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Regional banks in the United States on Monday reported deposit outflows between 3% and 11% from the prior quarter after customers sought the refuge of bigger banks in the aftermath of one of the worst banking crises.
Increased revenues, a solid loan and deposit balance, and higher rates support M&T Bank's (MTB) Q1 earnings, while higher provisions and expenses pose as undermining factors.
M&T Bank Corporation (MTB) came out with quarterly earnings of $4.09 per share, beating the Zacks Consensus Estimate of $3.98 per share. This compares to earnings of $2.73 per share a year ago.
Charles Schwab stock rose early Monday after it beat Q1 earnings estimates. M&T Bank, State Street report results following March bank panic.
M&T Bank has a stronger deposit franchise than many of its peers, with less reliance on large uninsured deposits, more "Main Street" depositors, and lower than average deposit costs. Credit quality in the CRE portfolio is likely to be a key watch item given M&T's above-average exposure, and particularly so in the office portfolio.
Regional banks have been crushed by the Silicon Valley Bank fallout. M&T Bank is one of the safer choices in this space, and valuations are reasonable.
M&T Bank has been pressured by the same issues as the sector at large. Considered a regional bank, the company will likely see a bit more deposit outflows here as well.
I've noticed some analysts pointing to similarities between 2008 and the current banking crisis. Despite yesterday's news that First Citizens BancShares ( FCNCA , Financial) is buying part of Silicon Valley Bank ( SIVB , Financial), it is still hard to disagree when looking at the balance sheets of all banks in general.
BUFFALO, N.Y. , March 20, 2023 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) plans to announce its first quarter 2023 earnings results in a press release that will be issued before the market opens on Monday, April 17, 2023.
M&T Bank's (MTB) top line gets support from increasing loans and deposit balances from acquisitions. However, continued cost increases and deteriorating credit quality are concerning.