M&T Bank Corp. said third-quarter profits shot up 60 percent from a year ago, on higher revenues from making and selling mortgages, higher income from lending and lower losses and expenses.
The Buffalo-based banking company, the largest in the region, reported net income of $293 million, or $2.17 per share, up from $183 million, or $1.32 per share, in the same quarter a year ago.
Not including one time merger-related and accounting expenses or gains, net operating income rose 44 percent to $302 million, or $2.24 per share, from $210 million, or $1.53 per share. Both net income and net operating income also rose solidly from the second quarter of 2012.
Expenses fell 7 percent or $46 million from a year ago because of the integration of Wilmington Trust Corp., which was acquired in May 2011.
“Earnings for the quarter were exceptionally strong,” Chief Financial Officer Rene Jones said in a press release. “While revenue from mortgage banking activities rose $37 million, or 54%, from the second quarter, loan growth, wider margins, prudent expense management and continuing improvement in credit quality combined for an impressive quarter.”