Fulton Financial Corporation Announces 2025 Third Quarter Results

, /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $97.9 million, or $0.53 per diluted share, for the third quarter of 2025, an increase of $1.3 million in comparison to the second quarter of 2025. Operating net income available to common shareholders for the three months ended September 30, 2025 was $101.3 million(1), or $0.55 per diluted share(1), an increase of $0.7 million in comparison to the second quarter of 2025. 3Q25 Net income available to common shareholders for the nine months ended September 30, 2025 was $285.0 million, or $1.55 per diluted share, an increase of $72.5 million, or $0.34 per diluted share, in comparison to the nine months ended September 30, 2024. Operating net income available to common shareholders for the nine months ended September 30, 2025, was $297.4 million(1), or $1.62 per diluted share(1), an increase of $58.2 million, or $0.25 per diluted share, in comparison to the nine months ended September 30, 2024. "We're proud to announce record operating net income surpassing $101 million, or $0.55 per diluted share, during the third quarter," said Curtis J. Myers, Chairman and CEO of Fulton. "Our continued success is a result of our focus on serving as trusted advisors to our customers and deepening our customer relationships." Financial Highlights Third quarter of 2025 operating results of $0.55 per diluted share were impacted by the following items: Solid net interest margin of 3.57%, with a four basis point decrease in total cost of funds compared to the prior quarter. Non-interest income increased $1.3 million to $70.4 million compared to $69.1 million in the prior quarter. Non-interest expense increased $3.8 million to $196.6 million compared to $192.8 million in the prior quarter. Operating non-interest expense increased $3.8 million to $191.4 million(1) compared to $187.6 million in the prior quarter. Provision for credit losses was $10.2 million resulting in an allowance for credit losses attributable to net loans of $376.3 million, or 1.57% of total net loans as of September 30, 2025. Common equity tier 1 capital ratio(2) increased to approximately 11.5% compared to 11.3% in the prior quarter. During the third quarter of 2025, 1,650,000 shares of the Corporation's common stock were repurchased under the 2025 Repurchase Program(3) at a cost of $30.8 million or an average of $18.67 per share. The value of common stock that may be repurchased under the 2025 Repurchase Program was $85.6 million as of September 30, 2025. The following items highlight notable changes in the components of net income in the third quarter of 2025 compared to the second quarter of 2025: Net interest income totaled $264.2 million, an increase of $9.3 million. An increase of $8.9 million in interest income on net loans and a $2.1 million decrease in interest expense on borrowings and other interest-bearing liabilities was partially offset by a $1.0 million increase in interest expense on deposits and a $0.6 million decrease in interest income on other interest-earning assets. Purchase loan mark accretion from loans acquired in the Acquisition(4) was $12.7 million in the third quarter of 2025 compared to $11.4 million in the prior quarter. Non-interest income before investment securities gains (losses) was $70.4 million compared to $69.1 million in the prior quarter. The $1.3 million increase was primarily due to increases of $0.4 million in wealth management revenues, $0.3 million in overdraft fee income and $0.3 million in consumer card income. Other non-interest income increased $0.8 million primarily as a result of a gain on sale of loans of $1.1 million, partially offset by a $0.3 million decrease in income from equity method investments. Non-interest expense was $196.6 million compared to $192.8 million in the prior quarter. The $3.8 million increase in non-interest expense was primarily due to a $4.1 million increase in salaries and employee benefits expense largely due to an increase in incentive compensation expense and one additional calendar day in the third quarter of 2025. Included in salaries and employee benefits expense was $0.5 million in employee severance expense. Balance Sheet Summary Total net loans of $24.0 billion as of September 30, 2025 increased nominally in comparison to June 30, 2025. The $29.0 million increase in net loans was due to increases of $115.4 million in consumer loans(5), partially offset by a decrease of $86.4 million in commercial and other loans(5). Deposits totaled $26.3 billion, an increase of $194.4 million, compared to $26.1 billion as of June 30, 2025. The increase was primarily due to increases of $442.3 million in interest-bearing demand deposits due to seasonal trends in the municipal deposit portfolio, and $145.8 million in savings deposits, partially offset by decreases of $201.6 million in noninterest-bearing demand deposits, $107.7 million in brokered deposits and $84.3 million in time deposits. Provision for Credit Losses and Asset Quality The provision for credit losses was $10.2 million in the third quarter of 2025, resulting in a $376.3 million allowance for credit losses attributable to net loans, or 1.57% of total net loans as of September 30, 2025, compared to $377.3 million, or 1.57% of total net loans as of June 30, 2025. Non-performing assets were $201.0 million, or 0.63% of total assets, as of September 30, 2025, in comparison to $215.6 million, or 0.67% of total assets, as of June 30, 2025. Annualized net charge-offs for the third quarter of 2025 were 0.18% of total average loans in comparison to 0.20% in the prior quarter. Additional information on Fulton is available on the Internet at www.fultonbank.com. (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. (2) Regulatory capital ratios as of September 30, 2025, are preliminary estimates and prior periods are actual. (3) The 2025 Repurchase Program represents the authorization, commencing on January 1, 2025 and expiring on December 31, 2025, to repurchase up to $125 million of the Corporation's common stock. Under this authorization, up to $25 million of the $125 million authorization may be used to repurchase the Corporation's preferred stock and outstanding subordinated notes due 2030. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time under the 2025 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2025 Repurchase Program may be discontinued at any time. (4) On April 26, 2024, the Corporation announced that its wholly owned banking subsidiary, Fulton Bank, National Association ("Fulton Bank"), acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank ("Republic Bank"), from the Federal Deposit Insurance Corporation (the "FDIC"), as receiver for Republic Bank (the "Acquisition"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank. (5) Commercial loans include real estate - commercial mortgage, commercial and industrial, leases and other loans and includes a decrease in commercial construction loans of $27.0 million, reflected in real estate - construction. Consumer loans include real estate - residential mortgage, real estate - home equity, consumer and includes an increase of $6.7 million in residential construction loans, reflected in real estate - construction. Note: Some numbers contained in this document may not sum due to rounding. 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, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 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 and shares data) Three months ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 2025 2025 2025 2024 2024 Ending Balances Investment securities(1) $ 5,045,270 $ 5,093,027 $ 5,071,323 $ 4,806,468 $ 4,545,278 Net loans 24,041,489 24,012,539 23,862,574 24,044,919 24,176,075 Total assets 31,995,086 32,040,448 32,132,028 32,071,810 32,185,726 Deposits 26,332,490 26,138,067 26,328,972 26,129,433 26,152,144 Shareholders' equity 3,413,598 3,329,246 3,274,321 3,197,325 3,203,943 Average Balances Investment securities(1) 5,025,072 5,084,371 4,906,952 4,771,537 4,237,805 Net loans 24,020,322 23,899,743 24,006,863 24,068,784 24,147,801 Total assets 31,924,038 31,901,574 31,971,601 32,098,852 31,895,235 Deposits 26,298,680 26,125,602 26,169,883 26,313,378 25,778,259 Shareholders' equity 3,361,368 3,304,015 3,254,125 3,219,026 3,160,322 Income Statement Net interest income 264,198 254,921 251,187 253,659 258,009 Provision for credit losses 10,245 8,607 13,898 16,725 11,929 Non-interest income 70,407 69,148 67,232 65,924 59,673 Non-interest expense 196,574 192,811 189,460 216,615 226,089 Income before taxes 127,786 122,651 115,061 86,243 79,664 Net income available to common shareholders 97,892 96,636 90,425 66,058 60,644 Per Share Net income available to common shareholders (basic) $0.54 $0.53 $0.50 $0.36 $0.33 Net income available to common shareholders (diluted) $0.53 $0.53 $0.49 $0.36 $0.33 Operating net income available to common shareholders(2) $0.55 $0.55 $0.52 $0.48 $0.50 Cash dividends $0.18 $0.18 $0.18 $0.18 $0.17 Common shareholders' equity $17.81 $17.20 $16.91 $16.50 $16.55 Common shareholders' equity (tangible)(2) $14.39 $13.78 $13.46 $13.01 $13.02 Weighted average shares (basic) 181,658 182,261 182,179 182,032 181,905 Weighted average shares (diluted) 183,349 183,813 184,077 183,867 183,609 (1) Includes related unrealized holding gains (losses) for available for sale ("AFS") securities. (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. Three months ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 2025 2025 2025 2024 2024 Asset Quality Net charge-offs to average loans (annualized) 0.18 % 0.20 % 0.21 % 0.22 % 0.18 % Non-performing loans to total net loans 0.83 % 0.89 % 0.82 % 0.92 % 0.84 % Non-performing assets to total assets 0.63 % 0.67 % 0.62 % 0.69 % 0.64 % ACL - loans(1) to total loans 1.57 % 1.57 % 1.59 % 1.58 % 1.56 % ACL - loans(1) to non-performing loans 189 % 177 % 193 % 172 % 186 % Profitability Return on average assets 1.25 % 1.25 % 1.18 % 0.85 % 0.79 % Operating return on average assets(2) 1.29 % 1.30 % 1.25 % 1.14 % 1.17 % Return on average common shareholders' equity 12.26 % 12.46 % 11.98 % 8.68 % 8.13 % Operating return on average common shareholders' equity (tangible)(2) 15.79 % 16.26 % 15.95 % 14.83 % 15.65 % Net interest margin 3.57 % 3.47 % 3.43 % 3.41 % 3.49 % Efficiency ratio(2) 56.5 % 57.1 % 56.7 % 58.4 % 59.6 % Non-interest expense to total average assets 2.44 % 2.42 % 2.40 % 2.68 % 2.82 % Operating non-interest expense to total average assets(2) 2.38 % 2.36 % 2.32 % 2.36 % 2.45 % Capital Ratios (3) Tangible common equity ratio ("TCE")(2) 8.3 % 8.0 % 7.8 % 7.5 % 7.5 % Tier 1 leverage ratio 9.5 % 9.4 % 9.2 % 9.0 % 9.0 % Common equity Tier 1 capital ratio 11.5 % 11.3 % 11.1 % 10.8 % 10.5 % Tier 1 risk-based capital ratio 12.3 % 12.1 % 11.9 % 11.5 % 11.3 % Total risk-based capital ratio 14.9 % 14.7 % 14.5 % 14.3 % 14.0 % (1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures. (2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. (3) Regulatory capital ratios as of September 30, 2025 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 2025 2025 2025 2024 2024 ASSETS Cash and due from banks $ 307,267 $ 362,280 $ 388,503 $ 279,041 $ 296,500 Other interest-earning assets 643,111 583,899 778,117 924,404 1,287,392 Loans held for sale 19,875 23,281 15,965 25,618 17,678 Investment securities 5,045,270 5,093,027 5,071,323 4,806,468 4,545,278 Net loans 24,041,489 24,012,539 23,862,574 24,044,919 24,176,075 Less: ACL - loans(1) (376,258) (377,337) (379,677) (379,156) (375,961) Loans, net 23,665,231 23,635,202 23,482,897 23,665,763 23,800,114 Net premises and equipment 178,644 184,290 186,873 195,527 171,731 Accrued interest receivable 114,003 117,130 116,215 117,029 115,903 Goodwill and intangible assets 618,361 623,729 629,189 635,458 641,739 Other assets 1,403,324 1,417,610 1,462,946 1,422,502 1,309,391 Total Assets $ 31,995,086 $ 32,040,448 $ 32,132,028 $ 32,071,810 $ 32,185,726 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 26,332,490 $ 26,138,067 $ 26,328,972 $ 26,129,433 $ 26,152,144 Borrowings 1,471,961 1,773,900 1,657,200 1,782,048 2,052,227 Other liabilities 777,037 799,235 871,535 963,004 777,412 Total Liabilities 28,581,488 28,711,202 28,857,707 28,874,485 28,981,783 Shareholders' equity 3,413,598 3,329,246 3,274,321 3,197,325 3,203,943 Total Liabilities and Shareholders' Equity $ 31,995,086 $ 32,040,448 $ 32,132,028 $ 32,071,810 $ 32,185,726 LOANS, DEPOSITS AND BORROWINGS DETAIL: Loans, by type: Real estate - commercial mortgage $ 9,734,156 $ 9,678,038 $ 9,676,517 $ 9,601,858 $ 9,493,479 Commercial and industrial 4,437,905 4,541,765 4,531,266 4,605,589 4,914,734 Real estate - residential mortgage 6,617,017 6,511,687 6,409,657 6,349,643 6,302,624 Real estate - home equity 1,214,399 1,193,410 1,170,470 1,160,616 1,144,402 Real estate - construction 1,134,748 1,155,099 1,175,445 1,394,899 1,332,954 Consumer 566,291 583,949 597,305 616,856 651,717 Leases and other loans(2) 336,973 348,591 301,914 315,458 336,165 Total Net Loans $ 24,041,489 $ 24,012,539 $ 23,862,574 $ 24,044,919 $ 24,176,075 Deposits, by type: Noninterest-bearing demand $ 5,136,210 $ 5,337,771 $ 5,435,934 $ 5,499,760 $ 5,501,699 Interest-bearing demand 8,035,393 7,593,083 7,804,388 7,843,604 7,779,472 Savings 8,417,678 8,271,925 8,208,526 7,792,114 7,740,595 Total demand and savings 21,589,281 21,202,779 21,448,848 21,135,478 21,021,766 Brokered 709,667 817,398 738,458 843,857 843,473 Time 4,033,542 4,117,890 4,141,666 4,150,098 4,286,905 Total Deposits $ 26,332,490 $ 26,138,067 $ 26,328,972 $ 26,129,433 $ 26,152,144 Borrowings, by type: Federal Home Loan Bank advances $ 450,000 $ 800,000 $ 750,000 $ 850,000 $ 950,000 Senior debt and subordinated debt 367,557 367,476 367,396 367,316 535,917 Other borrowings 654,404 606,424 539,804 564,732 566,310 Total Borrowings $ 1,471,961 $ 1,773,900 $ 1,657,200 $ 1,782,048 $ 2,052,227 (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 and share data) Three months ended Nine months ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Sep 30 2025 2025 2025 2024 2024 2025 2024 Net Interest Income: Interest income $ 411,006 $ 402,761 $ 399,692 $ 414,368 $ 427,656 $ 1,213,458 $ 1,167,828 Interest expense 146,808 147,840 148,505 160,709 169,647 443,153 461,162 Net Interest Income 264,198 254,921 251,187 253,659 258,009 770,305 706,666 Provision for credit losses 10,245 8,607 13,898 16,725 11,929 32,749 54,910 Net Interest Income after Provision 253,953 246,314 237,289 236,934 246,080 737,556 651,756 Non-Interest Income: Wealth management 22,639 22,281 21,785 22,002 21,596 66,705 62,741 Commercial banking: Merchant and card 7,327 7,376 6,591 7,082 7,496 21,294 22,103 Cash management 8,335 8,376 7,799 7,633 7,201 24,510 20,473 Capital markets 2,908 2,945 2,411 2,797 3,311 8,264 8,236 Other commercial banking 4,595 4,734 4,528 4,942 4,281 13,857 11,716 Total commercial banking 23,165 23,431 21,329 22,454 22,289 67,925 62,528 Consumer banking: Card 8,246 7,958 7,544 8,064 7,917 23,748 22,850 Overdraft 4,153 3,817 3,295 3,644 3,957 11,265 10,120 Other consumer banking 2,775 2,753 2,229 2,601 3,054 7,757 8,226 Total consumer banking 15,174 14,528 13,068 14,309 14,928 42,770 41,196 Mortgage banking 3,711 3,991 3,138 3,759 3,142 10,841 10,183 Gain on acquisition, net of tax — — — (2,689) (7,706) — 39,685 Other 5,718 4,917 7,914 6,089 5,425 18,547 13,756 Non-interest income before investment securities gains (losses) 70,407 69,148 67,234 65,924 59,674 206,788 230,089 Investment securities (losses) gains, net — — (2) — (1) (2) (20,283) Total Non-Interest Income 70,407 69,148 67,232 65,924 59,673 206,786 209,806 Non-Interest Expense: Salaries and employee benefits 111,265 107,123 103,526 107,886 118,824 321,914 324,935 Data processing and software 18,535 18,262 18,599 19,550 20,314 55,396 58,332 Net occupancy 15,954 16,410 18,207 16,417 18,999 50,571 52,942 Other outside services 12,951 12,009 11,837 14,531 15,839 36,797 46,055 Intangible amortization 5,368 5,460 6,269 6,282 6,287 17,097 11,548 FDIC insurance 5,089 4,951 5,597 5,921 5,109 15,638 17,909 Equipment 3,926 4,100 4,150 4,388 4,860 12,175 13,461 Marketing 2,470 2,604 2,521 2,695 2,251 7,595 6,263 Professional fees 2,320 2,163 (1,078) 3,387 2,811 3,405 7,470 Acquisition-related expenses — — 380 9,637 14,195 380 27,998 Other 18,696 19,729 19,452 25,921 16,600 57,877 36,263 Total Non-Interest Expense 196,574 192,811 189,460 216,615 226,089 578,845 603,176 Income Before Income Taxes 127,786 122,651 115,061 86,243 79,664 365,497 258,386 Income tax expense 27,332 23,453 22,074 17,623 16,458 72,858 38,264 Net Income 100,454 99,198 92,987 68,620 63,206 292,639 220,122 Preferred stock dividends (2,562) (2,562) (2,562) (2,562) (2,562) (7,686) (7,686) Net Income Available to Common Shareholders $ 97,892 $ 96,636 $ 90,425 $ 66,058 $ 60,644 $ 284,953 $ 212,436 Three months ended Nine months ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Sep 30 2025 2025 2025 2024 2024 2025 2024 PER SHARE: Net income available to common shareholders (basic) $0.54 $0.53 $0.50 $0.36 $0.33 $1.57 $1.23 Net income available to common shareholders (diluted) $0.53 $0.53 $0.49 $0.36 $0.33 $1.55 $1.21 Cash dividends $0.18 $0.18 $0.18 $0.18 $0.17 $0.54 $0.51 Weighted average shares (basic) 181,658 182,261 182,179 182,032 181,905 182,030 173,337 Weighted average shares (diluted) 183,349 183,813 184,077 183,867 183,609 183,718 175,033 FULTON FINANCIAL CORPORATION CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) (dollars in thousands) Three months ended September 30, 2025 June 30, 2025 September 30, 2024 Average Yield/ Average Yield/ Average Yield/ Balance Interest(1) Rate Balance Interest(1) Rate Balance Interest(1) Rate ASSETS Interest-earning assets: Net loans(2) $ 24,020,322 $ 358,443 5.93 % $ 23,899,742 $ 349,490 5.86 % $ 24,147,801 $ 376,160 6.20 % Investment securities(3) 5,330,905 49,442 3.70 % 5,390,953 49,463 3.67 % 4,526,885 37,853 3.34 % Other interest-earning assets 622,832 7,557 4.83 % 682,075 8,197 4.82 % 1,338,592 18,068 5.37 % Total Interest-Earning Assets 29,974,059 415,442 5.51 % 29,972,770 407,150 5.44 % 30,013,278 432,081 5.74 % Noninterest-earning assets: Cash and due from banks 312,578 277,880 306,427 Premises and equipment 181,116 186,989 181,285 Other assets 1,837,179 1,848,891 1,772,052 Less: ACL - loans(4) (380,894) (384,956) (377,807) Total Assets $ 31,924,038 $ 31,901,574 $ 31,895,235 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 7,876,227 $ 36,369 1.83 % $ 7,800,881 $ 34,745 1.79 % $ 7,668,583 $ 38,768 2.01 % Savings deposits 8,391,379 48,237 2.28 % 8,219,637 47,462 2.32 % 7,663,599 49,477 2.57 % Brokered deposits 694,486 7,689 4.39 % 688,957 7,495 4.36 % 842,661 11,344 5.36 % Time deposits 4,097,195 37,942 3.67 % 4,112,130 39,492 3.85 % 4,107,466 45,735 4.43 % Total Interest-Bearing Deposits 21,059,287 130,237 2.45 % 20,821,605 129,194 2.49 % 20,282,309 145,324 2.85 % Borrowings and other interest-bearing liabilities 1,564,996 16,571 4.20 % 1,756,246 18,646 4.26 % 2,229,348 24,324 4.34 % Total Interest-Bearing Liabilities 22,624,283 146,808 2.57 % 22,577,851 147,840 2.62 % 22,511,657 169,648 3.00 % Noninterest-bearing liabilities: Demand deposits 5,239,393 5,303,997 5,495,950 Other liabilities 698,994 715,711 727,306 Total Liabilities 28,562,670 28,597,559 28,734,913 Total Deposits 26,298,680 1.96 % 26,125,602 1.98 % 25,778,259 2.24 % Total interest-bearing liabilities and non-interest bearing deposits (cost of funds) 27,863,676 2.09 % 27,881,848 2.13 % 28,007,607 2.41 % Shareholders' equity 3,361,368 3,304,015 3,160,322 Total Liabilities and Shareholders' Equity $ 31,924,038 $ 31,901,574 $ 31,895,235 Net interest income/net interest margin (fully taxable equivalent) 268,634 3.57 % 259,310 3.47 % 262,433 3.49 % Tax equivalent adjustment (4,436) (4,389) (4,424) Net Interest Income $ 264,198 $ 254,921 $ 258,009 (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. (2) Average balances include non-performing loans. (3) Average balances include amortized historical cost for AFS securities; the related unrealized holding gains (losses) are included in other assets. (4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities. 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 2025 2025 2025 2024 2024 Loans, by type: Real estate - commercial mortgage $ 9,721,395 $ 9,652,320 $ 9,655,283 $ 9,595,996 $ 9,318,273 Commercial and industrial 4,494,662 4,530,085 4,608,401 4,730,101 4,998,051 Real estate - residential mortgage 6,560,413 6,448,443 6,367,978 6,319,205 6,268,922 Real estate - home equity 1,191,465 1,179,109 1,160,713 1,116,665 1,122,313 Real estate - construction 1,125,130 1,172,138 1,296,090 1,312,245 1,437,907 Consumer 590,658 599,505 615,741 665,261 682,602 Leases and other loans(1) 336,599 318,142 302,657 329,311 319,733 Total Net Loans $ 24,020,322 $ 23,899,742 $ 24,006,863 $ 24,068,784 $ 24,147,801 Deposits, by type: Noninterest-bearing demand $ 5,239,393 $ 5,303,997 $ 5,412,063 $ 5,558,110 $ 5,495,950 Interest-bearing demand 7,876,227 7,800,881 7,753,586 7,838,590 7,668,583 Savings 8,391,379 8,219,637 7,971,728 7,806,303 7,663,599 Total demand and savings 21,506,999 21,324,515 21,137,377 21,203,003 20,828,132 Brokered 694,486 688,957 904,722 877,526 842,661 Time 4,097,195 4,112,130 4,127,784 4,232,849 4,107,466 Total Deposits $ 26,298,680 $ 26,125,602 $ 26,169,883 $ 26,313,378 $ 25,778,259 Borrowings, by type: Federal funds purchased $ — $ 1,099 $ — $ 54 $ — Federal Home Loan Bank advances 484,022 712,198 709,367 727,957 754,130 Senior debt and subordinated debt 367,517 367,438 367,357 449,795 535,831 Other borrowings and other interest-bearing liabilities 713,456 675,511 678,176 669,625 939,387 Total Borrowings $ 1,564,995 $ 1,756,246 $ 1,754,900 $ 1,847,431 $ 2,229,348 (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 2025 2024 Average Yield/ Average Yield/ Balance Interest(1) Rate Balance Interest(1) Rate ASSETS Interest-earning assets: Net loans(2) $ 23,975,693 $ 1,055,558 5.88 % $ 22,918,845 $ 1,045,573 6.09 % Investment securities(3) 5,307,436 146,147 3.67 % 4,303,048 98,701 3.05 % Other interest-earning assets 698,727 24,919 4.76 % 921,483 37,126 5.38 % Total Interest-Earning Assets 29,981,856 1,226,624 5.46 % 28,143,376 1,181,400 5.60 % Noninterest-Earning assets: Cash and due from banks 297,491 297,268 Premises and equipment 186,414 202,531 Other assets 1,850,254 1,828,085 Less: ACL - loans(4) (383,776) (353,567) Total Assets $ 31,932,239 $ 30,117,693 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-Bearing liabilities: Demand deposits $ 7,810,681 $ 105,303 1.80 % $ 6,785,106 $ 91,016 1.79 % Savings deposits 8,195,790 140,800 2.30 % 7,215,631 133,175 2.47 % Brokered deposits 761,952 25,222 4.43 % 1,015,823 41,073 5.40 % Time deposits 4,112,258 118,998 3.87 % 3,583,905 114,721 4.28 % Total Interest-Bearing Deposits 20,880,681 390,323 2.50 % 18,600,465 379,985 2.73 % Borrowings and other interest-bearing liabilities 1,691,351 52,830 4.18 % 2,425,753 81,177 4.47 % Total Interest-Bearing Liabilities 22,572,032 443,153 2.62 % 21,026,218 461,162 2.93 % Noninterest-Bearing liabilities: Demand deposits 5,317,851 5,339,590 Other liabilities 735,460 791,175 Total Liabilities 28,625,343 27,156,983 Total Deposits 26,198,532 1.99 % 23,940,055 2.12 % Total interest-bearing liabilities and non-interest bearing deposits (cost of funds) 27,889,883 2.12 % 26,365,808 2.33 % Shareholders' equity 3,306,896 2,960,710 Total Liabilities and Shareholders' Equity $ 31,932,239 $ 30,117,693 Net interest income/net interest margin (fully taxable equivalent) 783,471 3.49 % 720,238 3.42 % Tax equivalent adjustment (13,166) (13,572) Net Interest Income $ 770,305 $ 706,666 (1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. (2) Average balances include non-performing loans. (3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets. (4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities. FULTON FINANCIAL CORPORATION AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) (dollars in thousands) Nine months ended September 30 2025 2024 Loans, by type: Real estate - commercial mortgage $ 9,676,574 $ 8,803,503 Commercial and industrial 4,543,967 4,786,976 Real estate - residential mortgage 6,459,649 5,844,317 Real estate - home equity 1,177,209 1,091,526 Real estate - construction 1,197,159 1,370,134 Consumer 601,877 697,204 Leases and other loans(1) 319,258 325,185 Total Net Loans $ 23,975,693 $ 22,918,845 Deposits, by type: Noninterest-bearing demand $ 5,317,851 $ 5,339,590 Interest-bearing demand 7,810,681 6,785,106 Savings 8,195,790 7,215,631 Total demand and savings 21,324,322 19,340,327 Brokered 761,952 1,015,823 Time 4,112,258 3,583,905 Total Deposits $ 26,198,532 $ 23,940,055 Borrowings, by type: Federal funds purchased $ 366 $ 68,515 Federal Home Loan Bank advances 634,370 829,971 Senior debt and subordinated debt 367,438 535,656 Other borrowings 689,177 991,611 Total Borrowings $ 1,691,351 $ 2,425,753 (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 2025 2025 2025 2024 2024 2025 2024 Allowance for credit losses related to net loans: Balance at beginning of period $ 377,337 $ 379,677 $ 379,156 $ 375,961 $ 375,941 $ 379,156 $ 293,404 CECL day 1 provision expense(1) — — — — — — 23,444 Initial purchased credit deteriorated allowance for credit losses — — — (136) (1,139) — 54,767 Loans charged off: Real estate - commercial mortgage (3,906) (6,402) (12,106) (2,844) (2,723) (22,414) (10,602) Commercial and industrial (5,847) (5,780) (3,865) (9,480) (6,256) (15,492) (16,843) Real estate - residential mortgage (394) (258) (343) (55) (1,131) (995) (1,417) Consumer and home equity (2,527) (1,885) (2,193) (2,179) (2,308) (6,605) (6,312) Real estate - construction (5,286) (100) — — — (5,387) — Leases and other loans(2) (1,479) (1,491) (1,527) (1,768) (726) (4,495) (2,929) Total loans charged off (19,439) (15,916) (20,034) (16,326) (13,144) (55,388) (38,103) Recoveries of loans previously charged off: Real estate - commercial mortgage 4,307 133 374 199 107 4,814 405 Commercial and industrial 3,205 2,628 5,952 1,387 1,008 11,785 3,052 Real estate - residential mortgage 33 203 174 104 130 410 368 Consumer and home equity 726 899 660 974 545 2,285 2,382 Real estate - construction 47 99 82 47 103 228 336 Leases and other loans(2) 192 240 201 194 129 633 538 Total recoveries of loans previously charged off 8,510 4,202 7,443 2,905 2,022 20,155 7,081 Net loans charged off (10,929) (11,714) (12,591) (13,421) (11,122) (35,233) (31,022) Provision for credit losses(1) 9,850 9,374 13,112 16,752 12,281 32,335 35,368 Balance at end of period $ 376,258 $ 377,337 $ 379,677 $ 379,156 $ 375,961 $ 376,258 $ 375,961 Net charge-offs to average loans (3) 0.18 % 0.20 % 0.21 % 0.22 % 0.18 % 0.20 % 0.18 % Provision for credit losses related to OBS Credit Exposures Provision for credit losses(1) $ 395 $ (767) $ 786 $ (27) $ (352) $ 414 $ (3,902) NON-PERFORMING ASSETS: Non-accrual loans $ 150,137 $ 182,942 $ 162,426 $ 189,293 $ 175,861 Loans 90 days past due and accruing 48,597 29,949 34,367 30,781 26,286 Total non-performing loans 198,734 212,891 196,793 220,074 202,147 Other real estate owned 2,305 2,706 2,193 2,621 2,844 Total non-performing assets $ 201,039 $ 215,597 $ 198,986 $ 222,695 $ 204,991 NON-PERFORMING LOANS, BY TYPE: Commercial and industrial $ 48,817 $ 45,565 $ 42,913 $ 43,677 $ 64,450 Real estate - commercial mortgage 87,789 90,852 88,081 102,359 71,467 Real estate - residential mortgage 44,689 37,703 46,878 45,901 41,727 Consumer and home equity 12,658 11,109 12,682 14,374 12,830 Real estate - construction 3,461 25,602 3,666 1,746 1,746 Leases and other loans(2) 1,320 2,060 2,573 12,017 9,927 Total non-performing loans $ 198,734 $ 212,891 $ 196,793 $ 220,074 $ 202,147 (1) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income. (2) Includes equipment lease financing, overdraft and net origination fees and costs. (3) Quarterly results are annualized. FULTON FINANCIAL CORPORATION RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (dollars in thousands, except per share and 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 2025 2025 2025 2024 2024 Operating net income available to common shareholders Net income available to common shareholders $ 97,892 $ 96,636 $ 90,425 $ 66,058 $ 60,644 Less: Other (738) (9) (122) (269) (677) Plus: Gain on acquisition, net of tax — — — 2,689 7,706 Plus: Core deposit intangible amortization 5,255 5,346 6,155 6,155 6,155 Plus: Acquisition-related expense — — 380 9,637 14,195 Plus: FDIC special assessment — — — — (16) Plus: FultonFirst implementation and asset disposals (207) (270) (47) 10,001 9,385 Less: Tax impact of adjustments (905) (1,064) (1,337) (5,360) (6,099) Operating net income available to common shareholders (numerator) $ 101,297 $ 100,639 $ 95,454 $ 88,911 $ 91,293 Weighted average shares (diluted) (denominator) 183,349 183,813 184,077 183,867 183,609 Operating net income available to common shareholders, per share (diluted) $ 0.55 $ 0.55 $ 0.52 $ 0.48 $ 0.50 Common shareholders' equity (tangible), per share Shareholders' equity $ 3,413,598 $ 3,329,246 $ 3,274,321 $ 3,197,325 $ 3,203,943 Less: Preferred stock (192,878) (192,878) (192,878) (192,878) (192,878) Less: Goodwill and intangible assets (618,361) (623,729) (629,189) (635,458) (641,739) Tangible common shareholders' equity (numerator) $ 2,602,359 $ 2,512,639 $ 2,452,254 $ 2,368,989 $ 2,369,326 Shares outstanding, end of period (denominator) 180,865 182,379 182,204 182,089 181,957 Common shareholders' equity (tangible), per share $ 14.39 $ 13.78 $ 13.46 $ 13.01 $ 13.02 Three months ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 2025 2025 2025 2024 2024 Operating return on average assets Net income $ 100,454 $ 99,198 $ 92,987 $ 68,620 $ 63,206 Less: Other (738) (9) (122) (269) (677) Less: Gain on acquisition, net of tax — — — 2,689 7,706 Plus: Core deposit intangible amortization 5,255 5,346 6,155 6,155 6,155 Plus: Acquisition-related expense — — 380 9,637 14,195 Plus: FDIC special assessment — — — — (16) Plus: FultonFirst implementation and asset disposals (207) (270) (47) 10,001 9,385 Less: Tax impact of adjustments (905) (1,064) (1,337) (5,360) (6,099) Operating net income (numerator) $ 103,859 $ 103,201 $ 98,016 $ 91,473 $ 93,855 Total average assets $ 31,924,038 $ 31,901,574 $ 31,971,601 $ 32,098,852 $ 31,895,235 Less: Average net core deposit intangible (65,999) (71,282) (77,039) (83,173) (89,350) Total operating average assets (denominator) $ 31,858,039 $ 31,830,292 $ 31,894,562 $ 32,015,679 $ 31,805,885 Operating return on average assets(1) 1.29 % 1.30 % 1.25 % 1.14 % 1.17 % Operating return on average common shareholders' equity (tangible) Net income available to common shareholders $ 97,892 $ 96,636 $ 90,425 $ 66,058 $ 60,644 Less: Other (738) (9) (122) (269) (677) Less: Gain on acquisition, net of tax — — — 2,689 7,706 Plus: Intangible amortization 5,368 5,460 6,269 6,282 6,287 Plus: Acquisition-related expense — — 380 9,637 14,195 Plus: FDIC special assessment — — — — (16) Plus: FultonFirst implementation and asset disposals (207) (270) (47) 10,001 9,385 Less: Tax impact of adjustments (929) (1,088) (1,361) (5,387) (6,127) Adjusted net income available to common shareholders (numerator) $ 101,386 $ 100,729 $ 95,544 $ 89,011 $ 91,397 Average shareholders' equity $ 3,361,368 $ 3,304,015 $ 3,254,125 $ 3,219,026 $ 3,160,322 Less: Average preferred stock (192,878) (192,878) (192,878) (192,878) (192,878) Less: Average goodwill and intangible assets (620,986) (626,383) (632,254) (638,507) (644,814) Average tangible common shareholders' equity (denominator) $ 2,547,504 $ 2,484,754 $ 2,428,993 $ 2,387,641 $ 2,322,630 Operating return on average common shareholders' equity (tangible)(1) 15.79 % 16.26 % 15.95 % 14.83 % 15.65 % Tangible common equity to tangible assets (TCE Ratio) Shareholders' equity $ 3,413,598 $ 3,329,246 $ 3,274,321 $ 3,197,325 $ 3,203,943 Less: Preferred stock (192,878) (192,878) (192,878) (192,878) (192,878) Less: Goodwill and intangible assets (618,361) (623,729) (629,189) (635,458) (641,739) Tangible common shareholders' equity (numerator) $ 2,602,359 $ 2,512,639 $ 2,452,254 $ 2,368,989 $ 2,369,326 Total assets $ 31,995,086 $ 32,040,448 $ 32,132,028 $ 32,071,810 $ 32,185,726 Less: Goodwill and intangible assets (618,361) (623,729) (629,189) (635,458) (641,739) Total tangible assets (denominator) $ 31,376,725 $ 31,416,719 $ 31,502,839 $ 31,436,352 $ 31,543,987 Tangible common equity to tangible assets 8.29 % 8.00 % 7.78 % 7.54 % 7.51 % (1) Results are annualized. Three months ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 2025 2025 2025 2024 2024 Efficiency ratio Non-interest expense $ 196,574 $ 192,811 $ 189,460 $ 216,615 $ 226,089 Less: Acquisition-related expense — — (380) (9,637) (14,195) Less: FDIC special assessment — — — — 16 Less: FultonFirst implementation and asset disposals 207 270 47 (10,001) (9,385) Less: Intangible amortization (5,368) (5,460) (6,269) (6,282) (6,287) Operating non-interest expense (numerator) $ 191,413 $ 187,621 $ 182,858 $ 190,695 $ 196,238 Net interest income $ 264,198 $ 254,921 $ 251,187 $ 253,659 $ 258,009 Tax equivalent adjustment 4,436 4,389 4,340 4,343 4,424 Plus: Total non-interest income 70,407 69,148 67,232 65,924 59,673 Less: Other revenue (138) (9) (122) (269) (677) Less: Gain on acquisition, net of tax — — — 2,689 7,706 Plus: Investment securities (gains) losses, net — — 2 — 1 Total revenue (denominator) $ 338,903 $ 328,449 $ 322,639 $ 326,346 $ 329,136 Efficiency ratio 56.5 % 57.1 % 56.7 % 58.4 % 59.6 % Operating non-interest expense to total average assets Non-interest expense $ 196,574 $ 192,811 $ 189,460 $ 216,615 $ 226,089 Less: Intangible amortization (5,368) (5,460) (6,269) (6,282) (6,287) Less: Acquisition-related expense — — (380) (9,637) (14,195) Less: FDIC special assessment — — — — 16 Less: FultonFirst implementation and asset disposals 207 270 47 (10,001) (9,385) Operating non-interest expense (numerator) $ 191,413 $ 187,621 $ 182,858 $ 190,695 $ 196,238 Total average assets (denominator) $ 31,924,038 $ 31,901,574 $ 31,971,601 $ 32,098,852 $ 31,895,235 Operating non-interest expenses to total average assets(1) 2.38 % 2.36 % 2.32 % 2.36 % 2.45 % (1) Results are annualized. Nine Months Ended Sep 30 Sep 30 2025 2024 Operating net income available to common shareholders Net income available to common shareholders $ 284,953 $ 212,436 Less: Other (869) (1,535) Plus Gain on acquisition, net of tax — (39,685) Plus: Loss on securities restructuring — 20,282 Plus: Core deposit intangible amortization 16,756 11,152 Plus: Acquisition-related expense 380 27,998 Plus: CECL Day 1 Provision — 23,444 Less: Gain on sale-leaseback — (20,266) Plus: FDIC special assessment — 940 Plus: FultonFirst implementation and asset disposals (524) 22,065 Less: Tax impact of adjustments (3,306) (17,657) Operating net income available to common shareholders (numerator) $ 297,390 $ 239,174 Weighted average shares (diluted) (denominator) 183,718 175,033 Operating net income available to common shareholders, per share(diluted) $ 1.62 $ 1.37 Media Contact: Lacey Dean (717) 735-8688Investor Contact: Matt Jozwiak (717) 327-2657SOURCE Fulton Financial Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Fulton Financial Corporation Announces 2025 Third Quarter Results

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