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Sep 30, 2022
M&T Bank Q3 2022 Earnings Report
M&T Bank reported an increase in net income compared to the previous quarter and year-over-year, driven by growth in net interest income and well-controlled expenses.
Key Takeaways
M&T Bank Corporation reported GAAP diluted earnings per common share of $3.53 for Q3 2022, a decrease compared to $3.69 in Q3 2021, but a significant increase compared to $1.08 in Q2 2022. GAAP-basis net income was $647 million, up from $495 million in the third quarter of 2021 and $218 million in the second quarter of 2022. The results reflect non-operating merger-related expenses associated with the acquisition of People's United Financial, Inc.
Net income increased by 31% compared to the third quarter of 2021.
Diluted earnings per common share decreased by 4% compared to the third quarter of 2021.
Taxable-equivalent net interest income increased by 74% compared to the third quarter of 2021.
The net interest margin increased to 3.68%, up from 2.74% in the corresponding quarter of 2021.
Forward Guidance
M&T Bank is focused on integrating People's United, building a preeminent commercial bank across the eastern United States, and delivering success for consumers, small businesses, and communities across its expanded footprint.
Positive Outlook
- Continued integration work to build a preeminent commercial bank across the eastern United States.
- Commitment to the success of consumers, small businesses and communities across our expanded footprint
- Recent quarter gains in net operating income which are up 21% from the second quarter and 39% year over year.
- Improvement reflects increases in taxable-equivalent net interest income of 19% and 74%
- Low credit losses and well-controlled expenses.
Challenges Ahead
- Potential adverse reactions or changes to business or employee relationships
- Integration efforts may be more difficult or time-consuming than anticipated
- Profitability following the combination may be lower than expected including for possible reasons such as lower than expected revenues or higher or unexpected costs, charges or expenses resulting from the transaction
Historical Earnings Impact
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Avg. Return Before/After Earnings
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