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M&T Bank Corporation

M&T is headquartered in Buffalo, New York. As of 2Q18, M&T ranked as the 19th largest bank holding company by total assets, with $118.4 bn and total equity of $15.6 bn. The company had a market cap of $25.8 bn as of September 6, 2018. M&T ranks 19th in terms of U.S. deposits with approximately $89.3 bn in deposits and 812 branches as of 2017 (SNL). M&T's footprint includes New York, New Jersey, Maryland, Pennsylvania, and Delaware. M&T is a retail bank concentrated in the Mid-Atlantic states. M&T has a focus in commercial real estate lending within its footprint, and also does consumer lending in autos and mortgages. (15 Oct 2018)

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U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..
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Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.

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M&T Bank: 3Q18, NIM Outpacing Peers

Worth Watching: 17 Oct 2018, 11:44 PM ET - M&T Bank (A3/A-) reported 3Q18 diluted EPS of $3.53, beating consensus estimates of $3.35. Earnings for the quarter increased by 7% QoQ to $526 mn (+48% YoY). Net interest income increased 2% sequentially and 7% YoY to $1 bn, as the net int ..

US Strategy: What to Watch for on 3Q Earning Calls

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Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

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Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
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M&T Bank: 2Q18, Funding Costs Staying Low

Worth Watching: 18 Jul 2018, 9:32 PM ET - M&T Bank (A3/A-) reported 2Q18 diluted EPS of $3.26, beating consensus estimates of $3.17. Earnings for the quarter increased by 40% QoQ to $493 mn, in part reflecting a one-time increase to M&T's litigation reserve in 1Q18. For 2Q18, the effec ..

US Banks: 2Q18 Preview - Loan Demand Picking Up?

Sector Analysis: 11 Jul 2018, 5:05 AM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off 2Q18 US bank earnings on Friday, July 13, 2018. We expect underlying results to benefit from a pickup in loan growth and higher rates, but capital markets results should be down from 1Q18.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
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US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.
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US Banks: 2018 DFAST Results - SCB Shocker Looming

Sector Analysis: 22 Jun 2018, 4:56 AM ET - Although all banks over $100 bn in assets received a clean bill of health in the 2018 DFAST, our main concern is that this year’s test could lead to a substantial increase in capital requirements under the proposed Stress Capital Buffer.

US Banks: Crapo De-reg. Bill Heads to White House

Sector Analysis: 23 May 2018, 10:27 PM ET - The House approved the Senate bill on financial (de)regulation, which is now headed to the White House to be signed into law. While the bill provides regulatory relief for regional/community banks, it has minimal impact on the big-6 banks.

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
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M&T Bank: 1Q18, NIM Boost from Libor Rates

Worth Watching: 16 Apr 2018, 9:39 PM ET - M&T Bank (A3/A-) reported 1Q18 diluted EPS of $2.23. Excluding one-time impacts, results would have missed consensus by 4 cents. One-time impacts included an increase to M&T's litigation reserve by $135 mn relating to pre-existing litigation. On ..

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

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