-
The Federal Reserve Boardhashit Fulton Financial in Lancaster, Pa., and its subsidiary Lafayette Ambassador Bank in Bethlehem, with a cease-and-desist order.
September 10 -
Shares of Fulton Financial fell early Wednesday after the Lancaster, Pa., company reported second-quarter results that missed expectations.
July 23 -
Fulton Financial (FULT) in Lancaster, Pa., has added its name to the growing list of banks closing branches to cut costs.
January 22
Fulton Financial in Lancaster, Pa., reported lower quarterly earnings after its noninterest income fell.
The $17.2 billion-asset company said in a press release late Tuesday that its third-quarter profit fell 3% from a year earlier, to $38.6 million. Earnings per share of 21 cents beat the average estimate of analysts polled by Bloomberg by 1 cent.
Noninterest income fell 12%, to $41.9 million. This decrease was mainly because of reduced mortgage banking income and fewer securities gains.
Net interest income fell 2%, to $129 million. Total loans increased by 1.7%, to $13.1 billion, but the net interest margin compressed by 6 basis points, to 3.39%.
Fulton recorded a $3.5 million loan-loss provision. Nonperforming assets fell by 16%, to $157 million.
Noninterest expenses were relatively unchanged, at $116 million, even though outside services costs rose by 71% to enhance Fulton's Bank Secrecy Act and anti-money-laundering compliance program. In July,
