Wednesday, M&T Bank Corp. (MTB) reported an increase in profit for the fourth quarter, attributed mainly to a decrease in the its provision for credit losses and lower net charge-offs for loans.
The Buffalo, New York-headquartered company's fourth quarter net income available to common shareholders increased to $122.91 million or $1.04 per share from $101.45 million or $0.92 per share in the year-ago period.
Net operating income for the quarter was $150.78 million or $1.16 per share, up from $111.78 million or $1.00 per share in the prior year quarter.
On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.87 per share for the quarter. Analysts' estimates typically exclude special items.
The company's interest income for the quarter declined 11% to $692.66 million from $774.50 million in the year-ago period. Interest expense declined 54% to $133.95 million from $288.42 million in the prior year period.
Net interest income for the quarter increased 15% to $558.71 million from $486.07 million in the prior year quarter. Eleven Wall Street analysts had a revenue estimate of $846.17 million for the quarter.
Net interest margin for the fourth quarter was 3.71%, compared with 3.37% in the comparable period a year-ago.
According to the company, the provision for credit losses declined 4% to $145 million from $151 million a year-ago.
Loans and leases, net of unearned discount, at the end of the period totaled $51.9 billion, compared with $49.0 billion at December 31, 2008. Total deposits at the end of the period were $47.4 billion, compared with $42.6 billion at the end of 2008.
M&T Bank said that net charge-offs related to loans were $135 million in the quarter, representing an annualized 1.03% of average loans outstanding, an improvement from $144 million or 1.17% in the year-earlier quarter.
The allowance for credit losses was $878 million at December 31, 2009, an increase from $788 million a year earlier.
Non-interest income for the fourth quarter increased 13% to $300 million from $265 million in the similar quarter last year. Non-interest expense in the quarter totaled $478 million, compared with $447 million in the year-earlier quarter.
For the year ended December 31, the net income available to common shareholders declined to $332 million or $2.89 per share from $555 million or $5.01 per share in the comparable period a year-ago. The year-to-date net operating income declined to $455.37 million or $3.54 per share from $598.55 million or $5.39 per share in the comparable period a year-ago. Net interest income for the fiscal year increased 6% to $2.05 billion from $1.93 billion during the comparable period a year-ago.
Fifteen Street analysts had estimated earnings of $2.69 per share for the year, on a revenue of $3.16 billion.
MTB is currently trading at $75.91, up $1.21 or 1.62%, on a volume of 0.82 million shares on the New York Stock Exchange. The stock has been moving in a range of $29.11 - $76.75 for the past 52 weeks.
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