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 LANCASTER, Pa., Oct. 19 /PRNewswire/ -- Fulton Financial Corp. (NASDAQ-NMS: FULT) today announced record income of $8.36 million for the third quarter ended Sept. 30, a 10.8 percent increase over the $7.54 million earned in the comparable 1992 period.
 Per-share income for the July-September period was 48 cents and 44 cents for 1993 and 1992, respectively.
 Income for the first nine months of 1993, before the cumulative effect of changes in accounting principles related to post-retirement benefits and income taxes, increased 9.8 percent to $24.46 million or $1.41 per share. On the same basis, Fulton Financial's earnings for the first nine months represent an annualized return on average assets of 1.40 percent and a return on shareholders' equity of 13.94 percent.
 Commenting on the results, Rufus A. Fulton Jr., president and chief executive officer, said, "Fulton Financial's strong performance through the first nine months of 1993 can be attributed to increases in both net interest income and noninterest income, and exceptional asset quality, which has been one of our strengths over the years."
 The corporation's ability to sustain favorable net interest margins, and a 5 percent increase in loans, primarily in the consumer market, "were the major factors behind the 8 percent improvement in our net interest income," according to Fulton.
 Fulton also noted that income from the trust division and fees from the sale of mortgages into the secondary market "were heavy contributors to noninterest income, accounting for 60 percent of the $2.5 million gain we experienced in this area of our operation."
 As of Sept. 30, Fulton Financial's nonperforming assets were .70 percent of total assets, and net charge-offs on an annualized basis were just .13 percent of average total loans outstanding.
 Shareholders' equity at the end of the first nine months of 1993 was $241.6 million, an increase of 6.5 percent over a year earlier. The corporation has a leverage-capital ratio of 10.18 percent.
 Fulton Financial's total assets on Sept. 30, 1993, were $2.36 billion compared with $2.29 billion on Sept. 30, 1992; deposits totaled $2.0 billion for both periods; net loans were $1.52 billion compared with $1.44 billion a year earlier.
 All figures have been restated to include Denver National Bank, which was acquired by Fulton Financial during the first quarter in a transaction accounted for on a pooling of interests basis; per-share data has been adjusted to account for the 10 percent stock dividend paid in June 1993.
 Fulton Financial, headquartered in Lancaster, operates 73 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.
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1993 1992(A) 1993 1992(A)
 Income from operations $8,360 $7,544 $24,462 $22,288
 Accounting adjustment --- --- (2,790)(B) ---
 Net income 8,360 7,544 21,672 22,288
 Per share:
 Income from operations $.48 $.44(C) $1.41 $1.29(C)
 Accounting adjustment --- --- (.16)(B) ---
 Net income .48 .44(C) 1.25 1.29(C)
 Average shares outstanding 17,308 17,262 17,295 17,257
 Periods ended Sept. 30 1993 1992
 Total assets $2,359,453,000 $2,289,561,000
 Total deposits 1,990,615,000 1,989,875,000
 Net loans 1,516,744,000 1,441,339,000
 (A) Restated for acquisition of Denver National Bank on March 26, 1993.
 (B) Cumulative effect on prior periods from adoption of accounting standards.
 (C) Adjusted for 10 percent stock dividend paid June 1993.
 -0- 10/19/93
 /CONTACT: Earl A. Popp of Fulton Financial, 717-291-2616/

CO: Fulton Financial Corp. ST: Pennsylvania IN: FIN SU: ERN

MK-LJ -- PH021 -- 3929 10/19/93 11:32 EDT
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Publication:PR Newswire
Date:Oct 19, 1993

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