M&T Bank Corp. (NYSE: MTB) earned $233 million in the second quarter, down 28 percent from the same period in 2011.
Last year’s second quarter results included $67 million in gains from investment sales as M&T repositioned its balance sheet after its May 2011 acquisition of Wilmington Trust Corp. The second quarter of 2011 also included another $42 million gain related to the acquisition.
Earnings per share for 2012’s second quarter totaled $1.71, down from $2.42 a year earlier.
(Sponsored)
The Influence of Economic Uncertainty on Business Value
Businesses face uncertain conditions today, including geopolitical and cybersecurity risks, inflation concerns, environmental issues, and a lack of clarity about future tax laws and interest rates. Here’s an overview of
How Are You Creating Certainty in an Uncertain World?
In a world of constant change, having a local partner in your corner can make all the difference. When Central NY businesses are asked “Who’s in your corner?” one name
“During the second quarter we saw significant growth in our revenues in the areas of net interest income, mortgage banking, and trust services,” M&T CFO Rene Jones said in a news release. “Our credit experience, specifically net charge-offs as a percentage of loans, continued to favorably outpace the rest of the banking industry and the level of our nonaccrual loans declined $97 million or 9 percent from March 31. Furthermore, our operating expenses were once again well controlled as reflected in our efficiency ratio, which improved to 56.9 percent from 61.1 percent. We view this as a very solid quarter of performance.”
Buffalo–based M&T is the leading bank in the Syracuse–area deposit market with 30 branch offices, more than $2.2 billion in deposits, and a market share of more than 21.2 percent. It is number two in the Utica–Rome market with 13 branches, more than $615 million in deposits, and a market share of about 16.8 percent.
M&T also leads the Binghamton–area market with a deposit market share of 48.7 percent, 16 branches, and more than $1.2 billion in deposits, according to the latest statistics from the Federal Deposit Insurance Corp.
The bank has more than $79 billion in total assets and 750 branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, and Washington, D.C.
Contact Tampone at ktampone@cnybj.com
