M&T Bank Corp., Central New York’s largest bank ranked by deposit market share, today reported that its second-quarter net income increased 49 percent, boosted by net interest income, the sale of stock, and strong mortgage-banking revenue.
The Buffalo–based banking company reported that net income rose to $348.5 million, or $2.55 per share, in the second quarter, from $233.4 million, or $1.71 a share, in the year-ago period.
M&T recorded an after-tax gain of $62 million, or 48 cents a share, in the latest quarter from selling its shares of Visa and MasterCard stock.
(Sponsored)
4 Steps in IT Offboarding to Protect Data & Minimize Risk
When employees are laid off or let go, the conversation of technology offboarding can be an uncomfortable one. However, cybersecurity and data protection must be a priority. This can alleviate
Embracing CHange Across the Generations
CH Insurance, Your LOCAL Partner for Insurance, Risk Management & Group Benefits Massive shifts have transformed workplaces and the world, including the insurance industry. From the advent of AI and
M&T’s taxable-equivalent net interest income rose to $684 million in the second quarter from $663 million in the first quarter and $655 million in the second quarter of 2012. The banking company’s net interest margin was 3.71 percent in each of the two most recent quarters.
Noninterest income totaled $509 million in the second quarter of 2013, compared with $392 million and $433 million in the year-earlier quarter and the first quarter of 2013, respectively, the banking company reported.
“Earnings quality in the second quarter continued to be supported by improved net interest income and strong mortgage banking revenues. These factors combined with above average credit quality,” Rene F. Jones, M&T’s chief financial officer, said in the earnings report.
M&T’s operating earnings in the second quarter totaled nearly $361 million, or $2.65 per share, up from $285 million, or $2.06 a share, in the year-earlier period. The latest quarter’s operating earnings per share beat analysts’ expectations for $2.10, according to Zacks Equity Research.
The banking company reported its earnings before the open of trading today. M&T’s stock price fell 75 cents to $116.84 as of midday. The stock is still up more than 20 percent year to date.
M&T had total assets of $83.2 billion as of June 30, up from $80.8 billion a year ago, according to the earnings report. Loans and leases increased by 5 percent to $66 billion at the end of the second quarter, from $62.9 billion a year earlier. Total deposits rose by 5 percent to $65.7 billion as of June 30, from $62.5 billion a year prior.
M&T Bank ranked first in deposit market share in the 16-county Central New York region, with $4.8 billion in deposits and a 19 percent market share, according to June 30, 2012, statistics from the FDIC, the latest statistics available.
Contact Rombel at arombel@cnybj.com