BUFFALO, N.Y. — M&T Bank Corp. (NYSE: MTB) earned $278 million in the fourth quarter, up 25 percent from $221 million in the year-ago period as revenue increased and expenses stabilized.
Earnings per share in the fourth quarter totaled $1.92, up from $1.56 in the year-earlier quarter, Buffalo–based M&T Bank said in its earnings news release issued Tuesday.
For the full year, the banking company earned $1.07 billion, down from $1.14 billion earned in 2013. M&T’s earnings per common share totaled $7.42 in 2014, down from $8.20 in the previous year.
(Sponsored)
How Does New York State’s Clean Slate Act Impact You?
On November 16, 2023, Governor Hochul signed into law the Clean Slate Act which automatically seals criminal records for certain crimes. The law (effective next year), provides that misdemeanors are
The End of Non-Compete Agreements in New York?
Among the tidal wave of changes impacting employers, ranging from updated anti-harassment laws, restrictions on absenteeism policies and new pay transparency rules, New York is now poised to restrict the
The 2013 results reflected after-tax gains from investment securities and loan-securitization transactions of $67 million ($110 million pre-tax) or 51 cents of diluted earnings per common share.
The results during 2014’s final quarter were “solid,” René Jones, vice chairman and CFO of M&T Bank, contended in the earnings news release.
“We had improved revenues, healthy loan growth, stable expense levels and excellent credit experience. Overall, 2014 represented a year of considerable investment in our infrastructure. Significant progress was made on our BSA/AML, compliance, risk management and technology initiatives that will position us well moving forward. In a year of substantial resource commitment, we further strengthened our already formidable balance sheet by raising our capital and liquidity levels,” said Jones.
BSA / AML is short for Bank Secrecy Act / Anti-Money Laundering, a compliance program with a manual providing guidance on identifying and controlling risks associated with money laundering and terrorist financing, according to the online manual.
M&T had total assets of $96.7 billion as of Dec. 31, up 14 percent from $85.2 billion a year earlier.
Loans and leases, net of unearned discount, rose 4 percent to $66.7 billion at the end of 2014, up from $64.1 billion at the end of 2013.
Total deposits were $73.6 billion as of Dec. 31, up $6.5 billion, or 10 percent, from $67.1 billion at the end of 2013.
M&T Bank ranks first in deposit market share in the Syracuse metro area, with $2.7 billion in deposits and a 24.1 percent market share, according to June 30, 2014 statistics from the FDIC, the latest data available. It has 30 branch offices in the area.
M&T also ranks first in deposit market share in the full 16-county Central New York area with $5.1 billion in deposits and a 19.6 percent market share, operating from 67 branch offices, according to the latest FDIC data.
M&T is a financial holding company headquartered in Buffalo. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, and the District of Columbia.