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.
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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
