Q1 2024 M&T Bank Corp Earnings Call Transcript
Key Points
- Strong C&I and consumer loan growth highlighted the quarter.
- PPNR was a solid $891 million, demonstrating robust pre-provision net revenue.
- Expense control remains a key focus, with adjusted expenses increasing only 0.6% compared to the first quarter of 2023.
- Diluted GAAP earnings per share were $3.02 for the quarter, indicating healthy profitability.
- The CET1 ratio remained strong, growing to 11.07% at the end of the first quarter, showing a solid capital position.
- Taxable equivalent net interest income was down 2% from the linked quarter.
- The net interest margin decreased by 9 basis points from the linked quarter due to various negative impacts.
- Nonaccrual loans increased by $136 million to $3.2 billion, with the nonaccrual ratio increasing 9 basis points to 1.71%.
- The provision for credit losses was $200 million compared to net charge-offs of $138 million, resulting in an allowance build of $62 million.
- Criticized loans are expected to be $12.9 billion, an increase from $12.6 billion at the end of December, indicating potential credit quality concerns.
Good day, and welcome to the M&T Bank First Quarter 2024 Earnings Conference Call. (Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to turn the -- hand the conference over to Brian Klock, Head of Market and Investor Relations. Please go ahead.
Thank you, Todd, and good morning. I'd like to thank everyone for participating in M&T's First Quarter 2024. Earnings Conference Call, both by telephone and through the webcast.
If you have not read the earnings release we issued this morning, you may access it along with the financial tables and schedules by going to our website, www.mtb.com. Once there, you can click on the Investor Relations link and then on the Events and Presentations link.
Also before we start, I'd like to mention that today's presentation may contain forward-looking information. Cautionary statements about this
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