FULTON FINANCIAL REPORTS RECORD FIRST QUARTER INCOME
FULTON FINANCIAL REPORTS RECORD FIRST QUARTER INCOME LANCASTER, Pa., April 16 /PRNewswire/ -- Fulton Financial Corp.
(NASDAQ-NMS: FULT) earned a record $6.28 million in the first quarter of 1992, a 4 percent increase over the $6.04 million the bank holding company earned in the same 1991 period.
Primary and fully diluted earnings per share of 48 cents for the first quarter were 2 percent ahead of the 47 cents earned a year earlier. Per-share income has been adjusted to account for the 10 percent stock dividend paid Dec. 2, 1991. Fulton Financial had 13.1 million shares of common stock outstanding on March 31, 1992, compared with 12.8 million shares on the same date in 1991. Fulton Financial registered an annualized return on average assets of 1.24 percent and a return on shareholders' equity of 13.84 percent for the first three months of 1992. Robert D. Garner, chairman and chief executive officer, said, "Double-digit increases in both net interest income and noninterest income were the major contributors to Fulton's earnings improvement in the first quarter." Garner added that the corporation's income "benefited from the outstanding quality of our assets." Fulton Financial's nonperforming assets at March 31 were .57 percent of total assets. For the period, net charge-offs on an annualized basis were just .08 percent of average total loans outstanding. At March 31, shareholders' equity was $185.4 million, a $20.6 million increase over a year earlier. Fulton Financial's total assets on March 31, 1992, were $2.05 billion compared to $1.80 billion on March 31, 1991; deposits totaled $1.78 billion compared with $1.54 billion at the end of last year's first quarter; net loans were $1.30 billion compared with $1.14 billion a year earlier. 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, headquartered in Lancaster, operates 67 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. /delval/ -0- 4/16/92 /CONTACT: Earl A. Popp of Fulton Financial, 717-291-2616/ (FULT) CO: Fulton Financial Corporation ST: Pennsylvania IN: FIN SU: ERN
MK-JR -- PH005 -- 9086 04/16/92 08:43 EDT
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|Date:||Apr 16, 1992|
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