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M&T Bank reports net income down 17% in Q1

Rochester Business Journal
April 14, 2014

M&T Bank Corp. on Monday reported a 17 percent drop in first-quarter net income, with earnings per share in line with analyst expectations.

The Buffalo-based bank, which is the market share leader in Rochester, reported net income available to common shareholders of $211.7 million, or $1.61 a diluted share, in the first quarter. That compares with net income of $255.1 million, or $1.98 a diluted share in the first quarter 2013.

“Revenue trends for the quarter were dampened by lower than normal levels of customer activity during the first two months of the period, followed by a rebound in March,” said Rene Jones, executive vice president and chief financial officer, in a statement.

M&T ranks first in the Rochester market with local deposits of $3.8 billion, the most recent data from the Federal Deposit Insurance Corp. shows.

Shares of M&T stock (NYSE: MTB) were up more than 2 percent midday at $120.67.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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