M&T Bank Corp. (NYSE: MTB) earned $148 million in the fourth quarter, down from $204 million a year earlier.
Earnings per share in the period totaled $1.04, down from $1.59 in the fourth quarter of 2010.
A $79 million charge related to M&T’s investment in Bayview Lending Group and $25 million in charges related to certain mortgage-backed investment securities helped push profits down, according to M&T. The bank also received $55 million in cash related to a lawsuit settlement during the quarter and made a $30 million contribution to the M&T Charitable Foundation.
(Sponsored)
Latest Tax Scams and Schemes for Tax Filing Season
With the 2024 tax filing season upon us, now is a great time to remind taxpayers to stay vigilant and watch out for bogus tax strategies and schemes. Now more
Final Regulations for the Advanced Manufacturing Production Credit
The IRS recently issued final regulations for the Section 45X Advanced Manufacturing Production Credit, clarifying and expanding key provisions from the proposed regulations released in late 2023. These updates are
Those four items cut profit by $48 million, or 38 cents a share, M&T said.
M&T Bank, based in Buffalo, has $77.9 billion in assets and 780 branch offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, New Jersey, Delaware, Florida, Washington, D.C., and Ontario, Canada.
M&T is the leading bank in the Syracuse–area deposit market with 30 branches, 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 statistics as of June 30 from the Federal Deposit Insurance Corp.
Contact Tampone at ktampone@cnybj.com
