M&T Bank Corporation (MTB)

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Call Start: 14:45

Call End: 15:27

M&T Bank Corporation (MTB)

M&T Bank Corporation at Barclays Capital Global Financials Conference

September 09, 2013 2:45 p.m. ET


Rene Jones –EVP, CFO


Jason Goldberg – Barclays


Jason Goldberg – Barclays

Moving right along, next up we're very pleased to have M&T Bank. I can give a long-winded introduction about its consistency of results, about its ability to manage through different cycles, its ability to acquire underperforming institutions and correct them over time, which are all certainly inputs of its attractive story, but I always like to look at, and I'll kind of lead with Rene's conclusion, of slide 17 of their deck that just lists the best-performing stocks in the banking industry over time. And no matter how you want to slice it or dice it, M&T physically shows up on top.

From the Company, very pleased to have Rene Jones, Chief Financial Officer, and Don MacLeod, Director of Investor Relations. And with that, let me turn it over to Rene.

Rene Jones

Good afternoon, everybody. Thanks, Jason. Appreciate the intro.

So, obviously grateful to have the opportunity to share some thoughts with you here at the Barclays Conference. We've come here many years in a row now recently, and it's always nice to see familiar faces.

I think what I'm going to do is cover a couple of topics, so let me just sort of give you a bit of an outline.

First, as we all know there's been a lot of changes in the banking industry and we would like to talk about a little bit about how that's affecting our business today and maybe a little bit about how we think it might affect the business in the long term.

I'm going to highlight some of the key financial items from the second quarter in part because it was a relatively noisy quarter with a number of the actions that we took. Essentially we took advantage of sort of market conditions to do a number of I'll call them transactions that both improved our liquidity and our capital profile as we enter for the first time the CCAR test in 2014.

I want to talk a little bit about what we're seeing in terms of fee income, particularly on the mortgage banking side. We've talked about that for some time. There were some things in our second quarter which I think sort of mask the real existing trends there so we'll talk about that.

And then, I've also spoke for some time about the amount of investment that we're making associated with all the change that's been going on. And I'll continue to do that, but I think clearly you'll begin to see some of the impact of those investments that we've been making in the third quarter, so I think that's a timely topic.

And then, I'll wrap up with sort of our near-term outlook. I'll also walk you through our, as I kind of go through the prepared presentation, what I want to give you a chance to sort of think about it and ask any questions of either myself or Don, so happy to do that.

Obviously, this our standard forward-looking disclaimer slide. It talks a little bit about our forward-looking risks and as they relate to the Bank and as they relate to the pending transaction with Hudson City. We talk about our GAAP earnings and operating earnings.

As I always say, we came up with a measure of operating earnings in 1998. We're always very consistent in using that term “that measure.” We haven't changed it ever since, but because it's non-GAAP we include in the back a reconciliation of GAAP to non-GAAP items in the back.

And apparently as I've said, they always tell me that the efficiency ratio and the pre-tax pre-provision number is non-GAAP. We use them a lot, but I guess I've got to tell you that.

I will cover our slide here that tells you a little bit about who we are.

Most of you I'm sure are probably pretty familiar so I'll go through this briefly. We're a top-20 US bank, commercial bank holding company ranked by assets. And if you rank it by market cap, we're a top 15. We were founded in 1856. At $83 billion in assets, about 2 million customers, 215,000 commercial customers. On the loan side our balance sheet is heavily weighted towards commercial loans and commercial customers.

One of the things that we think sort of differentiates us that I will mention is that we tend to operate in markets where we tend to have a pretty strong position. So while we're not in every major metropolitan area in our footprint, the places that we do choose to operate we're either number one or two of market share, sometimes market three. We think that's a big factor in sort of differentiating us, especially as we get into some of those sort of higher infrastructure needs that we think you're going to need as you kind of move forward as a banking institution.

So, as you know there've been a lot of changes in the banking industry over the past several years, and we note that sort of both regulations and our regulatory expectations are rapidly evolving for banks, all large banks, M&T included. So, let me sort of talk about a couple of these.

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