M&T BANK CORP

For the period ended Dec 31, 2023. Filed Feb 21, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 21, 2024

MTB$217.75-0.9%Stored close · as of Nov 6, 2026

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Contents

Quarterly Trends

	2023 Quarters				2022 Quarters
(Dollars in millions, except per share, shares in thousands)	Fourth	Third	Second	First	Fourth	Third	Second	First
Earnings and dividends
Interest income (taxable-equivalent basis)	$2,753	$2,656	$2,530	$2,341	$2,086	$1,794	$1,475	$931
Interest expense	1,018	866	717	509	245	103	53	24
Net interest income	1,735	1,790	1,813	1,832	1,841	1,691	1,422	907
Less: provision for credit losses	225	150	150	120	90	115	302	10
Other income	578	560	803	587	682	563	571	541
Less: other expense	1,450	1,278	1,293	1,359	1,408	1,279	1,403	960
Income before income taxes	638	922	1,173	940	1,025	860	288	478
Applicable income taxes	143	217	292	224	246	201	60	113
Taxable-equivalent adjustment	13	15	14	14	14	12	10	3
Net income	$482	$690	$867	$702	$765	$647	$218	$362
Net income available to common shareholders-diluted	$457	$664	$841	$676	$739	$621	$192	$340
Per common share data
Basic earnings	2.75	4.00	5.07	4.03	4.32	3.55	1.08	2.63
Diluted earnings	2.74	3.98	5.05	4.01	4.29	3.53	1.08	2.62
Cash dividends	1.30	1.30	1.30	1.30	1.20	1.20	1.20	1.20
Average common shares outstanding
Basic	165,985	165,909	165,842	167,732	171,187	174,609	177,367	128,945
Diluted	166,731	166,570	166,320	168,410	172,149	175,682	178,277	129,416
Performance ratios, annualized
Return on
Average assets	.92%	1.33%	1.70%	1.40%	1.53%	1.28%	.42%	.97%
Average common shareholders’ equity	7.41	10.99	14.27	11.74	12.59	10.43	3.21	8.55
Net interest margin on average earning assets (taxable-equivalent basis)	3.61	3.79	3.91	4.04	4.06	3.68	3.01	2.65
Nonaccrual loans to total loans and leases, net of unearned discount	1.62	1.77	1.83	1.92	1.85	1.89	2.05	2.32
Net operating (tangible) results (a)
Net operating income	$494	$702	$879	$715	$812	$700	$578	$376
Diluted net operating income per common share	2.81	4.05	5.12	4.09	4.57	3.83	3.10	2.73
Annualized return on
Average tangible assets	.98%	1.41%	1.80%	1.49%	1.70%	1.44%	1.16%	1.04%
Average tangible common shareholders’ equity	11.70	17.41	22.73	19.00	21.29	17.89	14.41	12.44
Efficiency ratio (b)	62.1	53.7	48.9	55.5	53.3	53.6	58.3	64.9
Balance sheet data
Average balances
Total assets (c)	$208,752	$205,791	$204,376	$202,599	$198,592	$201,131	$208,865	$151,648
Total tangible assets (c)	200,172	197,199	195,764	193,957	189,934	192,450	200,170	147,053
Earning assets	190,536	187,403	185,936	184,069	179,914	182,382	189,755	138,624
Investment securities	27,490	27,993	28,623	27,622	25,297	23,945	22,384	7,724
Loans and leases, net of unearned discount	132,770	132,617	133,545	132,012	129,406	127,525	127,599	92,159
Deposits	164,713	162,688	159,399	161,537	163,468	167,271	174,683	128,055
Borrowings	13,057	12,585	15,055	11,505	5,385	4,194	4,408	3,498
Common shareholders’ equity (c)	24,489	24,009	23,674	23,366	23,335	23,654	24,079	16,144
Tangible common shareholders’ equity (c)	15,909	15,417	15,062	14,724	14,677	14,973	15,384	11,549
At end of quarter
Total assets (c)	208,264	209,124	207,672	202,956	200,730	197,955	204,033	149,864
Total tangible assets (c)	199,689	200,538	199,074	194,321	192,082	189,281	195,344	145,269
Earning assets	189,140	189,942	188,504	183,853	181,855	178,351	185,109	137,237
Investment securities	26,897	27,336	27,916	28,443	25,211	24,604	22,802	9,357
Loans and leases, net of unearned discount	134,068	132,355	133,344	132,938	131,564	128,226	128,486	91,808
Deposits	163,274	164,128	162,058	159,075	163,515	163,845	170,358	126,319
Borrowings	13,517	13,854	15,325	14,458	7,519	4,377	4,137	3,494
Common shareholders’ equity (c)	24,946	24,186	23,790	23,366	23,307	23,245	23,784	16,126
Tangible common shareholders’ equity (c)	16,371	15,600	15,192	14,731	14,659	14,571	15,095	11,531
Equity per common share	150.15	145.72	143.41	140.88	137.68	134.45	135.16	124.93
Tangible equity per common share	98.54	93.99	91.58	88.81	86.59	84.28	85.78	89.33

(a)

Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. A reconciliation of net income and net operating income appears in Table 41.

(b)

Excludes impact of merger-related expenses and net securities transactions.

(c)

The difference between total assets and total tangible assets, and common shareholders’ equity and tangible common shareholders’ equity, represents goodwill, core deposit and other intangible assets, net of applicable deferred tax balances. A reconciliation of such balances appears in Table 41.

Table 41

RECONCILIATION OF QUARTERLY GAAP TO NON-GAAP MEASURES

	2023 Quarters				2022 Quarters
(Dollars in millions, except per share)	Fourth	Third	Second	First	Fourth	Third	Second	First
Income statement data
Net income
Net income	$482	$690	$867	$702	$765	$647	$218	$362
Amortization of core deposit and other intangible assets (a)	12	12	12	13	14	14	14	1
Merger-related expenses (a)	—	—	—	—	33	39	346	13
Net operating income	$494	$702	$879	$715	$812	$700	$578	$376
Earnings per common share
Diluted earnings per common share	$2.74	$3.98	$5.05	$4.01	$4.29	$3.53	$1.08	$2.62
Amortization of core deposit and other intangible assets (a)	.07	.07	.07	.08	.08	.08	.08	.01
Merger-related expenses (a)	—	—	—	—	.20	.22	1.94	.10
Diluted net operating earnings per common share	$2.81	$4.05	$5.12	$4.09	$4.57	$3.83	$3.10	$2.73
Other expense
Other expense	$1,450	$1,278	$1,293	$1,359	$1,408	$1,279	$1,403	$960
Amortization of core deposit and other intangible assets	(15)	(15)	(15)	(17)	(18)	(18)	(19)	(1)
Merger-related expenses	—	—	—	—	(45)	(53)	(223)	(17)
Noninterest operating expense	$1,435	$1,263	$1,278	$1,342	$1,345	$1,208	$1,161	$942
Merger-related expenses
Salaries and employee benefits	$—	$—	$—	$—	$4	$13	$85	$—
Equipment and net occupancy	—	—	—	—	2	2	1	2
Outside data processing and software	—	—	—	—	2	2	1	—
Professional and other services	—	—	—	—	16	11	31	14
Advertising and marketing	—	—	—	—	5	2	1	1
Other costs of operations	—	—	—	—	16	23	104	—
Other expense	—	—	—	—	45	53	223	17
Provision for credit losses	—	—	—	—	—	—	242	—
Total	$—	$—	$—	$—	$45	$53	$465	$17
Efficiency ratio
Noninterest operating expense (numerator)	$1,435	$1,263	$1,278	$1,342	$1,345	$1,208	$1,161	$942
Taxable-equivalent net interest income	$1,735	$1,790	$1,813	$1,832	$1,841	$1,691	$1,422	$907
Other income	578	560	803	587	682	563	571	541
Less: Gain (loss) on bank investment securities	4	—	1	—	(4)	(1)	—	(1)
Denominator	$2,309	$2,350	$2,615	$2,419	$(2,527)	$2,255	$1,993	$1,449
Efficiency ratio	62.1%	53.7%	48.9%	55.5%	53.3%	53.6%	58.3%	64.9%
Balance sheet data
Average assets
Average assets	$208,752	$205,791	$204,376	$202,599	$198,592	$201,131	$208,865	$151,648
Goodwill	(8,465)	(8,465)	(8,473)	(8,490)	(8,494)	(8,501)	(8,501)	(4,593)
Core deposit and other intangible assets	(154)	(170)	(185)	(201)	(218)	(236)	(254)	(3)
Deferred taxes	39	43	46	49	54	56	60	1
Average tangible assets	$200,172	$197,199	$195,764	$193,957	$189,934	$192,450	$200,170	$147,053
Average common equity
Average total equity	$26,500	$26,020	$25,685	$25,377	$25,346	$25,665	$26,090	$17,894
Preferred stock	(2,011)	(2,011)	(2,011)	(2,011)	(2,011)	(2,011)	(2,011)	(1,750)
Average common equity	24,489	24,009	23,674	23,366	23,335	23,654	24,079	16,144
Goodwill	(8,465)	(8,465)	(8,473)	(8,490)	(8,494)	(8,501)	(8,501)	(4,593)
Core deposit and other intangible assets	(154)	(170)	(185)	(201)	(218)	(236)	(254)	(3)
Deferred taxes	39	43	46	49	54	56	60	1
Average tangible common equity	$15,909	$15,417	$15,062	$14,724	$14,677	$14,973	$15,384	$11,549
At end of quarter
Total assets
Total assets	$208,264	$209,124	$207,672	$202,956	$200,730	$197,955	$204,033	$149,864
Goodwill	(8,465)	(8,465)	(8,465)	(8,490)	(8,490)	(8,501)	(8,501)	(4,593)
Core deposit and other intangible assets	(147)	(162)	(177)	(192)	(209)	(227)	(245)	(3)
Deferred taxes	37	41	44	47	51	54	57	1
Total tangible assets	$199,689	$200,538	$199,074	$194,321	$192,082	$189,281	$195,344	$145,269
Total common equity
Total equity	$26,957	$26,197	$25,801	$25,377	$25,318	$25,256	$25,795	$17,876
Preferred stock	(2,011)	(2,011)	(2,011)	(2,011)	(2,011)	(2,011)	(2,011)	(1,750)
Common equity	24,946	24,186	23,790	23,366	23,307	23,245	23,784	16,126
Goodwill	(8,465)	(8,465)	(8,465)	(8,490)	(8,490)	(8,501)	(8,501)	(4,593)
Core deposit and other intangible assets	(147)	(162)	(177)	(192)	(209)	(227)	(245)	(3)
Deferred taxes	37	41	44	47	51	54	57	1
Total tangible common equity	$16,371	$15,600	$15,192	$14,731	$14,659	$14,571	$15,095	$11,531

(a)

After any related tax effect.

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