Fulton Financial Corporation · NASDAQ:FULT
Fulton Financial — Investor Presentation (May 2025)
33 slides from Fulton Financial's investor presentation, May 12, 2025
Slide 1: Investor Presentation
z INVESTOR PRESENTATION Data as of or for the period ended March 31, 2025 unless otherwise noted
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 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 c
Slide 3: A Growing & Well-Positioned Franchise
• $32.1 billion in assets, 200+ financial centers, 200+ commercial sales professionals, ~100 mortgage loan officers, ~3,400 team members operating in a customer- dense Mid-Atlantic market(1) • Solid market share with opportunity to grow(2) o 15 counties in which we have a top five deposit market sha
Slide 4: Fulton is Geographically Diversified with Top Share in Key Markets
Fulton is Geographically Diversified with Top Share in Key Markets 4 Note: Data as of June 30, 2024 per S&P Capital IQ; FDIC Summary of Deposits. (1) Median Household (“HH”) Income; 2024 – 2029 Projected Population Change and Projected HH Income Change are weighted by deposits in each MSA. Fulton Fi
Slide 5: Robust and Scalable Product Suite
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 relati
Slide 6: We Do What Is Right: Corporate Social Responsibility
6 We Do What Is Right Corporate Social Responsibility (CSR) • Our most recent Corporate Social Responsibility Report with key metrics is available at www.fultonbank.com/About-Fulton-Bank. A new report is expected in June 2025. • Integrity is fundamental to governance at Fulton. The Corporation’s est
Slide 7: A Balanced Business Model Delivering Strong Returns
A Balanced Business Model Delivering Strong Returns • Non-interest income as a percentage of revenue of approximately 20% (1) • Wealth management accounts for approximately 1/3 of total non-interest income(1), delivering an 8% 5-year CAGR, AUM/AUA(2) of $15.9 billion and over 80% in recurring income
Slide 8: 1Q25 Productivity and Focus Highlights
8 Productivity: • Operating Net Income Available to Common Shareholders of $0.52 per Diluted Share • Solid operating profitability metrics • Improvements in Efficiency and Operating Expense levels • Increases to PPNR and PPNR / Average Assets Focus: • Benefits realization related to core strategy •
Slide 9: 2025 Operating Guidance
9 2025 Operating Guidance Income Statement Line Item Expected Range Outlook Non-FTE Net Interest Income ("NII") (1) $995 million - $1.020 billion Low single digit interest earning asset growth [ FTE Adjustment for NIM calculation ] [ ~$17 million annualized ] Provision for Credit Losses $60 - $80 mi
Slide 10: A Granular Deposit Portfolio With Significant Liquidity Coverage
A Granular Deposit Portfolio With Significant Liquidity Coverage 10 Deposit Mix By Customer (March 31, 2025) Deposit Portfolio Highlights(1) 885,025 deposit accounts $30,208 average account balance ~10 year average account age 23% net estimated uninsured deposits 276% coverage of net estimated unins
Slide 11: A Well-Diversified Loan Portfolio With Growth in Multiple Categories
11 A Well-Diversified Loan Portfolio With Growth in Multiple Categories • The loan portfolio has grown $7 billion since 2019 • A balanced loan mix, with adjustable-rate mortgage growth in 2022 and 2023 outpacing other categories, despite the rise in mortgage rates o Fulton Mortgage Company is a bran
Slide 12: Fulton's Balance Sheet Is Well-Positioned For Stable or Lower Interest Rates
Fulton’s Balance Sheet Is Well-Positioned For Stable or Lower Interest Rates 12 (1) Time deposits include brokered CDs. Time deposits provide gradual tailwind in current environment Deposit Mix by Product Type(1) (March 31, 2025) Loan Mix by Rate Type (March 31, 2025) The majority of adjustable-rate
Slide 13: Strategic Actions Taken To Move To A Neutral Interest Rate Risk Profile
Strategic Actions Taken To Move To A Neutral Interest Rate Risk Profile and Enhance Earnings and Profitability • Focus on profitable loan growth with wider spreads over time • Continued focus on growing customers, loans and deposits • April 2024 Republic First Bank transaction moved the balance shee
Slide 14: Net Interest Income – Current Trends
Net Interest Income – Current Trends 14 (1) Net interest income on a non-fully taxable-equivalent basis. • Net interest margin (“NIM”) was 3.43% in the first quarter of 2025, increasing two basis points compared to the fourth quarter of 2024. • Loan yields decreased by 11 basis points during the fir
Slide 15: Non-Interest Income Remains a Key Revenue Source
Non-Interest Income Remains a Key Revenue Source at Over 20% of Revenue 15 1Q25 Highlights • Linked quarter increase of $1.3 million, benefited by a $2.4 million adjustment in equity method investments • Commercial banking income decreased due to day count and activity-based revenue • Consumer fees
Slide 16: Progress Made on Reducing Non-Interest Expense
Progress Made on Reducing Non-Interest Expense 16 (1) Non-GAAP financial measure. Please refer to the calculation and management’s reason for using this measure on the slide tit led “Non-GAAP Reconciliation” at the end of this presentation. 1Q25 Highlights • Operating expense down $7.8 million on a
Slide 17: Solid Asset Quality Trends Through Many Cycles
Solid Asset Quality Trends Through Many Cycles 17 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 banks based on consolidated assets); Fulton historical data – S&P Capital IQ. Delinquency rate
Slide 18: Asset Quality
Asset Quality (1) The ACL relates specifically to “Loans, net of unearned income” and does not include reserves related to off-balance sheet credit exposures. 18 Provision for Credit Losses Non-Performing Assets (“NPAs”) & NPAs to Assets Net Charge-offs (“NCOs”) and NCOs to Average Loans ACL(1) to N
Slide 19: Accelerating Internal Capital Generation Enhancing Capital Ratios
19 Accelerating Internal Capital Generation Enhancing Capital Ratios ▪ Expanding regulatory capital ratios provide increasing operational and strategic flexibility; ▪ Tangible capital increased linked quarter by $83 million, including the benefit of $16 million of other comprehensive income. AOCI en
Slide 20: A Committed and Healthy Liquidity Profile with Significant Coverage
20 (1) Includes cash at the FHLB and Federal Reserve and vault cash for liquidity purposes only. (2) Includes accrued interest, fees, and other adjustments. (3) Brokered deposit availability is based upon internal policy limit. (4) Net estimated uninsured deposits are net of collateralized municipal
Slide 21: Appendix
APPENDIX
Slide 22: Loan Portfolio Diversified and Granular With Low Office Concentration
22 The Loan Portfolio Remains Diversified and Granular With Low Office Concentration at 3% of Total Loans (1) LTV as of most recent appraisal. (2) Metropolitan Statistical Areas or “MSA” titled in short name for presentation purposes. Geographically Diverse by MSA(2)Maturing Over Time Total Loan Por
Slide 23: Multi-Family Loans Represent 8% of Total Loan Portfolio
23 Multi-Family Loans Represent 8% of the Total Loan Portfolio With a Small Average Loan Size, Low LTV and Solid DSCR Diversified by Geographical MSA(2) Total Loan Portfolio (March 31, 2025) Multi-Family Profile Maturing Over Time Total Multi-Family Loan Commitments: $2.3 billion Total Multi-Family
Slide 24: Non-Owner Occupied Commercial Mortgage Portfolio Well Diversified
Fulton’s Non-Owner Occupied Commercial Mortgage(1) Portfolio is Well Diversified within the Industries Served 24 (1) Non-owner occupied commercial mortgage of $5.3 billion represents 55% of the $9.7 billion total commercial mortgage portfoli o.
Slide 25: 1Q25 Income Statement Summary
(1) Non-GAAP financial measure. Please refer to the calculation and management’s reason for using this measure on the slides tit led “Non-GAAP Reconciliation” at the end of this presentation. 1Q25 Income Statement Summary 25 1Q25 4Q24 Linked-Quarter Change Net interest income $251,187 $253,659 ($2,4
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation 26 Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-G
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation 27 Three months ended (dollars in thousands) Mar 31 Dec 31 2025 2024 Operating return on average assets Net income 92,987$ 68,620$ Less: Other revenue (122) (269) Less: Loss (gain) on acquisition, net of tax - 2,689 Plus: Core deposit intangible amortization 6,155 6,155 Plus:
Slide 28: Non-GAAP Reconciliation
28 Non-GAAP Reconciliation Three months ended (dollars in thousands) Mar 31 Dec 31 2025 2024 Operating return on average common shareholders' equity (tangible) Net income available to common shareholders 90,425$ 66,058$ Less: Other revenue (122) (269) Less: Loss (gain) on acquisition, net of tax - 2
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation 29 Three months ended (dollars in thousands) Mar 31 Dec 31 2025 2024 Operating non-interest expense to total average assets Non-interest expense 189,460$ 216,615$ Less: Intangible amortization (6,269) (6,282) Less: Acquisition-related expense (380) (9,637) Less: FultonFirst i
Slide 30: Non-GAAP Reconciliation
30 Non-GAAP Reconciliation Three months ended (dollars in thousands) Mar 31 Dec 31 2025 2024 Pre-provision net revenue / average assets Plus: Net interest income 251,187$ 253,659$ Plus: Non-interest income 67,232 65,924 Less: Non-interest expense (189,460) (216,615) Less: Other revenue (122) (269) L
Slide 31: Non-GAAP Reconciliation
31 Non-GAAP Reconciliation Three months ended (dollars in thousands) Mar 31 Dec 31 Efficiency ratio 2025 2024 Non-interest expense 189,460$ 216,615$ Less: Acquisition-related expense (380) (9,637) Less: FultonFirst implementation and asset disposals 47 (10,001) Less: Intangible amortization (6,269)
Slide 32: Non-GAAP Reconciliation
Non-GAAP Reconciliation 32 (dollars in thousands, except per share data) Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 2020 2021 2022 2023 2024 2025 Tangible book value per share Shareholders' equity 2,285,748$ 2,629,655$ 2,569,535$ 2,618,998$ 2,757,679$ $3,274,321 Less: Preferred stock - (192,878) (192
Slide 33: The Bank of Choice
The Bank of Choice because of Who Me Ave and Low Me Opevale.