Fulton Financial Corporation Announces 2025 Fourth Quarter and Full-Year Results

LANCASTER, Pa., Jan. 21, 2026 /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $96.4 million, or $0.53 per diluted share, for the fourth quarter of 2025, a decrease of $1.5 million in comparison to the third quarter of 2025. Operating net income available to common shareholders for the three months ended December 31, 2025 was $99.4 million (1), or $0.55 per diluted share (1), a decrease of $1.9 million in comparison to the third quarter of 2025.

Net income available to common shareholders for the year ended December 31, 2025 was $381.4 million, or $2.08 per diluted share, an increase of $102.9 million, or $0.51 per diluted share, in comparison to the year ended December 31, 2024. Operating net income available to common shareholders for the year ended December 31, 2025, was $396.8 million (1), or $2.16 per diluted share (1), an increase of $68.7 million, or $0.31 per diluted share, in comparison to the year ended December 31, 2024.

"The strength of our strategy and the dedication of our team combined to generate a 17% increase in our operating diluted earnings per share," said Curtis J. Myers, Fulton Chairman, CEO and President. "In 2025, we delivered value to customers, expanded our team and customer base, and generated solid financial performance."

Financial Highlights

Fourth quarter of 2025 operating results of $0.55 per diluted share (1) were impacted by the following items:

The following items highlight notable changes in the components of net income in the fourth quarter of 2025 compared to the third quarter of 2025:

Balance Sheet Summary

Provision for Credit Losses and Asset Quality

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

(1)

Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.

(2)

Regulatory capital ratios as of December 31, 2025, are preliminary estimates and prior periods are actual.

(3)

The 2025 Repurchase Program represented the authorization, commencing on January 1, 2025 and expiring on December 31, 2025, to repurchase up to $125 million of the Corporation's common stock. Under this authorization, up to $25 million of the $125 million authorization could be used to repurchase the Corporation's preferred stock and outstanding subordinated notes due 2030. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases were made from time to time under the 2025 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions.

(4)

The 2026 Repurchase Program represents the authorization, commencing on January 1, 2026 and expiring on January 31, 2027, to repurchase up to $150 million, excluding fees, commissions, excise tax and other ancillary expenses, of the Corporation's common stock. Under this authorization, up to $25 million of the $150 million authorization may be used to repurchase the Corporation's preferred stock, outstanding subordinated notes due 2030 or outstanding subordinated notes due 2035. 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 2026 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2026 Repurchase Program may be discontinued at any time.

(5)

On April 26, 2024, the Corporation announced that its wholly owned banking subsidiary, Fulton Bank, National Association ("Fulton Bank"), acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank ("Republic Bank"), from the Federal Deposit Insurance Corporation (the "FDIC"), as receiver for Republic Bank (the "Acquisition"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.

(6)

Commercial loans include real estate - commercial mortgage, commercial and industrial, leases and other loans and includes a decrease in commercial construction loans of $158.4 million, reflected in real estate - construction. Consumer loans include real estate - residential mortgage, real estate - home equity, consumer and includes a decrease of $6.1 million in residential construction loans, reflected in real estate - construction.

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

Safe Harbor Statement

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

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

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, September 30, 2025 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website ( www.fultonbank.com) and on the SEC's website ( www.sec.gov), including, without limitation, the Cautionary Note Regarding Forward-Looking Statements set forth in the Current Report on Form 8-K filed by the Corporation on November 25, 2025.

Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.

FULTON FINANCIAL CORPORATION

SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

(dollars in thousands, except per share and shares data)

Three months ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

Ending Balances

Investment securities (1)

$ 4,833,744

$ 5,045,270

$ 5,093,027

$ 5,071,323

$ 4,806,468

Net loans

24,144,884

24,041,489

24,012,539

23,862,574

24,044,919

Total assets

32,118,400

31,995,086

32,040,448

32,132,028

32,071,810

Deposits

26,589,407

26,332,490

26,138,067

26,328,972

26,129,433

Shareholders' equity

3,490,447

3,413,598

3,329,246

3,274,321

3,197,325

Average Balances

Investment securities (1)

4,921,669

5,025,072

5,084,371

4,906,952

4,771,537

Net loans

24,053,089

24,020,322

23,899,743

24,006,863

24,068,784

Total assets

32,013,163

31,924,038

31,901,574

31,971,601

32,098,852

Deposits

26,537,659

26,298,680

26,125,602

26,169,883

26,313,378

Shareholders' equity

3,464,539

3,361,368

3,304,015

3,254,125

3,219,026

Income Statement

Net interest income

266,042

264,198

254,921

251,187

253,659

Provision for credit losses

2,948

10,245

8,607

13,898

16,725

Non-interest income

69,980

70,407

69,148

67,232

65,924

Non-interest expense

212,986

196,574

192,811

189,460

216,615

Income before taxes

120,088

127,786

122,651

115,061

86,243

Net income available to common shareholders

96,408

97,892

96,636

90,425

66,058

Per Share

Net income available to common shareholders (basic)

$0.53

$0.54

$0.53

$0.50

$0.36

Net income available to common shareholders (diluted)

$0.53

$0.49

$0.36

Operating net income available to common shareholders (2)

$0.55

$0.52

$0.48

Cash dividends

$0.19

$0.18

Common shareholders' equity

$18.33

$17.81

$17.20

$16.91

$16.50

Common shareholders' equity (tangible) (2)

$14.92

$14.39

$13.78

$13.46

$13.01

Weighted average shares (basic)

180,405

181,658

182,261

182,179

182,032

Weighted average shares (diluted)

182,197

183,349

183,813

184,077

183,867

(1) Includes related unrealized holding gains (losses) for available for sale ("AFS") securities.

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

Three months ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

Asset Quality

Net charge-offs to average loans (annualized)

0.24 %

0.18 %

0.20 %

0.21 %

0.22 %

Non-performing loans to total net loans

0.76 %

0.83 %

0.89 %

0.82 %

0.92 %

Non-performing assets to total assets

0.58 %

0.63 %

0.67 %

0.62 %

0.69 %

ACL - loans (1) to total loans

1.51 %

1.57 %

1.59 %

1.58 %

ACL - loans (1) to non-performing loans

198 %

189 %

177 %

193 %

172 %

Profitability

Return on average assets

1.23 %

1.25 %

1.18 %

0.85 %

Operating return on average assets (2)

1.27 %

1.29 %

1.30 %

1.25 %

1.14 %

Return on average common shareholders' equity

11.69 %

12.26 %

12.46 %

11.98 %

8.68 %

Operating return on average common shareholders' equity (tangible) (2)

14.86 %

15.79 %

16.26 %

15.95 %

14.83 %

Net interest margin

3.59 %

3.57 %

3.47 %

3.43 %

3.41 %

Efficiency ratio (2)

60.0 %

56.5 %

57.1 %

56.7 %

58.4 %

Non-interest expense to total average assets

2.64 %

2.44 %

2.42 %

2.40 %

2.68 %

Operating non-interest expense to total average assets (2)

2.53 %

2.38 %

2.36 %

2.32 %

2.36 %

Capital Ratios (3)

Tangible common equity ratio ("TCE") (2)

8.5 %

8.3 %

8.0 %

7.8 %

7.5 %

Tier 1 leverage ratio

9.7 %

9.6 %

9.4 %

9.2 %

9.0 %

Common equity Tier 1 capital ratio

11.8 %

11.6 %

11.3 %

11.1 %

10.8 %

Tier 1 risk-based capital ratio

12.6 %

12.4 %

12.1 %

11.9 %

11.5 %

Total risk-based capital ratio

15.2 %

15.0 %

14.7 %

14.5 %

14.3 %

(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet

("OBS") credit exposures.

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

(3) Regulatory capital ratios as of December 31, 2025 are preliminary estimates and prior periods are actual.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)

(dollars in thousands)

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

ASSETS

Cash and due from banks

$ 271,463

$ 307,267

$ 362,280

$ 388,503

$ 279,041

Other interest-earning assets

911,155

643,111

583,899

778,117

924,404

Loans held for sale

16,316

19,875

23,281

15,965

25,618

Investment securities

4,833,744

5,045,270

5,093,027

5,071,323

4,806,468

Net loans

24,144,884

24,041,489

24,012,539

23,862,574

24,044,919

Less: ACL - loans (1)

(364,462)

(376,258)

(377,337)

(379,677)

(379,156)

Loans, net

23,780,422

23,665,231

23,635,202

23,482,897

23,665,763

Net premises and equipment

175,240

178,644

184,290

186,873

195,527

Accrued interest receivable

113,698

114,003

117,130

116,215

117,029

Goodwill and intangible assets

612,996

618,361

623,729

629,189

635,458

Other assets

1,403,366

1,403,324

1,417,610

1,462,946

1,422,502

Total Assets

$ 32,118,400

$ 31,995,086

$ 32,040,448

$ 32,132,028

$ 32,071,810

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

$ 26,589,407

$ 26,332,490

$ 26,138,067

$ 26,328,972

$ 26,129,433

Borrowings

1,297,375

1,471,961

1,773,900

1,657,200

1,782,048

Other liabilities

741,171

777,037

799,235

871,535

963,004

Total Liabilities

28,627,953

28,581,488

28,711,202

28,857,707

28,874,485

Shareholders' equity

3,490,447

3,413,598

3,329,246

3,274,321

3,197,325

Total Liabilities and Shareholders' Equity

$ 32,118,400

$ 31,995,086

$ 32,040,448

$ 32,132,028

$ 32,071,810

LOANS, DEPOSITS AND BORROWINGS DETAIL:

Loans, by type:

Real estate - commercial mortgage

$ 9,820,944

$ 9,734,156

$ 9,678,038

$ 9,676,517

$ 9,601,858

Commercial and industrial

4,539,060

4,437,905

4,541,765

4,531,266

4,605,589

Real estate - residential mortgage

6,669,993

6,617,017

6,511,687

6,409,657

6,349,643

Real estate - home equity

1,242,831

1,214,399

1,193,410

1,170,470

1,160,616

Real estate - construction

970,298

1,134,748

1,155,099

1,175,445

1,394,899

Consumer

564,349

566,291

583,949

597,305

616,856

Leases and other loans (2)

337,409

336,973

348,591

301,914

315,458

Total Net Loans

$ 24,144,884

$ 24,041,489

$ 24,012,539

$ 23,862,574

$ 24,044,919

Deposits, by type:

Noninterest-bearing demand

$ 5,256,096

$ 5,136,210

$ 5,337,771

$ 5,435,934

$ 5,499,760

Interest-bearing demand

7,970,188

8,035,393

7,593,083

7,804,388

7,843,604

Savings

8,512,829

8,417,678

8,271,925

8,208,526

7,792,114

Total demand and savings

21,739,113

21,589,281

21,202,779

21,448,848

21,135,478

Brokered

855,042

709,667

817,398

738,458

843,857

Time

3,995,252

4,033,542

4,117,890

4,141,666

4,150,098

Total Deposits

$ 26,589,407

$ 26,332,490

$ 26,138,067

$ 26,328,972

$ 26,129,433

Borrowings, by type:

Federal Home Loan Bank advances

$ 250,000

$ 450,000

$ 800,000

$ 750,000

$ 850,000

Senior debt and subordinated debt

367,637

367,557

367,476

367,396

367,316

Other borrowings

679,738

654,404

606,424

539,804

564,732

Total Borrowings

$ 1,297,375

$ 1,471,961

$ 1,773,900

$ 1,657,200

$ 1,782,048

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

(2) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(dollars in thousands, except per share and share data)

Three months ended

Year ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

2025

2024

Net Interest Income:

Interest income

$ 403,416

$ 411,006

$ 402,761

$ 399,692

$ 414,368

$ 1,616,874

$ 1,582,196

Interest expense

137,374

146,808

147,840

148,505

160,709

580,527

621,871

Net Interest Income

266,042

264,198

254,921

251,187

253,659

1,036,347

960,325

Provision for credit losses

2,948

10,245

8,607

13,898

16,725

35,698

71,636

Net Interest Income after Provision

263,094

253,953

246,314

237,289

236,934

1,000,649

888,689

Non-Interest Income:

Wealth management

23,879

22,639

22,281

21,785

22,002

90,584

84,743

Commercial banking:

Merchant and card

6,847

7,327

7,376

6,591

7,082

28,141

29,186

Cash management

8,374

8,335

8,376

7,799

7,633

32,884

28,106

Capital markets

3,730

2,908

2,945

2,411

2,797

11,995

11,033

Other commercial banking

5,162

4,595

4,734

4,528

4,942

19,018

16,657

Total commercial banking

24,113

23,165

23,431

21,329

22,454

92,038

84,982

Consumer banking:

Card

8,366

8,246

7,958

7,544

8,064

32,114

30,914

Overdraft

4,109

4,153

3,817

3,295

3,644

15,373

13,764

Other consumer banking

2,967

2,775

2,753

2,229

2,601

10,725

10,826

Total consumer banking

15,442

15,174

14,528

13,068

14,309

58,212

55,504

Mortgage banking

3,636

3,711

3,991

3,138

3,759

14,477

13,943

Gain on acquisition, net of tax

—

(2,689)

—

36,996

Other

2,910

5,718

4,917

7,914

6,089

21,457

19,846

Non-interest income before investment securities

(losses) gains

69,980

70,407

69,148

67,234

65,924

276,768

296,014

Investment securities (losses) gains, net

—

(2)

—

(2)

(20,283)

Total Non-Interest Income

69,980

70,407

69,148

67,232

65,924

276,766

275,731

Non-Interest Expense:

Salaries and employee benefits

121,632

111,265

107,123

103,526

107,886

443,546

432,821

Data processing and software

19,695

18,535

18,262

18,599

19,550

75,091

77,882

Net occupancy

17,554

15,954

16,410

18,207

16,417

68,125

69,359

Other outside services

13,105

12,951

12,009

11,837

14,531

49,902

60,586

Intangible amortization

5,365

5,368

5,460

6,269

6,282

22,462

17,830

FDIC insurance

4,540

5,089

4,951

5,597

5,921

20,178

23,829

Equipment

4,001

3,926

4,100

4,150

4,388

16,176

17,850

Professional fees

2,088

2,320

2,163

(1,078)

3,387

5,493

10,857

Marketing

1,694

2,470

2,604

2,521

2,695

9,288

8,958

Acquisition-related expenses

802

—

380

9,637

1,182

37,635

Other

22,510

18,696

19,729

19,452

25,921

80,386

62,184

Total Non-Interest Expense

212,986

196,574

192,811

189,460

216,615

791,829

819,791

Income Before Income Taxes

120,088

127,786

122,651

115,061

86,243

485,586

344,629

Income tax expense

21,118

27,332

23,453

22,074

17,623

93,977

55,886

Net Income

98,970

100,454

99,198

92,987

68,620

391,609

288,743

Preferred stock dividends

(2,562)

(10,248)

Net Income Available to Common Shareholders

$ 96,408

$ 97,892

$ 96,636

$ 90,425

$ 66,058

$ 381,361

$ 278,495

Three months ended

Year ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

2025

2024

PER SHARE:

Net income available to common shareholders (basic)

$0.53

$0.54

$0.53

$0.50

$0.36

$2.10

$1.59

Net income available to common shareholders (diluted)

$0.53

$0.49

$0.36

$2.08

$1.57

Cash dividends

$0.19

$0.18

$0.73

$0.69

Weighted average shares (basic)

180,405

181,658

182,261

182,179

182,032

181,621

175,523

Weighted average shares (diluted)

182,197

183,349

183,813

184,077

183,867

183,289

177,223

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

(dollars in thousands)

Three months ended

December 31, 2025

September 30, 2025

December 31, 2024

Average

Yield/

Average

Yield/

Average

Yield/

Balance

Interest (1)

Rate

Balance

Interest (1)

Rate

Balance

Interest (1)

Rate

ASSETS

Interest-earning assets:

Net loans (2)

$ 24,053,089

$ 352,014

5.82 %

$ 24,020,322

$ 358,443

5.93 %

$ 24,068,784

$ 360,642

5.97 %

Investment securities (3)

5,159,396

47,007

3.64 %

5,330,905

49,442

3.70 %

5,033,765

44,616

3.54 %

Other interest-earning assets

820,025

8,811

4.27 %

622,832

7,557

4.83 %

1,086,536

13,453

4.93 %

Total Interest-Earning Assets

30,032,510

407,832

5.40 %

29,974,059

415,442

5.51 %

30,189,085

418,711

5.53 %

Noninterest-earning assets:

Cash and due from banks

284,768

312,578

288,867

Premises and equipment

178,194

181,116

183,801

Other assets

1,898,152

1,837,179

1,816,421

Less: ACL - loans (4)

(380,461)

(380,894)

(379,322)

Total Assets

$ 32,013,163

$ 31,924,038

$ 32,098,852

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:

Demand deposits

$ 7,984,980

$ 33,831

1.68 %

$ 7,876,227

$ 36,369

1.83 %

$ 7,838,590

$ 37,952

1.93 %

Savings deposits

8,519,075

47,219

2.20 %

8,391,379

48,237

2.28 %

7,806,303

47,280

2.41 %

Brokered deposits

803,755

8,325

4.11 %

694,486

7,689

4.39 %

877,526

10,619

4.81 %

Time deposits

3,986,459

34,996

3.48 %

4,097,195

37,942

3.67 %

4,232,849

46,023

4.33 %

Total Interest-Bearing Deposits

21,294,269

124,371

2.32 %

21,059,287

130,237

2.45 %

20,755,268

141,874

2.72 %

Borrowings and other interest-bearing liabilities

1,345,837

13,003

3.83 %

1,564,996

16,571

4.20 %

1,847,431

18,835

4.06 %

Total Interest-Bearing Liabilities

22,640,106

137,374

2.41 %

22,624,283

146,808

2.57 %

22,602,699

160,709

2.83 %

Noninterest-bearing liabilities:

Demand deposits

5,243,390

5,239,393

5,558,110

Other liabilities

665,128

698,994

719,017

Total Liabilities

28,548,624

28,562,670

28,879,826

Total Deposits

26,537,659

1.86 %

26,298,680

1.96 %

26,313,378

2.14 %

Total interest-bearing liabilities and non-interest

bearing deposits (cost of funds)

27,883,496

1.96 %

27,863,676

2.09 %

28,160,809

2.27 %

Shareholders' equity

3,464,539

3,361,368

3,219,026

Total Liabilities and Shareholders' Equity

$ 32,013,163

$ 31,924,038

$ 32,098,852

Net interest income/net interest margin

(fully taxable equivalent)

270,458

3.59 %

268,634

3.57 %

258,002

3.41 %

Tax equivalent adjustment

(4,416)

(4,436)

(4,343)

Net Interest Income

$ 266,042

$ 264,198

$ 253,659

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

(2) Average balances include non-performing loans.

(3) Average balances include amortized historical cost for AFS securities; the related unrealized holding gains (losses) are included in other assets.

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

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)

(dollars in thousands)

Three months ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

Loans, by type:

Real estate - commercial mortgage

$ 9,785,717

$ 9,721,395

$ 9,652,320

$ 9,655,283

$ 9,595,996

Commercial and industrial

4,473,522

4,494,662

4,530,085

4,608,401

4,730,101

Real estate - residential mortgage

6,646,318

6,560,413

6,448,443

6,367,978

6,319,205

Real estate - home equity

1,223,293

1,191,465

1,179,109

1,160,713

1,116,665

Real estate - construction

1,014,343

1,125,130

1,172,138

1,296,090

1,312,245

Consumer

577,136

590,658

599,505

615,741

665,261

Leases and other loans (1)

332,760

336,599

318,142

302,657

329,311

Total Net Loans

$ 24,053,089

$ 24,020,322

$ 23,899,742

$ 24,006,863

$ 24,068,784

Deposits, by type:

Noninterest-bearing demand

$ 5,243,390

$ 5,239,393

$ 5,303,997

$ 5,412,063

$ 5,558,110

Interest-bearing demand

7,984,980

7,876,227

7,800,881

7,753,586

7,838,590

Savings

8,519,075

8,391,379

8,219,637

7,971,728

7,806,303

Total demand and savings

21,747,445

21,506,999

21,324,515

21,137,377

21,203,003

Brokered

803,755

694,486

688,957

904,722

877,526

Time

3,986,459

4,097,195

4,112,130

4,127,784

4,232,849

Total Deposits

$ 26,537,659

$ 26,298,680

$ 26,125,602

$ 26,169,883

$ 26,313,378

Borrowings, by type:

Federal funds purchased

$ 54

$ —

$ 1,099

$ —

$ 54

Federal Home Loan Bank advances

237,880

484,022

712,198

709,367

727,957

Senior debt and subordinated debt

367,598

367,517

367,438

367,357

449,795

Other borrowings and other interest-bearing liabilities

740,305

713,456

675,511

678,176

669,625

Total Borrowings

$ 1,345,837

$ 1,564,995

$ 1,756,246

$ 1,754,900

$ 1,847,431

(1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)

(dollars in thousands)

Year ended December 31,

2025

2024

Average

Yield/

Average

Yield/

Balance

Interest (1)

Rate

Balance

Interest (1)

Rate

ASSETS

Interest-earning assets:

Net loans (2)

$ 23,995,200

$ 1,407,669

5.87 %

$ 23,145,114

$ 1,406,216

6.08 %

Investment securities (3)

5,270,122

193,154

3.66 %

4,486,726

143,317

3.19 %

Other interest-earning assets

729,300

33,731

4.63 %

962,971

50,578

5.25 %

Total Interest-Earning Assets

29,994,622

1,634,554

5.45 %

28,594,811

1,600,111

5.60 %

Noninterest-Earning assets:

Cash and due from banks

294,284

295,156

Premises and equipment

184,342

197,823

Other assets

1,862,326

1,761,083

Less: ACL - loans (4)

(382,941)

(375,743)

Total Assets

$ 31,952,633

$ 30,473,130

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-Bearing liabilities:

Demand deposits

$ 7,854,613

$ 139,134

1.77 %

$ 7,049,915

$ 128,969

1.83 %

Savings deposits

8,277,276

188,019

2.27 %

7,364,106

180,455

2.45 %

Brokered deposits

772,488

33,547

4.34 %

981,060

51,691

5.27 %

Time deposits

4,080,550

153,993

3.77 %

3,747,029

160,744

4.29 %

Total Interest-Bearing Deposits

20,984,927

514,693

2.45 %

19,142,110

521,859

2.73 %

Borrowings and other interest-bearing liabilities

1,604,263

65,834

4.10 %

2,280,382

100,012

4.39 %

Total Interest-Bearing Liabilities

22,589,190

580,527

2.57 %

21,422,492

621,871

2.90 %

Noninterest-Bearing liabilities:

Demand deposits

5,299,084

5,394,518

Other liabilities

717,729

630,478

Total Liabilities

28,606,003

27,447,488

Total Deposits

26,284,011

1.96 %

24,536,628

2.13 %

Total interest-bearing liabilities and non-interest

bearing deposits (cost of funds)

27,888,274

2.08 %

26,817,010

2.32 %

Shareholders' equity

3,346,630

3,025,642

Total Liabilities and Shareholders' Equity

$ 31,952,633

$ 30,473,130

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

1,054,027

3.51 %

978,240

3.42 %

Tax equivalent adjustment

(17,680)

(17,915)

Net Interest Income

$ 1,036,347

$ 960,325

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

(2) Average balances include non-performing loans.

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

FULTON FINANCIAL CORPORATION

AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)

(dollars in thousands)

Year ended December 31,

2025

2024

Loans, by type:

Real estate - commercial mortgage

$ 9,704,084

$ 9,052,738

Commercial and industrial

4,526,210

4,779,254

Real estate - residential mortgage

6,506,700

5,925,708

Real estate - home equity

1,188,824

1,060,520

Real estate - construction

1,151,081

1,275,562

Consumer

595,640

725,308

Leases and other loans (1)

322,661

326,024

Total Net Loans

$ 23,995,200

$ 23,145,114

Deposits, by type:

Noninterest-bearing demand

$ 5,299,084

$ 5,394,518

Interest-bearing demand

7,854,613

7,049,915

Savings

8,277,276

7,364,106

Total demand and savings

21,430,973

19,808,539

Brokered

772,488

981,060

Time

4,080,550

3,747,029

Total Deposits

$ 26,284,011

$ 24,536,628

Borrowings, by type:

Federal funds purchased

$ 288

$ 51,306

Federal Home Loan Bank advances

534,433

804,328

Senior debt and subordinated debt

367,478

514,073

Other borrowings and other interest-bearing liabilities

702,064

910,675

Total Borrowings

$ 1,604,263

$ 2,280,382

(1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION

ASSET QUALITY INFORMATION (UNAUDITED)

(dollars in thousands)

Three months ended

Year ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

2025

2024

Allowance for credit losses related to net loans:

Balance at beginning of period

$ 376,258

$ 377,337

$ 379,677

$ 379,156

$ 375,961

$ 379,156

$ 293,404

CECL day 1 provision expense (1)

—

23,444

Initial purchased credit deteriorated allowance for credit losses

—

(136)

—

54,631

Loans charged off:

Real estate - commercial mortgage

(14,104)

(3,906)

(6,402)

(12,106)

(2,844)

(36,518)

(13,186)

Commercial and industrial

(5,295)

(5,847)

(5,780)

(3,865)

(9,480)

(20,787)

(26,585)

Real estate - residential mortgage

(58)

(394)

(258)

(343)

(55)

(1,053)

(1,472)

Consumer and home equity

(2,212)

(2,527)

(1,885)

(2,193)

(2,179)

(8,817)

(8,490)

Real estate - construction

—

(5,286)

(100)

—

(5,386)

—

Leases and other loans (2)

(1,140)

(1,479)

(1,491)

(1,527)

(1,768)

(5,637)

(4,696)

Total loans charged off

(22,809)

(19,439)

(15,916)

(20,034)

(16,326)

(78,198)

(54,429)

Recoveries of loans previously charged off:

Real estate - commercial mortgage

633

4,307

133

374

199

5,447

603

Commercial and industrial

6,592

3,205

2,628

5,952

1,387

18,377

4,440

Real estate - residential mortgage

230

203

174

104

640

472

Consumer and home equity

861

726

899

660

974

3,146

3,357

Real estate - construction

—

227

382

Leases and other loans (2)

146

192

240

201

194

780

730

Total recoveries of loans previously charged off

8,462

8,510

4,202

7,443

2,905

28,617

9,984

Net loans charged off

(14,347)

(10,929)

(11,714)

(12,591)

(13,421)

(49,581)

(44,445)

Provision for credit losses (1)

2,551

9,850

9,374

13,112

16,752

34,887

52,122

Balance at end of period

$ 364,462

$ 376,258

$ 377,337

$ 379,677

$ 379,156

$ 364,462

$ 379,156

Net charge-offs to average loans (3)

0.24 %

0.18 %

0.20 %

0.21 %

0.22 %

0.21 %

0.19 %

Provision for credit losses related to OBS Credit Exposures

Provision for credit losses (1)

$ 397

$ 395

$ (767)

$ 786

$ (27)

$ 811

$ (3,930)

NON-PERFORMING ASSETS:

Non-accrual loans

$ 153,872

$ 150,137

$ 182,942

$ 162,426

$ 189,293

Loans 90 days past due and accruing

29,924

48,597

29,949

34,367

30,781

Total non-performing loans

183,796

198,734

212,891

196,793

220,074

Other real estate owned

1,365

2,305

2,706

2,193

2,621

Total non-performing assets

$ 185,161

$ 201,039

$ 215,597

$ 198,986

$ 222,695

NON-PERFORMING LOANS, BY TYPE:

Commercial and industrial

$ 47,756

$ 48,817

$ 45,565

$ 42,913

$ 43,677

Real estate - commercial mortgage

74,981

87,789

90,852

88,081

102,359

Real estate - residential mortgage

45,569

44,689

37,703

46,878

45,901

Consumer and home equity

11,875

12,658

11,109

12,682

14,374

Real estate - construction

2,267

3,461

25,602

3,666

1,746

Leases and other loans (2)

1,348

1,320

2,060

2,573

12,017

Total non-performing loans

$ 183,796

$ 198,734

$ 212,891

$ 196,793

$ 220,074

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

(2) Includes equipment lease financing, overdraft and net origination fees and costs.

(3) Quarterly results are annualized.

FULTON FINANCIAL CORPORATION

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

(dollars in thousands, except per share and share data)

Explanatory note:

This press release 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 and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

Three months ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

Operating net income available to common shareholders

Net income available to common shareholders

$ 96,408

$ 97,892

$ 96,636

$ 90,425

$ 66,058

Less: Other (1)

(4,989)

(738)

(9)

(122)

(269)

Plus: Gain on acquisition, net of tax

—

2,689

Plus: Core deposit intangible amortization

5,255

5,346

6,155

Plus: Acquisition-related expense

802

—

380

9,637

Plus: FDIC special assessment

(95)

—

Plus: FultonFirst implementation and asset disposals

2,795

(207)

(270)

(47)

10,001

Less: Tax impact of adjustments

(791)

(905)

(1,064)

(1,337)

(5,360)

Operating net income available to common shareholders (numerator)

$ 99,385

$ 101,297

$ 100,639

$ 95,454

$ 88,911

Weighted average shares (diluted) (denominator)

182,197

183,349

183,813

184,077

183,867

Operating net income available to common shareholders, per share (diluted)

$ 0.55

$ 0.52

$ 0.48

Common shareholders' equity (tangible), per share

Shareholders' equity

$ 3,490,447

$ 3,413,598

$ 3,329,246

$ 3,274,321

$ 3,197,325

Less: Preferred stock

(192,878)

Less: Goodwill and intangible assets

(612,996)

(618,361)

(623,729)

(629,189)

(635,458)

Tangible common shareholders' equity (numerator)

$ 2,684,573

$ 2,602,359

$ 2,512,639

$ 2,452,254

$ 2,368,989

Shares outstanding, end of period (denominator)

179,895

180,865

182,379

182,204

182,089

Common shareholders' equity (tangible), per share

$ 14.92

$ 14.39

$ 13.78

$ 13.46

$ 13.01

(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Acquisition.

Three months ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

Operating return on average assets

Net income

$ 98,970

$ 100,454

$ 99,198

$ 92,987

$ 68,620

Less: Other (1)

(4,989)

(738)

(9)

(122)

(269)

Less: Gain on acquisition, net of tax

—

2,689

Plus: Core deposit intangible amortization

5,255

5,346

6,155

Plus: Acquisition-related expense

802

—

380

9,637

Plus: FDIC special assessment

(95)

—

Plus: FultonFirst implementation and asset disposals

2,795

(207)

(270)

(47)

10,001

Less: Tax impact of adjustments

(791)

(905)

(1,064)

(1,337)

(5,360)

Operating net income (numerator)

$ 101,947

$ 103,859

$ 103,201

$ 98,016

$ 91,473

Total average assets

$ 32,013,163

$ 31,924,038

$ 31,901,574

$ 31,971,601

$ 32,098,852

Less: Average net core deposit intangible

(60,726)

(65,999)

(71,282)

(77,039)

(83,173)

Total operating average assets (denominator)

$ 31,952,437

$ 31,858,039

$ 31,830,292

$ 31,894,562

$ 32,015,679

Operating return on average assets (2)

1.27 %

1.29 %

1.30 %

1.25 %

1.14 %

Operating return on average common shareholders' equity (tangible)

Net income available to common shareholders

$ 96,408

$ 97,892

$ 96,636

$ 90,425

$ 66,058

Less: Other (1)

(4,989)

(738)

(9)

(122)

(269)

Less: Gain on acquisition, net of tax

—

2,689

Plus: Intangible amortization

5,365

5,368

5,460

6,269

6,282

Plus: Acquisition-related expense

802

—

380

9,637

Plus: FDIC special assessment

(95)

—

Plus: FultonFirst implementation and asset disposals

2,795

(207)

(270)

(47)

10,001

Less: Tax impact of adjustments

(814)

(929)

(1,088)

(1,361)

(5,387)

Adjusted net income available to common shareholders (numerator)

$ 99,472

$ 101,386

$ 100,729

$ 95,544

$ 89,011

Average shareholders' equity

$ 3,464,539

$ 3,361,368

$ 3,304,015

$ 3,254,125

$ 3,219,026

Less: Average preferred stock

(192,878)

Less: Average goodwill and intangible assets

(615,600)

(620,986)

(626,383)

(632,254)

(638,507)

Average tangible common shareholders' equity (denominator)

$ 2,656,061

$ 2,547,504

$ 2,484,754

$ 2,428,993

$ 2,387,641

Operating return on average common shareholders' equity (tangible) (2)

14.86 %

15.79 %

16.26 %

15.95 %

14.83 %

Tangible common equity to tangible assets (TCE Ratio)

Shareholders' equity

$ 3,490,447

$ 3,413,598

$ 3,329,246

$ 3,274,321

$ 3,197,325

Less: Preferred stock

(192,878)

Less: Goodwill and intangible assets

(612,996)

(618,361)

(623,729)

(629,189)

(635,458)

Tangible common shareholders' equity (numerator)

$ 2,684,573

$ 2,602,359

$ 2,512,639

$ 2,452,254

$ 2,368,989

Total assets

$ 32,118,400

$ 31,995,086

$ 32,040,448

$ 32,132,028

$ 32,071,810

Less: Goodwill and intangible assets

(612,996)

(618,361)

(623,729)

(629,189)

(635,458)

Total tangible assets (denominator)

$ 31,505,404

$ 31,376,725

$ 31,416,719

$ 31,502,839

$ 31,436,352

Tangible common equity to tangible assets

8.52 %

8.29 %

8.00 %

7.78 %

7.54 %

(1) Results are annualized.

(2) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Acquisition.

Three months ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

2025

2024

Efficiency ratio

Non-interest expense

$ 212,986

$ 196,574

$ 192,811

$ 189,460

$ 216,615

Less: Acquisition-related expense

(802)

—

(380)

(9,637)

Less: FDIC special assessment

—

Less: FultonFirst implementation and asset disposals

(2,795)

207

270

(10,001)

Less: Intangible amortization

(5,365)

(5,368)

(5,460)

(6,269)

(6,282)

Operating non-interest expense (numerator)

$ 204,119

$ 191,413

$ 187,621

$ 182,858

$ 190,695

Net interest income

$ 266,042

$ 264,198

$ 254,921

$ 251,187

$ 253,659

Tax equivalent adjustment

4,416

4,436

4,389

4,340

4,343

Plus: Total non-interest income

69,980

70,407

69,148

67,232

65,924

Less: Other revenue

(138)

(9)

(122)

(269)

Less: Gain on acquisition, net of tax

—

2,689

Plus: Investment securities (gains) losses, net

—

Total revenue (denominator)

$ 340,449

$ 338,903

$ 328,449

$ 322,639

$ 326,346

Efficiency ratio

60.0 %

56.5 %

57.1 %

56.7 %

58.4 %

Operating non-interest expense to total average assets

Non-interest expense

$ 212,986

$ 196,574

$ 192,811

$ 189,460

$ 216,615

Less: Intangible amortization

(5,365)

(5,368)

(5,460)

(6,269)

(6,282)

Less: Acquisition-related expense

(802)

—

(380)

(9,637)

Less: FDIC special assessment

—

Less: FultonFirst implementation and asset disposals

(2,795)

207

270

(10,001)

Operating non-interest expense (numerator)

$ 204,119

$ 191,413

$ 187,621

$ 182,858

$ 190,695

Total average assets (denominator)

$ 32,013,163

$ 31,924,038

$ 31,901,574

$ 31,971,601

$ 32,098,852

Operating non-interest expenses to total average assets (1)

2.53 %

2.38 %

2.36 %

2.32 %

2.36 %

(1) Results are annualized.

Year Ended

Dec 31

2025

2024

Operating net income available to common shareholders

Net income available to common shareholders

$ 381,361

$ 278,495

Less: Other (1)

(5,858)

(1,805)

Plus Gain on acquisition, net of tax

—

(36,996)

Plus: Loss on securities restructuring

—

20,282

Plus: Core deposit intangible amortization

22,010

17,307

Plus: Acquisition-related expense

1,182

37,635

Plus: CECL Day 1 Provision

—

23,444

Less: Gain on sale-leaseback

—

(20,266)

Plus: FDIC special assessment

(95)

940

Plus: FultonFirst implementation and asset disposals

2,271

32,038

Less: Tax impact of adjustments

(4,097)

(23,011)

Operating net income available to common shareholders (numerator)

$ 396,774

$ 328,063

Weighted average shares (diluted) (denominator)

183,289

177,223

Operating net income available to common shareholders, per share (diluted)

$ 2.16

$ 1.85

(1) Includes a loan recovery adjustment of $5.6 million in 2025, reflected in the provision for credit losses related to a loan acquired in the Acquisition.

Media Contact: Lacey Dean (717) 735-8688

Investor Contact: Rick Kraemer (717) 327-2567

SOURCE Fulton Financial Corporation