Originally published at www.seclive.com
M&T Bank Corporation (NYSE:MTB) announced its financial results for the first fiscal quarter 2014, posting revenue and earnings that fell from the year-ago quarter. The Buffalo, New York-based company posted overall profits of $229M and $1.61 per share, in-line with analyst expectations, but down from the year-ago $274.1M and $1.98 per share. Mortgage banking revenue dropped 14% to $80M with trust income falling to $121.3M. Net interest income margin tightened from 3.71% to 3.52% while net interest income rose to $656.4M. CFO Rene Jones remarked that revenue was lagging due to decreased customer activity from its anticipated normalized levels. M&T Bank recently increased spending in order to ensure compliance with money laundering laws after the Federal Reserve noted issues with the company's banking systems last year. The company also had to revise its results in February after a $40M settlement with Wilmington Trust lowered the company's profit by $24M.
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