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Fulton Financial Reports 2010 Earnings

  • Diluted earnings per share for the fourth quarter of 2010 was 16 cents, unchanged from the third quarter of 2010. For the year ended December 31, 2010, diluted earnings per share was 59 cents, a 90.3 percent increase from 2009.
  • The provision for credit losses was $40.0 million for the fourth quarter of 2010, which remained unchanged from the third quarter of 2010. Non-performing assets decreased $11.0 million, or 3.0 percent, in comparison to the third quarter of 2010. Annualized net charge-offs to average loans increased to 1.65 percent for the fourth quarter of 2010 from 1.19 percent for the third quarter of 2010.
  • During the third quarter of 2010, the Corporation ended its participation in the U.S. Department of Treasury's (UST) Capital Purchase Program, redeeming all of its preferred stock and repurchasing its outstanding common stock warrant held by the UST. As a result, preferred stock costs decreased $6.2 million in the fourth quarter of 2010.

LANCASTER, Pa., Jan. 17, 2011 (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 fourth quarter ended December 31, 2010, unchanged from the third quarter of 2010. Total other expenses increased $4.4 million and other income decreased $4.3 million. The unfavorable after-tax impact of these items was offset by a $6.2 million decrease in preferred stock costs.

For the year ended December 31, 2010, net income available to common shareholders was $112.0 million, or 59 cents per diluted share, compared to $53.8 million, or 31 cents per diluted share, for 2009. The $58.3 million, or 108.4 percent, increase in the Corporation's earnings was due to a $37.8 million, or 7.3 percent, increase in net interest income, a $30.0 million, or 15.8 percent, decrease in the provision for credit losses, a $9.0 million increase in other income and a $6.6 million decrease in other expenses. In addition, preferred stock costs decreased $3.9 million. Partially offsetting these favorable variances was a $29.0 million, or 188.2 percent, increase in income tax expense.

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