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M&T Bank sees YOY rise in Q3 net income

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M&T Bank sees YOY rise in Q3 net income

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.