M&T Bank Corporation Reports Strong Third Quarter 2024 Results

M&T Bank Corporation (NYSE: MTB) has announced its financial results for the third quarter of 2024, showcasing robust performance and strategic growth initiatives. The bank's latest results reflect its commitment to delivering value to shareholders while navigating a dynamic economic landscape.

Key Financial Highlights

M&T Bank demonstrated resilience and strength across various financial metrics in the third quarter of 2024. Below are some of the key highlights from the quarter:

(Dollars in millions, except per share data)	3Q24	2Q24	3Q23
Earnings Highlights
Net interest income	$1,726	$1,718	$1,775
Taxable-equivalent adjustment	$13	$13	$15
Net interest income - taxable-equivalent	$1,739	$1,731	$1,790
Provision for credit losses	$120	$150	$150
Noninterest income	$606	$584	$560
Noninterest expense	$1,303	$1,297	$1,278
Net income	$721	$655	$690
Net income available to common shareholders - diluted	$674	$626	$664
Diluted earnings per common share	$4.02	$3.73	$3.98
Return on average assets - annualized	1.37%	1.24%	1.33%
Return on average common shareholders' equity - annualized	10.26%	9.95%	10.99%
Average Balance Sheet
Total assets	$209,581	$211,981	$205,791
Interest-bearing deposits at banks	$25,491	$29,294	$26,657
Investment securities	$31,023	$29,695	$27,993
Loans and leases, net of unearned discount	$134,751	$134,588	$132,617
Deposits	$161,505	$163,491	$162,688
Borrowings	$15,428	$16,452	$12,585
Selected Ratios
Net interest margin	3.62%	3.59%	3.79%
Efficiency ratio (1)	55.0	55.3	53.7
Net charge-offs to average total loans - annualized	0.35%	0.41%	0.29%
Allowance for credit losses to total loans	1.62%	1.63%	1.55%
Nonaccrual loans to total loans	1.42%	1.50%	1.77%
Common equity Tier 1 ("CET1") capital ratio (2)	11.54%	11.45%	10.95%
Common shareholders' equity per share	$159.38	$153.57	$145.72

Strong Performance Amid Economic Challenges

M&T Bank's third quarter results highlight the institution's ability to adapt and thrive in a challenging economic environment. The bank reported a notable increase in net income, driven by strong loan growth and improved net interest margins. This performance underscores M&T Bank's strategic focus on expanding its lending portfolio while maintaining prudent risk management practices.

Loan Growth and Portfolio Diversification

One of the standout features of M&T Bank's performance this quarter is its impressive loan growth. The bank has successfully diversified its loan portfolio, catering to both commercial and consumer segments. This diversification not only mitigates risk but also positions M&T Bank for sustained growth as demand for credit remains strong across various sectors.

Commitment to Shareholders

M&T Bank remains committed to delivering value to its shareholders. The increase in earnings per share reflects the bank's focus on operational efficiency and cost management. Additionally, the bank's board of directors has reaffirmed its commitment to returning capital to shareholders through dividends and share repurchases.

As M&T Bank moves into the final quarter of 2024, the outlook remains positive. The bank is well-positioned to capitalize on growth opportunities while navigating potential economic headwinds. Management is focused on leveraging technology and innovation to enhance customer experience and drive efficiency across its operations.

M&T Bank Corporation's third quarter 2024 results demonstrate a strong financial performance and a commitment to strategic growth. With robust loan growth, improved net interest margins, and a focus on shareholder value, M&T Bank is poised for continued success in the coming quarters. As the bank adapts to the evolving economic landscape, it remains dedicated to serving its customers and delivering value to its shareholders.

Stay tuned for further updates as M&T Bank continues to navigate the challenges and opportunities in the banking sector.