M&T Bank (MTB) shares rose in intraday trading Monday as the regional bank reduced its lending to the struggling commercial real🍨 estate m𝕴arket. 

M&T reported its first-quarter real estate loans totaled $32.7 billion, a 2% drop from the fourth quarter and a 7% decline from a year ago.

澳洲幸运5开奖号码历史查询:Chief Financial Officer (CFO) Daryl Bible explained that the bank was “off to a solid start in 2024,” noting that it grew cerꦰtain sectors of its commercial and consumer loan portfolios, “while continuing to shrink our commercial re🥃al estate exposure.”

M&T’s adjusted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $3.09 declined from $4.09 a year ago and narrowly missed the Visible Alpha consensus analysts' estimate of $3.14. Net interest income of $1.68 billion was down from $1.🎐82 billion last year but in line with forecasts.

The bank also set aside $200 million to cover bܫad loans, up from $120 million in the first quarter of 2023, which it said reflected “declines in commercial real estate values and higher interest rates contributing to a deterioration in the performance of loans to commercial borrowers.”

M&T also had an increase of $29 million in estimated expenses for a special assessment from the 澳洲幸运5开奖号码历史查询𝄹:Federal Deposit Insurance🧸 Corporation (FDIC) to cover the costs of certain bank failures.

Shares of M&T Bank jumped 6.2% to $142.75 as of noon ET, moving into positive territory for 2024.