Fulton Financial in Lancaster, Pa., made more loans for residential mortgage, commercial real estate and residential construction, leading to improved fourth-quarter profit.
Net income at the $19 billion-asset company rose 9.1% to $42 million from a year ago. Earnings per share rose 9% to 24 cents.
Net interest income after the loan-loss provision rose 2% to $127 million. The net interest margin fell 4 basis points to 3.15%.
Loans rose 6.2% to $15 billion on higher residential mortgages, commercial real estate and construction loans.
Noninterest income, including investment securities gains, rose 15% to $53 million. Fulton recorded a favorable $1.7 million adjustment to reduce the valuation allowance of its mortgage-servicing rights.
Noninterest expense rose 8% to $128 million on higher salaries.
