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M&T Bank Corporation Reports First Quarter 2024 Financial Results
BUFFALO, N.Y., April 15, 2024 — M&T Bank Corporation (NYSE:MTB), a prominent financial institution, has announced its financial results for the first quarter of 2024. The bank reported a net income of $531 million, translating to diluted earnings per common share of $3.02. This figure is compared to the $702 million net income, or $4.01 per diluted share, recorded in the first quarter of the previous year.
Financial Performance Breakdown
Net Interest Income: M&T Bank's net interest income for the first quarter stood at $1,680 million, a decrease from $1,818 million in the same quarter the previous year. The bank's net interest margin also saw a contraction, dropping from 4.04% in the first quarter of 2023 to 3.52% in the current quarter. These changes reflect higher liquidity and increased costs of deposits and borrowings.
Provision for Credit Losses: The provision for credit losses was $200 million, significantly higher than the $120 million set aside in the first quarter of 2023. This increase is due to elevated levels of criticized commercial and industrial loans and overall loan growth.
Noninterest Income: Noninterest income was relatively stable at $580 million, slightly down from $587 million year-over-year. This stability was primarily due to varied performance across different noninterest income sources, including mortgage banking revenues and service charges on deposit accounts.
Noninterest Expense: Noninterest expenses totaled $1,396 million, down from $1,359 million in the first quarter of 2023. Significant factors included a $99 million seasonal increase in salaries and employee benefits and a $29 million estimated increase in the FDIC special assessment.
Capital and Liquidity: M&T Bank's Common Equity Tier 1 (CET1) capital ratio improved slightly to 11.07% from 10.98% at the end of the fourth quarter of 2023, indicating a stronger capital position.
Key Ratios and Additional Metrics
- Return on Average Assets (Annualized): Decreased to 1.01% from 1.40% in the previous year.
- Return on Average Common Shareholders' Equity (Annualized): Decreased to 8.14% from 11.74% in the prior year.
- Efficiency Ratio: Improved slightly to 60.8% from 55.5% a year ago.
Executive Commentary
Daryl N. Bible, Chief Financial Officer of M&T Bank, commented on the results: "We are off to a solid start in 2024, growing in certain sectors of our commercial and consumer loan portfolios while managing our commercial real estate exposure carefully. Our liquidity and capital position have strengthened, reflecting a stable deposit base and solid earnings after accounting for seasonal compensation expenses and an incremental FDIC special assessment."
Outlook and Forward-Looking Statements
M&T Bank remains cautious yet optimistic about the fiscal year 2024, focusing on strategic priorities and maintaining robust capital and liquidity levels to support future growth and navigate potential economic uncertainties.
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