Business Wire | Oct 19, 2021 07:36PM EDT

Fulton Financial Announces Third Quarter 2021 Results

Oct. 19, 2021

LANCASTER, Pa.--(BUSINESS WIRE)--Oct. 19, 2021--Fulton Financial Corporation (NASDAQ:FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $73 million, or $0.45 per diluted share, for the third quarter of 2021.

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"Fulton achieved strong financial performance during the quarter, including continued record earnings per share," said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. "We were pleased to see areas of loan growth that we haven't seen in previous quarters. Our core commercial and consumer businesses were solid, asset quality remained stable, and our pipelines are improving. In addition, mortgage banking delivered strong earnings and wealth management grew to record highs in income and assets under management and administration."

Net Interest Income and Balance Sheet

Net interest income for the third quarter of 2021 was $171 million, $9 million higher than the second quarter of 2021. Net interest margin for the third quarter of 2021 increased 9 basis points, to 2.82%, from 2.73% in the second quarter of 2021. The increases in net interest income and net interest margin in comparison to the second quarter of 2021, were primarily due to higher fee income recognized related to the Paycheck Protection Program ("PPP") loans, which was $18 million in the third quarter of 2021 compared to $12 million for the second quarter of 2021, as well as lower rates on deposits and solid earning asset growth.

Total average interest-earning assets for the third quarter of 2021 were $25 billion, an increase of $291 million from the second quarter of 2021, driven by growth in the residential mortgage loan portfolio, investment securities and other interest-earning assets, partially offset by a decline in PPP loans. Average Net Loans(1), which include loans originated under the PPP, were $18.4 billion, a decrease of $492 million compared to the second quarter of 2021. Average PPP loans were $0.9 billion for the third quarter of 2021 compared to $1.5 billion for the second quarter of 2021. Third quarter loan balances were impacted by $526 million of PPP loans forgiven in the third quarter of 2021.

Average loans and yields, by type, for the third quarter of 2021 in comparison to the second quarter of 2021 are summarized in the following table:

Three months ended

September 30, 2021 June 30, 2021 Growth

Balance Yield Balance Yield $ % ^(1) ^(1)

(dollars in thousands)

Average NetLoans by type:

Real estate- commercial $ 7,134,177 3.11 % $ 7,177,622 3.16 % $ (43,445) (0.6) %mortgage

Commercialand 4,729,385 2.79 % 5,445,160 2.58 % (715,775) (13.1) %industrial^(2)

Real estate- 3,642,822 3.39 % 3,396,690 3.39 % 246,132 7.2 %residentialmortgage

Real estate- home 1,128,076 3.68 % 1,139,558 3.71 % (11,482) (1.0) %equity

Real estate- 1,085,846 3.13 % 1,054,469 3.05 % 31,377 3.0 %construction

Consumer 452,844 4.00 % 451,486 3.89 % 1,358 0.3 %

Equipmentlease 247,776 3.88 % 256,248 3.74 % (8,472) (3.3) %financing

Other^(3) (6,773) N/A (14,677) N/A 7,904 53.9 %

TotalAverage Net $ 18,414,153 3.53 % $ 18,906,556 3.32 % $ (492,403) (2.6) %Loans



(1) Presented on a fully-taxable equivalent basis using a 21% Federal tax rateand statutory interest expense disallowances.

(2) Includes average PPP loans of $0.9 billion and $1.5 billion for the threemonths ended September 30, 2021 and June 30, 2021, respectively.

(3) Consists of overdrafts and net origination fees and costs.



Total average liabilities increased $370 million, to $23.7 billion, in the third quarter of 2021 compared to the second quarter of 2021 driven by increases in average deposits, partially offset by a decrease in short-term borrowings. Average deposits and interest rates, by type, for the third quarter of 2021 in comparison to the second quarter of 2021 are summarized in the following table:

______________________________

(1)Loans and lease receivables, (net of unearned income)

Three months ended

September 30, 2021 June 30, 2021 Growth

Balance Rate Balance Rate $ %

(dollars in thousands)

Average Deposits, by type:

Noninterest-bearing $ 7,439,644 - $ 7,203,696 - $ 235,948 3.3 %demand

Interest-bearing demand 6,168,908 0.05 % 5,979,855 0.06 % 189,053 3.2 %

Savings 6,392,537 0.07 % 6,280,629 0.09 % 111,908 1.8 %

Total average demand and 20,001,089 0.04 % 19,464,180 0.05 % 536,909 2.8 %savings

Brokered 270,168 0.34 % 297,815 0.34 % (27,647) (9.3) %

Time 1,852,223 0.95 % 2,003,606 1.09 % (151,383) (7.6) %

Total Average Deposits $ 22,123,480 0.12 % $ 21,765,601 0.15 % $ 357,879 1.6 %

Asset Quality

In the third quarter of 2021, a negative provision for credit losses of $600 thousand was recognized, as compared to a negative provision for credit losses of $3.5 million recognized in the second quarter of 2021. A $7.1 million provision for credit losses was recognized in the third quarter of 2020. The negative provision for credit losses for the third quarter of 2021 was impacted by a decrease in the allowance for credit losses determined to be necessary as of the end of the third quarter of 2021, due to improvements in the economic conditions, partially offset by an increase in specific allocations within the allowance for credit losses for loans evaluated individually.

The $7.1 million provision for credit losses in the third quarter of 2020 reflected expected credit losses based on economic conditions as of the end of the third quarter of 2020, and the assessment of the estimated impacts of the COVID-19 pandemic at that time.

Non-performing assets were $152 million, or 0.58% of total assets, at September 30, 2021, compared to $157 million, or 0.60% of total assets, and $147 million, or 0.57% of total assets, at June 30, 2021 and September 30, 2020, respectively.

Annualized net charge-offs (recoveries) for the quarter ended September 30, 2021, were (0.05)% of total average loans, compared to 0.15% and (0.05)% for the quarters ended June 30, 2021 and September 30, 2020, respectively.

Non-interest Income

Non-interest income in the third quarter of 2021, excluding investment securities gains, was $63 million, an increase of $11 million, or 21%, from the second quarter of 2021, primarily resulting from increases of $6.7 million in mortgage banking income, $2.6 million in other income, and $0.9 million in wealth management income. The increase in mortgage banking income was primarily due to a $3.5 million decrease to the valuation allowance for mortgage servicing rights in the third quarter of 2021, compared to an increase of $2.2 million to the valuation allowance in the second quarter of 2021. The increase in other income was primarily due to $2.1 million of income from equity method investments.

Compared to the third quarter of 2020, non-interest income, excluding investment securities gains, in the third quarter of 2021, decreased $0.7 million, or 1%, from $63 million, primarily resulting from a $7.3 million decrease in mortgage banking income primarily due to lower loan sales, and a $2.6 million decrease in capital markets income. These decreases were partially offset by a $3.6 million increase in wealth management income and a $1.4 million increase in consumer banking income.

Non-interest Expense

Non-interest expense was $145 million in the third quarter of 2021, an increase of $3.8 million, or 3%, compared to the second quarter of 2021. The increase is due to an increase of $4.3 million in salaries and benefits during the third quarter of 2021, as compared to the second quarter of 2021.

Compared to the third quarter of 2020, non-interest expense increased $5.5 million, or 4%, in the third quarter of 2021, due to an increase of $3.5 million in salaries and employee benefits and $2.1 million in data processing and software.

Income Tax Expense

The effective income tax rate was 16% for both the third and second quarters of 2021 as compared to 13% for third quarter of 2020. The increase was a result of higher income before income taxes, while net favorable permanent differences were relatively the same compared to the third quarter of 2020.

Additional information on Fulton is available on the Internet at www.fult.com.

Safe Harbor Statement

This news 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, they 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, 2020, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission and are or will be available in the Investor Relations section of the Corporation's website (www.fult.com) and on the Securities and Exchange Commission's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain non-GAAP financial measures in this earnings release. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this release.

FULTON FINANCIAL CORPORATION

SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

in thousands, except per-share data and percentages

Three months ended

Sep 30 Jun 30 Mar 31 Dec 31 Sep 30

2021 2021 2021 2020 2020

Ending Balances

Investments $ 4,000,760 $ 3,921,658 $ 3,612,010 $ 3,340,424 $ 3,097,721

Net Loans 18,269,407 18,586,756 18,990,986 18,900,820 19,028,621

Total assets 26,390,832 26,079,774 25,892,990 25,906,733 25,543,281

Deposits 22,074,041 21,724,312 21,633,838 20,839,207 20,730,051

Shareholders' 2,699,818 2,692,958 2,629,655 2,616,828 2,390,261 equity



Average Balances

Investments $ 3,914,627 $ 3,670,333 $ 3,448,166 $ 3,221,289 $ 2,977,672

Net Loans 18,414,153 18,906,556 18,980,586 18,994,514 18,880,519

Total assets 26,440,876 26,017,542 26,082,816 25,749,405 25,169,508

Deposits 22,123,480 21,765,601 21,117,024 20,791,522 20,388,447

Shareholders' 2,722,833 2,669,413 2,637,098 2,544,866 2,374,091 equity



Income Statement

Net interest $ 171,270 $ 162,399 $ 164,448 $ 161,591 $ 154,116 income

Provision for (600 ) (3,500 ) (5,500 ) 6,240 7,080 credit losses

Non-interest 62,577 51,890 95,397 55,574 63,249 income

Non-interest 144,596 140,831 178,384 154,737 139,145 expense

Income before 89,851 76,958 86,961 56,187 71,140 taxes

Net incomeavailable to 73,021 62,402 70,472 48,690 61,611 commonshareholders

Pre-provisionnet revenue^ 90,947 75,575 81,795 64,092 80,044 (1)



Per Share

Net incomeavailable tocommon $ 0.45 $ 0.38 $ 0.43 $ 0.30 $ 0.38 shareholders(basic)

Net incomeavailable tocommon $ 0.45 $ 0.38 $ 0.43 $ 0.30 $ 0.38 shareholders(diluted)

Cash dividends $ 0.14 $ 0.14 $ 0.14 $ 0.17 $ 0.13

Commonshareholders' $ 15.53 $ 15.34 $ 14.99 $ 14.93 $ 14.74 equity

Commonshareholders' $ 12.21 $ 12.05 $ 11.69 $ 11.62 $ 11.44 equity(tangible)^(1)

Weightedaverage shares 162,506 162,785 162,441 162,242 162,061 (basic)

Weightedaverage shares 163,456 163,858 163,737 163,071 162,579 (diluted)



^(1) Non-GAAP financial measure. Refer to the calculation on the page titled"Reconciliation of Non-GAAP Measures" at the end of this document.



Three months ended

Sep 30 Jun 30 Mar 31 Dec 31 Sep 30

2021 2021 2021 2020 2020

Asset Quality

Netcharge-offs(recoveries) (0.05 ) 0.15 % 0.13 % (0.07 ) (0.05 )to average % % %loans(annualized)

Non-performingloans to total 0.82 % 0.83 % 0.80 % 0.78 % 0.75 %loans

Non-performingassets to 0.58 % 0.60 % 0.60 % 0.58 % 0.57 %total assets

ACL - loans^(2) to total 1.41 % 1.37 % 1.40 % 1.47 % 1.40 %loans

ACL - loans^(2) to 171 % 166 % 174 % 189 % 188 %non-performingloans



Asset Quality,excluding PPP^ (1)(3)

Netcharge-offs(recoveries) (0.05 ) 0.16 % 0.14 % (0.08 ) (0.06 )to adjusted % % %average loans(annualized)

Non-performingloans to total 0.85 % 0.88 % 0.88 % 0.85 % 0.83 %adjusted loans

ACL - loans^(2) to total 1.45 % 1.46 % 1.54 % 1.60 % 1.56 %adjusted loans



Profitability

Return on 1.13 % 1.00 % 1.14 % 0.79 % 0.97 %average assets

Return onaverage common 10.64 % 9.38 % 10.84 % 7.61 % 10.32 %shareholders'equity

Return onaverage commonshareholders' 14.56 % 12.93 % 15.00 % 10.32 % 13.35 %equity(tangible)^(1)

Net interest 2.82 % 2.73 % 2.79 % 2.75 % 2.70 %margin

Efficiency 60.3 % 63.8 % 63.0 % 62.5 % 62.3 %ratio^(1)

Non-interestexpenses to 2.14 % 2.14 % 2.25 % 2.13 % 2.16 %total averageassets^(1)



Capital Ratios

Tangiblecommon equity 7.6 % 7.7 % 7.5 % 7.4 % 7.4 %ratio^(1)

Tier 1leverage ratio 8.4 % 8.5 % 8.3 % 8.2 % 7.5 %^(4)

Common equityTier 1 capital 10.1 % 10.0 % 9.8 % 9.5 % 9.6 %ratio^(4)

Tier 1risk-based 11.1 % 11.0 % 10.8 % 10.5 % 9.6 %capital ratio^(4)

Totalrisk-based 14.5 % 14.5 % 14.2 % 14.4 % 13.8 %capital ratio^(4)



(1) Non-GAAP financial measure. Refer to the calculation on the page titled"Reconciliation of Non-GAAP Measures" at the end of this document.

(2) "ACL - loans" relates to the allowance for credit losses ("ACL")specifically on "Net Loans" and does not include the ACL related tooff-balance-sheet ("OBS") credit exposures.

(3) Asset quality information excluding Paycheck Protection Program ("PPP")loans. Refer to the calculation on the page titled "Reconciliation of Non-GAAPMeasures" at the end of this document.

(4) Regulatory capital ratios as of September 30, 2021 are preliminary andprior periods are actual.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)

dollars in thousands

% Change from

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

Sep 30

2021

2021

2021

2020

2020

2021

2020

ASSETS

Cash and due from banks

$

260,564

$

143,002

$

102,570

$

120,462

$

139,304

82.2

%

87.0

%

Other interest-earning assets

2,271,738

1,823,688

1,625,515

1,819,499

1,489,550

24.6

%

52.5

%

Loans held for sale

43,123

41,924

34,092

83,886

93,621

2.9

%

(53.9)

%

Investment securities

4,000,760

3,921,658

3,612,010

3,340,424

3,097,721

2.0

%

29.2

%

Net Loans

18,269,407

18,586,756

18,990,986

18,900,820

19,028,621

(1.7)

%

(4.0)

%

Less: ACL - loans(1)

(256,727)

(255,032)

(265,986)

(277,567)

(266,825)

0.7

%

(3.8)

%

Loans, net

18,012,680

18,331,724

18,725,000

18,623,253

18,761,796

(1.7)

%

(4.0)

%

Net, premises and equipment

228,179

228,353

229,035

231,480

236,943

(0.1)

%

(3.7)

%

Accrued interest receivable

57,902

63,232

65,649

72,942

70,766

(8.4)

%

(18.2)

%

Goodwill and intangible assets

536,697

536,847

536,544

536,659

534,907

-

%

0.3

%

Other assets

979,189

989,346

962,575

1,078,128

1,118,673

(1.0)

%

(12.5)

%

Total Assets

$

26,390,832

$

26,079,774

$

25,892,990

$

25,906,733

$

25,543,281

1.2

%

3.3

%

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

$

22,074,041

$

21,724,312

$

21,633,838

$

20,839,207

$

20,730,051

1.6

%

6.5

%

Short-term borrowings

468,967

533,749

520,989

630,066

611,727

(12.1)

%

(23.3)

%

Other liabilities

520,620

501,542

482,101

524,369

515,230

3.8

%

1.0

%

Long-term borrowings

627,386

627,213

626,407

1,296,263

1,296,012

-

%

(51.6)

%

Total Liabilities

23,691,014

23,386,816

23,263,335

23,289,905

23,153,020

1.3

%

2.3

%

Shareholders' equity

2,699,818

2,692,958

2,629,655

2,616,828

2,390,261

0.3

%

13.0

%

Total Liabilities and Shareholders' Equity

$

26,390,832

$

26,079,774

$

25,892,990

$

25,906,733

$

25,543,281

1.2

%

3.3

%

LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:

Loans, by type:

Real estate - commercial mortgage

$

7,145,115

$

7,152,932

$

7,142,137

$

7,105,092

$

7,046,330

(0.1)

%

1.4

%

Commercial and industrial

3,863,154

3,870,462

3,986,858

4,088,561

4,007,278

(0.2)

%

(3.6)

%

Real estate - residential mortgage

3,719,684

3,555,897

3,254,058

3,141,915

3,061,835

4.6

%

21.5

%

Real estate - home equity

1,126,628

1,136,128

1,149,958

1,202,913

1,222,709

(0.8)

%

(7.9)

%

Real estate - construction

1,111,487

1,070,755

1,083,494

1,047,218

1,007,534

3.8

%

10.3

%

Consumer

458,595

448,433

451,857

466,772

469,551

2.3

%

(2.3)

%

Equipment lease financing

242,967

252,158

260,907

279,118

280,286

(3.6)

%

(13.3)

%

Other(2)

11,330

(14,410)

(26,677)

(12,481)

(27,067)

N/M

N/M

Net Loans before PPP

17,678,960

17,472,355

17,302,592

17,319,108

17,068,456

1.2

%

3.6

%

PPP

590,447

1,114,401

1,688,394

1,581,712

1,960,165

(47.0)

%

(69.9)

%

Total Net Loans

$

18,269,407

$

18,586,756

$

18,990,986

$

18,900,820

$

19,028,621

(1.7)

%

(4.0)

%

Deposits, by type:

Noninterest-bearing demand

$

7,434,155

$

7,442,132

$

7,046,116

$

6,531,002

$

6,378,077

(0.1)

%

16.6

%

Interest-bearing demand

6,187,096

5,795,404

5,959,909

5,818,564

5,813,935

6.8

%

6.4

%

Savings

6,401,619

6,276,554

6,244,513

5,929,792

5,805,431

2.0

%

10.3

%

Total demand and savings

20,022,870

19,514,090

19,250,538

18,279,358

17,997,443

2.6

%

11.3

%

Brokered

262,617

277,444

309,873

335,185

317,588

(5.3)

%

(17.3)

%

Time

1,788,554

1,932,778

2,073,427

2,224,664

2,415,020

(7.5)

%

(25.9)

%

Total Deposits

$

22,074,041

$

21,724,312

$

21,633,838

$

20,839,207

$

20,730,051

1.6

%

6.5

%

Short-term borrowings, by type:

Customer funding

$

468,967

$

533,749

$

520,989

$

630,066

$

611,727

(12.1)

%

(23.3)

%

Total Short-term Borrowings

$

468,967

$

533,749

$

520,989

$

630,066

$

611,727

(12.1)

%

(23.3)

%

(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

(2) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)

dollars in thousands

% Change from

Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Sep 30

2021 2021 2021 2020 2020 2021 2020

ASSETS

Cash and due from $ 260,564 $ 143,002 $ 102,570 $ 120,462 $ 139,304 82.2 % 87.0 % banks

Other interest-earning 2,271,738 1,823,688 1,625,515 1,819,499 1,489,550 24.6 % 52.5 % assets

Loans held for sale 43,123 41,924 34,092 83,886 93,621 2.9 % (53.9) %

Investment 4,000,760 3,921,658 3,612,010 3,340,424 3,097,721 2.0 % 29.2 % securities

Net Loans 18,269,407 18,586,756 18,990,986 18,900,820 19,028,621 (1.7) % (4.0) %

Less: ACL - loans^ (256,727) (255,032) (265,986) (277,567) (266,825) 0.7 % (3.8) % (1)

Loans, net 18,012,680 18,331,724 18,725,000 18,623,253 18,761,796 (1.7) % (4.0) %

Net, premises and 228,179 228,353 229,035 231,480 236,943 (0.1) % (3.7) % equipment

Accrued interest 57,902 63,232 65,649 72,942 70,766 (8.4) % (18.2) % receivable

Goodwill and 536,697 536,847 536,544 536,659 534,907 - % 0.3 % intangible assets

Other assets 979,189 989,346 962,575 1,078,128 1,118,673 (1.0) % (12.5) %

Total Assets $ 26,390,832 $ 26,079,774 $ 25,892,990 $ 25,906,733 $ 25,543,281 1.2 % 3.3 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits $ 22,074,041 $ 21,724,312 $ 21,633,838 $ 20,839,207 $ 20,730,051 1.6 % 6.5 %

Short-term 468,967 533,749 520,989 630,066 611,727 (12.1) % (23.3) % borrowings

Other liabilities 520,620 501,542 482,101 524,369 515,230 3.8 % 1.0 %

Long-term 627,386 627,213 626,407 1,296,263 1,296,012 - % (51.6) % borrowings

Total Liabilities 23,691,014 23,386,816 23,263,335 23,289,905 23,153,020 1.3 % 2.3 %

Shareholders' 2,699,818 2,692,958 2,629,655 2,616,828 2,390,261 0.3 % 13.0 % equity

Total Liabilities and Shareholders' $ 26,390,832 $ 26,079,774 $ 25,892,990 $ 25,906,733 $ 25,543,281 1.2 % 3.3 % Equity



LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:

Loans, by type:

Real estate - $ 7,145,115 $ 7,152,932 $ 7,142,137 $ 7,105,092 $ 7,046,330 (0.1) % 1.4 % commercial mortgage

Commercial and 3,863,154 3,870,462 3,986,858 4,088,561 4,007,278 (0.2) % (3.6) % industrial

Real estate - residential 3,719,684 3,555,897 3,254,058 3,141,915 3,061,835 4.6 % 21.5 % mortgage

Real estate - home 1,126,628 1,136,128 1,149,958 1,202,913 1,222,709 (0.8) % (7.9) % equity

Real estate - 1,111,487 1,070,755 1,083,494 1,047,218 1,007,534 3.8 % 10.3 % construction

Consumer 458,595 448,433 451,857 466,772 469,551 2.3 % (2.3) %

Equipment lease 242,967 252,158 260,907 279,118 280,286 (3.6) % (13.3) % financing

Other^(2) 11,330 (14,410) (26,677) (12,481) (27,067) N/M N/M

Net Loans before 17,678,960 17,472,355 17,302,592 17,319,108 17,068,456 1.2 % 3.6 % PPP

PPP 590,447 1,114,401 1,688,394 1,581,712 1,960,165 (47.0) % (69.9) %

Total Net Loans $ 18,269,407 $ 18,586,756 $ 18,990,986 $ 18,900,820 $ 19,028,621 (1.7) % (4.0) %

Deposits, by type:

Noninterest-bearing $ 7,434,155 $ 7,442,132 $ 7,046,116 $ 6,531,002 $ 6,378,077 (0.1) % 16.6 % demand

Interest-bearing 6,187,096 5,795,404 5,959,909 5,818,564 5,813,935 6.8 % 6.4 % demand

Savings 6,401,619 6,276,554 6,244,513 5,929,792 5,805,431 2.0 % 10.3 %

Total demand and 20,022,870 19,514,090 19,250,538 18,279,358 17,997,443 2.6 % 11.3 % savings

Brokered 262,617 277,444 309,873 335,185 317,588 (5.3) % (17.3) %

Time 1,788,554 1,932,778 2,073,427 2,224,664 2,415,020 (7.5) % (25.9) %

Total Deposits $ 22,074,041 $ 21,724,312 $ 21,633,838 $ 20,839,207 $ 20,730,051 1.6 % 6.5 %

Short-term borrowings, by type:

Customer funding $ 468,967 $ 533,749 $ 520,989 $ 630,066 $ 611,727 (12.1) % (23.3) %

Total Short-term $ 468,967 $ 533,749 $ 520,989 $ 630,066 $ 611,727 (12.1) % (23.3) % Borrowings





(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does notinclude the ACL related to OBS credit exposures.

(2) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

dollars in thousands

Three Months Ended

% Change from

Nine Months Ended

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

Sep 30

Sep 30

2021

2021

2021

2020

2020

2021

2020

2021

2020

% Change

Interest Income:

Interest income

$

184,079

$

176,673

$

184,936

$

183,645

$

179,159

4.2

%

2.7

%

$

545,688

$

559,233

(2.4)

%

Interest expense

12,809

14,274

20,488

22,054

25,043

(10.3)

%

(48.9)

%

47,570

91,617

(48.1)

%

Net Interest Income

171,270

162,399

164,448

161,591

154,116

5.5

%

11.1

%

498,118

467,616

6.5

%

Provision for credit losses

(600)

(3,500)

(5,500)

6,240

7,080

82.9

%

(108.5)

%

(9,600)

70,680

(113.6)

%

Net Interest Income after Provision

171,870

165,899

169,948

155,351

147,036

3.6

%

16.9

%

507,718

396,936

27.9

%

Non-Interest Income:

Commercial banking:

Merchant and card

6,979

6,786

5,768

5,953

6,237

2.8

%

11.9

%

19,533

17,187

13.6

%

Cash management

5,285

5,341

4,921

4,737

4,742

(1.0)

%

11.5

%

15,547

13,987

11.2

%

Capital markets

2,063

1,536

2,800

3,513

4,696

34.3

%

(56.1)

%

6,399

14,775

(56.7)

%

Other commercial banking

2,411

3,466

2,853

2,606

2,636

(30.4)

%

(8.5)

%

8,730

7,528

16.0

%

Total commercial banking

16,738

17,129

16,342

16,809

18,311

(2.3)

%

(8.6)

%

50,209

53,477

(6.1)

%

Consumer banking:

Card

5,941

5,733

5,878

5,123

5,002

3.6

%

18.8

%

17,552

14,653

19.8

%

Overdraft

3,474

2,750

2,724

3,376

3,015

26.3

%

15.2

%

8,948

9,180

(2.5)

%

Other consumer banking

2,386

2,377

2,152

2,298

2,406

0.4

%

(0.8)

%

6,915

6,967

(0.7)

%

Total consumer banking

11,801

10,860

10,754

10,797

10,423

8.7

%

13.2

%

33,415

30,800

8.5

%

Wealth management

18,532

17,634

17,347

15,653

14,943

5.1

%

24.0

%

53,513

43,405

23.3

%

Mortgage banking

9,535

2,838

13,960

9,311

16,801

N/M

(43.2)

%

26,333

32,998

(20.2)

%

Other

5,971

3,393

3,519

3,004

2,769

76.0

%

115.6

%

12,883

10,080

27.8

%

Non-interest income before investment securities gains

62,577

51,854

61,922

55,574

63,247

20.7

%

(1.1)

%

176,353

170,761

3.3

%

Investment securities gains, net

-

36

33,475

-

2

(100.0)

%

(100.0)

%

33,511

3,053

N/M

Total Non-Interest Income

62,577

51,890

95,397

55,574

63,249

20.6

%

(1.1)

%

209,864

173,814

20.7

%

Non-Interest Expense:

Salaries and employee benefits

82,679

78,367

82,586

83,929

79,227

5.5

%

4.4

%

243,632

240,467

1.3

%

Data processing and software

14,335

13,932

13,561

11,951

12,285

2.9

%

16.7

%

41,828

36,123

15.8

%

Net occupancy

12,957

12,494

13,982

13,161

13,221

3.7

%

(2.0)

%

39,433

39,851

(1.0)

%

Other outside services

7,889

8,178

8,490

8,334

7,617

(3.5)

%

3.6

%

24,557

23,098

6.3

%

Equipment

3,416

3,424

3,428

3,563

3,711

(0.2)

%

(7.9)

%

10,268

10,322

(0.5)

%

Professional fees

2,271

2,651

2,779

2,424

2,879

(14.3)

%

(21.1)

%

7,701

10,412

(26.0)

%

FDIC insurance

2,727

2,282

2,624

2,346

1,578

19.5

%

72.8

%

7,633

6,519

17.1

%

Amortization of tax credit investments

1,546

1,563

1,531

1,532

1,694

(1.1)

%

(8.7)

%

4,640

4,594

1.0

%

Marketing

1,448

1,348

1,002

1,098

1,147

7.4

%

26.2

%

3,798

4,029

(5.7)

%

Intangible amortization

150

178

115

132

132

(15.7)

%

13.6

%

443

397

11.6

%

Debt extinguishment

-

412

32,163

-

-

(100.0)

%

(100.0)

%

32,575

2,878

N/M

Other

15,178

16,002

16,123

26,268

15,654

(5.1)

%

(3.0)

%

47,303

46,014

2.8

%

Total Non-Interest Expense

144,596

140,831

178,384

154,737

139,145

2.7

%

3.9

%

463,811

424,705

9.2

%

Income Before Income Taxes

89,851

76,958

86,961

56,187

71,140

16.8

%

26.3

%

253,771

146,045

73.8

%

Income tax expense

14,268

11,994

13,898

5,362

9,529

19.0

%

49.7

%

40,160

18,832

113.3

%

Net Income

75,583

64,964

73,063

50,825

61,611

16.3

%

22.7

%

213,611

127,213

67.9

%

Preferred stock dividends

(2,562)

(2,562)

(2,591)

(2,135)

-

-

%

N/M

(7,715)

-

N/M

Net Income Available to Common Shareholders

$

73,021

$

62,402

$

70,472

$

48,690

$

61,611

17.0

%

18.5

%

$

205,896

$

127,213

61.9

%

PER SHARE:

Net income available to common shareholders:

Basic

$

0.45

$

0.38

$

0.43

$

0.30

$

0.38

18.4

%

18.4

%

$

1.27

$

0.78

62.8

%

Diluted

0.45

0.38

0.43

0.30

0.38

18.4

%

18.4

%

1.26

0.78

61.5

%

Cash dividends

0.14

0.14

0.14

0.17

0.13

-

%

7.7

%

0.42

0.39

7.7

%

Weighted average shares (basic)

162,506

162,785

162,441

162,242

162,061

(0.2)

%

0.3

%

162,577

162,416

0.1

%

Weighted average shares (diluted)

163,456

163,858

163,737

163,071

162,579

(0.2)

%

0.5

%

163,634

163,083

0.3

%

N/M - Not meaningful

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

dollars in thousands

Three Months Ended % Change from Nine Months Ended

Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Sep 30 Sep 30

2021 2021 2021 2020 2020 2021 2020 2021 2020 % Change

Interest Income:

Interest income $ 184,079 $ 176,673 $ 184,936 $ 183,645 $ 179,159 4.2 % 2.7 % $ 545,688 $ 559,233 (2.4) %

Interest expense 12,809 14,274 20,488 22,054 25,043 (10.3) % (48.9) % 47,570 91,617 (48.1) %

Net Interest Income 171,270 162,399 164,448 161,591 154,116 5.5 % 11.1 % 498,118 467,616 6.5 %

Provision for credit (600) (3,500) (5,500) 6,240 7,080 82.9 % (108.5) % (9,600) 70,680 (113.6) % losses

Net Interest Income 171,870 165,899 169,948 155,351 147,036 3.6 % 16.9 % 507,718 396,936 27.9 % after Provision

Non-Interest Income:

Commercial banking:

Merchant and card 6,979 6,786 5,768 5,953 6,237 2.8 % 11.9 % 19,533 17,187 13.6 %

Cash management 5,285 5,341 4,921 4,737 4,742 (1.0) % 11.5 % 15,547 13,987 11.2 %

Capital markets 2,063 1,536 2,800 3,513 4,696 34.3 % (56.1) % 6,399 14,775 (56.7) %

Other commercial 2,411 3,466 2,853 2,606 2,636 (30.4) % (8.5) % 8,730 7,528 16.0 % banking

Total commercial 16,738 17,129 16,342 16,809 18,311 (2.3) % (8.6) % 50,209 53,477 (6.1) % banking

Consumer banking:

Card 5,941 5,733 5,878 5,123 5,002 3.6 % 18.8 % 17,552 14,653 19.8 %

Overdraft 3,474 2,750 2,724 3,376 3,015 26.3 % 15.2 % 8,948 9,180 (2.5) %

Other consumer banking 2,386 2,377 2,152 2,298 2,406 0.4 % (0.8) % 6,915 6,967 (0.7) %

Total consumer banking 11,801 10,860 10,754 10,797 10,423 8.7 % 13.2 % 33,415 30,800 8.5 %

Wealth management 18,532 17,634 17,347 15,653 14,943 5.1 % 24.0 % 53,513 43,405 23.3 %

Mortgage banking 9,535 2,838 13,960 9,311 16,801 N/M (43.2) % 26,333 32,998 (20.2) %

Other 5,971 3,393 3,519 3,004 2,769 76.0 % 115.6 % 12,883 10,080 27.8 %

Non-interest income before investment 62,577 51,854 61,922 55,574 63,247 20.7 % (1.1) % 176,353 170,761 3.3 % securities gains

Investment securities - 36 33,475 - 2 (100.0) % (100.0) % 33,511 3,053 N/M gains, net

Total Non-Interest 62,577 51,890 95,397 55,574 63,249 20.6 % (1.1) % 209,864 173,814 20.7 % Income

Non-Interest Expense:

Salaries and employee 82,679 78,367 82,586 83,929 79,227 5.5 % 4.4 % 243,632 240,467 1.3 % benefits

Data processing and 14,335 13,932 13,561 11,951 12,285 2.9 % 16.7 % 41,828 36,123 15.8 % software

Net occupancy 12,957 12,494 13,982 13,161 13,221 3.7 % (2.0) % 39,433 39,851 (1.0) %

Other outside services 7,889 8,178 8,490 8,334 7,617 (3.5) % 3.6 % 24,557 23,098 6.3 %

Equipment 3,416 3,424 3,428 3,563 3,711 (0.2) % (7.9) % 10,268 10,322 (0.5) %

Professional fees 2,271 2,651 2,779 2,424 2,879 (14.3) % (21.1) % 7,701 10,412 (26.0) %

FDIC insurance 2,727 2,282 2,624 2,346 1,578 19.5 % 72.8 % 7,633 6,519 17.1 %

Amortization of tax 1,546 1,563 1,531 1,532 1,694 (1.1) % (8.7) % 4,640 4,594 1.0 % credit investments

Marketing 1,448 1,348 1,002 1,098 1,147 7.4 % 26.2 % 3,798 4,029 (5.7) %

Intangible 150 178 115 132 132 (15.7) % 13.6 % 443 397 11.6 % amortization

Debt extinguishment - 412 32,163 - - (100.0) % (100.0) % 32,575 2,878 N/M

Other 15,178 16,002 16,123 26,268 15,654 (5.1) % (3.0) % 47,303 46,014 2.8 %

Total Non-Interest 144,596 140,831 178,384 154,737 139,145 2.7 % 3.9 % 463,811 424,705 9.2 % Expense

Income Before Income 89,851 76,958 86,961 56,187 71,140 16.8 % 26.3 % 253,771 146,045 73.8 % Taxes

Income tax expense 14,268 11,994 13,898 5,362 9,529 19.0 % 49.7 % 40,160 18,832 113.3 %

Net Income 75,583 64,964 73,063 50,825 61,611 16.3 % 22.7 % 213,611 127,213 67.9 %

Preferred stock (2,562) (2,562) (2,591) (2,135) - - % N/M (7,715) - N/M dividends

Net Income Available $ 73,021 $ 62,402 $ 70,472 $ 48,690 $ 61,611 17.0 % 18.5 % $ 205,896 $ 127,213 61.9 % to Common Shareholders



PER SHARE:

Net income available to common shareholders:

Basic $ 0.45 $ 0.38 $ 0.43 $ 0.30 $ 0.38 18.4 % 18.4 % $ 1.27 $ 0.78 62.8 %

Diluted 0.45 0.38 0.43 0.30 0.38 18.4 % 18.4 % 1.26 0.78 61.5 %

Cash dividends 0.14 0.14 0.14 0.17 0.13 - % 7.7 % 0.42 0.39 7.7 %



Weighted average 162,506 162,785 162,441 162,242 162,061 (0.2) % 0.3 % 162,577 162,416 0.1 % shares (basic)

Weighted average 163,456 163,858 163,737 163,071 162,579 (0.2) % 0.5 % 163,634 163,083 0.3 % shares (diluted)

N/M - Not meaningful

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

dollars in thousands

Three months ended

September 30, 2021 June 30, 2021 September 30, 2020

Average Interest Yield/ Average Interest Yield/ Average Interest Yield/

Balance (1) Rate Balance (1) Rate Balance (1) Rate

ASSETS



Interest-earning assets:

Net Loans $ 18,414,153 $ 163,343 3.53 % $ 18,906,556 $ 156,525 3.32 % $ 18,880,519 $ 160,344 3.38 %

Taxable investment 2,785,828 13,757 1.80 % 2,630,090 13,898 1.93 % 2,011,893 13,150 2.61 % securities

Tax-exempt investment 1,035,685 7,906 3.05 % 961,141 7,494 3.11 % 861,764 6,899 3.19 % securities

Total Investment 3,821,513 21,663 2.27 % 3,591,231 21,392 2.38 % 2,873,657 20,049 2.79 % Securities

Loans held for sale 36,427 299 3.28 % 31,948 199 2.49 % 79,999 728 3.64 %

Other interest-earning 2,301,326 1,888 0.18 % 1,752,549 1,575 0.16 % 1,387,327 1,028 0.30 % assets

Total Interest-earning 24,573,419 187,193 3.03 % 24,282,284 179,691 2.97 % 23,221,502 182,149 3.13 % Assets



Noninterest-earning assets:

Cash and due from banks 200,315 129,927 138,567

Premises and equipment 228,861 229,047 239,183

Other assets 1,695,767 1,643,410 1,835,190

Less: ACL - loans^(2) (257,486) (267,126) (264,934)

Total Assets $ 26,440,876 $ 26,017,542 $ 25,169,508



LIABILITIES AND SHAREHOLDERS' EQUITY



Interest-bearing liabilities:

Demand deposits $ 6,168,908 $ 814 0.05 % $ 5,979,855 $ 932 0.06 % $ 5,591,548 $ 1,913 0.14 %

Savings deposits 6,392,537 1,054 0.07 % 6,280,629 1,363 0.09 % 5,716,050 2,347 0.16 %

Brokered deposits 270,168 229 0.34 % 297,815 253 0.34 % 314,721 440 0.56 %

Time deposits 1,852,223 4,428 0.95 % 2,003,606 5,434 1.09 % 2,495,445 9,931 1.58 %

Total Interest-bearing 14,683,836 6,525 0.18 % 14,561,905 7,982 0.22 % 14,117,764 14,631 0.41 % Deposits



Short-term borrowings 494,811 131 0.11 % 514,025 137 0.11 % 613,127 370 0.24 %

Long-term borrowings 627,300 6,153 3.92 % 626,795 6,155 3.93 % 1,295,515 10,042 3.10 %

Total Interest-bearing 15,805,947 12,809 0.32 % 15,702,725 14,274 0.36 % 16,026,406 25,043 0.62 % Liabilities



Noninterest-bearing liabilities:

Demand deposits 7,439,644 7,203,696 6,270,683

Other 472,452 441,708 498,328

Total Liabilities 23,718,043 23,348,129 22,795,417

Total Deposits/Cost of 22,123,480 0.12 % 21,765,601 0.15 % 20,388,447 0.29 % Deposits

Total Interest-bearing liabilities and non-interest bearing 23,245,591 0.22 % 22,906,421 0.25 % 22,297,089 0.45 % deposits ("Cost of Funds")



Shareholders' equity 2,722,833 2,669,413 2,374,091

Total Liabilities and $ 26,440,876 $ 26,017,542 $ 25,169,508 Shareholders' Equity



Net interest income/net interest margin (fully 174,384 2.82 % 165,417 2.73 % 157,106 2.70 % taxable equivalent)

Tax equivalent (3,114) (3,018) (2,990) adjustment

Net interest income $ 171,270 $ 162,399 $ 154,116





(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.

(2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):

dollars in thousands

Three months ended

% Change from

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

Jun 30

Sep 30

2021

2021

2021

2020

2020

2021

2020

Loans, by type:

Real estate - commercial mortgage

$

7,134,177

$

7,177,622

$

7,128,997

$

7,101,363

$

6,986,528

(0.6)

%

2.1

%

Commercial and industrial

3,878,767

3,920,771

4,033,367

4,024,879

4,030,750

(1.1)

%

(3.8)

%

Real estate - residential mortgage

3,642,822

3,396,690

3,183,585

3,087,529

2,975,516

7.2

%

22.4

%

Real estate - home equity

1,128,076

1,139,558

1,175,218

1,212,113

1,237,602

(1.0)

%

(8.8)

%

Real estate - construction

1,085,846

1,054,469

1,054,718

1,009,284

981,589

3.0

%

10.6

%

Consumer

452,844

451,486

459,038

468,678

464,851

0.3

%

(2.6)

%

Equipment lease financing

247,776

256,248

266,405

279,059

279,217

(3.3)

%

(11.3)

%

Other(1)

(6,773)

(14,677)

(9,455)

(18,817)

(28,656)

53.9

%

76.4

%

Net Loans before PPP

17,563,535

17,382,167

17,291,873

17,164,088

16,927,397

1.0

%

3.8

%

PPP

850,618

1,524,389

1,688,713

1,830,426

1,953,122

(44.2)

%

(56.4)

%

Total Net Loans

$

18,414,153

$

18,906,556

$

18,980,586

$

18,994,514

$

18,880,519

(2.6)

%

(2.5)

%

Deposits, by type:

Noninterest-bearing demand

$

7,439,644

$

7,203,696

$

6,672,832

$

6,477,228

$

6,270,683

3.3

%

18.6

%

Interest-bearing demand

6,168,908

5,979,855

5,832,174

5,762,150

5,591,548

3.2

%

10.3

%

Savings

6,392,537

6,280,629

6,137,084

5,905,137

5,716,050

1.8

%

11.8

%

Total demand and savings

20,001,089

19,464,180

18,642,090

18,144,515

17,578,281

2.8

%

13.8

%

Brokered

270,168

297,815

324,364

340,451

314,721

(9.3)

%

(14.2)

%

Time

1,852,223

2,003,606

2,150,570

2,306,556

2,495,445

(7.6)

%

(25.8)

%

Total Deposits

$

22,123,480

$

21,765,601

$

21,117,024

$

20,791,522

$

20,388,447

1.6

%

8.5

%

Short-term borrowings, by type:

Customer funding

$

494,811

$

514,025

$

570,775

$

622,623

$

613,127

(3.7)

%

(19.3)

%

Total Short-term borrowings

$

494,811

$

514,025

$

570,775

$

622,623

$

613,127

(3.7)

%

(19.3)

%

(1) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):

dollars in thousands

Three months ended % Change from

Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Sep 30

2021 2021 2021 2020 2020 2021 2020

Loans, by type:

Real estate - commercial $ 7,134,177 $ 7,177,622 $ 7,128,997 $ 7,101,363 $ 6,986,528 (0.6) % 2.1 % mortgage

Commercial and industrial 3,878,767 3,920,771 4,033,367 4,024,879 4,030,750 (1.1) % (3.8) %

Real estate - residential 3,642,822 3,396,690 3,183,585 3,087,529 2,975,516 7.2 % 22.4 % mortgage

Real estate - home equity 1,128,076 1,139,558 1,175,218 1,212,113 1,237,602 (1.0) % (8.8) %

Real estate - construction 1,085,846 1,054,469 1,054,718 1,009,284 981,589 3.0 % 10.6 %

Consumer 452,844 451,486 459,038 468,678 464,851 0.3 % (2.6) %

Equipment lease financing 247,776 256,248 266,405 279,059 279,217 (3.3) % (11.3) %

Other^(1) (6,773) (14,677) (9,455) (18,817) (28,656) 53.9 % 76.4 %

Net Loans before PPP 17,563,535 17,382,167 17,291,873 17,164,088 16,927,397 1.0 % 3.8 %

PPP 850,618 1,524,389 1,688,713 1,830,426 1,953,122 (44.2) % (56.4) %

Total Net Loans $ 18,414,153 $ 18,906,556 $ 18,980,586 $ 18,994,514 $ 18,880,519 (2.6) % (2.5) %



Deposits, by type:

Noninterest-bearing demand $ 7,439,644 $ 7,203,696 $ 6,672,832 $ 6,477,228 $ 6,270,683 3.3 % 18.6 %

Interest-bearing demand 6,168,908 5,979,855 5,832,174 5,762,150 5,591,548 3.2 % 10.3 %

Savings 6,392,537 6,280,629 6,137,084 5,905,137 5,716,050 1.8 % 11.8 %

Total demand and savings 20,001,089 19,464,180 18,642,090 18,144,515 17,578,281 2.8 % 13.8 %

Brokered 270,168 297,815 324,364 340,451 314,721 (9.3) % (14.2) %

Time 1,852,223 2,003,606 2,150,570 2,306,556 2,495,445 (7.6) % (25.8) %

Total Deposits $ 22,123,480 $ 21,765,601 $ 21,117,024 $ 20,791,522 $ 20,388,447 1.6 % 8.5 %



Short-term borrowings, by type:

Customer funding $ 494,811 $ 514,025 $ 570,775 $ 622,623 $ 613,127 (3.7) % (19.3) %

Total Short-term borrowings $ 494,811 $ 514,025 $ 570,775 $ 622,623 $ 613,127 (3.7) % (19.3) %





^(1) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

dollars in thousands

Nine months ended September 30

2021

2020

Average

Interest

Yield/

Average

Interest

Yield/

Balance

(1)

Rate

Balance

(1)

Rate

ASSETS

Interest-earning assets:

Net Loans

$

18,765,024

$

485,330

3.46

%

$

18,027,253

$

498,455

3.69

%

Taxable investment securities

2,619,411

41,345

1.93

%

2,165,180

44,615

2.75

%

Tax-exempt investment securities

969,946

22,557

3.10

%

804,484

19,596

3.24

%

Total Investment Securities

3,589,357

63,902

2.37

%

2,969,664

64,211

2.88

%

Loans held for sale

40,551

969

3.19

%

54,355

1,557

3.82

%

Other interest-earning assets

1,986,161

4,599

0.18

%

936,819

4,325

0.62

%

Total Interest-earning Assets

24,381,093

554,799

3.04

%

21,988,091

568,548

3.45

%

Noninterest-earning assets:

Cash and due from banks

150,435

143,496

Premises and equipment

229,513

239,739

Other assets

1,689,094

1,729,351

Less: ACL - loans(2)

(268,412)

(242,300)

Total Assets

$

26,181,723

$

23,858,377

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Demand deposits

$

5,994,878

$

2,905

0.06

%

$

5,116,696

$

9,933

0.26

%

Savings deposits

6,271,019

3,944

0.08

%

5,431,071

12,788

0.31

%

Brokered deposits

297,250

876

0.39

%

300,795

1,935

0.86

%

Time deposits

2,001,043

16,383

1.09

%

2,626,802

33,533

1.71

%

Total Interest-bearing Deposits

14,564,190

24,108

0.22

%

13,475,364

58,189

0.58

%

Short-term borrowings

526,259

456

0.12

%

873,694

4,960

0.76

%

Long-term borrowings

839,396

23,006

3.66

%

1,240,253

28,468

3.06

%

Total Interest-bearing Liabilities

15,929,845

47,570

0.40

%

15,589,311

91,617

0.78

%

Noninterest-bearing liabilities:

Demand deposits

7,108,199

5,458,807

Other

466,917

470,055

Total Liabilities

23,504,961

21,518,173

Total Deposits/Cost of Deposits

21,672,389

0.15

%

18,934,171

0.41

%

Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")

23,038,044

0.28

%

21,048,118

0.58

%

Shareholders' equity

2,676,762

2,340,204

Total Liabilities and Shareholders' Equity

$

26,181,723

$

23,858,377

Net interest income/net interest margin (fully taxable equivalent)

507,229

2.78

%

476,931

2.90

%

Tax equivalent adjustment

(9,111)

(9,315)

Net interest income

$

498,118

$

467,616

(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.

(2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

dollars in thousands

Nine months ended September 30

2021 2020

Average Interest Yield/ Average Interest Yield/

Balance (1) Rate Balance (1) Rate

ASSETS



Interest-earning assets:

Net Loans $ 18,765,024 $ 485,330 3.46 % $ 18,027,253 $ 498,455 3.69 %

Taxable investment 2,619,411 41,345 1.93 % 2,165,180 44,615 2.75 % securities

Tax-exempt investment 969,946 22,557 3.10 % 804,484 19,596 3.24 % securities

Total Investment 3,589,357 63,902 2.37 % 2,969,664 64,211 2.88 % Securities

Loans held for 40,551 969 3.19 % 54,355 1,557 3.82 % sale

Other interest-earning 1,986,161 4,599 0.18 % 936,819 4,325 0.62 % assets

Total Interest-earning 24,381,093 554,799 3.04 % 21,988,091 568,548 3.45 % Assets



Noninterest-earning assets:

Cash and due 150,435 143,496 from banks

Premises and 229,513 239,739 equipment

Other assets 1,689,094 1,729,351

Less: ACL - (268,412) (242,300) loans^(2)

Total Assets $ 26,181,723 $ 23,858,377



LIABILITIES AND SHAREHOLDERS' EQUITY



Interest-bearing liabilities:

Demand deposits $ 5,994,878 $ 2,905 0.06 % $ 5,116,696 $ 9,933 0.26 %

Savings deposits 6,271,019 3,944 0.08 % 5,431,071 12,788 0.31 %

Brokered 297,250 876 0.39 % 300,795 1,935 0.86 % deposits

Time deposits 2,001,043 16,383 1.09 % 2,626,802 33,533 1.71 %

Total Interest-bearing 14,564,190 24,108 0.22 % 13,475,364 58,189 0.58 % Deposits



Short-term 526,259 456 0.12 % 873,694 4,960 0.76 % borrowings

Long-term 839,396 23,006 3.66 % 1,240,253 28,468 3.06 % borrowings

Total Interest-bearing 15,929,845 47,570 0.40 % 15,589,311 91,617 0.78 % Liabilities



Noninterest-bearing liabilities:

Demand deposits 7,108,199 5,458,807

Other 466,917 470,055

Total 23,504,961 21,518,173 Liabilities

Total Deposits/ 21,672,389 0.15 % 18,934,171 0.41 % Cost of Deposits

Total Interest-bearing liabilities and non-interest 23,038,044 0.28 % 21,048,118 0.58 % bearing deposits ("Cost of Funds")



Shareholders' 2,676,762 2,340,204 equity

Total Liabilities and $ 26,181,723 $ 23,858,377 Shareholders' Equity



Net interest income/net interest margin 507,229 2.78 % 476,931 2.90 % (fully taxable equivalent)

Tax equivalent (9,111) (9,315) adjustment

Net interest $ 498,118 $ 467,616 income



(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.

(2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):

dollars in thousands

Nine months ended September 30

2021

2020

% Change

Loans, by type:

Real estate - commercial mortgage

$

7,146,951

$

6,870,148

4.0

%

Commercial and industrial

3,943,736

4,308,559

(8.5)

%

Real estate - residential mortgage

3,409,381

2,805,694

21.5

%

Real estate - home equity

1,147,444

1,269,525

(9.6)

%

Real estate - construction

1,065,125

950,845

12.0

%

Consumer

454,434

465,661

(2.4)

%

Equipment lease financing

256,741

282,800

(9.2)

%

Other(1)

(10,292)

121

N/M

Net Loans before PPP

17,413,520

16,953,353

2.7

%

PPP

1,351,504

1,073,900

25.9

%

Total Net Loans

$

18,765,024

$

18,027,253

4.1

%

Deposits, by type:

Noninterest-bearing demand

$

7,108,199

$

5,458,807

30.2

%

Interest-bearing demand

5,994,878

5,116,696

17.2

%

Savings

6,271,019

5,431,071

15.5

%

Total demand and savings

19,374,096

16,006,574

21.0

%

Brokered

297,250

300,795

(1.2)

%

Time

2,001,043

2,626,802

(23.8)

%

Total Deposits

$

21,672,389

$

18,934,171

14.5

%

Short-term borrowings, by type:

Customer funding

526,259

529,667

(0.6)

%

Federal funds purchased

-

86,715

N/M

Short-term FHLB advances and other borrowings

-

257,312

N/M

Total Short-term Borrowings

$

526,259

$

873,694

(39.8)

%

N/M - Not meaningful

(1) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):

dollars in thousands



Nine months ended September 30

2021 2020 % Change

Loans, by type:

Real estate - commercial mortgage $ 7,146,951 $ 6,870,148 4.0 %

Commercial and industrial 3,943,736 4,308,559 (8.5) %

Real estate - residential mortgage 3,409,381 2,805,694 21.5 %

Real estate - home equity 1,147,444 1,269,525 (9.6) %

Real estate - construction 1,065,125 950,845 12.0 %

Consumer 454,434 465,661 (2.4) %

Equipment lease financing 256,741 282,800 (9.2) %

Other^(1) (10,292) 121 N/M

Net Loans before PPP 17,413,520 16,953,353 2.7 %

PPP 1,351,504 1,073,900 25.9 %

Total Net Loans $ 18,765,024 $ 18,027,253 4.1 %



Deposits, by type:

Noninterest-bearing demand $ 7,108,199 $ 5,458,807 30.2 %

Interest-bearing demand 5,994,878 5,116,696 17.2 %

Savings 6,271,019 5,431,071 15.5 %

Total demand and savings 19,374,096 16,006,574 21.0 %

Brokered 297,250 300,795 (1.2) %

Time 2,001,043 2,626,802 (23.8) %

Total Deposits $ 21,672,389 $ 18,934,171 14.5 %



Short-term borrowings, by type:

Customer funding 526,259 529,667 (0.6) %

Federal funds purchased - 86,715 N/M

Short-term FHLB advances and other - 257,312 N/Mborrowings

Total Short-term Borrowings $ 526,259 $ 873,694 (39.8) %



N/M - Not meaningful

(1) Consists of overdrafts and net origination fees and costs.

FULTON FINANCIAL CORPORATION

ASSET QUALITY INFORMATION (UNAUDITED)

dollars in thousands

Three months ended

Nine months ended

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

Sep 30

Sep 30

2021

2021

2021

2020

2020

2021

2020

Allowance for credit losses related to Net Loans:

Balance at beginning of period

$

255,032

$

265,986

$

277,567

$

266,825

$

256,537

$

277,567

$

163,620

Impact of adopting CECL-

-

-

-

-

-

45,724

Loans charged off:

Commercial and industrial

(647)

(954)

(4,319)

(1,567)

(2,969)

(5,920)

(17,348)

Real estate - commercial mortgage

(14)

(6,506)

(1,837)

(300)

(746)

(8,357)

(3,925)

Consumer and home equity

(504)

(1,130)

(847)

(668)

(1,093)

(2,481)

(3,925)

Real estate - residential mortgage

(602)

(496)

(192)

-

(198)

(1,290)

(620)

Real estate - construction

-

-

(39)

-

-

(39)

(17)

Equipment lease financing and other

(467)

(436)

(968)

(483)

(483)

(1,871)

(1,704)

Total loans charged off

(2,234)

(9,522)

(8,202)

(3,018)

(5,489)

(19,958)

(27,539)

Recoveries of loans previously charged off:

Commercial and industrial

2,330

693

769

4,581

2,103

3,792

6,815

Real estate - commercial mortgage

564

729

174

588

100

1,467

439

Consumer and home equity

504

634

440

594

491

1,578

1,786

Real estate - residential mortgage

86

105

95

199

95

286

292

Real estate - construction

697

254

384

179

4,873

1,335

4,943

Equipment lease financing and other

358

153

159

219

185

670

385

Recoveries of loans previously charged off

4,539

2,568

2,021

6,360

7,847

9,128

14,660

Net loans recovered (charged off)

2,305

(6,954)

(6,181)

3,342

2,358

(10,830)

(12,879)

Provision for credit losses

(610)

(4,000)

(5,400)

7,400

7,930

(10,010)

70,360

Balance at end of period

$

256,727

$

255,032

$

265,986

$

277,567

$

266,825

$

256,727

$

266,825

Net charge-offs (recoveries) to average loans (annualized)

(0.05)

%

0.15

%

0.13

%

(0.07)

%

(0.05)

%

0.08

%

0.10

%

Allowance credit losses related to OBS Credit Exposures(1)

Balance at beginning of period

$

14,773

$

14,273

$

14,373

$

15,533

$

16,383

Provision for credit losses

10

500

(100)

(1,160)

(850)

Balance at end of period

$

14,783

$

14,773

$

14,273

$

14,373

$

15,533

NON-PERFORMING ASSETS:

Non-accrual loans

$

138,833

$

147,864

$

143,889

$

137,198

$

128,321

Loans 90 days past due and accruing

11,389

5,865

8,559

9,929

13,761

Total non-performing loans

150,222

153,729

152,448

147,127

142,082

Other real estate owned

1,896

2,779

3,664

4,178

4,565

Total non-performing assets

$

152,118

$

156,508

$

156,112

$

151,305

$

146,647

NON-PERFORMING LOANS, BY TYPE:

Commercial and industrial

$

32,697

$

33,522

$

31,871

$

32,610

$

37,224

Real estate - commercial mortgage

52,100

53,693

54,164

52,647

43,426

Real estate - residential mortgage

37,077

38,185

36,152

30,793

28,287

Consumer and home equity

11,509

11,408

13,072

13,090

12,292

Real estate - construction

965

1,016

1,440

1,550

4,051

Equipment lease financing and other

15,874

15,905

15,749

16,437

16,802

Total non-performing loans

$

150,222

$

153,729

$

152,448

$

147,127

$

142,082

(1) The allowance for credit losses related to OBS Credit Exposures is presented in "other liabilities" on the consolidated balance sheets.

FULTON FINANCIAL CORPORATION

ASSET QUALITY INFORMATION (UNAUDITED)

dollars in thousands

Three months ended Nine months ended

Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Sep 30 Sep 30

2021 2021 2021 2020 2020 2021 2020

Allowance for creditlosses related to Net Loans:

Balance atbeginning of $ 255,032 $ 265,986 $ 277,567 $ 266,825 $ 256,537 $ 277,567 $ 163,620 period



Impact of - - - - - - 45,724 adopting CECL Loans charged off:

Commercial and (647) (954) (4,319) (1,567) (2,969) (5,920) (17,348) industrial

Real estate - commercial (14) (6,506) (1,837) (300) (746) (8,357) (3,925) mortgage

Consumer and (504) (1,130) (847) (668) (1,093) (2,481) (3,925) home equity

Real estate - residential (602) (496) (192) - (198) (1,290) (620) mortgage

Real estate - - - (39) - - (39) (17) construction

Equipment lease (467) (436) (968) (483) (483) (1,871) (1,704) financing and other

Total loans (2,234) (9,522) (8,202) (3,018) (5,489) (19,958) (27,539) charged off

Recoveries ofloans previously charged off:

Commercial and 2,330 693 769 4,581 2,103 3,792 6,815 industrial

Real estate - commercial 564 729 174 588 100 1,467 439 mortgage

Consumer and 504 634 440 594 491 1,578 1,786 home equity

Real estate - residential 86 105 95 199 95 286 292 mortgage

Real estate - 697 254 384 179 4,873 1,335 4,943 construction

Equipment lease 358 153 159 219 185 670 385 financing and other

Recoveries of loans 4,539 2,568 2,021 6,360 7,847 9,128 14,660 previously charged off

Net loansrecovered 2,305 (6,954) (6,181) 3,342 2,358 (10,830) (12,879) (charged off)

Provision for (610) (4,000) (5,400) 7,400 7,930 (10,010) 70,360 credit losses

Balance at end $ 256,727 $ 255,032 $ 265,986 $ 277,567 $ 266,825 $ 256,727 $ 266,825 of period

Net charge-offs(recoveries) to (0.05) % 0.15 % 0.13 % (0.07) % (0.05) % 0.08 % 0.10 %average loans(annualized)



Allowance credit lossesrelated to OBS Credit Exposures^(1)

Balance at beginning of $ 14,773 $ 14,273 $ 14,373 $ 15,533 $ 16,383 period

Provision for 10 500 (100) (1,160) (850) credit losses

Balance at end $ 14,783 $ 14,773 $ 14,273 $ 14,373 $ 15,533 of period



NON-PERFORMING ASSETS:

Non-accrual $ 138,833 $ 147,864 $ 143,889 $ 137,198 $ 128,321 loans

Loans 90 days past due and 11,389 5,865 8,559 9,929 13,761 accruing

Total non-performing 150,222 153,729 152,448 147,127 142,082 loans

Other real 1,896 2,779 3,664 4,178 4,565 estate owned

Total non-performing $ 152,118 $ 156,508 $ 156,112 $ 151,305 $ 146,647 assets



NON-PERFORMING LOANS, BY TYPE:

Commercial and $ 32,697 $ 33,522 $ 31,871 $ 32,610 $ 37,224 industrial

Real estate - commercial 52,100 53,693 54,164 52,647 43,426 mortgage

Real estate - residential 37,077 38,185 36,152 30,793 28,287 mortgage

Consumer and 11,509 11,408 13,072 13,090 12,292 home equity

Real estate - 965 1,016 1,440 1,550 4,051 construction

Equipment lease 15,874 15,905 15,749 16,437 16,802 financing and other

Total non-performing $ 150,222 $ 153,729 $ 152,448 $ 147,127 $ 142,082 loans



(1) The allowance for credit losses related to OBS Credit Exposures ispresented in "other liabilities" on the consolidated balance sheets.



FULTON FINANCIAL CORPORATION

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

in thousands, except per share data and percentages

Explanatory note:

This press release contains supplemental financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

FULTON FINANCIAL CORPORATION

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

in thousands, except per share data and percentages



This press release contains supplemental financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and otherExplanatory interested parties in the evaluation of companies in thenote: Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

Three months ended

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

2021

2021

2021

2020

2020

Common shareholders' equity (tangible), per share

Shareholders' equity

$

2,699,818

$

2,692,958

$

2,629,655

$

2,616,828

$

2,390,261

Less: Preferred stock

(192,878)

(192,878)

(192,878)

(192,878)

-

Less: Goodwill and intangible assets

(536,697)

(536,847)

(536,544)

(536,659)

(534,907)

Tangible common shareholders' equity (numerator)

$

1,970,243

$

1,963,233

$

1,900,233

$

1,887,291

$

1,855,354

Shares outstanding, end of period (denominator)

161,429

162,988

162,518

162,350

162,134

Common shareholders' equity (tangible), per share

$

12.21

$

12.05

$

11.69

$

11.62

$

11.44

Return on average common shareholders' equity (tangible)

Net income available to common shareholders

$

73,021

$

62,402

$

70,472

$

48,690

$

61,611

Plus: Intangible amortization, net of tax

118

140

90

104

103

(Numerator)

$

73,139

$

62,542

$

70,562

$

48,794

$

61,714

Average shareholders' equity

$

2,722,833

$

2,669,413

$

2,637,098

$

2,544,866

$

2,374,091

Less: Average preferred stock

(192,878)

(192,878)

(192,878)

(127,639)

-

Less: Average goodwill and intangible assets

(536,772)

(536,470)

(536,601)

(535,474)

(534,971)

Average tangible common shareholders' equity (denominator)

$

1,993,183

$

1,940,065

$

1,907,619

$

1,881,753

$

1,839,120

Return on average common shareholders' equity (tangible), annualized

14.56%

12.93%

15.00%

10.32%

13.35%

Tangible common equity to tangible assets (TCE Ratio)

Shareholders' equity

$

2,699,818

$

2,692,958

$

2,629,655

$

2,616,828

$

2,390,261

Less: Preferred stock

(192,878)

(192,878)

(192,878)

(192,878)

-

Less: Goodwill and intangible assets

(536,697)

(536,847)

(536,544)

(536,659)

(534,907)

Tangible common shareholders' equity (numerator)

$

1,970,243

$

1,963,233

$

1,900,233

$

1,887,291

$

1,855,354

Total assets

$

26,390,832

$

26,079,774

$

25,892,990

$

25,906,733

$

25,543,281

Less: Goodwill and intangible assets

(536,697)

(536,847)

(536,544)

(536,659)

(534,907)

Total tangible assets (denominator)

$

25,854,135

$

25,542,927

$

25,356,446

$

25,370,074

$

25,008,374

Tangible common equity to tangible assets

7.62%

7.69%

7.49%

7.44%

7.42%

Efficiency ratio

Non-interest expense

$

144,596

$

140,831

$

178,384

$

154,737

$

139,145

Less: Amortization of tax credit investments

(1,546)

(1,563)

(1,531)

(1,532)

(1,694)

Less: Intangible amortization

(150)

(178)

(115)

(132)

(132)

Less: 2020 cost savings initiatives

-

-

-

(15,400)

(800)

Less: Debt extinguishment costs

-

(412)

(32,163)

-

-

Non-interest expense (numerator)

$

142,900

$

138,678

$

144,575

$

137,673

$

136,519

Net interest income

$

171,270

$

162,399

$

164,449

$

161,591

$

154,116

Tax equivalent adjustment

3,114

3,018

2,979

2,987

2,990

Plus: Total Non-interest income

62,577

51,890

95,397

55,574

63,249

Less: Investment securities gains, net

-

(36)

(33,475)

-

(2)

Total revenue (denominator)

$

236,961

$

217,271

$

229,350

$

220,152

$

220,353

Efficiency ratio

60.3%

63.8%

63.0%

62.5%

62.0%

Three months ended

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

2021

2021

2021

2020

2020

Non-interest expenses to total average assets (annualized)

Non-interest expense

$

144,596

$

140,831

$

178,384

$

154,737

$

139,145

Less: Amortization of tax credit investments

(1,546)

(1,563)

(1,531)

(1,532)

(1,694)

Less: Intangible amortization

(150)

(178)

(115)

(132)

(132)

Less: 2020 cost savings initiatives

-

-

-

(15,400)

(800)

Less: Debt extinguishment costs

-

(412)

(32,163)

-

-

Non-interest expense (numerator)

$

142,900

$

138,678

$

144,575

$

137,673

$

136,519

Total average assets (denominator)

$

26,440,876

$

26,017,542

$

26,082,816

$

25,749,405

$

25,169,508

Non-interest expenses to total average assets, (annualized)

2.14%

2.14%

2.25%

2.13%

2.16%

Asset Quality, excluding PPP

Net loans recovered (charged-off) (numerator)

$

2,305

$

(6,954)

$

(6,181)

$

3,342

$

2,358

Average Net Loans

$

18,414,153

$

18,906,556

$

18,980,586

$

18,994,514

$

18,880,519

Less: Average PPP loans

(850,618)

(1,524,389)

(1,688,713)

(1,830,426)

(1,953,122)

Total adjusted average loans (denominator)

$

17,563,535

$

17,382,167

$

17,291,873

$

17,164,088

$

16,927,397

Net charge-offs (recoveries) to adjusted average loans (annualized)

(0.05)%

0.16%

0.14%

(0.08)%

(0.06)%

Non-performing loans (numerator)

$

150,222

$

153,729

$

152,448

$

147,127

$

142,082

Net Loans

$

18,269,407

$

18,586,756

$

18,990,986

$

18,900,820

$

19,028,621

Less: PPP loans

(590,447)

(1,114,401)

(1,688,394)

(1,581,712)

(1,960,165)

Total adjusted loans (denominator)

$

17,678,960

$

17,472,355

$

17,302,592

$

17,319,108

$

17,068,456

Non-performing loans to total adjusted loans

0.85%

0.88%

0.88%

0.85%

0.83%

ACL - loans (numerator)

$

256,727

$

255,032

$

265,986

$

277,567

$

266,825

Net Loans

$

18,269,407

$

18,586,756

$

18,990,986

$

18,900,820

$

19,028,621

Less: PPP loans

(590,447)

(1,114,401)

(1,688,394)

(1,581,712)

(1,960,165)

Total adjusted loans (denominator)

$

17,678,960

$

17,472,355

$

17,302,592

$

17,319,108

$

17,068,456

ACL - loans to total adjusted loans

1.45%

1.46%

1.54%

1.60%

1.56%

Pre-provision net revenue

Net interest income

$

171,270

$

162,399

$

164,448

$

161,591

$

154,116

Non-interest income

62,577

51,890

95,397

55,574

63,249

Less: Investment securities gains, net

-

(36)

(33,475)

-

(2)

Total revenue

$

233,847

$

214,253

$

226,370

$

217,165

$

217,363

Non-interest expense

$

144,596

$

140,831

$

178,384

$

154,737

$

139,145

Less: Debt extinguishment

-

(412)

(32,163)

-

-

Less: Amortization on tax credit investments

(1,546)

(1,563)

(1,531)

(1,532)

(1,694)

Less: Intangible amortization

(150)

(178)

(115)

(132)

(132)

Total non-interest expense

$

142,900

$

138,678

$

144,575

$

153,073

$

137,319

Pre-provision net revenue

$

90,947

$

75,575

$

81,795

$

64,092

$

80,044

Note: numbers may not sum due to rounding.

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