2020 AND FOURTH QUARTER

RESULTS

NASDAQ: FULT

Data as of December 31, 2020 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, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results. Management's 2021 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, 2019, Quarterly Reports on Form 10-Q for the quarters end March 31, 2020, June 30, 2020 and September 30, 2020 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission and are or will be 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

INCOME STATEMENT SUMMARY

Change From

4Q20

3Q20

4Q19

(dollars in thousands, except per-share data)

Net Interest Income

$

161,591

$

7,475

$

2,321

Provision for Credit Losses

6,240

(840)

(14,290)

Non-Interest Income

55,574

(7,672)

293

Securities Gains

-

(2)

-

Non-Interest Expense

154,737

15,592

15,763

Income before Income Taxes

56,187

(14,951)

1,140

Income Taxes

5,362

(4,167)

(1,896)

Net Income

50,825

(10,785)

3,036

Preferred Stock Dividends

(2,135)

(2,135)

(2,135)

Net Income Available to Common

Shareholders

$

48,690

$

(12,920)

$

901

Net income per share (diluted)

$

0.30

$

(0.08)

$

0.01

ROA (1)

0.79 %

(0.19)%

(0.08)%

ROE (2)

7.95 %

(2.38)%

(0.15)%

ROE (tangible) (3)

10.32 %

(3.18)%

(0.20)%

Efficiency ratio (3)

69.5 %

7.2 %

6.5 %

  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-GAAPfinancial 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

NET INTEREST INCOME AND MARGIN

Net Interest Income & Net Interest Margin

Average Interest-Earning Assets & Yields

($ IN MILLIONS)

($ IN BILLIONS)

$25

8.00%

$200

4.00%

$20

$3

$4

$4

$4

$5

6.00%

$15

$18

$19

$19

$17

$17

4.00%

$180

3.75%

$10

4.07%

3.97%

$159

$161

$162

3.32%

3.13%

3.12%

$160

$154

$5

2.00%

$153

3.50%

4Q19

1Q20

2Q20

3Q20

4Q20

$140

Loans

3.25%

Securities & Other

$120

3.22%

3.21%

Interest-Earning Asset Yield (FTE)

$100

3.00%

Average Liabilities & Rates

2.75%

($ IN BILLIONS)

$80

2.81%

$25

3.00%

2.75%

$2

$2

2.70%

$20

$2

$2

$2

$60

2.50%

$15

$19

$20

$21

2.00%

$17

$17

$40

2.25%

$10

1.00%

$5

1.16%

1.02%

0.72%

0.62%

$20

$-

0.54%

0.00%

2.00%

4Q19

1Q20

2Q20

3Q20

4Q20

4Q19

1Q20

2Q20

3Q20

4Q20

Cost of Interest-bearing Liabilities

Net Interest Income

Borrowings

Net Interest Margin (Fully-taxable equivalent basis, or FTE)

Deposits

4

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Fulton Financial Corporation published this content on 19 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2021 21:59:06 UTC