Fulton, F.N.B. report modest 2013 growth
Both Fulton Financial Corp., based in Lancaster, and F.N.B. Corp., based in Western Pennsylvania, reported moderate growth in their earnings reports for 2013.
Fulton Financial Corp., parent company of Fulton Bank, reported net income of $161.8 million for 2013, or 83 cents per diluted share, up from 80 cents per diluted share and net income of $159.8 million in 2012.
In the fourth quarter of 2013, the company reported net income of $42.1 million — 22 cents per diluted share — versus $40.2 million in the fourth quarter of 2012 and $39.9 million in the third quarter of 2013. The third-quarter earnings of 2013 resulted in 21 cents per diluted share.
The 22 cents per diluted share beat analyst estimates by 2 cents, according to Yahoo Finance.
While the bank gained total assets for the year by 2.4 percent, it lost assets in the fourth quarter to fall back under the $17 billion mark to $16.9 billion. At the end of the third quarter, its assets had risen to just more than $17 billion, according to the earnings report.
Fulton Financial Corp. trades on the Nasdaq exchange under the ticker symbol FULT.
F.N.B. Corp., the parent company of First National Bank of Pennsylvania, reported a net income of $117.8 million for 2013, up from $110.4 million in 2012. Diluted shares were worth 80 cents for 2013, up from 79 cents in 2012.
For 2013's fourth quarter, however, F.N.B. fell off from its third-quarter earnings and its fourth quarter from 2012. It reported net income for the latest quarter of $28.4 million, or 18 cents per diluted share. Third-quarter net income was $31.6 million, or 22 cents per diluted share, and the fourth quarter of 2012 yielded $29 million in net income, or 21 cents per diluted share.
The 18 cents per diluted share in the fourth quarter missed analyst estimates by 3 cents, according to Yahoo Finance.
F.N.B. Corp., located in Hermitage, trades on the New York Stock Exchange under the ticker symbol FNB. It opened its second Dauphin County location in 2013, its fourth in the midstate.