M&T Bank CFO: 'We're Slogging Through'

Non-performing loans and foreclosures contributed to a 25% drop in net income for M&T Bank (MTB Quote).

The Buffalo, N.Y.-based bank, which posted second-quarter results Monday, is the first in a line of regional banks reporting and its report could serve as an indicator of what's to come from the sector during the earning's season.

M&T was able to report a profit of $1.44 a share as opposed to a losing quarter like the major banks posted, but it was still a far cry from last year's $1.95 a share and the results missed analyst expectations of $1.50 a share, according to Thomson Reuters. Net income came in at $160 million, vs. $214 million for second quarter 2007. ...