Trust and investment services are helping to buoy M&T Banks sagging residential and commercial mortgage banking revenues, the parent of the Buffalo, N.Y.-based bank announced Thursday.
In the third quarter of 2013, trust services generated $123.8 million in revenue, up 7% year-over-year. Meanwhile, income from brokerage services swelled 20% to $16.9 million from $14.1 million. Overall, non-interest income (excluding gains from loan securitization activities and gains and losses from investment securities) was off 7%, falling to $421 million from $451 million in the third-quarter of 2012.
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