M&T Bank’s commercial and industrial loans were down 3% in the third quarter compared to the same period the year prior, including a $228 million drop in auto floorplanning, the bank disclosed in earnings Wednesday.
The company only gave “seasonality” as a reason for the decline, but also saw larger declines in its other commercial segments including real estate.
While the company does not break out specific retail auto information, consumer loans overall did grow by 3%, largely driven by auto, Darren King, the bank’s executive vice president and chief financial officer, said on the call.
“As has been the case for some time now, growth in indirect auto and recreational financed loans are outpacing declines in home equity lines and loans,” he said.
During a September presentation at the Barclays Financial Services Conference, M&T Bank reported a 19% year-over-year increase in its auto portfolio to $3.2 billion.
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