株探米国株
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エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025, or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to              

Commission File No. 001-39680
FULTON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
Pennsylvania 23-2195389
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
One Penn Square P. O. Box 4887 Lancaster, Pennsylvania 17604
(Address of principal executive offices) (Zip Code)
(717) 291-2411
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $2.50 FULT The Nasdaq Stock Market, LLC
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A FULTP The Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $2.50 Par Value – 182,104,347 shares outstanding as of July 31, 2025.
1

FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
INDEX

Description Page
Glossary of Terms
PART I. FINANCIAL INFORMATION
(a)
(b)
(c)
(d)
(e)
(f)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Defaults Upon Senior Securities - (not applicable)
Item 4. Mine Safety Disclosures - (not applicable)
Item 5. Other Information
Note: Some numbers contained in the document may not sum due to rounding The Corporation has made, and may continue to make, certain forward-looking statements with respect to its financial condition, results of operations and business.
2

GLOSSARY OF DEFINED ACRONYMS AND TERMS
2025 Repurchase Program The authorization, commencing on January 1, 2025 and expiring on December 31, 2025, to repurchase up to $125 million of the Corporation's common stock; under this authorization, up to $25 million of the $125 million authorization may be used to repurchase the Corporation's preferred stock and outstanding Subordinated Notes due 2030
ACL Allowance for credit losses
Acquisition Date April 26, 2024, the date of the Republic First Transaction
AFS Available for sale
ALCO Asset/Liability Management Committee
AOCI Accumulated other comprehensive income (loss)
ASC Accounting Standards Codification
ASU Accounting Standards Update
BHCA Bank Holding Company Act of 1956, as amended
bp or bps Basis point(s)
Capital Rules Regulatory capital requirements applicable to the Corporation and Fulton Bank
CDI Core deposit intangible
CECL Day 1 Provision Initial provision for credit losses required on non-PCD Loans acquired in the Republic First Transaction
Corporation, Company, we, our or us Fulton Financial Corporation
Directors' Plan Amended and Restated 2023 Director Equity Plan
Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act
Employee Equity Plan 2022 Amended and Restated Equity and Cash Incentive Compensation Plan
ESPP Employee Stock Purchase Plan
ETR Effective tax rate
Exchange Act Securities Exchange Act of 1934, as amended
FASB Financial Accounting Standards Board
FDIC Federal Deposit Insurance Corporation
Federal Reserve Board Board of Governors of the Federal Reserve System
FHLB Federal Home Loan Bank
FRB Federal Reserve Bank
FTE Fully taxable-equivalent
Fulton Bank or the Bank Fulton Bank, N.A.
GAAP U.S. generally accepted accounting principles
H.R. 1 The reconciliation bill titled "An Act to provide for reconciliation pursuant to Title II of H. Con. Res. 14," formerly titled the "One Big Beautiful Bill Act"
HTM Held to maturity
LTV Loan-to-value
Management's Discussion Management's Discussion and Analysis of Financial Condition and Results of Operations
Merger The acquisition by the Corporation of Prudential Bancorp effective as of July 1, 2022
MSRs Mortgage servicing rights
Net loans Loan and lease receivables (net of unearned income)
NIM Net interest margin
N/M Not meaningful
OBS Off-balance-sheet
OCI Other comprehensive income (loss)
OREO Other real estate owned
3

Parent Company Fulton Financial Corporation individually
PCD Purchased with more-than-insignificant credit deterioration
PCD Loans Loans purchased with more-than-insignificant credit deterioration
PD   Probability of default
Pension Plan Defined Benefit Pension Plan
Postretirement Plan Postretirement Benefits Plan
PSU Performance-based restricted stock unit
Prudential Bancorp Prudential Bancorp, Inc.
Republic First Bank Republic First Bank, doing business as Republic Bank
Republic First Transaction The acquisition of substantially all of the assets and assumption of substantially all of the deposits and certain liabilities of Republic First Bank by Fulton Bank from the FDIC, as receiver for Republic First Bank
RSU Restricted stock unit
SAB Staff Accounting Bulletin
Sale-Leaseback Transaction Sale of 40 financial center office locations to certain affiliates of Blue Owl Capital Inc. with concurrent agreements to lease each of the locations
SBA Small Business Administration
SEC United States Securities and Exchange Commission
Subordinated Notes due 2030 The Corporation's 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030
TruPS Trust Preferred Securities

FORWARD-LOOKING STATEMENTS

Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Many factors could affect future financial results including, without limitation:

•the impact of adverse conditions in the economy and financial markets, including elevated interest rates and trade policies and the imposition of tariffs and retaliatory tariffs, on the performance of the Corporation's loan portfolio and demand for the Corporation's products and services;
•the potential impacts of events affecting the financial services industry on the Corporation, including increased competition for, and costs of, deposits and other funding sources, more stringent regulatory requirements relating to liquidity and interest rate risk management and capital adequacy and increased FDIC insurance expenses;
•the effects of actions by the federal government, including those of the Federal Reserve Board and other government agencies, that impact the money supply and market interest rates;
•the effects of market interest rates, and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities, on NIM and net interest income;
4

•the composition of the Corporation's loan portfolio, including commercial mortgage loans, commercial and industrial loans and construction loans, which collectively represent a majority of the loan portfolio, may expose the Corporation to increased credit risk;
•the effects of changes in interest rates on demand for the Corporation's products and services;
•investment securities gains and losses, including declines in the fair value of securities which may result in charges to earnings or shareholders' equity;
•the effects of changes in interest rates or disruptions in liquidity markets on the Corporation's sources of funding;
•capital and liquidity strategies, including the Corporation's ability to comply with applicable capital and liquidity requirements, and the Corporation's ability to generate capital internally or raise capital on favorable terms;
•the effects of competition on deposit rates and growth, loan rates and growth and NIM;
•possible goodwill impairment charges;
•the impact of operational risks, including the risk of human error, inadequate or failed internal processes and systems, computer and telecommunications systems failures, faulty or incomplete data and an inadequate risk management framework;
•the loss of, or failure to safeguard, confidential or proprietary information;
•the Corporation's failure to identify and adequately and promptly address cybersecurity risks, including data breaches and cyberattacks;
•the impact of failures of third-party vendors upon which the Corporation relies to perform in accordance with contractual arrangements and the effects of concerns about other financial institutions on the Corporation;
•the potential to incur losses in connection with repurchase and indemnification payments related to sold loans;
•the potential effects of climate change on the Corporation's business and results of operations;
•the potential effects of increases in non-performing assets, which may require the Corporation to increase the ACL, charge-off loans and incur elevated collection and carrying costs related to such non-performing assets;
•the determination of the ACL, which depends significantly upon assumptions and judgments with respect to a variety of factors, including the performance of the loan portfolio, the weighted-average remaining lives of different classifications of loans within the loan portfolio and current and forecasted economic conditions, among other factors;
•the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject;
•changes in law, regulation and government policy, which could result in significant changes in banking and financial services regulation;
•the continuing impact of the Dodd-Frank Act on the Corporation's business and results of operations;
•the potential for negative consequences resulting from regulatory violations, investigations and examinations, including potential supervisory actions, the assessment of fines and penalties, the imposition of sanctions, the need to undertake remedial actions and possible damage to the Corporation's reputation;
•the effects of adverse outcomes in litigation and governmental or administrative proceedings;
•the effects of changes in U.S. federal, state or local tax laws;
•the effects of the significant amounts of time and expense associated with regulatory compliance and risk management;
•the Corporation's ability to realize anticipated reductions in non-interest expense and increases in revenue from strategic initiatives implemented from time to time intended to simplify its operating model, improve its relationship banking focus, increase productivity and enhance the customer experience;
•completed and potential acquisitions may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions;
•geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, including the war between Russia and Ukraine and ongoing conflicts in the Middle East, which could impact business and economic conditions in the United States and abroad;
•public health crises and pandemics and their effects on the economic and business environments in which the Corporation operates, including on the Corporation's credit quality and business operations, as well as the impact on general economic and financial market conditions;
•the Corporation's ability to achieve its growth plans;
•the Corporation's ability to attract and retain talented personnel;
•the effects of competition from financial service companies and other companies offering bank services;
•the Corporation's ability to keep pace with technological changes;
•the Corporation's reliance on its subsidiaries for substantially all of its revenues and its ability to pay dividends or other distributions;
•the effects of negative publicity on the Corporation's reputation; and
•other factors that may affect future results of the Corporation.
5


Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS 
(dollars in thousands, except per-share data)
June 30, 2025 December 31,
2024
(unaudited)
ASSETS
Cash and due from banks $ 362,280  $ 279,041 
Interest-bearing deposits with other banks 442,384  784,830 
        Cash and Cash Equivalents 804,664  1,063,871 
FRB and FHLB stock 141,515  139,574 
Loans held for sale 23,281  25,618 
Investment securities:
AFS, at estimated fair value 3,619,869  3,410,899 
HTM, at amortized cost 1,473,158  1,395,569 
Net loans 24,012,539  24,044,919 
Less: ACL - loans (377,337) (379,156)
Loans, Net 23,635,202  23,665,763 
Net premises and equipment 184,290  195,527 
Accrued interest receivable 117,130  117,029 
Goodwill and net intangible assets 623,729  635,458 
Other assets 1,417,610  1,422,502 
Total Assets $ 32,040,448  $ 32,071,810 
LIABILITIES
Deposits:
Noninterest-bearing $ 5,337,771  $ 5,499,760 
Interest-bearing 20,800,296  20,629,673 
Total Deposits 26,138,067  26,129,433 
Borrowings:
FHLB advances 800,000  850,000 
Senior debt and subordinated debt 367,476  367,316 
Other borrowings 606,424  564,732 
Total Borrowings 1,773,900  1,782,048 
Accrued interest payable 27,570  31,620 
Other liabilities 771,665  931,384 
Total Liabilities 28,711,202  28,874,485 
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares issued as of June 30, 2025 and December 31, 2024, liquidation preference of $1,000 per share
 192,878  192,878 
Common stock, $2.50 par value, 600,000,000 shares authorized, 247,000,536 shares issued as of June 30, 2025 and 245,946,392 shares issued as of December 31, 2024
 617,501  614,866 
Additional paid-in capital 1,793,909  1,789,214 
Retained earnings 1,897,052  1,775,620 
Accumulated other comprehensive loss (271,669) (287,819)
Treasury stock, at cost, 64,621,809 shares as of June 30, 2025 and 63,857,567 shares as of December 31, 2024
 (900,425) (887,434)
Total Shareholders' Equity 3,329,246  3,197,325 
Total Liabilities and Shareholders' Equity $ 32,040,448  $ 32,071,810 
See Notes to Consolidated Financial Statements
6

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per-share data) Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
Interest Income
Loans, including fees $ 346,603  $ 352,697  $ 691,391  $ 663,913 
Investment securities 47,961  32,079  93,700  57,201 
Other interest income 8,197  15,730  17,361  19,058 
Total Interest Income 402,761  400,506  802,452  740,172 
Interest Expense
Deposits 129,194  131,087  260,085  234,661 
Federal funds purchased 12  492  12  2,881 
FHLB advances 7,929  9,799  15,950  20,748 
Senior debt and subordinated debt 5,047  5,299  8,624  10,604 
Other borrowings and interest-bearing liabilities 5,658  12,109  11,674  22,621 
Total Interest Expense 147,840  158,786  296,345  291,515 
Net Interest Income 254,921  241,720  506,107  448,657 
Provision for credit losses 8,607  32,056  22,505  42,981 
Net Interest Income After Provision for Credit Losses 246,314  209,664  483,602  405,676 
Non-Interest Income
Wealth management 22,281  20,990  44,066  41,144 
Commercial banking 23,431  21,410  44,760  40,238 
Consumer banking 14,528  14,600  27,596  26,268 
Mortgage banking 3,991  3,951  7,130  7,041 
Gain on acquisition, net of tax —  47,392  —  47,392 
Other 4,917  4,933  12,830  8,332 
Non-Interest Income Before Investment Securities (Losses), Net 69,148  113,276  136,382  170,415 
Investment securities (losses) gains, net —  (20,282) (2) (20,282)
Total Non-Interest Income 69,148  92,994  136,380  150,133 
Non-Interest Expense
Salaries and employee benefits 107,123  110,630  210,649  206,111 
Data processing and software 18,262  20,357  36,861  38,018 
Net occupancy 16,410  17,793  34,617  33,943 
Other outside services 12,009  16,933  23,846  30,216 
Intangible amortization 5,460  4,688  11,729  5,261 
FDIC insurance 4,951  6,696  10,549  12,800 
Equipment 4,100  4,561  8,249  8,602 
Marketing 2,604  2,101  5,124  4,012 
Professional fees 2,163  2,571  1,085  4,659 
Acquisition-related expenses —  13,803  380  13,803 
Other 19,729  (645) 39,181  19,662 
Total Non-Interest Expense 192,811  199,488  382,270  377,087 
Income Before Income Taxes 122,651  103,170  237,712  178,722 
Income taxes 23,453  8,195  45,527  21,806 
Net Income 99,198  94,975  192,185  156,916 
Preferred stock dividends (2,562) (2,562) (5,124) (5,124)
Net Income Available to Common Shareholders $ 96,636  $ 92,413  $ 187,061  $ 151,792 
PER SHARE:
Net income available to common shareholders (basic) $ 0.53  $ 0.53  $ 1.03  $ 0.90 
Net income available to common shareholders (diluted) 0.53  0.52  1.02  0.89 
Cash dividends 0.18  0.17  0.36  0.34 
See Notes to Consolidated Financial Statements
7

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(dollars in thousands)
  Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
 
Net Income $ 99,198  $ 94,975  $ 192,185  $ 156,916 
Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains on AFS investment securities:
Net unrealized holding (losses) gains (5,357) (14,199) 4,412  (30,864)
Reclassification adjustment for securities net change realized in net income —  15,688  2  15,688 
Amortization of net unrealized gains on AFS investment securities transferred to HTM 1,342  1,403  2,670  2,790 
         Net Unrealized (Losses) Gains on AFS Investment Securities (4,015) 2,892  7,084  (12,386)
Unrealized gains (losses) on interest rate derivatives used in cash flow hedges:
         Net unrealized holding gains 44  2,256  1,808  6,553 
Reclassification adjustment for net change realized in net income 3,955  3,891  7,470  7,790 
 Net Unrealized Gains on Interest Rate Derivatives Used in Cash Flow Hedges 3,999  6,147  9,278  14,343 
Defined benefit pension plan and postretirement benefits:
Amortization of net unrecognized pension and postretirement items (106) (105) (212) (211)
Other Comprehensive (Loss) Income, Net of Tax (122) 8,934  16,150  1,746 
Total Comprehensive Income $ 99,076  $ 103,909  $ 208,335  $ 158,662 
See Notes to Consolidated Financial Statements

8

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(in thousands, except per-share data)
  Preferred Stock Common Stock Additional Retained
Earnings		 Accumulated Other Comprehensive
Income (Loss)		 Treasury
Stock		 Total
  Shares Outstanding Amount Shares Outstanding Amount Paid-in
Capital
Three months ended June 30, 2025
Balance at March 31, 2025 200  $ 192,878  182,204  $ 615,121  $ 1,792,104  $ 1,833,247  $ (271,547) $ (887,482) $ 3,274,321 
Net income 99,198  99,198 
Other comprehensive income (loss) (122) (122)
Common stock issued(1)
 34  85  495  580 
Dividend reinvestment activity 85  188  1,180  1,368 
Stock-based compensation awards (repurchases) 578  2,295  1,122  (5,748) (2,331)
Acquisition of treasury stock (522) (8,375) (8,375)
Preferred stock dividend (2,562) (2,562)
Common stock dividends - $0.18 per share
 (32,831) (32,831)
Balance at June 30, 2025 200  $ 192,878  182,379  $ 617,501  $ 1,793,909  $ 1,897,052  $ (271,669) $ (900,425) $ 3,329,246 
Three months ended June 30, 2024
Balance at March 31, 2024 200  $ 192,878  162,087  $ 564,751  $ 1,554,624  $ 1,651,133  $ (319,468) $ (886,239) $ 2,757,679 
Net income 94,975  94,975 
Other comprehensive income 8,934  8,934 
Common stock issued(2)
 19,200  48,000  225,205  273,205 
Dividend reinvestment activity 91  90  1,255  1,345 
Stock-based compensation awards (repurchases) 453  1,772  1,171  (4,010) (1,067)
Preferred stock dividend (2,562) (2,562)
Common stock dividends - $0.17 per share
 (30,900) (30,900)
Balance at June 30, 2024 200  $ 192,878  181,831  $ 614,523  $ 1,781,090  $ 1,712,646  $ (310,534) $ (888,994) $ 3,101,609 
Six months ended June 30, 2025
Balance at December 31, 2024 200  $ 192,878  182,089  $ 614,866  $ 1,789,214  $ 1,775,620  $ (287,819) $ (887,434) $ 3,197,325 
Net income 192,185  192,185 
Other comprehensive income 16,150  16,150 
Common stock issued(1)
 69  173  1,031  1,204 
Dividend reinvestment activity 150  612  2,084  2,696 
Stock-based compensation awards (repurchases) 624  2,462  3,052  (6,150) (636)
Acquisition of treasury stock (553) (8,925) (8,925)
Preferred stock dividend (5,124) (5,124)
Common stock dividends - $0.36 per share
 (65,629) (65,629)
Balance at June 30, 2025 200  $ 192,878  182,379  $ 617,501  $ 1,793,909  $ 1,897,052  $ (271,669) $ (900,425) $ 3,329,246 
Six months ended June 30, 2024
Balance at December 31, 2023 200  $ 192,878  163,801  $ 564,402  $ 1,552,860  $ 1,619,300  $ (312,280) $ (857,021) $ 2,760,139 
Net income 156,916  156,916 
Other comprehensive income 1,746  1,746 
Common stock issued(3)
 19,279  48,198  226,100  12  274,310 
Dividend reinvestment activity 178  274  2,476  2,750 
Stock-based compensation awards (repurchases) 507  1,923  1,856  (4,113) (334)
Acquisition of treasury stock (1,934) (30,348) (30,348)
Preferred stock dividend (5,124) (5,124)
Common stock dividends - $0.34 per share
 (58,446) (58,446)
Balance at June 30, 2024 200  $ 192,878  181,831  $ 614,523  $ 1,781,090  $ 1,712,646  $ (310,534) $ (888,994) $ 3,101,609 
See Notes to Consolidated Financial Statements
(1) Issuance of common stock includes issuance in connection with the Corporation's ESPP.
(2) Issuance of common stock includes issuance in connection with the Corporation's ESPP and 19,166,667 shares of common stock in an underwritten public offering that closed on May 1,
2024.
(3) Issuance of common stock includes issuance in connection with the Corporation's ESPP, exercised stock options and 19,166,667 shares of common stock in an underwritten public offering
that closed on May 1, 2024.
9

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands) Six months ended June 30
  2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 192,185  $ 156,916 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses 22,505  42,981 
Depreciation and amortization of premises and equipment 14,286  15,673 
Net amortization of investment securities premiums 974  822 
Net accretion of loan discounts (24,574) (10,366)
Investment securities losses (gains), net 2  20,282 
Gain on sales of mortgage loans held for sale (4,287) (4,233)
Proceeds from sales of mortgage loans held for sale 243,373  243,130 
Originations of mortgage loans held for sale (236,749) (250,561)
Intangible amortization 11,729  5,261 
Amortization of issuance costs and discounts on long-term borrowings 160  357 
Gain on acquisition, net of tax —  (47,392)
Gain (loss) on disposal of premises and equipment (284) 222 
Gain on sale-leaseback transaction (606) (20,266)
Stock-based compensation 5,514  3,779 
Net change in deferred income tax (1,766) 14,491 
Net change in accrued salaries and benefits (14,833) (134)
Net change in life insurance cash surrender value (5,502) (7,051)
Other changes, net (109,675) 146,747 
Total adjustments (99,733) 153,742 
Net Cash Provided by Operating Activities 92,452  310,658 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of AFS investment securities 14,966  2,261,028 
Proceeds from principal repayments and maturities of AFS investment securities 270,296  120,714 
Proceeds from principal repayments and maturities of HTM investment securities 44,319  26,542 
Purchase of AFS investment securities (492,443) (1,050,738)
Purchase of HTM investment securities (118,967) — 
Net change in FRB and FHLB stock (1,941) (892)
Net change in loans 32,648  (203,791)
Net purchases of premises and equipment (13,481) (3,542)
Settlement of bank owned life insurance 1,385  963 
Proceeds from sale-leaseback transaction 11,323  51,123 
Net cash received (paid) for acquisitions —  1,018,371 
Net change in tax credit investments (18,106) (24,292)
Net Cash (Used in) Provided by Investing Activities (270,001) 2,195,486 
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand and savings deposits 67,301  (11,999)
Net change in time deposits and brokered deposits (58,667) (78,295)
Net change in borrowings (8,308) (1,745,262)
Net proceeds from common stock 3,900  270,197 
Dividends paid (70,809) (63,865)
Acquisition of treasury stock (15,075) (30,348)
Net Cash Used in Financing Activities (81,658) (1,659,572)
Net (decrease) increase in Cash and Cash Equivalents (259,207) 846,572 
Cash and Cash Equivalents at Beginning of Period 1,063,871  549,710 
Cash and Cash Equivalents at End of Period $ 804,664  $ 1,396,282 
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest $ 300,395  $ 277,841 
Income taxes 52,629  19,308 
Business Combination
Fair value of tangible assets acquired $ —  $ 4,718,909 
Intangible assets —  92,600 
Liabilities assumed —  5,560,160 
PCD Loans credit discount —  55,906 
See Notes to Consolidated Financial Statements
10

FULTON FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 – Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC for potential recognition or disclosure in the Consolidated Financial Statements.

Significant Accounting Policies

The significant accounting policies used in the preparation of the Consolidated Financial Statements are disclosed in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Those significant accounting policies are unchanged at June 30, 2025.

Recently Adopted Accounting Standards

In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation adopted ASU 2023-07 on December 15, 2024, and it did not have a material impact on its Consolidated Financial Statements.

In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"). This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation adopted ASU 2023-08 on January 1, 2025, and it did not have an impact on its Consolidated Financial Statements. The Corporation does not own crypto assets.

In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"). This update provides guidance for profits interest and similar awards. The Corporation adopted ASU 2024-01 on January 1, 2025, and it did not have a material impact on its Consolidated Financial Statements.

In March 2025, FASB issued ASU 2025-02 - Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122 ("ASU 2025-02"). This update removes SEC guidance provided in SAB No. 121, Accounting for Obligations To Safeguard Crypto-Assets an Entity Holds for its Platform Users. The Corporation retrospectively adopted ASU 2025-02 on January 1, 2025, and it did not have an impact on its Consolidated Financial Statements.

Recently Issued Accounting Standards

In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation will adopt ASU 2023-09 on December 15, 2025. The Corporation does not expect the adoption of ASU 2023-09 to have a material impact on its Consolidated Financial Statements.

In November 2024, FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ("ASU 2024-03"). This update requires disaggregation of certain expenses in a note to the consolidated financial statements. The Corporation will adopt ASU 2024-03 on January 1, 2027. The Corporation does not expect the adoption of ASU 2024-03 to have a material impact on its Consolidated Financial Statements.
11

In November 2024, FASB issued ASU 2024-04 - Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). This update clarifies the requirements for determining whether settlement of convertible debt should be accounted for as induced conversion. The Corporation will adopt ASU 2024-04 on January 1, 2026. The Corporation does not expect the adoption of ASU 2024-04 to have an impact on its Consolidated Financial Statements.

In January 2025, FASB issued ASU 2025-01 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). This update clarifies the effective date of ASU 2024-03. The Corporation will adopt ASU 2025-01 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-01 to have a material impact on its Consolidated Financial Statements.

In May 2025, FASB issued ASU 2025-03 - Business Combination (Topic 805) and Consolidation (Topic 810) - Determining the Accounting Acquirer in an Acquisition of a Variable Interest Entity ("ASU 2025-03"). This update addresses the determination of the accounting acquirer in an acquisition of a variable interest entity. The Corporation will adopt ASU 2025-03 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-03 to have a material impact on its Consolidated Financial Statements.

In May 2025, FASB issued ASU 2025-04 - Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) - Clarifications to Share-Based Consideration Payable to a Customer ("ASU 2025-04"). This update revises the definition of performance condition for share-based consideration payable to a customer, eliminates the forfeiture policy for most awards granted to customers, and clarifies the applicability of the variable consideration constraint. The Corporation will adopt ASU 2025-04 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-04 to have a material impact on its Consolidated Financial Statements.

Reclassifications

Certain amounts in the 2024 Consolidated Financial Statements and notes have been reclassified to conform to the 2025 presentation.

NOTE 2 – Business Combinations

On the Acquisition Date, Fulton Bank completed the Republic First Transaction and acquired approximately $4.8 billion of assets of Republic First Bank and received approximately $0.8 billion of cash from the FDIC. The Bank assumed approximately $5.6 billion of total liabilities of Republic First Bank. The Bank did not enter into a loss sharing arrangement with the FDIC in connection with the Republic First Transaction.

As a result of the Republic First Transaction, the Bank enhanced its presence in Philadelphia, Pennsylvania and New Jersey.

The Republic First Transaction constitutes a business combination as defined by FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their estimated fair values based on preliminary valuations as of the Acquisition Date. The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows and market conditions at the time of the Republic First Transaction.

The financial settlement process between the Bank and the FDIC concluded on April 25, 2025 with no additional adjustments required to the preliminary gain on acquisition, net of income taxes.

The excess of the estimated fair value of net assets acquired and the cash consideration received from the FDIC over the estimated fair value of liabilities assumed was recorded as a preliminary gain on acquisition of $37.0 million, net of income taxes.









12

The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Republic First Transaction:
Estimated Fair Value
(dollars in thousands)
Cash payment received from FDIC $ 809,920 
Assets acquired:
     Cash and due from banks 208,451 
     Investment securities 1,938,571 
     Loans 2,495,810 
     Premises and equipment 184 
     CDI 92,600 
     FHLB Stock 37,931 
     Accrued interest receivable 16,164 
     Other assets 10,179 
          Total assets 4,799,890 
Liabilities assumed:
     Deposits 4,112,143 
Borrowings 1,413,751 
Accrued interest payable 33,444 
     Other liabilities 2,641 
          Total liabilities 5,561,979 
Net assets acquired: (762,089)
Gain on acquisition, before income taxes $ 47,831 
Gain on acquisition, net of income taxes $ 36,996 


The following table presents information with respect to the estimated fair value and unpaid principal balance of acquired loans and leases at the Acquisition Date in connection with the Republic First Transaction:
April 26, 2024
Unpaid Principal Balance Estimated Fair Value
(dollars in thousands)
Real estate - commercial mortgage $ 1,384,029  $ 1,234,409 
Commercial and industrial 310,190  279,309 
Real-estate - residential mortgage 947,144  752,331 
Real-estate - home equity 90,882  84,369 
Real-estate - construction 149,047  142,768 
Consumer 2,638  2,624 
     Total acquired loans $ 2,883,930  $ 2,495,810 







13

The following table summarizes PCD Loans acquired in the Republic First Transaction as of the Acquisition Date:

April 26, 2024
(dollars in thousands)
Book balance of loans with deteriorated credit quality at acquisition $ 1,014,559 
Fair value of loans with deteriorated credit quality at acquisition 895,588 
Fair value discount 118,971 
PCD Loans credit discount (54,631)
Non-credit discount $ 64,340 

The Republic First Transaction resulted in the addition of $78.1 million to the ACL, including the $54.6 million identified in the table above for PCD Loans, and $23.4 million recorded through the provision for credit losses at the Acquisition Date for non-PCD Loans.

Acquisition-related expenses:

The Corporation developed a comprehensive integration plan under which it expenses direct costs as incurred. For the six months ended June 30, 2025, these direct costs totaled $380 thousand. Costs related to the Republic First Transaction are included in acquisition-related expenses in the unaudited Consolidated Statements of Income.

Unaudited Pro Forma Information:

Republic First Bank did not have historical financial information on which the Corporation could base pro forma information. Additionally, the Bank did not acquire all of the assets or assume all of the liabilities of Republic First Bank. Therefore, it was impracticable to provide pro forma information on revenues and earnings for the Republic First Transaction in accordance with ASC 805-10-50-2.

    
NOTE 3 – Restrictions on Cash and Cash Equivalents

Cash collateral is posted by the Corporation with counterparties to secure derivatives and other contracts, which is included in "interest-bearing deposits with other banks" on the Consolidated Balance Sheets. The amounts of such collateral as of June 30, 2025 and December 31, 2024 were $23.7 million and $4.0 million, respectively.























14

NOTE 4 – Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities:
June 30, 2025
Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Estimated
Fair
Value
Available for Sale (dollars in thousands)
State and municipal securities $ 956,015  $ 24  $ (181,290) $ 774,749 
Corporate debt securities 274,981  632  (11,515) 264,098 
Collateralized mortgage obligations 1,165,014  15,552  (8,328) 1,172,238 
Residential mortgage-backed securities 922,074  3,014  (28,353) 896,735 
Commercial mortgage-backed securities 604,696  1  (92,648) 512,049 
   Total $ 3,922,780  $ 19,223  $ (322,134) $ 3,619,869 
Held to Maturity
Residential mortgage-backed securities $ 618,955  $ 1,813  $ (51,071) $ 569,697 
Commercial mortgage-backed securities 854,203  —  (130,899) 723,304 
Total $ 1,473,158  $ 1,813  $ (181,970) $ 1,293,001 

December 31, 2024
Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Estimated
Fair
Value
Available for Sale (dollars in thousands)
State and municipal securities $ 960,227  $ 106  $ (145,446) $ 814,887 
Corporate debt securities 313,681  1,123  (14,434) 300,370 
Collateralized mortgage obligations 798,157  4,629  (13,901) 788,885 
Residential mortgage-backed securities 1,029,846  30  (40,001) 989,875 
Commercial mortgage-backed securities 617,605  —  (100,723) 516,882 
   Total $ 3,719,516  $ 5,888  $ (314,505) $ 3,410,899 
Held to Maturity
Residential mortgage-backed securities $ 537,856  $ 2  $ (60,162) $ 477,696 
Commercial mortgage-backed securities 857,713  —  (151,960) 705,753 
Total $ 1,395,569  $ 2  $ (212,122) $ 1,183,449 

In May 2024, the Corporation sold $345.7 million of AFS investment securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding securities of a similar type and similar duration.

Investment securities carried at $0.4 billion and $0.3 billion at June 30, 2025 and December 31, 2024, respectively, were pledged as collateral to secure public and trust deposits.








15

The amortized cost and estimated fair values of debt securities as of June 30, 2025, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because issuers may have the right to call, or borrowers may have the right to prepay, with or without call or prepayment penalties.
June 30, 2025
Available for Sale Held to Maturity
  Amortized
Cost		 Estimated
Fair Value		 Amortized
Cost		 Estimated
Fair Value
  (dollars in thousands)
Due in one year or less $ 14,488  $ 14,470  $ —  $ — 
Due from one year to five years 109,259  107,339  —  — 
Due from five years to ten years 274,191  260,443  —  — 
Due after ten years 833,058  656,595  —  — 
1,230,996  1,038,847  —  — 
Residential mortgage-backed securities(1)
 922,074  896,735  618,955  569,697 
Commercial mortgage-backed securities(1)
 604,696  512,049  854,203  723,304 
Collateralized mortgage obligations(1)
 1,165,014  1,172,238  —  — 
  Total $ 3,922,780  $ 3,619,869  $ 1,473,158  $ 1,293,001 
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the
underlying loans.

The following table presents information related to gross realized gains and losses on the sales of securities for the periods presented:
Gross Realized Gains Gross Realized Losses Net Gains (Losses)
Three months ended (dollars in thousands)
June 30, 2025 $ —  $ —  $ — 
June 30, 2024 91  (20,373) (20,282)
Six months ended
June 30, 2025 $ 663  $ (665) $ (2)
June 30, 2024 91  (20,373) (20,282)























16

The following tables present the gross unrealized losses and estimated fair values of investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

June 30, 2025
Less than 12 months 12 months or longer Total
Number of Securities Estimated
Fair Value		 Unrealized
Losses		 Number of Securities Estimated
Fair Value		 Unrealized
Losses		 Estimated
Fair Value		 Unrealized
Losses
Available for Sale (dollars in thousands)
State and municipal securities 19  $ 42,822  $ (3,278) 277  $ 729,795  $ (178,012) $ 772,617  $ (181,290)
Corporate debt securities 3  16,005  (807) 36  217,965  (10,708) 233,970  (11,515)
Collateralized mortgage obligations 3  54,719  (182) 74  80,403  (8,146) 135,122  (8,328)
Residential mortgage-backed securities 19  366,766  (3,020) 69  172,436  (25,333) 539,202  (28,353)
Commercial mortgage-backed securities 1  19,639  (407) 131  489,332  (92,241) 508,971  (92,648)
Total available for sale 45  $ 499,951  $ (7,694) 587  $ 1,689,931  $ (314,440) $ 2,189,882  $ (322,134)
Held to Maturity
Residential mortgage-backed securities 2  $ 29,852  $ (22) 120  $ 289,431  $ (51,049) $ 319,283  $ (51,071)
Commercial mortgage-backed securities —  —  —  60  723,304  (130,899) 723,304  (130,899)
Total held to maturity 2  $ 29,852  $ (22) 180  $ 1,012,735  $ (181,948) $ 1,042,587  $ (181,970)

December 31, 2024
Less than 12 months 12 months or longer Total
Number of Securities Estimated
Fair Value		 Unrealized
Losses		 Number of Securities Estimated
Fair Value		 Unrealized
Losses		 Estimated
Fair Value		 Unrealized
Losses
Available for Sale (dollars in thousands)
State and municipal securities 22  $ 53,026  $ (1,692) 272  $ 755,310  $ (143,754) $ 808,336  $ (145,446)
Corporate debt securities 1  4,844  (13) 47  264,099  (14,421) 268,943  (14,434)
Collateralized mortgage obligations 12  288,871  (3,463) 77  85,485  (10,438) 374,356  (13,901)
Residential mortgage-backed securities 42  777,695  (9,178) 69  174,284  (30,823) 951,979  (40,001)
Commercial mortgage-backed securities 1  19,291  (875) 135  497,591  (99,848) 516,882  (100,723)
Total available for sale 78  $ 1,143,727  $ (15,221) 600  $ 1,776,769  $ (299,284) $ 2,920,496  $ (314,505)
Held to Maturity
Residential mortgage-backed securities 7  $ 155,726  $ (1,754) 120  $ 303,220  $ (58,408) $ 458,946  $ (60,162)
Commercial mortgage-backed securities —  —  —  60  705,753  (151,960) 705,753  (151,960)
    Total held to maturity 7  $ 155,726  $ (1,754) 180  $ 1,008,973  $ (210,368) $ 1,164,699  $ (212,122)

The Corporation's collateralized mortgage obligations, residential mortgage-backed securities and commercial mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. In addition, these securities have principal payments that are guaranteed by U.S. government-sponsored agencies. Therefore, the Corporation did not record an ACL for these securities as of June 30, 2025 and December 31, 2024. The Corporation does not have the intent to sell, and does not believe it will more likely than not be required to sell, any of these securities prior to a recovery of their fair value to amortized cost.

Based on the payment status and management's evaluation of the Corporation's state and municipal securities, no ACL was required for these securities as of June 30, 2025 and December 31, 2024. The Corporation does not have the intent to sell, and does not believe it will more likely than not be required to sell, any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.

The majority of the corporate debt securities were rated at or above investment grade as of June 30, 2025 and December 31, 2024. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of June 30, 2025 and December 31, 2024. The Corporation does not have the intent to sell, and does not believe it will more likely than not to be required to sell, any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.
17

NOTE 5 - Loans and Allowance for Credit Losses

Loans and leases, net of unearned income

Loans and leases, net of unearned income, are summarized as follows:
June 30,
2025		 December 31,
2024
  (dollars in thousands)
Real estate - commercial mortgage $ 9,678,038  $ 9,601,858 
Commercial and industrial 4,541,765  4,605,589 
Real-estate - residential mortgage 6,511,687  6,349,643 
Real-estate - home equity 1,193,410  1,160,616 
Real-estate - construction 1,155,099  1,394,899 
Consumer 583,949  616,856 
Leases and other loans(1)
 348,591  315,458 
Net loans $ 24,012,539  $ 24,044,919 
(1) Includes unearned income of $38.7 million and $35.6 million as of June 30, 2025 and December 31, 2024, respectively.

Allowance for Credit Losses

The ACL consists of reserves against loans that have been evaluated collectively and individually for expected credit losses. The ACL represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to net loans. The ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The reserve for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures.

The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance:

June 30,
2025		 December 31,
2024
(dollars in thousands)
ACL - loans $ 377,337  $ 379,156 
Reserve for OBS credit exposures(1)
 $ 14,180  $ 14,161 
(1) Included in other liabilities on the Consolidated Balance Sheets.


















The following table presents the activity in the ACL - loans balances:

Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
(dollars in thousands)
Balance at beginning of period $ 379,677  $ 297,888  $ 379,156  293,404 
CECL Day 1 Provision(1)
 —  23,444  —  23,444 
Initial PCD allowance for credit losses —  55,906  —  55,906 
Loans charged off (15,916) (14,007) (35,950) (24,959)
Recoveries of loans previously charged off 4,202  2,705  11,645  5,059 
Net loans (charged off) recovered (11,714) (11,302) (24,305) (19,900)
Provision for credit losses(1) (2)
 9,374  10,005  22,486  23,087 
Balance at end of period $ 377,337  $ 375,941  $ 377,337  $ 375,941 
Provision for OBS credit exposures(1)
 $ (767) $ (1,393) $ 19  $ (3,550)
Reserve for OBS credit exposures $ 14,180  $ 14,540  $ 14,180  $ 14,540 
(1) The sum of these amounts is reflected in the provision for credit losses in the Consolidated Statements of Income.
(2) Provision only includes the portion related to net loans.






































The following table presents the activity in the ACL by portfolio segment:

Real Estate 
Commercial
Mortgage		 Commercial and
Industrial		 Real Estate Residential
Mortgage		 Consumer and Real Estate - Home
Equity		 Real Estate
Construction		 Leases and other loans Total
  (dollars in thousands)
Three months ended June 30, 2025
Balance at March 31, 2025 $ 162,146  $ 96,851  $ 82,416  $ 19,294  $ 15,900  $ 3,070  $ 379,677 
Loans charged off (6,402) (5,780) (258) (1,885) (100) (1,491) (15,916)
Recoveries of loans previously charged off 133  2,628  203  899  99  240  4,202 
Net loans (charged off) recovered (6,269) (3,152) (55) (986) (1) (1,251) (11,714)
Provision for loan losses(1) (2)
 (2,494) 3,821  (5) 1,173  4,837  2,042  9,374 
Balance at June 30, 2025 $ 153,383  $ 97,520  $ 82,356  $ 19,481  $ 20,736  $ 3,861  $ 377,337 
Three months ended June 30, 2024
Balance at March 31, 2024 $ 114,492  $ 76,883  $ 73,216  $ 16,688  $ 12,966  $ 3,643  $ 297,888 
CECL Day 1 Provision(1)
 6,108  1,484  14,922  444  486  —  23,444 
Initial PCD allowance for credit losses 32,157  20,869  565  357  1,958  —  55,906 
Loans charged off (7,853) (2,955) (35) (1,766) —  (1,398) (14,007)
Recoveries of loans previously charged off 146  796  122  1,161  233  247  2,705 
Net loans (charged off) recovered (7,707) (2,159) 87  (605) 233  (1,151) (11,302)
Provision for loan and lease losses(1) (2)
 11,115  (2,454) 924  649  (1,033) 804  10,005 
Balance at June 30, 2024 $ 156,165  $ 94,623  $ 89,714  $ 17,533  $ 14,610  $ 3,296  $ 375,941 
Six months ended June 30, 2025
Balance at December 31, 2024 $ 158,181  $ 92,212  $ 81,331  $ 19,397  $ 25,140  $ 2,895  $ 379,156 
Loans charged off (18,508) (9,645) (601) (4,078) (100) (3,018) (35,950)
Recoveries of loans previously charged off 507  8,580  377  1,559  181  441  11,645 
Net loans (charged off) recovered (18,001) (1,065) (224) (2,519) 81  (2,577) (24,305)
Provision for loan losses(1) (2)
 13,203  6,373  1,249  2,603  (4,485) 3,543  22,486 
Balance at June 30, 2025 $ 153,383  $ 97,520  $ 82,356  $ 19,481  $ 20,736  $ 3,861  $ 377,337 
Six months ended June 30, 2024
Balance at December 31, 2023 $ 112,565  $ 74,266  $ 73,286  $ 17,604  $ 12,295  $ 3,388  $ 293,404 
CECL Day 1 Provision(1)
6,108  1,484  14,922  444  486  —  23,444 
Initial PCD allowance for credit losses 32,157  20,869  565  357  1,958  —  55,906 
Loans charged off (7,879) (10,587) (286) (4,004) —  (2,203) (24,959)
Recoveries of loans previously charged off 298  2,044  238  1,837  233  409  5,059 
Net loans (charged off) recovered (7,581) (8,543) (48) (2,167) 233  (1,794) (19,900)
Provision for loan losses(1)(2)
 12,916  6,547  989  1,295  (362) 1,702  23,087 
Balance at June 30, 2024 $ 156,165  $ 94,623  $ 89,714  $ 17,533  $ 14,610  $ 3,296  $ 375,941 
(1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income.
(2) Provision included in the table only includes the portion related to net loans.

The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan.

Collateral-Dependent Loans

A loan or a lease is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent loans or leases consists of various types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agricultural land, and vacant land. Commercial and industrial loans may also be secured by real estate.

All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of June 30, 2025 and December 31, 2024, substantially all of the Corporation's individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any.

As of June 30, 2025 and December 31, 2024, approximately 92% and 90%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months.

Non-accrual Loans

The following table presents total non-accrual loans, by class segment:
June 30, 2025 December 31, 2024
With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total
(dollars in thousands)
Real estate - commercial mortgage $ 27,931  $ 56,104  $ 84,035  $ 31,654  $ 67,843  $ 99,497 
Commercial and industrial 17,452  21,663  39,115  17,011  25,206  42,217 
Real estate - residential mortgage 24,785  1,032  25,817  23,387  2,013  25,400 
Real estate - home equity 7,079  —  7,079  8,513  78  8,591 
Real estate - construction 22,692  2,160  24,852  1,746  —  1,746 
Consumer 6  —  6  8  —  8 
Leases and other loans 181  1,857  2,038  1,801  10,033  11,834 
$ 100,126  $ 82,816  $ 182,942  $ 84,120  $ 105,173  $ 189,293 

As of June 30, 2025 and December 31, 2024, there were $82.8 million and $105.2 million, respectively, of non-accrual loans that did not have a specific valuation allowance within the ACL. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary.

Asset Quality

Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction loans, commercial and industrial loans, commercial real estate loans and leases and other loans, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in a loan.














The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:
June 30, 2025
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans
Amortized Amortized
2025 2024 2023 2022 2021 Prior Cost Basis Cost Basis Total
Real estate - commercial mortgage
Pass $ 292,672  $ 653,936  $ 1,058,157  $ 1,173,880  $ 1,258,685  $ 4,131,150  $ 71,916  $ 600  $ 8,640,996 
Special Mention —  2,320  79,027  85,562  176,162  144,806  555  —  488,432 
Substandard or Lower 351  12,972  67,451  113,263  94,341  259,036  1,196  —  548,610 
Total real estate - commercial mortgage 293,023  669,228  1,204,635  1,372,705  1,529,188  4,534,992  73,667  600  9,678,038 
Real estate - commercial mortgage
Current period gross charge-offs —  —  —  (11,149) (4,052) (3,307) —  —  (18,508)
Commercial and industrial
Pass 251,132  393,178  447,226  475,498  228,029  889,983  1,312,944  9,975  4,007,965 
Special Mention 1,081  17,172  22,739  11,334  12,507  22,040  110,713  10,393  207,979 
Substandard or Lower 412  4,403  20,366  30,352  11,181  91,098  158,755  9,254  325,821 
Total commercial and industrial 252,625  414,753  490,331  517,184  251,717  1,003,121  1,582,412  29,622  4,541,765 
Commercial and industrial
Current period gross charge-offs —  (525) (4,417) (2,548) (578) (1,351) (226) —  (9,645)
 Real estate - construction(1)
Pass 28,284  276,486  308,355  91,472  36,324  39,947  33,979  —  814,847 
Special Mention —  —  3,195  15,093  21,990  236  —  —  40,514 
Substandard or Lower —  —  2,894  43,861  2,909  14,512  87  —  64,263 
Total real estate - construction 28,284  276,486  314,444  150,426  61,223  54,695  34,066  —  919,624 
Real estate - construction(1)
Current period gross charge-offs —  —  —  —  —  (100) —  —  (100)
Leases and other loans
Pass 137,330  58,700  78,777  36,829  12,418  12,955  —  —  337,009 
Special Mention 365  1,599  501  498  303  1,248  —  —  4,514 
Substandard or Lower 200  2,282  1,093  2,856  528  109  —  —  7,068 
Total leases and other loans 137,895  62,581  80,371  40,183  13,249  14,312  —  —  348,591 
Leases and other loans
Current period gross charge-offs (1,009) (787) (304) (164) (107) (647) —  —  (3,018)
Total
Pass 709,418  1,382,300  1,892,515  1,777,679  1,535,456  5,074,035  1,418,839  10,575  13,800,817 
Special Mention 1,446  21,091  105,462  112,487  210,962  168,330  111,268  10,393  741,439 
Substandard or Lower 963  19,657  91,804  190,332  108,959  364,755  160,038  9,254  945,762 
Total $ 711,827  $ 1,423,048  $ 2,089,781  $ 2,080,498  $ 1,855,377  $ 5,607,120  $ 1,690,145  $ 30,222  $ 15,488,018 
(1) Excludes non-commercial real estate - construction.

For a description of the Corporation's internal risk rating categories, see "Note 1 - Summary of Significant Accounting Policies" under the heading "Allowance for Credit Losses" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024.



The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:
December 31, 2024
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans
Amortized Amortized
2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total
Real estate - commercial mortgage
Pass $ 623,742  $ 898,296  $ 1,138,669  $ 1,316,000  $ 1,077,625  $ 3,414,138  $ 69,942  $ 9,646  $ 8,548,058 
Special Mention 4,441  73,348  149,280  157,543  28,734  107,099  10,978  —  531,423 
Substandard or Lower 4,831  44,665  102,952  95,617  75,097  193,922  1,380  3,913  522,377 
Total real estate - commercial mortgage 633,014  1,016,309  1,390,901  1,569,160  1,181,456  3,715,159  82,300  13,559  9,601,858 
Real estate - commercial mortgage
Current period gross charge-offs —  (126) (84) —  —  (12,950) —  (26) (13,186)
Commercial and industrial
Pass 435,917  486,720  512,622  261,603  268,194  684,931  1,375,201  6,346  4,031,534 
Special Mention 9,928  8,333  19,931  18,888  4,844  58,632  117,940  313  238,809 
Substandard or Lower 10,795  16,593  34,748  10,183  12,496  49,439  176,755  24,237  335,246 
Total commercial and industrial 456,640  511,646  567,301  290,674  285,534  793,002  1,669,896  30,896  4,605,589 
Commercial and industrial
Current period gross charge-offs (612) (3,709) (2,560) (4,587) (317) (7,612) (3,553) (3,635) (26,585)
Real estate - construction(1)
Pass 197,206  494,072  157,296  37,438  8,784  41,480  30,608  619  967,503 
Special Mention —  10,612  80,651  69,109  938  —  —  —  161,310 
Substandard or Lower —  —  14,407  10,399  —  20,350  121  1,906  47,183 
Total real estate - construction 197,206  504,684  252,354  116,946  9,722  61,830  30,729  2,525  1,175,996 
Real estate - construction(1)
Current period gross charge-offs —  —  —  —  —  —  —  —  — 
Total
Pass 1,256,865  1,879,088  1,808,587  1,615,041  1,354,603  4,140,549  1,475,751  16,611  13,547,095 
Special Mention 14,369  92,293  249,862  245,540  34,516  165,731  128,918  313  931,542 
Substandard or Lower 15,626  61,258  152,107  116,199  87,593  263,711  178,256  30,056  904,806 
Total $ 1,286,860  $ 2,032,639  $ 2,210,556  $ 1,976,780  $ 1,476,712  $ 4,569,991  $ 1,782,925  $ 46,980  $ 15,383,443 
(1) Excludes non-commercial real estate - construction.















The Corporation considers the performance of the loan portfolio and its impact on the ACL. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity loans, residential mortgage loans, construction loans to individuals secured by residential real estate and consumer loans. For these loans, the most relevant credit quality indicator is delinquency status and the Corporation evaluates credit quality based on the aging status of the loan. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:

June 30, 2025
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans
Amortized Amortized
2025 2024 2023 2022 2021 Prior Cost Basis Cost Basis Total
Real estate - residential mortgage
Performing $ 326,209  $ 508,495  $ 715,245  $ 1,473,677  $ 1,669,747  $ 1,780,611  $ —  $ —  $ 6,473,984 
Non-performing —  67  2,103  5,229  3,681  26,623  —  —  37,703 
Total real estate - residential mortgage 326,209  508,562  717,348  1,478,906  1,673,428  1,807,234  —  —  6,511,687 
Real estate - residential mortgage
Current period gross charge-offs —  (19) (59) (130) (150) (243) —  —  (601)
Consumer and real estate - home equity
Performing 179,860  30,976  92,965  173,654  52,838  231,110  984,036  20,811  1,766,250 
Non-performing 221  100  211  605  746  5,873  2,886  467  11,109 
Total consumer and real estate - home equity 180,081  31,076  93,176  174,259  53,584  236,983  986,922  21,278  1,777,359 
Consumer and real estate - home equity
Current period gross charge-offs (6) (140) (545) (820) (304) (2,002) (261) —  (4,078)
Construction - residential
Performing 61,350  149,156  16,844  6,719  —  —  —  —  234,069 
Non-performing —  —  —  1,406  —  —  —  —  1,406 
Total construction - residential 61,350  149,156  16,844  8,125  —  —  —  —  235,475 
Construction - residential
Current period gross charge-offs —  —  —  —  —  —  —  —  — 
Total
Performing 567,419  688,627  825,054  1,654,050  1,722,585  2,011,721  984,036  20,811  8,474,303 
Non-performing 221  167  2,314  7,240  4,427  32,496  2,886  467  50,218 
Total $ 567,640  $ 688,794  $ 827,368  $ 1,661,290  $ 1,727,012  $ 2,044,217  $ 986,922  $ 21,278  $ 8,524,521 
December 31, 2024
(dollars in thousands)
Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans
Amortized Amortized
2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total
Real estate - residential mortgage
Performing $ 470,918  $ 728,630  $ 1,515,521  $ 1,726,991  $ 1,022,116  $ 839,566  $ —  $ —  $ 6,303,742 
Non-performing 87  1,358  5,118  3,232  5,523  30,583  —  —  45,901 
    Total real estate - residential mortgage 471,005  729,988  1,520,639  1,730,223  1,027,639  870,149  —  —  6,349,643 
Real estate - residential mortgage
Current period gross charge-offs —  (172) (106) (12) (43) (888) —  (251) (1,472)
Consumer and real estate - home equity
Performing 178,722  116,370  211,647  65,412  48,201  188,442  913,920  40,384  1,763,098 
Non-performing 236  848  918  963  753  4,571  2,893  3,192  14,374 
Total consumer and real estate - home equity 178,958  117,218  212,565  66,375  48,954  193,013  916,813  43,576  1,777,472 
Consumer and real estate - home equity
Current period gross charge-offs (118) (1,016) (1,552) (790) (398) (2,704) (75) (1,837) (8,490)
Leases and other loans
Performing 123,991  89,006  52,724  16,894  10,830  9,996  —  —  303,441 
Non-performing —  —  1,922  744  23  9,328  —  —  12,017 
Total leases and other loans 123,991  89,006  54,646  17,638  10,853  19,324  —  —  315,458 
Leases and other loans
Current period gross charge-offs (1,977) (913) (335) (334) (192) (770) —  (175) (4,696)
Construction - residential
Performing 138,440  61,848  15,710  1,499  —  —  —  —  217,497 
Non-performing —  —  1,406  —  —  —  —  —  1,406 
Total construction - residential 138,440  61,848  17,116  1,499  —  —  —  —  218,903 
Construction - residential
Current period gross charge-offs —  —  —  —  —  —  —  —  — 
Total
Performing 912,071  995,854  1,795,602  1,810,796  1,081,147  1,038,004  913,920  40,384  8,587,778 
Non-performing 323  2,206  9,364  4,939  6,299  44,482  2,893  3,192  73,698 
Total $ 912,394  $ 998,060  $ 1,804,966  $ 1,815,735  $ 1,087,446  $ 1,082,486  $ 916,813  $ 43,576  $ 8,661,476 






















The following table presents non-performing assets:
June 30,
2025		 December 31,
2024
  (dollars in thousands)
Non-accrual loans $ 182,942  $ 189,293 
Loans 90 days or more past due and still accruing 29,949  30,781 
Total non-performing loans 212,891  220,074 
OREO(1)
 2,706  2,621 
Total non-performing assets $ 215,597  $ 222,695 
(1) Excludes $13.9 million and $17.5 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30,
2025 and December 31, 2024, respectively.

The following tables present the aging of the amortized cost basis of loans, by class segment:

30-59 Days Past
Due		 60-89
Days Past
Due		 ≥ 90 Days
Past Due
and
Accruing		 Non-
accrual		 Current Total
(dollars in thousands)
June 30, 2025
Real estate - commercial mortgage $ 43,317  $ 25,366  $ 6,817  $ 84,035  $ 9,518,503  $ 9,678,038 
Commercial and industrial(1)
 22,938  17,219  6,450  39,115  4,456,043  4,541,765 
Real estate - residential mortgage 57,073  8,997  11,886  25,817  6,407,914  6,511,687 
Real estate - home equity 5,463  843  3,036  7,079  1,176,989  1,193,410 
Real estate - construction 6,261  1,855  750  24,852  1,121,381  1,155,099 
Consumer 6,505  1,982  988  6  574,468  583,949 
Leases and other loans(1)
 361  212  22  2,038  345,958  348,591 
Total $ 141,918  $ 56,474  $ 29,949  $ 182,942  $ 23,601,256  $ 24,012,539 
(1) Includes unearned income.

30-59 Days Past
Due		 60-89
Days Past
Due		 ≥ 90 Days
Past Due
and
Accruing		 Non-
accrual		 Current Total
(dollars in thousands)
December 31, 2024
Real estate - commercial mortgage $ 32,715  $ 16,684  $ 2,862  $ 99,497  $ 9,450,100  $ 9,601,858 
Commercial and industrial(1)
 6,031  3,636  1,460  42,217  4,552,245  4,605,589 
Real estate - residential mortgage 59,593  5,946  20,501  25,400  6,238,203  6,349,643 
Real estate - home equity 6,778  1,057  4,758  8,591  1,139,432  1,160,616 
Real estate - construction 3,549  5,163  —  1,746  1,384,441  1,394,899 
Consumer 6,779  1,627  1,017  8  607,425  616,856 
Leases and other loans(1)
 269  105  183  11,834  303,067  315,458 
Total $ 115,714  $ 34,218  $ 30,781  $ 189,293  $ 23,674,913  $ 24,044,919 
(1) Includes unearned income.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Corporation modifies loans by providing a concession when deemed appropriate. Depending on the circumstances, a term extension, interest rate reduction or principal forgiveness may be granted. In certain instances, a combination of concessions may be provided to a borrower.

When principal forgiveness is provided, the amount of principal forgiven is deemed to be uncollectible and the amortized cost basis of the loan is reduced by the amount of the forgiven portion, with a corresponding reduction to the ACL.

The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:

Term Extension
2025 2024
Amortized Cost Basis % of Class of Financing Receivable Amortized Cost Basis % of Class of Financing Receivable
(dollars in thousands)
Three months ended June 30
Real estate - commercial mortgage $ 29,085  0.30  % $ 20,603  0.22  %
Commercial and industrial 18,267  0.40  —  — 
Real estate - residential mortgage 1,677  0.03  2,966  0.05 
Real estate - home equity 41  —  129  0.01 
Real estate - construction 20,769  1.80  —  — 
Total $ 69,839  $ 23,698 
Six months ended June 30
Real estate - commercial mortgage $ 29,196  0.30  % $ 20,603  0.22  %
Commercial and industrial 21,964  0.48  —  — 
Real estate - residential mortgage 4,085  0.06  5,651  0.09 
Real estate - home equity 352  0.03  129  0.01 
Real estate - construction 20,769  1.80  541  0.04 
Total $ 76,366  $ 26,924 

Interest Rate Reduction and Term Extension
2025 2024
Amortized Cost Basis % of Class of Financing Receivable Amortized Cost Basis % of Class of Financing Receivable
(dollars in thousands)
Three months ended June 30
Real estate - residential mortgage $ 601  0.01  % $ 884  0.01  %
Total $ 601  $ 884 
Six months ended June 30
Real estate - residential mortgage $ 2,027  0.03  % $ 1,348  0.02  %
Total $ 2,027  $ 1,348 










The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:

Term Extension
Financial Effect
Three months ended June 30, 2025
Real estate - commercial mortgage
Added a weighted-average 0.68 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial
Added a weighted-average 0.74 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 8.15 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity
Added a weighted-average 21.75 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction
Added a weighted-average 0.89 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Three months ended June 30, 2024
Real estate - commercial mortgage
Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 8.51 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity
Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2025
Real estate - commercial mortgage
Added a weighted-average 0.69 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial
Added a weighted-average 0.77 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 8.55 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity
Added a weighted-average 13.22 years to the life of loans, which reduced monthly payment amounts for borrowers.
Real estate - construction
Added a weighted-average 0.89 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six months ended June 30, 2024
Real estate - commercial mortgage
Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage
Added a weighted-average 7.44 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity
Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - construction
Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Interest Rate Reduction
Financial Effect
Three months ended June 30, 2025
Real estate - residential mortgage
Reduced weighted-average interest rate from 4.68% to 3.25%
Three months ended June 30, 2024
Real estate - residential mortgage
Reduced weighted-average interest rate from 3.00% to 1.00%
Six months ended June 30, 2025
Real estate - residential mortgage
Reduced weighted-average interest rate from 4.38% to 2.55%
Six months ended June 30, 2024
Real estate - residential mortgage
Reduced weighted-average interest rate from 2.36% to 1.37%

During the three and six months ended June 30, 2025 and 2024, there were no loans modified due to financial difficulty where there was a principal balance forgiveness.

The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months:

30-89 90+ Total
Days Past Past Due Past
Current Due and Accruing Due
June 30, 2025 (dollars in thousands)
Real estate - commercial mortgage $ 12,575  $ 16,790  $ —  $ 16,790 
Commercial and industrial 23,764  —  —  — 
Real estate - residential mortgage 11,030  1,110  507  1,617 
Real estate - home equity 569  —  —  — 
Real estate - construction 20,769  —  —  — 
Total $ 68,707  $ 17,900  $ 507  $ 18,407 

There were no commitments to lend additional funds to borrowers with loan modifications as a result of financial difficulty as of June 30, 2025.



















18

NOTE 6 – Mortgage Servicing Rights

The following table summarizes the changes in MSRs, which are included in other assets on the Consolidated Balance Sheets, with adjustments to the carrying value included in mortgage banking income on the Consolidated Statements of Income:

Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
  (dollars in thousands)
Amortized cost:
Balance at beginning of period $ 30,298  $ 31,057  $ 30,691  $ 31,602 
Originations of MSRs 924  883  1,625  1,465 
Amortization (1,089) (1,294) (2,183) (2,421)
Balance at end of period $ 30,133  $ 30,646  $ 30,133  $ 30,646 
Estimated fair value of MSRs at end of period $ 51,629  $ 51,724  $ 51,629  $ 51,724 

MSRs represent the economic value of contractual rights to service mortgage loans that have been sold. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.0 billion as of June 30, 2025 and $4.1 billion as of December 31, 2024. Actual and expected prepayments of the underlying mortgage loans can impact the fair values of the MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value.

The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $51.6 million and $54.0 million as of June 30, 2025 and December 31, 2024, respectively. Based on its fair value analysis as of June 30, 2025, the Corporation determined that no valuation allowance was required as of June 30, 2025.


NOTE 7 – Derivative Financial Instruments

The Corporation uses derivatives to manage its exposure to certain market risks, including interest rate and foreign currency risks, and to assist customers with their risk management objectives. Certain of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. The Corporation enters into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Corporation elects not to apply hedge accounting.

For additional information on our derivative accounting policies see "Note 1 - Summary of Significant Accounting Policies" under the heading "Derivative Financial Instruments" in our Annual Report on Form 10-K for the year ended December 31, 2024.
















19

The following table presents a summary of the notional amounts and fair values of derivative financial instruments:

  June 30, 2025 December 31, 2024
  Notional
Amount		 Asset
(Liability)
Fair Value		 Notional
Amount		 Asset
(Liability)
Fair Value
  (dollars in thousands)
Interest Rate Locks with Customers
Positive fair values $ 214,495  $ 987  $ 171,933  $ 389 
Negative fair values 511  (4) 3,888  (58)
Forward Commitments
Positive fair values —  —  51,250  363 
Negative fair values 64,500  (424) —  — 
Interest Rate Derivatives with Customers(1)
Positive fair values 1,657,239  37,670  767,905  8,480 
Negative fair values 3,146,966  (150,482) 3,976,294  (239,058)
Interest Rate Derivatives with Dealer Counterparties
Positive fair values 3,146,966  88,725  3,976,294  150,480 
Negative fair values 1,657,239  (38,036) 767,905  (10,734)
Interest Rate Derivatives used in Cash Flow Hedges
Positive fair values 3,300,000  7,415  2,500,000  227 
Negative fair values 1,100,000  (550) 1,400,000  (2,971)
Foreign Exchange Contracts with Customers
Positive fair values 4,281  96  28,327  1,619 
Negative fair values 19,833  (1,544) 693  (27)
Foreign Exchange Contracts with Correspondent Banks
Positive fair values 21,951  1,771  4,059  63 
Negative fair values 3,369  (94) 32,406  (1,569)
(1) Fair values are net of a valuation allowance of $366.3 thousand as of June 30, 2025 and December 31, 2024.

























20

The following table presents the effect of cash flow hedge accounting on AOCI:

Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Recognized in OCI Included Component Amount of Gain (Loss) Recognized in OCI Excluded Component Location of Gain (Loss) Recognized from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Included Component Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component
(dollars in thousands)
Three months ended June 30, 2025
Interest Rate Products $ (285) $ (285) $ —  Interest Income $ (5,048) $ (5,048) $ — 
Interest Rate Products 341  341  —  Interest Expense (66) (66) — 
Total $ 56  $ 56  $ —  $ (5,114) $ (5,114) $ — 
Three months ended June 30, 2024
Interest Rate Products $ (381) $ (381) $ —  Interest Income $ (7,032) $ (7,032) $ — 
Interest Rate Products 3,297  3,297  —  Interest Expense 2,030  2,030  — 
Total $ 2,916  $ 2,916  $ —  $ (5,002) $ (5,002) $ — 
Six months ended June 30, 2025
Interest Rate Products $ 3,256  $ 3,256  $ —  Interest Income $ (9,538) $ (9,538) $ — 
Interest Rate Products (919) (919) —  Interest Expense (120) (120) — 
Total $ 2,337  $ 2,337  $ —  $ (9,658) $ (9,658) $ — 
Six months ended June 30, 2024
Interest Rate Products $ (6,040) $ (6,040) $ —  Interest Income $ (14,064) $ (14,064) $ — 
Interest Rate Products 14,512  14,512  —  Interest Expense 4,050  4,050  — 
Total $ 8,472  $ 8,472  $ —  $ (10,014) $ (10,014) $ — 























21

The following table presents the effect of fair value and cash flow hedge accounting on the income statement:

Consolidated Statements of Income Classification
2025 2024
Interest Income Interest Expense Interest Income Interest Expense
(dollars in thousands)
Three months ended June 30
Total amounts of income line items presented in the Consolidated Statements of Income in which the effects of fair value or cash flow hedges are recorded $ (5,048) $ (66) $ (7,032) $ 2,030 
The effects of fair value and cash flow hedging:
Amount of (loss) gain reclassified from AOCI into income (5,048) (66) (7,032) 2,030 
Interest rate derivatives:
Amount of (loss) gain reclassified from AOCI into income as a result of a forecasted transaction that is no longer probable of occurring —  —  —  — 
Amount of (loss) gain reclassified from AOCI into income - included component (5,048) (66) (7,032) 2,030 
Amount of (loss) gain reclassified from AOCI into income - excluded component —  —  —  — 
Six months ended June 30
Total amounts of income line items presented in the Consolidated Statements of Income in which the effects of fair value or cash flow hedges are recorded $ (9,538) $ (120) $ (14,064) $ 4,050 
The effects of fair value and cash flow hedging:
Amount of (loss) gain reclassified from AOCI into income (9,538) (120) (14,064) 4,050 
Interest rate derivatives:
Amount of (loss) gain reclassified from AOCI into income as a result of a forecasted transaction that is no longer probable of occurring —  —  —  — 
Amount of (loss) gain reclassified from AOCI into income - included component (9,538) (120) (14,064) 4,050 
Amount of (loss) gain reclassified from AOCI into income - excluded component —  —  —  — 
During the next twelve months, the Corporation estimates that an additional $13.9 million will be reclassified as a decrease to net interest income.

The following table presents the fair value gains (losses) on derivative financial instruments:

Consolidated Statements of Income Classification Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
(dollars in thousands)
Mortgage banking derivatives(1)
 Mortgage banking income $ 181  $ (45) $ (134) $ 1,122 
Interest rate derivatives Other income 9  137  131  288 
Foreign exchange contracts Other income 31  84  142  123 
Net fair value gains (losses) on derivative financial instruments $ 221  $ 176  $ 139  $ 1,533 
(1) Includes interest rate locks with customers and forward commitments.

22

The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents mortgage loans held for sale and the impact of the fair value election on the Consolidated Financial Statements:

June 30,
2025		 December 31,
2024
  (dollars in thousands)
Amortized cost(1)
 $ 22,727  $ 25,316 
Fair value 23,281  25,618 
(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.

Gains related to changes in fair values of mortgage loans held for sale were $0.2 million for the three months ended June 30, 2025 compared to gains of $0.3 million for the three months ended June 30, 2024. Gains related to changes in fair values of mortgage loans held for sale were $0.3 million for the six months ended June 30, 2025 compared to gains of $0.1 million for the six months ended June 30, 2024. Gains and losses are recorded on the Consolidated Income Statements as adjustments to mortgage banking income.











































23

Balance Sheet Offsetting

The fair values of interest rate derivative agreements and foreign exchange contracts the Corporation enters into with customers and dealer counterparties may be eligible for offset on the Consolidated Balance Sheets if they are subject to master netting arrangements or similar agreements. The Corporation has elected to net its financial assets and liabilities designated as interest rate derivatives when offsetting is permitted. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the Consolidated Balance Sheets:

Gross Amounts Gross Amounts Not Offset
Recognized  on the Consolidated
on the Balance Sheets
Consolidated Financial Cash Net
Balance Sheets
Instruments(1)
Collateral(2)
 Amount
(dollars in thousands)
June 30, 2025
Interest rate derivative assets $ 133,810  $ (18,847) $ —  $ 114,963 
Foreign exchange derivative assets with correspondent banks 1,771  (1,771) —  — 
Total $ 135,581  $ (20,618) $ —  $ 114,963 
Interest rate derivative liabilities $ 189,068  $ (22,308) $ (61,114) $ 105,646 
Foreign exchange derivative liabilities with correspondent banks 94  (1,771) —  (1,677)
Total $ 189,162  $ (24,079) $ (61,114) $ 103,969 
December 31, 2024
Interest rate derivative assets $ 159,187  $ (12,739) $ —  $ 146,448 
Foreign exchange derivative assets with correspondent banks 63  (63) —  — 
Total $ 159,250  $ (12,802) $ —  $ 146,448 
Interest rate derivative liabilities $ 252,763  $ (9,995) $ (94,339) $ 148,429 
Foreign exchange derivative liabilities with correspondent banks 1,569  (63) —  1,506 
Total $ 254,332  $ (10,058) $ (94,339) $ 149,935 
(1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default.
For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default.
(2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate derivative transactions and foreign exchange
contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying
loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.

Cash Flow Hedge Terminations

In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the unrealized losses that have been recorded in AOCI are recognized as a reduction to interest income, including fees, when the previously forecasted hedged item affects earnings in future periods. During the six months ended June 30, 2025, $6.5 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Consolidated Statements of Income. During the year ended December 31, 2024, $27.9 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Consolidated Statements of Income.














24


NOTE 8 – Accumulated Other Comprehensive (Loss) Income

The following table presents the components of OCI:
Before-Tax Amount Tax Effect Net of Tax Amount
(dollars in thousands)
Three months ended June 30, 2025
Net unrealized losses on investment securities(1)
 $ (6,926) $ 1,569  $ (5,357)
Amortization of net unrealized gains on AFS investment securities transferred to HTM(2)
 1,736  (394) 1,342 
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 56  (12) 44 
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 5,114  (1,159) 3,955 
Amortization of net unrecognized pension and postretirement items(3)
 (138) 32  (106)
Total Other Comprehensive Loss $ (158) $ 36  $ (122)
Three months ended June 30, 2024
Net unrealized losses on investment securities(1)
 $ (18,356) $ 4,157  $ (14,199)
Reclassification adjustment for securities net change included in net income(2)
 20,282  (4,594) 15,688 
Amortization of net unrealized gains on AFS investment securities transferred to HTM(2)
 1,815  (412) 1,403 
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 2,916  (660) 2,256 
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 5,002  (1,111) 3,891 
Amortization of net unrecognized pension and postretirement items(3)
 (136) 31  (105)
Total Other Comprehensive Loss $ 11,523  $ (2,589) $ 8,934 
Six months ended June 30, 2025
Net unrealized gains on investment securities(1)
 $ 5,704  $ (1,292) $ 4,412 
Reclassification adjustment for securities net change included in net income(2)
 2  —  2 
Amortization of net unrealized gains on AFS investment securities transferred to HTM(2)
 3,452  (782) 2,670 
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 2,337 (529) 1,808 
Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges 9,658  (2,188) 7,470 
Amortization of net unrecognized pension and postretirement item(3)
 (272) 60  (212)
Total Other Comprehensive Income $ 20,881  $ (4,731) $ 16,150 
Six months ended June 30, 2024
Net unrealized losses on investment securities(1)
 $ (39,902) $ 9,038  $ (30,864)
Reclassification adjustment for securities net change included in net income(2)
 20,282  (4,594) 15,688 
Amortization of net unrealized gains on AFS investment securities transferred to HTM(2)
 3,608  (818) 2,790 
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 8,472  (1,919) 6,553 
Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges 10,014  (2,224) 7,790 
Amortization of net unrecognized pension and postretirement items(3)
 (271) 60  (211)
Total Other Comprehensive Income $ 2,203  $ (457) $ 1,746 
(1) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities (losses) gains, net" on the Consolidated Statements of Income.
(2) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income - Investment Securities" in on the Consolidated
Statements of Income.
(3) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income.


25

The following table presents changes in each component of AOCI, net of tax:
Unrealized Gains (Losses) on Investment Securities Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges Unrecognized Pension and Postretirement Plan Income (Costs) Total
(dollars in thousands)
Three months ended June 30, 2025
Balance at March 31, 2025 $ (264,890) $ (10,773) $ 4,116  $ (271,547)
OCI before reclassifications (5,357) 44  —  (5,313)
Amounts reclassified from AOCI —  3,955  (106) 3,849 
Amortization of net unrealized gains on AFS investment securities transferred to HTM 1,342  —  —  1,342 
Balance at June 30, 2025 $ (268,905) $ (6,774) $ 4,010  $ (271,669)
Three months ended June 30, 2024
Balance at March 31, 2024 $ (290,140) $ (26,587) $ (2,741) $ (319,468)
OCI before reclassifications (14,199) 2,256  —  (11,943)
Amounts reclassified from AOCI 15,688  3,891  (105) 19,474 
Amortization of net unrealized gains on AFS investment securities transferred to HTM 1,403  —  —  1,403 
Balance at June 30, 2024 $ (287,248) $ (20,440) $ (2,846) $ (310,534)
Six months ended June 30, 2025
Balance at December 31, 2024 $ (275,989) $ (16,052) $ 4,222  $ (287,819)
OCI before reclassifications 4,412  1,808  —  6,220 
Amounts reclassified from AOCI 2  7,470  (212) 7,260 
Amortization of net unrealized gains on AFS investment securities transferred to HTM 2,670  —  —  2,670 
Balance at June 30, 2025 $ (268,905) $ (6,774) $ 4,010  $ (271,669)
Six months ended June 30, 2024
Balance at December 31, 2023 $ (274,862) $ (34,783) $ (2,635) $ (312,280)
OCI before reclassifications (30,864) 6,553  —  (24,311)
Amounts reclassified from AOCI 15,688  7,790  (211) 23,267 
Amortization of net unrealized gains on AFS investment securities transferred to HTM 2,790  —  —  2,790 
Balance at June 30, 2024 $ (287,248) $ (20,440) $ (2,846) $ (310,534)

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NOTE 9 – Fair Value Measurements

FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority):

•Level 1 – Inputs that represent quoted prices for identical instruments in active markets.
•Level 2 – Inputs that represent quoted prices for similar instruments in active markets or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means.
•Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.







All assets and liabilities measured at fair value on both a recurring and nonrecurring basis have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets:
  June 30, 2025
  Level 1 Level 2 Level 3 Total
  (dollars in thousands)
Loans held for sale $ —  $ 23,281  $ —  $ 23,281 
AFS investment securities:
State and municipal securities —  774,749  —  774,749 
Corporate debt securities —  264,098  —  264,098 
Collateralized mortgage obligations —  1,172,238  —  1,172,238 
Residential mortgage-backed securities —  896,735  —  896,735 
Commercial mortgage-backed securities —  512,049  —  512,049 
Total AFS investment securities —  3,619,869  —  3,619,869 
Other assets:
Investments held in Rabbi Trust 37,571  —  —  37,571 
Derivative assets 1,867  134,797  —  136,664 
Total assets $ 39,438  $ 3,777,947  $ —  $ 3,817,385 
Other liabilities:
Deferred compensation liabilities $ 37,571  $ —  $ —  $ 37,571 
Derivative liabilities 1,638  189,496  —  191,134 
Total liabilities $ 39,209  $ 189,496  $ —  $ 228,705 

27

  December 31, 2024
  Level 1 Level 2 Level 3 Total
  (dollars in thousands)
Loans held for sale $ —  $ 25,618  $ —  $ 25,618 
AFS investment securities:
State and municipal securities —  814,887  —  814,887 
Corporate debt securities —  300,370  —  300,370 
Collateralized mortgage obligations —  788,885  —  788,885 
Residential mortgage-backed securities —  989,875  —  989,875 
Commercial mortgage-backed securities —  516,882  —  516,882 
Total AFS investment securities —  3,410,899  —  3,410,899 
Other assets:
Investments held in Rabbi Trust 35,093  —  —  35,093 
Derivative assets 1,682  159,939  —  161,621 
Total assets $ 36,775  $ 3,596,456  $ —  $ 3,633,231 
Other liabilities:
Deferred compensation liabilities $ 35,093  $ —  $ —  $ 35,093 
Derivative liabilities 1,596  252,821  —  254,417 
Total liabilities $ 36,689  $ 252,821  $ —  $ 289,510 

The valuation techniques used to measure fair value for the items in the preceding tables are as follows:

Loans held for sale – This category includes mortgage loans held for sale that are measured at fair value. Fair values as of June 30, 2025 and December 31, 2024 were measured at the price that secondary market investors were offering for loans with similar characteristics.

AFS investment securities – Included in this asset category are debt securities. Level 2 investment securities are valued by a third-party pricing service. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings and matrix pricing.

Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used or some of the standard market inputs may not be applicable.

•State and municipal securities/Collateralized mortgage obligations/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above.

•Corporate debt securities – These securities are classified as Level 2. This category consists of subordinated debt and senior debt issued by financial institutions ($256.8 million at June 30, 2025 and $293.1 million at December 31, 2024) and other corporate debt issued by non-financial institutions ($7.3 million at June 30, 2025 and December 31, 2024). The fair values for these corporate debt securities are determined by a third-party pricing service as detailed above.

Investments held in Rabbi Trust – This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represent quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1.

Derivative assets – Fair value of foreign currency exchange contracts are classified as Level 1 assets ($1.9 million and $1.7 million at June 30, 2025 and December 31, 2024, respectively). The foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets.
28


Level 2 assets represent the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($1.0 million at June 30, 2025 and $0.8 million at December 31, 2024) and the fair value of interest rate derivatives ($133.8 million at June 30, 2025 and $159.2 million at December 31, 2024). The fair values of the interest rate locks, forward commitments and interest rate derivatives represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 7 - Derivative Financial Instruments," for additional information.

Deferred compensation liabilities – Fair value of amounts due to employees under deferred compensation plans, classified as Level 1 liabilities and are included in other liabilities on the Consolidated Balance Sheets. The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Investments held in Rabbi Trust" above.

Derivative liabilities – Level 1 liabilities represent the fair value of foreign currency exchange contracts ($1.6 million at June 30, 2025 and December 31, 2024).

Level 2 liabilities represent the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($0.4 million at June 30, 2025 and $0.1 million at December 31, 2024) and the fair value of interest rate derivatives ($189.1 million at June 30, 2025 and $252.8 million at December 31, 2024).

The fair values of these liabilities are determined in the same manner as the related assets as described under the heading "Derivative assets" above.

Certain financial instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:
  June 30,
2025		 December 31,
2024
  (dollars in thousands)
Loans, Net $ 160,009  $ 168,668 
OREO 2,706  2,621 
MSRs(1)
 51,629  53,972 
SBA servicing asset 2,801  3,120 
Total assets $ 217,145  $ 228,381 
(1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's Consolidated Balance Sheets at the lower of amortized cost or fair value.
See "Note 6 - Mortgage Servicing Rights" for additional information.

The valuation techniques used to measure fair value for the items in the table above are as follows:

•Loans, net – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. The amount shown is the balance of non-accrual loans, net of related ACL. See "Note 5 - Loans and Allowance for Credit Losses," for additional details.

•OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets.

•MSRs – This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified by product type and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the June 30, 2025 valuation were 7.2% and 9.1%, respectively. Management reviews the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 6 - Mortgage Servicing Rights," for additional information.

29

•SBA servicing asset – This category consists of the retained servicing rights on SBA-guaranteed loans sold to investors. The standard sale structure under the SBA Secondary Participation Guaranty Agreement provides for the Corporation to retain a portion of the cash flow from the interest payment received on the SBA guaranteed portion of the loan, which is commonly known as a servicing spread. A third-party valuation expert is utilized to perform the modeling to estimate the fair value of the SBA servicing asset. Because the valuation model uses significant unobservable inputs, the SBA servicing asset is classified within Level 3.

The following tables detail the book values and the estimated fair values of the Corporation's financial instruments:
  June 30, 2025
Estimated Fair Value
Carrying Amount Level 1 Level 2 Level 3 Total
(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents $ 804,664  $ 804,664  $ —  $ —  $ 804,664 
FRB and FHLB stock 141,515  —  141,515  —  141,515 
Loans held for sale 23,281  —  23,281  —  23,281 
AFS investment securities 3,619,869  —  3,619,869  —  3,619,869 
HTM investment securities 1,473,158  —  1,293,001  —  1,293,001 
Loans, net 23,635,202  —  —  22,484,657  22,484,657 
Accrued interest receivable 117,130  117,130  —  —  117,130 
Other assets 723,223  549,574  138,008  57,136  744,718 
FINANCIAL LIABILITIES    
Demand and savings deposits $ 21,202,779  $ 21,202,779  $ —  $ —  $ 21,202,779 
Brokered deposits 817,398  80,212  736,913  —  817,125 
Time deposits 4,117,890  —  4,114,313  —  4,114,313 
Accrued interest payable 27,570  27,570  —  —  27,570 
FHLB advances 800,000  800,220  —  —  800,220 
Senior debt and subordinated debt 367,476  —  357,807  —  357,807 
Other borrowings 606,424  586,483  1,086  —  587,569 
Other liabilities 400,592  196,916  189,496  14,180  400,592 

30

December 31, 2024
Estimated Fair Value
Carrying Amount Level 1 Level 2 Level 3 Total
(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents $ 1,063,871  $ 1,063,871  $ —  $ —  $ 1,063,871 
FRB and FHLB stock 139,574  —  139,574  —  139,574 
Loans held for sale 25,618  —  25,618  —  25,618 
AFS investment securities 3,410,899  —  3,410,899  —  3,410,899 
HTM investment securities 1,395,569  —  1,183,449  —  1,183,449 
Loans, net 23,665,763  —  —  22,555,687  22,555,687 
Accrued interest receivable 117,029  117,029  —  —  117,029 
Other assets 736,502  543,251  159,939  59,713  762,903 
FINANCIAL LIABILITIES
Demand and savings deposits $ 21,135,478  $ 21,135,478  $ —  $ —  $ 21,135,478 
Brokered deposits 843,857  145,056  698,647  —  843,703 
Time deposits 4,150,098  —  4,154,726  —  4,154,726 
Accrued interest payable 31,620  31,620  —  —  31,620 
FHLB advances 850,000  851,470  —  —  851,470 
Senior debt and subordinated debt 367,316  —  253,818  —  253,818 
Other borrowings 564,732  544,908  901  —  545,809 
Other liabilities 467,011  200,029  252,821  14,161  467,011 

Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation.

For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation's Consolidated Balance Sheets, book value was considered to be a reasonable estimate of fair value.

The following instruments are predominantly short-term:
Assets    Liabilities
Cash and cash equivalents    Demand and savings deposits
Accrued interest receivable    Other borrowings
   Accrued interest payable

FRB and FHLB stock represent restricted investments and are carried at cost on the Consolidated Balance Sheets, which is a reasonable estimate of fair value.

As of June 30, 2025, fair values for loans and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans also include estimated credit losses that would be assumed in a market transaction, which represents estimated exit prices.

Brokered deposits consist of demand and saving deposits, which are classified as Level 1, and time deposits, which are classified as Level 2. The fair value of these deposits is determined in a manner consistent with the respective type of deposits discussed above.




31

NOTE 10 – Net Income Per Share

Basic net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding.

Diluted net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation's common stock equivalents consist of restricted stock, RSUs, and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period.

A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data):
Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
Weighted average shares outstanding (basic) 182,261  175,305  182,220  169,006 
Impact of common stock equivalents 1,552  1,629  1,779  1,763 
Weighted average shares outstanding (diluted) 183,813  176,934  183,999  170,769 
Per share:
Basic $ 0.53  $ 0.53  $ 1.03  $ 0.90 
Diluted 0.53  0.52  1.02  0.89 







NOTE 11 – Stock-Based Compensation

The Corporation grants equity awards to employees in the form of restricted stock, RSUs and PSUs under its Employee Equity Plan. In addition, employees may purchase stock under the Corporation's ESPP. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards.

The Corporation also grants equity awards to non-employee members of its Board of Directors and the Bank's Board of Directors under the Directors' Plan. Under the Directors' Plan, the Corporation can grant equity awards to non-employee Corporation and Bank directors in the form of restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors' Plan have been limited to RSUs.

As of June 30, 2025, the Employee Equity Plan had approximately 3.2 million shares reserved for future grants through 2032, and the Directors' Plan had approximately 263,000 shares reserved for future grants through 2033.

The following table presents compensation expense and the related tax benefits for equity awards recognized in the Consolidated Statements of Income:

Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
  (dollars in thousands)
Compensation expense $ 3,257  $ 2,758  $ 5,189  $ 3,425 
Tax benefit (742) (620) (1,173) (764)
Total stock-based compensation, net of tax $ 2,515  $ 2,138  $ 4,016  $ 2,661 


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NOTE 12 – Employee Benefit Plans

The Corporation's 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. 401(k) Retirement Plan expense for the three months ended June 30, 2025 and 2024 was $3.6 million and $3.4 million, respectively. For the six months ended June 30, 2025 and 2024, 401(k) Retirement Plan expense was $7.1 million and $6.6 million, respectively.

The net periodic pension cost for the Pension Plan consisted of the following components:

Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
  (dollars in thousands)
Interest cost $ 767  $ 789  $ 1,535  $ 1,579 
Expected return on plan assets (978) (975) (1,956) (1,951)
Net periodic pension cost $ (211) $ (186) $ (421) $ (372)

The components of the net benefit for the Postretirement Plan consisted of the following components:

Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
  (dollars in thousands)
Interest cost $ 8  $ 9  $ 17  $ 19 
Net accretion and deferral (135) (136) (271) (271)
Net periodic postretirement benefit $ (127) $ (127) $ (254) $ (252)

In connection with the Merger, the Corporation assumed the obligations of Prudential Bancorp under a multiemployer defined benefit pension plan that had previously been closed to new Prudential Bancorp participants.

The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the Consolidated Balance Sheets and recognizes the change in that funded status through OCI.


NOTE 13 - Segment Reporting

The Corporation has one reportable segment whose primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation manages its business activities on a consolidated basis.

The accounting policies of the segment are the same as those described in "Note 1 – Summary of Significant Accounting Policies" of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024.

The Chief Operating Decision Maker is the Chairman and Chief Executive Officer who assesses performance of the segment based on net income available to common shareholders and net income available to common shareholders per share (diluted), which is reported in the Consolidated Statements of Income.

Net income available to common shareholders and net income available to common shareholders per share (diluted), are used to monitor actual results versus budget, in competitive analyses by benchmarking to the Corporation’s peers, and in decision-making pertaining to executive compensation levels, common stock and preferred stock dividend levels, common share repurchases and capital expenditure spending.

The measure of segment net income is reported on the Consolidated Statements of Income and the measure of segment assets is reported on the Consolidated Balance Sheet.

33

NOTE 14 – Commitments and Contingencies

Commitments

The Corporation is a party to financial instruments with OBS risk in the normal course of business to meet the financing needs of its borrowers or obligors.

Commitments to extend credit are agreements to lend to a borrower or obligor as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower or obligor. Because a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each borrower's or obligor's creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon an extension of credit is based on management's credit evaluation of the borrower or obligor. Collateral held varies but may include accounts receivable, inventory, property, equipment and income-producing commercial properties.

Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a borrower or obligor to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for borrowers or obligors. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistent with commercial lending standards. The maximum exposure to loss for standby and commercial letters of credit is equal to the contractual (or notional) amount of the instruments.

The following table presents the Corporation's commitments to extend credit and letters of credit:
June 30,
2025		 December 31, 2024
  (dollars in thousands)
Commitments to extend credit $ 8,861,986  $ 8,828,595 
Standby letters of credit 295,973  279,309 
Commercial letters of credit 36,449  48,993 

Residential Lending

The Corporation originates and sells residential mortgages to secondary market investors. The Corporation provides customary representations and warranties to secondary market investors that specify, among other things, that the loans have been underwritten to the standards of the secondary market investor. The Corporation may be required to repurchase specific loans or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary representations and warranties, based on the specific terms of those agreements.

The Corporation maintains a reserve for estimated losses related to loans sold to investors. As of June 30, 2025 and December 31, 2024, the total reserve for losses on residential mortgage loans sold was $1.4 million and $1.5 million, respectively, including reserves for both representation and warranty and credit loss exposures. In addition, included as a component of ACL - OBS credit exposures, was $0.7 million and $1.2 million, as of June 30, 2025 and December 31, 2024, respectively, related to additional credit exposures for potential loan repurchases.

Legal Proceedings

The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of its business activities. The Corporation evaluates the possible impact of these matters, taking into consideration the most recent information available. A loss reserve is established for those matters for which the Corporation believes a loss is both probable and reasonably estimable. Once established, the reserve is adjusted as appropriate to reflect any subsequent developments. Actual losses with respect to any such matter may be more or less than the amount estimated by the Corporation. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated by the Corporation, no loss reserve is established.

In addition, from time to time, the Corporation is involved in investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other companies. These inquiries or investigations could lead to administrative, civil or criminal proceedings involving the Corporation, and could result in fines, penalties, restitution, other types of sanctions, or the need for the Corporation to undertake remedial actions, or to alter its business, financial or accounting practices.
34

The Corporation's practice is to cooperate fully with regulatory and governmental inquiries and investigations.

As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, that may result from the final outcomes of pending legal proceedings, or regulatory or governmental inquiries or investigations, will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings, inquiries and investigations are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation's results of operations in any future period, depending, in part, upon the size of the loss or liability imposed and the operating results for the period, and could have a material adverse effect on the Corporation's business. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause the Corporation to incur additional expenses, which could be significant, and possibly material, to the Corporation's results of operations in any future period.


35

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion relates to the Corporation, a financial holding company registered under the BHCA and incorporated under the laws of the Commonwealth of Pennsylvania, and its wholly owned subsidiaries. Management's Discussion should be read in conjunction with the Consolidated Financial Statements and other financial information presented in this Quarterly Report on Form 10-Q.

OVERVIEW

The Corporation is a financial holding company, which, through its wholly-owned banking subsidiary, provides a full range of consumer and commercial financial services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia.

The Corporation generates the majority of its revenue through net interest income, or the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing the NIM, which is FTE net interest income as a percentage of average interest-earning assets. The Corporation also generates revenue through fees earned on the various services and products offered to its customers and through gains on sales of assets, such as loans, investments and properties. Offsetting these revenue sources are provisions for credit losses on loans and OBS credit risks, non-interest expenses and income taxes.

H.R. 1

On July 4, 2025, President Trump signed H.R. 1 into law, which extends or reinstates certain provisions of the 2017 Tax Cuts and Jobs Act, includes tax relief measures, modifies certain energy tax credits granted under the Inflation Reduction Act and sets various limits on tax deductions, among other key provisions. H.R. 1 has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Corporation does not expect H.R. 1 to have a material impact on its Consolidated Financial Statements.

The following table presents a summary of the Corporation's earnings and selected performance ratios:
Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
(dollars in thousands, except per share data)
Net income $ 99,198 $ 94,975 $ 192,185 $ 156,916
Net income available to common shareholders 96,636 92,413 187,061 151,792
Net income available to common shareholders per share (diluted) 0.53 0.52 1.02 0.89
Operating net income available to common shareholders per share(1)
 0.55 0.47 1.07 0.87
Return on average assets, annualized 1.25  % 1.24  % 1.21  % 1.08  %
Operating return on average assets, annualized(1)
 1.30  % 1.11  % 1.27  % 1.06  %
Return on average common shareholders' equity, annualized 12.46  % 13.47  % 12.22  % 11.45  %
Operating return on average common shareholders' equity (tangible), annualized(1)
 16.26  % 15.56  % 16.11  % 14.40  %
Net interest margin(2)
 3.47  % 3.43  % 3.45  % 3.37  %
Efficiency ratio(1)
 57.1  % 62.6  % 56.9  % 62.9  %
Non-performing assets to total assets 0.67  % 0.55  % 0.67  % 0.55  %
Net charge-offs to average loans, annualized 0.20  % 0.19  % 0.20  % 0.18  %
(1) Represents a financial measure derived by methods other than GAAP. See reconciliation of this non-GAAP financial measure to the most directly
comparable GAAP measure under the "Supplemental Reporting of Non-GAAP Based Financial Measures" section of Management's Discussion.
(2) Presented on a FTE basis using a 21% federal tax rate and statutory interest expense disallowances.




36

Acquisition of Substantially all of the Assets and Assumption of Substantially all of the Deposits and Certain Liabilities of Republic First Bank from the FDIC

On the Acquisition Date, Fulton Bank completed the Republic First Transaction and acquired approximately $4.8 billion of assets of Republic First Bank and assumed approximately $5.6 billion of liabilities of Republic First Bank. The Bank received approximately $0.8 billion of cash from the FDIC in connection with the Republic First Transaction.

See "Note 2 - Business Combinations" in the Notes to Consolidated Financial Statements in Part I, "Item 1. Financial Statements."

Financial Highlights

Net Income Available to Common Shareholders and Net Income Per Share - Net income available to common shareholders was $96.6 million for the three months ended June 30, 2025, a $4.2 million increase compared to $92.4 million for the same period in 2024. Net income available to common shareholders per diluted share was $0.53 for the three months ended June 30, 2025, a $0.01 increase compared to the same period in 2024.

Net income available to common shareholders was $187.1 million for the six months ended June 30, 2025, a $35.3 million increase compared to $151.8 million for the same period in 2024. Net income available to common shareholders per diluted share was $1.02 for the six months ended June 30, 2025, a $0.13 increase compared to the same period in 2024.

Six Months Ended June 30, 2025 Results were Impacted by the Following Items:

•NIM of 3.45%, an 8 bps increase compared to 3.37% for the same period in 2024.

•Net interest income of $506.1 million, a $57.5 million increase compared to $448.7 million for the same period in 2024.

•Provision for credit losses of $22.5 million resulting in an ACL attributable to net loans of $377.3 million, or 1.57% of total net loans as of June 30, 2025.

•Non-interest income of $136.4 million, a $13.8 million decrease compared to $150.1 million for the same period in 2024.

•Non-interest expense of $382.3 million, a $5.2 million increase compared to $377.1 million for the same period in 2024.

Critical Accounting Policies

The Corporation's accounting policies are fundamental to understanding Management’s Discussion. Critical policies are those that the Corporation considers to be most important to the presentation of its financial condition and results of operations, because they require management's most difficult judgments as a result of the need to make estimates about the effects of matters that are inherently uncertain.

The Corporation's critical accounting policies are described in Part II, "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" under the heading "Critical Accounting Policies" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024.

Supplemental Reporting of Non-GAAP Based Financial Measures

This Quarterly Report on Form 10-Q contains supplemental financial information, as detailed below, that has been derived by methods other than 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.
37

These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its Consolidated Financial Statements in their entirety.


Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

Three months ended June 30 Six months ended June 30
2025 2024 2025 2024
(dollars in thousands, except per share data and share data)
Operating net income available to common shareholders
Net income available to common shareholders $ 96,636 $ 92,413 $ 187,061 $ 151,792
Less: Other revenue (9) (708) (131) (859)
Less: Gain on acquisition, net of tax — (47,392) — (47,392)
Plus: Loss on securities restructuring — 20,282 — 20,282
Plus: Core deposit intangible amortization 5,346 4,556 11,501 4,997
Plus: Acquisition-related expense — 13,803 380 13,803
Plus: CECL Day 1 Provision — 23,444 — 23,444
Plus: FDIC special assessment — — — 956
Less: Gain on Sale-Leaseback Transaction — (20,266) — (20,266)
Plus: FultonFirst implementation and asset disposals (270) 6,323 (317) 12,652
Less: Tax impact of adjustments (1,064) (9,961) (2,401) (11,552)
Operating net income available to common shareholders (numerator) $ 100,639 $ 82,494 $ 196,093 $ 147,857
Weighted average shares (diluted) (denominator) 183,813 176,934 183,999 170,769
Operating net income available to common shareholders, per share (diluted) $ 0.55 $ 0.47 $ 1.07 $ 0.87
Operating return on average assets
Net income $ 99,198 $ 94,975 $ 192,185 $ 156,916
Less: Other revenue (9) (708) (131) (859)
Less: Gain on acquisition, net of tax — (47,392) — (47,392)
Plus: Loss on securities restructuring — 20,282 — 20,282
Plus: Core deposit intangible amortization 5,346 4,556 11,501 4,997
Plus: Acquisition-related expense — 13,803 380 13,803
Plus: CECL Day 1 Provision — 23,444 — 23,444
Plus: FDIC special assessment — — — 956
Less: Gain on Sale-Leaseback Transaction — (20,266) — (20,266)
Plus: FultonFirst implementation and asset disposals (270) 6,323 (317) 12,652
Less: Tax impact of adjustments (1,064) (9,961) (2,401) (11,552)
Operating net income (numerator) $ 103,201 $ 85,056 $ 201,217 $ 152,981
Total average assets $ 31,901,574 $ 30,774,891 $ 31,936,401 $ 29,113,319
Less: Average net core deposit intangible (71,282) (68,234) (74,145) (36,836)
     Total operating average assets (denominator) $ 31,830,292 $ 30,706,657 $ 31,862,256 $ 29,076,483
Operating return on average assets(1)
 1.30  % 1.11  % 1.27  % 1.06  %
38

Three months ended June 30 Six months ended June 30
2025 2024 2025 2024
Operating return on average common shareholders' equity (tangible)
Net income available to common shareholders $ 96,636 $ 92,413 $ 187,061 $ 151,792
Less: Other revenue (9) (708) (131) (859)
Less: Gain on acquisition, net of tax — (47,392) — (47,392)
Plus: Loss on securities restructuring — 20,282 — 20,282
Plus: Intangible amortization 5,460 4,688 11,729 5,261
Plus: Acquisition-related expense — 13,803 380 13,803
Plus: CECL Day 1 Provision — 23,444 — 23,444
Plus: FDIC special assessment — — — 956
Less: Gain on Sale-Leaseback Transaction — (20,266) — (20,266)
Plus: FultonFirst implementation and asset disposals (270) 6,323 (317) 12,652
Less: Tax impact of adjustments (1,088) (9,989) (2,449) (11,607)
Adjusted net income available to common shareholders (numerator) $ 100,729 $ 82,598 $ 196,273 $ 148,066
Average shareholders' equity $ 3,304,015 $ 2,952,671 $ 3,279,208 $ 2,859,808
Less: Average preferred stock (192,878) (192,878) (192,878) (192,878)
Less: Average goodwill and intangible assets (626,383) (624,471) (629,302) (592,432)
Average tangible common shareholders' equity (denominator) $ 2,484,754 $ 2,135,322 $ 2,457,028 $ 2,074,498
Operating return on average common shareholders' equity (tangible)(1)
 16.26  % 15.56  % 16.11  % 14.40  %
Efficiency ratio
Non-interest expense $ 192,811 $ 199,488 $ 382,270 $ 377,087
Less: Acquisition-related expense — (13,803) (380) (13,803)
Less: Intangible amortization (5,460) (4,688) (11,729) (5,261)
Less: FDIC special assessment — — — (956)
Plus: Gain on Sale-Leaseback Transaction — 20,266 — 20,266
Less: FultonFirst implementation and asset disposals 270 (6,323) 317 (12,652)
Operating non-interest expense (numerator) $ 187,621 $ 194,940 $ 370,478 $ 364,681
Net interest income $ 254,921 $ 241,720 $ 506,107 $ 448,657
Tax equivalent adjustment 4,389 4,556 8,730 9,148
Plus: Total non-interest income 69,148 92,994 136,380 150,133
Less: Other revenue (9) (708) (131) (859)
Less: Gain on acquisition, net of tax — (47,392) — (47,392)
Plus: Investment securities losses (gains), net — 20,282 2 20,282
Total revenue (denominator) $ 328,449 $ 311,452 $ 651,088 $ 579,969
Efficiency ratio 57.1  % 62.6  % 56.9  % 62.9  %
(1) Results are annualized.
39

RESULTS OF OPERATIONS

Three months ended June 30, 2025 compared to the three months ended June 30, 2024

Net Interest Income

FTE net interest income was $259.3 million for the three months ended June 30, 2025, an increase of $13.0 million, compared to $246.3 million for the same period in 2024. For the three months ended June 30, 2025, NIM increased to 3.47%, or 4 bps, compared to the same period in 2024. The Corporation manages the risk associated with changes in interest rates through the techniques described within Part 1, "Item 3. Quantitative and Qualitative Disclosures About Market Risk" in this Quarterly Report on Form 10-Q. The following table provides a comparative average balance sheet and net interest income analysis for the three months ended June 30, 2025 compared to the same period in 2024. Interest income and yields are presented on an FTE basis using a 21% federal tax rate as well as statutory interest expense disallowances. The discussion following this table is based on these taxable-equivalent amounts.

  Three months ended June 30
  2025 2024
Average
Balance
Interest (1)
 Yield/
Rate		 Average
Balance
Interest (1)
 Yield/
Rate
ASSETS (dollars in thousands)
Interest-earning assets:
Net loans(2)
 $ 23,899,742  $ 349,490  5.86  % $ 23,345,914  $ 355,533  6.12  %
   Investment securities(3)
 5,390,953  49,463  3.67  4,396,050  33,799  3.07 
Other interest-earning assets 682,075  8,197  4.82  1,125,886  15,730  5.61 
Total interest-earning assets 29,972,770  407,150  5.44  28,867,850  405,062  5.64 
Noninterest-earning assets:
Cash and due from banks 277,880  302,381 
Premises and equipment 186,989  203,166 
Other assets 1,848,891  1,759,138 
Less: ACL - loans(4)
 (384,956) (357,644)
Total Assets $ 31,901,574  $ 30,774,891 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits $ 7,800,881  $ 34,745  1.79  % $ 7,080,302  $ 31,748  1.80  %
Savings and money market deposits 8,219,637  47,462  2.32  7,309,141  44,901  2.47 
Brokered deposits 688,957  7,495  4.36  1,123,328  15,074  5.40 
Time deposits 4,112,130  39,492  3.85  3,670,158  39,364  4.31 
Total interest-bearing deposits 20,821,605  129,194  2.49  19,182,929  131,087  2.75 
Borrowings and other interest-bearing liabilities 1,756,246  18,646  4.26  2,441,691  27,699  4.53 
Total interest-bearing liabilities 22,577,851  147,840  2.62  21,624,620  158,786  2.95 
Noninterest-bearing liabilities:
Demand deposits 5,303,997  5,460,025 
Other liabilities 715,711  737,575 
Total Liabilities 28,597,559  27,822,220 
Total deposits 26,125,602  1.98  % 24,642,954  2.14  %
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds) 27,881,848  2.13  % 27,084,645  2.35  %
Shareholders’ equity 3,304,015  2,952,671 
Total Liabilities and Shareholders’ Equity $ 31,901,574  $ 30,774,891 
Net interest income/net interest margin (FTE) 259,310  3.47  % 246,276  3.43  %
Tax equivalent adjustment (4,389) (4,556)
Net interest income $ 254,921  $ 241,720 
(1) Presented on a FTE basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balance includes non-performing loans.
(3) Average balances include amortized historical cost for AFS investment securities; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL specifically for net loans and does not include the ACL for OBS credit exposures, which is included in other liabilities.
40

The following table summarizes the changes in FTE interest income and interest expense resulting from changes in average balances (volume) and changes in yields and rates for the three months ended June 30, 2025 compared to the same period in 2024:
  2025 versus 2024
Increase (decrease) due
to change in
  Volume Yield/Rate Net
  (dollars in thousands)
FTE Interest income on:
Net loans(1)
 $ 172,308  $ (178,351) $ (6,043)
Investment securities 8,405  7,259  15,664 
Other interest-earning assets (5,550) (1,983) (7,533)
Total interest income $ 175,163  $ (173,075) $ 2,088 
Interest expense on:
Demand deposits $ 8,228  $ (5,231) $ 2,997 
Savings and money market deposits 60,848  (58,287) 2,561 
Brokered deposits (5,059) (2,520) (7,579)
Time deposits 71,867  (71,739) 128 
Borrowings and other interest-bearing liabilities (7,468) (1,585) (9,053)
Total interest expense $ 128,416  $ (139,362) $ (10,946)
(1) Average balance includes non-performing loans.

Note: Changes which are partially attributable to both volume and rate are allocated to the volume and rate components presented above based on the percentage of direct changes that are attributable to each component.

Compared to the second quarter of 2024, FTE total interest income for the second quarter of 2025 increased $2.1 million, or 0.5%, due to an increase of $175.2 million attributable to changes in volume, partially offset by a decrease of $173.1 million attributable to changes in yield. The increase due to changes in volume was largely due to an increase in average net loans in part due to loans acquired in the Republic First Transaction. The decrease due to changes in yield was primarily due to a decline in interest rates on average net loans and other interest-earning assets.

The yield on average total interest-earning assets decreased 20 bps for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to lower interest rates.

In the second quarter of 2025, interest expense decreased $10.9 million compared to the second quarter of 2024, primarily driven by a decrease of $139.4 million attributable to changes in rate, partially offset by an increase of $128.4 million attributable to changes in volume. The increase in interest expense attributable to changes in volume was driven by increases in average time deposits and average savings and money market deposits in part due to deposits assumed in the Republic First Transaction. The decrease in interest expense attributable to changes in rate was primarily due to lower interest rates.

The rate on average total interest-bearing liabilities decreased 33 bps for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to lower interest rates.














41

Average loans and average FTE yields, by type, are summarized in the following table:

Three months ended June 30
  2025 2024 Increase (Decrease)
  Balance Yield Balance Yield $ %
  (dollars in thousands)
Real estate – commercial mortgage $ 9,652,320  6.16  % $ 8,958,139  6.57  % $ 694,181  7.7  %
Commercial and industrial 4,530,085  6.40  4,853,583  6.90  (323,498) (6.7)
Real estate – residential mortgage 6,448,443  4.55  5,977,132  4.19  471,311  7.9 
Real estate – home equity 1,179,109  6.86  1,117,367  7.33  61,742  5.5 
Real estate – construction 1,172,138  6.81  1,430,057  7.42  (257,919) (18.0)
Consumer 599,505  7.58  685,183  6.84  (85,678) (12.5)
Leases and other loans(1)
 318,142  4.93  324,453  6.05  (6,311) (1.9)
Total loans $ 23,899,742  5.86  % $ 23,345,914  6.12  % $ 553,828  2.4  %
(1) Consists of equipment lease financing, overdrafts and net origination fees and costs.

During the second quarter of 2025, average net loans increased $553.8 million, or 2.4%, compared to the same period in 2024. The increase in average net loans was in part due to loans acquired in the Republic First Transaction.

The yield on total loans decreased 26 bps to 5.86% for the second quarter of 2025 compared to 6.12% for the same period in 2024.

Average deposits and average interest rates, by type, are summarized in the following table:

Three months ended June 30
  2025 2024 Increase (Decrease)
  Balance Rate Balance Rate $ %
  (dollars in thousands)
Noninterest-bearing demand $ 5,303,997  —  % $ 5,460,025  —  % $ (156,028) (2.9) %
Interest-bearing demand 7,800,881  1.79  7,080,302  1.80  720,579  10.2 
Savings and money market deposits 8,219,637  2.32  7,309,141  2.47  910,496  12.5 
Total demand deposits and savings and money market deposits 21,324,515  1.55  19,849,468  1.55  1,475,047  7.4 
Brokered deposits 688,957  4.36  1,123,328  5.40  (434,371) (38.7)
Time deposits 4,112,130  3.85  3,670,158  4.31  441,972  12.0 
Total deposits $ 26,125,602  1.98  % $ 24,642,954  2.14  % $ 1,482,648  6.0  %

Average total deposits increased $1.5 billion, or 6.0%, in the second quarter of 2025 compared to the same period in 2024. The increase in average total deposits was primarily due to increases of $910.5 million, $720.6 million and $442.0 million in average savings and money market deposits, average interest-bearing demand deposits and average time deposits, respectively. The increase in average deposits was in part due to deposits assumed in the Republic First Transaction.

The cost of deposits decreased 16 bps to 1.98% in the second quarter of 2025 compared to 2.14% for the same period in 2024 primarily due to lower interest rates.









42

Average borrowings and other interest-bearing liabilities and interest rates, by type, are summarized in the following table:

Three months ended June 30
  2025 2024 Increase (Decrease)
  Balance Rate Balance Rate $ %
(dollars in thousands)
Federal funds purchased $ 1,099  4.46  % $ 32,637  5.97  % $ (31,538) (96.6)%
FHLB advances 712,198  4.42  833,726  4.64  (121,528) (14.6)
Senior debt and subordinated debt 367,438  5.49  535,656  3.96  (168,218) (31.4)
Other borrowings and interest-bearing liabilities(1)
 675,511  3.36  1,039,672  4.51  (364,161) (35.0)
Total borrowings and other interest-bearing liabilities $ 1,756,246  4.26  % $ 2,441,691  4.53  % $ (685,445) (28.1) %
(1) Includes repurchase agreements, short-term promissory notes, capital leases and collateral liabilities.

Average total borrowings and other interest-bearing liabilities decreased $685.4 million, or 28.1%, in the second quarter of 2025 compared to the same period in 2024. The decrease in average total borrowings and other interest-bearing liabilities was due to decreases of $364.2 million, $168.2 million, $121.5 million and $31.5 million in average other borrowings and interest-bearing liabilities, average senior debt and subordinated debt, average FHLB advances and average Federal funds purchased, respectively.

In November 2024, the Corporation retired $168.8 million of subordinated notes issued in November 2014 and June 2015 which matured on November 15, 2024.

Provision for Credit Losses

The provision for credit losses was $8.6 million for the three months ended June 30, 2025 resulting in a $377.3 million allowance for credit losses attributable to net loans, or 1.57% of total net loans as of June 30, 2025, compared to a provision for credit losses of $32.1 million for the same period in 2024, resulting in a $375.9 million allowance for credit losses attributable to net loans, or 1.56% of total net loans as of June 30, 2024.



























43

Non-Interest Income

The following table presents the components of non-interest income:

  Three months ended June 30 Increase (Decrease)
  2025 2024 $ %
  (dollars in thousands)
Wealth management $ 22,281  $ 20,990  $ 1,291  6.2  %
Commercial banking:
   Merchant and card 7,376  7,798  (422) (5.4)
   Cash management 8,376  6,966  1,410  20.2 
   Capital markets 2,945  2,585  360  13.9 
   Other commercial banking 4,734  4,061  673  16.6 
Total commercial banking 23,431  21,410  2,021  9.4 
Consumer banking:
  Card 7,958  8,305  (347) (4.2)
  Overdraft 3,817  3,377  440  13.0 
  Other consumer banking 2,753  2,918  (165) (5.7)
Total consumer banking 14,528  14,600  (72) N/M
Mortgage banking 3,991  3,951  40  1.0 
Other 4,917  4,933  (16) N/M
Non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax 69,148  65,884  3,264  5.0 
Gain on acquisition, net of tax —  47,392  (47,392) N/M
Investment securities (losses) gains, net —  (20,282) 20,282  N/M
Total Non-Interest Income $ 69,148  $ 92,994  $ (23,846) (25.6) %

Non-interest income for the three months ended June 30, 2025 decreased $23.8 million, or 25.6%, compared to the same period in 2024. Compared to the three months ended June 30, 2024, non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax, increased $3.3 million, or 5.0%. The increase in non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax, was primarily due to increases of $1.4 million in cash management fee income due to an increase in account analysis fees as commercial customers moved funds to interest-bearing deposit accounts and $1.3 million in wealth management revenues due to an increase in assets under management.

In May 2024, the Corporation sold $345.7 million of AFS investment securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding investment securities of a similar type and similar duration.
















44

Non-Interest Expense

The following table presents the components of non-interest expense:

  Three months ended June 30 Increase (Decrease)
  2025 2024 $ %
  (dollars in thousands)
Salaries and employee benefits $ 107,346  $ 109,466  $ (2,120) (1.9) %
Data processing and software 18,262  20,357  (2,095) (10.3)
Net occupancy 16,410  17,793  (1,383) (7.8)
Other outside services 11,781  11,773  8  N/M
Intangible amortization 5,460  4,688  772  16.5 
FDIC insurance 4,951  6,696  (1,745) (26.1)
Equipment 4,100  4,561  (461) (10.1)
Marketing 2,604  2,101  503  23.9 
Professional fees 2,121  2,571  (450) (17.5)
Other 20,046  19,622  424  2.2 
Subtotal $ 193,081  $ 199,628  $ (6,547) (3.3) %
Gain on Sale-Leaseback Transaction —  (20,266) 20,266  N/M
FultonFirst implementation and asset disposals (270) 6,323  (6,593) N/M
Acquisition-related expenses —  13,803  (13,803) N/M
Total non-interest expense $ 192,811  $ 199,488  $ (6,677) (3.3) %

Non-interest expense for the three months ended June 30, 2025 decreased $6.7 million, or 3.3%, compared to the same period in 2024. Excluding the gain on Sale-Leaseback Transaction, FultonFirst implementation and asset disposals and acquisition-related expenses, non-interest expense decreased $6.5 million, or 3.3%. The decrease in non-interest expense before gain on Sale-Leaseback Transaction, FultonFirst implementation and asset disposals and acquisition-related expenses was primarily due to decreases of $2.1 million in salaries and employee benefits expense driven by a reduction in employee base salaries expense, in part due to the Republic First Transaction and FultonFirst initiative, and $2.1 million in data processing and software expense, $1.7 million in FDIC insurance expense and $1.4 million in net occupancy expense, all primarily due to cost savings realized from the Republic First Transaction, partially offset by an increase of $0.8 million in intangible amortization expense driven by an increase in CDI amortization expense resulting from the Republic First Transaction.

Income Taxes

Income tax expense for the three months ended June 30, 2025 was $23.5 million, a $15.3 million increase compared to the same period in 2024. The Corporation's ETR was 19.1% for the three months ended June 30, 2025 compared to 7.9% for the same period in 2024. Excluding the impact from the $47.4 million gain on acquisition, net of tax, the Corporation's ETR was 14.7% for the same period in 2024.













45


Six months ended June 30, 2025 compared to the six months ended June 30, 2024

Net Interest Income

FTE net interest income was $514.8 million for the six months ended June 30, 2025, an increase of $57.0 million, compared to $457.8 million for the same period in 2024. For the six months ended June 30, 2025, NIM increased to 3.45%, or 8 bps, compared to the same period in 2024. The following table provides a comparative average balance sheet and net interest income analysis for the six months ended June 30, 2025 compared to the same period in 2024. Interest income and yields are presented on an FTE basis using a 21% federal tax rate as well as statutory interest expense disallowances. The discussion following this table is based on these taxable-equivalent amounts.

  Six months ended June 30
  2025 2024
Average
Balance
Interest(1) 
 Yield/
Rate		 Average
Balance
Interest(1)
Yield/
Rate
ASSETS (dollars in thousands)
Interest-earning assets:
Net loans(2)
 $ 23,953,003  $ 697,115  5.86  % $ 22,357,972  $ 669,414  6.02  %
   Investment securities(3)
 5,295,507  96,706  3.65  4,189,901  60,847  2.90 
Other interest-earning assets 737,302  17,361  4.74  699,547  19,059  5.47 
Total interest-earning assets 29,985,812  811,182  5.44  27,247,420  749,320  5.52 
Noninterest-earning assets:
Cash and due from banks 289,822  292,638 
Premises and equipment 189,108  213,270 
Other assets 1,856,900  1,686,941 
Less: ACL - loans(4)
 (385,241) (326,950)
Total Assets $ 31,936,401  $ 29,113,319 
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits $ 7,777,364  $ 68,934  1.79  % $ 6,338,513  $ 52,248  1.66  %
Savings and money market deposits 8,134,377  92,563  2.29  6,989,186  83,699  2.41 
Brokered deposits 796,243  17,533  4.44  1,103,356  29,728  5.42 
Time deposits 4,081,913  81,055  4.00  3,319,249  68,986  4.18 
Total interest-bearing deposits 20,789,897  260,085  2.52  17,750,304  234,661  2.66 
Borrowings and other interest-bearing liabilities 1,755,577  36,260  4.17  2,525,034  56,854  4.49 
Total interest-bearing liabilities 22,545,474  296,345  2.65  20,275,338  291,515  2.89 
Noninterest-bearing liabilities:
Demand deposits 5,357,731  5,260,550 
Other liabilities 753,988  717,623 
Total Liabilities 28,657,193  26,253,511 
Total deposits 26,147,628  2.01  23,010,854  2.05 
Total interest-bearing liabilities and non-interest-bearing deposits (cost of funds) 27,903,205  2.14  25,535,888  2.29 
Shareholders’ equity 3,279,208  2,859,808 
Total Liabilities and Shareholders’ Equity $ 31,936,401  $ 29,113,319 
Net interest income/net interest margin (FTE) 514,837  3.45  % 457,805  3.37  %
Tax equivalent adjustment (8,730) (9,148)
Net interest income $ 506,107  $ 448,657 
(1) Presented on a FTE basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balance includes non-performing loans.
(3) Average balances include amortized historical cost for AFS investment securities; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL specifically for net loans and does not include the ACL for OBS credit exposures, which is included in other liabilities.

46

The following table summarizes the changes in FTE interest income and interest expense resulting from changes in average balances (volume) and changes in yields and rates for the six months ended June 30, 2025 in comparison to the same period in 2024:

2025 versus 2024
Increase (Decrease) due
to change in
Volume Yield/Rate Net
(dollars in thousands)
FTE interest income on:
Net loans(1)
 $ 125,298  $ (97,597) $ 27,701 
Investment securities 18,110  17,749  35,859 
Other interest-earning assets 5,442  (7,140) (1,698)
Total interest income $ 148,850  $ (86,988) $ 61,862 
Interest expense on:
Demand deposits $ 12,406  $ 4,280  $ 16,686 
Savings and money market deposits 32,741  (23,877) 8,864 
Brokered deposits (7,393) (4,802) (12,195)
Time deposits 30,457  (18,388) 12,069 
Borrowings and other interest-bearing liabilities (16,690) (3,904) (20,594)
Total interest expense $ 51,521  $ (46,691) $ 4,830 
(1) Average balance includes non-performing loans.

Note: Changes which are partially attributable to both volume and rate are allocated to the volume and rate components presented above based on the percentage of direct changes that are attributable to each component.

Compared to the same period in 2024, FTE total interest income for the six months ended June 30, 2025 increased $61.9 million, or 8.3%, due to an increase of $148.9 million attributable to changes in volume, of which $125.3 million was attributable to average net loans, partially offset by a decrease of $87.0 million attributable to changes in yield, primarily attributable to average net loans. The increase in the average balance of net loans for the six months ended June 30, 2025 compared to the same period in 2024 was in part due to loans acquired in the Republic First Transaction.

The yield on average total interest-earning assets decreased 8 bps for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a decline in interest rates.

For the six months ended June 30, 2025, interest expense increased $4.8 million compared to the same period in 2024, primarily driven by an increase of $51.5 million attributable to changes in volume, partially offset by a decrease of $46.7 million attributable to changes in rate. The increase in interest expense attributable to changes in volume was driven by increases in average savings and money market deposits and average balance of time deposits in part due to deposits assumed in the Republic First Transaction. The decrease in interest expense attributable to changes in rate was primarily due to a decline in interest rates.

The rate on average total interest-bearing liabilities decreased 24 bps for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a decline in interest rates.











47

Average loans and average FTE yields, by type, are summarized in the following table:

Six months ended June 30
  2025 2024 Increase (Decrease)
  Balance Yield Balance Yield $ %
  (dollars in thousands)
Real estate – commercial mortgage $ 9,653,793  6.20  % $ 8,562,077  6.46  % $ 1,091,716  12.8  %
Commercial and industrial 4,569,027  6.40  4,685,383  6.79  (116,356) (2.5)
Real estate - residential mortgage 6,408,432  4.51  5,665,518  4.08  742,914  13.1 
Real estate - home equity 1,169,961  6.85  1,078,344  7.33  91,617  8.5 
Real estate – construction 1,233,770  6.97  1,335,348  7.43  (101,578) (7.6)
Consumer 607,578  7.30  703,353  6.64  (95,775) (13.6)
Leases and other loans (1)
 310,442  4.96  327,949  5.38  (17,507) (5.3)
Total loans $ 23,953,003  5.86  % $ 22,357,972  6.02  % $ 1,595,031  7.1  %
(1) Consists of equipment lease financing, overdrafts and net origination fees and costs.

During the six months ended June 30, 2025, average net loans increased $1.6 billion, or 7.1%, compared to the same period in 2024. The increase in average net loans was largely due to loans acquired in the Republic First Transaction.

The yield on total loans decreased 16 bps for the first six months of 2025 compared to the same period in 2024 primarily due to lower interest rates.

Average deposits and average interest rates, by type, are summarized in the following table:

Six months ended June 30
2025 2024 Increase (Decrease)
Balance Rate Balance Rate $ %
(dollars in thousands)
Noninterest-bearing demand $ 5,357,731  —  % $ 5,260,550  —  % $ 97,181  1.8  %
Interest-bearing demand 7,777,364  1.79  6,338,513  1.66  1,438,851  22.7 
Savings and money market deposits 8,134,377  2.29  6,989,186  2.41  1,145,191  16.4 
Total demand deposits and savings and money market deposits 21,269,472  1.53  18,588,249  1.47  2,681,223  14.4 
Brokered deposits 796,243  4.44  1,103,356  5.42  (307,113) (27.8)
Time deposits 4,081,913  4.00  3,319,249  4.18  762,664  23.0 
Total deposits $ 26,147,628  2.01  % $ 23,010,854  2.05  % $ 3,136,774  13.6  %

During the six months ended June 30, 2025, average total deposits increased $3.1 billion, or 13.6%, compared to the same period in 2024. The increase in average total deposits was primarily due to increases of $1.4 billion, $1.1 billion and $762.7 million in average interest-bearing demand deposits, average savings and money market deposits and average time deposits, respectively, partially offset by a decrease of $307.1 million in average brokered deposits. The increase in average deposits was largely due to deposits assumed in the Republic First Transaction.

The cost of total deposits decreased 4 bps to 2.01% for the first six months of 2025 compared to 2.05% for the same period of 2024 primarily due to a decline in interest rates.






48

Average borrowings and other interest-bearing liabilities and interest rates, by type, are summarized in the following table:
Six months ended June 30
  2025 2024 Increase (Decrease)
  Balance Rate Balance Rate $ %
(dollars in thousands)
Federal funds purchased $ 552  4.46  % $ 103,148  5.52  % $ (102,596) (99.5)
FHLB advances 710,790  4.48  868,308  4.72  (157,518) (18.1)
Senior debt and subordinated debt 367,398  4.69  535,567  3.96  (168,169) (31.4)
Other borrowings and interest-bearing liabilities(1)
 676,837  3.48  1,018,011  4.30  (341,174) (33.5)
Total borrowings and other interest-bearing liabilities $ 1,755,577  4.17  % $ 2,525,034  4.49  % $ (769,457) (30.5) %
(1) Includes repurchase agreements, short-term promissory notes and capital leases and collateral liabilities.

Average borrowings and other interest-bearing liabilities decreased $769.5 million, or 30.5%, in the first six months of 2025 compared to the same period in 2024. The decrease in average borrowings and other interest-bearing liabilities was due to decreases of $341.2 million, $168.2 million, $157.5 million and $102.6 million in average other borrowings and interest-bearing liabilities, average senior debt and subordinated debt, average FHLB advances and average Federal funds purchased, respectively.

In November 2024, the Corporation retired $168.8 million of subordinated notes issued in November 2014 and June 2015 which matured on November 15, 2024.

Provision for Credit Losses

The provision for credit losses was $22.5 million for the six months ended June 30, 2025 compared to $43.0 million for the same period in 2024. The $20.5 million decrease in the provision for credit losses compared to the same period in 2024 was primarily due to a $23.4 provision for credit losses for non-PCD loans recorded as a result of the Republic First Transaction in the second quarter of 2024.



























49

Non-Interest Income

The following table presents the components of non-interest income:
  Six months ended June 30 Increase (Decrease)
  2025 2024 $ %
  (dollars in thousands)
Wealth management $ 44,066  $ 41,144  $ 2,922  7.1  %
Commercial banking:
   Merchant and card 13,967  14,607  (640) (4.4)
   Cash management 16,175  13,271  2,904  21.9 
   Capital markets 5,356  4,926  430  8.7 
   Other commercial banking 9,262  7,434  1,828  24.6 
Total commercial banking 44,760  40,238  4,522  11.2 
Consumer banking:
  Card 15,502  14,933  569  3.8 
  Overdraft 7,112  6,163  949  15.4 
  Other consumer banking 4,982  5,172  (190) (3.7)
       Total consumer banking 27,596  26,268  1,328  5.1 
Mortgage banking 7,130  7,041  89  1.3 
Other 12,830  8,332  4,498  54.0 
Non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax 136,382  123,023  13,359  10.9 
Gain on acquisition, net of tax —  47,392  (47,392) (100.0)
Investment securities (losses) gains, net (2) (20,282) 20,280  (100.0)
Total Non-Interest Income $ 136,380  $ 150,133  $ (13,753) (9.2) %

Non-interest income for the six months ended June 30, 2025 decreased $13.8 million, or 9.2%, compared to the same period in 2024. Excluding investment securities (losses) gains, net and gain on acquisition, net of tax, non-interest income increased $13.4 million or 10.9%. The increase in non-interest income before investment securities (losses) gains, net and gain on acquisition, net of tax, was primarily due to increases of $2.9 million in wealth management revenues due to an increase in assets under management, $2.9 million in cash management fee income due to an increase in account analysis fees as customers moved funds to interest-bearing deposit accounts and $4.5 million in income from equity method investments, reflected in other non-interest income.

In May 2024, the Corporation sold $345.7 million of AFS investment securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding investment securities of a similar type and similar duration.















50

Non-Interest Expense

The following table presents the components of non-interest expense:
Six months ended June 30 Increase (Decrease)
2025 2024 $ %
(dollars in thousands)
Salaries and employee benefits $ 210,871  $ 204,705  $ 6,166  3.0  %
Data processing and software 36,861  38,018  (1,157) (3.0)
Net occupancy 34,617  33,943  674  2.0 
Other outside services 23,485  22,582  903  4.0 
Intangible amortization 11,729  5,261  6,468  N/M
FDIC insurance 10,549  12,800  (2,251) (17.6)
Equipment 8,249  8,602  (353) (4.1)
Marketing 5,124  4,012  1,112  27.7 
Professional fees 913  4,659  (3,746) (80.4)
Other 39,809  36,316  3,493  9.6 
Subtotal 382,207  370,898  11,309  3.0 
Gain on Sale-Leaseback Transaction —  (20,266) 20,266  N/M
FultonFirst implementation and asset disposals (317) 12,652  (12,969) N/M
Acquisition-related expenses 380  13,803  (13,423) (97.2) %
Total non-interest expense $ 382,270  $ 377,087  $ 5,183  1.4  %

Non-interest expense for the six months ended June 30, 2025 increased $5.2 million, or 1.4%, compared to the same period in 2024. Excluding the gain on Sale-Leaseback Transaction, FultonFirst implementation and asset disposals and acquisition-related expenses, non-interest expense increased $11.3 million, or 3.0%, for the six months ended June 30, 2025 compared to the same period in 2024. The increase in non-interest expense was largely due to increases of $6.5 million in intangible amortization driven by CDI amortization expense resulting from the Republic First Transaction and $6.2 million in salaries and employee benefits primarily due to an increase in incentive compensation expense and annual merit increases.

Income Taxes

The Corporation's ETR was 19.2% for the six months ended June 30, 2025, compared to 12.2% for the same period in 2024. Excluding the impact from the $47.4 million gain on acquisition, net of tax, the Corporation's ETR was 16.6% for the same period in 2024.



















51


FINANCIAL CONDITION

The table below presents condensed consolidated ending balance sheets:
June 30,
2025		 December 31,
2024		 Increase (Decrease)
  $ %
Assets (dollars in thousands)
Cash and cash equivalents $ 804,664  $ 1,063,871  $ (259,207) (24.4) %
FRB and FHLB Stock 141,515  139,574  1,941  1.4 
Loans held for sale 23,281  25,618  (2,337) (9.1)
Investment securities 5,093,027  4,806,468  286,559  6.0 
Net loans, less ACL - loans 23,635,202  23,665,763  (30,561) (0.1)
Net premises and equipment 184,290  195,527  (11,237) (5.7)
Goodwill and intangibles 623,729  635,458  (11,729) (1.8)
Other assets 1,534,740  1,539,531  (4,791) (0.3)
Total Assets $ 32,040,448  $ 32,071,810  $ (31,362) (0.1) %
Liabilities and Shareholders' Equity
Deposits $ 26,138,067  $ 26,129,433  $ 8,634  N/M
Borrowings 1,773,900  1,782,048  (8,148) (0.5)
Other liabilities 799,235  963,004  (163,769) (17.0)
Total Liabilities 28,711,202  28,874,485  (163,283) (0.6)
Total Shareholders' Equity 3,329,246  3,197,325  131,921  4.1 
Total Liabilities and Shareholders' Equity $ 32,040,448  $ 32,071,810  $ (31,362) (0.1) %


Investment Securities

The following table presents the carrying amount of investment securities:
June 30,
2025		 December 31,
2024		 Increase (Decrease)
  $ %
Available for Sale (dollars in thousands)
State and municipal securities $ 774,749  $ 814,887  $ (40,138) (4.9) %
Corporate debt securities 264,098  300,370  (36,272) (12.1)
Collateralized mortgage obligations 1,172,238  788,885  383,353  48.6 
Residential mortgage-backed securities 896,735  989,875  (93,140) (9.4)
Commercial mortgage-backed securities 512,049  516,882  (4,833) (0.9)
   Total AFS investment securities 3,619,869  3,410,899  208,970  6.1 
Held to Maturity
Residential mortgage-backed securities 618,955  537,856  81,099  15.1 
Commercial mortgage-backed securities 854,203  857,713  (3,510) (0.4)
Total HTM securities 1,473,158  1,395,569  77,589  5.6 
Total Investment Securities $ 5,093,027  $ 4,806,468  $ 286,559  6.0  %

Compared to December 31, 2024, total AFS investment securities at June 30, 2025 increased $209.0 million, or 6.1%. The increase in AFS investment securities at June 30, 2025 compared to December 31, 2024 was primarily due to a $383.4 million increase in collateralized mortgage obligations, partially offset by decreases of $93.1 million, $40.1 million and $36.3 million in residential mortgage-backed securities, state and municipal securities and corporate debt securities, respectively.
52


Compared to December 31, 2024, total HTM investment securities at June 30, 2025 increased $77.6 million, or 5.6%. The increase in HTM investment securities at June 30, 2025 compared to December 31, 2024 was driven by an increase of $81.1 million in residential mortgage-backed securities.

Loans

The following table presents ending net loans outstanding by type:
June 30,
2025		 December 31,
2024		 Increase (Decrease)
$ %
(dollars in thousands)
Real estate - commercial mortgage $ 9,678,038  $ 9,601,858  $ 76,180  0.8%
Commercial and industrial 4,541,765  4,605,589  (63,824) (1.4)%
Real estate - residential mortgage 6,511,687  6,349,643  162,044  2.6%
Real estate - home equity 1,193,410  1,160,616  32,794  2.8%
Real estate - construction 1,155,099  1,394,899  (239,800) (17.2)%
Consumer 583,949  616,856  (32,907) (5.3)%
Leases and other loans(1)
 348,591  315,458  33,133  10.5%
Net loans $ 24,012,539  $ 24,044,919  $ (32,380) (0.1)%
(1) Includes unearned income of $38.7 million and $35.6 million as of June 30, 2025 and December 31, 2024, respectively.

During the six months ended June 30, 2025, net loans decreased $32.4 million, or 0.1%, compared to December 31, 2024. The decrease in net loans during the first six months of 2025 was primarily due to decreases of $239.8 million in construction loans and $63.8 million in commercial and industrial loans, partially offset by increases of $162.0 million in residential mortgage loans and $76.2 million in commercial mortgage loans.

The Corporation does not have a significant concentration of credit risk with any single borrower. As of June 30, 2025, approximately $10.8 billion, or 45.1%, of the loan portfolio was comprised of commercial mortgage loans and construction loans.

The Corporation has established lower total lending limits for certain types of commercial lending commitments and lower total lending limits based on the Corporation's internal risk rating of an individual borrower at the time the lending commitment is approved. The Corporation adheres to loan portfolio management practices, which include requiring an annual review of the majority of loans. Additionally, management monitors the loan portfolio throughout the year taking into account, among other things, the size, complexity and risk of loans and individual borrowers. An independent loan review function assesses the portfolio for internal risk rating accuracy and loan servicing policy requirements. The Corporation consolidates risk migrations to identify emerging risks by industry and real estate property types, taking into consideration economic forecasts and industry trends. The Corporation takes a risk-based approach when reviewing a specific loan portfolio, such as the commercial office loan portfolio or multi-family loan portfolio. The Corporation reviews portfolio concentrations and adjusts the lending limits based on asset quality, economic forecasts and industry outlook.















53

The following table summarizes the industry concentrations within the commercial mortgage and the commercial and industrial loan portfolios:
June 30, 2025 December 31, 2024
Real estate(1)
 39.6  % 39.5  %
Health care 6.8  6.3 
Manufacturing 6.5  5.1 
Retail 6.1  6.6 
Other services 5.0  5.3 
Agriculture 5.0  5.3 
Construction(2)
 4.7  4.3 
Hospitality and food services 3.8  4.0 
Wholesale trade 3.4  3.4 
Educational services 3.0  3.0 
Professional, scientific and technical services 2.7  2.7 
Arts, entertainment and recreation 2.4  2.4 
Finance and Insurance 1.5  1.6 
Transportation and warehousing 1.3  1.5 
Public administration 1.3  1.3 
Administrative and Support 1.2  1.2 
Other 5.7  6.5 
Total 100.0  % 100.0  %
(1) Includes commercial loans to borrowers engaged in the business of renting, leasing or managing real estate for others, selling and/or buying real estate for
others and appraising real estate.
(2) Includes commercial loans to borrowers engaged in the construction industry.

The commercial mortgage loan portfolio consists of 45.2% owner occupied commercial mortgage loans and 54.8% of non-owner occupied commercial mortgage loans as of June 30, 2025. The following table summarizes the non-owner occupied commercial mortgage loan portfolio and the percent to total net loans.

June 30, 2025 December 31, 2024
$ % of Total Net Loans $ % of Total Net Loans
(dollars in thousands)
Multi-family $ 1,581,776  6.6  % $ 1,543,943  6.4  %
Retail trade 1,089,746  4.5  1,097,712  4.6 
Industrial 874,564  3.6  829,354  3.4 
Office 755,139  3.1  761,929  3.2 
Hospitality and food services 432,039  1.8  470,907  2.0 
Other 566,120  2.5  527,661  2.2 
Total non-owner occupied commercial mortgage loans $ 5,299,384  22.1  % $ 5,231,506  21.8  %










54

The following table summarizes the commercial mortgage office non-owner occupied loan portfolio outstanding balance, total commitment and LTV ratio by Metropolitan Statistical Area:

June 30, 2025 December 31, 2024
Outstanding Balance Total Commitment
Weighted Average LTV(1)
 Outstanding Balance Total Commitment
Weighted Average LTV(1)
(dollars in thousands)
Philadelphia(2)
 $ 350,162  $ 382,082  61  % $ 339,164  $ 369,758  62  %
New York(3)
 76,674  79,436  62  96,129  100,893  59 
Washington, D.C.(4)
 86,112  86,112  70  87,688  87,688  55 
Baltimore (5)
 84,652  85,772  62  75,318  76,453  58 
Other 157,539  166,449  65  163,630  171,442  61 
Total office non-owner occupied commercial real estate $ 755,139  $ 799,851  63  % $ 761,929  $ 806,234  60  %
(1) Weighted average LTV as of origination.
(2) Philadelphia-Camden-Wilmington, PA-NJ-DE-MD.
(3) New York-Newark-Jersey City, NY-NJ-PA.
(4) Washington-Arlington-Alexandria, DC-VA-MD-WV.
(5) Baltimore-Columbia-Towson, MD.

The non-owner occupied commercial mortgage office loan portfolio table above excludes commercial construction loans secured by office property collateral with a total outstanding balance of $1.7 million and outstanding loan commitment of $2.8 million as of June 30, 2025.

The following table summarizes the non-owner occupied commercial mortgage multi-family loan portfolio outstanding balance, total commitment and LTV ratio by Metropolitan Statistical Area:

June 30, 2025 December 31, 2024
Outstanding Balance Total Commitment
Weighted Average LTV(1)
 Outstanding Balance Total Commitment
Weighted Average LTV(1)
(dollars in thousands)
Philadelphia(2)
 $ 708,713  $ 725,561  62  % $ 707,826  $ 738,256  62  %
New York(3)
 116,674  122,127  65  124,321  130,238  64 
Baltimore(4)
 93,990  93,990  56  108,384  108,680  59 
Washington, D.C.(5)
 50,463  53,721  54  28,145  31,121  48 
Lancaster, PA 130,895  131,635  66  135,891  146,593  69 
Other 481,041  542,145  57  439,376  479,884  59 
Total multi-family non-owner occupied commercial real estate $ 1,581,776  $ 1,669,179  60  % $ 1,543,943  $ 1,634,772  62  %
(1) Weighted average LTV as of origination.
(2) Philadelphia-Camden-Wilmington, PA-NJ-DE-MD.
(3) New York-Newark-Jersey City, NY-NJ-PA.
(4) Baltimore-Columbia-Towson, MD.
(5) Washington-Arlington-Alexandria, DC-VA-MD-WV.

The non-owner occupied commercial mortgage multi-family loan table above excludes commercial construction loans secured by multi-family property collateral with a total outstanding loan balance of $356.8 million and outstanding loan commitments of $566.0 million as of June 30, 2025.






55

The following table presents the changes in non-accrual loans for the three and six months ended June 30, 2025:

Commercial 
and
Industrial		 Real Estate -
Commercial
Mortgage		 Real Estate -
Construction		 Real Estate -
Residential
Mortgage		 Consumer and Real Estate -
Home
Equity		 Leases and other loans Total
(dollars in thousands)
Three months ended June 30, 2025
Balance at March 31, 2025 $ 34,569  $ 86,528  $ 3,666  $ 27,226  $ 8,131  $ 2,306  $ 162,426 
Additions 15,440  37,980  21,286  1,939  1,256  397  78,298 
Payments (5,069) (31,853) —  (2,487) (1,098) (268) (40,775)
Charge-offs (1)
 (5,780) (6,402) (100) (258) (1,116) (397) (14,053)
Transfers to accrual status (45) (2,218) —  (82) (88) —  (2,433)
Transfers to OREO —  —  —  (521) —  —  (521)
Balance at June 30, 2025 $ 39,115  $ 84,035  $ 24,852  $ 25,817  $ 7,085  $ 2,038  $ 182,942 
Six months ended June 30, 2025
Balance at December 31, 2024 $ 42,217  $ 99,497  $ 1,746  $ 25,400  $ 8,599  $ 11,834  $ 189,293 
Additions 25,695  85,360  25,980  5,217  3,917  1,925  148,094 
Payments (19,107) (77,423) (2,534) (3,173) (1,818) (9,797) (113,852)
Charge-offs (1)
 (9,645) (18,508) (100) (601) (3,309) (1,924) (34,087)
Transfers to accrual status (45) (4,891) —  (82) (304) —  (5,322)
Transfers to OREO —  —  (240) (944) —  —  (1,184)
Balance at June 30, 2025 $ 39,115  $ 84,035  $ 24,852  $ 25,817  $ 7,085  $ 2,038  $ 182,942 
(1) Overdrafts excluded from charge-offs.

During the six months ended June 30, 2025, non-accrual loans decreased by approximately $6.4 million, or 3.4%, largely due to $113.9 million in payments, $34.1 million in charge-offs and $5.3 million in transfers to accrual status, partially offset by $148.1 million in additions. During the six months ended June 30, 2025, non-accrual loans as a percentage of total net loans decreased to 0.76% compared to 0.79% as of December 31, 2024.

The following table presents non-performing assets for the periods shown below:
June 30, 2025 December 31, 2024
  (dollars in thousands)
Non-accrual loans $ 182,942 $ 189,293
Loans 90 days or more past due and still accruing 29,949 30,781
Total non-performing loans 212,891 220,074
OREO(1)
 2,706 2,621
Total non-performing assets $ 215,597 $ 222,695
Non-accrual loans to total net loans 0.76  % 0.79  %
Non-performing loans to total net loans 0.89  % 0.92  %
Non-performing assets to total assets 0.67  % 0.69  %
ACL - loans to non-performing loans 177  % 172  %
(1) Excludes $13.9 million and $17.5 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 2025 and December 31, 2024, respectively.

Non-performing loans as of June 30, 2025 were $212.9 million, a decrease of $7.2 million, or 3.3%, compared to $220.1 million as of December 31, 2024. The decrease in non-performing loans during the first six months of 2025 was primarily due to payments, charge-offs and transfers to accrual status, partially offset by additions. Non-performing loans as a percentage of total net loans was 0.89% and 0.92% as of June 30, 2025 and December 31, 2024, respectively.
56


The Corporation's ability to identify potential problem loans in a timely manner is important to maintaining an adequate ACL. For commercial and industrial loans, commercial mortgage loans, commercial construction loans and leases and other loans, an internal risk rating process is used to monitor credit quality. The evaluation of credit risk for residential mortgages, home equity loans, construction loans to individuals and consumer loans is based on payment history through the monitoring of delinquency levels and trends.

Total internally risk-rated loans were $15.5 billion and $15.4 billion as of June 30, 2025 and December 31, 2024, respectively, of which $1.7 billion were criticized and classified loans at June 30, 2025 compared to $1.8 billion at December 31, 2024.

The following table presents criticized and classified loans, or those with internal risk ratings of special mention or substandard or lower for commercial mortgage loans, commercial and industrial loans and construction loans to commercial borrowers, by class segment:
Special Mention(1)
 Increase (Decrease)
Substandard or Lower(2)
 Increase (Decrease) Total Criticized and Classified Loans
June 30,
2025		 December 31, 2024 $ % June 30, 2025 December 31, 2024 $ % June 30, 2025 December 31, 2024
(dollars in thousands)
Real estate - commercial mortgage $ 488,432 $ 531,423 $ (42,991) (8.1)% $ 548,610 $ 522,377 $ 26,233  5.0  % $ 1,037,042 $ 1,053,800
Commercial and industrial 207,979 238,809 (30,830) (12.9) 325,821 335,246 (9,425) (2.8) 533,800 574,055
Real estate -construction(3)
40,514 161,310 (120,796) (74.9) 64,263 47,183 17,080  36.2 104,777 208,493
Leases and other loans 4,514 — 4,514  NM 7,068 — 7,068  NM 11,582 —
Total $ 741,439 $ 931,542 $ (190,103) (20.4)% $ 945,762 $ 904,806 $ 40,956 4.5% $ 1,687,201 $ 1,836,348
% of total risk rated loans 4.8  % 6.1  % 6.1  % 5.9  % 10.9  % 11.9  %
(1) Considered "criticized" loans by banking regulators.
(2) Considered "classified" loans by banking regulators.
(3) Excludes residential real estate - construction.

Compared to December 31, 2024, total criticized and classified loans decreased $149.1 million driven by a decrease of $190.1 million in special mention loans, partially offset by an increase of $41.0 million in substandard or lower loans.

The Corporation accounts for the credit risk associated with lending activities through the ACL and the provision for credit losses.




















57

The following table presents the activity in the ACL:
  Three months ended June 30 Six months ended June 30
  2025 2024 2025 2024
  (dollars in thousands)
Average balance of net loans $ 23,899,742 $ 23,345,914 $ 23,953,003 $ 22,357,972
Balance of ACL at beginning of period $ 379,677 $ 297,888 $ 379,156 $ 293,404
CECL Day 1 Provision for credit losses(1)
 — 23,444 — 23,444
Initial PCD allowance for credit losses — 55,906 — 55,906
Loans charged off:
Real estate - commercial mortgage (6,402) (7,853) (18,508) (7,879)
Commercial and industrial (5,780) (2,955) (9,645) (10,587)
Real estate - residential mortgage (258) (35) (601) (286)
Consumer and real estate - home equity (1,885) (1,766) (4,078) (4,004)
Real estate - construction (100) — (100) —
Leases and other loans (1,491) (1,398) (3,018) (2,203)
Total loans charged off (15,916) (14,007) (35,950) (24,959)
Recoveries of loans previously charged off:
Real estate - commercial mortgage 133 146 507 298
Commercial and industrial 2,628 796 8,580 2,044
Real estate - residential mortgage 203 122 377 238
Consumer and real estate - home equity 899 1,161 1,559 1,837
Real estate - construction 99 233 181 233
Leases and other loans 240 247 441 409
Total recoveries of loans previously charged-off 4,202 2,705 11,645 5,059
Net loans charged off (recoveries) (11,714) (11,302) (24,305) (19,900)
Provision for credit losses(1)(2)
 9,374 10,005 22,486 23,087
Balance of ACL at end of period $ 377,337 $ 375,941 $ 377,337 $ 375,941
Provision for OBS credit exposures(1)
 $ (767) $ (1,393) $ 19 $ (3,550)
Reserve for OBS credit exposures(3)
 $ 14,180 $ 14,540 $ 14,180 $ 14,540
Net charge-offs to average loans (annualized) 0.20  % 0.19  % 0.20  % 0.18  %
(1) These amounts are reflected in the provision for credit losses in the Consolidated Statements of Income.
(2) Provision for credit losses includes only the portion related to net loans.
(3) Reserve for OBS credit exposures is recorded within other liabilities on the Consolidated Balance Sheets.

The provision for credit losses, specific to net loans, for the three months ended June 30, 2025 was $9.4 million compared to a provision of $10.0 million for the same period in 2024. The provision for credit losses, specific to net loans, for the six months ended June 30, 2025 was $22.5 million compared to $23.1 million for the same period in 2024. During the second quarter of 2024, a provision for credit losses of $23.4 million was recorded for non-PCD Loans acquired in the Republic First Transaction. Additionally, included in the ACL during the second quarter of 2024 was $55.9 million recorded for PCD Loans acquired in the Republic First Transaction.

The ACL includes qualitative adjustments, as appropriate, intended to capture the impact of uncertainties not reflected in the quantitative models. See "Note 5 - Loans and Allowance for Credit Losses" of the Notes to Consolidated Financial Statements in Part I, "Item 1. Financial Statements" for additional details.




58

The following table summarizes the allocation of the ACL - loans:

June 30, 2025 December 31, 2024
ACL - loans
% to Total ACL - loans(1)
% to Total Net Loans(2)
 ACL - loans
% to Total ACL - loans(1)
% to Total Net Loans(2)
(dollars in thousands)
Real estate - commercial mortgage $ 153,383  40.6  % 40.3  % $ 158,181  41.7  % 39.9  %
Commercial and industrial 97,520  25.8  18.9  92,212  24.3  19.2 
Real estate - residential mortgage 82,356  21.8  27.1  81,331  21.5  26.4 
Consumer, home equity and leases and other loans 23,342  6.2  8.9  22,292  5.9  8.7 
Real estate - construction 20,736  5.6  4.8  25,140  6.6  5.8 
Total ACL - loans $ 377,337  100.0  % 100.0  % $ 379,156  100.0  % 100.0  %
(1) Ending ACL - loan portfolio segment balance as a percentage of total ACL - loans.
(2) Ending loan portfolio segment balances as a percentage of total net loans for the periods presented.

Deposits and Borrowings

The following table presents ending deposits by type:
June 30,
2025		 December 31,
2024		 Increase (Decrease)
$ %
(dollars in thousands)
Noninterest-bearing demand $ 5,337,771  $ 5,499,760  $ (161,989) (2.9) %
Interest-bearing demand 7,593,083  7,843,604  (250,521) (3.2)
Savings and money market deposits 8,271,925  7,792,114  479,811  6.2 
Total demand and savings 21,202,779  21,135,478  67,301  0.3 
Brokered deposits 817,398  843,857  (26,459) (3.1)
Time deposits 4,117,890  4,150,098  (32,208) (0.8)
Total deposits $ 26,138,067  $ 26,129,433  $ 8,634  N/M

During the six months ended June 30, 2025, total deposits increased by $8.6 million compared to December 31, 2024. The increase in total deposits was primarily due to an increase of $479.8 million in savings and money market deposits, partially offset by decreases of $250.5 million, $162.0 million and $32.2 million in interest-bearing demand deposits, noninterest-bearing demand deposits and time deposits, respectively.

Total uninsured deposits (excluding intra-Company deposits) were estimated to be $9.2 billion and $9.4 billion as of June 30, 2025 and December 31, 2024, respectively.

Time deposits of $250 thousand or more were $1.1 billion and $1.0 billion as of June 30, 2025 and December 31, 2024, respectively.












59

The following table presents ending borrowings by type:
  June 30,
2025		 December 31,
2024		 Increase (Decrease)
  $ %
  (dollars in thousands)
FHLB advances $ 800,000  $ 850,000  $ (50,000) (5.9)
Senior debt and subordinated debt 367,476  367,316  160  N/M
Other borrowings(1)
 606,424  564,732  41,692  7.4 
Total borrowings $ 1,773,900  $ 1,782,048  $ (8,148) (0.5) %
(1) Includes repurchase agreements, short-term promissory notes and capital leases.

During the six months ended June 30, 2025, total borrowings decreased $8.1 million, or 0.5%, compared to December 31, 2024. The decrease in total borrowings was primarily due to a decrease in FHLB advances of $50.0 million, partially offset by an increase in other borrowings of $41.7 million.

Shareholders' Equity

On December 17, 2024, the Corporation announced that its Board of Directors approved the 2025 Repurchase Program. The 2025 Repurchase Program will expire on December 31, 2025. Under the 2025 Repurchase Program, the Corporation is authorized to repurchase up to $125.0 million of shares of its common stock. Under the 2025 Repurchase Program up to $25.0 million may be used to repurchase shares of the Corporation's preferred stock.

On April 15, 2025, the Corporation announced that its Board of Directors approved a supplemental authorization under the 2025 Repurchase Program to repurchase up to $25 million of the Subordinated Notes due 2030; provided that the purchase price of the Corporation's preferred stock and the Subordinated Notes due 2030 may not exceed, in the aggregate, $25 million.

The 2025 Repurchase Program may be discontinued at any time.

During the six months ended June 30, 2025, 553,767 shares of common stock were repurchased under the 2025 Repurchase Program at a total cost of $9.0 million or $16.28 per share.

On May 1, 2024, the Corporation completed its underwritten public offering of 19,166,667 shares of its common stock at a price to the public of $15.00 per share, before underwriting discounts. The net proceeds to the Corporation from the offering after deducting underwriting discounts and transaction expenses were approximately $272.6 million.

Regulatory Capital

The Corporation and its wholly owned subsidiary bank, Fulton Bank, are subject to the Capital Rules administered by banking regulators. Failure to meet minimum capital requirements can trigger certain actions by regulators that could have a material effect on the Corporation's financial statements.

The Capital Rules require the Corporation and Fulton Bank to:

•Meet a minimum Common Equity Tier 1 capital ratio of 4.50% of risk-weighted assets;

•Meet a minimum Tier 1 Leverage capital ratio of 4.00% of average assets;

•Meet a minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 capital ratio of 6.00% of risk-weighted assets;

•Maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus payments; and

•Comply with a revised definition of capital to improve the ability of regulatory capital instruments to absorb losses. Certain non-qualifying capital instruments, including cumulative preferred stock and TruPS, are excluded as a component of Tier 1 capital for institutions of the Corporation's size.

60

As of June 30, 2025, the Corporation's capital levels met the minimum capital requirements, including the capital conservation buffers, as prescribed in the Capital Rules.

As of June 30, 2025, Fulton Bank met the well-capitalized requirements under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, a bank must maintain minimum Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage ratios as set forth in the Capital Rules. There were no other conditions or events since June 30, 2025 that management believes have changed the Corporation's capital categories.

The following table summarizes the Corporation's capital ratios in comparison to regulatory requirements:
June 30,
2025		 December 31, 2024 Regulatory
Minimum
for Capital
Adequacy		 With Capital Conservation Buffer
Total Risk-Based Capital (to Risk-Weighted Assets) 14.7  % 14.3  % 8.0  % 10.5  %
Tier I Risk-Based Capital (to Risk-Weighted Assets) 12.1  % 11.5  % 6.0  % 8.5  %
Common Equity Tier I (to Risk-Weighted Assets) 11.3  % 10.8  % 4.5  % 7.0  %
Tier I Leverage Capital (to Average Assets) 9.4  % 9.0  % 4.0  % 4.0  %

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the exposure to economic loss that arises from changes in the values of certain financial instruments. The types of market risk exposures generally faced by financial institutions include interest rate risk, equity market price risk, debt security market price risk, foreign currency price risk and commodity price risk. Due to the nature of its operations, foreign currency price risk and commodity price risk are not significant to the Corporation.

Interest Rate Risk, Asset/Liability Management and Liquidity

Interest rate risk creates exposure in two primary areas. First, changes in rates have an impact on the Corporation's liquidity position and could affect its ability to meet obligations and continue to grow. Second, movements in interest rates can create fluctuations in the Corporation's net interest income and changes in the economic value of its equity.

The Corporation employs various management techniques to minimize its exposure to interest rate risk. The Corporation's ALCO is responsible for reviewing the interest rate sensitivity and liquidity positions of the Corporation, approving asset and liability management policies, and overseeing the formulation and implementation of strategies regarding balance sheet positions.

The Corporation uses two complementary methods to measure and manage interest rate risk. They are a simulation of net interest income and estimates of economic value of equity. Using these measurements in tandem provides a reasonably comprehensive summary of the magnitude of the Corporation's interest rate risk, level of risk as time evolves, and exposure to changes in interest rates.

Simulation of net interest income is performed for the next 12-month period. A variety of interest rate scenarios are used to measure the effects of sudden and gradual movements upward and downward in the yield curve. These results are compared to the results obtained in a flat or unchanged interest rate scenario. Simulation of net interest income is used primarily to measure the Corporation's short-term earnings exposure to rate movements. During the first quarter of 2025, the Corporation revised its policy to measure its interest rate risk profile using parallel instantaneous shocks rather than non-parallel instantaneous shocks. The Corporation has not changed its established interest rate risk policy limits.

The Corporation's policy limits the potential exposure of net interest income in a parallel instantaneous shock to 10% of the base case net interest income for a 100 bps shock in interest rates, 15% for a 200 bps shock, 20% for a 300 bps shock and 25% for a 400 bps shock. A "shock" is an immediate upward or downward movement of interest rates. The shocks do not take into account changes in customer behavior that could result in changes to mix and/or volumes in the balance sheet, nor does it take into account the potential effects of competition on the pricing of deposits and loans over the forward 12-month period. As of June 30, 2025, the Corporation was within the policy limits for exposure of net interest income for every 100 bps parallel instantaneous shock.

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Contractual maturities and repricing opportunities of loans are incorporated in the simulation model as are prepayment assumptions, maturity data and call options within the investment portfolio. Assumptions based on past experience are incorporated into the model for non-maturity deposit accounts. The assumptions used are inherently uncertain and, as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model's simulated results due to timing, amount and frequency of interest rate changes as well as changes in market conditions and the application and timing of various management strategies.

The following table summarizes the expected impact of interest rate changes in rate-ramp scenarios over a 12-month period, that is, a gradual parallel shift and a gradual non-parallel shift, on net interest income as of June 30, 2025:

Parallel Shift Non-Parallel Shift
Rate Ramp(1)
 Annual change
in net interest income		 % change in net interest income Annual change
in net interest income		 % change in net interest income
+400 bp + $33.5 million +3.0% + $24.8 million +2.2%
+300 bp + $27.1 million +2.4% + $20.6 million +1.8%
+200 bp + $20.3 million +1.8% + $15.9 million +1.4%
+100 bp + $12.3 million +1.1% + $10.2 million +0.9%
–100 bp - $7.9 million -0.7% - $6.0 million -0.5%
–200 bp - $15.3 million -1.4% - $9.8 million -0.9%
–300 bp - $22.6 million -2.0% - $13.7 million -1.2%
–400 bp - $30.6 million -2.7% - $18.4 million -1.7%
(1) These results include the effect of implicit and explicit interest rate floors that limit further reduction in interest rates.

The following table summarizes the expected impact of abrupt interest rate changes, that is, a parallel instantaneous shock and a non-parallel instantaneous shock, on net interest income as of June 30, 2025:

Parallel Instantaneous Shock Non-Parallel Instantaneous Shock
Rate Shock(1)
 Annual change
in net interest income		 % change in net interest income Annual change
in net interest income		 % change in net interest income
+400 bp + $60.4 million +5.4% + $32.7 million +2.9%
+300 bp + $51.0 million +4.6% + $30.0 million +2.7%
+200 bp + $40.6 million +3.6% + $26.6 million +2.4%
+100 bp + $27.2 million +2.4% + $19.7 million +1.8%
–100 bp - $19.5 million -1.7% - $11.2 million -1.0%
–200 bp - $37.1 million -3.3% - $17.6 million -1.6%
–300 bp - $55.7 million -5.0% - $22.2 million -2.0%
–400 bp - $88.6 million -7.9% - $40.4 million -3.6%
(1) These results include the effect of implicit and explicit interest rate floors that limit further reduction in interest rates.

Economic value of equity estimates the discounted present value of asset and liability cash flows. Discount rates are based upon market prices for like assets and liabilities. Abrupt changes or "shocks" in interest rates, both upward and downward, are used to determine the comparative effect of such interest rate movements relative to the unchanged environment. This measurement tool is used primarily to evaluate the longer-term repricing risks and options in the Corporation's balance sheet. The Corporation's policy limits the economic value of equity that may be at risk in a parallel instantaneous shock to 10% of the base case economic value of equity for a 100 bps shock in interest rates, 20% for a 200 bps shock, 30% for a 300 bps shock and 40% for a 400 bps shock. As of June 30, 2025, the Corporation was within economic value of equity policy limits for every 100 bps parallel instantaneous shock.







62

Interest Rate Derivatives

The Corporation enters into interest rate derivatives with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate derivatives with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate derivatives is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. These interest rate derivatives are derivative financial instruments, and the gross fair values are recorded in other assets and liabilities on the consolidated balance sheets.

Cash Flow Hedges

The Corporation's objectives in using interest rate derivatives are to reduce volatility in net interest income and net interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Corporation primarily uses interest rate derivatives as part of its interest rate risk management strategy. The Corporation enters into interest rate derivatives designated as cash flow hedges to hedge the cash flows associated with existing loans and borrowings.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income or interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income or interest expense as interest payments are received or made on the Corporation's loans and borrowings.

In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the unrealized losses that have been recorded in AOCI are recognized as a reduction to interest income, including fees, when the previously forecasted hedged item affects earnings in future periods. During the six months ended June 30, 2025, $6.5 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Consolidated Statements of Income. During the year ended December 31, 2024, $27.9 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Consolidated Statements of Income.

Liquidity

The Corporation must maintain a sufficient level of liquid assets to meet the cash needs of its customers, who, as depositors, may want to withdraw funds or who, as borrowers, need credit availability. Liquidity is provided on a continuous basis through scheduled and unscheduled principal and interest payments on investments and outstanding loans and through the availability of deposits and borrowings. The Corporation also maintains secondary sources that provide liquidity on a secured and unsecured basis to meet short- and long-term needs.

The Corporation maintains liquidity sources in the form of interest-bearing deposits and customer funding (short-term promissory notes). The Corporation can access additional liquidity from these sources, if necessary, by increasing the rates of interest paid on those instruments. The positive impact to liquidity resulting from paying higher interest rates could have a detrimental impact on NIM and net interest income if rates on interest-earning assets do not experience a proportionate increase. Borrowing availability with the FHLB and the FRB, along with federal funds lines at various correspondent banks, provides the Corporation with additional liquidity.

Fulton Bank is a member of the FHLB and has access to FHLB overnight and term credit facilities. As of June 30, 2025, the Bank had total borrowing capacity of approximately $11.2 billion with $4.9 billion of advances and letters of credit outstanding, for a remaining available borrowing capacity of approximately $6.3 billion under these facilities. Advances from the FHLB, when utilized, are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets.

As of June 30, 2025, the Corporation had aggregate federal funds lines borrowing capacity of $2.6 billion with no amounts outstanding against that amount. As of June 30, 2025, the Corporation had $3.9 billion of collateralized borrowing capacity at the FRB discount window with no amounts outstanding.

A combination of commercial real estate loans, commercial loans, consumer loans and securities are pledged to the FRB of Philadelphia to provide access to FRB discount window borrowings. Securities carried at $0.4 billion at June 30, 2025 and $0.3 billion at December 31, 2024 were pledged as collateral to secure public and trust deposits.

Liquidity must also be managed at the Parent Company. For safety and soundness reasons, banking regulations limit the amount of cash that can be transferred from subsidiary banks to the parent company in the form of loans and dividends. Generally, these limitations are based on the subsidiary banks’ regulatory capital levels and their net income.
63

Management continues to monitor the liquidity and capital needs of the Parent Company including monitoring the granularity of the deposit portfolio and level of uninsured deposits. Management will implement appropriate strategies, as necessary, to remain adequately capitalized and to meet its cash needs.

The Consolidated Statements of Cash Flows in Part I. "Item 1. Financial Statements" provide additional information. The Corporation's operating activities during the six months ended June 30, 2025 generated $92.5 million of cash. Cash used by investing activities was $270.0 million and was primarily due to a net increase in investment securities. Cash used by financing activities was $81.7 million primarily due to dividends paid.

Debt Security Market Price Risk

Debt security market price risk is the risk that changes in the values of debt securities, unrelated to interest rate changes, could have a material impact on the financial position or results of operations of the Corporation. The Corporation's debt security investments consist primarily of U.S. government-sponsored agency issued mortgage-backed securities and collateralized mortgage obligations, state and municipal securities, and corporate debt securities. All of the Corporation's investments in mortgage-backed securities and collateralized mortgage obligations have principal payments that are guaranteed by U.S. government-sponsored agencies.

State and Municipal Securities

As of June 30, 2025, the Corporation owned securities issued by various states and municipalities with a total fair value of $774.7 million. Uncertainty with respect to the financial strength of state and municipal bond insurers places emphasis on the underlying strength of issuers. Pressure on local tax revenues of issuers due to adverse economic conditions could have an adverse impact on the underlying credit quality of issuers. The Corporation evaluates existing and potential holdings primarily based on the underlying creditworthiness of the issuing state or municipality and then, to a lesser extent, on any credit enhancement. State and municipal securities can be supported by the general obligation of the issuing state or municipality, allowing the securities to be repaid by any means available to the issuing state or municipality. As of June 30, 2025, approximately 100% of state and municipal securities were supported by the general obligation of corresponding states or municipalities. Approximately 75% of these securities were school district issuances, which are also supported by the states of the issuing municipalities.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Corporation carried out an evaluation, under the supervision and with the participation of the Corporation's management, including the Corporation's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Corporation's disclosure controls and procedures pursuant to Rule 13a-15, promulgated under the Exchange Act. Based upon that evaluation, the Corporation's Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2025, the Corporation's disclosure controls and procedures are effective. Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in Corporation reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.















64

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

The information presented in the "Legal Proceedings" section of Note 14 "Commitments and Contingencies" in the Notes to Consolidated Financial Statements in Part I, "Item 1. Financial Statements" in this Quarterly Report on Form 10-Q is incorporated herein by reference.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A. Risk Factors of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024.


Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a)  None.
(b)  None.
(c)



                            Period		 Total Number of Shares Purchased
Average Price Paid per Share(1)
 Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2025 to April 30, 2025 500,000  $ 16.15  500,000  $ 116,368,940 
May 1, 2025 to May 31, 2025 —  —  —  116,368,940 
June 1, 2025 to June 30, 2025 22,300  17.17  22,300  115,986,150 
(1) Includes 1% excise tax

On December 17, 2024, the Corporation announced that its Board of Directors approved the 2025 Repurchase Program. The 2025 Repurchase Program will expire on December 31, 2025. Under the 2025 Repurchase Program, the Corporation is authorized to repurchase up to $125.0 million of shares of its common stock. Under the 2025 Repurchase Program up to $25.0 million may be used to repurchase shares of the Corporation's preferred stock.

On April 15, 2025, the Corporation announced that its Board of Directors approved a supplemental authorization under the 2025 Repurchase Program to repurchase up to $25 million of the Subordinated Notes due 2030; provided that the purchase price of the Corporation's preferred stock and the Subordinated Notes due 2030 may not exceed, in the aggregate, $25 million.

As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time under the 2025 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2025 Repurchase Program may be discontinued at any time.

During the six months ended June 30, 2025, 553,767 shares of common stock were repurchased under the 2025 Repurchase Program at a total cost of $9.0 million or $16.28 per share.

Item 5. Other Information

(c) Except as disclosed below, none of the Corporation's directors or "officers" (as defined in Rule 16a-1(f) (17 C.F.R. § 240.16a-1(f))) adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K (17 C.F.R. § 229.408)) during the fiscal quarter ended June 30, 2025.

On June 13, 2025, E. Philip Wenger, a director of the Corporation, adopted a Rule 10b5-1 trading arrangement for the sale of up to 20,000 shares of the Corporation's common stock. The trading arrangement will expire on September 11, 2026, unless terminated sooner in accordance with its terms.


65

Item 6. Exhibits
2.1 
3.1 
3.2 
3.3 
4.1 
4.2 
4.3 
10.1 
10.2 
10.3 
31.1 
31.2 
32.1 
32.2 
101 Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
104  Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101)
* Management contract or compensatory plan or arrangement.
66

FULTON FINANCIAL CORPORATION AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
FULTON FINANCIAL CORPORATION
Date: August 8, 2025 /s/ Curtis J. Myers
Curtis J. Myers
Chairman and Chief Executive Officer
Date: August 8, 2025 /s/ Richard S. Kraemer
Richard S. Kraemer
Senior Executive Vice President and Chief Financial Officer

67
EX-10.3 2 exhibit1032025dsuawardagre.htm EX-10.3 Document


Exhibit 10.3

FULTON FINANCIAL CORPORATION
Non-Employee Director Stock Unit Award Agreement
(“Award Agreement”)
[GRANT DATE]

[PARTICIPANT NAME]

[HOME ADDRESS]

Dear [PARTICIPANT NAME]:

Pursuant to the terms and conditions of the Amended and Restated 2023 Director Equity Plan (the “2023 Plan”) of Fulton Financial Corporation (“Fulton”), you are the recipient of a Restricted Stock Unit (“RSU”) award (the “Award”). The Award has the following terms and conditions as of the Date of Grant. Capitalized terms used herein but not defined shall have the meanings set forth in the 2023 Plan.

Granted To:
[PARTICIPANT NAME]
Date of Grant:
[GRANT DATE]
Number of Time-Vested RSUs Granted:
[TOTAL AWARDS]
Restricted Period:
Unless your Award is forfeited before the end of the Restricted Period, the Restricted Period will end one year after the Date of Grant.
Death, Disability or Retirement:
Your Award will vest and Shares will be delivered to you upon your death, Disability or Retirement (unless a deferral election has been made with respect to the Shares).
Change in Control:
In the event of a termination of Continuous Service during the 12-month period following a Change in Control, the Restricted Period will immediately expire.
Right to Dividend Equivalents:
Each RSU (representing one Share) may be credited with Shares equivalent to all the dividends paid with respect to the outstanding Common Stock paid by Fulton in respect of one Share.
Forfeiture:
Your Award is subject to forfeiture until the expiration of the Restricted Period, including all Dividend Equivalents, pursuant to the terms of the 2023 Plan.
Deferral:
[You have not elected to defer the payment of the Shares underlying the RSUs at the end of the Restricted Period, and you will receive payment of the Shares together with the accumulated Dividend Equivalents in Common Stock at the end of the Restricted Period.]
[You have elected to defer payment of the Shares underlying the RSUs at the end of the Restricted Period together with any accumulated Dividend Equivalents, and you will receive [a single issuance][three annual installments] of Shares and accrued Dividend Equivalents in accordance with your deferral election.
Timing of Award Payment:
Unless otherwise expressly set forth herein, payment will be made in the form of Shares within 60 days following the end of the Restricted Period.





The vesting of this Award will have tax consequences for you. We recommend that you consult your tax advisor. If you do not accept the Award within 30 days, it will be forfeited. The Award under this Award Agreement shall not be released or otherwise paid unless and until you sign this Award Agreement.

Very Truly Yours,

/s/ Curtis J. Myers

Curtis J. Myers
Chairman and Chief Executive Officer
Fulton Financial Corporation

I, [PARTICIPANT NAME], hereby acknowledge receipt of this Award made to me on the Date of Grant and agree to the terms and conditions of this Award Agreement.

[REQUIRED SIGNATURE]

Date Signed: [ACCEPTANCE DATE]

EX-31.1 3 fult063025-exhibit311.htm EX-31.1 Document

Exhibit 31.1 – Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Curtis J. Myers, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Fulton Financial Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2025
/s/ Curtis J. Myers
     Curtis J. Myers
     Chairman and Chief Executive Officer



EX-31.2 4 fult063025-exhibit312.htm EX-31.2 Document

Exhibit 31.2 – Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Richard S. Kraemer, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Fulton Financial Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 8, 2025
/s/ Richard S. Kraemer
Richard S. Kraemer
     Senior Executive Vice President and Chief Financial Officer


EX-32.1 5 fult063025-exhibit321.htm EX-32.1 Document


Exhibit 32.1 - Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, Curtis J. Myers, Chief Executive Officer of Fulton Financial Corporation, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, certify that:
The Form10-Q of Fulton Financial Corporation, containing the consolidated financial statements for the quarter ended June 30, 2025, fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934. The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Fulton Financial Corporation.

Date: August 8, 2025
/s/ Curtis J. Myers
     Curtis J. Myers
     Chairman and Chief Executive Officer



EX-32.2 6 fult063025-exhibit322.htm EX-32.2 Document

Exhibit 32.2 - Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, Richard S. Kraemer, Chief Financial Officer of Fulton Financial Corporation, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, certify that:
The Form 10-Q of Fulton Financial Corporation, containing the consolidated financial statements for the quarter ended June 30, 2025, fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934. The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Fulton Financial Corporation.
August 8, 2025
/s/ Richard S. Kraemer
Richard S. Kraemer
     Senior Executive Vice President and Chief Financial Officer