This Week
  • CFO David Klein is leader of the financial team at Constellation Brands.

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

  • 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.

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

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

M&T Bank Q4 profit surges

Rochester Business Journal
January 16, 2013

M&T Bank Corp., the market share leader in deposits in Rochester, recorded big growth in the fourth quarter.

The bank reported earnings of $276.6 million, or $2.16 a share, which was up 113 percent from a year ago, but 2 cents shy of Wall Street estimates. Excluding special items, net income totaled $296.2 million, or $2.18 a share. Analysts typically do not include special items in their estimates.

The Buffalo-based bank reported net income of $129.8 million, or $1.04 per share, in the fourth quarter of 2011.

Net income for 2012 was $1.3 billion, up from $859 million in 2011. Diluted earnings per common share were $7.54, up 19 percent from $6.35 in 2011.

“This was a year of tremendous accomplishment, in which M&T recorded record levels of net income and earnings per share,” said Rene Jones, executive vice president and chief financial officer, in a statement. “Revenues were up in most major categories, led by exceptional growth in mortgage banking.”

Loans increased by $6.5 billion, or 11 percent, compared to the end of 2011, Jones said.

“The fourth quarter was a continuation of those trends, positioning us well for continued success in 2013,” Jones said.

M&T Bank ranks first in the Rochester market with local deposits of $3.6 billion.

(c) 2012 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