BUFFALO,
N.Y., June 28, 2024 /PRNewswire/ -- M&T Bank
Corporation ("M&T" or the "Company") (NYSE: MTB) today
announced the Federal Reserve Board has determined the Company's
preliminary stress capital buffer ("SCB") requirement is 3.8%, down
from 4.0% previously. The Federal Reserve Board will provide the
Company's final SCB requirement on or before Aug. 31, 2024. Once finalized, the new SCB
requirement will be in effect beginning on October 1, 2024.
The Company's regulatory minimum CET1 ratio implied by the
preliminary SCB is now 8.3%, down from 8.5%. M&T expects the
second quarter 2024 CET1 ratio to be over 11.35%.
"The results of this year's stress test reflect the strength of
the company's core earnings power, capital, and ongoing risk
management work, including the reduction in the commercial real
estate concentration," said Daryl
Bible, M&T's Chief Financial Officer. "This strong
capital position supports organic growth, as well as growth in new
customer relationships and returning capital to shareholders over
time."
On May 21, 2024, M&T's board
of directors previously announced that it declared a quarterly cash
dividend of $1.35 per share on its common stock. This
represents an increase of $.05 per share, or 4 percent,
from the previous $1.30 per share dividend paid in the
first quarter of 2024. The dividend is payable June 28, 2024,
to shareholders of record at the close of business on June 3,
2024.
About M&T
M&T Bank Corporation is a financial holding company
headquartered in Buffalo, New
York. M&T's principal banking subsidiary, M&T Bank,
provides banking products and services in 12 states across the
eastern U.S.
from Maine to Virginia and Washington,
D.C. Trust-related services are provided in select markets in
the U.S. and abroad by M&T's Wilmington Trust-affiliated
companies and by M&T Bank.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
regarding the financial condition, results of operations, and
future performance of M&T, including under hypothetical
regulatory stress testing scenarios. Any statement that does not
describe historical or current facts is a forward-looking
statement, including statements based on current expectations,
estimates and projections about M&T's business, and
management's beliefs and assumptions. Forward-looking statements
are typically identified by words such as "expect," "anticipate,"
"continue," "will," "would," or "may," or by variations of such
words or by similar expressions. These statements are not
guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict. Many
possible events or factors could affect M&T's future financial
results and performance and could cause actual results or
performance to differ materially from anticipated results or
performance. M&T provides further detail regarding factors
which could affect forward-looking statements in its Form 10-K for
the year ended December 31, 2023,
including in the Risk Factors section of such report, as well as in
other SEC filings. Forward-looking statements speak only as of the
date they are made, and M&T assumes no duty and does not
undertake to update forward-looking statements.
Investor Contact:
Brian
Klock
(716) 842-5138
Media Contact:
Frank Lentini
(929) 651-0447 / flentini@mtb.com
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SOURCE M&T Bank Corporation