FULTMEDIUM SIGNALRISK10-K

FULT's provision for credit losses nearly doubled while operating cash flow declined meaningfully, indicating heightened credit risk concerns despite strong net income growth.

The substantial increase in credit loss provisions suggests management expects higher loan defaults ahead, which could pressure future earnings. While net income grew robustly, the combination of reduced operating cash flow and elevated credit provisioning indicates potential headwinds in the credit environment that investors should monitor closely.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

FULT delivered strong net income growth of 35.6% to $391.6M, demonstrating solid underlying profitability. However, the provision for credit losses roughly doubled to $54.0M, signaling management's expectation of increased loan losses ahead. Operating cash flow declined 26.9% to $304.5M, creating a mixed picture where earnings strength is tempered by credit quality concerns and reduced cash generation.

FINANCIAL STATEMENT CHANGES
Provision for Credit Losses
P&L
+92.8%
$28.0M→$54.0M

Credit loss provisions surged 92.8% — management flagging significant deterioration in loan quality ahead.

Net Income
P&L
+35.6%
$288.7M→$391.6M

Net income grew 35.6% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-26.9%
$416.6M→$304.5M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.
generally accepted accounting principles GLBA Gramm-Leach-Bliley Act GSEs U.S.
1 The reconciliation bill titled "An Act to provide for reconciliation pursuant to Title II of H.
14," formerly titled the "One Big Beautiful Bill Act" HTM Held to maturity HUD U.S.
Securities and Exchange Commission SOFR Secured Overnight Financing Rate Subordinated Notes due 2030 The Corporation's 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 Tax Act Tax Cuts and Jobs Act of 2017 Tax Code U.S.
Internal Revenue Code of 1986, as amended TCI Tax credit investment TDR Troubled debt restructuring TruPS Trust Preferred Securities TILA Truth in Lending Act U.S.
United States of America UST United States Treasury VIEs Variable Interest Entities Volcker Rule Regulators FDIC, Federal Reserve Board, OCC, Commodity Futures Trading Commission and SEC 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.
On November 24, 2025, the Corporation entered into the Merger Agreement with Blue Foundry.
Under the terms of the Merger Agreement, Blue Foundry will merge with and into the Corporation, with the Corporation continuing as the surviving corporation.
The combined company will operate under the Corporation's name and will trade under the ticker symbol "FULT." Shareholders of Blue Foundry approved the Merger at the Blue Foundry special shareholder meeting on January 29, 2026, and all regulatory approvals required to complete the Merger have been obtained.
REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A.
Securities and Exchange Commission SOFR Secured Overnight Financing Rate Tax Act Tax Cuts and Jobs Act of 2017 Tax Code U.S.
Internal Revenue Code of 1986, as amended TCI Tax credit investment TDR Troubled debt restructuring TruPS Trust Preferred Securities TILA Truth in Lending Act UST United States Treasury 6 VIEs Variable Interest Entities Visa Shares Visa, Inc.
Class B restricted shares Volcker Rule Regulators FDIC, Federal Reserve Board, OCC, Commodity Futures Trading Commission and SEC 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.
On April 26, 2024, the Corporation consummated the Republic First Transaction.
Electronic copies of our 2024 Annual Report on Form 10-K are available free of charge by visiting "Investor Relations - Documents" at www.fultonbank.com .
Human Capital Our workforce, excluding temporary employees and interns, consisted of approximately 3,400 employees, at December 31, 2024 and December 31, 2023.
We conduct an annual survey of our workforce to measure employee engagement, assess employee morale, and help identify areas of the employee experience that could be improved.
Cybersecurity Cybersecurity is a major component of our overall risk management approach.
Cybersecurity." Climate Risk Management At this time, we have not experienced material losses from climate change.
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