For the year, M&I had a net loss of $616.9 million or $1.18 per share.
The fourth-quarter results were a penny off from analyst estimates that the bank would report a loss of 24 cents per share, according to Thomson Reuters. For the full year, analysts expected the company to post a loss of $1.20 a share.
The losses were less than the bank reported a year ago. The company reported a net loss of $259.5 million, or 54 cents per share, in the fourth quarter of 2009 and a net loss of $858.8 million, or $2.46 per share for 2009."Our fourth quarter results were substantially better than the same period last year," said M&I CEO Mark Furlong. "We continue to make steady progress in addressing credit challenges, posting six consecutive quarters of asset quality improvement, and we continue to remain diligent in improving our credit profile." As far as credit goes, M&I reported that early stage delinquencies fell 20% from the same quarter last year. In addition, nonperforming loans decreased 23% from the fourth quarter of 2009. M&I's average loans and leases totaled $38.7 billion for the fourth quarter of 2010, down 15% from the same quarter in 2009. Provision for loan and lease losses was $429.1 million in the fourth quarter of 2010, down 33% from 2009. Net charge-offs decreased by 25% to $429.7 million. The bank reported net interest income was $375.9 million for the fourth quarter of 2010, down $30.2 million or 7% compared to the fourth quarter of 2009. Transaction deposits increased $2.8 billion or 12% compared to the fourth quarter of 2009. The dividend will remain at a penny per share on the common stock and will be payable on March 11, 2011. M&I was recently acquired by Bank of Montreal (BMO) for $4.1 billion. Net credit-related expenses were $45.3 million for the current quarter vs. $65.1 million in the same quarter last year. Non-interest expense in the fourth quarter of 2010 included expenses associated with the recently announced transaction with BMO Financial Group. --Written by Maria Woehr in New York.
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