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FULTON FINANCIAL REPORTS INCREASED INCOME, DECLARES QUARTERLY DIVIDEND

FULTON FINANCIAL REPORTS INCREASED INCOME, DECLARES QUARTERLY DIVIDEND
 LANCASTER, Pa., July 21 /PRNewswire/ -- Fulton Financial Corp. (NASDAQ-NMS: FULT) today announced record income of $6.74 million for the second quarter ended June 30, a 10 percent increase over the $6.13 million earned in the comparable 1991 period.
 Primary per-share income for the April-June period was 51 cents and 47 cents for 1992 and 1991, respectively.
 Net income for the first six months of 1992 was $13.02 million, or 7 percent ahead of the $12.17 million earned in the same period last year. Per-share income on a primary basis was 99 cents for the first half of 1992 compared to 94 cents a year earlier.
 (Fully diluted income was 51 cents and 47 cents per share for the second quarters and 98 cents and 94 cents for the first six months of 1992 and 1991, respectively.)
 On an annualized basis, Fulton Financial's earnings for the first six months of 1992 represent a return on average assets of 1.27 percent and a return on shareholders' equity of 14.09 percent.
 Robert D. Garner, chairman and chief executive officer, attributed Fulton's earnings improvement during the first six months of 1992 to increases in both net interest income and non-interest income, as well as continued cost containment.
 Garner added that the corporation's "solid asset quality continues to be a major factor in the consistent high level of performance Fulton has maintained over the past 10 years." Fulton Financial's non- performing assets at June 30 were only .63 percent of total assets.
 At June 30, shareholders' equity was $189.6 million, an increase of $16.2 million over a year earlier. Garner said that with its strong capital position, Fulton exceeds all regulatory capital guidelines by wide margins.
 Although Fulton Financial's net loans at the end of the first half of 1992 were less than 1 percent ahead of year-earlier totals, Garner said, "Management has been encouraged in recent weeks by a pickup in loan demand. We view this increased activity as an indication that businesses and individuals in our market areas are beginning to have a more positive outlook concerning the future of the economy."
 Garner pointed out that Fulton's $1.3 billion in loans at June 30 did not include more than $120 million in residential mortgages which were generated in the corporation's local service areas and sold into the secondary market since June 30, 1991.
 Fulton Financial's total assets at June 30, 1992, were $2.08 billion compared with $2.02 billion on the same date in 1991. Deposits totaled $1.81 billion, compared with $1.76 billion on June 30, 1991.
 FULTON FINANCIAL DECLARES QUARTERLY DIVIDEND
 The board of directors of Fulton Financial Corp. has declared a regular quarterly cash dividend of 20 cents per share on its common stock, payable Oct. 15 to shareholders of record as of Sept. 25.
 Fulton Financial, a $2 billion bank holding company headquartered in Lancaster, operates 68 offices in 10 Pennsylvania counties through six banking affiliates -- Fulton Bank, Lancaster; Farmers Trust Bank, Lebanon; Swineford National Bank, Middleburg; Lafayette Bank, Easton; First National Bank of Danville; and Great Valley Savings Bank, Reading.
 /delval/
 -0- 7/21/92
 /CONTACT: Earl A. Popp of Fulton Financial, 717-291-2616/
 (FULT) CO: Fulton Financial Corporation ST: Pennsylvania IN: FIN SU: ERN DIV


CC-MK -- PH023 -- 1278 07/21/92 11:19 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
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