Fulton Financial Corporation Announces Second Quarter 2022 Results

Rhea-AI Summary

Fulton Financial Corporation (NASDAQ:FULT) reported a net income of $67.4 million, or $0.42 per diluted share, for Q2 2022, marking a 9.2% increase from the previous quarter. However, net income for the first half of 2022 totaled $129.2 million, down 2.8% year-over-year. Key drivers included a rise in net interest income to $178.8 million, attributed to increased interest rates and loan originations. The acquisition of Prudential Bancorp was highlighted as a significant milestone. Non-interest expenses rose by 2.1%, influenced by higher salaries and merger-related costs.

Positive

• Q2 net income increased 9.2% quarter-over-quarter to $67.4 million.
• Net interest income rose by 10.1% year-over-year to $178.8 million.
• Successful acquisition of Prudential Bancorp, enhancing company value.

Negative

• Net income for the first half of 2022 decreased by 2.8% year-over-year.
• Non-performing assets rose to $178.3 million, 0.71% of total assets.
• Provisions for credit losses recorded at $1.5 million, following negative provisions in prior quarters.

LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $67.4 million, or $0.42 per diluted share, for the second quarter of 2022, an increase of $5.7 million, or 9.2%, in comparison to the first quarter of 2022. The Corporation reported net income available to common shareholders of $129.2 million, or $0.80 per diluted share, for the six months ended June 30, 2022, a decrease of $3.7 million or 2.8%, in comparison to the six months ended June 30, 2021.

"Overall, we are pleased with Fulton's performance and results for the second quarter. Loan originations were strong, we began to see the positive impact of rising interest rates, and fee income was solid despite headwinds in mortgage banking and our wealth management businesses," said E. Philip Wenger, Chairman and CEO. "On the corporate front, we completed our acquisition of Prudential Bancorp, Inc., which was a very important milestone for us, and we published our first Corporate Social Responsibility report highlighting the positive impact our company and our team are making in the communities we serve."

Net Interest Income and Balance Sheet

Net interest income for the second quarter of 2022 was $178.8 million, an increase of $17.5 million in comparison to the first quarter of 2022. The net interest margin for the second quarter of 2022 increased 26 basis points, to 3.04%, from 2.78% in the first quarter of 2022.

The linked-quarter increase in net interest income was primarily due to rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $14.6 million, $1.8 million and $1.1 million, respectively. An increase in the average balances for net loans and investment securities of $254.1 million and $172.1 million, respectively, also contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the second quarter of 2022 declined by $0.2 million compared to the first quarter of 2022.

For the second quarter of 2022, net interest income was $178.8 million, an increase of $16.4 million, or 10.1%, in comparison to the second quarter of 2021 primarily driven by higher interest rates resulting in an increase in interest income from net loans of $9.2 million. Additionally, the year-over-year increase of $807.2 million in average investment securities resulted in an increase of $4.7 million in interest income for the second quarter of 2022 compared to the second quarter of 2021.

Total average interest-earning assets for the second quarter of 2022 were $24.0 billion, an increase of $90.9 million from the first quarter of 2022, primarily driven by the aforementioned increases in average net loans of $254.1 and average investment securities of $172.1 million, partially offset by a decrease in other interest-earning assets of $319.9 million.

Total average interest-earning assets for the second quarter of 2022 decreased by $295.2 million from the second quarter of 2021. Average net loans for the second quarter of 2022 were $18.6 billion , a decrease of $269.4 million from the same period in 2021. Included in average net loans for the second quarter of 2022 were Paycheck Protection Program ("PPP") loans with an average balance of $114.8 million, a decrease of $1.4 billion from the second quarter of 2021. The decrease in average PPP loans for the second quarter of 2022 was partially offset by increases in average residential mortgage loans, average commercial mortgage loans, average real estate construction loans and average commercial and industrial loans of $656.0 million, $162.8 million, $134.5 million and $119.8 million, respectively. Average investment securities increased $807.2 million, for the second quarter of 2022 compared to the second quarter of 2021.

Total average interest-bearing liabilities decreased $202.8 million, to $14.9 billion, in the second quarter of 2022 compared to the first quarter of 2022, driven by decreases of $88.8 million, $67.0 million and $52.9 million in average time deposits, average demand deposits and average long-term borrowings, respectively.

Total average interest-bearing liabilities for the second quarter of 2022 decreased $822.8 million from the second quarter of 2021, driven by decreases in average balances of $685.8 million, $69.8 million and $67.2 million in total interest-bearing deposits, long-term borrowings and short-term borrowings, respectively.

Asset Quality

In the second quarter of 2022, a provision for credit losses of $1.5 million was recorded, as compared to a negative provision for credit losses of $7.0 million in the first quarter of 2022, and a negative provision for credit losses of $3.5 million in the second quarter of 2021. The provision for credit losses for the second quarter of 2022 was recorded to adjust the allowance for credit losses as a result of strong loan growth during the quarter as well as the economic outlook.

Non-performing assets were $178.3 million, or 0.71% of total assets, at June 30, 2022, compared to $163.0 million, or 0.64% of total assets at March 31, 2022, and $156.5 million, or 0.60% of total assets, at June 30, 2021.

Annualized net charge-offs (recoveries) for the quarter ended June 30, 2022, were (0.08)% of total average loans, compared to (0.02%) and 0.15% for the quarters ended March 31, 2022 and June 30, 2021, respectively.

Non-interest Income

Non-interest income before investment securities gains in the second quarter of 2022 was $58.4 million, an increase of $3.1 million, or 5.7%, from the first quarter of 2022. The increase in non-interest income was driven by increases of $2.1 million in fee income from commercial customer interest rate swaps, $1.3 million in commercial banking merchant and card revenues and $0.8 million in consumer banking fees, partially offset a decrease of $1.2 million in wealth management revenues.

Compared to the second quarter of 2021, non-interest income before investment securities gains in the second quarter of 2022 increased $6.5 million, or 12.6%, from $51.9 million. The increase in non-interest income was primarily due to increases of $2.2 million in fee income from commercial customer interest rate swaps, $1.6 million in consumer banking fees, $0.9 million in mortgage banking income, $0.7 million in cash management fees, $0.6 million in wealth management revenues and $0.6 million in commercial banking merchant and card revenues.

Non-interest Expense

Non-interest expense, excluding merger-related expenses, was $148.7 million in the second quarter of 2022, an increase of $3.1 million, or 2.1%, compared to the first quarter of 2022. The increase was primarily due to a $1.0 million decrease in net gains on the sale of owned-fixed assets and an increase of $0.5 million in state taxes, both reflected in other expense, and a $0.9 million increase in salaries and employee benefits primarily due to merit increases and one additional day in the quarter. Included in non-interest expense for the second quarter of 2022 was $1.0 million of merger-related expenses associated with the acquisition of Prudential Bancorp, Inc., compared to $0.4 million in the first quarter of 2022.

Compared to the second quarter of 2021, non-interest expense, excluding merger-related expenses of $1.0 million, increased $7.9 million, or 5.6%, in the second quarter of 2022, primarily due to increases of $7.0 million in salaries and employee benefits and $1.1 million in net occupancy expense.

Income Tax Expense

For the second quarter of 2022, the effective tax rate was 18.6%, compared to 17.6% for the full-year of 2021.

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, 2021, Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 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 Generally Accepted Accounting Principles ("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)
in thousands, except per-share data and percentages
	Three months ended
	June 30				Mar 31				Dec 31				Sep 30				Jun 30
		2022				2022				2021				2021				2021
Ending Balances
Investments	$	4,117,801			$	4,288,674			$	4,167,774			$	4,000,760			$	3,921,658
Net loans		18,920,950				18,476,119				18,325,350				18,269,407				18,586,756
Total assets		25,252,686				25,598,310				25,796,398				26,390,832				26,079,774
Deposits		21,143,866				21,541,174				21,573,499				22,074,041				21,724,312
Shareholders' equity		2,471,093				2,569,535				2,712,680				2,699,818				2,692,958
Average Balances
Investments	$	4,216,507			$	4,228,827			$	3,980,045			$	3,914,627			$	3,670,333
Net loans		18,637,175				18,383,118				18,220,550				18,414,153				18,906,556
Total assets		25,578,432				25,622,462				26,136,536				26,440,876				26,017,542
Deposits		21,523,713				21,480,183				21,876,938				22,123,480				21,765,601
Shareholders' equity		2,531,346				2,688,834				2,713,198				2,722,833				2,669,413
Income Statement
Net interest income	$	178,831			$	161,310			$	165,613			$	171,270			$	162,399
Provision for credit losses		1,500				(6,950	)			(5,000	)			(600	)			(3,500	)
Non-interest income		58,391				55,256				63,881				62,577				51,890
Non-interest expense		149,730				145,978				154,019				144,596				140,831
Income before taxes		85,992				77,538				80,475				89,851				76,958
Net income available to common shareholders		67,427				61,726				59,325				73,021				62,402
Pre-provision net revenue(1)		89,384				71,842				77,837				90,947				75,575
Per Share
Net income available to common shareholders (basic)	$	0.42			$	0.38			$	0.37			$	0.45			$	0.38
Net income available to common shareholders (diluted)	$	0.42			$	0.38			$	0.37			$	0.45			$	0.38
Cash dividends	$	0.15			$	0.15			$	0.22			$	0.14			$	0.14
Common shareholders' equity	$	14.15			$	14.79			$	15.70			$	15.53			$	15.34
Common shareholders' equity (tangible)(1)	$	10.81			$	11.44			$	12.35			$	12.21			$	12.05
Weighted average shares (basic)		160,920				160,588				161,210				162,506				162,785
Weighted average shares (diluted)		162,075				161,911				162,355				163,456				163,858
(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
	June 30				Mar 31				Dec 31				Sep 30				Jun 30
		2022				2022				2021				2021				2021
Asset Quality
Net (recoveries) charge offs to average loans (annualized)		(0.08	)%			(0.02	)%			0.07	%			(0.05	)%			0.15	%
Non-performing loans to total loans		0.92	%			0.87	%			0.83	%			0.82	%			0.83	%
Non-performing assets to total assets		0.71	%			0.64	%			0.60	%			0.58	%			0.60	%
ACL - loans(2) to total loans		1.31	%			1.32	%			1.36	%			1.41	%			1.37	%
ACL - loans(2) to non-performing loans		143	%			151	%			164	%			171	%			166	%
Asset Quality, excluding PPP(1)(3)
Net (recoveries) charge offs to adjusted average loans (annualized)		(0.08	) %			(0.02	) %			0.07	%			(0.05	) %			0.16	%
Non-performing loans to total adjusted loans		0.92	%			0.88	%			0.84	%			0.85	%			0.88	%
ACL - loans(2) to total adjusted loans		1.32	%			1.33	%			1.38	%			1.45	%			1.46	%
Profitability
Return on average assets		1.10	%			1.02	%			0.94	%			1.13	%			1.00	%
Return on average assets, excluding merger-related expenses(1)		1.11	%			1.02	%			0.94	%			1.13	%			1.00	%
Return on average common shareholders' equity		11.57	%			10.03	%			9.34	%			11.45	%			10.11	%
Return on average common shareholders' equity (tangible)(1)		15.23	%			12.88	%			11.89	%			14.56	%			12.93	%
Net interest margin		3.04	%			2.78	%			2.77	%			2.82	%			2.73	%
Efficiency ratio(1)		61.4	%			65.8	%			65.2	%			60.3	%			63.8	%
Non-interest expenses to total average assets		2.35	%			2.31	%			2.34	%			2.17	%			2.17	%
Non-interest expenses to total average assets(1)		2.32	%			2.29	%			2.30	%			2.14	%			2.14	%
Capital Ratios
Tangible common equity ratio ("TCE")(1)		7.0	%			7.3	%			7.8	%			7.6	%			7.7	%
TCE ratio, (excluding AOCI)(1)(5)		8.2	%			7.9	%			7.8	%			7.5	%			7.5	%
Tier 1 leverage ratio(4)		9.1	%			8.9	%			8.6	%			8.4	%			8.5	%
Common equity Tier 1 capital ratio(4)		10.0	%			10.0	%			9.9	%			10.1	%			10.0	%
Tier 1 risk-based capital ratio(4)		10.9	%			10.9	%			10.9	%			11.1	%			11.0	%
Total risk-based capital ratio(4)		13.8	%			13.8	%			14.1	%			14.4	%			14.5	%

(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.

(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 PPP loans.

(4) Regulatory capital ratios as of June 30, 2022 are preliminary and prior periods are actual.

(5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI")

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
																						% Change from
		June 30				Mar 31				Dec 31				Sep 30				June 30				Mar 31			Jun 30
			2022				2022				2021				2021				2021			2022			2021
ASSETS
	Cash and due from banks	$	158,605			$	161,462			$	172,276			$	260,564			$	143,002			(1.8	)%		10.9	%
	Other interest-earning assets		383,715				1,054,232				1,523,973				2,271,738				1,823,688			(63.6	)%		(79.0	)%
	Loans held for sale		17,528				27,675				35,768				43,123				41,924			(36.7	)%		(58.2	)%
	Investment securities		4,117,801				4,288,674				4,167,774				4,000,760				3,921,658			(4.0	)%		5.0	%
	Net loans		18,920,950				18,476,119				18,325,350				18,269,407				18,586,756			2.4	%		1.8	%
	Less: ACL - loans(1)		(248,564	)			(243,705	)			(249,001	)			(256,727	)			(255,032	)		(2.0	)%		(2.5	)%
	Loans, net		18,672,386				18,232,414				18,076,349				18,012,680				18,331,724			2.4	%		1.9	%
	Net, premises and equipment		211,639				218,257				220,357				228,179				228,353			(3.0	)%		(7.3	)%
	Accrued interest receivable		64,457				55,102				57,451				57,902				63,232			17.0	%		1.9	%
	Goodwill and intangible assets		537,700				537,877				538,053				536,697				536,847			—	%		0.2	%
	Other assets		1,088,855				1,022,617				1,004,397				979,189				989,346			6.5	%		10.1	%
	Total Assets	$	25,252,686			$	25,598,310			$	25,796,398			$	26,390,832			$	26,079,774			(1.4	)%		(3.2	)%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	21,143,866			$	21,541,174			$	21,573,499			$	22,074,041			$	21,724,312			(1.8	)%		(2.7	)%
	Short-term borrowings		456,185				452,440				416,764				468,967				533,749			0.8	%		(14.5	)%
	Other liabilities		624,412				478,667				472,110				520,620				501,542			30.4	%		24.5	%
	Long-term borrowings		557,130				556,494				621,345				627,386				627,213			0.1	%		(11.2	)%
	Total Liabilities		22,781,593				23,028,775				23,083,718				23,691,014				23,386,816			(1.1	)%		(2.6	)%
	Shareholders' equity		2,471,093				2,569,535				2,712,680				2,699,818				2,692,958			(3.8	)%		(8.2	)%
	Total Liabilities and Shareholders' Equity	$	25,252,686			$	25,598,310			$	25,796,398			$	26,390,832			$	26,079,774			(1.4	)%		(3.2	)%
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	7,417,036			$	7,289,376			$	7,279,080			$	7,145,115			$	7,152,932			1.8	%		3.7	%
	Commercial and industrial		4,098,552				3,992,285				3,906,791				3,863,154				3,870,462			2.7	%		5.9	%
	Real estate - residential mortgage		4,203,827				3,946,741				3,846,750				3,719,684				3,555,897			6.5	%		18.2	%
	Real estate - home equity		1,108,808				1,098,171				1,118,248				1,126,628				1,136,128			1.0	%		(2.4	)%
	Real estate - construction		1,177,446				1,210,340				1,139,779				1,111,487				1,070,755			(2.7	) %		10.0	%
	Consumer		538,747				481,551				464,657				458,595				448,433			11.9	%		20.1	%
	Equipment lease financing		254,897				253,521				236,344				242,967				252,158			0.5	%		1.1	%
	Other(2)		49,214				39,857				32,448				11,330				(14,410	)		23.5	%		N/M
	Net loans before PPP		18,848,527				18,311,842				18,024,097				17,678,960				17,472,355			2.9	%		7.9	%
	PPP		72,423				164,277				301,253				590,447				1,114,401			(55.9	)%		(93.5	)%
	Total Net Loans	$	18,920,950			$	18,476,119			$	18,325,350			$	18,269,407			$	18,586,756			2.4	%		1.8	%
Deposits, by type:
	Noninterest-bearing demand	$	7,530,777			$	7,528,391			$	7,370,963			$	7,434,155			$	7,442,132			—	%		1.2	%
	Interest-bearing demand		5,403,805				5,625,286				5,819,539				6,187,096				5,795,404			(3.9	)%		(6.8	)%
	Savings		6,406,051				6,479,196				6,403,995				6,401,619				6,276,554			(1.1	)%		2.1	%
	Total demand and savings		19,340,633				19,632,873				19,594,497				20,022,870				19,514,090			(1.5	)%		(0.9	) %
	Brokered		243,172				248,833				251,526				262,617				277,444			(2.3	)%		(12.4	)%
	Time		1,560,061				1,659,468				1,727,476				1,788,554				1,932,778			(6.0	)%		(19.3	)%
	Total Deposits	$	21,143,866			$	21,541,174			$	21,573,499			$	22,074,041			$	21,724,312			(1.8	) %		(2.7	)%
Short-term borrowings, by type:
	Customer funding	$	436,185			$	452,440			$	416,764			$	468,967			$	533,749			(3.6	)%		(18.3	)%
	Federal funds purchased		20,000				—				—				—				—			N/M			N/M
	Total Short-Term Borrowings	$	456,185			$	452,440			$	416,764			$	468,967			$	533,749			0.8	%		(14.5	)%

(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.
		N/M - Not meaningful

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands
				Three Months Ended																				% Change from						Six Months Ended
				June 30				Mar 31				Dec 31				Sep 30				Jun 30				Mar 31			June 30			June 30
					2022				2022				2021				2021				2021			2022			2021				2022				2021			% Change
Interest Income:
	Interest income			$	190,299			$	173,001			$	177,724			$	184,079			$	176,673			10.0	%		7.7	%		$	363,300			$	361,609			0.5	%
	Interest expense				11,468				11,691				12,111				12,809				14,274			(1.9	)%		(19.7	)%			23,159				34,762			(33.4	)%
	Net Interest Income				178,831				161,310				165,613				171,270				162,399			10.9	%		10.1	%			340,141				326,847			4.1	%
	Provision for credit losses				1,500				(6,950	)			(5,000	)			(600	)			(3,500	)		121.6	%		142.9	%			(5,450	)			(9,000	)		39.4	%
	Net Interest Income after Provision				177,331				168,260				170,613				171,870				165,899			5.4	%		6.9	%			345,591				335,847			2.9	%
Non-Interest Income:
	Commercial banking:
	Merchant and card				7,355				6,097				6,588				6,979				6,786			20.6	%		8.4	%			13,452				12,554			7.2	%
	Cash management				6,062				5,428				5,318				5,285				5,341			11.7	%		13.5	%			11,490				10,262			12.0	%
	Capital markets				3,893				1,676				2,982				2,063				1,536			132.3	%		N/M				5,569				4,336			28.4	%
	Other commercial banking				3,049				2,807				3,592				2,411				3,466			8.6	%		(12.0	)%			5,856				6,319			(7.3	)%
	Total commercial banking				20,359				16,008				18,480				16,738				17,129			27.2	%		18.9	%			36,367				33,471			8.7	%
	Consumer banking:
	Card				6,067				5,796				5,953				5,941				5,733			4.7	%		5.8	%			11,863				11,611			2.2	%
	Overdraft				3,881				3,772				3,896				3,474				2,750			2.9	%		41.1	%			7,653				5,474			39.8	%
	Other consumer banking				2,524				2,106				2,280				2,386				2,377			19.8	%		6.2	%			4,630				4,529			2.2	%
	Total consumer banking				12,472				11,674				12,129				11,801				10,860			6.8	%		14.8	%			24,146				21,614			11.7	%
	Wealth management				18,274				19,428				18,285				18,532				17,634			(5.9	)%		3.6	%			37,702				34,981			7.8	%
	Mortgage banking				3,768				4,576				7,243				9,535				2,838			(17.7	)%		32.8	%			8,344				16,798			(50.3	)%
	Other				3,510				3,551				7,739				5,971				3,393			(1.2	)%		3.4	%			7,061				6,912			2.2	%
	Non-interest income before investment securities gains				58,383				55,237				63,876				62,577				51,854			5.7	%		12.6	%			113,620				113,776			(0.1	)%
	Investment securities gains, net				8				19				5				—				36			(57.9	)%		(77.8	)%			27				33,511			(99.9	)%
	Total Non-Interest Income				58,391				55,256				63,881				62,577				51,890			5.7	%		12.5	%			113,647				147,287			(22.8	)%
Non-Interest Expense:
	Salaries and employee benefits				85,404				84,464				85,506				82,679				78,367			1.1	%		9.0	%			169,868				160,953			5.5	%
	Data processing and software				14,685				14,315				14,612				14,335				13,932			2.6	%		5.4	%			29,000				27,493			5.5	%
	Net occupancy				13,587				14,522				14,366				12,957				12,494			(6.4	)%		8.7	%			28,109				26,476			6.2	%
	Other outside services				8,764				8,167				9,637				7,889				8,178			7.3	%		7.2	%			16,931				16,668			1.6	%
	Equipment				3,422				3,423				3,539				3,416				3,424			—	%		(0.1	)%			6,845				6,852			(0.1	)%
	FDIC insurance				2,961				3,209				3,032				2,727				2,282			(7.7	)%		29.8	%			6,170				4,906			25.8	%
	Professional fees				2,013				1,792				1,946				2,271				2,651			12.3	%		(24.1	)%			3,805				5,430			(29.9	)%
	Marketing				1,326				1,320				1,477				1,448				1,348			0.5	%		(1.6	)%			2,646				2,350			12.6	%
	Intangible amortization				177				176				146				150				178			0.6	%		(0.6	)%			353				293			20.5	%
	Debt extinguishment				—				—				674				—				412			N/M			N/M				—				32,575			(100.0	)%
	Merger-related expenses				1,027				401				—				—				—			N/M			N/M				1,428				—			N/M
	Other				16,364				14,189				19,084				16,724				17,565			15.3	%		(6.8	)%			30,553				35,219			(13.2	)%
	Total Non-Interest Expense				149,730				145,978				154,019				144,596				140,831			2.6	%		6.3	%			295,708				319,215			(7.4	)%
	Income Before Income Taxes				85,992				77,538				80,475				89,851				76,958			10.9	%		11.7	%			163,530				163,919			(0.2	)%
	Income tax expense				16,003				13,250				18,588				14,268				11,994			20.8	%		33.4	%			29,253				25,892			13.0	%
	Net Income				69,989				64,288				61,887				75,583				64,964			8.9	%		7.7	%			134,277				138,027			(2.7	)%
	Preferred stock dividends				(2,562	)			(2,562	)			(2,562	)			(2,562	)			(2,562	)		—	%		—	%			(5,124	)			(5,153	)		0.6	%
	Net Income Available to Common Shareholders			$	67,427			$	61,726			$	59,325			$	73,021			$	62,402			9.2	%		8.1	%		$	129,153			$	132,874			(2.8	)%
				Three Months Ended																				% Change from						Six Months Ended
				June 30				Mar 31				Dec 31				Sep 30				Jun 30				Mar 31			June 30			June 30
					2022				2022				2021				2021				2021			2022			2021				2022				2021			% Change
PER SHARE:
	Net income available to common shareholders:
	Basic			$	0.42			$	0.38			$	0.37			$	0.45			$	0.38			10.5	%		10.5	%		$	0.80			$	0.81			(1.2	)%
	Diluted			$	0.42			$	0.38			$	0.37			$	0.45			$	0.38			10.5	%		10.5	%		$	0.80			$	0.81			(1.2	)%
	Cash dividends			$	0.15			$	0.15			$	0.22			$	0.14			$	0.14			—	%		7.1	%		$	0.30			$	0.28			7.1	%
	Weighted average shares (basic)				160,920				160,588				161,210				162,506				162,785			0.2	%		(1.1	)%			160,755				162,614			(1.1	)%
	Weighted average shares (diluted)				162,075				161,991				162,355				163,456				163,858			0.1	%		(1.1	)%			162,015				163,738			(1.1	)%

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three months ended
		June 30, 2022											March 31, 2022											June 30, 2021
		Average				Interest				Yield/			Average				Interest				Yield/			Average				Interest				Yield/
		Balance				(1)				Rate			Balance				(1)				Rate			Balance				(1)				Rate
ASSETS
Interest-earning assets:
	Net loans	$	18,637,175			$	165,682			3.56	%		$	18,383,118			$	151,127			3.32	%		$	18,906,556			$	156,525			3.32	%
	Taxable investment securities		3,180,159				16,931			1.68	%			3,073,643				15,213			1.71	%			2,630,090				13,898			1.93	%
	Tax-exempt investment securities		1,218,265				9,130			2.99	%			1,152,709				9,038			3.13	%			961,141				7,494			3.11	%
	Total Investment Securities		4,398,424				26,061			2.37	%			4,226,352				24,251			2.29	%			3,591,231				21,392			2.38	%
	Loans held for sale		13,260				260			7.84	%			28,549				241			3.37	%			31,948				199			2.49	%
	Other interest-earning assets		938,244				1,723			0.74	%			1,258,174				671			0.22	%			1,752,549				1,575			0.16	%
	Total Interest-Earning Assets		23,987,103				193,726			3.24	%			23,896,193				176,290			2.98	%			24,282,284				179,691			2.97	%
Noninterest-Earning assets:
	Cash and due from banks		160,240											162,320											129,927
	Premises and equipment		216,798											219,932											229,047
	Other assets		1,463,332											1,595,039											1,643,410
	Less: ACL - loans(2)		(249,041	)										(251,022	)										(267,126	)
	Total Assets	$	25,578,432										$	25,622,462										$	26,017,542
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits	$	5,597,975			$	797			0.06	%		$	5,664,987			$	728			0.05	%		$	5,979,855			$	932			0.06	%
	Savings deposits		6,425,634				1,125			0.07	%			6,436,548				1,021			0.06	%			6,280,629				1,363			0.09	%
	Brokered deposits		244,200				619			1.02	%			250,350				216			0.35	%			297,815				253			0.34	%
	Time deposits		1,608,286				3,255			0.81	%			1,697,063				3,640			0.87	%			2,003,606				5,434			1.09	%
	Total Interest-Bearing Deposits		13,876,095				5,796			0.17	%			14,048,948				5,605			0.16	%			14,561,905				7,982			0.22	%
	Short-term borrowings		446,838				190			0.17	%			423,949				121			0.12	%			514,025				137			0.11	%
	Long-term borrowings		556,992				5,482			3.94	%			609,866				5,966			3.91	%			626,795				6,155			3.93	%
	Total Interest-Bearing Liabilities		14,879,925				11,468			0.31	%			15,082,763				11,692			0.31	%			15,702,725				14,274			0.36	%
Noninterest-Bearing liabilities:
	Demand deposits		7,647,618											7,431,235											7,203,696
	Other		519,543											419,630											441,708
	Total Liabilities		23,047,086											22,933,628											23,348,129
	Total Deposits/Cost of Deposits		21,523,713							0.11	%			21,480,183							0.11	%			21,765,601							0.15	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")		22,527,543							0.20	%			22,513,998							0.21	%			22,906,421							0.25	%
	Shareholders' equity		2,531,346											2,688,834											2,669,413
	Total Liabilities and Shareholders' Equity	$	25,578,432										$	25,622,462										$	26,017,542
	Net interest income/net interest margin (fully taxable equivalent)						182,258			3.04	%							164,598			2.78	%							165,417			2.73	%
	Tax equivalent adjustment						(3,427	)										(3,288	)										(3,018	)
	Net Interest Income					$	178,831										$	161,310										$	162,399

(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
		June 30			Mar 31			Dec 31			Sep 30				Jun 30				Mar 31			Jun 30
		2022			2022			2021				2021				2021			2022			2021
Loans, by type:
	Real estate - commercial mortgage	$	7,340,417		$	7,294,914		$	7,157,906		$	7,134,177			$	7,177,622			0.6	%		2.3	%
	Commercial and industrial		4,040,587			3,986,900			3,898,559			3,878,767				3,920,771			1.3	%		3.1	%
	Real estate - residential mortgage		4,052,666			3,887,428			3,773,156			3,642,822				3,396,690			4.3	%		19.3	%
	Real estate - home equity		1,118,494			1,106,319			1,122,042			1,128,076				1,139,558			1.1	%		(1.8	)%
	Real estate - construction		1,188,932			1,137,649			1,117,592			1,085,846				1,054,469			4.5	%		12.8	%
	Consumer		485,095			471,129			462,346			452,844				451,486			3.0	%		7.4	%
	Equipment lease financing		253,659			236,388			238,349			247,776				256,248			7.3	%		(1.0	)%
	Other(1)		42,476			36,277			15,558			(6,773	)			(14,677	)		17.1	%		N/M
	Net loans before PPP		18,522,326			18,157,004			17,785,508			17,563,535				17,382,167			2.0	%		6.6	%
	PPP		114,849			226,114			435,042			850,618				1,524,389			(49.2	)%		(92.5	)%
	Total Net Loans	$	18,637,175		$	18,383,118		$	18,220,550		$	18,414,153			$	18,906,556			1.4	%		(1.4	)%
Deposits, by type:
	Noninterest-bearing demand	$	7,647,618		$	7,431,235		$	7,516,656		$	7,439,644			$	7,203,696			2.9	%		6.2	%
	Interest-bearing demand		5,597,975			5,664,987			5,933,780			6,168,908				5,979,855			(1.2	)%		(6.4	)%
	Savings		6,425,634			6,436,548			6,413,638			6,392,537				6,280,629			(0.2	)%		2.3	%
	Total demand and savings		19,671,227			19,532,770			19,864,074			20,001,089				19,464,180			0.7	%		1.1	%
	Brokered		244,200			250,350			256,192			270,168				297,815			(2.5	)%		(18.0	)%
	Time		1,608,286			1,697,063			1,756,672			1,852,223				2,003,606			(5.2	)%		(19.7	)%
	Total Deposits	$	21,523,713		$	21,480,183		$	21,876,938		$	22,123,480			$	21,765,601			0.2	%		(1.1	)%
Short-term borrowings, by type:
	Customer funding	$	443,970		$	423,949		$	474,022		$	494,811			$	514,025			4.7	%		(13.6	) %
	Federal funds purchased		2,857			—			—			—				—			N/M			N/M
	Short-term FHLB advances and other borrowings		11			—			—			—				—			N/M			N/M
	Total Short-Term borrowings	$	446,838		$	423,949		$	474,022		$	494,811			$	514,025			5.4	%		(13.1	)%

(1) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
			Six months ended June 30
			2022											2021
			Average				Interest				Yield/			Average				Interest				Yield/
			Balance				(1)				Rate			Balance				(1)				Rate
ASSETS
Interest-earning assets:
	Net loans		$	18,510,845			$	316,809			3.44	%		$	18,943,367			$	321,987			3.42	%
	Taxable investment securities			3,127,199				32,144			1.69	%			2,534,821				27,588			2.00	%
	Tax-exempt investment securities			1,185,668				18,168			3.06	%			936,531				14,651			3.12	%
	Equity securities			—				—			—	%			—				—			—	%
	Total Investment Securities			4,312,867				50,312			2.33	%			3,471,352				42,239			2.43	%
	Loans held for sale			20,862				501			4.80	%			42,647				671			3.14	%
	Other interest-earning assets			1,097,326				2,394			0.44	%			1,825,966				2,711			0.19	%
	Total Interest-Earning Assets			23,941,900				370,016			3.11	%			24,283,332				367,607			3.05	%
Noninterest-Earning assets:
	Cash and due from banks			161,274											125,081
	Premises and equipment			218,357											229,843
	Other assets			1,528,820											1,685,708
	Less: ACL - loans(2)			(250,026	)										(273,965	)
	Total Assets		$	25,600,325										$	26,049,999
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits		$	5,631,296			$	1,525			0.06	%		$	5,906,423			$	2,092			0.07	%
	Savings deposits			6,431,060				2,146			0.07	%			6,209,253				2,890			0.09	%
	Brokered deposits			247,258				835			0.68	%			311,016				647			0.42	%
	Time deposits			1,652,430				6,895			0.84	%			2,076,681				11,955			1.16	%
	Total Interest-Bearing Deposits			13,962,044				11,401			0.16	%			14,503,373				17,584			0.24	%
	Short-term borrowings			435,457				311			0.14	%			542,243				325			0.12	%
	Long-term borrowings			583,283				11,447			3.92	%			947,203				16,853			3.56	%
	Total Interest-Bearing Liabilities			14,980,784				23,159			0.31	%			15,992,819				34,762			0.44	%
Noninterest-Bearing liabilities:
	Demand deposits			7,540,025											6,939,731
	Other			469,861											464,104
	Total Liabilities			22,990,670											23,396,654
	Total Deposits/Cost of Deposits			21,502,069							0.11	%			21,443,104							0.17	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")			22,520,809							0.21	%			22,932,550							0.30	%
	Shareholders' equity			2,609,655											2,653,345
	Total Liabilities and Shareholders' Equity		$	25,600,325										$	26,049,999
	Net interest income/net interest margin (fully taxable equivalent)							346,857			2.91	%							332,845			2.76	%
	Tax equivalent adjustment							(6,716	)										(5,998	)
	Net Interest Income						$	340,141										$	326,847

(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
		Six months ended June 30
		2022				2021			% Change
Loans, by type:
	Real estate - commercial mortgage	$	7,318,422		$	7,153,444			2.3	%
	Commercial and industrial		4,015,709			3,976,758			1.0	%
	Real estate - residential mortgage		3,970,877			3,290,726			20.7	%
	Real estate - home equity		1,125,257			1,157,289			(2.8	)%
	Real estate - construction		1,164,785			1,054,593			10.4	%
	Consumer		461,159			455,241			1.3	%
	Equipment lease financing		245,071			261,300			(6.2	)%
	Other(1)		39,391			(12,081	)		N/M
	Net loans before PPP		18,340,671			17,337,270			5.8	%
	PPP		170,174			1,606,097			(89.4	)%
	Total Net Loans	$	18,510,845		$	18,943,367			(2.3	)%
Deposits, by type:
	Noninterest-bearing demand	$	7,540,025		$	6,939,731			8.7	%
	Interest-bearing demand		5,631,296			5,906,423			(4.7	)%
	Savings		6,431,060			6,209,253			3.6	%
	Total demand and savings		19,602,381			19,055,407			2.9	%
	Brokered		247,258			311,016			(20.5	)%
	Time		1,652,430			2,076,681			(20.4	)%
	Total Deposits	$	21,502,069		$	21,443,104			0.3	%
Short-term borrowings, by type:
	Customer funding		434,015			542,243			(20.0	)%
	Federal funds purchased		1,436			—			N/M
	Short-term FHLB advances and other borrowings		6			—			N/M
	Total Short-Term Borrowings	$	435,457		$	542,243			(19.7	)%

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																				Six Month Ended
		June 30				Mar 31				Dec 31				Sep 30				Jun 30				June 30				June 30
		2022				2022				2021				2021				2021				2022				2021
Allowance for credit losses related to net loans:
Balance at beginning of period		$	243,705			$	249,001			$	256,727			$	255,032			$	265,986			$	249,001			$	277,567
	Loans charged off:
	Commercial and industrial		(201	)			(227	)			(9,417	)			(647	)			(954	)			(428	)			(5,273	)
	Real estate - commercial mortgage		—				(152	)			(369	)			(14	)			(6,506	)			(152	)			(8,343	)
	Consumer and home equity		(877	)			(1,052	)			(828	)			(504	)			(1,130	)			(1,929	)			(1,977	)
	Real estate - residential mortgage		(66	)			—				—				(602	)			(496	)			(66	)			(688	)
	Real estate - construction		—				—				—				—				—				—				(39	)
	Equipment lease financing and other		(474	)			(469	)			(380	)			(467	)			(436	)			(943	)			(1,404	)
	Total loans charged off		(1,618	)			(1,900	)			(10,994	)			(2,234	)			(9,522	)			(3,518	)			(17,724	)
Recoveries of loans previously charged off:
	Commercial and industrial		739				1,980				5,795				2,330				693				2,719				1,462
	Real estate - commercial mortgage		3,536				112				1,007				564				729				3,648				903
	Consumer and home equity		762				454				767				504				634				1,216				1,074
	Real estate - residential mortgage		92				222				89				86				105				314				200
	Real estate - construction		12				32				77				697				254				44				638
	Equipment lease financing and other		226				154				283				358				153				380				312
	Recoveries of loans previously charged off		5,367				2,954				8,018				4,539				2,568				8,321				4,589
Net loans recovered (charged off)			3,749				1,054				(2,976	)			2,305				(6,954	)			4,803				(13,135	)
Provision for credit losses			1,110				(6,350	)			(4,750	)			(610	)			(4,000	)			(5,240	)			(9,400	)
Balance at end of period		$	248,564			$	243,705			$	249,001			$	256,727			$	255,032			$	248,564			$	255,032
Net (recoveries) charge offs to average loans (annualized)			(0.08	)%			(0.02	)%			0.07	%			(0.05	)%			0.15	%			(0.05	)%			0.14	%
Allowance credit losses related to OBS Credit Exposures(1)
	Balance at beginning of period	$	13,933			$	14,533			$	14,783			$	14,773			$	14,273
	Provision for credit losses		390				(600	)			(250	)			10				500
	Balance at end of period	$	14,323			$	13,933			$	14,533			$	14,783			$	14,773
NON-PERFORMING ASSETS:
	Non-accrual loans	$	162,530			$	136,799			$	143,666			$	138,833			$	147,864
	Loans 90 days past due and accruing		11,016				24,182				8,453				11,389				5,865
	Total non-performing loans		173,546				160,981				152,119				150,222				153,729
	Other real estate owned		4,786				2,014				1,817				1,896				2,779
	Total non-performing assets	$	178,332			$	162,995			$	153,936			$	152,118			$	156,508
NON-PERFORMING LOANS, BY TYPE:
	Commercial and industrial	$	44,713			$	30,193			$	30,629			$	32,697			$	33,522
	Real estate - commercial mortgage		59,940				64,190				54,044				52,100				53,693
	Real estate - residential mortgage		42,922				39,308				39,399				37,077				38,185
	Consumer and home equity		10,552				11,465				11,505				11,509				11,408
	Real estate - construction		1,357				672				901				965				1,016
	Equipment lease financing and other		14,062				15,153				15,641				15,874				15,905
	Total non-performing loans	$	173,546			$	160,981			$	152,119			$	150,222			$	153,729

(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, that 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
							June 30				Mar 31				Dec 31				Sep 30				Jun 30
								2022				2022				2021				2021				2021
Common shareholders' equity (tangible), per share
Shareholders' equity							$	2,471,093			$	2,569,535			$	2,712,680			$	2,699,818			$	2,692,958
Less: Preferred stock								(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Goodwill and intangible assets								(537,700	)			(537,877	)			(538,053	)			(536,697	)			(536,847	)
Tangible common shareholders' equity (numerator)							$	1,740,515			$	1,838,780			$	1,981,749			$	1,970,243			$	1,963,233
Shares outstanding, end of period (denominator)								161,057				160,669				160,490				161,429				162,988
Common shareholders' equity (tangible), per share							$	10.81			$	11.44			$	12.35			$	12.21			$	12.05
Return on average assets, excluding merger-related expenses
Net income							$	69,989			$	64,288			$	61,887			$	75,583			$	64,964
Plus: Merger-related expenses, net of tax								811				317				—				—				—
Net income (numerator)							$	70,800			$	64,605			$	61,887			$	75,583			$	64,964
Total average assets (denominator)							$	25,578,432			$	25,622,462			$	26,136,536			$	26,440,876			$	26,017,542
Return on average assets, excluding merger-related expenses, annualized								1.11	%			1.02	%			0.94	%			1.13	%			1.00	%
Return on average common shareholders' equity (tangible)
Net income available to common shareholders							$	67,427			$	61,726			$	59,325			$	73,021			$	62,402
Plus: Merger-related expenses, net of tax								811				317				—				—				—
Plus: Intangible amortization, net of tax								140				138				114				118				140
Net income available to common shareholders (numerator)							$	68,378			$	62,181			$	59,439			$	73,139			$	62,542
Average shareholders' equity							$	2,531,346			$	2,688,834			$	2,713,198			$	2,722,833			$	2,669,413
Less: Average preferred stock								(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Average goodwill and intangible assets								(537,786	)			(537,976	)			(536,638	)			(536,772	)			(536,470	)
Average tangible common shareholders' equity (denominator)							$	1,800,682			$	1,957,980			$	1,983,682			$	1,993,183			$	1,940,065
Return on average common shareholders' equity (tangible), annualized								15.23	%			12.88	%			11.89	%			14.56	%			12.93	%
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity							$	2,471,093			$	2,569,535			$	2,712,680			$	2,699,818			$	2,692,958
Less: Preferred stock								(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Goodwill and intangible assets								(537,700	)			(537,877	)			(538,053	)			(536,697	)			(536,847	)
Tangible common shareholders' equity (numerator)							$	1,740,515			$	1,838,780			$	1,981,749			$	1,970,243			$	1,963,233
Total assets							$	25,252,686			$	25,598,310			$	25,796,398			$	26,390,832			$	26,079,774
Less: Goodwill and intangible assets								(537,700	)			(537,877	)			(538,053	)			(536,697	)			(536,847	)
Total tangible assets (denominator)							$	24,714,986			$	25,060,433			$	25,258,345			$	25,854,135			$	25,542,927
Tangible common equity to tangible assets								7.04	%			7.34	%			7.85	%			7.62	%			7.69	%
							Three months ended
							June 30				Mar 31				Dec 31				Sep 30				Jun 30
								2022				2022				2021				2021				2021
Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity							$	2,471,093			$	2,569,535			$	2,712,680			$	2,699,818			$	2,692,958
Less: Preferred stock								(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Accumulated other comprehensive income (loss)								(304,210	)			(158,855	)			27,411				25,615				47,201
Less: Goodwill and intangible assets								(537,700	)			(537,877	)			(538,053	)			(536,697	)			(536,847	)
Tangible common shareholders' equity (numerator)							$	2,044,725			$	1,997,635			$	1,954,338			$	1,944,628			$	1,916,032
Total assets							$	25,252,686			$	25,598,310			$	25,796,398			$	26,390,832			$	26,079,774
Less: Goodwill and intangible assets								(537,700	)			(537,877	)			(538,053	)			(536,697	)			(536,847	)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities								249,424				112,965				(40,444	)			(41,787	)			(62,772	)
Total tangible assets (denominator)							$	24,964,410			$	25,173,398			$	25,217,901			$	25,812,348			$	25,480,155
Tangible common equity to tangible assets, excluding AOCI								8.19	%			7.94	%			7.75	%			7.53	%			7.52	%
Efficiency ratio
Non-interest expense							$	149,730			$	145,978			$	154,019			$	144,596			$	140,831
Less: Amortization of tax credit investments								(696	)			(696	)			(1,547	)			(1,546	)			(1,563	)
Less: Merger-related expenses								(1,027	)			(401	)			—				—				—
Less: Intangible amortization								(177	)			(176	)			(146	)			(150	)			(178	)
Less: Debt extinguishment costs								—				—				(674	)			—				(412	)
Non-interest expense (numerator)							$	147,830			$	144,705			$	151,652			$	142,900			$	138,678
Net interest income							$	178,831			$	161,310			$	165,613			$	171,270			$	162,399
Tax equivalent adjustment								3,427				3,288				3,184				3,114				3,018
Plus: Total non-interest income								58,391				55,256				63,881				62,577				51,890
Less: Investment securities gains, net								(8	)			(19	)			(5	)			—				(36	)
Total revenue (denominator)							$	240,641			$	219,835			$	232,673			$	236,961			$	217,271
Efficiency ratio								61.4	%			65.8	%			65.2	%			60.3	%			63.8	%
Non-interest expenses to total average assets (annualized)
Non-interest expense							$	149,730			$	145,978			$	154,019			$	144,596			$	140,831
Less: Amortization of tax credit investments								(696	)			(696	)			(1,547	)			(1,546	)			(1,563	)
Less: Intangible amortization								(177	)			(176	)			(146	)			(150	)			(178	)
Less: Merger-related expenses								(1,027	)			(401	)			—				—				—
Less: Debt extinguishment costs								—				—				(674	)			—				(412	)
Non-interest expense (numerator)							$	147,830			$	144,705			$	151,652			$	142,900			$	138,678
Total average assets (denominator)							$	25,578,432			$	25,622,462			$	26,136,536			$	26,440,876			$	26,017,542
Non-interest expenses to total average assets, (annualized)								2.32	%			2.29	%			2.30	%			2.14	%			2.14	%
Asset Quality, excluding PPP
Net loans recovered (charged-off) (numerator)							$	3,749			$	1,054			$	(2,976	)		$	2,305			$	(6,954	)
Average net loans							$	18,637,175			$	18,383,118			$	18,220,550			$	18,414,153			$	18,906,556
Less: Average PPP loans								(114,849	)			(226,114	)			(435,042	)			(850,618	)			(1,524,389	)
Total adjusted average loans (denominator)							$	18,522,326			$	18,157,004			$	17,785,508			$	17,563,535			$	17,382,167
Net charge-offs (recoveries) to adjusted average loans (annualized)								(0.08	) %			(0.02	) %			0.07	%			(0.05	) %			0.16	%
Non-performing loans (numerator)							$	173,546			$	160,981			$	152,119			$	150,222			$	153,729
Net loans							$	18,920,950			$	18,476,119			$	18,325,350			$	18,269,407			$	18,586,756
Less: PPP loans								(72,423	)			(164,277	)			(301,253	)			(590,447	)			(1,114,401	)
Total adjusted loans (denominator)							$	18,848,527			$	18,311,842			$	18,024,097			$	17,678,960			$	17,472,355
Non-performing loans to total adjusted loans								0.92	%			0.88	%			0.84	%			0.85	%			0.88	%
							Three months ended
							June 30				Mar 31				Dec 31				Sep 30				Jun 30
								2022				2022				2021				2021				2021
ACL - loans (numerator)							$	248,564			$	243,705			$	249,001			$	256,727			$	255,032
Net loans							$	18,920,950			$	18,476,119			$	18,325,350			$	18,269,407			$	18,586,756
Less: PPP loans								(72,423	)			(164,277	)			(301,253	)			(590,447	)			(1,114,401	)
Total adjusted loans (denominator)							$	18,848,527			$	18,311,842			$	18,024,097			$	17,678,960			$	17,472,355
ACL - loans to total adjusted loans								1.32	%			1.33	%			1.38	%			1.45	%			1.46	%
Pre-provision net revenue
Net interest income							$	178,831			$	161,310			$	165,613			$	171,270			$	162,399
Non-interest income								58,391				55,256				63,881				62,577				51,890
Less: Investment securities gains, net								(8	)			(19	)			(5	)			—				(36	)
Total revenue							$	237,214			$	216,547			$	229,489			$	233,847			$	214,253
Non-interest expense							$	149,730			$	145,978			$	154,019			$	144,596			$	140,831
Less: Amortization on tax credit investments								(696	)			(696	)			(1,547	)			(1,546	)			(1,563	)
Less: Merger-related expenses								(1,027	)			(401	)			—				—				—
Less: Intangible amortization								(177	)			(176	)			(146	)			(150	)			(178	)
Less: Debt extinguishment								—				—				(674	)			—				(412	)
Total non-interest expense							$	147,830			$	144,705			$	151,652			$	142,900			$	138,678
Pre-provision net revenue							$	89,384			$	71,842			$	77,837			$	90,947			$	75,575
Note: numbers may not sum due to rounding.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220719006064/en/

Media Contact: Laura Wakeley (717) 291-2616

Investor Contact: Matt Jozwiak (717) 327-2657

Source: Fulton Financial Corporation

FAQ

What is Fulton's net income for Q2 2022?

Fulton's net income for Q2 2022 was $67.4 million, or $0.42 per diluted share.

How did Fulton's net interest income perform in Q2 2022?

Fulton's net interest income for Q2 2022 reached $178.8 million, an increase of 10.1% from the previous year.

What were the non-performing assets for Fulton as of June 30, 2022?

Non-performing assets were $178.3 million, or 0.71% of total assets, as of June 30, 2022.

What is Fulton's provision for credit losses in Q2 2022?

Fulton's provision for credit losses in Q2 2022 was $1.5 million.

What significant corporate event occurred for Fulton recently?

Fulton completed the acquisition of Prudential Bancorp, which was a key milestone.