Fulton Financial on Tuesday reported a 69.8% increase in second quarter net profits, compared to the 2018 quarter that was depressed by a loss on a loan to Worley & Obetz.
Net profits were $59.8 million (35 cents a share), up from $35.2 million (20 cents a share) in the 2018 quarter, which included a net loss of $29.1 million (16 cents a share) from its loan to the now-defunct energy company.
Lancaster-based Fulton’s results also benefited from a 29.7% upturn in net interest income, thanks to a sharply smaller provision for loan losses, and a 10.6% increase in non-interest income.
These helped offset the impact of an 8.1% rise in non-interest expense, fueled by $5.1 million in bank-consolidation expense, and a 182.3% surge in income tax expense.
Fulton, with total assets of $21.3 billion, is the holding company for Fulton Bank, Lancaster County’s largest bank.