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Regulators have ordered Fulton Financial (FULT) in Lancaster, Pa., to strengthen its Bank Secrecy Act and anti-money laundering controls.
July 18 -
As operating costs rise, a growing number of community banks are following the lead of larger rivals by shuttering branches, though analysts hope the pace of closures will accelerate.
January 30
Shares of Fulton Financial fell early Wednesday after the Lancaster, Pa., company reported second-quarter results that missed expectations.
Fulton, with $17 billion of assets, said after markets closed Tuesday that its second-quarter profit declined 2.4% from the same period last year, to $39.6 million. Its earnings per share of 21 cents fell a penny short of estimates of analysts polled by Bloomberg.
The slight dip in net income could be attributed largely to a sharp drop in fees from mortgage banking. Mortgage banking income fell nearly 48% year over year, to $5.7 million, and that contributed to a 14% decline in noninterest income.
Net interest income rose 5% year over year on modest loan growth and substantially lower provision for loan losses. It set aside $3.5 million for problem loans in the quarter, compared to $13.5 million in the same period in 2013.
In heavy trading, Fulton's shares were down nearly 3.6% at midday Wednesday, to $11.32.
