Fulton Financial Corp.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 21 October 2025: press release. The quarter’s numbers.

Key takeaways

Operating earnings $0.55 per diluted share: The company reported net income available to common shareholders of $97.9 million, or $0.53 per diluted share, up $1.3 million from the second quarter. Operating net income was $101.3 million, or $0.55 per diluted share. Source
Net interest income rose $9.3 million: Net interest income was $264.2 million. Higher interest income on net loans and lower interest expense on borrowings were partly offset by higher interest expense on deposits. Source
Net interest margin reached 3.57%: Net interest margin was 3.57%, up from 3.47% in the second quarter. Total cost of funds fell four basis points to 2.09%. Source
Deposits rose $194.4 million: Deposits were $26.3 billion, compared with $26.1 billion at June 30, 2025. Source
Provision of $10.2 million: The provision for credit losses was $10.2 million. The allowance on net loans was $376.3 million, or 1.57% of total net loans, essentially unchanged from June 30. Source
CET1 ratio rose to about 11.5%: Common equity tier 1 capital ratio was approximately 11.5%, up from 11.3% in the prior quarter. Source
Repurchased 1.65 million shares: The company repurchased 1,650,000 shares for $30.8 million, an average of $18.67 per share, under the 2025 program. Source

“We're proud to announce record operating net income surpassing $101 million, or $0.55 per diluted share, during the third quarter”
Curtis J. Myers, Chairman and CEO

Results and growth drivers

Operating earnings $0.55 per diluted share: The company reported net income available to common shareholders of $97.9 million, or $0.53 per diluted share, up $1.3 million from the second quarter. Operating net income was $101.3 million, or $0.55 per diluted share. Source
Nine-month net income higher year on year: Net income available to common shareholders for the nine months ended September 30, 2025 was $285.0 million, or $1.55 per diluted share. Source
Nine-month operating EPS up $0.25: Operating net income for the nine months ended September 30, 2025 was $297.4 million, or $1.62 per diluted share, an increase of $0.25 per diluted share over the 2024 period. Source

Net interest income and margin

Net interest income rose $9.3 million: Net interest income was $264.2 million. Higher interest income on net loans and lower interest expense on borrowings were partly offset by higher interest expense on deposits. Source
Net interest margin reached 3.57%: Net interest margin was 3.57%, up from 3.47% in the second quarter. Total cost of funds fell four basis points to 2.09%. Source
Acquisition loan mark accretion increased: Purchase loan mark accretion on loans acquired in the Republic Bank acquisition was $12.7 million, compared with $11.4 million in the second quarter. Source

“Our continued success is a result of our focus on serving as trusted advisors to our customers and deepening our customer relationships.”
Curtis J. Myers, Chairman and CEO

Non-interest income drivers

Wealth management revenue rose: Non-interest income was $70.4 million, up $1.3 million. Wealth management revenue rose $0.4 million. Source
Overdraft and card fees increased: Overdraft fee income rose $0.3 million and consumer card income rose $0.3 million in the quarter. Source
Loan sale gain lifted other income: Other non-interest income rose $0.8 million, mainly on a $1.1 million gain on loan sales. Income from equity method investments fell $0.3 million. Source

Costs and efficiency

Non-interest expense rose $3.8 million: Non-interest expense was $196.6 million. Operating non-interest expense was $191.4 million, up $3.8 million. Source
Incentive pay and extra day raised salaries: Salaries and employee benefits rose $4.1 million, mainly on higher incentive compensation and one extra calendar day in the quarter. Source
Severance cost included in salaries: Salaries and employee benefits included $0.5 million of employee severance expense. Source
Efficiency ratio improved to 56.5%: Efficiency ratio was 56.5%, compared with 57.1% in the second quarter and 59.6% in the third quarter of 2024. Source

Loans and deposits

Net loans essentially unchanged: Net loans were $24.0 billion, up $29.0 million from June 30, 2025. Source
Consumer loans grew $115.4 million: The increase in net loans reflected consumer loan growth of $115.4 million. Source
Commercial and other loans declined: Commercial and other loans decreased $86.4 million during the quarter. Source
Deposits rose $194.4 million: Deposits were $26.3 billion, compared with $26.1 billion at June 30, 2025. Source
Municipal and savings balances drove deposits: Interest-bearing demand deposits rose $442.3 million, tied to seasonal municipal deposit trends, and savings deposits rose $145.8 million. Noninterest-bearing demand deposits fell $201.6 million. Source

Asset quality and credit provision

Provision of $10.2 million: The provision for credit losses was $10.2 million. The allowance on net loans was $376.3 million, or 1.57% of total net loans, essentially unchanged from June 30. Source
Non-performing assets declined: Non-performing assets were $201.0 million, or 0.63% of total assets, down from $215.6 million, or 0.67%, at June 30. Source
Net charge-offs eased to 0.18%: Annualized net charge-offs were 0.18% of average loans, compared with 0.20% in the second quarter. Source

Capital, cash and shareholder returns

CET1 ratio rose to about 11.5%: Common equity tier 1 capital ratio was approximately 11.5%, up from 11.3% in the prior quarter. Source
Third-quarter capital ratios preliminary: The company said the September 30, 2025 regulatory capital ratios are preliminary estimates, while prior periods are actual. Source
Repurchased 1.65 million shares: The company repurchased 1,650,000 shares for $30.8 million, an average of $18.67 per share, under the 2025 program. Source
$85.6 million left under program: The amount of common stock that may still be repurchased under the 2025 program was $85.6 million at September 30, 2025. Source
Up to $25 million for debt and preferred: Up to $25 million of the $125 million authorization may be used to repurchase preferred stock and subordinated notes due 2030. Source

Coming up, as management said on 21 October 2025

Repurchase program ends December 31: The 2025 Repurchase Program covers up to $125 million of common stock buybacks from January 1 to December 31, 2025, and may be discontinued at any time. Source

Figures management reported

Figure	Reported
Net interest margin Source	3.57%
Net interest income Source	$264.2 million
Loans Source	$24.0 billion net loans
Deposits Source	$26.3 billion
Provision for credit losses Source	$10.2 million
Net charge-offs Source	0.18%
Nonperforming assets Source	$201.0 million, 0.63% of total assets
CET1 ratio Source	approximately 11.5%
Efficiency ratio Source	56.5%

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

FULTON FINANCIAL

CORPORATION

Fulton Financial Corporation Announces 2025 Third Quarter Results

(October 21, 2025) - Lancaster, PA - 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, or $0.55 per diluted share, an increase of $0.7 million in comparison to the second quarter of 2025.

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, or $1.62 per diluted share, 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 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 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 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 Acquisitionwas $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, partially offset by a decrease of $86.4 million in commercial and other loans.
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.

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.

Regulatory capital ratios as of September 30, 2025, are preliminary estimates and prior periods are actual.

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.

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.

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.

	Three months ended
	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
	2025		2025		2025		2024		2024
FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands, except per share and shares data)
Ending Balances
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
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		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	$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)	$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
Includes related unrealized holding gains (losses) for available for sale ("AFS") securities.
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 to total loans	1.57%	1.57%	1.59%	1.58%	1.56%
ACL - loans 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	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)	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	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	2.38%	2.36%	2.32%	2.36%	2.45%
Capital Ratios
Tangible common equity ratio ("TCE")	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%
"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.
Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
Regulatory capital ratios as of September 30, 2025 are preliminary estimates and prior periods are actual.

	Sep 30	Jun 30	Mar 31	Dec 31	Sep 30
	2025	2025	2025	2024	2024
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	(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
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
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	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
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
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
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
ASSETS
LIABILITIES AND SHAREHOLDERS' EQUITY
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
Deposits, by type:
Borrowings, by type:
"ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
Includes equipment lease financing, overdraft and net origination fees and costs.

		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
	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
	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
	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
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share and share data)
Net Interest Income:
Non-Interest Income:
Non-Interest Expense:

		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 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
PER SHARE:

		Three months ended
		September 30, 2025			June 30, 2025			September 30, 2024
		Average		Yield/	Average		Yield/	Average		Yield/
		Balance	Interest	Rate	Balance	Interest	Rate	Balance	Interest	Rate
	Net loans	$24,020,322	$358,443	5.93%	$23,899,742	$349,490	5.86%	$24,147,801	$376,160	6.20%
	Investment securities	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%
	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	(380,894)			(384,956)			(377,807)
	Total Assets	$31,924,038			$31,901,574			$31,895,235
	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%
	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
	Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
	Average balances include non-performing loans.
	Average balances include amortized historical cost for AFS securities; the related unrealized holding gains (losses) are included in other assets.
	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
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
ASSETS
Interest-earning assets:
Noninterest-earning assets:
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Noninterest-bearing liabilities:

		Three months ended
		Sep 30	Jun 30	Mar 31	Dec 31	Sep 30
		2025	2025	2025	2024	2024
	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	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
	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
	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
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Loans, by type:
Deposits, by type:
Borrowings, by type:
Includes equipment lease financing, overdraft and net origination fees and costs.

		Nine months ended September 30
		2025			2024
		Average		Yield/	Average		Yield/
		Balance	Interest	Rate	Balance	Interest	Rate
	Net loans	$23,975,693	$1,055,558	5.88%	$22,918,845	$1,045,573	6.09%
	Investment securities	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%
	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	(383,776)			(353,567)
	Total Assets	$31,932,239			$30,117,693
	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%
	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
	Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
	Average balances include non-performing loans.
	Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets.
	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
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
ASSETS
Interest-earning assets:
Noninterest-Earning assets:
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Noninterest-Bearing liabilities:

		Nine months ended September 30
		2025	2024
	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	319,258	325,185
	Total Net Loans	$23,975,693	$22,918,845
	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
	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
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Loans, by type:
Deposits, by type:
Borrowings, by type:
Includes equipment lease financing, overdraft and net origination fees and costs.

		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
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
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		-		-		-		-		-	-		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		(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		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			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		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		$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		1,320		2,060		2,573		12,017		9,927
	Total non-performing loans		$198,734		$212,891		$196,793		$220,074		$202,147
The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income.
Includes equipment lease financing, overdraft and net origination fees and costs.
Quarterly results are annualized.

	Three months ended
	Sep 30	Jun 30	Mar 31	Dec 31	Sep 30
	2025	2025	2025	2024	2024
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:
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	1.29%	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)	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		2.38%		2.36%		2.32%	2.36%	2.45%
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	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

Contacts
Lacey Dean (717) 735-8688
Matt Jozwiak (717) 327-2657