M&T said net income for Q1 2024 was $531 million, and diluted earnings per share were $3.02, down from $702 million and $4.01, respectively, in Q1 2023.

1. 01

   M&T said net income for Q1 2024 was $531 million, and diluted earnings per share were $3.02, down from $702 million and $4.01, respectively, in Q1 2023.

2. 02

   The company said its net interest margin narrowed to 3.52% in Q1 2024 from 3.61% in Q4 2023. It cited higher liquidity, cash moving into investment securities, and higher deposit and borrowing costs as factors.

3. 03

   The company said its provision for credit losses for Q1 2024 was $200 million, and net charge-offs were $138 million. It also said nonaccrual loans as of March 31, 2024 were $2.3 billion.

4. 04

   M&T said noninterest expense for Q1 2024 was $1.40 billion, down from $1.45 billion in Q4 2023. It said expenses in Q1 included seasonal salaries and employee benefits of $99 million and an estimated increase of $29 million in the FDIC special assessment.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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