10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024, or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to              

Commission File No. 001-39680

FULTON FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter) 

Pennsylvania				23-2195389
(State or other jurisdiction of incorporation or organization)				(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)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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.			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Common Stock, $2.50 Par Value – 181,905,424 shares outstanding as of August 2, 2024.

1

FULTON FINANCIAL CORPORATION

FORM 10-Q FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2024

INDEX

Description		Page
Glossary of Terms		3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited):
(a)	Consolidated Balance Sheets - June 30, 2024 and December 31, 2023	7
(b)	Consolidated Statements of Income - Three months and six months ended June 30, 2024 and 2023	8
(c)	Consolidated Statements of Comprehensive Income - Three months and six months ended June 30, 2024 and 2023	9
(d)	Consolidated Statements of Shareholders’ Equity - Three months and six months ended June 30, 2024 and 2023	10
(e)	Consolidated Statements of Cash Flows - Six months ended June 30, 2024 and 2023	11
(f)	Notes to Consolidated Financial Statements	12
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		36
Item 3. Quantitative and Qualitative Disclosures About Market Risk		61
Item 4. Controls and Procedures		64
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		64
Item 1A. Risk Factors		64
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		64
Item 3. Defaults Upon Senior Securities - (not applicable)
Item 4. Mine Safety Disclosures - (not applicable)
Item 5. Other Information		77
Item 6. Exhibits		66
Signatures		67

Note: Some numbers contained in the document may not sum due to rounding

2

GLOSSARY OF DEFINED ACRONYMS AND TERMS
2024 Repurchase Program	The authorization, commencing on January 1, 2024 and expiring on December 31, 2024, to repurchase up to $125 million of the Corporation's common stock; under this authorization, up to $25 million of the $125 million authorization may be used to repurchase the Corporation's preferred stock and outstanding subordinated notes
ACL	Allowance for credit losses
Acquisition Date	April 26, 2024, the date of the Republic First Transaction
AFS	Available for sale
ALCO	Asset/Liability Management Committee
AOCI	Accumulated other comprehensive (loss) income
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
BHCA	Bank Holding Company Act of 1956, as amended
Blue Owl Agreement	Agreement for Purchase and Sale of Real Property with certain affiliates of Blue Owl Capital Inc.
bp or bps	Basis point(s)
Capital Rules	Regulatory capital requirements applicable to the Corporation and Fulton Bank
CDI	Core deposit intangible
CECL Day 1 Provision	Initial provision for credit losses required on non-PCD Loans acquired in the Republic First Transaction
Corporation, Company, we, our or us	Fulton Financial Corporation
Directors' Plan	Amended and Restated 2023 Director Equity Plan
Dodd-Frank Act	Dodd-Frank Wall Street Reform and Consumer Protection Act
Employee Equity Plan	2022 Amended and Restated Equity and Cash Incentive Compensation Plan
ETR	Effective tax rate
Exchange Act	Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
Federal Reserve Board	Board of Governors of the Federal Reserve System
FHLB	Federal Home Loan Bank
FRB	Federal Reserve Bank
FTE	Fully taxable-equivalent
Fulton Bank or the Bank	Fulton Bank, N.A.
GAAP	U.S. generally accepted accounting principles
HTM	Held to maturity
LGD	Loss given default
LIBOR	London Interbank Offered Rate
LTV	Loan-to-value
Management's Discussion	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Merger	The acquisition by the Corporation of Prudential Bancorp that was completed effective as of July 1, 2022
MSRs	Mortgage servicing rights
Net loans	Loan and lease receivables (net of unearned income)
NIM	Net interest margin
N/M	Not meaningful
OBS	Off-balance-sheet
OCI	Other comprehensive income

3

OREO	Other real estate owned
PCD Loans	Loans purchased with more-than-insignificant credit deterioration
PD	Probability of default
Pension Plan	Defined Benefit Pension Plan
Postretirement Plan	Postretirement Benefits Plan
Prudential Bancorp	Prudential Bancorp, Inc.
PSU	Performance-based restricted stock unit
Republic First Bank	Republic First Bank, doing business as Republic Bank
Republic First Assets and Liabilities	The assets acquired and liabilities assumed of Republic First Bank by Fulton Bank in connection with the Republic First Transaction
Republic First Transaction	The acquisition of substantially all of the assets and assumption of substantially all of the deposits and certain liabilities of Republic First Bank by Fulton Bank from the FDIC, as receiver for Republic First Bank
RSU	Restricted stock unit
Sale-Leaseback Transaction	Sale of 40 financial center office locations to certain affiliates of Blue Owl Capital Inc. with concurrent agreements to lease each of the locations
SBA	Small Business Administration
SEC	United States Securities and Exchange Commission
SOFR	Secured Overnight Financing Rate
TruPS	Trust Preferred Securities

FORWARD-LOOKING STATEMENTS

The Corporation has made, and may continue to make, certain forward-looking statements with respect to its 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. Many factors could affect future financial results including, without limitation:

•the impact of adverse conditions in the economy and financial markets, including increasing or elevated interest rates and elevated levels of inflation, on the performance of the Corporation's loan portfolio and demand for the Corporation's products and services;

•the potential impacts of recent events affecting the financial services industry on the Corporation, including increased competition for, and costs of, deposits and other funding sources, more stringent regulatory requirements relating to liquidity and interest rate risk management and capital adequacy and increased FDIC insurance expenses;

•the effects of actions by the federal government, including those of the Federal Reserve Board and other government agencies, that impact the money supply and market interest rates;

•the effects of market interest rates, and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities, on NIM and net interest income;

•the composition of the Corporation's loan portfolio, including commercial mortgage loans, commercial and industrial loans and construction loans, which collectively represent a majority of the loan portfolio, may expose the Corporation to increased credit risk;

4

•the effects of changes in interest rates on demand for the Corporation's products and services;

•investment securities gains and losses, including declines in the fair value of securities, which may result in changes to earnings or shareholders' equity;

•the effects of changes in interest rates or disruptions in liquidity markets on the Corporation's sources of funding;

•capital and liquidity strategies, including the Corporation's ability to comply with applicable capital and liquidity requirements, and the Corporation's ability to generate capital internally or raise capital on favorable terms;

•the effects of competition on deposit rates and growth, loan rates and growth and NIM;

•possible goodwill impairment charges;

•the impact of operational risks, including the risk of human error, inadequate or failed internal processes and systems, computer and telecommunications systems failures, faulty or incomplete data and an inadequate risk management framework;

•the loss of, or failure to safeguard, confidential or proprietary information;

•the Corporation's failure to identify and adequately and promptly address cybersecurity risks, including data breaches and cyberattacks;

•the impact of failures from third-party vendors upon which the Corporation relies to perform in accordance with contractual arrangements and the effects of concerns about other financial institutions on the Corporation;

•the potential to incur losses in connection with repurchase and indemnification payments related to sold loans;

•the potential effects of climate change on the Corporation's business and results of operations;

•the potential effects of increases in non-performing assets, which may require the Corporation to increase the ACL, charge-off loans and incur elevated collection and carrying costs related to such non-performing assets;

•the determination of the ACL, which depends significantly upon assumptions and judgments with respect to a variety of factors, including the performance of the loan portfolio, the weighted-average remaining lives of different classifications of loans within the loan portfolio and current and forecasted economic conditions, among other factors;

•the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject;

•changes in regulation and government policy, which could result in significant changes in banking and financial services regulation;

•the continuing impact of the Dodd-Frank Act on the Corporation's business and results of operations;

•the potential for negative consequences resulting from regulatory violations, investigations and examinations, including potential supervisory actions, the assessment of fines and penalties, the imposition of sanctions, the need to undertake remedial actions and possible damage to the Corporation's reputation;

•the effects of adverse outcomes in litigation and governmental or administrative proceedings;

•the effects of changes in U.S. federal, state or local tax laws;

•the effects of the significant amounts of time and expense associated with regulatory compliance and risk management;

•completed and potential acquisitions, including but not limited to the Republic First Transaction, may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions;

•the possibility that the anticipated benefits of the Republic First Transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Corporation, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events;

•the Corporation's ability to successfully integrate into the Corporation's operations any assumed assets, liabilities, customers, systems, and management personnel the Corporation may acquire in connection with the Republic First Transaction, which may result in a disruption to the Corporation’s business;

•changes in the estimated fair value of the Republic First Assets and Liabilities in connection with the Republic First Transaction;

•the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the Republic First Transaction;

•potential exposure to unknown or contingent risks and liabilities the Corporation has acquired, or may acquire, or target for acquisition, including in connection with the purchase and assumption of certain assets and liabilities in connection with the Republic First Transaction;

•geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, including the war between Russia and Ukraine and escalating conflict in the Middle East, which could impact business and economic conditions in the United States and abroad;

•public health crises and pandemics and their effects on the economic and business environments in which the Corporation operates, including on the Corporation's credit quality and business operations, as well as the impact on general economic and financial market conditions;

•the Corporation's ability to achieve its growth plans;

5

•the Corporation's ability to attract and retain talented personnel;

•the effects of competition from financial service companies and other companies offering bank services;

•the Corporation's ability to keep pace with technological changes;

•the Corporation's reliance on its subsidiaries for substantially all of its revenues and its ability to pay dividends or other distributions;

•the effects of negative publicity on the Corporation's reputation; and

•other factors that may affect future results of the Corporation.

6

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS 

(dollars in thousands, except per-share data)

	June 30, 2024		December 31, 2023
	(unaudited)
ASSETS
Cash and due from banks	$	333,238	$	300,343
Interest-bearing deposits with other banks	1,063,044		249,367
Cash and cash equivalents	1,396,282		549,710
FRB and FHLB stock	125,297		124,405
Loans held for sale	26,822		15,158
Investment securities
AFS, at estimated fair value	2,939,594		2,398,352
HTM, at amortized cost	1,244,433		1,267,922
Net loans	24,106,297		21,351,094
Less: ACL - loans	(375,941)		(293,404)
Loans, net	23,730,356		21,057,690
Net premises and equipment	180,642		222,881
Accrued interest receivable	120,752		107,972
Goodwill and net intangible assets	648,026		560,687
Other assets	1,357,609		1,267,138
Total Assets	$	31,769,813	$	27,571,915
LIABILITIES
Deposits:
Noninterest-bearing	$	5,609,383	$	5,314,094
Interest-bearing	19,950,271		16,223,529
Total Deposits	25,559,654		21,537,623
Borrowings:
Federal funds purchased	—		240,000
Federal Home Loan Bank advances	750,000		1,100,000
Senior debt and subordinated debt	535,741		535,384
Other borrowings	892,856		612,142
Total Borrowings	2,178,597		2,487,526
Accrued interest payable	48,757		35,083
Other liabilities	881,196		751,544
Total Liabilities	28,668,204		24,811,776
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares authorized and issued as of June 30, 2024 and December 31, 2023, liquidation preference of $1,000 per share	192,878		192,878
Common stock, $2.50 par value, 600,000,000 shares authorized, 245,809,384 shares issued as of June 30, 2024 and 225,760,963 shares issued as of December 31, 2023	614,523		564,402
Additional paid-in capital	1,781,090		1,552,860
Retained earnings	1,712,646		1,619,300
Accumulated other comprehensive loss	(310,534)		(312,280)
Treasury stock, at cost, 63,978,306 shares as of June 30, 2024 and 61,959,552 shares as of December 31, 2023	(888,994)		(857,021)
Total Shareholders' Equity	3,101,609		2,760,139
Total Liabilities and Shareholders' Equity	$	31,769,813	$	27,571,915
See Notes to Consolidated Financial Statements

7

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(dollars in thousands, except per-share data)	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
Interest Income
Loans, including fees	$	352,697	$	284,690	$	663,913	$	545,341
Investment securities	32,079		25,362		57,201		50,883
Other interest income	15,730		4,860		19,058		8,508
Total Interest Income	400,506		314,912		740,172		604,732
Interest Expense
Deposits	131,087		69,799		234,661		111,420
Federal funds purchased	492		9,112		2,881		15,147
Federal Home Loan Bank advances	9,799		11,826		20,748		27,299
Senior debt and subordinated debt	5,299		5,344		10,604		10,689
Other borrowings and interest-bearing liabilities	12,109		5,979		22,621		11,738
Total Interest Expense	158,786		102,060		291,515		176,293
Net Interest Income	241,720		212,852		448,657		428,439
Provision for credit losses	32,056		9,747		42,981		34,291
Net Interest Income After Provision for Credit Losses	209,664		203,105		405,676		394,148
Non-Interest Income
Wealth management	20,990		18,678		41,144		36,740
Commercial banking	21,410		23,145		40,238		40,658
Consumer banking	14,600		11,720		26,268		22,937
Mortgage banking	3,951		2,940		7,041		4,910
Gain on acquisition, net of tax	47,392		—		47,392		—
Other	4,933		4,106		8,332		7,075
Non-Interest Income Before Investment Securities (Losses) Gains, Net	113,276		60,589		170,415		112,320
Investment securities (losses) gains, net	(20,282)		(4)		(20,282)		19
Total Non-Interest Income	92,994		60,585		150,133		112,339
Non-Interest Expense
Salaries and employee benefits	110,630		94,102		206,111		183,385
Data processing and software	20,357		16,776		38,018		32,571
Net occupancy	17,793		14,374		33,943		28,812
Other outside services	16,933		10,834		30,216		20,960
FDIC insurance	6,696		4,895		12,800		9,690
Intangible amortization	4,688		1,072		5,261		1,746
Equipment	4,561		3,530		8,602		6,920
Professional fees	2,571		1,829		4,659		4,221
Marketing	2,101		1,655		4,012		3,541
Acquisition-related expenses	13,803		—		13,803		—
Other	(645)		18,951		19,662		35,790
Total Non-Interest Expense	199,488		168,018		377,087		327,636
Income Before Income Taxes	103,170		95,672		178,722		178,851
Income taxes	8,195		16,065		21,806		30,931
Net Income	94,975		79,607		156,916		147,920
Preferred stock dividends	(2,562)		(2,562)		(5,124)		(5,124)
Net Income Available to Common Shareholders	$	92,413	$	77,045	$	151,792	$	142,796
PER SHARE:
Net income available to common shareholders (basic)	$	0.53	$	0.46	$	0.90	$	0.86
Net income available to common shareholders (diluted)	0.52		0.46		0.89		0.85
Cash dividends	0.17		0.16		0.34		0.31
See Notes to Consolidated Financial Statements

8

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(dollars in thousands)

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
Net Income	$	94,975	$	79,607	$	156,916	$	147,920
Other Comprehensive Income (Loss), net of tax:
Unrealized gains (losses) on AFS investment securities
Net unrealized holding gains (losses)	(14,199)		(31,219)		(30,864)		1,422
Reclassification adjustment for securities net change realized in net income	15,688		(3)		15,688		14
Amortization of net unrealized gains on AFS securities transferred to HTM	1,403		1,501		2,790		2,979
Net unrealized gains (losses) on AFS investment securities	2,892		(29,721)		(12,386)		4,415
Unrealized gains (losses) on interest rate derivatives used in cash flow hedges
Net unrealized holding gains (losses)	2,256		(5,586)		6,553		(12,406)
Reclassification adjustment for net change realized in net income	3,891		7,010		7,790		14,153
Net unrealized gains on interest rate derivatives used in cash flow hedges	6,147		1,424		14,343		1,747
Defined benefit pension plan and postretirement benefits
Amortization of net unrecognized pension and postretirement items	(105)		3		(211)		28
Other Comprehensive Income (Loss), net of tax	8,934		(28,294)		1,746		6,190
Total Comprehensive Income	$	103,909	$	51,313	$	158,662	$	154,110
See Notes to Consolidated Financial Statements

9

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(in thousands, except per-share data)

	Preferred Stock			Common Stock			Additional		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
	Shares Outstanding	Amount		Shares Outstanding	Amount		Paid-in Capital
Three months ended June 30, 2024
Balance at March 31, 2024	200	$	192,878	162,087	$	564,751	$	1,554,624	$	1,651,133	$	(319,468)	$	(886,239)	$	2,757,679
Net income									94,975						94,975
Other comprehensive loss											8,934				8,934
Common stock issued(1)				19,200	48,000		225,205						—		273,205
Dividend reinvestment activity				91			90						1,255		1,345
Stock-based compensation awards (repurchases)				453	1,772		1,171						(4,010)		(1,067)
Preferred stock dividend									(2,562)						(2,562)
Common stock dividends - $0.17 per share									(30,900)						(30,900)
Balance at June 30, 2024	200	$	192,878	181,831	$	614,523	$	1,781,090	$	1,712,646	$	(310,534)	$	(888,994)	$	3,101,609
Three months ended June 30, 2023
Balance at March 31, 2023	200	$	192,878	165,396	$	561,853	$	1,544,758	$	1,491,701	$	(350,992)	$	(821,200)	$	2,618,998
Net income									79,607						79,607
Other comprehensive loss											(28,294)				(28,294)
Common stock issued(2)				46	115		474						6		595
Dividend reinvestment activity				108			(68)						1,501		1,433
Stock-based compensation awards (repurchases)				547	2,169		542						(3,753)		(1,042)
Preferred stock dividend									(2,562)						(2,562)
Common stock dividends - $0.16 per share									(26,583)						(26,583)
Balance at June 30, 2023	200	$	192,878	166,097	$	564,137	$	1,545,706	$	1,542,163	$	(379,286)	$	(823,446)	$	2,642,152
Six months ended June 30, 2024
Balance at December 31, 2023	200	$	192,878	163,801	$	564,402	$	1,552,860	$	1,619,300	$	(312,280)	$	(857,021)	$	2,760,139
Net income									156,916						156,916
Other comprehensive income											1,746				1,746
Common stock issued(1)				19,279	48,198		226,100						12		274,310
Dividend reinvestment activity				178			274						2,476		2,750
Stock-based compensation awards (repurchases)				507	1,923		1,856						(4,113)		(334)
Acquisition of treasury stock				(1,934)									(30,348)		(30,348)
Preferred stock dividend									(5,124)						(5,124)
Common stock dividends - $0.34 per share									(58,446)						(58,446)
Balance at June 30, 2024	200	$	192,878	181,831	$	614,523	$	1,781,090	$	1,712,646	$	(310,534)	$	(888,994)	$	3,101,609
Six months ended June 30, 2023
Balance at December 31, 2022	200	$	192,878	167,599	$	561,511	$	1,541,840	$	1,450,758	$	(385,476)	$	(781,754)	$	2,579,757
Net income									147,920						147,920
Other comprehensive loss											6,190				6,190
Common stock issued(2)				135	338		1,472						20		1,830
Dividend reinvestment activity				189			172						2,630		2,802
Stock-based compensation awards (repurchases)				586	2,288		2,222						(3,893)		617
Acquisition of treasury stock				(2,412)									(40,449)		(40,449)
Preferred stock dividend									(5,124)						(5,124)
Common stock dividends - $0.31 per share									(51,391)						(51,391)
Balance at June 30, 2023	200	$	192,878	166,097	$	564,137	$	1,545,706	$	1,542,163	$	(379,286)	$	(823,446)	$	2,642,152
See Notes to Consolidated Financial Statements

(1) Issuance of common stock includes the issuance of 19,166,667 shares of common stock in an underwritten public offering that closed on May 1, 2024, issuance in connection with the Corporation’s Employee Stock Purchase Plan and exercised stock options.

(2) Issuance of common stock includes issuance in connection with the Corporation's Employee Stock Purchase Plan and exercised stock options.

10

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands)	Six months ended June 30
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	156,916	$	147,920
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	42,981		34,291
Depreciation and amortization of premises and equipment	15,673		14,675
Net amortization of investment securities premiums	822		5,829
Investment securities losses (gains), net	20,282		(19)
Gain on sales of mortgage loans held for sale	(4,233)		(2,277)
Proceeds from sales of mortgage loans held for sale	243,130		132,609
Originations of mortgage loans held for sale	(250,561)		(137,741)
Intangible amortization	5,261		1,746
Amortization of issuance costs and discounts on long-term borrowings	357		360
Gain on acquisition, net of tax	(47,392)		—
Loss on disposal of premises and equipment	222		—
Gain on Sale-Leaseback Transaction	(20,266)		—
Stock-based compensation	3,779		4,240
Net change in deferred federal income tax	14,491		19,232
Net change in accrued salaries and benefits	(134)		(12,163)
Net change in life insurance cash surrender value	(7,051)		(20,433)
Other changes, net	146,747		28,641
Total adjustments	164,108		68,990
Net cash provided by operating activities	321,024		216,910
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of AFS securities	2,261,028		80,666
Proceeds from principal repayments and maturities of AFS securities	120,714		55,102
Proceeds from principal repayments and maturities of HTM securities	26,542		29,815
Purchase of AFS securities	(1,050,738)		(64,996)
Net change in FRB and FHLB stock	(892)		5,968
Net change in loans	(214,157)		(781,310)
Net purchases of premises and equipment	(3,542)		(11,019)
Settlement of bank-owned life insurance	963		45
Proceeds from Sale-Leaseback Transaction	51,123		—
Net cash received for acquisition	1,018,371		—
Net change in tax credit investments	(24,292)		(18,436)
Net cash provided (used) by investing activities	2,185,120		(704,165)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand and savings deposits	(11,999)		(796,291)
Net change in time deposits and brokered deposits	(78,295)		1,353,293
Net change in other borrowings	(1,745,262)		(152,453)
Net proceeds from issuance of common stock	270,197		1,009
Dividends paid	(63,865)		(55,073)
Acquisition of treasury stock	(30,348)		(40,449)
Net cash (used) provided by financing activities	(1,659,572)		310,036
Net increase (decrease) in Cash and Cash Equivalents	846,572		(177,219)
Cash and Cash Equivalents at Beginning of Period	549,710		681,921
Cash and Cash Equivalents at End of Period	$	1,396,282	$	504,702
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest	$	277,841	$	162,377
Income taxes	19,308		15,183
Supplemental Schedule of Certain Noncash Activities:
Business Combination
Fair value of tangible assets acquired	$	4,718,909	$	—
Intangible assets	92,600		—
Liabilities assumed	5,560,160		—
PCD Loans credit discount	55,906		—
See Notes to Consolidated Financial Statements

11

FULTON FINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 – Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC for potential recognition or disclosure in the Consolidated Financial Statements.

Significant Accounting Policies

The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. Those significant accounting policies are unchanged at June 30, 2024.

Recently Adopted Accounting Standards

In June 2022, FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). This update clarifies how the fair value of equity securities subject to contractual sale restrictions is determined and requires additional qualitative and quantitative disclosures for equity securities with contractual sale restrictions. The Corporation adopted ASU 2022-03 on January 1, 2024, and it did not have a material impact on its consolidated financial statements.

In March 2023, FASB issued ASU 2023-01 Leases (Topic 842): Common Control Arrangements ("ASU 2023-01"). This update clarifies guidance for leases between related parties under common control. The Corporation adopted ASU 2023-01 on January 1, 2024, and it did not have a material impact on its consolidated financial statements.

Recently Issued Accounting Standards

In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation will adopt ASU 2023-07 on December 15, 2024. The Corporation is not currently required to report segment information and, as such, does not expect the adoption of ASU 2023-07 to have an impact on its consolidated financial statements.

In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"). This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation will adopt ASU 2023-08 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-08 to have an impact on its consolidated financial statements. The Corporation currently does not hold crypto assets.

In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation will adopt ASU 2023-09 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-09 to have an impact on its consolidated financial statements.

In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"). This update provides guidance for profits interest and similar awards. The Corporation will adopt ASU 2024-01 on January 1, 2025. The Corporation does not expect the adoption of ASU 2024-01 to have a material impact on its consolidated financial statements.

12

Reclassifications

Certain amounts in the 2023 consolidated financial statements and notes have been reclassified to conform to the 2024 presentation.

NOTE 2 – Business Combinations

On the Acquisition Date, Fulton Bank acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank from the FDIC, as receiver for Republic First Bank. As part of the Republic First Transaction, the Bank acquired approximately $4.8 billion of assets of Republic First Bank and received approximately $0.8 billion of cash from the FDIC. The Bank assumed approximately $5.6 billion of total liabilities of Republic First Bank. The Bank did not enter into a loss sharing arrangement with the FDIC in connection with the Republic First Transaction. Fulton Bank also has the option to purchase the Republic First Bank branches and office locations.

As a result of the Republic First Transaction, the Bank enhanced its presence in Philadelphia, Pennsylvania and New Jersey.

The Republic First Transaction constitutes a business combination as defined by FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their estimated fair values based on preliminary valuations as of the Acquisition Date. The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows and market conditions at the time of the Republic First Transaction.

The Bank and the FDIC are awaiting conclusion of the customary final settlement process to determine whether certain assets and liabilities of Republic First Bank will remain with the FDIC or be acquired by the Bank. Until management finalizes its fair value estimates for the acquired assets and assumed liabilities, the preliminary gain on acquisition can be updated for a period not to exceed one year following the Acquisition Date. The preliminary fair value estimates of assets acquired and liabilities assumed, provide a reasonable basis for determining the preliminary gain on acquisition.

The excess of the estimated fair value of net assets acquired and the cash consideration received from the FDIC over the estimated fair value of liabilities assumed was recorded as a preliminary gain on acquisition of $47.4 million, net of income taxes.

13

The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Republic First Transaction on the Acquisition Date:

	Estimated Fair Value
Cash payment received from FDIC	$	809,920
Assets acquired:
Cash and due from banks	208,451
Investment securities	1,938,571
Loans	2,505,040
Premises and equipment	970
CDI	92,600
FHLB Stock	37,931
Accrued interest receivable	16,164
Other assets	11,782
Total assets	4,811,509
Liabilities assumed:
Deposits	4,112,325
Borrowings	1,435,976
Other liabilities	11,859
Total liabilities	5,560,160
Net assets acquired:	(748,651)
Gain on acquisition, before income taxes	$	61,269
Gain on acquisition, net of income taxes	$	47,392

The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets

acquired and liabilities assumed.

Cash and due from banks: The fair values of cash and due from banks approximate their book values.

Investment securities: The investment portfolio acquired in the Republic First Transaction, with a fair value of $1.9 billion, was sold shortly after the Acquisition Date by the Corporation. The fair value of the investment portfolio was based on the proceeds from the sale.

Loans: The Corporation recorded $2.5 billion of acquired loans that were initially recorded at their estimated fair values as of the Acquisition Date. The estimated fair value for the loans was based on a discounted cash flow methodology that considered credit loss and prepayment expectations, market interest rates and other market factors from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The PD, LGD, exposure at default and prepayment assumptions are the key factors driving credit losses that are embedded in the estimated cash flows.

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The following table presents information with respect to the estimated fair value and unpaid principal balance of acquired loans and leases at the Acquisition Date:

	April 26, 2024
	Unpaid Principal Balance		Estimated Fair Value
	(dollars in thousands)
Real estate - commercial mortgage	$	1,144,465	$	1,024,004
Commercial and industrial	545,374		496,100
Real-estate - residential mortgage	947,135		752,328
Real-estate - home equity	72,730		66,237
Real-estate - construction	153,437		145,597
Consumer	20,789		20,774
Total acquired loans	$	2,883,930	$	2,505,040

The following table summarizes PCD Loans:

	April 26, 2024
	(dollars in thousands)
Book balance of loans with deteriorated credit quality at acquisition	$	1,023,940
Fair value of loans with deteriorated credit quality at acquisition	904,558
Fair value discount	119,382
PCD Loans credit discount	(55,906)
Non-credit discount	$	63,476

The Republic First Transaction resulted in the addition of $79.4 million to the ACL, including the $55.9 million identified in the table above for PCD Loans, and $23.4 million recorded through the provision for credit losses at the Acquisition Date for non-PCD Loans.

Intangible assets: The Corporation recorded $92.6 million of CDI reflected in other assets that is being amortized over seven years using the sum-of-the-years digits method. The estimated fair value of the CDI was determined using the cost savings approach. The cost savings approach is defined as the difference between the cost of funds of core deposits and an alternative cost of funds for those deposits. The CDI estimated fair value was determined by projecting discounted net cash flows that included assumptions related to customer attrition rates, discount rates, deposit interest rates, deposit account maintenance costs and alternative cost of funding rates.

FHLB stock: The Corporation acquired $37.9 million of FHLB stock. The estimated fair value of the FHLB stock approximated its book value.

Accrued interest receivable: The Corporation acquired $16.2 million of accrued interest receivable. The fair value of the accrued interest receivable approximated its book value.

Core deposits: Demand deposits, savings and money market deposits and time deposits (less than $250,000) were recorded at book value which approximated fair value. The Corporation recorded $92.6 million of CDI in other assets for these deposits.

Time deposits: Time deposits of $250,000 and greater were valued based on a comparison with the contractual cost of a portfolio of brokered deposits having a similar tenor. As the time deposit portfolio had a remaining average life of approximately three months, the estimated fair value of the time deposits approximated their book value and no adjustment was recorded.

Borrowings: The estimated fair values for borrowings approximated their book value given these were short-term advances. Assumed borrowings were subsequently repaid.

15

Acquisition-related expenses:

The Corporation developed a comprehensive integration plan under which it incurred direct costs that are expensed as incurred. For the second quarter of 2024, these direct costs included professional fees, a charitable donation, severance, and marketing expense. Costs related to the Republic First Transaction are included in acquisition-related expenses in the unaudited Consolidated Statements of Income.

The following table details the costs identified and classified as acquisition-related expenses:

		Three months ended June 30, 2024
		(dollars in thousands)
Salaries and employee benefits		$	805
Professional fees		7,624
Charitable donation	Charitable donation	5,000
Other		374
		$	13,803

In connection with the Republic First Transaction, Fulton Bank made a $5.0 million donation to the Fulton Forward Foundation

to provide additional impact grants to nonprofit community organizations across the region that share Fulton Bank's vision of advancing economic empowerment, particularly in underserved communities.

Unaudited Pro Forma Information:

The amount of net interest income, non-interest income, non-interest expense and net income of $30.7 million, $50.2 million, $21.1 million and $38.8 million, respectively, attributable to the Republic First Transaction were included in the Corporation's unaudited Consolidated Statements of Income for the three months and six months ended June 30, 2024. Included in non-interest income above is $47.4 million related to the gain on acquisition, net of tax. Net interest income, non-interest income, non-interest expense and net income shown above reflect management's best estimates based on information available as of the date of the filing of this Quarterly Report on Form 10-Q.

Republic First Bank does not have historical financial information that the Corporation could base pro forma information. Additionally, the Bank did not acquire all of the assets or assume all of the liabilities of Republic First Bank. Therefore, it is impracticable to provide pro forma information on revenues and earnings for the Republic First Transaction in accordance with ASC 805-10-50-2.

NOTE 3 – Restrictions on Cash and Cash Equivalents

Cash collateral is posted by the Corporation with counterparties to secure derivatives and other contracts, which is included in "interest-bearing deposits with other banks" on the consolidated balance sheets. The amounts of such collateral as of June 30, 2024 and December 31, 2023 were $10.9 million and $17.4 million, respectively.

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NOTE 4 – Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities:

	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale	(dollars in thousands)
State and municipal securities	$	965,392	$	50	$	(145,333)	$	820,109
Corporate debt securities	368,901		510		(32,013)		337,398
Collateralized mortgage obligations	724,602		1,533		(12,366)		713,769
Residential mortgage-backed securities	589,267		14		(32,090)		557,191
Commercial mortgage-backed securities	610,960		—		(99,833)		511,127
Total	$	3,259,122	$	2,107	$	(321,635)	$	2,939,594
Held to Maturity
Residential mortgage-backed securities	$	384,956	$	—	$	(58,593)	$	326,363
Commercial mortgage-backed securities	859,477		—		(152,401)		707,076
Total	$	1,244,433	$	—	$	(210,994)	$	1,033,439

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale	(dollars in thousands)
U.S. Government securities	$	42,475	$	—	$	(314)	$	42,161
U.S. Government-sponsored agency securities	1,038		—		(28)		1,010
State and municipal securities	1,200,571		1,089		(129,647)		1,072,013
Corporate debt securities	480,714		473		(40,636)		440,551
Collateralized mortgage obligations	122,824		—		(11,390)		111,434
Residential mortgage-backed securities	223,273		7		(26,485)		196,795
Commercial mortgage-backed securities	627,364		—		(92,976)		534,388
Total	$	2,698,259	$	1,569	$	(301,476)	$	2,398,352
Held to Maturity
Residential mortgage-backed securities	$	407,075	$	—	$	(51,805)	$	355,270
Commercial mortgage-backed securities	860,847		—		(143,910)		716,937
Total	$	1,267,922	$	—	$	(195,715)	$	1,072,207

In May 2024, the Corporation sold $345.7 million AFS securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding securities of a similar type and similar duration.

Securities carried at $1.2 billion and $0.4 billion at June 30, 2024 and December 31, 2023, respectively, were pledged as collateral to secure public and trust deposits.

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The amortized cost and estimated fair values of debt securities as of June 30, 2024, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.

		June 30, 2024
		Available for Sale				Held to Maturity
		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due in one year or less		$	13,762	$	13,533	$	—	$	—
Due from one year to five years		110,303		106,430		—		—
Due from five years to ten years		362,563		327,817		—		—
Due after ten years		847,665		709,727		—		—
		1,334,293		1,157,507		—		—
Residential mortgage-backed securities(1)		589,267		557,191		384,956		326,363
Commercial mortgage-backed securities(1)		610,960		511,127		859,477		707,076
Collateralized mortgage obligations(1)		724,602		713,769		—		—
Total		$	3,259,122	$	2,939,594	$	1,244,433	$	1,033,439

(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the

underlying loans.

The following table presents information related to gross realized gains and losses on the sales of securities:

	Gross Realized Gains		Gross Realized Losses		Net Gains (Losses)
Three months ended	(dollars in thousands)
June 30, 2024	$	91	$	(20,373)	$	(20,282)
June 30, 2023	—		(4)		(4)
Six months ended
June 30, 2024	$	91	$	(20,373)	$	(20,282)
June 30, 2023	283		(264)		19

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The following tables present the gross unrealized losses and estimated fair values of investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	June 30, 2024
		Less than 12 months					12 months or longer				Total
	Number of Securities	Estimated Fair Value		Unrealized Losses		Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Available for Sale	(dollars in thousands)
State and municipal securities	19	$	48,682	$	(1,552)	276	$	766,484	$	(143,781)	$	815,166	$	(145,333)
Corporate debt securities	—	—		—		52	286,277		(32,013)		286,277		(32,013)
Collateralized mortgage obligations	9	195,411		(601)		82	93,219		(11,765)		288,630		(12,366)
Residential mortgage-backed securities	32	369,024		(1,115)		75	183,416		(30,975)		552,440		(32,090)
Commercial mortgage-backed securities	—	—		—		135	511,127		(99,833)		511,127		(99,833)
Total available for sale	60	$	613,117	$	(3,268)	620	$	1,840,523	$	(318,367)	$	2,453,640	$	(321,635)
Held to Maturity
Residential mortgage-backed securities	—	$	—	$	—	120	$	326,363	$	(58,593)	$	326,363	$	(58,593)
Commercial mortgage-backed securities	—	—		—		60	707,076		(152,401)		707,076		(152,401)
Total held to maturity	—	$	—	$	—	180	$	1,033,439	$	(210,994)	$	1,033,439	$	(210,994)

	December 31, 2023
	Less than 12 months					12 months or longer					Total
	Number of Securities	Estimated Fair Value		Unrealized Losses		Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Available for Sale	(dollars in thousands)
U.S. Government Securities	—	$	—	$	—	1	$	42,161	$	(314)	$	42,161	$	(314)
U.S. Government-sponsored agency securities	—	—		—		1	1,010		(28)		1,010		(28)
State and municipal securities	40	76,155		(858)		314	917,274		(128,789)		993,429		(129,647)
Corporate debt securities	8	42,945		(1,326)		60	370,523		(39,310)		413,468		(40,636)
Collateralized mortgage obligations	—	—		—		93	111,434		(11,390)		111,434		(11,390)
Residential mortgage-backed securities	6	409		(3)		69	195,453		(26,482)		195,862		(26,485)
Commercial mortgage-backed securities	2	26,907		(1,053)		133	507,481		(91,923)		534,388		(92,976)
Total available for sale	56	$	146,416	$	(3,240)	671	$	2,145,336	$	(298,236)	$	2,291,752	$	(301,476)
Held to Maturity
Residential mortgage-backed securities	—	$	—	$	—	120	$	355,270	$	(51,805)	$	355,270	$	(51,805)
Commercial mortgage-backed securities	—	—		—		60	716,937		(143,910)		716,937		(143,910)
Total held to maturity	—	$	—	$	—	180	$	1,072,207	$	(195,715)	$	1,072,207	$	(195,715)

The Corporation's collateralized mortgage obligations, residential mortgage-backed securities and commercial mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation did not record a loss on these investments as of June 30, 2024 and December 31, 2023.

As of June 30, 2024 and December 31, 2023, no ACL was required for the Corporation's state and municipal securities. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. Therefore, the Corporation did not record a loss on these investments as of June 30, 2024 and December 31, 2023.

The majority of the corporate debt securities were rated at or above investment grade as of June 30, 2024 and December 31, 2023. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of June 30, 2024 and December 31, 2023. The Corporation does not have the intent to sell and does not

19

believe it will more likely than not to be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. Therefore, the Corporation did not record a loss on these investments as of June 30, 2024 and December 31, 2023.

NOTE 5 - Loans and Allowance for Credit Losses

Loans and leases, net of unearned income

Loans and leases, net of unearned income, are summarized as follows:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Real estate - commercial mortgage	$	9,289,770	$	8,127,728
Commercial and industrial(1)	4,967,796		4,545,552
Real-estate - residential mortgage	6,248,856		5,325,923
Real-estate - home equity	1,120,878		1,047,184
Real-estate - construction	1,463,799		1,239,075
Consumer	692,086		729,318
Leases and other loans(2)	323,112		336,314
Net loans	$	24,106,297	$	21,351,094

(1) Includes no unearned income at June 30, 2024 and $41.0 thousand at December 31, 2023.

(2) Includes unearned income of $36.6 million at June 30, 2024 and $38.0 million at December 31, 2023.

Allowance for Credit Losses

The ACL consists of reserves against loans that have been evaluated collectively and individually for expected credit losses. The ACL represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to net loans. The ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The reserve for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures.

The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
ACL - loans	$	375,941	$	293,404
Reserve for OBS credit exposures(1)	$	14,540	$	17,254

(1) Included in other liabilities on the consolidated balance sheets.

The following table presents the activity in the ACL - loans balances:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Balance at beginning of period	$	297,888	$	278,695	$	293,404	269,366
CECL Day 1 Provision(1)	23,444		—		23,444		—
Initial PCD allowance for credit losses	55,906		—		55,906		—
Loans charged off	(14,007)		(4,787)		(24,959)		(21,690)
Recoveries of loans previously charged off	2,705		2,816		5,059		5,715
Net loans (charged off) recovered	(11,302)		(1,971)		(19,900)		(15,975)
Provision for credit losses(1) (2)	10,005		10,718		23,087		34,051
Balance at end of period	$	375,941	$	287,442	$	375,941	$	287,442
Provision for OBS credit exposures(1)	$	(1,393)	$	(971)	$	(3,550)	$	240
Reserve for OBS credit exposures	$	14,540	$	16,568	$	14,540	$	16,568

(1) The sum of these amounts are reflected in the provision for credit losses in the Consolidated Statements of Income.

(2) Provision only includes the portion related to net loans.

The following table presents the activity in the ACL by portfolio segment:

	Real Estate  Commercial Mortgage		Commercial and Industrial		Real Estate Residential Mortgage		Consumer and Home Equity		Real Estate Construction		Leases and other loans		Total
	(dollars in thousands)
Three months ended June 30, 2024
March 31, 2024	$	114,492	$	76,883	$	73,216	$	16,688	$	12,966	$	3,643	$	297,888
CECL Day 1 Provision(1)	6,108		1,484		14,922		444		486		—		23,444
Initial PCD allowance for credit losses	32,157		20,869		565		357		1,958		—		55,906
Loans charged off	(7,853)		(2,955)		(35)		(1,766)		—		(1,398)		(14,007)
Recoveries of loans previously charged off	146		796		122		1,161		233		247		2,705
Net loans (charged off) recovered	(7,707)		(2,159)		87		(605)		233		(1,151)		(11,302)
Provision for loan losses(1) (2)	11,115		(2,454)		924		649		(1,033)		804		10,005
Balance at June 30, 2024	$	156,165	$	94,623	$	89,714	$	17,533	$	14,610	$	3,296	$	375,941
Three months ended June 30, 2023
March 31, 2023	$	66,256	$	77,126	$	86,209	$	27,303	$	11,646	$	10,155	$	278,695
Loans charged off	(230)		(2,017)		(62)		(1,313)		—		(1,165)		(4,787)
Recoveries of loans previously charged off	29		988		58		959		569		213		2,816
Net loans (charged off) recovered	(201)		(1,029)		(4)		(354)		569		(952)		(1,971)
Provision for loan and lease losses(1) (2)	6,247		(908)		2,644		2,033		(1,071)		1,773		10,718
Balance at June 30, 2023	$	72,302	$	75,189	$	88,849	$	28,982	$	11,144	$	10,976	$	287,442
Six months ended June 30, 2024
Balance at December 31, 2023	$	112,565	$	74,266	$	73,286	$	17,604	$	12,295	$	3,388	$	293,404
CECL Day 1 Provision(1)	6,108		1,484		14,922		444		486		—		23,444
Initial PCD allowance for credit losses	32,157		20,869		565		357		1,958		—		55,906
Loans charged off	(7,879)		(10,587)		(286)		(4,004)		—		(2,203)		(24,959)
Recoveries of loans previously charged off	298		2,044		238		1,837		233		409		5,059
Net loans (charged off) recovered	(7,581)		(8,543)		(48)		(2,167)		233		(1,794)		(19,900)
Provision for loan losses(1) (2)	12,916		6,547		989		1,295		(362)		1,702		23,087
Balance at June 30, 2024	$	156,165	$	94,623	$	89,714	$	17,533	$	14,610	$	3,296	$	375,941
Six months ended June 30, 2023
Balance at December 31, 2022	$	69,456	$	70,116	$	83,250	$	26,429	$	10,743	$	9,372	$	269,366
Loans charged off	(13,592)		(2,629)		(62)		(3,519)		—		(1,888)		(21,690)
Recoveries of loans previously charged off	815		2,074		106		1,620		771		329		5,715
Net loans (charged off) recovered	(12,777)		(555)		44		(1,899)		771		(1,559)		(15,975)
Provision for loan losses(1)(2)	15,623		5,628		5,555		4,452		(370)		3,163		34,051
Balance at June 30, 2023	$	72,302	$	75,189	$	88,849	$	28,982	$	11,144	$	10,976	$	287,442

(1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income.

(2) Provision included in the table only includes the portion related to net loans.

The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan.

The increase in the ACL - loans for the second quarter of 2024 and for the six months ended June 30, 2024, was primarily due to loans acquired in the Republic First Transaction.

Collateral-Dependent Loans

A loan or a lease is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent loans or leases consists of various

types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agricultural land, and vacant land. Commercial and industrial loans may also be secured by real estate.

All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of June 30, 2024 and December 31, 2023, substantially all of the Corporation's individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any.

As of June 30, 2024 and December 31, 2023, approximately 76% and 78%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months.

Non-accrual Loans

The following table presents total non-accrual loans, by class segment:

	June 30, 2024						December 31, 2023
	With a Related Allowance		Without a Related Allowance		Total		With a Related Allowance		Without a Related Allowance		Total
	(dollars in thousands)
Real estate - commercial mortgage	$	16,295	$	29,897	$	46,192	$	23,338	$	21,467	$	44,805
Commercial and industrial	28,693		28,581		57,274		12,410		27,542		39,952
Real estate - residential mortgage	21,436		3,027		24,463		18,806		2,018		20,824
Real estate - home equity	6,249		90		6,339		4,649		104		4,753
Real estate - construction	340		886		1,226		341		1,000		1,341
Consumer	183		—		183		52		—		52
Leases and other loans	601		9,352		9,953		9,255		638		9,893
	$	73,797	$	71,833	$	145,630	$	68,851	$	52,769	$	121,620

As of June 30, 2024 and December 31, 2023, there were $71.8 million and $52.8 million, respectively, of non-accrual loans that did not have a specific valuation allowance within the ACL. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary.

Asset Quality

Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, commercial and industrial, and commercial real estate, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in a loan.

The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:

		June 30, 2024
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2024		2023		2022		2021		2020		Prior		Cost Basis		Cost Basis		Total
Real estate - commercial mortgage
	Pass	$	309,982	$	863,950	$	1,071,750	$	1,271,714	$	1,045,978	$	3,529,987	$	67,395	$	—	$	8,160,756
	Special Mention	1,226		64,073		156,132		221,347		78,390		222,166		10,166		1,531		755,031
	Substandard or Lower	216		10,339		60,790		77,874		63,740		159,103		1,921		—		373,983
	Total real estate - commercial mortgage	311,424		938,362		1,288,672		1,570,935		1,188,108		3,911,256		79,482		1,531		9,289,770
Real estate - commercial mortgage
	Current period gross charge-offs	—		—		(84)		—		—		(7,769)		—		(26)		(7,879)
Commercial and industrial
	Pass	226,274		549,429		588,898		324,519		304,830		812,912		1,449,696		16,778		4,273,336
	Special Mention	9,518		23,258		46,588		52,606		25,066		98,739		137,793		408		393,976
	Substandard or Lower	8,828		3,716		32,980		7,707		8,213		70,004		167,668		1,368		300,484
	Total commercial and industrial	244,620		576,403		668,466		384,832		338,109		981,655		1,755,157		18,554		4,967,796
Commercial and industrial
	Current period gross charge-offs	(370)		(1,420)		(29)		(273)		(57)		(742)		(4,061)		(3,635)		(10,587)
Real estate - construction(1)
	Pass	53,160		458,484		321,727		161,398		6,181		40,431		26,297		—		1,067,678
	Special Mention	—		14,371		53,362		48,683		3,023		3,226		2,952		1,280		126,897
	Substandard or Lower	—		—		13,116		11,929		—		26,195		142		—		51,382
	Total real estate - construction	53,160		472,855		388,205		222,010		9,204		69,852		29,391		1,280		1,245,957
Real estate - construction(1)
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Pass	589,416		1,871,863		1,982,375		1,757,631		1,356,989		4,383,330		1,543,388		16,778		13,501,770
	Special Mention	10,744		101,702		256,082		322,636		106,479		324,131		150,911		3,219		1,275,904
	Substandard or Lower	9,044		14,055		106,886		97,510		71,953		255,302		169,731		1,368		725,849
	Total	$	609,204	$	1,987,620	$	2,345,343	$	2,177,777	$	1,535,421	$	4,962,763	$	1,864,030	$	21,365	$	15,503,523

(1) Excludes real estate - construction - other.

The increase of $799.0 million in special mention loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $776.9 million as of June 30, 2024. The increase of $277.8 million in substandard or lower loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $166.5 million as of June 30, 2024.

The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:

		December 31, 2023
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Real estate - commercial mortgage
	Pass	$	783,673	$	993,017	$	1,203,852	$	984,958	$	721,857	$	2,822,155	$	59,253	$	31,636	$	7,600,401
	Special Mention	2,767		43,904		105,185		7,862		35,289		105,786		1,760		—		302,553
	Substandard or Lower	366		20,958		31,304		49,142		26,579		95,621		804		—		224,774
	Total real estate - commercial mortgage	786,806		1,057,879		1,340,341		1,041,962		783,725		3,023,562		61,817		31,636		8,127,728
Real estate - commercial mortgage
	Current period gross charge-offs	—		—		—		—		—		(424)		—		(17,575)		(17,999)
Commercial and industrial
	Pass	626,386		590,132		330,576		341,218		272,126		598,838		1,443,203		10,736		4,213,215
	Special Mention	7,936		9,548		16,499		3,577		6,817		18,487		72,775		198		135,837
	Substandard or Lower	247		25,184		4,611		3,843		18,988		31,663		105,230		6,734		196,500
	Total commercial and industrial	634,569		624,864		351,686		348,638		297,931		648,988		1,621,208		17,668		4,545,552
Commercial and industrial
	Current period gross charge-offs	—		(299)		—		—		—		(249)		(682)		(8,016)		(9,246)
Real estate - construction(1)
	Pass	322,922		258,080		261,583		37,426		9,510		34,097		13,677		—		937,295
	Special Mention	—		12,622		25,898		—		—		—		—		—		38,520
	Substandard or Lower	—		521		2,229		—		340		21,284		168		2,229		26,771
	Total real estate - construction	322,922		271,223		289,710		37,426		9,850		55,381		13,845		2,229		1,002,586
Real estate - construction(1)
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Pass	1,732,981		1,841,229		1,796,011		1,363,602		1,003,493		3,455,090		1,516,133		42,372		12,750,911
	Special Mention	10,703		66,074		147,582		11,439		42,106		124,273		74,535		198		476,910
	Substandard or Lower	613		46,663		38,144		52,985		45,907		148,568		106,202		8,963		448,045
	Total	$	1,744,297	$	1,953,966	$	1,981,737	$	1,428,026	$	1,091,506	$	3,727,931	$	1,696,870	$	51,533	$	13,675,866

(1) Excludes real estate - construction - other.

The Corporation considers the performance of the loan portfolio and its impact on the ACL. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and other loans. For these loans, the most relevant credit quality indicator is delinquency status and the Corporation evaluates credit quality based on the aging status of the loan. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:

		June 30, 2024
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2024		2023		2022		2021		2020		Prior		Cost Basis		Cost Basis		Total
Real estate - residential mortgage
	Performing	$	223,893	$	693,496	$	1,541,848	$	1,779,390	$	1,063,559	$	905,637	$	—	$	—	$	6,207,823
	Nonperforming	—		1,265		2,259		3,831		4,809		28,869		—		—		41,033
	Total real estate - residential mortgage	223,893		694,761		1,544,107		1,783,221		1,068,368		934,506		—		—		6,248,856
Real estate - residential mortgage
	Current period gross charge-offs	—		—		—		—		—		(35)		—		(251)		(286)
Consumer and real estate - home equity
	Performing	160,101		136,412		250,006		77,901		56,063		235,923		872,989		11,614		1,801,009
	Nonperforming	3		178		1,116		596		283		7,170		1,708		901		11,955
	Total consumer and real estate - home equity	160,104		136,590		251,122		78,497		56,346		243,093		874,697		12,515		1,812,964
Consumer and real estate - home equity
	Current period gross charge-offs	(1)		(326)		(477)		(125)		(142)		(1,096)		—		(1,837)		(4,004)
Leases and other loans
	Performing	77,600		107,668		71,018		22,699		16,005		18,130		—		—		313,120
	Nonperforming	—		—		568		72		41		9,311		—		—		9,992
	Leases and other loans	77,600		107,668		71,586		22,771		16,046		27,441		—		—		323,112
Leases and other loans
	Current period gross charge-offs	(585)		(559)		(159)		(193)		(63)		(343)		(125)		(176)		(2,203)
Construction - other
	Performing	32,808		135,217		42,100		6,311		—		—		—		—		216,436
	Nonperforming	—		—		1,406		—		—		—		—		—		1,406
	Total construction - other	32,808		135,217		43,506		6,311		—		—		—		—		217,842
Construction - other
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Performing	494,402		1,072,793		1,904,972		1,886,301		1,135,627		1,159,690		872,989		11,614		8,538,388
	Nonperforming	3		1,443		5,349		4,499		5,133		45,350		1,708		901		64,386
	Total	$	494,405	$	1,074,236	$	1,910,321	$	1,890,800	$	1,140,760	$	1,205,040	$	874,697	$	12,515	$	8,602,774

		December 31, 2023
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Real estate - residential mortgage
	Performing	$	623,247	$	1,126,656	$	1,682,759	$	984,050	$	260,049	$	607,133	$	—	$	—	$	5,283,894
	Nonperforming	—		1,720		4,888		4,701		6,233		24,487		—		—		42,029
	Total real estate - residential mortgage	623,247		1,128,376		1,687,647		988,751		266,282		631,620		—		—		5,325,923
Real estate - residential mortgage
	Current period gross charge-offs	—		—		—		—		—		—		—		(62)		(62)
Consumer and Real estate - home equity
	Performing	272,571		276,373		85,985		62,426		37,667		204,913		805,645		20,044		1,765,624
	Nonperforming	295		455		866		282		354		5,526		1,439		1,661		10,878
	Total consumer and real estate - home equity	272,866		276,828		86,851		62,708		38,021		210,439		807,084		21,705		1,776,502
Consumer and Real estate - home equity
	Current period gross charge-offs	(119)		—		—		—		—		(525)		(283)		(6,587)		(7,514)
Leases and other loans
	Performing	166,490		83,641		27,755		22,304		16,246		9,867		—		—		326,303
	Nonperforming	—		118		—		—		—		9,893		—		—		10,011
	Leases and other loans	166,490		83,759		27,755		22,304		16,246		19,760		—		—		336,314
Leases and other loans
	Current period gross charge-offs	(471)		(521)		(246)		(128)		(82)		(656)		(765)		(1,511)		(4,380)
Construction - other
	Performing	127,382		93,319		13,698		555		—		—		—		—		234,954
	Nonperforming	—		1,535		—		—		—		—		—		—		1,535
	Total construction - other	127,382		94,854		13,698		555		—		—		—		—		236,489
Construction - other
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Performing	1,189,690		1,579,989		1,810,197		1,069,335		313,962		821,913		805,645		20,044		7,610,775
	Nonperforming	295		3,828		5,754		4,983		6,587		39,906		1,439		1,661		64,453
	Total	$	1,189,985	$	1,583,817	$	1,815,951	$	1,074,318	$	320,549	$	861,819	$	807,084	$	21,705	$	7,675,228

The following table presents non-performing assets:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Non-accrual loans	$	145,630	$	121,620
Loans 90 days or more past due and still accruing	26,962		31,721
Total non-performing loans	172,592		153,341
OREO(1)	1,444		896
Total non-performing assets	$	174,036	$	154,237

(1) Excludes $24.2 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30,

2024 and December 31, 2023, respectively.

The following tables present the aging of the amortized cost basis of loans, by class segment:

	30-59		60-89		≥ 90 Days
	Days Past		Days Past		Past Due		Non-
	Due		Due		and Accruing		Accrual		Current		Total
	(dollars in thousands)
June 30, 2024
Real estate - commercial mortgage	$	14,262	$	1,126	$	2,422	$	46,193	$	9,225,767	$	9,289,770
Commercial and industrial(1)	12,191		14,984		1,159		57,274		4,882,188		4,967,796
Real estate - residential mortgage	58,454		13,895		16,571		24,462		6,135,474		6,248,856
Real estate - home equity	7,403		1,776		4,880		6,338		1,100,482		1,120,878
Real estate - construction	10,951		749		1,406		1,226		1,449,467		1,463,799
Consumer	7,274		1,767		485		183		682,377		692,086
Leases and other loans(1)	397		80		39		9,954		312,642		323,112
Total	$	110,932	$	34,377	$	26,962	$	145,630	$	23,788,397	$	24,106,297

(1) Includes unearned income.

	30-59 Days Past Due		60-89 Days Past Due		≥ 90 Days Past Due and Accruing		Non- accrual		Current		Total
	(dollars in thousands)
December 31, 2023
Real estate - commercial mortgage	$	4,408	$	1,341	$	1,722	$	44,805	$	8,075,452	$	8,127,728
Commercial and industrial(1)	5,620		1,656		1,068		39,952		4,497,256		4,545,552
Real estate - residential mortgage	49,145		10,838		21,205		20,824		5,223,911		5,325,923
Real estate - home equity	8,142		2,075		5,326		4,753		1,026,888		1,047,184
Real estate - construction	4,185		451		1,535		1,341		1,231,563		1,239,075
Consumer	8,361		1,767		747		52		718,391		729,318
Leases and other loans(1)	146		722		118		9,893		325,435		336,314
Total	$	80,007	$	18,850	$	31,721	$	121,620	$	21,098,896	$	21,351,094

(1) Includes unearned income.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Corporation modifies loans by providing a concession when deemed appropriate. Depending on the circumstances, a term extension, interest rate reduction or principal forgiveness may be granted. In certain instances a combination of concessions may be provided to a borrower.

When principal forgiveness is provided, the amount of principal forgiven is deemed to be uncollectible and the amortized cost basis of the loan is reduced by the amount of the forgiven portion, with a corresponding reduction to the ACL.

The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:

	Term Extension
	2024				2023
	Amortization Cost Basis		% of Class of Financing Receivable		Amortization Cost Basis		% of Class of Financing Receivable
	(dollars in thousands)
Three months ended June 30
Real estate - commercial mortgage	$	20,603	0.22	%	$	276	—	%
Commercial and industrial	—		—		—		—
Real estate - residential mortgage	2,966		0.05		2,045		0.04
Real estate - home equity	129		0.01		—		—
Total	$	23,698			$	2,321
Six months ended June 30
Real estate - commercial mortgage	$	20,603	0.22	%	$	1,478	0.02	%
Commercial and industrial	—		—		75		—
Real estate - residential mortgage	5,651		0.09		3,423		0.07
Real estate - home equity	129		0.01		—		—
Real estate - construction	541		0.04		—		—
Total	$	26,924			$	4,976

	Interest Rate Reduction and Term Extension
	2024				2023
	Amortized Cost Basis		% of Class of Financing Receivable		Amortized Cost Basis		% of Class of Financing Receivable
	(dollars in thousands)
Three months ended June 30
Real estate - residential mortgage	$	884	0.01	%	$	—	—	%
Total	$	884			$	—
Six months ended June 30
Real estate - residential mortgage	$	1,348	0.02	%	$	—	—	%
Total	$	1,348			$	—

The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:

	Term Extension
	Financial Effect
Three months ended June 30, 2024
Real estate - commercial mortgage	Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 8.51 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity	Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers.
Three months ended June 30, 2023
Real estate - commercial mortgage	Added a weighted-average 1.25 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 5.29 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2024
Real estate - commercial mortgage	Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 7.44 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity	Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction	Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2023
Real estate - commercial mortgage	Added a weighted-average 2.05 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial	Added a weighted-average 2.88 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 4.64 years to the life of loans, which reduced monthly payment amounts for the borrowers.

	Interest Rate Reduction(1)
	Financial Effect
Three months ended June 30, 2024
Real estate - residential mortgage	Reduced weighted-average interest rate from 3.00% to 1.00%
Six months ended June 30, 2024
Real estate - residential mortgage	Reduced weighted-average interest rate from 2.36% to 1.37%

(1) There were no loan modifications with interest rate reductions for the three months and six months ended June 30, 2023.

During the three months and six months ended June 30, 2024 and 2023, there were no loans modified due to financial difficulty where there was a principal balance forgiveness.

The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months:

			30-89		90+		Total
			Days Past		Past Due		Past
	Current		Due		and Accruing		Due
June 30, 2024	(dollars in thousands)
Real estate - commercial mortgage	$	20,603	$	—	$	—	$	—
Commercial and industrial	9,859		—		—		—
Real estate - residential mortgage	8,776		1,977		1,353		3,330
Real estate - home equity	122		7		—		7
Real estate - construction	541		—		—		—
Total	$	39,901	$	1,984	$	1,353	$	3,337

There were no commitments to lend additional funds to borrowers with loan modifications as a result of financial difficulty as of June 30, 2024.

NOTE 6 – Mortgage Servicing Rights

The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets, with adjustments to the carrying value included in mortgage banking income on the consolidated statements of income:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Amortized cost:
Balance at beginning of period	$	31,057	$	33,082	$	31,602	$	34,217
Originations of MSRs	883		688		1,465		884
Amortization	(1,294)		(1,312)		(2,421)		(2,643)
Balance at end of period	$	30,646	$	32,458	$	30,646	$	32,458
Estimated fair value of MSRs at end of period	$	51,724	$	49,444	$	51,724	$	49,444

MSRs represent the economic value of contractual rights to service mortgage loans that have been sold. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.0 billion and $4.1 billion as of June 30, 2024 and December 31, 2023, respectively. Actual and expected prepayments of the underlying mortgage loans can impact the fair values of the MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value.

The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $51.7 million and $49.7 million as of June 30, 2024 and December 31, 2023, respectively. Based on its fair value analysis as of June 30, 2024, the Corporation determined that no valuation allowance was required as of June 30, 2024.

NOTE 7 – Derivative Financial Instruments

The Corporation uses derivatives to manage its exposure to certain market risks, including interest rate and foreign currency risks, and to assist customers with their risk management objectives. Certain of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. The Corporation enters into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Corporation elects not to apply hedge accounting.

20

In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the original unrealized loss of $70.6 million included in AOCI will be recognized as a reduction to interest income when the previously forecasted hedged item affects earnings in future periods. During the six months ended June 30, 2024, $14.1 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Corporation's consolidated statements of income.

In the third quarter of 2023, the Corporation transitioned certain of the Corporation's legacy commercial customer back-to-back interest rate swap transactions from LIBOR to SOFR. For the six months ended June 30, 2024, the increase to other non-interest income to reflect market valuation movements from the transition from LIBOR to SOFR was $0.3 million. For the year ended December 31, 2023, the full-year reduction to other non-interest income related to the transition from LIBOR to SOFR was $1.9 million.

For additional information on our derivative accounting policies see Note 1 "Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the year ended December 31, 2023.

The following table presents a summary of the notional amounts and fair values of derivative financial instruments:

	June 30, 2024				December 31, 2023
	Notional Amount		Asset (Liability) Fair Value		Notional Amount		Asset (Liability) Fair Value
	(dollars in thousands)
Interest Rate Locks with Customers
Positive fair values	$	197,685	$	965	$	119,558	$	460
Negative fair values	2,109		(3)		1,015		(2)
Forward Commitments
Positive fair values	—		—		—		—
Negative fair values	58,500		(236)		42,000		(854)
Interest Rate Derivatives with Customers
Positive fair values	546,330		8,091		824,659		22,656
Negative fair values	4,132,103		(271,356)		3,784,236		(222,530)
Interest Rate Derivatives with Dealer Counterparties(1)
Positive fair values	4,132,103		166,461		3,784,236		128,235
Negative fair values	546,330		(8,457)		824,659		(23,023)
Interest Rate Derivatives used in Cash Flow Hedges
Positive fair values	2,300,000		245		2,500,000		6,189
Negative fair values	950,000		(78)		750,000		—
Foreign Exchange Contracts with Customers
Positive fair values	25,730		639		4,159		40
Negative fair values	4,081		(81)		13,353		(446)
Foreign Exchange Contracts with Correspondent Banks
Positive fair values	4,798		127		15,969		532
Negative fair values	25,139		(467)		6,112		(31)

(1) Fair Values are net of a valuation allowance of $366.3 thousand as of June 30, 2024 and December 31, 2023.

21

The following table presents the effect of cash flow hedge accounting on AOCI:

	Amount of Gain (Loss) Recognized in OCI on Derivative		Amount of Gain (Loss) Recognized in OCI Included Component		Amount of Gain (Loss) Recognized in OCI Excluded Component		Location of Gain (Loss) Recognized from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income		Amount of Gain (Loss) Reclassified from AOCI into Income Included Component		Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
	(dollars in thousands)
Three months ended June 30, 2024
Interest Rate Products	$	(381)	$	(381)	$	—	Interest Income	$	(7,032)	$	(7,032)	$	—
Interest Rate Products	3,297		3,297		—		Interest Expense	2,030		2,030		—
Total	$	2,916	$	2,916	$	—		$	(5,002)	$	(5,002)	$	—
Three months ended June 30, 2023
Interest Rate Products	$	(7,251)	$	(7,251)	—		Interest Income	$	(7,032)	$	(7,032)	—
Total	$	(7,251)	$	(7,251)	—			$	(7,032)	$	(7,032)	—
Six months ended June 30, 2024
Interest Rate Products	(6,040)		(6,040)		—		Interest Income	(14,064)		(14,064)		—
Interest Rate Products	14,512		14,512		—		Interest Expense	4,050		4,050		—
Total	8,472		8,472		—			(10,014)		(10,014)		—
Six months ended June 30, 2023
Interest Rate Products	5,284		5,284		—		Interest Income	(14,189)		(14,189)		—

During the next twelve months, the Corporation estimates that an additional $15.9 million of unrecognized losses will be reclassified as a decrease to net interest income.

22

The following table presents the effect of fair value and cash flow hedge accounting on the income statement:

	Consolidated Statements of Income Classification
	2024				2023
	Interest Income		Interest Expense		Interest Income		Interest Expense
	(dollars in thousands)
Three months ended June 30
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$	(7,032)	$	2,030	$	(7,032)	$	—
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income	(7,032)		2,030		(7,032)		—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring	—		—		—		—
Amount of gain (loss) reclassified from AOCI into income - included component	(7,032)		2,030		(7,032)		—
Amount of gain (loss) reclassified from AOCI into income - excluded component	—		—		—		—
Six months ended June 30
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$	(14,064)	$	4,050	$	(14,189)	$	—
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income	(14,064)		4,050		(14,189)		—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring	—		—		—		—
Amount of gain (loss) reclassified from AOCI into income - included component	(14,064)		4,050		(14,189)		—
Amount of gain (loss) reclassified from AOCI into income - excluded component	—		—		—		—

The following table presents a summary of the net fair value gains (losses) on derivative financial instruments:

	Consolidated Statements of Income Classification	Three months ended June 30				Six months ended June 30
		2024		2023		2024		2023
		(dollars in thousands)
Mortgage banking derivatives(1)	Mortgage banking income	$	(45)	$	475	$	1,122	$	869
Interest rate derivatives	Other income	137		—		288		—
Foreign exchange contracts	Other income	84		93		123		184
Net fair value gains (losses) on derivative financial instruments		$	176	$	568	$	1,533	$	1,053

(1) Includes interest rate locks with customers and forward commitments.

23

The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Amortized cost(1)	$	26,335	$	14,792
Fair value	26,822		15,158

(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.

Gains related to changes in fair values of mortgage loans held for sale were $0.3 million for the three months ended June 30, 2024 compared to a nominal amount for the three months ended June 30, 2023. Losses related to changes in fair values of mortgage loans held for sale were $0.1 million for the six months ended June 30, 2024 compared to gains of $0.1 million for the six months ended June 30, 2023.

Balance Sheet Offsetting

The fair values of interest rate derivative agreements and foreign exchange contracts the Corporation enters into with customers and dealer counterparties may be eligible for offset on the consolidated balance sheets if they are subject to master netting arrangements or similar agreements. The Corporation has elected to net its financial assets and liabilities designated as interest rate derivatives when offsetting is permitted. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:

	Gross Amounts		Gross Amounts Not Offset
	Recognized		on the Consolidated
	on the		Balance Sheets
	Consolidated		Financial		Cash		Net
	Balance Sheets		Instruments(1)		Collateral(2)		Amount
	(dollars in thousands)
June 30, 2024
Interest rate derivative assets	$	174,797	$	(9,480)	$	—	$	165,317
Foreign exchange derivative assets with correspondent banks	127		(127)		—		—
Total	$	174,924	$	(9,607)	$	—	$	165,317
Interest rate derivative liabilities	$	279,891	$	(9,647)	$	(107,649)	$	162,595
Foreign exchange derivative liabilities with correspondent banks	467		(127)		—		340
Total	$	280,358	$	(9,774)	$	(107,649)	$	162,935
December 31, 2023
Interest rate derivative assets	$	157,080	$	(15,154)	$	—	$	141,926
Foreign exchange derivative assets with correspondent banks	532		(532)		—		—
Total	$	157,612	$	(15,686)	$	—	$	141,926
Interest rate derivative liabilities	$	245,553	$	(21,343)	$	(93,841)	$	130,369
Foreign exchange derivative liabilities with correspondent banks	31		(532)		—		(501)
Total	$	245,584	$	(21,875)	$	(93,841)	$	129,868

(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default.

For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.

(2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate derivative transactions and foreign exchange

contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying

loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.

24

NOTE 8 – Accumulated Other Comprehensive (Loss) Income

The following table presents the components of other comprehensive income (loss):

	Before-Tax Amount		Tax Effect		Net of Tax Amount
	(dollars in thousands)
Three months ended June 30, 2024
Net unrealized gain on securities	$	(18,356)	$	4,157	$	(14,199)
Reclassification adjustment for securities net change included in net income(1)	20,282		(4,594)		15,688
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	1,815		(412)		1,403
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges	2,916		(660)		2,256
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges	5,002		(1,111)		3,891
Amortization of net unrecognized pension and postretirement items(2)	(136)		31		(105)
Total Other Comprehensive Income	$	11,523	$	(2,589)	$	8,934
Three months ended June 30, 2023
Net unrealized losses on securities	$	(40,361)	$	9,142	$	(31,219)
Reclassification adjustment for securities net change included in net income(3)	(4)		1		(3)
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	1,941		(440)		1,501
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges	(7,251)		1,665		(5,586)
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges	7,032		(22)		7,010
Amortization of net unrecognized pension and postretirement items(2)	4		(1)		3
Total Other Comprehensive Loss	$	(38,639)	$	10,345	$	(28,294)
Six months ended June 30, 2024
Unrealized gain on securities	$	(39,902)	$	9,038	$	(30,864)
Reclassification adjustment for securities net change included in net income(3)	20,282		(4,594)		15,688
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	3,608		(818)		2,790
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges	8,472		(1,919)		6,553
Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges	10,014		(2,224)		7,790
Amortization of net unrecognized pension and postretirement item(2)	(271)		60		(211)
Total Other Comprehensive Income	$	2,203	$	(457)	$	1,746
Six months ended June 30, 2023
Unrealized gain on securities	$	1,838	$	(416)	$	1,422
Reclassification adjustment for securities net change included in net income(3)	18		(4)		14
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	3,851		(872)		2,979
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges	5,284		(17,690)		(12,406)
Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges	14,189		(36)		14,153
Amortization of net unrecognized pension and postretirement items(2)	36		(8)		28
Total Other Comprehensive Income	$	25,216	$	(19,026)	$	6,190

(1) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income.

(2) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See "Note

12 - Employee Benefit Plans," for additional details.

(3) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See "Note 4

- Investment Securities," for additional details.

25

The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax:

	Unrealized Gains (Losses) on Investment Securities		Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges		Unrecognized Pension and Postretirement Plan Income (Costs)		Total
	(dollars in thousands)
Three months ended June 30, 2024
Balance at March 31, 2024	$	(290,140)	$	(26,587)	$	(2,741)	$	(319,468)
OCI before reclassifications	(14,199)		2,256		—		(11,943)
Amounts reclassified from AOCI	15,688		3,891		(105)		19,474
Amortization of net unrealized gains on AFS securities transferred to HTM	1,403		—		—		1,403
Balance at June 30, 2024	$	(287,248)	$	(20,440)	$	(2,846)	$	(310,534)
Three months ended June 30, 2023
Balance at March 31, 2023	$	(282,095)	$	(61,453)	$	(7,444)	$	(350,992)
OCI before reclassifications	(31,219)		(5,586)		—		(36,805)
Amounts reclassified from AOCI	(3)		7,010		3		7,010
Amortization of net unrealized losses on AFS securities transferred to HTM	1,501		—		—		1,501
Balance at June 30, 2023	$	(311,816)	$	(60,029)	$	(7,441)	$	(379,286)
Six months ended June 30, 2024
Balance at December 31, 2023	$	(274,862)	$	(34,783)	$	(2,635)	$	(312,280)
OCI before reclassifications	(30,864)		6,553		—		(24,311)
Amounts reclassified from AOCI	15,688		7,790		(211)		23,267
Amortization of net unrealized gains on AFS securities transferred to HTM	2,790		—		—		2,790
Balance at June 30, 2024	$	(287,248)	$	(20,440)	$	(2,846)	$	(310,534)
Six months ended June 30, 2023
Balance at December 31, 2022	$	(316,231)	$	(61,776)	$	(7,469)	$	(385,476)
OCI before reclassifications	1,422		(12,406)		—		(10,984)
Amounts reclassified from AOCI	14		14,153		28		14,195
Amortization of net unrealized losses on AFS securities transferred to HTM	2,979		—		—		2,979
Balance at June 30, 2023	$	(311,816)	$	(60,029)	$	(7,441)	$	(379,286)

NOTE 9 – Fair Value Measurements

FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority):

•Level 1 – Inputs that represent quoted prices for identical instruments in active markets.

•Level 2 – Inputs that represent quoted prices for similar instruments in active markets or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means.

•Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.

26

All assets and liabilities measured at fair value on both a recurring and nonrecurring basis have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:

	June 30, 2024
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	26,822	$	—	$	26,822
Available for sale investment securities:
State and municipal securities	—		820,109		—		820,109
Corporate debt securities	—		337,398		—		337,398
Collateralized mortgage obligations	—		713,769		—		713,769
Residential mortgage-backed securities	—		557,191		—		557,191
Commercial mortgage-backed securities	—		511,127		—		511,127
Total available for sale investment securities	—		2,939,594		—		2,939,594
Other assets:
Investments held in Rabbi Trust	34,339		—		—		34,339
Derivative assets	766		175,762		—		176,528
Total assets	$	35,105	$	3,142,178	$	—	$	3,177,283
Other liabilities:
Deferred compensation liabilities	$	34,339	$	—	$	—	$	34,339
Derivative liabilities	548		280,130		—		280,678
Total liabilities	$	34,887	$	280,130	$	—	$	315,017

	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	15,158	$	—	$	15,158
Available for sale investment securities:
U.S. Government securities	42,161		—		—		42,161
U.S. Government sponsored agency securities	—		1,010		—		1,010
State and municipal securities	—		1,072,013		—		1,072,013
Corporate debt securities	—		440,551		—		440,551
Collateralized mortgage obligations	—		111,434		—		111,434
Residential mortgage-backed securities	—		196,795		—		196,795
Commercial mortgage-backed securities	—		534,388		—		534,388
Total available for sale investment securities	42,161		2,356,191		—		2,398,352
Other assets:
Investments held in Rabbi Trust	29,819		—		—		29,819
Derivative assets	572		157,540		—		158,112
Total assets	$	72,552	$	2,528,889	$	—	$	2,601,441
Other liabilities:
Deferred compensation liabilities	$	29,819	$	—	$	—	$	29,819
Derivative liabilities	477		246,157		—		246,634
Total liabilities	$	30,296	$	246,157	$	—	$	276,453

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The valuation techniques used to measure fair value for the items in the preceding tables are as follows:

Loans held for sale – This category includes mortgage loans held for sale that are measured at fair value. Fair values as of June 30, 2024 and December 31, 2023 were measured at the price that secondary market investors were offering for loans with similar characteristics.

Available for sale investment securities – Included in this asset category are debt securities. Level 2 investment securities are valued by a third-party pricing service. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings and matrix pricing.

Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used or some of the standard market inputs may not be applicable.

•U.S. Government securities – These securities are classified as Level 1. Fair values are based on quoted prices with active markets.

•U.S. Government-sponsored agency securities, State and municipal securities/Collateralized mortgage obligations/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above.

•Corporate debt securities – These securities are classified as Level 2. This category consists of subordinated debt and senior debt issued by financial institutions ($330.4 million at June 30, 2024 and $433.4 million at December 31, 2023) and other corporate debt issued by non-financial institutions ($6.9 million and $7.2 million at June 30, 2024 and December 31, 2023, respectively). The fair values for these corporate debt securities are determined by a third-party pricing service as detailed above.

Investments held in Rabbi Trust – This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represent quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1.

Derivative assets – Fair value of foreign currency exchange contracts are classified as Level 1 assets ($0.8 million and $0.6 million at June 30, 2024 and December 31, 2023, respectively). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets.

Level 2 assets, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($1.0 million at June 30, 2024 and $0.5 million at December 31, 2023) and the fair value of interest rate derivatives ($174.8 million at June 30, 2024 and $157.1 million at December 31, 2023). The fair values of the interest rate locks, forward commitments and interest rate derivatives represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 7 - Derivative Financial Instruments," for additional information.

Deferred compensation liabilities – Fair value of amounts due to employees under deferred compensation plans, classified as Level 1 liabilities and are included in other liabilities on the consolidated balance sheets. The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Investments held in Rabbi Trust" above.

Derivative liabilities – Level 1 liabilities, representing the fair value of foreign currency exchange contracts ($0.5 million at June 30, 2024 and December 31, 2023).

Level 2 liabilities, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($0.2 million at June 30, 2024 and $0.9 million at December 31, 2023) and the fair value of interest rate derivatives ($279.9 million at June 30, 2024 and $245.6 million at December 31, 2023).

The fair values of these liabilities are determined in the same manner as the related assets as described under the heading "Derivative assets" above.

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Certain financial instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Loans, net	$	121,942	$	102,135
OREO	1,444		896
MSRs(1)	51,724		49,696
Total assets	$	175,110	$	152,727

(1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at the lower of amortized cost or fair value.

See "Note 6 - Mortgage Servicing Rights" for additional information.

The valuation techniques used to measure fair value for the items in the table above are as follows:

•Loans, net – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. The amount shown is the balance of non-accrual loans, net of related ACL. See "Note 5 - Loans and Allowance for Credit Losses," for additional details.

•OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets.

•MSRs – This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified by product type and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the June 30, 2024 valuation were 7.3% and 9.5%, respectively. Management reviews the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 6 - Mortgage Servicing Rights," for additional information.

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The following tables detail the book values and the estimated fair values of the Corporation's financial instruments:

	June 30, 2024
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	1,396,282	$	1,396,282	$	—	$	—	$	1,396,282
FRB and FHLB stock	125,297		—		125,297		—		125,297
Loans held for sale	26,822		—		26,822		—		26,822
AFS securities	2,939,594		—		2,939,594		—		2,939,594
HTM securities	1,244,433		—		1,033,439		—		1,033,439
Loans, net	23,730,356		—		—		22,391,497		22,391,497
Accrued interest receivable	120,752		120,752		—		—		120,752
Other assets	731,849		524,312		175,762		53,168		753,242
FINANCIAL LIABILITIES
Demand and savings deposits	$	20,650,955	$	20,650,955	$	—	$	—	$	20,650,955
Brokered deposits	995,975		139,166		856,809		—		995,975
Time deposits	3,912,724		—		3,912,608		—		3,912,608
Accrued interest payable	48,757		48,757		—		—		48,757
Federal Home Loan Bank advances	750,000		754,414		—		—		754,414
Senior debt and subordinated debt	535,741		—		419,072		—		419,072
Other borrowings	892,856		891,851		1,119		—		892,970
Other liabilities	467,810		173,140		280,130		14,540		467,810

	December 31, 2023
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	549,710	$	549,710	$	—	$	—	$	549,710
FRB and FHLB stock	124,405		—		124,405		—		124,405
Loans held for sale	15,158		—		15,158		—		15,158
AFS securities	2,398,352		42,161		2,356,191		—		2,398,352
HTM securities	1,267,922		—		1,072,207		—		1,072,207
Loans, net	21,057,690		—		—		19,930,560		19,930,560
Accrued interest receivable	107,972		107,972		—		—		107,972
Other assets	661,067		452,935		157,540		50,592		661,067
FINANCIAL LIABILITIES
Demand and savings deposits	$	17,653,690	$	17,653,690	$	—	$	—	$	17,653,690
Brokered deposits	1,144,692		145,987		999,392		—		1,145,379
Time deposits	2,739,241		—		2,714,709		—		2,714,709
Accrued interest payable	35,083		35,083		—		—		35,083
Federal funds purchased	240,000		240,000		—		—		240,000
Federal Home Loan Bank advances	1,100,000		1,094,013		—		—		1,094,013
Senior debt and subordinated debt	535,384		—		463,270		—		463,270
Other borrowings	612,142		611,269		837		—		612,106
Other liabilities	429,046		165,635		246,157		17,254		429,046

Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be

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substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation.

For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation's consolidated balance sheets, book value was considered to be a reasonable estimate of fair value.

The following instruments are predominantly short-term:

Assets	Liabilities
Cash and cash equivalents	Demand and savings deposits
Accrued interest receivable	Other borrowings
	Accrued interest payable

FRB and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets, which is a reasonable estimate of fair value.

As of June 30, 2024, fair values for loans and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans also include estimated credit losses that would be assumed in a market transaction, which represents estimated exit prices.

Brokered deposits consist of demand and saving deposits, which are classified as Level 1, and time deposits, which are classified as Level 2. The fair value of these deposits is determined in a manner consistent with the respective type of deposits discussed above.

NOTE 10 – Net Income Per Share

Basic net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.

Diluted net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation's common stock equivalents consist of outstanding stock options, restricted stock, RSUs, and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period.

A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data):

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
Weighted average shares outstanding (basic)	175,305		165,854		169,006		166,227
Impact of common stock equivalents	1,629		1,337		1,763		1,582
Weighted average shares outstanding (diluted)	176,934		167,191		170,769		167,809
Per share:
Basic	$	0.53	$	0.46	$	0.90	$	0.86
Diluted	0.52		0.46		0.89		0.85

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NOTE 11 – Stock-Based Compensation

The Corporation grants equity awards to employees in the form of restricted stock, RSUs or PSUs under its Employee Equity Plan. In addition, employees may purchase stock under the Corporation's Employee Stock Purchase Plan. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards.

The Corporation also grants equity awards to non-employee members of its Board of Directors and the Bank's Board of Directors under the Directors’ Plan. Under the Directors’ Plan, the Corporation can grant equity awards to non-employee Corporation and Bank directors in the form of restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors’ Plan have been limited to RSUs.

As of June 30, 2024, the Employee Equity Plan had approximately 3.9 million shares reserved for future grants through 2032, and the Directors’ Plan had approximately 330,000 shares reserved for future grants through 2033.

The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Compensation expense	$	2,758	$	2,571	$	3,425	$	4,240
Tax benefit	(620)		(565)		(764)		(927)
Total stock-based compensation, net of tax	$	2,138	$	2,006	$	2,661	$	3,313

NOTE 12 – Employee Benefit Plans

The net periodic pension cost for the Pension Plan consisted of the following components:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Interest cost	$	789	$	855	$	1,579	$	1,711
Expected return on plan assets	(975)		(877)		(1,951)		(1,754)
Net amortization and deferral	—		80		—		161
Net periodic pension cost	$	(186)	$	58	$	(372)	$	118

The components of the net benefit for the Postretirement Plan consisted of the following components:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Interest cost	$	9	$	13	$	19	$	26
Net accretion and deferral	(136)		(136)		(271)		(272)
Net periodic benefit	$	(127)	$	(123)	$	(252)	$	(246)

In connection with the Merger, the Corporation assumed the obligations of Prudential Bancorp under a multiemployer defined benefit pension plan that had previously been closed to new Prudential Bancorp participants.

The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through OCI.

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NOTE 13 – LEASES

The Corporation has operating leases for certain financial centers, corporate offices and land.

On May 10, 2024, the Bank and Fulton Financial Realty Company, a wholly owned subsidiary of the Corporation, entered into a sale-leaseback agreement for 40 financial center office locations for an aggregate cash purchase price of $55.4 million. The Bank entered into a lease for each of the locations sold in the Sale-Leaseback Transaction for an initial term of 15 years, with the option to extend the term of each for up to three successive terms of up to five years each. During the initial 12 months of the lease terms, the aggregate base rental amount for the properties will be approximately $4.4 million. During the initial lease terms, the base rental amount will increase annually at a rate of 2.25%. The Corporation recorded a pre-tax gain, after deduction of transaction-related expenses, of approximately $20.3 million in connection with the Sale-Leaseback Transaction. The properties are located in Pennsylvania, New Jersey, Delaware and Maryland.

The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Operating lease expense	$	7,633	$	4,751	$	12,697	$	9,592
Variable lease expense	716		773		1,480		1,557
Sublease income	(300)		(292)		(583)		(540)
Total lease expense	$	8,049	$	5,232	$	13,594	$	10,609

Supplemental consolidated balance sheet information related to leases was as follows:

Operating Leases	Balance Sheet Classification	June 30, 2024			December 31, 2023
		(dollars in thousands)
ROU assets	Other assets	$	131,796		$	88,188
Lease liabilities	Other liabilities	$	138,389		$	95,230
Weighted average remaining lease term		9.23 years			6.48 years
Weighted average discount rate		5.14		%	3.34		%

The discount rate used in determining the lease liability for each individual lease is the Bank's incremental borrowing rate which corresponds with the remaining lease term.

Supplemental cash flow information related to operating leases was as follows:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	5,662	$	4,844	$	11,272	$	9,770
ROU assets obtained in exchange for lease obligations	47,446		—		52,993		9,018

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Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liabilities were as follows as of June 30, 2024 (dollars in thousands):

Year	Operating Leases
Remaining in 2024	$	12,616
2025	23,741
2026	22,122
2027	19,830
2028	16,622
Thereafter	79,672
Total lease payments	174,603
Less: imputed interest	(36,214)
Present value of lease liabilities	$	138,389

As of June 30, 2024, the Corporation had not entered into any significant leases that have not yet commenced.

NOTE 14 – Commitments and Contingencies

Commitments

The Corporation is a party to financial instruments with OBS risk in the normal course of business to meet the financing needs of its borrowers or obligors.

Commitments to extend credit are agreements to lend to a borrower or obligor as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower or obligor. Since a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each borrower's or obligor's creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon an extension of credit is based on management's credit evaluation of the borrower or obligor. Collateral held varies but may include accounts receivable, inventory, property, equipment and income-producing commercial properties.

Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a borrower or obligor to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for borrowers or obligors. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistent with commercial lending standards. The maximum exposure to loss for standby and commercial letters of credit is equal to the contractual (or notional) amount of the instruments.

The following table presents the Corporation's commitments to extend credit and letters of credit:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Commitments to extend credit	$	9,100,013	$	8,790,511
Standby letters of credit	254,067		264,440
Commercial letters of credit	64,605		67,396

Residential Lending

The Corporation originates and sells residential mortgages to secondary market investors. The Corporation provides customary representations and warranties to secondary market investors that specify, among other things, that the loans have been underwritten to the standards of the secondary market investor. The Corporation may be required to repurchase specific loans or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary representations and warranties, based on the specific terms of those agreements.

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The Corporation maintains a reserve for estimated losses related to loans sold to investors. As of June 30, 2024 and December 31, 2023, the total reserve for losses on residential mortgage loans sold was $2.5 million and $1.8 million, respectively, including reserves for both representation and warranty and credit loss exposures. In addition, a component of ACL - OBS credit exposures of $1.3 million and $2.7 million, as of June 30, 2024 and December 31, 2023, respectively, related to additional credit exposures for potential loan repurchases.

Legal Proceedings

The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of its business activities. The Corporation evaluates the possible impact of these matters, taking into consideration the most recent information available. A loss reserve is established for those matters for which the Corporation believes a loss is both probable and reasonably estimable. Once established, the reserve is adjusted as appropriate to reflect any subsequent developments. Actual losses with respect to any such matter may be more or less than the amount estimated by the Corporation. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated by the Corporation, no loss reserve is established.

In addition, from time to time, the Corporation is involved in investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other companies. These inquiries or investigations could lead to administrative, civil or criminal proceedings involving the Corporation, and could result in fines, penalties, restitution, other types of sanctions, or the need for the Corporation to undertake remedial actions, or to alter its business, financial or accounting practices. The Corporation's practice is to cooperate fully with regulatory and governmental inquiries and investigations.

As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, that may result from the final outcomes of pending legal proceedings, or regulatory or governmental inquiries or investigations, will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings, inquiries and investigations are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation's results of operations in any future period, depending, in part, upon the size of the loss or liability imposed and the operating results for the period, and could have a material adverse effect on the Corporation's business. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause the Corporation to incur additional expenses, which could be significant, and possibly material, to the Corporation's results of operations in any future period.

NOTE 15 – Subsequent Events

On July 16, 2024, the Board of Directors of the Bank, approved a plan to close 13 of the Bank's financial center offices and consolidate the operations of those offices into nearby financial center offices operated by the Bank. The Board of Directors of the Bank adopted the plan as part of the Bank's integration of the assets acquired and the deposits and certain other liabilities assumed in the Republic First Transaction and the ongoing FultonFirst strategic initiative. The financial center offices to be closed are located in Pennsylvania and New Jersey. The financial centers are expected to close on or about November 22, 2024.

In connection with the planned financial center office closures, the Corporation expects to incur pre-tax costs of approximately $10 million, consisting of approximately $6 million of write-offs of premises and equipment and related expenses, approximately $3 million of lease termination charges, and approximately $1 million of future cash expenditures in connection with employee severance. The Corporation expects that, in the aggregate, these financial center office closures will reduce annual pre-tax operating expense by approximately $8 million, beginning in the first quarter of 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion relates to the Corporation, a financial holding company registered under the BHCA and corporation incorporated under the laws of the Commonwealth of Pennsylvania, and its wholly owned subsidiaries. This Management's Discussion should be read in conjunction with the consolidated financial statements and other financial information presented in this Quarterly Report on Form 10-Q.

OVERVIEW

The Corporation is a financial holding company, which, through its wholly owned banking subsidiary, provides a full range of retail and commercial financial services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia.

The Corporation generates the majority of its revenue through net interest income, or the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing the NIM, which is FTE net interest income as a percentage of average interest-earning assets. The Corporation also generates revenue through fees earned on the various services and products offered to its customers and through gains on sales of assets, such as loans, investments and properties. Offsetting these revenue sources are provisions for credit losses on loans and OBS credit risks, non-interest expenses and income taxes.

The following table presents a summary of the Corporation's earnings and selected performance ratios:

	Three months ended June 30						Six months ended June 30
	2024			2023			2024			2023
	(dollars in thousands, except per share data)
Net income	$	94,975		$	79,607		$	156,916		$	147,920
Net income available to common shareholders	92,413			77,045			151,792			142,796
Net income available to common shareholders (diluted)	0.52			0.46			0.89			0.85
Operating net income available to common shareholders per share(1)	0.47			0.47			0.87			0.86
Return on average assets, annualized	1.24		%	1.17		%	1.08		%	1.10		%
Operating return on average assets, annualized(1)	1.11		%	1.18		%	1.06		%	1.11		%
Return on average common shareholders' equity, annualized	13.47		%	12.59		%	11.45		%	11.81		%
Operating return on average common shareholders' equity (tangible), annualized(1)	15.56		%	16.52		%	14.40		%	15.50		%
Net interest margin(2)	3.43		%	3.40		%	3.37		%	3.46		%
Efficiency ratio(1)	62.6		%	60.1		%	62.9		%	59.3		%
Non-performing assets to total assets	0.55		%	0.55		%	0.55		%	0.55		%
Net charge-offs (recoveries) to average loans	0.19		%	0.04		%	0.18		%	0.15		%

(1) Ratio represents a financial measure derived by methods other than GAAP. See reconciliation of this non-GAAP financial measure to the most directly

comparable GAAP measure under the "Supplemental Reporting of Non-GAAP Based Financial Measures" section of Management's Discussion.

(2) Presented on a FTE basis, using a 21% federal tax rate and statutory interest expense disallowances.

Acquisition of Substantially all of the Assets and Assumption of Substantially all of the Deposits and Certain Liabilities of Republic First Bank from the FDIC

On the Acquisition Date, Fulton Bank acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank from the FDIC, as receiver for Republic First Bank. As part of the Republic First Transaction, the Bank acquired approximately $4.8 billion of assets of Republic First Bank and assumed approximately $5.6 billion of liabilities of Republic First Bank. The Bank received approximately $0.8 billion of cash from the FDIC in connection with the Republic First Transaction.

As a result of the Republic First Transaction, the Bank enhanced its presence in Philadelphia, Pennsylvania and New Jersey.

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In connection with the Republic First Transaction, Fulton Bank made a $5.0 million donation to the Fulton Forward Foundation to provide additional impact grants to nonprofit community organizations across the region that share Bank’s vision of advancing economic empowerment, particularly in underserved communities.

See "Note 2 - Business Combinations" in the Notes to Consolidated Financial Statements in Part 1, "Item 1. Financial Statements."

Common Stock Offering

On May 1, 2024, the Corporation completed its previously announced underwritten public offering of 19,166,667 shares of its common stock at a price to the public of $15.00 per share, before underwriting discounts. The net proceeds to the Corporation from the offering before deducting transaction expenses were approximately $273.5 million.

The Corporation intends to use the net proceeds of the offering for general corporate purposes, including to support new opportunities in connection with the Republic First Transaction.

Sale-Leaseback Transaction

On May 10, 2024, the Bank and Fulton Financial Realty Company, a wholly owned subsidiary of the Corporation, entered into the Sale-Leaseback Transaction and received an aggregate cash purchase price of $55.4 million. The Bank leased each of the locations sold in the Sale-Leaseback Transaction for an initial term of 15 years, with the option to extend the term of each for up to three successive terms of up to five years each. The Corporation recorded a pre-tax gain, after deduction of transaction-related expenses, of approximately $20.3 million in connection with the Sale-Leaseback Transaction. See "Note 13 - Leases" in the Notes to Consolidated Financial Statements in "Item 1. Financial Statements."

Securities Restructuring

In May 2024, the Corporation sold approximately $345.7 million AFS securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding securities of a similar type and similar duration.

Financial Highlights

Net Income Available to Common Shareholders and Net Income Per Share - Net income available to common shareholders was $92.4 million for the three months ended June 30, 2024, a $15.4 million increase compared to $77.0 million for the same period in 2023. Diluted net income available to common shareholders per share was $0.52 for the three months ended June 30, 2024, a $0.06 increase compared to the same period in 2023. Net income available to common shareholders was $151.8 million for the six months ended June 30, 2024, a $9.0 million increase compared to $142.8 million for the same period in 2023. Diluted net income available to common shareholders per share was $0.89 for the six months ended June 30, 2024, a $0.04 increase compared to the same period in 2023.

Six-Months Ended 2024 Results were Impacted by the Following Items:

•Preliminary gain on acquisition of $47.4 million (net of tax).

•CDI of $92.6 million in connection with the Republic First Transaction resulting in intangible amortization expense of $4.1 million.

•Provision for credit losses of $23.4 million related to non-PCD Loans acquired in the Republic First Transaction.

•Acquisition-related expenses of $13.8 million.

•FultonFirst implementation and asset disposal costs of $12.7 million.

Critical Accounting Policies

The Corporation's accounting policies are fundamental to understanding Management’s Discussion. Critical policies are those that the Corporation considers to be most important to the presentation of its financial condition and results of operations, because they require management's most difficult judgments as a result of the need to make estimates about the effects of matters that are inherently uncertain.

37

The Corporation's critical accounting policies are described in Part II, "Item 7. 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, 2023.

Supplemental Reporting of Non-GAAP Based Financial Measures

This Quarterly Report on Form 10-Q contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. 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 consolidated financial statements in their entirety.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands, except per share data and share data)
Operating net income available to common shareholders
Net income available to common shareholders	$	92,413	$	77,045	$	151,792	$	142,796
Plus: Core deposit intangible amortization	4,556		912		4,997		1,426
Plus: Acquisition-related expense	13,803		—		13,803		—
Plus: CECL Day 1 Provision	23,444		—		23,444		—
Less: Non-PCD Loans credit-related interest income from acquisition	(571)		—		(571)		—
Less: Interest rate derivative transition valuation(1)	(137)		—		(288)		—
Less: Gain on acquisition, net of tax	(47,392)		—		(47,392)		—
Plus: Loss on securities restructuring	20,282		—		20,282		—
Plus: FDIC special assessment	—		—		956		—
Less: Gain on Sale-Leaseback Transaction	(20,266)		—		(20,266)		—
Plus: FultonFirst implementation and asset disposals	6,323		—		12,652		—
Less: Tax impact of adjustments	(9,961)		(192)		(11,552)		(299)
Operating net income available to common shareholders (numerator)	$	82,494	$	77,765	$	147,857	$	143,923
Weighted average shares (diluted) (denominator)	176,934		167,191		170,769		167,809
Operating net income available to common shareholders, per share (diluted)	$	0.47	$	0.47	$	0.87	$	0.86

38

	Three months ended June 30						Six months ended June 30
	2024			2023			2024			2023
Operating return on average assets(2)
Net income	$	94,975		$	79,607		$	156,916		$	147,920
Plus: Core deposit intangible amortization	4,556			912			4,997			1,426
Plus: Acquisition-related expense	13,803			—			13,803			—
Plus: CECL Day 1 Provision	23,444			—			23,444			—
Less: Non-PCD Loans credit-related interest income from acquisition	(571)			—			(571)			—
Less: Interest rate derivative transition valuation(1)	(137)			—			(288)			—
Less: Gain on acquisition, net of tax	(47,392)			—			(47,392)			—
Plus: Loss on securities restructuring	20,282			—			20,282			—
Plus: FDIC special assessment	—			—			956			—
Less: Gain on Sale-Leaseback Transaction	(20,266)			—			(20,266)			—
Plus: FultonFirst implementation and asset disposals	6,323			—			12,652			—
Less: Tax impact of adjustments	(9,961)			(192)			(11,552)			(299)
Operating net income (numerator)	$	85,056		$	80,327		$	152,981		$	149,047
Total average assets	30,774,891			27,235,567			29,113,319			27,069,036
Less: Average net core deposit intangible	(68,234)			(6,417)			(36,836)			(6,676)
Total operating average assets	$	30,706,657		$	27,229,150		$	29,076,483		$	27,062,360
Operating return on average assets	1.11		%	1.18		%	1.06		%	1.11		%
Operating return on average common shareholders' equity (tangible)(2)
Net income available to common shareholders	$	92,413		$	77,045		$	151,792		$	142,796
Plus: Intangible amortization	4,688			1,072			5,261			1,746
Plus: Acquisition-related expense	13,803			—			13,803			—
Plus: CECL Day 1 Provision	23,444			—			23,444			—
Less: Non-PCD Loans credit-related interest income from acquisition	(571)			—			(571)			—
Less: Interest rate derivative transition valuation(1)	(137)			—			(288)			—
Less: Gain on acquisition, net of tax	(47,392)			—			(47,392)			—
Plus: Loss on securities restructuring	20,282			—			20,282			—
Plus: FDIC special assessment	—			—			956			—
Less: Gain on Sale-Leaseback Transaction	(20,266)			—			(20,266)			—
Plus: FultonFirst implementation and asset disposals	6,323			—			12,652			—
Less: Tax impact of adjustments	(9,989)			(225)			(11,607)			(367)
Adjusted net income available to common shareholders (numerator)	$	82,598		$	77,892		$	148,066		$	144,175
Average shareholders' equity	2,952,671			$	2,647,464		$	2,859,808		$	2,630,484
Less: Average preferred stock	(192,878)			(192,878)			(192,878)			(192,878)
Less: Average goodwill and intangible assets	(624,471)			(563,146)			(592,432)			(562,449)
Average tangible common shareholders' equity (denominator)	$	2,135,322		$	1,891,440		$	2,074,498		$	1,875,157
Operating return on average common shareholders' equity (tangible)	15.56		%	16.52		%	14.40		%	15.50		%

39

	Three months ended June 30						Six months ended June 30
	2024			2023			2024			2023
Efficiency ratio
Non-interest expense	$	199,488		$	168,018		$	377,087		$	327,636
Less: Acquisition-related expense	(13,803)			—			(13,803)			—
Less: Intangible amortization	(4,688)			(1,072)			(5,261)			(1,746)
Less: FDIC special assessment	—			—			(956)			—
Less: Gain on Sale-Leaseback Transaction	20,266			—			20,266			—
Less: FultonFirst implementation and asset disposals	(6,323)			—			(12,652)			—
Non-interest expense (numerator)	$	194,940		$	166,946		$	364,681		$	325,890
Net interest income	$	241,720		$	212,852		$	448,657		$	428,439
Tax equivalent adjustment	4,556			4,405			9,148			8,819
Plus: Total non-interest income	92,994			60,585			150,133			112,339
Less: Interest rate derivative transition valuation(1)	(137)			—			(288)			—
Less: Non-PCD Loans credit-related interest income from acquisition	(571)			—			(571)			—
Plus: Gain on acquisition, net of tax	(47,392)			—			(47,392)			—
Plus: Investment securities losses (gains), net	20,282			4			20,282			(19)
Total revenue (denominator)	$	311,452		$	277,846		$	579,969		$	549,578
Efficiency ratio	62.6		%	60.1		%	62.9		%	59.3		%
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program.
(2) Results are annualized.

40

RESULTS OF OPERATIONS

Three months ended June 30, 2024 compared to the three months ended June 30, 2023

Net Interest Income

FTE net interest income was $246.3 million for the three months ended June 30, 2024, an increase of $29.0 million, compared to $217.3 million for the same period in 2023. For the three months ended June 30, 2024, NIM increased to 3.43%, or 3 bps, compared to the same period in 2023. The Corporation manages the risk associated with changes in interest rates through the techniques described within Part 1, "Item 3, Quantitative and Qualitative Disclosures About Market Risk" in this Quarterly Report on Form 10-Q. The following table provides a comparative average balance sheet and net interest income analysis for those periods. Interest income and yields are presented on an FTE basis, using a 21% federal tax rate, and statutory interest expense disallowances. The discussion following this table is based on these taxable-equivalent amounts.

	Three months ended June 30
	2024						2023
	Average Balance		Interest (1)		Yield/ Rate		Average Balance		Interest (1)		Yield/ Rate
ASSETS	(dollars in thousands)
Interest-earning assets:
Net loans(2)	$	23,345,914	$	355,533	6.12	%	$	20,866,235	$	287,154	5.52	%
Investment securities(3)	4,396,050		33,799		3.07		4,234,096		27,303		2.57
Other interest-earning assets	1,125,886		15,730		5.61		529,582		4,860		3.68
Total interest-earning assets	28,867,850		405,062		5.64		25,629,913		319,317		4.99
Noninterest-earning assets:
Cash and due from banks	302,381						129,682
Premises and equipment	203,166						216,847
Other assets	1,759,138						1,541,657
Less: ACL - loans(4)	(357,644)						(282,532)
Total Assets	$	30,774,891					$	27,235,567
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits	$	7,080,302	$	31,748	1.80	%	$	5,535,669	$	14,612	1.06	%
Savings and money market deposits	7,309,141		44,901		2.47		6,632,572		29,289		1.77
Brokered deposits	1,123,328		15,074		5.40		954,773		12,135		5.10
Time deposits	3,670,158		39,364		4.31		2,063,038		13,763		2.68
Total interest-bearing deposits	19,182,929		131,087		2.75		15,186,052		69,799		1.84
Borrowings and other interest-bearing liabilities	2,441,691		27,699		4.53		2,790,860		32,261		4.60
Total interest-bearing liabilities	21,624,620		158,786		2.95		17,976,912		102,060		2.27
Noninterest-bearing liabilities:
Demand deposits	5,460,025						6,021,091
Other liabilities	737,575						590,100
Total Liabilities	27,822,220						24,588,103
Shareholders’ equity	2,952,671						2,647,464
Total Liabilities and Shareholders’ Equity	$	30,774,891					$	27,235,567
Net interest income/net interest margin (FTE)			246,276		3.43	%			217,257		3.40	%
Tax equivalent adjustment			(4,556)						(4,405)
Net interest income			$	241,720					$	212,852

(1) Presented on a FTE basis using a 21% federal tax rate and statutory interest expense disallowances.

(2) Average balance includes non-performing loans.

(3) Balances include amortized historical cost for AFS. The related unrealized holding gains (losses) are included in other assets.

(4) ACL - loans relates to the ACL specifically for net loans and does not include the ACL for OBS credit exposures, which is included in other liabilities.

41

The following table summarizes the changes in FTE interest income and interest expense resulting from changes in average balances (volume) and changes in yields and rates for the three months ended June 30, 2024 in comparison to the same period in 2023:

	2024 vs. 2023 Increase (Decrease) due to change in
	Volume		Yield/Rate		Net
	(dollars in thousands)
FTE Interest income on:
Net loans(1)	$	35,713	$	32,666	$	68,379
Investment securities	1,067		5,429		6,496
Other interest-earning assets	7,416		3,454		10,870
Total interest income	$	44,196	$	41,549	$	85,745
Interest expense on:
Demand deposits	$	4,893	$	12,243	$	17,136
Savings and money market deposits	3,201		12,411		15,612
Brokered deposits	2,204		735		2,939
Time deposits	14,377		11,224		25,601
Borrowings and other interest-bearing liabilities	(4,067)		(495)		(4,562)
Total interest expense	$	20,608	$	36,118	$	56,726

(1) Average balance includes non-performing loans.

Note: Changes which are partially attributable to both volume and rate are allocated to the volume and rate components presented above based on the percentage of direct changes that are attributable to each component.

Compared to the second quarter of 2023, FTE total interest income for the second quarter of 2024 increased $85.7 million, or 26.9%, primarily due to an increase of $44.2 million attributable to changes in volume, of which $35.7 million related to average net loans. Also contributing to the increase in FTE total interest income was $41.5 million attributable to changes in yield, of which $32.7 million related to net loans. The yield on average interest-earning assets increased 65 bps in the second quarter of 2024 compared to the same period in 2023. Overall, the increase in FTE interest income was largely due to net loans acquired and cash received in the Republic First Transaction as well as an increase in interest rates.

In the second quarter of 2024, interest expense increased $56.7 million compared to the second quarter of 2023, primarily driven by an increase in the rate on interest-bearing liabilities resulting in a $36.1 million increase in interest expense. The increase in interest expense attributable to rate was driven by increases in the rates on savings and money market deposits, demand deposits and time deposits. The increase in interest expense attributable to volume was primarily due to increases in average time deposits. The increase in interest expense on deposits was in part due to deposits assumed in the Republic First Transaction.

Average loans and average FTE yields, by type, are summarized in the following table:

	Three months ended June 30
	2024				2023				Increase (Decrease)
	Balance		Yield		Balance		Yield		$		%
	(dollars in thousands)
Real estate – commercial mortgage	$	8,958,139	6.57	%	$	7,775,436	5.93	%	$	1,182,703	15.2	%
Commercial and industrial	4,853,583		6.90		4,629,919		6.16		223,664		4.8
Real estate – residential mortgage	5,977,132		4.19		5,008,295		3.70		968,837		19.3
Real estate – home equity	1,117,367		7.33		1,066,615		6.93		50,752		4.8
Real estate – construction	1,430,057		7.42		1,306,286		6.68		123,771		9.5
Consumer	685,183		6.84		763,407		5.85		(78,224)		(10.2)
Leases and other loans(1)	324,453		6.05		316,277		4.48		8,176		2.6
Total loans	$	23,345,914	6.12	%	$	20,866,235	5.52	%	$	2,479,679	11.9	%

(1) Consists of equipment lease financing, overdrafts and net origination fees and costs.

42

During the second quarter of 2024, average net loans increased $2.5 billion, or 11.9%, compared to the same period in 2023. The increase in average net loans was primarily due to $1.8 billion of average net loans acquired in the Republic First Transaction. Excluding the Republic First Transaction, average net loans increased $655.4 million largely due to increases of $478.0 million and $431.5 million in average commercial mortgage loans and residential mortgage loans, respectively, partially offset by decreases of $142.6 million and $71.2 million in average commercial and industrial loans and average consumer loans, respectively.

The yield on total loans increased 60 bps to 6.12% for the second quarter of 2024, compared to 5.52% for the same period in 2023, primarily due to rising interest rates and net loans acquired in the Republic First Transaction being accounted for at current market interest rates.

Average deposits and average interest rates, by type, are summarized in the following table:

	Three months ended June 30
	2024				2023				Increase (Decrease)
	Balance		Rate		Balance		Rate		$		%
	(dollars in thousands)
Noninterest-bearing demand	$	5,460,025	—	%	$	6,021,091	—	%	$	(561,066)	(9.3)	%
Interest-bearing demand	7,080,302		1.80		5,535,669		1.06		1,544,633		27.9
Savings and money market deposits	7,309,141		2.47		6,632,572		1.77		676,569		10.2
Total demand deposits and savings and money market deposits	19,849,468		1.55		18,189,332		0.97		1,660,136		9.1
Brokered deposits	1,123,328		5.40		954,773		5.10		168,555		17.7
Time deposits	3,670,158		4.31		2,063,038		2.68		1,607,120		77.9
Total deposits	$	24,642,954	2.14	%	$	21,207,143	1.32	%	$	3,435,811	16.2	%

The cost of deposits increased 82 bps, to 2.14%, for the second quarter of 2024 compared to 1.32% for the same period in 2023, primarily due to an increase in rates and a change in the mix of deposits.

Average deposits increased $3.4 billion during the second quarter of 2024 compared to the same period in 2023, primarily due to $2.9 billion of average deposits assumed in the Republic First Transaction. Excluding the Republic First Transaction, average deposits increased $652.6 million largely due to increases of $1.2 billion, $233.3 million, $191.4 million and $140.5 million in average time deposits, average savings and money market deposits, average interest-bearing demand deposits and brokered deposits, respectively, partially offset by a decrease of $1.1 billion in noninterest-bearing demand deposits.

Average borrowings and interest rates, by type, are summarized in the following table:

	Three months ended June 30
	2024				2023				Increase (Decrease)
	Balance		Rate		Balance		Rate		$		%
	(dollars in thousands)
Federal funds purchased	$	32,637	5.97	%	$	679,401	5.31	%	$	(646,764)	(95.2)	%
Federal Home Loan Bank advances	833,726		4.64		880,811		5.34		(47,085)		(5.3)
Senior debt and subordinated debt	535,656		3.96		539,906		3.96		(4,250)		(0.8)
Other borrowings and interest-bearing liabilities(1)	1,039,672		4.51		690,742		3.47		348,930		50.5
Total borrowings and other interest-bearing liabilities	$	2,441,691	4.53	%	$	2,790,860	4.60	%	$	(349,169)	(12.5)	%

(1) Includes repurchase agreements, short-term promissory notes, capital leases and collateral liabilities.

Average borrowings and other interest-bearing liabilities decreased $349.2 million in the second quarter of 2024 compared to the same period in 2023. The decrease in average borrowings and other interest-bearing liabilities was primarily due to decreases in average Federal funds purchased and average FHLB advances of $646.8 million and $47.1 million, respectively, partially offset by an increase in average other borrowings and interest-bearing liabilities of $348.9 million.

43

Provision for Credit Losses

The provision for credit losses was $32.1 million for the three months ended June 30, 2024 compared to $9.7 million in the same period in 2023. The increase was primarily due to the Republic First Transaction, which included a provision for credit losses of $23.4 million for non-PCD Loans.

Non-Interest Income

The following table presents the components of non-interest income:

	Three months ended June 30				Increase (Decrease)
	2024		2023		$		%
	(dollars in thousands)
Wealth management	$	20,990	$	18,678	$	2,312	12.4	%
Commercial banking:
Merchant and card	7,798		7,700		98		N/M
Cash management	6,966		5,835		1,131		19.4
Capital markets	2,585		6,092		(3,507)		(57.6)
Other commercial banking	4,061		3,518		543		15.4
Total commercial banking	21,410		23,145		(1,735)		(7.5)
Consumer banking:
Card	8,305		6,592		1,713		26.0
Overdraft	3,377		2,696		681		25.3
Other consumer banking	2,918		2,432		486		20.0
Total consumer banking	14,600		11,720		2,880		24.6
Mortgage banking	3,951		2,940		1,011		34.4
Other	4,933		4,106		827		20.1
Subtotal	65,884		60,589		5,295		8.7
Gain on acquisition, net of tax	47,392		—		47,392		N/M
Investment securities gains (losses), net	(20,282)		(4)		(20,278)		N/M
Total Non-Interest Income	$	92,994	$	60,585	$	32,409	53.5	%

Compared to the three months ended June 30, 2023, non-interest income before investment securities gains (losses) and gain on acquisition, net of tax, increased $5.3 million, or 8.7%, from $60.6 million. The increase in non-interest income was primarily due to $2.8 million from acquired operations in the Republic First Transaction. Also contributing to the increase in non-interest income before investment securities gain (losses) were increases of $2.3 million in wealth management revenues due to an increase in assets under management, $1.1 million in cash management fee income due to an increase in account analysis fees with customers electing to move funds to interest-bearing deposit accounts and $1.0 million in mortgage banking income driven by higher loan sale volumes and higher spreads, partially offset by a $3.6 million decrease in commercial customer interest rate swap fee income, reflected in capital markets.

In May 2024, the Corporation sold $345.7 million AFS securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding investment securities of a similar type and similar duration.

44

Non-Interest Expense

The following table presents the components of non-interest expense:

	Three months ended June 30				Increase (Decrease)
	2024		2023		$		%
	(dollars in thousands)
Salaries and employee benefits	$	109,466	$	94,102	$	15,364	16.3	%
Data processing and software	20,357		16,776		3,581		21.3
Net occupancy	17,793		14,374		3,419		23.8
Other outside services	11,773		10,834		939		8.7
FDIC insurance	6,696		4,895		1,801		36.8
Intangible amortization	4,688		1,072		3,616		337.3
Equipment	4,561		3,530		1,031		29.2
Professional fees	2,571		1,829		742		40.6
Marketing	2,101		1,655		446		26.9
Other	19,622		18,951		671		3.5
Subtotal	199,628		168,018		31,610		18.8
Gain on Sale-Leaseback Transaction	(20,266)		—		(20,266)		N/M
Acquisition-related expenses	13,803		—		13,803		N/M
FultonFirst implementation and asset disposals	6,323		—		6,323		N/M
Total non-interest expense	$	199,488	$	168,018	$	31,470	18.7	%

Excluding the gain on the Sale-Leaseback Transaction, acquisition-related expenses and FultonFirst implementation and asset disposal costs, non-interest expense increased $31.6 million, or 18.8%, for the three months ended June 30, 2024 compared to the same period in 2023. The increase in non-interest expense was primarily due to $21.1 million from the acquired operations in the Republic First Transaction and $6.9 million in salaries and benefits expense driven by annual merit increases, an increase in the number of employees, higher variable incentive compensation expense and higher healthcare claims expense.

Income Taxes

The Corporation's ETR was 7.9% for the three months ended June 30, 2024. Excluding the impact from the $47.3 million gain on acquisition, net of tax, the Corporation's ETR was 14.7% for the three months ended June 30, 2024 compared to 16.8% for the same period in 2023.

45

Six months ended June 30, 2024 compared to the six months ended June 30, 2023

Net Interest Income

FTE net interest income increased $20.5 million to $457.8 million for the six months ended June 30, 2024, from $437.3 million for the same period in 2023. NIM decreased 9 bps to 3.37%, compared to 3.46% for the same period in 2023. The following table provides a comparative average balance sheet and net interest income analysis for those periods. Interest income and yields are presented on an FTE basis, using a 21% federal tax rate, and statutory interest expense disallowances. The discussion following this table is based on these taxable-equivalent amounts.

	Six months ended June 30
	2024						2023
	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
ASSETS	(dollars in thousands)
Interest-earning assets:
Net loans(1)	$	22,357,972	$	669,414	6.02	%	$	20,665,779	$	550,219	5.36	%
Investment securities(2)	4,189,901		60,847		2.90		4,261,718		54,824		2.57
Other interest-earning assets	699,547		19,059		5.47		511,456		8,508		3.34
Total interest-earning assets	27,247,420		749,320		5.52		25,438,953		613,551		4.85
Noninterest-earning assets:
Cash and due from banks	292,638						135,436
Premises and equipment	213,270						219,920
Other assets	1,686,941						1,552,669
Less: ACL - loans(3)	(326,950)						(277,942)
Total Assets	$	29,113,319					$	27,069,036
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits	$	6,338,513	$	52,248	1.66	%	$	5,431,696	$	23,067	0.86	%
Savings and money market deposits	6,989,186		83,699		2.41		6,551,470		49,824		1.53
Brokered deposits	1,103,356		29,728		5.42		698,644		17,308		5.00
Time deposits	3,319,249		68,986		4.18		1,880,970		21,221		2.28
Total interest-bearing deposits	17,750,304		234,661		2.66		14,562,780		111,420		1.54
Borrowings and other interest-bearing liabilities	2,525,034		56,854		4.49		2,928,819		64,873		4.43
Total interest-bearing liabilities	20,275,338		291,515		2.89		17,491,599		176,293		2.03
Noninterest-bearing liabilities:
Demand deposits	5,260,550						6,329,701
Other liabilities	717,623						617,252
Total Liabilities	26,253,511						24,438,552
Shareholders’ equity	2,859,808						2,630,484
Total Liabilities and Shareholders’ Equity	$	29,113,319					$	27,069,036
Net interest income/net interest margin (FTE)			457,805		3.37	%			437,258		3.46	%
Tax equivalent adjustment			(9,148)						(8,819)
Net interest income			$	448,657					$	428,439

(1) Average balance includes non-performing loans.

(2) Balances include amortized historical cost for AFS. The related unrealized holding gains (losses) are included in other assets.

(3) ACL - loans relates to the ACL specifically for net loans and does not include the ACL for OBS credit exposures, which is included in other liabilities.

46

The following table summarizes the changes in FTE interest income and interest expense resulting from changes in average balances (volume) and changes in yields and rates for the six months ended June 30, 2024 in comparison to the same period in 2023:

	2024 vs. 2023 Increase (Decrease) due to change in
	Volume		Yield/Rate		Net
	(dollars in thousands)
FTE interest income on:
Net loans (1)	$	47,606	$	71,589	$	119,195
Investment securities	(924)		6,947		6,023
Other interest-earning assets	3,859		6,692		10,551
Total interest income	$	50,541	$	85,228	$	135,769
Interest expense on:
Demand deposits	$	4,440	$	24,741	$	29,181
Savings and money market deposits	3,525		30,350		33,875
Brokered deposits	10,847		1,573		12,420
Time deposits	22,856		24,909		47,765
Borrowings and other interest-bearing liabilities	(8,893)		874		(8,019)
Total interest expense	$	32,775	$	82,447	$	115,222

(1) Average balance includes non-performing loans.

Note: Changes which are partially attributable to both volume and rate are allocated to the volume and rate components presented above based on the percentage of direct changes that are attributable to each component.

Compared to the same period in 2023, FTE total interest income for the six months ended June 30, 2024 increased $135.8 million due to increases of $85.2 million attributable to changes in yield, of which $71.6 million was attributable to net loans, and $50.5 million attributable to changes in volume, of which $47.6 million was attributable to average net loans. The yield on average interest-earning assets increased 67 bps in the six months ended June 30, 2024 compared to the same period in 2023. The increase in FTE interest income was largely due to net loans and cash acquired in the Republic First Transaction as well as an increase in interest rates.

For the six months ended June 30, 2024, interest expense increased $115.2 million compared to the same period in 2023, primarily driven by an increase in the rate on interest-bearing liabilities resulting in an $82.4 million increase in interest expense. The increase in interest expense attributable to rate was driven by increases in the rates on savings and money market deposits, time deposits and demand deposits. The increase in interest expense attributable to volume was $32.8 million primarily driven by increases in average time deposits and average brokered deposits, partially offset by a decrease in average borrowings and other interest-bearing liabilities. The increase in interest expense on deposits was in part due to deposits assumed in the Republic First Transaction.

47

Average loans and average FTE yields, by type, are summarized in the following table:

	Six months ended June 30
	2024				2023				Increase (Decrease)
	Balance		Yield		Balance		Yield		$		%
	(dollars in thousands)
Real estate – commercial mortgage	$	8,562,077	6.46	%	$	7,748,356	5.74	%	$	813,721	10.5	%
Commercial and industrial	4,685,383		6.79		4,598,097		5.97		87,286		1.9
Real estate - residential mortgage	5,665,518		4.08		4,900,182		3.64		765,336		15.6
Real estate - home equity	1,078,344		7.33		1,076,270		6.65		2,074		0.2
Real estate – construction	1,335,348		7.43		1,291,299		6.49		44,049		3.4
Consumer	703,353		6.64		742,445		5.62		(39,092)		(5.3)
Leases and other loans (1)	327,949		5.38		309,130		4.29		18,819		6.1
Total loans	$	22,357,972	6.02	%	$	20,665,779	5.36	%	$	1,692,193	8.2	%

(1) Consists of equipment lease financing, overdrafts and net origination fees and costs.

During the six months ended June 30, 2024, average net loans increased $1.7 billion, or 8.2%, compared to the same period in 2023. The increase in average net loans was primarily due to $912.1 million of average net loans acquired in the Republic First Transaction. Excluding the Republic First Transaction, average net loans increased $780.1 million largely due to increases of $496.7 million and $461.4 million in average residential mortgage loans and average commercial mortgage loans, respectively, partially offset by decreases of $95.9 million, $35.6 million, $33.1 million and $32.0 million in average commercial and industrial loans, average consumer loans, average home equity loans and average construction loans, respectively.

The yield on total loans increased 66 bps for the first six months 2024 primarily due to rising interest rates and net loans acquired in the Republic First Transaction being accounted for at current market interest rates.

Average deposits and average interest rates, by type, are summarized in the following table:

	Six months ended June 30
	2024				2023				Increase (Decrease)
	Balance		Rate		Balance		Rate		$		%
	(dollars in thousands)
Noninterest-bearing demand	$	5,260,550	—	%	$	6,329,701	—	%	$	(1,069,151)	(16.9)	%
Interest-bearing demand	6,338,513		1.66		5,431,696		0.86		906,817		16.7
Savings and money market deposits	6,989,186		2.41		6,551,470		1.53		437,716		6.7
Total demand deposits and savings and money market deposits	18,588,249		1.47		18,312,867		0.80		275,382		1.5
Brokered deposits	1,103,356		5.42		698,644		5.00		404,712		57.9
Time deposits	3,319,249		4.18		1,880,970		2.28		1,438,279		76.5
Total deposits	$	23,010,854	2.05	%	$	20,892,481	1.08	%	$	2,118,373	10.1	%

The cost of total deposits increased 97 bps to 2.05% for the first six months of 2024 compared to 1.08% for the same period of 2023, primarily due to rising interest rates and a change in the mix of deposits.

Average deposits increased $2.1 billion largely due to $1.4 billion of average deposits assumed in the Republic First Transaction. Excluding the Republic First Transaction, average deposits increased $726.8 million largely due to increases of $1.2 billion, $390.7 million, $230.2 million and $216.1 million in average time deposits, average brokered deposits, average interest-bearing demand deposits and average savings and money market deposits, respectively, partially offset by a decrease of $1.3 billion in noninterest-bearing demand deposits.

48

Average borrowings and interest rates, by type, are summarized in the following table:

	Six months ended June 30
	2024				2023				Increase (Decrease)
	Balance		Rate		Balance		Rate		$		%
	(dollars in thousands)
Federal funds purchased	$	103,148	5.52	%	$	592,753	5.08	%	$	(489,605)	(82.6)
Federal Home Loan Bank advances	868,308		4.72		1,070,148		5.11		(201,840)		(18.9)
Senior debt and subordinated debt	535,567		3.96		539,817		3.96		(4,250)		(0.8)
Other borrowings and interest-bearing liabilities(1)	1,018,011		4.30		726,101		3.26		291,910		40.2
Total borrowings and other interest-bearing liabilities	$	2,525,034	4.49	%	$	2,928,819	4.43	%	$	(403,785)	(13.8)	%

(1) Includes repurchase agreements, short-term promissory notes and capital leases.

Average borrowings and other interest-bearing liabilities decreased $403.8 million during the first six months of 2024 compared to the same period in 2023. The decrease in average borrowings and other interest-bearing liabilities was primarily due to decreases in average Federal funds purchased and average FHLB advances of $489.6 million and $201.8 million, respectively, partially offset by an increase in average other borrowings and interest-bearing liabilities of $291.9 million.

Provision for Credit Losses

The provision for credit losses was $43.0 million for the six months ended June 30, 2023, compared to $34.3 million for the same period in 2023. The increase was primarily due to the Republic First Transaction, which included a provision for credit losses of $23.4 million for non-PCD Loans, partially offset by an elevated level of provision for credit losses in the same period in 2023 due to a $13.3 million charge-off for a commercial office loan.

49

Non-Interest Income

The following table presents the components of non-interest income:

	Six months ended June 30				Increase (Decrease)
	2024		2023		$		%
	(dollars in thousands)
Wealth management	$	41,144	$	36,740	$	4,404	12.0	%
Commercial banking:
Merchant and card	14,607		14,534		73		0.5
Cash management	13,271		11,350		1,921		16.9
Capital markets	4,926		8,436		(3,510)		(41.6)
Other commercial banking	7,434		6,338		1,096		17.3
Total commercial banking	40,238		40,658		(420)		(1.0)
Consumer banking:
Card	14,933		12,835		2,098		16.3
Overdraft	6,163		5,429		734		13.5
Other consumer banking	5,172		4,673		499		10.7
Total consumer banking	26,268		22,937		3,331		14.5
Mortgage banking	7,041		4,910		2,131		43.4
Other	8,332		7,075		1,257		17.8
Subtotal	123,023		112,320		10,703		9.5
Gain on acquisition, net of tax	47,392		—		47,392		N/M
Investment securities (losses) gains, net	(20,282)		19		(20,301)		N/M
Total Non-Interest Income	$	150,133	$	112,339	$	37,794	33.6	%

Non-interest income before investment securities gains (losses) and gain on acquisition, net of tax, increased $10.7 million, or 9.5%, during the six months ended June 30, 2024 compared to the same period in 2023. The increase in non-interest income was due to $2.8 million from acquired operations in the Republic First Transaction. The remaining increase in non-interest income before investment securities gains (losses) of $7.9 million included a $4.4 million increase in wealth management revenues due to an increase in assets under management, a $2.1 million increase in mortgage banking income from higher loan volumes and higher spreads and a $1.9 million increase in cash management fee income due to an increase in account analysis fees with customers electing to move funds to interest-bearing deposit accounts.

In May 2024, the Corporation sold $345.7 million available for sale securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding securities of a similar type and similar duration.

50

Non-Interest Expense

The following table presents the components of non-interest expense:

	Six months ended June 30				Increase (Decrease)
	2024		2023		$		%
	(dollars in thousands)
Salaries and employee benefits	$	204,705	$	183,385	$	21,320	11.6	%
Data processing and software	38,018		32,571		5,447		16.7
Net occupancy	33,943		28,812		5,131		17.8
Other outside services	22,582		20,960		1,622		7.7
FDIC insurance	12,800		9,690		3,110		32.1
Equipment	8,602		6,920		1,682		N/M
Intangible amortization	5,261		1,746		3,515		N/M
Professional fees	4,659		4,221		438		10.4
Marketing	4,012		3,541		471		13.3
Other	36,316		35,790		526		1.5
Subtotal	370,898		327,636		43,262		13.2
Gain on Sale-Leaseback Transaction	(20,266)		—		(20,266)		N/M
Acquisition-related expenses	13,803		—		13,803		N/M
FultonFirst implementation and asset disposals	12,652		—		12,652		N/M
Total non-interest expense	$	377,087	$	327,636	$	49,451	15.1	%

Excluding the gain on the Sale-Leaseback Transaction, acquisition-related expenses and FultonFirst implementation and asset disposal costs, non-interest expense increased $43.3 million, or 13.2%, for the six months ended June 30, 2024 compared to the same period in 2023. The increase in non-interest expense was due to a $21.1 million from acquired operations in the Republic First Transaction, $12.8 million in salaries and benefits expense driven by annual merit increases, an increase in the number of employees, lower deferred costs from loan origination activities and higher healthcare claims expense, $3.0 million in higher data processing and software expenses, a result of technology investments and $2.7 million in higher net occupancy costs.

Income Taxes

The Corporation's ETR was 12.2% for the six months ended June 30, 2024. Excluding the impact from the $47.3 million gain on acquisition, net of tax, the Corporation's ETR was 16.6% for the six months ended June 30, 2024 compared to 17.3% for the same period in 2023.

51

FINANCIAL CONDITION

The table below presents condensed consolidated ending balance sheets:

	June 30, 2024		December 31, 2023		Increase (Decrease)
					$		%
Assets	(dollars in thousands)
Cash and cash equivalents	$	1,396,282	$	549,710	$	846,572	N/M
FRB and FHLB Stock	125,297		124,405		892		0.7
Loans held for sale	26,822		15,158		11,664		76.9
Investment securities	4,184,027		3,666,274		517,753		14.1
Net loans, less ACL - loans	23,730,356		21,057,690		2,672,666		12.7
Net premises and equipment	180,642		222,881		(42,239)		(19.0)
Goodwill and intangibles	648,026		560,687		87,339		15.6
Other assets	1,478,361		1,375,110		103,251		7.5
Total Assets	$	31,769,813	$	27,571,915	$	4,197,898	15.2	%
Liabilities and Shareholders' Equity
Deposits	$	25,559,654	$	21,537,623	$	4,022,031	18.7	%
Borrowings	2,178,597		2,487,526		(308,929)		(12.4)
Other liabilities	929,953		786,627		143,326		18.2
Total Liabilities	28,668,204		24,811,776		3,856,428		15.5
Total Shareholders' Equity	3,101,609		2,760,139		341,470		12.4
Total Liabilities and Shareholders' Equity	$	31,769,813	$	27,571,915	$	4,197,898	15.2	%

Investment Securities

The following table presents the carrying amount of investment securities:

	June 30, 2024		December 31, 2023		Increase (Decrease)
					$		%
Available for Sale	(dollars in thousands)
U.S. Government securities	$	—	$	42,161	$	(42,161)	N/M
U.S. Government-sponsored agency securities	—		1,010		(1,010)		N/M
State and municipal securities	820,109		1,072,013		(251,904)		(23.5)
Corporate debt securities	337,398		440,551		(103,153)		(23.4)
Collateralized mortgage obligations	713,769		111,434		602,335		N/M
Residential mortgage-backed securities	557,191		196,795		360,396		N/M
Commercial mortgage-backed securities	511,127		534,388		(23,261)		(4.4)
Total available for sale securities	2,939,594		2,398,352		541,242		22.6
Held to Maturity
Residential mortgage-backed securities	384,956		407,075		(22,119)		(5.4)
Commercial mortgage-backed securities	859,477		860,847		(1,370)		(0.2)
Total held to maturity securities	1,244,433		1,267,922		(23,489)		(1.9)
Total Investment Securities	$	4,184,027	$	3,666,274	$	517,753	14.1	%

Compared to December 31, 2023, total AFS securities at June 30, 2024 increased $541.2 million, or 22.6%. The increase in AFS securities at June 30, 2024 compared to December 31, 2023 was primarily due to increases in collateralized mortgage obligations and residential mortgage-backed securities of $602.3 million and $360.4 million, respectively, partially offset by decreases in state and municipal securities and corporate debt securities of $251.9 million and $103.2 million, respectively.

52

At June 30, 2024, total HTM securities decreased $23.5 million compared to December 31, 2023, primarily driven by a decrease of $22.1 million in residential mortgage-backed securities due to payments.

Loans

The following table presents ending net loans outstanding by type:

	June 30, 2024		December 31, 2023		Increase (Decrease)
					$		%
	(dollars in thousands)
Real estate - commercial mortgage	$	9,289,770	$	8,127,728	$	1,162,042	14.3%
Commercial and industrial(1)	4,967,796		4,545,552		422,244		9.3%
Real estate - residential mortgage	6,248,856		5,325,923		922,933		17.3%
Real estate - home equity	1,120,878		1,047,184		73,694		7.0%
Real estate - construction	1,463,799		1,239,075		224,724		18.1%
Consumer	692,086		729,318		(37,232)		(5.1)%
Leases and other loans(2)	323,112		336,314		(13,202)		(3.9)%
Net loans	$	24,106,297	$	21,351,094	$	2,755,203	12.9%

(1) Includes no unearned income for June 30, 2024 and $41.0 thousand for December 31, 2023.

(2) Includes unearned income of $36.6 million for June 30, 2024 and $38.0 million for December 31, 2023.

During the six months ended June 30, 2024, net loans increased $2.8 billion, or 12.9%, compared to December 31, 2023. The increase in net loans during the first six months of 2024 was primarily due to net loans acquired in the Republic First Transaction of $2.5 billion based on preliminary fair values as of the Acquisition Date. The reduction in fair value on the acquired net loans as of the Acquisition Date was $378.9 million, which included an adjustment for interest rates of $299.5 million, an adjustment for credit of $55.9 million on PCD Loans and an adjustment for credit of $23.4 million for non-PCD Loans. Excluding the impact from the credit-related adjustment on PCD Loans of $55.9 million and purchase accounting accretion of $10.4 million, net loans acquired in the Republic First Transaction declined approximately $33.1 million subsequent to the Acquisition Date. Excluding net loans acquired in the Republic First Transaction, net loans increased $216.9 million, or 1.0%, largely due to increases of $172.7 million, $119.7 million and $73.9 million in residential mortgage loans, commercial mortgage loans and construction loans, respectively, partially offset by a $84.1 million decrease in commercial and industrial loans.

The Corporation does not have a significant concentration of credit risk with any single borrower. As of June 30, 2024, approximately $10.8 billion, or 44.6%, of the loan portfolio was comprised of commercial mortgage loans and construction loans.

The Corporation has established lower total lending limits for certain types of commercial lending commitments and lower total lending limits based on the Corporation's internal risk rating of an individual borrower at the time the lending commitment is approved. The Corporation adheres to loan portfolio management practices, which include requiring an annual review of the majority of loans. Additionally, management monitors the loan portfolio throughout the year taking into account, among other things, the size, complexity and level risk of loans and individual borrowers. An independent loan review function assesses the portfolio for internal risk rating accuracy and loan servicing policy requirements. The Corporation consolidates risk migrations to identify emerging risks by industry and real estate property types, taking into consideration economic forecasts and industry trends. Recently, the Corporation identified the office and multi-family commercial mortgage loan portfolios as posing heightened risks and consequently moderated the volume of new loan originations. The Corporation takes a risk-based approach when reviewing a specific loan portfolio, such as the office loan or multi-family loan portfolios. The Corporation reviews portfolio concentrations and adjusts the lending limits based on asset quality, economic forecasts and industry outlook.

53

The following table summarizes the industry concentrations within the commercial mortgage and the commercial and industrial loan portfolios:

	June 30, 2024		December 31, 2023
Real estate(1)	43.0	%	46.6	%
Health care	6.2		6.6
Retail	6.2		3.3
Manufacturing	5.9		6.1
Other services	5.2		4.5
Agriculture	5.0		5.6
Hospitality and food services	4.2		3.6
Construction(2)	3.7		4.1
Wholesale trade	2.9		3.2
Educational services	2.9		2.9
Professional, scientific and technical services	2.6		2.2
Arts, entertainment and recreation	2.2		1.9
Transportation and warehousing	1.7		1.7
Finance and Insurance	1.4		1.3
Public administration	1.2		1.0
Administrative and Support	0.9		1.1
Other	4.8		4.3
Total	100.0	%	100.0	%

(1) Includes commercial loans to borrowers engaged in the business of renting, leasing or managing real estate for others; selling and/or buying real estate for

others; and appraising real estate.

(2) Includes commercial loans to borrowers engaged in the construction industry.

The commercial mortgage loan portfolio consists of 44% owner occupied commercial mortgage loans and 56% of non-owner occupied commercial mortgage loans as of June 30, 2024. The following table summarizes the non-owner occupied commercial mortgage loan portfolio and the percent to total net loans.

	June 30, 2024				December 31, 2023
	$		%		$		%
	(dollars in thousands)
Multi-family	$	1,431,845	5.9	%	$	1,147,612	5.4	%
Retail trade	1,125,962		4.7		893,029		4.2
Industrial	867,391		3.6		634,533		3.0
Office	781,608		3.2		640,403		3.0
Hospitality and food services	469,453		1.9		453,305		2.1
Other	506,528		2.1		498,122		2.3
Total non-owner occupied commercial mortgage loans	$	5,182,787	21.5	%	$	4,267,004	20.0	%

54

The following table summarizes the commercial mortgage office non-owner occupied loan portfolio outstanding balance, total commitment and LTV ratio by Metropolitan Statistical Area:

	June 30, 2024						December 31, 2023
	Outstanding Balance		Total Commitment		Weighted Average LTV (1)		Outstanding Balance		Total Commitment		Weighted Average LTV (1)
	(dollars in thousands)
Philadelphia(2)	$	334,294	$	372,558	65	%	$	241,596	$	247,395	56	%
New York(3)	99,019		104,560		68		60,149		62,565		71
Washington, D.C.(4)	91,920		91,920		56		97,270		97,847		56
Baltimore (5)	83,206		84,303		47		82,573		82,577		51
Other	173,169		185,021		63		158,815		161,533		61
Total office non-owner occupied commercial real estate	$	781,608	$	838,362	62	%	$	640,403	$	651,917	58	%

(1) Weighted Average LTV as of origination.

(2) Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

(3) New York-Newark-Jersey City, NY-NJ-PA

(4) Washington-Arlington-Alexandria, DC-VA-MD-WV

(5) Baltimore-Columbia-Towson, MD

The non-owner occupied commercial mortgage office loan portfolio table above excludes commercial construction loans secured by office property collateral with a total outstanding balance of $48.9 million and outstanding loan commitment of $57.4 million as of June 30, 2024.

The following table summarizes the commercial mortgage multi-family non-owner occupied loan portfolio outstanding balance, total commitment and LTV ratio by Metropolitan Statistical Area:

	June 30, 2024						December 31, 2023
	Outstanding Balance		Total Commitment		Weighted Average LTV (1)		Outstanding Balance		Total Commitment		Weighted Average LTV (1)
	(dollars in thousands)
Philadelphia(2)	$	676,646	$	709,088	61	%	$	467,749	$	480,942	57	%
New York(3)	124,458		131,619		71		53,153		53,642		72
Baltimore(4)	69,295		69,475		61		54,675		54,879		56
Washington, D.C.(5)	31,032		33,493		43		87,020		92,483		51
Lancaster, PA	134,548		143,668		69		159,691		169,437		66
Other	395,866		437,354		60		325,324		361,693		65
Total multi-family non-owner occupied commercial real estate	$	1,431,845	$	1,524,697	62	%	$	1,147,612	$	1,213,076	59	%

(1) Weighted Average LTV as of origination.

(2) Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

(3) New York-Newark-Jersey City, NY-NJ-PA

(4) Washington-Arlington-Alexandria, DC-VA-MD-WV

(5) Baltimore-Columbia-Towson, MD

The non-owner occupied commercial mortgage multi-family loan table above excludes commercial construction loans secured by multi-family property collateral with a total outstanding loan balance of $469.1 million and outstanding loan commitment of $874.6 million as of June 30, 2024.

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The following table presents the changes in non-accrual loans for the three months and six months ended June 30, 2024:

	Commercial  and Industrial		Real Estate - Commercial Mortgage		Real Estate - Construction		Real Estate - Residential Mortgage		Consumer and Real Estate - Home Equity		Leases and other loans		Total
	(dollars in thousands)
Balance at March 31, 2024	$	43,735	$	45,961	$	1,286	$	23,245	$	5,310	$	10,091	$	129,628
Additions	24,420		13,078		—		3,272		3,593		1,664		46,027
Payments	(7,386)		(4,994)		(60)		(1,771)		(425)		(404)		(15,040)
Charge-offs	(2,955)		(7,853)		—		(35)		(1,766)		(1,398)		(14,007)
Transfers to accrual status	(540)		—		—		—		—		—		(540)
Transfers to OREO	—		—		—		(248)		(190)		—		(438)
Balance at June 30, 2024	$	57,274	$	46,192	$	1,226	$	24,463	$	6,522	$	9,953	$	145,630
Six months ended June 30, 2024
Balance at December 31, 2023	$	39,952	$	44,805	$	1,341	$	20,824	$	4,805	$	9,893	$	121,620
Additions	55,362		24,316		—		5,974		6,746		2,912		95,310
Payments	(19,450)		(14,870)		(115)		(2,165)		(697)		(649)		(37,946)
Charge-offs	(10,587)		(7,879)		—		(286)		(4,004)		(2,203)		(24,959)
Transfers to accrual status	(8,003)		(180)		—		(142)		(138)		—		(8,463)
Transfers to OREO	—		—		—		258		(190)		—		68
Balance at June 30, 2024	$	57,274	$	46,192	$	1,226	$	24,463	$	6,522	$	9,953	$	145,630

During the six months ended June 30, 2024, non-accrual loans increased by approximately $24.0 million, or 19.7%, largely due to additions to non-accrual loans acquired in the Republic First Transaction of $22.7 million. During the six months ended June 30, 2024, non-accrual loans as a percentage of total net loans increased to 0.60%, compared to 0.57% as of December 31, 2023.

The following table summarizes non-performing assets as of the periods shown below:

	June 30, 2024			December 31, 2023
	(dollars in thousands)
Non-accrual loans	$	145,630		$	121,620
Loans 90 days or more past due and still accruing	26,962			31,721
Total non-performing loans	172,592			153,341
OREO(1)	1,444			896
Total non-performing assets	$	174,036		$	154,237
Non-accrual loans to total loans	0.60		%	0.57		%
Non-performing loans to total loans	0.72		%	0.72		%
Non-performing assets to total assets	0.55		%	0.56		%
ACL - loans to non-performing loans	218		%	191		%

(1) Excludes $24.2 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 2024

and December 31, 2023, respectively.

Non-performing loans at June 30, 2024 increased $19.3 million, or 12.6%, compared to $153.3 million as of December 31, 2023. The increase in non-performing loans during the first six months of 2024 was primarily due to additions to non-accrual loans from the Republic First Transaction of $22.7 million. Non-performing loans as a percentage of total net loans were 0.72% at June 30, 2024 and December 31, 2023. See "Note 5 - Loans and Allowance for Credit Losses," in the Notes to Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further details on non-performing loans.

The ability to identify potential problem loans in a timely manner is important to maintaining an adequate ACL. For commercial and industrial loans, commercial mortgages and commercial construction loans to commercial borrowers, an

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internal risk rating process is used to monitor credit quality. The evaluation of credit risk for residential mortgages, home equity loans, construction loans to individuals, consumer loans and leases and other loans is based on payment history, through the monitoring of delinquency levels and trends.

Total internally risk-rated loans were $15.5 billion and $13.7 billion as of June 30, 2024 and December 31, 2023, respectively, of which $2.0 billion and $0.9 billion were criticized and classified, respectively. For a description of the Corporation's risk ratings, see "Note 1 - Summary of Significant Accounting Policies - Allowance for Credit Losses" in the Notes to Consolidated Financial Statements in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023.

The following table presents criticized and classified loans, or those with internal risk ratings of special mention or substandard or lower for commercial mortgages, commercial and industrial loans and construction loans to commercial borrowers, by class segment:

	Special Mention(1)						Increase (Decrease)			Substandard or Lower(2)						Increase (Decrease)				Total Criticized and Classified Loans
	June 30, 2024			December 31, 2023			$		%	June 30, 2024			December 31, 2023			$		%		June 30, 2024			December 31, 2023
	(dollars in thousands)
Real estate - commercial mortgage	$	755,031		$	302,553		$	452,478	149.6%	$	373,983		$	224,774		$	149,209	66.4	%	$	1,129,014		$	527,327
Commercial and industrial	393,976			135,837			258,139		190.0	300,484			196,500			103,984		52.9		694,460			332,337
Real estate - construction(3)	126,897			38,520			88,377		229.4	51,382			26,771			24,611		91.9		178,279			65,291
Total	$	1,275,904		$	476,910		$	798,994	167.5%	$	725,849		$	448,045		$	277,804	62.0%		$	2,001,753		$	924,955
% of total risk rated loans	8.2		%	3.5		%				4.7		%	3.3		%					12.9		%	6.8		%

(1) Considered "criticized" loans by banking regulators.

(2) Considered "classified" loans by banking regulators.

(3) Excludes construction - other.

The Corporation accounts for the credit risk associated with lending activities through the ACL and the provision for credit losses.

The increase of $799.0 million in special mention loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $776.9 million as of June 30, 2024. The increase of $277.8 million in substandard or lower loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $166.5 million as of June 30, 2024.

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The following table presents the activity in the ACL:

	Three months ended June 30						Six months ended June 30
	2024			2023			2024			2023
	(dollars in thousands)
Average balance of net loans	$	23,345,914		$	20,866,235		$	22,357,972		$	20,665,779
Balance of ACL at beginning of period	$	297,888		$	278,695		$	293,404		$	269,366
CECL Day 1 Provision(1)	23,444			—			23,444			—
Initial PCD allowance for credit losses	55,906			—			55,906			—
Loans charged off:
Real estate - commercial mortgage	(7,853)			(230)			(7,879)			(13,592)
Commercial and industrial	(2,955)			(2,017)			(10,587)			(2,629)
Real estate - residential mortgage	(35)			(62)			(286)			(62)
Consumer and real estate - home equity	(1,766)			(1,313)			(4,004)			(3,519)
Real estate - construction	—			—			—			—
Leases and other loans	(1,398)			(1,165)			(2,203)			(1,888)
Total loans charged off	(14,007)			(4,787)			(24,959)			(21,690)
Recoveries of loans previously charged off:
Real estate - commercial mortgage	146			29			298			815
Commercial and industrial	796			988			2,044			2,074
Real estate - residential mortgage	122			58			238			106
Consumer and real estate - home equity	1,161			959			1,837			1,620
Real estate - construction	233			569			233			771
Leases and other loans	247			213			409			329
Total recoveries	2,705			2,816			5,059			5,715
Net loans charged off (recoveries)	(11,302)			(1,971)			(19,900)			(15,975)
Provision for credit losses(1)(2)	10,005			10,718			23,087			34,051
Balance of ACL at end of period	$	375,941		$	287,442		$	375,941		$	287,442
Provision for OBS credit exposures(1)	$	(1,393)		$	(971)		$	(3,550)		$	240
Reserve for OBS credit exposures(3)	$	14,540		$	16,568		$	14,540		$	16,568
Net charge-offs to average loans (annualized)	0.19		%	0.04		%	0.18		%	0.15		%

(1) These amounts are reflected in the provision for credit losses in the Consolidated Statements of Income.

(2) Provision included in the table only includes the portion related to Net loans.

(3) Reserve for OBS credit exposures is recorded with other liabilities on the consolidated balance sheets.

The provision for credit losses, specific to loans, for the three months ended June 30, 2024 was $10.0 million compared to a provision of $10.7 million recorded for the same period in 2023. The provision for credit losses, specific to loans, for the six months ended June 30, 2024 was $23.1 million compared to a provision of $34.1 million recorded for the same period in 2023. During the second quarter of 2024, a provision for credit losses of $23.4 million was recorded for non-PCD Loans acquired in the Republic First Transaction. Additionally, included in the ACL during the second quarter of 2024 was $55.9 million recorded for PCD Loans acquired in the Republic First Transaction.

The ACL includes qualitative adjustments, as appropriate, intended to capture the impact of uncertainties not reflected in the quantitative models. See "Note 5 - Loans and Allowance for Credit Losses," in the Notes to Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further details on the provision for credit losses.

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The following table summarizes the allocation of the ACL - loans:

	June 30, 2024						December 31, 2023
	ACL - loans		% to Total ACL - loans(1)		% to Total Net Loans(2)		ACL - loans		% to Total ACL - loans(1)		% to Total Net Loans(2)
	(dollars in thousands)
Real estate - commercial mortgage	$	156,165	41.5	%	38.5	%	$	112,565	38.4	%	38.1	%
Commercial and industrial	94,623		25.2		20.6		74,266		25.3		21.3
Real estate - residential mortgage	89,714		23.9		25.9		73,286		25.0		24.9
Consumer, home equity and leases and other loans	20,829		5.5		8.9		20,992		7.1		9.9
Real estate - construction	14,610		3.9		6.1		12,295		4.2		5.8
Total ACL - loans	$	375,941	100.0	%	100.0	%	$	293,404	100.0	%	100.0	%

(1) Ending ACL - loan portfolio segment balance as a % of total ACL - loans.

(2) Ending loan portfolio segment balances as a % of total net loans for the periods presented.

Deposits and Borrowings

The following table presents ending deposits by type:

	June 30, 2024		December 31, 2023		Increase (Decrease)
					$		%
	(dollars in thousands)
Noninterest-bearing demand	$	5,609,383	$	5,314,094	$	295,289	5.6	%
Interest-bearing demand	7,478,077		5,722,695		1,755,382		30.7
Savings and money market deposits	7,563,495		6,616,901		946,594		14.3
Total demand and savings	20,650,955		17,653,690		2,997,265		17.0
Brokered deposits	995,975		1,144,692		(148,717)		(13.0)
Time deposits	3,912,724		2,739,241		1,173,483		42.8
Total deposits	$	25,559,654	$	21,537,623	$	4,022,031	18.7	%

During the six months ended June 30, 2024, total deposits increased by $4.0 billion, or 18.7%, compared to December 31, 2023. The increase in total deposits was largely due to $4.1 billion of deposits assumed in the Republic First Transaction based on estimated fair values as of the Acquisition Date, which declined approximately $357.3 million subsequent to the Acquisition Date. Excluding the Republic First Transaction, total deposits increased approximately $267.0 million largely due to increases of $556.1 million and $331.9 million in time deposits and savings and money market deposits, respectively, partially offset by decreases of $416.4 million and $183.1 million in noninterest-bearing demand deposits and brokered deposits, respectively.

Total uninsured deposits were estimated to be $8.7 billion and $7.2 billion at June 30, 2024 and December 31, 2023, respectively.

Time deposits of $250 thousand or more were $848.8 million and $551.2 million at June 30, 2024 and December 31, 2023, respectively.

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The following table presents ending borrowings by type:

	June 30, 2024		December 31, 2023		Increase (Decrease)
					$		%
	(dollars in thousands)
Federal funds purchased	$	—	$	240,000	$	(240,000)	N/M
Federal Home Loan Bank advances	750,000		1,100,000		(350,000)		(31.8)
Senior debt and subordinated debt	535,741		535,384		357		0.1
Other borrowings(1)	892,856		612,142		280,714		45.9
Total borrowings	$	2,178,597	$	2,487,526	$	(308,929)	(12.4)	%

(1) Includes repurchase agreements, short-term promissory notes and capital leases.

During the six months ended June 30, 2024, total borrowings decreased $308.9 million, or 12.4%, compared to December 31, 2023. The decrease in total borrowings during the six months ended June 30, 2024 was due to decreases in FHLB advances and Federal funds purchased of $350.0 million and $240.0 million, respectively, partially offset by an increase in other borrowings of $280.7 million.

Shareholders' Equity

On December 19, 2023, the Corporation announced that its Board of Directors approved the 2024 Repurchase Program. The 2024 Repurchase Program will expire on December 31, 2024. Under the 2024 Repurchase Program, the Corporation is authorized to repurchase up to $125.0 million of shares of its common stock through December 31, 2024. Under this authorization, up to $25.0 million of the $125 million authorization may be used to repurchase shares of the Corporation's preferred stock and outstanding subordinated notes.

During the six months ended June 30, 2024, 1,934,297 shares were repurchased under the 2024 Repurchase Program at a total cost of $30.3 million, or $15.69 per share. No shares were repurchased during the second quarter of 2024.

On May 1, 2024, the Corporation completed its previously announced underwritten public offering of 19,166,667 shares of its common stock at a price to the public of $15.00 per share, before underwriting discounts. The proceeds to the Corporation from the offering were approximately $273.0 million net of issuance costs.

Regulatory Capital

The Corporation and its wholly owned subsidiary bank, Fulton Bank, are subject to the Capital Rules administered by banking regulators. Failure to meet minimum capital requirements can trigger certain actions by regulators that could have a material effect on the Corporation's financial statements.

The Capital Rules require the Corporation and Fulton Bank to:

•Meet a minimum Common Equity Tier 1 capital ratio of 4.50% of risk-weighted assets;

•Meet a minimum Tier 1 Leverage capital ratio of 4.00% of average assets;

•Meet a minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 capital ratio of 6.00% of risk-weighted assets;

•Maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus payments; and

•Comply with a revised definition of capital to improve the ability of regulatory capital instruments to absorb losses. Certain non-qualifying capital instruments, including cumulative preferred stock and TruPS, are excluded as a component of Tier 1 capital for institutions of the Corporation's size.

As of June 30, 2024, the Corporation's capital levels met the minimum capital requirements, including the capital conservation buffers, as prescribed in the Capital Rules.

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As of June 30, 2024, Fulton Bank met the well-capitalized requirements under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, a bank must maintain minimum Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage ratios as set forth in the Capital Rules. There were no other conditions or events since June 30, 2024 that management believes have changed the Corporation's capital categories.

The following table summarizes the Corporation's capital ratios in comparison to regulatory requirements:

	June 30, 2024		December 31, 2023		Regulatory Minimum for Capital Adequacy		With Capital Conservation Buffer
Total Risk-Based Capital (to Risk-Weighted Assets)	13.8	%	14.0	%	8.0	%	10.5	%
Tier I Risk-Based Capital (to Risk-Weighted Assets)	11.1	%	11.2	%	6.0	%	8.5	%
Common Equity Tier I (to Risk-Weighted Assets)	10.3	%	10.3	%	4.5	%	7.0	%
Tier I Leverage Capital (to Average Assets)	9.2	%	9.5	%	4.0	%	4.0	%

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the exposure to economic loss that arises from changes in the values of certain financial instruments. The types of market risk exposures generally faced by financial institutions include interest rate risk, equity market price risk, debt security market price risk, foreign currency price risk and commodity price risk. Due to the nature of its operations, foreign currency price risk and commodity price risk are not significant to the Corporation.

Interest Rate Risk, Asset/Liability Management and Liquidity

Interest rate risk creates exposure in two primary areas. First, changes in rates have an impact on the Corporation's liquidity position and could affect its ability to meet obligations and continue to grow. Second, movements in interest rates can create fluctuations in the Corporation's net interest income and changes in the economic value of its equity.

The Corporation employs various management techniques to minimize its exposure to interest rate risk. The Corporation's ALCO is responsible for reviewing the interest rate sensitivity and liquidity positions of the Corporation, approving asset and liability management policies, and overseeing the formulation and implementation of strategies regarding balance sheet positions.

The Corporation uses two complementary methods to measure and manage interest rate risk. They are a simulation of net interest income and estimates of economic value of equity. Using these measurements in tandem provides a reasonably comprehensive summary of the magnitude of the Corporation's interest rate risk, level of risk as time evolves, and exposure to changes in interest rates.

Simulation of net interest income is performed for the next 12-month period. A variety of interest rate scenarios are used to measure the effects of sudden and gradual movements upward and downward in the yield curve. These results are compared to the results obtained in a flat or unchanged interest rate scenario. Simulation of net interest income is used primarily to measure the Corporation's short-term earnings exposure to rate movements. The Corporation's policy limits the potential exposure of net interest income, in a non-parallel instantaneous shock, to 10% of the base case net interest income for a 100 bps shock in interest rates, 15% for a 200 bps shock, 20% for a 300 bps shock and 25% for a 400 bps shock. A "shock" is an immediate upward or downward movement of interest rates. The shocks do not take into account changes in customer behavior that could result in changes to mix and/or volumes in the balance sheet, nor does it take into account the potential effects of competition on the pricing of deposits and loans over the forward 12-month period.

Contractual maturities and repricing opportunities of loans are incorporated in the simulation model as are prepayment assumptions, maturity data and call options within the investment portfolio. Assumptions based on past experience are incorporated into the model for non-maturity deposit accounts. The assumptions used are inherently uncertain and, as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model's simulated results due to timing, amount and frequency of interest rate changes as well as changes in market conditions and the application and timing of various management strategies.

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The following table summarizes the expected impact of abrupt interest rate changes, that is, a non-parallel instantaneous shock, on net interest income as of June 30, 2024:

Rate Shock(1)	Annual change in net interest income	% change in net interest income
+400 bp	+ $47.6 million	+4.2%
+300 bp	+ $36.9 million	+3.3%
+200 bp	+ $26.2 million	+2.3%
+100 bp	+ $15.5 million	+1.4%
–100 bp	- $36.1 million	-3.2%
–200 bp	- $73.3 million	-6.5%
–300 bp	- $104.6 million	-9.3%
–400 bp	- $127.7 million	-11.4%

(1) These results include the effect of implicit and explicit interest rate floors that limit further reduction in interest rates.

Economic value of equity estimates the discounted present value of asset and liability cash flows. Discount rates are based upon market prices for like assets and liabilities. Abrupt changes or "shocks" in interest rates, both upward and downward, are used to determine the comparative effect of such interest rate movements relative to the unchanged environment. This measurement tool is used primarily to evaluate the longer-term repricing risks and options in the Corporation's balance sheet. The Corporation's policy limits the economic value of equity that may be at risk, in a non-parallel instantaneous shock, to 10% of the base case economic value of equity for a 100 bps shock in interest rates, 20% for a 200 bps shock, 30% for a 300 bps shock and 40% for a 400 bps shock. As of June 30, 2024, the Corporation was within economic value of equity policy limits for every 100 bps shock.

Interest Rate Derivatives

The Corporation enters into interest rate derivatives with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate derivatives with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate derivatives is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. These interest rate derivatives are derivative financial instruments, and the gross fair values are recorded in other assets and liabilities on the consolidated balance sheets, with changes in fair value during the period recorded in other non-interest expense on the consolidated statements of income.

Cash Flow Hedges

The Corporation's objectives in using interest rate derivatives are to reduce volatility in interest income and interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Corporation primarily uses interest rate derivatives as part of its interest rate risk management strategy. The Corporation enters into interest rate derivatives designated as cash flow hedges to hedge the variable cash flows associated with existing floating rate loans and borrowings.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income or interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are made on the Corporation's variable-rate liabilities.

In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the unrealized losses that have been recorded in AOCI will be recognized as a reduction to interest income when the previously forecasted hedged item affects earnings in future periods. During the six months ended June 30, 2024, $14.1 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the consolidated statements of income.

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Liquidity

The Corporation must maintain a sufficient level of liquid assets to meet the cash needs of its customers, who, as depositors, may want to withdraw funds or who, as borrowers, need credit availability. Liquidity is provided on a continuous basis through scheduled and unscheduled principal and interest payments on investments and outstanding loans and through the availability of deposits and borrowings. The Corporation also maintains secondary sources that provide liquidity on a secured and unsecured basis to meet short- and long-term needs.

The Corporation maintains liquidity sources in the form of interest-bearing deposits and customer funding (short-term promissory notes). The Corporation can access additional liquidity from these sources, if necessary, by increasing the rates of interest paid on those instruments. The positive impact to liquidity resulting from paying higher interest rates could have a detrimental impact on NIM and net interest income if rates on interest-earning assets do not experience a proportionate increase. Borrowing availability with the FHLB and the FRB, along with federal funds lines at various correspondent banks, provides the Corporation with additional liquidity.

Fulton Bank is a member of the FHLB and has access to FHLB overnight and term credit facilities. As of June 30, 2024, the Bank had total borrowing capacity of approximately $10.8 billion with $4.3 billion of advances and letters of credit outstanding, for a remaining available borrowing capacity of approximately $6.5 billion under these facilities. Advances from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets.

As of June 30, 2024, the Corporation had aggregate federal funds lines borrowing capacity of $2.6 billion with $0 outstanding against that amount. As of June 30, 2024, the Corporation had $2.2 billion of collateralized borrowing capacity at the FRB discount window.

A combination of commercial real estate loans, commercial loans, consumer loans and securities are pledged to the FRB of Philadelphia to provide access to FRB discount window borrowings. Securities carried at $1.2 billion at June 30, 2024 and $0.4 billion at December 31, 2023 were pledged as collateral to secure public and trust deposits.

Liquidity must also be managed at the Corporation's parent company level. For safety and soundness reasons, banking regulations limit the amount of cash that can be transferred from subsidiary banks to the parent company in the form of loans and dividends. Generally, these limitations are based on the subsidiary banks’ regulatory capital levels and their net income. Management continues to monitor the liquidity and capital needs of the parent company including monitoring the granularity of the deposit portfolio and level of uninsured deposits. Management will implement appropriate strategies, as necessary, to remain adequately capitalized and to meet its cash needs.

The consolidated statements of cash flows provide additional information. The Corporation's operating activities during the six months ended June 30, 2024 provided $321.0 million of cash. Cash provided by investing activities was $2.2 billion and was mainly due to the sale of AFS securities and net cash received in the Republic First Transaction. Cash used by financing activities was $1.7 billion primarily due to the repayment of borrowings.

Debt Security Market Price Risk

Debt security market price risk is the risk that changes in the values of debt securities, unrelated to interest rate changes, could have a material impact on the financial position or results of operations of the Corporation. The Corporation's debt security investments consist primarily of U.S. government-sponsored agency issued mortgage-backed securities and collateralized mortgage obligations, state and municipal securities, and corporate debt securities. All of the Corporation's investments in mortgage-backed securities and collateralized mortgage obligations have principal payments that are guaranteed by U.S. government-sponsored agencies.

State and Municipal Securities

As of June 30, 2024, the Corporation owned securities issued by various states and municipalities with a total fair value of $0.8 billion. Uncertainty with respect to the financial strength of state and municipal bond insurers places emphasis on the underlying strength of issuers. Pressure on local tax revenues of issuers due to adverse economic conditions could have an adverse impact on the underlying credit quality of issuers. The Corporation evaluates existing and potential holdings primarily based on the underlying creditworthiness of the issuing state or municipality and then, to a lesser extent, on any credit enhancement. State and municipal securities can be supported by the general obligation of the issuing state or municipality, allowing the securities to be repaid by any means available to the issuing state or municipality. As of June 30, 2024, approximately 100% of state and municipal securities were supported by the general obligation of corresponding states or

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municipalities. Approximately 73% of these securities were school district issuances, which are also supported by the states of the issuing municipalities.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Corporation carried out an evaluation, under the supervision and with the participation of the Corporation's management, including the Corporation's Chief Executive Officer and Interim Chief Financial Officer, of the effectiveness of the design and operation of the Corporation's disclosure controls and procedures pursuant to Rule 13a-15, promulgated under the Exchange Act. Based upon that evaluation, the Corporation's Chief Executive Officer and Interim Chief Financial Officer concluded that, as of June 30, 2024, the Corporation's disclosure controls and procedures are effective. Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in Corporation reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

Changes in Internal Control Over Financial Reporting

We review our internal controls over financial reporting on a regular basis and make changes intended to ensure the quality of our financial reporting. During the second quarter of 2024, as the result of the Republic First Transaction, we commenced the evaluation of the applicable controls, and designed and implemented new controls as needed. The evaluation of the changes to processes, information technology systems and other components of internal control over financial reporting related to the Republic First Transaction is ongoing. Otherwise, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15 and 15d-15 under the Exchange Act) during the three months ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

The information presented in the "Legal Proceedings" section of Note 14 "Commitments and Contingencies" in the Notes to Consolidated Financial Statements in this Quarterly Report on From 10-Q is incorporated herein by reference.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A. Risk Factors of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023 and Part II, Item 1A. Risk Factors of the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a)  None.

(b)  None.

(c) On December 19, 2023, the Corporation announced that its Board of Directors approved the 2024 Repurchase Program. The 2024 Repurchase Program will expire on December 31, 2024. Under the 2024 Repurchase Program, the Corporation is authorized to repurchase up to $125.0 million of shares of its common stock through December 31, 2024. Under this authorization, up to $25.0 million of the $125 million authorization may be used to repurchase shares of the Corporation's preferred stock and outstanding subordinated notes.

As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time under the 2024 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2024 Repurchase Program may be discontinued at any time.

During the three months ended June 30, 2024, no shares were repurchased under the 2024 Repurchase Program.

64

Item 5. Other Information

(c) None of the Corporation's directors or "officers" (as defined in Rule 16a-1(f) (17 C.F.R. § 240.16a-1(f))) adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K (17 C.F.R. § 229.408)) during the fiscal quarter ended June 30, 2024.

65

Item 6. Exhibits

1.1	Underwriting Agreement, dated as of April 29, 2024, by and among Fulton Financial Corporation and Piper Sandler & Co. and BofA Securities, Inc., as representatives of the several underwriters listed in Schedule I thereto (Incorporated by reference to Exhibit 1.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on May 1, 2024).
2.1	Purchase and Assumption Agreement – Whole Bank, All Deposits, effective as of April 26, 2024, with the Federal Deposit Insurance Corporation, as receiver of Republic First Bank, the Federal Deposit Insurance Corporation, and Fulton Bank, National Association (Incorporated by reference to Exhibit 2.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on May 2, 2024).
3.1	Articles of Incorporation, as amended and restated, of Fulton Financial Corporation as amended (Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report Form 8-K filed June 24, 2011).
3.2	Statement with Respect to Shares of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A of Fulton Financial Corporation, dated October 23, 2020, filed with the Pennsylvania Department of State (Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on October 29, 2020).
3.3	Bylaws of Fulton Financial Corporation as amended (Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report on a Form 8-K filed May 14, 2021).
4.1	Statement with Respect to Shares of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A of Fulton Financial Corporation, dated October 23, 2020, filed with the Pennsylvania Department of State (Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on October 29, 2020).
4.2	Deposit Agreement, dated October 29, 2020, among Fulton Financial Corporation, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein (Incorporated by reference to Exhibit 4.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on October 29, 2020).
4.3	Form of depositary receipt representing the Depositary Shares (Included in Exhibit 4.2).
4.4	Stock Certificate (Incorporated by reference as Exhibit 4.1 of Fulton Financial Corporation Registration Statement on Form S-4 filed on April 21, 2022).
10.1	Form of Non-Employee Director Stock Unit Award Agreement - filed herewith.
10.2	Agreement for Purchase and Sale of Real Property dated May 10, 2024 (Incorporated by reference to Exhibit 10.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on May 15, 2024).
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
104	Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101)

66

FULTON FINANCIAL CORPORATION AND SUBSIDIARIES

SIGNATURES

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 thereunto duly authorized.

FULTON FINANCIAL CORPORATION
Date:	August 8, 2024	/s/ Curtis J. Myers
		Curtis J. Myers
		Chairman and Chief Executive Officer
Date:	August 8, 2024	/s/ Beth Ann L. Chivinski
		Beth Ann L. Chivinski
		Senior Executive Vice President and Interim Chief Financial Officer

67

EX-10.1

Exhibit 10.1

FULTON FINANCIAL

CORPORATION

Non-Employee Director Stock Unit Award Agreement

(“Award Agreement”)

[GRANT_DATE]

[PARTICIPANT_NAME]

[HOME_ADDRESS]

Dear [PARTICIPANT_NAME]:

Pursuant to the terms and conditions of the Amended and Restated 2023 Director Equity Plan (the “2023 Plan”) of Fulton Financial Corporation (“Fulton”), you are the recipient of a Restricted Stock Unit (“RSU”) award (the “Award”). The Award has the following terms and conditions as of the Date of Grant. Capitalized terms used herein but not defined shall have the meanings set forth in the 2023 Plan.

Granted To:	[PARTICIPANT_NAME]
Date of Grant:	[GRANT_DATE]
Number of Time-Vested RSUs Granted:	[TOTAL_AWARDS]
Restricted Period:	Unless your Award is forfeited before the end of the Restricted Period, the Restricted Period will end one year after the Date of Grant.
Death, Disability or Retirement:	Your Award will vest and Shares will be delivered to you upon your death, Disability or Retirement (unless a deferral election has been made with respect to the Shares).
Change in Control:	In the event of a termination of Continuous Service during the 12-month period following a Change in Control, the Restricted Period will immediately expire.
Right to Dividend Equivalents:	Each RSU (representing one Share) may be credited with Shares equivalent to all the dividends paid with respect to the outstanding Common Stock paid by Fulton in respect of one Share.
Forfeiture:	Your Award is subject to forfeiture until the expiration of the Restricted Period, including all Dividend Equivalents, pursuant to the terms of the 2023 Plan.

Deferral:

[You have not elected to defer the payment of the Shares underlying the RSUs at the end of the Restricted Period, and you will receive payment of the Shares together with the accumulated Dividend Equivalents in Common Stock at the end of the Restricted Period.] [You have elected to defer payment of the Shares underlying the RSUs at the end of the Restricted Period together with any accumulated Dividend Equivalents, and you will receive [a single issuance] [three annual installments] of Shares and accrued Dividend Equivalents in accordance with your deferral election.]

Timing of Award Payment:

Unless otherwise expressly set forth herein, payment will be made in the form of Shares within 60 days following the end of the Restricted Period.

The vesting of this Award will have tax consequences for you. We recommend that you consult your tax advisor. You have thirty (30) days after the date of this Award Agreement to either accept or decline this Award. No Award under this Award Agreement shall be released or otherwise paid unless and until you sign this Award Agreement.

Very Truly Yours,

Curtis J. Myers

Chairman and Chief Executive Officer

Fulton Financial Corporation

I, [PARTICIPANT_NAME], hereby acknowledge receipt of this Award made to me on the Date of Grant and agree to the terms and conditions of this Award Agreement.

[SIGNATURE]

[ACCEPTANCE_DATE]

EX-31.1

Exhibit 31.1 – Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Curtis J. Myers, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Fulton Financial Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 8, 2024
	/s/ Curtis J. Myers
	Curtis J. Myers
	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2 – Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Beth Ann L. Chivinski, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Fulton Financial Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 8, 2024
	/s/ Beth Ann L. Chivinski
	Beth Ann L. Chivinski
	Senior Executive Vice President and Interim Chief Financial Officer

EX-32.1

Exhibit 32.1 - Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, Curtis J. Myers, Chief Executive Officer of Fulton Financial Corporation, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, certify that:

The Form10-Q of Fulton Financial Corporation, containing the consolidated financial statements for the quarter ended June 30, 2024, fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934. The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Fulton Financial Corporation.

Date:	August 8, 2024
	/s/ Curtis J. Myers
	Curtis J. Myers
	Chairman and Chief Executive Officer

EX-32.2

Exhibit 32.2 - Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, Beth Ann L. Chivinski, Chief Financial Officer of Fulton Financial Corporation, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, certify that:

The Form 10-Q of Fulton Financial Corporation, containing the consolidated financial statements for the quarter ended June 30, 2024, fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934. The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Fulton Financial Corporation.

August 8, 2024

/s/ Beth Ann L. Chivinski

     Beth Ann L. Chivinski

     Senior Executive Vice President and Interim Chief

     Financial Officer

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39680
Entity Registrant Name	FULTON FINANCIAL CORP
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2195389
Entity Address, Address Line One	One Penn Square
Entity Address, Address Line Two	P. O. Box 4887
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		181,905,424
Entity Central Index Key	0000700564
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, par value $2.50
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $2.50
Trading Symbol	FULT
Security Exchange Name	NASDAQ
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Entity 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

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 333,238	$ 300,343
Interest-bearing deposits with other banks	1,063,044	249,367
Cash and cash equivalents	1,396,282	549,710
FRB and FHLB stock	125,297	124,405
Loans held for sale	26,822	15,158
AFS, at estimated fair value	2,939,594	2,398,352
HTM, at amortized cost	1,244,433	1,267,922
Net loans	24,106,297	21,351,094
Less: ACL - loans	(375,941)	(293,404)
Loans, net	23,730,356	21,057,690
Net premises and equipment	180,642	222,881
Accrued interest receivable	120,752	107,972
Goodwill and net intangible assets	648,026	560,687
Other assets	1,357,609	1,267,138
Total Assets	31,769,813	27,571,915
LIABILITIES
Noninterest-bearing	5,609,383	5,314,094
Interest-bearing	19,950,271	16,223,529
Total Deposits	25,559,654	21,537,623
Federal funds purchased	0	240,000
Federal Home Loan Bank advances	750,000	1,100,000
Senior debt and subordinated debt	535,741	535,384
Other borrowings	892,856	612,142
Total Borrowings	2,178,597	2,487,526
Accrued interest payable	48,757	35,083
Other liabilities	881,196	751,544
Total Liabilities	28,668,204	24,811,776
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares authorized and issued as of June 30, 2024 and December 31, 2023, liquidation preference of $1,000 per share	192,878	192,878
Common stock, $2.50 par value, 600,000,000 shares authorized, 245,809,384 shares issued as of June 30, 2024 and 225,760,963 shares issued as of December 31, 2023	614,523	564,402
Additional paid-in capital	1,781,090	1,552,860
Retained earnings	1,712,646	1,619,300
Accumulated other comprehensive loss	(310,534)	(312,280)
Treasury stock, at cost, 63,978,306 shares as of June 30, 2024 and 61,959,552 shares as of December 31, 2023	(888,994)	(857,021)
Total Shareholders' Equity	3,101,609	2,760,139
Total Liabilities and Shareholders' Equity	$ 31,769,813	$ 27,571,915

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	200,000	200,000
Liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	245,809,384	225,760,963
Treasury stock, shares (in shares)	63,978,306	61,959,552

XML

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest Income
Loans, including fees	$ 352,697	$ 284,690	$ 663,913	$ 545,341
Investment securities	32,079	25,362	57,201	50,883
Other interest income	15,730	4,860	19,058	8,508
Total Interest Income	400,506	314,912	740,172	604,732
Interest Expense
Deposits	131,087	69,799	234,661	111,420
Federal funds purchased	492	9,112	2,881	15,147
Federal Home Loan Bank advances	9,799	11,826	20,748	27,299
Senior debt and subordinated debt	5,299	5,344	10,604	10,689
Other borrowings and interest-bearing liabilities	12,109	5,979	22,621	11,738
Total Interest Expense	158,786	102,060	291,515	176,293
Net Interest Income	241,720	212,852	448,657	428,439
Provision for credit losses	32,056	9,747	42,981	34,291
Net Interest Income After Provision for Credit Losses	209,664	203,105	405,676	394,148
Non-Interest Income
Non-interest income before investment securities gains	113,276	60,589	170,415	112,320
Gain on acquisition, net of tax	47,392	0	47,392	0
Investment securities (losses) gains, net	(20,282)	(4)	(20,282)	19
Total Non-Interest Income	92,994	60,585	150,133	112,339
Non-Interest Expense
Salaries and employee benefits	110,630	94,102	206,111	183,385
Data processing and software	20,357	16,776	38,018	32,571
Net occupancy	17,793	14,374	33,943	28,812
Other outside services	16,933	10,834	30,216	20,960
FDIC insurance	6,696	4,895	12,800	9,690
Equipment	4,561	3,530	8,602	6,920
Professional fees	2,571	1,829	4,659	4,221
Marketing	2,101	1,655	4,012	3,541
Intangible amortization	4,688	1,072	5,261	1,746
Acquisition-related expenses	13,803	0	13,803	0
Other	(645)	18,951	19,662	35,790
Total Non-Interest Expense	199,488	168,018	377,087	327,636
Income Before Income Taxes	103,170	95,672	178,722	178,851
Income taxes	8,195	16,065	21,806	30,931
Net Income	94,975	79,607	156,916	147,920
Preferred stock dividends	(2,562)	(2,562)	(5,124)	(5,124)
Net Income Available to Common Shareholders	$ 92,413	$ 77,045	$ 151,792	$ 142,796
PER SHARE:
Net Income (Basic) (in dollars per share)	$ 0.53	$ 0.46	$ 0.90	$ 0.86
Net Income (Diluted) (in dollars per share)	0.52	0.46	0.89	0.85
Cash Dividends (in dollars per share)	$ 0.17	$ 0.16	$ 0.34	$ 0.31
Wealth management
Non-Interest Income
Non-interest income before investment securities gains	$ 20,990	$ 18,678	$ 41,144	$ 36,740
Commercial banking
Non-Interest Income
Non-interest income before investment securities gains	21,410	23,145	40,238	40,658
Consumer banking
Non-Interest Income
Non-interest income before investment securities gains	14,600	11,720	26,268	22,937
Mortgage banking
Non-Interest Income
Non-interest income before investment securities gains	3,951	2,940	7,041	4,910
Other
Non-Interest Income
Non-interest income before investment securities gains	$ 4,933	$ 4,106	$ 8,332	$ 7,075

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 94,975	$ 79,607	$ 156,916	$ 147,920
Other Comprehensive Income (Loss), net of tax:
Net unrealized holding gains (losses)	(14,199)	(31,219)	(30,864)	1,422
Reclassification adjustment for securities net change realized in net income	15,688	(3)	15,688	14
Amortization of net unrealized gains on AFS securities transferred to HTM	1,403	1,501	2,790	2,979
Net unrealized gains (losses) on AFS investment securities	2,892	(29,721)	(12,386)	4,415
Net unrealized holding gains (losses)	2,256	(5,586)	6,553	(12,406)
Reclassification adjustment for net change realized in net income	3,891	7,010	7,790	14,153
Net unrealized gains on interest rate derivatives used in cash flow hedges	6,147	1,424	14,343	1,747
Amortization of net unrecognized pension and postretirement items	(105)	3	(211)	28
Other Comprehensive Income (Loss), net of tax	8,934	(28,294)	1,746	6,190
Total Comprehensive Income	$ 103,909	$ 51,313	$ 158,662	$ 154,110

XML

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock, Common
Beginning Balance at Dec. 31, 2022	$ 2,579,757	$ 192,878	$ 561,511	$ 1,541,840	$ 1,450,758	$ (385,476)	$ (781,754)
Beginning Balance (in shares) at Dec. 31, 2022		200	167,599
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	147,920				147,920
Other comprehensive income (loss)	6,190					6,190
Common stock issued (in shares)			135
Common stock issued	1,830		$ 338	1,472			20
Dividend reinvestment activity (in shares)			189
Dividend reinvestment activity	2,802			172			2,630
Stock-based compensation awards (repurchases)							(3,893)
Stock-based compensation awards (repurchases)			$ 2,288
Stock-based compensation awards (in shares)			586
Stock-based compensation awards (repurchases)	617			2,222
Acquisition of treasury stock (in shares)			(2,412)
Acquisition of treasury stock	(40,449)						(40,449)
Preferred stock dividend	(5,124)				(5,124)
Common stock cash dividends	(51,391)				(51,391)
Ending Balance at Jun. 30, 2023	2,642,152	$ 192,878	$ 564,137	1,545,706	1,542,163	(379,286)	(823,446)
Ending Balance (in shares) at Jun. 30, 2023		200	166,097
Beginning Balance at Mar. 31, 2023	2,618,998	$ 192,878	$ 561,853	1,544,758	1,491,701	(350,992)	(821,200)
Beginning Balance (in shares) at Mar. 31, 2023		200	165,396
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	79,607				79,607
Other comprehensive income (loss)	(28,294)					(28,294)
Common stock issued (in shares)			46
Common stock issued	595		$ 115	474			6
Dividend reinvestment activity (in shares)			108
Dividend reinvestment activity	1,433			(68)			1,501
Stock-based compensation awards (repurchases)							(3,753)
Stock-based compensation awards (repurchases)			$ 2,169
Stock-based compensation awards (in shares)			547
Stock-based compensation awards (repurchases)	(1,042)			542
Preferred stock dividend	(2,562)				(2,562)
Common stock cash dividends	(26,583)				(26,583)
Ending Balance at Jun. 30, 2023	2,642,152	$ 192,878	$ 564,137	1,545,706	1,542,163	(379,286)	(823,446)
Ending Balance (in shares) at Jun. 30, 2023		200	166,097
Beginning Balance at Dec. 31, 2023	2,760,139	$ 192,878	$ 564,402	1,552,860	1,619,300	(312,280)	(857,021)
Beginning Balance (in shares) at Dec. 31, 2023		200	163,801
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	156,916				156,916
Other comprehensive income (loss)	1,746					1,746
Common stock issued (in shares)			19,279
Common stock issued	274,310		$ 48,198	226,100			12
Dividend reinvestment activity (in shares)			178
Dividend reinvestment activity	2,750			274			2,476
Stock-based compensation awards (repurchases)							(4,113)
Stock-based compensation awards (repurchases)			$ 1,923
Stock-based compensation awards (in shares)			507
Stock-based compensation awards (repurchases)	(334)			1,856
Acquisition of treasury stock (in shares)			(1,934)
Acquisition of treasury stock	(30,348)						(30,348)
Preferred stock dividend	(5,124)				(5,124)
Common stock cash dividends	(58,446)				(58,446)
Ending Balance at Jun. 30, 2024	3,101,609	$ 192,878	$ 614,523	1,781,090	1,712,646	(310,534)	(888,994)
Ending Balance (in shares) at Jun. 30, 2024		200	181,831
Beginning Balance at Mar. 31, 2024	2,757,679	$ 192,878	$ 564,751	1,554,624	1,651,133	(319,468)	(886,239)
Beginning Balance (in shares) at Mar. 31, 2024		200	162,087
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	94,975				94,975
Other comprehensive income (loss)	8,934					8,934
Common stock issued (in shares)			19,200
Common stock issued	273,205		$ 48,000	225,205
Dividend reinvestment activity (in shares)			91
Dividend reinvestment activity	1,345			90			1,255
Stock-based compensation awards (repurchases)							(4,010)
Stock-based compensation awards (repurchases)			$ 1,772
Stock-based compensation awards (in shares)			453
Stock-based compensation awards (repurchases)	(1,067)			1,171
Preferred stock dividend	(2,562)				(2,562)
Common stock cash dividends	(30,900)				(30,900)
Ending Balance at Jun. 30, 2024	$ 3,101,609	$ 192,878	$ 614,523	$ 1,781,090	$ 1,712,646	$ (310,534)	$ (888,994)
Ending Balance (in shares) at Jun. 30, 2024		200	181,831

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Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 0.17	$ 0.16	$ 0.34	$ 0.31

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 156,916	$ 147,920
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	42,981	34,291
Depreciation and amortization of premises and equipment	15,673	14,675
Net amortization of investment securities premiums	822	5,829
Investment securities losses (gains), net	20,282	(19)
Gain on sales of mortgage loans held for sale	(4,233)	(2,277)
Proceeds from sales of mortgage loans held for sale	243,130	132,609
Originations of mortgage loans held for sale	(250,561)	(137,741)
Intangible amortization	5,261	1,746
Amortization of issuance costs and discounts on long-term borrowings	357	360
Gain on acquisition, net of tax	(47,392)	0
Loss on disposal of premises and equipment	222	0
Gain on Sale-Leaseback Transaction	(20,266)	0
Stock-based compensation	3,779	4,240
Net change in deferred federal income tax	14,491	19,232
Net change in accrued salaries and benefits	(134)	(12,163)
Net change in life insurance cash surrender value	(7,051)	(20,433)
Other changes, net	146,747	28,641
Total adjustments	164,108	68,990
Net cash provided by operating activities	321,024	216,910
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of AFS securities	2,261,028	80,666
Proceeds from principal repayments and maturities of AFS securities	120,714	55,102
Proceeds from principal repayments and maturities of HTM securities	26,542	29,815
Purchase of AFS securities	(1,050,738)	(64,996)
Net change in FRB and FHLB stock	(892)	5,968
Net change in loans	(214,157)	(781,310)
Net purchases of premises and equipment	(3,542)	(11,019)
Settlement of bank-owned life insurance	963	45
Proceeds from Sale-Leaseback Transaction	51,123	0
Net cash received for acquisition	1,018,371	0
Net change in tax credit investments	(24,292)	(18,436)
Net cash provided (used) by investing activities	2,185,120	(704,165)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand and savings deposits	(11,999)	(796,291)
Net change in time deposits and brokered deposits	(78,295)	1,353,293
Net change in other borrowings	(1,745,262)	(152,453)
Net proceeds from issuance of common stock	270,197	1,009
Dividends paid	(63,865)	(55,073)
Acquisition of treasury stock	(30,348)	(40,449)
Net cash (used) provided by financing activities	(1,659,572)	310,036
Net increase (decrease) in Cash and Cash Equivalents	846,572	(177,219)
Cash and Cash Equivalents at Beginning of Period	549,710	681,921
Cash and Cash Equivalents at End of Period	1,396,282	504,702
Cash paid during the period for:
Interest	277,841	162,377
Income taxes	19,308	15,183
Supplemental Schedule of Certain Noncash Activities:
Fair value of tangible assets acquired	4,718,909	0
Intangible assets	92,600	0
Liabilities assumed	5,560,160	0
PCD Loans credit discount	$ 55,906	$ 0

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Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC for potential recognition or disclosure in the Consolidated Financial Statements.

Significant Accounting Policies

The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. Those significant accounting policies are unchanged at June 30, 2024.

Recently Adopted Accounting Standards

In June 2022, FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). This update clarifies how the fair value of equity securities subject to contractual sale restrictions is determined and requires additional qualitative and quantitative disclosures for equity securities with contractual sale restrictions. The Corporation adopted ASU 2022-03 on January 1, 2024, and it did not have a material impact on its consolidated financial statements.

In March 2023, FASB issued ASU 2023-01 Leases (Topic 842): Common Control Arrangements ("ASU 2023-01"). This update clarifies guidance for leases between related parties under common control. The Corporation adopted ASU 2023-01 on January 1, 2024, and it did not have a material impact on its consolidated financial statements.

Recently Issued Accounting Standards

In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation will adopt ASU 2023-07 on December 15, 2024. The Corporation is not currently required to report segment information and, as such, does not expect the adoption of ASU 2023-07 to have an impact on its consolidated financial statements.

In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"). This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation will adopt ASU 2023-08 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-08 to have an impact on its consolidated financial statements. The Corporation currently does not hold crypto assets.

In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation will adopt ASU 2023-09 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-09 to have an impact on its consolidated financial statements.

In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"). This update provides guidance for profits interest and similar awards. The Corporation will adopt ASU 2024-01 on January 1, 2025. The Corporation does not expect the adoption of ASU 2024-01 to have a material impact on its consolidated financial statements.

Reclassifications

Certain amounts in the 2023 consolidated financial statements and notes have been reclassified to conform to the 2024 presentation.

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Business Combinations

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations

Business Combinations

On the Acquisition Date, Fulton Bank acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank from the FDIC, as receiver for Republic First Bank. As part of the Republic First Transaction, the Bank acquired approximately $4.8 billion of assets of Republic First Bank and received approximately $0.8 billion of cash from the FDIC. The Bank assumed approximately $5.6 billion of total liabilities of Republic First Bank. The Bank did not enter into a loss sharing arrangement with the FDIC in connection with the Republic First Transaction. Fulton Bank also has the option to purchase the Republic First Bank branches and office locations.

As a result of the Republic First Transaction, the Bank enhanced its presence in Philadelphia, Pennsylvania and New Jersey.

The Republic First Transaction constitutes a business combination as defined by FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their estimated fair values based on preliminary valuations as of the Acquisition Date. The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows and market conditions at the time of the Republic First Transaction.

The Bank and the FDIC are awaiting conclusion of the customary final settlement process to determine whether certain assets and liabilities of Republic First Bank will remain with the FDIC or be acquired by the Bank. Until management finalizes its fair value estimates for the acquired assets and assumed liabilities, the preliminary gain on acquisition can be updated for a period not to exceed one year following the Acquisition Date. The preliminary fair value estimates of assets acquired and liabilities assumed, provide a reasonable basis for determining the preliminary gain on acquisition.

The excess of the estimated fair value of net assets acquired and the cash consideration received from the FDIC over the estimated fair value of liabilities assumed was recorded as a preliminary gain on acquisition of $47.4 million, net of income taxes.

The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Republic First Transaction on the Acquisition Date:

	Estimated Fair Value
Cash payment received from FDIC	$	809,920
Assets acquired:
Cash and due from banks	208,451
Investment securities	1,938,571
Loans	2,505,040
Premises and equipment	970
CDI	92,600
FHLB Stock	37,931
Accrued interest receivable	16,164
Other assets	11,782
Total assets	4,811,509
Liabilities assumed:
Deposits	4,112,325
Borrowings	1,435,976
Other liabilities	11,859
Total liabilities	5,560,160
Net assets acquired:	(748,651)
Gain on acquisition, before income taxes	$	61,269
Gain on acquisition, net of income taxes	$	47,392

The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets

acquired and liabilities assumed.

Cash and due from banks: The fair values of cash and due from banks approximate their book values.

Investment securities: The investment portfolio acquired in the Republic First Transaction, with a fair value of $1.9 billion, was sold shortly after the Acquisition Date by the Corporation. The fair value of the investment portfolio was based on the proceeds from the sale.

Loans: The Corporation recorded $2.5 billion of acquired loans that were initially recorded at their estimated fair values as of the Acquisition Date. The estimated fair value for the loans was based on a discounted cash flow methodology that considered credit loss and prepayment expectations, market interest rates and other market factors from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The PD, LGD, exposure at default and prepayment assumptions are the key factors driving credit losses that are embedded in the estimated cash flows.

The following table presents information with respect to the estimated fair value and unpaid principal balance of acquired loans and leases at the Acquisition Date:

	April 26, 2024
	Unpaid Principal Balance		Estimated Fair Value
	(dollars in thousands)
Real estate - commercial mortgage	$	1,144,465	$	1,024,004
Commercial and industrial	545,374		496,100
Real-estate - residential mortgage	947,135		752,328
Real-estate - home equity	72,730		66,237
Real-estate - construction	153,437		145,597
Consumer	20,789		20,774
Total acquired loans	$	2,883,930	$	2,505,040

The following table summarizes PCD Loans:

	April 26, 2024
	(dollars in thousands)
Book balance of loans with deteriorated credit quality at acquisition	$	1,023,940
Fair value of loans with deteriorated credit quality at acquisition	904,558
Fair value discount	119,382
PCD Loans credit discount	(55,906)
Non-credit discount	$	63,476

The Republic First Transaction resulted in the addition of $79.4 million to the ACL, including the $55.9 million identified in the table above for PCD Loans, and $23.4 million recorded through the provision for credit losses at the Acquisition Date for non-PCD Loans.

Intangible assets: The Corporation recorded $92.6 million of CDI reflected in other assets that is being amortized over seven years using the sum-of-the-years digits method. The estimated fair value of the CDI was determined using the cost savings approach. The cost savings approach is defined as the difference between the cost of funds of core deposits and an alternative cost of funds for those deposits. The CDI estimated fair value was determined by projecting discounted net cash flows that included assumptions related to customer attrition rates, discount rates, deposit interest rates, deposit account maintenance costs and alternative cost of funding rates.

FHLB stock: The Corporation acquired $37.9 million of FHLB stock. The estimated fair value of the FHLB stock approximated its book value.

Accrued interest receivable: The Corporation acquired $16.2 million of accrued interest receivable. The fair value of the accrued interest receivable approximated its book value.

Core deposits: Demand deposits, savings and money market deposits and time deposits (less than $250,000) were recorded at book value which approximated fair value. The Corporation recorded $92.6 million of CDI in other assets for these deposits.

Time deposits: Time deposits of $250,000 and greater were valued based on a comparison with the contractual cost of a portfolio of brokered deposits having a similar tenor. As the time deposit portfolio had a remaining average life of approximately three months, the estimated fair value of the time deposits approximated their book value and no adjustment was recorded.

Borrowings: The estimated fair values for borrowings approximated their book value given these were short-term advances. Assumed borrowings were subsequently repaid.

Acquisition-related expenses:

The Corporation developed a comprehensive integration plan under which it incurred direct costs that are expensed as incurred. For the second quarter of 2024, these direct costs included professional fees, a charitable donation, severance, and marketing expense. Costs related to the Republic First Transaction are included in acquisition-related expenses in the unaudited Consolidated Statements of Income.

The following table details the costs identified and classified as acquisition-related expenses:

		Three months ended June 30, 2024
		(dollars in thousands)
Salaries and employee benefits		$	805
Professional fees		7,624
Charitable donation	Charitable donation	5,000
Other		374
		$	13,803

In connection with the Republic First Transaction, Fulton Bank made a $5.0 million donation to the Fulton Forward Foundation

to provide additional impact grants to nonprofit community organizations across the region that share Fulton Bank's vision of advancing economic empowerment, particularly in underserved communities.

Unaudited Pro Forma Information:

The amount of net interest income, non-interest income, non-interest expense and net income of $30.7 million, $50.2 million, $21.1 million and $38.8 million, respectively, attributable to the Republic First Transaction were included in the Corporation's unaudited Consolidated Statements of Income for the three months and six months ended June 30, 2024. Included in non-interest income above is $47.4 million related to the gain on acquisition, net of tax. Net interest income, non-interest income, non-interest expense and net income shown above reflect management's best estimates based on information available as of the date of the filing of this Quarterly Report on Form 10-Q.

Republic First Bank does not have historical financial information that the Corporation could base pro forma information. Additionally, the Bank did not acquire all of the assets or assume all of the liabilities of Republic First Bank. Therefore, it is impracticable to provide pro forma information on revenues and earnings for the Republic First Transaction in accordance with ASC 805-10-50-2.

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Restrictions on Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Restrictions on Cash and Cash Equivalents

Restrictions on Cash and Cash Equivalents

Cash collateral is posted by the Corporation with counterparties to secure derivatives and other contracts, which is included in "interest-bearing deposits with other banks" on the consolidated balance sheets. The amounts of such collateral as of June 30, 2024 and December 31, 2023 were $10.9 million and $17.4 million, respectively.

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Investment Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities:

	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale	(dollars in thousands)
State and municipal securities	$	965,392	$	50	$	(145,333)	$	820,109
Corporate debt securities	368,901		510		(32,013)		337,398
Collateralized mortgage obligations	724,602		1,533		(12,366)		713,769
Residential mortgage-backed securities	589,267		14		(32,090)		557,191
Commercial mortgage-backed securities	610,960		—		(99,833)		511,127
Total	$	3,259,122	$	2,107	$	(321,635)	$	2,939,594
Held to Maturity
Residential mortgage-backed securities	$	384,956	$	—	$	(58,593)	$	326,363
Commercial mortgage-backed securities	859,477		—		(152,401)		707,076
Total	$	1,244,433	$	—	$	(210,994)	$	1,033,439

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale	(dollars in thousands)
U.S. Government securities	$	42,475	$	—	$	(314)	$	42,161
U.S. Government-sponsored agency securities	1,038		—		(28)		1,010
State and municipal securities	1,200,571		1,089		(129,647)		1,072,013
Corporate debt securities	480,714		473		(40,636)		440,551
Collateralized mortgage obligations	122,824		—		(11,390)		111,434
Residential mortgage-backed securities	223,273		7		(26,485)		196,795
Commercial mortgage-backed securities	627,364		—		(92,976)		534,388
Total	$	2,698,259	$	1,569	$	(301,476)	$	2,398,352
Held to Maturity
Residential mortgage-backed securities	$	407,075	$	—	$	(51,805)	$	355,270
Commercial mortgage-backed securities	860,847		—		(143,910)		716,937
Total	$	1,267,922	$	—	$	(195,715)	$	1,072,207

In May 2024, the Corporation sold $345.7 million AFS securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding securities of a similar type and similar duration.

Securities carried at $1.2 billion and $0.4 billion at June 30, 2024 and December 31, 2023, respectively, were pledged as collateral to secure public and trust deposits.

The amortized cost and estimated fair values of debt securities as of June 30, 2024, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.

		June 30, 2024
		Available for Sale				Held to Maturity
		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due in one year or less		$	13,762	$	13,533	$	—	$	—
Due from one year to five years		110,303		106,430		—		—
Due from five years to ten years		362,563		327,817		—		—
Due after ten years		847,665		709,727		—		—
		1,334,293		1,157,507		—		—
Residential mortgage-backed securities(1)		589,267		557,191		384,956		326,363
Commercial mortgage-backed securities(1)		610,960		511,127		859,477		707,076
Collateralized mortgage obligations(1)		724,602		713,769		—		—
Total		$	3,259,122	$	2,939,594	$	1,244,433	$	1,033,439

(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the

underlying loans.

The following table presents information related to gross realized gains and losses on the sales of securities:

	Gross Realized Gains		Gross Realized Losses		Net Gains (Losses)
Three months ended	(dollars in thousands)
June 30, 2024	$	91	$	(20,373)	$	(20,282)
June 30, 2023	—		(4)		(4)
Six months ended
June 30, 2024	$	91	$	(20,373)	$	(20,282)
June 30, 2023	283		(264)		19

The following tables present the gross unrealized losses and estimated fair values of investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	June 30, 2024
		Less than 12 months					12 months or longer				Total
	Number of Securities	Estimated Fair Value		Unrealized Losses		Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Available for Sale	(dollars in thousands)
State and municipal securities	19	$	48,682	$	(1,552)	276	$	766,484	$	(143,781)	$	815,166	$	(145,333)
Corporate debt securities	—	—		—		52	286,277		(32,013)		286,277		(32,013)
Collateralized mortgage obligations	9	195,411		(601)		82	93,219		(11,765)		288,630		(12,366)
Residential mortgage-backed securities	32	369,024		(1,115)		75	183,416		(30,975)		552,440		(32,090)
Commercial mortgage-backed securities	—	—		—		135	511,127		(99,833)		511,127		(99,833)
Total available for sale	60	$	613,117	$	(3,268)	620	$	1,840,523	$	(318,367)	$	2,453,640	$	(321,635)
Held to Maturity
Residential mortgage-backed securities	—	$	—	$	—	120	$	326,363	$	(58,593)	$	326,363	$	(58,593)
Commercial mortgage-backed securities	—	—		—		60	707,076		(152,401)		707,076		(152,401)
Total held to maturity	—	$	—	$	—	180	$	1,033,439	$	(210,994)	$	1,033,439	$	(210,994)

	December 31, 2023
	Less than 12 months					12 months or longer					Total
	Number of Securities	Estimated Fair Value		Unrealized Losses		Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Available for Sale	(dollars in thousands)
U.S. Government Securities	—	$	—	$	—	1	$	42,161	$	(314)	$	42,161	$	(314)
U.S. Government-sponsored agency securities	—	—		—		1	1,010		(28)		1,010		(28)
State and municipal securities	40	76,155		(858)		314	917,274		(128,789)		993,429		(129,647)
Corporate debt securities	8	42,945		(1,326)		60	370,523		(39,310)		413,468		(40,636)
Collateralized mortgage obligations	—	—		—		93	111,434		(11,390)		111,434		(11,390)
Residential mortgage-backed securities	6	409		(3)		69	195,453		(26,482)		195,862		(26,485)
Commercial mortgage-backed securities	2	26,907		(1,053)		133	507,481		(91,923)		534,388		(92,976)
Total available for sale	56	$	146,416	$	(3,240)	671	$	2,145,336	$	(298,236)	$	2,291,752	$	(301,476)
Held to Maturity
Residential mortgage-backed securities	—	$	—	$	—	120	$	355,270	$	(51,805)	$	355,270	$	(51,805)
Commercial mortgage-backed securities	—	—		—		60	716,937		(143,910)		716,937		(143,910)
Total held to maturity	—	$	—	$	—	180	$	1,072,207	$	(195,715)	$	1,072,207	$	(195,715)

The Corporation's collateralized mortgage obligations, residential mortgage-backed securities and commercial mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation did not record a loss on these investments as of June 30, 2024 and December 31, 2023.

As of June 30, 2024 and December 31, 2023, no ACL was required for the Corporation's state and municipal securities. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. Therefore, the Corporation did not record a loss on these investments as of June 30, 2024 and December 31, 2023.

The majority of the corporate debt securities were rated at or above investment grade as of June 30, 2024 and December 31, 2023. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of June 30, 2024 and December 31, 2023. The Corporation does not have the intent to sell and does not

believe it will more likely than not to be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. Therefore, the Corporation did not record a loss on these investments as of June 30, 2024 and December 31, 2023.

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Loans and Allowance for Credit Losses

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Loans and Allowance for Credit Losses

Loans and Allowance for Credit Losses

Loans and leases, net of unearned income

Loans and leases, net of unearned income, are summarized as follows:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Real estate - commercial mortgage	$	9,289,770	$	8,127,728
Commercial and industrial(1)	4,967,796		4,545,552
Real-estate - residential mortgage	6,248,856		5,325,923
Real-estate - home equity	1,120,878		1,047,184
Real-estate - construction	1,463,799		1,239,075
Consumer	692,086		729,318
Leases and other loans(2)	323,112		336,314
Net loans	$	24,106,297	$	21,351,094

(1) Includes no unearned income at June 30, 2024 and $41.0 thousand at December 31, 2023.

(2) Includes unearned income of $36.6 million at June 30, 2024 and $38.0 million at December 31, 2023.

Allowance for Credit Losses

The ACL consists of reserves against loans that have been evaluated collectively and individually for expected credit losses. The ACL represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to net loans. The ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The reserve for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures.

The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
ACL - loans	$	375,941	$	293,404
Reserve for OBS credit exposures(1)	$	14,540	$	17,254

(1) Included in other liabilities on the consolidated balance sheets.

The following table presents the activity in the ACL - loans balances:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Balance at beginning of period	$	297,888	$	278,695	$	293,404	269,366
CECL Day 1 Provision(1)	23,444		—		23,444		—
Initial PCD allowance for credit losses	55,906		—		55,906		—
Loans charged off	(14,007)		(4,787)		(24,959)		(21,690)
Recoveries of loans previously charged off	2,705		2,816		5,059		5,715
Net loans (charged off) recovered	(11,302)		(1,971)		(19,900)		(15,975)
Provision for credit losses(1) (2)	10,005		10,718		23,087		34,051
Balance at end of period	$	375,941	$	287,442	$	375,941	$	287,442
Provision for OBS credit exposures(1)	$	(1,393)	$	(971)	$	(3,550)	$	240
Reserve for OBS credit exposures	$	14,540	$	16,568	$	14,540	$	16,568

(1) The sum of these amounts are reflected in the provision for credit losses in the Consolidated Statements of Income.

(2) Provision only includes the portion related to net loans.

The following table presents the activity in the ACL by portfolio segment:

	Real Estate  Commercial Mortgage		Commercial and Industrial		Real Estate Residential Mortgage		Consumer and Home Equity		Real Estate Construction		Leases and other loans		Total
	(dollars in thousands)
Three months ended June 30, 2024
March 31, 2024	$	114,492	$	76,883	$	73,216	$	16,688	$	12,966	$	3,643	$	297,888
CECL Day 1 Provision(1)	6,108		1,484		14,922		444		486		—		23,444
Initial PCD allowance for credit losses	32,157		20,869		565		357		1,958		—		55,906
Loans charged off	(7,853)		(2,955)		(35)		(1,766)		—		(1,398)		(14,007)
Recoveries of loans previously charged off	146		796		122		1,161		233		247		2,705
Net loans (charged off) recovered	(7,707)		(2,159)		87		(605)		233		(1,151)		(11,302)
Provision for loan losses(1) (2)	11,115		(2,454)		924		649		(1,033)		804		10,005
Balance at June 30, 2024	$	156,165	$	94,623	$	89,714	$	17,533	$	14,610	$	3,296	$	375,941
Three months ended June 30, 2023
March 31, 2023	$	66,256	$	77,126	$	86,209	$	27,303	$	11,646	$	10,155	$	278,695
Loans charged off	(230)		(2,017)		(62)		(1,313)		—		(1,165)		(4,787)
Recoveries of loans previously charged off	29		988		58		959		569		213		2,816
Net loans (charged off) recovered	(201)		(1,029)		(4)		(354)		569		(952)		(1,971)
Provision for loan and lease losses(1) (2)	6,247		(908)		2,644		2,033		(1,071)		1,773		10,718
Balance at June 30, 2023	$	72,302	$	75,189	$	88,849	$	28,982	$	11,144	$	10,976	$	287,442
Six months ended June 30, 2024
Balance at December 31, 2023	$	112,565	$	74,266	$	73,286	$	17,604	$	12,295	$	3,388	$	293,404
CECL Day 1 Provision(1)	6,108		1,484		14,922		444		486		—		23,444
Initial PCD allowance for credit losses	32,157		20,869		565		357		1,958		—		55,906
Loans charged off	(7,879)		(10,587)		(286)		(4,004)		—		(2,203)		(24,959)
Recoveries of loans previously charged off	298		2,044		238		1,837		233		409		5,059
Net loans (charged off) recovered	(7,581)		(8,543)		(48)		(2,167)		233		(1,794)		(19,900)
Provision for loan losses(1) (2)	12,916		6,547		989		1,295		(362)		1,702		23,087
Balance at June 30, 2024	$	156,165	$	94,623	$	89,714	$	17,533	$	14,610	$	3,296	$	375,941
Six months ended June 30, 2023
Balance at December 31, 2022	$	69,456	$	70,116	$	83,250	$	26,429	$	10,743	$	9,372	$	269,366
Loans charged off	(13,592)		(2,629)		(62)		(3,519)		—		(1,888)		(21,690)
Recoveries of loans previously charged off	815		2,074		106		1,620		771		329		5,715
Net loans (charged off) recovered	(12,777)		(555)		44		(1,899)		771		(1,559)		(15,975)
Provision for loan losses(1)(2)	15,623		5,628		5,555		4,452		(370)		3,163		34,051
Balance at June 30, 2023	$	72,302	$	75,189	$	88,849	$	28,982	$	11,144	$	10,976	$	287,442

(1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income.

(2) Provision included in the table only includes the portion related to net loans.

The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan.

The increase in the ACL - loans for the second quarter of 2024 and for the six months ended June 30, 2024, was primarily due to loans acquired in the Republic First Transaction.

Collateral-Dependent Loans

A loan or a lease is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent loans or leases consists of various

types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agricultural land, and vacant land. Commercial and industrial loans may also be secured by real estate.

All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of June 30, 2024 and December 31, 2023, substantially all of the Corporation's individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any.

As of June 30, 2024 and December 31, 2023, approximately 76% and 78%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months.

Non-accrual Loans

The following table presents total non-accrual loans, by class segment:

	June 30, 2024						December 31, 2023
	With a Related Allowance		Without a Related Allowance		Total		With a Related Allowance		Without a Related Allowance		Total
	(dollars in thousands)
Real estate - commercial mortgage	$	16,295	$	29,897	$	46,192	$	23,338	$	21,467	$	44,805
Commercial and industrial	28,693		28,581		57,274		12,410		27,542		39,952
Real estate - residential mortgage	21,436		3,027		24,463		18,806		2,018		20,824
Real estate - home equity	6,249		90		6,339		4,649		104		4,753
Real estate - construction	340		886		1,226		341		1,000		1,341
Consumer	183		—		183		52		—		52
Leases and other loans	601		9,352		9,953		9,255		638		9,893
	$	73,797	$	71,833	$	145,630	$	68,851	$	52,769	$	121,620

As of June 30, 2024 and December 31, 2023, there were $71.8 million and $52.8 million, respectively, of non-accrual loans that did not have a specific valuation allowance within the ACL. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary.

Asset Quality

Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, commercial and industrial, and commercial real estate, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in a loan.

The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:

		June 30, 2024
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2024		2023		2022		2021		2020		Prior		Cost Basis		Cost Basis		Total
Real estate - commercial mortgage
	Pass	$	309,982	$	863,950	$	1,071,750	$	1,271,714	$	1,045,978	$	3,529,987	$	67,395	$	—	$	8,160,756
	Special Mention	1,226		64,073		156,132		221,347		78,390		222,166		10,166		1,531		755,031
	Substandard or Lower	216		10,339		60,790		77,874		63,740		159,103		1,921		—		373,983
	Total real estate - commercial mortgage	311,424		938,362		1,288,672		1,570,935		1,188,108		3,911,256		79,482		1,531		9,289,770
Real estate - commercial mortgage
	Current period gross charge-offs	—		—		(84)		—		—		(7,769)		—		(26)		(7,879)
Commercial and industrial
	Pass	226,274		549,429		588,898		324,519		304,830		812,912		1,449,696		16,778		4,273,336
	Special Mention	9,518		23,258		46,588		52,606		25,066		98,739		137,793		408		393,976
	Substandard or Lower	8,828		3,716		32,980		7,707		8,213		70,004		167,668		1,368		300,484
	Total commercial and industrial	244,620		576,403		668,466		384,832		338,109		981,655		1,755,157		18,554		4,967,796
Commercial and industrial
	Current period gross charge-offs	(370)		(1,420)		(29)		(273)		(57)		(742)		(4,061)		(3,635)		(10,587)
Real estate - construction(1)
	Pass	53,160		458,484		321,727		161,398		6,181		40,431		26,297		—		1,067,678
	Special Mention	—		14,371		53,362		48,683		3,023		3,226		2,952		1,280		126,897
	Substandard or Lower	—		—		13,116		11,929		—		26,195		142		—		51,382
	Total real estate - construction	53,160		472,855		388,205		222,010		9,204		69,852		29,391		1,280		1,245,957
Real estate - construction(1)
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Pass	589,416		1,871,863		1,982,375		1,757,631		1,356,989		4,383,330		1,543,388		16,778		13,501,770
	Special Mention	10,744		101,702		256,082		322,636		106,479		324,131		150,911		3,219		1,275,904
	Substandard or Lower	9,044		14,055		106,886		97,510		71,953		255,302		169,731		1,368		725,849
	Total	$	609,204	$	1,987,620	$	2,345,343	$	2,177,777	$	1,535,421	$	4,962,763	$	1,864,030	$	21,365	$	15,503,523

(1) Excludes real estate - construction - other.

The increase of $799.0 million in special mention loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $776.9 million as of June 30, 2024. The increase of $277.8 million in substandard or lower loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $166.5 million as of June 30, 2024.

The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:

		December 31, 2023
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Real estate - commercial mortgage
	Pass	$	783,673	$	993,017	$	1,203,852	$	984,958	$	721,857	$	2,822,155	$	59,253	$	31,636	$	7,600,401
	Special Mention	2,767		43,904		105,185		7,862		35,289		105,786		1,760		—		302,553
	Substandard or Lower	366		20,958		31,304		49,142		26,579		95,621		804		—		224,774
	Total real estate - commercial mortgage	786,806		1,057,879		1,340,341		1,041,962		783,725		3,023,562		61,817		31,636		8,127,728
Real estate - commercial mortgage
	Current period gross charge-offs	—		—		—		—		—		(424)		—		(17,575)		(17,999)
Commercial and industrial
	Pass	626,386		590,132		330,576		341,218		272,126		598,838		1,443,203		10,736		4,213,215
	Special Mention	7,936		9,548		16,499		3,577		6,817		18,487		72,775		198		135,837
	Substandard or Lower	247		25,184		4,611		3,843		18,988		31,663		105,230		6,734		196,500
	Total commercial and industrial	634,569		624,864		351,686		348,638		297,931		648,988		1,621,208		17,668		4,545,552
Commercial and industrial
	Current period gross charge-offs	—		(299)		—		—		—		(249)		(682)		(8,016)		(9,246)
Real estate - construction(1)
	Pass	322,922		258,080		261,583		37,426		9,510		34,097		13,677		—		937,295
	Special Mention	—		12,622		25,898		—		—		—		—		—		38,520
	Substandard or Lower	—		521		2,229		—		340		21,284		168		2,229		26,771
	Total real estate - construction	322,922		271,223		289,710		37,426		9,850		55,381		13,845		2,229		1,002,586
Real estate - construction(1)
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Pass	1,732,981		1,841,229		1,796,011		1,363,602		1,003,493		3,455,090		1,516,133		42,372		12,750,911
	Special Mention	10,703		66,074		147,582		11,439		42,106		124,273		74,535		198		476,910
	Substandard or Lower	613		46,663		38,144		52,985		45,907		148,568		106,202		8,963		448,045
	Total	$	1,744,297	$	1,953,966	$	1,981,737	$	1,428,026	$	1,091,506	$	3,727,931	$	1,696,870	$	51,533	$	13,675,866

(1) Excludes real estate - construction - other.

The Corporation considers the performance of the loan portfolio and its impact on the ACL. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and other loans. For these loans, the most relevant credit quality indicator is delinquency status and the Corporation evaluates credit quality based on the aging status of the loan. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:

		June 30, 2024
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2024		2023		2022		2021		2020		Prior		Cost Basis		Cost Basis		Total
Real estate - residential mortgage
	Performing	$	223,893	$	693,496	$	1,541,848	$	1,779,390	$	1,063,559	$	905,637	$	—	$	—	$	6,207,823
	Nonperforming	—		1,265		2,259		3,831		4,809		28,869		—		—		41,033
	Total real estate - residential mortgage	223,893		694,761		1,544,107		1,783,221		1,068,368		934,506		—		—		6,248,856
Real estate - residential mortgage
	Current period gross charge-offs	—		—		—		—		—		(35)		—		(251)		(286)
Consumer and real estate - home equity
	Performing	160,101		136,412		250,006		77,901		56,063		235,923		872,989		11,614		1,801,009
	Nonperforming	3		178		1,116		596		283		7,170		1,708		901		11,955
	Total consumer and real estate - home equity	160,104		136,590		251,122		78,497		56,346		243,093		874,697		12,515		1,812,964
Consumer and real estate - home equity
	Current period gross charge-offs	(1)		(326)		(477)		(125)		(142)		(1,096)		—		(1,837)		(4,004)
Leases and other loans
	Performing	77,600		107,668		71,018		22,699		16,005		18,130		—		—		313,120
	Nonperforming	—		—		568		72		41		9,311		—		—		9,992
	Leases and other loans	77,600		107,668		71,586		22,771		16,046		27,441		—		—		323,112
Leases and other loans
	Current period gross charge-offs	(585)		(559)		(159)		(193)		(63)		(343)		(125)		(176)		(2,203)
Construction - other
	Performing	32,808		135,217		42,100		6,311		—		—		—		—		216,436
	Nonperforming	—		—		1,406		—		—		—		—		—		1,406
	Total construction - other	32,808		135,217		43,506		6,311		—		—		—		—		217,842
Construction - other
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Performing	494,402		1,072,793		1,904,972		1,886,301		1,135,627		1,159,690		872,989		11,614		8,538,388
	Nonperforming	3		1,443		5,349		4,499		5,133		45,350		1,708		901		64,386
	Total	$	494,405	$	1,074,236	$	1,910,321	$	1,890,800	$	1,140,760	$	1,205,040	$	874,697	$	12,515	$	8,602,774

		December 31, 2023
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Real estate - residential mortgage
	Performing	$	623,247	$	1,126,656	$	1,682,759	$	984,050	$	260,049	$	607,133	$	—	$	—	$	5,283,894
	Nonperforming	—		1,720		4,888		4,701		6,233		24,487		—		—		42,029
	Total real estate - residential mortgage	623,247		1,128,376		1,687,647		988,751		266,282		631,620		—		—		5,325,923
Real estate - residential mortgage
	Current period gross charge-offs	—		—		—		—		—		—		—		(62)		(62)
Consumer and Real estate - home equity
	Performing	272,571		276,373		85,985		62,426		37,667		204,913		805,645		20,044		1,765,624
	Nonperforming	295		455		866		282		354		5,526		1,439		1,661		10,878
	Total consumer and real estate - home equity	272,866		276,828		86,851		62,708		38,021		210,439		807,084		21,705		1,776,502
Consumer and Real estate - home equity
	Current period gross charge-offs	(119)		—		—		—		—		(525)		(283)		(6,587)		(7,514)
Leases and other loans
	Performing	166,490		83,641		27,755		22,304		16,246		9,867		—		—		326,303
	Nonperforming	—		118		—		—		—		9,893		—		—		10,011
	Leases and other loans	166,490		83,759		27,755		22,304		16,246		19,760		—		—		336,314
Leases and other loans
	Current period gross charge-offs	(471)		(521)		(246)		(128)		(82)		(656)		(765)		(1,511)		(4,380)
Construction - other
	Performing	127,382		93,319		13,698		555		—		—		—		—		234,954
	Nonperforming	—		1,535		—		—		—		—		—		—		1,535
	Total construction - other	127,382		94,854		13,698		555		—		—		—		—		236,489
Construction - other
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Performing	1,189,690		1,579,989		1,810,197		1,069,335		313,962		821,913		805,645		20,044		7,610,775
	Nonperforming	295		3,828		5,754		4,983		6,587		39,906		1,439		1,661		64,453
	Total	$	1,189,985	$	1,583,817	$	1,815,951	$	1,074,318	$	320,549	$	861,819	$	807,084	$	21,705	$	7,675,228

The following table presents non-performing assets:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Non-accrual loans	$	145,630	$	121,620
Loans 90 days or more past due and still accruing	26,962		31,721
Total non-performing loans	172,592		153,341
OREO(1)	1,444		896
Total non-performing assets	$	174,036	$	154,237

(1) Excludes $24.2 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30,

2024 and December 31, 2023, respectively.

The following tables present the aging of the amortized cost basis of loans, by class segment:

	30-59		60-89		≥ 90 Days
	Days Past		Days Past		Past Due		Non-
	Due		Due		and Accruing		Accrual		Current		Total
	(dollars in thousands)
June 30, 2024
Real estate - commercial mortgage	$	14,262	$	1,126	$	2,422	$	46,193	$	9,225,767	$	9,289,770
Commercial and industrial(1)	12,191		14,984		1,159		57,274		4,882,188		4,967,796
Real estate - residential mortgage	58,454		13,895		16,571		24,462		6,135,474		6,248,856
Real estate - home equity	7,403		1,776		4,880		6,338		1,100,482		1,120,878
Real estate - construction	10,951		749		1,406		1,226		1,449,467		1,463,799
Consumer	7,274		1,767		485		183		682,377		692,086
Leases and other loans(1)	397		80		39		9,954		312,642		323,112
Total	$	110,932	$	34,377	$	26,962	$	145,630	$	23,788,397	$	24,106,297

(1) Includes unearned income.

	30-59 Days Past Due		60-89 Days Past Due		≥ 90 Days Past Due and Accruing		Non- accrual		Current		Total
	(dollars in thousands)
December 31, 2023
Real estate - commercial mortgage	$	4,408	$	1,341	$	1,722	$	44,805	$	8,075,452	$	8,127,728
Commercial and industrial(1)	5,620		1,656		1,068		39,952		4,497,256		4,545,552
Real estate - residential mortgage	49,145		10,838		21,205		20,824		5,223,911		5,325,923
Real estate - home equity	8,142		2,075		5,326		4,753		1,026,888		1,047,184
Real estate - construction	4,185		451		1,535		1,341		1,231,563		1,239,075
Consumer	8,361		1,767		747		52		718,391		729,318
Leases and other loans(1)	146		722		118		9,893		325,435		336,314
Total	$	80,007	$	18,850	$	31,721	$	121,620	$	21,098,896	$	21,351,094

(1) Includes unearned income.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Corporation modifies loans by providing a concession when deemed appropriate. Depending on the circumstances, a term extension, interest rate reduction or principal forgiveness may be granted. In certain instances a combination of concessions may be provided to a borrower.

When principal forgiveness is provided, the amount of principal forgiven is deemed to be uncollectible and the amortized cost basis of the loan is reduced by the amount of the forgiven portion, with a corresponding reduction to the ACL.

The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:

	Term Extension
	2024				2023
	Amortization Cost Basis		% of Class of Financing Receivable		Amortization Cost Basis		% of Class of Financing Receivable
	(dollars in thousands)
Three months ended June 30
Real estate - commercial mortgage	$	20,603	0.22	%	$	276	—	%
Commercial and industrial	—		—		—		—
Real estate - residential mortgage	2,966		0.05		2,045		0.04
Real estate - home equity	129		0.01		—		—
Total	$	23,698			$	2,321
Six months ended June 30
Real estate - commercial mortgage	$	20,603	0.22	%	$	1,478	0.02	%
Commercial and industrial	—		—		75		—
Real estate - residential mortgage	5,651		0.09		3,423		0.07
Real estate - home equity	129		0.01		—		—
Real estate - construction	541		0.04		—		—
Total	$	26,924			$	4,976

	Interest Rate Reduction and Term Extension
	2024				2023
	Amortized Cost Basis		% of Class of Financing Receivable		Amortized Cost Basis		% of Class of Financing Receivable
	(dollars in thousands)
Three months ended June 30
Real estate - residential mortgage	$	884	0.01	%	$	—	—	%
Total	$	884			$	—
Six months ended June 30
Real estate - residential mortgage	$	1,348	0.02	%	$	—	—	%
Total	$	1,348			$	—

The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:

	Term Extension
	Financial Effect
Three months ended June 30, 2024
Real estate - commercial mortgage	Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 8.51 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity	Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers.
Three months ended June 30, 2023
Real estate - commercial mortgage	Added a weighted-average 1.25 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 5.29 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2024
Real estate - commercial mortgage	Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 7.44 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity	Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction	Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2023
Real estate - commercial mortgage	Added a weighted-average 2.05 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial	Added a weighted-average 2.88 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 4.64 years to the life of loans, which reduced monthly payment amounts for the borrowers.

	Interest Rate Reduction(1)
	Financial Effect
Three months ended June 30, 2024
Real estate - residential mortgage	Reduced weighted-average interest rate from 3.00% to 1.00%
Six months ended June 30, 2024
Real estate - residential mortgage	Reduced weighted-average interest rate from 2.36% to 1.37%

(1) There were no loan modifications with interest rate reductions for the three months and six months ended June 30, 2023.

During the three months and six months ended June 30, 2024 and 2023, there were no loans modified due to financial difficulty where there was a principal balance forgiveness.

The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months:

			30-89		90+		Total
			Days Past		Past Due		Past
	Current		Due		and Accruing		Due
June 30, 2024	(dollars in thousands)
Real estate - commercial mortgage	$	20,603	$	—	$	—	$	—
Commercial and industrial	9,859		—		—		—
Real estate - residential mortgage	8,776		1,977		1,353		3,330
Real estate - home equity	122		7		—		7
Real estate - construction	541		—		—		—
Total	$	39,901	$	1,984	$	1,353	$	3,337

There were no commitments to lend additional funds to borrowers with loan modifications as a result of financial difficulty as of June 30, 2024.

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Mortgage Servicing Rights

6 Months Ended

Jun. 30, 2024

Transfers and Servicing [Abstract]

Mortgage Servicing Rights

Mortgage Servicing Rights

The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets, with adjustments to the carrying value included in mortgage banking income on the consolidated statements of income:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Amortized cost:
Balance at beginning of period	$	31,057	$	33,082	$	31,602	$	34,217
Originations of MSRs	883		688		1,465		884
Amortization	(1,294)		(1,312)		(2,421)		(2,643)
Balance at end of period	$	30,646	$	32,458	$	30,646	$	32,458
Estimated fair value of MSRs at end of period	$	51,724	$	49,444	$	51,724	$	49,444

MSRs represent the economic value of contractual rights to service mortgage loans that have been sold. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.0 billion and $4.1 billion as of June 30, 2024 and December 31, 2023, respectively. Actual and expected prepayments of the underlying mortgage loans can impact the fair values of the MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value.

The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $51.7 million and $49.7 million as of June 30, 2024 and December 31, 2023, respectively. Based on its fair value analysis as of June 30, 2024, the Corporation determined that no valuation allowance was required as of June 30, 2024.

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Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

LEASES

The Corporation has operating leases for certain financial centers, corporate offices and land.

On May 10, 2024, the Bank and Fulton Financial Realty Company, a wholly owned subsidiary of the Corporation, entered into a sale-leaseback agreement for 40 financial center office locations for an aggregate cash purchase price of $55.4 million. The Bank entered into a lease for each of the locations sold in the Sale-Leaseback Transaction for an initial term of 15 years, with the option to extend the term of each for up to three successive terms of up to five years each. During the initial 12 months of the lease terms, the aggregate base rental amount for the properties will be approximately $4.4 million. During the initial lease terms, the base rental amount will increase annually at a rate of 2.25%. The Corporation recorded a pre-tax gain, after deduction of transaction-related expenses, of approximately $20.3 million in connection with the Sale-Leaseback Transaction. The properties are located in Pennsylvania, New Jersey, Delaware and Maryland.

The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Operating lease expense	$	7,633	$	4,751	$	12,697	$	9,592
Variable lease expense	716		773		1,480		1,557
Sublease income	(300)		(292)		(583)		(540)
Total lease expense	$	8,049	$	5,232	$	13,594	$	10,609

Supplemental consolidated balance sheet information related to leases was as follows:

Operating Leases	Balance Sheet Classification	June 30, 2024			December 31, 2023
		(dollars in thousands)
ROU assets	Other assets	$	131,796		$	88,188
Lease liabilities	Other liabilities	$	138,389		$	95,230
Weighted average remaining lease term		9.23 years			6.48 years
Weighted average discount rate		5.14		%	3.34		%

The discount rate used in determining the lease liability for each individual lease is the Bank's incremental borrowing rate which corresponds with the remaining lease term.

Supplemental cash flow information related to operating leases was as follows:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	5,662	$	4,844	$	11,272	$	9,770
ROU assets obtained in exchange for lease obligations	47,446		—		52,993		9,018

Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liabilities were as follows as of June 30, 2024 (dollars in thousands):

Year	Operating Leases
Remaining in 2024	$	12,616
2025	23,741
2026	22,122
2027	19,830
2028	16,622
Thereafter	79,672
Total lease payments	174,603
Less: imputed interest	(36,214)
Present value of lease liabilities	$	138,389

As of June 30, 2024, the Corporation had not entered into any significant leases that have not yet commenced.

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Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The Corporation uses derivatives to manage its exposure to certain market risks, including interest rate and foreign currency risks, and to assist customers with their risk management objectives. Certain of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. The Corporation enters into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Corporation elects not to apply hedge accounting.

In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the original unrealized loss of $70.6 million included in AOCI will be recognized as a reduction to interest income when the previously forecasted hedged item affects earnings in future periods. During the six months ended June 30, 2024, $14.1 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Corporation's consolidated statements of income.

In the third quarter of 2023, the Corporation transitioned certain of the Corporation's legacy commercial customer back-to-back interest rate swap transactions from LIBOR to SOFR. For the six months ended June 30, 2024, the increase to other non-interest income to reflect market valuation movements from the transition from LIBOR to SOFR was $0.3 million. For the year ended December 31, 2023, the full-year reduction to other non-interest income related to the transition from LIBOR to SOFR was $1.9 million.

For additional information on our derivative accounting policies see Note 1 "Summary of Significant Accounting Policies" in our Annual Report on Form 10-K for the year ended December 31, 2023.

The following table presents a summary of the notional amounts and fair values of derivative financial instruments:

	June 30, 2024				December 31, 2023
	Notional Amount		Asset (Liability) Fair Value		Notional Amount		Asset (Liability) Fair Value
	(dollars in thousands)
Interest Rate Locks with Customers
Positive fair values	$	197,685	$	965	$	119,558	$	460
Negative fair values	2,109		(3)		1,015		(2)
Forward Commitments
Positive fair values	—		—		—		—
Negative fair values	58,500		(236)		42,000		(854)
Interest Rate Derivatives with Customers
Positive fair values	546,330		8,091		824,659		22,656
Negative fair values	4,132,103		(271,356)		3,784,236		(222,530)
Interest Rate Derivatives with Dealer Counterparties(1)
Positive fair values	4,132,103		166,461		3,784,236		128,235
Negative fair values	546,330		(8,457)		824,659		(23,023)
Interest Rate Derivatives used in Cash Flow Hedges
Positive fair values	2,300,000		245		2,500,000		6,189
Negative fair values	950,000		(78)		750,000		—
Foreign Exchange Contracts with Customers
Positive fair values	25,730		639		4,159		40
Negative fair values	4,081		(81)		13,353		(446)
Foreign Exchange Contracts with Correspondent Banks
Positive fair values	4,798		127		15,969		532
Negative fair values	25,139		(467)		6,112		(31)

(1) Fair Values are net of a valuation allowance of $366.3 thousand as of June 30, 2024 and December 31, 2023.

The following table presents the effect of cash flow hedge accounting on AOCI:

	Amount of Gain (Loss) Recognized in OCI on Derivative		Amount of Gain (Loss) Recognized in OCI Included Component		Amount of Gain (Loss) Recognized in OCI Excluded Component		Location of Gain (Loss) Recognized from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income		Amount of Gain (Loss) Reclassified from AOCI into Income Included Component		Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
	(dollars in thousands)
Three months ended June 30, 2024
Interest Rate Products	$	(381)	$	(381)	$	—	Interest Income	$	(7,032)	$	(7,032)	$	—
Interest Rate Products	3,297		3,297		—		Interest Expense	2,030		2,030		—
Total	$	2,916	$	2,916	$	—		$	(5,002)	$	(5,002)	$	—
Three months ended June 30, 2023
Interest Rate Products	$	(7,251)	$	(7,251)	—		Interest Income	$	(7,032)	$	(7,032)	—
Total	$	(7,251)	$	(7,251)	—			$	(7,032)	$	(7,032)	—
Six months ended June 30, 2024
Interest Rate Products	(6,040)		(6,040)		—		Interest Income	(14,064)		(14,064)		—
Interest Rate Products	14,512		14,512		—		Interest Expense	4,050		4,050		—
Total	8,472		8,472		—			(10,014)		(10,014)		—
Six months ended June 30, 2023
Interest Rate Products	5,284		5,284		—		Interest Income	(14,189)		(14,189)		—

During the next twelve months, the Corporation estimates that an additional $15.9 million of unrecognized losses will be reclassified as a decrease to net interest income.

The following table presents the effect of fair value and cash flow hedge accounting on the income statement:

	Consolidated Statements of Income Classification
	2024				2023
	Interest Income		Interest Expense		Interest Income		Interest Expense
	(dollars in thousands)
Three months ended June 30
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$	(7,032)	$	2,030	$	(7,032)	$	—
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income	(7,032)		2,030		(7,032)		—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring	—		—		—		—
Amount of gain (loss) reclassified from AOCI into income - included component	(7,032)		2,030		(7,032)		—
Amount of gain (loss) reclassified from AOCI into income - excluded component	—		—		—		—
Six months ended June 30
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$	(14,064)	$	4,050	$	(14,189)	$	—
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income	(14,064)		4,050		(14,189)		—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring	—		—		—		—
Amount of gain (loss) reclassified from AOCI into income - included component	(14,064)		4,050		(14,189)		—
Amount of gain (loss) reclassified from AOCI into income - excluded component	—		—		—		—

The following table presents a summary of the net fair value gains (losses) on derivative financial instruments:

	Consolidated Statements of Income Classification	Three months ended June 30				Six months ended June 30
		2024		2023		2024		2023
		(dollars in thousands)
Mortgage banking derivatives(1)	Mortgage banking income	$	(45)	$	475	$	1,122	$	869
Interest rate derivatives	Other income	137		—		288		—
Foreign exchange contracts	Other income	84		93		123		184
Net fair value gains (losses) on derivative financial instruments		$	176	$	568	$	1,533	$	1,053

(1) Includes interest rate locks with customers and forward commitments.

The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Amortized cost(1)	$	26,335	$	14,792
Fair value	26,822		15,158

(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.

Gains related to changes in fair values of mortgage loans held for sale were $0.3 million for the three months ended June 30, 2024 compared to a nominal amount for the three months ended June 30, 2023. Losses related to changes in fair values of mortgage loans held for sale were $0.1 million for the six months ended June 30, 2024 compared to gains of $0.1 million for the six months ended June 30, 2023.

Balance Sheet Offsetting

The fair values of interest rate derivative agreements and foreign exchange contracts the Corporation enters into with customers and dealer counterparties may be eligible for offset on the consolidated balance sheets if they are subject to master netting arrangements or similar agreements. The Corporation has elected to net its financial assets and liabilities designated as interest rate derivatives when offsetting is permitted. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:

	Gross Amounts		Gross Amounts Not Offset
	Recognized		on the Consolidated
	on the		Balance Sheets
	Consolidated		Financial		Cash		Net
	Balance Sheets		Instruments(1)		Collateral(2)		Amount
	(dollars in thousands)
June 30, 2024
Interest rate derivative assets	$	174,797	$	(9,480)	$	—	$	165,317
Foreign exchange derivative assets with correspondent banks	127		(127)		—		—
Total	$	174,924	$	(9,607)	$	—	$	165,317
Interest rate derivative liabilities	$	279,891	$	(9,647)	$	(107,649)	$	162,595
Foreign exchange derivative liabilities with correspondent banks	467		(127)		—		340
Total	$	280,358	$	(9,774)	$	(107,649)	$	162,935
December 31, 2023
Interest rate derivative assets	$	157,080	$	(15,154)	$	—	$	141,926
Foreign exchange derivative assets with correspondent banks	532		(532)		—		—
Total	$	157,612	$	(15,686)	$	—	$	141,926
Interest rate derivative liabilities	$	245,553	$	(21,343)	$	(93,841)	$	130,369
Foreign exchange derivative liabilities with correspondent banks	31		(532)		—		(501)
Total	$	245,584	$	(21,875)	$	(93,841)	$	129,868

(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default.

For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.

(2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate derivative transactions and foreign exchange

contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying

loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.

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Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

Accumulated Other Comprehensive (Loss) Income

The following table presents the components of other comprehensive income (loss):

	Before-Tax Amount		Tax Effect		Net of Tax Amount
	(dollars in thousands)
Three months ended June 30, 2024
Net unrealized gain on securities	$	(18,356)	$	4,157	$	(14,199)
Reclassification adjustment for securities net change included in net income(1)	20,282		(4,594)		15,688
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	1,815		(412)		1,403
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges	2,916		(660)		2,256
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges	5,002		(1,111)		3,891
Amortization of net unrecognized pension and postretirement items(2)	(136)		31		(105)
Total Other Comprehensive Income	$	11,523	$	(2,589)	$	8,934
Three months ended June 30, 2023
Net unrealized losses on securities	$	(40,361)	$	9,142	$	(31,219)
Reclassification adjustment for securities net change included in net income(3)	(4)		1		(3)
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	1,941		(440)		1,501
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges	(7,251)		1,665		(5,586)
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges	7,032		(22)		7,010
Amortization of net unrecognized pension and postretirement items(2)	4		(1)		3
Total Other Comprehensive Loss	$	(38,639)	$	10,345	$	(28,294)
Six months ended June 30, 2024
Unrealized gain on securities	$	(39,902)	$	9,038	$	(30,864)
Reclassification adjustment for securities net change included in net income(3)	20,282		(4,594)		15,688
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	3,608		(818)		2,790
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges	8,472		(1,919)		6,553
Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges	10,014		(2,224)		7,790
Amortization of net unrecognized pension and postretirement item(2)	(271)		60		(211)
Total Other Comprehensive Income	$	2,203	$	(457)	$	1,746
Six months ended June 30, 2023
Unrealized gain on securities	$	1,838	$	(416)	$	1,422
Reclassification adjustment for securities net change included in net income(3)	18		(4)		14
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	3,851		(872)		2,979
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges	5,284		(17,690)		(12,406)
Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges	14,189		(36)		14,153
Amortization of net unrecognized pension and postretirement items(2)	36		(8)		28
Total Other Comprehensive Income	$	25,216	$	(19,026)	$	6,190

(1) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income.

(2) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See "Note

12 - Employee Benefit Plans," for additional details.

(3) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See "Note 4

- Investment Securities," for additional details.

The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax:

	Unrealized Gains (Losses) on Investment Securities		Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges		Unrecognized Pension and Postretirement Plan Income (Costs)		Total
	(dollars in thousands)
Three months ended June 30, 2024
Balance at March 31, 2024	$	(290,140)	$	(26,587)	$	(2,741)	$	(319,468)
OCI before reclassifications	(14,199)		2,256		—		(11,943)
Amounts reclassified from AOCI	15,688		3,891		(105)		19,474
Amortization of net unrealized gains on AFS securities transferred to HTM	1,403		—		—		1,403
Balance at June 30, 2024	$	(287,248)	$	(20,440)	$	(2,846)	$	(310,534)
Three months ended June 30, 2023
Balance at March 31, 2023	$	(282,095)	$	(61,453)	$	(7,444)	$	(350,992)
OCI before reclassifications	(31,219)		(5,586)		—		(36,805)
Amounts reclassified from AOCI	(3)		7,010		3		7,010
Amortization of net unrealized losses on AFS securities transferred to HTM	1,501		—		—		1,501
Balance at June 30, 2023	$	(311,816)	$	(60,029)	$	(7,441)	$	(379,286)
Six months ended June 30, 2024
Balance at December 31, 2023	$	(274,862)	$	(34,783)	$	(2,635)	$	(312,280)
OCI before reclassifications	(30,864)		6,553		—		(24,311)
Amounts reclassified from AOCI	15,688		7,790		(211)		23,267
Amortization of net unrealized gains on AFS securities transferred to HTM	2,790		—		—		2,790
Balance at June 30, 2024	$	(287,248)	$	(20,440)	$	(2,846)	$	(310,534)
Six months ended June 30, 2023
Balance at December 31, 2022	$	(316,231)	$	(61,776)	$	(7,469)	$	(385,476)
OCI before reclassifications	1,422		(12,406)		—		(10,984)
Amounts reclassified from AOCI	14		14,153		28		14,195
Amortization of net unrealized losses on AFS securities transferred to HTM	2,979		—		—		2,979
Balance at June 30, 2023	$	(311,816)	$	(60,029)	$	(7,441)	$	(379,286)

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Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority):

•Level 1 – Inputs that represent quoted prices for identical instruments in active markets.

•Level 2 – Inputs that represent quoted prices for similar instruments in active markets or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means.

•Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.

All assets and liabilities measured at fair value on both a recurring and nonrecurring basis have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:

	June 30, 2024
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	26,822	$	—	$	26,822
Available for sale investment securities:
State and municipal securities	—		820,109		—		820,109
Corporate debt securities	—		337,398		—		337,398
Collateralized mortgage obligations	—		713,769		—		713,769
Residential mortgage-backed securities	—		557,191		—		557,191
Commercial mortgage-backed securities	—		511,127		—		511,127
Total available for sale investment securities	—		2,939,594		—		2,939,594
Other assets:
Investments held in Rabbi Trust	34,339		—		—		34,339
Derivative assets	766		175,762		—		176,528
Total assets	$	35,105	$	3,142,178	$	—	$	3,177,283
Other liabilities:
Deferred compensation liabilities	$	34,339	$	—	$	—	$	34,339
Derivative liabilities	548		280,130		—		280,678
Total liabilities	$	34,887	$	280,130	$	—	$	315,017

	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	15,158	$	—	$	15,158
Available for sale investment securities:
U.S. Government securities	42,161		—		—		42,161
U.S. Government sponsored agency securities	—		1,010		—		1,010
State and municipal securities	—		1,072,013		—		1,072,013
Corporate debt securities	—		440,551		—		440,551
Collateralized mortgage obligations	—		111,434		—		111,434
Residential mortgage-backed securities	—		196,795		—		196,795
Commercial mortgage-backed securities	—		534,388		—		534,388
Total available for sale investment securities	42,161		2,356,191		—		2,398,352
Other assets:
Investments held in Rabbi Trust	29,819		—		—		29,819
Derivative assets	572		157,540		—		158,112
Total assets	$	72,552	$	2,528,889	$	—	$	2,601,441
Other liabilities:
Deferred compensation liabilities	$	29,819	$	—	$	—	$	29,819
Derivative liabilities	477		246,157		—		246,634
Total liabilities	$	30,296	$	246,157	$	—	$	276,453

The valuation techniques used to measure fair value for the items in the preceding tables are as follows:

Loans held for sale – This category includes mortgage loans held for sale that are measured at fair value. Fair values as of June 30, 2024 and December 31, 2023 were measured at the price that secondary market investors were offering for loans with similar characteristics.

Available for sale investment securities – Included in this asset category are debt securities. Level 2 investment securities are valued by a third-party pricing service. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings and matrix pricing.

Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used or some of the standard market inputs may not be applicable.

•U.S. Government securities – These securities are classified as Level 1. Fair values are based on quoted prices with active markets.

•U.S. Government-sponsored agency securities, State and municipal securities/Collateralized mortgage obligations/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above.

•Corporate debt securities – These securities are classified as Level 2. This category consists of subordinated debt and senior debt issued by financial institutions ($330.4 million at June 30, 2024 and $433.4 million at December 31, 2023) and other corporate debt issued by non-financial institutions ($6.9 million and $7.2 million at June 30, 2024 and December 31, 2023, respectively). The fair values for these corporate debt securities are determined by a third-party pricing service as detailed above.

Investments held in Rabbi Trust – This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represent quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1.

Derivative assets – Fair value of foreign currency exchange contracts are classified as Level 1 assets ($0.8 million and $0.6 million at June 30, 2024 and December 31, 2023, respectively). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets.

Level 2 assets, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($1.0 million at June 30, 2024 and $0.5 million at December 31, 2023) and the fair value of interest rate derivatives ($174.8 million at June 30, 2024 and $157.1 million at December 31, 2023). The fair values of the interest rate locks, forward commitments and interest rate derivatives represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 7 - Derivative Financial Instruments," for additional information.

Deferred compensation liabilities – Fair value of amounts due to employees under deferred compensation plans, classified as Level 1 liabilities and are included in other liabilities on the consolidated balance sheets. The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Investments held in Rabbi Trust" above.

Derivative liabilities – Level 1 liabilities, representing the fair value of foreign currency exchange contracts ($0.5 million at June 30, 2024 and December 31, 2023).

Level 2 liabilities, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($0.2 million at June 30, 2024 and $0.9 million at December 31, 2023) and the fair value of interest rate derivatives ($279.9 million at June 30, 2024 and $245.6 million at December 31, 2023).

The fair values of these liabilities are determined in the same manner as the related assets as described under the heading "Derivative assets" above.

Certain financial instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Loans, net	$	121,942	$	102,135
OREO	1,444		896
MSRs(1)	51,724		49,696
Total assets	$	175,110	$	152,727

(1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at the lower of amortized cost or fair value.

See "Note 6 - Mortgage Servicing Rights" for additional information.

The valuation techniques used to measure fair value for the items in the table above are as follows:

•Loans, net – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. The amount shown is the balance of non-accrual loans, net of related ACL. See "Note 5 - Loans and Allowance for Credit Losses," for additional details.

•OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets.

•MSRs – This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified by product type and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the June 30, 2024 valuation were 7.3% and 9.5%, respectively. Management reviews the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 6 - Mortgage Servicing Rights," for additional information.

The following tables detail the book values and the estimated fair values of the Corporation's financial instruments:

	June 30, 2024
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	1,396,282	$	1,396,282	$	—	$	—	$	1,396,282
FRB and FHLB stock	125,297		—		125,297		—		125,297
Loans held for sale	26,822		—		26,822		—		26,822
AFS securities	2,939,594		—		2,939,594		—		2,939,594
HTM securities	1,244,433		—		1,033,439		—		1,033,439
Loans, net	23,730,356		—		—		22,391,497		22,391,497
Accrued interest receivable	120,752		120,752		—		—		120,752
Other assets	731,849		524,312		175,762		53,168		753,242
FINANCIAL LIABILITIES
Demand and savings deposits	$	20,650,955	$	20,650,955	$	—	$	—	$	20,650,955
Brokered deposits	995,975		139,166		856,809		—		995,975
Time deposits	3,912,724		—		3,912,608		—		3,912,608
Accrued interest payable	48,757		48,757		—		—		48,757
Federal Home Loan Bank advances	750,000		754,414		—		—		754,414
Senior debt and subordinated debt	535,741		—		419,072		—		419,072
Other borrowings	892,856		891,851		1,119		—		892,970
Other liabilities	467,810		173,140		280,130		14,540		467,810

	December 31, 2023
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	549,710	$	549,710	$	—	$	—	$	549,710
FRB and FHLB stock	124,405		—		124,405		—		124,405
Loans held for sale	15,158		—		15,158		—		15,158
AFS securities	2,398,352		42,161		2,356,191		—		2,398,352
HTM securities	1,267,922		—		1,072,207		—		1,072,207
Loans, net	21,057,690		—		—		19,930,560		19,930,560
Accrued interest receivable	107,972		107,972		—		—		107,972
Other assets	661,067		452,935		157,540		50,592		661,067
FINANCIAL LIABILITIES
Demand and savings deposits	$	17,653,690	$	17,653,690	$	—	$	—	$	17,653,690
Brokered deposits	1,144,692		145,987		999,392		—		1,145,379
Time deposits	2,739,241		—		2,714,709		—		2,714,709
Accrued interest payable	35,083		35,083		—		—		35,083
Federal funds purchased	240,000		240,000		—		—		240,000
Federal Home Loan Bank advances	1,100,000		1,094,013		—		—		1,094,013
Senior debt and subordinated debt	535,384		—		463,270		—		463,270
Other borrowings	612,142		611,269		837		—		612,106
Other liabilities	429,046		165,635		246,157		17,254		429,046

Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be

substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation.

For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation's consolidated balance sheets, book value was considered to be a reasonable estimate of fair value.

The following instruments are predominantly short-term:

Assets	Liabilities
Cash and cash equivalents	Demand and savings deposits
Accrued interest receivable	Other borrowings
	Accrued interest payable

FRB and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets, which is a reasonable estimate of fair value.

As of June 30, 2024, fair values for loans and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans also include estimated credit losses that would be assumed in a market transaction, which represents estimated exit prices.

Brokered deposits consist of demand and saving deposits, which are classified as Level 1, and time deposits, which are classified as Level 2. The fair value of these deposits is determined in a manner consistent with the respective type of deposits discussed above.

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Net Income Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

Basic net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.

Diluted net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation's common stock equivalents consist of outstanding stock options, restricted stock, RSUs, and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period.

A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data):

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
Weighted average shares outstanding (basic)	175,305		165,854		169,006		166,227
Impact of common stock equivalents	1,629		1,337		1,763		1,582
Weighted average shares outstanding (diluted)	176,934		167,191		170,769		167,809
Per share:
Basic	$	0.53	$	0.46	$	0.90	$	0.86
Diluted	0.52		0.46		0.89		0.85

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Corporation grants equity awards to employees in the form of restricted stock, RSUs or PSUs under its Employee Equity Plan. In addition, employees may purchase stock under the Corporation's Employee Stock Purchase Plan. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards.

The Corporation also grants equity awards to non-employee members of its Board of Directors and the Bank's Board of Directors under the Directors’ Plan. Under the Directors’ Plan, the Corporation can grant equity awards to non-employee Corporation and Bank directors in the form of restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors’ Plan have been limited to RSUs.

As of June 30, 2024, the Employee Equity Plan had approximately 3.9 million shares reserved for future grants through 2032, and the Directors’ Plan had approximately 330,000 shares reserved for future grants through 2033.

The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Compensation expense	$	2,758	$	2,571	$	3,425	$	4,240
Tax benefit	(620)		(565)		(764)		(927)
Total stock-based compensation, net of tax	$	2,138	$	2,006	$	2,661	$	3,313

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Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The net periodic pension cost for the Pension Plan consisted of the following components:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Interest cost	$	789	$	855	$	1,579	$	1,711
Expected return on plan assets	(975)		(877)		(1,951)		(1,754)
Net amortization and deferral	—		80		—		161
Net periodic pension cost	$	(186)	$	58	$	(372)	$	118

The components of the net benefit for the Postretirement Plan consisted of the following components:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Interest cost	$	9	$	13	$	19	$	26
Net accretion and deferral	(136)		(136)		(271)		(272)
Net periodic benefit	$	(127)	$	(123)	$	(252)	$	(246)

In connection with the Merger, the Corporation assumed the obligations of Prudential Bancorp under a multiemployer defined benefit pension plan that had previously been closed to new Prudential Bancorp participants.

The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through OCI.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Commitments

The Corporation is a party to financial instruments with OBS risk in the normal course of business to meet the financing needs of its borrowers or obligors.

Commitments to extend credit are agreements to lend to a borrower or obligor as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower or obligor. Since a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each borrower's or obligor's creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon an extension of credit is based on management's credit evaluation of the borrower or obligor. Collateral held varies but may include accounts receivable, inventory, property, equipment and income-producing commercial properties.

Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a borrower or obligor to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for borrowers or obligors. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistent with commercial lending standards. The maximum exposure to loss for standby and commercial letters of credit is equal to the contractual (or notional) amount of the instruments.

The following table presents the Corporation's commitments to extend credit and letters of credit:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Commitments to extend credit	$	9,100,013	$	8,790,511
Standby letters of credit	254,067		264,440
Commercial letters of credit	64,605		67,396

Residential Lending

The Corporation originates and sells residential mortgages to secondary market investors. The Corporation provides customary representations and warranties to secondary market investors that specify, among other things, that the loans have been underwritten to the standards of the secondary market investor. The Corporation may be required to repurchase specific loans or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary representations and warranties, based on the specific terms of those agreements.

The Corporation maintains a reserve for estimated losses related to loans sold to investors. As of June 30, 2024 and December 31, 2023, the total reserve for losses on residential mortgage loans sold was $2.5 million and $1.8 million, respectively, including reserves for both representation and warranty and credit loss exposures. In addition, a component of ACL - OBS credit exposures of $1.3 million and $2.7 million, as of June 30, 2024 and December 31, 2023, respectively, related to additional credit exposures for potential loan repurchases.

Legal Proceedings

The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of its business activities. The Corporation evaluates the possible impact of these matters, taking into consideration the most recent information available. A loss reserve is established for those matters for which the Corporation believes a loss is both probable and reasonably estimable. Once established, the reserve is adjusted as appropriate to reflect any subsequent developments. Actual losses with respect to any such matter may be more or less than the amount estimated by the Corporation. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated by the Corporation, no loss reserve is established.

In addition, from time to time, the Corporation is involved in investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other companies. These inquiries or investigations could lead to administrative, civil or criminal proceedings involving the Corporation, and could result in fines, penalties, restitution, other types of sanctions, or the need for the Corporation to undertake remedial actions, or to alter its business, financial or accounting practices. The Corporation's practice is to cooperate fully with regulatory and governmental inquiries and investigations.

As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, that may result from the final outcomes of pending legal proceedings, or regulatory or governmental inquiries or investigations, will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings, inquiries and investigations are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation's results of operations in any future period, depending, in part, upon the size of the loss or liability imposed and the operating results for the period, and could have a material adverse effect on the Corporation's business. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause the Corporation to incur additional expenses, which could be significant, and possibly material, to the Corporation's results of operations in any future period.

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Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income	$ 94,975	$ 79,607	$ 156,916	$ 147,920

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC for potential recognition or disclosure in the Consolidated Financial Statements.

Significant Accounting Policies

The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. Those significant accounting policies are unchanged at June 30, 2024.

Recently Adopted and Issued Accounting Standards

Recently Adopted Accounting Standards

In June 2022, FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). This update clarifies how the fair value of equity securities subject to contractual sale restrictions is determined and requires additional qualitative and quantitative disclosures for equity securities with contractual sale restrictions. The Corporation adopted ASU 2022-03 on January 1, 2024, and it did not have a material impact on its consolidated financial statements.

In March 2023, FASB issued ASU 2023-01 Leases (Topic 842): Common Control Arrangements ("ASU 2023-01"). This update clarifies guidance for leases between related parties under common control. The Corporation adopted ASU 2023-01 on January 1, 2024, and it did not have a material impact on its consolidated financial statements.

Recently Issued Accounting Standards

In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation will adopt ASU 2023-07 on December 15, 2024. The Corporation is not currently required to report segment information and, as such, does not expect the adoption of ASU 2023-07 to have an impact on its consolidated financial statements.

In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"). This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation will adopt ASU 2023-08 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-08 to have an impact on its consolidated financial statements. The Corporation currently does not hold crypto assets.

In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation will adopt ASU 2023-09 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-09 to have an impact on its consolidated financial statements.

In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"). This update provides guidance for profits interest and similar awards. The Corporation will adopt ASU 2024-01 on January 1, 2025. The Corporation does not expect the adoption of ASU 2024-01 to have a material impact on its consolidated financial statements.

Reclassifications

Reclassifications

Certain amounts in the 2023 consolidated financial statements and notes have been reclassified to conform to the 2024 presentation.

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Business Combinations and Asset Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Acquisitions

The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Republic First Transaction on the Acquisition Date:

	Estimated Fair Value
Cash payment received from FDIC	$	809,920
Assets acquired:
Cash and due from banks	208,451
Investment securities	1,938,571
Loans	2,505,040
Premises and equipment	970
CDI	92,600
FHLB Stock	37,931
Accrued interest receivable	16,164
Other assets	11,782
Total assets	4,811,509
Liabilities assumed:
Deposits	4,112,325
Borrowings	1,435,976
Other liabilities	11,859
Total liabilities	5,560,160
Net assets acquired:	(748,651)
Gain on acquisition, before income taxes	$	61,269
Gain on acquisition, net of income taxes	$	47,392

The following table presents information with respect to the estimated fair value and unpaid principal balance of acquired loans and leases at the Acquisition Date:

	April 26, 2024
	Unpaid Principal Balance		Estimated Fair Value
	(dollars in thousands)
Real estate - commercial mortgage	$	1,144,465	$	1,024,004
Commercial and industrial	545,374		496,100
Real-estate - residential mortgage	947,135		752,328
Real-estate - home equity	72,730		66,237
Real-estate - construction	153,437		145,597
Consumer	20,789		20,774
Total acquired loans	$	2,883,930	$	2,505,040

The following table summarizes PCD Loans:

	April 26, 2024
	(dollars in thousands)
Book balance of loans with deteriorated credit quality at acquisition	$	1,023,940
Fair value of loans with deteriorated credit quality at acquisition	904,558
Fair value discount	119,382
PCD Loans credit discount	(55,906)
Non-credit discount	$	63,476

Schedule of Acquisition-Related Expenses

The following table details the costs identified and classified as acquisition-related expenses:

		Three months ended June 30, 2024
		(dollars in thousands)
Salaries and employee benefits		$	805
Professional fees		7,624
Charitable donation	Charitable donation	5,000
Other		374
		$	13,803

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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Values of Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities:

	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale	(dollars in thousands)
State and municipal securities	$	965,392	$	50	$	(145,333)	$	820,109
Corporate debt securities	368,901		510		(32,013)		337,398
Collateralized mortgage obligations	724,602		1,533		(12,366)		713,769
Residential mortgage-backed securities	589,267		14		(32,090)		557,191
Commercial mortgage-backed securities	610,960		—		(99,833)		511,127
Total	$	3,259,122	$	2,107	$	(321,635)	$	2,939,594
Held to Maturity
Residential mortgage-backed securities	$	384,956	$	—	$	(58,593)	$	326,363
Commercial mortgage-backed securities	859,477		—		(152,401)		707,076
Total	$	1,244,433	$	—	$	(210,994)	$	1,033,439

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale	(dollars in thousands)
U.S. Government securities	$	42,475	$	—	$	(314)	$	42,161
U.S. Government-sponsored agency securities	1,038		—		(28)		1,010
State and municipal securities	1,200,571		1,089		(129,647)		1,072,013
Corporate debt securities	480,714		473		(40,636)		440,551
Collateralized mortgage obligations	122,824		—		(11,390)		111,434
Residential mortgage-backed securities	223,273		7		(26,485)		196,795
Commercial mortgage-backed securities	627,364		—		(92,976)		534,388
Total	$	2,698,259	$	1,569	$	(301,476)	$	2,398,352
Held to Maturity
Residential mortgage-backed securities	$	407,075	$	—	$	(51,805)	$	355,270
Commercial mortgage-backed securities	860,847		—		(143,910)		716,937
Total	$	1,267,922	$	—	$	(195,715)	$	1,072,207

Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities

The amortized cost and estimated fair values of debt securities as of June 30, 2024, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.

		June 30, 2024
		Available for Sale				Held to Maturity
		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due in one year or less		$	13,762	$	13,533	$	—	$	—
Due from one year to five years		110,303		106,430		—		—
Due from five years to ten years		362,563		327,817		—		—
Due after ten years		847,665		709,727		—		—
		1,334,293		1,157,507		—		—
Residential mortgage-backed securities(1)		589,267		557,191		384,956		326,363
Commercial mortgage-backed securities(1)		610,960		511,127		859,477		707,076
Collateralized mortgage obligations(1)		724,602		713,769		—		—
Total		$	3,259,122	$	2,939,594	$	1,244,433	$	1,033,439

(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the

underlying loans.

Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment

The following table presents information related to gross realized gains and losses on the sales of securities:

	Gross Realized Gains		Gross Realized Losses		Net Gains (Losses)
Three months ended	(dollars in thousands)
June 30, 2024	$	91	$	(20,373)	$	(20,282)
June 30, 2023	—		(4)		(4)
Six months ended
June 30, 2024	$	91	$	(20,373)	$	(20,282)
June 30, 2023	283		(264)		19

Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position

The following tables present the gross unrealized losses and estimated fair values of investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	June 30, 2024
		Less than 12 months					12 months or longer				Total
	Number of Securities	Estimated Fair Value		Unrealized Losses		Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Available for Sale	(dollars in thousands)
State and municipal securities	19	$	48,682	$	(1,552)	276	$	766,484	$	(143,781)	$	815,166	$	(145,333)
Corporate debt securities	—	—		—		52	286,277		(32,013)		286,277		(32,013)
Collateralized mortgage obligations	9	195,411		(601)		82	93,219		(11,765)		288,630		(12,366)
Residential mortgage-backed securities	32	369,024		(1,115)		75	183,416		(30,975)		552,440		(32,090)
Commercial mortgage-backed securities	—	—		—		135	511,127		(99,833)		511,127		(99,833)
Total available for sale	60	$	613,117	$	(3,268)	620	$	1,840,523	$	(318,367)	$	2,453,640	$	(321,635)
Held to Maturity
Residential mortgage-backed securities	—	$	—	$	—	120	$	326,363	$	(58,593)	$	326,363	$	(58,593)
Commercial mortgage-backed securities	—	—		—		60	707,076		(152,401)		707,076		(152,401)
Total held to maturity	—	$	—	$	—	180	$	1,033,439	$	(210,994)	$	1,033,439	$	(210,994)

	December 31, 2023
	Less than 12 months					12 months or longer					Total
	Number of Securities	Estimated Fair Value		Unrealized Losses		Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Available for Sale	(dollars in thousands)
U.S. Government Securities	—	$	—	$	—	1	$	42,161	$	(314)	$	42,161	$	(314)
U.S. Government-sponsored agency securities	—	—		—		1	1,010		(28)		1,010		(28)
State and municipal securities	40	76,155		(858)		314	917,274		(128,789)		993,429		(129,647)
Corporate debt securities	8	42,945		(1,326)		60	370,523		(39,310)		413,468		(40,636)
Collateralized mortgage obligations	—	—		—		93	111,434		(11,390)		111,434		(11,390)
Residential mortgage-backed securities	6	409		(3)		69	195,453		(26,482)		195,862		(26,485)
Commercial mortgage-backed securities	2	26,907		(1,053)		133	507,481		(91,923)		534,388		(92,976)
Total available for sale	56	$	146,416	$	(3,240)	671	$	2,145,336	$	(298,236)	$	2,291,752	$	(301,476)
Held to Maturity
Residential mortgage-backed securities	—	$	—	$	—	120	$	355,270	$	(51,805)	$	355,270	$	(51,805)
Commercial mortgage-backed securities	—	—		—		60	716,937		(143,910)		716,937		(143,910)
Total held to maturity	—	$	—	$	—	180	$	1,072,207	$	(195,715)	$	1,072,207	$	(195,715)

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Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Summary of Gross Loans by Type

Loans and leases, net of unearned income, are summarized as follows:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Real estate - commercial mortgage	$	9,289,770	$	8,127,728
Commercial and industrial(1)	4,967,796		4,545,552
Real-estate - residential mortgage	6,248,856		5,325,923
Real-estate - home equity	1,120,878		1,047,184
Real-estate - construction	1,463,799		1,239,075
Consumer	692,086		729,318
Leases and other loans(2)	323,112		336,314
Net loans	$	24,106,297	$	21,351,094

(1) Includes no unearned income at June 30, 2024 and $41.0 thousand at December 31, 2023.

(2) Includes unearned income of $36.6 million at June 30, 2024 and $38.0 million at December 31, 2023.

Schedule of Allowance for Credit Losses

The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
ACL - loans	$	375,941	$	293,404
Reserve for OBS credit exposures(1)	$	14,540	$	17,254

(1) Included in other liabilities on the consolidated balance sheets.

Activity in the Allowance for Credit Losses

The following table presents the activity in the ACL - loans balances:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Balance at beginning of period	$	297,888	$	278,695	$	293,404	269,366
CECL Day 1 Provision(1)	23,444		—		23,444		—
Initial PCD allowance for credit losses	55,906		—		55,906		—
Loans charged off	(14,007)		(4,787)		(24,959)		(21,690)
Recoveries of loans previously charged off	2,705		2,816		5,059		5,715
Net loans (charged off) recovered	(11,302)		(1,971)		(19,900)		(15,975)
Provision for credit losses(1) (2)	10,005		10,718		23,087		34,051
Balance at end of period	$	375,941	$	287,442	$	375,941	$	287,442
Provision for OBS credit exposures(1)	$	(1,393)	$	(971)	$	(3,550)	$	240
Reserve for OBS credit exposures	$	14,540	$	16,568	$	14,540	$	16,568

(1) The sum of these amounts are reflected in the provision for credit losses in the Consolidated Statements of Income.

(2) Provision only includes the portion related to net loans.

The following table presents the activity in the ACL by portfolio segment:

	Real Estate  Commercial Mortgage		Commercial and Industrial		Real Estate Residential Mortgage		Consumer and Home Equity		Real Estate Construction		Leases and other loans		Total
	(dollars in thousands)
Three months ended June 30, 2024
March 31, 2024	$	114,492	$	76,883	$	73,216	$	16,688	$	12,966	$	3,643	$	297,888
CECL Day 1 Provision(1)	6,108		1,484		14,922		444		486		—		23,444
Initial PCD allowance for credit losses	32,157		20,869		565		357		1,958		—		55,906
Loans charged off	(7,853)		(2,955)		(35)		(1,766)		—		(1,398)		(14,007)
Recoveries of loans previously charged off	146		796		122		1,161		233		247		2,705
Net loans (charged off) recovered	(7,707)		(2,159)		87		(605)		233		(1,151)		(11,302)
Provision for loan losses(1) (2)	11,115		(2,454)		924		649		(1,033)		804		10,005
Balance at June 30, 2024	$	156,165	$	94,623	$	89,714	$	17,533	$	14,610	$	3,296	$	375,941
Three months ended June 30, 2023
March 31, 2023	$	66,256	$	77,126	$	86,209	$	27,303	$	11,646	$	10,155	$	278,695
Loans charged off	(230)		(2,017)		(62)		(1,313)		—		(1,165)		(4,787)
Recoveries of loans previously charged off	29		988		58		959		569		213		2,816
Net loans (charged off) recovered	(201)		(1,029)		(4)		(354)		569		(952)		(1,971)
Provision for loan and lease losses(1) (2)	6,247		(908)		2,644		2,033		(1,071)		1,773		10,718
Balance at June 30, 2023	$	72,302	$	75,189	$	88,849	$	28,982	$	11,144	$	10,976	$	287,442
Six months ended June 30, 2024
Balance at December 31, 2023	$	112,565	$	74,266	$	73,286	$	17,604	$	12,295	$	3,388	$	293,404
CECL Day 1 Provision(1)	6,108		1,484		14,922		444		486		—		23,444
Initial PCD allowance for credit losses	32,157		20,869		565		357		1,958		—		55,906
Loans charged off	(7,879)		(10,587)		(286)		(4,004)		—		(2,203)		(24,959)
Recoveries of loans previously charged off	298		2,044		238		1,837		233		409		5,059
Net loans (charged off) recovered	(7,581)		(8,543)		(48)		(2,167)		233		(1,794)		(19,900)
Provision for loan losses(1) (2)	12,916		6,547		989		1,295		(362)		1,702		23,087
Balance at June 30, 2024	$	156,165	$	94,623	$	89,714	$	17,533	$	14,610	$	3,296	$	375,941
Six months ended June 30, 2023
Balance at December 31, 2022	$	69,456	$	70,116	$	83,250	$	26,429	$	10,743	$	9,372	$	269,366
Loans charged off	(13,592)		(2,629)		(62)		(3,519)		—		(1,888)		(21,690)
Recoveries of loans previously charged off	815		2,074		106		1,620		771		329		5,715
Net loans (charged off) recovered	(12,777)		(555)		44		(1,899)		771		(1,559)		(15,975)
Provision for loan losses(1)(2)	15,623		5,628		5,555		4,452		(370)		3,163		34,051
Balance at June 30, 2023	$	72,302	$	75,189	$	88,849	$	28,982	$	11,144	$	10,976	$	287,442

(1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income.

(2) Provision included in the table only includes the portion related to net loans.

Total Impaired Loans by Class Segment

The following table presents total non-accrual loans, by class segment:

	June 30, 2024						December 31, 2023
	With a Related Allowance		Without a Related Allowance		Total		With a Related Allowance		Without a Related Allowance		Total
	(dollars in thousands)
Real estate - commercial mortgage	$	16,295	$	29,897	$	46,192	$	23,338	$	21,467	$	44,805
Commercial and industrial	28,693		28,581		57,274		12,410		27,542		39,952
Real estate - residential mortgage	21,436		3,027		24,463		18,806		2,018		20,824
Real estate - home equity	6,249		90		6,339		4,649		104		4,753
Real estate - construction	340		886		1,226		341		1,000		1,341
Consumer	183		—		183		52		—		52
Leases and other loans	601		9,352		9,953		9,255		638		9,893
	$	73,797	$	71,833	$	145,630	$	68,851	$	52,769	$	121,620

Financing Receivable Credit Quality Indicators

The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:

		June 30, 2024
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2024		2023		2022		2021		2020		Prior		Cost Basis		Cost Basis		Total
Real estate - commercial mortgage
	Pass	$	309,982	$	863,950	$	1,071,750	$	1,271,714	$	1,045,978	$	3,529,987	$	67,395	$	—	$	8,160,756
	Special Mention	1,226		64,073		156,132		221,347		78,390		222,166		10,166		1,531		755,031
	Substandard or Lower	216		10,339		60,790		77,874		63,740		159,103		1,921		—		373,983
	Total real estate - commercial mortgage	311,424		938,362		1,288,672		1,570,935		1,188,108		3,911,256		79,482		1,531		9,289,770
Real estate - commercial mortgage
	Current period gross charge-offs	—		—		(84)		—		—		(7,769)		—		(26)		(7,879)
Commercial and industrial
	Pass	226,274		549,429		588,898		324,519		304,830		812,912		1,449,696		16,778		4,273,336
	Special Mention	9,518		23,258		46,588		52,606		25,066		98,739		137,793		408		393,976
	Substandard or Lower	8,828		3,716		32,980		7,707		8,213		70,004		167,668		1,368		300,484
	Total commercial and industrial	244,620		576,403		668,466		384,832		338,109		981,655		1,755,157		18,554		4,967,796
Commercial and industrial
	Current period gross charge-offs	(370)		(1,420)		(29)		(273)		(57)		(742)		(4,061)		(3,635)		(10,587)
Real estate - construction(1)
	Pass	53,160		458,484		321,727		161,398		6,181		40,431		26,297		—		1,067,678
	Special Mention	—		14,371		53,362		48,683		3,023		3,226		2,952		1,280		126,897
	Substandard or Lower	—		—		13,116		11,929		—		26,195		142		—		51,382
	Total real estate - construction	53,160		472,855		388,205		222,010		9,204		69,852		29,391		1,280		1,245,957
Real estate - construction(1)
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Pass	589,416		1,871,863		1,982,375		1,757,631		1,356,989		4,383,330		1,543,388		16,778		13,501,770
	Special Mention	10,744		101,702		256,082		322,636		106,479		324,131		150,911		3,219		1,275,904
	Substandard or Lower	9,044		14,055		106,886		97,510		71,953		255,302		169,731		1,368		725,849
	Total	$	609,204	$	1,987,620	$	2,345,343	$	2,177,777	$	1,535,421	$	4,962,763	$	1,864,030	$	21,365	$	15,503,523

(1) Excludes real estate - construction - other.

The increase of $799.0 million in special mention loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $776.9 million as of June 30, 2024. The increase of $277.8 million in substandard or lower loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $166.5 million as of June 30, 2024.

The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:

		December 31, 2023
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Real estate - commercial mortgage
	Pass	$	783,673	$	993,017	$	1,203,852	$	984,958	$	721,857	$	2,822,155	$	59,253	$	31,636	$	7,600,401
	Special Mention	2,767		43,904		105,185		7,862		35,289		105,786		1,760		—		302,553
	Substandard or Lower	366		20,958		31,304		49,142		26,579		95,621		804		—		224,774
	Total real estate - commercial mortgage	786,806		1,057,879		1,340,341		1,041,962		783,725		3,023,562		61,817		31,636		8,127,728
Real estate - commercial mortgage
	Current period gross charge-offs	—		—		—		—		—		(424)		—		(17,575)		(17,999)
Commercial and industrial
	Pass	626,386		590,132		330,576		341,218		272,126		598,838		1,443,203		10,736		4,213,215
	Special Mention	7,936		9,548		16,499		3,577		6,817		18,487		72,775		198		135,837
	Substandard or Lower	247		25,184		4,611		3,843		18,988		31,663		105,230		6,734		196,500
	Total commercial and industrial	634,569		624,864		351,686		348,638		297,931		648,988		1,621,208		17,668		4,545,552
Commercial and industrial
	Current period gross charge-offs	—		(299)		—		—		—		(249)		(682)		(8,016)		(9,246)
Real estate - construction(1)
	Pass	322,922		258,080		261,583		37,426		9,510		34,097		13,677		—		937,295
	Special Mention	—		12,622		25,898		—		—		—		—		—		38,520
	Substandard or Lower	—		521		2,229		—		340		21,284		168		2,229		26,771
	Total real estate - construction	322,922		271,223		289,710		37,426		9,850		55,381		13,845		2,229		1,002,586
Real estate - construction(1)
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Pass	1,732,981		1,841,229		1,796,011		1,363,602		1,003,493		3,455,090		1,516,133		42,372		12,750,911
	Special Mention	10,703		66,074		147,582		11,439		42,106		124,273		74,535		198		476,910
	Substandard or Lower	613		46,663		38,144		52,985		45,907		148,568		106,202		8,963		448,045
	Total	$	1,744,297	$	1,953,966	$	1,981,737	$	1,428,026	$	1,091,506	$	3,727,931	$	1,696,870	$	51,533	$	13,675,866

(1) Excludes real estate - construction - other.

The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:

		June 30, 2024
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2024		2023		2022		2021		2020		Prior		Cost Basis		Cost Basis		Total
Real estate - residential mortgage
	Performing	$	223,893	$	693,496	$	1,541,848	$	1,779,390	$	1,063,559	$	905,637	$	—	$	—	$	6,207,823
	Nonperforming	—		1,265		2,259		3,831		4,809		28,869		—		—		41,033
	Total real estate - residential mortgage	223,893		694,761		1,544,107		1,783,221		1,068,368		934,506		—		—		6,248,856
Real estate - residential mortgage
	Current period gross charge-offs	—		—		—		—		—		(35)		—		(251)		(286)
Consumer and real estate - home equity
	Performing	160,101		136,412		250,006		77,901		56,063		235,923		872,989		11,614		1,801,009
	Nonperforming	3		178		1,116		596		283		7,170		1,708		901		11,955
	Total consumer and real estate - home equity	160,104		136,590		251,122		78,497		56,346		243,093		874,697		12,515		1,812,964
Consumer and real estate - home equity
	Current period gross charge-offs	(1)		(326)		(477)		(125)		(142)		(1,096)		—		(1,837)		(4,004)
Leases and other loans
	Performing	77,600		107,668		71,018		22,699		16,005		18,130		—		—		313,120
	Nonperforming	—		—		568		72		41		9,311		—		—		9,992
	Leases and other loans	77,600		107,668		71,586		22,771		16,046		27,441		—		—		323,112
Leases and other loans
	Current period gross charge-offs	(585)		(559)		(159)		(193)		(63)		(343)		(125)		(176)		(2,203)
Construction - other
	Performing	32,808		135,217		42,100		6,311		—		—		—		—		216,436
	Nonperforming	—		—		1,406		—		—		—		—		—		1,406
	Total construction - other	32,808		135,217		43,506		6,311		—		—		—		—		217,842
Construction - other
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Performing	494,402		1,072,793		1,904,972		1,886,301		1,135,627		1,159,690		872,989		11,614		8,538,388
	Nonperforming	3		1,443		5,349		4,499		5,133		45,350		1,708		901		64,386
	Total	$	494,405	$	1,074,236	$	1,910,321	$	1,890,800	$	1,140,760	$	1,205,040	$	874,697	$	12,515	$	8,602,774

		December 31, 2023
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Real estate - residential mortgage
	Performing	$	623,247	$	1,126,656	$	1,682,759	$	984,050	$	260,049	$	607,133	$	—	$	—	$	5,283,894
	Nonperforming	—		1,720		4,888		4,701		6,233		24,487		—		—		42,029
	Total real estate - residential mortgage	623,247		1,128,376		1,687,647		988,751		266,282		631,620		—		—		5,325,923
Real estate - residential mortgage
	Current period gross charge-offs	—		—		—		—		—		—		—		(62)		(62)
Consumer and Real estate - home equity
	Performing	272,571		276,373		85,985		62,426		37,667		204,913		805,645		20,044		1,765,624
	Nonperforming	295		455		866		282		354		5,526		1,439		1,661		10,878
	Total consumer and real estate - home equity	272,866		276,828		86,851		62,708		38,021		210,439		807,084		21,705		1,776,502
Consumer and Real estate - home equity
	Current period gross charge-offs	(119)		—		—		—		—		(525)		(283)		(6,587)		(7,514)
Leases and other loans
	Performing	166,490		83,641		27,755		22,304		16,246		9,867		—		—		326,303
	Nonperforming	—		118		—		—		—		9,893		—		—		10,011
	Leases and other loans	166,490		83,759		27,755		22,304		16,246		19,760		—		—		336,314
Leases and other loans
	Current period gross charge-offs	(471)		(521)		(246)		(128)		(82)		(656)		(765)		(1,511)		(4,380)
Construction - other
	Performing	127,382		93,319		13,698		555		—		—		—		—		234,954
	Nonperforming	—		1,535		—		—		—		—		—		—		1,535
	Total construction - other	127,382		94,854		13,698		555		—		—		—		—		236,489
Construction - other
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Performing	1,189,690		1,579,989		1,810,197		1,069,335		313,962		821,913		805,645		20,044		7,610,775
	Nonperforming	295		3,828		5,754		4,983		6,587		39,906		1,439		1,661		64,453
	Total	$	1,189,985	$	1,583,817	$	1,815,951	$	1,074,318	$	320,549	$	861,819	$	807,084	$	21,705	$	7,675,228

Non-Performing Assets

The following table presents non-performing assets:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Non-accrual loans	$	145,630	$	121,620
Loans 90 days or more past due and still accruing	26,962		31,721
Total non-performing loans	172,592		153,341
OREO(1)	1,444		896
Total non-performing assets	$	174,036	$	154,237

(1) Excludes $24.2 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30,

2024 and December 31, 2023, respectively.

Past due Loan Status and Non-Accrual Loans by Portfolio Segment

The following tables present the aging of the amortized cost basis of loans, by class segment:

	30-59		60-89		≥ 90 Days
	Days Past		Days Past		Past Due		Non-
	Due		Due		and Accruing		Accrual		Current		Total
	(dollars in thousands)
June 30, 2024
Real estate - commercial mortgage	$	14,262	$	1,126	$	2,422	$	46,193	$	9,225,767	$	9,289,770
Commercial and industrial(1)	12,191		14,984		1,159		57,274		4,882,188		4,967,796
Real estate - residential mortgage	58,454		13,895		16,571		24,462		6,135,474		6,248,856
Real estate - home equity	7,403		1,776		4,880		6,338		1,100,482		1,120,878
Real estate - construction	10,951		749		1,406		1,226		1,449,467		1,463,799
Consumer	7,274		1,767		485		183		682,377		692,086
Leases and other loans(1)	397		80		39		9,954		312,642		323,112
Total	$	110,932	$	34,377	$	26,962	$	145,630	$	23,788,397	$	24,106,297

(1) Includes unearned income.

	30-59 Days Past Due		60-89 Days Past Due		≥ 90 Days Past Due and Accruing		Non- accrual		Current		Total
	(dollars in thousands)
December 31, 2023
Real estate - commercial mortgage	$	4,408	$	1,341	$	1,722	$	44,805	$	8,075,452	$	8,127,728
Commercial and industrial(1)	5,620		1,656		1,068		39,952		4,497,256		4,545,552
Real estate - residential mortgage	49,145		10,838		21,205		20,824		5,223,911		5,325,923
Real estate - home equity	8,142		2,075		5,326		4,753		1,026,888		1,047,184
Real estate - construction	4,185		451		1,535		1,341		1,231,563		1,239,075
Consumer	8,361		1,767		747		52		718,391		729,318
Leases and other loans(1)	146		722		118		9,893		325,435		336,314
Total	$	80,007	$	18,850	$	31,721	$	121,620	$	21,098,896	$	21,351,094

(1) Includes unearned income.

Financing Receivables, Loan Modifications

The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:

	Term Extension
	2024				2023
	Amortization Cost Basis		% of Class of Financing Receivable		Amortization Cost Basis		% of Class of Financing Receivable
	(dollars in thousands)
Three months ended June 30
Real estate - commercial mortgage	$	20,603	0.22	%	$	276	—	%
Commercial and industrial	—		—		—		—
Real estate - residential mortgage	2,966		0.05		2,045		0.04
Real estate - home equity	129		0.01		—		—
Total	$	23,698			$	2,321
Six months ended June 30
Real estate - commercial mortgage	$	20,603	0.22	%	$	1,478	0.02	%
Commercial and industrial	—		—		75		—
Real estate - residential mortgage	5,651		0.09		3,423		0.07
Real estate - home equity	129		0.01		—		—
Real estate - construction	541		0.04		—		—
Total	$	26,924			$	4,976

	Interest Rate Reduction and Term Extension
	2024				2023
	Amortized Cost Basis		% of Class of Financing Receivable		Amortized Cost Basis		% of Class of Financing Receivable
	(dollars in thousands)
Three months ended June 30
Real estate - residential mortgage	$	884	0.01	%	$	—	—	%
Total	$	884			$	—
Six months ended June 30
Real estate - residential mortgage	$	1,348	0.02	%	$	—	—	%
Total	$	1,348			$	—

The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:

	Term Extension
	Financial Effect
Three months ended June 30, 2024
Real estate - commercial mortgage	Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 8.51 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity	Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers.
Three months ended June 30, 2023
Real estate - commercial mortgage	Added a weighted-average 1.25 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 5.29 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2024
Real estate - commercial mortgage	Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 7.44 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity	Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction	Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2023
Real estate - commercial mortgage	Added a weighted-average 2.05 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial	Added a weighted-average 2.88 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage	Added a weighted-average 4.64 years to the life of loans, which reduced monthly payment amounts for the borrowers.

	Interest Rate Reduction(1)
	Financial Effect
Three months ended June 30, 2024
Real estate - residential mortgage	Reduced weighted-average interest rate from 3.00% to 1.00%
Six months ended June 30, 2024
Real estate - residential mortgage	Reduced weighted-average interest rate from 2.36% to 1.37%

(1) There were no loan modifications with interest rate reductions for the three months and six months ended June 30, 2023.

The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months:

			30-89		90+		Total
			Days Past		Past Due		Past
	Current		Due		and Accruing		Due
June 30, 2024	(dollars in thousands)
Real estate - commercial mortgage	$	20,603	$	—	$	—	$	—
Commercial and industrial	9,859		—		—		—
Real estate - residential mortgage	8,776		1,977		1,353		3,330
Real estate - home equity	122		7		—		7
Real estate - construction	541		—		—		—
Total	$	39,901	$	1,984	$	1,353	$	3,337

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Mortgage Servicing Rights (Tables)

6 Months Ended

Jun. 30, 2024

Transfers and Servicing [Abstract]

Summary of Changes in Mortgage Servicing Rights

The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets, with adjustments to the carrying value included in mortgage banking income on the consolidated statements of income:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Amortized cost:
Balance at beginning of period	$	31,057	$	33,082	$	31,602	$	34,217
Originations of MSRs	883		688		1,465		884
Amortization	(1,294)		(1,312)		(2,421)		(2,643)
Balance at end of period	$	30,646	$	32,458	$	30,646	$	32,458
Estimated fair value of MSRs at end of period	$	51,724	$	49,444	$	51,724	$	49,444

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Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

he following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Operating lease expense	$	7,633	$	4,751	$	12,697	$	9,592
Variable lease expense	716		773		1,480		1,557
Sublease income	(300)		(292)		(583)		(540)
Total lease expense	$	8,049	$	5,232	$	13,594	$	10,609

Schedule of Supplemental Lease Information

Supplemental consolidated balance sheet information related to leases was as follows:

Operating Leases	Balance Sheet Classification	June 30, 2024			December 31, 2023
		(dollars in thousands)
ROU assets	Other assets	$	131,796		$	88,188
Lease liabilities	Other liabilities	$	138,389		$	95,230
Weighted average remaining lease term		9.23 years			6.48 years
Weighted average discount rate		5.14		%	3.34		%

Supplemental cash flow information related to operating leases was as follows:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	5,662	$	4,844	$	11,272	$	9,770
ROU assets obtained in exchange for lease obligations	47,446		—		52,993		9,018

Schedule of Lease Payment Obligations For Each of the Next Five Years

Year	Operating Leases
Remaining in 2024	$	12,616
2025	23,741
2026	22,122
2027	19,830
2028	16,622
Thereafter	79,672
Total lease payments	174,603
Less: imputed interest	(36,214)
Present value of lease liabilities	$	138,389

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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Amounts and Fair Values of Derivative Financial Instruments

The following table presents a summary of the notional amounts and fair values of derivative financial instruments:

	June 30, 2024				December 31, 2023
	Notional Amount		Asset (Liability) Fair Value		Notional Amount		Asset (Liability) Fair Value
	(dollars in thousands)
Interest Rate Locks with Customers
Positive fair values	$	197,685	$	965	$	119,558	$	460
Negative fair values	2,109		(3)		1,015		(2)
Forward Commitments
Positive fair values	—		—		—		—
Negative fair values	58,500		(236)		42,000		(854)
Interest Rate Derivatives with Customers
Positive fair values	546,330		8,091		824,659		22,656
Negative fair values	4,132,103		(271,356)		3,784,236		(222,530)
Interest Rate Derivatives with Dealer Counterparties(1)
Positive fair values	4,132,103		166,461		3,784,236		128,235
Negative fair values	546,330		(8,457)		824,659		(23,023)
Interest Rate Derivatives used in Cash Flow Hedges
Positive fair values	2,300,000		245		2,500,000		6,189
Negative fair values	950,000		(78)		750,000		—
Foreign Exchange Contracts with Customers
Positive fair values	25,730		639		4,159		40
Negative fair values	4,081		(81)		13,353		(446)
Foreign Exchange Contracts with Correspondent Banks
Positive fair values	4,798		127		15,969		532
Negative fair values	25,139		(467)		6,112		(31)

Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income

The following table presents the effect of cash flow hedge accounting on AOCI:

	Amount of Gain (Loss) Recognized in OCI on Derivative		Amount of Gain (Loss) Recognized in OCI Included Component		Amount of Gain (Loss) Recognized in OCI Excluded Component		Location of Gain (Loss) Recognized from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income		Amount of Gain (Loss) Reclassified from AOCI into Income Included Component		Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
	(dollars in thousands)
Three months ended June 30, 2024
Interest Rate Products	$	(381)	$	(381)	$	—	Interest Income	$	(7,032)	$	(7,032)	$	—
Interest Rate Products	3,297		3,297		—		Interest Expense	2,030		2,030		—
Total	$	2,916	$	2,916	$	—		$	(5,002)	$	(5,002)	$	—
Three months ended June 30, 2023
Interest Rate Products	$	(7,251)	$	(7,251)	—		Interest Income	$	(7,032)	$	(7,032)	—
Total	$	(7,251)	$	(7,251)	—			$	(7,032)	$	(7,032)	—
Six months ended June 30, 2024
Interest Rate Products	(6,040)		(6,040)		—		Interest Income	(14,064)		(14,064)		—
Interest Rate Products	14,512		14,512		—		Interest Expense	4,050		4,050		—
Total	8,472		8,472		—			(10,014)		(10,014)		—
Six months ended June 30, 2023
Interest Rate Products	5,284		5,284		—		Interest Income	(14,189)		(14,189)		—

During the next twelve months, the Corporation estimates that an additional $15.9 million of unrecognized losses will be reclassified as a decrease to net interest income.

The following table presents the effect of fair value and cash flow hedge accounting on the income statement:

	Consolidated Statements of Income Classification
	2024				2023
	Interest Income		Interest Expense		Interest Income		Interest Expense
	(dollars in thousands)
Three months ended June 30
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$	(7,032)	$	2,030	$	(7,032)	$	—
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income	(7,032)		2,030		(7,032)		—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring	—		—		—		—
Amount of gain (loss) reclassified from AOCI into income - included component	(7,032)		2,030		(7,032)		—
Amount of gain (loss) reclassified from AOCI into income - excluded component	—		—		—		—
Six months ended June 30
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded	$	(14,064)	$	4,050	$	(14,189)	$	—
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income	(14,064)		4,050		(14,189)		—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring	—		—		—		—
Amount of gain (loss) reclassified from AOCI into income - included component	(14,064)		4,050		(14,189)		—
Amount of gain (loss) reclassified from AOCI into income - excluded component	—		—		—		—

Summary of Fair Value Gains and Losses on Derivative Financial Instruments

The following table presents a summary of the net fair value gains (losses) on derivative financial instruments:

	Consolidated Statements of Income Classification	Three months ended June 30				Six months ended June 30
		2024		2023		2024		2023
		(dollars in thousands)
Mortgage banking derivatives(1)	Mortgage banking income	$	(45)	$	475	$	1,122	$	869
Interest rate derivatives	Other income	137		—		288		—
Foreign exchange contracts	Other income	84		93		123		184
Net fair value gains (losses) on derivative financial instruments		$	176	$	568	$	1,533	$	1,053

(1) Includes interest rate locks with customers and forward commitments.

Summary of Corporation's Mortgage Loans Held for Sale

The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Amortized cost(1)	$	26,335	$	14,792
Fair value	26,822		15,158

(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.

Summary of Offsetting Derivative Assets

The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:

	Gross Amounts		Gross Amounts Not Offset
	Recognized		on the Consolidated
	on the		Balance Sheets
	Consolidated		Financial		Cash		Net
	Balance Sheets		Instruments(1)		Collateral(2)		Amount
	(dollars in thousands)
June 30, 2024
Interest rate derivative assets	$	174,797	$	(9,480)	$	—	$	165,317
Foreign exchange derivative assets with correspondent banks	127		(127)		—		—
Total	$	174,924	$	(9,607)	$	—	$	165,317
Interest rate derivative liabilities	$	279,891	$	(9,647)	$	(107,649)	$	162,595
Foreign exchange derivative liabilities with correspondent banks	467		(127)		—		340
Total	$	280,358	$	(9,774)	$	(107,649)	$	162,935
December 31, 2023
Interest rate derivative assets	$	157,080	$	(15,154)	$	—	$	141,926
Foreign exchange derivative assets with correspondent banks	532		(532)		—		—
Total	$	157,612	$	(15,686)	$	—	$	141,926
Interest rate derivative liabilities	$	245,553	$	(21,343)	$	(93,841)	$	130,369
Foreign exchange derivative liabilities with correspondent banks	31		(532)		—		(501)
Total	$	245,584	$	(21,875)	$	(93,841)	$	129,868

(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default.

For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.

(2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate derivative transactions and foreign exchange

contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying

loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.

Summary of Offsetting Derivative Liabilities

The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:

	Gross Amounts		Gross Amounts Not Offset
	Recognized		on the Consolidated
	on the		Balance Sheets
	Consolidated		Financial		Cash		Net
	Balance Sheets		Instruments(1)		Collateral(2)		Amount
	(dollars in thousands)
June 30, 2024
Interest rate derivative assets	$	174,797	$	(9,480)	$	—	$	165,317
Foreign exchange derivative assets with correspondent banks	127		(127)		—		—
Total	$	174,924	$	(9,607)	$	—	$	165,317
Interest rate derivative liabilities	$	279,891	$	(9,647)	$	(107,649)	$	162,595
Foreign exchange derivative liabilities with correspondent banks	467		(127)		—		340
Total	$	280,358	$	(9,774)	$	(107,649)	$	162,935
December 31, 2023
Interest rate derivative assets	$	157,080	$	(15,154)	$	—	$	141,926
Foreign exchange derivative assets with correspondent banks	532		(532)		—		—
Total	$	157,612	$	(15,686)	$	—	$	141,926
Interest rate derivative liabilities	$	245,553	$	(21,343)	$	(93,841)	$	130,369
Foreign exchange derivative liabilities with correspondent banks	31		(532)		—		(501)
Total	$	245,584	$	(21,875)	$	(93,841)	$	129,868

(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default.

For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.

(2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate derivative transactions and foreign exchange

contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying

loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.

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Accumulated Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Changes in other comprehensive income (loss)

The following table presents the components of other comprehensive income (loss):

	Before-Tax Amount		Tax Effect		Net of Tax Amount
	(dollars in thousands)
Three months ended June 30, 2024
Net unrealized gain on securities	$	(18,356)	$	4,157	$	(14,199)
Reclassification adjustment for securities net change included in net income(1)	20,282		(4,594)		15,688
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	1,815		(412)		1,403
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges	2,916		(660)		2,256
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges	5,002		(1,111)		3,891
Amortization of net unrecognized pension and postretirement items(2)	(136)		31		(105)
Total Other Comprehensive Income	$	11,523	$	(2,589)	$	8,934
Three months ended June 30, 2023
Net unrealized losses on securities	$	(40,361)	$	9,142	$	(31,219)
Reclassification adjustment for securities net change included in net income(3)	(4)		1		(3)
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	1,941		(440)		1,501
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges	(7,251)		1,665		(5,586)
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges	7,032		(22)		7,010
Amortization of net unrecognized pension and postretirement items(2)	4		(1)		3
Total Other Comprehensive Loss	$	(38,639)	$	10,345	$	(28,294)
Six months ended June 30, 2024
Unrealized gain on securities	$	(39,902)	$	9,038	$	(30,864)
Reclassification adjustment for securities net change included in net income(3)	20,282		(4,594)		15,688
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	3,608		(818)		2,790
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges	8,472		(1,919)		6,553
Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges	10,014		(2,224)		7,790
Amortization of net unrecognized pension and postretirement item(2)	(271)		60		(211)
Total Other Comprehensive Income	$	2,203	$	(457)	$	1,746
Six months ended June 30, 2023
Unrealized gain on securities	$	1,838	$	(416)	$	1,422
Reclassification adjustment for securities net change included in net income(3)	18		(4)		14
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	3,851		(872)		2,979
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges	5,284		(17,690)		(12,406)
Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges	14,189		(36)		14,153
Amortization of net unrecognized pension and postretirement items(2)	36		(8)		28
Total Other Comprehensive Income	$	25,216	$	(19,026)	$	6,190

(1) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income.

(2) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See "Note

12 - Employee Benefit Plans," for additional details.

(3) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See "Note 4

- Investment Securities," for additional details.

Changes in each component of accumulated other comprehensive income (loss)

The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax:

	Unrealized Gains (Losses) on Investment Securities		Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges		Unrecognized Pension and Postretirement Plan Income (Costs)		Total
	(dollars in thousands)
Three months ended June 30, 2024
Balance at March 31, 2024	$	(290,140)	$	(26,587)	$	(2,741)	$	(319,468)
OCI before reclassifications	(14,199)		2,256		—		(11,943)
Amounts reclassified from AOCI	15,688		3,891		(105)		19,474
Amortization of net unrealized gains on AFS securities transferred to HTM	1,403		—		—		1,403
Balance at June 30, 2024	$	(287,248)	$	(20,440)	$	(2,846)	$	(310,534)
Three months ended June 30, 2023
Balance at March 31, 2023	$	(282,095)	$	(61,453)	$	(7,444)	$	(350,992)
OCI before reclassifications	(31,219)		(5,586)		—		(36,805)
Amounts reclassified from AOCI	(3)		7,010		3		7,010
Amortization of net unrealized losses on AFS securities transferred to HTM	1,501		—		—		1,501
Balance at June 30, 2023	$	(311,816)	$	(60,029)	$	(7,441)	$	(379,286)
Six months ended June 30, 2024
Balance at December 31, 2023	$	(274,862)	$	(34,783)	$	(2,635)	$	(312,280)
OCI before reclassifications	(30,864)		6,553		—		(24,311)
Amounts reclassified from AOCI	15,688		7,790		(211)		23,267
Amortization of net unrealized gains on AFS securities transferred to HTM	2,790		—		—		2,790
Balance at June 30, 2024	$	(287,248)	$	(20,440)	$	(2,846)	$	(310,534)
Six months ended June 30, 2023
Balance at December 31, 2022	$	(316,231)	$	(61,776)	$	(7,469)	$	(385,476)
OCI before reclassifications	1,422		(12,406)		—		(10,984)
Amounts reclassified from AOCI	14		14,153		28		14,195
Amortization of net unrealized losses on AFS securities transferred to HTM	2,979		—		—		2,979
Balance at June 30, 2023	$	(311,816)	$	(60,029)	$	(7,441)	$	(379,286)

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:

	June 30, 2024
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	26,822	$	—	$	26,822
Available for sale investment securities:
State and municipal securities	—		820,109		—		820,109
Corporate debt securities	—		337,398		—		337,398
Collateralized mortgage obligations	—		713,769		—		713,769
Residential mortgage-backed securities	—		557,191		—		557,191
Commercial mortgage-backed securities	—		511,127		—		511,127
Total available for sale investment securities	—		2,939,594		—		2,939,594
Other assets:
Investments held in Rabbi Trust	34,339		—		—		34,339
Derivative assets	766		175,762		—		176,528
Total assets	$	35,105	$	3,142,178	$	—	$	3,177,283
Other liabilities:
Deferred compensation liabilities	$	34,339	$	—	$	—	$	34,339
Derivative liabilities	548		280,130		—		280,678
Total liabilities	$	34,887	$	280,130	$	—	$	315,017

	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	15,158	$	—	$	15,158
Available for sale investment securities:
U.S. Government securities	42,161		—		—		42,161
U.S. Government sponsored agency securities	—		1,010		—		1,010
State and municipal securities	—		1,072,013		—		1,072,013
Corporate debt securities	—		440,551		—		440,551
Collateralized mortgage obligations	—		111,434		—		111,434
Residential mortgage-backed securities	—		196,795		—		196,795
Commercial mortgage-backed securities	—		534,388		—		534,388
Total available for sale investment securities	42,161		2,356,191		—		2,398,352
Other assets:
Investments held in Rabbi Trust	29,819		—		—		29,819
Derivative assets	572		157,540		—		158,112
Total assets	$	72,552	$	2,528,889	$	—	$	2,601,441
Other liabilities:
Deferred compensation liabilities	$	29,819	$	—	$	—	$	29,819
Derivative liabilities	477		246,157		—		246,634
Total liabilities	$	30,296	$	246,157	$	—	$	276,453

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Loans, net	$	121,942	$	102,135
OREO	1,444		896
MSRs(1)	51,724		49,696
Total assets	$	175,110	$	152,727

(1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at the lower of amortized cost or fair value.

See "Note 6 - Mortgage Servicing Rights" for additional information.

Details of Book Value and Fair Value of Financial Instruments

The following tables detail the book values and the estimated fair values of the Corporation's financial instruments:

	June 30, 2024
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	1,396,282	$	1,396,282	$	—	$	—	$	1,396,282
FRB and FHLB stock	125,297		—		125,297		—		125,297
Loans held for sale	26,822		—		26,822		—		26,822
AFS securities	2,939,594		—		2,939,594		—		2,939,594
HTM securities	1,244,433		—		1,033,439		—		1,033,439
Loans, net	23,730,356		—		—		22,391,497		22,391,497
Accrued interest receivable	120,752		120,752		—		—		120,752
Other assets	731,849		524,312		175,762		53,168		753,242
FINANCIAL LIABILITIES
Demand and savings deposits	$	20,650,955	$	20,650,955	$	—	$	—	$	20,650,955
Brokered deposits	995,975		139,166		856,809		—		995,975
Time deposits	3,912,724		—		3,912,608		—		3,912,608
Accrued interest payable	48,757		48,757		—		—		48,757
Federal Home Loan Bank advances	750,000		754,414		—		—		754,414
Senior debt and subordinated debt	535,741		—		419,072		—		419,072
Other borrowings	892,856		891,851		1,119		—		892,970
Other liabilities	467,810		173,140		280,130		14,540		467,810

	December 31, 2023
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	549,710	$	549,710	$	—	$	—	$	549,710
FRB and FHLB stock	124,405		—		124,405		—		124,405
Loans held for sale	15,158		—		15,158		—		15,158
AFS securities	2,398,352		42,161		2,356,191		—		2,398,352
HTM securities	1,267,922		—		1,072,207		—		1,072,207
Loans, net	21,057,690		—		—		19,930,560		19,930,560
Accrued interest receivable	107,972		107,972		—		—		107,972
Other assets	661,067		452,935		157,540		50,592		661,067
FINANCIAL LIABILITIES
Demand and savings deposits	$	17,653,690	$	17,653,690	$	—	$	—	$	17,653,690
Brokered deposits	1,144,692		145,987		999,392		—		1,145,379
Time deposits	2,739,241		—		2,714,709		—		2,714,709
Accrued interest payable	35,083		35,083		—		—		35,083
Federal funds purchased	240,000		240,000		—		—		240,000
Federal Home Loan Bank advances	1,100,000		1,094,013		—		—		1,094,013
Senior debt and subordinated debt	535,384		—		463,270		—		463,270
Other borrowings	612,142		611,269		837		—		612,106
Other liabilities	429,046		165,635		246,157		17,254		429,046

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Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Reconciliation of Weighted Average Common Shares Outstanding

A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data):

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
Weighted average shares outstanding (basic)	175,305		165,854		169,006		166,227
Impact of common stock equivalents	1,629		1,337		1,763		1,582
Weighted average shares outstanding (diluted)	176,934		167,191		170,769		167,809
Per share:
Basic	$	0.53	$	0.46	$	0.90	$	0.86
Diluted	0.52		0.46		0.89		0.85

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Compensation Expense and Related Tax Benefits

The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Compensation expense	$	2,758	$	2,571	$	3,425	$	4,240
Tax benefit	(620)		(565)		(764)		(927)
Total stock-based compensation, net of tax	$	2,138	$	2,006	$	2,661	$	3,313

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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The net periodic pension cost for the Pension Plan consisted of the following components:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Interest cost	$	789	$	855	$	1,579	$	1,711
Expected return on plan assets	(975)		(877)		(1,951)		(1,754)
Net amortization and deferral	—		80		—		161
Net periodic pension cost	$	(186)	$	58	$	(372)	$	118

The components of the net benefit for the Postretirement Plan consisted of the following components:

	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
	(dollars in thousands)
Interest cost	$	9	$	13	$	19	$	26
Net accretion and deferral	(136)		(136)		(271)		(272)
Net periodic benefit	$	(127)	$	(123)	$	(252)	$	(246)

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Outstanding Commitments to Extend Credit and Letters of Credit

The following table presents the Corporation's commitments to extend credit and letters of credit:

	June 30, 2024		December 31, 2023
	(dollars in thousands)
Commitments to extend credit	$	9,100,013	$	8,790,511
Standby letters of credit	254,067		264,440
Commercial letters of credit	64,605		67,396

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Business Combinations - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 26, 2024	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Gain on acquisition, net of tax			$ 47,392	$ 0	$ 47,392	$ 0
Proceeds from sales of AFS securities		$ 345,700			2,261,028	80,666
Financing receivable, allowance for credit loss			375,941		375,941		$ 293,404
Net Interest Income			241,720	212,852	448,657	428,439
Net Income			94,975	79,607	156,916	147,920
Total Non-Interest Income			92,994	60,585	150,133	112,339
Noninterest Expense			$ 199,488	$ 168,018	377,087	$ 327,636
Republic First Bank
Business Acquisition [Line Items]
Acquired assets	$ 4,811,509
Cash payment received from FDIC	809,920
Assumed liabilities	5,560,160
Gain on acquisition, net of tax	61,269
Loans, fair value	2,500,000
Financing receivable, allowance for credit loss	79,400
PCD Loans credit discount	55,906
Finite-lived intangible assets acquired	$ 92,600
Finite-lived intangible assets, amortization period	7 years
Consideration transferred, charitable donation	$ 5,000
Net Interest Income					30,700
Net Income					38,800
Total Non-Interest Income					50,200
Noninterest Expense					$ 21,100
Gain on acquisition, net of income taxes	$ 47,392

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Business Combinations - Schedule of Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 26, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Gain on acquisition, net of tax		$ 47,392	$ 0	$ 47,392	$ 0
Republic First Bank
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Cash payment received from FDIC	$ 809,920
Cash and due from banks	208,451
Investment securities	1,938,571
Loans	2,505,040
Premises and equipment	970
Intangible assets acquired	92,600
Business Combination, recognized assets acquired and liabiliities assumed, FHLB stock	37,931
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	16,164
Other assets	11,782
Total assets	4,811,509
Deposits	4,112,325
Borrowings	1,435,976
Other liabilities	11,859
Total liabilities	5,560,160
Net assets acquired:	(748,651)
Gain on acquisition, net of tax	61,269
Gain on acquisition, net of income taxes	$ 47,392

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Business Combinations - Schedule of Fair Value and Unpaid Principal Balance of Acquired Loans and Leases (Details) - Republic First Bank $ in Thousands	Apr. 26, 2024 USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Unpaid Principal Balance	$ 2,883,930
Estimated Fair Value	2,505,040
Real estate - commercial mortgage
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Unpaid Principal Balance	1,144,465
Estimated Fair Value	1,024,004
Commercial and Industrial
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Unpaid Principal Balance	545,374
Estimated Fair Value	496,100
Real estate - residential mortgage
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Unpaid Principal Balance	947,135
Estimated Fair Value	752,328
Real estate - home equity
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Unpaid Principal Balance	72,730
Estimated Fair Value	66,237
Real-estate - construction
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Unpaid Principal Balance	153,437
Estimated Fair Value	145,597
Consumer
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Unpaid Principal Balance	20,789
Estimated Fair Value	$ 20,774

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Business Combinations - Carrying Amount of Loans on Acquisition Date (Details) - Republic First Bank $ in Thousands	Apr. 26, 2024 USD ($)
Business Acquisition [Line Items]
Book balance of loans with deteriorated credit quality at acquisition	$ 1,023,940
Fair value of loans with deteriorated credit quality at acquisition	(904,558)
Fair value discount	119,382
PCD Loans credit discount	(55,906)
Non-credit discount	$ 63,476

XML

Business Combinations - Schedule of Acquisition-Related Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Acquisition-related expenses	$ 13,803	$ 0	$ 13,803	$ 0
Republic First Bank
Business Acquisition [Line Items]
Salaries and employee benefits	805
Professional fees	7,624
Charitable donation	5,000
Other	374
Acquisition-related expenses	$ 13,803

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Business Combinations - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Income Before Income Taxes	$ 103,170	$ 95,672	$ 178,722	$ 178,851
Income taxes	$ 8,195	$ 16,065	$ 21,806	$ 30,931

XML

Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Collateral	$ 10.9	$ 17.4

XML

Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Amortized Cost	$ 3,259,122
Gross Unrealized Gains	2,107
Gross Unrealized Losses	(321,635)
Estimated Fair Value	2,939,594	$ 2,398,352
Amortized Cost, Held to Maturity	1,244,433	1,267,922
Gross Unrealized Gains, Held to Maturity	0	0
Gross Unrealized Losses, Held to Maturity	(210,994)	(195,715)
Debt Securities, Held-to-Maturity, Fair Value	1,033,439	1,072,207
US Government Debt Securities
Schedule of Investments [Line Items]
Amortized Cost		42,475
Gross Unrealized Gains		0
Gross Unrealized Losses		(314)
Estimated Fair Value		42,161
US Government Agencies Debt Securities
Schedule of Investments [Line Items]
Amortized Cost		1,038
Gross Unrealized Gains		0
Gross Unrealized Losses		(28)
Estimated Fair Value		1,010
US States and Political Subdivisions Debt Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	965,392	1,200,571
Gross Unrealized Gains	50	1,089
Gross Unrealized Losses	(145,333)	(129,647)
Estimated Fair Value	820,109	1,072,013
Corporate Debt Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	368,901	480,714
Gross Unrealized Gains	510	473
Gross Unrealized Losses	(32,013)	(40,636)
Estimated Fair Value	337,398	440,551
Collateralized Mortgage Obligations [Member]
Schedule of Investments [Line Items]
Amortized Cost	724,602	122,824
Gross Unrealized Gains	1,533	0
Gross Unrealized Losses	(12,366)	(11,390)
Estimated Fair Value	713,769	111,434
Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	589,267	223,273
Gross Unrealized Gains	14	7
Gross Unrealized Losses	(32,090)	(26,485)
Estimated Fair Value	557,191	196,795
Amortized Cost, Held to Maturity	384,956	407,075
Gross Unrealized Gains, Held to Maturity	0	0
Gross Unrealized Losses, Held to Maturity	(58,593)	(51,805)
Debt Securities, Held-to-Maturity, Fair Value	326,363	355,270
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	610,960	627,364
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(99,833)	(92,976)
Estimated Fair Value	511,127	534,388
Amortized Cost, Held to Maturity	859,477	860,847
Gross Unrealized Gains, Held to Maturity	0	0
Gross Unrealized Losses, Held to Maturity	(152,401)	(143,910)
Debt Securities, Held-to-Maturity, Fair Value	$ 707,076	716,937
Debt Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost		2,698,259
Gross Unrealized Gains		1,569
Gross Unrealized Losses		(301,476)
Estimated Fair Value		$ 2,398,352

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Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 13,762
Due from one year to five years	110,303
Due from five years to ten years	362,563
Due after ten years	847,665
Amortized cost, before securities without debt maturities	1,334,293
Amortized Cost	3,259,122
Estimated Fair Value
Due in one year or less	13,533
Due from one year to five years	106,430
Due from five years to ten years	327,817
Due after ten years	709,727
Available for sale securities, debt maturities, before securities without single maturities	1,157,507
Estimated Fair Value	2,939,594	$ 2,398,352
Amortized Cost
Due in one year or less	0
Due from one year to five years	0
Due from five years to ten years	0
Due after ten years	0
Debt securities, held-to-maturity, maturity, allocated and single maturity date, amortized cost, total	0
Amortized Cost, Held to Maturity	1,244,433	1,267,922
Estimated Fair Value
Due in one year or less	0
Due from one year to five years	0
Due from five years to ten years	0
Due after ten years	0
Debt securities, held-to-maturity, maturity, Allocated and single maturity date, fair value	0
Estimated Fair Value, Held to Maturity	1,033,439	1,072,207
Mortgage-Backed Securities [Member]
Amortized Cost
Available-for-sale securities, amortized cost without single maturity date	589,267
Amortized Cost	589,267	223,273
Estimated Fair Value
Available-for-sale securities, debt maturities, without single maturity date, fair value	557,191
Estimated Fair Value	557,191	196,795
Amortized Cost
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost	384,956
Amortized Cost, Held to Maturity	384,956	407,075
Estimated Fair Value
Debt securities, held-to-maturity, maturity, without single maturity date, fair value	326,363
Estimated Fair Value, Held to Maturity	326,363	355,270
Commercial Mortgage Backed Securities [Member]
Amortized Cost
Available-for-sale securities, amortized cost without single maturity date	610,960
Amortized Cost	610,960	627,364
Estimated Fair Value
Available-for-sale securities, debt maturities, without single maturity date, fair value	511,127
Estimated Fair Value	511,127	534,388
Amortized Cost
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost	859,477
Amortized Cost, Held to Maturity	859,477	860,847
Estimated Fair Value
Debt securities, held-to-maturity, maturity, without single maturity date, fair value	707,076
Estimated Fair Value, Held to Maturity	707,076	716,937
Collateralized Mortgage Obligations [Member]
Amortized Cost
Available-for-sale securities, amortized cost without single maturity date	724,602
Amortized Cost	724,602	122,824
Estimated Fair Value
Available-for-sale securities, debt maturities, without single maturity date, fair value	713,769
Estimated Fair Value	713,769	$ 111,434
Amortized Cost
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost	0
Estimated Fair Value
Debt securities, held-to-maturity, maturity, without single maturity date, fair value	$ 0

XML

Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Debt securities, Gross Realized Gains		$ 91	$ 0	$ 91	$ 283
Debt securities, realized loss	$ (20,300)	(20,373)	(4)	(20,373)	(264)
Debt securities, Net Gains (Losses)		$ (20,282)	$ (4)	$ (20,282)	$ 19

XML

Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2024 USD ($) Security	Dec. 31, 2023 USD ($) Security
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security	60	56
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 613,117	$ 146,416
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (3,268)	$ (3,240)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security	620	671
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 1,840,523	$ 2,145,336
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(318,367)	(298,236)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,453,640	2,291,752
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (321,635)	$ (301,476)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security	0	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 0	$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0	$ 0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security	180	180
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	$ 1,033,439	$ 1,072,207
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	(210,994)	(195,715)
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value	1,033,439	1,072,207
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss	$ (210,994)	$ (195,715)
US Government Debt Securities
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security		0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security		1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		$ 42,161
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(314)
Debt Securities, Available-for-sale, Unrealized Loss Position		42,161
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss		$ (314)
US Government Agencies Debt Securities
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security		0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security		1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		$ 1,010
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(28)
Debt Securities, Available-for-sale, Unrealized Loss Position		1,010
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss		$ (28)
State and Municipal Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security	19	40
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 48,682	$ 76,155
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (1,552)	$ (858)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security	276	314
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 766,484	$ 917,274
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(143,781)	(128,789)
Debt Securities, Available-for-sale, Unrealized Loss Position	815,166	993,429
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (145,333)	$ (129,647)
Corporate Debt Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security	0	8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0	$ 42,945
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0	$ (1,326)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security	52	60
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 286,277	$ 370,523
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(32,013)	(39,310)
Debt Securities, Available-for-sale, Unrealized Loss Position	286,277	413,468
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (32,013)	$ (40,636)
Collateralized Mortgage Obligations [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security	9	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 195,411	$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (601)	$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security	82	93
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 93,219	$ 111,434
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(11,765)	(11,390)
Debt Securities, Available-for-sale, Unrealized Loss Position	288,630	111,434
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (12,366)	$ (11,390)
Residential Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security	32	6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 369,024	$ 409
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (1,115)	$ (3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security	75	69
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 183,416	$ 195,453
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(30,975)	(26,482)
Debt Securities, Available-for-sale, Unrealized Loss Position	552,440	195,862
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (32,090)	$ (26,485)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security	0	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 0	$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0	$ 0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security	120	120
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	$ 326,363	$ 355,270
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	(58,593)	(51,805)
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value	326,363	355,270
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss	$ (58,593)	$ (51,805)
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security	0	2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0	$ 26,907
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0	$ (1,053)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security	135	133
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 511,127	$ 507,481
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(99,833)	(91,923)
Debt Securities, Available-for-sale, Unrealized Loss Position	511,127	534,388
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (99,833)	$ (92,976)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security	0	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 0	$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0	$ 0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security	60	60
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	$ 707,076	$ 716,937
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	(152,401)	(143,910)
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value	707,076	716,937
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss	$ (152,401)	$ (143,910)

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Investment Securities Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Investments [Line Items]
Debt Securities, Held-to-Maturity, Fair Value		$ 1,033,439		$ 1,033,439		$ 1,072,207
Proceeds from sales of AFS securities	$ 345,700			2,261,028	$ 80,666
Debt securities, realized loss	$ 20,300	20,373	$ 4	20,373	$ 264
Collateral Pledged [Member]
Schedule of Investments [Line Items]
Securities pledged as collateral		$ 1,200,000		$ 1,200,000		$ 400,000

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Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 24,106,297	$ 21,351,094
Real estate - commercial mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	9,289,770	8,127,728
Total	9,289,770	8,127,728
Commercial and Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	4,967,796	4,545,552
Total	4,967,796	4,545,552
Financing receivable, unearned income	0	41
Real estate - residential mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	6,248,856	5,325,923
Total	6,248,856	5,325,923
Real estate - home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	1,120,878	1,047,184
Total	1,120,878	1,047,184
Real-estate - construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	1,463,799	1,239,075
Total	1,463,799	1,239,075
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	692,086	729,318
Total	692,086	729,318
Leases and other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	323,112	336,314
Total	323,112	336,314
Financing receivable, unearned income	$ 36,600	$ 38,000

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Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 26, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
ACL - loans	$ 375,941,000		$ 375,941,000				$ 293,404,000
Reserve for OBS credit exposures(1)	14,540,000		14,540,000				17,254,000
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Allowance	375,941,000	$ 287,442,000	375,941,000	$ 287,442,000		$ 297,888,000	$ 293,404,000	$ 278,695,000	$ 269,366,000
Provision for credit losses	32,056,000	9,747,000	42,981,000	34,291,000
Current period gross charge-offs	(14,007,000)	(4,787,000)	(24,959,000)	(21,690,000)
Recoveries of loans previously charged off	2,705,000	2,816,000	5,059,000	5,715,000
Net loans (charged off) recovered	(11,302,000)	(1,971,000)	(19,900,000)	(15,975,000)
Provision for credit losses	10,005,000	10,718,000	23,087,000	34,051,000
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal)	(1,393,000)	(971,000)	(3,550,000)	240,000
Off-Balance-Sheet, Credit Loss, Liability	14,540,000	16,568,000	14,540,000	16,568,000
Republic First Bank
Receivables [Abstract]
ACL - loans					$ 79,400,000
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for Other Credit Losses	23,444,000	0	23,444,000	0
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	$ 55,906,000	$ 0	$ 55,906,000	$ 0

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Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 297,888,000	$ 278,695,000	$ 293,404,000	$ 269,366,000	$ 269,366,000
Loans charged off	(14,007,000)	(4,787,000)	(24,959,000)	(21,690,000)
Recoveries of loans previously charged off	2,705,000	2,816,000	5,059,000	5,715,000
Net loans (charged off) recovered	(11,302,000)	(1,971,000)	(19,900,000)	(15,975,000)
Provision for credit losses	10,005,000	10,718,000	23,087,000	34,051,000
Ending balance	375,941,000	287,442,000	375,941,000	287,442,000	$ 293,404,000
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal)	(1,393,000)	(971,000)	(3,550,000)	240,000
Off-Balance-Sheet, Credit Loss, Liability	14,540,000	16,568,000	14,540,000	16,568,000
Loans - Excluding OBS Credit Exposure
Allowance for Loan and Lease Losses [Roll Forward]
PCD Loans credit discount	55,906,000		55,906,000
Loans charged off	(14,007,000)	(4,787,000)	(24,959,000)	(21,690,000)
Recoveries of loans previously charged off	2,705,000	2,816,000	5,059,000	5,715,000
Net loans (charged off) recovered	(11,302,000)	(1,971,000)	(19,900,000)	(15,975,000)
Provision for credit losses	10,005,000	10,718,000	23,087,000	34,051,000
Real estate - commercial mortgage | Loans - Excluding OBS Credit Exposure
Allowance for Loan and Lease Losses [Roll Forward]
PCD Loans credit discount	32,157,000		32,157,000
Loans charged off	(7,853,000)	(230,000)	(7,879,000)	(13,592,000)
Recoveries of loans previously charged off	146,000	29,000	298,000	815,000
Net loans (charged off) recovered	(7,707,000)	(201,000)	(7,581,000)	(12,777,000)
Provision for credit losses	$ 11,115,000	$ 6,247,000	$ 12,916,000	$ 15,623,000

XML

Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance			$ 293,404,000
Loans charged off	$ (14,007,000)	$ (4,787,000)	(24,959,000)	$ (21,690,000)
Recoveries of loans previously charged off	2,705,000	2,816,000	5,059,000	5,715,000
Net loans (charged off) recovered	(11,302,000)	(1,971,000)	(19,900,000)	(15,975,000)
Provision for credit losses	10,005,000	10,718,000	23,087,000	34,051,000
Ending balance	375,941,000		375,941,000		$ 293,404,000
Loans - Excluding OBS Credit Exposure
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	297,888,000	278,695,000	293,404,000	269,366,000	269,366,000
CECL Day 1 Provision(1)	23,444,000		23,444,000
PCD Loans credit discount	55,906,000		55,906,000
Loans charged off	(14,007,000)	(4,787,000)	(24,959,000)	(21,690,000)
Recoveries of loans previously charged off	2,705,000	2,816,000	5,059,000	5,715,000
Net loans (charged off) recovered	(11,302,000)	(1,971,000)	(19,900,000)	(15,975,000)
Provision for credit losses	10,005,000	10,718,000	23,087,000	34,051,000
Ending balance	375,941,000	287,442,000	375,941,000	287,442,000	293,404,000
Loans - Excluding OBS Credit Exposure | Real estate - commercial mortgage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	114,492,000	66,256,000	112,565,000	69,456,000	69,456,000
CECL Day 1 Provision(1)	6,108,000		6,108,000
PCD Loans credit discount	32,157,000		32,157,000
Loans charged off	(7,853,000)	(230,000)	(7,879,000)	(13,592,000)
Recoveries of loans previously charged off	146,000	29,000	298,000	815,000
Net loans (charged off) recovered	(7,707,000)	(201,000)	(7,581,000)	(12,777,000)
Provision for credit losses	11,115,000	6,247,000	12,916,000	15,623,000
Ending balance	156,165,000	72,302,000	156,165,000	72,302,000	112,565,000
Loans - Excluding OBS Credit Exposure | Commercial and Industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	76,883,000	77,126,000	74,266,000	70,116,000	70,116,000
CECL Day 1 Provision(1)	1,484,000		1,484,000
PCD Loans credit discount	20,869,000		20,869,000
Loans charged off	(2,955,000)	(2,017,000)	(10,587,000)	(2,629,000)
Recoveries of loans previously charged off	796,000	988,000	2,044,000	2,074,000
Net loans (charged off) recovered	(2,159,000)	(1,029,000)	(8,543,000)	(555,000)
Provision for credit losses	(2,454,000)	(908,000)	6,547,000	5,628,000
Ending balance	94,623,000	75,189,000	94,623,000	75,189,000	74,266,000
Loans - Excluding OBS Credit Exposure | Real estate - residential mortgage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	73,216,000	86,209,000	73,286,000	83,250,000	83,250,000
CECL Day 1 Provision(1)	14,922,000		14,922,000
PCD Loans credit discount	565,000		565,000
Loans charged off	(35,000)	(62,000)	(286,000)	(62,000)
Recoveries of loans previously charged off	122,000	58,000	238,000	106,000
Net loans (charged off) recovered	87,000	(4,000)	(48,000)	44,000
Provision for credit losses	924,000	2,644,000	989,000	5,555,000
Ending balance	89,714,000	88,849,000	89,714,000	88,849,000	73,286,000
Loans - Excluding OBS Credit Exposure | Consumer and Home Equity
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	16,688,000	27,303,000	17,604,000	26,429,000	26,429,000
CECL Day 1 Provision(1)	444,000		444,000
PCD Loans credit discount	357,000		357,000
Loans charged off	(1,766,000)	(1,313,000)	(4,004,000)	(3,519,000)
Recoveries of loans previously charged off	1,161,000	959,000	1,837,000	1,620,000
Net loans (charged off) recovered	(605,000)	(354,000)	(2,167,000)	(1,899,000)
Provision for credit losses	649,000	2,033,000	1,295,000	4,452,000
Ending balance	17,533,000	28,982,000	17,533,000	28,982,000	17,604,000
Loans - Excluding OBS Credit Exposure | Real-estate - construction
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	12,966,000	11,646,000	12,295,000	10,743,000	10,743,000
CECL Day 1 Provision(1)	486,000		486,000
PCD Loans credit discount	1,958,000		1,958,000
Loans charged off	0	0	0	0
Recoveries of loans previously charged off	233,000	569,000	233,000	771,000
Net loans (charged off) recovered	233,000	569,000	233,000	771,000
Provision for credit losses	(1,033,000)	(1,071,000)	(362,000)	(370,000)
Ending balance	14,610,000	11,144,000	14,610,000	11,144,000	12,295,000
Loans - Excluding OBS Credit Exposure | Leases and other loans
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	3,643,000	10,155,000	3,388,000	9,372,000	9,372,000
CECL Day 1 Provision(1)	0		0
PCD Loans credit discount	0		0
Loans charged off	(1,398,000)	(1,165,000)	(2,203,000)	(1,888,000)
Recoveries of loans previously charged off	247,000	213,000	409,000	329,000
Net loans (charged off) recovered	(1,151,000)	(952,000)	(1,794,000)	(1,559,000)
Provision for credit losses	804,000	1,773,000	1,702,000	3,163,000
Ending balance	$ 3,296,000	$ 10,976,000	$ 3,296,000	$ 10,976,000	$ 3,388,000

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Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Impaired Financing Receivables [Line Items]
Unpaid principal balance, with related allowance	$ 73,797	$ 68,851
Unpaid principal balance, with no related allowance	71,833	52,769
Unpaid Principal Balance	145,630	121,620
Real estate - commercial mortgage
Impaired Financing Receivables [Line Items]
Unpaid principal balance, with related allowance	16,295	23,338
Unpaid principal balance, with no related allowance	29,897	21,467
Unpaid Principal Balance	46,192	44,805
Commercial
Impaired Financing Receivables [Line Items]
Unpaid principal balance, with related allowance	28,693	12,410
Unpaid principal balance, with no related allowance	28,581	27,542
Unpaid Principal Balance	57,274	39,952
Real estate - residential mortgage
Impaired Financing Receivables [Line Items]
Unpaid principal balance, with related allowance	21,436	18,806
Unpaid principal balance, with no related allowance	3,027	2,018
Unpaid Principal Balance	24,463	20,824
Real estate - home equity
Impaired Financing Receivables [Line Items]
Unpaid principal balance, with related allowance	6,249	4,649
Unpaid principal balance, with no related allowance	90	104
Unpaid Principal Balance	6,339	4,753
Construction
Impaired Financing Receivables [Line Items]
Unpaid principal balance, with related allowance	340	341
Unpaid principal balance, with no related allowance	886	1,000
Unpaid Principal Balance	1,226	1,341
Consumer
Impaired Financing Receivables [Line Items]
Unpaid principal balance, with related allowance	183	52
Unpaid principal balance, with no related allowance	0	0
Unpaid Principal Balance	183	52
Leases and other loans
Impaired Financing Receivables [Line Items]
Unpaid principal balance, with related allowance	601	9,255
Unpaid principal balance, with no related allowance	9,352	638
Unpaid Principal Balance	$ 9,953	$ 9,893

XML

Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Total
Total	$ 24,106,297		$ 24,106,297		$ 21,351,094
Current period gross charge-offs	(14,007)	$ (4,787)	(24,959)	$ (21,690)
Real estate - commercial mortgage
Total
Total	9,289,770		9,289,770		8,127,728
Gross loans	9,289,770		9,289,770		8,127,728
Commercial and Industrial
Total
Total	4,967,796		4,967,796		4,545,552
Gross loans	4,967,796		4,967,796		4,545,552
Real estate - residential mortgage
Total
Total	6,248,856		6,248,856		5,325,923
Gross loans	6,248,856		6,248,856		5,325,923
Leases and other loans
Total
Total	323,112		323,112		336,314
Gross loans	323,112		323,112		336,314
Portfolio Segment and Loan Class
2024
Total	609,204		609,204		1,744,297
2023
Total	1,987,620		1,987,620		1,953,966
2022
Total	2,345,343		2,345,343		1,981,737
2021
Total	2,177,777		2,177,777		1,428,026
2020
Total	1,535,421		1,535,421		1,091,506
Prior
Total	4,962,763		4,962,763		3,727,931
Revolving Loans Amortized Cost Basis
Total	1,864,030		1,864,030		1,696,870
Total
Total	15,503,523		15,503,523		13,675,866
Portfolio Segment and Loan Class | Pass
2024
Total	589,416		589,416		1,732,981
2023
Total	1,871,863		1,871,863		1,841,229
2022
Total	1,982,375		1,982,375		1,796,011
2021
Total	1,757,631		1,757,631		1,363,602
2020
Total	1,356,989		1,356,989		1,003,493
Prior
Total	4,383,330		4,383,330		3,455,090
Revolving Loans Amortized Cost Basis
Total	1,543,388		1,543,388		1,516,133
Total
Total	13,501,770		13,501,770		12,750,911
Portfolio Segment and Loan Class | Special Mention
2024
Total	10,744		10,744		10,703
2023
Total	101,702		101,702		66,074
2022
Total	256,082		256,082		147,582
2021
Total	322,636		322,636		11,439
2020
Total	106,479		106,479		42,106
Prior
Total	324,131		324,131		124,273
Revolving Loans Amortized Cost Basis
Total	150,911		150,911		74,535
Total
Total	1,275,904		1,275,904		476,910
Portfolio Segment and Loan Class | Substandard or Lower
2024
Total	9,044		9,044		613
2023
Total	14,055		14,055		46,663
2022
Total	106,886		106,886		38,144
2021
Total	97,510		97,510		52,985
2020
Total	71,953		71,953		45,907
Prior
Total	255,302		255,302		148,568
Revolving Loans Amortized Cost Basis
Total	169,731		169,731		106,202
Total
Total	725,849		725,849		448,045
Portfolio Segment and Loan Class | Real estate - commercial mortgage
2024
Total	311,424		311,424		786,806
Current period gross charge-offs			0		0
2023
Total	938,362		938,362		1,057,879
Current period gross charge-offs			0		0
2022
Total	1,288,672		1,288,672		1,340,341
Current period gross charge-offs			(84)		0
2021
Total	1,570,935		1,570,935		1,041,962
Current period gross charge-offs			0		0
2020
Total	1,188,108		1,188,108		783,725
Current period gross charge-offs			0		0
Prior
Total	3,911,256		3,911,256		3,023,562
Current period gross charge-offs			(7,769)		(424)
Revolving Loans Amortized Cost Basis
Total	79,482		79,482		61,817
Current period gross charge-offs			0		0
Total
Total	9,289,770		9,289,770		8,127,728
Current period gross charge-offs			(7,879)		(17,999)
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Pass
2024
Total	309,982		309,982		783,673
2023
Total	863,950		863,950		993,017
2022
Total	1,071,750		1,071,750		1,203,852
2021
Total	1,271,714		1,271,714		984,958
2020
Total	1,045,978		1,045,978		721,857
Prior
Total	3,529,987		3,529,987		2,822,155
Revolving Loans Amortized Cost Basis
Total	67,395		67,395		59,253
Total
Total	8,160,756		8,160,756		7,600,401
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Special Mention
2024
Total	1,226		1,226		2,767
2023
Total	64,073		64,073		43,904
2022
Total	156,132		156,132		105,185
2021
Total	221,347		221,347		7,862
2020
Total	78,390		78,390		35,289
Prior
Total	222,166		222,166		105,786
Revolving Loans Amortized Cost Basis
Total	10,166		10,166		1,760
Total
Total	755,031		755,031		302,553
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Substandard or Lower
2024
Total	216		216		366
2023
Total	10,339		10,339		20,958
2022
Total	60,790		60,790		31,304
2021
Total	77,874		77,874		49,142
2020
Total	63,740		63,740		26,579
Prior
Total	159,103		159,103		95,621
Revolving Loans Amortized Cost Basis
Total	1,921		1,921		804
Total
Total	373,983		373,983		224,774
Portfolio Segment and Loan Class | Commercial and Industrial
2024
Total	244,620		244,620		634,569
Current period gross charge-offs			(370)		0
2023
Total	576,403		576,403		624,864
Current period gross charge-offs			(1,420)		(299)
2022
Total	668,466		668,466		351,686
Current period gross charge-offs			(29)		0
2021
Total	384,832		384,832		348,638
Current period gross charge-offs			(273)		0
2020
Total	338,109		338,109		297,931
Current period gross charge-offs			(57)		0
Prior
Total	981,655		981,655		648,988
Current period gross charge-offs			(742)		(249)
Revolving Loans Amortized Cost Basis
Total	1,755,157		1,755,157		1,621,208
Current period gross charge-offs			(4,061)		(682)
Total
Total	4,967,796		4,967,796		4,545,552
Current period gross charge-offs			(10,587)		(9,246)
Portfolio Segment and Loan Class | Commercial and Industrial | Pass
2024
Total	226,274		226,274		626,386
2023
Total	549,429		549,429		590,132
2022
Total	588,898		588,898		330,576
2021
Total	324,519		324,519		341,218
2020
Total	304,830		304,830		272,126
Prior
Total	812,912		812,912		598,838
Revolving Loans Amortized Cost Basis
Total	1,449,696		1,449,696		1,443,203
Total
Total	4,273,336		4,273,336		4,213,215
Portfolio Segment and Loan Class | Commercial and Industrial | Special Mention
2024
Total	9,518		9,518		7,936
2023
Total	23,258		23,258		9,548
2022
Total	46,588		46,588		16,499
2021
Total	52,606		52,606		3,577
2020
Total	25,066		25,066		6,817
Prior
Total	98,739		98,739		18,487
Revolving Loans Amortized Cost Basis
Total	137,793		137,793		72,775
Total
Total	393,976		393,976		135,837
Portfolio Segment and Loan Class | Commercial and Industrial | Substandard or Lower
2024
Total	8,828		8,828		247
2023
Total	3,716		3,716		25,184
2022
Total	32,980		32,980		4,611
2021
Total	7,707		7,707		3,843
2020
Total	8,213		8,213		18,988
Prior
Total	70,004		70,004		31,663
Revolving Loans Amortized Cost Basis
Total	167,668		167,668		105,230
Total
Total	300,484		300,484		196,500
Portfolio Segment and Loan Class | Real estate - construction(1)
2024
Total	53,160		53,160		322,922
Current period gross charge-offs			0		0
2023
Total	472,855		472,855		271,223
Current period gross charge-offs			0		0
2022
Total	388,205		388,205		289,710
Current period gross charge-offs			0		0
2021
Total	222,010		222,010		37,426
Current period gross charge-offs			0		0
2020
Total	9,204		9,204		9,850
Current period gross charge-offs			0		0
Prior
Total	69,852		69,852		55,381
Current period gross charge-offs			0		0
Revolving Loans Amortized Cost Basis
Total	29,391		29,391		13,845
Current period gross charge-offs			0		0
Total
Total	1,245,957		1,245,957		1,002,586
Current period gross charge-offs			0		0
Portfolio Segment and Loan Class | Real estate - construction(1) | Pass
2024
Total	53,160		53,160		322,922
2023
Total	458,484		458,484		258,080
2022
Total	321,727		321,727		261,583
2021
Total	161,398		161,398		37,426
2020
Total	6,181		6,181		9,510
Prior
Total	40,431		40,431		34,097
Revolving Loans Amortized Cost Basis
Total	26,297		26,297		13,677
Total
Total	1,067,678		1,067,678		937,295
Portfolio Segment and Loan Class | Real estate - construction(1) | Special Mention
2024
Total	0		0		0
2023
Total	14,371		14,371		12,622
2022
Total	53,362		53,362		25,898
2021
Total	48,683		48,683		0
2020
Total	3,023		3,023		0
Prior
Total	3,226		3,226		0
Revolving Loans Amortized Cost Basis
Total	2,952		2,952		0
Total
Total	126,897		126,897		38,520
Portfolio Segment and Loan Class | Real estate - construction(1) | Substandard or Lower
2024
Total	0		0		0
2023
Total	0		0		521
2022
Total	13,116		13,116		2,229
2021
Total	11,929		11,929		0
2020
Total	0		0		340
Prior
Total	26,195		26,195		21,284
Revolving Loans Amortized Cost Basis
Total	142		142		168
Total
Total	51,382		51,382		26,771
Payment Activity, Aging Status
2024
Total	494,405		494,405		1,189,985
2023
Total	1,074,236		1,074,236		1,583,817
2022
Total	1,910,321		1,910,321		1,815,951
2021
Total	1,890,800		1,890,800		1,074,318
2020
Total	1,140,760		1,140,760		320,549
Prior
Total	1,205,040		1,205,040		861,819
Revolving Loans Amortized Cost Basis
Total	874,697		874,697		807,084
Total
Total	8,602,774		8,602,774		7,675,228
Payment Activity, Aging Status | Performing
2024
Total	494,402		494,402		1,189,690
2023
Total	1,072,793		1,072,793		1,579,989
2022
Total	1,904,972		1,904,972		1,810,197
2021
Total	1,886,301		1,886,301		1,069,335
2020
Total	1,135,627		1,135,627		313,962
Prior
Total	1,159,690		1,159,690		821,913
Revolving Loans Amortized Cost Basis
Total	872,989		872,989		805,645
Total
Total	8,538,388		8,538,388		7,610,775
Payment Activity, Aging Status | Nonperforming
2024
Total	3		3		295
2023
Total	1,443		1,443		3,828
2022
Total	5,349		5,349		5,754
2021
Total	4,499		4,499		4,983
2020
Total	5,133		5,133		6,587
Prior
Total	45,350		45,350		39,906
Revolving Loans Amortized Cost Basis
Total	1,708		1,708		1,439
Total
Total	64,386		64,386		64,453
Payment Activity, Aging Status | Real estate - residential mortgage
2024
Total	223,893		223,893		623,247
Current period gross charge-offs			0		0
2023
Total	694,761		694,761		1,128,376
Current period gross charge-offs			0		0
2022
Total	1,544,107		1,544,107		1,687,647
Current period gross charge-offs			0		0
2021
Total	1,783,221		1,783,221		988,751
Current period gross charge-offs			0		0
2020
Total	1,068,368		1,068,368		266,282
Current period gross charge-offs			0		0
Prior
Total	934,506		934,506		631,620
Current period gross charge-offs			(35)		0
Revolving Loans Amortized Cost Basis
Total	0		0		0
Current period gross charge-offs			0		0
Total
Total	6,248,856		6,248,856		5,325,923
Current period gross charge-offs			(286)		(62)
Payment Activity, Aging Status | Real estate - residential mortgage | Performing
2024
Total	223,893		223,893		623,247
2023
Total	693,496		693,496		1,126,656
2022
Total	1,541,848		1,541,848		1,682,759
2021
Total	1,779,390		1,779,390		984,050
2020
Total	1,063,559		1,063,559		260,049
Prior
Total	905,637		905,637		607,133
Revolving Loans Amortized Cost Basis
Total	0		0		0
Total
Total	6,207,823		6,207,823		5,283,894
Payment Activity, Aging Status | Real estate - residential mortgage | Nonperforming
2024
Total	0		0		0
2023
Total	1,265		1,265		1,720
2022
Total	2,259		2,259		4,888
2021
Total	3,831		3,831		4,701
2020
Total	4,809		4,809		6,233
Prior
Total	28,869		28,869		24,487
Revolving Loans Amortized Cost Basis
Total	0		0		0
Total
Total	41,033		41,033		42,029
Payment Activity, Aging Status | Consumer and Home Equity
2024
Total	160,104		160,104		272,866
Current period gross charge-offs			(1)		(119)
2023
Total	136,590		136,590		276,828
Current period gross charge-offs			(326)		0
2022
Total	251,122		251,122		86,851
Current period gross charge-offs			(477)		0
2021
Total	78,497		78,497		62,708
Current period gross charge-offs			(125)		0
2020
Total	56,346		56,346		38,021
Current period gross charge-offs			(142)		0
Prior
Total	243,093		243,093		210,439
Current period gross charge-offs			(1,096)		(525)
Revolving Loans Amortized Cost Basis
Total	874,697		874,697		807,084
Current period gross charge-offs			0		(283)
Total
Total	1,812,964		1,812,964		1,776,502
Current period gross charge-offs			(4,004)		(7,514)
Payment Activity, Aging Status | Consumer and Home Equity | Performing
2024
Total	160,101		160,101		272,571
2023
Total	136,412		136,412		276,373
2022
Total	250,006		250,006		85,985
2021
Total	77,901		77,901		62,426
2020
Total	56,063		56,063		37,667
Prior
Total	235,923		235,923		204,913
Revolving Loans Amortized Cost Basis
Total	872,989		872,989		805,645
Total
Total	1,801,009		1,801,009		1,765,624
Payment Activity, Aging Status | Consumer and Home Equity | Nonperforming
2024
Total	3		3		295
2023
Total	178		178		455
2022
Total	1,116		1,116		866
2021
Total	596		596		282
2020
Total	283		283		354
Prior
Total	7,170		7,170		5,526
Revolving Loans Amortized Cost Basis
Total	1,708		1,708		1,439
Total
Total	11,955		11,955		10,878
Payment Activity, Aging Status | Construction - other
2024
Total	32,808		32,808		127,382
Current period gross charge-offs			0		0
2023
Total	135,217		135,217		94,854
Current period gross charge-offs			0		0
2022
Total	43,506		43,506		13,698
Current period gross charge-offs			0		0
2021
Total	6,311		6,311		555
Current period gross charge-offs			0		0
2020
Total	0		0		0
Current period gross charge-offs			0		0
Prior
Total	0		0		0
Current period gross charge-offs			0		0
Revolving Loans Amortized Cost Basis
Total	0		0		0
Current period gross charge-offs			0		0
Total
Total	217,842		217,842		236,489
Current period gross charge-offs			0		0
Payment Activity, Aging Status | Construction - other | Performing
2024
Total	32,808		32,808		127,382
2023
Total	135,217		135,217		93,319
2022
Total	42,100		42,100		13,698
2021
Total	6,311		6,311		555
2020
Total	0		0		0
Prior
Total	0		0		0
Revolving Loans Amortized Cost Basis
Total	0		0		0
Total
Total	216,436		216,436		234,954
Payment Activity, Aging Status | Construction - other | Nonperforming
2024
Total	0		0		0
2023
Total	0		0		1,535
2022
Total	1,406		1,406		0
2021
Total	0		0		0
2020
Total	0		0		0
Prior
Total	0		0		0
Revolving Loans Amortized Cost Basis
Total	0		0		0
Total
Total	1,406		1,406		1,535
Payment Activity, Aging Status | Leases and other loans
2024
Total	77,600		77,600		166,490
Current period gross charge-offs			(585)		(471)
2023
Total	107,668		107,668		83,759
Current period gross charge-offs			(559)		(521)
2022
Total	71,586		71,586		27,755
Current period gross charge-offs			(159)		(246)
2021
Total	22,771		22,771		22,304
Current period gross charge-offs			(193)		(128)
2020
Total	16,046		16,046		16,246
Current period gross charge-offs			(63)		(82)
Prior
Total	27,441		27,441		19,760
Current period gross charge-offs			(343)		(656)
Revolving Loans Amortized Cost Basis
Total	0		0		0
Current period gross charge-offs			(125)		(765)
Total
Total	323,112		323,112		336,314
Current period gross charge-offs			(2,203)		(4,380)
Payment Activity, Aging Status | Leases and other loans | Performing
2024
Total	77,600		77,600		166,490
2023
Total	107,668		107,668		83,641
2022
Total	71,018		71,018		27,755
2021
Total	22,699		22,699		22,304
2020
Total	16,005		16,005		16,246
Prior
Total	18,130		18,130		9,867
Revolving Loans Amortized Cost Basis
Total	0		0		0
Total
Total	313,120		313,120		326,303
Payment Activity, Aging Status | Leases and other loans | Nonperforming
2024
Total	0		0		0
2023
Total	0		0		118
2022
Total	568		568		0
2021
Total	72		72		0
2020
Total	41		41		0
Prior
Total	9,311		9,311		9,893
Revolving Loans Amortized Cost Basis
Total	0		0		0
Total
Total	9,992		9,992		10,011
Conversion to Term Loan | Portfolio Segment and Loan Class
Revolving Loans Amortized Cost Basis
Total	21,365		21,365		51,533
Conversion to Term Loan | Portfolio Segment and Loan Class | Pass
Revolving Loans Amortized Cost Basis
Total	16,778		16,778		42,372
Conversion to Term Loan | Portfolio Segment and Loan Class | Special Mention
Revolving Loans Amortized Cost Basis
Total	3,219		3,219		198
Conversion to Term Loan | Portfolio Segment and Loan Class | Substandard or Lower
Revolving Loans Amortized Cost Basis
Total	1,368		1,368		8,963
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage
Revolving Loans Amortized Cost Basis
Total	1,531		1,531		31,636
Current period gross charge-offs			(26)		(17,575)
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Pass
Revolving Loans Amortized Cost Basis
Total	0		0		31,636
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Special Mention
Revolving Loans Amortized Cost Basis
Total	1,531		1,531		0
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Substandard or Lower
Revolving Loans Amortized Cost Basis
Total	0		0		0
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial
Revolving Loans Amortized Cost Basis
Total	18,554		18,554		17,668
Current period gross charge-offs			(3,635)		(8,016)
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Pass
Revolving Loans Amortized Cost Basis
Total	16,778		16,778		10,736
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Special Mention
Revolving Loans Amortized Cost Basis
Total	408		408		198
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Substandard or Lower
Revolving Loans Amortized Cost Basis
Total	1,368		1,368		6,734
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1)
Revolving Loans Amortized Cost Basis
Total	1,280		1,280		2,229
Current period gross charge-offs			0		0
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | Pass
Revolving Loans Amortized Cost Basis
Total	0		0		0
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | Special Mention
Revolving Loans Amortized Cost Basis
Total	1,280		1,280		0
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | Substandard or Lower
Revolving Loans Amortized Cost Basis
Total	0		0		2,229
Conversion to Term Loan | Payment Activity, Aging Status
Revolving Loans Amortized Cost Basis
Total	12,515		12,515		21,705
Conversion to Term Loan | Payment Activity, Aging Status | Performing
Revolving Loans Amortized Cost Basis
Total	11,614		11,614		20,044
Conversion to Term Loan | Payment Activity, Aging Status | Nonperforming
Revolving Loans Amortized Cost Basis
Total	901		901		1,661
Conversion to Term Loan | Payment Activity, Aging Status | Real estate - residential mortgage
Revolving Loans Amortized Cost Basis
Total	0		0		0
Current period gross charge-offs			(251)		(62)
Conversion to Term Loan | Payment Activity, Aging Status | Real estate - residential mortgage | Performing
Revolving Loans Amortized Cost Basis
Total	0		0		0
Conversion to Term Loan | Payment Activity, Aging Status | Real estate - residential mortgage | Nonperforming
Revolving Loans Amortized Cost Basis
Total	0		0		0
Conversion to Term Loan | Payment Activity, Aging Status | Consumer and Home Equity
Revolving Loans Amortized Cost Basis
Total	12,515		12,515		21,705
Current period gross charge-offs			(1,837)		(6,587)
Conversion to Term Loan | Payment Activity, Aging Status | Consumer and Home Equity | Performing
Revolving Loans Amortized Cost Basis
Total	11,614		11,614		20,044
Conversion to Term Loan | Payment Activity, Aging Status | Consumer and Home Equity | Nonperforming
Revolving Loans Amortized Cost Basis
Total	901		901		1,661
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other
Revolving Loans Amortized Cost Basis
Total	0		0		0
Current period gross charge-offs			0		0
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | Performing
Revolving Loans Amortized Cost Basis
Total	0		0		0
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | Nonperforming
Revolving Loans Amortized Cost Basis
Total	0		0		0
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans
Revolving Loans Amortized Cost Basis
Total	0		0		0
Current period gross charge-offs			(176)		(1,511)
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | Performing
Revolving Loans Amortized Cost Basis
Total	0		0		0
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | Nonperforming
Revolving Loans Amortized Cost Basis
Total	$ 0		$ 0		$ 0

XML

Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans and leases	$ 145,630	$ 121,620
Loans and leases 90 days or more past due and still accruing	26,962	31,721
Total non-performing loans and leases	172,592	153,341
Other real estate owned (OREO)	1,444	896
Total non-performing assets	174,036	154,237
Total	24,106,297	21,351,094
Mortgage Loans in Process of Foreclosure, Amount	24,200	10,900
Financial Asset, Equal to or Greater than 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 26,962	$ 31,721

XML

Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total	$ 24,106,297	$ 21,351,094
Non- accrual	145,630	121,620
Financial Asset, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	110,932	80,007
Financial Asset, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	34,377	18,850
Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	26,962	31,721
Current
Financing Receivable, Past Due [Line Items]
Total	23,788,397	21,098,896
Real estate - commercial mortgage
Financing Receivable, Past Due [Line Items]
Total	9,289,770	8,127,728
Non- accrual	46,193	44,805
Real estate - commercial mortgage | Financial Asset, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	14,262	4,408
Real estate - commercial mortgage | Financial Asset, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1,126	1,341
Real estate - commercial mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	2,422	1,722
Real estate - commercial mortgage | Current
Financing Receivable, Past Due [Line Items]
Total	9,225,767	8,075,452
Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Total	4,967,796	4,545,552
Non- accrual	57,274	39,952
Commercial and Industrial | Financial Asset, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	12,191	5,620
Commercial and Industrial | Financial Asset, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	14,984	1,656
Commercial and Industrial | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1,159	1,068
Commercial and Industrial | Current
Financing Receivable, Past Due [Line Items]
Total	4,882,188	4,497,256
Real estate - residential mortgage
Financing Receivable, Past Due [Line Items]
Total	6,248,856	5,325,923
Non- accrual	24,462	20,824
Real estate - residential mortgage | Financial Asset, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	58,454	49,145
Real estate - residential mortgage | Financial Asset, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	13,895	10,838
Real estate - residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	16,571	21,205
Real estate - residential mortgage | Current
Financing Receivable, Past Due [Line Items]
Total	6,135,474	5,223,911
Real estate - home equity
Financing Receivable, Past Due [Line Items]
Total	1,120,878	1,047,184
Non- accrual	6,338	4,753
Real estate - home equity | Financial Asset, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	7,403	8,142
Real estate - home equity | Financial Asset, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1,776	2,075
Real estate - home equity | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	4,880	5,326
Real estate - home equity | Current
Financing Receivable, Past Due [Line Items]
Total	1,100,482	1,026,888
Real-estate - construction
Financing Receivable, Past Due [Line Items]
Total	1,463,799	1,239,075
Non- accrual	1,226	1,341
Real-estate - construction | Financial Asset, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	10,951	4,185
Real-estate - construction | Financial Asset, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	749	451
Real-estate - construction | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1,406	1,535
Real-estate - construction | Current
Financing Receivable, Past Due [Line Items]
Total	1,449,467	1,231,563
Consumer
Financing Receivable, Past Due [Line Items]
Total	692,086	729,318
Non- accrual	183	52
Consumer | Financial Asset, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	7,274	8,361
Consumer | Financial Asset, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1,767	1,767
Consumer | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	485	747
Consumer | Current
Financing Receivable, Past Due [Line Items]
Total	682,377	718,391
Leases and other loans
Financing Receivable, Past Due [Line Items]
Total	323,112	336,314
Non- accrual	9,954	9,893
Leases and other loans | Financial Asset, 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	397	146
Leases and other loans | Financial Asset, 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	80	722
Leases and other loans | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	39	118
Leases and other loans | Current
Financing Receivable, Past Due [Line Items]
Total	$ 312,642	$ 325,435

XML

Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Minimum balance of loans evaluated individually for impairment		$ 1,000	$ 1,000
Impaired loans with principal balances approximately in percentage	76.00%	78.00%
Impaired loans balances, real estate as collateral	$ 1,000		1,000
Unpaid principal balance, with no related allowance	71,833		71,833	$ 52,769
Net loans	24,106,297		24,106,297	$ 21,351,094
Borrowers with loan modifications, commitments to lend additional funds	0		0
Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans increase (decrease)			799,000
Special Mention | Republic First Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	776,900		776,900
Substandard or Lower
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans increase (decrease)			277,800
Substandard or Lower | Republic First Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net loans	$ 166,500		$ 166,500

XML

Loans and Allowance for Credit Losses - Amortized Cost on Modified Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 26,924
Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 23,698	$ 2,321		$ 4,976
Real estate - commercial mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 20,603
% of Class of Financing Receivable			0.22%
Real estate - commercial mortgage | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 20,603	$ 276		$ 1,478
% of Class of Financing Receivable	0.22%	0.00%		0.02%
Commercial and Industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 0
% of Class of Financing Receivable			0.00%
Commercial and Industrial | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 0	$ 0		$ 75
% of Class of Financing Receivable	0.00%	0.00%		0.00%
Real estate - residential mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 5,651
% of Class of Financing Receivable			0.09%
Real estate - residential mortgage | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 2,966	$ 2,045		$ 3,423
% of Class of Financing Receivable	0.05%	0.04%		0.07%
Real-estate - construction | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 541	$ 0
% of Class of Financing Receivable				0.00%
Home Equity Loan | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 129	$ 0	$ 129	$ 0
% of Class of Financing Receivable	0.01%	0.00%	0.01%	0.00%
Construction | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
% of Class of Financing Receivable			0.04%

XML

Loans and Allowance for Credit Losses - Interest Rate Reduction and Term Extension on Modified Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 26,924
Combination-Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 884	$ 0	1,348	$ 0
Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	23,698	$ 2,321		4,976
Real estate - residential mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 5,651
% of Class of Financing Receivable			0.09%
Loan modifications, added weighted average life (in years)		5 years 3 months 14 days	7 years 5 months 8 days
Real estate - residential mortgage | Combination-Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 884	$ 0	$ 1,348	$ 0
% of Class of Financing Receivable	0.01%	0.00%	0.02%	0.00%
Real estate - residential mortgage | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 2,966	$ 2,045		$ 3,423
% of Class of Financing Receivable	0.05%	0.04%		0.07%
Loan modifications, added weighted average life (in years)	8 years 6 months 3 days			4 years 7 months 20 days
Real estate - residential mortgage | Minimum | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan modifications, weighted average interest rate decrease	3.00%		2.36%
Real estate - residential mortgage | Maximum | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan modifications, weighted average interest rate decrease	1.00%		1.37%
Real-estate - construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan modifications, added weighted average life (in years)			8 months 1 day
Real-estate - construction | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 541	$ 0
% of Class of Financing Receivable				0.00%
Real estate - commercial mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 20,603
% of Class of Financing Receivable			0.22%
Loan modifications, added weighted average life (in years)	2 years	1 year 3 months	2 years
Real estate - commercial mortgage | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 20,603	$ 276		$ 1,478
% of Class of Financing Receivable	0.22%	0.00%		0.02%
Loan modifications, added weighted average life (in years)				2 years 18 days
Commercial and Industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis			$ 0
% of Class of Financing Receivable			0.00%
Commercial and Industrial | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 0	$ 0		$ 75
% of Class of Financing Receivable	0.00%	0.00%		0.00%
Loan modifications, added weighted average life (in years)				2 years 10 months 17 days
Home Equity Loan | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 129	$ 0	$ 129	$ 0
% of Class of Financing Receivable	0.01%	0.00%	0.01%	0.00%
Loan modifications, added weighted average life (in years)	17 years 11 months 1 day		17 years 11 months 1 day

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Loans and Allowance for Credit Losses - Performance of Loans Modified in Period (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 26,924
Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	39,901
30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	1,984
90+ Past Due and Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	1,353
Financial assets, total past due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	3,337
Real estate - commercial mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	20,603
Real estate - commercial mortgage | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	20,603
Real estate - commercial mortgage | 30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Real estate - commercial mortgage | 90+ Past Due and Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Real estate - commercial mortgage | Financial assets, total past due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Commercial and Industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Commercial and Industrial | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	9,859
Commercial and Industrial | 30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Commercial and Industrial | 90+ Past Due and Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Commercial and Industrial | Financial assets, total past due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Real estate - residential mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	5,651
Real estate - residential mortgage | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	8,776
Real estate - residential mortgage | 30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	1,977
Real estate - residential mortgage | 90+ Past Due and Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	1,353
Real estate - residential mortgage | Financial assets, total past due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	3,330
Real-estate - construction | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	541
Real-estate - construction | 30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Real-estate - construction | 90+ Past Due and Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Real-estate - construction | Financial assets, total past due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Home Equity Loan | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	122
Home Equity Loan | 30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	7
Home Equity Loan | 90+ Past Due and Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	0
Home Equity Loan | Financial assets, total past due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortization Cost Basis	$ 7

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Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Servicing Asset [Abstract]
Fair value of MSRs	$ 51,700		$ 51,700		$ 49,700
Residential Mortgage
Amortized Cost:
Balance at beginning of period	31,057	$ 33,082	31,602	$ 34,217
Originations of MSRs	883	688	1,465	884
Amortization	(1,294)	(1,312)	(2,421)	(2,643)
Balance at end of period	30,646	32,458	30,646	32,458
Servicing Asset [Abstract]
Balance at end of period	0		0
Fair value of MSRs	$ 51,724	$ 49,444	$ 51,724	$ 49,444

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Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Servicing Asset at Amortized Cost [Line Items]
Mortgage Loans Serviced By For Third Parties	$ 4,000,000	$ 4,100,000
Fair value of MSRs	51,700	$ 49,700
Residential Mortgage
Servicing Asset at Amortized Cost [Line Items]
Fair value of MSRs	51,724		$ 49,444
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance	$ 0

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Leases - Narrative (Details) $ in Thousands		6 Months Ended
	May 10, 2024 USD ($) financial_center	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Leases [Abstract]
Sale leaseback transaction, number of financial locations | financial_center	40
Sale leaseback transaction, purchase price	$ 55,400
Term of contract	15 years
Aggregate base rental amount	$ 4,400
Annual base rate, percentage increase	2.25%
Gain on Sale-Leaseback Transaction	$ 20,300	$ 20,266	$ 0

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Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 7,633	$ 4,751	$ 12,697	$ 9,592
Variable Lease, Cost	716	773	1,480	1,557
Sublease income	(300)	(292)	(583)	(540)
Total lease expense	8,049	5,232	13,594	10,609
ROU assets	131,796		131,796		$ 88,188
Present value of lease liabilities	$ 138,389		$ 138,389		$ 95,230
Weighted average remaining lease term	9 years 2 months 23 days		9 years 2 months 23 days		6 years 5 months 23 days
Weighted average discount rate	5.14%		5.14%		3.34%
Cash paid for amounts included in the measurement of lease liabilities	$ 5,662	4,844	$ 11,272	9,770
ROU assets obtained in exchange for lease obligations	$ 47,446	$ 0	$ 52,993	$ 9,018

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Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Abstract]
ROU assets	$ 131,796		$ 131,796		$ 88,188
Present value of lease liabilities	$ 138,389		$ 138,389		$ 95,230
Weighted average remaining lease term	9 years 2 months 23 days		9 years 2 months 23 days		6 years 5 months 23 days
Weighted average discount rate	5.14%		5.14%		3.34%
Cash paid for amounts included in the measurement of lease liabilities	$ 5,662	$ 4,844	$ 11,272	$ 9,770
ROU assets obtained in exchange for lease obligations	$ 47,446	$ 0	$ 52,993	$ 9,018

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Leases - Future Payment Obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remaining in 2024	$ 12,616
2025	23,741
2026	22,122
2027	19,830
2028	16,622
Thereafter	79,672
Total lease payments	174,603
Less: imputed interest	(36,214)
Present value of lease liabilities	$ 138,389	$ 95,230

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Derivative Financial Instruments Narrative (Details) - USD ($)		3 Months Ended			6 Months Ended
	Jan. 31, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024
Derivative [Line Items]
LIBOR to SOFR transition expenses			$ 1,900,000		$ 300,000
Interest Rate Contract
Derivative [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net		$ 15,900,000			15,900,000
Interest Rate Contract, Terminated
Derivative [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	$ 70,600,000
Cash flow hedge gain (loss) reclassified to earnings, net					$ (14,100,000)
Interest Rate Contract, Terminated | Cash Flow Hedging
Derivative [Line Items]
Derivative, notional amount	$ 1,000,000,000
Mortgage Loans Held For Sale
Derivative [Line Items]
Gain (loss) in fair values of mortgage loans held for sale		$ 300,000		$ 0

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Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative asset, fair value	$ 174,924	$ 157,612
Derivative liability, gross liability	(280,358)	(245,584)
Interest Rate Lock Commitments [Member]
Derivative [Line Items]
Derivative asset, notional amount	197,685	119,558
Derivative liability, notional amount	2,109	1,015
Derivative asset, fair value	965	460
Derivative liability, gross liability	(3)	(2)
Forward Commitments [Member]
Derivative [Line Items]
Derivative asset, notional amount	0	0
Derivative liability, notional amount	58,500	42,000
Derivative asset, fair value	0	0
Derivative liability, gross liability	(236)	(854)
Interest Rate Swap with Customer [Member]
Derivative [Line Items]
Derivative asset, notional amount	546,330	824,659
Derivative liability, notional amount	4,132,103	3,784,236
Derivative asset, fair value	8,091	22,656
Derivative liability, gross liability	(271,356)	(222,530)
Interest Rate Swap With Counterparty [Member]
Derivative [Line Items]
Derivative asset, notional amount	4,132,103	3,784,236
Derivative liability, notional amount	546,330	824,659
Derivative asset, fair value	166,461	128,235
Derivative liability, gross liability	(8,457)	(23,023)
Balance Sheet Hedging Instruments
Derivative [Line Items]
Derivative asset, notional amount	2,300,000	2,500,000
Derivative liability, notional amount	950,000	750,000
Derivative asset, fair value	245	6,189
Derivative liability, gross liability	(78)	0
Foreign Exchange Contracts With Customer [Member]
Derivative [Line Items]
Derivative asset, notional amount	25,730	4,159
Derivative liability, notional amount	4,081	13,353
Derivative asset, fair value	639	40
Derivative liability, gross liability	(81)	(446)
Foreign Exchange Contracts With Correspondent Banks [Member]
Derivative [Line Items]
Derivative asset, notional amount	4,798	15,969
Derivative liability, notional amount	25,139	6,112
Derivative asset, fair value	127	532
Derivative liability, gross liability	$ (467)	$ (31)

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Derivative Financial Instruments Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	$ 2,256,000	$ (5,586,000)	$ 6,553,000	$ (12,406,000)
Amount of Gain (Loss) Reclassified from AOCI into Income	(3,891,000)	(7,010,000)	(7,790,000)	(14,153,000)
Interest Rate Swap [Member]
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	2,916,000	(7,251,000)	8,472,000	5,284,000
Amount of Gain (Loss) Recognized in OCI Included Component		(7,251,000)	(6,040,000)	5,284,000
Amount of Gain (Loss) Recognized in OCI Excluded Component	0	0	0	0
Amount of Gain (Loss) Reclassified from AOCI into Income	(5,002,000)	(7,032,000)	(10,014,000)
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component	(5,002,000)	(7,032,000)	(10,014,000)
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component	0	0	0
Net unrealized loss on balance sheet hedging instruments, tax	2,916,000	(7,251,000)	8,472,000
Interest Rate Swap [Member] | Interest Income
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	(381,000)	(7,251,000)	(6,040,000)
Amount of Gain (Loss) Recognized in OCI Included Component	(381,000)
Amount of Gain (Loss) Recognized in OCI Excluded Component	0
Amount of Gain (Loss) Reclassified from AOCI into Income	(7,032,000)	(7,032,000)	(14,064,000)	(14,189,000)
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component	(7,032,000)	(7,032,000)	(14,064,000)	(14,189,000)
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component	0	0	0	0
Interest Rate Swap [Member] | Interest Expense
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	3,297,000		14,512,000
Amount of Gain (Loss) Recognized in OCI Excluded Component	0		0
Amount of Gain (Loss) Reclassified from AOCI into Income	2,030,000	0	4,050,000	0
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component	2,030,000	0	4,050,000	0
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component	0	$ 0	0	$ 0
Net unrealized loss on balance sheet hedging instruments, tax	$ 3,297,000		$ 14,512,000

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Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Net fair value gains (losses) on derivative financial instruments	$ 176	$ 568	$ 1,533	$ 1,053
Mortgage Banking Derivatives [Member]
Derivative [Line Items]
Net fair value gains (losses) on derivative financial instruments	(45)	475	1,122	869
Interest Rate Swap [Member]
Derivative [Line Items]
Net fair value gains (losses) on derivative financial instruments	137	0	288	0
Foreign Exchange Contract [Member]
Derivative [Line Items]
Net fair value gains (losses) on derivative financial instruments	$ 84	$ 93	$ 123	$ 184

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Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans held for sale	$ 26,822,000		$ 15,158,000
Mortgage Loans Held For Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	300,000	$ 0
Cost [Member] | Mortgage Loans Held For Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans held for sale	26,335,000		14,792,000
Fair value [Member] | Mortgage Loans Held For Sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans held for sale	$ 26,822,000		$ 15,158,000

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Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Derivative asset, fair value	$ 174,924	$ 157,612
Derivative, Collateral, Obligation to Return Securities	(9,607)	(15,686)
Derivative, Collateral, Obligation to Return Cash	0	0
Net Amount	165,317	141,926
Derivative liability, gross liability	280,358	245,584
Derivative liability, Collateral, Right to Reclaim Securities	(9,774)	(21,875)
Derivative liability, Collateral, Right to Reclaim Cash	(107,649)	(93,841)
Derivative liability, Net Amount	162,935	129,868
Interest Rate Swap [Member]
Offsetting Assets [Line Items]
Derivative asset, fair value	174,797	157,080
Derivative, Collateral, Obligation to Return Securities	(9,480)	(15,154)
Derivative, Collateral, Obligation to Return Cash	0	0
Net Amount	165,317	141,926
Derivative liability, gross liability	279,891	245,553
Derivative liability, Collateral, Right to Reclaim Securities	(9,647)	(21,343)
Derivative liability, Collateral, Right to Reclaim Cash	(107,649)	(93,841)
Derivative liability, Net Amount	162,595	130,369
Foreign Exchange Contract [Member]
Offsetting Assets [Line Items]
Derivative asset, fair value	127	532
Derivative, Collateral, Obligation to Return Securities	(127)	(532)
Derivative, Collateral, Obligation to Return Cash	0	0
Net Amount	0	0
Derivative liability, gross liability	467	31
Derivative liability, Collateral, Right to Reclaim Securities	(127)	(532)
Derivative liability, Collateral, Right to Reclaim Cash	0	0
Derivative liability, Net Amount	$ 340	$ (501)

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Accumulated Other Comprehensive (Loss) Income - Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Unrealized loss on securities, before tax amount	$ (18,356)	$ (40,361)	$ (39,902)	$ 1,838
Unrealized loss on securities, tax effect	4,157	9,142	9,038	(416)
Unrealized loss on securities, net of tax amount	(14,199)	(31,219)	(30,864)	1,422
Reclassification adjustment for securities gain included in net income, before tax amount	20,282	(4)	20,282	18
Reclassification adjustment for securities gain included in net income, tax effect	(4,594)	1	(4,594)	(4)
Reclassification adjustment for securities gain included in net income, net of tax amount	15,688	(3)	15,688	14
Amortization of net unrealized losses on AFS securities transferred to HTM. before-tax amount	1,815	1,941	3,608	3,851
Amortization of net unrealized losses on AFS securities transferred to HTM, tax	(412)	(440)	(818)	(872)
Amortization of net unrealized losses on AFS securities transferred to HTM, net of tax amount	1,403	1,501	2,790	2,979
Net unrealized loss on interest rate swaps used in cash flow hedges, before-tax amount	2,916	(7,251)	8,472	5,284
Net unrealized loss on interest rate swaps used in cash flow hedges, before-tax amount	(660)	1,665	(1,919)	(17,690)
Amount of Gain (Loss) Recognized in OCI on Derivative	2,256	(5,586)	6,553	(12,406)
Net unrealized losses on interest rate swaps used in cash flow hedges, before-tax amount	5,002	7,032	10,014	14,189
Net unrealized losses on interest rate swaps used in cash flow hedges, tax	(1,111)	(22)	(2,224)	(36)
Net unrealized losses on interest rate swaps used in cash flow hedges, net of tax amount	3,891	7,010	7,790	14,153
Amortization of net unrecognized pension and postretirement items, before tax amount	(136)	4	(271)	36
Amortization of net unrecognized pension and postretirement items, tax effect	31	(1)	60	(8)
Amortization of net unrecognized pension and postretirement items, net of tax amount	(105)	3	(211)	28
Total Other Comprehensive Income, Before Tax Amount	11,523	(38,639)	2,203	25,216
Total Other Comprehensive Income, Tax Effect	(2,589)	10,345	(457)	(19,026)
Other Comprehensive Income (Loss), net of tax	$ 8,934	$ (28,294)	$ 1,746	$ 6,190

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Accumulated Other Comprehensive (Loss) Income - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	$ 2,757,679	$ 2,618,998	$ 2,760,139	$ 2,579,757
OCI before reclassifications	(11,943)	(36,805)	(24,311)	(10,984)
Amounts reclassified from AOCI	19,474	7,010	23,267	14,195
Ending Balance	3,101,609	2,642,152	3,101,609	2,642,152
Unrealized Gains (Losses) on Investment Securities
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(290,140)	(282,095)	(274,862)	(316,231)
OCI before reclassifications	(14,199)	(31,219)	(30,864)	1,422
Amounts reclassified from AOCI	15,688	(3)	15,688	14
Ending Balance	(287,248)	(311,816)	(287,248)	(311,816)
Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(26,587)	(61,453)	(34,783)	(61,776)
OCI before reclassifications	2,256	(5,586)	6,553	(12,406)
Amounts reclassified from AOCI	3,891	7,010	7,790	14,153
Ending Balance	(20,440)	(60,029)	(20,440)	(60,029)
Unrecognized Pension and Postretirement Plan Income (Costs)
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(2,741)	(7,444)	(2,635)	(7,469)
OCI before reclassifications	0	0	0	0
Amounts reclassified from AOCI	(105)	3	(211)	28
Ending Balance	(2,846)	(7,441)	(2,846)	(7,441)
Total
Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(319,468)	(350,992)	(312,280)	(385,476)
Ending Balance	(310,534)	(379,286)	(310,534)	(379,286)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from AOCI	1,403	1,501	2,790	2,979
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from AOCI	1,403	1,501	2,790	2,979
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from AOCI	0	0	0	0
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Plan Income (Costs)
Accumulated Other Comprehensive Income [Roll Forward]
Amounts reclassified from AOCI	$ 0	$ 0	$ 0	$ 0

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Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 2,939,594	$ 2,398,352
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	26,822	15,158
Estimated Fair Value	2,939,594	2,398,352
Investments held in Rabbi Trust	34,339	29,819
Derivative assets	176,528	158,112
Assets, Fair Value Disclosure	3,177,283	2,601,441
Liabilities Held-In-Trust, Fair Value Disclosure	34,339	29,819
Derivative Liability	280,678	246,634
Total liabilities	315,017	276,453
US Government Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		42,161
US Government Debt Securities | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		42,161
US Government Agencies Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		1,010
US Government Agencies Debt Securities | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		1,010
US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	820,109	1,072,013
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	820,109	1,072,013
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	337,398	440,551
Corporate Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	337,398	440,551
Collateralized Mortgage Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	713,769	111,434
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	713,769	111,434
Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	557,191	196,795
Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	557,191	196,795
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	511,127	534,388
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	511,127	534,388
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	0	0
Estimated Fair Value	0	42,161
Investments held in Rabbi Trust	34,339	29,819
Derivative assets	766	572
Assets, Fair Value Disclosure	35,105	72,552
Liabilities Held-In-Trust, Fair Value Disclosure	34,339	29,819
Derivative Liability	548	477
Total liabilities	34,887	30,296
Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		42,161
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		0
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	26,822	15,158
Estimated Fair Value	2,939,594	2,356,191
Investments held in Rabbi Trust	0	0
Derivative assets	175,762	157,540
Assets, Fair Value Disclosure	3,142,178	2,528,889
Liabilities Held-In-Trust, Fair Value Disclosure	0	0
Derivative Liability	280,130	246,157
Total liabilities	280,130	246,157
Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		0
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		1,010
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	820,109	1,072,013
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	337,398	440,551
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	713,769	111,434
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	557,191	196,795
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	511,127	534,388
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure	0	0
Estimated Fair Value	0	0
Investments held in Rabbi Trust	0	0
Derivative assets	0	0
Assets, Fair Value Disclosure	0	0
Liabilities Held-In-Trust, Fair Value Disclosure	0	0
Derivative Liability	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		0
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value		0
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	0	0
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 0	$ 0

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Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OREO	$ 1,444	$ 896
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net loans	121,942	102,135
OREO	1,444	896
MSRs(1)	51,724	49,696
Assets, Fair Value Disclosure	$ 175,110	$ 152,727

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Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items]
AFS, at estimated fair value	$ 2,939,594	$ 2,398,352
Debt Securities, Held-to-Maturity, Fair Value	1,033,439	1,072,207
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items]
Cash and due from banks	1,396,282	549,710
FRB and FHLB stock	125,297	124,405
Loans held for sale	26,822	15,158
AFS, at estimated fair value	2,939,594	2,398,352
Debt Securities, Held-to-Maturity, Fair Value	1,244,433	1,267,922
Net Loans	23,730,356	21,057,690
Accrued interest receivable	120,752	107,972
Other financial assets	731,849	661,067
Demand and savings deposits	20,650,955	17,653,690
Brokered deposits	995,975	1,144,692
Time deposits	3,912,724	2,739,241
Accrued interest payable	48,757	35,083
Federal funds purchased		240,000
Federal Home Loan Bank advances	750,000	1,100,000
Senior debt and subordinated debt	535,741	535,384
Other borrowings	892,856	612,142
Other financial liabilities	467,810	429,046
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items]
Cash and due from banks	1,396,282	549,710
FRB and FHLB stock	125,297	124,405
Loans held for sale	26,822	15,158
AFS, at estimated fair value	2,939,594	2,398,352
Debt Securities, Held-to-Maturity, Fair Value	1,033,439	1,072,207
Net Loans	22,391,497	19,930,560
Accrued interest receivable	120,752	107,972
Other financial assets	753,242	661,067
Demand and savings deposits	20,650,955	17,653,690
Brokered deposits	995,975	1,145,379
Time deposits	3,912,608	2,714,709
Accrued interest payable	48,757	35,083
Federal funds purchased		240,000
Federal Home Loan Bank advances	754,414	1,094,013
Senior debt and subordinated debt	419,072	463,270
Other borrowings	892,970	612,106
Other financial liabilities	467,810	429,046
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items]
Cash and due from banks	1,396,282	549,710
FRB and FHLB stock	0	0
Loans held for sale	0	0
AFS, at estimated fair value	0	42,161
Debt Securities, Held-to-Maturity, Fair Value	0	0
Net Loans	0	0
Accrued interest receivable	120,752	107,972
Other financial assets	524,312	452,935
Demand and savings deposits	20,650,955	17,653,690
Brokered deposits	139,166	145,987
Time deposits	0	0
Accrued interest payable	48,757	35,083
Federal funds purchased		240,000
Federal Home Loan Bank advances	754,414	1,094,013
Senior debt and subordinated debt	0	0
Other borrowings	891,851	611,269
Other financial liabilities	173,140	165,635
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items]
Cash and due from banks	0	0
FRB and FHLB stock	125,297	124,405
Loans held for sale	26,822	15,158
AFS, at estimated fair value	2,939,594	2,356,191
Debt Securities, Held-to-Maturity, Fair Value	1,033,439	1,072,207
Net Loans	0	0
Accrued interest receivable	0	0
Other financial assets	175,762	157,540
Demand and savings deposits	0	0
Brokered deposits	856,809	999,392
Time deposits	3,912,608	2,714,709
Accrued interest payable	0	0
Federal funds purchased		0
Federal Home Loan Bank advances	0	0
Senior debt and subordinated debt	419,072	463,270
Other borrowings	1,119	837
Other financial liabilities	280,130	246,157
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items]
Cash and due from banks	0	0
FRB and FHLB stock	0	0
Loans held for sale	0	0
AFS, at estimated fair value	0	0
Debt Securities, Held-to-Maturity, Fair Value	0	0
Net Loans	22,391,497	19,930,560
Accrued interest receivable	0	0
Other financial assets	53,168	50,592
Demand and savings deposits	0	0
Brokered deposits	0	0
Time deposits	0	0
Accrued interest payable	0	0
Federal funds purchased		0
Federal Home Loan Bank advances	0	0
Senior debt and subordinated debt	0	0
Other borrowings	0	0
Other financial liabilities	$ 14,540	$ 17,254

XML

Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
AFS, at estimated fair value	$ 2,939,594	$ 2,398,352
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average annual constant prepayment rate	7.30%
Weighted average discount rate	9.50%
Fair Value, Recurring [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
AFS, at estimated fair value	$ 2,939,594	2,398,352
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
AFS, at estimated fair value	0	42,161
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
AFS, at estimated fair value	2,939,594	2,356,191
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
AFS, at estimated fair value	0	0
Fair Value, Recurring [Member] | Financial Institutions Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
AFS, at estimated fair value	330,400	433,400
Fair Value, Recurring [Member] | Other Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
AFS, at estimated fair value	6,900	7,200
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other financial liabilities	500	500
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other financial assets	800	600
Forward Commitments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other financial assets	1,000	500
Other financial liabilities	200	900
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other financial assets	174,800	157,100
Other financial liabilities	$ 279,900	$ 245,600

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Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average shares outstanding (basic) (in shares)	175,305	165,854	169,006	166,227
Impact of common stock equivalents (in shares)	1,629	1,337	1,763	1,582
Weighted average shares outstanding (diluted) (in shares)	176,934	167,191	170,769	167,809
Basic (in dollars per share)	$ 0.53	$ 0.46	$ 0.90	$ 0.86
Diluted (in dollars per share)	$ 0.52	$ 0.46	$ 0.89	$ 0.85

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Stock-Based Compensation Narrative (Details) - Directors' Plan [Member]	Jun. 30, 2024 shares
Statement [Line Items]
Number of equity awards that may be awarded (in shares)	3,900,000
Shares reserved for future grants under the stock option and compensation plan	330,000

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Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Compensation expense	$ 2,758	$ 2,571	$ 3,425	$ 4,240
Tax benefit	(620)	(565)	(764)	(927)
Total stock-based compensation, net of tax	$ 2,138	$ 2,006	$ 2,661	$ 3,313

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Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 789	$ 855	$ 1,579	$ 1,711
Expected return on plan assets	(975)	(877)	(1,951)	(1,754)
Net amortization and deferral	0	80	0	161
Net periodic benefit	(186)	58	(372)	118
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	9	13	19	26
Net accretion and deferral	(136)	(136)	(271)	(272)
Net periodic benefit	$ (127)	$ (123)	$ (252)	$ (246)

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Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Valuation allowances and reserves, balance	$ 1,300	$ 2,700
Commitments to Extend Credit [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Valuation allowances and reserves, balance	9,100,013	8,790,511
Standby Letters of Credit [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Valuation allowances and reserves, balance	254,067	264,440
Commercial Letters of Credit [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Valuation allowances and reserves, balance	$ 64,605	$ 67,396

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Valuation allowances and reserves, balance	$ 1.3	$ 2.7
Residential Mortgage
Loss Contingencies [Line Items]
Valuation allowances and reserves, balance	$ 2.5	$ 1.8

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Subsequent Events (Details) - Subsequent Event - Financial Center Office Closures $ in Millions	Jul. 16, 2024 USD ($) financial_center
Subsequent Event [Line Items]
Number of financial center office closures | financial_center	13
Restructuring and related cost, expected cost	$ 10
Expected quarterly cost reduction	8
Premises and Equipment Write-Offs
Subsequent Event [Line Items]
Restructuring and related cost, expected cost	6
Lease Termination Charges
Subsequent Event [Line Items]
Restructuring and related cost, expected cost	3
Employee Severance
Subsequent Event [Line Items]
Restructuring and related cost, expected cost	$ 1