Overview

• US regional bank's Q2 adjusted EPS beat analyst expectations

• Q2 net interest income slightly beat analyst expectations

• Company repurchased $465 mln in shares during the quarter

Outlook

• Company did not provide specific guidance for the current quarter or full year in the press release

Result Drivers

• LOAN GROWTH - Co said net interest income rose due to broad-based loan growth across commercial, residential, and consumer categories

• NONINTEREST INCOME - Co attributed higher noninterest income to a larger distribution from its investment in Bayview Lending Group, increased trust income, and higher revenues from interest rate swap agreements for commercial customers

• LOWER NONINTEREST EXPENSE - Co said noninterest expense declined from the prior quarter mainly due to seasonal salaries and employee benefits expense recognized in Q1

Company press release: ID:nPn2ftcj0a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Adjusted EPS	Beat	$5.35	$4.66 (18 Analysts)
Q2 EPS		$5.32
Q2 Net Income		$818 mln
Q2 Net Interest Income	Slight Beat*	$1.79 bln	$1.78 bln (9 Analysts)
Q2 CET1 Capital Ratio		10.19%
Q2 Net Interest Margin		3.70%
Q2 Provision for Credit Loss		$120 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 13 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for M&T Bank Corp is $242.00, about 0.1% below its July 14 closing price of $241.85

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago

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