Fulton Financial (FULT) 8-K Fulton Financial reports fourth quarter and 2019 results

FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
in thousands, except per-share data and percentages
	Three Months Ended
	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
	2019			2019			2019			2019			2018
Ending Balances
Investments	$	2,867,378		$	2,705,610		$	2,853,358		$	2,748,249		$	2,686,973
Loans, net of unearned income	16,857,526			16,686,866			16,368,458			16,262,633			16,165,800
Total assets	21,897,062			21,703,618			21,308,670			20,974,649			20,682,152
Deposits	17,393,913			17,342,717			16,388,895			16,377,978			16,376,159
Shareholders' equity	2,348,474			2,324,016			2,308,798			2,301,019			2,247,573
Average Balances
Investments	$	2,830,999		$	2,829,672		$	2,790,392		$	2,699,130		$	2,646,266
Loans, net of unearned income	16,768,274			16,436,507			16,316,076			16,194,375			15,965,637
Total assets	21,813,760			21,457,800			21,057,030			20,690,365			20,512,130
Deposits	17,449,565			16,950,667			16,375,456			16,275,633			16,413,066
Shareholders' equity	2,342,571			2,315,585			2,301,258			2,265,097			2,281,669
Income Statement
Net interest income	$	159,270		$	161,260		$	164,544		$	163,315		$	162,944
Provision for credit losses	12,530			2,170			5,025			5,100			8,200
Non-interest income	55,281			59,813			54,315			46,751			49,523
Non-interest expense	139,874			146,770			144,168			137,824			140,685
Income before taxes	62,147			72,133			69,666			67,142			63,582
Net income	54,087			62,108			59,779			56,663			58,083
Pre-provision net revenue(1)	76,324			76,741			76,114			73,775			78,320
Per Share
Net income (basic)	$	0.33		$	0.38		$	0.36		$	0.33		$	0.33
Net income (diluted)	$	0.33		$	0.37		$	0.35		$	0.33		$	0.33
Cash dividends	$	0.17		$	0.13		$	0.13		$	0.13		$	0.16
Tangible common equity(1)	$	11.04		$	10.91		$	10.63		$	10.39		$	10.08
Weighted average shares (basic)	164,135			165,324			168,343			169,884			174,571
Weighted average shares (diluted)	165,039			166,126			169,168			170,909			175,473
Asset Quality
Net charge-offs to average loans (annualized)	0.17		%	0.15%			-0.04%			0.10%			0.17		%
Non-performing loans to total loans	0.96		%	0.81%			0.90%			0.85%			0.86		%
Non-performing assets to total assets	0.77		%	0.66%			0.73%			0.70%			0.73		%
Allowance for credit losses to loans outstanding	1.06		%	1.04%			1.08%			1.05%			1.05		%
Allowance for loan losses to loans outstanding	1.04		%	1.00		%	1.04		%	1.00		%	0.99		%
Allowance for credit losses to non-performing loans	111		%	127%			120%			123%			121.00		%
Allowance for loan losses to non-performing loans	109		%	122%			115%			117%			115.00		%
Non-performing assets to tangible shareholders' equity      and allowance for credit losses(1)	8.44		%	7.32%			7.94%			7.63%			7.97		%

Profitability
Return on average assets	0.98	%	1.15	%	1.14	%	1.11	%	1.12	%
Return on average shareholders' equity	9.16	%	10.64%		10.42%		10.15%		10.10	%
Return on average shareholders' equity (tangible)(1)	11.89	%	14.03%		13.60%		13.28%		13.17	%
Net interest margin	3.22	%	3.31	%	3.44	%	3.49	%	3.44	%
Efficiency ratio(1)	63.5	%	63.6	%	64.2	%	63.9	%	62.2	%
Capital Ratios
Tangible common equity ratio(1)	8.49	%	8.45	%	8.54	%	8.64	%	8.52	%
Tier 1 leverage ratio(2)	8.47%		8.52%		8.68%		8.92%		9.01	%
Common equity Tier 1 capital ratio(2)	9.67	%	9.64	%	9.96	%	10.16	%	10.22	%
Tier 1 capital ratio(2)	9.67	%	9.64	%	9.96	%	10.16%		10.22	%
Total risk-based capital ratio(2)	11.79	%	12.01	%	12.44	%	12.63%		12.75	%
(1) Please refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document.
(2) Regulatory capital ratios as of December 31, 2019 are preliminary and prior periods are actual.

Exhibit 99.2
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
																	% Change from
		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31			Sep 30		Dec 31
		2019			2019			2019			2019			2018			2019		2018
ASSETS
	Cash and due from banks	$	132,283		$	120,671		$	107,091		$	115,884		$	103,436		9.6	%	27.9	%
	Other interest-earning assets	482,930			572,499			488,968			411,037			421,534			(15.6	)%	14.6	%
	Loans held for sale	37,828			33,945			45,754			27,768			27,099			11.4	%	39.6	%
	Investment securities	2,867,378			2,705,610			2,853,358			2,748,249			2,686,973			6.0	%	6.7	%
	Loans, net of unearned income	16,857,526			16,686,866			16,368,458			16,262,633			16,165,800			1.0	%	4.3	%
	Allowance for loan losses	(175,622		)	(166,135		)	(170,233		)	(162,109		)	(160,537		)	5.7	%	9.4	%
	Net loans	16,681,904			16,520,731			16,198,225			16,100,524			16,005,263			1.0	%	4.2	%
	Premises and equipment	240,046			237,344			243,300			239,004			234,529			1.1	%	2.4	%
	Accrued interest receivable	60,898			60,447			62,984			62,207			58,879			0.7	%	3.4	%
	Goodwill and intangible assets	535,303			534,178			535,249			535,356			531,556			0.2	%	0.7	%
	Other assets	858,492			918,193			773,741			734,620			612,883			(6.5	)%	40.1	%
	Total Assets	$	21,897,062		$	21,703,618		$	21,308,670		$	20,974,649		$	20,682,152		0.9	%	5.9	%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	17,393,913		$	17,342,717		$	16,388,895		$	16,377,978		$	16,376,159		0.3	%	6.2	%
	Short-term borrowings	883,241			832,860			1,188,390			829,016			754,777			6.0	%	17.0	%
	Other liabilities	389,665			477,311			435,171			401,324			311,364			(18.4	)%	25.1	%
	FHLB advances and long-term debt	881,769			726,714			987,416			1,065,312			992,279			21.3	%	(11.1	)%
	Total Liabilities	19,548,588			19,379,602			18,999,872			18,673,630			18,434,579			0.9	%	6.0	%
	Shareholders' equity	2,348,474			2,324,016			2,308,798			2,301,019			2,247,573			1.1	%	4.5	%
	Total Liabilities and Shareholders' Equity	$	21,897,062		$	21,703,618		$	21,308,670		$	20,974,649		$	20,682,152		0.9	%	5.9	%
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	6,700,776		$	6,604,634		$	6,497,973		$	6,428,688		$	6,434,285		1.5	%	4.1	%
	Commercial - industrial, financial and agricultural	4,466,701			4,494,496			4,365,248			4,429,538			4,404,548			(0.6	)%	1.4	%
	Real estate - residential mortgage	2,641,465			2,570,793			2,451,966			2,313,908			2,251,044			2.7	%	17.3	%
	Real estate - home equity	1,314,944			1,346,115			1,386,974			1,413,500			1,452,137			(2.3	)%	(9.4	)%
	Real estate - construction	971,079			913,644			922,547			953,087			916,599			6.3	%	5.9	%
	Consumer	463,164			464,213			452,874			433,545			419,186			(0.2	)%	10.5	%
	Leasing and other	299,397			292,971			290,876			290,367			288,001			2.2	%	4.0	%
	Total Loans, net of unearned income	$	16,857,526		$	16,686,866		$	16,368,458		$	16,262,633		$	16,165,800		1.0	%	4.3	%
Deposits, by type:
	Noninterest-bearing demand	$	4,453,324		$	4,240,478		$	4,226,404		$	4,255,043		$	4,310,105		5.0	%	3.3	%
	Interest-bearing demand	4,720,188			4,771,109			4,083,615			4,207,442			4,240,974			(1.1	)%	11.3	%
	Savings and money market accounts	5,153,941			5,094,387			4,938,998			4,907,346			4,926,937			1.2	%	4.6	%
	Total demand and savings	14,327,453			14,105,974			13,249,017			13,369,831			13,478,016			1.6	%	6.3	%
	Brokered deposits	264,531			256,870			246,116			251,395			176,239			3.0	%	50.1	%
	Time deposits	2,801,929			2,979,873			2,893,762			2,756,752			2,721,904			(6.0	)%	2.9	%
	Total Deposits	$	17,393,913		$	17,342,717		$	16,388,895		$	16,377,978		$	16,376,159		0.3	%	6.2	%
Short-term borrowings, by type:
	Customer repurchase agreements	$	56,707		$	58,853		$	56,496		$	54,440		$	43,499		(3.6	)%	30.4	%
	Customer short-term promissory notes	326,534			279,007			281,894			299,576			326,278			17.0	%	0.1	%
	Short-term FHLB advances	500,000			475,000			650,000			475,000			385,000			5.3	%	29.9	%
	Federal funds purchased	—			20,000			200,000			—			—			(100.0	)%	N/M
	Total Short-term Borrowings	$	883,241		$	832,860		$	1,188,390		$	829,016		$	754,777		6.0	%	17.0	%
N/M - Not meaningful

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
in thousands
		Three Months Ended										% Change from				Year ended
		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Dec 31		December 31
		2019		2019		2019		2019		2018		2019		2018		2019		2018		% Change
Interest Income:
	Interest income	$	202,159	$	208,413	$	210,034	$	204,700	$	200,609	(3.0	)%	0.8	%	$	825,306	$	758,514	8.8	%
	Interest expense	42,889		47,153		45,490		41,385		37,665		(9.0	)%	13.9	%	176,917		128,058		38.2	%
	Net Interest Income	159,270		161,260		164,544		163,315		162,944		(1.2	)%	(2.3	)%	648,389		630,456		2.8	%
	Provision for credit losses	12,530		2,170		5,025		5,100		8,200		N/M		52.8	%	24,825		46,907		(47.1	)%
	Net Interest Income after Provision	146,740		159,090		159,519		158,215		154,744		(7.8	)%	(5.2	)%	623,564		583,549		6.9	%
Non-Interest Income:
	Wealth management	14,419		13,867		14,153		13,239		13,408		4.0	%	7.5	%	55,678		52,148		6.8	%
	Mortgage banking	5,076		6,658		6,593		4,772		4,774		(23.8	)%	6.3	%	23,099		19,026		21.4	%
	Consumer banking:
	Card	4,991		5,791		5,047		4,686		4,966		(13.8	)%	0.5	%	20,515		19,497		5.2	%
	Overdraft	4,750		4,682		4,413		4,104		4,653		1.5	%	2.1	%	17,949		17,606		1.9	%
	Other consumer banking	2,685		2,860		2,907		2,587		2,799		(6.1	)%	(4.1	)%	11,039		11,319		(2.5	)%
	Total consumer banking	12,426		13,333		12,367		11,377		12,418		(6.8	)%	0.1	%	49,503		48,422		2.2	%
	Commercial banking:
	Merchant and card	5,841		6,166		6,512		5,558		5,656		(5.3	)%	3.3	%	24,077		23,427		2.8	%
	Cash management	4,697		4,696		4,638		4,361		4,340		—	%	8.2	%	18,392		17,581		4.6	%
	Commercial loan interest rate swap	5,426		3,944		3,477		2,028		2,540		37.6	%	113.6	%	14,875		9,831		51.3	%
	Other commercial banking	3,664		3,478		3,815		2,816		3,466		5.3	%	5.7	%	13,773		13,090		5.2	%
	Total commercial banking	19,628		18,284		18,442		14,763		16,002		7.4	%	22.7	%	71,117		63,929		11.2	%
	Other	3,732		3,179		2,584		2,535		2,921		17.4	%	27.8	%	12,030		11,963		0.6	%
	Non-Interest Income before Investment Securities Gains	55,281		55,321		54,139		46,686		49,523		(0.1	)%	11.6	%	211,427		195,488		8.2	%
	Investment securities gains, net	—		4,492		176		65		—		(100.0	)%	—	%	4,733		37		N/M
	Total Non-Interest Income	55,281		59,813		54,315		46,751		49,523		(7.6	)%	11.6	%	216,160		195,525		10.6	%
Non-Interest Expense:
	Salaries and employee benefits	77,875		78,211		78,991		77,757		75,745		(0.4	)%	2.8	%	312,834		303,202		3.2	%
	Net occupancy	13,080		12,368		14,469		12,909		12,708		5.8	%	2.9	%	52,826		51,678		2.2	%
	Data processing and software	11,468		11,590		11,268		10,353		10,203		(1.1	)%	12.4	%	44,679		41,286		8.2	%
	Other outside services	8,215		12,163		11,259		8,352		8,944		(32.5	)%	(8.2	)%	39,989		33,758		18.5	%
	Equipment	3,475		3,459		3,299		3,342		3,275		0.5	%	6.1	%	13,575		13,243		2.5	%
	Professional fees	2,873		3,331		2,970		3,960		3,546		(13.7	)%	(19.0	)%	13,134		14,161		(7.3	)%
	FDIC insurance	2,177		239		2,755		2,609		2,563		N/M		(15.1	)%	7,780		10,993		(29.2	)%
	Amortization of tax credit investments	1,505		1,533		1,492		1,491		6,538		(1.8	)%	(77.0	)%	6,021		11,449		(47.4	)%
	Marketing	1,503		3,322		2,863		2,160		1,577		(54.8	)%	(4.7	)%	9,848		8,854		11.2	%
	Intangible amortization	142		1,071		107		107		—		N/M		100.0	%	1,427		—		100.0	%
	Prepayment penalty on FHLB advances	—		4,326		—				—		(100.0	)%	—	%	4,326		—		100.0	%
	Other	17,561		15,157		14,695		14,784		15,586		15.9	%	12.7	%	62,197		57,480		8.2	%
	Total Non-Interest Expense	139,874		146,770		144,168		137,824		140,685		(4.7	)%	(0.6	)%	568,636		546,104		4.1	%
	Income Before Income Taxes	62,147		72,133		69,666		67,142		63,582		(13.8	)%	(2.3	)%	271,088		232,970		16.4	%
	Income tax expense	8,060		10,025		9,887		10,479		5,499		(19.6	)%	46.6	%	38,451		24,577		56.5	%
	Net Income	$	54,087	$	62,108	$	59,779	$	56,663	$	58,083	(12.9	)%	(6.9	)%	$	232,637	$	208,393	11.6	%
PER SHARE:
	Net income:
	Basic	$	0.33	$	0.38	$	0.36	$	0.33	$	0.33	(13.2	)%	—	%	$	1.39	$	1.19	16.8	%
	Diluted	0.33		0.37		0.35		0.33		0.33		(10.8	)%	—	%	1.39		1.18		17.8	%
	Cash dividends	0.17		0.13		0.13		0.13		0.16		30.8	%	6.3	%	0.56		0.52		7.7	%
	Weighted average shares (basic)	164,135		165,324		168,343		169,884		174,571		(0.7	)%	(6.0	)%	166,902		175,395		(4.8	)%
	Weighted average shares (diluted)	165,039		166,126		169,168		170,909		175,473		(0.7	)%	(5.9	)%	167,792		176,543		(5.0	)%
N/M - not meaningful

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three Months Ended
		December 31, 2019								September 30, 2019								December 31, 2018
		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	$	16,768,274		$	182,024		4.31%		$	16,436,507		$	188,280		4.55%		$	15,965,637		$	182,358		4.54%
	Taxable investment securities	2,198,252			15,621			2.84%		2,282,292			15,565			2.73%		2,283,897			15,005			2.74%
	Tax-exempt investment securities	594,487			5,058			3.38%		516,907			4,650			3.57%		426,872			3.978			3.71%
	Total Investment Securities	2,792,739			20,679			2.96%		2,799,199			20,215			2.88%		2,710,769			18.983			2.80%
	Loans held for sale	30,062			295			3.93%		31,898			466			5.83%		22,361			271			4.85%
	Other interest-earning assets	492,560			2,370			1.92%		509,579			2,709			2.12%		492,529			2,177			1.76%
	Total Interest-earning Assets	20,083,635			205,368			4.07%		19,777,183			211,670			4.25%		19,191,296			203.789			4.22%
Noninterest-earning assets:
	Cash and due from banks	128,417								120,967								111,252
	Premises and equipment	239,294								240,383								233,445
	Other assets	1,529,994								1,491,115								1,131,548
	Less: allowance for loan losses	(167,580		)						(171,848		)						(155,411		)
	Total Assets	$	21,813,760							$	21,457,800							$	20,512,130
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
	Demand deposits	$	4,699,040		$	8,494		0.72%		$	4,448,112		$	9,163		0.82%		$	4,225,157		$	7,448		0.70%
	Savings deposits	5,205,260			10,253			0.78%		5,026,316			11,059			0.87%		4,979,712			9,745			0.78%
	Brokered deposits	261,689			1,279			1.94%		253,426			1,536			2.40%		164,280			969			2.34%
	Time deposits	2,959,008			13,775			1.86%		2,974,993			13,979			1.86%		2,722,141			9,997			1.46%
	Total Interest-bearing Deposits	13,124,997			33,801			1.02%		12,702,847			35,737			1.12%		12,091,290			28,159			0.92%
	Short-term borrowings	717,811			2,343			1.29%		919,697			4,156			1.78%		504,550			1,410			1.11%
	FHLB advances and long-term debt	875,802			6,745			3.07%		842,706			7,260			3.44%		988,914			8,096			3.26%
	Total Interest-bearing Liabilities	14,718,610			42,889			1.16%		14,465,250			47,153			1.29%		13,584,754			37,665			1.10%
Noninterest-bearing liabilities:
	Demand deposits	4,324.568								4,247,820								4,321,776
	Total Deposits	17,449.565								16,950,667								16,413,066
	Other	428.011								429,145								323,931
	Total Liabilities	19,471.189								19,142,215								18,230,461
	Total Interest-bearing liabilities and non interest-bearing deposits ("Cost of Funds")	19,043.178						0.89%		18,713,070						1.00%		17,906,530						0.84%
	Shareholders' equity	2,342.571								2,315,585								2,281,669
	Total Liabilities and Shareholders' Equity	$	21,813,760							$	21,457,800							$	20,512,130
	Net interest income/net interest margin (fully taxable equivalent)				162,479			3.22%					164,517			3.31%					166,124			3.44%
	Tax equivalent adjustment				(3,209		)						(3,257		)						(3,180		)
	Net interest income				$	159,270							$	161,260							$	162,944
	(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
		Three Months Ended														% Change from
		Dec 31			Sep 30			Jun 30		Mar 31			Dec 31			Sep 30		Dec 31
		2019			2019			2019		2019			2018			2019		2018
Loans, by type:
	Real estate - commercial mortgage	$	6,561,029		$	6,489,456		$	6,424,213	$	6,378,145		$	6,343,024		1.1	%	3.4		%
	Commercial - industrial, financial and agricultural	4,575,350			4,414,992			4,440,860		4,462,609			4,329,937			3.6	%	5.7		%
	Real estate - residential mortgage	2,606,136			2,512,899			2,366,685		2,276,611			2,209,993			3.7	%	17.9		%
	Real estate - home equity	1,331,088			1,364,161			1,404,141		1,433,574			1,459,647			(2.4	)%	(8.8		)%
	Real estate - construction	934,556			905,060			943,080		930,246			931,724			3.3	%	0.3		%
	Consumer	464,606			457,524			445,666		424,480			406,436			1.5	%	14.3		%
	Leasing and other	295,509			292,415			291,431		288,710			284,876			1.1	%	3.7		%
	Total Loans, net of unearned income	$	16,768,274		$	16,436,507		$	16,316,076	$	16,194,375		$	15,965,637		2.0	%	5.0		%
Deposits, by type:
	Noninterest-bearing demand	$	4,324,568		$	4,247,820		$	4,200,810	$	4,222,875		$	4,321,776		1.8	%	0.1		%
	Interest-bearing demand	4,699,040			4,448,112			4,186,280		4,153,984			4,225,157			5.6	%	11.2		%
	Savings and money market accounts	5,205,260			5,026,316			4,925,788		4,912,856			4,979,712			3.6	%	4.5		%
	Total demand and savings	14,228,868			13,722,248			13,312,878		13,289,715			13,526,645			3.7	%	5.2		%
	Brokered deposits	261,689			253,426			246,154		220,115			164,280			3.3	%	59.3		%
	Time deposits	2,959,008			2,974,993			2,816,425		2,765,803			2,722,141			(0.5	)%	8.7		%
	Total Deposits	$	17,449,565		$	16,950,667		$	16,375,457	$	16,275,633		$	16,413,066		2.9	%	6.3		%
Short-term borrowings, by type:
	Customer repurchase agreements	$	59,363		$	61,230		$	56,171	$	56,707		$	64,102		(3.0	)%	(7.4		)%
	Customer short-term promissory notes	318,166			271,663			288,696		312,092			310,296			17.1	%	2.5		%
	Federal funds purchased	91,467			101,022			181,769		157,122			43			(9.5	)%	N/M
	Short-term FHLB advances and other borrowings	248,815			485,782			414,868		294,133			130,109			(48.8	)%	91.2		%
	Total Short-term Borrowings	$	717,811		$	919,697		$	941,504	$	820,054		$	504,550		(22.0	)%	42.3		%

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Year Ended December 31
		2019								2018
		Average								Average
		Balance			Interest (1)			Yield/Rate		Balance			Interest (1)			Yield/Rate
ASSETS
Interest-earning assets:
	Loans, net of unearned income	$	16,430,402		$	747,119		4.55	%	$	15,815,263		$	691,954		4.38	%
	Taxable investment securities	2,278,448			62,556			2.74	%	2,246,555			56,039			2.49	%
	Tax-exempt investment securities	500,398			17,998			3.57	%	416,119			15,285			3.65	%
	Equity securities	—			—			—	%	126			5			3.97	%
	Total Investment Securities	2,778,846			80,554			2.89	%	2,662,800			71,329			2.68	%
	Loans held for sale	25,795			1,351			5.24	%	22,970			1,159			5.05	%
	Other interest-earning assets	445,008			9,249			2.08	%	382,569			6,193			1.62	%
	Total Interest-earning Assets	19,680,051			838,273			4.26	%	18,883,602			770,635			4.08	%
Noninterest-earning assets:
	Cash and due from banks	119,144								104,595
	Premises and equipment	239,376								231,762
	Other assets	1,386,000								1,123,857
	Less: allowance for loan losses	(166,198		)						(160,614		)
	Total Assets	$	21,258,373							$	20,183,202
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
	Demand deposits	$	4,384,059		$	33,348		0.76	%	$	4,063,929		$	22,789		0.56	%
	Savings deposits	5,018,381			41,823			0.83	%	4,684,023			27,226			0.58	%
	Brokered deposits	245,483			5,779			2.35	%	121,863			2,480			2.04	%
	Time deposits	2,869,344			50,825			1.77	%	2,675,670			35,217			1.32	%
	Total Interest-bearing Deposits	12,517,267			131,775			1.05	%	11,545,485			87,712			0.76	%
	Short-term borrowings	849,679			14,543			1.70	%	785,923			8,489			1.07	%
	FHLB advances and long-term debt	942,600			30,599			3.25	%	977,573			31,857			3.26	%
	Total Interest-bearing Liabilities	14,309,546			176,917			1.24	%	13,308,981			128,058			0.96	%
Noninterest-bearing liabilities:
	Demand deposits	4,249,294								4,287,121
	Total Deposits	16,766,561								15,832,606
	Other	393,167								331,336
	Total Liabilities	18,952,007								17,927,438
	Total Interest-bearing liabilities and non interest-bearing deposits ("Cost of Funds")	18,558,840						0.95	%	17,596,102						0.73	%
	Shareholders' equity	2,306,366								2,255,764
	Total Liabilities and Shareholders' Equity	$	21,258,373							$	20,183,202
	Net interest income/net interest margin (fully taxable equivalent)				661,356			3.36	%				642,577			3.40	%
	Tax equivalent adjustment				(12,967		)						(12,121		)
	Net interest income				$	648,389							$	630,456
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
		Year Ended
		December 31
		2019			2018			% Change
Loans, by type:
	Real estate - commercial mortgage	$	6,463,783		$	6,314,349		2.4	%
	Commercial - industrial, financial and agricultural	4,473,604			4,314,584			3.7	%
	Real estate - residential mortgage	2,441,684			2,085,258			17.1	%
	Real estate - home equity	1,382,908			1,493,620			(7.4	)%
	Real estate - construction	928,183			965,835			(3.9	)%
	Consumer	448,205			361,186			24.1	%
	Leasing and other	292,035			280,431			4.1	%
	Total Loans, net of unearned income	$	16,430,402		$	15,815,263		3.9	%
Deposits, by type:
	Noninterest-bearing demand	$	4,249,294		$	4,287,121		(0.9	)%
	Interest-bearing demand	4,384,059			4,063,929			7.9	%
	Savings and money market accounts	5,018,381			4,684,023			7.1	%
	Total demand and savings	13,651,734			13,035,073			4.7	%
	Brokered deposits	245,483			121,863			101.4	%
	Time deposits	2,869,344			2,675,670			7.2	%
	Total Deposits	$	16,766,561		$	15,832,606		5.9	%

Short-term borrowings, by type:
	Customer repurchase agreements	$	58,384	$	137,198	(57.4	)%
	Customer short-term promissory notes	297,599		308,470		(3.5	)%
	Federal funds purchased	132,578		229,715		(42.3	)%
	Short-term FHLB advances and other borrowings	361,118		110,540		N/M
	Total Short-term Borrowings	$	849,679	$	785,923	8.1	%
N/M - not meaningful

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
		Three Months Ended															Year Ended
		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31			Dec 31
		2019			2019			2019			2019			2018			2019			2018
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of period		$	172,797		$	176,941		$	170,372		$	169,410		$	167,826		$	169,410		$	176,084
	Loans charged off:
	Commercial - industrial, financial and agricultural	(10,547		)	(7,181		)	(1,895		)	(2,787		)	(6,263		)	(22,410		)	(52,441		)
	Real estate - commercial mortgage	(68		)	(394		)	(230		)	(1,145		)	(762		)	(1,837		)	(2,045		)
	Consumer and home equity	(1,416		)	(1,375		)	(1,001		)	(902		)	(1,884		)	(4,694		)	(6,127		)
	Real estate - residential mortgage	(223		)	(533		)	(134		)	(655		)	(446		)	(1,545		)	(1,574		)
	Real estate - construction	—			(45		)	(3		)	(95		)	(392		)	(143		)	(1,368		)
	Leasing and other	(727		)	(600		)	(448		)	(785		)	(889		)	(2,560		)	(2,521		)
	Total loans charged off	(12,981		)	(10,128		)	(3,711		)	(6,369		)	(10,636		)	(33,189		)	(66,076		)
Recoveries of loans previously charged off:
	Commercial - industrial, financial and agricultural	2,487			2,311			2,680			1,243			2,647			8,721			4,994
	Real estate - commercial mortgage	1,453			444			169			136			94			2,202			1,622
	Consumer and home equity	437			348			802			407			684			1,994			2,393
	Real estate - residential mortgage	206			440			211			132			100			989			620
	Real estate - construction	1,098			164			1,245			84			415			2,591			1,829
	Leasing and other	182			107			148			229			80			666			1,037
	Recoveries of loans previously charged off	5,863			3,814			5,255			2,231			4,020			17,163			12,495
Net loans recovered (charged off)		(7,118		)	(6,314		)	1,544			(4,138		)	(6,616		)	(16,026		)	(53,581		)
Provision for credit losses		12,530			2,170			5,025			5,100			8,200			24,825			46,907
Balance at end of period		$	178,209		$	172,797		$	176,941		$	170,372		$	169,410		$	178,209		$	169,410
Net charge-offs (recoveries) to average loans (annualized)		0.17		%	0.15		%	(0.04		)%	0.10		%	0.17		%	0.10		%	0.34		%
NON-PERFORMING ASSETS:
	Non-accrual loans	$	145,098		$	124,287		$	133,118		$	127,141		$	128,572
	Loans 90 days past due and accruing	16,057			11,689			14,598			11,540			11,106
	Total non-performing loans	161,155			135,976			147,716			138,681			139,678
	Other real estate owned	6,831			7,706			7,241			9,012			10,518
	Total non-performing assets	$	167,986		$	143,682		$	154,957		$	147,693		$	150,196
NON-PERFORMING LOANS, BY TYPE:
	Commercial - industrial, financial and agricultural	$	69,491		$	37,126		$	47,260		$	50,148		$	51,269
	Real estate - commercial mortgage	37,279			45,710			43,850			29,817			32,153
	Real estate - residential mortgage	22,411			20,150			21,659			22,299			19,101
	Consumer and home equity	11,026			11,012			12,378			10,770			10,178
	Real estate - construction	4,306			4,312			4,632			7,039			7,390
	Leasing	16,642			17,666			17,937			18,608			19,587
	Total non-performing loans	$	161,155		$	135,976		$	147,716		$	138,681		$	139,678

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:
		Three Months Ended															Year Ended
		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31			Dec 31			Dec 31
		2019			2019			2019			2019			2018			2019			2018
Shareholders' equity (tangible), per share
Shareholders' equity		$2,348,474			$2,324,016			$2,308,798			$2,301,019			$2,247,573
Less: Goodwill and intangible assets		(535,303		)	(534,178		)	(535,249		)	(535,356		)	(531,556		)
Tangible shareholders' equity (numerator)		$	1,813,171		$	1,789,838		$	1,773,549		$	1,765,663		$	1,716,017
Shares outstanding, end of period (denominator)		164,218			164,036			166,903			169,923			170,184
Shareholders' equity (tangible), per share		$	11.04		$	10.91		$	10.63		$	10.39		$	10.08
Return on average shareholders' equity (tangible)
Net income		$	54,087		$	62,108		$	59,779		$	56,663		$	58,083		$	232,637		$	208,393
Plus: Intangible amortization, net of tax		112			846			85			85			—			1,127			—
Numerator		$	54,199		$	62,954		$	59,864		$	56,748		$	58,083		$	233,764		$	208,393
Average shareholders' equity		$	2,342,571		$	2,315,585		$	2,301,258		$	2,265,097		$	2,281,669		$	2,306,366		$	2,255,764
Less: Goodwill and intangible assets		(534,190		)	(535,184		)	(535,301		)	(531,767		)	(531,556		)	$	(534,120	)	$	(531,556	)
Average tangible shareholders' equity (denominator)		$	1,808,381		$	1,780,401		$	1,765,957		$	1,733,330		$	1,750,113		$	1,772,246		$	1,724,208
Return on average shareholders' equity (tangible), annualized		11.89		%	14.03		%	13.60		%	13.28		%	13.17		%	13.19		%	12.09		%
Tangible Common Equity to Tangible Assets (TCE Ratio)
Shareholders' equity		$	2,348,474		$	2,324,016		$	2,308,798		$	2,301,019		$	2,247,573
Less: Goodwill and intangible assets		(535,303		)	(534,178		)	(535,249		)	(535,356		)	(531,556		)
Tangible shareholders' equity (numerator)		$	1,813,171		$	1,789,838		$	1,773,549		$	1,765,663		$	1,716,017
Total assets		$	21,897,062		$	21,703,618		$	21,308,670		$	20,974,649		$	20,682,152
Less: Goodwill and intangible assets		(535,303		)	(534,178		)	(535,249		)	(535,356		)	(531,556		)
Total tangible assets (denominator)		$	21,361,759		$	21,169,440		$	20,773,421		$	20,439,293		$	20,150,596
Tangible Common Equity to Tangible Assets		8.49		%	8.45		%	8.54		%	8.64		%	8.52		%
Efficiency ratio
Non-interest expense		$	139,874		$	146,770		$	144,168		$	137,824		$	140,685		$	568,636		$	546,104
Less: Intangible amortization		(142		)	(1,071		)	(107		)	(107		)	—			(1,427		)	—
Less: Amortization of tax credit investments		(1,505		)	(1,533		)	(1,492		)	(1,491		)	(6,538		)	(6,021		)	(11,449		)
Less: Prepayment penalty on FHLB advances		—			(4,326		)	—			—			—			(4,326		)	—
Non-interest expense (numerator)		$	138,227		$	139,840		$	142,569		$	136,226		$	134,147		$	556,862		$	534,655
Net interest income (fully taxable equivalent)		$	162,479		$	164,517		$	167,794		$	166,564		$	166,124		$	661,356		$	642,577
Plus: Total Non-interest income		55,281			59,813			54,315			46,751			49,523			216,160			195,525
Less: Investment securities gains		—			(4,492		)	(176		)	(65		)	—			(4,733		)	(37		)
Net interest income (denominator)		$	217,760		$	219,838		$	221,933		$	213,250		$	215,647		$	872,783		$	838,065
Efficiency ratio		63.5		%	63.6		%	64.2		%	63.9		%	62.2		%	63.8		%	63.8		%
Non-performing assets to tangible common shareholders' equity and allowance for credit losses
Non-performing assets (numerator)		$	167,986		$	143,682		$	154,957		$	147,693		$	150,196
Tangible shareholders' equity		$	1,813,171		$	1,789,838		1,773,549			1,765,663			$	1,716,017
Plus: Allowance for credit losses		178,209			172,797			176,941			170,372			169,410
Tangible shareholders' equity and allowance for credit losses (denominator)		$	1,991,380		$	1,962,635		$	1,950,490		$	1,936,035		$	1,885,427
Non-performing assets to tangible shareholders' equity and allowance for credit losses		8.44		%	7.32		%	7.94		%	7.63		%	7.97		%

Pre-provision net revenue
Net interest income	$	159,270		$	161,260		$	164,544		$	163,315		$	162,944		$	648,389		$	630,456
Non-interest income	55,281			59,813			54,315			46,751			49,523			216,160			195,525
Less: Investment securities gains	—			(4,492		)	(176		)	(65		)	—			(4,733		)	(37		)
Total revenue	$	214,551		$	216,581		$	218,683		$	210,001		$	212,467		$	859,816		$	825,944
Non-interest expense	$	139,874		$	146,770		$	144,168		$	137,824		$	140,685		$	568,636		$	546,104
Less: Prepayment penalty on FHLB advances	—			(4,326		)	—			—			—			(4,326		)	—
Less: Amortization of tax credit investments	(1,505		)	(1,533		)	(1,492		)	(1,491		)	(6,538		)	(6,021		)	(11,449		)
Less: Intangible amortization	(142		)	(1,071		)	(107		)	(107		)	—			(1,427		)	—
Total non-interest expense	$	138,227		$	139,840		$	142,569		$	136,226		$	134,147		$	556,862		$	534,655
Pre-provision net revenue	$	76,324		$	76,741		$	76,114		$	73,775		$	78,320		$	302,954		$	291,289