Fulton Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2016
January 17, 2017 at 04:51 pm
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Fulton Financial Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended of December 31, 2016. For the quarter, the company’s diluted earnings per share were 24 cents, unchanged from the third quarter of 2016 and a 2 cent, or 9.1%, increase from the fourth quarter of 2015. Pre-Provision net revenue was $55.8 million decreased 5.1% from the third quarter of 2016, mainly due to higher expenses. Net interest income increased $1.7 million, or 1.3%, compared to the third quarter of 2016. The company reported net income of $42.2 million, or 24 cents per diluted share, for the fourth quarter of 2016, and net income of $161.6 million, or 93 cents per diluted share, for 2016. Net interest income after provision was $127,237,000 compared to $125,049,000 a year ago. Income before income taxes was $52,371,000 compared to $52,449,000 a year ago. Return on average assets was 0.89% compared to 0.86% a year ago. Return on average shareholders’s equity was 7.86% compared to 7.51% a year ago. Return on average shareholders's equity (tangible) was 10.47% compared to 10.16% a year ago.
For the year ended December 31, 2016, diluted earnings per share were 93 cents, a 9.4% increase from 85 cents reported in 2015. Pre-provision net revenue was $218.9 million, or 10.4% higher than 2015. Net interest income increased $20.8 million, or 4.2%, compared to 2015. Net interest income after provision was $507,590,000 compared to $497,744,000 a year ago. Income before income taxes was $208,249,000 compared to $199,423,000 a year ago. Net income was $161,625,000 compared to $149,502,000 a year ago. Return on average assets was 0.88% compared to 0.86% a year ago. Return on average shareholders’s equity was 7.69% compared to 7.38% a year ago. Return on average shareholders's equity (tangible) was 10.30% compared to 10.01% a year ago.
Fulton Financial Corporation is a financial holding company. Through banking subsidiary, Fulton Bank (the Bank), it delivers financial services within its five-state market area, comprised of Pennsylvania, Delaware, Maryland, New Jersey and Virginia. It offers a range of consumer and commercial banking as well as wealth management products and services, to its customers and the communities it serves. Its consumer banking products and services include various checking account and savings deposit products and certificates of deposit. Its consumer loan products include automobile loans, personal lines of credit and checking account overdraft protection. It provides commercial banking products and services to small and medium sized businesses. Its commercial lending products include commercial real estate loans, commercial and industrial loans, and construction loans. Its wealth management services include investment management, trust, brokerage, insurance and investment advisory services.