Fulton Financial (FULT) 8-K Fulton Financial reports first quarter earnings of $0.22 per share

Exhibit 99.2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
											% Change from
		March 31			March 31			December 31			March 31		December 31
		2014			2013			2013			2013		2013
ASSETS
	Cash and due from banks	$	260,389		$	174,479		$	218,540		49.2	%	19.1	%
	Other interest-earning assets	307,062			171,684			248,161			78.9	%	23.7	%
	Loans held for sale	24,417			63,045			21,351			(61.3	)%	14.4	%
	Investment securities	2,501,198			2,736,269			2,568,434			(8.6	)%	(2.6	)%
	Loans, net of unearned income	12,733,792			12,377,288			12,782,220			2.9	%	(0.4	)%
	Allowance for loan losses	(197,089		)	(220,041		)	(202,780		)	(10.4	)%	(2.8	)%
	Net loans	12,536,703			12,157,247			12,579,440			3.1	%	(0.3	)%
	Premises and equipment	225,647			226,754			226,021			(0.5	)%	(0.2	)%
	Accrued interest receivable	43,376			47,485			44,037			(8.7	)%	(1.5	)%
	Goodwill and intangible assets	532,747			534,987			533,076			(0.4	)%	(0.1	)%
	Other assets	480,350			570,787			495,574			(15.8	)%	(3.1	)%
	Total Assets	$	16,911,889		$	16,682,737		$	16,934,634		1.4	%	(0.1	)%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	12,669,917		$	12,388,460		$	12,491,186		2.3	%	1.4	%
	Short-term borrowings	1,069,684			1,126,966			1,258,629			(5.1	)%	(15.0	)%
	Other liabilities	230,108			216,337			238,048			6.4	%	(3.3	)%
	FHLB advances and long-term debt	883,461			889,211			883,584			(0.6	)%	—	%
	Total Liabilities	14,853,170			14,620,974			14,871,447			1.6	%	(0.1	)%
	Shareholders' equity	2,058,719			2,061,763			2,063,187			(0.1	)%	(0.2	)%
	Total Liabilities and Shareholders' Equity	$	16,911,889		$	16,682,737		$	16,934,634		1.4	%	(0.1	)%
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	5,137,454		$	4,729,930		$	5,101,922		8.6	%	0.7	%
	Commercial - industrial, financial and agricultural	3,574,130			3,658,483			3,628,420			(2.3	)%	(1.5	)%
	Real estate - home equity	1,740,496			1,689,446			1,764,197			3.0	%	(1.3	)%
	Real estate - residential mortgage	1,331,465			1,303,454			1,337,380			2.1	%	(0.4	)%
	Real estate - construction	584,217			597,597			573,672			(2.2	)%	1.8	%
	Consumer	270,021			309,138			283,124			(12.7	)%	(4.6	)%
	Leasing and other	96,009			89,240			93,505			7.6	%	2.7	%
	Total Loans, net of unearned income	$	12,733,792		$	12,377,288		$	12,782,220		2.9	%	(0.4	)
Deposits, by type:
	Noninterest-bearing demand	$	3,359,900		$	3,075,511		$	3,283,172		9.2	%	2.3	%
	Interest-bearing demand	2,960,577			2,698,811			2,945,210			9.7	%	0.5	%
	Savings deposits	3,346,880			3,345,842			3,344,882			—	%	0.1	%
	Time deposits	3,002,560			3,268,296			2,917,922			(8.1	)%	2.9	%
	Total Deposits	$	12,669,917		$	12,388,460		$	12,491,186		2.3	%	1.4	%
Short-term borrowings, by type:
	Customer repurchase agreements	$	220,426		$	158,214		$	175,621		39.3	%	25.5	%
	Customer short-term promissory notes	88,160			114,231			100,572			(22.8	)%	(12.3	)%
	Federal funds purchased	361,098			729,521			582,436			(50.5	)%	(38.0	)%
	Short-term FHLB advances	400,000			125,000			400,000			220.0	%	—	%
	Total Short-term Borrowings	$	1,069,684		$	1,126,966		$	1,258,629		(5.1	)%	(15.0	)%

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
in thousands, except per-share data and percentages
		Quarter Ended									% Change from
		Mar 31			Mar 31			Dec 31			Mar 31		Dec 31
		2014			2013			2013			2013		2013
Interest Income:
	Interest income	$	148,792		$	151,322		$	152,457		(1.7	)%	(2.4	)%
	Interest expense	19,227			21,678			19,505			(11.3	)%	(1.4	)%
	Net Interest Income	129,565			129,644			132,952			(0.1	)%	(2.5	)%
	Provision for credit losses	2,500			15,000			2,500			(83.3	)%	—	%
	Net Interest Income after Provision	127,065			114,644			130,452			10.8	%	(2.6	)%
Non-Interest Income:
	Service charges on deposit accounts	11,711			14,111			12,770			(17.0	)%	(8.3	)%
	Investment management and trust services	10,958			10,096			10,589			8.5	%	3.5	%
	Other service charges and fees	8,927			8,510			9,421			4.9	%	(5.2	)%
	Mortgage banking income	3,605			8,173			4,363			(55.9	)%	(17.4	)%
	Investment securities gains	—			2,473			33			(100.0	)%	(100.0	)%
	Other	3,305			3,896			3,556			(15.2	)%	(7.1	)%
	Total Non-Interest Income	38,506			47,259			40,732			(18.5	)%	(5.5	)%
Non-Interest Expense:
	Salaries and employee benefits	59,566			61,212			65,194			(2.7	)%	(8.6	)%
	Net occupancy expense	13,603			11,844			12,134			14.9	%	12.1	%
	Other outside services	3,812			2,860			5,633			33.3	%	(32.3	)%
	Data processing	3,796			3,903			3,386			(2.7	)%	12.1	%
	Equipment expense	3,602			3,908			3,972			(7.8	)%	(9.3	)%
	Software	2,925			2,748			2,450			6.4	%	19.4	%
	Professional fees	2,904			3,047			3,379			(4.7	)%	(14.1	)%
	FDIC insurance expense	2,689			2,847			2,839			(5.5	)%	(5.3	)%
	Operating risk loss	1,828			1,766			2,367			3.5	%	(22.8	)%
	Marketing	1,584			1,872			1,660			(15.4	)%	(4.6	)%
	Other real estate and repossession expense	983			2,854			1,116			(65.6	)%	(11.9	)%
	Intangible amortization	315			534			834			(41.0	)%	(62.2	)%
	Other	11,947			11,541			11,798			3.5	%	1.3	%
	Total Non-Interest Expense	109,554			110,936			116,762			(1.2	)%	(6.2	)%
	Income Before Income Taxes	56,017			50,967			54,422			9.9	%	2.9	%
	Income tax expense	14,234			11,740			12,339			21.2	%	15.4	%
	Net Income	$	41,783		$	39,227		$	42,083		6.5	%	(0.7	)%
PER SHARE:
	Net income:
	Basic	$	0.22		$	0.20		$	0.22		10.0	%	—	%
	Diluted	0.22			0.20			0.22			10.0	%	—	%
	Cash dividends	$	0.08		$	0.08		$	0.08		—		—
	Shareholders' equity	10.90			10.56			10.71			3.2	%	1.8	%
	Shareholders' equity (tangible)	8.08			7.82			7.94			3.3	%	1.8	%
	Weighted average shares (basic)	189,467			196,299			191,577			(3.5	)%	(1.1	)%
	Weighted average shares (diluted)	190,489			197,217			192,658			(3.4	)%	(1.1	)%
	Shares outstanding, end of period	188,850			195,276			192,652			(3.3	)%	(2.0	)%
SELECTED FINANCIAL RATIOS:
	Return on average assets	1.01		%	0.96		%	0.99		%
	Return on average shareholders' equity	8.21		%	7.67		%	8.14		%
	Return on average shareholders' equity (tangible)	11.13		%	10.43		%	11.15		%
	Net interest margin	3.47		%	3.55		%	3.48		%
	Efficiency ratio	63.38		%	61.78		%	65.14		%

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Quarter Ended
		March 31, 2014								March 31, 2013							December 31, 2013
		Average						Yield/		Average						Yield/	Average						Yield/
		Balance			Interest (1)			Rate		Balance			Interest (1)			Rate	Balance			Interest (1)			Rate
ASSETS
Interest-earning assets:
	Loans, net of unearned income	$	12,762,357		$	134,749		4.28%		$	12,257,280		$	136,948		4.53%	$	12,792,566		$	138,336		4.29%
	Taxable investment securities	2,257,773			13,266			2.35%		2,421,178			13,397			2.22%	2,289,672			13,431			2.35%
	Tax-exempt investment securities	279,278			3,613			5.17%		292,118			3,814			5.22%	283,799			3,574			5.04%
	Equity securities	33,922			429			5.11%		44,371			510			4.64%	33,887			413			4.83%
	Total Investment Securities	2,570,973			17,308			2.70%		2,757,667			17,721			2.57%	2,607,358			17,418			2.67%
	Loans held for sale	13,426			134			4.00%		47,885			495			4.14%	20,059			290			5.78%
	Other interest-earning assets	258,803			882			1.36%		190,576			429			0.90%	263,478			737			1.12%
	Total Interest-earning Assets	15,605,559			153,073			3.97%		15,253,408			155,593			4.13%	15,683,461			156,781			3.98%
Noninterest-earning assets:
	Cash and due from banks	199,641								202,507							212,463
	Premises and equipment	226,295								226,466							226,955
	Other assets	1,032,071								1,071,440							1,008,304
	Less: allowance for loan losses	(203,201		)						(227,858		)					(210,636		)
	Total Assets	$	16,860,365							$	16,525,963						$	16,920,547
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
	Demand deposits	$	2,945,211		$	909		0.13%		$	2,705,835		$	877		0.13%	$	2,966,994		$	969		0.13%
	Savings deposits	3,351,871			1,035			0.13%		3,334,305			1,023			0.12%	3,410,030			1,042			0.12%
	Time deposits	2,932,456			5,952			0.82%		3,321,309			8,501			1.04%	2,965,604			6,117			0.82%
	Total Interest-bearing Deposits	9,229,538			7,896			0.35%		9,361,449			10,401			0.45%	9,342,628			8,128			0.35%
	Short-term borrowings	1,208,953			633			0.21%		1,032,122			509			0.20%	1,099,709			520			0.19%
	FHLB advances and long-term debt	883,532			10,698			4.88%		891,173			10,768			4.87%	888,378			10,857			4.87%
	Total Interest-bearing Liabilities	11,322,023			19,227			0.69%		11,284,744			21,678			0.78%	11,330,715			19,505			0.68%
Noninterest-bearing liabilities:
	Demand deposits	3,243,424								2,968,777							3,318,073
	Other	232,004								198,944							221,010
	Total Liabilities	14,797,451								14,452,465							14,869,798
	Shareholders' equity	2,062,914								2,073,498							2,050,749
	Total Liabilities and Shareholders' Equity	$	16,860,365							$	16,525,963						$	16,920,547
	Net interest income/net interest margin (fully taxable equivalent)				133,846			3.47%					133,915			3.55%				137,276			3.48%
	Tax equivalent adjustment				(4,281		)						(4,271		)					(4,324		)
	Net interest income				$	129,565							$	129,644						$	132,952
	(1) Presented on a tax-equivalent basis using a 35% Federal tax rate and statutory interest expense disallowances.
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
		Quarter Ended								% Change from
		March 31			March 31			December 31		March 31			December 31
		2014			2013			2013		2013			2013
Loans, by type:
	Real estate - commercial mortgage	$	5,085,128		$	4,666,494		$	5,065,963	9.0		%	0.4		%
	Commercial - industrial, financial and agricultural	3,637,075			3,662,566			3,639,690		(0.7		)%	(0.1		)%
	Real estate - home equity	1,755,346			1,662,173			1,774,919		5.6		%	(1.1		)%
	Real estate - residential mortgage	1,336,323			1,283,168			1,331,987		4.1		%	0.3		%
	Real estate - construction	576,346			591,338			581,306		(2.5		)%	(0.9		)%
	Consumer	274,910			305,480			287,245		(10.0		)%	(4.3		)%
	Leasing and other	97,229			86,061			111,456		13.0		%	(12.8		)%
	Total Loans, net of unearned income	$	12,762,357		$	12,257,280		$	12,792,566	4.1		%	(0.2		)%
Deposits, by type:
	Noninterest-bearing demand	$	3,243,424		$	2,968,777		$	3,318,073	9.3		%	(2.2		)%
	Interest-bearing demand	2,945,211			2,705,835			2,966,994		8.8		%	(0.7		)%
	Savings deposits	3,351,871			3,334,305			3,410,030		0.5		%	(1.7		)%
	Time deposits	2,932,456			3,321,309			2,965,604		(11.7		)%	(1.1		)%
	Total Deposits	$	12,472,962		$	12,330,226		$	12,660,701	1.2		%	(1.5		)%
Short-term borrowings, by type:
	Customer repurchase agreements	$	187,362		$	165,109		$	196,997	13.5		%	(4.9		)%
	Customer short-term promissory notes	102,000			112,041			93,986		(9.0		)%	8.5		%
	Federal funds purchased	416,230			709,779			408,726		(41.4		)%	1.8		%
	Short-term FHLB advances and other borrowings	503,361			45,193			400,000		N/M			25.8		%
	Total Short-term Borrowings	$	1,208,953		$	1,032,122		$	1,099,709	17.1		%	9.9		%
N/M - Not Meaningful

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
		Quarter Ended
		Mar 31			Mar 31			Dec 31
		2014			2013			2013
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of period		$	204,917		$	225,439		$	212,838
	Loans charged off:
	Commercial - industrial, financial and agricultural	(5,125		)	(9,502		)	(5,527		)
	Consumer and home equity	(2,402		)	(2,954		)	(1,879		)
	Real estate - commercial mortgage	(1,386		)	(4,133		)	(7,779		)
	Real estate - residential mortgage	(846		)	(3,050		)	(1,423		)
	Real estate - construction	(214		)	(1,986		)	(1,391		)
	Leasing and other	(295		)	(481		)	(616		)
	Total loans charged off	(10,268		)	(22,106		)	(18,615		)
Recoveries of loans previously charged off:
	Commercial - industrial, financial and agricultural	744			379			5,851
	Consumer and home equity	565			837			451
	Real estate - commercial mortgage	44			1,064			740
	Real estate - residential mortgage	116			81			106
	Real estate - construction	224			671			888
	Leasing and other	164			162			158
	Recoveries of loans previously charged off	1,857			3,194			8,194
Net loans charged off		(8,411		)	(18,912		)	(10,421		)
Provision for credit losses		2,500			15,000			2,500
Balance at end of period		$	199,006		$	221,527		$	204,917
Net charge-offs to average loans (annualized)		0.26		%	0.62		%	0.33		%
NON-PERFORMING ASSETS:
	Non-accrual loans	$	133,705		$	179,334		$	133,753
	Loans 90 days past due and accruing	21,225			29,325			20,524
	Total non-performing loans	154,930			208,659			154,277
	Other real estate owned	15,300			23,820			15,052
	Total non-performing assets	$	170,230		$	232,479		$	169,329
NON-PERFORMING LOANS, BY TYPE:
	Real estate - commercial mortgage	$	45,876		$	58,805		$	44,068
	Commercial - industrial, financial and agricultural	38,830			61,113			38,021
	Real estate - residential mortgage	29,305			36,361			31,347
	Real estate - construction	20,758			31,919			21,267
	Consumer and home equity	20,087			20,250			19,526
	Leasing	74			211			48
	Total non-performing loans	$	154,930		$	208,659		$	154,277
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE:
	Real-estate - residential mortgage	$	30,363		$	33,095		$	28,815
	Real-estate - commercial mortgage	19,514			28,421			19,758
	Real estate - construction	8,430			11,125			10,117
	Commercial - industrial, financial and agricultural	6,755			9,031			8,045
	Consumer and home equity	2,622			1,549			1,376
	Total accruing TDRs	$	67,684		$	83,221		$	68,111
	Non-accrual TDRs (1)	27,487			33,215			30,209
	Total TDRs	$	95,171		$	116,436		$	98,320
(1) Included within non-accrual loans above.

DELINQUENCY RATES, BY TYPE:
		March 31, 2014						March 31, 2013						December 31, 2013
		31-89 Days		≥90 Days (2)		Total		31-89 Days		≥90 Days (2)		Total		31-89 Days		≥90 Days (2)		Total
	Real estate - commercial mortgage	0.35	%	0.89	%	1.24	%	0.39	%	1.25	%	1.64	%	0.38	%	0.87	%	1.25	%
	Commercial - industrial, financial and agricultural	0.33	%	1.09	%	1.42	%	0.35	%	1.67	%	2.02	%	0.30	%	1.04	%	1.34	%
	Real estate - construction	0.43	%	3.55	%	3.98	%	0.17	%	5.34	%	5.51	%	0.11	%	3.71	%	3.82	%
	Real estate - residential mortgage	1.53	%	2.20	%	3.73	%	2.07	%	2.79	%	4.86	%	1.74	%	2.34	%	4.08	%
	Consumer, home equity, leasing and other	0.89	%	0.96	%	1.85	%	0.82	%	0.98	%	1.80	%	1.10	%	0.91	%	2.01	%
	Total	0.56	%	1.22	%	1.78	%	0.62	%	1.68	%	2.30	%	0.61	%	1.20	%	1.81	%
(2) Includes non-accrual loans
ASSET QUALITY RATIOS:
		Mar 31		Mar 31		Dec 31
		2014		2013		2013
	Non-accrual loans to total loans	1.05	%	1.45	%	1.05	%
	Non-performing assets to total loans and OREO	1.34	%	1.87	%	1.32	%
	Non-performing assets to total assets	1.01	%	1.39	%	1.00	%
	Allowance for credit losses to loans outstanding	1.56	%	1.79	%	1.60	%
	Allowance for credit losses to non-performing loans	128.45	%	106.17	%	132.82	%
	Non-performing assets to tangible common shareholders' equity and allowance for credit losses	9.87	%	13.30	%	9.76	%

FULTON FINANCIAL CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED)
in thousands, except per share data and percentages
Explanatory note:	This press release contains certain financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's quarterly results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:
		Quarter Ended
		March 31			March 31			December 31
		2014			2013			2013
Shareholders' equity (tangible), per share
Shareholders' equity		$	2,058,719		$	2,061,763		$	2,063,187
Less: Goodwill and intangible assets		(532,747		)	(534,987		)	(533,076		)
Tangible shareholders' equity (numerator)		$	1,525,972		$	1,526,776		$	1,530,111
Shares outstanding, end of period (denominator)		188,850			195,276			192,652
Shareholders' equity (tangible), per share		$	8.08		$	7.82		$	7.94
Return on average common shareholders' equity (tangible)
Net income		$	41,783		$	39,227		$	42,083
Plus: Intangible amortization, net of tax		204			347			541
Numerator		$	41,987		$	39,574		$	42,624
Average shareholders' equity		$	2,062,914		$	2,073,498		$	2,050,749
Less: Average goodwill and intangible assets		(532,901		)	(535,255		)	(533,597		)
Average tangible shareholders' equity (denominator)		$	1,530,013		$	1,538,243		$	1,517,152
Return on average common shareholders' equity (tangible), annualized		11.13		%	10.43		%	11.15		%
Efficiency ratio
Non-interest expense		$	109,554		$	110,936		$	116,762
Less: Intangible amortization		(315		)	(534		)	(834		)
Numerator		$	109,239		$	110,402		$	115,928
Net interest income (fully taxable equivalent)		$	133,846		$	133,915		$	137,276
Plus: Total Non-interest income		38,506			47,259			40,732
Less: Investment securities gains		—			(2,473		)	(33		)
Denominator		$	172,352		$	178,701		$	177,975
Efficiency ratio		63.38		%	61.78		%	65.14		%
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
Non-performing assets (numerator)		$	170,230		$	232,479		$	169,329
Tangible shareholders' equity		$	1,525,972		$	1,526,776		$	1,530,111
Plus: Allowance for credit losses		199,006			221,527			204,917
Tangible shareholders' equity and allowance for credit losses (denominator)		$	1,724,978		$	1,748,303		$	1,735,028
Non-performing assets to tangible common shareholders' equity and allowance for credit losses		9.87		%	13.30		%	9.76		%