M&T Bank Earnings Call Insights: Interest Income and Planned Fed Submission

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M&T Bank Corp (NYSE:MTB) recently reported its second quarter earnings and discussed the following topics in its earnings conference call.

Interest Income

Brian Klock – Keefe, Bruyette & Woods: Thanks for the color in the call related to the margin. Just want to make sure I get all the moving pieces here. So within the release, you guys talked about a $13 million impact in net interest income, which sounded to me that it’d be related to the $130 million you re-classed from the non-accretable. So is that – that’s something I think is – how does that kind of reconcile with the $6 million you talked about here this morning?

Rene F. Jones – Executive Vice President and Chief Financial Officer: Yes. Think about – when we report our Q, the table on accretable yield, it’s all of the yield on the acquired loans. So, you have that number coming down from quarter-to-quarter, right. We added our new estimate of our cash flows that we are likely to receive. So really when you look at the change from the quarter-to-quarter, the accretable yield from acquired loans, that actually increased by just $6 million, right, because the number is coming down over time.

Brian Klock – Keefe, Bruyette & Woods: So the $70.5 million you recorded in the first quarter, that number had gone down by $7 million and now you’ve added $6 million in, so…

Rene F. Jones – Executive Vice President and Chief Financial Officer: Yes. So I think that number is about $6.5 million higher than the last quarter, $70.5 million to $77 million, so…

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