Fulton Financial Corporation Announces Third Quarter 2023 Results

Rhea-AI Summary

Fulton Financial Corporation reports net income of $69.5 million for Q3 2023, a decrease of 9.7% compared to Q2 2023.

Positive

• None.

Negative

• Net income decreased by $7.5 million, or 9.7%, compared to the previous quarter.

LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $69.5 million, or $0.42 per diluted share, for the third quarter of 2023, a decrease of $7.5 million, or 9.7%, in comparison to the second quarter of 2023. Operating net income available to common shareholders for the three months ended September 30, 2023 was $72.2 million, or $0.43 per diluted share⁽¹⁾.

For the nine months ended September 30, 2023, net income available to common shareholders was $212.3 million, or $1.27 per diluted share, an increase of $14.9 million, or 7.5%, in comparison to the same period in 2022. Operating net income available to common shareholders for the nine months ended September 30, 2023 was $216.1 million, or $1.29 per diluted share⁽¹⁾.

"We were pleased with our third quarter results; operating earnings were solid, we generated deposit and loan growth, we maintained our net interest margin and net interest income grew," said Curtis J. Myers, Chairman and CEO of Fulton Financial Corporation. "Our results reflect solid core business trends, stable credit metrics, and modest growth in our core lines of business."

Net Interest Income and Balance Sheet

Net interest income for the third quarter of 2023 was $213.8 million, an increase of $1.0 million in comparison to the second quarter of 2023. The net interest margin for the third quarter of 2023 was 3.40%, consistent with the second quarter of 2023.

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

(1)

Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.

A 20 basis points increase in the yield on average net loans and an increase in the average balance of net loans of $255.0 million in the third quarter of 2023 drove an increase in interest income of $15.5 million to $330.4 million in comparison to $314.9 million in the second quarter of 2023.

Interest expense on interest-bearing liabilities for the third quarter of 2023 increased by $14.5 million to $116.5 million in comparison to $102.1 million in the second quarter of 2023. The linked-quarter increase in interest expense in the third quarter of 2023 was primarily due to an increase in the rate on average interest-bearing deposits of 29 basis points, a decline of $348.7 million in the average balance of noninterest-bearing deposits and an increase in the average balance of interest-bearing deposits of $498.8 million in comparison to the second quarter of 2023.

For the third quarter of 2023, net interest income was $213.8 million, a decrease of $1.7 million, or 0.8%, in comparison to the third quarter of 2022. Interest income for the third quarter of 2023 increased by $96.7 million to $330.4 million in comparison to $233.7 million in the third quarter of 2022, primarily driven by rising interest rates resulting in increases in interest income from net loans and other interest-earning assets of $96.2 million and $1.1 million, respectively. Increases in the average balance of net loans in the third quarter of 2023 of $1.6 billion and in yields on net loans of 151 basis points each contributed to the increase in interest income. Interest expense on interest-bearing liabilities for the third quarter of 2023 increased by $98.4 million to $116.5 million in comparison to $18.1 million in the third quarter of 2022, primarily driven by rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings and other interest-bearing liabilities of $74.1 million and $24.3 million, respectively. A decrease in the average balance of noninterest-bearing deposits of $1.9 billion, and an increase in the average balances of interest-bearing deposits and borrowings and other interest-bearing liabilities of $1.4 billion and $1.3 billion, respectively, in the third quarter of 2023 in comparison to the third quarter of 2022 also contributed to the increase in interest expense.

Total average interest-earning assets for the third quarter of 2023 were $25.6 billion, a decrease of $47.8 million from the second quarter of 2023 primarily driven by a decrease in average other interest-earning assets of $266.3 million and a decrease in average investment securities of $36.5 million, partially offset by an increase in average net loans of $255.0 million.

Total average interest-earning assets for the third quarter of 2023 increased by $886.0 million from the third quarter of 2022. Average net loans for the third quarter of 2023 were $21.1 billion, an increase of $1.6 billion from the same period in 2022. Compared to the third quarter of 2022, average other interest-earning assets decreased $368.5 million and average investment securities decreased $302.9 million in the third quarter of 2023.

Total average interest-bearing liabilities increased $399.1 million to $18.4 billion in the third quarter of 2023 in comparison to $18.0 billion in the second quarter of 2023. The increase in average interest-bearing liabilities was driven by an increase in the average balance of total interest-bearing deposits of $498.8 million, partially offset by a decrease in the average balance of borrowings and other interest-bearing liabilities of $99.8 million.

Total average interest-bearing liabilities for the third quarter of 2023 increased $2.8 billion to $18.4 billion in comparison to $15.6 billion in the third quarter of 2022, driven by increases in the average balances of total interest-bearing deposits and borrowings and other interest-bearing liabilities of $1.4 billion and $1.3 billion, respectively.

Asset Quality

In the third quarter of 2023, a provision for credit losses of $9.9 million was recorded in comparison to $9.7 million in the second quarter of 2023 and $19.0 million in the third quarter of 2022. The provision for credit losses of $9.9 million recorded in the third quarter of 2023 was primarily due to loan growth and net charge-offs recorded during the period.

Non-performing assets were $143.5 million, or 0.52% of total assets, at September 30, 2023, in comparison to $151.6 million, or 0.55% of total assets, at June 30, 2023, and $198.6 million, or 0.76% of total assets, at September 30, 2022.

Net charge-offs for the third quarter of 2023 were 0.10% of total average loans in comparison to 0.04% and 0.01% in the second quarter of 2023 and the third quarter of 2022, respectively.

Non-interest Income

Non-interest income before investment securities gains (losses) in the third quarter of 2023 was $56.0 million, a decrease of $4.6 million, or 7.6%, from the second quarter of 2023. The decrease in non-interest income was primarily due to a $3.0 million market valuation movement in our commercial customer interest rate swap program resulting from the reference rate transition from the London Inter-Bank Offered Rate ("LIBOR") to the Secured Overnight Financing Rate ("SOFR") and is reflected as a reduction to other non-interest income. Additional contributors to the decrease in non-interest income were a decrease of $3.0 million in commercial customer interest rate swap fee income, reflected in capital markets, partially offset by increases in wealth management, overdraft fees and mortgage banking income of $0.7 million, $0.3 million and $0.3 million, respectively.

Compared to the third quarter of 2022, non-interest income before investment securities gains (losses) in the third quarter of 2023 decreased $3.3 million, or 5.5%, from $59.2 million. The decrease in non-interest income was primarily due to the aforementioned $3.0 million market valuation movement in our commercial customer interest rate swap program resulting from the reference rate transition from LIBOR to SOFR and is reflected as a reduction to other non-interest income.

Non-interest Expense

Non-interest expense was $171.0 million in the third quarter of 2023, an increase of $3.0 million, or 1.8%, compared to $168.0 million in the second quarter of 2023. The increase was primarily due to increases of $2.7 million in salaries and employee benefits expense and $1.3 million in other outside services related to a number of corporate initiatives, partially offset by a decrease of $0.5 million in charitable contributions and $0.5 million in gains on sales from fixed assets disposals, in each case, reflected in other expense. The $2.7 million increase in salaries and benefits expense was primarily driven by one additional calendar day in the third quarter of 2023 compared to the second quarter of 2023.

Compared to the third quarter of 2022, non-interest expense, excluding merger-related expenses of $7.0 million in the third quarter of 2022, increased $8.5 million, or 5.2%. The increase was primarily due to increases of $2.7 million in other outside services expense driven by a number of corporate initiatives, $2.5 million in salaries and employee benefits expense, $1.6 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, and $1.1 million in data processing and software expense. The $2.5 million increase in salaries and benefits expense was primarily driven by annual merit increases, lower deferred employee loan origination costs, higher employee benefits expense, due to healthcare claims experience, and higher pension costs, partially offset by lower incentive plan compensation expense.

Income Tax Expense

For the third quarter of 2023, the effective tax rate was 18.9%, 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 Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.

FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands, except per share data)
	Three months ended
	Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
	2023				2023				2023				2022				2022
Ending Balances
Investment securities	$	3,698,601			$	3,867,334			$	3,950,101			$	3,968,023			$	3,936,694
Net loans		21,177,508				21,044,685				20,670,188				20,279,547				19,695,199
Total assets		27,380,836				27,403,163				27,112,176				26,931,702				26,146,042
Deposits		21,421,589				21,206,540				21,316,584				20,649,538				21,376,554
Shareholders' equity		2,566,693				2,642,152				2,618,998				2,579,757				2,471,159
Average Balances
Investment securities		3,834,824				3,916,130				3,964,615				3,936,579				4,254,216
Net loans		21,121,277				20,866,235				20,463,096				20,004,513				19,563,825
Total assets		27,377,836				27,235,567				26,900,653				26,386,355				26,357,095
Deposits		21,357,295				21,207,143				20,574,323				21,027,656				21,788,052
Shareholders' equity		2,645,977				2,647,464				2,613,316				2,489,148				2,604,057
Income Statement
Net interest income		213,842				212,852				215,587				225,911				215,582
Provision for credit losses		9,937				9,747				24,544				14,513				18,958
Non-interest income		55,961				60,585				51,753				54,321				59,162
Non-interest expense		171,020				168,018				159,616				168,462				169,558
Income before taxes		88,846				95,672				83,180				97,257				86,228
Net income available to common shareholders		69,535				77,045				65,752				79,271				68,309
Pre-provision net revenue(1)		102,342				106,495				108,375				115,049				113,631
Per Share
Net income available to common shareholders (basic)	$	0.42			$	0.46			$	0.39			$	0.47			$	0.41
Net income available to common shareholders (diluted)	$	0.42			$	0.46			$	0.39			$	0.47			$	0.40
Operating net income available to common shareholders(1)	$	0.43			$	0.47			$	0.39			$	0.48			$	0.48
Cash dividends	$	0.16			$	0.16			$	0.15			$	0.21			$	0.15
Common shareholders' equity	$	14.47			$	14.75			$	14.67			$	14.24			$	13.61
Common shareholders' equity (tangible)(1)	$	11.05			$	11.36			$	11.26			$	10.90			$	10.26
Weighted average shares (basic)		164,566				165,854				166,605				167,504				167,353
Weighted average shares (diluted)		166,023				167,191				168,401				169,136				168,781
(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
	Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
	2023				2023				2023				2022				2022
Asset Quality
Net charge-offs (recoveries) to average loans		0.10	%			0.04	%			0.27	%			0.23	%			0.01	%
Non-performing loans to total net loans		0.67	%			0.70	%			0.80	%			0.85	%			0.98	%
Non-performing assets to total assets		0.52	%			0.55	%			0.62	%			0.66	%			0.76	%
ACL - loans(1) to total loans		1.38	%			1.37	%			1.35	%			1.33	%			1.35	%
ACL - loans(1) to non-performing loans		208	%			195	%			169	%			157	%			138	%
Profitability
Return on average assets		1.04	%			1.17	%			1.03	%			1.23	%			1.07	%
Operating return on average assets(2)		1.08	%			1.18	%			1.04	%			1.26	%			1.25	%
Return on average common shareholders' equity		11.25	%			12.59	%			11.02	%			13.70	%			11.24	%
Return on average common shareholders' equity (tangible)(2)		15.17	%			16.52	%			14.46	%			18.59	%			17.31	%
Net interest margin		3.40	%			3.40	%			3.53	%			3.69	%			3.54	%
Efficiency ratio(2)		61.5	%			60.1	%			58.5	%			58.1	%			57.8	%
Non-interest expenses to total average assets		2.48	%			2.47	%			2.41	%			2.53	%			2.55	%
Operating non-interest expenses to total average assets(2)		2.47	%			2.46	%			2.40	%			2.48	%			2.43	%
Capital Ratios
Tangible common equity ratio ("TCE")(2)		6.8	%			7.0	%			7.0	%			6.9	%			6.7	%
TCE ratio, excluding AOCI(2)(3)		8.4	%			8.3	%			8.3	%			8.2	%			8.3	%
Tier 1 leverage ratio(4)		9.4	%			9.3	%			9.2	%			9.5	%			9.2	%
Common equity Tier 1 capital ratio(4)		10.1	%			10.1	%			9.8	%			10.0	%			10.0	%
Tier 1 risk-based capital ratio(4)		11.0	%			11.0	%			10.6	%			10.9	%			10.9	%
Total risk-based capital ratio(4)		13.8	%			13.8	%			13.4	%			13.6	%			13.6	%
(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
(3) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI").
(4) Regulatory capital ratios as of September 30, 2023 are preliminary estimates and prior periods are actual.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
		2023				2023				2023				2022				2022
ASSETS
	Cash and due from banks	$	304,042			$	123,779			$	129,003			$	126,898			$	143,465
	Other interest-earning assets		222,781				505,141				545,355				685,209				467,164
	Loans held for sale		20,368				14,673				6,507				7,264				14,411
	Investment securities		3,698,601				3,867,334				3,950,101				3,968,023				3,936,694
	Net loans		21,177,508				21,044,685				20,670,188				20,279,547				19,695,199
	Less: ACL - loans(1)		(292,739	)			(287,442	)			(278,695	)			(269,366	)			(266,838	)
	Loans, net		20,884,769				20,757,243				20,391,493				20,010,181				19,428,361
	Net premises and equipment		215,626				216,322				216,059				225,141				221,496
	Accrued interest receivable		101,624				96,991				90,267				91,579				72,821
	Goodwill and intangible assets		561,284				561,885				563,502				560,824				561,495
	Other assets		1,371,741				1,259,795				1,219,889				1,256,583				1,300,135
	Total Assets	$	27,380,836			$	27,403,163			$	27,112,176			$	26,931,702			$	26,146,042
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	21,421,589			$	21,206,540			$	21,316,584			$	20,649,538			$	21,376,554
	Borrowings		2,370,112				2,719,114				2,446,770				2,871,207				1,424,681
	Other liabilities		1,022,442				835,357				729,824				831,200				873,648
	Total Liabilities		24,814,143				24,761,011				24,493,178				24,351,945				23,674,883
	Shareholders' equity		2,566,693				2,642,152				2,618,998				2,579,757				2,471,159
	Total Liabilities and Shareholders' Equity	$	27,380,836			$	27,403,163			$	27,112,176			$	26,931,702			$	26,146,042
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	8,106,300			$	7,846,861			$	7,746,920			$	7,693,835			$	7,554,509
	Commercial and industrial		4,577,334				4,599,759				4,596,096				4,473,004				4,240,865
	Real estate - residential mortgage		5,279,681				5,147,262				4,880,919				4,737,279				4,574,228
	Real estate - home equity		1,045,438				1,061,891				1,074,712				1,102,838				1,110,103
	Real estate - construction		1,078,263				1,308,564				1,326,754				1,269,925				1,273,097
	Consumer		743,976				763,530				730,775				699,179				633,666
	Leases and other loans(2)		346,516				316,818				314,012				303,487				308,731
	Total Net Loans	$	21,177,508			$	21,044,685			$	20,670,188			$	20,279,547			$	19,695,199
Deposits, by type:
	Noninterest-bearing demand	$	5,575,374			$	5,865,855			$	6,403,484			$	7,006,388			$	7,372,896
	Interest-bearing demand		5,757,487				5,543,320				5,478,237				5,410,903				5,676,600
	Savings		6,707,729				6,646,448				6,579,806				6,434,621				6,563,003
	Total demand and savings		18,040,590				18,055,623				18,461,527				18,851,912				19,612,499
	Brokered		941,059				949,259				960,919				208,416				226,883
	Time		2,439,940				2,201,658				1,894,138				1,589,210				1,537,172
	Total Deposits	$	21,421,589			$	21,206,540			$	21,316,584			$	20,649,538			$	21,376,554
Borrowings, by type:
	Federal funds purchased	$	544,000			$	555,000			$	525,000			$	191,000			$	136,000
	Federal Home Loan Bank advances		730,000				1,165,000				747,000				1,250,000				265,500
	Senior debt and subordinated debt		540,174				539,994				539,814				539,634				539,461
	Other borrowings		555,938				459,120				634,956				890,573				483,720
	Total Borrowings	$	2,370,112			$	2,719,114			$	2,446,770			$	2,871,207			$	1,424,681
(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																				Nine months ended
			Sep 30				Jun 30				Mar 31				Dec 31				Sep 30				Sep 30
			2023				2023				2023				2022				2022				2023				2022
Interest Income:
	Interest income		$	330,371			$	314,912			$	289,820			$	267,847			$	233,691			$	935,103			$	596,991
	Interest expense			116,529				102,060				74,233				41,936				18,109				292,822				41,268
	Net Interest Income			213,842				212,852				215,587				225,911				215,582				642,281				555,723
	Provision for credit losses			9,937				9,747				24,544				14,513				18,958				44,228				13,508
	Net Interest Income after Provision			203,905				203,105				191,043				211,398				196,624				598,053				542,215
Non-Interest Income:
	Commercial banking:
	Merchant and card			7,626				7,700				6,834				7,223				7,601				22,160				21,053
	Cash management			5,960				5,835				5,515				5,756				6,483				17,310				17,973
	Capital markets			2,960				6,092				2,344				2,627				4,060				11,396				9,629
	Other commercial banking			3,176				3,518				2,820				2,998				2,664				9,514				8,520
	Total commercial banking			19,722				23,145				17,513				18,604				20,808				60,380				57,175
	Wealth management			19,413				18,678				18,062				17,531				17,610				56,152				55,312
	Consumer banking:
	Card			6,770				6,592				6,243				6,331				6,278				19,604				18,141
	Overdraft			2,996				2,696				2,733				3,364				4,463				8,425				12,116
	Other consumer banking			2,407				2,432				2,241				2,380				2,534				7,081				7,164
	Total consumer banking			12,173				11,720				11,217				12,075				13,275				35,110				37,421
	Mortgage banking			3,190				2,940				1,970				2,140				3,720				8,100				12,064
	Other			1,463				4,106				2,968				3,972				3,802				8,539				10,863
	Non-interest income before investment securities gains (losses)			55,961				60,589				51,730				54,322				59,215				168,281				172,835
	Investment securities gains (losses), net			—				(4	)			23				(1	)			(53	)			19				(26	)
	Total Non-Interest Income			55,961				60,585				51,753				54,321				59,162				168,300				172,809
Non-Interest Expense:
	Salaries and employee benefits			96,757				94,102				89,283				92,733				94,283				280,142				264,151
	Data processing and software			16,914				16,776				15,796				15,448				15,807				49,486				44,807
	Net occupancy			14,561				14,374				14,438				14,061				14,025				43,373				42,134
	Other outside services			12,094				10,834				10,126				10,860				9,361				33,054				26,292
	FDIC insurance			4,738				4,895				4,795				3,219				3,158				14,427				9,328
	Equipment			3,475				3,530				3,389				3,640				3,548				10,395				10,393
	Marketing			1,913				1,655				1,886				2,380				1,859				5,454				4,505
	Professional fees			1,869				1,829				2,392				2,945				2,373				6,090				6,178
	Intangible amortization			601				1,072				674				688				690				2,347				1,043
	Merger-related expenses			—				—				—				1,894				7,006				—				8,434
	Other			18,098				18,951				16,837				20,594				17,448				53,888				48,001
	Total Non-Interest Expense			171,020				168,018				159,616				168,462				169,558				498,656				465,266
	Income Before Income Taxes			88,846				95,672				83,180				97,257				86,228				267,697				249,758
	Income tax expense			16,749				16,065				14,866				15,424				15,357				47,680				44,610
	Net Income			72,097				79,607				68,314				81,833				70,871				220,017				205,148
	Preferred stock dividends			(2,562	)			(2,562	)			(2,562	)			(2,562	)			(2,562	)			(7,686	)			(7,686	)
	Net Income Available to Common Shareholders		$	69,535			$	77,045			$	65,752			$	79,271			$	68,309			$	212,331			$	197,462
			Three Months Ended																				Nine months ended
			Sep 30				Jun 30				Mar 31				Dec 31				Sep 30				Sep 30
			2023				2023				2023				2022				2022				2023				2022
PER SHARE:
	Net income available to common shareholders (basic)		$	0.42			$	0.46			$	0.39			$	0.47			$	0.41			$	1.28			$	1.21
	Net income available to common shareholders (diluted)		$	0.42			$	0.46			$	0.39			$	0.47			$	0.40			$	1.27			$	1.20
	Cash dividends		$	0.16			$	0.16			$	0.15			$	0.21			$	0.15			$	0.47			$	0.45
	Weighted average shares (basic)			164,566				165,854				166,605				167,504				167,353				165,667				162,979
	Weighted average shares (diluted)			166,023				167,191				168,401				169,136				168,781				167,181				164,254

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
		Three months ended
		September 30, 2023											June 30, 2023											September 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	$	21,121,277			$	304,167			5.72	%		$	20,866,235			$	287,154			5.52	%		$	19,563,825			$	207,343			4.21	%
	Investment securities(2)		4,197,550				27,274			2.59	%			4,234,096				27,303			2.57	%			4,500,461				28,022			2.49	%
	Other interest-earning assets		263,244				3,372			5.11	%			529,582				4,860			3.68	%			631,771				2,297			1.45	%
	Total Interest-Earning Assets		25,582,071				334,813			5.20	%			25,629,913				319,317			4.99	%			24,696,057				237,662			3.83	%
Noninterest-Earning assets:
	Cash and due from banks		306,496											129,682											152,349
	Premises and equipment		217,447											216,847											223,880
	Other assets		1,562,233											1,541,657											1,545,812
	Less: ACL - loans(3)		(290,411	)										(282,532	)										(261,003	)
	Total Assets	$	27,377,836										$	27,235,567										$	26,357,095
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits	$	5,740,229			$	18,690			1.29	%		$	5,535,669			$	14,612			1.06	%		$	5,708,059			$	1,886			0.13	%
	Savings deposits		6,676,792				34,277			2.04	%			6,632,572				29,289			1.77	%			6,681,713				3,414			0.20	%
	Brokered deposits		937,657				12,250			5.18	%			954,773				12,135			5.10	%			247,105				1,346			2.16	%
	Time deposits		2,330,206				18,939			3.22	%			2,063,038				13,763			2.68	%			1,615,384				3,404			0.84	%
	Total Interest-Bearing Deposits		15,684,884				84,156			2.13	%			15,186,052				69,799			1.84	%			14,252,261				10,050			0.28	%
	Borrowings and other interest-bearing liabilities		2,691,087				32,373			4.74	%			2,790,860				32,261			4.60	%			1,359,348				8,060			2.35	%
	Total Interest-Bearing Liabilities		18,375,971				116,529			2.51	%			17,976,912				102,060			2.27	%			15,611,609				18,110			0.47	%
Noninterest-Bearing liabilities:
	Demand deposits		5,672,411											6,021,091											7,535,791
	Other noninterest-bearing liabilities		683,477											590,100											605,638
	Total Liabilities		24,731,859											24,588,103											23,753,038
	Total Deposits/Cost of Deposits		21,357,295							1.56	%			21,207,143							1.32	%			21,788,052							0.18	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")		24,048,382							1.92	%			23,998,003							1.70	%			23,147,400							0.31	%
	Shareholders' equity		2,645,977											2,647,464											2,604,057
	Total Liabilities and Shareholders' Equity	$	27,377,836										$	27,235,567										$	26,357,095
	Net interest income/net interest margin (fully taxable equivalent)						218,284			3.40	%							217,257			3.40	%							219,552			3.54	%
	Tax equivalent adjustment						(4,442	)										(4,405	)										(3,970	)
	Net Interest Income					$	213,842										$	212,852										$	215,582
	(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
		Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
		2023			2023			2023			2022			2022
Loans, by type:
	Real estate - commercial mortgage	$	7,912,801		$	7,775,436		$	7,720,975		$	7,696,997		$	7,566,259
	Commercial and industrial		4,611,376			4,629,919			4,565,923			4,372,935			4,250,573
	Real estate - residential mortgage		5,209,105			5,008,295			4,790,868			4,643,784			4,485,649
	Real estate - home equity		1,045,806			1,066,615			1,086,032			1,106,325			1,099,487
	Real estate - construction		1,254,577			1,306,286			1,276,145			1,209,998			1,268,590
	Consumer		761,273			763,407			721,248			679,108			604,634
	Leases and other loans(1)		326,339			316,277			301,905			295,366			288,633
	Total Net Loans	$	21,121,277		$	20,866,235		$	20,463,096		$	20,004,513		$	19,563,825
Deposits, by type:
	Noninterest-bearing demand	$	5,672,411		$	6,021,091		$	6,641,741		$	7,310,824		$	7,535,791
	Interest-bearing demand		5,740,229			5,535,669			5,326,566			5,479,443			5,708,059
	Savings		6,676,792			6,632,572			6,469,468			6,466,775			6,681,713
	Total demand and savings		18,089,432			18,189,332			18,437,775			19,257,042			19,925,563
	Brokered		937,657			954,773			439,670			215,729			247,105
	Time		2,330,206			2,063,038			1,696,878			1,554,885			1,615,384
	Total Deposits	$	21,357,295		$	21,207,143		$	20,574,323		$	21,027,656		$	21,788,052
Borrowings, by type:
	Federal funds purchased	$	634,163		$	679,401		$	505,142		$	261,737		$	96,965
	Federal Home Loan Bank advances		793,098			880,811			1,261,589			564,692			206,152
	Senior debt and subordinated debt		540,086			539,906			539,726			539,550			554,735
	Other borrowings and other interest-bearing liabilities		723,740			690,742			752,227			659,543			501,496
	Total Borrowings	$	2,691,087		$	2,790,860		$	3,058,684		$	2,025,522		$	1,359,348
(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)
			Nine months ended September 30
			2023											2022
			Average								Yield/			Average								Yield/
			Balance				Interest(1)				Rate			Balance				Interest(1)				Rate
ASSETS
Interest-earning assets:
	Net loans		$	20,819,280			$	854,384			5.49	%		$	18,865,672			$	524,150			3.71	%
	Investment securities(2)			4,240,093				82,098			2.58	%			4,376,084				78,334			2.39	%
	Other interest-earning assets			427,810				11,882			3.71	%			954,267				5,192			0.73	%
	Total Interest-Earning Assets			25,487,183				948,364			4.97	%			24,196,023				607,676			3.35	%
Noninterest-Earning assets:
	Cash and due from banks			193,083											158,267
	Premises and equipment			219,087											220,218
	Other assets			1,555,891											1,534,314
	Less: ACL - loans(3)			(282,144	)										(253,725	)
	Total Assets		$	27,173,100										$	25,855,097
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits		$	5,535,671			$	41,756			1.01	%		$	5,657,165			$	3,411			0.08	%
	Savings deposits			6,593,703				84,102			1.71	%			6,515,529				5,561			0.11	%
	Brokered deposits			779,191				29,557			5.07	%			254,100				2,181			1.14	%
	Time deposits			2,032,360				40,160			2.64	%			1,633,053				10,299			0.84	%
	Total Interest-Bearing Deposits			14,940,925				195,575			1.75	%			14,059,847				21,452			0.20	%
	Borrowings and other interest-bearing liabilities			2,848,704				97,247			4.53	%			1,133,524				19,816			2.34	%
	Total Interest-Bearing Liabilities			17,789,629				292,822			2.20	%			15,193,371				41,268			0.36	%
Noninterest-Bearing liabilities:
	Demand deposits			6,108,197											7,538,597
	Other			639,569											515,615
	Total Liabilities			24,537,395											23,247,583
	Total Deposits/Cost of Deposits			21,049,122							1.24	%			21,598,444							0.13	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")			23,897,826							1.63	%			22,731,968							0.24	%
	Shareholders' equity			2,635,705											2,607,514
	Total Liabilities and Shareholders' Equity		$	27,173,100										$	25,855,097
	Net interest income/net interest margin (fully taxable equivalent)							655,542			3.44	%							566,408			3.13	%
	Tax equivalent adjustment							(13,261	)										(10,685	)
	Net Interest Income						$	642,281										$	555,723
	(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)
			Nine months ended September 30
			2023			2022
Loans, by type:
	Real estate - commercial mortgage		$	7,803,775		$	7,401,094
	Commercial and industrial			4,602,573			4,205,236
	Real estate - residential mortgage			5,004,289			4,143,850
	Real estate - home equity			1,066,003			1,099,310
	Real estate - construction			1,278,923			1,197,947
	Consumer			748,788			532,396
	Leases and other loans(1)			314,929			285,839
	Total Net Loans		$	20,819,280		$	18,865,672
Deposits, by type:
	Noninterest-bearing demand		$	6,108,197		$	7,538,597
	Interest-bearing demand			5,535,671			5,657,165
	Savings			6,593,703			6,515,529
	Total demand and savings			18,237,571			19,711,291
	Brokered			779,191			254,100
	Time			2,032,360			1,633,053
	Total Deposits		$	21,049,122		$	21,598,444
Borrowings, by type:
	Federal funds purchased		$	606,708		$	33,629
	Federal Home Loan Bank advances			976,783			69,473
	Senior debt and subordinated debt			539,907			572,690
	Other borrowings			725,306			457,732
	Total Borrowings		$	2,848,704		$	1,133,524
(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																				Nine Months Ended
		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30				Sep 30				Sep 30
		2023				2023				2023				2022				2022				2023				2022
Allowance for credit losses related to net loans:
Balance at beginning of period		$	287,442			$	278,695			$	269,366			$	266,838			$	248,564			$	269,366			$	249,001
	CECL Day 1 provision expense		—				—				—				—				7,954				—				7,954
	Initial purchased credit deteriorated loans		—				—				—				—				1,135				—				1,135
	Loans charged off:
	Real estate - commercial mortgage		(860	)			(230	)			(13,362	)			(12,235	)			(86	)			(14,452	)			(238	)
	Commercial and industrial		(3,220	)			(2,017	)			(612	)			(179	)			(1,783	)			(5,849	)			(2,211	)
	Real estate - residential mortgage		—				(62	)			—				—				—				(62	)			(66	)
	Consumer and home equity		(1,803	)			(1,313	)			(2,206	)			(1,311	)			(1,172	)			(5,322	)			(3,101	)
	Leases and other loans(1)		(1,396	)			(1,165	)			(723	)			(505	)			(683	)			(3,284	)			(1,626	)
	Total loans charged off		(7,279	)			(4,787	)			(16,903	)			(14,230	)			(3,724	)			(28,969	)			(7,242	)
Recoveries of loans previously charged off:
	Real estate - commercial mortgage		101				29				786				183				29				916				3,677
	Commercial and industrial		620				988				1,086				961				2,213				2,694				4,932
	Real estate - residential mortgage		37				58				48				10				101				143				415
	Consumer and home equity		1,023				959				661				683				682				2,643				1,898
	Real estate - construction		—				569				202				530				—				771				44
	Leases and other loans(1)		400				213				116				132				247				729				627
	Recoveries of loans previously charged off		2,181				2,816				2,899				2,499				3,272				7,896				11,593
Net loans recovered (charged off)			(5,098	)			(1,971	)			(14,004	)			(11,731	)			(452	)			(21,073	)			4,351
Provision for credit losses			10,395				10,718				23,333				14,259				9,637				44,446				4,397
Balance at end of period		$	292,739			$	287,442			$	278,695			$	269,366			$	266,838			$	292,739			$	266,838
Net (recoveries) charge-offs to average loans			0.10	%			0.04	%			0.27	%			0.23	%			0.01	%			0.13	%			(0.03	)%
Provision for credit losses related to OBS Credit Exposures
	Provision for credit losses	$	(458	)		$	(971	)		$	1,211			$	254			$	1,367			$	(218	)		$	1,157
NON-PERFORMING ASSETS:
	Non-accrual loans	$	113,022			$	123,280			$	134,303			$	144,443			$	178,204
	Loans 90 days past due and accruing		27,962				24,415				30,336				27,463				14,559
	Total non-performing loans		140,984				147,695				164,639				171,906				192,763
	Other real estate owned		2,549				3,881				3,304				5,790				5,877
	Total non-performing assets	$	143,533			$	151,576			$	167,943			$	177,696			$	198,640
NON-PERFORMING LOANS, BY TYPE:
	Real estate - commercial mortgage	$	44,058			$	55,048			$	61,322			$	72,634			$	96,281
	Commercial and industrial		33,365				30,588				33,555				28,288				29,831
	Real estate - residential mortgage		40,560				39,157				46,576				46,509				41,597
	Consumer and home equity		11,580				10,469				8,983				9,800				10,016
	Real estate - construction		677				1,099				1,509				1,368				1,456
	Leases and other loans(1)		10,744				11,334				12,694				13,307				13,582
	Total non-performing loans	$	140,984			$	147,695			$	164,639			$	171,906			$	192,763
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share data)
Explanatory note:	This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:
						Three months ended
						Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
						2023				2023				2023				2022				2022
Operating net income available to common shareholders
Net income available to common shareholders						$	69,535			$	77,045			$	65,752			$	79,271			$	68,309
Plus: Core deposit intangible amortization							441				912				514				514				514
Plus: Merger-related expenses							—				—				—				1,894				7,006
Plus: CECL Day 1 Provision expense							—				—				—				—				7,954
Plus: Interest rate derivative transition valuation(1)							2,958				—				—				—				—
Less: Tax impact of adjustments							(714	)			(192	)			(108	)			(506	)			(3,250	)
Operating net income available to common shareholders (numerator)						$	72,220			$	77,765			$	66,158			$	81,173			$	80,533
Weighted average shares (diluted) (denominator)							166,023				167,191				168,401				169,136				168,781
Operating net income available to common shareholders, per share (diluted)						$	0.43			$	0.47			$	0.39			$	0.48			$	0.48
Common shareholders' equity (tangible), per share
Shareholders' equity						$	2,566,693			$	2,642,152			$	2,618,998			$	2,579,757			$	2,471,159
Less: Preferred stock							(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Goodwill and intangible assets							(561,284	)			(561,885	)			(563,502	)			(560,824	)			(561,495	)
Tangible common shareholders' equity (numerator)						$	1,812,531			$	1,887,389			$	1,862,618			$	1,826,055			$	1,716,786
Shares outstanding, end of period (denominator)							164,084				166,097				165,396				167,599				167,399
Common shareholders' equity (tangible), per share						$	11.05			$	11.36			$	11.26			$	10.90			$	10.26
Operating return on average assets
Net income						$	72,097			$	79,607			$	68,314			$	81,833			$	70,871
Plus: Core deposit intangible amortization							441				912				514				514				514
Plus: Merger-related expenses							—				—				—				1,894				7,006
Plus: CECL Day 1 Provision expense							—				—				—				—				7,954
Plus: Interest rate derivative transition valuation(1)							2,958				—				—				—				—
Less: Tax impact of adjustments							(714	)			(192	)			(108	)			(506	)			(3,250	)
Operating net income (numerator)						$	74,782			$	80,327			$	68,720			$	83,735			$	83,095
Total average assets						$	27,377,836			$	27,235,567			$	26,900,653			$	26,386,355			$	26,357,095
Less: Average net core deposit intangible							(5,548	)			(6,417	)			(6,937	)			(7,478	)			(8,053	)
Total operating average assets (denominator)						$	27,372,288			$	27,229,150			$	26,893,716			$	26,378,877			$	26,349,042
Operating return on average assets							1.08	%			1.18	%			1.04	%			1.26	%			1.25	%
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
						Three months ended
						Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
						2023				2023				2023				2022				2022
Return on average common shareholders' equity (tangible)
Net income available to common shareholders						$	69,535			$	77,045			$	65,752			$	79,271			$	68,309
Plus: Intangible amortization							601				1,072				674				688				690
Plus: Merger-related expenses							—				—				—				1,894				7,006
Plus: CECL Day 1 Provision expense							—				—				—				—				7,954
Plus: Interest rate derivative transition valuation(1)							2,958				—				—				—				—
Less: Tax impact of adjustments							(747	)			(225	)			(142	)			(542	)			(3,287	)
Operating net income available to common shareholders (numerator)						$	72,347			$	77,892			$	66,284			$	81,311			$	80,672
Average shareholders' equity						$	2,645,977			$	2,647,464			$	2,613,316			$	2,489,148			$	2,604,057
Less: Average preferred stock							(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Average goodwill and intangible assets							(561,578	)			(563,146	)			(561,744	)			(561,219	)			(562,285	)
Average tangible common shareholders' equity (denominator)						$	1,891,521			$	1,891,440			$	1,858,694			$	1,735,051			$	1,848,894
Return on average common shareholders' equity (tangible)							15.17	%			16.52	%			14.46	%			18.59	%			17.31	%
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity						$	2,566,693			$	2,642,152			$	2,618,998			$	2,579,757			$	2,471,159
Less: Preferred stock							(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Goodwill and intangible assets							(561,284	)			(561,885	)			(563,502	)			(560,824	)			(561,495	)
Tangible common shareholders' equity (numerator)						$	1,812,531			$	1,887,389			$	1,862,618			$	1,826,055			$	1,716,786
Total assets						$	27,380,836			$	27,403,163			$	27,112,176			$	26,931,702			$	26,146,042
Less: Goodwill and intangible assets							(561,284	)			(561,885	)			(563,502	)			(560,824	)			(561,495	)
Total tangible assets (denominator)						$	26,819,552			$	26,841,278			$	26,548,674			$	26,370,878			$	25,584,547
Tangible common equity to tangible assets							6.76	%			7.03	%			7.02	%			6.92	%			6.71	%
Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity						$	2,566,693			$	2,642,152			$	2,618,998			$	2,579,757			$	2,471,159
Less: Preferred stock							(192,878	)			(192,878	)			(192,878	)			(192,878	)			(192,878	)
Less: Accumulated other comprehensive (income) loss							472,756				379,286				350,992				385,476				442,947
Less: Goodwill and intangible assets							(561,284	)			(561,885	)			(563,502	)			(560,824	)			(561,495	)
Tangible common shareholders' equity (numerator)						$	2,285,287			$	2,266,675			$	2,213,610			$	2,211,531			$	2,159,733
Total assets						$	27,380,836			$	27,403,163			$	27,112,176			$	26,931,702			$	26,146,042
Less: Goodwill and intangible assets							(561,284	)			(561,885	)			(563,502	)			(560,824	)			(561,495	)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities							415,369				311,813				282,092				632,456				368,196
Total tangible assets (denominator)						$	27,234,921			$	27,153,091			$	26,830,766			$	27,003,334			$	25,952,743
Tangible common equity to tangible assets, excluding AOCI							8.39	%			8.35	%			8.25	%			8.19	%			8.32	%
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
						Three months ended
						Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
						2023				2023				2023				2022				2022
Efficiency ratio
Non-interest expense						$	171,020			$	168,018			$	159,616			$	168,462			$	169,558
Less: Amortization of tax credit investments							—				—				—				(696	)			(696	)
Less: Merger-related expenses							—				—				—				(1,894	)			(7,006	)
Less: Intangible amortization							(601	)			(1,072	)			(674	)			(688	)			(690	)
Non-interest expense (numerator)						$	170,419			$	166,946			$	158,942			$	165,184			$	161,166
Net interest income						$	213,842			$	212,852			$	215,587			$	225,911			$	215,582
Tax equivalent adjustment							4,442				4,405				4,414				4,310				3,970
Plus: Total non-interest income							55,961				60,585				51,753				54,321				59,162
Plus: Interest rate derivative transition valuation(1)							2,958				—				—				—				—
Less: Investment securities (gains) losses, net							—				4				(23	)			1				53
Total revenue (denominator)						$	277,203			$	277,846			$	271,731			$	284,543			$	278,767
Efficiency ratio							61.5	%			60.1	%			58.5	%			58.1	%			57.8	%
Operating non-interest expenses to total average assets
Non-interest expense						$	171,020			$	168,018			$	159,616			$	168,462			$	169,558
Less: Amortization of tax credit investments							—				—				—				(696	)			(696	)
Less: Intangible amortization							(601	)			(1,072	)			(674	)			(688	)			(690	)
Less: Merger-related expenses							—				—				—				(1,894	)			(7,006	)
Non-interest expense (numerator)						$	170,419			$	166,946			$	158,942			$	165,184			$	161,166
Total average assets (denominator)						$	27,377,836			$	27,235,567			$	26,900,653			$	26,386,355			$	26,357,095
Operating non-interest expenses to total average assets							2.47	%			2.46	%			2.40	%			2.48	%			2.43	%
Pre-provision net revenue
Net interest income						$	213,842			$	212,852			$	215,587			$	225,911			$	215,582
Non-interest income							55,961				60,585				51,753				54,321				59,162
Plus: Interest rate derivative transition valuation(1)							2,958				—				—				—				—
Less: Investment securities (gains) losses, net							—				4				(23	)			1				53
Total revenue						$	272,761			$	273,441			$	267,317			$	280,233			$	274,797
Non-interest expense						$	171,020			$	168,018			$	159,616			$	168,462			$	169,558
Less: Amortization on tax credit investments							—				—				—				(696	)			(696	)
Less: Merger-related expenses							—				—				—				(1,894	)			(7,006	)
Less: Intangible amortization							(601	)			(1,072	)			(674	)			(688	)			(690	)
Total non-interest expense						$	170,419			$	166,946			$	158,942			$	165,184			$	161,166
Pre-provision net revenue						$	102,342			$	106,495			$	108,375			$	115,049			$	113,631
						Nine months ended
						Sep 30
						2023
Operating net income available to common shareholders
Net income available to common shareholders						$	212,331
Plus: Core deposit intangible amortization							1,867
Plus: Merger-related expenses							—
Plus: CECL Day 1 Provision expense							—
Plus: Interest rate derivative transition valuation(1)							2,958
Less: Tax impact of adjustments							(1,013	)
Operating net income available to common shareholders (numerator)						$	216,143
Weighted average shares (diluted) (denominator)							167,181
Operating net income available to common shareholders, per share (diluted)						$	1.29
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
Note: numbers in this report may not sum due to rounding.

 

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Media Contact: Lacey Dean (717) 735-8688

Investor Contact: Matt Jozwiak (717) 327-2657

Source: Fulton Financial Corporation

FAQ

What was Fulton Financial Corporation's net income for Q3 2023?

$69.5 million

How does Q3 2023 net income compare to Q2 2023?

It decreased by $7.5 million, or 9.7%.

Who is the Chairman and CEO of Fulton Financial Corporation?

Curtis J. Myers

What were the key factors affecting net interest income in Q3 2023?

Higher loan yields and an increase in the average balance of net loans.

What was the net interest margin for Q3 2023?

3.40%

What was the provision for credit losses in Q3 2023?

$9.9 million

What were the non-interest expenses in Q3 2023?

$171.0 million

What was the effective tax rate for Q3 2023?

18.9%