Slide 1: Investor Presentation
Exhibit 99.1 INVESTOR PRESENTATION z Data as of or for the period ended March 31, 2023 unless otherwise noted
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may contain forward-looking statements with respect to the Fulton Financial Corporation’s (the “Corporation”) financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be iden
Slide 3: An Undervalued Franchise, Well-Positioned for Long Term Growth
An Undervalued Franchise, Well-Positioned for Long Term Growth, with Strong Liquidity, Solid Capital and Disciplined Credit Culture . § $27.1 billion in assets, ~200 financial centers, ~3,300 team (1) members operating in a customer-dense Mid-Atlantic Market (2) § Opportunity to meaningfully grow ma
Slide 4: A Robust and Scalable Product Suite Built Upon Significant Investment in Leading Edge Technologies
A Robust and Scalable Product Suite Built Upon Significant Investment in Leading Edge Technologies and Customer Adoption Diversified Sources of Revenue Leading Technology Partners Commercial Banking Retail Banking Well-positioned to compete in and serve our market Small Business • Significant techno
Slide 5: An Experienced Executive Team Leveraging a Robust Franchise
An Experienced Executive Team Leveraging a Robust Franchise § Valuable Franchise in Attractive Markets § Prudent Expense Management with Opportunities to Further Improve § Relationship Banking Strategy Focused on the Customer Experience § Strong, Committed and Diverse Liquidity Position § Continued
Slide 6: Approach to Environmental, Social & Governance (ESG)
Approach to Environmental, Social & Governance (“ESG”) - Doing what is right is a core value at Fulton. ESG is not about “checking a box,” we focus on activities that meaningfully change lives for the better. • Enhanced 2022 Corporate Social Responsibility report with selected ESG metrics. • Integri
Slide 7: Tenured Market Share In Dense and Stable Markets
Tenured Market Share In Dense and Stable Markets Note: Data as of June 30, 2022 per S&P Global Market Intelligence; FDIC Summary of Deposits. 7 (1) Median Household (“HH”) Income, 2022 – 2027 Projected Population Change and Projected HH Income Change are weighted by deposits in each MSA.
Slide 8: Continually Identifying Opportunities in Growing Urban Markets
Continually Identifying Opportunities in Growing Urban Markets Commentary § Philadelphia remains a natural fill-in opportunity within our current footprint o 1 financial center opened in 1Q22 o 2 financial centers targeted to open in 2023 § Philadelphia Market: o The acquisition of Prudential Bancor
Slide 9: Granular, Well-Diversified Loan Portfolio with Balanced Growth among Loan Types
(1) Total Loan Portfolio Yield Granular, Well-Diversified Loan Portfolio with Balanced Growth among Loan Types . . . ▪ Residential mortgage loans, commercial and industrial (“C&I”) loans and commercial mortgage loans are key drivers of overall portfolio growth ▪ A seasoned mortgage company built on
Slide 10: With Office Loans Representing 3.4% of Total Loans
. . . With Office Loans Representing 3.4% of Total Loans Office Profile (at March 31, 2023) • $734 million in office loan commitments • $699 million in office loans outstanding • representing 3.4% of total loans • Average loan size is $2.1 million (1) • Weighted average loan-to-value (“LTV”) ratio o
Slide 11: The Office Portfolio is Granular, Diversified, and Tenured
The Office Portfolio is Granular, Diversified, and Tenured (1) MSAs titled in short name for presentation purposes. The Corporation’s presence in the New York-Newark-Jersey City MSA 11 extends from central NJ into northern NJ, and no office loans in the state of New York component of the New York MS
Slide 12: Non-Performing Loans in Decline and Recent Charge-offs Benign
Non-Performing loans in decline and recent charge-offs benign outside of a single credit; provision and allowance for credit losses increasing due to strong loan growth and a change in the macroeconomic outlook. (dollars in millions) Provision for Credit Losses Non-Performing Loans (NPLs) & NPLs to
Slide 13: An Attractive Core Deposit Profile Despite Near-term Pressure
(1) Deposit Costs An Attractive Core Deposit Profile Despite Near-term Pressure § Growth in deposit customers partially offset by declining average balances § Deposit declines driven by declines in interest-bearing and noninterest-bearing transaction accounts § Deposits costs began to increase moder
Slide 14: The Deposit Customer Base is Granular, Tenured and Diversified
The Deposit Customer Base is Granular, Tenured and Diversified 14
Slide 15: The Liquidity Profile is Committed and Healthy
And the Liquidity Profile is Committed and Healthy, With Insured and Collateralized Deposits Representing 78.6% of Total Deposits (1) (2) Includes cash at the FHLB and Federal Reserve and vault cash for liquidity purposes only. Includes accrued interest, fees, and (3) 15 other adjustments. Brokered
Slide 16: Managing Expenses and Selective Investments To Offset Inflationary Headwinds
Managing Expenses and Selective Investments To Offset Inflationary Headwinds (1) Efficiency Ratio § Positive operating leverage and recent impact of higher interest rates resulted in improvement in the efficiency ratio o 2021 reflects the impact of the previously announced cost savings initiatives f
Slide 17: Capitalization Remains Strong and Stable
(1) Capitalization Remains Strong and Stable . . . § Strong regulatory capital ratios provide strategic flexibility § Ratios improving as internal capital generation exceeds tangible and risk weighted asset growth § Current common dividend of $0.15 § Share repurchase authorization of $60 million rem
Slide 18: Capital Solid When Adjusted for Unrealized Losses on Investment Securities
. . . And Remains Solid When Adjusted for Unrealized Losses on (1) the Investment Securities Portfolio (dollars in millions) (3) (3) (4) Tier 1 Leverage CE Tier 1 TCE (2) n Regulatory Minimums n Excess (1) Regulatory capital ratios and excess capital amounts are based on actual amounts as of March 3
Slide 19: 2023 Outlook
2023 OUTLOOK (1) Net interest income: $850 - $870 million (2) Non-interest income: $220 - $230 million Provision for credit losses: $55 - $70 million (3) Non-interest expense: $645 - $660 million (4) Effective tax rate: 18.5% +/- (1) Updated as of 1Q23; previously $895 - $915 million. (2) Excludes i
Slide 20: 1Q 2023 Financial Highlights
1Q 2023 FINANCIAL HIGHLIGHTS
Slide 21: Income Statement Summary
Income Statement Summary (1) Non-GAAP financial measure. Please refer to the calculation and management’s reason for using this measure on the slides titled “Non-GAAP Reconciliation” at the end of this presentation. 21
Slide 22: Net Interest Income And Margin
Net Interest Income And Margin Net Interest Income & Net Interest Margin Average Interest-Earning Assets & Yields (dollars in billions) (dollars in millions) ~ $730 million ~ $610 million Average Deposits, Borrowings & Other and Associated Costs (dollars in billions) 22
Slide 23: Fully Integrated Businesses Drive Significant Sources of Non-Interest Income
Fully Integrated Businesses Drive Significant Sources of Non- (1) Interest Income Three months ended March 31, 2023 (percent of total non-interest income) Non-interest income decreased 5% from 4Q22 Driven primarily by: n Commercial banking customer swap fees and merchant and card fees. n Equity meth
Slide 24: Focus on Controlling Non-interest Expense
(1) Focus on Controlling Non-interest Expense Three months ended March 31, 2023 1Q23 4Q22 Change (percent of total non-interest expense) (dollars in thousands) n Salaries and Benefits $89,283 $92,733 ($3,450) n Data Processing and Software 15,796 15,448 348 n Occupancy 14,438 14,061 377 n Other Outs
Slide 25: Appendix
APPENDIX
Slide 26: 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 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended (dollars in thousands) Mar 31 Dec 31 Mar 31 2023 2022 2022 Operating return on average assets Net income $68,314 $81,833 $64,288 Plus: Core deposit intangible amortization 514 514 — Plus: Merger-related expenses — 1,894 401 Less: Tax impact of adjustments (
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended (dollars in thousands) Mar 31 Dec 31 Mar 31 2023 2022 2022 Return on average common shareholders' equity (tangible) Net income available to common shareholders $65,752 $79,271 $61,726 Plus: Intangible amortization 674 688 176 Plus: Merger-related expenses —
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended (dollars in thousands) Mar 31 Dec 31 Mar 31 Efficiency ratio 2023 2022 2022 Non-interest expense $159,616 $168,462 $145,978 Less: Amortization of tax credit investments — (696) (696) Less: Merger-related expenses — (1,894) (401) Less: Intangible amortizatio
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months (dolla rs in thousands, except per share data ) Years Ended Ended Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 2018 2019 2020 2021 2022 2023 Tangible book value per share Sha reholders' equity $2,235,493 $2,301,019 $2,285,748 $2,629,655 $2,569,535 $2,618,998 Less :
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months (dollars in thousands) Years Ended Ended 2018 2019 2020 2021 2022 2023 Efficiency ratio Non-interest expense $546,104 $567,736 $579,440 $617,830 $633,728 $159,616 Less: Amortiza tion of tax credit investments (11,449) (6,021) (6,126) (6,187) (2,783) - Less: Intan
Slide 32: Non-GAAP Reconciliation
Non-GAAP Reconciliation (dollars in thousa nds ) Years Ended Three Months Ended 2018 2019 2020 2021 2022 2023 Operating non-interest expense to total average assets Non-interes t expense $546,104 $567,736 $579,440 $617,830 $633,728 $159,616 Les s: Amortiza tion of tax credit inves tments (11,449) (6
Slide 33: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended dollars in thousands) 2023 i iL ‘ibl (ICE Ratio) Shareholders’ equity $ 2,618,998 Less: Preferred stock (192,878) Less: Goodwill and intangible assets (563,502) Less: Unrealized gain/(loss) - HTM (121,513) Less: Tax impact of adjustments 27,523 Adjusted tan
Slide 34: Fulton Financial Corporation
FULTON FINANCIAL CORPORATION www.fultonbank.com. FULTON FINANCIAL CORPORATION