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Impairment Slows Growth at M&T Bank in 2nd Quarter.
Buffalo, NY -- M&T Bank Corp. here said second-quarter earnings per share rose 10% on a year-over-year basis, despite a $27 million hit to its mortgage servicing rights.
M&T said EPS was $1.69 in the second quarter, reflecting net income of $197 million. The net profit was up 7% from the second quarter of 2004.
The MSR impairment added to an increase in non-interest expense at M&T. The company said the $27 million increase in the provision for impairment of capitalized mortgage servicing rights was the biggest contributor to an increase in operating expenses on the bank's earnings report.
In last year's second quarter, the bank benefited from a $22 million recovery of MSR impairment.
Rene F. Jones, senior vice president and chief financial officer, said that the bank benefited from favorable trends involving credit quality, such as historically low levels of net charge-offs and nonperforming loans as a percentage of loans outstanding. Cost control has also benefited the bank, he said in the company release.
"In fact, excluding the mortgage servicing rights adjustments, operating expenses in the first half of 2005 were lower than in 2004," Mr. Jones said.
The bank reported mortgage banking revenue of $31.3 million in ...
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Source: HighBeam Research, Impairment Slows Growth at M&T Bank in 2nd Quarter.