Slide 1: Third Quarter 2022 Results
THIRD QUARTER 2022 RESULTS NASDAQ: FULT Data as of or for the period ended September 30, 2022 unless otherwise noted
Slide 2: Forward-looking statements
This presentation may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "cou
Slide 3: Income Statement Summary
(1) Non-GAAP financial measure. Please refer to the calculation and management’s reasons for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. INCOME STATEMENT SUMMARY 3 3Q22 2Q22 3Q21 (dollars in thousands, except per-share data) Net Interest Income $
Slide 4: Net Interest Income and Margin
NET INTEREST INCOME AND MARGIN Net Interest Income & Net Interest Margin Average Interest-Earning Assets & Yields Average Deposits and Borrowings & Cost of Funds ($ IN MILLIONS) ($ IN BILLIONS) ($ IN BILLIONS) 4 $22 $22 $21 $22 $22 $1 $1 $1 $1 $1 0.22% 0.21% 0.21% 0.20% 0.31% 0.12% 0.11% 0.11% 0.11%
Slide 5: Asset Quality
ASSET QUALITY ($ IN MILLIONS) Provision for Credit Losses Non-Performing Loans (NPLs) & NPLs to Loans Net Charge-offs (NCOs) and NCOs to Average Loans ACL(1) to NPLs & Loans 51. The allowance for credit losses (“ACL”) relates specifically to "Loans, net of unearned income" and does not include the A
Slide 6: Non-Interest Income
NON-INTEREST INCOME(1) (1) Excluding investment securities gains Three months ended September 30, 2022 (percent of total non-interest income) 6 Non-interest income increased 1% from 2Q22(1) Increases in: n Commercial banking merchant and card income and cash management fees. n Consumer banking overd
Slide 7: Non-Interest Expense
NON-INTEREST EXPENSE(1) Three months ended September 30, 2022 (percent of total non-interest expense) 7 57% 9% 10% 6% 18% Salaries and Benefits Occupancy Data Processing and Software Other Outside Services Other 3Q22 2Q22 Change (dollars in thousands) n Salaries and Benefits $94,283 $85,404 $8,879 n
Slide 8: Capital Position Remains Strong
CAPITAL POSITION REMAINS STRONG(1) 8 1. Regulatory capital ratios and excess capital amounts as of September 30, 2022 are preliminary. 2. Excesses shown are to regulatory minimums, including the 250 basis point capital conservation buffer, except for Tier 1 Leverage which is the well-capitalized min
Slide 9: 2022 Outlook
2022 OUTLOOK(4) 9 Net interest income: $770 - $780 million(1) Non-interest income: $225 - $230 million(2) Non-interest expense: $615 - $620 million(3) Effective tax rate: 18.0% +/- (1) Assumes Fed Funds Rate increases of: 75 bps in November 2022 and 50 bps in December 2022. Updated as of 3Q 2022; pr
Slide 10: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 10 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-G
Slide 11: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 11 (dollars in thousands) Three months ended Sep 30 Jun 30 Sep 30 2022 2022 2021 Operating return on average assets Net income $70,871 $69,989 $75,583 Plus: Core deposit intangible amortization, net of tax 406 — — Plus: Merger-related expenses, net of tax 5,535 811 — Plus: CE
Slide 12: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 12 Three months ended (dollars in thousands) Sep 30 Jun 30 Sep 30 2022 2022 2021 Return on average common shareholders' equity (tangible) Net income available to common shareholders $68,309 $67,427 $73,021 Plus: Merger-related expenses, net of tax 5,535 811 — Plus: Intangible
Slide 13: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 13 (dollars in thousands) Three months ended Sep 30 Jun 30 Sep 30 Efficiency ratio 2022 2022 2021 Non-interest expense $169,558 $149,730 $144,596 Less: Amortization of tax credit investments (696) (696) (1,546) Less: Intangible amortization (690) (177) (150) Less: Merger-rela