M&T Bank 1Q Profit Falls 68 Percent, Shares Slide

BUFFALO, N.Y. (AP) — M&T Bank Corp. on Tuesday said its first-quarter profit fell 68 percent as the regional bank's results were hurt by an investment loss and a larger set-aside to cover credit losses.

Shares of M&T fell nearly 9 percent in morning trading.

M&T reported net income for the three months ended March 31 of $64.2 million, or 49 cents per share, down from a profit of $202.2 million, or $1.82 per share, in last year's first quarter.

The latest quarter's profit was reduced by a loss on investment securities of $20 million, or 18 cents per share.

The bank also more than doubled its provision for credit losses to $158 million from $60 million in last year's first quarter.

The increase is more modest compared with M&T's $151 million credit loss provision in last year's fourth quarter. And the latest quarter's set-aside is $58 million greater than the $100 million in net-charge-offs from loans written off as unpaid.