M&T Bank Corporation's (MTB) third-quarter 2024 net operating earnings per share (EPS) of $4.08 topped the Zacks Consensus Estimate by 13.3%. The bottom line compared favorably with earnings of $4.05 per share in the year-ago quarter. Find the latest earnings estimates and surprises on the Zacks Earnings Calendar. MTB shares moved 2.2% in pre-market trading on better-than-anticipated earnings. A full day's trading will depict a better picture. Results have benefited from a rise in loans and leases and non-i ...

Financial Data and Key Metrics - Diluted GAAP earnings per share improved to $4.02 in Q3 2024 from $3.73 in Q2 2024, reflecting a 10% increase in net income to $721 million [7] - Return on Assets (ROA) and Return on Common Equity (ROCE) were 1.37% and 10.26% respectively, with a CET1 ratio growing to 11.54% [7] - Net interest margin increased by 3 basis points to 3.62%, driven by fixed asset repricing and earning asset mix [9] - Non-interest income reached $606 million, up from $584 million in the linked quarter, driven by trust income and commercial mortgage fees [14] Business Line Performance - Average loans and leases increased slightly to $134.8 billion, with C&I loans growing 3% to $59.8 billion, while CRE loans declined 8% to $29.1 billion [10][11] - Consumer loans grew 4% to $22.9 billion, driven by recreational finance and indirect auto loans [11] - Loan yields remained unchanged at 6.38%, with lower non-accrual interest offset by fixed-rate loan repricing [11] Market Performance - The company maintained strong liquidity with $59 billion in investment securities and cash, representing 28% of total assets [12] - Average total deposits declined by $2 billion to $161.5 billion, with a $1.6 billion decline in non-interest-bearing deposits [13] - Interest-bearing deposit costs decreased by 2 basis points to 2.88% [13] Strategic Direction and Industry Competition - The company continues to reduce CRE concentration, growing C&I and consumer loans while managing funding costs effectively [6] - M&T Bank remains a top SBA lender, ranking 1 in several key markets, and has launched a $25 million initiative for financial inclusion and economic growth [4] - The company updated environmental goals, aiming to offset 100% of electricity use with renewable energy by 2030 [4] Management Commentary on Operating Environment and Future Outlook - The economy remains resilient, with GDP growth expected to be stronger than projected, though a mild recession remains possible [18] - The company expects taxable-equivalent NII to be at least $1.73 billion in Q4, with a net interest margin in the low 3.60s [19] - Loan growth is expected to continue, with average total loans projected at $136 billion, driven by C&I and consumer loans [20] Other Important Information - The company restarted its share repurchase program, executing $200 million in Q3 and planning another $200 million in Q4 [6][21] - Non-accrual loans decreased by $98 million or 5% to $1.9 billion, with the non-accrual ratio dropping to 1.42% [15] - The allowance to loan ratio decreased by 1 basis point to 1.62%, reflecting improvements in asset quality and macroeconomic outlook [16] Q&A Session Summary Question: Optimal CET1 Ratio and Share Repurchases - The company aims to maintain a CET1 ratio above 11%, with potential for increased share repurchases in 2025 depending on economic conditions [23][24] Question: Net Interest Income and Margin Outlook - The company expects continued improvement in NII and net interest margin, driven by positive repricing of fixed-rate assets and strong deposit management [25][26] Question: Criticized Loans and CRE Exposure - Criticized loans have declined for two consecutive quarters, with further reductions expected in Q4 and 2025, particularly in CRE [29][30] Question: Loan Growth and Deposit Beta - Loan growth is expected to accelerate in 2025, with a focus on growing core customer deposits and managing deposit beta around 40% [33][35] Question: Expense Management and Operating Leverage - The company expects positive operating leverage in 2025, with expenses projected to increase due to ongoing projects and corporate incentives [55][56] Question: Credit Quality and Loan Loss Reserves - The loan loss reserve ratio is expected to trend modestly lower, with improvements in criticized loans and a shift in loan portfolio mix [57][58] Question: NIM Trajectory and Other Revenue - The company expects NIM to remain in the low 3.60s for Q4, with other revenue driven by strong loan syndications and card fees [60][61] Question: Expense Projects and Through-the-Cycle Charge-offs - Some expense projects in Q4 will impact run rate, while through-the-cycle charge-offs are expected to be around 34 basis points, with potential increases due to portfolio mix changes [62][63]

Shares of M&T Bank Corporation (NYSE: MTB ) have been a strong performer over the past year, gaining over 50% to a 52-week-high. That rally appears set to continue Thursday, with the stock gaining a further 4% in response to solid quarterly Over fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, just let me k ...

Core Insights - M&T Bank Corporation reported $2.33 billion in revenue for Q3 2024, a slight year-over-year decline of 0.1%, with an EPS of $4.08 compared to $4.05 a year ago, exceeding the Zacks Consensus Estimate of $2.3 billion by +1.33% and delivering an EPS surprise of +13.33% [1] Financial Performance Metrics - Total earning assets averaged $191.37 billion, slightly below the $192.15 billion estimate [2] - Efficiency Ratio was reported at 55%, better than the 56% average estimate [2] - Proforma Net Interest Margin was 3.6%, matching the average estimate [2] - Net charge-offs to average total net loans stood at 0.4%, consistent with the average estimate [2] - Total Nonperforming Assets were $1.96 billion, slightly below the $1.97 billion estimate [2] - Tier 1 Capital Ratio was 13.1%, above the 13% average estimate [2] - Total Capital Ratio was reported at 14.7%, below the 14.9% average estimate [2] - Nonaccrual loans totaled $1.93 billion, slightly below the $1.95 billion estimate [2] - Trust income was $170 million, below the $172.37 million estimate [2] - Mortgage banking revenues reached $109 million, slightly above the $108.54 million estimate [2] - Service charges on deposit accounts were $132 million, exceeding the $125.61 million estimate [2] - Total other income was reported at $606 million, above the $587.77 million estimate [2] Stock Performance - M&T Bank shares returned +8.8% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3]

M&T Bank Corporation (MTB) came out with quarterly earnings of $4.08 per share, beating the Zacks Consensus Estimate of $3.60 per share. This compares to earnings of $4.05 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 13.33%. A quarter ago, it was expected that this company would post earnings of $3.50 per share when it actually produced earnings of $3.79, delivering a surprise of 8.29%. Over the last four quarters, the com ...

Bank continues to lead small-business lending throughout its footprint BUFFALO, N.Y., Oct. 16, 2024 /PRNewswire/ -- M&T Bank (NYSE:MTB) approved 1,832 7(a) program U.S. Small Business Administration (SBA) loans in the past year and finished the SBA's 2024 fiscal year as the 10thlargest lender in the country. This marked the 16th consecutive year M&T Bank has ranked among the nation's top 10 SBA lenders. M&T Bank approved 1,832 SBA 7(a) loans for a total of $207.8 million in fiscal year 2024, which ended Sep ...

Analysts on Wall Street project that M&T Bank Corporation (MTB) will announce quarterly earnings of $3.60 per share in its forthcoming report, representing a decline of 11.1% year over year. Revenues are projected to reach $2.3 billion, declining 1.4% from the same quarter last year. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 1.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during thi ...

Wall Street expects a year-over-year decline in earnings on lower revenues when M&T Bank Corporation (MTB) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on October 17, 2024, might help the stock move higher if these key numbers are bett ...

M&T Bank Corporation (MTB) shares have gained 22.5% in the past six months, outperforming the industry's growth of 6.5%. The stock has also outperformed its close peers like Bank of America Corporation (BAC) and Comerica Incorporated (CMA) in the same time frame. Six-Month Price Performance Image Source: Zacks Investment Research After a strong rally, investors are now faced with a critical question: Is it the right time to buy MTB stock, or should they wait for a more favorable entry point? Let's explore t ...

Core Points - M&T Bank Corporation will decrease its prime lending rate from 8.50% to 8.00% effective September 19, 2024 [1] - M&T Bank is a financial holding company headquartered in Buffalo, New York, providing banking products and services across 12 states in the northeastern U.S. [1] Company Overview - M&T Bank's principal banking subsidiary is Manufacturers and Traders Trust Company [1] - The bank operates from Maine to Virginia and Washington, D.C. [1] - Trust-related services are offered in select markets in the U.S. and internationally through Wilmington Trust-affiliated companies [1]