Have you been eager to see how M&T Bank CorporationMTB performed in Q3 in comparison with the market expectations? Let's quickly scan through the key facts from this New York-based major bank's earnings release this morning:
An Earnings Miss
M&T Bank came out with earnings per share of $1.93 for third-quarter 2015, missing the Zacks Consensus Estimate of $2.01.
Results were primarily affected by higher provision for credit losses, partially offset by top line growth.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank was stable prior to the earnings release. The Zacks Consensus Estimate remained unchanged at $2.01 over the last 7 days.
Revenue Came In Lower Than Expected
M&T Bank posted revenues of $1.13 billion which missed the Zacks Consensus Estimate of $1.15 billion. However, it compared favorably with the year-ago number of $1.12 billion.
Key Takeaways
- Provision for credit losses : $44 million, up 52% year over year.
- Non-interest expense : $653.8 million, down 2% year over year.
- Net operating income : $282.9 million, up 1% year over year.
Regarding the company's merger deal with Hudson City Bancorp, Inc., Vice Chairman and Chief Financial Officer of M&T Bank, Rene F. Jones, mentioned, "We have quickly resumed working on our merger with Hudson City, and will soon be positioned with our new colleagues to bring the full array of M&T's banking products and services to the communities across New Jersey."
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for M&T Bank. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this M&T Bank earnings report!
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M&T BANK CORP (MTB): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
