The earnings call highlighted strong financial performance with significant growth in net income, improved asset quality, and increased CET1 ratio. There were positive developments in loan growth and share repurchases, but challenges remain with the decline in noninterest-bearing deposits and high deposit costs. Overall, the positives outweigh the negatives, indicating a strong quarter for M&T Bank.

Company Guidance

During the M&T Bank Third Quarter 2024 Earnings Call, the bank provided a comprehensive overview of its financial performance and outlook, highlighting several key metrics. Net interest income grew by $8 million, with the net interest margin increasing to 3.62%. The bank reported a 10% increase in net income, reaching $721 million, and a rise in diluted GAAP earnings per share to $4.02. The CET1 ratio was strong at 11.54%, with tangible book value per share growing by 5%. Despite a reduction in nonaccrual balances and commercial criticized loans, net charge-offs were below the full-year outlook. Looking ahead, M&T Bank anticipates continued loan growth, targeting an average of $136 billion in total loans, with stable deposit levels and a fourth-quarter net interest income of at least $1.73 billion. The bank also plans to continue a $200 million share repurchase in the fourth quarter, maintaining its focus on shareholder returns and consistent dividend growth.

Strong Net Income Growth

Net income for Q3 2024 increased by 10% to $721 million compared to $655 million in Q2.

Improved Asset Quality

Reduction in nonaccrual balances and commercial criticized loans with net charge-offs below the full-year outlook.

Solid Loan Growth

Average loans grew by nearly $2 billion while reducing CRE by over $4 billion and increasing C&I and consumer loans.

CET1 Ratio Increase

CET1 ratio grew to 11.54% by the end of Q3 2024, up from 11.45% in the previous quarter.

Noninterest Income Growth

Noninterest income reached a high point of $606 million in Q3 2024, excluding prior gains on divestitures.

Share Repurchase Program

Restarted share repurchase program with $200 million in share buybacks during Q3.

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M&T Bank (MTB) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MTB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 16, 2025	2024 (Q4)	3.73 / -	2.74	―	―	―
Oct 17, 2024	2024 (Q3)	3.64 / 4.02	3.98	1.01% (+0.04)
Jul 18, 2024	2024 (Q2)	3.51 / 3.73	5.05	-26.14% (-1.32)
Apr 15, 2024	2024 (Q1)	3.01 / 3.02	4.01	-24.69% (-0.99)
Jan 18, 2024	2023 (Q4)	3.10 / 2.74	4.29	-36.13% (-1.55)
Oct 18, 2023	2023 (Q3)	3.88 / 3.98	3.53	12.75% (+0.45)
Jul 19, 2023	2023 (Q2)	4.16 / 5.05	1.08	367.59% (+3.97)	―
Apr 17, 2023	2023 (Q1)	3.94 / 4.01	2.62	53.05% (+1.39)	―
Jan 19, 2023	2022 (Q4)	4.20 / 4.29	3.37	27.30% (+0.92)	―
Oct 19, 2022	2022 (Q3)	4.01 / 3.53	3.69	-4.34% (-0.16)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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MTB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 17, 2024	$188.19	$197.65	+5.03%
Jul 18, 2024	$162.36	$165.05	+1.66%
Apr 15, 2024	$131.50	$137.74	+4.75%
Jan 18, 2024	$126.79	$128.65	+1.47%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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