Buffalo, N.Y.-based M&T Bank Corp. reported net income available to common shareholders of $451.9 million, or $3.52 per share, for the fourth quarter of 2020, compared to $473.4 million, or $3.60 per share, a year ago.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was $3.01.

Net interest income for the fourth quarter was $989.3 million, down 2% from $1.01 billion in the prior-year period. That decline resulted from a 64 basis point narrowing of the net interest margin, which came in at 3.00% in the fourth quarter of 2020 compared to 3.64% in the year-ago quarter.

The provision for credit losses was $75 million in the fourth quarter of 2020, compared with $54 million in the fourth quarter of 2019.

Net charge-offs were $97 million during the recent quarter, compared with $41 million in the fourth quarter of 2019.

Net loans and leases stood at $96.80 billion at the end of the fourth quarter, compared to $89.87 billion at the end of the fourth quarter of 2019.

Total deposits were $119.81 billion at the end of the quarter, compared to $94.77 billion at the end of the year-ago quarter.

For full year 2020, the company reported net income available to common shareholders of $1.28 billion or $9.94 per share, down from $1.85 billion, or $13.75 per share in the previous year.

The S&P Capital IQ consensus GAAP EPS estimate for the year was $9.42.