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FULTON FINANCIAL CORP. REPORTS RECORD EARNINGS

 FULTON FINANCIAL CORP. REPORTS RECORD EARNINGS
 LANCASTER, Pa., Oct. 27 /PRNewswire/ -- Record earnings for the


third quarter and nine months ended Sept. 30 have been reported by Fulton Financial Corp. (NASDAQ-NMS: FULT), the $2.1 billion Lancaster- based, multi-bank holding company.
 Net income of $6.82 million for the third quarter was 6.5 percent ahead of the $6.40 million earned in the comparable 1991 period. Per- share income on a primary basis for the July-September period was 52 cents and 49 cents for 1992 and 1991, respectively.
 For the first nine months of the year, net income was $19.83 million compared to a year-earlier $18.56 million, an increase of 6.9 percent. Primary per-share earnings of $1.51 for the first nine months compared to $1.43 a year earlier.
 (Fully diluted per-share income was 51 cents and 48 cents for the third quarter and $1.49 and $1.42 for the first nine months of 1992 and 1991, respectively.)
 On an annualized basis, the holding company's return on average assets for the first three quarters was 1.28 percent and the return on average shareholders' equity was 14.17 percent.
 "A nearly 30 percent increase in noninterest income and a 6 percent improvement in net interest income were the major factors in Fulton Financial's earnings gains," according to Robert D. Garner, chairman and CEO.
 Garner also cited the quality of Fulton's loan portfolio as an important contributor to the corporation's success. He said that nonperforming assets "were just .66 percent of total assets" as of Sept. 30, while net charge-offs on an annualized basis "were only .13 percent of average total loans outstanding."
 A modest but consistent growth in borrowing over the last six months enabled Fulton Financial to record a 3.7 percent increase in net loans during the first nine months of 1992, according to Garner.
 The Fulton chairman termed the loan activity "encouraging" and a "hopeful indication" that there is growing confidence in the local economies of the markets Fulton Financial serves.
 Shareholders' equity at the end of the third quarter amounted to $194 million, up $18.9 million or 10.8 percent from a year earlier. Fulton Financial's leverage capital ratio of 9.28 percent far exceeds regulatory guidelines, according to Garner.
 At Sept. 30, Fulton Financial had total assets of $2.10 billion, deposits of $1.83 billion and net loans of $1.35 billion.
 Fulton Financial operates 69 banking offices in 10 Pennsylvania counties through six affiliates -- Fulton Bank, Farmers Trust Bank, Swineford National Bank, Lafayette Bank, First National Bank of Danville and Great Valley Savings Bank.
 The holding company has also announced plans to acquire the $180 million Denver National Bank, Denver, Pa., and merge it into Fulton Bank during the first quarter of 1993.
 /delval/
 -0- 10/27/92
 /CONTACT: Earl A. Popp of Fulton Financial, 717-291-2616/
 (FULT) CO: Fulton Financial Corporation ST: Pennsylvania IN: FIN SU: ERN


MP-LJ -- PH019 -- 5338 10/27/92 11:20 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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