Fulton Financial Corporation has reported that its net income available to common shareholders of $8.1 million for the quarter ended June 30, 2009, decreased 68.6% from the same period in 2008.
Diluted net income per share for the quarter was 5 cents, a 66.7% decrease from the same period in 2008, and was equal to diluted net income per share for the first quarter of 2009.
Scott Smith, chairman and chief executive officer, said: “While we were encouraged that the pace of non-performing loan growth slowed somewhat in the second quarter, we continued to provide for loan losses at a level equal to the first quarter. A reduction in construction loan balances contributed to a decrease in total loans outstanding that put pressure on our net interest margin.”
“From a funding perspective, we were pleased with our strong growth in core demand and savings deposits. Sale gains from residential mortgage activity were a significant contributor to non-interest income. Expenses remain well controlled,” he added.
