4th Quarter Earnings Presentation (01/21/2025 19: 00

FULT

FOURTH QUARTER 2024

RESULTS

NASDAQ: FULT

Data as of or for the period ended December 31, 2024 unless otherwise noted

Fourth Quarter 2024 Financial Highlights

GAAP Reported

4Q24

3Q24

Net Income Available to Common Shareholders ($ in millions)

$66.1

$60.6

Return on Average Assets (annualized)

0.85%

0.79%

Return on Average Tangible Common Equity (annualized; non-GAAP)

--

--

Efficiency Ratio (non-GAAP)

--

--

Operating Expenditures / Average Assets (annualized)

2.68%

2.82%

Diluted Earnings Per Share

$0.36

$0.33

Pre-Provision Net Revenue ("PPNR") ($ in millions; non-GAAP)

--

--

PPNR / Average Assets (annualized; non-GAAP)

--

--

Operating(1)

4Q24

3Q24

$88.9

$91.3

1.14%

1.17%

14.83%

15.65%

58.4%

59.6%

2.36%

2.45%

$0.48

$0.50

$131.2

$128.3

1.63%

1.61%

(1) Non-GAAP financial measures. Please refer to the calculation and management's reason for using this measure on the slide titled "Non -GAAP

3

Reconciliation" at the end of this presentation.

Deepening Our Commitment to Purpose, Vision, & Strategic Execution

Simplicity in the operating model

- Realign value propositions and

coverage models by customer size and

complexity

Focus on Fulton's core relationships

- Redesign end-to-end processes with

single ownership to deliver superior

customer experience

- Simplify organizational structures

Productivity across the Bank

4

Income Statement Summary

4Q24

3Q24

Linked-Quarter

Change

(dollars in thousands, except per-share data)

Net interest income

$253,659

$258,009

($4,350)

Provision for credit losses

16,725

11,929

4,796

Non-interest income

65,924

59,674

6,250

Securities (losses)

-

(1)

1

Non-interest expense

216,615

226,089

(9,474)

Income before income taxes

86,243

79,664

6,579

Income taxes

17,623

16,458

1,165

Net income

68,620

63,206

5,414

Preferred stock dividends

(2,562)

(2,562)

-

Net income available to common shareholders

$66,058

$60,644

$5,414

Net income available to common shareholders,

$0.36

$0.33

$0.03

per share (diluted)

Operating net income available to common

$0.48

$0.50

($0.02)

shareholders, per share (diluted)(1)

ROAA

0.85%

0.79%

0.06%

Operating ROAA(1)

1.14%

1.17%

-0.03%

ROAE

8.68%

8.13%

0.55%

Operating ROAE (tangible)(1)

14.83%

15.65%

-0.82%

Efficiency ratio(1)

58.4%

59.6%

-1.2%

(1) Non-GAAP financial measure. Please refer to the calculation and management's reason for using this measure on the slide titled "Non-GAAP

5

Reconciliation" at the end of this presentation.

Net Interest Income and Net Interest Margin ("NIM")

4Q24 Highlights

Average Interest-Earning Assets & Yields

(dollars in billions)

Net Interest Income(1) & NIM

Average Deposits and Borrowings & Other and

(dollars in millions)

(dollars in billions)

Cost of Funds

(1) Net interest income on a non fully tax equivalent basis.

6

Non-Interest Income

4Q24

3Q24

Linked-

(dollars in thousands)

4Q24 Fulton

Republic

4Q24

3Q24 Fulton

Republic

3Q24

Quarter

Organic

Transaction

Consolidated

Organic

Transaction

Consolidated

Change

Commercial Banking

$21,666

$788

$22,454

$21,905

$384

$22,289

$165

Wealth Management

22,002

-

22,002

21,596

-

21,596

406

Consumer Banking

12,943

1,366

14,309

12,790

2,138

14,928

(619)

Mortgage Banking

3,759

-

3,759

3,142

-

3,142

617

Gain On Acquisition, net of tax

-

(2,689)

(2,689)

-

(7,706)

(7,706)

5,017

Other

5,908

181

6,089

5,348

77

5,425

664

Non-interest income before

investment securities gains (losses)

66,278

(354)

65,924

64,780

(5,106)

59,674

6,250

Investment securities gains (losses), net

-

-

-

(1)

-

(1)

1

Total Non-Interest Income

$66,278

($354)

$65,924

$64,779

($5,106)

$59,673

$6,251

Increases due to:

Offset by:

7

Non-Interest Expense

(dollars in thousands)

Salaries and employee benefits Data processing and software Net occupancy

Other outside services Intangible Amortization FDIC insurance Equipment Professional fees Acquisition-related expenses Other

Total non-interest expense

Non-GAAP Adjustments: Less: Intangible amortization Less: Acquisition-related expenses Less: FDIC special assessment Less: FultonFirst implementation and asset disposals

Operating non-interest expense(1)

4Q24

4Q24

3Q24

3Q24

Linked-

Fulton

Republic

4Q24

Fulton

Republic

3Q24

Quarter

Organic

Transaction

Consolidated

Organic

Transaction

Consolidated

Change

$100,423

$7,463

$107,886

$107,986

$10,838

$118,824

($10,938)

16,820

2,730

3,146

19,550

17,168

20,314

(764)

15,197

1,220

3,497

16,417

15,502

18,999

(2,582)

12,888

1,643

14,531

14,532

1,307

15,839

(1,308)

494

5,788

5,788

6,282

499

6,287

(5)

4,641

1,280

5,921

3,959

1,150

5,109

812

4,008

380

4,388

4,148

712

4,860

(472)

3,134

253

3,387

2,621

190

2,811

576

9,637

-

9,637

14,195

-

14,195

(4,558)

26,829

1,787

28,616

16,817

2,034

18,851

9,765

194,071

22,544

216,615

197,427

28,662

226,089

(9,474)

(494)

(5,788)

(6,282)

(499)

(5,788)

(6,287)

5

(9,637)

-

(9,637)

(14,195)

-

(14,195)

4,558

-

-

-

16

-

16

(16)

(10,001)

-

(10,001)

(9,385)

-

(9,385)

(616)

$173,939

$16,756

$190,695

$173,363

$22,875

$196,238

($5,543)

(1) Non-GAAP financial measures. Please refer to the calculation and management's reason for using this measure on the slide titled "Non -GAAP

8

Reconciliation" at the end of this presentation.

Success to Date Positions Fulton Well for 2025 & Beyond

Estimated FultonFirst Financial Benefits

2025 estimated cost saves of ~$25 million

•Anticipate ~45% in 1H25; balance in 2H25

Estimated annual full realized benefit of

greater than $50 million

•Fully realized in 2026

Positioning for Growth

Implementation costs associated with FultonFirst should abate through 2025:

Anticipated earn-back period of less than 12

months

•Based on full implementation run-rate

Reinvestment towards revenue generating

initiatives evident in 2026 and later

•Reorganizing commercial segments based on customer needs and expectations

•Focus and dedicated leadership of our Business Banking segment

•Market realignment for quicker decisioning

Creating Efficiency & Operating Leverage

FultonFirst + full-year Republic Bank cost saves should drive 2025 total operating expense efficiencies

9

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 reservesrelated to off-balance sheet

10

credit exposures.

Disclaimer

Fulton Financial Corporation published this content on January 21, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 21, 2025 at 21:35:50.721.