FULTON FINANCIAL CORP, DEF 14A filed on 4/1/2025
Proxy Statement (definitive)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Cover [Abstract]  
Document Type DEF 14A
Entity Registrant Name Fulton Financial Corporation
Entity Central Index Key 0000700564
Amendment Flag false
v3.25.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure [Table]          
Pay vs Performance Disclosure, Table

Pay Versus Performance Disclosure

Pursuant to Section 953(a) of the Dodd-Frank Act and Item 402(v) of Regulation S-K, Fulton is providing the following information about the relationship between executive compensation actually paid (“CAP”) to Fulton’s principal executive officer (“PEO”) and non-PEO named executive officers (the “Non-PEO NEOs”) and certain aspects of the financial performance of Fulton. The HR Committee does not utilize CAP as the basis for making compensation decisions. Please see the CD&A with respect to additional information with respect to our compensation philosophy and how we align executive compensation with our performance.

                     
  Pay Versus Performance Table  
 

Year(1)
(a)

   Summary
Compensation
Table Total for
PEO(2)
(b)		   Compensation
Actually Paid
to PEO(3)
(c)		   Average
Summary
Compensation
Table Total
for Non-PEO
NEOs(2)
(d)		   Average
Compensation
Actually Paid
to Non-PEO
NEOs(3)
(e)		   Value of Initial Fixed
$100 Investment
Based on:(4)		   Net
Income
(GAAP)(6)
(h)		   Company
Selected
Metric:
Adjusted
EPS(7)
(i)		  
            TSR
(f)		   Peer Group
TSR(5)
(g)		      
  2024   $3,337,831   $4,335,378   $1,178,658   $1,073,637   $134.46   $111.09   $289   $1.68  
  2023   $2,309,440   $2,862,798   $999,817   $1,196,969   $111.42   $95.17   $284   $1.70  
  2022   $4,923,557   $5,537,243   $1,541,616   $1,675,245   $109.15   $102.00   $287   $1.76  
  2021   $4,207,894   $5,365,077   $1,395,455   $1,745,204   $106.37   $125.45   $275   $1.62  
  2020   $3,084,495   $2,225,418   $1,082,224   $821,870   $76.52   $88.19   $178   $1.08  
        
Company Selected Measure Name Adjusted EPS        
Named Executive Officers, Footnote
(1)Mr. Myers served as the PEO for the entirety of 2024 and 2023. Mr. Wenger served as the PEO for the entirety of 2022, 2021 and 2020. Our Non-PEO NEOs for the applicable years were as follows:
  • 2024: Mark R. McCollom, Beth Ann L. Chivinski, Richard S. Kraemer, Angela M. Snyder, Karthik K. Sridharan and Meg R. Mueller;
  • 2023: Mark R. McCollom, Angela M. Snyder, Meg R. Mueller and Beth Ann L. Chivinski;
  • 2022: Mark R. McCollom, Curtis J. Myers, Natasha Luddington and Angela M. Snyder;
  • 2021: Curtis J. Myers, Mark R. McCollom, Angela M. Snyder and Meg R. Mueller; and
  • 2020: Mark R. McCollom, Curtis J. Myers, Angela M. Snyder and Beth Ann L. Chivinski.
        
Peer Group Issuers, Footnote Peer Group total shareholder return (“Peer Group TSR”) represents the Nasdaq Bank Index, which is used by Fulton for purposes of compliance with Item 201(e) of Regulation S-K.        
PEO Total Compensation Amount $ 3,337,831 $ 2,309,440 $ 4,923,557 $ 4,207,894 $ 3,084,495
PEO Actually Paid Compensation Amount $ 4,335,378 2,862,798 5,537,243 5,365,077 2,225,418
Adjustment To PEO Compensation, Footnote
      2024   2023   2022   2021   2020  
      PEO
Myers		   Average
Non-PEO
NEOs		   PEO
Myers		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		  
  Summary Compensation Table Total   $3,337,831   $1,178,658   $2,309,440   $999,817   $4,923,557   $1,541,616   $4,207,894   $1,395,455   $3,084,495   $1,082,224  
  Less Stock Award Value & Option Award Value Reported in SCT for the Covered Year   $1,329,526   $441,951   $954,757   $379,503   $2,076,061   $462,213   $1,305,528   $395,464   $1,292,385   $393,958  
  Plus Year End Fair Value of Equity Awards Granted During the Covered Year that Remain Outstanding and Unvested as of Last Day of the Covered Year   $1,432,754   $375,360   $1,616,090   $642,375   $2,517,933   $552,934   $1,335,263   $404,470   $1,423,841   $434,250  
  Plus Year over Year Change in Fair Value as of the Last Day of the Covered Year of Outstanding and Unvested Equity Awards Granted in Prior Years   $789,392   $177,116   $191,243   $111,252   $233,715   $57,715   $944,182   $285,212   ($901,359 ) ($267,705 )
  Plus Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Covered Year   -   $80,075   -   -   -   -   -   -   -   -  
  Plus Year over Year Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Years that Vested During the Covered Year   $104,927   $27,582   ($299,218 ) ($176,972 ) ($61,901 ) ($14,807 ) $183,267   $55,530   ($89,174 ) ($32,941 )
  Minus Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year   -   $323,203   -   -   -   -   -   -   -   -  
      2024   2023   2022   2021   2020  
      PEO
Myers		   Average
Non-PEO
NEOs		   PEO
Myers		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		  
  Plus Value of Dividends or other Earnings Paid on Stock or Option Awards Prior to the Vesting Date Not Otherwise Reflected in Total Compensation for the Covered Year   -   -   -   -   -   -   -   -   -   -  
  Compensation Actually Paid   $4,335,378   $1,073,637   $2,862,798   $1,196,969   $5,537,243   $1,675,245   $5,365,077   $1,745,204   $2,225,418   $821,870  
        
Non-PEO NEO Average Total Compensation Amount $ 1,178,658 999,817 1,541,616 1,395,455 1,082,224
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,073,637 1,196,969 1,675,245 1,745,204 821,870
Adjustment to Non-PEO NEO Compensation Footnote
      2024   2023   2022   2021   2020  
      PEO
Myers		   Average
Non-PEO
NEOs		   PEO
Myers		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		  
  Summary Compensation Table Total   $3,337,831   $1,178,658   $2,309,440   $999,817   $4,923,557   $1,541,616   $4,207,894   $1,395,455   $3,084,495   $1,082,224  
  Less Stock Award Value & Option Award Value Reported in SCT for the Covered Year   $1,329,526   $441,951   $954,757   $379,503   $2,076,061   $462,213   $1,305,528   $395,464   $1,292,385   $393,958  
  Plus Year End Fair Value of Equity Awards Granted During the Covered Year that Remain Outstanding and Unvested as of Last Day of the Covered Year   $1,432,754   $375,360   $1,616,090   $642,375   $2,517,933   $552,934   $1,335,263   $404,470   $1,423,841   $434,250  
  Plus Year over Year Change in Fair Value as of the Last Day of the Covered Year of Outstanding and Unvested Equity Awards Granted in Prior Years   $789,392   $177,116   $191,243   $111,252   $233,715   $57,715   $944,182   $285,212   ($901,359 ) ($267,705 )
  Plus Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Covered Year   -   $80,075   -   -   -   -   -   -   -   -  
  Plus Year over Year Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Years that Vested During the Covered Year   $104,927   $27,582   ($299,218 ) ($176,972 ) ($61,901 ) ($14,807 ) $183,267   $55,530   ($89,174 ) ($32,941 )
  Minus Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year   -   $323,203   -   -   -   -   -   -   -   -  
      2024   2023   2022   2021   2020  
      PEO
Myers		   Average
Non-PEO
NEOs		   PEO
Myers		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		   PEO
Wenger		   Average
Non-PEO
NEOs		  
  Plus Value of Dividends or other Earnings Paid on Stock or Option Awards Prior to the Vesting Date Not Otherwise Reflected in Total Compensation for the Covered Year   -   -   -   -   -   -   -   -   -   -  
  Compensation Actually Paid   $4,335,378   $1,073,637   $2,862,798   $1,196,969   $5,537,243   $1,675,245   $5,365,077   $1,745,204   $2,225,418   $821,870  
        
Equity Valuation Assumption Difference, Footnote In the table above, the unvested equity values are computed in accordance with ASC Topic 718. For unvested awards subject to performance-based vesting conditions, the change in equity value is determined based on the probable outcome of such performance-based vesting conditions as of the last day of the covered year.        
Compensation Actually Paid vs. Total Shareholder Return

Relationship between CAP and TSR. The graph below illustrates the relationship between Fulton’s TSR and the Peer Group TSR as well as the relationship between TSR and CAP for the PEO and average Non-PEO NEOs.

        
Compensation Actually Paid vs. Net Income

Relationship between CAP and Net Income. The graph below illustrates the relationship between Fulton’s Net Income and CAP for the PEO and average Non-PEO NEOs.

        
Compensation Actually Paid vs. Company Selected Measure

Relationship between CAP and Adjusted EPS. The graph below illustrates the relationship between Fulton’s Adjusted EPS and CAP for the PEO and average Non-PEO NEOs.

        
Tabular List, Table

The following is a list of performance measures that represent the most important performance measures used by Fulton to link 2024 CAP to the NEOs to performance:

• TSR;
• Adjusted EPS;
• Adjusted ROE; and
• Adjusted Operating Expenses/Average Assets.
        
Total Shareholder Return Amount $ 134.46 111.42 109.15 106.37 76.52
Peer Group Total Shareholder Return Amount 111.09 95.17 102.00 125.45 88.19
Net Income (Loss) $ 289,000,000 $ 284,000,000 $ 287,000,000 $ 275,000,000 $ 178,000,000
Company Selected Measure Amount | $ / shares 1.68 1.70 1.76 1.62 1.08
PEO Name Mr. Myers Mr. Myers Mr. Wenger Mr. Wenger Mr. Wenger
Additional 402(v) Disclosure Pursuant to Section 953(a) of the Dodd-Frank Act and Item 402(v) of Regulation S-K, Fulton is providing the following information about the relationship between executive compensation actually paid (“CAP”) to Fulton’s principal executive officer (“PEO”) and non-PEO named executive officers (the “Non-PEO NEOs”) and certain aspects of the financial performance of Fulton. The HR Committee does not utilize CAP as the basis for making compensation decisions. Please see the CD&A with respect to additional information with respect to our compensation philosophy and how we align executive compensation with our performance.        
Measure [Axis]: 1          
Pay vs Performance Disclosure [Table]          
Measure Name Adjusted EPS        
Non-GAAP Measure Description Adjusted EPS is a Fulton selected measure. Values shown reflect EPS as calculated for purposes of our executive compensation program for the applicable reporting year as set forth in detail under “Non-GAAP Reconciliations” in Annex A to this Proxy Statement. No adjustments to EPS were made for 2021 and 2020.        
Measure [Axis]: 2          
Pay vs Performance Disclosure [Table]          
Measure Name TSR        
Measure [Axis]: 3          
Pay vs Performance Disclosure [Table]          
Measure Name Adjusted ROE        
Measure [Axis]: 4          
Pay vs Performance Disclosure [Table]          
Measure Name Adjusted Operating Expenses/Average Assets        
Non-PEO NEO [Member] | Stock Award Value & Option Award Value [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ 441,951 $ 379,503 $ 462,213 $ 395,464 $ 393,958
Non-PEO NEO [Member] | Fair Value of Equity Awards Granted that Remain Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 375,360 642,375 552,934 404,470 434,250
Non-PEO NEO [Member] | Change in Fair Value of Outstanding and Unvested Equity Awards Granted [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 177,116 111,252 57,715 285,212 (267,705)
Non-PEO NEO [Member] | Fair Value of Equity Awards Granted and Vested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 80,075
Non-PEO NEO [Member] | Change in Fair Value of Equity Awards Granted Vested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 27,582 (176,972) (14,807) 55,530 (32,941)
Non-PEO NEO [Member] | Fair Value of Equity Awards that Failed to Meet Vesting Conditions [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 323,203
Non-PEO NEO [Member] | Value of Dividends or other Earnings Paid on Stock or Option Awards Prior to the Vesting Date Not Otherwise Reflected in Total Compensation [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount
Mr. Myers [Member] | PEO [Member] | Stock Award Value & Option Award Value [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 1,329,526 954,757      
Mr. Myers [Member] | PEO [Member] | Fair Value of Equity Awards Granted that Remain Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 1,432,754 1,616,090      
Mr. Myers [Member] | PEO [Member] | Change in Fair Value of Outstanding and Unvested Equity Awards Granted [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 789,392 191,243      
Mr. Myers [Member] | PEO [Member] | Fair Value of Equity Awards Granted and Vested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount      
Mr. Myers [Member] | PEO [Member] | Change in Fair Value of Equity Awards Granted Vested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 104,927 (299,218)      
Mr. Myers [Member] | PEO [Member] | Fair Value of Equity Awards that Failed to Meet Vesting Conditions [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount      
Mr. Myers [Member] | PEO [Member] | Value of Dividends or other Earnings Paid on Stock or Option Awards Prior to the Vesting Date Not Otherwise Reflected in Total Compensation [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount      
Mr. Wenger [Member] | PEO [Member] | Stock Award Value & Option Award Value [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     2,076,061 1,305,528 1,292,385
Mr. Wenger [Member] | PEO [Member] | Fair Value of Equity Awards Granted that Remain Outstanding and Unvested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     2,517,933 1,335,263 1,423,841
Mr. Wenger [Member] | PEO [Member] | Change in Fair Value of Outstanding and Unvested Equity Awards Granted [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     233,715 944,182 (901,359)
Mr. Wenger [Member] | PEO [Member] | Fair Value of Equity Awards Granted and Vested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount    
Mr. Wenger [Member] | PEO [Member] | Change in Fair Value of Equity Awards Granted Vested [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     (61,901) 183,267 (89,174)
Mr. Wenger [Member] | PEO [Member] | Fair Value of Equity Awards that Failed to Meet Vesting Conditions [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount    
Mr. Wenger [Member] | PEO [Member] | Value of Dividends or other Earnings Paid on Stock or Option Awards Prior to the Vesting Date Not Otherwise Reflected in Total Compensation [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount    
v3.25.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure

Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information

Other than through participation in our ESPP, we did not grant any options to any employee or other service provider in 2024, and as of December 31, 2024, we had no options outstanding that were granted to any employee or other service provider. With respect to our annual equity awards, the dollar value of such awards to be granted to the NEOs are typically approved at a meeting held in February of each year by the Board, in the case of Mr. Myers, and by the HR Committee, in the case of the other NEOs. The grant date for those annual equity awards is May 1 of each year. The dollar value of the annual equity awards to the NEOs is converted into shares by dividing the dollar value of each annual equity award by the closing price of our common stock on the grant date or, if the grant date is not a business day, then the next preceding business day, rounded down to the nearest whole share. The Board and the HR Committee do not take into account material nonpublic information when determining the timing and terms of annual equity awards to our NEOs. We have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.
Award Timing Method Other than through participation in our ESPP, we did not grant any options to any employee or other service provider in 2024, and as of December 31, 2024, we had no options outstanding that were granted to any employee or other service provider. With respect to our annual equity awards, the dollar value of such awards to be granted to the NEOs are typically approved at a meeting held in February of each year by the Board, in the case of Mr. Myers, and by the HR Committee, in the case of the other NEOs. The grant date for those annual equity awards is May 1 of each year.
Award Timing Predetermined true
Award Timing MNPI Considered false
Award Timing, How MNPI Considered The Board and the HR Committee do not take into account material nonpublic information when determining the timing and terms of annual equity awards to our NEOs.
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted [Flag] true