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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, releases, and bank benchmark profile data can be found in the Related Links area of each article.
April 24
M&T Bank's (MTB) first-quarter earnings were little changed amid a year-earlier investment gain as it repositioned its balance sheet ahead of its acquisition of Wilmington Trust.
The lender, which operates in the Northeastern and mid-Atlantic states, also reported improved mortgage-banking revenue and trust income for the latest period.
M&T early last year had seen results improve along with credit quality, like most of the industry. However, during the second half of last year the Buffalo, N.Y.-based lender saw profit decline as it posted charges related to its Wilmington Trust acquisition.
M&T Bank reported profit was flat at $206 million. On a per-share basis, earnings fell to $1.50 from $1.59 amid an increase in shares outstanding. The year-earlier period included 20 cents in investment gains. Excluding amortization of core deposit and other intangible assets, merger-related gains and expenses and other items, earnings were down at $1.59 from $1.67.
Revenue increased 20% to $997.1 million. Mortgage-banking revenue grew 24% to $56.2 million. Trust income nearly quadrupled to nearly $117 million.
Analysts polled by Thomson Reuters most recently projected earnings of $1.48 on revenue of $993 million.
Credit-loss provisions fell to $49 million, from $75 million a year earlier and from $74 million in the fourth quarter. Net charge-offs, or loans the company doesn't think are collectible, eased to 0.32% of average loans from 0.58% a year earlier and from 0.5% in the fourth quarter.
