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Editor’s note: The Investment Q&A feature will appear regularly in the Banking & Wealth Management special reports of The Central New York Business Journal, spotlighting area investment professionals and their views on the markets and investments. In this issue, Jim Burns, president of J.W. Burns & Company in DeWitt, chatted with Adam Rombel, editor-in-chief, via […]
Profit increases in Q4, full year at M&T Bank
Net income at M&T Bank Corp. (NYSE: MTB) rose to $296 million in the fourth quarter from $148 million a year earlier. Earnings per share for the period totaled $2.16, up from $1.04 in the fourth quarter of 2011. Although there were no unusual items in M&T’s 2012 fourth quarter, the year-earlier period included several
Lenders prepare for new rules on mortgages
Mortgage lenders across the region and country are likely to spend some time over the next year preparing for new rules coming from the Consumer Financial Protection Bureau (CFPB). The CFPB and the new lending rules it’s issuing stem from the financial crisis that began in 2008 and the actions by some lenders that led
Community Bank net income slips in Q4, rises for full year
DeWITT — Acquisition costs and a litigation settlement helped push profit down at Community Bank System, Inc. (NYSE: CBU) in the fourth quarter. The DeWitt–based banking company earned $18.8 million, or 47 cents per share, in the quarter, down from $19 million, or 51 cents, in the fourth quarter of 2011. The fourth quarter included
New president takes over at Geddes Federal
GEDDES — Growing the customer base in the Manlius area is one of the top priorities for the new president at Geddes Federal Savings and Loan Association. Brian DuMond took over leadership at Geddes Federal effective at the start of 2013. He succeeds William Hemmerlein, who retired at the end of 2012. DuMond joined Geddes
Key expects loan growth, more cost cutting in 2013
Net income for common shareholders from continuing operations at KeyCorp (NYSE: KEY) totaled $193 million, or 21 cents a share, in the fourth quarter. That’s down from $201 million, or 21 cents a share, in the fourth quarter of 2011. The Cleveland, Ohio–based banking company took a $16 million charge during the quarter related to
Pathfinder Bancorp profit rises in Q4 and for full year
OSWEGO — Pathfinder Bancorp, Inc., holding company for Pathfinder Bank, earned $729,000 in the fourth quarter, up more than 67 percent from a year earlier. Earnings per share for the period totaled 25 cents a share for the period, up from 10 cents a share in the fourth quarter of 2011. The rise in profit
Shareholders to vote on NBT-Alliance deal
SYRACUSE — Shareholders will have the chance in the coming weeks to vote on the planned acquisition of Alliance Financial Corp. of Syracuse by Norwich–based
Chemung Financial Q4 profit slips 28 percent
ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG), the parent company of Chemung Canal Trust Co., reported that profit plummeted 28 percent in the fourth quarter
Berkshire posts higher profit in fourth quarter and 2012
Berkshire Hills Bancorp, Inc. (NYSE: BHLB), parent of Berkshire Bank, earned $9.3 million in the fourth quarter, up from $8.5 million a year earlier. Earnings per share
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