M&T Bank Corp

MTB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$347.00	Tztmwd	Rdnksspsr

M&T Bank Earnings: Net Interest Income Benefiting From Stable Deposit Costs, Credit Trends Healthy

Rajiv Bhatia

Jul 18, 2024

Narrow-moat-rated MTB reported a solid second quarter. EPS came in at $3.73, an improvement from $3.02 in the first quarter but down from $4.11 (ex. CIT gain on sale) last year. Credit was healthy in the quarter and net interest margin is benefiting from stable deposit costs and rising yields on investment securities held on the asset side of the bank's balance sheet. The firm made only minor tweaks to its 2024 outlook. Overall, there was little in its earnings release that would alter our long-term view of the firm, and we will maintain our fair value estimate of $160 per share.

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