M&T Bank Corp.
MTB,
stock is up about 3% on Monday after the bank’s first-quarter earnings of $4.01 a share beat the analyst target of $3.94 a share, according to estimates compiled by FactSet. M&T Bank’s net income nearly doubled to $702 million from $362 million, with a boost from its acquisition of People’s United Financial Inc. M&T Bank CFO Darren J. King said the results reflect the company’s diversified banking model, which reflected loan growth and “steady” credit quality, as well as a “strong liquidity position.” Net interest income rose to $1.83 billion from $907 million.
