BUFFALO,
N.Y., April 15, 2024 /PRNewswire/ -- M&T
Bank Corporation ("M&T" or "the Company") reports quarterly net
income of $531 million or
$3.02 of diluted earnings per common
share.
(Dollars in
millions, except per share data)
|
|
1Q24
|
|
4Q23
|
|
1Q23
|
Earnings
Highlights
|
|
Net interest
income
|
|
$
1,680
|
|
|
$
1,722
|
|
|
$
1,818
|
|
Taxable-equivalent
adjustment
|
|
12
|
|
|
13
|
|
|
14
|
|
Net interest income -
taxable-equivalent
|
|
1,692
|
|
|
1,735
|
|
|
1,832
|
|
Provision for credit
losses
|
|
200
|
|
|
225
|
|
|
120
|
|
Noninterest
income
|
|
580
|
|
|
578
|
|
|
587
|
|
Noninterest
expense
|
|
1,396
|
|
|
1,450
|
|
|
1,359
|
|
Net income
|
|
531
|
|
|
482
|
|
|
702
|
|
Net income available to
common shareholders - diluted
|
|
505
|
|
|
457
|
|
|
676
|
|
Diluted earnings per
common share
|
|
3.02
|
|
|
2.74
|
|
|
4.01
|
|
Return on average
assets - annualized
|
|
1.01
|
%
|
|
.92
|
%
|
|
1.40
|
%
|
Return on average
common shareholders' equity - annualized
|
|
8.14
|
|
|
7.41
|
|
|
11.74
|
|
Average Balance
Sheet
|
|
Total assets
|
|
$ 211,478
|
|
|
$ 208,752
|
|
|
$ 202,599
|
|
Interest-bearing
deposits at banks
|
|
30,647
|
|
|
30,153
|
|
|
24,312
|
|
Investment
securities
|
|
28,587
|
|
|
27,490
|
|
|
27,622
|
|
Loans and leases, net
of unearned discount
|
|
133,796
|
|
|
132,770
|
|
|
132,012
|
|
Deposits
|
|
164,065
|
|
|
164,713
|
|
|
161,537
|
|
Borrowings
|
|
16,001
|
|
|
13,057
|
|
|
11,505
|
|
Selected
Ratios
|
|
(Amounts expressed
as a percent, except per share data)
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
3.52
|
%
|
|
3.61
|
%
|
|
4.04
|
%
|
Efficiency
ratio
|
|
60.8
|
|
|
62.1
|
|
|
55.5
|
|
Net charge-offs to
average total loans - annualized
|
|
.42
|
|
|
.44
|
|
|
.22
|
|
Allowance for credit
losses to total loans
|
|
1.62
|
|
|
1.59
|
|
|
1.49
|
|
Nonaccrual loans to
total loans
|
|
1.71
|
|
|
1.62
|
|
|
1.92
|
|
Common equity Tier 1
("CET1") capital ratio (1)
|
|
11.07
|
|
|
10.98
|
|
|
10.16
|
|
Common shareholders'
equity per share
|
|
$ 150.90
|
|
|
$ 150.15
|
|
|
$ 140.88
|
|
(1) March 31, 2024
CET1 capital ratio is estimated.
|
|
Financial Highlights
- The CET1 capital ratio increased 9 basis points to an estimated
11.07% at March 31, 2024, compared
with 10.98% at December 31, 2023,
highlighting the Company's improved capital position.
- Net interest margin of 3.52% in the recent quarter narrowed
from 3.61% in the fourth quarter of 2023 reflecting higher
liquidity, cash moving to investment securities and higher deposit
and borrowing costs.
- Growth in average commercial and industrial and consumer loans
in the recent quarter was partially offset by a decline in average
commercial real estate loans.
- Average deposits remained stable with a slowing mix shift to
higher cost deposits. Average borrowings rose in the first quarter
of 2024 as compared with the fourth quarter of 2023 due to
increased borrowings from the Federal Home Loan Bank ("FHLB") of
New York and the issuance of
senior notes.
- Provision for credit losses in the recent quarter reflects
elevated levels of criticized commercial and industrial loans and
loan growth.
- Expenses included $99 million of
seasonal salaries and employee benefits expense and a $29 million estimated increase in the FDIC
special assessment, reflecting the FDIC's higher loss estimate
attributable to certain failed banks.
Chief Financial Officer Commentary
"We are off to a solid start in 2024 as we were able to grow
certain sectors of our commercial and consumer loan portfolios,
while continuing to shrink our commercial real estate exposure.
Expenses were prudently managed in the recent quarter and our
selective approach to allocating resources to our strategic
priorities with utmost care has not wavered. M&T's liquidity
and capital position strengthened, reflecting a stable deposit
base, higher levels of borrowings and solid earnings after
considering seasonal employee compensation expenses and an
incremental FDIC special assessment. I thank my colleagues at
M&T for their stewardship of shareholder capital and their
continuous support of our mission to make a difference in the lives
of our customers and the communities in which we serve."
- Daryl N.
Bible, M&T's Chief Financial Officer
Contact:
|
|
|
Investor
Relations:
|
Brian Klock
|
716.842.5138
|
Media
Relations:
|
Frank
Lentini
|
929.651.0447
|
Non-GAAP
Measures (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
1Q24 vs.
|
|
|
|
|
Change
1Q24 vs.
|
(Dollars in
millions, except per share data)
|
|
1Q24
|
|
4Q23
|
|
4Q23
|
|
1Q23
|
|
1Q23
|
Net operating
income
|
|
$
543
|
|
|
$
494
|
|
|
10
|
%
|
|
$
715
|
|
|
-24
|
%
|
Diluted net operating
earnings per common share
|
|
3.09
|
|
|
2.81
|
|
|
10
|
|
|
4.09
|
|
|
-24
|
|
Annualized return on
average tangible assets
|
|
1.08
|
%
|
|
.98
|
%
|
|
|
|
|
1.49
|
%
|
|
|
|
Annualized return on
average tangible common equity
|
|
12.67
|
|
|
11.70
|
|
|
|
|
|
19.00
|
|
|
|
|
Efficiency
ratio
|
|
60.8
|
|
|
62.1
|
|
|
|
|
|
55.5
|
|
|
|
|
Tangible equity per
common share
|
|
$
99.54
|
|
|
$
98.54
|
|
|
1
|
|
|
$
88.81
|
|
|
12
|
|
____________________
|
(1)
|
A reconciliation of
non-GAAP measures is included in the tables that accompany this
release.
|
M&T consistently provides supplemental reporting of its
results on a "net operating" or "tangible" basis, from which
M&T excludes the after-tax effect of amortization of core
deposit and other intangible assets (and the related goodwill and
core deposit and other intangible asset balances, net of applicable
deferred tax amounts) and expenses associated with merging acquired
operations into M&T (when incurred), since such items are
considered by management to be "nonoperating" in nature.
Taxable-equivalent Net Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
1Q24 vs.
|
|
|
|
|
Change
1Q24 vs.
|
(Dollars in
millions)
|
|
1Q24
|
|
4Q23
|
|
4Q23
|
|
1Q23
|
|
1Q23
|
Average earning
assets
|
|
$ 193,135
|
|
|
$ 190,536
|
|
|
1
|
%
|
|
$ 184,069
|
|
|
5
|
%
|
Average
interest-bearing liabilities
|
|
131,451
|
|
|
127,646
|
|
|
3
|
|
|
111,188
|
|
|
18
|
|
Net interest
income ̶ taxable-equivalent
|
|
1,692
|
|
|
1,735
|
|
|
-2
|
|
|
1,832
|
|
|
-8
|
|
Yield on average
earning assets
|
|
5.74
|
%
|
|
5.73
|
%
|
|
|
|
|
5.16
|
%
|
|
|
|
Cost of
interest-bearing liabilities
|
|
3.26
|
|
|
3.17
|
|
|
|
|
|
1.86
|
|
|
|
|
Net interest
spread
|
|
2.48
|
|
|
2.56
|
|
|
|
|
|
3.30
|
|
|
|
|
Net interest
margin
|
|
3.52
|
|
|
3.61
|
|
|
|
|
|
4.04
|
|
|
|
|
Taxable-equivalent net interest income decreased $43 million, or 2%, from the fourth quarter of
2023.
- Average borrowings rose $2.9
billion and the rate paid on such borrowings increased 13
basis points.
- Average interest-bearing deposits increased $861 million and the rates paid on such deposits
rose 3 basis points.
- The yield on average loans and leases declined 1 basis
point.
- Average investment securities increased $1.1 billion and the rates earned on those
securities increased 17 basis points.
Taxable-equivalent net interest income decreased $140 million, or 8%, compared with the
year-earlier first quarter.
- Average interest-bearing deposits rose $15.8 billion and the rates paid on those
deposits increased 144 basis points.
- Average borrowings increased $4.5
billion and rates paid on such borrowings increased 64 basis
points.
- Yields earned on average interest-bearing deposits at banks and
average loans and leases increased 85 basis points and 62 basis
points, respectively.
- Average interest-bearing deposits at banks and average loans
and leases increased $6.3 billion and
$1.8 billion, respectively.
Average
Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
1Q24 vs.
|
|
|
|
Change
1Q24 vs.
|
(Dollars in
millions)
|
|
1Q24
|
|
4Q23
|
|
4Q23
|
|
1Q23
|
|
1Q23
|
Interest-bearing
deposits at banks
|
|
$ 30,647
|
|
$ 30,153
|
|
2
|
%
|
|
$ 24,312
|
|
26
|
%
|
Trading
account
|
|
105
|
|
123
|
|
-15
|
|
|
123
|
|
-14
|
|
Investment
securities
|
|
28,587
|
|
27,490
|
|
4
|
|
|
27,622
|
|
3
|
|
Loans and leases, net
of unearned discount
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
56,821
|
|
55,420
|
|
3
|
|
|
52,510
|
|
8
|
|
Real estate -
commercial
|
|
32,696
|
|
33,455
|
|
-2
|
|
|
35,245
|
|
-7
|
|
Real estate -
consumer
|
|
23,136
|
|
23,339
|
|
-1
|
|
|
23,770
|
|
-3
|
|
Consumer
|
|
21,143
|
|
20,556
|
|
3
|
|
|
20,487
|
|
3
|
|
Total loans and
leases, net
|
|
133,796
|
|
132,770
|
|
1
|
|
|
132,012
|
|
1
|
|
Total earning
assets
|
|
$
193,135
|
|
$
190,536
|
|
1
|
|
|
$
184,069
|
|
5
|
|
Average earning assets increased $2.6
billion, or 1%, from the fourth quarter of 2023.
- Average interest-bearing deposits at banks increased
$494 million reflecting higher levels
of borrowings partially offset by the purchase of investment
securities and loan growth.
- Average loans and leases increased $1.0
billion primarily reflective of growth in average commercial
and industrial loans and leases and consumer loans, partially
offset by declines in average commercial real estate and
residential real estate loans. The growth in commercial and
industrial loans spanned most industry types.
- Average investment securities rose $1.1
billion primarily due to purchases of U.S. Treasury notes
and fixed rate mortgage-backed securities during the first quarter
of 2024.
Average earning assets increased $9.1
billion, or 5%, from the year-earlier first quarter.
- Average interest-bearing deposits at banks increased
$6.3 billion reflecting a rise in
average deposits and higher levels of borrowings, partially offset
by loan growth and purchases of investment securities.
- Average loans and leases increased $1.8
billion predominantly due to higher average commercial and
industrial loans and leases of $4.3
billion reflecting lending activities to financial and
insurance industry customers and motor vehicle and recreational
finance dealers, partially offset by a $2.5
billion decline in average commercial real estate
loans.
- Average investment securities increased $965 million due to the purchases of investment
securities in 2023 and through the first quarter of 2024.
Average
Interest-bearing Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
1Q24 vs.
|
|
|
|
|
Change
1Q24 vs.
|
(Dollars in
millions)
|
|
1Q24
|
|
4Q23
|
|
4Q23
|
|
1Q23
|
|
1Q23
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking deposits
|
|
$
94,867
|
|
|
$
93,365
|
|
|
2
|
%
|
|
$
88,053
|
|
|
8
|
%
|
Time
deposits
|
|
20,583
|
|
|
21,224
|
|
|
-3
|
|
|
11,630
|
|
|
77
|
|
Total interest-bearing
deposits
|
|
115,450
|
|
|
114,589
|
|
|
1
|
|
|
99,683
|
|
|
16
|
|
Short-term
borrowings
|
|
6,228
|
|
|
5,156
|
|
|
21
|
|
|
4,994
|
|
|
25
|
|
Long-term
borrowings
|
|
9,773
|
|
|
7,901
|
|
|
24
|
|
|
6,511
|
|
|
50
|
|
Total interest-bearing
liabilities
|
|
$
131,451
|
|
|
$
127,646
|
|
|
3
|
|
|
$
111,188
|
|
|
18
|
|
Average interest-bearing liabilities increased $3.8 billion, or 3%, from the fourth quarter of
2023.
- Average borrowings increased $2.9
billion predominantly due to the issuance of senior notes in
the first quarter of 2024 and higher levels of average borrowings
from the FHLB of New York.
- Average interest-bearing deposits increased $861 million, reflective of a $1.6 billion increase in average non-brokered
deposits.
Average interest-bearing liabilities increased $20.3 billion, or 18%, from the first quarter of
2023.
- Average interest-bearing deposits rose $15.8 billion, including a $10.6 billion increase in average non-brokered
deposits, reflecting customer demand for interest-bearing products
amidst rising rates.
- Average borrowings increased $4.5
billion reflecting the issuances of senior notes and other
long-term debt since the first quarter of 2023 and increases in
average borrowings from the FHLB of New
York.
Provision for Credit
Losses/Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
1Q24 vs.
|
|
|
|
|
Change
1Q24 vs.
|
(Dollars in
millions)
|
|
1Q24
|
|
4Q23
|
|
4Q23
|
|
1Q23
|
|
1Q23
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$ 2,302
|
|
|
$ 2,166
|
|
|
6
|
%
|
|
$ 2,557
|
|
|
-10
|
%
|
Real estate and other
foreclosed assets
|
|
38
|
|
|
39
|
|
|
—
|
|
|
44
|
|
|
-13
|
|
Total nonperforming
assets
|
|
2,340
|
|
|
2,205
|
|
|
6
|
|
|
2,601
|
|
|
-10
|
|
Accruing loans past due
90 days or more (1)
|
|
297
|
|
|
339
|
|
|
-12
|
|
|
407
|
|
|
-27
|
|
Nonaccrual loans as %
of loans outstanding
|
|
1.71
|
%
|
|
1.62
|
%
|
|
|
|
|
1.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
$ 2,191
|
|
|
$ 2,129
|
|
|
3
|
|
|
$ 1,975
|
|
|
11
|
|
Allowance for credit
losses as % of loans outstanding
|
|
1.62
|
%
|
|
1.59
|
%
|
|
|
|
|
1.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
$
200
|
|
|
$
225
|
|
|
-11
|
|
|
$
120
|
|
|
67
|
|
Net
charge-offs
|
|
138
|
|
|
148
|
|
|
-7
|
|
|
70
|
|
|
97
|
|
Net charge-offs as % of
average loans (annualized)
|
|
.42
|
%
|
|
.44
|
%
|
|
|
|
|
.22
|
%
|
|
|
|
____________________
|
(1)
|
Predominantly
government-guaranteed residential real estate loans.
|
M&T recorded a provision for credit losses of $200 million in the first quarter of 2024 and
$225 million in the immediately
preceding quarter, compared with $120
million in the first quarter of 2023. The comparatively
higher provisions for credit losses in the most recent two quarters
as compared with the first quarter of 2023 reflect declines in
commercial real estate values and higher interest rates
contributing to a deterioration in the performance of loans to
commercial borrowers, including nonautomotive dealers and
healthcare facilities, as well as growth in certain sectors of
M&T's commercial and industrial and consumer loan portfolios.
Net charge-offs totaled $138 million
in 2024's first quarter as compared with $148 million in 2023's final quarter and
$70 million in the year-earlier
quarter. The lower level of net charge-offs in the first quarter of
2024 as compared with the preceding quarter included a decline in
commercial real estate loan net charge-offs, partially offset by an
increase in net charge-offs of commercial and industrial and
consumer loans. As compared with year-earlier first quarter, the
recent quarter net charge-offs reflect higher levels of commercial
and industrial and consumer loan net charge-offs.
Nonaccrual loans were $2.3 billion at March 31, 2024,
$136 million higher than
December 31, 2023 but $255
million lower than March 31, 2023. The higher level of
nonaccrual loans at the recent quarter end as compared with the
immediately preceding quarter end was largely attributable to an
increase in commercial and industrial nonaccrual loans partially
offset by a decrease in commercial real estate nonaccrual loans.
The decrease in nonaccrual loans at March 31, 2024 as
compared with year-earlier quarter was predominantly due to lower
levels of commercial real estate nonaccrual loans, including net
charge-offs, and residential real estate nonaccrual loans,
partially offset by a rise in commercial and industrial nonaccrual
loans.
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
1Q24 vs.
|
|
|
|
|
Change
1Q24 vs.
|
(Dollars in
millions)
|
|
1Q24
|
|
4Q23
|
|
4Q23
|
|
1Q23
|
|
1Q23
|
Mortgage banking
revenues
|
|
$
104
|
|
|
$
112
|
|
|
-7
|
%
|
|
$
85
|
|
|
23
|
%
|
Service charges on
deposit accounts
|
|
124
|
|
|
121
|
|
|
2
|
|
|
113
|
|
|
9
|
|
Trust income
|
|
160
|
|
|
159
|
|
|
1
|
|
|
194
|
|
|
-17
|
|
Brokerage services
income
|
|
29
|
|
|
26
|
|
|
10
|
|
|
24
|
|
|
20
|
|
Trading account and
non-hedging derivative gains
|
|
9
|
|
|
11
|
|
|
-19
|
|
|
12
|
|
|
-21
|
|
Gain (loss) on bank
investment securities
|
|
2
|
|
|
4
|
|
|
-35
|
|
|
—
|
|
|
—
|
|
Other revenues from
operations
|
|
152
|
|
|
145
|
|
|
4
|
|
|
159
|
|
|
-5
|
|
Total
|
|
$
580
|
|
|
$
578
|
|
|
—
|
|
|
$
587
|
|
|
-1
|
|
Noninterest income in the first quarter of 2024 was largely
unchanged from 2023's fourth quarter.
- Other revenues from operations increased $7 million resulting from a $25 million distribution from Bayview Lending
Group LLC ("BLG") received in the first quarter of 2024 partially
offset by declines in letter of credit and other credit-related
fees, lower income earned from bank owned life insurance and a
decline in merchant discount and credit card fees.
- Mortgage banking revenues decreased $8
million reflecting a decline in gains on sale of commercial
mortgage loans as a result of decreased origination volume,
partially offset by higher residential mortgage banking
revenues.
Noninterest income declined $7
million, or 1%, as compared with the year-earlier first
quarter.
- Trust income decreased $34
million reflecting lower revenues associated with the
Company's Collective Investment Trust ("CIT") business of
approximately $45 million following
its sale in April 2023, partially
offset by $11 million of higher
revenues mainly attributable to higher sales and fees from the
Company's global capital markets business.
- Other revenues from operations declined $7 million reflecting lower gains on the sale of
leased equipment.
- Mortgage banking revenues rose $19
million due to higher servicing income related to the bulk
purchase of residential mortgage loan servicing rights at the end
of the first quarter of 2023.
- Service charges on deposit accounts increased $11 million predominantly due to a rise in
commercial service charges.
- Brokerage services income increased $5
million due to higher annuity sales.
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
1Q24 vs.
|
|
|
|
|
Change
1Q24 vs.
|
(Dollars in
millions)
|
|
1Q24
|
|
4Q23
|
|
4Q23
|
|
1Q23
|
|
1Q23
|
Salaries and employee
benefits
|
|
$
833
|
|
|
$
724
|
|
|
15
|
%
|
|
$
808
|
|
|
3
|
%
|
Equipment and net
occupancy
|
|
129
|
|
|
134
|
|
|
-4
|
|
|
127
|
|
|
2
|
|
Outside data processing
and software
|
|
120
|
|
|
114
|
|
|
5
|
|
|
106
|
|
|
13
|
|
Professional and other
services
|
|
85
|
|
|
99
|
|
|
-13
|
|
|
125
|
|
|
-31
|
|
FDIC
assessments
|
|
60
|
|
|
228
|
|
|
-74
|
|
|
30
|
|
|
101
|
|
Advertising and
marketing
|
|
20
|
|
|
26
|
|
|
-21
|
|
|
31
|
|
|
-35
|
|
Amortization of core
deposit and other intangible assets
|
|
15
|
|
|
15
|
|
|
—
|
|
|
17
|
|
|
-13
|
|
Other costs of
operations
|
|
134
|
|
|
110
|
|
|
21
|
|
|
115
|
|
|
16
|
|
Total
|
|
$
1,396
|
|
|
$
1,450
|
|
|
-4
|
|
|
$
1,359
|
|
|
3
|
|
Noninterest expense aggregated $1.40
billion in the recent quarter, down from $1.45 billion in the fourth quarter of 2023.
- FDIC assessments reflect a $197
million estimated special assessment in the fourth quarter
of 2023 and $29 million of estimated
incremental special assessment expense recorded in the first
quarter of 2024 for the FDIC's updated loss estimates associated
with certain failed banks.
- Professional and other services expenses decreased $14 million reflecting the timing and level of
consulting and legal-related fees.
- Salaries and employee benefits expense increased $109 million reflecting annual merit increases
and $99 million of seasonally higher
stock-based compensation, payroll-related taxes and other employee
benefits expense.
- Other costs of operations increased $24
million reflecting higher costs associated with the
Company's supplemental executive retirement savings plan, losses on
lease terminations related to certain vacated properties and
incremental charitable contributions as compared with the fourth
quarter of 2023.
Noninterest expense increased $37
million from the first quarter of 2023.
- FDIC assessments increased $30
million reflecting the $29
million of estimated incremental special assessment expense
recorded in the first quarter of 2024.
- Salaries and employee benefits expenses increased $25 million reflecting higher salaries expense
due to annual merit and other increases and a rise in incentive
compensation, partially offset by lower staffing levels.
- Other costs of operations increased $19
million as a result of higher amortization of capitalized
servicing assets predominantly due to the bulk purchase of
residential mortgage loan servicing rights at the end of the first
quarter of 2023.
- Outside data processing and software increased $14 million due to higher software licensing and
maintenance fees.
- Professional and other services expense declined $40 million reflecting lower sub-advisory fees as
a result of the sale of the CIT business.
- Advertising and marketing expense decreased $11 million reflecting a general reduction in
those related activities.
Income Taxes
The Company's effective tax rate was 20.0% in the first quarter
of 2024, compared with 22.9% and 24.2% in the fourth quarter of
2023 and first quarter of 2023, respectively. The first quarter of
2024 income tax expense reflects a net discrete tax benefit related
to the resolution of a tax matter inherited from the acquisition of
People's United Financial, Inc.
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q24
|
|
|
4Q23
|
|
|
1Q23
|
|
CET1
|
|
11.07
|
%
|
|
(1)
|
10.98
|
%
|
|
|
10.16
|
%
|
|
Tier 1
capital
|
|
12.37
|
|
|
(1)
|
12.29
|
|
|
|
11.48
|
|
|
Total
capital
|
|
14.03
|
|
|
(1)
|
13.99
|
|
|
|
13.28
|
|
|
Tangible capital –
common
|
|
8.03
|
|
|
|
8.20
|
|
|
|
7.58
|
|
|
____________________
|
(1)
|
March 31, 2024 capital
ratios are estimated.
|
M&T's capital ratios remained well above the minimum set
forth by regulatory requirements. Cash dividends declared on
M&T's common and preferred stock totaled $219 million and $25
million, respectively, for the quarter ended March 31,
2024. M&T did not repurchase any shares of its common stock in
the first quarter of 2024 or the fourth quarter of 2023. In the
first quarter of 2023, M&T repurchased 3,838,157 shares of its
common stock in accordance with its capital plan for a total cost,
including the share repurchase excise tax, of $600
million.
The CET1 capital ratio for M&T was estimated at 11.07% as of
March 31, 2024. M&T's total risk-weighted assets at
March 31, 2024 are estimated to be $155
billion.
Conference Call
Investors will have an opportunity to listen to M&T's
conference call to discuss first quarter financial results today at
8:00 a.m. Eastern Time. Those wishing
to participate in the call may dial (800) 347-7315. International
participants, using any applicable international calling codes, may
dial (785) 424-1755. Callers should reference M&T Bank
Corporation or the conference ID #MTBQ124. The conference call will
be webcast live through M&T's website at
https://ir.mtb.com/events-presentations. A replay of the call will
be available through Monday April 22, 2024 by calling (800)
839-2385, or (402) 220-7203 for international participants. No
conference ID or passcode is required. The event will also be
archived and available by 3:00 p.m.
today on M&T's website at
https://ir.mtb.com/events-presentations.
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 eastern U.S. from
Maine to Virginia and Washington, D.C. Trust-related services are
provided in select markets in the U.S. and abroad by M&T's
Wilmington Trust-affiliated companies and by M&T Bank. For more
information on M&T Bank, visit www.mtb.com.
Forward-Looking Statements
This news release and related conference call may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and the rules and
regulations of the SEC. Any statement that does not describe
historical or current facts is a forward-looking statement,
including statements based on current expectations, estimates and
projections about M&T's business, and management's beliefs and
assumptions.
Statements regarding the potential effects of events or
factors specific to M&T and/or the financial industry as a
whole, as well as national and global events generally, on
M&T's business, financial condition, liquidity and results of
operations may constitute forward-looking statements. Such
statements are subject to the risk that the actual effects may
differ, possibly materially, from what is reflected in those
forward-looking statements due to factors and future developments
that are uncertain, unpredictable and in many cases beyond
M&T's control.
Forward-looking statements are typically identified by words
such as "believe," "expect," "anticipate," "intend," "target,"
"estimate," "continue," or "potential," by future conditional verbs
such as "will," "would," "should," "could," or "may," or by
variations of such words or by similar expressions. These
statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions which are difficult to
predict and may cause actual outcomes to differ materially from
what is expressed or forecasted.
While there can be no assurance that any list of risks and
uncertainties is complete, important factors that could cause
actual outcomes and results to differ materially from those
contemplated by forward-looking statements include the following,
without limitation: economic conditions and growth rates, including
inflation and market volatility; events and developments in the
financial services industry, including industry conditions; changes
in interest rates, spreads on earning assets and interest-bearing
liabilities, and interest rate sensitivity; prepayment speeds, loan
originations, loan concentrations by type and industry, credit
losses and market values on loans, collateral securing loans, and
other assets; sources of liquidity; levels of client deposits;
ability to contain costs and expenses; changes in M&T's credit
ratings; the impact of the People's United Financial, Inc.
acquisition; domestic or international political developments and
other geopolitical events, including international conflicts and
hostilities; changes and trends in the securities markets; common
shares outstanding and common stock price volatility; fair value of
and number of stock-based compensation awards to be issued in
future periods; the impact of changes in market values on
trust-related revenues; federal, state or local legislation and/or
regulations affecting the financial services industry, or M&T
and its subsidiaries individually or collectively, including tax
policy; regulatory supervision and oversight, including monetary
policy and capital requirements; governmental and public policy
changes; political conditions, either nationally or in the states
in which M&T and its subsidiaries do business; the outcome of
pending and future litigation and governmental proceedings,
including tax-related examinations and other matters; changes in
accounting policies or procedures as may be required by the
Financial Accounting Standards Board, regulatory agencies or
legislation; increasing price, product and service competition by
competitors, including new entrants; technological developments and
changes; the ability to continue to introduce competitive new
products and services on a timely, cost-effective basis; the mix of
products and services; protection and validity of intellectual
property rights; reliance on large customers; technological,
implementation and cost/financial risks in large, multi-year
contracts; continued availability of financing; financial resources
in the amounts, at the times and on the terms required to support
M&T and its subsidiaries' future businesses; and material
differences in the actual financial results of merger, acquisition,
divestment and investment activities compared with M&T's
initial expectations, including the full realization of anticipated
cost savings and revenue enhancements.
These are representative of the factors that could affect the
outcome of the forward-looking statements. In addition, as noted,
such statements could be affected by general industry and market
conditions and growth rates, general economic and political
conditions, either nationally or in the states in which M&T and
its subsidiaries do business, and other factors.
M&T provides further detail regarding these risks and
uncertainties in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors
section of such report, as well as in other SEC filings.
Forward-looking statements speak only as of the date they are made,
and M&T assumes no duty and does not undertake to update
forward-looking statements.
Financial Highlights
|
|
Three months
ended
|
|
|
|
|
|
March 31,
|
|
|
|
(Dollars in
millions, except per share, shares in thousands)
|
|
2024
|
|
2023
|
|
Change
|
Performance
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
531
|
|
|
$
702
|
|
|
-24
|
%
|
Net income available to
common shareholders
|
|
505
|
|
|
676
|
|
|
-25
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
3.04
|
|
|
4.03
|
|
|
-25
|
|
Diluted
earnings
|
|
3.02
|
|
|
4.01
|
|
|
-25
|
|
Cash
dividends
|
|
1.30
|
|
|
1.30
|
|
|
—
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
167,084
|
|
|
168,410
|
|
|
-1
|
|
Period end
(2)
|
|
166,724
|
|
|
165,865
|
|
|
1
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
1.01
|
%
|
|
1.40
|
%
|
|
|
|
Average common
shareholders' equity
|
|
8.14
|
|
|
11.74
|
|
|
|
|
Taxable-equivalent net
interest income
|
|
$ 1,692
|
|
|
$ 1,832
|
|
|
-8
|
|
Yield on average
earning assets
|
|
5.74
|
%
|
|
5.16
|
%
|
|
|
|
Cost of
interest-bearing liabilities
|
|
3.26
|
|
|
1.86
|
|
|
|
|
Net interest
spread
|
|
2.48
|
|
|
3.30
|
|
|
|
|
Contribution of
interest-free funds
|
|
1.04
|
|
|
.74
|
|
|
|
|
Net interest
margin
|
|
3.52
|
|
|
4.04
|
|
|
|
|
Net charge-offs to
average total net loans (annualized)
|
|
.42
|
|
|
.22
|
|
|
|
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
543
|
|
|
$
715
|
|
|
-24
|
|
Diluted net operating
earnings per common share
|
|
3.09
|
|
|
4.09
|
|
|
-24
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
1.08
|
%
|
|
1.49
|
%
|
|
|
|
Average tangible
common equity
|
|
12.67
|
|
|
19.00
|
|
|
|
|
Efficiency
ratio
|
|
60.8
|
|
|
55.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
March 31,
|
|
|
Loan
quality
|
|
2024
|
|
2023
|
|
Change
|
Nonaccrual
loans
|
|
$ 2,302
|
|
|
$ 2,557
|
|
|
-10
|
%
|
Real estate and other
foreclosed assets
|
|
38
|
|
|
44
|
|
|
-13
|
|
Total nonperforming
assets
|
|
$ 2,340
|
|
|
$ 2,601
|
|
|
-10
|
|
Accruing loans past due
90 days or more (4)
|
|
$
297
|
|
|
$
407
|
|
|
-27
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
62
|
|
|
$
42
|
|
|
47
|
|
Accruing loans past
due 90 days or more
|
|
244
|
|
|
306
|
|
|
-20
|
|
Nonaccrual loans to
total loans
|
|
1.71
|
%
|
|
1.92
|
%
|
|
|
|
Allowance for credit
losses to total loans
|
|
1.62
|
|
|
1.49
|
|
|
|
|
____________________
|
(1)
|
Includes common stock
equivalents.
|
(2)
|
Includes common stock
issuable under deferred compensation plans.
|
(3)
|
Excludes amortization
and balances related to goodwill and core deposit and other
intangible assets and merger-related expenses which, except in the
calculation of the efficiency ratio, are net of applicable income
tax effects. Reconciliations of net income with net operating
income appears herein.
|
(4)
|
Predominantly
residential real estate loans.
|
Financial Highlights,
Five Quarter Trend
|
|
|
|
|
Three months
ended
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
millions, except per share, shares in thousands)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
531
|
|
|
$
482
|
|
|
$
690
|
|
|
$
867
|
|
|
$
702
|
|
Net income available to
common shareholders
|
505
|
|
|
457
|
|
|
664
|
|
|
841
|
|
|
676
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
3.04
|
|
|
2.75
|
|
|
4.00
|
|
|
5.07
|
|
|
4.03
|
|
Diluted
earnings
|
3.02
|
|
|
2.74
|
|
|
3.98
|
|
|
5.05
|
|
|
4.01
|
|
Cash
dividends
|
1.30
|
|
|
1.30
|
|
|
1.30
|
|
|
1.30
|
|
|
1.30
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
167,084
|
|
|
166,731
|
|
|
166,570
|
|
|
166,320
|
|
|
168,410
|
|
Period end
(2)
|
166,724
|
|
|
166,149
|
|
|
165,970
|
|
|
165,894
|
|
|
165,865
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
1.01
|
%
|
|
.92
|
%
|
|
1.33
|
%
|
|
1.70
|
%
|
|
1.40
|
%
|
Average common
shareholders' equity
|
8.14
|
|
|
7.41
|
|
|
10.99
|
|
|
14.27
|
|
|
11.74
|
|
Taxable-equivalent net
interest income
|
$
1,692
|
|
|
$
1,735
|
|
|
$
1,790
|
|
|
$
1,813
|
|
|
$
1,832
|
|
Yield on average
earning assets
|
5.74
|
%
|
|
5.73
|
%
|
|
5.62
|
%
|
|
5.46
|
%
|
|
5.16
|
%
|
Cost of
interest-bearing liabilities
|
3.26
|
|
|
3.17
|
|
|
2.83
|
|
|
2.43
|
|
|
1.86
|
|
Net interest
spread
|
2.48
|
|
|
2.56
|
|
|
2.79
|
|
|
3.03
|
|
|
3.30
|
|
Contribution of
interest-free funds
|
1.04
|
|
|
1.05
|
|
|
1.00
|
|
|
.88
|
|
|
.74
|
|
Net interest
margin
|
3.52
|
|
|
3.61
|
|
|
3.79
|
|
|
3.91
|
|
|
4.04
|
|
Net charge-offs to
average total net loans (annualized)
|
.42
|
|
|
.44
|
|
|
.29
|
|
|
.38
|
|
|
.22
|
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
$
543
|
|
|
$
494
|
|
|
$
702
|
|
|
$
879
|
|
|
$
715
|
|
Diluted net operating
earnings per common share
|
3.09
|
|
|
2.81
|
|
|
4.05
|
|
|
5.12
|
|
|
4.09
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
1.08
|
%
|
|
.98
|
%
|
|
1.41
|
%
|
|
1.80
|
%
|
|
1.49
|
%
|
Average tangible
common equity
|
12.67
|
|
|
11.70
|
|
|
17.41
|
|
|
22.73
|
|
|
19.00
|
|
Efficiency
ratio
|
60.8
|
|
|
62.1
|
|
|
53.7
|
|
|
48.9
|
|
|
55.5
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
Loan
quality
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Nonaccrual
loans
|
$
2,302
|
|
|
$
2,166
|
|
|
$
2,342
|
|
|
$
2,435
|
|
|
$
2,557
|
|
Real estate and other
foreclosed assets
|
38
|
|
|
39
|
|
|
37
|
|
|
43
|
|
|
44
|
|
Total nonperforming
assets
|
$
2,340
|
|
|
$
2,205
|
|
|
$
2,379
|
|
|
$
2,478
|
|
|
$
2,601
|
|
Accruing loans past due
90 days or more (4)
|
$
297
|
|
|
$
339
|
|
|
$
354
|
|
|
$
380
|
|
|
$
407
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
62
|
|
|
$
53
|
|
|
$
40
|
|
|
$
40
|
|
|
$
42
|
|
Accruing loans past
due 90 days or more
|
244
|
|
|
298
|
|
|
269
|
|
|
294
|
|
|
306
|
|
Nonaccrual loans to
total loans
|
1.71
|
%
|
|
1.62
|
%
|
|
1.77
|
%
|
|
1.83
|
%
|
|
1.92
|
%
|
Allowance for credit
losses to total loans
|
1.62
|
|
|
1.59
|
|
|
1.55
|
|
|
1.50
|
|
|
1.49
|
|
____________________
|
(1)
|
Includes common stock
equivalents.
|
(2)
|
Includes common stock
issuable under deferred compensation plans.
|
(3)
|
Excludes amortization
and balances related to goodwill and core deposit and other
intangible assets and merger-related expenses which, except in the
calculation of the efficiency ratio, are net of applicable income
tax effects. Reconciliations of net income with net operating
income appears herein.
|
(4)
|
Predominantly
residential real estate loans.
|
Condensed Consolidated
Statement of Income
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
(Dollars in
millions)
|
2024
|
|
2023
|
|
Change
|
Interest
income
|
$ 2,745
|
|
|
$ 2,327
|
|
|
18
|
%
|
Interest
expense
|
1,065
|
|
|
509
|
|
|
109
|
|
Net interest
income
|
1,680
|
|
|
1,818
|
|
|
-8
|
|
Provision for credit
losses
|
200
|
|
|
120
|
|
|
67
|
|
Net interest income
after provision for credit losses
|
1,480
|
|
|
1,698
|
|
|
-13
|
|
Other income
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
104
|
|
|
85
|
|
|
23
|
|
Service charges on
deposit accounts
|
124
|
|
|
113
|
|
|
9
|
|
Trust
income
|
160
|
|
|
194
|
|
|
-17
|
|
Brokerage services
income
|
29
|
|
|
24
|
|
|
20
|
|
Trading account and
non-hedging
derivative gains
|
9
|
|
|
12
|
|
|
-21
|
|
Gain (loss) on bank
investment securities
|
2
|
|
|
—
|
|
|
—
|
|
Other revenues from
operations
|
152
|
|
|
159
|
|
|
-5
|
|
Total other
income
|
580
|
|
|
587
|
|
|
-1
|
|
Other
expense
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
833
|
|
|
808
|
|
|
3
|
|
Equipment and net
occupancy
|
129
|
|
|
127
|
|
|
2
|
|
Outside data
processing and software
|
120
|
|
|
106
|
|
|
13
|
|
Professional and other
services
|
85
|
|
|
125
|
|
|
-31
|
|
FDIC
assessments
|
60
|
|
|
30
|
|
|
101
|
|
Advertising and
marketing
|
20
|
|
|
31
|
|
|
-35
|
|
Amortization of core
deposit and other
intangible assets
|
15
|
|
|
17
|
|
|
-13
|
|
Other costs of
operations
|
134
|
|
|
115
|
|
|
16
|
|
Total other
expense
|
1,396
|
|
|
1,359
|
|
|
3
|
|
Income before income
taxes
|
664
|
|
|
926
|
|
|
-28
|
|
Applicable income
taxes
|
133
|
|
|
224
|
|
|
-41
|
|
Net income
|
$
531
|
|
|
$
702
|
|
|
-24
|
%
|
Condensed Consolidated
Statement of Income, Five Quarter Trend
|
|
|
|
Three months
ended
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
millions)
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Interest
income
|
|
$
2,745
|
|
$
2,740
|
|
$
2,641
|
|
$
2,516
|
|
$
2,327
|
Interest
expense
|
|
1,065
|
|
1,018
|
|
866
|
|
717
|
|
509
|
Net interest
income
|
|
1,680
|
|
1,722
|
|
1,775
|
|
1,799
|
|
1,818
|
Provision for credit
losses
|
|
200
|
|
225
|
|
150
|
|
150
|
|
120
|
Net interest income
after provision for credit losses
|
|
1,480
|
|
1,497
|
|
1,625
|
|
1,649
|
|
1,698
|
Other income
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
104
|
|
112
|
|
105
|
|
107
|
|
85
|
Service charges on
deposit accounts
|
|
124
|
|
121
|
|
121
|
|
119
|
|
113
|
Trust
income
|
|
160
|
|
159
|
|
155
|
|
172
|
|
194
|
Brokerage services
income
|
|
29
|
|
26
|
|
27
|
|
25
|
|
24
|
Trading account and
non-hedging
derivative gains
|
|
9
|
|
11
|
|
9
|
|
17
|
|
12
|
Gain (loss) on bank
investment securities
|
|
2
|
|
4
|
|
—
|
|
1
|
|
—
|
Other revenues from
operations
|
|
152
|
|
145
|
|
143
|
|
362
|
|
159
|
Total other
income
|
|
580
|
|
578
|
|
560
|
|
803
|
|
587
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
833
|
|
724
|
|
727
|
|
738
|
|
808
|
Equipment and net
occupancy
|
|
129
|
|
134
|
|
131
|
|
129
|
|
127
|
Outside data
processing and software
|
|
120
|
|
114
|
|
111
|
|
106
|
|
106
|
Professional and other
services
|
|
85
|
|
99
|
|
89
|
|
100
|
|
125
|
FDIC
assessments
|
|
60
|
|
228
|
|
29
|
|
28
|
|
30
|
Advertising and
marketing
|
|
20
|
|
26
|
|
23
|
|
28
|
|
31
|
Amortization of core
deposit and other
intangible assets
|
|
15
|
|
15
|
|
15
|
|
15
|
|
17
|
Other costs of
operations
|
|
134
|
|
110
|
|
153
|
|
149
|
|
115
|
Total other
expense
|
|
1,396
|
|
1,450
|
|
1,278
|
|
1,293
|
|
1,359
|
Income before income
taxes
|
|
664
|
|
625
|
|
907
|
|
1,159
|
|
926
|
Applicable income
taxes
|
|
133
|
|
143
|
|
217
|
|
292
|
|
224
|
Net income
|
|
$
531
|
|
$
482
|
|
$
690
|
|
$
867
|
|
$
702
|
Condensed Consolidated
Balance Sheet
|
|
|
March 31,
|
|
|
|
(Dollars in
millions)
|
2024
|
|
2023
|
|
Change
|
ASSETS
|
|
|
|
|
|
|
Cash and due from
banks
|
$
1,695
|
|
$
1,818
|
|
-7
|
%
|
Interest-bearing
deposits at banks
|
32,144
|
|
22,306
|
|
44
|
|
Trading
account
|
99
|
|
165
|
|
-40
|
|
Investment
securities
|
28,496
|
|
28,443
|
|
—
|
|
Loans and leases, net
of unearned discount:
|
|
|
|
|
|
|
Commercial and
industrial
|
57,897
|
|
53,934
|
|
7
|
|
Real estate -
commercial
|
32,416
|
|
34,897
|
|
-7
|
|
Real estate -
consumer
|
23,076
|
|
23,790
|
|
-3
|
|
Consumer
|
21,584
|
|
20,317
|
|
6
|
|
Total loans and
leases, net
|
134,973
|
|
132,938
|
|
2
|
|
Less: allowance for
credit losses
|
2,191
|
|
1,975
|
|
11
|
|
Net loans and
leases
|
132,782
|
|
130,963
|
|
1
|
|
Goodwill
|
8,465
|
|
8,490
|
|
—
|
|
Core deposit and other
intangible assets
|
132
|
|
192
|
|
-31
|
|
Other assets
|
11,324
|
|
10,579
|
|
7
|
|
Total
assets
|
$ 215,137
|
|
$ 202,956
|
|
6
|
%
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
50,578
|
|
$
59,955
|
|
-16
|
%
|
Interest-bearing
deposits
|
116,618
|
|
99,120
|
|
18
|
|
Total
deposits
|
167,196
|
|
159,075
|
|
5
|
|
Short-term
borrowings
|
4,795
|
|
6,995
|
|
-31
|
|
Accrued interest and
other liabilities
|
4,527
|
|
4,046
|
|
12
|
|
Long-term
borrowings
|
11,450
|
|
7,463
|
|
53
|
|
Total
liabilities
|
187,968
|
|
177,579
|
|
6
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Preferred
|
2,011
|
|
2,011
|
|
—
|
|
Common
|
25,158
|
|
23,366
|
|
8
|
|
Total shareholders'
equity
|
27,169
|
|
25,377
|
|
7
|
|
Total liabilities and
shareholders' equity
|
$ 215,137
|
|
$ 202,956
|
|
6
|
%
|
Condensed Consolidated
Balance Sheet, Five Quarter Trend
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
(Dollars in
millions)
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
1,695
|
|
$
1,731
|
|
$
1,769
|
|
$
1,848
|
|
$
1,818
|
Interest-bearing
deposits at banks
|
32,144
|
|
28,069
|
|
30,114
|
|
27,107
|
|
22,306
|
Trading
account
|
99
|
|
106
|
|
137
|
|
137
|
|
165
|
Investment
securities
|
28,496
|
|
26,897
|
|
27,336
|
|
27,917
|
|
28,443
|
Loans and leases, net
of unearned discount:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
57,897
|
|
57,010
|
|
54,891
|
|
54,699
|
|
53,934
|
Real estate -
commercial
|
32,416
|
|
33,003
|
|
33,741
|
|
34,634
|
|
34,897
|
Real estate -
consumer
|
23,076
|
|
23,264
|
|
23,448
|
|
23,762
|
|
23,790
|
Consumer
|
21,584
|
|
20,791
|
|
20,275
|
|
20,249
|
|
20,317
|
Total loans and leases, net
|
134,973
|
|
134,068
|
|
132,355
|
|
133,344
|
|
132,938
|
Less: allowance for
credit losses
|
2,191
|
|
2,129
|
|
2,052
|
|
1,998
|
|
1,975
|
Net loans and
leases
|
132,782
|
|
131,939
|
|
130,303
|
|
131,346
|
|
130,963
|
Goodwill
|
8,465
|
|
8,465
|
|
8,465
|
|
8,465
|
|
8,490
|
Core deposit and other
intangible assets
|
132
|
|
147
|
|
162
|
|
177
|
|
192
|
Other assets
|
11,324
|
|
10,910
|
|
10,838
|
|
10,675
|
|
10,579
|
Total
assets
|
$ 215,137
|
|
$ 208,264
|
|
$ 209,124
|
|
$ 207,672
|
|
$ 202,956
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
50,578
|
|
$
49,294
|
|
$
53,787
|
|
$
54,938
|
|
$
59,955
|
Interest-bearing
deposits
|
116,618
|
|
113,980
|
|
110,341
|
|
107,120
|
|
99,120
|
Total
deposits
|
167,196
|
|
163,274
|
|
164,128
|
|
162,058
|
|
159,075
|
Short-term
borrowings
|
4,795
|
|
5,316
|
|
6,731
|
|
7,908
|
|
6,995
|
Accrued interest and
other liabilities
|
4,527
|
|
4,516
|
|
4,946
|
|
4,488
|
|
4,046
|
Long-term
borrowings
|
11,450
|
|
8,201
|
|
7,123
|
|
7,417
|
|
7,463
|
Total
liabilities
|
187,968
|
|
181,307
|
|
182,928
|
|
181,871
|
|
177,579
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
Preferred
|
2,011
|
|
2,011
|
|
2,011
|
|
2,011
|
|
2,011
|
Common
|
25,158
|
|
24,946
|
|
24,185
|
|
23,790
|
|
23,366
|
Total shareholders'
equity
|
27,169
|
|
26,957
|
|
26,196
|
|
25,801
|
|
25,377
|
Total liabilities and
shareholders' equity
|
$ 215,137
|
|
$ 208,264
|
|
$ 209,124
|
|
$ 207,672
|
|
$ 202,956
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated
Average Balance Sheet and Annualized Taxable-equivalent
Rates
|
|
|
|
|
Three months
ended
|
|
|
Change in
balance
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
March 31, 2024
from
|
|
|
2024
|
|
2023
|
|
2023
|
|
December 31,
|
|
March 31,
|
(Dollars in
millions)
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
2023
|
|
2023
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
$
30,647
|
|
5.49
|
%
|
|
$
30,153
|
|
5.48
|
%
|
|
$
24,312
|
|
4.64
|
%
|
|
2
|
%
|
|
26
|
%
|
Federal funds sold and
agreements to
resell securities
|
—
|
|
5.80
|
|
|
—
|
|
5.79
|
|
|
—
|
|
4.89
|
|
|
-78
|
|
|
-92
|
|
Trading
account
|
105
|
|
3.42
|
|
|
123
|
|
3.80
|
|
|
123
|
|
2.32
|
|
|
-15
|
|
|
-14
|
|
Investment
securities
|
28,587
|
|
3.30
|
|
|
27,490
|
|
3.13
|
|
|
27,622
|
|
3.00
|
|
|
4
|
|
|
3
|
|
Loans and leases, net
of unearned discount:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
56,821
|
|
6.99
|
|
|
55,420
|
|
7.01
|
|
|
52,510
|
|
6.30
|
|
|
3
|
|
|
8
|
|
Real estate -
commercial
|
32,696
|
|
6.36
|
|
|
33,455
|
|
6.54
|
|
|
35,245
|
|
5.89
|
|
|
-2
|
|
|
-7
|
|
Real estate -
consumer
|
23,136
|
|
4.28
|
|
|
23,339
|
|
4.25
|
|
|
23,770
|
|
3.96
|
|
|
-1
|
|
|
-3
|
|
Consumer
|
21,143
|
|
6.54
|
|
|
20,556
|
|
6.42
|
|
|
20,487
|
|
5.67
|
|
|
3
|
|
|
3
|
|
Total loans and
leases, net
|
133,796
|
|
6.32
|
|
|
132,770
|
|
6.33
|
|
|
132,012
|
|
5.70
|
|
|
1
|
|
|
1
|
|
Total earning
assets
|
193,135
|
|
5.74
|
|
|
190,536
|
|
5.73
|
|
|
184,069
|
|
5.16
|
|
|
1
|
|
|
5
|
|
Goodwill
|
8,465
|
|
|
|
|
8,465
|
|
|
|
|
8,490
|
|
|
|
|
—
|
|
|
—
|
|
Core deposit and other intangible
assets
|
140
|
|
|
|
|
154
|
|
|
|
|
201
|
|
|
|
|
-10
|
|
|
-30
|
|
Other assets
|
9,738
|
|
|
|
|
9,597
|
|
|
|
|
9,839
|
|
|
|
|
1
|
|
|
-1
|
|
Total
assets
|
$
211,478
|
|
|
|
|
$
208,752
|
|
|
|
|
$
202,599
|
|
|
|
|
1
|
%
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking deposits
|
$
94,867
|
|
2.61
|
|
|
$
93,365
|
|
2.58
|
|
|
$
88,053
|
|
1.28
|
|
|
2
|
%
|
|
8
|
%
|
Time
deposits
|
20,583
|
|
4.41
|
|
|
21,224
|
|
4.30
|
|
|
11,630
|
|
3.11
|
|
|
-3
|
|
|
77
|
|
Total interest-bearing
deposits
|
115,450
|
|
2.93
|
|
|
114,589
|
|
2.90
|
|
|
99,683
|
|
1.49
|
|
|
1
|
|
|
16
|
|
Short-term
borrowings
|
6,228
|
|
5.42
|
|
|
5,156
|
|
5.27
|
|
|
4,994
|
|
4.69
|
|
|
21
|
|
|
25
|
|
Long-term
borrowings
|
9,773
|
|
5.81
|
|
|
7,901
|
|
5.70
|
|
|
6,511
|
|
5.27
|
|
|
24
|
|
|
50
|
|
Total
interest-bearing liabilities
|
131,451
|
|
3.26
|
|
|
127,646
|
|
3.17
|
|
|
111,188
|
|
1.86
|
|
|
3
|
|
|
18
|
|
Noninterest-bearing
deposits
|
48,615
|
|
|
|
|
50,124
|
|
|
|
|
61,854
|
|
|
|
|
-3
|
|
|
-21
|
|
Other
liabilities
|
4,393
|
|
|
|
|
4,482
|
|
|
|
|
4,180
|
|
|
|
|
-2
|
|
|
5
|
|
Total
liabilities
|
184,459
|
|
|
|
|
182,252
|
|
|
|
|
177,222
|
|
|
|
|
1
|
|
|
4
|
|
Shareholders'
equity
|
27,019
|
|
|
|
|
26,500
|
|
|
|
|
25,377
|
|
|
|
|
2
|
|
|
6
|
|
Total liabilities and
shareholders' equity
|
$
211,478
|
|
|
|
|
$
208,752
|
|
|
|
|
$
202,599
|
|
|
|
|
1
|
%
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
|
2.48
|
|
|
|
|
2.56
|
|
|
|
|
3.30
|
|
|
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
1.04
|
|
|
|
|
1.05
|
|
|
|
|
.74
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
3.52
|
%
|
|
|
|
3.61
|
%
|
|
|
|
4.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
|
|
|
|
|
|
Three months
ended
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
(Dollars in
millions, except per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income statement data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
531
|
|
|
$
482
|
|
|
$
690
|
|
|
$
867
|
|
|
$
702
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
12
|
|
|
12
|
|
|
12
|
|
|
12
|
|
|
13
|
|
Net operating
income
|
|
$
543
|
|
|
$
494
|
|
|
$
702
|
|
|
$
879
|
|
|
$
715
|
|
Earnings per common
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
3.02
|
|
|
$
2.74
|
|
|
$
3.98
|
|
|
$
5.05
|
|
|
$
4.01
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
.07
|
|
|
.07
|
|
|
.07
|
|
|
.07
|
|
|
.08
|
|
Diluted net operating
earnings per common share
|
|
$
3.09
|
|
|
$
2.81
|
|
|
$
4.05
|
|
|
$
5.12
|
|
|
$
4.09
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
1,396
|
|
|
$
1,450
|
|
|
$
1,278
|
|
|
$
1,293
|
|
|
$
1,359
|
|
Amortization of core
deposit and other intangible assets
|
|
(15)
|
|
|
(15)
|
|
|
(15)
|
|
|
(15)
|
|
|
(17)
|
|
Noninterest operating
expense
|
|
$
1,381
|
|
|
$
1,435
|
|
|
$
1,263
|
|
|
$
1,278
|
|
|
$
1,342
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
1,381
|
|
|
$
1,435
|
|
|
$
1,263
|
|
|
$
1,278
|
|
|
$
1,342
|
|
Taxable-equivalent net
interest income
|
|
$
1,692
|
|
|
$
1,735
|
|
|
$
1,790
|
|
|
$
1,813
|
|
|
$
1,832
|
|
Other income
|
|
580
|
|
|
578
|
|
|
560
|
|
|
803
|
|
|
587
|
|
Less: Gain (loss)
on bank investment securities
|
|
2
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Denominator
|
|
$
2,270
|
|
|
$
2,309
|
|
|
$
2,350
|
|
|
$
2,615
|
|
|
$
2,419
|
|
Efficiency
ratio
|
|
60.8
|
%
|
|
62.1
|
%
|
|
53.7
|
%
|
|
48.9
|
%
|
|
55.5
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
211,478
|
|
|
$
208,752
|
|
|
$
205,791
|
|
|
$
204,376
|
|
|
$
202,599
|
|
Goodwill
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,473)
|
|
|
(8,490)
|
|
Core deposit and other
intangible assets
|
|
(140)
|
|
|
(154)
|
|
|
(170)
|
|
|
(185)
|
|
|
(201)
|
|
Deferred
taxes
|
|
33
|
|
|
39
|
|
|
43
|
|
|
46
|
|
|
49
|
|
Average tangible
assets
|
|
$
202,906
|
|
|
$
200,172
|
|
|
$
197,199
|
|
|
$
195,764
|
|
|
$
193,957
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
27,019
|
|
|
$
26,500
|
|
|
$
26,020
|
|
|
$
25,685
|
|
|
$
25,377
|
|
Preferred
stock
|
|
(2,011)
|
|
|
(2,011)
|
|
|
(2,011)
|
|
|
(2,011)
|
|
|
(2,011)
|
|
Average common
equity
|
|
25,008
|
|
|
24,489
|
|
|
24,009
|
|
|
23,674
|
|
|
23,366
|
|
Goodwill
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,473)
|
|
|
(8,490)
|
|
Core deposit and other
intangible assets
|
|
(140)
|
|
|
(154)
|
|
|
(170)
|
|
|
(185)
|
|
|
(201)
|
|
Deferred
taxes
|
|
33
|
|
|
39
|
|
|
43
|
|
|
46
|
|
|
49
|
|
Average tangible
common equity
|
|
$
16,436
|
|
|
$
15,909
|
|
|
$
15,417
|
|
|
$
15,062
|
|
|
$
14,724
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
215,137
|
|
|
$
208,264
|
|
|
$
209,124
|
|
|
$
207,672
|
|
|
$
202,956
|
|
Goodwill
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,490)
|
|
Core deposit and other
intangible assets
|
|
(132)
|
|
|
(147)
|
|
|
(162)
|
|
|
(177)
|
|
|
(192)
|
|
Deferred
taxes
|
|
34
|
|
|
37
|
|
|
41
|
|
|
44
|
|
|
47
|
|
Total tangible
assets
|
|
$
206,574
|
|
|
$
199,689
|
|
|
$
200,538
|
|
|
$
199,074
|
|
|
$
194,321
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
27,169
|
|
|
$
26,957
|
|
|
$
26,197
|
|
|
$
25,801
|
|
|
$
25,377
|
|
Preferred
stock
|
|
(2,011)
|
|
|
(2,011)
|
|
|
(2,011)
|
|
|
(2,011)
|
|
|
(2,011)
|
|
Common
equity
|
|
25,158
|
|
|
24,946
|
|
|
24,186
|
|
|
23,790
|
|
|
23,366
|
|
Goodwill
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,465)
|
|
|
(8,490)
|
|
Core deposit and other
intangible assets
|
|
(132)
|
|
|
(147)
|
|
|
(162)
|
|
|
(177)
|
|
|
(192)
|
|
Deferred
taxes
|
|
34
|
|
|
37
|
|
|
41
|
|
|
44
|
|
|
47
|
|
Total tangible common
equity
|
|
$
16,595
|
|
|
$
16,371
|
|
|
$
15,600
|
|
|
$
15,192
|
|
|
$
14,731
|
|
____________________
|
(1)
|
After any related tax
effect.
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multimedia:https://www.prnewswire.com/news-releases/mt-bank-corporation-nysemtb-announces-first-quarter-2024-results-302116556.html
SOURCE M&T Bank Corporation