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M&T Bank 8-K Report, Regulation FD Disclosure (Dec 10, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed December 10, 2024
Period End
December 10, 2024
In the record · 2016–202610-K1110-Q338-K161

MTB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 161 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’16Jan ’16
  2. Leadership change8-K · Jun ’22Jun ’22
  3. Leadership change8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed December 10, 2024. Cited figures are marked; the original filing is the authoritative source.

M&T Bank Corporation filed this Form 8-K on December 10, 2024 under Item 7.01 (Regulation FD Disclosure) to furnish an investor presentation, its "Investor Update 4th Quarter 2024" dated December 2024, which it posted to its Investor Relations website and may use in conversations with investors and analysts.

The filing states that the information is furnished rather than filed for purposes of Section 18 of the Exchange Act. The presentation, attached as Exhibit 99.1, centers on third-quarter 2024 results and the 4Q24 outlook. It reports year-to-date 3Q24 net interest margin of 3.58%, an efficiency ratio of 57.0%, PPNR of $2,940 milliona, and net operating return on tangible common equity of 14.51%.

Management guides to 4Q24 taxable-equivalent net interest income of about $1,730 millionb, fee income of about $610 million excluding notable items, total expense of $1,310 million to $1,330 million excluding notable items, net charge-offs of about 40 basis points of average loans, and share repurchases of $200 million. At 9/30/2024 the CET1 ratio was 11.54% and the tangible common equity ratio was 8.83%. The presentation also covers credit and liquidity.

Criticized C&I and CRE loans fell by $1.2 billion quarter over quarter to $10.9 billionc. Liquidity sources were about 134% of adjusted uninsured deposits, and uninsured deposits were 45% of total deposits at 9/30/2024.

Permanent investor real estate has a weighted-average LTV of 55%d, and permanent office CRE represents less than 3.5% of total loans. The presentation also includes peer comparisons and non-GAAP reconciliations.

02—Key points

Key Highlights

  1. Reg FD disclosure: M&T posted an investor presentation dated December 10, 2024, to its Investor Relations website; the information is furnished, not filed, under Section 18 of the Exchange Act.
  2. Earnings profile: year-to-date 3Q24 net interest margin of 3.58%, efficiency ratio of 57.0%, PPNR of $2,940 million, and net operating ROTCE of 14.51%.
  3. 4Q24 outlook: taxable-equivalent net interest income of about $1,730 million, NIM in the high 3.50s, and fee income of about $610 million excluding notable items.
  4. 4Q24 expense and capital guidance: total expense of $1,310–$1,330 million excluding notable items, and $200 million in planned share repurchases; preferred dividends of about $36 million.
  5. Capital: CET1 ratio of 11.54% and tangible common equity to tangible assets of 8.83% at 9/30/2024.
  6. Credit: criticized C&I and CRE loans decreased $1.2 billion quarter over quarter to $10.9 billion; permanent investor real estate has a weighted-average LTV of 55%.
  7. Liquidity: liquidity sources of about 134% of adjusted uninsured deposits at 9/30/2024; noninterest-bearing deposits were 29% of 3Q24 average total deposits.

03—Questions

Frequently Asked Questions

  1. Why did M&T file this 8-K?

    The filing is a Regulation FD disclosure under Item 7.01. M&T posted an investor presentation to its Investor Relations website on December 10, 2024, and may use it in conversations with investors and analysts. The filing states that the material is furnished rather than filed under Section 18 of the Exchange Act.

  2. What guidance did M&T give for the fourth quarter of 2024?

    The presentation projects taxable-equivalent net interest income of about $1,730 million and a net interest margin in the high 3.50s. It expects fee income of about $610 million excluding notable items, or about $625 million including them. Total expense is projected at $1,310–$1,330 million excluding notable items, or $1,355–$1,375 million including them. Net charge-offs are expected at about 40 basis points of average loans, the tax rate at 24.0%–24.5%, and share repurchases at $200 million.

  3. How strong is M&T's capital position?

    At 9/30/2024 the presentation reports a CET1 ratio of 11.54%, a Tier 1 capital ratio of 13.08%, and a tangible common equity ratio of 8.83%. It states that the CET1 ratio is in the top quartile among peers, and that AFS and pension-related AOCI would reduce CET1 by about 4 basis points.

  4. What do the credit metrics show?

    Criticized C&I and CRE loans decreased by $1.2 billion quarter over quarter to $10.9 billion. Nonaccrual loans were $1,926 million, or 1.42% of loans, and net charge-offs were $120 million, or 0.35% of loans, in 3Q24. Permanent investor real estate has a weighted-average LTV of 55%, and permanent office CRE represents less than 3.5% of total loans.

  5. What do the liquidity and deposit figures indicate?

    Liquidity sources at 9/30/2024 were about 134% of adjusted uninsured deposits. Uninsured deposits were 45% of total deposits, or 39% excluding collateralized deposits. Noninterest-bearing deposits were 29% of 3Q24 average total deposits, compared with a 24% peer median.

04—Continue

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