M&T Bank Corp., the deposit leader in the Rochester market, Wednesday reported a 66 percent increase in third-quarter profits.
The Buffalo-based bank earned $273.9 million, or $2.17 a share, compared with a net income of $164.7 million, or $1.32 per diluted share a year ago.
The bank’s shares (NYSE: MTB) rose midday 5 percent to $102.25, up nearly $5 from Tuesday’s close.
Using generally accepted accounting principles, profits totaled $293.5 million, or $2.18 per share, 33 cents better than Wall Street estimates of $1.85.
Revenue from the bank’s mortgage activity rose $37 million, or 54 percent, compared to the second quarter, Executive Vice President and Chief Financial Officer Rene Jones said in a statement.
“Credit metrics continued to improve,” he said, citing a decline in nonaccrual loans and an improvement in the ratio of net charge-offs to average loans.
M&T is the market leader in Rochester with local deposits of $3.6 billion and a 23.6 percent share.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.