- M&T Bank Corporation (NYSE:MTB) shares gained Monday premarket following its solid first quarter performance that beat Street expectations.
- MTB reported a first-quarter FY23 net income of $701.62 million, an increase of 94% year-over-year.
- Diluted net operating EPS was $4.09, beating the consensus of $3.98.
- M&T reported a Q1 revenue of $2.4 billion (+67.4% Y/Y), beating the consensus of $2.37 billion.
- Q1 Net interest income expressed on a taxable-equivalent basis was $1.832 billion, up 102% from $907 million earned in 1Q21.
- Noninterest income totaled $587 million, compared with $541 million in the year-earlier quarter.
- M&T’s efficiency ratio was 55.5% compared to 64.9% in the year-earlier quarter and 53.3% in 4Q22.
- M&T recorded a provision for credit losses of $120 million, up from $10 million in the year-earlier quarter.
- The allowance for credit losses totaled $1.98 billion or 1.49% of loans outstanding on March 31, 2023, compared with $1.47 billion or 1.60% of loans outstanding in 1Q21.
- M&T held total assets of $203 billion as of March 31, 2023. Loans and leases, net of unearned discount, were $132.9 billion.
- Darren J. King, Chief Financial Officer, commented, “These results reflect loan growth, steady credit quality, a strong liquidity position and, as in past years, seasonally higher salaries and employee benefits expense. M&T’s estimated Common Equity Tier 1 ratio was 10.15% at March 31, 2023 compared with 10.44% at last year’s end.”
- Price Action: MTB shares are trading higher by 2.41% at $119.40 premarket on Monday.
Portland General Electric Company Announces Pricing Of A Public Offering Of 10.1M Shares Of Common Stock At A Price Of $43/Share
Portland General Electric Company (NYSE:POR) ("PGE" or the "Company"), a fully integrated energy company, today announced that it has priced an underwritten public offering of 10,100,000 shares of its common stock, all of which are being offered in connection with the forward sale agreements described
