M&T Bank profit jumps in Q1 compared to year-ago quarter

BUFFALO, N.Y. — M&T Bank Corp. (NYSE: MTB), the largest bank ranked by deposits in Central New York, reported net income of $447 million in the first quarter, up 66 percent from nearly $269 million in the same quarter in 2020.

The Buffalo–based banking company reported earnings per share of $3.33 in the first quarter, up from $1.93 in the year-earlier earnings period.

“We are pleased with our results for the first three months of the year. The residential mortgage banking and trust businesses had strong revenue growth and expense levels were well-contained after considering the usual seasonal increase in salaries and employee benefits expenses. Our outlook on forecasted credit losses improved considerably,” Darren J. King, executive VP and chief financial officer, said in the banking company’s April 19 earnings report. 

M&T Bank’s net operating earnings per share came in at $3.41 in the first quarter, up from $1.95 in the year-ago quarter. That easily beat the consensus analysts’ estimate of $2.96 per share, according to Zacks Equity Research.

M&T Bank’s quarterly revenue totaled $1.49 billion in this year’s first quarter, down 1 percent from the year-ago earnings period. However, the latest revenue total surpassed the Zacks consensus estimate of $1.47 billion.

M&T Bank, with total assets of more than $150 billion, operates bank branches in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia. M&T Bank holds nearly 20 percent of total deposits in the 16-county Central New York area, the highest among all banks.