M&T Bank Corporation (NYSE:MTB) Q1 2024 Earnings Call Transcript

And then we have more capacity if and when there’s another stress period, we will always want to keep it open in case something happens, so we can find if we have to.

Christopher Spahr: Okay. So — thanks. And then so my follow-up is just when I look at the schedule on Slide 17, the criticized loans and see that motor vehicle and RVs kind of had a huge spike in criticized? And then in response to Ken’s question, though, you talked about the increase in yields and highlighting the increase in yield. So how do you reconcile the issue of just some of these portfolios under more weakness and yet you’re kind of also highlighting you’re getting greater yields. I mean, I would think to kind of fight against each other. Thank you.

Daryl Bible: No. So it’s two different businesses. So the stress is in the floor planning business for the non-auto, so RV and Marine. So that’s floor planning. That’s where the stress is. We also are all in the indirect business for RV. Just like you have indirect auto, you have indirect RV, and that’s where we’re getting the yield pickup on the consumer loan portfolio. So we have a very prime-based consumer loan credit box. If you look at the average FICO score that we have in that portfolio, it’s 790. So it’s pretty pristine in there, and we feel good about the performance of that portfolio.

Christopher Spahr: Thank you.

Operator: Thank you. At this time, I will now turn the call back to our speakers for additional or closing remarks.

Brian Klock: And thanks, Todd. And again, thank you all for participating today. And as always, the clarification of any of the items in the call or news release if necessary, please contact our Investor Relations department. The area code is (716) 842-5138. Thank you, and have a great day.

Operator: And this does conclude the M&T Bank First Quarter 2024 Earnings Conference Call. You may disconnect your line at this time and have a wonderful day.