UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20459
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report: August 13, 2001
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Date of earliest event reported: July 31, 2001
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Commission File No. 0-10587
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FULTON FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
PENNSYLVANIA 23-2195389
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Penn Square, P.O. Box 4887 Lancaster, Pennsylvania 17604
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(Address of principal executive offices) (Zip Code)
(717) 291-2411
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(Registrant's telephone number, including area code)
Item 5. Other Events
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The attached unaudited financial information is filed pursuant to the
requirements of Securities and Exchange Commission Accounting Series Release No.
130. This information reports the results of operations of Fulton Financial
Corporation and subsidiaries for the seven months ended July 31, 2001, which has
been restated to include the results of operations of Drovers Bancshares
Corporation. Drovers Bancshares Corporation was acquired by the Corporation in a
transaction accounted for as a pooling of interests on July 1, 2001. This
information should be read in conjunction with the consolidated financial
statements and footnotes set forth in the Annual Report on Form 10-K filed by
Fulton Financial Corporation for the year ended December 31, 2000.
FULTON FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE SEVEN MONTHS ENDED JULY 31, 2001
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(Dollars in thousands)
INTEREST INCOME
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Loans, including fees........................................................... $255,299
Investment securities:
Taxable........................................................................ 42,227
Tax-exempt..................................................................... 5,549
Dividends...................................................................... 3,167
Other interest income........................................................... 1,589
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Total Interest Income........................................................ 307,831
INTEREST EXPENSE
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Deposits........................................................................ 115,874
Short-term borrowings........................................................... 9,779
Long-term debt.................................................................. 16,365
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Total Interest Expense........................................................ 142,018
Net Interest Income........................................................... 165,813
PROVISION FOR LOAN LOSSES....................................................... 10,114
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Net Interest Income After Provision for Loan Losses........................... 155,699
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OTHER INCOME
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Investment management and trust services........................................ 15,666
Service charges on deposit accounts............................................. 17,532
Other service charges and fees.................................................. 10,095
Mortgage banking income......................................................... 6,276
Investment securities gains..................................................... 8,344
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57,913
OTHER EXPENSES
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Salaries and employee benefits.................................................. 67,200
Net occupancy expense........................................................... 9,860
Equipment expense............................................................... 7,335
Data processing................................................................. 6,673
Merger and restructuring-related charges........................................ 7,103
Other........................................................................... 28,309
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126,480
Income Before Income Taxes.................................................... 87,132
INCOME TAXES.................................................................... 24,690
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Net Income.................................................................... $ 62,442
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PER-SHARE DATA:
Net income (basic).............................................................. $0.76
Net income (diluted)............................................................ 0.75
Dividends per share............................................................. 0.322
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, Fulton
Financial Corporation has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
FULTON FINANCIAL CORPORATION
By: /s/ Charles J. Nugent
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Charles J. Nugent
Senior Executive Vice President and
Chief Financial Officer
Date: August 13, 2001