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Shareholders for M&T and Hudson City will meet next week to vote on the banks' merger, though a Fed review of M&T's anti-money-laundering compliance could throw a wrench in the works.
April 12
Record mortgage revenue and more lending helped M&T Bank (MTB) raise profits 33% in the first quarter.
The Buffalo, N.Y., company reported Monday that it made a $274 million profit last quarter, compared with $206 million in the same period in 2012. Per-share earnings were $1.98, beating the expectation of analysts polled by Bloomberg by 3 cents.
Noninterest income rose 15%, to $433 million, as M&T produced $93 million in mortgage revenue, a record for the company and a 66% increase from the year-prior period. M&T also recorded higher income from deposit-account fees, trusts and brokerage services. Its noninterest expenses fell about 1%, to $636 million, thanks mainly to lower amortization expenses.
Net interest income rose by 6%, to $656 million, because of a $5 billion increase in M&T's loan portfolio and a widening in its net interest margin by 2 basis points, to 3.71%. M&T had assets of $83 billion as of March 31.
Provision for credit losses fell 22%, to $38 million, and chargeoffs declined 23%, to $37 million.
Last week, M&T announced that an investigation by the Federal Reserve Board into its compliance with anti-money-laundering laws would
