BUFFALO, N.Y. (AP) -- M&T Bank Corp. said Monday that its first-quarter profit dipped from results a year ago that were fortified by proceeds from an investment securities sale.
The financial holding company reported net income available to common shareholders of $188.2 million, or $1.50 per share, for the three months ended March 31. That was down from $190.1 million, or $1.59 per share, a year ago.
Analysts predicted earnings of $1.47 per share, according to a FactSet poll.
M&T Bank, based in Buffalo, N.Y., said that the year-ago period included a 20 cents per share gain related to sale of investment securities.
Net interest income, or the money earned from deposits and loans, rose 9 percent to $620.4 million from $568.8 million. The company's provision for credit losses fell to $49 million from $75 million, a sign that credit trends are improving. Net interest income after deducting the provision for credit losses was $571.4 million compared with $544 million in the prior-year period.
Trust income more than tripled as M&T Bank continues to benefit from its acquisition of Wilmington Trust last year.
M&T Bank operates bank branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia.
Its shares rose 38 cents to $84.81 in midday trading. They are up 28 percent from their 52-week low of $66.40 in early October. The peaked for the past year at $90.76 last April.
