Fulton Financial Corporation Announces Second Quarter 2023 Results

Rhea-AI Summary

Fulton Financial Corporation reported net income of $77.0 million for Q2 2023, a 17.2% increase from Q1 2023. Operating net income was $77.8 million. Net interest income decreased by $2.7 million, primarily due to an increase in the rate on interest-bearing deposits. Interest income increased by $25.1 million, driven by higher loan yields and an increase in average net loans. Non-interest income increased by $8.9 million, mainly from commercial banking income. Non-interest expense increased by $8.4 million. The effective tax rate for Q2 2023 was 16.8%.

Positive

• Fulton Financial Corporation's net income increased by 17.2% from Q1 2023 to Q2 2023, reaching $77.0 million.
• Interest income increased by $25.1 million in Q2 2023, primarily driven by higher loan yields and an increase in average net loans.
• Non-interest income increased by $8.9 million in Q2 2023, mainly from commercial banking income.
• The effective tax rate for Q2 2023 was 16.8%, lower than the full-year rate of 17.3% in 2022.

Negative

• Net interest income decreased by $2.7 million in Q2 2023, primarily due to an increase in the rate on interest-bearing deposits.
• Non-interest expense increased by $8.4 million in Q2 2023.
• The net interest margin decreased by 13 basis points in Q2 2023.

LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $77.0 million, or $0.46 per diluted share, for the second quarter of 2023, an increase of $11.3 million, or 17.2%, in comparison to the first quarter of 2023. Operating net income available to common shareholders was $77.8 million, or $0.47 per diluted share⁽¹⁾.

For the six months ended June 30, 2023, net income available to shareholders was $142.8 million, or $0.85 per diluted share, an increase of $13.6 million, or 10.6%, in comparison to the same period in 2022. Operating net income available to common shareholders was $143.9 million, or $0.86 per diluted share⁽¹⁾.

"We were pleased with our second quarter performance and results," said Curtis J. Myers, Chairman and CEO of Fulton. "We saw credit metrics remain stable and credit losses return to historically low levels, strong non-interest income in many areas of our bank, and loan growth was solid and in line with expectations. Despite the challenges around deposit growth and mix the industry is facing, we meaningfully grew both deposit accounts and deposit households during the quarter."

(1) Non-generally accepted accounting principles ("non-GAAP") financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.

Net Interest Income and Balance Sheet

Net interest income for the second quarter of 2023 was $212.9 million, a decrease of $2.7 million in comparison to the first quarter of 2023. The net interest margin for the second quarter of 2023 decreased 13 basis points, to 3.40%, in comparison to 3.53% in the first quarter of 2023.

The linked-quarter decrease in net interest income was primarily due to an increase in the rate on interest-bearing deposits and a shift in funding mix from noninterest-bearing demand deposits to interest-bearing deposits. An increase in the average balance for net loans of $403.1 million and higher loan yields in the second quarter of 2023 primarily contributed to an increase in interest income of $25.1 million to $314.9 million in comparison to $289.8 million in the first quarter of 2023. Interest expense from interest-bearing liabilities for the second quarter of 2023 increased by $27.9 million to $102.1 million in comparison to $74.2 million in the first quarter of 2023. The linked-quarter increase in interest expense in the second quarter of 2023 was primarily due to an increase in the rate on interest-bearing deposits of 63 basis points, a decline of $620.7 million in the average balance of noninterest-bearing deposits and an increase in the average balance for interest-bearing deposits of $1.3 billion in comparison to the first quarter of 2023.

For the second quarter of 2023, net interest income was $212.9 million, an increase of $34.0 million, or 19.0%, in comparison to the second quarter of 2022. Interest income for the second quarter of 2023 increased by $124.6 million to $314.9 million in comparison to $190.3 million in the second quarter of 2022 primarily driven by rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $120.5 million, $1.2 million and $2.9 million, respectively. Increases in the average balances for net loans in the second quarter of 2023 of $2.2 billion, driven in part by the Prudential Bancorp, Inc. ("Prudential Bancorp") acquisition, contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the second quarter of 2023 increased by $90.6 million to $102.1 million in comparison to $11.5 million in the second 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 $64.0 million and $26.6 million, respectively. An increase in the average balance for higher rate interest-bearing deposits and borrowings and other interest-bearing liabilities of $1.3 billion and $1.8 billion, respectively, in the second quarter of 2023 in comparison to the second quarter of 2022 also contributed to the increase in interest expense.

Total average interest-earning assets for the second quarter of 2023 were $25.6 billion, an increase of $384.0 million from the first quarter of 2023 primarily driven by the aforementioned increase in average net loans of $403.1 million and an increase in average other interest-earning assets of $36.5 million, partially offset by a decrease in average investment securities of $55.5 million.

Total average interest-earning assets for the second quarter of 2023 increased by $1.6 billion from the second quarter of 2022. Average net loans for the second quarter of 2023 were $20.9 billion, an increase of $2.2 billion from the same period in 2022. Compared to the second quarter of 2022, average other interest-earning assets decreased $421.9 million and average investment securities decreased $164.3 million in the second quarter of 2023.

Total average interest-bearing liabilities increased $1.0 billion, to $18.0 billion, in the second quarter of 2023 in comparison to $17.0 billion in the first quarter of 2023 driven by an increase in the average balance for total interest-bearing deposits of $1.3 billion, partially offset by a decrease in the average balance for borrowings and other interest-bearing liabilities of $0.3 billion.

Total average interest-bearing liabilities for the second quarter of 2023 increased $3.1 billion, to $18.0 billion, in comparison to $14.9 billion in the second quarter of 2022, driven by increases in the average balances for borrowings and other interest-bearing liabilities and total interest-bearing deposits of $1.8 billion and $1.3 billion, respectively.

Asset Quality

In the second quarter of 2023, a provision for credit losses of $9.7 million was recorded in comparison to a provision for credit losses of $24.5 million in the first quarter of 2023, and a provision for credit losses of $1.5 million in the second quarter of 2022. The provision for credit losses of $9.7 million recorded in the second quarter of 2023 was primarily due to loan growth and the macroeconomic outlook.

Non-performing assets were $151.6 million, or 0.55% of total assets, at June 30, 2023, in comparison to $167.9 million, or 0.62% of total assets, at March 31, 2023, and $178.3 million, or 0.71% of total assets, at June 30, 2022.

Net charge-offs for the second quarter of 2023 were 0.04% of total average loans in comparison to 0.27% and negative 0.08% in the first quarter of 2023 and the second quarter of 2022, respectively.

Non-interest Income

Non-interest income before investment securities gains in the second quarter of 2023 was $60.6 million, an increase of $8.9 million, or 17.1%, from the first quarter of 2023. The increase in non-interest income was primarily due to an increase in commercial banking income of $5.6 million, driven by increases in commercial customer interest rate swap fee income, reflected in capital markets, and merchant and card income of $3.6 million and $0.9 million, respectively. In addition, increases from mortgage banking, wealth management, higher income from equity method investments, reflected in other non-interest income, and consumer banking of $1.0 million, $0.6 million, $0.6 million and $0.5 million, respectively, contributed to the increase in non-interest income in the second quarter of 2023.

Compared to the second quarter of 2022, non-interest income before investment securities gains in the second quarter of 2023 increased $2.2 million, or 3.8%, from $58.4 million. The increase in non-interest income was primarily due to increases in commercial customer interest rate swap fee income, reflected in capital markets, and merchant and card income of $2.1 million and $0.3 million, respectively.

Non-interest Expense

Non-interest expense was $168.0 million in the second quarter of 2023, an increase of $8.4 million, or 5.3%, compared to $159.6 million in the first quarter of 2023. The increase was primarily due to increases of $4.8 million in salaries and employee benefits expense, $1.0 million in data processing and software expense and $0.7 million in other outside services expense. Additional contributors to the increase in non-interest expense were increases of $1.3 million in owned real estate and repossession expenses and $0.5 million in state tax expense, in each case, reflected in other expense. The $4.8 million increase in salaries and benefits expense was primarily driven by annual merit increases and one additional calendar day in the quarter.

Compared to the second quarter of 2022, non-interest expense, excluding merger-related expenses of $1.0 million in the second quarter of 2022, increased $19.3 million, or 13.0%. The increase was primarily due to increases of $8.7 million in salaries and employee benefits expense, $2.1 million in other outside services expense, $2.1 million in data processing and software expense, $1.9 million in FDIC insurance expense, primarily due to the adoption of a final rule to increase base deposit insurance assessment rates effective January 1, 2023, $0.9 million in intangible amortization expense and $0.8 million in net occupancy expense. Higher expense levels compared to the second quarter of 2022 are in part due to the Prudential Bancorp acquisition. The $8.7 million increase in salaries and benefits expense was primarily driven by annual merit increases, an increase in the number of employees, employee benefits due to higher claims experience and higher pension costs.

Income Tax Expense

For the second quarter of 2023, the effective tax rate was 16.8%, in comparison to 17.3% for the full-year of 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 Report on Form 10-Q for the quarter ended March 31, 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
	Jun 30				Mar 31				Dec 31				Sep 30				Jun 30
	2023				2023				2022				2022				2022
Ending Balances
Investment securities	$	3,867,334			$	3,950,101			$	3,968,023			$	3,936,694			$	4,117,801
Net loans		21,044,685				20,670,188				20,279,547				19,695,199				18,920,950
Total assets		27,403,163				27,112,176				26,931,702				26,146,042				25,252,686
Deposits		21,206,540				21,316,584				20,649,538				21,376,554				21,143,866
Shareholders' equity		2,642,152				2,618,998				2,579,757				2,471,159				2,471,093
Average Balances
Investment securities		3,916,130				3,964,615				3,936,579				4,254,216				4,216,507
Net loans		20,866,235				20,463,096				20,004,513				19,563,825				18,637,175
Total assets		27,235,567				26,900,653				26,386,355				26,357,095				25,578,432
Deposits		21,207,143				20,574,323				21,027,656				21,788,052				21,523,713
Shareholders' equity		2,647,464				2,613,316				2,489,148				2,604,057				2,531,346
Income Statement
Net interest income		212,852				215,587				225,911				215,582				178,831
Provision for credit losses		9,747				24,544				14,513				18,958				1,500
Non-interest income		60,585				51,753				54,321				59,162				58,391
Non-interest expense		168,018				159,616				168,462				169,558				149,730
Income before taxes		95,672				83,180				97,257				86,228				85,992
Net income available to common shareholders		77,045				65,752				79,271				68,309				67,427
Pre-provision net revenue(1)		106,495				108,375				115,049				113,631				89,384
Per Share
Net income available to common shareholders (basic)	$	0.46			$	0.39			$	0.47			$	0.41			$	0.42
Net income available to common shareholders (diluted)	$	0.46			$	0.39			$	0.47			$	0.40			$	0.42
Operating net income available to common shareholders(1)	$	0.47			$	0.39			$	0.48			$	0.48			$	0.42
Cash dividends	$	0.16			$	0.15			$	0.21			$	0.15			$	0.15
Common shareholders' equity	$	14.75			$	14.67			$	14.24			$	13.61			$	14.15
Common shareholders' equity (tangible)(1)	$	11.36			$	11.26			$	10.90			$	10.26			$	10.81
Weighted average shares (basic)		165,854				166,605				167,504				167,353				160,920
Weighted average shares (diluted)		167,191				168,401				169,136				168,781				162,075
(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
	Jun 30				Mar 31				Dec 31				Sep 30				Jun 30
	2023				2023				2022				2022				2022
Asset Quality
Net charge-offs (recoveries) to average loans		0.04	%			0.27	%			0.23	%			0.01	%			(0.08	)%
Non-performing loans to total net loans		0.70	%			0.80	%			0.85	%			0.98	%			0.92	%
Non-performing assets to total assets		0.55	%			0.62	%			0.66	%			0.76	%			0.71	%
ACL - loans(1) to total loans		1.37	%			1.35	%			1.33	%			1.35	%			1.31	%
ACL - loans(1) to non-performing loans		195	%			169	%			157	%			138	%			143	%
Profitability
Return on average assets		1.17	%			1.03	%			1.23	%			1.07	%			1.10	%
Operating return on average assets(2)		1.18	%			1.04	%			1.26	%			1.25	%			1.11	%
Return on average common shareholders' equity		12.59	%			11.02	%			13.70	%			11.24	%			11.57	%
Return on average common shareholders' equity (tangible)(2)		16.52	%			14.46	%			18.59	%			17.31	%			15.23	%
Net interest margin		3.40	%			3.53	%			3.69	%			3.54	%			3.04	%
Efficiency ratio(2)		60.1	%			58.5	%			58.1	%			57.8	%			61.4	%
Non-interest expenses to total average assets		2.47	%			2.41	%			2.53	%			2.55	%			2.35	%
Operating non-interest expenses to total average assets(2)		2.46	%			2.40	%			2.48	%			2.43	%			2.32	%
Capital Ratios
Tangible common equity ratio ("TCE")(2)		7.0	%			7.0	%			6.9	%			6.7	%			7.0	%
TCE ratio, (excluding AOCI)(2)(3)		8.3	%			8.3	%			8.2	%			8.3	%			8.2	%
Tier 1 leverage ratio(4)		9.3	%			9.2	%			9.5	%			9.2	%			9.1	%
Common equity Tier 1 capital ratio(4)		10.1	%			9.8	%			10.0	%			10.0	%			9.9	%
Tier 1 risk-based capital ratio(4)		10.9	%			10.6	%			10.9	%			10.9	%			10.8	%
Total risk-based capital ratio(4)		13.7	%			13.4	%			13.6	%			13.6	%			13.7	%
(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) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI").
(4) Regulatory capital ratios as of June 30, 2023 are preliminary and prior periods are actual.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
		Jun 30				Mar 31				Dec 31				Sep 30				Jun 30
		2023				2023				2022				2022				2022
ASSETS
	Cash and due from banks	$	123,779			$	129,003			$	126,898			$	143,465			$	158,605
	Other interest-earning assets		505,141				545,355				685,209				467,164				383,715
	Loans held for sale		14,673				6,507				7,264				14,411				17,528
	Investment securities		3,867,334				3,950,101				3,968,023				3,936,694				4,117,801
	Net loans		21,044,685				20,670,188				20,279,547				19,695,199				18,920,950
	Less: ACL - loans(1)		(287,442	)			(278,695	)			(269,366	)			(266,838	)			(248,564	)
	Loans, net		20,757,243				20,391,493				20,010,181				19,428,361				18,672,386
	Net premises and equipment		216,322				216,059				225,141				221,496				211,639
	Accrued interest receivable		96,991				90,267				91,579				72,821				64,457
	Goodwill and intangible assets		561,885				563,502				560,824				561,495				537,700
	Other assets		1,259,795				1,219,889				1,256,583				1,300,135				1,088,855
	Total Assets	$	27,403,163			$	27,112,176			$	26,931,702			$	26,146,042			$	25,252,686
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	21,206,540			$	21,316,584			$	20,649,538			$	21,376,554			$	21,143,866
	Borrowings		2,719,114				2,446,770				2,871,207				1,424,681				1,013,315
	Other liabilities		835,357				729,824				831,200				873,648				624,412
	Total Liabilities		24,761,011				24,493,178				24,351,945				23,674,883				22,781,593
	Shareholders' equity		2,642,152				2,618,998				2,579,757				2,471,159				2,471,093
	Total Liabilities and Shareholders' Equity	$	27,403,163			$	27,112,176			$	26,931,702			$	26,146,042			$	25,252,686
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	7,846,861			$	7,746,920			$	7,693,835			$	7,554,509			$	7,417,036
	Commercial and industrial		4,599,759				4,596,096				4,473,004				4,240,865				4,170,975
	Real estate - residential mortgage		5,147,262				4,880,919				4,737,279				4,574,228				4,203,827
	Real estate - home equity		1,061,891				1,074,712				1,102,838				1,110,103				1,108,808
	Real estate - construction		1,308,564				1,326,754				1,269,925				1,273,097				1,177,446
	Consumer		763,530				730,775				699,179				633,666				538,747
	Leases and other loans(2)		316,818				314,012				303,487				308,731				304,111
	Total Net Loans	$	21,044,685			$	20,670,188			$	20,279,547			$	19,695,199			$	18,920,950
Deposits, by type:
	Noninterest-bearing demand	$	5,865,855			$	6,403,484			$	7,006,388			$	7,372,896			$	7,530,777
	Interest-bearing demand		5,543,320				5,478,237				5,410,903				5,676,600				5,403,805
	Savings		6,646,448				6,579,806				6,434,621				6,563,003				6,406,051
	Total demand and savings		18,055,623				18,461,527				18,851,912				19,612,499				19,340,633
	Brokered		949,259				960,919				208,416				226,883				243,172
	Time		2,201,658				1,894,138				1,589,210				1,537,172				1,560,061
	Total Deposits	$	21,206,540			$	21,316,584			$	20,649,538			$	21,376,554			$	21,143,866
Borrowings, by type:
	Federal funds purchased	$	555,000			$	525,000			$	191,000			$	136,000			$	20,000
	Federal Home Loan Bank advances		1,165,000				747,000				1,250,000				265,500				—
	Senior debt and subordinated debt		539,994				539,814				539,634				539,461				555,748
	Other borrowings		459,120				634,956				890,573				483,720				437,567
	Total Borrowings	$	2,719,114			$	2,446,770			$	2,871,207			$	1,424,681			$	1,013,315
(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																				Six months ended
			Jun 30				Mar 31				Dec 31				Sep 30				Jun 30				Jun 30
			2023				2023				2022				2022				2022				2023				2022
Interest Income:
	Interest income		$	314,912			$	289,820			$	267,847			$	233,691			$	190,299			$	604,732			$	363,300
	Interest expense			102,060				74,233				41,936				18,109				11,468				176,293				23,159
	Net Interest Income			212,852				215,587				225,911				215,582				178,831				428,439				340,141
	Provision for credit losses			9,747				24,544				14,513				18,958				1,500				34,291				(5,450	)
	Net Interest Income after Provision			203,105				191,043				211,398				196,624				177,331				394,148				345,591
Non-Interest Income:
	Wealth management			18,678				18,062				17,531				17,610				18,274				36,740				37,702
	Commercial banking:
	Merchant and card			7,700				6,834				7,223				7,601				7,355				14,534				13,452
	Cash management			5,835				5,515				5,756				6,483				6,062				11,350				11,490
	Capital markets			6,092				2,344				2,627				4,060				3,893				8,436				5,569
	Other commercial banking			3,518				2,820				2,998				2,664				3,049				6,338				5,856
	Total commercial banking			23,145				17,513				18,604				20,808				20,359				40,658				36,367
	Consumer banking:
	Card			6,592				6,243				6,331				6,278				6,067				12,835				11,863
	Overdraft			2,696				2,733				3,364				4,463				3,881				5,429				7,653
	Other consumer banking			2,432				2,241				2,380				2,534				2,524				4,673				4,630
	Total consumer banking			11,720				11,217				12,075				13,275				12,472				22,937				24,146
	Mortgage banking			2,940				1,970				2,140				3,720				3,768				4,910				8,344
	Other			4,106				2,968				3,972				3,802				3,510				7,075				7,061
	Non-interest income before investment securities gains (losses)			60,589				51,730				54,322				59,215				58,383				112,320				113,620
	Investment securities gains (losses), net			(4	)			23				(1	)			(53	)			8				19				27
	Total Non-Interest Income			60,585				51,753				54,321				59,162				58,391				112,339				113,647
Non-Interest Expense:
	Salaries and employee benefits			94,102				89,283				92,733				94,283				85,404				183,385				169,868
	Data processing and software			16,776				15,796				15,448				15,807				14,685				32,571				29,000
	Net occupancy			14,374				14,438				14,061				14,025				13,587				28,812				28,109
	Other outside services			10,834				10,126				10,860				9,361				8,764				20,960				16,931
	FDIC insurance			4,895				4,795				3,219				3,158				2,961				9,690				6,170
	Equipment			3,530				3,389				3,640				3,548				3,422				6,920				6,845
	Professional fees			1,829				2,392				2,945				2,373				2,013				4,221				3,805
	Marketing			1,655				1,886				2,380				1,859				1,326				3,541				2,646
	Intangible amortization			1,072				674				688				690				177				1,746				353
	Merger-related expenses			—				—				1,894				7,006				1,027				—				1,428
	Other			18,951				16,837				20,594				17,448				16,364				35,790				30,553
	Total Non-Interest Expense			168,018				159,616				168,462				169,558				149,730				327,636				295,708
	Income Before Income Taxes			95,672				83,180				97,257				86,228				85,992				178,851				163,530
	Income tax expense			16,065				14,866				15,424				15,357				16,003				30,931				29,253
	Net Income			79,607				68,314				81,833				70,871				69,989				147,920				134,277
	Preferred stock dividends			(2,562	)			(2,562	)			(2,562	)			(2,562	)			(2,562	)			(5,124	)			(5,124	)
	Net Income Available to Common Shareholders		$	77,045			$	65,752			$	79,271			$	68,309			$	67,427			$	142,796			$	129,153
			Three Months Ended																				Six Months Ended
			Jun 30				Mar 31				Dec 31				Sep 30				Jun 30				Jun 30
			2023				2023				2022				2022				2022				2023				2022
PER SHARE:
	Net income available to common shareholders:
	Basic		$	0.46			$	0.39			$	0.47			$	0.41			$	0.42			$	0.86			$	0.80
	Diluted		$	0.46			$	0.39			$	0.47			$	0.40			$	0.42			$	0.85			$	0.80
	Cash dividends		$	0.16			$	0.15			$	0.21			$	0.15			$	0.15			$	0.31			$	0.30
	Weighted average shares (basic)			165,854				166,605				167,504				167,353				160,920				166,227				160,755
	Weighted average shares (diluted)			167,191				168,401				169,136				168,781				162,075				167,809				162,015

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
		Three months ended
		June 30, 2023											March 31, 2023											June 30, 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	$	20,866,235			$	287,154			5.52	%		$	20,463,096			$	263,065			5.21	%		$	18,637,175			$	165,682			3.56	%
	Investment securities(2)		4,234,096				27,303			2.57	%			4,289,643				27,522			2.60	%			4,398,424				26,061			2.37	%
	Other interest-earning assets		529,582				4,860			3.68	%			493,130				3,648			3.00	%			951,504				1,983			0.83	%
	Total Interest-Earning Assets		25,629,913				319,317			4.99	%			25,245,869				294,235			4.73	%			23,987,103				193,726			3.24	%
Noninterest-Earning assets:
	Cash and due from banks		129,682											141,254											160,240
	Premises and equipment		216,847											223,025											216,798
	Other assets		1,541,657											1,563,806											1,463,332
	Less: ACL - loans(3)		(282,532	)										(273,301	)										(249,041	)
	Total Assets	$	27,235,567										$	26,900,653										$	25,578,432
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits	$	5,535,669			$	14,612			1.06	%		$	5,326,566			$	8,455			0.64	%		$	5,597,975			$	797			0.06	%
	Savings deposits		6,632,572				29,289			1.77	%			6,469,468				20,535			1.29	%			6,425,634				1,125			0.07	%
	Brokered deposits		954,773				12,135			5.10	%			439,670				5,173			4.77	%			244,200				619			1.02	%
	Time deposits		2,063,038				13,763			2.68	%			1,696,878				7,458			1.78	%			1,608,286				3,255			0.81	%
	Total Interest-Bearing Deposits		15,186,052				69,799			1.84	%			13,932,582				41,621			1.21	%			13,876,095				5,796			0.17	%
	Borrowings and other interest-bearing liabilities		2,790,860				32,261			4.60	%			3,058,684				32,613			4.32	%			1,003,830				5,672			2.27	%
	Total Interest-Bearing Liabilities		17,976,912				102,060			2.27	%			16,991,266				74,234			1.78	%			14,879,925				11,468			0.31	%
Noninterest-Bearing liabilities:
	Demand deposits		6,021,091											6,641,741											7,647,618
	Other noninterest-bearing liabilities		590,100											654,330											519,543
	Total Liabilities		24,588,103											24,287,337											23,047,086
	Total Deposits/Cost of Deposits		21,207,143							1.32	%			20,574,323							0.82	%			21,523,713							0.11	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")		23,998,003							1.70	%			23,633,007							1.27	%			22,527,543							0.20	%
	Shareholders' equity		2,647,464											2,613,316											2,531,346
	Total Liabilities and Shareholders' Equity	$	27,235,567										$	26,900,653										$	25,578,432
	Net interest income/net interest margin (fully taxable equivalent)						217,257			3.40	%							220,001			3.53	%							182,258			3.04	%
	Tax equivalent adjustment						(4,405	)										(4,414	)										(3,427	)
	Net Interest Income					$	212,852										$	215,587										$	178,831
	(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
		Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
			2023			2023			2022			2022			2022
Loans, by type:
	Real estate - commercial mortgage	$	7,775,436		$	7,720,975		$	7,696,997		$	7,566,259		$	7,340,417
	Commercial and industrial		4,629,919			4,565,923			4,372,935			4,250,573			4,155,436
	Real estate - residential mortgage		5,008,295			4,790,868			4,643,784			4,485,649			4,052,666
	Real estate - home equity		1,066,615			1,086,032			1,106,325			1,099,487			1,118,494
	Real estate - construction		1,306,286			1,276,145			1,209,998			1,268,590			1,188,932
	Consumer		763,407			721,248			679,108			604,634			485,095
	Leases and other loans(1)		316,277			301,905			295,366			288,633			296,135
	Total Net Loans	$	20,866,235		$	20,463,096		$	20,004,513		$	19,563,825		$	18,637,175
Deposits, by type:
	Noninterest-bearing demand	$	6,021,091		$	6,641,741		$	7,310,824		$	7,535,791		$	7,647,618
	Interest-bearing demand		5,535,669			5,326,566			5,479,443			5,708,059			5,597,975
	Savings		6,632,572			6,469,468			6,466,775			6,681,713			6,425,634
	Total demand and savings		18,189,332			18,437,775			19,257,042			19,925,563			19,671,227
	Brokered		954,773			439,670			215,729			247,105			244,200
	Time		2,063,038			1,696,878			1,554,885			1,615,384			1,608,286
	Total Deposits	$	21,207,143		$	20,574,323		$	21,027,656		$	21,788,052		$	21,523,713
Borrowings, by type:
	Federal funds purchased	$	679,401		$	505,142		$	261,737		$	96,965		$	2,857
	Federal Home Loan Bank advances		880,811			1,261,589			564,692			206,152			—
	Senior debt and subordinated debt		539,906			539,726			539,550			554,735			555,701
	Other borrowings and other interest-bearing liabilities		690,742			752,227			659,543			501,496			445,261
	Total Borrowings	$	2,790,860		$	3,058,684		$	2,025,522		$	1,359,348		$	1,003,819
(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)
			Six months ended June 30
			2023											2022
			Average								Yield/			Average								Yield/
			Balance				Interest(1)				Rate			Balance				Interest(1)				Rate
ASSETS
Interest-earning assets:
	Net loans		$	20,665,779			$	550,219			5.36	%		$	18,510,845			$	316,809			3.44	%
	Investment securities(2)			4,261,718				54,824			2.57	%			4,312,867				50,312			2.33	%
	Other interest-earning assets			511,456				8,508			3.34	%			1,118,188				2,895			0.52	%
	Total Interest-Earning Assets			25,438,953				613,551			4.85	%			23,941,900				370,016			3.11	%
Noninterest-Earning assets:
	Cash and due from banks			135,436											161,274
	Premises and equipment			219,920											218,357
	Other assets			1,552,669											1,528,820
	Less: ACL - loans(3)			(277,942	)										(250,026	)
	Total Assets		$	27,069,036										$	25,600,325
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits		$	5,431,696			$	23,067			0.86	%		$	5,631,296			$	1,525			0.06	%
	Savings deposits			6,551,470				49,824			1.53	%			6,431,060				2,146			0.07	%
	Brokered deposits			698,644				17,308			5.00	%			247,258				835			0.68	%
	Time deposits			1,880,970				21,221			2.28	%			1,652,430				6,895			0.84	%
	Total Interest-Bearing Deposits			14,562,780				111,420			1.54	%			13,962,044				11,401			0.16	%
	Borrowings and other interest-bearing liabilities			2,928,819				64,873			4.43	%			1,018,740				11,758			2.31	%
	Total Interest-Bearing Liabilities			17,491,599				176,293			2.03	%			14,980,784				23,159			0.31	%
Noninterest-Bearing liabilities:
	Demand deposits			6,329,701											7,540,025
	Other			617,252											469,861
	Total Liabilities			24,438,552											22,990,670
	Total Deposits/Cost of Deposits			20,892,481							1.08	%			21,502,069							0.11	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")			23,821,300							1.49	%			22,520,809							0.21	%
	Shareholders' equity			2,630,484											2,609,655
	Total Liabilities and Shareholders' Equity		$	27,069,036										$	25,600,325
	Net interest income/net interest margin (fully taxable equivalent)							437,258			3.46	%							346,857			2.91	%
	Tax equivalent adjustment							(8,819	)										(6,716	)
	Net Interest Income						$	428,439										$	340,141
	(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)
			Six months ended June 30
			2023			2022
Loans, by type:
	Real estate - commercial mortgage		$	7,748,356		$	7,318,422
	Commercial and industrial			4,598,097			4,185,883
	Real estate - residential mortgage			4,900,182			3,970,877
	Real estate - home equity			1,076,270			1,125,257
	Real estate - construction			1,291,299			1,164,785
	Consumer			742,445			461,159
	Leases and other loans(1)			309,130			284,462
	Total Net Loans		$	20,665,779		$	18,510,845
Deposits, by type:
	Noninterest-bearing demand		$	6,329,701		$	7,540,025
	Interest-bearing demand			5,431,696			5,631,296
	Savings			6,551,470			6,431,060
	Total demand and savings			18,312,867			19,602,381
	Brokered			698,644			247,258
	Time			1,880,970			1,652,430
	Total Deposits		$	20,892,481		$	21,502,069
Borrowings, by type:
	Federal funds purchased		$	592,753		$	1,436
	Federal Home Loan Bank advances			1,070,148			6
	Senior debt and subordinated debt			539,817			582,184
	Other borrowings			726,101			435,114
	Total Borrowings		$	2,928,819		$	1,018,740
N/M - Not meaningful
(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																				Six Months Ended
		Jun 30				Mar 31				Dec 31				Sep 30				Jun 30				Jun 30				Jun 30
		2023				2023				2022				2022				2022				2023				2022
Allowance for credit losses related to net loans:
Balance at beginning of period		$	278,695			$	269,366			$	266,838			$	248,564			$	243,705			$	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		(230	)			(13,362	)			(12,235	)			(86	)			—				(13,592	)			(152	)
	Commercial and industrial		(2,017	)			(612	)			(179	)			(1,783	)			(201	)			(2,629	)			(428	)
	Real estate - residential mortgage		(62	)			—				—				—				(66	)			(62	)			(66	)
	Consumer and home equity		(1,313	)			(2,206	)			(1,311	)			(1,172	)			(877	)			(3,519	)			(1,929	)
	Real estate - construction		—				—				—				—				—				—				—
	Leases and other loans(1)		(1,165	)			(723	)			(505	)			(683	)			(474	)			(1,888	)			(943	)
	Total loans charged off		(4,787	)			(16,903	)			(14,230	)			(3,724	)			(1,618	)			(21,690	)			(3,518	)
Recoveries of loans previously charged off:
	Real estate - commercial mortgage		29				786				183				29				3,536				815				3,648
	Commercial and industrial		988				1,086				961				2,213				739				2,074				2,719
	Real estate - residential mortgage		58				48				10				101				92				106				314
	Consumer and home equity		959				661				683				682				762				1,620				1,216
	Real estate - construction		569				202				530				—				12				771				44
	Leases and other loans(1)		213				116				132				247				226				329				380
	Recoveries of loans previously charged off		2,816				2,899				2,499				3,272				5,367				5,715				8,321
Net loans recovered (charged off)			(1,971	)			(14,004	)			(11,731	)			(452	)			3,749				(15,975	)			4,803
Provision for credit losses			10,718				23,333				14,259				9,637				1,110				34,051				(5,240	)
Balance at end of period		$	287,442			$	278,695			$	269,366			$	266,838			$	248,564			$	287,442			$	248,564
Net (recoveries) charge-offs to average loans			0.04	%			0.27	%			0.23	%			0.01	%			(0.08	)%			0.15	%			(0.05	)%
Provision for credit losses related to OBS Credit Exposures
	Provision for credit losses	$	(971	)		$	1,211			$	254			$	1,367			$	390
NON-PERFORMING ASSETS:
	Non-accrual loans	$	123,280			$	134,303			$	144,443			$	178,204			$	162,530
	Loans 90 days past due and accruing		24,415				30,336				27,463				14,559				11,016
	Total non-performing loans		147,695				164,639				171,906				192,763				173,546
	Other real estate owned		3,881				3,304				5,790				5,877				4,786
	Total non-performing assets	$	151,576			$	167,943			$	177,696			$	198,640			$	178,332
NON-PERFORMING LOANS, BY TYPE:
	Real estate - commercial mortgage	$	55,048			$	61,322			$	72,634			$	96,281			$	59,940
	Commercial and industrial		30,588				33,555				28,288				29,831				44,713
	Real estate - residential mortgage		39,157				46,576				46,509				41,597				42,922
	Consumer and home equity		10,469				8,983				9,800				10,016				10,552
	Real estate - construction		1,099				1,509				1,368				1,456				1,357
	Leases and other loans(1)		11,334				12,694				13,307				13,582				14,062
	Total non-performing loans	$	147,695			$	164,639			$	171,906			$	192,763			$	173,546
(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 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
			Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
			2023			2023			2022			2022			2022
Operating net income available to common shareholders
Net income available to common shareholders			$	77,045		$	65,752		$	79,271		$	68,309		$	67,427
Plus: Core deposit intangible amortization				912			514			514			514			—
Plus: Merger-related expenses				—			—			1,894			7,006			1,027
Plus: CECL Day 1 Provision expense				—			—			—			7,954			—
Less: Tax impact of adjustments				(192	)		(108	)		(506	)		(3,250	)		(216	)
Operating net income available to common shareholders (numerator)			$	77,765		$	66,158		$	81,173		$	80,533		$	68,238
Weighted average shares (diluted) (denominator)				167,191			168,401			169,136			168,781			162,075
Operating net income available to common shareholders, per share (diluted)			$	0.47		$	0.39		$	0.48		$	0.48		$	0.42
Common shareholders' equity (tangible), per share
Shareholders' equity			$	2,642,152		$	2,618,998		$	2,579,757		$	2,471,159		$	2,471,093
Less: Preferred stock				(192,878	)		(192,878	)		(192,878	)		(192,878	)		(192,878	)
Less: Goodwill and intangible assets				(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Tangible common shareholders' equity (numerator)			$	1,887,389		$	1,862,618		$	1,826,055		$	1,716,786		$	1,740,515
Shares outstanding, end of period (denominator)				166,097			165,396			167,599			167,399			161,057
Common shareholders' equity (tangible), per share			$	11.36		$	11.26		$	10.90		$	10.26		$	10.81
Operating return on average assets
Net income			$	79,607		$	68,314		$	81,833		$	70,871		$	69,989
Plus: Core deposit intangible amortization				912			514			514			514			—
Plus: Merger-related expenses				—			—			1,894			7,006			1,027
Plus: CECL Day 1 Provision expense				—			—			—			7,954			—
Less: Tax impact of adjustments				(192	)		(108	)		(506	)		(3,250	)		(216	)
Operating net income (numerator)			$	80,327		$	68,720		$	83,735		$	83,095		$	70,800
Total average assets (denominator)			$	27,235,567		$	26,900,653		$	26,386,355		$	26,357,095		$	25,578,432
Operating return on average assets				1.18	%		1.04	%		1.26	%		1.25	%		1.11	%
Return on average common shareholders' equity (tangible)
Net income available to common shareholders			$	77,045		$	65,752		$	79,271		$	68,309		$	67,427
Plus: Intangible amortization				1,072			674			688			690			177
Plus: Merger-related expenses				—			—			1,894			7,006			1,027
Plus: CECL Day 1 Provision expense				—			—			—			7,954			—
Less: Tax impact of adjustments				(225	)		(142	)		(542	)		(3,287	)		(253	)
Operating net income available to common shareholders (numerator)			$	77,892		$	66,284		$	81,311		$	80,672		$	68,378
Average shareholders' equity			$	2,647,464		$	2,613,316		$	2,489,148		$	2,604,057		$	2,531,346
Less: Average preferred stock				(192,878	)		(192,878	)		(192,878	)		(192,878	)		(192,878	)
Less: Average goodwill and intangible assets				(563,146	)		(561,744	)		(561,219	)		(562,285	)		(537,786	)
Average tangible common shareholders' equity (denominator)			$	1,891,440		$	1,858,694		$	1,735,051		$	1,848,894		$	1,800,682
Return on average common shareholders' equity (tangible)				16.52	%		14.46	%		18.59	%		17.31	%		15.23	%
			Three months ended
			Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
			2023			2023			2022			2022			2022
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity			$	2,642,152		$	2,618,998		$	2,579,757		$	2,471,159		$	2,471,093
Less: Preferred stock				(192,878	)		(192,878	)		(192,878	)		(192,878	)		(192,878	)
Less: Goodwill and intangible assets				(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Tangible common shareholders' equity (numerator)			$	1,887,389		$	1,862,618		$	1,826,055		$	1,716,786		$	1,740,515
Total assets			$	27,403,163		$	27,112,176		$	26,931,702		$	26,146,042		$	25,252,686
Less: Goodwill and intangible assets				(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Total tangible assets (denominator)			$	26,841,278		$	26,548,674		$	26,370,878		$	25,584,547		$	24,714,986
Tangible common equity to tangible assets				7.03	%		7.02	%		6.92	%		6.71	%		7.04	%
Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity			$	2,642,152		$	2,618,998		$	2,579,757		$	2,471,159		$	2,471,093
Less: Preferred stock				(192,878	)		(192,878	)		(192,878	)		(192,878	)		(192,878	)
Less: Accumulated other comprehensive (income) loss				379,286			350,992			385,476			442,947			304,210
Less: Goodwill and intangible assets				(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Tangible common shareholders' equity (numerator)			$	2,266,675		$	2,213,610		$	2,211,531		$	2,159,733		$	2,044,725
Total assets			$	27,403,163		$	27,112,176		$	26,931,702		$	26,146,042		$	25,252,686
Less: Goodwill and intangible assets				(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities				311,813			282,092			632,456			368,196			249,424
Total tangible assets (denominator)			$	27,153,091		$	26,830,766		$	27,003,334		$	25,952,743		$	24,964,410
Tangible common equity to tangible assets, excluding AOCI				8.35	%		8.25	%		8.19	%		8.32	%		8.19	%
Efficiency ratio
Non-interest expense			$	168,018		$	159,616		$	168,462		$	169,558		$	149,730
Less: Amortization of tax credit investments				—			—			(696	)		(696	)		(696	)
Less: Merger-related expenses				—			—			(1,894	)		(7,006	)		(1,027	)
Less: Intangible amortization				(1,072	)		(674	)		(688	)		(690	)		(177	)
Non-interest expense (numerator)			$	166,946		$	158,942		$	165,184		$	161,166		$	147,830
Net interest income			$	212,852		$	215,587		$	225,911		$	215,582		$	178,831
Tax equivalent adjustment				4,405			4,414			4,310			3,970			3,427
Plus: Total non-interest income				60,585			51,753			54,321			59,162			58,391
Less: Investment securities (gains) losses, net				4			(23	)		1			53			(8	)
Total revenue (denominator)			$	277,846		$	271,731		$	284,543		$	278,767		$	240,641
Efficiency ratio				60.1	%		58.5	%		58.1	%		57.8	%		61.4	%
Operating non-interest expenses to total average assets
Non-interest expense			$	168,018		$	159,616		$	168,462		$	169,558		$	149,730
Less: Amortization of tax credit investments				—			—			(696	)		(696	)		(696	)
Less: Intangible amortization				(1,072	)		(674	)		(688	)		(690	)		(177	)
Less: Merger-related expenses				—			—			(1,894	)		(7,006	)		(1,027	)
Non-interest expense (numerator)			$	166,946		$	158,942		$	165,184		$	161,166		$	147,830
Total average assets (denominator)			$	27,235,567		$	26,900,653		$	26,386,355		$	26,357,095		$	25,578,432
Operating non-interest expenses to total average assets				2.46	%		2.40	%		2.48	%		2.43	%		2.32	%
			Three months ended
			Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
			2023			2023			2022			2022			2022
Pre-provision net revenue
Net interest income			$	212,852		$	215,587		$	225,911		$	215,582		$	178,831
Non-interest income				60,585			51,753			54,321			59,162			58,391
Less: Investment securities (gains) losses, net				4			(23	)		1			53			(8	)
Total revenue			$	273,441		$	267,317		$	280,233		$	274,797		$	237,214
Non-interest expense			$	168,018		$	159,616		$	168,462		$	169,558		$	149,730
Less: Amortization on tax credit investments				—			—			(696	)		(696	)		(696	)
Less: Merger-related expenses				—			—			(1,894	)		(7,006	)		(1,027	)
Less: Intangible amortization				(1,072	)		(674	)		(688	)		(690	)		(177	)
Total non-interest expense			$	166,946		$	158,942		$	165,184		$	161,166		$	147,830
Pre-provision net revenue			$	106,495		$	108,375		$	115,049		$	113,631		$	89,384
			Six months ended June 30,
			2023			2022
Operating net income available to common shareholders
Net income available to common shareholders			$	142,796		$	129,153
Plus: Core deposit intangible amortization				1,426			—
Plus: Merger-related expenses				—			1,428
Plus: CECL Day 1 Provision expense				—			—
Less: Tax impact of adjustments				(299	)		(300	)
Operating net income available to common shareholders (numerator)			$	143,923		$	130,281
Weighted average shares (diluted) (denominator)				167,809			162,015
Operating net income available to common shareholders, per share (diluted)			$	0.86		$	0.80
Note: numbers in this report may not sum due to rounding.

Category: Earnings

View source version on businesswire.com: https://www.businesswire.com/news/home/20230718487757/en/

Media: Lacey Dean (717) 735-8688

Investors: Matt Jozwiak (717) 327-2657

Source: Fulton Financial Corporation

FAQ

What was Fulton Financial Corporation's net income for Q2 2023?

Fulton Financial Corporation reported a net income of $77.0 million for Q2 2023.

What contributed to the increase in interest income in Q2 2023?

Higher loan yields and an increase in average net loans contributed to the increase in interest income in Q2 2023.

What was the effective tax rate for Q2 2023?

The effective tax rate for Q2 2023 was 16.8%.

Why did net interest income decrease in Q2 2023?

Net interest income decreased in Q2 2023 primarily due to an increase in the rate on interest-bearing deposits.

What caused the increase in non-interest expense in Q2 2023?

Increases in salaries and employee benefits expense, data processing and software expense, and other outside services expense caused the increase in non-interest expense in Q2 2023.

What was the change in the net interest margin in Q2 2023?

The net interest margin decreased by 13 basis points in Q2 2023.