M&T Bank announced Q4/14 net income of $278 million was up 26% compared with $221 million in Q4/13. For the full year of 2014, net income totaled $1.07 billion in 2014, compared with $1.14 billion in 2013. M&T noted that 2013 results reflect after-tax gains from investment securities and loan securitization transactions of $67 million ($110 million pre-tax).

M&T said earnings per share, adjusted for amortization costs, came to $1.95 per share, which matched analysts polled by Thomson Reuters expectations of EPS of $1.94.

Highlights from the news release included:

• Compared with Q4/13, a $12.9 billion rise in average earning assets in the recent quarter, reflecting increases of $6.1 billion in average balances of interest-bearing deposits at banks and $4.6 billion in average investment securities balances, was largely offset by a 46 basis point decline in the net interest margin to 3.10% in the final 2014 quarter from 3.56% in the year-earlier quarter.
• The provision for credit losses declined 33% to $124 million in 2014 from $185 million in 2013. Net loan charge-offs during 2014 totaled $121 million, or .19% of average loans outstanding, improved from $183 million, or .28% of average loans in 2013.

Commenting on M&T’s performance in 2014, René F. Jones, vice chairman and CFO, noted, “Results for this past year’s final quarter were solid. We had improved revenues, healthy loan growth, stable expense levels and excellent credit experience. Overall, 2014 represented a year of considerable investment in our infrastructure. In a year of substantial resource commitment, we further strengthened our already formidable balance sheet by raising our capital and liquidity levels.”

To view the full M&T Bank news release:
http://newsroom.mtb.com/press-releases/mt-bank-corporation-announces-2014-fourth-quarter-and-full-year-profits.htm