MT Bank Corporation (MTB) Q3 2024 Earnings Report

MTB QQ3 2024 – Key Financial Metrics (USD, unless noted)
- Revenue: $3.391 billion; YoY +5.94%, QoQ +0.53%
- Gross Profit: $2.212 billion; Margin 65.23%; YoY +1.24%, QoQ +2.79%
- Operating Income: $0.909 billion; Margin 26.81%; YoY +0.22%, QoQ +6.32%
- Net Income: $0.721 billion; Margin 21.26%; YoY +4.49%, QoQ +10.08%
- Diluted EPS: $4.02; QoQ +7.73%
- NII (taxable-equivalent): $1.74 billion; Margin 3.62% (up 3 bps QoQ)
- NIM: 3.62% (Q3); guidance suggests low-3.60% for Q4; full-year NII expected to be at least $1.73 billion
- Balance Sheet: Avg loans & leases $134.8B; CRE $29.1B; C&I $59.8B; Residential mortgage $23.0B; Consumer $22.9B; Total deposits: not disclosed as a single figure in the release, but noninterest-bearing deposits ex-broker ~30.7% of deposits for Q3; cost of interest-bearing deposits 2.88%
- Capital: CET1 11.54% end-Q3; tangible common equity growth +5% year over year; share repurchases of $200M in QQ3
- Credit: Net charge-offs $120M (35 bps); Allowance/loan ratio 1.62%; Non-accrual loans $1.9B; 91% of criticized loans are paying current; QoQ improvement in criticized loans balance
- Non-interest income: $606M; Trust income $170M; Mortgage fees $109M; Commercial mortgage fees $34M; Service charges $132M; Other $152M
- Non-interest expenses: $1.30B; Efficiency ratio ~55%
- 4Q guidance: NII ~ $1.73B for full year; NIM in low 3.60s; Non-interest income ~ $600M; Expenses ~ $1.32B; Net charge-offs ~ 40 bps; Tax rate ~ 24.25%; Preferred dividends ~$36M; Continue $200M share repurchase