Financial services firm M&T Bank Corp. (MTB) announced a rise in first-quarter GAAP net income available to common shareholders to $255.1 milllion, or $1.98 per share, from last year's $188.24 million, or $1.50 per share, with GAAP net income totaling $274.1 million, up 33% compared with $206.46 million in the initial 2012 quarter.
Excluding the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, net operating earnings stood at $2.06 per share in the recent quarter. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $1.96 for the quarter. Analysts' estimates typically exclude one-time items.
Net interest income, on a taxable-equivalent basis, was $663 million, 6% higher than the prior year's $627 million, helped by an increase in average earning assets, fueled by $5.4 billion of growth in average loans and leases.
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