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M&T earnings flat in third quarter

M&T Bank Corp., of Buffalo, N.Y., a regional banking company with significant operations and branches in Maryland, showed little spark in the third quarter, reporting net income of $294.5 million, or $2.11 per diluted share, compared to $293.5 million, or $2.17 per diluted share, for the year-prior period.

Officials attributed the flat earnings picture to the “higher interest rate environment [which] resulted in a significant reduction in mortgage banking revenues.”

At the same time, the bank said “operating expenses for the quarter were up as a result of investments we are making in several key areas, including risk management, capital planning and stress testing, regulatory compliance, and our technology and operating infrastructure.”