973 |  |  | 279,309 |
Commercial letters of credit | 36,449 |  |  | 48,993 |

Residential Lending
The Corporation originates and sells residential mortgages to secondary market investors. The Corporation provides customary representations and warranties to secondary market investors that specify, among other things, that the loans have been underwritten to the standards of the secondary market investor. The Corporation may be required to repurchase specific loans or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary representations and warranties, based on the specific terms of those agreements.
The Corporation maintains a reserve for estimated losses related to loans sold to investors. As of June 30, 2025 and December 31, 2024, the total reserve for losses on residential mortgage loans sold was $1.4 million and $1.5 million, respectively, including reserves for both representation and warranty and credit loss exposures. In addition, included as a component of ACL - OBS credit exposures, was $0.7 million and $1.2 million, as of June 30, 2025 and December 31, 2024, respectively, related to additional credit exposures for potential loan repurchases.
Legal Proceedings
The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of its business activities. The Corporation evaluates the possible impact of these matters, taking into consideration the most recent information available. A loss reserve is established for those matters for which the Corporation believes a loss is both probable and reasonably estimable. Once established, the reserve is adjusted as appropriate to reflect any subsequent developments. Actual losses with respect to any such matter may be more or less than the amount estimated by the Corporation. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated by the Corporation, no loss reserve is established.
In addition, from time to time, the Corporation is involved in investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other companies. These inquiries or investigations could lead to administrative, civil or criminal proceedings involving the
34

Corporation, and could result in fines, penalties, restitution, other types of sanctions, or the need for the Corporation to undertake remedial actions, or to alter its business, financial or accounting practices. The Corporation's practice is to cooperate fully with regulatory and governmental inquiries and investigations.
As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, that may result from the final outcomes of pending legal proceedings, or regulatory or governmental inquiries or investigations, will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings, inquiries and investigations are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation's results of operations in any future period, depending, in part, upon the size of the loss or liability imposed and the operating results for the period, and could have a material adverse effect on the Corporation's business. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause the Corporation to incur additional expenses, which could be significant, and possibly material, to the Corporation's results of operations in any future period.
35

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Management's Discussion relates to the Corporation, a financial holding company registered under the BHCA and incorporated under the laws of the Commonwealth of Pennsylvania, and its wholly owned subsidiaries. Management's Discussion should be read in conjunction with the Consolidated Financial Statements and other financial information presented in this Quarterly Report on Form 10-Q.
OVERVIEW
The Corporation is a financial holding company, which, through its wholly-owned banking subsidiary, provides a full range of consumer and commercial financial services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia.
The Corporation generates the majority of its revenue through net interest income, or the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing the NIM, which is FTE net interest income as a percentage of average interest-earning assets. The Corporation also generates revenue through fees earned on the various services and products offered to its customers and through gains on sales of assets, such as loans, investments and properties. Offsetting these revenue sources are provisions for credit losses on loans and OBS credit risks, non-interest expenses and income taxes.
H.R. 1
On July 4, 2025, President Trump signed H.R. 1 into law, which extends or reinstates certain provisions of the 2017 Tax Cuts and Jobs Act, includes tax relief measures, modifies certain energy tax credits granted under the Inflation Reduction Act and sets various limits on tax deductions, among other key provisions. H.R. 1 has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Corporation does not expect H.R. 1 to have a material impact on its Consolidated Financial Statements.
The following table presents a summary of the Corporation's earnings and selected performance ratios:

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (dollars in thousands, except per share data)
Net income | $ | 99,198 |  | $ | 94,975 |  | $ | 192,185 |  | $ | 156,916
Net income available to common shareholders | 96,636 |  | 92,413 |  | 187,061 |  | 151,792
Net income available to common shareholders per share (diluted) | 0.53 |  | 0.52 |  | 1.02 |  | 0.89
Operating net income available to common shareholders per share(1) | 0.55 |  | 0.47 |  | 1.07 |  | 0.87
Return on average assets, annualized | 1.25 | % |  | 1.24 | % |  | 1.21 | % |  | 1.08 | %
Operating return on average assets, annualized(1) | 1.30 | % |  | 1.11 | % |  | 1.27 | % |  | 1.06 | %
Return on average common shareholders' equity, annualized | 12.46 | % |  | 13.47 | % |  | 12.22 | % |  | 11.45 | %
Operating return on average common shareholders' equity (tangible), annualized(1) | 16.26 | % |  | 15.56 | % |  | 16.11 | % |  | 14.40 | %
Net interest margin(2) | 3.47 | % |  | 3.43 | % |  | 3.45 | % |  | 3.37 | %
Efficiency ratio(1) | 57.1 | % |  | 62.6 | % |  | 56.9 | % |  | 62.9 | %
Non-performing assets to total assets | 0.67 | % |  | 0.55 | % |  | 0.67 | % |  | 0.55 | %
Net charge-offs to average loans, annualized | 0.20 | % |  | 0.19 | % |  | 0.20 | % |  | 0.18 | %

(1) Represents a financial measure derived by methods other than GAAP. See reconciliation of this non-GAAP financial measure to the most directly
comparable GAAP measure under the "Supplemental Reporting of Non-GAAP Based Financial Measures" section of Management's Discussion.
(2) Presented on a FTE basis using a 21% federal tax rate and statutory interest expense disallowances.
36

Acquisition of Substantially all of the Assets and Assumption of Substantially all of the Deposits and Certain Liabilities of Republic First Bank from the FDIC
On the Acquisition Date, Fulton Bank completed the Republic First Transaction and acquired approximately $4.8 billion of assets of Republic First Bank and assumed approximately $5.6 billion of liabilities of Republic First Bank. The Bank received approximately $0.8 billion of cash from the FDIC in connection with the Republic First Transaction.
See "Note 2 - Business Combinations" in the Notes to Consolidated Financial Statements in Part I, "Item 1. Financial Statements."
Financial Highlights
Net Income Available to Common Shareholders and Net Income Per Share - Net income available to common shareholders was $96.6 million for the three months ended June 30, 2025, a $4.2 million increase compared to $92.4 million for the same period in 2024. Net income available to common shareholders per diluted share was $0.53 for the three months ended June 30, 2025, a $0.01 increase compared to the same period in 2024.
Net income available to common shareholders was $187.1 million for the six months ended June 30, 2025, a $35.3 million increase compared to $151.8 million for the same period in 2024. Net income available to common shareholders per diluted share was $1.02 for the six months ended June 30, 2025, a $0.13 increase compared to the same period in 2024.
Six Months Ended June 30, 2025 Results were Impacted by the Following Items:
•NIM of 3.45%, an 8 bps increase compared to 3.37% for the same period in 2024.
•Net interest income of $506.1 million, a $57.5 million increase compared to $448.7 million for the same period in 2024.
•Provision for credit losses of $22.5 million resulting in an ACL attributable to net loans of $377.3 million, or 1.57% of total net loans as of June 30, 2025.
•Non-interest income of $136.4 million, a $13.8 million decrease compared to $150.1 million for the same period in 2024.
•Non-interest expense of $382.3 million, a $5.2 million increase compared to $377.1 million for the same period in 2024.
Critical Accounting Policies
The Corporation's accounting policies are fundamental to understanding Management’s Discussion. Critical policies are those that the Corporation considers to be most important to the presentation of its financial condition and results of operations, because they require management's most difficult judgments as a result of the need to make estimates about the effects of matters that are inherently uncertain.
The Corporation's critical accounting policies are described in Part II, "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" under the heading "Critical Accounting Policies" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024.
Supplemental Reporting of Non-GAAP Based Financial Measures
This Quarterly Report on Form 10-Q 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. 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.
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These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its Consolidated Financial Statements in their entirety.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (dollars in thousands, except per share data and share data)
Operating net income available to common shareholders
Net income available to common shareholders | $ | 96,636 |  | $ | 92,413 |  | $ | 187,061 |  | $ | 151,792
Less: Other revenue | (9) |  | (708) |  | (131) |  | (859)
Less: Gain on acquisition, net of tax | — |  | (47,392) |  | — |  | (47,392)
Plus: Loss on securities restructuring | — |  | 20,282 |  | — |  | 20,282
Plus: Core deposit intangible amortization | 5,346 |  | 4,556 |  | 11,501 |  | 4,997
Plus: Acquisition-related expense | — |  | 13,803 |  | 380 |  | 13,803
Plus: CECL Day 1 Provision | — |  | 23,444 |  | — |  | 23,444
Plus: FDIC special assessment | — |  | — |  | — |  | 956
Less: Gain on Sale-Leaseback Transaction | — |  | (20,266) |  | — |  | (20,266)
Plus: FultonFirst implementation and asset disposals | (270) |  | 6,323 |  | (317) |  | 12,652
Less: Tax impact of adjustments | (1,064) |  | (9,961) |  | (2,401) |  | (11,552)
Operating net income available to common shareholders (numerator) | $ | 100,639 |  | $ | 82,494 |  | $ | 196,093 |  | $ | 147,857
Weighted average shares (diluted) (denominator) | 183,813 |  | 176,934 |  | 183,999 |  | 170,769
Operating net income available to common shareholders, per share (diluted) | $ | 0.55 |  | $ | 0.47 |  | $ | 1.07 |  | $ | 0.87
Operating return on average assets |  |  |  |  |  |  |
Net income | $ | 99,198 |  | $ | 94,975 |  | $ | 192,185 |  | $ | 156,916
Less: Other revenue | (9) |  | (708) |  | (131) |  | (859)
Less: Gain on acquisition, net of tax | — |  | (47,392) |  | — |  | (47,392)
Plus: Loss on securities restructuring | — |  | 20,282 |  | — |  | 20,282
Plus: Core deposit intangible amortization | 5,346 |  | 4,556 |  | 11,501 |  | 4,997
Plus: Acquisition-related expense | — |  | 13,803 |  | 380 |  | 13,803
Plus: CECL Day 1 Provision | — |  | 23,444 |  | — |  | 23,444
Plus: FDIC special assessment | — |  | — |  | — |  | 956
Less: Gain on Sale-Leaseback Transaction | — |  | (20,266) |  | — |  | (20,266)
Plus: FultonFirst implementation and asset disposals | (270) |  | 6,323 |  | (317) |  | 12,652
Less: Tax impact of adjustments | (1,064) |  | (9,961) |  | (2,401) |  | (11,552)
Operating net income (numerator) | $ | 103,201 |  | $ | 85,056 |  | $ | 201,217 |  | $ | 152,981
Total average assets | $ | 31,901,574 |  | $ | 30,774,891 |  | $ | 31,936,401 |  | $ | 29,113,319
Less: Average net core deposit intangible | (71,282) |  | (68,234) |  | (74,145) |  | (36,836)
Total operating average assets (denominator) | $ | 31,830,292 |  | $ | 30,706,657 |  | $ | 31,862,256 |  | $ | 29,076,483
Operating return on average assets(1) | 1.30 | % |  | 1.11 | % |  | 1.27 | % |  | 1.06 | %

38

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating return on average common shareholders' equity (tangible) |  |  |  |  |  |  |
Net income available to common shareholders | $ | 96,636 |  | $ | 92,413 |  | $ | 187,061 |  | $ | 151,792
Less: Other revenue | (9) |  | (708) |  | (131) |  | (859)
Less: Gain on acquisition, net of tax | — |  | (47,392) |  | — |  | (47,392)
Plus: Loss on securities restructuring | — |  | 20,282 |  | — |  | 20,282
Plus: Intangible amortization | 5,460 |  | 4,688 |  | 11,729 |  | 5,261
Plus: Acquisition-related expense | — |  | 13,803 |  | 380 |  | 13,803
Plus: CECL Day 1 Provision | — |  | 23,444 |  | — |  | 23,444
Plus: FDIC special assessment | — |  | — |  | — |  | 956
Less: Gain on Sale-Leaseback Transaction | — |  | (20,266) |  | — |  | (20,266)
Plus: FultonFirst implementation and asset disposals | (270) |  | 6,323 |  | (317) |  | 12,652
Less: Tax impact of adjustments | (1,088) |  | (9,989) |  | (2,449) |  | (11,607)
Adjusted net income available to common shareholders (numerator) | $ | 100,729 |  | $ | 82,598 |  | $ | 196,273 |  | $ | 148,066
Average shareholders' equity | $ | 3,304,015 |  | $ | 2,952,671 |  | $ | 3,279,208 |  | $ | 2,859,808
Less: Average preferred stock | (192,878) |  | (192,878) |  | (192,878) |  | (192,878)
Less: Average goodwill and intangible assets | (626,383) |  | (624,471) |  | (629,302) |  | (592,432)
Average tangible common shareholders' equity (denominator) | $ | 2,484,754 |  | $ | 2,135,322 |  | $ | 2,457,028 |  | $ | 2,074,498
Operating return on average common shareholders' equity (tangible)(1) | 16.26 | % |  | 15.56 | % |  | 16.11 | % |  | 14.40 | %
Efficiency ratio |  |  |  |  |  |  |
Non-interest expense | $ | 192,811 |  | $ | 199,488 |  | $ | 382,270 |  | $ | 377,087
Less: Acquisition-related expense | — |  | (13,803) |  | (380) |  | (13,803)
Less: Intangible amortization | (5,460) |  | (4,688) |  | (11,729) |  | (5,261)
Less: FDIC special assessment | — |  | — |  | — |  | (956)
Plus: Gain on Sale-Leaseback Transaction | — |  | 20,266 |  | — |  | 20,266
Less: FultonFirst implementation and asset disposals | 270 |  | (6,323) |  | 317 |  | (12,652)
Operating non-interest expense (numerator) | $ | 187,621 |  | $ | 194,940 |  | $ | 370,478 |  | $ | 364,681
Net interest income | $ | 254,921 |  | $ | 241,720 |  | $ | 506,107 |  | $ | 448,657
Tax equivalent adjustment | 4,389 |  | 4,556 |  | 8,730 |  | 9,148
Plus: Total non-interest income | 69,148 |  | 92,994 |  | 136,380 |  | 150,133
Less: Other revenue | (9) |  | (708) |  | (131) |  | (859)
Less: Gain on acquisition, net of tax | — |  | (47,392) |  | — |  | (47,392)
Plus: Investment securities losses (gains), net | — |  | 20,282 |  | 2 |  | 20,282
Total revenue (denominator) | $ | 328,449 |  | $ | 311,452 |  | $ | 651,088 |  | $ | 579,969
Efficiency ratio | 57.1 | % |  | 62.6 | % |  | 56.9 | % |  | 62.9 | %
(1) Results are annualized.

39

RESULTS OF OPERATIONS
Three months ended June 30, 2025 compared to the three months ended June 30, 2024
Net Interest Income
FTE net interest income was $259.3 million for the three months ended June 30, 2025, an increase of $13.0 million, compared to $246.3 million for the same period in 2024. For the three months ended June 30, 2025, NIM increased to 3.47%, or 4 bps, compared to the same period in 2024. The Corporation manages the risk associated with changes in interest rates through the techniques described within Part 1, "Item 3. Quantitative and Qualitative Disclosures About Market Risk" in this Quarterly Report on Form 10-Q. The following table provides a comparative average balance sheet and net interest income analysis for the three months ended June 30, 2025 compared to the same period in 2024. Interest income and yields are presented on an FTE basis using a 21% federal tax rate as well as statutory interest expense disallowances. The discussion following this table is based on these taxable-equivalent amounts.

| Three months ended June 30
| 2025 |  | 2024
| Average Balance |  | Interest (1) |  | Yield/ Rate |  | Average Balance |  | Interest (1) |  | Yield/ Rate
ASSETS | (dollars in thousands)
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |
Net loans(2) | $ | 23,899,742 |  |  | $ | 349,490 |  |  | 5.86 | % |  | $ | 23,345,914 |  |  | $ | 355,533 |  |  | 6.12 | %
Investment securities(3) | 5,390,953 |  |  | 49,463 |  |  | 3.67 |  |  | 4,396,050 |  |  | 33,799 |  |  | 3.07 |
Other interest-earning assets | 682,075 |  |  | 8,197 |  |  | 4.82 |  |  | 1,125,886 |  |  | 15,730 |  |  | 5.61 |
Total interest-earning assets | 29,972,770 |  |  | 407,150 |  |  | 5.44 |  |  | 28,867,850 |  |  | 405,062 |  |  | 5.64 |
Noninterest-earning assets: |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks | 277,880 |  |  |  |  |  |  | 302,381 |  |  |  |  |
Premises and equipment | 186,989 |  |  |  |  |  |  | 203,166 |  |  |  |  |
Other assets | 1,848,891 |  |  |  |  |  |  | 1,759,138 |  |  |  |  |
Less: ACL - loans(4) | (384,956) |  |  |  |  |  |  | (357,644) |  |  |  |  |
Total Assets | $ | 31,901,574 |  |  |  |  |  |  | $ | 30,774,891 |  |  |  |  |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Demand deposits | $ | 7,800,881 |  |  | $ | 34,745 |  |  | 1.79 | % |  | $ | 7,080,302 |  |  | $ | 31,748 |  |  | 1.80 | %
Savings and money market deposits | 8,219,637 |  |  | 47,462 |  |  | 2.32 |  |  | 7,309,141 |  |  | 44,901 |  |  | 2.47 |
Brokered deposits | 688,957 |  |  | 7,495 |  |  | 4.36 |  |  | 1,123,328 |  |  | 15,074 |  |  | 5.40 |
Time deposits | 4,112,130 |  |  | 39,492 |  |  | 3.85 |  |  | 3,670,158 |  |  | 39,364 |  |  | 4.31 |
Total interest-bearing deposits | 20,821,605 |  |  | 129,194 |  |  | 2.49 |  |  | 19,182,929 |  |  | 131,087 |  |  | 2.75 |
Borrowings and other interest-bearing liabilities | 1,756,246 |  |  | 18,646 |  |  | 4.26 |  |  | 2,441,691 |  |  | 27,699 |  |  | 4.53 |
Total interest-bearing liabilities | 22,577,851 |  |  | 147,840 |  |  | 2.62 |  |  | 21,624,620 |  |  | 158,786 |  |  | 2.95 |
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Demand deposits | 5,303,997 |  |  |  |  |  |  | 5,460,025 |  |  |  |  |
Other liabilities | 715,711 |  |  |  |  |  |  | 737,575 |  |  |  |  |
Total Liabilities | 28,597,559 |  |  |  |  |  |  | 27,822,220 |  |  |  |  |
Total deposits | 26,125,602 |  |  |  |  | 1.98 | % |  | 24,642,954 |  |  |  |  | 2.14 | %
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds) | 27,881,848 |  |  |  |  | 2.13 | % |  | 27,084,645 |  |  |  |  | 2.35 | %
Shareholders’ equity | 3,304,015 |  |  |  |  |  |  | 2,952,671 |  |  |  |  |
Total Liabilities and Shareholders’ Equity | $ | 31,901,574 |  |  |  |  |  |  | $ | 30,774,891 |  |  |  |  |
Net interest income/net interest margin (FTE) |  |  | 259,310 |  |  | 3.47 | % |  |  |  | 246,276 |  |  | 3.43 | %
Tax equivalent adjustment |  |  | (4,389) |  |  |  |  |  |  | (4,556) |  |  |
Net interest income |  |  | $ | 254,921 |  |  |  |  |  |  | $ | 241,720 |  |  |

(1) Presented on a FTE basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balance includes non-performing loans.
(3) Average balances include amortized historical cost for AFS investment securities; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL specifically for net loans and does not include the ACL for OBS credit exposures, which is included in other liabilities.
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The following table summarizes the changes in FTE interest income and interest expense resulting from changes in average balances (volume) and changes in yields and rates for the three months ended June 30, 2025 compared to the same period in 2024:

| 2025 versus 2024 Increase (decrease) due to change in
| Volume |  | Yield/Rate |  | Net
| (dollars in thousands)
FTE Interest income on: |  |  |  |  |
Net loans(1) | $ | 172,308 |  |  | $ | (178,351) |  |  | $ | (6,043) |
Investment securities | 8,405 |  |  | 7,259 |  |  | 15,664 |
Other interest-earning assets | (5,550) |  |  | (1,983) |  |  | (7,533) |
Total interest income | $ | 175,163 |  |  | $ | (173,075) |  |  | $ | 2,088 |
Interest expense on: |  |  |  |  |
Demand deposits | $ | 8,228 |  |  | $ | (5,231) |  |  | $ | 2,997 |
Savings and money market deposits | 60,848 |  |  | (58,287) |  |  | 2,561 |
Brokered deposits | (5,059) |  |  | (2,520) |  |  | (7,579) |
Time deposits | 71,867 |  |  | (71,739) |  |  | 128 |
Borrowings and other interest-bearing liabilities | (7,468) |  |  | (1,585) |  |  | (9,053) |
Total interest expense | $ | 128,416 |  |  | $ | (139,362) |  |  | $ | (10,946) |

(1) Average balance includes non-performing loans.
Note: Changes which are partially attributable to both volume and rate are allocated to the volume and rate components presented above based on the percentage of direct changes that are attributable to each component.
Compared to the second quarter of 2024, FTE total interest income for the second quarter of 2025 increased $2.1 million, or 0.5%, due to an increase of $175.2 million attributable to changes in volume, partially offset by a decrease of $173.1 million attributable to changes in yield. The increase due to changes in volume was largely due to an increase in average net loans in part due to loans acquired in the Republic First Transaction. The decrease due to changes in yield was primarily due to a decline in interest rates on average net loans and other interest-earning assets.
The yield on average total interest-earning assets decreased 20 bps for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to lower interest rates.
In the second quarter of 2025, interest expense decreased $10.9 million compared to the second quarter of 2024, primarily driven by a decrease of $139.4 million attributable to changes in rate, partially offset by an increase of $128.4 million attributable to changes in volume. The increase in interest expense attributable to changes in volume was driven by increases in average time deposits and average savings and money market deposits in part due to deposits assumed in the Republic First Transaction. The decrease in interest expense attributable to changes in rate was primarily due to lower interest rates.
The rate on average total interest-bearing liabilities decreased 33 bps for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to lower interest rates.
41

Average loans and average FTE yields, by type, are summarized in the following table:

| Three months ended June 30 |  |  |  |
| 2025 |  | 2024 |  |  |  | Increase (Decrease)
| Balance |  | Yield |  | Balance |  | Yield |  | $ |  | %
| (dollars in thousands) |  |  |  |
Real estate – commercial mortgage | $ | 9,652,320 |  |  | 6.16 | % |  | $ | 8,958,139 |  |  | 6.57 | % |  | $ | 694,181 |  |  | 7.7 | %
Commercial and industrial | 4,530,085 |  |  | 6.40 |  |  | 4,853,583 |  |  | 6.90 |  |  | (323,498) |  |  | (6.7) |
Real estate – residential mortgage | 6,448,443 |  |  | 4.55 |  |  | 5,977,132 |  |  | 4.19 |  |  | 471,311 |  |  | 7.9 |
Real estate – home equity | 1,179,109 |  |  | 6.86 |  |  | 1,117,367 |  |  | 7.33 |  |  | 61,742 |  |  | 5.5 |
Real estate – construction | 1,172,138 |  |  | 6.81 |  |  | 1,430,057 |  |  | 7.42 |  |  | (257,919) |  |  | (18.0) |
Consumer | 599,505 |  |  | 7.58 |  |  | 685,183 |  |  | 6.84 |  |  | (85,678) |  |  | (12.5) |
Leases and other loans(1) | 318,142 |  |  | 4.93 |  |  | 324,453 |  |  | 6.05 |  |  | (6,311) |  |  | (1.9) |
Total loans | $ | 23,899,742 |  |  | 5.86 | % |  | $ | 23,345,914 |  |  | 6.12 | % |  | $ | 553,828 |  |  | 2.4 | %

(1) Consists of equipment lease financing, overdrafts and net origination fees and costs.
During the second quarter of 2025, average net loan s increased $553.8 million, or 2.4%, c ompared to the same period in 2024. The increase in average net loans was in part due to loans acquired in the Republic First Transaction.
The yield on total loans decreased 26 bps to 5.86% for the second quarter of 2025 compared to 6.12% for the same period in 2024.
Average deposits and average interest rates, by type, are summarized in the following table:

| Three months ended June 30 |  |  |  |
| 2025 |  | 2024 |  | Increase (Decrease)
| Balance |  | Rate |  | Balance |  | Rate |  | $ |  | %
| (dollars in thousands)
Noninterest-bearing demand | $ | 5,303,997 |  |  | — | % |  | $ | 5,460,025 |  |  | — | % |  | $ | (156,028) |  |  | (2.9) | %
Interest-bearing demand | 7,800,881 |  |  | 1.79 |  |  | 7,080,302 |  |  | 1.80 |  |  | 720,579 |  |  | 10.2 |
Savings and money market deposits | 8,219,637 |  |  | 2.32 |  |  | 7,309,141 |  |  | 2.47 |  |  | 910,496 |  |  | 12.5 |
Total demand deposits and savings and money market deposits | 21,324,515 |  |  | 1.55 |  |  | 19,849,468 |  |  | 1.55 |  |  | 1,475,047 |  |  | 7.4 |
Brokered deposits | 688,957 |  |  | 4.36 |  |  | 1,123,328 |  |  | 5.40 |  |  | (434,371) |  |  | (38.7) |
Time deposits | 4,112,130 |  |  | 3.85 |  |  | 3,670,158 |  |  | 4.31 |  |  | 441,972 |  |  | 12.0 |
Total deposits | $ | 26,125,602 |  |  | 1.98 | % |  | $ | 24,642,954 |  |  | 2.14 | % |  | $ | 1,482,648 |  |  | 6.0 | %

Average total deposits increased $1.5 billion, or 6.0%, in the second quarter of 2025 compared to the same period in 2024. The increase in average total deposits was primarily due to increases of $910.5 million, $720.6 million and $442.0 million in average savings and money market deposits, average interest-bearing demand deposits and average time deposits, respectively. The increase in average deposits was in part due to deposits assumed in the Republic First Transaction.
The cost of deposits decreased 16 bps to 1.98% in the second quarter of 2025 compared to 2.14% for the same period in 2024 primarily due to lower interest rates.
42

Average borrowings and other interest-bearing liabilities and interest rates, by type, are summarized in the following table:

| Three months ended June 30 |  |  |  |
| 2025 |  | 2024 |  | Increase (Decrease)
| Balance |  | Rate |  | Balance |  | Rate |  | $ |  | %
| (dollars in thousands)
Federal funds purchased | $ | 1,099 |  |  | 4.46 | % |  | $ | 32,637 |  |  | 5.97 | % |  | $ | (31,538) |  |  | (96.6)%
FHLB advances | 712,198 |  |  | 4.42 |  |  | 833,726 |  |  | 4.64 |  |  | (121,528) |  |  | (14.6) |
Senior debt and subordinated debt | 367,438 |  |  | 5.49 |  |  | 535,656 |  |  | 3.96 |  |  | (168,218) |  |  | (31.4) |
Other borrowings and interest-bearing liabilities(1) | 675,511 |  |  | 3.36 |  |  | 1,039,672 |  |  | 4.51 |  |  | (364,161) |  |  | (35.0) |
Total borrowings and other interest-bearing liabilities | $ | 1,756,246 |  |  | 4.26 | % |  | $ | 2,441,691 |  |  | 4.53 | % |  | $ | (685,445) |  |  | (28.1) | %

(1) Includes repurchase agreements, short-term promissory notes, capital leases and collateral liabilities.
Average total borrowings and other interest-bearing liabilities decreased $685.4 million, or 28.1%, in the second quarter of 2025 compared to the same period in 2024. The decrease in average total borrowings and other interest-bearing liabilities was due to decreases of $364.2 million, $168.2 million, $121.5 million and $31.5 million in average other borrowings and interest-bearing liabilities, average senior debt and subordinated debt, average FHLB advances and average Federal funds purchased, respectively.
In November 2024, the Corporation retired $168.8 million of subordinated notes issued in November 2014 and June 2015 which matured on November 15, 2024.
Provision for Credit Losses
The provision for credit losses was $8.6 million for the three months ended June 30, 2025 resulting in a $377.3 million allowance for credit losses attributable to net loans, or 1.57% of total net loans as of June 30, 2025, compared to a provision for credit losses of $32.1 million for the same period in 2024, resulting in a $375.9 million allowance for credit losses attributable to net loans, or 1.56% of total net loans as of June 30, 2024.
43

Non-Interest Income
The following table presents the components of non-interest income:

| Three months ended June 30 |  | Increase (Decrease)
| 2025 |  | 2024 |  | $ |  | %
| (dollars in thousands)
Wealth management | $ | 22,281 |  |  | $ | 20,990 |  |  | $ | 1,291 |  |  | 6.2 | %
Commercial banking: |  |  |  |  |  |  |
Merchant and card | 7,376 |  |  | 7,798 |  |  | (422) |  |  | (5.4) |
Cash management | 8,376 |  |  | 6,966 |  |  | 1,410 |  |  | 20.2 |
Capital markets | 2,945 |  |  | 2,585 |  |  | 360 |  |  | 13.9 |
Other commercial banking | 4,734 |  |  | 4,061 |  |  | 673 |  |  | 16.6 |
Total commercial banking | 23,431 |  |  | 21,410 |  |  | 2,021 |  |  | 9.4 |
Consumer banking: |  |  |  |  |  |  |
Card | 7,958 |  |  | 8,305 |  |  | (347) |  |  | (4.2) |
Overdraft | 3,817 |  |  | 3,377 |  |  | 440 |  |  | 13.0 |
Other consumer banking | 2,753 |  |  | 2,918 |  |  | (165) |  |  | (5.7) |
Total consumer banking | 14,528 |  |  | 14,600 |  |  | (72) |  |  | N/M
Mortgage banking | 3,991 |  |  | 3,951 |  |  | 40 |  |  | 1.0 |
Other | 4,917 |  |  | 4,933 |  |  | (16) |  |  | N/M
Non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax | 69,148 |  |  | 65,884 |  |  | 3,264 |  |  | 5.0 |
Gain on acquisition, net of tax | — |  |  | 47,392 |  |  | (47,392) |  |  | N/M
Investment securities (losses) gains, net | — |  |  | (20,282) |  |  | 20,282 |  |  | N/M
Total Non-Interest Income | $ | 69,148 |  |  | $ | 92,994 |  |  | $ | (23,846) |  |  | (25.6) | %

Non-interest income for the three months ended June 30, 2025 decreased $23.8 million, or 25.6%, compared to the same period in 2024. Compared to the three months ended June 30, 2024, non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax, increased $3.3 million, or 5.0%. The increase in non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax, was primarily due to increases of $1.4 million in cash management fee income due to an increase in account analysis fees as commercial customers moved funds to interest-bearing deposit accounts and $1.3 million in wealth management revenues due to an increase in assets under management.
In May 2024, the Corporation sold $345.7 million of AFS investment securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding investment securities of a similar type and similar duration.
44

Non-Interest Expense
The following table presents the components of non-interest expense:

| Three months ended June 30 |  | Increase (Decrease)
| 2025 |  | 2024 |  | $ |  | %
| (dollars in thousands)
Salaries and employee benefits | $ | 107,346 |  |  | $ | 109,466 |  |  | $ | (2,120) |  |  | (1.9) | %
Data processing and software | 18,262 |  |  | 20,357 |  |  | (2,095) |  |  | (10.3) |
Net occupancy | 16,410 |  |  | 17,793 |  |  | (1,383) |  |  | (7.8) |
Other outside services | 11,781 |  |  | 11,773 |  |  | 8 |  |  | N/M
Intangible amortization | 5,460 |  |  | 4,688 |  |  | 772 |  |  | 16.5 |
FDIC insurance | 4,951 |  |  | 6,696 |  |  | (1,745) |  |  | (26.1) |
Equipment | 4,100 |  |  | 4,561 |  |  | (461) |  |  | (10.1) |
Marketing | 2,604 |  |  | 2,101 |  |  | 503 |  |  | 23.9 |
Professional fees | 2,121 |  |  | 2,571 |  |  | (450) |  |  | (17.5) |
Other | 20,046 |  |  | 19,622 |  |  | 424 |  |  | 2.2 |
Subtotal | $ | 193,081 |  |  | $ | 199,628 |  |  | $ | (6,547) |  |  | (3.3) | %
Gain on Sale-Leaseback Transaction | — |  |  | (20,266) |  |  | 20,266 |  |  | N/M
FultonFirst implementation and asset disposals | (270) |  |  | 6,323 |  |  | (6,593) |  |  | N/M
Acquisition-related expenses | — |  |  | 13,803 |  |  | (13,803) |  |  | N/M
Total non-interest expense | $ | 192,811 |  |  | $ | 199,488 |  |  | $ | (6,677) |  |  | (3.3) | %

Non-interest expense for the three months ended June 30, 2025 decreased $6.7 million, or 3.3%, compared to the same period in 2024. Excluding the gain on Sale-Leaseback Transaction, FultonFirst implementation and asset disposals and acquisition-related expenses, non-interest expense decreased $6.5 million, or 3.3%. The decrease in non-interest expense before gain on Sale-Leaseback Transaction, FultonFirst implementation and asset disposals and acquisition-related expenses was primarily due to decreases of $2.1 million in salaries and employee benefits expense driven by a reduction in employee base salaries expense, in part due to the Republic First Transaction and FultonFirst initiative, and $2.1 million in data processing and software expense, $1.7 million in FDIC insurance expense and $1.4 million in net occupancy expense, all primarily due to cost savings realized from the Republic First Transaction, partially offset by an increase of $0.8 million in intangible amortization expense driven by an increase in CDI amortization expense resulting from the Republic First Transaction.
Income Taxes
Income tax expense for the three months ended June 30, 2025 was $23.5 million, a $15.3 million increase compared to the same period in 2024. The Corporation's ETR was 19.1% for the three months ended June 30, 2025 compared to 7.9% for the same period in 2024. Excluding the impact from the $47.4 million gain on acquisition, net of tax, the Corporation's ETR was 14.7% for the same period in 2024.
45

Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Net Interest Income
FTE net interest income was $514.8 million for the six months ended June 30, 2025, an increase of $57.0 million, compared to $457.8 million for the same period in 2024. For the six months ended June 30, 2025, NIM increased to 3.45%, or 8 bps, compared to the same period in 2024. The following table provides a comparative average balance sheet and net interest income analysis for the six months ended June 30, 2025 compared to the same period in 2024. Interest income and yields are presented on an FTE basis using a 21% federal tax rate as well as statutory interest expense disallowances. The discussion following this table is based on these taxable-equivalent amounts.

| Six months ended June 30
| 2025 |  | 2024
| Average Balance |  | Interest(1) |  | Yield/ Rate |  | Average Balance |  | Interest(1) |  | Yield/ Rate
ASSETS | (dollars in thousands)
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |
Net loans(2) | $ | 23,953,003 |  |  | $ | 697,115 |  |  | 5.86 | % |  | $ | 22,357,972 |  |  | $ | 669,414 |  |  | 6.02 | %
Investment securities(3) | 5,295,507 |  |  | 96,706 |  |  | 3.65 |  |  | 4,189,901 |  |  | 60,847 |  |  | 2.90 |
Other interest-earning assets | 737,302 |  |  | 17,361 |  |  | 4.74 |  |  | 699,547 |  |  | 19,059 |  |  | 5.47 |
Total interest-earning assets | 29,985,812 |  |  | 811,182 |  |  | 5.44 |  |  | 27,247,420 |  |  | 749,320 |  |  | 5.52 |
Noninterest-earning assets: |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks | 289,822 |  |  |  |  |  |  | 292,638 |  |  |  |  |
Premises and equipment | 189,108 |  |  |  |  |  |  | 213,270 |  |  |  |  |
Other assets | 1,856,900 |  |  |  |  |  |  | 1,686,941 |  |  |  |  |
Less: ACL - loans(4) | (385,241) |  |  |  |  |  |  | (326,950) |  |  |  |  |
Total Assets | $ | 31,936,401 |  |  |  |  |  |  | $ | 29,113,319 |  |  |  |  |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Demand deposits | $ | 7,777,364 |  |  | $ | 68,934 |  |  | 1.79 | % |  | $ | 6,338,513 |  |  | $ | 52,248 |  |  | 1.66 | %
Savings and money market deposits | 8,134,377 |  |  | 92,563 |  |  | 2.29 |  |  | 6,989,186 |  |  | 83,699 |  |  | 2.41 |
Brokered deposits | 796,243 |  |  | 17,533 |  |  | 4.44 |  |  | 1,103,356 |  |  | 29,728 |  |  | 5.42 |
Time deposits | 4,081,913 |  |  | 81,055 |  |  | 4.00 |  |  | 3,319,249 |  |  | 68,986 |  |  | 4.18 |
Total interest-bearing deposits | 20,789,897 |  |  | 260,085 |  |  | 2.52 |  |  | 17,750,304 |  |  | 234,661 |  |  | 2.66 |
Borrowings and other interest-bearing liabilities | 1,755,577 |  |  | 36,260 |  |  | 4.17 |  |  | 2,525,034 |  |  | 56,854 |  |  | 4.49 |
Total interest-bearing liabilities | 22,545,474 |  |  | 296,345 |  |  | 2.65 |  |  | 20,275,338 |  |  | 291,515 |  |  | 2.89 |
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Demand deposits | 5,357,731 |  |  |  |  |  |  | 5,260,550 |  |  |  |  |
Other liabilities | 753,988 |  |  |  |  |  |  | 717,623 |  |  |  |  |
Total Liabilities | 28,657,193 |  |  |  |  |  |  | 26,253,511 |  |  |  |  |
Total deposits | 26,147,628 |  |  |  |  | 2.01 |  |  | 23,010,854 |  |  |  |  | 2.05 |
Total interest-bearing liabilities and non-interest-bearing deposits (cost of funds) | 27,903,205 |  |  |  |  | 2.14 |  |  | 25,535,888 |  |  |  |  | 2.29 |
Shareholders’ equity | 3,279,208 |  |  |  |  |  |  | 2,859,808 |  |  |  |  |
Total Liabilities and Shareholders’ Equity | $ | 31,936,401 |  |  |  |  |  |  | $ | 29,113,319 |  |  |  |  |
Net interest income/net interest margin (FTE) |  |  | 514,837 |  |  | 3.45 | % |  |  |  | 457,805 |  |  | 3.37 | %
Tax equivalent adjustment |  |  | (8,730) |  |  |  |  |  |  | (9,148) |  |  |
Net interest income |  |  | $ | 506,107 |  |  |  |  |  |  | $ | 448,657 |  |  |

(1) Presented on a FTE basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balance includes non-performing loans.
(3) Average balances include amortized historical cost for AFS investment securities; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL specifically for net loans and does not include the ACL for OBS credit exposures, which is included in other liabilities.
46

The following table summarizes the changes in FTE interest income and interest expense resulting from changes in average balances (volume) and changes in yields and rates for the six months ended June 30, 2025 in comparison to the same period in 2024:

| 2025 versus 2024 Increase (Decrease) due to change in
| Volume |  | Yield/Rate |  | Net
| (dollars in thousands)
FTE interest income on: |  |  |  |  |
Net loans(1) | $ | 125,298 |  |  | $ | (97,597) |  |  | $ | 27,701 |
Investment securities | 18,110 |  |  | 17,749 |  |  | 35,859 |
Other interest-earning assets | 5,442 |  |  | (7,140) |  |  | (1,698) |
Total interest income | $ | 148,850 |  |  | $ | (86,988) |  |  | $ | 61,862 |
Interest expense on: |  |  |  |  |
Demand deposits | $ | 12,406 |  |  | $ | 4,280 |  |  | $ | 16,686 |
Savings and money market deposits | 32,741 |  |  | (23,877) |  |  | 8,864 |
Brokered deposits | (7,393) |  |  | (4,802) |  |  | (12,195) |
Time deposits | 30,457 |  |  | (18,388) |  |  | 12,069 |
Borrowings and other interest-bearing liabilities | (16,690) |  |  | (3,904) |  |  | (20,594) |
Total interest expense | $ | 51,521 |  |  | $ | (46,691) |  |  | $ | 4,830 |

(1) Average balance includes non-performing loans.
Note: Changes which are partially attributable to both volume and rate are allocated to the volume and rate components presented above based on the percentage of direct changes that are attributable to each component.
Compared to the same period in 2024, FTE total interest income for the six months ended June 30, 2025 increased $61.9 million, or 8.3%, due to an increase of $148.9 million attributable to changes in volume, of which $125.3 million was attributable to average net loans, partially offset by a decrease of $87.0 million attributable to changes in yield, primarily attributable to average net loans. The increase in the average balance of net loans for the six months ended June 30, 2025 compared to the same period in 2024 was in part due to loans acquired in the Republic First Transaction.
The yield on average total interest-earning assets decreased 8 bps for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a decline in interest rates.
For the six months ended June 30, 2025, interest expense increased $4.8 million compared to the same period in 2024, primarily driven by an increase of $51.5 million attributable to changes in volume, partially offset by a decrease of $46.7 million attributable to changes in rate. The increase in interest expense attributable to changes in volume was driven by increases in average savings and money market deposits and average balance of time deposits in part due to deposits assumed in the Republic First Transaction. The decrease in interest expense attributable to changes in rate was primarily due to a decline in interest rates.
The rate on average total interest-bearing liabilities decreased 24 bps for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a decline in interest rates.
47

Average loans and average FTE yields, by type, are summarized in the following table:

| Six months ended June 30 |  |  |  |
| 2025 |  | 2024 |  | Increase (Decrease)
| Balance |  | Yield |  | Balance |  | Yield |  | $ |  | %
| (dollars in thousands)
Real estate – commercial mortgage | $ | 9,653,793 |  |  | 6.20 | % |  | $ | 8,562,077 |  |  | 6.46 | % |  | $ | 1,091,716 |  |  | 12.8 | %
Commercial and industrial | 4,569,027 |  |  | 6.40 |  |  | 4,685,383 |  |  | 6.79 |  |  | (116,356) |  |  | (2.5) |
Real estate - residential mortgage | 6,408,432 |  |  | 4.51 |  |  | 5,665,518 |  |  | 4.08 |  |  | 742,914 |  |  | 13.1 |
Real estate - home equity | 1,169,961 |  |  | 6.85 |  |  | 1,078,344 |  |  | 7.33 |  |  | 91,617 |  |  | 8.5 |
Real estate – construction | 1,233,770 |  |  | 6.97 |  |  | 1,335,348 |  |  | 7.43 |  |  | (101,578) |  |  | (7.6) |
Consumer | 607,578 |  |  | 7.30 |  |  | 703,353 |  |  | 6.64 |  |  | (95,775) |  |  | (13.6) |
Leases and other loans (1) | 310,442 |  |  | 4.96 |  |  | 327,949 |  |  | 5.38 |  |  | (17,507) |  |  | (5.3) |
Total loans | $ | 23,953,003 |  |  | 5.86 | % |  | $ | 22,357,972 |  |  | 6.02 | % |  | $ | 1,595,031 |  |  | 7.1 | %

(1) Consists of equipment lease financing, overdrafts and net origination fees and costs.
During the six months ended June 30, 2025, average net loan s increased $1.6 billion, or 7.1%, compared to the same period in 2024. The increase in average net loans was largely due to loans acquired in the Republic First Transaction.
The yield on total loans decreased 16 bps for the first six months of 2025 compared to the same period in 2024 primarily due to lower interest rates.
Average deposits and average interest rates, by type, are summarized in the following table:

| Six months ended June 30 |  |  |  |
| 2025 |  | 2024 |  | Increase (Decrease)
| Balance |  | Rate |  | Balance |  | Rate |  | $ |  | %
| (dollars in thousands)
Noninterest-bearing demand | $ | 5,357,731 |  |  | — | % |  | $ | 5,260,550 |  |  | — | % |  | $ | 97,181 |  |  | 1.8 | %
Interest-bearing demand | 7,777,364 |  |  | 1.79 |  |  | 6,338,513 |  |  | 1.66 |  |  | 1,438,851 |  |  | 22.7 |
Savings and money market deposits | 8,134,377 |  |  | 2.29 |  |  | 6,989,186 |  |  | 2.41 |  |  | 1,145,191 |  |  | 16.4 |
Total demand deposits and savings and money market deposits | 21,269,472 |  |  | 1.53 |  |  | 18,588,249 |  |  | 1.47 |  |  | 2,681,223 |  |  | 14.4 |
Brokered deposits | 796,243 |  |  | 4.44 |  |  | 1,103,356 |  |  | 5.42 |  |  | (307,113) |  |  | (27.8) |
Time deposits | 4,081,913 |  |  | 4.00 |  |  | 3,319,249 |  |  | 4.18 |  |  | 762,664 |  |  | 23.0 |
Total deposits | $ | 26,147,628 |  |  | 2.01 | % |  | $ | 23,010,854 |  |  | 2.05 | % |  | $ | 3,136,774 |  |  | 13.6 | %

During the six months ended June 30, 2025, average total deposits increased $3.1 billion, or 13.6%, compared to the same period in 2024. The increase in average total deposits was primarily due to increases of $1.4 billion, $1.1 billion and $762.7 million in average interest-bearing demand deposits, average savings and money market deposits and average time deposits, respectively, partially offset by a decrease of $307.1 million in average brokered deposits. The increase in average deposits was largely due to deposits assumed in the Republic First Transaction.
The cost o f total d eposits decreased 4 bps to 2.01% for the first six months of 2025 compared to 2.05% for the same period of 2024 primarily due to a decline in interest rates.
48

Average borrowings and other interest-bearing liabilities and interest rates, by type, are summarized in the following table:

| Six months ended June 30 |  |  |  |
| 2025 |  | 2024 |  | Increase (Decrease)
| Balance |  | Rate |  | Balance |  | Rate |  | $ |  | %
| (dollars in thousands)
Federal funds purchased | $ | 552 |  |  | 4.46 | % |  | $ | 103,148 |  |  | 5.52 | % |  | $ | (102,596) |  |  | (99.5) |
FHLB advances | 710,790 |  |  | 4.48 |  |  | 868,308 |  |  | 4.72 |  |  | (157,518) |  |  | (18.1) |
Senior debt and subordinated debt | 367,398 |  |  | 4.69 |  |  | 535,567 |  |  | 3.96 |  |  | (168,169) |  |  | (31.4) |
Other borrowings and interest-bearing liabilities(1) | 676,837 |  |  | 3.48 |  |  | 1,018,011 |  |  | 4.30 |  |  | (341,174) |  |  | (33.5) |
Total borrowings and other interest-bearing liabilities | $ | 1,755,577 |  |  | 4.17 | % |  | $ | 2,525,034 |  |  | 4.49 | % |  | $ | (769,457) |  |  | (30.5) | %

(1) Includes repurchase agreements, short-term promissory notes and capital leases and collateral liabilities.
Average borrowings and other int erest-bearing liabilities decreased $769.5 million, or 30.5%, in the first six months of 2025 compared to the same period in 2024. The decrease in average borrowings and other interest-bearing liabilities was due to decreases of $341.2 million, $168.2 million, $157.5 million and $102.6 million in average other borrowings and interest-bearing liabilities, average senior debt and subordinated debt, average FHLB advances and average Federal funds purchased, respectively.
In November 2024, the Corporation retired $168.8 million of subordinated notes issued in November 2014 and June 2015 which matured on November 15, 2024.
Provision for Credit Losses
The provision for credit losses was $22.5 million for the six months ended June 30, 2025 compared to $43.0 million for the same period in 2024. The $20.5 million decrease in the provision for credit losses compared to the same period in 2024 was primarily due to a $23.4 provision for credit losses for non-PCD loans recorded as a result of the Republic First Transaction in the second quarter of 2024.
49

Non-Interest Income
The following table presents the components of non-interest income:

| Six months ended June 30 |  | Increase (Decrease)
| 2025 |  | 2024 |  | $ |  | %
| (dollars in thousands)
Wealth management | $ | 44,066 |  |  | $ | 41,144 |  |  | $ | 2,922 |  |  | 7.1 | %
Commercial banking: |  |  |  |  |  |  |
Merchant and card | 13,967 |  |  | 14,607 |  |  | (640) |  |  | (4.4) |
Cash management | 16,175 |  |  | 13,271 |  |  | 2,904 |  |  | 21.9 |
Capital markets | 5,356 |  |  | 4,926 |  |  | 430 |  |  | 8.7 |
Other commercial banking | 9,262 |  |  | 7,434 |  |  | 1,828 |  |  | 24.6 |
Total commercial banking | 44,760 |  |  | 40,238 |  |  | 4,522 |  |  | 11.2 |
Consumer banking: |  |  |  |  |  |  |
Card | 15,502 |  |  | 14,933 |  |  | 569 |  |  | 3.8 |
Overdraft | 7,112 |  |  | 6,163 |  |  | 949 |  |  | 15.4 |
Other consumer banking | 4,982 |  |  | 5,172 |  |  | (190) |  |  | (3.7) |
Total consumer banking | 27,596 |  |  | 26,268 |  |  | 1,328 |  |  | 5.1 |
Mortgage banking | 7,130 |  |  | 7,041 |  |  | 89 |  |  | 1.3 |
Other | 12,830 |  |  | 8,332 |  |  | 4,498 |  |  | 54.0 |
Non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax | 136,382 |  |  | 123,023 |  |  | 13,359 |  |  | 10.9 |
Gain on acquisition, net of tax | — |  |  | 47,392 |  |  | (47,392) |  |  | (100.0) |
Investment securities (losses) gains, net | (2) |  |  | (20,282) |  |  | 20,280 |  |  | (100.0) |
Total Non-Interest Income | $ | 136,380 |  |  | $ | 150,133 |  |  | $ | (13,753) |  |  | (9.2) | %

Non-interest income for the six months ended June 30, 2025 decreased $13.8 million, or 9.2%, compared to the same period in 2024. Excluding investment securities (losses) gains, net and gain on acquisition, net of tax, non-interest income increased $13.4 million or 10.9%. The increase in non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax, was primarily due to increases of $2.9 million in wealth management revenues due to an increase in assets under management, $2.9 million in cash management fee income due to an increase in account analysis fees as customers moved funds to interest-bearing deposit accounts and $4.5 million in income from equity method investments, reflected in other non-interest income.
In May 2024, the Corporation sold $345.7 million of AFS investment securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding investment securities of a similar type and similar duration.
50

Non-Interest Expense
The following table presents the components of non-interest expense:

| Six months ended June 30 |  | Increase (Decrease)
| 2025 |  | 2024 |  | $ |  | %
| (dollars in thousands)
Salaries and employee benefits | $ | 210,871 |  |  | $ | 204,705 |  |  | $ | 6,166 |  |  | 3.0 | %
Data processing and software | 36,861 |  |  | 38,018 |  |  | (1,157) |  |  | (3.0) |
Net occupancy | 34,617 |  |  | 33,943 |  |  | 674 |  |  | 2.0 |
Other outside services | 23,485 |  |  | 22,582 |  |  | 903 |  |  | 4.0 |
Intangible amortization | 11,729 |  |  | 5,261 |  |  | 6,468 |  |  | N/M
FDIC insurance | 10,549 |  |  | 12,800 |  |  | (2,251) |  |  | (17.6) |
Equipment | 8,249 |  |  | 8,602 |  |  | (353) |  |  | (4.1) |
Marketing | 5,124 |  |  | 4,012 |  |  | 1,112 |  |  | 27.7 |
Professional fees | 913 |  |  | 4,659 |  |  | (3,746) |  |  | (80.4) |
Other | 39,809 |  |  | 36,316 |  |  | 3,493 |  |  | 9.6 |
Subtotal | 382,207 |  |  | 370,898 |  |  | 11,309 |  |  | 3.0 |
Gain on Sale-Leaseback Transaction | — |  |  | (20,266) |  |  | 20,266 |  |  | N/M
FultonFirst implementation and asset disposals | (317) |  |  | 12,652 |  |  | (12,969) |  |  | N/M
Acquisition-related expenses | 380 |  |  | 13,803 |  |  | (13,423) |  |  | (97.2) | %
Total non-interest expense | $ | 382,270 |  |  | $ | 377,087 |  |  | $ | 5,183 |  |  | 1.4 | %

Non-interest expense for the six months ended June 30, 2025 increased $5.2 million, or 1.4%, compared to the same period in 2024. Excluding the gain on Sale-Leaseback Transaction, FultonFirst implementation and asset disposals and acquisition-related expenses, non-interest expense increased $11.3 million, or 3.0%, for the six months ended June 30, 2025 compared to the same period in 2024. The increase in non-interest expense was largely due to increases of $6.5 million in intangible amortization driven by CDI amortization expense resulting from the Republic First Transaction and $6.2 million in salaries and employee benefits primarily due to an increase in incentive compensation expense and annual merit increases.
Income Taxes
The Corporation's ETR was 19.2% for the six months ended June 30, 2025, compared to 12.2% for the same period in 2024. Excluding the impact from the $47.4 million gain on acquisition, net of tax, the Corporation's ETR was 16.6% for the same period in 2024.
51

FINANCIAL CONDITION
The table below presents condensed consolidated ending balance sheets:

| June 30, 2025 |  | December 31, 2024 |  | Increase (Decrease)
|  |  | $ |  | %
Assets | (dollars in thousands)
Cash and cash equivalents | $ | 804,664 |  |  | $ | 1,063,871 |  |  | $ | (259,207) |  |  | (24.4) | %
FRB and FHLB Stock | 141,515 |  |  | 139,574 |  |  | 1,941 |  |  | 1.4 |
Loans held for sale | 23,281 |  |  | 25,618 |  |  | (2,337) |  |  | (9.1) |
Investment securities | 5,093,027 |  |  | 4,806,468 |  |  | 286,559 |  |  | 6.0 |
Net loans, less ACL - loans | 23,635,202 |  |  | 23,665,763 |  |  | (30,561) |  |  | (0.1) |
Net premises and equipment | 184,290 |  |  | 195,527 |  |  | (11,237) |  |  | (5.7) |
Goodwill and intangibles | 623,729 |  |  | 635,458 |  |  | (11,729) |  |  | (1.8) |
Other assets | 1,534,740 |  |  | 1,539,531 |  |  | (4,791) |  |  | (0.3) |
Total Assets | $ | 32,040,448 |  |  | $ | 32,071,810 |  |  | $ | (31,362) |  |  | (0.1) | %
Liabilities and Shareholders' Equity |  |  |  |  |  |  |
Deposits | $ | 26,138,067 |  |  | $ | 26,129,433 |  |  | $ | 8,634 |  |  | N/M
Borrowings | 1,773,900 |  |  | 1,782,048 |  |  | (8,148) |  |  | (0.5) |
Other liabilities | 799,235 |  |  | 963,004 |  |  | (163,769) |  |  | (17.0) |
Total Liabilities | 28,711,202 |  |  | 28,874,485 |  |  | (163,283) |  |  | (0.6) |
Total Shareholders' Equity | 3,329,246 |  |  | 3,197,325 |  |  | 131,921 |  |  | 4.1 |
Total Liabilities and Shareholders' Equity | $ | 32,040,448 |  |  | $ | 32,071,810 |  |  | $ | (31,362) |  |  | (0.1) | %

Investment Securities
The following table presents the carrying amount of investment securities:

| June 30, 2025 |  | December 31, 2024 |  | Increase (Decrease)
|  |  | $ |  | %
Available for Sale | (dollars in thousands)
State and municipal securities | $ | 774,749 |  |  | $ | 814,887 |  |  | $ | (40,138) |  |  | (4.9) | %
Corporate debt securities | 264,098 |  |  | 300,370 |  |  | (36,272) |  |  | (12.1) |
Collateralized mortgage obligations | 1,172,238 |  |  | 788,885 |  |  | 383,353 |  |  | 48.6 |
Residential mortgage-backed securities | 896,735 |  |  | 989,875 |  |  | (93,140) |  |  | (9.4) |
Commercial mortgage-backed securities | 512,049 |  |  | 516,882 |  |  | (4,833) |  |  | (0.9) |
Total AFS investment securities | 3,619,869 |  |  | 3,410,899 |  |  | 208,970 |  |  | 6.1 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | 618,955 |  |  | 537,856 |  |  | 81,099 |  |  | 15.1 |
Commercial mortgage-backed securities | 854,203 |  |  | 857,713 |  |  | (3,510) |  |  | (0.4) |
Total HTM securities | 1,473,158 |  |  | 1,395,569 |  |  | 77,589 |  |  | 5.6 |
Total Investment Securities | $ | 5,093,027 |  |  | $ | 4,806,468 |  |  | $ | 286,559 |  |  | 6.0 | %

Compared to December 31, 2024, total AFS investment securities at June 30, 2025 increased $209.0 million, or 6.1%. The increase in AFS investment securities at June 30, 2025 compared to December 31, 2024 was primarily due to a $383.4 million increase in collateralized mortgage obligations, partially offset by decreases of $93.1 million, $40.1 million and $36.3 million in residential mortgage-backed securities, state and municipal securities and corporate debt securities, respectively.
52

Compared to December 31, 2024, total HTM investment securities at June 30, 2025 increased $77.6 million, or 5.6%. The increase in HTM investment securities at June 30, 2025 compared to December 31, 2024 was driven by an increase of $81.1 million in residential mortgage-backed securities.
Loans
The following table presents ending net loans outstanding by type:

| June 30, 2025 |  | December 31, 2024 |  | Increase (Decrease)
|  |  | $ |  | %
| (dollars in thousands)
Real estate - commercial mortgage | $ | 9,678,038 |  |  | $ | 9,601,858 |  |  | $ | 76,180 |  |  | 0.8%
Commercial and industrial | 4,541,765 |  |  | 4,605,589 |  |  | (63,824) |  |  | (1.4)%
Real estate - residential mortgage | 6,511,687 |  |  | 6,349,643 |  |  | 162,044 |  |  | 2.6%
Real estate - home equity | 1,193,410 |  |  | 1,160,616 |  |  | 32,794 |  |  | 2.8%
Real estate - construction | 1,155,099 |  |  | 1,394,899 |  |  | (239,800) |  |  | (17.2)%
Consumer | 583,949 |  |  | 616,856 |  |  | (32,907) |  |  | (5.3)%
Leases and other loans(1) | 348,591 |  |  | 315,458 |  |  | 33,133 |  |  | 10.5%
Net loans | $ | 24,012,539 |  |  | $ | 24,044,919 |  |  | $ | (32,380) |  |  | (0.1)%

(1) Includes unearned income of $38.7 million and $35.6 million as of June 30, 2025 and December 31, 2024, respectively.
During the six months ended June 30, 2025, net loans decreased $32.4 million, or 0.1%, compared to December 31, 2024. The decrease in net loans during the first six months of 2025 was primarily due to decreases of $239.8 million in construction loans and $63.8 million in commercial and industrial loans, partially offset by increases of $162.0 million in residential mortgage loans and $76.2 million in commercial mortgage loans.
The Corporation does not have a significant concentration of credit risk with any single borrower. As of June 30, 2025, approximately $10.8 billion, or 45.1%, of the loan portfolio was comprised of commercial mortgage loans and construction loans.
The Corporation has established lower total lending limits for certain types of commercial lending commitments and lower total lending limits based on the Corporation's internal risk rating of an individual borrower at the time the lending commitment is approved. The Corporation adheres to loan portfolio management practices, which include requiring an annual review of the majority of loans. Additionally, management monitors the loan portfolio throughout the year taking into account, among other things, the size, complexity and risk of loans and individual borrowers. An independent loan review function assesses the portfolio for internal risk rating accuracy and loan servicing policy requirements. The Corporation consolidates risk migrations to identify emerging risks by industry and real estate property types, taking into consideration economic forecasts and industry trends. The Corporation takes a risk-based approach when reviewing a specific loan portfolio, such as the commercial office loan portfolio or multi-family loan portfolio. The Corporation reviews portfolio concentrations and adjusts the lending limits based on asset quality, economic forecasts and industry outlook.
53

The following table summarizes the industry concentrations within the commercial mortgage and the commercial and industrial loan portfolios:

| June 30, 2025 |  | December 31, 2024
Real estate(1) | 39.6 | % |  | 39.5 | %
Health care | 6.8 |  |  | 6.3 |
Manufacturing | 6.5 |  |  | 5.1 |
Retail | 6.1 |  |  | 6.6 |
Other services | 5.0 |  |  | 5.3 |
Agriculture | 5.0 |  |  | 5.3 |
Construction(2) | 4.7 |  |  | 4.3 |
Hospitality and food services | 3.8 |  |  | 4.0 |
Wholesale trade | 3.4 |  |  | 3.4 |
Educational services | 3.0 |  |  | 3.0 |
Professional, scientific and technical services | 2.7 |  |  | 2.7 |
Arts, entertainment and recreation | 2.4 |  |  | 2.4 |
Finance and Insurance | 1.5 |  |  | 1.6 |
Transportation and warehousing | 1.3 |  |  | 1.5 |
Public administration | 1.3 |  |  | 1.3 |
Administrative and Support | 1.2 |  |  | 1.2 |
Other | 5.7 |  |  | 6.5 |
Total | 100.0 | % |  | 100.0 | %

(1) Includes commercial loans to borrowers engaged in the business of renting, leasing or managing real estate for others, selling and/or buying real estate for
others and appraising real estate.
(2) Includes commercial loans to borrowers engaged in the construction industry.
The commercial mortgage loan portfolio consists of 45.2% owner occupied commercial mortgage loans and 54.8% of non-owner occupied commercial mortgage loans as of June 30, 2025. The following table summarizes the non-owner occupied commercial mortgage loan portfolio and the percent to total net loans.

| June 30, 2025 |  | December 31, 2024
| $ |  | % of Total Net Loans |  | $ |  | % of Total Net Loans
| (dollars in thousands)
Multi-family | $ | 1,581,776 |  |  | 6.6 | % |  | $ | 1,543,943 |  |  | 6.4 | %
Retail trade | 1,089,746 |  |  | 4.5 |  |  | 1,097,712 |  |  | 4.6 |
Industrial | 874,564 |  |  | 3.6 |  |  | 829,354 |  |  | 3.4 |
Office | 755,139 |  |  | 3.1 |  |  | 761,929 |  |  | 3.2 |
Hospitality and food services | 432,039 |  |  | 1.8 |  |  | 470,907 |  |  | 2.0 |
Other | 566,120 |  |  | 2.5 |  |  | 527,661 |  |  | 2.2 |
Total non-owner occupied commercial mortgage loans | $ | 5,299,384 |  |  | 22.1 | % |  | $ | 5,231,506 |  |  | 21.8 | %

54

The following table summarizes the commercial mortgage office non-owner occupied loan portfolio outstanding balance, total commitment and LTV ratio by Metropolitan Statistical Area:

| June 30, 2025 |  | December 31, 2024
| Outstanding Balance |  | Total Commitment |  | Weighted Average LTV(1) |  | Outstanding Balance |  | Total Commitment |  | Weighted Average LTV(1)
| (dollars in thousands)
Philadelphia(2) | $ | 350,162 |  |  | $ | 382,082 |  |  | 61 | % |  | $ | 339,164 |  |  | $ | 369,758 |  |  | 62 | %
New York(3) | 76,674 |  |  | 79,436 |  |  | 62 |  |  | 96,129 |  |  | 100,893 |  |  | 59 |
Washington, D.C.(4) | 86,112 |  |  | 86,112 |  |  | 70 |  |  | 87,688 |  |  | 87,688 |  |  | 55 |
Baltimore (5) | 84,652 |  |  | 85,772 |  |  | 62 |  |  | 75,318 |  |  | 76,453 |  |  | 58 |
Other | 157,539 |  |  | 166,449 |  |  | 65 |  |  | 163,630 |  |  | 171,442 |  |  | 61 |
Total office non-owner occupied commercial real estate | $ | 755,139 |  |  | $ | 799,851 |  |  | 63 | % |  | $ | 761,929 |  |  | $ | 806,234 |  |  | 60 | %

(1) Weighted average LTV as of origination.
(2) Philadelphia-Camden-Wilmington, PA-NJ-DE-MD.
(3) New York-Newark-Jersey City, NY-NJ-PA.
(4) Washington-Arlington-Alexandria, DC-VA-MD-WV.
(5) Baltimore-Columbia-Towson, MD.
The non-owner occupied commercial mortgage office loan portfolio table above excludes commercial construction loans secured by office property collateral with a total outstanding balance of $1.7 million and outstanding loan commitment of $2.8 million as of June 30, 2025.
The following table summarizes the non-owner occupied commercial mortgage multi-family loan portfolio outstanding balance, total commitment and LTV ratio by Metropolitan Statistical Area:

| June 30, 2025 |  | December 31, 2024
| Outstanding Balance |  | Total Commitment |  | Weighted Average LTV(1) |  | Outstanding Balance |  | Total Commitment |  | Weighted Average LTV(1)
| (dollars in thousands)
Philadelphia(2) | $ | 708,713 |  |  | $ | 725,561 |  |  | 62 | % |  | $ | 707,826 |  |  | $ | 738,256 |  |  | 62 | %
New York(3) | 116,674 |  |  | 122,127 |  |  | 65 |  |  | 124,321 |  |  | 130,238 |  |  | 64 |
Baltimore(4) | 93,990 |  |  | 93,990 |  |  | 56 |  |  | 108,384 |  |  | 108,680 |  |  | 59 |
Washington, D.C.(5) | 50,463 |  |  | 53,721 |  |  | 54 |  |  | 28,145 |  |  | 31,121 |  |  | 48 |
Lancaster, PA | 130,895 |  |  | 131,635 |  |  | 66 |  |  | 135,891 |  |  | 146,593 |  |  | 69 |
Other | 481,041 |  |  | 542,145 |  |  | 57 |  |  | 439,376 |  |  | 479,884 |  |  | 59 |
Total multi-family non-owner occupied commercial real estate | $ | 1,581,776 |  |  | $ | 1,669,179 |  |  | 60 | % |  | $ | 1,543,943 |  |  | $ | 1,634,772 |  |  | 62 | %

(1) Weighted average LTV as of origination.
(2) Philadelphia-Camden-Wilmington, PA-NJ-DE-MD.
(3) New York-Newark-Jersey City, NY-NJ-PA.
(4) Baltimore-Columbia-Towson, MD.
(5) Washington-Arlington-Alexandria, DC-VA-MD-WV.
The non-owner occupied commercial mortgage multi-family loan table above excludes commercial construction loans secured by multi-family property collateral with a total outstanding loan balance of $356.8 million and outstanding loan commitments of $566.0 million as of June 30, 2025.
55

The following table presents the changes in non-accrual loans for the three and six months ended June 30, 2025:

| Commercial and Industrial |  | Real Estate - Commercial Mortgage |  | Real Estate - Construction |  | Real Estate - Residential Mortgage |  | Consumer and Real Estate - Home Equity |  | Leases and other loans |  | Total
| (dollars in thousands)
Three months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2025 | $ | 34,569 |  |  | $ | 86,528 |  |  | $ | 3,666 |  |  | $ | 27,226 |  |  | $ | 8,131 |  |  | $ | 2,306 |  |  | $ | 162,426 |
Additions | 15,440 |  |  | 37,980 |  |  | 21,286 |  |  | 1,939 |  |  | 1,256 |  |  | 397 |  |  | 78,298 |
Payments | (5,069) |  |  | (31,853) |  |  | — |  |  | (2,487) |  |  | (1,098) |  |  | (268) |  |  | (40,775) |
Charge-offs (1) | (5,780) |  |  | (6,402) |  |  | (100) |  |  | (258) |  |  | (1,116) |  |  | (397) |  |  | (14,053) |
Transfers to accrual status | (45) |  |  | (2,218) |  |  | — |  |  | (82) |  |  | (88) |  |  | — |  |  | (2,433) |
Transfers to OREO | — |  |  | — |  |  | — |  |  | (521) |  |  | — |  |  | — |  |  | (521) |
Balance at June 30, 2025 | $ | 39,115 |  |  | $ | 84,035 |  |  | $ | 24,852 |  |  | $ | 25,817 |  |  | $ | 7,085 |  |  | $ | 2,038 |  |  | $ | 182,942 |
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | 42,217 |  |  | $ | 99,497 |  |  | $ | 1,746 |  |  | $ | 25,400 |  |  | $ | 8,599 |  |  | $ | 11,834 |  |  | $ | 189,293 |
Additions | 25,695 |  |  | 85,360 |  |  | 25,980 |  |  | 5,217 |  |  | 3,917 |  |  | 1,925 |  |  | 148,094 |
Payments | (19,107) |  |  | (77,423) |  |  | (2,534) |  |  | (3,173) |  |  | (1,818) |  |  | (9,797) |  |  | (113,852) |
Charge-offs (1) | (9,645) |  |  | (18,508) |  |  | (100) |  |  | (601) |  |  | (3,309) |  |  | (1,924) |  |  | (34,087) |
Transfers to accrual status | (45) |  |  | (4,891) |  |  | — |  |  | (82) |  |  | (304) |  |  | — |  |  | (5,322) |
Transfers to OREO | — |  |  | — |  |  | (240) |  |  | (944) |  |  | — |  |  | — |  |  | (1,184) |
Balance at June 30, 2025 | $ | 39,115 |  |  | $ | 84,035 |  |  | $ | 24,852 |  |  | $ | 25,817 |  |  | $ | 7,085 |  |  | $ | 2,038 |  |  | $ | 182,942 |
(1) Overdrafts excluded from charge-offs. |  |  |  |  |  |  |  |  |  |  |  |

During the six months ended June 30, 2025, non-accrual loans decreased by approximately $6.4 million, or 3.4%, largely due to $113.9 million in payments, $34.1 million in charge-offs and $5.3 million in transfers to accrual status, partially offset by $148.1 million in additions. During the six months ended June 30, 2025, non-accrual loans as a percentage of total net loans decreased to 0.76% compared to 0.79% as of December 31, 2024.
The following table presents non-performing assets for the periods shown below:

| June 30, 2025 |  | December 31, 2024 |  |
| (dollars in thousands)
Non-accrual loans | $ | 182,942 |  | $ | 189,293 |  |
Loans 90 days or more past due and still accruing | 29,949 |  | 30,781 |  |
Total non-performing loans | 212,891 |  | 220,074 |  |
OREO(1) | 2,706 |  | 2,621 |  |
Total non-performing assets | $ | 215,597 |  | $ | 222,695 |  |
Non-accrual loans to total net loans | 0.76 | % |  | 0.79 | % |  |
Non-performing loans to total net loans | 0.89 | % |  | 0.92 | % |  |
Non-performing assets to total assets | 0.67 | % |  | 0.69 | % |  |
ACL - loans to non-performing loans | 177 | % |  | 172 | % |  |

(1) Excludes $13.9 million and $17.5 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 2025 and December 31, 2024, respectively.
Non-performing loans as of June 30, 2025 were $212.9 million, a decrease of $7.2 million, or 3.3%, compared to $220.1 million as of December 31, 2024. The decrease in non-performing loans during the first six months of 2025 was primarily due to payments, charge-offs and transfers to accrual status, partially offset by additions. Non-performing loans as a percentage of total net loans was 0.89% and 0.92% as of June 30, 2025 and December 31, 2024, respectively.
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The Corporation's ability to identify potential problem loans in a timely manner is important to maintaining an adequate ACL. For commercial and industrial loans, commercial mortgage loans, commercial construction loans and leases and other loans, an internal risk rating process is used to monitor credit quality. The evaluation of credit risk for residential mortgages, home equity loans, construction loans to individuals and consumer loans is based on payment history through the monitoring of delinquency levels and trends.
Total internally risk-rated loans were $15.5 billion and $15.4 billion as of June 30, 2025 and December 31, 2024, respectively, of which $1.7 billion were criticized and classified loans at June 30, 2025 compared to $1.8 billion at December 31, 2024.
The following table presents criticized and classified loans, or those with internal risk ratings of special mention or substandard or lower for commercial mortgage loans, commercial and industrial loans and construction loans to commercial borrowers, by class segment:

| Special Mention(1) |  | Increase (Decrease) |  | Substandard or Lower(2) |  | Increase (Decrease) |  | Total Criticized and Classified Loans
| June 30, 2025 |  | December 31, 2024 |  | $ |  | % |  | June 30, 2025 |  | December 31, 2024 |  | $ |  | % |  | June 30, 2025 |  | December 31, 2024
| (dollars in thousands)
Real estate - commercial mortgage | $ | 488,432 |  | $ | 531,423 |  | $ | (42,991) |  |  | (8.1)% |  | $ | 548,610 |  | $ | 522,377 |  | $ | 26,233 |  |  | 5.0 | % |  | $ | 1,037,042 |  | $ | 1,053,800
Commercial and industrial | 207,979 |  | 238,809 |  | (30,830) |  |  | (12.9) |  | 325,821 |  | 335,246 |  | (9,425) |  |  | (2.8) |  | 533,800 |  | 574,055
Real estate -construction(3) | 40,514 |  | 161,310 |  | (120,796) |  |  | (74.9) |  | 64,263 |  | 47,183 |  | 17,080 |  |  | 36.2 |  | 104,777 |  | 208,493
Leases and other loans | 4,514 |  | — |  | 4,514 |  |  | NM |  | 7,068 |  | — |  | 7,068 |  |  | NM |  | 11,582 |  | —
Total | $ | 741,439 |  | $ | 931,542 |  | $ | (190,103) |  | (20.4)% |  | $ | 945,762 |  | $ | 904,806 |  | $ | 40,956 |  | 4.5% |  | $ | 1,687,201 |  | $ | 1,836,348
% of total risk rated loans | 4.8 | % |  | 6.1 | % |  |  |  |  |  | 6.1 | % |  | 5.9 | % |  |  |  |  |  | 10.9 | % |  | 11.9 | %

(1) Considered "criticized" loans by banking regulators.
(2) Considered "classified" loans by banking regulators.
(3) Excludes residential real estate - construction.
Compared to December 31, 2024, total criticized and classified loans decreased $149.1 million driven by a decrease of $190.1 million in special mention loans, partially offset by an increase of $41.0 million in substandard or lower loans.
The Corporation accounts for the credit risk associated with lending activities through the ACL and the provision for credit losses.
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The following table presents the activity in the ACL:

| Three months ended June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (dollars in thousands)
Average balance of net loans | $ | 23,899,742 |  | $ | 23,345,914 |  | $ | 23,953,003 |  | $ | 22,357,972
Balance of ACL at beginning of period | $ | 379,677 |  | $ | 297,888 |  | $ | 379,156 |  | $ | 293,404
CECL Day 1 Provision for credit losses(1) | — |  | 23,444 |  | — |  | 23,444
Initial PCD allowance for credit losses | — |  | 55,906 |  | — |  | 55,906
Loans charged off: |  |  |  |  |  |  |
Real estate - commercial mortgage | (6,402) |  | (7,853) |  | (18,508) |  | (7,879)
Commercial and industrial | (5,780) |  | (2,955) |  | (9,645) |  | (10,587)
Real estate - residential mortgage | (258) |  | (35) |  | (601) |  | (286)
Consumer and real estate - home equity | (1,885) |  | (1,766) |  | (4,078) |  | (4,004)
Real estate - construction | (100) |  | — |  | (100) |  | —
Leases and other loans | (1,491) |  | (1,398) |  | (3,018) |  | (2,203)
Total loans charged off | (15,916) |  | (14,007) |  | (35,950) |  | (24,959)
Recoveries of loans previously charged off: |  |  |  |  |  |  |
Real estate - commercial mortgage | 133 |  | 146 |  | 507 |  | 298
Commercial and industrial | 2,628 |  | 796 |  | 8,580 |  | 2,044
Real estate - residential mortgage | 203 |  | 122 |  | 377 |  | 238
Consumer and real estate - home equity | 899 |  | 1,161 |  | 1,559 |  | 1,837
Real estate - construction | 99 |  | 233 |  | 181 |  | 233
Leases and other loans | 240 |  | 247 |  | 441 |  | 409
Total recoveries of loans previously charged-off | 4,202 |  | 2,705 |  | 11,645 |  | 5,059
Net loans charged off (recoveries) | (11,714) |  | (11,302) |  | (24,305) |  | (19,900)
Provision for credit losses(1)(2) | 9,374 |  | 10,005 |  | 22,486 |  | 23,087
Balance of ACL at end of period | $ | 377,337 |  | $ | 375,941 |  | $ | 377,337 |  | $ | 375,941
Provision for OBS credit exposures(1) | $ | (767) |  | $ | (1,393) |  | $ | 19 |  | $ | (3,550)
Reserve for OBS credit exposures(3) | $ | 14,180 |  | $ | 14,540 |  | $ | 14,180 |  | $ | 14,540
Net charge-offs to average loans (annualized) | 0.20 | % |  | 0.19 | % |  | 0.20 | % |  | 0.18 | %

(1) These amounts are reflected in the provision for credit losses in the Consolidated Statements of Income.
(2) Provision for credit losses includes only the portion related to net loans.
(3) Reserve for OBS credit exposures is recorded within other liabilities on the Consolidated Balance Sheets.
The provision for credit losses, specific to net loans, for the three months ended June 30, 2025 was $9.4 million compared to a provision of $10.0 million for the same period in 2024. The provision for credit losses, specific to net loans, for the six months ended June 30, 2025 was $22.5 million compared to $23.1 million for the same period in 2024. During the second quarter of 2024, a provision for credit losses of $23.4 million was recorded for non-PCD Loans acquired in the Republic First Transaction. Additionally, included in the ACL during the second quarter of 2024 was $55.9 million recorded for PCD Loans acquired in the Republic First Transaction.
The ACL includes qualitative adjustments, as appropriate, intended to capture the impact of uncertainties not reflected in the quantitative models. See "Note 5 - Loans and Allowance for Credit Losses" of the Notes to Consolidated Financial Statements in Part I, "Item 1. Financial Statements" for additional details.
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The following table summarizes the allocation of the ACL - loans:

| June 30, 2025 |  | December 31, 2024 |  |
| ACL - loans |  | % to Total ACL - loans(1) |  | % to Total Net Loans(2) |  | ACL - loans |  | % to Total ACL - loans(1) |  | % to Total Net Loans(2) |  |
| (dollars in thousands)
Real estate - commercial mortgage | $ | 153,383 |  |  | 40.6 | % |  | 40.3 | % |  | $ | 158,181 |  |  | 41.7 | % |  | 39.9 | % |  |
Commercial and industrial | 97,520 |  |  | 25.8 |  |  | 18.9 |  |  | 92,212 |  |  | 24.3 |  |  | 19.2 |  |  |
Real estate - residential mortgage | 82,356 |  |  | 21.8 |  |  | 27.1 |  |  | 81,331 |  |  | 21.5 |  |  | 26.4 |  |  |
Consumer, home equity and leases and other loans | 23,342 |  |  | 6.2 |  |  | 8.9 |  |  | 22,292 |  |  | 5.9 |  |  | 8.7 |  |  |
Real estate - construction | 20,736 |  |  | 5.6 |  |  | 4.8 |  |  | 25,140 |  |  | 6.6 |  |  | 5.8 |  |  |
Total ACL - loans | $ | 377,337 |  |  | 100.0 | % |  | 100.0 | % |  | $ | 379,156 |  |  | 100.0 | % |  | 100.0 | % |  |

(1) Ending ACL - loan portfolio segment balance as a percentage of total ACL - loans.
(2) Ending loan portfolio segment balances as a percentage of total net loans for the periods presented.
Deposits and Borrowings
The following table presents ending deposits by type:

| June 30, 2025 |  | December 31, 2024 |  | Increase (Decrease)
|  |  | $ |  | %
| (dollars in thousands)
Noninterest-bearing demand | $ | 5,337,771 |  |  | $ | 5,499,760 |  |  | $ | (161,989) |  |  | (2.9) | %
Interest-bearing demand | 7,593,083 |  |  | 7,843,604 |  |  | (250,521) |  |  | (3.2) |
Savings and money market deposits | 8,271,925 |  |  | 7,792,114 |  |  | 479,811 |  |  | 6.2 |
Total demand and savings | 21,202,779 |  |  | 21,135,478 |  |  | 67,301 |  |  | 0.3 |
Brokered deposits | 817,398 |  |  | 843,857 |  |  | (26,459) |  |  | (3.1) |
Time deposits | 4,117,890 |  |  | 4,150,098 |  |  | (32,208) |  |  | (0.8) |
Total deposits | $ | 26,138,067 |  |  | $ | 26,129,433 |  |  | $ | 8,634 |  |  | N/M

During the six months ended June 30, 2025, total deposits increased by $8.6 million compared to December 31, 2024. The increase in total deposits was primarily due to an increase of $479.8 million in savings and money market deposits, partially offset by decreases of $250.5 million, $162.0 million and $32.2 million in interest-bearing demand deposits, noninterest-bearing demand deposits and time deposits, respectively.
Total uninsured deposits (excluding intra-Company deposits) were estimated to be $9.2 billion and $9.4 billion as of June 30, 2025 and December 31, 2024, respectively.
Time deposits of $250 thousand or more were $1.1 billion and $1.0 billion as of June 30, 2025 and December 31, 2024, respectively.
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The following table presents ending borrowings by type:

| June 30, 2025 |  | December 31, 2024 |  | Increase (Decrease)
|  |  | $ |  | %
| (dollars in thousands)
FHLB advances | $ | 800,000 |  |  | $ | 850,000 |  |  | $ | (50,000) |  |  | (5.9)
Senior debt and subordinated debt | 367,476 |  |  | 367,316 |  |  | 160 |  |  | N/M
Other borrowings(1) | 606,424 |  |  | 564,732 |  |  | 41,692 |  |  | 7.4 |
Total borrowings | $ | 1,773,900 |  |  | $ | 1,782,048 |  |  | $ | (8,148) |  |  | (0.5) | %

(1) Includes repurchase agreements, short-term promissory notes and capital leases.
During the six months ended June 30, 2025, total borrowings decreased $8.1 million, or 0.5%, compared to December 31, 2024. The decrease in total borrowings was primarily due to a decrease in FHLB advances of $50.0 million, partially offset by an increase in other borrowings of $41.7 million.
Shareholders' Equity
On December 17, 2024, the Corporation announced that its Board of Directors approved the 2025 Repurchase Program. The 2025 Repurchase Program will expire on December 31, 2025. Under the 2025 Repurchase Program, the Corporation is authorized to repurchase up to $125.0 million of shares of its common stock. Under the 2025 Repurchase Program up to $25.0 million may be used to repurchase shares of the Corporation's preferred stock.
On April 15, 2025, the Corporation announced that its Board of Directors approved a supplemental authorization under the 2025 Repurchase Program to repurchase up to $25 million of the Subordinated Notes due 2030; provided that the purchase price of the Corporation's preferred stock and the Subordinated Notes due 2030 may not exceed, in the aggregate, $25 million.
The 2025 Repurchase Program may be discontinued at any time.
During the six months ended June 30, 2025, 553,767 shares of common stock were repurchased under the 2025 Repurchase Program at a total cost of $9.0 million or $16.28 per share.
On May 1, 2024, the Corporation completed its underwritten public offering of 19,166,667 shares of its common stock at a price to the public of $15.00 per share, before underwriting discounts. The net proceeds to the Corporation from the offering after deducting underwriting discounts and transaction expenses were approximately $272.6 million.
Regulatory Capital
The Corporation and its wholly owned subsidiary bank, Fulton Bank, are subject to the Capital Rules administered by banking regulators. Failure to meet minimum capital requirements can trigger certain actions by regulators that could have a material effect on the Corporation's financial statements.
The Capital Rules require the Corporation and Fulton Bank to:
•Meet a minimum Common Equity Tier 1 capital ratio of 4.50% of risk-weighted assets;
•Meet a minimum Tier 1 Leverage capital ratio of 4.00% of average assets;
•Meet a minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 capital ratio of 6.00% of risk-weighted assets;
•Maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus payments; and
•Comply with a revised definition of capital to improve the ability of regulatory capital instruments to absorb losses. Certain non-qualifying capital instruments, including cumulative preferred stock and TruPS, are excluded as a component of Tier 1 capital for institutions of the Corporation's size.
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As of June 30, 2025, the Corporation's capital levels met the minimum capital requirements, including the capital conservation buffers, as prescribed in the Capital Rules.
As of June 30, 2025, Fulton Bank met the well-capitalized requirements under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, a bank must maintain minimum Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage ratios as set forth in the Capital Rules. There were no other conditions or events since June 30, 2025 that management believes have changed the Corporation's capital categories.
The following table summarizes the Corporation's capital ratios in comparison to regulatory requirements:

| June 30, 2025 |  | December 31, 2024 |  | Regulatory Minimum for Capital Adequacy |  | With Capital Conservation Buffer
Total Risk-Based Capital (to Risk-Weighted Assets) | 14.7 | % |  | 14.3 | % |  | 8.0 | % |  | 10.5 | %
Tier I Risk-Based Capital (to Risk-Weighted Assets) | 12.1 | % |  | 11.5 | % |  | 6.0 | % |  | 8.5 | %
Common Equity Tier I (to Risk-Weighted Assets) | 11.3 | % |  | 10.8 | % |  | 4.5 | % |  | 7.0 | %
Tier I Leverage Capital (to Average Assets) | 9.4 | % |  | 9.0 | % |  | 4.0 | % |  | 4.0 | %

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the exposure to economic loss that arises from changes in the values of certain financial instruments. The types of market risk exposures generally faced by financial institutions include interest rate risk, equity market price risk, debt security market price risk, foreign currency price risk and commodity price risk. Due to the nature of its operations, foreign currency price risk and commodity price risk are not significant to the Corporation.
Interest Rate Risk, Asset/Liability Management and Liquidity
Interest rate risk creates exposure in two primary areas. First, changes in rates have an impact on the Corporation's liquidity position and could affect its ability to meet obligations and continue to grow. Second, movements in interest rates can create fluctuations in the Corporation's net interest income and changes in the economic value of its equity.
The Corporation employs various management techniques to minimize its exposure to interest rate risk. The Corporation's ALCO is responsible for reviewing the interest rate sensitivity and liquidity positions of the Corporation, approving asset and liability management policies, and overseeing the formulation and implementation of strategies regarding balance sheet positions.
The Corporation uses two complementary methods to measure and manage interest rate risk. They are a simulation of net interest income and estimates of economic value of equity. Using these measurements in tandem provides a reasonably comprehensive summary of the magnitude of the Corporation's interest rate risk, level of risk as time evolves, and exposure to changes in interest rates.
Simulation of net interest income is performed for the next 12-month period. A variety of interest rate scenarios are used to measure the effects of sudden and gradual movements upward and downward in the yield curve. These results are compared to the results obtained in a flat or unchanged interest rate scenario. Simulation of net interest income is used primarily to measure the Corporation's short-term earnings exposure to rate movements. During the first quarter of 2025, the Corporation revised its policy to measure its interest rate risk profile using parallel instantaneous shocks rather than non-parallel instantaneous shocks. The Corporation has not changed its established interest rate risk policy limits.
The Corporation's policy limits the potential exposure of net interest income in a parallel instantaneous shock to 10% of the base case net interest income for a 100 bps shock in interest rates, 15% for a 200 bps shock, 20% for a 300 bps shock and 25% for a 400 bps shock. A "shock" is an immediate upward or downward movement of interest rates. The shocks do not take into account changes in customer behavior that could result in changes to mix and/or volumes in the balance sheet, nor does it take into account the potential effects of competition on the pricing of deposits and loans over the forward 12-month period. As of June 30, 2025, the Corporation was within the policy limits for exposure of net interest income for every 100 bps parallel instantaneous shock.
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Contractual maturities and repricing opportunities of loans are incorporated in the simulation model as are prepayment assumptions, maturity data and call options within the investment portfolio. Assumptions based on past experience are incorporated into the model for non-maturity deposit accounts. The assumptions used are inherently uncertain and, as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model's simulated results due to timing, amount and frequency of interest rate changes as well as changes in market conditions and the application and timing of various management strategies.
The following table summarizes the expected impact of interest rate changes in rate-ramp scenarios over a 12-month period, that is, a gradual parallel shift and a gradual non-parallel shift, on net interest income as of June 30, 2025:

| Parallel Shift |  | Non-Parallel Shift
Rate Ramp(1) | Annual change in net interest income |  | % change in net interest income |  | Annual change in net interest income |  | % change in net interest income
+400 bp | + $33.5 million |  | +3.0% |  | + $24.8 million |  | +2.2%
+300 bp | + $27.1 million |  | +2.4% |  | + $20.6 million |  | +1.8%
+200 bp | + $20.3 million |  | +1.8% |  | + $15.9 million |  | +1.4%
+100 bp | + $12.3 million |  | +1.1% |  | + $10.2 million |  | +0.9%
–100 bp | - $7.9 million |  | -0.7% |  | - $6.0 million |  | -0.5%
–200 bp | - $15.3 million |  | -1.4% |  | - $9.8 million |  | -0.9%
–300 bp | - $22.6 million |  | -2.0% |  | - $13.7 million |  | -1.2%
–400 bp | - $30.6 million |  | -2.7% |  | - $18.4 million |  | -1.7%

(1) These results include the effect of implicit and explicit interest rate floors that limit further reduction in interest rates.
The following table summarizes the expected impact of abrupt interest rate changes, that is, a parallel instantaneous shock and a non-parallel instantaneous shock, on net interest income as of June 30, 2025:

| Parallel Instantaneous Shock |  | Non-Parallel Instantaneous Shock
Rate Shock(1) | Annual change in net interest income |  | % change in net interest income |  | Annual change in net interest income |  | % change in net interest income
+400 bp | + $60.4 million |  | +5.4% |  | + $32.7 million |  | +2.9%
+300 bp | + $51.0 million |  | +4.6% |  | + $30.0 million |  | +2.7%
+200 bp | + $40.6 million |  | +3.6% |  | + $26.6 million |  | +2.4%
+100 bp | + $27.2 million |  | +2.4% |  | + $19.7 million |  | +1.8%
–100 bp | - $19.5 million |  | -1.7% |  | - $11.2 million |  | -1.0%
–200 bp | - $37.1 million |  | -3.3% |  | - $17.6 million |  | -1.6%
–300 bp | - $55.7 million |  | -5.0% |  | - $22.2 million |  | -2.0%
–400 bp | - $88.6 million |  | -7.9% |  | - $40.4 million |  | -3.6%

(1) These results include the effect of implicit and explicit interest rate floors that limit further reduction in interest rates.
Economic value of equity estimates the discounted present value of asset and liability cash flows. Discount rates are based upon market prices for like assets and liabilities. Abrupt changes or "shocks" in interest rates, both upward and downward, are used to determine the comparative effect of such interest rate movements relative to the unchanged environment. This measurement tool is used primarily to evaluate the longer-term repricing risks and options in the Corporation's balance sheet. The Corporation's policy limits the economic value of equity that may be at risk in a parallel instantaneous shock to 10% of the base case economic value of equity for a 100 bps shock in interest rates, 20% for a 200 bps shock, 30% for a 300 bps shock and 40% for a 400 bps shock. As of June 30, 2025, the Corporation was within economic value of equity policy limits for every 100 bps parallel instantaneous shock.
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Interest Rate Derivatives
The Corporation enters into interest rate derivatives with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate derivatives with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate derivatives is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. These interest rate derivatives are derivative financial instruments, and the gross fair values are recorded in other assets and liabilities on the consolidated balance sheets.
Cash Flow Hedges
The Corporation's objectives in using interest rate derivatives are to reduce volatility in net interest income and net interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Corporation primarily uses interest rate derivatives as part of its interest rate risk management strategy. The Corporation enters into interest rate derivatives designated as cash flow hedges to hedge the cash flows associated with existing loans and borrowings.
For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income or interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income or interest expense as interest payments are received or made on the Corporation's loans and borrowings.
In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the unrealized losses that have been recorded in AOCI are recognized as a reduction to interest income, including fees, when the previously forecasted hedged item affects earnings in future periods. During the six months ended June 30, 2025, $6.5 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Consolidated Statements of Income. During the year ended December 31, 2024, $27.9 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Consolidated Statements of Income.
Liquidity
The Corporation must maintain a sufficient level of liquid assets to meet the cash needs of its customers, who, as depositors, may want to withdraw funds or who, as borrowers, need credit availability. Liquidity is provided on a continuous basis through scheduled and unscheduled principal and interest payments on investments and outstanding loans and through the availability of deposits and borrowings. The Corporation also maintains secondary sources that provide liquidity on a secured and unsecured basis to meet short- and long-term needs.
The Corporation maintains liquidity sources in the form of interest-bearing deposits and customer funding (short-term promissory notes). The Corporation can access additional liquidity from these sources, if necessary, by increasing the rates of interest paid on those instruments. The positive impact to liquidity resulting from paying higher interest rates could have a detrimental impact on NIM and net interest income if rates on interest-earning assets do not experience a proportionate increase. Borrowing availability with the FHLB and the FRB, along with federal funds lines at various correspondent banks, provides the Corporation with additional liquidity.
Fulton Bank is a member of the FHLB and has access to FHLB overnight and term credit facilities. As of June 30, 2025, the Bank had total borrowing capacity of approximately $11.2 billion with $4.9 billion of advances and letters of credit outstanding, for a remaining available borrowing capacity of approximately $6.3 billion under these facilities. Advances from the FHLB, when utilized, are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets.
As of June 30, 2025, the Corporation had aggregate federal funds lines borrowing capacity of $2.6 billion with no amounts outstanding against that amount. As of June 30, 2025, the Corporation had $3.9 billion of collateralized borrowing capacity at the FRB discount window with no amounts outstanding.
A combination of commercial real estate loans, commercial loans, consumer loans and securities are pledged to the FRB of Philadelphia to provide access to FRB discount window borrowings. Securities carried at $0.4 billion at June 30, 2025 and $0.3 billion at December 31, 2024 were pledged as collateral to secure public and trust deposits.
Liquidity must also be managed at the Parent Company. For safety and soundness reasons, banking regulations limit the amount of cash that can be transferred from subsidiary banks to the parent company in the form of loans and dividends. Generally, these
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limitations are based on the subsidiary banks’ regulatory capital levels and their net income. Management continues to monitor the liquidity and capital needs of the Parent Company including monitoring the granularity of the deposit portfolio and level of uninsured deposits. Management will implement appropriate strategies, as necessary, to remain adequately capitalized and to meet its cash needs.
The Consolidated Statements of Cash Flows in Part I. "Item 1. Financial Statements" provide additional information. The Corporation's operating activities during the six months ended June 30, 2025 generated $92.5 million of cash. Cash used by investing activities was $270.0 million and was primarily due to a net increase in investment securities. Cash used by financing activities was $81.7 million primarily due to dividends paid.
Debt Security Market Price Risk
Debt security market price risk is the risk that changes in the values of debt securities, unrelated to interest rate changes, could have a material impact on the financial position or results of operations of the Corporation. The Corporation's debt security investments consist primarily of U.S. government-sponsored agency issued mortgage-backed securities and collateralized mortgage obligations, state and municipal securities, and corporate debt securities. All of the Corporation's investments in mortgage-backed securities and collateralized mortgage obligations have principal payments that are guaranteed by U.S. government-sponsored agencies.
State and Municipal Securities
As of June 30, 2025, the Corporation owned securities issued by various states and municipalities with a total fair value of $774.7 million. Uncertainty with respect to the financial strength of state and municipal bond insurers places emphasis on the underlying strength of issuers. Pressure on local tax revenues of issuers due to adverse economic conditions could have an adverse impact on the underlying credit quality of issuers. The Corporation evaluates existing and potential holdings primarily based on the underlying creditworthiness of the issuing state or municipality and then, to a lesser extent, on any credit enhancement. State and municipal securities can be supported by the general obligation of the issuing state or municipality, allowing the securities to be repaid by any means available to the issuing state or municipality. As of June 30, 2025, approximately 100% of state and municipal securities were supported by the general obligation of corresponding states or municipalities. Approximately 75% of these securities were school district issuances, which are also supported by the states of the issuing municipalities.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Corporation carried out an evaluation, under the supervision and with the participation of the Corporation's management, including the Corporation's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Corporation's disclosure controls and procedures pursuant to Rule 13a-15, promulgated under the Exchange Act. Based upon that evaluation, the Corporation's Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2025, the Corporation's disclosure controls and procedures are effective. Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in Corporation reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings
The information presented in the "Legal Proceedings" section of Note 14 "Commitments and Contingencies" in the Notes to Consolidated Financial Statements in Part I, "Item 1. Financial Statements" in this Quarterly Report on Form 10-Q is incorporated herein by reference.
Item 1A. Risk Factors
There have been no material changes to the risk factors previously disclosed in Part I, Item 1A. Risk Factors of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a) None.
(b) None.

(c) Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share(1) |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2025 to April 30, 2025 |  | 500,000 |  |  | $ | 16.15 |  |  | 500,000 |  |  | $ | 116,368,940 |
May 1, 2025 to May 31, 2025 |  | — |  |  | — |  |  | — |  |  | 116,368,940 |
June 1, 2025 to June 30, 2025 |  | 22,300 |  |  | 17.17 |  |  | 22,300 |  |  | 115,986,150 |

(1) Includes 1% excise tax
On December 17, 2024, the Corporation announced that its Board of Directors approved the 2025 Repurchase Program. The 2025 Repurchase Program will expire on December 31, 2025. Under the 2025 Repurchase Program, the Corporation is authorized to repurchase up to $125.0 million of shares of its common stock. Under the 2025 Repurchase Program up to $25.0 million may be used to repurchase shares of the Corporation's preferred stock.
On April 15, 2025, the Corporation announced that its Board of Directors approved a supplemental authorization under the 2025 Repurchase Program to repurchase up to $25 million of the Subordinated Notes due 2030; provided that the purchase price of the Corporation's preferred stock and the Subordinated Notes due 2030 may not exceed, in the aggregate, $25 million.
As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time under the 2025 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2025 Repurchase Program may be discontinued at any time.
During the six months ended June 30, 2025, 553,767 shares of common stock were repurchased under the 2025 Repurchase Program at a total cost of $9.0 million or $16.28 per share.
Item 5. Other Information
(c) Except as disclosed below, none of the Corporation's directors or "officers" (as defined in Rule 16a-1(f) (17 C.F.R. § 240.16a-1(f))) adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K (17 C.F.R. § 229.408)) during the fiscal quarter ended June 30, 2025.
On June 13, 2025, E. Philip Wenger, a director of the Corporation, adopted a Rule 10b5-1 trading arrangement for the sale of up to 20,000 shares of the Corporation's common stock. The trading arrangement will expire on September 11, 2026, unless terminated sooner in accordance with its terms.
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Item 6. Exhibits

2.1 |  |  | Purchase and Assumption Agreement – Whole Bank, All Deposits, effective as of April 26, 2024, with the Federal Deposit Insurance Corporation, as receiver of Republic First Bank, the Federal Deposit Insurance Corporation, and Fulton Bank, National Association (Incorporated by reference to Exhibit 2.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on May 2, 2024). |
3.1 |  |  | Articles of Incorporation, as amended and restated, of Fulton Financial Corporation as amended (Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report Form 8-K filed June 24, 2011). |
3.2 |  |  | Statement with Respect to Shares of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A of Fulton Financial Corporation, dated October 23, 2020, filed with the Pennsylvania Department of State (Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on October 29, 2020). |
3.3 |  |  | Bylaws of Fulton Financial Corporation as amended (Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report on Form 8-K filed May 14, 2021). |
4.1 |  |  | Deposit Agreement, dated October 29, 2020, among Fulton Financial Corporation, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Incorporated by reference to Exhibit 4.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on October 29, 2020). |
4.2 |  |  | Form of depositary receipt representing the Depositary Shares (Included in Exhibit 4.1). |
4.3 |  |  | Stock Certificate (Incorporated by reference as Exhibit 4.1 of Fulton Financial Corporation Registration Statement on Form S-4 filed on April 21, 2022). |
10.1 |  |  | Form of Time-Vested Restricted Stock Unit Award Agreement – (Incorporated by reference to Exhibit 10.1 of the Fulton Financial Co r p o r ation Quarterly Report on Form 10-Q filed for the qu arterly period ended March 31, 2025) .* |
10.2 |  |  | Form of Performance Restricted Stock Unit Award Agreement Total Shareholder Return ("TRS") Component – (Incorporated by reference to Exhibit 10.2 of the Fulton Financial Corporation Quarterly Report on Form 10-Q filed for the quarterly per iod ended March 31, 2025).* |
10.3 |  |  | Form of Non-Employee Director Stock Unit Award Agreement - filed herewith.* |
31.1 |  |  | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 |  |  | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 |  |  | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 |  |  | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 |  | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. |
104 |  |  | Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101) |
* |  | Management contract or compensatory plan or arrangement. |

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FULTON FINANCIAL CORPORATION AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FULTON FINANCIAL CORPORATION |  |
Date: |  | August 8, 2025 |  | /s/ Curtis J. Myers
|  |  |  | Curtis J. Myers
|  |  |  | Chairman and Chief Executive Officer
Date: |  | August 8, 2025 |  | /s/ Richard S. Kraemer
|  |  |  | Richard S. Kraemer
|  |  |  | Senior Executive Vice President and Chief Financial Officer

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