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 firstname.lastname@example.org.