M&T BANK CORP

For the period ended Mar 31, 2025. Filed May 5, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 5, 2025

MTB$222.73+2.3%Stored close · as of Nov 9, 2026

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Contents

Quarterly Trends

Table 1

QUARTERLY TRENDS

2025 · 2024 Quarters
(Dollars in millions, except per share)	First Quarter	Fourth	Third	Second	First
Earnings and dividends
Interest income (taxable-equivalent basis)	$2,572	$2,719	$2,798	$2,802	$2,757
Interest expense	865	979	1,059	1,071	1,065
Net interest income	1,707	1,740	1,739	1,731	1,692
Less: Provision for credit losses	130	140	120	150	200
Other income	611	657	606	584	580
Less: Other expense	1,415	1,363	1,303	1,297	1,396
Income before income taxes	773	894	922	868	676
Applicable income taxes	177	201	188	200	133
Taxable-equivalent adjustment	12	12	13	13	12
Net income	$584	$681	$721	$655	$531
Net income available to common shareholders-diluted	$547	$644	$674	$626	$505
Per common share data:
Basic earnings	3.33	3.88	4.04	3.75	3.04
Diluted earnings	3.32	3.86	4.02	3.73	3.02
Cash dividends	1.35	1.35	1.35	1.35	1.30
Average common shares outstanding:
Basic	164,209	165,838	166,671	166,951	166,460
Diluted	165,047	166,969	167,567	167,659	167,084
Performance ratios
Annualized return on:
Average assets	1.14%	1.28%	1.37%	1.24%	1.01%
Average common shareholders’ equity	8.36	9.75	10.26	9.95	8.14
Net interest margin on average earning assets (taxable-equivalent basis)	3.66	3.58	3.62	3.59	3.52
Nonaccrual loans to total loans and leases	1.14	1.25	1.42	1.50	1.71
Net operating (tangible) results (a)
Net operating income	$594	$691	$731	$665	$543
Diluted net operating income per common share	3.38	3.92	4.08	3.79	3.09
Annualized return on:
Average tangible assets	1.21%	1.35%	1.45%	1.31%	1.08%
Average tangible common shareholders’ equity	12.53	14.66	15.47	15.27	12.67
Efficiency ratio (b)	60.5	56.8	55.0	55.3	60.8
Balance sheet data
Average balances:
Total assets (c)	$208,321	$211,853	$209,581	$211,981	$211,478
Total tangible assets (c)	199,791	203,317	201,031	203,420	202,906
Earning assets	189,116	193,106	191,366	193,676	193,135
Investment securities	34,480	33,679	31,023	29,695	28,587
Loans and leases	134,844	135,723	134,751	134,588	133,796
Deposits	161,220	164,639	161,505	163,491	164,065
Borrowings	14,154	14,228	15,428	16,452	16,001
Common shareholders’ equity (c)	26,604	26,313	26,160	25,340	25,008
Tangible common shareholders’ equity (c)	18,074	17,777	17,610	16,779	16,436
At end of quarter:
Total assets (c)	210,321	208,105	211,785	208,855	215,137
Total tangible assets (c)	201,789	199,574	203,243	200,302	206,574
Earning assets	190,463	188,606	192,766	189,787	195,712
Investment securities	35,137	34,051	32,327	29,894	28,496
Loans and leases	134,574	135,581	135,920	135,002	134,973
Deposits	165,409	161,095	164,554	159,910	167,196
Borrowings	12,069	13,665	14,188	16,083	16,245
Common shareholders’ equity (c)	26,597	26,633	26,482	25,680	25,158
Tangible common shareholders’ equity (c)	18,065	18,102	17,940	17,127	16,595
Equity per common share	163.62	160.90	159.38	153.57	150.90
Tangible equity per common share	111.13	109.36	107.97	102.42	99.54

(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 2.

(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 2.

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