Fulton Financial Reports Q4 EPS $0.18 vs $0.20 Est
Fulton Financial Corporation (NASDAQ: FULT) reported net income of $36.1 million, or 18 cents per diluted share, for the fourth quarter ended December 31, 2011, compared to $39.3 million, or 20 cents per diluted share, for the third quarter of 2011.
For the year ended December 31, 2011, net income available to common shareholders was $145.6 million, or 73 cents per diluted share, compared to $112.0 million, or 59 cents per diluted share, for 2010.
"2011 was characterized by significant earnings improvement, a lower provision for credit losses, strong core deposit growth, good expense control and an increase in our cash dividend," said R. Scott Smith, Jr., Chairman and CEO. "In the fourth quarter, we were pleased to see moderate loan growth, a reduction in overall loan delinquency and improvement in our credit quality metrics as a result of the continued resolution of distressed assets along with the sale of non-performing residential mortgages. Earnings for the quarter were down from the prior quarter due to an increase in operating expenses, Federal regulations that reduced debit card interchange revenue and compression of our net interest margin."
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