This Week
  • CEO Eric Converse has VirtualScopics on the verge of generating cash.

  • Liz Madison is bringing the farm to doorsteps across Wayne and Monroe counties.

  • MaeTec Power Inc. began as a part-time operation in 2003.

  • Renovations of buildings downtown are helping to give new life to the center city.

  • A former UR medical director, Betty Rabinowitz M.D. has embraced entrepreneurship.

  • Mirror Show Management grabbed the top spot on the 2015 Rochester Top 100.

M&T Bank profit surges 53%

Rochester Business Journal
July 17, 2013

M&T Bank Corp. on Wednesday reported a 53 percent jump in profits for the second quarter.

The Buffalo-based bank reported net income of $328.6 million available to common shareholders, or $2.55 a share, up from $214.7 million, or $1.71 a share, in the second quarter of 2012. Earnings exceeded analysts’ estimates by 45 cents.

The sale of substantially all of M&T’s privately issued collateralized mortgage obligations in its available-for-sale investment securities portfolio is reflected in the quarter ending June 30, an after-tax loss of $28 million or 22 cents per diluted common share, the bank reported.

The sale of Visa and MasterCard shares resulted in an after-tax gain of $62 million or 48 cents a diluted common share, the bank reported.

Also, the bank reversed an accrual for a contingent compensation obligation assumed in the May 2011 acquisition of Wilmington Trust Co., resulting in an after-tax impact of $15 million or 12 cents a diluted common share, it reported.

Net income excluding special items was $348.5 million, or $2.56 per basic share, up 49 percent from $233.4 million, or $1.71 per basic share, in the second quarter of last year.

“Earnings quality in the second quarter continued to be supported by improved net interest income and strong mortgage-banking revenues,” Executive Vice President and Chief Financial Officer Rene Jones said in a statement. “These factors combined with above-average credit quality.”

M&T is the market-share leader in Rochester with local deposits of $3.6 billion, data from the Federal Deposit Insurance Corp. shows.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment


Not registered? Sign up now!

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google