10-Q 1 fult-20220331.htm 10-Q fult-20220331
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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, 2022, 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,Pennsylvania 17604
(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 filer  Accelerated filer 
Non-accelerated filer   Smaller 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 Value –160,756,012 shares outstanding as of April 29, 2022.
1



FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2022
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 - (none to be reported)

2



FULTON FINANCIAL CORPORATION
GLOSSARY OF DEFINED ACRONYMS AND TERMS
ACLAllowance for credit losses
AFSAvailable for sale
ALCOAsset/Liability Management Committee
AOCIAccumulated other comprehensive income
ARCAuction rate security
ASCAccounting Standards Codification
ASUAccounting Standards Update
ATMAutomated teller machine
Bank MergerThe proposed merger of Prudential Bank with and into Fulton Bank
BHCABank Holding Company Act of 1956, as amended
bp or bpsBasis point(s)
CARES ActCoronavirus Aid, Relief, and Economic Security Act
Corporation or CompanyFulton Financial Corporation
COVID-19Coronavirus
Directors' PlanAmended and Restated Directors’ Equity Participation Plan
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act
Employee Equity PlanAmended and Restated Equity and Cash Incentive Compensation Plan
ESGEnvironmental, social and governance
ETREffective tax rate
Exchange ActSecurities Exchange Act of 1934
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Fed Funds RateTarget federal funds rate
Federal Reserve BoardBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FOMCFederal Open Market Committee
Foreign Currency Nostro AccountsForeign currency with international correspondent banks
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 DiscussionManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MergerThe proposed acquisition by the Corporation of Prudential
Merger AgreementAgreement and Plan of Merger, dated as of March 1, 2022, between the Corporation and Prudential
Merger ConsiderationFor each share of Prudential common stock, $3.65 in cash and 0.7974 of a share of the Corporation’s common stock
MSRsMortgage servicing rights
Net loansLoans and lease receivables (net of unearned income)
NIMNet interest margin
N/MNot meaningful
OBSOff-balance-sheet
3



OCIOther comprehensive income
OREOOther real estate owned
Pension PlanDefined Benefit Pension Plan
Postretirement PlanPostretirement Benefits Plan
PPPPaycheck Protection Program
PrudentialPrudential Bancorp, Inc.
PSUPerformance-based restricted stock unit
RSURestricted stock unit
SBASmall Business Administration
SECUnited States Securities and Exchange Commission
TCITax credit investment
TDRTroubled debt restructuring
TruPSTrust Preferred Securities
Visa Shares
Visa, Inc. Class B restricted shares
Note: Some numbers contained in the document may not sum due to rounding
4




Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS 
(in thousands, except per-share data)
March 31,
2022
December 31,
2021
(unaudited)
ASSETS
Cash and due from banks$161,462 $172,276 
Interest-bearing deposits with other banks996,503 1,466,338 
        Cash and cash equivalents 1,157,965 1,638,614 
FRB and FHLB stock57,729 57,635 
Loans held for sale27,675 35,768 
Investment securities:
AFS, at estimated fair value3,324,333 3,187,390 
HTM, at amortized cost964,341 980,384 
Net loans18,476,119 18,325,350 
Less: ACL - loans(243,705)(249,001)
Loans, net18,232,414 18,076,349 
Net premises and equipment218,257 220,357 
Accrued interest receivable55,102 57,451 
Goodwill and net intangible assets537,877 538,053 
Other assets1,022,617 1,004,397 
Total Assets$25,598,310 $25,796,398 
LIABILITIES
Deposits:
Noninterest-bearing$7,528,391 $7,370,963 
Interest-bearing14,012,783 14,202,536 
Total Deposits21,541,174 21,573,499 
Short-term borrowings452,440 416,764 
Accrued interest payable4,713 7,000 
Long-term borrowings556,494 621,345 
Other liabilities473,954 465,110 
Total Liabilities23,028,775 23,083,718 
SHAREHOLDERS’ EQUITY
Preferred stock, no par value, 10.0 million shares authorized; Series A, 0.2 million shares authorized and issued as of March 31, 2022 and December 31, 2021, liquidation preference of $1,000 per share
192,878 192,878 
Common stock, $2.50 par value, 600.0 million shares authorized, 224.0 million shares issued as of March 31, 2022 and 223.9 million issued as of December 31, 2021
560,045 559,766 
Additional paid-in capital1,524,110 1,519,873 
Retained earnings1,320,076 1,282,383 
Accumulated other comprehensive (loss) gain(158,855)27,411 
Treasury stock, at cost, 63.3 million shares as of March 31, 2022 and 63.4 million shares as of December 31, 2021
(868,719)(869,631)
Total Shareholders’ Equity2,569,535 2,712,680 
Total Liabilities and Shareholders’ Equity$25,598,310 $25,796,398 
See Notes to Consolidated Financial Statements
 
5



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per-share data)Three months ended March 31
 20222021
Interest Income
Loans, including fees$149,737 $163,985 
Investment securities:
Taxable15,213 13,691 
Tax-exempt7,140 5,653 
Loans held for sale241 471 
Other interest income670 1,136 
Total Interest Income173,001 184,936 
Interest Expense
Deposits5,605 9,602 
Short-term borrowings121 188 
Long-term borrowings5,965 10,698 
Total Interest Expense11,691 20,488 
Net Interest Income161,310 164,448 
Provision for credit losses(6,950)(5,500)
Net Interest Income After Provision for Credit Losses168,260 169,948 
Non-Interest Income
Commercial banking16,008 16,342 
Consumer banking11,674 10,754 
Wealth management19,428 17,347 
Mortgage banking4,576 13,960 
Other3,551 3,519 
Non-Interest Income Before Investment Securities Gains55,237 61,922 
Investment securities gains, net19 33,475 
Total Non-Interest Income55,256 95,397 
Non-Interest Expense
Salaries and employee benefits84,464 82,586 
Net occupancy14,522 13,982 
Data processing and software14,315 13,561 
Other outside services8,167 8,490 
Equipment 3,423 3,428 
FDIC insurance3,209 2,624 
State taxes3,037 4,505 
Professional fees1,792 2,779 
Marketing1,320 1,002 
Intangible amortization176 115 
Debt extinguishment 32,163 
Merger-related expenses401  
Other11,152 13,149 
Total Non-Interest Expense145,978 178,384 
Income Before Income Taxes77,538 86,961 
Income taxes13,250 13,898 
Net Income64,288 73,063 
Preferred stock dividends(2,562)(2,591)
Net Income Available to Common Shareholders$61,726 $70,472 
PER SHARE:
Net income available to common shareholders (basic)$0.38 $0.43 
Net income available to common shareholders (diluted)0.38 0.43 
Cash dividends0.15 0.14 
See Notes to Consolidated Financial Statements

6



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
 Three months ended March 31
 20222021
 
Net Income$64,288 $73,063 
Other Comprehensive (Loss)/Income, net of tax:
Unrealized gains (losses) on AFS investment securities
Unrealized (loss)/gain on securities(153,860)(39,999)
Reclassification adjustment for securities gains included in net income15 377 
Amortization of net unrealized losses on AFS securities transferred to HTM436 1,787 
         Net unrealized gains (losses) on AFS investment securities(153,409)(37,835)
Unrealized (losses) gains on interest rate swaps used in cash flow hedges
         Net unrealized holding (losses) gains arising during the period(31,376)(1,835)
Reclassification adjustment for net (losses) gains realized in net income(1,506)128 
 Net unrealized (losses) gains on interest rate swaps used in cash flow hedges(32,882)(1,707)
Defined benefit pension plan and postretirement benefits
Amortization of net unrecognized pension and postretirement items25 289 
Other Comprehensive (Loss)/Income(186,266)(39,253)
Total Comprehensive (Loss) Income$(121,978)$33,810 
See Notes to Consolidated Financial Statements

7



CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(in thousands, except per-share data)
 Preferred StockCommon StockAdditionalRetained
Earnings
Accumulated Other Comprehensive
Income (Loss)
Treasury
Stock
Total
 SharesAmountSharesAmountPaid-in
Capital
Three months ended March 31, 2022
Balance at December 31, 2021200 $192,878 160,490 $559,766 $1,519,873 $1,282,383 $27,411 $(869,631)$2,712,680 
Net income64,288 64,288 
Other comprehensive loss(186,266)(186,266)
Common stock issued179 279 1,602 912 2,793 
Stock-based compensation awards2,635 2,635 
Preferred stock dividend(2,562)(2,562)
Common stock cash dividends - $0.15 per share
(24,033)(24,033)
Balance at March 31, 2022200 $192,878 160,669 $560,045 $1,524,110 $1,320,076 $(158,855)$(868,719)$2,569,535 
Three months ended March 31, 2021
Balance at December 31, 2020200 $192,878 162,350 $557,917 $1,508,117 $1,120,781 $65,091 $(827,956)$2,616,828 
Net income73,063 73,063 
Other comprehensive loss(39,253)(39,253)
Common stock issued167 199 1,082 1,187 2,468 
Stock-based compensation awards1,902 1,902 
Preferred stock dividend(2,591)(2,591)
Common stock cash dividends - $0.14 per share
(22,762)(22,762)
Balance at March 31, 2021200 $192,878 162,517 $558,116 $1,511,101 $1,168,491 $25,838 $(826,769)$2,629,655 
See Notes to Consolidated Financial Statements

8



CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)Three months ended March 31
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$64,288 $73,063 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses(6,950)(5,500)
Depreciation and amortization of premises and equipment7,510 6,870 
Net amortization of investment securities premiums3,356 3,716 
Investment securities gains, net(19)(33,475)
Gain on sales of mortgage loans held for sale(3,026)(8,656)
Proceeds from sales of mortgage loans held for sale169,010 294,478 
Originations of mortgage loans held for sale(157,891)(236,028)
Intangible amortization176 115 
Amortization of issuance costs and discounts on long-term borrowings206 1,146 
Debt extinguishment costs 32,163 
Stock-based compensation2,635 1,902 
Change in deferred federal income tax(55,200)(11,846)
Change in accrued salaries and benefits(15,924)(3,750)
Change in life insurance cash surrender value(27,347)(1,772)
Other changes, net(88,605)90,986 
Total adjustments(172,069)130,349 
Net cash (used in) provided by operating activities(107,781)203,412 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of AFS securities 108,961 59,342 
Proceeds from principal repayments and maturities of AFS securities 92,338 134,684 
Proceeds from principal repayments and maturities of HTM securities25,688 29,066 
Purchase of AFS securities(335,199)(304,493)
Purchase of HTM securities (9,541)(227,687)
Sale of Visa Shares 33,962 
Sale (purchase) of FRB and FHLB stock (94)25,920 
Net increase in loans(149,715)(96,347)
Net purchases of premises and equipment(5,410)(4,425)
Net change in tax credit investments(15,951)(977)
Net cash (used in) provided by investing activities(288,923)(350,955)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in demand and savings deposits 38,376 971,180 
Net (decrease) increase in time deposits(70,701)(176,549)
Net (decrease) increase in short-term borrowings35,676 (109,077)
Repayments of long-term borrowings(65,057)(703,165)
Net proceeds from issuance of common stock2,793 2,468 
Dividends paid(25,032)(23,270)
Net cash (used in) provided by financing activities(83,945)(38,413)
Net (decrease) increase in Cash and Cash Equivalents (480,649)(185,956)
Cash and Cash Equivalents at Beginning of Period1,638,614 1,847,832 
Cash and Cash Equivalents at End of Period$1,157,965 $1,661,876 
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest$13,978 $25,235 
Income taxes7,926 477 
Supplemental Schedule of Certain Noncash Activities:
Transfer of AFS securities to HTM securities$ $376,165 
See Notes to Consolidated Financial Statements
 
9



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, 2021. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC.

Significant Accounting Policies:

The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's 2021 Annual Report on Form 10-K. Those significant accounting policies are unchanged at March 31, 2022.

CARES Act and Consolidated Appropriations Act - 2021

On March 27, 2020 the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19 and the modified loan was not more than 30 days past due on December 31, 2019. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law and this Act extended the relief for TDR treatment that was set to expire on December 31, 2020 to the earlier of 60 days after the national emergency termination date or January 1, 2022. The Corporation applied the option under the CARES act for all loan modifications that qualified.

Recently Adopted Accounting Standards

On January 1, 2022, the Corporation adopted ASC Update 2021-06 Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment Companies (Topic 946): Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants (SEC Update). The Corporation adopted this standards update effective with this March 31, 2022 quarterly report on Form 10-Q and it did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Standards

In March 2022, FASB issued ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method ("ASU 2022-01"). This update addresses questions regarding the last-of-layer method arising from the issuance of ASU 2017-12 and permits more flexibility in hedging interest rate risk for both variable-rate and fixed-rate financial instruments and introduces the ability to hedge risk components for non-financial hedges. The Corporation will adopt ASU 2022-01 on January 1, 2023. The Corporation does not expect the adoption of ASU 2022-01 to have any impact on its consolidated financial statements.

In March 2022, FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This update reduces the complexity of accounting for TDRs by eliminating certain accounting guidance, enhancing disclosures and improving the consistency of vintage disclosures. The Corporation will adopt ASU 2022-02 on January 1, 2023. The Corporation does not expect the adoption of ASU 2022-02 to have a material impact on its consolidated financial statements.




10



Reclassifications

Certain amounts in the 2021 consolidated financial statements and notes have been reclassified to conform to the 2022 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, 2022 and December 31, 2021 were $64.5 million and $202.8 million, respectively.


NOTE 3 – Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities for the periods presented:
March 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available for Sale(in thousands)
U.S. Government securities$376,986 $88 $(3,357)$373,717 
State and municipal securities1,192,156 3,870 (51,380)1,144,646 
Corporate debt securities401,142 1,517 (7,062)395,597 
Collateralized mortgage obligations175,270 153 (4,159)171,264 
Residential mortgage-backed securities295,590 326 (20,314)275,602 
Commercial mortgage-backed securities1,024,224 235 (60,952)963,507 
   Total $3,465,368 $6,189 $(147,224)$3,324,333 
Held to Maturity
Residential mortgage-backed securities$384,675 $1,686 $(21,097)$365,264 
Commercial mortgage-backed securities579,666  (55,941)523,725 
Total $964,341 $1,686 $(77,038)$888,989 

December 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available for Sale(in thousands)
U.S. Government securities$127,831 $ $(213)$127,618 
State and municipal securities1,139,187 50,161 (678)1,188,670 
Corporate debt securities373,482 13,009 (358)386,133 
Collateralized mortgage obligations206,532 3,581 (754)209,359 
Residential mortgage-backed securities231,607 1,224 (3,036)229,795 
Commercial mortgage-backed securities974,541 6,141 (9,534)971,148 
Auction rate securities76,350  (1,683)74,667 
   Total $3,129,530 $74,116 $(16,256)$3,187,390 
Held to Maturity
Residential mortgage-backed securities$404,958 $11,022 $(7,067)$408,913 
Commercial mortgage-backed securities575,426  (18,472)556,954 
Total $980,384 $11,022 $(25,539)$965,867 
11



During the first quarter of 2022, all ARCs were sold.

Securities carried at $2.3 billion at March 31, 2022 and $2.5 billion at December 31, 2021 were pledged as collateral to secure public and trust deposits.

The amortized cost and estimated fair values of debt securities as of March 31, 2022, 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, 2022
Available for SaleHeld to Maturity
 Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
 (in thousands)
Due in one year or less$163,165 $163,187 $ $ 
Due from one year to five years262,405