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Fulton Financial (FULT) in Lancaster, Pa., has lured a chief marketing officer from First Niagara Financial (FNFG).
June 25 -
Fulton Financial (FULT) in Lancaster, Pa., announced that its longtime chief financial officer will retire at the end of this year.
May 17 -
Fulton Financial (FULT) in Lancaster, Pa., reported a slight increase in quarterly profit as better credit quality and higher securities gains offset revenue declines.
April 16
Fulton Financial (FULT) in Lancaster, Pa., beat earnings estimates as costs tied to bad loans fell.
The $17 billion-asset company's second-quarter earnings rose 2% from a year earlier, to $40.6 million. Per-share earnings of 21 cents beat the estimates of analysts polled by Bloomberg by 2 cents.
Better credit quality made up for declines in loan and fee income and rising expenses. The loan-loss provision fell by nearly 50% from a year earlier, to $13.5 million. Net chargeoffs fell 64% from the second quarter of 2012, to $17.4 million. The improvement was because of a decline in nonperforming mortgages and commercial loans, the company said. Total nonperforming assets fell 21% from a year earlier, to $210.2 million.
Net interest income fell 4% from the second quarter of 2012, to $132.1 million. The net interest margin compressed by 26 basis points from a year earlier, to 3.52%.
Noninterest income fell 2% from a year earlier, to $52.3 million, because of lower service charges and mortgage banking income. Noninterest expenses rose 5% from the second quarter of 2012, to $117.1 million, largely because of a 6% rise in compensation costs, to $63.5 million. Fulton attributed the rise in costs to hiring, consulting costs and the expense of converting to a new core processing system.
