M&T BANK CORP
For the period ended Dec 31, 2024. Filed Feb 19, 2025.
View on SEC.govAbout 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.
FY2024 · Filed Feb 19, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Comprehensive income
- Comprehensive income
The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income:
| (Dollars in millions) | InvestmentSecurities | Cash Flow Hedges | Defined BenefitPlans | Other | TotalAmountBefore Tax | IncomeTax | Net |
|---|---|---|---|---|---|---|---|
| Balance — January 1, 2024 | $(251) | $(203) | $(155) | $(7) | $(616) | $157 | $(459) |
| Other comprehensive income before reclassifications: | |||||||
| Unrealized holding gains, net | 31 | — | — | — | 31 | (8) | 23 |
| Unrealized losses on cash flow hedges | — | (296) | — | — | (296) | 77 | (219) |
| Current year benefit plans gains | — | — | 305 | — | 305 | (78) | 227 |
| Other | — | — | — | (3) | (3) | 1 | (2) |
| Total other comprehensive income (loss) before reclassifications | 31 | (296) | 305 | (3) | 37 | (8) | 29 |
| Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: | |||||||
| Net losses realized in net income | 15 | — | — | — | 15 | (4) | 11 |
| Net yield adjustment from cash flow hedges currently in effect | — | 364 | — | — | 364(a) | (95) | 269 |
| Amortization of prior service credit | — | — | (2) | — | (2)(b) | 1 | (1) |
| Amortization of actuarial gains | — | — | (5) | — | (5)(b) | 1 | (4) |
| Settlement gain | — | — | (12) | — | (12)(b) | 3 | (9) |
| Total other comprehensive income (loss) | 46 | 68 | 286 | (3) | 397 | (102) | 295 |
| Balance — December 31, 2024 | $(205) | $(135) | $131 | $(10) | $(219) | $55 | $(164) |
| Balance — January 1, 2023 | $(444) | $(337) | $(273) | $(12) | $(1,066) | $276 | $(790) |
| Other comprehensive income before reclassifications: | |||||||
| Unrealized holding gains, net | 193 | — | — | — | 193 | (51) | 142 |
| Unrealized losses on cash flow hedges | — | (116) | — | — | (116) | 30 | (86) |
| Current year benefit plans gains | — | — | 125 | — | 125 | (33) | 92 |
| Other | — | — | — | 5 | 5 | (1) | 4 |
| Total other comprehensive income (loss) before reclassifications | 193 | (116) | 125 | 5 | 207 | (55) | 152 |
| Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: | |||||||
| Net yield adjustment from cash flow hedges currently in effect | — | 250 | — | — | 250(a) | (66) | 184 |
| Amortization of prior service credit | — | — | (2) | — | (2)(b) | 1 | (1) |
| Amortization of actuarial gains | — | — | (5) | — | (5)(b) | 1 | (4) |
| Total other comprehensive income (loss) | 193 | 134 | 118 | 5 | 450 | (119) | 331 |
| Balance — December 31, 2023 | $(251) | $(203) | $(155) | $(7) | $(616) | $157 | $(459) |
| (Dollars in millions) | InvestmentSecurities | Cash Flow Hedges | Defined BenefitPlans | Other | TotalAmountBefore Tax | IncomeTax | Net |
|---|---|---|---|---|---|---|---|
| Balance — January 1, 2022 | $105 | $88 | $(360) | $(4) | $(171) | $44 | $(127) |
| Other comprehensive income before reclassifications: | |||||||
| Unrealized holding losses, net | (551) | — | — | — | (551) | 143 | (408) |
| Unrealized losses on cash flow hedges | — | (461) | — | — | (461) | 119 | (342) |
| Current year benefit plans gains | — | — | 71 | — | 71 | (18) | 53 |
| Other | — | — | — | (8) | (8) | 2 | (6) |
| Total other comprehensive income (loss) before reclassifications | (551) | (461) | 71 | (8) | (949) | 246 | (703) |
| Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income: | |||||||
| Amortization of unrealized holding losses on held-to-maturity securities | 2 | — | — | — | 2(a) | (1) | 1 |
| Net yield adjustment from cash flow hedges currently in effect | — | 36 | — | — | 36(a) | (9) | 27 |
| Amortization of prior service credit | — | — | (2) | — | (2)(b) | — | (2) |
| Amortization of actuarial losses | — | — | 18 | — | 18(b) | (4) | 14 |
| Total other comprehensive income (loss) | (549) | (425) | 87 | (8) | (895) | 232 | (663) |
| Balance — December 31, 2022 | $(444) | $(337) | $(273) | $(12) | $(1,066) | $276 | $(790) |
(a)Included in Interest income in the Consolidated Statement of Income.
(b)Included in Other costs of operations in the Consolidated Statement of Income.
Accumulated other comprehensive income (loss), net consisted of the following:
| (Dollars in millions) | InvestmentSecurities | Cash Flow Hedges | DefinedBenefit Plans | Other | Total |
|---|---|---|---|---|---|
| Balance at January 1, 2022 | $78 | $66 | $(267) | $(4) | $(127) |
| Net gain (loss) during 2022 | (407) | (315) | 65 | (6) | (663) |
| Balance at December 31, 2022 | (329) | (249) | (202) | (10) | (790) |
| Net gain during 2023 | 142 | 98 | 87 | 4 | 331 |
| Balance at December 31, 2023 | (187) | (151) | (115) | (6) | (459) |
| Net gain (loss) during 2024 | 34 | 50 | 213 | (2) | 295 |
| Balance at December 31, 2024 | $(153) | $(101) | $98 | $(8) | $(164) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.