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M&T Bank's Earnings Drop As Alt-A Loan Market Falters: 'It is our intention to continue to originate alt-A loans for sale to outside investors.'.
BUFFALO, NY -- With the effects of the subprime meltdown in the residential market also being felt in the alt-A sector, M&T Bank Corp.'s earnings report for the first quarter of 2007 reflects the impact that has had on the its bottom line.
"Clearly our results for the first quarter fell well short of our intended expectations," said Rene F. Jones, executive vice president and chief financial officer, during a conference call to discuss the earnings report. "The quarter's events also introduced an element of uncertainty regarding our outlook for the year."
M&T reported that diluted earnings per share for the first quarter dropped $0.20 from $1.77 in the first quarter of 2006 to $1.57 per share in the first quarter of 2007 as measured in accordance with generally accepted accounting principals. Net income in the first quarter totaled $176 million, down 13% from $203 million in the first quarter of 2006.
"Pricing and liquidity for alt-A mortgage loans have deteriorated somewhat," said Mr. Jones. "Accordingly, we reconsidered our willingness to sell alt-A mortgages, which we previously originated for sale, given prices that we do not believe reflect the loans' true economic value." He said that in accordance with GAAP, the corporation reduced the carrying value of $883 million of previously "held-for-sale" loans by $12 million and transferred these loans ...
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Source: HighBeam Research, M&T Bank's Earnings Drop As Alt-A Loan Market Falters: 'It is our...