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The vice chairman of M&T Bank (MTB) has resigned, spurring the Buffalo company to expand the roles of a handful of top executives.
January 7 -
M&T Bank's (MTB) long-delayed purchase of Hudson City Bancorp (HCBK) could be held up until the end of 2014.
December 17 -
Continuing its rapid growth in the Northeast, M&T Bank in Buffalo, N.Y., announced early Monday that it is buying Hudson City Bancorp in Paramus, N.J., for $3.7 billion in cash and stock.
August 27 -
M&T had delayed plans to buy Hudson City Bancorp because of the Federal Reserve's compliance concerns, and an order made public Tuesday details what the Buffalo, N.Y., company has to fix.
June 18 -
M&T Bank's (MTB) long-delayed purchase of Hudson City Bancorp (HCBK) could be held up until the end of 2014.
December 17
M&T Bank (MTB) reported fourth-quarter earnings well short of analysts' estimates, capping a challenging year in which regulatory troubles led to spiraling costs.
The $85.1 billion-asset company said Friday that it earned $254.7 million in the fourth quarter, down 17% from the same period in 2012. Per-share earnings of $1.74 were 17 cents below the estimates of analysts polled by Bloomberg.
Growing overhead costs held M&T back. Its noninterest expense rose by 12%, to $703.1 million, as compensation and real-estate-occupancy costs rose.
Reforms to M&T's anti-money-laundering and other Bank Secrecy Act controls also took a substantial toll. In June the Federal Reserve
These internal control problems have left M&T's planned purchase of Hudson City Bancorp, which it
M&T's fourth-quarter net interest income held steady at $666.5 million, less than 1% shy of its year-prior figure, as loan growth made up for a tighter margin. The company's total earning assets grew by 5%, to $75 billion, offsetting an 18 basis-point decline in net interest margin, to 3.56%.
M&T's noninterest income dipped by 2%, to $446.2 million, as its home-loan revenue cratered. Mortgage banking income dropped by 29%, to $82.2 million, while revenue from deposit service charges slipped by 2%. However, trading income grew by 32%, to $13.7 million, and trust income increased by 8%, to $125.9.
Better credit quality helped reduce the sting of M&T's higher costs. Its provision for loan losses dropped 14%, to $42 million, and nonaccrual loans dropped 14%, to $871.3 million.
Earlier this month, M&T announced