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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, 2026, 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)

Pennsylvania

23-2195389

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

One Penn Square

P. O. Box 4887

Lancaster,

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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $2.50	FULT	The Nasdaq Stock Market, LLC
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A	FULTP	The 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 – 191,133,586 shares outstanding as of April 30, 2026.

FULTON FINANCIAL CORPORATION

FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2026

INDEX


Description		Page



Glossary of Terms		3

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements:

(a)	Consolidated Balance Sheets - March 31 , 202 6 and December 31, 20 25	6

(b)	Consolidated Statements of Income - Three months ended March 31 , 202 6 and 202 5	7

(c)	Consolidated Statements of Comprehensive Income - Three months ended March 31 , 202 6 and 20 25	8

(d)	Consolidated Statements of Shareholders’ Equity - Three months ended March 31 , 202 6 and 20 25	9

(e)	Consolidated Statements of Cash Flows - Three months ended March 31 , 202 6 and 2 025	10

(f)	Notes to Consolidated Financial Statements	11

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		30

Item 3. Quantitative and Qualitative Disclosures A bout Market Risk		49

Item 4. Controls and Procedures		52

PART II. OTHER INFORMATION

Item 1. Legal Proceedings		53

Item 1A. Risk Factors		53

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		53

Item 3. Defaults Upon Senior Securities - (not applicable)

Item 4. Mine Safety Disclosures - (not applicable)

Item 5. Other Information		53

Item 6. Exhibits		54

Signatures		55

Note: Some numbers contained in the document may not sum due to rounding

GLOSSARY OF DEFINED ACRONYMS AND TERMS

2026 Repurchase Program

The authorization, commencing on January 1, 2026 and expiring on January 31, 2027, to repurchase up to $150.0 million of the Corporation's common stock; under this authorization, up to $25.0 million of the $150.0 million authorization may be used to repurchase the Corporation's preferred stock and outstanding subordinated notes

ACL

Allowance for credit losses

AFS

Available for sale

ALCO

Asset/Liability Management Committee

AOCI

Accumulated other comprehensive income (loss)

ASC

Accounting Standards Codification

ASU

Accounting Standards Update

BHCA

Bank Holding Company Act of 1956, as amended

Blue Foundry

Blue Foundry Bancorp, a New Jersey bank holding company headquartered in Rutherford, New Jersey

Blue Foundry Bank

A New Jersey-chartered stock savings bank and a wholly-owned subsidiary of Blue Foundry

Blue Foundry Merger

The merger of Blue Foundry with and into the Corporation, with the Corporation continuing as the surviving corporation

Blue Foundry Merger Agreement

Agreement and Plan of Merger, dated as of November 24, 2025 between the Corporation and Blue Foundry

bp or bps

Basis point(s)

Capital Rules

Regulatory capital requirements applicable to the Corporation and Fulton Bank

Corporation, Company, we, our or us

Fulton Financial Corporation

Directors' Plan

Amended and Restated 2023 Director Equity Plan

Dodd-Frank Act

Dodd-Frank Wall Street Reform and Consumer Protection Act

Employee Equity Plan

2022 Amended and Restated Equity and Cash Incentive Compensation Plan

ESPP

Employee Stock Purchase Plan

ETR

Effective tax rate

Exchange Act

Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

FDIC

Federal Deposit Insurance Corporation

Federal Reserve Board

Board of Governors of the Federal Reserve System

FHLB

Federal Home Loan Bank

FRB

Federal Reserve Bank

FTE

Fully taxable-equivalent

Fulton Bank or the Bank

Fulton Bank, N.A.

FultonFirst

Strategic initiative implemented by the Corporation

GAAP

U.S. generally accepted accounting principles

GSEs

U.S. Government-sponsored enterprises or agencies

HTM

Held to maturity

LTV

Loan-to-value

Management's Discussion

Management's Discussion and Analysis of Financial Condition and Results of Operations

MSRs

Mortgage servicing rights

Net loans

Loan and lease receivables (net of unearned income)

NIM

Net interest margin

N/M

Not meaningful

OBS

Off-balance-sheet

OCI

Other comprehensive income (loss)

OREO

Other real estate owned

Parent Company

Fulton Financial Corporation individually

Probability of default

Pension Plan

Defined Benefit Pension Plan

Postretirement Plan

Postretirement Benefits Plan

Prudential Bancorp Merger

The acquisition by the Corporation of Prudential Bancorp, Inc. that was completed effective July 1, 2022

PSU

Performance-based restricted stock unit

RSU

Restricted stock unit

SBA

Small Business Administration

SEC

United States Securities and Exchange Commission

Subordinated Notes due 2030

The Corporation's 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030

TruPS

Trust 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. 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 elevated interest rates and trade policies and the imposition of tariffs and retaliatory tariffs, on the performance of the Corporation's loan portfolio and demand for the Corporation's products and services;

•the potential impacts of 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;

•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 charges 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 of 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 law, 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;

•the Corporation's ability to realize anticipated reductions in non-interest expense and increases in revenue from strategic initiatives implemented from time to time intended to simplify its operating model, improve its relationship banking focus, increase productivity and enhance the customer experience;

•risks related to the Blue Foundry Merger including, among others, (i) diversion of management’s attention from ongoing business operations and opportunities, (ii) cost savings and any revenue or expense synergies from the Blue Foundry Merger may not be fully realized or may take longer than anticipated to be realized, (iii) expenses related to the Blue Foundry Merger are greater than expected, and (iv) unanticipated challenges or delays in the integration of Blue Foundry Bank’s business into Fulton Bank’s business and/or the conversion of Blue Foundry Bank’s operating systems and customer data;

•completed and potential future acquisitions may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions;

•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, military conflicts, wars and other international hostilities, 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.

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS


(dollars in thousands, except per-share data)	March 31, 2026
	(unaudited)		December 31, 2025
ASSETS
Cash and due from banks	$	311,796	$	271,463
Interest-bearing deposits with other banks	751,114		790,146
Cash and Cash Equivalents	1,062,910		1,061,609
FRB and FHLB stock	119,952		121,009

Loans held for sale	11,887		16,316
Investment securities:
AFS, at estimated fair value	3,268,920		3,407,859
HTM, at amortized cost	1,593,047		1,425,885
Net loans	24,266,345		24,144,884
Less: ACL - loans	(367,489)		(364,462)
Loans, Net	23,898,856		23,780,422
Net premises and equipment	168,941		175,240
Accrued interest receivable	112,083		113,698
Goodwill and net intangible assets	607,647		612,996
Other assets	1,393,195		1,403,366
Total Assets	$	32,237,438	$	32,118,400
LIABILITIES
Deposits:
Noninterest-bearing	$	5,334,920	$	5,256,096
Interest-bearing	21,433,415		21,333,311
Total Deposits	26,768,335		26,589,407
Borrowings:

FHLB advances	200,000		250,000
Senior debt and subordinated debt	367,720		367,637
Other borrowings	684,859		679,738
Total Borrowings	1,252,579		1,297,375
Accrued interest payable	17,740		17,130
Other liabilities	693,501		724,041
Total Liabilities	28,732,155		28,627,953
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares issued as of March 31, 2026 and December 31, 2025, liquidation preference of $1,000 per share	192,878		192,878
Common stock, $2.50 par value, 600,000,000 shares authorized, 247,230,455 shares issued as of March 31, 2026 and 247,130,331 shares issued as of December 31, 2025	618,076		617,826
Additional paid-in capital	1,806,510		1,803,235
Retained earnings	2,082,797		2,024,618
Accumulated other comprehensive loss	(221,887)		(198,682)
Treasury stock, at cost, 68,387,062 shares as of March 31, 2026 and 67,235,204 shares as of December 31, 2025	(973,091)		(949,428)
Total Shareholders' Equity	3,505,283		3,490,447
Total Liabilities and Shareholders' Equity	$	32,237,438	$	32,118,400

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


(dollars in thousands, except per-share data)	Three months ended March 31,
	2026		2025
Interest Income
Loans, including fees	$	339,023	$	344,789
Investment securities	43,288		45,738
Other interest income	7,745		9,165
Total Interest Income	390,056		399,692
Interest Expense
Deposits	115,805		130,892

FHLB advances	2,340		8,020
Senior debt and subordinated debt	4,698		3,577
Other borrowings and interest-bearing liabilities	5,190		6,016
Total Interest Expense	128,033		148,505
Net Interest Income	262,023		251,187
Provision for credit losses	14,442		13,898
Net Interest Income After Provision for Credit Losses	247,581		237,289
Non-Interest Income
Wealth management	24,496		21,785
Commercial banking	22,806		21,329
Consumer banking	14,176		13,068
Mortgage banking	3,955		3,138

Other	4,408		7,914
Non-Interest Income Before Investment Securities (Losses) Gains, Net	69,841		67,234
Investment securities (losses) gains, net	—		(2)
Total Non-Interest Income	69,841		67,232
Non-Interest Expense
Salaries and employee benefits	109,917		103,526
Data processing and software	18,662		18,599
Net occupancy	18,229		18,207
Other outside services	12,750		11,837
Intangible amortization	5,349		6,269
FDIC insurance	4,249		5,597
Equipment	3,924		4,150
Marketing	2,331		2,521

Professional fees	2,239		(1,078)
Acquisition-related expenses	2,644		380
Other	20,000		19,452
Total Non-Interest Expense	200,294		189,460
Income Before Income Taxes	117,128		115,061
Income taxes	22,367		22,074
Net Income	94,761		92,987
Preferred stock dividends	(2,562)		(2,562)
Net Income Available to Common Shareholders	$	92,199	$	90,425

PER SHARE:
Net income available to common shareholders (basic)	$	0.51	$	0.50
Net income available to common shareholders (diluted)	0.51		0.49
Cash dividends	0.19		0.18
See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


(dollars in thousands)	Three months ended March 31,
	2026		2025

Net Income	$	94,761	$	92,987
Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains on AFS investment securities:
Net unrealized holding (losses) gains	(21,683)		9,769
Reclassification adjustment for securities net change realized in net income	—		2
Amortization of net unrealized gains on AFS investment securities transferred to HTM	1,237		1,328
Net Unrealized (Losses) Gains on AFS Investment Securities	(20,446)		11,099
Unrealized (losses) gains on interest rate derivatives used in cash flow hedges:
Net unrealized holding (losses) gains	(5,954)		1,764
Reclassification adjustment for net change realized in net income	3,300		3,515
Net Unrealized (Losses) Gains on Interest Rate Derivatives Used in Cash Flow Hedges	(2,654)		5,279
Defined benefit pension plan and postretirement benefits:
Amortization of net unrecognized pension and postretirement items	(105)		(106)
Other Comprehensive (Loss) Income, Net of Tax	(23,205)		16,272
Total Comprehensive Income	$	71,556	$	109,259

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(in thousands, except per-share data)


	Preferred Stock			Common Stock			Additional		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
	Shares Outstanding	Amount		Shares Outstanding	Amount		Paid-in Capital
Three months ended March 31, 2026
Balance at December 31, 2025	200	$	192,878	179,895	$	617,826	$	1,803,235	$	2,024,618	$	(198,682)	$	(949,428)	$	3,490,447
Net income									94,761						94,761
Other comprehensive loss											(23,205)				(23,205)
Common stock issued(1)				51	128		613								741
Dividend reinvestment activity				68			395						966		1,361

Stock-based compensation awards (repurchases), net				41	122		2,267						(363)		2,026
Acquisition of treasury stock				(1,212)									(24,266)		(24,266)
Preferred stock dividend									(2,562)						(2,562)
Common stock dividends - $0.19 per share									(34,020)						(34,020)
Balance at March 31, 2026	200	$	192,878	178,843	$	618,076	$	1,806,510	$	2,082,797	$	(221,887)	$	(973,091)	$	3,505,283

Three months ended March 31, 2025
Balance at December 31, 2024	200	$	192,878	182,089	$	614,866	$	1,789,214	$	1,775,620	$	(287,819)	$	(887,434)	$	3,197,325
Net income									92,987						92,987
Other comprehensive income											16,272				16,272

Common stock issued(1)				35	88		536								624
Dividend reinvestment activity				65			424						904		1,328

Stock-based compensation awards (repurchases), net				46	167		1,930						(402)		1,695
Acquisition of treasury stock				(31)									(550)		(550)
Preferred stock dividend									(2,562)						(2,562)
Common stock dividends - $0.18 per share									(32,798)						(32,798)
Balance at March 31, 2025	200	$	192,878	182,204	$	615,121	$	1,792,104	$	1,833,247	$	(271,547)	$	(887,482)	$	3,274,321



























See Notes to Consolidated Financial Statements

(1) Issuance of common stock includes issuance in connection with the Corporation's ESPP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


(dollars in thousands)	Three months ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	94,761	$	92,987
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	14,442		13,898
Depreciation and amortization of premises and equipment	6,786		7,222
Net amortization of investment securities premiums	190		328
Net accretion of loan discounts	(10,309)		(13,134)
Investment securities losses, net	—		2
Gain on sales of mortgage loans held for sale	(2,430)		(1,665)
Proceeds from sales of mortgage loans held for sale	115,458		101,038
Originations of mortgage loans held for sale	(108,598)		(89,720)
Amortization of intangible assets	5,349		6,269
Amortization of issuance costs and discounts on long-term borrowings	83		80

Loss (gain) on disposal of premises and equipment	989		(119)

Stock-based compensation	2,389		2,097


Net change in life insurance cash surrender value	(4,497)		(2,027)
Other changes, net	87		(116,553)
Total adjustments	19,939		(92,284)
Net cash provided by operating activities	114,700		703
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of AFS investment securities	—		14,966
Proceeds from principal repayments and maturities of AFS investment securities	223,244		84,051
Proceeds from principal repayments and maturities of HTM investment securities	35,145		19,727
Purchase of AFS investment securities	(114,157)		(252,330)
Purchase of HTM investment securities	(200,978)		(118,967)
Net change in FRB and FHLB stock	1,057		3,410

Net change in loans	(122,709)		182,888
Net purchases of premises and equipment	(1,476)		(9,356)
Settlement of bank owned life insurance	800		1,385
Proceeds from sale-leaseback transaction	—		11,323

Net change in tax credit investments	(9,105)		(11,445)
Net cash used in investing activities	(188,179)		(74,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in demand and savings deposits	294,746		313,370
Net change in time deposits and brokered deposits	(115,818)		(113,831)
Net change in borrowings	(44,879)		(124,928)


Net proceeds from issuance of common stock	2,102		1,550
Dividends paid	(36,742)		(35,381)
Acquisition of treasury stock	(24,629)		(550)
Net cash provided by financing activities	74,780		40,230
Net increase (decrease) in Cash and Cash Equivalents	1,301		(33,415)
Cash and Cash Equivalents at Beginning of Period	1,061,609		1,063,871
Cash and Cash Equivalents at End of Period	$	1,062,910	$	1,030,456







Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest	$	127,423	$	153,111
Income taxes	1,487		7,677












See Notes to Consolidated Financial Statements

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 reported amounts of assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting 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 unaudited 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, 2025.

Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

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 the preparation of the unaudited Consolidated Financial Statements are disclosed in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to these accounting policies during the three months ended March 31, 2026.

Recently Adopted Accounting Standards

In November 2024, FASB issued ASU 2024-04 Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). This update clarifies the requirements for determining whether settlement of convertible debt should be accounted for as induced conversion. The Corporation adopted ASU 2024-04 on January 1, 2026, and its adoption did not have a material impact on its Consolidated Financial Statements.

In July 2025, FASB issued ASU 2025-05 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). This update allows public companies to use a practical expedient when estimating credit losses on current receivables and current customer contracts. The Corporation adopted ASU 2025-05 on January 1, 2026, and its adoption did not have a material impact on its Consolidated Financial Statements.

In September 2025, FASB issued ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). This update modernizes internal-use software guidance to adapt to the agile basis predominantly used to develop software. The Corporation adopted ASU 2025-06 on January 1, 2026, and its adoption did not have a material impact on its Consolidated Financial Statements.

In November 2025, FASB issued ASU 2025-09 Derivatives and Hedging (Topic 815): Hedge Accounting Improvements ("ASU 2025-09"). This update more closely aligns hedge accounting and financial reporting with risk management activities. The Corporation adopted ASU 2025-09 on January 1, 2026, and its adoption did not have a material impact on its Consolidated Financial Statements.

Recently Issued Accounting Standards

In November 2024, FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ("ASU 2024-03"). This update requires disaggregation of certain expenses in a note to the Consolidated Financial Statements. The Corporation will adopt ASU 2024-03 on January 1, 2027. The Corporation does not expect the adoption of ASU 2024-03 to have a material impact on its Consolidated Financial Statements.

In January 2025, FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). This update clarifies the effective date of ASU 2024-03. The Corporation will adopt ASU 2025-01 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-01 to have a material impact on its Consolidated Financial Statements.

In May 2025, FASB issued ASU 2025-03 Business Combination (Topic 805) and Consolidation (Topic 810) - Determining the Accounting Acquirer in an Acquisition of a Variable Interest Entity ("ASU 2025-03"). This update addresses the determination of the accounting acquirer in an acquisition of a variable interest entity. The Corporation will adopt ASU 2025-03 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-03 to have a material impact on its Consolidated Financial Statements.

In May 2025, FASB issued ASU 2025-04 Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) - Clarifications to Share-Based Consideration Payable to a Customer ("ASU 2025-04"). This update revises the definition of performance condition for share-based consideration payable to a customer, eliminates the forfeiture policy for most awards granted to customers, and clarifies the applicability of the variable consideration constraint. The Corporation will adopt ASU 2025-04 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-04 to have a material impact on its Consolidated Financial Statements.

In September 2025, FASB issued ASU 2025-07 Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"). This update refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting and clarifies guidance under Topic 606 for share-based noncash consideration from a customer in revenue contracts. The Corporation will adopt ASU 2025-07 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-07 to have a material impact on its Consolidated Financial Statements.

In December 2025, FASB issued ASU 2025-10 Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities ("ASU 2025-10"). This update provides accounting guidance for business entities that receive government grants. The Corporation will adopt ASU 2025-10 on January 1, 2029. The Corporation does not expect the adoption of ASU 2025-10 to have a material impact on its Consolidated Financial Statements.

In December 2025, FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"). This update improves navigability of the required interim disclosures and clarifies when that guidance is applicable. The Corporation will adopt ASU 2025-11 on January 1, 2028. The Corporation does not expect the adoption of ASU 2025-11 to have a material impact on its Consolidated Financial Statements.

In December 2025, FASB issued ASU 2025-12 Codification Improvements ("ASU 2025-12"). This update makes changes to the Accounting Standards Codification affecting a wide variety of topics to clarify, correct errors and make minor improvements. The Corporation will adopt ASU 2025-12 on January 1, 2027. The Corporation does not expect the adoption of ASU 2025-12 to have a material impact on its Consolidated Financial Statements.

Reclassifications

Certain amounts in the 2025 Consolidated Financial Statements and related notes have been reclassified to conform to the 2026 presentation.

NOTE 2 – Business Combinations

Blue Foundry Bancorp

On April 1, 2026, the Corporation completed its acquisition of Blue Foundry and Blue Foundry Bank became a wholly owned subsidiary of the Corporation. Blue Foundry Bank is expected to be merged with and into Fulton Bank in the third quarter of 2026 around the time of systems conversion.

Pursuant to the terms of the Blue Foundry Merger Agreement, each share of Blue Foundry common stock was converted into the right to receive 0.650 of a share of the Corporation's common stock, with cash paid in lieu of fractional shares. In accordance with the Blue Foundry Merger Agreement, the Corporation issued an aggregate of 12,435,551 shares of common stock on April 1, 2026.

The Corporation developed a comprehensive integration plan with respect to the Blue Foundry Merger and will expense direct costs as incurred. These direct costs totaled $2.6 million for the three months ended March 31, 2026. Costs related to the Blue Foundry Merger are included in acquisition-related expenses in the Consolidated Statements of Income.

The accounting for the business combination, including the completion of fair value assessments for assets acquired and liabilities assumed, is in the process of being finalized.

NOTE 3 – 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, 2026 and December 31, 2025 were $19.1 million and $27.0 million, respectively.

NOTE 4 – Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities:


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale	(dollars in thousands)


State and municipal securities	$	936,904	$	52	$	(138,975)	$	797,981
Corporate debt securities	201,235		1,032		(5,786)		196,481
Collateralized mortgage obligations	1,020,440		6,648		(8,427)		1,018,661
Residential mortgage-backed securities	727,537		2,981		(22,858)		707,660
Commercial mortgage-backed securities	638,630		14		(90,507)		548,137

Total	$	3,524,746	$	10,727	$	(266,553)	$	3,268,920

Held to Maturity
Residential mortgage-backed securities	$	543,048	$	2,802	$	(44,878)	$	500,972
Collateralized mortgage obligations	166,041		—		(1,638)		164,403
Commercial mortgage-backed securities	883,958		—		(119,771)		764,187
Total	$	1,593,047	$	2,802	$	(166,287)	$	1,429,562


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale	(dollars in thousands)


State and municipal securities	$	951,764	$	326	$	(125,397)	$	826,693
Corporate debt securities	219,699		1,302		(6,080)		214,921
Collateralized mortgage obligations	1,034,548		12,758		(7,228)		1,040,078
Residential mortgage-backed securities	781,966		5,891		(21,140)		766,717
Commercial mortgage-backed securities	647,375		80		(88,005)		559,450

Total	$	3,635,352	$	20,357	$	(247,850)	$	3,407,859



Held to Maturity
Residential mortgage-backed securities	$	573,636	$	4,978	$	(44,093)	$	534,521
Commercial mortgage-backed securities	852,249		—		(119,192)		733,057
Total	$	1,425,885	$	4,978	$	(163,285)	$	1,267,578

Investment securities carried at $469.8 million and $373.3 million at March 31, 2026 and December 31, 2025, 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, 2026, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because issuers may have the right to call, or borrowers may have the right to prepay, with or without call or prepayment penalties.


		March 31, 2026
		Available for Sale				Held to Maturity
		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due in one year or less		$	4,876	$	4,757	$	—	$	—
Due from one year to five years		91,665		90,829		—		—
Due from five years to ten years		214,061		207,411		—		—
Due after ten years		827,537		691,465		—		—
		1,138,139		994,462		—		—
Residential mortgage-backed securities(1)		727,537		707,660		543,048		500,972
Commercial mortgage-backed securities(1)		638,630		548,137		883,958		764,187
Collateralized mortgage obligations(1)		1,020,440		1,018,661		166,041		164,403
Total		$	3,524,746	$	3,268,920	$	1,593,047	$	1,429,562

(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 for the periods presented:


	Gross Realized Gains		Gross Realized Losses		Net Gains (Losses)
Three months ended	(dollars in thousands)
March 31, 2026	$	—	$	—	$	—
March 31, 2025	663		(665)		(2)

The following tables present the gross unrealized losses and estimated fair values of investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:


	March 31, 2026
	Less than 12 months					12 months or longer					Total
	Number of Securities	Estimated Fair Value		Unrealized Losses		Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses

Available for Sale	(dollars in thousands)


State and municipal securities	35	$	76,711	$	(2,115)	252	$	710,096	$	(136,860)	$	786,807	$	(138,975)
Corporate debt securities	5	29,028		(248)		18	117,244		(5,538)		146,272		(5,786)
Collateralized mortgage obligations	10	194,797		(870)		72	70,818		(7,557)		265,615		(8,427)
Residential mortgage-backed securities	13	183,590		(1,299)		72	194,320		(21,559)		377,910		(22,858)
Commercial mortgage-backed securities	6	72,888		(685)		128	460,784		(89,822)		533,672		(90,507)
Total available for sale	69	$	557,014	$	(5,217)	542	$	1,553,262	$	(261,336)	$	2,110,276	$	(266,553)

Held to Maturity
Residential mortgage-backed securities	3	$	27,987	$	(287)	118	$	249,899	$	(44,591)	$	277,886	$	(44,878)
Collateralized mortgage obligations	4	164,403		(1,638)		—	—		—		164,403		(1,638)
Commercial mortgage-backed securities	1	34,452		(485)		60	729,735		(119,286)		764,187		(119,771)
Total held to maturity	8	$	226,842	$	(2,410)	178	$	979,634	$	(163,877)	$	1,206,476	$	(166,287)


	December 31, 2025
	Less than 12 months					12 months or longer					Total
	Number of Securities	Estimated Fair Value		Unrealized Losses		Number of Securities	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Available for Sale	(dollars in thousands)


State and municipal securities	3	$	10,532	$	(127)	277	$	776,597	$	(125,270)	$	787,129	$	(125,397)
Corporate debt securities	5	22,911		(329)		21	145,563		(5,751)		168,474		(6,080)
Collateralized mortgage obligations	1	19,806		(128)		72	74,446		(7,100)		94,252		(7,228)
Residential mortgage-backed securities	3	34,766		(97)		75	240,422		(21,043)		275,188		(21,140)
Commercial mortgage-backed securities	4	51,600		(155)		131	493,235		(87,850)		544,835		(88,005)
Total available for sale	16	$	139,615	$	(836)	576	$	1,730,263	$	(247,014)	$	1,869,878	$	(247,850)

Held to Maturity

Residential mortgage-backed securities	—	$	—	$	—	120	$	275,497	$	(44,093)	$	275,497	$	(44,093)
Commercial mortgage-backed securities	—	—		—		60	733,057		(119,192)		733,057		(119,192)
Total held to maturity	—	$	—	$	—	180	$	1,008,554	$	(163,285)	$	1,008,554	$	(163,285)

The Corporation's collateralized mortgage obligations, residential mortgage-backed securities and commercial mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. In addition, these securities have principal payments that are guaranteed by GSEs. Therefore, the Corporation did not record an ACL for these securities as of March 31, 2026 and December 31, 2025. The Corporation does not have the intent to sell, and does not believe it will more likely than not be required to sell, any of these securities prior to a recovery of their fair value to amortized cost.

Based on the payment status and management's evaluation of the Corporation's state and municipal securities, no ACL was required for these securities as of March 31, 2026 and December 31, 2025. The Corporation does not have the intent to sell, and does not believe it will more likely than not be required to sell, any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.

The majority of the corporate debt securities were rated at or above investment grade as of March 31, 2026 and December 31, 2025. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of March 31, 2026 and December 31, 2025. The Corporation does not have the intent to sell, and does not believe it will more likely than not to be required to sell, any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.

NOTE 5 - Loans and Allowance for Credit Losses

Loans and leases, net of unearned income

Loans and leases, net of unearned income, are summarized as follows:


	March 31, 2026		December 31, 2025
	(dollars in thousands)
Real estate - commercial mortgage	$	9,985,368	$	9,820,944
Commercial and industrial	4,494,031		4,539,060
Real estate - residential mortgage	6,735,338		6,669,993
Real estate - home equity	1,253,192		1,242,831
Real estate - construction	876,498		970,298
Consumer	565,041		564,349
Leases and other loans(1)	356,877		337,409
Net loans	$	24,266,345	$	24,144,884

(1) Includes unearned income of $41.3 million and $36.8 million as of March 31, 2026 and December 31, 2025, respectively.

Allowance for Credit Losses

The ACL consists of reserves against loans that have been evaluated collectively and individually for expected credit losses. The ACL represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to net loans. The ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The reserve for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures.

The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance:



	March 31, 2026		December 31, 2025
	(dollars in thousands)
ACL - loans	$	367,489	$	364,462

Reserve for OBS credit exposures(1)	$	14,830	$	14,972

(1) Included in other liabilities on the Consolidated Balance Sheets.

The following table presents the activity in the ACL - loans balances:


	Three months ended March 31,
	2026		2025
	(dollars in thousands)
Balance at beginning of period	$	364,462	$	379,156
Initial allowance for credit losses on purchased loans	3,351		—

Loans charged off	(18,318)		(20,034)
Recoveries of loans previously charged off	3,410		7,443
Net loans (charged off) recovered	(14,908)		(12,591)
Provision for credit losses(1) (2)	14,584		13,112
Balance at end of period	$	367,489	$	379,677
Provision for OBS credit exposures(1)	$	(142)	$	786
Reserve for OBS credit exposures	$	14,830	$	14,947

(1) The sum of these amounts is reflected in the provision for credit losses in the Consolidated Statements of Income.

(2) Provision only includes the portion related to net loans.

The following table presents the activity in the ACL by portfolio segment:


	Real Estate Commercial Mortgage		Commercial and Industrial		Real Estate Residential Mortgage		Consumer and Real Estate - Home Equity		Real Estate Construction		Leases and other loans		Total
	(dollars in thousands)
Three months ended March 31, 2026
Balance at December 31, 2025	$	157,302	$	77,740	$	88,961	$	23,026	$	10,896	$	6,537	$	364,462
Initial allowance for credit losses on purchased loans	2,778		494		—		—		79		—		3,351

Loans charged off	(4,102)		(10,545)		(391)		(2,164)		—		(1,116)		(18,318)
Recoveries of loans previously charged off	701		740		72		584		884		429		3,410
Net loans (charged off) recovered	(3,401)		(9,805)		(319)		(1,580)		884		(687)		(14,908)
Provision for loan losses(1) (2)	2,363		10,549		1,218		2,748		(2,506)		212		14,584
Balance at March 31, 2026	$	159,042	$	78,978	$	89,860	$	24,194	$	9,353	$	6,062	$	367,489
Three months ended March 31, 2025
Balance at December 31, 2024	$	158,181	$	92,212	$	81,331	$	19,397	$	25,140	$	2,895	$	379,156


Loans charged off	(12,106)		(3,865)		(343)		(2,193)		—		(1,527)		(20,034)
Recoveries of loans previously charged off	374		5,952		174		660		82		201		7,443
Net loans (charged off) recovered	(11,732)		2,087		(169)		(1,533)		82		(1,326)		(12,591)
Provision for loan and lease losses(1) (2)	15,697		2,552		1,254		1,430		(9,322)		1,501		13,112
Balance at March 31, 2025	$	162,146	$	96,851	$	82,416	$	19,294	$	15,900	$	3,070	$	379,677

(1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income.

(2) Provision included in the table only includes the portion related to net loans.

The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan.

Collateral-Dependent Loans

A loan or a lease is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent loans or leases consists of various types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agricultural land, and vacant land. Commercial and industrial loans may also be secured by real estate.

All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of March 31, 2026 and December 31, 2025, substantially all of the Corporation's individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any.

As of March 31, 2026 and December 31, 2025, approximately 94% and 88%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months, or actual fair value based on active fully-executed letters of intent to purchase or agreements of sale.

Non-accrual Loans

The following table presents total non-accrual loans, by class segment:


	March 31, 2026						December 31, 2025
	With a Related Allowance		Without a Related Allowance		Total		With a Related Allowance		Without a Related Allowance		Total
	(dollars in thousands)
Real estate - commercial mortgage	$	19,888	$	39,393	$	59,281	$	27,437	$	44,613	$	72,050
Commercial and industrial	22,635		22,735		45,370		19,822		24,281		44,103
Real estate - residential mortgage	26,315		2,328		28,643		25,423		2,328		27,751
Real estate - home equity	7,307		—		7,307		7,126		—		7,126
Real estate - construction	1,406		—		1,406		1,661		—		1,661
Consumer	3		—		3		3		—		3
Leases and other loans	25		—		25		32		1,146		1,178
Total	$	77,579	$	64,456	$	142,035	$	81,504	$	72,368	$	153,872

As of March 31, 2026 and December 31, 2025, there were $64.5 million and $72.4 million, respectively, of non-accrual loans that did not have a specific valuation allowance within the ACL. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary.

Asset Quality

Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction loans, commercial and industrial loans, commercial real estate loans and leases and other loans, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in a loan.

The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:


		March 31, 2026
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2026		2025		2024		2023		2022		Prior		Cost Basis		Cost Basis		Total
Real estate - commercial mortgage
	Pass	$	300,242	$	869,869	$	807,250	$	1,099,242	$	1,149,326	$	4,774,434	$	107,601	$	—	$	9,107,964
	Special Mention	450		15,438		12,887		26,014		63,069		202,488		760		—		321,106
	Substandard or Lower	—		9,097		14,166		79,832		98,988		353,150		1,065		—		556,298
	Total real estate - commercial mortgage	300,692		894,404		834,303		1,205,088		1,311,383		5,330,072		109,426		—		9,985,368
Real estate - commercial mortgage
	Current period gross charge-offs	—		—		(509)		(2,507)		(485)		(601)		—		—		(4,102)
Commercial and industrial
	Pass	117,066		532,389		324,364		324,401		440,768		941,550		1,364,909		6,165		4,051,612
	Special Mention	678		5,127		12,686		10,695		11,337		53,713		90,629		1,445		186,310
	Substandard or Lower	768		10,224		9,743		20,169		23,685		88,625		95,139		7,756		256,109
	Total commercial and industrial	118,512		547,740		346,793		355,265		475,790		1,083,888		1,550,677		15,366		4,494,031
Commercial and industrial
	Current period gross charge-offs	—		(60)		(25)		(692)		(207)		(1,790)		(7,771)		—		(10,545)
Real estate - construction(1)
	Pass	10,038		99,982		197,642		165,261		7,942		65,103		42,734		800		589,502
	Special Mention	—		555		1,455		—		21,289		2,750		8,722		—		34,771
	Substandard or Lower	—		—		—		912		7,707		231		—		—		8,850
	Total real estate - construction	10,038		100,537		199,097		166,173		36,938		68,084		51,456		800		633,123
Real estate - construction(1)
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Leases and other loans
	Pass	95,321		111,761		33,325		64,624		27,291		14,085		—		—		346,407
	Special Mention	—		216		370		791		1,197		604		—		—		3,178
	Substandard or Lower	—		640		2,635		1,846		1,824		347		—		—		7,292
	Total leases and other loans	95,321		112,617		36,330		67,261		30,312		15,036		—		—		356,877
Leases and other loans
	Current period gross charge-offs	(232)		(380)		(82)		(62)		(72)		(288)		—		—		(1,116)
Total
	Pass	522,667		1,614,001		1,362,581		1,653,528		1,625,327		5,795,172		1,515,244		6,965		14,095,485
	Special Mention	1,128		21,336		27,398		37,500		96,892		259,555		100,111		1,445		545,365
	Substandard or Lower	768		19,961		26,544		102,759		132,204		442,353		96,204		7,756		828,549
	Total	$	524,563	$	1,655,298	$	1,416,523	$	1,793,787	$	1,854,423	$	6,497,080	$	1,711,559	$	16,166	$	15,469,399

(1) Excludes non-commercial real estate - construction.

Total criticized and classified loans decreased $83.5 million, or 5.7%, compared to December 31, 2025.

For a description of the Corporation's internal risk rating categories, see "Note 1 - Summary of Significant Accounting Policies" under the heading "Allowance for Credit Losses" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.

The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:


		December 31, 2025
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2025		2024		2023		2022		2021		Prior		Cost Basis		Cost Basis		Total
Real estate - commercial mortgage
	Pass	$	885,851	$	769,334	$	1,120,033	$	1,127,104	$	1,185,319	$	3,712,279	$	76,848	$	—	$	8,876,768
	Special Mention	9,425		19,207		42,649		52,546		116,763		171,308		787		—		412,685
	Substandard or Lower	2,346		15,154		90,747		111,135		108,871		202,185		1,053		—		531,491
	Total real estate - commercial mortgage	897,622		803,695		1,253,429		1,290,785		1,410,953		4,085,772		78,688		—		9,820,944
Real estate - commercial mortgage
	Current period gross charge-offs	—		—		(1,315)		(20,232)		(7,990)		(6,981)		—		—		(36,518)
Commercial and industrial
	Pass	559,804		340,662		351,330		449,474		205,593		766,308		1,398,989		3,092		4,075,252
	Special Mention	11,490		12,287		18,377		12,305		4,354		52,719		101,311		7,179		220,022
	Substandard or Lower	1,843		10,114		21,089		19,238		8,898		73,671		104,498		4,435		243,786
	Total commercial and industrial	573,137		363,063		390,796		481,017		218,845		892,698		1,604,798		14,706		4,539,060
Commercial and industrial
	Current period gross charge-offs	(75)		(3,317)		(4,822)		(4,936)		(2,410)		(4,449)		(778)		—		(20,787)
Real estate - construction(1)
	Pass	100,320		236,045		190,065		40,427		24,082		46,156		50,902		—		687,997
	Special Mention	555		1,196		—		21,286		3,381		2,750		1,248		—		30,416
	Substandard or Lower	—		—		916		7,718		256		243		9		—		9,142
	Total real estate - construction	100,875		237,241		190,981		69,431		27,719		49,149		52,159		—		727,555
Real estate - construction(1)
	Current period gross charge-offs	—		—		—		(5,286)		—		(100)		—		—		(5,386)
Leases and other loans
	Pass	174,718		35,955		70,152		29,832		8,185		8,665		—		—		327,507
	Special Mention	432		459		430		1,305		460		329		—		—		3,415
	Substandard or Lower	185		2,080		955		3,034		196		37		—		—		6,487
	Total leases and other loans	175,335		38,494		71,537		34,171		8,841		9,031		—		—		337,409
Leases and other loans
	Current period gross charge-offs	(2,092)		(1,153)		(506)		(289)		(244)		(1,353)		—		—		(5,637)
Total
	Pass	1,720,693		1,381,996		1,731,580		1,646,837		1,423,179		4,533,408		1,526,739		3,092		13,967,524
	Special Mention	21,902		33,149		61,456		87,442		124,958		227,106		103,346		7,179		666,538
	Substandard or Lower	4,374		27,348		113,707		141,125		118,221		276,136		105,560		4,435		790,906
	Total	$	1,746,969	$	1,442,493	$	1,906,743	$	1,875,404	$	1,666,358	$	5,036,650	$	1,735,645	$	14,706	$	15,424,968

(1) Excludes non-commercial real estate - construction.

The Corporation considers the performance of the loan portfolio and its impact on the ACL. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity loans, residential mortgage loans, construction loans to individuals secured by residential real estate and consumer loans. For these loans, the most relevant credit quality indicator is delinquency status and the Corporation evaluates credit quality based on the aging status of the loan. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown:


		March 31, 2026
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2026		2025		2024		2023		2022		Prior		Cost Basis		Cost Basis		Total
Real estate - residential mortgage
	Performing	$	161,733	$	754,156	$	517,348	$	640,928	$	1,390,645	$	3,222,702	$	—	$	—	$	6,687,512
	Non-performing	—		72		1,132		2,844		10,752		33,026		—		—		47,826
	Total real estate - residential mortgage	161,733		754,228		518,480		643,772		1,401,397		3,255,728		—		—		6,735,338
Real estate - residential mortgage
	Current period gross charge-offs	—		—		(24)		(84)		(199)		(84)		—		—		(391)
Consumer and real estate - home equity
	Performing	253,681		13,692		23,042		66,983		127,457		255,098		1,058,095		7,846		1,805,894
	Non-performing	—		220		629		297		1,050		6,433		2,632		1,078		12,339
	Total consumer and real estate - home equity	253,681		13,912		23,671		67,280		128,507		261,531		1,060,727		8,924		1,818,233
Consumer and real estate - home equity
	Current period gross charge-offs	—		(74)		(111)		(292)		(165)		(1,425)		(97)		—		(2,164)






Construction - residential
	Performing	31,261		163,726		44,421		959		8		—		—		—		240,375
	Non-performing	—		—		1,436		—		1,564		—		—		—		3,000
	Total construction - residential	31,261		163,726		45,857		959		1,572		—		—		—		243,375
Construction - residential
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Performing	446,675		931,574		584,811		708,870		1,518,110		3,477,800		1,058,095		7,846		8,733,781
	Non-performing	—		292		3,197		3,141		13,366		39,459		2,632		1,078		63,165
	Total	$	446,675	$	931,866	$	588,008	$	712,011	$	1,531,476	$	3,517,259	$	1,060,727	$	8,924	$	8,796,946


		December 31, 2025
		(dollars in thousands)
		Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Revolving Loans converted to Term Loans
														Amortized		Amortized
		2025		2024		2023		2022		2021		Prior		Cost Basis		Cost Basis		Total
Real estate - residential mortgage
	Performing	$	724,505	$	536,668	$	662,479	$	1,412,885	$	1,603,854	$	1,684,033	$	—	$	—	$	6,624,424
	Non-performing	134		645		2,102		9,752		4,961		27,975		—		—		45,569
	Total real estate - residential mortgage	724,639		537,313		664,581		1,422,637		1,608,815		1,712,008		—		—		6,669,993
Real estate - residential mortgage
	Current period gross charge-offs	—		(19)		(201)		(294)		(161)		(378)		—		—		(1,053)
Consumer and real estate - home equity
	Performing	231,952		23,963		74,129		140,759		43,561		201,571		1,042,448		36,924		1,795,307
	Non-performing	97		84		143		409		568		4,992		2,497		3,083		11,873
	Total consumer and real estate - home equity	232,049		24,047		74,272		141,168		44,129		206,563		1,044,945		40,007		1,807,180
Consumer and real estate - home equity
	Current period gross charge-offs	(215)		(262)		(998)		(1,556)		(708)		(4,505)		(573)		—		(8,817)






Construction - residential
	Performing	164,473		72,583		1,395		2,280		—		—		—		—		240,731
	Non-performing	—		606		—		1,406		—		—		—		—		2,012
	Total construction - residential	164,473		73,189		1,395		3,686		—		—		—		—		242,743
Construction - residential
	Current period gross charge-offs	—		—		—		—		—		—		—		—		—
Total
	Performing	1,120,930		633,214		738,003		1,555,924		1,647,415		1,885,604		1,042,448		36,924		8,660,462
	Non-performing	231		1,335		2,245		11,567		5,529		32,967		2,497		3,083		59,454
	Total	$	1,121,161	$	634,549	$	740,248	$	1,567,491	$	1,652,944	$	1,918,571	$	1,044,945	$	40,007	$	8,719,916

The following table presents non-performing assets:


	March 31, 2026		December 31, 2025
	(dollars in thousands)
Non-accrual loans	$	142,035	$	153,872
Loans 90 days or more past due and still accruing	33,816		29,924
Total non-performing loans	175,851		183,796
OREO(1)	1,648		1,365
Total non-performing assets	$	177,499	$	185,161

(1) Excludes $19.0 million and $19.1 million of residential mortgage properties for which formal foreclosure proceedings were in process as of March 31, 2026 and December 31, 2025, respectively.

The following tables present the aging of the amortized cost basis of loans, by class segment:


	30-59 Days Past Due		60-89 Days Past Due		≥ 90 Days Past Due and Accruing		Non- accrual		Current		Total


	(dollars in thousands)
March 31, 2026
Real estate - commercial mortgage	$	22,488	$	23,587	$	5,609	$	59,281	$	9,874,403	$	9,985,368
Commercial and industrial	9,940		7,544		2,389		45,370		4,428,788		4,494,031
Real estate - residential mortgage	42,516		10,604		19,183		28,643		6,634,392		6,735,338
Real estate - home equity	12,290		1,694		4,160		7,307		1,227,741		1,253,192
Real estate - construction	8,051		2,656		1,594		1,406		862,791		876,498
Consumer	4,728		1,627		869		3		557,814		565,041
Leases and other loans(1)	110		132		12		25		356,598		356,877
Total	$	100,123	$	47,844	$	33,816	$	142,035	$	23,942,527	$	24,266,345

(1) Includes unearned income.


	30-59 Days Past Due		60-89 Days Past Due		≥ 90 Days Past Due and Accruing		Non- accrual		Current		Total
	(dollars in thousands)
December 31, 2025
Real estate - commercial mortgage	$	19,762	$	17,757	$	2,931	$	72,050	$	9,708,444	$	9,820,944
Commercial and industrial	5,023		4,563		3,653		44,103		4,481,718		4,539,060
Real estate - residential mortgage	48,246		7,912		17,818		27,751		6,568,266		6,669,993
Real estate - home equity	15,646		1,417		3,958		7,126		1,214,684		1,242,831
Real estate - construction	3,698		2,555		606		1,661		961,778		970,298
Consumer	6,334		1,604		788		3		555,620		564,349
Leases and other loans(1)	160		193		170		1,178		335,708		337,409
Total	$	98,869	$	36,001	$	29,924	$	153,872	$	23,826,218	$	24,144,884

(1) Includes unearned income.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Corporation modifies loans by providing a concession when deemed appropriate. Depending on the circumstances, a term extension, interest rate reduction or principal forgiveness may be granted. In certain instances, a combination of concessions may be provided to a borrower.

When principal forgiveness is provided, the amount of principal forgiven is deemed to be uncollectible and the amortized cost basis of the loan is reduced by the amount of the forgiven portion, with a corresponding reduction to the ACL.

The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted:


	Term Extension
	2026				2025
	Amortized Cost Basis		% of Class of Financing Receivable		Amortized Cost Basis		% of Class of Financing Receivable
	(dollars in thousands)
Three months ended March 31
Real estate - commercial mortgage	$	47	—	%	$	111	—	%
Commercial and industrial	1,179		0.03		3,937		0.09
Real estate - residential mortgage	2,226		0.03		2,400		0.04
Real estate - home equity	—		—		467		0.04


Total	$	3,452			$	6,915


	Interest Rate Reduction
	2026				2025
	Amortized Cost Basis		% of Class of Financing Receivable		Amortized Cost Basis		% of Class of Financing Receivable
	(dollars in thousands)
Three months ended March 31


Real estate - residential mortgage	$	560	0.01	%	$	—	—	%


	Interest Rate Reduction and Term Extension
	2026				2025
	Amortized Cost Basis		% of Class of Financing Receivable		Amortized Cost Basis		% of Class of Financing Receivable
	(dollars in thousands)
Three months ended March 31


Real estate - residential mortgage	$	1,608	0.02	%	$	1,389	0.02	%

The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:


			Term Extension
			Financial Effect
Three months ended March 31, 2026
Real estate - commercial mortgage			Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial			Added a weighted-average 0.99 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage			Added a weighted-average 6.63 years to the life of loans, which reduced monthly payment amounts for the borrowers.




Three months ended March 31, 2025
Real estate - commercial mortgage			Added a weighted-average 1.00 year to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial and industrial			Added a weighted-average 0.92 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - residential mortgage			Added a weighted-average 8.78 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Real estate - home equity			Added a weighted-average 9.27 years to the life of loans, which reduced monthly payment amounts for the borrowers.


			Interest Rate Reduction
			Financial Effect
Three months ended March 31, 2026
Real estate - residential mortgage			Reduced weighted-average interest rate from 3.18% to 1.55%

Three months ended March 31, 2025
Real estate - residential mortgage			Reduced weighted-average interest rate from 4.27% to 2.27%

During the three months ended March 31, 2026 and 2025, there were no loans modified due to financial difficulty where there was a principal balance forgiveness.

The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months:


			30-89		90+				Total
			Days Past		Past Due		Non-		Past
	Current		Due		and Accruing		Accrual		Due
March 31, 2026	(dollars in thousands)
Real estate - commercial mortgage	$	69,170	$	2,662	$	—	$	579	$	3,241
Commercial and industrial	19,724		5,465		946		2,969		9,380
Real estate - residential mortgage	4,548

FULTON FINANCIAL CORP 10-Q