Fulton Financial (FULT) 8-K Fulton Financial reports first quarter earnings of $0.22 per share and announces approval for $50 million share repurchase program

Exhibit 99.2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
											% Change from
		March 31			March 31			December			March 31		December 31
		2015			2014			2014			2014		2014
ASSETS
	Cash and due from banks	$	91,870		$	260,389		$	105,702		(64.7	)%	(13.1	)%
	Other interest-earning assets	703,667			307,062			423,083			129.2	%	66.3	%
	Loans held for sale	34,124			24,417			17,522			39.8	%	94.7	%
	Investment securities	2,259,802			2,501,198			2,323,371			(9.7	)%	(2.7	)%
	Loans, net of unearned income	13,115,505			12,733,792			13,111,716			3.0	%	—	%
	Allowance for loan losses	(177,701		)	(197,089		)	(184,144		)	(9.8	)%	(3.5	)%
	Net loans	12,937,804			12,536,703			12,927,572			3.2	%	0.1	%
	Premises and equipment	226,241			225,647			226,027			0.3	%	0.1	%
	Accrued interest receivable	42,216			43,376			41,818			(2.7	)%	1.0	%
	Goodwill and intangible assets	531,672			532,747			531,803			(0.2	)%	—	%
	Other assets	535,945			480,350			527,869			11.6	%	1.5	%
	Total Assets	$	17,363,341		$	16,911,889		$	17,124,767		2.7	%	1.4	%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	13,514,497		$	12,669,917		$	13,367,506		6.7	%	1.1	%
	Short-term borrowings	410,105			1,069,684			329,719			(61.7	)%	24.4	%
	Other liabilities	312,709			230,108			291,464			35.9	%	7.3	%
	FHLB advances and long-term debt	1,094,517			883,461			1,139,413			23.9	%	(3.9	)%
	Total Liabilities	15,331,828			14,853,170			15,128,102			3.2	%	1.3	%
	Shareholders' equity	2,031,513			2,058,719			1,996,665			(1.3	)%	1.7	%
	Total Liabilities and Shareholders' Equity	$	17,363,341		$	16,911,889		$	17,124,767		2.7	%	1.4	%
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	5,227,101		$	5,137,454		$	5,197,155		1.7	%	0.6	%
	Commercial - industrial, financial and agricultural	3,762,631			3,574,130			3,725,567			5.3	%	1.0	%
	Real estate - home equity	1,701,623			1,740,496			1,736,688			(2.2	)%	(2.0	)%
	Real estate - residential mortgage	1,364,788			1,331,465			1,377,068			2.5	%	(0.9	)%
	Real estate - construction	677,806			584,217			690,601			16.0	%	(1.9	)%
	Consumer	257,301			270,021			265,431			(4.7	)%	(3.1	)%
	Leasing and other	124,255			96,009			119,206			29.4	%	4.2	%
	Total Loans, net of unearned income	$	13,115,505		$	12,733,792		$	13,111,716		3.0	%	—	%
Deposits, by type:
	Noninterest-bearing demand	$	3,765,677		$	3,359,900		$	3,640,623		12.1	%	3.4	%
	Interest-bearing demand	3,133,748			2,960,577			3,150,612			5.8	%	(0.5	)%
	Savings deposits	3,567,652			3,346,880			3,504,820			6.6	%	1.8	%
	Time deposits	3,047,420			3,002,560			3,071,451			1.5	%	(0.8	)%
	Total Deposits	$	13,514,497		$	12,669,917		$	13,367,506		6.7	%	1.1	%
Short-term borrowings, by type:
	Customer repurchase agreements	$	161,886		$	220,426		$	158,394		(26.6	)%	2.2	%
	Customer short-term promissory notes	93,176			88,160			95,106			5.7	%	(2.0	)%
	Short-term FHLB advances	155,000			400,000			70,000			(61.3	)%	121.4	%
	Federal funds purchased	43			361,098			6,219			(100.0	)%	(99.3	)%
	Total Short-term Borrowings	$	410,105		$	1,069,684		$	329,719		(61.7	)%	24.4	%

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
in thousands, except per-share data and percentages
		Three Months Ended									% Change from
		March 31			March 31			December 31			March 31		December 31
		2015			2014			2014			2014		2014
Interest Income:
	Interest income	$	145,772		$	148,792		$	149,594		(2.0	)%	(2.6	)%
	Interest expense	22,191			19,227			21,556			15.4	%	2.9	%
	Net Interest Income	123,581			129,565			128,038			(4.6	)%	(3.5	)%
	Provision for credit losses	(3,700		)	2,500			3,000			N/M		N/M
	Net Interest Income after Provision	127,281			127,065			125,038			0.2	%	1.8	%
Non-Interest Income:
	Service charges on deposit accounts	11,569			11,711			12,229			(1.2	)%	(5.4	)%
	Investment management and trust services	10,889			10,958			11,188			(0.6	)%	(2.7	)%
	Other service charges and fees	9,363			8,927			10,489			4.9	%	(10.7	)%
	Mortgage banking income	4,688			3,605			3,723			30.0	%	25.9	%
	Investment securities gains	4,145			—			848			N/M		388.8	%
	Other	4,083			3,305			3,624			23.5	%	12.7	%
	Total Non-Interest Income	44,737			38,506			42,101			16.2	%	6.3	%
Non-Interest Expense:
	Salaries and employee benefits	64,990			59,566			65,398			9.1	%	(0.6	)%
	Net occupancy expense	13,692			13,603			11,481			0.7	%	19.3	%
	Other outside services	5,750			3,812			8,720			50.8	%	(34.1	)%
	Data processing	4,768			3,796			4,346			25.6	%	9.7	%
	Equipment expense	3,958			3,602			3,298			9.9	%	20.0	%
	Software	3,318			2,925			3,271			13.4	%	1.4	%
	Professional fees	2,871			2,904			2,382			(1.1	)%	20.5	%
	FDIC insurance expense	2,822			2,689			2,772			4.9	%	1.8	%
	Other real estate owned and repossession expense	1,362			983			236			38.6	%	477.1	%
	Marketing	1,233			1,584			2,414			(22.2	)%	(48.9	)%
	Operating risk loss	827			1,828			485			(54.8	)%	70.5	%
	Intangible amortization	130			315			315			(58.7	)%	(58.7	)%
	Other	12,757			11,947			12,602			6.8	%	1.2	%
	Total Non-Interest Expense	118,478			109,554			117,720			8.1	%	0.6	%
	Income Before Income Taxes	53,540			56,017			49,419			(4.4	)%	8.3	%
	Income tax expense	13,504			14,234			11,470			(5.1	)%	17.7	%
	Net Income	$	40,036		$	41,783		$	37,949		(4.2	)%	5.5	%
PER SHARE:
	Net income:
	Basic	$	0.22		$	0.22		$	0.21		—	%	4.8	%
	Diluted	0.22			0.22			0.21			—	%	4.8	%
	Cash dividends	$	0.09		$	0.08		$	0.10		12.5	%	(10.0	)%
	Shareholders' equity	11.34			10.90			11.16			4.0	%	1.6	%
	Shareholders' equity (tangible)	8.37			8.08			8.19			3.6	%	2.2	%
	Weighted average shares (basic)	178,471			189,467			181,251			(5.8	)%	(1.5	)%
	Weighted average shares (diluted)	179,457			190,489			182,189			(5.8	)%	(1.5	)%
	Shares outstanding, end of period	179,098			188,850			178,924			(5.2	)%	0.1	%
SELECTED FINANCIAL RATIOS:
	Return on average assets	0.95		%	1.01		%	0.88		%
	Return on average shareholders' equity	8.05		%	8.21		%	7.34		%
	Return on average shareholders' equity (tangible)	10.96		%	11.13		%	9.96		%
	Net interest margin	3.27		%	3.47		%	3.31		%
	Efficiency ratio	70.16		%	63.38		%	67.53		%
N/M - Not meaningful

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three Months Ended
		March 31, 2015								March 31, 2014							December 31, 2014
		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	$	13,095,528		$	133,055		4.11%		$	12,762,357		$	134,749		4.28%	$	13,056,153		$	136,636		4.16%
	Taxable investment securities	2,005,542			11,282			2.25%		2,257,773			13,266			2.35%	2,109,884			12,689			2.40%
	Tax-exempt investment securities	229,082			3,212			5.61%		279,278			3,613			5.17%	241,711			3,249			5.38%
	Equity securities	32,210			450			5.66%		33,922			429			5.11%	33,981			442			5.16%
	Total Investment Securities	2,266,834			14,944			2.64%		2,570,973			17,308			2.70%	2,385,576			16,380			2.74%
	Loans held for sale	17,002			173			4.07%		13,426			134			4.00%	15,340			201			5.24%
	Other interest-earning assets	474,033			2,105			1.78%		258,803			882			1.36%	464,342			953			0.82%
	Total Interest-earning Assets	15,853,397			150,277			3.83%		15,605,559			153,073			3.97%	15,921,411			154,170			3.85%
Noninterest-earning assets:
	Cash and due from banks	105,271								199,641							110,292
	Premises and equipment	226,391								226,295							224,516
	Other assets	1,114,078								1,032,071							1,073,302
	Less: allowance for loan losses	(183,927		)						(203,201		)					(189,029		)
	Total Assets	$	17,115,210							$	16,860,365						$	17,140,492
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
	Demand deposits	$	3,135,927		$	983		0.13%		$	2,945,211		$	909		0.13%	$	3,145,658		$	1,027		0.13%
	Savings deposits	3,517,057			1,119			0.13%		3,351,871			1,035			0.13%	3,548,504			1,171			0.13%
	Time deposits	3,061,593			7,721			1.02%		2,932,456			5,952			0.82%	3,016,834			7,333			0.96%
	Total Interest-bearing Deposits	9,714,577			9,823			0.41%		9,229,538			7,896			0.35%	9,710,996			9,531			0.39%
	Short-term borrowings	309,215			77			0.10%		1,208,953			633			0.21%	417,838			138			0.13%
	FHLB advances and long-term debt	1,124,074			12,291			4.40%		883,532			10,698			4.88%	1,086,321			11,887			4.36%
	Total Interest-bearing Liabilities	11,147,866			22,191			0.80%		11,322,023			19,227			0.69%	11,215,155			21,556			0.76%
Noninterest-bearing liabilities:
	Demand deposits	3,662,040								3,243,424							3,630,780
	Other	289,341								232,004							242,346
	Total Liabilities	15,099,247								14,797,451							15,088,281
	Shareholders' equity	2,015,963								2,062,914							2,052,211
	Total Liabilities and Shareholders' Equity	$	17,115,210							$	16,860,365						$	17,140,492
	Net interest income/net interest margin (fully taxable equivalent)				128,086			3.27%					133,846			3.47%				132,614			3.31%
	Tax equivalent adjustment				(4,505		)						(4,281		)					(4,576		)
	Net interest income				$	123,581							$	129,565						$	128,038
	(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:
		Three Months Ended								% Change from
		March 31			March 31			December 31		March 31			December 31
		2015			2014			2014		2014			2014
Loans, by type:
	Real estate - commercial mortgage	$	5,163,845		$	5,085,128		$	5,131,375	1.5		%	0.6		%
	Commercial - industrial, financial and agricultural	3,770,187			3,637,075			3,723,211		3.7		%	1.3		%
	Real estate - home equity	1,721,300			1,755,346			1,735,769		(1.9		)%	(0.8		)%
	Real estate - residential mortgage	1,370,376			1,336,323			1,378,452		2.5		%	(0.6		)%
	Real estate - construction	688,690			576,346			697,741		19.5		%	(1.3		)%
	Consumer	259,138			274,910			275,349		(5.7		)%	(5.9		)%
	Leasing and other	121,992			97,229			114,256		25.5		%	6.8		%
	Total Loans, net of unearned income	$	13,095,528		$	12,762,357		$	13,056,153	2.6		%	0.3		%
Deposits, by type:
	Noninterest-bearing demand	$	3,662,040		$	3,243,424		$	3,630,780	12.9		%	0.9		%
	Interest-bearing demand	3,135,927			2,945,211			3,145,658		6.5		%	(0.3		)%
	Savings deposits	3,517,057			3,351,871			3,548,504		4.9		%	(0.9		)%
	Time deposits	3,061,593			2,932,456			3,016,834		4.4		%	1.5		%
	Total Deposits	$	13,376,617		$	12,472,962		$	13,341,776	7.2		%	0.3		%
Short-term borrowings, by type:
	Customer repurchase agreements	$	173,625		$	187,362		$	183,331	(7.3		)%	(5.3		)%
	Customer short-term promissory notes	86,258			102,000			87,338		(15.4		)%	(1.2		)%
	Federal funds purchased	25,054			416,230			59,669		(94.0		)%	(58.0		)%
	Short-term FHLB advances and other borrowings	24,278			503,361			87,500		(95.2		)%	(72.3		)%
	Total Short-term Borrowings	$	309,215		$	1,208,953		$	417,838	(74.4		)%	(26.0		)%

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
		Three Months Ended
		Mar 31			Mar 31			Dec 31
		2015			2014			2014
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of period		$	185,931		$	204,917		$	191,108
	Loans charged off:
	Commercial - industrial, financial and agricultural	(1,863		)	(5,125		)	(8,712		)
	Consumer and home equity	(1,548		)	(2,402		)	(1,696		)
	Real estate - residential mortgage	(1,281		)	(846		)	(752		)
	Real estate - commercial mortgage	(709		)	(1,386		)	(920		)
	Real estate - construction	—			(214		)	(464		)
	Leasing and other	(363		)	(295		)	(701		)
	Total loans charged off	(5,764		)	(10,268		)	(13,245		)
Recoveries of loans previously charged off:
	Commercial - industrial, financial and agricultural	786			744			1,724
	Consumer and home equity	492			565			419
	Real estate - residential mortgage	159			116			132
	Real estate - commercial mortgage	436			44			319
	Real estate - construction	1,147			224			2,325
	Leasing and other	171			164			149
	Recoveries of loans previously charged off	3,191			1,857			5,068
Net loans charged off		(2,573		)	(8,411		)	(8,177		)
Provision for credit losses		(3,700		)	2,500			3,000
Balance at end of period		$	179,658		$	199,006		$	185,931
Net charge-offs to average loans (annualized)		0.08		%	0.26		%	0.25		%
NON-PERFORMING ASSETS:
	Non-accrual loans	$	129,929		$	133,705		$	121,080
	Loans 90 days past due and accruing	19,365			21,225			17,402
	Total non-performing loans	149,294			154,930			138,482
	Other real estate owned	14,251			15,300			12,022
	Total non-performing assets	$	163,545		$	170,230		$	150,504
NON-PERFORMING LOANS, BY TYPE:
	Real estate - commercial mortgage	46,331			45,876			45,237
	Commercial - industrial, financial and agricultural	43,265			38,830			30,388
	Real estate - residential mortgage	28,595			29,305			28,995
	Consumer and home equity	16,939			20,087			17,330
	Real estate - construction	14,140			20,758			16,399
	Leasing	24			74			133
	Total non-performing loans	149,294			154,930			138,482
TROUBLED DEBT RESTRUCTURINGS (TDRs), BY TYPE:
	Real-estate - residential mortgage	$	31,574		$	30,363		$	31,308
	Real-estate - commercial mortgage	23,468			19,514			18,822
	Real estate - construction	7,791			8,430			9,241
	Commercial - industrial, financial and agricultural	6,975			6,755			5,237
	Consumer and home equity	3,118			2,622			3,013
	Total accruing TDRs	$	72,926		$	67,684		$	67,621
	Non-accrual TDRs (1)	29,392			27,487			24,616
	Total TDRs	$	102,318		$	95,171		$	92,237
(1) Included within non-accrual loans above.

DELINQUENCY RATES, BY TYPE:
		March 31, 2015						March 31, 2014						December 31, 2014
		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	0.50	%	0.89	%	1.39	%	0.35	%	0.89	%	1.24	%	0.35	%	0.87	%	1.22	%
	Commercial - industrial, financial and agricultural	0.26	%	1.15	%	1.41	%	0.33	%	1.09	%	1.42	%	0.17	%	0.81	%	0.98	%
	Real estate - construction	0.31	%	2.09	%	2.40	%	0.43	%	3.55	%	3.98	%	0.02	%	2.38	%	2.40	%
	Real estate - residential mortgage	1.75	%	2.10	%	3.85	%	1.53	%	2.20	%	3.73	%	1.96	%	2.10	%	4.06	%
	Consumer, home equity, leasing and other	0.92	%	0.81	%	1.73	%	0.89	%	0.96	%	1.85	%	0.80	%	0.82	%	1.62	%
	Total	0.62	%	1.14	%	1.76	%	0.56	%	1.22	%	1.78	%	0.52	%	1.06	%	1.58	%
(2) Includes non-accrual loans
ASSET QUALITY RATIOS:
		Mar 31		Mar 31		Dec 31
		2015		2014		2014
	Non-accrual loans to total loans	0.99	%	1.05	%	0.92	%
	Non-performing assets to total loans and OREO	1.25	%	1.34	%	1.15	%
	Non-performing assets to total assets	0.94	%	1.01	%	0.88	%
	Allowance for credit losses to loans outstanding	1.37	%	1.56	%	1.42	%
	Allowance for credit losses to non-performing loans	120.34	%	128.45	%	134.26	%
	Non-performing assets to tangible common shareholders' equity and allowance for credit losses	9.74	%	9.87	%	9.12	%

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 supplemental 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 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:
		Three Months Ended
		March 31			March 31			December 31
		2015			2014			2014
Shareholders' equity (tangible), per share
Shareholders' equity		$	2,031,513		$	2,058,719		$	1,996,665
Less: Goodwill and intangible assets		(531,672		)	(532,747		)	(531,803		)
Tangible shareholders' equity (numerator)		$	1,499,841		$	1,525,972		$	1,464,862
Shares outstanding, end of period (denominator)		179,098			188,850			178,924
Shareholders' equity (tangible), per share		$	8.37		$	8.08		$	8.19
Return on average common shareholders' equity (tangible)
Net income		$	40,036		$	41,783		$	37,949
Plus: Intangible amortization, net of tax		85			204			205
Numerator		$	40,121		$	41,987		$	38,154
Average shareholders' equity		$	2,015,963		$	2,062,914		$	2,052,211
Less: Average goodwill and intangible assets		(531,732		)	(532,901		)	(531,955		)
Average tangible shareholders' equity (denominator)		$	1,484,231		$	1,530,013		$	1,520,256
Return on average common shareholders' equity (tangible), annualized		10.96		%	11.13		%	9.96		%
Efficiency ratio
Non-interest expense		$	118,478		$	109,554		$	117,720
Less: Intangible amortization		(130		)	(315		)	(315		)
Numerator		$	118,348		$	109,239		$	117,405
Net interest income (fully taxable equivalent)		$	128,086		$	133,846		$	132,614
Plus: Total Non-interest income		44,737			38,506			42,101
Less: Investment securities gains		(4,145		)	—			(848		)
Denominator		$	168,678		$	172,352		$	173,867
Efficiency ratio		70.16		%	63.38		%	67.53		%
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
Non-performing assets (numerator)		$	163,545		$	170,230		$	150,504
Tangible shareholders' equity		$	1,499,841		$	1,525,972		$	1,464,862
Plus: Allowance for credit losses		179,658			199,006			185,931
Tangible shareholders' equity and allowance for credit losses (denominator)		$	1,679,499		$	1,724,978		$	1,650,793
Non-performing assets to tangible common shareholders' equity and allowance for credit losses		9.74		%	9.87		%	9.12		%