Fulton Financial Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 21 January 2026: press release. Guidance figures: 1 raised. The quarter’s numbers.

Key takeaways

Fourth-quarter net income slightly lower: Net income available to common shareholders was $96.4 million, or $0.53 per diluted share, down $1.5 million from the third quarter, while diluted EPS was $0.53 in both quarters. Source
Lower funding costs lifted net interest income: Net interest income rose $1.8 million, as deposit interest expense fell $5.9 million and borrowing interest expense fell $3.6 million, partly offset by lower loan and investment interest income. Source
Expenses rose on incentive pay: Non-interest expense rose $16.4 million to $213.0 million, mainly from higher salaries and benefits, including $7.5 million more incentive compensation and $1.0 million more healthcare. Source
Deposit growth led by brokered: Deposits rose $256.9 million, led by brokered deposits up $145.4 million and noninterest-bearing demand up $119.9 million; interest-bearing demand and time deposits declined. Source
Provision fell on a recovery: The provision fell from $10.2 million in the third quarter, and included a $5.0 million loan recovery adjustment on a loan acquired in the Acquisition. Source
Buybacks in fourth quarter: The company repurchased 1,082,678 shares for $19.9 million, averaging $18.34 per share; $59.0 million had been repurchased under the 2025 program at year-end. Source

“The strength of our strategy and the dedication of our team combined to generate a 17% increase in our operating diluted earnings per share,”
Curtis J. Myers, Fulton Chairman, CEO and President

Guidance

Area	Period	Figure	Against last quarter
Share repurchases Source	January 1, 2026 to January 31, 2027	up to $150 million	Raised from $125 million

What changed from last quarter

New: The Board approved a 2026 share repurchase program on December 16, 2025, following the 2025 program that expired at year-end. Source

Quarterly and full-year earnings

Fourth-quarter net income slightly lower: Net income available to common shareholders was $96.4 million, or $0.53 per diluted share, down $1.5 million from the third quarter, while diluted EPS was $0.53 in both quarters. Source
Full-year 2025 earnings rose: For 2025, net income available to common shareholders was $381.4 million, or $2.08 per diluted share, up $0.51 per diluted share from 2024. Source
Operating net income edged lower: Operating net income available to common shareholders was $99.4 million in the fourth quarter, a $1.9 million decrease from the third quarter, reported as a non-GAAP measure. Source
Stated focus on trusted advisors: In the third-quarter release, management described its focus as serving customers as trusted advisors and deepening customer relationships.

Net interest income and margin

Lower funding costs lifted net interest income: Net interest income rose $1.8 million, as deposit interest expense fell $5.9 million and borrowing interest expense fell $3.6 million, partly offset by lower loan and investment interest income. Source
Loan mark accretion declined: Purchase loan mark accretion from the Acquisition was $10.5 million in the fourth quarter, down from $12.7 million in the third quarter. Source
Cost of funds fell 13 basis points: Total cost of funds decreased 13 basis points from the prior quarter, which the company cited alongside its margin result. Source

“In 2025, we delivered value to customers, expanded our team and customer base, and generated solid financial performance.”
Curtis J. Myers, Fulton Chairman, CEO and President

Fee income and operating costs

Expenses rose on incentive pay: Non-interest expense rose $16.4 million to $213.0 million, mainly from higher salaries and benefits, including $7.5 million more incentive compensation and $1.0 million more healthcare. Source
Occupancy and data processing costs rose: Operating non-interest expense rose $12.7 million to $204.1 million; net occupancy rose $1.6 million, largely on snow removal and maintenance, and data processing and software rose $1.2 million. Source
Non-interest income dipped slightly: Non-interest income was $70.0 million, down $0.4 million: equity-method income fell $1.7 million and a prior-quarter $1.1 million commercial loan sale gain did not recur, while wealth revenue rose $1.2 million. Source

Loans and deposits

Loan growth came from consumer: Growth in net loans came from consumer loans, up $73.4 million, and commercial loans, up $30.0 million, while commercial construction loans fell $158.4 million. Source
Deposit growth led by brokered: Deposits rose $256.9 million, led by brokered deposits up $145.4 million and noninterest-bearing demand up $119.9 million; interest-bearing demand and time deposits declined. Source
FHLB advances reduced: Federal Home Loan Bank advances were $250.0 million at December 31, down from $450.0 million at September 30. Source

Credit quality and provision

Provision fell on a recovery: The provision fell from $10.2 million in the third quarter, and included a $5.0 million loan recovery adjustment on a loan acquired in the Acquisition. Source
Allowance coverage eased: The allowance on net loans was $364.5 million, or 1.51% of total net loans, down from 1.57% at September 30. Source
Net charge-offs rose: Net charge-offs were $14.3 million, up from $10.9 million in the third quarter, driven by commercial real estate charge-offs of $14.1 million. Source
Non-performing assets declined: Non-performing assets declined from $201.0 million at September 30, as commercial real estate non-performing loans fell $12.8 million. Source

Capital, cash and shareholder returns

Buybacks in fourth quarter: The company repurchased 1,082,678 shares for $19.9 million, averaging $18.34 per share; $59.0 million had been repurchased under the 2025 program at year-end. Source
Tangible equity ratio improved: Tangible common equity to tangible assets was 8.52%, up from 8.29%; tangible book value per share was $14.92, up from $14.39. Source
Regulatory ratios still preliminary: Regulatory capital ratios at December 31 are preliminary estimates, while prior periods are actual, according to the company. Source
Quarterly cash dividend rose: Cash dividends were $0.19 per share in the fourth quarter, up from $0.18 in each of the three prior quarters of 2025. Source

Coming up, as management said on 21 January 2026

Repurchase channels under the 2026 program: Purchases under the 2026 program may be made from time to time in open market, privately negotiated or accelerated repurchase transactions, subject to market conditions. Source

Figures management reported

Figure	Reported
Net interest margin Source	3.59%
Net interest income Source	$266.0 million
Loans and loan growth Source	$24.1 billion net loans, up $103.4 million from September 30, 2025
Deposits Source	$26.6 billion
Deposit costs Source	1.86%
Provision for credit losses Source	$2.9 million
Net charge-offs Source	0.24% annualized
Nonperforming assets Source	$185.2 million, 0.58% of total assets
CET1 ratio Source	11.8%
Efficiency ratio Source	60.0%

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 Fourth Quarter and Full-Year Results

(January 21, 2026) - Lancaster, PA - Fulton Financial Corporation (NASDAQ: FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $96.4 million, or $0.53 per diluted share, for the fourth quarter of 2025, a decrease of $1.5 million in comparison to the third quarter of 2025. Operating net income available to common shareholders for the three months ended December 31, 2025 was $99.4 million, or $0.55 per diluted share, a decrease of $1.9 million in comparison to the third quarter of 2025.

Net income available to common shareholders for the year ended December 31, 2025 was $381.4 million, or $2.08 per diluted share, an increase of $102.9 million, or $0.51 per diluted share, in comparison to the year ended December 31, 2024. Operating net income available to common shareholders for the year ended December 31, 2025, was $396.8 million, or $2.16 per diluted share, an increase of $68.7 million, or $0.31 per diluted share, in comparison to the year ended December 31, 2024.

"The strength of our strategy and the dedication of our team combined to generate a 17% increase in our operating diluted earnings per share," said Curtis J. Myers, Fulton Chairman, CEO and President. "In 2025, we delivered value to customers, expanded our team and customer base, and generated solid financial performance."

Financial Highlights

Fourth quarter of 2025 operating results of $0.55 per diluted share were impacted by the following items:

Solid net interest margin of 3.59%, with a 13 basis point decrease in total cost of funds compared to the prior quarter.
Non-interest income decreased $0.4 million to $70.0 million compared to $70.4 million in the prior quarter.
Non-interest expense increased $16.4 million to $213.0 million compared to $196.6 million in the prior quarter. Operating non-interest expense increased $12.7 million to $204.1 million compared to $191.4 million in the prior quarter.
Provision for credit losses was $2.9 million resulting in an allowance for credit losses attributable to net loans of $364.5 million, or 1.51% of total net loans as of December 31, 2025.
Common equity tier 1 capital ratio increased to approximately 11.8% compared to 11.6% in the prior quarter.
During the fourth quarter of 2025, 1,082,678 shares of the Corporation's common stock were repurchased under the 2025 Repurchase Program at a cost of $19.9 million or an average of $18.34 per share. The Corporation repurchased $59.0 million of common stock under the 2025 Repurchase Program as of December 31, 2025.
On December 16, 2025, the Corporation announced that its Board of Directors approved the 2026 Repurchase Program. Under the 2026 Repurchase Program, the Corporation is authorized to repurchase up to $150 million of shares of its common stock and certain other securities.

The following items highlight notable changes in the components of net income in the fourth quarter of 2025 compared to the third quarter of 2025:

Net interest income totaled $266.0 million, an increase of $1.8 million. A $5.9 million decrease in interest expense on deposits, a $3.6 million decrease in interest expense on other borrowings and other interest-bearing liabilities and a $1.3 million increase in interest income on other interest-earning assets were partially offset by decreases of $6.4 million in interest income on net loans and $2.4 million in interest income on investments securities. Purchase loan mark accretion from loans acquired in the Acquisitionwas $10.5 million in the fourth quarter of 2025 compared to $12.7 million in the prior quarter.
Non-interest income before investment securities gains (losses) was $70.0 million compared to $70.4 million in the prior quarter. The $0.4 million decrease was primarily due to a decrease of $1.7 million in income from equity method investments and a $1.1 million gain on sale of commercial loans in the prior quarter, both reflected in other non-interest income, which were partially offset by increases of $1.2 million in wealth management revenues, $0.9 million in commercial customer derivative fee income, reflected in capital markets income, and $0.6 million in small business administration income, reflected in other commercial banking income.
Non-interest expense was $213.0 million compared to $196.6 million in the prior quarter. The $16.4 million increase in non-interest expense was primarily due to a $10.4 million increase in salaries and employee benefits expense largely due to increases of $7.5 million in incentive compensation expense, $1.0 million in employee healthcare expense and $0.6 million in employee severance expense. Additionally, increases of $1.6 million in net occupancy expense largely due to snow removal and maintenance costs, and $1.2 million in data processing and software expense contributed to the increase in non-interest expense.

Balance Sheet Summary

Total net loans totaled $24.1 billion, an increase of $103.4 million, compared to $24.0 billion as of September 30, 2025. The increase was largely due to increases of $73.4 million in consumer loansand $30.0 million in commercial loans.
Deposits totaled $26.6 billion, an increase of $256.9 million, compared to $26.3 billion as of September 30, 2025. The increase was primarily due to increases of $145.4 million in brokered deposits, $119.9 million in noninterest-bearing demand deposits and $95.2 million in savings deposits, partially offset by decreases of $65.2 million in interest-bearing demand deposits and $38.3 million in time deposits.

Provision for Credit Losses and Asset Quality

The provision for credit losses was $2.9 million in the fourth quarter of 2025, resulting in a $364.5 million allowance for credit losses attributable to net loans, or 1.51% of total net loans as of December 31, 2025, compared to $376.3 million, or 1.57% of total net loans as of September 30, 2025.
Non-performing assets were $185.2 million, or 0.58% of total assets, as of December 31, 2025, in comparison to $201.0 million, or 0.63% of total assets, as of September 30, 2025.
Annualized net charge-offs for the fourth quarter of 2025 were 0.24% of total average loans in comparison to 0.18% 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 December 31, 2025, are preliminary estimates and prior periods are actual.

The 2025 Repurchase Program represented 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 could 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 were 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 2026 Repurchase Program represents the authorization, commencing on January 1, 2026 and expiring on January 31, 2027, to repurchase up to $150 million, excluding fees, commissions, excise tax and other ancillary expenses, of the Corporation’s common stock. Under this authorization, up to $25 million of the $150 million authorization may be used to repurchase the Corporation’s preferred stock, outstanding subordinated notes due 2030 or outstanding subordinated notes due 2035. 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 2026 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2026 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 $158.4 million, reflected in real estate - construction. Consumer loans include real estate - residential mortgage, real estate - home equity, consumer and includes a decrease of $6.1 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, September 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), including, without limitation, the Cautionary Note Regarding Forward-Looking Statements set forth in the Current Report on Form 8-K filed by the Corporation on November 25, 2025.

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
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
	2025		2025		2025		2025		2024
FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands, except per share and shares data)
Ending Balances
Investment securities		$4,833,744		$5,045,270		$5,093,027		$5,071,323		$4,806,468
Net loans		24,144,884		24,041,489		24,012,539		23,862,574		24,044,919
Total assets		32,118,400		31,995,086		32,040,448		32,132,028		32,071,810
Deposits		26,589,407		26,332,490		26,138,067		26,328,972		26,129,433
Shareholders' equity		3,490,447		3,413,598		3,329,246		3,274,321		3,197,325
Average Balances
Investment securities		4,921,669		5,025,072		5,084,371		4,906,952		4,771,537
Net loans		24,053,089		24,020,322		23,899,743		24,006,863		24,068,784
Total assets		32,013,163		31,924,038		31,901,574		31,971,601		32,098,852
Deposits		26,537,659		26,298,680		26,125,602		26,169,883		26,313,378
Shareholders' equity		3,464,539		3,361,368		3,304,015		3,254,125		3,219,026
Income Statement
Net interest income	266,042		264,198		254,921		251,187		253,659
Provision for credit losses	2,948		10,245		8,607		13,898		16,725
Non-interest income	69,980		70,407		69,148		67,232		65,924
Non-interest expense	212,986		196,574		192,811		189,460		216,615
Income before taxes	120,088		127,786		122,651		115,061		86,243
Net income available to common shareholders	96,408		97,892		96,636		90,425		66,058
Per Share
Net income available to common shareholders (basic)	$0.53		$0.54		$0.53		$0.50		$0.36
Net income available to common shareholders (diluted)	$0.53		$0.53		$0.53		$0.49		$0.36
Operating net income available to common shareholders	$0.55		$0.55		$0.55		$0.52		$0.48
Cash dividends	$0.19		$0.18		$0.18		$0.18		$0.18
Common shareholders' equity	$18.33		$17.81		$17.20		$16.91		$16.50
Common shareholders' equity (tangible)	$14.92		$14.39		$13.78		$13.46		$13.01
Weighted average shares (basic)	180,405		181,658		182,261		182,179		182,032
Weighted average shares (diluted)	182,197		183,349		183,813		184,077		183,867
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
	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
	2025	2025	2025	2025	2024
Asset Quality
Net charge-offs to average loans (annualized)	0.24%	0.18%	0.20%	0.21%	0.22%
Non-performing loans to total net loans	0.76%	0.83%	0.89%	0.82%	0.92%
Non-performing assets to total assets	0.58%	0.63%	0.67%	0.62%	0.69%
ACL - loans to total loans	1.51%	1.57%	1.57%	1.59%	1.58%
ACL - loans to non-performing loans	198%	189%	177%	193%	172%
Profitability
Return on average assets	1.23%	1.25%	1.25%	1.18%	0.85%
Operating return on average assets	1.27%	1.29%	1.30%	1.25%	1.14%
Return on average common shareholders' equity	11.69%	12.26%	12.46%	11.98%	8.68%
Operating return on average common shareholders' equity (tangible)	14.86%	15.79%	16.26%	15.95%	14.83%
Net interest margin	3.59%	3.57%	3.47%	3.43%	3.41%
Efficiency ratio	60.0%	56.5%	57.1%	56.7%	58.4%
Non-interest expense to total average assets	2.64%	2.44%	2.42%	2.40%	2.68%
Operating non-interest expense to total average assets	2.53%	2.38%	2.36%	2.32%	2.36%
Capital Ratios
Tangible common equity ratio ("TCE")	8.5%	8.3%	8.0%	7.8%	7.5%
Tier 1 leverage ratio	9.7%	9.6%	9.4%	9.2%	9.0%
Common equity Tier 1 capital ratio	11.8%	11.6%	11.3%	11.1%	10.8%
Tier 1 risk-based capital ratio	12.6%	12.4%	12.1%	11.9%	11.5%
Total risk-based capital ratio	15.2%	15.0%	14.7%	14.5%	14.3%
"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 December 31, 2025 are preliminary estimates and prior periods are actual.

	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
	2025	2025	2025	2025	2024
Cash and due from banks	$271,463	$307,267	$362,280	$388,503	$279,041
Other interest-earning assets	911,155	643,111	583,899	778,117	924,404
Loans held for sale	16,316	19,875	23,281	15,965	25,618
Investment securities	4,833,744	5,045,270	5,093,027	5,071,323	4,806,468
Net loans	24,144,884	24,041,489	24,012,539	23,862,574	24,044,919
Less: ACL - loans	(364,462)	(376,258)	(377,337)	(379,677)	(379,156)
Loans, net	23,780,422	23,665,231	23,635,202	23,482,897	23,665,763
Net premises and equipment	175,240	178,644	184,290	186,873	195,527
Accrued interest receivable	113,698	114,003	117,130	116,215	117,029
Goodwill and intangible assets	612,996	618,361	623,729	629,189	635,458
Other assets	1,403,366	1,403,324	1,417,610	1,462,946	1,422,502
Total Assets	$32,118,400	$31,995,086	$32,040,448	$32,132,028	$32,071,810
Deposits	$26,589,407	$26,332,490	$26,138,067	$26,328,972	$26,129,433
Borrowings	1,297,375	1,471,961	1,773,900	1,657,200	1,782,048
Other liabilities	741,171	777,037	799,235	871,535	963,004
Total Liabilities	28,627,953	28,581,488	28,711,202	28,857,707	28,874,485
Shareholders' equity	3,490,447	3,413,598	3,329,246	3,274,321	3,197,325
Total Liabilities and Shareholders' Equity	$32,118,400	$31,995,086	$32,040,448	$32,132,028	$32,071,810
Real estate - commercial mortgage	$9,820,944	$9,734,156	$9,678,038	$9,676,517	$9,601,858
Commercial and industrial	4,539,060	4,437,905	4,541,765	4,531,266	4,605,589
Real estate - residential mortgage	6,669,993	6,617,017	6,511,687	6,409,657	6,349,643
Real estate - home equity	1,242,831	1,214,399	1,193,410	1,170,470	1,160,616
Real estate - construction	970,298	1,134,748	1,155,099	1,175,445	1,394,899
Consumer	564,349	566,291	583,949	597,305	616,856
Leases and other loans	337,409	336,973	348,591	301,914	315,458
Total Net Loans	$24,144,884	$24,041,489	$24,012,539	$23,862,574	$24,044,919
Noninterest-bearing demand	$5,256,096	$5,136,210	$5,337,771	$5,435,934	$5,499,760
Interest-bearing demand	7,970,188	8,035,393	7,593,083	7,804,388	7,843,604
Savings	8,512,829	8,417,678	8,271,925	8,208,526	7,792,114
Total demand and savings	21,739,113	21,589,281	21,202,779	21,448,848	21,135,478
Brokered	855,042	709,667	817,398	738,458	843,857
Time	3,995,252	4,033,542	4,117,890	4,141,666	4,150,098
Total Deposits	$26,589,407	$26,332,490	$26,138,067	$26,328,972	$26,129,433
Federal Home Loan Bank advances	$250,000	$450,000	$800,000	$750,000	$850,000
Senior debt and subordinated debt	367,637	367,557	367,476	367,396	367,316
Other borrowings	679,738	654,404	606,424	539,804	564,732
Total Borrowings	$1,297,375	$1,471,961	$1,773,900	$1,657,200	$1,782,048
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					Year ended
		Dec 31	Sep 30	Jun 30	Mar 31	Dec 31	Dec 31
		2025	2025	2025	2025	2024	2025	2024
	Interest income	$403,416	$411,006	$402,761	$399,692	$414,368	$1,616,874	$1,582,196
	Interest expense	137,374	146,808	147,840	148,505	160,709	580,527	621,871
	Net Interest Income	266,042	264,198	254,921	251,187	253,659	1,036,347	960,325
	Provision for credit losses	2,948	10,245	8,607	13,898	16,725	35,698	71,636
	Net Interest Income after Provision	263,094	253,953	246,314	237,289	236,934	1,000,649	888,689
	Wealth management	23,879	22,639	22,281	21,785	22,002	90,584	84,743
	Commercial banking:
	Merchant and card	6,847	7,327	7,376	6,591	7,082	28,141	29,186
	Cash management	8,374	8,335	8,376	7,799	7,633	32,884	28,106
	Capital markets	3,730	2,908	2,945	2,411	2,797	11,995	11,033
	Other commercial banking	5,162	4,595	4,734	4,528	4,942	19,018	16,657
	Total commercial banking	24,113	23,165	23,431	21,329	22,454	92,038	84,982
	Consumer banking:
	Card	8,366	8,246	7,958	7,544	8,064	32,114	30,914
	Overdraft	4,109	4,153	3,817	3,295	3,644	15,373	13,764
	Other consumer banking	2,967	2,775	2,753	2,229	2,601	10,725	10,826
	Total consumer banking	15,442	15,174	14,528	13,068	14,309	58,212	55,504
	Mortgage banking	3,636	3,711	3,991	3,138	3,759	14,477	13,943
	Gain on acquisition, net of tax	-	-	-	-	(2,689)	-	36,996
	Other	2,910	5,718	4,917	7,914	6,089	21,457	19,846
	Non-interest income before investment securities (losses) gains	69,980	70,407	69,148	67,234	65,924	276,768	296,014
	Investment securities (losses) gains, net	-	-	-	(2)	-	(2)	(20,283)
	Total Non-Interest Income	69,980	70,407	69,148	67,232	65,924	276,766	275,731
	Salaries and employee benefits	121,632	111,265	107,123	103,526	107,886	443,546	432,821
	Data processing and software	19,695	18,535	18,262	18,599	19,550	75,091	77,882
	Net occupancy	17,554	15,954	16,410	18,207	16,417	68,125	69,359
	Other outside services	13,105	12,951	12,009	11,837	14,531	49,902	60,586
	Intangible amortization	5,365	5,368	5,460	6,269	6,282	22,462	17,830
	FDIC insurance	4,540	5,089	4,951	5,597	5,921	20,178	23,829
	Equipment	4,001	3,926	4,100	4,150	4,388	16,176	17,850
	Professional fees	2,088	2,320	2,163	(1,078)	3,387	5,493	10,857
	Marketing	1,694	2,470	2,604	2,521	2,695	9,288	8,958
	Acquisition-related expenses	802	-	-	380	9,637	1,182	37,635
	Other	22,510	18,696	19,729	19,452	25,921	80,386	62,184
	Total Non-Interest Expense	212,986	196,574	192,811	189,460	216,615	791,829	819,791
	Income Before Income Taxes	120,088	127,786	122,651	115,061	86,243	485,586	344,629
	Income tax expense	21,118	27,332	23,453	22,074	17,623	93,977	55,886
	Net Income	98,970	100,454	99,198	92,987	68,620	391,609	288,743
	Preferred stock dividends	(2,562)	(2,562)	(2,562)	(2,562)	(2,562)	(10,248)	(10,248)
	Net Income Available to Common Shareholders	$96,408	$97,892	$96,636	$90,425	$66,058	$381,361	$278,495
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					Year ended
		Dec 31	Sep 30	Jun 30	Mar 31	Dec 31	Dec 31
		2025	2025	2025	2025	2024	2025	2024
	Net income available to common shareholders (basic)	$0.53	$0.54	$0.53	$0.50	$0.36	$2.10	$1.59
	Net income available to common shareholders (diluted)	$0.53	$0.53	$0.53	$0.49	$0.36	$2.08	$1.57
	Cash dividends	$0.19	$0.18	$0.18	$0.18	$0.18	$0.73	$0.69
	Weighted average shares (basic)	180,405	181,658	182,261	182,179	182,032	181,621	175,523
	Weighted average shares (diluted)	182,197	183,349	183,813	184,077	183,867	183,289	177,223
PER SHARE:

		Three months ended
		December 31, 2025			September 30, 2025			December 31, 2024
		Average		Yield/	Average		Yield/	Average		Yield/
		Balance	Interest	Rate	Balance	Interest	Rate	Balance	Interest	Rate
	Net loans	$24,053,089	$352,014	5.82%	$24,020,322	$358,443	5.93%	$24,068,784	$360,642	5.97%
	Investment securities	5,159,396	47,007	3.64%	5,330,905	49,442	3.70%	5,033,765	44,616	3.54%
	Other interest-earning assets	820,025	8,811	4.27%	622,832	7,557	4.83%	1,086,536	13,453	4.93%
	Total Interest-Earning Assets	30,032,510	407,832	5.40%	29,974,059	415,442	5.51%	30,189,085	418,711	5.53%
	Cash and due from banks	284,768			312,578			288,867
	Premises and equipment	178,194			181,116			183,801
	Other assets	1,898,152			1,837,179			1,816,421
	Less: ACL - loans	(380,461)			(380,894)			(379,322)
	Total Assets	$32,013,163			$31,924,038			$32,098,852
	Demand deposits	$7,984,980	$33,831	1.68%	$7,876,227	$36,369	1.83%	$7,838,590	$37,952	1.93%
	Savings deposits	8,519,075	47,219	2.20%	8,391,379	48,237	2.28%	7,806,303	47,280	2.41%
	Brokered deposits	803,755	8,325	4.11%	694,486	7,689	4.39%	877,526	10,619	4.81%
	Time deposits	3,986,459	34,996	3.48%	4,097,195	37,942	3.67%	4,232,849	46,023	4.33%
	Total Interest-Bearing Deposits	21,294,269	124,371	2.32%	21,059,287	130,237	2.45%	20,755,268	141,874	2.72%
	Borrowings and other interest-bearing liabilities	1,345,837	13,003	3.83%	1,564,996	16,571	4.20%	1,847,431	18,835	4.06%
	Total Interest-Bearing Liabilities	22,640,106	137,374	2.41%	22,624,283	146,808	2.57%	22,602,699	160,709	2.83%
	Demand deposits	5,243,390			5,239,393			5,558,110
	Other liabilities	665,128			698,994			719,017
	Total Liabilities	28,548,624			28,562,670			28,879,826
	Total Deposits	26,537,659		1.86%	26,298,680		1.96%	26,313,378		2.14%
	Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)	27,883,496		1.96%	27,863,676		2.09%	28,160,809		2.27%
	Shareholders' equity	3,464,539			3,361,368			3,219,026
	Total Liabilities and Shareholders' Equity	$32,013,163			$31,924,038			$32,098,852
	Net interest income/net interest margin (fully taxable equivalent)		270,458	3.59%		268,634	3.57%		258,002	3.41%
	Tax equivalent adjustment		(4,416)			(4,436)			(4,343)
	Net Interest Income		$266,042			$264,198			$253,659
	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
		Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
		2025	2025	2025	2025	2024
	Real estate - commercial mortgage	$9,785,717	$9,721,395	$9,652,320	$9,655,283	$9,595,996
	Commercial and industrial	4,473,522	4,494,662	4,530,085	4,608,401	4,730,101
	Real estate - residential mortgage	6,646,318	6,560,413	6,448,443	6,367,978	6,319,205
	Real estate - home equity	1,223,293	1,191,465	1,179,109	1,160,713	1,116,665
	Real estate - construction	1,014,343	1,125,130	1,172,138	1,296,090	1,312,245
	Consumer	577,136	590,658	599,505	615,741	665,261
	Leases and other loans	332,760	336,599	318,142	302,657	329,311
	Total Net Loans	$24,053,089	$24,020,322	$23,899,742	$24,006,863	$24,068,784
	Noninterest-bearing demand	$5,243,390	$5,239,393	$5,303,997	$5,412,063	$5,558,110
	Interest-bearing demand	7,984,980	7,876,227	7,800,881	7,753,586	7,838,590
	Savings	8,519,075	8,391,379	8,219,637	7,971,728	7,806,303
	Total demand and savings	21,747,445	21,506,999	21,324,515	21,137,377	21,203,003
	Brokered	803,755	694,486	688,957	904,722	877,526
	Time	3,986,459	4,097,195	4,112,130	4,127,784	4,232,849
	Total Deposits	$26,537,659	$26,298,680	$26,125,602	$26,169,883	$26,313,378
	Federal funds purchased	$54	$ -	$1,099	$ -	$54
	Federal Home Loan Bank advances	237,880	484,022	712,198	709,367	727,957
	Senior debt and subordinated debt	367,598	367,517	367,438	367,357	449,795
	Other borrowings and other interest-bearing liabilities	740,305	713,456	675,511	678,176	669,625
	Total Borrowings	$1,345,837	$1,564,995	$1,756,246	$1,754,900	$1,847,431
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.

		Year ended December 31,
		2025			2024
		Average		Yield/	Average		Yield/
		Balance	Interest	Rate	Balance	Interest	Rate
	Net loans	$23,995,200	$1,407,669	5.87%	$23,145,114	$1,406,216	6.08%
	Investment securities	5,270,122	193,154	3.66%	4,486,726	143,317	3.19%
	Other interest-earning assets	729,300	33,731	4.63%	962,971	50,578	5.25%
	Total Interest-Earning Assets	29,994,622	1,634,554	5.45%	28,594,811	1,600,111	5.60%
	Cash and due from banks	294,284			295,156
	Premises and equipment	184,342			197,823
	Other assets	1,862,326			1,761,083
	Less: ACL - loans	(382,941)			(375,743)
	Total Assets	$31,952,633			$30,473,130
	Demand deposits	$7,854,613	$139,134	1.77%	$7,049,915	$128,969	1.83%
	Savings deposits	8,277,276	188,019	2.27%	7,364,106	180,455	2.45%
	Brokered deposits	772,488	33,547	4.34%	981,060	51,691	5.27%
	Time deposits	4,080,550	153,993	3.77%	3,747,029	160,744	4.29%
	Total Interest-Bearing Deposits	20,984,927	514,693	2.45%	19,142,110	521,859	2.73%
	Borrowings and other interest-bearing liabilities	1,604,263	65,834	4.10%	2,280,382	100,012	4.39%
	Total Interest-Bearing Liabilities	22,589,190	580,527	2.57%	21,422,492	621,871	2.90%
	Demand deposits	5,299,084			5,394,518
	Other liabilities	717,729			630,478
	Total Liabilities	28,606,003			27,447,488
	Total Deposits	26,284,011		1.96%	24,536,628		2.13%
	Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)	27,888,274		2.08%	26,817,010		2.32%
	Shareholders' equity	3,346,630			3,025,642
	Total Liabilities and Shareholders' Equity	$31,952,633			$30,473,130
	Net interest income/net interest margin (fully taxable equivalent)		1,054,027	3.51%		978,240	3.42%
	Tax equivalent adjustment		(17,680)			(17,915)
	Net Interest Income		$1,036,347			$960,325
	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:

		Year ended December 31,
		2025	2024
	Real estate - commercial mortgage	$9,704,084	$9,052,738
	Commercial and industrial	4,526,210	4,779,254
	Real estate - residential mortgage	6,506,700	5,925,708
	Real estate - home equity	1,188,824	1,060,520
	Real estate - construction	1,151,081	1,275,562
	Consumer	595,640	725,308
	Leases and other loans	322,661	326,024
	Total Net Loans	$23,995,200	$23,145,114
	Noninterest-bearing demand	$5,299,084	$5,394,518
	Interest-bearing demand	7,854,613	7,049,915
	Savings	8,277,276	7,364,106
	Total demand and savings	21,430,973	19,808,539
	Brokered	772,488	981,060
	Time	4,080,550	3,747,029
	Total Deposits	$26,284,011	$24,536,628
	Federal funds purchased	$288	$51,306
	Federal Home Loan Bank advances	534,433	804,328
	Senior debt and subordinated debt	367,478	514,073
	Other borrowings and other interest-bearing liabilities	702,064	910,675
	Total Borrowings	$1,604,263	$2,280,382
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										Year ended
		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Dec 31		Dec 31
		2025		2025		2025		2025		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			$376,258		$377,337		$379,677		$379,156		$375,961	$379,156		$293,404
	CECL day 1 provision expense		-		-		-		-		-	-		23,444
	Initial purchased credit deteriorated allowance for credit losses		-		-		-		-		(136)	-		54,631
	Loans charged off:
	Real estate - commercial mortgage		(14,104)		(3,906)		(6,402)		(12,106)		(2,844)	(36,518)		(13,186)
	Commercial and industrial		(5,295)		(5,847)		(5,780)		(3,865)		(9,480)	(20,787)		(26,585)
	Real estate - residential mortgage		(58)		(394)		(258)		(343)		(55)	(1,053)		(1,472)
	Consumer and home equity		(2,212)		(2,527)		(1,885)		(2,193)		(2,179)	(8,817)		(8,490)
	Real estate - construction		-		(5,286)		(100)		-		-	(5,386)		-
	Leases and other loans		(1,140)		(1,479)		(1,491)		(1,527)		(1,768)	(5,637)		(4,696)
	Total loans charged off		(22,809)		(19,439)		(15,916)		(20,034)		(16,326)	(78,198)		(54,429)
Recoveries of loans previously charged off:
	Real estate - commercial mortgage		633		4,307		133		374		199	5,447		603
	Commercial and industrial		6,592		3,205		2,628		5,952		1,387	18,377		4,440
	Real estate - residential mortgage		230		33		203		174		104	640		472
	Consumer and home equity		861		726		899		660		974	3,146		3,357
	Real estate - construction		-		47		99		82		47	227		382
	Leases and other loans		146		192		240		201		194	780		730
	Total recoveries of loans previously charged off		8,462		8,510		4,202		7,443		2,905	28,617		9,984
Net loans charged off			(14,347)		(10,929)		(11,714)		(12,591)		(13,421)	(49,581)		(44,445)
Provision for credit losses			2,551		9,850		9,374		13,112		16,752	34,887		52,122
Balance at end of period			$364,462		$376,258		$377,337		$379,677		$379,156	$364,462		$379,156
Net charge-offs to average loans		0.24%		0.18%		0.20%		0.21%		0.22%		0.21%		0.19%
Provision for credit losses related to OBS Credit Exposures
	Provision for credit losses		$397		$395		$(767)		$786		$(27)		$811		$(3,930)
NON-PERFORMING ASSETS:
	Non-accrual loans		$153,872		$150,137		$182,942		$162,426		$189,293
	Loans 90 days past due and accruing		29,924		48,597		29,949		34,367		30,781
	Total non-performing loans		183,796		198,734		212,891		196,793		220,074
	Other real estate owned		1,365		2,305		2,706		2,193		2,621
	Total non-performing assets		$185,161		$201,039		$215,597		$198,986		$222,695
NON-PERFORMING LOANS, BY TYPE:
	Commercial and industrial		$47,756		$48,817		$45,565		$42,913		$43,677
	Real estate - commercial mortgage		74,981		87,789		90,852		88,081		102,359
	Real estate - residential mortgage		45,569		44,689		37,703		46,878		45,901
	Consumer and home equity		11,875		12,658		11,109		12,682		14,374
	Real estate - construction		2,267		3,461		25,602		3,666		1,746
	Leases and other loans		1,348		1,320		2,060		2,573		12,017
	Total non-performing loans		$183,796		$198,734		$212,891		$196,793		$220,074
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
	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
	2025	2025	2025	2025	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	$96,408	$97,892	$96,636	$90,425	$66,058
Less: Other	(4,989)	(738)	(9)	(122)	(269)
Plus: Gain on acquisition, net of tax	-	-	-		2,689
Plus: Core deposit intangible amortization	5,255	5,255	5,346	6,155	6,155
Plus: Acquisition-related expense	802	-	-	380	9,637
Plus: FDIC special assessment	(95)	-	-	-	-
Plus: FultonFirst implementation and asset disposals	2,795	(207)	(270)	(47)	10,001
Less: Tax impact of adjustments	(791)	(905)	(1,064)	(1,337)	(5,360)
Operating net income available to common shareholders (numerator)	$99,385	$101,297	$100,639	$95,454	$88,911
Weighted average shares (diluted) (denominator)	182,197	183,349	183,813	184,077	183,867
Operating net income available to common shareholders, per share (diluted)	$0.55	$0.55	$0.55	$0.52	$0.48
Common shareholders' equity (tangible), per share
Shareholders' equity	$3,490,447	$3,413,598	$3,329,246	$3,274,321	$3,197,325
Less: Preferred stock	(192,878)	(192,878)	(192,878)	(192,878)	(192,878)
Less: Goodwill and intangible assets	(612,996)	(618,361)	(623,729)	(629,189)	(635,458)
Tangible common shareholders' equity (numerator)	$2,684,573	$2,602,359	$2,512,639	$2,452,254	$2,368,989
Shares outstanding, end of period (denominator)	179,895	180,865	182,379	182,204	182,089
Common shareholders' equity (tangible), per share	$14.92	$14.39	$13.78	$13.46	$13.01
(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Acquisition.

	Three months ended
	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
	2025	2025	2025	2025	2024
Operating return on average assets
Net income	$98,970	$100,454	$99,198	$92,987	$68,620
Less: Other	(4,989)	(738)	(9)	(122)	(269)
Less: Gain on acquisition, net of tax	-	-	-	-	2,689
Plus: Core deposit intangible amortization	5,255	5,255	5,346	6,155	6,155
Plus: Acquisition-related expense	802	-	-	380	9,637
Plus: FDIC special assessment	(95)	-	-	-	-
Plus: FultonFirst implementation and asset disposals	2,795	(207)	(270)	(47)	10,001
Less: Tax impact of adjustments	(791)	(905)	(1,064)	(1,337)	(5,360)
Operating net income (numerator)	$101,947	$103,859	$103,201	$98,016	$91,473
Total average assets	$32,013,163	$31,924,038	$31,901,574	$31,971,601	$32,098,852
Less: Average net core deposit intangible	(60,726)	(65,999)	(71,282)	(77,039)	(83,173)
Total operating average assets (denominator)	$31,952,437	$31,858,039	$31,830,292	$31,894,562	$32,015,679
Operating return on average assets	1.27%	1.29%	1.30%	1.25%	1.14%
Operating return on average common shareholders' equity (tangible)
Net income available to common shareholders	$96,408	$97,892	$96,636	$90,425	$66,058
Less: Other	(4,989)	(738)	(9)	(122)	(269)
Less: Gain on acquisition, net of tax	-	-	-	-	2,689
Plus: Intangible amortization	5,365	5,368	5,460	6,269	6,282
Plus: Acquisition-related expense	802	-	-	380	9,637
Plus: FDIC special assessment	(95)	-	-	-
Plus: FultonFirst implementation and asset disposals	2,795	(207)	(270)	(47)	10,001
Less: Tax impact of adjustments	(814)	(929)	(1,088)	(1,361)	(5,387)
Adjusted net income available to common shareholders (numerator)	$99,472	$101,386	$100,729	$95,544	$89,011
Average shareholders' equity	$3,464,539	$3,361,368	$3,304,015	$3,254,125	$3,219,026
Less: Average preferred stock	(192,878)	(192,878)	(192,878)	(192,878)	(192,878)
Less: Average goodwill and intangible assets	(615,600)	(620,986)	(626,383)	(632,254)	(638,507)
Average tangible common shareholders' equity (denominator)	$2,656,061	$2,547,504	$2,484,754	$2,428,993	$2,387,641
Operating return on average common shareholders' equity (tangible)	14.86%	15.79%	16.26%	15.95%	14.83%
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity	$3,490,447	$3,413,598	$3,329,246	$3,274,321	$3,197,325
Less: Preferred stock	(192,878)	(192,878)	(192,878)	(192,878)	(192,878)
Less: Goodwill and intangible assets	(612,996)	(618,361)	(623,729)	(629,189)	(635,458)
Tangible common shareholders' equity (numerator)	$2,684,573	$2,602,359	$2,512,639	$2,452,254	$2,368,989
Total assets	$32,118,400	$31,995,086	$32,040,448	$32,132,028	$32,071,810
Less: Goodwill and intangible assets	(612,996)	(618,361)	(623,729)	(629,189)	(635,458)
Total tangible assets (denominator)	$31,505,404	$31,376,725	$31,416,719	$31,502,839	$31,436,352
Tangible common equity to tangible assets	8.52%	8.29%	8.00%	7.78%	7.54%
(1) Results are annualized.
(2) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Acquisition.

	Three months ended
	Dec 31		Sep 30			Jun 30	Mar 31	Dec 31
	2025		2025			2025	2025	2024
Efficiency ratio
Non-interest expense		$212,986		$196,574		$192,811	$189,460	$216,615
Less: Acquisition-related expense		(802)		-		-	(380)	(9,637)
Less: FDIC special assessment		95		-		-	-	-
Less: FultonFirst implementation and asset disposals		(2,795)		207		270	47	(10,001)
Less: Intangible amortization		(5,365)		(5,368)		(5,460)	(6,269)	(6,282)
Operating non-interest expense (numerator)		$204,119		$191,413		$187,621	$182,858	$190,695
Net interest income		$266,042		$264,198		$254,921	$251,187	$253,659
Tax equivalent adjustment		4,416		4,436		4,389	4,340	4,343
Plus: Total non-interest income		69,980		70,407		69,148	67,232	65,924
Less: Other revenue		11		(138)		(9)	(122)	(269)
Less: Gain on acquisition, net of tax		-		-		-	-	2,689
Plus: Investment securities (gains) losses, net		-		-		-	2	-
Total revenue (denominator)		$340,449		$338,903		$328,449	$322,639	$326,346
Efficiency ratio		60.0%		56.5%		57.1%	56.7%	58.4%
Operating non-interest expense to total average assets
Non-interest expense		$212,986		$196,574		$192,811	$189,460	$216,615
Less: Intangible amortization		(5,365)		(5,368)		(5,460)	(6,269)	(6,282)
Less: Acquisition-related expense		(802)		-		-	(380)	(9,637)
Less: FDIC special assessment		95		-		-	-	-
Less: FultonFirst implementation and asset disposals		(2,795)		207		270	47	(10,001)
Operating non-interest expense (numerator)		$204,119		$191,413		$187,621	$182,858	$190,695
Total average assets (denominator)		$32,013,163		$31,924,038		$31,901,574	$31,971,601	$32,098,852
Operating non-interest expenses to total average assets		2.53%		2.38%		2.36%	2.32%	2.36%
Results are annualized.
	Year Ended
	Dec 31		Dec 31
		2025		2024
Operating net income available to common shareholders
Net income available to common shareholders		$381,361		$278,495
Less: Other		(5,858)		(1,805)
Plus Gain on acquisition, net of tax	-		(36,996)
Plus: Loss on securities restructuring	-		20,282
Plus: Core deposit intangible amortization	22,010		17,307
Plus: Acquisition-related expense	1,182		37,635
Plus: CECL Day 1 Provision	-		23,444
Less: Gain on sale-leaseback	-		(20,266)
Plus: FDIC special assessment		(95)		940
Plus: FultonFirst implementation and asset disposals		2,271		32,038
Less: Tax impact of adjustments		(4,097)		(23,011)
Operating net income available to common shareholders (numerator)		$396,774		$328,063	328,063
Weighted average shares (diluted) (denominator)	183,289		177,223
Operating net income available to common shareholders, per share (diluted)		$2.16		$1.85
(1) Includes a loan recovery adjustment of $5.6 million in 2025, reflected in the provision for credit losses related to a loan acquired in the Acquisition.

Contacts
Lacey Dean (717) 735-8688
Rick Kraemer (717) 327-2567