Shares for M&T Bank Corp. (MTB) rose Wednesday after the Buffalo, N.Y., company reported that third-quarter income climbed 66%, to $273.9 million, from a year earlier.
The $81.1 billion-asset company reported earnings per share of $2.17, beating an estimate of $1.84 from Sept. 28 of analysts polled by Bloomberg.
M&T's results were propelled by higher mortgage banking revenues, increases in taxable-equivalent net interest income, declining expenses and a lower provision for credit losses, it said Wednesday.
Noninterest income totaled $445.7 million, up 21% from a year ago. This increase was mostly fueled by mortgage banking revenues increasing 180%, to $106.8 million, and trading account and foreign exchange gains rising 103%, to $8.5 million.
M&T reported taxable-equivalent net interest income of $669.3 million, up roughly 7% year over year.
Noninterest expenses fell 7%, to $616 million, from a year earlier mostly because of declining integration costs tied to Wilmington Trust, which M&T acquired in May 2011. Salaries and employee benefits slid 1%, to $321.7 million.
M&T's provision for credit losses declined 21%, to $46 million, year over year. Net chargeoffs totaled $42 million, down 26% from a year ago and almost 19% from the second quarter.
Shares for M&T were trading at $102.70 Wednesday midday, up more than 5% from Tuesday's closing.
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