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 First Quarter 2025 Results

(April 15, 2025) – Lancaster, PA – Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $90.4 million, or $0.49 per diluted share, for the first quarter of 2025, an increase of $24.4 million, or $0.13 per share, in comparison to the fourth quarter of 2024. Operating net income available to common shareholders for the three months ended March 31, 2025 was $95.5 million, or $0.52 per diluted share(1), an increase of $6.5 million, or $0.04 per share, in comparison to the fourth quarter of 2024.

"We are pleased with our first quarter operating earnings of $0.52 per diluted share and encouraged by the strong start to the year," said Curtis J. Myers, Chairman and CEO of Fulton. "Our team continues to be disciplined in our approach to creating value for all stakeholders while remaining focused on the long term during this uncertain and dynamic environment."

Financial Highlights

First quarter of 2025 operating results of $0.52 per diluted share were impacted by the following items:

•Solid net interest margin of 3.43% with a 12 basis point decrease in total cost of funds compared to the prior quarter.

•Non-interest expense decreased $27.2 million to $189.5 million compared to $216.6 million in the prior quarter. Operating non-interest expense decreased $7.8 million to $182.9 million(1) compared to $190.7 million in the prior quarter.

•Provision for credit losses was $13.9 million resulting in an allowance for credit losses attributable to net loans of $379.7 million, or 1.59% of total net loans as of March 31, 2025.

•Excluding brokered deposits, customer deposits increased $304.9 million, or 4.9% annualized, compared to the prior quarter.

•Common equity tier 1 capital ratio(2) increased to approximately 11.0% compared to 10.8% in the prior quarter.





The following items highlight notable changes in the components of net income and the balance sheet in the first quarter of 2025 compared to the fourth quarter of 2024:

•Net interest income totaled $251.2 million, a decrease of $2.5 million, primarily due to a decline in short-term interest rates and day count. A decrease in interest income on net loans of $13.0 million was partially offset by a decrease in interest expense on interest-bearing liabilities of $12.2 million. A $4.3 million decrease in interest income on other interest-earning assets was partially offset by a $2.6 million increase in interest income on investment securities. Purchase loan mark accretion from loans acquired in the Acquisition(3) was $13.1 million in the first quarter of 2025 compared to $13.9 million in the prior quarter.

•Non-interest income before investment securities gains (losses) was $67.2 million compared to $65.9 million in the prior quarter. The $1.3 million increase was primarily due to a $2.7 million reduction in the gain on acquisition (net of tax) recorded in the fourth quarter of 2024 and a $2.4 million increase in income from equity method investments, reflected in other income, partially offset by a $0.6 million decrease in mortgage banking income, a $0.5 million decrease in debit card fee income, a $0.5 million decrease in Small Business Administration loan income, a $0.5 million decrease in merchant fee income, a $0.3 million decrease in commercial customer interest rate derivative fee income, reflected in capital markets income, a $0.3 million decrease in overdraft fee income and a $0.2 million decrease in wealth management revenues.

•Non-interest expense was $189.5 million compared to $216.6 million in the prior quarter. The $27.2 million decrease was primarily due to a $10.0 million decrease in FultonFirst implementation and asset disposal expense and a $9.3 million decrease in acquisition-related expense. Excluding the FultonFirst implementation and asset disposal-related expense, the decrease in non-interest expense was primarily due to a $4.4 million decrease in professional fees driven by a recovery of previously incurred fees, a $3.7 million decrease in employee salaries and benefits expense primarily related to cost savings realized in connection with the Acquisition and the FultonFirst initiative.

Balance Sheet Summary

•Net loans totaled $23.9 billion, a decrease of $182.3 million, compared to $24.0 billion as of December 31, 2024. The decrease in net loans was due to a $244.3 million net decrease in commercial and other loans(4) partially offset by a $62.0 million increase in consumer loans(4). The decrease in commercial and other loans was partially due to the payoff in the quarter of $94.2 million of special mention loans and substandard loans. Commercial and other loans in non-accrual status decreased during the first quarter.

2


•Deposits totaled $26.3 billion, an increase of $199.5 million, compared to $26.1 billion as of December 31, 2024. The increase was primarily due to a $416.4 million increase in savings deposits, partially offset by decreases of $105.4 million in brokered deposits, $63.8 million in noninterest-bearing demand deposits and $39.2 million in interest-bearing demand deposits.

Provision for Credit Losses and Asset Quality

•The provision for credit losses was $13.9 million in the first quarter of 2025 resulting in a $379.7 million allowance for credit losses attributable to net loans, or 1.59% of total net loans as of March 31, 2025, compared to $379.2 million, or 1.58% of total net loans as of December 31, 2024.

•Non-performing assets were $199.0 million, or 0.62% of total assets, as of March 31, 2025, in comparison to $222.7 million, or 0.69% of total assets, as of December 31, 2024.

•Annualized net charge-offs for the first quarter of 2025 were 0.21% of total average loans in comparison to 0.22% 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 March 31, 2025, 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
among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.

(4) Commercial loans include real estate - commercial mortgage, commercial and industrial, leases and other loans and includes a $231.2 million decrease in commercial construction loans reflected in real estate - construction. Consumer loans include real estate - residential mortgage, real estate - home equity, consumer and includes an $11.7 million increase 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, 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
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
Ending Balances
Investment securities$5,071,323$4,806,468$4,545,278$4,184,027$3,783,392
Net loans23,862,57424,044,91924,176,07524,106,29721,444,483
Total assets32,132,02832,071,81032,185,72631,769,81327,642,957
Deposits26,328,97226,129,43326,152,14425,559,65421,741,950
Shareholders' equity3,274,3213,197,3253,203,9433,101,6092,757,679
Average Balances
Investment securities(1)
4,906,9524,771,5374,237,8054,043,1363,672,844
Net loans24,006,86324,068,78424,147,80123,345,91421,370,033
Total assets31,971,60132,098,85231,895,23530,774,89127,427,626
Deposits26,169,88326,313,37825,778,25924,642,95421,378,754
Shareholders' equity3,254,1253,219,0263,160,3222,952,6712,766,945
Income Statement
Net interest income251,187 253,659 258,009 241,720 206,937 
Provision for credit losses13,898 16,725 11,929 32,056 10,925 
Non-interest income67,232 65,924 59,673 92,994 57,140 
Non-interest expense189,460 216,615 226,089 199,488 177,600 
Income before taxes115,061 86,243 79,664 103,170 75,552 
Net income available to common shareholders90,425 66,058 60,644 92,413 59,379 
Per Share
Net income available to common shareholders (basic)$0.50 $0.36 $0.33 $0.53 $0.36 
Net income available to common shareholders (diluted)$0.49 $0.36 $0.33 $0.52 $0.36 
Operating net income available to common shareholders(2)
$0.52 $0.48 $0.50 $0.47 $0.40 
Cash dividends$0.18 $0.18 $0.17 $0.17 $0.17 
Common shareholders' equity$16.91 $16.50 $16.55 $16.00 $15.82 
Common shareholders' equity (tangible)(2)
$13.46 $13.01 $13.02 $12.43 $12.37 
Weighted average shares (basic)182,179 182,032 181,905 175,305 162,706 
Weighted average shares (diluted)184,077 183,867 183,609 176,934 164,520 
(1) Average balances include related unrealized holding gains (losses) for available for sale ("AFS") securities..
(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.
5


Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
Asset Quality
Net charge-offs to average loans 0.21 %0.22 %0.18 %0.19 %0.16 %
Non-performing loans to total net loans0.82 %0.92 %0.84 %0.72 %0.73 %
Non-performing assets to total assets0.62 %0.69 %0.64 %0.55 %0.57 %
ACL - loans(1) to total loans
1.59 %1.58 %1.56 %1.56 %1.39 %
ACL - loans(1) to non-performing loans
193 %172 %186 %218 %191 %
Profitability
Return on average assets1.18 %0.85 %0.79 %1.24 %0.91 %
Operating return on average assets(2)
1.25 %1.14 %1.17 %1.11 %1.00 %
Return on average common shareholders' equity11.98 %8.68 %8.13 %13.47 %9.28 %
Operating return on average common shareholders' equity (tangible)(2)
15.95 %14.83 %15.65 %15.56 %13.08 %
Net interest margin3.43 %3.41 %3.49 %3.43 %3.32 %
Efficiency ratio(2)
56.7 %58.4 %59.6 %62.6 %63.2 %
Non-interest expense to total average assets2.40 %2.68 %2.82 %2.61 %2.60 %
Operating non-interest expense to total average assets(2)
2.32 %2.36 %2.45 %2.55 %2.49 %
Capital Ratios(3)
Tangible common equity ratio ("TCE")(2)
7.8 %7.5 %7.5 %7.3 %7.4 %
Tier 1 leverage ratio9.2 %9.0 %9.0 %9.2 %9.3 %
Common equity Tier 1 capital ratio11.0 %10.8 %10.5 %10.3 %10.3 %
Tier 1 risk-based capital ratio11.8 %11.5 %11.3 %11.1 %11.1 %
Total risk-based capital ratio14.4 %14.3 %14.0 %13.8 %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 March 31, 2025 are preliminary estimates and prior periods are actual.

6

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
ASSETS
Cash and due from banks$388,503 $279,041 $296,500 $333,238 $247,581 
Other interest-earning assets778,117 924,404 1,287,392 1,188,341 231,389 
Loans held for sale15,965 25,618 17,678 26,822 10,624 
Investment securities5,071,323 4,806,468 4,545,278 4,184,027 3,783,392 
Net loans23,862,574 24,044,919 24,176,075 24,106,297 21,444,483 
Less: ACL - loans(1)
(379,677)(379,156)(375,961)(375,941)(297,888)
   Loans, net23,482,897 23,665,763 23,800,114 23,730,356 21,146,595 
Net premises and equipment186,873 195,527 171,731 180,642 213,541 
Accrued interest receivable116,215 117,029 115,903 120,752 107,089 
Goodwill and intangible assets629,189 635,458 641,739 648,026 560,114 
Other assets1,462,946 1,422,502 1,309,391 1,357,609 1,342,632 
    Total Assets$32,132,028 $32,071,810 $32,185,726 $31,769,813 $27,642,957 
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits$26,328,972 $26,129,433 $26,152,144 $25,559,654 $21,741,950 
Borrowings1,657,200 1,782,048 2,052,227 2,178,597 2,296,040 
Other liabilities871,535 963,004 777,412 929,953 847,288 
    Total Liabilities28,857,707 28,874,485 28,981,783 28,668,204 24,885,278 
Shareholders' equity3,274,321 3,197,325 3,203,943 3,101,609 2,757,679 
    Total Liabilities and Shareholders' Equity$32,132,028 $32,071,810 $32,185,726 $31,769,813 $27,642,957 
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage$9,676,517 $9,601,858 $9,493,479 $9,289,770 $8,252,117 
Commercial and industrial4,531,266 4,605,589 4,914,734 4,967,796 4,467,589 
Real estate - residential mortgage6,409,657 6,349,643 6,302,624 6,248,856 5,395,720 
Real estate - home equity1,170,470 1,160,616 1,144,402 1,120,878 1,040,335 
Real estate - construction1,175,445 1,394,899 1,332,954 1,463,799 1,249,199 
Consumer597,305 616,856 651,717 692,086 698,421 
Leases and other loans(2)
301,914 315,458 336,165 323,112 341,102 
Total Net Loans$23,862,574 $24,044,919 $24,176,075 $24,106,297 $21,444,483 
Deposits, by type:
Noninterest-bearing demand$5,435,934 $5,499,760 $5,501,699 $5,609,383 $5,086,514 
Interest-bearing demand7,804,388 7,843,604 7,779,472 7,478,077 5,521,017 
Savings8,208,526 7,792,114 7,740,595 7,563,495 6,846,038 
     Total demand and savings21,448,848 21,135,478 21,021,766 20,650,955 17,453,569 
Brokered738,458 843,857 843,473 995,975 1,152,427 
Time4,141,666 4,150,098 4,286,905 3,912,724 3,135,954 
Total Deposits$26,328,972 $26,129,433 $26,152,144 $25,559,654 $21,741,950 
Borrowings, by type:
Federal Home Loan Bank advances$750,000 $850,000 $950,000 $750,000 $900,000 
Senior debt and subordinated debt367,396 367,316 535,917 535,741 535,566 
Other borrowings539,804 564,732 566,310 892,856 860,474 
Total Borrowings$1,657,200 $1,782,048 $2,052,227 $2,178,597 $2,296,040 
(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 ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
Net Interest Income:
Interest income$399,692 $414,368 $427,656 $400,506 $339,666 
Interest expense148,505 160,709 169,647 158,786 132,729 
    Net Interest Income251,187 253,659 258,009 241,720 206,937 
Provision for credit losses13,898 16,725 11,929 32,056 10,925 
    Net Interest Income after Provision237,289 236,934 246,080 209,664 196,012 
Non-Interest Income:
Wealth management21,785 22,002 21,596 20,990 20,155 
Commercial banking:
   Merchant and card6,591 7,082 7,496 7,798 6,808 
   Cash management7,799 7,633 7,201 6,966 6,305 
   Capital markets2,411 2,797 3,311 2,585 2,341 
   Other commercial banking4,528 4,942 4,281 4,061 3,375 
Total commercial banking21,329 22,454 22,289 21,410 18,829 
Consumer banking:
  Card7,544 8,064 7,917 8,305 6,628 
  Overdraft3,295 3,644 3,957 3,377 2,786 
  Other consumer banking2,229 2,601 3,054 2,918 2,254 
Total consumer banking13,068 14,309 14,928 14,600 11,668 
Mortgage banking3,138 3,759 3,142 3,951 3,090 
Gain on acquisition, net of tax— (2,689)(7,706)47,392 — 
Other7,914 6,089 5,425 4,933 3,398 
Non-interest income before investment securities gains (losses)67,234 65,924 59,674 113,276 57,140 
Investment securities losses, net(2)— (1)(20,282)— 
    Total Non-Interest Income67,232 65,924 59,673 92,994 57,140 
Non-Interest Expense:
Salaries and employee benefits103,526 107,886 118,824 110,630 95,481 
Data processing and software18,599 19,550 20,314 20,357 17,661 
Net occupancy18,207 16,417 18,999 17,793 16,149 
Other outside services11,837 14,531 15,839 16,933 13,283 
Intangible amortization6,269 6,282 6,287 4,688 573 
FDIC insurance5,597 5,921 5,109 6,696 6,104 
Equipment 4,150 4,388 4,860 4,561 4,040 
Marketing2,521 2,695 2,251 2,101 1,912 
Professional fees(1,078)3,387 2,811 2,571 2,088 
Acquisition-related expenses380 9,637 14,195 13,803 — 
Other19,452 25,921 16,600 (645)20,309 
    Total Non-Interest Expense189,460 216,615 226,089 199,488 177,600 
    Income Before Income Taxes115,061 86,243 79,664 103,170 75,552 
Income tax expense22,074 17,623 16,458 8,195 13,611 
    Net Income92,987 68,620 63,206 94,975 61,941 
Preferred stock dividends(2,562)(2,562)(2,562)(2,562)(2,562)
     Net Income Available to Common Shareholders$90,425 $66,058 $60,644 $92,413 $59,379 
8

Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
PER SHARE:
Net income available to common shareholders (basic)$0.50 $0.36 $0.33 $0.53 $0.36 
Net income available to common shareholders (diluted)$0.49 $0.36 $0.33 $0.52 $0.36 
Cash dividends$0.18 $0.18 $0.17 $0.17 $0.17 
Weighted average shares (basic)182,179 182,032 181,905 175,305 162,706 
Weighted average shares (diluted)184,077 183,867 183,609 176,934 164,520 




9

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
March 31, 2025December 31, 2024March 31, 2024
AverageYield/AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$24,006,863 $347,626 5.86 %$24,068,784 $360,642 5.97 %$21,370,033 $313,882 5.90 %
Investment securities(3)
5,199,000 47,242 3.63 %5,033,765 44,616 3.54 %3,983,753 27,048 2.71 %
Other interest-earning assets793,126 9,164 4.67 %1,086,536 13,453 4.93 %249,079 3,328 5.36 %
Total Interest-Earning Assets29,998,989 404,032 5.44 %30,189,085 418,711 5.53 %25,602,865 344,258 5.40 %
Noninterest-earning assets:
Cash and due from banks301,897 288,867 282,895 
Premises and equipment191,248 183,801 223,375 
Other assets1,864,996 1,816,421 1,614,746 
Less: ACL - loans(4)
(385,529)(379,322)(296,255)
Total Assets$31,971,601 $32,098,852 $27,427,626 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits$7,753,586 $34,189 1.79 %$7,838,590 $37,952 1.93 %$5,596,725 $20,500 1.47 %
Savings deposits7,971,728 45,101 2.29 %7,806,303 47,280 2.41 %6,669,228 38,797 2.34 %
Brokered deposits904,722 10,038 4.50 %877,526 10,619 4.81 %1,083,382 14,655 5.44 %
Time deposits4,127,784 41,564 4.08 %4,232,849 46,023 4.33 %2,968,344 29,622 4.01 %
Total Interest-Bearing Deposits20,757,820 130,892 2.56 %20,755,268 141,874 2.72 %16,317,679 103,574 2.55 %
Borrowings and other interest-bearing liabilities1,754,900 17,613 4.07 %1,847,431 18,835 4.06 %2,608,376 29,155 4.46 %
Total Interest-Bearing Liabilities22,512,720 148,505 2.67 %22,602,699 160,709 2.83 %18,926,055 132,729 2.82 %
Noninterest-bearing liabilities:
Demand deposits5,412,063 5,558,110 5,061,075 
Other liabilities792,693 719,017 673,551 
Total Liabilities28,717,476 28,879,826 24,660,681 
Shareholders' equity3,254,125 3,219,026 2,766,945 
Total Liabilities and Shareholders' Equity$31,971,601 $32,098,852 $27,427,626 
Net interest income/net interest margin (fully taxable equivalent)255,527 3.43 %258,002 3.41 %211,529 3.32 %
Tax equivalent adjustment(4,340)(4,343)(4,592)
Net Interest Income$251,187 $253,659 $206,937 
(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
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
Loans, by type:
Real estate - commercial mortgage$9,655,283 $9,595,996 $9,318,273 $8,958,139 $8,166,018 
Commercial and industrial4,608,401 4,730,101 4,998,051 4,853,583 4,517,179 
Real estate - residential mortgage6,367,978 6,319,205 6,268,922 5,977,132 5,353,905 
Real estate - home equity1,160,713 1,116,665 1,122,313 1,117,367 1,039,321 
Real estate - construction1,296,090 1,312,245 1,437,907 1,430,057 1,240,640 
Consumer615,741 665,261 682,602 685,183 721,523 
Leases and other loans(1)
302,657 329,311 319,733 324,453 331,447 
Total Net Loans$24,006,863 $24,068,784 $24,147,801 $23,345,914 $21,370,033 
Deposits, by type:
Noninterest-bearing demand$5,412,063 $5,558,110 $5,495,950 $5,460,025 $5,061,075 
Interest-bearing demand7,753,586 7,838,590 7,668,583 7,080,302 5,596,725 
Savings7,971,728 7,806,303 7,663,599 7,309,141 6,669,228 
     Total demand and savings21,137,377 21,203,003 20,828,132 19,849,468 17,327,028 
Brokered904,722 877,526 842,661 1,123,328 1,083,382 
Time4,127,784 4,232,849 4,107,466 3,670,158 2,968,344 
Total Deposits$26,169,883 $26,313,378 $25,778,259 $24,642,954 $21,378,754 
Borrowings, by type:
Federal funds purchased$— $54 $— $32,637 $173,659 
Federal Home Loan Bank advances709,367 727,957 754,130 833,726 902,890 
Senior debt and subordinated debt367,357 449,795 535,831 535,656 535,479 
Other borrowings and other interest-bearing liabilities678,176 669,625 939,387 1,039,672 996,348 
Total Borrowings$1,754,900 $1,847,431 $2,229,348 $2,441,691 $2,608,376 
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

11

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
Allowance for credit losses related to net loans:
Balance at beginning of period$379,156$375,961$375,941$297,888$293,404
CECL day 1 provision expense(1)
———23,444—
Initial purchased credit deteriorated allowance for credit losses—(136)(1,139)55,906—
Loans charged off:
    Real estate - commercial mortgage(12,106)(2,844)(2,723)(7,853)(26)
    Commercial and industrial(3,865)(9,480)(6,256)(2,955)(7,632)
    Real estate - residential mortgage(343)(55)(1,131)(35)(251)
    Consumer and home equity(2,193)(2,179)(2,308)(1,766)(2,238)
    Real estate - construction—————
    Leases and other loans(2)
(1,527)(1,768)(726)(1,398)(805)
    Total loans charged off(20,034)(16,326)(13,144)(14,007)(10,952)
Recoveries of loans previously charged off:
    Real estate - commercial mortgage374199107146152
    Commercial and industrial5,9521,3871,0087961,248
    Real estate - residential mortgage174104130122116
    Consumer and home equity6609745451,161676
    Real estate - construction8247103233—
    Leases and other loans(2)
201194129247162
    Recoveries of loans previously charged off7,4432,9052,0222,7052,354
Net loans charged off(12,591)(13,421)(11,122)(11,302)(8,598)
Provision for credit losses(1)
13,11216,75212,28110,00513,082
Balance at end of period$379,677$379,156$375,961$375,941$297,888
Net charge-offs to average loans(3)
0.21 %0.22 %0.18 %0.19 %0.16 %
Provision for credit losses related to OBS Credit Exposures
Provision for credit losses(1)
$786$(27)$(352)$(1,393)$(2,157)
NON-PERFORMING ASSETS:
Non-accrual loans$162,426$189,293$175,861$145,630$129,628
Loans 90 days past due and accruing34,36730,78126,28626,96226,521
    Total non-performing loans196,793220,074202,147172,592156,149
Other real estate owned2,1932,6212,8441,444277
Total non-performing assets$198,986$222,695$204,991$174,036$156,426
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial$42,913$43,677$64,450$58,433$44,118
Real estate - commercial mortgage88,081102,35971,46748,61547,891
Real estate - residential mortgage46,87845,90141,72741,03340,685
Consumer and home equity12,68214,37412,83011,88610,172
Leases and other loans(2)
2,57312,0179,9279,99310,135
Real estate - construction3,6661,7461,7462,6323,148
Total non-performing loans$196,793$220,074$202,147$172,592$156,149
(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.
12

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
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
Operating net income available to common shareholders
Net income available to common shareholders$90,425$66,058$60,644$92,413$59,379
Less: Other revenue(122)(269)(677)(708)(151)
Plus: Gain on acquisition, net of tax—2,6897,706(47,392)—
Plus: Loss on securities restructuring———20,282—
Plus: Core deposit intangible amortization6,1556,1556,1554,556441
Plus: Acquisition-related expense3809,63714,19513,803—
Plus: CECL day 1 provision expense———23,444—
Less: Gain on sale-leaseback———(20,266)—
Plus: FDIC special assessment——(16)—956
Plus: FultonFirst implementation and asset disposals(47)10,0019,3856,3236,329
Less: Tax impact of adjustments(1,337)(5,360)(6,099)(9,961)(1,591)
Operating net income available to common shareholders (numerator)$95,454$88,911$91,293$82,494$65,363
Weighted average shares (diluted) (denominator)184,077183,867183,609176,934164,520
Operating net income available to common shareholders, per share (diluted)$0.52$0.48$0.50$0.47$0.40
Common shareholders' equity (tangible), per share
Shareholders' equity$3,274,321$3,197,325$3,203,943$3,101,609$2,757,679
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(629,189)(635,458)(641,739)(648,026)(560,114)
Tangible common shareholders' equity (numerator)$2,452,254$2,368,989$2,369,326$2,260,705$2,004,687
Shares outstanding, end of period (denominator)182,204182,089181,957181,831162,087
Common shareholders' equity (tangible), per share$13.46$13.01$13.02$12.43$12.37
13

Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
Operating return on average assets(1)
Net income$92,987$68,620$63,206$94,975$61,941
Less: Other revenue(122)(269)(677)(708)(151)
Less: Gain on acquisition, net of tax—2,6897,706(47,392)—
Plus: Loss on securities restructuring———20,282—
Plus: Core deposit intangible amortization6,1556,1556,1554,556441
Plus: Acquisition-related expense3809,63714,19513,803—
Plus: CECL day 1 provision expense———23,444—
Less: Gain on sale-leaseback———(20,266)—
Plus: FDIC special assessment——(16)—956
Plus: FultonFirst implementation and asset disposals(47)10,0019,3856,3236,329
Less: Tax impact of adjustments(1,337)(5,360)(6,099)(9,961)(1,591)
Operating net income (numerator)$98,016$91,473$93,855$85,056$67,925
Total average assets $31,971,601$32,098,852$31,895,235$30,774,891$27,427,626
Less: Average net core deposit intangible(77,039)(83,173)(89,350)(68,234)(4,666)
Total operating average assets (denominator)$31,894,562$32,015,679$31,805,885$30,706,657$27,422,960
Operating return on average assets1.25%1.14%1.17%1.11%1.00%
Operating return on average common shareholders' equity (tangible)(1)
Net income available to common shareholders$90,425$66,058$60,644$92,413$59,379
Less: Other revenue(122)(269)(677)(708)(151)
Less: Gain on acquisition, net of tax—2,6897,706(47,392)—
Plus: Loss on securities restructuring———20,282—
Plus: Intangible amortization6,2696,2826,2874,688573
Plus: Acquisition-related expense3809,63714,19513,803—
Plus: CECL day 1 provision expense———23,444—
Less: Gain on sale-leaseback———(20,266)—
Plus: FDIC special assessment——(16)—956
Plus: FultonFirst implementation and asset disposals(47)10,0019,3856,3236,329
Less: Tax impact of adjustments(1,361)(5,387)(6,127)(9,989)(1,618)
Adjusted net income available to common shareholders (numerator)$95,544$89,011$91,397$82,598$65,468
Average shareholders' equity$3,254,125$3,219,026$3,160,322$2,952,671$2,766,945
Less: Average preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Average goodwill and intangible assets(632,254)(638,507)(644,814)(624,471)(560,393)
Average tangible common shareholders' equity (denominator)$2,428,993$2,387,641$2,322,630$2,135,322$2,013,674
Operating return on average common shareholders' equity (tangible)15.95%14.83%15.65%15.56%13.08%
(1) Results are annualized.
14

Three months ended
Mar 31Dec 31Sep 30Jun 30Mar 31
20252024202420242024
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity$3,274,321$3,197,325$3,203,943$3,101,609$2,757,679
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(629,189)(635,458)(641,739)(648,026)(560,114)
Tangible common shareholders' equity (numerator)$2,452,254$2,368,989$2,369,326$2,260,705$2,004,687
Total assets$32,132,028$32,071,810$32,185,726$31,769,813$27,642,957
Less: Goodwill and intangible assets(629,189)(635,458)(641,739)(648,026)(560,114)
Total tangible assets (denominator)$31,502,839$31,436,352$31,543,987$31,121,787$27,082,843
Tangible common equity to tangible assets7.78%7.54%7.51%7.26%7.40%
Efficiency ratio
Non-interest expense$189,460$216,615$226,089$199,488$177,600
Less: Acquisition-related expense(380)(9,637)(14,195)(13,803)—
Plus: Gain on sale-leaseback———20,266—
Less: FDIC special assessment——16—(956)
Less: FultonFirst implementation and asset disposals47(10,001)(9,385)(6,323)(6,329)
Less: Intangible amortization(6,269)(6,282)(6,287)(4,688)(573)
Operating non-interest expense (numerator)$182,858$190,695$196,238$194,940$169,742
Net interest income$251,187$253,659$258,009$241,720$206,937
Tax equivalent adjustment4,3404,3434,4244,5564,592
Plus: Total non-interest income67,23265,92459,67392,99457,140
Less: Other revenue(122)(269)(677)(708)(151)
Less: Gain on acquisition, net of tax—2,6897,706(47,392)—
Plus: Investment securities (gains) losses, net2—120,282—
Total revenue (denominator)$322,639$326,346$329,136$311,452$268,518
Efficiency ratio56.7%58.4%59.6%62.6%63.2%
Operating non-interest expense to total average assets(1)
Non-interest expense$189,460$216,615$226,089$199,488$177,600
Less: Intangible amortization(6,269)(6,282)(6,287)(4,688)(573)
Less: Acquisition-related expense(380)(9,637)(14,195)(13,803)—
Plus: Gain on sale-leaseback———20,266—
Less: FDIC special assessment——16—(956)
Less: FultonFirst implementation and asset disposals47(10,001)(9,385)(6,323)(6,329)
Operating non-interest expense (numerator)$182,858$190,695$196,238$194,940$169,742
Total average assets (denominator)$31,971,601$32,098,852$31,895,235$30,774,891$27,427,626
Operating non-interest expenses to total average assets2.32%2.36%2.45%2.55%2.49%
(1) Results are annualized.

15