Profit improved at M&T Bank in the third quarter as the Buffalo, N.Y., company expanded commercial and mortgage lending and completed the sale of a large investment-securities portfolio.

Net income at the $127 billion-asset company rose 4.5% to $327 million, or $2.10 per share, compared with the previous quarter. M&T's October 2015 acquisition Hudson City Bancorp skews year-over-year comparisons.

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