This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs