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☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020, or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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

17602

(Address of principal executive offices)

(Zip Code)

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, $2.50 par value

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

Securities registered pursuant to Section 12(g) of the Act:
None

Large accelerated filer

x

Accelerated filer

¨

Emerging growth company

☐

Non-accelerated filer

¨

Smaller reporting company

☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.                                                   ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  x

Description						Page
PART I
Item 1.			Business			5
Item 1A.			Risk Factors			21
Item 1B.			Unresolved Staff Comments			35
Item 2.			Properties			35
Item 3.			Legal Proceedings			35
Item 4.			Mine Safety Disclosures			35
PART II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			36
Item 6.			Selected Financial Data			39
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			41
Item 7A.			Quantitative and Qualitative Disclosures About Market Risk			69
Item 8.			Financial Statements and Supplementary Data:
			Consolidated Balance Sheets			74
			Consolidated Statements of Income			75
			Consolidated Statements of Comprehensive Income			76
			Consolidated Statements of Shareholders’ Equity			77
			Consolidated Statements of Cash Flows			78
			Notes to Consolidated Financial Statements			79
			Management Report On Internal Control Over Financial Reporting			131
			Report of Independent Registered Public Accounting Firm			132
			Quarterly Consolidated Results of Operations (unaudited)			135
Item 9.			Changes in and Disagreements With Accountants on Accounting and Financial Disclosure			136
Item 9A.			Controls and Procedures			136
Item 9B.			Other Information			136
PART III
Item 10.			Directors, Executive Officers and Corporate Governance			137
Item 11.			Executive Compensation			137
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			137
Item 13.			Certain Relationships and Related Transactions, and Director Independence			137
Item 14.			Principal Accounting Fees and Services			137
PART IV
Item 15.			Exhibits, Financial Statement Schedules			138
Item 16.			Form 10-K Summary			140
			Signatures			141
			Exhibit Index			143

FULTON FINANCIAL CORPORATION
GLOSSARY OF DEFINED ACRONYMS AND TERMS
ACL						Allowance for Credit Losses
AFS						Available for Sale
ALCO						Asset/Liability Management Committee
AML						Anti-Money Laundering
AOCI						Accumulated Other Comprehensive Income
ARC						Auction Rate Security
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
bp						Basis Point(s)
BSA						Bank Secrecy Act
CARES Act						Coronavirus Aid, Relief, and Economic Security Act
CECL						Current Expected Credit Losses
Corporation or Company						Fulton Financial Corporation
COVID-19						Coronavirus
Directors' Plan						Amended and Restated Directors’ Equity Participation Plan
DTAs						Deferred Tax Assets
Employee Equity Plan						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
EAD						Exposure at Default
FASB						Financial Accounting Standards Board
FDIC						Federal Deposit Insurance Corporation
Fed Funds Rate						Target Federal Funds Rate
FHLB						Federal Home Loan Bank
FOMC						Federal Open Market Committee
FRB						Federal Reserve Bank
FTE						Fully Taxable-Equivalent
Fulton Bank or the Bank						Fulton Bank, N.A.
GAAP						U.S. Generally Accepted Accounting Principles
GLB Act						Gramm-Leach-Bliley Act
HTM						Held to Maturity
LGD						Loss Given Default
LIBOR						London Interbank Offered Rate
MSRs						Mortgage Servicing Rights
Net Loans						Loans and Lease Receivables, (net of unearned income)
NIM						Net Interest Margin
N/M						Not meaningful
OBS						Off-Balance-Sheet
OCC						Office of the Comptroller of the Currency
OREO						Other Real Estate Owned
OTTI						Other-Than-Temporary Impairment
PD						Probability of Default
PPP						Paycheck Protection Program

PSU						Performance-Based Restricted Stock Unit
ROU						Right-of-Use
RSU						Restricted Stock Unit
SBA						Small Business Administration
SEC						United States Securities and Exchange Commission
TCI						Tax Credit Investment
TDR						Troubled Debt Restructuring
TruPS						Trust Preferred Securities

The Corporation's Internet address is www.fult.com. Electronic copies of the Corporation's 2020 Annual Report on Form 10-K are available free of charge by visiting "Investor Relations" at www.fult.com. Electronic copies of quarterly reports on Form 10-Q and current reports on Form 8-K are also available at this Internet address. These reports, as well as any amendments thereto, are posted on the Corporation's website as soon as reasonably practicable after they are electronically filed with the SEC.

Subsidiary									Total Assets
									(in thousands)
Columbia Bancorp Statutory Trust									$	6,186
Columbia Bancorp Statutory Trust II									4,124
Columbia Bancorp Statutory Trust III									6,186

Governmental and Regulatory Actions to Mitigate the Impact of the COVID-19 Pandemic - There have been several regulatory and legislative actions intended to help mitigate the adverse economic impact of COVID-19 on individuals, including several mandates from the federal bank regulatory agencies, requiring financial institutions to work constructively with borrowers affected by COVID-19 and mandatory loan forbearances. In addition, although the bans on foreclosures in Pennsylvania and Delaware have expired, bans remain in many of the other states in which the Corporation does business. In New Jersey, Governor Philip Murphy has, barring rare circumstances, suspended evictions and foreclosures throughout the state until at least April 19, 2021. Both Virginia and Maryland have enacted provisions allowing for pauses on foreclosures and forbearances for residential homeowners affected by the COVID-19 pandemic until at least the state of emergency ends in the respective states. There continues to be mounting pressure on governors and localities to take further relief action.

BHCA - The Corporation is subject to regulation and examination by the Federal Reserve Board, and is required to file periodic reports and to provide additional information that the Federal Reserve Board may require. The BHCA regulates activities of bank holding companies, including requirements and limitations relating to capital, transactions with officers, directors and affiliates, securities issuances, dividend payments and extensions of credit, among others. The BHCA permits the Federal Reserve Board, in certain circumstances, to issue cease and desist orders and other enforcement actions against bank holding companies (and their non-banking affiliates) to correct or curtail unsafe or unsound banking practices. In addition, the Federal Reserve Board must approve certain proposed changes in organizational structure or other business activities before they occur. The BHCA imposes certain restrictions upon the Corporation regarding the acquisition of substantially all of the assets of, or direct or indirect ownership or control of, any bank for which it is not already the majority owner.

Source of Strength - Federal banking law requires bank holding companies such as the Corporation to act as a source of financial strength and to commit capital and other financial resources to each of their banking subsidiaries. This support may be

The Economic Growth, Regulatory Relief, and Consumer Protection Act - In May 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act ("Economic Growth Act") became law. Among other things, the Economic Growth Act amended certain provisions of the Dodd-Frank Act to raise the total asset threshold for mandatory applicability of enhanced prudential standards for bank holding companies to $250 billion and to allow the Federal Reserve Board to apply enhanced prudential standards to bank holding companies with between $100 billion and $250 billion in total assets to address financial stability risks or safety and soundness concerns. The Economic Growth Act's increased threshold took effect immediately for bank holding companies with total assets of less than $100 billion, including the Corporation.

Consumer Financial Protection Laws and Enforcement - The CFPB and the federal banking agencies continue to focus attention on consumer protection laws and regulations. The CFPB is responsible for promoting fairness and transparency for mortgages, credit cards, deposit accounts and other consumer financial products and services and for interpreting and enforcing the federal consumer financial laws that govern the provision of such products and services. Federal consumer financial laws enforced by the CFPB include, but are not limited to, the Equal Credit Opportunity Act ("ECOA"), Truth in Lending Act ("TILA"), the Truth in Savings Act, Home Mortgage Disclosure Act, Real Estate Settlement Procedures Act ("RESPA"), the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act. The CFPB is also authorized to prevent any institution under its authority from engaging in an unfair, deceptive, or abusive act or practice in connection with consumer financial products and services. As a residential mortgage lender, the Corporation is subject to multiple federal consumer protection statutes and regulations, including, but not limited to, those referenced above.

Ability-to-pay rules and qualified mortgages - Under CFPB rules that implement TILA, mortgage lenders are required to make a reasonable and good faith determination, based on verified and documented information, that a consumer applying for a residential mortgage loan has a reasonable ability to repay the loan according to its terms. These rules prohibit creditors, such as Fulton Bank, from extending residential mortgage loans without regard for the consumer's ability to repay and add restrictions and requirements to residential mortgage origination and servicing practices. In addition, these rules restrict the imposition of prepayment penalties and compensation practices relating to residential mortgage loan origination. Mortgage lenders are required to determine consumers' ability to repay in one of two ways. The first alternative requires the mortgage lender to consider eight underwriting factors when making the credit decision. The mortgage lender may also originate "qualified mortgages," which are entitled to a presumption that the creditor making the loan satisfied the ability-to-repay requirements. In general, a qualified mortgage ("QM") is a residential mortgage loan that does not have certain high-risk features, such as negative amortization, interest-only payments, balloon payments, or a term exceeding 30 years. In addition, to be a QM loan, the points and fees paid by a consumer cannot exceed 3% of the total loan amount, and the borrower's total debt-to-income ratio must be no higher than 43% (subject to certain limited exceptions for loans eligible for purchase, guarantee or insurance by a government sponsored enterprise or a federal agency).

Integrated disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act - Under CFPB rules, mortgage lenders are required to provide a loan estimate, not later than the third business day after submission of a loan application, and a closing disclosure at least three days prior to the loan closing. The loan estimate must detail the terms of the loan, including, among other things, expenses, projected monthly mortgage payments and estimated closing costs. The closing disclosure must include, among other things, closing costs and a comparison of costs reported on the loan estimate to actual charges to be applied at closing.

Volcker Rule - Provisions of the Dodd-Frank Act, commonly known as the "Volcker Rule," prohibit banks and their affiliates from engaging in proprietary trading and investing in and sponsoring hedge funds and private equity funds and other private funds that are, among other things, offered within specified exemptions to the Investment Company Act, known as "covered funds," subject to certain exemptions. In October 2019, the federal banking agencies, the Commodity Futures Trading Commission and the SEC (the "Volcker Rule Regulators") finalized amendments, effective on January 1, 2020, but with a required compliance date of January 1, 2021, to their regulations implementing the Volcker Rule, tailoring compliance requirements based on the size and scope of a banking entity's trading activities and clarifying and amending certain definitions, requirements and exemptions. On June 25, 2020, the five U.S. federal financial regulators issued a final rule that modifies the rule’s prohibition on banking entities investing in or sponsoring "covered funds." The new rule (1) streamlines the covered funds portion of the rule; (2) addresses the extraterritorial treatment of certain foreign funds; and (3) permits banking entities to offer financial services and engage in other activities that do not raise concerns that the Volcker Rule was intended to address. The Corporation's investing and trading activities have and will continue to depend on, among other things, further rulemaking and guidance from the Volcker Rule Regulators and the development of market practices and standards.

Capital Requirements - The Corporation and Fulton Bank are subject to risk-based requirements and rules issued by the federal banking agencies (the "Basel III Rules") that are based upon the final framework of the Basel Committee for strengthening

Stress Testing and Capital Planning - As a result of the Economic Growth Act and implementing regulations adopted by the Federal Reserve Board and OCC, the Corporation and Fulton Bank are no longer subject to company-run stress testing requirements under the Dodd-Frank Act. The Federal Reserve Board continues to supervise the Corporation's capital planning and risk management practices through the regular supervisory process.

Current Expected Credit Losses Transitional Provisions - In June 2016, the Financial Accounting Standards Board ("FASB") issued an accounting standard update, "Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments," which replaces the existing "incurred loss" model for recognizing credit losses with an "expected loss" model referred to as the Current Expected Credit Loss ("CECL") model. Under the CECL model, the Corporation is required to present certain financial assets carried at amortized cost, such as loans held for investment and HTM debt securities, at the net amount expected to be collected. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In December 2018, the federal banking agencies approved a final rule modifying their regulatory capital rules and providing an option to phase in over a period of three years the day-one regulatory capital effects of the CECL model. The final rule also revises the agencies' other rules to reflect the update to the accounting standards. The new CECL standard became effective for the Corporation on January 1, 2020. On August 26, 2020, the federal bank regulatory agencies issued a rule that allows institutions that adopted the CECL accounting standard in 2020 the option to mitigate the estimated capital effects of CECL for two years, followed by a three-year transition period. Taken together, these measures offer institutions a transition period of up to five years. The Corporation has elected to avail itself of the 2020 Capital Transition Relief as permitted under applicable regulations. On May 8, 2020, four federal banking agencies issued an interagency policy statement on the new CECL methodology. The policy statement harmonizes the agencies' policies on ACL with the FASB's new accounting standards. Specifically, the statement (1) updates concepts and practices from prior policy statements issued in December 2006 and July 2001 and specifies which prior guidance documents are no longer relevant; (2) describes the appropriate CECL methodology, in light of Topic 326, for determining ACLs on financial assets measured at amortized cost, net investments in leases, and certain OBS credit exposures; and (3) describes how to estimate an ACL for an impaired AFS debt security in line with Topic 326. The proposed policy statement is effective at the time that each institution adopts the new standards required by the FASB. See "Note 1 - Summary of Significant Accounting Policies - Recently Issued Accounting Standards" in the Notes to Consolidated Financial Statements in Item 8. "Financial Statements and Supplementary Data" for additional information on CECL and its impact on the Corporation's ACL and regulatory capital.

Prompt Corrective Action - The Federal Deposit Insurance Corporation Improvement Act ("FDICIA") established a system of prompt corrective action to attempt to resolve the problems of undercapitalized institutions. The FDICIA, among other things, establishes five capital categories for FDIC-insured banks: "well capitalized," "adequately capitalized," "undercapitalized," "significantly undercapitalized" and "critically undercapitalized." An insured depository institution is treated as well capitalized if its total risk-based capital ratio is 10.00% or greater, its Tier 1 risk-based capital ratio is 8.00% or greater, its CET1 risk-based capital ratio is 6.50% or greater and its Tier 1 leverage capital ratio is 5.00% or greater, and it is not subject to any order or directive to meet a specific capital level. As of December 31, 2020, Fulton Bank's capital ratios were above the minimum levels required to be considered "well capitalized" by the OCC.

Brokered Deposits - The FDICIA and FDIC regulations limit the ability of an insured depository institution, such as Fulton Bank, to accept, renew or roll over brokered deposits unless the institution is well-capitalized under the prompt corrective action framework described above, or unless it is adequately capitalized and obtains a waiver from the FDIC. In addition, less than well-capitalized banks are subject to restrictions on the interest rates they may pay on deposits. On December 15, 2020, the

Loans and Dividends from Bank Subsidiary - There are various restrictions on the extent to which Fulton Bank can make loans and other extensions of credit (including credit exposure arising from repurchase and reverse repurchase agreements, securities borrowing and derivative transactions) to, or enter into certain transactions with, its affiliates, which include the Corporation and its non-bank subsidiaries. In general, these restrictions require that such transactions: are limited, as to any one of the Corporation or its non-bank subsidiaries, to 10% of Fulton Bank's regulatory capital (20% in the aggregate to all such entities); satisfy certain qualitative limitations, including that any covered transaction be made on an arm's length basis; and, in the case of extensions of credit, be secured by designated amounts of specified collateral.

Federal Deposit Insurance - The deposits of Fulton Bank are insured up to the applicable limits by the DIF, generally up to $250,000 per insured depositor. Fulton Bank pays deposit insurance premiums based on assessment rates established by the FDIC. The FDIC has established a risk-based assessment system under which institutions are classified and pay premiums according to their perceived risk to the DIF. In addition, the FDIC possesses backup enforcement authority over a depository institution holding company, such as the Corporation, if the conduct or threatened conduct of such holding company poses a risk to the DIF, although such authority may not be used if the holding company is generally in sound condition and does not pose a foreseeable and material risk to the DIF.

Anti-Money Laundering Requirements and the USA Patriot Act - The USA PATRIOT Act of 2001 ("Patriot Act"), which amended the Bank Secrecy Act of 1970 ("BSA"), and other anti-money laundering ("AML") laws and regulations impose affirmative obligations on a wide range of financial institutions to maintain appropriate policies, procedures and controls to detect, prevent and report money laundering and terrorist financing.

Commercial Real Estate Guidance - Under guidance issued by the federal banking agencies, the agencies have expressed concerns with institutions that ease commercial real estate underwriting standards, and have directed financial institutions to maintain underwriting discipline and exercise risk management practices to identify, measure and monitor lending risks. The agencies have also issued guidance that requires a financial institution to employ enhanced risk management practices if the institution is exposed to significant concentration risk. Under that guidance, an institution is potentially exposed to significant concentration risk if (i) total reported loans for construction, land development, and other land represent 100% or more of total capital or (ii) total reported loans secured by multi-family and non-farm residential properties, loans for construction, land development, and other land loans otherwise sensitive to the general commercial real estate market, including loans to commercial real estate related entities, represent 300% or more of total capital, and the outstanding balance of the institution's commercial real estate loan portfolio has increased by 50% or more during the prior 36 months.

Community Reinvestment - Under the Community Reinvestment Act of 1977 ("CRA"), Fulton Bank has a continuing and affirmative obligation, consistent with its safe and sound operation, to ascertain and meet the credit needs of its entire community, including low- and moderate-income areas. The CRA does not establish specific lending requirements or programs for financial institutions, nor does it limit an institution's discretion to develop the types of products and services that it believes are best suited to its particular community. The CRA requires an institution's primary federal regulator, in connection with its examination of the institution, to assess the institution's record of meeting the credit needs of its community and to take such record into account in its evaluation of certain applications by such institution. The assessment focuses on three tests: (1) a lending test, to evaluate the institution's record of making loans, including community development loans, in its designated assessment areas; (2) an investment test, to evaluate the institution's record of investing in community development projects, affordable housing, and programs benefiting low- or moderate-income individuals and areas and small businesses; and (3) a service test, to evaluate the institution's delivery of banking services throughout its CRA assessment area, including low- and moderate-income areas. The CRA also requires all institutions to make public disclosure of their CRA ratings. As of December 31, 2020, Fulton Bank was rated as "satisfactory." Regulations require that Fulton Bank publicly disclose certain agreements that are in fulfillment of CRA. Fulton Bank is not a party to any such agreements at this time.

Standards for Safety and Soundness - Pursuant to the requirements of FDICIA, as amended by the Riegle Community Development and Regulatory Improvement Act of 1994 ("Riegle-Neal Act"), the federal bank regulatory agencies adopted guidelines establishing general standards relating to internal controls, information systems, internal audit systems, loan documentation, credit underwriting, interest rate risk exposure, asset growth, asset quality, earnings, compensation, fees and benefits. In general, the guidelines require, among other things, appropriate systems and practices to identify and manage the risks and exposures specified in the guidelines. In addition, the agencies have adopted regulations that authorize, but do not require, an agency to order an institution that has been given notice by an agency that it is not satisfying any of such safety and soundness standards to submit a compliance plan. If the institution fails to submit an acceptable compliance plan or fails in any material respect to implement an accepted compliance plan, the regulator must issue an order directing corrective actions and may issue an order directing other actions of the types to which a significantly undercapitalized institution is subject under the "prompt corrective action" provisions of FDICIA. If the institution fails to comply with such an order, the regulator may seek to enforce such order in judicial proceedings and to impose civil money penalties.

Privacy Protection and Cybersecurity - Fulton Bank is subject to regulations implementing the privacy protection provisions of the GLB Act. These regulations require Fulton Bank to disclose its privacy policy, including identifying with whom it shares "nonpublic personal information," to customers at the time of establishing the customer relationship and annually thereafter. The regulations also require Fulton Bank to provide its customers with initial and annual notices that accurately reflect its privacy policies and practices. In addition, to the extent its sharing of such information is not covered by an exception, Fulton Bank is required to provide its customers with the ability to "opt-out" of having Fulton Bank share their nonpublic personal information with unaffiliated third parties.

Federal Reserve System - Federal Reserve Board regulations require depository institutions to maintain cash reserves against specified deposit liabilities. The dollar amount of a depository institution's reserve requirement is determined by applying the reserve ratios specified in the Federal Reserve Board's Regulation D to an institution's reservable liabilities (primarily net transaction accounts such as NOW and demand deposit accounts). A reserve of 3% must be maintained against aggregate transaction account balances of between $16.9 million and $127.5 million (subject to adjustment by the Federal Reserve Board) plus a reserve of 10% (subject to adjustment by the Federal Reserve Board within a range of between 8% and 14%) against that portion of total transaction account balances in excess of $127.5 million. The first $16.9 million of otherwise reservable balances (subject to adjustment by the Federal Reserve Board) are exempt from the reserve requirements. Fulton Bank is in compliance with the foregoing requirements.

Acquisitions - The BHCA requires a bank holding company to obtain the prior approval of the Federal Reserve Board before:

Permissible Activities - As a bank holding company, the Corporation may engage in the business of banking, managing or controlling banks, performing servicing activities for subsidiaries, and engaging in activities that the Federal Reserve Board has determined, by order or regulation, are so closely related to banking as to be a proper incident thereto. As a financial holding company, the Corporation may also may engage in or acquire and retain the shares of a company engaged in activities that are financial in nature or incidental or complementary to activities that are financial in nature as long as the Corporation continues to meet the eligibility requirements for financial holding companies, including that the Corporation and each of its U.S. depository institution subsidiaries remain "well-capitalized" and "well-managed."

Enforcement Powers of Federal Banking Regulators - The Federal Reserve Board and other U.S. banking agencies have broad enforcement powers with respect to an insured depository institution and its holding company, including the power to (i) impose cease and desist orders, substantial fines and other civil penalties, (ii) terminate deposit insurance, and (iii) appoint a conservator or receiver. Failure to comply with applicable laws or regulations could subject the Corporation or Fulton Bank, as well as their officers and directors, to administrative sanctions and potentially substantial civil and criminal penalties.

Federal Securities Laws - The Corporation is subject to the periodic reporting, proxy solicitation, tender offer, insider trading, corporate governance and other requirements under the Securities Exchange Act of 1934. Among other things, the federal securities laws require management to issue a report on the effectiveness of its internal controls over financial reporting. In addition, the Corporation's independent registered public accountants are required to issue an opinion on the effectiveness of the Corporation's internal control over financial reporting. These reports can be found in Part II, Item 8, "Financial Statements and Supplementary Data." Certifications of the Chief Executive Officer and the Chief Financial Officer as required by the Sarbanes-Oxley Act of 2002 and the resulting SEC rules can be found in the "Signatures" and "Exhibits" sections.

The Corporation believes that building relationships matters. This belief includes relationships with clients and customers and relationships among employees. In recent years, the Corporation has placed significant emphasis on developing its corporate culture, and now considers its culture to be one of the components of its continuing success. The Corporation’s culture-shaping program, The Fulton Experience, is a highly engaging program that is intended to spark new ways of thinking about employees’ individual roles, how employees collaborate, and how employees and the Corporation grow together as an organization. The Corporation believes that it succeeds as a company because it values the teamwork of its employees and fosters a culture around that belief. More recently, the Corporation has been applying that same emphasis to the development of a diverse and inclusive workforce. The Corporation recognizes that having a diverse and inclusive culture and workforce, that encourages employees to share their opinions and different perspectives, and fosters a culture of respect, are also crucial elements of a successful organization. In 2020, the Corporation launched a significant effort to enhance and accelerate diversity and inclusion in its workforce by implementing a number of initiatives aimed at improving its ability to attract and retain diverse candidates so that, over time, the Corporation can increase the diversity of its workforce to reflect the makeup of the communities it serves.

Name

Age (1)

Office Held and Term of Office

E. Philip Wenger

63

Director of the Corporation since 2009 and Director of Fulton Bank, N.A since 2019. Chairman of the Board and Chief Executive Officer of the Corporation since January 2013. Mr. Wenger previously served as President of the Corporation from 2008 to 2017, Chief Operating Officer of the Corporation from 2008 to 2012, a Director of Fulton Bank, N.A. from 2003 to 2009, Chairman of Fulton Bank, N.A. from 2006 to 2009 and has been employed by the Corporation in a number of positions since 1979.

Mark R. McCollom

56

Senior Executive Vice President and Chief Financial Officer of the Corporation since March of 2018. Mr. McCollom joined the Corporation in November 2017 as Senior Executive Vice President and Chief Financial Officer Designee. Before joining the corporation he was a Senior Managing Director, Chief Administrative Officer and COO of Griffin Financial Group, LLC. Prior to his role at Griffin Financial Group, Mr. McCollom was the Chief Financial Officer of Sovereign Bancorp, Inc. He has over 30 years of experience in the financial services industry.

Curtis J. Myers

52

Director of the Corporation since 2019 and Director of Fulton Bank, N.A. since 2009. President and Chief Operating Officer of the Corporation since January 1, 2018. Chairman and Chief Executive Officer of Fulton Bank, N.A. since May 2018. Mr. Myers served as Senior Executive Vice President of the Corporation from July 2013 to December 2017. President and Chief Operating Officer of Fulton Bank, N.A. since February 2009. He served as Executive Vice President of the Corporation since August 2011. Mr. Myers has been employed by Fulton Bank, N.A. in a number of positions since 1990.

David M. Campbell

59

Senior Executive Vice President, and Director of Strategic Initiatives and Operations since December 2014. Mr. Campbell joined the Corporation as Chief Administrative Officer of Fulton Financial Advisors, a division of Fulton Bank, N.A. in 2009, and was promoted to President of Fulton Financial Advisors in 2010. He has more than 30 years of experience in financial services.

Beth Ann L. Chivinski

60

Senior Executive Vice President and Chief Risk Officer of the Corporation effective June 1, 2016. Previously, she served as the Corporation’s Chief Audit Executive April 2013 to June 2016 and was promoted to Senior Executive Vice President of the Corporation in 2014. Prior to that, she served as the Corporation’s Executive Vice President, Controller and Chief Accounting Officer from June 2004 to March 31, 2013. Ms. Chivinski has worked in various positions with the Corporation since 1994.

Name

Age (1)

Office Held and Term of Office

Meg R. Mueller

56

Senior Executive Vice President and Head of Commercial Business since January 1, 2018. Ms. Mueller served as Chief Credit Officer of the Corporation from 2010 - 2017 and was promoted to Senior Executive Vice President of the Corporation in 2013. Ms. Mueller has been employed by the Corporation in a number of positions since 1996.

Angela M. Sargent

53

Senior Executive Vice President and Chief Information Officer of the Corporation since July 2013. Ms. Sargent served as Executive Vice President and Chief Information Officer from 2002 to 2013 and has been employed by the Corporation in a number of positions since 1992.

Angela M. Snyder

56

Senior Executive Vice President and Head of Consumer Banking since January 1, 2018. She heads the Corporation's Consumer Banking line of business. Ms. Snyder joined the Corporation in 2002 as President of Woodstown National Bank she then served as Chairwoman, President and CEO of Fulton Bank of New Jersey until 2019, when the Corporation consolidated that bank into Fulton Bank, N.A. She has more than 30 years of experience in the financial services industry.

Daniel R. Stolzer

64

Senior Executive Vice President, Chief Legal Officer and Corporate Secretary since January 1, 2018. Mr. Stolzer joined the Corporation in 2013 as Executive Vice President, General Counsel and Corporate Secretary. Prior to joining the Corporation, Mr. Stolzer served as Chief Counsel - Special Projects at PNC Financial Services Group in Pittsburgh, PA and Deputy General Counsel at KeyCorp in Cleveland, OH. He has more than 30 years of experience working in financial services law beginning with work at several law firms, including Cadwalader, Wickersham & Taft in New York City where he was a member of the Corporate Securities and Capital Markets practice groups. .

Bernadette M. Taylor

59

Senior Executive Vice President, and Chief Human Resource Officer since May 2015. In 2001, she was promoted to Senior Vice President of employee services. She served as Executive Vice President of employee services, employment, and director of human resources before her promotion in 2015 to Chief Human Resources Officer. Dr. Taylor joined the Corporation in 1994 as Corporate Training Director at Fulton Financial Corporation.

Approximately 73% of the Corporation's loan portfolio was in commercial loans, commercial mortgage loans, and construction loans at December 31, 2020. Commercial loans, commercial mortgage loans and construction loans generally involve a greater degree of credit risk than residential mortgage loans and consumer loans because they typically have larger balances and are likely to be more sensitive to broader economic factors and conditions. Because payments on these loans often depend on the successful operation and management of businesses and properties, repayment of such loans may be affected by factors outside the borrower's control, such as adverse conditions in the real estate markets, adverse economic conditions or changes in governmental regulation.

•In the current interest rate environment, it may become more difficult for the Corporation to further increase its net interest margin or its net interest margin may come under further downward pressure. As a result, income growth will likely need to come from growth in the volume of earning assets, particularly loans, and an increase in non-interest income. However, customer demand and competition could make such income growth difficult to achieve; and

•The Corporation may seek to supplement organic growth through acquisitions, but may not be able to identify suitable acquisition opportunities, obtain the required regulatory approvals or successfully integrate acquired businesses.

•Potential exposure to unknown or contingent liabilities of the acquired business including, without limitation, liabilities for regulatory and compliance issues;

•Potential changes in banking or tax laws or regulations that may affect the acquired business; and

•Potential difficulties in integrating the acquired business, resulting in the diversion of resources from the operation of the Corporation's existing businesses.

As of December 31, 2020, the Corporation had 162.3 million shares of $2.50 par value common stock outstanding held by approximately 30,500 holders of record. The closing price per share of the Corporation’s common stock on February 18, 2021 was $14.88. The common stock of the Corporation is traded on the Global Select Market of The Nasdaq Stock Market under the symbol FULT.

						Price Range												Per Share Dividend
						High						Low
2020
First Quarter						$	17.62					$	10.07					$	0.13
Second Quarter						12.97						8.91						0.13
Third Quarter						10.88						8.89						0.13
Fourth Quarter						13.67						9.15						0.17
2019
First Quarter						$	17.39					$	14.85					$	0.13
Second Quarter						17.57						15.49						0.13
Third Quarter						17.28						15.23						0.13
Fourth Quarter						18.00						15.28						0.17

Plan Category						Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)						Weighted-average exercise price of outstanding options, warrants and rights (2)						Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in first column) (3)
Equity compensation plans approved by security holders						2,295,687						$	11.39					10,917,000
Equity compensation plans not approved by security holders						—						—						—
Total						2,295,687						$	11.39					10,917,000

(1) The number of securities to be issued upon exercise of outstanding options, warrants and rights includes 1,101,418 PSUs, which is the target number of PSUs that are payable under the Employee Equity Plan, though no shares will be issued until achievement of applicable performance goals, and includes 683,264 time-vested RSUs granted under the Employee Equity Plan and 112,698 time-vested RSUs granted under the Directors' Plan.

(2) The weighted-average exercise price of outstanding options, warrants and rights does not take into account outstanding PSUs and RSUs granted under the Employee Equity and the Directors' Plan.

(3) Consists of 9,307,000 shares that may be awarded under the Employee Equity Plan, 180,000 shares that may be awarded under the Directors' Plan and 1,430,000 shares that may be purchased under the ESPP. Excludes accrued purchase rights under the ESPP as of December 31, 2020 as the number of shares to be purchased is indeterminable until the shares are issued.

						Year Ending December 31
Index						2015						2016						2017						2018						2019						2020
Fulton Financial Corporation						$	100.00					$	148.52					$	145.05					$	129.41					$	150.76					$	115.75
S&P 500						$	100.00					$	111.96					$	136.40					$	130.42					$	171.49					$	203.04
Nasdaq Bank Index						$	100.00					$	135.03					$	141.28					$	114.74					$	139.10					$	124.31

			2020						2019						2018						2017						2016
SUMMARY OF INCOME
Interest income			$	742,878					$	825,306					$	758,514					$	668,866					$	603,100
Interest expense			113,671						176,917						128,058						93,502						82,328
Net interest income			629,207						648,389						630,456						575,364						520,772
Provision for credit losses (1)			76,920						32,825						46,907						23,305						13,182
Investment securities gains, net			3,053						4,733						37						9,071						2,550
Non-interest income, excluding net investment securities gains			226,335						211,427						195,488						198,903						187,628
Prepayment penalty on FHLB advances			2,878						4,326						—						—						—
Non-interest expense (2)			576,562						563,410						546,104						525,579						489,519
Income before income taxes			202,235						263,988						232,970						234,454						208,249
Income taxes			24,194						37,649						24,577						62,701						46,624
Net income			$	178,040					$	226,339					$	208,393					$	171,753					$	161,625
Preferred stock dividends			(2,135)						—						—						—						—
Net income available to common shareholders			$	175,905					$	226,339					$	208,393					$	171,753					$	161,625
PER SHARE
Net income (basic)			$	1.08					$	1.36					$	1.19					$	0.98					$	0.93
Net income (diluted)			1.08						1.35						1.18						0.98						0.93
Cash dividends			0.56						0.56						0.52						0.47						0.41
RATIOS
Return on average assets			0.73		%				1.06		%				1.03		%				0.88		%				0.88		%
Return on average equity			7.44						9.81						9.24						7.83						7.69
Return on average tangible equity (3)			9.66						12.84						12.09						10.33						10.30
Net interest margin			2.86						3.36						3.40						3.28						3.18
Efficiency ratio (3)			65.7						63.7						63.8						64.5						67.2
Dividend payout ratio			51.9						41.5						44.1						48.0						44.1
Average equity to assets ratio			9.83						10.85						11.18						11.20						11.43
PERIOD-END BALANCES
Total assets			$	25,906,733					$	21,886,040					$	20,682,152					$	20,036,905					$	18,944,247
Investment securities			3,340,424						2,867,378						2,686,973						2,547,956						2,559,227
Net Loans			18,900,820						16,837,526						16,165,800						15,768,247						14,699,272
Deposits			20,839,207						17,393,913						16,376,159						15,797,532						15,012,864
Short-term borrowings			630,066						883,241						754,777						617,524						541,317
Long-term borrowings			1,296,263						881,769						992,279						1,038,346						929,403
Shareholders’ equity			2,616,828						2,342,176						2,247,573						2,229,857						2,121,115
AVERAGE BALANCES
Total assets			$	24,333,717					$	21,258,040					$	20,183,202					$	19,580,367					$	18,371,173
Investment securities			3,007,467						2,778,846						2,662,800						2,547,914						2,469,564
Net Loans			18,270,390						16,430,347						15,815,263						15,236,612						14,128,064
Deposits			19,401,046						16,766,561						15,832,606						15,481,221						14,585,545
Short-term borrowings			810,583						849,679						785,923						533,564						395,727
Long-term borrowings			1,254,300						942,600						977,573						1,034,444						959,142
Shareholders’ equity			2,391,649						2,306,070						2,255,764						2,193,863						2,100,634

(1)Beginning January 1, 2020, provision is determined under CECL methodology. Prior to January 1, 2020, provision was determined based on incurred loss methodology.

(2)Excluding prepayment penalty on FHLB advances.

(3)Ratio represents a financial measure derived by methods other than GAAP. See reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure under the following heading, "Supplemental Reporting of Non-GAAP Based Financial Measures" below.

			2020						2019						2018						2017						2016
			(in thousands, except per share data and percentages)
Return on average common shareholders' equity (tangible)
Net income available to common shareholders			$	175,905					$	226,339					$	208,393					$	171,753					$	161,625
Plus: Intangible amortization, net of tax			417						1,127						—						—						—
Numerator			$	176,322					$	227,466					$	208,393					$	171,753					$	161,625
Average common shareholders' equity			$	2,391,649					$	2,306,070					$	2,255,764					$	2,193,863					$	2,100,634
Less: Average goodwill and intangible assets			(535,196)						(534,120)						(531,556)						(531,556)						(531,556)
Less: Average preferred stock			(32,084)						—						—						—						—
Average tangible common shareholders' equity (denominator)			$	1,824,369					$	1,771,950					$	1,724,208					$	1,662,307					$	1,569,078
Return on average common shareholders' equity (tangible)			9.66		%				12.84		%				12.09		%				10.33		%				10.30		%
Efficiency ratio
Non-interest expense			$	579,440					$	567,736					$	546,104					$	525,579					$	489,519
Less: Amortization of tax credit investments			(6,126)						(6,021)						(11,449)						(11,028)						—
Less: Intangible amortization			(529)						(1,427)						—						—						—
Less: Prepayment penalty on FHLB advances			(2,878)						(4,326)						—						—						—
Numerator			$	569,908					$	555,962					$	534,655					$	514,551					$	489,519
Net interest income FTE (1)			$	641,510					$	661,356					$	642,577					$	598,565					$	541,271
Plus: Total non-interest income			229,388						216,159						195,525						207,974						190,178
Less: Investment securities gains, net			(3,053)						(4,733)						(37)						(9,071)						(2,550)
Denominator			$	867,845					$	872,782					$	838,065					$	797,468					$	728,899
Efficiency ratio			65.7		%				63.7		%				63.8		%				64.5		%				67.2		%
Non-performing assets to common shareholders' equity (tangible) and ACL - loans
Non-performing assets (numerator)			$	151,305					$	147,986					$	150,196					$	144,582					$	144,453
Tangible common shareholders' equity			$	1,887,291					$	1,806,873					$	1,716,017					$	1,698,301					$	1,589,559
Plus: ACL - loans			277,567						166,209						169,410						176,084						171,325
Tangible common shareholders' equity and ACL - loans (denominator)			$	2,164,858					$	1,973,082					$	1,885,427					$	1,874,385					$	1,760,884
Non-performing assets to tangible common shareholders' equity and ACL - loans			6.99		%				7.50		%				7.97		%				7.71		%				8.20		%

(1) Presented on a fully taxable equivalent basis, using a 21% federal tax rate for 2018 through 2020 and 35% for 2016 and 2017.

•the impact of adverse conditions in the economy and financial markets on the performance of the Corporation’s loan portfolio and demand for the Corporation’s products and services;

•the scope and duration of the COVID-19 pandemic, actions taken by governmental authorities in response to the pandemic, the Corporation’s participation in the PPP and other COVID-19 relief programs, and the direct and indirect impacts of the pandemic on the Corporation, its customers and third parties;

•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;

•increases in non-performing assets, which may require the Corporation to increase the allowance for credit losses, charge off loans and incur elevated collection and carrying costs related to such non-performing assets;

•investment securities gains and losses, including other-than-temporary declines in the value of securities which may result in charges to earnings;

•the effects of market interest rates, and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities, on net interest margin and net interest income;

•the planned phasing out of LIBOR as a benchmark reference rate;

•the effects of changes in interest rates on demand for the Corporation’s products and services;

•the effects of changes in interest rates or disruptions in liquidity markets on the Corporation’s sources of funding;

•the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank, N.A. are subject;

•the effects of the significant amounts of time and expense associated with regulatory compliance and risk management;

•the potential for negative consequences resulting from regulatory violations, investigations and examinations, or failure to comply with the BSA, the Patriot Act and related AML requirements, 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 continuing impact of the Dodd-Frank Act on the Corporation’s business and results of operations;

•the effects of, and uncertainty surrounding, new legislation, changes in regulation and government policy, which could result in significant changes in banking and financial services regulation;

•the effects of actions by the federal government, including those of the Federal Reserve Board and other government agencies, that impact money supply and market interest rates;

•the effects of changes in U.S. federal, state or local tax laws;

•the effects of negative publicity on the Corporation’s reputation;

•the effects of adverse outcomes in litigation and governmental or administrative proceedings;

•the potential to incur losses in connection with repurchase and indemnification payments related to sold loans;

•the Corporation’s ability to achieve its growth plans;

•completed and potential 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;

•the potential effects of climate change on the Corporation’s business and results of operations;

•the Corporation’s ability to implement from time to time measures intended to manage growth in non-interest expenses and improve the efficiency of its operations and realize the intended effects of those initiatives;

•the effects of competition on deposit rates and growth, loan rates and growth and net interest margin;

•the Corporation’s ability to manage the level of non-interest expenses, including salaries and employee benefits expenses, operating risk losses and goodwill impairment;

•the effects of changes in accounting policies, standards, and interpretations on the Corporation’s reporting of its financial condition and results of operations, including the Corporation’s adoption of ASU 2016-13, Financial Instruments – Credit Losses (CECL);

•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 impact of failures of third parties upon which the Corporation relies to perform in accordance with contractual arrangements;

•the failure or circumvention of the Corporation’s system of internal controls;

•the loss of, or failure to safeguard, confidential or proprietary information;

•the Corporation’s failure to identify and to address cyber-security risks, including data breaches and cyber-attacks;

•the Corporation’s ability to keep pace with technological changes;

•the Corporation’s ability to attract and retain talented personnel;

•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 Corporation’s reliance on its subsidiaries for substantially all of its revenues and its ability to pay dividends or other distributions; and

•the effects of any downgrade in the Corporation’s or Fulton Bank’s credit ratings on their borrowing costs or access to capital markets.

			2020						2019
Net income (in thousands)			$	178,040					$	226,339
Net income available to common shareholders (in thousands)			$	175,905					$	226,339
Diluted net income per share			$	1.08					$	1.35
Return on average assets			0.73		%				1.06		%
Return on average equity			7.44		%				9.81		%
Return on average common shareholders' equity (tangible) (1)			9.66		%				12.84		%
Net interest margin (2)			2.86		%				3.36		%
Efficiency ratio (1)			65.7		%				63.7		%
Non-performing assets to total assets			0.58		%				0.68		%
Annualized net charge-offs to average loans			0.05		%				0.22		%

(1)Ratio represents a financial measure derived by methods other than GAAP. See reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure under the heading, "Supplemental Reporting of Non-GAAP Based Financial Measures," in Item 6. Selected Financial Data.

(2)Presented on an FTE basis, using a 21% Federal tax rate and statutory interest expense disallowances. See also the "Net Interest Income" section of Management’s Discussion.

On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaced the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments, and net investments in leases recognized by a lessor in accordance with ASC Topic 842. Refer to "Note 1 - Summary of Significant Accounting Policies" in the Notes to Consolidated Financial Statements in Item 8. "Financial Statements and Supplementary Data" for additional information on the adoption of CECL.

•Net Income Per Share - Diluted net income per share decreased $0.27, or 20.0%, to $1.08 in 2020 compared to $1.35 in 2019. The decline in net income per share was due to a $50.4 million, or 22.3%, decrease in net income available to common shareholders partially offset by a decrease in weighted average diluted shares outstanding.

•Net Interest Income - The $19.2 million, or 3.0%, decrease in net interest income resulted from lower yields on interest-earning assets, partially offset by balance sheet growth and the impact of lower funding costs.

◦Net Interest Margin - For the year ended December 31, 2020, the net interest margin decreased to 2.86%, or 50 bp compared to 2019, driven by a 90 bp decrease in yields on interest-earning assets, partially offset by a 42 bp decrease in the cost of funds.

◦Loan Growth - Average Net Loans grew by $1.8 billion, or 11.2%, in comparison to 2019. The increase was driven largely by the issuance of PPP loans, included in commercial and industrial loans, and growth in the real estate commercial and residential mortgage portfolios.

◦Deposit Growth - Average deposits increased $2.6 billion, or 15.7%, in comparison to 2019. The increase was the result of growth in all deposit types except time deposits. At December 31, 2020, the loan-to-deposit ratio was 94.2%, as compared to 98.0% at December 31, 2019.

•Asset Quality - Non-performing assets increased $3.3 million, or 2.2%, as of December 31, 2020 compared to December 31, 2019. Net charge-offs to average loans outstanding were 0.05% for the year ended December 31, 2020 compared to 0.22% for the year ended December 31, 2019. The provisions for credit losses increased $44.1 million, to $76.9 million, for the year ended December 31, 2020 compared to $32.8 million for the same period in 2019. The higher provision in 2020 was largely driven by the adoption of CECL, which, as a result of an overall downturn in economic forecasts due to COVID-19, resulted in increases in the ACL due to higher expected future credit losses under CECL.

•Non-Interest Income - Non-interest income, excluding investment securities gains, increased $14.9 million, or 7.1%, in comparison to 2019. Increases were experienced in mortgage banking and wealth management, partially offset by decreases in commercial and consumer banking.

•Investment Securities Gains/Balance Sheet Restructurings - During both 2020 and 2019, the Corporation completed limited balance sheet restructurings which included sales of investment securities and corresponding prepayment of FHLB advances. As a result, investment securities gains totaled $3.1 million in 2020, as compared to $4.7 million in 2019, a $1.7 million, or 35.5%, decrease. In addition, included in non-interest expense were prepayment penalties on FHLB advances of $2.9 million and $4.3 million incurred during 2020 and 2019, respectively.

•Non-Interest Expense - Non-interest expense increased $11.7 million, or 2.1%, in comparison to 2019, driven largely by higher salaries and employee benefits expense, state taxes and data processing and software expenses. Partially offsetting these increases were reductions in other outside services and marketing.

•Income Taxes - Income tax expense for 2020 resulted in an ETR of 12.0%, as compared to 14.3% for 2019. The ETR was lower mainly due to lower income before income taxes. The ETR is generally lower than the federal statutory rate of 21% due to tax-exempt interest income earned on loans, investments in tax-free municipal securities and TCIs.

•Long-term Borrowings - In March 2020, the Corporation issued a total of $375.0 million of subordinated notes, with $200.0 million of subordinated notes due in 2030 having a fixed-to-floating rate of 3.25% and an effective rate of 3.35% and $175.0 million of subordinated notes due in 2035 having a fixed-to-floating rate of 3.75% and an effective rate of 3.85%.

•Preferred Stock - In October 2020, the Corporation issued 8.0 million depositary shares ("Depositary Shares"), each representing a 1/40th interest in a share of Fulton’s 5.125% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, with a liquidation preference of $1,000 per share (equivalent to $25.00 per Depositary Share), for an aggregate offering amount of $200.0 million. The Corporation received net proceeds from the offering of $192.9 million, after deducting issuance costs.

Allowance for Credit Losses - The Corporation adopted new accounting guidance for estimating credit losses, known as CECL, in the first quarter of 2020. In accordance with CECL, the ACL, which includes both the ACL - loans and the ACL - OBS credit exposures, is based on estimated losses over the remaining expected life of loans and OBS exposures. Management's determination of the appropriateness of the reserve is based on periodic evaluations of the loan portfolio, lending-related commitments, current and forecasted economic factors and other relevant factors.

For further discussion of the methodology used in the determination of the ACL, refer to Note 1, "Summary of Significant Accounting Policies" in the Notes to the Consolidated Financial Statements in Item 8. "Financial Statements and Supplementary Data."

Goodwill - Goodwill recorded in connection with acquisitions is not amortized to expense, but is tested at least annually for impairment. A quantitative annual impairment test is not required if, based on a qualitative analysis, the Corporation determines that the existence of events and circumstances indicate that it is more likely than not that goodwill is not impaired. The Corporation completes its annual goodwill impairment test in October of each year.

Income Taxes – The provision for income taxes is based upon income before income taxes, adjusted for the effect of certain tax-exempt income, non-deductible expenses and credits. In addition, certain items of income and expense are reported in

Fair Value Measurements – Assets and liabilities are categorized in a fair value hierarchy for the inputs to valuation techniques used to measure at fair value based on the following categories (from highest to lowest priority):

•Level 1 – Inputs that represent quoted prices for identical instruments in active markets.

•Level 2 – Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also included are valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means.

•Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued.

			2020																		2019																		2018
			Average Balance						Interest						Yield/ Rate						Average Balance						Interest						Yield/ Rate						Average Balance						Interest						Yield/ Rate
			(dollars in thousands)
ASSETS
Interest-earning assets:
Net Loans (1)			$	18,270,390					$	662,785					3.63		%				$	16,430,347					$	747,119					4.55		%				$	15,815,263					$	691,954					4.38		%
Taxable investment securities (2)			2,182,410						58,173						2.66						2,278,448						62,556						2.74						2,246,681						56,044						2.49
Tax-exempt investment securities (2)			825,057						26,641						3.22						500,398						17,998						3.57						416,119						15,285						3.65
Total investment securities			3,007,467						84,814						2.82						2,778,846						80,554						2.89						2,662,800						71,329						2.68
Loans held for sale			60,015						2,077						3.46						25,795						1,351						5.24						22,970						1,159						5.05
Other interest-earning assets			1,120,727						5,504						0.49						445,008						9,249						2.08						382,569						6,193						1.62
Total interest-earning assets			22,458,599						755,181						3.36						19,679,996						838,273						4.26						18,883,602						770,635						4.08
Noninterest-earning assets:
Cash and due from banks			139,146																		119,144																		104,595
Premises and equipment			238,864																		239,376																		231,762
Other assets			1,746,956																		1,385,689																		1,123,857
Less: ACL - loans (3)			(249,848)																		(166,165)																		(160,614)
Total Assets			$	24,333,717																	$	21,258,040																	$	20,183,202
LIABILITIES AND EQUITY
Interest-bearing liabilities:
Demand deposits			$	5,278,941					$	11,390					0.22		%				$	4,384,059					$	33,348					0.76		%				$	4,063,929					$	22,789					0.56		%
Savings and money market deposits			5,550,234						14,654						0.26						5,018,381						41,823						0.83						4,684,023						27,226						0.58
Brokered deposits			310,763						2,387						0.77						245,501						5,779						2.35						121,863						2,480						2.04
Time deposits			2,546,305						41,615						1.63						2,869,326						50,825						1.77						2,675,670						35,217						1.32
Total interest-bearing deposits			13,686,243						70,045						0.51						12,517,267						131,775						1.05						11,545,485						87,712						0.76
Short-term borrowings			810,583						5,227						0.64						849,679						14,543						1.70						785,923						8,489						1.07
Long-term borrowings			1,254,300						38,398						3.06						942,600						30,599						3.25						977,573						31,857						3.26
Total interest-bearing liabilities			15,751,126						113,671						0.72						14,309,546						176,917						1.24						13,308,981						128,058						0.96
Noninterest-bearing liabilities:
Demand deposits			5,714,803																		4,249,294																		4,287,121
Total deposits/Cost of deposits			19,401,046												0.36						16,766,561												0.79						15,832,606												0.55
Other liabilities			476,139																		393,130																		331,336
Total Liabilities			21,942,068																		18,951,970																		17,927,438
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds			21,465,929												0.53						18,558,840												0.95						17,596,102												0.73
Shareholders’ equity			2,391,649																		2,306,070																		2,255,764
Total Liabilities and Shareholders’ Equity			$	24,333,717																	$	21,258,040																	$	20,183,202
Net interest income/net interest margin (FTE)									641,510						2.86		%										661,356						3.36		%										642,577						3.40		%
Tax equivalent adjustment									(12,303)																		(12,967)																		(12,121)
Net interest income									$	629,207																	$	648,389																	$	630,456