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M&T Bank posts 9% drop in Q3 net income YOY

M&T Bank Corp. reported net income available to common shareholders of $461 million for the third quarter, or $3.47 per share, down from $505 million, or $3.53 per share in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the third quarter was $3.58.

Total deposits amounted to $95.11 billion as of Sept. 30, up from $91.68 billion as of June 30, and $89.14 billion as of Sept. 30, 2018.

Total loans and leases net of unearned discount reached $89.82 billion as of Sept. 30, slightly down from $89.88 billion as of June 30, but up from $86.68 billion a year ago.

Net interest margin for the third quarter was 3.78%, slightly down from 3.88% in the year-ago quarter.

Provision for credit losses was $45.0 million in the third quarter, a 181% increase from $16 million for the same period in 2018.

Net charge-offs were $36 million in the third quarter, up from $16 million a year ago.