Buffalo, N.Y.-based M&T Bank Corp. on Jan. 17 reported net income available to common shareholders of $525.3 million, or $3.76 per share, for the fourth quarter of 2018, compared to $302.5 million, or $2.01 per share, a year ago.
For full year 2018, the company reported net income available to common shareholders of $1.84 billion, or $12.74 per share. It was $1.33 billion or $8.70 per share, in the previous year.
The S&P Global Market Intelligence consensus GAAP EPS mean estimates were $3.49 for the fourth quarter and $12.48 for 2018.
In addition, the company recorded a $15 million reduction in income tax expense in the recent quarter due to a lowering of the federal income tax rate in 2018. The impact of that benefit on net income was offset by a $20 million contribution to The M&T Charitable Foundation in the fourth quarter of 2018 that, after applicable tax effect, reduced net income by $15 million.
Net interest income for 2018's fourth quarter was $1.06 billion, up 9% from $971.5 million in the prior-year period. The growth was primarily due to an increase in the company's net interest margin to 3.92% in the fourth quarter of 2018. Net interest margin was 3.88% in the third quarter of 2018 and 3.56% in the year-ago quarter.
Net loans and leases stood at $87.45 billion at the end of the fourth quarter of 2018, compared to $85.66 billion at the end of the previous quarter and $86.97 billion at the end of the year-ago quarter.
Total deposits were $90.16 billion at the end of the quarter, compared to $89.14 billion at the end of the linked quarter, $92.43 billion at the end of the year-ago quarter.
The provision for credit losses was $38 million in the fourth quarter of 2018, compared with $16 million in 2018's third quarter and $31 million in the year-earlier quarter.
Net charge-offs were $38 million during the recent quarter, compared with $16 million in the linked quarter and $27 million in the fourth quarter of 2017.