Why Shares of M&T Bank Are Falling Today
Shares of M&T Bank (NYSE: MTB) were trading roughly 12.9% lower as of 12:56 p.m. ET Wednesday after the bank delivered disappointing results for the third quarter.
M&T Bank reported diluted earnings per share of $3.53 on total revenue of roughly $2.25 billion -- both numbers that missed analysts' consensus estimates. It completed its large acquisition of People's United Bank earlier this year, and is still in the process of integrating it into its operations.
Net interest income -- the profit banks make on loans and securities after covering the costs of funding those assets -- jumped by close to 19% compared to the second quarter, but also undershot analysts' estimates. Total loan balances also fell sequentially, even as many large banks have been reporting loan growth.
Source Fool.com
