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M&T records 5-cent-per-share hit from merger costs, posts 30% loan growth YOY

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M&T records 5-cent-per-share hit from merger costs, posts 30% loan growth YOY

on July 20reported second-quarter net income available to common shareholders of $313.0million, or $1.98 per share. In the year-ago period, it was $263.5 million, butalso $1.98 per share. The most recent bottomline reflects a 5-cent-per-sharehit from expenses related to the acquisition of

Forthe three months ended June 30, the S&P Capital IQ consensus normalized EPSestimate was $2.07.

M&T'snet loans and leases grew 30% year over year to $87.55 billion. Nonperformingassets decreased to $1.02 billion from the prior quarter's $1.06 billion. Netcharge-offs were 0.11% of average total net loans (annualized), down from 0.19%in the prior quarter and 0.13% a year ago. The provision for credit losses inthe second quarter was $32.0 million, down sequentially from $49.0 million butslightly up from the $30.0 million of the second quarter of 2015.

Revenuewas 13% lower year over year for mortgage banking and 119% higher for tradingaccount and foreign exchange gains.

Netinterest margin decreased to 3.13%, compared with the first quarter's 3.18% andthe year-ago quarter's 3.17%. M&T's efficiency ratio improved to 55.06%from the previous quarter's 57.00%.