M&T Bank Corporation announced consolidated earnings results for the fourth quarter and full year ended December 31, 2012. Diluted earnings per common share measured in accordance with generally accepted accounting principles (GAAP) for the fourth quarter of 2012 rose 108% to $2.16 from $1.04 in the year-earlier quarter and were comparable to $2.17 in the third quarter of 2012. GAAP-basis net income in the recent quarter totaled $296 million, up from $148 million and $293 million in the fourth quarter of 2011 and the third quarter of 2012, respectively. Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income for the recent quarter was 1.45% and 12.10%, respectively, compared with 0.75% and 6.12%, respectively, in the year-earlier quarter and 1.45% and 12.40%, respectively, in the third quarter of 2012. Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, were $2.23 in the recent quarter, compared with $1.20 in the year-earlier period and $2.24 in the third quarter of 2012. Net operating income for the fourth quarter of 2012 was $305 million, improved from $168 million in the year-earlier quarter and $302 million in the third quarter of 2012. For the three months ended December 31, 2012, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.56% and 20.46%, respectively, compared with .89% and 12.36% in the corresponding 2011 period and 1.56% and 21.53%, respectively, in the third quarter of 2012. Net income available to common shareholders was $276.605 million compared to $129.804 million a year ago period. Net interest income was $667.422 million compared to $618.031 million a year ago period. Income before income taxes was $445.440 million compared to $202.902 million a year ago period.

For the year ended December 31, 2012, diluted earnings per common share were $7.54, up 19% from $6.35 in 2011. Net income rose to $1.03 billion in 2012 from $859 million in the previous year. Expressed as a rate of return on average assets and average common shareholders' equity, net income in 2012 was 1.29% and 10.96%, respectively, compared with 1.16% and 9.67%, respectively, in 2011. Diluted net operating earnings per common share rose 20% to $7.88 in 2012 from $6.55 in 2011. Net operating income for 2012 and 2011 totaled $1.07 billion and $884 million, respectively. Net operating income in 2012 expressed as a rate of return on average tangible assets and average tangible common shareholders' equity was 1.40% and 19.42%, respectively, compared with 1.26% and 17.96%, respectively, in 2011. Net income available to common shareholders was $953.429 million compared to $781.765 million a year ago period. Net interest income was $2,598.516 million compared to $2,389.756 million a year ago period. Income before income taxes was $1,552.526 million compared to $1,224.600 million a year ago period.