This Week
  • FBI agents have launched a criminal probe involving Bristol Instruments Inc.

  • Dryden Theatre's Malin Kanis hopes to get more young adults in the theater's seats.

  • Doctors and researchers are tapping powerful computers to improve outcomes.

  • Best Lawyers in Rochester guide can help you obtain legal representation.

  • The Business Person of the Year finalists for 2015 are profiled.

  • Ex-Kodak manager Janice Gouldthorpe leads the Genesee Center for the Arts & Education.

M&T Bank beats Street expectations for earnings

Rochester Business Journal
October 17, 2013

M&T Bank Corp., the market share leader in Rochester, reported an increase in third-quarter net income and earnings per share Thursday, beating Wall Street estimates.

The Buffalo-based bank’s income attributable to shareholders was $275.4 million, or $2.11 a diluted share, up 0.5 percent from $273.9 million, or $2.17 a diluted share, in the third quarter 2012.

Excluding special items, quarterly income was $295.5 million, or $2.13 a basic share, an increase of 0.3 percent from $293.5 million, or $2.18 a basic share, a year ago.

The Street, which typically does not include special items, projected per-share earnings of $2.08.

Results for the most recent quarter, however, were down from the second quarter, when income available to shareholders was $328.6 million, or $2.55 a diluted share.

Higher interest rates significantly reduced revenues from mortgages, and operating expenses increased because of infrastructure upgrades, said Rene Jones, executive vice president and chief financial officer.

Improvements were made in risk management, capital planning and stress testing, regulatory compliance, and technology and operating infrastructure, Jones said.

M&T is the market share leader in Rochester with local deposits of $3.8 billion and a 24.3 percent share.

Shares of M&T stock (NYSE: MTB) were down 2.7 percent, or $3.09 a share, midday at $112.97.

(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