Earn­ings topped es­ti­mates of an­a­lysts

The Buffalo News - - BUSI­NESS NEWS -

rea­son, the bank is bring­ing more of those ca­pa­bil­i­ties “in house,” through staff hir­ing, rather than re­ly­ing on out­side con­trac­tors to pro­vide those ser­vices, he said.

M&T on Mon­day re­ported first-quar­ter prof­its of $483 mil­lion, up 37 per­cent from $353 mil­lion a year ago.

The bank recorded net op­er­at­ing earn­ings per share of $3.38, top­ping the es­ti­mates of an­a­lysts, who were ex­pect­ing of $3.29 per share.

On some other points, King said:

• There was “noth­ing in par­tic­u­lar” to re­port on the po­ten­tial ac­qui­si­tion front. “Where things stand to­day, it’s pretty quiet,” he said.

• M&T’s busi­ness in the Buf­falo mar­ket re­flects what’s go­ing on in the lo­cal econ­omy.

“I think you see a lot of com­pe­ti­tion per­haps at the smaller end of the spec­trum in West­ern New York,” King said.

King men­tioned a “no­table uptick in places like Bank on Buf­falo, Evans Bank, S&T, and be­ing more in the mar­ket­place.”

M&T is sched­uled to hold its an­nual share­holder’s meet­ing on Tues­day at the bank’s down­town head­quar­ters.

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