FULTPMEDIUM SIGNALRISK10-K

FULTP'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 notably, the sharp decline in operating cash flow combined with elevated credit provisioning indicates underlying operational challenges that warrant close monitoring.

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

FULTP delivered strong net income growth of 35.6% to $391.6M, reflecting solid core profitability. However, the provision for credit losses nearly doubled to $54.0M, signaling management's concern about potential loan defaults. Operating cash flow declined 26.9% to $304.5M, creating a mixed financial picture where earnings strength is tempered by credit risk buildup and weaker 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.
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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.
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