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The $17 billion-asset company's second-quarter earnings rose 2% from a year earlier, to $40.6 million. Per-share earnings of 21 cents beat the estimates of analysts polled by Bloomberg by 2 cents.
July 23 -
Fulton Financial (FULT) in Lancaster, Pa., has lured a chief marketing officer from First Niagara Financial (FNFG).
June 25 -
Fulton Financial (FULT) in Lancaster, Pa., is extending a share repurchase program by three months.
June 19
Fulton Financial (FULT) in Lancaster, Pa., saw reduced revenue from mortgage sales and service charges in the third quarter, but improvements in credit quality partially offset those declines.
The $17 billion-asset Fulton reported earnings of $39.9 million in the third quarter, a 4% decrease from the same period a year earlier. Its 21 cents per share beat estimates of analysts polled by Bloomberg by 1 cent.
Fulton's net interest income dropped 3% to $132.5 million as construction and consumer loans dipped from the third quarter of 2012. Its net interest margin fell 29 basis points to 3.45%.
Noninterest income fell 9% to $47.4 million, largely because of lower revenue from mortgage sales and service charges. Noninterest expenses climbed 6%, driven by higher costs from salary and benefits, data processing, professional fees, operating risk loss, software and marketing.
Fulton slashed its provision for credit losses 59% to $9.5 million, while net loan chargeoffs fell 43% to $14.3 million. Fulton's nonperforming loans were down by 21% compared with the same period in 2012.
Fulton repurchased approximately 1.6 million shares during the third quarter, completing the
