- M&T Bank reports first-quarter earnings per share of $1.50.
- Analysts were expecting EPS of $1.48.
- Mortgage banking revenue increased 24% year-over-year, to $56.2 million.
NEW YORK (TheStreet) - M&T Bank (MTB) on Monday reported a 24% year-over-year increase in mortgage banking revenue and a four-fold increase in trust revenue, as it continued to integrate its Wilmington Trust acquisition.
The Buffalo, N.Y. lender reported net income available to common shareholders of $188.2 million during the first quarter, or $1.50 a share, compared to fourth-quarter earnings to common shareholders of $129.8 million, or $1.04 a share, and earnings to common shareholders of $190.1 million, or $1.59 a share, during the first quarter of 2011.
M&T's fourth-quarter results were boosted by a $55 million litigation settlement, it its results during the first quarter of 2011 included $39 million in pretax gains from the sale of securities, primarily guaranteed by Fannie Mae (FNMA).
|M&T Bank Corp. CEO Robert Wilmers|
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