Fulton Financial Corporation Announces Second Quarter 2023 Results

By: Fulton Financial Corporation via Business Wire

July 18, 2023 at 16:45 PM EDT

Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $77.0 million, or $0.46 per diluted share, for the second quarter of 2023, an increase of $11.3 million, or 17.2%, in comparison to the first quarter of 2023. Operating net income available to common shareholders was $77.8 million, or $0.47 per diluted share⁽¹⁾.

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For the six months ended June 30, 2023, net income available to shareholders was $142.8 million, or $0.85 per diluted share, an increase of $13.6 million, or 10.6%, in comparison to the same period in 2022. Operating net income available to common shareholders was $143.9 million, or $0.86 per diluted share⁽¹⁾.

"We were pleased with our second quarter performance and results," said Curtis J. Myers, Chairman and CEO of Fulton. "We saw credit metrics remain stable and credit losses return to historically low levels, strong non-interest income in many areas of our bank, and loan growth was solid and in line with expectations. Despite the challenges around deposit growth and mix the industry is facing, we meaningfully grew both deposit accounts and deposit households during the quarter."

⁽¹⁾ Non-generally accepted accounting principles ("non-GAAP") financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.

Net Interest Income and Balance Sheet

Net interest income for the second quarter of 2023 was $212.9 million, a decrease of $2.7 million in comparison to the first quarter of 2023. The net interest margin for the second quarter of 2023 decreased 13 basis points, to 3.40%, in comparison to 3.53% in the first quarter of 2023.

The linked-quarter decrease in net interest income was primarily due to an increase in the rate on interest-bearing deposits and a shift in funding mix from noninterest-bearing demand deposits to interest-bearing deposits. An increase in the average balance for net loans of $403.1 million and higher loan yields in the second quarter of 2023 primarily contributed to an increase in interest income of $25.1 million to $314.9 million in comparison to $289.8 million in the first quarter of 2023. Interest expense from interest-bearing liabilities for the second quarter of 2023 increased by $27.9 million to $102.1 million in comparison to $74.2 million in the first quarter of 2023. The linked-quarter increase in interest expense in the second quarter of 2023 was primarily due to an increase in the rate on interest-bearing deposits of 63 basis points, a decline of $620.7 million in the average balance of noninterest-bearing deposits and an increase in the average balance for interest-bearing deposits of $1.3 billion in comparison to the first quarter of 2023.

For the second quarter of 2023, net interest income was $212.9 million, an increase of $34.0 million, or 19.0%, in comparison to the second quarter of 2022. Interest income for the second quarter of 2023 increased by $124.6 million to $314.9 million in comparison to $190.3 million in the second quarter of 2022 primarily driven by rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $120.5 million, $1.2 million and $2.9 million, respectively. Increases in the average balances for net loans in the second quarter of 2023 of $2.2 billion, driven in part by the Prudential Bancorp, Inc. ("Prudential Bancorp") acquisition, contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the second quarter of 2023 increased by $90.6 million to $102.1 million in comparison to $11.5 million in the second quarter of 2022 primarily driven by rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings and other interest-bearing liabilities of $64.0 million and $26.6 million, respectively. An increase in the average balance for higher rate interest-bearing deposits and borrowings and other interest-bearing liabilities of $1.3 billion and $1.8 billion, respectively, in the second quarter of 2023 in comparison to the second quarter of 2022 also contributed to the increase in interest expense.

Total average interest-earning assets for the second quarter of 2023 were $25.6 billion, an increase of $384.0 million from the first quarter of 2023 primarily driven by the aforementioned increase in average net loans of $403.1 million and an increase in average other interest-earning assets of $36.5 million, partially offset by a decrease in average investment securities of $55.5 million.

Total average interest-earning assets for the second quarter of 2023 increased by $1.6 billion from the second quarter of 2022. Average net loans for the second quarter of 2023 were $20.9 billion, an increase of $2.2 billion from the same period in 2022. Compared to the second quarter of 2022, average other interest-earning assets decreased $421.9 million and average investment securities decreased $164.3 million in the second quarter of 2023.

Total average interest-bearing liabilities increased $1.0 billion, to $18.0 billion, in the second quarter of 2023 in comparison to $17.0 billion in the first quarter of 2023 driven by an increase in the average balance for total interest-bearing deposits of $1.3 billion, partially offset by a decrease in the average balance for borrowings and other interest-bearing liabilities of $0.3 billion.

Total average interest-bearing liabilities for the second quarter of 2023 increased $3.1 billion, to $18.0 billion, in comparison to $14.9 billion in the second quarter of 2022, driven by increases in the average balances for borrowings and other interest-bearing liabilities and total interest-bearing deposits of $1.8 billion and $1.3 billion, respectively.

Asset Quality

In the second quarter of 2023, a provision for credit losses of $9.7 million was recorded in comparison to a provision for credit losses of $24.5 million in the first quarter of 2023, and a provision for credit losses of $1.5 million in the second quarter of 2022. The provision for credit losses of $9.7 million recorded in the second quarter of 2023 was primarily due to loan growth and the macroeconomic outlook.

Non-performing assets were $151.6 million, or 0.55% of total assets, at June 30, 2023, in comparison to $167.9 million, or 0.62% of total assets, at March 31, 2023, and $178.3 million, or 0.71% of total assets, at June 30, 2022.

Net charge-offs for the second quarter of 2023 were 0.04% of total average loans in comparison to 0.27% and negative 0.08% in the first quarter of 2023 and the second quarter of 2022, respectively.

Non-interest Income

Non-interest income before investment securities gains in the second quarter of 2023 was $60.6 million, an increase of $8.9 million, or 17.1%, from the first quarter of 2023. The increase in non-interest income was primarily due to an increase in commercial banking income of $5.6 million, driven by increases in commercial customer interest rate swap fee income, reflected in capital markets, and merchant and card income of $3.6 million and $0.9 million, respectively. In addition, increases from mortgage banking, wealth management, higher income from equity method investments, reflected in other non-interest income, and consumer banking of $1.0 million, $0.6 million, $0.6 million and $0.5 million, respectively, contributed to the increase in non-interest income in the second quarter of 2023.

Compared to the second quarter of 2022, non-interest income before investment securities gains in the second quarter of 2023 increased $2.2 million, or 3.8%, from $58.4 million. The increase in non-interest income was primarily due to increases in commercial customer interest rate swap fee income, reflected in capital markets, and merchant and card income of $2.1 million and $0.3 million, respectively.

Non-interest Expense

Non-interest expense was $168.0 million in the second quarter of 2023, an increase of $8.4 million, or 5.3%, compared to $159.6 million in the first quarter of 2023. The increase was primarily due to increases of $4.8 million in salaries and employee benefits expense, $1.0 million in data processing and software expense and $0.7 million in other outside services expense. Additional contributors to the increase in non-interest expense were increases of $1.3 million in owned real estate and repossession expenses and $0.5 million in state tax expense, in each case, reflected in other expense. The $4.8 million increase in salaries and benefits expense was primarily driven by annual merit increases and one additional calendar day in the quarter.

Compared to the second quarter of 2022, non-interest expense, excluding merger-related expenses of $1.0 million in the second quarter of 2022, increased $19.3 million, or 13.0%. The increase was primarily due to increases of $8.7 million in salaries and employee benefits expense, $2.1 million in other outside services expense, $2.1 million in data processing and software expense, $1.9 million in FDIC insurance expense, primarily due to the adoption of a final rule to increase base deposit insurance assessment rates effective January 1, 2023, $0.9 million in intangible amortization expense and $0.8 million in net occupancy expense. Higher expense levels compared to the second quarter of 2022 are in part due to the Prudential Bancorp acquisition. The $8.7 million increase in salaries and benefits expense was primarily driven by annual merit increases, an increase in the number of employees, employee benefits due to higher claims experience and higher pension costs.

Income Tax Expense

For the second quarter of 2023, the effective tax rate was 16.8%, in comparison to 17.3% for the full-year of 2022.

Additional information on Fulton is available on the Internet at www.fultonbank.com.

Safe Harbor Statement

This press release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. 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.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.

FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands, except per share data)
	Three months ended
	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
	2023			2023			2022			2022			2022
Ending Balances
Investment securities	$	3,867,334		$	3,950,101		$	3,968,023		$	3,936,694		$	4,117,801
Net loans		21,044,685			20,670,188			20,279,547			19,695,199			18,920,950
Total assets		27,403,163			27,112,176			26,931,702			26,146,042			25,252,686
Deposits		21,206,540			21,316,584			20,649,538			21,376,554			21,143,866
Shareholders' equity		2,642,152			2,618,998			2,579,757			2,471,159			2,471,093

Average Balances
Investment securities		3,916,130			3,964,615			3,936,579			4,254,216			4,216,507
Net loans		20,866,235			20,463,096			20,004,513			19,563,825			18,637,175
Total assets		27,235,567			26,900,653			26,386,355			26,357,095			25,578,432
Deposits		21,207,143			20,574,323			21,027,656			21,788,052			21,523,713
Shareholders' equity		2,647,464			2,613,316			2,489,148			2,604,057			2,531,346

Income Statement
Net interest income		212,852			215,587			225,911			215,582			178,831
Provision for credit losses		9,747			24,544			14,513			18,958			1,500
Non-interest income		60,585			51,753			54,321			59,162			58,391
Non-interest expense		168,018			159,616			168,462			169,558			149,730
Income before taxes		95,672			83,180			97,257			86,228			85,992
Net income available to common shareholders		77,045			65,752			79,271			68,309			67,427
Pre-provision net revenue⁽¹⁾		106,495			108,375			115,049			113,631			89,384

Per Share
Net income available to common shareholders (basic)	$	0.46		$	0.39		$	0.47		$	0.41		$	0.42
Net income available to common shareholders (diluted)	$	0.46		$	0.39		$	0.47		$	0.40		$	0.42
Operating net income available to common shareholders⁽¹⁾	$	0.47		$	0.39		$	0.48		$	0.48		$	0.42
Cash dividends	$	0.16		$	0.15		$	0.21		$	0.15		$	0.15
Common shareholders' equity	$	14.75		$	14.67		$	14.24		$	13.61		$	14.15
Common shareholders' equity (tangible)⁽¹⁾	$	11.36		$	11.26		$	10.90		$	10.26		$	10.81
Weighted average shares (basic)		165,854			166,605			167,504			167,353			160,920
Weighted average shares (diluted)		167,191			168,401			169,136			168,781			162,075

⁽¹⁾ Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this press release.



	Three months ended
	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
	2023			2023			2022			2022			2022
Asset Quality
Net charge-offs (recoveries) to average loans		0.04	%		0.27	%		0.23	%		0.01	%		(0.08	)%
Non-performing loans to total net loans		0.70	%		0.80	%		0.85	%		0.98	%		0.92	%
Non-performing assets to total assets		0.55	%		0.62	%		0.66	%		0.76	%		0.71	%
ACL - loans⁽¹⁾ to total loans		1.37	%		1.35	%		1.33	%		1.35	%		1.31	%
ACL - loans⁽¹⁾ to non-performing loans		195	%		169	%		157	%		138	%		143	%

Profitability
Return on average assets		1.17	%		1.03	%		1.23	%		1.07	%		1.10	%
Operating return on average assets⁽²⁾		1.18	%		1.04	%		1.26	%		1.25	%		1.11	%
Return on average common shareholders' equity		12.59	%		11.02	%		13.70	%		11.24	%		11.57	%
Return on average common shareholders' equity (tangible)⁽²⁾		16.52	%		14.46	%		18.59	%		17.31	%		15.23	%
Net interest margin		3.40	%		3.53	%		3.69	%		3.54	%		3.04	%
Efficiency ratio⁽²⁾		60.1	%		58.5	%		58.1	%		57.8	%		61.4	%
Non-interest expenses to total average assets		2.47	%		2.41	%		2.53	%		2.55	%		2.35	%
Operating non-interest expenses to total average assets⁽²⁾		2.46	%		2.40	%		2.48	%		2.43	%		2.32	%

Capital Ratios
Tangible common equity ratio ("TCE")⁽²⁾		7.0	%		7.0	%		6.9	%		6.7	%		7.0	%
TCE ratio, (excluding AOCI)⁽²⁾⁽³⁾		8.3	%		8.3	%		8.2	%		8.3	%		8.2	%
Tier 1 leverage ratio⁽⁴⁾		9.3	%		9.2	%		9.5	%		9.2	%		9.1	%
Common equity Tier 1 capital ratio⁽⁴⁾		10.1	%		9.8	%		10.0	%		10.0	%		9.9	%
Tier 1 risk-based capital ratio⁽⁴⁾		10.9	%		10.6	%		10.9	%		10.9	%		10.8	%
Total risk-based capital ratio⁽⁴⁾		13.7	%		13.4	%		13.6	%		13.6	%		13.7	%

(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
(3) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI").
(4) Regulatory capital ratios as of June 30, 2023 are preliminary and prior periods are actual.

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

		Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
		2023			2023			2022			2022			2022
ASSETS
	Cash and due from banks	$	123,779		$	129,003		$	126,898		$	143,465		$	158,605
	Other interest-earning assets		505,141			545,355			685,209			467,164			383,715
	Loans held for sale		14,673			6,507			7,264			14,411			17,528
	Investment securities		3,867,334			3,950,101			3,968,023			3,936,694			4,117,801
	Net loans		21,044,685			20,670,188			20,279,547			19,695,199			18,920,950
	Less: ACL - loans⁽¹⁾		(287,442	)		(278,695	)		(269,366	)		(266,838	)		(248,564	)
	Loans, net		20,757,243			20,391,493			20,010,181			19,428,361			18,672,386
	Net premises and equipment		216,322			216,059			225,141			221,496			211,639
	Accrued interest receivable		96,991			90,267			91,579			72,821			64,457
	Goodwill and intangible assets		561,885			563,502			560,824			561,495			537,700
	Other assets		1,259,795			1,219,889			1,256,583			1,300,135			1,088,855
	Total Assets	$	27,403,163		$	27,112,176		$	26,931,702		$	26,146,042		$	25,252,686
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	21,206,540		$	21,316,584		$	20,649,538		$	21,376,554		$	21,143,866
	Borrowings		2,719,114			2,446,770			2,871,207			1,424,681			1,013,315
	Other liabilities		835,357			729,824			831,200			873,648			624,412
	Total Liabilities		24,761,011			24,493,178			24,351,945			23,674,883			22,781,593
	Shareholders' equity		2,642,152			2,618,998			2,579,757			2,471,159			2,471,093
	Total Liabilities and Shareholders' Equity	$	27,403,163		$	27,112,176		$	26,931,702		$	26,146,042		$	25,252,686

LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	7,846,861		$	7,746,920		$	7,693,835		$	7,554,509		$	7,417,036
	Commercial and industrial		4,599,759			4,596,096			4,473,004			4,240,865			4,170,975
	Real estate - residential mortgage		5,147,262			4,880,919			4,737,279			4,574,228			4,203,827
	Real estate - home equity		1,061,891			1,074,712			1,102,838			1,110,103			1,108,808
	Real estate - construction		1,308,564			1,326,754			1,269,925			1,273,097			1,177,446
	Consumer		763,530			730,775			699,179			633,666			538,747
	Leases and other loans⁽²⁾		316,818			314,012			303,487			308,731			304,111
	Total Net Loans	$	21,044,685		$	20,670,188		$	20,279,547		$	19,695,199		$	18,920,950
Deposits, by type:
	Noninterest-bearing demand	$	5,865,855		$	6,403,484		$	7,006,388		$	7,372,896		$	7,530,777
	Interest-bearing demand		5,543,320			5,478,237			5,410,903			5,676,600			5,403,805
	Savings		6,646,448			6,579,806			6,434,621			6,563,003			6,406,051
	Total demand and savings		18,055,623			18,461,527			18,851,912			19,612,499			19,340,633
	Brokered		949,259			960,919			208,416			226,883			243,172
	Time		2,201,658			1,894,138			1,589,210			1,537,172			1,560,061
	Total Deposits	$	21,206,540		$	21,316,584		$	20,649,538		$	21,376,554		$	21,143,866
Borrowings, by type:
	Federal funds purchased	$	555,000		$	525,000		$	191,000		$	136,000		$	20,000
	Federal Home Loan Bank advances		1,165,000			747,000			1,250,000			265,500			—
	Senior debt and subordinated debt		539,994			539,814			539,634			539,461			555,748
	Other borrowings		459,120			634,956			890,573			483,720			437,567
	Total Borrowings	$	2,719,114		$	2,446,770		$	2,871,207		$	1,424,681		$	1,013,315


(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
(2) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share)
		Three Months Ended															Six months ended
		Jun 30			Mar 31			Dec 31			Sep 30			Jun 30			Jun 30
		2023			2023			2022			2022			2022			2023			2022
Interest Income:
	Interest income	$	314,912		$	289,820		$	267,847		$	233,691		$	190,299		$	604,732		$	363,300
	Interest expense		102,060			74,233			41,936			18,109			11,468			176,293			23,159
	Net Interest Income		212,852			215,587			225,911			215,582			178,831			428,439			340,141
	Provision for credit losses		9,747			24,544			14,513			18,958			1,500			34,291			(5,450	)
	Net Interest Income after Provision		203,105			191,043			211,398			196,624			177,331			394,148			345,591
Non-Interest Income:
	Wealth management		18,678			18,062			17,531			17,610			18,274			36,740			37,702
	Commercial banking:
	Merchant and card		7,700			6,834			7,223			7,601			7,355			14,534			13,452
	Cash management		5,835			5,515			5,756			6,483			6,062			11,350			11,490
	Capital markets		6,092			2,344			2,627			4,060			3,893			8,436			5,569
	Other commercial banking		3,518			2,820			2,998			2,664			3,049			6,338			5,856
	Total commercial banking		23,145			17,513			18,604			20,808			20,359			40,658			36,367
	Consumer banking:
	Card		6,592			6,243			6,331			6,278			6,067			12,835			11,863
	Overdraft		2,696			2,733			3,364			4,463			3,881			5,429			7,653
	Other consumer banking		2,432			2,241			2,380			2,534			2,524			4,673			4,630
	Total consumer banking		11,720			11,217			12,075			13,275			12,472			22,937			24,146
	Mortgage banking		2,940			1,970			2,140			3,720			3,768			4,910			8,344
	Other		4,106			2,968			3,972			3,802			3,510			7,075			7,061
	Non-interest income before investment securities gains (losses)		60,589			51,730			54,322			59,215			58,383			112,320			113,620
	Investment securities gains (losses), net		(4	)		23			(1	)		(53	)		8			19			27
	Total Non-Interest Income		60,585			51,753			54,321			59,162			58,391			112,339			113,647
Non-Interest Expense:
	Salaries and employee benefits		94,102			89,283			92,733			94,283			85,404			183,385			169,868
	Data processing and software		16,776			15,796			15,448			15,807			14,685			32,571			29,000
	Net occupancy		14,374			14,438			14,061			14,025			13,587			28,812			28,109
	Other outside services		10,834			10,126			10,860			9,361			8,764			20,960			16,931
	FDIC insurance		4,895			4,795			3,219			3,158			2,961			9,690			6,170
	Equipment		3,530			3,389			3,640			3,548			3,422			6,920			6,845
	Professional fees		1,829			2,392			2,945			2,373			2,013			4,221			3,805
	Marketing		1,655			1,886			2,380			1,859			1,326			3,541			2,646
	Intangible amortization		1,072			674			688			690			177			1,746			353
	Merger-related expenses		—			—			1,894			7,006			1,027			—			1,428
	Other		18,951			16,837			20,594			17,448			16,364			35,790			30,553
	Total Non-Interest Expense		168,018			159,616			168,462			169,558			149,730			327,636			295,708
	Income Before Income Taxes		95,672			83,180			97,257			86,228			85,992			178,851			163,530
	Income tax expense		16,065			14,866			15,424			15,357			16,003			30,931			29,253
	Net Income		79,607			68,314			81,833			70,871			69,989			147,920			134,277
	Preferred stock dividends		(2,562	)		(2,562	)		(2,562	)		(2,562	)		(2,562	)		(5,124	)		(5,124	)
	Net Income Available to Common Shareholders	$	77,045		$	65,752		$	79,271		$	68,309		$	67,427		$	142,796		$	129,153



		Three Months Ended															Six Months Ended
		Jun 30			Mar 31			Dec 31			Sep 30			Jun 30			Jun 30
		2023			2023			2022			2022			2022			2023			2022
PER SHARE:
	Net income available to common shareholders:
	Basic	$	0.46		$	0.39		$	0.47		$	0.41		$	0.42		$	0.86		$	0.80
	Diluted	$	0.46		$	0.39		$	0.47		$	0.40		$	0.42		$	0.85		$	0.80
	Cash dividends	$	0.16		$	0.15		$	0.21		$	0.15		$	0.15		$	0.31		$	0.30

	Weighted average shares (basic)		165,854			166,605			167,504			167,353			160,920			166,227			160,755
	Weighted average shares (diluted)		167,191			168,401			169,136			168,781			162,075			167,809			162,015

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
		Three months ended
		June 30, 2023								March 31, 2023								June 30, 2022
		Average						Yield/		Average						Yield/		Average						Yield/
		Balance			Interest⁽¹⁾			Rate		Balance			Interest⁽¹⁾			Rate		Balance			Interest⁽¹⁾			Rate
ASSETS

Interest-earning assets:
	Net loans	$	20,866,235		$	287,154		5.52	%	$	20,463,096		$	263,065		5.21	%	$	18,637,175		$	165,682		3.56	%
	Investment securities⁽²⁾		4,234,096			27,303		2.57	%		4,289,643			27,522		2.60	%		4,398,424			26,061		2.37	%
	Other interest-earning assets		529,582			4,860		3.68	%		493,130			3,648		3.00	%		951,504			1,983		0.83	%
	Total Interest-Earning Assets		25,629,913			319,317		4.99	%		25,245,869			294,235		4.73	%		23,987,103			193,726		3.24	%

Noninterest-Earning assets:
	Cash and due from banks		129,682								141,254								160,240
	Premises and equipment		216,847								223,025								216,798
	Other assets		1,541,657								1,563,806								1,463,332
	Less: ACL - loans⁽³⁾		(282,532	)							(273,301	)							(249,041	)
	Total Assets	$	27,235,567							$	26,900,653							$	25,578,432

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-Bearing liabilities:
	Demand deposits	$	5,535,669		$	14,612		1.06	%	$	5,326,566		$	8,455		0.64	%	$	5,597,975		$	797		0.06	%
	Savings deposits		6,632,572			29,289		1.77	%		6,469,468			20,535		1.29	%		6,425,634			1,125		0.07	%
	Brokered deposits		954,773			12,135		5.10	%		439,670			5,173		4.77	%		244,200			619		1.02	%
	Time deposits		2,063,038			13,763		2.68	%		1,696,878			7,458		1.78	%		1,608,286			3,255		0.81	%
	Total Interest-Bearing Deposits		15,186,052			69,799		1.84	%		13,932,582			41,621		1.21	%		13,876,095			5,796		0.17	%

	Borrowings and other interest-bearing liabilities		2,790,860			32,261		4.60	%		3,058,684			32,613		4.32	%		1,003,830			5,672		2.27	%
	Total Interest-Bearing Liabilities		17,976,912			102,060		2.27	%		16,991,266			74,234		1.78	%		14,879,925			11,468		0.31	%

Noninterest-Bearing liabilities:
	Demand deposits		6,021,091								6,641,741								7,647,618
	Other noninterest-bearing liabilities		590,100								654,330								519,543
	Total Liabilities		24,588,103								24,287,337								23,047,086
	Total Deposits/Cost of Deposits		21,207,143					1.32	%		20,574,323					0.82	%		21,523,713					0.11	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")		23,998,003					1.70	%		23,633,007					1.27	%		22,527,543					0.20	%

	Shareholders' equity		2,647,464								2,613,316								2,531,346
	Total Liabilities and Shareholders' Equity	$	27,235,567							$	26,900,653							$	25,578,432

	Net interest income/net interest margin (fully taxable equivalent)					217,257		3.40	%					220,001		3.53	%					182,258		3.04	%
	Tax equivalent adjustment					(4,405	)							(4,414	)							(3,427	)
	Net Interest Income				$	212,852							$	215,587							$	178,831

	(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
	(2) Balances include amortized historical cost for available for sale ("AFS") securities. The related unrealized holding gains (losses) are included in other assets.
	(3) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):
(dollars in thousands)
		Three months ended
		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
			2023		2023		2022		2022		2022
Loans, by type:
	Real estate - commercial mortgage	$	7,775,436	$	7,720,975	$	7,696,997	$	7,566,259	$	7,340,417
	Commercial and industrial		4,629,919		4,565,923		4,372,935		4,250,573		4,155,436
	Real estate - residential mortgage		5,008,295		4,790,868		4,643,784		4,485,649		4,052,666
	Real estate - home equity		1,066,615		1,086,032		1,106,325		1,099,487		1,118,494
	Real estate - construction		1,306,286		1,276,145		1,209,998		1,268,590		1,188,932
	Consumer		763,407		721,248		679,108		604,634		485,095
	Leases and other loans⁽¹⁾		316,277		301,905		295,366		288,633		296,135
	Total Net Loans	$	20,866,235	$	20,463,096	$	20,004,513	$	19,563,825	$	18,637,175

Deposits, by type:
	Noninterest-bearing demand	$	6,021,091	$	6,641,741	$	7,310,824	$	7,535,791	$	7,647,618
	Interest-bearing demand		5,535,669		5,326,566		5,479,443		5,708,059		5,597,975
	Savings		6,632,572		6,469,468		6,466,775		6,681,713		6,425,634
	Total demand and savings		18,189,332		18,437,775		19,257,042		19,925,563		19,671,227
	Brokered		954,773		439,670		215,729		247,105		244,200
	Time		2,063,038		1,696,878		1,554,885		1,615,384		1,608,286
	Total Deposits	$	21,207,143	$	20,574,323	$	21,027,656	$	21,788,052	$	21,523,713

Borrowings, by type:
	Federal funds purchased	$	679,401	$	505,142	$	261,737	$	96,965	$	2,857
	Federal Home Loan Bank advances		880,811		1,261,589		564,692		206,152		—
	Senior debt and subordinated debt		539,906		539,726		539,550		554,735		555,701
	Other borrowings and other interest-bearing liabilities		690,742		752,227		659,543		501,496		445,261
	Total Borrowings	$	2,790,860	$	3,058,684	$	2,025,522	$	1,359,348	$	1,003,819

⁽¹⁾ Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
		Six months ended June 30
		2023								2022
		Average						Yield/		Average						Yield/
		Balance			Interest⁽¹⁾			Rate		Balance			Interest⁽¹⁾			Rate
ASSETS

Interest-earning assets:
	Net loans	$	20,665,779		$	550,219		5.36	%	$	18,510,845		$	316,809		3.44	%
	Investment securities⁽²⁾		4,261,718			54,824		2.57	%		4,312,867			50,312		2.33	%
	Other interest-earning assets		511,456			8,508		3.34	%		1,118,188			2,895		0.52	%
	Total Interest-Earning Assets		25,438,953			613,551		4.85	%		23,941,900			370,016		3.11	%

Noninterest-Earning assets:
	Cash and due from banks		135,436								161,274
	Premises and equipment		219,920								218,357
	Other assets		1,552,669								1,528,820
	Less: ACL - loans⁽³⁾		(277,942	)							(250,026	)
	Total Assets	$	27,069,036							$	25,600,325

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-Bearing liabilities:
	Demand deposits	$	5,431,696		$	23,067		0.86	%	$	5,631,296		$	1,525		0.06	%
	Savings deposits		6,551,470			49,824		1.53	%		6,431,060			2,146		0.07	%
	Brokered deposits		698,644			17,308		5.00	%		247,258			835		0.68	%
	Time deposits		1,880,970			21,221		2.28	%		1,652,430			6,895		0.84	%
	Total Interest-Bearing Deposits		14,562,780			111,420		1.54	%		13,962,044			11,401		0.16	%

	Borrowings and other interest-bearing liabilities		2,928,819			64,873		4.43	%		1,018,740			11,758		2.31	%
	Total Interest-Bearing Liabilities		17,491,599			176,293		2.03	%		14,980,784			23,159		0.31	%

Noninterest-Bearing liabilities:
	Demand deposits		6,329,701								7,540,025
	Other		617,252								469,861
	Total Liabilities		24,438,552								22,990,670
	Total Deposits/Cost of Deposits		20,892,481					1.08	%		21,502,069					0.11	%
	Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")		23,821,300					1.49	%		22,520,809					0.21	%

	Shareholders' equity		2,630,484								2,609,655
	Total Liabilities and Shareholders' Equity	$	27,069,036							$	25,600,325

	Net interest income/net interest margin (fully taxable equivalent)					437,258		3.46	%					346,857		2.91	%
	Tax equivalent adjustment					(8,819	)							(6,716	)
	Net Interest Income				$	428,439							$	340,141

	(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
	(2) Balances include amortized historical cost for AFS. The related unrealized holding gains (losses) are included in other assets.
	(3) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):
(dollars in thousands)

		Six months ended June 30
		2023		2022
Loans, by type:
	Real estate - commercial mortgage	$	7,748,356	$	7,318,422
	Commercial and industrial		4,598,097		4,185,883
	Real estate - residential mortgage		4,900,182		3,970,877
	Real estate - home equity		1,076,270		1,125,257
	Real estate - construction		1,291,299		1,164,785
	Consumer		742,445		461,159
	Leases and other loans⁽¹⁾		309,130		284,462
	Total Net Loans	$	20,665,779	$	18,510,845

Deposits, by type:
	Noninterest-bearing demand	$	6,329,701	$	7,540,025
	Interest-bearing demand		5,431,696		5,631,296
	Savings		6,551,470		6,431,060
	Total demand and savings		18,312,867		19,602,381
	Brokered		698,644		247,258
	Time		1,880,970		1,652,430
	Total Deposits	$	20,892,481	$	21,502,069

Borrowings, by type:
	Federal funds purchased	$	592,753	$	1,436
	Federal Home Loan Bank advances		1,070,148		6
	Senior debt and subordinated debt		539,817		582,184
	Other borrowings		726,101		435,114
	Total Borrowings	$	2,928,819	$	1,018,740

N/M - Not meaningful
⁽¹⁾ Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
		Three months ended															Six Months Ended
		Jun 30			Mar 31			Dec 31			Sep 30			Jun 30			Jun 30			Jun 30
		2023			2023			2022			2022			2022			2023			2022
Allowance for credit losses related to net loans:
Balance at beginning of period		$	278,695		$	269,366		$	266,838		$	248,564		$	243,705		$	269,366		$	249,001

	CECL Day 1 provision expense		—			—			—			7,954			—			—			—

	Initial purchased credit deteriorated loans		—			—			—			1,135			—			—			—

	Loans charged off:
	Real estate - commercial mortgage		(230	)		(13,362	)		(12,235	)		(86	)		—			(13,592	)		(152	)
	Commercial and industrial		(2,017	)		(612	)		(179	)		(1,783	)		(201	)		(2,629	)		(428	)
	Real estate - residential mortgage		(62	)		—			—			—			(66	)		(62	)		(66	)
	Consumer and home equity		(1,313	)		(2,206	)		(1,311	)		(1,172	)		(877	)		(3,519	)		(1,929	)
	Real estate - construction		—			—			—			—			—			—			—
	Leases and other loans⁽¹⁾		(1,165	)		(723	)		(505	)		(683	)		(474	)		(1,888	)		(943	)
	Total loans charged off		(4,787	)		(16,903	)		(14,230	)		(3,724	)		(1,618	)		(21,690	)		(3,518	)
Recoveries of loans previously charged off:
	Real estate - commercial mortgage		29			786			183			29			3,536			815			3,648
	Commercial and industrial		988			1,086			961			2,213			739			2,074			2,719
	Real estate - residential mortgage		58			48			10			101			92			106			314
	Consumer and home equity		959			661			683			682			762			1,620			1,216
	Real estate - construction		569			202			530			—			12			771			44
	Leases and other loans⁽¹⁾		213			116			132			247			226			329			380
	Recoveries of loans previously charged off		2,816			2,899			2,499			3,272			5,367			5,715			8,321
Net loans recovered (charged off)			(1,971	)		(14,004	)		(11,731	)		(452	)		3,749			(15,975	)		4,803
Provision for credit losses			10,718			23,333			14,259			9,637			1,110			34,051			(5,240	)
Balance at end of period		$	287,442		$	278,695		$	269,366		$	266,838		$	248,564		$	287,442		$	248,564
Net (recoveries) charge-offs to average loans			0.04	%		0.27	%		0.23	%		0.01	%		(0.08	)%		0.15	%		(0.05	)%

Provision for credit losses related to OBS Credit Exposures
	Provision for credit losses	$	(971	)	$	1,211		$	254		$	1,367		$	390

NON-PERFORMING ASSETS:
	Non-accrual loans	$	123,280		$	134,303		$	144,443		$	178,204		$	162,530
	Loans 90 days past due and accruing		24,415			30,336			27,463			14,559			11,016
	Total non-performing loans		147,695			164,639			171,906			192,763			173,546
	Other real estate owned		3,881			3,304			5,790			5,877			4,786
	Total non-performing assets	$	151,576		$	167,943		$	177,696		$	198,640		$	178,332

NON-PERFORMING LOANS, BY TYPE:
	Real estate - commercial mortgage	$	55,048		$	61,322		$	72,634		$	96,281		$	59,940
	Commercial and industrial		30,588			33,555			28,288			29,831			44,713
	Real estate - residential mortgage		39,157			46,576			46,509			41,597			42,922
	Consumer and home equity		10,469			8,983			9,800			10,016			10,552
	Real estate - construction		1,099			1,509			1,368			1,456			1,357
	Leases and other loans⁽¹⁾		11,334			12,694			13,307			13,582			14,062
	Total non-performing loans	$	147,695		$	164,639		$	171,906		$	192,763		$	173,546

(1) Includes equipment lease financing, overdraft and net origination fees and costs.

FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share data)
Explanatory note:	This press release contains supplemental financial information, as detailed below, that has been derived by methods other than generally accepted accounting principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:

	Three months ended
	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
	2023			2023			2022			2022			2022
Operating net income available to common shareholders
Net income available to common shareholders	$	77,045		$	65,752		$	79,271		$	68,309		$	67,427
Plus: Core deposit intangible amortization		912			514			514			514			—
Plus: Merger-related expenses		—			—			1,894			7,006			1,027
Plus: CECL Day 1 Provision expense		—			—			—			7,954			—
Less: Tax impact of adjustments		(192	)		(108	)		(506	)		(3,250	)		(216	)
Operating net income available to common shareholders (numerator)	$	77,765		$	66,158		$	81,173		$	80,533		$	68,238

Weighted average shares (diluted) (denominator)		167,191			168,401			169,136			168,781			162,075

Operating net income available to common shareholders, per share (diluted)	$	0.47		$	0.39		$	0.48		$	0.48		$	0.42

Common shareholders' equity (tangible), per share
Shareholders' equity	$	2,642,152		$	2,618,998		$	2,579,757		$	2,471,159		$	2,471,093
Less: Preferred stock		(192,878	)		(192,878	)		(192,878	)		(192,878	)		(192,878	)
Less: Goodwill and intangible assets		(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Tangible common shareholders' equity (numerator)	$	1,887,389		$	1,862,618		$	1,826,055		$	1,716,786		$	1,740,515

Shares outstanding, end of period (denominator)		166,097			165,396			167,599			167,399			161,057

Common shareholders' equity (tangible), per share	$	11.36		$	11.26		$	10.90		$	10.26		$	10.81

Operating return on average assets
Net income	$	79,607		$	68,314		$	81,833		$	70,871		$	69,989
Plus: Core deposit intangible amortization		912			514			514			514			—
Plus: Merger-related expenses		—			—			1,894			7,006			1,027
Plus: CECL Day 1 Provision expense		—			—			—			7,954			—
Less: Tax impact of adjustments		(192	)		(108	)		(506	)		(3,250	)		(216	)
Operating net income (numerator)	$	80,327		$	68,720		$	83,735		$	83,095		$	70,800

Total average assets (denominator)	$	27,235,567		$	26,900,653		$	26,386,355		$	26,357,095		$	25,578,432

Operating return on average assets		1.18	%		1.04	%		1.26	%		1.25	%		1.11	%

Return on average common shareholders' equity (tangible)
Net income available to common shareholders	$	77,045		$	65,752		$	79,271		$	68,309		$	67,427
Plus: Intangible amortization		1,072			674			688			690			177
Plus: Merger-related expenses		—			—			1,894			7,006			1,027
Plus: CECL Day 1 Provision expense		—			—			—			7,954			—
Less: Tax impact of adjustments		(225	)		(142	)		(542	)		(3,287	)		(253	)
Operating net income available to common shareholders (numerator)	$	77,892		$	66,284		$	81,311		$	80,672		$	68,378

Average shareholders' equity	$	2,647,464		$	2,613,316		$	2,489,148		$	2,604,057		$	2,531,346
Less: Average preferred stock		(192,878	)		(192,878	)		(192,878	)		(192,878	)		(192,878	)
Less: Average goodwill and intangible assets		(563,146	)		(561,744	)		(561,219	)		(562,285	)		(537,786	)
Average tangible common shareholders' equity (denominator)	$	1,891,440		$	1,858,694		$	1,735,051		$	1,848,894		$	1,800,682

Return on average common shareholders' equity (tangible)		16.52	%		14.46	%		18.59	%		17.31	%		15.23	%


	Three months ended
	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
	2023			2023			2022			2022			2022
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity	$	2,642,152		$	2,618,998		$	2,579,757		$	2,471,159		$	2,471,093
Less: Preferred stock		(192,878	)		(192,878	)		(192,878	)		(192,878	)		(192,878	)
Less: Goodwill and intangible assets		(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Tangible common shareholders' equity (numerator)	$	1,887,389		$	1,862,618		$	1,826,055		$	1,716,786		$	1,740,515

Total assets	$	27,403,163		$	27,112,176		$	26,931,702		$	26,146,042		$	25,252,686
Less: Goodwill and intangible assets		(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Total tangible assets (denominator)	$	26,841,278		$	26,548,674		$	26,370,878		$	25,584,547		$	24,714,986

Tangible common equity to tangible assets		7.03	%		7.02	%		6.92	%		6.71	%		7.04	%

Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity	$	2,642,152		$	2,618,998		$	2,579,757		$	2,471,159		$	2,471,093
Less: Preferred stock		(192,878	)		(192,878	)		(192,878	)		(192,878	)		(192,878	)
Less: Accumulated other comprehensive (income) loss		379,286			350,992			385,476			442,947			304,210
Less: Goodwill and intangible assets		(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Tangible common shareholders' equity (numerator)	$	2,266,675		$	2,213,610		$	2,211,531		$	2,159,733		$	2,044,725

Total assets	$	27,403,163		$	27,112,176		$	26,931,702		$	26,146,042		$	25,252,686
Less: Goodwill and intangible assets		(561,885	)		(563,502	)		(560,824	)		(561,495	)		(537,700	)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities		311,813			282,092			632,456			368,196			249,424
Total tangible assets (denominator)	$	27,153,091		$	26,830,766		$	27,003,334		$	25,952,743		$	24,964,410
													��
Tangible common equity to tangible assets, excluding AOCI		8.35	%		8.25	%		8.19	%		8.32	%		8.19	%

Efficiency ratio
Non-interest expense	$	168,018		$	159,616		$	168,462		$	169,558		$	149,730
Less: Amortization of tax credit investments		—			—			(696	)		(696	)		(696	)
Less: Merger-related expenses		—			—			(1,894	)		(7,006	)		(1,027	)
Less: Intangible amortization		(1,072	)		(674	)		(688	)		(690	)		(177	)
Non-interest expense (numerator)	$	166,946		$	158,942		$	165,184		$	161,166		$	147,830

Net interest income	$	212,852		$	215,587		$	225,911		$	215,582		$	178,831
Tax equivalent adjustment		4,405			4,414			4,310			3,970			3,427
Plus: Total non-interest income		60,585			51,753			54,321			59,162			58,391
Less: Investment securities (gains) losses, net		4			(23	)		1			53			(8	)
Total revenue (denominator)	$	277,846		$	271,731		$	284,543		$	278,767		$	240,641

Efficiency ratio		60.1	%		58.5	%		58.1	%		57.8	%		61.4	%

Operating non-interest expenses to total average assets
Non-interest expense	$	168,018		$	159,616		$	168,462		$	169,558		$	149,730
Less: Amortization of tax credit investments		—			—			(696	)		(696	)		(696	)
Less: Intangible amortization		(1,072	)		(674	)		(688	)		(690	)		(177	)
Less: Merger-related expenses		—			—			(1,894	)		(7,006	)		(1,027	)
Non-interest expense (numerator)	$	166,946		$	158,942		$	165,184		$	161,166		$	147,830

Total average assets (denominator)	$	27,235,567		$	26,900,653		$	26,386,355		$	26,357,095		$	25,578,432

Operating non-interest expenses to total average assets		2.46	%		2.40	%		2.48	%		2.43	%		2.32	%


	Three months ended
	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
	2023			2023			2022			2022			2022

Pre-provision net revenue
Net interest income	$	212,852		$	215,587		$	225,911		$	215,582		$	178,831
Non-interest income		60,585			51,753			54,321			59,162			58,391
Less: Investment securities (gains) losses, net		4			(23	)		1			53			(8	)
Total revenue	$	273,441		$	267,317		$	280,233		$	274,797		$	237,214

Non-interest expense	$	168,018		$	159,616		$	168,462		$	169,558		$	149,730
Less: Amortization on tax credit investments		—			—			(696	)		(696	)		(696	)
Less: Merger-related expenses		—			—			(1,894	)		(7,006	)		(1,027	)
Less: Intangible amortization		(1,072	)		(674	)		(688	)		(690	)		(177	)
Total non-interest expense	$	166,946		$	158,942		$	165,184		$	161,166		$	147,830

Pre-provision net revenue	$	106,495		$	108,375		$	115,049		$	113,631		$	89,384

	Six months ended June 30,
	2023			2022
Operating net income available to common shareholders
Net income available to common shareholders	$	142,796		$	129,153
Plus: Core deposit intangible amortization		1,426			—
Plus: Merger-related expenses		—			1,428
Plus: CECL Day 1 Provision expense		—			—
Less: Tax impact of adjustments		(299	)		(300	)
Operating net income available to common shareholders (numerator)	$	143,923		$	130,281

Weighted average shares (diluted) (denominator)		167,809			162,015

Operating net income available to common shareholders, per share (diluted)	$	0.86		$	0.80

Note: numbers in this report may not sum due to rounding.

Category: Earnings

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