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M&T Bank Corporation issues news about its regional banking operations, capital actions and investor communications. The Buffalo-based financial holding company operates through M&T Bank, which provides banking products and services through a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C.
Recurring updates include quarterly results, net interest income trends, common and preferred stock dividends, share repurchase authorizations, investor conference presentations and annual shareholder communications. Company news also covers trust-related services provided by Wilmington Trust-affiliated companies and M&T Bank, community and affordable-housing financing, technology investment themes and regional leadership appointments within its banking footprint.
M&T Bank Corporation (MTB) reported Q2 2020 financial results, revealing a significant drop in earnings. Diluted earnings per share fell to $1.74 from $3.34 in Q2 2019, with net income dropping to $241 million, down 49%. The provision for credit losses increased sharply to $325 million due to COVID-19 impacts. Despite a 13% rise in mortgage banking revenue, overall net interest income decreased by 8% to $961 million. Total assets grew to $139.5 billion, primarily fueled by an increase in loans and deposits, including $6.5 billion from the Paycheck Protection Program.
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M&T Bank Corporation (MTB) announced key insights from the 2020 Dodd-Frank Act Stress Test results disclosed by the Federal Reserve.
The bank's preliminary stress capital buffer is set at 2.5%, aligning with a 7.0% Common Equity Tier 1 ratio threshold effective October 1, 2020. As of March 31, 2020, M&T’s Common Equity Tier 1 ratio stood at 9.19%, surpassing the minimum required. The current quarterly dividend of $1.10 is compliant with Federal Reserve guidelines; however, the bank will not repurchase shares during Q3 2020.
M&T Bank has appointed Tracy Woodrow as Chief Human Resources Officer (CHRO) following the retirement of Janet Coletti after 35 years. Woodrow, who joined M&T in 2013 and previously served as the Bank Secrecy Act Officer, will focus on diversity, inclusion, and employee development for over 18,000 colleagues. Coletti was pivotal in successful mergers and employee experience enhancements during her tenure. The bank continues to strengthen its leadership team with a focus on internal growth and transformation.
M&T Bank Corporation (NYSE: MTB) announced the election of Calvin G. Butler, Jr., the CEO of Exelon Utilities, to its Board of Directors, effective June 16, 2020. Mr. Butler brings extensive experience, having previously served as CEO of Baltimore Gas and Electric Company and held various high-level positions at Exelon. His election aims to enhance the board's perspectives and support M&T's commitment to inclusive opportunities in Baltimore and beyond. Butler's leadership is expected to align with M&T's mission to deliver strong financial and operational performance.
M&T Bank Corporation (NYSE:MTB) is set to announce its second quarter 2020 earnings results on July 23, 2020, before the market opens. Following this, the company will host a conference call at 11:00 a.m. ET to discuss the results, which may contain forward-looking statements. Domestic participants can call toll-free at (877) 780-2276, while international participants can dial (973) 582-2700. A replay will be available until July 30, and the webcast archive will be accessible on M&T's website from 3:00 p.m. ET on the same day.