Angela Snyder
FULTON FINANCIALAbout Angela Snyder
Angela M. Snyder is President of Fulton Financial Corporation, appointed January 1, 2024; she joined Fulton in 2002 and has more than 30 years of financial services experience. She is 60 years old and previously served as Chief Banking Officer (2022–2023) and Head of Consumer Banking (2018–2022); she announced her retirement effective December 31, 2025 . Under her senior leadership tenure, Fulton executed the largest acquisition in its history in 2024 and delivered Adjusted EPS of $1.68, Adjusted ROE of 10.58%, net interest margin of 3.42%, and total loans exceeding $24B; the 2024 VCP scorecard funded at 111.21% of target and dividends totaled $0.69 per share . Fulton’s cumulative TSR (company-selected metric set) rose to $134.46 on a $100 base through 2024, with peer group TSR at $111.09; Adjusted EPS was $1.68 for 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fulton Financial Corporation | President | 2024–present | Enterprise leadership; oversight of strategic execution and performance |
| Fulton Financial Corporation | Chief Banking Officer | 2022–2023 | Led enterprise banking operations through rate cycle transition |
| Fulton Financial Corporation | Senior EVP & Head of Consumer Banking | 2018–2022 | Drove consumer segment performance and product/channel strategy |
| Fulton Financial Corporation | President, Woodstown National Bank | 2002– | Entered Fulton through bank leadership role |
| Fulton Bank of New Jersey | Chairwoman, President & CEO | –2019 | Regional leadership; integration into Fulton footprint |
External Roles
No external directorships or public-company board roles disclosed for Ms. Snyder in the 2025 proxy.
Fixed Compensation
Multi-year compensation detail (as reported in SCT):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $459,865 | $500,000 | $550,000 |
| Target VCP as % of Eligible Earnings | 70% (NEO matrix) | 70% (policy framework applies) | 70% |
| Actual Annual Cash Incentive (VCP) ($) | $390,426 | $175,000 | $428,159 (111.21% of target) |
| Stock Awards (Grant-Date Fair Value) ($) | $378,563 | $468,014 | $637,240 |
| All Other Compensation ($) | $55,414 | $65,881 | $72,181 |
All Other Compensation (2024 breakdown):
| Component | Amount ($) |
|---|---|
| 401(k) company contribution | $17,250 |
| Nonqualified deferred comp company contribution | $19,198 |
| Automobile perquisite | $2,204 |
| Other comp & perquisites (incl. housing allowance $28,048) | $33,529 |
| Total | $72,181 |
Performance Compensation
VCP scorecard structure and outcomes (enterprise metrics drive payout; individual modifiers available but not weighted):
| Metric | Weight | Target | Actual | Payout Basis | Notes |
|---|---|---|---|---|---|
| Adjusted EPS | 30% | $1.56 | $1.68 | Component payout reflected in total funding | Non-GAAP (Annex A reconciliation) |
| Adjusted ROE | 20% | 9.75% | 10.58% | Component payout reflected | Non-GAAP |
| Adjusted OpEx/Average Assets | 10% | 2.45% | 2.52% | Component payout reflected | Non-GAAP |
| Adjusted Efficiency Ratio | 10% | 63.50% | 62.94% | Component payout reflected | Non-GAAP |
| Risk: Capital/Liquidity/Market/Compliance | 10% | Scorecard assessment | Achieved (score 4) | Component payout reflected | Committee evaluation |
| Asset Quality: Adjusted NPA/Total Assets | 10% | Threshold/Target per matrix | 0.73% | Component payout reflected | Non-GAAP |
| Employee Engagement Index | 10% | Program target | 67.46% | Component payout reflected | Human capital metric |
Total VCP funding for 2024: 111.21% of target; Ms. Snyder’s paid amount: $428,159; target: $385,000; payout range: 0–200% of target (threshold 35%, target 70%, max 140% of eligible earnings for President) .
Equity LTI (2024 awards):
| Award Type | Allocation | Grant Date | Vest/Performance | Units Granted | Grant-Date Fair Value |
|---|---|---|---|---|---|
| Performance Shares (PSUs) | 65% | May 1, 2024 | Relative TSR vs 2024 peer group; performance period 5/1/2024–3/31/2027; payout 50%/100%/150% at 25th/50th/75th pct | 22,212 | Included in total ($637,240) |
| RSUs (time-based) | 35% | May 1, 2024 | 3-year cliff vesting on May 1, 2027 | 11,959 | Included in total ($637,240) |
Historical PSU vesting (2021 grant vested in 2024):
| Grant Year | PSUs Awarded | Vest Date | Shares Issued on Vest | Value at Vest ($16.90/sh) |
|---|---|---|---|---|
| 2021 | 17,358 | May 1, 2024 | 26,195 (incl. dividend equivalents) | $442,688 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Record Date 3/3/2025) | 63,682 shares; less than 1% of class |
| Shares outstanding (Record Date) | 182,199,918 |
| Ownership as % of outstanding | ≈0.035% (63,682 / 182,199,918) |
| Outstanding unvested RSUs (12/31/2024) | 11,898; vests 5/1/2027 |
| Outstanding unearned PSUs (12/31/2024) | 37,285 (2022 grant; vests 5/1/2025), 60,078 (2023 grant; vests 5/1/2026), 33,947 (2024 grant; vests 5/1/2027) |
| Stock ownership guidelines | President minimum 3.0x base salary; compliance window to 12/31/2029 |
| Hedging/pledging | Prohibited for NEOs; no margin or pledging allowed; advance notice required for trades |
| Options | No options outstanding; none granted in 2024 |
Deferred compensation:
| Component | 2024 Amount |
|---|---|
| Employee deferral (base/bonus) | $156,250 |
| Company DCP contribution | $19,198 |
| Aggregate DCP balance (12/31/2024) | $1,683,758 |
Employment Terms
Key agreements and restrictive covenants:
- Employment Agreement and Change-in-Control Agreement effective January 1, 2018; confidentiality plus non-compete and non-solicit covenants for one year post-termination (waived for Good Reason or Without Cause outside CIC) .
- Clawbacks: Amended “Compensatory Recovery” policy and Mandatory SEC Rule 10D-1-aligned clawback recover incentive compensation on restatements, material metric inaccuracies, or material Code violations with negative financial impact; applies irrespective of misconduct .
- Hedging/pledging prohibited; stock trading procedures enforced .
- Death benefit: 2x base salary paid to estate plus tax reimbursement; $5,000 post-retirement death benefit for Ms. Snyder .
Modeled potential payments (as of 12/31/2024):
| Scenario | Cash ($) | Equity ($) | Pension/NQDC ($) | Perqs & Benefits ($) | Tax Reimb. ($) | Total ($) |
|---|---|---|---|---|---|---|
| Termination Without Cause or Good Reason (no CIC) | 935,000 | 229,385 | – | 15,488 | – | 1,179,873 |
| Termination Without Cause or Good Reason (with CIC; double trigger) | 1,554,938 | 2,082,433 | 72,896 | 40,975 | – | 3,751,242 |
| Retirement | – | 2,082,433 | – | – | – | 2,082,433 |
| Disability | 878,904 | 2,082,433 | – | 62,353 | – | 3,023,690 |
| Death | 1,100,000 | 2,082,433 | – | 30,975 | 704,160 | 3,917,568 |
Change-in-control economics: double-trigger for NEOs (2x salary + highest bonus over prior three years, plus benefits and retirement plan contributions); CEO receives 3x multiple, not applicable to Ms. Snyder .
Compensation Structure Analysis
- Cash vs equity mix trending higher equity in 2024 (Stock awards $637,240 vs $468,014 in 2023 and $378,563 in 2022), aligning with performance-based pay shift .
- VCP design moved from composite to per-metric calculation in 2024 to align with market practice; funding excludes unusual items and FDIC-assisted acquisition impacts; total funding 111.21% .
- No excise tax gross-ups in CIC agreements; however, tax gross-ups apply to certain perquisites and death benefits (e.g., personal travel and death benefit tax reimbursement) .
- Equity awards shifted to PSUs (relative TSR) and RSUs; no option grants or repricing; option overhang eliminated .
Say-on-Pay & Shareholder Feedback
| Year | Approval % |
|---|---|
| 2020 | 97.45% |
| 2021 | 97.17% |
| 2022 | 96.95% |
| 2023 | 96.41% |
| 2024 | 95.87% |
Performance & Track Record
- 2024 highlights: largest acquisition in Company history; Adjusted EPS $1.68; Adjusted ROE 10.58%; net interest margin 3.42%; total loans >$24B; $0.69/share dividends; VCP funded at 111.21% .
- Pay-versus-performance: PEO and NEO CAP tracked with TSR, Net Income, and Adjusted EPS; value of $100 investment rose to $134.46 for Fulton vs $111.09 peer group through 2024 .
- Employee engagement and risk management embedded in scorecard; Board oversight through Risk and HR committees .
Equity Ownership & Alignment Details (Vesting Calendar)
| Award Cohort | Type | Vest Date | Units Outstanding (incl. dividends) |
|---|---|---|---|
| 2022 | PSUs (TSR + profit trigger) | May 1, 2025 | 37,285 |
| 2023 | PSUs (TSR + profit trigger) | May 1, 2026 | 60,078 |
| 2024 | PSUs (TSR only) | May 1, 2027 | 33,947 |
| 2024 | RSUs (time-based) | May 1, 2027 | 11,898 |
Policy alignment: Ownership guideline 3x salary by 12/31/2029; anti-hedging/anti-pledging enforced; no options outstanding eliminate option-related selling pressure .
Employment & Contracts
- Agreement term: Employment/CIC agreements effective 1/1/2018 for NEOs; expire December 31 of the year the NEO turns 65 .
- Non-compete/non-solicit: 1-year post-termination (with specific carve-outs), plus CIC-specific non-solicitation .
- Severance outside CIC: one year base salary plus pro-rated target bonus and benefits; PSUs forfeited .
- CIC: double-trigger cash multiple and benefit continuation for two years; equity acceleration included in modeled values .
- Retirement eligibility: RSUs automatically vest; PSUs remain outstanding and vest based on actual performance .
Risk Indicators & Red Flags
- Pledging/hedging prohibited (strong alignment) .
- Tax reimbursements exist on death benefits and certain perquisites (e.g., personal travel gross-ups), which some investors view unfavorably .
- No option grants/repricing; reduces misalignment risk .
- Related party transactions: none involving Ms. Snyder disclosed; overall Section 16 compliance timely in 2024 .
- Retirement announced for 12/31/2025; RSU automatic vesting at retirement could create mechanical selling at vest dates absent ownership guideline considerations .
Compensation Peer Group
2024 peer group used for benchmarking includes regional banks such as Valley National Bancorp, United Bankshares, Wintrust, Commerce Bancshares, UMB, and others; composition reviewed annually with FW Cook as independent consultant .
Investment Implications
- Alignment: Strong pay-for-performance design with majority of variable/at-risk pay linked to TSR and Adjusted EPS/ROE; anti-hedging/pledging policies and ownership guidelines support long-term alignment .
- Retention/transition risk: Announced retirement by 12/31/2025 and retirement eligibility trigger for RSUs imply near-term vesting events; CIC and severance protections are standard double-trigger, limiting windfalls absent termination conditions .
- Selling pressure: No options outstanding; equity exposure primarily in PSUs/RSUs with scheduled vest dates (May 2025/2026/2027); monitor Form 4s around vesting and retirement effective date for potential liquidity events .
- Red flags: Limited—no excise tax gross-ups, no repricing; note perquisite tax gross-ups and death benefit tax reimbursements as governance considerations .
- Performance linkage: 2024 execution on M&A and financial targets supported above-target VCP payout; continued PSU performance depends on TSR vs peer group through March 2027 .