EX-99.1 2 exhibit991123122earningsre.htm EX-99.1 Document


Exhibit 99.1

FULTON FINANCIAL
CORPORATION


FOR IMMEDIATE RELEASE
Media Contact: Lacey Dean (717) 735-8688
Investor Contact: Matt Jozwiak (717) 327-2657


Fulton Financial Corporation Announces Fourth Quarter and 2022 Results

(January 17, 2023) – Lancaster, PA – Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $79.3 million, or $0.47 per diluted share, for the fourth quarter of 2022, an increase of $11.0 million, or 16.0%, in comparison to the third quarter of 2022. The Corporation reported net income available to common shareholders of $276.7 million, or $1.67 per diluted share, for the year ended December 31, 2022, an increase of $11.5 million or 4.3%, in comparison to the year ended December 31, 2021. The results for the third and fourth quarters of 2022 include the impact of the consummation of the acquisition by the Corporation of Prudential Bancorp, Inc. ("Prudential Bancorp") on July 1, 2022.

“2022 was a record year for Fulton, as we continued to execute on our strategy to Grow the bank, Deliver effectively for customers, Operate with excellence, and Serve our stakeholders,” said Curtis J. Myers, Chairman and CEO of Fulton Financial Corporation. "I’m very proud of our team's results, especially given the large number of strategic initiatives, we tackled, including the Prudential Bancorp acquisition - our first whole-bank acquisition in over a decade. Coming out of 2022, we are well positioned for continued success in 2023."

















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Operating net income available to common shareholders was $81.2 million, or $0.48 per diluted share, for the fourth quarter of 2022, calculated as shown below.

Three months ended
(in thousands except per share data)December 31, 2022
Net income available to common shareholders$79,271 
Plus: Core deposit intangible amortization514 
Plus: Merger-related expenses1,894 
Less: Tax impact of adjustments(506)
Operating net income available to common shareholders (numerator)$81,173
Weighted average shares (diluted) (denominator)169,136 
Operating net income available to common shareholders per share (diluted)(1)
$0.48
(1) Non-GAAP financial measure.

Net Interest Income and Balance Sheet

Net interest income for the fourth quarter of 2022 was $225.9 million, an increase of $10.3 million in comparison to the third quarter of 2022. The net interest margin for the fourth quarter of 2022 increased 15 basis points, to 3.69%, in comparison to 3.54% in the third quarter of 2022.

The linked-quarter increase in net interest income was primarily due to rising interest rates resulting in increases in interest income from net loans of $33.8 million. An increase in the average balances for net loans of $440.7 million also contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the fourth quarter of 2022 increased by $23.8 million to $41.9 million in comparison to $18.1 million in the third quarter of 2022 primarily due to rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings of $12.3 million and $11.5 million, respectively. An increase in the average balance for borrowings of $666.2 million in the fourth quarter of 2022 in comparison to the third quarter of 2022 also contributed to the increase in interest expense.

For the fourth quarter of 2022, net interest income was $225.9 million, an increase of $60.3 million, or 36.4%, in comparison to the fourth quarter of 2021 primarily driven by rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $81.6 million, $5.0 million and $3.5 million, respectively. Increases in the average balances for net loans and investment securities of $1,784.0 million and $408.4 million, respectively, driven in part by the Prudential Bancorp acquisition, also contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the fourth quarter of 2022 increased by $29.8 million to $41.9 million in comparison to $12.1 million in the fourth quarter of 2021 primarily driven by rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings of $16.5 million and $13.3 million, respectively. An increase in the average balance for borrowings of $928.4 million in the fourth
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quarter of 2022 in comparison to the fourth quarter of 2021 also contributed to the increase in interest expense.

Total average interest-earning assets for the fourth quarter of 2022 was $24.8 billion, an increase of $99.2 million from the third quarter of 2022 primarily driven by the aforementioned increases in average net loans of $440.7 million, partially offset by decreases in average investment securities and average other interest-earning assets of $169.8 million and $171.9 million, respectively.

Total average interest-earning assets for the fourth quarter of 2022 increased by $516.9 million from the fourth quarter of 2021 driven in part by the Prudential Bancorp acquisition. Average net loans for the fourth quarter of 2022 were $20.0 billion, an increase of $1.8 billion from the same period in 2021. Included in average net loans for the fourth quarter of 2022 were Paycheck Protection Program ("PPP") loans with an average balance of $25.5 million, a decrease of $409.5 million from the fourth quarter of 2021. Compared to the fourth quarter of 2021, average other interest-earning assets decreased $1,649.6 million and average investment securities increased $408.4 million.

Total average interest-bearing liabilities increased $130.7 million, to $15.7 billion, in the fourth quarter of 2022 in comparison to $15.6 billion in the third quarter of 2022 driven by an increase in the average balance for borrowings of $666.2 million, partially offset by a decrease in the average balance for total interest-bearing deposits of $535.4 million.

Total average interest-bearing liabilities for the fourth quarter of 2022 increased $285.0 million in comparison to $15.5 billion in the fourth quarter of 2021, driven by an increase in the average balance for borrowings of $928.4 million, partially offset by a decrease in the average balance for total interest-bearing deposits of $643.5 million.

Asset Quality

In the fourth quarter of 2022, a provision for credit losses of $14.5 million was recorded in comparison to a provision for credit losses of $19.0 million in the third quarter of 2022, and a negative provision for credit losses of $5.0 million in the fourth quarter of 2021. Included in the third quarter of 2022 provision for credit losses was a CECL Day 1 provision for credit losses of $8.0 million for the acquired Prudential Bancorp loan portfolio. Excluding the CECL Day 1 Provision, the third quarter of 2022 provision for credit losses was $11.0 million. Excluding the CECL Day 1 Provision, the linked-quarter increase in the provision for credit losses of $3.5 million was primarily due to loan growth and changes to the macroeconomic outlook.

Non-performing assets were $177.7 million, or 0.66% of total assets, at December 31, 2022, in comparison to $198.6 million, or 0.76% at September 30, 2022, and $153.9 million, or 0.60% of total assets, at December 31, 2021.

Net charge-offs for the fourth quarter of 2022 were 0.23% of total average loans in comparison to 0.01% and 0.07% in the third quarter of 2022 and the fourth quarter of 2021, respectively. Net charge-offs of
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$11.7 million for the fourth quarter of 2022 were primarily due to a charge-off for a commercial office loan due to credit-related concerns.

Non-interest Income

Non-interest income before investment securities gains in the fourth quarter of 2022 was $54.3 million, a decrease of $4.9 million, or 8.3%, from the third quarter of 2022. The decrease in non-interest income was driven primarily by decreases in mortgage banking income, commercial customer swap fees, reflected in capital markets, overdraft fees and cash management fees of $1.6 million, $1.3 million, $1.1 million and $0.7 million, respectively.

Compared to the fourth quarter of 2021, non-interest income before investment securities gains in the fourth quarter of 2022 decreased $9.6 million, or 15.0%, from $63.9 million. The decrease in non-interest income was primarily due to decreases of $5.1 million in mortgage banking income, $3.8 million in other income, primarily due to a decline from equity method investments of $4.1 million, and $0.8 million in wealth management revenues.

Non-interest Expense

Non-interest expense, excluding merger-related expenses of $1.9 million, was $166.6 million in the fourth quarter of 2022, an increase of $4.0 million, or 2.5%, compared to $162.6 million, excluding merger-related expenses of $7.0 million, in the third quarter of 2022. The increase was primarily due to increases of $1.5 million in other outside services expense, $0.6 million in professional fees, $0.5 million in marketing expense, and $1.6 million for a contingent liability, $0.8 million for branch-related closures and $0.6 million in fraud-related losses which are reflected in other non-interest expenses, partially offset by a $1.6 million decrease in salaries and employee benefits expense.
Compared to the fourth quarter of 2021, non-interest expense, excluding merger-related expenses of $1.9 million, increased $12.5 million, or 8.1%, in the fourth quarter of 2022 primarily due to increases of $7.2 million in salaries and employee benefits expense, $1.2 million in other outside services expense, $1.0 million in professional fees, $0.9 million in marketing expense, $0.8 million in data processing and software expense, $0.5 million in intangible asset amortization expense related to the acquisition of Prudential Bancorp, and $0.8 million for branch-related closures reflected in other non-interest expense.

Income Tax Expense

For the full-year 2022, the effective tax rate was 17.3%, in comparison to 17.6% for the full-year of 2021.

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



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Safe Harbor Statement

This press release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," “projects,” the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 and other current and periodic reports, which have been or will be filed with the Securities and Exchange Commission (the "SEC") and are or will be available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).










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Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.
FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
in thousands, except share data, per-share data and percentages
Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20222022202220222021
Ending Balances
Investments$3,968,023$3,936,694$4,117,801$4,288,674$4,167,774
Net loans20,279,54719,695,19918,920,95018,476,11918,325,350
Total assets26,931,70226,146,04225,252,68625,598,31025,796,398
Deposits20,649,53821,376,55421,143,86621,541,17421,573,499
Shareholders' equity2,579,7572,471,1592,471,0932,569,5352,712,680
Average Balances
Investments$3,936,579$4,254,216$4,216,507$4,228,827$3,980,045
Net loans20,004,51319,563,82518,637,17518,383,11818,220,550
Total assets26,386,35526,357,09525,578,43225,622,46226,136,536
Deposits21,027,65621,788,05221,523,71321,480,18321,876,938
Shareholders' equity2,489,1482,604,0572,531,3462,688,8342,713,198
Income Statement
Net interest income$225,911 $215,582 $178,831 $161,310 $165,613 
Provision for credit losses14,513 18,958 1,500 (6,950)(5,000)
Non-interest income54,321 59,162 58,391 55,256 63,881 
Non-interest expense168,462 169,558 149,730 145,978 154,019 
Income before taxes97,257 86,228 85,992 77,538 80,475 
Net income available to common shareholders79,271 68,309 67,427 61,726 59,325 
Pre-provision net revenue(1)
115,049 113,631 89,384 71,842 77,837 
Per Share
Net income available to common shareholders (basic)$0.47 $0.41 $0.42 $0.38 $0.37 
Net income available to common shareholders (diluted)$0.47 $0.40 $0.42 $0.38 $0.37 
Operating net income available to common shareholders(1)
$0.48 $0.48 $0.42 $0.38 $0.37 
Cash dividends$0.21 $0.15 $0.15 $0.15 $0.22 
Common shareholders' equity$14.24 $13.61 $14.15 $14.79 $15.70 
Common shareholders' equity (tangible)(1)
$10.90 $10.26 $10.81 $11.44 $12.35 
Weighted average shares (basic)167,504 167,353 160,920 160,588 161,210 
Weighted average shares (diluted)169,136 168,781 162,075 161,911 162,355 
(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this press release.
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Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20222022202220222021
Asset Quality
Net (recoveries) charge offs to average loans 0.23 %0.01 %(0.08)%(0.02)%0.07 %
Non-performing loans to total loans0.85 %0.98 %0.92 %0.87 %0.83 %
Non-performing assets to total assets0.66 %0.76 %0.71 %0.64 %0.60 %
ACL - loans(1) to total loans
1.33 %1.35 %1.31 %1.32 %1.36 %
ACL - loans(1) to non-performing loans
157 %138 %143 %151 %164 %
Asset Quality, excluding PPP(2)(3)
Net (recoveries) charge offs to adjusted average loans 0.23 %0.01 %(0.08)%(0.02)%0.07 %
Non-performing loans to total adjusted loans0.85 %0.98 %0.92 %0.88 %0.84 %
ACL - loans(1) to total adjusted loans
1.33 %1.36 %1.32 %1.33 %1.38 %
Profitability
Return on average assets1.23 %1.07 %1.10 %1.02 %0.94 %
Operating return on average assets(2)
1.26 %1.25 %1.11 %1.02 %0.94 %
Return on average common shareholders' equity13.70 %11.24 %11.57 %10.03 %9.34 %
Return on average common shareholders' equity (tangible)(2)
18.59 %17.31 %15.23 %12.88 %11.89 %
Net interest margin3.69 %3.54 %3.04 %2.78 %2.77 %
Efficiency ratio(2)
58.1 %57.8 %61.4 %65.8 %65.2 %
Non-interest expenses to total average assets2.53 %2.55 %2.35 %2.31 %2.34 %
Operating non-interest expenses to total average assets(2)
2.48 %2.43 %2.32 %2.29 %2.30 %
Capital Ratios
Tangible common equity ratio ("TCE")(2)
6.9 %6.7 %7.0 %7.3 %7.8 %
TCE ratio, (excluding AOCI)(2)(5)
8.2 %8.3 %8.2 %7.9 %7.8 %
Tier 1 leverage ratio(4)
9.4 %9.2 %9.1 %8.9 %8.6 %
Common equity Tier 1 capital ratio(4)
10.0 %10.0 %9.9 %10.0 %9.9 %
Tier 1 risk-based capital ratio(4)
10.8 %10.9 %10.8 %10.9 %10.9 %
Total risk-based capital ratio(4)
13.5 %13.6 %13.7 %13.8 %14.1 %
(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
(3) Asset quality information excluding PPP loans.
(4) Regulatory capital ratios as of December 31, 2022 are preliminary and prior periods are actual.
(5) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI")

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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
 % Change from
Dec 31Sep 30Jun 30Mar 31Dec 31Sep 30Dec 31
2022202220222022202120222021
ASSETS
Cash and due from banks$126,898 $143,465 $158,605 $161,462 $172,276 (11.5)%(26.3)%
Other interest-earning assets685,209 467,164 383,715 1,054,232 1,523,973 46.7 %(55.0)%
Loans held for sale7,264 14,411 17,528 27,675 35,768 (49.6)%(79.7)%
Investment securities3,968,023 3,936,694 4,117,801 4,288,674 4,167,774 0.8 %(4.8)%
Net loans20,279,547 19,695,199 18,920,950 18,476,119 18,325,350 3.0 %10.7 %
Less: ACL - loans(1)
(269,366)(266,838)(248,564)(243,705)(249,001)(0.9)%(8.2)%
   Loans, net20,010,181 19,428,361 18,672,386 18,232,414 18,076,349 3.0 %10.7 %
Net, premises and equipment225,141 221,496 211,639 218,257 220,357 1.6 %2.2 %
Accrued interest receivable91,579 72,821 64,457 55,102 57,451 25.8 %59.4 %
Goodwill and intangible assets560,824 561,495 537,700 537,877 538,053 (0.1)%4.2 %
Other assets1,256,583 1,300,135 1,088,855 1,022,617 1,004,397 (3.3)%25.1 %
    Total Assets$26,931,702 $26,146,042 $25,252,686 $25,598,310 $25,796,398 3.0 %4.4 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits$20,649,538 $21,376,554 $21,143,866 $21,541,174 $21,573,499 (3.4)%(4.3)%
Borrowings2,871,207 1,424,681 1,013,315 1,008,934 1,038,109 101.5 %N/M
Other liabilities831,200 873,648 624,412 478,667 472,110 (4.9)%76.1 %
    Total Liabilities24,351,945 23,674,883 22,781,593 23,028,775 23,083,718 2.9 %5.5 %
Shareholders' equity2,579,757 2,471,159 2,471,093 2,569,535 2,712,680 4.4 %(4.9)%
    Total Liabilities and Shareholders' Equity$26,931,702 $26,146,042 $25,252,686 $25,598,310 $25,796,398 3.0 %4.4 %
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
Real estate - commercial mortgage$7,693,835 $7,554,509 $7,417,036 $7,289,376 $7,279,080 1.8 %5.7 %
Commercial and industrial4,452,606 4,208,775 4,098,552 3,992,285 3,906,791 5.8 %14.0 %
Real estate - residential mortgage4,737,279 4,574,228 4,203,827 3,946,741 3,846,750 3.6 %23.2 %
Real estate - home equity1,102,838 1,110,103 1,108,808 1,098,171 1,118,248 (0.7)%(1.4)%
Real estate - construction1,269,925 1,273,097 1,177,446 1,210,340 1,139,779 (0.2)%11.4 %
Consumer699,179 633,666 538,747 481,551 464,657 10.3 %50.5 %
Equipment lease financing260,143 255,060 254,897 253,521 236,344 2.0 %10.1 %
Other(2)
43,344 53,671 49,214 39,857 32,448 (19.2)%33.6 %
     Net loans before PPP20,259,149 19,663,109 18,848,527 18,311,842 18,024,097 3.0 %12.4 %
PPP20,398 32,090 72,423 164,277 301,253 (36.4)%(93.2)%
Total Net Loans$20,279,547 $19,695,199 $18,920,950 $18,476,119 $18,325,350 3.0 %10.7 %
Deposits, by type:
Noninterest-bearing demand$7,006,388 $7,372,896 $7,530,777 $7,528,391 $7,370,963 (5.0)%(4.9)%
Interest-bearing demand5,410,903 5,676,600 5,403,805 5,625,286 5,819,539 (4.7)%(7.0)%
Savings6,434,621 6,563,003 6,406,051 6,479,196 6,403,995 (2.0)%0.5 %
     Total demand and savings18,851,912 19,612,499 19,340,633 19,632,873 19,594,497 (3.9)%(3.8)%
Brokered208,416 226,883 243,172 248,833 251,526 (8.1)%(17.1)%
Time1,589,210 1,537,172 1,560,061 1,659,468 1,727,476 3.4 %(8.0)%
Total Deposits$20,649,538 $21,376,554 $21,143,866 $21,541,174 $21,573,499 (3.4)%(4.3)%
Borrowings, by type:
Federal funds purchased$191,000 $136,000 $20,000 $— $— 40.4 %N/M
Federal Home Loan Bank advances1,250,000 265,500 — — — N/MN/M
Senior debt and subordinated debt539,634 539,461 555,748 555,594 620,406 — %(13.0)%
Other borrowings890,573 483,720 437,567 453,340 417,703 84.1 %113.2 %
Total Borrowings$2,871,207 $1,424,681 $1,013,315 $1,008,934 $1,038,109 101.5 %N/M
N/M - Not meaningful
(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.

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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands, except per share
Three Months Ended % Change from Year Ended
Dec 31Sep 30Jun 30Mar 31Dec 31Sep 30Dec 31Dec 31
202220222022202220212022202120222021% Change
Interest Income:
Interest income$267,847 $233,691 $190,299 $173,001 $177,724 14.6 %50.7 %$864,838 $723,412 19.5 %
Interest expense41,936 18,109 11,468 11,691 12,111 131.6 %N/M83,204 59,682 39.4 %
    Net Interest Income225,911 215,582 178,831 161,310 165,613 4.8 %36.4 %781,634 663,730 17.8 %
Provision for credit losses14,513 18,958 1,500 (6,950)(5,000)(23.4)%N/M28,021 (14,600)N/M
    Net Interest Income after
    Provision		211,398 196,624 177,331 168,260 170,613 7.5 %23.9 %753,613 678,330 11.1 %
Non-Interest Income:
Commercial banking:
   Merchant and card7,223 7,601 7,355 6,097 6,588 (5.0)%9.6 %28,276 26,121 8.3 %
   Cash management5,756 6,483 6,062 5,428 5,318 (11.2)%8.2 %23,729 20,865 13.7 %
   Capital markets2,627 4,060 3,893 1,676 2,982 (35.3)%(11.9)%12,256 9,381 30.6 %
   Other commercial banking2,998 2,664 3,049 2,807 3,592 12.5 %(16.5)%11,518 12,322 (6.5)%
     Total commercial banking18,604 20,808 20,359 16,008 18,480 (10.6)%0.7 %75,779 68,689 10.3 %
Consumer banking:
  Card6,331 6,278 6,067 5,796 5,953 0.8 %6.3 %24,472 23,505 4.1 %
  Overdraft3,364 4,463 3,881 3,772 3,896 (24.6)%(13.7)%15,480 12,844 20.5 %
  Other consumer banking2,380 2,534 2,524 2,106 2,280 (6.1)%4.4 %9,544 9,195 3.8 %
     Total consumer banking12,075 13,275 12,472 11,674 12,129 (9.0)%(0.4)%49,496 45,544 8.7 %
Wealth management17,531 17,610 18,274 19,428 18,285 (0.4)%(4.1)%72,843 71,798 1.5 %
Mortgage banking2,140 3,720 3,768 4,576 7,243 (42.5)%(70.5)%14,204 33,576 (57.7)%
Other3,972 3,802 3,510 3,551 7,739 4.5 %(48.7)%14,835 20,622 (28.1)%
     Non-interest income before
     investment securities gains (losses)		54,322 59,215 58,383 55,237 63,876 (8.3)%(15.0)%227,157 240,229 (5.4)%
Investment securities gains (losses), net(1)(53)8 19 5 98.1 %(120.0)%(27)33,516 (100.1)%
    Total Non-Interest Income54,321 59,162 58,391 55,256 63,881 (8.2)%(15.0)%227,130 273,745 (17.0)%
Non-Interest Expense:
Salaries and employee benefits92,733 94,283 85,404 84,464 85,506 (1.6)%8.5 %356,884 329,138 8.4 %
Data processing and software15,448 15,807 14,685 14,315 14,612 (2.3)%5.7 %60,255 56,440 6.8 %
Net occupancy14,061 14,025 13,587 14,522 14,366 0.3 %(2.1)%56,195 53,799 4.5 %
Other outside services10,860 9,361 8,764 8,167 9,637 16.0 %12.7 %37,152 34,194 8.7 %
Equipment 3,640 3,548 3,422 3,423 3,539 2.6 %2.9 %14,033 13,807 1.6 %
FDIC insurance3,219 3,158 2,961 3,209 3,032 1.9 %6.2 %12,547 10,665 17.6 %
Professional fees2,945 2,373 2,013 1,792 1,946 24.1 %51.3 %9,123 9,647 (5.4)%
Marketing2,380 1,859 1,326 1,320 1,477 28.0 %61.1 %6,885 5,275 30.5 %
Intangible amortization688 690 177 176 146 (0.3)%N/M1,731 589 N/M
Debt extinguishment— — — — 674 N/MN/M— 33,249 (100.0)%
Merger-related expenses1,894 7,006 1,027 401 — (73.0)%N/M10,328 — N/M
Other20,594 17,448 16,364 14,189 19,084 18.0 %7.9 %68,595 71,027 (3.4)%
    Total Non-Interest Expense168,462 169,558 149,730 145,978 154,019 (0.6)%9.4 %633,728 617,830 2.6 %
    Income Before Income Taxes97,257 86,228 85,992 77,538 80,475 12.8 %20.9 %347,015 334,245 3.8 %
Income tax expense15,424 15,357 16,003 13,250 18,588 0.4 %(17.0)%60,034 58,748 2.2 %
    Net Income81,833 70,871 69,989 64,288 61,887 15.5 %32.2 %286,981 275,497 4.2 %
Preferred stock dividends(2,562)(2,562)(2,562)(2,562)(2,562)— %— %(10,248)(10,277)0.3 %
     Net Income Available to
     Common Shareholders		$79,271 $68,309 $67,427 $61,726 $59,325 16.0 %33.6 %$276,733 $265,220 4.3 %
9

Three Months Ended % Change from Year Ended
Dec 31Sep 30Jun 30Mar 31Dec 31Sep 30Dec 31Dec 31
202220222022202220212022202120222021% Change
PER SHARE:
Net income available to common shareholders:
    Basic$0.47 $0.41 $0.42 $0.38 $0.37 14.6 %27.0 %$1.69 $1.63 3.7 %
    Diluted$0.47 $0.40 $0.42 $0.38 $0.37 17.5 %27.0 %$1.67 $1.62 3.1 %
Cash dividends$0.21 $0.15 $0.15 $0.15 $0.22 40.0 %(4.5)%$0.66 $0.64 3.1 %
Weighted average shares (basic)167,504 167,353 160,920 160,588 161,210 0.1 %3.9 %164,119 162,233 1.2 %
Weighted average shares (diluted)169,136 168,781 162,075 161,911 162,355 0.2 %4.2 %165,472 163,307 1.3 %

10

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
Three months ended
December 31, 2022September 30, 2022December 31, 2021
AverageYield/AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans$20,004,513 $241,453 4.80 %$19,563,825 $207,343 4.21 %$18,220,550 $159,057 3.47 %
Investment securities4,330,635 27,781 2.56 %4,500,461 28,022 2.49 %3,922,197 22,424 2.29 %
Loans held for sale9,264 171 7.39 %9,098 194 8.51 %35,235 333 3.77 %
Other interest-earning assets450,818 2,752 2.43 %622,673 2,103 1.34 %2,100,392 (905)(0.19)%
Total Interest-Earning Assets24,795,230 272,157 4.36 %24,696,057 237,662 3.83 %24,278,374 180,909 2.96 %
Noninterest-Earning assets:
Cash and due from banks149,472 152,349 211,958 
Premises and equipment223,245 223,880 226,319 
Other assets1,488,684 1,545,812 1,677,028 
Less: ACL - loans(2)
(270,276)(261,003)(257,143)
Total Assets$26,386,355 $26,357,095 $26,136,536 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits$5,479,443 $4,589 0.33 %$5,708,059 $1,886 0.13 %$5,933,780 $756 0.05 %
Savings deposits6,466,775 11,539 0.71 %6,681,713 3,414 0.20 %6,413,638 992 0.06 %
Brokered deposits215,729 1,947 3.58 %247,105 1,346 2.16 %256,192 220 0.34 %
Time deposits1,554,885 4,302 1.10 %1,615,384 3,404 0.84 %1,756,672 3,928 0.89 %
Total Interest-Bearing Deposits13,716,832 22,377 0.65 %14,252,261 10,050 0.28 %14,360,282 5,896 0.16 %
Borrowings2,025,522 19,559 3.83 %1,359,348 8,060 2.38 %1,097,095 6,216 2.29 %
Total Interest-Bearing Liabilities15,742,354 41,936 1.06 %15,611,609 18,110 0.47 %15,457,377 12,112 0.31 %
Noninterest-Bearing liabilities:
Demand deposits7,310,824 7,535,791 7,516,656 
Other844,029 605,638 449,305 
Total Liabilities23,897,207 23,753,038 23,423,338 
Total Deposits/Cost of Deposits21,027,656 0.42 %21,788,052 0.18 %21,876,938 0.11 %
Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")23,053,178 0.72 %23,147,400 0.31 %22,974,033 0.21 %
Shareholders' equity2,489,148 2,604,057 2,713,198 
Total Liabilities and Shareholders' Equity$26,386,355 $26,357,095 $26,136,536 
Net interest income/net interest margin (fully taxable equivalent)230,221 3.69 %219,552 3.54 %168,797 2.77 %
Tax equivalent adjustment(4,310)(3,970)(3,184)
Net Interest Income$225,911 $215,582 $165,613 
(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.
11

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
Three months ended% Change from
Dec 31Sep 30Jun 30Mar 31Dec 31Sep 30Dec 31
2022202220222022202120222021
Loans, by type:
Real estate - commercial mortgage$7,696,997 $7,566,259 $7,340,417 $7,294,914 $7,157,906 1.7 %7.5 %
Commercial and industrial4,347,406 4,201,399 4,040,587 3,986,900 3,898,559 3.5 %11.5 %
Real estate - residential mortgage4,643,784 4,485,649 4,052,666 3,887,428 3,773,156 3.5 %23.1 %
Real estate - home equity1,106,325 1,099,487 1,118,494 1,106,319 1,122,042 0.6 %(1.4)%
Real estate - construction1,209,998 1,268,590 1,188,932 1,137,649 1,117,592 (4.6)%8.3 %
Consumer679,108 604,634 485,095 471,129 462,346 12.3 %46.9 %
Equipment lease financing255,291 252,810 253,659 236,388 238,349 1.0 %7.1 %
Other(1)
40,075 35,823 42,476 36,277 15,558 11.9 %N/M
     Net loans before PPP19,978,984 19,514,651 18,522,326 18,157,004 17,785,508 2.4 %12.3 %
PPP25,529 49,174 114,849 226,114 435,042 (48.1)%(94.1)%
Total Net Loans$20,004,513 $19,563,825 $18,637,175 $18,383,118 $18,220,550 2.3 %9.8 %
Deposits, by type:
Noninterest-bearing demand$7,310,824 $7,535,791 $7,647,618 $7,431,235 $7,516,656 (3.0)%(2.7)%
Interest-bearing demand5,479,443 5,708,059 5,597,975 5,664,987 5,933,780 (4.0)%(7.7)%
Savings6,466,775 6,681,713 6,425,634 6,436,548 6,413,638 (3.2)%0.8 %
     Total demand and savings19,257,042 19,925,563 19,671,227 19,532,770 19,864,074 (3.4)%(3.1)%
Brokered215,729 247,105 244,200 250,350 256,192 (12.7)%(15.8)%
Time1,554,885 1,615,384 1,608,286 1,697,063 1,756,672 (3.7)%(11.5)%
Total Deposits$21,027,656 $21,788,052 $21,523,713 $21,480,183 $21,876,938 (3.5)%(3.9)%
Borrowings, by type:
Federal funds purchased$261,737 $96,965 $2,857 $— $— N/MN/M
Federal Home Loan Bank advances564,692 206,152 — — — N/MN/M
Senior debt and subordinated debt539,550 554,735 555,701 608,961 622,108 (2.7)%(13.3)%
Other borrowings659,543 501,496 445,261 424,854 474,987 31.5 %38.9 %
Total Borrowings$2,025,522 $1,359,348 $1,003,819 $1,033,815 $1,097,095 49.0 %84.6 %
(1) Consists of overdrafts and net origination fees and costs.










12

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
 Year Ended December 31
20222021
AverageYield/AverageYield/
Balance
Interest(1)
RateBalance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans$19,152,740 $765,603 4.00 %$18,627,787 $644,387 3.46 %
Investment securities4,364,627 106,115 2.43 %3,673,250 86,325 2.35 %
Loans held for sale14,974 866 5.78 %39,211 1,302 3.32 %
Other interest-earning assets814,731 7,249 0.89 %2,014,954 3,694 0.18 %
Total Interest-Earning Assets24,347,072 879,833 3.61 %24,355,202 735,708 3.02 %
Noninterest-Earning assets:
Cash and due from banks156,050 165,942 
Premises and equipment220,982 228,708 
Other assets1,505,277 1,686,053 
Less: ACL - loans(2)
(257,897)(265,572)
Total Assets$25,971,484 $26,170,333 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits$5,593,942 $8,219 0.15 %$5,979,479 $3,662 0.06 %
Savings deposits6,458,165 16,642 0.26 %6,306,967 4,936 0.08 %
Brokered deposits262,359 4,097 1.56 %286,901 1,096 0.38 %
Time deposits1,617,804 14,871 0.92 %1,939,446 20,311 1.05 %
Total Interest-Bearing Deposits13,932,270 43,829 0.31 %14,512,793 30,005 0.21 %
Total borrowings1,358,357 39,375 2.89 %1,297,963 29,677 2.29 %
Total Interest-Bearing Liabilities15,290,627 83,204 0.54 %15,810,756 59,682 0.38 %
Noninterest-Bearing liabilities:
Demand deposits7,522,304 7,211,153 
Other598,230 462,478 
Total Liabilities23,411,161 23,484,387 
Total Deposits/Cost of Deposits21,454,574 0.20 %21,723,946 0.14 %
Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")22,812,931 0.36 %23,021,909 0.26 %
Shareholders' equity2,560,323 2,685,946 
Total Liabilities and Shareholders' Equity$25,971,484 $26,170,333 
Net interest income/net interest margin (fully taxable equivalent)796,629 3.27 %676,026 2.78 %
Tax equivalent adjustment(14,995)(12,296)
Net Interest Income$781,634 $663,730 
(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.
13

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):
dollars in thousands
 Year Ended December 31
20222021% Change
Loans, by type:
Real estate - commercial mortgage$7,523,806 $7,149,712 5.2 %
Commercial and industrial4,126,916 3,932,351 4.9 %
Real estate - residential mortgage4,261,527 3,501,072 21.7 %
Real estate - home equity1,101,142 1,141,042 (3.5)%
Real estate - construction1,178,550 1,078,350 9.3 %
Consumer569,305 456,427 24.7 %
Equipment lease financing249,595 252,104 (1.0)%
Other(1)
38,682 (3,776)N/M
     Net loans before PPP19,049,523 17,507,282 8.8 %
PPP103,217 1,120,505 (90.8)%
Total Net Loans$19,152,740 $18,627,787 2.8 %
Deposits, by type:
Noninterest-bearing demand$7,522,304 $7,211,153 4.3 %
Interest-bearing demand5,593,942 5,979,479 (6.4)%
Savings6,458,165 6,306,967 2.4 %
   Total demand and savings19,574,411 19,497,599 0.4 %
Brokered262,359 286,901 (8.6)%
Time1,617,804 1,939,446 (16.6)%
Total Deposits$21,454,574 $21,723,946 (1.2)%
Borrowings, by type:
Federal funds purchased $91,125 $— N/M
Federal Home Loan Bank advances194,295 126,677 53.4 %
Senior debt and subordinated debt564,337 657,386 (14.2)%
Other borrowings508,600 513,900 (1.0)%
Total Borrowings$1,358,357 $1,297,963 4.7 %
N/M - Not meaningful
(1) Consists of overdrafts and net origination fees and costs.
14

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
Three months endedYear Ended
Dec 31Sep 30Jun 30Mar 31Dec 31Dec 31Dec 31
2022202220222022202120222021
Allowance for credit losses related to net loans:
Balance at beginning of period$266,838 $248,564 $243,705 $249,001 $256,727 $249,001 $277,567 
CECL Day 1 provision expense— 7,954 — — — 7,954 — 
Initial purchased credit deteriorated loans— 1,135 — — — 1,135 — 
Loans charged off:
    Commercial and industrial(179)(1,783)(201)(227)(9,417)(2,390)(15,337)
    Real estate - commercial mortgage(12,235)(86)— (152)(369)(12,473)(8,726)
    Consumer and home equity(1,311)(1,172)(877)(1,052)(828)(4,412)(3,309)
    Real estate - residential mortgage— — (66)— — (66)(1,290)
    Real estate - construction— — — — — — (39)
    Equipment lease financing and other(505)(683)(474)(469)(380)(2,131)(2,251)
    Total loans charged off(14,230)(3,724)(1,618)(1,900)(10,994)(21,472)(30,952)
Recoveries of loans previously charged off:
    Commercial and industrial961 2,213 739 1,980 5,795 5,893 9,587 
    Real estate - commercial mortgage183 29 3,536 112 1,007 3,860 2,474 
    Consumer and home equity683 682 762 454 767 2,581 2,345 
    Real estate - residential mortgage10 101 92 222 89 425 375 
    Real estate - construction530 — 12 32 77 574 1,412 
    Equipment lease financing and other132 247 226 154 283 759 953 
    Recoveries of loans previously charged off2,499 3,272 5,367 2,954 8,018 14,092 17,146 
Net loans recovered (charged off)(11,731)(452)3,749 1,054 (2,976)(7,380)(13,806)
Provision for credit losses14,259 9,637 1,110 (6,350)(4,750)18,656 (14,760)
Balance at end of period$269,366 $266,838 $248,564 $243,705 $249,001 $269,366 $249,001 
Net (recoveries) charge offs to average loans 0.23 %0.01 %(0.08)%(0.02)%0.07 %0.04 %0.07 %
Provision for credit losses related to OBS Credit Exposures
Provision for credit losses $254 $1,367 $390 ($600)($250)
NON-PERFORMING ASSETS:
Non-accrual loans$144,443 $178,204 $162,530 $136,799 $143,666 
Loans 90 days past due and accruing27,463 14,559 11,016 24,182 8,453 
    Total non-performing loans171,906 192,763 173,546 160,981 152,119 
Other real estate owned5,790 5,877 4,786 2,014 1,817 
Total non-performing assets$177,696 $198,640 $178,332 $162,995 $153,936 
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial$28,288 $29,831 $44,713 $30,193 $30,629 
Real estate - commercial mortgage72,634 96,281 59,940 64,190 54,044 
Real estate - residential mortgage46,509 41,597 42,922 39,308 39,399 
Consumer and home equity9,800 10,016 10,552 11,465 11,505 
Real estate - construction1,368 1,456 1,357 672 901 
Equipment lease financing and other13,307 13,582 14,062 15,153 15,641 
Total non-performing loans$171,906 $192,763 $173,546 $160,981 $152,119 
15

FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share data and percentages)
Explanatory note:This press release contains supplemental financial information, as detailed below, that 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 31Sep 30Jun 30Mar 31Dec 31
20222022202220222021
Operating net income available to common shareholders
Net income available to common shareholders$79,271$68,309$67,427$61,726$59,325
Plus: Core deposit intangible amortization514514———
Plus: Merger-related expenses1,8947,0061,027401—
Plus: CECL Day 1 Provision expense—7,954———
Less: Tax impact of adjustments(506)(3,250)(216)(84)—
Operating net income available to common shareholders (numerator)$81,173$80,533$68,238$62,043$59,325
Weighted average shares (diluted) (denominator)169,136168,781162,075161,911162,355
Operating net income available to common shareholders, per share (diluted)$0.48$0.48$0.42$0.38$0.37
Common shareholders' equity (tangible), per share
Shareholders' equity$2,579,757$2,471,159$2,471,093$2,569,535$2,712,680
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(560,824)(561,495)(537,700)(537,877)(538,053)
Tangible common shareholders' equity (numerator)$1,826,055$1,716,786$1,740,515$1,838,780$1,981,749
Shares outstanding, end of period (denominator)167,599167,399161,057160,669160,490
Common shareholders' equity (tangible), per share$10.90$10.26$10.81$11.44$12.35
Operating return on average assets
Net income$81,833$70,871$69,989$64,288$61,887
Plus: Core deposit intangible amortization514514———
Plus: Merger-related expenses1,8947,0061,027401—
Plus: CECL Day 1 Provision expense—7,954———
Less: Tax impact of adjustments(506)(3,250)(216)(84)—
Operating net income (numerator)$83,735$83,095$70,800$64,605$61,887
Total average assets (denominator)$26,386,355$26,357,095$25,578,432$25,622,462$26,136,536
Operating return on average assets1.26%1.25%1.11%1.02%0.94%
Return on average common shareholders' equity (tangible)
Net income available to common shareholders$79,271$68,309$67,427$61,726$59,325
Plus: Intangible amortization688690177176146
Plus: Merger-related expenses1,89470061027401—
Plus: CECL Day 1 Provision expense—7,954———
Less: Tax impact of adjustments(542)(3,287)(253)(122)(32)
Operating net income available to common shareholders (numerator)$81,311$80,672$68,378$62,181$59,439
Average shareholders' equity$2,489,148$2,604,057$2,531,346$2,688,834$2,713,198
Less: Average preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Average goodwill and intangible assets(561,219)(562,285)(537,786)(537,976)(536,638)
Average tangible common shareholders' equity (denominator)$1,735,051$1,848,894$1,800,682$1,957,980$1,983,682
Return on average common shareholders' equity (tangible)18.59%17.31%15.23%12.88%11.89%
16

Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20222022202220222021
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity$2,579,757$2,471,159$2,471,093$2,569,535$2,712,680
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Goodwill and intangible assets(560,824)(561,495)(537,700)(537,877)(538,053)
Tangible common shareholders' equity (numerator)$1,826,055$1,716,786$1,740,515$1,838,780$1,981,749
Total assets$26,931,702$26,146,042$25,252,686$25,598,310$25,796,398
Less: Goodwill and intangible assets(560,824)(561,495)(537,700)(537,877)(538,053)
Total tangible assets (denominator)$26,370,878$25,584,547$24,714,986$25,060,433$25,258,345
Tangible common equity to tangible assets6.92%6.71%7.04%7.34%7.85%
Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity$2,579,757$2,471,159$2,471,093$2,569,535$2,712,680
Less: Preferred stock(192,878)(192,878)(192,878)(192,878)(192,878)
Less: Accumulated other comprehensive income (loss)(385,476)(442,947)(304,210)(158,855)27,411
Less: Goodwill and intangible assets(560,824)(561,495)(537,700)(537,877)(538,053)
Tangible common shareholders' equity (numerator)$2,211,531$2,159,733$2,044,725$1,997,635$1,954,338
Total assets$26,931,702$26,146,042$25,252,686$25,598,310$25,796,398
Less: Goodwill and intangible assets(560,824)(561,495)(537,700)(537,877)(538,053)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities632,456368,196249,424112,965(40,444)
Total tangible assets (denominator)$27,003,334$25,952,743$24,964,410$25,173,398$25,217,901
Tangible common equity to tangible assets, excluding AOCI8.19%8.32%8.19%7.94%7.75%
Efficiency ratio
Non-interest expense$168,462$169,558$149,730$145,978$154,019
Less: Amortization of tax credit investments(696)(696)(696)(696)(1,547)
Less: Merger-related expenses(1,894)(7,006)(1,027)(401)—
Less: Intangible amortization(688)(690)(177)(176)(146)
Less: Debt extinguishment costs————(674)
Non-interest expense (numerator)$165,184$161,166$147,830$144,705$151,652
Net interest income$225,911$215,582$178,831$161,310$165,613
Tax equivalent adjustment4,3103,9703,4273,2883,184
Plus: Total non-interest income54,32159,16258,39155,25663,881
Less: Investment securities (gains) losses, net153(8)(19)(5)
Total revenue (denominator)$284,543$278,767$240,641$219,835$232,673
Efficiency ratio58.1%57.8%61.4%65.8%65.2%
Operating non-interest expenses to total average assets
Non-interest expense$168,462$169,558$149,730$145,978$154,019
Less: Amortization of tax credit investments(696)(696)(696)(696)(1,547)
Less: Intangible amortization(688)(690)(177)(176)(146)
Less: Merger-related expenses(1,894)(7,006)(1,027)(401)—
Less: Debt extinguishment costs————(674)
Non-interest expense (numerator)$165,184$161,166$147,830$144,705$151,652
Total average assets (denominator)$26,386,355$26,357,095$25,578,432$25,622,462$26,136,536
Operating non-interest expenses to total average assets2.48%2.43%2.32%2.29%2.30%
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Three months ended
Dec 31Sep 30Jun 30Mar 31Dec 31
20222022202220222021
Asset Quality, excluding PPP
Net loans recovered (charged-off) (numerator)$(11,731)$(452)$3,749$1,054$(2,976)
Average net loans$20,004,513$19,563,825$18,637,175$18,383,118$18,220,550
Less: Average PPP loans(25,529)(49,174)(114,849)(226,114)(435,042)
Total adjusted average loans (denominator)$19,978,984$19,514,651$18,522,326$18,157,004$17,785,508
Net charge-offs (recoveries) to adjusted average loans 0.23%0.01%(0.08)%(0.02)%0.07%
Non-performing loans (numerator)$171,906$192,763$173,546$160,981$152,119
Net loans$20,279,547$19,695,199$18,920,950$18,476,119$18,325,350
Less: PPP loans(20,398)(32,090)(72,423)(164,277)(301,253)
Total adjusted loans (denominator)$20,259,149$19,663,109$18,848,527$18,311,842$18,024,097
Non-performing loans to total adjusted loans0.85%0.98%0.92%0.88%0.84%
ACL - loans (numerator)$269,366$266,838$248,564$243,705$249,001
Net loans$20,279,547$19,695,199$18,920,950$18,476,119$18,325,350
Less: PPP loans(20,398)(32,090)(72,423)(164,277)(301,253)
Total adjusted loans (denominator)$20,259,149$19,663,109$18,848,527$18,311,842$18,024,097
ACL - loans to total adjusted loans1.33%1.36%1.32%1.33%1.38%
Pre-provision net revenue
Net interest income$225,911$215,582$178,831$161,310$165,613
Non-interest income54,32159,16258,39155,25663,881
Less: Investment securities (gains) losses, net153(8)(19)(5)
Total revenue$280,233$274,797$237,214$216,547$229,489
Non-interest expense$168,462$169,558$149,730$145,978$154,019
Less: Amortization on tax credit investments (696)(696)(696)(696)(1,547)
Less: Merger-related expenses(1,894)(7,006)(1,027)(401)—
Less: Intangible amortization(688)(690)(177)(176)(146)
Less: Debt extinguishment————(674)
Total non-interest expense$165,184$161,166$147,830$144,705$151,652
Pre-provision net revenue$115,049$113,631$89,384$71,842$77,837
Note: numbers may not sum due to rounding.

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