EX-99.1 3 exhibit99163023earningsrel.htm EX-99.1

Exhibit 99.1

FULTON FINANCIAL

CORPORATION

FOR IMMEDIATE RELEASE

Media Contact: Lacey Dean (717) 735-8688

Investor Contact: Matt Jozwiak (717) 327-2657

Fulton Financial Corporation Announces Second Quarter 2023 Results

(July 18, 2023) – Lancaster, PA – Fulton Financial Corporation (NASDAQ:FULT) (“Fulton” or the “Corporation”) reported net income available to common shareholders of $77.0 million, or $0.46 per diluted share, for the second quarter of 2023, an increase of $11.3 million, or 17.2%, in comparison to the first quarter of 2023. Operating net income available to common shareholders was $77.8 million, or $0.47 per diluted share(1).

For the six months ended June 30, 2023, net income available to shareholders was $142.8 million, or $0.85 per diluted share, an increase of $13.6 million, or 10.6%, in comparison to the same period in 2022. Operating net income available to common shareholders was $143.9 million, or $0.86 per diluted share(1).

"We were pleased with our second quarter performance and results," said Curtis J. Myers, Chairman and CEO of Fulton. "We saw credit metrics remain stable and credit losses return to historically low levels, strong non-interest income in many areas of our bank, and loan growth was solid and in line with expectations. Despite the challenges around deposit growth and mix the industry is facing, we meaningfully grew both deposit accounts and deposit households during the quarter."

(1) Non-generally accepted accounting principles ("non-GAAP") financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.

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Net Interest Income and Balance Sheet

Net interest income for the second quarter of 2023 was $212.9 million, a decrease of $2.7 million in comparison to the first quarter of 2023. The net interest margin for the second quarter of 2023 decreased 13 basis points, to 3.40%, in comparison to 3.53% in the first quarter of 2023.

The linked-quarter decrease in net interest income was primarily due to an increase in the rate on interest-bearing deposits and a shift in funding mix from noninterest-bearing demand deposits to interest-bearing deposits. An increase in the average balance for net loans of $403.1 million and higher loan yields in the second quarter of 2023 primarily contributed to an increase in interest income of $25.1 million to $314.9 million in comparison to $289.8 million in the first quarter of 2023. Interest expense from interest-bearing liabilities for the second quarter of 2023 increased by $27.9 million to $102.1 million in comparison to $74.2 million in the first quarter of 2023. The linked-quarter increase in interest expense in the second quarter of 2023 was primarily due to an increase in the rate on interest-bearing deposits of 63 basis points, a decline of $620.7 million in the average balance of noninterest-bearing deposits and an increase in the average balance for interest-bearing deposits of $1.3 billion in comparison to the first quarter of 2023.

For the second quarter of 2023, net interest income was $212.9 million, an increase of $34.0 million, or 19.0%, in comparison to the second quarter of 2022. Interest income for the second quarter of 2023 increased by $124.6 million to $314.9 million in comparison to $190.3 million in the second quarter of 2022 primarily driven by rising interest rates resulting in increases in interest income from net loans, investment securities and other interest-earning assets of $120.5 million, $1.2 million and $2.9 million, respectively. Increases in the average balances for net loans in the second quarter of 2023 of $2.2 billion, driven in part by the Prudential Bancorp, Inc. ("Prudential Bancorp") acquisition, contributed to the increase in interest income. Interest expense from interest-bearing liabilities for the second quarter of 2023 increased by $90.6 million to $102.1 million in comparison to $11.5 million in the second quarter of 2022 primarily driven by rising interest rates resulting in increases in interest expense from interest-bearing deposits and borrowings and other interest-bearing liabilities of $64.0 million and $26.6 million, respectively. An increase in the average balance for higher rate interest-bearing deposits and borrowings and other interest-bearing liabilities of $1.3 billion and $1.8 billion, respectively, in the second quarter of 2023 in comparison to the second quarter of 2022 also contributed to the increase in interest expense.

Total average interest-earning assets for the second quarter of 2023 were $25.6 billion, an increase of $384.0 million from the first quarter of 2023 primarily driven by the aforementioned increase in average net loans of $403.1 million and an increase in average other interest-earning assets of $36.5 million, partially offset by a decrease in average investment securities of $55.5 million.

Total average interest-earning assets for the second quarter of 2023 increased by $1.6 billion from the second quarter of 2022. Average net loans for the second quarter of 2023 were $20.9 billion, an increase of $2.2 billion from the same period in 2022. Compared to the second quarter of 2022, average other interest-earning assets decreased $421.9 million and average investment securities decreased $164.3 million in the second quarter of 2023.

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Total average interest-bearing liabilities increased $1.0 billion, to $18.0 billion, in the second quarter of 2023 in comparison to $17.0 billion in the first quarter of 2023 driven by an increase in the average balance for total interest-bearing deposits of $1.3 billion, partially offset by a decrease in the average balance for borrowings and other interest-bearing liabilities of $0.3 billion.

Total average interest-bearing liabilities for the second quarter of 2023 increased $3.1 billion, to $18.0 billion, in comparison to $14.9 billion in the second quarter of 2022, driven by increases in the average balances for borrowings and other interest-bearing liabilities and total interest-bearing deposits of $1.8 billion and $1.3 billion, respectively.

Asset Quality

In the second quarter of 2023, a provision for credit losses of $9.7 million was recorded in comparison to a provision for credit losses of $24.5 million in the first quarter of 2023, and a provision for credit losses of $1.5 million in the second quarter of 2022. The provision for credit losses of $9.7 million recorded in the second quarter of 2023 was primarily due to loan growth and the macroeconomic outlook.

Non-performing assets were $151.6 million, or 0.55% of total assets, at June 30, 2023, in comparison to $167.9 million, or 0.62% of total assets, at March 31, 2023, and $178.3 million, or 0.71% of total assets, at June 30, 2022.

Net charge-offs for the second quarter of 2023 were 0.04% of total average loans in comparison to 0.27% and negative 0.08% in the first quarter of 2023 and the second quarter of 2022, respectively.

Non-interest Income

Non-interest income before investment securities gains in the second quarter of 2023 was $60.6 million, an increase of $8.9 million, or 17.1%, from the first quarter of 2023. The increase in non-interest income was primarily due to an increase in commercial banking income of $5.6 million, driven by increases in commercial customer interest rate swap fee income, reflected in capital markets, and merchant and card income of $3.6 million and $0.9 million, respectively. In addition, increases from mortgage banking, wealth management, higher income from equity method investments, reflected in other non-interest income, and consumer banking of $1.0 million, $0.6 million, $0.6 million and $0.5 million, respectively, contributed to the increase in non-interest income in the second quarter of 2023.

Compared to the second quarter of 2022, non-interest income before investment securities gains in the second quarter of 2023 increased $2.2 million, or 3.8%, from $58.4 million. The increase in non-interest income was primarily due to increases in commercial customer interest rate swap fee income, reflected in capital markets, and merchant and card income of $2.1 million and $0.3 million, respectively.

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Non-interest Expense

Non-interest expense was $168.0 million in the second quarter of 2023, an increase of $8.4 million, or 5.3%, compared to $159.6 million in the first quarter of 2023. The increase was primarily due to increases of $4.8 million in salaries and employee benefits expense, $1.0 million in data processing and software expense and $0.7 million in other outside services expense. Additional contributors to the increase in non-interest expense were increases of $1.3 million in owned real estate and repossession expenses and $0.5 million in state tax expense, in each case, reflected in other expense. The $4.8 million increase in salaries and benefits expense was primarily driven by annual merit increases and one additional calendar day in the quarter.

Compared to the second quarter of 2022, non-interest expense, excluding merger-related expenses of $1.0 million in the second quarter of 2022, increased $19.3 million, or 13.0%. The increase was primarily due to increases of $8.7 million in salaries and employee benefits expense, $2.1 million in other outside services expense, $2.1 million in data processing and software expense, $1.9 million in FDIC insurance expense, primarily due to the adoption of a final rule to increase base deposit insurance assessment rates effective January 1, 2023, $0.9 million in intangible amortization expense and $0.8 million in net occupancy expense. Higher expense levels compared to the second quarter of 2022 are in part due to the Prudential Bancorp acquisition. The $8.7 million increase in salaries and benefits expense was primarily driven by annual merit increases, an increase in the number of employees, employee benefits due to higher claims experience and higher pension costs.

Income Tax Expense

For the second quarter of 2023, the effective tax rate was 16.8%, in comparison to 17.3% for the full-year of 2022.

Additional information on Fulton is available on the Internet at www.fultonbank.com.

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Safe Harbor Statement

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

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.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).

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Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.

FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands, except per share data)
			Three months ended
			Jun 30						Mar 31						Dec 31						Sep 30						Jun 30
			2023						2023						2022						2022						2022
Ending Balances
Investment securities			$	3,867,334					$	3,950,101					$	3,968,023					$	3,936,694					$	4,117,801
Net loans			21,044,685						20,670,188						20,279,547						19,695,199						18,920,950
Total assets			27,403,163						27,112,176						26,931,702						26,146,042						25,252,686
Deposits			21,206,540						21,316,584						20,649,538						21,376,554						21,143,866
Shareholders' equity			2,642,152						2,618,998						2,579,757						2,471,159						2,471,093
Average Balances
Investment securities			3,916,130						3,964,615						3,936,579						4,254,216						4,216,507
Net loans			20,866,235						20,463,096						20,004,513						19,563,825						18,637,175
Total assets			27,235,567						26,900,653						26,386,355						26,357,095						25,578,432
Deposits			21,207,143						20,574,323						21,027,656						21,788,052						21,523,713
Shareholders' equity			2,647,464						2,613,316						2,489,148						2,604,057						2,531,346
Income Statement
Net interest income			212,852						215,587						225,911						215,582						178,831
Provision for credit losses			9,747						24,544						14,513						18,958						1,500
Non-interest income			60,585						51,753						54,321						59,162						58,391
Non-interest expense			168,018						159,616						168,462						169,558						149,730
Income before taxes			95,672						83,180						97,257						86,228						85,992
Net income available to common shareholders			77,045						65,752						79,271						68,309						67,427
Pre-provision net revenue(1)			106,495						108,375						115,049						113,631						89,384
Per Share
Net income available to common shareholders (basic)			$0.46						$0.39						$0.47						$0.41						$0.42
Net income available to common shareholders (diluted)			$0.46						$0.39						$0.47						$0.40						$0.42
Operating net income available to common shareholders(1)			$0.47						$0.39						$0.48						$0.48						$0.42
Cash dividends			$0.16						$0.15						$0.21						$0.15						$0.15
Common shareholders' equity			$14.75						$14.67						$14.24						$13.61						$14.15
Common shareholders' equity (tangible)(1)			$11.36						$11.26						$10.90						$10.26						$10.81
Weighted average shares (basic)			165,854						166,605						167,504						167,353						160,920
Weighted average shares (diluted)			167,191						168,401						169,136						168,781						162,075
(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this press release.

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			Three months ended
			Jun 30						Mar 31						Dec 31						Sep 30						Jun 30
			2023						2023						2022						2022						2022
Asset Quality
Net charge-offs (recoveries) to average loans			0.04		%				0.27		%				0.23		%				0.01		%				(0.08)		%
Non-performing loans to total net loans			0.70		%				0.80		%				0.85		%				0.98		%				0.92		%
Non-performing assets to total assets			0.55		%				0.62		%				0.66		%				0.76		%				0.71		%
ACL - loans(1) to total loans			1.37		%				1.35		%				1.33		%				1.35		%				1.31		%
ACL - loans(1) to non-performing loans			195		%				169		%				157		%				138		%				143		%
Profitability
Return on average assets			1.17		%				1.03		%				1.23		%				1.07		%				1.10		%
Operating return on average assets(2)			1.18		%				1.04		%				1.26		%				1.25		%				1.11		%
Return on average common shareholders' equity			12.59		%				11.02		%				13.70		%				11.24		%				11.57		%
Return on average common shareholders' equity (tangible)(2)			16.52		%				14.46		%				18.59		%				17.31		%				15.23		%
Net interest margin			3.40		%				3.53		%				3.69		%				3.54		%				3.04		%
Efficiency ratio(2)			60.1		%				58.5		%				58.1		%				57.8		%				61.4		%
Non-interest expenses to total average assets			2.47		%				2.41		%				2.53		%				2.55		%				2.35		%
Operating non-interest expenses to total average assets(2)			2.46		%				2.40		%				2.48		%				2.43		%				2.32		%
Capital Ratios
Tangible common equity ratio ("TCE")(2)			7.0		%				7.0		%				6.9		%				6.7		%				7.0		%
TCE ratio, (excluding AOCI)(2)(3)			8.3		%				8.3		%				8.2		%				8.3		%				8.2		%
Tier 1 leverage ratio(4)			9.3		%				9.2		%				9.5		%				9.2		%				9.1		%
Common equity Tier 1 capital ratio(4)			10.1		%				9.8		%				10.0		%				10.0		%				9.9		%
Tier 1 risk-based capital ratio(4)			10.9		%				10.6		%				10.9		%				10.9		%				10.8		%
Total risk-based capital ratio(4)			13.7		%				13.4		%				13.6		%				13.6		%				13.7		%
(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
(3) Tangible common equity ("TCE") ratio, excluding accumulated other comprehensive income ("AOCI").
(4) Regulatory capital ratios as of June 30, 2023 are preliminary and prior periods are actual.

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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
						Jun 30						Mar 31						Dec 31						Sep 30						Jun 30
						2023						2023						2022						2022						2022
ASSETS
			Cash and due from banks			$	123,779					$	129,003					$	126,898					$	143,465					$	158,605
			Other interest-earning assets			505,141						545,355						685,209						467,164						383,715
			Loans held for sale			14,673						6,507						7,264						14,411						17,528
			Investment securities			3,867,334						3,950,101						3,968,023						3,936,694						4,117,801
			Net loans			21,044,685						20,670,188						20,279,547						19,695,199						18,920,950
			Less: ACL - loans(1)			(287,442)						(278,695)						(269,366)						(266,838)						(248,564)
			Loans, net			20,757,243						20,391,493						20,010,181						19,428,361						18,672,386
			Net premises and equipment			216,322						216,059						225,141						221,496						211,639
			Accrued interest receivable			96,991						90,267						91,579						72,821						64,457
			Goodwill and intangible assets			561,885						563,502						560,824						561,495						537,700
			Other assets			1,259,795						1,219,889						1,256,583						1,300,135						1,088,855
			Total Assets			$	27,403,163					$	27,112,176					$	26,931,702					$	26,146,042					$	25,252,686
LIABILITIES AND SHAREHOLDERS' EQUITY
			Deposits			$	21,206,540					$	21,316,584					$	20,649,538					$	21,376,554					$	21,143,866
			Borrowings			2,719,114						2,446,770						2,871,207						1,424,681						1,013,315
			Other liabilities			835,357						729,824						831,200						873,648						624,412
			Total Liabilities			24,761,011						24,493,178						24,351,945						23,674,883						22,781,593
			Shareholders' equity			2,642,152						2,618,998						2,579,757						2,471,159						2,471,093
			Total Liabilities and Shareholders' Equity			$	27,403,163					$	27,112,176					$	26,931,702					$	26,146,042					$	25,252,686
LOANS, DEPOSITS AND BORROWINGS DETAIL:
Loans, by type:
			Real estate - commercial mortgage			$	7,846,861					$	7,746,920					$	7,693,835					$	7,554,509					$	7,417,036
			Commercial and industrial			4,599,759						4,596,096						4,473,004						4,240,865						4,170,975
			Real estate - residential mortgage			5,147,262						4,880,919						4,737,279						4,574,228						4,203,827
			Real estate - home equity			1,061,891						1,074,712						1,102,838						1,110,103						1,108,808
			Real estate - construction			1,308,564						1,326,754						1,269,925						1,273,097						1,177,446
			Consumer			763,530						730,775						699,179						633,666						538,747
			Leases and other loans(2)			316,818						314,012						303,487						308,731						304,111
			Total Net Loans			$	21,044,685					$	20,670,188					$	20,279,547					$	19,695,199					$	18,920,950
Deposits, by type:
			Noninterest-bearing demand			$	5,865,855					$	6,403,484					$	7,006,388					$	7,372,896					$	7,530,777
			Interest-bearing demand			5,543,320						5,478,237						5,410,903						5,676,600						5,403,805
			Savings			6,646,448						6,579,806						6,434,621						6,563,003						6,406,051
			Total demand and savings			18,055,623						18,461,527						18,851,912						19,612,499						19,340,633
			Brokered			949,259						960,919						208,416						226,883						243,172
			Time			2,201,658						1,894,138						1,589,210						1,537,172						1,560,061
			Total Deposits			$	21,206,540					$	21,316,584					$	20,649,538					$	21,376,554					$	21,143,866
Borrowings, by type:
			Federal funds purchased			$	555,000					$	525,000					$	191,000					$	136,000					$	20,000
			Federal Home Loan Bank advances			1,165,000						747,000						1,250,000						265,500						—
			Senior debt and subordinated debt			539,994						539,814						539,634						539,461						555,748
			Other borrowings			459,120						634,956						890,573						483,720						437,567
			Total Borrowings			$	2,719,114					$	2,446,770					$	2,871,207					$	1,424,681					$	1,013,315
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
(2) Includes equipment lease financing, overdraft and net origination fees and costs.

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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share)
									Three Months Ended																														Six months ended
									Jun 30						Mar 31						Dec 31						Sep 30						Jun 30						Jun 30
									2023						2023						2022						2022						2022						2023						2022
Interest Income:
			Interest income						$	314,912					$	289,820					$	267,847					$	233,691					$	190,299					$	604,732					$	363,300
			Interest expense						102,060						74,233						41,936						18,109						11,468						176,293						23,159
			Net Interest Income						212,852						215,587						225,911						215,582						178,831						428,439						340,141
			Provision for credit losses						9,747						24,544						14,513						18,958						1,500						34,291						(5,450)
			Net Interest Income after Provision						203,105						191,043						211,398						196,624						177,331						394,148						345,591
Non-Interest Income:
			Wealth management						18,678						18,062						17,531						17,610						18,274						36,740						37,702
			Commercial banking:
			Merchant and card						7,700						6,834						7,223						7,601						7,355						14,534						13,452
			Cash management						5,835						5,515						5,756						6,483						6,062						11,350						11,490
			Capital markets						6,092						2,344						2,627						4,060						3,893						8,436						5,569
			Other commercial banking						3,518						2,820						2,998						2,664						3,049						6,338						5,856
			Total commercial banking						23,145						17,513						18,604						20,808						20,359						40,658						36,367
			Consumer banking:
			Card						6,592						6,243						6,331						6,278						6,067						12,835						11,863
			Overdraft						2,696						2,733						3,364						4,463						3,881						5,429						7,653
			Other consumer banking						2,432						2,241						2,380						2,534						2,524						4,673						4,630
			Total consumer banking						11,720						11,217						12,075						13,275						12,472						22,937						24,146
			Mortgage banking						2,940						1,970						2,140						3,720						3,768						4,910						8,344
			Other						4,106						2,968						3,972						3,802						3,510						7,075						7,061
			Non-interest income before investment securities gains (losses)						60,589						51,730						54,322						59,215						58,383						112,320						113,620
			Investment securities gains (losses), net						(4)						23						(1)						(53)						8						19						27
			Total Non-Interest Income						60,585						51,753						54,321						59,162						58,391						112,339						113,647
Non-Interest Expense:
			Salaries and employee benefits						94,102						89,283						92,733						94,283						85,404						183,385						169,868
			Data processing and software						16,776						15,796						15,448						15,807						14,685						32,571						29,000
			Net occupancy						14,374						14,438						14,061						14,025						13,587						28,812						28,109
			Other outside services						10,834						10,126						10,860						9,361						8,764						20,960						16,931
			FDIC insurance						4,895						4,795						3,219						3,158						2,961						9,690						6,170
			Equipment						3,530						3,389						3,640						3,548						3,422						6,920						6,845
			Professional fees						1,829						2,392						2,945						2,373						2,013						4,221						3,805
			Marketing						1,655						1,886						2,380						1,859						1,326						3,541						2,646
			Intangible amortization						1,072						674						688						690						177						1,746						353
			Merger-related expenses						—						—						1,894						7,006						1,027						—						1,428
			Other						18,951						16,837						20,594						17,448						16,364						35,790						30,553
			Total Non-Interest Expense						168,018						159,616						168,462						169,558						149,730						327,636						295,708
			Income Before Income Taxes						95,672						83,180						97,257						86,228						85,992						178,851						163,530
			Income tax expense						16,065						14,866						15,424						15,357						16,003						30,931						29,253
			Net Income						79,607						68,314						81,833						70,871						69,989						147,920						134,277
			Preferred stock dividends						(2,562)						(2,562)						(2,562)						(2,562)						(2,562)						(5,124)						(5,124)
			Net Income Available to Common Shareholders						$	77,045					$	65,752					$	79,271					$	68,309					$	67,427					$	142,796					$	129,153

9

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									Three Months Ended																														Six Months Ended
									Jun 30						Mar 31						Dec 31						Sep 30						Jun 30						Jun 30
									2023						2023						2022						2022						2022						2023						2022
PER SHARE:
			Net income available to common shareholders:
			Basic						$0.46						$0.39						$0.47						$0.41						$0.42						$0.86						$0.80
			Diluted						$0.46						$0.39						$0.47						$0.40						$0.42						$0.85						$0.80
			Cash dividends						$0.16						$0.15						$0.21						$0.15						$0.15						$0.31						$0.30
			Weighted average shares (basic)						165,854						166,605						167,504						167,353						160,920						166,227						160,755
			Weighted average shares (diluted)						167,191						168,401						169,136						168,781						162,075						167,809						162,015

10

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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
						Three months ended
						June 30, 2023																		March 31, 2023																		June 30, 2022
						Average												Yield/						Average												Yield/						Average												Yield/
						Balance						Interest(1)						Rate						Balance						Interest(1)						Rate						Balance						Interest(1)						Rate
ASSETS
Interest-earning assets:
			Net loans			$	20,866,235					$	287,154					5.52		%				$	20,463,096					$	263,065					5.21		%				$	18,637,175					$	165,682					3.56		%
			Investment securities(2)			4,234,096						27,303						2.57		%				4,289,643						27,522						2.60		%				4,398,424						26,061						2.37		%
			Other interest-earning assets			529,582						4,860						3.68		%				493,130						3,648						3.00		%				951,504						1,983						0.83		%
			Total Interest-Earning Assets			25,629,913						319,317						4.99		%				25,245,869						294,235						4.73		%				23,987,103						193,726						3.24		%
Noninterest-Earning assets:
			Cash and due from banks			129,682																		141,254																		160,240
			Premises and equipment			216,847																		223,025																		216,798
			Other assets			1,541,657																		1,563,806																		1,463,332
			Less: ACL - loans(3)			(282,532)																		(273,301)																		(249,041)
			Total Assets			$	27,235,567																	$	26,900,653																	$	25,578,432
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
			Demand deposits			$	5,535,669					$	14,612					1.06		%				$	5,326,566					$	8,455					0.64		%				$	5,597,975					$	797					0.06		%
			Savings deposits			6,632,572						29,289						1.77		%				6,469,468						20,535						1.29		%				6,425,634						1,125						0.07		%
			Brokered deposits			954,773						12,135						5.10		%				439,670						5,173						4.77		%				244,200						619						1.02		%
			Time deposits			2,063,038						13,763						2.68		%				1,696,878						7,458						1.78		%				1,608,286						3,255						0.81		%
			Total Interest-Bearing Deposits			15,186,052						69,799						1.84		%				13,932,582						41,621						1.21		%				13,876,095						5,796						0.17		%
			Borrowings and other interest-bearing liabilities			2,790,860						32,261						4.60		%				3,058,684						32,613						4.32		%				1,003,830						5,672						2.27		%
			Total Interest-Bearing Liabilities			17,976,912						102,060						2.27		%				16,991,266						74,234						1.78		%				14,879,925						11,468						0.31		%
Noninterest-Bearing liabilities:
			Demand deposits			6,021,091																		6,641,741																		7,647,618
			Other noninterest-bearing liabilities			590,100																		654,330																		519,543
			Total Liabilities			24,588,103																		24,287,337																		23,047,086
			Total Deposits/Cost of Deposits			21,207,143												1.32		%				20,574,323												0.82		%				21,523,713												0.11		%
			Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")			23,998,003												1.70		%				23,633,007												1.27		%				22,527,543												0.20		%
			Shareholders' equity			2,647,464																		2,613,316																		2,531,346
			Total Liabilities and Shareholders' Equity			$	27,235,567																	$	26,900,653																	$	25,578,432
			Net interest income/net interest margin (fully taxable equivalent)									217,257						3.40		%										220,001						3.53		%										182,258						3.04		%
			Tax equivalent adjustment									(4,405)																		(4,414)																		(3,427)
			Net Interest Income									$	212,852																	$	215,587																	$	178,831
			(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
			(2) Balances include amortized historical cost for available for sale ("AFS") securities. The related unrealized holding gains (losses) are included in other assets.
			(3) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

11

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FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):
(dollars in thousands)
						Three months ended
						Jun 30						Mar 31						Dec 31						Sep 30						Jun 30
						2023						2023						2022						2022						2022
Loans, by type:
			Real estate - commercial mortgage			$	7,775,436					$	7,720,975					$	7,696,997					$	7,566,259					$	7,340,417
			Commercial and industrial			4,629,919						4,565,923						4,372,935						4,250,573						4,155,436
			Real estate - residential mortgage			5,008,295						4,790,868						4,643,784						4,485,649						4,052,666
			Real estate - home equity			1,066,615						1,086,032						1,106,325						1,099,487						1,118,494
			Real estate - construction			1,306,286						1,276,145						1,209,998						1,268,590						1,188,932
			Consumer			763,407						721,248						679,108						604,634						485,095
			Leases and other loans(1)			316,277						301,905						295,366						288,633						296,135
			Total Net Loans			$	20,866,235					$	20,463,096					$	20,004,513					$	19,563,825					$	18,637,175
Deposits, by type:
			Noninterest-bearing demand			$	6,021,091					$	6,641,741					$	7,310,824					$	7,535,791					$	7,647,618
			Interest-bearing demand			5,535,669						5,326,566						5,479,443						5,708,059						5,597,975
			Savings			6,632,572						6,469,468						6,466,775						6,681,713						6,425,634
			Total demand and savings			18,189,332						18,437,775						19,257,042						19,925,563						19,671,227
			Brokered			954,773						439,670						215,729						247,105						244,200
			Time			2,063,038						1,696,878						1,554,885						1,615,384						1,608,286
			Total Deposits			$	21,207,143					$	20,574,323					$	21,027,656					$	21,788,052					$	21,523,713
Borrowings, by type:
			Federal funds purchased			$	679,401					$	505,142					$	261,737					$	96,965					$	2,857
			Federal Home Loan Bank advances			880,811						1,261,589						564,692						206,152						—
			Senior debt and subordinated debt			539,906						539,726						539,550						554,735						555,701
			Other borrowings and other interest-bearing liabilities			690,742						752,227						659,543						501,496						445,261
			Total Borrowings			$	2,790,860					$	3,058,684					$	2,025,522					$	1,359,348					$	1,003,819
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

12

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FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
									Six months ended June 30
									2023																		2022
									Average												Yield/						Average												Yield/
									Balance						Interest(1)						Rate						Balance						Interest(1)						Rate
ASSETS
Interest-earning assets:
			Net loans						$	20,665,779					$	550,219					5.36		%				$	18,510,845					$	316,809					3.44		%
			Investment securities(2)						4,261,718						54,824						2.57		%				4,312,867						50,312						2.33		%
			Other interest-earning assets						511,456						8,508						3.34		%				1,118,188						2,895						0.52		%
			Total Interest-Earning Assets						25,438,953						613,551						4.85		%				23,941,900						370,016						3.11		%
Noninterest-Earning assets:
			Cash and due from banks						135,436																		161,274
			Premises and equipment						219,920																		218,357
			Other assets						1,552,669																		1,528,820
			Less: ACL - loans(3)						(277,942)																		(250,026)
			Total Assets						$	27,069,036																	$	25,600,325
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
			Demand deposits						$	5,431,696					$	23,067					0.86		%				$	5,631,296					$	1,525					0.06		%
			Savings deposits						6,551,470						49,824						1.53		%				6,431,060						2,146						0.07		%
			Brokered deposits						698,644						17,308						5.00		%				247,258						835						0.68		%
			Time deposits						1,880,970						21,221						2.28		%				1,652,430						6,895						0.84		%
			Total Interest-Bearing Deposits						14,562,780						111,420						1.54		%				13,962,044						11,401						0.16		%
			Borrowings and other interest-bearing liabilities						2,928,819						64,873						4.43		%				1,018,740						11,758						2.31		%
			Total Interest-Bearing Liabilities						17,491,599						176,293						2.03		%				14,980,784						23,159						0.31		%
Noninterest-Bearing liabilities:
			Demand deposits						6,329,701																		7,540,025
			Other						617,252																		469,861
			Total Liabilities						24,438,552																		22,990,670
			Total Deposits/Cost of Deposits						20,892,481												1.08		%				21,502,069												0.11		%
			Total interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds")						23,821,300												1.49		%				22,520,809												0.21		%
			Shareholders' equity						2,630,484																		2,609,655
			Total Liabilities and Shareholders' Equity						$	27,069,036																	$	25,600,325
			Net interest income/net interest margin (fully taxable equivalent)												437,258						3.46		%										346,857						2.91		%
			Tax equivalent adjustment												(8,819)																		(6,716)
			Net Interest Income												$	428,439																	$	340,141
			(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
			(2) Balances include amortized historical cost for AFS. The related unrealized holding gains (losses) are included in other assets.
			(3) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.

13

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FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED):
(dollars in thousands)
									Six months ended June 30
									2023						2022
Loans, by type:
			Real estate - commercial mortgage						$	7,748,356					$	7,318,422
			Commercial and industrial						4,598,097						4,185,883
			Real estate - residential mortgage						4,900,182						3,970,877
			Real estate - home equity						1,076,270						1,125,257
			Real estate - construction						1,291,299						1,164,785
			Consumer						742,445						461,159
			Leases and other loans(1)						309,130						284,462
			Total Net Loans						$	20,665,779					$	18,510,845
Deposits, by type:
			Noninterest-bearing demand						$	6,329,701					$	7,540,025
			Interest-bearing demand						5,431,696						5,631,296
			Savings						6,551,470						6,431,060
			Total demand and savings						18,312,867						19,602,381
			Brokered						698,644						247,258
			Time						1,880,970						1,652,430
			Total Deposits						$	20,892,481					$	21,502,069
Borrowings, by type:
			Federal funds purchased						$	592,753					$	1,436
			Federal Home Loan Bank advances						1,070,148						6
			Senior debt and subordinated debt						539,817						582,184
			Other borrowings						726,101						435,114
			Total Borrowings						$	2,928,819					$	1,018,740
N/M - Not meaningful
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

14

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FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
						Three months ended																														Six Months Ended
						Jun 30						Mar 31						Dec 31						Sep 30						Jun 30						Jun 30						Jun 30
						2023						2023						2022						2022						2022						2023						2022
Allowance for credit losses related to net loans:
Balance at beginning of period						$	278,695					$	269,366					$	266,838					$	248,564					$	243,705					$	269,366					$	249,001
			CECL Day 1 provision expense			—						—						—						7,954						—						—						—
			Initial purchased credit deteriorated loans			—						—						—						1,135						—						—						—
			Loans charged off:
			Real estate - commercial mortgage			(230)						(13,362)						(12,235)						(86)						—						(13,592)						(152)
			Commercial and industrial			(2,017)						(612)						(179)						(1,783)						(201)						(2,629)						(428)
			Real estate - residential mortgage			(62)						—						—						—						(66)						(62)						(66)
			Consumer and home equity			(1,313)						(2,206)						(1,311)						(1,172)						(877)						(3,519)						(1,929)
			Real estate - construction			—						—						—						—						—						—						—
			Leases and other loans(1)			(1,165)						(723)						(505)						(683)						(474)						(1,888)						(943)
			Total loans charged off			(4,787)						(16,903)						(14,230)						(3,724)						(1,618)						(21,690)						(3,518)
Recoveries of loans previously charged off:
			Real estate - commercial mortgage			29						786						183						29						3,536						815						3,648
			Commercial and industrial			988						1,086						961						2,213						739						2,074						2,719
			Real estate - residential mortgage			58						48						10						101						92						106						314
			Consumer and home equity			959						661						683						682						762						1,620						1,216
			Real estate - construction			569						202						530						—						12						771						44
			Leases and other loans(1)			213						116						132						247						226						329						380
			Recoveries of loans previously charged off			2,816						2,899						2,499						3,272						5,367						5,715						8,321
Net loans recovered (charged off)						(1,971)						(14,004)						(11,731)						(452)						3,749						(15,975)						4,803
Provision for credit losses						10,718						23,333						14,259						9,637						1,110						34,051						(5,240)
Balance at end of period						$	287,442					$	278,695					$	269,366					$	266,838					$	248,564					$	287,442					$	248,564
Net (recoveries) charge-offs to average loans						0.04		%				0.27		%				0.23		%				0.01		%				(0.08)		%				0.15		%				(0.05)		%
Provision for credit losses related to OBS Credit Exposures
			Provision for credit losses			$	(971)					$	1,211					$	254					$	1,367					$	390
NON-PERFORMING ASSETS:
			Non-accrual loans			$	123,280					$	134,303					$	144,443					$	178,204					$	162,530
			Loans 90 days past due and accruing			24,415						30,336						27,463						14,559						11,016
			Total non-performing loans			147,695						164,639						171,906						192,763						173,546
			Other real estate owned			3,881						3,304						5,790						5,877						4,786
			Total non-performing assets			$	151,576					$	167,943					$	177,696					$	198,640					$	178,332
NON-PERFORMING LOANS, BY TYPE:
			Real estate - commercial mortgage			$	55,048					$	61,322					$	72,634					$	96,281					$	59,940
			Commercial and industrial			30,588						33,555						28,288						29,831						44,713
			Real estate - residential mortgage			39,157						46,576						46,509						41,597						42,922
			Consumer and home equity			10,469						8,983						9,800						10,016						10,552
			Real estate - construction			1,099						1,509						1,368						1,456						1,357
			Leases and other loans(1)			11,334						12,694						13,307						13,582						14,062
			Total non-performing loans			$	147,695					$	164,639					$	171,906					$	192,763					$	173,546
(1) Includes equipment lease financing, overdraft and net origination fees and costs.

15

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FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share data)
Explanatory note:			This press release contains supplemental financial information, as detailed below, that has been derived by methods other than generally accepted accounting principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:
																		Three months ended
																		Jun 30						Mar 31						Dec 31						Sep 30						Jun 30
																		2023						2023						2022						2022						2022
Operating net income available to common shareholders
Net income available to common shareholders																		$	77,045					$	65,752					$	79,271					$	68,309					$	67,427
Plus: Core deposit intangible amortization																		912						514						514						514						—
Plus: Merger-related expenses																		—						—						1,894						7,006						1,027
Plus: CECL Day 1 Provision expense																		—						—						—						7,954						—
Less: Tax impact of adjustments																		(192)						(108)						(506)						(3,250)						(216)
Operating net income available to common shareholders (numerator)																		$	77,765					$	66,158					$	81,173					$	80,533					$	68,238
Weighted average shares (diluted) (denominator)																		167,191						168,401						169,136						168,781						162,075
Operating net income available to common shareholders, per share (diluted)																		$	0.47					$	0.39					$	0.48					$	0.48					$	0.42
Common shareholders' equity (tangible), per share
Shareholders' equity																		$	2,642,152					$	2,618,998					$	2,579,757					$	2,471,159					$	2,471,093
Less: Preferred stock																		(192,878)						(192,878)						(192,878)						(192,878)						(192,878)
Less: Goodwill and intangible assets																		(561,885)						(563,502)						(560,824)						(561,495)						(537,700)
Tangible common shareholders' equity (numerator)																		$	1,887,389					$	1,862,618					$	1,826,055					$	1,716,786					$	1,740,515
Shares outstanding, end of period (denominator)																		166,097						165,396						167,599						167,399						161,057
Common shareholders' equity (tangible), per share																		$	11.36					$	11.26					$	10.90					$	10.26					$	10.81
Operating return on average assets
Net income																		$	79,607					$	68,314					$	81,833					$	70,871					$	69,989
Plus: Core deposit intangible amortization																		912						514						514						514						—
Plus: Merger-related expenses																		—						—						1,894						7,006						1,027
Plus: CECL Day 1 Provision expense																		—						—						—						7,954						—
Less: Tax impact of adjustments																		(192)						(108)						(506)						(3,250)						(216)
Operating net income (numerator)																		$	80,327					$	68,720					$	83,735					$	83,095					$	70,800
Total average assets (denominator)																		$	27,235,567					$	26,900,653					$	26,386,355					$	26,357,095					$	25,578,432
Operating return on average assets																		1.18%						1.04%						1.26%						1.25%						1.11%
Return on average common shareholders' equity (tangible)
Net income available to common shareholders																		$	77,045					$	65,752					$	79,271					$	68,309					$	67,427
Plus: Intangible amortization																		1,072						674						688						690						177
Plus: Merger-related expenses																		—						—						1,894						7,006						1,027
Plus: CECL Day 1 Provision expense																		—						—						—						7,954						—
Less: Tax impact of adjustments																		(225)						(142)						(542)						(3,287)						(253)
Operating net income available to common shareholders (numerator)																		$	77,892					$	66,284					$	81,311					$	80,672					$	68,378
Average shareholders' equity																		$	2,647,464					$	2,613,316					$	2,489,148					$	2,604,057					$	2,531,346
Less: Average preferred stock																		(192,878)						(192,878)						(192,878)						(192,878)						(192,878)
Less: Average goodwill and intangible assets																		(563,146)						(561,744)						(561,219)						(562,285)						(537,786)
Average tangible common shareholders' equity (denominator)																		$	1,891,440					$	1,858,694					$	1,735,051					$	1,848,894					$	1,800,682
Return on average common shareholders' equity (tangible)																		16.52%						14.46%						18.59%						17.31%						15.23%

16

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																		Three months ended
																		Jun 30						Mar 31						Dec 31						Sep 30						Jun 30
																		2023						2023						2022						2022						2022
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity																		$	2,642,152					$	2,618,998					$	2,579,757					$	2,471,159					$	2,471,093
Less: Preferred stock																		(192,878)						(192,878)						(192,878)						(192,878)						(192,878)
Less: Goodwill and intangible assets																		(561,885)						(563,502)						(560,824)						(561,495)						(537,700)
Tangible common shareholders' equity (numerator)																		$	1,887,389					$	1,862,618					$	1,826,055					$	1,716,786					$	1,740,515
Total assets																		$	27,403,163					$	27,112,176					$	26,931,702					$	26,146,042					$	25,252,686
Less: Goodwill and intangible assets																		(561,885)						(563,502)						(560,824)						(561,495)						(537,700)
Total tangible assets (denominator)																		$	26,841,278					$	26,548,674					$	26,370,878					$	25,584,547					$	24,714,986
Tangible common equity to tangible assets																		7.03%						7.02%						6.92%						6.71%						7.04%
Tangible common equity to tangible assets (TCE Ratio) excluding AOCI
Shareholders' equity																		$	2,642,152					$	2,618,998					$	2,579,757					$	2,471,159					$	2,471,093
Less: Preferred stock																		(192,878)						(192,878)						(192,878)						(192,878)						(192,878)
Less: Accumulated other comprehensive (income) loss																		379,286						350,992						385,476						442,947						304,210
Less: Goodwill and intangible assets																		(561,885)						(563,502)						(560,824)						(561,495)						(537,700)
Tangible common shareholders' equity (numerator)																		$	2,266,675					$	2,213,610					$	2,211,531					$	2,159,733					$	2,044,725
Total assets																		$	27,403,163					$	27,112,176					$	26,931,702					$	26,146,042					$	25,252,686
Less: Goodwill and intangible assets																		(561,885)						(563,502)						(560,824)						(561,495)						(537,700)
Plus: AOCI - unrealized losses/(gains) on AFS investments securities																		311,813						282,092						632,456						368,196						249,424
Total tangible assets (denominator)																		$	27,153,091					$	26,830,766					$	27,003,334					$	25,952,743					$	24,964,410
Tangible common equity to tangible assets, excluding AOCI																		8.35%						8.25%						8.19%						8.32%						8.19%
Efficiency ratio
Non-interest expense																		$	168,018					$	159,616					$	168,462					$	169,558					$	149,730
Less: Amortization of tax credit investments																		—						—						(696)						(696)						(696)
Less: Merger-related expenses																		—						—						(1,894)						(7,006)						(1,027)
Less: Intangible amortization																		(1,072)						(674)						(688)						(690)						(177)
Non-interest expense (numerator)																		$	166,946					$	158,942					$	165,184					$	161,166					$	147,830
Net interest income																		$	212,852					$	215,587					$	225,911					$	215,582					$	178,831
Tax equivalent adjustment																		4,405						4,414						4,310						3,970						3,427
Plus: Total non-interest income																		60,585						51,753						54,321						59,162						58,391
Less: Investment securities (gains) losses, net																		4						(23)						1						53						(8)
Total revenue (denominator)																		$	277,846					$	271,731					$	284,543					$	278,767					$	240,641
Efficiency ratio																		60.1%						58.5%						58.1%						57.8%						61.4%
Operating non-interest expenses to total average assets
Non-interest expense																		$	168,018					$	159,616					$	168,462					$	169,558					$	149,730
Less: Amortization of tax credit investments																		—						—						(696)						(696)						(696)
Less: Intangible amortization																		(1,072)						(674)						(688)						(690)						(177)
Less: Merger-related expenses																		—						—						(1,894)						(7,006)						(1,027)
Non-interest expense (numerator)																		$	166,946					$	158,942					$	165,184					$	161,166					$	147,830
Total average assets (denominator)																		$	27,235,567					$	26,900,653					$	26,386,355					$	26,357,095					$	25,578,432
Operating non-interest expenses to total average assets																		2.46%						2.40%						2.48%						2.43%						2.32%

17

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																		Three months ended
																		Jun 30						Mar 31						Dec 31						Sep 30						Jun 30
																		2023						2023						2022						2022						2022
Pre-provision net revenue
Net interest income																		$	212,852					$	215,587					$	225,911					$	215,582					$	178,831
Non-interest income																		60,585						51,753						54,321						59,162						58,391
Less: Investment securities (gains) losses, net																		4						(23)						1						53						(8)
Total revenue																		$	273,441					$	267,317					$	280,233					$	274,797					$	237,214
Non-interest expense																		$	168,018					$	159,616					$	168,462					$	169,558					$	149,730
Less: Amortization on tax credit investments																		—						—						(696)						(696)						(696)
Less: Merger-related expenses																		—						—						(1,894)						(7,006)						(1,027)
Less: Intangible amortization																		(1,072)						(674)						(688)						(690)						(177)
Total non-interest expense																		$	166,946					$	158,942					$	165,184					$	161,166					$	147,830
Pre-provision net revenue																		$	106,495					$	108,375					$	115,049					$	113,631					$	89,384
																		Six months ended June 30,
																		2023						2022
Operating net income available to common shareholders
Net income available to common shareholders																		$	142,796					$	129,153
Plus: Core deposit intangible amortization																		1,426						—
Plus: Merger-related expenses																		—						1,428
Plus: CECL Day 1 Provision expense																		—						—
Less: Tax impact of adjustments																		(299)						(300)
Operating net income available to common shareholders (numerator)																		$	143,923					$	130,281
Weighted average shares (diluted) (denominator)																		167,809						162,015
Operating net income available to common shareholders, per share (diluted)																		$	0.86					$	0.80
Note: numbers in this report may not sum due to rounding.

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