M&T Q1 profit nearly even with last year

M&T Bank Corp. (NYSE: MTB) earned $206.5 million in the first quarter, up slightly from $206.3 million a year earlier.

The banking company, based in Buffalo, earned $1.50 per share in the period, down from $1.59 per share in the first quarter of 2011.

“M&T’s first quarter results reflect our continued progress with the integration of Wilmington Trust, lower credit costs and improvement in several revenue categories, including net interest income, mortgage banking revenues, trust income and fees for providing deposit services,” M&T CFO Rene Jones said in a news release. “Additionally, average loans grew an impressive 10 percent on an annualized basis as compared with the fourth quarter of 2011.”

M&T Bank has more than $79 billion in assets and branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, and Washington, D.C.

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.

Contact Tampone at ktampone@cnybj.com