Commerce Bancshares, Huntington Bancshares, M&T Bank and S&T Bancorp reported their third-quarter results Thursday.
“Credit quality remains excellent,” Commerce Bancshares President and CEO John Kemper said in a Thursday earnings release.
Commerce Bancshares reported the ratio of non-accrual loans was flat compared to the previous quarter and the ratio of annualized net loan charge-offs inched down from .23% to .22%.
Huntington Bancshares Chairman, President and CEO Steve Steinour reported stable net charge-offs and improved nonperforming asset and criticized asset ratios, saying in a Thursday earnings release, “Credit continues to perform very well.”
“Our customers continue to show strength and resiliency, which supports a constructive outlook,” Steinour said.
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M&T Bank reported that the level of nonaccrual loans improved to 1.42% of loans outstanding at the end of the third quarter, compared to 1.50% at the end of the previous quarter.
“M&T’s positive earnings momentum, strong capital position and unyielding focus on delivering for our customers and the communities we serve have positioned the franchise for a strong finish to 2024,” M&T Bank Chief Financial Officer Daryl N. Bible said in a Thursday earnings release.
S&T Bancorp said its net loan charge-offs increased during the quarter, but its nonperforming assets to total portfolio loans plus other real estate owned decreased 4 basis points.
S&T Bancorp CEO Chris McComish said in a Thursday earnings release that “continued improvement in asset quality” was one of the highlights of the bank’s third-quarter results.
The banks reported mixed results in terms of demand for loans compared to the previous quarter.
Commerce Bancshares saw its average loan balances decrease 0.9% due to lower loan demand.
M&T Bank and S&T Bancorp reported that their loan portfolios remained flat during the third quarter. Both banks said they saw growth in consumer loans, but this was offset by a decline in commercial real estate loans at M&T Bank and a decline in commercial loans at S&T Bancorp.
Huntington Bancshares reported that its average total loans and leases increased 1%.
Two of the four banks reported increases in total average deposits compared to the previous quarter, with Commerce Bancshares up 0.3% and Huntington Bancshares up 2%.
Two banks reported declines in average deposits, with M&T Bank down 13% and S&T Bancorp down 0.3%. Both banks attributed their drop to lower average brokered time deposits.
