M&T Bank Corp. on Monday reported first-quarter net income of $255.1 million attributable to common shareholders, up 36 percent from a year ago and better than analyst expectations.
The Buffalo-based bank, the deposit leader in the Rochester market, reported diluted earnings per share of $1.98, compared with $1.50 on net income of $188.2 million in the first quarter 2012.
“Residential mortgage banking revenues continued to be robust, and trust income grew nicely from last year’s fourth quarter,” said Rene Jones, executive vice president and chief financial officer, in a statement.
Excluding special items, first-quarter income totaled $274.1 million, or $2 a basic share, up 33 percent from $206,463, or $1.50 a share, a year ago.
Wall Street was expecting per-share earnings of $1.96. Analysts typically exclude special items in their forecasts.
M&T leads the local market with deposits of $3.6 billion, data from the Federal Deposit Insurance Corp. shows.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.