Exhibit 99.1

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


Fulton Financial Corporation Announces 2024 Fourth Quarter and Full-Year Results

(January 21, 2025) – Lancaster, PA – Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $66.1 million, or $0.36 per diluted share, for the fourth quarter of 2024, an increase of $5.4 million, or $0.03 per share, in comparison to the third quarter of 2024. Operating net income available to common shareholders for the three months ended December 31, 2024 was $88.9 million, or $0.48 per diluted share(1), a decrease of $2.4 million, or $0.02 per share, in comparison to the third quarter of 2024. Net income available to common shareholders for the year ended December 31, 2024 was $278.5 million, or $1.57 per diluted share, an increase of $4.5 million, and a decrease of $0.07 per diluted share in comparison to the year ended December 31, 2023. Operating net income available to common shareholders for the year ended December 31, 2024 was $328.1 million, or $1.85 per diluted share(1), an increase of $43.1 million, or $0.14 per diluted share, in comparison to the year ended December 31, 2023.

"2024 was a record year for Fulton. Operating diluted earnings per share of $1.85 represents an 8% increase over the prior year," said Curtis J. Myers, Chairman and CEO of Fulton. "We made significant progress, both operationally and strategically, and are now realizing the benefits of these efforts in our results. With a strong quarter and year, we are very excited and well positioned for continued success in 2025."

Financial Highlights

Fourth quarter of 2024 operating results of $0.48 per diluted share were impacted by the following items:

•Solid net interest margin of 3.41%, with a decrease in total cost of funds of 14 basis points compared to the prior quarter.

•Non-interest expense decreased $9.5 million to $216.6 million compared to $226.1 million in the prior quarter. Operating non-interest expense decreased $5.5 million to $190.7 million(1) compared to $196.2 million in the prior quarter.

•Provision for credit losses was $16.7 million resulting in an allowance for credit losses attributable to net loans of $379.2 million, or 1.58% of total net loans at December 31, 2024.






•Average noninterest-bearing deposits increased $62.2 million compared to the prior quarter.

•Common equity tier 1 capital ratio(2) increased to approximately 10.6% compared to 10.5% in the prior quarter.

•Acquisition-related(3) expenses of $9.6 million.

•FultonFirst implementation and asset disposal costs of $10.0 million, including $8.5 million in connection with the Corporation's plan to consolidate fifteen financial centers in early 2025.

The following items highlight notable changes in the components of net income in the fourth quarter of 2024 compared to the third quarter of 2024:

•Net interest income totaled $253.7 million, a decrease of $4.4 million, which was largely due to a decline in short-term interest rates. A decrease in interest income on net loans of $15.4 million was partially offset by a decrease in interest expense on interest-bearing liabilities of $8.9 million. An increase in interest income on investment securities of $6.8 million was partially offset by a decrease in interest income on other interest-earning assets of $4.6 million. $1.1 million in fees were realized during the quarter due to early payoffs in the leasing portfolio. Purchase loan mark accretion from loans acquired in the Acquisition was $13.9 million in the fourth quarter of 2024 compared to $14.5 million in the prior quarter.

•Non-interest income before investment securities gains (losses) was $65.9 million compared to $59.7 million in the prior quarter. The increase was primarily due to a $5.0 million change in the gain on acquisition (net of tax). A $2.7 million reduction in the gain on acquisition (net of tax) was recorded in the fourth quarter of 2024.

•Non-interest expense was $216.6 million compared to $226.1 million in the prior quarter. The decrease was largely due to a $10.9 million decrease in employee salaries and benefits expense, a $4.6 million decrease in acquisition-related expense and a $2.6 million decrease in net occupancy expense, partially offset by $7.8 million of fixed asset and disposal costs in connection with planned FultonFirst financial center consolidations. The decrease in employee salaries and benefits expense was driven by a $4.9 million decrease in employee severance costs related to the FultonFirst initiative, a $3.4 million decrease due to cost savings realized related to the Acquisition and a $2.5 million decrease in employee incentive compensation costs.

Balance Sheet Summary

•Net loans totaled $24.0 billion, a decrease of $131.2 million, compared to $24.2 billion as of September 30, 2024. The decline in balance was due to a net decrease of $168.1 million in commercial and other loans(4), partially offset by an increase of $36.9 million in consumer loans(4).
2



•Deposits totaled $26.1 billion, a decrease of $22.7 million, compared to $26.2 billion as of September 30, 2024. The decrease was primarily due to a decrease of $136.8 million in time deposits, partially offset by increases of $64.1 million in interest-bearing demand deposits and $51.5 million in savings deposits.

Provision for Credit Losses and Asset Quality

•The provision for credit losses was $16.7 million in the fourth quarter of 2024, resulting in an allowance for credit losses attributable to net loans of $379.2 million, or 1.58% of total net loans at December 31, 2024, compared to $376.0 million, or 1.56% of total net loans at September 30, 2024.

•Non-performing assets were $222.7 million, or 0.69% of total assets, at December 31, 2024, in comparison to $205.0 million, or 0.64% of total assets, at September 30, 2024.

•Net charge-offs for the fourth quarter of 2024 were 0.22% of total average loans in comparison to 0.18% in the prior quarter.


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


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

(2) Regulatory capital ratios as of December 31, 2024 are preliminary estimates and prior periods are actual.

(3) On April 26, 2024, the Corporation announced that its wholly owned banking subsidiary, Fulton Bank, National Association ("Fulton Bank"),
acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing
business as Republic Bank ("Republic Bank"), from the Federal Deposit Insurance Corporation (the "FDIC"), as receiver for Republic Bank (the
"Acquisition"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 (the
"Acquisition Date"), among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.

(4) Commercial loans includes real estate - commercial mortgage, commercial and industrial, leases and other loans and includes an increase in commercial construction loans of $53.4 million, reflected in real estate - construction. Consumer loans includes real estate - residential mortgage, real estate - home equity, consumer and includes an increase of $8.6 million in residential construction loans, reflected in real estate - construction.









3



Safe Harbor Statement

This press release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," “projects,” the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).









4



Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.


FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands, except per share and shares data)
Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20242024202420242023
Ending Balances
Investment securities$4,806,468$4,545,278$4,184,027$3,783,392$3,666,274
Net loans24,044,91924,176,07524,106,29721,444,48321,351,094
Total assets32,065,05932,185,72631,769,81327,642,95727,571,915
Deposits26,129,43326,152,14425,559,65421,741,95021,537,623
Shareholders' equity3,197,3253,203,9433,101,6092,757,6792,760,139
Average Balances
Investment securities(1)
4,771,5374,237,8054,043,1363,672,8443,665,261
Net loans24,068,78424,147,80123,345,91421,370,03321,255,779
Total assets32,098,85231,895,23530,774,89127,427,62627,397,671
Deposits26,313,37825,778,25924,642,95421,378,75421,476,548
Shareholders' equity3,219,0263,160,3222,952,6712,766,9452,618,024
Income Statement
Net interest income253,659 258,009 241,720 206,937 212,006 
Provision for credit losses16,725 11,929 32,056 10,925 9,808 
Non-interest income65,924 59,673 92,994 57,140 59,378 
Non-interest expense216,615 226,089 199,488 177,600 180,552 
Income before taxes86,243 79,664 103,170 75,552 81,024 
Net income available to common shareholders66,058 60,644 92,413 59,379 61,701 
Per Share
Net income available to common shareholders (basic)$0.36 $0.33 $0.53 $0.36 $0.38 
Net income available to common shareholders (diluted)$0.36 $0.33 $0.52 $0.36 $0.37 
Operating net income available to common shareholders(2)
$0.48 $0.50 $0.47 $0.40 $0.42 
Cash dividends$0.18 $0.17 $0.17 $0.17 $0.17 
Common shareholders' equity$16.50 $16.55 $16.00 $15.82 $15.67 
Common shareholders' equity (tangible)(2)
$13.01 $13.02 $12.43 $12.37 $12.25 
Weighted average shares (basic)182,032 181,905 175,305 162,706 163,975 
Weighted average shares (diluted)183,867 183,609 176,934 164,520 165,650 
(1) Average balances include related unrealized holding gains (losses) for available for sale ("AFS") securities..
5


(2) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this press release.
Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20242024202420242023
Asset Quality
Net charge-offs to average loans 0.22 %0.18 %0.19 %0.16 %0.15 %
Non-performing loans to total net loans0.92 %0.84 %0.72 %0.73 %0.72 %
Non-performing assets to total assets0.69 %0.64 %0.55 %0.57 %0.56 %
ACL - loans(1) to total loans
1.58 %1.56 %1.56 %1.39 %1.37 %
ACL - loans(1) to non-performing loans
172 %186 %218 %191 %191 %
Profitability
Return on average assets0.85 %0.79 %1.24 %0.91 %0.93 %
Operating return on average assets(2)
1.14 %1.17 %1.11 %1.00 %1.03 %
Return on average common shareholders' equity8.68 %8.13 %13.47 %9.28 %10.09 %
Operating return on average common shareholders' equity (tangible)(2)
14.83 %15.65 %15.56 %13.08 %14.68 %
Net interest margin3.41 %3.49 %3.43 %3.32 %3.36 %
Efficiency ratio(2)
58.4 %59.6 %62.6 %63.2 %62.0 %
Non-interest expense to total average assets2.68 %2.82 %2.61 %2.60 %2.61 %
Operating non-interest expense to total average assets(2)
2.36 %2.45 %2.55 %2.49 %2.47 %
Capital Ratios(3)
Tangible common equity ratio ("TCE")(2)
7.5 %7.5 %7.3 %7.4 %7.4 %
Tier 1 leverage ratio9.0 %9.0 %9.2 %9.3 %9.5 %
Common equity Tier 1 capital ratio10.6 %10.5 %10.3 %10.3 %10.3 %
Tier 1 risk-based capital ratio11.4 %11.3 %11.1 %11.1 %11.2 %
Total risk-based capital ratio14.1 %14.0 %13.8 %14.0 %14.0 %
(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet
    ("OBS") credit exposures.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
(3) Regulatory capital ratios as of December 31, 2024 are preliminary estimates and prior periods are actual.

6

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
Dec 31Sep 30Jun 30Mar 31Dec 31
20242024202420242023
ASSETS
Cash and due from banks$279,041 $296,500 $333,238 $247,581 $300,343 
Other interest-earning assets924,404 1,287,392 1,188,341 231,389 373,772 
Loans held for sale25,618 17,678 26,822 10,624 15,158 
Investment securities4,806,468 4,545,278 4,184,027 3,783,392 3,666,274 
Net loans24,044,919 24,176,075 24,106,297 21,444,483 21,351,094 
Less: ACL - loans(1)
(379,156)(375,961)(375,941)(297,888)(293,404)
   Loans, net23,665,763 23,800,114 23,730,356 21,146,595 21,057,690 
Net premises and equipment195,527 171,731 180,642 213,541 222,881 
Accrued interest receivable117,029 115,903 120,752 107,089 107,972 
Goodwill and intangible assets635,458 641,739 648,026 560,114 560,687 
Other assets1,415,751 1,309,391 1,357,609 1,342,632 1,267,138 
    Total Assets$32,065,059 $32,185,726 $31,769,813 $27,642,957 $27,571,915 
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits$26,129,433 $26,152,144 $25,559,654 $21,741,950 $21,537,623 
Borrowings1,782,048 2,052,227 2,178,597 2,296,040 2,487,526 
Other liabilities956,253 777,412 929,953 847,288 786,627 
    Total Liabilities28,867,734 28,981,783 28,668,204 24,885,278 24,811,776 
Shareholders' equity3,197,325 3,203,943 3,101,609 2,757,679 2,760,139 
    Total Liabilities and Shareholders' Equity$32,065,059 $32,185,726 $31,769,813 $27,642,957 $27,571,915 
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage$9,601,858 $9,493,479 $9,289,770 $8,252,117 $8,127,728 
Commercial and industrial4,605,589 4,914,734 4,967,796 4,467,589 4,545,552 
Real estate - residential mortgage6,349,643 6,302,624 6,248,856 5,395,720 5,325,923 
Real estate - home equity1,160,616 1,144,402 1,120,878 1,040,335 1,047,184 
Real estate - construction1,394,899 1,332,954 1,463,799 1,249,199 1,239,075 
Consumer616,856 651,717 692,086 698,421 729,318 
Leases and other loans(2)
315,458 336,165 323,112 341,102 336,314 
Total Net Loans$24,044,919 $24,176,075 $24,106,297 $21,444,483 $21,351,094 
Deposits, by type:
Noninterest-bearing demand$5,499,760 $5,501,699 $5,609,383 $5,086,514 $5,314,094 
Interest-bearing demand7,843,604 7,779,472 7,478,077 5,521,017 5,722,695 
Savings7,792,114 7,740,595 7,563,495 6,846,038 6,616,901 
     Total demand and savings21,135,478 21,021,766 20,650,955 17,453,569 17,653,690 
Brokered843,857 843,473 995,975 1,152,427 1,144,692 
Time4,150,098 4,286,905 3,912,724 3,135,954 2,739,241 
Total Deposits$26,129,433 $26,152,144 $25,559,654 $21,741,950 $21,537,623 
Borrowings, by type:
Federal funds purchased$— $— $— $— $240,000 
Federal Home Loan Bank advances850,000 950,000 750,000 900,000 1,100,000 
Senior debt and subordinated debt367,316 535,917 535,741 535,566 535,384 
Other borrowings564,732 566,310 892,856 860,474 612,142 
Total Borrowings$1,782,048 $2,052,227 $2,178,597 $2,296,040 $2,487,526 
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
(2) Includes equipment lease financing, overdraft and net origination fees and costs.
7

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share and share data)
Three months endedYear ended
Dec 31Sep 30Jun 30Mar 31Dec 31Dec 31
2024202420242024202320242023
Net Interest Income:
Interest income$414,368 $427,656 $400,506 $339,666 $338,134 $1,582,196 $1,273,236 
Interest expense160,709 169,647 158,786 132,729 126,128 621,871 418,950 
    Net Interest Income253,659 258,009 241,720 206,937 212,006 960,325 854,286 
Provision for credit losses16,725 11,929 32,056 10,925 9,808 71,636 54,036 
    Net Interest Income after Provision236,934 246,080 209,664 196,012 202,198 888,689 800,250 
Non-Interest Income:
Wealth management22,002 21,596 20,990 20,155 19,388 84,743 75,541 
Commercial banking:
   Merchant and card7,082 7,496 7,798 6,808 7,045 29,186 29,205 
   Cash management7,633 7,201 6,966 6,305 6,030 28,106 23,340 
   Capital markets2,797 3,311 2,585 2,341 4,258 11,033 15,654 
   Other commercial banking4,942 4,281 4,061 3,375 3,447 16,657 12,961 
Total commercial banking22,454 22,289 21,410 18,829 20,780 84,982 81,160 
Consumer banking:
  Card8,064 7,917 8,305 6,628 6,739 30,914 26,343 
  Overdraft3,644 3,957 3,377 2,786 2,991 13,764 11,416 
  Other consumer banking2,601 3,054 2,918 2,254 2,357 10,826 9,438 
Total consumer banking14,309 14,928 14,600 11,668 12,087 55,504 47,197 
Mortgage banking3,759 3,142 3,951 3,090 2,288 13,943 10,388 
Gain on acquisition, net of tax(2,689)(7,706)47,392 — — 36,996 — 
Other6,089 5,425 4,933 3,398 5,587 19,846 14,125 
Non-interest income before investment securities gains (losses)65,924 59,674 113,276 57,140 60,130 296,014 228,411 
Investment securities losses, net— (1)(20,282)— (752)(20,283)(733)
    Total Non-Interest Income65,924 59,673 92,994 57,140 59,378 275,731 227,678 
Non-Interest Expense:
Salaries and employee benefits107,886 118,824 110,630 95,481 97,275 432,821 377,417 
Data processing and software19,550 20,314 20,357 17,661 16,985 77,882 66,471 
Net occupancy16,417 18,999 17,793 16,149 14,647 69,359 58,019 
Other outside services14,531 15,839 16,933 13,283 14,670 60,586 47,724 
Intangible amortization6,282 6,287 4,688 573 597 17,830 2,944 
FDIC insurance5,921 5,109 6,696 6,104 11,138 23,829 25,565 
Equipment 4,388 4,860 4,561 4,040 3,995 17,850 14,390 
Professional fees3,387 2,811 2,571 2,088 2,302 10,857 8,392 
Marketing2,695 2,251 2,101 1,912 3,550 8,958 9,004 
Acquisition-related expenses9,637 14,195 13,803 — — 37,635 — 
Other25,921 16,600 (645)20,309 15,393 62,184 69,281 
    Total Non-Interest Expense216,615 226,089 199,488 177,600 180,552 819,791 679,207 
    Income Before Income Taxes86,243 79,664 103,170 75,552 81,024 344,629 348,721 
Income tax expense17,623 16,458 8,195 13,611 16,761 55,886 64,441 
    Net Income68,620 63,206 94,975 61,941 64,263 288,743 284,280 
Preferred stock dividends(2,562)(2,562)(2,562)(2,562)(2,562)(10,248)(10,248)
     Net Income Available to Common Shareholders$66,058 $60,644 $92,413 $59,379 $61,701 $278,495 $274,032 
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Three months endedYear ended
Dec 31Sep 30Jun 30Mar 31Dec 31Dec 31
2024202420242024202320242023
PER SHARE:
Net income available to common shareholders (basic)$0.36 $0.33 $0.53 $0.36 $0.38 $1.59 $1.66 
Net income available to common shareholders (diluted)$0.36 $0.33 $0.52 $0.36 $0.37 $1.57 $1.64 
Cash dividends$0.18 $0.17 $0.17 $0.17 $0.17 $0.69 $0.64 
Weighted average shares (basic)182,032 181,905 175,305 162,706 163,975 175,523 165,241 
Weighted average shares (diluted)183,867 183,609 176,934 164,520 165,650 177,223 166,769 




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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
December 31, 2024September 30, 2024December 31, 2023
AverageYield/AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$24,068,784 $360,642 5.97 %$24,147,801 $376,160 6.20 %$21,255,779 $311,992 5.83 %
Investment securities(3)
5,033,765 44,616 3.54 %4,526,885 37,853 3.34 %4,120,750 27,227 2.64 %
Other interest-earning assets1,086,536 13,453 4.93 %1,338,592 18,068 5.37 %267,329 3,464 5.17 %
Total Interest-Earning Assets30,189,085 418,711 5.53 %30,013,278 432,081 5.74 %25,643,858 342,683 5.31 %
Noninterest-earning assets:
Cash and due from banks288,867 306,427 282,614 
Premises and equipment183,801 181,285 219,994 
Other assets1,816,421 1,772,052 1,545,535 
Less: ACL - loans(4)
(379,322)(377,807)(294,330)
Total Assets$32,098,852 $31,895,235 $27,397,671 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits$7,838,590 $37,952 1.93 %$7,668,583 $38,768 2.01 %$5,723,169 $20,737 1.44 %
Savings deposits7,806,303 47,280 2.41 %7,663,599 49,477 2.57 %6,682,512 38,239 2.27 %
Brokered deposits877,526 10,619 4.81 %842,661 11,344 5.36 %1,051,369 14,078 5.31 %
Time deposits4,232,849 46,023 4.33 %4,107,466 45,735 4.43 %2,579,400 23,575 3.63 %
Total Interest-Bearing Deposits20,755,268 141,874 2.72 %20,282,309 145,324 2.85 %16,036,450 96,629 2.39 %
Borrowings and other interest-bearing liabilities1,847,431 18,835 4.06 %2,229,348 24,324 4.34 %2,541,727 29,499 4.58 %
Total Interest-Bearing Liabilities22,602,699 160,709 2.83 %22,511,657 169,648 3.00 %18,578,177 126,128 2.69 %
Noninterest-bearing liabilities:
Demand deposits5,558,110 5,495,950 5,440,098 
Other liabilities719,017 727,306 761,372 
Total Liabilities28,879,826 28,734,913 24,779,647 
Shareholders' equity3,219,026 3,160,322 2,618,024 
Total Liabilities and Shareholders' Equity$32,098,852 $31,895,235 $27,397,671 
Net interest income/net interest margin (fully taxable equivalent)258,002 3.41 %262,433 3.49 %216,555 3.36 %
Tax equivalent adjustment(4,343)(4,424)(4,549)
Net Interest Income$253,659 $258,009 $212,006 
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balances include non-performing loans.
(3) Average balances include amortized historical cost for available for sale ("AFS") securities; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.




10

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20242024202420242023
Loans, by type:
Real estate - commercial mortgage$9,595,996 $9,318,273 $8,958,139 $8,166,018 $8,090,627 
Commercial and industrial4,730,101 4,998,051 4,853,583 4,517,179 4,579,441 
Real estate - residential mortgage6,319,205 6,268,922 5,977,132 5,353,905 5,303,632 
Real estate - home equity1,116,665 1,122,313 1,117,367 1,039,321 1,043,753 
Real estate - construction1,312,245 1,437,907 1,430,057 1,240,640 1,153,601 
Consumer665,261 682,602 685,183 721,523 746,011 
Leases and other loans(1)
329,311 319,733 324,453 331,447 338,714 
Total Net Loans$24,068,784 $24,147,801 $23,345,914 $21,370,033 $21,255,779 
Deposits, by type:
Noninterest-bearing demand$5,558,110 $5,495,950 $5,460,025 $5,061,075 $5,440,098 
Interest-bearing demand7,838,590 7,668,583 7,080,302 5,596,725 5,723,169 
Savings7,806,303 7,663,599 7,309,141 6,669,228 6,682,512 
     Total demand and savings21,203,003 20,828,132 19,849,468 17,327,028 17,845,779 
Brokered877,526 842,661 1,123,328 1,083,382 1,051,369 
Time4,232,849 4,107,466 3,670,158 2,968,344 2,579,400 
Total Deposits$26,313,378 $25,778,259 $24,642,954 $21,378,754 $21,476,548 
Borrowings, by type:
Federal funds purchased$54 $— $32,637 $173,659 $446,707 
Federal Home Loan Bank advances727,957 754,130 833,726 902,890 760,087 
Senior debt and subordinated debt449,795 535,831 535,656 535,479 539,186 
Other borrowings and other interest-bearing liabilities669,625 939,387 1,039,672 996,348 795,747 
Total Borrowings$1,847,431 $2,229,348 $2,441,691 $2,608,376 $2,541,727 
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

11

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Year ended December 31
20242023
AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$23,145,114 $1,406,216 6.08 %$20,929,302 $1,166,376 5.57 %
Investment securities(3)
4,486,726 143,317 3.19 %4,210,010 109,325 2.59 %
Other interest-earning assets962,971 50,578 5.25 %387,360 15,346 3.96 %
Total Interest-Earning Assets28,594,811 1,600,111 5.60 %25,526,672 1,291,047 5.06 %
Noninterest-Earning assets:
Cash and due from banks295,156 215,649 
Premises and equipment197,823 219,315 
Other assets1,761,083 1,553,284 
Less: ACL - loans(4)
(375,743)(285,216)
Total Assets$30,473,130 $27,229,704 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits$7,049,915 $128,969 1.83 %$5,582,930 $62,494 1.12 %
Savings deposits7,364,106 180,455 2.45 %6,616,087 122,340 1.85 %
Brokered deposits981,060 51,691 5.27 %847,795 43,635 5.15 %
Time deposits3,747,029 160,744 4.29 %2,170,245 63,735 2.94 %
Total Interest-Bearing Deposits19,142,110 521,859 2.73 %15,217,057 292,204 1.92 %
Borrowings and other interest-bearing liabilities2,280,382 100,012 4.39 %2,771,330 126,746 4.54 %
Total Interest-Bearing Liabilities21,422,492 621,871 2.90 %17,988,387 418,950 2.32 %
Noninterest-Bearing liabilities:
Demand deposits5,394,518 5,939,799 
Other liabilities630,478 670,269 
Total Liabilities27,447,488 24,598,455 
Shareholders' equity3,025,642 2,631,249 
Total Liabilities and Shareholders' Equity$30,473,130 $27,229,704 
Net interest income/net interest margin (fully taxable equivalent)978,240 3.42 %872,097 3.42 %
Tax equivalent adjustment(17,915)(17,811)
Net Interest Income$960,325 $854,286 
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balances include non-performing loans.
(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.







12

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Year ended December 31
20242023
Loans, by type:
Real estate - commercial mortgage$9,052,738 $7,876,076 
Commercial and industrial4,779,254 4,596,742 
Real estate - residential mortgage5,925,708 5,079,739 
Real estate - home equity1,060,520 1,060,396 
Real estate - construction1,275,562 1,247,336 
Consumer725,308 748,089 
Leases and other loans(1)
326,024 320,924 
Total Net Loans$23,145,114 $20,929,302 
Deposits, by type:
Noninterest-bearing demand$5,394,518 $5,939,799 
Interest-bearing demand7,049,915 5,582,930 
Savings7,364,106 6,616,087 
   Total demand and savings19,808,539 18,138,816 
Brokered981,060 847,795 
Time3,747,029 2,170,245 
Total Deposits$24,536,628 $21,156,856 
Borrowings, by type:
Federal funds purchased $51,306 $566,379 
Federal Home Loan Bank advances804,328 922,164 
Senior debt and subordinated debt514,073 539,726 
Other borrowings910,675 743,061 
Total Borrowings$2,280,382 $2,771,330 
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
13

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
Three months endedYear ended December 31
Dec 31Sep 30Jun 30Mar 31Dec 31Dec 31Dec 31
2024202420242024202320242023
Allowance for credit losses related to net loans:
Balance at beginning of period$375,961$375,941$297,888$293,404$292,739$293,404 $269,366 
CECL day 1 provision expense(1)
——23,444——23,444 — 
Initial purchased credit deteriorated allowance for credit losses(136)(1,139)55,906——54,631 — 
Loans charged off:
    Real estate - commercial mortgage(2,844)(2,723)(7,853)(26)(3,547)(13,186)(17,999)
    Commercial and industrial(9,480)(6,256)(2,955)(7,632)(3,397)(26,585)(9,246)
    Real estate - residential mortgage(55)(1,131)(35)(251)—(1,472)(62)
    Consumer and home equity(2,179)(2,308)(1,766)(2,238)(2,192)(8,490)(7,514)
    Real estate - construction—————— — 
    Leases and other loans(2)
(1,768)(726)(1,398)(805)(1,096)(4,696)(4,380)
    Total loans charged off(16,326)(13,144)(14,007)(10,952)(10,232)(54,429)(39,201)
Recoveries of loans previously charged off:
    Real estate - commercial mortgage199107146152160603 1,076 
    Commercial and industrial1,3871,0087961,2487794,440 3,473 
    Real estate - residential mortgage104130122116278472 421 
    Consumer and home equity9745451,1616765553,357 3,198 
    Real estate - construction47103233—87382 858 
    Leases and other loans(2)
194129247162374730 1,103 
    Recoveries of loans previously charged off2,9052,0222,7052,3542,2339,984 10,129 
Net loans charged off(13,421)(11,122)(11,302)(8,598)(7,999)(44,445)(29,072)
Provision for credit losses(1)
16,75212,28110,00513,0828,66452,122 53,110 
Balance at end of period$379,156$375,961$375,941$297,888$293,404$379,156 $293,404 
Net charge-offs to average loans(3)
0.22 %0.18 %0.19 %0.16 %0.15 %0.19 %0.14 %
Provision for credit losses related to OBS Credit Exposures
Provision for credit losses(1)
$(27)$(352)$(1,393)$(2,157)$1,144$(3,930)$926
NON-PERFORMING ASSETS:
Non-accrual loans$189,293$175,861$145,630$129,628$121,620
Loans 90 days past due and accruing30,78126,28626,96226,52131,721
    Total non-performing loans220,074202,147172,592156,149153,341
Other real estate owned2,6212,8441,444277896
Total non-performing assets$222,695$204,991$174,036$156,426$154,237
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial$43,677$64,450$58,433$44,118$41,020
Real estate - commercial mortgage102,35971,46748,61547,89146,527
Real estate - residential mortgage45,90141,72741,03340,68542,029
Consumer and home equity14,37412,83011,88610,17210,878
Leases and other loans(2)
12,0179,9279,99310,13510,011
Real estate - construction1,7461,7462,6323,1482,876
Total non-performing loans$220,074$202,147$172,592$156,149$153,341
(1) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income.
(2) Includes equipment lease financing, overdraft and net origination fees and costs.
(3) Quarterly results are annualized.
14

FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share and share data)
Explanatory note:This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:
Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20242024202420242023
Operating net income available to common shareholders
Net income available to common shareholders$66,058$60,644$92,413$59,379$61,701
Less: Other revenue(269)(677)(708)(151)(1,102)
Plus: Gain on acquisition, net of tax2,6897,706(47,392)——
Plus: Loss on securities restructuring——20,282——
Plus: Core deposit intangible amortization6,1556,1554,556441441
Plus: Acquisition-related expense9,63714,19513,803——
Plus: CECL day 1 provision expense——23,444——
Less: Gain on sale-leaseback——(20,266)——
Plus: FDIC special assessment—(16)—9566,494
Plus: FultonFirst implementation and asset disposals10,0019,3856,3236,3293,197
Less: Tax impact of adjustments(5,360)(6,099)(9,961)(1,591)(1,896)
Operating net income available to common shareholders (numerator)$88,911$91,293$82,494$65,363$68,835
Weighted average shares (diluted) (denominator)183,867183,609176,934164,520165,650
Operating net income available to common shareholders, per share (diluted)$0.48$0.50$0.47$0.40$0.42
Common shareholders' equity (tangible), per share
Shareholders' equity$3,197,325$3,203,943$3,101,609$2,757,679$2,760,139
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(635,458)(641,739)(648,026)(560,114)(560,687)
Tangible common shareholders' equity (numerator)$2,368,989$2,369,326$2,260,705$2,004,687$2,006,574
Shares outstanding, end of period (denominator)182,089181,957181,831162,087163,801
Common shareholders' equity (tangible), per share$13.01$13.02$12.43$12.37$12.25
(1) Results are annualized.
15

Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20242024202420242023
Operating return on average assets(1)
Net income$68,620$63,206$94,975$61,941$64,263
Less: Other revenue(269)(677)(708)(151)(1,102)
Less: Gain on acquisition, net of tax2,6897,706(47,392)——
Plus: Loss on securities restructuring——20,282——
Plus: Core deposit intangible amortization6,1556,1554,556441441
Plus: Acquisition-related expense9,63714,19513,803——
Plus: CECL day 1 provision expense——23,444——
Less: Gain on sale-leaseback——(20,266)——
Plus: FDIC special assessment—(16)—9566,494
Plus: FultonFirst implementation and asset disposals10,0019,3856,3236,3293,197
Less: Tax impact of adjustments(5,360)(6,099)(9,961)(1,591)(1,896)
Operating net income (numerator)$91,473$93,855$85,056$67,925$71,397
Total average assets $32,098,852$31,895,235$30,774,891$27,427,626$27,397,671
Less: Average net core deposit intangible(83,173)(89,350)(68,234)(4,666)(5,106)
Total operating average assets (denominator)$32,015,679$31,805,885$30,706,657$27,422,960$27,392,565
Operating return on average assets1.14%1.17%1.11%1.00%1.03%
Operating return on average common shareholders' equity (tangible)(1)
Net income available to common shareholders$66,058$60,644$92,413$59,379$61,701
Less: Other revenue(269)(677)(708)(151)(1,102)
Less: Gain on acquisition, net of tax2,6897,706(47,392)——
Plus: Loss on securities restructuring——20,282——
Plus: Intangible amortization6,2826,2874,688573597
Plus: Acquisition-related expense9,63714,19513,803——
Plus: CECL day 1 provision expense——23,444——
Less: Gain on sale-leaseback——(20,266)——
Plus: FDIC special assessment—(16)—9566,494
Plus: FultonFirst implementation and asset disposals10,0019,3856,3236,3293,197
Less: Tax impact of adjustments(5,387)(6,127)(9,989)(1,618)(1,929)
Adjusted net income available to common shareholders (numerator)$89,011$91,397$82,598$65,468$68,958
Average shareholders' equity$3,219,026$3,160,322$2,952,671$2,766,945$2,618,024
Less: Average preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Average goodwill and intangible assets(638,507)(644,814)(624,471)(560,393)(560,977)
Average tangible common shareholders' equity (denominator)$2,387,641$2,322,630$2,135,322$2,013,674$1,864,169
Operating return on average common shareholders' equity (tangible)14.83%15.65%15.56%13.08%14.68%
(1) Results are annualized.
16

Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20242024202420242023
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity$3,197,325$3,203,943$3,101,609$2,757,679$2,760,139
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(635,458)(641,739)(648,026)(560,114)(560,687)
Tangible common shareholders' equity (numerator)$2,368,989$2,369,326$2,260,705$2,004,687$2,006,574
Total assets$32,065,059$32,185,726$31,769,813$27,642,957$27,571,915
Less: Goodwill and intangible assets(635,458)(641,739)(648,026)(560,114)(560,687)
Total tangible assets (denominator)$31,429,601$31,543,987$31,121,787$27,082,843$27,011,228
Tangible common equity to tangible assets7.54%7.51%7.26%7.40%7.43%
Efficiency ratio
Non-interest expense$216,615$226,089$199,488$177,600$180,552
Less: Acquisition-related expense(9,637)(14,195)(13,803)——
Plus: Gain on sale-leaseback——20,266——
Less: FDIC special assessment—16—(956)(6,494)
Less: FultonFirst implementation and asset disposals(10,001)(9,385)(6,323)(6,329)(3,197)
Less: Intangible amortization(6,282)(6,287)(4,688)(573)(597)
Less: Debt extinguishment————720
Operating non-interest expense (numerator)$190,695$196,238$194,940$169,742$170,984
Net interest income$253,659$258,009$241,720$206,937$212,006
Tax equivalent adjustment4,3434,4244,5564,5924,549
Plus: Total non-interest income65,92459,67392,99457,14059,378
Less: Other revenue(269)(677)(708)(151)(1,102)
Less: Gain on acquisition, net of tax2,6897,706(47,392)——
Plus: Investment securities (gains) losses, net—120,282—752
Total revenue (denominator)$326,346$329,136$311,452$268,518$275,583
Efficiency ratio58.43%59.62%62.59%63.21%62.04%
Operating non-interest expense to total average assets
Non-interest expense$216,615$226,089$199,488$177,600$180,552
Less: Intangible amortization(6,282)(6,287)(4,688)(573)(597)
Less: Acquisition-related expense(9,637)(14,195)(13,803)——
Plus: Gain on sale-leaseback——20,266——
Less: FDIC special assessment—16—(956)(6,494)
Less: FultonFirst implementation and asset disposals(10,001)(9,385)(6,323)(6,329)(3,197)
Operating non-interest expense (numerator)$190,695$196,238$194,940$169,742$170,264
Total average assets (denominator)$32,098,852$31,895,235$30,774,891$27,427,626$27,397,671
Operating non-interest expenses to total average assets2.36%2.45%2.55%2.49%2.47%
(1) Results are annualized.
17

Year Ended
Dec 31Dec 31
20242023
Operating net income available to common shareholders
Net income available to common shareholders$278,495$274,032
Less: Other revenue(1,805)1,855
Plus: Gain on acquisition, net of tax(36,996)—
Plus: Loss on securities restructuring20,282—
Plus: Core deposit intangible amortization17,3072,308
Plus: Acquisition-related expense37,635—
Plus: CECL day 1 provision expense23,444—
Less: Gain on sale-leaseback(20,266)—
Plus: FDIC special assessment9406,494
Plus: FultonFirst implementation and asset disposals32,0383,197
Less: Tax impact of adjustments(23,011)(2,909)
Operating net income available to common shareholders (numerator)$328,063$284,977
Weighted average shares (diluted) (denominator)177,223166,769
Operating net income available to common shareholders, per share (diluted)$1.85$1.71
Note: numbers in this report may not sum due to rounding.


18