# FULTON FINANCIAL CORP (FULT)

Informational only - not investment advice.

CIK: 0000700564
SIC: 6021 National Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=700564
Filing source: https://www.sec.gov/Archives/edgar/data/700564/000070056426000006/fult-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000700564-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000700564.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,616,874,000 USD | 2025 | verified |
| Net income | 391,609,000 USD | 2025 | verified |
| Assets | 32,118,400,000 USD | 2025 | verified |
| Net margin | 24.22% | 2025 | computed |
| Revenue YoY | +2.19% | 2025 | computed |
| ROE | 11.22% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FULT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 24.2% | 22.9% | 60 | 76 |
| Revenue growth | 2.2% | 5.2% | 33 | 76 |
| ROE | 11.2% | 9.9% | 67 | 76 |
| ROA | 1.2% | 1.1% | 75 | 76 |
| Liabilities / equity | 8.20 | 8.12 | 51 | 76 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6021 National Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1616874000 | USD | 2025 | 2026-02-27 |
| Net income | 391609000 | USD | 2025 | 2026-02-27 |
| Assets | 32118400000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000700564.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 603,100,000 | 668,866,000 | 758,514,000 | 825,306,000 | 742,878,000 | 723,412,000 | 864,838,000 | 1,273,236,000 | 1,582,196,000 | 1,616,874,000 |
| Net income | 161,625,000 | 171,753,000 | 208,393,000 | 226,339,000 | 178,040,000 | 275,497,000 | 286,981,000 | 284,280,000 | 288,743,000 | 391,609,000 |
| Diluted EPS | 0.93 | 0.98 | 1.18 | 1.35 | 1.08 | 1.62 | 1.67 | 1.64 | 1.57 | 2.08 |
| Operating cash flow | 226,073,000 | 287,758,000 | 296,820,000 | 127,713,000 | 157,365,000 | 338,391,000 | 594,791,000 | 362,984,000 | 416,565,000 | 304,483,000 |
| Dividends paid | 69,382,000 | 80,368,000 | 89,654,000 | 92,330,000 | 90,956,000 | 112,028,000 | 116,009,000 | 115,738,000 | 131,698,000 | 141,207,000 |
| Share buybacks | 18,545,000 | 0.00 | 95,308,000 | 111,457,000 | 39,748,000 | 43,909,000 | 0.00 | 77,056,000 | 30,348,000 | 66,048,000 |
| Assets | 18,944,247,000 | 20,036,905,000 | 20,682,152,000 | 21,886,040,000 | 25,906,733,000 | 25,796,398,000 | 26,931,702,000 | 27,571,915,000 | 32,071,810,000 | 32,118,400,000 |
| Liabilities | 16,823,132,000 | 17,807,048,000 | 18,434,579,000 | 19,543,864,000 | 23,289,905,000 | 23,083,718,000 | 24,351,945,000 | 24,811,776,000 | 28,874,485,000 | 28,627,953,000 |
| Stockholders' equity | 2,121,115,000 | 2,229,857,000 | 2,247,573,000 | 2,342,176,000 | 2,616,828,000 | 2,712,680,000 | 2,579,757,000 | 2,760,139,000 | 3,197,325,000 | 3,490,447,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 26.80% | 25.68% | 27.47% | 27.42% | 23.97% | 38.08% | 33.18% | 22.33% | 18.25% | 24.22% |
| Return on equity | 7.62% | 7.70% | 9.27% | 9.66% | 6.80% | 10.16% | 11.12% | 10.30% | 9.03% | 11.22% |
| Return on assets | 0.85% | 0.86% | 1.01% | 1.03% | 0.69% | 1.07% | 1.07% | 1.03% | 0.90% | 1.22% |
| Liabilities / equity | 7.93 | 7.99 | 8.20 | 8.34 | 8.90 | 8.51 | 9.44 | 8.99 | 9.03 | 8.20 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/FULT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000700564.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.42 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.40 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 | 289,820,000 | 68,314,000 | 0.39 | reported discrete quarter |
| 2023-Q2 | 2023-09-30 | 330,371,000 | 72,097,000 | 0.42 | reported discrete quarter |
| 2024-Q1 | 2024-03-31 | 339,666,000 | 61,941,000 | 0.36 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 400,506,000 | 94,975,000 | 0.52 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 427,656,000 | 63,206,000 | 0.33 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 414,368,000 | 68,621,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 399,692,000 | 92,987,000 | 0.49 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 402,761,000 | 99,198,000 | 0.53 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 411,006,000 | 100,454,000 | 0.53 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 403,416,000 | 98,970,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 390,056,000 | 94,761,000 | 0.51 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 428,154,000 | 102,414,000 | 0.52 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FULT's latest 10-K: [/company/FULT/business/](/company/FULT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FULT's latest 10-K: [/company/FULT/risk-factors/](/company/FULT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/700564/000070056426000033/fult-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

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

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

OVERVIEW

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

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

The following table presents a summary of the Corporation's earnings and selected performance ratios:

[[GREPCENT_TABLE]]
[["","Three months ended June 30,","","Six months ended June 30,"],["","2026","","2025","","2026","","2025"],["","(dollars in thousands, except per share data)"],["Net income","$","102,414","","$","99,198","","$","197,175","","$","192,185"],["Net income available to common shareholders","99,852","","96,636","","192,051","","187,061"],["Net income available to common shareholders per share (diluted)","0.52","","0.53","","1.02","","1.02"],["Operating net income available to common shareholders per share (diluted)(1)","0.60","","0.55","","1.15","","1.07"],["Return on average assets, annualized","1.20","%","","1.25","%","","1.20","%","","1.21","%"],["Operating return on average assets, annualized(1)","1.39","%","","1.30","%","","1.35","%","","1.27","%"],["Return on average common shareholders' equity, annualized","11.14","%","","12.46","%","","11.15","%","","12.22","%"],["Operating return on average common shareholders' equity (tangible), annualized(1)","15.71","%","","16.26","%","","15.26","%","","16.11","%"],["Net interest margin(2)","3.60","%","","3.47","%","","3.59","%","","3.45","%"],["Efficiency ratio(1)","57.3","%","","57.1","%","","57.0","%","","56.9","%"],["Non-performing assets to total assets","0.54","%","","0.67","%","","0.54","%","","0.67","%"],["Net charge-offs to average loans, annualized","0.34","%","","0.20","%","","0.30","%","","0.20","%"]]
[[/GREPCENT_TABLE]]

(1) Represents a financial measure derived by methods other than GAAP. See reconciliation of this non-GAAP financial measure to the most directly

comparable GAAP measure under the "Supplemental Reporting of Non-GAAP Based Financial Measures" section of Management's Discussion.

(2) Presented on a FTE basis using a 21% federal tax rate and statutory interest expense disallowances.

Blue Foundry Bancorp

On the Acquisition Date, the Corporation completed the Blue Foundry Merger, and Blue Foundry Bank became a wholly owned subsidiary of the Corporation. In connection with the Blue Foundry Merger, the Corporation acquired approximately $2.1 billion of assets and assumed approximately $1.8 billion of liabilities. The transaction resulted in the recognition of approximately $13.9 million of goodwill primarily attributable to the expected synergies from the Blue Foundry Merger, including cost savings from systems integration and anticipated growth opportunities. The Corporation issued an aggregate of 12,435,551 shares of its common stock on the Acquisition Date. On July 11, 2026, Blue Foundry Bank merged with and into Fulton Bank at the time of systems conversion.

38

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

Debt Issuance and Redemption

In May 2026, the Corporation issued $300.0 million of subordinated notes due May 15, 2036 with a fixed-to-floating rate of 5.95% and an effective rate of 6.27% due to issuance costs. The subordinated notes convert to a floating rate based on three-month term SOFR, plus 217 bps on May 15, 2031. Net proceeds from the issuance, after underwriting discounts and offering expenses, were approximately $296.0 million. In June 2026, the Corporation applied $195.0 million of these proceeds to the redemption of the Subordinated Notes due 2030.

See "Note 8 - Borrowings" in the Notes to Consolidated Financial Statements in Part I, "Item 1. Financial Statements."

Financial Highlights

Net Income Available to Common Shareholders and Net Income Per Share - Net income available to common shareholders was $99.9 million for the three months ended June 30, 2026, a $3.2 million increase compared to $96.6 million for the same period in 2025. Net income available to common shareholders per diluted share was $0.52 for the three months ended June 30, 2026, a $0.01 decrease compared to the same period in 2025.

Net income available to common shareholders was $192.1 million for the six months ended June 30, 2026, a $5.0 million increase compared to $187.1 million for the same period in 2025. Net income available to common shareholders per diluted share was $1.02 for the six months ended June 30, 2026, unchanged compared to the same period in 2025.

Six Months Ended June 30, 2026 Results were Impacted by the Following Items:

•NIM of 3.59%, a 14 bps increase compared to 3.45% for the same period in 2025.

•Net interest income of $546.3 million, a $40.2 million increase compared to $506.1 million for the same period in 2025.

•Provision for credit losses of $19.3 million resulting in an ACL attributable to net loans of $382.6 million, or 1.48% of total net loans as of June 30, 2026.

•Non-interest income of $149.1 million, a $12.8 million increase compared to $136.4 million for the same period in 2025.

•Non-interest expense of $431.2 million, a $49.0 million increase compared to $382.3 million for the same period in 2025.

•The Corporation repurchased 1,737,650 shares of common stock under the 2026 Repurchase Program at a cost of $35.6 million or an average of $20.51 per share.

Critical Accounting Policies

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

The Corporation's critical accounting policies are described in Part II, "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" under the heading "Critical Accounting Policies" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025.

39

Supplemental Reporting of Non-GAAP Based Financial Measures

This Quarterly Report on Form 10-Q contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its Consolidated Financial Statements in their entirety.

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

[[GREPCENT_TABLE]]
[["","Three months ended June 30,","","Six months ended June 30,"],["","2026","","2025","","2026","","2025"],["","(dollars in thousands, except per share data and share data)"],["Operating net income available to common shareholders"],["Net income available to common shareholders","$","99,852","","$","96,636","","$","192,051","","$","187,061"],["Less: Other","\u2014","","(9)","","\u2014","","(131)"],["Plus: Core deposit intangible amortization","5,816","","5,346","","11,070","","11,501"],["Plus: Acquisition-related expense","13,839","","\u2014","","16,483","","380"],["Plus: FultonFirst implementation and asset disposals","(189)","","(270)","","1,367","","(317)"],["Plus: Debt extinguishment costs","787","","\u2014","","787","","\u2014"],["Less: Tax impact of adjustments","(4,253)","","(1,064)","","(6,238)","","(2,401)"],["Operating net income available to common shareholders (numerator)","$","115,852","","$","100,639","","$","215,520","","$","196,093"],["Weighted average shares (diluted) (denominator)","192,997","","183,813","","187,377","","183,999"],["Operating net income available to common shareholders, per share (diluted)","$","0.60","","$","0.55","","$","1.15","","$","1.07"],["Operating return on average assets"],["Net income","$","102,414","","$","99,198","","$","197,175","","$","192,185"],["Less: Other","\u2014","","(9)","","\u2014","","(131)"],["Plus: Core deposit intangible amortization","5,816","","5,346","","11,070","","11,501"],["Plus: Acquisition-related expense","13,839","","\u2014","","16,483","","380"],["Plus: FultonFirst implementation and asset disposals","(189)","","(270)","","1,367","","(317)"],["Plus: Debt extinguishment costs","787","","\u2014","","787","","\u2014"],["Less: Tax impact of adjustments","(4,253)","","(1,064)","","(6,238)","","(2,401)"],["Operating net income (numerator)","$","118,414","","$","103,201","","$","220,644","","$","201,217"],["Total average assets","$","34,193,608","","$","31,901,574","","$","33,102,482","","$","31,936,401"],["Less: Average net core deposit intangible","(66,665)","","(71,282)","","(61,958)","","(74,145)"],["Total operating average assets (denominator)","$","34,126,943","","$","31,830,292","","$","33,040,524","","$","31,862,256"],["Operating return on average assets(1)","1.39","%","","1.30","%","","1.35","%","","1.27","%"]]
[[/GREPCENT_TABLE]]

40

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/700564/000070056426000006/fult-20251231.htm
Complete FY 2025 MD&A: /company/FULT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

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

OVERVIEW

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

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

Merger

On November 24, 2025, the Corporation entered into the Merger Agreement with Blue Foundry. Under the terms of the Merger Agreement, Blue Foundry will merge with and into the Corporation, with the Corporation continuing as the surviving corporation. The combined company will operate under the Corporation's name and will trade under the ticker symbol "FULT." Shareholders of Blue Foundry approved the Merger at the Blue Foundry special shareholder meeting on January 29, 2026, and all regulatory approvals required to complete the Merger have been obtained. Subject to the satisfaction of the remaining customary closing conditions in the Merger Agreement, we expect the Merger to close on or about April 1, 2026. Blue Foundry Bank is expected to be merged with and into Fulton Bank in the third quarter of 2026.

The Corporation developed a comprehensive integration plan with respect to the Merger and will expense direct costs as incurred. These direct costs related to the Merger totaled $1.1 million for the year ending December 31, 2025. Costs related to the Merger are included in acquisition-related expenses in the Consolidated Statements of Income.

The following table presents a summary of the Corporation's earnings and selected performance ratios:

[[GREPCENT_TABLE]]
[["","2025","","2024","","2023"],["","(dollars in thousands, except per share)"],["Net income","$","391,609","","$","288,743","","$","284,280"],["Net income available to common shareholders","$","381,361","","$","278,495","","$","274,032"],["Net income available to common shareholders per share (diluted)","$","2.08","","$","1.57","","$","1.64"],["Operating net income available to common shareholders per share(1)","$","2.16","","$","1.85","","$","1.71"],["Return on average assets","1.23","%","","0.95","%","","1.04","%"],["Operating return on average assets(1)","1.28","%","","1.11","%","","1.08","%"],["Return on average common shareholders' equity","12.09","%","","9.83","%","","11.24","%"],["Operating return on average common shareholders' equity (tangible)(1)","15.70","%","","14.81","%","","15.21","%"],["Net interest margin(2)","3.51","%","","3.42","%","","3.42","%"],["Efficiency ratio(1)","57.6","%","","60.8","%","","60.5","%"],["Non-performing assets to total assets","0.58","%","","0.69","%","","0.56","%"],["Net charge-offs to average loans, annualized","0.21","%","","0.19","%","","0.14","%"]]
[[/GREPCENT_TABLE]]

(1)Represents a financial measure derived by methods other than GAAP. See reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure under the "Supplemental Reporting of Non-GAAP Based Financial Measures" section of Management's Discussion.

(2)Presented on a FTE basis using a 21% federal tax rate and statutory interest expense disallowances.

38

Financial Highlights

Net Income Available to Common Shareholders and Net Income Per Share - Net income available to common shareholders was $381.4 million for the year ended December 31, 2025, a $102.9 million increase compared to $278.5 million in 2024. Net income available to common shareholders per diluted share was $2.08 for the year ended December 31, 2025, a $0.51 increase compared to $1.57 in 2024.

Year Ended December 31, 2025 Results were Impacted by the Following Items:

•NIM of 3.51%, a nine bps increase compared to 3.42% in 2024.

•Net interest income of $1.0 billion, a $76.0 million increase compared to $960.3 million in 2024.

•Provision for credit losses of $35.7 million resulting in an ACL attributable to net loans of $364.5 million, or 1.51% of total net loans as of December 31, 2025.

•Non-interest income of $276.8 million, a $1.0 million increase compared to $275.7 million in 2024.

•Non-interest expense of $791.8 million, a $28.0 million decrease compared to $819.8 million in 2024.

•During the year ended December 31, 2025, 3.3 million shares of the Corporation's common stock were repurchased at a total cost of $59.7 million, or $18.16 per share, under the 2025 Repurchase Program.

Supplemental Reporting of Non-GAAP Based Financial Measures

This Annual Report on Form 10-K contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its Consolidated Financial Statements in their entirety.

39

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

[[GREPCENT_TABLE]]
[["","2025","","2024","","2023"],["","(dollars in thousands, except per share data)"],["Operating net income available to common shareholders"],["Net income available to common shareholders","$","381,361","","$","278,495","","$","274,032"],["Less: Other(1)","(5,858)","","(1,805)","","1,855"],["Less: Gain on acquisition, net of tax","\u2014","","(36,996)","","\u2014"],["Plus: Loss on securities restructuring","\u2014","","20,282","","\u2014"],["Plus: Core deposit intangible amortization","22,010","","17,307","","2,308"],["Plus: Acquisition-related expense","1,182","","37,635","","\u2014"],["Plus: CECL Day 1 Provision","\u2014","","23,444","","\u2014"],["Plus: FDIC special assessment","(95)","","940","","6,494"],["Less: Gain on Sale-Leaseback Transaction","\u2014","","(20,266)","","\u2014"],["Plus: FultonFirst implementation and asset disposals","2,271","","32,038","","3,197"],["Less: Tax impact of adjustments","(4,097)","","(23,011)","","(2,909)"],["Operating net income available to common shareholders (numerator)","$","396,774","","$","328,063","","$","284,977"],["Weighted average shares (diluted) (denominator)","183,289","","177,223","","166,769"],["Operating net income available to common shareholders, per share (diluted)","$","2.16","","$","1.85","","$","1.71"],["(1) Includes a loan recovery adjustment of $5.6 million in 2025, reflected in the provision for credit losses related to a loan acquired in the Republic First Transaction."],["","2025","","2024","","2023"],["","(dollars in thousands)"],["Operating return on average assets"],["Net income","$","391,609","","$","288,743","","$","284,280"],["Less: Other(1)","(5,858)","","(1,805)","","1,855"],["Less: Gain on acquisition, net of tax","\u2014","","(36,996)","","\u2014"],["Plus: Loss on securities restructuring","\u2014","","20,282","","\u2014"],["Plus: Core deposit intangible amortization","22,010","","17,307","","2,308"],["Plus: Acquisition-related expense","1,182","","37,635","","\u2014"],["Plus: CECL Day 1 Provision","\u2014","","23,444","","\u2014"],["Plus: FDIC special assessment","(95)","","940","","6,494"],["Less: Gain on Sale-Leaseback Transaction","\u2014","","(20,266)","","\u2014"],["Plus: FultonFirst implementation and asset disposals","2,271","","32,038","","3,197"],["Less: Tax impact of adjustments","(4,097)","","(23,011)","","(2,909)"],["Operating net income (numerator)","$","407,022","","$","338,311","","$","295,225"],["Total average assets","$","31,952,633","","$","30,473,130","","$","27,229,704"],["Less: Average net core deposit intangible","(68,709)","","(61,810)","","(5,996)"],["Total average operating assets (denominator)","$","31,883,924","","$","30,411,320","","$","27,223,708"],["Operating return on average assets","1.28","%","","1.11","%","","1.08","%"],["(1) Includes a loan recovery adjustment of $5.6 million in 2025, reflected in the provision for credit losses related to a loan acquired in the Republic First Transaction."]]
[[/GREPCENT_TABLE]]

40

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FULT/mda/fy2025/
All MD&A years: /company/FULT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FULT/mda/fy2024/): filed 2025-02-28; accession 0000700564-25-000014 (https://www.sec.gov/Archives/edgar/data/700564/000070056425000014/fult-20241231.htm)
- [FY 2023 MD&A](/company/FULT/mda/fy2023/): filed 2024-03-01; accession 0000700564-24-000012 (https://www.sec.gov/Archives/edgar/data/700564/000070056424000012/fult-20231231.htm)
- [FY 2022 MD&A](/company/FULT/mda/fy2022/): filed 2023-03-01; accession 0000700564-23-000015 (https://www.sec.gov/Archives/edgar/data/700564/000070056423000015/fult-20221231.htm)
- [FY 2021 MD&A](/company/FULT/mda/fy2021/): filed 2022-02-28; accession 0000700564-22-000010 (https://www.sec.gov/Archives/edgar/data/700564/000070056422000010/fult-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6021 National Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FULT.md · JSON record: /company/FULT.json · verified financials: /company/FULT/financials.json / /company/FULT/financials.csv · machine TOC for the whole site: /llms.txt