Two Lancaster County-based bank holding companies announced their year-end and fourth-quarter earnings late Tuesday.
Fulton Financial Corp.
Fulton Financial Corp., parent company of Fulton Bank and other Mid-Atlantic subsidiary banks, finished the year nearly flat on full-year earnings per share, but fourth-quarter net income dropped almost 10 percent compared to 2013.
The company reported net income for the quarter of $37.9 million, down from $42.1 million in 2013’s fourth quarter. For the year, Fulton reported net income of $157.9 million, down from $161.8 million in 2013.
The company’s net income earnings per diluted share, however, stayed nearly on 2013 levels. The company said earnings were at 21 cents per share for the fourth quarter, down one cent from 2013’s fourth quarter. For the year, earnings per share gained a penny from 83 cents to 84 cents.
The 21 cents for the quarter was in line with analyst estimates, according to Yahoo Finance.
Fulton reported having to spend $9.5 million for outside services, largely due to compliance issues at its subsidiaries with the Bank Secrecy Act and anti-money laundering compliance program. The company has announced the issues throughout the year.
The $9.5 million represents more than a 50 percent jump from what it paid in 2013, according to the company.
Total assets fell about $100 million between the third and fourth quarters of 2014 to $17.1 billion.
Fulton trades on the NASDAQ exchange under the ticker symbol FULT.
ENB Financial Corp.
ENB Financial Corp., the bank holding company of Ephrata National Bank, continued its slide, reporting a near-16-percent decrease in net income for the fourth quarter and an 8 percent decrease for the year.
The company reported about $7.1 million in net income for 2014, down from about $7.7 million in 2013, when it saw its net income rise about a percentage point.
But 2014 has been a rough one for ENB. The 15.8 percent decrease in the fourth quarter compared to 2013 follows a third quarter where net income fell 1.7 percent and a second quarter that saw a 4.5 percent drop.
Increased operating expenses contributed to the loss. Salaries and benefit expenses rose 8 percent for the year to $1.03 million. The company said that primarily came from the expense of opening two new branches in 2013 and adding personnel in its mortgage division. The company has an initiative to grow its mortgage division, one it said will continue in 2015.
Many of the company’s bottom line figures, however improved in 2014. Its assets rose 5.5 percent to $857.2 million, deposits reached almost $700 million (6.6 percent jump) and total loans were up 7.5 percent to $471.2 million.
Ephrata National trades on the OTCBB market at the ticker symbol ENBP.