Northwest Bancshares up, Fulton Financial flat in Q3
Lancaster-based Fulton Financial Corp. reported flat third-quarter earnings late Tuesday while Northwest Bancshares Inc. reported a bounce-back third quarter.
At Fulton Financial Corp., parent company of Fulton Bank, earnings were flat for the quarter compared to both the second quarter of 2013 and the third quarter of 2012, according to the company’s third-quarter report.
However, the third quarter did beat analyst projections, as Fulton reported diluted earnings per share of 21 cents, more than the average projection of 20 cents, according to Yahoo Finance.
The bank reported net income of $39.9 million compared to $40.6 million in the second quarter. So far in 2013, the bank reports a net income of $119.8 million, or 61 cents per diluted share, a 1.7 percent increase compared to the first nine months of 2012, when the bank reported earnings of 60 cents per diluted share.
In addition to the earnings, the bank reported that its board of directors had approved the repurchase of up to 4 million shares, about 2.1 percent of the corporation’s outstanding shares.
It’s the company’s second stock repurchase offering this year. The first closed on Aug. 30 and was successful in the repurchase of 8 million shares.
Warren-based Northwest Bancshares Inc., holding company of Northwest Savings Bank, announced third-quarter net income of $17.6 million, or 19 cents per diluted share, up from $13.5 million, or 15 cents per diluted share, in the second quarter.
The earnings beat analyst projections by 3 cents per share, according to Yahoo Finance.
The company is also up compared to the third quarter of 2012, when it reported $15.7 million in net income, or 17 cents per diluted share.
The company also announced a quarterly cash dividend of 13 cents per share payable on Nov. 14 to shareholders of record as of Oct. 31. It’s the 75th consecutive quarter in which the bank has paid a cash dividend, company officials said in a press release.
The company operates more than 20 bank branches in the Dauphin, Lancaster, Lebanon and York counties and manages more than $7.9 billion in assets.