Q2 2024 M&T Bank Corp Earnings Call Transcript
Key Points
- M&T Bank Corp (MTB) reported a significant increase in net income for the second quarter, rising 23% to $655 million compared to the previous quarter.
- The CET1 ratio improved to 11.44%, indicating strong capital levels and financial stability.
- Customer deposits increased sequentially, and total deposit costs have leveled off, reflecting effective deposit management.
- Net interest income and net interest margin both improved from the first quarter, showing positive trends in core earnings.
- The bank continues to make progress in reducing criticized and nonaccrual loan balances, indicating improving asset quality.
- CRE loans declined by 4%, reflecting continued low originations and elevated paydowns, which could impact future growth.
- Non-interest bearing deposits declined by $0.9 billion, primarily due to lower commercial and business banking balances.
- The provision for credit losses was $150 million, indicating ongoing concerns about potential loan defaults.
- Non-interest income remained relatively flat, with only a slight increase from the previous quarter, suggesting limited growth in fee-based revenues.
- The bank incurred $5 million in pre-tax expenses related to the FDIC special assessment, impacting overall profitability.
Welcome to the M&T Bank second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. And I would now like to hand the conference over to Brian Klock, Head of Market of Investor Relations. Please go ahead.
Thank you, Ashley, and good morning. I'd like to thank everyone for participating in M&T's second-quarter 2024 earnings conference call. Both by telephone and through the webcast. If you have not read the earnings release we issued this morning, you may access it along with the financial tables and schedules by going to our website, www.mtb.com. Once there, you can click on the Investor Relations link and then on the events and presentations link.
Also before we start, I'd like to mention that today's presentation may contain forward-looking information. Cautionary statements about this information are included in today's
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