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DBRS: M&T Bank unchanged
DBRS commented that M&T Bank Corp.'s A (low) issuer and senior debt ratings are unchanged following the release of its second quarter 2011 results.
The trend is negative.
While a noisy quarter given the completion of the Wilmington Trust acquisition, there were positive trends, including improving asset quality metrics and some organic loan growth, DBRS said.
Reflecting the Wilmington acquisition, which closed in May, several sizable non-core items related to the merger and the repositioning of its balance sheet, M&T reported net income available to common shareholders of $297.2 million for the quarter, up from $190.1 million for the first quarter of 2011, the agency said.
During the second quarter, higher earnings were impacted by a $65 million non-taxable gain related to the Wilmington acquisition, which was somewhat offset by a $26.5 million impairment loss and $23 million of merger-related expenses, DBRS said.
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