Fulton Financial Corp. in Lancaster, Pa., posted a 72% year-over-year increase in net income in the third quarter, to $31.5 million.
The $16.3 billion-asset bank holding company cited a $9.3 million gain from the sales of mortgage loans and a slight increase in its net interest margin, to 3.81%. Fulton also reduced its provision for loan losses by $5 million, which helped lift earnings.
Credit quality, however, remains a concern as Fulton's nonperforming assets rose nearly 9% from the second quarter and 24% from a year earlier, to $372.8 million.
