Profit at M&T Bank Corp. (NYSE: MTB) rose more than 60 percent in the third quarter to $293 million, or $2.17 per share.
Net income in the third quarter of 2011 totaled $183 million, or $1.32 per share. The improved results stem from higher mortgage banking revenues, an increase in net interest income, and a lower provision for loan losses.
Expenses also fell 7 percent from a year earlier after the integration of Wilmington Trust Corp. operations. Buffalo–based M&T acquired Wilmington in May 2011.
(Sponsored)
10 Reasons Your Business Needs Cyber Insurance
1. Cyber crime is the fastest growing crime in the world, but most attacks are not covered by standard property or crime insurance policies. New crimes are emerging every day.
Finding the Right Business Banking Partner: 4 Considerations to Support your Search
In today’s increasingly dynamic and competitive business environment, finding the right banking partner to meet the needs of your business is critical to your success. Banks are not one-size-fits-all and
M&T has more than 700 branches in Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, and Washington, D.C. The bank has total assets of more than $81 billion.
M&T is the leading bank in the Syracuse metro area deposit market with 30 branches, more than $2.5 billion in deposits, and a market share of 23.4 percent, according to the latest statistics from the Federal Deposit Insurance Corp. The bank is second in the Utica-Rome area with 12 branches, $627.5 million in deposits, and a market share of about 17 percent.
M&T also leads the Binghamton–area market with 16 branches, more than $1.3 billion in deposits, and a market share of more than 50 percent.
Contact Tampone at ktampone@cnybj.com
