M&T BANK CORP
For the period ended Dec 31, 2024. Filed Feb 19, 2025.
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FY2024 · Filed Feb 19, 2025
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Quarterly Trends
Table 48
QUARTERLY TRENDS
| 2024 Quarters | 2023 Quarters | |||||||
|---|---|---|---|---|---|---|---|---|
| (Dollars in millions, except per share) | Fourth | Third | Second | First | Fourth | Third | Second | First |
| Earnings and dividends | ||||||||
| Interest income (taxable-equivalent basis) | $2,719 | $2,798 | $2,802 | $2,757 | $2,753 | $2,656 | $2,530 | $2,341 |
| Interest expense | 979 | 1,059 | 1,071 | 1,065 | 1,018 | 866 | 717 | 509 |
| Net interest income | 1,740 | 1,739 | 1,731 | 1,692 | 1,735 | 1,790 | 1,813 | 1,832 |
| Less: provision for credit losses | 140 | 120 | 150 | 200 | 225 | 150 | 150 | 120 |
| Other income | 657 | 606 | 584 | 580 | 578 | 560 | 803 | 587 |
| Less: other expense | 1,363 | 1,303 | 1,297 | 1,396 | 1,450 | 1,278 | 1,293 | 1,359 |
| Income before income taxes | 894 | 922 | 868 | 676 | 638 | 922 | 1,173 | 940 |
| Applicable income taxes | 201 | 188 | 200 | 133 | 143 | 217 | 292 | 224 |
| Taxable-equivalent adjustment | 12 | 13 | 13 | 12 | 13 | 15 | 14 | 14 |
| Net income | $681 | $721 | $655 | $531 | $482 | $690 | $867 | $702 |
| Net income available to common shareholders — diluted | $644 | $674 | $626 | $505 | $457 | $664 | $841 | $676 |
| Per common share data: | ||||||||
| Basic earnings | 3.88 | 4.04 | 3.75 | 3.04 | 2.75 | 4.00 | 5.07 | 4.03 |
| Diluted earnings | 3.86 | 4.02 | 3.73 | 3.02 | 2.74 | 3.98 | 5.05 | 4.01 |
| Cash dividends | 1.35 | 1.35 | 1.35 | 1.30 | 1.30 | 1.30 | 1.30 | 1.30 |
| Average common shares outstanding: | ||||||||
| Basic | 165,838 | 166,671 | 166,951 | 166,460 | 165,985 | 165,909 | 165,842 | 167,732 |
| Diluted | 166,969 | 167,567 | 167,659 | 167,084 | 166,731 | 166,570 | 166,320 | 168,410 |
| Performance ratios | ||||||||
| Annualized return on: | ||||||||
| Average assets | 1.28% | 1.37% | 1.24% | 1.01% | .92% | 1.33% | 1.70% | 1.40% |
| Average common shareholders’ equity | 9.75 | 10.26 | 9.95 | 8.14 | 7.41 | 10.99 | 14.27 | 11.74 |
| Net interest margin on average earning assets (taxable-equivalent basis) | 3.58 | 3.62 | 3.59 | 3.52 | 3.61 | 3.79 | 3.91 | 4.04 |
| Nonaccrual loans to total loans and leases | 1.25 | 1.42 | 1.50 | 1.71 | 1.62 | 1.77 | 1.83 | 1.92 |
| Net operating (tangible) results (a) | ||||||||
| Net operating income | $691 | $731 | $665 | $543 | $494 | $702 | $879 | $715 |
| Diluted net operating income per common share | 3.92 | 4.08 | 3.79 | 3.09 | 2.81 | 4.05 | 5.12 | 4.09 |
| Annualized return on: | ||||||||
| Average tangible assets | 1.35% | 1.45% | 1.31% | 1.08% | .98% | 1.41% | 1.80% | 1.49% |
| Average tangible common shareholders’ equity | 14.66 | 15.47 | 15.27 | 12.67 | 11.70 | 17.41 | 22.73 | 19.00 |
| Efficiency ratio (b) | 56.8 | 55.0 | 55.3 | 60.8 | 62.1 | 53.7 | 48.9 | 55.5 |
| Balance sheet data | ||||||||
| Average balances: | ||||||||
| Total assets (c) | $211,853 | $209,581 | $211,981 | $211,478 | $208,752 | $205,791 | $204,376 | $202,599 |
| Total tangible assets (c) | 203,317 | 201,031 | 203,420 | 202,906 | 200,172 | 197,199 | 195,764 | 193,957 |
| Earning assets | 193,106 | 191,366 | 193,676 | 193,135 | 190,536 | 187,403 | 185,936 | 184,069 |
| Investment securities | 33,679 | 31,023 | 29,695 | 28,587 | 27,490 | 27,993 | 28,623 | 27,622 |
| Loans and leases | 135,723 | 134,751 | 134,588 | 133,796 | 132,770 | 132,617 | 133,545 | 132,012 |
| Deposits | 164,639 | 161,505 | 163,491 | 164,065 | 164,713 | 162,688 | 159,399 | 161,537 |
| Borrowings | 14,228 | 15,428 | 16,452 | 16,001 | 13,057 | 12,585 | 15,055 | 11,505 |
| Common shareholders’ equity (c) | 26,313 | 26,160 | 25,340 | 25,008 | 24,489 | 24,009 | 23,674 | 23,366 |
| Tangible common shareholders’ equity (c) | 17,777 | 17,610 | 16,779 | 16,436 | 15,909 | 15,417 | 15,062 | 14,724 |
| At end of quarter: | ||||||||
| Total assets (c) | 208,105 | 211,785 | 208,855 | 215,137 | 208,264 | 209,124 | 207,672 | 202,956 |
| Total tangible assets (c) | 199,574 | 203,243 | 200,302 | 206,574 | 199,689 | 200,538 | 199,074 | 194,321 |
| Earning assets | 188,606 | 192,766 | 189,787 | 195,712 | 189,140 | 189,942 | 188,504 | 183,853 |
| Investment securities | 34,051 | 32,327 | 29,894 | 28,496 | 26,897 | 27,336 | 27,916 | 28,443 |
| Loans and leases | 135,581 | 135,920 | 135,002 | 134,973 | 134,068 | 132,355 | 133,344 | 132,938 |
| Deposits | 161,095 | 164,554 | 159,910 | 167,196 | 163,274 | 164,128 | 162,058 | 159,075 |
| Borrowings | 13,665 | 14,188 | 16,083 | 16,245 | 13,517 | 13,854 | 15,325 | 14,458 |
| Common shareholders’ equity (c) | 26,633 | 26,482 | 25,680 | 25,158 | 24,946 | 24,186 | 23,790 | 23,366 |
| Tangible common shareholders’ equity (c) | 18,102 | 17,940 | 17,127 | 16,595 | 16,371 | 15,600 | 15,192 | 14,731 |
| Equity per common share | 160.90 | 159.38 | 153.57 | 150.90 | 150.15 | 145.72 | 143.41 | 140.88 |
| Tangible equity per common share | 109.36 | 107.97 | 102.42 | 99.54 | 98.54 | 93.99 | 91.58 | 88.81 |
(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 49.
(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 49.
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