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Fulton Financial Management Discusses Q2 2012 Results - Earnings Call Transcript

Turning to noninterest income. Sales gains from residential mortgage loan activity were again strong, and as long as interest rates remain low, this area will likely continue to make a solid contribution to income. We also saw a healthy increase in deposit account related birth for each [ph] revenues linked quarter.

Earnings pressure came largely from 2 areas: net interest margin contraction and higher expenses. While I would like to say that both items are specific to this quarter, I do not believe that to be the case. Given the current and anticipated rate, regulatory and competitive environments, these areas will present continued challenges and will receive close management scrutiny.

On the margin, we -- lower interest rates produced another reduction from -- in our funding costs. We have shown consistent decreases in our cost of funds over the last several quarters, as we adjusted our mix some time to lower cost core deposits. Those past actions have been effective. However, during the second quarter, the rate of decline on earning asset yields accelerated and put greater downside pressure on the margin.

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