Fulton Financial (FULT) 8-K Fulton Financial reports first quarter earnings

EXHIBIT 99.2

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

	March 31
	2007		2006		% Change
BALANCE SHEET DATA
Total assets	$	14,670,336	$	14,174,485		3.5	%
Loans, net of unearned income		10,448,175		9,718,710		7.5	%
Investment securities		2,621,608		2,790,622		(6.1	%)
Deposits		10,235,580		9,953,846		2.8	%
Shareholders’ equity		1,521,931		1,448,339		5.1	%

	Quarter Ended March 31
	2007			2006			% Change
INCOME SUMMARY
Interest income	$	230,656		$	192,652			19.7	%
Interest expense		(108,881	)		(77,609	)		40.3	%
Net interest income		121,775			115,043			5.9	%
Provision for loan losses		(957	)		(1,000	)		(4.3	%)
Investment securities gains		1,782			2,665			(33.1	%)
Other income		37,283			33,942			9.8	%
Other expenses		(100,905	)		(88,016	)		14.6	%
Income before income taxes		58,978			62,634			(5.8	%)
Income taxes		(17,850	)		(18,755	)		(4.8	%)
Net income	$	41,128		$	43,879			(6.3	%)
PER-SHARE DATA:
Net income:
Basic	$	0.24		$	0.26			(7.7	%)
Diluted		0.24			0.25			(4.0	%)
Cash dividends		0.1475			0.138			6.9	%
Shareholders’ equity		8.79			8.32			5.6	%
Shareholders’ equity (tangible)		4.97			4.49			10.7	%
SELECTED FINANCIAL RATIOS:
Return on average assets		1.12	%		1.32	%
Return on average shareholders’ equity		11.06	%		12.83	%
Return on average shareholders’ equity (tangible)		20.34	%		23.01	%
Net interest margin		3.74	%		3.88	%
Efficiency ratio		60.98	%		56.83	%
Nonperforming assets to total assets		0.40	%		0.35	%

1

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

										% Change from
	March 31			March 31			December 31			March 31			December 31
	2007			2006			2006			2006			2006
ASSETS
Cash and due from banks	$	344,969		$	398,111		$	355,018			(13.3	%)		(2.8	%)
Loans held for sale		206,422			202,751			239,042			1.8	%		(13.6	%)
Other interest-earning assets		17,677			35,657			28,188			(50.4	%)		(37.3	%)
Investment securities		2,621,608			2,790,622			2,878,238			(6.1	%)		(8.9	%)
Loans, net of unearned		10,448,175			9,718,710			10,374,323			7.5	%		0.7	%
Allowance for loan losses		(107,899	)		(106,195	)		(106,884	)		1.6	%		0.9	%
Net Loans		10,340,276			9,612,515			10,267,439			7.6	%		0.7	%
Premises and equipment		190,442			182,115			191,401			4.6	%		(0.5	%)
Accrued interest receivable		67,580			60,145			71,825			12.4	%		(5.9	%)
Goodwill and intangible assets		661,636			667,387			663,775			(0.9	%)		(0.3	%)
Other assets		219,726			225,182			224,038			(2.4	%)		(1.9	%)
Total Assets	$	14,670,336		$	14,174,485		$	14,918,964			3.5	%		(1.7	%)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	10,235,580		$	9,953,846		$	10,232,469			2.8	%		—
Short-term borrowings		1,138,443			1,530,381			1,680,840			(25.6	%)		(32.3	%)
Long-term debt		1,576,283			1,058,800			1,304,148			48.9	%		20.9	%
Other liabilities		198,099			183,119			185,197			8.2	%		7.0	%
Total Liabilities		13,148,405			12,726,146			13,402,654			3.3	%		(1.9	%)
Shareholders’ equity		1,521,931			1,448,339			1,516,310			5.1	%		0.4	%
Total Liabilities and Shareholders’ Equity	$	14,670,336		$	14,174,485		$	14,918,964			3.5	%		(1.7	%)
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
Commercial — industrial and financial	$	2,730,456		$	2,412,836		$	2,603,224			13.2	%		4.9	%
Commercial — agricultural		365,036			325,140			361,962			12.3	%		0.8	%
Real estate — commercial mortgage		3,257,914			3,020,376			3,213,809			7.9	%		1.4	%
Real estate — residential mortgage		699,528			612,584			696,836			14.2	%		0.4	%
Real estate — home equity		1,425,948			1,406,076			1,455,439			1.4	%		(2.0	%)
Real estate — construction		1,377,791			1,343,364			1,428,809			2.6	%		(3.6	%)
Consumer		514,007			516,789			523,066			(0.5	%)		(1.7	%)
Leasing and other		77,495			81,545			91,178			(5.0	%)		(15.0	%)
Total Loans, net of unearned income	$	10,448,175		$	9,718,710		$	10,374,323			7.5	%		0.7	%
Deposits, by type:
Noninterest-bearing demand	$	1,795,265		$	1,958,958		$	1,831,419			(8.4	%)		(2.0	%)
Interest-bearing demand		1,683,652			1,684,287			1,683,857			—			—
Savings deposits		2,274,727			2,341,840			2,287,146			(2.9	%)		(0.5	%)
Time deposits		4,481,936			3,968,761			4,430,047			12.9	%		1.2	%
Total Deposits	$	10,235,580		$	9,953,846		$	10,232,469			2.8	%		—
Short-term borrowings, by type:
Customer repurchase agreements	$	278,819		$	379,001		$	339,207			(26.4	%)		(17.8	%)
Federal funds purchased		442,362			1,001,366			1,022,351			(55.8	%)		(56.7	%)
Short-term promissory notes		359,365			130,604			279,076			175.2	%		28.8	%
Other		57,897			19,410			40,206			198.3	%		44.0	%
Total Short-term borrowings	$	1,138,443		$	1,530,381		$	1,680,840			(25.6	%)		(32.3	%)

2

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

	Quarter Ended									% Change from
	March 31			March 31			December 31			March 31			December 31
	2007			2006			2006			2006			2006
Interest Income:
Interest Income	$	230,656		$	192,652		$	229,548			19.7	%		0.5	%
Interest Expense		108,881			77,609			107,804			40.3	%		1.0	%
Net Interest Income		121,775			115,043			121,744			5.9	%		—
Provision for Loan Losses		957			1,000			1,068			(4.3	%)		(10.4	%)
Net Interest Income after Provision		120,818			114,043			120,676			5.9	%		0.1	%
Other Income:
Investment management and trust services		9,810			10,032			9,466			(2.2	%)		3.6	%
Service charges on deposit accounts		10,627			10,247			11,289			3.7	%		(5.9	%)
Other service charges and fees		7,375			6,654			6,869			10.8	%		7.4	%
Gain on sale of mortgage loans		5,393			4,772			5,647			13.0	%		(4.5	%)
Investment securities gains		1,782			2,665			1,915			(33.1	%)		(6.9	%)
Other		4,078			2,237			5,169			82.3	%		(21.1	%)
Total Other Income		39,065			36,607			40,355			6.7	%		(3.2	%)
Other Expenses:
Salaries and employee benefits		56,293			49,929			55,546			12.7	%		1.3	%
Net occupancy expense		10,196			8,589			9,637			18.7	%		5.8	%
Equipment expense		3,715			3,593			3,460			3.4	%		7.4	%
Data processing		3,202			2,909			3,097			10.1	%		3.4	%
Advertising		2,409			2,253			2,424			6.9	%		(0.6	%)
Intangible amortization		1,983			1,852			2,024			7.1	%		(2.0	%)
Other		23,107			18,891			18,569			22.3	%		24.4	%
Total Other Expenses		100,905			88,016			94,757			14.6	%		6.5	%
Income Before Income Taxes		58,978			62,634			66,274			(5.8	%)		(11.0	%)
Income Taxes		17,850			18,755			19,669			(4.8	%)		(9.2	%)
Net Income	$	41,128		$	43,879		$	46,605			(6.3	%)		(11.8	%)
SHARE AND PER-SHARE INFORMATION:
Net income:
Basic	$	0.24		$	0.26		$	0.27			(7.7	%)		(11.1	%)
Diluted		0.24			0.25			0.27			(4.0	%)		(11.1	%)
Cash dividends	$	0.1475		$	0.138		$	0.1475			6.9	%		—
Shareholders’ equity		8.79			8.32			8.73			5.6	%		0.7	%
Shareholders’ equity (tangible)		4.97			4.49			4.91			10.7	%		1.2	%
Weighted average shares (basic)		173,273			170,869			173,529			1.4	%		(0.1	%)
Weighted average shares (diluted)		174,878			173,166			175,415			1.0	%		(0.3	%)
Shares outstanding, end of period		173,083			174,033			173,648			(0.5	%)		(0.3	%)
SELECTED FINANCIAL RATIOS:
Return on average assets		1.12	%		1.32	%		1.25	%
Return on average shareholders’ equity		11.06	%		12.83	%		12.29	%
Return on average shareholders’ equity (tangible)		20.34	%		23.01	%		22.55	%
Net interest margin		3.74	%		3.88	%		3.68	%
Efficiency ratio		60.98	%		56.83	%		56.83	%

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

	Quarter Ended
	March 31, 2007									March 31, 2006									December 31, 2006
	Balance			Interest (1)			Rate (1)			Balance			Interest (1)			Rate (1)			Balance			Interest (1)			Rate (1)
ASSETS
Interest-earning assets:
Loans and leases	$	10,414,698		$	196,558			7.65	%	$	9,227,642		$	161,883			7.11	%	$	10,312,354		$	193,776			7.46	%
Taxable investment securities		2,190,230			24,619			4.50	%		2,186,073			22,539			4.13	%		2,332,116			26,226			4.50	%
Tax-exempt investment securities		492,709			6,228			5.06	%		435,959			5,185			4.76	%		472,193			5,888			4.99	%
Equity securities		178,488			2,129			4.79	%		145,011			1,559			4.33	%		165,261			2,209			5.31	%
Total Investment Securities		2,861,427			32,976			4.61	%		2,767,043			29,283			4.24	%		2,969,570			34,323			4.62	%
Loans held for sale		207,856			3,684			7.09	%		199,441			3,458			6.94	%		212,170			3,876			7.31	%
Other interest-earning assets		48,328			596			4.97	%		63,388			663			4.23	%		44,804			580			5.12	%
Total Interest-earning Assets		13,532,309			233,814			6.99	%		12,257,514			195,287			6.45	%		13,538,898			232,555			6.83	%
Noninterest-earning assets:
Cash and due from banks		315,969									358,481									321,246
Premises and equipment		192,002									177,761									190,932
Other assets		899,843									786,918									897,979
Less: allowance for loan losses		(107,683	)								(101,999	)								(107,842	)
Total Assets	$	14,832,440								$	13,478,675								$	14,841,213
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Demand deposits	$	1,657,714		$	6,904			1.69	%	$	1,666,506		$	5,575			1.36	%	$	1,665,453		$	7,000			1.67	%
Savings deposits		2,295,822			13,811			2.44	%		2,272,771			10,561			1.88	%		2,339,493			14,214			2.41	%
Time deposits		4,457,363			50,493			4.59	%		3,744,503			34,054			3.69	%		4,406,070			49,501			4.46	%
Total Interest-bearing Deposits		8,410,899			71,208			3.43	%		7,683,780			50,190			2.65	%		8,411,016			70,715			3.34	%
Short-term borrowings		1,552,495			19,054			4.93	%		1,487,295			15,306			4.13	%		1,790,556			22,613			4.96	%
Long-term debt		1,450,016			18,619			5.14	%		995,478			12,113			4.93	%		1,177,177			14,476			4.88	%
Total Interest-bearing Liabilities		11,413,410			108,881			3.85	%		10,166,553			77,609			3.10	%		11,378,749			107,804			3.75	%
Noninterest-bearing liabilities:
Demand deposits		1,721,135									1,765,897									1,776,686
Other		189,297									159,401									180,941
Total Liabilities		13,323,842									12,091,851									13,336,376
Shareholders’ equity		1,508,598									1,386,824									1,504,837
Total Liabilities and Shareholders’ Equity	$	14,832,440								$	13,478,675								$	14,841,213
Net interest income/net interest margin (fully taxable equivalent)					124,933			3.74	%					117,678			3.88	%					124,751			3.68	%
Tax equivalent adjustment					(3,158	)								(2,635	)								(3,007	)
Net interest income				$	121,775								$	115,043								$	121,744

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

AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:

	Quarter Ended						% Change from
	March 31		March 31		December 31		March 31			December 31
	2007		2006		2006		2006			2006
Loans, by type:
Commercial — industrial and financial	$	2,670,641	$	2,278,597	$	2,578,374		17.2	%		3.6	%
Commercial — agricultural		360,601		327,929		351,112		10.0	%		2.7	%
Real estate — commercial mortgage		3,239,179		2,944,676		3,194,958		10.0	%		1.4	%
Real estate — residential mortgage		701,918		589,665		688,932		19.0	%		1.9	%
Real estate — home equity		1,441,741		1,333,897		1,462,912		8.1	%		(1.4	%)
Real estate — construction		1,396,527		1,163,368		1,428,034		20.0	%		(2.2	%)
Consumer		516,335		518,330		523,890		(0.4	%)		(1.4	%)
Leasing and other		87,756		71,180		84,142		23.3	%		4.3	%
Total Loans, net of unearned income	$	10,414,698	$	9,227,642	$	10,312,354		12.9	%		1.0	%
Deposits, by type:
Noninterest-bearing demand	$	1,721,135	$	1,765,897	$	1,776,686		(2.5	%)		(3.1	%)
Interest-bearing demand		1,657,714		1,666,506		1,665,453		(0.5	%)		(0.5	%)
Savings deposits		2,295,822		2,272,771		2,339,493		1.0	%		(1.9	%)
Time deposits		4,457,363		3,744,503		4,406,070		19.0	%		1.2	%
Total Deposits	$	10,132,034	$	9,449,677	$	10,187,702		7.2	%		(0.5	%)
Short-term borrowings, by type:
Customer repurchase agreements	$	256,658	$	382,620	$	335,762		(32.9	%)		(23.6	%)
Federal funds purchased		915,241		1,037,533		1,128,439		(11.8	%)		(18.9	%)
Short-term promissory notes		315,515		44,024		270,864		616.7	%		16.5	%
Other		65,081		23,118		55,491		181.5	%		17.3	%
Total Short-term borrowings	$	1,552,495	$	1,487,295	$	1,790,556		4.4	%		(13.3	%)

4

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

	Quarter Ended
	March 31			March 31			December 31
	2007			2006			2006
ALLOWANCE FOR LOAN LOSSES:
Balance at beginning of period	$	106,884		$	92,847		$	107,422
Loans charged off		(1,360	)		(1,500	)		(2,722	)
Recoveries of loans previously charged off		1,418			857			1,116
Net loans recovered (charged off)		58			(643	)		(1,606	)
Provision for loan losses		957			1,000			1,068
Allowance purchased		—			12,991			—
Balance at end of period	$	107,899		$	106,195		$	106,884
Net (recoveries) charge-offs to average loans (annualized)		—			0.03	%		0.06	%
NON-PERFORMING ASSETS:
Non-accrual loans	$	37,914		$	34,716		$	33,113
Accruing loans 90+ days overdue		13,467			13,126			20,632
Other real estate owned		6,576			2,011			4,103
Total non-performing assets	$	57,957		$	49,853		$	57,848
ASSET QUALITY RATIOS:
Non-accrual loans to total loans		0.36	%		0.36	%		0.32	%
Non-performing assets to total loans and OREO		0.55	%		0.51	%		0.56	%
Non-performing assets to total assets		0.40	%		0.35	%		0.39	%
Allowance for loan losses to loans outstanding		1.03	%		1.09	%		1.03	%
Allowance/nonperforming loans		210	%		222	%		199	%

5