The following is a summary of premises and equipment as of December 31:
20252024
 (dollars in thousands)
Land$28,426 $36,080 
Buildings and improvements295,165 310,786 
Furniture and equipment178,401 173,778 
Construction in progress6,648 4,872 
Total premises and equipment508,640 525,516 
Less: Accumulated depreciation and amortization(333,400)(329,989)
Net premises and equipment$175,240 $195,527 

The $23.3 million decrease in land and buildings and improvements at December 31, 2025 compared to December 31, 2024 was primarily due to financial center closures.
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About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.