Earnings topped estimates of analysts
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.