M&T Bank Corp. (NYSE: MTB), Central New York’s largest bank ranked by deposit market share, Thursday announced it earned $294 million in the third quarter that ended Sept. 30.
That’s up slightly from the $293 million in net income M&T produced in the same quarter in 2012, the Buffalo–based banking company said in a news release.
Diluted earnings per common share totaled $2.11 in the third quarter, down from $2.17 in the year-earlier period, M&T said.
(Sponsored)
Written Contracts for Freelance Workers Now Required
Originally planned for May, the requirements of New York State’s Freelance Isn’t Free Act (“FIFA”) became effective August 28, 2024. The law has flown under the radar for many employers. The
Five Bookkeeping Mistakes That Could Be Costing Your Business Thousands
Proper bookkeeping is the financial backbone of any successful business. Yet for many small business owners, it’s often overlooked until something goes wrong, or a report is suddenly needed. Unfortunately,
The third-quarter results included after-tax gains of $34 million from loan-securitization transactions, or 26 cents per diluted common share, according to the earnings report.
In addition, declines in mortgage-banking revenues and higher operating expenses “significantly” affected M&T’s third quarter’s results, compared to the same period in 2012.
Profits “clearly softened” during the third quarter relative to M&T’s “strong” second-quarter performance when net income rose more than 50 percent, Rene Jones, M&T Bank’s executive vice president and CFO, said in the news release.
“The higher interest-rate environment resulted in a significant reduction in mortgage- banking revenues, while operating expenses for the quarter were up as a result of investments we are making in several key areas, including risk management, capital planning and stress testing, regulatory compliance, and our technology and operating infrastructure,” Jones said.
Shares of M&T Bank Corp. fell by $3.44, or nearly 3 percent, to $112.62 Thursday.
M&T had total assets of $84.4 billion as of Sept. 30, up from $81.1 billion a year ago, according to the earnings report.
Loans and leases, net of unearned discount, totaled $63.7 billion on Sept. 30, compared with $64.1 billion a year earlier. Total deposits rose 4 percent to $66.6 billion at the end of the third quarter, which is up from $64 billion at the end of the same quarter in 2012, according to M&T.
Contact Reinhardt at ereinhardt@cnybj.com
