Written by StockNews.com
M&T Bank Corporation (NYSE:MTB) early Monday posted much better than expected first quarter earnings, as its operating income improved significantly from last year.
The Buffalo-based regional banker reported:
The company commented on its first quarter results via press release:
“M&T’s financial performance for the first quarter was strong, led by a 26 basis point widening of the net interest margin that resulted in growth in taxable-equivalent net interest income of four percent as compared with the preceding quarter.
Expenses continued to be well-controlled, recognizing the seasonally higher costs traditionally seen in the first quarter for stock-based compensation and employee benefits, and credit quality factors remained stable.
In accordance with our capital plan, M&T repurchased $532 million of its common stock and increased the common stock dividend from $.70 to $.75 during the quarter.”
Founded in 1856 as Manufacturers and Traders Trust Company, M&T Bank is a top 20 U.S. commercial bank holding company in terms of total assets. It operates over 800 bank branches, mostly in the mid-Atlantic region. Warren Buffett’s Berkshire Hathaway currently owns an approximate 5.66% stake in the company.
Year-to-date, MTB has declined -5.02%, versus a +4.47% rise in the benchmark S&P 500 index during the same period.
MTB currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #10 of 11 stocks in the Money Center Banks category.
