Fulton Financial (FULT) 8-K Fulton Financial reports 2006 earnings

Exhibit 99.2

FULTON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
dollars in thousands, except per-share data

	December 31
BALANCE SHEET DATA	2006		2005		% Change
Total assets	$	14,919,523	$	12,401,555		20.3	%
Loans, net of unearned income		10,374,323		8,424,728		23.1	%
Investment securities		2,878,238		2,562,145		12.3	%
Deposits		10,232,469		8,804,839		16.2	%
Shareholders’ equity		1,515,272		1,282,971		18.1	%

										Year Ended
	Quarter Ended December 31									December 31
INCOME SUMMARY	2006			2005			% Change			2006			2005			% Change
Interest income	$	229,548		$	172,279			33.2	%	$	864,507		$	625,768			38.2	%
Interest expense		(107,804	)		(64,387	)		67.4	%		(378,944	)		(213,220	)		77.7	%
Net interest income		121,744			107,892			12.8	%		485,563			412,548			17.7	%
Provision for loan losses		(1,068	)		(780	)		36.9	%		(3,498	)		(3,120	)		12.1	%
Investment securities gains		1,915			987			94.0	%		7,439			6,625			12.3	%
Other income		38,440			32,978			16.6	%		142,436			137,673			3.5	%
Other expenses		(94,757	)		(82,737	)		14.5	%		(365,991	)		(316,291	)		15.7	%
Income before income taxes		66,274			58,340			13.6	%		265,949			237,435			12.0	%
Income taxes		(19,669	)		(17,434	)		12.8	%		(80,422	)		(71,361	)		12.7	%
Net income	$	46,605		$	40,906			13.9	%	$	185,527		$	166,074			11.7	%
PER-SHARE DATA:
Net income:
Basic	$	0.27		$	0.25			8.0	%	$	1.07		$	1.01			5.9	%
Diluted		0.27			0.25			8.0	%		1.06			1.00			6.0	%
Cash dividends		0.1475			0.138			6.9	%		0.581			0.540			7.6	%
Shareholders’ equity		8.73			7.78			12.2	%
Shareholders’ equity (tangible)		4.90			5.06			(3.2	%)
SELECTED FINANCIAL RATIOS:
Return on average assets		1.25	%		1.32	%					1.30	%		1.41	%
Return on average shareholders’ equity		12.29	%		12.62	%					12.84	%		13.24	%
Return on average shareholders’ equity (tangible)		22.55	%		19.82	%					23.87	%		20.28	%
Net interest margin		3.68	%		3.92	%					3.82	%		3.93	%
Efficiency ratio		56.83	%		56.68	%					56.00	%		55.53	%
Average equity to average assets		10.14	%		10.46	%					10.11	%		10.65	%

1

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands

										% Change from
	December 31			December 31			September 30			December 31			September 30
	2006			2005			2006			2005			2006
ASSETS
Cash and due from banks	$	355,018		$	368,043		$	338,598			(3.5	%)		4.8	%
Loans held for sale		239,042			243,378			236,787			(1.8	%)		1.0	%
Other interest-earning assets		28,188			31,932			35,884			(11.7	%)		(21.4	%)
Investment securities		2,878,238			2,562,145			2,950,671			12.3	%		(2.5	%)
Loans, net of unearned		10,374,323			8,424,728			10,312,057			23.1	%		0.6	%
Allowance for loan losses		(106,884	)		(92,847	)		(107,422	)		15.1	%		(0.5	%)
Net Loans		10,267,439			8,331,881			10,204,635			23.2	%		0.6	%
Premises and equipment		191,401			170,254			188,403			12.4	%		1.6	%
Accrued interest receivable		71,825			53,261			70,901			34.9	%		1.3	%
Goodwill and intangible assets		663,775			448,422			661,594			48.0	%		0.3	%
Other assets		224,597			192,239			223,179			16.8	%		0.6	%
Total Assets	$	14,919,523		$	12,401,555		$	14,910,652			20.3	%		0.1	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	10,232,469		$	8,804,839		$	10,277,028			16.2	%		(0.4	%)
Short-term borrowings		1,680,840			1,298,962			1,833,644			29.4	%		(8.3	%)
Long-term debt		1,304,148			860,345			1,109,220			51.6	%		17.6	%
Other liabilities		186,794			154,438			193,067			21.0	%		(3.2	%)
Total Liabilities		13,404,251			11,118,584			13,412,959			20.6	%		(0.1	%)
Shareholders’ equity		1,515,272			1,282,971			1,497,693			18.1	%		1.2	%
Total Liabilities and Shareholders’ Equity	$	14,919,523		$	12,401,555		$	14,910,652			20.3	%		0.1	%
LOANS AND DEPOSITS DETAIL:
Loans, by type:
Commercial — industrial and financial	$	2,603,224		$	2,044,010		$	2,600,807			27.4	%		0.1	%
Commercial — agricultural		361,962			331,659			345,332			9.1	%		4.8	%
Real estate — commercial mortgage		3,213,809			2,831,405			3,174,623			13.5	%		1.2	%
Real estate — residential mortgage		696,836			567,733			677,994			22.7	%		2.8	%
Real estate — home equity		1,455,439			1,205,523			1,465,373			20.7	%		(0.7	%)
Real estate — construction		1,428,809			851,451			1,431,535			67.8	%		(0.2	%)
Consumer		523,066			520,098			529,741			0.6	%		(1.3	%)
Leasing and other		91,178			72,849			86,652			25.2	%		5.2	%
Total Loans, net of unearned income	$	10,374,323		$	8,424,728		$	10,312,057			23.1	%		0.6	%
Deposits, by type:
Noninterest-bearing demand	$	1,831,419		$	1,672,637		$	1,886,514			9.5	%		(2.9	%)
Interest-bearing demand		1,683,857			1,637,007			1,658,545			2.9	%		1.5	%
Savings deposits		2,287,146			2,125,475			2,351,041			7.6	%		(2.7	%)
Time deposits		4,430,047			3,369,720			4,380,928			31.5	%		1.1	%
Total Deposits	$	10,232,469		$	8,804,839		$	10,277,028			16.2	%		(0.4	%)
SHORT-TERM BORROWINGS DETAIL:
Customer repurchase agreements	$	339,207		$	352,937		$	363,561			(3.9	%)		(6.7	%)
Federal funds purchased		1,022,351			939,096			1,183,447			8.9	%		(13.6	%)
Commercial paper		279,076			—			236,701		NM				17.9	%
Other		40,206			6,929			49,935		NM				(19.5	%)
Total Short-term borrowings	$	1,680,840		$	1,298,962		$	1,833,644			29.4	%		(8.3	%)

NM — Not meaningful

2

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
dollars in thousands, except per-share data

	Quarter Ended									% Change from						Year Ended
	December 31			December 31			September 30			December 31			September 30			December 31
	2006			2005			2006			2005			2006			2006			2005			% Change
Interest Income:
Interest Income	$	229,548		$	172,279		$	229,101			33.2	%		0.2	%	$	864,507		$	625,768			38.2	%
Interest Expense		107,804			64,387			103,177			67.4	%		4.5	%		378,944			213,220			77.7	%
Net Interest Income		121,744			107,892			25,924			12.8	%		(3.3	%)		485,563			412,548			17.7	%
Provision for Loan Losses		1,068			780			555			36.9	%		92.4	%		3,498			3,120			12.1	%
Net Interest Income after Provision		120,676			107,112			125,369			12.7	%		(3.7	%)		482,065			409,428			17.7	%
Other Income:
Investment management and trust services		9,466			8,954			8,887			5.7	%		6.5	%		37,441			35,669			5.0	%
Service charges on deposit accounts		11,289			10,418			11,345			8.4	%		(0.5	%)		43,773			40,198			8.9	%
Other service charges and fees		6,869			5,710			6,693			20.3	%		2.6	%		26,792			24,229			10.6	%
Gain on sale of mortgage loans		5,647			5,499			5,480			2.7	%		3.0	%		21,086			25,032			(15.8	%)
Investment securities gains		1,915			987			1,450			94.0	%		32.1	%		7,439			6,625			12.3	%
Other		5,169			2,397			3,057			115.6	%		69.1	%		13,344			12,545			6.4	%
Total Other Income		40,355			33,965			36,912			18.8	%		9.3	%		149,875			144,298			3.9	%
Other Expenses:
Salaries and employee benefits		55,546			45,595			55,048			21.8	%		0.9	%		213,913			181,889			17.6	%
Net occupancy expense		9,637			7,769			9,260			24.0	%		4.1	%		36,493			29,275			24.7	%
Equipment expense		3,460			2,777			3,703			24.6	%		(6.6	%)		14,251			11,938			19.4	%
Data processing		3,097			2,805			3,057			10.4	%		1.3	%		12,228			12,395			(1.3	%)
Advertising		2,424			2,579			2,934			(6.0	%)		(17.4	%)		10,638			8,823			20.6	%
Intangible amortization		2,024			1,454			2,025			39.2	%		—			7,907			5,311			48.9	%
Other		18,569			19,758			16,398			(6.0	%)		13.2	%		70,561			66,660			5.9	%
Total Other Expenses		94,757			82,737			92,425			14.5	%		2.5	%		365,991			316,291			15.7	%
Income Before Income Taxes		66,274			58,340			69,856			13.6	%		(5.1	%)		265,949			237,435			12.0	%
Income Taxes		19,669			17,434			21,514			12.8	%		(8.6	%)		80,422			71,361			12.7	%
Net Income	$	46,605		$	40,906		$	48,342			13.9	%		(3.6	%)	$	185,527		$	166,074			11.7	%
SHARE AND PER-SHARE INFORMATION:
Net income:
Basic	$	0.27		$	0.25		$	0.28			8.0	%		(3.6	%)	$	1.07		$	1.01			5.9	%
Diluted		0.27			0.25			0.28			8.0	%		(3.6	%)		1.06			1.00			6.0	%
Cash dividends	$	0.1475		$	0.138		$	0.1475			6.9	%		—		$	0.581		$	0.540			7.6	%
Shareholders’ equity		8.73			7.78			8.63			12.2	%		1.2	%
Shareholders’ equity (tangible)		4.90			5.06			4.82			(3.2	%)		1.7	%
Weighted average shares (basic)		173,529			164,827			173,439			5.3	%		0.1	%		172,830			164,234			5.2	%
Weighted average shares (diluted)		175,415			166,859			175,390			5.1	%		—			174,872			166,260			5.2	%
Shares outstanding, end of period		173,648			164,868			173,493			5.3	%		0.1	%
SELECTED FINANCIAL RATIOS:
Return on average assets		1.25	%		1.32	%		1.31	%								1.30	%		1.41	%
Return on average equity		12.29	%		12.62	%		13.26	%								12.84	%		13.24	%
Return on average equity (tangible)		22.55	%		19.82	%		25.14	%								23.87	%		20.28	%
Net interest margin		3.68	%		3.92	%		3.85	%								3.82	%		3.93	%
Efficiency ratio		56.83	%		56.68	%		55.04	%								56.00	%		55.53	%

3

FULTON FINANCIAL CORPORATION
CONDENSED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands

	Quarter Ended
	December 31, 2006									December 31, 2005									September 30, 2006
	Balance			Interest (1)			Rate (1)			Balance			Interest (1)			Rate (1)			Balance			Interest (1)			Rate (1)
ASSETS
Interest-earning assets:
Loans and leases	$	10,312,354		$	193,776			7.46	%	$	8,379,369		$	144,469			6.84	%	$	10,167,362		$	194,379			7.59	%
Taxable investment securities		2,332,116			26,226			4.50	%		2,014,984			19,620			3.89	%		2,309,644			25,323			4.39	%
Tax-exempt investment securities		472,193			5,888			4.99	%		410,716			4,726			4.60	%		449,181			5,496			4.89	%
Equity securities		165,261			2,209			5.31	%		139,407			1,502			4.29	%		155,894			1,834			4.69	%
Total Investment Securities		2,969,570			34,323			4.62	%		2,565,107			25,848			4.03	%		2,914,719			32,653			4.48	%
Loans held for sale		212,170			3,876			7.31	%		237,854			3,967			6.67	%		227,038			4,224			7.44	%
Other interest-earning assets		44,804			580			5.12	%		54,070			520			3.81	%		54,424			695			5.03	%
Total Interest-earning Assets		13,538,898			232,555			6.83	%		11,236,400			174,804			6.19	%		13,363,543			231,951			6.90	%
Noninterest-earning assets:
Cash and due from banks		321,246									349,665									329,482
Premises and equipment		190,932									168,239									187,876
Other assets		897,979									631,983									859,800
Less: allowance for loan losses		(107,842	)								(94,829	)								(107,090	)
Total Assets	$	14,841,213								$	12,291,458								$	14,633,611
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Demand deposits	$	1,665,453		$	7,000			1.67	%	$	1,623,138		$	4,921			1.20	%	$	1,689,386		$	6,529			1.53	%
Savings deposits		2,339,493			14,214			2.41	%		2,157,382			9,152			1.68	%		2,370,275			14,257			2.37	%
Time deposits		4,406,070			49,501			4.46	%		3,369,231			29,309			3.45	%		4,294,731			46,255			4.27	%
Total Interest-bearing Deposits		8,411,016			70,715			3.34	%		7,149,751			43,382			2.41	%		8,354,392			67,041			3.18	%
Short-term borrowings		1,790,556			22,613			4.96	%		1,211,397			11,021			3.57	%		1,730,970			21,697			4.92	%
Long-term debt		1,177,177			14,476			4.88	%		872,927			9,983			4.54	%		1,093,815			14,439			5.24	%
Total Interest-bearing Liabilities		11,378,749			107,804			3.75	%		9,234,075			64,386			2.76	%		11,179,177			103,177			3.65	%
Noninterest-bearing liabilities:
Demand deposits		1,776,686									1,626,565									1,826,800
Other		180,941									144,801									181,322
Total Liabilities		13,336,376									11,005,441									13,187,299
Shareholders’ equity		1,504,837									1,286,017									1,446,312
Total Liabilities and Shareholders’ Equity	$	14,841,213								$	12,291,458								$	14,633,611
Net interest income/net interest margin (fully taxable equivalent)					124,751			3.68	%					110,418			3.92	%					128,774			3.85	%
Tax equivalent adjustment					(3,007	)								(2,526	)								(2,850	)
Net interest income				$	121,744								$	107,892								$	125,924

(1) Presented on a tax-equivalent basis using a 35% Federal tax rate.

AVERAGE LOANS AND DEPOSITS DETAIL:

	Quarter Ended						% Change from
	December 31		December 31		September 30		December 31			September 30
	2006		2005		2006		2005			2006
Loans, by type:
Commercial — industrial and financial	$	2,578,374	$	2,066,785	$	2,587,869		24.8	%		(0.4	%)
Commercial — agricultural		351,112		328,771		337,660		6.8	%		4.0	%
Real estate — commercial mortgage		3,194,958		2,778,906		3,113,086		15.0	%		2.6	%
Real estate — residential mortgage and home equity		2,151,844		1,761,195		2,108,792		22.2	%		2.0	%
Real estate — construction		1,428,034		842,987		1,412,678		69.4	%		1.1	%
Consumer		523,890		526,390		527,915		(0.5	%)		(0.8	%)
Leasing and other		84,142		74,335		79,362		13.2	%		6.0	%
Total Loans, net of unearned income	$	10,312,354	$	8,379,369	$	10,167,362		23.1	%		1.4	%
Deposits, by type:
Noninterest-bearing demand	$	1,776,686	$	1,626,565	$	1,826,800		9.2	%		(2.7	%)
Interest-bearing demand		1,665,453		1,623,138		1,689,386		2.6	%		(1.4	%)
Savings deposits		2,339,493		2,157,382		2,370,275		8.4	%		(1.3	%)
Time deposits		4,406,070		3,369,231		4,294,731		30.8	%		2.6	%
Total Deposits	$	10,187,702	$	8,776,316	$	10,181,192		16.1	%		0.1	%
SHORT-TERM BORROWINGS DETAIL:
Customer repurchase agreements	$	335,762	$	377,292	$	334,759		(11.0	%)		0.3	%
Federal funds purchased		1,128,439		807,939		1,143,445		39.7	%		(1.3	%)
Commercial paper		270,864		—		201,282	NM				34.6	%
Other		55,491		26,166		51,484		112.1	%		7.8	%
Total Short-term borrowings	$	1,790,556	$	1,211,397	$	1,730,970		47.8	%		3.4	%

NM — Not meaningful

4

FULTON FINANCIAL CORPORATION
CONDENSED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands

	Year Ended December 31
	2006									2005
	Balance			Interest (1)			Rate (1)			Balance			Interest (1)			Rate (1)
ASSETS
Interest-earning assets:
Loans and leases	$	9,892,082		$	731,057			7.39	%	$	7,981,604		$	520,565			6.52	%
Taxable investment securities		2,268,209			97,652			4.31	%		1,996,240			74,921			3.75	%
Tax-exempt investment securities		447,000			21,770			4.87	%		368,845			17,971			4.87	%
Equity securities		154,653			7,341			4.75	%		133,586			5,562			4.16	%
Total Investment Securities		2,869,862			126,763			4.42	%		2,498,671			98,454			3.94	%
Loans held for sale		215,255			15,564			7.23	%		241,996			14,940			6.17	%
Other interest-earning assets		53,211			2,530			4.73	%		48,357			1,586			3.27	%
Total Interest-earning Assets		13,030,410			875,914			6.73	%		10,770,628			635,545			5.90	%
Noninterest-earning assets:
Cash and due from banks		335,935									346,535
Premises and equipment		185,084									158,526
Other assets		852,186									598,709
Less: allowance for loan losses		(105,934	)								(92,780	)
Total Assets	$	14,297,681								$	11,781,618
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Demand deposits	$	1,673,407		$	25,112			1.50	%	$	1,547,766		$	15,370			0.99	%
Savings deposits		2,340,402			51,394			2.19	%		2,055,503			27,116			1.32	%
Time deposits		4,134,190			170,435			4.12	%		3,171,901			98,288			3.10	%
Total Interest-bearing Deposits		8,147,999			246,941			3.03	%		6,775,170			140,774			2.08	%
Short-term borrowings		1,653,974			78,043			4.67	%		1,186,464			34,414			2.87	%
Long-term debt		1,069,868			53,960			5.04	%		839,827			38,031			4.53	%
Total Interest-bearing Liabilities		10,871,841			378,944			3.48	%		8,801,461			213,219			2.42	%
Noninterest-bearing liabilities:
Demand deposits		1,807,248									1,589,265
Other		173,799									136,416
Total Liabilities		12,852,888									10,527,142
Shareholders’ equity		1,444,793									1,254,476
Total Liabilities and Shareholders’ Equity	$	14,297,681								$	11,781,618
Net interest income/net interest margin (fully taxable equivalent)					496,970			3.82	%					422,326			3.93	%
Tax equivalent adjustment					(11,407	)								(9,778	)
Net interest income				$	485,563								$	412,548

(1) Presented on a tax-equivalent basis using a 35% Federal tax rate.

	Year Ended
	December 31
	2006		2005		% Change
AVERAGE LOANS AND DEPOSITS DETAIL:
Loans, by type:
Commercial — industrial and financial	$	2,478,893	$	2,022,615		22.6	%
Commercial — agricultural		335,596		324,637		3.4	%
Real estate — commercial mortgage		3,073,830		2,621,730		17.2	%
Real estate — residential mortgage and home equity		2,058,034		1,710,736		20.3	%
Real estate — construction		1,345,191		732,847		83.6	%
Consumer		522,761		501,926		4.2	%
Leasing and other		77,777		67,113		15.9	%
Total Loans, net of unearned income	$	9,892,082	$	7,981,604		23.9	%
Deposits, by type:
Noninterest-bearing demand	$	1,807,248	$	1,589,265		13.7	%
Interest-bearing demand		1,673,407		1,547,766		8.1	%
Savings deposits		2,340,402		2,055,503		13.9	%
Time deposits		4,134,190		3,171,901		30.3	%
Total Deposits	$	9,955,247	$	8,364,435		19.0	%
SHORT-TERM BORROWINGS DETAIL:
Customer repurchase agreements	$	352,454	$	385,688		(8.6	%)
Federal funds purchased		1,095,875		731,793		49.8	%
Commercial paper		163,199		—	NM
Other		42,446		68,983		(38.5	%)
Total Short-term borrowings	$	1,653,974	$	1,186,464		39.4	%

NM — Not meaningful

5

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands

	Quarter Ended									Year Ended
	December 31			December 31			September 30			December 31
	2006			2005			2006			2006			2005
ALLOWANCE FOR LOAN LOSSES:
Balance at beginning of period	$	107,422		$	93,936		$	106,544		$	92,847		$	89,627
Loans charged off		(2,722	)		(3,100	)		(1,068	)		(6,969	)		(8,204	)
Recoveries of loans previously charged off		1,116			1,231			1,391			4,517			5,196
Net loans (charged off) recovered		(1,606	)		(1,869	)		323			(2,452	)		(3,008	)
Provision for loan losses		1,068			780			555			3,498			3,120
Allowance purchased		—			—			—			12,991			3,108
Balance at end of period	$	106,884		$	92,847		$	107,422		$	106,884		$	92,847
Net charge-offs (recoveries) to average loans (annualized)		0.06	%		0.09	%		(0.01	%)		0.02	%		0.04	%
NON-PERFORMING ASSETS:
Non-accrual loans	$	33,113		$	36,560		$	26,591
Accruing loans 90+ days overdue		20,632			9,012			16,704
Other real estate owned		4,103			2,072			3,489
Total non-performing assets	$	57,848		$	47,644		$	46,784
ASSET QUALITY RATIOS:
Non-accrual loans to total loans		0.32	%		0.43	%		0.26	%
Non-performing assets to total loans and OREO		0.56	%		0.57	%		0.45	%
Non-performing assets to total assets		0.39	%		0.38	%		0.31	%
Allowance for loan losses to loans outstanding		1.03	%		1.10	%		1.04	%
Allowance/nonperforming loans		199	%		204	%		248	%

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