Fulton Financial Corp. (FULT) reported a fall in its profit for the second quarter, reflecting higher provision for loan losses and reduction in construction loan balances.
Fulton recorded second-quarter net income available to shareholders of $8.06 million, compared with $25.68 million last year, a decrease of 68.6%. Earnings per share decreased to $0.05 from $0.15 prior year. On average, 11 analysts polled by Thomson Reuters expected the company to report profit of $0.02 per share for the quarter.
Net interest income for the second quarter of 2009 decreased $3.9 million, or 3.0% compared to the same period in 2008. The Corporation's net interest margin was 3.43% for the second quarter of 2009, 3.75% for the second quarter of 2008.
Net interest income for the second quarter decreased to $127.94 million from $131.89 million a year ago.
Pennsylvania-based financial holding company recorded net income available to common shareholders of $16.1 million for the six months ended June 30, 2009, a 76.0% decrease from the same period in 2008. Net income per share for the six months ended June 30, 2009 was $0.09 , a 76.9% decrease from the $0.39 reported in 2008.
Scott Smith, chairman and chief executive officer said, "A reduction in construction loan balances contributed to a decrease in total loans outstanding that put pressure on our net interest margin..."
FULT closed Tuesday's regular trading at $4.72 down $0.35 or 6.90% on a volume of 2.80 million shares on the Nasdaq and in the after hour trading the stock price increased 8.05% to $5.10.
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