10-Q 1 fult-20240331.htm 10-Q fult-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024, or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to              

Commission File No. 001-39680
FULTON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
Pennsylvania23-2195389
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
One Penn SquareP. O. Box 4887Lancaster,Pennsylvania17604
(Address of principal executive offices)(Zip Code)
(717) 291-2411
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $2.50FULTThe Nasdaq Stock Market, LLC
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
FULTPThe Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $2.50 Par Value181,760,745 shares outstanding as of May 3, 2024.
1



FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2024
INDEX

DescriptionPage
Glossary of Terms
PART I. FINANCIAL INFORMATION
(a)
(b)
(c)
(d)
(e)
(f)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Defaults Upon Senior Securities - (not applicable)
Item 4. Mine Safety Disclosures - (not applicable)
Item 5. Other Information
Note: Some numbers contained in the document may not sum due to rounding
2



GLOSSARY OF DEFINED ACRONYMS AND TERMS
2024 Repurchase ProgramThe authorization, commencing on January 1, 2024 and expiring on December 31, 2024, to repurchase up to $125 million of the Corporation's common stock; under this authorization, up to $25 million of the $125 million authorization may be used to repurchase the Corporation's preferred stock and outstanding subordinated notes
ACLAllowance for credit losses
AFSAvailable for sale
ALCOAsset/Liability Management Committee
AOCIAccumulated other comprehensive (loss) income
ASCAccounting Standards Codification
ASUAccounting Standards Update
BHCABank Holding Company Act of 1956, as amended
bp or bpsBasis point(s)
Capital RulesRegulatory capital requirements applicable to the Corporation and Fulton Bank
Corporation, Company, we, our or usFulton Financial Corporation
Directors' PlanAmended and Restated 2023 Director Equity Plan
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act
Employee Equity Plan2022 Amended and Restated Equity and Cash Incentive Compensation Plan
ETREffective tax rate
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal Reserve BoardBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FOMCFederal Open Market Committee
FRBFederal Reserve Bank
FTEFully taxable-equivalent
Fulton Bank or the BankFulton Bank, N.A.
GAAPU.S. generally accepted accounting principles
HTMHeld to maturity
LIBORLondon Interbank Offered Rate
Management's DiscussionManagement’s Discussion and Analysis of Financial Condition and Results of Operations
Merger
The acquisition by the Corporation of Prudential Bancorp that was completed effective as of July 1, 2022
MSRsMortgage servicing rights
Net loansLoan and lease receivables (net of unearned income)
NIMNet interest margin
N/MNot meaningful
OBSOff-balance-sheet
OCIOther comprehensive income
OREOOther real estate owned
Pension PlanDefined Benefit Pension Plan
Postretirement PlanPostretirement Benefits Plan
Prudential BancorpPrudential Bancorp, Inc.
PSUPerformance-based restricted stock unit
Republic First BankRepublic First Bank, doing business as Republic Bank
3



Republic First Assets and LiabilitiesThe assets acquired and liabilities assumed of Republic First Bank by Fulton Bank in connection with the Republic First Transaction.
Republic First TransactionThe acquisition of substantially all of the assets and assumption of substantially all of the deposits and certain liabilities of Republic First Bank by Fulton Bank from the FDIC, as receiver for Republic First Bank, as described further in “Note 13—Subsequent Events—Acquisition of all of the Assets and Assumption of all of the Deposits and Certain Liabilities of Republic First Bank from the FDIC."
RSURestricted stock unit
SBASmall Business Administration
SECUnited States Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
TruPSTrust Preferred Securities

FORWARD-LOOKING STATEMENTS

The Corporation has made, and may continue to make, certain forward-looking statements with respect to its financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. In particular, statements about the fair value of the Republic First Assets and Liabilities are based on information provided to the Corporation by the FDIC, some of which has not been independently verified, and which is subject to change as the Corporation acquires additional information about the characteristics of the acquired assets and assumed liabilities. See “Item 1A. Risk Factors—Our assumptions regarding the fair value of Republic First Assets and Liabilities could be inaccurate which could materially and adversely affect our business, financial condition, results of operations, and future prospects.” Statements about the Corporation’s beliefs regarding the impact of the Republic First Transaction, including statements about the value of the assets acquired and the deposits and other liabilities assumed are subject to a number of factors, including the accuracy of the data provided by the FDIC with respect to the acquired assets and assumed liabilities in the Republic First Transaction, the accuracy of the Corporation’s projections with respect to factors, including with respect to future interest rates and allowances for credit losses, that may impact the value of the acquired assets and assumed liabilities, the ability of the Corporation to integrate the acquired assets, assumed liabilities, customers, systems and management personnel following the completion of the Republic First Transaction and the ability of the Corporation to manage costs (including in connection with potential future legal or regulatory costs incurred in connection with the Republic First Transaction) and achieve its projected synergies following the completion of the Republic First Transaction. See “Item 1A. Risk Factors—We may fail to realize the anticipated benefits of the Republic First Transaction” and “—We may incur unforeseen liabilities or losses in connection with the Republic First Transaction.” 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. Many factors could affect future financial results including, without limitation:

the impact of adverse conditions in the economy and financial markets, including increasing or elevated interest rates and elevated levels of inflation, on the performance of the Corporation's loan portfolio and demand for the Corporation's products and services;
the potential impacts of recent events affecting the financial services industry on the Corporation, including increased competition for, and costs of, deposits and other funding sources, more stringent regulatory requirements relating to liquidity and interest rate risk management and capital adequacy and increased FDIC insurance expenses;
the effects of actions by the federal government, including those of the Federal Reserve Board and other government agencies, that impact the money supply and market interest rates;
4



the effects of market interest rates, and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities, on NIM and net interest income;
the composition of the Corporation's loan portfolio, including commercial mortgage loans, commercial and industrial loans and construction loans, which collectively represent a majority of the loan portfolio, may expose the Corporation to increased credit risk;
the effects of changes in interest rates on demand for the Corporation's products and services;
investment securities gains and losses, including declines in the fair value of securities which may result in changes to earnings or shareholders' equity;
the effects of changes in interest rates or disruptions in liquidity markets on the Corporation's sources of funding;
capital and liquidity strategies, including the Corporation's ability to comply with applicable capital and liquidity requirements, and the Corporation's ability to generate capital internally or raise capital on favorable terms;
the effects of competition on deposit rates and growth, loan rates and growth and NIM;
possible goodwill impairment charges;
the impact of operational risks, including the risk of human error, inadequate or failed internal processes and systems, computer and telecommunications systems failures, faulty or incomplete data and an inadequate risk management framework;
the loss of, or failure to safeguard, confidential or proprietary information;
the Corporation's failure to identify and adequately and promptly address cybersecurity risks, including data breaches and cyberattacks;
the impact of failures from third-party vendors upon which the Corporation relies to perform in accordance with contractual arrangements and the effects of concerns about other financial institutions on the Corporation;
the potential to incur losses in connection with repurchase and indemnification payments related to sold loans;
the potential effects of climate change on the Corporation's business and results of operations;
the potential effects of increases in non-performing assets, which may require the Corporation to increase the ACL, charge-off loans and incur elevated collection and carrying costs related to such non-performing assets;
the determination of the ACL, which depends significantly upon assumptions and judgments with respect to a variety of factors, including the performance of the loan portfolio, the weighted-average remaining lives of different classifications of loans within the loan portfolio and current and forecasted economic conditions, among other factors;
the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject;
changes in regulation and government policy, which could result in significant changes in banking and financial services regulation;
the continuing impact of the Dodd-Frank Act on the Corporation's business and results of operations;
the potential for negative consequences resulting from regulatory violations, investigations and examinations, including potential supervisory actions, the assessment of fines and penalties, the imposition of sanctions, the need to undertake remedial actions and possible damage to the Corporation's reputation;
the effects of adverse outcomes in litigation and governmental or administrative proceedings;
the effects of changes in U.S. federal, state or local tax laws;
the effects of the significant amounts of time and expense associated with regulatory compliance and risk management;
completed and potential acquisitions, including but not limited to the Republic First Transaction, may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions;
the possibility that the anticipated benefits of the Republic First Transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Corporation, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events;
the Corporation's ability to successfully integrate into the Corporation's operations any assumed assets, liabilities, customers, systems, and management personnel the Corporation may acquire in connection with the Republic First Transaction, which may result in a disruption to the Corporation’s business;
changes in the estimated fair value of the Republic First Assets and Liabilities in connection with the Republic First Transaction;
the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the Republic First Transaction;
potential exposure to unknown or contingent risks and liabilities the Corporation has acquired, or may acquire, or target for acquisition, including in connection with the purchase and assumption of certain assets and liabilities in connection with the Republic First Transaction;
geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, including the war between Russia and Ukraine and
5



escalating conflict in the Middle East, which could impact business and economic conditions in the United States and abroad;
public health crises and pandemics and their effects on the economic and business environments in which the Corporation operates, including on the Corporation's credit quality and business operations, as well as the impact on general economic and financial market conditions;
the Corporation's ability to achieve its growth plans;
the Corporation's ability to attract and retain talented personnel;
the effects of competition from financial service companies and other companies offering bank services;
the Corporation's ability to keep pace with technological changes;
the Corporation's reliance on its subsidiaries for substantially all of its revenues and its ability to pay dividends or other distributions;
the effects of negative publicity on the Corporation's reputation; and
other factors that may affect future results of the Corporation.

6




Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS 
(dollars in thousands, except per-share data)
March 31, 2024December 31,
2023
(unaudited)
ASSETS
Cash and due from banks$247,581 $300,343 
Interest-bearing deposits with other banks109,752 249,367 
        Cash and cash equivalents 357,333 549,710 
FRB and FHLB stock121,637 124,405 
Loans held for sale10,624 15,158 
Investment securities
AFS, at estimated fair value2,526,969 2,398,352 
HTM, at amortized cost1,256,423 1,267,922 
Net loans21,444,483 21,351,094 
Less: ACL - loans(297,888)(293,404)
Loans, net21,146,595 21,057,690 
Net premises and equipment213,541 222,881 
Accrued interest receivable107,089 107,972 
Goodwill and net intangible assets560,114 560,687 
Other assets1,342,632 1,267,138 
Total Assets$27,642,957 $27,571,915 
LIABILITIES
Deposits:
Noninterest-bearing$5,086,514 $5,314,094 
Interest-bearing16,655,436 16,223,529 
Total Deposits21,741,950 21,537,623 
Borrowings:
Federal funds purchased 240,000 
Federal Home Loan Bank advances900,000 1,100,000 
Senior debt and subordinated debt535,566 535,384 
Other borrowings 860,474 612,142 
Total Borrowings2,296,040 2,487,526 
Accrued interest payable26,362 35,083 
Other liabilities820,926 751,544 
Total Liabilities$24,885,278 $24,811,776 
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares authorized and issued as of March 31, 2024 and December 31, 2023, liquidation preference of $1,000 per share
192,878 192,878 
Common stock, $2.50 par value, 600,000,000 shares authorized, 225,900,447 shares issued as of March 31, 2024 and 225,760,963 shares issued as of December 31, 2023
564,751 564,402 
Additional paid-in capital1,554,624 1,552,860 
Retained earnings1,651,133 1,619,300 
Accumulated other comprehensive loss(319,468)(312,280)
Treasury stock, at cost, 63,813,228 shares as of March 31, 2024 and 61,959,552 shares as of December 31, 2023
(886,239)(857,021)
Total Shareholders' Equity2,757,679 2,760,139 
Total Liabilities and Shareholders' Equity$27,642,957 $27,571,915 
See Notes to Consolidated Financial Statements
7



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per-share data)Three months ended March 31
 20242023
Interest Income
Loans, including fees$311,216 $260,651 
Investment securities25,122 25,521 
Other interest income3,328 3,648 
Total Interest Income339,666 289,820 
Interest Expense
Deposits103,574 41,620 
Federal funds purchased2,388 6,035 
Federal Home Loan Bank advances10,949 15,473 
Senior debt and subordinated debt5,305 5,344 
Other borrowings and interest-bearing liabilities10,513 5,761 
Total Interest Expense132,729 74,233 
Net Interest Income206,937 215,587 
Provision for credit losses10,925 24,544 
Net Interest Income After Provision for Credit Losses196,012 191,043 
Non-Interest Income
Wealth management20,155 18,062 
Commercial banking18,829 17,513 
Consumer banking11,668 11,217 
Mortgage banking3,090 1,970 
Other3,398 2,968 
Non-Interest Income Before Investment Securities (Losses) Gains, Net57,140 51,730 
Investment securities gains, net 23 
Total Non-Interest Income57,140 51,753 
Non-Interest Expense
Salaries and employee benefits95,481 89,283 
Data processing and software17,661 15,796 
Net occupancy16,149 14,438 
Other outside services13,283 10,126 
FDIC insurance6,104 4,795 
Equipment 4,040 3,389 
Professional fees2,088 2,392 
Marketing1,912 1,886 
Intangible amortization573 674 
Other20,309 16,837 
Total Non-Interest Expense177,600 159,616 
Income Before Income Taxes75,552 83,180 
Income taxes13,611 14,866 
Net Income61,941 68,314 
Preferred stock dividends(2,562)(2,562)
Net Income Available to Common Shareholders$59,379 $65,752 
PER SHARE:
Net income available to common shareholders (basic)$0.36 $0.39 
Net income available to common shareholders (diluted)0.36 0.39 
Cash dividends0.17 0.15 
See Notes to Consolidated Financial Statements
8



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(dollars in thousands)
 Three months ended March 31
 20242023
 
Net Income$61,941 $68,314 
Other Comprehensive Income/(Loss), net of tax:
Unrealized (losses) gains on AFS investment securities
Net unrealized holding (losses) gains(16,665)32,641 
Reclassification adjustment for securities net change realized in net income 18 
Amortization of net unrealized gains on AFS securities transferred to HTM1,387 1,477 
         Net unrealized (losses) gains on AFS investment securities(15,278)34,136 
Unrealized gains (losses) on interest rate derivatives used in cash flow hedges
         Net unrealized holding gains (losses)4,297 (5,213)
Reclassification adjustment for net change realized in net income3,899 5,536 
 Net unrealized gains on interest rate derivatives used in cash flow hedges8,196 323 
Defined benefit pension plan and postretirement benefits
Amortization of net unrecognized pension and postretirement items(106)25 
Other Comprehensive (Loss) Income (7,188)34,484 
Total Comprehensive Income $54,753 $102,798 
See Notes to Consolidated Financial Statements

9



CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(in thousands, except per-share data)
 Preferred StockCommon StockAdditionalRetained
Earnings
Accumulated Other Comprehensive
Income (Loss)
Treasury
Stock
Total
 Shares OutstandingAmountShares OutstandingAmountPaid-in
Capital
Three months ended March 31, 2024
Balance at December 31, 2023200 $192,878 163,801 $564,402 $1,552,860 $1,619,300 $(312,280)$(857,021)$2,760,139 
Net income61,941 61,941 
Other comprehensive loss(7,188)(7,188)
Common stock issued(1)
79 198 895 12 1,105 
Dividend reinvestment activity87 184 1,221 1,405 
Stock-based compensation awards (repurchases)54 151 685 (103)733 
Acquisition of treasury stock(1,934)(30,348)(30,348)
Preferred stock dividend(2,562)(2,562)
Common stock dividends - $0.17 per share
(27,546)(27,546)
Balance at March 31, 2024200 $192,878 162,087 $564,751 $1,554,624 $1,651,133 $(319,468)$(886,239)$2,757,679 
Three months ended March 31, 2023
Balance at December 31, 2022200 $192,878 167,599 $561,511 $1,541,840 $1,450,758 $(385,476)$(781,754)$2,579,757 
Net income68,314 68,314 
Other comprehensive loss34,484 34,484 
Common stock issued(1)
89 223 998 14 1,235 
Dividend reinvestment activity81 240 1,129 1,369 
Stock-based compensation awards (repurchases)39 119 1,680 (140)1,659 
Acquisition of treasury stock(2,412)(40,449)(40,449)
Preferred stock dividend(2,562)(2,562)
Common stock dividends - $0.15 per share
(24,809)(24,809)
Balance at March 31, 2023200 $192,878 165,396 $561,853 $1,544,758 $1,491,701 $(350,992)$(821,200)$2,618,998 
See Notes to Consolidated Financial Statements
(1) Issuance of common stock includes issuance in connection with the Corporation’s Employee Stock Purchase Plan and exercised stock options.
10



CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)Three months ended March 31
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$61,941 $68,314 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses10,925 24,544 
Depreciation and amortization of premises and equipment7,796 7,319 
Net amortization of investment securities premiums574 2,981 
Investment securities gains, net (23)
Gain on sales of mortgage loans held for sale(1,697)(656)
Proceeds from sales of mortgage loans held for sale95,388 41,928 
Originations of mortgage loans held for sale(89,157)(40,515)
Intangible amortization573 674 
Amortization of issuance costs and discounts on long-term borrowings182 180 
Loss on disposal of premises and equipment3,313 137 
Stock-based compensation836 1,668 
Net change in deferred federal income tax(2,330)28,174 
Net change in accrued salaries and benefits(14,771)(24,436)
Net change in life insurance cash surrender value(3,563)(2,830)
Other changes, net82,891 (61,496)
Total adjustments90,960 (22,351)
Net cash provided by operating activities152,901 45,963 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of AFS securities  80,362 
Proceeds from principal repayments and maturities of AFS securities 14,216 28,627 
Proceeds from principal repayments and maturities of HTM securities13,015 15,103 
Purchase of AFS securities(208,968)(64,996)
Net change in FRB and FHLB stock 2,768 22,581 
Net change in loans(101,987)(404,842)
Net purchases of premises and equipment(1,769)(2,437)
Settlement of bank-owned life insurance236  
Net change in tax credit investments(17,399)(12,412)
Net cash used in investing activities(299,888)(338,014)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand and savings deposits(200,119)(390,376)
Net change in time deposits and brokered deposits404,446 1,057,432 
Net change in other borrowings(191,668)(424,617)
Net proceeds from issuance of common stock1,002 2,595 
Dividends paid(28,703)(27,702)
Acquisition of treasury stock(30,348)(40,449)
Net cash provided by (used in) financing activities(45,390)176,883 
Net decrease in Cash and Cash Equivalents (192,377)(115,168)
Cash and Cash Equivalents at Beginning of Period549,710 681,921 
Cash and Cash Equivalents at End of Period$357,333 $566,753 
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest$141,450 $72,526 
Income taxes6,764 7,308 
Supplemental Schedule of Certain Noncash Activities:
Unsettled maturities of AFS securities$42,500 $ 
See Notes to Consolidated Financial Statements
11



FULTON FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 – Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC for potential recognition or disclosure in the Consolidated Financial Statements.

Significant Accounting Policies

The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's 2023 Annual Report on Form 10-K. Those significant accounting policies are unchanged at March 31, 2024.

Recently Adopted Accounting Standards

In June 2022, FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). This update clarifies how the fair value of equity securities subject to contractual sale restrictions is determined and requires additional qualitative and quantitative disclosures for equity securities with contractual sale restrictions. The Corporation adopted ASU 2022-03 on January 1, 2024, and it did not have a material impact on its consolidated financial statements.

In March 2023, FASB issued ASU 2023-01 Leases (Topic 842): Common Control Arrangements ("ASU 2023-01"). This update clarifies guidance for leases between related parties under common control. The Corporation adopted ASU 2023-01 on January 1, 2024, and it did not have a material impact on its consolidated financial statements.

Recently Issued Accounting Standards

In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-04"). This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation will adopt ASU 2023-07 on December 15, 2024. The Corporation is not currently required to report segment information and, as such, does not expect the adoption of ASU 2023-07 to have an impact on its consolidated financial statements.

In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"). This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation will adopt ASU 2023-08 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-08 to have an impact on its consolidated financial statements. The Corporation currently does not hold crypto assets.

In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation will adopt ASU 2023-09 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-09 to have an impact on its consolidated financial statements.

In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"). This update provides guidance for profits interest and similar awards. The Corporation will adopt ASU 2024-01 on January 1, 2025. The Corporation does not expect the adoption of ASU 2024-01 to have a material impact on its consolidated financial statements.

12



In March 2024, FASB issued ASU 2024-02 Codification Improvements - Amendments to Remove References to the Concepts Statements ("ASU 2024-02"). This update contains amendments that remove references to various Concepts Statements. The Corporation will adopt ASU 2024-02 on January 1, 2025. The Corporation does not expect the adoption of ASU 2024-02 to have an impact on its consolidated financial statements.

Reclassifications

Certain amounts in the 2023 consolidated financial statements and notes have been reclassified to conform to the 2024 presentation.
NOTE 2 – Restrictions on Cash and Cash Equivalents

Cash collateral is posted by the Corporation with counterparties to secure derivatives and other contracts, which is included in "interest-bearing deposits with other banks" on the consolidated balance sheets. The amounts of such collateral as of March 31, 2024 and December 31, 2023 were $11.0 million and $17.4 million, respectively.

NOTE 3 – Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities:
March 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available for Sale(dollars in thousands)
U.S. Government-sponsored agency securities$1,035 $ $(37)$998 
State and municipal securities1,198,180 390 (146,311)1,052,259 
Corporate debt securities480,803 1,060 (37,596)444,267 
Collateralized mortgage obligations199,510 160 (12,242)187,428 
Residential mortgage-backed securities347,116 342 (30,626)316,832 
Commercial mortgage-backed securities621,778  (96,593)525,185 
   Total $2,848,422 $1,952 $(323,405)$2,526,969 
Held to Maturity
Residential mortgage-backed securities$396,308 $ $(58,245)$338,063 
Commercial mortgage-backed securities860,115  (151,246)708,869 
Total $1,256,423 $ $(209,491)$1,046,932 

13



December 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available for Sale(dollars in thousands)
U.S. Government securities$42,475 $ $(314)$42,161 
U.S. Government-sponsored agency securities1,038  (28)1,010 
State and municipal securities1,200,571 1,089 (129,647)1,072,013 
Corporate debt securities480,714 473 (40,636)440,551 
Collateralized mortgage obligations122,824  (11,390)111,434 
Residential mortgage-backed securities223,273 7 (26,485)196,795 
Commercial mortgage-backed securities627,364  (92,976)534,388 
   Total $2,698,259 $1,569 $(301,476)$2,398,352 
Held to Maturity
Residential mortgage-backed securities$407,075 $ $(51,805)$355,270 
Commercial mortgage-backed securities860,847  (143,910)716,937 
Total $1,267,922 $ $(195,715)$1,072,207 

Securities carried at $0.6 billion and $0.4 billion at March 31, 2024 and December 31, 2023, respectively, were pledged as collateral to secure public and trust deposits.

The amortized cost and estimated fair values of debt securities as of March 31, 2024, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.
March 31, 2024
Available for SaleHeld to Maturity
 Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due in one year or less$9,342 $9,403 $ $ 
Due from one year to five years180,221 171,975   
Due from five years to ten years486,781 453,657   
Due after ten years1,003,674 862,489   
1,680,018 1,497,524   
Residential mortgage-backed securities(1)
347,116 316,832 396,308 338,063 
Commercial mortgage-backed securities(1)
621,778 525,185 860,115 708,869 
Collateralized mortgage obligations(1)
199,510 187,428   
  Total$2,848,422 $2,526,969 $1,256,423 $1,046,932 
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the
underlying loans.

The following table presents information related to gross realized gains and losses on the sales of securities:
Gross Realized GainsGross Realized LossesNet Gains (Losses)
Three months ended(dollars in thousands)
March 31, 2024$ $ $ 
March 31, 2023283 (260)23 



14



The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
March 31, 2024
Less than 12 months12 months or longerTotal
Number of SecuritiesEstimated
Fair Value
Unrealized
Losses
Number of SecuritiesEstimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Available for Sale(dollars in thousands)
U.S. Government-sponsored agency securities $ $ 1 $998 $(37)$998 $(37)
State and municipal securities40 82,963 (1,072)336 942,914 (145,239)1,025,877 (146,311)
Corporate debt securities3 15,247 (753)64 392,222 (36,843)407,469 (37,596)
Collateralized mortgage obligations2 19,916 (56)93 105,859 (12,186)125,775 (12,242)
Residential mortgage-backed securities15 18,591 (29)69 187,840 (30,597)206,431 (30,626)
Commercial mortgage-backed securities   135 525,185 (96,593)525,185 (96,593)
Total available for sale60 $136,717 $(1,910)698 $2,155,018 $(321,495)$2,291,735 $(323,405)
Held to Maturity
Residential mortgage-backed securities $ $ 120 $338,063 $(58,245)$338,063 $(58,245)
Commercial mortgage-backed securities   60 708,869 (151,246)708,869 (151,246)
Total held to maturity $ $ 180 $1,046,932 $(209,491)$1,046,932 $(209,491)

December 31, 2023
Less than 12 months12 months or longerTotal
Number of SecuritiesEstimated
Fair Value
Unrealized
Losses
Number of SecuritiesEstimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Available for Sale(dollars in thousands)
U.S. Government Securities $ $ 1 $42,161 $(314)$42,161 $(314)
U.S. Government-sponsored agency securities