M&T Bank Corporation’s (MTB – Analyst Report) net operating earnings of $1.68 per share missed the Zacks Consensus Estimate of $1.76. However, this compared favorably with $1.66 per share reported in the prior-year quarter.
Higher provision for loan losses was primarily responsible for an earnings miss. While non-interest operating expenses remained stable, revenues improved. Also, increased loan and deposit balances and a strong capital position were the tailwinds for the quarter.
Net operating income for the quarter came in at $245.8 million, up 5% from the prior-year quarter.
On a GAAP basis, M&T Bank reported net income of $242 million or $1.65 per share, compared with $229 million or $1.61 per share in the prior-year quarter.
Quarter in Detail
