M&T Bank Corp. reported its first-quarter earnings fell about 16 percent from a year ago for that period because of a drop in customer activity during the first two months of the year.
The Buffalo, N.Y.-based company said its net income for the first quarter was $229 million, compared to $274 million in the first quarter of 2013.
Diluted earnings per common share for the first quarter of 2014 were $1.61, compared with $1.98 in the year-earlier quarter and $1.56 in the fourth quarter of 2013. Net income for the first three months of 2014 expressed as an annualized rate of return on average assets and average common shareholders’ equity was 1.07 percent and 8.22 percent, respectively, compared with 1.36 percent and 11.10 percent, respectively, in the similar 2013 period and 1.03 percent and 7.99 percent, respectively, in the fourth quarter of 2013.
“Revenue trends for the quarter were dampened by lower than normal levels of customer activity during the first two months of the period followed by a rebound in March,” said Rene F. Jones, M&T’s vice chairman and chief financial officer. “Overall, however, the recent quarter was a productive one for M&T. We received a non-objection to our capital plan and proposed capital actions from the Federal Reserve, successfully accessed the debt and preferred equity markets and continued to progress on our infrastructure projects related to BSA/AML compliance, risk management, and capital plan and stress testing efforts.
“While these initiatives contributed to operating expenses that were higher than M&T’s normal run rate, they position us well for the future.”
M&T had total assets of $88.5 billion at March 31, 2014, up 7 percent from $82.8 billion a year earlier. Total shareholders’ equity increased 14 percent to $11.9 billion at March 31, 2014 from $10.4 billion at March 31, 2013.
M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia.