M&T Bank (NYSE: MTB) knocked it out of the park with its second-quarter earnings on July 15.
Revenue was reported as $2.53 billion, up 5.7% year over year, and earnings per share (EPS) were a record $5.35, up 25% over the same period a year ago
The EPS figure beat analysts’ predictions by $0.66. The company is a large regional bank that acts like a community lender, but with more than $216 billion in assets, it has the scale to handle massive commercial transactions. Because its footprint is heavily concentrated in the Northeast and Mid-Atlantic, stretching from New England through the Carolinas, its primary competition comes from other dominant regional players, neighboring southern giants, and East Coast retail powerhouses.
M&T reported record second-quarter net income of $818 million on July 15, up 14.2% from the same period last year. Net interest income of $1.79 billion was up 4.6% year over year. The increases were driven by robust net interest income and a jump in non-interest fee income from trust and wealth management services.