The company said net income for Q3 2024 was $721 million and diluted earnings per share were $4.02, with $655 million and $3.73 for Q2 higher than $690 million and $3.98 in the year-earlier quarter.

1. 01

   The company said net income for Q3 2024 was $721 million and diluted earnings per share were $4.02, with $655 million and $3.73 for Q2 higher than $690 million and $3.98 in the year-earlier quarter.

2. 02

   The company said its net interest margin for Q3 was 3.62%, widening from 3.59% in Q2, and that taxable-equivalent net interest income rose $8 million. The company attributed the lower funding costs, led by a decline in brokered time deposits, and higher yields on investment securities as the main factors.

3. 03

   M&T said its provision for credit losses for Q3 was $120 million, down from $150 million in Q2, and that nonaccrual loans fell to 1.42% of total loans in Q2 from 1.50%. The company cited lower levels of criticized commercial real estate and commercial and industrial loans as the reasons.

4. 04

   The company said its estimated CET1 capital ratio as of September 30, 2024 rose to 11.54%, marking the 6 consecutive quarterly increase. It also said it repurchased 1,190,054 shares of its common stock in Q3 at an average price of $166.40, for a total cost of $200 million including the excise tax.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.