Fulton Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2017; Provides Tax Rate Guidance for the Year 2018; Reports Net Loan Charge Off for the Fourth Quarter Ended of December 31, 2017
January 23, 2018 at 03:00 am IST
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Fulton Financial Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended of December 31, 2017. For the quarter, the company reported interest income was $174,987,000 compared to $153,012,000 a year ago. Net Interest Income was $149,413,000 compared to $132,237,000 a year ago. Net interest income after provision was $142,683,000 compared to $127,237,000 a year ago. Income before income taxes was $61,187,000 compared to $52,371,000 a year ago. Net Income was $34,001,000 compared to $42,150,000 a year ago. Basic and diluted EPS was $0.19 compared to $0.24 a year ago. Adjusted net Income was $49,635,000 or diluted EPS was $0.28. Adjusted return on average assets was 0.98%. Adjusted return on average shareholders' equity was 8.80%. Return on average assets was 0.67% compared to 0.89% a year ago. Return on average shareholders's equity was 6.03% compared to 7.86% a year ago. Return on average shareholders's equity (tangible) was 7.91% compared to 10.47% a year ago. Adjusted return on average shareholders's equity (tangible) was 11.55%.
For the year ended December 31, 2017, the company reported interest income was $668,866,000 compared to $603,100,000 a year ago. Net Interest Income was $575,364,000 compared to $520,772,000 a year ago. Net interest income after provision was $552,059,000 compared to $507,590,000 a year ago. Income before income taxes was $234,454,000 compared to $208,249,000 a year ago. Net Income was $171,753,000 compared to $161,625,000 a year ago. Basic and diluted EPS was $0.98 compared to $0.93 a year ago. Adjusted net Income was $187,387,000 or diluted EPS was $1.07. Adjusted return on average assets was 0.96%. Adjusted return on average shareholders' equity was 8.54%. Return on average assets was 0.88% compared to 0.88% a year ago. Return on average shareholders's equity was 7.83% compared to 7.69% a year ago. Return on average shareholders's equity (tangible) was 10.33% compared to 10.30% a year ago. Adjusted return on average shareholders's equity (tangible) was 11.27%.
Based on the new corporate income tax rates effective January 1, 2018, the Corporation's effective tax rate in 2018 and future years is expected to be substantially lower than in 2017 and in prior years. The company anticipated an effective tax rate between 11% and 16% depending on the level of tax credits realized.
The company reported net loan charged off for the Fourth Quarter Ended of December 31, 2017 of $5,395,000.
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.
Fulton Financial Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2017; Provides Tax Rate Guidance for the Year 2018; Reports Net Loan Charge Off for the Fourth Quarter Ended of December 31, 2017