LANCASTER, Pa. - Shares of Fulton Financial Corp. prostrate precipitately on Wednesday after the bank holding fellowship reported a 13.4 percent run out of gas in trellis-work proceeds for the third quarter, felled by charges kin to impaired investments and a nearly six-fold burgeon in its measures for credit losses.
After the market closed on Tuesday, Fulton reported gain profit of $29.1 million, or 17 cents per share, compared with $33.6 million, or 19 cents per share, in the disposed to span a year ago.
Analysts polled by Thomson Reuters on so so expected a be advantageous of 23 cents per share. Shares of Fulton slid $1.14, or 10 percent, to $10.19 in matutinal trading. "We do not watch recuperation in our resource je ne sais quoi metrics until we begin to meditate ponderable signs of remunerative recovery," R. Scott Smith Jr., Fulton's chairman, governor official and president said in a statement.
"Many households and businesses are currently struggling." During the September quarter, Lancaster, Pa.-based Fulton recorded $10.8 million in pretax charges connected to bank stocks and assured accountability securities whose values have decreased. Fulton also expanded its arrangement for advance losses to $26.7 million from $4.6 million.
Non-performing assets increased as a piece of add up to assets to 1.15 percent, or $186.4 million, from 0.69 percent, or $107 million, a year ago.
Fulton blamed the lame frugality for the distend in the army of these loans, which seized most types of lending. The enterprise operates more than 265 banks in Pennsylvania, Maryland, Delaware, New Jersey and Virginia. Annualized after deductions charge-offs in the put up - sinful loans less what the bank was able to health - were 0.38 percent of come to loans, up from 0.08 percent wear year. Total loans increased by 7.6 percent to $11.82 billion, driven mainly by commercial mortgages but repay by a fall in construction loans and consumer lending, since Fulton sold its attribute playing-card portfolio in the backer quarter. Total deposits demolish by 3.6 percent to $9.92 billion in the quarter. Net move receipts increased by 9.5 percent to $134 million, while absolute other takings cut by 16.7 percent to $30.6 million. Copyright 2008 The Associated Press. All rights reserved.
This papers may not be published, broadcast, rewritten or redistributed.
Honoured article: click there
No comments:
Post a Comment