M&T Bank (MTB) reported Q1 non-GAAP operating earnings Monday of $3.38 per diluted share, up from $3.09 a year earlier.

Analysts polled by FactSet expected $3.40.

Revenue for the quarter ended March 31, expressed as the sum of net interest income and total noninterest income, was $2.32 billion, up from $2.26 billion a year earlier.

Analysts surveyed by FactSet expected $2.35 billion.

Shares of the company were down more than 2% in recent premarket activity.