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: November 20, 1998
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Date of earliest event reported: October 31, 1998
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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 ten months ended October 31, 1998, which
includes the combined operations of Fulton Financial Corporation and Ambassador
Bank of the Commonwealth from September 11, 1998. This information should be
read in conjunction with the financial statements set forth in the Annual Report
on Form 10-K filed by Fulton Financial Corporation for the year ended December
31, 1997.
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FULTON FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
FOR THE TEN MONTHS ENDED OCTOBER 31, 1998
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(Dollars in thousands)
INTEREST INCOME
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Loans, including fees............................................ $ 282,423
Investment securities:
Taxable........................................................ 49,202
Tax-exempt..................................................... 3,721
Dividends...................................................... 2,860
Federal funds sold............................................... 1,515
Interest-bearing deposits with other banks....................... 187
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Total Interest Income....................................... 339,908
INTEREST EXPENSE
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Deposits......................................................... 134,029
Short-term borrowings............................................ 7,404
Long-term debt................................................... 6,253
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Total Interest Expense...................................... 147,686
Net Interest Income......................................... 192,222
PROVISION FOR LOAN LOSSES........................................ 4,727
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Net Interest Income After Provision for Loan Losses......... 187,495
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OTHER INCOME
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Trust department................................................. 10,449
Service charges on deposit accounts.............................. 16,184
Other service charges and fees................................... 10,662
Gain on sale of mortgage loans................................... 2,762
Investment securities gains...................................... 10,481
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50,538
OTHER EXPENSES
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Salaries and employee benefits................................... 69,371
Net occupancy expense............................................ 11,038
Equipment expense................................................ 8,001
FDIC assessment expense.......................................... 609
Special services................................................. 8,605
Other............................................................ 34,502
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132,126
Income Before Income Taxes.................................. 105,907
INCOME TAXES..................................................... 33,386
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Net Income.................................................. $ 72,521
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PER-SHARE DATA:
Net income (basic)............................................... $ 1.16
Net income (diluted)............................................. $ 1.15
Dividends per share.............................................. $ 0.431
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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
Executive Vice President and
Chief Financial Officer
Date: November 20, 1998
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