Buffalo, N.Y.-based M&T Bank Corp. on Oct. 18 posted a 2.8% year-over-year increase in third-quarter results.
Net income available to common shareholders climbed to $336 million, or $2.21 per share, from net income of $327 million, or $2.10 per share, a year ago.
The S&P Capital IQ consensus estimate for normalized EPS for the third quarter was $2.40.
Noninterest income totaled $459 million in the third quarter, lower than the year-ago figure of $491 million. Trust income, which grew to $125 million from $119 million, were offset by lower mortgage banking revenues, which slipped to $97 million from $104 million.
Net interest margin for the quarter was 3.53%, up from 3.45% in the previous quarter and the year-ago period's 3.05%.
The company recorded a provision for credit losses of $30 million, compared to $52 million in the previous quarter and $47 million a year earlier.
Net charge-offs totaled $25 million, compared to $45 million in the previous quarter and $41 million in the prior-year quarter.
At the end of the third quarter, nonperforming assets totaled $979.9 million, compared to $976.8 million in the linked quarter and $997.2 million a year ago.
The company repurchased 1,382,746 shares of common stock during the recent quarter for a total cost of $225 million.