BUFFALO -- First Empire State Corp. said Thursday its earnings fell 9.3% to $25.2 million, or $3.42 per common share, in this year's second quarter from $27.8 million, or $3.85, a year earlier.
The year-earlier results included a one-time after-tax gain from securities sales of $7.6 million. Excluding that gain, the company's second-quarter earnings rose 25%. First Empire, which has $10.5 billion of assets, realized no significant gains, from investment securities transactions in this year's second quarter.
Net interest income rose 15% from the year-earlier period, reflecting earning assets absorbed from First Empire's purchases last July of Central Trust Company of Rochester, N.Y., and Endicott Trust Co. of Endicott, N.Y.
Return on average assets was 0.96%, and return on average equity 15.74% during the quarter.