8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

January 18, 2022

Date of Report (date of earliest event reported)

Fulton Financial Corporation

(Exact name of registrant as specified in its charter)

PA	001-39680		23-2195389
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)
One Penn Square,	Lancaster,	PA	17602
(Address of Principal Executive Offices)			(Zip Code)

(717) 291-2411

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $2.50	FULT	The Nasdaq Stock Market, LLC
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A	FULTP	The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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Item 2.02 Results of Operations and Financial Condition.

    On January 18, 2022, Fulton Financial Corporation (the "Corporation") issued a press release (the "Press Release") announcing its results of operations for the fourth quarter and year ended ended December 31, 2021. A copy of the Press Release and supplementary financial information which accompanied the Press Release, are attached as Exhibit 99.1 to this Current Report and are incorporated herein by reference. The Corporation also posted on its Investor Relations website, www.fultonbank.com, presentation materials the Corporation intends to use during a conference call and webcast to discuss those results on Wednesday, January 19, 2022 at 10:00 a.m. Eastern Time. A copy of the presentation materials is attached as Exhibit 99.2 to this Current Report and is incorporated herein by reference.    

The information in the preceding paragraph, as well as Exhibit 99.2 referenced therein, shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"). The information included in Exhibit 99.1 shall be considered "filed" for purposes of the Exchange Act and therefore may be incorporated by reference in filings under the Securities Act.

Forward-Looking Statements

This Current Report on Form 8-K, including the Exhibits hereto, 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. Management’s "2022 Outlook" contained in Exhibit 99.2 to this Current Report is comprised of forward-looking statements.

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, 2020, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 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.fultonbank.com) and on the Securities and Exchange Commission's website (www.sec.gov).

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit No.	Description
99.1	Press release dated January 18, 2022 containing financial information for the quarter ended and year ended December 31, 2021, deemed "filed" under the Securities Exchange Act of 1934.
99.2	Presentation materials to be discussed during the conference call and webcast on January 19, 2022, deemed "furnished" under the Securities Exchange Act of 1934.
104	Cover page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 18, 2022	FULTON FINANCIAL CORPORATION
	By: /s/ Mark R. McCollom
	Mark R. McCollom
	Senior Executive Vice President and
	Chief Financial Officer

EX-99.1

Exhibit 99.1

FULTON FINANCIAL

CORPORATION

FOR IMMEDIATE RELEASE

Media Contact: Laura Wakeley (717) 291-2616

Investor Contact: Matt Jozwiak (717) 327-2657

Fulton Financial Announces Fourth Quarter and 2021 Results

(January 18, 2022) – Lancaster, PA – Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $59.3 million, or $0.37 per diluted share, for the fourth quarter of 2021 and $265.2 million, or $1.62 per diluted share, for the year ended December 31, 2021.

“2021 was a very good year for Fulton — a result of our continued successful execution of our relationship banking strategy," said E. Philip Wenger, Chairman and CEO of Fulton Financial Corporation. "Despite a difficult operating environment, the Fulton team did an outstanding job in helping our customers through some very challenging times. Our employees served as trusted financial advisors and delivered a wide variety of financial products and services. These activities, coupled with our success in keeping credit costs down and maintaining expenses, translated into record earnings per share for 2021. We are encouraged by many of the core business trends we saw during the year, particularly in the second half of 2021, and believe we are well-positioned to continue to advance our strategic priorities and deliver shareholder value in 2022."

Net Interest Income and Balance Sheet

Net interest income for the fourth quarter of 2021 was $165.6 million, $5.7 million lower than the third quarter of 2021. Net interest margin for the fourth quarter of 2021 decreased 5 basis points, to 2.77%, from 2.82% in the third quarter of 2021. The quarter-over-quarter decreases in net interest income and net interest margin were primarily due to a decrease in loan fees related to Paycheck Protection Program ("PPP") loans, which were $10.0 million in the fourth quarter of 2021 compared to $17.7 million in the third quarter of 2021, partially offset by a lower cost of deposits. The PPP loan balance as of December 31, 2021 was $301.3 million.

For the year ended December 31, 2021, net interest income was $663.7 million, an increase of $34.5 million in comparison to the year ended December 31, 2020. Net interest income for 2021 included $59.0 million in PPP loan fees. The yield on average interest-earning assets and the rate on average interest-bearing liabilities both declined 34 basis points in 2021 in comparison to 2020. The net interest margin in 2021 was 2.78% compared to 2.86% in 2020.

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Total average interest-earning assets for the fourth quarter of 2021 were $24.3 billion, a decrease of $0.3 billion from the third quarter of 2021, driven by decreases in PPP loans of $0.4 billion and deposits with other banks reflected in other interest-earning assets of $0.2 billion, partially offset by increases in residential mortgage loans of $0.1 billion and tax-exempt investment securities of $0.1 billion.

Total average interest-earning assets for the year ended December 31, 2021 were $24.4 billion, an increase of $1.9 billion from 2020. Average loans, net of unearned income, were $18.6 billion, an increase of $0.4 billion from 2020. Included in average loans were PPP loans that had an average balance of $1.1 billion, a decrease of $0.1 billion from 2020. The increase in average loans was mainly driven by a $0.6 billion increase in the residential mortgage loan portfolio.

Total average interest-bearing liabilities decreased $0.3 billion, to $15.5 billion, in the fourth quarter of 2021 compared to the third quarter of 2021, driven by decreases of $0.2 billion in wholesale deposits reflected in demand deposits and $0.1 billion in time deposits. Average noninterest-bearing deposits increased $0.1 billion in the fourth quarter of 2021.

Total average interest-bearing deposits for the year ended December 31, 2021 increased $0.8 billion from 2020, driven by increases in demand and savings deposits. Average noninterest-bearing deposits increased $1.5 billion for the year ended December 31, 2021.

The Corporation repurchased 1.1 million shares and 2.8 million shares of Fulton common stock during the fourth quarter of 2021 and for the year ended December 31, 2021, respectively, at a cost of $17.8 million and $43.9 million, respectively. As of December 31, 2021, up to an additional $31.1 million of Fulton's common stock may be repurchased through March 31, 2022 under the $75 million share repurchase program originally announced in February 2021.

Asset Quality

In the fourth quarter of 2021, a negative provision for credit losses of $5.0 million was recognized, as compared to a negative provision for credit losses of $0.6 million recognized in the third quarter of 2021. The negative provision for credit losses for the fourth quarter of 2021 was recorded to adjust the allowance for credit losses as a result of improved economic conditions. For the year ended December 31, 2021, the negative provision for credit losses was $14.6 million compared to a provision for credit losses of $76.9 million in 2020. A $6.2 million provision for credit losses was recognized in the fourth quarter of 2020.

Non-performing assets were $153.9 million, or 0.60% of total assets, at December 31, 2021, compared to $152.1 million, or 0.58% of total assets, and $151.3 million, or 0.58% of total assets, at September 30, 2021 and December 31, 2020, respectively.

Annualized net charge-offs (recoveries) for the quarter ended December 31, 2021,were 0.07% of total average loans, compared to (0.05)% and (0.07)% for the quarters ended September 30, 2021 and December 31, 2020, respectively.

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Non-interest Income

Non-interest income in the fourth quarter of 2021 was $63.9 million, an increase of $1.3 million, or 2.1%, from the third quarter of 2021. The increase in non-interest income was primarily due to a $1.6 million increase in income from equity method investments reflected in other income.

Compared to the fourth quarter of 2020, non-interest income in the fourth quarter of 2021 increased $8.3 million, or 14.9%, from $55.6 million, primarily due to an increase of $3.9 million in income from equity method investments, a $2.6 million increase in wealth management income due to growth in managed assets, and increases of $1.7 million and $1.3 million in commercial banking income and consumer banking income, respectively. These increases were partially offset with a $2.1 million decrease in mortgage banking income, primarily due to a decline in income from loan sales for the period.

For the year ended December 31, 2021, non-interest income, excluding investment securities gains, was $240.2 million, an increase of $13.9 million, or 6.1%, from 2020. The increase was primarily due to increases of $12.7 million in wealth management, $7.1 million in income from equity method investments and $3.9 million in consumer banking income, offset by declines of $8.7 million in mortgage banking income, due to a $29.2 million decline in income from loan sales, offset by a net favorable pre-tax income change attributable to the mortgage servicing rights valuation allowance as compared to 2020 of $20.4 million. Specifically, Fulton increased the mortgage servicing valuation allowance by $10.5 million in 2020. The Corporation reduced the valuation allowance by $9.9 million in 2021. As of December 31, 2021, the mortgage servicing rights valuation allowance remaining was $0.6 million.

During both 2021 and 2020, Fulton completed balance sheet restructurings involving sales of investment securities and corresponding prepayments of FHLB advances. During 2021, the balance sheet restructuring involved gains on sales of Visa, Inc. Class B restricted shares of $34.0 million that were offset in non-interest expense by debt extinguishment of costs of $33.2 million.

Non-interest Expense

Non-interest expense was $154.0 million in the fourth quarter of 2021, an increase of $9.4 million, or 6.5%, compared to the third quarter of 2021. The increase was primarily due to increases in salaries and employee benefits of $2.8 million during the fourth quarter of 2021 as a result of higher incentive compensation and bonuses, charitable contributions of $2.5 million, reflected in other expense, and other outside services expense of $1.7 million, driven by technology-related services.

Compared to the fourth quarter of 2020, non-interest expense decreased $0.7 million, or 0.5%, in the fourth quarter of 2021, primarily due to a write-off in the prior year period of $4.8 million for fixed assets and $5.8 million of lease termination charges, partially offset by increases of $2.7 million in data processing and software and $1.3 million in other outside services. In addition, salaries and employee benefits increased $1.6 million, primarily due to an increase of $6.8 million for incentive compensation and bonuses, partially offset by a $4.4 million decrease in employee severance expense. During the

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fourth quarter of 2021, the Corporation made a $1.0 million contribution to the Fulton Forward Foundation.

Total non-interest expense increased $38.4 million to $617.8 million, or 6.6%, in 2021 in comparison to 2020. Non-interest expense, excluding debt extinguishment costs of $33.2 million, was $584.6 million, an increase of $21.3 million, or 3.8%, compared to non-interest expenses of $563.2 million in 2020, which excludes expenses associated with cost savings initiatives of $16.2 million. Excluding the net decrease in severance costs of $5.9 million, the increase in non-interest expense over 2020 was primarily due to increases in salaries and employee benefits of $10.6 million, attributable to a $12.7 million increase in incentive compensation and bonuses. Also contributing to the increase in non-interest expense were $8.4 million in data processing and software and $2.8 million in other outside services expense, partially offset by a $3.2 million decrease in professional fees.

Income Tax Expense

For the year ended December 31, 2021, the effective tax rate was 17.6% compared to 12.0% in 2020. The increase was a result of higher income before income taxes.

Additional information on Fulton is available on the Internet at www.fultonbank.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, 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.

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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, June 30, 2021 and September 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.fultonbank.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.

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FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
in thousands, except per-share data and percentages
	Three months ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
	2021		2021		2021		2021		2020
Ending Balances
Investments	$	4,167,774	$	4,000,760	$	3,921,658	$	3,612,010	$	3,340,424
Net loans	18,325,350		18,269,407		18,586,756		18,990,986		18,900,820
Total assets	25,796,398		26,390,832		26,079,774		25,892,990		25,906,733
Deposits	21,573,499		22,074,041		21,724,312		21,633,838		20,839,207
Shareholders' equity	2,712,680		2,699,818		2,692,958		2,629,655		2,616,828
Average Balances
Investments	$	3,980,045	$	3,914,627	$	3,670,333	$	3,448,166	$	3,221,289
Net loans	18,220,550		18,414,153		18,906,556		18,980,586		18,994,514
Total assets	26,136,536		26,440,876		26,017,542		26,082,816		25,749,405
Deposits	21,876,938		22,123,480		21,765,601		21,117,024		20,791,522
Shareholders' equity	2,713,198		2,722,833		2,669,413		2,637,098		2,544,866
Income Statement
Net interest income	$	165,613	$	171,270	$	162,399	$	164,448	$	161,591
Provision for credit losses	(5,000)		(600)		(3,500)		(5,500)		6,240
Non-interest income	63,881		62,577		51,890		95,397		55,574
Non-interest expense	154,019		144,596		140,831		178,384		154,738
Income before taxes	80,475		89,851		76,958		86,961		56,187
Net income available to common shareholders	59,325		73,021		62,402		70,472		48,690
Pre-provision net revenue(1)	77,837		90,947		75,575		81,795		64,092
Per Share
Net income available to common shareholders (basic)	$0.37		$0.45		$0.38		$0.43		$0.30
Net income available to common shareholders (diluted)	$0.37		$0.45		$0.38		$0.43		$0.30
Cash dividends	$0.22		$0.14		$0.14		$0.14		$0.17
Common shareholders' equity	$	15.70	$	15.53	$	15.34	$	14.99	$	14.93
Common shareholders' equity (tangible)(1)	$	12.35	$	12.21	$	12.05	$	11.69	$	11.62
Weighted average shares (basic)	161,210		162,506		162,785		162,441		162,242
Weighted average shares (diluted)	162,355		163,456		163,858		163,737		163,071
(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document.

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	Three months ended
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
	2021		2021		2021		2021		2020
Asset Quality
Net charge-offs (recoveries) to average loans (annualized)	0.07	%	(0.05)	%	0.15	%	0.13	%	(0.07)	%
Non-performing loans to total loans	0.83	%	0.82	%	0.83	%	0.80	%	0.78	%
Non-performing assets to total assets	0.60	%	0.58	%	0.60	%	0.60	%	0.58	%
ACL - loans(2) to total loans	1.36	%	1.41	%	1.37	%	1.40	%	1.47	%
ACL - loans(2) to non-performing loans	164	%	171	%	166	%	174	%	189	%
Asset Quality, excluding PPP(1)(3)
Net charge-offs (recoveries) to adjusted average loans (annualized)	0.07	%	(0.05)	%	0.16	%	0.14	%	(0.08)	%
Non-performing loans to total adjusted loans	0.84	%	0.85	%	0.88	%	0.88	%	0.85	%
ACL - loans(2) to total adjusted loans	1.38	%	1.45	%	1.46	%	1.54	%	1.60	%
Profitability
Return on average assets	0.94	%	1.13	%	1.00	%	1.14	%	0.79	%
Return on average common shareholders' equity	9.34	%	11.45	%	10.01	%	11.73	%	8.21	%
Return on average common shareholders' equity (tangible)(1)	11.89	%	14.56	%	12.93	%	15.00	%	10.32	%
Net interest margin	2.77	%	2.82	%	2.73	%	2.79	%	2.75	%
Efficiency ratio(1)	65.2	%	60.3	%	63.8	%	63.0	%	62.5	%
Non-interest expenses to total average assets(1)	2.30	%	2.14	%	2.14	%	2.25	%	2.13	%
Capital Ratios
Tangible common equity ratio(1)	7.8	%	7.6	%	7.7	%	7.5	%	7.4	%
Tier 1 leverage ratio(4)	8.5	%	8.4	%	8.5	%	8.3	%	8.2	%
Common equity Tier 1 capital ratio(4)	10.0	%	10.1	%	10.0	%	9.8	%	9.5	%
Tier 1 risk-based capital ratio(4)	11.0	%	11.1	%	11.0	%	10.8	%	10.5	%
Total risk-based capital ratio(4)	14.3	%	14.4	%	14.5	%	14.2	%	14.4	%
(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 to off-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-GAAP Measures" at the end of this document.
(4) Regulatory capital ratios as of December 31, 2021 are preliminary and prior periods are actual.

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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
												% Change from
		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Dec 31
		2021		2021		2021		2021		2020		2021		2020
ASSETS
	Cash and due from banks	$	172,276	$	260,564	$	143,002	$	102,570	$	120,462	(33.9)	%	43.0	%
	Other interest-earning assets	1,523,973		2,271,738		1,823,688		1,625,515		1,819,499		(32.9)	%	(16.2)	%
	Loans held for sale	35,768		43,123		41,924		34,092		83,886		(17.1)	%	(57.4)	%
	Investment securities	4,167,774		4,000,760		3,921,658		3,612,010		3,340,424		4.2	%	24.8	%
	Net loans	18,325,350		18,269,407		18,586,756		18,990,986		18,900,820		0.3	%	(3.0)	%
	Less: ACL - loans(1)	(249,001)		(256,727)		(255,032)		(265,986)		(277,567)		(3.0)	%	(10.3)	%
	Loans, net	18,076,349		18,012,680		18,331,724		18,725,000		18,623,253		0.4	%	(2.9)	%
	Net, premises and equipment	220,357		228,179		228,353		229,035		231,480		(3.4)	%	(4.8)	%
	Accrued interest receivable	57,451		57,902		63,232		65,649		72,942		(0.8)	%	(21.2)	%
	Goodwill and intangible assets	538,053		536,697		536,847		536,544		536,659		0.3	%	0.3	%
	Other assets	1,004,397		979,189		989,346		962,575		1,078,128		2.6	%	(6.8)	%
	Total Assets	$	25,796,398	$	26,390,832	$	26,079,774	$	25,892,990	$	25,906,733	(2.3)	%	(0.4)	%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	21,573,499	$	22,074,041	$	21,724,312	$	21,633,838	$	20,839,207	(2.3)	%	3.5	%
	Short-term borrowings	416,764		468,967		533,749		520,989		630,066		(11.1)	%	(33.9)	%
	Other liabilities	472,110		520,620		501,542		482,101		524,369		(9.3)	%	(10.0)	%
	Long-term borrowings	621,345		627,386		627,213		626,407		1,296,263		(1.0)	%	(52.1)	%
	Total Liabilities	23,083,718		23,691,014		23,386,816		23,263,335		23,289,905		(2.6)	%	(0.9)	%
	Shareholders' equity	2,712,680		2,699,818		2,692,958		2,629,655		2,616,828		0.5	%	3.7	%
	Total Liabilities and Shareholders' Equity	$	25,796,398	$	26,390,832	$	26,079,774	$	25,892,990	$	25,906,733	(2.3)	%	(0.4)	%
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	7,279,080	$	7,145,115	$	7,152,932	$	7,142,137	$	7,105,092	1.9	%	2.4	%
	Commercial and industrial	3,906,791		3,863,154		3,870,462		3,986,858		4,088,561		1.1	%	(4.4)	%
	Real estate - residential mortgage	3,846,750		3,719,684		3,555,897		3,254,058		3,141,915		3.4	%	22.4	%
	Real estate - home equity	1,118,248		1,126,628		1,136,128		1,149,958		1,202,913		(0.7)	%	(7.0)	%
	Real estate - construction	1,139,779		1,111,487		1,070,755		1,083,494		1,047,218		2.5	%	8.8	%
	Consumer	464,657		458,595		448,433		451,857		466,772		1.3	%	(0.5)	%
	Equipment lease financing	236,344		242,967		252,158		260,907		279,118		(2.7)	%	(15.3)	%
	Other(2)	32,448		11,330		(14,410)		(26,677)		(12,481)		N/M		N/M
	Net loans before PPP	18,024,097		17,678,960		17,472,355		17,302,592		17,319,108		2.0	%	4.1	%
	PPP	301,253		590,447		1,114,401		1,688,394		1,581,712		(49.0)	%	(81.0)	%
	Total Net Loans	$	18,325,350	$	18,269,407	$	18,586,756	$	18,990,986	$	18,900,820	0.3	%	(3.0)	%
Deposits, by type:
	Noninterest-bearing demand	$	7,370,963	$	7,434,155	$	7,442,132	$	7,046,116	$	6,531,002	(0.9)	%	12.9	%
	Interest-bearing demand	5,819,539		6,187,096		5,795,404		5,959,909		5,818,564		(5.9)	%	—	%
	Savings	6,403,995		6,401,619		6,276,554		6,244,513		5,929,792		—	%	8.0	%
	Total demand and savings	19,594,497		20,022,870		19,514,090		19,250,538		18,279,358		(2.1)	%	7.2	%
	Brokered	251,526		262,617		277,444		309,873		335,185		(4.2)	%	(25.0)	%
	Time	1,727,476		1,788,554		1,932,778		2,073,427		2,224,664		(3.4)	%	(22.3)	%
	Total Deposits	$	21,573,499	$	22,074,041	$	21,724,312	$	21,633,838	$	20,839,207	(2.3)	%	3.5	%
Short-term borrowings, by type:
	Customer funding	$	416,764	$	468,967	$	533,749	$	520,989	$	630,066	(11.1)	%	(33.9)	%
	Total Short-Term Borrowings	$	416,764	$	468,967	$	533,749	$	520,989	$	630,066	(11.1)	%	(33.9)	%
(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.

8

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands
		Three Months Ended										% Change from				Year Ended
		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Dec 31		Dec 31
		2021		2021		2021		2021		2020		2021		2020		2021		2020		% Change
Interest Income:
	Interest income	$	177,724	$	184,079	$	176,673	$	184,936	$	183,645	(3.5)	%	(3.2)	%	$	723,412	$	742,878	(2.6)	%
	Interest expense	12,111		12,809		14,274		20,488		22,054		(5.4)	%	(45.1)	%	59,682		113,671		(47.5)	%
	Net Interest Income	165,613		171,270		162,399		164,448		161,591		(3.3)	%	2.5	%	663,730		629,207		5.5	%
	Provision for credit losses	(5,000)		(600)		(3,500)		(5,500)		6,240		N/M		N/M		(14,600)		76,920		(119.0)	%
	Net Interest Income after Provision	170,613		171,870		165,899		169,948		155,351		(0.7)	%	9.8	%	678,330		552,287		22.8	%
Non-Interest Income:
	Commercial banking:
	Merchant and card	6,588		6,979		6,786		5,768		5,953		(5.6)	%	10.7	%	26,121		23,139		12.9	%
	Cash management	5,318		5,285		5,341		4,921		4,737		0.6	%	12.3	%	20,865		18,725		11.4	%
	Capital markets	2,982		2,063		1,536		2,800		3,513		44.5	%	(15.1)	%	9,381		18,288		(48.7)	%
	Other commercial banking	3,592		2,411		3,466		2,853		2,606		49.0	%	37.8	%	12,322		10,134		21.6	%
	Total commercial banking	18,480		16,738		17,129		16,342		16,809		10.4	%	9.9	%	68,689		70,286		(2.3)	%
	Consumer banking:
	Card	5,953		5,941		5,733		5,878		5,123		0.2	%	16.2	%	23,505		19,777		18.9	%
	Overdraft	3,896		3,474		2,750		2,724		3,376		12.1	%	15.4	%	12,844		12,556		2.3	%
	Other consumer banking	2,280		2,386		2,377		2,152		2,298		(4.4)	%	(0.8)	%	9,195		9,265		(0.8)	%
	Total consumer banking	12,129		11,801		10,860		10,754		10,797		2.8	%	12.3	%	45,544		41,598		9.5	%
	Wealth management	18,285		18,532		17,634		17,347		15,653		(1.3)	%	16.8	%	71,798		59,058		21.6	%
	Mortgage banking	7,243		9,535		2,838		13,960		9,311		(24.0)	%	(22.2)	%	33,576		42,309		(20.6)	%
	Other	7,739		5,971		3,393		3,519		3,004		29.6	%	N/M		20,622		13,084		57.6	%
	Non-interest income before      investment securities gains	63,876		62,577		51,854		61,922		55,574		2.1	%	14.9	%	240,229		226,335		6.1	%
	Investment securities gains, net	5		—		36		33,475		—		N/M		N/M		33,516		3,053		N/M
	Total Non-Interest Income	63,881		62,577		51,890		95,397		55,574		2.1	%	14.9	%	273,745		229,388		19.3	%
Non-Interest Expense:
	Salaries and employee benefits	85,506		82,679		78,367		82,586		83,929		3.4	%	1.9	%	329,138		324,395		1.5	%
	Data processing and software	14,612		14,335		13,932		13,561		11,951		1.9	%	22.3	%	56,440		48,073		17.4	%
	Net occupancy	14,366		12,957		12,494		13,982		13,161		10.9	%	9.2	%	53,799		53,013		1.5	%
	Other outside services	9,637		7,889		8,178		8,490		8,334		22.2	%	15.6	%	34,194		31,432		8.8	%
	Equipment	3,539		3,416		3,424		3,428		3,563		3.6	%	(0.7)	%	13,807		13,885		(0.6)	%
	FDIC insurance	3,032		2,727		2,282		2,624		2,346		11.2	%	29.2	%	10,665		8,865		20.3	%
	Professional fees	1,946		2,271		2,651		2,779		2,424		(14.3)	%	(19.7)	%	9,647		12,835		(24.8)	%
	Amortization of tax credit investments	1,547		1,546		1,563		1,531		1,532		0.1	%	1.0	%	6,187		6,126		1.0	%
	Marketing	1,477		1,448		1,348		1,002		1,098		2.0	%	34.5	%	5,275		5,127		2.9	%
	Intangible amortization	146		150		178		115		132		(2.7)	%	10.6	%	589		529		11.3	%
	Debt extinguishment	674		—		412		32,163		—		N/M		N/M		33,249		2,878		N/M
	Other	17,537		15,178		16,002		16,123		26,268		15.5	%	(33.2)	%	64,840		72,282		(10.3)	%
	Total Non-Interest Expense	154,019		144,596		140,831		178,384		154,738		6.5	%	(0.5)	%	617,830		579,440		6.6	%
	Income Before Income Taxes	80,475		89,851		76,958		86,961		56,187		(10.4)	%	43.2	%	334,245		202,235		65.3	%
	Income tax expense	18,588		14,268		11,994		13,898		5,362		30.3	%	N/M		58,748		24,195		142.8	%
	Net Income	61,887		75,583		64,964		73,063		50,825		(18.1)	%	21.8	%	275,497		178,040		54.7	%
	Preferred stock dividends	(2,562)		(2,562)		(2,562)		(2,591)		(2,135)		—	%	20.0	%	(10,277)		(2,135)		N/M
	Net Income Available to Common      Shareholders	$	59,325	$	73,021	$	62,402	$	70,472	$	48,690	(18.8)	%	21.8	%	$	265,220	$	175,905	50.8	%
PER SHARE:
	Net income available to common shareholders:
	Basic	$0.37		$0.45		$0.38		$0.43		$0.30		(17.8)	%	23.3	%	$1.63		$1.08		50.9	%
	Diluted	$0.37		$0.45		$0.38		$0.43		$0.30		(17.8)	%	23.3	%	$1.62		$1.08		50.0	%
	Cash dividends	$0.22		$0.14		$0.14		$0.14		$0.17		57.1	%	29.4	%	$0.64		$0.56		14.3	%
	Weighted average shares (basic)	161,210		162,506		162,785		162,441		162,242		(0.8)	%	(0.6)	%	162,233		162,372		(0.1)	%
	Weighted average shares (diluted)	162,355		163,456		163,858		163,737		163,071		(0.7)	%	(0.4)	%	163,307		163,090		0.1	%

N/M - Not meaningful

9

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three months ended
		December 31, 2021						September 30, 2021						December 31, 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	$	18,220,550	$	159,057	3.47	%	$	18,414,153	$	163,343	3.53	%	$	18,994,514	$	164,329	3.45	%
	Taxable investment securities	2,801,934		14,006		1.75	%	2,785,828		13,757		1.80	%	2,233,730		13,559		2.43	%
	Tax-exempt investment securities	1,120,263		8,418		3.00	%	1,035,685		7,906		3.05	%	886,329		7,044		3.17	%
	Total Investment Securities	3,922,197		22,424		2.29	%	3,821,513		21,663		2.27	%	3,120,059		20,603		2.64	%
	Loans held for sale	35,235		333		3.77	%	36,427		299		3.28	%	76,871		521		2.71	%
	Other interest-earning assets	2,100,392		(905)		0.19	%	2,301,326		1,888		0.18	%	1,668,454		1,179		0.28	%
	Total Interest-Earning Assets	24,278,374		180,909		2.96	%	24,573,419		187,193		3.03	%	23,859,898		186,632		3.12	%
Noninterest-Earning assets:
	Cash and due from banks	211,958						200,315						126,190
	Premises and equipment	226,319						228,861						236,265
	Other assets	1,677,028						1,695,767						1,799,381
	Less: ACL - loans(2)	(257,143)						(257,486)						(272,329)
	Total Assets	$	26,136,536					$	26,440,876					$	25,749,405
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits	$	5,933,780	$	756	0.05	%	$	6,168,908	$	814	0.05	%	$	5,762,150	$	1,457	0.10	%
	Savings deposits	6,413,638		992		0.06	%	6,392,537		1,054		0.07	%	5,905,137		1,866		0.13	%
	Brokered deposits	256,192		220		0.34	%	270,168		229		0.34	%	340,451		451		0.53	%
	Time deposits	1,756,672		3,928		0.89	%	1,852,223		4,428		0.95	%	2,306,556		8,082		1.39	%
	Total Interest-Bearing Deposits	14,360,282		5,896		0.16	%	14,683,836		6,525		0.18	%	14,314,294		11,856		0.33	%
	Short-term borrowings	474,022		128		0.11	%	494,811		131		0.11	%	622,623		268		0.17	%
	Long-term borrowings	623,073		6,088		3.91	%	627,300		6,153		3.92	%	1,296,139		9,930		3.06	%
	Total Interest-Bearing Liabilities	15,457,377		12,112		0.31	%	15,805,947		12,809		0.32	%	16,233,056		22,054		0.54	%
Noninterest-Bearing liabilities:
	Demand deposits	7,516,656						7,439,644						6,477,228
	Other	449,305						472,452						494,255
	Total Liabilities	23,423,338						23,718,043						23,204,539
	Total Deposits/Cost of Deposits	21,876,938				0.11	%	22,123,480				0.12	%	20,791,522				0.23	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")	22,974,033				0.21	%	23,245,591				0.22	%	22,710,284				0.39	%
	Shareholders' equity	2,713,198						2,722,833						2,544,866
	Total Liabilities and Shareholders' Equity	$	26,136,536					$	26,440,876					$	25,749,405
	Net interest income/net interest margin (fully taxable equivalent)			168,797		2.77	%			174,384		2.82	%			164,578		2.75	%
	Tax equivalent adjustment			(3,184)						(3,114)						(2,987)
	Net Interest Income			$	165,613					$	171,270					$	161,591
	(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.

10

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
		Three months ended										% Change from
		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Dec 31
		2021		2021		2021		2021		2020		2021		2020
Loans, by type:
	Real estate - commercial mortgage	$	7,157,906	$	7,134,177	$	7,177,622	$	7,128,997	$	7,101,363	0.3	%	0.8	%
	Commercial and industrial	3,898,559		3,878,767		3,920,771		4,033,367		4,024,879		0.5	%	(3.1)	%
	Real estate - residential mortgage	3,773,156		3,642,822		3,396,690		3,183,585		3,087,529		3.6	%	22.2	%
	Real estate - home equity	1,122,042		1,128,076		1,139,558		1,175,218		1,212,113		(0.5)	%	(7.4)	%
	Real estate - construction	1,117,592		1,085,846		1,054,469		1,054,718		1,009,284		2.9	%	10.7	%
	Consumer	462,346		452,844		451,486		459,038		468,678		2.1	%	(1.4)	%
	Equipment lease financing	238,349		247,776		256,248		266,405		279,059		(3.8)	%	(14.6)	%
	Other(1)	15,558		(6,773)		(14,677)		(9,455)		(18,817)		N/M		N/M
	Net loans before PPP	17,785,508		17,563,535		17,382,167		17,291,873		17,164,088		1.3	%	3.6	%
	PPP	435,042		850,618		1,524,389		1,688,713		1,830,426		(48.9)	%	(76.2)	%
	Total Net Loans	$	18,220,550	$	18,414,153	$	18,906,556	$	18,980,586	$	18,994,514	(1.1)	%	(4.1)	%
Deposits, by type:
	Noninterest-bearing demand	$	7,516,656	$	7,439,644	$	7,203,696	$	6,672,832	$	6,477,228	1.0	%	16.0	%
	Interest-bearing demand	5,933,780		6,168,908		5,979,855		5,832,174		5,762,150		(3.8)	%	3.0	%
	Savings	6,413,638		6,392,537		6,280,629		6,137,084		5,905,137		0.3	%	8.6	%
	Total demand and savings	19,864,074		20,001,089		19,464,180		18,642,090		18,144,515		(0.7)	%	9.5	%
	Brokered	256,192		270,168		297,815		324,364		340,451		(5.2)	%	(24.7)	%
	Time	1,756,672		1,852,223		2,003,606		2,150,570		2,306,556		(5.2)	%	(23.8)	%
	Total Deposits	$	21,876,938	$	22,123,480	$	21,765,601	$	21,117,024	$	20,791,522	(1.1)	%	5.2	%
Short-term borrowings, by type:
	Customer funding	$	474,022	$	494,811	$	514,025	$	570,775	$	622,623	(4.2)	%	(23.9)	%
	Total Short-Term borrowings	$	474,022	$	494,811	$	514,025	$	570,775	$	622,623	(4.2)	%	(23.9)	%
(1) Consists of overdrafts and net origination fees and costs.

11

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Year ended December 31
		2021						2020
		Average		Interest		Yield/		Average		Interest		Yield/
		Balance		(1)		Rate		Balance		(1)		Rate
ASSETS
Interest-earning assets:
	Net loans	$	18,627,787	$	644,387	3.46	%	$	18,270,390	$	662,785	3.63	%
	Taxable investment securities	2,665,416		55,351		1.88	%	2,182,410		58,173		2.66	%
	Tax-exempt investment securities	1,007,834		30,974		3.07	%	825,057		26,641		3.22	%
	Total Investment Securities	3,673,250		86,325		2.35	%	3,007,467		84,814		2.82	%
	Loans held for sale	39,211		1,302		3.32	%	60,015		2,077		3.46	%
	Other interest-earning assets	2,014,954		3,694		0.18	%	1,120,727		5,504		0.49	%
	Total Interest-Earning Assets	24,355,202		735,708		3.02	%	22,458,599		755,180		3.36	%
Noninterest-Earning assets:
	Cash and due from banks	165,942						139,146
	Premises and equipment	228,708						238,864
	Other assets	1,686,053						1,746,956
	Less: ACL - loans(2)	(265,572)						(249,848)
	Total Assets	$	26,170,333					$	24,333,717
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits	$	5,979,479	$	3,662	0.06	%	$	5,278,941	$	11,390	0.22	%
	Savings deposits	6,306,967		4,936		0.08	%	5,550,234		14,654		0.26	%
	Brokered deposits	286,901		1,096		0.38	%	310,763		2,387		0.77	%
	Time deposits	1,939,446		20,311		1.05	%	2,546,305		41,615		1.63	%
	Total Interest-Bearing Deposits	14,512,793		30,005		0.21	%	13,686,243		70,046		0.51	%
	Short-term borrowings	513,092		583		0.11	%	810,583		5,227		0.64	%
	Long-term borrowings	784,871		29,094		3.71	%	1,254,300		38,398		3.06	%
	Total Interest-Bearing Liabilities	15,810,756		59,682		0.38	%	15,751,126		113,671		0.72	%
Noninterest-Bearing liabilities:
	Demand deposits	7,211,153						5,714,803
	Other	462,478						476,139
	Total Liabilities	23,484,387						21,942,068
	Total Deposits/Cost of Deposits	21,723,946				0.14	%	19,401,046				0.36	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")	23,021,909				0.26	%	21,465,929				0.53	%
	Shareholders' equity	2,685,946						2,391,649
	Total Liabilities and Shareholders' Equity	$	26,170,333					$	24,333,717
	Net interest income/net interest margin (fully taxable equivalent)			676,026		2.78	%			641,509		2.86	%
	Tax equivalent adjustment			(12,296)						(12,302)
	Net Interest Income			$	663,730					$	629,207
	(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.

12

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
		Year ended December 31
		2021		2020		% Change
Loans, by type:
	Real estate - commercial mortgage	$	7,149,712	$	6,928,269	3.2	%
	Commercial and industrial	3,932,351		4,237,252		(7.2)	%
	Real estate - residential mortgage	3,501,072		2,876,538		21.7	%
	Real estate - home equity	1,141,042		1,255,094		(9.1)	%
	Real estate - construction	1,078,350		965,534		11.7	%
	Consumer	456,427		466,419		(2.1)	%
	Equipment lease financing	252,104		281,859		(10.6)	%
	Other(1)	(3,776)		(4,640)		18.6	%
	Net loans before PPP	17,507,282		17,006,325		2.9	%
	PPP	1,120,505		1,264,065		(11.4)	%
	Total Net Loans	$	18,627,787	$	18,270,390	2.0	%
Deposits, by type:
	Noninterest-bearing demand	$	7,211,153	$	5,714,803	26.2	%
	Interest-bearing demand	5,979,479		5,278,941		13.3	%
	Savings	6,306,967		5,550,234		13.6	%
	Total demand and savings	19,497,599		16,543,978		17.9	%
	Brokered	286,901		310,763		(7.7)	%
	Time	1,939,446		2,546,305		(23.8)	%
	Total Deposits	$	21,723,946	$	19,401,046	12.0	%
Short-term borrowings, by type:
	Customer funding	513,092		553,033		(7.2)	%
	Federal funds purchased	—		64,918		N/M
	Short-term FHLB advances and other borrowings	—		192,632		N/M
	Total Short-Term Borrowings	$	513,092	$	810,583	(36.7)	%
N/M - Not meaningful
(1) Consists of overdrafts and net origination fees and costs.

13

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
		Three months ended															Year Ended December
		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31			Dec 31			Dec 31
		2021			2021			2021			2021			2020			2021			2020
Allowance for credit losses related to net loans:
Balance at beginning of period		$	256,727		$	255,032		$	265,986		$	277,567		$	266,825		$	277,567		$	163,621
	Impact of adopting CECL	—			—			—			—			—			—			45,723
	Loans charged off:
	Commercial and industrial	(9,417)			(647)			(954)			(4,319)			(1,567)			(15,337)			(18,915)
	Real estate - commercial mortgage	(369)			(14)			(6,506)			(1,837)			(300)			(8,726)			(4,225)
	Consumer and home equity	(828)			(504)			(1,130)			(847)			(668)			(3,309)			(4,593)
	Real estate - residential mortgage	—			(602)			(496)			(192)			—			(1,290)			(620)
	Real estate - construction	—			—			—			(39)			—			(39)			(17)
	Equipment lease financing and other	(380)			(467)			(436)			(968)			(483)			(2,251)			(2,187)
	Total loans charged off	(10,994)			(2,234)			(9,522)			(8,202)			(3,018)			(30,952)			(30,557)
Recoveries of loans previously charged off:
	Commercial and industrial	5,795			2,330			693			769			4,581			9,587			11,396
	Real estate - commercial mortgage	1,007			564			729			174			588			2,474			1,027
	Consumer and home equity	767			504			634			440			594			2,345			2,380
	Real estate - residential mortgage	89			86			105			95			199			375			491
	Real estate - construction	77			697			254			384			179			1,412			5,122
	Equipment lease financing and other	283			358			153			159			219			953			604
	Recoveries of loans previously charged off	8,018			4,539			2,568			2,021			6,360			17,146			21,020
Net loans (charged off) recovered		(2,976)			2,305			(6,954)			(6,181)			3,342			(13,806)			(9,537)
Provision for credit losses		(4,750)			(610)			(4,000)			(5,400)			7,400			(14,760)			77,760
Balance at end of period		$	249,001		$	256,727		$	255,032		$	265,986		$	277,567		$	249,001		$	277,567
Net charge-offs (recoveries) to average loans (annualized)		0.07		%	(0.05)		%	0.15		%	0.13		%	(0.07)		%	0.07		%	0.05		%
Allowance credit losses related to OBS Credit Exposures(1)
	Balance at beginning of period	$	14,783		$	14,773		$	14,273		$	14,373		$	15,533
	Provision for credit losses	(250)			10			500			(100)			(1,160)
	Balance at end of period	$	14,533		$	14,783		$	14,773		$	14,273		$	14,373
NON-PERFORMING ASSETS:
	Non-accrual loans	$	143,666		$	138,833		$	147,864		$	143,889		$	137,198
	Loans 90 days past due and accruing	8,453			11,389			5,865			8,559			9,929
	Total non-performing loans	152,119			150,222			153,729			152,448			147,127
	Other real estate owned	1,817			1,896			2,779			3,664			4,178
	Total non-performing assets	$	153,936		$	152,118		$	156,508		$	156,112		$	151,305
NON-PERFORMING LOANS, BY TYPE:
	Commercial and industrial	$	30,629		$	32,697		$	33,522		$	31,871		$	32,610
	Real estate - commercial mortgage	54,044			52,100			53,693			54,164			52,647
	Real estate - residential mortgage	39,399			37,077			38,185			36,152			30,793
	Consumer and home equity	11,505			11,509			11,408			13,072			13,090
	Real estate - construction	901			965			1,016			1,440			1,550
	Equipment lease financing and other	15,641			15,874			15,905			15,749			16,437
	Total non-performing loans	$	152,119		$	150,222		$	153,729		$	152,448		$	147,127
(1) The allowance for credit losses related to OBS Credit Exposures is presented in "other liabilities" on the consolidated balance sheets.

14

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:
		Three months ended
		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
		2021		2021		2021		2021		2020
Common shareholders' equity (tangible), per share
Shareholders' equity		$	2,712,680	$	2,699,818	$	2,692,958	$	2,629,655	$	2,616,828
Less: Preferred stock		(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Goodwill and intangible assets		(538,053)		(536,697)		(536,847)		(536,544)		(536,659)
Tangible common shareholders' equity (numerator)		$	1,981,749	$	1,970,243	$	1,963,233	$	1,900,233	$	1,887,291
Shares outstanding, end of period (denominator)		160,490		161,429		162,988		162,518		162,350
Common shareholders' equity (tangible), per share		$	12.35	$	12.21	$	12.05	$	11.69	$	11.62
Return on average common shareholders' equity (tangible)
Net income available to common shareholders		$	59,325	$	73,021	$	62,402	$	70,472	$	48,690
Plus: Intangible amortization, net of tax		114		118		140		90		104
Net income available to common shareholder's (numerator)		$	59,439	$	73,139	$	62,542	$	70,562	$	48,794
Average shareholders' equity		$	2,713,198	$	2,722,833	$	2,669,413	$	2,637,098	$	2,544,866
Less: Average preferred stock		(192,878)		(192,878)		(192,878)		(192,878)		(127,639)
Less: Average goodwill and intangible assets		(536,638)		(536,772)		(536,470)		(536,601)		(535,474)
Average tangible common shareholders' equity (denominator)		$	1,983,682	$	1,993,183	$	1,940,065	$	1,907,619	$	1,881,753
Return on average common shareholders' equity (tangible), annualized		11.89%		14.56%		12.93%		15.00%		10.32%
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity		$	2,712,680	$	2,699,818	$	2,692,958	$	2,629,655	$	2,616,828
Less: Preferred stock		(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Goodwill and intangible assets		(538,053)		(536,697)		(536,847)		(536,544)		(536,659)
Tangible common shareholders' equity (numerator)		$	1,981,749	$	1,970,243	$	1,963,233	$	1,900,233	$	1,887,291
Total assets		$	25,796,398	$	26,390,832	$	26,079,774	$	25,892,990	$	25,906,733
Less: Goodwill and intangible assets		(538,053)		(536,697)		(536,847)		(536,544)		(536,659)
Total tangible assets (denominator)		$	25,258,345	$	25,854,135	$	25,542,927	$	25,356,446	$	25,370,074
Tangible common equity to tangible assets		7.85%		7.62%		7.69%		7.49%		7.44%
Efficiency ratio
Non-interest expense		$	154,019	$	144,596	$	140,831	$	178,384	$	154,738
Less: Amortization of tax credit investments		(1,547)		(1,546)		(1,563)		(1,531)		(1,532)
Less: Intangible amortization		(146)		(150)		(178)		(115)		(132)
Less: 2020 cost savings initiatives		—		—		—		—		(15,400)
Less: Debt extinguishment costs		(674)		—		(412)		(32,163)		—
Non-interest expense (numerator)		$	151,652	$	142,900	$	138,678	$	144,575	$	137,674
Net interest income		$	165,613	$	171,270	$	162,399	$	164,449	$	161,591
Tax equivalent adjustment		3,184		3,114		3,018		2,979		2,987
Plus: Total non-interest income		63,881		62,577		51,890		95,397		55,574
Less: Investment securities gains, net		(5)		—		(36)		(33,475)		—
Total revenue (denominator)		$	232,673	$	236,961	$	217,271	$	229,350	$	220,152
Efficiency ratio		65.2%		60.3%		63.8%		63.0%		62.5%

15

	Three months ended
	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
	2021			2021			2021			2021			2020
Non-interest expenses to total average assets (annualized)
Non-interest expense	$	154,019		$	144,596		$	140,831		$	178,384		$	154,738
Less: Amortization of tax credit investments	(1,547)			(1,546)			(1,563)			(1,531)			(1,532)
Less: Intangible amortization	(146)			(150)			(178)			(115)			(132)
Less: 2020 cost savings initiatives	—			—			—			—			(15,400)
Less: Debt extinguishment costs	(674)			—			(412)			(32,163)			—
Non-interest expense (numerator)	$	151,652		$	142,900		$	138,678		$	144,575		$	137,674
Total average assets (denominator)	$	26,136,536		$	26,440,876		$	26,017,542		$	26,082,816		$	25,749,405
Non-interest expenses to total average assets, (annualized)	2.30		%	2.14		%	2.14		%	2.25		%	2.13		%
Asset Quality, excluding PPP
Net loans recovered (charged-off) (numerator)	$	(2,976)		$	2,305		$	(6,954)		$	(6,181)		$	3,342
Average net loans	$	18,220,550		$	18,414,153		$	18,906,556		$	18,980,586		$	18,994,514
Less: Average PPP loans	(435,042)			(850,618)			(1,524,389)			(1,688,713)			(1,830,426)
Total adjusted average loans (denominator)	$	17,785,508		$	17,563,535		$	17,382,167		$	17,291,873		$	17,164,088
Net charge-offs (recoveries) to adjusted average loans (annualized)	0.07%			(0.05)%			0.16%			0.14%			(0.08)%
Non-performing loans (numerator)	$	152,119		$	150,222		$	153,729		$	152,448		$	147,127
Net loans	$	18,325,350		$	18,269,407		$	18,586,756		$	18,990,986		$	18,900,820
Less: PPP loans	(301,253)			(590,447)			(1,114,401)			(1,688,394)			(1,581,712)
Total adjusted loans (denominator)	$	18,024,097		$	17,678,960		$	17,472,355		$	17,302,592		$	17,319,108
Non-performing loans to total adjusted loans	0.84%			0.85%			0.88%			0.88%			0.85%
ACL - loans (numerator)	$	249,001		$	256,727		$	255,032		$	265,986		$	277,567
Net loans	$	18,325,350		$	18,269,407		$	18,586,756		$	18,990,986		$	18,900,820
Less: PPP loans	(301,253)			(590,447)			(1,114,401)			(1,688,394)			(1,581,712)
Total adjusted loans (denominator)	$	18,024,097		$	17,678,960		$	17,472,355		$	17,302,592		$	17,319,108
ACL - loans to total adjusted loans	1.38%			1.45%			1.46%			1.54%			1.60%
Pre-provision net revenue
Net interest income	$	165,613		$	171,270		$	162,399		$	164,448		$	161,591
Non-interest income	63,881			62,577			51,890			95,397			55,574
Less: Investment securities gains, net	(5)			—			(36)			(33,475)			—
Total revenue	$	229,489		$	233,847		$	214,253		$	226,370		$	217,165
Non-interest expense	$	154,019		$	144,596		$	140,831		$	178,384		$	154,738
Less: Debt extinguishment	(674)			—			(412)			(32,163)			—
Less: Amortization on tax credit investments	(1,547)			(1,546)			(1,563)			(1,531)			(1,532)
Less: Intangible amortization	(146)			(150)			(178)			(115)			(132)
Total non-interest expense	$	151,652		$	142,900		$	138,678		$	144,575		$	153,074
Pre-provision net revenue	$	77,837		$	90,947		$	75,575		$	81,795		$	64,091
Note: numbers may not sum due to rounding.

16

EX-99.2

FOURTH QUARTER 2021 RESULTS NASDAQ: FULT Data as of or for the periods ended December 31, 2021 unless otherwise noted

This presentation 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. Management’s 2022 Outlook contained herein is comprised of forward-looking statements. 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, 2020, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 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.fultonbank.com) and on the Securities and Exchange Commission’s website (www.sec.gov). The Corporation uses certain non-GAAP financial measures in this presentation. These non-GAAP financial measures are reconciled to the most comparable GAAP measures at the end of this presentation. FORWARD-LOOKING STATEMENTS 2

1. ROA is return an average assets calculated as net income for the period divided by average assets, annualized. 2. ROE is return on average common shareholders’ equity calculated as net income available to common shareholders for the period divided by average common shareholders’ equity, annualized. 3. Non-GAAP financial measure. Please refer to the calculation and management’s reasons for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. INCOME STATEMENT SUMMARY 3 4Q21 3Q21 4Q20 (dollars in thousands, except per-share data) Net Interest Income $165,613 $171,270 $161,591 Provision for Credit Losses (5,000) (600) 6,240 Non-Interest Income 63,876 62,577 55,574 Securities Gains 5 — — Non-Interest Expense 154,019 144,596 154,738 Income before Income Taxes 80,475 89,851 56,187 Income Taxes 18,588 14,268 5,362 Net Income 61,887 75,583 50,825 Preferred Stock Dividends (2,562) (2,562) (2,135) Net Income Available to Common Shareholders $59,325 $73,021 $48,690 Net income per share (diluted) $0.37 $0.45 $0.30 ROA(1) 0.94% 1.13% 0.79% ROE(2) 9.34% 11.45% 8.21% ROE (tangible)(3) 11.89% 14.56% 10.32% Efficiency ratio(3) 65.2% 60.3% 62.5%

NET INTEREST INCOME AND MARGIN Net Interest Income & Net Interest Margin Average Interest-Earning Assets & Yields Average Deposits and Borrowings & Cost of Funds ($ IN MILLIONS) ($ IN BILLIONS) ($ IN BILLIONS) 4 $21 $21 $22 $22 $22 $2 $2 $1 $1 $1 0.39% 0.36% 0.25% 0.22% 0.21% 0.23% 0.18% 0.15% 0.12% 0.11% Cost of Deposits Cost of Funds Borrowings Deposits 4Q20 1Q21 2Q21 3Q21 4Q21 $— $5 $10 $15 $20 $25 0.00% 0.20% 0.40% 0.60% $162 $164 $162 $171 $166 2.75% 2.79% 2.73% 2.82% 2.77% Net Interest Income Net Interest Margin (Fully-taxable equivalent basis, or FTE) 4Q20 1Q21 2Q21 3Q21 4Q21 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2.00% 2.25% 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% $19 $19 $19 $18 $18 $5 $5 $5 $6 $6 3.12% 3.13% 2.97% 3.03% 2.96% Loans Securities & Other Interest-Earning Asset Yield (FTE) 4Q20 1Q21 2Q21 3Q21 4Q21 $5 $10 $15 $20 $25 2.00% 4.00% 6.00% 8.00%

ASSET QUALITY ($ IN MILLIONS) Provision for Credit Losses Non-Performing Loans (NPLs) & NPLs to Loans Net Charge-offs (NCOs) and NCOs to Average Loans ACL(1) to NPLs & Loans 51. The allowance for credit losses (“ACL”) relates specifically to "Loans, net of unearned income" and does not include the ACL related to off-balance-sheet credit exposures. 2. Non-GAAP financial measure. Please refer to the calculation and management's reasons for using this measure on the slide titled "Non-GAAP Reconciliation" at the end of this presentation. $6 $(6) $(4) $(1) $(5) 4Q20 1Q21 2Q21 3Q21 4Q21 $— $10 $20 $30 $40 $50 $147 $152 $154 $150 $152 0.78% 0.80% 0.83% 0.82% 0.83% NPL NPLs/Loans 4Q20 1Q21 2Q21 3Q21 4Q21 $100 $125 $150 $175 $200 0.00% 0.50% 1.00% 1.50% $(3) $6 $7 $(2) $3 -0.07% 0.13% 0.15% -0.05% 0.07% Net charge-offs/(recoveries) NCOs/Average Loans (annualized) 4Q20 1Q21 2Q21 3Q21 4Q21 $0 $10 $20 $30 $40 (1.00)% (0.50)% 0.00% 0.50% 1.00% 189% 174% 166% 171% 164%1.60% 1.54% 1.46% 1.45% 1.38% 1.47% 1.40% 1.37% 1.41% 1.36% ACL/NPLs ACL/Loans excl PPP(2) ACL/Loans 4Q20 1Q21 2Q21 3Q21 4Q21 50% 75% 100% 125% 150% 175% 200% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00%

NON-INTEREST INCOME(1) (1) Excluding investment securities gains Three months ended December 31, 2021 (percent of total non-interest income) 6 Non-interest income increased 2% from 3Q21(1) Increases in: n Commercial banking due to an increase in swap fees and an increase in income from SBA loan sales. n Other due to an increase in income from equity method investments. Partially offset by a decrease in: n Mortgage banking income due to a decline in volume and a tightening of spreads on mortgage loans sales. 28% 11% 20% 29% 12% Wealth Management Mortgage Banking Consumer Banking Commercial Banking Other 4Q21 3Q21 Change (dollars in thousands) n Wealth Management $18,285 $18,532 ($247) n Mortgage Banking 7,243 9,535 (2,292) n Consumer Banking 12,129 11,801 328 n Commercial Banking 18,480 16,738 1,742 n Other 7,739 5,971 1,768 Total $63,876 $62,577 $1,299

NON-INTEREST EXPENSE Three months ended December 31, 2021 (percent of total non-interest expense) 7 57% 9% 9% 6% 19% Salaries and Benefits Occupancy Data Processing and Software Other Outside Services Debt Extinguishment Other 4Q21 3Q21 Change (dollars in thousands) n Salaries and Benefits $85,506 $82,679 $2,827 n Occupancy 14,366 12,957 1,409 n Data Processing and Software 14,612 14,335 277 n Other Outside Services 9,637 7,889 1,748 n Debt Extinguishment 674 — 674 n Other 29,224 26,736 2,488 Total $154,019 $144,596 $9,423 Non-interest expense increased 7% from 3Q21 Driven primarily by: n Salaries and benefits as a result of higher incentive compensation and bonuses. n Other Outside Services driven by technology-related services. n Other due to charitable contributions, which included a $1.0 million contribution to the Fulton Forward Foundation.

CAPITAL POSITION REMAINS STRONG(1) 8 1. Regulatory capital ratios as of December 31, 2021 are preliminary. 2. Excesses shown are to regulatory minimums, including the 250 basis point capital conservation buffer, except for Tier 1 Leverage which is the well-capitalized minimum. Dollars are in millions. 8.5% 10.0% 11.0% 14.3% Regulatory Minimums Excess(2) Tier 1 Leverage CE Tier 1 Tier 1 Risk-Based Total Risk-Based —% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% $907 $500 $605 $753 (as of December 31, 2021)

2022 OUTLOOK 9 Net interest income: $660 - $680 million Non-interest income: $230 - $245 million(1) Non-interest expense: $580 - $600 million Effective tax rate: 16.5% - 17.5% (1) Excludes investment securities gains.

NON-GAAP RECONCILIATION Note: The Corporation has presented the following non-GAAP (Generally Accepted Accounting Principles) 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. 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. 10 (dollars in thousands) Three months ended Dec 31 Sep 30 Dec 31 Return on average common shareholders' equity (tangible) 2021 2021 2020 Net income available to common shareholders $59,325 $73,021 $48,690 Plus: Intangible amortization, net of tax 114 118 104 Net income available to common shareholder's (numerator) 59,439 73,139 48,794 Average shareholders' equity $2,713,198 $2,722,833 $2,544,866 Less: Average preferred stock (192,878) (192,878) (127,639) Less: Average goodwill and intangible assets (536,638) (536,772) (535,474) Average tangible common shareholders' equity (denominator) $1,983,682 $1,993,183 $1,881,753 Return on average common shareholders' equity (tangible), annualized 11.89 % 14.56 % 10.32 %

NON-GAAP RECONCILIATION 11 (dollars in thousands) Three months ended Dec 31 Sep 30 Dec 31 Efficiency ratio 2021 2021 2020 Non-interest expense $154,019 $144,596 $154,738 Less: Amortization of tax credit investments (1,547) (1,546) (1,532) Less: Intangible amortization (146) (150) (132) Less: 2020 cost savings initiatives — — (15,400) Less: Debt extinguishment costs (674) — — Non-interest expense (numerator) $151,652 $142,900 $137,674 Net interest income $165,613 $171,270 $161,591 Tax equivalent adjustment 3,184 3,114 2,987 Plus: Total non-interest income 63,881 62,577 55,574 Less: Investment securities gains, net (5) — — Total revenue (denominator) $232,673 $236,961 $220,152 Efficiency ratio 65.2% 60.3% 62.5% Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Asset Quality, excluding PPP 2021 2021 2021 2021 2020 ACL - loans (numerator) $249,001 $256,727 $255,032 $265,986 $277,567 Net loans $18,325,350 $18,269,407 $18,586,756 $18,990,986 $18,900,820 Less: PPP loans (301,253) (590,447) (1,114,401) (1,688,394) (1,581,712) Total adjusted loans (denominator) $18,024,097 $17,678,960 $17,472,355 $17,302,592 $17,319,108 ACL - loans to total adjusted loans 1.38% 1.45% 1.46% 1.54% 1.60%

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Cover Page	Jan. 18, 2022
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 18, 2022
Entity Registrant Name	Fulton Financial Corporation
Entity Central Index Key	0000700564
Amendment Flag	false
Entity Incorporation, State or Country Code	PA
Entity File Number	001-39680
Entity Tax Identification Number	23-2195389
Entity Address, Address Line One	One Penn Square,
Entity Address, City or Town	Lancaster,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17602
City Area Code	717
Local Phone Number	291-2411
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $2.50
Trading Symbol	FULT
Security Exchange Name	NASDAQ
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	FULTP
Security Exchange Name	NASDAQ