Good times continue for some local banks in third quarter
Good times, bad times, the banks have had their share.
But the times have been pretty good lately, a trend that continued into the third quarter for some midstate institutions.
Here are some highlights from the first locally headquartered banks to report their earnings this quarter. Results from other banks will follow in the coming weeks.
Fulton Financial Corp.
Net income: $48.9 million, an increase of 17.9 percent compared to the second quarter of 2017
Deposits: $4.49 billion, a 7.8 percent increase over the third quarter of 2016
Loans: $15.4 billion, an 8.3 percent increase over the third quarter of 2016
Total assets: $20.1 billion
Fulton Financial Corp. breached the $20 billion in assets mark by the end of this quarter thanks to a steady period of growth. The bank holding company is also continuing to work on a major expansion of its downtown Lancaster headquarters.
Fulton, though, still faces limits on some of its grander ambitions - specifically the long-planned consolidation of its subsidiary banks - because of a federal consent order that regulators placed on the company more than three years ago due to alleged weaknesses in its anti-money laundering practices.
Fulton Financial CEO Philip Wenger told investors during this quarter's earnings call that the company is "approaching the point where we could see some of the orders being lifted," but could not offer an exact timetable in which that relief might happen.
When it does, Fulton would move quickly to consolidate its subsidiaries, a move expected to decrease operating expenses. The company would also look at possible acquisitions, Wenger said, though the consent order would not necessarily stop Fulton from partnering with another institution in the meantime.
Codorus Valley Bancorp Inc.
Net income: $3.4 million, no change over the third quarter of 2016
Deposits: $1.3 billion, up 8.2 percent from the third quarter of 2016
Loans: $1.39 billion, up 16 percent from the third quarter of 2016
Total assets: $1.6 billion
Although Codorus Valley Bancorp saw even net income this quarter as compared to the same quarter of 2016, its total earnings so far this year are up 13 percent over the first nine months of last year, largely because of commercial loan growth.
The holding company for PeoplesBank recently unveiled a new website and has plans to debut an online commercial banking platform in the coming weeks.
ENB Financial Corp.
Net income: $2.03 million, down 2.1 percent from the third quarter of 2016
Deposits: $838.8 million, up 5.8 percent from the third quarter of 2016
Loans: $584.1 million, up 3.2 percent from the third quarter of 2016
Total assets: $1.01 billion
The parent company for Ephrata National Bank saw a dip in net income this quarter as compared to third quarter of 2016, largely because of increased personnel expenses, a slight decrease in gains from mortgage sales and an increased provision for loan loss.
Still, the company's net income is up slightly - 1.8 percent - for the first nine months of the year as compared to the first nine months of 2016. ENB also saw net income dip in the first quarter, but it bounced back in the second quarter.