M&T Bank parent sees higher earnings

M&T Bank Corp., of Buffalo, N.Y., which has offices in Maryland and five other states and Washington, D.C., reported first-quarter net income of $274.1 million, or $1.98 per diluted share, versus net income of $206.5 million, or $1.50 per diluted share, for the year-ago period.

Twenty-two analysts polled by Thomson Reuters expected, on average, earnings of $1.96 per share.

Officials noted improvements in both interest and non-interest income, propelled by higher residential mortgage banking revenue and lower credit costs.

Total assets rose to $82.8 billion from $79.2 billion in the 2012 period.