M&T, Ephrata National down in 2014 Q1
M&T Bank Corp. and ENB Financial Corp. both saw their earnings drop in the first quarter of 2014 compared to the same quarter last year.
Buffalo, N.Y.-based M&T announced diluted earnings per common share of $1.61, up from $1.56 in the fourth quarter of 2013. That amount hit analyst estimates, according to Yahoo Finance.
While it improved on last quarter, it was far down from the first quarter of 2013, when the company reported earnings of $1.98 per common share.
Net income showed a similar trend, with the first quarter of 2014 at $229 million, up from $221 million in the fourth quarter of 2013, but down sharply from the 2013 first quarter's $274 million.
Vice Chairman and Chief Financial Officer Rene F. Jones said lower-than-normal customer activity level in January and February hurt revenue trends, but he called the quarter "productive" overall. He specifically cited the Federal Reserve's non-objection to its capital plan and proposed capital actions.
The Fed requires the 30 biggest banks in the country to submit current and projected capital plans.
M&T Bank Corp. is the bank holding company for M&T Bank, which has almost 50 branches in Cumberland, Dauphin, Lancaster, Lebanon and York counties. M&T trades on the New York Stock Exchange under the ticker symbol MTB.
ENB Financial Corp., the bank holding company for Ephrata National Bank, announced in an earnings statement Friday it was down compared with the first quarter of 2013.
Earnings per diluted share stood at 64 cents for the first quarter of this year, while they were at 70 cents for last year's first quarter. Net interest income was up more than 8 percent, however, to $5.7 million for the quarter compared with 2013's first quarter.
The company's total operating expenses increased almost 8 percent for the most recent quarter from 2013's first quarter, with salary and benefits shooting up 8.3 percent. The bank traced that to added staff from two new branch openings in 2013 and staff added to the company's mortgage division this year.
Assets stood at $825.1 million as of March 31, up 3.3 percent from the first quarter of 2013, and total deposits were at $667.6 million, up 4.5 percent.
ENB has 10 branches in Lancaster and Lebanon counties, and is headquartered in Ephrata. It trades on the Nasdaq under the ticker symbol ENBP.