This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Fulton Financial Reports Third Quarter Earnings Of $0.16 Per Share

Overview of the Third Quarter of 2010
  • Diluted earnings per share for the third quarter of 2010 increased two cents, or 14.3 percent, in comparison to the second quarter of 2010. One cent of this increase resulted from a $3.3 million increase in mortgage banking income as a result of a change in the valuation methodology for the Corporation's mortgage pipeline.
  • Provision for loan losses of $40.0 million, which remained unchanged from the second quarter of 2010. Non-performing assets increased $30.2 million, or 8.8 percent, over the second quarter of 2010.
  • In July 2010, the Corporation redeemed all of its outstanding preferred stock held by the U.S. Department of the Treasury (UST) for $376.5 million. Upon redemption, the Corporation accreted its remaining preferred stock discount, resulting in a $5.5 million, or three cents per diluted share, reduction to third quarter net income available to common shareholders.
  • In September 2010, the Corporation repurchased its outstanding common stock warrant for the purchase of 5.5 million shares of its common stock, also held by the UST, for $10.8 million. The repurchase of the warrant had no impact on diluted earnings per share.

LANCASTER, Pa., Oct. 19, 2010 (GLOBE NEWSWIRE) -- Fulton Financial Corporation (Nasdaq:FULT) reported net income available to common shareholders of $31.5 million, or 16 cents per diluted share, for the third quarter ended September 30, 2010, compared to $26.6 million, or 14 cents per diluted share, for the second quarter of 2010.

"Residential mortgage activity along with an increase in our net interest margin contributed to continued earnings improvement in the third quarter. Our strong capital position enabled us to repay our U. S. Treasury TARP funds, in full, and to repurchase the associated warrant," said R. Scott Smith, Jr., Chairman and CEO. "Since the economic recovery has been slower than anticipated, our financial performance continues to reflect asset quality challenges. While deposit growth has been good, loan demand has been comparatively light, as consumer and business spending patterns reflect continued economic uncertainty. Expenses were again well controlled."

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs