Jan 17 M&T Bank Corp reported quarterly
results that were worse than analysts' expectations as mortgage
banking revenue fell and expenses increased.
M&T Bank shares slipped more than 3 percent on Friday.
Net income fell 17 percent to $245.72 million, or $1.74 per
share, from $296.19 million, or $2.16 per share, a year earlier.
Mortgage banking revenue fell 29 percent to $82.1 million
while expenses rose 12 percent to $703.07 million.
Net interest income, the difference between what banks earns
on loans and pays out on deposits fell 1 percent to $734.46
Excluding items, the bank earned $1.79 per share, well below
analysts' average estimate of $1.92 per share, according to
Thomson Reuters I/B/E/S.
The bank has been in the spotlight for more than one year
over its proposed acquisition of Hudson City Bancorp Inc
, which has been delayed due to the U.S. Federal
Reserve's concerns about M&T's anti-money laundering procedures.
Last month M&T Bank said it now expected the acquisition to
close at the end of 2014 instead of Jan. 31.
Credit card issuer Capital One Financial reported
lower-than-expected quarterly results on Thursday as net
interest income fell in both its credit card and consumer
Shares of Buffalo, New York-based M&T were down 3.4 percent
at $110.76 on the New York Stock Exchange in afternoon trading.