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M&T Bancorp in Buffalo, N.Y., has once again delayed its planned purchase of Hudson City Bancorp in Paramus, N.J.
December 9 -
The end of the year is a busy time for closing bank acquisitions at least buyers are hoping that is the case. With the average deal taking about 120 days to complete, there are plenty of banks anxiously awaiting a call from regulators.
December 5 -
René Jones, CFO of the Buffalo, N.Y., bank, artfully dodged more than a dozen versions of the same question from analysts: when, and if, is M&T's deal to buy Hudson City Bancorp going to get done?
October 17
M&T Bank in Buffalo, N.Y., reported a
The $96.7 billion-asset bank earned $277.5 million in the fourth quarter, up 25% from a year earlier. Earnings were $1.92 per share, missing a Bloomberg analyst poll by two cents.
A decline in expenses drove the quarterly results. Noninterest expenses fell 8%, to $680.1 million, partially because of lower professional services costs.
Net interest income increased 2%, to $681.8 million. The net interest margin narrowed 46 basis points, to 3.10%.
Asset quality also improved, as the company slashed its provision by 21%, to $33 million. M&T's loan book grew 4% from a year earlier, to $66.7 billion.
Fee-based income rose about 1%, to $451.6 million.
Question marks remain about the company's pending acquisition of the $37 billion-asset Hudson City Bancorp in Paramus, N.J. The deal, which was announced in August 2012, was again