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 one-time items that pushed income down by $33 million, or 26 cents per share, according to the bank.
For the full year in 2012, Buffalo–based M&T earned $1.03 billion, or $7.54 per share, up from $859 million, or $6.35 per share, in 2011.
(Sponsored)
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
The OBBBA Resurrects the Immediate R&E Expense Deduction
Under the Tax Cuts and Jobs Act (TCJA), businesses, including manufacturers, have been required since 2022 to amortize domestic Section 174 research and experimental (R&E) costs over five years, rather
“This was a year of tremendous accomplishment, in which M&T recorded record levels of net income and earnings per share,” M&T Executive Vice President and CFO Rene Jones said in a news release. “Revenues were up in most major categories, led by exceptional growth in mortgage banking.”
M&T has more than 700 branch offices in Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, and Washington, D.C. The bank has total assets of $83 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
