M&T Bank Q1 2022 Earnings Report
Key Takeaways
M&T Bank Corporation reported a decrease in net income and earnings per share for the first quarter of 2022 compared to the previous year, while closing the acquisition of People's United Financial, Inc. The results reflect strong credit underwriting and stable allowance for credit losses, but were impacted by lower average loan balances and increased noninterest expenses.
Diluted earnings per common share were $2.62, down from $3.33 in Q1 2021.
GAAP-basis net income was $362 million, compared to $447 million in the same quarter last year.
The company closed the acquisition of People's United on April 1, 2022.
Net interest income decreased to $907 million from $985 million in Q1 2021, due to lower average loan balances.
M&T Bank
M&T Bank
Forward Guidance
This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC.