MTB - M&T Bank Is Charting A Different Course For The Early Part Of The Tightening Cycle
- MTBs guidance for 2022 was unusual, with management's outlook for weaker spread income on low-to-mid single-digit loan growth and actively running off some rate-sensitive deposits.
- C&I lending is improving and there is near-term growth potential in C&I and consumer lending, but management is shifting its CRE business priorities away from on-balance sheet lending toward services.
- Mid-single-digit core earnings growth post-PBCT can support a double-digit long-term expected return, but the nearer-term valuation outlook is less exciting.
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M&T Bank Is Charting A Different Course For The Early Part Of The Tightening Cycle