M&T Bank said in its first quarter 2014 earnings call that it saw growth in its auto floor plan loans.
The bank’s Chief Financial Officer, Rene F. Jones said average consumer loans grew at an annualized rate of 3%, with strong growth in indirect auto loans being partially offset by continued declines in home equity lines of credit, as well as seasonal softness in recreation finance lending.
M&T said this past Feb. in its 2013 annual report that outstanding automobile loan balances decreased to $1.4 billion at Dec. 31, 2013 from $2.5 billion a year earlier. That decline resulted from the securitization and sale of $1.4 billion of such loans near the end of the third quarter of 2013.
The company did not detail its auto loan portfolio in yesterday’s 8K quarterly report.
