The corporate owner of Lafayette Ambassador Bank reported a 7.4 percent decline in profits during its second quarter.
Fulton Financial said this week net income was $36.7 million, down from $39.6 million from the same quarter in 2014. Earnings per share stayed at 21 cents.
Fulton also reported total assets of $17.4 billion as of June 30, up nearly 2 percent for the same quarter of 2014. It posted revenue of $169.4 million versus $193.4 million quarter-over-quarter.
Fulton blamed the decline in its bottom line to a 3 percent drop in net interest income, citing lower yields on earnings assets, a 2 percent increase in non-interest expense, and a 10 percent increase in income tax expense. A 3.6 percent improvement in non-interest income partially offset the negative trends.
Lafayette Ambassador Bank, which is based in Bethlehem, has 21 branches and ranks fourth in market share based on deposits in the Lehigh Valley, according to the latest Federal Deposit Insurance Corp. report. Lancaster-based Fulton has approximately 3,700 employees and operates more than 240 branches in five states through Lafayette Ambassador and five other subsidiary banks
—Anthony Salamone
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