Financial Analysis

"Republic First Bank On the Acquisition Date, Fulton Bank completed the Republic First Transaction and acquired approximately $4.8 billion of assets of Republic First Bank and received approximately $0.8 billion of cash from the FDIC. The Bank assumed approximately $5.6 billion of total liabilities of Republic First Bank. The Bank did not enter into a loss sharing arrangement with the FDIC in connection with the Republic First Transaction. As a result of the Republic First Transaction, the Bank enhanced its presence in Philadelphia, Pennsylvania and New Jersey. The Republic First Transaction constitutes a business combination as defined by FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values. The determination of fair values required management to make certain estimates and assumptions about discount rates, future expected cash flows and market conditions at the time of the Republic First Transaction. The financial settlement process between the Bank and the FDIC concluded on April 25, 2025. The measurement period of determining the fair value of assets acquired and liabilities assumed in connection with the Republic First Transaction has closed. No adjustments to the preliminary amounts were required and the fair values presented herein are final. The excess of the fair value of net assets acquired and the cash consideration received from the FDIC over the fair value of liabilities assumed was …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 21 - COMMITMENTS AND CONTINGENCIES Commitments The Corporation is a party to financial instruments with OBS risk in the normal course of business to meet the financing needs of its borrowers or obligors. Commitments to extend credit are agreements to lend to a borrower or obligor as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower or obligor. Because a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each borrower's or obligor's creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon extension of credit is based on management's credit evaluation of the borrower or obligor. Collateral held varies but may include accounts receivable, inventory, property, equipment and income-producing commercial properties. Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a borrower or obligor to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for borrowers or obligors. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consis …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 10 - BORROWINGS Borrowings as of December 31, 2025 and 2024 and the related maximum amounts outstanding at the end of any month in each of the two years then ended are presented below. December 31 Maximum Outstanding 2025 2024 2025 2024 (dollars in thousands) Federal funds purchased $ $ $ $ 125,000 FHLB advances 250,000 850,000 800,000 1,706,621 Other borrowings: Short-term promissory notes issued to customers and customer repurchase agreements 678,822 563,831 686,669 625,829 Other borrowings 916 901 1,282 1,155 Total other borrowings $ 679,738 $ 564,732 As of December 31, 2025, the Corporation had aggregate federal funds line borrowing capacity of $2.6 billion, with no amount outstanding. A combination of commercial real estate loans, commercial loans, consumer loans and investment securities were pledged to the FRB to provide access to the FRB discount window borrowings. The Corporation had $3.9 billion of collateralized borrowing availability at the FRB discount window with no amount outstanding as of December 31, 2025. As of December 31, 2025, the Corporation had total FHLB borrowing capacity of $11.6 billion, consisting of $250.0 million in outstanding advances and $4.2 billion in letters of credit issued to collateralize municipal deposits, resulting in a remaining borrowing capacity of approximately $7.1 billion. Advances from the FHLB, when utilized, are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. The …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 16 - STOCK-BASED COMPENSATION PLANS The following table presents compensation expense and related tax benefits for all equity awards recognized in the Consolidated Statements of Income for the years ended December 31: 2025 2024 2023 (dollars in thousands) Compensation expense $ 13,684 $ 10,907 $ 11,265 Tax benefit (3,110) (2,466) (2,484) Total stock-based compensation, net of tax $ 10,574 $ 8,441 $ 8,781 The tax benefits as a percentage of compensation expense, as shown in the preceding table, were 22.7%, 22.6% and 22.1% in 2025, 2024 and 2023, respectively. These percentages differ from the Corporation's federal statutory tax rate of 21%. Tax benefits are only recognized over the vesting period for awards that ordinarily will generate a tax deduction when exercised, in the case of non-qualified stock options, or upon vesting, in the case of RSUs, and PSUs. Tax benefits in excess of the tax rate resulted from incentive stock option exercises that triggered a tax deduction when they were exercised and excess tax benefits realized on vesting RSUs and PSUs during the period. The following table presents information about stock options exercised for the years ended December 31: 2025 2024 2023 (dollars in thousands) Number of options exercised 39,310 68,134 Total intrinsic value of options exercised $ $ 116 $ 249 Cash received from options exercised $ $ 496 $ 805 Tax benefit from options exercised $ $ 23 $ 47 Upon exercise, the Corporation issued shares from its authorized, b …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"NOTE 19 - FAIR VALUE MEASUREMENTS The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets: 2025 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ $ 16,316 $ $ 16,316 AFS investment securities: State and municipal securities 826,693 826,693 Corporate debt securities 214,921 214,921 Collateralized mortgage obligations 1,040,078 1,040,078 Residential mortgage-backed securities 766,717 766,717 Commercial mortgage-backed securities 559,450 559,450 Total AFS investment securities 3,407,859 3,407,859 Other assets: Investments held in Rabbi Trust 39,395 39,395 Derivative assets 891 128,816 129,707 Total assets $ 40,286 $ 3,552,991 $ $ 3,593,277 Other liabilities: Deferred compensation liabilities $ 39,395 $ $ $ 39,395 Derivative liabilities 720 170,289 171,009 Total liabilities $ 40,115 $ 170,289 $ $ 210,404 2024 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ $ 25,618 $ $ 25,618 AFS investment securities: State and municipal securities 814,887 814,887 Corporate debt securities 300,370 300,370 Collateralized mortgage obligations 788,885 788,885 Residential mortgage-backed securities 989,875 989,875 Commercial mortgage-backed securities 516,882 516,882 Total AFS investment securities 3,410,899 3,410,899 Other assets: Investments held in Rabbi Trust 35,093 35,093 Derivative assets 1,682 159,939 161,621 Total assets $ 36,775 $ 3,596,456 $ $ 3,633,2 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 7 - GOODWILL AND INTANGIBLE ASSETS Goodwill totaled $553.3 million as of December 31, 2025 and 2024, respectively. There were no goodwill impairment charges in 2025 based on the Corporation's annual assessment. The estimated fair values of the Corporation's reporting units are subject to uncertainty, including future changes in fair values of banks in general and future operating results of reporting units, which could differ significantly from the assumptions used in the current valuation of reporting units. The following table summarizes intangible assets, which are included in goodwill and net intangible assets on the Consolidated Balance Sheets: December 31, 2025 2024 (dollars in thousands) Amortizing intangible assets $ 106,196 $ 106,196 Accumulated amortization (46,546) (24,085) Net intangibles $ 59,650 $ 82,111 Net intangibles included CDI of $58.2 million and $80.2 million as of December 31, 2025 and 2024, respectively. The CDI was recorded as part of the Republic First Transaction and the Prudential Bancorp merger and is being amortized over seven years using the sum-of-the-years'-digits method. The following table summarizes CDI amortization expense for each of the next five years and thereafter (dollars in thousands): Year 2026 $ 18,667 2027 15,066 2028 11,213 2029 7,717 2030 4,409 Thereafter 1,102 Total $ 58,174

GoodwillAndIntangibleAssetsDisclosureTextBlock

"NOTE 13 - INCOME TAXES The components of income tax expense are as follows: 2025 2024 2023 (dollars in thousands) Income before income tax expense (benefit) U.S. $ 485,586 $ 344,629 $ 348,721 Income tax expense (benefit) Current tax expense U.S. federal $ 84,652 $ 66,817 $ 49,707 U.S. state and local 13,493 12,256 11,137 Total current tax expense 98,145 79,073 60,844 Deferred tax (benefit) expense U.S. federal (2,685) (20,248) 3,021 U.S. state and local (1,483) (2,939) 576 Total deferred tax (benefit) expense (4,168) (23,187) 3,597 Total income tax expense (benefit) U.S. federal 81,967 46,569 52,728 U.S. state and local 12,010 9,317 11,713 Total income tax expense (benefit) $ 93,977 $ 55,886 $ 64,441 There was no income from foreign countries for the years ended December 31, 2025, 2024 and 2023. The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2025 2024 2023 (dollars in thousands) U.S. federal statutory tax rate $ 101,973 21.0 % $ 72,372 21.0 % $ 73,231 21.0 % Federal Tax credits Low-income housing tax credits, net (4,051) (0.8) (1,163) (0.3) $ (4,716) (1.3) Other, net 6 29 24 Non-taxable or non-deductible items Tax-exempt income on loans (9,875) (2.0) (9,636) (2.8) (8,445) (2.4) Tax-exempt income on securities (4,700) (1.0) (5,224) (1.5) (6,120) (1.8) Bargain purchase gain (7,769) (2.3) Other 1,643 0.3 833 0.2 1,415 0.4 Domestic state and local income tax, net of federal 8,981 1.9 6,444 1.9 9,052 2.6 Total incom …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 18 - LEASES The Corporation has operating leases for certain financial centers, corporate offices and land. The following table presents the components of lease expense, which is included in net occupancy expense on the Consolidated Statements of Income: 2025 2024 2023 (dollars in thousands) Operating lease expense $ 27,852 $ 27,893 $ 19,372 Variable lease expense 3,966 3,147 3,160 Sublease income (851) (1,224) (1,111) Total lease expense $ 30,967 $ 29,816 $ 21,421 Supplemental Consolidated Balance Sheet information related to leases was as follows as of December 31: Operating Leases Balance Sheet Classification 2025 2024 (dollars in thousands) ROU assets Other assets $ 139,965 $ 140,997 Lease liabilities Other liabilities $ 153,253 $ 154,176 Weighted average remaining lease term 9.04 years 9.30 years Weighted average discount rate 5.90 % 5.51 % The discount rate used in determining the lease liability for each individual lease is the Bank's incremental borrowing rate which corresponds with the remaining lease term. Supplemental cash flow information related to operating leases was as follows: 2025 2024 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 29,224 $ 25,161 ROU assets obtained in exchange for lease obligations 20,978 78,278 Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liability were as follows: Year Operating Leases (dollars in thousands) …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Standards In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (""ASU 2023-08"") . This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation adopted ASU 2023-08 on January 1, 2025, and it did not have an impact on its Consolidated Financial Statements. The Corporation does not own crypto assets. In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures (""ASU 2023-09"") . This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation adopted ASU 2023-09 on December 15, 2025. The adoption of ASU 2023-09 changed the presentation of ""Note 13 - Income Taxes,"" but otherwise did not have a material impact on its Consolidated Financial Statements. In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (""ASU 2024-01"") . This update provides guidance for profits interest and similar awards. The Corporation adopted ASU 2024-01 on January 1, 2025, and it did not have a material impact on its Consolidated Financial Statements. In March 2025, FASB issued ASU 2025-02 Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 17 - EMPLOYEE BENEFIT PLANS The following summarizes retirement plan expense for the years ended December 31: 2025 2024 2023 (dollars in thousands) 401(k) Retirement Plan $ 14,069 $ 13,739 $ 11,930 Pension Plan (841) (1,036) 464 Total $ 13,228 $ 12,703 $ 12,394 The Corporation's 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. Employee and employer contributions under these features are 100% vested. Contributions to the Pension Plan are actuarially determined and funded annually, if necessary. The Corporation recognizes the funded status of its Pension Plan on the Consolidated Balance Sheets and recognizes the changes in that funded status through OCI. The Pension Plan has been curtailed, with no additional benefits accruing to participants. Pension Plan The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31: 2025 2024 2023 (dollars in thousands) Interest cost $ 3,070 $ 3,159 $ 3,269 Expected return on assets (3,911) (3,903) (3,436) Net amortization and deferral 631 Gain on settlement (292) Net periodic pension cost $ (841) $ (1,036) $ 464 The following table summarizes the changes in the projected benefit obligation and fair value of Pension Plan assets for the plan years ended December 31: 2025 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

The Corporation has one reportable segment whose primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation manages its business activities on a consolidated basis. The accounting policies of the segment are the same as those described in Note 1 Summary of Significant Accounting Policies. The Chief Operating Decision Maker is the Chairman, Chief Executive Officer and President who assesses performance of the segment based on net income available to common shareholders and net income available to common shareholders per share (diluted), which is reported in the Consolidated Statements of Income. Net income available to common shareholders and net income available to common shareholders per share (diluted), are used to monitor actual results versus budget, in competitive analyses by benchmarking to the Corporations peers, and in decision-making pertaining to executive compensation levels, common stock and preferred stock dividend levels, common share repurchases and capital expenditure spending. The measure of segment assets is reported on the Consolidated Balance Sheet. The following table presents segment results as of December 31: (dollars in thousands, except per-share data) 2025 2024 2023 Interest Income Loans, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business: The Corporation is a financial holding company that provides a full range of banking and financial services to businesses and consumers through its wholly-owned banking subsidiary, Fulton Bank. In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Penn Square, Inc., Fulton Insurance Services Group, Inc. and Fulton Community Partner, LLC. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. The Corporation's primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation's primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation's geographic market as a result of the growth in electronic delivery channels. The Corporation is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by such regulatory agencies. The Corporation offers, through its banking subsidiary, a full range of retail and commercial banking services primarily in Pennsylvania, Delaware, Maryland, New Jersey …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"NOTE 15 - SHAREHOLDERS' EQUITY Preferred Stock On October 29, 2020, the Corporation issued 8.0 million depositary shares (""Depositary Shares""), each representing a 1/40 th interest in a share of the Corporation's 5.125% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, of which 200,000 are authorized and issued, with a liquidation preference of $1,000 per share (equivalent to $25.00 per Depositary Share), for an aggregate offering amount of $200 million. The preferred stock is redeemable, at the Corporation's option, in whole or in part, on and after January 15, 2026, and redeemable in whole, but not in part, prior to January 15, 2026 within 90 days following the occurrence of a regulatory capital treatment event. Common Stock Offering On May 1, 2024, the Corporation completed its underwritten public offering of 19,166,667 shares of its common stock at a price to the public of $15.00 per share, before underwriting discounts. The net proceeds to the Corporation from the offering after deducting underwriting discounts and transaction expenses were approximately $272.6 million. Accumulated Other Comprehensive Income (Loss) The following table presents the components of OCI for the years ended December 31: Before-Tax Amount Tax Effect Net of Tax Amount (dollars in thousands) 2025 Net unrealized gains on investment securities $ 84,428 $ (19,815) $ 64,613 Reclassification adjustment for investment securities gains included in net income (1) 2 2 Amortization of net u …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Business Combinations On the Acquisition Date, Fulton Bank completed the Republic First Transaction and acquired approximately $4.8 billion of assets of Republic First Bank and received approximately $0.8 billion of cash from the FDIC. The Bank assumed approximately $5.6 billion of total liabilities of Republic First Bank. The Bank did not enter into a loss sharing arrangement with the FDIC in connection with the Republic First Transaction. As a result of the Republic First Transaction, the Bank enhanced its presence in Philadelphia, Pennsylvania and New Jersey. The Republic First Transaction constitutes a business combination as defined by FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values. The determination of fair values required management to make certain estimates and assumptions about discount rates, future expected cash flows and market conditions at the time of the Republic First Transaction. The financial settlement process between the Bank and the FDIC concluded on April 25, 2025 with no additional adjustments required to the preliminary gain on acquisition, net of income taxes. The excess of the fair value of net assets acquired and the cash consideration received from the FDIC over the fair value of liabilities assumed was recorded as a gain on acquisition of $37.0 million, net of income taxes. The following table summarizes the consideration transferred and the fair values of iden …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Commitments The Corporation is a party to financial instruments with OBS risk in the normal course of business to meet the financing needs of its borrowers or obligors. Commitments to extend credit are agreements to lend to a borrower or obligor as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower or obligor. Because a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each borrower's or obligor's creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon an extension of credit is based on management's credit evaluation of the borrower or obligor. Collateral held varies but may include accounts receivable, inventory, property, equipment and income-producing commercial properties. Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a borrower or obligor to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for borrowers or obligors. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistent wi …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Corporation grants equity awards to employees in the form of restricted stock, RSUs and PSUs under its Employee Equity Plan. In addition, employees may purchase stock under the Corporation's ESPP. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards. The Corporation also grants equity awards to non-employee members of its Board of Directors and the Bank's Board of Directors under the Directors' Plan. Under the Directors' Plan, the Corporation can grant equity awards to non-employee Corporation and Bank directors in the form of restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors' Plan have been limited to RSUs. As of September 30, 2025, the Employee Equity Plan had approximately 3.2 million shares reserved for future grants through 2032, and the Directors' Plan had approximately 260,000 shares reserved for future grants through 2033. The following table presents compensation expense and the related tax benefits for equity awards recognized in the Consolidated Statements of Income: Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 (dollars in thousands) Compensation expense $ 3,818 $ 3,507 $ 9,007 $ 6,932 Tax benefit (869) (804) (2,042) (1,568) Total stock-based compensation, net of tax $ 2,949 $ 2,703 $ 6,965 $ 5,364

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock

"Fair Value Measurements FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three 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 includes 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. All assets and liabilities measured at fair value on both a recurring and nonrecurring basis have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the Consolidated Balance Sheets: September 30, 2025 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ $ 19,875 $ $ 19,875 AFS investment securities: State and municipal securities 811,736 811,736 Corporate debt securities 255,039 255,039 Collateralized mortgage obligations 1,135,442 1,135,442 Residential mortgage-backed securities 858,992 858,992 Commercial mortgage-backed securities 532,867 532,867 Total AFS investment securities 3 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Standards In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (""ASU 2023-07"") . This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation adopted ASU 2023-07 on December 15, 2024, and it did not have a material impact on its Consolidated Financial Statements. In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (""ASU 2023-08"") . This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation adopted ASU 2023-08 on January 1, 2025, and it did not have an impact on its Consolidated Financial Statements. The Corporation does not own crypto assets. In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (""ASU 2024-01"") . This update provides guidance for profits interest and similar awards. The Corporation adopted ASU 2024-01 on January 1, 2025, and it did not have a material impact on its Consolidated Financial Statements. In March 2025, FASB issued ASU 2025-02 Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122 (""ASU 2025-02""). This update removes SEC guidance provided in SAB No. 121, Accounting for O …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans The Corporation's 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. 401(k) Retirement Plan expense for the three months ended September 30, 2025 and 2024 was $3.5 million and $3.7 million, respectively. For the nine months ended September 30, 2025 and 2024, 401(k) Retirement Plan expense was $10.5 million and $10.3 million, respectively. The net periodic pension cost for the Pension Plan consisted of the following components: Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 (dollars in thousands) Interest cost $ 768 $ 790 $ 2,303 $ 2,369 Expected return on plan assets (978) (976) (2,934) (2,927) Net periodic pension cost $ (210) $ (186) $ (631) $ (558) The components of the net benefit for the Postretirement Plan consisted of the following components: Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 (dollars in thousands) Interest cost $ 9 $ 10 $ 26 $ 29 Net accretion and deferral (136) (135) (407) (406) Net periodic postretirement benefit $ (127) $ (125) $ (381) $ (377) In connection with the Merger, the Corporation assumed the obligations of Prudential Bancorp under a multiemployer defined benefit pension plan that had previously been closed to new Prudential Bancorp participants.

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"Segment Reporting The Corporation has one reportable segment whose primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation manages its business activities on a consolidated basis. The accounting policies of the segment are the same as those described in ""Note 1 Summary of Significant Accounting Policies"" of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. The Chief Operating Decision Maker is the Chairman and Chief Executive Officer who assesses performance of the segment based on net income available to common shareholders and net income available to common shareholders per share (diluted), which is reported in the Consolidated Statements of Income. Net income available to common shareholders and net income available to common shareholders per share (diluted), are used to monitor actual results versus budget, in competitive analyses by benchmarking to the Corporations peers, and in decision-making pertaining to executive compensation levels, common stock and preferred stock dividend levels, common share repurchases and capital expenditure spending. The measure of segment net income is reported on the Consolidated Statements of Income and the measure of segment assets is rep …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing