Fulton Financial Corporation Announces Fourth Quarter and Full-Year 2023 Results

Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $61.7 million, or $0.37 per diluted share, for the fourth quarter of 2023, a decrease of $7.8 million, or 11.3%, in comparison to the third quarter of 2023. Operating net income available to common shareholders for the three months ended December 31, 2023 was $68.8 million, or $0.42 per diluted share⁽¹⁾.

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For the year ended December 31, 2023, net income available to common shareholders was $274.0 million, or $1.64 per diluted share, a decrease of $2.7 million, or 1.0%, in comparison to the same period in 2022. Operating net income available to common shareholders for the year-ended December 31, 2023 was $285.0 million, or $1.71 per diluted share⁽¹⁾.

During the fourth quarter of 2023, the Corporation launched the "FultonFirst" initiative that is focused on evaluating and improving how Fulton operates. Approximately $3.2 million was recorded in the fourth quarter of 2023 related to this initiative. Additionally, the Corporation recognized a Federal Deposit Insurance Corporation ("FDIC") special assessment charge of $6.5 million.

"2023 was an extraordinary year and we were pleased with our results," said Curtis J. Myers, Chairman and CEO of Fulton Financial Corporation. "Our team advanced our strategic objectives. We grew loans and deposits in a challenging environment, delivered enhancements to the customer experience, continued to operate with excellence and served our stakeholders well. Looking forward, 2024 is full of opportunity."

Net Interest Income and Balance Sheet

Net interest income for the fourth quarter of 2023 was $212.0 million, a decrease of $1.8 million in comparison to the third quarter of 2023. The net interest margin for the fourth quarter of 2023 decreased four basis points, to 3.36%, in comparison to 3.40% in the third quarter of 2023.

(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.

The linked-quarter decrease in net interest income was primarily due to an increase in the rate on average interest-bearing deposits and a shift in the funding mix from noninterest-bearing demand deposits to interest-bearing deposits, partially offset by higher loan yields, a lower rate on borrowings and other interest-bearing liabilities, an increase in the average balance of net loans and a decrease in the average balance of borrowings and other interest-bearing liabilities.

An 11 basis point increase in the yield on average net loans and an increase in the average balance of net loans of $134.5 million in the fourth quarter of 2023 drove an increase in interest income of $7.8 million to $338.1 million in comparison to $330.4 million in the third quarter of 2023.

Interest expense on interest-bearing liabilities for the fourth quarter of 2023 increased by $9.6 million to $126.1 million in comparison to $116.5 million in the third quarter of 2023. The linked-quarter increase in interest expense in the fourth quarter of 2023 was primarily due to an increase in the rate on average interest-bearing deposits of 26 basis points, a decline of $232.3 million in the average balance of noninterest-bearing deposits and an increase in the average balance of interest-bearing deposits of $351.6 million in comparison to the third quarter of 2023, partially offset by a decrease in the rate on borrowings and other interest-bearing deposits of 16 basis points and a decrease in the average balance of borrowings and other interest-bearing deposits of $149.4 million.

For the fourth quarter of 2023, net interest income was $212.0 million, a decrease of $13.9 million, or 6.2%, in comparison to the fourth quarter of 2022. Interest income for the fourth quarter of 2023 increased by $70.3 million to $338.1 million in comparison to $267.8 million in the fourth quarter of 2022, primarily driven by rising interest rates resulting in an increase in interest income from net loans of $70.1 million. Increases in the average balance of net loans of $1.3 billion and in yields on net loans of 103 basis points in the fourth quarter of 2023 compared to the fourth quarter of 2022 each contributed to the increase in interest income. Interest expense on interest-bearing liabilities for the fourth quarter of 2023 increased by $84.2 million to $126.1 million in comparison to $41.9 million in the fourth quarter of 2022, primarily driven by rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings and other interest-bearing liabilities of $74.3 million and $9.9 million, respectively. A decrease in the average balance of noninterest-bearing deposits of $1.9 billion and an increase in the average balances of interest-bearing deposits and borrowings and other interest-bearing liabilities of $2.3 billion and $516.2 million, respectively, in the fourth quarter of 2023 in comparison to the fourth quarter of 2022 also contributed to the increase in interest expense.

Total average interest-earning assets for the fourth quarter of 2023 were $25.6 billion, an increase of $61.8 million from the third quarter of 2023 primarily driven by an increase in average net loans of $134.5 million, partially offset by a decrease in average investment securities of $76.8 million.

Total average interest-earning assets for the fourth quarter of 2023 increased by $848.6 million from the fourth quarter of 2022. Average net loans for the fourth quarter of 2023 were $21.3 billion, an increase of $1.3 billion from the same period in 2022. Compared to the fourth quarter of 2022, average investment securities decreased $209.9 million and average other interest-earning assets decreased $192.8 million in the fourth quarter of 2023.

Total average interest-bearing liabilities increased $202.2 million to $18.6 billion in the fourth quarter of 2023 in comparison to $18.4 billion in the third quarter of 2023. The increase in average interest-bearing liabilities was driven by an increase in the average balance of total interest-bearing deposits of $351.6 million, partially offset by a decrease in the average balance of borrowings and other interest-bearing liabilities of $149.4 million.

Total average interest-bearing liabilities for the fourth quarter of 2023 increased $2.8 billion to $18.6 billion in comparison to $15.7 billion in the fourth quarter of 2022, driven by increases in the average balances of total interest-bearing deposits and borrowings and other interest-bearing liabilities of $2.3 billion and $0.5 billion, respectively.

Asset Quality

In the fourth quarter of 2023, a provision for credit losses of $9.8 million was recorded in comparison to $9.9 million in the third quarter of 2023 and $14.5 million in the fourth quarter of 2022. The provision for credit losses of $9.8 million recorded in the fourth quarter of 2023 was primarily due to loan growth and some weakening of credit metrics.

Non-performing assets were $154.2 million, or 0.56% of total assets, at December 31, 2023, in comparison to $143.5 million, or 0.52% of total assets, at September 30, 2023, and $177.7 million, or 0.66% of total assets, at December 31, 2022.

Net charge-offs for the fourth quarter of 2023 were 0.15% of total average loans in comparison to 0.10% and 0.23% in the third quarter of 2023 and the fourth quarter of 2022, respectively.

Non-interest Income

Non-interest income before investment securities gains (losses) in the fourth quarter of 2023 was $60.1 million, an increase of $4.2 million, or 7.4%, from the third quarter of 2023. The increase in non-interest income was primarily due to a $4.1 million linked-quarter net change from market movements in our commercial customer interest rate swap program resulting from the reference rate transition from the London Inter-Bank Offered Rate ("LIBOR") to the Secured Overnight Financing Rate ("SOFR"), reflected as an increase to other non-interest income. Additional contributors to the increase in non-interest income were increases of $1.4 million in commercial customer interest rate swap fee income, reflected in capital markets, and a $0.6 million increase in cash surrender value of life insurance policies, reflected in other income, partially offset by decreases in mortgage banking income, income from equity method investments, reflected in other income, and merchant and card income of $0.9 million, $0.7 million and $0.6 million, respectively.

Compared to the fourth quarter of 2022, non-interest income before investment securities gains (losses) in the fourth quarter of 2023 increased $5.8 million, or 10.7%, from $54.3 million. The increase in non-interest income was primarily due to increases of $1.9 million in wealth management revenues, $1.6 million in commercial customer interest rate swap fee income, reflected in capital markets, a $1.1 million market valuation movement in our commercial customer interest rate swap program resulting from the reference rate transition from LIBOR to SOFR and reflected as an increase to other non-interest income, a $0.7 million increase in cash surrender value of life insurance policies, reflected in other income, a $0.3 million increase in cash management fee income and a $0.3 million increase in gains on sale from Small Business Association ("SBA") loans, reflected in other commercial banking income.

Non-interest Expense

Non-interest expense was $180.6 million in the fourth quarter of 2023, an increase of $9.5 million, or 5.6%, compared to $171.0 million in the third quarter of 2023. The increase was primarily due to increases of $6.4 million in FDIC insurance expense, primarily due to the special assessment of $6.5 million charged to recover the loss to the Deposit Insurance Fund in connection with the closures of certain banks in 2023, $2.6 million in other outside services related to consulting fees incurred for the FultonFirst initiative, $1.6 million in marketing expense due to a targeted customer deposit acquisition program and brand marketing campaigns in growth markets, partially offset by a $0.7 million gain from debt extinguishment recorded in the fourth quarter of 2023, reflected in other expense. Included in salaries and benefits expense was $0.6 million for severance expense incurred as a result of the FultonFirst initiative.

Compared to the fourth quarter of 2022, non-interest expense, excluding merger-related expenses of $1.9 million in the fourth quarter of 2022, increased $14.0 million, or 8.4%. The increase was primarily due to increases of $7.9 million in FDIC insurance expense, primarily due to the special assessment of $6.5 million discussed above and the adoption of a final rule to increase base deposit insurance assessment rates effective January 1, 2023, $4.5 million in salaries and employee benefits expense, $3.8 million in other outside services expense driven by the FultonFirst initiative, partially offset by a $1.6 million decrease related to a contingent liability recorded in 2022 and a $0.7 million gain from debt extinguishment recorded in the fourth quarter of 2023, both reflected in other expense. The $4.5 million increase in salaries and benefits expense was primarily driven by annual merit increases, lower deferred employee loan origination costs, higher employee benefits expense, due to healthcare claims experience, and higher pension costs, partially offset by lower incentive plan compensation expense. Also included in salaries and benefits expense was $0.6 million for severance expense incurred as a result of the FultonFirst initiative.

Income Tax Expense

For 2023 the effective tax rate was 18.5% in comparison to 17.3% for 2022.

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

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, 2022, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 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).

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 data)
	Three months ended
	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
	2023			2023			2023			2023			2022
Ending Balances
Investment securities	$	3,666,274		$	3,698,601		$	3,867,334		$	3,950,101		$	3,968,023
Net loans		21,351,094			21,177,508			21,044,685			20,670,188			20,279,547
Total assets		27,560,704			27,375,177			27,403,163			27,112,176			26,931,702
Deposits		21,537,623			21,421,589			21,206,540			21,316,584			20,649,538
Shareholders' equity		2,750,044			2,566,693			2,642,152			2,618,998			2,579,757
Average Balances
Investment securities		3,665,261			3,834,824			3,916,130			3,964,615			3,936,579
Net loans		21,255,779			21,121,277			20,866,235			20,463,096			20,004,513
Total assets		27,397,671			27,377,836			27,235,567			26,900,653			26,386,355
Deposits		21,476,548			21,357,295			21,207,143			20,574,323			21,027,656
Shareholders' equity		2,618,024			2,645,977			2,647,464			2,613,316			2,489,148
Income Statement
Net interest income		212,006			213,842			212,852			215,587			225,911
Provision for credit losses		9,808			9,937			9,747			24,544			14,513
Non-interest income		59,378			55,961			60,585			51,753			54,321
Non-interest expense		180,552			171,020			168,018			159,616			168,462
Income before taxes		81,024			88,846			95,672			83,180			97,257
Net income available to common shareholders		61,701			69,535			77,045			65,752			79,271
Pre-provision net revenue(1)		100,050			102,342			106,495			108,375			115,049
Per Share
Net income available to common shareholders (basic)	$	0.38		$	0.42		$	0.46		$	0.39		$	0.47
Net income available to common shareholders (diluted)	$	0.37		$	0.42		$	0.46		$	0.39		$	0.47
Operating net income available to common shareholders(1)	$	0.42		$	0.43		$	0.47		$	0.39		$	0.48
Cash dividends	$	0.17		$	0.16		$	0.16		$	0.15		$	0.21
Common shareholders' equity	$	15.61		$	14.47		$	14.75		$	14.67		$	14.24
Common shareholders' equity (tangible)(1)	$	12.19		$	11.05		$	11.36		$	11.26		$	10.90
Weighted average shares (basic)		163,975			164,566			165,854			166,605			167,504
Weighted average shares (diluted)		165,650			166,023			167,191			168,401			169,136
(1) 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 31			Sep 30			Jun 30			Mar 31			Dec 31
	2023			2023			2023			2023			2022
Asset Quality
Net charge-offs (recoveries) to average loans		0.15 %			0.10 %			0.04 %			0.27 %			0.23 %
Non-performing loans to total net loans		0.72 %			0.67 %			0.70 %			0.80 %			0.85 %
Non-performing assets to total assets		0.56 %			0.52 %			0.55 %			0.62 %			0.66 %
ACL - loans(1) to total loans		1.37 %			1.38 %			1.37 %			1.35 %			1.33 %
ACL - loans(1) to non-performing loans		191 %			208 %			195 %			169 %			157 %
Profitability
Return on average assets		0.93 %			1.04 %			1.17 %			1.03 %			1.23 %
Operating return on average assets(2)		1.03 %			1.08 %			1.18 %			1.04 %			1.26 %
Return on average common shareholders' equity		10.09 %			11.25 %			12.59 %			11.02 %			13.70 %
Return on average common shareholders' equity (tangible)(2)		14.68 %			15.17 %			16.52 %			14.46 %			18.59 %
Net interest margin		3.36 %			3.40 %			3.40 %			3.53 %			3.69 %
Efficiency ratio(2)		62.0 %			61.5 %			60.1 %			58.5 %			58.1 %
Non-interest expenses to total average assets		2.61 %			2.48 %			2.47 %			2.41 %			2.53 %
Operating non-interest expenses to total average assets(2)		2.47 %			2.47 %			2.46 %			2.40 %			2.48 %
Capital Ratios
Tangible common equity ratio ("TCE")(2)		7.4 %			6.8 %			7.0 %			7.0 %			6.9 %
Tier 1 leverage ratio(3)		9.5 %			9.4 %			9.3 %			9.2 %			9.5 %
Common equity Tier 1 capital ratio(3)		10.4 %			10.3 %			10.1 %			9.8 %			10.0 %
Tier 1 risk-based capital ratio(3)		11.2 %			11.1 %			11.0 %			10.6 %			10.9 %
Total risk-based capital ratio(3)		14.1 %			14.0 %			13.8 %			13.4 %			13.6 %
(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, 2023 are preliminary estimates and prior periods are actual.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
		Dec 31				Sep 30				Jun 30				Mar 31				Dec 31
		2023				2023				2023				2023				2022
ASSETS
	Cash and due from banks	$	300,343			$	304,042			$	123,779			$	129,003			$	126,898
	Other interest-earning assets		373,772				222,781				505,141				545,355				685,209
	Loans held for sale		15,158				20,368				14,673				6,507				7,264
	Investment securities		3,666,274				3,698,601				3,867,334				3,950,101				3,968,023
	Net loans		21,351,094				21,177,508				21,044,685				20,670,188				20,279,547
	Less: ACL - loans(1)		(293,404	)			(292,739	)			(287,442	)			(278,695	)			(269,366	)
	Loans, net		21,057,690				20,884,769				20,757,243				20,391,493				20,010,181
	Net premises and equipment		222,881				215,626				216,322				216,059				225,141
	Accrued interest receivable		107,972				101,624				96,991				90,267				91,579
	Goodwill and intangible assets		560,687				561,284				561,885				563,502				560,824
	Other assets		1,255,927				1,366,082				1,259,795				1,219,889				1,256,583
	Total Assets	$	27,560,704			$	27,375,177			$	27,403,163			$	27,112,176			$	26,931,702
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	21,537,623			$	21,421,589			$	21,206,540			$	21,316,584			$	20,649,538
	Borrowings		2,487,526				2,370,112				2,719,114				2,446,770				2,871,207
	Other liabilities		785,511				1,016,783				835,357				729,824				831,200
	Total Liabilities		24,810,660				24,808,484				24,761,011				24,493,178				24,351,945
	Shareholders' equity		2,750,044				2,566,693				2,642,152				2,618,998				2,579,757
	Total Liabilities and Shareholders' Equity	$	27,560,704			$	27,375,177			$	27,403,163			$	27,112,176			$	26,931,702
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	8,127,728			$	8,106,300			$	7,846,861			$	7,746,920			$	7,693,835
	Commercial and industrial		4,545,552				4,577,334				4,599,759				4,596,096				4,473,004
	Real estate - residential mortgage		5,325,923				5,279,681				5,147,262				4,880,919				4,737,279
	Real estate - home equity		1,047,184				1,045,438				1,061,891				1,074,712				1,102,838
	Real estate - construction		1,239,075				1,078,263				1,308,564				1,326,754				1,269,925
	Consumer		729,318				743,976				763,530				730,775				699,179
	Leases and other loans(2)		336,314				346,516				316,818				314,012				303,487
	Total Net Loans	$	21,351,094			$	21,177,508			$	21,044,685			$	20,670,188			$	20,279,547
Deposits, by type:
	Noninterest-bearing demand	$	5,314,094			$	5,575,374			$	5,865,855			$	6,403,484			$	7,006,388
	Interest-bearing demand		5,722,695				5,757,487				5,543,320				5,478,237				5,410,903
	Savings		6,616,901				6,707,729				6,646,448				6,579,806				6,434,621
	Total demand and savings		17,653,690				18,040,590				18,055,623				18,461,527				18,851,912
	Brokered		1,144,692				941,059				949,259				960,919				208,416
	Time		2,739,241				2,439,940				2,201,658				1,894,138				1,589,210
	Total Deposits	$	21,537,623			$	21,421,589			$	21,206,540			$	21,316,584			$	20,649,538
Borrowings, by type:
	Federal funds purchased	$	240,000			$	544,000			$	555,000			$	525,000			$	191,000
	Federal Home Loan Bank advances		1,100,000				730,000				1,165,000				747,000				1,250,000
	Senior debt and subordinated debt		535,384				540,174				539,994				539,814				539,634
	Other borrowings		612,142				555,938				459,120				634,956				890,573
	Total Borrowings	$	2,487,526			$	2,370,112			$	2,719,114			$	2,446,770			$	2,871,207
(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.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share)
			Three Months Ended																				Year ended
			Dec 31				Sep 30				Jun 30				Mar 31				Dec 31				Dec 31
			2023				2023				2023				2023				2022				2023				2022
Interest Income:
	Interest income		$	338,134			$	330,371			$	314,912			$	289,820			$	267,847			$	1,273,236			$	864,838
	Interest expense			126,128				116,529				102,060				74,233				41,936				418,950				83,204
	Net Interest Income			212,006				213,842				212,852				215,587				225,911				854,286				781,634
	Provision for credit losses			9,808				9,937				9,747				24,544				14,513				54,036				28,021
	Net Interest Income after Provision			202,198				203,905				203,105				191,043				211,398				800,250				753,613
Non-Interest Income:
	Commercial banking:
	Merchant and card			7,045				7,626				7,700				6,834				7,223				29,205				28,276
	Cash management			6,030				5,960				5,835				5,515				5,756				23,340				23,729
	Capital markets			4,258				2,960				6,092				2,344				2,627				15,654				12,256
	Other commercial banking			3,447				3,176				3,518				2,820				2,998				12,961				11,518
	Total commercial banking			20,780				19,722				23,145				17,513				18,604				81,160				75,779
	Wealth management			19,388				19,413				18,678				18,062				17,531				75,541				72,843
	Consumer banking:
	Card			6,739				6,770				6,592				6,243				6,331				26,343				24,472
	Overdraft			2,991				2,996				2,696				2,733				3,364				11,416				15,480
	Other consumer banking			2,357				2,407				2,432				2,241				2,380				9,438				9,544
	Total consumer banking			12,087				12,173				11,720				11,217				12,075				47,197				49,496
	Mortgage banking			2,288				3,190				2,940				1,970				2,140				10,388				14,204
	Other			5,587				1,463				4,106				2,968				3,972				14,125				14,835
	Non-interest income before investment securities gains (losses)			60,130				55,961				60,589				51,730				54,322				228,411				227,157
	Investment securities gains (losses), net			(752	)			—				(4	)			23				(1	)			(733	)			(27	)
	Total Non-Interest Income			59,378				55,961				60,585				51,753				54,321				227,678				227,130
Non-Interest Expense:
	Salaries and employee benefits			97,275				96,757				94,102				89,283				92,733				377,417				356,884
	Data processing and software			16,985				16,914				16,776				15,796				15,448				66,471				60,255
	Other outside services			14,670				12,094				10,834				10,126				10,860				47,724				37,152
	Net occupancy			14,647				14,561				14,374				14,438				14,061				58,019				56,195
	FDIC insurance			11,138				4,738				4,895				4,795				3,219				25,565				12,547
	Equipment			3,995				3,475				3,530				3,389				3,640				14,390				14,033
	Marketing			3,550				1,913				1,655				1,886				2,380				9,004				6,885
	Professional fees			2,302				1,869				1,829				2,392				2,945				8,392				9,123
	Intangible amortization			597				601				1,072				674				688				2,944				1,731
	Merger-related expenses			—				—				—				—				1,894				—				10,328
	Other			15,393				18,098				18,951				16,837				20,594				69,281				68,595
	Total Non-Interest Expense			180,552				171,020				168,018				159,616				168,462				679,207				633,728
	Income Before Income Taxes			81,024				88,846				95,672				83,180				97,257				348,721				347,015
	Income tax expense			16,761				16,749				16,065				14,866				15,424				64,441				60,034
	Net Income			64,263				72,097				79,607				68,314				81,833				284,280				286,981
	Preferred stock dividends			(2,562	)			(2,562	)			(2,562	)			(2,562	)			(2,562	)			(10,248	)			(10,248	)
	Net Income Available to Common Shareholders		$	61,701			$	69,535			$	77,045			$	65,752			$	79,271			$	274,032			$	276,733
			Three Months Ended																				Year ended
			Dec 31				Sep 30				Jun 30				Mar 31				Dec 31				Dec 31
			2023				2023				2023				2023				2022				2023				2022
PER SHARE:
	Net income available to common shareholders (basic)		$	0.38			$	0.42			$	0.46			$	0.39			$	0.47			$	1.66			$	1.69
	Net income available to common shareholders (diluted)		$	0.37			$	0.42			$	0.46			$	0.39			$	0.47			$	1.64			$	1.67
	Cash dividends		$	0.17			$	0.16			$	0.16			$	0.15			$	0.21			$	0.64			$	0.66
	Weighted average shares (basic)			163,975				164,566				165,854				166,605				167,504				165,241				164,119
	Weighted average shares (diluted)			165,650				166,023				167,191				168,401				169,136				166,769				165,472

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
		Three months ended
		December 31, 2023											September 30, 2023											December 31, 2022
		Average								Yield/			Average								Yield/			Average								Yield/
		Balance				Interest(1)				Rate			Balance				Interest(1)				Rate			Balance				Interest(1)				Rate
ASSETS
Interest-earning assets:
	Net loans	$	21,255,779			$	311,992			5.83	%		$	21,121,277			$	304,167			5.72	%		$	20,004,513			$	241,453			4.80	%
	Investment securities(2)		4,120,750				27,227			2.64	%			4,197,550				27,274			2.59	%			4,330,635				27,781			2.56	%
	Other interest-earning assets		267,329				3,464			5.17	%			263,244				3,372			5.11	%			460,082				2,923			2.53	%
	Total Interest-Earning Assets		25,643,858				342,683			5.31	%			25,582,071				334,813			5.20	%			24,795,230				272,157			4.36	%
Noninterest-Earning assets:
	Cash and due from banks		282,614											306,496											149,472
	Premises and equipment		219,994											217,447											223,245
	Other assets		1,545,535											1,562,233											1,488,684
	Less: ACL - loans(3)		(294,330	)										(290,411	)										(270,276	)
	Total Assets	$	27,397,671										$	27,377,836										$	26,386,355
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits	$	5,723,169			$	20,737			1.44	%		$	5,740,229			$	18,690			1.29	%		$	5,479,443			$	4,589			0.33	%
	Savings deposits		6,682,512				38,239			2.27	%			6,676,792				34,277			2.04	%			6,466,775				11,539			0.71	%
	Brokered deposits		1,051,369				14,078			5.31	%			937,657				12,250			5.18	%			215,729				1,947			3.58	%
	Time deposits		2,579,400				23,575			3.63	%			2,330,206				18,939			3.22	%			1,554,885				4,302			1.10	%
	Total Interest-Bearing Deposits		16,036,450				96,629			2.39	%			15,684,884				84,156			2.13	%			13,716,832				22,377			0.65	%
	Borrowings and other interest-bearing liabilities		2,541,727				29,499			4.58	%			2,691,087				32,373			4.74	%			2,025,522				19,559			3.83	%
	Total Interest-Bearing Liabilities		18,578,177				126,128			2.69	%			18,375,971				116,529			2.51	%			15,742,354				41,936			1.06	%
Noninterest-Bearing liabilities:
	Demand deposits		5,440,098											5,672,411											7,310,824
	Other noninterest-bearing liabilities		761,372											683,477											844,029
	Total Liabilities		24,779,647											24,731,859											23,897,207
	Total Deposits/Cost of Deposits		21,476,548							1.79	%			21,357,295							1.56	%			21,027,656							0.42	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")		24,018,275							2.08	%			24,048,382							1.92	%			23,053,178							0.72	%
	Shareholders' equity		2,618,024											2,645,977											2,489,148
	Total Liabilities and Shareholders' Equity	$	27,397,671										$	27,377,836										$	26,386,355
	Net interest income/net interest margin (fully taxable equivalent)						216,555			3.36	%							218,284			3.40	%							230,221			3.69	%
	Tax equivalent adjustment						(4,549	)										(4,442	)										(4,310	)
	Net Interest Income					$	212,006										$	213,842										$	225,911
	(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
	(2) Balances include amortized historical cost for available for sale ("AFS") securities. The related unrealized holding gains (losses) are included in other assets.
	(3) "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 BORROWINGS DETAIL (UNAUDITED):
(dollars in thousands)
		Three months ended
		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
		2023			2023			2023			2023			2022
Loans, by type:
	Real estate - commercial mortgage	$	8,090,627		$	7,912,801		$	7,775,436		$	7,720,975		$	7,696,997
	Commercial and industrial		4,579,441			4,611,376			4,629,919			4,565,923			4,372,935
	Real estate - residential mortgage		5,303,632			5,209,105			5,008,295			4,790,868			4,643,784
	Real estate - home equity		1,043,753			1,045,806			1,066,615			1,086,032			1,106,325
	Real estate - construction		1,153,601			1,254,577			1,306,286			1,276,145			1,209,998
	Consumer		746,011			761,273			763,407			721,248			679,108
	Leases and other loans(1)		338,714			326,339			316,277			301,905			295,366
	Total Net Loans	$	21,255,779		$	21,121,277		$	20,866,235		$	20,463,096		$	20,004,513
Deposits, by type:
	Noninterest-bearing demand	$	5,440,098		$	5,672,411		$	6,021,091		$	6,641,741		$	7,310,824
	Interest-bearing demand		5,723,169			5,740,229			5,535,669			5,326,566			5,479,443
	Savings		6,682,512			6,676,792			6,632,572			6,469,468			6,466,775
	Total demand and savings		17,845,779			18,089,432			18,189,332			18,437,775			19,257,042
	Brokered		1,051,369			937,657			954,773			439,670			215,729
	Time		2,579,400			2,330,206			2,063,038			1,696,878			1,554,885
	Total Deposits	$	21,476,548		$	21,357,295		$	21,207,143		$	20,574,323		$	21,027,656
Borrowings, by type:
	Federal funds purchased	$	446,707		$	634,163		$	679,401		$	505,142		$	261,737
	Federal Home Loan Bank advances		760,087			793,098			880,811			1,261,589			564,692
	Senior debt and subordinated debt		539,186			540,086			539,906			539,726			539,550
	Other borrowings and other interest-bearing liabilities		795,747			723,740			690,742			752,227			659,543
	Total Borrowings	$	2,541,727		$	2,691,087		$	2,790,860		$	3,058,684		$	2,025,522
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
			Year ended December 31
			2023											2022
			Average								Yield/			Average								Yield/
			Balance				Interest(1)				Rate			Balance				Interest(1)				Rate
ASSETS
Interest-earning assets:
	Net loans		$	20,929,302			$	1,166,376			5.57	%		$	19,152,740			$	765,603			4.00	%
	Investment securities(2)			4,210,010				109,325			2.59	%			4,364,627				106,115			2.43	%
	Other interest-earning assets			387,360				15,346			3.96	%			829,705				8,115			0.98	%
	Total Interest-Earning Assets			25,526,672				1,291,047			5.06	%			24,347,072				879,833			3.61	%
Noninterest-Earning assets:
	Cash and due from banks			215,649											156,050
	Premises and equipment			219,315											220,982
	Other assets			1,553,284											1,505,277
	Less: ACL - loans(3)			(285,216	)										(257,897	)
	Total Assets		$	27,229,704										$	25,971,484
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits		$	5,582,930			$	62,494			1.12	%		$	5,593,942			$	8,219			0.15	%
	Savings deposits			6,616,087				122,340			1.85	%			6,458,165				16,642			0.26	%
	Brokered deposits			847,795				43,635			5.15	%			262,359				4,097			1.56	%
	Time deposits			2,170,245				63,735			2.94	%			1,617,804				14,871			0.92	%
	Total Interest-Bearing Deposits			15,217,057				292,204			1.92	%			13,932,270				43,829			0.31	%
	Borrowings and other interest-bearing liabilities			2,771,330				126,746			4.54	%			1,358,357				39,375			2.89	%
	Total Interest-Bearing Liabilities			17,988,387				418,950			2.32	%			15,290,627				83,204			0.54	%
Noninterest-Bearing liabilities:
	Demand deposits			5,939,799											7,522,304
	Other			670,269											598,230
	Total Liabilities			24,598,455											23,411,161
	Total Deposits/Cost of Deposits			21,156,856							1.38	%			21,454,574							0.20	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")			23,928,186							1.75	%			22,812,931							0.36	%
	Shareholders' equity			2,631,249											2,560,323
	Total Liabilities and Shareholders' Equity		$	27,229,704										$	25,971,484
	Net interest income/net interest margin (fully taxable equivalent)							872,097			3.42	%							796,629			3.27	%
	Tax equivalent adjustment							(17,811	)										(14,995	)
	Net Interest Income						$	854,286										$	781,634
	(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
	(2) Balances include amortized historical cost for AFS. The related unrealized holding gains (losses) are included in other assets.
	(3) "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 BORROWINGS DETAIL (UNAUDITED):
(dollars in thousands)
			Year ended December 31
			2023			2022
Loans, by type:
	Real estate - commercial mortgage		$	7,876,076		$	7,523,806
	Commercial and industrial			4,596,742			4,230,133
	Real estate - residential mortgage			5,079,739			4,261,527
	Real estate - home equity			1,060,396			1,101,142
	Real estate - construction			1,247,336			1,178,550
	Consumer			748,089			569,305
	Leases and other loans(1)			320,924			288,277
	Total Net Loans		$	20,929,302		$	19,152,740
Deposits, by type:
	Noninterest-bearing demand		$	5,939,799		$	7,522,304
	Interest-bearing demand			5,582,930			5,593,942
	Savings			6,616,087			6,458,165
	Total demand and savings			18,138,816			19,574,411
	Brokered			847,795			262,359
	Time			2,170,245			1,617,804
	Total Deposits		$	21,156,856		$	21,454,574
Borrowings, by type:
	Federal funds purchased		$	566,379		$	91,125
	Federal Home Loan Bank advances			922,164			194,295
	Senior debt and subordinated debt			539,726			564,337
	Other borrowings			743,061			508,600
	Total Borrowings		$	2,771,330		$	1,358,357
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
		Three months ended																				Year Ended
		Dec 31				Sep 30				Jun 30				Mar 31				Dec 31				Dec 31				Dec 31
		2023				2023				2023				2023				2022				2023				2022
Allowance for credit losses related to net loans:
Balance at beginning of period		$	292,739			$	287,442			$	278,695			$	269,366			$	266,838			$	269,366			$	249,001
	CECL Day 1 provision expense		—				—				—				—				—				—				7,954
	Initial purchased credit deteriorated loans		—				—				—				—				—				—				1,135
	Loans charged off:
	Real estate - commercial mortgage		(3,547	)			(860	)			(230	)			(13,362	)			(12,235	)			(17,999	)			(12,473	)
	Commercial and industrial		(3,397	)			(3,220	)			(2,017	)			(612	)			(179	)			(9,246	)			(2,390	)
	Real estate - residential mortgage		—				—				(62	)			—				—				(62	)			(66	)
	Consumer and home equity		(2,192	)			(1,803	)			(1,313	)			(2,206	)			(1,311	)			(7,514	)			(4,412	)
	Real estate - construction		—				—				—				—				—				—				—
	Leases and other loans(1)		(1,096	)			(1,396	)			(1,165	)			(723	)			(505	)			(4,380	)			(2,131	)
	Total loans charged off		(10,232	)			(7,279	)			(4,787	)			(16,903	)			(14,230	)			(39,201	)			(21,472	)
Recoveries of loans previously charged off:
	Real estate - commercial mortgage		160				101				29				786				183				1,076				3,860
	Commercial and industrial		779				620				988				1,086				961				3,473				5,893
	Real estate - residential mortgage		278				37				58				48				10				421				425
	Consumer and home equity		555				1,023				959				661				683				3,198				2,581
	Real estate - construction		87				—				569				202				530				858				574
	Leases and other loans(1)		374				400				213				116				132				1,103				759
	Recoveries of loans previously charged off		2,233				2,181				2,816				2,899				2,499				10,129				14,092
Net loans (charged off) recovered			(7,999	)			(5,098	)			(1,971	)			(14,004	)			(11,731	)			(29,072	)			(7,380	)
Provision for credit losses			8,664				10,395				10,718				23,333				14,259				53,110				18,656
Balance at end of period		$	293,404			$	292,739			$	287,442			$	278,695			$	269,366			$	293,404			$	269,366
Net charge-offs (recoveries) to average loans			0.15	%			0.10	%			0.04	%			0.27	%			0.23	%			0.14	%			0.04	%
Provision for credit losses related to OBS Credit Exposures
	Provision for credit losses	$	1,144			$	(458	)		$	(971	)		$	1,211			$	254			$	926			$	1,411
NON-PERFORMING ASSETS:
	Non-accrual loans	$	121,620			$	113,022			$	123,280			$	134,303			$	144,443
	Loans 90 days past due and accruing		31,721				27,962				24,415				30,336				27,463
	Total non-performing loans		153,341				140,984				147,695				164,639				171,906
	Other real estate owned		896				2,549				3,881				3,304				5,790
	Total non-performing assets	$	154,237			$	143,533			$	151,576			$	167,943			$	177,696
NON-PERFORMING LOANS, BY TYPE:
	Real estate - commercial mortgage	$	46,527			$	44,058			$	55,048			$	61,322			$	72,634
	Commercial and industrial		41,020				33,365				30,588				33,555				28,288
	Real estate - residential mortgage		42,029				40,560				39,157				46,576				46,509
	Consumer and home equity		10,878				11,580				10,469				8,983				9,800
	Real estate - construction		2,876				677				1,099				1,509				1,368
	Leases and other loans(1)		10,011				10,744				11,334				12,694				13,307
	Total non-performing loans	$	153,341			$	140,984			$	147,695			$	164,639			$	171,906
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per 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 31				Sep 30				Jun 30				Mar 31				Dec 31
						2023				2023				2023				2023				2022
Operating net income available to common shareholders
Net income available to common shareholders						$	61,701			$	69,535			$	77,045			$	65,752			$	79,271
Plus: Core deposit intangible amortization							441				441				912				514				514
Plus: Merger-related expenses							—				—				—				—				1,894
Plus: Interest rate derivative transition valuation(1)							(1,102	)			2,958				—				—				—
Plus: FDIC special assessment							6,494				—				—				—				—
Plus: FultonFirst initiative							3,197				—				—				—				—
Less: Tax impact of adjustments							(1,896	)			(714	)			(192	)			(108	)			(506	)
Operating net income available to common shareholders (numerator)						$	68,835			$	72,220			$	77,765			$	66,158			$	81,173
Weighted average shares (diluted) (denominator)							165,650				166,023				167,191				168,401				169,136
Operating net income available to common shareholders, per share (diluted)						$	0.42			$	0.43			$	0.47			$	0.39			$	0.48
Common shareholders' equity (tangible), per share
Shareholders' equity						$	2,750,044			$	2,566,693			$	2,642,152			$	2,618,998			$	2,579,757
Less: Preferred stock							(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Goodwill and intangible assets							(560,687	)			(561,284	)			(561,885	)			(563,502	)			(560,824	)
Tangible common shareholders' equity (numerator)						$	1,996,479			$	1,812,531			$	1,887,389			$	1,862,618			$	1,826,055
Shares outstanding, end of period (denominator)							163,801				164,084				166,097				165,396				167,599
Common shareholders' equity (tangible), per share						$	12.19			$	11.05			$	11.36			$	11.26			$	10.90
Operating return on average assets
Net income						$	64,263			$	72,097			$	79,607			$	68,314			$	81,833
Plus: Core deposit intangible amortization							441				441				912				514				514
Plus: Merger-related expenses							—				—				—				—				1,894
Plus: Interest rate derivative transition valuation(1)							(1,102	)			2,958				—				—				—
Plus: FDIC special assessment							6,494				—				—				—				—
Plus: FultonFirst initiative							3,197				—				—				—				—
Less: Tax impact of adjustments							(1,896	)			(714	)			(192	)			(108	)			(506	)
Operating net income (numerator)						$	71,397			$	74,782			$	80,327			$	68,720			$	83,735
Total average assets						$	27,397,671			$	27,377,836			$	27,235,567			$	26,900,653			$	26,386,355
Less: Average net core deposit intangible							(5,106	)			(5,548	)			(6,417	)			(6,937	)			(7,478	)
Total operating average assets (denominator)						$	27,392,565			$	27,372,288			$	27,229,150			$	26,893,716			$	26,378,877
Operating return on average assets							1.03	%			1.08	%			1.18	%			1.04	%			1.26	%
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
						Three months ended
						Dec 31				Sep 30				Jun 30				Mar 31				Dec 31
						2023				2023				2023				2023				2022
Return on average common shareholders' equity (tangible)
Net income available to common shareholders						$	61,701			$	69,535			$	77,045			$	65,752			$	79,271
Plus: Intangible amortization							597				601				1,072				674				688
Plus: Merger-related expenses							—				—				—				—				1,894
Plus: Interest rate derivative transition valuation(1)							(1,102	)			2,958				—				—				—
Plus: FDIC special assessment							6,494				—				—				—				—
Plus: FultonFirst initiative							3,197				—				—				—				—
Less: Tax impact of adjustments							(1,929	)			(747	)			(225	)			(142	)			(542	)
Adjusted net income available to common shareholders (numerator)						$	68,958			$	72,347			$	77,892			$	66,284			$	81,311
Average shareholders' equity						$	2,618,024			$	2,645,977			$	2,647,464			$	2,613,316			$	2,489,148
Less: Average preferred stock							(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Average goodwill and intangible assets							(560,977	)			(561,578	)			(563,146	)			(561,744	)			(561,219	)
Average tangible common shareholders' equity (denominator)						$	1,864,169			$	1,891,521			$	1,891,440			$	1,858,694			$	1,735,051
Return on average common shareholders' equity (tangible)							14.68	%			15.17	%			16.52	%			14.46	%			18.59	%
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity						$	2,750,044			$	2,566,693			$	2,642,152			$	2,618,998			$	2,579,757
Less: Preferred stock							(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Goodwill and intangible assets							(560,687	)			(561,284	)			(561,885	)			(563,502	)			(560,824	)
Tangible common shareholders' equity (numerator)						$	1,996,479			$	1,812,531			$	1,887,389			$	1,862,618			$	1,826,055
Total assets						$	27,560,704			$	27,375,177			$	27,403,163			$	27,112,176			$	26,931,702
Less: Goodwill and intangible assets							(560,687	)			(561,284	)			(561,885	)			(563,502	)			(560,824	)
Total tangible assets (denominator)						$	27,000,017			$	26,813,893			$	26,841,278			$	26,548,674			$	26,370,878
Tangible common equity to tangible assets							7.39	%			6.76	%			7.03	%			7.02	%			6.92	%
Efficiency ratio
Non-interest expense						$	180,552			$	171,020			$	168,018			$	159,616			$	168,462
Less: Amortization of tax credit investments							—				—				—				—				(696	)
Less: Merger-related expenses							—				—				—				—				(1,894	)
Less: FDIC special assessment							(6,494	)			—				—				—				—
Less: FultonFirst initiative							(3,197	)			—				—				—				—
Less: Intangible amortization							(597	)			(601	)			(1,072	)			(674	)			(688	)
Less: Debt extinguishment							720				—				—				—				—
Non-interest expense (numerator)						$	170,984			$	170,419			$	166,946			$	158,942			$	165,184
Net interest income						$	212,006			$	213,842			$	212,852			$	215,587			$	225,911
Tax equivalent adjustment							4,549				4,442				4,405				4,414				4,310
Plus: Total non-interest income							59,378				55,961				60,585				51,753				54,321
Plus: Interest rate derivative transition valuation(1)							(1,102	)			2,958				—				—				—
Less: Investment securities (gains) losses, net							752				—				4				(23	)			1
Total revenue (denominator)						$	275,583			$	277,203			$	277,846			$	271,731			$	284,543
Efficiency ratio							62.0	%			61.5	%			60.1	%			58.5	%			58.1	%
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
						Three months ended
						Dec 31				Sep 30				Jun 30				Mar 31				Dec 31
						2023				2023				2023				2023				2022
Operating non-interest expenses to total average assets
Non-interest expense						$	180,552			$	171,020			$	168,018			$	159,616			$	168,462
Less: Amortization of tax credit investments							—				—				—				—				(696	)
Less: Intangible amortization							(597	)			(601	)			(1,072	)			(674	)			(688	)
Less: Merger-related expenses							—				—				—				—				(1,894	)
Less: FDIC special assessment							(6,494	)			—				—				—				—
Less: FultonFirst initiatives							(3,197	)			—				—				—				—
Non-interest expense (numerator)						$	170,264			$	170,419			$	166,946			$	158,942			$	165,184
Total average assets (denominator)						$	27,397,671			$	27,377,836			$	27,235,567			$	26,900,653			$	26,386,355
Operating non-interest expenses to total average assets							2.47	%			2.47	%			2.46	%			2.40	%			2.48	%
Pre-provision net revenue
Net interest income						$	212,006			$	213,842			$	212,852			$	215,587			$	225,911
Non-interest income							59,378				55,961				60,585				51,753				54,321
Plus: Interest rate derivative transition valuation(1)							(1,102	)			2,958				—				—				—
Less: Investment securities (gains) losses, net							752				—				4				(23	)			1
Total revenue						$	271,034			$	272,761			$	273,441			$	267,317			$	280,233
Non-interest expense						$	180,552			$	171,020			$	168,018			$	159,616			$	168,462
Less: Amortization on tax credit investments							—				—				—				—				(696	)
Less: Merger-related expenses							—				—				—				—				(1,894	)
Less: Intangible amortization							(597	)			(601	)			(1,072	)			(674	)			(688	)
Less: FDIC special assessment							(6,494	)			—				—				—				—
Less: FultonFirst initiative							(3,197	)			—				—				—				—
Less: Debt extinguishment							720				—				—				—				—
Total non-interest expense						$	170,984			$	170,419			$	166,946			$	158,942			$	165,184
Pre-provision net revenue						$	100,050			$	102,342			$	106,495			$	108,375			$	115,049
						Year ended
						Dec 31
						2023
Operating net income available to common shareholders
Net income available to common shareholders						$	274,032
Plus: Core deposit intangible amortization							2,308
Plus: Interest rate derivative transition valuation(1)							1,855
Plus: FDIC special assessment							6,494
Plus: FultonFirst initiative							3,197
Less: Tax impact of adjustments							(2,909	)
Operating net income available to common shareholders (numerator)						$	284,977
Weighted average shares (diluted) (denominator)							166,769
Operating net income available to common shareholders, per share (diluted)						$	1.71
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
Note: numbers in this report may not sum due to rounding.

 

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The Fulton Financial Stock at the time of publication of the news with a fall of -0,69 % to 14,40EUR on Lang & Schwarz stock exchange (16. Januar 2024, 22:54 Uhr).