LANCASTER, Pa., May 22, 2025 /PRNewswire/ -- Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), today announced that it has named Andy Fiol as Chief Banking Officer and JoBeth Mauriello as Head of Consumer & Business Banking, replacing Fiol in his current position, effective June 1, 2025. Fiol Mauriello "One of our strategic priorities is to accelerate our organic growth, and I can think of no one better to lead that charge as our Chief Banking Officer than Andy," said Chairman ...

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 March 31, 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 ...

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Group 1 - Fulton Bank, N.A. announced two $2,000 scholarship opportunities for local students in STEM fields [1] - The scholarships were funded by the Women in Technology employee resource group [1][5] - Completed applications must be submitted by May 9, 2025, with recipients notified by May 30, 2025 [3] Group 2 - Eligibility requirements include being a high school senior and planning to major in STEM [7] - The Women in Technology Employee Resource Group aims to inspire and connect women in technology [5] - Fulton Bank, N.A. is a community bank with over $30 billion in assets and operates more than 200 financial centers [6]

FIRST QUARTER 2025 RESULTS NASDAQ: FULT Data as of or for the period ended March 31, 2025 unless otherwise noted This presentation may contain forward-looking statements with respect to Fulton Financial Corporation's (the "Corporation" or "Fulton") 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," ...

Financial Data and Key Metrics Changes - Operating earnings per share increased to 52 cents, a four cent increase from the previous quarter, indicating positive operating leverage and a strong balance sheet [11] - The quarterly operating efficiency ratio improved to 56.7%, operating return on assets rose to 1.25%, and operating return on average tangible common equity grew to 15.95% [11] - Tangible book value per share increased by 13.8% on an annualized basis [12] Business Line Data and Key Metrics Changes - Customer deposit growth was solid, with total deposits increasing by $200 million or 3%, driven by strong growth in interest-bearing money market products [21] - Total loans declined by $182 million during the quarter, influenced by strategic portfolio management actions [22] - Commercial mortgage and residential mortgage loans showed growth, offsetting some declines in other areas [22] Market Data and Key Metrics Changes - Non-interest income for the quarter was $67.2 million, with fee income as a percentage of revenue at 21% [26] - The average cost of total deposits decreased by 11 basis points to 2.03% [25] Company Strategy and Development Direction - The company continues to execute its strategic transformation through the implementation of Fulton First, focusing on talent alignment, reinvestment for growth, and operational simplification [13] - Loan growth is expected to be in the low single-digit range for the year due to strategic decisions and the current environment [17] Management's Comments on Operating Environment and Future Outlook - Management remains cautious regarding credit quality as customers navigate a volatile environment, despite improvements in asset quality metrics [18] - The company updated its rate forecast to include four 25 basis point cuts in 2025, which may impact net interest income and non-interest income [32] Other Important Information - The allowance for credit losses to total loans ratio increased to 159%, and the allowance for credit losses to non-performing loans coverage increased to 193% [30] - The company expects to incur up to $14 million of additional non-operating expenses related to Fulton First for the remainder of 2025 [29] Q&A Session Summary Question: Can you talk about loan growth and strategic offsets? - Management noted that overall pipelines increased year over year, but they remain cautious about the pull-through rate due to macro uncertainty [38] Question: What is the impact of potential rate cuts on net interest income? - A 25 basis point cut would be a headwind of about $1.7 million annually [44] Question: How is the credit portfolio being managed in light of tariffs? - Management is closely monitoring the credit portfolio for potential impacts from tariffs and government cost-cutting, particularly in the agricultural and manufacturing sectors [50][54] Question: What is the company's stance on share buybacks? - The capital strategy prioritizes organic growth and corporate initiatives before considering buybacks, although some shares were purchased in the first quarter [66] Question: How flexible is the operating expense guidance? - There is potential flexibility in timing for operating expenses, but management is comfortable with the midpoint of the expense range for now [73] Question: What is the outlook for fee income given market sensitivity? - Fee income growth has been strong, but headwinds are anticipated due to market sensitivity and interest rate volatility [78]

Financial Data and Key Metrics Changes - Operating earnings per share increased to 52 cents, a four cent increase from the previous quarter, indicating positive operating leverage and a strong balance sheet [11] - The quarterly operating efficiency ratio improved to 56.7%, operating return on assets rose to 1.25%, and operating return on average tangible common equity grew to 15.95% [11] - Tangible book value per share increased by 13.8% on an annualized basis [12] Business Line Data and Key Metrics Changes - Customer deposit growth was solid, with total deposits increasing by $200 million or 3%, driven by strong growth in interest-bearing money market products [21] - Total loans declined by $182 million during the quarter, influenced by strategic portfolio management actions [22] - Commercial mortgage and residential mortgage loans showed growth, offsetting some declines in other areas [22] Market Data and Key Metrics Changes - The net interest margin increased by two basis points to 3.43%, while net interest income on a non-FTE basis was $251 million, a decrease of $2.5 million from the previous quarter [24] - The average cost of total deposits decreased by 11 basis points to 2.03% [25] Company Strategy and Development Direction - The company continues to execute its strategic transformation through the implementation of Fulton First, focusing on talent alignment, reinvestment for growth, and operational simplification [13] - Loan growth is expected to be in the low single-digit range for the year due to strategic decisions and the current environment [17] Management's Comments on Operating Environment and Future Outlook - Management remains cautious regarding credit quality as customers navigate a volatile environment, despite improvements in asset quality metrics [18] - The company updated its rate forecast to include four 25 basis point cuts in 2025, which may impact net interest income and non-interest income [32] Other Important Information - The allowance for credit losses to total loans ratio increased to 159%, and the ACL to non-performing loan coverage increased to 193% [30] - The company expects to incur up to $14 million of additional non-operating expenses related to Fulton First for the remainder of 2025 [29] Q&A Session Summary Question: Can you talk more about loan growth and strategic offsets? - Management noted that overall pipelines have increased year over year, but they remain cautious about the pull-through rate due to macro uncertainties [38] Question: What is the impact of potential rate cuts on net interest income? - A 25 basis point cut is expected to be a headwind of about $1.7 million annually [44] Question: How is the credit portfolio being managed in light of tariffs? - Management is closely monitoring the credit portfolio for potential impacts from tariffs and government cost-cutting, particularly in the agricultural and manufacturing sectors [50][54] Question: What is the company's stance on resuming stock buybacks? - The capital strategy prioritizes organic growth and corporate initiatives before considering buybacks, especially in the current environment with limited growth opportunities [65] Question: How flexible is the operating expense guidance under different scenarios? - There is potential flexibility in timing for operating expenses, but management is comfortable with the midpoint of the expense range for now [73]

Core Insights - Fulton Financial (FULT) reported a revenue of $322.76 million for the quarter ended March 2025, marking a 40.1% increase year-over-year [1] - The earnings per share (EPS) was $0.52, up from $0.40 in the same quarter last year, exceeding the consensus EPS estimate of $0.44 by 18.18% [1] Financial Performance Metrics - The reported revenue surpassed the Zacks Consensus Estimate of $317.9 million, resulting in a surprise of +1.53% [1] - The efficiency ratio was 56.7%, better than the estimated 61.2% by analysts [4] - The net interest margin stood at 3.4%, matching the average estimate [4] - Average balance of total interest-earning assets was $30 billion, slightly below the estimated $30.20 billion [4] - Net charge-offs to average loans were 0.2%, aligning with the average estimate [4] - Net interest income (FTE) was reported at $255.53 million, exceeding the estimated $251.27 million [4] - Total non-interest income reached $67.23 million, slightly above the average estimate of $66.87 million [4] Segment Performance - Non-interest income from total consumer banking was $13.07 million, below the estimated $13.66 million [4] - Mortgage banking generated $3.14 million, surpassing the estimated $3.01 million [4] - Wealth management reported $21.79 million, slightly below the average estimate of $22.11 million [4] - Non-interest income from total commercial banking was $21.33 million, below the estimated $21.84 million [4] - Non-interest income from other sources was $7.91 million, significantly above the average estimate of $5.28 million [4] Stock Performance - Fulton Financial's shares have returned -14% over the past month, compared to the Zacks S&P 500 composite's -3.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Core Viewpoint - Fulton Financial (FULT) reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.44 per share, and showing an increase from $0.40 per share a year ago, representing an earnings surprise of 18.18% [1] Financial Performance - The company achieved revenues of $322.76 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.53%, and up from $230.36 million year-over-year [2] - Fulton Financial has consistently surpassed consensus EPS estimates over the last four quarters [2] Stock Performance - Fulton Financial shares have declined approximately 18.7% since the beginning of the year, compared to a decline of 8.1% for the S&P 500 [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.45 on revenues of $321.7 million, and for the current fiscal year, it is $1.86 on revenues of $1.3 billion [7] - The trend of earnings estimate revisions for Fulton Financial is mixed, which may change following the recent earnings report [6] Industry Context - The Banks - Northeast industry, to which Fulton Financial belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Performance - Fulton Financial Corporation reported net income of $90.4 million, or $0.49 per diluted share, for Q1 2025, an increase of $24.4 million, or $0.13 per share, compared to Q4 2024[2] - Operating net income for the same period was $95.5 million, or $0.52 per diluted share, reflecting a $6.5 million increase, or $0.04 per share, from the previous quarter[2] - Net income available to common shareholders for Q1 2025 was $90.4 million, representing a 36.8% increase compared to $66.1 million in Q4 2024[21] - Operating net income available to common shareholders per share for Q1 2025 was $0.52, compared to $0.48 in Q4 2024, reflecting an 8.3% increase[27] - Adjusted net income available to common shareholders for Q1 2025 was $95,544,000, compared to $89,011,000 in Q4 2024, reflecting a 7.5% increase[27] Asset and Deposit Growth - Total assets increased to $32.1 billion as of March 31, 2025, compared to $32.0 billion at the end of the previous quarter[15] - Deposits reached $26.3 billion, an increase of $199.5 million from $26.1 billion as of December 31, 2024[6] - Total deposits increased to $26.33 billion in Q1 2025 from $26.13 billion in Q4 2024[18] - Total average assets for Q1 2025 were $31,971,601,000, slightly down from $32,098,852,000 in Q4 2024[27] Loan and Credit Quality - The provision for credit losses was $13.9 million, resulting in an allowance for credit losses of $379.7 million, or 1.59% of total net loans as of March 31, 2025[10] - Non-performing assets decreased to $199.0 million, or 0.62% of total assets, down from $222.7 million, or 0.69% of total assets, as of December 31, 2024[10] - Net loans totaled $23.9 billion, a decrease of $182.3 million from $24.0 billion as of December 31, 2024[4] - Net charge-offs to average loans decreased to 0.21% in Q1 2025 from 0.22% in Q4 2024[17] - Non-performing loans to total net loans improved to 0.82% in Q1 2025 compared to 0.92% in Q4 2024[17] Efficiency and Cost Management - Non-interest expense decreased by $27.2 million to $189.5 million, down from $216.6 million in the prior quarter[3] - The efficiency ratio improved to 56.7% in Q1 2025, down from 58.4% in Q4 2024[17] - Operating non-interest expenses decreased to $182.858 million in Q1 2025 from $190.695 million in Q4 2024[29] - Non-interest expense to total average assets decreased to 2.40% in Q1 2025 from 2.68% in Q4 2024[17] Capital Ratios - The tangible common equity ratio rose to 7.8% in Q1 2025, compared to 7.5% in Q4 2024[17] - The common equity Tier 1 capital ratio improved to 11.0% in Q1 2025 from 10.8% in Q4 2024[17] - Tangible common equity to tangible assets ratio increased to 7.78% in Q1 2025 from 7.54% in Q4 2024[29] Revenue and Income Sources - Total revenue for Q1 2025 was $322.639 million, a slight decrease from $326.346 million in Q4 2024[29] - Total non-interest income for Q1 2025 was $67.2 million, up from $59.7 million in Q3 2024, reflecting a 12.5% increase[19] - Non-interest income for Q1 2025 was $67.232 million, an increase from $65.924 million in Q4 2024[29] Interest Income and Margin - The net interest margin stood at 3.43%, with a 12 basis point decrease in total cost of funds compared to the prior quarter[3] - Net interest income for Q1 2025 was $251.2 million, a slight decrease of 0.6% from $253.7 million in Q4 2024[19] - The company reported a net interest margin of 5.44% for Q1 2025, down from 5.53% in Q4 2024[23]