Fulton Financial Corporation · NASDAQ:FULT
Fulton Financial — Q1 2025 Earnings Presentation
22 slides from Fulton Financial's earnings presentation, Apr 16, 2025
Slide 1: First Quarter 2025 Results
FIRST QUARTER 2025 RESULTS NASDAQ: FULT Data as of or for the period ended March 31, 2025 unless otherwise noted
Slide 2: 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 be identified by the use o
Slide 3: First Quarter 2025 Financial Highlights
First Quarter 2025 Financial Highlights GAAP Reported Operating(1) 1Q25 4Q24 1Q25 4Q24 Net Income Available to Common Shareholders (dollars in millions) $90.4 $66.1 $95.5 $88.9 Return on Average Assets (annualized) 1.18% 0.85% 1.25% 1.14% Return on Average Tangible Common Equity (annualized; non-GAA
Slide 4: Income Statement Summary
Income Statement Summary Linked-Quarter 1Q25 4Q24 Change (dollars in thousands, except per-share data) Net interest income $251,187 $253,659 ($2,472) Provision for credit losses 13,898 16,725 (2,827) Non-interest income 67,234 65,924 1,310 Securities (losses) (2) - (2) Non-interest expense 189,460 2
Slide 5: Net Interest Income and Net Interest Margin ("NIM")
Net Interest Income and Net Interest Margin (“NIM”) 1Q25 Highlights Average Interest-Earning Assets & Yields (dollars in billions) • 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 f
Slide 6: Non-Interest Income
Non-Interest Income Change Since (dollars in thousands) 1Q25 4Q24 3Q24 4Q24 3Q24 1Q25 Highlights Commercial banking $21,329 $22,454 $22,289 ($1,125) ($960) • Linked quarter increase of $1.3 million, benefited by Wealth management 21,785 22,002 21,596 (217) 189 a $2.4 million adjustment in equity met
Slide 7: Non-Interest Expense
Non-Interest Expense Change Since 1Q25 Highlights (dollars in thousands) 1Q25 4Q24 3Q24 4Q24 3Q24 Salaries and employee benefits $103,526 $107,886 $118,824 ($4,360) ($15,298) • Operating expense down $7.8 million on a linked- Data processing and software 18,599 19,550 20,314 (951) (1,715) quarter ba
Slide 8: 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 NPLs & Loans (1) The allowance for credit losses (“ACL”) relates specifically to “Loans, net of unearned income” and does not include reserves relate
Slide 9: Capital Ratios
Capital Ratios(1) (as of March 31, 2025) (dollars in millions) (2) (1) Regulatory capital ratios and excess capital amounts as of March 31, 2025 are preliminary estimates. (2) Excesses shown are to regulatory minimums, including the 250 basis point capital conservation buffer, except for Tier 1 Leve
Slide 10: 2025 Operating Guidance
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 mill
Slide 11: 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) (March 31, 2025) 885,025 deposit accounts $30,208 average account balance ~10 year average account age 23% net estimated uninsured deposits 276% cov
Slide 12: Balance Sheet Maintains Flexibility
Balance Sheet Maintains Flexibility Loan Mix by Rate Type Deposit Mix by Product Type(1) (March 31, 2025) (March 31, 2025) The majority of adjustable-rate loans Time deposits provide gradual tailwind in reprice beyond two years current environment Balance Balance Weighted Average CD Maturities Avera
Slide 13: Loan Portfolio Diversified With Low Office Concentration
The Loan Portfolio Remains Diversified and Granular With Low Office Concentration at 3% of Total Loans Total Loan Portfolio Office Only Profile (March 31, 2025) Total Office Loan Commitments: $812 million Total Office Loans Outstanding: $765 million Average Loan Size: $2.2 million (1) Weighted Avera
Slide 14: Multi-Family Loans Represent 8% of Total Loan Portfolio
Multi-Family Loans Represent 8% of the Total Loan Portfolio With a Small Average Loan Size, Low LTV and Solid DSCR Total Loan Portfolio Multi-Family Profile (March 31, 2025) Total Multi-Family Loan Commitments: $2.3 billion Total Multi-Family Loans Outstanding: $1.9 billion Average Loan Size: $3.3 m
Slide 15: Liquidity Profile
Liquidity Profile Available Liquidity March 31, 2025 Estimated Uninsured Deposits March 31, 2025 (dollars in millions) (dollars in millions) Cash On-Hand (1) $ 686 Total Deposits $ 26,329 Estimated Uninsured Deposits $ 9,380 Federal Reserve Capacity 3,974 Estimated Uninsured Deposits to Total Deposi
Slide 16: 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 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation 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 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation 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 im
Slide 19: Non-GAAP Reconciliation
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) Le
Slide 20: Non-GAAP Reconciliation
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 21: Non-GAAP Reconciliation
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 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation (dollars in thousands, except per share data) Mar 31 Dec 31 2025 2024 Tangible book value per share Shareholders' equity $3,274,321 $3,197,325 Less: Preferred stock (192,878) (192,878) Less: Goodwill and intangible assets (629,189) (635,458) Tangible common shareholders' equi