M&T Bank Corp. MTB, -2.13% released its financial results for the first quarter before the market opened Monday. Here's what you need to know.
PROFIT: M&T said it made $353 million, or $2.23 a share, up 1.3% from $349 million, or $2.12 a share, for the same period the year before. On an adjusted basis, the company made $2.26 a share, compared with $2.15 a share for the same period a year earlier. Analysts polled by Thomson Reuters were expecting adjusted earnings of $2.76 a share.
NET INTEREST INCOME/NIM: Net interest income rose 6.3% to $980.3 million from $922 million. The company's net interest margin expanded to 3.71% from 3.34%.
LOAN BOOK: The company's net loans and leases were $86.69 billion, down 1.8% from $88.31 billion for the same period a year ago. Its allowance for credit losses climbed 1.8% to $1.02 billion. M&T's provision for credit losses declined 22% to $43 million.
NONINTEREST INCOME: Noninterest income rose 2.7% to $459 million. Brokerage services income and trading account and foreign exchange gains--both small portions of M&T's overall noninterest income--declined by double-digit percentages.
COSTS: Noninterest expenses rose 18% to $933 million. M&T said "the most significant factor" that resulted in that increase was adding $135 million to its reserve for litigation. That cost hurt earnings by $102 million, or 68 cents a share, M&T said.
Shares were unchanged premarket. In the past year, they've risen 24%. Year to date, they've climbed 7.1%.
Write to Allison Prang at [email protected]
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