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.

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