Fulton Financial Corporation · NASDAQ:FULT
Fulton Financial — Q3 2025 Earnings Presentation
38 slides from Fulton Financial's earnings presentation, Oct 22, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION z Data as of or for the period ended September 30, 2025 unless otherwise noted
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may contain forward-looking statements with respect to Fulton Financial Corporation's (the "Corporation“ or “Fulton”) financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can
Slide 3: Quarterly Financial Performance
QUARTERLY FINANCIAL PERFORMANCE
Slide 4: Third Quarter 2025 Financial Highlights
Third Quarter 2025 Financial Highlights GAAP Reported Operating(1) 3Q25 2Q25 3Q25 2Q25 Net Income Available to Common Shareholders (dollars in millions) $97.9 $96.6 $101.3 $100.6 Return on Average Assets (annualized) 1.25% 1.25% 1.29% 1.30% Return on Average Tangible Common Equity (annualized; non-G
Slide 5: 3Q25 Income Statement Summary
3Q25 Income Statement Summary Linked-Quarter 3Q25 2Q25 Change (dollars in thousands, except per-share data) Net interest income $264,198 $254,921 $9,277 Provision for credit losses 10,245 8,607 1,638 Non-interest income before investment 70,407 69,148 1,259 securities gains (losses) Securities gains
Slide 6: Net Interest Income
Net Interest Income Highlights Average Interest-Earning Assets & Yields (dollars in billions) • Net interest margin (“NIM”) was 3.57% in the third quarter of 2025, increasing ten basis points (“bps”) compared to the second quarter of 2025. An increase in loan yields and a decrease in cost of funds b
Slide 7: Non-Interest Income Remains a Key Revenue Source at Over 20% of Revenue
Non-Interest Income Remains a Key Revenue Source at Over 20% of Revenue Total Revenue Non-Interest Income (Three months ended 9/30/25) (Three months ended 9/30/25) Diversified Revenue in Complementary Businesses Change Since (dollars in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q25 Commercial banking $23
Slide 8: Disciplined Management of Non-Interest Expense Drives Earnings
Disciplined Management of Non-Interest Expense Drives Earnings Change Since (dollars in thousands) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q25 Salaries and employee benefits $111,265 $107,123 $103,526 $107,886 $118,824 $4,142 Data processing and software 18,535 18,262 18,599 19,550 20,314 273 Net occupancy 15,954
Slide 9: Asset Quality
Asset Quality Provision for Credit Losses Non-Performing Assets (“NPAs”) & NPAs to Assets Net Charge-offs (“NCOs”) and NCOs to Average Loans ACL(1) to Non-Performing Loans (“NPLs”) & Loans (1) The allowance for credit losses (“ACL”) relates specifically to “Loans, net of unearned income” and does no
Slide 10: Internal Capital Generation Enhancing Capital Ratios
Internal Capital Generation Enhancing Capital Ratios Highlights • Increasing regulatory capital ratios provide operational and strategic flexibility • Tangible capital increased linked quarter by $90 million, net of share repurchases (1) • Accumulated other comprehensive income (“AOCI”) ended the qu
Slide 11: 2025 Operating Guidance
2025 Operating Guidance Income Statement Line Item Expected Range Outlook (1) Non-FTE Net Interest Income ("NII") $1.025 - $1.035 billion Increasing range - incorporates federal funds target rate cuts of 25 bps in October and 25 bps in December; Reflects low single-digit interest earning asset growt
Slide 12: Corporate Highlights
CORPORATE HIGHLIGHTS
Slide 13: A Community Bank Strategy, Operating on a Regional Scale
A Community Bank Strategy, Operating on a Regional Scale Our Strategic Objectives Our Differentiator: Customer Intimacy Execution of our Strategic Objectives has provided us with long-term growth in customers, exceptional customer experience, enhanced operational metrics, delivering results to our s
Slide 14: Well-Positioned to Grow
Well-Positioned to Grow • $32 billion in assets, 200 financial centers, 200 commercial sales professionals, 100 mortgage loan officers, and more than 3,300 team members operating in a customer-dense Mid-Atlantic market(1) • Market Capitalization of ~$3.1 billion(2) • Current valuation(2) of 8.9x las
Slide 15: With a Robust and Scalable Product Suite
With a Robust and Scalable Product Suite Well positioned to compete in and serve our market • Significant technology spend over the past five years o New commercial origination system, new mortgage origination system, new mortgage loan servicing system, new consumer origination system, new customer
Slide 16: We Do What Is Right: Corporate Social Responsibility
We Do What Is Right Corporate Social Responsibility • Our most recent Corporate Social Responsibility Report with key metrics is available at www.fultonbank.com/About-Fulton-Bank. • Integrity is fundamental to governance at Fulton. The Corporation’s established Board governance and oversight support
Slide 17: A Balanced Business Model Delivering Strong Returns
A Balanced Business Model Delivering Strong Returns Premier Franchise • A full-service commercial bank with robust treasury services, payment technology solutions, wealth management and full-service mortgage company that Provides • Ongoing investment in technology, digitally enabling a growing custo
Slide 18: A Diversified Loan Portfolio with Growth in Multiple Categories
A Diversified Loan Portfolio with Growth in Multiple Categories Loan Portfolio Highlights • The loan portfolio has grown $7.1 billion since 2019 • A balanced loan mix enhanced by: • adjustable-rate mortgage growth in 2022 and 2023 outpacing other categories • 1/3 of the loan portfolio acquired in th
Slide 19: Deposit Portfolio That Is Granular, Tenured and Diversified
Deposit Portfolio That Is Granular, Tenured and Diversified With Significant Liquidity Coverage Deposit Mix By Customer Deposit Portfolio Highlights(1) (September 30, 2025) 880,669 deposit accounts $30,447 average account balance ~10 year average account age 23% net estimated uninsured deposits 282%
Slide 20: History of Prudently Managing Deposit Costs During Fed Easing Cycles
History of Prudently Managing Deposit Costs During Fed Easing Cycles With Strategies in Place to Drive a Neutral Interest Rate Risk Position Historical Deposit Costs & Loan and Deposit Betas(1) Highlights • Managed deposit costs to a 42% beta during the 2007 – 2011 easing cycle in a high-rate enviro
Slide 21: Fixed Rate Asset Repricing Drives a Neutral Interest Rate Risk Profile
Fixed Rate Asset Repricing(1) Coupled With a Premier Deposit Franchise Drives a Neutral Interest Rate Risk Profile Interest-Earning Assets Variable Rate Loans Fixed & Adjustable Asset Repricing Schedule (September 30, 2025) (dollars in millions) (dollars in millions) (2) Interest-Bearing Liabilities
Slide 22: Mature and Growing Wealth Management Business
Mature and Growing Wealth Management Business, Consistent Non-interest Income and Diversified Client Base Delivering Solid Results(1) $87.7 Million TTM(2) Non-Interest Income 5 Wealth Management Acquisitions Since 2017 Over 85% Recurring Income Wealth Management Income 5 Year CAGR of 9% Organic & An
Slide 23: Material and Consistent Fee Income, Robust Suite of Services
Material and Consistent Fee Income, Robust Suite of Commercial and Consumer Services Cash Management Commercial Non-Interest Income (dollars in thousands) Disciplined Earnings Credit Rate and Exception Process; Multi-Channel Distribution Strategy Merchant & Card Income Repeatable Income Stream; Anal
Slide 24: Solid Asset Quality Trends Through Many Cycles
Solid Asset Quality Trends Through Many Cycles Sources: Top 100 Commercial Banks and All Commercial Banks - Board of Governors of the Federal Reserve System (Top 100 Commercial Banks are the 100 largest 24 banks based on consolidated assets); Fulton historical data – S&P Capital IQ. Delinquency rate
Slide 25: Loan Portfolio Remains Diversified With Low Office Concentration at 3%
The Loan Portfolio Remains Diversified and Granular With Low Office Concentration at 3% of Total Loans Total Loan Portfolio Office Only Profile (September 30, 2025) Total Office Loan Commitments: $797 million Total Office Loans Outstanding: $753 million Average Loan Size: $2.2 million (1) Weighted A
Slide 26: Multi-Family Loans Represent 8% of the Total Loan Portfolio
Multi-Family Loans Represent 8% of the Total Loan Portfolio With a Small Average Loan Size, Low LTV and Solid Debt Service Coverage Total Loan Portfolio Multi-Family Profile (September 30, 2025) Total Multi-Family Loan Commitments: $2.1 billion Total Multi-Family Loans Outstanding: $1.9 billion Aver
Slide 27: Non-Owner-Occupied Commercial Mortgage Portfolio Well Diversified
Fulton’s Non-Owner-Occupied Commercial Mortgage(1) Portfolio is Well Diversified within the Industries Served (1) Non-owner-occupied commercial mortgage of $5.3 billion represents 55% of the $9.7 billion total commercial mortgage portfoli o. 27
Slide 28: A Healthy Committed Liquidity Profile with Significant Coverage
A Healthy Committed Liquidity Profile with Significant Coverage Available Liquidity September 30, 2025 Estimated Uninsured Deposits September 30, 2025 (dollars in millions) (dollars in millions) Cash On-Hand(1) $ 550 Total Deposits $ 26,332 Estimated Uninsured Deposits $ 9,652 Federal Reserve Capaci
Slide 29: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended (dollars in thousands) Sep 30 Jun 30 2025 2025 Operating return on average assets(1) Net income $ 100,454 $ 99,198 Less: Other (738) (9) Plus: Core deposit intangible amortization 5,255 5,346 Plus: FultonFirst implementation and asset disposals (207) (270)
Slide 32: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended (dollars in thousands) Sep 30 Jun 30 2025 2025 (1) Operating return on average common shareholders' equity (tangible) Net income available to common shareholders $ 97,892 $ 96,636 Less: Other (738) (9) Plus: Intangible amortization 5,368 5,460 Plus: FultonF
Slide 33: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended (dollars in thousands) Sep 30 Jun 30 2025 2025 Operating non-interest expense to total average assets (1) Non-interest expense $ 196,574 $ 192,811 Less: Intangible amortization (5,368) (5,460) Less: FultonFirst implementation and asset disposals 207 270 Ope
Slide 34: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended (dollars in thousands) Sep 30 Jun 30 2025 2025 Operating pre-provision net revenue to average assets (1) Plus: Net interest income $ 264,198 $ 254,921 Plus: Non-interest income 70,407 69,148 Less: Non-interest expense (196,574) (192,811) Less: Other revenue
Slide 35: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended (dollars in thousands) Sep 30 Jun 30 Efficiency ratio 2025 2025 Non-interest expense $ 196,574 $ 192,811 Less: FultonFirst implementation and asset disposals 207 270 Less: Intangible amortization (5,368) (5,460) Operating non-interest expense (numerator) $
Slide 36: Non-GAAP Reconciliation
Non-GAAP Reconciliation (dollars in thousands, except per share data) Sep 30 Sep 30 2025 2020 Tangible book value per share Shareholders' equity $ 3,413,598 $ 2,390,261 Less: Preferred stock (192,878) - Less: Goodwill and intangible assets (618,361) (534,907) Tangible common shareholders' equity (nu
Slide 37: Non-GAAP Reconciliation
Non-GAAP Reconciliation (dollars in thousands) Sep 30 Jun 30 2025 2025 Common shareholders' equity (tangible) Shareholders' equity $3,413,598 $ 3,329,246 Less: Preferred stock (192,878) (192,878) Less: Goodwill and intangible assets (618,361) (623,729) Tangible common shareholders' equity $ 2,602,35
Slide 38: Investor Relations Contact
Investor Relations Contact Additional information can be found on our Investor Relations website at https://investor.fultonbank.com Investor inquiries can be directed to: Matthew Jozwiak Investor Relations Officer 717-327-2657 Mjozwiak@Fultonbank.com