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Net interest margin, provisions up YOY at Fulton Financial

Fulton Financial Corp. on Oct. 17 posted a 17.9% year-over-year increase in third-quarter profit.

Net income climbed to $48.9 million, or 28 cents per share, from net income of $41.5 million, or 24 cents per share, in the third quarter of the prior year.

The S&P Capital IQ consensus mean estimate for third-quarter normalized EPS was 28 cents.

The Lancaster, Pa.-based company's net interest margin for the quarter was 3.27%, down from 3.29% in the previous quarter and up from 3.14% a year ago.

The bank recorded a provision for credit losses of $5.1 million, down from $6.7 million in the previous quarter and up from $4.1 million a year earlier.

At the end of the third quarter, nonperforming assets totaled $147.0 million, down from $147.2 million in the linked quarter and a decrease from $150.1 million a year ago.