Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

January 21, 2020

Date of Report (date of earliest event reported)

Fulton Financial Corporation

(Exact name of registrant as specified in its charter)



PA	0-10587		23-2195389
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)

One Penn Square,	Lancaster,	PA	17604
(Address of Principal Executive Offices)			(Zip Code)

(717) 291-2411

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.

Item 2.02 Results of Operations and Financial Condition.

On January 21, 2020, Fulton Financial Corporation (the "Corporation") issued a press release (the "Press Release") announcing its results of operations for the fourth quarter and year ended December 31, 2019. A copy of the Press Release and supplementary financial information which accompanied the Press Release, are attached as Exhibits 99.1 and 99.2, respectively, to this Current Report and are incorporated herein by reference. The Corporation also posted on its Investor Relations website, www.fult.com, presentation materials the Corporation intends to use during a conference call and webcast to discuss those results on Wednesday, January 22, 2020 at 10:00 a.m. Eastern Time. A copy of the presentation materials is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.

Forward-Looking Statements

This Current Report on Form 8-K, including the Exhibits hereto, 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. Statements relating to the "outlook" or "2020 Outlook" contained in Exhibit 99.3 to this Current Report are forward looking statements. These forward looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, 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, they 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, 2018 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, which have been filed with the Securities and Exchange Commission and are available in the Investor Relations section of the Corporation's website (www.fult.com) and on the Securities and Exchange Commission's website (www.sec.gov).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.	Description
99.1	Press Release dated January 21, 2020.
99.2	Supplementary financial information for the quarter and year ended December 31, 2019.
99.3	Presentation materials to be discussed during the conference call and webcast on January 22, 2020.

SIGNATURE

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 hereunto duly authorized.



Date: January 21, 2020	FULTON FINANCIAL CORPORATION
	By: /s/ Mark R. McCollom
	Mark R. McCollom
	Senior Executive Vice President and
	Chief Financial Officer

Exhibit 99.1

FULTON FINANCIAL

CORPORATION

FOR IMMEDIATE RELEASE

Media Contact: Laura Wakeley (717) 291-2616

Investor Contact: Jason Weber (717) 327-2394

Fulton Financial reports fourth quarter and 2019 results

2019 Key Accomplishments


•	Termination of the remaining BSA/AML regulatory orders


•	Successful consolidation of affiliate banks into Fulton Bank, N.A.


•	Record year of revenues and net income


•	Average loan growth of 4% and average deposit growth of 6%


•	Net income grew 12% and pre-provision net revenue⁽¹⁾ increased 4%

(January 21, 2020) - Lancaster, PA - Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income of $54 million, or $0.33 per diluted share, for the fourth quarter of 2019, and net income of $233 million, or $1.39 per diluted share, for 2019.

"Overall, 2019 was another good year for Fulton as we continued to execute on our growth strategies and completed the consolidation of our remaining affiliate banks into Fulton Bank,” said E. Philip Wenger, Chairman and CEO. “I’m extremely proud of our team’s hard work this year, and continued focus on driving shareholder value. We look forward to 2020 and believe we are well-positioned to continue to advance our strategic priorities.”

Net income per diluted share for the fourth quarter of 2019 decreased 11% to $0.33 in comparison to the $0.37 reported for the third quarter of 2019 and unchanged from the fourth quarter of 2018. The decline in net income from the third quarter of 2019 was primarily the result of a decrease in net interest income and an increase in the provision for credit losses, partially offset by a decrease in non-interest expense.


⁽¹⁾	Non-GAAP financial measure. Please refer to the calculation and management’s reasons for using this measure on the page titled “Non-GAAP Reconciliation” in the accompanying tables.

For the year ended December 31, 2019, net income per diluted share increased 18% to $1.39 in comparison to the $1.18 reported for 2018. The increase in net income was driven by a lower provision for credit losses and higher net interest income, non-interest income and securities gains, partially offset by higher non-interest expense.

Net Interest Income and Balance Sheet

Net interest income for the fourth quarter of 2019 was $159 million, a $2 million decrease from the third quarter of 2019. The decrease resulted from the impact of a 9 basis point decrease in net interest margin due mainly to the 25 basis point decrease in the federal funds rate in each of September and October 2019, partially offset by balance sheet growth. The decline in net interest margin resulted from the net impact of an 18 basis point decrease in the yield on interest-earning assets, partially offset by an 11 basis point decrease in average cost of funds. The decline in asset yields was primarily the result of a 24 basis point decrease in loan yields, partially offset by an 8 basis point increase in investment securities yields.

For the year ended December 31, 2019, net interest income increased $18 million, or 3%, driven mainly by a 4% increase in average interest-earning assets. The increase in average interest-earning assets was partially offset by the impact of a 4 basis point decrease in the net interest margin to 3.36%. The average yield on interest-earning assets increased 18 basis points and the average cost of interest-bearing liabilities increased 28 basis points from 2018.

Total average assets for the fourth quarter of 2019 were $22 billion, an increase of $356 million from the third quarter of 2019, with average loans, net of unearned income, increasing $332 million.

Average loans and yields, by type, for the fourth quarter of 2019 in comparison to the third quarter of 2019 are summarized in the following table:



	Three Months Ended
	December 31, 2019				September 30, 2019				Growth
	Balance		Yield (1)		Balance		Yield (1)		$			%
	(dollars in thousands)
Average Loans, net of unearned income, by type:
Real estate - commercial mortgage	$	6,561,029	4.34	%	$	6,489,456	4.57	%	$	71,573		1.1	%
Commercial - industrial, financial, and agricultural	4,575,350		4.24	%	4,414,992		4.56	%	160,358			3.6	%
Real estate - residential mortgage	2,606,136		4.00	%	2,512,899		4.06	%	93,237			3.7	%
Real estate - home equity	1,331,088		4.97	%	1,364,161		5.27	%	(33,073		)	(2.4	)%
Real estate - construction	934,556		4.37	%	905,060		4.68	%	29,496			3.3	%
Consumer	464,606		4.44	%	457,524		4.36	%	7,082			1.5	%
Leasing	281,451		4.35	%	277,555		4.41	%	3,896			1.4	%
Other	14,058		N/A		14,860		N/A		(802		)	(5.4	)%
Total Average Loans, net of unearned income	$	16,768,274	4.31	%	$	16,436,507	4.55	%	$	331,767		2.0	%

(1) Presented on a tax-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
N/A - Not applicable

For the year ended December 31, 2019, average loans increased $615 million, or 4%, compared to 2018. Ending loans at December 31, 2019 increased $171 million, or 1%, compared to September 30, 2019 and increased $692 million, or 4%, compared to December 31, 2018.

Total average liabilities for the fourth quarter of 2019 increased $329 million, or 2%, from the third quarter of 2019, with a $499 million, or 3%, increase in average deposits being partially offset by a $202 million, or 22%, decrease in average short-term borrowings.

Average deposits and interest rates, by type, for the fourth quarter of 2019 in comparison to the third quarter of 2019 are summarized in the following table:



	Three Months Ended
	December 31, 2019				September 30, 2019				Growth
	Balance		Rate		Balance		Rate		$			%
	(dollars in thousands)
Average Deposits, by type:
Noninterest-bearing demand	$	4,324,568	—	%	$	4,247,820	—	%	$	76,748		1.8	%
Interest-bearing demand	4,699,040		0.71	%	4,448,112		0.82	%	250,928			5.6	%
Savings and money market deposits	5,205,260		0.78	%	5,026,316		0.87	%	178,944			3.6	%
Total average demand and savings	14,228,868		0.52	%	13,722,248		0.58	%	506,620			3.7	%
Brokered deposits	261,689		1.94	%	253,426		2.40	%	$	8,263		3.3	%
Time deposits	2,959,008		1.86	%	2,974,993		1.86	%	(15,985		)	(0.5	)%
Total Average Deposits	$	17,449,565	0.77	%	$	16,950,667	0.84	%	$	498,898		2.9	%

For the year ended December 31, 2019, average deposits increased $934 million, or 6%, compared to 2018. Ending deposits at December 31, 2019 increased $1 billion, or 6%, compared to December 31, 2018.

Asset Quality

The provision for credit losses for the fourth quarter of 2019 was $13 million, up from $2 million for the third quarter of 2019, driven primarily by a higher allocation need for a certain commercial loan.

Non-performing assets were $168 million, or 0.77% of total assets, at December 31, 2019, compared to $144 million, or 0.66% of total assets, at September 30, 2019 and $150 million, or 0.73% of total assets, at December 31, 2018.

Annualized net charge-offs for the quarter ended December 31, 2019 were 0.17% of total average loans, compared to 0.15% for the quarter ended September 30, 2019. The allowance for credit losses as a percentage of non-performing loans was 111% at December 31, 2019, compared to 127% at September 30, 2019.

Non-interest Income

Non-interest income in the fourth quarter of 2019, excluding investment securities gains, was $55 million, essentially unchanged from the third quarter of 2019 and $6 million, or 12%, higher than the fourth quarter of 2018.

Wealth management income increased due to growth in trust and brokerage income, both organically and, with respect to brokerage income, through the acquisitions completed in the first and fourth quarters of 2019. Mortgage banking income decreased due to seasonally lower loan volumes. Consumer banking income decreased, driven by decreases in card income. Commercial banking income increased, as higher commercial loan interest rate swap fees were partially offset by declines in merchant and card income.

During the third quarter of 2019, Fulton completed a balance sheet restructuring involving the sale of approximately $400 million of investment securities and a corresponding prepayment of FHLB advances. As a result of these transactions, $5 million of investment securities gains were realized during the quarter.

For the year ended December 31, 2019, non-interest income, excluding investment securities gains, increased $16 million, or 8%, with increases across all major categories.

Non-interest Expense

Non-interest expense was $140 million in the fourth quarter of 2019, a decrease of $7 million, or 5%, compared to the third quarter of 2019 and a decrease of $1 million, or 1%, compared to the fourth quarter of 2018.

The fourth quarter of 2019 included decreases in other outside services, marketing and intangible amortization, partially offset by increases in FDIC insurance expense, due to lower assessment credits, net occupancy expense and other expenses.

The third quarter of 2019 included $5 million of expenses related to the consolidation of the remaining subsidiary banks, primarily in other outside services. The third quarter also included $4 million of penalties related to the prepayment of certain FHLB advances in conjunction with the previously mentioned balance sheet restructuring.

For the year ended December 31, 2019, non-interest expense increased $23 million, or 4%, compared to 2018. This increase was primarily due to increases in salaries and employee benefits, other outside services and other expense, partially offset by decreases in amortization of tax credit investments and FDIC insurance expense.

Expenses incurred for the years ended December 31, 2019 and 2018 related to the consolidation of the subsidiary banks were $11 million and $4 million, respectively, which were recognized in various categories in non-interest expense.

Income Tax Expense

The effective income tax rate for the fourth quarter of 2019 was 13%, as compared to 14% for the third quarter of 2019, with the decrease resulting mainly from lower income before income taxes.

The effective income tax rate for the year ended December 31, 2019 was 14%, as compared to 11% in 2018. The increase resulted mainly from higher income before income taxes.

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

Safe Harbor Statement

This news 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, 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, they 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.

Non-GAAP Financial Measures

The Corporation uses certain non-GAAP financial measures in this earnings release. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this release.



FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
in thousands, except per-share data and percentages
	Three Months Ended
	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
	2019			2019			2019			2019			2018
Ending Balances
Investments	$	2,867,378		$	2,705,610		$	2,853,358		$	2,748,249		$	2,686,973
Loans, net of unearned income	16,857,526			16,686,866			16,368,458			16,262,633			16,165,800
Total assets	21,897,062			21,703,618			21,308,670			20,974,649			20,682,152
Deposits	17,393,913			17,342,717			16,388,895			16,377,978			16,376,159
Shareholders' equity	2,348,474			2,324,016			2,308,798			2,301,019			2,247,573

Average Balances
Investments	$	2,830,999		$	2,829,672		$	2,790,392		$	2,699,130		$	2,646,266
Loans, net of unearned income	16,768,274			16,436,507			16,316,076			16,194,375			15,965,637
Total assets	21,813,760			21,457,800			21,057,030			20,690,365			20,512,130
Deposits	17,449,565			16,950,667			16,375,456			16,275,633			16,413,066
Shareholders' equity	2,342,571			2,315,585			2,301,258			2,265,097			2,281,669

Income Statement
Net interest income	$	159,270		$	161,260		$	164,544		$	163,315		$	162,944
Provision for credit losses	12,530			2,170			5,025			5,100			8,200
Non-interest income	55,281			59,813			54,315			46,751			49,523
Non-interest expense	139,874			146,770			144,168			137,824			140,685
Income before taxes	62,147			72,133			69,666			67,142			63,582
Net income	54,087			62,108			59,779			56,663			58,083
Pre-provision net revenue⁽¹⁾	76,324			76,741			76,114			73,775			78,320

Per Share
Net income (basic)	$	0.33		$	0.38		$	0.36		$	0.33		$	0.33
Net income (diluted)	$	0.33		$	0.37		$	0.35		$	0.33		$	0.33
Cash dividends	$	0.17		$	0.13		$	0.13		$	0.13		$	0.16
Tangible common equity⁽¹⁾	$	11.04		$	10.91		$	10.63		$	10.39		$	10.08
Weighted average shares (basic)	164,135			165,324			168,343			169,884			174,571
Weighted average shares (diluted)	165,039			166,126			169,168			170,909			175,473

Asset Quality
Net charge-offs to average loans (annualized)	0.17		%	0.15%			-0.04%			0.10%			0.17		%
Non-performing loans to total loans	0.96		%	0.81%			0.90%			0.85%			0.86		%
Non-performing assets to total assets	0.77		%	0.66%			0.73%			0.70%			0.73		%
Allowance for credit losses to loans outstanding	1.06		%	1.04%			1.08%			1.05%			1.05		%
Allowance for loan losses to loans outstanding	1.04		%	1.00		%	1.04		%	1.00		%	0.99		%
Allowance for credit losses to non-performing loans	111		%	127%			120%			123%			121.00		%
Allowance for loan losses to non-performing loans	109		%	122%			115%			117%			115.00		%
Non-performing assets to tangible shareholders' equity and allowance for credit losses⁽¹⁾	8.44		%	7.32%			7.94%			7.63%			7.97		%



Profitability
Return on average assets	0.98	%	1.15	%	1.14	%	1.11	%	1.12	%
Return on average shareholders' equity	9.16	%	10.64%		10.42%		10.15%		10.10	%
Return on average shareholders' equity (tangible)⁽¹⁾	11.89	%	14.03%		13.60%		13.28%		13.17	%
Net interest margin	3.22	%	3.31	%	3.44	%	3.49	%	3.44	%
Efficiency ratio⁽¹⁾	63.5	%	63.6	%	64.2	%	63.9	%	62.2	%

Capital Ratios
Tangible common equity ratio⁽¹⁾	8.49	%	8.45	%	8.54	%	8.64	%	8.52	%
Tier 1 leverage ratio⁽²⁾	8.47%		8.52%		8.68%		8.92%		9.01	%
Common equity Tier 1 capital ratio⁽²⁾	9.67	%	9.64	%	9.96	%	10.16	%	10.22	%
Tier 1 capital ratio⁽²⁾	9.67	%	9.64	%	9.96	%	10.16%		10.22	%
Total risk-based capital ratio⁽²⁾	11.79	%	12.01	%	12.44	%	12.63%		12.75	%


(1) Please refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document.
(2) Regulatory capital ratios as of December 31, 2019 are preliminary and prior periods are actual.



Exhibit 99.2

FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
dollars in thousands
																	% Change from
		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31			Sep 30		Dec 31
		2019			2019			2019			2019			2018			2019		2018
ASSETS
	Cash and due from banks	$	132,283		$	120,671		$	107,091		$	115,884		$	103,436		9.6	%	27.9	%
	Other interest-earning assets	482,930			572,499			488,968			411,037			421,534			(15.6	)%	14.6	%
	Loans held for sale	37,828			33,945			45,754			27,768			27,099			11.4	%	39.6	%
	Investment securities	2,867,378			2,705,610			2,853,358			2,748,249			2,686,973			6.0	%	6.7	%
	Loans, net of unearned income	16,857,526			16,686,866			16,368,458			16,262,633			16,165,800			1.0	%	4.3	%
	Allowance for loan losses	(175,622		)	(166,135		)	(170,233		)	(162,109		)	(160,537		)	5.7	%	9.4	%
	Net loans	16,681,904			16,520,731			16,198,225			16,100,524			16,005,263			1.0	%	4.2	%
	Premises and equipment	240,046			237,344			243,300			239,004			234,529			1.1	%	2.4	%
	Accrued interest receivable	60,898			60,447			62,984			62,207			58,879			0.7	%	3.4	%
	Goodwill and intangible assets	535,303			534,178			535,249			535,356			531,556			0.2	%	0.7	%
	Other assets	858,492			918,193			773,741			734,620			612,883			(6.5	)%	40.1	%
	Total Assets	$	21,897,062		$	21,703,618		$	21,308,670		$	20,974,649		$	20,682,152		0.9	%	5.9	%
LIABILITIES AND SHAREHOLDERS' EQUITY
	Deposits	$	17,393,913		$	17,342,717		$	16,388,895		$	16,377,978		$	16,376,159		0.3	%	6.2	%
	Short-term borrowings	883,241			832,860			1,188,390			829,016			754,777			6.0	%	17.0	%
	Other liabilities	389,665			477,311			435,171			401,324			311,364			(18.4	)%	25.1	%
	FHLB advances and long-term debt	881,769			726,714			987,416			1,065,312			992,279			21.3	%	(11.1	)%
	Total Liabilities	19,548,588			19,379,602			18,999,872			18,673,630			18,434,579			0.9	%	6.0	%
	Shareholders' equity	2,348,474			2,324,016			2,308,798			2,301,019			2,247,573			1.1	%	4.5	%
	Total Liabilities and Shareholders' Equity	$	21,897,062		$	21,703,618		$	21,308,670		$	20,974,649		$	20,682,152		0.9	%	5.9	%

LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
Loans, by type:
	Real estate - commercial mortgage	$	6,700,776		$	6,604,634		$	6,497,973		$	6,428,688		$	6,434,285		1.5	%	4.1	%
	Commercial - industrial, financial and agricultural	4,466,701			4,494,496			4,365,248			4,429,538			4,404,548			(0.6	)%	1.4	%
	Real estate - residential mortgage	2,641,465			2,570,793			2,451,966			2,313,908			2,251,044			2.7	%	17.3	%
	Real estate - home equity	1,314,944			1,346,115			1,386,974			1,413,500			1,452,137			(2.3	)%	(9.4	)%
	Real estate - construction	971,079			913,644			922,547			953,087			916,599			6.3	%	5.9	%
	Consumer	463,164			464,213			452,874			433,545			419,186			(0.2	)%	10.5	%
	Leasing and other	299,397			292,971			290,876			290,367			288,001			2.2	%	4.0	%
	Total Loans, net of unearned income	$	16,857,526		$	16,686,866		$	16,368,458		$	16,262,633		$	16,165,800		1.0	%	4.3	%
Deposits, by type:
	Noninterest-bearing demand	$	4,453,324		$	4,240,478		$	4,226,404		$	4,255,043		$	4,310,105		5.0	%	3.3	%
	Interest-bearing demand	4,720,188			4,771,109			4,083,615			4,207,442			4,240,974			(1.1	)%	11.3	%
	Savings and money market accounts	5,153,941			5,094,387			4,938,998			4,907,346			4,926,937			1.2	%	4.6	%
	Total demand and savings	14,327,453			14,105,974			13,249,017			13,369,831			13,478,016			1.6	%	6.3	%
	Brokered deposits	264,531			256,870			246,116			251,395			176,239			3.0	%	50.1	%
	Time deposits	2,801,929			2,979,873			2,893,762			2,756,752			2,721,904			(6.0	)%	2.9	%
	Total Deposits	$	17,393,913		$	17,342,717		$	16,388,895		$	16,377,978		$	16,376,159		0.3	%	6.2	%
Short-term borrowings, by type:
	Customer repurchase agreements	$	56,707		$	58,853		$	56,496		$	54,440		$	43,499		(3.6	)%	30.4	%
	Customer short-term promissory notes	326,534			279,007			281,894			299,576			326,278			17.0	%	0.1	%
	Short-term FHLB advances	500,000			475,000			650,000			475,000			385,000			5.3	%	29.9	%
	Federal funds purchased	—			20,000			200,000			—			—			(100.0	)%	N/M
	Total Short-term Borrowings	$	883,241		$	832,860		$	1,188,390		$	829,016		$	754,777		6.0	%	17.0	%


N/M - Not meaningful



FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
in thousands
		Three Months Ended										% Change from				Year ended
		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31		Sep 30		Dec 31		December 31
		2019		2019		2019		2019		2018		2019		2018		2019		2018		% Change
Interest Income:
	Interest income	$	202,159	$	208,413	$	210,034	$	204,700	$	200,609	(3.0	)%	0.8	%	$	825,306	$	758,514	8.8	%
	Interest expense	42,889		47,153		45,490		41,385		37,665		(9.0	)%	13.9	%	176,917		128,058		38.2	%
	Net Interest Income	159,270		161,260		164,544		163,315		162,944		(1.2	)%	(2.3	)%	648,389		630,456		2.8	%
	Provision for credit losses	12,530		2,170		5,025		5,100		8,200		N/M		52.8	%	24,825		46,907		(47.1	)%
	Net Interest Income after Provision	146,740		159,090		159,519		158,215		154,744		(7.8	)%	(5.2	)%	623,564		583,549		6.9	%
Non-Interest Income:
	Wealth management	14,419		13,867		14,153		13,239		13,408		4.0	%	7.5	%	55,678		52,148		6.8	%
	Mortgage banking	5,076		6,658		6,593		4,772		4,774		(23.8	)%	6.3	%	23,099		19,026		21.4	%
	Consumer banking:
	Card	4,991		5,791		5,047		4,686		4,966		(13.8	)%	0.5	%	20,515		19,497		5.2	%
	Overdraft	4,750		4,682		4,413		4,104		4,653		1.5	%	2.1	%	17,949		17,606		1.9	%
	Other consumer banking	2,685		2,860		2,907		2,587		2,799		(6.1	)%	(4.1	)%	11,039		11,319		(2.5	)%
	Total consumer banking	12,426		13,333		12,367		11,377		12,418		(6.8	)%	0.1	%	49,503		48,422		2.2	%
	Commercial banking:
	Merchant and card	5,841		6,166		6,512		5,558		5,656		(5.3	)%	3.3	%	24,077		23,427		2.8	%
	Cash management	4,697		4,696		4,638		4,361		4,340		—	%	8.2	%	18,392		17,581		4.6	%
	Commercial loan interest rate swap	5,426		3,944		3,477		2,028		2,540		37.6	%	113.6	%	14,875		9,831		51.3	%
	Other commercial banking	3,664		3,478		3,815		2,816		3,466		5.3	%	5.7	%	13,773		13,090		5.2	%
	Total commercial banking	19,628		18,284		18,442		14,763		16,002		7.4	%	22.7	%	71,117		63,929		11.2	%
	Other	3,732		3,179		2,584		2,535		2,921		17.4	%	27.8	%	12,030		11,963		0.6	%
	Non-Interest Income before Investment Securities Gains	55,281		55,321		54,139		46,686		49,523		(0.1	)%	11.6	%	211,427		195,488		8.2	%
	Investment securities gains, net	—		4,492		176		65		—		(100.0	)%	—	%	4,733		37		N/M
	Total Non-Interest Income	55,281		59,813		54,315		46,751		49,523		(7.6	)%	11.6	%	216,160		195,525		10.6	%
Non-Interest Expense:
	Salaries and employee benefits	77,875		78,211		78,991		77,757		75,745		(0.4	)%	2.8	%	312,834		303,202		3.2	%
	Net occupancy	13,080		12,368		14,469		12,909		12,708		5.8	%	2.9	%	52,826		51,678		2.2	%
	Data processing and software	11,468		11,590		11,268		10,353		10,203		(1.1	)%	12.4	%	44,679		41,286		8.2	%
	Other outside services	8,215		12,163		11,259		8,352		8,944		(32.5	)%	(8.2	)%	39,989		33,758		18.5	%
	Equipment	3,475		3,459		3,299		3,342		3,275		0.5	%	6.1	%	13,575		13,243		2.5	%
	Professional fees	2,873		3,331		2,970		3,960		3,546		(13.7	)%	(19.0	)%	13,134		14,161		(7.3	)%
	FDIC insurance	2,177		239		2,755		2,609		2,563		N/M		(15.1	)%	7,780		10,993		(29.2	)%
	Amortization of tax credit investments	1,505		1,533		1,492		1,491		6,538		(1.8	)%	(77.0	)%	6,021		11,449		(47.4	)%
	Marketing	1,503		3,322		2,863		2,160		1,577		(54.8	)%	(4.7	)%	9,848		8,854		11.2	%
	Intangible amortization	142		1,071		107		107		—		N/M		100.0	%	1,427		—		100.0	%
	Prepayment penalty on FHLB advances	—		4,326		—				—		(100.0	)%	—	%	4,326		—		100.0	%
	Other	17,561		15,157		14,695		14,784		15,586		15.9	%	12.7	%	62,197		57,480		8.2	%
	Total Non-Interest Expense	139,874		146,770		144,168		137,824		140,685		(4.7	)%	(0.6	)%	568,636		546,104		4.1	%
	Income Before Income Taxes	62,147		72,133		69,666		67,142		63,582		(13.8	)%	(2.3	)%	271,088		232,970		16.4	%
	Income tax expense	8,060		10,025		9,887		10,479		5,499		(19.6	)%	46.6	%	38,451		24,577		56.5	%
	Net Income	$	54,087	$	62,108	$	59,779	$	56,663	$	58,083	(12.9	)%	(6.9	)%	$	232,637	$	208,393	11.6	%
PER SHARE:
	Net income:
	Basic	$	0.33	$	0.38	$	0.36	$	0.33	$	0.33	(13.2	)%	—	%	$	1.39	$	1.19	16.8	%
	Diluted	0.33		0.37		0.35		0.33		0.33		(10.8	)%	—	%	1.39		1.18		17.8	%
	Cash dividends	0.17		0.13		0.13		0.13		0.16		30.8	%	6.3	%	0.56		0.52		7.7	%
	Weighted average shares (basic)	164,135		165,324		168,343		169,884		174,571		(0.7	)%	(6.0	)%	166,902		175,395		(4.8	)%
	Weighted average shares (diluted)	165,039		166,126		169,168		170,909		175,473		(0.7	)%	(5.9	)%	167,792		176,543		(5.0	)%
N/M - not meaningful



FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Three Months Ended
		December 31, 2019								September 30, 2019								December 31, 2018
		Average						Yield/		Average						Yield/		Average						Yield/
		Balance			Interest (1)			Rate		Balance			Interest (1)			Rate		Balance			Interest (1)			Rate
ASSETS
Interest-earning assets:
	Loans, net of unearned income	$	16,768,274		$	182,024		4.31%		$	16,436,507		$	188,280		4.55%		$	15,965,637		$	182,358		4.54%
	Taxable investment securities	2,198,252			15,621			2.84%		2,282,292			15,565			2.73%		2,283,897			15,005			2.74%
	Tax-exempt investment securities	594,487			5,058			3.38%		516,907			4,650			3.57%		426,872			3.978			3.71%
	Total Investment Securities	2,792,739			20,679			2.96%		2,799,199			20,215			2.88%		2,710,769			18.983			2.80%
	Loans held for sale	30,062			295			3.93%		31,898			466			5.83%		22,361			271			4.85%
	Other interest-earning assets	492,560			2,370			1.92%		509,579			2,709			2.12%		492,529			2,177			1.76%
	Total Interest-earning Assets	20,083,635			205,368			4.07%		19,777,183			211,670			4.25%		19,191,296			203.789			4.22%
Noninterest-earning assets:
	Cash and due from banks	128,417								120,967								111,252
	Premises and equipment	239,294								240,383								233,445
	Other assets	1,529,994								1,491,115								1,131,548
	Less: allowance for loan losses	(167,580		)						(171,848		)						(155,411		)
	Total Assets	$	21,813,760							$	21,457,800							$	20,512,130
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
	Demand deposits	$	4,699,040		$	8,494		0.72%		$	4,448,112		$	9,163		0.82%		$	4,225,157		$	7,448		0.70%
	Savings deposits	5,205,260			10,253			0.78%		5,026,316			11,059			0.87%		4,979,712			9,745			0.78%
	Brokered deposits	261,689			1,279			1.94%		253,426			1,536			2.40%		164,280			969			2.34%
	Time deposits	2,959,008			13,775			1.86%		2,974,993			13,979			1.86%		2,722,141			9,997			1.46%
	Total Interest-bearing Deposits	13,124,997			33,801			1.02%		12,702,847			35,737			1.12%		12,091,290			28,159			0.92%
	Short-term borrowings	717,811			2,343			1.29%		919,697			4,156			1.78%		504,550			1,410			1.11%
	FHLB advances and long-term debt	875,802			6,745			3.07%		842,706			7,260			3.44%		988,914			8,096			3.26%
	Total Interest-bearing Liabilities	14,718,610			42,889			1.16%		14,465,250			47,153			1.29%		13,584,754			37,665			1.10%
Noninterest-bearing liabilities:
	Demand deposits	4,324.568								4,247,820								4,321,776
	Total Deposits	17,449.565								16,950,667								16,413,066

	Other	428.011								429,145								323,931
	Total Liabilities	19,471.189								19,142,215								18,230,461
	Total Interest-bearing liabilities and non interest-bearing deposits ("Cost of Funds")	19,043.178						0.89%		18,713,070						1.00%		17,906,530						0.84%

	Shareholders' equity	2,342.571								2,315,585								2,281,669
	Total Liabilities and Shareholders' Equity	$	21,813,760							$	21,457,800							$	20,512,130
	Net interest income/net interest margin (fully taxable equivalent)				162,479			3.22%					164,517			3.31%					166,124			3.44%
	Tax equivalent adjustment				(3,209		)						(3,257		)						(3,180		)
	Net interest income				$	159,270							$	161,260							$	162,944

	(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
		Three Months Ended														% Change from
		Dec 31			Sep 30			Jun 30		Mar 31			Dec 31			Sep 30		Dec 31
		2019			2019			2019		2019			2018			2019		2018
Loans, by type:
	Real estate - commercial mortgage	$	6,561,029		$	6,489,456		$	6,424,213	$	6,378,145		$	6,343,024		1.1	%	3.4		%
	Commercial - industrial, financial and agricultural	4,575,350			4,414,992			4,440,860		4,462,609			4,329,937			3.6	%	5.7		%
	Real estate - residential mortgage	2,606,136			2,512,899			2,366,685		2,276,611			2,209,993			3.7	%	17.9		%
	Real estate - home equity	1,331,088			1,364,161			1,404,141		1,433,574			1,459,647			(2.4	)%	(8.8		)%
	Real estate - construction	934,556			905,060			943,080		930,246			931,724			3.3	%	0.3		%
	Consumer	464,606			457,524			445,666		424,480			406,436			1.5	%	14.3		%
	Leasing and other	295,509			292,415			291,431		288,710			284,876			1.1	%	3.7		%
	Total Loans, net of unearned income	$	16,768,274		$	16,436,507		$	16,316,076	$	16,194,375		$	15,965,637		2.0	%	5.0		%
Deposits, by type:
	Noninterest-bearing demand	$	4,324,568		$	4,247,820		$	4,200,810	$	4,222,875		$	4,321,776		1.8	%	0.1		%
	Interest-bearing demand	4,699,040			4,448,112			4,186,280		4,153,984			4,225,157			5.6	%	11.2		%
	Savings and money market accounts	5,205,260			5,026,316			4,925,788		4,912,856			4,979,712			3.6	%	4.5		%
	Total demand and savings	14,228,868			13,722,248			13,312,878		13,289,715			13,526,645			3.7	%	5.2		%
	Brokered deposits	261,689			253,426			246,154		220,115			164,280			3.3	%	59.3		%
	Time deposits	2,959,008			2,974,993			2,816,425		2,765,803			2,722,141			(0.5	)%	8.7		%
	Total Deposits	$	17,449,565		$	16,950,667		$	16,375,457	$	16,275,633		$	16,413,066		2.9	%	6.3		%
Short-term borrowings, by type:
	Customer repurchase agreements	$	59,363		$	61,230		$	56,171	$	56,707		$	64,102		(3.0	)%	(7.4		)%
	Customer short-term promissory notes	318,166			271,663			288,696		312,092			310,296			17.1	%	2.5		%
	Federal funds purchased	91,467			101,022			181,769		157,122			43			(9.5	)%	N/M
	Short-term FHLB advances and other borrowings	248,815			485,782			414,868		294,133			130,109			(48.8	)%	91.2		%
	Total Short-term Borrowings	$	717,811		$	919,697		$	941,504	$	820,054		$	504,550		(22.0	)%	42.3		%



FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
dollars in thousands
		Year Ended December 31
		2019								2018
		Average								Average
		Balance			Interest (1)			Yield/Rate		Balance			Interest (1)			Yield/Rate
ASSETS

Interest-earning assets:
	Loans, net of unearned income	$	16,430,402		$	747,119		4.55	%	$	15,815,263		$	691,954		4.38	%
	Taxable investment securities	2,278,448			62,556			2.74	%	2,246,555			56,039			2.49	%
	Tax-exempt investment securities	500,398			17,998			3.57	%	416,119			15,285			3.65	%
	Equity securities	—			—			—	%	126			5			3.97	%
	Total Investment Securities	2,778,846			80,554			2.89	%	2,662,800			71,329			2.68	%
	Loans held for sale	25,795			1,351			5.24	%	22,970			1,159			5.05	%
	Other interest-earning assets	445,008			9,249			2.08	%	382,569			6,193			1.62	%
	Total Interest-earning Assets	19,680,051			838,273			4.26	%	18,883,602			770,635			4.08	%

Noninterest-earning assets:
	Cash and due from banks	119,144								104,595
	Premises and equipment	239,376								231,762
	Other assets	1,386,000								1,123,857
	Less: allowance for loan losses	(166,198		)						(160,614		)
	Total Assets	$	21,258,373							$	20,183,202

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing liabilities:
	Demand deposits	$	4,384,059		$	33,348		0.76	%	$	4,063,929		$	22,789		0.56	%
	Savings deposits	5,018,381			41,823			0.83	%	4,684,023			27,226			0.58	%
	Brokered deposits	245,483			5,779			2.35	%	121,863			2,480			2.04	%
	Time deposits	2,869,344			50,825			1.77	%	2,675,670			35,217			1.32	%
	Total Interest-bearing Deposits	12,517,267			131,775			1.05	%	11,545,485			87,712			0.76	%

	Short-term borrowings	849,679			14,543			1.70	%	785,923			8,489			1.07	%
	FHLB advances and long-term debt	942,600			30,599			3.25	%	977,573			31,857			3.26	%
	Total Interest-bearing Liabilities	14,309,546			176,917			1.24	%	13,308,981			128,058			0.96	%

Noninterest-bearing liabilities:
	Demand deposits	4,249,294								4,287,121
	Total Deposits	16,766,561								15,832,606

	Other	393,167								331,336
	Total Liabilities	18,952,007								17,927,438
	Total Interest-bearing liabilities and non interest-bearing deposits ("Cost of Funds")	18,558,840						0.95	%	17,596,102						0.73	%

	Shareholders' equity	2,306,366								2,255,764

	Total Liabilities and Shareholders' Equity	$	21,258,373							$	20,183,202

	Net interest income/net interest margin (fully taxable equivalent)				661,356			3.36	%				642,577			3.40	%
	Tax equivalent adjustment				(12,967		)						(12,121		)

	Net interest income				$	648,389							$	630,456

(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL:
		Year Ended
		December 31
		2019			2018			% Change
Loans, by type:
	Real estate - commercial mortgage	$	6,463,783		$	6,314,349		2.4	%
	Commercial - industrial, financial and agricultural	4,473,604			4,314,584			3.7	%
	Real estate - residential mortgage	2,441,684			2,085,258			17.1	%
	Real estate - home equity	1,382,908			1,493,620			(7.4	)%
	Real estate - construction	928,183			965,835			(3.9	)%
	Consumer	448,205			361,186			24.1	%
	Leasing and other	292,035			280,431			4.1	%
	Total Loans, net of unearned income	$	16,430,402		$	15,815,263		3.9	%
Deposits, by type:
	Noninterest-bearing demand	$	4,249,294		$	4,287,121		(0.9	)%
	Interest-bearing demand	4,384,059			4,063,929			7.9	%
	Savings and money market accounts	5,018,381			4,684,023			7.1	%
	Total demand and savings	13,651,734			13,035,073			4.7	%
	Brokered deposits	245,483			121,863			101.4	%
	Time deposits	2,869,344			2,675,670			7.2	%
	Total Deposits	$	16,766,561		$	15,832,606		5.9	%




Short-term borrowings, by type:
	Customer repurchase agreements	$	58,384	$	137,198	(57.4	)%
	Customer short-term promissory notes	297,599		308,470		(3.5	)%
	Federal funds purchased	132,578		229,715		(42.3	)%
	Short-term FHLB advances and other borrowings	361,118		110,540		N/M
	Total Short-term Borrowings	$	849,679	$	785,923	8.1	%
N/M - not meaningful



FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
dollars in thousands
		Three Months Ended															Year Ended
		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31			Dec 31
		2019			2019			2019			2019			2018			2019			2018
ALLOWANCE FOR CREDIT LOSSES:
Balance at beginning of period		$	172,797		$	176,941		$	170,372		$	169,410		$	167,826		$	169,410		$	176,084
	Loans charged off:
	Commercial - industrial, financial and agricultural	(10,547		)	(7,181		)	(1,895		)	(2,787		)	(6,263		)	(22,410		)	(52,441		)
	Real estate - commercial mortgage	(68		)	(394		)	(230		)	(1,145		)	(762		)	(1,837		)	(2,045		)
	Consumer and home equity	(1,416		)	(1,375		)	(1,001		)	(902		)	(1,884		)	(4,694		)	(6,127		)
	Real estate - residential mortgage	(223		)	(533		)	(134		)	(655		)	(446		)	(1,545		)	(1,574		)
	Real estate - construction	—			(45		)	(3		)	(95		)	(392		)	(143		)	(1,368		)
	Leasing and other	(727		)	(600		)	(448		)	(785		)	(889		)	(2,560		)	(2,521		)
	Total loans charged off	(12,981		)	(10,128		)	(3,711		)	(6,369		)	(10,636		)	(33,189		)	(66,076		)
Recoveries of loans previously charged off:
	Commercial - industrial, financial and agricultural	2,487			2,311			2,680			1,243			2,647			8,721			4,994
	Real estate - commercial mortgage	1,453			444			169			136			94			2,202			1,622
	Consumer and home equity	437			348			802			407			684			1,994			2,393
	Real estate - residential mortgage	206			440			211			132			100			989			620
	Real estate - construction	1,098			164			1,245			84			415			2,591			1,829
	Leasing and other	182			107			148			229			80			666			1,037
	Recoveries of loans previously charged off	5,863			3,814			5,255			2,231			4,020			17,163			12,495
Net loans recovered (charged off)		(7,118		)	(6,314		)	1,544			(4,138		)	(6,616		)	(16,026		)	(53,581		)
Provision for credit losses		12,530			2,170			5,025			5,100			8,200			24,825			46,907
Balance at end of period		$	178,209		$	172,797		$	176,941		$	170,372		$	169,410		$	178,209		$	169,410
Net charge-offs (recoveries) to average loans (annualized)		0.17		%	0.15		%	(0.04		)%	0.10		%	0.17		%	0.10		%	0.34		%
NON-PERFORMING ASSETS:
	Non-accrual loans	$	145,098		$	124,287		$	133,118		$	127,141		$	128,572
	Loans 90 days past due and accruing	16,057			11,689			14,598			11,540			11,106
	Total non-performing loans	161,155			135,976			147,716			138,681			139,678
	Other real estate owned	6,831			7,706			7,241			9,012			10,518
	Total non-performing assets	$	167,986		$	143,682		$	154,957		$	147,693		$	150,196
NON-PERFORMING LOANS, BY TYPE:
	Commercial - industrial, financial and agricultural	$	69,491		$	37,126		$	47,260		$	50,148		$	51,269
	Real estate - commercial mortgage	37,279			45,710			43,850			29,817			32,153
	Real estate - residential mortgage	22,411			20,150			21,659			22,299			19,101
	Consumer and home equity	11,026			11,012			12,378			10,770			10,178
	Real estate - construction	4,306			4,312			4,632			7,039			7,390
	Leasing	16,642			17,666			17,937			18,608			19,587
	Total non-performing loans	$	161,155		$	135,976		$	147,716		$	138,681		$	139,678



FULTON FINANCIAL CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED)
in thousands, except per share data and percentages

Explanatory note:	This press release contains certain financial information, as detailed below, which 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 quarterly 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															Year Ended
		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31			Dec 31			Dec 31
		2019			2019			2019			2019			2018			2019			2018
Shareholders' equity (tangible), per share
Shareholders' equity		$2,348,474			$2,324,016			$2,308,798			$2,301,019			$2,247,573
Less: Goodwill and intangible assets		(535,303		)	(534,178		)	(535,249		)	(535,356		)	(531,556		)
Tangible shareholders' equity (numerator)		$	1,813,171		$	1,789,838		$	1,773,549		$	1,765,663		$	1,716,017
Shares outstanding, end of period (denominator)		164,218			164,036			166,903			169,923			170,184
Shareholders' equity (tangible), per share		$	11.04		$	10.91		$	10.63		$	10.39		$	10.08

Return on average shareholders' equity (tangible)
Net income		$	54,087		$	62,108		$	59,779		$	56,663		$	58,083		$	232,637		$	208,393
Plus: Intangible amortization, net of tax		112			846			85			85			—			1,127			—
Numerator		$	54,199		$	62,954		$	59,864		$	56,748		$	58,083		$	233,764		$	208,393

Average shareholders' equity		$	2,342,571		$	2,315,585		$	2,301,258		$	2,265,097		$	2,281,669		$	2,306,366		$	2,255,764
Less: Goodwill and intangible assets		(534,190		)	(535,184		)	(535,301		)	(531,767		)	(531,556		)	$	(534,120	)	$	(531,556	)
Average tangible shareholders' equity (denominator)		$	1,808,381		$	1,780,401		$	1,765,957		$	1,733,330		$	1,750,113		$	1,772,246		$	1,724,208

Return on average shareholders' equity (tangible), annualized		11.89		%	14.03		%	13.60		%	13.28		%	13.17		%	13.19		%	12.09		%

Tangible Common Equity to Tangible Assets (TCE Ratio)

Shareholders' equity		$	2,348,474		$	2,324,016		$	2,308,798		$	2,301,019		$	2,247,573
Less: Goodwill and intangible assets		(535,303		)	(534,178		)	(535,249		)	(535,356		)	(531,556		)
Tangible shareholders' equity (numerator)		$	1,813,171		$	1,789,838		$	1,773,549		$	1,765,663		$	1,716,017

Total assets		$	21,897,062		$	21,703,618		$	21,308,670		$	20,974,649		$	20,682,152
Less: Goodwill and intangible assets		(535,303		)	(534,178		)	(535,249		)	(535,356		)	(531,556		)
Total tangible assets (denominator)		$	21,361,759		$	21,169,440		$	20,773,421		$	20,439,293		$	20,150,596

Tangible Common Equity to Tangible Assets		8.49		%	8.45		%	8.54		%	8.64		%	8.52		%

Efficiency ratio
Non-interest expense		$	139,874		$	146,770		$	144,168		$	137,824		$	140,685		$	568,636		$	546,104
Less: Intangible amortization		(142		)	(1,071		)	(107		)	(107		)	—			(1,427		)	—
Less: Amortization of tax credit investments		(1,505		)	(1,533		)	(1,492		)	(1,491		)	(6,538		)	(6,021		)	(11,449		)
Less: Prepayment penalty on FHLB advances		—			(4,326		)	—			—			—			(4,326		)	—
Non-interest expense (numerator)		$	138,227		$	139,840		$	142,569		$	136,226		$	134,147		$	556,862		$	534,655

Net interest income (fully taxable equivalent)		$	162,479		$	164,517		$	167,794		$	166,564		$	166,124		$	661,356		$	642,577
Plus: Total Non-interest income		55,281			59,813			54,315			46,751			49,523			216,160			195,525
Less: Investment securities gains		—			(4,492		)	(176		)	(65		)	—			(4,733		)	(37		)
Net interest income (denominator)		$	217,760		$	219,838		$	221,933		$	213,250		$	215,647		$	872,783		$	838,065
Efficiency ratio		63.5		%	63.6		%	64.2		%	63.9		%	62.2		%	63.8		%	63.8		%

Non-performing assets to tangible common shareholders' equity and allowance for credit losses
Non-performing assets (numerator)		$	167,986		$	143,682		$	154,957		$	147,693		$	150,196

Tangible shareholders' equity		$	1,813,171		$	1,789,838		1,773,549			1,765,663			$	1,716,017
Plus: Allowance for credit losses		178,209			172,797			176,941			170,372			169,410
Tangible shareholders' equity and allowance for credit losses (denominator)		$	1,991,380		$	1,962,635		$	1,950,490		$	1,936,035		$	1,885,427
Non-performing assets to tangible shareholders' equity and allowance for credit losses		8.44		%	7.32		%	7.94		%	7.63		%	7.97		%



Pre-provision net revenue
Net interest income	$	159,270		$	161,260		$	164,544		$	163,315		$	162,944		$	648,389		$	630,456
Non-interest income	55,281			59,813			54,315			46,751			49,523			216,160			195,525
Less: Investment securities gains	—			(4,492		)	(176		)	(65		)	—			(4,733		)	(37		)
Total revenue	$	214,551		$	216,581		$	218,683		$	210,001		$	212,467		$	859,816		$	825,944


Non-interest expense	$	139,874		$	146,770		$	144,168		$	137,824		$	140,685		$	568,636		$	546,104
Less: Prepayment penalty on FHLB advances	—			(4,326		)	—			—			—			(4,326		)	—
Less: Amortization of tax credit investments	(1,505		)	(1,533		)	(1,492		)	(1,491		)	(6,538		)	(6,021		)	(11,449		)
Less: Intangible amortization	(142		)	(1,071		)	(107		)	(107		)	—			(1,427		)	—
Total non-interest expense	$	138,227		$	139,840		$	142,569		$	136,226		$	134,147		$	556,862		$	534,655

Pre-provision net revenue	$	76,324		$	76,741		$	76,114		$	73,775		$	78,320		$	302,954		$	291,289

2019 AND FOURTH QUARTER RESULTS NASDAQ: FULT Data as of December 31, 2019 unless otherwise noted

FORWARD-LOOKING STATEMENTS This presentation 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, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results. Management’s 2020 Outlook contained herein is comprised of forward-looking statements. Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, they 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, 2018 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, which have been filed with the Securities and Exchange Commission and are available in the Investor Relations section of the Corporation’s website (www.fult.com) and on the Securities and Exchange Commission’s website (www.sec.gov). The Corporation uses certain non-GAAP financial measures in this presentation. These non-GAAP financial measures are reconciled to the most comparable GAAP measures at the end of this presentation. 2

2019 HIGHLIGHTS Net income of $233 million, or $1.39 per share. Key Accomplishments  Termination of remaining BSA/AML regulatory orders  Successful consolidation of affiliate banks into Fulton Bank, N.A.  Continuation of organic growth into fast growing urban markets  Record year of revenues and net income  Average loan growth of 4%  Average deposit growth of 6%  Net income increased 12% and pre-provision net revenue(1) increased 4% (1) Non-GAAP financial measure. Please refer to the calculation and management’s reasons for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. 3

QUARTER HIGHLIGHTS: 4Q19 vs 3Q19 Net income per diluted share: $0.33 in 4Q19, 11% decrease from 3Q19 Loan Growth: 2% increase in average balances driven by C&I, commercial and residential mortgages and construction. Deposit Growth: 3% increase in average balances, largely driven by interest bearing demand deposits. Net Interest Income & Margin: Net interest income decreased 1% from 3Q19, with the impact of a 9 basis point decrease in the net interest margin being partially offset by balance sheet growth. Non-Interest Income(1): Overall flat, with increases in wealth management fees, commercial banking income and other income, offset by decreases in mortgage and consumer banking income. Non-Interest Expense: 5% decrease, as 3Q19 included a $4 million prepayment penalty on certain FHLB advances and $5 million of charter consolidation costs, partially offset by FDIC insurance assessment credits. Asset Quality: Increases in provision for credit losses and non-accrual loans related to the C&I portfolio. (1) Excluding investment securities gains which were $0 and $4 million in the three months ended December 31, 2019 and September 30, 2019, respectively. 4

QUARTER HIGHLIGHTS: 4Q19 vs 4Q18 Net income per diluted share: $0.33 in 4Q19, unchanged from 4Q18 Loan Growth: 5% increase in average balances with growth in all categories, except for home equity. Deposit Growth: 6% increase in average balances with growth in all categories. Net Interest Income & Margin: 2% decrease in net interest income, reflecting a 22 basis point decrease in net interest margin, partially offset by the impact of interest-earning asset growth. Non-Interest Income(1): 12% increase realized in all primary fee categories. Non-Interest Expense: 1% decrease, with decreases in professional fees, FDIC insurance and amortization of tax credit investments, largely offset by increases in salaries and benefits, data processing and software and other expense. Asset Quality: Increase in provision for credit losses and non-accrual loans related to the C&I portfolio. (1) No investment securities gains were recorded for the three months ended December 31, 2019 or 2018. 5

INCOME STATEMENT SUMMARY – YEAR TO DATE Year Ended Dec 31, 2019 2018 Change (dollars in thousands, except per-share data) Net Interest Income $ 648,389 $ 630,456 $ 17,933 Provision for Credit Losses 24,825 46,907 (22,082) Non-Interest Income 211,427 195,488 15,939 Securities Gains 4,733 37 4,696 Non-Interest Expense 568,636 546,104 22,532 Income before Income Taxes 271,088 232,970 38,118 Income Taxes 38,451 24,577 13,874 Net Income $ 232,637 $ 208,393 $ 24,244 Net income per share (diluted) $ 1.39 $ 1.18 $ 0.21 ROA (1) 1.09% 1.03% 0.06% ROE (2) 10.09% 9.24% 0.85% ROE (tangible) (3) 13.19% 12.09% 1.10% Efficiency ratio (3) 63.8% 63.8% - (1) ROA is return an average assets determined by dividing net income for the period indicated by average assets. (2) ROE is return on average shareholders’ equity determined by dividing net income for the period indicated by average shareholders’ equity. (3) Non-GAAP financial measure. Please refer to the calculation and management’s reasons for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. 6

INCOME STATEMENT SUMMARY – QUARTER TO DATE Change from 4Q19 3Q19 4Q18 (dollars in thousands, except per-share data) Net Interest Income $ 159,270 $ (1,990) $ (3,674) Provision for Credit Losses 12,530 10,360 4,330 Non-Interest Income 55,281 (40) 5,758 Securities Gains - (4,492) - Non-Interest Expense 139,874 (6,896) (811) Income before Income Taxes 62,147 (9,986) (1,435) Income Taxes 8,060 (1,965) 2,561 Net Income $ 54,087 $ (8,021) $ (3,996) Net income per share (diluted) $ 0.33 $ (0.04) $ - ROA (1) 0.98% (0.17%) (0.14%) ROE (2) 9.16% (1.48%) (0.94%) ROE (tangible) (3) 11.89% (2.14%) (1.28%) Efficiency ratio (3) 63.5% (0.1%) 1.3% (1) ROA is return an average assets determined by dividing net income for the period indicated by average assets, annualized. (2) ROE is return on average shareholders’ equity determined by dividing net income for the period indicated by average shareholders’ equity, annualized. (3) Non-GAAP financial measure. Please refer to the calculation and management’s reasons for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. 7

NET INTEREST INCOME AND MARGIN Net Interest Income & Net Interest Margin Average Interest-Earning Assets & Yields ($ IN MILLIONS) ($ IN BILLIONS) $20 5.00% $180.0 4.00% 4.00% $15 4.22% 4.35% 4.37% 4.25% 4.07% 3.00% 3.75% $10 $165 $163 $163 $16 $16 $16 $16 $17 2.00% $161 $159 $5 $160.0 3.50% ~ $730 1.00% million 3.49% $3 $3 $3 $3 $3 3.44% $0 0.00% 3.44% 3.25% 4Q18 1Q19 2Q19 3Q19 4Q19 3.31% ~ $610 3.22% million Securities & Other Loans Earning Asset Yield (FTE) $140.0 3.00% Average Liabilities & Rates 2.75% ($ IN BILLIONS) $20 5.00% $2 $2 $120.0 2.50% $2 $2 $2 4.00% $15 $17 $17 $16 $16 $16 2.25% 3.00% $10 2.00% 1.29% 1.10% 1.21% 1.29% 1.16% $100.0 2.00% $5 4Q18 1Q19 2Q19 3Q19 4Q19 1.00% Net Interest Income $0 0.00% 4Q18 1Q19 2Q19 3Q19 4Q19 Net Interest Margin (Fully-taxable equivalent basis, or FTE) Deposits Borrowings Cost of Interest-bearing Liabilities 8

ASSET QUALITY – ANNUAL COMPARISON ($ IN MILLIONS) Provision for Credit Losses Non-Performing Loans (NPLs) & NPLs to Loans $200 2.00% $50 $47 $161 $160 $140 $132 $135 1.50% $40 $120 $30 1.00% $23 $25 $80 0.96% 0.90% 0.85% 0.86% $20 0.50% $13 $40 $10 $0 0.00% $0 2016 2017 2018 2019 2016 2017 2018 2019 NPL NPLs/Loans Net Charge-offs (NCOs) and NCOs to Average Loans Allowance for Credit Losses (Allowance) to NPLs & Loans $60 0.50% 140.0% $54 131% $50 130% 1.75% 130.0% $40 121% 120.0% $30 1.25% $19 111% $20 $13 $16 110.0% 1.17% 1.12% 1.05% $10 0.09% 0.34% 1.06% 0.10% 0.12% 100.0% 0.75% $0 0.00% 2016 2017 2018 2019 2016 2017 2018 2019 NCOs/(recoveries) NCOs/Average Loans (annualized) Allowance/NPLs Allowance/Loans 9

NON-INTEREST INCOME(1) Three months ended December 31, 2019 (percent of total non-interest income) 4Q19 3Q19 Change 7% (in thousands) 9% n Wealth management $ 14,419 $ 13,867 $ 552 22% n Mortgage banking 5,076 6,658 (1,582) n Consumer banking 12,426 13,333 (907) n Commercial banking 19,628 18,284 1,344 26% n Other 3,732 3,179 553 36% ~ $730 $ 55,281 million$ 55,321 (40) ~ $610 million Non-interest income(1) essentially unchanged from 3Q19 Three months ended September 30, 2019 Increases in: (percent of total non-interest income) n Brokerage and trust income 6% n Commercial loan interest rate swaps fees 12% n Additional investments in bank-owned life insurance 24% Decreases in: n Seasonally lower mortgage loan volumes n Consumer card income n Merchant and card income 33% 25% (1) Excluding investment securities gains 10

NON-INTEREST EXPENSES Three months ended December 31, 2019 (percent of total non-interest expense) 4Q19 3Q19 Change (in thousands) 21% n Salaries and benefits $ 77,875 $ 78,211 $ (336) n Occupancy 13,080 12,368 712 n Data Processing and software 11,468 11,590 (122) 6% n Other outside services 8,215 12,163 (3,948) n Other 29,236 32,438 (3,202) 56% $ 139,874 $ 146,770 (6,896) 8% 9% Non-interest expense decreased $7 million, or 5%: Three months ended September 30, 2019 (percent of total non-interest expense) Driven by decreases in: Subsidary bank consolidation costs in 3Q19 of $5 million, primarily: n $3 million in other outside services 22% n $1 million in other expense Balance sheet restructing costs in 3Q19 n $4 million in penalties related to the prepayment of certain FHLB advances 8% 53% Partially offset by increases in: n FDIC insurance, as assements credits decreased by $2 million 8% n Additional rent and depreciation expense for newer properties 9% 11

PROFITABILITY & CAPITAL ROA(1) ROE and ROE (tangible)(2) 1.40% 16.00% 1.20% 13.19% 1.03% 1.09% 12.09% 1.00% 0.88% 12.00% 10.30% 10.33% 10.09% 0.88% 9.24% 7.69% 7.83% 0.80% 8.00% 0.60% 4.00% 0.40% 0.20% 0.00% 2016 2017 2018 2019 0.00% 2016 2017 2018 2019 ROE ROE (tangible) Tangible Common Equity to Tangible Assets (TCE Ratio) (2) Net Income Per Diluted Share 12.0% $1.40 $1.39 $1.18 $1.20 8.6% 8.7% 8.5% 8.5% $0.98 8.0% $1.00 $0.93 $0.80 $0.60 4.0% $0.40 $0.20 0.0% $- 2016 2017 2018 2019 2016 2017 2018 2019 In 2019, approximately 6.8 million shares were repurchased at a cost of $111.3 million. (1) ROA is return an average assets determined by dividing net income for the period indicated by average assets, annualized. (2) Non-GAAP based financial measure. Please refer to the calculation and management’s reasons for using this measure on the slide titled “Non-GAAP Reconciliation” at the end of this presentation. 12

2020 OUTLOOK • Loans & Deposits: Average annual loan and deposit growth rates in the low to mid single-digits • Net Interest Income: Low single digit growth rate • Net Interest Margin: 3.20% to 3.25% for the full year 2020; assumes a stable yield curve and one 25 bp rate cut in 2Q 2020 • Non-Interest Income: Mid single-digit growth rate • Non-Interest Expense: Excluding charter consolidation costs in 2019, low single-digit growth rate • Asset Quality: $25 million to $40 million provision for credit losses for full year 2020. CECL impact – 20% to 30% increase in allowance for credit losses. • Effective Tax Rate: Anticipated to range between 14% and 16% 13

NON-GAAP RECONCILIATION Note: The Corporation has presented the following non-GAAP (Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. 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. 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. Three M onths Ended D ec 31, Sep 30, Jun 30, M ar 31, D ec 31, Year Ended Dec 31, 2019 2019 2019 2019 2018 2019 2018 Efficiency ratio (dollars in thousands) Non-interest expense $ 139,874 $ 146,770 $ 144,168 $ 137,824 $ 140,685 $ 568,636 $ 546,104 Less: intangible amortization (142) (1,071) (107) (107) - (1,427) - Less: Amortization of tax credit investments (1,505) (1,533) (1,492) (1,491) (6,538) (6,021) (11,449) Less: Loss on redemption of FHLB advances - (4,326) - - (4,326) - Numerator $ 138,227 $ 139,840 $ 142,569 $ 136,226 $ 134,147 $ 556,862 $ 534,655 Net interest income (fully taxable equivalent) $ 162,479 $ 164,517 $ 167,794 $ 166,564 $ 166,124 $ 661,356 $ 642,577 Plus: Total Non-interest income 55,281 59,813 54,315 46,751 49,523 216,160 195,525 Less: Investment securities (gains) losses - (4,492) (176) (65) - (4,733) (37) Denominator $ 217,760 $ 219,838 $ 221,933 $ 213,250 $ 215,647 $ 872,783 $ 838,065 Efficiency ratio 63.5% 63.6% 64.2% 63.9% 62.2% 63.8% 63.8% Three M onths Ended D ec 31, Sep 30, D ec 31, Year Ended Dec 31, 2019 2019 2018 2019 2018 2017 2016 (dollars in thousands) Return on Average Shareholders' Equity (ROE) (Tangible) Net income $ 54,087 $ 62,108 $ 58,083 $ 232,637 $ 208,393 $ 171,753 $ 161,625 Plus: Intangible amortization, net of tax 112 846 - 1,127 - - - Numerator $ 54,199 $ 62,954 $ 58,083 $ 233,764 $ 208,393 $ 171,753 $ 161,625 Average shareholders' equity $ 2,342,571 $ 2,315,585 $ 2,281,669 $ 2,306,366 $ 2,255,764 $ 2,193,863 $ 2,100,634 Less: Average goodwill and intangible assets (534,190) (535,184) (531,556) (534,120) (531,556) (531,556) (531,556) Average tangible shareholders' equity (denominator) $ 1,808,381 $ 1,780,401 $ 1,750,113 $ 1,772,246 $ 1,724,208 $ 1,662,307 $ 1,569,078 Return on average common shareholders' equity (tangible), annualized 11.89% 14.03% 13.17% 13.19% 12.09% 10.33% 10.30% 14

NON-GAAP RECONCILIATION Year Ended Dec 31, 2 0 19 2 0 18 2 0 17 2 0 16 (dollars in thousands) Tangible Common Equity to Tangible Assets (TCE Ratio) Shareholders' equity $ 2,348,474 $ 2,247,573 $ 2,229,857 $ 2,121,115 Less: Intangible assets (535,303) (531,556) (531,556) (531,556) Tangible shareholders' equity (numerator) $ 1,813,171 $ 1,716,017 $ 1,698,301 $ 1,589,559 Total assets $ 21,897,062 $ 20,682,152 $ 20,036,905 $ 18,944,247 Less: Intangible assets (535,303) (531,556) (531,556) (531,556) Total tangible assets (denominator) $ 21,361,759 $ 20,150,596 $ 19,505,349 $ 18,412,691 Tangible Common Equity to Tangible Assets 8 .4 9 % 8 .52 % 8 .71% 8 .6 3 % Three M onths Ended D ec 3 1, Sep 3 0 , Year Ended Dec 31, 2 0 19 2 0 19 2 0 19 2 0 18 2 0 17 2 0 16 (dollars in thousands) Pre-Provision Net Revenue Net interest income $ 159,270 $ 161,260 $ 648,389 $ 630,456 $ 575,364 $ 520,772 Non-interest income 55,281 59,813 216,160 195,525 207,974 190,178 Less: Investment securities gains - (4,492) (4,733) (37) (9,071) (2,550) Total Revenue 214,551 216,581 859,816 825,944 774,267 708,400 Non-interest expense 139,874 146,770 568,636 546,104 525,579 489,519 Less: Prepayment penalty on FHLB advances - (4,326) (4,326) - - - Less: Amortization of tax credit investments (1,505) (1,533) (6,021) (11,449) (11,028) - Less: Intangible amortization (142) (1,071) (1,427) - - - Total Non-interest expense, as adjusted 138,227 139,840 556,862 534,655 514,551 489,519 Pre-Provision Net Revenue $ 76,324 $ 76,741 $ 302,954 $ 291,289 $ 259,716 $ 218,881 15