M&T BANK CORPORATION ANNOUNCES FIRST QUARTER RESULTS

BUFFALO, N.Y., April 17, 2023

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") were $4.01 in the first quarter of 2023, compared with $2.62 in the year-earlier quarter and $4.29 in the fourth quarter of 2022. GAAP-basis net income was $702 million in the recent quarter, $362 million in the first quarter of 2022 and $765 million in the final 2022 quarter. GAAP-basis net income expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.40% and 11.74%, respectively, in the first quarter of 2023, compared with .97% and 8.55%, respectively, in the corresponding 2022 period and 1.53% and 12.59%, respectively, in the fourth quarter of 2022. Non-operating merger-related expenses associated with the April 1, 2022 acquisition of People's United Financial, Inc. ("People's United") totaled $17 million ($13 million after-tax effect, or $.10 of diluted earnings per common share) in 2022's first quarter and $45 million ($33 million after-tax effect, or $.20 of diluted earnings per common share) in the fourth quarter of 2022. M&T incurred no merger-related expenses in the first quarter of 2023.

Darren J. King, Chief Financial Officer, commenting on M&T's results noted, "The strength of M&T's diversified community banking model and prudent management have positioned M&T to continue to deliver for our customers. First quarter net income nearly doubled from the year-earlier quarter. These results reflect loan growth, steady credit quality, a strong liquidity position and, as in past years, seasonally higher salaries and employee benefits expense. M&T's estimated Common Equity Tier 1 ratio was 10.15% at March 31, 2023 compared with 10.44% at last year's end."

Earnings Highlights
														Change 1Q23 vs.
($ in millions, except per share data)		1Q23 ARIVA.DE Börsen-Geflüster Werbung Weiter aufwärts? Kurzfristig positionieren in M&T Bank Corporation ME6CPB Ask: 3,30 Hebel: 4,04 mit moderatem Hebel Zum Produkt Morgan Stanley Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie hier: ME6CPB,. Beachten Sie auch die weiteren Hinweise zu dieser Werbung. Der Emittent ist berechtigt, Wertpapiere mit open end-Laufzeit zu kündigen. Kurse M&T Bank Corporation 148,00 $ +0,75%				1Q22				4Q22				1Q22				4Q22
Net income		$	702			$	362			$	765				94	%			-8	%
Net income available to common shareholders  ̶  diluted		$	676			$	340			$	739				99	%			-9	%
Diluted earnings per common share		$	4.01			$	2.62			$	4.29				53	%			-7	%
Annualized return on average assets			1.40	%			.97	%			1.53	%
Annualized return on average common equity			11.74	%			8.55	%			12.59	%

Supplemental Reporting of Non-GAAP Results of Operations.  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.

Merger-related expenses associated with the People's United acquisition in 2022 generally consisted of professional services, temporary help fees and other costs associated with actual or planned conversions of systems and/or integration of operations and the introduction of M&T to its new customers, costs related to terminations of existing contractual arrangements to purchase various services, severance, travel costs and, in the second quarter of 2022, an initial provision for credit losses of $242 million on loans not deemed to be purchased credit deteriorated ("PCD") on the April 1, 2022 acquisition date of People's United. Given the requirement under GAAP to recognize such losses above and beyond the impact of forecasted losses used in determining the fair value of acquired loans, M&T considers that initial provision to be a merger-related expense. Although "net operating income" as defined by M&T is not a GAAP measure, M&T's management believes that this information helps investors understand the effect of acquisition activity in reported results. The amounts of merger-related expenses in 2022 are presented in the tables that accompany this release. No merger-related expenses were incurred in the first quarter of 2023.

Diluted net operating earnings per common share were $4.09 in the first quarter of 2023, $2.73 in the year-earlier quarter and $4.57 in last year's fourth quarter. Net operating income was $715 million in 2023's initial quarter, compared with $376 million in the first quarter of 2022 and $812 million in the final quarter of 2022. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.49% and 19.00%, respectively, in the first quarter of 2023, compared with 1.04% and 12.44%, respectively, in the corresponding 2022 quarter and 1.70% and 21.29%, respectively, in the fourth quarter of 2022.

Taxable-equivalent Net Interest Income.   Net interest income expressed on a taxable-equivalent basis totaled $1.832 billion in the recent quarter, up 102% from $907 million earned in the first quarter of 2022. That improvement reflected a $45.4 billion or 33% increase in average earning assets, largely attributable to the acquisition of People's United, and a 139 basis point widening of the net interest margin to 4.04% from 2.65% resulting from a rising interest rate environment. In the fourth quarter of 2022, taxable-equivalent net interest income was $1.841 billion, the net interest margin was 4.06% and average earning assets were $179.9 billion. The modestly lower taxable-equivalent net interest income in the recent quarter as compared with 2022's fourth quarter is reflective of two fewer days in the first quarter of 2023 while the impact of the slightly lower net interest margin was offset by a $4.16 billion increase in average earning assets.

Taxable-equivalent Net Interest Income
														Change 1Q23 vs.
($ in millions)		1Q23				1Q22				4Q22				1Q22				4Q22
Average earning assets		$	184,069			$	138,624			$	179,914				33	%			2	%
Net interest income  ̶  taxable-equivalent		$	1,832			$	907			$	1,841				102	%			—
Net interest margin			4.04	%			2.65	%			4.06	% Werbung Mehr Nachrichten zur M&T Bank Corporation Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:44 - PR Newswire Datang Intnl Pwr Gen - 2023 Annual Report 09:08 - PR Newswire Cohen & Steers Capital Management - Form 8.3 - Tritax Big Box REIT plc 02:00 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Total Voting Rights Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59