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Fulton Financial's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Our comments today will refer to the financial information included with our earnings announcement, which we released at 4:30 yesterday afternoon. These documents can be found on our website at fult.com by clicking on Investor Relations and then on News.

On this call, representatives of Fulton may make forward-looking statements with respect to Fulton's financial condition, results of operations and business. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Fulton's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Fulton undertakes no obligation other than required by law to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

In our earnings release, we have included our Safe Harbor statement on forward-looking statements. We refer you to that statement and incorporate that statement into this presentation. For a more complete discussion of certain risks and uncertainties affecting Fulton, please see the sections entitled Risk Factors and Management's Discussion and Analysis of financial condition and results of operations set forth in Fulton's filings with the SEC.

Now, I'd like to turn the call over to your host, Scott Smith.

R. Scott Smith

Thank you, Laura, and good morning, everyone. It's good to have you with us. After some introductory remarks, I will turn the call over to Phil Wenger and Charlie Nugent to discuss credit and financial details.

Our earnings continue to improve in the third quarter. We reported diluted net income of $0.20 per share, an increase of 11% over the second quarter and a 25% increase over the third quarter of last year. The number of items and trends we reviewed last time contributed to our solid results again this quarter. These include our improved ROA, strong noninterest income for mortgage sale gains, a further decrease in the provision for credit losses and a reduction in funding costs due to our stable core deposit base. We'll discuss each of these in more detail.

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