BUFFALO, N.Y. — M&T Bank Corp. (NYSE: MTB), Central New York’s largest bank ranked by deposit market share, today reported that its second-quarter net income fell 18 percent, as expenses rose and noninterest income fell.
The Buffalo–based banking company reported that net income declined to $284 million, or $1.98 per share, in the second quarter, from $348 million, or $2.55 a share, in the year-ago period. Both quarters’ results included non-recurring items, according to M&T.
The Buffalo–based banking company’s operating earnings in this year’s second quarter totaled nearly $290 million, or $2.02 per share, down from almost $361 million, or $2.65 a share, in the second quarter of 2013. The latest quarter’s operating earnings per share beat analysts’ expectations for $1.90, according to Zacks Equity Research.
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“Results for the second quarter reflected an improvement in revenue from the first quarter in the areas of mortgage banking, trust and deposit services. M&T’s credit quality measures were strong during the quarter,” Rene F. Jones, M&T’s vice chairman and chief financial officer, said in the earnings report. “While operating expense levels continue to be elevated, significant progress has been made on several key initiatives…”
M&T reported its earnings before the open of trading today. The company’s stock price fell 27 cents to $121.99 as of 3:30 p.m. The stock is still up more than 5 percent year to date.
M&T had total assets of $90.8 billion as of June 30, 2014, up 9 percent from $83.2 billion a year earlier. Total deposits rose 6 percent to $69.8 billion as of June 30, from $65.7 billion a year prior.
M&T Bank ranked first in deposit market share in the 16-county Central New York region, with $4.9 billion in deposits and a 19 percent market share, according to June 30, 2013, statistics from the FDIC, the latest data available.
Contact Rombel at arombel@cnybj.com
