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]

BUFFALO, N.Y., Aug. 20, 2024 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE:MTB) announced that it has declared a quarterly cash dividend of $1.35 per share on its common stock. The dividend will be payable September 30, 2024, to shareholders of record at the close of business on September 3, 2024. About M&T M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the northeastern U.S. ...

Core Insights - M&T Bank has appointed Lopa Kolluri as Head of Affordable Housing Lending, emphasizing its commitment to affordable housing and community support [1][2] - Kolluri will oversee the development and management of the Affordable Housing vertical, aiming to enhance customer service and expand business opportunities [1][2] - The bank recognizes the growing need for affordable housing and aims to provide comprehensive financing solutions to meet client needs [2][3] Company Overview - M&T Bank Corporation is headquartered in Buffalo, New York, and operates in 12 states across the northeastern U.S. [5] - The bank's principal subsidiary, M&T Bank, offers a range of banking products and services, including trust-related services in select markets [5] Leadership Background - Lopa Kolluri brings over 25 years of experience in affordable housing and community development, previously serving as Senior Vice President in M&T's Commercial Real Estate Innovation Office [2][3] - Before joining M&T, Kolluri led the Federal Housing Administration at the U.S. Department of Housing and Urban Development, overseeing $1.2 trillion in insured mortgages [3]

Financial Performance - Net interest income for the second quarter of 2024 was $1,718 million, an increase of $38 million or 2% from the previous quarter, but a decline of $219 million or 6% compared to the same period in 2023[137]. - Net income for the second quarter of 2024 was $655 million, an increase of $124 million or 23% from the previous quarter, but a decrease of $383 million or 24% compared to the same period in 2023[137]. - Diluted net operating earnings per share for the second quarter of 2024 were $3.79, an increase of $0.70 or 23% from the previous quarter, but a decrease of $2.32 or 25% compared to the same period in 2023[142]. - Total revenue for Q2 2024 was $717 million, reflecting an 18 million increase from Q1 2024, but a decrease of $154 million compared to the same period in 2023[265]. - Net income for Q2 2024 was $655 million, up from $531 million in Q1 2024, representing a 23.3% increase[296]. Credit Losses and Asset Quality - Provision for credit losses decreased by $50 million to $150 million in the second quarter of 2024, reflecting lower commercial real estate loans and improved forecasted real estate prices[138]. - Nonaccrual loans decreased by $278 million from March 31, 2024, to June 30, 2024, primarily due to lower commercial real estate nonaccrual loans[187]. - Total nonperforming assets amounted to $2,057 million as of June 30, 2024, down from $2,340 million on March 31, 2024[186]. - The company recorded a total provision for credit losses of $350 million for the six months ended June 30, 2024, compared to $270 million for the same period in 2023[180]. - Nonperforming assets to total net loans and leases ratio was 1.52% as of June 30, 2024, down from 1.73% on March 31, 2024[186]. Interest Income and Margin - Interest income for Q2 2024 was $2,802 million, an increase from $2,757 million in Q1 2024[293]. - The net interest margin for the second quarter of 2024 was 3.59%, an increase from 3.52% in the first quarter of 2024[174]. - The yield on earning assets increased to 5.82% in the second quarter of 2024, up from 5.74% in the first quarter of 2024[172]. - Taxable-equivalent net interest income for the first six months of 2024 was $3.42 billion, down from $3.64 billion in the same period of 2023, reflecting a 41 basis-point narrowing of the net interest margin to 3.56%[149]. Deposits and Funding - Average interest-bearing deposits rose to $115.757 billion in Q2 2024, generating $835 million in interest, compared to $115.450 billion and $840 million in Q1 2024[145]. - Total deposits as of June 30, 2024, amounted to $163,491 million, a slight decrease from $164,065 million as of March 31, 2024[167]. - Average total deposits were $163.5 billion in Q2 2024, a decrease of $574 million from Q1 2024[162]. - The company maintains available liquidity sources representing approximately 141% of uninsured deposits that are not collateralized as of June 30, 2024[238]. Equity and Capital - Shareholders' equity increased to $27.745 billion in Q2 2024, compared to $27.019 billion in Q1 2024[145]. - Total shareholders' equity increased to $28.424 billion as of June 30, 2024, up from $26.957 billion on December 31, 2023[255]. - M&T's current SCB is 4.0%, estimated to be 3.8% effective October 1, 2024[259]. - As of June 30, 2024, M&T's CET1 ratio is 11.45%, Tier 1 capital ratio is 13.23%, and total capital ratio is 14.88%[259]. Noninterest Income and Expenses - Other income for the first six months of 2024 declined by $226 million compared to the same period in 2023, primarily due to a $225 million gain on the sale of the CIT business in April 2023[140]. - Noninterest income increased by $13 million in Q2 2024, driven by higher credit-related fees and commercial mortgage banking revenues[267]. - Total other expenses decreased by $99 million, or 7%, to $1.297 billion for the three months ended June 30, 2024, compared to $1.396 billion in the previous quarter[228]. - Noninterest expense decreased to $1,284 million in Q2 2024 from $1,381 million in Q1 2024, a reduction of 7.0%[296]. Economic Outlook and Risks - The business climate in the first half of 2024 has been affected by inflationary pressures and elevated interest rates, impacting borrowers in various sectors[193]. - The company anticipates a potential downside economic scenario could increase modeled credit losses by $361 million[208]. - The estimated national unemployment rate for Year 1 is 4.5% and for Year 2 is 4.7%[207]. - Forward-looking statements are subject to uncertainties and may not guarantee future performance, with risks including market volatility and regulatory changes[289].

Core Viewpoint - M&T Bank reported strong Q2 earnings, surpassing consensus estimates, and showing improvement in credit quality, which alleviates some concerns regarding reserves [2][12]. Financial Performance - In Q2, M&T Bank earned $3.79 per share, exceeding consensus by $0.28, with revenue of $2.3 billion slightly above estimates [2]. - Earnings increased by $0.70 sequentially, indicating solid financial performance [2]. - Net interest income rose by $39 million to $1.73 billion, with a net interest margin (NIM) of 3.59%, up 7 basis points sequentially [9]. Credit Quality - The company experienced meaningful improvement in credit quality, with nonaccrual loans declining by $300 million from Q1 and $400 million from the previous year [11]. - M&T took $150 million in provisions for credit loss, down from $200 million last quarter, indicating a shift away from commercial real estate (CRE) [12]. - The bank's nonaccrual loans now total $2.0 billion, reflecting effective recovery efforts [11]. Deposit Trends - M&T Bank has $163.5 billion in deposits, down $600 million from the previous quarter but up 1.7% year-over-year [9]. - Deposit costs remained flat at 2.06%, despite a decline in noninterest-bearing deposits [10]. - Consumer deposits increased, while brokered deposits decreased, indicating a favorable deposit mix [10]. Market Position and Valuation - M&T's shares are viewed as fairly valued at approximately 11x earnings power, similar to peers like Fifth Third [13]. - The bank's common equity tier 1 (CET1) capital ratio stands at 11.4%, providing a buffer against lower reserves [12]. - The outlook for the year appears credible, with expectations for a normalized NIM of around 3.54% to 3.60% by year-end [12].

M&T Bank Corporation MTB reported better-than-expected second-quarter financial results on Thursday. M&T Bank shares fell 0.5% to trade at $166.51 on Friday. Read Next: Loading... "Building on a strong start to the year, the second quarter results reflect a 24% increase in diluted earnings per common share from the first quarter. We continued to grow our commercial and industrial and consumer loan portfolios, while lessening our commercial real estate exposure. Credit metrics improved as both nonaccrual and ...