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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 service@rbj.net.


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