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Mar 31, 2020
M&T Bank Q1 2020 Earnings Report
Announced first quarter results, impacted by COVID-19 pandemic and adoption of amended accounting guidance for credit losses.
Key Takeaways
M&T Bank Corporation reported a GAAP-basis net income of $269 million for the first quarter of 2020, a decrease compared to $483 million in the same quarter of the previous year. The results were impacted by the COVID-19 pandemic and the adoption of amended accounting guidance for credit losses, which led to a $132 million increase in the allowance for credit losses as of January 1, 2020.
Diluted earnings per common share were $1.93, compared to $3.35 in the first quarter of 2019.
GAAP-basis net income expressed as an annualized rate of return on average assets was 0.90%.
A provision for credit losses of $250 million was recorded in the first quarter of 2020.
Taxable-equivalent net interest income was $982 million, compared to $1.06 billion in the first quarter of 2019.
Revenue by Segment
Forward Guidance
M&T Bank expects the COVID-19 pandemic to have a material impact on its future financial results, although the full extent is uncertain and not currently estimable.
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