M&T Bank 4th-quarter net income more than doubles

M&T Bank posts steep increase in 4th-quarter net income helped by jump in mortgage revenue

Associated Press

BUFFALO, N.Y. (AP) -- M&T Bank said Wednesday its fourth-quarter net income more than doubled, boosted by growth at its mortgage banking business.

The Buffalo, N.Y.-based bank earned $276.6 million, or $2.16 per share, up from $129.8 million, or $1.04 per share, in the same quarter the year before.

The year-ago period included 26 cents per share in one-time charges, while the recent quarter included none.

Analysts, on average, expected a profit of $2.17 per share, according to FactSet.

Net interest income, or the money earned from deposits and loans, rose 8 percent to $667.4 million.

Noninterest income, or income from fees and other sources, rose 14 percent to $453.2 million, as mortgage banking revenue more than doubled to $116.6 million from $40.6 million.

The bank's provision for loan losses, or the money it set aside to cover soured loans, dropped 34 percent to $49 million.

For the full year 2012, M&T earned $953.4 million, or $7.54 per share, up from $781.8 million, or $6.35 per share, in 2011.

M&T shares fell 24 cents to $103.22 in midday trading.

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