UPDATE: M&T Bank Posts Higher Q4 Profit

reported a rise in its fourth-quarter profit. The Buffalo, New York-based bank posted a quarterly profit of $277.5 million, or $1.92 per share, up from $221 million, or $1.56 per share, in the year-ago quarter. Diluted net operating earnings climbed to $1.95 per share from $1.61 per share. Its revenue came in at $1.13 billion in the period. However, analysts were estimating earnings of $1.94 per share on revenue of $1.13 billion. Net interest income, expressed on a taxable-equivalent basis, rose 2% to $688 million from $673 million. Noninterest income climbed to $452 million from $446 million, while noninterest expense slipped to $680 million from $743 million. At December 31, 2014, M&T had total assets of $96.7 billion, compared to $85.2 billion a year ago. At the recent year-end, total deposits were $73.6 billion, compared to $67.1 billion at December 31, 2013. For the year, M&T Bank's profit rose to $1.07 billion, while revenue slipped to $4.46 billion. René F. Jones, Vice Chairman and Chief Financial Officer, said, "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. Significant progress was made on our BSA/AML, compliance, risk management and technology initiatives that will position us well moving forward. In a year of substantial resource commitment, we further strengthened our already formidable balance sheet by raising our capital and liquidity levels." M&T Bank shares closed at $115.03 on Friday.