What is the market's earnings forecast for M&T Bank next quarter?

What is M&T Bank's latest dividend and current dividend yield?

What does M&T Bank do and what are its main business segments?

What is M&T Bank's gross profit margin?

What is the revenue and EPS growth rate for M&T Bank year over year?

What factors drove the changes in M&T Bank's revenue and profit?

Did M&T Bank beat or miss consensus estimates last quarter?

What were the key takeaways from M&T Bank’s earnings call?

- **Record Financials**: Q3 net income up 10.6% to $792 million, with fee income at record levels.
- **CRE Recovery**: CRE criticized loans down 7%, with multifamily and industrial growth driving Q4 loan expansion.
- **Capital Discipline**: $409M buybacks and 11% dividend hike, maintaining CET1 at 10.99%.
- **Rate Resilience**: Neutral asset sensitivity with 54% deposit beta, guiding NIM to 3.70% in Q4.
- **Credit Prudence**: NDFI exposure limited to 7-8% of loans, with conservative underwriting in fund banking and REITs.

**【CFO Financial Commentary】**
- **Strong Financial Performance**: Q3 net income of $792 million, up 10.6% from Q2, with EPS of $4.82 (including a $0.14 earn-out payment). GAAP ROA and ROTCE were 1.49% and 11.45%, respectively.
- **Revenue Growth**: Fee income reached a record level, driving a 53.6% efficiency ratio. NII increased $51 million to $1.77 billion, with NIM expanding 6bps to 3.68%.
- **Loan Portfolio**: Average loans grew $1.1 billion to $136.5 billion, led by C&amp;I (+$700 million) and consumer (+3%). CRE loans declined 4% to $24.3 billion, but multifamily and industrial CRE showed strength.
- **Credit Quality**: Nonaccrual loans decreased 4% to $61 million, with criticized balances down 7% to $7.8 billion. Net charge-offs were 42bps, up from 32bps in Q2 due to two large C&amp;I credits.
- **Capital Management**: Share buybacks of $409 million and dividend increase of 11% to $1.50 per share. CET1 ratio remained stable at 10.99%.

**【Q&A Key Highlights】**
- **CRE Outlook**: Daryl expects CRE loan growth in Q4 and 2026, citing improved approval rates (+100% YoY) and focus on multifamily, industrial, and healthcare. CRE criticized balances declined 7%.
- **M&A Strategy**: Management plans to stay disciplined, focusing on within-footprint acquisitions with strategic fit, rather than geographic expansion.
- **Regulatory Environment**: Simplified regulatory reviews (e.g., observations vs. MRAs) reduce compliance costs and allow redeployment of resources.
- **Interest Rate Sensitivity**: Neutral asset sensitivity with 54% deposit beta. NIM expected to remain stable at 3.70% in Q4, benefiting from fixed-rate asset repricing.
- **Credit Risk**: NDFI exposure is 7-8% of loans, focused on conservative segments like fund banking and REITs. SSFA exposure is minimal but monitored for procyclicality.
- **Operating Leverage**: Fee income growth (trust, mortgage, commercial services) and loan expansion are expected to drive revenue outpacing expenses in 2026.

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