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M&T Bank posts YOY increase in Q4'16 bottom line

M&T Bank Corp. on Jan. 19 reported fourth-quarter 2016 net income available to common shareholders of $308 million, or $1.98 per share, compared to $248 million, or $1.65 per share in the fourth quarter of 2015.

The S&P Capital IQ consensus normalized EPS estimate was $2.03 for the recent quarter.

In the fourth and third quarters of 2016, the Buffalo, N.Y.-based company sold its holdings of collateralized debt obligations in response to Volcker Rule provisions, realizing pretax gains of $2 million and $28 million, respectively. In addition, during the 2016 fourth quarter, M&T Bank made a $30 million tax-deductible cash contribution to The M&T Charitable Foundation, which, on an after-tax basis, reduced the recent quarter's net income by $18 million, or 12 cents per share.

M&T Bank's mortgage banking revenues amounted to $98.5 million, up from $87.5 million for the fourth quarter of 2015.

The recent quarter's net interest income, expressed on a taxable equivalent basis, totaled $883 million, up 9% from $813 million in the 2015 fourth quarter. Net interest margin was 3.08% in the 2016 fourth quarter, compared to 3.12% in the 2015 fourth quarter. The company's efficiency ratio was 56.42% in the last quarter of 2016, compared to 55.53% in the last quarter 2015. Nonperforming assets totaled $1.06 billion at Dec. 31, 2016, up 7% from $994.5 million as of Dec. 31, 2015.

In accordance with its 2016 capital plan, the company repurchased 300,000 shares of its common stock during the recent quarter at an average cost per share of $124.45, for $37 million. During 2016, M&T repurchased a total of 5,607,595 shares of its common stock at an average cost per share of $114.37, for $641 million.