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Business Combinations | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combinations | 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 fair values. The determination of fair values required management to make certain estimates and assumptions 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 fair value of net assets acquired and the cash consideration received from the FDIC over the fair value of liabilities assumed was recorded as a gain on acquisition of $37.0 million, net of income taxes. The following table summarizes the consideration transferred and the 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 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 |
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 nine months ended September 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.

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