Fulton Financial Corp. of Lancaster, Pa., swung to a loss of $102.3 million, or 58 cents a share, in the fourth quarter, from a profit of $38.2 million, or 22 cents a share, a year earlier.
The $16.1 billion-asset company, which announced the results Tuesday after the markets closed, attributed the loss to declining credit quality, goodwill impairment charges, and writedowns on its investments in securities.
Fulton had warned in December that it would take a $90 million goodwill impairment charge related to its 2005 acquisition of Columbia Bancorp in Maryland. It also preannounced an other-than-temporary impairment charge of $12.8 million on pooled trust-preferred securities.
But it did not warn of a $13.3 impairment charge on equity securities it took in the fourth quarter.
Fulton's asset quality also weakened in the quarter. Its loan-loss provision increased 855% from a year earlier, to $65 million, and nonperformers at yearend totaled $219 million, up 83% from a year earlier.
