M&T Bank's trust business got its time to shine.
In the second quarter, trust services generated $129.9 million in revenue, up 4% year-over-year, the parent of the Buffalo, N.Y.-based bank announced Thursday. Trust revenue was also up from the previous quarter, jumping 7% from $121.3 million.
The pickup was driven by net new business and seasonal tax preparation fees, the company's vice chairman and chief financial officer, Rene F. Jones, said during the earnings call.
For the first six months of 2014, revenue from trust and investment services totaled $251.1 million, up 2% from the same period in 2013, according to the earnings release.
The increase reversed the trust business' poor first-quarter performance, which dropped 3.7% from the last quarter of 2013 and was flat from the previous year.
The bank's brokerage services business also posted a good second quarter, generating $17.5 million in revenue, up 1% year-over-year. For the first half of the year, brokerage services brought in $34 million, representing a 3% increase from the $33 million the business generated during the same period in 2013.
Overall, M&T Bank Corp., the parent of M&T Bank, earned $284 million, or $1.98 per diluted common share, in the second quarter, down from $348 million, or $2.55 per diluted common share, in the same quarter a year ago.
Read more:
