Slide 1: Investor Presentation
z INVESTOR PRESENTATION Data as of or for the period ended December 31, 2024 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 5 deposit market share;
Slide 4: 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: A Balanced Business Model
A Balanced Business Model • 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 a 9% 5-year CAGR, AUM/AUA(2) of $16 billion and over 80% in recurring income • Commercial banking busines
Slide 6: 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 7: We Do What Is Right: Environmental, Social & Governance
7 We Do What Is Right Environmental, Social & Governance (“ESG”) • Enhanced 2023 Corporate Social Responsibility report with selected ESG metrics. • Integrity is fundamental to governance at Fulton. The Corporation’s established Board governance and oversight of ESG principles and priorities support
Slide 8: Purpose, Vision, & Strategic Execution By Three Key Tenets
Deepens Our Commitment To Purpose, Vision, & Strategic Execution By Three Key Tenets 8 Simplicity in the operating model - Realign value propositions and coverage models by customer size and complexity - Redesign end-to-end processes with single ownership to deliver superior customer experience - Si
Slide 9: FultonFirst and Republic Bank cost saves drive 2025 expense efficiencies
9 FultonFirst and full-year Republic Bank cost saves should drive 2025 total operating expense efficiencies Success to Date Positions Fulton Well for 2025 and Beyond Positioning for GrowthEstimated FultonFirst Financial Benefits •Anticipate ~45% in 1H25; balance in 2H25 2025 estimated cost saves of
Slide 10: 2025 Operating Guidance
10 2025 Operating Guidance (1)NII is on a Non-fully taxable-equivalent (“FTE”) basis; Incorporates Fed Funds Rate decreases of 25 basis points in March and 25 basis points in June of 2025. (2) Excludes non-operating expenses and Core Deposit Intangible (“CDI”) Amortization. Income Statement Line Ite
Slide 11: Fulton's Balance Sheet Is Well-Positioned
Fulton’s Balance Sheet Is Well-Positioned 11 (1) Time deposits include brokered CDs. Time deposits provide gradual tailwind in current environment (1) Deposit Mix by Product Type(1) (December 31, 2024) Loan Mix by Rate Type (December 31, 2024) CD Maturities (next twelve months) Balance ($ in million
Slide 12: Strategic Actions to Reduce Interest Rate Risk and Enhance Earnings
Strategic Actions Taken To Reduce Interest Rate Risk and Enhance Earnings • Focus on profitable loan growth with wider spreads over time • Continued focus on growing customers, loans and deposits • Completed the Republic transaction in April 2024, which moved the balance sheet to a more neutral inte
Slide 13: A Growing & Granular Deposit Portfolio With Significant Liquidity Coverage
A Growing & Granular Deposit Portfolio With Significant Liquidity Coverage (1) As of December 31, 2024. Estimated uninsured deposits net of collateralized municipal deposits and inter-company deposits. For the calculation of the coverage of net estimated uninsured deposits, please refer to slide 22.
Slide 14: Noninterest-Bearing Deposit Trends
Noninterest-Bearing Deposit Trends Source: S&P Global Market Intelligence, Federal Reserve Bank of New York and Board of Governors of the Federal Reserve System (US); Corporation’s reported results for NIM and percentage of noninterest-bearing deposits at December 31,2024. 14 • Growth in the Corpora
Slide 15: A Well-Diversified Loan Portfolio With Growth in Multiple Categories
15 A Well-Diversified Loan Portfolio With Growth in Multiple Categories • The loan portfolio has grown $7.2 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 br
Slide 16: Net Interest Income – Current Trends
Net Interest Income – Current Trends 16 (1) Net interest income on a non-fully taxable equivalent basis. • NIM was 3.41% in the fourth quarter of 2024, decreasing eight basis points compared to the third quarter of 2024. • Loan yields decreased by 23 basis points during the fourth quarter of 2024 to
Slide 17: Non-Interest Income Remains a Key Revenue Source
Non-Interest Income Remains a Key Revenue Source at Over 20% of Revenue 17 Increases due to: • A $2.7 million adjustment to the gain on acquisition, net of tax, down from $7.7 million in the third quarter of 2024 • Mortgage banking income due to wider gain on sale spreads and higher originations • W
Slide 18: Progress Made on Reducing Non-Interest Expense
Progress Made on Reducing Non-Interest Expense 18 (1) Non-GAAP financial measure. Please refer to the calculation and management’s reason for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. • Operating non-interest expense decreased $5.5 million in t
Slide 19: Solid Asset Quality Trends Through Many Cycles
Solid Asset Quality Trends Through Many Cycles 19 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 20: 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. 20 Provision for Credit Losses Non-Performing Assets (“NPAs”) & NPAs to Assets Net Charge-offs (“NCOs”) & NCOs to Average Loans ACL(1) to NPL
Slide 21: Excess Capital Supports A Solid Risk Profile and Provides Flexibility
21 Excess Capital Supports A Solid Risk Profile and Provides Flexibility ▪ Solid regulatory capital ratios(1) provide operational and strategic flexibility; tangible capital flat linked quarter despite a $44.5 million increase, to $288 million, in accumulated other comprehensive loss ▪ Capital ratio
Slide 22: Estimated Uninsured Deposits
Estimated Uninsured Deposits December 31, 2024 Total Deposits $26,129 Estimated Uninsured Deposits $9,690 Estimated Uninsured Deposits to Total Deposits 37% Estimated Uninsured Deposits $9,690 Less: Collateralized Municipal Deposits (3,207) Net Estimated Uninsured Deposits(4) $6,483 Net Estimated Un
Slide 23: Appendix
APPENDIX
Slide 24: Loan Portfolio Diversified and Granular With Low Office Concentration
24 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. Total Office Loan Commitments: $864 million Total Office Loans Ou
Slide 25: Multi-Family Loans Represent 8% of Total Loan Portfolio
25 Multi-Family Loans Represent 8% of the Total Loan Portfolio With a Small Average Loan Size, Low LTV and Solid DSCR $440 $486 $246 $1,157 94 70 61 487 2025 2026 2027 2028 & after Commitments (in millions) Number of Loans Diversified by Geographical MSA Total Loan Portfolio (December 31, 2024) Mult
Slide 26: Non-Owner Occupied Commercial Mortgage Portfolio Well Diversified
Fulton’s Non-Owner Occupied Commercial Mortgage(1) Portfolio is Well Diversified within the Industries Served 26 (1) Non-owner occupied commercial mortgage of $5.2 billion represents 54% of the $9.6 billion total commercial mortgage portfolio.
Slide 27: 4Q24 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. 4Q24 Income Statement Summary 27 4Q24 3Q24 Linked-Quarter Change Net interest income $253,659 $258,009 ($4,35
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation 28 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 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation 29 Three months ended (dollars in thousands) Dec 31 Sep 30 2024 2024 Operating net income available to common shareholders Net income available to common shareholders $66,058 $60,644 Less: Other revenue (269) (677) Plus: Gain on acquisition, net of tax 2,689 7,706 Plus: Core
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation 30 Three months ended (dollars in thousands) Dec 31 Sep 30 Dec 31 2024 2024 2023 Operating return on average assets Net income 68,620$ 63,206$ 64,263$ Less: Other revenue (269) (677) (1,102) Less: Loss (gain) on acquisition, net of tax 2,689 7,706 - Plus: Core deposit intangi
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation 31 Three months ended (dollars in thousands) Dec 31 Sep 30 Jun 30 2024 2024 2024 Operating return on average common shareholders' equity (tangible) Net income available to common shareholders 66,058$ 60,644$ 92,413$ Less: Other revenue (269) (677) (708) Less: Loss (gain) on a
Slide 32: Non-GAAP Reconciliation
32 Non-GAAP Reconciliation Three months ended (dollars in thousands) Dec 31 Sep 30 Efficiency ratio 2024 2024 Non-interest expense $216,615 $226,089 Less: Acquisition-related expense (9,637) (14,195) Less: FDIC special assessment - 16 Less: FultonFirst implementation and asset disposals (10,001) (9,
Slide 33: Non-GAAP Reconciliation
Non-GAAP Reconciliation 33 (dollars in thousands, except per share data) Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 2019 2020 2021 2022 2023 2024 Tangible book value per share Shareholders' equity 2,342,176$ 2,616,828$ 2,712,680$ 2,579,757$ 2,760,139$ 3,197,325$ Less: Goodwill and intangible assets (
Slide 34: The Bank of Choice
The Bank of Choice because of Who Me Ave and Low Me Opevale.