M&T Bank Corp. said today that first-quarter profits more than doubled, driven by a higher profit margin following a pair of acquisitions in the Baltimore area and lower credit costs.

The Buffalo-based bank reported net income of $151 million, or $1.15 per share, up 136 percent from $64 million, or 49 cents per share, in the same quarter a year ago.

Not including merger-related expenses and other one-time accounting gains or losses, net operating income rose 115 percent to $161 million, or $1.23 per share, from $75 million, or 59 cents per share, a year ago.

Last year, M&T expanded in the Baltimore and Mid-Atlantic regions, buying Provident Bankshares Corp. and Bradford Bank to add a total of $5.5 billion in assets and extend its reach down to Richmond, Va.

As a result, average earning assets for the quarter were up 5 percent to $60.3 billion from a year ago. The bank also paid out less on deposits and wholesale borrowings, so the profit margin on lending rose by more than half a percentage point, to 3.78 percent.

At the same time, improved confidence by the bank led officials to set aside a lower provision for loan losses of $105 million, down from $158 million a year ago. That exceeded actual losses of $95 million, down from $100 million a year ago, so the bank added just $10 million to its reserves.

M&T Chief Financial Officer Rene Jones said M&T's higher profits reflected the banks "fundamental business philosophy of offering banking services to consumers and businesses in our local communities," as well as "prudent underwriting" and "making acquisitions only when and where they make sense."

The strong earnings follow strong profits reported last week by J.P. Morgan Chase & Co. and Bank of America Corp.