Fulton Financial Announces Third Quarter 2021 Results

Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $73 million, or $0.45 per diluted share, for the third quarter of 2021.

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“Fulton achieved strong financial performance during the quarter, including continued record earnings per share,” said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. “We were pleased to see areas of loan growth that we haven’t seen in previous quarters. Our core commercial and consumer businesses were solid, asset quality remained stable, and our pipelines are improving. In addition, mortgage banking delivered strong earnings and wealth management grew to record highs in income and assets under management and administration.”

Net Interest Income and Balance Sheet

Net interest income for the third quarter of 2021 was $171 million, $9 million higher than the second quarter of 2021. Net interest margin for the third quarter of 2021 increased 9 basis points, to 2.82%, from 2.73% in the second quarter of 2021. The increases in net interest income and net interest margin in comparison to the second quarter of 2021, were primarily due to higher fee income recognized related to the Paycheck Protection Program ("PPP") loans, which was $18 million in the third quarter of 2021 compared to $12 million for the second quarter of 2021, as well as lower rates on deposits and solid earning asset growth.

Total average interest-earning assets for the third quarter of 2021 were $25 billion, an increase of $291 million from the second quarter of 2021, driven by growth in the residential mortgage loan portfolio, investment securities and other interest-earning assets, partially offset by a decline in PPP loans. Average Net Loans⁽¹⁾, which include loans originated under the PPP, were $18.4 billion, a decrease of $492 million compared to the second quarter of 2021. Average PPP loans were $0.9 billion for the third quarter of 2021 compared to $1.5 billion for the second quarter of 2021. Third quarter loan balances were impacted by $526 million of PPP loans forgiven in the third quarter of 2021.

Average loans and yields, by type, for the third quarter of 2021 in comparison to the second quarter of 2021 are summarized in the following table:

	Three months ended
	September 30, 2021							June 30, 2021							Growth
	Balance				Yield (1)			Balance				Yield (1)			$				%
	(dollars in thousands)
Average Net Loans by type:
Real estate - commercial mortgage	$	7,134,177			3.11	%		$	7,177,622			3.16	%		$	(43,445)			(0.6)	%
Commercial and industrial(2)	4,729,385				2.79	%		5,445,160				2.58	%		(715,775)				(13.1)	%
Real estate - residential mortgage	3,642,822				3.39	%		3,396,690				3.39	%		246,132				7.2	%
Real estate - home equity	1,128,076				3.68	%		1,139,558				3.71	%		(11,482)				(1.0)	%
Real estate - construction	1,085,846				3.13	%		1,054,469				3.05	%		31,377				3.0	%
Consumer	452,844				4.00	%		451,486				3.89	%		1,358				0.3	%
Equipment lease financing	247,776				3.88	%		256,248				3.74	%		(8,472)				(3.3)	%
Other(3)	(6,773)				N/A			(14,677)				N/A			7,904				53.9	%
Total Average Net Loans	$	18,414,153			3.53	%		$	18,906,556			3.32	%		$	(492,403)			(2.6)	%
(1) Presented on a fully-taxable equivalent basis using a 21% Federal tax rate and statutory interest expense disallowances.
(2) Includes average PPP loans of $0.9 billion and $1.5 billion for the three months ended September 30, 2021 and June 30, 2021, respectively.
(3) Consists of overdrafts and net origination fees and costs.

Total average liabilities increased $370 million, to $23.7 billion, in the third quarter of 2021 compared to the second quarter of 2021 driven by increases in average deposits, partially offset by a decrease in short-term borrowings. Average deposits and interest rates, by type, for the third quarter of 2021 in comparison to the second quarter of 2021 are summarized in the following table:

______________________________

⁽¹⁾Loans and lease receivables, (net of unearned income)

	Three months ended
	September 30, 2021							June 30, 2021							Growth
	Balance				Rate			Balance				Rate			$				%
	(dollars in thousands)
Average Deposits, by type:
Noninterest-bearing demand	$	7,439,644			—			$	7,203,696			—			$	235,948			3.3	%
Interest-bearing demand	6,168,908				0.05	%		5,979,855				0.06	%		189,053				3.2	%
Savings	6,392,537				0.07	%		6,280,629				0.09	%		111,908				1.8	%
Total average demand and savings	20,001,089				0.04	%		19,464,180				0.05	%		536,909				2.8	%
Brokered	270,168				0.34	%		297,815				0.34	%		(27,647)				(9.3)	%
Time	1,852,223				0.95	%		2,003,606				1.09	%		(151,383)				(7.6)	%
Total Average Deposits	$	22,123,480			0.12	%		$	21,765,601			0.15	%		$	357,879			1.6	%

Asset Quality

In the third quarter of 2021, a negative provision for credit losses of $600 thousand was recognized, as compared to a negative provision for credit losses of $3.5 million recognized in the second quarter of 2021. A $7.1 million provision for credit losses was recognized in the third quarter of 2020. The negative provision for credit losses for the third quarter of 2021 was impacted by a decrease in the allowance for credit losses determined to be necessary as of the end of the third quarter of 2021, due to improvements in the economic conditions, partially offset by an increase in specific allocations within the allowance for credit losses for loans evaluated individually.

The $7.1 million provision for credit losses in the third quarter of 2020 reflected expected credit losses based on economic conditions as of the end of the third quarter of 2020, and the assessment of the estimated impacts of the COVID-19 pandemic at that time.

Non-performing assets were $152 million, or 0.58% of total assets, at September 30, 2021, compared to $157 million, or 0.60% of total assets, and $147 million, or 0.57% of total assets, at June 30, 2021 and September 30, 2020, respectively.

Annualized net charge-offs (recoveries) for the quarter ended September 30, 2021, were (0.05)% of total average loans, compared to 0.15% and (0.05)% for the quarters ended June 30, 2021 and September 30, 2020, respectively.

Non-interest Income

Non-interest income in the third quarter of 2021, excluding investment securities gains, was $63 million, an increase of $11 million, or 21%, from the second quarter of 2021, primarily resulting from increases of $6.7 million in mortgage banking income, $2.6 million in other income, and $0.9 million in wealth management income. The increase in mortgage banking income was primarily due to a $3.5 million decrease to the valuation allowance for mortgage servicing rights in the third quarter of 2021, compared to an increase of $2.2 million to the valuation allowance in the second quarter of 2021. The increase in other income was primarily due to $2.1 million of income from equity method investments.

Compared to the third quarter of 2020, non-interest income, excluding investment securities gains, in the third quarter of 2021, decreased $0.7 million, or 1%, from $63 million, primarily resulting from a $7.3 million decrease in mortgage banking income primarily due to lower loan sales, and a $2.6 million decrease in capital markets income. These decreases were partially offset by a $3.6 million increase in wealth management income and a $1.4 million increase in consumer banking income.

Non-interest Expense

Non-interest expense was $145 million in the third quarter of 2021, an increase of $3.8 million, or 3%, compared to the second quarter of 2021. The increase is due to an increase of $4.3 million in salaries and benefits during the third quarter of 2021, as compared to the second quarter of 2021.

Compared to the third quarter of 2020, non-interest expense increased $5.5 million, or 4%, in the third quarter of 2021, due to an increase of $3.5 million in salaries and employee benefits and $2.1 million in data processing and software.

Income Tax Expense

The effective income tax rate was 16% for both the third and second quarters of 2021 as compared to 13% for third quarter of 2020. The increase was a result of higher income before income taxes, while net favorable permanent differences were relatively the same compared to the third quarter of 2020.

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

Safe Harbor Statement

This news 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, they 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, 2020, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission and are or will be available in the Investor Relations section of the Corporation's website (www.fult.com) and on the Securities and Exchange Commission's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain non-GAAP financial measures in this earnings release. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this release.

FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
in thousands, except per-share data and percentages
	Three months ended
	Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
	2021				2021				2021				2020				2020
Ending Balances
Investments	$	4,000,760			$	3,921,658			$	3,612,010			$	3,340,424			$	3,097,721
Net Loans	18,269,407				18,586,756				18,990,986				18,900,820				19,028,621
Total assets	26,390,832				26,079,774				25,892,990				25,906,733				25,543,281
Deposits	22,074,041				21,724,312				21,633,838				20,839,207				20,730,051
Shareholders' equity	2,699,818				2,692,958				2,629,655				2,616,828				2,390,261
Average Balances
Investments	$	3,914,627			$	3,670,333			$	3,448,166			$	3,221,289			$	2,977,672
Net Loans	18,414,153				18,906,556				18,980,586				18,994,514				18,880,519
Total assets	26,440,876				26,017,542				26,082,816				25,749,405				25,169,508
Deposits	22,123,480				21,765,601				21,117,024				20,791,522				20,388,447
Shareholders' equity	2,722,833				2,669,413				2,637,098				2,544,866				2,374,091
Income Statement
Net interest income	$	171,270			$	162,399			$	164,448			$	161,591			$	154,116
Provision for credit losses	(600		)		(3,500		)		(5,500		)		6,240				7,080
Non-interest income	62,577				51,890				95,397				55,574				63,249
Non-interest expense	144,596				140,831				178,384				154,737				139,145
Income before taxes	89,851				76,958				86,961				56,187				71,140
Net income available to common shareholders	73,021				62,402				70,472				48,690				61,611
Pre-provision net revenue(1)	90,947				75,575				81,795				64,092				80,044
Per Share
Net income available to common shareholders (basic)	$	0.45			$	0.38			$	0.43			$	0.30			$	0.38
Net income available to common shareholders (diluted)	$	0.45			$	0.38			$	0.43			$	0.30			$	0.38
Cash dividends	$	0.14			$	0.14			$	0.14			$	0.17			$	0.13
Common shareholders' equity	$	15.53			$	15.34			$	14.99			$	14.93			$	14.74
Common shareholders' equity (tangible)(1)	$	12.21			$	12.05			$	11.69			$	11.62			$	11.44
Weighted average shares (basic)	162,506				162,785				162,441				162,242				162,061
Weighted average shares (diluted)	163,456				163,858				163,737				163,071				162,579
(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document.
	Three months ended
	Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
	2021				2021				2021				2020				2020
Asset Quality
Net charge-offs (recoveries) to average loans (annualized)	(0.05		)%		0.15		%		0.13		%		(0.07		)%		(0.05		)%
Non-performing loans to total loans	0.82		%		0.83		%		0.80		%		0.78		%		0.75		%
Non-performing assets to total assets	0.58		%		0.60		%		0.60		%		0.58		%		0.57		%
ACL - loans(2) to total loans	1.41		%		1.37		%		1.40		%		1.47		%		1.40		%
ACL - loans(2) to non-performing loans	171		%		166		%		174		%		189		%		188		%
Asset Quality, excluding PPP(1)(3)
Net charge-offs (recoveries) to adjusted average loans (annualized)	(0.05		)%		0.16		%		0.14		%		(0.08		)%		(0.06		)%
Non-performing loans to total adjusted loans	0.85		%		0.88		%		0.88		%		0.85		%		0.83		%
ACL - loans(2) to total adjusted loans	1.45		%		1.46		%		1.54		%		1.60		%		1.56		%
Profitability
Return on average assets	1.13		%		1.00		%		1.14		%		0.79		%		0.97		%
Return on average common shareholders' equity	10.64		%		9.38		%		10.84		%		7.61		%		10.32		%
Return on average common shareholders' equity (tangible)(1)	14.56		%		12.93		%		15.00		%		10.32		%		13.35		%
Net interest margin	2.82		%		2.73		%		2.79		%		2.75		%		2.70		%
Efficiency ratio(1)	60.3		%		63.8		%		63.0		%		62.5		%		62.3		%
Non-interest expenses to total average assets(1)	2.14		%		2.14		%		2.25		%		2.13		%		2.16		%
Capital Ratios
Tangible common equity ratio(1)	7.6		%		7.7		%		7.5		%		7.4		%		7.4		%
Tier 1 leverage ratio(4)	8.4		%		8.5		%		8.3		%		8.2		%		7.5		%
Common equity Tier 1 capital ratio(4)	10.1		%		10.0		%		9.8		%		9.5		%		9.6		%
Tier 1 risk-based capital ratio(4)	11.1		%		11.0		%		10.8		%		10.5		%		9.6		%
Total risk-based capital ratio(4)	14.5		%		14.5		%		14.2		%		14.4		%		13.8		%
(1) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document.
(2) "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.
(3) Asset quality information excluding Paycheck Protection Program ("PPP") loans. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document.
(4) Regulatory capital ratios as of September 30, 2021 are preliminary and prior periods are actual.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
																						% Change from
		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30				Jun 30			Sep 30
		2021				2021				2021				2020				2020				2021			2020
ASSETS
	Cash and due from banks	$	260,564			$	143,002			$	102,570			$	120,462			$	139,304			82.2	%		87.0	%
	Other interest-earning assets	2,271,738				1,823,688				1,625,515				1,819,499				1,489,550				24.6	%		52.5	%
	Loans held for sale	43,123				41,924				34,092				83,886				93,621				2.9	%		(53.9)	%
	Investment securities	4,000,760				3,921,658				3,612,010				3,340,424				3,097,721				2.0	%		29.2	%
	Net Loans	18,269,407				18,586,756				18,990,986				18,900,820				19,028,621				(1.7)	%		(4.0)	%
	Less: ACL - loans(1)	(256,727)				(255,032)				(265,986)				(277,567)				(266,825)				0.7	%		(3.8)	%
	Loans, net	18,012,680				18,331,724				18,725,000				18,623,253				18,761,796				(1.7)	%		(4.0)	%
	Net, premises and equipment	228,179				228,353				229,035				231,480				236,943				(0.1)	%		(3.7)	%
	Accrued interest receivable	57,902				63,232				65,649				72,942				70,766				(8.4)	%		(18.2)	%
	Goodwill and intangible assets	536,697				536,847				536,544				536,659				534,907				—	%		0.3	%
	Other assets	979,189				989,346				962,575				1,078,128				1,118,673				(1.0)	%		(12.5)	%
	Total Assets	$	26,390,832			$	26,079,774			$	25,892,990			$	25,906,733			$	25,543,281			1.2	%		3.3	%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	22,074,041			$	21,724,312			$	21,633,838			$	20,839,207			$	20,730,051			1.6	%		6.5	%
	Short-term borrowings	468,967				533,749				520,989				630,066				611,727				(12.1)	%		(23.3)	%
	Other liabilities	520,620				501,542				482,101				524,369				515,230				3.8	%		1.0	%
	Long-term borrowings	627,386				627,213				626,407				1,296,263				1,296,012				—	%		(51.6)	%
	Total Liabilities	23,691,014				23,386,816				23,263,335				23,289,905				23,153,020				1.3	%		2.3	%
	Shareholders' equity	2,699,818				2,692,958				2,629,655				2,616,828				2,390,261				0.3	%		13.0	%
	Total Liabilities and Shareholders' Equity	$	26,390,832			$	26,079,774			$	25,892,990			$	25,906,733			$	25,543,281			1.2	%		3.3	%
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	7,145,115			$	7,152,932			$	7,142,137			$	7,105,092			$	7,046,330			(0.1)	%		1.4	%
	Commercial and industrial	3,863,154				3,870,462				3,986,858				4,088,561				4,007,278				(0.2)	%		(3.6)	%
	Real estate - residential mortgage	3,719,684				3,555,897				3,254,058				3,141,915				3,061,835				4.6	%		21.5	%
	Real estate - home equity	1,126,628				1,136,128				1,149,958				1,202,913				1,222,709				(0.8)	%		(7.9)	%
	Real estate - construction	1,111,487				1,070,755				1,083,494				1,047,218				1,007,534				3.8	%		10.3	%
	Consumer	458,595				448,433				451,857				466,772				469,551				2.3	%		(2.3)	%
	Equipment lease financing	242,967				252,158				260,907				279,118				280,286				(3.6)	%		(13.3)	%
	Other(2)	11,330				(14,410)				(26,677)				(12,481)				(27,067)				N/M			N/M
	Net Loans before PPP	17,678,960				17,472,355				17,302,592				17,319,108				17,068,456				1.2	%		3.6	%
	PPP	590,447				1,114,401				1,688,394				1,581,712				1,960,165				(47.0)	%		(69.9)	%
	Total Net Loans	$	18,269,407			$	18,586,756			$	18,990,986			$	18,900,820			$	19,028,621			(1.7)	%		(4.0)	%
Deposits, by type:
	Noninterest-bearing demand	$	7,434,155			$	7,442,132			$	7,046,116			$	6,531,002			$	6,378,077			(0.1)	%		16.6	%
	Interest-bearing demand	6,187,096				5,795,404				5,959,909				5,818,564				5,813,935				6.8	%		6.4	%
	Savings	6,401,619				6,276,554				6,244,513				5,929,792				5,805,431				2.0	%		10.3	%
	Total demand and savings	20,022,870				19,514,090				19,250,538				18,279,358				17,997,443				2.6	%		11.3	%
	Brokered	262,617				277,444				309,873				335,185				317,588				(5.3)	%		(17.3)	%
	Time	1,788,554				1,932,778				2,073,427				2,224,664				2,415,020				(7.5)	%		(25.9)	%
	Total Deposits	$	22,074,041			$	21,724,312			$	21,633,838			$	20,839,207			$	20,730,051			1.6	%		6.5	%
Short-term borrowings, by type:
	Customer funding	$	468,967			$	533,749			$	520,989			$	630,066			$	611,727			(12.1)	%		(23.3)	%
	Total Short-term Borrowings	$	468,967			$	533,749			$	520,989			$	630,066			$	611,727			(12.1)	%		(23.3)	%
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
(2) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands
				Three Months Ended																				% Change from								Nine Months Ended
				Sep 30				Jun 30				Mar 31				Dec 31				Sep 30				Jun 30			Sep 30					Sep 30
				2021				2021				2021				2020				2020				2021			2020					2021				2020				% Change
Interest Income:
	Interest income			$	184,079			$	176,673			$	184,936			$	183,645			$	179,159			4.2	%		2.7	%				$	545,688			$	559,233			(2.4)	%
	Interest expense			12,809				14,274				20,488				22,054				25,043				(10.3)	%		(48.9)	%				47,570				91,617				(48.1)	%
	Net Interest Income			171,270				162,399				164,448				161,591				154,116				5.5	%		11.1	%				498,118				467,616				6.5	%
	Provision for credit losses			(600)				(3,500)				(5,500)				6,240				7,080				82.9	%		(108.5)	%				(9,600)				70,680				(113.6)	%
	Net Interest Income after Provision			171,870				165,899				169,948				155,351				147,036				3.6	%		16.9	%				507,718				396,936				27.9	%
Non-Interest Income:
	Commercial banking:
	Merchant and card			6,979				6,786				5,768				5,953				6,237				2.8	%		11.9	%				19,533				17,187				13.6	%
	Cash management			5,285				5,341				4,921				4,737				4,742				(1.0)	%		11.5	%				15,547				13,987				11.2	%
	Capital markets			2,063				1,536				2,800				3,513				4,696				34.3	%		(56.1)	%				6,399				14,775				(56.7)	%
	Other commercial banking			2,411				3,466				2,853				2,606				2,636				(30.4)	%		(8.5)	%				8,730				7,528				16.0	%
	Total commercial banking			16,738				17,129				16,342				16,809				18,311				(2.3)	%		(8.6)	%				50,209				53,477				(6.1)	%
	Consumer banking:
	Card			5,941				5,733				5,878				5,123				5,002				3.6	%		18.8	%				17,552				14,653				19.8	%
	Overdraft			3,474				2,750				2,724				3,376				3,015				26.3	%		15.2	%				8,948				9,180				(2.5)	%
	Other consumer banking			2,386				2,377				2,152				2,298				2,406				0.4	%		(0.8)	%				6,915				6,967				(0.7)	%
	Total consumer banking			11,801				10,860				10,754				10,797				10,423				8.7	%		13.2	%				33,415				30,800				8.5	%
	Wealth management			18,532				17,634				17,347				15,653				14,943				5.1	%		24.0	%				53,513				43,405				23.3	%
	Mortgage banking			9,535				2,838				13,960				9,311				16,801				N/M			(43.2)	%				26,333				32,998				(20.2)	%
	Other			5,971				3,393				3,519				3,004				2,769				76.0	%		115.6	%				12,883				10,080				27.8	%
	Non-interest income before investment securities gains			62,577				51,854				61,922				55,574				63,247				20.7	%		(1.1)	%				176,353				170,761				3.3	%
	Investment securities gains, net			—				36				33,475				—				2				(100.0)	%		(100.0)	%				33,511				3,053				N/M
	Total Non-Interest Income			62,577				51,890				95,397				55,574				63,249				20.6	%		(1.1)	%				209,864				173,814				20.7	%
Non-Interest Expense:
	Salaries and employee benefits			82,679				78,367				82,586				83,929				79,227				5.5	%		4.4	%				243,632				240,467				1.3	%
	Data processing and software			14,335				13,932				13,561				11,951				12,285				2.9	%		16.7	%				41,828				36,123				15.8	%
	Net occupancy			12,957				12,494				13,982				13,161				13,221				3.7	%		(2.0)	%				39,433				39,851				(1.0)	%
	Other outside services			7,889				8,178				8,490				8,334				7,617				(3.5)	%		3.6	%				24,557				23,098				6.3	%
	Equipment			3,416				3,424				3,428				3,563				3,711				(0.2)	%		(7.9)	%				10,268				10,322				(0.5)	%
	Professional fees			2,271				2,651				2,779				2,424				2,879				(14.3)	%		(21.1)	%				7,701				10,412				(26.0)	%
	FDIC insurance			2,727				2,282				2,624				2,346				1,578				19.5	%		72.8	%				7,633				6,519				17.1	%
	Amortization of tax credit investments			1,546				1,563				1,531				1,532				1,694				(1.1)	%		(8.7)	%				4,640				4,594				1.0	%
	Marketing			1,448				1,348				1,002				1,098				1,147				7.4	%		26.2	%				3,798				4,029				(5.7)	%
	Intangible amortization			150				178				115				132				132				(15.7)	%		13.6	%				443				397				11.6	%
	Debt extinguishment			—				412				32,163				—				—				(100.0)	%		(100.0)	%				32,575				2,878				N/M
	Other			15,178				16,002				16,123				26,268				15,654				(5.1)	%		(3.0)	%				47,303				46,014				2.8	%
	Total Non-Interest Expense			144,596				140,831				178,384				154,737				139,145				2.7	%		3.9	%				463,811				424,705				9.2	%
	Income Before Income Taxes			89,851				76,958				86,961				56,187				71,140				16.8	%		26.3	%				253,771				146,045				73.8	%
	Income tax expense			14,268				11,994				13,898				5,362				9,529				19.0	%		49.7	%				40,160				18,832				113.3	%
	Net Income			75,583				64,964				73,063				50,825				61,611				16.3	%		22.7	%				213,611				127,213				67.9	%
	Preferred stock dividends			(2,562)				(2,562)				(2,591)				(2,135)				—				—	%		N/M					(7,715)				—				N/M
	Net Income Available to Common Shareholders			$	73,021			$	62,402			$	70,472			$	48,690			$	61,611			17.0	%		18.5	%				$	205,896			$	127,213			61.9	%
PER SHARE:
	Net income available to common shareholders:
	Basic			$	0.45			$	0.38			$	0.43			$	0.30			$	0.38			18.4	%		18.4	%				$	1.27			$	0.78			62.8	%
	Diluted			0.45				0.38				0.43				0.30				0.38				18.4	%		18.4	%				1.26				0.78				61.5	%
	Cash dividends			0.14				0.14				0.14				0.17				0.13				—	%		7.7	%				0.42				0.39				7.7	%
	Weighted average shares (basic)			162,506				162,785				162,441				162,242				162,061				(0.2)	%		0.3	%				162,577				162,416				0.1	%
	Weighted average shares (diluted)			163,456				163,858				163,737				163,071				162,579				(0.2)	%		0.5	%				163,634				163,083				0.3	%

N/M - Not meaningful

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three months ended
		September 30, 2021											June 30, 2021											September 30, 2020
		Average				Interest				Yield/			Average				Interest				Yield/			Average				Interest				Yield/
		Balance				(1)				Rate			Balance				(1)				Rate			Balance				(1)				Rate
ASSETS
Interest-earning assets:
	Net Loans	$	18,414,153			$	163,343			3.53	%		$	18,906,556			$	156,525			3.32	%		$	18,880,519			$	160,344			3.38	%
	Taxable investment securities	2,785,828				13,757				1.80	%		2,630,090				13,898				1.93	%		2,011,893				13,150				2.61	%
	Tax-exempt investment securities	1,035,685				7,906				3.05	%		961,141				7,494				3.11	%		861,764				6,899				3.19	%
	Total Investment Securities	3,821,513				21,663				2.27	%		3,591,231				21,392				2.38	%		2,873,657				20,049				2.79	%
	Loans held for sale	36,427				299				3.28	%		31,948				199				2.49	%		79,999				728				3.64	%
	Other interest-earning assets	2,301,326				1,888				0.18	%		1,752,549				1,575				0.16	%		1,387,327				1,028				0.30	%
	Total Interest-earning Assets	24,573,419				187,193				3.03	%		24,282,284				179,691				2.97	%		23,221,502				182,149				3.13	%
Noninterest-earning assets:
	Cash and due from banks	200,315											129,927											138,567
	Premises and equipment	228,861											229,047											239,183
	Other assets	1,695,767											1,643,410											1,835,190
	Less: ACL - loans(2)	(257,486)											(267,126)											(264,934)
	Total Assets	$	26,440,876										$	26,017,542										$	25,169,508
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
	Demand deposits	$	6,168,908			$	814			0.05	%		$	5,979,855			$	932			0.06	%		$	5,591,548			$	1,913			0.14	%
	Savings deposits	6,392,537				1,054				0.07	%		6,280,629				1,363				0.09	%		5,716,050				2,347				0.16	%
	Brokered deposits	270,168				229				0.34	%		297,815				253				0.34	%		314,721				440				0.56	%
	Time deposits	1,852,223				4,428				0.95	%		2,003,606				5,434				1.09	%		2,495,445				9,931				1.58	%
	Total Interest-bearing Deposits	14,683,836				6,525				0.18	%		14,561,905				7,982				0.22	%		14,117,764				14,631				0.41	%
	Short-term borrowings	494,811				131				0.11	%		514,025				137				0.11	%		613,127				370				0.24	%
	Long-term borrowings	627,300				6,153				3.92	%		626,795				6,155				3.93	%		1,295,515				10,042				3.10	%
	Total Interest-bearing Liabilities	15,805,947				12,809				0.32	%		15,702,725				14,274				0.36	%		16,026,406				25,043				0.62	%
Noninterest-bearing liabilities:
	Demand deposits	7,439,644											7,203,696											6,270,683
	Other	472,452											441,708											498,328
	Total Liabilities	23,718,043											23,348,129											22,795,417
	Total Deposits/Cost of Deposits	22,123,480								0.12	%		21,765,601								0.15	%		20,388,447								0.29	%
	Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")	23,245,591								0.22	%		22,906,421								0.25	%		22,297,089								0.45	%
	Shareholders' equity	2,722,833											2,669,413											2,374,091
	Total Liabilities and Shareholders' Equity	$	26,440,876										$	26,017,542										$	25,169,508
	Net interest income/net interest margin (fully taxable equivalent)					174,384				2.82	%						165,417				2.73	%						157,106				2.70	%
	Tax equivalent adjustment					(3,114)											(3,018)											(2,990)
	Net interest income					$	171,270										$	162,399										$	154,116
	(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
	(2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
		Three months ended																				% Change from
		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30				Jun 30			Sep 30
		2021				2021				2021				2020				2020				2021			2020
Loans, by type:
	Real estate - commercial mortgage	$	7,134,177			$	7,177,622			$	7,128,997			$	7,101,363			$	6,986,528			(0.6)	%		2.1	%
	Commercial and industrial	3,878,767				3,920,771				4,033,367				4,024,879				4,030,750				(1.1)	%		(3.8)	%
	Real estate - residential mortgage	3,642,822				3,396,690				3,183,585				3,087,529				2,975,516				7.2	%		22.4	%
	Real estate - home equity	1,128,076				1,139,558				1,175,218				1,212,113				1,237,602				(1.0)	%		(8.8)	%
	Real estate - construction	1,085,846				1,054,469				1,054,718				1,009,284				981,589				3.0	%		10.6	%
	Consumer	452,844				451,486				459,038				468,678				464,851				0.3	%		(2.6)	%
	Equipment lease financing	247,776				256,248				266,405				279,059				279,217				(3.3)	%		(11.3)	%
	Other(1)	(6,773)				(14,677)				(9,455)				(18,817)				(28,656)				53.9	%		76.4	%
	Net Loans before PPP	17,563,535				17,382,167				17,291,873				17,164,088				16,927,397				1.0	%		3.8	%
	PPP	850,618				1,524,389				1,688,713				1,830,426				1,953,122				(44.2)	%		(56.4)	%
	Total Net Loans	$	18,414,153			$	18,906,556			$	18,980,586			$	18,994,514			$	18,880,519			(2.6)	%		(2.5)	%
Deposits, by type:
	Noninterest-bearing demand	$	7,439,644			$	7,203,696			$	6,672,832			$	6,477,228			$	6,270,683			3.3	%		18.6	%
	Interest-bearing demand	6,168,908				5,979,855				5,832,174				5,762,150				5,591,548				3.2	%		10.3	%
	Savings	6,392,537				6,280,629				6,137,084				5,905,137				5,716,050				1.8	%		11.8	%
	Total demand and savings	20,001,089				19,464,180				18,642,090				18,144,515				17,578,281				2.8	%		13.8	%
	Brokered	270,168				297,815				324,364				340,451				314,721				(9.3)	%		(14.2)	%
	Time	1,852,223				2,003,606				2,150,570				2,306,556				2,495,445				(7.6)	%		(25.8)	%
	Total Deposits	$	22,123,480			$	21,765,601			$	21,117,024			$	20,791,522			$	20,388,447			1.6	%		8.5	%
Short-term borrowings, by type:
	Customer funding	$	494,811			$	514,025			$	570,775			$	622,623			$	613,127			(3.7)	%		(19.3)	%
	Total Short-term borrowings	$	494,811			$	514,025			$	570,775			$	622,623			$	613,127			(3.7)	%		(19.3)	%
(1) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
			Nine months ended September 30
			2021											2020
			Average				Interest				Yield/			Average				Interest				Yield/
			Balance				(1)				Rate			Balance				(1)				Rate
ASSETS
Interest-earning assets:
	Net Loans		$	18,765,024			$	485,330			3.46	%		$	18,027,253			$	498,455			3.69	%
	Taxable investment securities		2,619,411				41,345				1.93	%		2,165,180				44,615				2.75	%
	Tax-exempt investment securities		969,946				22,557				3.10	%		804,484				19,596				3.24	%
	Total Investment Securities		3,589,357				63,902				2.37	%		2,969,664				64,211				2.88	%
	Loans held for sale		40,551				969				3.19	%		54,355				1,557				3.82	%
	Other interest-earning assets		1,986,161				4,599				0.18	%		936,819				4,325				0.62	%
	Total Interest-earning Assets		24,381,093				554,799				3.04	%		21,988,091				568,548				3.45	%
Noninterest-earning assets:
	Cash and due from banks		150,435											143,496
	Premises and equipment		229,513											239,739
	Other assets		1,689,094											1,729,351
	Less: ACL - loans(2)		(268,412)											(242,300)
	Total Assets		$	26,181,723										$	23,858,377
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
	Demand deposits		$	5,994,878			$	2,905			0.06	%		$	5,116,696			$	9,933			0.26	%
	Savings deposits		6,271,019				3,944				0.08	%		5,431,071				12,788				0.31	%
	Brokered deposits		297,250				876				0.39	%		300,795				1,935				0.86	%
	Time deposits		2,001,043				16,383				1.09	%		2,626,802				33,533				1.71	%
	Total Interest-bearing Deposits		14,564,190				24,108				0.22	%		13,475,364				58,189				0.58	%
	Short-term borrowings		526,259				456				0.12	%		873,694				4,960				0.76	%
	Long-term borrowings		839,396				23,006				3.66	%		1,240,253				28,468				3.06	%
	Total Interest-bearing Liabilities		15,929,845				47,570				0.40	%		15,589,311				91,617				0.78	%
Noninterest-bearing liabilities:
	Demand deposits		7,108,199											5,458,807
	Other		466,917											470,055
	Total Liabilities		23,504,961											21,518,173
	Total Deposits/Cost of Deposits		21,672,389								0.15	%		18,934,171								0.41	%
	Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")		23,038,044								0.28	%		21,048,118								0.58	%
	Shareholders' equity		2,676,762											2,340,204
	Total Liabilities and Shareholders' Equity		$	26,181,723										$	23,858,377
	Net interest income/net interest margin (fully taxable equivalent)						507,229				2.78	%						476,931				2.90	%
	Tax equivalent adjustment						(9,111)											(9,315)
	Net interest income						$	498,118										$	467,616
	(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
	(2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
		Nine months ended September 30
		2021				2020				% Change
Loans, by type:
Real estate - commercial mortgage		$	7,146,951			$	6,870,148			4.0	%
Commercial and industrial		3,943,736				4,308,559				(8.5)	%
Real estate - residential mortgage		3,409,381				2,805,694				21.5	%
Real estate - home equity		1,147,444				1,269,525				(9.6)	%
Real estate - construction		1,065,125				950,845				12.0	%
Consumer		454,434				465,661				(2.4)	%
Equipment lease financing		256,741				282,800				(9.2)	%
Other(1)		(10,292)				121				N/M
Net Loans before PPP		17,413,520				16,953,353				2.7	%
PPP		1,351,504				1,073,900				25.9	%
Total Net Loans		$	18,765,024			$	18,027,253			4.1	%
Deposits, by type:
Noninterest-bearing demand		$	7,108,199			$	5,458,807			30.2	%
Interest-bearing demand		5,994,878				5,116,696				17.2	%
Savings		6,271,019				5,431,071				15.5	%
Total demand and savings		19,374,096				16,006,574				21.0	%
Brokered		297,250				300,795				(1.2)	%
Time		2,001,043				2,626,802				(23.8)	%
Total Deposits		$	21,672,389			$	18,934,171			14.5	%
Short-term borrowings, by type:
Customer funding		526,259				529,667				(0.6)	%
Federal funds purchased		—				86,715				N/M
Short-term FHLB advances and other borrowings		—				257,312				N/M
Total Short-term Borrowings		$	526,259			$	873,694			(39.8)	%
N/M - Not meaningful
(1) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
		Three months ended																				Nine months ended
		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30				Sep 30				Sep 30
		2021				2021				2021				2020				2020				2021				2020
Allowance for credit losses related to Net Loans:
Balance at beginning of period		$	255,032			$	265,986			$	277,567			$	266,825			$	256,537			$	277,567			$	163,620
	Impact of adopting CECL	—				—				—				—				—				—				45,724
	Loans charged off:
	Commercial and industrial	(647)				(954)				(4,319)				(1,567)				(2,969)				(5,920)				(17,348)
	Real estate - commercial mortgage	(14)				(6,506)				(1,837)				(300)				(746)				(8,357)				(3,925)
	Consumer and home equity	(504)				(1,130)				(847)				(668)				(1,093)				(2,481)				(3,925)
	Real estate - residential mortgage	(602)				(496)				(192)				—				(198)				(1,290)				(620)
	Real estate - construction	—				—				(39)				—				—				(39)				(17)
	Equipment lease financing and other	(467)				(436)				(968)				(483)				(483)				(1,871)				(1,704)
	Total loans charged off	(2,234)				(9,522)				(8,202)				(3,018)				(5,489)				(19,958)				(27,539)
Recoveries of loans previously charged off:
	Commercial and industrial	2,330				693				769				4,581				2,103				3,792				6,815
	Real estate - commercial mortgage	564				729				174				588				100				1,467				439
	Consumer and home equity	504				634				440				594				491				1,578				1,786
	Real estate - residential mortgage	86				105				95				199				95				286				292
	Real estate - construction	697				254				384				179				4,873				1,335				4,943
	Equipment lease financing and other	358				153				159				219				185				670				385
	Recoveries of loans previously charged off	4,539				2,568				2,021				6,360				7,847				9,128				14,660
Net loans recovered (charged off)		2,305				(6,954)				(6,181)				3,342				2,358				(10,830)				(12,879)
Provision for credit losses		(610)				(4,000)				(5,400)				7,400				7,930				(10,010)				70,360
Balance at end of period		$	256,727			$	255,032			$	265,986			$	277,567			$	266,825			$	256,727			$	266,825
Net charge-offs (recoveries) to average loans (annualized)		(0.05)		%		0.15		%		0.13		%		(0.07)		%		(0.05)		%		0.08		%		0.10		%
Allowance credit losses related to OBS Credit Exposures(1)
	Balance at beginning of period	$	14,773			$	14,273			$	14,373			$	15,533			$	16,383
	Provision for credit losses	10				500				(100)				(1,160)				(850)
	Balance at end of period	$	14,783			$	14,773			$	14,273			$	14,373			$	15,533
NON-PERFORMING ASSETS:
	Non-accrual loans	$	138,833			$	147,864			$	143,889			$	137,198			$	128,321
	Loans 90 days past due and accruing	11,389				5,865				8,559				9,929				13,761
	Total non-performing loans	150,222				153,729				152,448				147,127				142,082
	Other real estate owned	1,896				2,779				3,664				4,178				4,565
	Total non-performing assets	$	152,118			$	156,508			$	156,112			$	151,305			$	146,647
NON-PERFORMING LOANS, BY TYPE:
	Commercial and industrial	$	32,697			$	33,522			$	31,871			$	32,610			$	37,224
	Real estate - commercial mortgage	52,100				53,693				54,164				52,647				43,426
	Real estate - residential mortgage	37,077				38,185				36,152				30,793				28,287
	Consumer and home equity	11,509				11,408				13,072				13,090				12,292
	Real estate - construction	965				1,016				1,440				1,550				4,051
	Equipment lease financing and other	15,874				15,905				15,749				16,437				16,802
	Total non-performing loans	$	150,222			$	153,729			$	152,448			$	147,127			$	142,082
(1) The allowance for credit losses related to OBS Credit Exposures is presented in "other liabilities" on the consolidated balance sheets.

FULTON FINANCIAL CORPORATION

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

in thousands, except per share data and percentages

Explanatory note:

This press release contains supplemental financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("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. 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
							Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
							2021			2021			2021			2020			2020
Common shareholders' equity (tangible), per share
Shareholders' equity							$	2,699,818		$	2,692,958		$	2,629,655		$	2,616,828		$	2,390,261
Less: Preferred stock							(192,878)			(192,878)			(192,878)			(192,878)			—
Less: Goodwill and intangible assets							(536,697)			(536,847)			(536,544)			(536,659)			(534,907)
Tangible common shareholders' equity (numerator)							$	1,970,243		$	1,963,233		$	1,900,233		$	1,887,291		$	1,855,354
Shares outstanding, end of period (denominator)							161,429			162,988			162,518			162,350			162,134
Common shareholders' equity (tangible), per share							$	12.21		$	12.05		$	11.69		$	11.62		$	11.44
Return on average common shareholders' equity (tangible)
Net income available to common shareholders							$	73,021		$	62,402		$	70,472		$	48,690		$	61,611
Plus: Intangible amortization, net of tax							118			140			90			104			103
(Numerator)							$	73,139		$	62,542		$	70,562		$	48,794		$	61,714
Average shareholders' equity							$	2,722,833		$	2,669,413		$	2,637,098		$	2,544,866		$	2,374,091
Less: Average preferred stock							(192,878)			(192,878)			(192,878)			(127,639)			—
Less: Average goodwill and intangible assets							(536,772)			(536,470)			(536,601)			(535,474)			(534,971)
Average tangible common shareholders' equity (denominator)							$	1,993,183		$	1,940,065		$	1,907,619		$	1,881,753		$	1,839,120
Return on average common shareholders' equity (tangible), annualized							14.56%			12.93%			15.00%			10.32%			13.35%
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity							$	2,699,818		$	2,692,958		$	2,629,655		$	2,616,828		$	2,390,261
Less: Preferred stock							(192,878)			(192,878)			(192,878)			(192,878)			—
Less: Goodwill and intangible assets							(536,697)			(536,847)			(536,544)			(536,659)			(534,907)
Tangible common shareholders' equity (numerator)							$	1,970,243		$	1,963,233		$	1,900,233		$	1,887,291		$	1,855,354
Total assets							$	26,390,832		$	26,079,774		$	25,892,990		$	25,906,733		$	25,543,281
Less: Goodwill and intangible assets							(536,697)			(536,847)			(536,544)			(536,659)			(534,907)
Total tangible assets (denominator)							$	25,854,135		$	25,542,927		$	25,356,446		$	25,370,074		$	25,008,374
Tangible common equity to tangible assets							7.62%			7.69%			7.49%			7.44%			7.42%
Efficiency ratio
Non-interest expense							$	144,596		$	140,831		$	178,384		$	154,737		$	139,145
Less: Amortization of tax credit investments							(1,546)			(1,563)			(1,531)			(1,532)			(1,694)
Less: Intangible amortization							(150)			(178)			(115)			(132)			(132)
Less: 2020 cost savings initiatives							—			—			—			(15,400)			(800)
Less: Debt extinguishment costs							—			(412)			(32,163)			—			—
Non-interest expense (numerator)							$	142,900		$	138,678		$	144,575		$	137,673		$	136,519
Net interest income							$	171,270		$	162,399		$	164,449		$	161,591		$	154,116
Tax equivalent adjustment								3,114			3,018			2,979			2,987			2,990
Plus: Total Non-interest income							62,577			51,890			95,397			55,574			63,249
Less: Investment securities gains, net							—			(36)			(33,475)			—			(2)
Total revenue (denominator)							$	236,961		$	217,271		$	229,350		$	220,152		$	220,353
Efficiency ratio							60.3%			63.8%			63.0%			62.5%			62.0%
							Three months ended
							Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
							2021			2021			2021			2020			2020
Non-interest expenses to total average assets (annualized)
Non-interest expense							$	144,596		$	140,831		$	178,384		$	154,737		$	139,145
Less: Amortization of tax credit investments							(1,546)			(1,563)			(1,531)			(1,532)			(1,694)
Less: Intangible amortization							(150)			(178)			(115)			(132)			(132)
Less: 2020 cost savings initiatives							—			—			—			(15,400)			(800)
Less: Debt extinguishment costs							—			(412)			(32,163)			—			—
Non-interest expense (numerator)							$	142,900		$	138,678		$	144,575		$	137,673		$	136,519
Total average assets (denominator)							$	26,440,876		$	26,017,542		$	26,082,816		$	25,749,405		$	25,169,508
Non-interest expenses to total average assets, (annualized)							2.14%			2.14%			2.25%			2.13%			2.16%
Asset Quality, excluding PPP
Net loans recovered (charged-off) (numerator)							$	2,305		$	(6,954)		$	(6,181)		$	3,342		$	2,358
Average Net Loans							$	18,414,153		$	18,906,556		$	18,980,586		$	18,994,514		$	18,880,519
Less: Average PPP loans							(850,618)			(1,524,389)			(1,688,713)			(1,830,426)			(1,953,122)
Total adjusted average loans (denominator)							$	17,563,535		$	17,382,167		$	17,291,873		$	17,164,088		$	16,927,397
Net charge-offs (recoveries) to adjusted average loans (annualized)							(0.05)%			0.16%			0.14%			(0.08)%			(0.06)%
Non-performing loans (numerator)							$	150,222		$	153,729		$	152,448		$	147,127		$	142,082
Net Loans							$	18,269,407		$	18,586,756		$	18,990,986		$	18,900,820		$	19,028,621
Less: PPP loans							(590,447)			(1,114,401)			(1,688,394)			(1,581,712)			(1,960,165)
Total adjusted loans (denominator)							$	17,678,960		$	17,472,355		$	17,302,592		$	17,319,108		$	17,068,456
Non-performing loans to total adjusted loans							0.85%			0.88%			0.88%			0.85%			0.83%
ACL - loans (numerator)							$	256,727		$	255,032		$	265,986		$	277,567		$	266,825
Net Loans							$	18,269,407		$	18,586,756		$	18,990,986		$	18,900,820		$	19,028,621
Less: PPP loans							(590,447)			(1,114,401)			(1,688,394)			(1,581,712)			(1,960,165)
Total adjusted loans (denominator)							$	17,678,960		$	17,472,355		$	17,302,592		$	17,319,108		$	17,068,456
ACL - loans to total adjusted loans							1.45%			1.46%			1.54%			1.60%			1.56%
Pre-provision net revenue
Net interest income							$	171,270		$	162,399		$	164,448		$	161,591		$	154,116
Non-interest income							62,577			51,890			95,397			55,574			63,249
Less: Investment securities gains, net							—			(36)			(33,475)			—			(2)
Total revenue							$	233,847		$	214,253		$	226,370		$	217,165		$	217,363
Non-interest expense							$	144,596		$	140,831		$	178,384		$	154,737		$	139,145
Less: Debt extinguishment							—			(412)			(32,163)			—			—
Less: Amortization on tax credit investments							(1,546)			(1,563)			(1,531)			(1,532)			(1,694)
Less: Intangible amortization							(150)			(178)			(115)			(132)			(132)
Total non-interest expense							$	142,900		$	138,678		$	144,575		$	153,073		$	137,319
Pre-provision net revenue							$	90,947		$	75,575		$	81,795		$	64,092		$	80,044
Note: numbers may not sum due to rounding.

 

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