M&T Bank profit rises in fourth quarter and full year

Net income at M&T Bank Corp. (NYSE: MTB) rose to $296 million in the fourth quarter from $148 million a year earlier.

Earnings per share for the period totaled $2.16, up from $1.04 in the fourth quarter of 2011. Although there were no unusual items in M&T’s 2012 fourth quarter, the year-earlier period included several one-time items that pushed income down by $33 million, or 26 cents per share, according to the bank.

For the full year in 2012, Buffalo–based M&T earned $1.03 billion, or $7.54 per share, up from $859 million, or $6.35 per share, in 2011.

“This was a year of tremendous accomplishment, in which M&T recorded record levels of net income and earnings per share,” M&T Executive Vice President and CFO Rene Jones said in a news release. “Revenues were up in most major categories, led by exceptional growth in mortgage banking.”

M&T has more than 700 branch offices in Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, and Washington, D.C. The bank has total assets of $83 billion.

M&T is the leading bank in the Syracuse metro area deposit market with 30 branches, more than $2.5 billion in deposits, and a market share of 23.4 percent, according to the latest statistics from the Federal Deposit Insurance Corp. The bank is second in the Utica–Rome area with 12 branches, $627.5 million in deposits, and a market share of about 17 percent.

M&T also leads the Binghamton–area market with 16 branches, more than $1.3 billion in deposits, and a market share of more than 50 percent.

Contact Tampone at ktampone@cnybj.com