FULTON FINANCIAL REPORTS INCREASED 1991 INCOME
FULTON FINANCIAL REPORTS INCREASED 1991 INCOME LANCASTER, Pa., Jan. 21 /PRNewswire/ -- Fulton Financial Corp.
(NASDAQ: FULT), a $2 billion Lancaster-based multibank holding company, has announced record income for the fourth quarter and the year ended Dec. 31, 1991.
Primary per-share earnings of $1.92 for the year were 6.1 percent ahead of the $1.81 earned in 1990. Net income of $24.9 million for 1991 compared with $23.3 million a year earlier. Fourth-quarter income per share on a primary basis was up 8.9 percent to 49 cents from 45 cents a year earlier. Net income was $6.4 million and $5.7 million for the fourth quarters of 1991 and 1990, respectively. (Fully diluted income per share was $1.90 and $1.80 for the years and 48 cents and 44 cents for the fourth quarters of 1991 and 1990, respectively.) Per-share earnings for 1990 have been adjusted to account for the 10 percent stock dividend paid to shareholders on Dec. 2. Robert D. Garner, chairman and chief executive officer, said, "In a difficult and challenging year for the banking industry, we are pleased with the solid earnings growth we enjoyed in 1991. It was the tenth consecutive year of record income for the corporation. Major contributors to our success were the excellent quality of our loans and other assets and a double-digit increase in both net interest income and noninterest income." Garner said that nonperforming loans "were just .75 percent of outstanding loans," while nonperforming assets, including other real estate owned, "were only .55 percent of total assets." Charge-offs for the year amounted "to .17 percent of average loans outstanding, an exceptional performance considering the current economic climate," according to Garner. For 1991, Fulton Financial had a return on average assets of 1.27 percent and a return on average shareholders' equity of 14.57 percent. According to Garner, both of these profitability ratios should rank the corporation in the top 5 percent of its peer group. Shareholders' equity grew 13 percent or $21 million, increasing Fulton's capital position to $181.7 million. At year-end 1991, Fulton Financial had total assets of $2.0 billion, deposits of $1.8 billion and net loans of $1.3 billion. All data reflect the April 1, 1991, acquisition of Great Valley Savings Bank, which was accounted for as a purchase of assets and assumption of liabilities. Fulton Financial operates 67 banking offices in 10 Pennsylvania counties through six affiliates. /delval/ -0- 1/21/92 /Editors: All financial data is unaudited./ /CONTACT: Earl A. Popp of Fulton Financial Corp., 717-291-2616/ (FULT) CO: Fulton Financial Corporation ST: Pennsylvania IN: FIN SU: ERN
JS-CC -- PH014 -- 1819 01/21/92 12:13 EST
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|Date:||Jan 21, 1992|
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