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

April 18, 2023

Date of Report (date of earliest event reported)

Fulton Financial Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania		001-39680		23-2195389
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)
One Penn Square,	P.O. Box 4887	Lancaster,	Pennsylvania	17604
(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.

o

Item 2.02 Results of Operations and Financial Condition.

    On April 18, 2023, Fulton Financial Corporation (the "Corporation") issued a press release (the "Press Release") announcing its results of operations for the first quarter ended March 31, 2023. 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 on Form 8-K (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, April 19, 2023 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 included in Exhibit 99.1 shall be deemed filed for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and therefore may be incorporated by reference in filings under the Securities Act of 1933, as amended (the "Securities Act"). The information included in Exhibit 99.2 is being furnished and shall not be deemed filed for purposes of the Exchange Act or be incorporated by reference in any filing under the Securities Act.

Forward-Looking Statements

This Current Report, 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 "2023 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, 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).

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit No.	Description
99.1	Press release dated April 18, 2023, containing financial information for the quarter ended March 31, 2023, deemed filed under the Securities Exchange Act of 1934.
99.2	Presentation materials to be discussed during the conference call and webcast on April 19, 2023, 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: April 18, 2023	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: Lacey Dean (717) 735-8688

Investor Contact: Matt Jozwiak (717) 327-2657

Fulton Financial Corporation Announces First Quarter 2023 Results

(April 18, 2023) – Lancaster, PA – Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $65.8 million, or $0.39 per diluted share, for the first quarter of 2023, a decrease of $13.5 million, or 17.1%, in comparison to the fourth quarter of 2022.

“Our focus remains the same - the long-term financial wellbeing of our company, our customers and our communities,” said Curtis J. Myers, Chairman and CEO of Fulton. “During the quarter, we took actions to fortify our balance sheet, increase our liquidity, diversify our funding and enhance our reserves. By taking these actions, monitoring capital and communicating with customers, we’ve positioned ourselves to continue serving our stakeholders and growing our company.”

1

Net Interest Income and Balance Sheet

Net interest income for the first quarter of 2023 was $215.6 million, a decrease of $10.3 million in comparison to the fourth quarter of 2022. The net interest margin for the first quarter of 2023 decreased 16 basis points, to 3.53%, in comparison to 3.69% in the fourth quarter of 2022.

The linked-quarter decrease in net interest income was primarily due to a shift in funding mix from lower-cost demand deposits to higher-cost borrowings, time deposits and brokered deposits. An increase in the average balance for net loans of $458.6 million and higher loan yields in the first quarter of 2023 primarily contributed to an increase in interest income of $22.0 million to $289.8 million in comparison to $267.8 million in the fourth quarter of 2022. Interest expense from interest-bearing liabilities for the first quarter of 2023 increased by $32.3 million to $74.2 millionin comparison to $41.9 million in the fourth quarter of 2022. The linked-quarter increase in interest expense in the first quarter of 2023 was primarily due to a decline in the average balance of noninterest-bearing deposits of $669.1 million and an increase in the average balance for higher-cost borrowings and other interest-bearing liabilities of $1.0 billion in comparison to the fourth quarter of 2022.

For the first quarter of 2023, net interest income was $215.6 million,an increase of $54.3 million, or 33.6%, in comparison to the first quarter of 2022. Interest income for the first quarter of 2023 increased by $116.8 million to $289.8 million in comparison to $173.0 million in the first quarter of 2022 primarily driven by rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $110.9 million, $3.2 million and $2.7 million, respectively. Increases in the average balances for net loans and investment securities in the first quarter of 2023 of $2,080.0 million and $63.3 million, respectively, driven in part by the Prudential Bancorp, Inc. ("Prudential Bancorp") acquisition, also contributed to the increase in interest income.Interest expense from interest-bearing liabilities for the first quarter of 2023 increased by $62.5 million to $74.2 million in comparison to $11.7 million in the first quarter of 2022 primarily driven by rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings and other interest-bearing liabilities of $36.0 million and $26.5 million, respectively. An increase in the average balance for borrowings and other interest-bearing liabilities of $2.0 billion in the first quarter of 2023 in comparison to the first quarter of 2022 also contributed to the increase in interest expense.

Total average interest-earning assets for the first quarter of 2023 was $25.2 billion, an increase of $450.6 million from the fourth quarter of 2022 primarily driven by the aforementioned increase in average net loans of $458.6 million and an increase in average other interest-earning assets of $33.0 million, partially offset by a decrease in average investment securities of $41.0 million.

Total average interest-earning assets for the first quarter of 2023 increased by $1.3 billion from the first quarter of 2022. Average net loans for the first quarter of 2023 were $20.5 billion, an increase of $2.1 billion from the same period in 2022. Compared to the first quarter of 2022, average other interest-earning assets decreased $793.6 million and average investment securities increased $63.3 million in the first quarter of 2023.

2

Total average interest-bearing liabilities increased $1.2 billion, to $17.0 billion, in the first quarter of 2023 in comparison to $15.7 billion in the fourth quarter of 2022 driven by increases in the average balance for borrowings and other interest-bearing liabilities and the average balance for total interest-bearing deposits of $1.0 billion and $215.8 million, respectively.

Total average interest-bearing liabilities for the first quarter of 2023 increased $1.9 billion in comparison to $15.1 billion in the first quarter of 2022, driven by an increase in the average balance for borrowings and other interest-bearing liabilities of $2.0 billion.

Asset Quality

In the first quarter of 2023, a provision for credit losses of $24.5 million was recorded in comparison to a provision for credit losses of $14.5 million in the fourth quarter of 2022, and a negative provision for credit losses of $7.0 million in the first quarter of 2022. The linked-quarter increase in the provision for credit losses of $10.0 million was primarily due to loan growth and changes to the macroeconomic outlook.

Non-performing assets were $167.9 million, or 0.62% of total assets, at March 31, 2023, in comparison to $177.7 million, or 0.66% of total assets, at December 31, 2022, and $163.0 million, or 0.64% of total assets, at March 31, 2022.

Net charge-offs for the first quarter of 2023 were 0.27% of total average loans in comparison to 0.23% and negative 0.02% in the fourth quarter of 2022 and the first quarter of 2022, respectively. Net charge-offs of $14.0 million for the first quarter of 2023 were primarily due to a charge-off of $13.3 million for a commercial office loan due to credit-related concerns; the same loan that received a partial charge-off in the fourth quarter of 2022.

Non-interest Income

Non-interest income before investment securities gains in the first quarter of 2023 was $51.7 million, a decrease of $2.6 million, or 4.8%, from the fourth quarter of 2022. The decrease in non-interest income was driven primarily by decreases in commercial banking income, income from equity method investments, reflected in other income, and consumer banking fees of $1.1 million, $1.0 million and $0.9 million, respectively, partially offset by an increase in wealth management revenues of $0.5 million.

Compared to the first quarter of 2022, non-interest income before investment securities gains in the first quarter of 2023 decreased $3.5 million, or 6.3%, from $55.2 million. The decrease in non-interest income was primarily due to decreases of $2.6 million in mortgage banking income due to lower loan sale volumes and lower spreads, $1.4 million in wealth management revenues primarily due to market performance and $1.1 million from lower income from equity method investments, reflected in other income, partially offset by an increase of $1.5 million in commercial banking income.

3

Non-interest Expense

Non-interest expensewas $159.6 million in the first quarter of 2023, a decrease of $7.0 million, or 4.2%, compared to $166.6 million in the fourth quarter of 2022, which excludes merger-related expenses of $1.9 million. The decline was primarily due to decreases of $3.5 million in salaries and employee benefits expense, $0.7 million in other outside services expense, $0.6 million in professional fees and $0.5 million in marketing expense, partially offset by a $1.6 million increase in FDIC insurance expense primarily due to the adoption of a final rule to increase base deposit insurance assessment rates effective January 1, 2023. Additional contributors of the decline in noninterest expense were decreases of $1.2 million in charitable contributions, $1.1 million in other real estate owned assets due to gains on sales recorded in the first quarter of 2023 and $0.8 million in contingent liabilities, in each case, reflected in other expense.

Compared to the first quarter of 2022, non-interest expense, excluding merger-related expenses of $0.4 million in the first quarter of 2022, increased $14.0 million, or 9.6%. The increase was primarily due to increases of $4.8 million in salaries and employee benefits expense,$2.0 million in other outside services expense,$1.6 million in FDIC insurance expense, primarily due to the adoption of a final rule to increase base deposit insurance assessment rates effective January 1, 2023, $1.5 million in data processing and software expense, $0.6 million in professional fees, $0.6 million in marketing expense and $0.5 million in intangible amortization expense due to the acquisition of Prudential Bancorp. Additional drivers of the increase in noninterest expense were an unfavorable change in owned asset expense due to a $1.5 million gain on sale recorded on owned assets in the first quarter of 2022 and a $0.8 million contingent liability recorded in the first quarter of 2023, in each case, reflected in other expense.

Income Tax Expense

For the first quarter of 2023, the effective tax rate was 17.9%, in comparison to 17.3% for the full-year of 2022.

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

4

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, 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).

5

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)
dollars in thousands, except per share data
	Three months ended
	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
	2023		2022		2022		2022		2022
Ending Balances
Investment securities	$	3,950,101	$	3,968,023	$	3,936,694	$	4,117,801	$	4,288,674
Net loans	20,670,188		20,279,547		19,695,199		18,920,950		18,476,119
Total assets	27,112,176		26,931,702		26,146,042		25,252,686		25,598,310
Deposits	21,316,584		20,649,538		21,376,554		21,143,866		21,541,174
Shareholders' equity	2,618,998		2,579,757		2,471,159		2,471,093		2,569,535
Average Balances
Investment securities	3,964,615		3,936,579		4,254,216		4,216,507		4,228,827
Net loans	20,463,096		20,004,513		19,563,825		18,637,175		18,383,118
Total assets	26,900,653		26,386,355		26,357,095		25,578,432		25,622,462
Deposits	20,574,323		21,027,656		21,788,052		21,523,713		21,480,183
Shareholders' equity	2,613,316		2,489,148		2,604,057		2,531,346		2,688,834
Income Statement
Net interest income	215,587		225,911		215,582		178,831		161,310
Provision for credit losses	24,544		14,513		18,958		1,500		(6,950)
Non-interest income	51,753		54,321		59,162		58,391		55,256
Non-interest expense	159,616		168,462		169,558		149,730		145,978
Income before taxes	83,180		97,257		86,228		85,992		77,538
Net income available to common shareholders	65,752		79,271		68,309		67,427		61,726
Pre-provision net revenue(1)	108,375		115,049		113,631		89,384		71,842
Per Share
Net income available to common shareholders (basic)	$0.39		$0.47		$0.41		$0.42		$0.38
Net income available to common shareholders (diluted)	$0.39		$0.47		$0.40		$0.42		$0.38
Operating net income available to common shareholders(1)	$0.39		$0.48		$0.48		$0.42		$0.38
Cash dividends	$0.15		$0.21		$0.15		$0.15		$0.15
Common shareholders' equity	$14.67		$14.24		$13.61		$14.15		$14.79
Common shareholders' equity (tangible)(1)	$11.26		$10.90		$10.26		$10.81		$11.44
Weighted average shares (basic)	166,605		167,504		167,353		160,920		160,588
Weighted average shares (diluted)	168,401		169,136		168,781		162,075		161,911
(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.

6

	Three months ended
	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
	2023		2022		2022		2022		2022
Asset Quality
Net charge-offs (recoveries) to average loans	0.27	%	0.23	%	0.01	%	(0.08)	%	(0.02)	%
Non-performing loans to total loans	0.80	%	0.85	%	0.98	%	0.92	%	0.87	%
Non-performing assets to total assets	0.62	%	0.66	%	0.76	%	0.71	%	0.64	%
ACL - loans(1) to total loans	1.35	%	1.33	%	1.35	%	1.31	%	1.32	%
ACL - loans(1) to non-performing loans	169	%	157	%	138	%	143	%	151	%
Profitability
Return on average assets	1.03	%	1.23	%	1.07	%	1.10	%	1.02	%
Operating return on average assets(2)	1.04	%	1.26	%	1.25	%	1.11	%	1.02	%
Return on average common shareholders' equity	11.02	%	13.70	%	11.24	%	11.57	%	10.03	%
Return on average common shareholders' equity (tangible)(2)	14.46	%	18.59	%	17.31	%	15.23	%	12.88	%
Net interest margin	3.53	%	3.69	%	3.54	%	3.04	%	2.78	%
Efficiency ratio(2)	58.5	%	58.1	%	57.8	%	61.4	%	65.8	%
Non-interest expenses to total average assets	2.41	%	2.53	%	2.55	%	2.35	%	2.31	%
Operating non-interest expenses to total average assets(2)	2.40	%	2.48	%	2.43	%	2.32	%	2.29	%
Capital Ratios
Tangible common equity ratio ("TCE")(2)	7.0	%	6.9	%	6.7	%	7.0	%	7.3	%
TCE ratio, (excluding AOCI)(2)(4)	8.3	%	8.2	%	8.3	%	8.2	%	7.9	%
Tier 1 leverage ratio(3)	9.3	%	9.5	%	9.2	%	9.1	%	8.9	%
Common equity Tier 1 capital ratio(3)	9.8	%	10.0	%	10.0	%	9.9	%	10.0	%
Tier 1 risk-based capital ratio(3)	10.7	%	10.9	%	10.9	%	10.8	%	10.9	%
Total risk-based capital ratio(3)	13.5	%	13.6	%	13.6	%	13.7	%	13.8	%
(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) Regulatory capital ratios as of March 31, 2023 are preliminary and prior periods are actual.
(4) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI").

7

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
		2023		2022		2022		2022		2022
ASSETS
	Cash and due from banks	$	129,003	$	126,898	$	143,465	$	158,605	$	161,462
	Other interest-earning assets	545,355		685,209		467,164		383,715		1,054,232
	Loans held for sale	6,507		7,264		14,411		17,528		27,675
	Investment securities	3,950,101		3,968,023		3,936,694		4,117,801		4,288,674
	Net loans	20,670,188		20,279,547		19,695,199		18,920,950		18,476,119
	Less: ACL - loans(1)	(278,695)		(269,366)		(266,838)		(248,564)		(243,705)
	Loans, net	20,391,493		20,010,181		19,428,361		18,672,386		18,232,414
	Net premises and equipment	216,059		225,141		221,496		211,639		218,257
	Accrued interest receivable	90,267		91,579		72,821		64,457		55,102
	Goodwill and intangible assets	563,502		560,824		561,495		537,700		537,877
	Other assets	1,219,889		1,256,583		1,300,135		1,088,855		1,022,617
	Total Assets	$	27,112,176	$	26,931,702	$	26,146,042	$	25,252,686	$	25,598,310
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	21,316,584	$	20,649,538	$	21,376,554	$	21,143,866	$	21,541,174
	Borrowings	2,446,770		2,871,207		1,424,681		1,013,315		1,008,934
	Other liabilities	729,824		831,200		873,648		624,412		478,667
	Total Liabilities	24,493,178		24,351,945		23,674,883		22,781,593		23,028,775
	Shareholders' equity	2,618,998		2,579,757		2,471,159		2,471,093		2,569,535
	Total Liabilities and Shareholders' Equity	$	27,112,176	$	26,931,702	$	26,146,042	$	25,252,686	$	25,598,310
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	7,746,920	$	7,693,835	$	7,554,509	$	7,417,036	$	7,289,376
	Commercial and industrial	4,596,096		4,473,004		4,240,865		4,170,975		4,156,562
	Real estate - residential mortgage	4,880,919		4,737,279		4,574,228		4,203,827		3,946,741
	Real estate - home equity	1,074,712		1,102,838		1,110,103		1,108,808		1,098,171
	Real estate - construction	1,326,754		1,269,925		1,273,097		1,177,446		1,210,340
	Consumer	730,775		699,179		633,666		538,747		481,551
	Leases and other loans(2)	314,012		303,487		308,731		304,111		293,378
	Total Net Loans	$	20,670,188	$	20,279,547	$	19,695,199	$	18,920,950	$	18,476,119
Deposits, by type:
	Noninterest-bearing demand	$	6,403,484	$	7,006,388	$	7,372,896	$	7,530,777	$	7,528,391
	Interest-bearing demand	5,478,237		5,410,903		5,676,600		5,403,805		5,625,286
	Savings	6,579,806		6,434,621		6,563,003		6,406,051		6,479,196
	Total demand and savings	18,461,527		18,851,912		19,612,499		19,340,633		19,632,873
	Brokered	960,919		208,416		226,883		243,172		248,833
	Time	1,894,138		1,589,210		1,537,172		1,560,061		1,659,468
	Total Deposits	$	21,316,584	$	20,649,538	$	21,376,554	$	21,143,866	$	21,541,174
Borrowings, by type:
	Federal funds purchased	$	525,000	$	191,000	$	136,000	$	20,000	$	—
	Federal Home Loan Bank advances	747,000		1,250,000		265,500		—		—
	Senior debt and subordinated debt	539,814		539,634		539,461		555,748		555,594
	Other borrowings	634,956		890,573		483,720		437,567		453,340
	Total Borrowings	$	2,446,770	$	2,871,207	$	1,424,681	$	1,013,315	$	1,008,934
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
(2) Includes equipment lease financing, overdraft and net origination fees and costs.

8

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
dollars in thousands, except per share
		Three Months Ended
		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
		2023		2022		2022		2022		2022
Interest Income:
	Interest income	$	289,820	$	267,847	$	233,691	$	190,299	$	173,001
	Interest expense	74,233		41,936		18,109		11,468		11,691
	Net Interest Income	215,587		225,911		215,582		178,831		161,310
	Provision for credit losses	24,544		14,513		18,958		1,500		(6,950)
	Net Interest Income after Provision	191,043		211,398		196,624		177,331		168,260
Non-Interest Income:
	Commercial banking:
	Merchant and card	6,834		7,223		7,601		7,355		6,097
	Cash management	5,515		5,756		6,483		6,062		5,428
	Capital markets	2,344		2,627		4,060		3,893		1,676
	Other commercial banking	2,820		2,998		2,664		3,049		2,807
	Total commercial banking	17,513		18,604		20,808		20,359		16,008
	Consumer banking:
	Card	6,243		6,331		6,278		6,067		5,796
	Overdraft	2,733		3,364		4,463		3,881		3,772
	Other consumer banking	2,241		2,380		2,534		2,524		2,106
	Total consumer banking	11,217		12,075		13,275		12,472		11,674
	Wealth management	18,062		17,531		17,610		18,274		19,428
	Mortgage banking	1,970		2,140		3,720		3,768		4,576
	Other	2,968		3,972		3,802		3,510		3,551
	Non-interest income before investment securities gains (losses)	51,730		54,322		59,215		58,383		55,237
	Investment securities gains (losses), net	23		(1)		(53)		8		19
	Total Non-Interest Income	51,753		54,321		59,162		58,391		55,256
Non-Interest Expense:
	Salaries and employee benefits	89,283		92,733		94,283		85,404		84,464
	Data processing and software	15,796		15,448		15,807		14,685		14,315
	Net occupancy	14,438		14,061		14,025		13,587		14,522
	Other outside services	10,126		10,860		9,361		8,764		8,167
	FDIC insurance	4,795		3,219		3,158		2,961		3,209
	Equipment	3,389		3,640		3,548		3,422		3,423
	Professional fees	2,392		2,945		2,373		2,013		1,792
	Marketing	1,886		2,380		1,859		1,326		1,320
	Intangible amortization	674		688		690		177		176
	Merger-related expenses	—		1,894		7,006		1,027		401
	Other	16,837		20,594		17,448		16,364		14,189
	Total Non-Interest Expense	159,616		168,462		169,558		149,730		145,978
	Income Before Income Taxes	83,180		97,257		86,228		85,992		77,538
	Income tax expense	14,866		15,424		15,357		16,003		13,250
	Net Income	68,314		81,833		70,871		69,989		64,288
	Preferred stock dividends	(2,562)		(2,562)		(2,562)		(2,562)		(2,562)
	Net Income Available to Common Shareholders	$	65,752	$	79,271	$	68,309	$	67,427	$	61,726

9

		Three Months Ended
		Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
		2023	2022	2022	2022	2022
PER SHARE:
	Net income available to common shareholders:
	Basic	$0.39	$0.47	$0.41	$0.42	$0.38
	Diluted	$0.39	$0.47	$0.40	$0.42	$0.38
	Cash dividends	$0.15	$0.21	$0.15	$0.15	$0.15
	Weighted average shares (basic)	166,605	167,504	167,353	160,920	160,588
	Weighted average shares (diluted)	168,401	169,136	168,781	162,075	161,911

10

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three months ended
		March 31, 2023						December 31, 2022						March 31, 2022
		Average				Yield/		Average				Yield/		Average				Yield/
		Balance		Interest(1)		Rate		Balance		Interest(1)		Rate		Balance		Interest(1)		Rate
ASSETS
Interest-earning assets:
	Net loans	$	20,463,096	$	263,065	5.21	%	$	20,004,513	$	241,453	4.80	%	$	18,383,118	$	151,127	3.32	%
	Investment securities	4,289,643		27,522		2.60	%	4,330,635		27,781		2.56	%	4,226,352		24,251		2.29	%
	Other interest-earning assets	493,130		3,648		3.00	%	460,082		2,923		2.53	%	1,286,723		912		0.29	%
	Total Interest-Earning Assets	25,245,869		294,235		4.73	%	24,795,230		272,157		4.36	%	23,896,193		176,290		2.98	%
Noninterest-Earning assets:
	Cash and due from banks	141,254						149,472						162,320
	Premises and equipment	223,025						223,245						219,932
	Other assets	1,563,806						1,488,684						1,595,039
	Less: ACL - loans(2)	(273,301)						(270,276)						(251,022)
	Total Assets	$	26,900,653					$	26,386,355					$	25,622,462
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
	Demand deposits	$	5,326,566	$	8,455	0.64	%	$	5,479,443	$	4,589	0.33	%	$	5,664,987	$	728	0.05	%
	Savings deposits	6,469,468		20,535		1.29	%	6,466,775		11,539		0.71	%	6,436,548		1,021		0.06	%
	Brokered deposits	439,670		5,173		4.77	%	215,729		1,947		3.58	%	250,350		216		0.35	%
	Time deposits	1,696,878		7,458		1.78	%	1,554,885		4,302		1.10	%	1,697,063		3,640		0.87	%
	Total Interest-Bearing Deposits	13,932,582		41,621		1.21	%	13,716,832		22,377		0.65	%	14,048,948		5,605		0.16	%
	Borrowings and other interest-bearing liabilities	3,058,684		32,613		4.32	%	2,025,522		19,559		3.83	%	1,033,815		6,087		2.39	%
	Total Interest-Bearing Liabilities	16,991,266		74,234		1.78	%	15,742,354		41,936		1.06	%	15,082,763		11,692		0.31	%
Noninterest-Bearing liabilities:
	Demand deposits	6,641,741						7,310,824						7,431,235
	Other noninterest-bearing liabilities	654,330						844,029						419,630
	Total Liabilities	24,287,337						23,897,207						22,933,628
	Total Deposits/Cost of Deposits	20,574,323				0.82	%	21,027,656				0.42	%	21,480,183				0.11	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")	23,633,007				1.27	%	23,053,178				0.72	%	22,513,998				0.21	%
	Shareholders' equity	2,613,316						2,489,148						2,688,834
	Total Liabilities and Shareholders' Equity	$	26,900,653					$	26,386,355					$	25,622,462
	Net interest income/net interest margin (fully taxable equivalent)			220,001		3.53	%			230,221		3.69	%			164,598		2.78	%
	Tax equivalent adjustment			(4,414)						(4,310)						(3,288)
	Net Interest Income			$	215,587					$	225,911					$	161,310
	(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
		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
		2023		2022		2022		2022		2022
Loans, by type:
	Real estate - commercial mortgage	$	7,720,975	$	7,696,997	$	7,566,259	$	7,340,417	$	7,294,914
	Commercial and industrial	4,565,923		4,372,935		4,250,573		4,155,436		4,213,014
	Real estate - residential mortgage	4,790,868		4,643,784		4,485,649		4,052,666		3,887,428
	Real estate - home equity	1,086,032		1,106,325		1,099,487		1,118,494		1,106,319
	Real estate - construction	1,276,145		1,209,998		1,268,590		1,188,932		1,137,649
	Consumer	721,248		679,108		604,634		485,095		471,129
	Leases and other loans(1)	301,905		295,366		288,633		296,135		272,665
	Total Net Loans	$	20,463,096	$	20,004,513	$	19,563,825	$	18,637,175	$	18,383,118
Deposits, by type:
	Noninterest-bearing demand	$	6,641,741	$	7,310,824	$	7,535,791	$	7,647,618	$	7,431,235
	Interest-bearing demand	5,326,566		5,479,443		5,708,059		5,597,975		5,664,987
	Savings	6,469,468		6,466,775		6,681,713		6,425,634		6,436,548
	Total demand and savings	18,437,775		19,257,042		19,925,563		19,671,227		19,532,770
	Brokered	439,670		215,729		247,105		244,200		250,350
	Time	1,696,878		1,554,885		1,615,384		1,608,286		1,697,063
	Total Deposits	$	20,574,323	$	21,027,656	$	21,788,052	$	21,523,713	$	21,480,183
Borrowings, by type:
	Federal funds purchased	$	505,142	$	261,737	$	96,965	$	2,857	$	—
	Federal Home Loan Bank advances	1,261,589		564,692		206,152		—		—
	Senior debt and subordinated debt	539,726		539,550		554,735		555,701		608,961
	Other borrowings and other interest-bearing liabilities	752,227		659,543		501,496		445,261		424,854
	Total Borrowings	$	3,058,684	$	2,025,522	$	1,359,348	$	1,003,819	$	1,033,815
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

12

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
		Three months ended
		Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
		2023			2022			2022			2022			2022
Allowance for credit losses related to net loans:
Balance at beginning of period		$	269,366		$	266,838		$	248,564		$	243,705		$	249,001
	CECL Day 1 provision expense	—			—			7,954			—			—
	Initial purchased credit deteriorated loans	—			—			1,135			—			—
	Loans charged off:
	Real estate - commercial mortgage	(13,362)			(12,235)			(86)			—			(152)
	Commercial and industrial	(612)			(179)			(1,783)			(201)			(227)
	Real estate - residential mortgage	—			—			—			(66)			—
	Consumer and home equity	(2,206)			(1,311)			(1,172)			(877)			(1,052)
	Real estate - construction	—			—			—			—			—
	Leases and other loans(1)	(723)			(505)			(683)			(474)			(469)
	Total loans charged off	(16,903)			(14,230)			(3,724)			(1,618)			(1,900)
Recoveries of loans previously charged off:
	Real estate - commercial mortgage	786			183			29			3,536			112
	Commercial and industrial	1,086			961			2,213			739			1,980
	Real estate - residential mortgage	48			10			101			92			222
	Consumer and home equity	661			683			682			762			454
	Real estate - construction	202			530			—			12			32
	Leases and other loans(1)	116			132			247			226			154
	Recoveries of loans previously charged off	2,899			2,499			3,272			5,367			2,954
Net loans recovered (charged off)		(14,004)			(11,731)			(452)			3,749			1,054
Provision for credit losses		23,333			14,259			9,637			1,110			(6,350)
Balance at end of period		$	278,695		$	269,366		$	266,838		$	248,564		$	243,705
Net (recoveries) charge-offs to average loans		0.27		%	0.23		%	0.01		%	(0.08)		%	(0.02)		%
Provision for credit losses related to OBS Credit Exposures
	Provision for credit losses	$1,211			$254			$1,367			$390			($600)
NON-PERFORMING ASSETS:
	Non-accrual loans	$	134,303		$	144,443		$	178,204		$	162,530		$	136,799
	Loans 90 days past due and accruing	30,336			27,463			14,559			11,016			24,182
	Total non-performing loans	164,639			171,906			192,763			173,546			160,981
	Other real estate owned	3,304			5,790			5,877			4,786			2,014
	Total non-performing assets	$	167,943		$	177,696		$	198,640		$	178,332		$	162,995
NON-PERFORMING LOANS, BY TYPE:
	Real estate - commercial mortgage	$	61,322		$	72,634		$	96,281		$	59,940		$	64,190
	Commercial and industrial	33,555			28,288			29,831			44,713			30,193
	Real estate - residential mortgage	46,576			46,509			41,597			42,922			39,308
	Consumer and home equity	8,983			9,800			10,016			10,552			11,465
	Real estate - construction	1,509			1,368			1,456			1,357			672
	Leases and other loans(1)	12,694			13,307			13,582			14,062			15,153
	Total non-performing loans	$	164,639		$	171,906		$	192,763		$	173,546		$	160,981
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

13

FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share data)
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
		Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
		2023		2022		2022		2022		2022
Operating net income available to common shareholders
Net income available to common shareholders		$	65,752	$	79,271	$	68,309	$	67,427	$	61,726
Plus: Core deposit intangible amortization		514		514		514		—		—
Plus: Merger-related expenses		—		1,894		7,006		1,027		401
Plus: CECL Day 1 Provision expense		—		—		7,954		—		—
Less: Tax impact of adjustments		(108)		(506)		(3,250)		(216)		(84)
Operating net income available to common shareholders (numerator)		$	66,158	$	81,173	$	80,533	$	68,238	$	62,043
Weighted average shares (diluted) (denominator)		168,401		169,136		168,781		162,075		161,911
Operating net income available to common shareholders, per share (diluted)		$	0.39	$	0.48	$	0.48	$	0.42	$	0.38
Common shareholders' equity (tangible), per share
Shareholders' equity		$	2,618,998	$	2,579,757	$	2,471,159	$	2,471,093	$	2,569,535
Less: Preferred stock		(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Goodwill and intangible assets		(563,502)		(560,824)		(561,495)		(537,700)		(537,877)
Tangible common shareholders' equity (numerator)		$	1,862,618	$	1,826,055	$	1,716,786	$	1,740,515	$	1,838,780
Shares outstanding, end of period (denominator)		165,396		167,599		167,399		161,057		160,669
Common shareholders' equity (tangible), per share		$	11.26	$	10.90	$	10.26	$	10.81	$	11.44
Operating return on average assets
Net income		$	68,314	$	81,833	$	70,871	$	69,989	$	64,288
Plus: Core deposit intangible amortization		514		514		514		—		—
Plus: Merger-related expenses		—		1,894		7,006		1,027		401
Plus: CECL Day 1 Provision expense		—		—		7,954		—		—
Less: Tax impact of adjustments		(108)		(506)		(3,250)		(216)		(84)
Operating net income (numerator)		$	68,720	$	83,735	$	83,095	$	70,800	$	64,605
Total average assets (denominator)		$	26,900,653	$	26,386,355	$	26,357,095	$	25,578,432	$	25,622,462
Operating return on average assets		1.04%		1.26%		1.25%		1.11%		1.02%
Return on average common shareholders' equity (tangible)
Net income available to common shareholders		$	65,752	$	79,271	$	68,309	$	67,427	$	61,726
Plus: Intangible amortization		674		688		690		177		176
Plus: Merger-related expenses		—		1,894		7,006		1,027		401
Plus: CECL Day 1 Provision expense		—		—		7,954		—		—
Less: Tax impact of adjustments		(142)		(542)		(3,287)		(253)		(122)
Operating net income available to common shareholders (numerator)		$	66,284	$	81,311	$	80,672	$	68,378	$	62,181
Average shareholders' equity		$	2,613,316	$	2,489,148	$	2,604,057	$	2,531,346	$	2,688,834
Less: Average preferred stock		(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Average goodwill and intangible assets		(561,744)		(561,219)		(562,285)		(537,786)		(537,976)
Average tangible common shareholders' equity (denominator)		$	1,858,694	$	1,735,051	$	1,848,894	$	1,800,682	$	1,957,980
Return on average common shareholders' equity (tangible)		14.46%		18.59%		17.31%		15.23%		12.88%

14

	Three months ended
	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
	2023		2022		2022		2022		2022
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity	$	2,618,998	$	2,579,757	$	2,471,159	$	2,471,093	$	2,569,535
Less: Preferred stock	(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Goodwill and intangible assets	(563,502)		(560,824)		(561,495)		(537,700)		(537,877)
Tangible common shareholders' equity (numerator)	$	1,862,618	$	1,826,055	$	1,716,786	$	1,740,515	$	1,838,780
Total assets	$	27,112,176	$	26,931,702	$	26,146,042	$	25,252,686	$	25,598,310
Less: Goodwill and intangible assets	(563,502)		(560,824)		(561,495)		(537,700)		(537,877)
Total tangible assets (denominator)	$	26,548,674	$	26,370,878	$	25,584,547	$	24,714,986	$	25,060,433
Tangible common equity to tangible assets	7.02%		6.92%		6.71%		7.04%		7.34%
Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity	$	2,618,998	$	2,579,757	$	2,471,159	$	2,471,093	$	2,569,535
Less: Preferred stock	(192,878)		(192,878)		(192,878)		(192,878)		(192,878)
Less: Accumulated other comprehensive (income) loss	350,992		385,476		442,947		304,210		158,855
Less: Goodwill and intangible assets	(563,502)		(560,824)		(561,495)		(537,700)		(537,877)
Tangible common shareholders' equity (numerator)	$	2,213,610	$	2,211,531	$	2,159,733	$	2,044,725	$	1,997,635
Total assets	$	27,112,176	$	26,931,702	$	26,146,042	$	25,252,686	$	25,598,310
Less: Goodwill and intangible assets	(563,502)		(560,824)		(561,495)		(537,700)		(537,877)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities	282,092		632,456		368,196		249,424		112,965
Total tangible assets (denominator)	$	26,830,766	$	27,003,334	$	25,952,743	$	24,964,410	$	25,173,398
Tangible common equity to tangible assets, excluding AOCI	8.25%		8.19%		8.32%		8.19%		7.94%
Efficiency ratio
Non-interest expense	$	159,616	$	168,462	$	169,558	$	149,730	$	145,978
Less: Amortization of tax credit investments	—		(696)		(696)		(696)		(696)
Less: Merger-related expenses	—		(1,894)		(7,006)		(1,027)		(401)
Less: Intangible amortization	(674)		(688)		(690)		(177)		(176)
Non-interest expense (numerator)	$	158,942	$	165,184	$	161,166	$	147,830	$	144,705
Net interest income	$	215,587	$	225,911	$	215,582	$	178,831	$	161,310
Tax equivalent adjustment	4,414		4,310		3,970		3,427		3,288
Plus: Total non-interest income	51,753		54,321		59,162		58,391		55,256
Less: Investment securities (gains) losses, net	(23)		1		53		(8)		(19)
Total revenue (denominator)	$	271,731	$	284,543	$	278,767	$	240,641	$	219,835
Efficiency ratio	58.5%		58.1%		57.8%		61.4%		65.8%
Operating non-interest expenses to total average assets
Non-interest expense	$	159,616	$	168,462	$	169,558	$	149,730	$	145,978
Less: Amortization of tax credit investments	—		(696)		(696)		(696)		(696)
Less: Intangible amortization	(674)		(688)		(690)		(177)		(176)
Less: Merger-related expenses	—		(1,894)		(7,006)		(1,027)		(401)
Non-interest expense (numerator)	$	158,942	$	165,184	$	161,166	$	147,830	$	144,705
Total average assets (denominator)	$	26,900,653	$	26,386,355	$	26,357,095	$	25,578,432	$	25,622,462
Operating non-interest expenses to total average assets	2.40%		2.48%		2.43%		2.32%		2.29%

15

	Three months ended
	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
	2023		2022		2022		2022		2022
Pre-provision net revenue
Net interest income	$	215,587	$	225,911	$	215,582	$	178,831	$	161,310
Non-interest income	51,753		54,321		59,162		58,391		55,256
Less: Investment securities (gains) losses, net	(23)		1		53		(8)		(19)
Total revenue	$	267,317	$	280,233	$	274,797	$	237,214	$	216,547
Non-interest expense	$	159,616	$	168,462	$	169,558	$	149,730	$	145,978
Less: Amortization on tax credit investments	—		(696)		(696)		(696)		(696)
Less: Merger-related expenses	—		(1,894)		(7,006)		(1,027)		(401)
Less: Intangible amortization	(674)		(688)		(690)		(177)		(176)
Total non-interest expense	$	158,942	$	165,184	$	161,166	$	147,830	$	144,705
Pre-provision net revenue	$	108,375	$	115,049	$	113,631	$	89,384	$	71,842
Note: numbers may not sum due to rounding.

16

EX-99.2

FIRST QUARTER 2023 RESULTS NASDAQ: FULT Data as of or for the period ended March 31, 2023 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 "2023 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, 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). The Corporation uses certain financial measures in this presentation that have been derived by methods other than generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are reconciled to the most comparable GAAP measures at the end of this presentation. FORWARD-LOOKING STATEMENTS 2

(1) 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 1Q23 4Q22 1Q22 (dollars in thousands, except per-share data) Net interest income $215,587 $225,911 $161,310 Provision for credit losses 24,544 14,513 (6,950) Non-interest income 51,730 54,322 55,237 Securities gains (losses) 23 (1) 19 Non-interest expense 159,616 166,568 145,577 Merger-related expenses — 1,894 401 Income before income taxes 83,180 97,257 77,538 Income taxes 14,866 15,424 13,250 Net income 68,314 81,833 64,288 Preferred stock dividends (2,562) (2,562) (2,562) Net income available to common shareholders $65,752 $79,271 $61,726 Net income available to common shareholders, per share (diluted) $0.39 $0.47 $0.38 Operating net income available to common shareholders, per share (diluted)(1) $0.39 $0.48 $0.38 ROAA 1.03% 1.23% 1.02% Operating ROAA(1) 1.04% 1.26% 1.02% ROAE 11.02% 13.70% 10.03% ROAE (tangible)(1) 14.46% 18.59% 12.88% Efficiency ratio(1) 58.5% 58.1% 65.8%

NET INTEREST INCOME AND MARGIN Net Interest Income & Net Interest Margin Average Interest-Earning Assets & Yields Average Deposits and Borrowings & Other & Cost of Funds (DOLLARS IN MILLIONS) (DOLLARS IN BILLIONS) (DOLLARS IN BILLIONS) 4 $21 $22 $22 $21 $21 $1 $1 $1 $2 $3 0.21% 0.20% 0.31% 0.72% 1.27% 0.11% 0.11% 0.18% 0.42% 0.82% Cost of Deposits Cost of Funds Borrowings & Other Deposits 1Q22 2Q22 3Q22 4Q22 1Q23 $12 $15 $18 $21 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% $161 $179 $216 $226 $216 2.78% 3.04% 3.54% 3.69% 3.53% Net Interest Income Net Interest Margin (Fully-taxable equivalent basis, or FTE) 1Q22 2Q22 3Q22 4Q22 1Q23 $50 $75 $100 $125 $150 $175 $200 $225 $250 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% $18 $19 $20 $20 $20 $6 $5 $5 $5 $5 2.98% 3.24% 3.83% 4.36% 4.73% Loans Securities & Other Interest-Earning Asset Yield (FTE) 1Q22 2Q22 3Q22 4Q22 1Q23 $5 $10 $15 $20 2.00% 4.00% 6.00% 8.00%

ASSET QUALITY (DOLLARS 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 5(1) The allowance for credit losses (“ACL”) relates specifically to "Loans, net of unearned income" and does not include reserves related to off-balance-sheet credit exposures. (2) Includes the CECL Day 1 provision for credit losses of $8.0 million for the acquired Prudential Bancorp, Inc. loan portfolio. $(7) $2 $19 $15 $25 1Q22 2Q22 3Q22 4Q22 1Q23 $(10) $(5) $— $5 $10 $15 $20 $25 $161 $174 $193 $172 $165 0.87% 0.92% 0.98% 0.85% 0.80% NPL NPLs/Loans 1Q22 2Q22 3Q22 4Q22 1Q23 $100 $125 $150 $175 $200 0.00% 0.50% 1.00% $(1) $(4) $0 $12 $14 -0.02% -0.08% 0.01% 0.23% 0.27% Net charge-offs/(recoveries) NCOs/Average Loans (annualized) 1Q22 2Q22 3Q22 4Q22 1Q23 $(5) $0 $5 $10 $15 $20 $25 (0.50)% (0.25)% 0.00% 0.25% 0.50% 151% 143% 138% 157% 169% 1.32% 1.31% 1.35% 1.33% 1.35% ACL/NPLs ACL/Loans 1Q22 2Q22 3Q22 4Q22 1Q23 50% 75% 100% 125% 150% 175% 200% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% (2)

LOAN MIX IS DIVERSIFIED AND GRANULAR WITH OFFICE LOANS REPRESENTING 3.4% OF TOTAL LOANS 6

THE OFFICE PORTFOLIO IS GRANULAR, DIVERSIFIED, AND TENURED 7

NON-INTEREST INCOME(1) (1) Excluding investment securities gains Three months ended March 31, 2023 (percent of total non-interest income) 8 Non-interest income decreased 5% from 4Q22(1) Driven primarily by: n Commercial banking customer swap fees and merchant and card fees. n Equity method investments. n Consumer banking overdraft fees. 35% 4% 21% 34% 6% Wealth Management Mortgage Banking Consumer Banking Commercial Banking Other 1Q23 4Q22 Change (dollars in thousands) n Wealth Management $18,062 $17,531 $531 n Commercial Banking 17,513 18,604 (1,091) n Consumer Banking 11,217 12,075 (858) n Mortgage Banking 1,970 2,140 (170) n Other 2,968 3,972 (1,004) Total $51,730 $54,322 ($2,592)

NON-INTEREST EXPENSE(1) Three months ended March 31, 2023 (percent of total non-interest expense) 9 56% 9% 10% 6% 19% Salaries and Benefits Occupancy Data Processing and Software Other Outside Services Other 1Q23 4Q22 Change (dollars in thousands) n Salaries and Benefits $89,283 $92,733 ($3,450) n Data Processing and Software 15,796 15,448 348 n Occupancy 14,438 14,061 377 n Other Outside Services 10,126 10,860 (734) n Other 29,973 33,466 (3,493) Total $159,616 $166,568 ($6,952) Non-interest expense, excluding merger-related expenses, decreased 4.2% from 4Q22 Driven primarily by: Decreases in: n Other expense primarily due to a $1.2 million decrease in charitable contributions, $1.1 million for other real estate owned gains on sale and an $0.8 million contingent liability. n Salaries and benefits of $3.5 million, primarily due to a decrease in variable compensation plan expense. n Other Outside Services driven by technology-related services. . (1) Excluding merger-related expenses

CAPITAL POSITION REMAINS STRONG(1) 10 (1) Regulatory capital ratios and excess capital amounts as of March 31, 2023 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. 9.3% 9.8% 10.7% 13.5% 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% $1,120 $498 $647 $675 (as of March 31, 2023) (dollars in millions)

CAPITAL RATIOS ADJUSTED FOR UNREALIZED LOSSES ON INVESTMENT SECURITIES - RATIOS REMAIN STRONG(1) 11 (1) Regulatory capital ratios and excess capital amounts as of March 31, 2023 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. (3) Tier 1 Leverage and CE Tier 1 capital ratios were adjusted to incorporate the unrealized loss, net of tax, on Held-to-Maturity investment securities of $94.0 million and the unrealized loss, net of tax, on Available-for-Sale investment securities of $282.1 million. (4) 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. 6.7% 8.1% 8.2% —% 2.5% 5.0% 7.5% 10.0% 12.5% $782 $271 (as of March 31, 2023) (dollars in millions) n Regulatory Minimums n Excess(2) | | | | | | | | | | | | | Tier 1 Leverage(3) CE Tier 1(3) TCE(4)

A COMMITTED AND HEALTHY LIQUIDITY PROFILE WITH SIGNIFICANT COVERAGE 12

A GRANULAR, TENURED AND DIVERSIFIED DEPOSIT PORTFOLIO 13

2023 OUTLOOK 14 Net interest income: $850 - $870 million(1) Non-interest income: $220 - $230 million(2) Provision for credit losses: $55 - $70 million Non-interest expense: $645 - $660 million(3) Effective tax rate: 18.5% +/-(4) (1) Assumes Fed Funds Rate increase of 25 bps in May 2023. Updated as of 1Q 22; previously $895 - $915 million. (2) Excludes investment securities gains. Updated as of 1Q 22; previously $220 - $235 million. (3) Previously $645 - $665 million. (4) Previously 19.0% +/-.

NON-GAAP RECONCILIATION 15 Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. 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. Three months ended (dollars in thousands) Mar 31 Dec 31 Mar 31 2023 2022 2022 Operating net income available to common shareholders Net income available to common shareholders $65,752 $79,271 $61,726 Plus: Core deposit intangible amortization 514 514 — Plus: Merger-related expenses — 1,894 401 Less: Tax impact of adjustments (108) (506) (84) Operating net income available to common shareholders (numerator) $66,158 $81,173 $62,043 Weighted average shares (diluted) (denominator) 168,401 169,136 161,911 Operating net income available to common shareholders, per share (diluted) $0.39 $0.48 $0.38

NON-GAAP RECONCILIATION 16 Three months ended (dollars in thousands) Mar 31 Dec 31 Mar 31 2023 2022 2022 Operating return on average assets Net income $68,314 $81,833 $64,288 Plus: Core deposit intangible amortization 514 514 — Plus: Merger-related expenses — 1,894 401 Less: Tax impact of adjustments (108) (506) (84) Operating net income (numerator) $68,720 $83,735 $64,605 Total average assets (denominator) $26,900,653 $26,386,355 $25,622,462 Operating return on average assets 1.04 % 1.26 % 1.02 %

NON-GAAP RECONCILIATION 17 Three months ended (dollars in thousands) Mar 31 Dec 31 Mar 31 2023 2022 2022 Return on average common shareholders' equity (tangible) Net income available to common shareholders $65,752 $79,271 $61,726 Plus: Intangible amortization 674 688 176 Plus: Merger-related expenses — 1,894 401 Less: Tax impact of adjustments (142) (542) (122) Operating net income available to common shareholders (numerator) $66,284 $81,311 $62,181 Average shareholders' equity $2,613,316 $2,489,148 $2,688,834 Less: Average preferred stock (192,878) (192,878) (192,878) Less: Average goodwill and intangible assets (561,744) (561,219) (537,976) Average tangible common shareholders' equity (denominator) $1,858,694 $1,735,051 $1,957,980 Return on average common shareholders' equity (tangible) 14.46 % 18.59 % 12.88 %

NON-GAAP RECONCILIATION 18 (dollars in thousands) Three months ended Mar 31 Dec 31 Mar 31 Efficiency ratio 2023 2022 2022 Non-interest expense $159,616 $168,462 $145,978 Less: Amortization of tax credit investments — (696) (696) Less: Merger-related expenses — (1,894) (401) Less: Intangible amortization (674) (688) (176) Non-interest expense (numerator) $158,942 $165,184 $144,705 Net interest income $215,587 $225,911 $161,310 Tax equivalent adjustment 4,414 4,310 3,288 Plus: Total non-interest income 51,753 54,321 55,256 Less: Investment securities (gains) losses, net (23) 1 (19) Total revenue (denominator) $271,731 $284,543 $219,835 Efficiency ratio 58.5% 58.1% 65.8%

19 Three months ended (dollars in thousands) Mar 31 2023 Adjusted tangible common equity to tangible assets (TCE Ratio) Shareholders' equity $ 2,618,998 Less: Preferred stock (192,878) Less: Goodwill and intangible assets (563,502) Less: Unrealized gain/(loss) - HTM (121,513) Less: Tax impact of adjustments 27,523 Adjusted tangible common shareholders' equity (numerator) $ 1,768,628 Total assets $ 27,112,176 Less: Goodwill and intangible assets (563,502) Less: Unrealized gain/(loss) - HTM (121,513) Less: Tax impact of adjustments 27,523 Adjusted total tangible assets (denominator) $ 26,454,684 Adjusted tangible common equity to tangible assets 6.7 % NON-GAAP RECONCILIATION

XML

Cover Page	Apr. 18, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 18, 2023
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 Two	P.O. Box 4887
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	17604
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