Fulton Financial Anticipates First-Quarter Charge From Mortgage ...
Fulton Financial Corporation (NASDAQ: FULT) ("Fulton") expects to recognize a pre-tax charge against earnings of $5.5 million during the quarter ending March 31, 2007 related to losses that may be incurred by Fulton due to the repurchase of residential mortgage loans and home equity loans that had been originated and sold in the secondary market by Resource Bank ("Resource"), a wholly owned subsidiary of Fulton. In addition, Fulton reported that it will recognize interest income of approximately $3.4 million before tax and a recovery of $400,000 to the allowance for loan losses during the quarter as the result of the resolution of a charged-off commercial mortgage by another of its subsidiaries, Fulton Bank. The net effect of these items is expected to reduce Fulton's first quarter 2007 earnings by approximately $.01 per share.
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